Delaware | 26-1531856 | |
(State of incorporation) | (IRS Employer Identification Number) | |
3939 Technology Drive, Maumee, OH | 43537 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Name of each exchange on which registered | |
Common Stock, par value $0.01 per share | New York Stock Exchange |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
Pages | ||
PART I | ||
Item 1 | Business | |
Item 1A | Risk Factors | |
Item 1B | Unresolved Staff Comments | |
Item 2 | Properties | |
Item 3 | Legal Proceedings | |
PART II | ||
Item 5 | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | |
Item 6 | Selected Financial Data | |
Item 7 | Management's Discussion and Analysis of Financial Condition and Results of Operations | |
Item 7A | Quantitative and Qualitative Disclosures about Market Risk | |
Item 8 | Financial Statements and Supplementary Data | |
Item 9 | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure | |
Item 9A | Controls and Procedures | |
Item 9B | Other Information | |
PART III | ||
Item 10 | Directors, Executive Officers and Corporate Governance | |
Item 11 | Executive Compensation | |
Item 12 | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |
Item 13 | Certain Relationships and Related Transactions, and Director Independence | |
Item 14 | Principal Accountant Fees and Services | |
PART IV | ||
Item 15 | Exhibits and Financial Statement Schedules | |
Signatures | ||
Exhibit Index | ||
Exhibits |
2016 | 2015 | 2014 | |||||||||||||||||||
Dollars | % of Total | Dollars | % of Total | Dollars | % of Total | ||||||||||||||||
Light Vehicle | $ | 2,607 | 44.8 | % | $ | 2,482 | 40.9 | % | $ | 2,496 | 37.7 | % | |||||||||
Commercial Vehicle | 1,254 | 21.5 | % | 1,533 | 25.3 | % | 1,838 | 27.8 | % | ||||||||||||
Off-Highway | 909 | 15.6 | % | 1,040 | 17.2 | % | 1,231 | 18.6 | % | ||||||||||||
Power Technologies | 1,056 | 18.1 | % | 1,005 | 16.6 | % | 1,052 | 15.9 | % | ||||||||||||
Total | $ | 5,826 | $ | 6,060 | $ | 6,617 |
Segment | Markets | Products | Largest Customers |
Light Vehicle | Light vehicle market: | Front axles | Ford Motor Company |
Light trucks (full frame) | Rear axles | Fiat Chrysler Automobiles* | |
Sport utility vehicles | Driveshafts/Propshafts | Renault-Nissan Alliance | |
Crossover utility vehicles | Differentials | Toyota Motor Company | |
Vans | Torque couplings | General Motors Company | |
Passenger cars | Modular assemblies | Tata Motors | |
Commercial Vehicle | Medium/heavy vehicle market: | Steer axles | PACCAR Inc |
Medium duty trucks | Drive axles | Ford Motor Company | |
Heavy duty trucks | Driveshafts | AB Volvo | |
Buses | Tire inflation systems | Daimler AG | |
Specialty vehicles | Navistar International Corporation | ||
Off-Highway | Off-Highway market: | Front axles | Deere & Company |
Construction | Rear axles | AGCO Corporation | |
Earth moving | Driveshafts | Manitou Group | |
Agricultural | Transmissions | Oshkosh Corporation | |
Mining | Torque converters | Sandvik AB | |
Forestry | Tire inflation systems | ||
Rail | Electronic controls | ||
Material handling | |||
Power Technologies | Light vehicle market | Gaskets | Ford Motor Company |
Medium/heavy vehicle market | Cover modules | General Motors Company | |
Off-Highway market | Heat shields | Renault-Nissan Alliance | |
Engine sealing systems | Mahle GmbH | ||
Cooling | Volkswagen AG | ||
Heat transfer products |
North America | Europe | South America | Asia Pacific | |
Canada | Belgium | South Africa | Argentina | Australia |
Mexico | France | Spain | Brazil | China |
United States | Germany | Sweden | Colombia | India |
Hungary | Switzerland | Ecuador | Japan | |
Italy | United Kingdom | South Korea | ||
Russia | Taiwan | |||
Thailand |
Segment | Principal Competitors |
Light Vehicle | ZF Friedrichshafen AG |
GKN plc | |
American Axle & Manufacturing Holdings, Inc. | |
Magna International Inc. | |
Wanxiang Group Corporation | |
Hitachi Automotive Systems, Ltd. | |
IFA ROTORION Holding GmbH | |
Neapco, LLC | |
Vertically integrated OEM operations | |
Commercial Vehicle | Meritor, Inc. |
American Axle & Manufacturing Holdings, Inc. | |
Hendrickson (a subsidiary of the Boler Company) | |
Klein Products Inc. | |
Tirsan Kardan | |
Vertically integrated OEM operations | |
Off-Highway | Carraro Group |
ZF Friedrichshafen AG | |
GKN plc | |
Kessler + Co. | |
Meritor, Inc. | |
YTO Group | |
Comer Industries | |
Hema Endustri A.S. | |
Vertically integrated OEM operations | |
Power Technologies | ElringKlinger AG |
Federal-Mogul Corporation | |
Freudenberg NOK Group | |
MAHLE GmbH | |
Modine Manufacturing Company | |
Valeo Group | |
YinLun Co., LTD | |
Denso Corporation |
Segment | Employees | ||
Light Vehicle | 10,100 | ||
Commercial Vehicle | 5,900 | ||
Off-Highway | 2,700 | ||
Power Technologies | 4,900 | ||
Technical and administrative | 1,300 | ||
Total | 24,900 |
Type of Facility | North America | Europe | South America | Asia Pacific | Total | |||||
Light Vehicle | ||||||||||
Manufacturing/Distribution | 13 | 3 | 5 | 9 | 30 | |||||
Commercial Vehicle | ||||||||||
Manufacturing/Distribution | 8 | 4 | 5 | 4 | 21 | |||||
Off-Highway | ||||||||||
Manufacturing/Distribution | 2 | 8 | 2 | 12 | ||||||
Power Technologies | ||||||||||
Manufacturing/Distribution | 12 | 4 | 1 | 17 | ||||||
Technical and Engineering Centers | 3 | 3 | ||||||||
Corporate and other | ||||||||||
Administrative Offices | 2 | 1 | 3 | |||||||
Technical and Engineering Centers - Multiple Segments | 2 | 3 | 5 | |||||||
42 | 19 | 10 | 20 | 91 |
2016 | 2015 | ||||||||||||||
High | Low | High | Low | ||||||||||||
Fourth quarter | $ | 19.81 | $ | 13.93 | $ | 18.12 | $ | 13.01 | |||||||
Third quarter | 15.70 | 9.80 | 20.81 | 15.33 | |||||||||||
Second quarter | 14.55 | 10.21 | 22.73 | 20.35 | |||||||||||
First quarter | 14.32 | 10.62 | 23.48 | 20.04 |
12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | ||||||||||||||||||
Dana Incorporated | $ | 100.00 | $ | 129.28 | $ | 162.96 | $ | 181.52 | $ | 119.84 | $ | 172.21 | |||||||||||
S&P 500 | 100.00 | 116.00 | 153.58 | 174.60 | 177.01 | 198.18 | |||||||||||||||||
Dow Jones US Auto Parts Index | 100.00 | 111.90 | 174.63 | 193.20 | 186.03 | 196.10 |
Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Operating Results | ||||||||||||||||||||
Net sales | $ | 5,826 | $ | 6,060 | $ | 6,617 | $ | 6,769 | $ | 7,224 | ||||||||||
Income from continuing operations before income taxes | 215 | 292 | 260 | 368 | 364 | |||||||||||||||
Income from continuing operations | 653 | 176 | 343 | 261 | 315 | |||||||||||||||
Income (loss) from discontinued operations | 4 | (15 | ) | (1 | ) | — | ||||||||||||||
Net income | 653 | 180 | 328 | 260 | 315 | |||||||||||||||
Net income attributable to the parent company | $ | 640 | $ | 159 | $ | 319 | $ | 244 | $ | 300 | ||||||||||
Preferred stock dividend requirements | — | — | 7 | 25 | 31 | |||||||||||||||
Preferred stock redemption premium | — | — | — | 232 | — | |||||||||||||||
Net income (loss) available to common stockholders | $ | 640 | $ | 159 | $ | 312 | $ | (13 | ) | $ | 269 | |||||||||
Net income (loss) per share available to common stockholders | ||||||||||||||||||||
Basic | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 4.38 | $ | 0.98 | $ | 2.07 | $ | (0.08 | ) | $ | 1.82 | |||||||||
Income (loss) from discontinued operations | — | 0.02 | (0.10 | ) | (0.01 | ) | — | |||||||||||||
Net income (loss) | 4.38 | 1.00 | 1.97 | (0.09 | ) | 1.82 | ||||||||||||||
Diluted | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 4.36 | $ | 0.97 | $ | 1.93 | $ | (0.08 | ) | $ | 1.40 | |||||||||
Income (loss) from discontinued operations | — | 0.02 | (0.09 | ) | (0.01 | ) | — | |||||||||||||
Net income (loss) | 4.36 | 0.99 | 1.84 | (0.09 | ) | 1.40 | ||||||||||||||
Depreciation and amortization of intangibles | $ | 182 | $ | 174 | $ | 213 | $ | 262 | $ | 277 | ||||||||||
Net cash provided by operating activities | 384 | 406 | 510 | 577 | 339 | |||||||||||||||
Purchases of property, plant and equipment | 322 | 260 | 234 | 209 | 164 | |||||||||||||||
Financial Position | ||||||||||||||||||||
Cash and cash equivalents and marketable securities | $ | 737 | $ | 953 | $ | 1,290 | $ | 1,366 | $ | 1,119 | ||||||||||
Total assets | 4,860 | 4,301 | 4,893 | 5,068 | 5,097 | |||||||||||||||
Long-term debt, less debt issuance costs | 1,595 | 1,553 | 1,588 | 1,541 | 790 | |||||||||||||||
Total debt | 1,664 | 1,575 | 1,653 | 1,598 | 891 | |||||||||||||||
Preferred stock | — | — | — | 372 | 753 | |||||||||||||||
Common stock and additional paid-in capital | 2,329 | 2,313 | 2,642 | 2,842 | 2,670 | |||||||||||||||
Treasury stock | (83 | ) | (1 | ) | (33 | ) | (366 | ) | (25 | ) | ||||||||||
Total parent company stockholders' equity | 1,157 | 728 | 1,080 | 1,309 | 1,836 | |||||||||||||||
Book value per share | $ | 7.92 | $ | 4.58 | $ | 6.83 | $ | 8.94 | $ | 12.41 | ||||||||||
Common Share Information | ||||||||||||||||||||
Dividends declared per common share | $ | 0.24 | $ | 0.23 | $ | 0.20 | $ | 0.20 | $ | 0.20 | ||||||||||
Weighted-average common shares outstanding | ||||||||||||||||||||
Basic | 146.0 | 159.0 | 158.0 | 146.4 | 148.0 | |||||||||||||||
Diluted | 146.8 | 160.0 | 173.5 | 146.4 | 214.7 | |||||||||||||||
Market prices | ||||||||||||||||||||
High | $ | 19.81 | $ | 23.48 | $ | 24.82 | $ | 23.46 | $ | 16.76 | ||||||||||
Low | 9.80 | 13.01 | 16.81 | 15.17 | 11.13 |
Note: | Total assets for 2015, 2014, 2013 and 2012 have been recast to reflect the adoption of the accounting standard requiring all deferred income tax liabilities and assets to be classified as noncurrent on the balance sheet rather than separated into current and noncurrent amounts. The recasting of total assets resulted in reductions of $25, $12, $35 and $34 for 2015, 2014, 2013 and 2012. See Note 1 to our consolidated financial statements in Item 8 for additional information. |
Actual | |||||||||||||
(Units in thousands) | Dana 2017 Outlook | 2016 | 2015 | 2014 | |||||||||
North America | |||||||||||||
Light Truck (Full Frame) | 4,200 | to | 4,300 | 4,438 | 4,136 | 3,834 | |||||||
Light Vehicle Engines | 15,800 | to | 16,200 | 16,065 | 15,474 | 15,119 | |||||||
Medium Truck (Classes 5-7) | 235 | to | 250 | 235 | 237 | 226 | |||||||
Heavy Truck (Class 8) | 190 | to | 210 | 227 | 323 | 297 | |||||||
Agricultural Equipment | 50 | to | 60 | 53 | 58 | 64 | |||||||
Construction/Mining Equipment | 150 | to | 160 | 150 | 158 | 158 | |||||||
Europe (including Eastern Europe) | |||||||||||||
Light Truck | 9,300 | to | 9,500 | 9,279 | 8,546 | 7,790 | |||||||
Light Vehicle Engines | 23,800 | to | 24,300 | 23,224 | 22,570 | 21,510 | |||||||
Medium/Heavy Truck | 440 | to | 470 | 471 | 434 | 397 | |||||||
Agricultural Equipment | 190 | to | 210 | 193 | 202 | 220 | |||||||
Construction/Mining Equipment | 290 | to | 310 | 290 | 299 | 301 | |||||||
South America | |||||||||||||
Light Truck | 1,000 | to | 1,050 | 1,010 | 940 | 1,146 | |||||||
Light Vehicle Engines | 2,000 | to | 2,100 | 2,091 | 2,439 | 3,176 | |||||||
Medium/Heavy Truck | 75 | to | 85 | 70 | 88 | 167 | |||||||
Agricultural Equipment | 25 | to | 35 | 29 | 32 | 43 | |||||||
Construction/Mining Equipment | 10 | to | 15 | 10 | 13 | 17 | |||||||
Asia-Pacific | |||||||||||||
Light Truck | 26,500 | to | 27,500 | 27,179 | 24,160 | 22,337 | |||||||
Light Vehicle Engines | 50,000 | to | 51,500 | 50,075 | 47,209 | 46,497 | |||||||
Medium/Heavy Truck | 1,450 | to | 1,550 | 1,620 | 1,383 | 1,573 | |||||||
Agricultural Equipment | 680 | to | 720 | 648 | 676 | 710 | |||||||
Construction/Mining Equipment | 380 | to | 410 | 396 | 405 | 509 |
2017 Outlook | 2016 | 2015 | 2014 | ||||||||||
Sales | $6,200 - $6,400 | $ | 5,826 | $ | 6,060 | $ | 6,617 | ||||||
Adjusted EBITDA | $695 - $725 | $ | 660 | $ | 652 | $ | 746 | ||||||
Net cash provided by operating activities | $410 - $450 | $ | 384 | $ | 406 | $ | 510 | ||||||
Purchases of property, plant and equipment | $350 - $370 | $ | 322 | $ | 260 | $ | 234 | ||||||
Free Cash Flow | $50 - $90 | $ | 62 | $ | 146 | $ | 276 |
2016 | 2015 | ||||||||||||||||
Dollars | % of Net Sales | Dollars | % of Net Sales | Increase/ (Decrease) | |||||||||||||
Net sales | $ | 5,826 | $ | 6,060 | $ | (234 | ) | ||||||||||
Cost of sales | 4,982 | 85.5 | % | 5,211 | 86.0 | % | (229 | ) | |||||||||
Gross margin | 844 | 14.5 | % | 849 | 14.0 | % | (5 | ) | |||||||||
Selling, general and administrative expenses | 406 | 7.0 | % | 391 | 6.5 | % | 15 | ||||||||||
Amortization of intangibles | 8 | 14 | (6 | ) | |||||||||||||
Restructuring charges, net | 36 | 15 | 21 | ||||||||||||||
Loss on sale of subsidiaries | (80 | ) | (80 | ) | |||||||||||||
Impairment of long-lived assets | (36 | ) | 36 | ||||||||||||||
Other income, net | 18 | 1 | 17 | ||||||||||||||
Income before interest and income taxes | 332 | 394 | (62 | ) | |||||||||||||
Loss on extinguishment of debt | (17 | ) | (2 | ) | (15 | ) | |||||||||||
Interest income | 13 | 13 | — | ||||||||||||||
Interest expense | 113 | 113 | — | ||||||||||||||
Income from continuing operations before income taxes | 215 | 292 | (77 | ) | |||||||||||||
Income tax expense (benefit) | (424 | ) | 82 | (506 | ) | ||||||||||||
Equity in earnings (losses) of affiliates | 14 | (34 | ) | 48 | |||||||||||||
Income from continuing operations | 653 | 176 | 477 | ||||||||||||||
Income from discontinued operations | 4 | (4 | ) | ||||||||||||||
Net income | 653 | 180 | 473 | ||||||||||||||
Less: Noncontrolling interests net income | 13 | 21 | (8 | ) | |||||||||||||
Net income attributable to the parent company | $ | 640 | $ | 159 | $ | 481 |
Amount of Change Due To | |||||||||||||||||||||||
2016 | 2015 | Increase/ (Decrease) | Currency Effects | Acquisitions (Divestitures) | Organic Change | ||||||||||||||||||
North America | $ | 3,128 | $ | 3,210 | $ | (82 | ) | $ | (24 | ) | $ | 7 | $ | (65 | ) | ||||||||
Europe | 1,616 | 1,723 | (107 | ) | (44 | ) | (63 | ) | |||||||||||||||
South America | 338 | 377 | (39 | ) | (82 | ) | 43 | ||||||||||||||||
Asia Pacific | 744 | 750 | (6 | ) | (23 | ) | (3 | ) | 20 | ||||||||||||||
Total | $ | 5,826 | $ | 6,060 | $ | (234 | ) | $ | (173 | ) | $ | 4 | $ | (65 | ) |
2016 | 2015 | ||||||
Government grants and incentives | $ | 8 | $ | 3 | |||
Foreign exchange gain (loss) | (3 | ) | (20 | ) | |||
Gain on derecognition of noncontrolling interest | 5 | ||||||
Strategic transaction expenses | (13 | ) | (4 | ) | |||
Insurance and other recoveries | 10 | 4 | |||||
Gain on sale of marketable securities | 7 | 1 | |||||
Amounts attributable to previously divested/closed operations | 1 | ||||||
Other, net | 9 | 11 | |||||
Other income, net | $ | 18 | $ | 1 |
Sales | Segment EBITDA | Segment EBITDA Margin | |||||||||
2015 | $ | 2,482 | $ | 262 | 10.6 | % | |||||
Volume and mix | 235 | 37 | |||||||||
Performance | 31 | (4 | ) | ||||||||
Currency effects | (141 | ) | (16 | ) | |||||||
2016 | $ | 2,607 | $ | 279 | 10.7 | % |
Sales | Segment EBITDA | Segment EBITDA Margin | |||||||||
2015 | $ | 1,533 | $ | 100 | 6.5 | % | |||||
Volume and mix | (265 | ) | (52 | ) | |||||||
Performance | 3 | 52 | |||||||||
Currency effects | (17 | ) | (4 | ) | |||||||
2016 | $ | 1,254 | $ | 96 | 7.7 | % |
Sales | Segment EBITDA | Segment EBITDA Margin | |||||||||
2015 | $ | 1,040 | $ | 147 | 14.1 | % | |||||
Volume and mix | (110 | ) | (31 | ) | |||||||
Performance | (11 | ) | 11 | ||||||||
Currency effects | (10 | ) | 2 | ||||||||
2016 | $ | 909 | $ | 129 | 14.2 | % |
Sales | Segment EBITDA | Segment EBITDA Margin | |||||||||
2015 | $ | 1,005 | $ | 149 | 14.8 | % | |||||
Volume and mix | 69 | 17 | |||||||||
Performance | (13 | ) | (6 | ) | |||||||
Currency effects | (5 | ) | (2 | ) | |||||||
2016 | $ | 1,056 | $ | 158 | 15.0 | % |
2015 | 2014 | ||||||||||||||||
Dollars | % of Net Sales | Dollars | % of Net Sales | Increase/ (Decrease) | |||||||||||||
Net sales | $ | 6,060 | $ | 6,617 | $ | (557 | ) | ||||||||||
Cost of sales | 5,211 | 86.0 | % | 5,672 | 85.7 | % | (461 | ) | |||||||||
Gross margin | 849 | 14.0 | % | 945 | 14.3 | % | (96 | ) | |||||||||
Selling, general and administrative expenses | 391 | 6.5 | % | 411 | 6.2 | % | (20 | ) | |||||||||
Amortization of intangibles | 14 | 42 | (28 | ) | |||||||||||||
Restructuring charges, net | 15 | 21 | (6 | ) | |||||||||||||
Impairment of long-lived assets | (36 | ) | (36 | ) | |||||||||||||
Loss on disposal group held for sale | (80 | ) | 80 | ||||||||||||||
Pension settlement charges | (42 | ) | 42 | ||||||||||||||
Other income, net | 1 | 33 | (32 | ) | |||||||||||||
Income before interest and income taxes | 394 | 382 | 12 | ||||||||||||||
Loss on extinguishment of debt | (2 | ) | (19 | ) | 17 | ||||||||||||
Interest income | 13 | 15 | (2 | ) | |||||||||||||
Interest expense | 113 | 118 | (5 | ) | |||||||||||||
Income from continuing operations before income taxes | 292 | 260 | 32 | ||||||||||||||
Income tax expense (benefit) | 82 | (70 | ) | 152 | |||||||||||||
Equity in earnings (losses) of affiliates | (34 | ) | 13 | (47 | ) | ||||||||||||
Income from continuing operations | 176 | 343 | (167 | ) | |||||||||||||
Income (loss) from discontinued operations | 4 | (15 | ) | 19 | |||||||||||||
Net income | 180 | 328 | (148 | ) | |||||||||||||
Less: Noncontrolling interests net income | 21 | 9 | 12 | ||||||||||||||
Net income attributable to the parent company | $ | 159 | $ | 319 | $ | (160 | ) |
Amount of Change Due To | |||||||||||||||||||||||
2015 | 2014 | Increase/ (Decrease) | Currency Effects | Acquisitions (Divestitures) | Organic Change | ||||||||||||||||||
North America | $ | 3,210 | $ | 3,126 | $ | 84 | $ | (48 | ) | $ | — | $ | 132 | ||||||||||
Europe | 1,723 | 1,978 | (255 | ) | (313 | ) | 58 | ||||||||||||||||
South America | 377 | 771 | (394 | ) | (110 | ) | (107 | ) | (177 | ) | |||||||||||||
Asia Pacific | 750 | 742 | 8 | (45 | ) | 53 | |||||||||||||||||
Total | $ | 6,060 | $ | 6,617 | $ | (557 | ) | $ | (516 | ) | $ | (107 | ) | $ | 66 |
2015 | 2014 | ||||||
Government grants and incentives | $ | 3 | $ | 4 | |||
Foreign exchange gain (loss) | (20 | ) | 11 | ||||
Gain on derecognition of noncontrolling interest | 5 | ||||||
Strategic transaction expenses | (4 | ) | (3 | ) | |||
Insurance and other recoveries | 4 | 2 | |||||
Gain on sale of marketable securities | 1 | ||||||
Recognition of unrealized gain on payment-in-kind note receivable | 2 | ||||||
Amounts attributable to previously divested/closed operations | 1 | ||||||
Other, net | 11 | 17 | |||||
Other income, net | $ | 1 | $ | 33 |
Sales | Segment EBITDA | Segment EBITDA Margin | ||||||||
2014 | $ | 2,496 | $ | 250 | 10.0 | % | ||||
Volume and mix | 200 | 34 | ||||||||
Performance | (12 | ) | ||||||||
Venezuelan divestiture | (107 | ) | ||||||||
Currency effects | (95 | ) | (22 | ) | ||||||
2015 | $ | 2,482 | $ | 262 | 10.6 | % |
Sales | Segment EBITDA | Segment EBITDA Margin | ||||||||
2014 | $ | 1,838 | $ | 172 | 9.4 | % | ||||
Volume and mix - Brazil | (166 | ) | (35 | ) | ||||||
Volume and mix - All other | (19 | ) | (9 | ) | ||||||
Performance | 24 | (11 | ) | |||||||
Currency effects | (144 | ) | (17 | ) | ||||||
2015 | $ | 1,533 | $ | 100 | 6.5 | % |
Sales | Segment EBITDA | Segment EBITDA Margin | ||||||||
2014 | $ | 1,231 | $ | 169 | 13.7 | % | ||||
Volume and mix | (25 | ) | (10 | ) | ||||||
Performance | (1 | ) | 14 | |||||||
Currency effects | (165 | ) | (26 | ) | ||||||
2015 | $ | 1,040 | $ | 147 | 14.1 | % |
Sales | Segment EBITDA | Segment EBITDA Margin | ||||||||
2014 | $ | 1,052 | $ | 154 | 14.6 | % | ||||
Volume and mix | 75 | 15 | ||||||||
Performance | (10 | ) | 2 | |||||||
Currency effects | (112 | ) | (22 | ) | ||||||
2015 | $ | 1,005 | $ | 149 | 14.8 | % |
2016 | 2015 | 2014 | |||||||||
Net income | $ | 653 | $ | 180 | $ | 328 | |||||
Income (loss) from discontinued operations | 4 | (15 | ) | ||||||||
Income from continuing operations | 653 | 176 | 343 | ||||||||
Equity in earnings (losses) of affiliates | 14 | (34 | ) | 13 | |||||||
Income tax expense (benefit) | (424 | ) | 82 | (70 | ) | ||||||
Income from continuing operations before income taxes | 215 | 292 | 260 | ||||||||
Depreciation and amortization | 182 | 174 | 213 | ||||||||
Restructuring | 36 | 15 | 21 | ||||||||
Interest expense, net | 100 | 100 | 103 | ||||||||
Other* | 127 | 71 | 149 | ||||||||
Adjusted EBITDA | $ | 660 | $ | 652 | $ | 746 |
* | Other includes stock compensation expense, strategic transaction expenses, gain on derecognition of noncontrolling interest, distressed supplier costs, amounts attributable to previously divested/closed operations, loss on extinguishment of debt, loss on sale of subsidiaries and other items. See Note 19 to our consolidated financial statements in Item 8 of Part II for additional details. |
2016 | 2015 | 2014 | |||||||||
Net cash provided by operating activities | $ | 384 | $ | 406 | $ | 510 | |||||
Purchases of property, plant and equipment | (322 | ) | (260 | ) | (234 | ) | |||||
Free cash flow | $ | 62 | $ | 146 | $ | 276 |
Cash and cash equivalents | $ | 707 | |
Less: Deposits supporting obligations | (6 | ) | |
Available cash | 701 | ||
Additional cash availability from revolving facility | 478 | ||
Marketable securities | 30 | ||
Total liquidity | $ | 1,209 |
U.S. | Non-U.S. | Total | |||||||||
Cash and cash equivalents | $ | 150 | $ | 480 | $ | 630 | |||||
Cash and cash equivalents held as deposits | 6 | 6 | |||||||||
Cash and cash equivalents held at less than wholly-owned subsidiaries | 3 | 68 | 71 | ||||||||
Consolidated cash balance | $ | 153 | $ | 554 | $ | 707 |
2016 | 2015 | 2014 | |||||||||
Cash used for changes in working capital | $ | (51 | ) | $ | (41 | ) | $ | (39 | ) | ||
Other cash provided by operations | 435 | 447 | 549 | ||||||||
Net cash provided by operating activities | 384 | 406 | 510 | ||||||||
Net cash used in investing activities | (365 | ) | (258 | ) | (246 | ) | |||||
Net cash used in financing activities | (88 | ) | (403 | ) | (254 | ) | |||||
Net increase (decrease) in cash and cash equivalents | $ | (69 | ) | $ | (255 | ) | $ | 10 |
Payments Due by Period | ||||||||||||||||||||
Contractual Cash Obligations | Total | 2017 | 2018 - 2019 | 2020 - 2021 | After 2021 | |||||||||||||||
Long-term debt(1) | $ | 1,653 | $ | 45 | $ | 58 | $ | 450 | $ | 1,100 | ||||||||||
Interest payments(2) | 673 | 97 | 181 | 180 | 215 | |||||||||||||||
Leases(3) | 214 | 38 | 63 | 45 | 68 | |||||||||||||||
Unconditional purchase obligations(4) | 166 | 163 | 1 | 1 | 1 | |||||||||||||||
Pension contribution(5) | 12 | 12 | ||||||||||||||||||
Retiree health care benefits(6) | 91 | 4 | 10 | 10 | 67 | |||||||||||||||
Uncertain income tax positions(7) | ||||||||||||||||||||
Total contractual cash obligations | $ | 2,809 | $ | 359 | $ | 313 | $ | 686 | $ | 1,451 |
(1) | Principal payments on long-term debt and capital lease obligations in place at December 31, 2016. |
(2) | Interest payments are based on long-term debt and capital leases in place at December 31, 2016 and the interest rates applicable to such obligations. |
(3) | Operating leases related to real estate, vehicles and other assets. |
(4) | Unconditional purchase obligations are comprised principally of commitments for procurement of fixed assets and the purchase of raw materials. |
(5) | This amount represents estimated 2017 minimum required contributions to our global defined benefit pension plans. We have not estimated pension contributions beyond 2017 due to the significant impact that return on plan assets and changes in discount rates might have on such amounts. |
(6) | This amount represents estimated payments under our non-U.S. retiree health care programs. Obligations under the non-U.S. retiree health care programs are not fixed commitments and will vary depending on various factors, including the level of participant utilization and inflation. Our estimates of the payments to be made in the future consider recent payment trends and certain of our actuarial assumptions. |
(7) | We are not able to reasonably estimate the timing of payments related to uncertain tax positions because the timing of settlement is uncertain. The above table does not reflect unrecognized tax benefits at December 31, 2016 of $117. See Note 17 to our consolidated financial statements in Item 8 for additional discussion. |
10% Increase in Rates Gain (Loss) | 10% Decrease in Rates Gain (Loss) | ||||||
Foreign currency rate sensitivity: | |||||||
Forward contracts and currency swaps | |||||||
Long U.S. dollars | $ | (13 | ) | $ | 13 | ||
Short U.S. dollars | $ | 51 | $ | (51 | ) | ||
Long euros (short other than U.S. dollar) | $ | (5 | ) | $ | 5 | ||
Short euros (long other than U.S. dollar) | $ | 2 | $ | (2 | ) | ||
Other, net | $ | (1 | ) | $ | 1 |
/s/ PricewaterhouseCoopers LLP | |
Toledo, Ohio | |
February 10, 2017 |
2016 | 2015 | 2014 | |||||||||
Net sales | $ | 5,826 | $ | 6,060 | $ | 6,617 | |||||
Costs and expenses | |||||||||||
Cost of sales | 4,982 | 5,211 | 5,672 | ||||||||
Selling, general and administrative expenses | 406 | 391 | 411 | ||||||||
Amortization of intangibles | 8 | 14 | 42 | ||||||||
Restructuring charges, net | 36 | 15 | 21 | ||||||||
Loss on sale of subsidiaries | (80 | ) | |||||||||
Impairment of long-lived assets | (36 | ) | |||||||||
Loss on disposal group held for sale | (80 | ) | |||||||||
Pension settlement charges | (42 | ) | |||||||||
Other income, net | 18 | 1 | 33 | ||||||||
Income before interest and income taxes | 332 | 394 | 382 | ||||||||
Loss on extinguishment of debt | (17 | ) | (2 | ) | (19 | ) | |||||
Interest income | 13 | 13 | 15 | ||||||||
Interest expense | 113 | 113 | 118 | ||||||||
Income from continuing operations before income taxes | 215 | 292 | 260 | ||||||||
Income tax expense (benefit) | (424 | ) | 82 | (70 | ) | ||||||
Equity in earnings (losses) of affiliates | 14 | (34 | ) | 13 | |||||||
Income from continuing operations | 653 | 176 | 343 | ||||||||
Income (loss) from discontinued operations | 4 | (15 | ) | ||||||||
Net income | 653 | 180 | 328 | ||||||||
Less: Noncontrolling interests net income | 13 | 21 | 9 | ||||||||
Net income attributable to the parent company | 640 | 159 | 319 | ||||||||
Preferred stock dividend requirements | 7 | ||||||||||
Net income available to common stockholders | $ | 640 | $ | 159 | $ | 312 | |||||
Net income per share available to parent company common stockholders: | |||||||||||
Basic: | |||||||||||
Income from continuing operations | $ | 4.38 | $ | 0.98 | $ | 2.07 | |||||
Income (loss) from discontinued operations | $ | — | $ | 0.02 | $ | (0.10 | ) | ||||
Net income | $ | 4.38 | $ | 1.00 | $ | 1.97 | |||||
Diluted: | |||||||||||
Income from continuing operations | $ | 4.36 | $ | 0.97 | $ | 1.93 | |||||
Income (loss) from discontinued operations | $ | — | $ | 0.02 | $ | (0.09 | ) | ||||
Net income | $ | 4.36 | $ | 0.99 | $ | 1.84 | |||||
Weighted-average common shares outstanding | |||||||||||
Basic | 146.0 | 159.0 | 158.0 | ||||||||
Diluted | 146.8 | 160.0 | 173.5 | ||||||||
Dividends declared per common share | $ | 0.24 | $ | 0.23 | $ | 0.20 |
2016 | 2015 | 2014 | |||||||||
Net income | $ | 653 | $ | 180 | $ | 328 | |||||
Less: Noncontrolling interests net income | 13 | 21 | 9 | ||||||||
Net income attributable to the parent company | 640 | 159 | 319 | ||||||||
Other comprehensive income (loss) attributable to the parent company, net of tax: | |||||||||||
Currency translation adjustments | (38 | ) | (181 | ) | (185 | ) | |||||
Hedging gains and losses | (30 | ) | 5 | (9 | ) | ||||||
Investment and other gains and losses | (2 | ) | (3 | ) | 2 | ||||||
Defined benefit plans | (40 | ) | 2 | (78 | ) | ||||||
Other comprehensive loss attributable to the parent company | (110 | ) | (177 | ) | (270 | ) | |||||
Other comprehensive income (loss) attributable to noncontrolling interests, net of tax: | |||||||||||
Currency translation adjustments | (3 | ) | (5 | ) | (4 | ) | |||||
Defined benefit plans | 1 | 1 | |||||||||
Other comprehensive loss attributable to noncontrolling interests | (2 | ) | (4 | ) | (4 | ) | |||||
Total comprehensive income (loss) attributable to the parent company | 530 | (18 | ) | 49 | |||||||
Total comprehensive income attributable to noncontrolling interests | 11 | 17 | 5 | ||||||||
Total comprehensive income (loss) | $ | 541 | $ | (1 | ) | $ | 54 |
2016 | 2015 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 707 | $ | 791 | |||
Marketable securities | 30 | 162 | |||||
Accounts receivable | |||||||
Trade, less allowance for doubtful accounts of $6 in 2016 and $5 in 2015 | 721 | 673 | |||||
Other | 110 | 115 | |||||
Inventories | 638 | 625 | |||||
Other current assets | 78 | 65 | |||||
Total current assets | 2,284 | 2,431 | |||||
Goodwill | 90 | 80 | |||||
Intangibles | 109 | 102 | |||||
Deferred tax assets | 588 | 96 | |||||
Other noncurrent assets | 226 | 275 | |||||
Investments in affiliates | 150 | 150 | |||||
Property, plant and equipment, net | 1,413 | 1,167 | |||||
Total assets | $ | 4,860 | $ | 4,301 | |||
Liabilities and equity | |||||||
Current liabilities | |||||||
Notes payable, including current portion of long-term debt | $ | 69 | $ | 22 | |||
Accounts payable | 819 | 712 | |||||
Accrued payroll and employee benefits | 149 | 145 | |||||
Taxes on income | 15 | 17 | |||||
Other accrued liabilities | 201 | 193 | |||||
Total current liabilities | 1,253 | 1,089 | |||||
Long-term debt, less debt issuance costs of $21 in 2016 and 2015 | 1,595 | 1,553 | |||||
Pension and postretirement obligations | 565 | 521 | |||||
Other noncurrent liabilities | 205 | 307 | |||||
Total liabilities | 3,618 | 3,470 | |||||
Commitments and contingencies (Note 15) | |||||||
Parent company stockholders' equity | |||||||
Preferred stock, 50,000,000 shares authorized, $0.01 par value, no shares outstanding | — | — | |||||
Common stock, 450,000,000 shares authorized, $0.01 par value, 143,938,280 and 150,068,040 shares outstanding | 2 | 2 | |||||
Additional paid-in capital | 2,327 | 2,311 | |||||
Retained earnings (accumulated deficit) | 195 | (410 | ) | ||||
Treasury stock, at cost (6,812,784 and 23,963 shares) | (83 | ) | (1 | ) | |||
Accumulated other comprehensive loss | (1,284 | ) | (1,174 | ) | |||
Total parent company stockholders' equity | 1,157 | 728 | |||||
Noncontrolling interests | 85 | 103 | |||||
Total equity | 1,242 | 831 | |||||
Total liabilities and equity | $ | 4,860 | $ | 4,301 |
2016 | 2015 | 2014 | |||||||||
Operating activities | |||||||||||
Net income | $ | 653 | $ | 180 | $ | 328 | |||||
Depreciation | 173 | 158 | 164 | ||||||||
Amortization of intangibles | 9 | 16 | 49 | ||||||||
Amortization of deferred financing charges | 5 | 5 | 5 | ||||||||
Call premium on senior notes | 12 | 2 | 15 | ||||||||
Write-off of deferred financing costs | 5 | 1 | 4 | ||||||||
Earnings of affiliates, net of dividends received | (3 | ) | 12 | 4 | |||||||
Stock compensation expense | 17 | 14 | 16 | ||||||||
Deferred income taxes | (480 | ) | (10 | ) | (199 | ) | |||||
Pension expense (contributions), net | (16 | ) | (18 | ) | 30 | ||||||
Loss on sale of subsidiaries | 80 | ||||||||||
Impairment of long-lived assets | 36 | ||||||||||
Impairment of equity affiliate | 39 | ||||||||||
Loss on disposal group held for sale | 78 | ||||||||||
Interest payment received on payment-in-kind note receivable | 40 | ||||||||||
Change in working capital | (51 | ) | (41 | ) | (39 | ) | |||||
Change in other noncurrent assets and liabilities | (1 | ) | (7 | ) | (16 | ) | |||||
Other, net | (19 | ) | 19 | 31 | |||||||
Net cash provided by operating activities | 384 | 406 | 510 | ||||||||
Investing activities | |||||||||||
Purchases of property, plant and equipment | (322 | ) | (260 | ) | (234 | ) | |||||
Acquisition of businesses | (78 | ) | |||||||||
Principal payment received on payment-in-kind note receivable | 35 | ||||||||||
Purchases of marketable securities | (93 | ) | (43 | ) | (84 | ) | |||||
Proceeds from sales of marketable securities | 47 | 17 | 7 | ||||||||
Proceeds from maturities of marketable securities | 47 | 30 | 21 | ||||||||
Proceeds from sale of subsidiaries | 34 | 9 | |||||||||
Other | (2 | ) | |||||||||
Net cash used in investing activities | (365 | ) | (258 | ) | (246 | ) | |||||
Financing activities | |||||||||||
Net change in short-term debt | 9 | (5 | ) | (8 | ) | ||||||
Proceeds from letters of credit | 12 | ||||||||||
Repayment of letters of credit | (4 | ) | (8 | ) | |||||||
Proceeds from long-term debt | 441 | 18 | 448 | ||||||||
Repayment of long-term debt | (382 | ) | (60 | ) | (372 | ) | |||||
Call premium on senior notes | (12 | ) | (2 | ) | (15 | ) | |||||
Deferred financing payments | (11 | ) | (7 | ) | |||||||
Dividends paid to preferred stockholders | (8 | ) | |||||||||
Dividends paid to common stockholders | (35 | ) | (37 | ) | (32 | ) | |||||
Distributions to noncontrolling interests | (17 | ) | (9 | ) | (9 | ) | |||||
Repurchases of common stock | (81 | ) | (311 | ) | (260 | ) | |||||
Other | 7 | 5 | |||||||||
Net cash used in financing activities | (88 | ) | (403 | ) | (254 | ) | |||||
Net increase (decrease) in cash and cash equivalents | (69 | ) | (255 | ) | 10 | ||||||
Cash and cash equivalents - beginning of period | 791 | 1,121 | 1,256 | ||||||||
Effect of exchange rate changes on cash balances | (15 | ) | (75 | ) | (118 | ) | |||||
Less: cash of disposal group held for sale | (27 | ) | |||||||||
Cash and cash equivalents - end of period | $ | 707 | $ | 791 | $ | 1,121 |
Parent Company Stockholders' | |||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Treasury Stock | Accumulated Other Compre- hensive Loss | Parent Company Stockholders' Equity | Non- controlling Interests | Total Equity | |||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 372 | $ | 2 | $ | 2,840 | $ | (812 | ) | $ | (366 | ) | $ | (727 | ) | $ | 1,309 | $ | 104 | $ | 1,413 | ||||||||||||||
Net income | 319 | 319 | 9 | 328 | |||||||||||||||||||||||||||||||
Other comprehensive loss | (270 | ) | (270 | ) | (4 | ) | (274 | ) | |||||||||||||||||||||||||||
Preferred stock dividends ($3.00 per share) | (7 | ) | (7 | ) | (7 | ) | |||||||||||||||||||||||||||||
Common stock dividends ($0.20 per share) | (32 | ) | (32 | ) | (32 | ) | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | (9 | ) | (9 | ) | ||||||||||||||||||||||||||||||
Share conversion | (372 | ) | 74 | 301 | 3 | 3 | |||||||||||||||||||||||||||||
Common stock share repurchases | (260 | ) | (260 | ) | (260 | ) | |||||||||||||||||||||||||||||
Retire treasury shares | (294 | ) | 294 | — | — | ||||||||||||||||||||||||||||||
Stock compensation | 20 | 20 | 20 | ||||||||||||||||||||||||||||||||
Stock withheld for employees taxes | (2 | ) | (2 | ) | (2 | ) | |||||||||||||||||||||||||||||
Balance, December 31, 2014 | — | 2 | 2,640 | (532 | ) | (33 | ) | (997 | ) | 1,080 | 100 | 1,180 | |||||||||||||||||||||||
Net income | 159 | 159 | 21 | 180 | |||||||||||||||||||||||||||||||
Other comprehensive loss | (177 | ) | (177 | ) | (4 | ) | (181 | ) | |||||||||||||||||||||||||||
Common stock dividends ($0.23 per share) | (37 | ) | (37 | ) | (37 | ) | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | (9 | ) | (9 | ) | ||||||||||||||||||||||||||||||
Derecognition of noncontrolling interest | — | (5 | ) | (5 | ) | ||||||||||||||||||||||||||||||
Common stock share repurchases | (311 | ) | (311 | ) | (311 | ) | |||||||||||||||||||||||||||||
Retire treasury shares | (346 | ) | 346 | — | — | ||||||||||||||||||||||||||||||
Stock compensation | 17 | 17 | 17 | ||||||||||||||||||||||||||||||||
Stock withheld for employees taxes | (3 | ) | (3 | ) | (3 | ) | |||||||||||||||||||||||||||||
Balance, December 31, 2015 | — | 2 | 2,311 | (410 | ) | (1 | ) | (1,174 | ) | 728 | 103 | 831 | |||||||||||||||||||||||
Net income | 640 | 640 | 13 | 653 | |||||||||||||||||||||||||||||||
Other comprehensive loss | (110 | ) | (110 | ) | (2 | ) | (112 | ) | |||||||||||||||||||||||||||
Common stock dividends ($0.24 per share) | (35 | ) | (35 | ) | (35 | ) | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | (17 | ) | (17 | ) | ||||||||||||||||||||||||||||||
Derecognition of noncontrolling interest | — | (12 | ) | (12 | ) | ||||||||||||||||||||||||||||||
Common stock share repurchases | (81 | ) | (81 | ) | (81 | ) | |||||||||||||||||||||||||||||
Stock compensation | 16 | 16 | 16 | ||||||||||||||||||||||||||||||||
Stock withheld for employees taxes | (1 | ) | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||
Balance, December 31, 2016 | $ | — | $ | 2 | $ | 2,327 | $ | 195 | $ | (83 | ) | $ | (1,284 | ) | $ | 1,157 | $ | 85 | $ | 1,242 |
Page | ||
1. | Organization and Summary of Significant Accounting Policies | |
2. | Acquisitions | |
3. | Disposal Groups and Impairment of Long-Lived Assets | |
4. | Goodwill and Other Intangible Assets | |
5. | Restructuring of Operations | |
6. | Inventories | |
7. | Supplemental Balance Sheet and Cash Flow Information | |
8. | Stockholders' Equity | |
9. | Earnings per Share | |
10. | Stock Compensation | |
11. | Pension and Postretirement Benefit Plans | |
12. | Marketable Securities | |
13. | Financing Agreements | |
14. | Fair Value Measurements and Derivatives | |
15. | Commitments and Contingencies | |
16. | Warranty Obligations | |
17. | Income Taxes | |
18. | Other Income, Net | |
19. | Segments, Geographical Area and Major Customer Information | |
20. | Equity Affiliates |
Purchase price, cash consideration | $ | 60 | ||
Purchase price, deferred consideration | 9 | |||
Total purchase consideration | $ | 69 | ||
Accounts receivable - Trade | $ | 1 | ||
Accounts receivable - Other | 1 | |||
Inventories | 10 | |||
Goodwill | 6 | |||
Intangibles | 3 | |||
Property, plant and equipment | 59 | |||
Accounts payable | (2 | ) | ||
Accrued payroll and employee benefits | (9 | ) | ||
Total purchase consideration allocation | $ | 69 |
2015 | 2014 | ||||||
Sales | $ | — | $ | — | |||
Other income (expense) | 5 | (19 | ) | ||||
Pre-tax income (loss) | 5 | (19 | ) | ||||
Income tax expense (benefit) | 1 | (4 | ) | ||||
Income (loss) from discontinued operations | $ | 4 | $ | (15 | ) |
Off-Highway | Commercial Vehicle | Power Technologies | Total | ||||||||||||
Balance, December 31, 2014 | $ | 90 | $ | — | $ | — | $ | 90 | |||||||
Currency impact | (10 | ) | (10 | ) | |||||||||||
Balance, December 31, 2015 | 80 | — | — | 80 | |||||||||||
Acquisitions | 6 | 6 | 12 | ||||||||||||
Currency impact | (2 | ) | (2 | ) | |||||||||||
Balance, December 31, 2016 | $ | 78 | $ | 6 | $ | 6 | $ | 90 |
December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||||
Weighted Average Useful Life (years) | Gross Carrying Amount | Accumulated Impairment and Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Impairment and Amortization | Net Carrying Amount | |||||||||||||||||||
Amortizable intangible assets | |||||||||||||||||||||||||
Core technology | 7 | $ | 88 | $ | (83 | ) | $ | 5 | $ | 86 | $ | (83 | ) | $ | 3 | ||||||||||
Trademarks and trade names | 11 | 6 | (2 | ) | 4 | 3 | (2 | ) | 1 | ||||||||||||||||
Customer relationships | 7 | 389 | (374 | ) | 15 | 383 | (370 | ) | 13 | ||||||||||||||||
Non-amortizable intangible assets | |||||||||||||||||||||||||
Trademarks and trade names | 65 | 65 | 65 | 65 | |||||||||||||||||||||
Used in research and development activities | 20 | 20 | 20 | 20 | |||||||||||||||||||||
$ | 568 | $ | (459 | ) | $ | 109 | $ | 557 | $ | (455 | ) | $ | 102 |
2016 | 2015 | 2014 | |||||||||
Charged to cost of sales | $ | 1 | $ | 2 | $ | 7 | |||||
Charged to amortization of intangibles | 8 | 14 | 42 | ||||||||
Total amortization | $ | 9 | $ | 16 | $ | 49 |
2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
Amortization expense | $ | 7 | $ | 4 | $ | 2 | $ | 2 | $ | 2 |
Employee Termination Benefits | Exit Costs | Total | |||||||||
Balance at December 31, 2013 | $ | 14 | $ | 11 | $ | 25 | |||||
Charges to restructuring | 17 | 6 | 23 | ||||||||
Adjustments of accruals | (2 | ) | (2 | ) | |||||||
Cash payments | (18 | ) | (8 | ) | (26 | ) | |||||
Currency impact | 1 | 1 | |||||||||
Balance at December 31, 2014 | 12 | 9 | 21 | ||||||||
Charges to restructuring | 12 | 3 | 15 | ||||||||
Cash payments | (12 | ) | (4 | ) | (16 | ) | |||||
Currency impact | (3 | ) | (3 | ) | |||||||
Balance at December 31, 2015 | 9 | 8 | 17 | ||||||||
