UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Dana Holding Corporation

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation)		1-1063 (Commission File Number)		26-1531856 (IRS Employer Identification Number)

3939 Technology Drive, Maumee, Ohio 43537
(Address of principal executive offices) (Zip Code)

(419) 887-3000
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Items 2.02 and 7.01		Results of Operations and Financial Condition and Regulation FD Disclosure

On November 3, 2009, Dana Holding Corporation (“Dana”) issued a news release announcing its results for the third quarter ended September 30, 2009. A copy of the press release and the presentation slides which will be discussed during Dana’s webcast and conference call to be held on Thursday, November 3, 2009 at 10:30 AM ET are attached hereto as Exhibits 99.1 and 99.2, respectively.

The information in this report (including Exhibits 99.1 and 99.2 hereto) is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.		Financial Statements and Exhibits.

     (d) Exhibits. The following exhibits are furnished with this report.

Exhibit No.		Description
99.1		Dana Holding Corporation Press Release dated November 3, 2009
99.2		Presentation Slides

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Exhibit Index

Exhibit No.		Description
99.1		Dana Holding Corporation Press Release dated November 3, 2009
99.2		Presentation Slides

Exhibit 99.1

Dana Holding Corporation Reports Solid Third-Quarter 2009 Results

Continued Cost Savings, Operational Improvements, and Successful Equity Offering Contribute to Strong Liquidity, Improved Balance Sheet

	•		EBITDA of $101 million, up $7 million over second quarter
	•		Sales of $1,329 million, a 12-percent increase over prior quarter
	•		Positive free cash flow nearly doubled to $145 million
	•		Successful equity offering raises $250 million
	•		Net debt reduced by 67% to $182 million
	•		Available liquidity increased by 39% to $920 million

MAUMEE, Ohio — November 3, 2009 — Dana Holding Corporation (NYSE: DAN) today announced continued improved results for the third-quarter of 2009.

Earnings before interest, taxes, depreciation, amortization, and restructuring (EBITDA) was $101 million, up $7 million from the prior quarter. The improvement was primarily driven by increased production volumes and operational improvements.

The company narrowed its third-quarter net loss to $38 million, compared to a loss of $256 million during the same period last year. Third-quarter sales of $1,329 million, while down 31 percent from the same period last year, increased by $139 million compared with the prior quarter. The increase in sales over the past quarter was the result of an improving industry across most segments and regions.

Successful Equity Offering Raises $250 Million for Debt Repayment, Growth Opportunities

Dana recently completed a successful public offering of common stock that raised approximately $250 million, including $33 million in proceeds from the sale of additional shares sold in October. The company intends to use the net proceeds from the offering for general corporate purposes, including restructuring of operations, and to maintain flexibility for future growth. Additionally, in accordance with its credit agreement, the company used approximately 50 percent of the proceeds to repay debt.

At September 30, 2009, cash balances had increased to $814 million, compared to $553 million at June 30, 2009. Total available liquidity rose by 39 percent to $920 million, while net debt was reduced to $182 million, a 67-percent decrease from the second quarter.

“We are pleased that our cost savings and operational improvements continued to take hold during the third quarter,” said Dana President and CEO Jim Sweetnam. “In combination with the successful equity offering, these improvements have provided us with strong liquidity and an improved balance sheet. “While there is certainly more to do, we are well positioned for growth opportunities moving forward.”

Restructuring Actions Leading to Higher Margins

Despite reduced production volumes during the first nine months of 2009, Dana’s cost reductions and pricing improvements resulted in significant margin improvement over the same period one year ago. Third-quarter 2009 gross margin was 6.2 percent, compared with 2.5 percent in the same period in 2008.

The increase in positive free cash flow, $145 million compared with $73 million during the second quarter, was driven by continued improvements in EBITDA and management of working capital.

