Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 19, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | AMERICAN AXLE & MANUFACTURING HOLDINGS INC | ||
Entity Central Index Key | 1062231 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Type | 10-K | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $1,426,087,818 | ||
Entity Common Stock, Shares Outstanding | 75,761,739 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net sales | $3,696 | $3,207.30 | $2,930.90 |
Cost of goods sold | 3,173.20 | 2,728.60 | 2,531.20 |
Gross Profit | 522.8 | 478.7 | 399.7 |
Selling, general and administrative expenses | 255.2 | 238.4 | 243.3 |
Operating income | 267.6 | 240.3 | 156.4 |
Interest expense | -99.9 | -115.9 | -101.6 |
Investment income | 2.1 | 0.6 | 0.6 |
Other income (expense) | |||
Debt refinancing and redemption costs | 0 | -36.8 | -19.8 |
Other, net | 6.9 | -1.9 | -4.1 |
Income before income taxes | 176.7 | 86.3 | 31.5 |
Income tax expense (benefit) | 33.7 | -8.2 | -335.2 |
Net income | 143 | 94.5 | 366.7 |
Net loss attributable to noncontrolling interests | 0 | 0 | 1 |
Net income attributable to AAM | $143 | $94.50 | $367.70 |
Basic earnings per share | $1.85 | $1.23 | $4.88 |
Diluted earnings per share | $1.85 | $1.23 | $4.87 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $143 | $94.50 | $366.70 |
Other comprehensive income (loss), net of tax | |||
Defined benefit plans, net of $23.2 million, $(41.3) million and $32.3 million of tax in 2014, 2013 and 2012, respectively | -42.7 | 76.6 | -58.9 |
Foreign currency translation adjustment | -30.3 | -26.2 | -9.4 |
Change in derivatives | -7.7 | -2 | 7.8 |
Other comprehensive income (loss) | -80.7 | 48.4 | -60.5 |
Comprehensive Income | 62.3 | 142.9 | 306.2 |
Net loss attributable to noncontrolling interests | 0 | 0 | 1 |
Foreign currency translation adjustments attributable to noncontrolling interests | 0 | 0 | 0.3 |
Comprehensive income (loss) attributable to AAM | $62.30 | $142.90 | $306.90 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income Parenthetical (Parentheticals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | $23.20 | ($41.30) | $32.30 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $249.20 | $154 |
Accounts receivable, net | 532.7 | 458.5 |
Inventories, net | 248.8 | 261.8 |
Deferred income taxes | 40.2 | 34.9 |
Prepaid expenses and other | 68.6 | 87.1 |
Total current assets | 1,139.50 | 996.3 |
Property, plant and equipment, net | 1,061.10 | 1,058.50 |
Deferred income taxes | 368.8 | 341.8 |
Goodwill | 155 | 156.4 |
GM postretirement cost sharing asset | 274.5 | 242 |
Other assets and deferred charges | 260.3 | 232.5 |
Total assets | 3,259.20 | 3,027.50 |
Current Liabilities | ||
Current portion of long-term debt | 13 | 0 |
Accounts payable | 444.3 | 437.4 |
Accrued compensation and benefits | 109.1 | 110.1 |
Deferred revenue | 22.1 | 17 |
Deferred income taxes | 0.1 | 0.1 |
Other accrued expenses | 98.6 | 94.1 |
Total current liabilities | 687.2 | 658.7 |
Long-term debt | 1,523.40 | 1,559.10 |
Deferred income taxes | 9.1 | 9.8 |
Deferred revenue | 94.2 | 76.4 |
Postretirement benefits and other long-term liabilities | 831.9 | 683 |
Total liabilities | 3,145.80 | 2,987 |
Stockholders' equity | ||
Series A junior participating preferred stock, par value $0.01 per share; 0.1 million shares authorized; no shares outstanding in 2014 or 2013 | 0 | 0 |
Preferred stock, par value $0.01 per share; 10.0 million shares authorized; no shares outstanding in 2014 or 2013 | 0 | 0 |
Common stock, par value $0.01 per share; 150.0 million shares authorized; 81.9 million and 81.6 million shares issued and outstanding in 2014 and 2013, respectively | 0.8 | 0.8 |
Series common stock, par value $0.01 per share; 40.0 million shares authorized; no shares outstanding in 2014 or 2013 | 0 | 0 |
Paid-in capital | 623.7 | 612.8 |
Accumulated deficit | -31.4 | -174.4 |
Treasury stock at cost, 6.1 million shares in 2014 and 6.0 million shares in 2013 | -182.8 | -182.5 |
Accumulated other comprehensive income (loss), net of tax | ||
Defined benefit plans | -240.6 | -197.9 |
Foreign currency translation adjustments | -48.9 | -18.6 |
Unrecognized gain (loss) on derivatives | -7.4 | 0.3 |
Total AAM stockholders' equity | 113.4 | 40.5 |
Noncontrolling interest in subsidiaries | 0 | 0 |
Total stockholders’ equity | 113.4 | 40.5 |
Total liabilities and stockholders' equity | $3,259.20 | $3,027.50 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Series A Preferred Stock [Member] | ||
Preferred stock, par or stated value per share | $0.01 | $0.01 |
Preferred stock, shares authorized | 0.1 | 0.1 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred Stock [Member] | ||
Preferred stock, par or stated value per share | $0.01 | $0.01 |
Preferred stock, shares authorized | 10 | 10 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock [Member] | ||
Common stock, par or stated value per share | $0.01 | $0.01 |
Common stock, shares authorized | 150 | 150 |
Common stock, shares issued | 81.9 | 81.6 |
Treasury stock, shares | 6.1 | 6 |
Series Common Stock [Member] | ||
Common stock, par or stated value per share | $0.01 | $0.01 |
Common stock, shares authorized | 40 | 40 |
Common stock, shares, outstanding | 0 | 0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net income | $143 | $94.50 | $366.70 |
Adjustments to reconcile net income to cash provided by (used in) operating activities | |||
Asset impairments and related indirect inventory obsolescence | 0 | 0 | 5.8 |
Depreciation and amortization | 199.9 | 177 | 152.2 |
Deferred income taxes | -9.2 | -18.7 | -343.8 |
Stock-based compensation | 9.7 | 10.8 | 2.4 |
Pensions and other postretirement benefits, net of contributions | 31.8 | 6.5 | -208.4 |
Gain on disposal of property, plant and equipment, net | -2.6 | -3.5 | -1.9 |
Debt refinancing and redemption costs | 0 | 9.2 | 1.5 |
Changes in operating assets and liabilities | |||
Accounts receivable | -78.3 | -0.3 | -130.6 |
Inventories | 10.9 | -42.5 | -49.9 |
Accounts payable and accrued expenses | 13.7 | 66.3 | 60.9 |
Deferred revenue | 24.5 | -5.6 | -21.6 |
Other assets and liabilities | -25 | -70.7 | -8.8 |
Net cash provided by (used in) operating activities | 318.4 | 223 | -175.5 |
Investing activities | |||
Purchases of property, plant and equipment | -206.5 | -251.9 | -207.6 |
Proceeds from sale of property, plant and equipment | 9.1 | 9.1 | 10.1 |
Proceeds from sale-leaseback of equipment | 0 | 24.1 | 12.1 |
Proceeds from government grants | 2.1 | 0 | 0 |
Net cash used in investing activities | -195.3 | -218.7 | -185.4 |
Financing activities | |||
Net short-term borrowings (repayments) under credit facilities | 0 | -29.9 | 10.4 |
Proceeds from issuance of long-term debt | 5 | 786.7 | 562.6 |
Payments of other long-term debt and capital lease obligations | -27 | -652 | -299.1 |
Debt issuance costs | -0.3 | -16.7 | -10.6 |
Purchase of noncontrolling interest | 0 | 0 | -4 |
Employee stock option exercises, including tax benefit | 1.2 | 1.1 | 0.1 |
Purchase of treasury stock | -0.3 | -0.4 | -5.9 |
Net cash provided by (used in) financing activities | -21.4 | 88.8 | 253.5 |
Effect of exchange rate changes on cash | -6.5 | -1.5 | 0.6 |
Net increase (decrease) in cash and cash equivalents | 95.2 | 91.6 | -106.8 |
Cash and cash equivalents at beginning of year | 154 | 62.4 | 169.2 |
Cash and cash equivalents at end of year | 249.2 | 154 | 62.4 |
Supplemental cash flow information | |||
Interest paid | 91.1 | 123.2 | 88.9 |
Income taxes paid, net | $11.30 | $11.60 | $14.70 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Paid-in capital | $623.70 | $612.80 | $623.70 | $612.80 | ||
Accumulated deficit | -31.4 | -174.4 | -31.4 | -174.4 | ||
Treasury stock | -182.8 | -182.5 | -182.8 | -182.5 | ||
Accumulated other comprehensive income (loss), net of tax | -296.9 | -216.2 | -296.9 | -216.2 | -264.6 | |
Noncontrolling interest in subsidiaries | 0 | 0 | 0 | 0 | ||
Net income attributable to AAM | 13.2 | 29.8 | 143 | 94.5 | 367.7 | |
Net loss attributable to noncontrolling interests | 0 | 0 | 1 | |||
Change in derivatives | -7.7 | -2 | 7.8 | |||
Foreign currency translation adjustment | -30.3 | -26.2 | -9.4 | |||
Foreign currency translation adjustments attributable to noncontrolling interests | 0 | 0 | 0.3 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | -42.7 | 76.6 | -58.9 | |||
2008 GM agreement, shares issued to GM through exercise of warrants | ||||||
Change in additional paid in capital for purchase of noncontrolling interest | 1.2 | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | -5.2 | |||||
Common Stock [Member] | ||||||
Common stock, shares outstanding | 75.8 | 75.6 | 75.8 | 75.6 | 74.8 | 73.8 |
Common stock, par value | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 |
Stock issued during period, exercise of stock options and vesting of restricted stock | 0.2 | 0.8 | 1.5 | |||
Treasury stock, shares, acquired | -0.5 | |||||
Additional Paid-in Capital [Member] | ||||||
Paid-in capital | 623.7 | 612.8 | 623.7 | 612.8 | 600.9 | 597.2 |
Change in additional paid in capital for exercise of stock options and vesting of restricted stock | 1.2 | 1.1 | 0.1 | |||
Adjustments to additional paid in capital, stock based compensation | 9.7 | 10.8 | 2.4 | |||
Retained Earnings [Member] | ||||||
Accumulated deficit | -31.4 | -174.4 | -31.4 | -174.4 | -268.9 | -636.6 |
Net income attributable to AAM | 143 | 94.5 | 367.7 | |||
Treasury Stock [Member] | ||||||
Treasury stock | -182.8 | -182.5 | -182.8 | -182.5 | -182.1 | -176.2 |
Treasury stock, value, acquired, cost method | -0.3 | -0.4 | -5.9 | |||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Accumulated other comprehensive income (loss), net of tax | -296.9 | -216.2 | -296.9 | -216.2 | -264.6 | -203.8 |
Change in derivatives | -7.7 | -2 | 7.8 | |||
Foreign currency translation adjustment | -30.3 | -26.2 | -9.7 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 42.7 | -76.6 | 58.9 | |||
Noncontrolling Interest [Member] | ||||||
Noncontrolling interest in subsidiaries | 0 | 0 | 0 | 0 | 0 | 5.9 |
Net loss attributable to noncontrolling interests | 1 | |||||
Foreign currency translation adjustments attributable to noncontrolling interests | $0.30 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Organization and Basis of Presentation [Abstract] | ||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
ORGANIZATION American Axle & Manufacturing Holdings, Inc. (Holdings) and its subsidiaries (collectively, we, our, us or AAM) is a Tier I supplier to the automotive industry. We manufacture, engineer, design and validate driveline and drivetrain systems and related components and chassis modules for light trucks, sport utility vehicles (SUVs), passenger cars, crossover vehicles and commercial vehicles. Driveline and drivetrain systems include components that transfer power from the transmission and deliver it to the drive wheels. Our driveline, drivetrain and related products include axles, chassis modules, driveshafts, power transfer units, transfer cases, chassis and steering components, driveheads, transmission parts, electric drive systems and metal-formed products. In addition to locations in the United States (U.S.) (Michigan, Ohio, Indiana and Pennsylvania), we also have offices or facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland, Scotland, South Korea, Sweden and Thailand. | ||||||||||
PRINCIPLES OF CONSOLIDATION We include the accounts of Holdings and its subsidiaries in our consolidated financial statements. We eliminate the effects of all intercompany transactions, balances and profits in our consolidation. | ||||||||||
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS In connection with the preparation of our consolidated financial statements for the year ended December 31, 2014, we determined that entries recorded in the third quarter of 2014 to reduce certain accrued accounts payable balances by $8.4 million were previously recorded as a reduction of cost of goods sold but should have been recorded as an adjustment to opening accumulated deficit because the amounts giving rise to the correction originated in periods prior to January 1, 2012. | ||||||||||
In accordance with ASC 250 Accounting Changes and Error Corrections as well as the SEC's Staff Accounting Bulletin No. 99, Materiality, we evaluated the materiality of this error on prior period financial statements and determined that it did not result in a material misstatement to the financial conditions, results of operations, or cash flows for any of the periods presented. | ||||||||||
We also determined that the effect of recording the correction during the third quarter of 2014 was material to the financial statements for the three months ended September 30, 2014. As a result, prior period financial statements have been revised in accordance with ASC 250 and the SEC's Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, and accumulated deficit at January 1, 2012 was reduced by $6.9 million. Consequently, the previously reported December 31, 2013 balances for accounts payable of $445.8 million, accumulated deficit of $181.3 million and current deferred income tax assets of $36.4 million were reduced by $8.4 million, $6.9 million and $1.5 million, respectively. | ||||||||||
REVENUE RECOGNITION We recognize revenue when products are shipped to our customers and title transfers under standard commercial terms or when realizable in accordance with our commercial agreements. If we are uncertain as to whether we will be successful collecting a balance in accordance with our understanding of a commercial agreement, we do not recognize the revenue or cost recovery until such time as the uncertainty is removed. | ||||||||||
In the first quarter of 2014, we reached an agreement with General Motors Company (GM) to increase installed capacity and adjust product mix for our largest vehicle program. As a result of this agreement, we received $32.8 million in 2014 and recorded the payments as deferred revenue. We will recognize this deferred revenue into sales over the life of the program on a straight line basis over approximately 5 years, which is the period we expect GM to benefit from this capacity and mix change. In 2014, we recognized revenue of $5.4 million related to this agreement. As of December 31, 2014, we have $6.9 million of deferred revenue that is classified as a current liability and $20.5 million of deferred revenue that is recorded as a noncurrent liability on our Consolidated Balance Sheet. | ||||||||||
Also in the first quarter of 2014, we reached an agreement with GM to recover certain costs related to the delay of another major product program. We received $9.3 million in 2014 related to this agreement and initially recorded deferred revenue of $9.3 million. We will recognize this deferred revenue into sales over the life of the program on a straight-line basis over approximately 8 years, which is the period we expect GM to benefit from this agreement. We began recognizing this deferred revenue as revenue in the third quarter of 2014 when this program launched in certain markets. In 2014, we recognized revenue of $0.5 million related to this agreement. As of December 31, 2014, we have recorded deferred revenue of $8.8 million, $1.1 million of which is classified as a current liability and $7.7 million which is recorded as a noncurrent liability on our Consolidated Balance Sheet. | ||||||||||
In 2009, we entered into a settlement and commercial agreement (2009 Settlement and Commercial Agreement) with General Motors Company (GM). As part of this agreement, we received $110.0 million from GM, of which we recorded $79.7 million as deferred revenue. As of December 31, 2014, our deferred revenue related to the 2009 Settlement and Commercial Agreement is $37.5 million, $8.0 million of which is classified as a current liability and $29.5 million of which is recorded as a noncurrent liability on our Consolidated Balance Sheet. We recognize this deferred revenue into revenue on a straight-line basis over 120 months, which ends September 2019 and is the period that we expect GM to benefit under the 2009 Settlement and Commercial Agreement. We recognized revenue of $8.0 million, in 2014, 2013 and 2012 related to this agreement. | ||||||||||
As of December 31, 2014, the majority of the remaining deferred revenue primarily relates to customer payments to implement capacity programs, which is generally recognized into revenue over the life of these programs. We recognized $7.5 million, $10.5 million and $13.1 million of revenue for these programs in 2014, 2013 and 2012, respectively. | ||||||||||
RESEARCH AND DEVELOPMENT (R&D) COSTS We expense R&D, as incurred, in selling, general and administrative expenses on our Consolidated Statement of Income. R&D spending, net of engineering, design and development recoveries, was $103.9 million, $103.4 million and $123.4 million in 2014, 2013 and 2012, respectively. | ||||||||||
CASH AND CASH EQUIVALENTS Cash and cash equivalents include all cash balances and highly liquid investments in money market funds with maturities of 90 days or less at the time of purchase. | ||||||||||
ACCOUNTS RECEIVABLE The majority of our accounts receivable are due from original equipment manufacturers (OEMs) in the automotive industry and are past due when payment is not received within the stated terms. Trade accounts receivable for our largest customer, GM, are generally due within approximately 50 days from the date of receipt. | ||||||||||
Amounts due from customers are stated net of allowances for doubtful accounts. We determine our allowances by considering factors such as the length of time accounts are past due, our previous loss history, the customer's ability to pay its obligation to us, and the condition of the general economy and the industry as a whole. The allowance for doubtful accounts was $4.6 million and $4.9 million as of December 31, 2014 and 2013, respectively. We write-off accounts receivable when they become uncollectible. | ||||||||||
CUSTOMER TOOLING AND PRE-PRODUCTION COSTS RELATED TO LONG-TERM SUPPLY AGREEMENTS Engineering, R&D, and other pre-production design and development costs for products sold on long-term supply arrangements are expensed as incurred unless we have a contractual guarantee for reimbursement from the customer. Costs for tooling used to make products sold on long-term supply arrangements for which we have either title to the assets or the noncancelable right to use the assets during the term of the supply arrangement are capitalized in property, plant and equipment. Capitalized items and customer receipts in excess of tooling costs specifically related to a supply arrangement are amortized over the shorter of the term of the arrangement or over the estimated useful lives of the related assets. | ||||||||||
INVENTORIES We state our inventories at the lower of cost or market. The cost of our inventories is determined using the FIFO method. When we determine that our gross inventories exceed usage requirements, or if inventories become obsolete or otherwise not saleable, we record a provision for such loss as a component of our inventory accounts. | ||||||||||
Inventories consist of the following: | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
(in millions) | ||||||||||
Raw materials and work-in-progress | $ | 243.8 | $ | 263.4 | ||||||
Finished goods | 32.9 | 25.7 | ||||||||
Gross inventories | 276.7 | 289.1 | ||||||||
Inventory valuation reserves | (27.9 | ) | (27.3 | ) | ||||||
Inventories, net | $ | 248.8 | $ | 261.8 | ||||||
PROPERTY, PLANT AND EQUIPMENT We state property, plant and equipment, including amortizable tooling, at historical cost, as adjusted for impairments. Construction in progress includes costs incurred for the construction of buildings and building improvements, and machinery and equipment in process. Repair and maintenance costs that do not extend the useful life or otherwise improve the utility of the asset beyond its existing useful state are expensed in the period incurred. | ||||||||||
We record depreciation and tooling amortization on the straight-line method over the estimated useful lives of the depreciable assets. Depreciation and tooling amortization amounted to $166.5 million, $151.8 million and $130.9 million in 2014, 2013 and 2012, respectively. | ||||||||||
Property, plant and equipment consists of the following: | ||||||||||
Estimated | December 31, | |||||||||
Useful Lives | 2014 | 2013 | ||||||||
(years) | (in millions) | |||||||||
Land | $ | 26.2 | $ | 29.5 | ||||||
Land improvements | 15-Oct | 19 | 18.9 | |||||||
Buildings and building improvements | 15-40 | 314.3 | 306.6 | |||||||
Machinery and equipment | 3-12 | 1,770.70 | 1,648.60 | |||||||
Construction in progress | 91.4 | 95.1 | ||||||||
2,221.60 | 2,098.70 | |||||||||
Accumulated depreciation and amortization | (1,160.5 | ) | (1,040.2 | ) | ||||||
Property, plant and equipment, net | $ | 1,061.10 | $ | 1,058.50 | ||||||
IMPAIRMENT OF LONG-LIVED ASSETS When impairment indicators exist, we evaluate the carrying value of long-lived assets for potential impairment. We consider projected future undiscounted cash flows, trends and other circumstances in making such estimates and evaluations. If impairment is deemed to exist, the carrying amount of the asset is adjusted based on its fair value. Recoverability of assets “held for use” is determined by comparing the forecasted undiscounted cash flows of the operations to which the assets relate to their carrying amount. When the carrying value of an asset group exceeds its fair value and is therefore nonrecoverable, those assets are written down to fair value. Fair value is determined based on market prices, when available, or a discounted cash flow analysis performed using management estimates. | ||||||||||
GOODWILL We record goodwill when the purchase price of acquired businesses exceeds the value of their identifiable net tangible and intangible assets acquired. We periodically evaluate goodwill for impairment in accordance with the accounting guidance for goodwill and other indefinite-lived intangibles. We completed impairment tests in 2014 and 2013 and concluded that there was no impairment of our goodwill. The following table provides a reconciliation of changes in goodwill: | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
(in millions) | ||||||||||
Beginning balance | $ | 156.4 | $ | 156.4 | ||||||
Foreign currency translation | (1.4 | ) | — | |||||||
Ending balance | $ | 155 | $ | 156.4 | ||||||
INTANGIBLE ASSETS We are currently in the process of testing, validating and launching global enterprise resource planning (ERP) systems, at certain key locations, to upgrade many of our existing operating and financial systems. In connection with the development of these ERP systems, we have recorded an intangible asset of $19.2 million on our Consolidated Balance Sheet as of December 31, 2014. The intangible asset is related to costs incurred to obtain software licenses from a third party, as well as costs to design and develop this internal-use software. We incurred and capitalized $11.4 million and $7.8 million of these costs in 2014 and 2013, respectively. This intangible asset is classified as other assets and deferred charges on our Consolidated Balance Sheet and will be amortized over the estimated useful life of our ERP systems. We recorded $0.4 million and $0.1 million of expense for the amortization of these intangible assets in 2014 and 2013, respectively. | ||||||||||
In connection with our e-AAM subsidiary, we have in-process research and development intangible assets which represent the technology that will be utilized in products to be launched in 2016. Accordingly, we will begin amortizing this asset on a straight-line basis at the start of production through the expected life cycle of the related products, which is expected to be approximately 5-7 years. These intangible assets are classified as other assets and deferred charges on our Consolidated Balance Sheet. The following table provides a reconciliation of changes in the carrying value of our in-process research and development intangible assets: | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
(in millions) | ||||||||||
Beginning balance | $ | 7.4 | $ | 7.4 | ||||||
Foreign currency translation | (1.2 | ) | — | |||||||
Ending balance | $ | 6.2 | $ | 7.4 | ||||||
DEBT ISSUANCE COSTS The costs related to the issuance or modification of long-term debt are deferred and amortized into interest expense over the life of each debt issue. As of December 31, 2014 and December 31, 2013, our unamortized debt issuance costs were $29.5 million and $35.6 million, respectively. Deferred amounts associated with the extinguishment of debt are expensed and classified as debt refinancing and redemption costs on our Consolidated Statement of Income. | ||||||||||
DERIVATIVES We recognize all derivatives on the balance sheet at fair value and we are not subject to a master netting agreement. If a derivative qualifies under the accounting guidance as a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged asset, liability or firm commitment through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative's change in fair value, and changes in the fair value of derivatives that do not qualify as hedges, are immediately recognized in earnings. See Note 3 - Derivatives and Risk Management, for more detail on our derivatives. | ||||||||||
CURRENCY TRANSLATION We translate the assets and liabilities of our foreign subsidiaries to U.S. dollars at end-of-period exchange rates. We translate the income statement elements of our foreign subsidiaries to U.S. dollars at average-period exchange rates. We report the effect of translation for our foreign subsidiaries that use the local currency as their functional currency as a separate component of stockholders' equity. Gains and losses resulting from the remeasurement of assets and liabilities in a currency other than the functional currency of a subsidiary are reported in current period income. We also report any gains and losses arising from transactions denominated in a currency other than the functional currency of a subsidiary in current period income. These foreign currency gains and losses resulted in a gain of $6.4 million and losses of $4.2 million and $6.3 million, for the years ended 2014, 2013 and 2012, respectively. | ||||||||||
USE OF ESTIMATES In order to prepare consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP), we are required to make estimates and assumptions that affect the reported amounts and disclosures in our consolidated financial statements. Actual results could differ from those estimates. | ||||||||||
EFFECT OF NEW ACCOUNTING STANDARDS On January 1, 2014, new accounting guidance became effective regarding financial statement presentation of an unrecognized tax benefit when a net operating loss (NOL) carryforward, a similar tax loss, or a tax credit carryforward exists. The new guidance requires entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for an NOL carryforward, a similar tax loss, or a tax credit carryforward, except when one is not available as of the reporting date or the entity does not intend to use the deferred tax asset for this purpose. This guidance does not affect the tabular reconciliation of the total amounts of unrecognized tax benefits, as the tabular reconciliation presents the gross amount of unrecognized tax benefits. The adoption of this new guidance has had no impact on our consolidated financial statements. | ||||||||||
In May 2014, new accounting guidance was issued that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The guidance is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. This guidance becomes effective for AAM at the beginning of our 2017 fiscal year and early adoption is not permitted. We are currently assessing the impact that this standard will have on our consolidated financial statements. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||
Long-term Debt [Text Block] | ||||||||
2 | LONG-TERM DEBT AND LEASE OBLIGATIONS | |||||||
Long-term debt consists of the following: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Revolving Credit Facility | $ | — | $ | — | ||||
Term Facility | 142.5 | 150 | ||||||
7.75% Notes | 200 | 200 | ||||||
6.625% Notes | 550 | 550 | ||||||
6.25% Notes | 400 | 400 | ||||||
5.125% Notes | 200 | 200 | ||||||
Foreign credit facilities | 38.9 | 53.8 | ||||||
Capital lease obligations | 5 | 5.3 | ||||||
Debt | 1,536.40 | 1,559.10 | ||||||
Less: Current portion of long-term debt | 13 | — | ||||||
Long-term debt | $ | 1,523.40 | $ | 1,559.10 | ||||
REVOLVING CREDIT FACILITY AND TERM FACILITY As of December 31, 2014, the revolving credit facility provided up to $523.5 million of revolving bank financing commitments through September 13, 2018. At December 31, 2014, $505.5 million was available under the revolving credit facility, which reflected a reduction of $18.0 million for standby letters of credit issued against the facility. | ||||||||
The credit agreement provides for a senior secured term loan A facility in an aggregate principal amount of $150.0 million (term facility). During 2014, we made principal payments of $7.5 million on our term facility. We paid remaining debt issuance costs of $0.1 million in 2014 associated with the execution of amending our revolving credit facility and term facility. In 2013 and 2012, we paid debt issuance costs of $6.9 million and $1.7 million, respectively, associated with the amendments and restatements of our revolving credit facility. | ||||||||
Borrowings under the revolving credit facility and term facility bear interest at rates based on adjusted LIBOR or an alternate base rate, plus an applicable margin. The applicable margin for LIBOR-based loans will be between 1.5% and 3.0%. | ||||||||
In the event AAM achieves investment grade corporate credit ratings from S&P and Moody's, AAM may elect to release all of the collateral from the liens granted pursuant to the collateral agreement, subject to notice requirements and other conditions. The revolving credit facility and term facility are secured on a first priority basis by all or substantially all of the assets of AAM and each guarantor under the collateral agreement dated as of November 7, 2008, as amended and restated as of September 13, 2013. The revolving credit facility limits our ability to make certain investments, loans and guarantees, declare dividends or distributions on capital stock, redeem or repurchase capital stock and certain debt obligations, incur liens, incur indebtedness, enter into certain restrictive agreements, merge, make acquisitions or sell all or substantially all of our assets. | ||||||||
The revolving credit facility provides back-up liquidity for our foreign credit facilities. We intend to use the availability of long-term financing under the revolving credit facility to refinance any current maturities related to such debt agreements that are not otherwise refinanced on a long-term basis in their local markets, except where otherwise reclassified to current portion of long-term debt on our Consolidated Balance Sheet. | ||||||||
In the first quarter of 2013, we terminated our class C loan facility of $72.8 million, which would have matured on June 30, 2013. Upon termination, we expensed $0.5 million of unamortized debt issuance costs related to the class C facility. We had been amortizing the debt issuance costs over the expected life of the borrowing. | ||||||||
9.25% NOTES In 2009, we issued $425.0 million of 9.25% senior secured notes due 2017 (9.25% Notes). The notes were issued at a discount of $5.5 million. Net proceeds from these notes were used for the repayment of certain indebtedness. | ||||||||
In 2012, we elected to exercise an option to redeem 10% of the original amount of our 9.25% Notes outstanding at a redemption price of 103% of the principal amount. This resulted in principal payments of $42.5 million and $1.3 million for the redemption premium, as well as payments of accrued interest in both 2012. We expensed $1.0 million in 2012 for the write-off of a proportional amount of unamortized debt discount and issuance costs related to this debt that we had been amortizing over the expected life of the borrowing. | ||||||||
Pursuant to the terms of our 9.25% Notes, in the fourth quarter of 2013, we voluntarily redeemed the remaining outstanding 9.25% Notes using the proceeds from the Term Facility and the issuance of the 5.125% Notes. This resulted in a principal payment of $340.0 million and $18.9 million for redemption premiums, as well as payments of accrued interest. We expensed $6.7 million in 2013 related to the write-off of the remaining unamortized debt discount and issuance costs related to our 9.25% Notes that we had been amortizing over the expected life of the borrowing. | ||||||||
7.875% NOTES In 2007, we issued $300.0 million of 7.875% senior unsecured notes due 2017 (7.875% Notes). Net proceeds from these notes were used for general corporate purposes, including payment of amounts outstanding under our revolving credit facility. | ||||||||
In the first quarter of 2013, we voluntarily purchased and redeemed $300.0 million of our 7.875% Notes, and paid accrued interest. Upon purchase and redemption, we expensed $8.5 million related to redemption premiums, $0.1 million of professional fees and unamortized debt issuance costs of $2.1 million related to this debt. We had been amortizing the debt issuance costs over the expected life of the borrowing. | ||||||||