Charges to restructuring | 35 | 3 | 38 | ||||||||
Adjustments of accruals | (2 | ) | (2 | ) | |||||||
Cash payments | (10 | ) | (5 | ) | (15 | ) | |||||
Balance at December 31, 2016 | $ | 32 | $ | 6 | $ | 38 |
Expense Recognized | Future Cost to Complete | ||||||||||||||
Prior to 2016 | 2016 | Total to Date | |||||||||||||
Light Vehicle | $ | 9 | $ | 2 | $ | 11 | $ | 1 | |||||||
Commercial Vehicle | 25 | 18 | 43 | 15 | |||||||||||
Off-Highway | 14 | 14 | |||||||||||||
Corporate | 2 | 2 | |||||||||||||
Total | $ | 34 | $ | 36 | $ | 70 | $ | 16 |
2016 | 2015 | ||||||
Raw materials | $ | 321 | $ | 306 | |||
Work in process and finished goods | 368 | 365 | |||||
Inventory reserves | (51 | ) | (46 | ) | |||
Total | $ | 638 | $ | 625 |
2016 | 2015 | ||||||
Other current assets: | |||||||
Prepaid expenses | $ | 67 | $ | 57 | |||
Other | 11 | 8 | |||||
Total | $ | 78 | $ | 65 | |||
Other noncurrent assets: | |||||||
Prepaid income taxes | $ | 168 | $ | 178 | |||
Amounts recoverable from insurers | 44 | ||||||
Prepaid expenses | 11 | 5 | |||||
Deferred financing costs | 5 | 4 | |||||
Pension assets, net of related obligations | 2 | 2 | |||||
Other | 40 | 42 | |||||
Total | $ | 226 | $ | 275 | |||
Property, plant and equipment, net: | |||||||
Land and improvements to land | $ | 172 | $ | 185 | |||
Buildings and building fixtures | 435 | 405 | |||||
Machinery and equipment | 2,108 | 1,760 | |||||
Total cost | 2,715 | 2,350 | |||||
Less: accumulated depreciation | (1,302 | ) | (1,183 | ) | |||
Net | $ | 1,413 | $ | 1,167 | |||
Other accrued liabilities (current): | |||||||
Non-income taxes payable | $ | 30 | $ | 30 | |||
Accrued interest | 17 | 24 | |||||
Warranty reserves | 35 | 31 | |||||
Asbestos claims obligations | 12 | ||||||
Deferred income | 6 | 8 | |||||
Work place injury costs | 5 | 5 | |||||
Restructuring costs | 29 | 10 | |||||
Payable under forward contracts | 8 | 15 | |||||
Environmental | 3 | 5 | |||||
Other expense accruals | 68 | 53 | |||||
Total | $ | 201 | $ | 193 | |||
Other noncurrent liabilities: | |||||||
Income tax liability | $ | 57 | $ | 78 | |||
Asbestos claims obligations | 66 | ||||||
Deferred income tax liability | 37 | 60 | |||||
Work place injury costs | 26 | 30 | |||||
Warranty reserves | 31 | 25 | |||||
Restructuring costs | 9 | 7 | |||||
Other noncurrent liabilities | 45 | 41 | |||||
Total | $ | 205 | $ | 307 |
2016 | 2015 | 2014 | |||||||||
Change in working capital: | |||||||||||
Change in accounts receivable | $ | (86 | ) | $ | — | $ | (32 | ) | |||
Change in inventories | (13 | ) | (28 | ) | (56 | ) | |||||
Change in accounts payable | 70 | (22 | ) | 66 | |||||||
Change in accrued payroll and employee benefits | 5 | 3 | 13 | ||||||||
Change in accrued income taxes | (13 | ) | (1 | ) | (2 | ) | |||||
Change in other current assets and liabilities | (14 | ) | 7 | (28 | ) | ||||||
Net | $ | (51 | ) | $ | (41 | ) | $ | (39 | ) |
Cash paid during the period for: | |||||||||||
Interest | $ | 111 | $ | 96 | $ | 122 | |||||
Income taxes | 89 | 90 | 116 | ||||||||
Non-cash investing and financing activities: | |||||||||||
Purchases of property, plant and equipment held in accounts payable | $ | 113 | $ | 55 | $ | 48 | |||||
Stock compensation plans | 14 | 15 | 13 | ||||||||
Conversion of preferred stock into common stock | — | — | 372 | ||||||||
Conversion of preferred dividends into common stock | — | — | 3 |
Parent Company Stockholders | |||||||||||||||||||
Foreign Currency Translation | Hedging | Investments | Defined Benefit Plans | Accumulated Other Comprehensive Loss | |||||||||||||||
Balance, December 31, 2013 | $ | (242 | ) | $ | — | $ | 3 | $ | (488 | ) | $ | (727 | ) | ||||||
Other comprehensive income (loss): | |||||||||||||||||||
Currency translation adjustments | (185 | ) | (185 | ) | |||||||||||||||
Holding gains and losses | (12 | ) | 3 | (9 | ) | ||||||||||||||
Reclassification of amount to net income (a) | 2 | (1 | ) | 1 | |||||||||||||||
Venezuela bolivar devaluation | 4 | 4 | |||||||||||||||||
Net actuarial losses | (156 | ) | (156 | ) | |||||||||||||||
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) | 60 | 60 | |||||||||||||||||
Other | 3 | 3 | |||||||||||||||||
Tax benefit | 1 | 11 | 12 | ||||||||||||||||
Other comprehensive income (loss) | (185 | ) | (9 | ) | 2 | (78 | ) | (270 | ) | ||||||||||
Balance, December 31, 2014 | (427 | ) | (9 | ) | 5 | (566 | ) | (997 | ) | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||
Currency translation adjustments | (179 | ) | (179 | ) | |||||||||||||||
Holding loss on net investment hedge | (2 | ) | (2 | ) | |||||||||||||||
Holding gains and losses | (14 | ) | (3 | ) | (17 | ) | |||||||||||||
Reclassification of amount to net income (a) | 20 | 20 | |||||||||||||||||
Net actuarial losses | (28 | ) | (28 | ) | |||||||||||||||
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) | 25 | 25 | |||||||||||||||||
Elimination of net prior service cost and actuarial losses of disposal group | 10 | 10 | |||||||||||||||||
Tax expense | (1 | ) | (5 | ) | (6 | ) | |||||||||||||
Other comprehensive income (loss) | (181 | ) | 5 | (3 | ) | 2 | (177 | ) | |||||||||||
Balance, December 31, 2015 | (608 | ) | (4 | ) | 2 | (564 | ) | (1,174 | ) | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||
Currency translation adjustments | (43 | ) | (43 | ) | |||||||||||||||
Holding gains and losses | (16 | ) | 3 | (13 | ) | ||||||||||||||
Reclassification of amount to net income (a) | (14 | ) | (7 | ) | (21 | ) | |||||||||||||
Net actuarial losses | (88 | ) | (88 | ) | |||||||||||||||
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) | 26 | 26 | |||||||||||||||||
Elimination due to sale of subsidiary | 2 | 2 | 1 | 5 | |||||||||||||||
Tax benefit | 3 | 21 | 24 | ||||||||||||||||
Other comprehensive loss | (38 | ) | (30 | ) | (2 | ) | (40 | ) | (110 | ) | |||||||||
Balance, December 31, 2016 | $ | (646 | ) | $ | (34 | ) | $ | — | $ | (604 | ) | $ | (1,284 | ) |
2016 | 2015 | 2014 | |||||||||
Income from continuing operations | $ | 653 | $ | 176 | $ | 343 | |||||
Less: Noncontrolling interests net income | 13 | 21 | 9 | ||||||||
Less: Preferred stock dividend requirements | 7 | ||||||||||
Income from continuing operations available to common stockholders - Numerator basic | 640 | 155 | 327 | ||||||||
Preferred stock dividend requirements | 7 | ||||||||||
Numerator diluted | $ | 640 | $ | 155 | $ | 334 | |||||
Net income available to common stockholders - Numerator basic | $ | 640 | $ | 159 | $ | 312 | |||||
Preferred stock dividend requirements | 7 | ||||||||||
Numerator diluted | $ | 640 | $ | 159 | $ | 319 | |||||
Weighted-average number of shares outstanding - Denominator basic | 146.0 | 159.0 | 158.0 | ||||||||
Employee compensation-related shares, including stock options | 0.8 | 1.0 | 1.2 | ||||||||
Conversion of preferred stock | 14.3 | ||||||||||
Denominator diluted | 146.8 | 160.0 | 173.5 |
Options | SARs | RSUs | PSUs | |||||||||||||||||||||||||
Shares | Exercise Price per Share* | Shares | Exercise Price per Share* | Shares | Grant-Date Fair Value per Share* | Shares | Grant-Date Fair Value per Share* | |||||||||||||||||||||
December 31, 2015 | 1.8 | $ | 14.50 | 0.3 | $ | 15.46 | 1.3 | $ | 20.09 | 0.4 | $ | 22.92 | ||||||||||||||||
Granted | 1.2 | 13.31 | 0.4 | 13.21 | ||||||||||||||||||||||||
Exercised or vested | (0.1 | ) | 11.74 | (0.6 | ) | 16.51 | ||||||||||||||||||||||
Forfeited or expired | (0.2 | ) | 16.31 | (0.1 | ) | 16.75 | (0.2 | ) | 22.61 | |||||||||||||||||||
December 31, 2016 | 1.5 | 14.56 | 0.3 | 15.42 | 1.8 | 16.54 | 0.6 | 16.31 |
2016 | 2015 | 2014 | |||||||||
Total stock compensation expense | $ | 17 | $ | 14 | $ | 16 | |||||
Total grant-date fair value of awards vested | 11 | 21 | 13 | ||||||||
Cash received from exercise of stock options | 2 | 2 | 7 | ||||||||
Cash paid to settle SARs and RSUs | 1 | 2 | 2 | ||||||||
Intrinsic value of stock options and SARs exercised | 1 | 1 | 7 | ||||||||
Intrinsic value of RSUs and PSUs vested | 7 | 16 | 8 |
PSUs | ||||||||
2016 | 2015 | 2014 | ||||||
Expected term (in years) | 3.0 | 3.0 | 3.0 | |||||
Risk-free interest rate | 1.00 | % | 0.89 | % | 0.64 | % | ||
Dividend yield | 1.40 | % | 0.98 | % | 1.02 | % | ||
Expected volatility | 33.4 | % | 33.9 | % | 43.6 | % |
Pension Benefits | |||||||||||||||||||||||
2016 | 2015 | 2014 | |||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||
Interest cost | $ | 53 | $ | 7 | $ | 66 | $ | 8 | $ | 80 | $ | 11 | |||||||||||
Expected return on plan assets | (92 | ) | (2 | ) | (108 | ) | (2 | ) | (111 | ) | (1 | ) | |||||||||||
Service cost | 5 | 5 | 6 | ||||||||||||||||||||
Amortization of net actuarial loss | 21 | 6 | 18 | 7 | 16 | 3 | |||||||||||||||||
Settlement loss | 36 | 6 | |||||||||||||||||||||
Other | 1 | (5 | ) | (1 | ) | ||||||||||||||||||
Net periodic benefit cost (credit) | (18 | ) | 17 | (24 | ) | 18 | 16 | 24 | |||||||||||||||
Recognized in OCI: | |||||||||||||||||||||||
Amount due to net actuarial (gains) losses | 68 | 16 | 40 | (6 | ) | 93 | 53 | ||||||||||||||||
Reclassification adjustment for net actuarial losses in net periodic benefit cost | (21 | ) | (6 | ) | (18 | ) | (7 | ) | (52 | ) | (9 | ) | |||||||||||
Venezuelan bolivar devaluation | (4 | ) | |||||||||||||||||||||
Other | (1 | ) | (11 | ) | (2 | ) | (1 | ) | |||||||||||||||
Total recognized in OCI | 47 | 9 | 22 | (24 | ) | 39 | 39 | ||||||||||||||||
Net recognized in benefit cost (credit) and OCI | $ | 29 | $ | 26 | $ | (2 | ) | $ | (6 | ) | $ | 55 | $ | 63 |
OPEB - Non-U.S. | |||||||||||
2016 | 2015 | 2014 | |||||||||
Interest cost | $ | 3 | $ | 3 | $ | 5 | |||||
Service cost | 1 | 1 | 1 | ||||||||
Amortization of net actuarial gain | (1 | ) | (1 | ) | |||||||
Net periodic benefit cost | 3 | 4 | 5 | ||||||||
Recognized in OCI: | |||||||||||
Amount due to net actuarial (gains) losses | 4 | (6 | ) | 10 | |||||||
Reclassification adjustment for net actuarial gain in net periodic benefit cost | 1 | 1 | |||||||||
Total recognized in OCI | 5 | (6 | ) | 11 | |||||||
Net recognized in benefit cost and OCI | $ | 8 | $ | (2 | ) | $ | 16 |
Pension Benefits | |||||||||||||||||||||||
2016 | 2015 | OPEB - Non-U.S. | |||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | 2016 | 2015 | ||||||||||||||||||
Reconciliation of benefit obligation: | |||||||||||||||||||||||
Obligation at beginning of period | $ | 1,692 | $ | 288 | $ | 1,823 | $ | 325 | $ | 86 | $ | 110 | |||||||||||
Interest cost | 53 | 7 | 66 | 8 | 3 | 3 | |||||||||||||||||
Service cost | 5 | 5 | 1 | 1 | |||||||||||||||||||
Actuarial (gain) loss | 59 | 18 | (70 | ) | (5 | ) | 4 | (6 | ) | ||||||||||||||
Benefit payments | (122 | ) | (12 | ) | (127 | ) | (11 | ) | (5 | ) | (5 | ) | |||||||||||
New plans | 14 | 4 | |||||||||||||||||||||
Settlements | (2 | ) | (2 | ) | |||||||||||||||||||
Other | (5 | ) | |||||||||||||||||||||
Translation adjustments | (4 | ) | (36 | ) | 2 | (17 | ) | ||||||||||||||||
Obligation at end of period | $ | 1,682 | $ | 309 | $ | 1,692 | $ | 288 | $ | 91 | $ | 86 |
Pension Benefits | |||||||||||||||||||||||
2016 | 2015 | OPEB - Non-U.S. | |||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | 2016 | 2015 | ||||||||||||||||||
Reconciliation of fair value of plan assets: | |||||||||||||||||||||||
Fair value at beginning of period | $ | 1,493 | $ | 40 | $ | 1,622 | $ | 44 | $ | — | $ | — | |||||||||||
Actual return on plan assets | 83 | 4 | (2 | ) | 3 | ||||||||||||||||||
Employer contributions | 15 | 12 | 5 | 5 | |||||||||||||||||||
Benefit payments | (122 | ) | (12 | ) | (127 | ) | (11 | ) | (5 | ) | (5 | ) | |||||||||||
Settlements | (2 | ) | (2 | ) | |||||||||||||||||||
New plans | 4 | 3 | |||||||||||||||||||||
Translation adjustments | 2 | (9 | ) | ||||||||||||||||||||
Fair value at end of period | $ | 1,454 | $ | 51 | $ | 1,493 | $ | 40 | $ | — | $ | — | |||||||||||
Funded status at end of period | $ | (228 | ) | $ | (258 | ) | $ | (199 | ) | $ | (248 | ) | $ | (91 | ) | $ | (86 | ) |
Pension Benefits | |||||||||||||||||||||||
2016 | 2015 | OPEB - Non-U.S. | |||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | 2016 | 2015 | ||||||||||||||||||
Amounts recognized in the consolidated balance sheet: | |||||||||||||||||||||||
Noncurrent assets | $ | — | $ | 2 | $ | — | $ | 2 | $ | — | $ | — | |||||||||||
Current liabilities | (9 | ) | (10 | ) | (5 | ) | (4 | ) | |||||||||||||||
Noncurrent liabilities | (228 | ) | (251 | ) | (199 | ) | (240 | ) | (86 | ) | (82 | ) | |||||||||||
Net amount recognized | $ | (228 | ) | $ | (258 | ) | $ | (199 | ) | $ | (248 | ) | $ | (91 | ) | $ | (86 | ) |
Pension Benefits | |||||||||||||||||||||||
2016 | 2015 | OPEB - Non-U.S. | |||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | 2016 | 2015 | ||||||||||||||||||
Amounts recognized in AOCI: | |||||||||||||||||||||||
Net actuarial loss (gain) | $ | 560 | $ | 92 | $ | 513 | $ | 83 | $ | (10 | ) | $ | (15 | ) | |||||||||
AOCI before tax | 560 | 92 | 513 | 83 | (10 | ) | (15 | ) | |||||||||||||||
Deferred taxes | (17 | ) | (24 | ) | (21 | ) | 3 | 4 | |||||||||||||||
Net | $ | 543 | $ | 68 | $ | 513 | $ | 62 | $ | (7 | ) | $ | (11 | ) |
2016 | 2015 | ||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||
Plans with fair value of plan assets in excess of obligations: | |||||||||||||||
Accumulated benefit obligation | $ | — | $ | 15 | $ | — | $ | 10 | |||||||
Projected benefit obligation | 15 | 10 | |||||||||||||
Fair value of plan assets | 17 | 12 | |||||||||||||
Plans with obligations in excess of fair value of plan assets: | |||||||||||||||
Accumulated benefit obligation | 1,682 | 272 | 1,692 | 254 | |||||||||||
Projected benefit obligation | 1,682 | 294 | 1,692 | 278 | |||||||||||
Fair value of plan assets | 1,454 | 34 | 1,493 | 28 |
Fair Value Measurements at December 31, 2016 | ||||||||||||||||||||||||||||
U.S. | Non-U.S. | |||||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | NAV (a) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||
U.S. all cap (b) | $ | 76 | $ | 76 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
U.S. large cap | 102 | 102 | ||||||||||||||||||||||||||
U.S. small cap | 26 | 26 | ||||||||||||||||||||||||||
EAFE composite | 119 | 119 | ||||||||||||||||||||||||||
Emerging markets | 66 | 66 | ||||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||||||
U.S. core bonds (c) | 137 | 67 | 70 | |||||||||||||||||||||||||
Corporate bonds | 419 | 198 | 221 | |||||||||||||||||||||||||
U.S. Treasury strips | 269 | 269 | ||||||||||||||||||||||||||
Non-U.S. government securities | 25 | 25 | ||||||||||||||||||||||||||
Emerging market debt | 65 | 65 | ||||||||||||||||||||||||||
Alternative investments: | ||||||||||||||||||||||||||||
Hedge fund of funds (d) | 66 | 66 | ||||||||||||||||||||||||||
Insurance contracts (e) | 16 | 16 | ||||||||||||||||||||||||||
Real estate | 36 | 36 | ||||||||||||||||||||||||||
Other (f) | 10 | 1 | 9 | |||||||||||||||||||||||||
Cash and cash equivalents | 73 | 72 | 1 | |||||||||||||||||||||||||
Total | $ | 1,505 | $ | 102 | $ | 607 | $ | 745 | $ | — | $ | 35 | $ | 16 |
Fair Value Measurements at December 31, 2015 | ||||||||||||||||||||||||||||
U.S. | Non-U.S. | |||||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | NAV (a) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||
U.S. all cap (b) | $ | 64 | $ | 64 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
U.S. large cap | 72 | 72 | ||||||||||||||||||||||||||
U.S. small cap | 20 | 20 | ||||||||||||||||||||||||||
EAFE composite | 132 | 132 | ||||||||||||||||||||||||||
Emerging markets | 60 | 59 | 1 | |||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||||||
U.S. core bonds (c) | 136 | 65 | 71 | |||||||||||||||||||||||||
Corporate bonds | 471 | 248 | 223 | |||||||||||||||||||||||||
U.S. Treasury strips | 264 | 264 | ||||||||||||||||||||||||||
Non-U.S. government securities | 21 | 21 | ||||||||||||||||||||||||||
Emerging market debt | 64 | 64 | ||||||||||||||||||||||||||
Alternative investments: | ||||||||||||||||||||||||||||
Hedge fund of funds (d) | 75 | 75 | ||||||||||||||||||||||||||
Insurance contracts (e) | 12 | 12 | ||||||||||||||||||||||||||
Real estate | 41 | 41 | ||||||||||||||||||||||||||
Other (f) | 16 | 11 | 5 | |||||||||||||||||||||||||
Cash and cash equivalents | 85 | 84 | 1 | |||||||||||||||||||||||||
Total | $ | 1,533 | $ | 84 | $ | 672 | $ | 737 | $ | 1 | $ | 27 | $ | 12 |
(a) | Certain assets that are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. |
(b) | This category comprises a combination of small-, mid- and large-cap equity stocks that are allocated at the investment manager's discretion. Investments include common and preferred securities as well as equity funds that invest in these instruments. |
(c) | This category represents a combination of investment grade corporate bonds, sovereign bonds, Yankee bonds, asset-backed securities and U.S. government bonds. Investments include fixed income funds that invest in these instruments. |
(d) | This category includes fund managers that invest in a well-diversified group of hedge funds where strategies include, but are not limited to, event driven, relative value, long/short market neutral, multistrategy and global macro. Investments may be made directly or through pooled funds. |
(e) | This category comprises contracts placed with insurance companies where the underlying assets are invested in fixed interest securities. |
(f) | Other assets in the U.S. represent interest rate derivatives which had a market value of $1 at December 31, 2016 and $11 at December 31, 2015. |
2016 | 2015 | |||||||
Non-U.S. | Non-U.S. | |||||||
Reconciliation of Level 3 Assets | Insurance Contracts | Insurance Contracts | ||||||
Fair value at beginning of period | $ | 12 | $ | 10 | ||||
Currency impact | (1 | ) | ||||||
Transfers into (out of) Level 3 | 4 | 3 | ||||||
Fair value at end of period | $ | 16 | $ | 12 |
2016 | 2015 | 2014 | |||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||
Pension benefit obligations: | |||||||||||||||||
Discount rate | 3.92 | % | 2.48 | % | 4.13 | % | 2.83 | % | 3.81 | % | 3.75 | % | |||||
Net periodic benefit cost: | |||||||||||||||||
Discount rate | 3.29 | % | 2.56 | % | 3.81 | % | 3.75 | % | 4.63 | % | 4.15 | % | |||||
Rate of compensation increase | N/A | 3.12 | % | N/A | 4.83 | % | N/A | 3.77 | % | ||||||||
Expected return on plan assets | 6.50 | % | 5.42 | % | 7.00 | % | 5.87 | % | 7.00 | % | 3.41 | % |
2016 | 2015 | 2014 | ||||||
Non-U.S. | Non-U.S. | Non-U.S. | ||||||
OPEB benefit obligations: | ||||||||
Discount rate | 3.69 | % | 3.96 | % | 3.84 | % | ||
Net periodic benefit cost: | ||||||||
Discount rate | 3.45 | % | 3.84 | % | 4.65 | % | ||
Initial health care cost trend rate | 5.32 | % | 5.62 | % | 5.91 | % | ||
Ultimate health care cost trend rate | 5.02 | % | 5.03 | % | 5.02 | % | ||
Year ultimate reached | 2018 | 2018 | 2018 |
1% Point Increase | 1% Point Decrease | ||||||
Effect on total of service and interest cost components | $ | 1 | $ | (1 | ) | ||
Effect on OPEB obligations | 10 | (9 | ) |
Pension Benefits | OPEB | |||||||||||
Year | U.S. | Non-U.S. | Non-U.S. | |||||||||
2017 | $ | 126 | $ | 12 | $ | 4 | ||||||
2018 | 120 | 14 | 5 | |||||||||
2019 | 118 | 14 | 5 | |||||||||
2020 | 114 | 15 | 5 | |||||||||
2021 | 113 | 15 | 5 | |||||||||
2022 to 2026 | 537 | 89 | 26 | |||||||||
Total | $ | 1,128 | $ | 159 | $ | 50 |
Employer Identification Number/ Plan Number | PPA Zone Status | Funding Plan Pending/ Implemented | Contributions by Dana | Surcharge Imposed | ||||||||||||||||||
Pension Fund | 2016 | 2015 | 2016 | 2015 | 2014 | |||||||||||||||||
SPT | 23-6648508 / 499 | Green | Green | No | $ | 10 | $ | 10 | $ | 9 | No |
2016 | 2015 | ||||||||||||||||||||||
Cost | Unrealized Gains (Losses) | Fair Value | Cost | Unrealized Gains (Losses) | Fair Value | ||||||||||||||||||
U.S. government securities | $ | 2 | $ | — | $ | 2 | $ | 38 | $ | — | $ | 38 | |||||||||||
Corporate securities | 2 | 2 | 42 | 42 | |||||||||||||||||||
Certificates of deposit | 22 | 22 | 18 | 18 | |||||||||||||||||||
Other | 4 | 4 | 62 | 2 | 64 | ||||||||||||||||||
Total marketable securities | $ | 30 | $ | — | $ | 30 | $ | 160 | $ | 2 | $ | 162 |
2016 | 2015 | |||||||||||||||||
Interest Rate | Principal | Unamortized Debt Issue Costs | Principal | Unamortized Debt Issue Costs | ||||||||||||||
Senior Notes due February 15, 2021 | 6.750% | $ | — | $ | — | $ | 350 | $ | (4 | ) | ||||||||
Senior Notes due September 15, 2021 | 5.375% | 450 | (5 | ) | 450 | (6 | ) | |||||||||||
Senior Notes due September 15, 2023 | 6.000% | 300 | (4 | ) | 300 | (5 | ) | |||||||||||
Senior Notes due December 15, 2024 | 5.500% | 425 | (6 | ) | 425 | (6 | ) | |||||||||||
Senior Notes due June 1, 2026 | 6.500% | * | 375 | (6 | ) | |||||||||||||
Other indebtedness | 120 | 66 | ||||||||||||||||
Total | $ | 1,670 | $ | (21 | ) | $ | 1,591 | $ | (21 | ) |
* | In conjunction with the issuance of the June 2026 Notes we entered into two 10-year fixed-to-fixed cross-currency swaps which have the effect of economically converting the June 2026 Notes to euro denominated debt at a fixed rate of 5.140%. See Note 14 for additional information. |
2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | |||||||||||||||||||||
Debt maturities | $ | 45 | $ | 55 | $ | 3 | $ | — | $ | 450 | $ | 1,100 | $ | 1,653 |
Redemption Price | ||||||||||||
September | September | December | June | |||||||||
Year | 2021 Notes | 2023 Notes | 2024 Notes | 2026 Notes | ||||||||
2017 | 102.688 | % | ||||||||||
2018 | 101.344 | % | 103.000 | % | ||||||||
2019 | 100.000 | % | 102.000 | % | 102.750 | % | ||||||
2020 | 100.000 | % | 101.000 | % | 101.833 | % | ||||||
2021 | 100.000 | % | 100.917 | % | 103.250 | % | ||||||
2022 | 100.000 | % | 100.000 | % | 102.167 | % | ||||||
2023 | 100.000 | % | 101.083 | % | ||||||||
2024 | 100.000 | % | ||||||||||
2025 | 100.000 | % |
Margin | ||||||
Total Net Leverage Ratio | Base Rate | Eurodollar Rate | ||||
Less than or equal to 1.00:1.00 | 0.50 | % | 1.50 | % | ||
Greater than 1.00:1.00 but less than or equal to 2.00:1.00 | 0.75 | % | 1.75 | % | ||
Greater than 2.00:1.00 | 1.00 | % | 2.00 | % |
Total Net Leverage Ratio | Commitment Fee | ||
Less than or equal to 1.00:1.00 | 0.250 | % | |
Greater than 1.00:1.00 but less than or equal to 2.00:1.00 | 0.375 | % | |
Greater than 2.00:1.00 | 0.500 | % |
Fair Value Measurements Using | ||||||||||||
Quoted Prices in Active Markets | Significant Other Observable Inputs | |||||||||||
December 31, 2016 | Total | (Level 1) | (Level 2) | |||||||||
Marketable securities | $ | 30 | $ | 4 | $ | 26 | ||||||
Currency forward contracts - Accounts receivable other | ||||||||||||
Cash flow hedges | 2 | 2 | ||||||||||
Undesignated | 1 | 1 | ||||||||||
Currency forward contracts - Other accrued liabilities | ||||||||||||
Cash flow hedges | 4 | 4 | ||||||||||
Undesignated | 1 | 1 | ||||||||||
Currency swaps - Other accrued liabilities | ||||||||||||
Undesignated | 3 | 3 | ||||||||||
Currency swaps - Other noncurrent liabilities | ||||||||||||
Cash flow hedges | 12 | 12 | ||||||||||
December 31, 2015 | ||||||||||||
Marketable securities | $ | 162 | $ | 64 | $ | 98 | ||||||
Currency forward contracts - Accounts receivable other | ||||||||||||
Cash flow hedges | 1 | 1 | ||||||||||
Undesignated | 2 | 2 | ||||||||||
Currency forward contracts - Other accrued liabilities | ||||||||||||
Cash flow hedges | 5 | 5 | ||||||||||
Undesignated | 1 | 1 | ||||||||||
Currency swaps - Accounts receivable other | ||||||||||||
Undesignated | 4 | 4 | ||||||||||
Currency swaps - Other accrued liabilities | ||||||||||||
Undesignated | 9 | 9 |
2016 | 2015 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Senior notes | $ | 1,550 | $ | 1,612 | $ | 1,525 | $ | 1,552 | |||||||
Other indebtedness* | 120 | 101 | 66 | 56 | |||||||||||
Total | $ | 1,670 | $ | 1,713 | $ | 1,591 | $ | 1,608 |
* | The carrying value includes the unamortized portion of a fair value adjustment related to a terminated interest rate swap at both dates. At December 31, 2016, the carrying value and fair value also include a financial liability associated with a build-to-suit lease arrangement. |
Notional Amount (U.S. Dollar Equivalent) | ||||||||||||||||
Functional Currency | Traded Currency | Designated as Cash Flow Hedges | Undesignated | Total | Maturity | |||||||||||
U.S. dollar | Mexican peso, Euro | $ | 47 | $ | 1 | $ | 48 | Nov-17 | ||||||||
Euro | U.S. dollar, Canadian dollar, Hungarian forint, British pound, Swiss franc, Indian rupee, Russian ruble | 29 | 5 | 34 | Jun-18 | |||||||||||
British pound | U.S. dollar, Euro | 4 | 4 | Sep-17 | ||||||||||||
Swedish krona | Euro | 13 | 13 | Dec-17 | ||||||||||||
South African rand | U.S. dollar, Euro, Thai baht | 14 | 14 | May-17 | ||||||||||||
Canadian dollar | U.S. dollar | 5 | 5 | Dec-17 | ||||||||||||
Thai baht | U.S. dollar, Australian dollar | 9 | 9 | Jun-17 | ||||||||||||
Brazilian real | U.S. dollar, Euro | 2 | 2 | Nov-17 | ||||||||||||
Indian rupee | U.S. dollar, British pound, Euro | 14 | 14 | Dec-17 | ||||||||||||
Total forward contracts | 93 | 50 | 143 | |||||||||||||
U.S. dollar | Mexican peso, Euro, Canadian dollar | 171 | 171 | Dec-17 | ||||||||||||
Euro | U.S. dollar, British pound | 375 | 18 | 393 | Jun-26 | |||||||||||
South African rand | U.S. dollar | 7 | 7 | Mar-17 | ||||||||||||
Total currency swaps | 375 | 196 | 571 | |||||||||||||
Total currency derivatives | $ | 468 | $ | 246 | $ | 714 |
2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | |||||||||||||||||||||
Lease commitments | $ | 38 | $ | 34 | $ | 29 | $ | 24 | $ | 21 | $ | 68 | $ | 214 |
2016 | 2015 | 2014 | |||
Rent expense | $50 | $49 | $51 |
2016 | 2015 | 2014 | |||||||||
Balance, beginning of period | $ | 56 | $ | 47 | $ | 54 | |||||
Amounts accrued for current period sales | 25 | 26 | 19 | ||||||||
Adjustments of prior estimates | 26 | 22 | 18 | ||||||||
Settlements of warranty claims | (41 | ) | (36 | ) | (41 | ) | |||||
Currency impact | (3 | ) | (3 | ) | |||||||
Balance, end of period | $ | 66 | $ | 56 | $ | 47 |
2016 | 2015 | 2014 | |||||||||
Current | |||||||||||
U.S. federal and state | $ | (18 | ) | $ | 12 | $ | (5 | ) | |||
Non-U.S. | 74 | 80 | 134 | ||||||||
Total current | 56 | 92 | 129 | ||||||||
Deferred | |||||||||||
U.S. federal and state | (497 | ) | (9 | ) | (177 | ) | |||||
Non-U.S. | 17 | (1 | ) | (22 | ) | ||||||
Total deferred | (480 | ) | (10 | ) | (199 | ) | |||||
Total expense (benefit) | $ | (424 | ) | $ | 82 | $ | (70 | ) |
2016 | 2015 | 2014 | |||||||||
U.S. operations | $ | (56 | ) | $ | 72 | $ | 175 | ||||
Non-U.S. operations | 271 | 220 | 85 | ||||||||
Income from continuing operations before income taxes | $ | 215 | $ | 292 | $ | 260 |
2016 | 2015 | 2014 | ||||||
U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||
Adjustments resulting from: | ||||||||
State and local income taxes, net of federal benefit | 5 | (1 | ) | 4 | ||||
Non-U.S. income (expense) | (15 | ) | (11 | ) | (7 | ) | ||
Credits and tax incentives | (5 | ) | (4 | ) | (6 | ) | ||
U.S. tax on non-U.S. earnings | (19 | ) | 9 | (16 | ) | |||
Intercompany sale of certain operating assets | 5 | 9 | ||||||
Settlement and return adjustments | 14 | 1 | 17 | |||||
Enacted change in tax rates | 4 | |||||||
Venezuela write-down | 10 | |||||||
Miscellaneous items | 2 | 5 | 2 | |||||
Valuation allowance adjustments | (222 | ) | (15 | ) | (66 | ) | ||
Effective income tax rate for continuing operations | (196 | )% | 28 | % | (27 | )% |
2016 | 2015 | ||||||
Net operating loss carryforwards | $ | 472 | $ | 448 | |||
Postretirement benefits, including pensions | 152 | 137 | |||||
Research and development costs | 113 | 89 | |||||
Expense accruals | 54 | 58 | |||||
Other tax credits recoverable | 67 | 63 | |||||
Capital loss carryforwards | 40 | 50 | |||||
Inventory reserves | 18 | 15 | |||||
Postemployment and other benefits | 8 | 5 | |||||
Other | 20 | ||||||
Total | 944 | 865 | |||||
Valuation allowance | (285 | ) | (662 | ) | |||
Deferred tax assets | 659 | 203 | |||||
Unremitted earnings | (27 | ) | (68 | ) | |||
Intangibles | (29 | ) | (29 | ) | |||
Depreciation | (52 | ) | (43 | ) | |||
Other | (27 | ) | |||||
Deferred tax liabilities | (108 | ) | (167 | ) | |||
Net deferred tax assets | $ | 551 | $ | 36 |
Deferred Tax Asset | Valuation Allowance | Carryforward Period | Earliest Year of Expiration | ||||||||
Net operating losses | |||||||||||
U.S. federal | $ | 279 | $ | — | 20 | 2028 | |||||
U.S. state | 97 | (92 | ) | Various | 2017 | ||||||
Brazil | 38 | (38 | ) | Unlimited | |||||||
France | 11 | — | Unlimited | ||||||||
Australia | 31 | (31 | ) | Unlimited | |||||||
South Africa | 2 | — | Unlimited | ||||||||
U.K. | 5 | (3 | ) | Unlimited | |||||||
Argentina | 8 | (8 | ) | 5 | 2017 | ||||||
China | 1 | (1 | ) | 5 | 2019 | ||||||
Total | $ | 472 | $ | (173 | ) |
2016 | 2015 | 2014 | |||||||||
Balance, beginning of period | $ | 87 | $ | 109 | $ | 101 | |||||
Decrease related to expiration of statute of limitations | (5 | ) | (6 | ) | (3 | ) | |||||
Decrease related to prior years tax positions | (1 | ) | (9 | ) | |||||||
Increase related to prior years tax positions | 28 | 1 | |||||||||
Increase related to current year tax positions | 8 | 8 | 25 | ||||||||
Decrease related to settlements | (16 | ) | (14 | ) | |||||||
Balance, end of period | $ | 117 | $ | 87 | $ | 109 |
2016 | 2015 | 2014 | |||||||||
Government grants and incentives | $ | 8 | $ | 3 | $ | 4 | |||||
Foreign exchange gain (loss) | (3 | ) | (20 | ) | 11 | ||||||
Gain on derecognition of noncontrolling interest | 5 | ||||||||||
Strategic transaction expenses | (13 | ) | (4 | ) | (3 | ) | |||||
Insurance and other recoveries | 10 | 4 | 2 | ||||||||
Gain on sale of marketable securities | 7 | 1 | |||||||||
Recognition of unrealized gain on payment-in-kind note receivable | 2 | ||||||||||
Amounts attributable to previously divested/closed operations | 1 | ||||||||||
Other, net | 9 | 11 | 17 | ||||||||
Other income, net | $ | 18 | $ | 1 | $ | 33 |
2016 | External Sales | Inter- Segment Sales | Segment EBITDA | Capital Spend | Depreciation | Net Assets | ||||||||||||||||||
Light Vehicle | $ | 2,607 | $ | 113 | $ | 279 | $ | 208 | $ | 71 | $ | 1,194 | ||||||||||||
Commercial Vehicle | 1,254 | 83 | 96 | 34 | 33 | 699 | ||||||||||||||||||
Off-Highway | 909 | 30 | 129 | 21 | 20 | 262 | ||||||||||||||||||
Power Technologies | 1,056 | 14 | 158 | 32 | 29 | 440 | ||||||||||||||||||
Eliminations and other | (240 | ) | 27 | 20 | 760 | |||||||||||||||||||
Total | $ | 5,826 | $ | — | $ | 662 | $ | 322 | $ | 173 | $ | 3,355 | ||||||||||||
2015 | ||||||||||||||||||||||||
Light Vehicle | $ | 2,482 | $ | 126 | $ | 262 | $ | 140 | $ | 63 | $ | 1,002 | ||||||||||||
Commercial Vehicle | 1,533 | 95 | 100 | 33 | 32 | 692 | ||||||||||||||||||
Off-Highway | 1,040 | 37 | 147 | 18 | 20 | 310 | ||||||||||||||||||
Power Technologies | 1,005 | 15 | 149 | 34 | 28 | 423 | ||||||||||||||||||
Eliminations and other | (273 | ) | 35 | 15 | 467 | |||||||||||||||||||
Total | $ | 6,060 | $ | — | $ | 658 | $ | 260 | $ | 158 | $ | 2,894 | ||||||||||||
2014 | ||||||||||||||||||||||||
Light Vehicle | $ | 2,496 | $ | 139 | $ | 250 | $ | 129 | $ | 63 | $ | 1,003 | ||||||||||||
Commercial Vehicle | 1,838 | 92 | 172 | 38 | 34 | 870 | ||||||||||||||||||
Off-Highway | 1,231 | 37 | 169 | 23 | 21 | 346 | ||||||||||||||||||
Power Technologies | 1,052 | 19 | 154 | 30 | 32 | 445 | ||||||||||||||||||
Eliminations and other | (287 | ) | 14 | 14 | 360 | |||||||||||||||||||
Total | $ | 6,617 | $ | — | $ | 745 | $ | 234 | $ | 164 | $ | 3,024 |
2016 | 2015 | 2014 | |||||||||
Segment EBITDA | $ | 662 | $ | 658 | $ | 745 | |||||
Corporate expense and other items, net | (2 | ) | (6 | ) | 1 | ||||||
Depreciation | (173 | ) | (158 | ) | (164 | ) | |||||
Amortization of intangibles | (9 | ) | (16 | ) | (49 | ) | |||||
Restructuring | (36 | ) | (15 | ) | (21 | ) | |||||
Stock compensation expense | (17 | ) | (14 | ) | (16 | ) | |||||
Strategic transaction expenses | (13 | ) | (4 | ) | (3 | ) | |||||
Other items | (2 | ) | (6 | ) | 9 | ||||||
Loss on sale of subsidiaries | (80 | ) | |||||||||
Impairment of long-lived assets | (36 | ) | |||||||||
Distressed supplier costs | (1 | ) | (8 | ) | |||||||
Amounts attributable to previously divested/closed operations | 3 | (6 | ) | ||||||||
Loss on disposal group held for sale | (80 | ) | |||||||||
Pension settlement charges | (42 | ) | |||||||||
Loss on extinguishment of debt | (17 | ) | (2 | ) | (19 | ) | |||||
Gain on derecognition of noncontrolling interest | 5 | ||||||||||
Recognition of unrealized gain on payment-in-kind note receivable | 2 | ||||||||||
Interest expense | (113 | ) | (113 | ) | (118 | ) | |||||
Interest income | 13 | 13 | 15 | ||||||||
Income from continuing operations before income taxes | 215 | 292 | 260 | ||||||||
Income tax expense (benefit) | (424 | ) | 82 | (70 | ) | ||||||
Equity in earnings (losses) of affiliates | 14 | (34 | ) | 13 | |||||||
Income from continuing operations | 653 | 176 | 343 | ||||||||
Income (loss) from discontinued operations | 4 | (15 | ) | ||||||||
Net income | $ | 653 | $ | 180 | $ | 328 |
2016 | 2015 | ||||||
Segment net assets | $ | 3,355 | $ | 2,894 | |||
Accounts payable and other current liabilities | 1,254 | 1,090 | |||||
Other current and long-term assets | 251 | 317 | |||||
Consolidated total assets | $ | 4,860 | $ | 4,301 |
Net Sales | Long-Lived Assets | ||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||
North America | |||||||||||||||||||||||
United States | $ | 2,695 | $ | 2,805 | $ | 2,760 | $ | 634 | $ | 441 | $ | 368 | |||||||||||
Other North America | 433 | 405 | 366 | 80 | 90 | 111 | |||||||||||||||||
Total | 3,128 | 3,210 | 3,126 | 714 | 531 | 479 | |||||||||||||||||
Europe | |||||||||||||||||||||||
Italy | 499 | 570 | 703 | 58 | 58 | 61 | |||||||||||||||||
Germany | 377 | 368 | 429 | 98 | 100 | 106 | |||||||||||||||||
Other Europe | 740 | 785 | 846 | 157 | 153 | 151 | |||||||||||||||||
Total | 1,616 | 1,723 | 1,978 | 313 | 311 | 318 | |||||||||||||||||
South America | 338 | 377 | 771 | 172 | 99 | 141 | |||||||||||||||||
Asia Pacific | 744 | 750 | 742 | 214 | 226 | 238 | |||||||||||||||||
Total | $ | 5,826 | $ | 6,060 | $ | 6,617 | $ | 1,413 | $ | 1,167 | $ | 1,176 |
Ownership Percentage | Investment | ||||
Dongfeng Dana Axle Co., Ltd. (DDAC) | 50% | $ | 85 | ||
Bendix Spicer Foundation Brake, LLC | 20% | 47 | |||
Axles India Limited | 48% | 7 | |||
All others as a group | 9 | ||||
Investments in equity affiliates | 148 | ||||
Investment in affiliates carried at cost | 2 | ||||
Investment in affiliates | $ | 150 |
DDAC | Other Equity Affiliates Combined | ||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||
Sales | $ | 646 | $ | 554 | $ | 762 | $ | 498 | $ | 582 | $ | 564 | |||||||||||
Gross profit | $ | 83 | $ | 45 | $ | 82 | $ | 98 | $ | 113 | $ | 100 | |||||||||||
Income (loss) before income taxes | $ | 15 | $ | (14 | ) | $ | 23 | $ | 26 | $ | 42 | $ | 33 | ||||||||||
Net income (loss) | $ | 18 | $ | (6 | ) | $ | 17 | $ | 24 | $ | 40 | $ | 32 | ||||||||||
Dana's equity in earnings (loss) of affiliate | $ | 7 | $ | (45 | ) | $ | 5 | $ | 7 | $ | 11 | $ | 8 |
DDAC | Other Equity Affiliates Combined | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Current assets | $ | 547 | $ | 406 | $ | 169 | $ | 180 | |||||||
Noncurrent assets | 191 | 206 | 74 | 71 | |||||||||||
Total assets | $ | 738 | $ | 612 | $ | 243 | $ | 251 | |||||||
Current liabilities | $ | 512 | $ | 385 | $ | 96 | $ | 97 | |||||||
Noncurrent liabilities | 87 | 95 | 13 | 12 | |||||||||||
Total liabilities | $ | 599 | $ | 480 | $ | 109 | $ | 109 |
2016 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Net sales | $ | 1,449 | $ | 1,546 | $ | 1,384 | $ | 1,447 | ||||||||
Gross margin | $ | 199 | $ | 233 | $ | 208 | $ | 204 | ||||||||
Net income | $ | 48 | $ | 55 | $ | 61 | $ | 489 | ||||||||
Net income attributable to the parent company | $ | 45 | $ | 53 | $ | 57 | $ | 485 | ||||||||
Net income per share available to parent company common stockholders | ||||||||||||||||
Basic | $ | 0.30 | $ | 0.36 | $ | 0.40 | $ | 3.37 | ||||||||
Diluted | $ | 0.30 | $ | 0.36 | $ | 0.39 | $ | 3.34 |
2015 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Net sales | $ | 1,608 | $ | 1,609 | $ | 1,468 | $ | 1,375 | ||||||||
Gross margin | $ | 228 | $ | 236 | $ | 213 | $ | 172 | ||||||||
Net income (loss) | $ | 74 | $ | 63 | $ | 122 | $ | (79 | ) | |||||||
Net income (loss) attributable to the parent company | $ | 63 | $ | 59 | $ | 119 | $ | (82 | ) | |||||||
Net income (loss) per share available to parent company common stockholders | ||||||||||||||||
Basic | $ | 0.38 | $ | 0.36 | $ | 0.75 | $ | (0.54 | ) | |||||||
Diluted | $ | 0.38 | $ | 0.36 | $ | 0.75 | $ | (0.54 | ) |
Balance at beginning of period | Amounts charged (credited) to income | Allowance utilized | Adjustments arising from change in currency exchange rates and other items | Balance at end of period | |||||||||||||||
Accounts Receivable - Allowance for Doubtful Accounts | |||||||||||||||||||
2016 | $ | 5 | $ | 2 | $ | — | $ | (1 | ) | $ | 6 | ||||||||
2015 | $ | 6 | $ | 1 | $ | (1 | ) | $ | (1 | ) | $ | 5 | |||||||
2014 | $ | 7 | $ | 1 | $ | (1 | ) | $ | (1 | ) | $ | 6 | |||||||
Inventory Reserves | |||||||||||||||||||
2016 | $ | 46 | $ | 19 | $ | (13 | ) | $ | (1 | ) | $ | 51 | |||||||
2015 | $ | 48 | $ | 18 | $ | (16 | ) | $ | (4 | ) | $ | 46 | |||||||
2014 | $ | 48 | $ | 20 | $ | (15 | ) | $ | (5 | ) | $ | 48 | |||||||
Deferred Tax Assets - Valuation Allowance | |||||||||||||||||||
2016 | $ | 662 | $ | (483 | ) | $ | — | $ | 106 | $ | 285 | ||||||||
2015 | $ | 728 | $ | (49 | ) | $ | (1 | ) | $ | (16 | ) | $ | 662 | ||||||
2014 | $ | 982 | $ | (246 | ) | $ | (7 | ) | $ | (1 | ) | $ | 728 |
(Shares in millions) Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights(1) | Weighted Average Exercise Price of Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights(2) | Number of Securities Remaining Available for Future Issuance | |||||||
Equity compensation plans approved by security holders | 3.9 | $ | 14.56 | 3.2 | ||||||
Equity compensation plans not approved by security holders | ||||||||||
Total | 3.9 | $ | 14.56 | 3.2 |
(1) | In addition to stock options, restricted stock units and performance shares have been awarded under Dana's equity compensation plans and were outstanding at December 31, 2016. |
(2) | Calculated without taking into account the 2.4 shares of common stock subject to outstanding restricted stock and performance share units that become issuable as those units vest since they have no exercise price and no cash consideration or other payment is required for such shares. |
10-K Pages | ||
(a) List of documents filed as a part of this report: | ||
1. | Consolidated Financial Statements: | |
Report of Independent Registered Public Accounting Firm | ||
Consolidated Statement of Operations | ||
Consolidated Statement of Comprehensive Income | ||
Consolidated Balance Sheet | ||
Consolidated Statement of Cash Flows | ||
Consolidated Statement of Stockholders' Equity | ||
Notes to the Consolidated Financial Statements | ||
2. | Quarterly Results (Unaudited) | |
3. | Financial Statement Schedule: | |
Valuation and Qualifying Accounts and Reserves (Schedule II) | ||
All other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. | ||
4. | Exhibit Index |
DANA INCORPORATED | |||
Date: | February 10, 2017 | By: | /s/ James K. Kamsickas |
James K. Kamsickas | |||
President and Chief Executive Officer |
Signature | Title | |
/s/ James K. Kamsickas | President and Chief Executive Officer | |
James K. Kamsickas | (Principal Executive Officer) | |
/s/ Jonathan M. Collins | Executive Vice President and Chief Financial Officer | |
Jonathan M. Collins | (Principal Financial Officer) | |
/s/ Rodney R. Filcek | Senior Vice President and Chief Accounting Officer | |
Rodney R. Filcek | (Principal Accounting Officer) | |
/s/ Virginia A. Kamsky* | Director | |
Virginia A. Kamsky | ||
/s/ Terrence J. Keating* | Director | |
Terrence J. Keating | ||
/s/ R. Bruce McDonald* | Director | |
R. Bruce McDonald | ||
/s/ Mark A. Schulz* | Director | |
Mark A. Schulz | ||
/s/ Keith E. Wandell* | Non-Executive Chairman and Director | |
Keith E. Wandell |
*By: | /s/ Marc S. Levin | ||
