Dana Incorporated Announces Record First-quarter 2019 Financial Results

10th consecutive quarter of year-over-year sales growth

Published

MAUMEE, Ohio, May 2, 2019 /PRNewswire/ --

First-quarter Highlights

  • Record first-quarter sales of $2.2 billion, an increase of $25 million compared with first-quarter 2018; represents 5 percent growth on a constant-currency basis
  • Net income attributable to Dana of $98 million; diluted EPS of $0.68
  • Record adjusted EBITDA of $257 million, an increase of $9 million
  • Margin of 11.9 percent of sales, an expansion of 30 basis points
  • Record diluted adjusted EPS of $0.78, an improvement of 4 percent over first-quarter 2018
  • Awarded 2019 Automotive News PACE Award
  • Completed purchase of SME Group; Drive Systems segment from Oerlikon Group

Dana Incorporated (NYSE: DAN) today announced strong financial results for the first quarter of 2019.

"Dana achieved record sales this quarter, which represents our 10th consecutive quarter of year-over-year sales growth," said James Kamsickas, Dana president and chief executive officer.  "We remain focused on strong execution and top-line growth as we work to fully integrate our recent acquisitions, launch new products, and position the company for success as mobility markets transition to electric propulsion."

First-quarter 2019 Financial Results

Sales for the first quarter of 2019 totaled $2.16 billion, compared with $2.14 billion in the same period of 2018, representing a $25 million improvement.  On a constant-currency basis, sales grew 5 percent over the same period last year.  The increase was attributable to conversion of sales backlog, higher end-market demand, and one month of benefit from the ODS acquisition, partially offset by unfavorable currency translation.

Dana reported net income of $98 million for the first quarter of 2019, compared with net income of $108 million in the same period of 2018.  The difference was primarily due to $32 million of one-time costs related to recent acquisitions, including transaction expenses, financing charges, and elevated restructuring expenses to support cost synergies.  Partially offsetting these expenses was lower income tax expense in the first quarter of 2019 due to the release of certain valuation allowances in the U.S.

Reported diluted earnings per share were $0.68, compared with $0.73 in the first quarter of 2018.

Adjusted EBITDA for the first quarter of 2019 was $257 million, compared with $248 million for the same period last year.  Profit in the first quarter of 2019 benefited from both organic and inorganic growth, partially offset by higher commodity costs and the impact of unfavorable currency translation related to the strengthening of the U.S. dollar.

Diluted adjusted earnings per share were $0.78 in the first quarter of 2019, compared with $0.75 in the same period last year.  

Operating cash flow in the first quarter of 2019 was a use of $16 million, compared with a use of $28 million in the same period of 2018.  Adjusted free cash flow was a use of $114 million, compared with a use of $93 million in the first quarter of 2018.  Higher earnings and lower year-over-year working capital requirements were more than offset by increased investment to support new program launches.

The company repurchased 1.4 million shares of common stock in the first quarter of 2019, offsetting the dilutive impact of stock grants.

Company Affirms 2019 Full-year Financial Targets

The company affirmed previously announced guidance ranges of:

  • Sales of $8.950 to $9.350 billion;
  • Adjusted EBITDA of $1.085 billion to $1.165 billion, an implied adjusted EBITDA margin of approximately 12.3 percent at the midpoint of the range;
  • Diluted adjusted EPS1 of $2.95 to $3.45;
  • Operating cash flow of approximately 5.5 percent; and
  • Adjusted free cash flow of approximately 3.0 percent.

1Net income and diluted EPS guidance are not provided, as discussed below in Non-GAAP Financial Information.

"Our strong first quarter supports delivering our full-year guidance and keeps us firmly on the path to achieve our long-term targets," said Jonathan Collins, executive vice president and chief financial officer of Dana.  "Our outlook for 2019 and 2020 continues to be positive due to our robust sales backlog, stable end markets, and accretive acquisitions."

Dana to Host Conference Call at 9 a.m. Today

Dana will discuss its 2019 first-quarter results in a conference call at 9 a.m. EDT today.  Participants may listen to the audio portion of the conference call either through audio streaming online or by telephone.  Slide viewing is available online via a link provided on the Dana investor website: www.dana.com/investors.  U.S. and Canadian locations should dial 1-888-311-4590 and international locations should call 1-706-758-0054.  Please enter conference I.D. 1847959 and ask for the "Dana Incorporated's Financial Webcast and Conference Call."  Phone registration will be available starting at 8:30 a.m. EDT

An audio recording of the webcast will be available after 5 p.m. EDT on May 2 by dialing 1-855-859-2056 (U.S. or Canada) or 1-404-537-3406 (international) and entering conference I.D. 1847959.  A webcast replay will also be available after 5 p.m. EDT and may be accessed via Dana's investor website.

Non-GAAP Financial Information

This release refers to adjusted EBITDA, a non-GAAP financial measure which we have defined as net income before interest, income taxes, depreciation, amortization, equity grant expense, restructuring expense, non-service cost components of pension and other postretirement benefit costs, and other adjustments not related to our core operations (gain/loss on debt extinguishment, pension settlements, divestitures, impairment, etc.). Adjusted EBITDA is a measure of our ability to maintain and continue to invest in our operations and provide shareholder returns. We use adjusted EBITDA in assessing the effectiveness of our business strategies, evaluating and pricing potential acquisitions and as a factor in making incentive compensation decisions. In addition to its use by management, we also believe adjusted EBITDA is a measure widely used by securities analysts, investors and others to evaluate financial performance of our company relative to other Tier 1 automotive suppliers. Adjusted EBITDA should not be considered a substitute for income before income taxes, net income or other results reported in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Diluted adjusted EPS is a non-GAAP financial measure, which we have defined as adjusted net income divided by adjusted diluted shares.  We define adjusted net income as net income (loss) attributable to the parent company, excluding any nonrecurring income tax items, restructuring charges, amortization expense, and other adjustments not related to our core operations (as used in adjusted EBITDA), net of any associated income tax effects.  We define adjusted diluted shares as diluted shares as determined in accordance with GAAP based on adjusted net income.  This measure is considered useful for purposes of providing investors, analysts, and other interested parties with an indicator of ongoing financial performance that provides enhanced comparability to EPS reported by other companies.  Diluted adjusted EPS is neither intended to represent nor be an alternative measure to diluted EPS reported under GAAP.