7.75% NOTES In 2011, we issued $200.0 million of 7.75% senior unsecured notes due 2019 (7.75% Notes). Net proceeds from these notes were used for general corporate purposes, including the repayment of certain amounts outstanding under our revolving credit facility. | ||||||||
6.625% NOTES In 2012, we issued $550.0 million of 6.625% senior unsecured notes due 2022 (6.625% Notes). Net proceeds from the 6.625% Notes were used to fund the purchase and redemption of $250.0 million of the outstanding 5.25% senior unsecured notes, including the payment of interest, the redemption of $42.5 million aggregate principal amount of our 9.25% Notes, certain pension obligations and for other general corporate purposes. We paid debt issuance costs of $8.9 million related to the 6.625% Notes in 2012. | ||||||||
6.25% NOTES In 2013, we issued $400.0 million of 6.25% senior unsecured notes due 2021 (6.25% Notes). Net proceeds from the 6.25% Notes were used to fund the purchase and redemption of our 7.875% Notes and for other general corporate purposes. We paid debt issuance costs of $6.6 million in 2013 related to the 6.25% Notes. | ||||||||
5.125% NOTES In the fourth quarter of 2013, we issued $200.0 million of 5.125% senior unsecured notes due 2019 (5.125% Notes). Net proceeds from the 5.125% Notes were used to redeem the remaining $190.0 million outstanding under our 9.25% Notes. We paid debt issuance costs related to the 5.125% Notes of $0.2 million and $3.1 million in 2014 and 2013, respectively. | ||||||||
LEASES We lease certain facilities under capital leases expiring at various dates. The gross asset cost of our capital lease was $6.7 million at both December 31, 2014 and December 31, 2013. The net book value included in property, plant and equipment, net on the balance sheet was $5.0 million and $5.3 million at December 31, 2014 and 2013, respectively. The weighted-average interest rate on this capital lease obligation at December 31, 2014 was 8.9%. | ||||||||
We also lease certain manufacturing machinery and equipment, commercial office and production facilities, vehicles and other assets under operating leases expiring at various dates. In 2013 and 2012, we entered into various sale-leaseback transactions for equipment to be used in production starting in 2013. We received proceeds of $24.1 million and $12.1 million in 2013 and 2012, respectively, as a result of these transactions. Future minimum payments under noncancelable operating leases are as follows: $19.9 million in 2015, $18.5 million in 2016, $15.1 million in 2017, $7.9 million in 2018, and $3.5 million in 2019. Our total expense relating to operating leases was $23.6 million, $17.6 million and $9.0 million in 2014, 2013 and 2012, respectively. | ||||||||
FOREIGN CREDIT FACILITIES We utilize local currency credit facilities to finance the operations of certain foreign subsidiaries. These credit facilities, some of which are guaranteed by Holdings and/or AAM, Inc., expire at various dates through July 2019. At December 31, 2014, $38.9 million was outstanding under these facilities and an additional $51.1 million was available. | ||||||||
DEBT MATURITIES Aggregate maturities of long-term debt are as follows (in millions): | ||||||||
2015 | $ | 35.2 | ||||||
2016 | 17.1 | |||||||
2017 | 19.1 | |||||||
2018 | 109.2 | |||||||
2019 | 403.4 | |||||||
Thereafter | 952.4 | |||||||
Total | $ | 1,536.40 | ||||||
INTEREST EXPENSE AND INVESTMENT INCOME Interest expense was $99.9 million in 2014, $115.9 million in 2013 and $101.6 million in 2012. The decrease in interest expense in 2014 as compared to 2013 is primarily due to the decrease in our weighted-average interest rate for the full year 2014 as compared to full year 2013. The decrease is also driven by lower average outstanding borrowings in 2014 as compared to 2013. The increase in interest expense in 2013 as compared to 2012 reflects higher average outstanding borrowings, during those comparable periods. | ||||||||
We capitalized interest of $5.8 million in 2014, $6.6 million in 2013 and $8.2 million in 2012. The weighted-average interest rate of our long-term debt outstanding at December 31, 2014 was 6.4% as compared to 6.3% and 7.9% at December 31, 2013 and 2012, respectively. | ||||||||
Investment income was $2.1 million in 2014 as compared to $0.6 million in both 2013 and 2012. Investment income includes interest and dividends earned on cash and cash equivalents and realized and unrealized gains and losses on our short-term investments during the period. |
Derivatives
Derivatives | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Derivatives [Abstract] | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ||||||||||||||
3 | DERIVATIVES AND RISK MANAGEMENT | |||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS In the normal course of business, we are exposed to market risk associated with changes in foreign currency exchange rates and interest rates. To manage a portion of these inherent risks, we may purchase certain types of derivative financial instruments based on management's judgment of the trade-off between risk, opportunity and cost. We do not hold or issue derivative financial instruments for trading or speculative purposes. The ineffective portion of any hedge is included in current earnings. The impact of hedge ineffectiveness was not significant in any of the periods presented. | ||||||||||||||
CURRENCY FORWARD CONTRACTS From time to time, we use foreign currency forward contracts to reduce the effects of fluctuations in exchange rates, primarily relating to the Mexican Peso, Euro, Swedish Krona, Polish Zloty and Pound Sterling. We had forward contracts with a notional amount of $99.3 million and $67.2 million outstanding at December 31, 2014 and 2013, respectively, that hedge our exposure to changes in foreign currency exchange rates for our payroll expenses, indirect inventory and other working capital items. | ||||||||||||||
The following table summarizes the reclassification of pre-tax derivative gains (losses) into net income from accumulated other comprehensive income (loss): | ||||||||||||||
Location of Gain Reclassified into Net Income | Gain Reclassified During the Twelve Months Ended December 31, | Loss Expected to be Reclassified During the Next 12 Months | ||||||||||||
2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||
Currency forward contracts | Cost of Goods Sold | $ | 0.9 | $ | 2.8 | $ | (7.2 | ) | ||||||
CONCENTRATIONS OF CREDIT RISK In the normal course of business, we provide credit to customers. We periodically evaluate the creditworthiness of our customers and we maintain reserves for potential credit losses. | ||||||||||||||
Sales to GM were approximately 68% of our consolidated net sales in 2014, 71% in 2013, and 73% in 2012 . Accounts and other receivables due from GM were $343.1 million at year-end 2014 and $278.5 million at year-end 2013. Sales to FCA US LLC, formerly known as Chrysler Group LLC, (Chrysler) were approximately 18% of our consolidated net sales in 2014, 12% in 2013 and 10% in 2012. Accounts receivable due from Chrysler were $99.3 million at year-end 2014 and $85.9 million at year-end 2013. No other single customer accounted for more than 10% of our consolidated net sales in any year presented. | ||||||||||||||
In addition, our total GM postretirement cost sharing asset was $287.8 million as of December 31, 2014 and $255.9 million as of December 31, 2013. See Note 5 - Employee Benefit Plans for more detail on this cost sharing asset. | ||||||||||||||
We diversify the concentration of invested cash and cash equivalents among different financial institutions and we monitor the selection of counterparties to other financial instruments to avoid unnecessary concentrations of credit risk. |
Fair_Value
Fair Value | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Fair Value [Abstract] | ||||||||||||||||||
Fair Value Disclosures [Text Block] | ||||||||||||||||||
4 | FAIR VALUE | |||||||||||||||||
The fair value accounting guidance defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The definition is based on an exit price rather than an entry price, regardless of whether the entity plans to hold or sell the asset. This guidance also establishes a fair value hierarchy to prioritize inputs used in measuring fair value as follows: | ||||||||||||||||||
• | Level 1: Observable inputs such as quoted prices in active markets; | |||||||||||||||||
• | Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and | |||||||||||||||||
• | Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||||||||||||||||
FINANCIAL INSTRUMENTS The estimated fair values of our financial assets and liabilities that are recognized at fair value on a recurring basis, using available market information and other observable data are as follows: | ||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Input | ||||||||||||||
(in millions) | (in millions) | |||||||||||||||||
Balance Sheet Classification | ||||||||||||||||||
Cash equivalents | $ | 35.3 | $ | 35.3 | $ | 6.1 | $ | 6.1 | Level 1 | |||||||||
Prepaid expenses and other | ||||||||||||||||||
Currency forward contracts | — | — | 0.7 | 0.7 | Level 2 | |||||||||||||
Other accrued expenses | ||||||||||||||||||
Currency forward contracts | 8.3 | 8.3 | 0.4 | 0.4 | Level 2 | |||||||||||||
Other long-term liabilities | ||||||||||||||||||
Currency forward contracts | 0.1 | 0.1 | — | — | Level 2 | |||||||||||||
The carrying values of our cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short-term maturities of these instruments. The carrying values of our borrowings under the foreign credit facilities approximate their fair values due to the frequent resetting of the interest rates. We estimated the fair value of our outstanding debt using available market information and other observable data to be as follows: | ||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Input | ||||||||||||||
(in millions) | (in millions) | |||||||||||||||||
Revolving Credit Facility | $ | — | $ | — | $ | — | $ | — | Level 2 | |||||||||
Term Facility | 142.5 | 141.1 | 150 | 147.8 | Level 2 | |||||||||||||
7.75% Notes | 200 | 224 | 200 | 227.5 | Level 2 | |||||||||||||
6.625% Notes | 550 | 583 | 550 | 578.9 | Level 2 | |||||||||||||
6.25% Notes | 400 | 419 | 400 | 423 | Level 2 | |||||||||||||
5.125% Notes | 200 | 202.6 | 200 | 206 | Level 2 | |||||||||||||
Investments in our defined benefit pension plans are stated at fair value. See Note 5 - Employee Benefit Plans for additional fair value disclosures of our pension plan assets. | ||||||||||||||||||
LONG-LIVED ASSETS In 2012 as part of our impairment analysis, we were required to measure the fair value of certain long-lived assets. We considered the expected future use of certain long-lived assets remaining at our Detroit Manufacturing Complex (DMC). Assets that were not to be redeployed to other AAM facilities were determined to be fully impaired. | ||||||||||||||||||
The following table summarizes impairments of long-lived assets measured at fair value on a nonrecurring basis subsequent to initial recognition: | ||||||||||||||||||
Balance Sheet Classification | Fair Value Measurements using Level 3 Inputs | Asset Impairment Recorded in Twelve Months ended December 31, 2012 | ||||||||||||||||
Property, plant and equipment, net | $ | — | $ | 5.8 | ||||||||||||||
In 2012, we reassessed the expected future use of certain assets remaining at DMC that were previously leased assets that had been purchased in 2011 for $18.6 million. As a result, we recorded an impairment charge of $5.8 million related to the assets that we no longer intended to redeploy and use at another AAM facility. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Employee Benefit Plans [Abstract] | |||||||||||||||||||||||||||
Compensation and Employee Benefit Plans [Text Block] | |||||||||||||||||||||||||||
5 | EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT DEFINED BENEFIT PLANS We sponsor various qualified and non-qualified defined benefit pension plans for our eligible associates. We also maintain hourly and salaried benefit plans that provide postretirement medical, dental, vision and life insurance benefits (OPEB) to our eligible retirees and their dependents in the U.S. | |||||||||||||||||||||||||||
AAM and GM share proportionally in the cost of OPEB for eligible retirees based on the length of service an employee had with AAM and GM. We have included in our OPEB obligation the amounts expected to be received pursuant to this agreement of $287.8 million and $255.9 million at December 31, 2014 and December 31, 2013, respectively. We have also recorded a corresponding asset for these amounts on our Consolidated Balance Sheet, $13.3 million that is classified as a current asset and $274.5 million that is classified as a noncurrent asset as of December 31, 2014. | |||||||||||||||||||||||||||
Actuarial valuations of our benefit plans were made as of December 31, 2014 and 2013. The principal weighted-average assumptions used in the year-end valuation of our U.S. and U.K. plans appear in the following table. The U.S. discount rates are based on an actuarial review of a hypothetical portfolio of long-term, high quality corporate bonds matched against the expected payment stream for each of our plans. The U.K. discount rate is based on a review of long-term bonds, in consideration of the average duration of plan liabilities. The assumptions for expected return on plan assets are based on future capital market expectations for the asset classes represented within our portfolios and a review of long-term historical returns. The rates of increase in compensation and health care costs are based on current market conditions, inflationary expectations and historical information. | |||||||||||||||||||||||||||
Pension Benefits | OPEB | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
U.S. | U.K | U.S. | U.K | U.S. | U.K. | ||||||||||||||||||||||
Discount rate | 4.1 | % | 3.7 | % | 5 | % | 4.5 | % | 4.1 | % | 4.3 | % | 4.15 | % | 4.95 | % | 4.05 | % | |||||||||
Expected return on plan assets | 7.5 | % | 5 | % | 7.5 | % | 5.15 | % | 7.5 | % | 4.35 | % | N/A | N/A | N/A | ||||||||||||
Rate of compensation increase | 4 | % | 3.3 | % | 4 | % | 3.6 | % | 4 | % | 3.15 | % | 4 | % | 4 | % | 4 | % | |||||||||
The accumulated benefit obligation for all defined benefit pension plans was $723.9 million and $744.5 million at December 31, 2014 and December 31, 2013, respectively. As of December 31, 2014, the accumulated benefit obligation for our underfunded defined benefit pension plans was $586.5 million, the projected benefit obligation was $598.3 million and the fair value of assets for these plans was $496.3 million. The following table summarizes the changes in projected benefit obligations and plan assets and reconciles the funded status of the benefit plans, which is the net benefit plan liability: | |||||||||||||||||||||||||||
Pension Benefits | OPEB | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 755.4 | $ | 842.8 | $ | 577.9 | $ | 601.3 | |||||||||||||||||||
Service cost | 3.5 | 3.4 | 0.3 | 0.4 | |||||||||||||||||||||||
Interest cost | 36.1 | 33.8 | 15.3 | 13.2 | |||||||||||||||||||||||
Plan amendments | — | — | — | (8.1 | ) | ||||||||||||||||||||||
Actuarial loss (gain) | 119.3 | (92.6 | ) | 41.2 | (0.7 | ) | |||||||||||||||||||||
Change in GM portion of OPEB obligation | — | — | 31.8 | (17.0 | ) | ||||||||||||||||||||||
Participant contributions | 0.4 | 0.4 | — | — | |||||||||||||||||||||||
Settlements | (131.1 | ) | — | — | — | ||||||||||||||||||||||
Benefit payments | (36.5 | ) | (35.3 | ) | (11.8 | ) | (11.2 | ) | |||||||||||||||||||
Currency fluctuations | (8.3 | ) | 2.9 | — | — | ||||||||||||||||||||||
Net change | (16.6 | ) | (87.4 | ) | 76.8 | (23.4 | ) | ||||||||||||||||||||
Benefit obligation at end of year | $ | 738.8 | $ | 755.4 | $ | 654.7 | $ | 577.9 | |||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 713.4 | $ | 695.4 | $ | — | $ | — | |||||||||||||||||||
Actual return on plan assets | 77.2 | 49.2 | — | — | |||||||||||||||||||||||
Employer contributions | 1.9 | 0.8 | 11.8 | 11.2 | |||||||||||||||||||||||
Participant contributions | 0.4 | 0.4 | — | — | |||||||||||||||||||||||
Benefit payments | (36.5 | ) | (35.3 | ) | (11.8 | ) | (11.2 | ) | |||||||||||||||||||
Settlements | (104.2 | ) | — | — | — | ||||||||||||||||||||||
Currency fluctuations | (8.5 | ) | 2.9 | — | — | ||||||||||||||||||||||
Net change | (69.7 | ) | 18 | — | — | ||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 643.7 | $ | 713.4 | $ | — | $ | — | |||||||||||||||||||
During 2014, the society of actuaries issued updated mortality tables for our U.S. benefit plans. These new mortality tables increased our projected benefit obligations for our U.S. pension and OPEB plans by $25.2 million and $19.0 million, respectively. | |||||||||||||||||||||||||||
Amounts recognized in our balance sheets are as follows: | |||||||||||||||||||||||||||
Pension Benefits | OPEB | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||
Noncurrent assets | $ | 6.9 | $ | 9.3 | $ | — | $ | — | |||||||||||||||||||
Current liabilities | (3.0 | ) | (2.3 | ) | (29.6 | ) | (30.8 | ) | |||||||||||||||||||
Noncurrent liabilities | (99.0 | ) | (49.0 | ) | (625.1 | ) | (547.1 | ) | |||||||||||||||||||
Net liability | $ | (95.1 | ) | $ | (42.0 | ) | $ | (654.7 | ) | $ | (577.9 | ) | |||||||||||||||
Pre-tax amounts recorded in accumulated other comprehensive income (loss) (AOCI), not yet recognized in net periodic benefit cost as of December 31, 2014 and 2013, consists of: | |||||||||||||||||||||||||||
Pension Benefits | OPEB | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||
Net actuarial gain (loss) | $ | (215.3 | ) | $ | (194.3 | ) | $ | (35.7 | ) | $ | 4.9 | ||||||||||||||||
Net prior service credit | 0.7 | 0.8 | 15.4 | 18.1 | |||||||||||||||||||||||
Total amounts recorded | $ | (214.6 | ) | $ | (193.5 | ) | $ | (20.3 | ) | $ | 23 | ||||||||||||||||
The components of net periodic benefit cost are as follows: | |||||||||||||||||||||||||||
Pension Benefits | OPEB | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||
Service cost | $ | 3.5 | $ | 3.4 | $ | 3.1 | $ | 0.3 | $ | 0.4 | $ | 0.4 | |||||||||||||||
Interest cost | 36.1 | 33.8 | 35.1 | 15.3 | 13.2 | 15.1 | |||||||||||||||||||||
Expected asset return | (48.4 | ) | (45.8 | ) | (34.7 | ) | — | — | — | ||||||||||||||||||
Amortized actuarial loss | 5.4 | 8.9 | 7.8 | 0.5 | 0.9 | 0.6 | |||||||||||||||||||||
Amortized prior service cost (credit) | (0.1 | ) | 5.4 | 0.5 | (2.7 | ) | (1.8 | ) | (2.0 | ) | |||||||||||||||||
Special and contractual | |||||||||||||||||||||||||||
termination benefits | — | — | 12.8 | — | — | 16.2 | |||||||||||||||||||||
Curtailment gain | — | — | — | — | — | (21.8 | ) | ||||||||||||||||||||
Settlement charge (gain) | 35.5 | — | — | — | — | (5.2 | ) | ||||||||||||||||||||
Net periodic benefit cost | $ | 32 | $ | 5.7 | $ | 24.6 | $ | 13.4 | $ | 12.7 | $ | 3.3 | |||||||||||||||
Our postretirement cost sharing asset from GM is measured on the same basis as the portion of the obligation to which it relates. The actuarial gains and losses related to the GM portion of the OPEB obligation are recognized immediately in the Consolidated Statement of Income as an offset against the gains and losses related to the change in the corresponding GM postretirement cost sharing asset. These items are presented net in the change in benefit obligation and net periodic benefit cost components disclosed above. Remaining actuarial gains and losses are deferred and amortized over the expected future service periods of the active participants. | |||||||||||||||||||||||||||
The estimated net actuarial loss and prior service credit for the defined benefit pension plans that is expected to be amortized from AOCI into net periodic benefit cost in 2015 are $6.9 million and $0.1 million, respectively. The estimated net actuarial loss and prior service credit for the other defined benefit postretirement plans that is expected to be amortized from AOCI into net periodic benefit cost in 2015 are $0.7 million and $2.7 million, respectively. | |||||||||||||||||||||||||||
For measurement purposes, a weighted average annual increase in the per-capita cost of covered health care benefits of 7.0% was assumed for 2015. The rate was assumed to decrease gradually to 5.0% by 2023 and to remain at that level thereafter. Health care cost trend rates have a significant effect on the amounts reported for the health care plans. A 1.0% increase in the assumed health care cost trend rate would have increased total service and interest cost in 2014 and the postretirement obligation, net of GM cost sharing, at December 31, 2014 by $1.6 million and $41.3 million, respectively. A 1.0% decrease in the assumed health care cost trend rate would have decreased total service and interest cost in 2014 and the postretirement obligation, net of GM cost sharing, at December 31, 2014 by $1.3 million and $34.1 million, respectively. | |||||||||||||||||||||||||||
The expected future pension and other postretirement benefits to be paid, net of GM cost sharing, for each of the next five years and in the aggregate for the succeeding five years thereafter are as follows: $55.3 million in 2015; $55.4 million in 2016; $56.4 million in 2017; $56.6 million in 2018; $56.9 million in 2019 and $293.6 million for 2020 through 2024. These amounts were estimated using the same assumptions that were used to measure our 2014 year-end pension and OPEB obligations and include an estimate of future employee service. | |||||||||||||||||||||||||||
Contributions In 2012, AAM and the Pension Benefit Guaranty Corporation entered into an agreement regarding any liability that may have arisen under the Employee Retirement Income Security Act of 1974 in connection with the closures of DMC and CKMF. As part of this agreement, in 2012, we contributed $114.7 million in excess of our statutory minimum to our U.S. hourly pension plan. | |||||||||||||||||||||||||||
Due to our significant pension contributions made in 2012, we do not expect to make any cash payments in 2015 to satisfy our regulatory funding requirements. We expect our cash outlay, net of GM cost sharing, for OPEB to be approximately $16 million in 2015. | |||||||||||||||||||||||||||
Labor relations In 2012, we recorded a gain of $21.8 million in cost of goods sold for the curtailment of certain OPEB. This resulted primarily from the reduction in expected future OPEB related to the DMC and CKMF hourly associates who have terminated employment from AAM as a result of our plant closures. These curtailment gains resulted in an increase in our accumulated other comprehensive loss of $21.8 million pre-tax. | |||||||||||||||||||||||||||
Also in 2012, we notified hourly associates of the termination of a benefit plan, which provided legal services to certain eligible hourly associates represented by the International UAW. As a result of terminating this plan, we recorded a settlement gain of $5.2 million in cost of goods sold in 2012. Recognition of this settlement gain reduced postretirement benefits and other long-term liabilities by $4.7 million and also reduced our accumulated other comprehensive loss by $0.5 million pre-tax. | |||||||||||||||||||||||||||
Terminated vested lump sum payout offer On September 22, 2014, we announced a plan to offer a voluntary one-time lump sum payment option to certain eligible terminated vested participants in our U.S. pension plans that, if accepted, would settle our pension obligations to them (“AAM Pension Payout Offer”). The lump sum settlements, which were paid from plan assets, reduced our liabilities and administrative costs going forward. | |||||||||||||||||||||||||||
The AAM Pension Payout Offer was open from October 2, 2014 through November 12, 2014 to approximately 6,000 of our 14,000 total U.S. pension plan participants. In addition to the lump sum payment option, the AAM Pension Payout Offer allowed participants to commence payment of their monthly benefits early. | |||||||||||||||||||||||||||
In total, 3,335 participants accepted the offer and we made a one-time lump sum payment from our pension trust of $104.2 million on December 19, 2014. As a result of this settlement, we remeasured the assets and liabilities of our U.S. pension plans, which reduced our projected benefit obligation by $131.1 million and resulted in a non-cash charge of $35.5 million in the fourth quarter of 2014 related to the accelerated recognition of certain deferred losses. | |||||||||||||||||||||||||||
Amendments to pension and OPEB plans and contractual termination benefits In the third quarter of 2013, we remeasured the AAM Supplemental Executive Retirement Plan (SERP) due to the passing of our Co-Founder and former Executive Chairman of the Board of Directors. As a result of this remeasurement, we recorded $4.7 million in selling, general and administrative expense related to the acceleration of prior service cost. | |||||||||||||||||||||||||||
As a result of our election to apply the provisions of Moving Ahead for Progress in the 21st Century Act (MAP-21), in addition to certain actions we took in 2012, we agreed to provide pension and postretirement benefits to certain eligible UAW associates whose employment had been terminated in connection with the DMC and CKMF plant closures. In 2012, we recorded $28.7 million in cost of goods sold, for these pension and postretirement benefits. These incremental pension and postretirement benefits were also agreed to in connection with the lawsuit filed by the International UAW against AAM. See Note 9 - Commitments and Contingencies for more detail on this lawsuit. | |||||||||||||||||||||||||||
Pension plan assets The weighted-average asset allocations of our pension plan assets at December 31, 2014 and 2013 appear in the following table. The asset allocation for our plans is developed in consideration of the demographics of the plan participants and expected payment stream of the benefit obligation. | |||||||||||||||||||||||||||
U.S. | U.K. | ||||||||||||||||||||||||||
Target | Target | ||||||||||||||||||||||||||
2014 | 2013 | Allocation | 2014 | 2013 | Allocation | ||||||||||||||||||||||
Equity securities | 33.1 | % | 42.5 | % | 30% - 65% | 28.7 | % | 30.7 | % | 25% - 35% | |||||||||||||||||
Fixed income securities | 47.3 | 48.5 | 35% - 55% | 61.1 | 59 | 55% - 65% | |||||||||||||||||||||
Hedge funds | 18.3 | 8.8 | 0% - 20% | 10.1 | 10.2 | 5% - 15% | |||||||||||||||||||||
Cash | 1.3 | 0.2 | 0% - 5% | 0.1 | 0.1 | 0% - 5% | |||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||
The primary objective of our pension plan assets is to provide a source of retirement income for participants and beneficiaries. Our primary financial objectives for the pension plan assets have been established in conjunction with a comprehensive review of our current and projected financial requirements. These objectives include having the ability to pay all future benefits and expenses when due, maintaining flexibility and minimizing volatility. These objectives are based on a long-term investment horizon. | |||||||||||||||||||||||||||
Postretirement Benefit Plan Assets Investments in our defined benefit plans are stated at fair value. Level 1 assets are valued using quoted market prices that represent the asset value of the shares held by the trusts. The level 2 assets are investments in pooled funds, which are valued using a model to reflect the valuation of their underlying assets that are publicly traded with observable values. The fair value of our level 3 postretirement benefit plan assets are measured by compiling the portfolio holdings and independently valuing the securities in those portfolios. The fair values of our pension plan assets are as follows: | |||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||
Asset Categories | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Cash & Cash Equivalents | $ | 6.7 | $ | — | $ | — | $ | 6.7 | |||||||||||||||||||
Equity | |||||||||||||||||||||||||||
U.S. Large Cap | 87.3 | — | — | 87.3 | |||||||||||||||||||||||
U.S. Small/Mid Cap | 25.2 | — | — | 25.2 | |||||||||||||||||||||||
World Equity | 94.2 | — | — | 94.2 | |||||||||||||||||||||||
Fixed Income Securities | |||||||||||||||||||||||||||
Government & Agencies | 67.9 | 58.8 | — | 126.7 | |||||||||||||||||||||||
Corporate Bonds - Investment Grade | 139.9 | — | — | 139.9 | |||||||||||||||||||||||
Corporate Bonds - Non-investment Grade | 31.9 | — | — | 31.9 | |||||||||||||||||||||||
Emerging Market Debt | 19 | — | — | 19 | |||||||||||||||||||||||
Other | 7.2 | — | — | 7.2 | |||||||||||||||||||||||
Hedge Funds | |||||||||||||||||||||||||||
Property Funds | — | — | 48.3 | 48.3 | |||||||||||||||||||||||
Multi Strategy Hedge Fund | — | — | 57.3 | 57.3 | |||||||||||||||||||||||
Total Plan Assets | $ | 479.3 | $ | 58.8 | $ | 105.6 | $ | 643.7 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||
Asset Categories | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Cash & Cash Equivalents | $ | 1.5 | $ | — | $ | — | $ | 1.5 | |||||||||||||||||||
Equity | |||||||||||||||||||||||||||
U.S. Large Cap | 128 | — | — | 128 | |||||||||||||||||||||||
U.S. Small/Mid Cap | 49.4 | — | — | 49.4 | |||||||||||||||||||||||
World Equity | 109.3 | — | — | 109.3 | |||||||||||||||||||||||
Fixed Income Securities | |||||||||||||||||||||||||||
Government & Agencies | 70.5 | 63 | — | 133.5 | |||||||||||||||||||||||
Corporate Bonds - Investment Grade | 167.1 | — | — | 167.1 | |||||||||||||||||||||||
Corporate Bonds - Non-investment Grade | 25.8 | — | — | 25.8 | |||||||||||||||||||||||
Emerging Market Debt | 17.4 | — | — | 17.4 | |||||||||||||||||||||||
Other | 16.9 | — | — | 16.9 | |||||||||||||||||||||||
Hedge Funds | |||||||||||||||||||||||||||
Property Funds | — | — | 7.1 | 7.1 | |||||||||||||||||||||||
Multi Strategy Hedge Fund | — | — | 57.4 | 57.4 | |||||||||||||||||||||||
Total Plan Assets | $ | 585.9 | $ | 63 | $ | 64.5 | $ | 713.4 | |||||||||||||||||||
The changes in the fair value of our level 3 assets in the Property Funds and Multi Strategy Hedge Fund are as follows: | |||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Beginning balance | $ | 64.5 | $ | 47.6 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 3.3 | 3.5 | |||||||||||||||||||||||||
Purchases, sales and settlements, net | 37.8 | 13.4 | |||||||||||||||||||||||||
Ending balance | $ | 105.6 | $ | 64.5 | |||||||||||||||||||||||
DEFINED CONTRIBUTION PLANS Most of our salaried U.S. associates are eligible to participate in voluntary savings plans. Our maximum match is 50% of eligible salaried associates' contribution up to 10% of their eligible salary. Matching contributions amounted to $3.9 million in 2014, $3.9 million in 2013 and $3.3 million in 2012. U.S. salaried associates are eligible to receive an additional annual retirement contribution (ARC) benefit between 3% to 5% of eligible salary, depending on years of service. We made ARC contributions of $4.9 million, $4.6 million and $4.4 million in 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||
Certain UAW represented associates at our original U.S. locations are eligible for a Company match on associate contributions made to the voluntary savings plans. Our maximum match is 25% of hourly associates' contribution up to the first 6% of their contributions. Matching contributions amounted to $0.1 million in 2014, 2013 and 2012. Certain UAW represented associates are also eligible to receive an ARC benefit of 5% of eligible wages, which also began in 2009. We made ARC contributions of $2.6 million in 2014, $1.9 million in 2013 and $1.6 million in 2012 related to these associates. | |||||||||||||||||||||||||||
DEFERRED COMPENSATION PLAN Certain U.S. associates are eligible to participate in a non-qualified deferred compensation plan. Payments of $1.2 million, $6.1 million and $0.8 million have been made in 2014, 2013 and 2012, respectively, to eligible associates that have elected distributions. Included in these payments, in 2013, was a distribution of $5.6 million to the beneficiary of the plan upon the passing of our Co-Founder and former Executive Chairman of the Board of Directors. This payment resulted in a $5.6 million reduction in postretirement benefits and other long-term liabilities on our Consolidated Balance Sheet and was partially offset by proceeds of $5.0 million, which AAM received as the beneficiary of a key man life insurance policy in 2013. | |||||||||||||||||||||||||||
At December 31, 2014 and 2013, our deferred compensation liability was $5.6 million and $6.2 million, respectively. Due to the changes in the value of this deferred compensation plan we increased our liability by $0.3 million, $0.8 million and $1.3 million in 2014, 2013 and 2012, respectively. |
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Stock-based Compensation [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | |||||||||||||||||
6 | STOCK-BASED COMPENSATION | ||||||||||||||||
At December 31, 2014, we had grants outstanding under stock incentive compensation plans approved by our stockholders. Under these plans, a total of 18.5 million shares have been authorized for issuance to our directors, officers and certain other associates in the form of options, unvested restricted stock or other awards that are based on the value of our common stock. Shares available for future grants at December 31, 2014 were 2.2 million. The current stock plan will expire in April 2022. | |||||||||||||||||