Marc S. Levin, Attorney-in-Fact |
No. | Description | |
3.1 | Second Restated Certificate of Incorporation of Dana Holding Corporation. Filed as Exhibit 3.2 to Registrant’s Current Report on Form 8-K dated October 29, 2014, and incorporated herein by reference. | |
3.2 | Certificate of Amendment to the Second Restated Certificate of Incorporation of Dana Holding Corporation. Filed as Exhibit 3.1 to Registrant’s Current Report on Form 8-K dated August 1, 2016, and incorporated herein by reference. | |
3.3 | Amended and Restated Bylaws of Dana Holding Corporation. Filed as Exhibit 3.2 to Registrant’s Current Report on Form 8-K dated August 1, 2016, and incorporated herein by reference. | |
4.1 | Specimen Common Stock Certificate. Filed as Exhibit 4.1 to Registrant’s Registration Statement on Form 8-A dated January 31, 2008, and incorporated herein by reference. | |
4.2 | Indenture, dated as of January 28, 2011, among Dana and Wells Fargo Bank, National Association, as trustee. Filed as Exhibit 4.6 to Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010, and incorporated herein by reference. | |
4.3 | Second Supplemental Indenture, dated August 2, 2013, with respect to the Indenture, dated January 28, 2011, between Dana Holding Corporation and Wells Fargo Bank, National Association, as trustee. Filed as Exhibit 4.1 to Registrant's Current Report on Form 8-K dated August 5, 2013, and incorporated herein by reference. | |
4.4 | Third Supplemental Indenture, dated December 9, 2014, with respect to the Indenture, dated January 28, 2011, between Dana Holding Corporation and Wells Fargo Bank, National Association, as trustee. Filed as Exhibit 4.1 to Registrant's Current Report on Form 8-K dated December 9, 2014, and incorporated herein by reference. | |
4.5 | Indenture, dated as of May 27, 2016, among Dana Luxembourg Financing S.à r.l., Dana Holding Corporation and Wells Fargo Bank, National Association, as trustee. Filed as Exhibit 4.1 to Registrant’s Current Report on Form 8-K dated May 27, 2016, and incorporated herein by reference. | |
10.1** | Executive Employment Agreement dated August 11, 2015 by and between James K. Kamsickas and Dana Holding Corporation. Filed as Exhibit 10.1 to Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, and incorporated herein by reference. | |
10.2** | Form of Proprietary Interest Protection and Non-Solicitation Agreement. Filed as Exhibit 10.3 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, and incorporated herein by reference. | |
10.3** | Dana Limited Supplemental Executive Retirement Plan. Filed as Exhibit 10.4 to Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, and incorporated herein by reference. | |
10.4** | Dana Holding Corporation 2008 Omnibus Incentive Plan. Filed as Exhibit 10.10 to Registrant's Current Report on Form 8-K dated February 6, 2008, and incorporated herein by reference. | |
10.5** | Dana Holding Corporation 2012 Omnibus Incentive Plan. Filed as Exhibit 4.3 to Registrant’s Form S-8 Registration Statement dated May 2, 2012, and incorporated herein by reference. | |
10.6** | Form of Indemnification Agreement. Filed as Exhibit 10.4 to Registrant’s Current Report on Form 8-K dated February 6, 2008, and incorporated herein by reference. | |
10.7** | Form of Option Right Agreement for Non-Employee Directors. Filed as Exhibit 10.22 to Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007, and incorporated herein by reference. | |
10.8** | Form of Restricted Stock Unit Award Agreement for Non-Employee Directors. Filed as Exhibit 10.23 to Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007, and incorporated herein by reference. | |
10.9** | Form of Option Agreement under the Dana Holding Corporation 2008 Omnibus Incentive Plan. Filed as Exhibit 10.38 to Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, and incorporated herein by reference. | |
10.10** | Form of Restricted Stock Unit Agreement under the Dana Holding Corporation 2008 Omnibus Incentive Plan. Filed as Exhibit 10.39 to Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, and incorporated herein by reference. | |
10.11** | Form of Performance Share Agreement under the Dana Holding Corporation 2008 Omnibus Incentive Plan. Filed as Exhibit 10.40 to Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, and incorporated herein by reference. | |
10.12** | Form of Share Appreciation Rights Agreement under the Dana Holding Corporation 2008 Omnibus Incentive Plan. Filed as Exhibit 10.41 to Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, and incorporated herein by reference. | |
10.13** | Form of Option Agreement under the Dana Holding Corporation 2012 Omnibus Incentive Plan. Filed as Exhibit 10.15 to Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, and incorporated herein by reference. | |
No. | Description | |
10.14** | Form of Restricted Stock Unit Agreement under the Dana Holding Corporation 2012 Omnibus Incentive Plan. Filed as Exhibit 10.16 to Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, and incorporated herein by reference. | |
10.15** | Form of Performance Share Agreement under the Dana Holding Corporation 2012 Omnibus Incentive Plan. Filed as Exhibit 10.17 to Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, and incorporated herein by reference. | |
10.16** | Form of Share Appreciation Rights Agreement under the Dana Holding Corporation 2012 Omnibus Incentive Plan. Filed as Exhibit 10.18 to Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, and incorporated herein by reference. | |
10.17** | Dana Holding Corporation Executive Perquisite Plan. Filed as Exhibit 10.4 to Registrant’s Current Report on Form 8-K dated April 18, 2008, and incorporated herein by reference. | |
10.18** | Dana Holding Corporation Executive Severance Plan. Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K dated June 24, 2008, and incorporated herein by reference. | |
10.19 | Revolving Credit and Guaranty Agreement, dated as of June 9, 2016, among Dana Holding Corporation, as borrower, the guarantors party thereto, Citibank, N.A., as administrative agent and collateral agent, and the other lenders party thereto. Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K dated June 9, 2016, and incorporated herein by reference. | |
10.20 | Revolving Facility Security Agreement, dated as of June 9, 2016, from Dana Holding Corporation and the other guarantors referred to therein, as grantors, to Citibank, N.A., as collateral agent. Filed as Exhibit 10.2 to Registrant's Current Report on Form 8-K dated June 9, 2016, and incorporated herein by reference. | |
12 | Computation of Ratio of Earnings to Fixed Charges. Filed with this Report. | |
21 | List of Consolidated Subsidiaries of Dana Incorporated. Filed with this Report. | |
23 | Consent of PricewaterhouseCoopers LLP. Filed with this Report. | |
24 | Power of Attorney. Filed with this Report. | |
31.1 | Rule 13a-14(a)/15d-14(a) Certification by Chief Executive Officer. Filed with this Report. | |
31.2 | Rule 13a-14(a)/15d-14(a) Certification by Chief Financial Officer. Filed with this Report. | |
32 | Section 1350 Certification of Periodic Report (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002). Filed with this Report. | |
101 | The following materials from Dana Incorporated’s Annual Report on Form 10-K for the year ended December 31, 2016, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statement of Operations, (ii) the Consolidated Statement of Comprehensive Income, (iii) the Consolidated Balance Sheet, (iv) the Consolidated Statement of Cash Flows, (v) the Consolidated Statement of Shareholders’ Equity and (vi) Notes to the Consolidated Financial Statements, filed herewith. | |
** | Management contract or compensatory plan required to be filed as part of an exhibit pursuant to Item 15(b) of Form 10-K. |
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Income from continuing operations before income taxes | $ | 215 | $ | 292 | $ | 260 | $ | 368 | $ | 364 | |||||||||
Fixed charges | 130 | 129 | 140 | 155 | 141 | ||||||||||||||
Distributed income of equity investees | 11 | 16 | 16 | 10 | 3 | ||||||||||||||
356 | 437 | 416 | 533 | 508 | |||||||||||||||
Less preference security dividend requirements | 5 | 37 | 36 | ||||||||||||||||
Earnings | $ | 356 | $ | 437 | $ | 411 | $ | 496 | $ | 472 | |||||||||
Interest | $ | 113 | $ | 113 | $ | 118 | $ | 99 | $ | 84 | |||||||||
Interest element of rentals | 17 | 16 | 17 | 19 | 21 | ||||||||||||||
Preference security dividend requirements | 5 | 37 | 36 | ||||||||||||||||
Fixed charges | $ | 130 | $ | 129 | $ | 140 | $ | 155 | $ | 141 | |||||||||
Ratio of earnings to fixed charges | 2.74 | 3.39 | 2.94 | 3.20 | 3.35 |
* | Subsidiaries not shown by name in the above list, if considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary. |
/s/ PricewaterhouseCoopers LLP | |
Toledo, Ohio | |
February 10, 2017 |
/s/ Virginia A. Kamsky Virginia A. Kamsky | /s/ Keith E. Wandell Keith E. Wandell |
/s/ Terrence J. Keating Terrence J. Keating | /s/ James K. Kamsickas James K. Kamsickas |
/s/ R. Bruce McDonald R. Bruce McDonald | /s/ Jonathan M. Collins Jonathan M. Collin |
/s/ Mark A. Schulz Mark A. Schulz |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ James K. Kamsickas | |
James K. Kamsickas | |
President and Chief Executive Officer |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Jonathan M. Collins | |
Jonathan M. Collins | |
Executive Vice President and Chief Financial Officer |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Dana as of the dates and for the periods expressed in the Report. |
/s/ James K. Kamsickas | |
James K. Kamsickas | |
President and Chief Executive Officer | |
/s/ Jonathan M. Collins | |
Jonathan M. Collins | |
Executive Vice President and Chief Financial Officer |
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Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Jan. 31, 2017 |
Jun. 30, 2016 |
|
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | DAN | ||
Entity Registrant Name | DANA INC | ||
Entity Central Index Key | 0000026780 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 144,016,355 | ||
Entity Public Float | $ 1,512,538,357 |
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Trade, allowance for doubtful accounts | $ 6 | $ 5 |
Debt issuance costs | $ 21 | $ 21 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares outstanding | 143,938,280 | 150,068,040 |
Treasury stock, shares | 6,812,784 | 23,963 |
Consolidated Statement Of Stockholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Preferred stock dividends, per share | $ 3 | ||
Common stock dividends, per share | $ 0.24 | $ 0.23 | $ 0.20 |
Organization and Summary of Significant Accounting Policies |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies [Text Block] | Organization and Summary of Significant Accounting Policies General Dana Incorporated (Dana) is headquartered in Maumee, Ohio and was incorporated in Delaware in 2007. As a global provider of high technology driveline (axles, driveshafts and transmissions), sealing and thermal-management products our customer base includes virtually every major vehicle manufacturer in the global light vehicle, medium/heavy vehicle and off-highway markets. The terms "Dana," "we," "our" and "us," when used in this report are references to Dana. These references include the subsidiaries of Dana unless otherwise indicated or the context requires otherwise. Summary of significant accounting policies Basis of presentation — Our consolidated financial statements include the accounts of all subsidiaries where we hold a controlling financial interest. The ownership interests in subsidiaries held by third parties are presented in the consolidated balance sheet within equity, but separate from the parent’s equity, as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in 20 to 50%-owned affiliates, which are not required to be consolidated, are generally accounted for under the equity method. Equity in earnings of these investments is presented separately in the consolidated statement of operations, net of tax. Investments in less-than-20%-owned companies are generally included in the financial statements at the cost of our investment. Dividends, royalties and fees from these cost basis affiliates are recorded in income when received. We have added the subtotal "Income before interest and income taxes" to our consolidated statement of operations. Interest income, interest expense and loss on extinguishment of debt are presented below the new subtotal but above the subtotal "Income from continuing operations before income taxes." Interest income was previously included in Other income, net. Prior year amounts have been reclassified to conform to the 2016 presentation. In the first quarter of 2015, we identified an error attributable to the calculation of noncontrolling interests net income of a subsidiary. The error resulted in an understatement of noncontrolling equity and noncontrolling interests net income and a corresponding overstatement of parent company stockholders' equity and net income attributable to the parent company in prior periods. Based on our assessments of qualitative and quantitative factors, the error and related impacts were not considered material to the financial statements of the prior periods to which they relate. The error was corrected in March 2015 by increasing noncontrolling interests net income by $9. The correction was not considered material to our 2015 net income attributable to the parent company. In the third quarter of 2014, we identified an error that had resulted in a $10 overstatement of the values assigned to our defined benefit pension obligation and goodwill when we applied fresh start accounting in 2008. These overstatements affected pension expense, other comprehensive income and impairment of goodwill in subsequent periods. Based on our assessments of qualitative and quantitative factors, the error and the related impacts were not considered material to the financial statements for the quarter ended September 30, 2014 or the prior periods to which they relate. The error was corrected in September 2014 by decreasing pension and postretirement obligations by $17, decreasing accumulated other comprehensive loss by $3 to eliminate the related impacts on unrecognized pension expense and currency translation adjustments, decreasing goodwill by $3, decreasing cost of sales by $5 to reverse the cumulative impact on pension expense and crediting Other income, net for $6 to effectively reverse a portion of the goodwill impairment recognized in 2008. Held for sale — We classify long-lived assets or disposal groups as held for sale in the period: management commits to a plan to sell; the long-lived asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such long-lived assets or disposal groups; an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; the sale is probable within one year; the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets and disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. Discontinued operations — Prior to January 1, 2015, we would classify a business component that had been disposed of or classified as held for sale as discontinued operations if the cash flows of the component were eliminated from our ongoing operations and we no longer had any significant continuing involvement in or with the component. The results of operations of our discontinued operations, including any gains or losses on disposition, were aggregated and presented on one line in the income statement. See Recently adopted accounting pronouncements in this note for a description of the current practice and Note 3 for additional information regarding our discontinued operations. Estimates — Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP), which require the use of estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. We believe our assumptions and estimates are reasonable and appropriate. However, due to the inherent uncertainties in making estimates, actual results could differ from those estimates. Fair value measurements — A three-tier fair value hierarchy is used to prioritize the inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows: Level 1 inputs (highest priority) include unadjusted quoted prices in active markets for identical instruments. Level 2 inputs include quoted prices for similar instruments that are observable either directly or indirectly. Level 3 inputs (lowest priority) include unobservable inputs in which there is little or no market data, which require management to develop its own assumptions. Classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The inputs we use in our valuation techniques include market data or assumptions that we believe market participants would use in pricing an asset or liability, including assumptions about risk when appropriate. Our valuation techniques include a combination of observable and unobservable inputs. When available, we use quoted market prices to determine the fair value (market approach). In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, we consider the amount and timing of estimated future cash flows and assumed discount rates reflecting varying degrees of credit risk that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date (income approach). Fair values may not represent actual values of the financial instruments that could be realized as of the balance sheet date or that will be realized in the future. Cash and cash equivalents — Cash and cash equivalents includes cash on hand, demand deposits and short-term cash investments that are highly liquid in nature and have maturities of three months or less when purchased. Marketable securities — Our investments in marketable securities reported in the accompanying balance sheet are classified as available for sale and carried at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive income (loss) (AOCI) until realized. Realized gains and losses are recorded using the specific identification method. Inventories — Inventories are valued at the lower of cost or market. Cost is determined using the average or first-in, first-out (FIFO) cost method. Property, plant and equipment — As a result of our adoption of fresh start accounting on February 1, 2008, property, plant and equipment was stated at fair value with useful lives ranging from two to thirty years. Useful lives of newly acquired assets are generally twenty to thirty years for buildings and building improvements, five to ten years for machinery and equipment, three to five years for tooling and office equipment and three to ten years for furniture and fixtures. Depreciation is recognized over the estimated useful lives using primarily the straight-line method for financial reporting purposes and accelerated depreciation methods for federal income tax purposes. If assets are impaired, their value is reduced via an increase in accumulated depreciation. Pre-production costs related to long-term supply arrangements — The costs of tooling used to make products sold under long-term supply arrangements are capitalized as part of property, plant and equipment and amortized over their useful lives if we own the tooling or if we fund the purchase but our customer owns the tooling and grants us the irrevocable right to use the tooling over the contract period. If we have a contractual right to bill our customers, costs incurred in connection with the design and development of tooling are carried as a component of other accounts receivable until invoiced. Design and development costs related to customer products are deferred if we have an agreement to collect such costs from the customer; otherwise, they are expensed when incurred. At December 31, 2016, the machinery and equipment component of property, plant and equipment includes $9 of our tooling related to long-term supply arrangements, while trade and other accounts receivable includes $32 of costs related to tooling that we have a contractual right to collect from our customers. Goodwill — We test goodwill for impairment annually as of October 31 and more frequently if events occur or circumstances change that would warrant an interim review. Goodwill impairment testing is performed at the reporting unit level, which is our operating segment. We estimate the fair value of the reporting unit in the first step using various valuation methodologies, including projected future cash flows and multiples of current earnings. If the estimated fair value of the reporting unit exceeds its carrying value, the goodwill is considered not impaired. If the carrying value of the reporting unit exceeds its estimated fair value, then the second step of the test would be required to determine the implied fair value of the goodwill and any resulting impairment. The vast majority of our goodwill is assigned to our Off-Highway segment. The estimated fair value of our Off-Highway reporting unit was significantly greater than its carrying value at October 31, 2016. No impairment of goodwill occurred during the three years ended December 31, 2016. Intangible assets — Intangible assets include the value of core technology, trademarks and trade names, customer relationships and intangible assets used in research and development activities. Core technology and customer relationships have definite lives while intangible assets used in research and development activities and substantially all of our trademarks and trade names have indefinite lives. Definite-lived intangible assets are amortized over their useful life using the straight-line method of amortization and are periodically reviewed for impairment indicators. Amortization of core technology is charged to cost of sales. Amortization of trademarks and trade names and customer relationships is charged to amortization of intangibles. Intangible assets used in research and development activities have an indefinite life until completion of the associated research and development efforts. Upon completion of development, the assets are amortized over their useful life; if the project is abandoned, the assets are written off immediately. Indefinite-lived intangible assets are tested for impairment annually and more frequently if impairment indicators exist. See Notes 3 and 4 for more information about intangible assets. Investments in affiliates — Investments in affiliates include investments accounted for under the equity and cost methods. We monitor our investments in affiliates for indicators of other-than-temporary declines in value on an ongoing basis in accordance with GAAP. Indicators include, but are not limited to, current economic and market conditions, operating performance of the affiliate, including current earnings trends and undiscounted cash flows, and other affiliate-specific information. If we determine that an other-than-temporary decline in value has occurred, we recognize an impairment loss, which is measured as the excess of the investment's recorded carrying value over its fair value. The fair value determination, particularly for investments in privately-held companies, requires significant judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and determination of whether any identified impairment is other than temporary. See Note 20 for further information about our investment in affiliates. Tangible asset impairments — We review the carrying value of amortizable long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the undiscounted future net cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell and are no longer depreciated. Other long-lived assets and liabilities — We discount our workers’ compensation and asbestos liabilities and the related amounts recoverable from insurers by applying blended risk-free rates that are appropriate for the duration of the projected cash flows. The use of risk-free rates is considered appropriate given that other risks affecting the volume and timing of payments have been considered in developing the probability-weighted projected cash flows. The blended risk-free rates are revised annually to consider incremental cash flow projections. Financial instruments — The carrying values of cash and cash equivalents, trade receivables and short-term borrowings approximate fair value. Notes receivable are carried at fair value, which considers the contractual call or selling price, if applicable. Borrowings under our credit facilities are carried at historical cost and adjusted for principal payments and foreign currency fluctuations. Derivatives — Foreign currency forward contracts and currency swaps are carried at fair value. We enter into these contracts to manage our exposure to the impact of currency fluctuations on certain foreign currency-denominated assets and liabilities and on a portion of our forecasted purchase and sale transactions. On occasion, we also enter into net investment hedges to protect the translated U.S. dollar value of our investment in certain foreign subsidiaries. Changes in the fair value of currency-related contracts treated as cash flow hedges are deferred and included as a component of other comprehensive income (loss) (OCI) to the extent the contracts remain effective and the associated forecasted transactions remain probable. Effectiveness is measured by using regression analysis to determine the degree of correlation between the change in the fair value of the derivative instrument and the change in the associated foreign currency exchange rates. Deferred gains and losses are reclassified to Other income, net in the same periods in which the underlying transactions affect earnings. Changes in the fair value of contracts not treated as cash flow hedges or as net investment hedges are recognized in Other income, net in the period in which those changes occur. Changes in the fair value of contracts treated as net investment hedges are recorded in the cumulative translation adjustment (CTA) component of OCI. Amounts recorded in CTA are deferred until such time as the investment in the associated subsidiary is substantially liquidated. We may also use interest rate swaps to manage exposure to fluctuations in interest rates and to adjust the mix of our fixed-rate and variable-rate debt. With our current portfolio of fixed-rate debt, we occasionally execute a fixed-to-floating interest rate swap which serves to convert our fixed-rate debt to variable-rate debt. As a fair value hedge of the underlying debt, changes in the fair values of the swap and the underlying debt are recorded in interest expense. We do not use derivatives for trading or speculative purposes and we do not hedge all of our exposures. Warranty — Costs related to product warranty obligations are estimated and accrued at the time of sale with a charge against cost of sales. Warranty accruals are evaluated and adjusted as appropriate based on occurrences giving rise to potential warranty exposure and associated experience. Warranty accruals and adjustments require significant judgment, including a determination of our involvement in the matter giving rise to the potential warranty issue or claim, our contractual requirements, estimates of units requiring repair and estimates of repair costs. Environmental compliance and remediation — Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to existing conditions caused by past operations that do not contribute to our current or future revenue generation are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. We consider the most probable method of remediation, current laws and regulations and existing technology in determining our environmental liabilities. Pension and other postretirement defined benefits — Net pension and postretirement benefits expenses and the related liabilities are determined on an actuarial basis. These plan expenses and obligations are dependent on management’s assumptions developed in consultation with our actuaries. We review these actuarial assumptions at least annually and make modifications when appropriate. With the input of independent actuaries and other relevant sources, we believe that the assumptions used are reasonable; however, changes in these assumptions, or experience different from that assumed, could impact our financial position, results of operations or cash flows. Postemployment benefits — Costs to provide postemployment benefits to employees are accounted for on an accrual basis. Obligations that do not accumulate or vest are recorded when payment is probable and the amount can be reasonably estimated. For those obligations that accumulate or vest and the amount can be reasonably estimated, expense and the related liability are recorded as service is rendered. Equity-based compensation — We measure compensation cost arising from the grant of share-based awards to employees at fair value. We recognize such costs in income over the period during which the requisite service is provided, usually the vesting period. The grant date fair value is estimated using valuation techniques that require the input of management estimates and assumptions. We believe that the assumptions used are reasonable; however, due to inherent uncertainties in making estimates, if other assumptions had been used, it could have impacted our financial position and results of operations. Revenue recognition — Sales are recognized when products are shipped and risk of loss has transferred to the customer. We accrue for warranty costs, sales returns and other allowances based on experience and other relevant factors when sales are recognized. Adjustments are made as new information becomes available. Shipping and handling fees billed to customers are included in sales, while costs of shipping and handling are included in cost of sales. Taxes collected from customers are excluded from revenues and credited directly to obligations to the appropriate governmental agencies. Foreign currency translation — The financial statements of subsidiaries and equity affiliates outside the U.S. located in non-highly inflationary economies are measured using the currency of the primary economic environment in which they operate as the functional currency, which typically is the local currency. Transaction gains and losses resulting from translating assets and liabilities of these entities into the functional currency are included in Other income, net or in equity in earnings of affiliates. When translating into U.S. dollars, income and expense items are translated at average monthly rates of exchange, while assets and liabilities are translated at the rates of exchange at the balance sheet date. Translation adjustments resulting from translating the functional currency into U.S. dollars are deferred and included as a component of AOCI in stockholders’ equity. For operations whose functional currency is the U.S. dollar, nonmonetary assets are translated into U.S. dollars at historical exchange rates and monetary assets are translated at current exchange rates. Because the economy in Venezuela was considered highly inflationary under GAAP, we remeasured the financial statements of our subsidiaries in Venezuela through the January 2015 date of divestiture as if their functional currency was the U.S. dollar. Prior to 2014, the Venezuelan government through its Commission for the Administration of Foreign Exchange (CADIVI) maintained a fixed official exchange rate. In March 2013, the Venezuelan government announced the creation of the Complementary System of Foreign Currency Administration (SICAD), a supplementary currency auction system regulated by the Central Bank of Venezuela for purchases of U.S. dollars by certain eligible importers. During 2013, our subsidiaries in Venezuela were not eligible to utilize SICAD and therefore we continued to use the official exchange rate to remeasure the financial statements of our subsidiaries in Venezuela. In the first quarter of 2014, the Venezuelan government transferred the administration of the official exchange rate to the National Center of Foreign Commerce (CENCOEX) and indicated that the official exchange rate would be increasingly reserved only for the settlement of U.S. dollar-denominated obligations related to purchases of “essential goods and services.” In addition, the Venezuelan government expanded the entities and transactions that would be eligible to use SICAD. Transactions eligible for SICAD included foreign investments and payments of royalties. Also during the first quarter of 2014, the Venezuelan government announced the creation of SICAD 2, a market-based exchange mechanism regulated by the Central Bank of Venezuela. SICAD 2 could be used by all companies incorporated or domiciled in Venezuela who want to obtain U.S. dollars for any purpose. With the expansion of SICAD and the formation of SICAD 2 there was uncertainty surrounding transactions that CENCOEX would allow to be transacted at the official exchange rate. In consultation with legal counsel we determined that the SICAD rate, which we believed would apply to dividend remittances, was the appropriate rate to remeasure the bolivar- denominated net monetary assets of our subsidiaries in Venezuela. Effective March 31, 2014, we ceased using the official exchange rate and began using the SICAD rate to remeasure the financial statements of our subsidiaries in Venezuela. See Note 18 for additional information. In January 2015, we completed the divestiture of our operations in Venezuela. See Note 3 for additional information. Income taxes — In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax assets or liabilities for all years subject to examination based upon management’s evaluation of the facts and circumstances and information available at the reporting dates. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, the related interest cost has also been recognized as a component of the income tax provision. Research and development — Research and development costs include expenditures for research activities relating to product development and improvement. Salaries, fringes and occupancy costs, including building, utility and overhead costs, comprise the vast majority of these expenses and are expensed as incurred. Research and development expenses were $81, $75 and $72 in 2016, 2015 and 2014. Recently adopted accounting pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued guidance intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The guidance addresses income tax effects of share-based payments, tax withholding requirements, recognition for forfeitures and presentation requirements in the statement of cash flows. This guidance has an effective date of January 1, 2017 with earlier adoption permitted. We elected to adopt the new guidance in the third quarter of 2016, requiring us to reflect any adjustments as of January 1, 2016 in retained earnings. The primary impact of adopting the new guidance was an increase in deferred tax assets of $32 related to the cumulative excess tax benefits resulting from share-based payments. Previous guidance resulted in credits to equity for such tax benefits and delayed recognition until the tax benefits reduced income taxes payable. Because we continued to carry a valuation allowance against certain of our deferred tax assets in the U.S., the increase in deferred tax assets was offset by an increase in our valuation allowance of $32, resulting in no impact to retained earnings as of January 1, 2016. With respect to other provisions in the new guidance, our plans currently do not permit tax withholdings in excess of the statutory minimums and we have elected to continue estimating forfeitures expected to occur when determining the amount of compensation cost to be recognized in each period. The presentation requirements for cash flows under the new standard had no impact on our consolidated statement of cash flows. In November 2015, the FASB issued guidance that simplifies the balance sheet classification of deferred taxes. Previously, an entity separated its deferred income tax liabilities and assets into current and noncurrent amounts in a classified balance sheet. This amendment simplifies the presentation to require that all deferred tax liabilities and assets be classified as noncurrent on the balance sheet. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction. The change to noncurrent classification does have an impact on working capital. This guidance becomes effective January 1, 2017, with earlier adoption permitted and allows for prospective or retrospective application. We elected to adopt the guidance in the fourth quarter of 2016 and applied the retrospective approach. As of December 31, 2015, Other current assets was reduced by $43, Deferred tax assets was increased by $18, Taxes on income was reduced by $2 and Other noncurrent liabilities was reduced by $23. As of December 31, 2014, Other current assets was reduced by $50, Deferred tax assets was increased by $39, Taxes on income was reduced by $1 and Other noncurrent liabilities was reduced by $10. In September 2015, the FASB issued an amendment that eliminates the requirement to restate prior period financial statements for measurement period adjustments in accounting for business combinations. Entities must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This guidance became effective January 1, 2016 and requires prospective application to qualifying business combinations. In May 2015, the FASB issued guidance that modifies disclosures related to investments for which fair value is measured using the net asset value (or its equivalent) per share practical expedient by eliminating the requirement to categorize such assets under the fair value hierarchy. The new guidance also eliminates the requirement to include in certain disclosures those investments that are merely eligible to be measured using the practical expedient, limiting the disclosures to those investments actually valued under that approach. This guidance became effective January 1, 2016 and requires retrospective application. This guidance resulted in all of the commingled funds, hedge fund of funds and real estate investments held by our pension plans being removed from the fair value hierarchy within our year-end pension disclosures. In April, 2015, the FASB issued an amendment to provide explicit guidance about a customer's accounting for fees paid in a cloud computing arrangement. If a cloud computing arrangement includes a software license, then the customer must account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, then the customer must account for the arrangement as a service contract. We adopted the new guidance effective January 1, 2016. Applying the amendment to all arrangements entered into or materially modified after the effective date did not have an impact on our consolidated financial statements. In April 2015, the FASB issued guidance to provide for a practical expedient that permits an entity to measure defined benefit plan assets and obligations as of the month end that is closest to the date of a significant event, such as a plan amendment, settlement or curtailment, that calls for a remeasurement in accordance with existing requirements. An entity is required to disclose the accounting policy election and the date used to measure defined benefit plan assets and obligations. The new guidance was effective January 1, 2016 and did not impact our consolidated financial statements. In February 2015, the FASB released updated consolidation guidance that entities must use to evaluate specific ownership and contractual arrangements that lead to a consolidation conclusion. The updates could change consolidation outcomes affecting presentation and disclosures. The new guidance was effective January 1, 2016 and did not impact our consolidated financial statements. In June 2014, the FASB issued guidance to provide clarity on whether to treat a performance target that could be achieved after the requisite service period as a performance condition that affects vesting or as a nonvesting condition that affects the grant-date fair value of a share-based payment award. Generally, an award with a performance target also requires an employee to render service until the performance target is achieved. In some cases, however, the terms of an award may provide that the performance target could be achieved after an employee completes the requisite service period. The amendment requires that a performance target that affects vesting and extends beyond the end of the service period be treated as a performance condition and not as a factor in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The new guidance was effective January 1, 2016 and did not impact our consolidated financial statements. Recently issued accounting pronouncements In November 2016, the FASB released guidance that addresses the diversity in practice in the classification and presentation of changes in restricted cash on the statement of cash flows. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance becomes effective January 1, 2018 and must be applied on a retrospective basis. This guidance will result in a change in presentation of our consolidated statement of cash flows. In October 2016, the FASB issued guidance that simplifies the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current GAAP prohibits the recognition in earnings of current and deferred income taxes for an intra-entity transfer until the asset is sold to an outside party or recovered through use. This amendment simplifies the accounting by requiring entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The new guidance, which could impact effective tax rates, becomes effective January 1, 2018 and requires modified retrospective application. Early adoption is permitted as of the beginning of an annual reporting period for which interim or annual financial statements have not yet been issued. We intend to adopt this guidance effective January 1, 2017. The adoption of the new guidance will result in a decrease in Other current assets of $10, a decrease in Other noncurrent assets of $168 and a decrease in beginning retained earnings at January 1, 2017 of $178. In August 2016, the FASB released guidance intended to reduce diversity in practice in how certain cash receipts and cash payments are classified in the statement of cash flows. This guidance becomes effective January 1, 2018 and must be applied on a retrospective basis. This guidance is not expected to have a material impact on our consolidated statement of cash flows. In June 2016, the FASB issued new guidance for the accounting for credit losses on certain financial instruments. This guidance introduces a new approach to estimating credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. This guidance, which becomes effective January 1, 2020, is not expected to have a material impact on our consolidated financial statements. In March 2016, the FASB issued simplification guidance to eliminate the requirement for an entity to retrospectively apply the equity method of accounting upon obtaining significant influence over an investment that it previously accounted for under the cost basis or at fair value. That is, it is no longer required to restate all periods as if the equity method had been in effect during all previous periods that the investment had been held. The guidance applies to covered transactions that occur after December 31, 2016. Early adoption is permitted. The significance of this guidance for us is dependent on any qualifying future investments. In March 2016, the FASB issued guidance that simplifies the embedded derivative analysis for debt instruments containing contingent call or put options. The amendment clarifies that an exercise contingency does not need to be evaluated to determine whether it relates to interest rates and credit risk in an embedded derivative analysis. That is, a contingent put or call option embedded in a debt instrument would be evaluated for possible separate accounting as a derivative instrument without regard to the nature of the exercise contingency. This guidance becomes effective January 1, 2017 and must be applied on a modified retrospective basis to all existing and future debt instruments. We do not expect the adoption of this guidance to have an impact on our consolidated financial statements. In March 2016, the FASB issued guidance that clarifies the hedge accounting impact when there is a change in one of the counterparties to a derivative contract. The new guidance clarifies that a change in the counterparty to a derivative contract by itself does not require the dedesignation of a hedging relationship provided that all other hedge accounting criteria continue to be met. This guidance becomes effective January 1, 2018 and can be applied on either a prospective basis or a modified retrospective basis. Early adoption is permitted. We do not expect the adoption of this guidance to have an impact on our consolidated financial statements. In February 2016, the FASB issued its new lease accounting standard. The primary focus of the standard is on the accounting by lessees. This standard requires lessees to recognize a right-of-use asset and a lease liability for virtually all leases (other than leases that meet the definition of a short-term lease) on the balance sheet. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from current GAAP. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern in the income statement. Quantitative and qualitative disclosures are required to provide insight into the extent of revenue and expense recognized and expected to be recognized from leasing arrangements. Approximately three-fourths of our global lease portfolio represents leases of real estate, including manufacturing, assembly and office facilities, while the remainder represents leases of personal property, including manufacturing, material handling and IT equipment. Many factors will impact the ultimate measurement of the lease obligation to be recognized upon adoption, including our assessment of the likelihood of renewal of leases that provide such an option. We continue to evaluate the impact this guidance will have on our consolidated financial statements. This guidance becomes effective January 1, 2019 with early adoption permitted. In January 2016, the FASB issued an amendment that addresses the recognition, measurement, presentation and disclosure of certain financial instruments. Investments in equity securities currently classified as available-for-sale and carried at fair value, with changes in fair value reported in other comprehensive income (OCI), will be carried at fair value determined on an exit price notion and changes in fair value will be reported in net income. The new guidance also affects the assessment of deferred tax assets related to available-for-sale securities, the accounting for liabilities for which the fair value option is elected and the disclosures of financial assets and financial liabilities in the notes to the financial statements. This guidance, which becomes effective January 1, 2018, is not expected to have a material impact on our consolidated financial statements. In July 2015, the FASB issued an amendment that changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. This amendment only addresses the measurement of inventory if its value declines or is impaired. The guidance on determining the cost of inventory is not being amended. This guidance becomes effective January 1, 2017 and requires prospective application. Adoption of this guidance will have no impact on our consolidated financial statements. In May 2014, the FASB issued guidance that requires companies to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in amounts that reflect the consideration a company expects to be entitled to in exchange for those goods or services. The new guidance will also require new disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In July 2015, the FASB adopted a one-year deferral of this guidance. In March 2016, the FASB issued an amendment to clarify the principal versus agent assessment in a revenue transaction. In April 2016, the FASB finalized amendments on identifying performance obligations and accounting for licenses of intellectual property. In May 2016, the FASB finalized amendments on collectibility, noncash consideration, presentation of sales tax and transition. This guidance will be effective January 1, 2018 for Dana. The guidance allows for either a full retrospective or a modified retrospective transition method. We are in the process of assessing our customer contracts, identifying contractual provisions that may result in a change in the timing or the amount of revenue recognized in comparison with current guidance, as well as assessing the enhanced disclosure requirements of the new guidance. Under current guidance we generally recognize revenue when products are shipped and risk of loss has transferred to the customer. Under the proposed requirements, the customized nature of some of our products and contractual provisions in many of our customer contracts that provide us with an enforceable right to payment, may require us to recognize revenue prior to the product being shipped to the customer. We are also assessing pricing provisions contained in certain of our customer contracts. Pricing provisions contained in some of our customer contracts represent variable consideration or may provide the customer with a material right, potentially resulting in a different allocation of the transaction price than under current guidance. In addition, we are evaluating how the new guidance may impact our accounting for customer tooling, engineering and design services and pre-production costs. We continue to evaluate the impact this guidance will have on our financial statements. |
Acquisitions |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | Acquisitions SIFCO — On December 23, 2016, we acquired strategic assets of SIFCO S.A.'s (SIFCO) commercial vehicle steer axle systems and related forged components businesses. The acquisition enables us to enhance our vertically integrated supply chain, which will further improve our cost structure and customer satisfaction by leveraging SIFCO's extensive experience and knowledge of sophisticated forged components. In addition to strengthening our position as a central source for products that use forged and machined parts throughout the region, this acquisition enables us to better accommodate the local content requirements of our customers, which reduces their import and other region-specific costs. See Note 3 for additional information on Dana's prior relationship with SIFCO. SIFCO contributed the strategic assets to SJT Forjaria Ltda., a newly created legal entity, and Dana acquired all of the issued and outstanding quotas of SJT Forjaria Ltda. The strategic assets were acquired by Dana free and clear of any liens, claims or encumbrances. The acquisition was funded using cash on hand and has been accounted for as a business combination. The purchase consideration and the related allocation to the acquisition date fair values of the assets acquired are presented in the following table:
The purchase consideration and fair value of the assets acquired and liabilities assumed are preliminary and could be revised as a result of adjustments made to the purchase price, additional information obtained regarding liabilities assumed and revisions of provisional estimates of fair values, including but not limited to, the completion of independent appraisals and valuations related to property, plant and equipment and intangibles. The deferred consideration, less any claims for indemnification made by Dana, is to be paid on December 23, 2017. Goodwill recognized in this transaction is primarily attributable to synergies expected to arise after the acquisition and the assembled workforce, and is deductible for tax purposes. Intangibles includes $2 allocated to developed technology and $1 allocated to trade names. We used the relief from royalty method, an income approach, to value developed technology and trade names. We used a replacement cost method to value fixed assets. The developed technology and trade name intangible assets are being amortized on a straight-line basis over seven and five years respectively, and property, plant and equipment is being depreciated on a straight-line basis over useful lives ranging from three to ten years. The results of operations of the business are reported in our Commercial Vehicle operating segment from the date of acquisition. As a result of the acquisition, we incurred transaction related expenses totaling $5, which were charged to Other income, net. The pro forma effects of this acquisition would not materially impact our reported results for any period presented, and as a result no pro forma financial statements were presented. Magnum — On January 29, 2016, we acquired the aftermarket distribution business of Magnum® Gaskets (Magnum), a U.S.-based supplier of gaskets and sealing products for automotive and commercial-vehicle applications, for a purchase price of $18 at closing and additional cash payments of up to $2 contingent upon the achievement of certain sales metrics over a future two-year period. As of the closing date of the acquisition, the contingent consideration was assigned a fair value of approximately $1. Assets acquired included trademarks and trade names, customer relationships and goodwill. The results of operations of Magnum are reported within our Power Technologies operating segment. We acquired Magnum using cash on hand. The pro forma effects of this acquisition would not materially impact our reported results for any period presented, and as a result no pro forma financial statements were presented. Brevini — On February 1, 2017, we acquired 80% ownership interests in Brevini Fluid Power S.p.A. (BFP) and Brevini Power Transmission S.p.A. (BPT) from Brevini Group S.p.A. (Brevini). The acquisition expands our Off-Highway operating segment product portfolio to include technologies for tracked vehicles, doubling our addressable market for off-highway driveline systems and establishing Dana as the only off-highway solutions provider that can manage the power to both move the equipment and perform its critical work functions. This acquisition also brings a platform of technologies that can be leveraged in our light and commercial-vehicle end markets, helping to accelerate our hybridization and electrification initiatives. We paid €167 at closing, using cash on hand, and intend to refinance debt assumed in the transaction during the first quarter of 2017. The purchase price is subject to adjustment upon determination of the net indebtedness and net working capital levels of BFP and BPT as of the closing date. The terms of the agreement provide Dana the right to call Brevini's noncontrolling interests in BFP and BPT, and Brevini the right to put its noncontrolling interests in BFP and BPT to Dana, assuming Dana does not exercise its call rights, at dates and prices defined in the agreement. Due to the recentness of the transaction, we are currently not able to provide an allocation of the purchase price to the fair value of the assets acquired, liabilities assumed and the redeemable noncontrolling interests or pro forma financial information. |
Disposal Groups and Impairment of Long-Lived Assets |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups and Discontinued Operations [Text Block] | Disposal Groups and Impairment of Long-Lived Assets Divestiture of Dana Companies — On December 30, 2016, we completed the divestiture of Dana Companies, LLC (DCLLC), a consolidated wholly-owned limited liability company that was established as part of our reorganization in 2008 to hold and manage personal injury asbestos claims retained by the reorganized Dana Corporation which was merged into DCLLC. DCLLC had net assets of $165 at the time of sale including cash and cash equivalents, marketable securities and rights to insurance coverage in place to satisfy a significant portion of its liabilities. We received cash proceeds of $88 – $29 net of cash divested – with $3 retained by the purchaser subject to the satisfaction of certain future conditions that we expect will be achieved in 2017. We recognized a pre-tax loss of $77 in 2016 upon completion of the transaction. In the event the conditions associated with the retained purchase price of $3 are satisfied in the future, income of $3 will be recognized at such time. Following completion of the sale, Dana has no obligation with respect to current or future asbestos claims. Divestiture of Nippon Reinz — On November 30, 2016, we sold our 53.7% interest in Nippon Reinz Co. Ltd. (Nippon Reinz) to Nichias Corporation. Dana received net cash proceeds of $5 and recognized a pre-tax loss of $3 on the divestiture of Nippon Reinz, inclusive of the $12 gain on derecognition of the noncontrolling interest. Nippon Reinz had sales of $42 in 2016 through the transaction date. Disposal of operations in Venezuela — In December 2014, we entered into an agreement to divest our Light Vehicle operations in Venezuela (the disposal group) to an unaffiliated company for no consideration. Upon classification of the disposal group as held for sale in December 2014, we recognized an $80 loss to adjust the carrying value of the net assets of our operations in Venezuela to fair value less cost to sell. The assets and liabilities of our operations in Venezuela were presented as held for sale on our balance sheet as of December 31, 2014. Upon completion of the divestiture of the disposal group in January 2015, we recognized a gain of $5 on the derecognition of the noncontrolling interest in a former Venezuelan subsidiary in Other income, net. We also credited other comprehensive loss attributable to the parent for $10 and other comprehensive loss attributable to noncontrolling interests for $1 to eliminate the unrecognized pension expense recorded in accumulated other comprehensive loss. Discontinued operations of Structural Products business — The sale of substantially all of the assets of our Structural Products business to Metalsa S.A. de C.V. (Metalsa) in 2010 excluded the facility in Longview, Texas and its employees and manufacturing assets related to a significant customer contract. The customer contract was satisfied and operations concluded in August 2012. As a result of the cessation of all operations, activities related to the former Structural Products business have been presented as discontinued operations in the accompanying financial statements. The Longview facility was sold in March 2013 and a previously closed plant in Canada was sold in January 2014. The proceeds from both transactions approximated the carrying values of the facilities. We reached a final agreement on the remaining issues with the buyer in May 2014, resulting in the receipt of $9 from the escrow agent and a charge of $1 to other income (expense) within discontinued operations in 2014. The results of the discontinued operations were as follows:
In 2012, Ford Motor Company (Ford) filed a complaint alleging quality issues relating to products supplied by the former Structural Products business at Dana Canada Corporation. The Dana Canada facility was closed in 2008. In December 2014, while admitting no liability related to the complaint, we reached a settlement agreement with Ford. The cost of the settlement with Ford and the associated legal fees incurred in connection with this matter were charged to Other income (expense) within discontinued operations in the fourth quarter of 2014. The loss reported for 2014 also includes the charge that resulted from the final settlement of the claims presented by Metalsa along with the related legal fees. The income reported for 2015 includes insurance recoveries related to previously outstanding claims. Impairment of long-lived assets — On February 1, 2011, we entered into an agreement with SIFCO, a leading producer of steer axles and forged components in South America. In return for payment of $150 to SIFCO, we acquired the distribution rights to SIFCO's commercial vehicle steer axle systems as well as an exclusive long-term supply agreement for key driveline components. During 2014, our Commercial Vehicle operating segment had $225 of sales attributable to SIFCO supplied axles and parts. This agreement was accounted for as a business combination for financial reporting purposes. The aggregate fair value of the net assets acquired was allocated primarily to the exclusivity provisions of the supply agreement as a contract-based intangible asset and recorded within our Commercial Vehicle operating segment. Fair value was also allocated to fixed assets and an embedded lease obligation. The intangible asset was being amortized and the fixed assets were being depreciated on a straight-line basis over ten years. The embedded lease obligations were being amortized using the effective interest method over the ten-year useful lives of the related fixed assets. On April 22, 2014, SIFCO and affiliated companies filed for judicial reorganization before Bankruptcy Court in São Paulo, Brazil and an ancillary Chapter 15 proceeding before the Bankruptcy Court of the Southern District of New York. The Brazilian bankruptcy case has subsequently been moved to the 5th Lower Civil Court in the Judicial District of Jundiai, the location of SIFCO's principal operations. Until the third quarter of 2015, SIFCO complied with the terms of the supply agreement. In August 2015, SIFCO discontinued production of our orders and failed to comply with provisions of the supply agreement. We obtained a judicial injunction requiring that SIFCO release any finished product in their possession that was produced pursuant to the supply agreement, resume production and parts supply pursuant to the terms of the supply agreement and cease communications with our customers regarding direct sale of parts. SIFCO contested the injunction we obtained, without success, and refused to comply with the injunction. Through a judicial seizure order we were successful in obtaining the release of the finished product. Based on SIFCO's refusal to comply with the terms of the supply agreement and the court injunctions as noted above, we believed that the carrying amount of the contract-based intangible asset was not recoverable and therefore tested the associated asset group for impairment as of September 30, 2015 under ASC 360-10. Based upon management's conclusion that there were no future economic benefits and related cash flows associated with the long-lived assets of this asset group, which is comprised predominantly of the intangible asset, management concluded that the fair value of the asset group was de minimis and accordingly recorded a full impairment charge of $36 in the third quarter of 2015. On October 27, 2015, we entered into an interim agreement with SIFCO under which they continued to supply product while pursuing various mutually satisfactory longer-term alternatives. During 2015, in addition to the above mentioned impairment charge, we incurred approximately $8 of increased costs in connection with maintaining product supply from SIFCO. On December 23, 2016, we acquired strategic assets of SIFCO's commercial vehicle steer axle systems and related forged components businesses. See Note 2 for additional information. |
Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets [Text Block] | Goodwill and Other Intangible Assets Goodwill —The change in the carrying amount of goodwill in 2016 is due to currency fluctuation and the acquisitions of SJT Forjaria Ltda. and the aftermarket distribution business of Magnum. See Note 2 for additional information. Based on our October 31, 2016 impairment assessment, the fair value of our Off-Highway segment is significantly higher than its carrying value, including goodwill. We do not believe that our goodwill is at risk of being impaired. Changes in the carrying amount of goodwill by segment —
Non-amortizable intangible assets — Our non-amortizable intangible assets include trademarks, trade names and intangible assets used in research and development activities. Trademarks and trade names consist of the Dana® and Spicer® trademarks and trade names utilized in our Commercial Vehicle and Off-Highway segments. We value trademarks and trade names using a relief from royalty method which is based on revenue streams. No impairment was recorded during the three years ended December 31, 2016 in connection with the required annual assessment. Intangible assets used in research and development activities relate to our strategic alliance formed with Fallbrook Technologies Inc. in September 2012. We use the multi-period excess earnings method, an income approach, to value the intangible assets used in research and development activities. No impairment has been recorded during the three years ended December 31, 2016 in connection with the required annual assessment. Amortizable intangible assets — Our amortizable intangible assets include core technology, customer relationships and a portion of our trademarks and trade names. Core technology includes the proprietary know-how and expertise that is inherent in our products and manufacturing processes. Customer relationships include the established relationships with our customers and the related ability of these customers to continue to generate future recurring revenue and income. These assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. We group the assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the undiscounted future cash flows. We use our internal forecasts, which we update quarterly, to develop our cash flow projections. These forecasts are based on our knowledge of our customers’ production forecasts, our assessment of market growth rates, net new business, material and labor cost estimates, cost recovery agreements with customers and our estimate of savings expected from our restructuring activities. The most likely factors that would significantly impact our forecasts are changes in customer production levels and loss of significant portions of our business. Our valuation is applied over the life of the primary assets within the asset groups. If the undiscounted cash flows do not indicate that the carrying amount of the asset group is recoverable, an impairment charge is recorded if the carrying amount of the asset group exceeds its fair value based on discounted cash flow analyses or appraisals. There were no impairments for the year ended December 31, 2016. During the third quarter of 2015, we impaired the customer relationships intangible asset associated with our exclusive long-term supply agreement with SIFCO. See Note 3 for additional information. Components of other intangible assets —
The net carrying amounts of intangible assets, other than goodwill, attributable to each of our operating segments at December 31, 2016 were as follows: Light Vehicle Driveline (Light Vehicle) – $22, Commercial Vehicle – $37, Off-Highway – $36 and Power Technologies – $14. Amortization expense related to amortizable intangible assets —
The following table provides the estimated aggregate pre-tax amortization expense related to intangible assets for each of the next five years based on December 31, 2016 exchange rates. Actual amounts may differ from these estimates due to such factors as currency translation, customer turnover, impairments, additional intangible asset acquisitions and other events.
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Restructuring of Operations |
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Restructuring of Operations [Text Block] | Restructuring of Operations Our restructuring activities have historically included rationalizing our operating footprint by consolidating facilities, positioning operations in lower cost locations and reducing overhead costs. In recent years, however, in response to lower demand and other market conditions in certain businesses, our focus has primarily been headcount reduction initiatives to reduce operating costs. Restructuring expense includes costs associated with current and previously announced actions and is comprised of contractual and noncontractual separation costs and exit costs, including costs associated with lease continuation obligations and certain operating costs of facilities that we are in the process of closing. During 2016, we approved plans to implement certain headcount reduction initiatives across our businesses, including the first-quarter 2016 announcement of the planned closure of our Commercial Vehicle manufacturing facility in Glasgow, Kentucky by mid-2017. During the second half of 2016, we also approved and began to implement certain other headcount reduction initiatives, the most significant of which are associated with our Off-Highway business in Europe and our Commercial Vehicle and Light Vehicle businesses in Brazil, in response to continued market weakness in those businesses. Additionally, in conjunction with the SJT Forjaria Ltda. acquisition in December 2016, we approved plans to eliminate certain redundant positions as one of our initial steps toward the integration of the SJT Forjaria Ltda. operations into our Commercial Vehicle business in that region. Including costs associated with these actions and with other previously announced initiatives, restructuring expense during 2016 was $36, including $33 of severance and benefits costs and $3 of exit costs. During 2015, we implemented certain headcount reduction programs, primarily in our Commercial Vehicle business in Brazil in response to lower demand in that region. Including costs associated with these actions and with other previously announced initiatives, total restructuring expense in 2015 was $15 and included $12 of severance and related benefits costs and $3 of exit costs. During 2014, we implemented various cost reduction programs, including the closure of our Commercial Vehicle foundry in Argentina and other headcount reduction programs in our Light Vehicle and Commercial Vehicle businesses in South America and Europe. Total restructuring expense in 2014 associated with these actions and with other previously announced initiatives was $21 and included $15 of severance and related benefits costs and $6 of exit costs. Accrued restructuring costs and activity, including noncurrent portion —
At December 31, 2016, accrued employee termination benefits include costs to the reduce approximately 800 employees over the next two years. The exit costs relate primarily to lease continuation obligations. Cost to complete — The following table provides project-to-date and estimated future restructuring expenses for completion of our approved restructuring initiatives for our business segments at December 31, 2016.
The future cost to complete includes estimated separation costs, primarily those associated with one-time benefit programs, and exit costs through 2021, including lease continuation costs, equipment transfers and other costs which are required to be recognized as closures are finalized or as incurred during the closure. |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Text Block] | Inventories Inventory components at December 31 —
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Supplemental Balance Sheet and Cash Flow Information |
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Supplemental Balance Sheet and Cash Flow Information [Text Block] | Supplemental Balance Sheet and Cash Flow Information Supplemental balance sheet information at December 31 —
Supplemental cash flow information —
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Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity [Text Block] | Stockholders' Equity Preferred Stock We are authorized to issue 50,000,000 of Dana preferred stock, par value $0.01 per share. There were no preferred shares outstanding at December 31, 2016 or 2015. Series B Preferred stock issuance and conversion — We had issued 5.4 million shares of our 4.0% Series B Preferred on January 31, 2008 to certain investors. Dividends accrued daily until conversion into common stock. During 2014, holders of 2,296,802 Series B preferred shares elected to convert those preferred shares into common stock and received 19,517,593 common shares. The common stock issued included shares to satisfy the accrued dividends owed to the converting Series B preferred stockholders. Based on the market price of Dana common stock on the date of conversion, the fair value of the conversions totaled $409. As of July 2, 2014, the per share closing price of our common stock exceeded $22.24 for 20 consecutive trading days. As a result, we exercised our right to cause the conversion of all of the remaining outstanding Series B preferred shares at the conversion price of $11.93 upon fulfillment of the required 90-day notice period ending September 30, 2014. We caused the conversion of 1,506,972 Series B shares with holders receiving 12,631,780 common shares valued at $250 based on the market price of Dana common stock on the date of conversion. Common Stock We are authorized to issue 450,000,000 shares of Dana common stock, par value $0.01 per share. At December 31, 2016, there were 150,751,064 shares of our common stock issued and 143,938,280 shares outstanding, net of 6,812,784 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 share repurchases noted below. Our Board of Directors declared a quarterly cash dividend of six cents per share of common stock in each quarter of 2016. Aggregate 2016 declared and paid dividends total $35. 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 — During 2014, we reissued 14,879,935 shares of treasury stock in conjunction with the conversion of 1,772,693 Series B preferred shares into common stock. The reissuance of the treasury shares resulted in a $127 charge to additional paid-in capital as the carrying value of the treasury shares reissued exceeded the carrying value of the Series B preferred shares converted. We use the weighted-average pool price of our treasury shares at the date of reissuance to determine the carrying value of treasury shares reissued. In December 2014, we retired 14,600,000 shares of treasury stock. The $294 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. In December 2015, we retired 18,100,000 shares of treasury stock. The $346 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 — Our Board of Directors approved an expansion of our existing common stock share repurchase program from $1,400 to $1,700 on January 11, 2016. The program expires on December 31, 2017. Under the program, we spent $81 to repurchase 6,612,537 shares of our common stock during 2016 through open market transactions. Approximately $219 remained available under the program for future share repurchases as of December 31, 2016. Changes in each component of AOCI of the parent —
___________________________________________________ Notes: (a) Foreign currency contract and investment reclassifications are included in Other income, net. (b) See Note 11 for additional details. |
Earnings per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share [Text Block] | Earnings per Share Reconciliation of the numerators and denominators of the earnings per share calculations —
The share count for diluted earnings per share is computed on the basis of the weighted-average number of common shares outstanding plus the effects of dilutive common stock equivalents (CSEs) outstanding during the period. We excluded 1.7 million and 0.4 million million CSEs from the calculations of diluted earnings per share for the years 2016 and 2015 as the effect of including them would have been anti-dilutive. |
Stock Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation [Text Block] | Stock Compensation 2012 Omnibus Incentive Plan Our 2012 Omnibus Incentive Plan (the Plan), as approved by our stockholders, authorizes the grant of stock options, stock appreciation rights (SARs), RSUs and performance share units (PSUs) through April 2022. Cash-settled awards do not count against the maximum aggregate number. At December 31, 2016, there were 3.2 million shares available for future grants. Shares of common stock to be issued under the Plan are made available from authorized and unissued Dana common stock. Award activity — (shares in millions)
* Weighted-average
Compensation expense is generally measured based on the fair value at the date of grant and is recognized on a straight-line basis over the vesting period. For options and SARs, we use an option-pricing model to estimate fair value. For RSUs and PSUs, the fair value is based on the closing market price of our common stock at the date of grant. Awards that are settled in cash are subject to liability accounting. Accordingly, the fair value of such awards is remeasured at the end of each reporting period until settled or expired. We had accrued $5 and $3 for cash-settled awards at December 31, 2016 and 2015. We issued 0.5 million shares of common stock in 2016 to settle vested RSUs. At December 31, 2016, the total unrecognized compensation cost related to the nonvested awards granted and expected to vest was $21. This cost is expected to be recognized over a weighted-average period of 1.8 years. Stock options and stock appreciation rights — The exercise price of each option or SAR equals the closing market price of our common stock on the date of grant. Options and SARs generally vest over three years and their maximum term is ten years. Shares issued upon the exercise of options are recorded as common stock and additional paid-in capital at the option price. SARs are settled in cash for the difference between the market price on the date of exercise and the exercise price. We have not granted stock options or SARs since 2013. All outstanding awards are fully vested and exercisable. At December 31, 2016, the outstanding awards have an aggregate intrinsic value of $8 and a weighted-average remaining contractual life of 4.9 years. Restricted stock units and performance shares units — Each RSU or PSU granted represents the right to receive one share of Dana common stock or, at the election of Dana (for units awarded to board members) or for employees located outside the U.S. (for employee awarded units), cash equal to the market value per share. All RSUs contain dividend equivalent rights. RSUs granted to non-employee directors vest on the first anniversary date of the grant and those granted to employees generally cliff vest fully after three years. PSUs granted to employees vest if specified performance goals are achieved during the respective performance period, generally three years. The number of PSUs that ultimately vest is contingent on achieving specified return on invested capital targets and specified total shareholder return targets relative to peer companies. For the portion of the PSU award based on the return on invested capital performance metric, we estimated the fair value at grant date based on the closing market price of our common stock at the date of grant adjusted for the value of assumed dividends over the period because the award is not dividend protected. The estimated grant date value is accrued over the performance period and adjusted as appropriate based on performance relative to the target. For the portion of the PSU award based on shareholder returns, we estimated the fair value at grant date using various assumptions as part of a Monte Carlo simulation. The expected term represents the period from the grant date to the end of the performance period. The risk-free interest rate was based on U.S. Treasury constant maturity rates at the grant date. The dividend yield was calculated by dividing the expected annual dividend by the average stock price over the prior year. The expected volatility was based on historical volatility using daily stock price observations.
