What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-20 compared with 2024-02-20 · 50 added, 64 removed, 186 unchanged (38% of the section changed)

11 unchanged sentences

These operating segments have global responsibility and accountability for business commercial activities and financial performance.

External sales by operating segment for the years ended December 31, 2023, 2022 and 2021 are as follows:

External sales by operating segment for the years ended December 31, 2024, 2023 and 2022 were as follows:

Light Vehicle

14 unchanged sentences

e-Axle systems

Renault-Nissan-Mitsubishi

e-Transmission systems

Tata Motors Ltd (including

e-Transmission systems

Jaguar Land Rover)

Renault-Nissan-Mitsubishi

Super sports cars

Electric motors

Jaguar Land Rover)

Volkswagen AG

15 unchanged sentences

ICE, hybrid and e-transmissions

CNH Industrial N.V.

Oshkosh Corporation

e-Axle systems

1 unchanged sentence

e-Transmission systems

Oshkosh Corporation

CNH Industrial N.V.

e-Hub drive systems

1 unchanged sentence

Material handling

Terex Corporation

Industrial stationary

4 unchanged sentences

ICE sealing and thermal

Ford Motor Company

Commercial vehicle market

General Motors Company

Commercial vehicle market

Ford Motor Company

Off-Highway market

e-Thermal cooling systems

Stellantis N.V.

Industrial stationary market

Battery cooling

Volkswagen AG

Stellantis N.V.

Electronics cooling

(including Traton SE)

Volkswagen AG

Hydrogen fuel cell cooling

(including Traton SE)

New power industrial cooling

Mercedes-Benz Group

Mercedes-Benz Group AG

* Via a directed supply relationship

55 unchanged sentences

Hendrickson Holdings, LLC

Linamar Corporation

Tirsan Kardan A.Ş.

ZF Friedrichshafen AG

Eaton Corporation plc

ZF Friedrichshafen AG

Ege Endüstri ve Ticaret A.S.

Vertically integrated OEM operations

25 unchanged sentences

We integrate related operations to create a more innovative environment, speed product development, maximize efficiency and improve communication and information sharing among our research and development operations.

At December 31, 2023 , we had eleven stand-alone technical and engineering centers and fourteen additional sites at which we conduct research and development activities.

O ur research and development costs wer e $229 in 2024, $237 in 2023 and $201 in 2022.

Total engineering expenses including research and development we re $360 in 2024 , $369 in 2023 and $321 in 2022 .

Over the past several years our engineering spend has been more heavily focused on research and development activities, progressing key electrification initiatives.

Our research and development is targeted to create unique value for our customers.

Our technologies are enabling the electrification of vehicles and accessories to improve efficiency a nd reduce the impact of carbon emissions.

Our advanced drivelines are more efficient than ever before and include mechatronic systems to enhance performance.

Our power technologies group is also developing new ways to keep batteries and power electronics at optimum temperatures to improve their efficiency and operation.

Together the collaborative teamwork between our four business units enable Dana to differentiate by developing complete in-house 4-in-1 electrified propulsion systems, including motors, inverters, axles/transmissions and thermal management solutions.

We have developed innovative fuel cell products to support the new-energy hydrogen vehicles and industrial stationary markets.

As a leading global supplier in the mobility sector, the company is committed to driving innovation and enhancing the performance, efficiency, and safety of transportation solutions across all major mobility markets.

Our engineering and research and development efforts focus on creating advanced technologies that meet the evolving needs of customers while addressing environmental challenges and improving driving experience.

Our research and development initiatives are centered on enhancing the efficiency, performance, and safety of mobility.

This includes advancements in powertrain systems, vehicle dynamics and thermal management.

We continue to maintain a balanced approach to innovation by investing strategically in both internal combustion (ICE) and electric vehicle (EV) technologies.

Our ICE developments focus on improving fuel efficiency, reducing emissions and ensuring compliance with global regulatory standards.

Concurrently our EV investments are improving the range, performance, and sustainability of electric vehicles.

Dana has also embraced the use of artificial intelligence (AI) and machine learning (ML) technologies to enhance both the research and development process and the products we develop.

These technologies are integrated into our product design and testing phases to accelerate development and into our products to provide real-time optimization of performance.