Adjusted free cash flow is a non-GAAP financial measure, which we have defined as cash provided by (used in) operating activities excluding voluntary pension contributions, less purchases of property, plant, and equipment.  We believe this measure is useful to investors in evaluating the operational cash flow of the company inclusive of the spending required to maintain the operations.  Adjusted free cash flow is neither intended to represent nor be an alternative to the measure of net cash provided by (used in) operating activities reported under GAAP.  Adjusted free cash flow may not be comparable to similarly titled measures reported by other companies.

We have not provided reconciliations of preliminary and projected adjusted EBITDA and diluted adjusted EPS to the most comparable GAAP measures of net income and diluted EPS. Providing net income and diluted EPS guidance is potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items that are included in net income and diluted EPS, including restructuring actions, asset impairments, and income tax valuation adjustments. Reconciliations of these non-GAAP measures with the most comparable GAAP measures for historical periods are indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance. Please reference the "Non-GAAP Financial Information" accompanying our quarterly earnings conference call presentations on our website at www.dana.com/investors for our GAAP results and the reconciliations of these measures, where used, to the comparable GAAP measures.

Forward-Looking Statements

Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change.  Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words.  These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. 

Dana's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss important risk factors that could affect our business, results of operations and financial condition.  The forward-looking statements in this news release speak only as of this date. Dana does not undertake any obligation to revise or update publicly any forward-looking statement for any reason.

About Dana Incorporated

Dana is a world leader in providing power-conveyance and energy-management solutions for vehicles and machinery.  The company's portfolio improves the efficiency, performance, and sustainability of light vehicles, commercial vehicles, and off-highway equipment.  From axles, driveshafts, and transmissions to electrodynamic, thermal, sealing, and digital solutions, the company enables the propulsion of conventional, hybrid, and electric-powered vehicles by supplying nearly every vehicle and engine manufacturer in the world.  Founded in 1904, Dana employs more than 36,000 people who are committed to delivering long-term value to customers.  Based in Maumee, Ohio, USA, and with locations in 33 countries across six continents, the company reported sales of $8.1 billion in 2018.  Having established a dynamic, high-performance culture, the company has been recognized globally as a top employer, with significant honors in Asia, India, Italy, Mexico, and the United States.  Learn more at www.dana.com.

 

 DANA INCORPORATED 
 Consolidated Statement of Operations (Unaudited) 
 For the Three Months Ended March 31, 2019 and 2018 
Three Months Ended
 (In millions, except per share amounts)  March 31,
2019 2018
 Net sales  $      2,163 $      2,138
 Costs and expenses 
     Cost of sales  1,863 1,831
     Selling, general and administrative expenses  136 130
     Amortization of intangibles  2 2
     Restructuring charges, net  9 1
 Other expense, net  (13)
 Earnings before interest and income taxes  140 174
 Interest income  2 3
 Interest expense  27 24
 Earnings before income taxes  115 153
 Income tax expense  20 48
 Equity in earnings of affiliates  6 6
 Net income  101 111
     Less: Noncontrolling interests net income  4 2
     Less: Redeemable noncontrolling interests net income (loss)  (1) 1
 Net income attributable to the parent company  $            98 $         108
 Net income per share available to common stockholders 
    Basic  $        0.68 $        0.74
    Diluted  $        0.68 $        0.73
 Weighted-average common shares outstanding - Basic  143.9 145.6
 Weighted-average common shares outstanding - Diluted  144.8 147.5

 

 DANA INCORPORATED   DANA INCORPORATED 
 Consolidated Statement of Operations (Unaudited)   Consolidated Statement of Comprehensive Income (Unaudited) 
 For the Three Months Ended March 31, 2019 and 2018   For the Three Months Ended March 31, 2019 and 2018 
Three Months Ended Three Months Ended
 (In millions, except per share amounts)  March 31,  (In millions)  March 31,
2019 2018 2019 2018
 Net sales  $      2,163 $      2,138  Net income  $         101 $         111
 Costs and expenses   Other comprehensive income (loss), net of tax: 
     Cost of sales  1,863 1,831 Currency translation adjustments 27 10
     Selling, general and administrative expenses  136 130 Hedging gains and losses 5 (8)
     Amortization of intangibles  2 2 Defined benefit plans 5 7
     Restructuring charges, net  9 1 Other comprehensive income 37 9
 Other expense, net  (13) Total comprehensive income 138 120
 Earnings before interest and income taxes  140 174 Less: Comprehensive income attributable to noncontrolling interests (2) (2)
 Interest income  2 3 Less: Comprehensive income attributable to redeemable noncontrolling interests (4) (2)
 Interest expense  27 24 Comprehensive income attributable to the parent company $         132 $         116
 Earnings before income taxes  115 153
 Income tax expense  20 48
 Equity in earnings of affiliates  6 6
 Net income  101 111
     Less: Noncontrolling interests net income  4 2
     Less: Redeemable noncontrolling interests net income (loss)  (1) 1
 Net income attributable to the parent company  $            98 $         108
 Net income per share available to common stockholders 
    Basic  $        0.68 $        0.74
    Diluted  $        0.68 $        0.73
 Weighted-average common shares outstanding - Basic  143.9 145.6
 Weighted-average common shares outstanding - Diluted  144.8 147.5

 

 DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED 
 Consolidated Statement of Operations (Unaudited)   Consolidated Statement of Comprehensive Income (Unaudited)   Consolidated Balance Sheet (Unaudited) 
 For the Three Months Ended March 31, 2019 and 2018   For the Three Months Ended March 31, 2019 and 2018   As of March 31, 2019 and December 31, 2018 
Three Months Ended Three Months Ended  (In millions, except share and per share amounts)  March 31, December 31,
 (In millions, except per share amounts)  March 31,  (In millions)  March 31, 2019 2018
2019 2018 2019 2018  Assets 
 Net sales  $      2,163 $      2,138  Net income  $         101 $         111  Current assets 
 Costs and expenses   Other comprehensive income (loss), net of tax:   Cash and cash equivalents  $            383 $            510
     Cost of sales  1,863 1,831 Currency translation adjustments 27 10  Marketable securities  20 21
     Selling, general and administrative expenses  136 130 Hedging gains and losses 5 (8)  Accounts receivable 
     Amortization of intangibles  2 2 Defined benefit plans 5 7  Trade, less allowance for doubtful accounts of $8 in 2019 and $9 in 2018  1,416 1,065
     Restructuring charges, net  9 1 Other comprehensive income 37 9  Other  202 178
 Other expense, net  (13) Total comprehensive income 138 120  Inventories  1,282 1,031
 Earnings before interest and income taxes  140 174 Less: Comprehensive income attributable to noncontrolling interests (2) (2)  Other current assets  140 102
 Interest income  2 3 Less: Comprehensive income attributable to redeemable noncontrolling interests (4) (2)  Total current assets  3,443 2,907
 Interest expense  27 24 Comprehensive income attributable to the parent company $         132 $         116  Goodwill  456 264
 Earnings before income taxes  115 153  Intangibles  185 164
 Income tax expense  20 48  Deferred tax assets  464 445
 Equity in earnings of affiliates  6 6  Other noncurrent assets  87 80
 Net income  101 111  Investments in affiliates  226 208
     Less: Noncontrolling interests net income  4 2  Operating lease assets  181
     Less: Redeemable noncontrolling interests net income (loss)  (1) 1  Property, plant and equipment, net  2,242 1,850
 Net income attributable to the parent company  $            98 $         108  Total assets  $        7,284 $        5,918
 Net income per share available to common stockholders   Liabilities and equity 
    Basic  $        0.68 $        0.74  Current liabilities 
    Diluted  $        0.68 $        0.73  Short-term debt  $              14 $                8
 Current portion of long-term debt  41 20
 Weighted-average common shares outstanding - Basic  143.9 145.6  Accounts payable  1,448 1,217
 Weighted-average common shares outstanding - Diluted  144.8 147.5  Accrued payroll and employee benefits  207 186
 Taxes on income  62 47
 Current portion of operating lease liabilities  39
 Other accrued liabilities  302 269
 Total current liabilities  2,113 1,747
 Long-term debt, less debt issuance costs of $29 in 2019 and $18 in 2018  2,425 1,755
 Noncurrent operating lease liabilities  147
 Pension and postretirement obligations  602 561
 Other noncurrent liabilities  353 313
 Total liabilities  5,640 4,376
 Commitments and contingencies 
 Redeemable noncontrolling interests  105 100
 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, 
 143,901,808 and 144,663,403 shares outstanding  2 2
 Additional paid-in capital  2,372 2,368
 Retained earnings  538 456
 Treasury stock, at cost (10,095,558 and 8,342,185 shares)  (150) (119)
 Accumulated other comprehensive loss  (1,328) (1,362)
 Total parent company stockholders' equity  1,434 1,345
 Noncontrolling interests  105 97
 Total equity  1,539 1,442
 Total liabilities and equity  $        7,284 $        5,918

 

 DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED 
 Consolidated Statement of Operations (Unaudited)   Consolidated Statement of Comprehensive Income (Unaudited)   Consolidated Balance Sheet (Unaudited)   Consolidated Statement of Cash Flows (Unaudited) 
 For the Three Months Ended March 31, 2019 and 2018   For the Three Months Ended March 31, 2019 and 2018   As of March 31, 2019 and December 31, 2018   For the Three Months Ended March 31, 2019 and 2018 
Three Months Ended Three Months Ended  (In millions, except share and per share amounts)  March 31, December 31, Three Months Ended
 (In millions, except per share amounts)  March 31,  (In millions)  March 31, 2019 2018  (In millions)  March 31,
2019 2018 2019 2018  Assets  2019 2018
 Net sales  $      2,163 $      2,138  Net income  $         101 $         111  Current assets   Operating activities 
 Costs and expenses   Other comprehensive income (loss), net of tax:   Cash and cash equivalents  $            383 $            510  Net income  $         101 $         111