Cash incentive awards — Our 2012 Omnibus Incentive Plan provides for cash incentive awards. We make awards annually to certain eligible employees designated by Dana, including certain executive officers. Awards under the plan are based on achieving certain financial performance goals. The performance goals of the plan are established annually by the Board of Directors. Under the 2016, 2015 and 2014 annual incentive programs, participants were eligible to receive cash awards based on achieving earnings, cash flow and working capital performance goals. Our 2016, 2015 and 2014 long-term incentive programs each have a three-year contractual period and include a performance-based cash component. For the 2016 long-term incentive program the vesting of the performance-based cash component is based on achieving the required return-on-invested-capital target, established at the grant date of the award, measured on an average basis over the three-year contractual period of the program. For the 2015 and 2014 long-term incentive programs the vesting of the performance-based cash component is based on achieving the required return-on-invested-capital target, established at the grant date of the award, in the third year of the three-year contractual period of the respective program. We accrued $41, $35 and $44 of expense in 2016, 2015 and 2014 for the expected cash payments under these programs. |
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Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Postretirement Benefit Plans [Text Block] | Pension and Postretirement Benefit Plans We sponsor various defined benefit, qualified and nonqualified, pension plans covering eligible employees. Other postretirement benefits (OPEB), including medical and life insurance, are provided for certain employees upon retirement. We also sponsor various defined contribution plans that cover the majority of our employees. Under the terms of the qualified defined contribution retirement plans, employee and employer contributions may be directed into a number of diverse investments. None of these qualified defined contribution plans allow direct investment in our stock. Components of net periodic benefit cost (credit) and other amounts recognized in OCI —
Our U.S. defined benefit pension plans are frozen and no additional service cost is being accrued. The estimated net actuarial loss for the defined benefit pension plans that will be amortized from AOCI into benefit cost in 2017 is $24 for our U.S. plans and $6 for our non-U.S. plans. We use the corridor approach for purposes of systematically amortizing deferred gains or losses as a component of net periodic benefit cost into the income statement in future reporting periods. The amortization period used is generally the average remaining service period of active participants in the plan unless almost all of the plan’s participants are inactive, in which case we use the average remaining life expectancy of the inactive participants. No portion of the estimated net actuarial gain related to OPEB plans will be amortized from AOCI into benefit cost in 2017. As discussed in Note 3, upon the divestiture of our operations in Venezuela, we eliminated unrecognized pension expense of $11, of which $1 was attributable to noncontrolling interests. Funded status — The following tables provide reconciliations of the changes in benefit obligations, plan assets and funded status.
The amount included on the New plans line in the preceding table includes obligations under a pension plan in Switzerland, gratuity plans in India and a termination benefit plan covering certain employees in Italy. We determined in 2016 that these obligations should be included within our defined benefit pension plan obligation and the related disclosures. The adjustments were primarily reclassifications from Other noncurrent liabilities to Pension and postretirement obligations and did not have a material impact on pension expense.
Amounts recognized in the balance sheet —
Amounts recognized in AOCI —
We initiated a program in September 2014 under which certain former U.S. employees with vested pension benefits were offered lump sum payments to settle their pension obligations. The same participants were also offered the option to begin receiving monthly benefits soon after the program ended – earlier than previously allowed under the related plans. This voluntary program ended in early November with 71% of the participants in the program accepting accelerated payments. The lump sum payments were made in December. Together with routine settlements occurring in the U.S. throughout 2014, these actions resulted in the distribution of plan assets of $133 to effect settlement of the related obligations. We charged earnings for $36 to write off a pro rata portion of the cumulative actuarial loss related to the settled obligations. Because of differences in valuation methods, the reduction in pension obligations exceeded the assets distributed by $38, which was credited to other comprehensive income as a component of the actuarial loss for 2014. During the fourth quarter of 2014, a defined benefit pension plan in Canada distributed the remainder of its assets in accordance with the related agreement. We incurred a charge of $6 to write off the remaining unrecognized pension expense related to this plan. The other elements of the 2014 actuarial loss resulted from changes in assumptions and investment returns. Reducing our discount rate at the end of 2014 caused an increase in the U.S. pension benefit obligation and an actuarial loss of $165. During the fourth quarter of 2014, the Society of Actuaries (SOA) issued new mortality tables (RP-2014) and mortality improvement scales (MP-2014). After studying our recent experience and evaluating the new tables, we adopted the RP-2014 Blue Collar table for hourly participants and the No Collar table for salaried participants in our U.S. plans. With respect to the improvement scales, the SOA had projected improvement from the beginning of 2008 after analyzing historical data through 2007. We compared actual experience for years after 2007 to the improvement projected in MP-2014 and, in concert with our actuarial advisers, considered other relevant data before concluding that a 0.75% long-term improvement rate (LTIR) for periods beginning with 2014 was appropriate and assuming that the LTIR would be attained by 2020, sooner than the period assumed in MP-2014. Adopting the new mortality assumptions in 2014 caused an increase in our pension obligations and an actuarial loss of $83. The actual return on U.S. plan assets provided a partial offset to these losses as it exceeded the assumed return by $119. The 2016 actuarial loss is largely the result of decreases in the discount rates used to value our year-end pension obligations. Other elements of the actuarial loss include the impact of using spot rates in 2016 to determine pension service and interest expense. The spot rate approach reduces pension expense but the impact is effectively offset by an increase in the actuarial loss. In the fourth quarter of 2016, the SOA issued new mortality scales (MP-2016) based on historical data through 2013 and preliminary data for 2014. After studying the new data and consulting with our actuarial advisers, we concluded that adopting MP-2016, modified to reflect an LTIR of 0.75% being attained in 2027, was appropriate. This change in assumption did not have a significant impact on the 2016 valuation. Aggregate funding levels — The following table presents information regarding the aggregate funding levels of our defined benefit pension plans at December 31:
Fair value of pension plan assets —
________________________________ Notes:
Our pension assets in the U.S. include certain investments in commingled funds, hedge fund of funds and real estate that are valued using the net asset value (NAV) per share practical expedient. In the past, those investments were classified under the fair value hierarchy. New accounting guidance that became effective at the beginning of 2016 eliminated, on a retrospective basis, the requirement to classify such assets under the fair value hierarchy. We have determined that no Level 3 assets were held by our U.S. pension plans during the period covered by the preceding table and have modified the table accordingly. Valuation Methods Equity securities — The fair value of equity securities held directly by the trust is based on quoted market prices. When the equity securities are held in commingled funds that are not publicly traded, the fair value of our interest in the fund is its NAV as determined by quoted market prices for the underlying holdings. Fixed income securities — The fair value of fixed income securities held directly by the trust is based on a bid evaluation process with input from independent pricing sources. When the fixed income securities are held in commingled funds that are not publicly traded, the fair value of our interest in the fund is its NAV as determined by a similar valuation of the underlying holdings. Hedge funds — The fair value of hedge funds is provided by the managers of the underlying investments. Those managers develop a NAV based on market quotes for the most liquid assets and alternative methods for assets that do not have sufficient trading activity to derive prices. Insurance contracts — The values shown for insurance contracts are the amounts reported by the insurance company and approximate the fair values of the underlying investments. Real estate — The investments in real estate represent ownership interests in commingled funds and partnerships that invest in real estate. The investment managers determine the NAV of these ownership interests using the fair value of the underlying real estate which is obtained via independent third party appraisals prepared on a periodic basis. Assumptions used to value the properties are updated quarterly. For the component of the real estate portfolio under development, the investments are carried at cost until they are completed and valued by a third party appraiser. Cash and cash equivalents — The fair value of cash and cash equivalents is set equal to its amortized cost. The methods described above may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while we believe the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Investment policy — Target asset allocations of U.S. pension plans are established through an investment policy, which is updated periodically and reviewed by an Investment Committee, comprised of certain company officers and directors. The investment policy allows for a flexible asset allocation mix which is intended to provide appropriate diversification to lessen market volatility while assuming a reasonable level of economic risk. Our policy recognizes that properly managing the relationship between pension assets and pension liabilities serves to mitigate the impact of market volatility on our funding levels. The investment policy permits plan assets to be invested in a number of diverse categories, including a Growth Portfolio, an Immunizing Portfolio and a Liquidity Portfolio. These sub-portfolios are intended to balance the generation of incremental returns with the management of overall risk. The Growth Portfolio is invested in a diversified pool of assets in order to generate an incremental return with an acceptable level of risk. The Immunizing Portfolio is a hedging portfolio that may be comprised of fixed income securities and overlay positions. This portfolio is designed to offset changes in the value of the pension liability due to changes in interest rates. The Liquidity Portfolio is a cash portfolio designed to meet short-term liquidity needs and reduce the plans’ overall risk. As a result of our diversification strategies, there are no significant concentrations of risk within the portfolio of investments. The allocations among portfolios may be adjusted to meet changing objectives and constraints. We expect that as the funded status of the plans changes, we will increase or decrease the size of the Growth Portfolio in order to manage the risk of losses in the plan. At December 31, 2016, the Growth Portfolio (U.S. and non-U.S. equities, core and high-yield fixed income, hedge fund of funds, real estate, emerging market debt and cash) comprises 47% of total assets, the Immunizing Portfolio (long duration U.S. Treasury strips, corporate bonds and cash) comprises 51% and the Liquidity Portfolio (cash and short-term securities) comprises 2%. During 2016, the mid-points of the target ranges were 50.5% for the Growth Portfolio, 48.5% for the Immunizing Portfolio and 5% for the Liquidity Portfolio. Significant assumptions — The significant weighted-average assumptions used in the measurement of pension benefit obligations at December 31 of each year and the net periodic benefit cost for each year are as follows:
The pension plan discount rate assumptions are evaluated annually in consultation with our outside actuarial advisers. Long-term interest rates on high quality corporate debt instruments are used to determine the discount rate. For our largest plans, discount rates are developed using a discounted bond portfolio analysis, with appropriate consideration given to defined benefit payment terms and duration of the liabilities. We have historically estimated the interest and service cost components of net periodic benefit cost for pension and other postretirement benefits using a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation of the plan at the most recent remeasurement date. At December 31, 2015, we changed the method used to estimate those interest and service components for pension and other postretirement benefit plans that utilize a yield curve approach. The new method uses a full yield curve approach to estimate the interest and service components by applying the specific spot rates along the yield curve used in the most recent remeasurement of the benefit obligation to the relevant projected cash flows. We believe this method improves the correlation between the projected cash flows and the corresponding interest rates and provides a more precise measurement of interest and service costs. This change in accounting estimate affected the calculation of the interest and service components of net periodic benefit cost, reducing the total for 2016 by $16. Since the remeasurement of total benefit obligations is not affected, the 2016 reduction in periodic benefit cost was offset by an increase in the actuarial loss. The expected rate of return on plan assets was selected on the basis of our long-term view of return and risk assumptions for major asset classes. We define long-term as forecasts that span at least the next ten years. Our long-term outlook is influenced by a combination of return expectations by individual asset class, actual historical experience and our diversified investment strategy. We consult with and consider the opinions of financial professionals in developing appropriate capital market assumptions. Return projections are also validated using a simulation model that incorporates yield curves, credit spreads and risk premiums to project long-term prospective returns. The appropriateness of the expected rate of return is assessed on an annual basis and revised if necessary. We have a high percentage of total assets in fixed income securities since the benefit accruals are frozen for all of our U.S. pension plans. Based on this assessment, we have selected a 6.00% expected return on asset assumption for 2017 for our U.S. plans. The significant weighted-average assumptions used in the measurement of OPEB obligations at December 31 of each year and the net periodic benefit cost for each year are as follows:
The discount rate selection process was similar to the process used for the pension plans. Assumed health care cost trend rates have a significant effect on the health care obligation. To determine the trend rates, consideration is given to the plan design, recent experience and health care economics. A one-percentage-point change in assumed health care cost trend rates would have the following effects for 2016:
Estimated future benefit payments and contributions — Expected benefit payments by our pension and OPEB plans for each of the next five years and for the following five-year period are as follows:
Pension benefits are funded through deposits with trustees that satisfy, at a minimum, the applicable funding regulations. OPEB benefits are funded as they become due. Projected contributions to be made during 2017 to the defined benefit pension plans are $12 for our non-U.S. plans. Based on the current funded status of our U.S. plans, there are no minimum contributions required for 2017. Multi-employer pension plans — We participate in the Steelworkers Pension Trust (SPT) multi-employer pension plan which provides pension benefits to substantially all of our U.S. union-represented employees. We also have a small participation in the IAM National Pension Fund. Benefit levels are set by trustees who manage the plans. Contributions are made in accordance with our collective bargaining agreements and rates are generally based on hours worked. The collective bargaining agreement expires May 31, 2017. The trustees of the SPT have provided us with the latest data available for the plan year ended December 31, 2016. As of that date, the plan is not fully funded. We could be held liable to the plan for our obligations as well as those of other employers as a result of our participation in the plan. Contribution rates could increase if the plan is required to adopt a funding improvement plan or a rehabilitation plan, if the performance of plan assets does not meet expectations or as a result of future collectively bargained wage and benefit agreements. If we choose to stop participating in the plan, we may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The Pension Protection Act (PPA) defines a zone status for each plan. Plans in the green zone are at least 80% funded, plans in the yellow zone are at least 65% funded and plans in the red zone are generally less than 65% funded. The SPT plan has utilized extended amortization provisions to amortize its losses from 2008. The plan recertified its zone status after using the extended amortization provisions as allowed by law. The SPT plan has not implemented a funding improvement or rehabilitation plan, nor are such plans pending. Our contributions to the SPT have not exceeded 5% of the total contributions to the plan.
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Marketable Securities [Text Block] | Marketable Securities
U.S. government securities include bonds issued by government-sponsored agencies and Treasury notes. Corporate securities include primarily debt securities. Other consists of investments in mutual and index funds. U.S. government securities, corporate debt and certificates of deposit maturing in one year or less and after one year through five years total $22 and $4 at December 31, 2016. The divestiture of DCLLC caused a substantial reduction in marketable securities in the current year. See Note 3 for additional information. |
Financing Agreements |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Agreements [Text Block] | Financing Agreements Long-term debt at December 31 —
Interest on the senior notes is payable semi-annually. Other indebtedness includes borrowings from various financial institutions, capital lease obligations, the unamortized fair value adjustment related to a terminated interest rate swap and the financial liability related to a build-to-suit lease. See Note 14 for additional information on the terminated interest rate swap. During the third quarter of 2015, we reversed the $6 embedded capital lease obligation associated with our exclusive long-term supply agreement with SIFCO. See Note 3 for additional information. Scheduled principal payments on long-term debt at December 31, 2016 —
Senior notes activity — On June 23, 2016, we redeemed all of our February 2021 Notes at a price equal to 103.375% plus accrued and unpaid interest. The $16 loss on extinguishment of debt includes the $12 redemption premium and the $4 write-off of previously deferred financing costs associated with the February 2021 Notes. On May 27, 2016, Dana Financing Luxembourg S.à r.l., a wholly-owned subsidiary of Dana, issued $375 in senior notes (June 2026 Notes). The June 2026 Notes were issued through a private placement and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act). The June 2026 Notes were offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and, outside the United States, only to non-U.S. investors in reliance on Regulation S under the Securities Act. The June 2026 Notes rank equally with Dana's other unsecured senior notes. Interest on the notes is payable on June 15 and December 15 of each year, beginning on December 15, 2016. The June 2026 Notes will mature on June 1, 2026. Net proceeds of the offering totaled $368. Financing costs of $7 were recorded as deferred costs and are being amortized to interest expense over the life of the notes. The proceeds from the offering were used to redeem our February 2021 Notes, to pay related fees and expenses and for general corporate purposes. In December 2014, we completed the sale of $425 in senior unsecured notes. Net proceeds of the offering totaled $418. Financing costs of $7 were recorded as deferred costs and are being amortized to interest expense over the life of the notes. The proceeds from the offering were used to redeem our February 2019 Notes. During December 2014, we redeemed $345 of our February 2019 Notes pursuant to a tender offer at a weighted average price equal to 104.116% plus accrued and unpaid interest. The $19 loss on extinguishment of debt recorded in December 2014 includes the redemption premium and transaction costs associated with the tender offer and the write-off of $4 of previously deferred financing costs associated with the February 2019 Notes. On December 9, 2014, we elected to redeem $40 of our February 2019 Notes effective January 8, 2015 at a price equal to 103.000% plus accrued and unpaid interest. On March 16, 2015, we redeemed the remaining $15 of our February 2019 Notes at a price equal to 103.250% plus accrued and unpaid interest. The $2 loss on extinguishment of debt includes the redemption premium and the write-off of previously deferred financing costs associated with the February 2019 Notes. Senior notes redemption provisions — We may redeem some or all of the senior notes at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date, if redeemed during the 12-month period commencing on the anniversary date of the senior notes in the years set forth below:
Prior to September 15, 2018 for the September 2023 Notes, we may redeem some or all of such notes at a price equal to the principal amount thereof, plus accrued and unpaid interest, plus a “make-whole” premium. We have not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and the risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt. Prior to December 15, 2019, we may redeem some or all of the December 2024 Notes at a price equal to the principal amount thereof, plus accrued and unpaid interest, plus a “make-whole” premium. We have not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and the risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt. At any time prior to December 15, 2017, we may redeem up to 35% of the original aggregate principal amount of the December 2024 Notes in an amount not to exceed the amount of proceeds of one or more equity offerings, at a price equal to 105.500% of the principal amount of such notes, plus accrued and unpaid interest thereon, provided that at least 50% of the original aggregate principal amount of the December 2024 Notes remains outstanding after giving effect to any such redemption. At any time prior to June 1, 2019, we may redeem up to 35% of the aggregate principal amount of the June 2026 Notes in an amount not to exceed the amount of proceeds of one or more equity offerings, at a price equal to 106.500% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, provided that at least 50% of the original aggregate principal amount of the June 2026 Notes remains outstanding after the redemption. Prior to June 1, 2021, we may redeem some or all of the June 2026 Notes at a redemption price of 100.000% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date plus a “make-whole” premium. We have not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and the risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt. Revolving facility — On June 9, 2016, we entered into a new $500 revolving credit facility (the Revolving Facility) which matures on June 9, 2021. The Revolving Facility refinanced and replaced our previous revolving credit facility. In connection with the Revolving Facility, we paid $3 in deferred financing costs to be amortized to interest expense over the life of the facility. We wrote off $1 of previously deferred financing costs associated with our prior revolving credit facility to loss on extinguishment of debt. Deferred financing costs on our Revolving Facility are included in other noncurrent assets. The Revolving Facility is guaranteed by all of our wholly-owned domestic subsidiaries, subject to certain exceptions, including exceptions for Dana Credit Corporation and its subsidiaries (the guarantors), and grants a first-priority lien on substantially all of the assets of Dana and the guarantors, subject to certain exceptions. Advances under the Revolving Facility bear interest at a floating rate based on, at our option, the base rate or Eurodollar rate (each as described in the revolving credit agreement) plus a margin as set forth below:
Commitment fees are applied based on the average daily unused portion of the available amounts under the Revolving Facility as set forth below:
Up to $275 of the Revolving Facility may be applied to letters of credit, which reduces availability. We pay a fee for issued and undrawn letters of credit in an amount per annum equal to the applicable margin for Eurodollar rate advances based on a quarterly average availability under issued and undrawn letters of credit under the revolving facility and a per annum fronting fee of 0.125%, payable quarterly. There were no borrowings under the Revolving Facility at December 31, 2016 but we had utilized $22 for letters of credit. We had availability at December 31, 2016 under the Revolving Facility of $478 after deducting the outstanding letters of credit. Debt covenants — At December 31, 2016, we were in compliance with the covenants of our financing agreements. Under the Revolving Facility and the senior notes, we are required to comply with certain incurrence-based covenants customary for facilities of these types and, in the case of the Revolving Facility, a maintenance covenant requiring us to maintain a first lien net leverage ratio not to exceed 2.00 to 1.00. |
Fair Value Measurements and Derivatives |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements and Derivatives [Text Block] | Fair Value Measurements and Derivatives In measuring the fair value of our assets and liabilities, we use market data or assumptions that we believe market participants would use in pricing an asset or liability including assumptions about risk when appropriate. Our valuation techniques include a combination of observable and unobservable inputs. Fair value measurements on a recurring basis — Assets and liabilities that are carried in our balance sheet at fair value are as follows:
Fair value of financial instruments — The financial instruments that are not carried in our balance sheet at fair value are as follows:
The fair value of our senior notes is estimated based upon a market approach (Level 2) while the fair value of our other indebtedness is based upon an income approach (Level 2). See Note 13 for additional information about financing arrangements. Fair value measurements on a nonrecurring basis — Certain assets are measured at fair value on a nonrecurring basis. These are long-lived assets that are subject to fair value adjustments only in certain circumstances. These assets include intangible assets and property, plant and equipment which may be written down to fair value when they are held for sale or as a result of impairment. Interest rate derivatives — Our portfolio of derivative financial instruments periodically includes interest rate swaps designed to mitigate our interest rate risk. As of December 31, 2016, no fixed-to-floating interest rate swaps remain outstanding. However, a $7 fair value adjustment to the carrying amount of our December 2024 Notes, associated with a fixed-to-floating interest rate swap that had been executed but was subsequently terminated during 2015, remains deferred at December 31, 2016. This amount is being amortized as a reduction of interest expense through the period ending December 2024, the scheduled maturity date of the December 2024 Notes. Approximately $1 was amortized as a reduction of interest expense during 2016. Foreign currency derivatives — Our foreign currency derivatives include forward contracts associated with forecasted transactions, primarily involving the purchases and sales of inventory through the next twelve months, as well as currency swaps associated with certain recorded external notes payable and intercompany loans receivable and payable. Periodically, our foreign currency derivatives also include net investment hedges of certain of our investments in foreign operations. During May 2016, in conjunction with the issuance of the U.S. dollar-denominated June 2026 Notes by euro-functional Dana Financing Luxembourg S.à r.l. (euro-functional subsidiary), we executed two fixed-to-fixed cross-currency swaps with the same critical terms as the June 2026 Notes to eliminate the variability in the functional-currency-equivalent cash flows due to changes in the U.S. dollar / euro exchange rates associated with the forecasted principal and interest payments. Designated as a cash flow hedge of the forecasted principal and interest payments of the June 2026 Notes, or subsequent replacement debt, the swaps economically convert the June 2026 Notes from $375 of U.S. dollar-denominated debt at a fixed rate of 6.500% to €338 of euro-denominated debt at a fixed rate of 5.140%. The June 2026 Notes and any subsequent replacement debt have both been designated as the hedged items (collectively, the "designated debt") in the cash flow hedge relationship. See Note 13 for additional information about the June 2026 Notes. The swaps are expected to be highly effective in offsetting the corresponding currency-based changes in cash outflows related to the designated debt. Based on our qualitative assessment that the critical terms of the June 2026 Notes and the swaps match and that all other required criteria have been met, we do not expect to incur any ineffectiveness. As an effective cash flow hedge, changes in the fair value of the swaps will be recorded in OCI during each period. Additionally, to the extent the swaps remain effective, the appropriate portion of AOCI will be reclassified to earnings each period as an offset to the foreign exchange gain or loss resulting from the remeasurement of the underlying U.S. dollar-denominated debt by the euro-functional subsidiary. In the event our ongoing assessment demonstrates that the critical terms of either the swaps or the designated debt have changed, or that there have been adverse developments regarding counterparty risk, we will use the long haul method to assess ineffectiveness of the hedging relationship. To the extent the swaps are no longer effective, changes in their fair values will be recorded in earnings. During 2016, a deferred loss of $32 associated with the fixed-to-fixed cross-currency swaps was recorded in OCI and reflects $12 as the unfavorable fair value of the swaps and a $20 reclassification from AOCI to earnings. The reclassification from AOCI to earnings represents an offset to a foreign exchange remeasurement loss on the designated debt for the year ended December 31, 2016. The total notional amount of outstanding foreign currency forward contracts, involving the exchange of various currencies, was $143 at December 31, 2016 and $212 at December 31, 2015. The total notional amount of outstanding foreign currency swaps, including the fixed-to-fixed cross-currency swaps, was $571 at December 31, 2016 and $219 at December 31, 2015. The following currency derivatives were outstanding at December 31, 2016:
Cash flow hedges — With respect to contracts designated as cash flow hedges, changes in fair value during the period in which the contracts remain outstanding are reported in OCI to the extent such contracts remain effective. Effectiveness is measured by using regression analysis to determine the degree of correlation between the change in the fair value of the derivative instrument and the change in the associated foreign currency exchange rates. Changes in fair value of contracts not designated as cash flow hedges or as net investment hedges are recognized in Other income, net in the period in which the changes occur. Realized gains and losses from currency-related forward contracts, including those that have been designated as cash flow hedges and those that have not been designated, are recognized in Other income, net. Net investment hedges — With respect to contracts designated as net investment hedges, we apply the forward method and report changes in fair value in the CTA component of OCI during the period in which the contracts remain outstanding to the extent such contracts remain effective. During the second quarter of 2015, we settled a $98 forward contract that had been executed and designated as a net investment hedge of the equivalent portion of certain of our European operations during the first quarter of 2015. Although no net investment hedges remain outstanding at December 31, 2016, a deferred loss of $2 associated with this settled contract has been recorded in AOCI as of that date and will remain deferred until such time as the investment in the associated subsidiary is substantially liquidated. Amounts to be reclassified to earnings — Deferred gains or losses associated with effective cash flow hedges of forecasted transactions are reported in AOCI and are reclassified to earnings in the same periods in which the underlying transactions affect earnings. Amounts expected to be reclassified to earnings assume no change in the current hedge relationships or to December 31, 2016 exchange rates. Deferred losses of $2 at December 31, 2016 are expected to be reclassified to earnings during the next twelve months, compared to deferred losses of $4 at December 31, 2015. Amounts reclassified from AOCI to earnings arising from the discontinuation of cash flow hedge accounting treatment were not material during 2016. |
Commitments and Contingencies |
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Commitments and Contingencies [Text Block] | Commitments and Contingencies Asbestos personal injury liabilities — As part of our reorganization in 2008, assets and liabilities associated with personal injury asbestos claims were retained in Dana Corporation which was then merged into Dana Companies, LLC (DCLLC), a consolidated wholly-owned limited liability company. The assets of DCLLC included insurance rights relating to coverage against personal injury asbestos claims, marketable securities and other assets which were considered sufficient to satisfy its liabilities. As described in Note 3 of the financial statements, DCLLC was divested on December 30, 2016. Following completion of the sale, Dana has no obligation with respect to current or future asbestos claims. DCLLC had approximately 25,000 active pending asbestos personal injury liability claims at December 31, 2015. DCLLC had $78 accrued for indemnity and defense costs for settled, pending and future claims at December 31, 2015. A fifteen-year time horizon was used to estimate the value of this liability. In addition to claims and litigation experience, we considered additional qualitative and quantitative factors such as changes in legislation, the legal environment, our strategy in managing claims and obtaining insurance, including our defense strategy, and health related trends in the overall population of individuals potentially exposed to asbestos in determining whether a change in the estimate of its liability for pending and future claims and defense costs or insurance assets was warranted. At December 31, 2015, DCLLC had $51 recorded as an asset for probable recovery from insurers for the pending and projected asbestos personal injury liability claims. The recorded asset represented our assessment of the capacity of our insurance agreements to provide for the payment of anticipated defense and indemnity costs for pending claims and projected future demands. The recognition of these recoveries was based on our assessment of our right to recover under the respective contracts and on the financial strength of the insurers. DCLLC had coverage agreements in place with insurers confirming substantially all of the related coverage and payments were being received on a timely basis. The financial strength of these insurers was reviewed at least annually with the assistance of a third party. The recorded asset did not represent the limits of our insurance coverage, but rather the amount DCLLC would expect to recover if the accrued indemnity and defense costs were paid in full. Other product liabilities — We had accrued $5 and $1 for non-asbestos product liability costs at December 31, 2016 and 2015 and $4 of recovery expected from third parties at December 31, 2016. The increases in the liability and recoverable amounts at December 31, 2016 largely reflect the recognition of the estimated cost, net of payments made, and the expected recovery of an insured matter. We estimate these liabilities based on assumptions about the value of the claims and about the likelihood of recoveries against us derived from our historical experience and current information. Environmental liabilities — Accrued environmental liabilities were $8 at December 31, 2016 and $11 at December 31, 2015. The decline during 2016 reflects the impact of the sale of Dana Companies, LLC and the associated environmental liabilities thereof. We consider the most probable method of remediation, current laws and regulations and existing technology in estimating our environmental liabilities. Guarantee of lease obligations — In connection with the divestiture of our Structural Products business in 2010, leases covering three U.S. facilities were assigned to a U.S. affiliate of Metalsa. Under the terms of the sale agreement, we will guarantee the affiliate’s performance under the leases, which run through June 2025, including approximately $6 of annual payments. In the event of a required payment by Dana as guarantor, we are entitled to pursue full recovery from Metalsa of the amounts paid under the guarantee and to take possession of the leased property. Other legal matters — We are subject to various pending or threatened legal proceedings arising out of the normal course of business or operations. In view of the inherent difficulty of predicting the outcome of such matters, we cannot state what the eventual outcome of these matters will be. However, based on current knowledge and after consultation with legal counsel, we believe that any liabilities that may result from these proceedings will not have a material adverse effect on our liquidity, financial condition or results of operations. In November 2013, we received an arbitration notice from Sypris Solutions, Inc. (Sypris), formerly our largest supplier, alleging damage claims under the long-term supply agreement that expired on December 31, 2014. The arbitration proceedings related to these claims concluded in the second quarter of 2015 with Sypris being awarded immaterial damages. Sypris also alleged that Dana and Sypris entered into a new binding long-term supply agreement in July 2013. Dana filed suit against Sypris requesting declaratory judgment that the parties did not enter into a new supply agreement. During the first quarter of 2015, the court granted summary judgment in Dana’s favor, rejecting Sypris’ position that a new contract was formed in July 2013. The Ohio Sixth District Court of Appeals upheld the summary judgment ruling in December 2015 and that decision is no longer subject to appeal. We have been advised that Sypris will not pursue its claim that Dana failed to negotiate in good faith under the 2007 agreement. On September 25, 2015, the Brazilian antitrust authority (“CADE”) announced an investigation of an alleged cartel involving a former Dana business in Brazil and various competitors related to sales of shock absorbers between 2000 and 2014. We divested this business as a part of the sale of our aftermarket business in 2004. The investigation of Dana's involvement in this matter concluded in the second quarter of 2016 without a material impact on Dana. Lease commitments — Cash obligations under future minimum rental commitments under operating leases and net rental expense are shown in the table below. Operating lease commitments are primarily related to facilities, including the two facilities associated with the SJT Forjaria Ltda. acquisition.
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Warranty Obligations |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warranty Obligations [Text Block] | Warranty Obligations We record a liability for estimated warranty obligations at the dates our products are sold. We record the liability based on our estimate of costs to settle future claims. Adjustments to our estimated costs at time of sale are made as claim experience and other new information becomes available. Obligations for service campaigns and other occurrences are recognized as adjustments to prior estimates when the obligation is probable and can be reasonably estimated. Changes in warranty liabilities —
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Text Block] | Income Taxes Income tax expense (benefit) attributable to continuing operations —
We record interest and penalties related to uncertain tax positions as a component of income tax expense or benefit. Net interest expense for the periods presented herein is not significant. Income from continuing operations before income taxes —
Income tax audits — We conduct business globally and, as a result, file income tax returns in multiple jurisdictions that are subject to examination by taxing authorities throughout the world. With few exceptions, we are no longer subject to U.S. federal, state and local or foreign income tax examinations for years before 2009. The U.S. federal income tax audits for 2011 and 2012 were settled during the first quarter of 2015, resulting in no incremental cash taxes. We are currently under audit by U.S. and foreign authorities for certain taxation years. When the issues related to these periods are settled, the total amounts of unrecognized tax benefits for all open tax years may be modified. Audit outcomes and the timing of the audit settlements are subject to uncertainty and we cannot make an estimate of the impact on our financial position at this time. Effective tax rate reconciliation for continuing operations —
In the fourth quarter of 2016, we determined that valuation allowances against U.S. deferred taxes were no longer required. Release of these valuation allowances resulted in $501 of tax benefit. Additionally, developments in Brazil led to our determination that an allowance against certain deferred taxes in that country was appropriate, and we recognized tax expense of $25 to establish this valuation allowance. Excluding the effects of the valuation allowance adjustments, the effective tax rate was 26% in 2016, which varies from the U.S. federal statutory rate of 35% primarily due to nondeductible expenses, different statutory tax rates outside the U.S. and withholding taxes. In 2014, income tax expense in the U.S. was reduced by $179 for release of valuation allowances for income forecasted to be realized in 2015 in connection with a tax planning action that involved a sale of an affiliate’s stock and certain operating assets by a U.S. subsidiary of the company to a non-U.S. affiliate expected to be completed in 2015. During the fourth quarter of 2015, the tax planning action was completed. The final income generated by the transaction was higher than anticipated as a consequence of proposed Internal Revenue Service regulations issued in 2015 providing guidance on the tax treatment afforded a component of the tax planning action we undertook, as well as revised income estimates, which resulted in an additional $66 release of valuation allowance. In conjunction with the completion of the intercompany sale of certain operating assets to a non-U.S. affiliate, a prepaid tax asset of $190 was recorded. The prepaid tax asset represents the usage of tax attributes recognized in 2014 and 2015, through the release of valuation allowance on our deferred tax assets, and is being amortized into tax expense over the life of the assets transferred in the transaction. We recognized tax expense of $11 and $2 in 2016 and 2015 as a result of this amortization. In addition, we recognized tax expense of $23 in 2015 related to the sale of the affiliate’s stock. No tax benefit was recognized on a charge of $80 in 2014 relating to the divestiture of our Venezuela operations due to the existence of a valuation allowance, resulting in an increase in the effective tax rate. Foreign income repatriation — We provide for U.S. federal income and non-U.S. withholding taxes on the earnings of our non-U.S. operations that are not considered to be permanently reinvested. Accordingly, we continue to analyze and adjust the estimated tax impact of the income and non-U.S. withholding liabilities based on the amount and source of these earnings. We recognized net benefit of $58 for 2016 and expense of $1 and $3 for 2015 and 2014 related to future income taxes and non-U.S. withholding taxes on repatriations from operations that are not permanently reinvested. We also paid withholding taxes of $6, $7 and $7 during 2016, 2015 and 2014 related to the actual transfer of funds to the U.S. The unrecognized tax liability associated with the operations in which we are permanently reinvested is $30 at December 31, 2016. The earnings of our non-U.S. subsidiaries will likely be repatriated to the U.S. in the form of repayments of intercompany borrowings and distributions from earnings. Certain of our international operations had intercompany loan obligations to the U.S. totaling $978 at the end of 2016. Included in this amount are intercompany loans and related interest accruals with an equivalent value of $32 which are denominated in a foreign currency and considered to be permanently invested. Valuation allowance adjustments — We have recorded valuation allowances in several entities where the recent history of operating losses does not allow us to satisfy the “more likely than not” criterion for the recognition of deferred tax assets. Consequently, there is no income tax expense or benefit recognized on the pre-tax income or losses in these jurisdictions as valuation allowances are adjusted to offset the associated tax expense or benefit. When evaluating the need for a valuation allowance we consider all components of comprehensive income, and we weigh the positive and negative evidence, putting greater reliance on objectively verifiable evidence than on projections of future profitability that are dependent on actions that have not occurred as of the assessment date. We also consider changes to the historical financial results due to activities that were either new to the business or not expected to recur in the future, in order to identify the core earnings of the business. A sustained period of profitability, after considering changes to the historical results due to implemented actions and nonrecurring events, along with positive expectations for future profitability are necessary to reach a determination that a valuation allowance should be released. Prior to 2016, we carried a valuation allowance against deferred tax assets in the U.S. While our U.S. operations have experienced improved profitability in recent years, our analysis of the income of the U.S. operations, as adjusted for changes in historical results due to developments through 2015, demonstrated historical losses as of December 31, 2015. Additionally, there were considerable uncertainties in the U.S. in certain of our end markets. Therefore, we had not achieved a level of sustained profitability that would, in our judgment, support a release of the valuation allowance prior to 2016. During the fourth quarter, following the completion of an enterprise wide strategy assessment and our annual one and five year financial plans, the Company assessed the weight of all available positive and negative evidence and determined it was more likely than not that future earnings will be sufficient to realize most of our deferred tax assets in the U.S. Accordingly, we have released the U.S. valuation allowance at December 31, 2016, resulting in an income tax benefit of $501. In arriving at the conclusion that we had achieved sustained profitability in the U.S., we considered the following positive evidence: we were in a cumulative three-year historical income position in the U.S., we had income in seven of the eight previous quarters; we successfully launched a replacement business for one of our largest customer programs for Light Vehicle in the U.S. with actual volumes and margins which were consistent with our forecast in the fourth quarter; we stabilized our U.S. Commercial Vehicle business despite lower than expected volumes; and, we secured certain new programs with customers that increased our sales backlog in the U.S. We have retained a valuation allowance of $137 against deferred tax assets in the U.S. primarily related to state operating loss carryforwards and other credits which do not meet the more likely than not criterion for releasing the valuation allowance. Our analysis of the operations of a subsidiary in Brazil, adjusted for changes in the historical results due to the effects of developments through the current date and planned future actions, reflects three years of historical cumulative losses and our annual one and five year financial plans forecast continued near term losses. Therefore, we determined it was not more likely than not that future earnings will be sufficient to realize the deferred tax assets. Accordingly, we have recorded a valuation allowance as of December 31, 2016, resulting in income tax expense of $25. Deferred tax assets and liabilities — Temporary differences and carryforwards give rise to the following deferred tax assets and liabilities.
Carryforwards — Our deferred tax assets include benefits expected from the utilization of net operating loss (NOL), capital loss and credit carryforwards in the future. The following table identifies the net operating loss deferred tax asset components and the related allowances that existed at December 31, 2016. Due to time limitations on the ability to realize the benefit of the carryforwards, additional portions of these deferred tax assets may become unrealizable in the future.
