DANA INC
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
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Sep 30, 2024 · Filed Oct 30, 2024
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Redeemable Noncontrolling Interests
Note7. Redeemable Noncontrolling Interests
Hydro-Québec owns a 45% redeemable noncontrolling interest in DanaTM4 Inc., DanaTM4 Electric Holdings BV and DanaTM4 USA, LLC. The terms of the joint venture agreement provide Hydro-Québec with the right to put all, andnot less than all, of its ownership interests in DanaTM4 Inc., DanaTM4 Electric Holdings BV and DanaTM4 USA, LLC to Dana at fair value. We estimate the fair value of the redemption value using an income-based approach based on discounted cash flow projections. In determining fair value using discounted cash flow projections, we make significant assumptions and estimates about the extent and timing of future cash flows, including revenue growth rates, projected EBITDA, discount rates, and terminal growth rates.
On* May 6, 2024,Hydro-Québec provided Dana with its put notice. Subsequent to May 6, 2024,Dana willno* longer attribute net income (loss) and other comprehensive income (loss) items of DanaTM4 Inc., DanaTM4 Electric Holdings BV and DanaTM4 USA, LLC to Hydro-Québec's redeemable noncontrolling interest. Closure of the transaction will proceed in accordance with the provisions of the shareholders agreement.
Reconciliation of changes in redeemable noncontrolling interests —
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Balance, beginning of period | $205 | $213 | $191 | $195 |
| Capital contribution from redeemable noncontrolling interests | 1 | 18 | 18 | |
| Adjustment to redemption value | 13 | 1 | ||
| Comprehensive income (loss) adjustments: | ||||
| Net income (loss) attributable to redeemable noncontrolling interests | (2) | (13) | (2) | |
| Other comprehensive loss attributable to redeemable noncontrolling interests | (2) | (4) | (2) | |
| Balance, end of period | $205 | $210 | $205 | $210 |
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