     Cost of sales  1,863 1,831 Currency translation adjustments 27 10  Marketable securities  20 21  Depreciation  73 64
     Selling, general and administrative expenses  136 130 Hedging gains and losses 5 (8)  Accounts receivable   Amortization  4 3
     Amortization of intangibles  2 2 Defined benefit plans 5 7  Trade, less allowance for doubtful accounts of $8 in 2019 and $9 in 2018  1,416 1,065  Amortization of deferred financing charges  1 1
     Restructuring charges, net  9 1 Other comprehensive income 37 9  Other  202 178  Earnings of affiliates, net of dividends received  (5) (5)
 Other expense, net  (13) Total comprehensive income 138 120  Inventories  1,282 1,031  Stock compensation expense  5 4
 Earnings before interest and income taxes  140 174 Less: Comprehensive income attributable to noncontrolling interests (2) (2)  Other current assets  140 102  Deferred income taxes  (14) 12
 Interest income  2 3 Less: Comprehensive income attributable to redeemable noncontrolling interests (4) (2)  Total current assets  3,443 2,907  Pension contributions, net  4
 Interest expense  27 24 Comprehensive income attributable to the parent company $         132 $         116  Goodwill  456 264  Change in working capital  (175) (216)
 Earnings before income taxes  115 153  Intangibles  185 164  Other, net  (10) (2)
 Income tax expense  20 48  Deferred tax assets  464 445  Net cash used in operating activities (1)  (16) (28)
 Equity in earnings of affiliates  6 6  Other noncurrent assets  87 80
 Net income  101 111  Investments in affiliates  226 208  Investing activities 
     Less: Noncontrolling interests net income  4 2  Operating lease assets  181  Purchases of property, plant and equipment (1)  (98) (65)
     Less: Redeemable noncontrolling interests net income (loss)  (1) 1  Property, plant and equipment, net  2,242 1,850  Acquisition of businesses, net of cash acquired  (606)
 Net income attributable to the parent company  $            98 $         108  Total assets  $        7,284 $        5,918  Purchases of marketable securities  (5) (17)
 Proceeds from sales of marketable securities  4
 Net income per share available to common stockholders   Liabilities and equity   Proceeds from maturities of marketable securities  6 11
    Basic  $        0.68 $        0.74  Current liabilities   Settlements of undesignated derivatives  (20)
    Diluted  $        0.68 $        0.73  Short-term debt  $              14 $                8  Other, net  (1)
 Current portion of long-term debt  41 20  Net cash used in investing activities  (724) (67)
 Weighted-average common shares outstanding - Basic  143.9 145.6  Accounts payable  1,448 1,217
 Weighted-average common shares outstanding - Diluted  144.8 147.5  Accrued payroll and employee benefits  207 186  Financing activities 
 Taxes on income  62 47  Net change in short-term debt  (2) (7)
 Current portion of operating lease liabilities  39  Proceeds from long-term debt  675
 Other accrued liabilities  302 269  Repayment of long-term debt  (9) (1)
 Total current liabilities  2,113 1,747  Deferred financing payments  (12)
 Long-term debt, less debt issuance costs of $29 in 2019 and $18 in 2018  2,425 1,755  Dividends paid to common stockholders  (14) (15)
 Noncurrent operating lease liabilities  147  Distributions to noncontrolling interests  (1) (1)
 Pension and postretirement obligations  602 561  Contributions from noncontrolling interests  1
 Other noncurrent liabilities  353 313  Repurchases of common stock  (25)
 Total liabilities  5,640 4,376  Other, net  (3) (4)
 Commitments and contingencies   Net cash provided by (used in) financing activities  610 (28)
 Redeemable noncontrolling interests  105 100
 Parent company stockholders' equity   Net decrease in cash, cash equivalents and restricted cash  (130) (123)
 Preferred stock, 50,000,000 shares authorized, $0.01 par value,   Cash, cash equivalents and restricted cash − beginning of period   520 610
 no shares outstanding  - -  Effect of exchange rate changes on cash balances  5 14
 Common stock, 450,000,000 shares authorized, $0.01 par value,   Less: Cash contributed to disposal group  (10)
 143,901,808 and 144,663,403 shares outstanding  2 2  Cash, cash equivalents and restricted cash − end of period   $         395 $         491
 Additional paid-in capital  2,372 2,368
 Retained earnings  538 456  Non-cash investing activity 
 Treasury stock, at cost (10,095,558 and 8,342,185 shares)  (150) (119)  Purchases of property, plant and equipment held in accounts payable  $            84 $            81
 Accumulated other comprehensive loss  (1,328) (1,362)
 Total parent company stockholders' equity  1,434 1,345
 Noncontrolling interests  105 97
 Total equity  1,539 1,442
 Total liabilities and equity  $        7,284 $        5,918