In addition to the NOL carryforwards listed in the table above, we have deferred tax assets related to capital loss carryforwards of $40 which are fully offset with valuation allowances at December 31, 2016. We also have deferred tax assets of $67 related to other credit carryforwards which are offset with $23 of valuation allowances at December 31, 2016. The capital losses can be carried forward indefinitely while the other credits are generally available for 10 to 20 years with portions currently expiring. We elected to adopt the new guidance for share based payments in the third quarter of 2016, requiring us to reflect any adjustments as of January 1, 2016 in retained earnings. The primary impact of adopting the new guidance was an increase in deferred tax assets of $32 related to the cumulative excess tax benefits resulting from share-based payments. Because we continued to carry a valuation allowance against certain of our deferred tax assets in the U.S., the increase in deferred tax assets was offset by an increase in our valuation allowance of $32, resulting in no impact to retained earnings as of January 1, 2016. The use of a portion of our $796 U.S. federal NOL as of December 31, 2016 is subject to limitation due to the change in ownership of our stock upon emergence from bankruptcy. Generally, the application of the relevant Internal Revenue Code (IRC) provisions will release the limitation on $84 of pre-change NOLs each year, allowing pre-change losses to offset post-change taxable income. Through further evaluation and audit adjustment, and after considering U.S. taxable income in 2016, we estimate that $577 of our U.S. federal NOLs remains subject to limitation as of December 31, 2016. The remainder of our U.S. federal NOLs represents a combination of post-change NOLs and pre-change NOLs on which the limitation has been released. However, there can be no assurance that trading in our shares will not effect another change in ownership under the IRC which would further limit our ability to utilize our available NOLs. Unrecognized tax benefits — Unrecognized tax benefits are the difference between a tax position taken, or expected to be taken, in a tax return and the benefit recognized for accounting purposes. Interest income or expense, as well as penalties relating to income tax audit adjustments and settlements, are recognized as components of income tax expense or benefit. Interest of $7 and $6 was accrued on the uncertain tax positions at December 31, 2016 and 2015. Reconciliation of gross unrecognized tax benefits —
We anticipate that the change in our gross unrecognized tax benefits as a result of examinations in various jurisdictions will not be significant in the next twelve months. The settlement of these matters will not impact the effective tax rate. Gross unrecognized tax benefits of $72 would impact the effective tax rate if recognized. If other open matters are settled with the IRS or other taxing jurisdictions, the total amounts of unrecognized tax benefits for open tax years may be modified. |
Other Income, Net |
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Other Income, Net [Text Block] | Other Income, Net
Foreign exchange gains and losses on cross-currency intercompany loan balances that are not of a long-term investment nature are included above. Foreign exchange gains and losses on intercompany loans that are permanently invested are reported in OCI. During 2015, foreign exchange losses were primarily driven by the impact the strengthening U.S. dollar had on our Mexican peso and euro forward contracts. As discussed in Note 1 above, effective March 31, 2014, we ceased using the official bolivar exchange rate of 6.3 and began using the SICAD rate, which was 10.7 bolivars per U.S. dollar (as published by the Central Bank of Venezuela) at March 31, 2014, to remeasure the financial statements of our subsidiaries in Venezuela. The change to the SICAD rate resulted in a charge of $17 during the first quarter of 2014. After remaining relatively unchanged during the second quarter the SICAD rate declined to 12.0 bolivars per U.S. dollar at September 30, 2014, resulting in a remeasurement charge of $3 during the third quarter. During 2014, we realized gains of $8 as CENCOEX approved a portion of our pending claims to settle U.S. dollar obligations at the official exchange rate of 6.3. Also during 2014, we realized net gains of $14 on sales and purchases of U.S. dollars through SICAD 2 at average rates of 49.9 bolivars per U.S. dollar. The foreign exchange gains and losses associated with our subsidiaries in Venezuela are included in the segment EBITDA of our Light Vehicle operating segment. Upon completion of the divestiture of our operations in Venezuela in January 2015, we recognized a gain on the derecognition of the noncontrolling interest in a former Venezuelan subsidiary. Strategic transaction expenses relate primarily to costs incurred in connection with acquisition and divestiture related activities. The increase in strategic transaction expenses in 2016 is primarily attributable to our acquisition of SJT Forjaria Ltda. and our divestitures of DCLLC and Nippon Reinz. See Notes 2 and 3 for additional information. During 2016, we received a recovery of costs previously incurred on behalf of other participants in a consortium that existed to administer certain legacy personal injury claims. During 2015, we reached a settlement with an insurance carrier for the recovery of previously incurred legal costs. During 2014, we received a payment from the liquidation proceedings of insurers. The sale of our payment-in-kind note receivable during the first quarter of 2014 resulted in the recognition of the remaining unrealized gain that arose following the valuation of the note receivable below its callable value at emergence from bankruptcy. As part of correcting overstatements of our pension and postretirement obligations and goodwill in September 2014, we credited Other income, net for $6 to effectively reverse a portion of the write-off of goodwill assigned to our former Driveshaft segment in 2008. See Note 1 for additional information. |
Segments, Geographical Area and Major Customer Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments, Geographical Area and Major Customer Information [Text Block] | Segments, Geographical Area and Major Customer Information We are a global provider of high technology driveline, sealing and thermal-management products for virtually every major vehicle manufacturer in the on-highway and off-highway markets. Our driveline products – axles, driveshafts and transmissions – are delivered through our Light Vehicle, Commercial Vehicle and Off-Highway operating segments. Our fourth global operating segment – Power Technologies – is the center of excellence for the sealing and thermal 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. Segment information —
Net assets include certain cash balances, accounts receivable, inventories, other current assets, certain intangibles, investments in affiliates, other noncurrent assets, net property, plant and equipment, notes payable and short term debt, accounts payable and current accrued liabilities. Reconciliation of segment EBITDA to consolidated net income —
Reconciliation of segment net assets to consolidated total assets —
Geographic information — Of our 2016 consolidated net sales, the U.S., Italy and Germany account for 46%, 9% and 6%, respectively. No other country accounted for more than 5% of our consolidated net sales during 2016. Sales are attributed to the location of the product entity recording the sale. Long-lived assets represent property, plant and equipment.
Sales to major customers — Ford is the only individual customer to whom sales have exceeded 10% of our consolidated sales in the past three years. Sales to Ford for the three most recent years were $1,300 (22%) in 2016, $1,187 (20%) in 2015 and $1,217 (18%) in 2014. |
Equity Affiliates |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Affiliates [Text Block] | Equity Affiliates We have a number of investments in entities that engage in the manufacture of vehicular parts – primarily axles, driveshafts and wheel-end braking systems – supplied to OEMs. Dividends received from equity affiliates were $11, $16 and $16 in 2016, 2015 and 2014. Equity method investments exceeding $5 at December 31, 2016 —
Our equity method investments in DDAC, Bendix Spicer Foundation Brake, LLC and Axles India Limited are included in the net assets of our Commercial Vehicle operating segment. The significant decline in China's commercial vehicle market during 2015 resulted in a series of monthly operating losses by DDAC. These factors when combined with updated long-range plan information received from DDAC in the fourth quarter of 2015, which incorporated China's projected "new normal" future growth rate, indicated that we may not be able to recover the carrying value of our investment in DDAC. During the fourth quarter of 2015, we calculated the fair value of our investment in DDAC to determine if we had an other-than-temporary decline in the carrying value of our investment. We used both the discounted cash flow (an income approach) and guideline public company (a market approach) methods, weighting each equally, to fair value our investment in DDAC. The discounted cash flow method used DDAC's updated long-range plan and focuses on estimating the expected after-tax cash flows attributable to the subject company over its life and converting these after-tax cash flows to present value through discounting. The discount rate of 16.0% which was used in our assessment accounts for both the time value of money and subject company risk factors. The guideline public company method focuses on comparing a subject company to reasonably similar (or "guideline") publicly-traded companies. Under this method, valuation multiples are: (i) derived from the operating data of selected guideline public companies; (ii) evaluated and adjusted based on the strengths and weaknesses of the subject company relative to the selected guideline companies; and (iii) applied to the operating data of the subject company to arrive at an indication of fair value. The carrying value of our investment in DDAC exceeded the calculated fair value by $39. The $39 impairment charge has been included in equity in earnings of affiliates. The carrying value of our equity method investments at December 31, 2016 was $27 more than our share of the affiliates’ book value, including $19 attributable to goodwill. The difference between the investment carrying value and the amount of underlying equity in assets, excluding goodwill, is being amortized on a straight-line basis over the underlying assets’ estimated useful lives of five to forty-five years. Summarized financial information for DDAC and other equity affiliates on a combined basis —
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Quarterly Results (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Results Unaudited [Text Block] | Dana Incorporated Quarterly Results (Unaudited) (In millions, except per share amounts)
_________________________________________________________ Note: Gross margin is net sales less cost of sales. Net income for the fourth quarter of 2016 includes a combined loss of $80 ($52 after tax) on the divestiture of our Nippon Reinz Co. Ltd. and Dana Companies, LLC subsidiaries and a $476 credit resulting from the release of valuation allowance on our U.S. deferred tax assets of $501 net of an increase in valuation allowance of $25 in Brazil. Net income for the second quarter of 2016 includes a $17 pre-tax loss on extinguishment of debt. Net income for the third quarter of 2015 includes a $36 ($24 after tax) loss on impairment of long-lived assets and a deferred tax asset valuation allowance release of $100. Net income for the fourth quarter of 2015 includes a $39 impairment loss related to our equity method investment in DDAC, a charge resulting from deferred tax asset valuation allowance adjustments of $49 and tax expense of $23 on the sale of an affiliate's stock to a non-U.S. affiliate. |
Schedule II - Valuation and Qualifying Accounts and Reserves |
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Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts and Reserves [Text Block] | Dana Incorporated Schedule II Valuation and Qualifying Accounts and Reserves (In millions) Amounts deducted from assets in the balance sheets —
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Organization and Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation [Policy Text Block] | Basis of presentation — Our consolidated financial statements include the accounts of all subsidiaries where we hold a controlling financial interest. The ownership interests in subsidiaries held by third parties are presented in the consolidated balance sheet within equity, but separate from the parent’s equity, as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in 20 to 50%-owned affiliates, which are not required to be consolidated, are generally accounted for under the equity method. Equity in earnings of these investments is presented separately in the consolidated statement of operations, net of tax. Investments in less-than-20%-owned companies are generally included in the financial statements at the cost of our investment. Dividends, royalties and fees from these cost basis affiliates are recorded in income when received. We have added the subtotal "Income before interest and income taxes" to our consolidated statement of operations. Interest income, interest expense and loss on extinguishment of debt are presented below the new subtotal but above the subtotal "Income from continuing operations before income taxes." Interest income was previously included in Other income, net. Prior year amounts have been reclassified to conform to the 2016 presentation. In the first quarter of 2015, we identified an error attributable to the calculation of noncontrolling interests net income of a subsidiary. The error resulted in an understatement of noncontrolling equity and noncontrolling interests net income and a corresponding overstatement of parent company stockholders' equity and net income attributable to the parent company in prior periods. Based on our assessments of qualitative and quantitative factors, the error and related impacts were not considered material to the financial statements of the prior periods to which they relate. The error was corrected in March 2015 by increasing noncontrolling interests net income by $9. The correction was not considered material to our 2015 net income attributable to the parent company. In the third quarter of 2014, we identified an error that had resulted in a $10 overstatement of the values assigned to our defined benefit pension obligation and goodwill when we applied fresh start accounting in 2008. These overstatements affected pension expense, other comprehensive income and impairment of goodwill in subsequent periods. Based on our assessments of qualitative and quantitative factors, the error and the related impacts were not considered material to the financial statements for the quarter ended September 30, 2014 or the prior periods to which they relate. The error was corrected in September 2014 by decreasing pension and postretirement obligations by $17, decreasing accumulated other comprehensive loss by $3 to eliminate the related impacts on unrecognized pension expense and currency translation adjustments, decreasing goodwill by $3, decreasing cost of sales by $5 to reverse the cumulative impact on pension expense and crediting Other income, net for $6 to effectively reverse a portion of the goodwill impairment recognized in 2008. |
Held for sale [Policy Text Block] | Held for sale — We classify long-lived assets or disposal groups as held for sale in the period: management commits to a plan to sell; the long-lived asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such long-lived assets or disposal groups; an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; the sale is probable within one year; the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets and disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. |
Discontinued operations [Policy Text Block] | Discontinued operations — Prior to January 1, 2015, we would classify a business component that had been disposed of or classified as held for sale as discontinued operations if the cash flows of the component were eliminated from our ongoing operations and we no longer had any significant continuing involvement in or with the component. The results of operations of our discontinued operations, including any gains or losses on disposition, were aggregated and presented on one line in the income statement. See Recently adopted accounting pronouncements in this note for a description of the current practice and Note 3 for additional information regarding our discontinued operations. |
Estimates [Policy Text Block] | Estimates — Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP), which require the use of estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. We believe our assumptions and estimates are reasonable and appropriate. However, due to the inherent uncertainties in making estimates, actual results could differ from those estimates. |
Fair value measurements [Policy Text Block] | Fair value measurements — A three-tier fair value hierarchy is used to prioritize the inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows: Level 1 inputs (highest priority) include unadjusted quoted prices in active markets for identical instruments. Level 2 inputs include quoted prices for similar instruments that are observable either directly or indirectly. Level 3 inputs (lowest priority) include unobservable inputs in which there is little or no market data, which require management to develop its own assumptions. Classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The inputs we use in our valuation techniques include market data or assumptions that we believe market participants would use in pricing an asset or liability, including assumptions about risk when appropriate. Our valuation techniques include a combination of observable and unobservable inputs. When available, we use quoted market prices to determine the fair value (market approach). In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, we consider the amount and timing of estimated future cash flows and assumed discount rates reflecting varying degrees of credit risk that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date (income approach). Fair values may not represent actual values of the financial instruments that could be realized as of the balance sheet date or that will be realized in the future. |
Cash and cash equivalents [Policy Text Block] | Cash and cash equivalents — Cash and cash equivalents includes cash on hand, demand deposits and short-term cash investments that are highly liquid in nature and have maturities of three months or less when purchased. |
Marketable securities [Policy Text Block] | Marketable securities — Our investments in marketable securities reported in the accompanying balance sheet are classified as available for sale and carried at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive income (loss) (AOCI) until realized. Realized gains and losses are recorded using the specific identification method. |
Inventories [Policy Text Block] | Inventories — Inventories are valued at the lower of cost or market. Cost is determined using the average or first-in, first-out (FIFO) cost method. |
Property, plant and equipment [Policy Text Block] | Property, plant and equipment — As a result of our adoption of fresh start accounting on February 1, 2008, property, plant and equipment was stated at fair value with useful lives ranging from two to thirty years. Useful lives of newly acquired assets are generally twenty to thirty years for buildings and building improvements, five to ten years for machinery and equipment, three to five years for tooling and office equipment and three to ten years for furniture and fixtures. Depreciation is recognized over the estimated useful lives using primarily the straight-line method for financial reporting purposes and accelerated depreciation methods for federal income tax purposes. If assets are impaired, their value is reduced via an increase in accumulated depreciation. |
Pre-production costs related to long-term supply arrangements [Policy Text Block] | Pre-production costs related to long-term supply arrangements — The costs of tooling used to make products sold under long-term supply arrangements are capitalized as part of property, plant and equipment and amortized over their useful lives if we own the tooling or if we fund the purchase but our customer owns the tooling and grants us the irrevocable right to use the tooling over the contract period. If we have a contractual right to bill our customers, costs incurred in connection with the design and development of tooling are carried as a component of other accounts receivable until invoiced. Design and development costs related to customer products are deferred if we have an agreement to collect such costs from the customer; otherwise, they are expensed when incurred. At December 31, 2016, the machinery and equipment component of property, plant and equipment includes $9 of our tooling related to long-term supply arrangements, while trade and other accounts receivable includes $32 of costs related to tooling that we have a contractual right to collect from our customers. |
Goodwill [Policy Text Block] | Goodwill — We test goodwill for impairment annually as of October 31 and more frequently if events occur or circumstances change that would warrant an interim review. Goodwill impairment testing is performed at the reporting unit level, which is our operating segment. We estimate the fair value of the reporting unit in the first step using various valuation methodologies, including projected future cash flows and multiples of current earnings. If the estimated fair value of the reporting unit exceeds its carrying value, the goodwill is considered not impaired. If the carrying value of the reporting unit exceeds its estimated fair value, then the second step of the test would be required to determine the implied fair value of the goodwill and any resulting impairment. The vast majority of our goodwill is assigned to our Off-Highway segment. The estimated fair value of our Off-Highway reporting unit was significantly greater than its carrying value at October 31, 2016. No impairment of goodwill occurred during the three years ended December 31, 2016. |
Intangible assets [Policy Text Block] | Intangible assets — Intangible assets include the value of core technology, trademarks and trade names, customer relationships and intangible assets used in research and development activities. Core technology and customer relationships have definite lives while intangible assets used in research and development activities and substantially all of our trademarks and trade names have indefinite lives. Definite-lived intangible assets are amortized over their useful life using the straight-line method of amortization and are periodically reviewed for impairment indicators. Amortization of core technology is charged to cost of sales. Amortization of trademarks and trade names and customer relationships is charged to amortization of intangibles. Intangible assets used in research and development activities have an indefinite life until completion of the associated research and development efforts. Upon completion of development, the assets are amortized over their useful life; if the project is abandoned, the assets are written off immediately. Indefinite-lived intangible assets are tested for impairment annually and more frequently if impairment indicators exist. See Notes 3 and 4 for more information about intangible assets. |
Investments in affiliates [Policy Text Block] | Investments in affiliates — Investments in affiliates include investments accounted for under the equity and cost methods. We monitor our investments in affiliates for indicators of other-than-temporary declines in value on an ongoing basis in accordance with GAAP. Indicators include, but are not limited to, current economic and market conditions, operating performance of the affiliate, including current earnings trends and undiscounted cash flows, and other affiliate-specific information. If we determine that an other-than-temporary decline in value has occurred, we recognize an impairment loss, which is measured as the excess of the investment's recorded carrying value over its fair value. The fair value determination, particularly for investments in privately-held companies, requires significant judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and determination of whether any identified impairment is other than temporary. See Note 20 for further information about our investment in affiliates. |
Tangible asset impairments [Policy Text Block] | Tangible asset impairments — We review the carrying value of amortizable long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the undiscounted future net cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell and are no longer depreciated. |
Other long-lived assets and liabilities [Policy Text Block] | Other long-lived assets and liabilities — We discount our workers’ compensation and asbestos liabilities and the related amounts recoverable from insurers by applying blended risk-free rates that are appropriate for the duration of the projected cash flows. The use of risk-free rates is considered appropriate given that other risks affecting the volume and timing of payments have been considered in developing the probability-weighted projected cash flows. The blended risk-free rates are revised annually to consider incremental cash flow projections. |
Financial instruments [Policy Text Block] | Financial instruments — The carrying values of cash and cash equivalents, trade receivables and short-term borrowings approximate fair value. Notes receivable are carried at fair value, which considers the contractual call or selling price, if applicable. Borrowings under our credit facilities are carried at historical cost and adjusted for principal payments and foreign currency fluctuations. |
Derivatives [Policy Text Block] | Derivatives — Foreign currency forward contracts and currency swaps are carried at fair value. We enter into these contracts to manage our exposure to the impact of currency fluctuations on certain foreign currency-denominated assets and liabilities and on a portion of our forecasted purchase and sale transactions. On occasion, we also enter into net investment hedges to protect the translated U.S. dollar value of our investment in certain foreign subsidiaries. Changes in the fair value of currency-related contracts treated as cash flow hedges are deferred and included as a component of other comprehensive income (loss) (OCI) to the extent the contracts remain effective and the associated forecasted transactions remain probable. Effectiveness is measured by using regression analysis to determine the degree of correlation between the change in the fair value of the derivative instrument and the change in the associated foreign currency exchange rates. Deferred gains and losses are reclassified to Other income, net in the same periods in which the underlying transactions affect earnings. Changes in the fair value of contracts not treated as cash flow hedges or as net investment hedges are recognized in Other income, net in the period in which those changes occur. Changes in the fair value of contracts treated as net investment hedges are recorded in the cumulative translation adjustment (CTA) component of OCI. Amounts recorded in CTA are deferred until such time as the investment in the associated subsidiary is substantially liquidated. We may also use interest rate swaps to manage exposure to fluctuations in interest rates and to adjust the mix of our fixed-rate and variable-rate debt. With our current portfolio of fixed-rate debt, we occasionally execute a fixed-to-floating interest rate swap which serves to convert our fixed-rate debt to variable-rate debt. As a fair value hedge of the underlying debt, changes in the fair values of the swap and the underlying debt are recorded in interest expense. We do not use derivatives for trading or speculative purposes and we do not hedge all of our exposures. |
Standard Product Warranty [Policy Text Block] | Warranty — Costs related to product warranty obligations are estimated and accrued at the time of sale with a charge against cost of sales. Warranty accruals are evaluated and adjusted as appropriate based on occurrences giving rise to potential warranty exposure and associated experience. Warranty accruals and adjustments require significant judgment, including a determination of our involvement in the matter giving rise to the potential warranty issue or claim, our contractual requirements, estimates of units requiring repair and estimates of repair costs. |
Extended Product Warranty [Policy Text Block] | Warranty — Costs related to product warranty obligations are estimated and accrued at the time of sale with a charge against cost of sales. Warranty accruals are evaluated and adjusted as appropriate based on occurrences giving rise to potential warranty exposure and associated experience. Warranty accruals and adjustments require significant judgment, including a determination of our involvement in the matter giving rise to the potential warranty issue or claim, our contractual requirements, estimates of units requiring repair and estimates of repair costs. |
Environmental compliance and remediation [Policy Text Block] | Environmental compliance and remediation — Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to existing conditions caused by past operations that do not contribute to our current or future revenue generation are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. We consider the most probable method of remediation, current laws and regulations and existing technology in determining our environmental liabilities. |
Pension and other postretirement defined benefits [Policy Text Block] | Pension and other postretirement defined benefits — Net pension and postretirement benefits expenses and the related liabilities are determined on an actuarial basis. These plan expenses and obligations are dependent on management’s assumptions developed in consultation with our actuaries. We review these actuarial assumptions at least annually and make modifications when appropriate. With the input of independent actuaries and other relevant sources, we believe that the assumptions used are reasonable; however, changes in these assumptions, or experience different from that assumed, could impact our financial position, results of operations or cash flows. |
Postemployment benefits [Policy Text Block] | Postemployment benefits — Costs to provide postemployment benefits to employees are accounted for on an accrual basis. Obligations that do not accumulate or vest are recorded when payment is probable and the amount can be reasonably estimated. For those obligations that accumulate or vest and the amount can be reasonably estimated, expense and the related liability are recorded as service is rendered. |
Equity-based compensation [Policy Text Block] | Equity-based compensation — We measure compensation cost arising from the grant of share-based awards to employees at fair value. We recognize such costs in income over the period during which the requisite service is provided, usually the vesting period. The grant date fair value is estimated using valuation techniques that require the input of management estimates and assumptions. We believe that the assumptions used are reasonable; however, due to inherent uncertainties in making estimates, if other assumptions had been used, it could have impacted our financial position and results of operations. |
Revenue recognition [Policy Text Block] | Revenue recognition — Sales are recognized when products are shipped and risk of loss has transferred to the customer. We accrue for warranty costs, sales returns and other allowances based on experience and other relevant factors when sales are recognized. Adjustments are made as new information becomes available. Shipping and handling fees billed to customers are included in sales, while costs of shipping and handling are included in cost of sales. Taxes collected from customers are excluded from revenues and credited directly to obligations to the appropriate governmental agencies. |
Foreign currency translation [Policy Text Block] | Foreign currency translation — The financial statements of subsidiaries and equity affiliates outside the U.S. located in non-highly inflationary economies are measured using the currency of the primary economic environment in which they operate as the functional currency, which typically is the local currency. Transaction gains and losses resulting from translating assets and liabilities of these entities into the functional currency are included in Other income, net or in equity in earnings of affiliates. When translating into U.S. dollars, income and expense items are translated at average monthly rates of exchange, while assets and liabilities are translated at the rates of exchange at the balance sheet date. Translation adjustments resulting from translating the functional currency into U.S. dollars are deferred and included as a component of AOCI in stockholders’ equity. For operations whose functional currency is the U.S. dollar, nonmonetary assets are translated into U.S. dollars at historical exchange rates and monetary assets are translated at current exchange rates. Because the economy in Venezuela was considered highly inflationary under GAAP, we remeasured the financial statements of our subsidiaries in Venezuela through the January 2015 date of divestiture as if their functional currency was the U.S. dollar. Prior to 2014, the Venezuelan government through its Commission for the Administration of Foreign Exchange (CADIVI) maintained a fixed official exchange rate. In March 2013, the Venezuelan government announced the creation of the Complementary System of Foreign Currency Administration (SICAD), a supplementary currency auction system regulated by the Central Bank of Venezuela for purchases of U.S. dollars by certain eligible importers. During 2013, our subsidiaries in Venezuela were not eligible to utilize SICAD and therefore we continued to use the official exchange rate to remeasure the financial statements of our subsidiaries in Venezuela. In the first quarter of 2014, the Venezuelan government transferred the administration of the official exchange rate to the National Center of Foreign Commerce (CENCOEX) and indicated that the official exchange rate would be increasingly reserved only for the settlement of U.S. dollar-denominated obligations related to purchases of “essential goods and services.” In addition, the Venezuelan government expanded the entities and transactions that would be eligible to use SICAD. Transactions eligible for SICAD included foreign investments and payments of royalties. Also during the first quarter of 2014, the Venezuelan government announced the creation of SICAD 2, a market-based exchange mechanism regulated by the Central Bank of Venezuela. SICAD 2 could be used by all companies incorporated or domiciled in Venezuela who want to obtain U.S. dollars for any purpose. With the expansion of SICAD and the formation of SICAD 2 there was uncertainty surrounding transactions that CENCOEX would allow to be transacted at the official exchange rate. In consultation with legal counsel we determined that the SICAD rate, which we believed would apply to dividend remittances, was the appropriate rate to remeasure the bolivar- denominated net monetary assets of our subsidiaries in Venezuela. Effective March 31, 2014, we ceased using the official exchange rate and began using the SICAD rate to remeasure the financial statements of our subsidiaries in Venezuela. See Note 18 for additional information. In January 2015, we completed the divestiture of our operations in Venezuela. See Note 3 for additional information. |
Income taxes [Policy Text Block] | Income taxes — In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax assets or liabilities for all years subject to examination based upon management’s evaluation of the facts and circumstances and information available at the reporting dates. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, the related interest cost has also been recognized as a component of the income tax provision. |
Research and development [Policy Text Block] | Research and development — Research and development costs include expenditures for research activities relating to product development and improvement. Salaries, fringes and occupancy costs, including building, utility and overhead costs, comprise the vast majority of these expenses and are expensed as incurred. Research and development expenses were $81, $75 and $72 in 2016, 2015 and 2014. |
Recently adopted accounting pronouncements [Policy Text Block] | Recently adopted accounting pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued guidance intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The guidance addresses income tax effects of share-based payments, tax withholding requirements, recognition for forfeitures and presentation requirements in the statement of cash flows. This guidance has an effective date of January 1, 2017 with earlier adoption permitted. We elected to adopt the new guidance in the third quarter of 2016, requiring us to reflect any adjustments as of January 1, 2016 in retained earnings. The primary impact of adopting the new guidance was an increase in deferred tax assets of $32 related to the cumulative excess tax benefits resulting from share-based payments. Previous guidance resulted in credits to equity for such tax benefits and delayed recognition until the tax benefits reduced income taxes payable. Because we continued to carry a valuation allowance against certain of our deferred tax assets in the U.S., the increase in deferred tax assets was offset by an increase in our valuation allowance of $32, resulting in no impact to retained earnings as of January 1, 2016. With respect to other provisions in the new guidance, our plans currently do not permit tax withholdings in excess of the statutory minimums and we have elected to continue estimating forfeitures expected to occur when determining the amount of compensation cost to be recognized in each period. The presentation requirements for cash flows under the new standard had no impact on our consolidated statement of cash flows. In November 2015, the FASB issued guidance that simplifies the balance sheet classification of deferred taxes. Previously, an entity separated its deferred income tax liabilities and assets into current and noncurrent amounts in a classified balance sheet. This amendment simplifies the presentation to require that all deferred tax liabilities and assets be classified as noncurrent on the balance sheet. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction. The change to noncurrent classification does have an impact on working capital. This guidance becomes effective January 1, 2017, with earlier adoption permitted and allows for prospective or retrospective application. We elected to adopt the guidance in the fourth quarter of 2016 and applied the retrospective approach. As of December 31, 2015, Other current assets was reduced by $43, Deferred tax assets was increased by $18, Taxes on income was reduced by $2 and Other noncurrent liabilities was reduced by $23. As of December 31, 2014, Other current assets was reduced by $50, Deferred tax assets was increased by $39, Taxes on income was reduced by $1 and Other noncurrent liabilities was reduced by $10. In September 2015, the FASB issued an amendment that eliminates the requirement to restate prior period financial statements for measurement period adjustments in accounting for business combinations. Entities must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This guidance became effective January 1, 2016 and requires prospective application to qualifying business combinations. In May 2015, the FASB issued guidance that modifies disclosures related to investments for which fair value is measured using the net asset value (or its equivalent) per share practical expedient by eliminating the requirement to categorize such assets under the fair value hierarchy. The new guidance also eliminates the requirement to include in certain disclosures those investments that are merely eligible to be measured using the practical expedient, limiting the disclosures to those investments actually valued under that approach. This guidance became effective January 1, 2016 and requires retrospective application. This guidance resulted in all of the commingled funds, hedge fund of funds and real estate investments held by our pension plans being removed from the fair value hierarchy within our year-end pension disclosures. In April, 2015, the FASB issued an amendment to provide explicit guidance about a customer's accounting for fees paid in a cloud computing arrangement. If a cloud computing arrangement includes a software license, then the customer must account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, then the customer must account for the arrangement as a service contract. We adopted the new guidance effective January 1, 2016. Applying the amendment to all arrangements entered into or materially modified after the effective date did not have an impact on our consolidated financial statements. In April 2015, the FASB issued guidance to provide for a practical expedient that permits an entity to measure defined benefit plan assets and obligations as of the month end that is closest to the date of a significant event, such as a plan amendment, settlement or curtailment, that calls for a remeasurement in accordance with existing requirements. An entity is required to disclose the accounting policy election and the date used to measure defined benefit plan assets and obligations. The new guidance was effective January 1, 2016 and did not impact our consolidated financial statements. In February 2015, the FASB released updated consolidation guidance that entities must use to evaluate specific ownership and contractual arrangements that lead to a consolidation conclusion. The updates could change consolidation outcomes affecting presentation and disclosures. The new guidance was effective January 1, 2016 and did not impact our consolidated financial statements. In June 2014, the FASB issued guidance to provide clarity on whether to treat a performance target that could be achieved after the requisite service period as a performance condition that affects vesting or as a nonvesting condition that affects the grant-date fair value of a share-based payment award. Generally, an award with a performance target also requires an employee to render service until the performance target is achieved. In some cases, however, the terms of an award may provide that the performance target could be achieved after an employee completes the requisite service period. The amendment requires that a performance target that affects vesting and extends beyond the end of the service period be treated as a performance condition and not as a factor in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The new guidance was effective January 1, 2016 and did not impact our consolidated financial statements. |
Recently issued accounting pronouncements [Policy Text Block] | Recently issued accounting pronouncements In November 2016, the FASB released guidance that addresses the diversity in practice in the classification and presentation of changes in restricted cash on the statement of cash flows. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance becomes effective January 1, 2018 and must be applied on a retrospective basis. This guidance will result in a change in presentation of our consolidated statement of cash flows. In October 2016, the FASB issued guidance that simplifies the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current GAAP prohibits the recognition in earnings of current and deferred income taxes for an intra-entity transfer until the asset is sold to an outside party or recovered through use. This amendment simplifies the accounting by requiring entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The new guidance, which could impact effective tax rates, becomes effective January 1, 2018 and requires modified retrospective application. Early adoption is permitted as of the beginning of an annual reporting period for which interim or annual financial statements have not yet been issued. We intend to adopt this guidance effective January 1, 2017. The adoption of the new guidance will result in a decrease in Other current assets of $10, a decrease in Other noncurrent assets of $168 and a decrease in beginning retained earnings at January 1, 2017 of $178. In August 2016, the FASB released guidance intended to reduce diversity in practice in how certain cash receipts and cash payments are classified in the statement of cash flows. This guidance becomes effective January 1, 2018 and must be applied on a retrospective basis. This guidance is not expected to have a material impact on our consolidated statement of cash flows. In June 2016, the FASB issued new guidance for the accounting for credit losses on certain financial instruments. This guidance introduces a new approach to estimating credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. This guidance, which becomes effective January 1, 2020, is not expected to have a material impact on our consolidated financial statements. In March 2016, the FASB issued simplification guidance to eliminate the requirement for an entity to retrospectively apply the equity method of accounting upon obtaining significant influence over an investment that it previously accounted for under the cost basis or at fair value. That is, it is no longer required to restate all periods as if the equity method had been in effect during all previous periods that the investment had been held. The guidance applies to covered transactions that occur after December 31, 2016. Early adoption is permitted. The significance of this guidance for us is dependent on any qualifying future investments. In March 2016, the FASB issued guidance that simplifies the embedded derivative analysis for debt instruments containing contingent call or put options. The amendment clarifies that an exercise contingency does not need to be evaluated to determine whether it relates to interest rates and credit risk in an embedded derivative analysis. That is, a contingent put or call option embedded in a debt instrument would be evaluated for possible separate accounting as a derivative instrument without regard to the nature of the exercise contingency. This guidance becomes effective January 1, 2017 and must be applied on a modified retrospective basis to all existing and future debt instruments. We do not expect the adoption of this guidance to have an impact on our consolidated financial statements. In March 2016, the FASB issued guidance that clarifies the hedge accounting impact when there is a change in one of the counterparties to a derivative contract. The new guidance clarifies that a change in the counterparty to a derivative contract by itself does not require the dedesignation of a hedging relationship provided that all other hedge accounting criteria continue to be met. This guidance becomes effective January 1, 2018 and can be applied on either a prospective basis or a modified retrospective basis. Early adoption is permitted. We do not expect the adoption of this guidance to have an impact on our consolidated financial statements. In February 2016, the FASB issued its new lease accounting standard. The primary focus of the standard is on the accounting by lessees. This standard requires lessees to recognize a right-of-use asset and a lease liability for virtually all leases (other than leases that meet the definition of a short-term lease) on the balance sheet. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from current GAAP. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern in the income statement. Quantitative and qualitative disclosures are required to provide insight into the extent of revenue and expense recognized and expected to be recognized from leasing arrangements. Approximately three-fourths of our global lease portfolio represents leases of real estate, including manufacturing, assembly and office facilities, while the remainder represents leases of personal property, including manufacturing, material handling and IT equipment. Many factors will impact the ultimate measurement of the lease obligation to be recognized upon adoption, including our assessment of the likelihood of renewal of leases that provide such an option. We continue to evaluate the impact this guidance will have on our consolidated financial statements. This guidance becomes effective January 1, 2019 with early adoption permitted. In January 2016, the FASB issued an amendment that addresses the recognition, measurement, presentation and disclosure of certain financial instruments. Investments in equity securities currently classified as available-for-sale and carried at fair value, with changes in fair value reported in other comprehensive income (OCI), will be carried at fair value determined on an exit price notion and changes in fair value will be reported in net income. The new guidance also affects the assessment of deferred tax assets related to available-for-sale securities, the accounting for liabilities for which the fair value option is elected and the disclosures of financial assets and financial liabilities in the notes to the financial statements. This guidance, which becomes effective January 1, 2018, is not expected to have a material impact on our consolidated financial statements. In July 2015, the FASB issued an amendment that changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. This amendment only addresses the measurement of inventory if its value declines or is impaired. The guidance on determining the cost of inventory is not being amended. This guidance becomes effective January 1, 2017 and requires prospective application. Adoption of this guidance will have no impact on our consolidated financial statements. In May 2014, the FASB issued guidance that requires companies to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in amounts that reflect the consideration a company expects to be entitled to in exchange for those goods or services. The new guidance will also require new disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In July 2015, the FASB adopted a one-year deferral of this guidance. In March 2016, the FASB issued an amendment to clarify the principal versus agent assessment in a revenue transaction. In April 2016, the FASB finalized amendments on identifying performance obligations and accounting for licenses of intellectual property. In May 2016, the FASB finalized amendments on collectibility, noncash consideration, presentation of sales tax and transition. This guidance will be effective January 1, 2018 for Dana. The guidance allows for either a full retrospective or a modified retrospective transition method. We are in the process of assessing our customer contracts, identifying contractual provisions that may result in a change in the timing or the amount of revenue recognized in comparison with current guidance, as well as assessing the enhanced disclosure requirements of the new guidance. Under current guidance we generally recognize revenue when products are shipped and risk of loss has transferred to the customer. Under the proposed requirements, the customized nature of some of our products and contractual provisions in many of our customer contracts that provide us with an enforceable right to payment, may require us to recognize revenue prior to the product being shipped to the customer. We are also assessing pricing provisions contained in certain of our customer contracts. Pricing provisions contained in some of our customer contracts represent variable consideration or may provide the customer with a material right, potentially resulting in a different allocation of the transaction price than under current guidance. In addition, we are evaluating how the new guidance may impact our accounting for customer tooling, engineering and design services and pre-production costs. We continue to evaluate the impact this guidance will have on our financial statements. |
Acquisitions (Tables) |
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The purchase consideration and the related allocation to the acquisition date fair values of the assets acquired are presented in the following table:
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Disposal Groups and Impairment of Long-Lived Assets (Tables) |
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Disclosures for Disposal Groups and Discontinued Operations [Table Text Block] | The results of the discontinued operations were as follows:
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Goodwill and Other Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the Carrying Amount of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill by segment —
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Components of Other (Finite-Lived) Intangible Assets [Table Text Block] | Components of other intangible assets —
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Components of Other (Indefinite-Lived) Intangible Assets [Table Text Block] | Components of other intangible assets —
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Amortization Expense Related to Amortizable Intangible Assets [Table Text Block] | Amortization expense related to amortizable intangible assets —
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Estimated Aggregate Pre-Tax Amortization Expense Related to Intangible Assets [Table Text Block] | The following table provides the estimated aggregate pre-tax amortization expense related to intangible assets for each of the next five years based on December 31, 2016 exchange rates. Actual amounts may differ from these estimates due to such factors as currency translation, customer turnover, impairments, additional intangible asset acquisitions and other events.
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Restructuring of Operations (Tables) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Restructuring Costs and Activity [Table Text Block] | Accrued restructuring costs and activity, including noncurrent portion —
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Cost to Complete [Table Text Block] | Cost to complete — The following table provides project-to-date and estimated future restructuring expenses for completion of our approved restructuring initiatives for our business segments at December 31, 2016.
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Components [Table Text Block] | Inventory components at December 31 —
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Supplemental Balance Sheet and Cash Flow Information (Tables) |
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Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Balance Sheet Information [Text Block] | Supplemental balance sheet information at December 31 —
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Supplemental Cash Flow Information [Table Text Block] | Supplemental cash flow information —
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Stockholders' Equity (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Each Component of AOCI of the Parent [Table Text Block] | Changes in each component of AOCI of the parent —
___________________________________________________ Notes: (a) Foreign currency contract and investment reclassifications are included in Other income, net. (b) See Note 11 for additional details. |
Earnings per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Numerators and Denominators of Earnings Per Share Calculations [Table Text Block] | Reconciliation of the numerators and denominators of the earnings per share calculations —
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Stock Compensation (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Award Activity [Table Text Block] | Award activity — (shares in millions)
* Weighted-average |
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Total Stock Compensation Expense and Other Annual Disclosures [Table Text Block] |
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Key Assumptions as Part of Monte Carlo Simulation Model [Table Text Block] | For the portion of the PSU award based on shareholder returns, we estimated the fair value at grant date using various assumptions as part of a Monte Carlo simulation. The expected term represents the period from the grant date to the end of the performance period. The risk-free interest rate was based on U.S. Treasury constant maturity rates at the grant date. The dividend yield was calculated by dividing the expected annual dividend by the average stock price over the prior year. The expected volatility was based on historical volatility using daily stock price observations.