Nine-Month Results

Sales for the nine months ended September 30, 2009, were $3,735 million, which compares with $6,574 million for the same period in 2008. For the first nine months of 2009, the company reported a net loss of $195 million compared with net income of $281 million for the same period in 2008. The nine-month 2008 results include a net gain of $754 million recognized in connection with the company’s emergence from bankruptcy and application of fresh start accounting. EBITDA for the first nine months of 2009 was $211 million, compared with EBITDA of $345 million during the same period in 2008.

In addition, cost reduction efforts contributed to a more than $200 million increase in year-to-date cost reductions compared with 2008.

“We remain on target to achieve our 2009 objectives for cost reductions, pricing improvements, and cash generation,” Sweetnam added. “At a macro level, we are seeing a very gradual improvement in the broader economy, which supports our outlook for modest near-term recovery in the majority of our global markets.”

* * *

Dana to Host Third-Quarter Conference Call at 10:30 a.m. Today

Dana will discuss its third-quarter results in a conference call at 10:30 a.m. EST today. Participants may listen to the audio portion of the conference call either through audio streaming online or by telephone. Slide viewing is only available online via a link provided on the Dana Investor Web site. To dial into the conference call, domestic locations should call 1-888-311-4590 (Conference I.D. # 36174063). International locations should call 1-706-758-0054 (Conference I.D. # 36174063). Please ask for the Dana Holding Corporation Financial Webcast and Conference Call. Phone registration will be available beginning at 10 a.m. EST. An audio recording of the call will be available after 5 p.m. To access this recording, please dial 1-800-642-1687 (U.S. or Canada) or 1-706-645-9291 (international) and enter the conference I.D. number 36174063. A webcast replay will also be available after 5 p.m. today, and may be accessed via the Dana Investor Web site.

Non-GAAP Measures

In connection with Dana’s emergence from bankruptcy on January 31, 2008, and the application of fresh start accounting in accordance with the provisions of the American Institute of Certified Public Accountants’ Statement of Position 90-7, the post-emergence results of the successor company for the eight months ended September 30, 2008 and the pre-emergence results of the predecessor company for the one month ended January 31, 2008 are presented separately as successor and predecessor results in the financial statements presented in accordance with generally accepted accounting principles (GAAP). This presentation is required by GAAP as the successor company is considered to be a new entity and the results of the new entity reflect the application of fresh start accounting. For the readers’ convenience and interest in this earnings release, we have combined the separate successor and predecessor periods to derive combined results for the nine months ended September 30, 2008. The financial information accompanying this release provides the separate successor and predecessor GAAP results for the applicable periods, along with the combined results described above for the first nine months of 2008.

This release refers to EBITDA, which we’ve defined to be earnings before interest, taxes, depreciation, amortization and restructuring. EBITDA is a non-GAAP financial measure, and the measure currently being used by Dana as the primary measure of its reportable operating segment performance. EBITDA was selected as the primary measure for operating segment performance as well as a relevant measure of Dana’s overall performance given the enhanced comparability and usefulness after application of fresh start accounting. The most significant impact to Dana’s ongoing results of operations as a result of applying fresh start accounting is higher depreciation and amortization.

By using EBITDA, which is a performance measure that excludes depreciation and amortization, the comparability of results is enhanced. Management also believes that EBITDA is an important measure since the financial covenants of our primary debt agreements are EBITDA-based, and our management incentive performance programs are based, in part, on EBITDA. Because it is a non-GAAP measure, EBITDA should not be considered a substitute for net income or other reported results prepared in accordance with GAAP. The financial information accompanying this release provides a reconciliation of EBITDA for the periods presented to the reported income (loss) from continuing operations before income taxes, which is a GAAP measure.

Forward-Looking Statements

Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

Dana’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss important risk factors that could affect our business, results of operations and financial condition. The forward-looking statements in this news release speak only as of this date. Dana does not undertake any obligation to revise or update publicly any forward-looking statement for any reason.

