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Note 19 - Segments, Geographical Area and Major Customer Information | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | Note 19. Segments, Geographical Area and Major Customer Information We are a global provider of high-technology products to virtually every major vehicle manufacturer in the world. We also serve the stationary industrial market. Our technologies include drive systems (axles, driveshafts, transmissions, and wheel and track drives); motion systems (winches, slew drives, and hub drives); electrodynamic technologies (motors, inverters, software and control systems, battery-management systems, and fuel cell plates); sealing solutions (gaskets, seals, cam covers, and oil pan modules); thermal-management technologies (transmission and engine oil cooling, battery and electronics cooling, charge air cooling, and thermal-acoustical protective shielding); and digital solutions (active and passive system controls and descriptive and predictive analytics). We serve our global light vehicle, medium/heavy vehicle and off-highway markets through four operating segments – Light Vehicle Drive Systems (Light Vehicle), Commercial Vehicle Drive and Motion Systems (Commercial Vehicle), Off-Highway Drive and Motion Systems (Off-Highway) and Power Technologies, which is the center of excellence for sealing and thermal-management technologies that span all customers in our on-highway and off-highway markets. These operating segments have global responsibility and accountability for business commercial activities and financial performance. Dana’s Chairman and Chief Executive Officer is its chief operating decision maker (CODM). Dana’s CODM 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 —
|  | Light |  |  | Commercial |  |  |  |  |  |  | Power |  |  |  |  |  |  |  |  |
2024 |  | Vehicle |  |  | Vehicle |  |  | Off-Highway |  |  | Technologies |  |  | Corporate |  |  | Total |
External sales |  | $ | 4,224 |  |  | $ | 2,005 |  |  | $ | 2,767 |  |  | $ | 1,288 |  |  |  |  |  |  | $ | 10,284 |
Inter-segment sales |  |  | 187 |  |  |  | 112 |  |  |  | 65 |  |  |  | 25 |  |  |  |  |  |  |  | 389 |
|  |  | 4,411 |  |  |  | 2,117 |  |  |  | 2,832 |  |  |  | 1,313 |  |  |  |  |  |  |  | 10,673 |
Reconciliation of sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Elimination of inter-segment sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (389 | )
Total consolidated sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10,284 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 3,980 |  |  |  | 1,948 |  |  |  | 2,287 |  |  |  | 1,148 |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses |  |  | 122 |  |  |  | 98 |  |  |  | 141 |  |  |  | 74 |  |  |  |  |  |  |  |  |
Other segment items (a) |  |  | 5 |  |  |  | (4 | ) |  |  | 15 |  |  |  | 1 |  |  |  |  |  |  |  |  |
Segment EBITDA |  | $ | 314 |  |  | $ | 67 |  |  | $ | 419 |  |  | $ | 92 |  |  |  |  |  |  | $ | 892 |
Purchases of property, plant and equipment |  | $ | 182 |  |  | $ | 68 |  |  | $ | 66 |  |  | $ | 46 |  |  | $ | 18 |  |  | $ | 380 |
Segment net assets (b) |  | $ | 285 |  |  | $ | 358 |  |  | $ | 460 |  |  | $ | 188 |  |  | $ | (71 | ) |  | $ | 1,220 |
|  | Light |  |  | Commercial |  |  |  |  |  |  | Power |  |  |  |  |  |  |  |  |
2023 |  | Vehicle |  |  | Vehicle |  |  | Off-Highway |  |  | Technologies |  |  | Corporate |  |  | Total |
External sales |  | $ | 4,035 |  |  | $ | 2,092 |  |  | $ | 3,185 |  |  | $ | 1,243 |  |  |  |  |  |  | $ | 10,555 |
Inter-segment sales |  |  | 190 |  |  |  | 124 |  |  |  | 61 |  |  |  | 25 |  |  |  |  |  |  |  | 400 |
|  |  | 4,225 |  |  |  | 2,216 |  |  |  | 3,246 |  |  |  | 1,268 |  |  |  |  |  |  |  | 10,955 |
Reconciliation of sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Elimination of inter-segment sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (400 | )