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Pension and Postretirement Benefit Plans (Tables) |
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Components of Net Periodic Benefit Cost (Credit) and Other Amounts Recognized in OCI [Table Text Block] | Components of net periodic benefit cost (credit) and other amounts recognized in OCI —
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Reconciliation of Changes in Benefit Obligations, Plan Assets and Funded Status [Table Text Block] | Funded status — The following tables provide reconciliations of the changes in benefit obligations, plan assets and funded status.
The amount included on the New plans line in the preceding table includes obligations under a pension plan in Switzerland, gratuity plans in India and a termination benefit plan covering certain employees in Italy. We determined in 2016 that these obligations should be included within our defined benefit pension plan obligation and the related disclosures. The adjustments were primarily reclassifications from Other noncurrent liabilities to Pension and postretirement obligations and did not have a material impact on pension expense.
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Amounts Recognized in the Balance Sheet [Table Text Block] | Amounts recognized in the balance sheet —
Amounts recognized in AOCI —
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Aggregate Funding Levels [Table Text Block] | Aggregate funding levels — The following table presents information regarding the aggregate funding levels of our defined benefit pension plans at December 31:
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Fair Value of Pension Plan Assets [Table Text Block] | Fair value of pension plan assets —
________________________________ Notes:
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Reconciliation of Level 3 Assets [Table Text Block] |
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One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | A one-percentage-point change in assumed health care cost trend rates would have the following effects for 2016:
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Expected Future Benefit Payments [Table Text Block] | Estimated future benefit payments and contributions — Expected benefit payments by our pension and OPEB plans for each of the next five years and for the following five-year period are as follows:
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Multiemployer Pension Plans [Table Text Block] |
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Significant Weighted Average Assumptions Used [Table Text Block] | Significant assumptions — The significant weighted-average assumptions used in the measurement of pension benefit obligations at December 31 of each year and the net periodic benefit cost for each year are as follows:
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Other Postretirement Benefit Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Weighted Average Assumptions Used [Table Text Block] | The significant weighted-average assumptions used in the measurement of OPEB obligations at December 31 of each year and the net periodic benefit cost for each year are as follows:
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Marketable Securities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Marketable Securities [Table Text Block] |
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Financing Agreements (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt [Table Text Block] | Long-term debt at December 31 —
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Scheduled Principal Payments on Long-Term Debt [Table Text Block] | Scheduled principal payments on long-term debt at December 31, 2016 —
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Debt Instrument Redemption [Table Text Block] | We may redeem some or all of the senior notes at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date, if redeemed during the 12-month period commencing on the anniversary date of the senior notes in the years set forth below:
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Schedule of Revolving Facility Arrangements [Table Text Block] | Advances under the Revolving Facility bear interest at a floating rate based on, at our option, the base rate or Eurodollar rate (each as described in the revolving credit agreement) plus a margin as set forth below:
Commitment fees are applied based on the average daily unused portion of the available amounts under the Revolving Facility as set forth below:
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Fair Value Measurements and Derivatives (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis [Table Text Block] | Fair value measurements on a recurring basis — Assets and liabilities that are carried in our balance sheet at fair value are as follows:
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Carrying Amounts and Fair Values of Financial Instruments [Table Text Block] | Fair value of financial instruments — The financial instruments that are not carried in our balance sheet at fair value are as follows:
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Notional Amount of Currency Derivatives [Table Text Block] | The following currency derivatives were outstanding at December 31, 2016:
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Payments Under Operating Leases [Table Text Block] | Lease commitments — Cash obligations under future minimum rental commitments under operating leases and net rental expense are shown in the table below. Operating lease commitments are primarily related to facilities, including the two facilities associated with the SJT Forjaria Ltda. acquisition.
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Rent Expense [Table Text Block] |
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Warranty Obligations (Tables) |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Warranty Liabilities [Table Text Block] | Changes in warranty liabilities —
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit) Attributable to Continuing Operations [Table Text Block] | Income tax expense (benefit) attributable to continuing operations —
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Income from Continuing Operations Before Income Taxes [Table Text Block] | Income from continuing operations before income taxes —
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Effective Tax Rate Reconciliation [Table Text Block] | Effective tax rate reconciliation for continuing operations —
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Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax assets and liabilities — Temporary differences and carryforwards give rise to the following deferred tax assets and liabilities.
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Net Operating Loss Carryforwards [Table Text Block] | The following table identifies the net operating loss deferred tax asset components and the related allowances that existed at December 31, 2016. Due to time limitations on the ability to realize the benefit of the carryforwards, additional portions of these deferred tax assets may become unrealizable in the future.
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Reconciliation of Gross Unrecognized Tax Benefits [Table Text Block] | Reconciliation of gross unrecognized tax benefits —
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Other Income, Net (Tables) |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Income and Other Expenses [Table Text Block] |
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Segments, Geographical Area and Major Customer Information (Tables) |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information [Table Text Block] | Segment information —
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Reconciliation of Segment EBITDA to Consolidated Net Income [Table Text Block] | Reconciliation of segment EBITDA to consolidated net income —
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Reconciliation of Segment Net Assets to Consolidated Total Assets [Table Text Block] | Reconciliation of segment net assets to consolidated total assets —
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Geographic Information [Table Text Block] | Geographic information — Of our 2016 consolidated net sales, the U.S., Italy and Germany account for 46%, 9% and 6%, respectively. No other country accounted for more than 5% of our consolidated net sales during 2016. Sales are attributed to the location of the product entity recording the sale. Long-lived assets represent property, plant and equipment.
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Equity Affiliates (Tables) |
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All Affiliate Investments [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments [Table Text Block] | Equity method investments exceeding $5 at December 31, 2016 —
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All Equity Affiliates Combined [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments [Table Text Block] | Summarized financial information for DDAC and other equity affiliates on a combined basis —
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Quarterly Results (Unaudited) (Tables) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Results [Table Text Block] | Dana Incorporated Quarterly Results (Unaudited) (In millions, except per share amounts)
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Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 23, 2016 |
Feb. 28, 2011 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Business Acquisition [Line Items] | |||||
Purchase price, cash consideration | $ 78 | ||||
Business Combination, Goodwill | $ 90 | $ 80 | $ 90 | ||
SIFCO S.A. [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, cash consideration | $ 60 | $ 150 | |||
Purchase price, deferred consideration | 9 | ||||
Total purchase consideration | 69 | ||||
Business Combination, Accounts receivable - Trade | 1 | ||||
Business Combination, Accounts receivable - Other | 1 | ||||
Business Combination, Inventories | 10 | ||||
Business Combination, Goodwill | 6 | ||||
Business Combination, Intangibles | 3 | ||||
Business Combination, Property, plant and equipment | 59 | ||||
Business Combination, Accounts payable | (2) | ||||
Business Combination, Accrued payroll and employee benefits | (9) | ||||
Business Combination, Total purchase consideration allocation | $ 69 |
Disposal Groups and Impairment of Long-Lived Assets - Results of Discontinued Operations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Income (loss) from discontinued operations | $ 4 | $ (15) | |
Discontinued Operations, Disposed of by Sale [Member] | Structural Products [Member] | |||
Sales | 0 | 0 | |
Other income (expense) | 5 | (19) | |
Pre-tax income (loss) | 5 | (19) | |
Income tax expense (benefit) | 1 | (4) | |
Income (loss) from discontinued operations | $ 4 | $ (15) |
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
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Goodwill [Roll Forward] | ||
Beginning balance | $ 80 | $ 90 |
Acquisitions | 12 | |
Currency impact | (2) | (10) |
Ending balance | 90 | 80 |
Off-Highway Segment [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 80 | 90 |
Currency impact | (2) | (10) |
Ending balance | 78 | 80 |
Commercial Vehicle Segment [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 0 | 0 |
Acquisitions | 6 | |
Ending balance | 6 | 0 |
Power Technologies Segment [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 0 | 0 |
Acquisitions | 6 | |
Ending balance | $ 6 | $ 0 |
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Impairment of finite-lived intangible assets | $ 0 | ||
Net carrying amounts of intangible assets, other than goodwill | 109,000,000 | $ 102,000,000 | |
Light Vehicle Segment [Member] | |||
Net carrying amounts of intangible assets, other than goodwill | 22,000,000 | ||
Commercial Vehicle Segment [Member] | |||
Net carrying amounts of intangible assets, other than goodwill | 37,000,000 | ||
Off-Highway Segment [Member] | |||
Net carrying amounts of intangible assets, other than goodwill | 36,000,000 | ||
Power Technologies Segment [Member] | |||
Net carrying amounts of intangible assets, other than goodwill | 14,000,000 | ||
Trademarks and Trade Names [Member] | |||
Impairment of indefinite-lived intangible assets | 0 | 0 | $ 0 |
Used In Research And Development [Member] | |||
Impairment of indefinite-lived intangible assets | $ 0 | $ 0 | $ 0 |
Goodwill and Other Intangible Assets - Amortization Expense Related to Amortizable Intangible Assets (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||
Charged to cost of sales | $ 1 | $ 2 | $ 7 |
Charged to amortization of intangibles | 8 | 14 | 42 |
Total amortization | $ 9 | $ 16 | $ 49 |
Goodwill and Other Intangible Assets - Estimated Aggregate Pre-tax Amortization Expense Related to Intangible Assets (Details) $ in Millions |
Dec. 31, 2016
USD ($)
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Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortization expense 2017 | $ 7 |
Amortization expense 2018 | 4 |
Amortization expense 2019 | 2 |
Amortization expense 2020 | 2 |
Amortization expense 2021 | $ 2 |
Restructuring of Operations - Additional Information (Details) $ in Millions |
12 Months Ended | |||
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Dec. 31, 2016
employee
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Dec. 31, 2016
USD ($)
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Dec. 31, 2015
USD ($)
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Dec. 31, 2014
USD ($)
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Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense | $ 36 | $ 15 | $ 21 | |
Estimated reduction of employees | employee | 800 | |||
Restructuring And Related Activities, Completion Period Duration | 2 years | |||
Employee Termination Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense | 33 | 12 | 15 | |
Exit Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense | $ 3 | $ 3 | $ 6 |
Restructuring of Operations - Accrued Restructuring Costs and Activity (Details) - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Restructuring Reserve [Roll Forward] | |||
Beginning balance | $ 17 | $ 21 | $ 25 |
Charges to restructuring | 38 | 15 | 23 |
Adjustments of accruals | (2) | (2) | |
Cash payments | (15) | (16) | (26) |
Currency impact | (3) | 1 | |
Ending Balance | 38 | 17 | 21 |
Employee Termination Benefits [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 9 | 12 | 14 |
Charges to restructuring | 35 | 12 | 17 |
Adjustments of accruals | (2) | (2) | |
Cash payments | (10) | (12) | (18) |
Currency impact | (3) | 1 | |
Ending Balance | 32 | 9 | 12 |
Exit Costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 8 | 9 | 11 |
Charges to restructuring | 3 | 3 | 6 |
Adjustments of accruals | |||
Cash payments | (5) | (4) | (8) |
Ending Balance | $ 6 | $ 8 | $ 9 |
Restructuring of Operations - Cost to Complete (Details) - USD ($) $ in Millions |
12 Months Ended | 66 Months Ended | 78 Months Ended |
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2016 |
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Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs incurred | $ 36 | $ 34 | $ 70 |
Future cost to complete | 16 | 16 | |
Light Vehicle Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs incurred | 2 | 9 | 11 |
Future cost to complete | 1 | 1 | |
Commercial Vehicle Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs incurred | 18 | $ 25 | 43 |
Future cost to complete | 15 | 15 | |
Off-Highway Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs incurred | 14 | 14 | |
Corporate and Other [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs incurred | $ 2 | $ 2 |
Inventories - Inventory Components (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 321 | $ 306 |
Work in process and finished goods | 368 | 365 |
Inventory reserves | (51) | (46) |
Total | $ 638 | $ 625 |
Supplemental Balance Sheet and Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Change in Working Capital [Abstract] | ||||||
Change in accounts receivable | $ (86) | $ 0 | $ (32) | |||
Change in inventories | (13) | (28) | (56) | |||
Change in accounts payable | 70 | (22) | 66 | |||
Change in accrued payroll and employee benefits | 5 | 3 | 13 | |||
Change in accrued income taxes | (13) | (1) | (2) | |||
Change in other current assets and liabilities | (14) | 7 | (28) | |||
Net | (51) | (41) | (39) | |||
Supplemental Cash Flow Information [Abstract] | ||||||
Interest paid | 111 | 96 | 122 | |||
Income taxes paid | 89 | 90 | 116 | |||
Purchases of property, plant and equipment held in accounts payable | $ 113 | $ 55 | $ 48 | |||
Non-cash financing activity related to stock compensation plans | 14 | 15 | 13 | |||
Conversion of preferred stock into common stock | 0 | 0 | 372 | |||
Conversion of preferred dividends into common stock | $ 0 | $ 0 | $ 3 |
Earnings per Share - Reconciliation of Numerators and Denominators of the Earnings per Share Calculations (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Earnings Per Share [Abstract] | |||
Income from continuing operations | $ 653 | $ 176 | $ 343 |
Less: Noncontrolling interests net income | 13 | 21 | 9 |
Less: Preferred stock dividend requirements | 7 | ||
Income from continuing operations available to common stockholders - Numerator basic | 640 | 155 | 327 |
Numerator diluted | 640 | 155 | 334 |
Net income available to common stockholders | 640 | 159 | 312 |
Numerator diluted | $ 640 | $ 159 | $ 319 |
Weighted-average number of shares outstanding - Denominator basic | 146.0 | 159.0 | 158.0 |
Employee compensation-related shares, including stock options | 0.8 | 1.0 | 1.2 |
Conversion of preferred stock | 14.3 | ||
Denominator diluted | 146.8 | 160.0 | 173.5 |
Earnings per Share - Additional Information (Details) - shares shares in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Common Stock Equivalents [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the calculations of earnings per share as the effect of including them would have been anti-dilutive | 1.7 | 0.4 |
Stock Compensation - Additional Information (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Accrual for cash-settled awards | $ 5 | $ 5 | $ 3 | |
Total unrecognized compensation cost related to nonvested awards granted and expected to vest | $ 21 | 21 | ||
Weighted-average period in which the total unrecognized compensation cost is expected to be recognized | 1 year 9 months 18 days | |||
Cash award vesting period | 3 years | 3 years | 3 years | |
Expenses for annual cash incentive awards | $ 41 | $ 35 | $ 44 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued | 0.5 | |||
Stock vesting period (in years) | 3 years | |||
Stock Option And Stock Appreciation Rights [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock vesting period (in years) | 3 years | |||
Option maximum term (in years) | 10 years | |||
Outstanding options and SARs, aggregate intrinsic value | $ 8 | $ 8 | ||
Outstanding options and SARs, weighted-average remaining contractual term | 4 years 10 months 24 days | |||
Performance Share Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock vesting period (in years) | 3 years | |||
Omnibus Incentive Plan 2012 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares of common stock available for future grant | 3.2 | 3.2 |
Stock Compensation - Award Activity (Details) shares in Millions |
12 Months Ended |
---|---|
Dec. 31, 2016
$ / shares
shares
| |
Stock Options [Member] | |
Shares | |
Outstanding at beginning of period | shares | 1.8 |
Granted | shares | |
Exercised or vested | shares | (0.1) |
Forfeited or expired | shares | (0.2) |
Outstanding at end of period | shares | 1.5 |
Weighted- Average Exercise Price | |
Outstanding at beginning of period | $ / shares | $ 14.50 |
Granted | $ / shares | |
Exercised or vested | $ / shares | 11.74 |
Forfeited or expired | $ / shares | 16.31 |
Outstanding at end of period | $ / shares | $ 14.56 |
Stock Appreciation Rights (SARs) [Member] | |
Shares | |
Outstanding at beginning of period | shares | 0.3 |
Granted | shares | |
Exercised or vested | shares | |
Forfeited or expired | shares | |
Outstanding at end of period | shares | 0.3 |
Weighted- Average Exercise Price | |
Outstanding at beginning of period | $ / shares | $ 15.46 |
Granted | $ / shares | |
Exercised or vested | $ / shares | |
Forfeited or expired | $ / shares | |
Outstanding at end of period | $ / shares | $ 15.42 |
Restricted Stock Units (RSUs) [Member] | |
Shares | |
Outstanding at beginning of period | shares | 1.3 |
Granted | shares | 1.2 |
Exercised or vested | shares | (0.6) |
Forfeited or expired | shares | (0.1) |
Outstanding at end of period | shares | 1.8 |
Weighted-Average Grant-Date Fair Value | |
Outstanding at beginning of period | $ / shares | $ 20.09 |
Granted | $ / shares | 13.31 |
Exercised or vested | $ / shares | 16.51 |
Forfeited or expired | $ / shares | 16.75 |
Outstanding at end of period | $ / shares | $ 16.54 |
Performance Share Units [Member] | |
Shares | |
Outstanding at beginning of period | shares | 0.4 |
Granted | shares | 0.4 |
Exercised or vested | shares | |
Forfeited or expired | shares | (0.2) |
Outstanding at end of period | shares | 0.6 |
Weighted-Average Grant-Date Fair Value | |
Outstanding at beginning of period | $ / shares | $ 22.92 |
Granted | $ / shares | 13.21 |
Exercised or vested | $ / shares | |
Forfeited or expired | $ / shares | 22.61 |
Outstanding at end of period | $ / shares | $ 16.31 |
Stock Compensation - Total Stock Compensation Expense and Other Annual Disclosures (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock compensation expense | $ 17 | $ 14 | $ 16 |
Total grant-date fair value of awards vested | 11 | 21 | 13 |
Cash received from exercise of stock options | 2 | 2 | 7 |
Cash paid to settle SARs and RSUs | 1 | 2 | 2 |
Stock Option And Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of stock options and SARs exercised | 1 | 1 | 7 |
Restricted Stock Units (RSUs) and Performance Share Units (PSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of RSUs and PSUs vested | $ 7 | $ 16 | $ 8 |
Stock Compensation - Key Assumptions as Part of Monte Carlo Simulation Model (Details) - Performance Share Units [Member] |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 3 years | 3 years | 3 years |
Risk free interest rate | 1.00% | 0.89% | 0.64% |
Dividend yield | 1.40% | 0.98% | 1.02% |
Expected volatility | 33.40% | 33.90% | 43.60% |
Pension and Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Credit) and Other Amounts Recognized in OCI (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss | $ 42 | ||
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 53 | 66 | 80 |
Expected return on plan assets | (92) | (108) | (111) |
Service cost | |||
Amortization of net actuarial (gain) loss | 21 | 18 | 16 |
Settlement loss | 36 | ||
Other | (5) | ||
Net periodic benefit cost (credit) | (18) | (24) | 16 |
Recognized in OCI: | |||
Amount due to net actuarial (gains) losses | 68 | 40 | 93 |
Reclassification adjustment for net actuarial gains (losses) in net periodic benefit cost | (21) | (18) | (52) |
Other | (2) | ||
Total recognized in OCI | 47 | 22 | 39 |
Net recognized in benefit cost (credit) and OCI | 29 | (2) | 55 |
Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 7 | 8 | 11 |
Expected return on plan assets | (2) | (2) | (1) |
Service cost | 5 | 5 | 6 |
Amortization of net actuarial (gain) loss | 6 | 7 | 3 |
Settlement loss | 6 | ||
Other | 1 | (1) | |
Net periodic benefit cost (credit) | 17 | 18 | 24 |
Recognized in OCI: | |||
Amount due to net actuarial (gains) losses | 16 | (6) | 53 |
Reclassification adjustment for net actuarial gains (losses) in net periodic benefit cost | (6) | (7) | (9) |
Venezuelan bolivar devaluation | (4) | ||
Other | (1) | (11) | (1) |
Total recognized in OCI | 9 | (24) | 39 |
Net recognized in benefit cost (credit) and OCI | 26 | (6) | 63 |
Foreign Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 3 | 3 | 5 |
Service cost | 1 | 1 | 1 |
Amortization of net actuarial (gain) loss | (1) | (1) | |
Net periodic benefit cost (credit) | 3 | 4 | 5 |
Recognized in OCI: | |||
Amount due to net actuarial (gains) losses | 4 | (6) | 10 |
Reclassification adjustment for net actuarial gains (losses) in net periodic benefit cost | 1 | 1 | |
Total recognized in OCI | 5 | (6) | 11 |
Net recognized in benefit cost (credit) and OCI | $ 8 | $ (2) | $ 16 |
Pension and Postretirement Benefit Plans - Additional Information (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2014 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jan. 31, 2015 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||||
Charge for write off of actuarial losses | $ 42,000,000 | |||||
Defined benefit plan investment policy description | Investment policy — Target asset allocations of U.S. pension plans are established through an investment policy, which is updated periodically and reviewed by an Investment Committee, comprised of certain company officers and directors. The investment policy allows for a flexible asset allocation mix which is intended to provide appropriate diversification to lessen market volatility while assuming a reasonable level of economic risk. | |||||
Change in interest and service components of net periodic benefit cost | $ 16,000,000 | |||||
Period of forecast | 10 years | |||||
Minimum [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Multiemployer Plans Green Zone Percentage | 80.00% | 80.00% | ||||
Multiemployer Plans Yellow Zone Percentage | 65.00% | 65.00% | ||||
Maximum [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Multiemployer Plans Red Zone Percentage | 65.00% | 65.00% | ||||
Percentage of contribution range | 5.00% | |||||
United States Pension Plan of US Entity [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Estimated net actuarial (gain) loss for defined benefit plans to be amortized next year | $ 24,000,000 | |||||
Unrecognized pension expense | $ 560,000,000 | $ 560,000,000 | 513,000,000 | |||
Acceptance Rate Of Program | 71.00% | |||||
Distribution of plan assets | 133,000,000 | |||||
Settlement of related obligations | 133,000,000 | |||||
Charge for write off of actuarial losses | 36,000,000 | |||||
The amount the reduction in pension obligations exceeded the assets distributed | 38,000,000 | |||||
Actuarial loss from change in discount rate | $ 165,000,000 | |||||
Long Term Improvement Rate | 0.75% | |||||
Mortality actuarial assumption loss | $ 83,000,000 | |||||
Plan asset gains | 119,000,000 | |||||
Expected rate of return | 6.00% | |||||
Projected contributions to be made to the defined benefit pension plans | $ 0 | |||||
United States Pension Plan of US Entity [Member] | Growth Portfolio [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Asset allocation | 47.00% | 47.00% | ||||
Asset target allocation | 50.50% | |||||
United States Pension Plan of US Entity [Member] | Immunizing Portfolio [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Asset allocation | 51.00% | 51.00% | ||||
Asset target allocation | 48.50% | |||||
United States Pension Plan of US Entity [Member] | Liquidity Portfolio [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Asset allocation | 2.00% | 2.00% | ||||
Asset target allocation | 5.00% | |||||
Foreign Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Estimated net actuarial (gain) loss for defined benefit plans to be amortized next year | $ 6,000,000 | |||||
Unrecognized pension expense | 92,000,000 | $ 92,000,000 | 83,000,000 | |||
Distribution of plan assets | 2,000,000 | 2,000,000 | ||||
Settlement of related obligations | 2,000,000 | 2,000,000 | ||||
Charge for write off of actuarial losses | $ 6,000,000 | |||||
Projected contributions to be made to the defined benefit pension plans | 12,000,000 | |||||
Foreign Pension Plan [Member] | CANADA | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Charge for write off of actuarial losses | $ 6,000,000 | |||||
Foreign Pension Plan [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Operations In Venezuela [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Unrecognized pension expense | $ 11,000,000 | |||||
Foreign Pension Plan [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Operations In Venezuela [Member] | Noncontrolling Interest [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Unrecognized pension expense | $ 1,000,000 | |||||
Foreign Postretirement Benefit Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Estimated net actuarial (gain) loss for defined benefit plans to be amortized next year | 0 | |||||
Unrecognized pension expense | $ (10,000,000) | (10,000,000) | (15,000,000) | |||
Distribution of plan assets | ||||||
Settlement of related obligations |
Pension and Postretirement Benefit Plans - Reconciliations of Changes in Benefit Obligations, Plan Assets and Funded Status (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Reconciliation of fair value of plan assets [Roll Forward]: | |||
Fair value at beginning of period | $ 1,533 | ||
Fair value at end of period | 1,505 | $ 1,533 | |
United States Pension Plan of US Entity [Member] | |||
Reconciliation of benefit obligation [Roll Forward]: | |||
Obligation at beginning of period | 1,692 | 1,823 | |
Interest cost | 53 | 66 | $ 80 |
Service cost | |||
Actuarial (gain) loss | 59 | (70) | |
Benefit payments | (122) | (127) | |
New plans | |||
Settlements | (133) | ||
Other | |||
Translation adjustments | |||
Obligation at end of period | 1,682 | 1,692 | 1,823 |
Reconciliation of fair value of plan assets [Roll Forward]: | |||
Fair value at beginning of period | 1,493 | 1,622 | |
Actual return on plan assets | 83 | (2) | |
Employer contributions | |||
Benefit payments | (122) | (127) | |
Settlements | (133) | ||
Translation adjustments | |||
Fair value at end of period | 1,454 | 1,493 | 1,622 |
Funded status at end of period | (228) | (199) | |
Foreign Pension Plan [Member] | |||
Reconciliation of benefit obligation [Roll Forward]: | |||
Obligation at beginning of period | 288 | 325 | |
Interest cost | 7 | 8 | 11 |
Service cost | 5 | 5 | 6 |
Actuarial (gain) loss | 18 | (5) | |
Benefit payments | (12) | (11) | |
New plans | 14 | 4 | |
Settlements | (2) | (2) | |
Other | (5) | ||
Translation adjustments | (4) | (36) | |
Obligation at end of period | 309 | 288 | 325 |
Reconciliation of fair value of plan assets [Roll Forward]: | |||
Fair value at beginning of period | 40 | 44 | |
Actual return on plan assets | 4 | 3 | |
Employer contributions | 15 | 12 | |
Benefit payments | (12) | (11) | |
Settlements | (2) | (2) | |
New plans | 4 | 3 | |
Translation adjustments | 2 | (9) | |
Fair value at end of period | 51 | 40 | 44 |
Funded status at end of period | (258) | (248) | |
Foreign Postretirement Benefit Plan [Member] | |||
Reconciliation of benefit obligation [Roll Forward]: | |||
Obligation at beginning of period | 86 | 110 | |
Interest cost | 3 | 3 | 5 |
Service cost | 1 | 1 | 1 |
Actuarial (gain) loss | 4 | (6) | |
Benefit payments | (5) | (5) | |
New plans | |||
Settlements | |||
Other | |||
Translation adjustments | 2 | (17) | |
Obligation at end of period | 91 | 86 | 110 |
Reconciliation of fair value of plan assets [Roll Forward]: | |||
Fair value at beginning of period | 0 | 0 | |
Actual return on plan assets | |||
Employer contributions | 5 | 5 | |
Benefit payments | (5) | (5) | |
Settlements | |||
Translation adjustments | |||
Fair value at end of period | 0 | 0 | $ 0 |
Funded status at end of period | $ (91) | $ (86) |
Pension and Postretirement Benefit Plans - Amounts Recognized in the Balance Sheet and Amounts Recognized in AOCI (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Amounts recognized in the balance sheet: | ||
Noncurrent assets | $ 2 | $ 2 |
Noncurrent liabilities | (565) | (521) |
United States Pension Plan of US Entity [Member] | ||
Amounts recognized in the balance sheet: | ||
Current liabilities | ||
Noncurrent liabilities | (228) | (199) |
Net amount recognized | (228) | (199) |
Amounts recognized in AOCI: | ||
Net actuarial loss (gain) | 560 | 513 |
AOCI before tax | 560 | 513 |
Deferred taxes | (17) | |
Net | 543 | 513 |
Foreign Pension Plan [Member] | ||
Amounts recognized in the balance sheet: | ||
Noncurrent assets | 2 | 2 |
Current liabilities | (9) | (10) |
Noncurrent liabilities | (251) | (240) |
Net amount recognized | (258) | (248) |
Amounts recognized in AOCI: | ||
Net actuarial loss (gain) | 92 | 83 |
AOCI before tax | 92 | 83 |
Deferred taxes | (24) | (21) |
Net | 68 | 62 |
Foreign Postretirement Benefit Plan [Member] | ||
Amounts recognized in the balance sheet: | ||
Current liabilities | (5) | (4) |
Noncurrent liabilities | (86) | (82) |
Net amount recognized | (91) | (86) |
Amounts recognized in AOCI: | ||
Net actuarial loss (gain) | (10) | (15) |
AOCI before tax | (10) | (15) |
Deferred taxes | 3 | 4 |
Net | $ (7) | $ (11) |
Pension and Postretirement Benefit Plans - Aggregate Funding Levels of Defined Benefit Pension Plans (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
United States Pension Plan of US Entity [Member] | ||
Plans with fair value of plan assets in excess of obligations: | ||
Accumulated benefit obligation | $ 0 | $ 0 |
Projected benefit obligation | ||
Fair value of plan assets | ||
Plans with obligations in excess of fair value of plan assets: | ||
Accumulated benefit obligation | 1,682 | 1,692 |
Projected benefit obligation | 1,682 | 1,692 |
Fair value of plan assets | 1,454 | 1,493 |
Foreign Pension Plan [Member] | ||
Plans with fair value of plan assets in excess of obligations: | ||
Accumulated benefit obligation | 15 | 10 |
Projected benefit obligation | 15 | 10 |
Fair value of plan assets | 17 | 12 |
Plans with obligations in excess of fair value of plan assets: | ||
Accumulated benefit obligation | 272 | 254 |
Projected benefit obligation | 294 | 278 |
Fair value of plan assets | $ 34 | $ 28 |
Pension and Postretirement Benefit Plans - Fair Value of Pension Plan Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | $ 1,505 | $ 1,533 | |||||||||||||
Equity Securities [Member] | US All Cap [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | [1] | 76 | 64 | ||||||||||||
Equity Securities [Member] | US Large Cap [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 102 | 72 | |||||||||||||
Equity Securities [Member] | US Small Cap [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 26 | 20 | |||||||||||||
Equity Securities [Member] | EAFE Composite [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 119 | 132 | |||||||||||||
Equity Securities [Member] | Emerging Markets [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 66 | 60 | |||||||||||||
Fixed Income Securities [Member] | Emerging Markets [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 65 | 64 | |||||||||||||
Fixed Income Securities [Member] | US Core Bonds [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | [2] | 137 | 136 | ||||||||||||
Fixed Income Securities [Member] | Corporate Bonds [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 419 | 471 | |||||||||||||
Fixed Income Securities [Member] | US Treasury Securities [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 269 | 264 | |||||||||||||
Fixed Income Securities [Member] | Foreign Government Debt Securities [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 25 | 21 | |||||||||||||
Alternative Investment [Member] | Hedge Funds [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | [3] | 66 | 75 | ||||||||||||
Alternative Investment [Member] | Insurance Contracts [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | [4] | 16 | 12 | ||||||||||||
Real Estate [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 36 | 41 | |||||||||||||
Other securities [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | [5] | 10 | 16 | ||||||||||||
Cash and Cash Equivalents [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 73 | 85 | |||||||||||||
United States Pension Plan of US Entity [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 1,454 | 1,493 | $ 1,622 | ||||||||||||
Net Asset Value | 745 | 737 | |||||||||||||
United States Pension Plan of US Entity [Member] | Equity Securities [Member] | US Large Cap [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Net Asset Value | 102 | 72 | |||||||||||||
United States Pension Plan of US Entity [Member] | Equity Securities [Member] | EAFE Composite [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Net Asset Value | 119 | 132 | |||||||||||||
United States Pension Plan of US Entity [Member] | Equity Securities [Member] | Emerging Markets [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Net Asset Value | 66 | 59 | |||||||||||||
United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | Emerging Markets [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Net Asset Value | 65 | 64 | |||||||||||||
United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | US Core Bonds [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Net Asset Value | [2] | 70 | 71 | ||||||||||||
United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | Corporate Bonds [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Net Asset Value | 221 | 223 | |||||||||||||
United States Pension Plan of US Entity [Member] | Alternative Investment [Member] | Hedge Funds [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Net Asset Value | [3] | 66 | 75 | ||||||||||||
United States Pension Plan of US Entity [Member] | Real Estate [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Net Asset Value | 36 | 41 | |||||||||||||
Foreign Pension Plan [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 51 | 40 | $ 44 | ||||||||||||
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 102 | 84 | |||||||||||||
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | Equity Securities [Member] | US All Cap [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | [1] | 76 | 64 | ||||||||||||
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | Equity Securities [Member] | US Small Cap [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 26 | 20 | |||||||||||||
Fair Value, Inputs, Level 1 [Member] | Foreign Pension Plan [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 0 | 1 | |||||||||||||
Fair Value, Inputs, Level 1 [Member] | Foreign Pension Plan [Member] | Equity Securities [Member] | Emerging Markets [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 1 | ||||||||||||||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 607 | 672 | |||||||||||||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | US Core Bonds [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | [2] | 67 | 65 | ||||||||||||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | Corporate Bonds [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 198 | 248 | |||||||||||||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | US Treasury Securities [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 269 | 264 | |||||||||||||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Other securities [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | [5] | 1 | 11 | ||||||||||||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Other securities [Member] | Interest Rate Contract [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 1 | 11 | |||||||||||||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Cash and Cash Equivalents [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 72 | 84 | |||||||||||||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 35 | 27 | |||||||||||||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Fixed Income Securities [Member] | Foreign Government Debt Securities [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 25 | 21 | |||||||||||||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Other securities [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | [5] | 9 | 5 | ||||||||||||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 1 | 1 | |||||||||||||
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | 16 | 12 | |||||||||||||
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Alternative Investment [Member] | Insurance Contracts [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | [4] | 16 | 12 | ||||||||||||
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Other securities [Member] | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Fair value of plan assets | [5] | ||||||||||||||
|
Pension and Postretirement Benefit Plans - Reconciliation of Level 3 Pension Plan Assets (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value at beginning of period | $ 1,533 | |
Fair value at end of period | 1,505 | $ 1,533 |
Foreign Pension Plan [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value at beginning of period | 40 | 44 |
Fair value at end of period | 51 | 40 |
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value at beginning of period | 12 | |
Fair value at end of period | 16 | 12 |
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Insurance Contracts [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value at beginning of period | 12 | 10 |
Currency impact | (1) | |
Transfers into (out of) Level 3 | 4 | 3 |
Fair value at end of period | $ 16 | $ 12 |
Pension and Postretirement Benefit Plans - Significant Weighted Average Assumptions Used in Measurement of Pension Obligations (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
United States Pension Plan of US Entity [Member] | |||
Pension benefit obligations: | |||
Discount rate | 3.92% | 4.13% | 3.81% |
Net periodic benefit cost: | |||
Discount rate | 3.29% | 3.81% | 4.63% |
Expected return on plan assets | 6.50% | 7.00% | 7.00% |
Foreign Pension Plan [Member] | |||
Pension benefit obligations: | |||
Discount rate | 2.48% | 2.83% | 3.75% |
Net periodic benefit cost: | |||
Discount rate | 2.56% | 3.75% | 4.15% |
Rate of compensation increase | 3.12% | 4.83% | 3.77% |
Expected return on plan assets | 5.42% | 5.87% | 3.41% |
Pension and Postretirement Benefit Plans - Significant Weighted Average Assumptions Used in Measurement of OPEB Obligations (Details) - Foreign Postretirement Benefit Plan [Member] |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
OPEB benefit obligations: | |||
Discount rate | 3.69% | 3.96% | 3.84% |
Net periodic benefit cost: | |||
Discount rate | 3.45% | 3.84% | 4.65% |
Initial health care cost trend rate | 5.32% | 5.62% | 5.91% |
Ultimate health care cost trend rate | 5.02% | 5.03% | 5.02% |
Year ultimate reached | 2018 | 2018 | 2018 |
Pension and Postretirement Benefit Plans - Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) - Foreign Postretirement Benefit Plan [Member] $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on total of service and interest cost components one percentage point increase | $ 1 |
Effect on OPEB obligations one percentage point increase | 10 |
Effect on total of service and interest cost components one percentage point decrease | (1) |
Effect on OPEB obligations one percentage point decrease | $ (9) |
Pension and Postretirement Benefit Plans - Estimated Future Benefit Payments (Details) $ in Millions |
Dec. 31, 2016
USD ($)
|
---|---|
United States Pension Plan of US Entity [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2017 | $ 126 |
2018 | 120 |
2019 | 118 |
2020 | 114 |
2021 | 113 |
2022 to 2026 | 537 |
Total | 1,128 |
Foreign Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2017 | 12 |
2018 | 14 |
2019 | 14 |
2020 | 15 |
2021 | 15 |
2022 to 2026 | 89 |
Total | 159 |
Foreign Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2017 | 4 |
2018 | 5 |
2019 | 5 |
2020 | 5 |
2021 | 5 |
2022 to 2026 | 26 |
Total | $ 50 |
Pension and Postretirement Benefit Plans - Multiemployer Pension Plans (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Multiemployer Plans [Line Items] | |||
PPA Zone Status | Green | ||
Funding Plan Pending / Implemented | No | ||
Contributions by Dana | $ 10 | $ 10 | $ 9 |
Surcharge Imposed | No | ||
Steelworkers Pension Trust [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 236648508 | ||
Multiemployer Plan Number | 499 |
Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 30 | $ 160 |
Unrealized Gains (Losses) | 0 | 2 |
Fair Value | 30 | 162 |
US Treasury and Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 2 | 38 |
Unrealized Gains (Losses) | 0 | 0 |
Fair Value | 2 | 38 |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 2 | 42 |
Unrealized Gains (Losses) | ||
Fair Value | 2 | 42 |
Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 22 | 18 |
Unrealized Gains (Losses) | ||
Fair Value | 22 | 18 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 4 | 62 |
Unrealized Gains (Losses) | 2 | |
Fair Value | $ 4 | $ 64 |
Marketable Securities - Additional Information (Details) - United States Government Agencies Corporate Debt Securities And Certificates Of Deposit [Member] $ in Millions |
Dec. 31, 2016
USD ($)
|
---|---|
Schedule of Available-for-sale Securities [Line Items] | |
Marketable securities, maturing in one year or less | $ 22 |
Marketable securities, maturing after one year through five years | $ 4 |
Financing Agreements - Long Term Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Principal | $ 1,670 | $ 1,591 | ||