 

 DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED 
 Consolidated Statement of Operations (Unaudited)   Consolidated Statement of Comprehensive Income (Unaudited)   Consolidated Balance Sheet (Unaudited)   Consolidated Statement of Cash Flows (Unaudited)   Reconciliation of Net Cash Provided by Operating Activities to 
 For the Three Months Ended March 31, 2019 and 2018   For the Three Months Ended March 31, 2019 and 2018   As of March 31, 2019 and December 31, 2018   For the Three Months Ended March 31, 2019 and 2018     Free Cash Flow and Adjusted Free Cash Flow (Unaudited) 
Three Months Ended Three Months Ended  (In millions, except share and per share amounts)  March 31, December 31, Three Months Ended Three Months Ended
 (In millions, except per share amounts)  March 31,  (In millions)  March 31, 2019 2018  (In millions)  March 31,  (In millions)  March 31,
2019 2018 2019 2018  Assets  2019 2018 2019 2018
 Net sales  $      2,163 $      2,138  Net income  $         101 $         111  Current assets   Operating activities   Net cash used in operating activities  $        (16) $        (28)
 Costs and expenses   Other comprehensive income (loss), net of tax:   Cash and cash equivalents  $            383 $            510  Net income  $         101 $         111  Purchase of property, plant and equipment  (98) (65)
     Cost of sales  1,863 1,831 Currency translation adjustments 27 10  Marketable securities  20 21  Depreciation  73 64  Free cash flow  (114) (93)
     Selling, general and administrative expenses  136 130 Hedging gains and losses 5 (8)  Accounts receivable   Amortization  4 3  Discretionary pension contributions  - -
     Amortization of intangibles  2 2 Defined benefit plans 5 7  Trade, less allowance for doubtful accounts of $8 in 2019 and $9 in 2018  1,416 1,065  Amortization of deferred financing charges  1 1  Adjusted free cash flow  $     (114) $        (93)
     Restructuring charges, net  9 1 Other comprehensive income 37 9  Other  202 178  Earnings of affiliates, net of dividends received  (5) (5)
 Other expense, net  (13) Total comprehensive income 138 120  Inventories  1,282 1,031  Stock compensation expense  5 4 2019
 Earnings before interest and income taxes  140 174 Less: Comprehensive income attributable to noncontrolling interests (2) (2)  Other current assets  140 102  Deferred income taxes  (14) 12 Guidance
 Interest income  2 3 Less: Comprehensive income attributable to redeemable noncontrolling interests (4) (2)  Total current assets  3,443 2,907  Pension contributions, net  4  Net cash provided by operating activities   ~  $       525
 Interest expense  27 24 Comprehensive income attributable to the parent company $         132 $         116  Goodwill  456 264  Change in working capital  (175) (216)  Purchase of property, plant and equipment   ~  (415)
 Earnings before income taxes  115 153  Intangibles  185 164  Other, net  (10) (2)  Free cash flow  110
 Income tax expense  20 48  Deferred tax assets  464 445  Net cash used in operating activities (1)  (16) (28)  Discretionary pension contributions   ~  165
 Equity in earnings of affiliates  6 6  Other noncurrent assets  87 80  Adjusted free cash flow   ~  $       275
 Net income  101 111  Investments in affiliates  226 208  Investing activities 
     Less: Noncontrolling interests net income  4 2  Operating lease assets  181  Purchases of property, plant and equipment (1)  (98) (65)
     Less: Redeemable noncontrolling interests net income (loss)  (1) 1  Property, plant and equipment, net  2,242 1,850  Acquisition of businesses, net of cash acquired  (606)
 Net income attributable to the parent company  $            98 $         108  Total assets  $        7,284 $        5,918  Purchases of marketable securities  (5) (17)
 Proceeds from sales of marketable securities  4
 Net income per share available to common stockholders   Liabilities and equity   Proceeds from maturities of marketable securities  6 11
    Basic  $        0.68 $        0.74  Current liabilities   Settlements of undesignated derivatives  (20)
    Diluted  $        0.68 $        0.73  Short-term debt  $              14 $                8  Other, net  (1)
 Current portion of long-term debt  41 20  Net cash used in investing activities  (724) (67)
 Weighted-average common shares outstanding - Basic  143.9 145.6  Accounts payable  1,448 1,217
 Weighted-average common shares outstanding - Diluted  144.8 147.5  Accrued payroll and employee benefits  207 186  Financing activities 
 Taxes on income  62 47  Net change in short-term debt  (2) (7)
 Current portion of operating lease liabilities  39  Proceeds from long-term debt  675
 Other accrued liabilities  302 269  Repayment of long-term debt  (9) (1)
 Total current liabilities  2,113 1,747  Deferred financing payments  (12)
 Long-term debt, less debt issuance costs of $29 in 2019 and $18 in 2018  2,425 1,755  Dividends paid to common stockholders  (14) (15)
 Noncurrent operating lease liabilities  147  Distributions to noncontrolling interests  (1) (1)
 Pension and postretirement obligations  602 561  Contributions from noncontrolling interests  1
 Other noncurrent liabilities  353 313  Repurchases of common stock  (25)
 Total liabilities  5,640 4,376  Other, net  (3) (4)
 Commitments and contingencies   Net cash provided by (used in) financing activities  610 (28)
 Redeemable noncontrolling interests  105 100
 Parent company stockholders' equity   Net decrease in cash, cash equivalents and restricted cash  (130) (123)
 Preferred stock, 50,000,000 shares authorized, $0.01 par value,   Cash, cash equivalents and restricted cash − beginning of period   520 610
 no shares outstanding  - -  Effect of exchange rate changes on cash balances  5 14
 Common stock, 450,000,000 shares authorized, $0.01 par value,   Less: Cash contributed to disposal group  (10)
 143,901,808 and 144,663,403 shares outstanding  2 2  Cash, cash equivalents and restricted cash − end of period   $         395 $         491
 Additional paid-in capital  2,372 2,368
 Retained earnings  538 456  Non-cash investing activity 
 Treasury stock, at cost (10,095,558 and 8,342,185 shares)  (150) (119)  Purchases of property, plant and equipment held in accounts payable  $            84 $            81
 Accumulated other comprehensive loss  (1,328) (1,362)
 Total parent company stockholders' equity  1,434 1,345
 Noncontrolling interests  105 97
 Total equity  1,539 1,442
 Total liabilities and equity  $        7,284 $        5,918