Human Capital

7 unchanged sentences

Technical and administrative

We are “People Finding A Better Way” in everything we do, guided by our values:

Value Others, Inspire Innovation, Grow Responsibly, and Win Together.

We value people by treating others with respect and putting safety, inclusion, and integrity at the heart of everything we do.

Safety – The health and safety of employees remain our highest priority and we believe our company has an essential responsibility to safeguard life, health, property, and the environment for the well-being of all involved.

4 unchanged sentences

Dana has developed robust safety systems, including detailed work instructions and processes for standard and non-standard work, as well as regular layer process audits to ensure that we carefully consider safety in each of our work functions.

Diversity, Equity and Inclusion – Our vision is to maintain a diverse and inclusive, global organization that develops, fosters, and attracts great people whose perspectives are encouraged, heard, valued, and supported.

We are committed to advancing and reflecting the communities we serve.

Compensation and Benefits – We are committed to providing all employees with quality and competitive compensation and benefit programs that focus on all aspects of wellbeing – physical, mental, and financial.

We benchmark our plans globally to ensure competitiveness and value.

We utilize standards, processes and programs to ensure competitiveness and value globally, while allowing for differences based upon region and geography.

Our programs are designed to attract and retain employees and motivate and reward performance in order to drive superior results.

Some examples include base and variable pay, health benefits, life insurance, employee assistance programs, paid time off, and retirement and savings plans.

Culture and Inclusion – Our vision is to maintain a diverse and inclusive, global organization that develops, fosters, and attracts great people whose perspectives are encouraged, heard, valued, and supported.

At Dana, we are proud to have an employee-centric organization that challenges the status quo by ensuring our business policies, processes and culture allow us to continuously build upon our diverse strengths to further grow a strong, inclusive work environment.

Dana remains focused on cultivating an inclusive culture that embraces diversity and equity to enable Dana people to contribute to their full potential and have a sense of belonging.

To achieve this, our diversity, equity, and inclusion strategy is guided by five pillars:

leadership commitment;

diversity representation;

awareness, education and development;

employee and community growth;

and cross-functional collaboration.

Retention and Employee Development – Dana believes the development of its people is critical to the company’s success.

The company empowers individuals to lead their development by articulating their professional, personal, and career growth aspirations to their manager.

Development of all Dana people is strongly encouraged and should be considered each year as a part of their goals.

Fair access to development opportunities to maintain a sustainable, diverse, and high-performance pipeline of talent is supported by Dana leaders at all levels of the organization.

The company also provides regular training for our associates across the globe, providing the opportunity to enhance their skills and keep pace with technological change and offers a mentorship program to help guide and coach employees to ensure the company is developing a diverse leadership talent pool.

This development is supported and measured with robust performance management and development plans that encourages employees to continuously improve upon their past performance and build on critical skills the company requires to remain competitive.

Business Resource Groups – Dana has a network of Business Resource Groups (BRGs) to empower employees and enhance Dana’s ability to develop, retain, and attract top talent.

Dana has a network of Business Resource Groups (BRGs) to empower employees and enhance Dana’s ability to develop, retain, and attract top talent.

These BRGs are executive leadership-supported, employee-led initiatives with the mission to inspire growth and innovation and foster belonging for all employees.

BRGs provide employees opportunities for development, mentoring, networking, and utilizing their talents in ways that positively impact the business.

Our BRGs currently include:

African American Resource Group (AARG) – Dana's AARG group is committed to supporting the career development of African American talent through thought-leadership workshops and community events.

The group provides Dana insight to the best practices for sourcing and retaining top talent.

Connected Cultures – Dana's Connected Cultures group aims to recognize and celebrate the cultural fluency and diversity of Dana people.

The group focuses on increasing cultural awareness by promoting understanding and respects of different beliefs, values and customs across diverse groups.

Dana Alumni – With more than a century of rich history, Dana leverages its vast network of Alumni, including retirees and former long-time employees to help them remain informed about the company's latest initiatives and to gather ideas on how to best continue to engage our workforce.

Dana Women’s Network (DAWN) – The company’s DAWN group is focused on providing professional networking and career development for women at Dana.