Unamortized Debt Issue Costs | $ (21) | $ (21) | ||
Cash Flow Hedging [Member] | ||||
Debt Instrument [Line Items] | ||||
Derivative, fixed interest rate | 5.14% | |||
Senior Notes Due February 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 6.75% | 6.75% | ||
Principal | $ 0 | $ 350 | ||
Unamortized Debt Issue Costs | $ 0 | $ (4) | ||
Senior Notes Due September 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 5.375% | 5.375% | ||
Principal | $ 450 | $ 450 | ||
Unamortized Debt Issue Costs | $ (5) | $ (6) | ||
Senior Notes Due September 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 6.00% | 6.00% | ||
Principal | $ 300 | $ 300 | ||
Unamortized Debt Issue Costs | $ (4) | $ (5) | ||
Senior Notes Due December 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 5.50% | 5.50% | ||
Principal | $ 425 | $ 425 | ||
Unamortized Debt Issue Costs | $ (6) | (6) | ||
Senior Notes Due June 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | [1] | 6.50% | ||
Principal | $ 375 | |||
Unamortized Debt Issue Costs | $ (6) | |||
Senior Notes Due June 2026 [Member] | Cash Flow Hedging [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 6.50% | |||
Other Indebtedness | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 120 | $ 66 | ||
|
Financing Agreements - Additional Information (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Mar. 16, 2015 |
Jan. 08, 2015 |
Dec. 31, 2014 |
Jun. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
May 27, 2016 |
Sep. 29, 2015 |
|
Debt Instrument [Line Items] | ||||||||||
Capital lease obligations reversed | $ 6,000,000 | |||||||||
Loss on extinguishment of debt | $ (17,000,000) | $ (17,000,000) | $ (2,000,000) | $ (19,000,000) | ||||||
Redemption premium | (12,000,000) | (2,000,000) | (15,000,000) | |||||||
Write-off of deferred financing costs | 5,000,000 | 1,000,000 | 4,000,000 | |||||||
Paid financing costs | 11,000,000 | 7,000,000 | ||||||||
Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Write-off of deferred financing costs | 1,000,000 | |||||||||
Current aggregate facility | $ 500,000,000 | $ 500,000,000 | ||||||||
Paid financing costs | 3,000,000 | |||||||||
Fronting fee rate | 0.125% | |||||||||
Line of credit facility, amount outstanding | 0 | $ 0 | ||||||||
Utilized for letters of credit | 22,000,000 | 22,000,000 | ||||||||
Available borrowing capacity | 478,000,000 | 478,000,000 | ||||||||
Maximum [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility applied to letters of credit | $ 275,000,000 | $ 275,000,000 | ||||||||
Senior Notes Due February 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on extinguishment of debt | 16,000,000 | |||||||||
Redemption premium | 12,000,000 | |||||||||
Write-off of deferred financing costs | $ 4,000,000 | |||||||||
Senior Notes Due February 2021 [Member] | Weighted Average [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt redemption price | 103.375% | |||||||||
Senior Notes Due June 2026 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes issued | $ 375,000,000 | |||||||||
Net proceeds of the offering | $ 368,000,000 | |||||||||
Financing costs | $ 7,000,000 | |||||||||
Senior Notes Due June 2026 [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt redemption price | 106.50% | |||||||||
Senior Notes Due June 2026 [Member] | Debt Instrument, Redemption, Period One [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percent of original principal amount that must remain outstanding after the redemption | 50.00% | |||||||||
Senior Notes Due June 2026 [Member] | Debt Instrument, Redemption, Period One [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percent of notes redeemable | 35.00% | |||||||||
Senior Notes Due June 2026 [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt redemption price | 100.00% | |||||||||
Senior Notes Due December 2024 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes issued | $ 425,000,000 | 425,000,000 | ||||||||
Net proceeds of the offering | 418,000,000 | |||||||||
Financing costs | 7,000,000 | $ 7,000,000 | ||||||||
Senior Notes Due December 2024 [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt redemption price | 105.50% | |||||||||
Senior Notes Due December 2024 [Member] | Debt Instrument, Redemption, Period One [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percent of original principal amount that must remain outstanding after the redemption | 50.00% | |||||||||
Senior Notes Due December 2024 [Member] | Debt Instrument, Redemption, Period One [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percent of notes redeemable | 35.00% | |||||||||
Senior Notes Due February 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on extinguishment of debt | $ 2,000,000 | 19,000,000 | ||||||||
Write-off of deferred financing costs | 4,000,000 | |||||||||
Senior notes redeemed | $ 15,000,000 | $ 40,000,000 | $ 345,000,000 | |||||||
Senior Notes Due February 2019 [Member] | Weighted Average [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt redemption price | 103.25% | 103.00% | 104.116% |
Financing Agreements - Scheduled Principal Payments on Long Term Debt (Details) $ in Millions |
Dec. 31, 2016
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2017 | $ 45 |
2018 | 55 |
2019 | 3 |
2020 | 0 |
2021 | 450 |
Thereafter | 1,100 |
Total | $ 1,653 |
Financing Agreements - Redemption Price Expressed as Percentage of Principal Amount (Details) |
Dec. 31, 2016 |
---|---|
Senior Notes Due September 2021 [Member] | Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 102.688% |
Senior Notes Due September 2021 [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 101.344% |
Senior Notes Due September 2021 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 100.00% |
Senior Notes Due September 2021 [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 100.00% |
Senior Notes Due September 2023 [Member] | Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 103.00% |
Senior Notes Due September 2023 [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 102.00% |
Senior Notes Due September 2023 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 101.00% |
Senior Notes Due September 2023 [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 100.00% |
Senior Notes Due September 2023 [Member] | Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 100.00% |
Senior Notes Due December 2024 [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 102.75% |
Senior Notes Due December 2024 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 101.833% |
Senior Notes Due December 2024 [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 100.917% |
Senior Notes Due December 2024 [Member] | Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 100.00% |
Senior Notes Due December 2024 [Member] | Debt Instrument, Redemption, Period Six [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 100.00% |
Senior Notes Due June 2026 [Member] | Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 106.50% |
Senior Notes Due June 2026 [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 100.00% |
Senior Notes Due June 2026 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 103.25% |
Senior Notes Due June 2026 [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 102.167% |
Senior Notes Due June 2026 [Member] | Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 101.083% |
Senior Notes Due June 2026 [Member] | Debt Instrument, Redemption, Period Six [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 100.00% |
Senior Notes Due June 2026 [Member] | Debt Instrument, Redemption, Period Seven [Member] | |
Debt Instrument [Line Items] | |
Debt redemption price | 100.00% |
Financing Agreements - Schedule of Revolving Facility Arrangements (Details) - Revolving Credit Facility [Member] |
3 Months Ended |
---|---|
Dec. 31, 2016 | |
Less than or equal to 1.00:1.00 [Member] | |
Debt Instrument [Line Items] | |
Unused capacity, commitment fee rate | 0.25% |
Greater than 1.00:1.00 but less than or equal to 2.00:1.00 [Member] | |
Debt Instrument [Line Items] | |
Unused capacity, commitment fee rate | 0.375% |
Greater than 2.00:1.00 [Member] | |
Debt Instrument [Line Items] | |
Unused capacity, commitment fee rate | 0.50% |
Base Rate [Member] | Less than or equal to 1.00:1.00 [Member] | |
Debt Instrument [Line Items] | |
Margin rate | 0.50% |
Base Rate [Member] | Greater than 1.00:1.00 but less than or equal to 2.00:1.00 [Member] | |
Debt Instrument [Line Items] | |
Margin rate | 0.75% |
Base Rate [Member] | Greater than 2.00:1.00 [Member] | |
Debt Instrument [Line Items] | |
Margin rate | 1.00% |
Eurodollar Rate [Member] | Less than or equal to 1.00:1.00 [Member] | |
Debt Instrument [Line Items] | |
Margin rate | 1.50% |
Eurodollar Rate [Member] | Greater than 1.00:1.00 but less than or equal to 2.00:1.00 [Member] | |
Debt Instrument [Line Items] | |
Margin rate | 1.75% |
Eurodollar Rate [Member] | Greater than 2.00:1.00 [Member] | |
Debt Instrument [Line Items] | |
Margin rate | 2.00% |
Fair Value Measurements and Derivatives - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Marketable securities | $ 30 | $ 162 |
Currency contracts liability value | 8 | 15 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Marketable securities | 30 | 162 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Marketable securities | 4 | 64 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Marketable securities | 26 | 98 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward [Member] | Accounts Receivable Other [Member] | Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts asset value | 1 | 2 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward [Member] | Accounts Receivable Other [Member] | Cash Flow Hedging [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts asset value | 2 | 1 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward [Member] | Accounts Receivable Other [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts asset value | 1 | 2 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward [Member] | Accounts Receivable Other [Member] | Fair Value, Inputs, Level 2 [Member] | Cash Flow Hedging [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts asset value | 2 | 1 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward [Member] | Other Accrued Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts liability value | 1 | 1 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward [Member] | Other Accrued Liabilities [Member] | Cash Flow Hedging [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts liability value | 4 | 5 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward [Member] | Other Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts liability value | 1 | 1 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward [Member] | Other Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | Cash Flow Hedging [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts liability value | 4 | 5 |
Fair Value, Measurements, Recurring [Member] | Currency Swap [Member] | Accounts Receivable Other [Member] | Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts asset value | 4 | |
Fair Value, Measurements, Recurring [Member] | Currency Swap [Member] | Accounts Receivable Other [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts asset value | 4 | |
Fair Value, Measurements, Recurring [Member] | Currency Swap [Member] | Other Accrued Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts liability value | 3 | 9 |
Fair Value, Measurements, Recurring [Member] | Currency Swap [Member] | Other Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts liability value | 3 | $ 9 |
Fair Value, Measurements, Recurring [Member] | Currency Swap [Member] | Other Noncurrent Liabilities [Member] | Cash Flow Hedging [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts liability value | 12 | |
Fair Value, Measurements, Recurring [Member] | Currency Swap [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | Cash Flow Hedging [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts liability value | $ 12 |
Fair Value Measurements and Derivatives - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Carrying Value | $ 1,670 | $ 1,591 | ||
Fair Value | 1,713 | 1,608 | ||
Other Indebtedness [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Carrying Value | 120 | 66 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Income Approach Valuation Technique [Member] | Other Indebtedness [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Carrying Value | [1] | 120 | 66 | |
Fair Value | 101 | 56 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Market Approach Valuation Technique [Member] | Senior Notes Total [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Carrying Value | 1,550 | 1,525 | ||
Fair Value | $ 1,612 | $ 1,552 | ||
|
Fair Value Measurements and Derivatives - Additional Information (Details) € in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2016
EUR (€)
|
Dec. 31, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
|||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | $ 714,000,000 | |||||
Net investment hedge translation adjustment | $ 2,000,000 | |||||
Cash flow hedge loss to be reclassified to earnings during next twelve months | 2,000,000 | 4,000,000 | ||||
Cash Flow Hedging [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | $ 468,000,000 | € 338 | ||||
Derivative, fixed interest rate | 5.14% | 5.14% | ||||
Interest Rate Swap [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Fair value adjustment to the carrying amount of the December 2024 Notes | $ 7,000,000 | |||||
Amortization of fair value adjustment to debt | 1,000,000 | |||||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 0 | |||||
Foreign Exchange Forward [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 143,000,000 | 212,000,000 | ||||
Foreign Exchange Forward [Member] | United States of America, Dollars [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 48,000,000 | |||||
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 93,000,000 | |||||
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | United States of America, Dollars [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 47,000,000 | |||||
Foreign Exchange Forward [Member] | Net Investment Hedging [Member] | United States of America, Dollars [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 0 | $ 98,000,000 | ||||
Currency Swap [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 571,000,000 | $ 219,000,000 | ||||
Currency Swap [Member] | United States of America, Dollars [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 171,000,000 | |||||
Currency Swap [Member] | Cash Flow Hedging [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | 375,000,000 | |||||
Deferred loss remaining in Accumulated Other Comprehensive Income (Loss) | 32,000,000 | |||||
Unfavorable fair value of the swaps | 12,000,000 | |||||
Reclassification from Accumulated Other Comprehensive Income to earnings | 20,000,000 | |||||
Currency Swap [Member] | Cash Flow Hedging [Member] | United States of America, Dollars [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Notional Amount | ||||||
Senior Notes Due June 2026 [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Debt instrument, interest rate | [1] | 6.50% | 6.50% | |||
Senior Notes Due June 2026 [Member] | Cash Flow Hedging [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative, Amount of Hedged Item | $ 375,000,000 | |||||
Debt instrument, interest rate | 6.50% | 6.50% | ||||
|
Fair Value Measurements and Derivatives - Notional Amount of Currency Derivatives (Details) € in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2016
EUR (€)
|
Dec. 31, 2015
USD ($)
|
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $ 714 | ||
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 246 | ||
Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 468 | € 338 | |
Foreign Exchange Forward [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $ 143 | $ 212 | |
Foreign Exchange Forward [Member] | United States of America, Dollars [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Traded Currency | Mexican peso, Euro | ||
Derivative, Notional Amount | $ 48 | ||
Foreign Exchange Forward [Member] | Euro Member Countries, Euro [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Traded Currency | U.S. dollar, Canadian dollar, Hungarian forint, British pound, Swiss franc, Indian rupee, Russian ruble | ||
Derivative, Notional Amount | $ 34 | ||
Foreign Exchange Forward [Member] | United Kingdom, Pounds [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Traded Currency | U.S. dollar, Euro | ||
Derivative, Notional Amount | $ 4 | ||
Foreign Exchange Forward [Member] | Swedish, Krona [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Traded Currency | Euro | ||
Derivative, Notional Amount | $ 13 | ||
Foreign Exchange Forward [Member] | South Africa, Rand [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Traded Currency | U.S. dollar, Euro, Thai baht | ||
Derivative, Notional Amount | $ 14 | ||
Foreign Exchange Forward [Member] | Canada, Dollars | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Traded Currency | U.S. dollar | ||
Derivative, Notional Amount | $ 5 | ||
Foreign Exchange Forward [Member] | Thailand, Baht [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Traded Currency | U.S. dollar, Australian dollar | ||
Derivative, Notional Amount | $ 9 | ||
Foreign Exchange Forward [Member] | Brazil, Brazil Real [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Traded Currency | U.S. dollar, Euro | ||
Derivative, Notional Amount | $ 2 | ||
Foreign Exchange Forward [Member] | India, Rupees [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Traded Currency | U.S. dollar, British pound, Euro | ||
Derivative, Notional Amount | $ 14 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 50 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | United States of America, Dollars [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 1 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Euro Member Countries, Euro [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 5 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | United Kingdom, Pounds [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | |||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Swedish, Krona [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | |||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | South Africa, Rand [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 14 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Canada, Dollars | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 5 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Thailand, Baht [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 9 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Brazil, Brazil Real [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 2 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | India, Rupees [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 14 | ||
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 93 | ||
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | United States of America, Dollars [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 47 | ||
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Euro Member Countries, Euro [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 29 | ||
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | United Kingdom, Pounds [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 4 | ||
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Swedish, Krona [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 13 | ||
Currency Swap [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $ 571 | $ 219 | |
Currency Swap [Member] | United States of America, Dollars [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Traded Currency | Mexican peso, Euro, Canadian dollar | ||
Derivative, Notional Amount | $ 171 | ||
Currency Swap [Member] | Euro Member Countries, Euro [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Traded Currency | U.S. dollar, British pound | ||
Derivative, Notional Amount | $ 393 | ||
Currency Swap [Member] | South Africa, Rand [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Traded Currency | U.S. dollar | ||
Derivative, Notional Amount | $ 7 | ||
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 196 | ||
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | United States of America, Dollars [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 171 | ||
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | Euro Member Countries, Euro [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 18 | ||
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | South Africa, Rand [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 7 | ||
Currency Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 375 | ||
Currency Swap [Member] | Cash Flow Hedging [Member] | United States of America, Dollars [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | |||
Currency Swap [Member] | Cash Flow Hedging [Member] | Euro Member Countries, Euro [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $ 375 |
Commitments and Contingencies - Additional Information (Details) claim in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015
USD ($)
claim
|
Dec. 31, 2016
USD ($)
Lease
Facility
|
|
Loss Contingencies [Line Items] | ||
Accrued environmental liabilities | $ 11,000,000 | $ 8,000,000 |
Number of facilities | Facility | 2 | |
Asbestos Issue [Member] | ||
Loss Contingencies [Line Items] | ||
Asbestos claims accrued | $ 78,000,000 | $ 0 |
Asbestos claims pending | claim | 25 | |
Time horizon used to estimate asbestos liability | 15 years | |
Probable recovery receivable | $ 51,000,000 | |
Damages from Product Defects [Member] | ||
Loss Contingencies [Line Items] | ||
Probable recovery receivable | 4,000,000 | |
Other product liabilities, non-asbestos | $ 1,000,000 | $ 5,000,000 |
Property Lease Guarantee [Member] | Structural Products [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantee of lease obligations, number of leases assigned | Lease | 3 | |
Guaranteed annual lease payments through June 2025 related to divested business | $ 6,000,000 |
Commitments and Contingencies - Lease Commitments (Details) $ in Millions |
Dec. 31, 2016
USD ($)
|
---|---|
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2017 | $ 38 |
2018 | 34 |
2019 | 29 |
2020 | 24 |
2021 | 21 |
Thereafter | 68 |
Total | $ 214 |
Commitments and Contingencies - Rent Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Text Block [Abstract] | |||
Rent expense | $ 50 | $ 49 | $ 51 |
Warranty Obligations - Changes in Warranty Liabilities (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |||
Balance, beginning of period | $ 56 | $ 47 | $ 54 |
Amounts accrued for current period sales | 25 | 26 | 19 |
Adjustments of prior estimates | 26 | 22 | 18 |
Settlements of warranty claims | (41) | (36) | (41) |
Currency impact | (3) | (3) | |
Balance, end of period | $ 66 | $ 56 | $ 47 |
Income Taxes - Income Tax Expense (Benefit) Attributable to Continuing Operations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Current | |||
U.S. federal and state | $ (18) | $ 12 | $ (5) |
Non-U.S. | 74 | 80 | 134 |
Total current | 56 | 92 | 129 |
Deferred | |||
U.S. federal and state | (497) | (9) | (177) |
Non-U.S. | 17 | (1) | (22) |
Total deferred | (480) | (10) | (199) |
Total expense (benefit) | $ (424) | $ 82 | $ (70) |
Income Taxes - Income From Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||
U.S. operations | $ (56) | $ 72 | $ 175 |
Non-U.S. operations | 271 | 220 | 85 |
Income from continuing operations before income taxes | $ 215 | $ 292 | $ 260 |
Income Taxes - Additional Information (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Jan. 01, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Nov. 02, 2015 |
|
Income tax expense (benefit) | $ (424,000,000) | $ 82,000,000 | $ (70,000,000) | ||||||
Effective income tax rate excluding effects of valuation allowance adjustments | 26.00% | ||||||||
U.S. federal statutory rate | 35.00% | 35.00% | 35.00% | ||||||
Change in valuation allowance | $ 32,000,000 | $ (476,000,000) | $ 49,000,000 | $ (100,000,000) | |||||
Prepaid tax asset | $ 190,000,000 | ||||||||
Amortization of prepaid tax asset | $ 11,000,000 | $ 2,000,000 | |||||||
Other tax expense | 23,000,000 | 23,000,000 | |||||||
Loss on disposal group held for sale | $ 80,000,000 | ||||||||
Benefit related to estimated future taxes of non-U.S. operations | 58,000,000 | ||||||||
Expense related to estimated future taxes of non-U.S. operations | 1,000,000 | 3,000,000 | |||||||
Withholding tax related to actual transfer of funds | 6,000,000 | 7,000,000 | 7,000,000 | ||||||
Unrecognized tax liability associated with operations in which we are permanently reinvested | $ 30,000,000 | 30,000,000 | 30,000,000 | ||||||
Intercompany loan obligations | 978,000,000 | 978,000,000 | 978,000,000 | ||||||
Intercompany loan obligations to parent considered permanently invested | 32,000,000 | 32,000,000 | $ 32,000,000 | ||||||
Planning period | 1 year | ||||||||
Planning period two | 5 years | ||||||||
Historical period | 3 years | ||||||||
Valuation allowance | 285,000,000 | 285,000,000 | 662,000,000 | $ 285,000,000 | 662,000,000 | ||||
Capital loss carryforwards | 40,000,000 | 40,000,000 | 50,000,000 | 40,000,000 | 50,000,000 | ||||
Capital loss carryforward valuation allowance | 40,000,000 | 40,000,000 | 40,000,000 | ||||||
Other tax credit carryforwards | 67,000,000 | 67,000,000 | 67,000,000 | ||||||
Other tax credit carryforward, valuation allowance | 23,000,000 | 23,000,000 | 23,000,000 | ||||||
Cumulative excess tax benefits related to share-based payments | 32,000,000 | ||||||||
Impact to retained earnings | 0 | ||||||||
Interest accrued on uncertain tax positions | 7,000,000 | 7,000,000 | $ 6,000,000 | 7,000,000 | 6,000,000 | ||||
Unrecognized tax benefit that would impact effective tax rate | $ 72,000,000 | 72,000,000 | 72,000,000 | ||||||
Minimum [Member] | |||||||||
Other tax credit carryforward periods | 10 years | ||||||||
Maximum [Member] | |||||||||
Other tax credit carryforward periods | 20 years | ||||||||
Internal Revenue Service (IRS) [Member] | |||||||||
Operating loss carryforwards | $ 796,000,000 | 796,000,000 | 796,000,000 | ||||||
Operating loss carryforwards subjected to limitation, annual limit | 84,000,000 | 84,000,000 | 84,000,000 | ||||||
U.S operating loss carryforwards subject to limitation | 577,000,000 | 577,000,000 | 577,000,000 | ||||||
UNITED STATES | |||||||||
Income tax expense (benefit) | (501,000,000) | ||||||||
Change in valuation allowance | (501,000,000) | $ (66,000,000) | (179,000,000) | ||||||
Valuation allowance | $ 137,000,000 | 137,000,000 | $ 137,000,000 | ||||||
BRAZIL | |||||||||
Income tax expense (benefit) | 25,000,000 | ||||||||
Change in valuation allowance | $ 25,000,000 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Operations In Venezuela [Member] | |||||||||
Income tax expense (benefit) | 0 | ||||||||
Loss on disposal group held for sale | $ 80,000,000 | ||||||||
New Accounting Pronouncement, Early Adoption, Effect [Member] | |||||||||
Change in valuation allowance | 32,000,000 | ||||||||
Cumulative excess tax benefits related to share-based payments | $ 32,000,000 |
Income Taxes - Effective Tax Rate Reconciliation for Continuing Operations (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||
U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal benefit | 5.00% | (1.00%) | 4.00% |
Non-U.S. income (expense) | (15.00%) | (11.00%) | (7.00%) |
Credits and tax incentives | (5.00%) | (4.00%) | (6.00%) |
U.S. tax on non-U.S. earnings | (19.00%) | 9.00% | (16.00%) |
Intercompany sale of certain operating assets | 5.00% | 9.00% | |
Settlement and return adjustments | 14.00% | 1.00% | 17.00% |
Enacted change in tax rates | 4.00% | ||
Venezuela write-down | 10.00% | ||
Miscellaneous items | 2.00% | 5.00% | 2.00% |
Valuation allowance adjustments | (222.00%) | (15.00%) | (66.00%) |
Effective income tax rate for continuing operations | (196.00%) | 28.00% | (27.00%) |
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 472 | $ 448 |
Postretirement benefits, including pensions | 152 | 137 |
Research and development costs | 113 | 89 |
Expense accruals | 54 | 58 |
Other tax credits recoverable | 67 | 63 |
Capital loss carryforwards | 40 | 50 |
Inventory reserves | 18 | 15 |
Postemployment and other benefits | 8 | 5 |
Other | 20 | |
Total | 944 | 865 |
Valuation allowance | (285) | (662) |
Deferred tax assets | 659 | 203 |
Unremitted earnings | (27) | (68) |
Intangibles | (29) | (29) |
Depreciation | (52) | (43) |
Other | (27) | |
Deferred tax liabilities | (108) | (167) |
Net deferred tax assets | $ 551 | $ 36 |
Income Taxes - Net Operating Loss Carryforwards (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Asset | $ 472 | $ 448 |
Valuation Allowance | (173) | |
Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Net operating loss carryforwards, Domestic | 279 | |
Valuation Allowance | $ 0 | |
Net operating loss carryforward period In years | 20 years | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Net operating loss carryforwards, State and Local | $ 97 | |
Valuation Allowance | $ (92) | |
Carryforward period | Various | |
BRAZIL | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Net operating loss carryforwards, Foreign | $ 38 | |
Valuation Allowance | $ (38) | |
Carryforward period | Unlimited | |
FRANCE | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Net operating loss carryforwards, Foreign | $ 11 | |
Valuation Allowance | $ 0 | |
Carryforward period | Unlimited | |
AUSTRALIA | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Net operating loss carryforwards, Foreign | $ 31 | |
Valuation Allowance | $ (31) | |
Carryforward period | Unlimited | |
SOUTH AFRICA | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Net operating loss carryforwards, Foreign | $ 2 | |
Valuation Allowance | $ 0 | |
Carryforward period | Unlimited | |
UNITED KINGDOM | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Net operating loss carryforwards, Foreign | $ 5 | |
Valuation Allowance | $ (3) | |
Carryforward period | Unlimited | |
ARGENTINA | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Net operating loss carryforwards, Foreign | $ 8 | |
Valuation Allowance | $ (8) | |
Net operating loss carryforward period In years | 5 years | |
CHINA | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Net operating loss carryforwards, Foreign | $ 1 | |
Valuation Allowance | $ (1) | |
Net operating loss carryforward period In years | 5 years |
Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of period | $ 87 | $ 109 | $ 101 |
Decrease related to expiration of statute of limitations | (5) | (6) | (3) |
Decrease related to prior years tax positions | (1) | (9) | |
Increase related to prior years tax positions | 28 | 1 | |
Increase related to current year tax positions | 8 | 8 | 25 |
Decrease related to settlements | (16) | (14) | |
Balance, end of period | $ 117 | $ 87 | $ 109 |
Other Income, Net - Summary of Other Income and Other Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Other Income and Expenses [Abstract] | |||
Government grants and incentives | $ 8 | $ 3 | $ 4 |
Foreign exchange gain (loss) | (3) | (20) | 11 |
Gain on derecognition of noncontrolling interest | 5 | ||
Strategic transaction expenses | (13) | (4) | (3) |
Insurance and other recoveries | 10 | 4 | 2 |
Gain on sale of marketable securities | 7 | 1 | |
Recognition of unrealized gain on payment-in-kind note receivable | 2 | ||
Amounts attributable to previously divested/closed operations | 1 | ||
Other, net | 9 | 11 | 17 |
Other income, net | $ 18 | $ 1 | $ 33 |
Other Income, Net - Additional Information (Details) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2014
USD ($)
VEF / $
|
Mar. 31, 2014
USD ($)
VEF / $
|
Dec. 31, 2014
USD ($)
VEF / $
|
Feb. 28, 2013
VEF / $
|
|
Amount charged to expense due to inflationary accounting | $ 3 | $ 17 | ||
Official Exchange [Member] | ||||
Foreign Currency Exchange Rate, Remeasurement | VEF / $ | 6.3 | |||
Foreign currency transaction gain (loss), realized | $ 8 | |||
SICAD [Member] | ||||
Foreign Currency Exchange Rate, Remeasurement | VEF / $ | 12.0 | 10.7 | ||
SICAD2 [Member] | ||||
Foreign currency transaction gain (loss), realized | $ 14 | |||
Average transacted exchange rate | VEF / $ | 49.9 | |||
Other Income, Net Error [Member] | ||||
Quantifying Misstatement in Current Year Financial Statements, Amount | $ 6 |
Segments, Geographical Area and Major Customer Information - Segment Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,447 | $ 1,384 | $ 1,546 | $ 1,449 | $ 1,375 | $ 1,468 | $ 1,609 | $ 1,608 | $ 5,826 | $ 6,060 | $ 6,617 |
Segment EBITDA | 662 | 658 | 745 | ||||||||
Capital Spend | 322 | 260 | 234 | ||||||||
Depreciation | 173 | 158 | 164 | ||||||||
Net assets | 3,355 | 2,894 | 3,355 | 2,894 | 3,024 | ||||||
Light Vehicle Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,607 | 2,482 | 2,496 | ||||||||
Segment EBITDA | 279 | 262 | 250 | ||||||||
Capital Spend | 208 | 140 | 129 | ||||||||
Depreciation | 71 | 63 | 63 | ||||||||
Net assets | 1,194 | 1,002 | 1,194 | 1,002 | 1,003 | ||||||
Commercial Vehicle Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,254 | 1,533 | 1,838 | ||||||||
Segment EBITDA | 96 | 100 | 172 | ||||||||
Capital Spend | 34 | 33 | 38 | ||||||||
Depreciation | 33 | 32 | 34 | ||||||||
Net assets | 699 | 692 | 699 | 692 | 870 | ||||||
Off-Highway Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 909 | 1,040 | 1,231 | ||||||||
Segment EBITDA | 129 | 147 | 169 | ||||||||
Capital Spend | 21 | 18 | 23 | ||||||||
Depreciation | 20 | 20 | 21 | ||||||||
Net assets | 262 | 310 | 262 | 310 | 346 | ||||||
Power Technologies Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,056 | 1,005 | 1,052 | ||||||||
Segment EBITDA | 158 | 149 | 154 | ||||||||
Capital Spend | 32 | 34 | 30 | ||||||||
Depreciation | 29 | 28 | 32 | ||||||||
Net assets | 440 | 423 | 440 | 423 | 445 | ||||||
Eliminations and other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | |||||||||||
Segment EBITDA | |||||||||||
Capital Spend | 27 | 35 | 14 | ||||||||
Depreciation | 20 | 15 | 14 | ||||||||
Net assets | $ 760 | $ 467 | 760 | 467 | 360 | ||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | Light Vehicle Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 113 | 126 | 139 | ||||||||
Intersegment Eliminations [Member] | Commercial Vehicle Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 83 | 95 | 92 | ||||||||
Intersegment Eliminations [Member] | Off-Highway Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 30 | 37 | 37 | ||||||||
Intersegment Eliminations [Member] | Power Technologies Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 14 | 15 | 19 | ||||||||
Intersegment Eliminations [Member] | Eliminations and other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ (240) | $ (273) | $ (287) |
Segments, Geographical Area and Major Customer Information - Reconciliation of Segment EBITDA to Consolidated Net Income (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Segment Reporting [Abstract] | |||||||||||
Segment EBITDA | $ 662 | $ 658 | $ 745 | ||||||||
Corporate expense and other items, net | (2) | (6) | 1 | ||||||||
Depreciation | (173) | (158) | (164) | ||||||||
Amortization of intangibles | (9) | (16) | (49) | ||||||||
Restructuring | (36) | (15) | (21) | ||||||||
Stock compensation expense | (17) | (14) | (16) | ||||||||
Strategic transaction expenses | (13) | (4) | (3) | ||||||||
Other items | (2) | (6) | 9 | ||||||||
Loss on sale of subsidiaries | $ 80 | (80) | |||||||||
Impairment of long-lived assets | $ (36) | (36) | |||||||||
Distressed supplier costs | (1) | (8) | |||||||||
Amounts attributable to previously divested/closed operations | 3 | (6) | |||||||||
Loss on disposal group held for sale | (80) | ||||||||||
Pension settlement charges | (42) | ||||||||||
Loss on extinguishment of debt | $ (17) | (17) | (2) | (19) | |||||||
Gain on derecognition of noncontrolling interest | 5 | ||||||||||
Recognition of unrealized gain on payment-in-kind note receivable | 2 | ||||||||||
Interest expense | (113) | (113) | (118) | ||||||||
Interest income | 13 | 13 | 15 | ||||||||
Income from continuing operations before income taxes | 215 | 292 | 260 | ||||||||
Income tax expense (benefit) | (424) | 82 | (70) | ||||||||
Equity in earnings (losses) of affiliates | 14 | (34) | 13 | ||||||||
Income from continuing operations | 653 | 176 | 343 | ||||||||
Income (loss) from discontinued operations | 4 | (15) | |||||||||
Net income | $ 489 | $ 61 | $ 55 | $ 48 | $ (79) | $ 122 | $ 63 | $ 74 | $ 653 | $ 180 | $ 328 |
Segments, Geographical Area and Major Customer Information - Reconciliation of Segment Net Assets to Consolidated Total Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Segment Reporting [Abstract] | |||
Segment net assets | $ 3,355 | $ 2,894 | $ 3,024 |
Accounts payable and other current liabilities | 1,254 | 1,090 | |
Other current and long-term assets | 251 | 317 | |
Total assets | $ 4,860 | $ 4,301 |
Segments, Geographical Area and Major Customer Information - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Segment Reporting Information [Line Items] | |||
Net Sales | $ 5,826 | $ 6,060 | $ 6,617 |
Ford [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 1,300 | $ 1,187 | $ 1,217 |
Sales [Member] | Ford [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales percentage revenue | 22.00% | 20.00% | 18.00% |
Minimum [Member] | Sales [Member] | Customer Concentration Risk [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales percentage revenue | 10.00% | 10.00% | 10.00% |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 2,695 | $ 2,805 | $ 2,760 |
UNITED STATES | Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales percentage revenue | 46.00% | ||
ITALY | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 499 | 570 | 703 |
ITALY | Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales percentage revenue | 9.00% | ||
GERMANY | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 377 | $ 368 | $ 429 |
GERMANY | Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales percentage revenue | 6.00% | ||
Other Countries | Minimum [Member] | Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales percentage revenue | 5.00% |
Segments, Geographical Area and Major Customer Information - Geographic Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | $ 5,826 | $ 6,060 | $ 6,617 |
Long-Lived Assets | 1,413 | 1,167 | 1,176 |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 2,695 | 2,805 | 2,760 |
Long-Lived Assets | 634 | 441 | 368 |
Other North America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 433 | 405 | 366 |
Long-Lived Assets | 80 | 90 | 111 |
North America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 3,128 | 3,210 | 3,126 |
Long-Lived Assets | 714 | 531 | 479 |
ITALY | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 499 | 570 | 703 |
Long-Lived Assets | 58 | 58 | 61 |
GERMANY | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 377 | 368 | 429 |
Long-Lived Assets | 98 | 100 | 106 |
Other Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 740 | 785 | 846 |
Long-Lived Assets | 157 | 153 | 151 |
Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 1,616 | 1,723 | 1,978 |
Long-Lived Assets | 313 | 311 | 318 |
South America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 338 | 377 | 771 |
Long-Lived Assets | 172 | 99 | 141 |
Asia Pacific [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 744 | 750 | 742 |
Long-Lived Assets | $ 214 | $ 226 | $ 238 |
Equity Affiliates - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Schedule of Equity Method Investments [Line Items] | |||||
Dividends received from equity affiliates | $ 11 | $ 16 | $ 16 | ||
Equity method investments exceeding minimum value | 148 | ||||
Discount rate used in assessment of fair value | 16.00% | ||||
Impairment of equity affiliate | $ 39 | $ 39 | |||
Equity method investment carrying amount over the book value | 27 | ||||
Minimum [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments exceeding minimum value | 5 | ||||
Goodwill [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment carrying amount over the book value | $ 19 | ||||
Other Than Goodwill [Member] | Minimum [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Estimated useful life | 5 years | ||||
Other Than Goodwill [Member] | Maximum [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Estimated useful life | 45 years |
Equity Affiliates - Principal Components of Investments in Affiliates (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Investment | $ 148 | |
Investment in affiliates carried at cost | 2 | |
Investment in affiliates | $ 150 | $ 150 |
Dongfeng Dana Axle Co., Ltd. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Percentage | 50.00% | |
Investment | $ 85 | |
Bendix Spicer Foundation Brake, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Percentage | 20.00% | |
Investment | $ 47 | |
Axles India Limited [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Percentage | 48.00% | |
Investment | $ 7 | |
All others as a group [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment | $ 9 |
Equity Affiliates - Summarized Financial Information for DDAC and Other Equity Affiliates on a Combined Basis (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Schedule of Equity Method Investments [Line Items] | |||
Dana's equity in earnings (loss) of affiliate | $ 14 | $ (34) | $ 13 |
Dongfeng Dana Axle Co., Ltd. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Sales | 646 | 554 | 762 |
Gross profit | 83 | 45 | 82 |
Income (loss) before income taxes | 15 | (14) | 23 |
Net income (loss) | 18 | (6) | 17 |
Dana's equity in earnings (loss) of affiliate | 7 | (45) | 5 |
Current assets | 547 | 406 | |
Noncurrent assets | 191 | 206 | |
Total assets | 738 | 612 | |
Current liabilities | 512 | 385 | |
Noncurrent liabilities | 87 | 95 | |
Total liabilities | 599 | 480 | |
Other Equity Affiliates Combined [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Sales | 498 | 582 | 564 |
Gross profit | 98 | 113 | 100 |
Income (loss) before income taxes | 26 | 42 | 33 |
Net income (loss) | 24 | 40 | 32 |
Dana's equity in earnings (loss) of affiliate | 7 | 11 | $ 8 |
Current assets | 169 | 180 | |
Noncurrent assets | 74 | 71 | |
Total assets | 243 | 251 | |
Current liabilities | 96 | 97 | |
Noncurrent liabilities | 13 | 12 | |
Total liabilities | $ 109 | $ 109 |
Quarterly Results (Unaudited) - Quarterly Financial Results (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 1,447 | $ 1,384 | $ 1,546 | $ 1,449 | $ 1,375 | $ 1,468 | $ 1,609 | $ 1,608 | $ 5,826 | $ 6,060 | $ 6,617 |
Gross margin | 204 | 208 | 233 | 199 | 172 | 213 | 236 | 228 | |||
Net income (loss) | 489 | 61 | 55 | 48 | (79) | 122 | 63 | 74 | 653 | 180 | 328 |
Net income (loss) attributable to parent company | $ 485 | $ 57 | $ 53 | $ 45 | $ (82) | $ 119 | $ 59 | $ 63 | $ 640 | $ 159 | $ 319 |
Net income (loss) per share available to parent company stockholders | |||||||||||
Basic | $ 3.37 | $ 0.40 | $ 0.36 | $ 0.30 | $ (0.54) | $ 0.75 | $ 0.36 | $ 0.38 | $ 4.38 | $ 1.00 | $ 1.97 |
Diluted | $ 3.34 | $ 0.39 | $ 0.36 | $ 0.30 | $ (0.54) | $ 0.75 | $ 0.36 | $ 0.38 | $ 4.36 | $ 0.99 | $ 1.84 |
Quarterly Results (Unaudited) - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jan. 01, 2016 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Loss on sale of subsidiaries | $ 80 | $ (80) | ||||||
After tax loss on sale of subsidiaries | 52 | |||||||
Change in valuation allowance | $ 32 | (476) | $ 49 | $ (100) | ||||
Loss on extinguishment of debt | $ 17 | 17 | 2 | 19 | ||||
Impairment of long-lived assets | 36 | 36 | ||||||
Impairment of long-lived assets, after tax | $ 24 | |||||||
Impairment of equity affiliate | 39 | 39 | ||||||
Other tax expense | $ 23 | 23 | ||||||
BRAZIL | ||||||||
Change in valuation allowance | 25 | |||||||
UNITED STATES | ||||||||
Change in valuation allowance | $ (501) | $ (66) | $ (179) |
Schedule II - Valuation and Qualifying Accounts and Reserves - Amounts Deducted From Assets in the Balance Sheets (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Accounts Receivable - Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 5 | $ 6 | $ 7 |
Amounts charged or credited to income | 2 | 1 | 1 |
Allowance utilized | 0 | (1) | (1) |
Adjustments arising from change in currency exchange rates and other items | (1) | (1) | (1) |
Balance at end of period | 6 | 5 | 6 |
Inventory Reserves [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 46 | 48 | 48 |
Amounts charged or credited to income | 19 | 18 | 20 |
Allowance utilized | (13) | (16) | (15) |
Adjustments arising from change in currency exchange rates and other items | (1) | (4) | (5) |
Balance at end of period | 51 | 46 | 48 |
Deferred Tax Assets - Valuation Allowance [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 662 | 728 | 982 |
Amounts charged or credited to income | (483) | (49) | (246) |
Allowance utilized | 0 | (1) | (7) |
Adjustments arising from change in currency exchange rates and other items | 106 | (16) | (1) |
Balance at end of period | $ 285 | $ 662 | $ 728 |
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