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Financing Agreements | 9 Months Ended
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Sep. 30, 2014
Debt Disclosure [Abstract] |
Financing Agreements | Financing Agreements Long-term debt at —
|  | Interest Rate |  | September 30, 2014 |  | December 31, 2013
Senior Notes due February 15, 2019 |  | 6.500% |  | $ | 400 |  |  | $ | 400 |
Senior Notes due February 15, 2021 |  | 6.750% |  | 350 |  |  | 350 |
Senior Notes due September 15, 2021 |  | 5.375% |  | 450 |  |  | 450 |
Senior Notes due September 15, 2023 |  | 6.000% |  | 300 |  |  | 300 |
Other indebtedness |  |  |  | 86 |  |  | 99 |
Total |  |  |  | 1,586 |  |  | 1,599 |
Less: current maturities |  |  |  | 6 |  |  | 32 |
Total long-term debt |  |  |  | $ | 1,580 |  |  | $ | 1,567 |
Interest on the senior notes is payable semi-annually. Other indebtedness includes borrowings from various financial institutions and capital lease obligations. Senior notes — In July 2013, we completed the sale of $750 in senior unsecured notes. Interest on the September 2021 Notes and September 2023 Notes is payable on March 15 and September 15 of each year beginning on March 15, 2014. Net proceeds of the offering totaled $734. Financing costs of $16 were recorded as deferred costs and are being amortized to interest expense over the life of the notes. The net proceeds from the offering were used to repurchase all of our outstanding Series A preferred stock and to fund common stock repurchases under our previously authorized share repurchase program. Revolving facility — On June 20, 2013, we received commitments from existing lenders for a $500 amended and restated revolving credit facility (the Amended Revolving Facility) which expires on June 20, 2018. In connection with the Amended Revolving Facility, we paid $3 in deferred financing costs to be amortized to interest expense over the life of the facility. We wrote off $2 of previously deferred financing costs associated with our prior revolving credit facility to other income, net. The Amended Revolving Facility is guaranteed by all of our domestic subsidiaries except for Dana Credit Corporation and Dana Companies, LLC and their respective subsidiaries (the guarantors) and grants a first priority lien on Dana's and the guarantors' accounts receivable and inventories and, under certain circumstances, to the extent Dana and the guarantors grant a first-priority lien on certain other assets and property, a second-priority lien on such other assets and property. Advances under the Amended Revolving Facility bear interest at a floating rate based on, at our option, the base rate or LIBOR (each as described in the revolving credit agreement) plus a margin based on the undrawn amounts available under the agreement as set forth below:
Remaining Borrowing Availability |  | Base Rate |  | LIBOR Rate
Greater than $350 |  | 0.50 | % |  | 1.50 | %
Greater than $150 but less than or equal to $350 |  | 0.75 | % |  | 1.75 | %
$150 or less |  | 1.00 | % |  | 2.00 | %
Commitment fees are applied based on the average daily unused portion of the available amounts under the Amended Revolving Facility. If the average daily unused portion of the revolving facility is less than 50%, the applicable fee will be 0.25% per annum. If the average daily unused portion of the revolving facility is equal to or greater than 50%, the applicable fee will be 0.375% per annum. Up to $300 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 LIBOR margin based on quarterly average availability under the revolving facility and a per annum fronting fee of 0.125%, payable quarterly. There were no borrowings under the revolving facility at September 30, 2014 but we had utilized $43 for letters of credit. Based on our borrowing base collateral of $369, we had potential availability at September 30, 2014 under the revolving facility of $326 after deducting the outstanding letters of credit. European receivables loan facility — Effective December 31, 2013 we terminated our European accounts receivable backed credit facility (the European Facility). The European facility was scheduled to terminate on March 8, 2016 and permitted borrowings of up to €75. No borrowings were outstanding under the European Facility as of the termination date. We wrote off $2 of previously deferred financing costs associated with the European Facility to other income, net. Debt covenants — At September 30, 2014, we were in compliance with the covenants of our financing agreements. Under the Amended Revolving Facility and the senior notes, we are required to comply with certain incurrence-based covenants customary for facilities of these types.

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- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References No definition available. + Details
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- Details
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