What changed in this filing

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Item 1. Financial Statements

2022-08-03 compared with 2022-04-28 · 150 added, 117 removed, 717 unchanged (27% of the section changed)

4 unchanged sentences

Three Months Ended

$ 2,480  

$ 2,263  

Six Months Ended

Costs and expenses

5 unchanged sentences

Earnings before interest and income taxes

Loss on extinguishment of debt

Interest income

2 unchanged sentences

Income tax expense

Equity in earnings of affiliates

Equity in earnings (loss) of affiliates

Noncontrolling interests net income

2 unchanged sentences

Net income per share available to common stockholders

$ 0.12  

$ 0.49  

$ 0.12  

$ 0.48  

Weighted-average common shares outstanding

4 unchanged sentences

Three Months Ended

Six Months Ended

Other comprehensive income (loss), net of tax:

3 unchanged sentences

Other comprehensive income (loss)

Total comprehensive income

Total comprehensive income (loss)

Comprehensive (income) loss attributable to noncontrolling interests

Comprehensive loss attributable to redeemable noncontrolling interests

Comprehensive income attributable to the parent company

Comprehensive (income) loss attributable to redeemable noncontrolling interests

Comprehensive income (loss) attributable to the parent company

The accompanying notes are an integral part of the consolidated financial statements.

51 unchanged sentences

(In millions)

Three Months Ended

Six Months Ended

Operating activities

Amortization of deferred financing charges

Redemption premium on debt

Write-off of deferred financing costs

Earnings of affiliates, net of dividends received

1 unchanged sentence

Deferred income taxes

Pension expense, net

Change in working capital

Net cash provided by (used in) operating activities

Net cash provided by operating activities

Investing activities

1 unchanged sentence

Acquisition of businesses, net of cash acquired

Proceeds from sale of subsidiary, net of cash disposed

Purchases of marketable securities

Proceeds from sales and maturities of marketable securities

Settlement of terminated fixed-to-fixed cross currency swap

Settlements of undesignated derivatives

Net cash used in investing activities

3 unchanged sentences

Repayment of long-term debt

Redemption premium on debt

Deferred financing payments

5 unchanged sentences

Net cash provided by (used in) financing activities

Net decrease in cash, cash equivalents and restricted cash

Net increase (decrease) in cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash –

54 unchanged sentences

Disclosures by Business Entities about Government Assistance . This guidance requires annual disclosures about the nature of certain government assistance received, the accounting policy used to account for the transactions, the location in the financial statements where such transactions were recorded and significant terms and conditions associated with such transactions. The guidance is effective for annual periods beginning after December 15, 2021, with early adoption permitted.

We do not expect adoption of this guidance to have a material impact on our consolidated financial statements. 

Pi Innovo Holding Limited  —

6 unchanged sentences

Our goodwill is tested for impairment annually as of October 31 for all of our reporting units, and more frequent if events or circumstances warrant such a review.

We did not identify any events or circumstances during the first quarter of 2022  that required an interim impairment test. We expect that the fair value of our reporting units will continue to exceed their carrying values in future periods.

We did not identify any events or circumstances during the first six months of 2022  that required an interim impairment test. We expect that the fair value of our reporting units will continue to exceed their carrying values in future periods.

The change in the carrying amount of goodwill in 2022  is due to currency fluctuation.

6 unchanged sentences

Currency impact

Balance, March 31, 2022

Balance, June 30, 2022

Components of other intangible assets — 

March 31, 2022

June 30, 2022

December 31, 2021

8 unchanged sentences

Core technology

$ ( 111 )  

$ ( 110 )  

Trademarks and trade names

( 12 )  

Customer relationships

( 430 )  

( 431 )  

Non-amortizable intangible assets

Trademarks and trade names

$ ( 553 )  

The net carrying amounts of intangible assets, other than goodwill, attributable to each of our operating segments at 

March 31, 2022 were as follows:

June 30, 2022 were as follows:

Light Vehicle —

1 unchanged sentence

$ 71 , Off-Highway —

$ 126 and Power Technologies —

$ 119  and Power Technologies —

Amortization expense related to amortizable intangible assets — 

Three Months Ended

Six Months Ended

Charged to cost of sales

1 unchanged sentence

Total amortization

The following table provides the estimated aggregate pre-tax amortization expense related to intangible assets for each of the next five years based on March 31, 2022 exchange rates.