About Dana Holding Corporation

Dana is a world leader in the supply of axles; driveshafts; and structural, sealing, and thermal-management products; as well as genuine service parts. The company’s customer base includes virtually every major vehicle manufacturer in the global automotive, commercial vehicle, and off-highway markets. Based in Maumee, Ohio, the company employs approximately 23,000 people in 26 countries and reported 2008 sales of $8.1 billion. For more information, please visit: www.dana.com.

Investor Contact		Media Contact
Lillian Etzkorn: 419.887.5160		Chuck Hartlage: 419.887.5123

DANA HOLDING CORPORATION
Consolidated Statement of Operations (Unaudited)
For the Three Months Ended September 30, 2009 and 2008

		Three Months Ended
		September 30,
		2009				2008
Net sales		$	1,329			$	1,929
Costs and expenses
Cost of sales			1,247				1,881
Selling, general and administrative expenses			73				87
Amortization of intangibles			18				18
Realignment charges, net			14				16
Impairment of goodwill							105
Impairment of intangible assets							3
Other income, net			10				2
Loss from continuing operations before interest, reorganization items and income taxes			(13	)			(179	)
Interest expense			36				37
Reorganization items							1
Loss from continuing operations before income taxes			(49	)			(217	)
Income tax benefit (expense)			9				(24	)
Equity in earnings of affiliates			2				(13	)
Loss from continuing operations			(38	)			(254	)
Loss from discontinued operations							(1	)
Net loss			(38	)			(255	)
Less: Noncontrolling interests net income							1
Net loss attributable to the parent company			(38	)			(256	)
Preferred stock dividend requirements			8				8
Net loss available to common stockholders		$	(46	)		$	(264	)
Loss per share from continuing operations attributable to parent company stockholders:
Basic		$	(0.45	)		$	(2.64	)
Diluted		$	(0.45	)		$	(2.64	)
Loss per share from discontinued operations attributable to parent company stockholders:
Basic		$	—			$	(0.02	)
Diluted		$	—			$	(0.02	)
Net loss per share attributable to parent company stockholders:
Basic		$	(0.45	)		$	(2.66	)
Diluted		$	(0.45	)		$	(2.66	)
Average common shares outstanding
Basic			101				100
Diluted			101				100

DANA HOLDING CORPORATION
Consolidated Statement of Operations (Unaudited)
For the Nine Months Ended September 30, 2009 and 2008

		Dana				Combined (1)				Dana					Prior Dana
										Eight Months					One Month
		Nine Months Ended								Ended					Ended
		September 30,								September 30,					January 31,
		2009				2008				2008					2008
Net sales		$	3,735			$	6,574			$	5,823				$	751
Costs and expenses
Cost of sales			3,598				6,274				5,572					702
Selling, general and administrative expenses			217				270				236					34
Amortization of intangibles			53				49				49
Realignment charges, net			93				73				61					12
Impairment of goodwill							180				180
Impairment of intangible assets			6				10				10
Other income, net			100				62				54					8
Income (loss) from continuing operations before interest, reorganization items and income taxes			(132	)			(220	)			(231	)				11
Interest expense			108				107				99					8
Reorganization items			(2	)			120				22					98
Fresh start accounting adjustments							1,009									1,009
Income (loss) from continuing operations before income taxes			(238	)			562				(352	)				914
Income tax benefit (expense)			39				(255	)			(56	)				(199	)
Equity in earnings of affiliates			(2	)			(8	)			(10	)				2
Income (loss) from continuing operations			(201	)			299				(418	)				717
Loss from discontinued operations							(10	)			(4	)				(6	)
Net income (loss)			(201	)			289				(422	)				711
Less: Noncontrolling interests net income (loss)			(6	)			8				6					2
Net income (loss) attributable to the parent company			(195	)			281				(428	)				709
Preferred stock dividend requirements			24				21				21
Net income (loss) available to common stockholders		$	(219	)		$	260			$	(449	)			$	709
Income (loss) per share from continuing operations attributable to parent company stockholders:
Basic		$	(2.17	)						$	(4.45	)			$	4.77
Diluted		$	(2.17	)						$	(4.45	)			$	4.75
Loss per share from discontinued operations attributable to parent company stockholders:
Basic		$	—							$	(0.04	)			$	(0.04	)
Diluted		$	—							$	(0.04	)			$	(0.04	)
Net income (loss) per share attributable to parent company stockholders:
Basic		$	(2.17	)						$	(4.49	)			$	4.73
Diluted		$	(2.17	)						$	(4.49	)			$	4.71
Average common shares outstanding
Basic			100								100					150
Diluted			100								100					150