STOCK OPTIONS Under the terms of the plans, stock options are granted at the market price of the stock on the grant date. The contractual term of outstanding stock options is 10 years. We issue new shares to satisfy stock-based awards. | |||||||||||||||||
Stock option awards become exercisable in three approximately equal annual installments beginning one year from the date of grant. | |||||||||||||||||
The following table summarizes activity relating to our stock options: | |||||||||||||||||
Weighted- | |||||||||||||||||
Number of | Average Exercise | ||||||||||||||||
Shares | Price Per Share | ||||||||||||||||
(in millions, except per share data) | |||||||||||||||||
Outstanding at January 1, 2012 | 3.9 | $ | 26.95 | ||||||||||||||
Options granted | 0.2 | 9.19 | |||||||||||||||
Options exercised | (0.1 | ) | 2.81 | ||||||||||||||
Options canceled | (1.0 | ) | 25.12 | ||||||||||||||
Outstanding at December 31, 2012 | 3 | $ | 27.08 | ||||||||||||||
Options granted | — | — | |||||||||||||||
Options exercised | (0.1 | ) | 10.59 | ||||||||||||||
Options canceled | (0.9 | ) | 24.28 | ||||||||||||||
Outstanding at December 31, 2013 | 2 | $ | 29.22 | ||||||||||||||
Options granted | — | — | |||||||||||||||
Options exercised | (0.1 | ) | 13.87 | ||||||||||||||
Options canceled | (1.0 | ) | 37.7 | ||||||||||||||
Outstanding at December 31, 2014 | 0.9 | $ | 20.66 | ||||||||||||||
Exercisable at December 31, 2012 | 2.8 | $ | 28.02 | ||||||||||||||
Exercisable at December 31, 2013 | 2 | $ | 29.22 | ||||||||||||||
Exercisable at December 31, 2014 | 0.9 | $ | 20.66 | ||||||||||||||
As of December 31, 2014, there were no unvested stock options. The total intrinsic value of options outstanding and exercisable as of December 31, 2014 was $3.4 million. The total intrinsic value of stock options exercised was $0.5 million in 2014, $0.8 million in 2013 and $0.5 million in 2012. | |||||||||||||||||
The following is a summary of the range of exercise prices for stock options that are outstanding and exercisable at December 31, 2014: | |||||||||||||||||
Weighted- | Weighted- | ||||||||||||||||
Range of | Stock Options | Average Exercise | Weighted-Average | Stock Options | Average Exercise | ||||||||||||
Exercise Prices | Outstanding | Price Per Share | Contractual Life | Exercisable | Price Per Share | ||||||||||||
(in millions, except per share data) | (in years) | (in millions, except per share data) | |||||||||||||||
$9.19 - $15.58 | 0.4 | $ | 13.22 | 3.2 | 0.4 | $ | 13.22 | ||||||||||
$19.54 - $26.65 | 0.5 | 26.05 | 1.2 | 0.5 | 26.05 | ||||||||||||
0.9 | $ | 20.66 | 2 | 0.9 | $ | 20.66 | |||||||||||
OTHER STOCK-BASED COMPENSATION We awarded performance accelerated restricted stock, restricted stock and restricted stock units (PARS, RS and RSUs, respectively). The total amount of compensation expense associated with the RSUs settled in cash is recorded as an accrued liability when incurred while the total amount of compensation expense associated with PARS, RS and RSUs settled in stock is recorded to paid-in-capital. The PARS and RSUs vest over three years contingent upon the satisfaction of future financial performance targets specified by the plan and the RS vests over three years. The unearned compensation is expensed over the expected vesting period. | |||||||||||||||||
The following table summarizes activity relating to our PARS, RS and RSUs: | |||||||||||||||||
Weighted Average | |||||||||||||||||
Number of | Grant Date Fair | ||||||||||||||||
Shares/Units | Value per Share/Unit | ||||||||||||||||
(in millions, except per share data) | |||||||||||||||||
Outstanding at January 1, 2012 | 1.6 | $ | 10.74 | ||||||||||||||
Granted | 1 | 10.31 | |||||||||||||||
Vested | (1.4 | ) | 10.19 | ||||||||||||||
Canceled | (0.1 | ) | 26.02 | ||||||||||||||
Outstanding at December 31, 2012 | 1.1 | $ | 11.08 | ||||||||||||||
Granted | 0.9 | 12.79 | |||||||||||||||
Vested | (0.7 | ) | 11.06 | ||||||||||||||
Canceled | — | — | |||||||||||||||
Outstanding at December 31, 2013 | 1.3 | $ | 12.24 | ||||||||||||||
Granted | 0.5 | 19.58 | |||||||||||||||
Vested | (0.1 | ) | 13.95 | ||||||||||||||
Canceled | (0.1 | ) | 12.76 | ||||||||||||||
Outstanding at December 31, 2014 | 1.6 | $ | 14.54 | ||||||||||||||
As of December 31, 2014, unrecognized compensation cost related to unvested RSUs totaled $10.4 million. The weighted average period over which this cost is expected to be recognized is approximately one year. In 2014 and 2013, the total fair market value of RS and RSUs vested was $1.7 million and $13.8 million, respectively. | |||||||||||||||||
We made cash payments of $0.2 million related to vested RSUs in 2012. | |||||||||||||||||
PERFORMANCE SHARES As of December 31, 2014, we have performance shares (PS) outstanding under our 2012 Omnibus Incentive Plan. We granted performance shares payable in stock to officers which vest in full over a three-year performance period. The payout of these stock-based awards is based equally on a total shareholder return (TSR) measure and AAM's three-year earnings before interest, taxes and depreciation and amortization margin (EBITDA). The TSR metric compares our TSR over the three-year performance period relative to the TSR of our pre-defined competitor peer group. Share price appreciation and dividends paid are measured over the performance period to determine TSR. As these awards are settled in stock, the compensation expense booked ratably over the vesting period is recorded to paid-in-capital. | |||||||||||||||||
The following table summarizes activity relating to our performance shares: | |||||||||||||||||
Weighted Average | |||||||||||||||||
Number of | Grant Date Fair | ||||||||||||||||
Shares | Value per Share | ||||||||||||||||
EBITDA | (in millions, except per share data) | ||||||||||||||||
Outstanding at January 1, 2014 | — | $ | — | ||||||||||||||
Granted | 0.2 | 27.66 | |||||||||||||||
Vested | — | — | |||||||||||||||
Canceled | — | — | |||||||||||||||
Outstanding at December 31, 2014 | 0.2 | $ | 27.66 | ||||||||||||||
TSR | |||||||||||||||||
Outstanding at January 1, 2014 | — | $ | — | ||||||||||||||
Granted | 0.2 | 21.11 | |||||||||||||||
Vested | — | — | |||||||||||||||
Canceled | — | — | |||||||||||||||
Outstanding at December 31, 2014 | 0.2 | $ | 21.11 | ||||||||||||||
We estimated the fair value of our performance shares related to EBITDA on the date of grant using our estimated three-year EBITDA margin, based on AAM's budget and long-range plan assumptions at that time. We estimated the fair value of our performance shares related to TSR on the date of grant using the Monte Carlo simulation approach. The Monte Carlo simulation approach utilizes inputs on volatility assumptions, risk free rates, the price of the Company’s and our competitor peer group's common stock and their correlation as of each valuation date. Volatility assumptions are based on historical and implied volatility measurements. | |||||||||||||||||
Based on the current fair value, the estimated unrecognized compensation cost related to unvested PS totaled $5.3 million, as of December 31, 2014. The weighted average period over which this cost is expected to be recognized is approximately two years. | |||||||||||||||||
PERFORMANCE AWARDS As of December 31, 2014, we have performance awards outstanding under our 2012 Omnibus Incentive Plan, which are fully vested. We granted performance awards payable in cash to our officers and executives which vest in full over a three year performance period. The payout of these awards is based on a TSR measure that compares our TSR over the three-year performance period relative to the TSR of our pre-defined competitor peer group. Share price appreciation and dividends paid is measured over the performance period to determine TSR. | |||||||||||||||||
According to the applicable accounting guidance, these awards are considered to be stock-based compensation because the final payout amount is based “at least in part” on the price of our shares. However, as these awards are settled in cash, they are determined to be liability awards and have been remeasured at the end of each reporting period until settlement. The fair value of the performance awards was calculated on a quarterly basis using the Monte Carlo simulation approach, described above, and the liability was adjusted accordingly based on changes to the fair value and the percentage of time vested. | |||||||||||||||||
We recognized compensation expense associated with the performance awards of approximately $1.4 million in 2014, $7.9 million in 2013 and $3.0 million in 2012. We have a liability of $3.7 million recorded as of December 31, 2014, which will be paid out in the first quarter of 2015. As of December 31, 2014, there is no unrecognized compensation cost related to the performance awards. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Taxes [Abstract] | ||||||||||||
Income Tax Disclosure [Text Block] | ||||||||||||
7 | INCOME TAXES | |||||||||||
Income before income taxes for U.S. and non-U.S. operations was as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
U.S. income (loss) | $ | 12 | $ | (23.8 | ) | $ | (6.0 | ) | ||||
Non - U.S. income | 164.7 | 110.1 | 37.5 | |||||||||
Total income before income taxes | $ | 176.7 | $ | 86.3 | $ | 31.5 | ||||||
The following is a summary of the components of our provisions for income taxes: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Current | ||||||||||||
Federal | $ | 0.6 | $ | (1.3 | ) | $ | (3.3 | ) | ||||
Other state and local | 0.1 | 0.1 | 1.1 | |||||||||
Foreign | 44.2 | 12.1 | 10.2 | |||||||||
Total current | $ | 44.9 | $ | 10.9 | $ | 8 | ||||||
Deferred | ||||||||||||
Federal | $ | (11.6 | ) | $ | (9.3 | ) | $ | (347.1 | ) | |||
Foreign | 0.4 | (9.8 | ) | 3.9 | ||||||||
Total deferred | (11.2 | ) | (19.1 | ) | (343.2 | ) | ||||||
Total income tax expense (benefit) | $ | 33.7 | $ | (8.2 | ) | $ | (335.2 | ) | ||||
The following is a reconciliation of our provision for income taxes to the expected amounts using statutory rates: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory | 35 | % | 35 | % | 35 | % | ||||||
Foreign income taxes | (25.1 | ) | (48.5 | ) | (85.0 | ) | ||||||
Change in enacted tax rate | — | (9.9 | ) | — | ||||||||
State and local | 0.1 | 0.2 | 3.5 | |||||||||
Tax Credits | (11.4 | ) | — | — | ||||||||
Valuation allowance | 4.5 | 12.4 | (985.0 | ) | ||||||||
U.S. tax on unremitted foreign earnings | 1.9 | (0.2 | ) | (29.5 | ) | |||||||
Uncertain tax positions | 13 | (0.5 | ) | (5.2 | ) | |||||||
Other | 1.1 | 2 | 2 | |||||||||
Effective income tax rate | 19.1 | % | (9.5 | )% | (1,064.2 | )% | ||||||
Our income tax expense and effective tax rate for 2014 and 2013 primarily reflect favorable foreign tax rates, along with our inability to realize a tax benefit for current foreign losses. In 2014, we recorded tax expense of $23.1 million for changes to prior year uncertain tax positions related to transfer pricing and expense of $3.4 million for a change in estimate for U.S. tax on unremitted foreign earnings. We also recorded a net tax benefit of $20.1 million in 2014 related to our ability to utilize tax credits in future periods resulting in the recognition of a deferred tax asset. | ||||||||||||
In 2013, new Mexican tax reform was enacted that, among other things, increased the tax rate related to Maquiladora Companies from 17.5% to 30%. We recorded a tax benefit of $8.5 million as a result of revaluing our deferred tax assets at the newly enacted rate. In 2013, we recorded tax expense of $4.8 million relating to changes in estimates in the U.S. and certain foreign jurisdictions. Our income tax benefit and effective tax rate for 2013 also reflects the impact of recording a tax benefit of $1.5 million relating to the release of a prior year unrecognized tax benefit due to the expiration of the applicable statute of limitations and a tax benefit of $3.3 million relating to an election we made in 2013 regarding the treatment of foreign exchange gains and losses in a foreign jurisdiction. During 2013, we also settled various income tax audits resulting in a reduction of our liability for unrecognized income tax benefits of $8.4 million and a cash payment of $4.7 million. | ||||||||||||
In 2012, our business returned to a position of cumulative profitability on a pre-tax basis, considering our operating results for the three years ended December 31, 2012. We concluded that this record of cumulative profitability in recent years, in addition to the restructuring of our U.S. operations and our long range forecast showing continued profitability, provided sufficient positive evidence that our net U.S. federal tax benefits more likely than not would be realized. Accordingly, in 2012, we released the valuation allowance against our net federal deferred assets for entities in the U.S., resulting in a $337.5 million benefit in our 2012 provision for income taxes. Our income tax benefit and effective tax rate in 2012 reflect the impact of this valuation allowance reversal. Our income tax expense and effective tax rate for 2012 also reflect a net tax expense of $1.3 million related to the amendment of state income tax returns as a result of the settlement of federal income tax audits for the tax years 2004 through 2007. | ||||||||||||
As of December 31, 2014 and 2013, we have refundable income taxes of $5.6 million and $4.9 million, respectively, classified as prepaid expenses and other on our Consolidated Balance Sheet. We also have income taxes payable of $3.0 million and $2.6 million classified as other accrued expenses on our Consolidated Balance Sheet as of December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, we have accrued value added tax payable of $36.1 million and $38.3 million, respectively, classified as other accrued expenses on our Consolidated Balance Sheet. | ||||||||||||
The following is a summary of the significant components of our deferred tax assets and liabilities: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Current deferred tax assets | ||||||||||||
Employee benefits | $ | 26 | $ | 14.5 | ||||||||
Inventory | 7.5 | 8 | ||||||||||
Prepaid taxes and other | 16.9 | 24.6 | ||||||||||
Valuation allowance | (10.2 | ) | (10.7 | ) | ||||||||
Total current deferred tax assets | $ | 40.2 | $ | 36.4 | ||||||||
Current deferred tax liabilities | ||||||||||||
Unrealized foreign exchange gain and other | (0.1 | ) | (0.1 | ) | ||||||||
Current deferred tax asset, net | $ | 40.1 | $ | 36.3 | ||||||||
Current deferred tax assets and liabilities recognized in our Consolidated Balance Sheets are as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
U.S. federal and state deferred tax asset, net | $ | 27 | $ | 17.1 | ||||||||
Other foreign deferred tax asset, net | 13.1 | 19.2 | ||||||||||
Current deferred tax asset, net | $ | 40.1 | $ | 36.3 | ||||||||
The following is a summary of the significant components of our noncurrent deferred tax assets and liabilities: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Noncurrent deferred tax assets | ||||||||||||
Employee benefits | $ | 193.9 | $ | 161.5 | ||||||||
Net operating loss (NOL) carryforwards | 104.7 | 176.9 | ||||||||||
Tax credit carryforwards | 69.8 | 82.9 | ||||||||||
Capital allowance carryforwards | 14.4 | 16 | ||||||||||
Fixed assets | 6.6 | 10.3 | ||||||||||
Deferred revenue | 12.6 | 15.7 | ||||||||||
Capitalized expenditures | 111.2 | 113.6 | ||||||||||
Other | 2.3 | 2.9 | ||||||||||
Valuation allowances | (146.7 | ) | (153.0 | ) | ||||||||
Noncurrent deferred tax assets | 368.8 | 426.8 | ||||||||||
Noncurrent deferred tax liabilities | ||||||||||||
U.S. tax on unremitted foreign earnings | — | (85.0 | ) | |||||||||
Fixed assets and other | (9.1 | ) | (9.8 | ) | ||||||||
Noncurrent deferred tax asset, net | $ | 359.7 | $ | 332 | ||||||||
Noncurrent deferred tax assets and liabilities recognized in our Consolidated Balance Sheets are as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
U.S. federal and state deferred tax asset, net | $ | 362.2 | $ | 337.2 | ||||||||
Other foreign deferred tax asset (liability), net | (2.5 | ) | (5.2 | ) | ||||||||
Noncurrent deferred tax asset, net | $ | 359.7 | $ | 332 | ||||||||
DEFERRED INCOME TAX ASSETS AND LIABILITIES AND VALUATION ALLOWANCES The deferred income tax assets and liabilities previously summarized reflect the impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the basis of such assets and liabilities as measured by tax laws. As of December 31, 2014 and December 31, 2013, we had deferred tax assets from domestic and foreign NOL and tax credit carryforwards of $188.9 million and $275.8 million, respectively. Approximately $85.6 million of the deferred tax assets at December 31, 2014 relate to tax credits that can be carried forward indefinitely with the remainder having carryover periods of 5 to 20 years. The deferred tax asset relating to U.S. net operating losses and tax credit carryforwards as of December 31, 2014 is lower than the actual amount reported and expected to be reported on our U.S. tax returns by $3.2 million. This difference is the result of tax deductions in excess of financial statement amounts for stock based compensation. When this amount is realized, we will record a credit to additional paid in capital and reduce our income taxes payable. | ||||||||||||
Accounting guidance for income taxes requires a deferred tax liability be established for the U.S. tax impact of undistributed earnings of foreign subsidiaries unless it can be shown that these earnings will be permanently reinvested outside the U.S. Deferred income taxes have not been provided on $502.2 million of undistributed earnings of certain foreign subsidiaries as such amounts are considered permanently reinvested. The remittance of these undistributed earnings may subject us to U.S. income taxes and certain foreign withholding taxes at the time of remittance, however, the determination of the amount of unrecognized deferred tax liability relating to the remittance of undistributed earnings is not practicable. | ||||||||||||
In accordance with the accounting guidance for income taxes, we estimate whether recoverability of our deferred tax assets is “more likely than not,” based on forecasts of taxable income in the related tax jurisdictions. In this estimate, we use historical results, projected future operating results based upon approved business plans, eligible carry forward periods, tax planning opportunities and other relevant considerations. | ||||||||||||
As described above, in 2012, we released the valuation allowance against our net federal deferred tax assets for entities in the United States, resulting in a $337.5 million benefit in our 2012 provision for income taxes. As of December 31, 2014 and December 31, 2013, we have a valuation allowance of $156.9 million and $163.7 million, respectively, related to net deferred tax assets in several foreign jurisdictions and U.S. state and local jurisdictions. | ||||||||||||
UNRECOGNIZED INCOME TAX BENEFITS To the extent our uncertain tax positions do not meet the “more likely than not” threshold, we have derecognized such positions. To the extent our uncertain tax positions meet the “more likely than not” threshold, we have measured and recorded the highest probable benefit, and have established appropriate reserves for benefits that exceed the amount likely to be sustained upon examination. | ||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized income tax benefits is as follows: | ||||||||||||
Unrecognized Income Tax | Interest and | |||||||||||
Benefits | Penalties | |||||||||||
(in millions) | ||||||||||||
Balance at January 1, 2012 | $ | 25.8 | $ | 7.4 | ||||||||
Increase in prior year tax positions | — | 2.8 | ||||||||||
Decrease in prior year tax positions | (1.1 | ) | — | |||||||||
Increase in current year tax positions | 0.4 | — | ||||||||||
Settlement | (4.4 | ) | — | |||||||||
Balance at December 31, 2012 | $ | 20.7 | $ | 10.2 | ||||||||
Increase in prior year tax positions | 6.1 | 0.1 | ||||||||||
Decrease in prior year tax positions | (4.4 | ) | (6.2 | ) | ||||||||
Increase in current year tax positions | 4 | — | ||||||||||
Settlement | (4.7 | ) | — | |||||||||
Balance at December 31, 2013 | $ | 21.7 | $ | 4.1 | ||||||||
Increase in prior year tax positions | 10.5 | 8.1 | ||||||||||
Decrease in prior year tax positions | (0.5 | ) | — | |||||||||
Increase in current year tax positions | 15.6 | — | ||||||||||
Balance at December 31, 2014 | $ | 47.3 | $ | 12.2 | ||||||||
At December 31, 2014 and December 31, 2013, we had $47.3 million and $21.7 million of net unrecognized income tax benefits, respectively. Changes to prior and current year tax positions for the year ended December 31, 2014 relate primarily to transfer pricing, income tax credits and the effect of changes in exchange rates. | ||||||||||||
In 2014, 2013, and 2012, we recognized expense of $8.1 million, benefit of $6.1 million and expense of $2.8 million, respectively, related to interest and penalties in income tax expense on our Consolidated Statement of Income. We have a liability of $12.2 million and $4.1 million related to the estimated future payment of interest and penalties at December 31, 2014 and 2013, respectively. | ||||||||||||
We file income tax returns in the U.S. federal jurisdiction, as well as various states and foreign jurisdictions. The Internal Revenue Service (IRS) commenced an examination of our U.S. income tax returns for 2010 and 2011 in 2013. The Mexican tax authorities commenced a transfer pricing examination of our income tax return for 2008 in 2013 and continue with its transfer pricing examination of our 2007 income tax return. In 2014, the India Tax Authorities commenced a transfer pricing examination for the 2010/2011 tax year. We are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2007. At this time, we are not aware of any examinations underway in any other foreign jurisdictions. | ||||||||||||
The U.S. federal income tax examination for the years 2008 and 2009 and the Mexico transfer pricing examination for the year 2006 were settled in 2013. These settlements resulted in a reduction of a portion of our liability for unrecognized income tax benefits and a cash payment of $4.7 million in 2013. | ||||||||||||
Based on the status of the IRS audits and audits outside the U.S., and the protocol of finalizing audits by the relevant tax authorities, it is not possible to estimate the impact of changes, if any, to previously recorded uncertain tax positions. Although it is not possible to predict the timing of the conclusion of all ongoing audits with certainty, we anticipate that the current U.S. IRS audit will be completed during 2015. It is also possible that the current 2007 and 2008 audits with the Mexican tax authorities will be completed before the end of 2016. Although it is difficult to estimate with certainty the amount of an audit settlement for the years currently under audit, we do not expect any settlements will be materially different from what we have recorded in unrecognized tax benefits. We will continue to monitor the progress and conclusions of all ongoing audits and will adjust our estimated liability as necessary. |
Earnings_Loss_Per_Share_EPS
Earnings (Loss) Per Share (EPS) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings (Loss) per Share (EPS) [Abstract] | ||||||||||||
Earnings Per Share [Text Block] | ||||||||||||
8 | EARNINGS PER SHARE (EPS) | |||||||||||
We present earnings per share (EPS) using the two-class method. This method allocates undistributed earnings between common shares and non-vested share based payment awards that entitle the holder to nonforfeitable dividend rights. Our participating securities include non-vested restricted stock units. | ||||||||||||
The following table sets forth the computation of our basic and diluted EPS available to shareholders of common stock (excluding participating securities): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions, except per share data) | ||||||||||||
Numerator | ||||||||||||
Net income attributable to AAM | $ | 143 | $ | 94.5 | $ | 367.7 | ||||||
Less: Net income attributable to participating securities | (2.9 | ) | (1.9 | ) | (2.6 | ) | ||||||
Net income attributable to common shareholders - Basic | $ | 140.1 | $ | 92.6 | $ | 365.1 | ||||||
Undistributed earnings reallocated to common shareholders under two step dilutive method | — | — | — | |||||||||
Net income attributable to common shareholders - Dilutive | $ | 140.1 | $ | 92.6 | $ | 365.1 | ||||||
Denominators | ||||||||||||
Basic common shares outstanding - | ||||||||||||
Weighted-average shares outstanding | 77.3 | 76.7 | 75.3 | |||||||||
Less: Participating securities | (1.6 | ) | (1.5 | ) | (0.5 | ) | ||||||
Weighted-average common shares outstanding | 75.7 | 75.2 | 74.8 | |||||||||
Effect of dilutive securities - | ||||||||||||
Dilutive stock-based compensation | 0.2 | 0.1 | 0.1 | |||||||||
Diluted shares outstanding - | ||||||||||||
Adjusted weighted-average shares after assumed conversions | 75.9 | 75.3 | 74.9 | |||||||||
Basic EPS | $ | 1.85 | $ | 1.23 | $ | 4.88 | ||||||
Diluted EPS | $ | 1.85 | $ | 1.23 | $ | 4.87 | ||||||
Certain exercisable stock options were excluded in the computations of diluted EPS because the exercise price of these options was greater than the average annual market prices of our stock. The number of stock options outstanding excluded from the calculation of diluted EPS was 0.5 million at year-end 2014, 2.0 million at year-end 2013 and 3.3 million at year-end 2012. The ranges of exercise prices related to these stock options were $19.54 - $26.65 at year-end 2014, $19.54 - $40.83 at year-end 2013 and $15.58 - $40.83 at year-end 2012. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies [Abstract] | ||||||||
Commitments and Contingencies Disclosure [Text Block] | ||||||||
9 | COMMITMENTS AND CONTINGENCIES | |||||||
PURCHASE COMMITMENTS Obligated purchase commitments for capital expenditures and related project expenses were approximately $109.8 million at December 31, 2014 and $161.4 million at December 31, 2013. | ||||||||
LEGAL PROCEEDINGS We are involved in various legal proceedings incidental to our business. Although the outcome of these matters cannot be predicted with certainty, we do not believe that any of these matters, individually or in the aggregate, will have a material effect on our financial condition, results of operations or cash flows. | ||||||||
We are subject to various federal, state, local and foreign environmental and occupational safety and health laws, regulations and ordinances, including those regulating air emissions, water discharge, waste management and environmental cleanup. We will continue to closely monitor our environmental conditions to ensure that we are in compliance with all laws, regulations and ordinances. We have made, and will continue to make, capital and other expenditures to comply with environmental requirements, including recurring administrative costs. Such expenditures were not significant during 2014, 2013 and 2012. | ||||||||
In 2012, the International UAW filed suit against AAM alleging that we violated certain provisions of the collective bargaining agreement covering represented hourly associates at the DMC and CKMF related to pension and postretirement benefits. In 2012, we recorded $28.7 million in cost of goods sold related to pension and postretirement benefits to be provided to certain eligible UAW associates as a result of our election to apply MAP-21 and the subsequent recertification of our U.S. hourly pension plan. This suit was settled in 2012. | ||||||||
ENVIRONMENTAL OBLIGATIONS Due to the nature of our manufacturing operations, we have legal obligations to perform asset retirement activities pursuant to federal, state, and local requirements. The process of estimating environmental liabilities is complex. Significant uncertainty may exist related to the timing and method of the settlement of these obligations. Therefore, these liabilities are not reasonably estimable until a triggering event occurs that allows us to estimate a range and assess the probabilities of potential settlement dates and the potential methods of settlement. | ||||||||
In the future, we will update our estimated costs and potential settlement dates and methods and their associated probabilities based on available information. Any update may change our estimate and could result in a material adjustment to this liability. | ||||||||
PRODUCT WARRANTIES We record a liability for estimated warranty obligations at the dates our products are sold. These estimates are established using sales volumes and internal and external warranty data where there is no payment history and historical information about the average cost of warranty claims for customers with prior claims. We estimate our costs based on the contractual arrangements with our customers, existing customer warranty terms and internal and external warranty data, which includes a determination of our warranty claims and take actions to improve product quality and minimize warranty claims. We continuously evaluate these estimates and our customers' administration of their warranty programs. We closely monitor actual warranty claim data and adjust the liability, as necessary, on a quarterly basis. | ||||||||
We recorded $2.3 million and $9.9 million of expense in 2013 and 2012, respectively, related to a field action with our largest customer. In 2013, we made warranty payments of $12.3 million, of which $11.3 million related to this field action. During 2014 and 2013, we also made adjustments to our warranty accrual to reflect revised estimates regarding our projected future warranty obligations. | ||||||||
The following table provides a reconciliation of changes in the product warranty liability: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Beginning balance | $ | 14.3 | $ | 29.1 | ||||
Accruals | 9.3 | 12.8 | ||||||
Settlements | (2.2 | ) | (12.3 | ) | ||||
Adjustments to prior period accruals | (8.7 | ) | (15.0 | ) | ||||
Foreign currency translation | (0.3 | ) | (0.3 | ) | ||||
Ending balance | $ | 12.4 | $ | 14.3 | ||||
Reclassifications_out_of_Accum
Reclassifications out of Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income [Abstract] | ||||||||||||||||
Disclosure of Reclassification Amount [Text Block] | ||||||||||||||||
10 | RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
Reclassification adjustments and other activity impacting accumulated other comprehensive income (loss) (AOCI) during the year ended December 31, 2014 and December 31, 2013 are as follows (in millions): | ||||||||||||||||
Defined Benefit Plans | Foreign Currency Translation Adjustments | Unrecognized Gain (Loss) on Derivatives | Total | |||||||||||||
Balance at December 31, 2013 | $ | (197.9 | ) | $ | (18.6 | ) | $ | 0.3 | $ | (216.2 | ) | |||||
Other comprehensive loss before reclassifications | (68.1 | ) | (a) | (30.3 | ) | (6.8 | ) | (105.2 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) into net income | 25.4 | (a)(b)(d) | — | (0.9 | ) | (c) | 24.5 | |||||||||
Net current period other comprehensive loss | (42.7 | ) | (30.3 | ) | (7.7 | ) | (80.7 | ) | ||||||||
Balance at December 31, 2014 | $ | (240.6 | ) | $ | (48.9 | ) | $ | (7.4 | ) | $ | (296.9 | ) | ||||
Defined Benefit Plans | Foreign Currency Translation Adjustments | Unrecognized Gain on Derivatives | Total | |||||||||||||
Balance at December 31, 2012 | $ | (274.5 | ) | $ | 7.6 | $ | 2.3 | $ | (264.6 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 67.7 | (a) | (26.2 | ) | 0.8 | 42.3 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) into net income | 8.9 | (a)(b) | — | (2.8 | ) | (c) | 6.1 | |||||||||
Net current period other comprehensive income (loss) | 76.6 | (26.2 | ) | (2.0 | ) | 48.4 | ||||||||||
Balance at December 31, 2013 | $ | (197.9 | ) | $ | (18.6 | ) | $ | 0.3 | $ | (216.2 | ) | |||||
(a) These amounts are net of tax of $36.6 million and $(13.4) million for the other comprehensive loss before reclassifications and the amounts reclassified from AOCI, respectively, for the year ended December 31, 2014, and $(36.7) million and $(4.6) million, respectively, for the year ended December 31, 2013. | ||||||||||||||||
(b) The net amount reclassified from AOCI included $23.6 million in cost of goods sold (COGS) and $1.8 million in selling, general & administrative expenses (SG&A) for the year ended December 31, 2014 and $4.7 million in COGS and $4.2 million in SG&A for the year ended December 31, 2013. | ||||||||||||||||
(c) The amounts reclassified from AOCI are included in COGS. | ||||||||||||||||
(d) Includes a reclassification of $23.1 million, net of tax, in the fourth quarter of 2014, related to our terminated vested lump-sum pension payout in the U.S. |
Segment_and_Geographic_Informa
Segment and Geographic Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment and Geographic Information [Abstract] | ||||||||||||
Segment Reporting Disclosure [Text Block] | ||||||||||||
11 | SEGMENT AND GEOGRAPHIC INFORMATION | |||||||||||
We operate in one reportable segment: the manufacture, engineer, design and validation of driveline systems and related components and chassis modules for light trucks, SUVs, passenger cars, crossover vehicles and commercial vehicles. Financial information relating to our operations by geographic area is presented in the following table. Net sales are attributed to countries based upon location of customer. Long-lived assets exclude deferred income taxes. | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Net sales | ||||||||||||