The following table provides the estimated aggregate pre-tax amortization expense related to intangible assets for each of the next five years based on June 30, 2022 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.

4 unchanged sentences

In recent years our focus has been primarily headcount reduction initiatives to reduce operating costs, including actions taken at acquired businesses to rationalize cost structures and achieve operating synergies.

Restructuring expense includes costs associated with current and previously announced actions and is comprised of contractual and noncontractual separation costs and exit costs, including certain operating costs of facilities that we are in the process of closing.

Restructuring expense includes costs associated with current and previously announced actions and is comprised of contractual and noncontractual separation costs and exit costs.

Accrued restructuring costs and activity —

Employee Termination Benefits

Balance, March 31, 2022

Charges to restructuring

Adjustments of accruals

Cash payments

Balance, June 30, 2022

Balance, December 31, 2021

2 unchanged sentences

Cash payments

Balance, March 31, 2022

At March 31, 2022 , the accrued employee termination benefits include costs to reduce approximately 100 employees to be completed over the next year.

Balance, June 30, 2022

At June 30, 2022 , the accrued employee termination benefits include costs to reduce approximately 100 employees to be completed over the next year.

Supplemental Balance Sheet and Cash Flow Information

Inventory components at —

March 31, 2022

June 30, 2022

December 31, 2021

3 unchanged sentences

Cash, cash equivalents and restricted cash at —

March 31, 2022

June 30, 2022

December 31, 2021

March 31, 2021

June 30, 2021

December 31, 2020

5 unchanged sentences

Common stock —

Our Board of Directors declared a cash dividend of ten cents per share of common stock in the first  quarter of 2022.

Our Board of Directors declared a cash dividend of ten cents per share of common stock in the first and second quarters of 2022.

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.

3 unchanged sentences

Under the program, we spent $ 25  to repurchase 1,483,742  shares of our common stock during the first quarter of 2022  through open market transactions.

Approximately $ 102  remained available for future share repurchases as of March 31, 2022 .

Approximately $ 102  remained available for future share repurchases as of June 30, 2022 .

Changes in equity —

9 unchanged sentences

$ 1,975  

Other comprehensive income (loss)

Other comprehensive income

Common stock dividends and dividend equivalents

10 unchanged sentences

( 949 )  

Other comprehensive loss

( 79 )  

Common stock dividends and dividend equivalents

( 15 )  

Distributions to noncontrolling interests

Purchase of noncontrolling interests

Redeemable noncontrolling interests adjustment to redemption value

Stock compensation

Balance, June 30, 2022

$ 2,435  

$ ( 216 )  

$ ( 1,028 )  

$ 1,903  

Additional Paid-In Capital

8 unchanged sentences

$ 1,834  

Other comprehensive income (loss)

Other comprehensive loss

( 18 )  

7 unchanged sentences

( 1,044 )  

Other comprehensive income (loss)

Common stock dividends and dividend equivalents

( 15 )  

Distributions to noncontrolling interests

Sale of noncontrolling interests

Redeemable noncontrolling interests adjustment to redemption value

Stock compensation

Balance, June 30, 2021

$ 2,420  

$ ( 161 )  

$ ( 1,007 )  

$ 1,939  

Changes in each component of accumulated other comprehensive income (loss) (AOCI) of the parent —

6 unchanged sentences

$ ( 180 )  

Other comprehensive income (loss):

Currency translation adjustments

7 unchanged sentences

( 179 )  

Currency translation adjustments

( 83 )  

Holding gains and losses

Reclassification of amount to net income (a)

( 39 )  

Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)

Other comprehensive income (loss)

( 83 )  

Balance, June 30, 2022

$ ( 853 )  

$ ( 176 )  

Parent Company Stockholders

5 unchanged sentences

$ ( 233 )  

Other comprehensive income (loss):

Currency translation adjustments

9 unchanged sentences

( 230 )  

Currency translation adjustments

Holding gains and losses

Reclassification of amount to net income (a)

Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)

Other comprehensive income

Balance, June 30, 2021

$ ( 789 )  

$ ( 226 )  

(a) Realized gains and losses from currency-related forward contracts associated with forecasted transactions or from other derivative instruments treated as cash flow hedges are reclassified from AOCI into the same line item in the consolidated statement of operations in which the underlying forecasted transaction or other hedged item is recorded.