 

 DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED 
 Consolidated Statement of Operations (Unaudited)   Consolidated Statement of Comprehensive Income (Unaudited)   Consolidated Balance Sheet (Unaudited)   Consolidated Statement of Cash Flows (Unaudited)   Reconciliation of Net Cash Provided by Operating Activities to   Segment Sales and Segment EBITDA (Unaudited) 
 For the Three Months Ended March 31, 2019 and 2018   For the Three Months Ended March 31, 2019 and 2018   As of March 31, 2019 and December 31, 2018   For the Three Months Ended March 31, 2019 and 2018     Free Cash Flow and Adjusted Free Cash Flow (Unaudited)   For the Three Months Ended March 31, 2019 and 2018 
Three Months Ended Three Months Ended  (In millions, except share and per share amounts)  March 31, December 31, Three Months Ended Three Months Ended Three Months Ended
 (In millions, except per share amounts)  March 31,  (In millions)  March 31, 2019 2018  (In millions)  March 31,  (In millions)  March 31,  (In millions)  March 31,
2019 2018 2019 2018  Assets  2019 2018 2019 2018 2019 2018
 Net sales  $      2,163 $      2,138  Net income  $         101 $         111  Current assets   Operating activities   Net cash used in operating activities  $        (16) $        (28)  Sales 
 Costs and expenses   Other comprehensive income (loss), net of tax:   Cash and cash equivalents  $            383 $            510  Net income  $         101 $         111  Purchase of property, plant and equipment  (98) (65)      Light Vehicle $           906 $           950
     Cost of sales  1,863 1,831 Currency translation adjustments 27 10  Marketable securities  20 21  Depreciation  73 64  Free cash flow  (114) (93)      Commercial Vehicle 431 400
     Selling, general and administrative expenses  136 130 Hedging gains and losses 5 (8)  Accounts receivable   Amortization  4 3  Discretionary pension contributions  - -      Off-Highway 552 492
     Amortization of intangibles  2 2 Defined benefit plans 5 7  Trade, less allowance for doubtful accounts of $8 in 2019 and $9 in 2018  1,416 1,065  Amortization of deferred financing charges  1 1  Adjusted free cash flow  $     (114) $        (93)      Power Technologies 274 296
     Restructuring charges, net  9 1 Other comprehensive income 37 9  Other  202 178  Earnings of affiliates, net of dividends received  (5) (5)  Total Sales  $        2,163 $        2,138
 Other expense, net  (13) Total comprehensive income 138 120  Inventories  1,282 1,031  Stock compensation expense  5 4 2019
 Earnings before interest and income taxes  140 174 Less: Comprehensive income attributable to noncontrolling interests (2) (2)  Other current assets  140 102  Deferred income taxes  (14) 12 Guidance  Segment EBITDA 
 Interest income  2 3 Less: Comprehensive income attributable to redeemable noncontrolling interests (4) (2)  Total current assets  3,443 2,907  Pension contributions, net  4  Net cash provided by operating activities   ~  $       525      Light Vehicle $           102 $           103
 Interest expense  27 24 Comprehensive income attributable to the parent company $         132 $         116  Goodwill  456 264  Change in working capital  (175) (216)  Purchase of property, plant and equipment   ~  (415)      Commercial Vehicle 41 34
 Earnings before income taxes  115 153  Intangibles  185 164  Other, net  (10) (2)  Free cash flow  110      Off-Highway 82 72
 Income tax expense  20 48  Deferred tax assets  464 445  Net cash used in operating activities (1)  (16) (28)  Discretionary pension contributions   ~  165      Power Technologies 34 45
 Equity in earnings of affiliates  6 6  Other noncurrent assets  87 80  Adjusted free cash flow   ~  $       275  Total Segment EBITDA  259 254
 Net income  101 111  Investments in affiliates  226 208  Investing activities   Corporate expense and other items, net  (2) (6)
     Less: Noncontrolling interests net income  4 2  Operating lease assets  181  Purchases of property, plant and equipment (1)  (98) (65)  Adjusted EBITDA  $           257 $           248
     Less: Redeemable noncontrolling interests net income (loss)  (1) 1  Property, plant and equipment, net  2,242 1,850  Acquisition of businesses, net of cash acquired  (606)
 Net income attributable to the parent company  $            98 $         108  Total assets  $        7,284 $        5,918  Purchases of marketable securities  (5) (17)
 Proceeds from sales of marketable securities  4
 Net income per share available to common stockholders   Liabilities and equity   Proceeds from maturities of marketable securities  6 11
    Basic  $        0.68 $        0.74  Current liabilities   Settlements of undesignated derivatives  (20)
    Diluted  $        0.68 $        0.73  Short-term debt  $              14 $                8  Other, net  (1)
 Current portion of long-term debt  41 20  Net cash used in investing activities  (724) (67)
 Weighted-average common shares outstanding - Basic  143.9 145.6  Accounts payable  1,448 1,217
 Weighted-average common shares outstanding - Diluted  144.8 147.5  Accrued payroll and employee benefits  207 186  Financing activities 
 Taxes on income  62 47  Net change in short-term debt  (2) (7)
 Current portion of operating lease liabilities  39  Proceeds from long-term debt  675
 Other accrued liabilities  302 269  Repayment of long-term debt  (9) (1)
 Total current liabilities  2,113 1,747  Deferred financing payments  (12)
 Long-term debt, less debt issuance costs of $29 in 2019 and $18 in 2018  2,425 1,755  Dividends paid to common stockholders  (14) (15)
 Noncurrent operating lease liabilities  147  Distributions to noncontrolling interests  (1) (1)
 Pension and postretirement obligations  602 561  Contributions from noncontrolling interests  1
 Other noncurrent liabilities  353 313  Repurchases of common stock  (25)
 Total liabilities  5,640 4,376  Other, net  (3) (4)
 Commitments and contingencies   Net cash provided by (used in) financing activities  610 (28)
 Redeemable noncontrolling interests  105 100
 Parent company stockholders' equity   Net decrease in cash, cash equivalents and restricted cash  (130) (123)
 Preferred stock, 50,000,000 shares authorized, $0.01 par value,   Cash, cash equivalents and restricted cash − beginning of period   520 610
 no shares outstanding  - -  Effect of exchange rate changes on cash balances  5 14
 Common stock, 450,000,000 shares authorized, $0.01 par value,   Less: Cash contributed to disposal group  (10)
 143,901,808 and 144,663,403 shares outstanding  2 2  Cash, cash equivalents and restricted cash − end of period   $         395 $         491
 Additional paid-in capital  2,372 2,368
 Retained earnings  538 456  Non-cash investing activity 
 Treasury stock, at cost (10,095,558 and 8,342,185 shares)  (150) (119)  Purchases of property, plant and equipment held in accounts payable  $            84 $            81
 Accumulated other comprehensive loss  (1,328) (1,362)
 Total parent company stockholders' equity  1,434 1,345
 Noncontrolling interests  105 97
 Total equity  1,539 1,442
 Total liabilities and equity  $        7,284 $        5,918