United States | $ | 2,073.60 | $ | 1,682.00 | $ | 1,576.60 | ||||||
Canada | 64.6 | 74.4 | 75 | |||||||||
Mexico | 1,055.50 | 865.6 | 755.1 | |||||||||
South America | 156.5 | 201.1 | 216.4 | |||||||||
Asia | 238.6 | 255.2 | 214.5 | |||||||||
Europe and other | 107.2 | 129 | 93.3 | |||||||||
Total net sales | $ | 3,696.00 | $ | 3,207.30 | $ | 2,930.90 | ||||||
Long-lived assets | ||||||||||||
United States | $ | 885.9 | $ | 850 | $ | 865.3 | ||||||
Mexico | 513.2 | 469.3 | 417.7 | |||||||||
South America | 80.5 | 100.2 | 113.3 | |||||||||
Asia | 177.3 | 176.7 | 159 | |||||||||
Europe | 94 | 93.2 | 72.5 | |||||||||
Total long-lived assets | $ | 1,750.90 | $ | 1,689.40 | $ | 1,627.80 | ||||||
Unaudited_Quarterly_Financial_
Unaudited Quarterly Financial Data | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Unaudited Quarterly Financial Data [Abstract] | ||||||||||||||||
Quarterly Financial Information [Text Block] | ||||||||||||||||
12 | UNAUDITED QUARTERLY FINANCIAL DATA | |||||||||||||||
Three Months Ended, | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
2014 | ||||||||||||||||
Net sales | $ | 858.8 | $ | 946.9 | $ | 950.8 | $ | 939.5 | ||||||||
Gross profit | 121.9 | 149 | 140.7 | 111.2 | ||||||||||||
Net income | 33.6 | 52.2 | 44 | 13.2 | ||||||||||||
Net income attributable to AAM | 33.6 | 52.2 | 44 | 13.2 | ||||||||||||
Basic EPS (1) | $ | 0.44 | $ | 0.67 | $ | 0.57 | $ | 0.17 | ||||||||
Diluted EPS (1) | $ | 0.44 | $ | 0.67 | $ | 0.57 | $ | 0.17 | ||||||||
2013 | ||||||||||||||||
Net sales | $ | 755.6 | $ | 799.6 | $ | 820.8 | $ | 831.3 | ||||||||
Gross profit | 104.3 | 122.2 | 125.3 | 126.9 | ||||||||||||
Net income | 7.3 | 25.8 | 31.6 | 29.8 | ||||||||||||
Net income attributable to AAM | 7.3 | 25.8 | 31.6 | 29.8 | ||||||||||||
Basic EPS (1) | $ | 0.1 | $ | 0.34 | $ | 0.41 | $ | 0.39 | ||||||||
Diluted EPS (1) | $ | 0.1 | $ | 0.34 | $ | 0.41 | $ | 0.39 | ||||||||
(1) Full year basic and diluted EPS will not necessarily agree to the sum of the four quarters because each quarter is a separate calculation. |
Supplemental_Guarantor_Condens
Supplemental Guarantor Condensed Consolidating Financial Statements | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Supplemental Guarantor Condensed Consolidating Financial Statements [Abstract] | ||||||||||||||||||||||||
Supplemental Guarantor Disclosure [Text Block] | ||||||||||||||||||||||||
13 | SUPPLEMENTAL GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | |||||||||||||||||||||||
Amounts have been revised for the effects of the error as discussed in Note 1 - Organization and Summary of Significant Accounting Policies. | ||||||||||||||||||||||||
Holdings has no significant assets other than its 100% ownership in AAM, Inc. and no direct subsidiaries other than AAM, Inc. The 7.75% Notes, 6.625% Notes, 6.25% Notes and 5.125% Notes are senior unsecured obligations of AAM Inc.; all of which are fully and unconditionally guaranteed by Holdings and substantially all domestic subsidiaries of AAM, Inc., which are 100% indirectly owned by Holdings. | ||||||||||||||||||||||||
These Condensed Consolidating Financial Statements are prepared under the equity method of accounting whereby the investments in subsidiaries are recorded at cost and adjusted for the parent's share of the subsidiaries' cumulative results of operations, capital contributions and distributions, and other equity changes. | ||||||||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||||||
2014 | Holdings | AAM Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Elims | Consolidated | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Net sales | ||||||||||||||||||||||||
External | $ | — | $ | 1,099.50 | $ | 225.1 | $ | 2,371.40 | $ | — | $ | 3,696.00 | ||||||||||||
Intercompany | — | 13.1 | 246.9 | 21.6 | (281.6 | ) | — | |||||||||||||||||
Total net sales | — | 1,112.60 | 472 | 2,393.00 | (281.6 | ) | 3,696.00 | |||||||||||||||||
Cost of goods sold | — | 1,112.40 | 396.1 | 1,946.30 | (281.6 | ) | 3,173.20 | |||||||||||||||||
Gross profit | — | 0.2 | 75.9 | 446.7 | — | 522.8 | ||||||||||||||||||
Selling, general and administrative expenses | — | 194 | 0.2 | 61 | — | 255.2 | ||||||||||||||||||
Operating income (loss) | — | (193.8 | ) | 75.7 | 385.7 | — | 267.6 | |||||||||||||||||
Non-operating income (expense), net | — | (103.0 | ) | 9 | 3.1 | — | (90.9 | ) | ||||||||||||||||
Income (loss) before income taxes | — | (296.8 | ) | 84.7 | 388.8 | — | 176.7 | |||||||||||||||||
Income tax expense (benefit) | — | (11.8 | ) | 0.9 | 44.6 | — | 33.7 | |||||||||||||||||
Earnings (loss) from equity in subsidiaries | 143 | 204 | (23.3 | ) | — | (323.7 | ) | — | ||||||||||||||||
Net income (loss) before royalties and dividends | 143 | (81.0 | ) | 60.5 | 344.2 | (323.7 | ) | 143 | ||||||||||||||||
Royalties and dividends | — | 224 | — | (224.0 | ) | — | — | |||||||||||||||||
Net income after royalties and dividends | 143 | 143 | 60.5 | 120.2 | (323.7 | ) | 143 | |||||||||||||||||
Other comprehensive loss, net of tax | (80.7 | ) | (80.7 | ) | (23.5 | ) | (34.8 | ) | 139 | (80.7 | ) | |||||||||||||
Comprehensive income | $ | 62.3 | $ | 62.3 | $ | 37 | $ | 85.4 | $ | (184.7 | ) | $ | 62.3 | |||||||||||
2013 | Holdings | AAM Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Elims | Consolidated | ||||||||||||||||||
Net sales | ||||||||||||||||||||||||
External | $ | — | $ | 773.6 | $ | 226 | $ | 2,207.70 | $ | — | $ | 3,207.30 | ||||||||||||
Intercompany | — | 15.3 | 226.1 | 14 | (255.4 | ) | — | |||||||||||||||||
Total net sales | — | 788.9 | 452.1 | 2,221.70 | (255.4 | ) | 3,207.30 | |||||||||||||||||
Cost of goods sold | — | 769.4 | 389 | 1,825.60 | (255.4 | ) | 2,728.60 | |||||||||||||||||
Gross profit | — | 19.5 | 63.1 | 396.1 | — | 478.7 | ||||||||||||||||||
Selling, general and administrative expenses | — | 182.4 | 0.1 | 55.9 | — | 238.4 | ||||||||||||||||||
Operating income (loss) | — | (162.9 | ) | 63 | 340.2 | — | 240.3 | |||||||||||||||||
Non-operating income (expense), net | — | (155.1 | ) | 10.7 | (9.6 | ) | — | (154.0 | ) | |||||||||||||||
Income (loss) before income taxes | — | (318.0 | ) | 73.7 | 330.6 | — | 86.3 | |||||||||||||||||
Income tax expense (benefit) | — | (24.9 | ) | 0.9 | 15.8 | — | (8.2 | ) | ||||||||||||||||
Earnings (loss) from equity in subsidiaries | 94.5 | 167 | (21.7 | ) | — | (239.8 | ) | — | ||||||||||||||||
Net income (loss) before royalties and dividends | 94.5 | (126.1 | ) | 51.1 | 314.8 | (239.8 | ) | 94.5 | ||||||||||||||||
Royalties and dividends | — | 220.6 | — | (220.6 | ) | — | — | |||||||||||||||||
Net income after royalties and dividends | 94.5 | 94.5 | 51.1 | 94.2 | (239.8 | ) | 94.5 | |||||||||||||||||
Other comprehensive income (loss), net of tax | 48.4 | 48.4 | (7.2 | ) | (10.8 | ) | (30.4 | ) | 48.4 | |||||||||||||||
Comprehensive income | $ | 142.9 | $ | 142.9 | $ | 43.9 | $ | 83.4 | $ | (270.2 | ) | $ | 142.9 | |||||||||||
2012 | Holdings | AAM Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Elims | Consolidated | ||||||||||||||||||
Net sales | ||||||||||||||||||||||||
External | $ | — | $ | 704.8 | $ | 214.4 | $ | 2,011.70 | $ | — | $ | 2,930.90 | ||||||||||||
Intercompany | — | 18.6 | 226.8 | 25.2 | (270.6 | ) | — | |||||||||||||||||
Total net sales | — | 723.4 | 441.2 | 2,036.90 | (270.6 | ) | 2,930.90 | |||||||||||||||||
Cost of goods sold | — | 709.8 | 389.8 | 1,702.20 | (270.6 | ) | 2,531.20 | |||||||||||||||||
Gross profit | — | 13.6 | 51.4 | 334.7 | — | 399.7 | ||||||||||||||||||
Selling, general and administrative expenses | — | 186.5 | — | 56.8 | — | 243.3 | ||||||||||||||||||
Operating income (loss) | — | (172.9 | ) | 51.4 | 277.9 | — | 156.4 | |||||||||||||||||
Non-operating income (expense), net | — | (135.2 | ) | (2.2 | ) | 12.5 | — | (124.9 | ) | |||||||||||||||
Income (loss) before income taxes | — | (308.1 | ) | 49.2 | 290.4 | — | 31.5 | |||||||||||||||||
Income tax expense (benefit) | — | (343.9 | ) | (5.5 | ) | 14.2 | — | (335.2 | ) | |||||||||||||||
Earnings (loss) from equity in subsidiaries | 367.7 | 79 | (49.2 | ) | — | (397.5 | ) | — | ||||||||||||||||
Net income before royalties and dividends | 367.7 | 114.8 | 5.5 | 276.2 | (397.5 | ) | 366.7 | |||||||||||||||||
Royalties and dividends | — | 252.9 | — | (252.9 | ) | — | — | |||||||||||||||||
Net income after royalties and dividends | 367.7 | 367.7 | 5.5 | 23.3 | (397.5 | ) | 366.7 | |||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 1 | — | 1 | ||||||||||||||||||
Net income attributable to AAM | $ | 367.7 | $ | 367.7 | $ | 5.5 | $ | 24.3 | $ | (397.5 | ) | $ | 367.7 | |||||||||||
Other comprehensive loss, net of tax | (60.5 | ) | (60.5 | ) | (10.1 | ) | (3.6 | ) | 74.2 | (60.5 | ) | |||||||||||||
Foreign currency translation adjustments attributable to noncontrolling interests | 0.3 | 0.3 | — | 0.3 | (0.6 | ) | 0.3 | |||||||||||||||||
Comprehensive income (loss) attributable to AAM | $ | 306.9 | $ | 306.9 | $ | (4.6 | ) | $ | 20.4 | $ | (322.7 | ) | $ | 306.9 | ||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
2014 | Holdings | AAM Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Elims | Consolidated | ||||||||||||||||||
Assets | (in millions) | |||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 69.7 | $ | — | $ | 179.5 | $ | — | $ | 249.2 | ||||||||||||
Accounts receivable, net | — | 137.5 | 23.9 | 371.3 | — | 532.7 | ||||||||||||||||||
Intercompany receivables | — | 231 | 174.1 | 10 | (415.1 | ) | — | |||||||||||||||||
Inventories, net | — | 64.9 | 32.3 | 151.6 | — | 248.8 | ||||||||||||||||||
Other current assets | — | 53.6 | 2.6 | 52.6 | — | 108.8 | ||||||||||||||||||
Total current assets | — | 556.7 | 232.9 | 765 | (415.1 | ) | 1,139.50 | |||||||||||||||||
Property, plant and equipment, net | — | 230 | 87.9 | 743.2 | — | 1,061.10 | ||||||||||||||||||
Goodwill | — | — | 147.9 | 7.1 | — | 155 | ||||||||||||||||||
Intercompany notes and accounts receivable | — | 509.4 | 219.1 | — | (728.5 | ) | — | |||||||||||||||||
Other assets and deferred charges | — | 736.6 | 45.7 | 121.3 | — | 903.6 | ||||||||||||||||||
Investment in subsidiaries | 433.8 | 1,134.60 | — | — | (1,568.4 | ) | — | |||||||||||||||||
Total assets | $ | 433.8 | $ | 3,167.30 | $ | 733.5 | $ | 1,636.60 | $ | (2,712.0 | ) | $ | 3,259.20 | |||||||||||
Liabilities and stockholders' equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 9.4 | $ | — | $ | 3.6 | $ | — | $ | 13 | ||||||||||||
Accounts payable | — | 127.3 | 38.9 | 278.1 | — | 444.3 | ||||||||||||||||||
Intercompany payables | — | 177 | 105.3 | 132.8 | (415.1 | ) | — | |||||||||||||||||
Other current liabilities | — | 121 | 4.4 | 104.5 | — | 229.9 | ||||||||||||||||||
Total current liabilities | — | 434.7 | 148.6 | 519 | (415.1 | ) | 687.2 | |||||||||||||||||
Intercompany notes and accounts payable | 320.4 | 6.9 | — | 401.2 | (728.5 | ) | — | |||||||||||||||||
Long-term debt | — | 1,483.10 | 4.9 | 35.4 | — | 1,523.40 | ||||||||||||||||||
Investment in subsidiaries obligation | — | — | 53.8 | — | (53.8 | ) | — | |||||||||||||||||
Other long-term liabilities | — | 808.8 | 0.6 | 125.8 | — | 935.2 | ||||||||||||||||||
Total liabilities | 320.4 | 2,733.50 | 207.9 | 1,081.40 | (1,197.4 | ) | 3,145.80 | |||||||||||||||||
Total stockholders' equity | 113.4 | 433.8 | 525.6 | 555.2 | (1,514.6 | ) | 113.4 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 433.8 | $ | 3,167.30 | $ | 733.5 | $ | 1,636.60 | $ | (2,712.0 | ) | $ | 3,259.20 | |||||||||||
2013 | Holdings | AAM Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Elims | Consolidated | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 36.9 | $ | — | $ | 117.1 | $ | — | $ | 154 | ||||||||||||
Accounts receivable, net | — | 102.7 | 25.6 | 330.2 | — | 458.5 | ||||||||||||||||||
Intercompany receivables | — | 180.5 | 116.6 | 9.2 | (306.3 | ) | — | |||||||||||||||||
Inventories, net | — | 62.4 | 34.2 | 165.2 | — | 261.8 | ||||||||||||||||||
Other current assets | — | 43.8 | 3.2 | 75 | — | 122 | ||||||||||||||||||
Total current assets | — | 426.3 | 179.6 | 696.7 | (306.3 | ) | 996.3 | |||||||||||||||||
Property, plant and equipment, net | — | 239.8 | 83 | 735.7 | — | 1,058.50 | ||||||||||||||||||
Goodwill | — | — | 147.8 | 8.6 | — | 156.4 | ||||||||||||||||||
Intercompany notes and accounts receivable | — | 327 | 201.5 | — | (528.5 | ) | — | |||||||||||||||||
Other assets and deferred charges | — | 671.7 | 44.8 | 99.8 | — | 816.3 | ||||||||||||||||||
Investment in subsidiaries | 363.7 | 1,240.10 | — | — | (1,603.8 | ) | — | |||||||||||||||||
Total assets | $ | 363.7 | $ | 2,904.90 | $ | 656.7 | $ | 1,540.80 | $ | (2,438.6 | ) | $ | 3,027.50 | |||||||||||
Liabilities and stockholders' equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 106.2 | $ | 44.5 | $ | 286.7 | $ | — | $ | 437.4 | ||||||||||||
Intercompany payables | 117.4 | 98.6 | 90.3 | (306.3 | ) | — | ||||||||||||||||||
Other current liabilities | — | 120.4 | 4.1 | 96.8 | — | 221.3 | ||||||||||||||||||
Total current liabilities | — | 344 | 147.2 | 473.8 | (306.3 | ) | 658.7 | |||||||||||||||||
Intercompany notes and accounts payable | 323.2 | 3.7 | — | 201.6 | (528.5 | ) | — | |||||||||||||||||
Long-term debt | — | 1,500.00 | 5.3 | 53.8 | — | 1,559.10 | ||||||||||||||||||
Investment in subsidiaries obligation | — | — | 15.2 | — | (15.2 | ) | — | |||||||||||||||||
Other long-term liabilities | — | 693.5 | 0.5 | 75.2 | — | 769.2 | ||||||||||||||||||
Total liabilities | 323.2 | 2,541.20 | 168.2 | 804.4 | (850.0 | ) | 2,987.00 | |||||||||||||||||
Total stockholders' equity | 40.5 | 363.7 | 488.5 | 736.4 | (1,588.6 | ) | 40.5 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 363.7 | $ | 2,904.90 | $ | 656.7 | $ | 1,540.80 | $ | (2,438.6 | ) | $ | 3,027.50 | |||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
2014 | Holdings | AAM Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Elims | Consolidated | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | 83.4 | $ | 41.9 | $ | 193.1 | $ | — | $ | 318.4 | ||||||||||||
Investing activities | ||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (51.3 | ) | (18.6 | ) | (136.6 | ) | — | (206.5 | ) | ||||||||||||||
Proceeds from sale of property, plant and equipment | — | 7.9 | 0.4 | 0.8 | — | 9.1 | ||||||||||||||||||
Proceeds from government grants | — | — | — | 2.1 | — | 2.1 | ||||||||||||||||||
Intercompany activity | — | — | (23.3 | ) | — | 23.3 | — | |||||||||||||||||
Proceeds from sale-leaseback of equipment | — | — | — | — | — | — | ||||||||||||||||||
Net cash used in investing activities | — | (43.4 | ) | (41.5 | ) | (133.7 | ) | 23.3 | (195.3 | ) | ||||||||||||||
Financing activities | ||||||||||||||||||||||||
Net debt activity | — | (7.8 | ) | (0.4 | ) | (13.8 | ) | — | (22.0 | ) | ||||||||||||||
Debt issuance costs | — | (0.3 | ) | — | — | — | (0.3 | ) | ||||||||||||||||
Employee stock option exercises | — | 1.2 | — | — | — | 1.2 | ||||||||||||||||||
Purchase of treasury stock | (0.3 | ) | — | — | — | — | (0.3 | ) | ||||||||||||||||
Intercompany activity | 0.3 | (0.3 | ) | — | 23.3 | (23.3 | ) | — | ||||||||||||||||
Net cash provided by (used in) financing activities | — | (7.2 | ) | (0.4 | ) | 9.5 | (23.3 | ) | (21.4 | ) | ||||||||||||||
Effect of exchange rate changes on cash | — | — | — | (6.5 | ) | — | (6.5 | ) | ||||||||||||||||
Net increase in cash and cash equivalents | — | 32.8 | — | 62.4 | — | 95.2 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 36.9 | — | 117.1 | — | 154 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 69.7 | $ | — | $ | 179.5 | $ | — | $ | 249.2 | ||||||||||||
2013 | Holdings | AAM Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Elims | Consolidated | ||||||||||||||||||
Net cash provided by (used in) operating activities | $ | — | $ | (35.9 | ) | $ | 64.9 | $ | 194 | $ | — | $ | 223 | |||||||||||
Investing activities | ||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (61.2 | ) | (12.5 | ) | (178.2 | ) | — | (251.9 | ) | ||||||||||||||
Proceeds from sale of property, plant and equipment | — | 5.1 | 0.5 | 3.5 | — | 9.1 | ||||||||||||||||||
Proceeds from sale-leaseback of equipment | — | 24.1 | — | — | — | 24.1 | ||||||||||||||||||
Intercompany activity | — | — | (52.6 | ) | — | 52.6 | — | |||||||||||||||||
Net cash used in investing activities | — | (32.0 | ) | (64.6 | ) | (174.7 | ) | 52.6 | (218.7 | ) | ||||||||||||||
Financing activities | ||||||||||||||||||||||||
Net debt activity | — | 110.1 | (0.3 | ) | (5.0 | ) | — | 104.8 | ||||||||||||||||
Debt issuance costs | — | (16.6 | ) | — | (0.1 | ) | — | (16.7 | ) | |||||||||||||||
Employee stock option exercises | — | 1.1 | — | — | — | 1.1 | ||||||||||||||||||
Purchase of treasury stock | (0.4 | ) | — | — | — | — | (0.4 | ) | ||||||||||||||||
Intercompany activity | 0.4 | (0.4 | ) | — | 52.6 | (52.6 | ) | — | ||||||||||||||||
Net cash provided by (used in) financing activities | — | 94.2 | (0.3 | ) | 47.5 | (52.6 | ) | 88.8 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | (1.5 | ) | — | (1.5 | ) | ||||||||||||||||
Net increase in cash and cash equivalents | — | 26.3 | — | 65.3 | — | 91.6 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 10.6 | — | 51.8 | — | 62.4 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 36.9 | $ | — | $ | 117.1 | $ | — | $ | 154 | ||||||||||||
2012 | Holdings | AAM Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Elims | Consolidated | ||||||||||||||||||
Net cash provided by (used in) operating activities | $ | — | $ | (274.3 | ) | $ | 46.6 | $ | 52.2 | $ | — | $ | (175.5 | ) | ||||||||||
Investing activities | ||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (59.4 | ) | (9.0 | ) | (139.2 | ) | — | (207.6 | ) | ||||||||||||||
Proceeds from sale of property, plant and equipment | — | 7 | — | 3.1 | — | 10.1 | ||||||||||||||||||
Proceeds from sale-leaseback of equipment | — | 12.1 | — | — | — | 12.1 | ||||||||||||||||||
Intercompany activity | — | (37.4 | ) | 37.4 | — | |||||||||||||||||||
Net cash used in investing activities | — | (40.3 | ) | (46.4 | ) | (136.1 | ) | 37.4 | (185.4 | ) | ||||||||||||||
Financing activities | ||||||||||||||||||||||||
Net debt activity | — | 257.9 | (0.2 | ) | 16.2 | — | 273.9 | |||||||||||||||||
Debt issuance costs | — | (10.6 | ) | — | — | — | (10.6 | ) | ||||||||||||||||
Employee stock option exercises, including tax benefit | — | 0.1 | — | — | — | 0.1 | ||||||||||||||||||
Purchase of treasury stock | (5.9 | ) | — | — | — | — | (5.9 | ) | ||||||||||||||||
Purchase of noncontrolling interest | — | — | — | (4.0 | ) | — | (4.0 | ) | ||||||||||||||||
Intercompany activity | 5.9 | (5.9 | ) | — | 37.4 | (37.4 | ) | — | ||||||||||||||||
Net cash provided by (used in) financing activities | — | 241.5 | (0.2 | ) | 49.6 | (37.4 | ) | 253.5 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | 0.6 | — | 0.6 | ||||||||||||||||||
Net decrease in cash and cash equivalents | — | (73.1 | ) | — | (33.7 | ) | — | (106.8 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 83.7 | — | 85.5 | — | 169.2 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 10.6 | $ | — | $ | 51.8 | $ | — | $ | 62.4 | ||||||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Exhibits and Financial Statements Schedules [Abstract] | ||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II - VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
Additions - | ||||||||||||||||||
Balance at | Charged to | Deductions - | Balance | |||||||||||||||
Beginning of | Costs and | See Notes | At End of | |||||||||||||||
Period | Expenses | Below | Period | |||||||||||||||
(in millions) | ||||||||||||||||||
Year Ended December 31, 2012: | ||||||||||||||||||
Allowance for doubtful accounts | $ | 5.5 | $ | 2 | $ | 1 | (1) | $ | 6.5 | |||||||||
Allowance for deferred taxes | 426.9 | 80.9 | 341.7 | (3) | 166.1 | |||||||||||||
Inventory valuation allowance | 26.7 | 7.9 | 13.6 | (2) | 21 | |||||||||||||
Year Ended December 31, 2013: | ||||||||||||||||||
Allowance for doubtful accounts | 6.5 | 2.3 | 3.9 | (1) | 4.9 | |||||||||||||
Allowance for deferred taxes | 166.1 | 14 | 16.4 | 163.7 | ||||||||||||||
Inventory valuation allowance | 21 | 19.4 | 13.1 | (2) | 27.3 | |||||||||||||
Year Ended December 31, 2014: | ||||||||||||||||||
Allowance for doubtful accounts | 4.9 | 1.3 | 1.6 | (1) | 4.6 | |||||||||||||
Allowance for deferred taxes | 163.7 | 13.8 | 20.6 | (4) | 156.9 | |||||||||||||
Inventory valuation allowance | 27.3 | 10.6 | 10 | (2) | 27.9 | |||||||||||||
-1 | Uncollectible accounts charged off net of recoveries. | |||||||||||||||||
-2 | Primarily relates to inventory adjustments for physical quantity discrepancies and write-offs of excess and obsolete inventories. | |||||||||||||||||
-3 | Primarily relates to the reversal of the valuation allowance against our net U.S. federal deferred tax assets. | |||||||||||||||||
-4 | Primarily relates to the reversal of a valuation allowance against an expiring net operating loss in China. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation Level 2 Accounting Policies (Policies) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Organization and Summary of Significant Accounting Policies [Abstract] | ||||||||||
Consolidation, Policy [Policy Text Block] | PRINCIPLES OF CONSOLIDATION We include the accounts of Holdings and its subsidiaries in our consolidated financial statements. We eliminate the effects of all intercompany transactions, balances and profits in our consolidation. | |||||||||
Comparability of Prior Year Financial Data, Policy [Policy Text Block] | REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS In connection with the preparation of our consolidated financial statements for the year ended December 31, 2014, we determined that entries recorded in the third quarter of 2014 to reduce certain accrued accounts payable balances by $8.4 million were previously recorded as a reduction of cost of goods sold but should have been recorded as an adjustment to opening accumulated deficit because the amounts giving rise to the correction originated in periods prior to January 1, 2012. | |||||||||
In accordance with ASC 250 Accounting Changes and Error Corrections as well as the SEC's Staff Accounting Bulletin No. 99, Materiality, we evaluated the materiality of this error on prior period financial statements and determined that it did not result in a material misstatement to the financial conditions, results of operations, or cash flows for any of the periods presented. | ||||||||||
We also determined that the effect of recording the correction during the third quarter of 2014 was material to the financial statements for the three months ended September 30, 2014. As a result, prior period financial statements have been revised in accordance with ASC 250 and the SEC's Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, and accumulated deficit at January 1, 2012 was reduced by $6.9 million. Consequently, the previously reported December 31, 2013 balances for accounts payable of $445.8 million, accumulated deficit of $181.3 million and current deferred income tax assets of $36.4 million were reduced by $8.4 million, $6.9 million and $1.5 million, respectively. | ||||||||||
Revenue Recognition, Policy [Policy Text Block] | REVENUE RECOGNITION We recognize revenue when products are shipped to our customers and title transfers under standard commercial terms or when realizable in accordance with our commercial agreements. If we are uncertain as to whether we will be successful collecting a balance in accordance with our understanding of a commercial agreement, we do not recognize the revenue or cost recovery until such time as the uncertainty is removed. | |||||||||
In the first quarter of 2014, we reached an agreement with General Motors Company (GM) to increase installed capacity and adjust product mix for our largest vehicle program. As a result of this agreement, we received $32.8 million in 2014 and recorded the payments as deferred revenue. We will recognize this deferred revenue into sales over the life of the program on a straight line basis over approximately 5 years, which is the period we expect GM to benefit from this capacity and mix change. In 2014, we recognized revenue of $5.4 million related to this agreement. As of December 31, 2014, we have $6.9 million of deferred revenue that is classified as a current liability and $20.5 million of deferred revenue that is recorded as a noncurrent liability on our Consolidated Balance Sheet. | ||||||||||
Also in the first quarter of 2014, we reached an agreement with GM to recover certain costs related to the delay of another major product program. We received $9.3 million in 2014 related to this agreement and initially recorded deferred revenue of $9.3 million. We will recognize this deferred revenue into sales over the life of the program on a straight-line basis over approximately 8 years, which is the period we expect GM to benefit from this agreement. We began recognizing this deferred revenue as revenue in the third quarter of 2014 when this program launched in certain markets. In 2014, we recognized revenue of $0.5 million related to this agreement. As of December 31, 2014, we have recorded deferred revenue of $8.8 million, $1.1 million of which is classified as a current liability and $7.7 million which is recorded as a noncurrent liability on our Consolidated Balance Sheet. | ||||||||||
In 2009, we entered into a settlement and commercial agreement (2009 Settlement and Commercial Agreement) with General Motors Company (GM). As part of this agreement, we received $110.0 million from GM, of which we recorded $79.7 million as deferred revenue. As of December 31, 2014, our deferred revenue related to the 2009 Settlement and Commercial Agreement is $37.5 million, $8.0 million of which is classified as a current liability and $29.5 million of which is recorded as a noncurrent liability on our Consolidated Balance Sheet. We recognize this deferred revenue into revenue on a straight-line basis over 120 months, which ends September 2019 and is the period that we expect GM to benefit under the 2009 Settlement and Commercial Agreement. We recognized revenue of $8.0 million, in 2014, 2013 and 2012 related to this agreement. | ||||||||||
As of December 31, 2014, the majority of the remaining deferred revenue primarily relates to customer payments to implement capacity programs, which is generally recognized into revenue over the life of these programs. We recognized $7.5 million, $10.5 million and $13.1 million of revenue for these programs in 2014, 2013 and 2012, respectively. | ||||||||||
Research and Development Expense, Policy [Policy Text Block] | RESEARCH AND DEVELOPMENT (R&D) COSTS We expense R&D, as incurred, in selling, general and administrative expenses on our Consolidated Statement of Income. R&D spending, net of engineering, design and development recoveries, was $103.9 million, $103.4 million and $123.4 million in 2014, 2013 and 2012, respectively. | |||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH AND CASH EQUIVALENTS Cash and cash equivalents include all cash balances and highly liquid investments in money market funds with maturities of 90 days or less at the time of purchase. | |||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ACCOUNTS RECEIVABLE The majority of our accounts receivable are due from original equipment manufacturers (OEMs) in the automotive industry and are past due when payment is not received within the stated terms. Trade accounts receivable for our largest customer, GM, are generally due within approximately 50 days from the date of receipt. | |||||||||
Amounts due from customers are stated net of allowances for doubtful accounts. We determine our allowances by considering factors such as the length of time accounts are past due, our previous loss history, the customer's ability to pay its obligation to us, and the condition of the general economy and the industry as a whole. The allowance for doubtful accounts was $4.6 million and $4.9 million as of December 31, 2014 and 2013, respectively. We write-off accounts receivable when they become uncollectible. | ||||||||||
Property, Plant and Equipment, Preproduction Design and Development Costs [Policy Text Block] | CUSTOMER TOOLING AND PRE-PRODUCTION COSTS RELATED TO LONG-TERM SUPPLY AGREEMENTS Engineering, R&D, and other pre-production design and development costs for products sold on long-term supply arrangements are expensed as incurred unless we have a contractual guarantee for reimbursement from the customer. Costs for tooling used to make products sold on long-term supply arrangements for which we have either title to the assets or the noncancelable right to use the assets during the term of the supply arrangement are capitalized in property, plant and equipment. Capitalized items and customer receipts in excess of tooling costs specifically related to a supply arrangement are amortized over the shorter of the term of the arrangement or over the estimated useful lives of the related assets. | |||||||||
Inventory, Policy [Policy Text Block] | INVENTORIES We state our inventories at the lower of cost or market. The cost of our inventories is determined using the FIFO method. When we determine that our gross inventories exceed usage requirements, or if inventories become obsolete or otherwise not saleable, we record a provision for such loss as a component of our inventory accounts. | |||||||||
Inventories consist of the following: | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
(in millions) | ||||||||||
Raw materials and work-in-progress | $ | 243.8 | $ | 263.4 | ||||||
Finished goods | 32.9 | 25.7 | ||||||||
Gross inventories | 276.7 | 289.1 | ||||||||
Inventory valuation reserves | (27.9 | ) | (27.3 | ) | ||||||
Inventories, net | $ | 248.8 | $ | 261.8 | ||||||
Property, Plant and Equipment, Policy [Policy Text Block] | PROPERTY, PLANT AND EQUIPMENT We state property, plant and equipment, including amortizable tooling, at historical cost, as adjusted for impairments. Construction in progress includes costs incurred for the construction of buildings and building improvements, and machinery and equipment in process. Repair and maintenance costs that do not extend the useful life or otherwise improve the utility of the asset beyond its existing useful state are expensed in the period incurred. | |||||||||
We record depreciation and tooling amortization on the straight-line method over the estimated useful lives of the depreciable assets. Depreciation and tooling amortization amounted to $166.5 million, $151.8 million and $130.9 million in 2014, 2013 and 2012, respectively. | ||||||||||
Property, plant and equipment consists of the following: | ||||||||||
Estimated | December 31, | |||||||||
Useful Lives | 2014 | 2013 | ||||||||
(years) | (in millions) | |||||||||
Land | $ | 26.2 | $ | 29.5 | ||||||
Land improvements | 15-Oct | 19 | 18.9 | |||||||
Buildings and building improvements | 15-40 | 314.3 | 306.6 | |||||||
Machinery and equipment | 3-12 | 1,770.70 | 1,648.60 | |||||||
Construction in progress | 91.4 | 95.1 | ||||||||
2,221.60 | 2,098.70 | |||||||||
Accumulated depreciation and amortization | (1,160.5 | ) | (1,040.2 | ) | ||||||
Property, plant and equipment, net | $ | 1,061.10 | $ | 1,058.50 | ||||||
PROPERTY, PLANT AND EQUIPMENT We state property, plant and equipment, including amortizable tooling, at historical cost, as adjusted for impairments. Construction in progress includes costs incurred for the construction of buildings and building improvements, and machinery and equipment in process. Repair and maintenance costs that do not extend the useful life or otherwise improve the utility of the asset beyond its existing useful state are expensed in the period incurred. | ||||||||||
We record depreciation and tooling amortization on the straight-line method over the estimated useful lives of the depreciable assets. Depreciation and tooling amortization amounted to $166.5 million, $151.8 million and $130.9 million in 2014, 2013 and 2012, respectively. | ||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | IMPAIRMENT OF LONG-LIVED ASSETS When impairment indicators exist, we evaluate the carrying value of long-lived assets for potential impairment. We consider projected future undiscounted cash flows, trends and other circumstances in making such estimates and evaluations. If impairment is deemed to exist, the carrying amount of the asset is adjusted based on its fair value. Recoverability of assets “held for use” is determined by comparing the forecasted undiscounted cash flows of the operations to which the assets relate to their carrying amount. When the carrying value of an asset group exceeds its fair value and is therefore nonrecoverable, those assets are written down to fair value. Fair value is determined based on market prices, when available, or a discounted cash flow analysis performed using management estimates. | |||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | GOODWILL We record goodwill when the purchase price of acquired businesses exceeds the value of their identifiable net tangible and intangible assets acquired. We periodically evaluate goodwill for impairment in accordance with the accounting guidance for goodwill and other indefinite-lived intangibles. We completed impairment tests in 2014 and 2013 and concluded that there was no impairment of our goodwill. The following table provides a reconciliation of changes in goodwill: | |||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
(in millions) | ||||||||||
Beginning balance | $ | 156.4 | $ | 156.4 | ||||||
Foreign currency translation | (1.4 | ) | — | |||||||
Ending balance | $ | 155 | $ | 156.4 | ||||||
