Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 08, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | AMERICAN AXLE & MANUFACTURING HOLDINGS INC | ||
Entity Central Index Key | 1,062,231 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 1,101,081,311 | ||
Entity Common Stock, Shares Outstanding | 76,478,463 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net sales | $ 3,948 | $ 3,903.1 | $ 3,696 |
Cost of goods sold | 3,221.9 | 3,267.7 | 3,173.2 |
Gross profit | 726.1 | 635.4 | 522.8 |
Selling, general and administrative expenses | 319.2 | 277.3 | 255.2 |
Restructuring and acquisition-related costs | 26.2 | 0 | 0 |
Operating income | 380.7 | 358.1 | 267.6 |
Interest expense | (93.4) | (99.2) | (99.9) |
Investment income | 2.9 | 2.6 | 2.1 |
Other income (expense) | |||
Debt refinancing and redemption costs | 0 | (0.8) | 0 |
Other, net | 8.8 | 12 | 6.9 |
Income before income taxes | 299 | 272.7 | 176.7 |
Income tax expense | 58.3 | 37.1 | 33.7 |
Net income | $ 240.7 | $ 235.6 | $ 143 |
Basic earnings per share | $ 3.08 | $ 3.03 | $ 1.85 |
Diluted earnings per share | $ 3.06 | $ 3.02 | $ 1.85 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 46.9 | $ 61.7 | $ 71 | $ 61.1 | $ 62.9 | $ 60.9 | $ 58.6 | $ 53.2 | $ 240.7 | $ 235.6 | $ 143 |
Other comprehensive income (loss) | |||||||||||
Defined benefit plans, net of $4.7 million, $(8.5) million and $23.2 million of tax in 2016, 2015 and 2014, respectively | (19.6) | 16.7 | (42.7) | ||||||||
Foreign currency translation adjustments | (3.2) | (70.3) | (30.3) | ||||||||
Changes in cash flow hedges | (10.3) | (6) | (7.7) | ||||||||
Other comprehensive income (loss) | (33.1) | (59.6) | (80.7) | ||||||||
Comprehensive income | $ 207.6 | $ 176 | $ 62.3 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income Parenthetical (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract] | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | $ 4.7 | $ (8.5) | $ 23.2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 481.2 | $ 282.5 |
Accounts receivable, net | 560 | 539.1 |
Inventories, net | 219.5 | 230.5 |
Prepaid expenses and other | 75.8 | 72.1 |
Total current assets | 1,336.5 | 1,124.2 |
Property, plant and equipment, net | 1,093.7 | 1,046.2 |
Deferred income taxes | 356.4 | 373.6 |
Goodwill | 154 | 154.4 |
GM postretirement cost sharing asset | 236.1 | 243.2 |
Other assets and deferred charges | 271.4 | 261.1 |
Total assets | 3,448.1 | 3,202.7 |
Current liabilities | ||
Current portion of long-term debt | 3.3 | 3.3 |
Accounts payable | 382.3 | 412.7 |
Accrued compensation and benefits | 139.3 | 128 |
Deferred revenue | 24.6 | 22.9 |
Other accrued expenses | 102 | 132.3 |
Total current liabilities | 651.5 | 699.2 |
Long-term debt, net | 1,400.9 | 1,375.7 |
Deferred income taxes | 15 | 6.8 |
Deferred revenue | 70.8 | 65.7 |
Postretirement benefits and other long-term liabilities | 779.9 | 753.8 |
Total liabilities | 2,918.1 | 2,901.2 |
Stockholders' equity | ||
Series A junior participating preferred stock, par value $0.01 per share; 0.1 million shares authorized; no shares outstanding in 2016 or 2015 | 0 | 0 |
Preferred stock, par value $0.01 per share; 10.0 million shares authorized; no shares outstanding in 2016 or 2015 | 0 | 0 |
Series common stock, par value $0.01 per share; 40.0 million shares authorized; no shares outstanding in 2016 or 2015 | 0 | 0 |
Common stock, par value $0.01 per share; 150.0 million shares authorized; 83.0 million and 82.3 million shares issued as of December 31, 2016 and 2015, respectively | 0.9 | 0.8 |
Paid-in capital | 660.1 | 638.9 |
Retained earnings | 449.7 | 204.2 |
Treasury stock at cost, 6.5 million shares in 2016 and 6.2 million shares in 2015 | (191.1) | (185.9) |
Accumulated other comprehensive loss | ||
Defined benefit plans, net of tax | (243.5) | (223.9) |
Foreign currency translation adjustments | (122.4) | (119.2) |
Unrecognized loss on cash flow hedges | (23.7) | (13.4) |
Stockholders' Equity Attributable to Parent | 530 | 301.5 |
Total liabilities and stockholders' equity | $ 3,448.1 | $ 3,202.7 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Common stock, shares, outstanding | 76,500 | 76,100 |
Series A Preferred Stock [Member] | ||
Preferred stock, par or stated value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100 | 100 |
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 | 10,000 | 10,000 |
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 | 150,000 | 150,000 |
Common stock, shares issued | 83,000 | 82,300 |
Treasury stock, shares | 6,500 | 6,200 |
Series Common Stock [Member] | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 40,000 | 40,000 |
Common stock, shares, outstanding | 0 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities | |||
Net income | $ 240.7 | $ 235.6 | $ 143 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 201.8 | 198.4 | 199.9 |
Impairment of property, plant and equipment | 3.4 | 0 | 0 |
Deferred income taxes | 33.2 | 26.4 | (9.2) |
Stock-based compensation | 21 | 15.9 | 9.7 |
Pensions and other postretirement benefits, net of contributions | (12.6) | (25.6) | 31.8 |
Loss (gain) on disposal of property, plant and equipment, net | 4.3 | 4.2 | (2.6) |
Debt refinancing and redemption costs | 0 | 0.8 | 0 |
Changes in operating assets and liabilities | |||
Accounts receivable | (19.3) | (17.9) | (78.3) |
Inventories | 12.2 | 11.2 | 10.9 |
Accounts payable and accrued expenses | (14.2) | (2.1) | 13.7 |
Deferred revenue | 7.2 | (26.8) | 24.5 |
Other assets and liabilities | (70.1) | (42.5) | (25) |
Net cash provided by operating activities | 407.6 | 377.6 | 318.4 |
Investing activities | |||
Purchases of property, plant and equipment | (223) | (193.5) | (206.5) |
Proceeds from sale of property, plant and equipment | 1.7 | 0.3 | 9.1 |
Purchase buyouts of leased equipment | (4.6) | 0 | 0 |
Proceeds from government grants | 2.8 | 5.1 | 2.1 |
Final distribution of Reserve Yield Plus Fund | 1 | 0 | 0 |
Acquisition of business, net | (5.6) | 0 | 0 |
Net cash used in investing activities | (227.7) | (188.1) | (195.3) |
Financing activities | |||
Proceeds from issuance of long-term debt | 30.3 | 16.8 | 5 |
Payments of long-term debt, capital lease obligations and other | (7) | (157) | (27) |
Debt issuance costs | 0 | 0 | (0.3) |
Purchase of noncontrolling interest | 0 | (1.1) | 0 |
Employee stock option exercises | 0.3 | 0.8 | 1.2 |
Purchase of treasury stock | (5.2) | (3.1) | (0.3) |
Net cash provided by (used in) financing activities | 18.4 | (143.6) | (21.4) |
Effect of exchange rate changes on cash | 0.4 | (12.6) | (6.5) |
Net increase in cash and cash equivalents | 198.7 | 33.3 | 95.2 |
Cash and cash equivalents at beginning of year | 282.5 | 249.2 | 154 |
Cash and cash equivalents at end of year | 481.2 | 282.5 | 249.2 |
Supplemental cash flow information | |||
Interest paid | 87.2 | 93.8 | 91.1 |
Income taxes paid, net | $ 48.6 | $ 11.3 | $ 11.3 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] |
Common Stock, Shares, Outstanding at Dec. 31, 2013 | 75.6 | |||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 0.2 | |||||
Treasury Stock, Shares, Acquired | ||||||
Common Stock, Shares, Outstanding at Dec. 31, 2014 | 75.8 | |||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2013 | $ 0.8 | $ 612.8 | $ (174.4) | $ (182.5) | $ (216.2) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 1.2 | |||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 9.7 | |||||
Net income | $ 143 | 143 | ||||
Payments for Repurchase of Common Stock | 0.3 | (0.3) | ||||
Changes in cash flow hedges | (7.7) | (7.7) | ||||
Foreign currency translation adjustments | (30.3) | (30.3) | ||||
Defined benefit plans, net of $4.7 million, $(8.5) million and $23.2 million of tax in 2016, 2015 and 2014, respectively | $ (42.7) | (42.7) | ||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2014 | 0.8 | 623.7 | (31.4) | (182.8) | (296.9) | |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 0.4 | |||||
Treasury Stock, Shares, Acquired | 0.1 | |||||
Common Stock, Shares, Outstanding at Dec. 31, 2015 | 76.1 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 0.9 | |||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 15.9 | |||||
Change in additional paid in capital for purchase of noncontrolling interest | (1.6) | |||||
Net income | $ 235.6 | 235.6 | ||||
Payments for Repurchase of Common Stock | 3.1 | (3.1) | ||||
Changes in cash flow hedges | (6) | (6) | ||||
Foreign currency translation adjustments | (70.3) | (70.3) | ||||
Defined benefit plans, net of $4.7 million, $(8.5) million and $23.2 million of tax in 2016, 2015 and 2014, respectively | 16.7 | 16.7 | ||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2015 | $ 301.5 | 0.8 | 638.9 | 204.2 | (185.9) | (356.5) |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 0.7 | |||||
Treasury Stock, Shares, Acquired | 0.3 | |||||
Common Stock, Shares, Outstanding at Dec. 31, 2016 | 76.5 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 0.1 | 0.2 | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 21 | |||||
Net income | $ 240.7 | 240.7 | ||||
Modified-retrospective application of ASU 2016-09 | 4.8 | |||||
Payments for Repurchase of Common Stock | 5.2 | (5.2) | ||||
Changes in cash flow hedges | (10.3) | (10.3) | ||||
Foreign currency translation adjustments | (3.2) | (3.2) | ||||
Defined benefit plans, net of $4.7 million, $(8.5) million and $23.2 million of tax in 2016, 2015 and 2014, respectively | (19.6) | (19.6) | ||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2016 | $ 530 | $ 0.9 | $ 660.1 | $ 449.7 | $ (191.1) | $ (389.6) |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. 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 global 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), crossover vehicles, passenger cars 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, driveheads, chassis modules, driveshafts, power transfer units, transfer cases, chassis and steering components, transmission parts, electric drive systems and metal-formed products. In addition to locations in the United States (U.S.) (Michigan, Ohio and Indiana), we also have offices or facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland, Scotland, South Korea, Sweden and Thailand. ACQUISITION OF METALDYNE PERFORMANCE GROUP INC. (MPG) On November 3, 2016, AAM entered into a definitive merger agreement with MPG under which AAM will acquire MPG for approximately $1.7 billion in cash and stock. The acquisition is anticipated to close in the first half of 2017 subject to shareholder and regulatory approval and other customary closing conditions. In connection with the pending acquisition of MPG, AAM obtained a commitment letter that provides for up to $1.65 billion in senior secured term loan facilities and up to $800 million in a senior secured revolving credit facility. In addition, AAM intends to issue up to $1.2 billion in new senior unsecured notes, subject to market conditions. To the extent AAM does not receive gross proceeds of at least $1.2 billion from such an issuance, the commitment letter also provides for up to $1.2 billion in a senior unsecured bridge facility. These financing commitments have been obtained to fund the cash consideration payable in connection with the merger, related fees and expenses, to refinance any indebtedness outstanding under the existing AAM senior secured revolving credit facility and certain existing indebtednesses of MPG, and for general corporate purposes. 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. 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. During the fourth quarter of 2016, we reached an agreement with a customer to increase installed capacity for a program we support. In the fourth quarter of 2016, we received $20.0 million associated with this capacity increase and recorded the payment as deferred revenue, classified as a noncurrent liability on our Consolidated Balance Sheet. We expect to begin recognizing this deferred revenue in 2018 into revenue on a straight line basis over a period of approximately five years, which is the period that we expect the customer to benefit from this increase in installed capacity. In 2014, we reached an agreement with a customer 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 recognize this deferred revenue into revenue on a straight line basis over a period of approximately five years, which is the period we expect the customer to benefit from this capacity and mix change. We recognized revenue related to this agreement of $6.9 million in 2016 and 2015, and $5.4 million in 2014. As of December 31, 2016 , we have $6.9 million of deferred revenue that is classified as a current liability and $6.9 million of deferred revenue that is recorded as a noncurrent liability on our Consolidated Balance Sheet. Also in 2014, we reached an agreement with a customer to recover certain costs related to the delay of a major product program. We received $9.3 million in 2014 related to this agreement which was recorded as deferred revenue. We recognize this deferred revenue into revenue on a straight line basis over a period of approximately eight years, which is the period we expect the customer to benefit from this agreement. We recognized revenue related to this agreement of $1.1 million in 2016 and 2015, and $0.5 million in 2014. As of December 31, 2016 , we have remaining deferred revenue of $6.6 million , $1.1 million of which is classified as a current liability and $5.5 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 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, 2016 , our remaining deferred revenue related to the 2009 Settlement and Commercial Agreement is $21.6 million , $8.0 million of which is classified as a current liability and $13.6 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 2016 , 2015 and 2014 related to this agreement. As of December 31, 2016 , the majority of the remaining deferred revenue primarily relates to payments from customers to implement capacity programs and reimbursement for engineering, design and development (ED&D) costs on awarded programs. These deferred revenues are generally recognized into revenue over the life of these programs. We recognized $8.9 million , $7.4 million and $7.5 million of revenue for these programs in 2016 , 2015 and 2014 , 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 was $139.8 million , $113.9 million and $103.9 million in 2016 , 2015 and 2014 , respectively. CASH AND CASH EQUIVALENTS Cash and cash equivalents inclu de all cash balances, savings accounts, sweep accounts, and highly liquid investments in money market funds and certificates of deposit 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 $3.1 million and $4.3 million as of December 31, 2016 and 2015 , 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. Reimbursements received for pre-production costs relating to awarded programs are deferred and recognized into revenue over the life of the associated program. Reimbursements received for pre-production costs relating to future programs that have not been awarded, or amounts received for programs that become discontinued prior to production, are recorded as a reduction of expense. 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. Reimbursable costs for tooling assets for which our customer has title and we do not have a noncancelable right to use during the term of the supply arrangement, are recorded in accounts receivable in our consolidated balance sheets. The reimbursement for the customer-owned tooling is recorded as a reduction of accounts receivable upon collection. 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, 2016 2015 (in millions) Raw materials and work-in-progress $ 212.7 $ 228.7 Finished goods 33.8 31.1 Gross inventories 246.5 259.8 Inventory valuation reserves (27.0 ) (29.3 ) Inventories, net $ 219.5 $ 230.5 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 using the straight-line method over the estimated useful lives of the depreciable assets. Depreciation and tooling amortization amounted to $160.4 million , $163.6 million and $166.5 million in 2016 , 2015 and 2014 , respectively. Property, plant and equipment consists of the following: Estimated December 31, Useful Lives 2016 2015 (years) (in millions) Land Indefinite $ 24.9 $ 24.9 Land improvements 10-15 19.2 18.8 Buildings and building improvements 15-40 345.5 315.5 Machinery and equipment 3-12 1,976.0 1,853.1 Construction in progress 109.9 88.4 2,475.5 2,300.7 Accumulated depreciation and amortization (1,381.8 ) (1,254.5 ) Property, plant and equipment, net $ 1,093.7 $ 1,046.2 As of December 31, 2016 , 2015 and 2014 , we had unpaid purchases of plant and equipment in our accounts payable of $19.0 million , $43.6 million and $31.4 million , respectively. 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. In the third quarter of 2016, we identified an indicator of impairment at our Pantnagar Manufacturing Facility in India due to changes in forecasted cash flows. Accordingly, we performed an assessment of the recoverability of these assets and, as a result, recorded an impairment charge of $3.4 million to write the assets down to fair value. GOODWILL We record goodwill when the purchase price of acquired businesses exceeds the value of their identifiable net tangible and intangible assets acquired. We test our goodwill annually, or more frequently if necessary, for impairment in accordance with the accounting guidance for goodwill and other indefinite-lived intangibles. We completed impairment tests in 2016 and 2015 and concluded that there was no impairment of our goodwill. The following table provides a reconciliation of changes in goodwill: December 31, 2016 2015 (in millions) Beginning balance $ 154.4 $ 155.0 Foreign currency translation (0.4 ) (0.6 ) Ending balance $ 154.0 $ 154.4 INTANGIBLE ASSETS During the first quarter of 2016, we completed the final stages of implementing upgrades to our global enterprise resource planning (ERP) systems at certain remaining global locations. This implementation included upgrades to many of our existing operating and financial systems. In connection with the development of these ERP systems, we have recorded an intangible asset on our Consolidated Balance Sheet. 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. 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 $5.0 million , $3.2 million and $0.4 million of expense for the amortization of these intangible assets in 2016, 2015 and 2014, respectively. Estimated amortization expense for these assets for the next five years is as follows: $5.0 million in 2017, $4.0 million in 2018, $3.4 million in 2019, $2.9 million in 2020, and $2.5 million in 2021. The following table provides the gross intangible asset balance and related amortization recorded on our Consolidated Balance Sheet as of December 31, 2016 and December 31, 2015 : December 31, 2016 2015 (in millions) Capitalized computer software intangible asset $ 31.7 $ 28.7 Accumulated amortization (8.5 ) (3.7 ) Capitalized computer software intangible asset, net $ 23.2 $ 25.0 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 2018. 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, 2016 2015 (in millions) Beginning balance $ 5.7 $ 6.2 Foreign currency translation (0.4 ) (0.5 ) Ending balance $ 5.3 $ 5.7 DEBT ISSUANCE COSTS The costs related to the issuance or modification of long-term debt are deferred and amortized into interest expense over the expected life of the borrowings. As of December 31, 2016 and December 31, 2015 , our unamortized debt issuance costs were $16.7 million and $22.5 million , respectively. Debt issuance costs associated with our senior unsecured notes are recorded as a reduction to the related debt liability. Debt issuance costs of $5.0 million and $7.9 million related to our revolving credit facility, for which there is no outstanding debt liability, are classified as Other Assets and Deferred Charges on our Consolidated Balance Sheets as of December 31, 2016 and December 31, 2015, respectively. Unamortized debt issuance costs that exist upon 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 master netting agreements. 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 4 - Derivatives and Risk Management , for more detail on our derivatives. CURRENCY TRANSLATION AND REMEASUREMENT 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 net gain of $5.8 million , $9.5 million and $6.4 million , for the years ended 2016 , 2015 and 2014 , respectively, in Other Income (Expense). PENSION AND OTHER POSTRETIREMENT DEFINED BENEFIT PLANS Net pension and postretirement benefit expenses and the related liabilities are determined on an actuarial basis. These plan expenses and obligations are dependent on management's assumptions developed in consultation with our actuaries. We review these actuarial assumptions at least annually and make modifications when appropriate. See Note 6 - Employee Benefit Plans, for more detail on our pension and other postretirement defined benefit plans. STOCK-BASED COMPENSATION We have stock-based compensation in the form of stock options, restricted stock units (RSUs) and performance shares. For non-performance based awards, the grant date fair value is measured as the stock price at the date of grant. For performance based awards, fair value is estimated using valuation techniques that require management to use estimates and assumptions. Certain awards require that management's estimates and assumptions be evaluated at each reporting date to determine if compensation expense related to the award should be adjusted, both on a catch-up and go-forward basis. Compensation expense is recognized over the period during which the requisite service is provided, referred to as the vesting period. See Note 7 - Stock-Based Compensation, for more detail on our accounting for stock-based compensation. DEFERRED INCOME TAX ASSETS AND LIABILITIES AND VALUATION ALLOWANCES Our deferred income tax assets and liabilities 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. 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 carryforward periods, tax planning opportunities and other relevant considerations. This includes the consideration of tax law changes, prior profitability performance and the uncertainty of future projected profitability. We record a valuation allowance to reduce our deferred tax assets to the amount that is "more likely than not," to be realized. We record uncertain tax positions on the basis of a two-step process whereby: (1) we determine whether it is "more likely than not" that the tax positions will be sustained based on the technical merits of the position: and (2) for those positions that meet the "more likely than not" recognition threshold, we recognize the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. We record interest and penalties on uncertain tax positions in income tax expense (benefit). See Note 8 - Income Taxes, for more detail on our accounting for income taxes. EARNINGS PER SHARE (EPS) We present 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. See Note 9 - Earnings Per Share (EPS), for more detail on our accounting for EPS. SHARE REPURCHASE PROGRAM On May 5, 2016, AAM's Board of Directors authorized a share repurchase program of up to $100 million of AAM's common shares through December 31, 2018 as part of AAM's overall capital allocation strategy. The repurchase of shares may be made in the open market or in privately negotiated transactions and will be funded through available cash balances and cash flow from operations. The timing and amount of any share repurchases will be determined based on market and economic conditions, share price, alternative uses of capital and other factors. During the second quarter of 2016, we completed an initial share repurchase of 100,000 shares for $1.5 million under the program. As of December 31, 2016 there is approximately $98.5 million available for repurchase. PRODUCT WARRANTY See Note 10 - Commitments and Contingencies, for more detail on our accounting for product warranties. 