UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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. ☐
Item 7.01 | Regulation FD Disclosure. |
Senior Notes Offering
On June 16, 2020, Dana Incorporated (“Dana”) announced the commencement of a registered public offering of $400 million in aggregate principal amount of senior unsecured notes due 2028. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Disclosure of Revision
On June 16, 2020, Dana included a disclosure in its prospectus supplement, filed in connection with its registered public offering of $400 million in aggregate principal amount of senior unsecured notes due 2028, announcing that during the second quarter of 2020, Dana identified an error in the loss attributable to redeemable noncontrolling interest due to incorrectly excluding the share of the goodwill impairment charge related to the redeemable noncontrolling interest. Of the $48 million impairment charge recorded for the Commercial Vehicle reporting unit during the three months ended March 31, 2020, $20 million should have been attributable to the redeemable noncontrolling interests. Dana concluded that the error was not material to the financial statements for the quarter ended March 31, 2020 and therefore, amendment of the previously filed Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 is not required. In accordance with ASC Topic 250, “Accounting Changes and Error Corrections,” Dana will correct the error by revising the year-to-date consolidated financial statements in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2020.
The information in this item (including Exhibit 99.1 hereto) is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits. The following exhibit is furnished with this report.
Exhibit |
Description | |||
99.1 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DANA INCORPORATED | ||||||
Date: June 16, 2020 |
By: |
/s/ Douglas H. Liedberg | ||||
Name: |
Douglas H. Liedberg | |||||
Title: |
Senior Vice President, General Counsel and Secretary |