Note 8 - Stockholders' Equity

12 Months Ended

Dec. 31, 2022

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, 2022 or 2021.

Common Stock

We are authorized to issue 450,000,000 shares of Dana common stock, par value $0.01 per share. At  December 31, 2022, there were 143,366,482 shares of our common stock issued and outstanding. 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. At December 31, 2022, we held no shares in treasury.

Our Board of Directors declared a cash dividend of ten cents per share of common stock in all four quarters of 2022. Aggregate 2022 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.

Treasury stock — On December 17, 2022, we retired 13,477,933 shares of treasury stock. The $216 excess of the cost of the treasury stock over the common stock par value, based on the weighted-average pool price of our treasury shares at the date of retirement, was charged to additional paid-in capital.

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 $25 to repurchase 1,483,742 shares of our common stock during the first quarter of 2022 through open market transactions. Approximately $102 remained available under the program for future share repurchases as of December 31, 2022.

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, 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	)
Other comprehensive income (loss):
Currency translation adjustments		(88	)								(88	)
Holding gains and losses					76						76
Reclassification of amount to net income (a)					(56	)					(56	)
Net actuarial gains								62			62
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)								11			11
Tax (expense) benefit		2			(3	)		(20	)		(21	)
Other comprehensive income (loss)		(86	)		17			53			(16	)
Balance, December 31, 2022	$	(895	)	$	21		$	(127	)	$	(1,001	)

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