 

 DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED 
 Consolidated Statement of Operations (Unaudited)   Consolidated Statement of Comprehensive Income (Unaudited)   Consolidated Balance Sheet (Unaudited)   Consolidated Statement of Cash Flows (Unaudited)   Reconciliation of Net Cash Provided by Operating Activities to   Segment Sales and Segment EBITDA (Unaudited)   Reconciliation of Segment and Adjusted EBITDA to Net Income (Unaudited) 
 For the Three Months Ended March 31, 2019 and 2018   For the Three Months Ended March 31, 2019 and 2018   As of March 31, 2019 and December 31, 2018   For the Three Months Ended March 31, 2019 and 2018     Free Cash Flow and Adjusted Free Cash Flow (Unaudited)   For the Three Months Ended March 31, 2019 and 2018   For the Three Months Ended March 31, 2019 and 2018 
Three Months Ended Three Months Ended  (In millions, except share and per share amounts)  March 31, December 31, Three Months Ended Three Months Ended Three Months Ended Three Months Ended
 (In millions, except per share amounts)  March 31,  (In millions)  March 31, 2019 2018  (In millions)  March 31,  (In millions)  March 31,  (In millions)  March 31,  (In millions)  March 31,
2019 2018 2019 2018  Assets  2019 2018 2019 2018 2019 2018 2019 2018
 Net sales  $      2,163 $      2,138  Net income  $         101 $         111  Current assets   Operating activities   Net cash used in operating activities  $        (16) $        (28)  Sales   Segment EBITDA  $           259 $           254
 Costs and expenses   Other comprehensive income (loss), net of tax:   Cash and cash equivalents  $            383 $            510  Net income  $         101 $         111  Purchase of property, plant and equipment  (98) (65)      Light Vehicle $           906 $           950      Corporate expense and other items, net (2) (6)
     Cost of sales  1,863 1,831 Currency translation adjustments 27 10  Marketable securities  20 21  Depreciation  73 64  Free cash flow  (114) (93)      Commercial Vehicle 431 400  Adjusted EBITDA  257 248
     Selling, general and administrative expenses  136 130 Hedging gains and losses 5 (8)  Accounts receivable   Amortization  4 3  Discretionary pension contributions  - -      Off-Highway 552 492      Depreciation (73) (64)
     Amortization of intangibles  2 2 Defined benefit plans 5 7  Trade, less allowance for doubtful accounts of $8 in 2019 and $9 in 2018  1,416 1,065  Amortization of deferred financing charges  1 1  Adjusted free cash flow  $     (114) $        (93)      Power Technologies 274 296      Amortization (4) (3)
     Restructuring charges, net  9 1 Other comprehensive income 37 9  Other  202 178  Earnings of affiliates, net of dividends received  (5) (5)  Total Sales  $        2,163 $        2,138      Non-service cost components of pension and OPEB costs (6) (3)
 Other expense, net  (13) Total comprehensive income 138 120  Inventories  1,282 1,031  Stock compensation expense  5 4 2019      Restructuring charges, net (9) (1)
 Earnings before interest and income taxes  140 174 Less: Comprehensive income attributable to noncontrolling interests (2) (2)  Other current assets  140 102  Deferred income taxes  (14) 12 Guidance  Segment EBITDA       Stock compensation expense (5) (4)
 Interest income  2 3 Less: Comprehensive income attributable to redeemable noncontrolling interests (4) (2)  Total current assets  3,443 2,907  Pension contributions, net  4  Net cash provided by operating activities   ~  $       525      Light Vehicle $           102 $           103      Strategic transaction expenses, net of transaction breakup fee income (13) 1
 Interest expense  27 24 Comprehensive income attributable to the parent company $         132 $         116  Goodwill  456 264  Change in working capital  (175) (216)  Purchase of property, plant and equipment   ~  (415)      Commercial Vehicle 41 34      Acquisition related inventory adjustments (4)
 Earnings before income taxes  115 153  Intangibles  185 164  Other, net  (10) (2)  Free cash flow  110      Off-Highway 82 72      Non-income tax legal judgment 6
 Income tax expense  20 48  Deferred tax assets  464 445  Net cash used in operating activities (1)  (16) (28)  Discretionary pension contributions   ~  165      Power Technologies 34 45      Other items (9)
 Equity in earnings of affiliates  6 6  Other noncurrent assets  87 80  Adjusted free cash flow   ~  $       275  Total Segment EBITDA  259 254  Earnings before interest and income taxes  140 174
 Net income  101 111  Investments in affiliates  226 208  Investing activities   Corporate expense and other items, net  (2) (6)      Interest expense 27 24
     Less: Noncontrolling interests net income  4 2  Operating lease assets  181  Purchases of property, plant and equipment (1)  (98) (65)  Adjusted EBITDA  $           257 $           248      Interest income 2 3
     Less: Redeemable noncontrolling interests net income (loss)  (1) 1  Property, plant and equipment, net  2,242 1,850  Acquisition of businesses, net of cash acquired  (606)  Earnings before income taxes  115 153
 Net income attributable to the parent company  $            98 $         108  Total assets  $        7,284 $        5,918  Purchases of marketable securities  (5) (17)  Income tax expense  20 48
 Proceeds from sales of marketable securities  4  Equity in earnings of affiliates  6 6
 Net income per share available to common stockholders   Liabilities and equity   Proceeds from maturities of marketable securities  6 11  Net income  $           101 $           111
    Basic  $        0.68 $        0.74  Current liabilities   Settlements of undesignated derivatives  (20)
    Diluted  $        0.68 $        0.73  Short-term debt  $              14 $                8  Other, net  (1)
 Current portion of long-term debt  41 20  Net cash used in investing activities  (724) (67)
 Weighted-average common shares outstanding - Basic  143.9 145.6  Accounts payable  1,448 1,217
 Weighted-average common shares outstanding - Diluted  144.8 147.5  Accrued payroll and employee benefits  207 186  Financing activities 
 Taxes on income  62 47  Net change in short-term debt  (2) (7)
 Current portion of operating lease liabilities  39  Proceeds from long-term debt  675
 Other accrued liabilities  302 269  Repayment of long-term debt  (9) (1)
 Total current liabilities  2,113 1,747  Deferred financing payments  (12)
 Long-term debt, less debt issuance costs of $29 in 2019 and $18 in 2018  2,425 1,755  Dividends paid to common stockholders  (14) (15)
 Noncurrent operating lease liabilities  147  Distributions to noncontrolling interests  (1) (1)
 Pension and postretirement obligations  602 561  Contributions from noncontrolling interests  1
 Other noncurrent liabilities  353 313  Repurchases of common stock  (25)
 Total liabilities  5,640 4,376  Other, net  (3) (4)
 Commitments and contingencies   Net cash provided by (used in) financing activities  610 (28)
 Redeemable noncontrolling interests  105 100
 Parent company stockholders' equity   Net decrease in cash, cash equivalents and restricted cash  (130) (123)
 Preferred stock, 50,000,000 shares authorized, $0.01 par value,   Cash, cash equivalents and restricted cash − beginning of period   520 610
 no shares outstanding  - -  Effect of exchange rate changes on cash balances  5 14
 Common stock, 450,000,000 shares authorized, $0.01 par value,   Less: Cash contributed to disposal group  (10)
 143,901,808 and 144,663,403 shares outstanding  2 2  Cash, cash equivalents and restricted cash − end of period   $         395 $         491
 Additional paid-in capital  2,372 2,368
 Retained earnings  538 456  Non-cash investing activity 
 Treasury stock, at cost (10,095,558 and 8,342,185 shares)  (150) (119)  Purchases of property, plant and equipment held in accounts payable  $            84 $            81
 Accumulated other comprehensive loss  (1,328) (1,362)
 Total parent company stockholders' equity  1,434 1,345
 Noncontrolling interests  105 97
 Total equity  1,539 1,442
 Total liabilities and equity  $        7,284 $        5,918

