Notes to Consolidated Financial Statements (In millions, except share and per share amounts) Note 1. Organization and Summary of Significant Accounting Policies General Summary of significant accounting policies Dana Holding Corporation (Dana) is headquartered in Maumee, Ohio and was incorporated in Delaware in 2007.  As a  global provider of high technology driveline (axles, driveshafts and transmissions), sealing and thermal-management products  our customer base includes virtually every major vehicle manufacturer in the global light vehicle, medium/heavy vehicle and  off-highway markets. The terms "Dana," "we," "our" and "us," when used in this report are references to Dana.  These references include the  subsidiaries of Dana unless otherwise indicated or the context requires otherwise. Basis of presentation  — Our consolidated financial statements include the accounts of all subsidiaries where we hold a  controlling financial interest. The ownership interests in subsidiaries held by third parties are presented in the consolidated  balance sheet within equity, but separate from the parent’ s equity, as noncontrolling interests. All significant intercompany  balances and transactions have been eliminated in consolidation. Investments in  20 to 50%-owned affiliates, which are not  required to be consolidated, are accounted for under the equity method. Equity in earnings of these investments is presented  separately in the consolidated statement of operations, net of tax. Investments in less-than- 20%-owned companies are included  in the financial statements at the cost of our investment. Dividends, royalties and fees from these cost basis af filiates are  recorded in income when received. In the third quarter of 2014, we identified an error that had resulted in a  $10 overstatement of the values assigned to our  defined benefit pension obligation and goodwill when we applied fresh start accounting in 2008. These overstatements affected  pension expense, other comprehensive income and impairment of goodwill in subsequent periods. Based on our assessments of  qualitative and quantitative factors, the error and the related impacts were not considered material to the financial statements  for the quarter ended September 30, 2014 or the prior periods to which they relate.The error was corrected in September 2014  by decreasing pension and postretirement obligations by  $17, decreasing accumulated other comprehensive loss by $3 to  eliminate the related impacts on unrecognized pension expense and currency translation adjustments, decreasing goodwill by  $3, decreasing cost of sales by $5 to reverse the cumulative impact on pension expense and crediting other income, net for  $6  to effectively reverse a portion of the goodwill impairment recognized in 2008. In the fourth quarter of 2012, we recorded a  $7 charge to cumulative translation adjustments to correct an overstatement of  cash and cash equivalents that arose primarily in the third quarter of 201 1. Partially offsetting this adjustment was a  $3 credit to  income in the fourth quarter of 2012 to correct an overstatement of a deferred compensation accrual that was also primarily  related to 2011. These adjustments were not considered material to pre-tax income, net income or other comprehensive income  for the current or prior periods to which they relate.  Certain prior year amounts have been reclassified to conform to the 2014 presentation. Held for sale  — We classify long-lived assets or disposal groups as held for sale in the period: management commits to a plan  to sell; the long-lived asset or disposal group is available for immediate sale in its present condition subject only to terms that  are usual and customary for sales of such long-lived assets or disposal groups; an active program to locate a buyer and other  actions required to complete the plan to sell have been initiated; the sale is probable within one year; the asset or disposal group  is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and it is unlikely that  significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets and disposal groups classified  as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. See Note 2 for additional  information regarding our disposal group held for sale. Discontinued operations  — We classify a business component that has been disposed of or classified as held for sale as  discontinued operations if the cash flows of the component have been or will be eliminated from our ongoing operations and  we will no longer have any significant continuing involvement in or with the component.  The results of operations of our  discontinued operations, including any gains or losses on disposition, are aggregated and presented on one line in the income  statement. See Note 3 for additional information regarding our discontinued operations. 45