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | INTANGIBLE ASSETS We are currently in the process of testing, validating and launching global enterprise resource planning (ERP) systems, at certain key locations, to upgrade many of our existing operating and financial systems. In connection with the development of these ERP systems, we have recorded an intangible asset of $19.2 million on our Consolidated Balance Sheet as of December 31, 2014. The intangible asset is related to costs incurred to obtain software licenses from a third party, as well as costs to design and develop this internal-use software. We incurred and capitalized $11.4 million and $7.8 million of these costs in 2014 and 2013, respectively. This intangible asset is classified as other assets and deferred charges on our Consolidated Balance Sheet and will be amortized over the estimated useful life of our ERP systems. We recorded $0.4 million and $0.1 million of expense for the amortization of these intangible assets in 2014 and 2013, respectively. | |||||||||
In connection with our e-AAM subsidiary, we have in-process research and development intangible assets which represent the technology that will be utilized in products to be launched in 2016. Accordingly, we will begin amortizing this asset on a straight-line basis at the start of production through the expected life cycle of the related products, which is expected to be approximately 5-7 years. These intangible assets are classified as other assets and deferred charges on our Consolidated Balance Sheet. The following table provides a reconciliation of changes in the carrying value of our in-process research and development intangible assets: | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
(in millions) | ||||||||||
Beginning balance | $ | 7.4 | $ | 7.4 | ||||||
Foreign currency translation | (1.2 | ) | — | |||||||
Ending balance | $ | 6.2 | $ | 7.4 | ||||||
Debt, Policy [Policy Text Block] | DEBT ISSUANCE COSTS The costs related to the issuance or modification of long-term debt are deferred and amortized into interest expense over the life of each debt issue. As of December 31, 2014 and December 31, 2013, our unamortized debt issuance costs were $29.5 million and $35.6 million, respectively. Deferred amounts associated with the extinguishment of debt are expensed and classified as debt refinancing and redemption costs on our Consolidated Statement of Income. | |||||||||
Derivatives, Policy [Policy Text Block] | DERIVATIVES We recognize all derivatives on the balance sheet at fair value and we are not subject to a master netting agreement. If a derivative qualifies under the accounting guidance as a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged asset, liability or firm commitment through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative's change in fair value, and changes in the fair value of derivatives that do not qualify as hedges, are immediately recognized in earnings. See Note 3 - Derivatives and Risk Management, for more detail on our derivatives. | |||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | CURRENCY TRANSLATION We translate the assets and liabilities of our foreign subsidiaries to U.S. dollars at end-of-period exchange rates. We translate the income statement elements of our foreign subsidiaries to U.S. dollars at average-period exchange rates. We report the effect of translation for our foreign subsidiaries that use the local currency as their functional currency as a separate component of stockholders' equity. Gains and losses resulting from the remeasurement of assets and liabilities in a currency other than the functional currency of a subsidiary are reported in current period income. We also report any gains and losses arising from transactions denominated in a currency other than the functional currency of a subsidiary in current period income. These foreign currency gains and losses resulted in a gain of $6.4 million and losses of $4.2 million and $6.3 million, for the years ended 2014, 2013 and 2012, respectively. | |||||||||
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES In order to prepare consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP), we are required to make estimates and assumptions that affect the reported amounts and disclosures in our consolidated financial statements. Actual results could differ from those estimates. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | EFFECT OF NEW ACCOUNTING STANDARDS On January 1, 2014, new accounting guidance became effective regarding financial statement presentation of an unrecognized tax benefit when a net operating loss (NOL) carryforward, a similar tax loss, or a tax credit carryforward exists. The new guidance requires entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for an NOL carryforward, a similar tax loss, or a tax credit carryforward, except when one is not available as of the reporting date or the entity does not intend to use the deferred tax asset for this purpose. This guidance does not affect the tabular reconciliation of the total amounts of unrecognized tax benefits, as the tabular reconciliation presents the gross amount of unrecognized tax benefits. The adoption of this new guidance has had no impact on our consolidated financial statements. | |||||||||
In May 2014, new accounting guidance was issued that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The guidance is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. This guidance becomes effective for AAM at the beginning of our 2017 fiscal year and early adoption is not permitted. We are currently assessing the impact that this standard will have on our consolidated financial statements. |
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation Level 3 (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Organization and Summary of Significant Accounting Policies [Abstract] | ||||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: | |||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
(in millions) | ||||||||||
Raw materials and work-in-progress | $ | 243.8 | $ | 263.4 | ||||||
Finished goods | 32.9 | 25.7 | ||||||||
Gross inventories | 276.7 | 289.1 | ||||||||
Inventory valuation reserves | (27.9 | ) | (27.3 | ) | ||||||
Inventories, net | $ | 248.8 | $ | 261.8 | ||||||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following: | |||||||||
Estimated | December 31, | |||||||||
Useful Lives | 2014 | 2013 | ||||||||
(years) | (in millions) | |||||||||
Land | $ | 26.2 | $ | 29.5 | ||||||
Land improvements | 15-Oct | 19 | 18.9 | |||||||
Buildings and building improvements | 15-40 | 314.3 | 306.6 | |||||||
Machinery and equipment | 3-12 | 1,770.70 | 1,648.60 | |||||||
Construction in progress | 91.4 | 95.1 | ||||||||
2,221.60 | 2,098.70 | |||||||||
Accumulated depreciation and amortization | (1,160.5 | ) | (1,040.2 | ) | ||||||
Property, plant and equipment, net | $ | 1,061.10 | $ | 1,058.50 | ||||||
Schedule of Goodwill [Table Text Block] | The following table provides a reconciliation of changes in goodwill: | |||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
(in millions) | ||||||||||
Beginning balance | $ | 156.4 | $ | 156.4 | ||||||
Foreign currency translation | (1.4 | ) | — | |||||||
Ending balance | $ | 155 | $ | 156.4 | ||||||
LongTerm_Debt_LongTerm_Debt_Ta
Long-Term Debt Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Long Term Debt and Lease Obligations [Abstract] | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Revolving Credit Facility | $ | — | $ | — | ||||
Term Facility | 142.5 | 150 | ||||||
7.75% Notes | 200 | 200 | ||||||
6.625% Notes | 550 | 550 | ||||||
6.25% Notes | 400 | 400 | ||||||
5.125% Notes | 200 | 200 | ||||||
Foreign credit facilities | 38.9 | 53.8 | ||||||
Capital lease obligations | 5 | 5.3 | ||||||
Debt | 1,536.40 | 1,559.10 | ||||||
Less: Current portion of long-term debt | 13 | — | ||||||
Long-term debt | $ | 1,523.40 | $ | 1,559.10 | ||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ||||||||
2015 | $ | 35.2 | ||||||
2016 | 17.1 | |||||||
2017 | 19.1 | |||||||
2018 | 109.2 | |||||||
2019 | 403.4 | |||||||
Thereafter | 952.4 | |||||||
Total | $ | 1,536.40 | ||||||
Derivatives_Derivatives_Tables
Derivatives Derivatives (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Derivatives and Risk Management [Abstract] | ||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table summarizes the reclassification of pre-tax derivative gains (losses) into net income from accumulated other comprehensive income (loss): | |||||||||||||
Location of Gain Reclassified into Net Income | Gain Reclassified During the Twelve Months Ended December 31, | Loss Expected to be Reclassified During the Next 12 Months | ||||||||||||
2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||
Currency forward contracts | Cost of Goods Sold | $ | 0.9 | $ | 2.8 | $ | (7.2 | ) | ||||||
Fair_Value_Fair_Value_Tables
Fair Value Fair Value (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Fair Value [Abstract] | ||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Input | ||||||||||||||
(in millions) | (in millions) | |||||||||||||||||
Balance Sheet Classification | ||||||||||||||||||
Cash equivalents | $ | 35.3 | $ | 35.3 | $ | 6.1 | $ | 6.1 | Level 1 | |||||||||
Prepaid expenses and other | ||||||||||||||||||
Currency forward contracts | — | — | 0.7 | 0.7 | Level 2 | |||||||||||||
Other accrued expenses | ||||||||||||||||||
Currency forward contracts | 8.3 | 8.3 | 0.4 | 0.4 | Level 2 | |||||||||||||
Other long-term liabilities | ||||||||||||||||||
Currency forward contracts | 0.1 | 0.1 | — | — | Level 2 | |||||||||||||
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | ||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Input | ||||||||||||||
(in millions) | (in millions) | |||||||||||||||||
Revolving Credit Facility | $ | — | $ | — | $ | — | $ | — | Level 2 | |||||||||
Term Facility | 142.5 | 141.1 | 150 | 147.8 | Level 2 | |||||||||||||
7.75% Notes | 200 | 224 | 200 | 227.5 | Level 2 | |||||||||||||
6.625% Notes | 550 | 583 | 550 | 578.9 | Level 2 | |||||||||||||
6.25% Notes | 400 | 419 | 400 | 423 | Level 2 | |||||||||||||
5.125% Notes | 200 | 202.6 | 200 | 206 | Level 2 | |||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | The following table summarizes impairments of long-lived assets measured at fair value on a nonrecurring basis subsequent to initial recognition: | |||||||||||||||||
Balance Sheet Classification | Fair Value Measurements using Level 3 Inputs | Asset Impairment Recorded in Twelve Months ended December 31, 2012 | ||||||||||||||||
Property, plant and equipment, net | $ | — | $ | 5.8 | ||||||||||||||
Employee_Benefit_Plans_Employe
Employee Benefit Plans Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Employee Benefit Plans [Abstract] | |||||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | |||||||||||||||||||||||||||
Pension Benefits | OPEB | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
U.S. | U.K | U.S. | U.K | U.S. | U.K. | ||||||||||||||||||||||
Discount rate | 4.1 | % | 3.7 | % | 5 | % | 4.5 | % | 4.1 | % | 4.3 | % | 4.15 | % | 4.95 | % | 4.05 | % | |||||||||
Expected return on plan assets | 7.5 | % | 5 | % | 7.5 | % | 5.15 | % | 7.5 | % | 4.35 | % | N/A | N/A | N/A | ||||||||||||
Rate of compensation increase | 4 | % | 3.3 | % | 4 | % | 3.6 | % | 4 | % | 3.15 | % | 4 | % | 4 | % | 4 | % | |||||||||
Change in Benefit Obligation and Plan Assets [Table Text Block] | |||||||||||||||||||||||||||
Pension Benefits | OPEB | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 755.4 | $ | 842.8 | $ | 577.9 | $ | 601.3 | |||||||||||||||||||
Service cost | 3.5 | 3.4 | 0.3 | 0.4 | |||||||||||||||||||||||
Interest cost | 36.1 | 33.8 | 15.3 | 13.2 | |||||||||||||||||||||||
Plan amendments | — | — | — | (8.1 | ) | ||||||||||||||||||||||
Actuarial loss (gain) | 119.3 | (92.6 | ) | 41.2 | (0.7 | ) | |||||||||||||||||||||
Change in GM portion of OPEB obligation | — | — | 31.8 | (17.0 | ) | ||||||||||||||||||||||
Participant contributions | 0.4 | 0.4 | — | — | |||||||||||||||||||||||
Settlements | (131.1 | ) | — | — | — | ||||||||||||||||||||||
Benefit payments | (36.5 | ) | (35.3 | ) | (11.8 | ) | (11.2 | ) | |||||||||||||||||||
Currency fluctuations | (8.3 | ) | 2.9 | — | — | ||||||||||||||||||||||
Net change | (16.6 | ) | (87.4 | ) | 76.8 | (23.4 | ) | ||||||||||||||||||||
Benefit obligation at end of year | $ | 738.8 | $ | 755.4 | $ | 654.7 | $ | 577.9 | |||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 713.4 | $ | 695.4 | $ | — | $ | — | |||||||||||||||||||
Actual return on plan assets | 77.2 | 49.2 | — | — | |||||||||||||||||||||||
Employer contributions | 1.9 | 0.8 | 11.8 | 11.2 | |||||||||||||||||||||||
Participant contributions | 0.4 | 0.4 | — | — | |||||||||||||||||||||||
Benefit payments | (36.5 | ) | (35.3 | ) | (11.8 | ) | (11.2 | ) | |||||||||||||||||||
Settlements | (104.2 | ) | — | — | — | ||||||||||||||||||||||
Currency fluctuations | (8.5 | ) | 2.9 | — | — | ||||||||||||||||||||||
Net change | (69.7 | ) | 18 | — | — | ||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 643.7 | $ | 713.4 | $ | — | $ | — | |||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | |||||||||||||||||||||||||||
Pension Benefits | OPEB | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||
Noncurrent assets | $ | 6.9 | $ | 9.3 | $ | — | $ | — | |||||||||||||||||||
Current liabilities | (3.0 | ) | (2.3 | ) | (29.6 | ) | (30.8 | ) | |||||||||||||||||||
Noncurrent liabilities | (99.0 | ) | (49.0 | ) | (625.1 | ) | (547.1 | ) | |||||||||||||||||||
Net liability | $ | (95.1 | ) | $ | (42.0 | ) | $ | (654.7 | ) | $ | (577.9 | ) | |||||||||||||||
Schedule of Pre-tax Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | |||||||||||||||||||||||||||
Pension Benefits | OPEB | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||
Net actuarial gain (loss) | $ | (215.3 | ) | $ | (194.3 | ) | $ | (35.7 | ) | $ | 4.9 | ||||||||||||||||
Net prior service credit | 0.7 | 0.8 | 15.4 | 18.1 | |||||||||||||||||||||||
Total amounts recorded | $ | (214.6 | ) | $ | (193.5 | ) | $ | (20.3 | ) | $ | 23 | ||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | |||||||||||||||||||||||||||
Pension Benefits | OPEB | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||
Service cost | $ | 3.5 | $ | 3.4 | $ | 3.1 | $ | 0.3 | $ | 0.4 | $ | 0.4 | |||||||||||||||
Interest cost | 36.1 | 33.8 | 35.1 | 15.3 | 13.2 | 15.1 | |||||||||||||||||||||
Expected asset return | (48.4 | ) | (45.8 | ) | (34.7 | ) | — | — | — | ||||||||||||||||||
Amortized actuarial loss | 5.4 | 8.9 | 7.8 | 0.5 | 0.9 | 0.6 | |||||||||||||||||||||
Amortized prior service cost (credit) | (0.1 | ) | 5.4 | 0.5 | (2.7 | ) | (1.8 | ) | (2.0 | ) | |||||||||||||||||
Special and contractual | |||||||||||||||||||||||||||
termination benefits | — | — | 12.8 | — | — | 16.2 | |||||||||||||||||||||
Curtailment gain | — | — | — | — | — | (21.8 | ) | ||||||||||||||||||||
Settlement charge (gain) | 35.5 | — | — | — | — | (5.2 | ) | ||||||||||||||||||||
Net periodic benefit cost | $ | 32 | $ | 5.7 | $ | 24.6 | $ | 13.4 | $ | 12.7 | $ | 3.3 | |||||||||||||||
Schedule of Weighted Average Allocation of Pension Plan Assets [Table Text Block] | |||||||||||||||||||||||||||
U.S. | U.K. | ||||||||||||||||||||||||||
Target | Target | ||||||||||||||||||||||||||
2014 | 2013 | Allocation | 2014 | 2013 | Allocation | ||||||||||||||||||||||
Equity securities | 33.1 | % | 42.5 | % | 30% - 65% | 28.7 | % | 30.7 | % | 25% - 35% | |||||||||||||||||
Fixed income securities | 47.3 | 48.5 | 35% - 55% | 61.1 | 59 | 55% - 65% | |||||||||||||||||||||
Hedge funds | 18.3 | 8.8 | 0% - 20% | 10.1 | 10.2 | 5% - 15% | |||||||||||||||||||||
Cash | 1.3 | 0.2 | 0% - 5% | 0.1 | 0.1 | 0% - 5% | |||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||
Schedule of Fair Value Hierarchy by Asset Category for Postretirement Benefit Plan Assets [Table Text Block] | The fair values of our pension plan assets are as follows: | ||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||
Asset Categories | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Cash & Cash Equivalents | $ | 6.7 | $ | — | $ | — | $ | 6.7 | |||||||||||||||||||
Equity | |||||||||||||||||||||||||||
U.S. Large Cap | 87.3 | — | — | 87.3 | |||||||||||||||||||||||
U.S. Small/Mid Cap | 25.2 | — | — | 25.2 | |||||||||||||||||||||||
World Equity | 94.2 | — | — | 94.2 | |||||||||||||||||||||||
Fixed Income Securities | |||||||||||||||||||||||||||
Government & Agencies | 67.9 | 58.8 | — | 126.7 | |||||||||||||||||||||||
Corporate Bonds - Investment Grade | 139.9 | — | — | 139.9 | |||||||||||||||||||||||
Corporate Bonds - Non-investment Grade | 31.9 | — | — | 31.9 | |||||||||||||||||||||||
Emerging Market Debt | 19 | — | — | 19 | |||||||||||||||||||||||
Other | 7.2 | — | — | 7.2 | |||||||||||||||||||||||
Hedge Funds | |||||||||||||||||||||||||||
Property Funds | — | — | 48.3 | 48.3 | |||||||||||||||||||||||
Multi Strategy Hedge Fund | — | — | 57.3 | 57.3 | |||||||||||||||||||||||
Total Plan Assets | $ | 479.3 | $ | 58.8 | $ | 105.6 | $ | 643.7 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||
Asset Categories | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Cash & Cash Equivalents | $ | 1.5 | $ | — | $ | — | $ | 1.5 | |||||||||||||||||||
Equity | |||||||||||||||||||||||||||
U.S. Large Cap | 128 | — | — | 128 | |||||||||||||||||||||||
U.S. Small/Mid Cap | 49.4 | — | — | 49.4 | |||||||||||||||||||||||
World Equity | 109.3 | — | — | 109.3 | |||||||||||||||||||||||
Fixed Income Securities | |||||||||||||||||||||||||||
Government & Agencies | 70.5 | 63 | — | 133.5 | |||||||||||||||||||||||
Corporate Bonds - Investment Grade | 167.1 | — | — | 167.1 | |||||||||||||||||||||||
Corporate Bonds - Non-investment Grade | 25.8 | — | — | 25.8 | |||||||||||||||||||||||
Emerging Market Debt | 17.4 | — | — | 17.4 | |||||||||||||||||||||||
Other | 16.9 | — | — | 16.9 | |||||||||||||||||||||||
Hedge Funds | |||||||||||||||||||||||||||
Property Funds | — | — | 7.1 | 7.1 | |||||||||||||||||||||||
Multi Strategy Hedge Fund | — | — | 57.4 | 57.4 | |||||||||||||||||||||||
Total Plan Assets | $ | 585.9 | $ | 63 | $ | 64.5 | $ | 713.4 | |||||||||||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | |||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Beginning balance | $ | 64.5 | $ | 47.6 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 3.3 | 3.5 | |||||||||||||||||||||||||
Purchases, sales and settlements, net | 37.8 | 13.4 | |||||||||||||||||||||||||
Ending balance | $ | 105.6 | $ | 64.5 | |||||||||||||||||||||||
Stock_Based_Compensation_Stock
Stock Based Compensation Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Stock-based Compensation [Abstract] | |||||||||||||||||
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | The following table summarizes activity relating to our performance shares: | ||||||||||||||||
Weighted Average | |||||||||||||||||
Number of | Grant Date Fair | ||||||||||||||||
Shares | Value per Share | ||||||||||||||||
EBITDA | (in millions, except per share data) | ||||||||||||||||
Outstanding at January 1, 2014 | — | $ | — | ||||||||||||||
Granted | 0.2 | 27.66 | |||||||||||||||
Vested | — | — | |||||||||||||||
Canceled | — | — | |||||||||||||||
Outstanding at December 31, 2014 | 0.2 | $ | 27.66 | ||||||||||||||
TSR | |||||||||||||||||
Outstanding at January 1, 2014 | — | $ | — | ||||||||||||||
Granted | 0.2 | 21.11 | |||||||||||||||
Vested | — | — | |||||||||||||||
Canceled | — | — | |||||||||||||||
Outstanding at December 31, 2014 | 0.2 | $ | 21.11 | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | |||||||||||||||||
Weighted- | |||||||||||||||||
Number of | Average Exercise | ||||||||||||||||
Shares | Price Per Share | ||||||||||||||||
(in millions, except per share data) | |||||||||||||||||
Outstanding at January 1, 2012 | 3.9 | $ | 26.95 | ||||||||||||||
Options granted | 0.2 | 9.19 | |||||||||||||||
Options exercised | (0.1 | ) | 2.81 | ||||||||||||||
Options canceled | (1.0 | ) | 25.12 | ||||||||||||||
Outstanding at December 31, 2012 | 3 | $ | 27.08 | ||||||||||||||
Options granted | — | — | |||||||||||||||
Options exercised | (0.1 | ) | 10.59 | ||||||||||||||
Options canceled | (0.9 | ) | 24.28 | ||||||||||||||
Outstanding at December 31, 2013 | 2 | $ | 29.22 | ||||||||||||||
Options granted | — | — | |||||||||||||||
Options exercised | (0.1 | ) | 13.87 | ||||||||||||||
Options canceled | (1.0 | ) | 37.7 | ||||||||||||||
Outstanding at December 31, 2014 | 0.9 | $ | 20.66 | ||||||||||||||
Exercisable at December 31, 2012 | 2.8 | $ | 28.02 | ||||||||||||||
Exercisable at December 31, 2013 | 2 | $ | 29.22 | ||||||||||||||
Exercisable at December 31, 2014 | 0.9 | $ | 20.66 | ||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | |||||||||||||||||
Weighted- | Weighted- | ||||||||||||||||
Range of | Stock Options | Average Exercise | Weighted-Average | Stock Options | Average Exercise | ||||||||||||
Exercise Prices | Outstanding | Price Per Share | Contractual Life | Exercisable | Price Per Share | ||||||||||||
(in millions, except per share data) | (in years) | (in millions, except per share data) | |||||||||||||||
$9.19 - $15.58 | 0.4 | $ | 13.22 | 3.2 | 0.4 | $ | 13.22 | ||||||||||
$19.54 - $26.65 | 0.5 | 26.05 | 1.2 | 0.5 | 26.05 | ||||||||||||
0.9 | $ | 20.66 | 2 | 0.9 | $ | 20.66 | |||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | |||||||||||||||||
Weighted Average | |||||||||||||||||
Number of | Grant Date Fair | ||||||||||||||||
Shares/Units | Value per Share/Unit | ||||||||||||||||
(in millions, except per share data) | |||||||||||||||||
Outstanding at January 1, 2012 | 1.6 | $ | 10.74 | ||||||||||||||
Granted | 1 | 10.31 | |||||||||||||||
Vested | (1.4 | ) | 10.19 | ||||||||||||||
Canceled | (0.1 | ) | 26.02 | ||||||||||||||
Outstanding at December 31, 2012 | 1.1 | $ | 11.08 | ||||||||||||||
Granted | 0.9 | 12.79 | |||||||||||||||
Vested | (0.7 | ) | 11.06 | ||||||||||||||
Canceled | — | — | |||||||||||||||
Outstanding at December 31, 2013 | 1.3 | $ | 12.24 | ||||||||||||||
Granted | 0.5 | 19.58 | |||||||||||||||
Vested | (0.1 | ) | 13.95 | ||||||||||||||
Canceled | (0.1 | ) | 12.76 | ||||||||||||||
Outstanding at December 31, 2014 | 1.6 | $ | 14.54 | ||||||||||||||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Taxes [Abstract] | ||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
U.S. income (loss) | $ | 12 | $ | (23.8 | ) | $ | (6.0 | ) | ||||
Non - U.S. income | 164.7 | 110.1 | 37.5 | |||||||||
Total income before income taxes | $ | 176.7 | $ | 86.3 | $ | 31.5 | ||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Current | ||||||||||||
Federal | $ | 0.6 | $ | (1.3 | ) | $ | (3.3 | ) | ||||
Other state and local | 0.1 | 0.1 | 1.1 | |||||||||
Foreign | 44.2 | 12.1 | 10.2 | |||||||||
Total current | $ | 44.9 | $ | 10.9 | $ | 8 | ||||||
Deferred | ||||||||||||
Federal | $ | (11.6 | ) | $ | (9.3 | ) | $ | (347.1 | ) | |||
Foreign | 0.4 | (9.8 | ) | 3.9 | ||||||||
Total deferred | (11.2 | ) | (19.1 | ) | (343.2 | ) | ||||||
Total income tax expense (benefit) | $ | 33.7 | $ | (8.2 | ) | $ | (335.2 | ) | ||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory | 35 | % | 35 | % | 35 | % | ||||||
Foreign income taxes | (25.1 | ) | (48.5 | ) | (85.0 | ) | ||||||
Change in enacted tax rate | — | (9.9 | ) | — | ||||||||
State and local | 0.1 | 0.2 | 3.5 | |||||||||
Tax Credits | (11.4 | ) | — | — | ||||||||
Valuation allowance | 4.5 | 12.4 | (985.0 | ) | ||||||||
U.S. tax on unremitted foreign earnings | 1.9 | (0.2 | ) | (29.5 | ) | |||||||
Uncertain tax positions | 13 | (0.5 | ) | (5.2 | ) | |||||||
Other | 1.1 | 2 | 2 | |||||||||
Effective income tax rate | 19.1 | % | (9.5 | )% | (1,064.2 | )% | ||||||
Current Deferred Tax Assets and Liabilities [Table Text Block] | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Current deferred tax assets | ||||||||||||
Employee benefits | $ | 26 | $ | 14.5 | ||||||||
Inventory | 7.5 | 8 | ||||||||||
Prepaid taxes and other | 16.9 | 24.6 | ||||||||||
Valuation allowance | (10.2 | ) | (10.7 | ) | ||||||||
Total current deferred tax assets | $ | 40.2 | $ | 36.4 | ||||||||
Current deferred tax liabilities | ||||||||||||
Unrealized foreign exchange gain and other | (0.1 | ) | (0.1 | ) | ||||||||
Current deferred tax asset, net | $ | 40.1 | $ | 36.3 | ||||||||
Current Deferred Tax Assets and Liabilities, Net by Jurisdiction [Table Text Block] | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
U.S. federal and state deferred tax asset, net | $ | 27 | $ | 17.1 | ||||||||
Other foreign deferred tax asset, net | 13.1 | 19.2 | ||||||||||
Current deferred tax asset, net | $ | 40.1 | $ | 36.3 | ||||||||
Noncurrent Deferred Tax Assets and Liabilities [Table Text Block] | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Noncurrent deferred tax assets | ||||||||||||
Employee benefits | $ | 193.9 | $ | 161.5 | ||||||||
Net operating loss (NOL) carryforwards | 104.7 | 176.9 | ||||||||||
Tax credit carryforwards | 69.8 | 82.9 | ||||||||||
Capital allowance carryforwards | 14.4 | 16 | ||||||||||
Fixed assets | 6.6 | 10.3 | ||||||||||
Deferred revenue | 12.6 | 15.7 | ||||||||||
Capitalized expenditures | 111.2 | 113.6 | ||||||||||
Other | 2.3 | 2.9 | ||||||||||
Valuation allowances | (146.7 | ) | (153.0 | ) | ||||||||
Noncurrent deferred tax assets | 368.8 | 426.8 | ||||||||||
Noncurrent deferred tax liabilities | ||||||||||||
U.S. tax on unremitted foreign earnings | — | (85.0 | ) | |||||||||
Fixed assets and other | (9.1 | ) | (9.8 | ) | ||||||||
Noncurrent deferred tax asset, net | $ | 359.7 | $ | 332 | ||||||||
Noncurrent Deferred Tax Assets and Liabilities, Net by Jurisdiction [Table Text Block] | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
U.S. federal and state deferred tax asset, net | $ | 362.2 | $ | 337.2 | ||||||||
Other foreign deferred tax asset (liability), net | (2.5 | ) | (5.2 | ) | ||||||||
Noncurrent deferred tax asset, net | $ | 359.7 | $ | 332 | ||||||||
Schedule of Unrecognized Income Tax Benefits [Table Text Block] | ||||||||||||
Unrecognized Income Tax | Interest and | |||||||||||
Benefits | Penalties | |||||||||||
(in millions) | ||||||||||||
Balance at January 1, 2012 | $ | 25.8 | $ | 7.4 | ||||||||
Increase in prior year tax positions | — | 2.8 | ||||||||||
Decrease in prior year tax positions | (1.1 | ) | — | |||||||||
Increase in current year tax positions | 0.4 | — | ||||||||||
Settlement | (4.4 | ) | — | |||||||||
Balance at December 31, 2012 | $ | 20.7 | $ | 10.2 | ||||||||
Increase in prior year tax positions | 6.1 | 0.1 | ||||||||||
Decrease in prior year tax positions | (4.4 | ) | (6.2 | ) | ||||||||
Increase in current year tax positions | 4 | — | ||||||||||
Settlement | (4.7 | ) | — | |||||||||
Balance at December 31, 2013 | $ | 21.7 | $ | 4.1 | ||||||||
Increase in prior year tax positions | 10.5 | 8.1 | ||||||||||
Decrease in prior year tax positions | (0.5 | ) | — | |||||||||
Increase in current year tax positions | 15.6 | — | ||||||||||
Balance at December 31, 2014 | $ | 47.3 | $ | 12.2 | ||||||||
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings (Loss) per Share (EPS) [Abstract] | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions, except per share data) | ||||||||||||
Numerator | ||||||||||||
Net income attributable to AAM | $ | 143 | $ | 94.5 | $ | 367.7 | ||||||
Less: Net income attributable to participating securities | (2.9 | ) | (1.9 | ) | (2.6 | ) | ||||||
Net income attributable to common shareholders - Basic | $ | 140.1 | $ | 92.6 | $ | 365.1 | ||||||
Undistributed earnings reallocated to common shareholders under two step dilutive method | — | — | — | |||||||||
Net income attributable to common shareholders - Dilutive | $ | 140.1 | $ | 92.6 | $ | 365.1 | ||||||
Denominators | ||||||||||||
Basic common shares outstanding - | ||||||||||||
Weighted-average shares outstanding | 77.3 | 76.7 | 75.3 | |||||||||
Less: Participating securities | (1.6 | ) | (1.5 | ) | (0.5 | ) | ||||||
Weighted-average common shares outstanding | 75.7 | 75.2 | 74.8 | |||||||||
Effect of dilutive securities - | ||||||||||||
Dilutive stock-based compensation | 0.2 | 0.1 | 0.1 | |||||||||
Diluted shares outstanding - | ||||||||||||
Adjusted weighted-average shares after assumed conversions | 75.9 | 75.3 | 74.9 | |||||||||
Basic EPS | $ | 1.85 | $ | 1.23 | $ | 4.88 | ||||||
Diluted EPS | $ | 1.85 | $ | 1.23 | $ | 4.87 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies [Abstract] | ||||||||
Schedule of Product Warranty Liability [Table Text Block] | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Beginning balance | $ | 14.3 | $ | 29.1 | ||||
Accruals | 9.3 | 12.8 | ||||||
Settlements | (2.2 | ) | (12.3 | ) | ||||
Adjustments to prior period accruals | (8.7 | ) | (15.0 | ) | ||||
Foreign currency translation | (0.3 | ) | (0.3 | ) | ||||
Ending balance | $ | 12.4 | $ | 14.3 | ||||
Reclassifications_out_of_Accum1
Reclassifications out of Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income [Abstract] | ||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassification adjustments and other activity impacting accumulated other comprehensive income (loss) (AOCI) during the year ended December 31, 2014 and December 31, 2013 are as follows (in millions): | |||||||||||||||
Defined Benefit Plans | Foreign Currency Translation Adjustments | Unrecognized Gain (Loss) on Derivatives | Total | |||||||||||||
Balance at December 31, 2013 | $ | (197.9 | ) | $ | (18.6 | ) | $ | 0.3 | $ | (216.2 | ) | |||||
Other comprehensive loss before reclassifications | (68.1 | ) | (a) | (30.3 | ) | (6.8 | ) | (105.2 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) into net income | 25.4 | (a)(b)(d) | — | (0.9 | ) | (c) | 24.5 | |||||||||
Net current period other comprehensive loss | (42.7 | ) | (30.3 | ) | (7.7 | ) | (80.7 | ) | ||||||||
Balance at December 31, 2014 | $ | (240.6 | ) | $ | (48.9 | ) | $ | (7.4 | ) | $ | (296.9 | ) | ||||
Defined Benefit Plans | Foreign Currency Translation Adjustments | Unrecognized Gain on Derivatives | Total | |||||||||||||
Balance at December 31, 2012 | $ | (274.5 | ) | $ | 7.6 | $ | 2.3 | $ | (264.6 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 67.7 | (a) | (26.2 | ) | 0.8 | 42.3 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) into net income | 8.9 | (a)(b) | — | (2.8 | ) | (c) | 6.1 | |||||||||
Net current period other comprehensive income (loss) | 76.6 | (26.2 | ) | (2.0 | ) | 48.4 | ||||||||||
Balance at December 31, 2013 | $ | (197.9 | ) | $ | (18.6 | ) | $ | 0.3 | $ | (216.2 | ) | |||||
(a) These amounts are net of tax of $36.6 million and $(13.4) million for the other comprehensive loss before reclassifications and the amounts reclassified from AOCI, respectively, for the year ended December 31, 2014, and $(36.7) million and $(4.6) million, respectively, for the year ended December 31, 2013. | ||||||||||||||||
(b) The net amount reclassified from AOCI included $23.6 million in cost of goods sold (COGS) and $1.8 million in selling, general & administrative expenses (SG&A) for the year ended December 31, 2014 and $4.7 million in COGS and $4.2 million in SG&A for the year ended December 31, 2013. | ||||||||||||||||
(c) The amounts reclassified from AOCI are included in COGS. | ||||||||||||||||
(d) Includes a reclassification of $23.1 million, net of tax, in the fourth quarter of 2014, related to our terminated vested lump-sum pension payout in the U.S. |
Segment_and_Geographic_Informa1
Segment and Geographic Information Segment and Geographic Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment and Geographic Information [Abstract] | ||||||||||||
Schedule of Disclosure on Geographic Areas, Revenue and Long-Lived Assets by Country [Table Text Block] | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Net sales | ||||||||||||
United States | $ | 2,073.60 | $ | 1,682.00 | $ | 1,576.60 | ||||||
Canada | 64.6 | 74.4 | 75 | |||||||||
Mexico | 1,055.50 | 865.6 | 755.1 | |||||||||
South America | 156.5 | 201.1 | 216.4 | |||||||||
Asia | 238.6 | 255.2 | 214.5 | |||||||||
Europe and other | 107.2 | 129 | 93.3 | |||||||||
Total net sales | $ | 3,696.00 | $ | 3,207.30 | $ | 2,930.90 | ||||||
Long-lived assets | ||||||||||||
United States | $ | 885.9 | $ | 850 | $ | 865.3 | ||||||
Mexico | 513.2 | 469.3 | 417.7 | |||||||||
South America | 80.5 | 100.2 | 113.3 | |||||||||
Asia | 177.3 | 176.7 | 159 | |||||||||
Europe | 94 | 93.2 | 72.5 | |||||||||
Total long-lived assets | $ | 1,750.90 | $ | 1,689.40 | $ | 1,627.80 | ||||||
Unaudited_Quarterly_Financial_1
Unaudited Quarterly Financial Data Unaudited Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Unaudited Quarterly Financial Data [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ||||||||||||||||
Three Months Ended, | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
2014 | ||||||||||||||||
Net sales | $ | 858.8 | $ | 946.9 | $ | 950.8 | $ | 939.5 | ||||||||
Gross profit | 121.9 | 149 | 140.7 | 111.2 | ||||||||||||
Net income | 33.6 | 52.2 | 44 | 13.2 | ||||||||||||
Net income attributable to AAM | 33.6 | 52.2 | 44 | 13.2 | ||||||||||||
Basic EPS (1) | $ | 0.44 | $ | 0.67 | $ | 0.57 | $ | 0.17 | ||||||||
Diluted EPS (1) | $ | 0.44 | $ | 0.67 | $ | 0.57 | $ | 0.17 | ||||||||
2013 | ||||||||||||||||
Net sales | $ | 755.6 | $ | 799.6 | $ | 820.8 | $ | 831.3 | ||||||||
Gross profit | 104.3 | 122.2 | 125.3 | 126.9 | ||||||||||||
Net income | 7.3 | 25.8 | 31.6 | 29.8 | ||||||||||||
Net income attributable to AAM | 7.3 | 25.8 | 31.6 | 29.8 | ||||||||||||
Basic EPS (1) | $ | 0.1 | $ | 0.34 | $ | 0.41 | $ | 0.39 | ||||||||
Diluted EPS (1) | $ | 0.1 | $ | 0.34 | $ | 0.41 | $ | 0.39 | ||||||||