Total consolidated sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10,555 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 3,866 |  |  |  | 2,034 |  |  |  | 2,627 |  |  |  | 1,108 |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses |  |  | 131 |  |  |  | 108 |  |  |  | 165 |  |  |  | 74 |  |  |  |  |  |  |  |  |
Other segment items (a) |  |  | (16 | ) |  |  | 13 |  |  |  | 11 |  |  |  | 3 |  |  |  |  |  |  |  |  |
Segment EBITDA |  | $ | 212 |  |  | $ | 87 |  |  | $ | 465 |  |  | $ | 89 |  |  |  |  |  |  | $ | 853 |
Purchases of property, plant and equipment |  | $ | 184 |  |  | $ | 106 |  |  | $ | 65 |  |  | $ | 120 |  |  | $ | 26 |  |  | $ | 501 |
Segment net assets (b) |  | $ | 339 |  |  | $ | 354 |  |  | $ | 485 |  |  | $ | 181 |  |  | $ | (68 | ) |  | $ | 1,291 |
|  | Light |  |  | Commercial |  |  |  |  |  |  | Power |  |  |  |  |  |  |  |  |
2022 |  | Vehicle |  |  | Vehicle |  |  | Off-Highway |  |  | Technologies |  |  | Corporate |  |  | Total |
External sales |  | $ | 4,090 |  |  | $ | 1,979 |  |  | $ | 2,946 |  |  | $ | 1,141 |  |  |  |  |  |  | $ | 10,156 |
Inter-segment sales |  |  | 166 |  |  |  | 110 |  |  |  | 64 |  |  |  | 28 |  |  |  |  |  |  |  | 368 |
|  |  | 4,256 |  |  |  | 2,089 |  |  |  | 3,010 |  |  |  | 1,169 |  |  |  |  |  |  |  | 10,524 |
Reconciliation of sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Elimination of inter-segment sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (368 | )
Total consolidated sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10,156 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 3,982 |  |  |  | 1,947 |  |  |  | 2,489 |  |  |  | 1,013 |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses |  |  | 115 |  |  |  | 104 |  |  |  | 135 |  |  |  | 63 |  |  |  |  |  |  |  |  |
Other segment items (a) |  |  | (1 | ) |  |  | 5 |  |  |  | 18 |  |  |  | 1 |  |  |  |  |  |  |  |  |
Segment EBITDA |  | $ | 158 |  |  | $ | 43 |  |  | $ | 404 |  |  | $ | 94 |  |  |  |  |  |  | $ | 699 |
Purchases of property, plant and equipment |  | $ | 201 |  |  | $ | 67 |  |  | $ | 73 |  |  | $ | 64 |  |  | $ | 35 |  |  | $ | 440 |
Segment net assets (b) |  | $ | 291 |  |  | $ | 305 |  |  | $ | 494 |  |  | $ | 143 |  |  | $ | (88 | ) |  | $ | 1,145 |
(a) | Other segment items primarily include foreign exchange gains and losses, government assistance, export incentives and the benefit of utilizing non-refundable tax credits purchased at a discount.
(b) | Segment net assets include accounts receivable - trade, inventories and accounts payable.
Reconciliation of segment EBITDA to consolidated net income (loss) —
|  | 2024 |  |  | 2023 |  |  | 2022 |
Segment EBITDA |  | $ | 892 |  |  | $ | 853 |  |  | $ | 699 |
Corporate expense and other items, net |  |  | (7 | ) |  |  | (8 | ) |  |  | 1 |
Depreciation |  |  | (401 | ) |  |  | (393 | ) |  |  | (365 | )
Amortization |  |  | (21 | ) |  |  | (23 | ) |  |  | (23 | )
Non-service cost components of pension and OPEB costs |  |  | (18 | ) |  |  | (13 | ) |  |  | (7 | )
Restructuring charges, net |  |  | (76 | ) |  |  | (25 | ) |  |  | 1 |
Stock compensation expense |  |  | (30 | ) |  |  | (26 | ) |  |  | (19 | )
Strategic transaction expenses |  |  | (9 | ) |  |  | (5 | ) |  |  | (8 | )
Loss on sale of property, plant and equipment |  |  | (6 | ) |  |  | (1 | ) |  |  | (2 | )
Loss on disposal group previously held for sale |  |  | (26 | ) |  |  |  |  |  |  |  |
Supplier capacity charge |  |  | (46 | ) |  |  |  |  |  |  |  |
Distressed supplier costs |  |  |  |  |  |  | (44 | ) |  |  |  |
Amounts attributable to previously divested/closed operations |  |  | (9 | ) |  |  |  |  |  |  | (2 | )
Impairment of goodwill |  |  |  |  |  |  |  |  |  |  | (191 | )
Other items |  |  | (17 | ) |  |  | 1 |  |  |  | 2 |
Earnings before interest and income taxes |  |  | 226 |  |  |  | 316 |  |  |  | 86 |
Loss on extinguishment of debt |  |  |  |  |  |  | (1 | ) |  |  |  |
Interest income |  |  | 15 |  |  |  | 17 |  |  |  | 11 |
