Company Quick10K Filing
Dana
Price14.93 EPS2
Shares145 P/E9
MCap2,162 P/FCF8
Net Debt2,024 EBIT318
TEV4,186 TEV/EBIT13
TTM 2019-09-30, in MM, except price, ratios
10-K 2020-12-31 Filed 2021-02-18
10-Q 2020-09-30 Filed 2020-10-28
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-15
10-Q 2018-09-30 Filed 2018-10-29
10-Q 2018-06-30 Filed 2018-07-25
10-Q 2018-03-31 Filed 2018-04-30
10-K 2017-12-31 Filed 2018-02-14
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-31
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-02-10
10-Q 2016-09-30 Filed 2016-10-20
10-Q 2016-06-30 Filed 2016-07-21
10-Q 2016-03-31 Filed 2016-04-21
10-K 2015-12-31 Filed 2016-02-18
10-Q 2015-09-30 Filed 2015-10-22
10-Q 2015-06-30 Filed 2015-07-23
10-Q 2015-03-31 Filed 2015-04-23
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-10-23
10-Q 2014-06-30 Filed 2014-07-24
10-Q 2014-03-31 Filed 2014-04-25
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-10-29
10-Q 2013-06-30 Filed 2013-07-25
10-Q 2013-03-31 Filed 2013-04-25
10-K 2012-12-31 Filed 2013-02-21
10-Q 2012-09-30 Filed 2012-10-26
10-Q 2012-06-30 Filed 2012-07-26
10-Q 2012-03-31 Filed 2012-04-25
10-K 2011-12-31 Filed 2012-02-23
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-06-30 Filed 2011-07-28
10-Q 2011-03-31 Filed 2011-04-27
10-K 2010-12-31 Filed 2011-02-24
10-Q 2010-09-30 Filed 2010-10-28
10-Q 2010-06-30 Filed 2010-07-29
10-Q 2010-03-31 Filed 2010-04-29
10-K 2009-12-31 Filed 2010-02-24
8-K 2021-02-18 Exhibits
8-K 2020-11-02
8-K 2020-10-28
8-K 2020-09-15
8-K 2020-07-30
8-K 2020-07-27
8-K 2020-07-27
8-K 2020-06-18
8-K 2020-06-18
8-K 2020-06-18
8-K 2020-06-16
8-K 2020-06-16
8-K 2020-06-16
8-K 2020-06-10
8-K 2020-04-30
8-K 2020-04-30
8-K 2020-04-22
8-K 2020-04-16
8-K 2020-04-08
8-K 2020-03-23
8-K 2020-02-13
8-K 2019-12-12
8-K 2019-12-12
8-K 2019-12-04
8-K 2019-11-21
8-K 2019-11-20
8-K 2019-11-05
8-K 2019-11-05
8-K 2019-10-30
8-K 2019-09-11
8-K 2019-08-30
8-K 2019-07-31
8-K 2019-06-20
8-K 2019-05-02
8-K 2019-05-01
8-K 2019-03-11
8-K 2019-02-28
8-K 2019-02-15
8-K 2019-01-15
8-K 2018-11-01
8-K 2018-10-29
8-K 2018-07-29
8-K 2018-07-29
8-K 2018-07-25
8-K 2018-06-22
8-K 2018-04-30
8-K 2018-04-30
8-K 2018-04-26
8-K 2018-04-26
8-K 2018-03-26
8-K 2018-03-19
8-K 2018-03-09
8-K 2018-03-09
8-K 2018-03-02
8-K 2018-02-16
8-K 2018-02-13
8-K 2018-01-17

DAN 10K Annual Report

Part II
Part III
EX-21 ex_205916.htm
EX-23 ex_205917.htm
EX-24 ex_205918.htm
EX-31.1 ex_205919.htm
EX-31.2 ex_205920.htm
EX-32 ex_205921.htm