(1) Full year basic and diluted EPS will not necessarily agree to the sum of the four quarters because each quarter is a separate calculation. |
Supplemental_Guarantor_Condens1
Supplemental Guarantor Condensed Consolidating Financial Statements Supplemental Guarantor Condensed Consolidating Financial Statements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Supplemental Guarantor Condensed Consolidating Financial Statements -9.25% Notes [Abstract] | ||||||||||||||||||||||||
Supplemental Guarantor Consolidating Income Statement [Table Text Block] | ||||||||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||||||
2014 | Holdings | AAM Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Elims | Consolidated | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Net sales | ||||||||||||||||||||||||
External | $ | — | $ | 1,099.50 | $ | 225.1 | $ | 2,371.40 | $ | — | $ | 3,696.00 | ||||||||||||
Intercompany | — | 13.1 | 246.9 | 21.6 | (281.6 | ) | — | |||||||||||||||||
Total net sales | — | 1,112.60 | 472 | 2,393.00 | (281.6 | ) | 3,696.00 | |||||||||||||||||
Cost of goods sold | — | 1,112.40 | 396.1 | 1,946.30 | (281.6 | ) | 3,173.20 | |||||||||||||||||
Gross profit | — | 0.2 | 75.9 | 446.7 | — | 522.8 | ||||||||||||||||||
Selling, general and administrative expenses | — | 194 | 0.2 | 61 | — | 255.2 | ||||||||||||||||||
Operating income (loss) | — | (193.8 | ) | 75.7 | 385.7 | — | 267.6 | |||||||||||||||||
Non-operating income (expense), net | — | (103.0 | ) | 9 | 3.1 | — | (90.9 | ) | ||||||||||||||||
Income (loss) before income taxes | — | (296.8 | ) | 84.7 | 388.8 | — | 176.7 | |||||||||||||||||
Income tax expense (benefit) | — | (11.8 | ) | 0.9 | 44.6 | — | 33.7 | |||||||||||||||||
Earnings (loss) from equity in subsidiaries | 143 | 204 | (23.3 | ) | — | (323.7 | ) | — | ||||||||||||||||
Net income (loss) before royalties and dividends | 143 | (81.0 | ) | 60.5 | 344.2 | (323.7 | ) | 143 | ||||||||||||||||
Royalties and dividends | — | 224 | — | (224.0 | ) | — | — | |||||||||||||||||
Net income after royalties and dividends | 143 | 143 | 60.5 | 120.2 | (323.7 | ) | 143 | |||||||||||||||||
Other comprehensive loss, net of tax | (80.7 | ) | (80.7 | ) | (23.5 | ) | (34.8 | ) | 139 | (80.7 | ) | |||||||||||||
Comprehensive income | $ | 62.3 | $ | 62.3 | $ | 37 | $ | 85.4 | $ | (184.7 | ) | $ | 62.3 | |||||||||||
2013 | Holdings | AAM Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Elims | Consolidated | ||||||||||||||||||
Net sales | ||||||||||||||||||||||||
External | $ | — | $ | 773.6 | $ | 226 | $ | 2,207.70 | $ | — | $ | 3,207.30 | ||||||||||||
Intercompany | — | 15.3 | 226.1 | 14 | (255.4 | ) | — | |||||||||||||||||
Total net sales | — | 788.9 | 452.1 | 2,221.70 | (255.4 | ) | 3,207.30 | |||||||||||||||||
Cost of goods sold | — | 769.4 | 389 | 1,825.60 | (255.4 | ) | 2,728.60 | |||||||||||||||||
Gross profit | — | 19.5 | 63.1 | 396.1 | — | 478.7 | ||||||||||||||||||
Selling, general and administrative expenses | — | 182.4 | 0.1 | 55.9 | — | 238.4 | ||||||||||||||||||
Operating income (loss) | — | (162.9 | ) | 63 | 340.2 | — | 240.3 | |||||||||||||||||
Non-operating income (expense), net | — | (155.1 | ) | 10.7 | (9.6 | ) | — | (154.0 | ) | |||||||||||||||
Income (loss) before income taxes | — | (318.0 | ) | 73.7 | 330.6 | — | 86.3 | |||||||||||||||||
Income tax expense (benefit) | — | (24.9 | ) | 0.9 | 15.8 | — | (8.2 | ) | ||||||||||||||||
Earnings (loss) from equity in subsidiaries | 94.5 | 167 | (21.7 | ) | — | (239.8 | ) | — | ||||||||||||||||
Net income (loss) before royalties and dividends | 94.5 | (126.1 | ) | 51.1 | 314.8 | (239.8 | ) | 94.5 | ||||||||||||||||
Royalties and dividends | — | 220.6 | — | (220.6 | ) | — | — | |||||||||||||||||
Net income after royalties and dividends | 94.5 | 94.5 | 51.1 | 94.2 | (239.8 | ) | 94.5 | |||||||||||||||||
Other comprehensive income (loss), net of tax | 48.4 | 48.4 | (7.2 | ) | (10.8 | ) | (30.4 | ) | 48.4 | |||||||||||||||
Comprehensive income | $ | 142.9 | $ | 142.9 | $ | 43.9 | $ | 83.4 | $ | (270.2 | ) | $ | 142.9 | |||||||||||
2012 | Holdings | AAM Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Elims | Consolidated | ||||||||||||||||||
Net sales | ||||||||||||||||||||||||
External | $ | — | $ | 704.8 | $ | 214.4 | $ | 2,011.70 | $ | — | $ | 2,930.90 | ||||||||||||
Intercompany | — | 18.6 | 226.8 | 25.2 | (270.6 | ) | — | |||||||||||||||||
Total net sales | — | 723.4 | 441.2 | 2,036.90 | (270.6 | ) | 2,930.90 | |||||||||||||||||
Cost of goods sold | — | 709.8 | 389.8 | 1,702.20 | (270.6 | ) | 2,531.20 | |||||||||||||||||
Gross profit | — | 13.6 | 51.4 | 334.7 | — | 399.7 | ||||||||||||||||||
Selling, general and administrative expenses | — | 186.5 | — | 56.8 | — | 243.3 | ||||||||||||||||||
Operating income (loss) | — | (172.9 | ) | 51.4 | 277.9 | — | 156.4 | |||||||||||||||||
Non-operating income (expense), net | — | (135.2 | ) | (2.2 | ) | 12.5 | — | (124.9 | ) | |||||||||||||||
Income (loss) before income taxes | — | (308.1 | ) | 49.2 | 290.4 | — | 31.5 | |||||||||||||||||
Income tax expense (benefit) | — | (343.9 | ) | (5.5 | ) | 14.2 | — | (335.2 | ) | |||||||||||||||
Earnings (loss) from equity in subsidiaries | 367.7 | 79 | (49.2 | ) | — | (397.5 | ) | — | ||||||||||||||||
Net income before royalties and dividends | 367.7 | 114.8 | 5.5 | 276.2 | (397.5 | ) | 366.7 | |||||||||||||||||
Royalties and dividends | — | 252.9 | — | (252.9 | ) | — | — | |||||||||||||||||
Net income after royalties and dividends | 367.7 | 367.7 | 5.5 | 23.3 | (397.5 | ) | 366.7 | |||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 1 | — | 1 | ||||||||||||||||||
Net income attributable to AAM | $ | 367.7 | $ | 367.7 | $ | 5.5 | $ | 24.3 | $ | (397.5 | ) | $ | 367.7 | |||||||||||
Other comprehensive loss, net of tax | (60.5 | ) | (60.5 | ) | (10.1 | ) | (3.6 | ) | 74.2 | (60.5 | ) | |||||||||||||
Foreign currency translation adjustments attributable to noncontrolling interests | 0.3 | 0.3 | — | 0.3 | (0.6 | ) | 0.3 | |||||||||||||||||
Comprehensive income (loss) attributable to AAM | $ | 306.9 | $ | 306.9 | $ | (4.6 | ) | $ | 20.4 | $ | (322.7 | ) | $ | 306.9 | ||||||||||
Supplemental Guarantor Consolidating Balance Sheet [Table Text Block] | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
2014 | Holdings | AAM Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Elims | Consolidated | ||||||||||||||||||
Assets | (in millions) | |||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 69.7 | $ | — | $ | 179.5 | $ | — | $ | 249.2 | ||||||||||||
Accounts receivable, net | — | 137.5 | 23.9 | 371.3 | — | 532.7 | ||||||||||||||||||
Intercompany receivables | — | 231 | 174.1 | 10 | (415.1 | ) | — | |||||||||||||||||
Inventories, net | — | 64.9 | 32.3 | 151.6 | — | 248.8 | ||||||||||||||||||
Other current assets | — | 53.6 | 2.6 | 52.6 | — | 108.8 | ||||||||||||||||||
Total current assets | — | 556.7 | 232.9 | 765 | (415.1 | ) | 1,139.50 | |||||||||||||||||
Property, plant and equipment, net | — | 230 | 87.9 | 743.2 | — | 1,061.10 | ||||||||||||||||||
Goodwill | — | — | 147.9 | 7.1 | — | 155 | ||||||||||||||||||
Intercompany notes and accounts receivable | — | 509.4 | 219.1 | — | (728.5 | ) | — | |||||||||||||||||
Other assets and deferred charges | — | 736.6 | 45.7 | 121.3 | — | 903.6 | ||||||||||||||||||
Investment in subsidiaries | 433.8 | 1,134.60 | — | — | (1,568.4 | ) | — | |||||||||||||||||
Total assets | $ | 433.8 | $ | 3,167.30 | $ | 733.5 | $ | 1,636.60 | $ | (2,712.0 | ) | $ | 3,259.20 | |||||||||||
Liabilities and stockholders' equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 9.4 | $ | — | $ | 3.6 | $ | — | $ | 13 | ||||||||||||
Accounts payable | — | 127.3 | 38.9 | 278.1 | — | 444.3 | ||||||||||||||||||
Intercompany payables | — | 177 | 105.3 | 132.8 | (415.1 | ) | — | |||||||||||||||||
Other current liabilities | — | 121 | 4.4 | 104.5 | — | 229.9 | ||||||||||||||||||
Total current liabilities | — | 434.7 | 148.6 | 519 | (415.1 | ) | 687.2 | |||||||||||||||||
Intercompany notes and accounts payable | 320.4 | 6.9 | — | 401.2 | (728.5 | ) | — | |||||||||||||||||
Long-term debt | — | 1,483.10 | 4.9 | 35.4 | — | 1,523.40 | ||||||||||||||||||
Investment in subsidiaries obligation | — | — | 53.8 | — | (53.8 | ) | — | |||||||||||||||||
Other long-term liabilities | — | 808.8 | 0.6 | 125.8 | — | 935.2 | ||||||||||||||||||
Total liabilities | 320.4 | 2,733.50 | 207.9 | 1,081.40 | (1,197.4 | ) | 3,145.80 | |||||||||||||||||
Total stockholders' equity | 113.4 | 433.8 | 525.6 | 555.2 | (1,514.6 | ) | 113.4 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 433.8 | $ | 3,167.30 | $ | 733.5 | $ | 1,636.60 | $ | (2,712.0 | ) | $ | 3,259.20 | |||||||||||
2013 | Holdings | AAM Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Elims | Consolidated | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 36.9 | $ | — | $ | 117.1 | $ | — | $ | 154 | ||||||||||||
Accounts receivable, net | — | 102.7 | 25.6 | 330.2 | — | 458.5 | ||||||||||||||||||
Intercompany receivables | — | 180.5 | 116.6 | 9.2 | (306.3 | ) | — | |||||||||||||||||
Inventories, net | — | 62.4 | 34.2 | 165.2 | — | 261.8 | ||||||||||||||||||
Other current assets | — | 43.8 | 3.2 | 75 | — | 122 | ||||||||||||||||||
Total current assets | — | 426.3 | 179.6 | 696.7 | (306.3 | ) | 996.3 | |||||||||||||||||
Property, plant and equipment, net | — | 239.8 | 83 | 735.7 | — | 1,058.50 | ||||||||||||||||||
Goodwill | — | — | 147.8 | 8.6 | — | 156.4 | ||||||||||||||||||
Intercompany notes and accounts receivable | — | 327 | 201.5 | — | (528.5 | ) | — | |||||||||||||||||
Other assets and deferred charges | — | 671.7 | 44.8 | 99.8 | — | 816.3 | ||||||||||||||||||
Investment in subsidiaries | 363.7 | 1,240.10 | — | — | (1,603.8 | ) | — | |||||||||||||||||
Total assets | $ | 363.7 | $ | 2,904.90 | $ | 656.7 | $ | 1,540.80 | $ | (2,438.6 | ) | $ | 3,027.50 | |||||||||||
Liabilities and stockholders' equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 106.2 | $ | 44.5 | $ | 286.7 | $ | — | $ | 437.4 | ||||||||||||
Intercompany payables | 117.4 | 98.6 | 90.3 | (306.3 | ) | — | ||||||||||||||||||
Other current liabilities | — | 120.4 | 4.1 | 96.8 | — | 221.3 | ||||||||||||||||||
Total current liabilities | — | 344 | 147.2 | 473.8 | (306.3 | ) | 658.7 | |||||||||||||||||
Intercompany notes and accounts payable | 323.2 | 3.7 | — | 201.6 | (528.5 | ) | — | |||||||||||||||||
Long-term debt | — | 1,500.00 | 5.3 | 53.8 | — | 1,559.10 | ||||||||||||||||||
Investment in subsidiaries obligation | — | — | 15.2 | — | (15.2 | ) | — | |||||||||||||||||
Other long-term liabilities | — | 693.5 | 0.5 | 75.2 | — | 769.2 | ||||||||||||||||||
Total liabilities | 323.2 | 2,541.20 | 168.2 | 804.4 | (850.0 | ) | 2,987.00 | |||||||||||||||||
Total stockholders' equity | 40.5 | 363.7 | 488.5 | 736.4 | (1,588.6 | ) | 40.5 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 363.7 | $ | 2,904.90 | $ | 656.7 | $ | 1,540.80 | $ | (2,438.6 | ) | $ | 3,027.50 | |||||||||||
Supplemental Guarantor Consolidating Statement of Cash Flows [Table Text Block] | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
2014 | Holdings | AAM Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Elims | Consolidated | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | 83.4 | $ | 41.9 | $ | 193.1 | $ | — | $ | 318.4 | ||||||||||||
Investing activities | ||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (51.3 | ) | (18.6 | ) | (136.6 | ) | — | (206.5 | ) | ||||||||||||||
Proceeds from sale of property, plant and equipment | — | 7.9 | 0.4 | 0.8 | — | 9.1 | ||||||||||||||||||
Proceeds from government grants | — | — | — | 2.1 | — | 2.1 | ||||||||||||||||||
Intercompany activity | — | — | (23.3 | ) | — | 23.3 | — | |||||||||||||||||
Proceeds from sale-leaseback of equipment | — | — | — | — | — | — | ||||||||||||||||||
Net cash used in investing activities | — | (43.4 | ) | (41.5 | ) | (133.7 | ) | 23.3 | (195.3 | ) | ||||||||||||||
Financing activities | ||||||||||||||||||||||||
Net debt activity | — | (7.8 | ) | (0.4 | ) | (13.8 | ) | — | (22.0 | ) | ||||||||||||||
Debt issuance costs | — | (0.3 | ) | — | — | — | (0.3 | ) | ||||||||||||||||
Employee stock option exercises | — | 1.2 | — | — | — | 1.2 | ||||||||||||||||||
Purchase of treasury stock | (0.3 | ) | — | — | — | — | (0.3 | ) | ||||||||||||||||
Intercompany activity | 0.3 | (0.3 | ) | — | 23.3 | (23.3 | ) | — | ||||||||||||||||
Net cash provided by (used in) financing activities | — | (7.2 | ) | (0.4 | ) | 9.5 | (23.3 | ) | (21.4 | ) | ||||||||||||||
Effect of exchange rate changes on cash | — | — | — | (6.5 | ) | — | (6.5 | ) | ||||||||||||||||
Net increase in cash and cash equivalents | — | 32.8 | — | 62.4 | — | 95.2 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 36.9 | — | 117.1 | — | 154 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 69.7 | $ | — | $ | 179.5 | $ | — | $ | 249.2 | ||||||||||||
2013 | Holdings | AAM Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Elims | Consolidated | ||||||||||||||||||
Net cash provided by (used in) operating activities | $ | — | $ | (35.9 | ) | $ | 64.9 | $ | 194 | $ | — | $ | 223 | |||||||||||
Investing activities | ||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (61.2 | ) | (12.5 | ) | (178.2 | ) | — | (251.9 | ) | ||||||||||||||
Proceeds from sale of property, plant and equipment | — | 5.1 | 0.5 | 3.5 | — | 9.1 | ||||||||||||||||||
Proceeds from sale-leaseback of equipment | — | 24.1 | — | — | — | 24.1 | ||||||||||||||||||
Intercompany activity | — | — | (52.6 | ) | — | 52.6 | — | |||||||||||||||||
Net cash used in investing activities | — | (32.0 | ) | (64.6 | ) | (174.7 | ) | 52.6 | (218.7 | ) | ||||||||||||||
Financing activities | ||||||||||||||||||||||||
Net debt activity | — | 110.1 | (0.3 | ) | (5.0 | ) | — | 104.8 | ||||||||||||||||
Debt issuance costs | — | (16.6 | ) | — | (0.1 | ) | — | (16.7 | ) | |||||||||||||||
Employee stock option exercises | — | 1.1 | — | — | — | 1.1 | ||||||||||||||||||
Purchase of treasury stock | (0.4 | ) | — | — | — | — | (0.4 | ) | ||||||||||||||||
Intercompany activity | 0.4 | (0.4 | ) | — | 52.6 | (52.6 | ) | — | ||||||||||||||||
Net cash provided by (used in) financing activities | — | 94.2 | (0.3 | ) | 47.5 | (52.6 | ) | 88.8 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | (1.5 | ) | — | (1.5 | ) | ||||||||||||||||
Net increase in cash and cash equivalents | — | 26.3 | — | 65.3 | — | 91.6 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 10.6 | — | 51.8 | — | 62.4 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 36.9 | $ | — | $ | 117.1 | $ | — | $ | 154 | ||||||||||||
2012 | Holdings | AAM Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Elims | Consolidated | ||||||||||||||||||
Net cash provided by (used in) operating activities | $ | — | $ | (274.3 | ) | $ | 46.6 | $ | 52.2 | $ | — | $ | (175.5 | ) | ||||||||||
Investing activities | ||||||||||||||||||||||||
Purchases of property, plant and equipment | — | (59.4 | ) | (9.0 | ) | (139.2 | ) | — | (207.6 | ) | ||||||||||||||
Proceeds from sale of property, plant and equipment | — | 7 | — | 3.1 | — | 10.1 | ||||||||||||||||||
Proceeds from sale-leaseback of equipment | — | 12.1 | — | — | — | 12.1 | ||||||||||||||||||
Intercompany activity | — | (37.4 | ) | 37.4 | — | |||||||||||||||||||
Net cash used in investing activities | — | (40.3 | ) | (46.4 | ) | (136.1 | ) | 37.4 | (185.4 | ) | ||||||||||||||
Financing activities | ||||||||||||||||||||||||
Net debt activity | — | 257.9 | (0.2 | ) | 16.2 | — | 273.9 | |||||||||||||||||
Debt issuance costs | — | (10.6 | ) | — | — | — | (10.6 | ) | ||||||||||||||||
Employee stock option exercises, including tax benefit | — | 0.1 | — | — | — | 0.1 | ||||||||||||||||||
Purchase of treasury stock | (5.9 | ) | — | — | — | — | (5.9 | ) | ||||||||||||||||
Purchase of noncontrolling interest | — | — | — | (4.0 | ) | — | (4.0 | ) | ||||||||||||||||
Intercompany activity | 5.9 | (5.9 | ) | — | 37.4 | (37.4 | ) | — | ||||||||||||||||
Net cash provided by (used in) financing activities | — | 241.5 | (0.2 | ) | 49.6 | (37.4 | ) | 253.5 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | 0.6 | — | 0.6 | ||||||||||||||||||
Net decrease in cash and cash equivalents | — | (73.1 | ) | — | (33.7 | ) | — | (106.8 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 83.7 | — | 85.5 | — | 169.2 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 10.6 | $ | — | $ | 51.8 | $ | — | $ | 62.4 | ||||||||||||
Organization_and_Basis_of_Pres3
Organization and Basis of Presentation Revision of Prior Period Financial Statements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Deferred income taxes | $40.20 | $34.90 | |
Stockholders' Equity Attributable to Parent | 113.4 | 40.5 | |
Restatement Adjustment [Member] | |||
Deferred income taxes | 1.5 | ||
Accounts Payable | 8.4 | 8.4 | |
Stockholders' Equity Attributable to Parent | 6.9 | ||
Scenario, Previously Reported [Member] | |||
Deferred income taxes | 36.4 | ||
Accounts Payable | 445.8 | ||
Stockholders' Equity Attributable to Parent | $181.30 |
Organization_and_Basis_of_Pres4
Organization and Basis of Presentation Revenue Recognition (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2009 | |
Deferred Revenue Arrangement [Line Items] | ||||
Deferred revenue, current | $22,100,000 | $17,000,000 | ||
Deferred revenue, noncurrent | 94,200,000 | 76,400,000 | ||
Increase installed capacity and adjust product mix [Member] | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Deferred Revenue, Additions | 32,800,000 | |||
Deferred revenue, current | 6,900,000 | |||
Deferred revenue, noncurrent | 20,500,000 | |||
Deferred revenue, revenue recognized | 5,400,000 | |||
Delay of a major program | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Deferred Revenue, Additions | 9,300,000 | |||
Deferred revenue | 8,800,000 | |||
Deferred revenue, current | 1,100,000 | |||
Deferred revenue, noncurrent | 7,700,000 | |||
Deferred revenue, revenue recognized | 500,000 | |||
2009 GM Agreement [Member] | ||||
Deferred Revenue Arrangement [Line Items] | ||||
2009 GM agreement, cash received | 110,000,000 | |||
2009 GM agreement, deferred revenue recognized | 79,700,000 | |||
Deferred revenue | 37,500,000 | |||
Deferred revenue, current | 8,000,000 | |||
Deferred revenue, noncurrent | 29,500,000 | |||
Deferred revenue, revenue recognized | 8,000,000 | 8,000,000 | 8,000,000 | |
Miscellaneous Deferred Revenue [Member] | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Deferred revenue, revenue recognized | $7,500,000 | $10,500,000 | $13,100,000 |
Organization_and_Basis_of_Pres5
Organization and Basis of Presentation Research and Development (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Research and development expense | $103.90 | $103.40 | $123.40 |
Organization_and_Basis_of_Pres6
Organization and Basis of Presentation Accounts Receivable (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Organization and Summary of Significant Accounting Policies [Abstract] | ||
Allowance for doubtful accounts | $4.60 | $4.90 |
Organization_and_Basis_of_Pres7
Organization and Basis of Presentation Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Organization and Basis of Presentation [Abstract] | ||
Raw materials and work-in-progress | $243.80 | $263.40 |
Finished goods | 32.9 | 25.7 |
Gross inventories | 276.7 | 289.1 |
Inventory valuation reserves | -27.9 | -27.3 |
Inventories, net | $248.80 | $261.80 |
Organization_and_Basis_of_Pres8
Organization and Basis of Presentation Property, Plant, & Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Depreciation and Tooling Amortization | $166.50 | $151.80 | $130.90 |
Organization_and_Basis_of_Pres9
Organization and Basis of Presentation Schedule of Property, Plant & Equipment (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Land | 29.5 | $26.20 |
Land improvements | 18.9 | 19 |
Buildings and building improvements | 306.6 | 314.3 |
Machinery and equipment | 1,648.60 | 1,770.70 |
Construction in progress | 95.1 | 91.4 |
Property, plant and equipment, gross | 2,098.70 | 2,221.60 |
Accumulated depreciation and amortization | -1,040.20 | -1,160.50 |
Property, plant and equipment, net | 1,058.50 | $1,061.10 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 15-Oct | |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 15-40 | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 12-Mar |
Recovered_Sheet1
Organization and Basis of Presentation Goodwill Rollforward (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ||
Beginning balance | $156.40 | $156.40 |
Foreign currency translation | -1.4 | 0 |
Ending balance | $155 | $156.40 |
Recovered_Sheet2
Organization and Basis of Presentation Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Capitalized computer software, gross | $19.20 | ||
Capitalized Computer Software, Additions | 11.4 | 7.8 | |
Capitalized computer software, amortization | 0.4 | 0.1 | |
Finite-Lived Intangible Assets, Gross | 6.2 | 7.4 | 7.4 |
Finite-Lived Intangible Assets, Translation Adjustments | ($1.20) | $0 |
Recovered_Sheet3
Organization and Basis of Presentation Debt Issuance Costs (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $29.50 | $35.60 |
Recovered_Sheet4
Organization and Basis of Presentation Currency Translation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign Currency [Abstract] | |||
Foreign Currency Transaction Gain (Loss), Realized | ($6.40) | ($4.20) | ($6.30) |
LongTerm_Debt_Longterm_Debt_In
Long-Term Debt Long-term Debt Instruments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 10, 2009 | Mar. 01, 2013 | Feb. 27, 2007 | Nov. 03, 2011 | Sep. 17, 2012 |
Debt Instrument [Line Items] | |||||||||
Debt | $1,536.40 | $1,559.10 | |||||||
Current portion of long-term debt | 13 | 0 | |||||||
Long-term debt and capital lease obligations | 1,523.40 | 1,559.10 | |||||||
Debt issuance costs | 0.3 | 16.7 | 10.6 | ||||||
Amended Revolving Facility, interest rate description | Borrowings under the revolving credit facility and term facility bear interest at rates based on adjusted LIBOR or an alternate base rate, plus an applicable margin. The applicable margin for LIBOR-based loans will be between 1.5% and 3.0%. | ||||||||
Line of credit facility, reduction in borrowing capacity, termination of loan facility | 72.8 | ||||||||
Write off of deferred debt issuance cost | 0.5 | ||||||||
Repayments of long-term debt | 27 | 652 | 299.1 | ||||||
Debt refinancing and redemption costs | 0 | 36.8 | 19.8 | ||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, amount outstanding | 0 | 0 | |||||||
Amended revolving facility, maximum borrowing capacity | 523.5 | ||||||||
Amended revolving facility, remaining borrowing capacity | 505.5 | ||||||||
Amended revolving facility, standby letters of credit issued against the facility | 18 | ||||||||
Secured Debt [Member] | Loans Payable [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 142.5 | 150 | |||||||
Debt Instrument, Periodic Payment, Principal | 7.5 | ||||||||
Amended revolving facility, maximum borrowing capacity | 150 | ||||||||
Debt issuance costs | 0.1 | 6.9 | 1.7 | ||||||
Secured Debt [Member] | 9.25% Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 425 | ||||||||
Debt instrument, interest rate, stated percentage | 9.25% | ||||||||
Debt instrument, original discount amount | 5.5 | ||||||||
9.25% Notes, percentage redeemed | 10.00% | ||||||||
9.25% Notes, premium percentage applicable to voluntary redemption during the period | 103.00% | ||||||||
Repayments of long-term debt | 340 | 42.5 | |||||||
Debt instrument, early redemption premium | 18.9 | 1.3 | |||||||
Debt refinancing and redemption costs | 6.7 | 1 | |||||||
Debt instrument, redemption amount | 190 | ||||||||
Debt instrument, repurchased face amount | 42.5 | ||||||||
Unsecured Debt [Member] | 7.875% Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 300 | ||||||||
Debt instrument, interest rate, stated percentage | 7.88% | ||||||||
Debt instrument, early redemption premium | 8.5 | ||||||||
Debt instrument, tender offer, fees | 0.1 | ||||||||
Debt instrument, repurchased face amount | 300 | ||||||||
Unsecured Debt [Member] | 7.75% Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 200 | 200 | |||||||
Debt instrument, face amount | 200 | ||||||||
Debt instrument, interest rate, stated percentage | 7.75% | ||||||||
Unsecured Debt [Member] | 6.625% Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 550 | 550 | |||||||
Debt issuance costs | 0 | ||||||||
Debt instrument, face amount | 550 | ||||||||
Debt instrument, interest rate, stated percentage | 6.63% | ||||||||
Unsecured Debt [Member] | 5.25% Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate, stated percentage | 0.00% | ||||||||
Debt instrument, repurchased face amount | 250 | ||||||||
Unsecured Debt [Member] | 6.25% Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 400 | 400 | |||||||
Debt issuance costs | 6.6 | ||||||||
Debt instrument, interest rate, stated percentage | 6.25% | ||||||||
Unsecured Debt [Member] | 5.125% Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 200 | 200 | |||||||
Debt issuance costs | 0.2 | 3.1 | |||||||
Debt instrument, interest rate, stated percentage | 5.13% | ||||||||
Foreign Credit Facilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, amount outstanding | 38.9 | 53.8 | |||||||
Foreign Credit Facilities, Remaining Borrowing Capacity | 51.1 | ||||||||
Capital Lease Obligations [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Capital lease obligations | 5 | 5.3 | |||||||
Debt Repurchase [Member] | Unsecured Debt [Member] | 7.875% Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt refinancing and redemption costs | $2.10 |
LongTerm_Debt_Leases_Narrative
Long-Term Debt Leases (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Long-term Debt, Weighted Average Interest Rate | 6.40% | 6.30% | 8.00% |
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $0 | $24.10 | $12.10 |
Operating leases, future minimum payments due, current | 19.9 | ||
Operating leases, future minimum payments, due in two years | 18.5 | ||
Operating leases, future minimum payments, due in three years | 15.1 | ||
Operating leases, future minimum payments, due in four years | 7.9 | ||
Operating leases, future minimum payments, due in five years | 3.5 | ||
Operating lease expense | 23.6 | 17.6 | 9 |
Capital Lease Obligations [Member] | |||
Capital leased assets, gross | 6.7 | 6.7 | |
Capital leases, balance sheet, assets by major class, net | $5 | $5.30 | |
Long-term Debt, Weighted Average Interest Rate | 8.90% |
LongTerm_Debt_Foreign_Credit_F
Long-Term Debt Foreign Credit Facilities (Narrative) (Details) (Foreign Credit Facilities [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Foreign Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, amount outstanding | $38.90 | $53.80 |
Foreign Credit Facilities, Remaining Borrowing Capacity | $51.10 |
LongTerm_Debt_Longterm_Debt_Ma
Long-Term Debt Long-term Debt Maturity Schedule (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Debt Instrument [Line Items] | |
2015 | $35.20 |
2016 | 17.1 |
2017 | 19.1 |
2018 | 109.2 |
2019 | 403.4 |
Thereafter | 952.4 |
Debt | $1,536.40 |
LongTerm_Debt_Interest_Expense
Long-Term Debt Interest Expense and Investment Income (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Expense & Investment Income (Narrative) [Abstract] | |||
Interest Expense | $99.90 | $115.90 | $101.60 |
Interest Costs Capitalized | 5.8 | 6.6 | 8.2 |
Long-term Debt, Weighted Average Interest Rate | 6.40% | 6.30% | 8.00% |
Investment Income, Interest | $2.10 | $0.60 | $0.60 |
Derivatives_Foreign_Currency_D
Derivatives Foreign Currency Derivatives (Narrative) (Details) (Forward Contracts [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | $99.30 | $67.20 |
Derivatives_Derivatives_Detail
Derivatives Derivatives (Details) (Cost of Sales [Member], Cash Flow Hedging [Member], USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cost of Sales [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Location of Gain Reclassified into Net Income | Cost of Goods Sold | Cost of Goods Sold | ||
Derivative instruments, gain reclassified from accumulated OCI into income, effective portion, net | $0.90 | $2.80 | ||
Loss Expected to be Reclassified During the Next 12 Months | ($7.20) |
Derivatives_Sales_Receivables_
Derivatives Sales, Receivables and Postretirement Cost Sharing Asset by Major Customer (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue, Major Customer [Line Items] | |||
Total GM postretirement cost sharing asset | $287.80 | $255.90 | |
General Motors [Member] | |||
Revenue, Major Customer [Line Items] | |||
Entity-wide revenue, major customer, percentage | 68.00% | 71.00% | 73.00% |
Fair value, concentration of risk, accounts receivable | 343.1 | 278.5 | |
Chrysler Group LLC [Member] | |||
Revenue, Major Customer [Line Items] | |||
Entity-wide revenue, major customer, percentage | 18.00% | 12.00% | 10.00% |
Fair value, concentration of risk, accounts receivable | $99.30 | $85.90 |
Fair_Value_Fair_Value_of_Asset
Fair Value Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Cash and Cash Equivalents [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, at carrying value | $35.30 | $6.10 |
Cash and Cash Equivalents [Member] | Portion at Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, fair value disclosure | 35.3 | 6.1 |
Other Current Assets [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts, asset, fair value disclosure | 0 | 0.7 |
Other Current Assets [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts, asset, fair value disclosure | 0 | 0.7 |
Accrued Liabilities [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts, liability, fair value disclosure | 8.3 | 0.4 |
Accrued Liabilities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts, liability, fair value disclosure | 8.3 | 0.4 |
Other Noncurrent Liabilities [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts, liability, fair value disclosure | 0.1 | 0 |
Other Noncurrent Liabilities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts, liability, fair value disclosure | $0.10 | $0 |
Fair_Value_Fair_Value_of_Debt_
Fair Value Fair Value of Debt (Details) (Fair Value, Inputs, Level 2 [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Reported Value Measurement [Member] | Line of Credit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | $0 | $0 |
Reported Value Measurement [Member] | Loans Payable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 142.5 | 150 |
Reported Value Measurement [Member] | 7.75% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 200 | 200 |
Reported Value Measurement [Member] | 6.625% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 550 | 550 |
Reported Value Measurement [Member] | 6.25% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 400 | 400 |
Reported Value Measurement [Member] | 5.125% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 200 | 200 |
Estimate of Fair Value Measurement [Member] | Line of Credit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Loans Payable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 141.1 | 147.8 |
Estimate of Fair Value Measurement [Member] | 7.75% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 224 | 227.5 |
Estimate of Fair Value Measurement [Member] | 6.625% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 583 | 578.9 |
Estimate of Fair Value Measurement [Member] | 6.25% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 419 | 423 |
Estimate of Fair Value Measurement [Member] | 5.125% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | $202.60 | $206 |
Fair_Value_Impairments_of_Long
Fair Value Impairments of Long-lived Assets Measured at Fair Value on a Nonrecurring Basis (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Asset impairment charges | $0 | $0 | $5.80 | |
Payments to acquire equipment on lease | 18.6 | |||
Change in Fair Value from Asset Impairment [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Asset impairment charges | 5.8 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Property, plant, and equipment, fair value disclosure | $0 |
Employee_Benefit_Plans_Defined
Employee Benefit Plans Defined Benefit Plan, Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.15% | 4.95% | 4.05% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.10% | 5.00% | 4.10% |
Expected return on plan assets | 7.50% | 7.50% | 7.50% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.70% | 4.50% | 4.30% |
Expected return on plan assets | 5.00% | 5.15% | 4.35% |
Rate of compensation increase | 3.30% | 3.60% | 3.15% |
Employee_Benefit_Plans_Change_
Employee Benefit Plans Change in Benefit Obligation and Plan Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Settlements | $131.10 | |||
Fair value of plan assets at beginning of year | 713.4 | |||
Fair value of plan assets at end of year | 643.7 | |||
Pension Contributions in Excess of Statutory Minimums | 114.7 | |||
Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Increase (decrease) in projected benefit obligation due to change in mortality assumptions | 25.2 | |||
Service cost | 3.5 | 3.4 | 3.1 | |
Interest cost | 36.1 | 33.8 | 35.1 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 35.5 | 0 | 0 | |
Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Increase (decrease) in projected benefit obligation due to change in mortality assumptions | 19 | |||
Service cost | 0.3 | 0.4 | 0.4 | |
Interest cost | 15.3 | 13.2 | 15.1 | |
Settlements | -4.7 | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | 0 | -5.2 | |
Change in Benefit Obligation [Member] | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Benefit obligation at end of year | 738.8 | 755.4 | 842.8 | |
Service cost | 3.5 | 3.4 | ||