DANA HOLDING CORPORATION
Consolidated Balance Sheet (Unaudited)
As of September 30, 2009 and December 31, 2008

		September 30,				December 31,
		2009				2008
Assets
Current assets
Cash and cash equivalents		$	814			$	777
Accounts receivable
Trade, less allowance for doubtful accounts of $19 in 2009 and $23 in 2008			800				827
Other			158				170
Inventories
Raw materials			309				394
Work in process and finished goods			370				521
Other current assets			75				58
Total current assets			2,526				2,747
Goodwill			113				108
Intangibles			508				569
Investments and other assets			242				207
Investments in affiliates			135				135
Property, plant and equipment, net			1,738				1,841
Total assets		$	5,262			$	5,607
Liabilities and equity
Current liabilities
Notes payable, including current portion of long-term debt		$	30			$	70
Accounts payable			643				824
Accrued payroll and employee benefits			122				120
Accrued realignment costs			30				65
Taxes on income			65				93
Other accrued liabilities			276				274
Total current liabilities			1,166				1,446
Long-term debt			966				1,181
Deferred employee benefits and other non-current liabilities			867				845
Commitments and contingencies
Total liabilities			2,999				3,472
Parent company stockholders’ equity
Preferred stock, 50,000,000 shares authorized
Series A, $0.01 par value, 2,500,000 issued and outstanding			242				242
Series B, $0.01 par value, 5,400,000 issued and outstanding			529				529
Common stock, $.01 par value, 450,000,000 authorized, 134,164,308 issued and outstanding			1				1
Additional paid-in capital			2,545				2,321
Accumulated deficit			(925	)			(706	)
Accumulated other comprehensive loss			(228	)			(359	)
Total parent company stockholders’ equity			2,164				2,028
Noncontrolling interests			99				107
Total equity			2,263				2,135
Total liabilities and equity		$	5,262			$	5,607

DANA HOLDING CORPORATION
Consolidated Statement of Cash Flows (Unaudited)
For the Three Months Ended September 30, 2009 and 2008

		Three Months Ended
		September 30,
		2009				2008
Cash flows — operating activities
Net loss		$	(38	)		$	(255	)
Depreciation			79				74
Amortization of intangibles			22				22
Amortization of deferred financing charges and original issue discount			9				6
Impairment of goodwill and other intangible assets							108
Deferred income taxes			(5	)			(1	)
Loss on extinguishment of debt			5
Reorganization:
Reorganization items net of cash payments							(1	)
Payment of claims (1)							(3	)
Change in working capital			84				(59	)
Other, net			9				27
Net cash flows provided by (used in) operating activities (1)			165				(82	)
Cash flows — investing activities
Purchases of property, plant and equipment (1)			(20	)			(72	)
Proceeds from sale of businesses and assets			1
Other							4
Net cash flows used in investing activities			(19	)			(68	)
Cash flows — financing activities
Net change in short-term debt			(1	)			14
Deferred financing payments							(1	)
Proceeds from long-term debt			2
Repayment of long-term debt			(115	)			(4	)
Proceeds from issuance of common stock			217
Dividends paid to preferred stockholders							(7	)
Dividends paid to noncontrolling interests			(3	)			(1	)
Other			(1	)			8
Net cash flows provided by financing activities			99				9
Net increase (decrease) in cash and cash equivalents			245				(141	)
Cash and cash equivalents — beginning of period			553				1,191
Effect of exchange rate changes on cash balances			16				(43	)
Cash and cash equivalents — end of period		$	814			$	1,007