3 unchanged sentences

Hydro-Québec holds 45 % redeemable noncontrolling interest in Dana TM4 Inc., Dana TM4 USA, LLC, Dana (Beijing) Electric Motor Co., Ltd., Dana TM4 Italia S.r.l., Ashwoods Innovations Ltd., Dana TM4 India Private Limited and Dana TM4 (Sweden) AB (together Dana TM4 ). Hydro-Québec may put all, and not less than all, of its ownership interests in Dana TM4 to Dana at fair value. 

Redeemable noncontrolling interests reflected as of the balance sheet date are the greater of the redeemable noncontrolling interest balances adjusted for comprehensive income items and distributions or the redemption values.

Redeemable noncontrolling interest adjustments of redemption value are recorded in retained earnings. We estimate the fair value of the redemption value using an income based approach based on discounted cash flow projections.

2 unchanged sentences

Three Months Ended

Six Months Ended

Balance, beginning of period

8 unchanged sentences

Three Months Ended

Six Months Ended

Net income available to common stockholders - Numerator basic and diluted

3 unchanged sentences

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 0.4  million and 0.9 million CSEs from the calculation of diluted earnings per share for the first quarters of 

We excluded 0.6  million and 0.8 million CSEs from the calculation of diluted earnings per share for the second quarters of 

2022 and 

2021  as the effect of including them would have been anti-dilutive.

2021  and excluded 0.4  million and 0.9  million of CSEs for the respective year-to-date periods as the effect of including them would have been anti-dilutive.

Stock Compensation

12 unchanged sentences

We recognized stock compensation expense of $ 4  and $ 4  during the 

first quarters of 

second quarters of 

2022 and 

2021 . At March 31, 2022 , the total unrecognized compensation cost related to the nonvested awards granted and expected to vest was $ 39 .

This cost is expected to be recognized over a weighted-average period of 2.2 years.

2021  and expense of $ 8  and $ 9 during the respective year-to-date periods.

At June 30, 2022 , the total unrecognized compensation cost related to the nonvested awards granted and expected to vest was $ 31 .

This cost is expected to be recognized over a weighted-average period of 2.0  years.

Pension and Postretirement Benefit Plans

2 unchanged sentences

Components of net periodic benefit cost (credit) — 

Three Months Ended March 31,

Three Months Ended June 30,

Interest cost

2 unchanged sentences

Net periodic benefit cost (credit)

Six Months Ended June 30,

Interest cost

Expected return on plan assets

Amortization of net actuarial loss

Net periodic benefit cost (credit)

The service cost components of net periodic pension and OPEB costs are included in cost of sales and selling, general and administrative expenses as part of compensation cost and are eligible for capitalization in inventory and other assets.

1 unchanged sentence

Marketable Securities

March 31, 2022

June 30, 2022

December 31, 2021

4 unchanged sentences

one  year or less total $ 19  at 

March 31, 2022 .

June 30, 2022 .

Financing Agreements

1 unchanged sentence

Interest Rate

March 31, 2022

June 30, 2022

December 31, 2021

7 unchanged sentences

Debt issuance costs

( 25 )  

Current portion of long-term debt

Long-term debt, less debt issuance costs

$ 2,376  

$ 2,386  

In conjunction with the issuance of the April 2025 Notes we entered into 8 -year fixed-to-fixed cross-currency swaps which have the effect of economically converting the April 2025 Notes to euro-denominated debt at a fixed rate of 3.850 %.

On April 25, 2022, we settled existing fixed-to-fixed cross-currency swaps on $ 100 of the April 2025 Notes.

See Note 13 for additional information.