Interest expense |  |  | 161 |  |  |  | 154 |  |  |  | 128 |
Earnings (loss) before income taxes |  | $ | 80 |  |  | $ | 178 |  |  | $ | (31 | )
Reconciliation of segment net assets to consolidated total assets —
|  | 2024 |  |  | 2023 |  |  | 2022 |
Segment net assets |  | $ | 1,220 |  |  | $ | 1,291 |  |  | $ | 1,145 |
Accounts payable |  |  | 1,522 |  |  |  | 1,756 |  |  |  | 1,838 |
Cash and cash equivalents |  |  | 494 |  |  |  | 529 |  |  |  | 425 |
Accounts receivable - Other |  |  | 261 |  |  |  | 280 |  |  |  | 202 |
Other current assets |  |  | 206 |  |  |  | 247 |  |  |  | 219 |
Goodwill |  |  | 250 |  |  |  | 263 |  |  |  | 259 |
Intangibles |  |  | 150 |  |  |  | 182 |  |  |  | 201 |
Deferred tax assets |  |  | 560 |  |  |  | 516 |  |  |  | 397 |
Other noncurrent assets |  |  | 189 |  |  |  | 140 |  |  |  | 123 |
Investments in affiliates |  |  | 126 |  |  |  | 123 |  |  |  | 136 |
Operating lease assets |  |  | 293 |  |  |  | 327 |  |  |  | 311 |
Property, plant and equipment, net |  |  | 2,214 |  |  |  | 2,311 |  |  |  | 2,193 |
Total assets |  | $ | 7,485 |  |  | $ | 7,965 |  |  | $ | 7,449 |
Geographic information — Of our 2024 consolidated net sales, the U.S., Italy, India, Brazil, Germany and China account for 45%, 14%, 6%, 5%, 5% and 4%, respectively. No other country accounted for 5% or more of our consolidated net sales during the past three years. Sales are attributed to the location of the product entity recording the sale. Long-lived assets represent property, plant and equipment and operating lease assets.
|  | Net Sales |  |  | Long-Lived Assets |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2024 |  |  | 2023 |  |  | 2022 |
North America |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 4,675 |  |  | $ | 4,492 |  |  | $ | 4,668 |  |  | $ | 1,140 |  |  | $ | 1,203 |  |  | $ | 1,185 |
Other North America |  |  | 295 |  |  |  | 260 |  |  |  | 255 |  |  |  | 213 |  |  |  | 221 |  |  |  | 187 |
Total |  |  | 4,970 |  |  |  | 4,752 |  |  |  | 4,923 |  |  |  | 1,353 |  |  |  | 1,424 |  |  |  | 1,372 |
Europe |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Italy |  |  | 1,434 |  |  |  | 1,705 |  |  |  | 1,535 |  |  |  | 222 |  |  |  | 237 |  |  |  | 219 |
Germany |  |  | 499 |  |  |  | 549 |  |  |  | 494 |  |  |  | 129 |  |  |  | 154 |  |  |  | 131 |
Other Europe |  |  | 1,213 |  |  |  | 1,296 |  |  |  | 1,030 |  |  |  | 363 |  |  |  | 331 |  |  |  | 302 |
Total |  |  | 3,146 |  |  |  | 3,550 |  |  |  | 3,059 |  |  |  | 714 |  |  |  | 722 |  |  |  | 652 |
South America |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brazil |  |  | 527 |  |  |  | 488 |  |  |  | 606 |  |  |  | 90 |  |  |  | 119 |  |  |  | 102 |
Other South America |  |  | 252 |  |  |  | 243 |  |  |  | 182 |  |  |  | 24 |  |  |  | 24 |  |  |  | 22 |
Total |  |  | 779 |  |  |  | 731 |  |  |  | 788 |  |  |  | 114 |  |  |  | 143 |  |  |  | 124 |
Asia Pacific |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
India |  |  | 581 |  |  |  | 634 |  |  |  | 554 |  |  |  | 172 |  |  |  | 173 |  |  |  | 183 |
China |  |  | 438 |  |  |  | 503 |  |  |  | 484 |  |  |  | 88 |  |  |  | 106 |  |  |  | 105 |
Other Asia Pacific |  |  | 370 |  |  |  | 385 |  |  |  | 348 |  |  |  | 66 |  |  |  | 70 |  |  |  | 68 |
Total |  |  | 1,389 |  |  |  | 1,522 |  |  |  | 1,386 |  |  |  | 326 |  |  |  | 349 |  |  |  | 356 |
Total |  | $ | 10,284 |  |  | $ | 10,555 |  |  | $ | 10,156 |  |  | $ | 2,507 |  |  | $ | 2,638 |  |  | $ | 2,504 |
Sales to major customers — Ford and Stellantis N.V. were the only individual customers to whom sales have exceeded 10% of our consolidated sales in one or more of the past three years. Sales to Ford were $2,409 (23%) in 2024, $2,138 (20%) in 2023 and $1,978 (19%) in 2022. Sales to Stellantis N.V. (via a directed supply relationship) were $789 (8%) in 2024, $918 (9%) in 2023 and $1,166 (11%) in 2022.

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