DANA HOLDING CORPORATION
Consolidated Statement of Cash Flows (Unaudited)
For the Nine Months Ended September 30, 2009 and 2008

		Dana				Combined (1)				Dana					Prior Dana
										Eight Months					One Month
		Nine Months Ended								Ended					Ended
		September 30,								September 30,					January 31,
		2009				2008				2008					2008
Cash flows — operating activities
Net loss		$	(201	)		$	289			$	(422	)			$	711
Depreciation			231				217				194					23
Amortization of intangibles			64				60				60
Amortization of inventory valuation							49				49
Amortization of deferred financing charges and original issue discount			27				17				17
Impairment of goodwill and other intangible assets			6				190				190
Deferred income taxes			(31	)			173				(18	)				191
Gain on extinguishment of debt			(35	)
Reorganization:
Reorganization items net of cash payments			(4	)			55				(24	)				79
Payment of claims (2)							(100	)			(100	)
Payments to VEBAs (2)							(788	)			(733	)				(55	)
Gain on settlement of liabilities subject to compromise							(27	)								(27	)
Fresh start adjustments							(1,009	)								(1,009	)
Pension contributions in excess of expense			(5	)			(32	)			(32	)
Change in working capital			49				(213	)			(152	)				(61	)
Other, net			(13	)			64				38					26
Net cash flows provided by (used in) operating activities (2)			88				(1,055	)			(933	)				(122	)
Cash flows — investing activities
Purchases of property, plant and equipment (2)			(74	)			(164	)			(148	)				(16	)
Proceeds from sale of businesses and assets			3				5									5
Change in restricted cash							93									93
Other							(5	)								(5	)
Net cash flows provided by (used in) investing activities			(71	)			(71	)			(148	)				77
Cash flows — financing activities
Net change in short-term debt			(36	)			(92	)			(74	)				(18	)
Advance received on corporate facility sale			11
Proceeds from Exit Facility debt							1,430				80					1,350
Deferred financing payments			(1	)			(42	)			(2	)				(40	)
Proceeds from long-term debt			5
Repayment of long-term debt			(197	)			(11	)			(11	)
Proceeds from issuance of common stock			217
Dividends paid to preferred stockholders							(18	)			(18	)
Dividends paid to noncontrolling interests			(5	)			(6	)			(6	)
Repayment of debtor-in-possession facility							(900	)								(900	)
Payment of DCC Medium Term Notes							(136	)								(136	)
Original issue discount payment							(114	)								(114	)
Issuance of Series A and Series B preferred stock							771									771
Other			(1	)							1					(1	)
Net cash flows provided by (used in) financing activities			(7	)			882				(30	)				912
Net increase (decrease) in cash and cash equivalents			10				(244	)			(1,111	)				867
Cash and cash equivalents — beginning of period			777				1,271				2,147					1,271
Effect of exchange rate changes on cash balances			27				(24	)			(29	)				5
Net change in cash of discontinued operations							4									4
Cash and cash equivalents — end of period		$	814			$	1,007			$	1,007				$	2,147

DANA HOLDING CORPORATION
Segment Sales & EBITDA
For the Three Months Ended September 30, 2009 and 2008

		Three Months Ended
		September 30,
		2009				2008
SALES
Light Vehicle Driveline		$	547			$	671
Sealing			140				175
Thermal			45				60
Structures			157				192
Commercial Vehicle			256				405
Off-Highway			184				424
Other							2
Total Sales		$	1,329			$	1,929
EBITDA
Light Vehicle Driveline		$	46			$	20
Sealing			11				14
Thermal			3				(2	)
Structures			11				5
Commercial Vehicle			26				7
Off-Highway			11				17
Segment EBITDA			108				61
Shared services and administrative			(5	)			(6	)
Other expense, net			(2	)			(5	)
Foreign exchange not in segments							(3	)
EBITDA		$	101			$	47

DANA HOLDING CORPORATION
Segment Sales and EBITDA
For the Nine Months Ended September 30, 2009 and 2008