Interest cost | 36.1 | 33.8 | ||
Plan amendments | 0 | 0 | ||
Actuarial loss (gain) | 119.3 | -92.6 | ||
Change in GM Portion of OPEB Obligation | 0 | 0 | ||
Participant contributions | 0.4 | 0.4 | ||
Settlements | 131.1 | 0 | ||
Benefit payments | -36.5 | -35.3 | ||
Currency fluctuations | -8.3 | 2.9 | ||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | -16.6 | -87.4 | ||
Benefit payments | -36.5 | -35.3 | ||
Change in Benefit Obligation [Member] | Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Benefit obligation at end of year | 654.7 | 577.9 | 601.3 | |
Service cost | 0.3 | 0.4 | ||
Interest cost | 15.3 | 13.2 | ||
Plan amendments | 0 | -8.1 | ||
Actuarial loss (gain) | 41.2 | -0.7 | ||
Change in GM Portion of OPEB Obligation | 31.8 | -17 | ||
Participant contributions | 0 | 0 | ||
Settlements | 0 | 0 | ||
Benefit payments | -11.8 | -11.2 | ||
Currency fluctuations | 0 | 0 | ||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | 76.8 | -23.4 | ||
Benefit payments | -11.8 | -11.2 | ||
Change in Plan Assets [Member] | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Participant contributions | 0.4 | 0.4 | ||
Benefit payments | -36.5 | -35.3 | ||
Fair value of plan assets at beginning of year | 713.4 | 695.4 | ||
Actual return on plan assets | 77.2 | 49.2 | ||
Employer contributions | 1.9 | 0.8 | ||
Benefit payments | -36.5 | -35.3 | ||
Defined Benefit Plan, Settlements, Plan Assets | -104.2 | 0 | ||
Currency fluctuations | -8.5 | 2.9 | ||
Net change | -69.7 | 18 | ||
Fair value of plan assets at end of year | 643.7 | 713.4 | ||
Change in Plan Assets [Member] | Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Participant contributions | 0 | 0 | ||
Benefit payments | -11.8 | -11.2 | ||
Fair value of plan assets at beginning of year | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Employer contributions | 11.8 | 11.2 | ||
Benefit payments | -11.8 | -11.2 | ||
Defined Benefit Plan, Settlements, Plan Assets | 0 | 0 | ||
Currency fluctuations | 0 | 0 | ||
Net change | 0 | 0 | ||
Fair value of plan assets at end of year | $0 | $0 |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans Amounts Recognized in the Balance Sheet (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
GM postretirement cost sharing asset, current | $13.30 | |
GM postretirement cost sharing asset, noncurrent | 274.5 | 242 |
Total GM postretirement cost sharing asset | 287.8 | 255.9 |
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Noncurrent assets | 6.9 | 9.3 |
Defined benefit pension plan liabilities, current | -3 | -2.3 |
Defined benefit pension plan, liabilities, noncurrent | -99 | -49 |
Defined benefit plan, amounts recognized in balance sheet | -95.1 | -42 |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Noncurrent assets | 0 | 0 |
Postemployment benefits liability, current | -29.6 | -30.8 |
Other postretirement defined benefit plan, liabilities, noncurrent | -625.1 | -547.1 |
Other postretirement defined benefit plan, liabilities | -654.7 | -577.9 |
Change in Benefit Obligation [Member] | Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Change in GM Portion of OPEB Obligation | 0 | 0 |
Change in Benefit Obligation [Member] | Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Change in GM Portion of OPEB Obligation | $31.80 | ($17) |
Employee_Benefit_Plans_Pretax_
Employee Benefit Plans Pre-tax Amounts Recorded in AOCI (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Impact on accumulated other comprehensive income (loss), curtailment gain (loss) | $21.80 | ||
Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial gain (loss) | -215.3 | -194.3 | |
Net prior service credit (cost) | 0.7 | 0.8 | |
Total amounts recorded | -214.6 | -193.5 | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial gain (loss) | -35.7 | 4.9 | |
Net prior service credit (cost) | 15.4 | 18.1 | |
Total amounts recorded | -20.3 | 23 | |
Pension and other postretirement benefits, reduction in accumulated other comprehensive loss due to settlement gain | $0.50 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans Components of Net Periodic Benefit Cost (Credit) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2023 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Special and contractual termination benefits | $28.70 | ||||
Defined benefit plan, acceleration of prior service cost due to remeasurement | 4.7 | ||||
Pension and OPEB, period expense, other | 28.7 | ||||
Defined benefit plan, health care cost trend rate assumed for next fiscal year | 7.00% | ||||
Defined benefit plan, ultimate health care cost trend rate | 5.00% | ||||
Defined benefit plan, year that rate reaches ultimate trend rate | 2023 | ||||
Defined benefit plan, effect of one percentage point increase on service and interest cost components | 1.6 | ||||
Defined benefit plan, effect of one percentage point decrease on service and interest cost components | 1.3 | ||||
Defined benefit plan, effect of one percentage point decrease on accumulated postretirement benefit obligation | 34.1 | ||||
Defined benefit plan, effect of one percentage point increase on accumulated postretirement benefit obligation | 41.3 | ||||
Pension Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Service cost | 3.5 | 3.4 | 3.1 | ||
Interest cost | 36.1 | 33.8 | 35.1 | ||
Expected asset return | -48.4 | -45.8 | -34.7 | ||
Amortized actuarial loss | 5.4 | 8.9 | 7.8 | ||
Amortized prior service cost (credit) | -0.1 | 5.4 | 0.5 | ||
Special and contractual termination benefits | 0 | 0 | 12.8 | ||
Curtailment gain | 0 | 0 | 0 | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 35.5 | 0 | 0 | ||
Net periodic benefit cost | 32 | 5.7 | 24.6 | ||
Defined benefit plan, amortization of net gains (losses) | 6.9 | ||||
Defined benefit plan, amortization of net prior service cost (credit) | 0.1 | ||||
Other Postretirement Benefit Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Service cost | 0.3 | 0.4 | 0.4 | ||
Interest cost | 15.3 | 13.2 | 15.1 | ||
Expected asset return | 0 | 0 | 0 | ||
Amortized actuarial loss | 0.5 | 0.9 | 0.6 | ||
Amortized prior service cost (credit) | -2.7 | -1.8 | -2 | ||
Special and contractual termination benefits | 0 | 0 | 16.2 | ||
Curtailment gain | 0 | 0 | -21.8 | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | 0 | -5.2 | ||
Other postretirement benefit expense | 13.4 | 12.7 | 3.3 | ||
Defined benefit plan, amortization of net gains (losses) | 0.7 | ||||
Defined benefit plan, amortization of net prior service cost (credit) | 2.7 |
Employee_Benefit_Plans_Pension
Employee Benefit Plans Pension Plan Assets by Category (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
United States Pension Plan of US Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Plan Asset Allocations | 100.00% | 100.00% |
United States Pension Plan of US Entity [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 30% - 65% | |
Actual Plan Asset Allocations | 33.10% | 42.50% |
United States Pension Plan of US Entity [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 35% - 55% | |
Actual Plan Asset Allocations | 47.30% | 48.50% |
United States Pension Plan of US Entity [Member] | Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0% - 20% | |
Actual Plan Asset Allocations | 18.30% | 8.80% |
United States Pension Plan of US Entity [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0% - 5% | |
Actual Plan Asset Allocations | 1.30% | 0.20% |
Foreign Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Plan Asset Allocations | 100.00% | 100.00% |
Foreign Pension Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 25% - 35% | |
Actual Plan Asset Allocations | 28.70% | 30.70% |
Foreign Pension Plan [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 55% - 65% | |
Actual Plan Asset Allocations | 61.10% | 59.00% |
Foreign Pension Plan [Member] | Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 5% - 15% | |
Actual Plan Asset Allocations | 10.10% | 10.20% |
Foreign Pension Plan [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0% - 5% | |
Actual Plan Asset Allocations | 0.10% | 0.10% |
Employee_Benefit_Plans_OPEB_Pl
Employee Benefit Plans OPEB Plan Assets by Category and Fair Value Hierarchy (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $643.70 | $713.40 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 479.3 | 585.9 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 58.8 | 63 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 105.6 | 64.5 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6.7 | 1.5 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6.7 | 1.5 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. Large Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 87.3 | 128 |
U.S. Large Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 87.3 | 128 |
U.S. Large Cap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. Large Cap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. Small/Mid Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 25.2 | 49.4 |
U.S. Small/Mid Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 25.2 | 49.4 |
U.S. Small/Mid Cap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. Small/Mid Cap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 94.2 | 109.3 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 94.2 | 109.3 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Government Agencies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 126.7 | 133.5 |
Government Agencies [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 67.9 | 70.5 |
Government Agencies [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 58.8 | 63 |
Government Agencies [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Investment Grade Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 139.9 | 167.1 |
Investment Grade Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 139.9 | 167.1 |
Investment Grade Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Investment Grade Corporate Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
NonInvestment Grade Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 31.9 | 25.8 |
NonInvestment Grade Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 31.9 | 25.8 |
NonInvestment Grade Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
NonInvestment Grade Corporate Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Emerging Market Debt [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 19 | 17.4 |
Emerging Market Debt [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 19 | 17.4 |
Emerging Market Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Emerging Market Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7.2 | 16.9 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7.2 | 16.9 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Hedge Funds, Multi-strategy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 57.3 | 57.4 |
Hedge Funds, Multi-strategy [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Hedge Funds, Multi-strategy [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Hedge Funds, Multi-strategy [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 57.3 | 57.4 |
Commercial Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 48.3 | |
Commercial Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $48.30 |
Employee_Benefit_Plans_Change_1
Employee Benefit Plans Change in Fair Value of Level 3 OPEB Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset value | $105.60 | $64.50 | $47.60 |
Defined Benefit Plan, Actual Return on Plan Assets [Abstract] | |||
Relating to assets still held at the reporting date | 3.3 | 3.5 | |
Purchases, sales and settlements, net | $37.80 | $13.40 |
Employee_Benefit_Plans_Accumul
Employee Benefit Plans Accumulated Benefit Obligation (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, accumulated benefit obligation | $723.90 | $744.50 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 586.5 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 598.3 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | $496.30 |
Employee_Benefit_Plans_Expecte
Employee Benefit Plans Expected Future Pension and Other Postretirement Payments (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2012 | Jan. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, expected future benefit payments in year one | $55.30 | ||
Defined benefit plan, expected future benefit payments in year two | 55.4 | ||
Defined benefit plan, expected future benefit payments in year three | 56.4 | ||
Defined benefit plan, expected future benefit payments in year four | 56.6 | ||
Defined benefit plan, expected future benefit payments in year five | 56.9 | ||
Defined benefit plan, expected future benefit payments in five fiscal years thereafter | 293.6 | ||
Pension Contributions in Excess of Statutory Minimums | 114.7 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, estimated future employer contributions in next fiscal year | $16 |
Employee_Benefit_Plans_Defined1
Employee Benefit Plans Defined Contribution Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Salaried Savings Plan [Member] | |||
Defined contribution plans, maximum company match, salaried voluntary savings plan | 50.00% | ||
Defined contribution plans, ARC, maximum employee contribution percentage | 10.00% | ||
Defined contribution plans, salaried voluntary savings plan, matching contributions during the period | $3.90 | $3.90 | $3.30 |
Annual Retirement Contribution (ARC) [Member] | |||
Defined contribution plans, ARC, maximum employee contribution percentage | 5.00% | ||
Defined contribution plan, employer matching contribution, percent | 3.00% | ||
Defined contribution plans, ARC, contributions made during period | 4.9 | 4.6 | 4.4 |
Defined contribution plans, ARC, hourly associates, contributions made during period | 2.6 | 1.9 | 1.6 |
Hourly Voluntary Savings Plan [Member] | |||
Defined contribution plans, ARC, maximum employee contribution percentage | 6.00% | ||
Defined contribution plan, maximum annual contribution per employee, amount | 25.00% | ||
Defined contribution plans, hourly voluntary savings plan, matching contributions during the period | $0.10 | $0.10 | $0.10 |
Employee_Benefit_Plans_Deferre
Employee Benefit Plans Deferred Compensation Plan (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Deferred compensation distributions | $1.20 | $6.10 | $0.80 | |
Increase (decrease) in deferred compensation | 0.3 | 0.8 | 1.3 | |
Deferred compensation arrangement with individuals, recorded liability | 5.6 | 6.2 | ||
Board of Directors Chairman [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Deferred compensation arrangement with individual, distributions paid | 5.6 | |||
Increase (decrease) in deferred compensation | -5.6 | |||
Proceeds from life insurance policies | $5 |
Employee_Benefit_Plans_Termina
Employee Benefit Plans Terminated Vested Lump Sum Payout Offer (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plan, Assets Transferred to (from) Plan | $104.20 |
Stock_Based_Compensation_Stock1
Stock Based Compensation Stock Based Compensation (Details) (USD $) | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 18.5 | |||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 2.2 | |||
Share-based compensation arrangement by share-based payment award, award vesting period | 10 years | |||
Options outstanding | 2 | 3 | 3.9 | |
Options granted | 0 | 0 | 0.2 | |
Options exercised | -0.1 | -0.1 | -0.1 | |
Options canceled | -1 | -0.9 | -1 | |
Options outstanding | 0.9 | 2 | 3 | |
Weighted-average price outstanding | $20.66 | $29.22 | $27.08 | $26.95 |
Weighted-average price granted | $0 | $0 | $9 | |
Weighted-average price exercised | $13.87 | $10.59 | $2.81 | |
Weighted-average price canceled | $37.70 | $24.28 | $25.12 | |
Options exercisable | 0.9 | 2 | 2.8 | |
Weighted-average price of options exercisable | $20.66 | $29.22 | $28.02 | |
Share-based compensation arrangement by share-based payment award, options, outstanding, intrinsic value | $3.40 | |||
Share-based compensation arrangement by share-based payment award, options, exercises in period, total intrinsic value | $0.50 | $0.80 | $0.50 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years |
Stock_Based_Compensation_Stock2
Stock Based Compensation Stock Options - Range of Exercise Prices (Details) (USD $) | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock Options Outstanding | 0.9 | |||
Weighted-average Exercise Price Per Share | $20.66 | $29.22 | $27.08 | $26.95 |
Weighted-average Contractual Life | 2 years | |||
Stock Options Exercisable | 0.9 | |||
Weighted-average Exercise Price Per Share | $20.66 | $29.22 | $28.02 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Range of Exercise Prices, $9.19-$15.58 [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock Options Outstanding | 0.4 | |||
Weighted-average Exercise Price Per Share | $13.22 | |||
Weighted-average Contractual Life | 3 years 2 months | |||
Stock Options Exercisable | 0.4 | |||
Weighted-average Exercise Price Per Share | $13.22 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Range of Exercise Prices, $19.54-$26.65 [Member] [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock Options Outstanding | 0.5 | |||
Weighted-average Exercise Price Per Share | $26.05 | |||
Weighted-average Contractual Life | 1 year 2 months | |||
Stock Options Exercisable | 0.5 | |||
Weighted-average Exercise Price Per Share | $26.05 |
Stock_Based_Compensation_Stock3
Stock Based Compensation Stock Based Payment Awards - Equity Instruments Other Than Options (Details) (USD $) | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, total fair value | $1.70 | $13.80 | ||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, total share-based liabilities paid | 0.2 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units outstanding | 1.3 | 1.1 | 1.6 | |
Restricted stock units granted | 0.5 | 0.9 | 1 | |
Restricted stock units vested | -0.1 | -0.7 | -1.4 | |
Restricted stock units canceled | -0.1 | 0 | -0.1 | |
Restricted stock units outstanding | 1.6 | 1.3 | 1.1 | |
Weighted-average grant date fair value outstanding | $14.54 | $12.24 | $11.08 | $10.74 |
Weighted-average grant date fair value granted | $19.58 | $12.79 | $10.31 | |
Weighted-average grant date fair value vested | $13.95 | $11.06 | $10.19 | |
Weighted-average grant date fair value canceled | $12.76 | $0 | $26.02 | |
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, share-based awards other than options | 10.4 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, share-based awards other than options | $5.30 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||
EBITDA Award [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units outstanding | 0 | |||
Restricted stock units granted | 0.2 | |||
Restricted stock units vested | 0 | |||
Restricted stock units canceled | 0 | |||
Restricted stock units outstanding | 0.2 | |||
Weighted-average grant date fair value outstanding | $27.66 | $0 | ||
Weighted-average grant date fair value granted | $27.66 | |||
Weighted-average grant date fair value vested | $0 | |||
Weighted-average grant date fair value canceled | $0 | |||
Total Shareholder Return (TSR) Awards [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units outstanding | 0 | |||
Restricted stock units granted | 0.2 | |||
Restricted stock units vested | 0 | |||
Restricted stock units canceled | 0 | |||
Restricted stock units outstanding | 0.2 | |||
Weighted-average grant date fair value outstanding | $21.11 | $0 | ||
Weighted-average grant date fair value granted | $21.11 | |||
Weighted-average grant date fair value vested | $0 | |||
Weighted-average grant date fair value canceled | $0 |
Stock_Based_Compensation_Perfo
Stock Based Compensation Performance Awards (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock-based Compensation [Abstract] | |||
Performance awards, liability at period end | $3.70 | ||
Allocated Share-based Compensation Expense, Net of Tax | $1.40 | $7.90 | $3 |
Income_Taxes_Income_Before_Inc
Income Taxes Income Before Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. income (loss) | $12 | ($23.80) | ($6) |
Non-U.S. income | 164.7 | 110.1 | 37.5 |
Income before income taxes | $176.70 | $86.30 | $31.50 |
Income_Taxes_Components_of_Pro
Income Taxes Components of Provision for Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current | |||
Federal | $0.60 | ($1.30) | ($3.30) |
Other state and local | 0.1 | 0.1 | 1.1 |
Foreign | 44.2 | 12.1 | 10.2 |
Total current | 44.9 | 10.9 | 8 |
Deferred | |||
Federal | -11.6 | -9.3 | -347.1 |
Foreign | 0.4 | -9.8 | 3.9 |
Deferred Income Tax Expense (Benefit) | -11.2 | -19.1 | -343.2 |
Total deferred | 20.1 | ||
Income tax expense (benefit) | 33.7 | -8.2 | -335.2 |
Additions to Income Tax Expense for Changes to Prior Year Uncertain Tax Positions | 10.5 | 6.1 | 0 |
Income tax expense (benefit), change in estimate | 3.4 | 4.8 | |
Income tax expense (benefit), continuing operations, adjustment of deferred tax (asset) liability | 8.5 | ||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 1.5 | ||
Income tax expense (benefit), other | -3.3 | ||
Unrecognized tax benefits, decrease resulting from cash and non-cash settlements with taxing authorities | 8.4 | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 4.7 | -4.4 | |
Net Tax Expense from Amendment of State Tax Returns due to Settlement of Federal Income Tax Audits | 1.3 | ||
Tax positions relating to transfer pricing [Member] | |||
Deferred | |||
Additions to Income Tax Expense for Changes to Prior Year Uncertain Tax Positions | $23.10 | ||
Mexico [Member] | |||
Deferred | |||
Previously enacted tax rate | 17.50% | ||
Newly enacted tax rate | 30.00% |
Income_Taxes_Rate_Reconciliati
Income Taxes Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent | 13.00% | -0.50% | -5.20% |
Effective income tax rate reconciliation, Federal statutory | 35.00% | 35.00% | 35.00% |
Effective income tax rate reconciliation, foreign income taxes | -25.10% | -48.50% | -85.00% |
Effective income tax rate reconciliation, change in enacted tax rate | 0.00% | -9.90% | 0.00% |
Effective income tax rate reconciliation, State and local | 0.10% | 0.20% | 3.50% |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | -11.40% | 0.00% | 0.00% |
Effective income tax rate reconciliation, valuation allowance | 4.50% | 12.40% | -985.00% |
Effective income tax rate reconciliation, U.S. tax on unremitted foreign earnings | 1.90% | -0.20% | -29.50% |
Effective income tax rate reconciliation, other | 1.10% | 2.00% | 2.00% |
Effective income tax rate | 19.10% | -9.50% | -1064.20% |
Income_Taxes_Refundable_Income
Income Taxes Refundable Income Taxes and Income Taxes Payable (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Refundable income taxes | $5.60 | $4.90 |
Accrued income taxes, current | 3 | 2.6 |
Value added tax payable | $36.10 | $38.30 |
Income_Taxes_Components_of_Cur
Income Taxes Components of Current Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Total current deferred tax assets | $40.20 | $34.90 |
Unrealized foreign exchange gain and other | -0.1 | -0.1 |
Current deferred tax asset, net | 40.1 | 36.3 |
Deferred Tax Assets, Current [Member] | ||
Employee benefits | 26 | 14.5 |
Inventory | 7.5 | 8 |
Prepaid taxes and other | 16.9 | 24.6 |
Valuation allowance | -10.2 | -10.7 |
Total current deferred tax assets | $40.20 | $36.40 |
Income_Taxes_Current_Deferred_
Income Taxes Current Deferred Tax Assets and Liabilities Recognized in Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current deferred tax asset, net | $40.10 | $36.30 |
Domestic [Member] | ||
Current deferred tax asset, net | 27 | 17.1 |
Foreign [Member] | ||
Current deferred tax asset, net | $13.10 | $19.20 |
Income_Taxes_Components_of_Non
Income Taxes Components of Noncurrent Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Noncurrent deferred tax assets | $368.80 | $341.80 |
U.S. tax on unremitted foreign earnings | 0 | -85 |
Fixed assets and other | -9.1 | -9.8 |
Noncurrent deferred tax asset, net | 359.7 | 332 |
Deferred Tax Assets, Noncurrent [Member] | ||
Employee benefits | 193.9 | 161.5 |
NOL carryforwards | 104.7 | 176.9 |
Tax credit carryforward | 69.8 | 82.9 |
Capital allowance carryforward | 14.4 | 16 |
Fixed assets | 6.6 | 10.3 |
Deferred revenue | 12.6 | 15.7 |
Capitalized expenditures | 111.2 | 113.6 |
Other | 2.3 | 2.9 |
Valuation allowances | -146.7 | -153 |
Noncurrent deferred tax assets | 368.8 | 426.8 |
Deferred Tax Assets, Current [Member] | ||
Employee benefits | 26 | 14.5 |
Other | $16.90 | $24.60 |
Income_Taxes_Noncurrent_Deferr
Income Taxes Noncurrent Deferred Tax Assets and Liabilities Recognized in the Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred tax assets (liabilities), net, noncurrent | $359.70 | $332 |
Domestic [Member] | ||
Deferred tax assets (liabilities), net, noncurrent | 362.2 | 337.2 |
Foreign [Member] | ||
Deferred tax assets (liabilities), net, noncurrent | ($2.50) | ($5.20) |
Income_Taxes_Unrecognized_Tax_
Income Taxes Unrecognized Tax Benefts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits, beginning balance | $21.70 | $20.70 | $25.80 |
Increase in prior year tax positions | 10.5 | 6.1 | 0 |
Decrease in prior year tax positions | -0.5 | -4.4 | -1.1 |
Increase in current year tax positions | 15.6 | 4 | 0.4 |
Settlement | -4.7 | 4.4 | |
Unrecognized tax benefits, ending balance | 47.3 | 21.7 | 20.7 |
Unrecognized tax benefits, interest and penalties, beginning balance | 4.1 | 10.2 | 7.4 |
Interest and penalties, increase in prior year tax positions | 8.1 | 0.1 | 2.8 |
Interest and penalties, decrease in prior year tax positions | 0 | 6.2 | 0 |
Interest and penalties, increase in current year tax positions | 0 | 0 | 0 |
Interest and penalties, settlement | 0 | 0 | |
Unrecognized tax benefits, interest and penalties, ending balance | 12.2 | 4.1 | 10.2 |
Unrecognized tax benefits, income tax penalties and interest expense | $8.10 | ($6.10) | $2.80 |
Income_Taxes_Deferred_Income_T
Income Taxes Deferred Income Tax Assets and Liabilities and Valuation Allowances (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 |
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards | $188.90 | $275.80 | |
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards, Not Subject to Expiration | 85.6 | ||
NOL and Tax Credit Carryforward, Range of Carryforward Period, Lower End of Range | 5 years | ||
NOL and Tax Credit Carryforward, Range of Carryforward Period, Upper End of Range | 20 years | ||
Undistributed Earnings of Foreign Subsidiaries | 502.2 | ||
Release of Valuation Allowance on Net Federal Deferred Tax Assets in the U.S. | 337.5 | ||
Deferred Tax Assets, Valuation Allowance | 156.9 | 163.7 | |
difference relating to amount of tax deduction allowed versus US GAAP for stock based compensation [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | $3.20 |
Earnings_Per_Share_Earnings_Pe1
Earnings Per Share Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income attributable to AAM | $13.20 | $44 | $52.20 | $33.60 | $29.80 | $31.60 | $25.80 | $7.30 | $143 | $94.50 | $367.70 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic | -2.9 | -1.9 | -2.6 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 140.1 | 92.6 | 365.1 | ||||||||
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | 0 | 0 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | 140.1 | 92.6 | 365.1 | ||||||||
weighted average common shares and participating securities outstanding - basic | 77.3 | 76.7 | 75.3 | ||||||||
Participating securities - basic | -1.6 | -1.5 | -0.5 | ||||||||
Basic shares outstanding - weighted average shares outstanding | 75.7 | 75.2 | 74.8 | ||||||||
Effect of dilutive securities - dilutive stock options | 0.2 | 0.1 | 0.1 | ||||||||
Diluted shares outstanding - adjusted weighted-average shares after assumed conversions | 75.9 | 75.3 | 74.9 | ||||||||
Basic earnings per share | $0.17 | $0.57 | $0.67 | $0.44 | $0.39 | $0.41 | $0.34 | $0.10 | $1.85 | $1.23 | $4.88 |
Diluted earnings per share | $0.17 | $0.57 | $0.67 | $0.44 | $0.39 | $0.41 | $0.34 | $0.10 | $1.85 | $1.23 | $4.87 |
Retained Earnings [Member] | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income attributable to AAM | $143 | $94.50 | $367.70 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share Antidilutive Shares (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 0.5 | 2 | 3.3 |
Earnings per share, range of exercise prices of stock options excluded from the calculation of diluted EPS, lower end of range | $19.54 | $19.54 | $15.58 |
Earnings per share, range of exercise prices of stock options excluded from the calculation of diluted EPS, upper end of range | $26.65 | $40.83 | $40.83 |
Commitments_and_Contingencies_1
Commitments and Contingencies Purchase Obligations (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Long-term Purchase Commitment [Line Items] | ||
Obligated purchase commitments | $109.80 | $161.40 |
Commitments_and_Contingencies_2
Commitments and Contingencies Legal Proceedings (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Defined benefit plan, cost of providing special or contractual termination benefits recognized during period | $28.70 |
Commitments_and_Contingencies_3
Commitments and Contingencies Product Liability (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Beginning balance | $14.30 | $29.10 | |
Accruals | 9.3 | 12.8 | |
Settlements | -2.2 | -12.3 | |
Adjustments to prior period accruals | -8.7 | -15 | |
Foreign currency translation and other | -0.3 | -0.3 | |
Ending balance | 12.4 | 14.3 | |
Field Action [Member] | |||
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Accruals | 2.3 | 9.9 | |
Settlements | ($11.30) |
Reclassifications_out_of_Accum2
Reclassifications out of Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Defined benefit plans | ($240.60) | ($197.90) | $274.50 |
Total Other Comprehensive Income (Loss), Defined Benefit Plans, Net | -68.1 | 67.7 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 25.4 | 8.9 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | -42.7 | 76.6 | -58.9 |
Foreign currency translation adjustments | -48.9 | -18.6 | 7.6 |
Foreign currency translation adjustment | -30.3 | -26.2 | -9.4 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | |
Foreign currency translation adjustments | -30.3 | -26.2 | |
Unrecognized gain (loss) on derivatives | -7.4 | 0.3 | 2.3 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | -6.8 | 0.8 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | -0.9 | -2.8 | |
Change in derivatives | -7.7 | -2 | 7.8 |
Accumulated other comprehensive income (loss), net of tax | -296.9 | -216.2 | -264.6 |
Other Comprehensive Income (Loss) Arising During Period, Total, Net of Tax | -105.2 | 42.3 | |
Other Comprehensive Income (Loss), Reclassification Adjustments, Total, Before Tax | 24.5 | 6.1 | |
Other comprehensive income (loss), net of tax | -80.7 | 48.4 | -60.5 |
Cost of Sales [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 23.6 | 4.7 | |
Selling, General and Administrative Expenses [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | $1.80 | $4.20 |
Reclassifications_out_of_Accum3
Reclassifications out of Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income Parenthetical (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | ($13.40) | ($4.60) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, before Reclassification Adjustments, Tax | 36.6 | -36.7 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | -25.4 | -8.9 |
Cost of Sales [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | -23.6 | -4.7 |
Selling, General and Administrative Expenses [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | -1.8 | -4.2 |
Term vested lump sum buyout [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | $23.10 |
Segment_and_Geographic_Informa2
Segment and Geographic Information Segment and Geographic Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $939.50 | $950.80 | $946.90 | $858.80 | $831.30 | $820.80 | $799.60 | $755.60 | $3,696 | $3,207.30 | $2,930.90 |
Long-lived assets | 1,750.90 | 1,689.40 | 1,750.90 | 1,689.40 | 1,627.80 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 2,073.60 | 1,682 | 1,576.60 | ||||||||
Long-lived assets | 885.9 | 850 | 885.9 | 850 | 865.3 | ||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 64.6 | 74.4 | 75 | ||||||||
Mexico [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,055.50 | 865.6 | 755.1 | ||||||||
Long-lived assets | 513.2 | 469.3 | 513.2 | 469.3 | 417.7 | ||||||
South America [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 156.5 | 201.1 | 216.4 | ||||||||
Long-lived assets | 80.5 | 100.2 | 80.5 | 100.2 | 113.3 | ||||||
Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 238.6 | 255.2 | 214.5 | ||||||||
Long-lived assets | 177.3 | 176.7 | 177.3 | 176.7 | 159 | ||||||
Europe and other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 107.2 | 129 | 93.3 | ||||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long-lived assets | $94 | $93.20 | $94 | $93.20 | $72.50 |
Unaudited_Quarterly_Financial_2
Unaudited Quarterly Financial Data Unaudited Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net sales | $939.50 | $950.80 | $946.90 | $858.80 | $831.30 | $820.80 | $799.60 | $755.60 | $3,696 | $3,207.30 | $2,930.90 |
Gross Profit | 111.2 | 140.7 | 149 | 121.9 | 126.9 | 125.3 | 122.2 | 104.3 | 522.8 | 478.7 | 399.7 |
Net income | 13.2 | 44 | 52.2 | 33.6 | 29.8 | 31.6 | 25.8 | 7.3 | 143 | 94.5 | 366.7 |
Net income attributable to AAM | $13.20 | $44 | $52.20 | $33.60 | $29.80 | $31.60 | $25.80 | $7.30 | $143 | $94.50 | $367.70 |
Basic earnings per share | $0.17 | $0.57 | $0.67 | $0.44 | $0.39 | $0.41 | $0.34 | $0.10 | $1.85 | $1.23 | $4.88 |