Dana Earnings 2020-12-31

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

dan20201231_10k.htm
0000026780 Dana Inc. false --12-31 FY 2020 7 9 27 28 50,000,000 50,000,000 0.01 0.01 0 0 450,000,000 450,000,000 0.01 0.01 144,515,658 143,942,539 10,442,582 10,111,191 0.40 25 0.40 0.10 20 30 5 10 3 5 3 10 5 7 7 10 12 3 25 5 12 10 1 20 10 5 6 0 0 0 0 1 1 11 11 10 10 0 0 0.10 3 10 3 3 1 10 8 10 0 15 400 400 371 375 375 338 278 278 300 3 4 1 Certain assets are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. This category comprises a combination of small-, mid- and large-cap equity stocks that are allocated at the investment manager's discretion. Investments include common and preferred securities as well as equity funds that invest in these instruments. 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 15 for additional details. This category comprises contracts placed with insurance companies where the underlying assets are invested in fixed interest securities. Weighted-average per share See Note 12 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%. In conjunction with the issuance of the June 2026 Notes we entered into 10-year fixed-to-fixed cross-currency swaps which have the effect of economically converting the June 2026 Notes to euro-denominated debt at a fixed rate of 5.140%. 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Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-K

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

For the Fiscal Year Ended:  December 31, 2020

OR

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

For the Transition Period From to

Commission File Number:  1-1063

 Dana Incorporated

(Exact name of registrant as specified in its charter)

 

Delaware

26-1531856

(State of incorporation)

(IRS Employer Identification Number)

3939 Technology Drive, Maumee, OH

43537

(Address of principal executive offices)

(Zip Code)

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

 

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

 

Title of each class

Trading Symbol

Name of exchange on which registered

Common stock, par value $0.01 per share

DAN

New York Stock Exchange

 

Securities registered pursuant to Section 12(g) of the Act: None.

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes  ☑  No  ☐

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes  ☐  No  ☑

 

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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.   

 

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

 

The aggregate market value of the common stock held by non-affiliates of the registrant computed by reference to the closing price of the common stock on June 30, 2020 was $1,750,128,369.

 

There were 144,670,587 shares of the registrant's common stock outstanding at January 29, 2021.

 

DOCUMENTS INCORPORATED BY REFERENCE

 

Portions of the definitive Proxy Statement to be delivered to stockholders in connection with the Annual Meeting of Shareholders to be held on April 21, 2021 are incorporated by reference into Part III.

 

 

 

 

DANA INCORPORATED

FORM 10-K

YEAR ENDED December 31, 2020

 

Table of Contents 

       

 
     

 

 

Pages

PART I

 

 

Item 1

Business

1

Item 1A

Risk Factors

7

Item 1B

Unresolved Staff Comments

13

Item 2

Properties

13

Item 3

Legal Proceedings

13

 

 

 

PART II

 

 

Item 5

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

14

Item 6

Selected Financial Data

15

Item 7

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

16

Item 7A

Quantitative and Qualitative Disclosures about Market Risk

38

Item 8

Financial Statements and Supplementary Data

40

Item 9

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

94

Item 9A

Controls and Procedures

94

Item 9B

Other Information

94

 

 

 

PART III

 

 

Item 10

Directors, Executive Officers and Corporate Governance

94

Item 11

Executive Compensation

94

Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

95

Item 13

Certain Relationships and Related Transactions, and Director Independence

95

Item 14

Principal Accountant Fees and Services

95

 

 

 

PART IV

 

 

Item 15

Exhibits and Financial Statement Schedules

96

 

 

 

Signatures

 

99

 

 

 

Forward-Looking Information

 

Statements in this report (or otherwise made by us or on our behalf) that are not entirely historical constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often be identified by words such as “anticipates,” “expects,” “believes,” “intends,” “plans,” “predicts,” “seeks,” “estimates,” “projects,” “outlook,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing” and similar expressions, variations or negatives of these words. These statements represent the present expectations of Dana Incorporated and its consolidated subsidiaries based on our current information and assumptions. Forward-looking statements are inherently subject to risks and uncertainties. Our plans, actions and actual results could differ materially from our present expectations due to a number of factors, including those discussed below and elsewhere in this report and in our other filings with the Securities and Exchange Commission (SEC). All forward-looking statements speak only as of the date made and we undertake no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances that may arise after the date of this report.

