DANA INC
For the period ended Jun 30, 2024. Filed Jul 31, 2024.
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Jun 30, 2024 · Filed Jul 31, 2024
Contents
Restructuring of Operations
Note4. Restructuring of Operations
Our restructuring activities have historically included rationalizing our operating footprint by consolidating facilities, positioning operations in lower cost locations, and reducing overhead costs. Restructuring expense includes costs associated with current and previously announced actions and is comprised of contractual and noncontractual separation costs and exit costs. During thesecond quarter andfirst six months of2024, our restructuring charges were primarily comprised of separation costs related to the rationalization of the global administrative and functional services that support our manufacturing and assembly facilities and technical centers and realignment activities associated with our manufacturing footprint.
Accrued restructuring costs and activity—
| Employee Termination Benefits | Exit Costs | Total | |
|---|---|---|---|
| Balance, March 31, 2024 | $10 | $— | $10 |
| Charges to restructuring | 9 | 3 | 12 |
| Cash payments | (3) | (3) | (6) |
| Balance, June 30, 2024 | $16 | $— | $16 |
| Balance, December 31, 2023 | $10 | $— | $10 |
| Charges to restructuring | 11 | 6 | 17 |
| Cash payments | (5) | (6) | (11) |
| Balance, June 30, 2024 | $16 | $— | $16 |
At* June 30, 2024*, the accrued employee termination benefits include costs to reduce approximately 500 employees to be completed over the next year.
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