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 Accounting Standards Update 2016-16 On October 24, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-16 - Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. Existing income tax guidance prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This existing guidance is deemed an exception to the principle of comprehensive recognition of current and deferred income taxes under GAAP. Due to the limited authoritative guidance about this exception, diversity in practice exists. ASU 2016-16 eliminates this exception for intra-entity transfers of assets other than inventory and requires that entities recognize the income tax consequences when the transfers occur. This guidance becomes effective at the beginning of our 2018 fiscal year, however early adoption is permitted. The guidance requires a modified retrospective transition method. We are currently assessing the impact that this standard will have on our consolidated financial statements. Accounting Standards Update 2016-15 On August 26, 2016, the FASB issued ASU 2016-15 - Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update addresses the following eight specific cash flow issues: 1) debt prepayment or debt extinguishment costs; 2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; 3) contingent consideration payments made after a business combination; 4) proceeds from the settlement of insurance claims; 5) proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); 6) distributions received from equity method investees; 7) beneficial interests in securitization transactions; and 8) separately identifiable cash flows and application of the predominance principle. Historically, we have classified certain cash flows related to debt prepayment or debt extinguishment costs as operating cash flows. Upon adoption, the guidance in ASU 2016-15 requires that these cash flows be classified as financing cash flows. We do not feel that the adoption of this guidance as it relates to any of the other seven cash flow issues specified will have a material impact on our Consolidated Statement of Cash Flows. This guidance becomes effective at the beginning of our 2018 fiscal year, however as permitted, we have elected to early adopt this standard in the fourth quarter of 2016. The retrospective adoption of this guidance did not impact any of the periods presented in the Consolidated Statements of Cash Flows in the three years ended December 31, 2016. Accounting Standards Update 2016-09 On March 31, 2016, the FASB issued ASU 2016-09 - Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The update is intended to simplify the current guidance for stock-based compensation for a range of issues including: the timing of income statement impact for tax benefits or deficiencies in excess of compensation cost, the classification of tax-related cash flows resulting from share based payments, the allowable threshold for tax withholding without resulting in liability award classification, and a policy election for estimating forfeiture rates or recognizing forfeitures as they occur. This guidance becomes effective at the beginning of our 2017 fiscal year, however as permitted, AAM elected to early adopt this guidance in the fourth quarter of 2016. The guidance requires a retrospective, modified-retrospective, or prospective transition method depending on the applicable section of the ASU. The effect of implementing this ASU on our Consolidated Balance Sheet was an increase to our deferred tax assets and retained earnings of $4.8 million as of January 1, 2016, using the modified-retrospective transition method, for the cumulative-effect adjustment of excess tax benefits that were not previously recognized because the related tax deduction had not reduced current taxes payable. We have evaluated the aspects of this new guidance and, other than this one-time increase in deferred tax assets and retained earnings, the adoption of this ASU did not have a material impact on our accounting for share-based payments. Accounting Standards Update 2016-02 On February 25, 2016, the FASB issued ASU 2016-02 - Leases (Topic 842) , which supersedes the existing lease accounting guidance and establishes new criteria for recognizing lease assets and liabilities. The most significant impact of the update, to AAM, is that a lessee will be required to recognize a "right-of-use" asset and lease liability for operating lease agreements that were not previously included on the balance sheet under the existing lease guidance. A lessee will be permitted to make a policy election, excluding recognition of the right-of-use asset and associated liability for lease terms of 12 months or less. Expense recognition in the statement of income along with cash flow statement classification for both financing (capital) and operating leases under the new standard will not be significantly changed from existing lease guidance. This guidance becomes effective for AAM at the beginning of our 2019 fiscal year and requires transition under a modified retrospective method. We are currently assessing the impact that this standard will have on our consolidated financial statements. Accounting Standards Update 2015-07 On May 1, 2015, the FASB issued ASU 2015-07 - Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) , which changes the disclosure requirements for investments in certain entities that calculate net asset value (NAV) per share. Under current accounting standards entities are permitted to estimate the fair value of certain investments using the investment's NAV as a practical expedient. The current disclosure guidance also permits entities to disclose the investment at NAV in the fair value hierarchy table as either Level 2 or Level 3, based upon certain criteria. The measurement basis utilizing NAV is different than the measurement criteria of all other investments which utilize inputs to calculate fair value. Due to this inconsistency, the FASB issued this ASU which prohibits entities from categorizing investments measured at NAV within the fair value hierarchy. Other than the change in presentation, which requires retrospective application, the adoption of this new guidance did not have an impact on our consolidated financial statements. AAM adopted this policy on January 1, 2016. Accounting Standards Update 2014-09 In 2014, the FASB issued ASU 2014-09 - Revenue from Contracts with Customers (Topic 606) , and has subsequently issued ASUs 2015-14 - Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , 2016-08 - Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross Versus Net) , 2016-10 - Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , 2016-12 - Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , and 2016-20 - Revenue from Contracts with Customers (Topic 606): Technical Corrections and Improvements to Topic 606 (collectively, the Revenue Recognition ASUs). The Revenue Recognition ASUs outline a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersede 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. This guidance is effective for AAM beginning on January 1, 2018 and entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. We are evaluating whether we will adopt this guidance using the full retrospective or modified retrospective approach. We are concluding the assessment phase of implementing this guidance. We have evaluated each of the five steps in the new revenue recognition model, which are as follows: 1) Identify the contract with the customer; 2) Identify the performance obligations in the contract; 3) Determine the transaction price; 4) Allocate the transaction price to the performance obligations; and 5) Recognize revenue when (or as) performance obligations are satisfied. Our preliminary conclusion is that the determination of what constitutes a contract with our customers (step 1), our performance obligations under the contract (step 2), and the determination and allocation of the transaction price (steps 3 and 4) under the new revenue recognition model will not result in significant changes in comparison to the current revenue recognition guidance. With regard to recognizing revenue when (or as) a performance obligation is satisfied (step 5), we are thoroughly reviewing the language in our contracts with each customer to determine whether the customer obtains control of the goods at a point in time or over time. Under current revenue recognition guidance, we recognize revenue when products are shipped to our customers a |
Restructuring and Acquisition-R
Restructuring and Acquisition-Related Costs | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Business Acquisition, Integration, Restructuring and Other Related Costs [Text Block] | 2. RESTRUCTURING AND ACQUISITION-RELATED COSTS In the fourth quarter of 2016, AAM initiated actions under a global restructuring program focusing on creating a more streamlined organization in addition to reducing our cost structure and preparing for upcoming acquisition integration activities. A summary of this activity for 2016 is shown below: Severance Charges Implementation Costs Asset Impairment Charges Total (in millions) Accrual as of January 1, 2016 $ — $ — $ — $ — Charges 0.6 10.2 4.5 15.3 Cash utilization — (1.0 ) — (1.0 ) Non-cash utilization — — (4.5 ) (4.5 ) Accrual adjustments — — — — Accrual as of December 31, 2016 $ 0.6 $ 9.2 $ — $ 9.8 As part of our restructuring actions, we incurred severance charges of approximately $0.6 million , as well as implementation costs, including professional expenses, of approximately $10.2 million in 2016. We expect to incur approximately $20 to $25 million of additional charges under our global restructuring program in 2017. In the third quarter of 2016, we identified an indicator of impairment at our Pantnagar Manufacturing Facility in India due to changes in forecasted cash flows. Accordingly, we performed an assessment of the recoverability of these assets and, as a result, recorded an impairment charge of $3.4 million to write the assets down to fair value. In the fourth quarter of 2016, we recorded an additional charge of $1.1 million relating to the announced closure of the facility. On November 3, 2016, AAM announced entry into a definitive merger agreement with MPG. The following table represents a summary of acquisition-related charges incurred in 2016 related to the pending acquisition of MPG and other strategic initiatives: Acquisition-Related Costs Integration Expenses Other Total (in millions) Charges $ 9.5 $ 1.4 $ — $ 10.9 Total restructuring and acquisition-related charges $ 26.2 Acquisition-related costs primarily consist of advisory, legal, accounting, valuation and certain other professional or consulting fees incurred. Integration expenses reflect consulting fees incurred in preparation for the upcoming acquisition and ongoing integration activities. Total charges associated with our global restructuring program and acquisition-related charges of $26.2 million are shown on a separate line item titled "Restructuring and Acquisition-Related Costs" in our Consolidated Statements of Income. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | 3. LONG-TERM DEBT AND LEASE OBLIGATIONS Long-term debt, net consists of the following: December 31, 2016 2015 (in millions) Revolving Credit Facility $ — $ — 7.75% Notes 200.0 200.0 6.625% Notes 550.0 550.0 6.25% Notes 400.0 400.0 5.125% Notes 200.0 200.0 Foreign credit facilities 60.4 38.0 Capital lease obligations 5.5 5.6 Debt 1,415.9 1,393.6 Less: Current portion of long-term debt 3.3 3.3 Long-term debt 1,412.6 1,390.3 Less: Debt issuance costs 11.7 14.6 Long-term debt, net $ 1,400.9 $ 1,375.7 REVOLVING CREDIT FACILITY AND TERM FACILITY We have a revolving credit facility that provides up to $523.5 million of revolving bank financing commitments through September 13, 2018. At December 31, 2016 , $507.3 million was available under the revolving credit facility, which reflected a reduction of $16.2 million for standby letters of credit issued against the facility. The credit agreement provided for a senior secured term loan A facility in an aggregate principal amount of $150.0 million (term facility). In 2015, we made principal payments of $142.5 million on our term facility to prepay all outstanding principal. Upon prepayment, we expensed $0.8 million in 2015 related to the write-off of the remaining unamortized debt issuance costs related to our term facility that we had been amortizing over the expected life of the borrowing. 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%. The revolving credit facility is 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. In the event AAM achieves investment grade corporate credit ratings from Standard & Poor's 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 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. 7.75% NOTES In 2011, we issued $200.0 million of 7.75% senior unsecured notes due 2019 ( 7.75% Notes). 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. 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 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 and furniture under capital leases expiring at various dates. The gross asset cost of our capital leases was $8.8 million and $7.9 million at December 31, 2016 and 2015 , respectively. The net book value included in property, plant and equipment, net on the balance sheet was $5.5 million and $5.6 million at December 31, 2016 and 2015 , respectively. The weighted-average interest rate on these capital lease obligations at December 31, 2016 was 6.6% . We also lease certain manufacturing machinery and equipment, commercial office and production facilities, vehicles and other assets under operating leases expiring at various dates. Future minimum payments under noncancelable operating leases are as follows: $23.7 million in 2017, $16.5 million in 2018, $8.8 million in 2019, $6.3 million in 2020, and $5.2 million in 2021. Our total expense relating to operating leases was $26.9 million , $25.3 million and $23.6 million in 2016 , 2015 and 2014 , 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. During 2016, we increased the borrowings on our foreign credit facilities, primarily to fund capital expenditures and working capital in preparation for the launch of programs in China, which began in the fourth quarter of 2016. At December 31, 2016 , $60.4 million was outstanding under these facilities and an additional $62.0 million was available. FINANCING RELATED TO THE PENDING ACQUISITION OF MPG In connection with the pending acquisition of MPG, AAM obtained a commitment letter that provides for up to $1.65 billion in senior secured term loan facilities and up to $800 million in a senior secured revolving credit facility. In addition, AAM intends to issue up to $1.2 billion in new senior unsecured notes, subject to market conditions. To the extent AAM does not receive gross proceeds of at least $1.2 billion from such an issuance, the commitment letter also provides for up to $1.2 billion in a senior unsecured bridge facility. These financing commitments have been obtained to fund the cash consideration payable in connection with the merger, related fees and expenses, to refinance any indebtedness outstanding under the existing AAM senior secured revolving credit facility and certain existing indebtednesses of MPG, and for general corporate purposes. DEBT MATURITIES Aggregate maturities of long-term debt are as follows (in millions) : 2017 $ 42.6 2018 17.5 2019 403.3 2020 0.8 2021 400.9 Thereafter 550.8 Total $ 1,415.9 INTEREST EXPENSE AND INVESTMENT INCOME Interest expense was $93.4 million in 2016 , $99.2 million in 2015 and $99.9 million in 2014 . The decrease in interest expense in 2016, as compared to 2015, reflects the decrease in our average outstanding borrowings due to our voluntary election to prepay the outstanding principal balance on our term facility in the fourth quarter of 2015. We capitalized interest of $6.5 million in 2016 , $4.5 million in 2015 and $5.8 million in 2014 . The weighted-average interest rate of our long-term debt outstanding at December 31, 2016 was 6.6% as compared to 6.5% and 6.4% at December 31, 2015 and 2014 , respectively. Investment income was $2.9 million in 2016 as compared to $2.6 million and $2.1 million in 2015 and 2014 , respectively. Investment income includes interest 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, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 4. 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, Brazilian Real, British Pound Sterling, Thai Baht, Swedish Krona, Chinese Yuan and Polish Zloty. We had forward contracts with a notional amount of $156.0 million and $190.0 million outstanding at December 31, 2016 and 2015 , respectively, that hedge our exposure to changes in foreign currency exchange rates for certain payroll expenses into the fourth quarter of 2019 and the purchase of certain direct and indirect inventory and other working capital items into the second quarter of 2017. The following table summarizes the reclassification of pre-tax derivative gains (losses) into net income from accumulated other comprehensive income (loss) for those derivative instruments designated as cash flow hedges under Accounting Standards Codification 815 - Derivatives and Hedging (ASC 815): Location of Gain (Loss) Reclassified into Net Income Gain (Loss) Reclassified During the Twelve Months Ended December 31, Loss Expected to be Reclassified During the Next 12 Months 2016 2015 2014 (in millions) Currency forward contracts Cost of Goods Sold $ (10.5 ) $ (10.9 ) $ 0.9 $ (12.3 ) See Note 11 - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) for amounts recognized in other comprehensive income (loss) during the years ended December 31, 2016 , December 31, 2015 and December 31, 2014 . The following table summarizes the amount and location of gains (losses) recognized in the Consolidated Statement of Income for those derivative instruments not designated as hedging instruments under ASC 815: Location of Loss Recognized in Net Income Loss Recognized During the Twelve Months Ended December 31, 2016 2015 2014 (in millions) Currency forward contracts Cost of Goods Sold $ (5.8 ) $ (4.0 ) $ (1.8 ) Currency forward contracts Other Income (Expense), Net (0.7 ) (1.6 ) — 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 67% of our consolidated net sales in 2016 , 66% in 2015 , and 68% in 2014 . Accounts and other receivables due from GM were $369.1 million at year-end 2016 and $361.1 million at year-end 2015 . Sales to FCA US LLC (FCA), were approximately 18% of our consolidated net sales in 2016 , 20% in 2015 and 18% in 2014 . Accounts and other receivables due from FCA were $87.3 million at year-end 2016 and $96.8 million at year-end 2015 . 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 $249.0 million as of December 31, 2016 and $256.3 million as of December 31, 2015 . See Note 6 - 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, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 5. 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, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Input (in millions) Balance Sheet Classification Cash equivalents $ 187.2 $ 187.2 $ 61.7 $ 61.7 Level 1 Currency forward contracts - Prepaid expenses and other Nondesignated currency forward contracts — — 0.2 0.2 Level 2 Currency forward contracts - Other accrued expenses Cash flow hedges 12.3 12.3 7.5 7.5 Level 2 Nondesignated currency forward contracts 1.4 1.4 1.9 1.9 Level 2 Currency forward contracts - Postretirement benefits and other long-term liabilities Cash flow hedges 11.4 11.4 5.9 5.9 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, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Input (in millions) Revolving Credit Facility $ — $ — $ — $ — Level 2 7.75% Notes 200.0 221.0 200.0 218.5 Level 2 6.625% Notes 550.0 566.1 550.0 574.8 Level 2 6.25% Notes 400.0 412.0 400.0 415.0 Level 2 5.125% Notes 200.0 201.7 200.0 202.0 Level 2 Investments in our defined benefit pension plans are stated at fair value. See Note 6 - Employee Benefit Plans for additional fair value disclosures of our pension plan assets. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 6. 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 $249.0 million and $256.3 million at December 31, 2016 and December 31, 2015 , respectively. We have also recorded a corresponding asset for these amounts on our Consolidated Balance Sheet, $12.9 million that is classified as a current asset and $236.1 million that is classified as a noncurrent asset as of December 31, 2016 . Actuarial valuations of our benefit plans were made as of December 31, 2016 and 2015 . 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 2016 2015 2014 2016 2015 2014 U.S. U.K U.S. U.K U.S. U.K. Discount rate 4.15 % 2.70 % 4.40 % 3.90 % 4.10 % 3.70 % 4.20 % 4.45 % 4.15 % Expected return on plan assets 7.50 % 5.00 % 7.50 % 5.00 % 7.50 % 5.00 % N/A N/A N/A Rate of compensation increase 4.00 % 3.45 % 4.00 % 3.30 % 4.00 % 3.30 % 4.00 % 4.00 % 4.00 % The accumulated benefit obligation for all defined benefit pension plans was $702.2 million and $678.6 million at December 31, 2016 and December 31, 2015 , respectively. As of December 31, 2016, the accumulated benefit obligation for our underfunded defined benefit pension plans was $567.6 million , the projected benefit obligation was $580.2 million and the fair value of assets for these plans was $461.1 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, 2016 2015 2016 2015 (in millions) Change in benefit obligation Benefit obligation at beginning of year $ 693.1 $ 738.8 $ 588.4 $ 654.7 Service cost 2.9 3.2 0.3 0.4 Interest cost 28.8 28.6 14.0 15.0 Actuarial loss (gain) 54.8 (32.1 ) (6.8 ) (35.9 ) Change in GM portion of OPEB obligation — — (7.2 ) (31.6 ) Participant contributions 0.3 0.4 — — Benefit payments (38.1 ) (38.4 ) (17.0 ) (14.2 ) Currency fluctuations (24.2 ) (7.4 ) — — Net change 24.5 (45.7 ) (16.7 ) (66.3 ) Benefit obligation at end of year $ 717.6 $ 693.1 $ 571.7 $ 588.4 Change in plan assets Fair value of plan assets at beginning of year $ 612.8 $ 643.7 $ — $ — Actual return on plan assets 61.7 (5.0 ) — — Employer contributions 2.3 20.1 17.0 14.2 Participant contributions 0.3 0.4 — — Benefit payments (38.1 ) (38.4 ) (17.0 ) (14.2 ) Currency fluctuations (27.7 ) (8.0 ) — — Net change (1.5 ) (30.9 ) — — Fair value of plan assets at end of year $ 611.3 $ 612.8 $ — $ — Amounts recognized in our Consolidated Balance Sheets are as follows: Pension Benefits OPEB December 31, December 31, 2016 2015 2016 2015 (in millions) Noncurrent assets $ 12.9 $ 27.0 $ — $ — Current liabilities (5.7 ) (4.2 ) (29.1 ) (29.4 ) Noncurrent liabilities (113.5 ) (103.1 ) (542.6 ) (559.0 ) Net liability $ (106.3 ) $ (80.3 ) $ (571.7 ) $ (588.4 ) Pre-tax amounts recorded in accumulated other comprehensive income (loss) (AOCI), not yet recognized in net periodic benefit cost (credit) as of December 31, 2016 and 2015 , consists of: Pension Benefits OPEB December 31, December 31, 2016 2015 2016 2015 (in millions) Net actuarial gain (loss) $ (247.9 ) $ (222.9 ) $ 8.5 $ 1.1 Net prior service credit 0.5 0.6 9.9 12.7 Total amounts recorded $ (247.4 ) $ (222.3 ) $ 18.4 $ 13.8 The components of net periodic benefit cost (credit) are as follows: Pension Benefits OPEB 2016 2015 2014 2016 2015 2014 (in millions) Service cost $ 2.9 $ 3.2 $ 3.5 $ 0.3 $ 0.4 $ 0.3 Interest cost 28.8 28.6 36.1 14.0 15.0 15.3 Expected asset return (42.1 ) (42.0 ) (48.4 ) — — — Amortized actuarial loss 5.5 6.0 5.4 0.5 0.8 0.5 Amortized prior service credit (0.1 ) (0.1 ) (0.1 ) (2.7 ) (2.7 ) (2.7 ) Settlement charge — — 35.5 — — — Net periodic benefit cost (credit) $ (5.0 ) $ (4.3 ) $ 32.0 $ 12.1 $ 13.5 $ 13.4 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 credit in 2017 are $7.1 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 2017 are $0.5 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 6.50% was assumed for 2017 . 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 2016 and the postretirement obligation, net of GM cost sharing, at December 31, 2016 by $1.5 million and $36.3 million , respectively. A 1.0% decrease in the assumed health care cost trend rate would have decreased total service and interest cost in 2016 and the postretirement obligation, net of GM cost sharing, at December 31, 2016 by $1.3 million and $30.1 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: $59.6 million in 2017; $54.0 million in 2018; $53.9 million in 2019; $55.1 million in 2020; $56.1 million in 2021 and $292.7 million for 2022 through 2026. These amounts were estimated using the same assumptions that were used to measure our 2016 year-end pension and OPEB obligations and include an estimate of future employee service. Contributions In December 2015, we voluntarily contributed $18.3 million to our U.K. pension trust to satisfy our estimated U.K. regulatory funding requirements for 2016 through 2018. Due to the availability of our prefunded pension balances related to our U.S. pension plans, we do not expect to make any cash payments in 2017 to satisfy our regulatory funding requirements. We expect our cash outlay, net of GM cost sharing, for OPEB to be approximately $16 million in 2017. Terminated vested lump sum payout offer In 2014, we offered a voluntary one-time lump sum payment option to certain eligible terminated vested participants in our U.S. pension plans that settled our pension obligations to them. The lump sum settlements, which were paid from plan assets, reduced our liabilities and administrative costs going forward. 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 in 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 2014 related to the accelerated recognition of certain deferred losses. Pension plan assets The weighted-average asset allocations of our pension plan assets at December 31, 2016 and 2015 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 2016 2015 Allocation 2016 2015 Allocation Equity securities 42.0 % 34.8 % 30% - 65% 27.3 % 26.7 % 25% - 35% Fixed income securities 48.0 46.2 35% - 55% 57.0 52.0 55% - 65% Hedge funds 9.0 17.8 0% - 20% 11.7 9.6 5% - 15% Cash 1.0 1.2 0% - 5% 4.0 11.7 0% - 5% Total 100.0 % 100.0 % 100.0 % 100.0 % 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. Defined Benefit Pension 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 values of our pension plan assets are as follows: December 31, 2016 Asset Categories Level 1 Level 2 Level 3 Total (in millions) Cash & Cash Equivalents $ 10.4 $ — $ — $ 10.4 Equity U.S. Large Cap 90.9 — — 90.9 U.S. Small/Mid Cap 37.3 — — 37.3 World Equity 106.5 — — 106.5 Fixed Income Securities Government & Agencies 74.7 33.1 — 107.8 Corporate Bonds - Investment Grade 143.7 — — 143.7 Corporate Bonds - Non-investment Grade 26.2 — — 26.2 Emerging Market Debt 24.2 — — 24.2 Other 5.0 — — 5.0 Hedge Funds Property Funds (a) — — — 45.5 Multi Strategy Hedge Fund (a) — — — 8.8 Structured Credit Fund (a) — — — 5.0 Total Plan Assets $ 518.9 $ 33.1 $ — $ 611.3 December 31, 2015 Asset Categories Level 1 Level 2 Level 3 Total (in millions) Cash & Cash Equivalents $ 23.7 $ — $ — $ 23.7 Equity U.S. Large Cap 77.1 — — 77.1 U.S. Small/Mid Cap 28.2 — — 28.2 World Equity 95.5 — — 95.5 Fixed Income Securities Government & Agencies 68.1 35.8 — 103.9 Corporate Bonds - Investment Grade 138.4 — — 138.4 Corporate Bonds - Non-investment Grade 24.8 — — 24.8 Emerging Market Debt 18.1 — — 18.1 Other 6.9 — — 6.9 Hedge Funds Property Funds (a) — — — 54.6 Multi Strategy Hedge Fund (a) — — — 41.6 Total Plan Assets $ 480.8 $ 35.8 $ — $ 612.8 (a) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets. 