They also promote activities that engage Dana’s senior leaders to better understand how the company can support women at work.

Green Team – Dana's Green Team resource group helps to advance Dana's mission to be sustainably responsible in our business practices.

The group helps to inform and drive grassroots employee initiatives on reducing our impact on the environment.

LGBTQ+A – The LGBTQ+A group focuses on maintaining an inclusive working environment that enables the company to leverage a diverse leadership pipeline.

It has assisted in providing educational resources and community activities to engage the Dana team on best ways to support our LGBTQ+A colleagues.

Military and Veterans – The military and veterans group supports active-duty and veteran military personnel by understanding their unique needs and finding the best ways to support them.

This group's understanding of the needs of those who have served also allows the company to consider the best way to engage candidates and recruit them to Dana.

New to Dana (NTD) – The NTD group is open to all new Dana employees to help acclimate them to the Dana business culture and understand the company’s rich history.

It provides resources, support, and professional development opportunities to new employees as they transition into their job responsibilities at Dana.

Recruiting – As a company, we collaborate with internationally recognized organizations to reach out to diverse talent and implement best practices for recruiting individuals who work within our core business functions.

Dana’s talent acquisition group focuses on recruitment of talented people to the company while continuing to maintain best-in-class processes to address the unique market conditions we face across our global facilities.

Health and Wellness – Dana understands the importance of advocating for the health and well-being of our employees.

Health initiatives can have a long-lasting, sustainable impact on employee well-being, but healthy habits do not develop overnight.

The company is continuously evaluating new opportunities for programs that help address factors that influence health-related behaviors, which can have a long-lasting impact on an employee’s well-being.

We support vaccination programs to encourage employees to maintain their health and the health of their coworkers and communities.

Dana understands the needs of individuals are unique and continues to offer initiatives spanning the spectrum of health and wellness to help provide a supportive work environment where employees strive for balance in their lives.

We have enhanced our employee assistance programs around the world to support the emotional, physical and financial needs of our employees.

Our program includes the traditional employee assistance services, but also gives employees access to legal services, dependent care support, financial advice, and mindfulness programs, such as meditation, positivity training tools, and inspirational videos to help manage anxiety, depression, stress, sleep and more.

We encourage you to review the “Empowering People” section of our annual Sustainability and Social Responsibility Report (located on our website) for more detailed information regarding our Human Capital programs and initiatives.

Nothing on our website, including our annual Sustainability and Social Responsibility Report or sections thereof, shall be deemed incorporated by reference into this Annual Report.

Our BRGs currently include the African American Resource Group (AARG), Connected Cultures, Dana Alumni, Dana Women’s Network (DAWN), Green Team, LGBTQ+A, Military and Veterans, and New to Dana (NTD).

Ethics and Compliance – All Dana employees are expected to follow Dana’s Standards of Business Conduct, which includes a range of subjects, from respect in the workplace and use of corporate assets to gifts and conflicts of interest, as well as protection of confidential information.

Our employee on-boarding process involves a written acknowledgement of the receipt and review of the standards.

All salaried employees globally must complete a series of online ethics and compliance training modules as part of the onboarding process, and additional ethics and compliance trainings annually thereafter on subjects such as workplace harassment, trade compliance, anti-trust, and data privacy, and complete an annual business conduct certification.

We also maintain a global Ethics and Compliance Helpline which is available in multiple languages and can be used to anonymously report concerns.

Talent Development and Training – Dana has invested in and integrated SuccessFactors, an industry-leading human resource information system, as our global system of record.

This platform supports integrated performance management and learning and development.

Key features include a consistent talent review and calibration process with detailed reporting capabilities.

Performance review is a yearlong process including three phases:

goal setting, continuous feedback, and year-end rating and calibration.

This increases commitment and adaptability to aligned personal and business objectives.

Our learning resources blend subscription and custom content, offering hundreds of thousands of learning assets.

Global administrators support the creation, assignment, and reporting of learning progress.

Learning resources are accessible through both self-guided and assigned learning paths and are included in the talent development and performance review process.

Training completion is tracked and includes automated reminders to enhance accountability and compliance, particularly for mandatory training such as cybersecurity.

Environmental Compliance

11 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-K

Item 1. Business