 

 

PART I

 

(Dollars in millions, except per share amounts)

 

 

Item 1. Business

 

General

 

Dana Incorporated (Dana) is headquartered in Maumee, Ohio and was incorporated in Delaware in 2007. We are a world leader in providing power-conveyance and energy-management solutions for vehicles and machinery. The company's portfolio improves the efficiency, performance, and sustainability of light vehicles, commercial vehicles, and off-highway equipment. From axles, driveshafts, and transmissions to electrodynamic, thermal, sealing and digital solutions, the company enables the propulsion of conventional, hybrid, and electric-powered vehicles by supplying nearly every major vehicle and engine manufacturer in the world. We also serve the stationary industrial market. As of December 31, 2020 we employed approximately 38,200 people, operated in 33 countries and had 141 major facilities around the world.

 

The terms “Dana,” “we,” “our” and “us” are references to Dana. These references include the subsidiaries of Dana unless otherwise indicated or the context requires otherwise.

 

Overview of our Business

 

We have aligned our organization around four operating segments: Light Vehicle Drive Systems (Light Vehicle), Commercial Vehicle Drive and Motion Systems (Commercial Vehicle), Off-Highway Drive and Motion Systems (Off-Highway) and Power Technologies. These operating segments have global responsibility and accountability for business commercial activities and financial performance.

 

External sales by operating segment for the years ended December 31, 2020, 2019 and 2018 are as follows:

 

   

2020

   

2019

   

2018

 
   

Dollars

   

% of Total

   

Dollars

   

% of Total

   

Dollars

   

% of Total

 

Light Vehicle

  $ 3,038       42.8 %   $ 3,609       41.9 %   $ 3,575       43.9 %

Commercial Vehicle

    1,181       16.6 %     1,611       18.7 %     1,612       19.8 %

Off-Highway

    1,970       27.7 %     2,360       27.4 %     1,844       22.6 %

Power Technologies

    917       12.9 %     1,040       12.0 %     1,112       13.7 %

Total

  $ 7,106             $ 8,620             $ 8,143          

 

Refer to Segment Results of Operations in Item 7 and Note 21 to our consolidated financial statements in Item 8 for further financial information about our operating segments.

 

 

 

Our business is diversified across end-markets, products and customers. The following table summarizes the markets, products and largest customers of each of our operating segments as of December 31, 2020:

 

Segment

Markets

Products

Largest
Customers

 

 

 

 

Light Vehicle

Light vehicle market:

Axles

Ford Motor Company

 

    Light trucks (full frame)

Driveshafts

Fiat Chrysler Automobiles*

 

    Sport utility vehicles

Transmissions

Toyota Motor Company

 

    Crossover utility vehicles

e-Axles

Renault-Nissan-Mitsubishi

 

    Vans

Electrodynamic and

    Alliance

 

    Passenger cars

    drivetrain components

General Motors Company

 

 

 

Tata Motors / Jaguar Land

 

 

 

    Rover

 

 

 

 

 

 

 

 

Commercial Vehicle

Medium/heavy vehicle market:

Axles

PACCAR Inc

 

    Medium duty trucks

Driveshafts

Traton Group

 

    Heavy duty trucks

e-Axles

AB Volvo

 

    Buses

e-Transmissions

Navistar International Corp.

 

    Specialty vehicles

Electrodynamic and

Daimler AG

 

 

    drivetrain components

Ford Motor Company

    Electric vehicle integration  
        services  

 

 

Software as a service

 

 

 

 

 

 

 

 

 

Off-Highway

Off-Highway market:

Axles

Deere & Company

 

    Construction

Driveshafts

CNH Industrial N.V.