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 $5.2 million in 2016 , $4.6 million in 2015 and $3.9 million in 2014 . U.S. salaried associates are eligible annually to receive an additional AAM Retirement Contribution (ARC) benefit between 3% to 5% of eligible salary, depending on years of service. We made ARC contributions of $5.8 million , $5.3 million and $4.9 million in 2016 , 2015 and 2014 , 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 $0.4 million in 2016 , and $0.1 million in 2015 and 2014 . Certain UAW represented associates are also eligible to receive an ARC benefit of 5% of eligible wages. We made ARC contributions of $1.9 million in 2016 , $2.5 million in 2015 and $2.6 million in 2014 related to these associates. DEFERRED COMPENSATION PLAN Certain U.S. associates are eligible to participate in a non-qualified deferred compensation plan. Payments of $0.5 million , $0.7 million and $1.2 million have been made in 2016 , 2015 and 2014 , respectively, to eligible associates that have elected distributions. At December 31, 2016 and 2015 , our deferred compensation liability was $5.3 million and $5.1 million , respectively. Due to the changes in the value of this deferred compensation plan we increased our liability by $0.2 million , $0.1 million and $0.3 million in 2016 , 2015 and 2014 , respectively. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 7. STOCK-BASED COMPENSATION At December 31, 2016 , we had stock-based awards outstanding under stock incentive compensation plans approved by our stockholders. Under these plans, shares have been authorized for issuance to our directors, officers and certain other associates in the form of options, unvested restricted stock units, performance shares or other awards that are based on the value of our common stock. Shares available for future grants at December 31, 2016 were 2.7 million . The current stock plan will expire in April 2022. STOCK OPTIONS Under the terms of the plans, stock options were 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 became exercisable in three approximately equal annual installments beginning one year from the initial 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, 2014 2.0 $ 29.22 Options granted — — Options exercised (0.1 ) 13.87 Options canceled (1.0 ) 37.70 Outstanding at December 31, 2014 0.9 $ 20.66 Options granted — — Options exercised (0.1 ) 17.13 Options canceled (0.2 ) 26.65 Outstanding at December 31, 2015 0.6 $ 18.58 Options granted — — Options exercised (0.1 ) 10.08 Options canceled (0.2 ) 16.08 Outstanding at December 31, 2016 0.3 $ 20.71 Exercisable at December 31, 2014 0.9 $ 20.66 Exercisable at December 31, 2015 0.6 $ 18.58 Exercisable at December 31, 2016 0.3 $ 20.71 As of December 31, 2016 , there were no unvested stock options. The total intrinsic value of options outstanding and exercisable as of December 31, 2016 was $1.1 million . The total intrinsic value of stock options exercised was $0.2 million in 2016 , $0.3 million in 2015 and $0.5 million in 2014 . The following is a summary of the range of exercise prices for stock options that are outstanding and exercisable at December 31, 2016 : Stock Options Weighted- Remaining Range of Outstanding and Average Exercise Weighted-Average Exercise Prices Exercisable Price Per Share Contractual Life (in millions, except per share data) (in years) $9.19 - $10.08 0.1 $ 9.27 1.6 $26.02 0.2 26.02 0.2 0.3 $ 20.71 0.6 RESTRICTED STOCK UNITS We have awarded restricted stock units (RSUs). Compensation expense associated with RSUs settled in stock is recorded to paid-in-capital ratably over the three-year vesting period. The following table summarizes activity relating to our RSUs: Weighted-Average Number of Grant Date Fair Shares/Units Value per Share/Unit (in millions, except per share data) Outstanding at January 1, 2014 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 Granted 0.5 25.21 Vested (0.3 ) 11.03 Canceled (0.1 ) 19.99 Outstanding at December 31, 2015 1.7 $ 18.19 Granted 0.9 15.41 Vested (0.7 ) 13.23 Canceled (0.1 ) 18.75 Outstanding at December 31, 2016 1.8 $ 18.70 As of December 31, 2016 , unrecognized compensation cost related to unvested RSUs totaled $12.2 million . The weighted average period over which this cost is expected to be recognized is approximately one year . In 2016 and 2015 , the total fair market value of RSUs vested was $10.5 million and $9.5 million , respectively. PERFORMANCE SHARES As of December 31, 2016 , we have performance shares (PS) outstanding under our 2012 Omnibus Incentive Plan. We grant performance shares payable in stock to officers which vest in full over a three-year performance period. These grants are based equally on a total shareholder return (TSR) measure and AAM's three-year earnings before interest, taxes, depreciation and amortization (EBITDA) margin. 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 Awards (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 Granted 0.1 37.68 Vested — — Canceled — — Outstanding at December 31, 2015 0.3 $ 32.27 Granted 0.2 28.04 Vested — — Canceled — — Outstanding at December 31, 2016 0.5 $ 30.19 TSR Awards Outstanding at January 1, 2014 — $ — Granted 0.2 21.11 Vested — — Canceled — — Outstanding at December 31, 2014 0.2 $ 21.11 Granted 0.1 31.22 Vested — — Canceled — — Outstanding at December 31, 2015 0.3 $ 25.77 Granted 0.2 13.16 Vested — — Canceled — — Outstanding at December 31, 2016 0.5 $ 19.55 We estimate the fair value of our EBITDA performance shares 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, and adjust quarterly as necessary. We estimate the fair value of our TSR performance shares 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 $10.6 million , as of December 31, 2016 . The weighted-average period over which this cost is expected to be recognized is approximately one year . PERFORMANCE AWARDS As of December 31, 2016 , we have no TSR performance awards outstanding. We granted performance awards payable in cash to our officers and executives which vested in full over a three year performance period. The payout of these awards was based on a TSR measure that compared 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 were measured over the performance period to determine TSR. According to the applicable accounting guidance, these awards were considered to be stock-based compensation because the final payout amount was based “at least in part” on the price of our shares. However, as these awards were 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 these performance awards of approximately $1.4 million in 2014 . We made a cash payment of $3.7 million and $8.5 million in 2015 and 2014, respectively, related to the TSR performance awards. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 8. INCOME TAXES Income before income taxes for U.S. and non-U.S. operations was as follows: 2016 2015 2014 (in millions) U.S. income $ 90.0 $ 88.3 $ 12.0 Non - U.S. income 209.0 184.4 164.7 Total income before income taxes $ 299.0 $ 272.7 $ 176.7 The following is a summary of the components of our provisions for income taxes: 2016 2015 2014 (in millions) Current Federal $ 0.4 $ 0.5 $ 0.6 Other state and local — 0.2 0.1 Foreign 27.5 10.8 44.2 Total current $ 27.9 $ 11.5 $ 44.9 Deferred Federal $ 31.2 $ 26.4 $ (11.6 ) Foreign (0.8 ) (0.8 ) 0.4 Total deferred 30.4 25.6 (11.2 ) Total income tax expense $ 58.3 $ 37.1 $ 33.7 The following is a reconciliation of our provision for income taxes to the expected amounts using statutory rates: 2016 2015 2014 Federal statutory 35.0 % 35.0 % 35.0 % Foreign income taxes (20.5 ) (17.6 ) (25.1 ) Change in enacted tax rate (0.2 ) — — State and local — 0.1 0.1 Tax credits (1.1 ) (1.3 ) (11.4 ) Valuation allowance 0.4 2.6 4.5 U.S. tax on unremitted foreign earnings 0.2 0.2 1.9 Uncertain tax positions 0.5 (5.7 ) 13.0 Other 5.2 0.3 1.1 Effective income tax rate 19.5 % 13.6 % 19.1 % Our income tax expense and effective tax rate for 2016 , 2015 and 2014 , as compared to the U.S. federal statutory rate of 35%, primarily reflect favorable foreign tax rates, partially offset by our inability to realize a tax benefit for current foreign losses. Our effective tax rate for 2016 is higher than our effective tax rate for 2015 primarily due to the impact of an $11.5 million reduction in tax expense related to uncertain tax positions attributable to transfer pricing in the fourth quarter of 2015. 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. As of December 31, 2016 and 2015 , we have refundable income taxes of $3.4 million and $2.5 million , respectively, classified as prepaid expenses and other on our Consolidated Balance Sheet. We also have income taxes payable of $0.9 million and $6.8 million classified as other accrued expenses on our Consolidated Balance Sheet as of December 31, 2016 and 2015 , respectively. As of December 31, 2016 and 2015 , we have accrued value added tax payable of $34.2 million and $35.8 million , respectively, classified as other accrued expenses on our Consolidated Balance Sheet. In 2015 AAM early adopted ASU 2015-17 - Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. Based on the early adoption of this standard, all of AAM's deferred tax assets and liabilities, in 2016 and 2015, are classified as noncurrent in our Consolidated Balance Sheets. The following is a summary of the significant components of our noncurrent deferred tax assets and liabilities: December 31, 2016 2015 (in millions) Noncurrent deferred tax assets Employee benefits $ 219.3 $ 211.1 Inventory 8.9 9.4 Net operating loss (NOL) carryforwards 126.7 117.0 Tax credit carryforwards 35.1 25.8 Capital allowance carryforwards 11.6 13.6 Fixed assets 15.9 13.5 Deferred revenue 19.3 15.0 Capitalized expenditures 71.9 120.5 Other 20.5 22.4 Valuation allowances (164.8 ) (167.3 ) Noncurrent deferred tax assets $ 364.4 $ 381.0 Noncurrent deferred tax liabilities Fixed assets and other (23.0 ) (14.2 ) Noncurrent deferred tax asset, net $ 341.4 $ 366.8 Noncurrent deferred tax assets and liabilities recognized in our Consolidated Balance Sheets are as follows: December 31, 2016 2015 (in millions) U.S. federal and state deferred tax asset, net $ 333.1 $ 354.7 Other foreign deferred tax asset, net 8.3 12.1 Noncurrent deferred tax asset, net $ 341.4 $ 366.8 DEFERRED INCOME TAX ASSETS AND LIABILITIES AND VALUATION ALLOWANCES The deferred income tax assets and liabilities summarized above 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, 2016 and December 31, 2015 , we had deferred tax assets from domestic and foreign NOL and tax credit carryforwards of $173.4 million and $156.4 million , respectively. Approximately $98.4 million of the deferred tax assets at December 31, 2016 relate to tax credits that can be carried forward indefinitely with the remainder having carryover periods of 5 to 20 years . Accounting guidance for income taxes requires a deferred tax liability to 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 $931.8 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. This includes the consideration of tax law changes, prior profitability performance and the uncertainty of future projected profitability. Under applicable GAAP, a sustained period of profitability in our operations is required before we would change our judgment regarding the need for a valuation allowance against our net deferred tax assets. During 2016, our business in China turned to a position of cumulative profitability on a pre-tax basis, considering our operating results for the current year and the previous two years. We have concluded that this record of cumulative profitability in recent years, in addition to our long range forecast showing continued profitability, has provided positive evidence that it is more likely than not that our net deferred tax assets in China will be realized. Accordingly, in the fourth quarter of 2016, we released our valuation allowance in China resulting in a $5.4 million tax benefit in our 2016 provision for income taxes. As of December 31, 2016 and December 31, 2015 , we have a valuation allowance of $164.8 million and $167.3 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, 2014 $ 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 Increase in prior year tax positions — 1.4 Decrease in prior year tax positions (9.4 ) (4.9 ) Increase in current year tax positions 8.8 — Foreign currency remeasurement adjustment $ (5.1 ) $ (1.8 ) Balance at December 31, 2015 $ 41.6 $ 6.9 Increase in prior year tax positions 0.4 2.0 Decrease in prior year tax positions (2.5 ) (0.5 ) Increase in current year tax positions 9.3 — Settlement (17.3 ) (5.6 ) Foreign currency remeasurement adjustment (3.3 ) (0.3 ) Balance at December 31, 2016 $ 28.2 $ 2.5 At December 31, 2016 and December 31, 2015 , we had $28.2 million and $41.6 million of net unrecognized income tax benefits, respectively. The decrease in net unrecognized income tax benefits at December 31, 2016, as compared to December 31, 2015, is primarily attributable to settlements during the year. In January 2016, we completed negotiations with the Mexican tax authorities to settle 2007 through 2009 transfer pricing audits. We made a payment of $22.9 million in January 2016 that fully satisfied our obligations for transfer pricing issues for tax years 2007 through 2013. Including these settlements, we made payments of approximately $28 million in 2016 to the Mexican tax authorities related to transfer pricing matters. In 2016 , 2015 , and 2014 , we recognized expense of $1.5 million , a benefit of $3.5 million and expense of $8.1 million , respectively, related to interest and penalties in income tax expense on our Consolidated Statement of Income. We have a liability of $2.5 million and $6.9 million related to the estimated future payment of interest and penalties at December 31, 2016 and 2015 , respectively. The amount of the uncertain tax position as of December 31, 2016 that, if recognized, would affect the effective tax rate is $30.7 million . We file income tax returns in the U.S. federal jurisdiction, as well as various states and foreign jurisdictions. U.S. federal income tax examinations for the years 2012 and 2013 were settled in January of 2017 and U.S. federal income tax examinations for the years 2010 and 2011 were settled in 2015. These settlements resulted in no cash payment or reduction in our liability for unrecognized income tax benefits. In 2015, we closed our transfer pricing examination for the 2010-11 tax year with the India Tax Authorities with no resulting adjustments. 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 2011. At this time, we have audits underway in Germany for the 2012 through 2014 tax years and in India for the 2011-2012 and 2013-2014 tax years. We are not aware of any other examinations underway in any other tax jurisdiction. 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 difficult to estimate with certainty the amount of an audit settlement, we do not expect the settlement will be materially different from what we have recorded. 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, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 9. EARNINGS PER SHARE (EPS) We present 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): 2016 2015 2014 (in millions, except per share data) Numerator Net income $ 240.7 $ 235.6 $ 143.0 Less: Net income allocated to participating securities (5.5 ) (5.3 ) (2.9 ) Net income attributable to common shareholders - Basic and Dilutive $ 235.2 $ 230.3 $ 140.1 Denominators Basic common shares outstanding - Weighted-average shares outstanding 78.2 77.7 77.3 Less: Participating securities (1.8 ) (1.8 ) (1.6 ) Weighted-average common shares outstanding 76.4 75.9 75.7 Effect of dilutive securities - Dilutive stock-based compensation 0.5 0.4 0.2 Diluted shares outstanding - Adjusted weighted-average shares after assumed conversions 76.9 76.3 75.9 Basic EPS $ 3.08 $ 3.03 $ 1.85 Diluted EPS $ 3.06 $ 3.02 $ 1.85 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 0.2 million at year-end 2016 , 0.2 million at year-end 2015 and 0.5 million at year-end 2014 . The exercise price related to these stock options was $26.02 at year-end 2016 and 2015 and a range of $19.54 - $26.65 at year-end 2014 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 10. COMMITMENTS AND CONTINGENCIES PURCHASE COMMITMENTS Obligated purchase commitments for capital expenditures and related project expenses were approximately $203.0 million at December 31, 2016 and $104.1 million at December 31, 2015 . 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 2016 , 2015 and 2014 . 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. During 2016 and 2015 , 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, 2016 2015 (in millions) Beginning balance $ 36.6 $ 12.4 Accruals 16.0 17.0 Settlements (7.3 ) (6.1 ) Adjustments to prior period accruals (2.3 ) 14.0 Foreign currency translation (0.1 ) (0.7 ) Ending balance $ 42.9 $ 36.6 |
Reclassifications out of Accumu
Reclassifications out of Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
Reclassifications out of Accumulated Other Comprehensive Income [Abstract] | |
Disclosure of Reclassification Amount [Text Block] | 11. 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, 2016 , December 31, 2015 and December 31, 2014 are as follows (in millions) : Defined Benefit Plans Foreign Currency Translation Adjustments Unrecognized Loss on Cash Flow Hedges Total Balance at January 1, 2014 $ (197.9 ) $ (18.6 ) $ 0.3 $ (216.2 ) Other comprehensive loss before reclassifications (104.7 ) (30.3 ) (6.8 ) (141.8 ) Income tax effect of other comprehensive loss before reclassifications 36.6 — — 36.6 Amounts reclassified from accumulated other comprehensive income (loss) into net income 38.8 (a)(c) — (0.9 ) (b) 37.9 Income taxes reclassified into net income (13.4 ) — — (13.4 ) 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 ) Other comprehensive income (loss) before reclassifications 21.2 (70.3 ) (16.9 ) (66.0 ) Income tax effect of other comprehensive income (loss) before reclassifications (7.2 ) — — (7.2 ) Amounts reclassified from accumulated other comprehensive loss into net income 4.0 (a) — 10.9 (b) 14.9 Income taxes reclassified into net income (1.3 ) — — (1.3 ) Net current period other comprehensive income (loss) 16.7 (70.3 ) (6.0 ) (59.6 ) Balance at December 31, 2015 $ (223.9 ) $ (119.2 ) $ (13.4 ) $ (356.5 ) Other comprehensive income (loss) before reclassifications (27.5 ) (3.2 ) (20.8 ) (51.5 ) Income tax effect of other comprehensive income (loss) before reclassifications 5.8 — — 5.8 Amounts reclassified from accumulated other comprehensive loss into net income 3.2 (a) — 10.5 (b) 13.7 Income taxes reclassified into net income (1.1 ) — — (1.1 ) Net current period other comprehensive loss (19.6 ) (3.2 ) (10.3 ) (33.1 ) Balance at December 31, 2016 $ (243.5 ) $ (122.4 ) $ (23.7 ) $ (389.6 ) (a) The amount reclassified from AOCI included $4.4 million in cost of goods sold (COGS) and $(1.2) million in selling, general & administrative expenses (SG&A) for the year ended December 31, 2016, $4.8 million in COGS and $(0.8) million in SG&A for the year ended December 31, 2015 and $36.0 million in COGS and $2.8 million in SG&A for the year ended December 31, 2014. (b) The amounts reclassified from AOCI are included in COGS. (c) Includes a reclassification of $23.1 million, net of tax, related to our terminated vested lump-sum pension payout in the U.S. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2016 | |
Segments, Geographical Areas [Abstract] | |
Segment Reporting Disclosure [Text Block] | 12. 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, crossover vehicles, passenger cars 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, 2016 2015 2014 (in millions) Net sales United States $ 2,147.9 $ 2,121.9 $ 2,073.6 Canada 94.7 119.3 64.6 Mexico 1,061.9 1,060.2 1,055.5 South America 124.6 106.6 156.5 China 203.4 185.5 71.3 All other Asia 208.8 185.2 167.3 Europe and other 106.7 124.4 107.2 Total net sales $ 3,948.0 $ 3,903.1 $ 3,696.0 Long-lived assets United States $ 831.0 $ 824.0 $ 867.1 Mexico 529.2 522.6 513.2 South America 61.5 48.5 80.5 China 129.8 85.8 59.8 All other Asia 92.0 103.7 117.5 Europe 111.7 120.3 94.0 Total long-lived assets $ 1,755.2 $ 1,704.9 $ 1,732.1 |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 13. UNAUDITED QUARTERLY FINANCIAL DATA Three Months Ended, March 31 June 30 September 30 December 31 (in millions, except per share data) 2016 Net sales $ 969.2 $ 1,025.4 $ 1,006.9 $ 946.5 Gross profit 174.0 191.4 181.2 179.5 (2) Net income 61.1 71.0 61.7 46.9 Basic EPS (1) $ 0.78 $ 0.91 $ 0.79 $ 0.60 Diluted EPS (1) $ 0.78 $ 0.90 $ 0.78 $ 0.59 2015 Net sales $ 969.1 $ 1,004.0 $ 971.6 $ 958.4 Gross profit 152.8 164.5 158.3 159.8 Net income 53.2 58.6 60.9 62.9 Basic EPS (1) $ 0.69 $ 0.75 $ 0.78 $ 0.81 Diluted EPS (1) $ 0.68 $ 0.75 $ 0.78 $ 0.81 (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. (2) In the third quarter of 2016, we identified an indicator of impairment at our Pantnagar Manufacturing Facility in India due to changes in forecasted cash flows and, as a result, recorded an impairment charge of $3.4 million to write the assets down to fair value. This impairment charge was recorded to Cost of Goods Sold in the third quarter of 2016 but has been reclassified to Restructuring and Acquisition-Related Costs in the Consolidated Statement of Income for the full year 2016. This reclassification occurred in the fourth quarter of 2016 as a result of the announced closure of the facility. |
Supplemental Guarantor Condense
Supplemental Guarantor Condensed Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Guarantor Condensed Consolidating Financial Statements [Abstract] | |