Diluted earnings per share | $0.17 | $0.57 | $0.67 | $0.44 | $0.39 | $0.41 | $0.34 | $0.10 | $1.85 | $1.23 | $4.87 |
Supplemental_Guarantor_Condens2
Supplemental Guarantor Condensed Consolidating Financial Statements 2014 Income Statement (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Ownership in subsidiary, percentage | 100.00% | 100.00% | |||||||||
Net sales | |||||||||||
External | $3,696 | $3,207.30 | $2,930.90 | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
Total net sales | 939.5 | 950.8 | 946.9 | 858.8 | 831.3 | 820.8 | 799.6 | 755.6 | 3,696 | 3,207.30 | 2,930.90 |
Cost of goods sold | 3,173.20 | 2,728.60 | 2,531.20 | ||||||||
Gross Profit | 111.2 | 140.7 | 149 | 121.9 | 126.9 | 125.3 | 122.2 | 104.3 | 522.8 | 478.7 | 399.7 |
Selling, general and administrative expenses | 255.2 | 238.4 | 243.3 | ||||||||
Operating income (loss) | 267.6 | 240.3 | 156.4 | ||||||||
Non-operating income (expense), net | -90.9 | -154 | -124.9 | ||||||||
Income (loss) before income taxes | 176.7 | 86.3 | 31.5 | ||||||||
Income tax expense (benefit) | 33.7 | -8.2 | -335.2 | ||||||||
Earnings (loss) from equity in subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) before royalties and dividends | 143 | 94.5 | 366.7 | ||||||||
Royalties and dividends | 0 | 0 | 0 | ||||||||
Net income after royalties and dividends | 143 | 94.5 | 366.7 | ||||||||
Other comprehensive loss | -80.7 | 48.4 | -60.5 | ||||||||
Comprehensive income | 62.3 | 142.9 | 306.9 | ||||||||
Holdings [Member] | |||||||||||
Net sales | |||||||||||
External | 0 | 0 | 0 | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
Total net sales | 0 | 0 | 0 | ||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||
Gross Profit | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||
Non-operating income (expense), net | 0 | 0 | 0 | ||||||||
Income (loss) before income taxes | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Earnings (loss) from equity in subsidiaries | 143 | 94.5 | 367.7 | ||||||||
Net income (loss) before royalties and dividends | 143 | 94.5 | 367.7 | ||||||||
Royalties and dividends | 0 | 0 | 0 | ||||||||
Net income after royalties and dividends | 143 | 94.5 | 367.7 | ||||||||
Other comprehensive loss | -80.7 | 48.4 | -60.5 | ||||||||
Comprehensive income | 62.3 | 142.9 | 306.9 | ||||||||
AAM Inc. [Member] | |||||||||||
Net sales | |||||||||||
External | 1,099.50 | 773.6 | 704.8 | ||||||||
Intercompany | 13.1 | 15.3 | 18.6 | ||||||||
Total net sales | 1,112.60 | 788.9 | 723.4 | ||||||||
Cost of goods sold | 1,112.40 | 769.4 | 709.8 | ||||||||
Gross Profit | 0.2 | 19.5 | 13.6 | ||||||||
Selling, general and administrative expenses | 194 | 182.4 | 186.5 | ||||||||
Operating income (loss) | -193.8 | -162.9 | -172.9 | ||||||||
Non-operating income (expense), net | -103 | -155.1 | -135.2 | ||||||||
Income (loss) before income taxes | -296.8 | -318 | -308.1 | ||||||||
Income tax expense (benefit) | -11.8 | -24.9 | -343.9 | ||||||||
Earnings (loss) from equity in subsidiaries | 204 | 167 | 79 | ||||||||
Net income (loss) before royalties and dividends | -81 | -126.1 | 114.8 | ||||||||
Royalties and dividends | 224 | 220.6 | 252.9 | ||||||||
Net income after royalties and dividends | 143 | 94.5 | 367.7 | ||||||||
Other comprehensive loss | -80.7 | 48.4 | -60.5 | ||||||||
Comprehensive income | 62.3 | 142.9 | 306.9 | ||||||||
Guarantor Subsidiaries of Certain Notes [Member] | |||||||||||
Net sales | |||||||||||
External | 225.1 | 226 | 214.4 | ||||||||
Intercompany | 246.9 | 226.1 | 226.8 | ||||||||
Total net sales | 472 | 452.1 | 441.2 | ||||||||
Cost of goods sold | 396.1 | 389 | 389.8 | ||||||||
Gross Profit | 75.9 | 63.1 | 51.4 | ||||||||
Selling, general and administrative expenses | 0.2 | 0.1 | 0 | ||||||||
Operating income (loss) | 75.7 | 63 | 51.4 | ||||||||
Non-operating income (expense), net | 9 | 10.7 | -2.2 | ||||||||
Income (loss) before income taxes | 84.7 | 73.7 | 49.2 | ||||||||
Income tax expense (benefit) | 0.9 | 0.9 | -5.5 | ||||||||
Earnings (loss) from equity in subsidiaries | -23.3 | -21.7 | -49.2 | ||||||||
Net income (loss) before royalties and dividends | 60.5 | 51.1 | 5.5 | ||||||||
Royalties and dividends | 0 | 0 | 0 | ||||||||
Net income after royalties and dividends | 60.5 | 51.1 | 5.5 | ||||||||
Other comprehensive loss | -23.5 | -7.2 | -10.1 | ||||||||
Comprehensive income | 37 | 43.9 | -4.6 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Net sales | |||||||||||
External | 2,371.40 | 2,207.70 | 2,011.70 | ||||||||
Intercompany | 21.6 | 14 | 25.2 | ||||||||
Total net sales | 2,393 | 2,221.70 | 2,036.90 | ||||||||
Cost of goods sold | 1,946.30 | 1,825.60 | 1,702.20 | ||||||||
Gross Profit | 446.7 | 396.1 | 334.7 | ||||||||
Selling, general and administrative expenses | 61 | 55.9 | 56.8 | ||||||||
Operating income (loss) | 385.7 | 340.2 | 277.9 | ||||||||
Non-operating income (expense), net | 3.1 | -9.6 | 12.5 | ||||||||
Income (loss) before income taxes | 388.8 | 330.6 | 290.4 | ||||||||
Income tax expense (benefit) | 44.6 | 15.8 | 14.2 | ||||||||
Earnings (loss) from equity in subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) before royalties and dividends | 344.2 | 314.8 | 276.2 | ||||||||
Royalties and dividends | -224 | -220.6 | -252.9 | ||||||||
Net income after royalties and dividends | 120.2 | 94.2 | 23.3 | ||||||||
Other comprehensive loss | -34.8 | -10.8 | -3.6 | ||||||||
Comprehensive income | 85.4 | 83.4 | 20.4 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Net sales | |||||||||||
External | 0 | 0 | 0 | ||||||||
Intercompany | -281.6 | -255.4 | -270.6 | ||||||||
Total net sales | -281.6 | -255.4 | -270.6 | ||||||||
Cost of goods sold | -281.6 | -255.4 | -270.6 | ||||||||
Gross Profit | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||
Non-operating income (expense), net | 0 | 0 | 0 | ||||||||
Income (loss) before income taxes | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Earnings (loss) from equity in subsidiaries | -323.7 | -239.8 | -397.5 | ||||||||
Net income (loss) before royalties and dividends | -323.7 | -239.8 | -397.5 | ||||||||
Royalties and dividends | 0 | 0 | 0 | ||||||||
Net income after royalties and dividends | -323.7 | -239.8 | -397.5 | ||||||||
Other comprehensive loss | 139 | -30.4 | 74.2 | ||||||||
Comprehensive income | ($184.70) | ($270.20) | ($322.70) |
Supplemental_Guarantor_Condens3
Supplemental Guarantor Condensed Consolidating Financial Statements 2013 and 2012 Income Statements (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net sales | |||||||||||
External | $3,696 | $3,207.30 | $2,930.90 | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
Total net sales | 939.5 | 950.8 | 946.9 | 858.8 | 831.3 | 820.8 | 799.6 | 755.6 | 3,696 | 3,207.30 | 2,930.90 |
Cost of goods sold | 3,173.20 | 2,728.60 | 2,531.20 | ||||||||
Gross Profit | 111.2 | 140.7 | 149 | 121.9 | 126.9 | 125.3 | 122.2 | 104.3 | 522.8 | 478.7 | 399.7 |
Selling, general and administrative expenses | 255.2 | 238.4 | 243.3 | ||||||||
Operating income (loss) | 267.6 | 240.3 | 156.4 | ||||||||
Non-operating income (expense), net | -90.9 | -154 | -124.9 | ||||||||
Income (loss) before income taxes | 176.7 | 86.3 | 31.5 | ||||||||
Income tax expense (benefit) | 33.7 | -8.2 | -335.2 | ||||||||
Earnings (loss) from equity in subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) before royalties and dividends | 143 | 94.5 | 366.7 | ||||||||
Royalties and dividends | 0 | 0 | 0 | ||||||||
Net income after royalties and dividends | 143 | 94.5 | 366.7 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | -1 | ||||||||
Net Income (Loss) Attributable to Parent | 13.2 | 44 | 52.2 | 33.6 | 29.8 | 31.6 | 25.8 | 7.3 | 143 | 94.5 | 367.7 |
Other comprehensive income (loss), net of tax | -80.7 | 48.4 | -60.5 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | 0.3 | ||||||||
Comprehensive income (loss) attributable to AAM | 62.3 | 142.9 | 306.9 | ||||||||
Holdings [Member] | |||||||||||
Net sales | |||||||||||
External | 0 | 0 | 0 | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
Total net sales | 0 | 0 | 0 | ||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||
Gross Profit | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||
Non-operating income (expense), net | 0 | 0 | 0 | ||||||||
Income (loss) before income taxes | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Earnings (loss) from equity in subsidiaries | 143 | 94.5 | 367.7 | ||||||||
Net income (loss) before royalties and dividends | 143 | 94.5 | 367.7 | ||||||||
Royalties and dividends | 0 | 0 | 0 | ||||||||
Net income after royalties and dividends | 143 | 94.5 | 367.7 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ||||||||||
Net Income (Loss) Attributable to Parent | 367.7 | ||||||||||
Other comprehensive income (loss), net of tax | -80.7 | 48.4 | -60.5 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 0.3 | ||||||||||
Comprehensive income (loss) attributable to AAM | 62.3 | 142.9 | 306.9 | ||||||||
AAM Inc. [Member] | |||||||||||
Net sales | |||||||||||
External | 1,099.50 | 773.6 | 704.8 | ||||||||
Intercompany | 13.1 | 15.3 | 18.6 | ||||||||
Total net sales | 1,112.60 | 788.9 | 723.4 | ||||||||
Cost of goods sold | 1,112.40 | 769.4 | 709.8 | ||||||||
Gross Profit | 0.2 | 19.5 | 13.6 | ||||||||
Selling, general and administrative expenses | 194 | 182.4 | 186.5 | ||||||||
Operating income (loss) | -193.8 | -162.9 | -172.9 | ||||||||
Non-operating income (expense), net | -103 | -155.1 | -135.2 | ||||||||
Income (loss) before income taxes | -296.8 | -318 | -308.1 | ||||||||
Income tax expense (benefit) | -11.8 | -24.9 | -343.9 | ||||||||
Earnings (loss) from equity in subsidiaries | 204 | 167 | 79 | ||||||||
Net income (loss) before royalties and dividends | -81 | -126.1 | 114.8 | ||||||||
Royalties and dividends | 224 | 220.6 | 252.9 | ||||||||
Net income after royalties and dividends | 143 | 94.5 | 367.7 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ||||||||||
Net Income (Loss) Attributable to Parent | 367.7 | ||||||||||
Other comprehensive income (loss), net of tax | -80.7 | 48.4 | -60.5 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 0.3 | ||||||||||
Comprehensive income (loss) attributable to AAM | 62.3 | 142.9 | 306.9 | ||||||||
Guarantor Subsidiaries of Certain Notes [Member] | |||||||||||
Net sales | |||||||||||
External | 225.1 | 226 | 214.4 | ||||||||
Intercompany | 246.9 | 226.1 | 226.8 | ||||||||
Total net sales | 472 | 452.1 | 441.2 | ||||||||
Cost of goods sold | 396.1 | 389 | 389.8 | ||||||||
Gross Profit | 75.9 | 63.1 | 51.4 | ||||||||
Selling, general and administrative expenses | 0.2 | 0.1 | 0 | ||||||||
Operating income (loss) | 75.7 | 63 | 51.4 | ||||||||
Non-operating income (expense), net | 9 | 10.7 | -2.2 | ||||||||
Income (loss) before income taxes | 84.7 | 73.7 | 49.2 | ||||||||
Income tax expense (benefit) | 0.9 | 0.9 | -5.5 | ||||||||
Earnings (loss) from equity in subsidiaries | -23.3 | -21.7 | -49.2 | ||||||||
Net income (loss) before royalties and dividends | 60.5 | 51.1 | 5.5 | ||||||||
Royalties and dividends | 0 | 0 | 0 | ||||||||
Net income after royalties and dividends | 60.5 | 51.1 | 5.5 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ||||||||||
Net Income (Loss) Attributable to Parent | 5.5 | ||||||||||
Other comprehensive income (loss), net of tax | -23.5 | -7.2 | -10.1 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | ||||||||||
Comprehensive income (loss) attributable to AAM | 37 | 43.9 | -4.6 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Net sales | |||||||||||
External | 2,371.40 | 2,207.70 | 2,011.70 | ||||||||
Intercompany | 21.6 | 14 | 25.2 | ||||||||
Total net sales | 2,393 | 2,221.70 | 2,036.90 | ||||||||
Cost of goods sold | 1,946.30 | 1,825.60 | 1,702.20 | ||||||||
Gross Profit | 446.7 | 396.1 | 334.7 | ||||||||
Selling, general and administrative expenses | 61 | 55.9 | 56.8 | ||||||||
Operating income (loss) | 385.7 | 340.2 | 277.9 | ||||||||
Non-operating income (expense), net | 3.1 | -9.6 | 12.5 | ||||||||
Income (loss) before income taxes | 388.8 | 330.6 | 290.4 | ||||||||
Income tax expense (benefit) | 44.6 | 15.8 | 14.2 | ||||||||
Earnings (loss) from equity in subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) before royalties and dividends | 344.2 | 314.8 | 276.2 | ||||||||
Royalties and dividends | -224 | -220.6 | -252.9 | ||||||||
Net income after royalties and dividends | 120.2 | 94.2 | 23.3 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | -1 | ||||||||||
Net Income (Loss) Attributable to Parent | 24.3 | ||||||||||
Other comprehensive income (loss), net of tax | -34.8 | -10.8 | -3.6 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 0.3 | ||||||||||
Comprehensive income (loss) attributable to AAM | 85.4 | 83.4 | 20.4 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Net sales | |||||||||||
External | 0 | 0 | 0 | ||||||||
Intercompany | -281.6 | -255.4 | -270.6 | ||||||||
Total net sales | -281.6 | -255.4 | -270.6 | ||||||||
Cost of goods sold | -281.6 | -255.4 | -270.6 | ||||||||
Gross Profit | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||
Non-operating income (expense), net | 0 | 0 | 0 | ||||||||
Income (loss) before income taxes | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Earnings (loss) from equity in subsidiaries | -323.7 | -239.8 | -397.5 | ||||||||
Net income (loss) before royalties and dividends | -323.7 | -239.8 | -397.5 | ||||||||
Royalties and dividends | 0 | 0 | 0 | ||||||||
Net income after royalties and dividends | -323.7 | -239.8 | -397.5 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ||||||||||
Net Income (Loss) Attributable to Parent | -397.5 | ||||||||||
Other comprehensive income (loss), net of tax | 139 | -30.4 | 74.2 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | -0.6 | ||||||||||
Comprehensive income (loss) attributable to AAM | ($184.70) | ($270.20) | ($322.70) |
Supplemental_Guarantor_Condens4
Supplemental Guarantor Condensed Consolidating Financial Statements 2014 and 2013 Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Current Assets | ||||
Cash and cash equivalents | $249.20 | $154 | $62.40 | $169.20 |
Accounts receivable, net | 532.7 | 458.5 | ||
Intercompany receivables | 0 | 0 | ||
Inventories, net | 248.8 | 261.8 | ||
Other current assets | 108.8 | 122 | ||
Total current assets | 1,139.50 | 996.3 | ||
Property, plant and equipment, net | 1,061.10 | 1,058.50 | ||
Goodwill | 155 | 156.4 | 156.4 | |
Intercompany notes and accounts receivable | 0 | 0 | ||
Other assets and deferred charges | 903.6 | 816.3 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets | 3,259.20 | 3,027.50 | ||
Current Liabilities | ||||
Current portion of long-term debt | 13 | 0 | ||
Accounts Payable | 444.3 | 437.4 | ||
Intercompany payables | 0 | 0 | ||
Other current liabilities | 229.9 | 221.3 | ||
Total current liabilities | 687.2 | 658.7 | ||
Intercompany notes and accounts payable (receivable) | 0 | 0 | ||
Long-term debt | 1,523.40 | 1,559.10 | ||
Investment in subsidiaries obligation | 0 | 0 | ||
Other liabilities, noncurrent | 935.2 | 769.2 | ||
Total liabilities | 3,145.80 | 2,987 | ||
Total AAM stockholders' equity (deficit) | 113.4 | 40.5 | ||
Noncontrolling interest in subsidiaries | 0 | 0 | ||
Total liabilities and stockholders' equity | 3,259.20 | 3,027.50 | ||
Holdings [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intercompany notes and accounts receivable | 0 | 0 | ||
Other assets and deferred charges | 0 | 0 | ||
Investment in subsidiaries | 433.8 | 363.7 | ||
Total assets | 433.8 | 363.7 | ||
Current Liabilities | ||||
Current portion of long-term debt | 0 | |||
Accounts Payable | 0 | 0 | ||
Intercompany payables | 0 | |||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Intercompany notes and accounts payable (receivable) | 320.4 | 323.2 | ||
Long-term debt | 0 | 0 | ||
Investment in subsidiaries obligation | 0 | 0 | ||
Other liabilities, noncurrent | 0 | 0 | ||
Total liabilities | 320.4 | 323.2 | ||
Total AAM stockholders' equity (deficit) | 113.4 | 40.5 | ||
Total liabilities and stockholders' equity | 433.8 | 363.7 | ||
AAM Inc. [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 69.7 | 36.9 | 10.6 | 83.7 |
Accounts receivable, net | 137.5 | 102.7 | ||
Intercompany receivables | 231 | 180.5 | ||
Inventories, net | 64.9 | 62.4 | ||
Other current assets | 53.6 | 43.8 | ||
Total current assets | 556.7 | 426.3 | ||
Property, plant and equipment, net | 230 | 239.8 | ||
Goodwill | 0 | 0 | ||
Intercompany notes and accounts receivable | 509.4 | 327 | ||
Other assets and deferred charges | 736.6 | 671.7 | ||
Investment in subsidiaries | 1,134.60 | 1,240.10 | ||
Total assets | 3,167.30 | 2,904.90 | ||
Current Liabilities | ||||
Current portion of long-term debt | 9.4 | |||
Accounts Payable | 127.3 | 106.2 | ||
Intercompany payables | 177 | 117.4 | ||
Other current liabilities | 121 | 120.4 | ||
Total current liabilities | 434.7 | 344 | ||
Intercompany notes and accounts payable (receivable) | 6.9 | 3.7 | ||
Long-term debt | 1,483.10 | 1,500 | ||
Investment in subsidiaries obligation | 0 | 0 | ||
Other liabilities, noncurrent | 808.8 | 693.5 | ||
Total liabilities | 2,733.50 | 2,541.20 | ||
Total AAM stockholders' equity (deficit) | 433.8 | 363.7 | ||
Total liabilities and stockholders' equity | 3,167.30 | 2,904.90 | ||
Guarantor Subsidiaries of Certain Notes [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 23.9 | 25.6 | ||
Intercompany receivables | 174.1 | 116.6 | ||
Inventories, net | 32.3 | 34.2 | ||
Other current assets | 2.6 | 3.2 | ||
Total current assets | 232.9 | 179.6 | ||
Property, plant and equipment, net | 87.9 | 83 | ||
Goodwill | 147.9 | 147.8 | ||
Intercompany notes and accounts receivable | 219.1 | 201.5 | ||
Other assets and deferred charges | 45.7 | 44.8 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets | 733.5 | 656.7 | ||
Current Liabilities | ||||
Current portion of long-term debt | 0 | |||
Accounts Payable | 38.9 | 44.5 | ||
Intercompany payables | 105.3 | 98.6 | ||
Other current liabilities | 4.4 | 4.1 | ||
Total current liabilities | 148.6 | 147.2 | ||
Intercompany notes and accounts payable (receivable) | 0 | 0 | ||
Long-term debt | 4.9 | 5.3 | ||
Investment in subsidiaries obligation | 53.8 | 15.2 | ||
Other liabilities, noncurrent | 0.6 | 0.5 | ||
Total liabilities | 207.9 | 168.2 | ||
Total AAM stockholders' equity (deficit) | 525.6 | 488.5 | ||
Total liabilities and stockholders' equity | 733.5 | 656.7 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 179.5 | 117.1 | 51.8 | 85.5 |
Accounts receivable, net | 371.3 | 330.2 | ||
Intercompany receivables | 10 | 9.2 | ||
Inventories, net | 151.6 | 165.2 | ||
Other current assets | 52.6 | 75 | ||
Total current assets | 765 | 696.7 | ||
Property, plant and equipment, net | 743.2 | 735.7 | ||
Goodwill | 7.1 | 8.6 | ||
Intercompany notes and accounts receivable | 0 | 0 | ||
Other assets and deferred charges | 121.3 | 99.8 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets | 1,636.60 | 1,540.80 | ||
Current Liabilities | ||||
Current portion of long-term debt | 3.6 | |||
Accounts Payable | 278.1 | 286.7 | ||
Intercompany payables | 132.8 | 90.3 | ||
Other current liabilities | 104.5 | 96.8 | ||
Total current liabilities | 519 | 473.8 | ||
Intercompany notes and accounts payable (receivable) | 401.2 | 201.6 | ||
Long-term debt | 35.4 | 53.8 | ||
Investment in subsidiaries obligation | 0 | 0 | ||
Other liabilities, noncurrent | 125.8 | 75.2 | ||
Total liabilities | 1,081.40 | 804.4 | ||
Total AAM stockholders' equity (deficit) | 555.2 | 736.4 | ||
Total liabilities and stockholders' equity | 1,636.60 | 1,540.80 | ||
Consolidation, Eliminations [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ||
Intercompany receivables | -415.1 | -306.3 | ||
Inventories, net | 0 | |||
Other current assets | 0 | 0 | ||
Total current assets | -415.1 | -306.3 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intercompany notes and accounts receivable | -728.5 | -528.5 | ||
Other assets and deferred charges | 0 | 0 | ||
Investment in subsidiaries | -1,568.40 | -1,603.80 | ||
Total assets | -2,712 | -2,438.60 | ||
Current Liabilities | ||||
Current portion of long-term debt | 0 | |||
Accounts Payable | 0 | 0 | ||
Intercompany payables | -415.1 | -306.3 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | -415.1 | -306.3 | ||
Intercompany notes and accounts payable (receivable) | -728.5 | -528.5 | ||
Long-term debt | 0 | 0 | ||
Investment in subsidiaries obligation | -53.8 | -15.2 | ||
Other liabilities, noncurrent | 0 | 0 | ||
Total liabilities | -1,197.40 | -850 | ||
Total AAM stockholders' equity (deficit) | -1,514.60 | -1,588.60 | ||
Total liabilities and stockholders' equity | ($2,712) | ($2,438.60) |
Supplemental_Guarantor_Condens5
Supplemental Guarantor Condensed Consolidating Financial Statements 2014 and 2013 Cash Flow Statements (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net cash provided by (used in) operating activities | $318.40 | $223 | ($175.50) |
Investing activities | |||
Purchases of property, plant and equipment | -206.5 | -251.9 | -207.6 |
Proceeds from sale of property, plant and equipment | 9.1 | 9.1 | 10.1 |
Proceeds from government grants | 2.1 | 0 | 0 |
Intercompany activity | 0 | 0 | 0 |
Proceeds from sale-leaseback of equipment | 0 | 24.1 | 12.1 |
Net cash used in investing activities | -195.3 | -218.7 | -185.4 |
Financing activities | |||
Net debt activity | -22 | 104.8 | 273.9 |
Debt issuance costs | -0.3 | -16.7 | -10.6 |
Employee stock option exercises, including tax benefit | 1.2 | 1.1 | 0.1 |
Purchase of treasury stock | -0.3 | -0.4 | -5.9 |
Intercompany Activity - Financing | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | -21.4 | 88.8 | 253.5 |
Effect of exchange rate changes on cash | -6.5 | -1.5 | 0.6 |
Net increase in cash and cash equivalents | 95.2 | 91.6 | -106.8 |
Cash and cash equivalents at beginning of year | 154 | 62.4 | 169.2 |
Cash and cash equivalents at end of year | 249.2 | 154 | 62.4 |
Holdings [Member] | |||
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
Investing activities | |||
Purchases of property, plant and equipment | 0 | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Proceeds from government grants | 0 | ||
Intercompany activity | 0 | 0 | 0 |
Proceeds from sale-leaseback of equipment | 0 | 0 | 0 |
Net cash used in investing activities | 0 | 0 | 0 |
Financing activities | |||
Net debt activity | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Employee stock option exercises, including tax benefit | 0 | 0 | 0 |
Purchase of treasury stock | -0.3 | -0.4 | -5.9 |
Intercompany Activity - Financing | 0.3 | 0.4 | 5.9 |
Net cash provided by (used in) financing activities | 0 | 0 | 0 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | 0 | 0 | 0 |
AAM Inc. [Member] | |||
Net cash provided by (used in) operating activities | 83.4 | -35.9 | -274.3 |
Investing activities | |||
Purchases of property, plant and equipment | -51.3 | -61.2 | -59.4 |
Proceeds from sale of property, plant and equipment | 7.9 | 5.1 | 7 |
Proceeds from government grants | 0 | ||
Intercompany activity | 0 | 0 | |
Proceeds from sale-leaseback of equipment | 0 | 24.1 | 12.1 |
Net cash used in investing activities | -43.4 | -32 | -40.3 |
Financing activities | |||
Net debt activity | -7.8 | 110.1 | 257.9 |
Debt issuance costs | -0.3 | -16.6 | -10.6 |
Employee stock option exercises, including tax benefit | 1.2 | 1.1 | 0.1 |
Purchase of treasury stock | 0 | 0 | 0 |
Intercompany Activity - Financing | -0.3 | -0.4 | -5.9 |
Net cash provided by (used in) financing activities | -7.2 | 94.2 | 241.5 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents | 32.8 | 26.3 | -73.1 |
Cash and cash equivalents at beginning of year | 36.9 | 10.6 | 83.7 |
Cash and cash equivalents at end of year | 69.7 | 36.9 | 10.6 |
Guarantor Subsidiaries of Certain Notes [Member] | |||
Net cash provided by (used in) operating activities | 41.9 | 64.9 | 46.6 |
Investing activities | |||
Purchases of property, plant and equipment | -18.6 | -12.5 | -9 |
Proceeds from sale of property, plant and equipment | 0.4 | 0.5 | 0 |
Proceeds from government grants | 0 | ||
Intercompany activity | 23.3 | 52.6 | 37.4 |
Proceeds from sale-leaseback of equipment | 0 | 0 | 0 |
Net cash used in investing activities | -41.5 | -64.6 | -46.4 |
Financing activities | |||
Net debt activity | -0.4 | -0.3 | -0.2 |
Debt issuance costs | 0 | 0 | 0 |
Employee stock option exercises, including tax benefit | 0 | 0 | 0 |
Purchase of treasury stock | 0 | 0 | 0 |
Intercompany Activity - Financing | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | -0.4 | -0.3 | -0.2 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | 0 | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | |||
Net cash provided by (used in) operating activities | 193.1 | 194 | 52.2 |
Investing activities | |||
Purchases of property, plant and equipment | -136.6 | -178.2 | -139.2 |
Proceeds from sale of property, plant and equipment | 0.8 | 3.5 | 3.1 |
Proceeds from government grants | 2.1 | ||
Intercompany activity | 0 | 0 | |
Proceeds from sale-leaseback of equipment | 0 | 0 | 0 |
Net cash used in investing activities | -133.7 | -174.7 | -136.1 |
Financing activities | |||
Net debt activity | -13.8 | -5 | 16.2 |
Debt issuance costs | 0 | -0.1 | 0 |
Employee stock option exercises, including tax benefit | 0 | 0 | 0 |
Purchase of treasury stock | 0 | 0 | 0 |
Intercompany Activity - Financing | 23.3 | 52.6 | 37.4 |
Net cash provided by (used in) financing activities | 9.5 | 47.5 | 49.6 |
Effect of exchange rate changes on cash | -6.5 | -1.5 | 0.6 |
Net increase in cash and cash equivalents | 62.4 | 65.3 | -33.7 |
Cash and cash equivalents at beginning of year | 117.1 | 51.8 | 85.5 |
Cash and cash equivalents at end of year | 179.5 | 117.1 | 51.8 |
Consolidation, Eliminations [Member] | |||
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
Investing activities | |||
Purchases of property, plant and equipment | 0 | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Proceeds from government grants | 0 | ||
Intercompany activity | -23.3 | -52.6 | -37.4 |
Proceeds from sale-leaseback of equipment | 0 | 0 | 0 |
Net cash used in investing activities | 23.3 | 52.6 | 37.4 |
Financing activities | |||
Net debt activity | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Employee stock option exercises, including tax benefit | 0 | 0 | 0 |
Purchase of treasury stock | 0 | 0 | 0 |
Intercompany Activity - Financing | -23.3 | -52.6 | -37.4 |
Net cash provided by (used in) financing activities | -23.3 | -52.6 | -37.4 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | $0 | $0 | $0 |
Supplemental_Guarantor_Condens6
Supplemental Guarantor Condensed Consolidating Financial Statements 2012 Cash Flow Statement (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net cash provided by (used in) operating activities | $318.40 | $223 | ($175.50) |
Investing activities | |||
Purchases of property, plant and equipment | -206.5 | -251.9 | -207.6 |
Proceeds from sale of property, plant and equipment | 9.1 | 9.1 | 10.1 |
Proceeds from sale-leaseback of equipment | 0 | 24.1 | 12.1 |
Intercompany Activity - Investing | 0 | 0 | 0 |
Net cash used in investing activities | -195.3 | -218.7 | -185.4 |
Financing activities | |||
Net debt activity | -22 | 104.8 | 273.9 |
Intercompany Activity - Financing | 0 | 0 | 0 |
Debt issuance costs | -0.3 | -16.7 | -10.6 |
Employee stock option exercises, including tax benefit | 1.2 | 1.1 | 0.1 |
Purchase of treasury stock | -0.3 | -0.4 | -5.9 |
Purchase of noncontrolling interest | -4 | ||
Net cash provided by (used in) financing activities | -21.4 | 88.8 | 253.5 |
Effect of exchange rate changes on cash | -6.5 | -1.5 | 0.6 |
Net increase (decrease) in cash and cash equivalents | 95.2 | 91.6 | -106.8 |
Cash and cash equivalents at beginning of year | 154 | 62.4 | 169.2 |
Cash and cash equivalents at end of year | 249.2 | 154 | 62.4 |
Holdings [Member] | |||
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
Investing activities | |||
Purchases of property, plant and equipment | 0 | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Proceeds from sale-leaseback of equipment | 0 | 0 | 0 |
Intercompany Activity - Investing | 0 | 0 | 0 |
Net cash used in investing activities | 0 | 0 | 0 |
Financing activities | |||
Net debt activity | 0 | 0 | 0 |
Intercompany Activity - Financing | 0.3 | 0.4 | 5.9 |
Debt issuance costs | 0 | 0 | 0 |
Employee stock option exercises, including tax benefit | 0 | 0 | 0 |
Purchase of treasury stock | -0.3 | -0.4 | -5.9 |
Purchase of noncontrolling interest | 0 | ||
Net cash provided by (used in) financing activities | 0 | 0 | 0 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | 0 | 0 | 0 |
AAM Inc. [Member] | |||
Net cash provided by (used in) operating activities | 83.4 | -35.9 | -274.3 |
Investing activities | |||
Purchases of property, plant and equipment | -51.3 | -61.2 | -59.4 |
Proceeds from sale of property, plant and equipment | 7.9 | 5.1 | 7 |
Proceeds from sale-leaseback of equipment | 0 | 24.1 | 12.1 |
Intercompany Activity - Investing | 0 | 0 | |
Net cash used in investing activities | -43.4 | -32 | -40.3 |
Financing activities | |||
Net debt activity | -7.8 | 110.1 | 257.9 |
Intercompany Activity - Financing | -0.3 | -0.4 | -5.9 |
Debt issuance costs | -0.3 | -16.6 | -10.6 |
Employee stock option exercises, including tax benefit | 1.2 | 1.1 | 0.1 |
Purchase of treasury stock | 0 | 0 | 0 |
Purchase of noncontrolling interest | 0 | ||
Net cash provided by (used in) financing activities | -7.2 | 94.2 | 241.5 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 32.8 | 26.3 | -73.1 |
Cash and cash equivalents at beginning of year | 36.9 | 10.6 | 83.7 |
Cash and cash equivalents at end of year | 69.7 | 36.9 | 10.6 |
Guarantor Subsidiaries of Certain Notes [Member] | |||
Net cash provided by (used in) operating activities | 41.9 | 64.9 | 46.6 |
Investing activities | |||
Purchases of property, plant and equipment | -18.6 | -12.5 | -9 |
Proceeds from sale of property, plant and equipment | 0.4 | 0.5 | 0 |
Proceeds from sale-leaseback of equipment | 0 | 0 | 0 |
Intercompany Activity - Investing | -23.3 | -52.6 | -37.4 |
Net cash used in investing activities | -41.5 | -64.6 | -46.4 |
Financing activities | |||
Net debt activity | -0.4 | -0.3 | -0.2 |
Intercompany Activity - Financing | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Employee stock option exercises, including tax benefit | 0 | 0 | 0 |
Purchase of treasury stock | 0 | 0 | 0 |
Purchase of noncontrolling interest | 0 | ||
Net cash provided by (used in) financing activities | -0.4 | -0.3 | -0.2 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | 0 | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | |||
Net cash provided by (used in) operating activities | 193.1 | 194 | 52.2 |
Investing activities | |||
Purchases of property, plant and equipment | -136.6 | -178.2 | -139.2 |
Proceeds from sale of property, plant and equipment | 0.8 | 3.5 | 3.1 |
Proceeds from sale-leaseback of equipment | 0 | 0 | 0 |
Intercompany Activity - Investing | 0 | 0 | |
Net cash used in investing activities | -133.7 | -174.7 | -136.1 |
Financing activities | |||
Net debt activity | -13.8 | -5 | 16.2 |
Intercompany Activity - Financing | 23.3 | 52.6 | 37.4 |
Debt issuance costs | 0 | -0.1 | 0 |
Employee stock option exercises, including tax benefit | 0 | 0 | 0 |
Purchase of treasury stock | 0 | 0 | 0 |
Purchase of noncontrolling interest | -4 | ||
Net cash provided by (used in) financing activities | 9.5 | 47.5 | 49.6 |
Effect of exchange rate changes on cash | -6.5 | -1.5 | 0.6 |
Net increase (decrease) in cash and cash equivalents | 62.4 | 65.3 | -33.7 |
Cash and cash equivalents at beginning of year | 117.1 | 51.8 | 85.5 |
Cash and cash equivalents at end of year | 179.5 | 117.1 | 51.8 |
Consolidation, Eliminations [Member] | |||
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
Investing activities | |||
Purchases of property, plant and equipment | 0 | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Proceeds from sale-leaseback of equipment | 0 | 0 | 0 |
Intercompany Activity - Investing | 23.3 | 52.6 | 37.4 |
Net cash used in investing activities | 23.3 | 52.6 | 37.4 |
Financing activities | |||
Net debt activity | 0 | 0 | 0 |
Intercompany Activity - Financing | -23.3 | -52.6 | -37.4 |
Debt issuance costs | 0 | 0 | 0 |
Employee stock option exercises, including tax benefit | 0 | 0 | 0 |
Purchase of treasury stock | 0 | 0 | 0 |
Purchase of noncontrolling interest | 0 | ||
Net cash provided by (used in) financing activities | -23.3 | -52.6 | -37.4 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | $0 | $0 | $0 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowance for doubtful accounts | $4.60 | $4.90 | ||
Allowance for deferred taxes | 156.9 | 163.7 | ||
Inventory valuation allowance | 27.9 | 27.3 | ||
Allowance for Doubtful Accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowance for doubtful accounts | 4.6 | 4.9 | 6.5 | 5.5 |
Additions, charged to costs and expenses | 1.3 | 2.3 | 2 | |
Deductions | 1.6 | 3.9 | 1 | |
Valuation Allowance of Deferred Tax Assets [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowance for deferred taxes | 156.9 | 163.7 | 166.1 | 426.9 |
Additions, charged to costs and expenses | 13.8 | 14 | 80.9 | |
Deductions | 20.6 | 16.4 | 341.7 | |
Inventory Valuation Reserve [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Inventory valuation allowance | 27.9 | 27.3 | 21 | 26.7 |
Additions, charged to costs and expenses | 10.6 | 19.4 | 7.9 | |
Deductions | $10 | $13.10 | $13.60 |