 

    Earth moving

Transmissions

AGCO Corporation

 

    Agricultural

Planetary hub drives

Oshkosh Corporation

 

    Mining

e-Axles

Manitou Group

 

    Forestry

e-Drives

Sany Group

 

    Material handling

Electrodynamic, hydraulic

 

 

    Industrial stationary

    and drivetrain components

 

 

 

 

 

 

 

 

 

Power Technologies

Light vehicle market

Gaskets

Ford Motor Company

 

Medium/heavy vehicle market

Cover modules

General Motors Company

 

Off-Highway market

Heat shields

Volkswagen AG

 

 

Engine sealing systems

    (including Traton Group)

 

 

Cooling

Cummins Inc.

    Heat transfer products Fiat Chrysler Automobiles

 

 

 

Caterpillar Inc.

 

 

 

 

* Via a directed supply relationship

 

 

Geographic Operations

 

We maintain administrative and operational organizations in North America, Europe, South America and Asia Pacific to support our operating segments, assist with the management of affiliate relations and facilitate financial and statutory reporting and tax compliance on a worldwide basis. Our operations are located in the following countries:

 

North America

Europe

South America

Asia Pacific

Canada

Belgium

Netherlands

Argentina

Australia

Mexico

Denmark

Norway

Brazil

China

United States

Finland

Russia

Colombia

India

 

France

South Africa

Ecuador

Japan

 

Germany

Spain

 

New Zealand

 

Hungary

Sweden

 

Singapore

 

Ireland

Switzerland

 

South Korea

 

Italy

Turkey

 

Thailand

 

Lithuania

United Kingdom

 

 

 

Our non-U.S. subsidiaries and affiliates manufacture and sell products similar to those we produce in the United States. Operations outside the U.S. may be subject to a greater risk of changing political, economic and social environments, changing governmental laws and regulations, currency revaluations and market fluctuations than our domestic operations. See the discussion of risk factors in Item 1A.

 

Sales reported by our non-U.S. subsidiaries comprised $3,702, or 52%, of our 2020 consolidated sales of $7,106. A summary of sales and long-lived assets by geographic region can be found in Note 21 to our consolidated financial statements in Item 8.

 

Customer Dependence

 

We are largely dependent on light vehicle, medium- and heavy-duty vehicle and off-highway original equipment manufacturer (OEM) customers. Ford Motor Company (Ford) and Fiat Chrysler Automobiles (FCA) were the only individual customers accounting for 10% or more of our consolidated sales in 2020. As a percentage of total sales from operations, our sales to Ford were approximately 20% in 2020, 20% in 2019 and 20% in 2018, and our sales to FCA (via a directed supply relationship), our second largest customer, were approximately 12% in 2020, 11% in 2019 and 11% in 2018. PACCAR Inc, Deere & Company and Volkswagen AG (including Traton Group) were our third, fourth and fifth largest customers in 2020. Our 10 largest customers collectively accounted for approximately 54% of our sales in 2020.

 

Loss of all or a substantial portion of our sales to Ford, FCA or other large volume customers would have a significant adverse effect on our financial results until such lost sales volume could be replaced and there is no assurance that any such lost volume would be replaced.

 

Sources and Availability of Raw Materials

 

We use a variety of raw materials in the production of our products, including steel and products containing steel, stainless steel, forgings, castings, bearings, and batteries and related rare earth materials. Other commodity purchases include aluminum, brass, copper and plastics. These materials are typically available from multiple qualified sources in quantities sufficient for our needs. However, some of our operations remain dependent on single sources for certain raw materials.

 

While our suppliers have generally been able to support our needs, our operations may experience shortages and delays in the supply of raw material from time to time due to strong demand, capacity limitations, short lead times, production schedule increases from our customers and other problems experienced by the suppliers. A significant or prolonged shortage of critical components from any of our suppliers could adversely impact our ability to meet our production schedules and to deliver our products to our customers in a timely manner.

 

Seasonality

 

Our businesses are generally not seasonal. However, in the light vehicle market, our sales are closely related to the production schedules of our OEM customers and those schedules have historically been weakest in the third quarter of the year due to a large number of model year change-overs that occur during this period. Additionally, third-quarter production schedules in Europe are typically impacted by the summer vacation schedules and fourth-quarter production is affected globally by year-end holidays.

 

3