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Note 19 - Segments
3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 19. Segments

 

We are a global provider of high-technology products to virtually every major vehicle manufacturer in the world. We also serve the stationary industrial market. Our technologies include drive systems (axles, driveshafts, transmissions, and wheel and track drives); motion systems (winches, slew drives, and hub drives); electrodynamic technologies (motors, inverters, software and control systems, battery-management systems, and fuel cell plates); sealing solutions (gaskets, seals, cam covers, and oil pan modules); thermal-management technologies (transmission and engine oil cooling, battery and electronics cooling, charge air cooling, and thermal-acoustical protective shielding); and digital solutions (active and passive system controls and descriptive and predictive analytics). We serve our global light vehicle, medium/heavy vehicle and off-highway markets through four operating segments – Light Vehicle Drive Systems (Light Vehicle), Commercial Vehicle Drive and Motion Systems (Commercial Vehicle), Off-Highway Drive and Motion Systems (Off-Highway) and Power Technologies, which is the center of excellence for sealing and thermal-management technologies that span all customers in our on-highway and off-highway markets. These operating segments have global responsibility and accountability for business commercial activities and financial performance.

 

Dana evaluates the performance of its operating segments based on external sales and segment EBITDA. Segment EBITDA is a primary driver of cash flows from operations and a measure of our ability to maintain and continue to invest in our operations and provide shareholder returns. Our segments are charged for corporate and other shared administrative costs. Segment EBITDA may not be comparable to similarly titled measures reported by other companies.

 

During the second quarter of 2021, we realigned certain of our Indian operations previously reported in our Commercial Vehicle operating segment to be reported within our Off-Highway operating segment and we realigned certain of our Brazilian operations previously reported in our Off-Highway operating segment to be reported within our Commercial Vehicle operating segment. Prior period amounts have been recast to conform with our current operating segment reporting structure.

 

Segment information

 

   

2022

   

2021

 

Three Months Ended March 31,

 

External Sales

   

Inter-Segment Sales

   

Segment EBITDA

   

External Sales

   

Inter-Segment Sales

   

Segment EBITDA

 

Light Vehicle

  $ 985     $ 48     $ 31     $ 991     $ 40     $ 100  

Commercial Vehicle

    463       30       10       349       24       15  

Off-Highway

    744       20       100       635       15       79  

Power Technologies

    288       7       29       288       6       41  

Eliminations and other

            (105 )                     (85 )        

Total

  $ 2,480     $     $ 170     $ 2,263     $     $ 235  

 

Reconciliation of segment EBITDA to consolidated net income 

 

   

Three Months Ended

 
   

March 31,

 
   

2022

   

2021

 

Segment EBITDA

  $ 170     $ 235  

Corporate expense and other items, net

          (1 )

Depreciation

    (91 )     (88 )

Amortization

    (6 )     (7 )

Non-service cost components of pension and OPEB costs

            (2 )

Restructuring charges, net

    1       (1 )

Stock compensation expense

    (4 )     (5 )

Strategic transaction expenses

    (4 )     (3 )

Loss on investment in Hyliion

            (17 )

Loss on disposal group held for sale

            (7 )

Other items

            4  

Earnings before interest and income taxes

    66       108  

Interest income

    2       2  

Interest expense

    31       34  

Earnings before income taxes

    37       76  

Income tax expense

    18       22  

Equity in earnings of affiliates

    1       14  

Net income

  $ 20     $ 68