34 unchanged sentences

Redemption Price

101.438 %  

102.688 %  

100.000 %  

101.344 %  

102.813 %  

100.000 %  

101.406 %  

101.500 %  

100.000 %  

100.750 %  

100.000 %  

102.125 %  

100.000 %  

101.417 %  

100.000 %  

100.708 %  

100.000 %  

At any time prior to November 15, 2022, we may redeem up to 35% of the aggregate principal amount of the November 2027 Notes in an amount not to exceed the amount of proceeds of one or more equity offerings, at a price equal to 105.375 % 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 November 2027 Notes remains outstanding after the redemption.

16 unchanged sentences

We recorded deferred fees of $ 2 related to the amendment.

The deferred fees are being amortized over the life of the applicable facilities.

The deferred fees are being amortized over the life of the Revolving Facility.

On November 30, 2021, we fully paid down the Term B Facility.

5 unchanged sentences

Less than or equal to 1.00:1.00

0.25 %  

Greater than 1.00:1.00 but less than or equal to 2.00:1.00

0.50 %  

Greater than 2.00:1.00

0.75 %  

Commitment fees are applied based on the average daily unused portion of the available amounts under the Revolving Facility as set forth below:

6 unchanged sentences

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.

March 31, 2022 , we had $ 265  of outstanding borrowings under the Revolving Facility and had utilized $ 21 for letters of credit.

We had availability at March 31, 2022 under the Revolving Facility of $ 864  after deducting outstanding borrowings and the letters of credit.

June 30, 2022 , we had $ 195  of outstanding borrowings under the Revolving Facility and had utilized $ 21 for letters of credit.

We had availability at June 30, 2022 under the Revolving Facility of $ 934  after deducting outstanding borrowings and the letters of credit.

Debt covenants —

At March 31, 2022 , we were in compliance with the covenants of our financing agreements.

At June 30, 2022 , 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 tested on the last day of each fiscal quarter requiring us to maintain a first lien net leverage ratio not to exceed 2.00  to 1.00.

6 unchanged sentences

Fair Value Level

March 31, 2022

June 30, 2022

December 31, 2021

10 unchanged sentences

Cash flow hedges

Other noncurrent assets

Cash flow hedges

Other noncurrent liabilities

3 unchanged sentences

The financial instruments that are not carried in our balance sheet at fair value are as follows:

March 31, 2022

June 30, 2022

December 31, 2021

4 unchanged sentences

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 fifteen months, as well as currency swaps associated with certain recorded external notes payable and intercompany loans receivable and payable.

Our foreign currency derivatives include forward contracts associated with forecasted transactions, primarily involving the purchases and sales of inventory, 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.

3 unchanged sentences

The impact of the interest rate differential between the inflow and outflow rates on all fixed-to-fixed cross-currency swaps is recognized during each period as a component of interest expense.

The following fixed-to-fixed cross-currency swaps were outstanding at March 31, 2022 :

The following fixed-to-fixed cross-currency swaps were outstanding at June 30, 2022 :

Underlying Financial Instrument

19 unchanged sentences

The fair value of the remaining $ 188 will be settled with the counterparty over the life of the swap through the difference in the euro denominated inflow and outflow rates which are settled on June 15 and December 15 each year through June 2026.

The total notional amount of outstanding foreign currency forward contracts, involving the exchange of various currencies, was $ 393 at March 31, 2022 and $ 449 at December 31,  

The total notional amount of outstanding foreign currency swaps, including the fixed-to-fixed cross-currency swaps, was $ 1,083 at March 31, 2022 and $ 1,096 at December 31,  

The following currency derivatives were outstanding at March 31, 2022 :

The total notional amount of outstanding foreign currency forward contracts, involving the exchange of various currencies, was $ 343 at June 30, 2022 and $ 449 at December 31,  

The total notional amount of outstanding foreign currency swaps, including the fixed-to-fixed cross-currency swaps, was $ 956 at June 30, 2022 and $ 1,096 at December 31,  

The following currency derivatives were outstanding at June 30, 2022 :

Notional Amount (U.S.