Supplemental Guarantor Disclosure [Text Block] | 14. SUPPLEMENTAL GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS 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, on a joint and several basis, 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 2016 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated (in millions) Net sales External $ — $ 1,109.6 $ 212.2 $ 2,626.2 $ — $ 3,948.0 Intercompany — 8.3 241.6 16.1 (266.0 ) — Total net sales — 1,117.9 453.8 2,642.3 (266.0 ) 3,948.0 Cost of goods sold — 1,063.8 375.4 2,048.7 (266.0 ) 3,221.9 Gross profit — 54.1 78.4 593.6 — 726.1 Selling, general and administrative expenses — 248.6 — 70.6 — 319.2 Restructuring and acquisition-related costs — 21.1 — 5.1 — 26.2 Operating income (loss) — (215.6 ) 78.4 517.9 — 380.7 Non-operating income (expense), net — (96.6 ) 10.9 4.0 — (81.7 ) Income (loss) before income taxes — (312.2 ) 89.3 521.9 — 299.0 Income tax expense — 27.4 4.2 26.7 — 58.3 Earnings (loss) from equity in subsidiaries 240.7 267.4 (16.7 ) — (491.4 ) — Net income (loss) before royalties 240.7 (72.2 ) 68.4 495.2 (491.4 ) 240.7 Royalties — 312.9 — (312.9 ) — — Net income after royalties 240.7 240.7 68.4 182.3 (491.4 ) 240.7 Other comprehensive loss, net of tax (33.1 ) (33.1 ) (1.2 ) (12.1 ) 46.4 (33.1 ) Comprehensive income $ 207.6 $ 207.6 $ 67.2 $ 170.2 $ (445.0 ) $ 207.6 2015 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net sales External $ — $ 1,149.0 $ 210.3 $ 2,543.8 $ — $ 3,903.1 Intercompany — 9.4 258.3 19.0 (286.7 ) — Total net sales — 1,158.4 468.6 2,562.8 (286.7 ) 3,903.1 Cost of goods sold — 1,114.5 385.2 2,054.7 (286.7 ) 3,267.7 Gross profit — 43.9 83.4 508.1 — 635.4 Selling, general and administrative expenses — 210.6 0.1 66.6 — 277.3 Operating income (loss) — (166.7 ) 83.3 441.5 — 358.1 Non-operating income (expense), net — (99.3 ) 10.1 3.8 — (85.4 ) Income (loss) before income taxes — (266.0 ) 93.4 445.3 — 272.7 Income tax expense — 21.6 5.5 10.0 — 37.1 Earnings (loss) from equity in subsidiaries 235.6 262.3 (20.8 ) — (477.1 ) — Net income (loss) before royalties 235.6 (25.3 ) 67.1 435.3 (477.1 ) 235.6 Royalties — 260.9 — (260.9 ) — — Net income after royalties 235.6 235.6 67.1 174.4 (477.1 ) 235.6 Other comprehensive loss, net of tax (59.6 ) (59.6 ) (63.6 ) (68.4 ) 191.6 (59.6 ) Comprehensive income $ 176.0 $ 176.0 $ 3.5 $ 106.0 $ (285.5 ) $ 176.0 2014 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net sales External $ — $ 1,099.5 $ 225.1 $ 2,371.4 $ — $ 3,696.0 Intercompany — 13.1 246.9 21.6 (281.6 ) — Total net sales — 1,112.6 472.0 2,393.0 (281.6 ) 3,696.0 Cost of goods sold — 1,112.4 396.1 1,946.3 (281.6 ) 3,173.2 Gross profit — 0.2 75.9 446.7 — 522.8 Selling, general and administrative expenses — 194.0 0.2 61.0 — 255.2 Operating income (loss) — (193.8 ) 75.7 385.7 — 267.6 Non-operating income (expense), net — (103.0 ) 9.0 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 143.0 204.0 (23.3 ) — (323.7 ) — Net income (loss) before royalties 143.0 (81.0 ) 60.5 344.2 (323.7 ) 143.0 Royalties — 224.0 — (224.0 ) — — Net income after royalties 143.0 143.0 60.5 120.2 (323.7 ) 143.0 Other comprehensive loss, net of tax (80.7 ) (80.7 ) (23.5 ) (34.8 ) 139.0 (80.7 ) Comprehensive income $ 62.3 $ 62.3 $ 37.0 $ 85.4 $ (184.7 ) $ 62.3 Condensed Consolidating Balance Sheets 2016 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Assets (in millions) Current assets Cash and cash equivalents $ — $ 84.3 $ 1.6 $ 395.3 $ — $ 481.2 Accounts receivable, net — 126.7 21.9 411.4 — 560.0 Intercompany receivables — 442.6 326.0 9.1 (777.7 ) — Inventories, net — 46.0 29.1 144.4 — 219.5 Other current assets — 29.4 0.5 45.9 — 75.8 Total current assets — 729.0 379.1 1,006.1 (777.7 ) 1,336.5 Property, plant and equipment, net — 213.7 102.9 777.1 — 1,093.7 Goodwill — — 147.8 6.2 — 154.0 Intercompany notes and accounts receivable — 343.9 242.2 — (586.1 ) — Other assets and deferred charges — 662.6 37.1 164.2 — 863.9 Investment in subsidiaries 851.8 1,559.0 — — (2,410.8 ) — Total assets $ 851.8 $ 3,508.2 $ 909.1 $ 1,953.6 $ (3,774.6 ) $ 3,448.1 Liabilities and stockholders' equity Current liabilities Current portion of long-term debt $ — $ — $ — $ 3.3 $ — $ 3.3 Accounts payable — 80.6 35.8 265.9 — 382.3 Intercompany payables — 324.8 153.4 299.5 (777.7 ) — Other current liabilities — 142.2 4.3 119.4 — 265.9 Total current liabilities — 547.6 193.5 688.1 (777.7 ) 651.5 Intercompany notes and accounts payable 321.8 14.6 7.5 242.2 (586.1 ) — Long-term debt, net — 1,339.7 4.1 57.1 — 1,400.9 Investment in subsidiaries obligation — — 124.7 — (124.7 ) — Other long-term liabilities — 754.5 0.6 110.6 — 865.7 Total liabilities 321.8 2,656.4 330.4 1,098.0 (1,488.5 ) 2,918.1 Total stockholders' equity 530.0 851.8 578.7 855.6 (2,286.1 ) 530.0 Total liabilities and stockholders' equity $ 851.8 $ 3,508.2 $ 909.1 $ 1,953.6 $ (3,774.6 ) $ 3,448.1 2015 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Assets Current assets Cash and cash equivalents $ — $ 52.0 $ — $ 230.5 $ — $ 282.5 Accounts receivable, net — 127.2 19.7 392.2 — 539.1 Intercompany receivables — 311.8 249.7 9.4 (570.9 ) — Inventories, net — 59.8 31.1 139.6 — 230.5 Other current assets — 30.4 0.5 41.2 — 72.1 Total current assets — 581.2 301.0 812.9 (570.9 ) 1,124.2 Property, plant and equipment, net — 214.1 91.9 740.2 — 1,046.2 Goodwill — — 147.8 6.6 — 154.4 Intercompany notes and accounts receivable — 393.5 252.2 — (645.7 ) — Other assets and deferred charges — 683.6 41.4 152.9 — 877.9 Investment in subsidiaries 622.3 1,315.9 — — (1,938.2 ) — Total assets $ 622.3 $ 3,188.3 $ 834.3 $ 1,712.6 $ (3,154.8 ) $ 3,202.7 Liabilities and stockholders' equity Current liabilities Current portion of long-term debt $ — $ — $ — $ 3.3 $ — $ 3.3 Accounts payable — 103.0 35.8 273.9 — 412.7 Intercompany payables — 248.7 154.9 167.3 (570.9 ) — Other current liabilities — 134.2 4.1 144.9 — 283.2 Total current liabilities — 485.9 194.8 589.4 (570.9 ) 699.2 Intercompany notes and accounts payable 320.8 10.3 — 314.6 (645.7 ) — Long-term debt, net — 1,336.5 4.5 34.7 — 1,375.7 Investment in subsidiaries obligation — — 111.7 — (111.7 ) — Other long-term liabilities — 733.3 0.5 92.5 — 826.3 Total liabilities 320.8 2,566.0 311.5 1,031.2 (1,328.3 ) 2,901.2 Total stockholders' equity 301.5 622.3 522.8 681.4 (1,826.5 ) 301.5 Total liabilities and stockholders' equity $ 622.3 $ 3,188.3 $ 834.3 $ 1,712.6 $ (3,154.8 ) $ 3,202.7 Condensed Consolidating Statements of Cash Flows 2016 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated (in millions) Net cash provided by operating activities $ — $ 78.3 $ 25.3 $ 304.0 $ — $ 407.6 Investing activities Purchases of property, plant and equipment — (36.8 ) (18.0 ) (168.2 ) — (223.0 ) Proceeds from sale of property, plant and equipment — — 0.3 1.4 — 1.7 Purchase buyouts of leased equipment — (4.6 ) — — — (4.6 ) Proceeds from government grants — — — 2.8 — 2.8 Final distribution of Reserve Yield Plus Fund — 1.0 — — — 1.0 Acquisition of business, net — — (5.6 ) — — (5.6 ) Net cash used in investing activities — (40.4 ) (23.3 ) (164.0 ) — (227.7 ) Financing activities Net debt activity — (0.7 ) (0.4 ) 24.4 — 23.3 Employee stock option exercises — 0.3 — — — 0.3 Purchase of treasury stock (5.2 ) — — — — (5.2 ) Intercompany activity 5.2 (5.2 ) — — — — Net cash provided by (used in) financing activities — (5.6 ) (0.4 ) 24.4 — 18.4 Effect of exchange rate changes on cash — — — 0.4 — 0.4 Net increase in cash and cash equivalents — 32.3 1.6 164.8 — 198.7 Cash and cash equivalents at beginning of period — 52.0 — 230.5 — 282.5 Cash and cash equivalents at end of period $ — $ 84.3 $ 1.6 $ 395.3 $ — $ 481.2 2015 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net cash provided by operating activities $ — $ 163.7 $ 68.1 $ 145.8 $ — $ 377.6 Investing activities Purchases of property, plant and equipment — (36.4 ) (12.8 ) (144.3 ) — (193.5 ) Proceeds from sale of property, plant and equipment — 0.1 0.1 0.1 — 0.3 Proceeds from government grants — — — 5.1 — 5.1 Intercompany activity — — (55.0 ) — 55.0 — Net cash used in investing activities — (36.3 ) (67.7 ) (139.1 ) 55.0 (188.1 ) Financing activities Net debt activity — (142.8 ) (0.4 ) 3.0 — (140.2 ) Employee stock option exercises — 0.8 — — — 0.8 Purchase of treasury stock (3.1 ) — — — — (3.1 ) Purchase of noncontrolling interest — — — (1.1 ) — (1.1 ) Intercompany activity 3.1 (3.1 ) — 55.0 (55.0 ) — Net cash provided by (used in) financing activities — (145.1 ) (0.4 ) 56.9 (55.0 ) (143.6 ) Effect of exchange rate changes on cash — — — (12.6 ) — (12.6 ) Net increase (decrease) in cash and cash equivalents — (17.7 ) — 51.0 — 33.3 Cash and cash equivalents at beginning of period — 69.7 — 179.5 — 249.2 Cash and cash equivalents at end of period $ — $ 52.0 $ — $ 230.5 $ — $ 282.5 2014 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated 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 — 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 — 154.0 Cash and cash equivalents at end of period $ — $ 69.7 $ — $ 179.5 $ — $ 249.2 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 15. SUBSEQUENT EVENTS On February 9, 2017, AAM entered into an agreement pursuant to which, at the time of closing, AAM will acquire 100% of a subsidiary of U.S. Manufacturing Corporation for $162.5 million , subject to adjustment at the closing of the transaction. This acquisition is expected to close in the first quarter of 2017 and we will fund the purchase price with available cash. The acquisition will be accounted for under the acquisition method and the purchase price will be allocated to the identifiable assets and liabilities of the acquired company based on the respective fair values of the assets and liabilities. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [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, 2014 Allowance for doubtful accounts $ 4.9 $ 1.3 $ 1.6 (1) $ 4.6 Allowance for deferred taxes 163.7 13.8 20.6 (3) 156.9 Inventory valuation allowance 27.3 10.6 10.0 (2) 27.9 Year Ended December 31, 2015 Allowance for doubtful accounts 4.6 2.5 2.8 (1) 4.3 Allowance for deferred taxes 156.9 31.9 21.5 (4) 167.3 Inventory valuation allowance 27.9 11.1 9.7 (2) 29.3 Year Ended December 31, 2016 Allowance for doubtful accounts 4.3 0.4 1.6 (1) 3.1 Allowance for deferred taxes 167.3 18.4 20.9 (5) 164.8 Inventory valuation allowance 29.3 7.5 9.8 (2) 27.0 (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 a valuation allowance against an expiring net operating loss in China. (4) Primarily reflects a reduction in deferred tax assets at various foreign locations due to foreign currency translation. (5) Primarily reflects a reduction in deferred tax assets at various foreign locations due to foreign currency translation, as well as the reversal of the valuation allowance of $5.4 million against our deferred tax assets in China. |
Organization and Basis of Pre25
Organization and Basis of Presentation Organization and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [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. |
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. During the fourth quarter of 2016, we reached an agreement with a customer to increase installed capacity for a program we support. In the fourth quarter of 2016, we received $20.0 million associated with this capacity increase and recorded the payment as deferred revenue, classified as a noncurrent liability on our Consolidated Balance Sheet. We expect to begin recognizing this deferred revenue in 2018 into revenue on a straight line basis over a period of approximately five years, which is the period that we expect the customer to benefit from this increase in installed capacity. In 2014, we reached an agreement with a customer 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 recognize this deferred revenue into revenue on a straight line basis over a period of approximately five years, which is the period we expect the customer to benefit from this capacity and mix change. We recognized revenue related to this agreement of $6.9 million in 2016 and 2015, and $5.4 million in 2014. As of December 31, 2016 , we have $6.9 million of deferred revenue that is classified as a current liability and $6.9 million of deferred revenue that is recorded as a noncurrent liability on our Consolidated Balance Sheet. Also in 2014, we reached an agreement with a customer to recover certain costs related to the delay of a major product program. We received $9.3 million in 2014 related to this agreement which was recorded as deferred revenue. We recognize this deferred revenue into revenue on a straight line basis over a period of approximately eight years, which is the period we expect the customer to benefit from this agreement. We recognized revenue related to this agreement of $1.1 million in 2016 and 2015, and $0.5 million in 2014. As of December 31, 2016 , we have remaining deferred revenue of $6.6 million , $1.1 million of which is classified as a current liability and $5.5 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 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, 2016 , our remaining deferred revenue related to the 2009 Settlement and Commercial Agreement is $21.6 million , $8.0 million of which is classified as a current liability and $13.6 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 2016 , 2015 and 2014 related to this agreement. As of December 31, 2016 , the majority of the remaining deferred revenue primarily relates to payments from customers to implement capacity programs and reimbursement for engineering, design and development (ED&D) costs on awarded programs. These deferred revenues are generally recognized into revenue over the life of these programs. We recognized $8.9 million , $7.4 million and $7.5 million of revenue for these programs in 2016 , 2015 and 2014 , 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 was $139.8 million , $113.9 million and $103.9 million in 2016 , 2015 and 2014 , respectively. |
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH AND CASH EQUIVALENTS Cash and cash equivalents inclu de all cash balances, savings accounts, sweep accounts, and highly liquid investments in money market funds and certificates of deposit 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 $3.1 million and $4.3 million as of December 31, 2016 and 2015 , 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. Reimbursements received for pre-production costs relating to awarded programs are deferred and recognized into revenue over the life of the associated program. Reimbursements received for pre-production costs relating to future programs that have not been awarded, or amounts received for programs that become discontinued prior to production, are recorded as a reduction of expense. 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. Reimbursable costs for tooling assets for which our customer has title and we do not have a noncancelable right to use during the term of the supply arrangement, are recorded in accounts receivable in our consolidated balance sheets. The reimbursement for the customer-owned tooling is recorded as a reduction of accounts receivable upon collection. 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, 2016 2015 (in millions) Raw materials and work-in-progress $ 212.7 $ 228.7 Finished goods 33.8 31.1 Gross inventories 246.5 259.8 Inventory valuation reserves (27.0 ) (29.3 ) Inventories, net $ 219.5 $ 230.5 |
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 using the straight-line method over the estimated useful lives of the depreciable assets. Depreciation and tooling amortization amounted to $160.4 million , $163.6 million and $166.5 million in 2016 , 2015 and 2014 , respectively. Property, plant and equipment consists of the following: Estimated December 31, Useful Lives 2016 2015 (years) (in millions) Land Indefinite $ 24.9 $ 24.9 Land improvements 10-15 19.2 18.8 Buildings and building improvements 15-40 345.5 315.5 Machinery and equipment 3-12 1,976.0 1,853.1 Construction in progress 109.9 88.4 2,475.5 2,300.7 Accumulated depreciation and amortization (1,381.8 ) (1,254.5 ) Property, plant and equipment, net $ 1,093.7 $ 1,046.2 |
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. In the third quarter of 2016, we identified an indicator of impairment at our Pantnagar Manufacturing Facility in India due to changes in forecasted cash flows. Accordingly, we performed an assessment of the recoverability of these assets and, as a result, recorded an impairment charge of $3.4 million to write the assets down to fair value. |
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 test our goodwill annually, or more frequently if necessary, for impairment in accordance with the accounting guidance for goodwill and other indefinite-lived intangibles. We completed impairment tests in 2016 and 2015 and concluded that there was no impairment of our goodwill. The following table provides a reconciliation of changes in goodwill: December 31, 2016 2015 (in millions) Beginning balance $ 154.4 $ 155.0 Foreign currency translation (0.4 ) (0.6 ) Ending balance $ 154.0 $ 154.4 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | INTANGIBLE ASSETS During the first quarter of 2016, we completed the final stages of implementing upgrades to our global enterprise resource planning (ERP) systems at certain remaining global locations. This implementation included upgrades to many of our existing operating and financial systems. In connection with the development of these ERP systems, we have recorded an intangible asset on our Consolidated Balance Sheet. 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. 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 $5.0 million , $3.2 million and $0.4 million of expense for the amortization of these intangible assets in 2016, 2015 and 2014, respectively. Estimated amortization expense for these assets for the next five years is as follows: $5.0 million in 2017, $4.0 million in 2018, $3.4 million in 2019, $2.9 million in 2020, and $2.5 million in 2021. The following table provides the gross intangible asset balance and related amortization recorded on our Consolidated Balance Sheet as of December 31, 2016 and December 31, 2015 : December 31, 2016 2015 (in millions) Capitalized computer software intangible asset $ 31.7 $ 28.7 Accumulated amortization (8.5 ) (3.7 ) Capitalized computer software intangible asset, net $ 23.2 $ 25.0 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 2018. 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, 2016 2015 (in millions) Beginning balance $ 5.7 $ 6.2 Foreign currency translation (0.4 ) (0.5 ) Ending balance $ 5.3 $ 5.7 |
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 expected life of the borrowings. As of December 31, 2016 and December 31, 2015 , our unamortized debt issuance costs were $16.7 million and $22.5 million , respectively. Debt issuance costs associated with our senior unsecured notes are recorded as a reduction to the related debt liability. Debt issuance costs of $5.0 million and $7.9 million related to our revolving credit facility, for which there is no outstanding debt liability, are classified as Other Assets and Deferred Charges on our Consolidated Balance Sheets as of December 31, 2016 and December 31, 2015, respectively. Unamortized debt issuance costs that exist upon 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 master netting agreements. 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 4 - Derivatives and Risk Management , for more detail on our derivatives. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | CURRENCY TRANSLATION AND REMEASUREMENT 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 net gain of $5.8 million , $9.5 million and $6.4 million , for the years ended 2016 , 2015 and 2014 , respectively, in Other Income (Expense). |
Postemployment Benefit Plans, Policy [Policy Text Block] | PENSION AND OTHER POSTRETIREMENT DEFINED BENEFIT PLANS Net pension and postretirement benefit expenses and the related liabilities are determined on an actuarial basis. These plan expenses and obligations are dependent on management's assumptions developed in consultation with our actuaries. We review these actuarial assumptions at least annually and make modifications when appropriate. See Note 6 - Employee Benefit Plans, for more detail on our pension and other postretirement defined benefit plans. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | STOCK-BASED COMPENSATION We have stock-based compensation in the form of stock options, restricted stock units (RSUs) and performance shares. For non-performance based awards, the grant date fair value is measured as the stock price at the date of grant. For performance based awards, fair value is estimated using valuation techniques that require management to use estimates and assumptions. Certain awards require that management's estimates and assumptions be evaluated at each reporting date to determine if compensation expense related to the award should be adjusted, both on a catch-up and go-forward basis. Compensation expense is recognized over the period during which the requisite service is provided, referred to as the vesting period. See Note 7 - Stock-Based Compensation, for more detail on our accounting for stock-based compensation. |
Income Tax, Policy [Policy Text Block] | DEFERRED INCOME TAX ASSETS AND LIABILITIES AND VALUATION ALLOWANCES Our deferred income tax assets and liabilities 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. 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 carryforward periods, tax planning opportunities and other relevant considerations. This includes the consideration of tax law changes, prior profitability performance and the uncertainty of future projected profitability. We record a valuation allowance to reduce our deferred tax assets to the amount that is "more likely than not," to be realized. We record uncertain tax positions on the basis of a two-step process whereby: (1) we determine whether it is "more likely than not" that the tax positions will be sustained based on the technical merits of the position: and (2) for those positions that meet the "more likely than not" recognition threshold, we recognize the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. We record interest and penalties on uncertain tax positions in income tax expense (benefit). See Note 8 - Income Taxes, for more detail on our accounting for income taxes. |
Earnings Per Share, Policy [Policy Text Block] | EARNINGS PER SHARE (EPS) We present 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. See Note 9 - Earnings Per Share (EPS), for more detail on our accounting for EPS. |
Authorized Share Repurchase Program [Policy Text Block] | SHARE REPURCHASE PROGRAM On May 5, 2016, AAM's Board of Directors authorized a share repurchase program of up to $100 million of AAM's common shares through December 31, 2018 as part of AAM's overall capital allocation strategy. The repurchase of shares may be made in the open market or in privately negotiated transactions and will be funded through available cash balances and cash flow from operations. The timing and amount of any share repurchases will be determined based on market and economic conditions, share price, alternative uses of capital and other factors. During the second quarter of 2016, we completed an initial share repurchase of 100,000 shares for $1.5 million under the program. As of December 31, 2016 there is approximately $98.5 million available for repurchase. |
Standard Product Warranty, Policy [Policy Text Block] | PRODUCT WARRANTY See Note 10 - Commitments and Contingencies, for more detail on our accounting for product warranties. |
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 Accounting Standards Update 2016-16 On October 24, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-16 - Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. Existing income tax guidance prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This existing guidance is deemed an exception to the principle of comprehensive recognition of current and deferred income taxes under GAAP. Due to the limited authoritative guidance about this exception, diversity in practice exists. ASU 2016-16 eliminates this exception for intra-entity transfers of assets other than inventory and requires that entities recognize the income tax consequences when the transfers occur. This guidance becomes effective at the beginning of our 2018 fiscal year, however early adoption is permitted. The guidance requires a modified retrospective transition method. We are currently assessing the impact that this standard will have on our consolidated financial statements. Accounting Standards Update 2016-15 On August 26, 2016, the FASB issued ASU 2016-15 - Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update addresses the following eight specific cash flow issues: 1) debt prepayment or debt extinguishment costs; 2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; 3) contingent consideration payments made after a business combination; 4) proceeds from the settlement of insurance claims; 5) proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); 6) distributions received from equity method investees; 7) beneficial interests in securitization transactions; and 8) separately identifiable cash flows and application of the predominance principle. Historically, we have classified certain cash flows related to debt prepayment or debt extinguishment costs as operating cash flows. Upon adoption, the guidance in ASU 2016-15 requires that these cash flows be classified as financing cash flows. We do not feel that the adoption of this guidance as it relates to any of the other seven cash flow issues specified will have a material impact on our Consolidated Statement of Cash Flows. This guidance becomes effective at the beginning of our 2018 fiscal year, however as permitted, we have elected to early adopt this standard in the fourth quarter of 2016. The retrospective adoption of this guidance did not impact any of the periods presented in the Consolidated Statements of Cash Flows in the three years ended December 31, 2016. Accounting Standards Update 2016-09 On March 31, 2016, the FASB issued ASU 2016-09 - Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The update is intended to simplify the current guidance for stock-based compensation for a range of issues including: the timing of income statement impact for tax benefits or deficiencies in excess of compensation cost, the classification of tax-related cash flows resulting from share based payments, the allowable threshold for tax withholding without resulting in liability award classification, and a policy election for estimating forfeiture rates or recognizing forfeitures as they occur. This guidance becomes effective at the beginning of our 2017 fiscal year, however as permitted, AAM elected to early adopt this guidance in the fourth quarter of 2016. The guidance requires a retrospective, modified-retrospective, or prospective transition method depending on the applicable section of the ASU. The effect of implementing this ASU on our Consolidated Balance Sheet was an increase to our deferred tax assets and retained earnings of $4.8 million as of January 1, 2016, using the modified-retrospective transition method, for the cumulative-effect adjustment of excess tax benefits that were not previously recognized because the related tax deduction had not reduced current taxes payable. We have evaluated the aspects of this new guidance and, other than this one-time increase in deferred tax assets and retained earnings, the adoption of this ASU did not have a material impact on our accounting for share-based payments. Accounting Standards Update 2016-02 On February 25, 2016, the FASB issued ASU 2016-02 - Leases (Topic 842) , which supersedes the existing lease accounting guidance and establishes new criteria for recognizing lease assets and liabilities. The most significant impact of the update, to AAM, is that a lessee will be required to recognize a "right-of-use" asset and lease liability for operating lease agreements that were not previously included on the balance sheet under the existing lease guidance. A lessee will be permitted to make a policy election, excluding recognition of the right-of-use asset and associated liability for lease terms of 12 months or less. Expense recognition in the statement of income along with cash flow statement classification for both financing (capital) and operating leases under the new standard will not be significantly changed from existing lease guidance. This guidance becomes effective for AAM at the beginning of our 2019 fiscal year and requires transition under a modified retrospective method. We are currently assessing the impact that this standard will have on our consolidated financial statements. Accounting Standards Update 2015-07 On May 1, 2015, the FASB issued ASU 2015-07 - Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) , which changes the disclosure requirements for investments in certain entities that calculate net asset value (NAV) per share. Under current accounting standards entities are permitted to estimate the fair value of certain investments using the investment's NAV as a practical expedient. The current disclosure guidance also permits entities to disclose the investment at NAV in the fair value hierarchy table as either Level 2 or Level 3, based upon certain criteria. The measurement basis utilizing NAV is different than the measurement criteria of all other investments which utilize inputs to calculate fair value. Due to this inconsistency, the FASB issued this ASU which prohibits entities from categorizing investments measured at NAV within the fair value hierarchy. Other than the change in presentation, which requires retrospective application, the adoption of this new guidance did not have an impact on our consolidated financial statements. AAM adopted this policy on January 1, 2016. Accounting Standards Update 2014-09 In 2014, the FASB issued ASU 2014-09 - Revenue from Contracts with Customers (Topic 606) , and has subsequently issued ASUs 2015-14 - Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , 2016-08 - Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross Versus Net) , 2016-10 - Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , 2016-12 - Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , and 2016-20 - Revenue from Contracts with Customers (Topic 606): Technical Corrections and Improvements to Topic 606 (collectively, the Revenue Recognition ASUs). The Revenue Recognition ASUs outline a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersede 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. This guidance is effective for AAM beginning on January 1, 2018 and entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. We are evaluating whether we will adopt this guidance using the full retrospective or modified retrospective approach. We are concluding the assessment phase of implementing this guidance. We have evaluated each of the five steps in the new revenue recognition model, which are as follows: 1) Identify the contract with the customer; 2) Identify the performance obligations in the contract; 3) Determine the transaction price; 4) Allocate the transaction price to the performance obligations; and 5) Recognize revenue when (or as) performance obligations are satisfied. Our preliminary conclusion is that the determination of what constitutes a contract with our customers (step 1), our performance obligations under the contract (step 2), and the determination and allocation of the transaction price (steps 3 and 4) under the new revenue recognition model will not result in significant changes in comparison to the current revenue recognition guidance. With regard to recognizing revenue when (or as) a performance obligation is satisfied (step 5), we are thoroughly reviewing the language in our contracts with each customer to determine whether the customer obtains control of the goods at a point in time or over time. Under current revenue recognition guidance, 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. Topic 606 provides certain criteria that, if met, require companies to recognize revenue as the product is produced (over time) instead of at a point of time (i.e. upon shipment). We are evaluating our contracts in the context of the criteria for recognizing revenue over time. If we conclude that we meet the criteria for recognizing revenue over time, our timing of revenue recognition would be accelerated, however, as we utilize lean manufacturing principles and deliver to our customers on a just-in-time basis, we do not expect any acceleration of revenue under the new guidance to be material. There are also certain considerations related to internal control over financial reporting that are associated with implementing the new guidance under Topic 606. We are currently evaluating our control framework for revenue recognition and identifying any changes that may need to be made in response to the new guidance. Disclosure requirements under the new guidance in Topic 606 have been significantly expanded in comparison to the disclosure requirements under the current guidance. Designing and implementing the appropriate controls over gathering and reporting the information required under Topic 606 is currently in process. |
Organization and Basis of Pre26
Organization and Basis of Presentation Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: December 31, 2016 2015 (in millions) Raw materials and work-in-progress $ 212.7 $ 228.7 Finished goods 33.8 31.1 Gross inventories 246.5 259.8 Inventory valuation reserves (27.0 ) (29.3 ) Inventories, net $ 219.5 $ 230.5 |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following: Estimated December 31, Useful Lives 2016 2015 (years) (in millions) Land Indefinite $ 24.9 $ 24.9 Land improvements 10-15 19.2 18.8 Buildings and building improvements 15-40 345.5 315.5 Machinery and equipment 3-12 1,976.0 1,853.1 Construction in progress 109.9 88.4 2,475.5 2,300.7 Accumulated depreciation and amortization (1,381.8 ) (1,254.5 ) Property, plant and equipment, net $ 1,093.7 $ 1,046.2 |
Schedule of Goodwill [Table Text Block] | The following table provides a reconciliation of changes in goodwill: December 31, 2016 2015 (in millions) Beginning balance $ 154.4 $ 155.0 Foreign currency translation (0.4 ) (0.6 ) Ending balance $ 154.0 $ 154.4 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table provides a reconciliation of changes in the carrying value of our in-process research and development intangible assets: December 31, 2016 2015 (in millions) Beginning balance $ 5.7 $ 6.2 Foreign currency translation (0.4 ) (0.5 ) Ending balance $ 5.3 $ 5.7 The following table provides the gross intangible asset balance and related amortization recorded on our Consolidated Balance Sheet as of December 31, 2016 and December 31, 2015 : December 31, 2016 2015 (in millions) Capitalized computer software intangible asset $ 31.7 $ 28.7 Accumulated amortization (8.5 ) (3.7 ) Capitalized computer software intangible asset, net $ 23.2 $ 25.0 |
Restructuring and Acquisition27
Restructuring and Acquisition-Related Costs Restructuring and Acquisition-Related Costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | Severance Charges Implementation Costs Asset Impairment Charges Total (in millions) Accrual as of January 1, 2016 $ — $ — $ — $ — Charges 0.6 10.2 4.5 15.3 Cash utilization — (1.0 ) — (1.0 ) Non-cash utilization — — (4.5 ) (4.5 ) Accrual adjustments — — — — Accrual as of December 31, 2016 $ 0.6 $ 9.2 $ — $ 9.8 |
Business Combination, Separately Recognized Transactions [Table Text Block] | Acquisition-Related Costs Integration Expenses Other Total (in millions) Charges $ 9.5 $ 1.4 $ — $ 10.9 Total restructuring and acquisition-related charges $ 26.2 |
Long-Term Debt Long-Term Debt (
Long-Term Debt Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt, net consists of the following: December 31, 2016 2015 (in millions) Revolving Credit Facility $ — $ — 7.75% Notes 200.0 200.0 6.625% Notes 550.0 550.0 6.25% Notes 400.0 400.0 5.125% Notes 200.0 200.0 Foreign credit facilities 60.4 38.0 Capital lease obligations 5.5 5.6 Debt 1,415.9 1,393.6 Less: Current portion of long-term debt 3.3 3.3 Long-term debt 1,412.6 1,390.3 Less: Debt issuance costs 11.7 14.6 Long-term debt, net $ 1,400.9 $ 1,375.7 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2017 $ 42.6 2018 17.5 2019 403.3 2020 0.8 2021 400.9 Thereafter 550.8 Total $ 1,415.9 |
Derivatives Derivatives (Tables
Derivatives Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [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) for those derivative instruments designated as cash flow hedges under Accounting Standards Codification 815 - Derivatives and Hedging (ASC 815): Location of Gain (Loss) Reclassified into Net Income Gain (Loss) Reclassified During the Twelve Months Ended December 31, Loss Expected to be Reclassified During the Next 12 Months 2016 2015 2014 (in millions) Currency forward contracts Cost of Goods Sold $ (10.5 ) $ (10.9 ) $ 0.9 $ (12.3 ) The following table summarizes the amount and location of gains (losses) recognized in the Consolidated Statement of Income for those derivative instruments not designated as hedging instruments under ASC 815: Location of Loss Recognized in Net Income Loss Recognized During the Twelve Months Ended December 31, 2016 2015 2014 (in millions) Currency forward contracts Cost of Goods Sold $ (5.8 ) $ (4.0 ) $ (1.8 ) Currency forward contracts Other Income (Expense), Net (0.7 ) (1.6 ) — |
Fair Value Fair Value (Tables)
Fair Value Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Input (in millions) Balance Sheet Classification Cash equivalents $ 187.2 $ 187.2 $ 61.7 $ 61.7 Level 1 Currency forward contracts - Prepaid expenses and other Nondesignated currency forward contracts — — 0.2 0.2 Level 2 Currency forward contracts - Other accrued expenses Cash flow hedges 12.3 12.3 7.5 7.5 Level 2 Nondesignated currency forward contracts 1.4 1.4 1.9 1.9 Level 2 Currency forward contracts - Postretirement benefits and other long-term liabilities Cash flow hedges 11.4 11.4 5.9 5.9 Level 2 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Input (in millions) Revolving Credit Facility $ — $ — $ — $ — Level 2 7.75% Notes 200.0 221.0 200.0 218.5 Level 2 6.625% Notes 550.0 566.1 550.0 574.8 Level 2 6.25% Notes 400.0 412.0 400.0 415.0 Level 2 5.125% Notes 200.0 201.7 200.0 202.0 Level 2 |
Employee Benefit Plans Employee
Employee Benefit Plans Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Assumptions Used [Table Text Block] | Pension Benefits OPEB 2016 2015 2014 2016 2015 2014 U.S. U.K U.S. U.K U.S. U.K. Discount rate 4.15 % 2.70 % 4.40 % 3.90 % 4.10 % 3.70 % 4.20 % 4.45 % 4.15 % Expected return on plan assets 7.50 % 5.00 % 7.50 % 5.00 % 7.50 % 5.00 % N/A N/A N/A Rate of compensation increase 4.00 % 3.45 % 4.00 % 3.30 % 4.00 % 3.30 % 4.00 % 4.00 % 4.00 % |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | Pension Benefits OPEB December 31, December 31, 2016 2015 2016 2015 (in millions) Change in benefit obligation Benefit obligation at beginning of year $ 693.1 $ 738.8 $ 588.4 $ 654.7 Service cost 2.9 3.2 0.3 0.4 Interest cost 28.8 28.6 14.0 15.0 Actuarial loss (gain) 54.8 (32.1 ) (6.8 ) (35.9 ) Change in GM portion of OPEB obligation — — (7.2 ) (31.6 ) Participant contributions 0.3 0.4 — — Benefit payments (38.1 ) (38.4 ) (17.0 ) (14.2 ) Currency fluctuations (24.2 ) (7.4 ) — — Net change 24.5 (45.7 ) (16.7 ) (66.3 ) Benefit obligation at end of year $ 717.6 $ 693.1 $ 571.7 $ 588.4 Change in plan assets Fair value of plan assets at beginning of year $ 612.8 $ 643.7 $ — $ — Actual return on plan assets 61.7 (5.0 ) — — Employer contributions 2.3 20.1 17.0 14.2 Participant contributions 0.3 0.4 — — Benefit payments (38.1 ) (38.4 ) (17.0 ) (14.2 ) Currency fluctuations (27.7 ) (8.0 ) — — Net change (1.5 ) (30.9 ) — — Fair value of plan assets at end of year $ 611.3 $ 612.8 $ — $ — |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Pension Benefits OPEB December 31, December 31, 2016 2015 2016 2015 (in millions) Noncurrent assets $ 12.9 $ 27.0 $ — $ — Current liabilities (5.7 ) (4.2 ) (29.1 ) (29.4 ) Noncurrent liabilities (113.5 ) (103.1 ) (542.6 ) (559.0 ) Net liability $ (106.3 ) $ (80.3 ) $ (571.7 ) $ (588.4 ) |
Schedule of Pre-tax Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Pension Benefits OPEB December 31, December 31, 2016 2015 2016 2015 (in millions) Net actuarial gain (loss) $ (247.9 ) $ (222.9 ) $ 8.5 $ 1.1 Net prior service credit 0.5 0.6 9.9 12.7 Total amounts recorded $ (247.4 ) $ (222.3 ) $ 18.4 $ 13.8 |
Schedule of Net Benefit Costs [Table Text Block] | Pension Benefits OPEB 2016 2015 2014 2016 2015 2014 (in millions) Service cost $ 2.9 $ 3.2 $ 3.5 $ 0.3 $ 0.4 $ 0.3 Interest cost 28.8 28.6 36.1 14.0 15.0 15.3 Expected asset return (42.1 ) (42.0 ) (48.4 ) — — — Amortized actuarial loss 5.5 6.0 5.4 0.5 0.8 0.5 Amortized prior service credit (0.1 ) (0.1 ) (0.1 ) (2.7 ) (2.7 ) (2.7 ) Settlement charge — — 35.5 — — — Net periodic benefit cost (credit) $ (5.0 ) $ (4.3 ) $ 32.0 $ 12.1 $ 13.5 $ 13.4 |
Schedule of Allocation of Plan Assets [Table Text Block] | U.S. U.K. Target Target 2016 2015 Allocation 2016 2015 Allocation Equity securities 42.0 % 34.8 % 30% - 65% 27.3 % 26.7 % 25% - 35% Fixed income securities 48.0 46.2 35% - 55% 57.0 52.0 55% - 65% Hedge funds 9.0 17.8 0% - 20% 11.7 9.6 5% - 15% Cash 1.0 1.2 0% - 5% 4.0 11.7 0% - 5% Total 100.0 % 100.0 % 100.0 % 100.0 % The fair values of our pension plan assets are as follows: December 31, 2016 Asset Categories Level 1 Level 2 Level 3 Total (in millions) Cash & Cash Equivalents $ 10.4 $ — $ — $ 10.4 Equity U.S. Large Cap 90.9 — — 90.9 U.S. Small/Mid Cap 37.3 — — 37.3 World Equity 106.5 — — 106.5 Fixed Income Securities Government & Agencies 74.7 33.1 — 107.8 Corporate Bonds - Investment Grade 143.7 — — 143.7 Corporate Bonds - Non-investment Grade 26.2 — — 26.2 Emerging Market Debt 24.2 — — 24.2 Other 5.0 — — 5.0 Hedge Funds Property Funds (a) — — — 45.5 Multi Strategy Hedge Fund (a) — — — 8.8 Structured Credit Fund (a) — — — 5.0 Total Plan Assets $ 518.9 $ 33.1 $ — $ 611.3 December 31, 2015 Asset Categories Level 1 Level 2 Level 3 Total (in millions) Cash & Cash Equivalents $ 23.7 $ — $ — $ 23.7 Equity U.S. Large Cap 77.1 — — 77.1 U.S. Small/Mid Cap 28.2 — — 28.2 World Equity 95.5 — — 95.5 Fixed Income Securities Government & Agencies 68.1 35.8 — 103.9 Corporate Bonds - Investment Grade 138.4 — — 138.4 Corporate Bonds - Non-investment Grade 24.8 — — 24.8 Emerging Market Debt 18.1 — — 18.1 Other 6.9 — — 6.9 Hedge Funds Property Funds (a) — — — 54.6 Multi Strategy Hedge Fund (a) — — — 41.6 Total Plan Assets $ 480.8 $ 35.8 $ — $ 612.8 (a) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets. |
Stock Based Compensation Stock
Stock Based Compensation Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
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, 2014 2.0 $ 29.22 Options granted — — Options exercised (0.1 ) 13.87 Options canceled (1.0 ) 37.70 Outstanding at December 31, 2014 0.9 $ 20.66 Options granted — — Options exercised (0.1 ) 17.13 Options canceled (0.2 ) 26.65 Outstanding at December 31, 2015 0.6 $ 18.58 Options granted — — Options exercised (0.1 ) 10.08 Options canceled (0.2 ) 16.08 Outstanding at December 31, 2016 0.3 $ 20.71 Exercisable at December 31, 2014 0.9 $ 20.66 Exercisable at December 31, 2015 0.6 $ 18.58 Exercisable at December 31, 2016 0.3 $ 20.71 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Stock Options Weighted- Remaining Range of Outstanding and Average Exercise Weighted-Average Exercise Prices Exercisable Price Per Share Contractual Life (in millions, except per share data) (in years) $9.19 - $10.08 0.1 $ 9.27 1.6 $26.02 0.2 26.02 0.2 0.3 $ 20.71 0.6 |
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, 2014 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 Granted 0.5 25.21 Vested (0.3 ) 11.03 Canceled (0.1 ) 19.99 Outstanding at December 31, 2015 1.7 $ 18.19 Granted 0.9 15.41 Vested (0.7 ) 13.23 Canceled (0.1 ) 18.75 Outstanding at December 31, 2016 1.8 $ 18.70 |
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 Awards (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 Granted 0.1 37.68 Vested — — Canceled — — Outstanding at December 31, 2015 0.3 $ 32.27 Granted 0.2 28.04 Vested — — Canceled — — Outstanding at December 31, 2016 0.5 $ 30.19 TSR Awards Outstanding at January 1, 2014 — $ — Granted 0.2 21.11 Vested — — Canceled — — Outstanding at December 31, 2014 0.2 $ 21.11 Granted 0.1 31.22 Vested — — Canceled — — Outstanding at December 31, 2015 0.3 $ 25.77 Granted 0.2 13.16 Vested — — Canceled — — Outstanding at December 31, 2016 0.5 $ 19.55 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income before income taxes for U.S. and non-U.S. operations was as follows: 2016 2015 2014 (in millions) U.S. income $ 90.0 $ 88.3 $ 12.0 Non - U.S. income 209.0 184.4 164.7 Total income before income taxes $ 299.0 $ 272.7 $ 176.7 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The following is a summary of the components of our provisions for income taxes: 2016 2015 2014 (in millions) Current Federal $ 0.4 $ 0.5 $ 0.6 Other state and local — 0.2 0.1 Foreign 27.5 10.8 44.2 Total current $ 27.9 $ 11.5 $ 44.9 Deferred Federal $ 31.2 $ 26.4 $ (11.6 ) Foreign (0.8 ) (0.8 ) 0.4 Total deferred 30.4 25.6 (11.2 ) Total income tax expense $ 58.3 $ 37.1 $ 33.7 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a reconciliation of our provision for income taxes to the expected amounts using statutory rates: 2016 2015 2014 Federal statutory 35.0 % 35.0 % 35.0 % Foreign income taxes (20.5 ) (17.6 ) (25.1 ) Change in enacted tax rate (0.2 ) — — State and local — 0.1 0.1 Tax credits (1.1 ) (1.3 ) (11.4 ) Valuation allowance 0.4 2.6 4.5 U.S. tax on unremitted foreign earnings 0.2 0.2 1.9 Uncertain tax positions 0.5 (5.7 ) 13.0 Other 5.2 0.3 1.1 Effective income tax rate 19.5 % 13.6 % 19.1 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2016 2015 (in millions) U.S. federal and state deferred tax asset, net $ 333.1 $ 354.7 Other foreign deferred tax asset, net 8.3 12.1 Noncurrent deferred tax asset, net $ 341.4 $ 366.8 December 31, 2016 2015 (in millions) Noncurrent deferred tax assets Employee benefits $ 219.3 $ 211.1 Inventory 8.9 9.4 Net operating loss (NOL) carryforwards 126.7 117.0 Tax credit carryforwards 35.1 25.8 Capital allowance carryforwards 11.6 13.6 Fixed assets 15.9 13.5 Deferred revenue 19.3 15.0 Capitalized expenditures 71.9 120.5 Other 20.5 22.4 Valuation allowances (164.8 ) (167.3 ) Noncurrent deferred tax assets $ 364.4 $ 381.0 Noncurrent deferred tax liabilities Fixed assets and other (23.0 ) (14.2 ) Noncurrent deferred tax asset, net $ 341.4 $ 366.8 |
Schedule of Unrecognized Income Tax Benefits [Table Text Block] | 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, 2014 $ 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 Increase in prior year tax positions — 1.4 Decrease in prior year tax positions (9.4 ) (4.9 ) Increase in current year tax positions 8.8 — Foreign currency remeasurement adjustment $ (5.1 ) $ (1.8 ) Balance at December 31, 2015 $ 41.6 $ 6.9 Increase in prior year tax positions 0.4 2.0 Decrease in prior year tax positions (2.5 ) (0.5 ) Increase in current year tax positions 9.3 — Settlement (17.3 ) (5.6 ) Foreign currency remeasurement adjustment (3.3 ) (0.3 ) Balance at December 31, 2016 $ 28.2 $ 2.5 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2016 2015 2014 (in millions, except per share data) Numerator Net income $ 240.7 $ 235.6 $ 143.0 Less: Net income allocated to participating securities (5.5 ) (5.3 ) (2.9 ) Net income attributable to common shareholders - Basic and Dilutive $ 235.2 $ 230.3 $ 140.1 Denominators Basic common shares outstanding - Weighted-average shares outstanding 78.2 77.7 77.3 Less: Participating securities (1.8 ) (1.8 ) (1.6 ) Weighted-average common shares outstanding 76.4 75.9 75.7 Effect of dilutive securities - Dilutive stock-based compensation 0.5 0.4 0.2 Diluted shares outstanding - Adjusted weighted-average shares after assumed conversions 76.9 76.3 75.9 Basic EPS $ 3.08 $ 3.03 $ 1.85 Diluted EPS $ 3.06 $ 3.02 $ 1.85 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | The following table provides a reconciliation of changes in the product warranty liability: December 31, 2016 2015 (in millions) Beginning balance $ 36.6 $ 12.4 Accruals 16.0 17.0 Settlements (7.3 ) (6.1 ) Adjustments to prior period accruals (2.3 ) 14.0 Foreign currency translation (0.1 ) (0.7 ) Ending balance $ 42.9 $ 36.6 |
Reclassifications out of Accu36
Reclassifications out of Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , December 31, 2015 and December 31, 2014 are as follows (in millions) : Defined Benefit Plans Foreign Currency Translation Adjustments Unrecognized Loss on Cash Flow Hedges Total Balance at January 1, 2014 $ (197.9 ) $ (18.6 ) $ 0.3 $ (216.2 ) Other comprehensive loss before reclassifications (104.7 ) (30.3 ) (6.8 ) (141.8 ) Income tax effect of other comprehensive loss before reclassifications 36.6 — — 36.6 Amounts reclassified from accumulated other comprehensive income (loss) into net income 38.8 (a)(c) — (0.9 ) (b) 37.9 Income taxes reclassified into net income (13.4 ) — — (13.4 ) 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 ) Other comprehensive income (loss) before reclassifications 21.2 (70.3 ) (16.9 ) (66.0 ) Income tax effect of other comprehensive income (loss) before reclassifications (7.2 ) — — (7.2 ) Amounts reclassified from accumulated other comprehensive loss into net income 4.0 (a) — 10.9 (b) 14.9 Income taxes reclassified into net income (1.3 ) — — (1.3 ) Net current period other comprehensive income (loss) 16.7 (70.3 ) (6.0 ) (59.6 ) Balance at December 31, 2015 $ (223.9 ) $ (119.2 ) $ (13.4 ) $ (356.5 ) Other comprehensive income (loss) before reclassifications (27.5 ) (3.2 ) (20.8 ) (51.5 ) Income tax effect of other comprehensive income (loss) before reclassifications 5.8 — — 5.8 Amounts reclassified from accumulated other comprehensive loss into net income 3.2 (a) — 10.5 (b) 13.7 Income taxes reclassified into net income (1.1 ) — — (1.1 ) Net current period other comprehensive loss (19.6 ) (3.2 ) (10.3 ) (33.1 ) Balance at December 31, 2016 $ (243.5 ) $ (122.4 ) $ (23.7 ) $ (389.6 ) (a) The amount reclassified from AOCI included $4.4 million in cost of goods sold (COGS) and $(1.2) million in selling, general & administrative expenses (SG&A) for the year ended December 31, 2016, $4.8 million in COGS and $(0.8) million in SG&A for the year ended December 31, 2015 and $36.0 million in COGS and $2.8 million in SG&A for the year ended December 31, 2014. (b) The amounts reclassified from AOCI are included in COGS. (c) Includes a reclassification of $23.1 million, net of tax, related to our terminated vested lump-sum pension payout in the U.S. |
Segment and Geographic Inform37
Segment and Geographic Information Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segments, Geographical Areas [Abstract] | |
Schedule of Disclosure on Geographic Areas, Revenue and Long-Lived Assets by Country [Table Text Block] | December 31, 2016 2015 2014 (in millions) Net sales United States $ 2,147.9 $ 2,121.9 $ 2,073.6 Canada 94.7 119.3 64.6 Mexico 1,061.9 1,060.2 1,055.5 South America 124.6 106.6 156.5 China 203.4 185.5 71.3 All other Asia 208.8 185.2 167.3 Europe and other 106.7 124.4 107.2 Total net sales $ 3,948.0 $ 3,903.1 $ 3,696.0 Long-lived assets United States $ 831.0 $ 824.0 $ 867.1 Mexico 529.2 522.6 513.2 South America 61.5 48.5 80.5 China 129.8 85.8 59.8 All other Asia 92.0 103.7 117.5 Europe 111.7 120.3 94.0 Total long-lived assets $ 1,755.2 $ 1,704.9 $ 1,732.1 |
Unaudited Quarterly Financial38
Unaudited Quarterly Financial Data Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Three Months Ended, March 31 June 30 September 30 December 31 (in millions, except per share data) 2016 Net sales $ 969.2 $ 1,025.4 $ 1,006.9 $ 946.5 Gross profit 174.0 191.4 181.2 179.5 (2) Net income 61.1 71.0 61.7 46.9 Basic EPS (1) $ 0.78 $ 0.91 $ 0.79 $ 0.60 Diluted EPS (1) $ 0.78 $ 0.90 $ 0.78 $ 0.59 2015 Net sales $ 969.1 $ 1,004.0 $ 971.6 $ 958.4 Gross profit 152.8 164.5 158.3 159.8 Net income 53.2 58.6 60.9 62.9 Basic EPS (1) $ 0.69 $ 0.75 $ 0.78 $ 0.81 Diluted EPS (1) $ 0.68 $ 0.75 $ 0.78 $ 0.81 (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. (2) In the third quarter of 2016, we identified an indicator of impairment at our Pantnagar Manufacturing Facility in India due to changes in forecasted cash flows and, as a result, recorded an impairment charge of $3.4 million to write the assets down to fair value. This impairment charge was recorded to Cost of Goods Sold in the third quarter of 2016 but has been reclassified to Restructuring and Acquisition-Related Costs in the Consolidated Statement of Income for the full year 2016. This reclassification occurred in the fourth quarter of 2016 as a result of the announced closure of the facility. |
Supplemental Guarantor Conden39
Supplemental Guarantor Condensed Consolidating Financial Statements Supplemental Guarantor Condensed Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Guarantor Condensed Consolidating Financial Statements [Abstract] | |
