DANA INC
For the period ended Mar 31, 2024. Filed Apr 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 30, 2024
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Warranty Obligations
Note14. Warranty Obligations
We record a liability for estimated warranty obligations at the dates our products are sold. We record the liability based on our estimate of costs to settle future claims. Adjustments to our estimated costs at time of sale are made as claim experience and other new information becomes available. Obligations for service campaigns and other occurrences are recognized as adjustments to prior estimates when the obligation is probable and can be reasonably estimated.
Changes in warranty liabilities —
| Three Months Ended | ||
|---|---|---|
| March 31, | ||
| 2024 | 2023 | |
| Balance, beginning of period | $116 | $108 |
| Amounts accrued for current period sales | 10 | 10 |
| Adjustments of prior estimates | 2 | 8 |
| Settlements of warranty claims | (12) | (17) |
| Currency impact | (1) | (1) |
| Balance, end of period | $115 | $108 |
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