2 unchanged sentences

Traded Currency

Mexican peso, Thai baht

dollar, Australian dollar, Brazilian real, Canadian dollar, Swiss franc, Chinese renminbi, Hungarian forint, Indian rupee, Japanese yen, Mexican peso, Norwegian krone, Swedish krona, Singapore dollar, South African rand

dollar, Australian dollar, Brazilian real, Canadian dollar, Swiss franc, Chinese renminbi, British pound, Hungarian forint, Indian rupee, Mexican peso, Norwegian krone, New Zealand dollar, Swedish krona, South African rand

British pound

17 unchanged sentences

Deferred Gain (Loss) in AOCI

March 31, 2022

June 30, 2022

December 31, 2021

4 unchanged sentences

Three Months Ended

Six Months Ended

Derivatives Designated as Cash Flow Hedges

16 unchanged sentences

Three Months Ended

Six Months Ended

Derivatives Not Designated as Hedging Instruments

1 unchanged sentence

Foreign currency forward contracts

Cost of sales

Other income (expense), net

$( 3 )  

$( 16 )  

$( 9 )  

Net investment hedges —

4 unchanged sentences

Product liabilities —

Accrued product liability costs were $ 3  at March 31, 2022 and $ 2  at December 31,  

We had also recognized amounts recoverable from third parties of $ 13  at March 31, 2022 and $ 13  at December 31,  

Accrued product liability costs were $ 1  at June 30, 2022 and $ 2  at December 31,  

We had also recognized amounts recoverable from third parties of $ 17  at June 30, 2022 and $ 13  at December 31,  

Payments made to claimants precede recovery of amounts from third parties, and may result in recoverable amounts in excess of the total liability.

1 unchanged sentence

Environmental liabilities —

Accrued environmental liabilities were $ 9  at March 31, 2022 and $ 10  at December 31,  

Accrued environmental liabilities were $ 8  at June 30, 2022 and $ 10  at December 31,  

We consider the most probable method of remediation, current laws and regulations and existing technology in estimating our environmental liabilities.

16 unchanged sentences

Three Months Ended

Six Months Ended

Balance, beginning of period

8 unchanged sentences

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. 

We believe it is reasonably possible that valuation allowances of up to approximately $ 40 related to the U.S.

will be recorded in the next twelve months.

We record interest and penalties related to uncertain tax positions as a component of income tax expense.

Net interest expense for the periods presented herein is not significant.

We reported income tax expense of $ 18 and $ 22 for the first quarter of 2022 and 2021, respectively.

Our effective tax rates were 49 % and 29 % for the first quarter of 2022 and 2021.

We reported income tax expense of $ 18  and $ 14 for the second quarters of 2022 and 2021 and income tax expense of $ 36  and $ 36 for the respective year-to-date periods.

Our effective tax rates were 55 % and 27 % for the first six months of 2022 and 2021.

Our effective income tax rates vary from the U.S.

federal statutory rate of 21 % due to establishment, release and adjustment of valuation allowances in several countries, nondeductible expenses and deemed income, local tax incentives in several countries outside the U.S., different statutory tax rates outside the U.S.

federal statutory rate of 21 % due to establishment, release, and adjustment of valuation allowances in several countries, nondeductible expenses and deemed income, local tax incentives in several countries, different statutory tax rates outside the U.S.

and withholding taxes related to repatriations of international earnings.

The effective income tax rate may vary significantly due to fluctuations in the amounts and sources, both foreign and domestic, of pretax income and changes in the amounts of non-deductible expenses.

Dividends of earnings from non-U.S.

operations are generally no longer subjected to U.S.

We continue to analyze and adjust the estimated tax impact of the income and non-U.S.

withholding tax liabilities based on the amounts and sources of these earnings.

Other Income (Expense), Net  

Three Months Ended

Six Months Ended

Non-service cost components of pension and OPEB costs

1 unchanged sentence

Strategic transaction expenses

Loss on investment in Hyliion

Gain (loss) on investment in Hyliion

Loss on disposal group held for sale

Loss on de-designation of fixed-to-fixed cross currency swaps

Other income (expense), net

11 unchanged sentences

During the third quarter of 2021, we sold all of our Hyliion shares.