Supplemental Guarantor Consolidating Income Statement [Table Text Block] | Condensed Consolidating Statements of Income 2016 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated (in millions) Net sales External $ — $ 1,109.6 $ 212.2 $ 2,626.2 $ — $ 3,948.0 Intercompany — 8.3 241.6 16.1 (266.0 ) — Total net sales — 1,117.9 453.8 2,642.3 (266.0 ) 3,948.0 Cost of goods sold — 1,063.8 375.4 2,048.7 (266.0 ) 3,221.9 Gross profit — 54.1 78.4 593.6 — 726.1 Selling, general and administrative expenses — 248.6 — 70.6 — 319.2 Restructuring and acquisition-related costs — 21.1 — 5.1 — 26.2 Operating income (loss) — (215.6 ) 78.4 517.9 — 380.7 Non-operating income (expense), net — (96.6 ) 10.9 4.0 — (81.7 ) Income (loss) before income taxes — (312.2 ) 89.3 521.9 — 299.0 Income tax expense — 27.4 4.2 26.7 — 58.3 Earnings (loss) from equity in subsidiaries 240.7 267.4 (16.7 ) — (491.4 ) — Net income (loss) before royalties 240.7 (72.2 ) 68.4 495.2 (491.4 ) 240.7 Royalties — 312.9 — (312.9 ) — — Net income after royalties 240.7 240.7 68.4 182.3 (491.4 ) 240.7 Other comprehensive loss, net of tax (33.1 ) (33.1 ) (1.2 ) (12.1 ) 46.4 (33.1 ) Comprehensive income $ 207.6 $ 207.6 $ 67.2 $ 170.2 $ (445.0 ) $ 207.6 2015 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net sales External $ — $ 1,149.0 $ 210.3 $ 2,543.8 $ — $ 3,903.1 Intercompany — 9.4 258.3 19.0 (286.7 ) — Total net sales — 1,158.4 468.6 2,562.8 (286.7 ) 3,903.1 Cost of goods sold — 1,114.5 385.2 2,054.7 (286.7 ) 3,267.7 Gross profit — 43.9 83.4 508.1 — 635.4 Selling, general and administrative expenses — 210.6 0.1 66.6 — 277.3 Operating income (loss) — (166.7 ) 83.3 441.5 — 358.1 Non-operating income (expense), net — (99.3 ) 10.1 3.8 — (85.4 ) Income (loss) before income taxes — (266.0 ) 93.4 445.3 — 272.7 Income tax expense — 21.6 5.5 10.0 — 37.1 Earnings (loss) from equity in subsidiaries 235.6 262.3 (20.8 ) — (477.1 ) — Net income (loss) before royalties 235.6 (25.3 ) 67.1 435.3 (477.1 ) 235.6 Royalties — 260.9 — (260.9 ) — — Net income after royalties 235.6 235.6 67.1 174.4 (477.1 ) 235.6 Other comprehensive loss, net of tax (59.6 ) (59.6 ) (63.6 ) (68.4 ) 191.6 (59.6 ) Comprehensive income $ 176.0 $ 176.0 $ 3.5 $ 106.0 $ (285.5 ) $ 176.0 2014 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net sales External $ — $ 1,099.5 $ 225.1 $ 2,371.4 $ — $ 3,696.0 Intercompany — 13.1 246.9 21.6 (281.6 ) — Total net sales — 1,112.6 472.0 2,393.0 (281.6 ) 3,696.0 Cost of goods sold — 1,112.4 396.1 1,946.3 (281.6 ) 3,173.2 Gross profit — 0.2 75.9 446.7 — 522.8 Selling, general and administrative expenses — 194.0 0.2 61.0 — 255.2 Operating income (loss) — (193.8 ) 75.7 385.7 — 267.6 Non-operating income (expense), net — (103.0 ) 9.0 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 143.0 204.0 (23.3 ) — (323.7 ) — Net income (loss) before royalties 143.0 (81.0 ) 60.5 344.2 (323.7 ) 143.0 Royalties — 224.0 — (224.0 ) — — Net income after royalties 143.0 143.0 60.5 120.2 (323.7 ) 143.0 Other comprehensive loss, net of tax (80.7 ) (80.7 ) (23.5 ) (34.8 ) 139.0 (80.7 ) Comprehensive income $ 62.3 $ 62.3 $ 37.0 $ 85.4 $ (184.7 ) $ 62.3 |
Supplemental Guarantor Consolidating Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheets 2016 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Assets (in millions) Current assets Cash and cash equivalents $ — $ 84.3 $ 1.6 $ 395.3 $ — $ 481.2 Accounts receivable, net — 126.7 21.9 411.4 — 560.0 Intercompany receivables — 442.6 326.0 9.1 (777.7 ) — Inventories, net — 46.0 29.1 144.4 — 219.5 Other current assets — 29.4 0.5 45.9 — 75.8 Total current assets — 729.0 379.1 1,006.1 (777.7 ) 1,336.5 Property, plant and equipment, net — 213.7 102.9 777.1 — 1,093.7 Goodwill — — 147.8 6.2 — 154.0 Intercompany notes and accounts receivable — 343.9 242.2 — (586.1 ) — Other assets and deferred charges — 662.6 37.1 164.2 — 863.9 Investment in subsidiaries 851.8 1,559.0 — — (2,410.8 ) — Total assets $ 851.8 $ 3,508.2 $ 909.1 $ 1,953.6 $ (3,774.6 ) $ 3,448.1 Liabilities and stockholders' equity Current liabilities Current portion of long-term debt $ — $ — $ — $ 3.3 $ — $ 3.3 Accounts payable — 80.6 35.8 265.9 — 382.3 Intercompany payables — 324.8 153.4 299.5 (777.7 ) — Other current liabilities — 142.2 4.3 119.4 — 265.9 Total current liabilities — 547.6 193.5 688.1 (777.7 ) 651.5 Intercompany notes and accounts payable 321.8 14.6 7.5 242.2 (586.1 ) — Long-term debt, net — 1,339.7 4.1 57.1 — 1,400.9 Investment in subsidiaries obligation — — 124.7 — (124.7 ) — Other long-term liabilities — 754.5 0.6 110.6 — 865.7 Total liabilities 321.8 2,656.4 330.4 1,098.0 (1,488.5 ) 2,918.1 Total stockholders' equity 530.0 851.8 578.7 855.6 (2,286.1 ) 530.0 Total liabilities and stockholders' equity $ 851.8 $ 3,508.2 $ 909.1 $ 1,953.6 $ (3,774.6 ) $ 3,448.1 2015 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Assets Current assets Cash and cash equivalents $ — $ 52.0 $ — $ 230.5 $ — $ 282.5 Accounts receivable, net — 127.2 19.7 392.2 — 539.1 Intercompany receivables — 311.8 249.7 9.4 (570.9 ) — Inventories, net — 59.8 31.1 139.6 — 230.5 Other current assets — 30.4 0.5 41.2 — 72.1 Total current assets — 581.2 301.0 812.9 (570.9 ) 1,124.2 Property, plant and equipment, net — 214.1 91.9 740.2 — 1,046.2 Goodwill — — 147.8 6.6 — 154.4 Intercompany notes and accounts receivable — 393.5 252.2 — (645.7 ) — Other assets and deferred charges — 683.6 41.4 152.9 — 877.9 Investment in subsidiaries 622.3 1,315.9 — — (1,938.2 ) — Total assets $ 622.3 $ 3,188.3 $ 834.3 $ 1,712.6 $ (3,154.8 ) $ 3,202.7 Liabilities and stockholders' equity Current liabilities Current portion of long-term debt $ — $ — $ — $ 3.3 $ — $ 3.3 Accounts payable — 103.0 35.8 273.9 — 412.7 Intercompany payables — 248.7 154.9 167.3 (570.9 ) — Other current liabilities — 134.2 4.1 144.9 — 283.2 Total current liabilities — 485.9 194.8 589.4 (570.9 ) 699.2 Intercompany notes and accounts payable 320.8 10.3 — 314.6 (645.7 ) — Long-term debt, net — 1,336.5 4.5 34.7 — 1,375.7 Investment in subsidiaries obligation — — 111.7 — (111.7 ) — Other long-term liabilities — 733.3 0.5 92.5 — 826.3 Total liabilities 320.8 2,566.0 311.5 1,031.2 (1,328.3 ) 2,901.2 Total stockholders' equity 301.5 622.3 522.8 681.4 (1,826.5 ) 301.5 Total liabilities and stockholders' equity $ 622.3 $ 3,188.3 $ 834.3 $ 1,712.6 $ (3,154.8 ) $ 3,202.7 |
Supplemental Guarantor Consolidating Statement of Cash Flows [Table Text Block] | Condensed Consolidating Statements of Cash Flows 2016 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated (in millions) Net cash provided by operating activities $ — $ 78.3 $ 25.3 $ 304.0 $ — $ 407.6 Investing activities Purchases of property, plant and equipment — (36.8 ) (18.0 ) (168.2 ) — (223.0 ) Proceeds from sale of property, plant and equipment — — 0.3 1.4 — 1.7 Purchase buyouts of leased equipment — (4.6 ) — — — (4.6 ) Proceeds from government grants — — — 2.8 — 2.8 Final distribution of Reserve Yield Plus Fund — 1.0 — — — 1.0 Acquisition of business, net — — (5.6 ) — — (5.6 ) Net cash used in investing activities — (40.4 ) (23.3 ) (164.0 ) — (227.7 ) Financing activities Net debt activity — (0.7 ) (0.4 ) 24.4 — 23.3 Employee stock option exercises — 0.3 — — — 0.3 Purchase of treasury stock (5.2 ) — — — — (5.2 ) Intercompany activity 5.2 (5.2 ) — — — — Net cash provided by (used in) financing activities — (5.6 ) (0.4 ) 24.4 — 18.4 Effect of exchange rate changes on cash — — — 0.4 — 0.4 Net increase in cash and cash equivalents — 32.3 1.6 164.8 — 198.7 Cash and cash equivalents at beginning of period — 52.0 — 230.5 — 282.5 Cash and cash equivalents at end of period $ — $ 84.3 $ 1.6 $ 395.3 $ — $ 481.2 2015 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net cash provided by operating activities $ — $ 163.7 $ 68.1 $ 145.8 $ — $ 377.6 Investing activities Purchases of property, plant and equipment — (36.4 ) (12.8 ) (144.3 ) — (193.5 ) Proceeds from sale of property, plant and equipment — 0.1 0.1 0.1 — 0.3 Proceeds from government grants — — — 5.1 — 5.1 Intercompany activity — — (55.0 ) — 55.0 — Net cash used in investing activities — (36.3 ) (67.7 ) (139.1 ) 55.0 (188.1 ) Financing activities Net debt activity — (142.8 ) (0.4 ) 3.0 — (140.2 ) Employee stock option exercises — 0.8 — — — 0.8 Purchase of treasury stock (3.1 ) — — — — (3.1 ) Purchase of noncontrolling interest — — — (1.1 ) — (1.1 ) Intercompany activity 3.1 (3.1 ) — 55.0 (55.0 ) — Net cash provided by (used in) financing activities — (145.1 ) (0.4 ) 56.9 (55.0 ) (143.6 ) Effect of exchange rate changes on cash — — — (12.6 ) — (12.6 ) Net increase (decrease) in cash and cash equivalents — (17.7 ) — 51.0 — 33.3 Cash and cash equivalents at beginning of period — 69.7 — 179.5 — 249.2 Cash and cash equivalents at end of period $ — $ 52.0 $ — $ 230.5 $ — $ 282.5 2014 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated 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 — 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 — 154.0 Cash and cash equivalents at end of period $ — $ 69.7 $ — $ 179.5 $ — $ 249.2 |
Organization and Basis of Pre40
Organization and Basis of Presentation Acquisition of Metaldyne Performance Group Inc. (MPG) (Details) - USD ($) $ in Millions | 5 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | Nov. 03, 2016 | |
Debt Instrument [Line Items] | |||
Commitment Letter to Obtain Debt | $ 800 | ||
Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Commitment Letter to Obtain Debt | 1,650 | ||
Bridge Loan [Member] | |||
Debt Instrument [Line Items] | |||
Commitment Letter to Obtain Debt | $ 1,200 | ||
Scenario, Forecast [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Debt | $ 1,200 | ||
Metaldyne Performance Group Inc. (MPG) [Member] | |||
Debt Instrument [Line Items] | |||
Proposed Business Acquisition Estimated Purchase Price | $ 1,700 |
Organization and Basis of Pre41
Organization and Basis of Presentation Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2009 | Sep. 30, 2009 | |
Deferred Revenue Arrangement [Line Items] | ||||||
Deferred revenue, current | $ 24.6 | $ 24.6 | $ 22.9 | |||
Deferred revenue, noncurrent | 70.8 | 70.8 | 65.7 | |||
Increase Installed Capacity [Member] | ||||||
Deferred Revenue Arrangement [Line Items] | ||||||
Deferred Revenue, Additions | 20 | |||||
Increase installed capacity and adjust product mix [Member] | ||||||
Deferred Revenue Arrangement [Line Items] | ||||||
Deferred Revenue, Additions | $ 32.8 | |||||
Deferred revenue, current | 6.9 | 6.9 | ||||
Deferred revenue, noncurrent | 6.9 | 6.9 | ||||
Deferred revenue, revenue recognized | 6.9 | 6.9 | 5.4 | |||
Delay of a major program | ||||||
Deferred Revenue Arrangement [Line Items] | ||||||
Deferred Revenue, Additions | 9.3 | |||||
Deferred revenue | 6.6 | 6.6 | ||||
Deferred revenue, current | 1.1 | 1.1 | ||||
Deferred revenue, noncurrent | 5.5 | 5.5 | ||||
Deferred revenue, revenue recognized | 1.1 | 1.1 | 0.5 | |||
2009 GM Agreement [Member] | ||||||
Deferred Revenue Arrangement [Line Items] | ||||||
Deferred Revenue, Additions | $ 79.7 | |||||
2009 GM agreement, cash received | $ 110 | |||||
Deferred revenue | 21.6 | 21.6 | ||||
Deferred revenue, current | 8 | 8 | ||||
Deferred revenue, noncurrent | $ 13.6 | 13.6 | ||||
Deferred revenue, revenue recognized | 8 | 8 | 8 | |||
Miscellaneous Deferred Revenue [Member] | ||||||
Deferred Revenue Arrangement [Line Items] | ||||||
Deferred revenue, revenue recognized | $ 8.9 | $ 7.4 | $ 7.5 |
Organization and Basis of Pre42
Organization and Basis of Presentation Research and Development (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Research and development expense | $ 139.8 | $ 113.9 | $ 103.9 |
Organization and Basis of Pre43
Organization and Basis of Presentation Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Allowance for doubtful accounts | $ 3.1 | $ 4.3 |
Organization and Basis of Pre44
Organization and Basis of Presentation Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory [Line Items] | ||
Raw materials and work-in-progress | $ 212.7 | $ 228.7 |
Finished goods | 33.8 | 31.1 |
Gross inventories | 246.5 | 259.8 |
Inventory valuation reserves | (27) | (29.3) |
Inventories, net | $ 219.5 | $ 230.5 |
Organization and Basis of Pre45
Organization and Basis of Presentation Property, Plant, & Equipment (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Impairment of Long-Lived Assets Held-for-use | $ 3.4 | |||
Depreciation and Tooling Amortization | $ 160.4 | $ 163.6 | $ 166.5 | |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | $ 19 | $ 43.6 | $ 31.4 |
Organization and Basis of Pre46
Organization and Basis of Presentation Schedule of Property, Plant & Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Land | $ 24.9 | $ 24.9 |
Land improvements | 19.2 | 18.8 |
Buildings and building improvements | 345.5 | 315.5 |
Machinery and equipment | 1,976 | 1,853.1 |
Construction in progress | 109.9 | 88.4 |
Property, plant and equipment, gross | 2,475.5 | 2,300.7 |
Accumulated depreciation and amortization | (1,381.8) | (1,254.5) |
Property, plant and equipment, net | $ 1,093.7 | $ 1,046.2 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 10-15 | |
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 | 3-12 |
Organization and Basis of Pre47
Organization and Basis of Presentation Goodwill Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 154.4 | $ 155 |
Foreign currency translation | (0.4) | (0.6) |
Ending balance | $ 154 | $ 154.4 |
Organization and Basis of Pre48
Organization and Basis of Presentation Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Capitalized computer software, amortization | $ 5 | $ 3.2 | $ 0.4 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Capitalized computer software, gross | 31.7 | 28.7 | |
Capitalized Computer Software, Accumulated Amortization | (8.5) | (3.7) | |
Capitalized Computer Software, Net | 23.2 | $ 25 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 5 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 4 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3.4 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2.9 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 2.5 |
Organization and Basis of Pre49
Organization and Basis of Presentation Schedule of In-Process R&D Intangible Asset (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
In-Process R&D finite-lived Intangible Asset [Roll Forward] | ||
Beginning balance | $ 5.7 | $ 6.2 |
Foreign currency translation | (0.4) | (0.5) |
Ending balance | $ 5.3 | $ 5.7 |
Organization and Basis of Pre50
Organization and Basis of Presentation Debt Issuance Costs (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense | $ 16.7 | $ 22.5 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense | $ 5 | $ 7.9 |
Organization and Basis of Pre51
Organization and Basis of Presentation Currency Translation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ 5.8 | $ 9.5 | $ 6.4 |
Organization and Basis of Pre52
Organization and Basis of Presentation Effect of New Accounting Standard - Tax (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Retained earnings | $ 449.7 | $ 204.2 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Retained earnings | 4.8 | |
Deferred Tax Assets, Net | $ 4.8 |
Organization and Basis of Pre53
Organization and Basis of Presentation Share Repurchase Program (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 05, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Stock Repurchase Program, Authorized Amount | $ 100 | ||||
Treasury Stock, Shares, Acquired | 100,000 | 300,000 | 100,000 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 1.5 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 98.5 |
Restructuring and Acquisition54
Restructuring and Acquisition-Related Costs Restructuring Reserve Table (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | $ 0 | ||
Restructuring Charges | 15.3 | ||
Payments for Restructuring | (1) | ||
Restructuring Reserve, Settled without Cash | (4.5) | ||
Restructuring Reserve, Accrual Adjustment | 0 | ||
Restructuring Reserve | $ 9.8 | 9.8 | |
Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 0 | ||
Restructuring Charges | 0.6 | ||
Payments for Restructuring | 0 | ||
Restructuring Reserve, Settled without Cash | 0 | ||
Restructuring Reserve, Accrual Adjustment | 0 | ||
Restructuring Reserve | 0.6 | 0.6 | |
Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 0 | ||
Restructuring Charges | 10.2 | ||
Payments for Restructuring | (1) | ||
Restructuring Reserve, Settled without Cash | 0 | ||
Restructuring Reserve, Accrual Adjustment | 0 | ||
Restructuring Reserve | 9.2 | 9.2 | |
Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 0 | ||
Restructuring Charges | 1.1 | $ 3.4 | 4.5 |
Payments for Restructuring | 0 | ||
Restructuring Reserve, Settled without Cash | (4.5) | ||
Restructuring Reserve, Accrual Adjustment | 0 | ||
Restructuring Reserve | $ 0 | $ 0 |
Restructuring and Acquisition55
Restructuring and Acquisition-Related Costs Restructuring Reserve (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 15.3 | ||
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0.6 | ||
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 10.2 | ||
Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 1.1 | $ 3.4 | 4.5 |
Maximum [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost Remaining | 25 | 25 | |
Minimum [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost Remaining | $ 20 | $ 20 |
Restructuring and Acquisition56
Restructuring and Acquisition-Related Costs Business Combinations, Separately Recognized Transactions Table (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring and Related Activities [Abstract] | |||
Business Combination, Acquisition Related Costs | $ 9.5 | ||
Business Combination, Integration Related Costs | 1.4 | ||
Business Combination, Acquisition & Integration Related Costs | 10.9 | ||
Restructuring and acquisition-related costs | $ 26.2 | $ 0 | $ 0 |
Long-Term Debt Long-term Debt I
Long-Term Debt Long-term Debt Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||
Debt | $ 1,415.9 | $ 1,393.6 | |
Current portion of long-term debt | 3.3 | 3.3 | |
Long-term debt and capital lease obligations | 1,412.6 | 1,390.3 | |
Unamortized Debt Issuance Expense | 16.7 | 22.5 | |
Long-Term Debt, net of Issuance Costs | 1,400.9 | 1,375.7 | |
Total Debt Instruments excluding Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Debt Issuance Expense | 11.7 | 14.6 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, amount outstanding | 0 | 0 | |
Unamortized Debt Issuance Expense | 5 | 7.9 | |
Unsecured Debt [Member] | 7.75% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 200 | 200 | |
Unsecured Debt [Member] | 6.625% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 550 | 550 | |
Unsecured Debt [Member] | 6.25% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 400 | 400 | $ 400 |
Unsecured Debt [Member] | 5.125% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 200 | 200 | $ 200 |
Foreign Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, amount outstanding | 60.4 | 38 | |
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Capital lease obligations | $ 5.5 | $ 5.6 |
Long-Term Debt Revolving Credit
Long-Term Debt Revolving Credit Facility and Term Facility (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Line of Credit 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%. | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 523.5 | |
Line of Credit Facility, Remaining Borrowing Capacity | 507.3 | |
Letters of Credit Outstanding, Amount | $ 16.2 | |
Loans Payable [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150 | |
Debt Instrument, Periodic Payment, Principal | 142.5 | |
Write off of Deferred Debt Issuance Cost | $ 0.8 |
Long-Term Debt Long-Term Debt N
Long-Term Debt Long-Term Debt Notes Payable (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 17, 2012 | Nov. 03, 2011 | |
Debt Instrument [Line Items] | |||||||
Payments of Debt Issuance Costs | $ 0 | $ 0 | $ 0.3 | ||||
Repayments of Long-term Debt | 7 | 157 | 27 | ||||
Other expense - Debt refinancing and redemption costs | $ 0 | 0.8 | 0 | ||||
Secured Debt [Member] | 9.25% Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Repurchased Face Amount | $ 42.5 | ||||||
Debt Instrument, Redemption Amount | $ 190 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | ||||||
Unsecured Debt [Member] | 6.25% Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Payments of Debt Issuance Costs | 6.6 | ||||||
Long-term debt | $ 400 | 400 | 400 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ||||||
Unsecured Debt [Member] | 5.125% Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Payments of Debt Issuance Costs | $ 0.2 | 3.1 | |||||
Long-term debt | $ 200 | 200 | $ 200 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | ||||||
Unsecured Debt [Member] | 7.875% Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | ||||||
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 Instrument, Face Amount | $ 550 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | ||||||
Unsecured Debt [Member] | 5.25% Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Repurchased Face Amount | $ 250 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% |
Long-Term Debt Leases (Narrativ
Long-Term Debt Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Long-term Debt, Weighted Average Interest Rate | 6.60% | 6.50% | 6.40% |
Operating leases, future minimum payments due, current | $ 23.7 | ||
Operating leases, future minimum payments, due in two years | 16.5 | ||
Operating leases, future minimum payments, due in three years | 8.8 | ||
Operating leases, future minimum payments, due in four years | 6.3 | ||
Operating leases, future minimum payments, due in five years | 5.2 | ||
Operating lease expense | 26.9 | $ 25.3 | $ 23.6 |
Capital Lease Obligations [Member] | |||
Capital leased assets, gross | 8.8 | 7.9 | |
Capital leases, balance sheet, assets by major class, net | $ 5.5 | $ 5.6 | |
Long-term Debt, Weighted Average Interest Rate | 6.60% |
Long-Term Debt Foreign Credit F
Long-Term Debt Foreign Credit Facilities (Narrative) (Details) - Foreign Credit Facilities [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | ||
Line of credit facility, amount outstanding | $ 60.4 | $ 38 |
Foreign Credit Facilities, Remaining Borrowing Capacity | $ 62 |
Long-Term Debt Financing Relate
Long-Term Debt Financing Related to the Pending Acquisition of MPG (Narrative) (Details) - USD ($) $ in Millions | 5 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Commitment Letter to Obtain Debt | $ 800 | |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Commitment Letter to Obtain Debt | 1,650 | |
Bridge Loan [Member] | ||
Debt Instrument [Line Items] | ||
Commitment Letter to Obtain Debt | $ 1,200 | |
Scenario, Forecast [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from Issuance of Debt | $ 1,200 |
Long-Term Debt Long-term Debt M
Long-Term Debt Long-term Debt Maturity Schedule (Details) $ in Millions | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |
2,017 | $ 42.6 |
2,018 | 17.5 |
2,019 | 403.3 |
2,020 | 0.8 |
2,021 | 400.9 |
Thereafter | 550.8 |
Debt | $ 1,415.9 |
Long-Term Debt Interest Expense
Long-Term Debt Interest Expense and Investment Income (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |||
Interest Expense | $ 93.4 | $ 99.2 | $ 99.9 |
Interest Costs Capitalized | $ 6.5 | $ 4.5 | $ 5.8 |
Long-term Debt, Weighted Average Interest Rate | 6.60% | 6.50% | 6.40% |
Investment Income, Interest | $ 2.9 | $ 2.6 | $ 2.1 |
Derivatives Currency Forward Co
Derivatives Currency Forward Contracts (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 156 | $ 190 |
Derivatives Gain (Loss) Recogni
Derivatives Gain (Loss) Recognized for Designated and Undesignated Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income [Member] | Forward Contracts [Member] | |||||
Derivative [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (0.7) | $ (1.6) | $ 0 | ||
Other Income [Member] | Cash Flow Hedging [Member] | |||||
Derivative [Line Items] | |||||
Description of Location of Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments in Financial Statements | Other Income (Expense), Net | ||||
Cost of Sales [Member] | Forward Contracts [Member] | |||||
Derivative [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (5.8) | (4) | (1.8) | ||
Cost of Sales [Member] | Cash Flow Hedging [Member] | |||||
Derivative [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (10.5) | $ (10.9) | $ 0.9 | ||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Cost of Goods Sold | Cost of Goods Sold | |||
Description of Location of Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments in Financial Statements | Cost of Goods Sold | ||||
Scenario, Forecast [Member] | Cost of Sales [Member] | Cash Flow Hedging [Member] | |||||
Derivative [Line Items] | |||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (12.3) |
Derivatives Sales, Receivables
Derivatives Sales, Receivables and Postretirement Cost Sharing Asset by Major Customer (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue, Major Customer [Line Items] | |||
Total GM Postretirement Cost Sharing Asset | $ 249 | $ 256.3 | |
General Motors [Member] | |||
Revenue, Major Customer [Line Items] | |||
Entity-wide revenue, major customer, percentage | 67.00% | 66.00% | 68.00% |
Fair value, concentration of risk, accounts receivable | $ 369.1 | $ 361.1 | |
FCA [Member] | |||
Revenue, Major Customer [Line Items] | |||
Entity-wide revenue, major customer, percentage | 18.00% | 20.00% | 18.00% |
Fair value, concentration of risk, accounts receivable | $ 87.3 | $ 96.8 |
Fair Value Fair Value of Assets
Fair Value Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 187.2 | $ 61.7 |
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 | 187.2 | 61.7 |
Reported Value Measurement [Member] | Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [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 | 0.2 |