		Dana				Combined (1)				Dana					Prior Dana
										Eight Months					One Month
		Nine Months Ended								Ended					Ended
		September 30,								September 30,					January 31,
		2009				2008				2008					2008
SALES
Light Vehicle Driveline		$	1,426			$	2,376			$	2,095				$	281
Sealing			377				571				507					64
Thermal			126				217				189					28
Structures			403				717				627					90
Commercial Vehicle			763				1,251				1,121					130
Off-Highway			640				1,436				1,279					157
Other							6				5					1
Total Sales		$	3,735			$	6,574			$	5,823				$	751
EBITDA
Light Vehicle Driveline		$	79			$	106			$	96				$	10
Sealing			11				56				50					6
Thermal			3				7				4					3
Structures			20				49				45					4
Commercial Vehicle			53				53				47					6
Off-Highway			27				106				92					14
Segment EBITDA			193				377				334					43
Shared services and administrative			(15	)			(19	)			(16	)				(3	)
Other income (expense), net			30				(10	)			(8	)				(2	)
Foreign exchange not in segments			3				(3	)			(3	)
EBITDA		$	211			$	345			$	307				$	38

DANA HOLDING CORPORATION
Segment EBITDA Reconciliation (Unaudited)
Reconciliation of Segment EBITDA to Income (Loss)
from Continuing Operations Before Income Taxes
For the Three Months Ended September 30, 2009 and 2008

		Three Months Ended
		September 30,
		2009				2008
Segment EBITDA		$	108			$	61
Shared services and administrative			(5	)			(6	)
Other expense, net			(2	)			(5	)
Foreign exchange not in segments							(3	)
EBITDA			101				47
Depreciation			(79	)			(74	)
Amortization			(22	)			(22	)
Realignment			(14	)			(16	)
Impairment							(108	)
Reorganization items, net							(1	)
Loss on extinguishment of debt			(5	)
Strategic transaction expenses			(2	)			(4	)
Loss on sale of assets, net			(1	)			(5	)
Stock compensation expense			(3	)			(1	)
Foreign exchange on intercompany loans and market value adjustments on hedges			6				(7	)
Interest expense			(36	)			(37	)
Interest income			6				11
Loss from continuing operations before income taxes		$	(49	)		$	(217	)

DANA HOLDING CORPORATION
Segment EBITDA Reconciliation (Unaudited)
Reconciliation of Segment EBITDA to Income (Loss)
from Continuing Operations Before Income Taxes
For the Nine Months Ended September 30, 2009 and 2008

		Dana				Combined (1)				Dana					Prior Dana
										Eight Months					One Month
		Nine Months Ended								Ended					Ended
		September 30,								September 30,					January 31,
		2009				2008				2008					2008
Segment EBITDA		$	193			$	377			$	334				$	43
Shared services and administrative			(15	)			(19	)			(16	)				(3	)
Other income (expense), net			30				(10	)			(8	)				(2	)
Foreign exchange not in segments			3				(3	)			(3	)
EBITDA			211				345				307					38
Depreciation			(231	)			(217	)			(194	)				(23	)
Amortization			(64	)			(109	)			(109	)
Realignment			(93	)			(73	)			(61	)				(12	)
DCC EBIT							(2	)			(2	)
Impairment			(6	)			(190	)			(190	)
Reorganization items, net			2				(120	)			(22	)				(98	)
Gain on extinguishment of debt			35
Strategic transaction expenses			(4	)			(7	)			(7	)
Loss on sale of assets, net			(2	)			(7	)			(7	)
Stock compensation expense			(7	)			(4	)			(4	)
Foreign exchange on intercompany loans and market value adjustments on hedges			11				4									4
Interest expense			(108	)			(107	)			(99	)				(8	)
Interest income			18				40				36					4
Fresh start accounting adjustments							1,009									1,009
Income (loss) from continuing operations before income taxes		$	(238	)		$	562			$	(352	)			$	914