In conjunction with our acquisition of ODS, we acquired a controlling financial interest in a joint venture in China. We were required to divest our interest in this joint venture as it violates competitive restrictions of another of our China joint venture shareholder agreements. During the first quarter of 2021, we recorded an impairment charge of $7, as we determined the carrying value of the disposal group exceeded its fair value less costs to sell. We completed the disposal of this business in April 2021.

In conjunction with our acquisition of Oerlikon Drive Systems, we acquired a controlling financial interest in a joint venture in China. We were required to divest our interest in this joint venture as it violates competitive restrictions of another of our China joint venture shareholder agreements. During the first quarter of 2021, we recorded an impairment charge of $7, as we determined the carrying value of the disposal group exceeded its fair value less costs to sell. We completed the disposal of this business in April 2021.

We had previously entered into fixed-to-fixed cross currency swaps as a hedge against our June 2026 Notes.

In June 2021, we redeemed all of the June 2026 Notes and de-designated the fixed-to-fixed cross currency swaps.

See Note 13 for additional information.

Revenue from Contracts with Customers

11 unchanged sentences

We recognize a reduction to revenue as products that the upfront payments are related to are transferred to the customer, based on the total amount of products expected to be sold over the term of the program. We evaluate the amounts capitalized each period for recoverability and expense any amounts that are no longer expected to be recovered.

We had $ 9 and $ 8  recorded in other current assets and $ 35 and $ 38 recorded in other noncurrent assets at March 31, 2022  and December 31, 2021 .

We had $ 9 and $ 8  recorded in other current assets and $ 33  and $ 38 recorded in other noncurrent assets at June 30, 2022  and December 31, 2021 .

Certain of our customer contracts include rebate incentives.

5 unchanged sentences

Generally, our contract liabilities turn over frequently given our relatively short production cycles.

Contract liabilities were $ 32 and $ 34 at March 31, 2022 and December 31,  

Contract liabilities were $ 39  and $ 34 at June 30, 2022 and December 31,  

Contract liabilities are included in other accrued liabilities on our consolidated balance sheet.

During the second quarter of 2021, we realigned certain of our Indian operations previously reported in our Commercial Vehicle operating segment to be reported within our Off-Highway operating segment and we realigned certain of our Brazilian operations previously reported in our Off-Highway operating segment to be 

reported within our Commercial Vehicle operating segment.

Prior period amounts have been recast to conform with our current operating segment reporting structure.

Disaggregation of revenue —

1 unchanged sentence

Three Months Ended

Six Months Ended

Light Vehicle

24 unchanged sentences

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.

During the second quarter of 2021, we realigned certain of our Indian operations previously reported in our Commercial Vehicle operating segment to be reported within our Off-Highway operating segment and we realigned certain of our Brazilian operations previously reported in our Off-Highway operating segment to be reported within our Commercial Vehicle operating segment.

Prior period amounts have been recast to conform with our current operating segment reporting structure.

Segment information —

Three Months Ended March 31,

Three Months Ended June 30,

External Sales

8 unchanged sentences

Eliminations and other

Six Months Ended June 30,

Light Vehicle

Commercial Vehicle

Power Technologies

Eliminations and other

Reconciliation of segment EBITDA to consolidated net income 

Three Months Ended

Six Months Ended

Segment EBITDA

4 unchanged sentences

Strategic transaction expenses

Loss on investment in Hyliion

Gain (loss) on investment in Hyliion

Loss on disposal group held for sale

Loss on de-designation of fixed-to-fixed cross currency swaps

Earnings before interest and income taxes

Loss on extinguishment of debt

Interest income

2 unchanged sentences

Income tax expense

Equity in earnings of affiliates

Equity in earnings (loss) of affiliates

Equity Affiliates

We have a number of investments in entities that engage in the manufacture and supply of vehicular parts (primarily axles, axle housings and driveshafts).

Equity method investments exceeding $5 at March 31, 2022 — 

Equity method investments at June 30, 2022 — 

Ownership Percentage

8 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements