Note 8 - Stockholders' Equity

12 Months Ended

Dec. 31, 2021

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, 2021 or 2020.

Common Stock

We are authorized to issue 450,000,000 shares of Dana common stock, par value $0.01 per share. At  December 31, 2021, there were 155,900,251 shares of our common stock issued and 144,238,660 shares outstanding, net of 11,661,591 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 all four quarters of 2021. Aggregate 2021 cash dividends paid totaled $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 February 16, 2021 our Board of Directors approved an extension of our existing common stock share repurchase program through December 31, 2023. Under the existing program, we spent $23 to repurchase 1,000,000 shares of our common stock during the third quarter of 2021 through open market transactions. Approximately $127 remained available under the program for future share repurchases as of December 31, 2021.

Changes in each component of AOCI of the parent —

	Parent Company Stockholders
										Accumulated
	Foreign						Defined			Other
	Currency						Benefit			Comprehensive
	Translation			Hedging			Plans			Loss
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	)
Other comprehensive income (loss):
Currency translation adjustments		(7	)								(7	)
Holding gains and losses					55						55
Reclassification of amount to net income (a)					(59	)					(59	)
Net actuarial gains								52			52
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)								18			18
Tax expense					(1	)		(17	)		(18	)
Other comprehensive income (loss)		(7	)		(5	)		53			41
Balance, December 31, 2021	$	(809	)	$	4		$	(180	)	$	(985	)

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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.