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Note 22 - Equity Affiliates
12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Equity Method Investments and Joint Ventures Disclosure [Text Block]

Note 22. Equity Affiliates

 

We have a number of investments in entities that engage in the manufacture and supply of vehicular parts (primarily axles, axle housing and driveshafts).

 

Dividends received from equity affiliates were $18, $27 and $21 in 20212020 and 2019.

 

Equity method investments exceeding $5 at  December 31, 2021 

 

  

Ownership Percentage

  

Investment

 

Dongfeng Dana Axle Co., Ltd. (DDAC)

 

50%

  $107 

ROC-Spicer, Ltd. (ROC-Spicer)

 

50%

   22 

Axles India Limited (AIL)

 

48%

   10 

Tai Ya Investment (HK) Co., Limited (Tai Ya)

 

50%

   5 

All others as a group

     6 

Investments in equity affiliates

     150 

Investments in affiliates carried at cost

     24 

Investments in affiliates

    $174 

 

On July 29, 2021, we acquired a 1% ownership interest in Switch Mobility Limited (Switch) for $18. Our investment in Switch is carried at cost and included in the net assets of our Commercial Vehicle operating segment.

 

On July 7, 2021, we sold a portion of our ownership interest in Tai Ya Investment (HK) Co., Limited (Tai Ya) to China Motor Corporation (CMC), reducing our ownership interest in Tai Ya to 50%. In conjunction with the decrease in our ownership interest, the Tai Ya shareholders agreement was amended, eliminating our
controlling financial interest in Tai Ya. Upon our loss of control, we recognized a de minimis loss to other income (expense), net on the deconsolidation of Tai Ya. The $4 fair value of our retained interest in Tai Ya was determined based on the share sale to CMC. Our retained investment in Tai Ya is being accounted for by applying the equity method.

 

On March 1, 2021, we acquired the remaining 51% ownership interest in Pi Innovo Holdings Limited (Pi Innovo). The additional interest, along with our existing ownership interest, provided us with a 100% ownership interest in Pi Innovo. As such, we ceased accounting for our investment in Pi Innovo under the equity method. See Note 2 for additional information.

 

Our equity method investment in ROC-Spicer and Tai Ya are included in the net assets of our Light Vehicle operating segment. Our equity method investments in DDAC and AIL are included in the net assets of our Commercial Vehicle operating segment.

 

The carrying value of our equity method investments at  December 31, 2021 was $6 more than our share of the affiliates’ book values. The basis differences relate to our DDAC and ROC-Spicer investments and are primarily attributable to goodwill and property, plant and equipment.