Note 8 - Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Preferred Stock

We are authorized to issue 50,000,000 shares of Dana preferred stock, par value $0.01 per share. There were no preferred shares outstanding at December 31, 2020 or 2019.

Common Stock

We are authorized to issue 450,000,000 shares of Dana common stock, par value $0.01 per share. At  December 31, 2020, there were 154,958,240 shares of our common stock issued and 144,515,658 shares outstanding, net of 10,442,582 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 shares repurchased through share repurchase programs.

Our Board of Directors declared a cash dividend of ten cents per share of common stock in the first quarter of 2020. Aggregate 2020 declared dividends totaled $15 and cash dividends paid totaled $15. 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. Approximately $150 remained available under the program for future share repurchases as of December 31, 2020.

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
													Accumulated
	Foreign									Defined			Other
	Currency									Benefit			Comprehensive
	Translation			Hedging			Investments			Plans			Loss
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	)
Other comprehensive income (loss):
Currency translation adjustments		(88	)											(88	)
Holding gains and losses					(78	)								(78	)
Reclassification of amount to net income (a)					117									117
Net actuarial losses											(11	)		(11	)
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)											20			20
Other comprehensive income (loss)		(88	)		39			—			9			(40	)
Deconsolidation of non-wholly owned subsidiary											1			1
Balance, December 31, 2020	$	(802	)	$	9		$	—		$	(233	)	$	(1,026	)

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Notes:

(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 15 for additional details.
(b)	See Note 12 for additional details.