Reported Value Measurement [Member] | Not Designated as Hedging Instrument [Member] | Accrued Liabilities [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 | 1.4 | 1.9 |
Reported Value Measurement [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [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 | 12.3 | 7.5 |
Reported Value Measurement [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [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 | 11.4 | 5.9 |
Estimate of Fair Value Measurement [Member] | Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [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 | 0.2 |
Estimate of Fair Value Measurement [Member] | Not Designated as Hedging Instrument [Member] | Accrued Liabilities [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 | 1.4 | 1.9 |
Estimate of Fair Value Measurement [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [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 | 12.3 | 7.5 |
Estimate of Fair Value Measurement [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [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 | $ 11.4 | $ 5.9 |
Fair Value Fair Value of Debt (
Fair Value Fair Value of Debt (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
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] | 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] | 7.75% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 221 | 218.5 |
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 | 566.1 | 574.8 |
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 | 412 | 415 |
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 | $ 201.7 | $ 202 |
Employee Benefit Plans GM Cost
Employee Benefit Plans GM Cost Sharing (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Total GM Postretirement Cost Sharing Asset | $ 249 | $ 256.3 |
GM Postretirement Cost Sharing Asset, Current | 12.9 | |
GM postretirement cost sharing asset | $ 236.1 | $ 243.2 |
Employee Benefit Plans Defined
Employee Benefit Plans Defined Benefit Plan, Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.20% | 4.45% | 4.15% |
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 | 4.15% | 4.40% | 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 | 2.70% | 3.90% | 3.70% |
Expected return on plan assets | 5.00% | 5.00% | 5.00% |
Rate of compensation increase | 3.45% | 3.30% | 3.30% |
Employee Benefit Plans Accumula
Employee Benefit Plans Accumulated Benefit Obligation and Underfunded Pension Plan Detail (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Defined benefit plan, accumulated benefit obligation | $ 702.2 | $ 678.6 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 567.6 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 580.2 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | $ 461.1 |
Employee Benefit Plans Change i
Employee Benefit Plans Change in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 612.8 | ||
Fair value of plan assets at end of year | 611.3 | $ 612.8 | |
Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 693.1 | 738.8 | |
Service cost | 2.9 | 3.2 | $ 3.5 |
Interest cost | 28.8 | 28.6 | 36.1 |
Actuarial loss (gain) | 54.8 | (32.1) | |
Change in GM Portion of OPEB Obligation | 0 | 0 | |
Participant contributions | 0.3 | 0.4 | |
Benefit payments | (38.1) | (38.4) | |
Currency fluctuations | (24.2) | (7.4) | |
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | 24.5 | (45.7) | |
Benefit obligation at end of year | 717.6 | 693.1 | 738.8 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 612.8 | 643.7 | |
Actual return on plan assets | 61.7 | (5) | |
Employer contributions | 2.3 | 20.1 | |
Participant contributions | 0.3 | 0.4 | |
Benefit payments | (38.1) | (38.4) | |
Currency fluctuations | (27.7) | (8) | |
Net change | (1.5) | (30.9) | |
Fair value of plan assets at end of year | 611.3 | 612.8 | 643.7 |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 588.4 | 654.7 | |
Service cost | 0.3 | 0.4 | 0.3 |
Interest cost | 14 | 15 | 15.3 |
Actuarial loss (gain) | (6.8) | (35.9) | |
Change in GM Portion of OPEB Obligation | (7.2) | (31.6) | |
Participant contributions | 0 | 0 | |
Benefit payments | (17) | (14.2) | |
Currency fluctuations | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | (16.7) | (66.3) | |
Benefit obligation at end of year | 571.7 | 588.4 | 654.7 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 17 | 14.2 | |
Participant contributions | 0 | 0 | |
Benefit payments | (17) | (14.2) | |
Currency fluctuations | 0 | 0 | |
Net change | 0 | 0 | |
Fair value of plan assets at end of year | $ 0 | $ 0 | $ 0 |
Employee Benefit Plans Amounts
Employee Benefit Plans Amounts Recognized in the Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Noncurrent assets | $ 12.9 | $ 27 |
Defined benefit pension plan liabilities, current | (5.7) | (4.2) |
Defined benefit pension plan, liabilities, noncurrent | (113.5) | (103.1) |
Defined benefit plan, amounts recognized in balance sheet | (106.3) | (80.3) |
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 | (29.1) | (29.4) |
Other postretirement defined benefit plan, liabilities, noncurrent | (542.6) | (559) |
Other postretirement defined benefit plan, liabilities | $ (571.7) | $ (588.4) |
Employee Benefit Plans Pre-tax
Employee Benefit Plans Pre-tax Amounts Recorded in AOCI (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial gain (loss) | $ (247.9) | $ (222.9) |
Net prior service credit | 0.5 | 0.6 |
Total amounts recorded | (247.4) | (222.3) |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial gain (loss) | 8.5 | 1.1 |
Net prior service credit | 9.9 | 12.7 |
Total amounts recorded | $ 18.4 | $ 13.8 |
Employee Benefit Plans Componen
Employee Benefit Plans Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 2.9 | $ 3.2 | $ 3.5 |
Interest cost | 28.8 | 28.6 | 36.1 |
Expected asset return | (42.1) | (42) | (48.4) |
Amortized actuarial loss | 5.5 | 6 | 5.4 |
Amortized prior service credit | (0.1) | (0.1) | (0.1) |
Defined Benefit Plan, Recognized Net Gain Due to Settlements | 0 | 0 | 35.5 |
Net periodic benefit cost | (5) | (4.3) | 32 |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 0.3 | 0.4 | 0.3 |
Interest cost | 14 | 15 | 15.3 |
Expected asset return | 0 | 0 | 0 |
Amortized actuarial loss | 0.5 | 0.8 | 0.5 |
Amortized prior service credit | (2.7) | (2.7) | (2.7) |
Defined Benefit Plan, Recognized Net Gain Due to Settlements | 0 | 0 | 0 |
Other postretirement benefit expense | $ 12.1 | $ 13.5 | $ 13.4 |
Employee Benefit Plans All Othe
Employee Benefit Plans All Other Relevant Defined Benefit Pension and Other Postretirement Benefit Disclosures (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 1.5 | ||||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 36.3 | ||||
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 | 30.1 | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 59.6 | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 54 | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 53.9 | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 55.1 | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 56.1 | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 292.7 | ||||
Lump Sum Distribution from Pension Trust | $ 104.2 | ||||
Defined Benefit Plan, Settlements, Benefit Obligation | 131.1 | ||||
Pension Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Recognized Net Gain Due to Settlements | 0 | $ 0 | 35.5 | ||
Other Postretirement Benefit Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Recognized Net Gain Due to Settlements | $ 0 | 0 | $ 0 | ||
UNITED KINGDOM | Pension Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Pension and Other Postretirement Benefit Contributions | $ 18.3 | ||||
Scenario, Forecast [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.50% | ||||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | ||||
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2,023 | ||||
Scenario, Forecast [Member] | Pension Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Future Amortization of Gain (Loss) | $ 7.1 | ||||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | 0.1 | ||||
Scenario, Forecast [Member] | Other Postretirement Benefit Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Future Amortization of Gain (Loss) | 0.5 | ||||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | 2.7 | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 16 |
Employee Benefit Plans Pension
Employee Benefit Plans Pension Plan Assets by Category (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 42.00% | 34.80% |
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 | 48.00% | 46.20% |
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 | 9.00% | 17.80% |
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 | 1.00% | 1.20% |
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 | 27.30% | 26.70% |
Foreign Pension Plan [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 55% - 65% | |
Actual Plan Asset Allocations | 57.00% | 52.00% |
Foreign Pension Plan [Member] | Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 5% - 15% | |
Actual Plan Asset Allocations | 11.70% | 9.60% |
Foreign Pension Plan [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0% - 5% | |
Actual Plan Asset Allocations | 4.00% | 11.70% |
Employee Benefit Plans Define79
Employee Benefit Plans Defined Benefit Pension Plan Assets by Category and Fair Value Hierarchy (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 611.3 | $ 612.8 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 518.9 | 480.8 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 33.1 | 35.8 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10.4 | 23.7 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10.4 | 23.7 |
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 | 90.9 | 77.1 |
U.S. Large Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 90.9 | 77.1 |
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 | 37.3 | 28.2 |
U.S. Small/Mid Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 37.3 | 28.2 |
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 | 106.5 | 95.5 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 106.5 | 95.5 |
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 | 107.8 | 103.9 |
Government Agencies [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 74.7 | 68.1 |
Government Agencies [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 33.1 | 35.8 |
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 | 143.7 | 138.4 |
Investment Grade Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 143.7 | 138.4 |
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 | 26.2 | 24.8 |
NonInvestment Grade Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 26.2 | 24.8 |
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 | 24.2 | 18.1 |
Emerging Market Debt [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 24.2 | 18.1 |
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 | 5 | 6.9 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5 | 6.9 |
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 |
Commercial Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 45.5 | 54.6 |
Commercial Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Commercial Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Commercial Real Estate [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 | 8.8 | 41.6 |
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 | 0 | $ 0 |
Hedge Funds, Structured Credit Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5 | |
Hedge Funds, Structured Credit Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Hedge Funds, Structured Credit Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Hedge Funds, Structured Credit Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 0 |
Employee Benefit Plans Define80
Employee Benefit Plans Defined Contribution Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 5.2 | $ 4.6 | $ 3.9 |
Annual Retirement Contribution (ARC) [Member] | |||
Defined contribution plans, ARC, maximum employee contribution percentage | 5.00% | 5.00% | |
Defined contribution plan, employer matching contribution, percent | 3.00% | ||
Defined contribution plans, ARC, contributions made during period | $ 5.8 | 5.3 | $ 4.9 |
Defined contribution plans, ARC, hourly associates, contributions made during period | $ 1.9 | 2.5 | 2.6 |
Hourly Voluntary Savings Plan [Member] | |||
Defined contribution plans, ARC, maximum employee contribution percentage | 6.00% | ||
Defined Contribution Plans, Maximum Company Match, Hourly Voluntary Savings Plan | 25.00% | ||
Defined contribution plans, hourly voluntary savings plan, matching contributions during the period | $ 0.4 | $ 0.1 | $ 0.1 |
Employee Benefit Plans Deferred
Employee Benefit Plans Deferred Compensation Plan (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Deferred compensation distributions | $ 0.5 | $ 0.7 | $ 1.2 |
Deferred compensation arrangement with individuals, recorded liability | 5.3 | 5.1 | |
Increase in deferred compensation liability | $ 0.2 | $ 0.1 | $ 0.3 |
Stock Based Compensation Stoc82
Stock Based Compensation Stock Based Compensation (Narrative) (Details) shares in Millions | Dec. 31, 2016shares |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 2.7 |
Stock Based Compensation Stoc83
Stock Based Compensation Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Share-based Compensation, Contractual Term of Share-based Awards | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Beginning Balance - Options Outstanding | 0.6 | 0.9 | 2 | |
Options granted | 0 | 0 | 0 | |
Options exercised | (0.1) | (0.1) | (0.1) | |
Options canceled | (0.2) | (0.2) | (1) | |
Ending Balance - Options Outstanding | 0.3 | 0.6 | 0.9 | |
Weighted-average price outstanding | $ 20.71 | $ 18.58 | $ 20.66 | $ 29.22 |
Weighted-average price granted | 0 | 0 | 0 | |
Weighted-average price exercised | 10.08 | 17.13 | 13.87 | |
Weighted-average price canceled | $ 16.08 | $ 26.65 | $ 37.70 | |
Options exercisable | 0.3 | 0.6 | 0.9 | |
Weighted-average price of options exercisable | $ 20.71 | $ 18.58 | $ 20.66 | |
Share-based compensation arrangement by share-based payment award, options, outstanding, intrinsic value | $ 1.1 | |||
Share-based compensation arrangement by share-based payment award, options, exercises in period, total intrinsic value | $ 0.2 | $ 0.3 | $ 0.5 |
Stock Based Compensation Stoc84
Stock Based Compensation Stock Options - Range of Exercise Prices (Details) - $ / shares shares in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 0.3 | |||
Weighted-average price outstanding | $ 20.71 | $ 18.58 | $ 20.66 | $ 29.22 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 7 months | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 0.3 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 20.71 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 7 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Range of Exercise Prices, $9.19-$10.08 [Member] [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 0.1 | |||
Weighted-average price outstanding | $ 9.27 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 7 months | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 0.1 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 9.27 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 1 year 7 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Range of Exercise Prices, $15.58-$26.02 [Member] [Member] [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 0.2 | |||
Weighted-average price outstanding | $ 26.02 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 2 months | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 0.2 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 26.02 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 2 months |
Stock Based Compensation Restri
Stock Based Compensation Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, total fair value | $ 10.5 | $ 9.5 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Beginning balance | 1.7 | 1.6 | 1.3 | |
Restricted stock units granted | 0.9 | 0.5 | 0.5 | |
Restricted stock units vested | (0.7) | (0.3) | (0.1) | |
Restricted stock units canceled | (0.1) | (0.1) | (0.1) | |
Ending balance | 1.8 | 1.7 | 1.6 | |
Weighted-average grant date fair value outstanding | $ 18.70 | $ 18.19 | $ 14.54 | $ 12.24 |
Weighted-average grant date fair value granted | 15.41 | 25.21 | 19.58 | |
Weighted-average grant date fair value vested | 13.23 | 11.03 | 13.95 | |
Weighted-average grant date fair value canceled | $ 18.75 | $ 19.99 | $ 12.76 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 12.2 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year |
Stock Based Compensation Perfor
Stock Based Compensation Performance Shares Activity (Details) - Performance Shares [Member] - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 10.6 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||
EBITDA Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Beginning balance | 0.3 | 0.2 | 0 | |
Performance shares granted | 0.2 | 0.1 | 0.2 | |
Performance shares vested | 0 | 0 | 0 | |
Performance shares canceled | 0 | 0 | 0 | |
Ending balance | 0.5 | 0.3 | 0.2 | |
Weighted-average grant date fair value outstanding | $ 30.19 | $ 32.27 | $ 27.66 | $ 0 |
Weighted-average grant date fair value granted | 28.04 | 37.68 | 27.66 | |
Weighted-average grant date fair value vested | 0 | 0 | 0 | |
Weighted-average grant date fair value canceled | $ 0 | $ 0 | $ 0 | |
Total Shareholder Return (TSR) Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Beginning balance | 0.3 | 0.2 | 0 | |
Performance shares granted | 0.2 | 0.1 | 0.2 | |
Performance shares vested | 0 | 0 | 0 | |
Performance shares canceled | 0 | 0 | 0 | |
Ending balance | 0.5 | 0.3 | 0.2 | |
Weighted-average grant date fair value outstanding | $ 19.55 | $ 25.77 | $ 21.11 | $ 0 |
Weighted-average grant date fair value granted | 13.16 | 31.22 | 21.11 | |
Weighted-average grant date fair value vested | 0 | 0 | 0 | |
Weighted-average grant date fair value canceled | $ 0 | $ 0 | $ 0 |
Stock Based Compensation Perf87
Stock Based Compensation Performance Awards (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Allocated Share-based Compensation Expense | $ 1.4 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | $ 3.7 | $ 8.5 |
Income Taxes Income Before Inco
Income Taxes Income Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
U.S. income | $ 90 | $ 88.3 | $ 12 |
Non - U.S. income | 209 | 184.4 | 164.7 |
Income before income taxes | $ 299 | $ 272.7 | $ 176.7 |
Income Taxes Components of Prov
Income Taxes Components of Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current | |||
Federal | $ 0.4 | $ 0.5 | $ 0.6 |
Other state and local | 0 | 0.2 | 0.1 |
Foreign | 27.5 | 10.8 | 44.2 |
Total current | 27.9 | 11.5 | 44.9 |
Deferred | |||
Federal | 31.2 | 26.4 | (11.6) |
Foreign | (0.8) | (0.8) | 0.4 |
Total deferred | 30.4 | 25.6 | (11.2) |
Total income tax expense | $ 58.3 | $ 37.1 | $ 33.7 |
Income Taxes Rate Reconciliatio
Income Taxes Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate reconciliation, Federal statutory | 35.00% | 35.00% | 35.00% |
Effective income tax rate reconciliation, foreign income taxes | (20.50%) | (17.60%) | (25.10%) |
Effective income tax rate reconciliation, change in enacted tax rate | (0.20%) | 0.00% | 0.00% |
Effective income tax rate reconciliation, State and local | 0.00% | 0.10% | 0.10% |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | (1.10%) | (1.30%) | (11.40%) |
Effective income tax rate reconciliation, valuation allowance | 0.40% | 2.60% | 4.50% |
Effective income tax rate reconciliation, U.S. tax on unremitted foreign earnings | 0.20% | 0.20% | 1.90% |
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent | 0.50% | (5.70%) | 13.00% |
Effective income tax rate reconciliation, other | 5.20% | 0.30% | 1.10% |
Effective income tax rate | 19.50% | 13.60% | 19.10% |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rate (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ 2.5 | $ 9.4 | $ 0.5 | |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0.4 | 0 | 10.5 | |
Income tax expense (benefit), change in estimate | 3.4 | |||
Other Tax Expense (Benefit) | (20.1) | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 22.9 | $ 17.3 | ||
Tax positions relating to transfer pricing [Member] | ||||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ 11.5 | |||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $ 23.1 |
Income Taxes Refundable Income
Income Taxes Refundable Income Taxes and Income Taxes Payable (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Refundable income taxes | $ 3.4 | $ 2.5 |
Income taxes payable | 0.9 | 6.8 |
Value added tax payable | $ 34.2 | $ 35.8 |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred income taxes | $ 356.4 | $ 373.6 |
Deferred Tax Assets, Net, Noncurrent | 341.4 | 366.8 |
Deferred Tax Assets, Noncurrent [Member] | ||
Employee benefits | 219.3 | 211.1 |
Inventory | 8.9 | 9.4 |
Deferred Tax Assets, Operating Loss Carryforwards | 126.7 | 117 |
Deferred Tax Assets, Tax Credit Carryforwards | 35.1 | 25.8 |
Deferred Tax Assets, Tax Credit Carryforwards, Other | 11.6 | 13.6 |
Deferred Tax Assets, Fixed Assets | 15.9 | 13.5 |
Deferred Tax Assets, Deferred Income | 19.3 | 15 |
Deferred Tax Assets, Noncurrent, Capitalized Expenditures | 71.9 | 120.5 |
Prepaid taxes and other | 20.5 | 22.4 |
Deferred Tax Assets, Valuation Allowance, Noncurrent | (164.8) | (167.3) |
Deferred income taxes | 364.4 | 381 |
Deferred Tax Liabilities, Noncurrent [Member] | ||
Deferred Tax Liabilities, Property, Plant and Equipment | (23) | (14.2) |
Foreign [Member] | ||
Deferred Tax Assets, Net, Noncurrent | 8.3 | 12.1 |
Domestic [Member] | ||
Deferred Tax Assets, Net, Noncurrent | $ 333.1 | $ 354.7 |
Income Taxes Deferred Income Ta
Income Taxes Deferred Income Tax Assets and Liabilities and Valuation Allowances (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards | $ 173.4 | $ 173.4 | $ 156.4 |
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards, Not Subject to Expiration | 98.4 | $ 98.4 | |
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 | 931.8 | $ 931.8 | |
Deferred Tax Assets, Valuation Allowance | 164.8 | $ 164.8 | $ 167.3 |
China | |||
Tax Credit Carryforward [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (5.4) |
Income Taxes Unrecognized Tax B
Income Taxes Unrecognized Tax Benefts (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Unrecognized tax benefits, beginning balance | $ 41.6 | $ 41.6 | $ 47.3 | $ 21.7 |
Increase in prior year tax positions | 0.4 | 0 | 10.5 | |
Decrease in prior year tax positions | (2.5) | (9.4) | (0.5) | |
Increase in current year tax positions | 9.3 | 8.8 | 15.6 | |
Settlement | (22.9) | (17.3) | ||
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | (3.3) | (5.1) | ||
Unrecognized tax benefits, ending balance | 28.2 | 41.6 | 47.3 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | ||||
Unrecognized tax benefits, interest and penalties, beginning balance | $ 6.9 | 6.9 | 12.2 | 4.1 |
Interest and penalties, increase in prior year tax positions | 2 | 1.4 | 8.1 | |
Interest and penalties, decrease in prior year tax positions | (0.5) | (4.9) | 0 | |
Interest and penalties, increase in current year tax positions | 0 | 0 | 0 | |
Interest and penalties, settlement | (5.6) | |||
Unrecognized income tax benefit interest and penalties, decrease from foreign currency remeasurement adjustment | (0.3) | (1.8) | ||
Unrecognized tax benefits, interest and penalties, ending balance | 2.5 | $ 6.9 | $ 12.2 | |
Total Payments to Taxing Authority Regarding Transfer Pricing Issues, Including Payments Which Decreased Unrecognized Tax Benefits | $ 28 |
Income Taxes Other Tax Disclosu
Income Taxes Other Tax Disclosure (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||||
Unrecognized Tax Benefits | $ 28.2 | $ 41.6 | $ 47.3 | $ 21.7 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 22.9 | 17.3 | |||
Total Payments to Taxing Authority Regarding Transfer Pricing Issues, Including Payments Which Decreased Unrecognized Tax Benefits | 28 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 1.5 | (3.5) | 8.1 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2.5 | $ 6.9 | $ 12.2 | $ 4.1 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 30.7 |
Earnings Per Share Earnings P97
Earnings Per Share Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator [Abstract] | |||||||||||
Net income | $ 46.9 | $ 61.7 | $ 71 | $ 61.1 | $ 62.9 | $ 60.9 | $ 58.6 | $ 53.2 | $ 240.7 | $ 235.6 | $ 143 |
Less: Net income attributable to participating securities | (5.5) | (5.3) | (2.9) | ||||||||
Net income attributable to common shareholders - Basic and Dilutive | $ 235.2 | $ 230.3 | $ 140.1 | ||||||||
Denominator [Abstract] | |||||||||||
Weighted-average shares outstanding | 78.2 | 77.7 | 77.3 | ||||||||
Less: Participating securities | (1.8) | (1.8) | (1.6) | ||||||||
Weighted-average common shares outstanding | 76.4 | 75.9 | 75.7 | ||||||||
Dilutive stock-based compensation | 0.5 | 0.4 | 0.2 | ||||||||
Diluted shares outstanding - adjusted weighted-average shares after assumed conversions | 76.9 | 76.3 | 75.9 | ||||||||
Basic earnings per share | $ 0.60 | $ 0.79 | $ 0.91 | $ 0.78 | $ 0.81 | $ 0.78 | $ 0.75 | $ 0.69 | $ 3.08 | $ 3.03 | $ 1.85 |
Diluted earnings per share | $ 0.59 | $ 0.78 | $ 0.90 | $ 0.78 | $ 0.81 | $ 0.78 | $ 0.75 | $ 0.68 | $ 3.06 | $ 3.02 | $ 1.85 |
