XML 64 R17.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Stockholders' Equity
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Stockholders' Equity [Text Block] Stockholders' Equity

Preferred Stock

We are authorized to issue 50,000,000 of Dana preferred stock, par value $0.01 per share. There were no preferred shares outstanding at December 31, 2019 or 2018.

Common Stock

We are authorized to issue 450,000,000 shares of Dana common stock, par value $0.01 per share. At December 31, 2019, there were 154,053,730 shares of our common stock issued and 143,942,539 shares outstanding, net of 10,111,191 in treasury shares. Treasury shares include those shares withheld at cost to satisfy tax obligations from stock awards issued under our stock compensation plan in addition to share repurchases noted below.

Our Board of Directors declared a quarterly cash dividend of ten cents per share of common stock in each quarter of 2019. Aggregate 2019 declared dividends total $59 and paid cash dividends total $58. 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 December 11, 2019 our Board of Directors approved an extension of our existing common stock share repurchase program through December 31, 2021. Under the existing program, we spent $25 to repurchase 1,432,275 shares of our common stock during the first quarter of 2019 through open market transactions. Approximately $150 remained available under the program for future share repurchases as of December 31, 2019.

Changes in equity —

During the first quarter of 2018, a wholly-owned subsidiary of Dana purchased the ownership interest in Dana Spicer (Thailand) Limited (a non wholly-owned consolidated subsidiary of Dana) held by ROC Spicer, Ltd. (a non wholly-owned consolidated subsidiary of Dana). Dana maintained its controlling financial interest in Dana Spicer (Thailand) Limited and accordingly accounted for the purchase as an equity transaction. The excess of the fair value of the consideration paid over the carrying value of the investment attributable to the noncontrolling interest in ROC Spicer, Ltd. was recognized as additional noncontrolling interest with a corresponding reduction of the additional paid-in capital of Dana. During the third quarter of 2018, Yulon Motor Co., Ltd. (Yulon) purchased a direct ownership interest in two of our consolidated operating subsidiaries. Yulon's ownership interest in the two consolidated operating subsidiaries did not change as a result of the transactions, as it previously owned the same percentages indirectly through a series of consolidated holding companies. The cash received from Yulon was recognized as additional noncontrolling interest. The amount received, less withholding taxes, was returned to Yulon in the form of a dividend in the fourth quarter of 2018.

Changes in each component of AOCI of the parent —
 
Parent Company Stockholders
 
Foreign
Currency
Translation
 
Hedging
 
Investments
 
Defined
Benefit
Plans
 
Accumulated
Other
Comprehensive
Loss
Balance, December 31, 2016
$
(646
)
 
$
(34
)
 
$
—

 
$
(604
)
 
$
(1,284
)
Other comprehensive income (loss):
 

 
 

 
 

 
 

 
 

Currency translation adjustments
(22
)
 


 


 


 
(22
)
Holding loss on net investment hedge
(2
)
 
 
 
 
 
 
 
(2
)
Holding gains and losses


 
(162
)
 
1

 


 
(161
)
Reclassification of amount to net income (a)
 
 
128

 


 
 
 
128

Net actuarial losses


 
 
 
 
 
(28
)
 
(28
)
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)


 
 
 
 
 
31

 
31

Tax (expense) benefit


 
4

 
1

 
(9
)
 
(4
)
Other comprehensive income (loss)
(24
)
 
(30
)
 
2

 
(6
)
 
(58
)
Balance, December 31, 2017
(670
)
 
(64
)
 
2

 
(610
)
 
(1,342
)
Other comprehensive income (loss):
 

 
 

 
 
 
 

 
 

Currency translation adjustments
(48
)
 


 


 


 
(48
)
Holding loss on net investment hedge
(3
)
 
 
 
 
 
 
 
(3
)
Holding gains and losses


 
66

 


 


 
66

Reclassification of amount to net income (a)
 
 
(56
)
 


 
 
 
(56
)
Net actuarial losses


 
 
 
 
 
(8
)
 
(8
)
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)


 
 
 
 
 
34

 
34

Other
 
 
 
 
 
 
2

 
2

Tax expense


 


 


 
(5
)
 
(5
)
Other comprehensive income (loss)
(51
)
 
10

 
—

 
23

 
(18
)
Adoption of ASU 2016-01 financial instruments adjustment, January 1, 2018
 
 
 
 
(2
)
 
 
 
(2
)
Balance, December 31, 2018
(721
)
 
(54
)
 
—

 
(587
)
 
(1,362
)
Other comprehensive income (loss):
 

 
 

 
 

 
 

 
 

Currency translation adjustments
8

 


 


 


 
8

Holding gains and losses


 
58

 


 


 
58

Reclassification of amount to net income (a)


 
(33
)
 


 


 
(33
)
Net actuarial gains


 
 
 
 
 
71

 
71

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


 
 
 
 
 
286

 
286

Tax expense
(1
)
 
(1
)
 


 
(13
)
 
(15
)
Other comprehensive income
7

 
24

 
—

 
344

 
375

Balance, December 31, 2019
$
(714
)
 
$
(30
)
 
$
—

 
$
(243
)
 
$
(987
)

___________________________________________________
Notes:
(a)
For 2019 and 2018, 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 16 for additional details. For 2017, reclassifications from AOCI were included in other expense, net.
(b)
See Note 13 for additional details.