 

 DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED   DANA INCORPORATED 
 Consolidated Statement of Operations (Unaudited)   Consolidated Statement of Comprehensive Income (Unaudited)   Consolidated Balance Sheet (Unaudited)   Consolidated Statement of Cash Flows (Unaudited)   Reconciliation of Net Cash Provided by Operating Activities to   Segment Sales and Segment EBITDA (Unaudited)   Reconciliation of Segment and Adjusted EBITDA to Net Income (Unaudited)   Diluted Adjusted EPS (Unaudited) 
 For the Three Months Ended March 31, 2019 and 2018   For the Three Months Ended March 31, 2019 and 2018   As of March 31, 2019 and December 31, 2018   For the Three Months Ended March 31, 2019 and 2018     Free Cash Flow and Adjusted Free Cash Flow (Unaudited)   For the Three Months Ended March 31, 2019 and 2018   For the Three Months Ended March 31, 2019 and 2018   For the Three Months Ended March 31, 2019 and 2018 
Three Months Ended Three Months Ended  (In millions, except share and per share amounts)  March 31, December 31, Three Months Ended Three Months Ended Three Months Ended Three Months Ended  (In millions, except per share amounts) 
 (In millions, except per share amounts)  March 31,  (In millions)  March 31, 2019 2018  (In millions)  March 31,  (In millions)  March 31,  (In millions)  March 31,  (In millions)  March 31, Three Months Ended
2019 2018 2019 2018  Assets  2019 2018 2019 2018 2019 2018 2019 2018 March 31,
 Net sales  $      2,163 $      2,138  Net income  $         101 $         111  Current assets   Operating activities   Net cash used in operating activities  $        (16) $        (28)  Sales   Segment EBITDA  $           259 $           254 2019 2018
 Costs and expenses   Other comprehensive income (loss), net of tax:   Cash and cash equivalents  $            383 $            510  Net income  $         101 $         111  Purchase of property, plant and equipment  (98) (65)      Light Vehicle $           906 $           950      Corporate expense and other items, net (2) (6)  Net income attributable to parent company  $             98 $           108
     Cost of sales  1,863 1,831 Currency translation adjustments 27 10  Marketable securities  20 21  Depreciation  73 64  Free cash flow  (114) (93)      Commercial Vehicle 431 400  Adjusted EBITDA  257 248  Items impacting income before income taxes: 
     Selling, general and administrative expenses  136 130 Hedging gains and losses 5 (8)  Accounts receivable   Amortization  4 3  Discretionary pension contributions  - -      Off-Highway 552 492      Depreciation (73) (64)  Restructuring charges  9 1
     Amortization of intangibles  2 2 Defined benefit plans 5 7  Trade, less allowance for doubtful accounts of $8 in 2019 and $9 in 2018  1,416 1,065  Amortization of deferred financing charges  1 1  Adjusted free cash flow  $     (114) $        (93)      Power Technologies 274 296      Amortization (4) (3)  Amortization of intangibles  4 3
     Restructuring charges, net  9 1 Other comprehensive income 37 9  Other  202 178  Earnings of affiliates, net of dividends received  (5) (5)  Total Sales  $        2,163 $        2,138      Non-service cost components of pension and OPEB costs (6) (3)  Strategic transaction expenses, net of transaction breakup fee income  13 1
 Other expense, net  (13) Total comprehensive income 138 120  Inventories  1,282 1,031  Stock compensation expense  5 4 2019      Restructuring charges, net (9) (1)  Loss on deal contingent forward  13
 Earnings before interest and income taxes  140 174 Less: Comprehensive income attributable to noncontrolling interests (2) (2)  Other current assets  140 102  Deferred income taxes  (14) 12 Guidance  Segment EBITDA       Stock compensation expense (5) (4)  Acquisition related inventory adjustments  4
 Interest income  2 3 Less: Comprehensive income attributable to redeemable noncontrolling interests (4) (2)  Total current assets  3,443 2,907  Pension contributions, net  4  Net cash provided by operating activities   ~  $       525      Light Vehicle $           102 $           103      Strategic transaction expenses, net of transaction breakup fee income (13) 1  Non-income tax legal judgment  (6)
 Interest expense  27 24 Comprehensive income attributable to the parent company $         132 $         116  Goodwill  456 264  Change in working capital  (175) (216)  Purchase of property, plant and equipment   ~  (415)      Commercial Vehicle 41 34      Acquisition related inventory adjustments (4)  Other items  (1) (2)
 Earnings before income taxes  115 153  Intangibles  185 164  Other, net  (10) (2)  Free cash flow  110      Off-Highway 82 72      Non-income tax legal judgment 6  Items impacting income taxes: 
 Income tax expense  20 48  Deferred tax assets  464 445  Net cash used in operating activities (1)  (16) (28)  Discretionary pension contributions   ~  165      Power Technologies 34 45      Other items (9)  Net income tax expense on items above  (5) (1)
 Equity in earnings of affiliates  6 6  Other noncurrent assets  87 80  Adjusted free cash flow   ~  $       275  Total Segment EBITDA  259 254  Earnings before interest and income taxes  140 174  Net tax benefit attributable to valuation allowance adjustments and 
 Net income  101 111  Investments in affiliates  226 208  Investing activities   Corporate expense and other items, net  (2) (6)      Interest expense 27 24      state tax law changes  (16)
     Less: Noncontrolling interests net income  4 2  Operating lease assets  181  Purchases of property, plant and equipment (1)  (98) (65)  Adjusted EBITDA  $           257 $           248      Interest income 2 3  Adjusted net income  $           113 $           110
     Less: Redeemable noncontrolling interests net income (loss)  (1) 1  Property, plant and equipment, net  2,242 1,850  Acquisition of businesses, net of cash acquired  (606)  Earnings before income taxes  115 153
 Net income attributable to the parent company  $            98 $         108  Total assets  $        7,284 $        5,918  Purchases of marketable securities  (5) (17)  Income tax expense  20 48  Diluted shares - as reported  144.8 147.5
 Proceeds from sales of marketable securities  4  Equity in earnings of affiliates  6 6  Adjusted diluted shares  144.8 147.5
 Net income per share available to common stockholders   Liabilities and equity   Proceeds from maturities of marketable securities  6 11  Net income  $           101 $           111
    Basic  $        0.68 $        0.74  Current liabilities   Settlements of undesignated derivatives  (20)  Diluted adjusted EPS  $          0.78 $          0.75
    Diluted  $        0.68 $        0.73  Short-term debt  $              14 $                8  Other, net  (1)
 Current portion of long-term debt  41 20  Net cash used in investing activities  (724) (67)
 Weighted-average common shares outstanding - Basic  143.9 145.6  Accounts payable  1,448 1,217
 Weighted-average common shares outstanding - Diluted  144.8 147.5  Accrued payroll and employee benefits  207 186  Financing activities 
 Taxes on income  62 47  Net change in short-term debt  (2) (7)
 Current portion of operating lease liabilities  39  Proceeds from long-term debt  675
 Other accrued liabilities  302 269  Repayment of long-term debt  (9) (1)
 Total current liabilities  2,113 1,747  Deferred financing payments  (12)
 Long-term debt, less debt issuance costs of $29 in 2019 and $18 in 2018  2,425 1,755  Dividends paid to common stockholders  (14) (15)
 Noncurrent operating lease liabilities  147  Distributions to noncontrolling interests  (1) (1)
 Pension and postretirement obligations  602 561  Contributions from noncontrolling interests  1
 Other noncurrent liabilities  353 313  Repurchases of common stock  (25)
 Total liabilities  5,640 4,376  Other, net  (3) (4)
 Commitments and contingencies   Net cash provided by (used in) financing activities  610 (28)
 Redeemable noncontrolling interests  105 100
 Parent company stockholders' equity   Net decrease in cash, cash equivalents and restricted cash  (130) (123)
 Preferred stock, 50,000,000 shares authorized, $0.01 par value,   Cash, cash equivalents and restricted cash − beginning of period   520 610
 no shares outstanding  - -  Effect of exchange rate changes on cash balances  5 14
 Common stock, 450,000,000 shares authorized, $0.01 par value,   Less: Cash contributed to disposal group  (10)
 143,901,808 and 144,663,403 shares outstanding  2 2  Cash, cash equivalents and restricted cash − end of period   $         395 $         491
 Additional paid-in capital  2,372 2,368
 Retained earnings  538 456  Non-cash investing activity 
 Treasury stock, at cost (10,095,558 and 8,342,185 shares)  (150) (119)  Purchases of property, plant and equipment held in accounts payable  $            84 $            81
 Accumulated other comprehensive loss  (1,328) (1,362)
 Total parent company stockholders' equity  1,434 1,345
 Noncontrolling interests  105 97
 Total equity  1,539 1,442
 Total liabilities and equity  $        7,284 $        5,918

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SOURCE Dana Incorporated

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