We may be adversely impacted by new laws  regulations or policies of governmental organizations related to increased fuel  economy standards and reduced greenhouse gas emissions  or changes in existing ones. The markets and customers we serve are subject to a substantial amount of government regulation  which often dif fers by  state  region and country. Government regulations  and proposals for additional regulation  are advanced primarily out of  concern for the environment (including concerns about the possibility of global climate change and its impact) and ener gy  independence. We anticipate that the number and extent of these regulations  and the costs to comply with them  will increase  significantly in the future. In the U.S.  vehicle fuel economy and greenhouse gas emissions are regulated under a harmonized national program  administered by the National Highway Traffic Safety Administration and the Environmental Protection  Agency. Other  governments in the markets we serve are also creating new policies to address these same issues  including the European  Union  Brazil  China and India. These government regulatory requirements could significantly af fect our customers by altering  their global product development plans and substantially increasing their costs  which could result in limitations on the types of  vehicles they sell and the geographical markets they serve.  Any of these outcomes could adversely af fect our financial position  and results of operations. We have taken  and continue to take  cost-reduction actions. Although our process includes planning for potential negative  consequences  the cost-reduction actions may expose us to additional production risk and could adversely affect our sales   profitability and ability to attract and retain employees. We have been reducing costs in all of our businesses and have discontinued product lines  exited businesses  consolidated  manufacturing operations and positioned operations in lower cost locations.  The impact of these cost-reduction actions on our  sales and profitability may be influenced by many factors including our ability to successfully complete these ongoing ef forts   our ability to generate the level of cost savings we expect or that are necessary to enable us to ef fectively compete  delays in  implementation of anticipated workforce reductions  decline in employee morale and the potential inability to meet operational  targets due to our inability to retain or recruit key employees. Dana Holding Corporation is a holding company. Our subsidiaries conduct all of our operations and own substantially all of  our assets. Our cash flow and our ability to meet our obligations depend on the cash flow of our subsidiaries. In addition  the  payment of funds in the form of dividends  intercompany payments  tax sharing payments and otherwise may be subject to  restrictions under the laws of the countries of incorporation of our subsidiaries or the by-laws of the subsidiary. Labor stoppages or work slowdowns at Dana  key suppliers or our customers could result in a disruption in our operations and  have a material adverse effect on our businesses. We operate as a holding company and depend on our subsidiaries for cash to satisfy the obligations of the holding company. We and our customers rely on our respective suppliers to provide parts needed to maintain production levels.  We all rely on  workforces represented by labor unions.  Workforce disputes that result in work stoppages or slowdowns could disrupt  operations of all of these businesses  which in turn could have a material adverse ef fect on the supply of  or demand for   the  products we supply our customers. We could be adversely affected if we are unable to recover portions of commodity costs (including costs of steel  other raw  materials and energy) from our customers. We continue to work with our customers to recover a portion of our material cost increases.  While we have been successful  in the past recovering a significant portion of such cost increases  there is no assurance that increases in commodity costs will  not adversely impact our profitability in the future. We could be adversely affected if we experience shortages of components from our suppliers or if disruptions in the supply  chain lead to parts shortages for our customers. A substantial portion of our annual cost of sales is driven by the purchase of goods and services.  To manage and minimize  these costs  we have been consolidating our supplier base. As a result  we are dependent on single sources of supply for some  components of our products. We select our suppliers based on total value (including price  delivery and quality)  taking into  consideration their production capacities and financial condition  and we expect that they will be able to support our needs.  Company-Specific Risk Factors 7