Earnings Per Share Antidilutive
Earnings Per Share Antidilutive Shares (Narrative) (Details) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 0.2 | 0.2 | 0.5 |
Earnings per share, range of exercise prices of stock options excluded from the calculation of diluted EPS, lower end of range | $ 26.02 | $ 26.02 | $ 19.54 |
Earnings per share, range of exercise prices of stock options excluded from the calculation of diluted EPS, upper end of range | $ 26.02 | $ 26.02 | $ 26.65 |
Commitments and Contingencies P
Commitments and Contingencies Purchase Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||
Obligated purchase commitments | $ 203 | $ 104.1 |
Commitments and Contingencie100
Commitments and Contingencies Product Liability (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning balance | $ 36.6 | $ 12.4 |
Accruals | 16 | 17 |
Settlements | (7.3) | (6.1) |
Adjustments to prior period accruals | (2.3) | 14 |
Foreign currency translation | (0.1) | (0.7) |
Ending balance | $ 42.9 | $ 36.6 |
Reclassifications out of Acc101
Reclassifications out of Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | $ (3.2) | $ (70.3) | $ (30.3) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | (19.6) | 16.7 | (42.7) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (10.3) | (6) | (7.7) |
Other Comprehensive Income (Loss), Net of Tax | (33.1) | (59.6) | (80.7) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (223.9) | (240.6) | (197.9) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (27.5) | 21.2 | (104.7) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, before Reclassification Adjustments, Tax | 5.8 | (7.2) | 36.6 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 3.2 | 4 | 38.8 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | (1.1) | (1.3) | (13.4) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | (19.6) | 16.7 | (42.7) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (243.5) | (223.9) | (240.6) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (119.2) | (48.9) | (18.6) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | (3.2) | (70.3) | (30.3) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (3.2) | (70.3) | (30.3) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (122.4) | (119.2) | (48.9) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (13.4) | (7.4) | 0.3 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | (20.8) | (16.9) | (6.8) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 10.5 | 10.9 | (0.9) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (10.3) | (6) | (7.7) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (23.7) | (13.4) | (7.4) |
AOCI Attributable to Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (356.5) | (296.9) | (216.2) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | (3.2) | (70.3) | (30.3) |
Other Comprehensive Income (Loss) Arising During Period, Total, Net of Tax | (51.5) | (66) | (141.8) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, before Reclassification Adjustments, Tax | 5.8 | (7.2) | 36.6 |
Other Comprehensive Income (Loss), Reclassification Adjustments, Total, Before Tax | 13.7 | 14.9 | 37.9 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | (1.1) | (1.3) | (13.4) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | (19.6) | 16.7 | (42.7) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (10.3) | (6) | (7.7) |
Other Comprehensive Income (Loss), Net of Tax | (33.1) | (59.6) | (80.7) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (389.6) | $ (356.5) | $ (296.9) |
Reclassifications out of Acc102
Reclassifications out of Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income Parenthetical (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 4.4 | $ 4.8 | $ 36 |
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 | $ (1.2) | $ (0.8) | 2.8 |
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 | $ 23.1 |
Segment and Geographic Infor103
Segment and Geographic Information Segment and Geographic Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 946.5 | $ 1,006.9 | $ 1,025.4 | $ 969.2 | $ 958.4 | $ 971.6 | $ 1,004 | $ 969.1 | $ 3,948 | $ 3,903.1 | $ 3,696 |
Long-lived assets | 1,755.2 | 1,704.9 | 1,755.2 | 1,704.9 | 1,732.1 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 2,147.9 | 2,121.9 | 2,073.6 | ||||||||
Long-lived assets | 831 | 824 | 831 | 824 | 867.1 | ||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 94.7 | 119.3 | 64.6 | ||||||||
Mexico | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,061.9 | 1,060.2 | 1,055.5 | ||||||||
Long-lived assets | 529.2 | 522.6 | 529.2 | 522.6 | 513.2 | ||||||
South America | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 124.6 | 106.6 | 156.5 | ||||||||
Long-lived assets | 61.5 | 48.5 | 61.5 | 48.5 | 80.5 | ||||||
China | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 203.4 | 185.5 | 71.3 | ||||||||
Long-lived assets | 129.8 | 85.8 | 129.8 | 85.8 | 59.8 | ||||||
Asia | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 208.8 | 185.2 | 167.3 | ||||||||
Long-lived assets | 92 | 103.7 | 92 | 103.7 | 117.5 | ||||||
Europe and other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 106.7 | 124.4 | 107.2 | ||||||||
Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long-lived assets | $ 111.7 | $ 120.3 | $ 111.7 | $ 120.3 | $ 94 |
Unaudited Quarterly Financia104
Unaudited Quarterly Financial Data Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net sales | $ 946.5 | $ 1,006.9 | $ 1,025.4 | $ 969.2 | $ 958.4 | $ 971.6 | $ 1,004 | $ 969.1 | $ 3,948 | $ 3,903.1 | $ 3,696 |
Gross profit | 179.5 | 181.2 | 191.4 | 174 | 159.8 | 158.3 | 164.5 | 152.8 | 726.1 | 635.4 | 522.8 |
Net income | $ 46.9 | $ 61.7 | $ 71 | $ 61.1 | $ 62.9 | $ 60.9 | $ 58.6 | $ 53.2 | $ 240.7 | $ 235.6 | $ 143 |
Basic earnings per share | $ 0.60 | $ 0.79 | $ 0.91 | $ 0.78 | $ 0.81 | $ 0.78 | $ 0.75 | $ 0.69 | $ 3.08 | $ 3.03 | $ 1.85 |
Diluted earnings per share | $ 0.59 | $ 0.78 | $ 0.90 | $ 0.78 | $ 0.81 | $ 0.78 | $ 0.75 | $ 0.68 | $ 3.06 | $ 3.02 | $ 1.85 |
Unaudited Quarterly Financia105
Unaudited Quarterly Financial Data Unaudited Quarterly Financial Data (Parenthetical) (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2016USD ($) | |
Quarterly Financial Information Disclosure [Abstract] | |
Impairment of Long-Lived Assets Held-for-use | $ 3.4 |
Supplemental Guarantor Conde106
Supplemental Guarantor Condensed Consolidating Financial Statements Guarantor (Narrative) (Details) | Dec. 31, 2016 |
Debt Instrument [Line Items] | |
Ownership in Subsidiary, Percentage | 100.00% |
7.75% Notes [Member] | Unsecured Debt [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 7.75% |
6.625% Notes [Member] | Unsecured Debt [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 6.625% |
6.25% Notes [Member] | Unsecured Debt [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% |
5.125% Notes [Member] | Unsecured Debt [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.125% |
Supplemental Guarantor Conde107
Supplemental Guarantor Condensed Consolidating Financial Statements Condensed Consolidating Statements of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Ownership in Subsidiary, Percentage | 100.00% | 100.00% | |||||||||
Net sales | |||||||||||
External | $ 3,948 | $ 3,903.1 | $ 3,696 | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
Total net sales | $ 946.5 | $ 1,006.9 | $ 1,025.4 | $ 969.2 | $ 958.4 | $ 971.6 | $ 1,004 | $ 969.1 | 3,948 | 3,903.1 | 3,696 |
Cost of goods sold | 3,221.9 | 3,267.7 | 3,173.2 | ||||||||
Gross profit | $ 179.5 | $ 181.2 | $ 191.4 | $ 174 | $ 159.8 | $ 158.3 | $ 164.5 | $ 152.8 | 726.1 | 635.4 | 522.8 |
Selling, general and administrative expenses | 319.2 | 277.3 | 255.2 | ||||||||
Restructuring and acquisition-related costs | 26.2 | 0 | 0 | ||||||||
Operating income (loss) | 380.7 | 358.1 | 267.6 | ||||||||
Non-operating income (expense), net | (81.7) | (85.4) | (90.9) | ||||||||
Income (loss) before income taxes | 299 | 272.7 | 176.7 | ||||||||
Income tax expense | 58.3 | 37.1 | 33.7 | ||||||||
Earnings (loss) from equity in subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) before royalties | 240.7 | 235.6 | 143 | ||||||||
Royalties | 0 | 0 | 0 | ||||||||
Net income after royalties | 240.7 | 235.6 | 143 | ||||||||
Other comprehensive income (loss) | (33.1) | (59.6) | (80.7) | ||||||||
Comprehensive income | 207.6 | 176 | 62.3 | ||||||||
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 | ||||||||
Restructuring and acquisition-related costs | 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 | 0 | 0 | 0 | ||||||||
Earnings (loss) from equity in subsidiaries | 240.7 | 235.6 | 143 | ||||||||
Net income (loss) before royalties | 240.7 | 235.6 | 143 | ||||||||
Royalties | 0 | 0 | 0 | ||||||||
Net income after royalties | 240.7 | 235.6 | 143 | ||||||||
Other comprehensive income (loss) | (33.1) | (59.6) | (80.7) | ||||||||
Comprehensive income | 207.6 | 176 | 62.3 | ||||||||
AAM Inc. [Member] | |||||||||||
Net sales | |||||||||||
External | 1,109.6 | 1,149 | 1,099.5 | ||||||||
Intercompany | 8.3 | 9.4 | 13.1 | ||||||||
Total net sales | 1,117.9 | 1,158.4 | 1,112.6 | ||||||||
Cost of goods sold | 1,063.8 | 1,114.5 | 1,112.4 | ||||||||
Gross profit | 54.1 | 43.9 | 0.2 | ||||||||
Selling, general and administrative expenses | 248.6 | 210.6 | 194 | ||||||||
Restructuring and acquisition-related costs | 21.1 | ||||||||||
Operating income (loss) | (215.6) | (166.7) | (193.8) | ||||||||
Non-operating income (expense), net | (96.6) | (99.3) | (103) | ||||||||
Income (loss) before income taxes | (312.2) | (266) | (296.8) | ||||||||
Income tax expense | 27.4 | 21.6 | (11.8) | ||||||||
Earnings (loss) from equity in subsidiaries | 267.4 | 262.3 | 204 | ||||||||
Net income (loss) before royalties | (72.2) | (25.3) | (81) | ||||||||
Royalties | 312.9 | 260.9 | 224 | ||||||||
Net income after royalties | 240.7 | 235.6 | 143 | ||||||||
Other comprehensive income (loss) | (33.1) | (59.6) | (80.7) | ||||||||
Comprehensive income | 207.6 | 176 | 62.3 | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Net sales | |||||||||||
External | 212.2 | 210.3 | 225.1 | ||||||||
Intercompany | 241.6 | 258.3 | 246.9 | ||||||||
Total net sales | 453.8 | 468.6 | 472 | ||||||||
Cost of goods sold | 375.4 | 385.2 | 396.1 | ||||||||
Gross profit | 78.4 | 83.4 | 75.9 | ||||||||
Selling, general and administrative expenses | 0 | 0.1 | 0 | ||||||||
Restructuring and acquisition-related costs | 0 | ||||||||||
Operating income (loss) | 78.4 | 83.3 | 75.7 | ||||||||
Non-operating income (expense), net | 10.9 | 10.1 | 9 | ||||||||
Income (loss) before income taxes | 89.3 | 93.4 | 84.7 | ||||||||
Income tax expense | 4.2 | 5.5 | 0.9 | ||||||||
Earnings (loss) from equity in subsidiaries | (16.7) | (20.8) | (23.3) | ||||||||
Net income (loss) before royalties | 68.4 | 67.1 | 60.5 | ||||||||
Royalties | 0 | 0 | 0 | ||||||||
Net income after royalties | 68.4 | 67.1 | 60.5 | ||||||||
Other comprehensive income (loss) | (1.2) | (63.6) | (23.5) | ||||||||
Comprehensive income | 67.2 | 3.5 | 37 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Net sales | |||||||||||
External | 2,626.2 | 2,543.8 | 2,371.4 | ||||||||
Intercompany | 16.1 | 19 | 21.6 | ||||||||
Total net sales | 2,642.3 | 2,562.8 | 2,393 | ||||||||
Cost of goods sold | 2,048.7 | 2,054.7 | 1,946.3 | ||||||||
Gross profit | 593.6 | 508.1 | 446.7 | ||||||||
Selling, general and administrative expenses | 70.6 | 66.6 | 61 | ||||||||
Restructuring and acquisition-related costs | 5.1 | ||||||||||
Operating income (loss) | 517.9 | 441.5 | 385.7 | ||||||||
Non-operating income (expense), net | 4 | 3.8 | 3.1 | ||||||||
Income (loss) before income taxes | 521.9 | 445.3 | 388.8 | ||||||||
Income tax expense | 26.7 | 10 | 44.6 | ||||||||
Earnings (loss) from equity in subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) before royalties | 495.2 | 435.3 | 344.2 | ||||||||
Royalties | (312.9) | (260.9) | (224) | ||||||||
Net income after royalties | 182.3 | 174.4 | 120.2 | ||||||||
Other comprehensive income (loss) | (12.1) | (68.4) | (34.8) | ||||||||
Comprehensive income | 170.2 | 106 | 85.4 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Net sales | |||||||||||
External | 0 | 0 | 0 | ||||||||
Intercompany | (266) | (286.7) | (281.6) | ||||||||
Total net sales | (266) | (286.7) | (281.6) | ||||||||
Cost of goods sold | (266) | (286.7) | (281.6) | ||||||||
Gross profit | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Restructuring and acquisition-related costs | 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 | 0 | 0 | 0 | ||||||||
Earnings (loss) from equity in subsidiaries | (491.4) | (477.1) | (323.7) | ||||||||
Net income (loss) before royalties | (491.4) | (477.1) | (323.7) | ||||||||
Royalties | 0 | 0 | 0 | ||||||||
Net income after royalties | (491.4) | (477.1) | (323.7) | ||||||||
Other comprehensive income (loss) | 46.4 | 191.6 | 139 | ||||||||
Comprehensive income | $ (445) | $ (285.5) | $ (184.7) |
Supplemental Guarantor Conde108
Supplemental Guarantor Condensed Consolidating Financial Statements Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets | ||||
Cash and cash equivalents | $ 481.2 | $ 282.5 | $ 249.2 | $ 154 |
Accounts receivable, net | 560 | 539.1 | ||
Intercompany receivables | 0 | 0 | ||
Inventories, net | 219.5 | 230.5 | ||
Other current assets | 75.8 | 72.1 | ||
Total current assets | 1,336.5 | 1,124.2 | ||
Property, plant and equipment, net | 1,093.7 | 1,046.2 | ||
Goodwill | 154 | 154.4 | 155 | |
Intercompany notes and accounts receivable | 0 | 0 | ||
Other assets and deferred charges | 863.9 | 877.9 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets | 3,448.1 | 3,202.7 | ||
Current liabilities | ||||
Current portion of long-term debt | 3.3 | 3.3 | ||
Accounts Payable | 382.3 | 412.7 | ||
Intercompany payables | 0 | 0 | ||
Other current liabilities | 265.9 | 283.2 | ||
Total current liabilities | 651.5 | 699.2 | ||
Intercompany notes and accounts payable (receivable) | 0 | 0 | ||
Long-Term Debt, net of Issuance Costs | 1,400.9 | 1,375.7 | ||
Investment in subsidiaries obligation | 0 | 0 | ||
Other liabilities, noncurrent | 865.7 | 826.3 | ||
Total liabilities | 2,918.1 | 2,901.2 | ||
Total AAM stockholders' equity | 530 | 301.5 | ||
Total liabilities and stockholders' equity | 3,448.1 | 3,202.7 | ||
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 | 851.8 | 622.3 | ||
Total assets | 851.8 | 622.3 | ||
Current liabilities | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts Payable | 0 | 0 | ||
Intercompany payables | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Intercompany notes and accounts payable (receivable) | 321.8 | 320.8 | ||
Long-Term Debt, net of Issuance Costs | 0 | 0 | ||
Investment in subsidiaries obligation | 0 | 0 | ||
Other liabilities, noncurrent | 0 | 0 | ||
Total liabilities | 321.8 | 320.8 | ||
Total AAM stockholders' equity | 530 | 301.5 | ||
Total liabilities and stockholders' equity | 851.8 | 622.3 | ||
AAM Inc. [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 84.3 | 52 | 69.7 | 36.9 |
Accounts receivable, net | 126.7 | 127.2 | ||
Intercompany receivables | 442.6 | 311.8 | ||
Inventories, net | 46 | 59.8 | ||
Other current assets | 29.4 | 30.4 | ||
Total current assets | 729 | 581.2 | ||
Property, plant and equipment, net | 213.7 | 214.1 | ||
Goodwill | 0 | 0 | ||
Intercompany notes and accounts receivable | 343.9 | 393.5 | ||
Other assets and deferred charges | 662.6 | 683.6 | ||
Investment in subsidiaries | 1,559 | 1,315.9 | ||
Total assets | 3,508.2 | 3,188.3 | ||
Current liabilities | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts Payable | 80.6 | 103 | ||
Intercompany payables | 324.8 | 248.7 | ||
Other current liabilities | 142.2 | 134.2 | ||
Total current liabilities | 547.6 | 485.9 | ||
Intercompany notes and accounts payable (receivable) | 14.6 | 10.3 | ||
Long-Term Debt, net of Issuance Costs | 1,339.7 | 1,336.5 | ||
Investment in subsidiaries obligation | 0 | 0 | ||
Other liabilities, noncurrent | 754.5 | 733.3 | ||
Total liabilities | 2,656.4 | 2,566 | ||
Total AAM stockholders' equity | 851.8 | 622.3 | ||
Total liabilities and stockholders' equity | 3,508.2 | 3,188.3 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 1.6 | 0 | 0 | 0 |
Accounts receivable, net | 21.9 | 19.7 | ||
Intercompany receivables | 326 | 249.7 | ||
Inventories, net | 29.1 | 31.1 | ||
Other current assets | 0.5 | 0.5 | ||
Total current assets | 379.1 | 301 | ||
Property, plant and equipment, net | 102.9 | 91.9 | ||
Goodwill | 147.8 | 147.8 | ||
Intercompany notes and accounts receivable | 242.2 | 252.2 | ||
Other assets and deferred charges | 37.1 | 41.4 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets | 909.1 | 834.3 | ||
Current liabilities | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts Payable | 35.8 | 35.8 | ||
Intercompany payables | 153.4 | 154.9 | ||
Other current liabilities | 4.3 | 4.1 | ||
Total current liabilities | 193.5 | 194.8 | ||
Intercompany notes and accounts payable (receivable) | 7.5 | 0 | ||
Long-Term Debt, net of Issuance Costs | 4.1 | 4.5 | ||
Investment in subsidiaries obligation | 124.7 | 111.7 | ||
Other liabilities, noncurrent | 0.6 | 0.5 | ||
Total liabilities | 330.4 | 311.5 | ||
Total AAM stockholders' equity | 578.7 | 522.8 | ||
Total liabilities and stockholders' equity | 909.1 | 834.3 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 395.3 | 230.5 | 179.5 | 117.1 |
Accounts receivable, net | 411.4 | 392.2 | ||
Intercompany receivables | 9.1 | 9.4 | ||
Inventories, net | 144.4 | 139.6 | ||
Other current assets | 45.9 | 41.2 | ||
Total current assets | 1,006.1 | 812.9 | ||
Property, plant and equipment, net | 777.1 | 740.2 | ||
Goodwill | 6.2 | 6.6 | ||
Intercompany notes and accounts receivable | 0 | 0 | ||
Other assets and deferred charges | 164.2 | 152.9 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets | 1,953.6 | 1,712.6 | ||
Current liabilities | ||||
Current portion of long-term debt | 3.3 | 3.3 | ||
Accounts Payable | 265.9 | 273.9 | ||
Intercompany payables | 299.5 | 167.3 | ||
Other current liabilities | 119.4 | 144.9 | ||
Total current liabilities | 688.1 | 589.4 | ||
Intercompany notes and accounts payable (receivable) | 242.2 | 314.6 | ||
Long-Term Debt, net of Issuance Costs | 57.1 | 34.7 | ||
Investment in subsidiaries obligation | 0 | 0 | ||
Other liabilities, noncurrent | 110.6 | 92.5 | ||
Total liabilities | 1,098 | 1,031.2 | ||
Total AAM stockholders' equity | 855.6 | 681.4 | ||
Total liabilities and stockholders' equity | 1,953.6 | 1,712.6 | ||
Consolidation, Eliminations [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts receivable, net | 0 | 0 | ||
Intercompany receivables | (777.7) | (570.9) | ||
Inventories, net | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | (777.7) | (570.9) | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intercompany notes and accounts receivable | (586.1) | (645.7) | ||
Other assets and deferred charges | 0 | 0 | ||
Investment in subsidiaries | (2,410.8) | (1,938.2) | ||
Total assets | (3,774.6) | (3,154.8) | ||
Current liabilities | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts Payable | 0 | 0 | ||
Intercompany payables | (777.7) | (570.9) | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (777.7) | (570.9) | ||
Intercompany notes and accounts payable (receivable) | (586.1) | (645.7) | ||
Long-Term Debt, net of Issuance Costs | 0 | 0 | ||
Investment in subsidiaries obligation | (124.7) | (111.7) | ||
Other liabilities, noncurrent | 0 | 0 | ||
Total liabilities | (1,488.5) | (1,328.3) | ||
Total AAM stockholders' equity | (2,286.1) | (1,826.5) | ||
Total liabilities and stockholders' equity | $ (3,774.6) | $ (3,154.8) |
Supplemental Guarantor Conde109
Supplemental Guarantor Condensed Consolidating Financial Statements Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net cash provided by (used in) operating activities | $ 407.6 | $ 377.6 | $ 318.4 |
Investing activities | |||
Purchases of property, plant and equipment | (223) | (193.5) | (206.5) |
Proceeds from sale of property, plant and equipment | 1.7 | 0.3 | 9.1 |
Purchase buyouts of leased equipment | (4.6) | 0 | 0 |
Proceeds from government grants | 2.8 | 5.1 | 2.1 |
Final distribution of Reserve Yield Plus Fund | 1 | 0 | 0 |
Acquisition of business, net | (5.6) | 0 | 0 |
Intercompany activity | 0 | 0 | |
Net cash used in investing activities | (227.7) | (188.1) | (195.3) |
Financing activities | |||
Net debt activity | 23.3 | (140.2) | (22) |
Debt issuance costs | 0 | 0 | (0.3) |
Employee stock option exercises, including tax benefit | 0.3 | 0.8 | 1.2 |
Purchase of treasury stock | (5.2) | (3.1) | (0.3) |
Purchase of noncontrolling interest | 0 | (1.1) | 0 |
Intercompany Activity - Financing | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 18.4 | (143.6) | (21.4) |
Effect of exchange rate changes on cash | 0.4 | (12.6) | (6.5) |
Net increase in cash and cash equivalents | 198.7 | 33.3 | 95.2 |
Cash and cash equivalents at beginning of year | 282.5 | 249.2 | 154 |
Cash and cash equivalents at end of year | 481.2 | 282.5 | 249.2 |
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 |
Purchase buyouts of leased equipment | 0 | ||
Proceeds from government grants | 0 | 0 | 0 |
Final distribution of Reserve Yield Plus Fund | 0 | ||
Acquisition of business, net | 0 | ||
Intercompany activity | 0 | 0 | |
Net cash used in investing activities | 0 | 0 | 0 |
Financing activities | |||
Net debt activity | 0 | 0 | 0 |
Debt issuance costs | 0 | ||
Employee stock option exercises, including tax benefit | 0 | 0 | 0 |
Purchase of treasury stock | (5.2) | (3.1) | (0.3) |
Purchase of noncontrolling interest | 0 | ||
Intercompany Activity - Financing | 5.2 | 3.1 | 0.3 |
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 | 78.3 | 163.7 | 83.4 |
Investing activities | |||
Purchases of property, plant and equipment | (36.8) | (36.4) | (51.3) |
Proceeds from sale of property, plant and equipment | 0 | 0.1 | 7.9 |
Purchase buyouts of leased equipment | (4.6) | ||
Proceeds from government grants | 0 | 0 | 0 |
Final distribution of Reserve Yield Plus Fund | 1 | ||
Acquisition of business, net | 0 | ||
Intercompany activity | 0 | 0 | |
Net cash used in investing activities | (40.4) | (36.3) | (43.4) |
Financing activities | |||
Net debt activity | (0.7) | (142.8) | (7.8) |
Debt issuance costs | (0.3) | ||
Employee stock option exercises, including tax benefit | 0.3 | 0.8 | 1.2 |
Purchase of treasury stock | 0 | 0 | 0 |
Purchase of noncontrolling interest | 0 | ||
Intercompany Activity - Financing | (5.2) | (3.1) | (0.3) |
Net cash provided by (used in) financing activities | (5.6) | (145.1) | (7.2) |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents | 32.3 | (17.7) | 32.8 |
Cash and cash equivalents at beginning of year | 52 | 69.7 | 36.9 |
Cash and cash equivalents at end of year | 84.3 | 52 | 69.7 |
Guarantor Subsidiaries [Member] | |||
Net cash provided by (used in) operating activities | 25.3 | 68.1 | 41.9 |
Investing activities | |||
Purchases of property, plant and equipment | (18) | (12.8) | (18.6) |
Proceeds from sale of property, plant and equipment | 0.3 | 0.1 | 0.4 |
Purchase buyouts of leased equipment | 0 | ||
Proceeds from government grants | 0 | 0 | 0 |
Final distribution of Reserve Yield Plus Fund | 0 | ||
Acquisition of business, net | (5.6) | ||
Intercompany activity | 55 | 23.3 | |
Net cash used in investing activities | (23.3) | (67.7) | (41.5) |
Financing activities | |||
Net debt activity | (0.4) | (0.4) | (0.4) |
Debt issuance costs | 0 | ||
Employee stock option exercises, including tax benefit | 0 | 0 | 0 |
Purchase of treasury stock | 0 | 0 | 0 |
Purchase of noncontrolling interest | 0 | ||
Intercompany Activity - Financing | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | (0.4) | (0.4) | (0.4) |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents | 1.6 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | 1.6 | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | |||
Net cash provided by (used in) operating activities | 304 | 145.8 | 193.1 |
Investing activities | |||
Purchases of property, plant and equipment | (168.2) | (144.3) | (136.6) |
Proceeds from sale of property, plant and equipment | 1.4 | 0.1 | 0.8 |
Purchase buyouts of leased equipment | 0 | ||
Proceeds from government grants | 2.8 | 5.1 | 2.1 |
Final distribution of Reserve Yield Plus Fund | 0 | ||
Acquisition of business, net | 0 | ||
Intercompany activity | 0 | 0 | |
Net cash used in investing activities | (164) | (139.1) | (133.7) |
Financing activities | |||
Net debt activity | 24.4 | 3 | (13.8) |
Debt issuance costs | 0 | ||
Employee stock option exercises, including tax benefit | 0 | 0 | 0 |
Purchase of treasury stock | 0 | 0 | 0 |
Purchase of noncontrolling interest | (1.1) | ||
Intercompany Activity - Financing | 0 | 55 | 23.3 |
Net cash provided by (used in) financing activities | 24.4 | 56.9 | 9.5 |
Effect of exchange rate changes on cash | 0.4 | (12.6) | (6.5) |
Net increase in cash and cash equivalents | 164.8 | 51 | 62.4 |
Cash and cash equivalents at beginning of year | 230.5 | 179.5 | 117.1 |
Cash and cash equivalents at end of year | 395.3 | 230.5 | 179.5 |
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 |
Purchase buyouts of leased equipment | 0 | ||
Proceeds from government grants | 0 | 0 | |
Final distribution of Reserve Yield Plus Fund | 0 | ||
Acquisition of business, net | 0 | ||
Intercompany activity | (55) | (23.3) | |
Net cash used in investing activities | 0 | 55 | 23.3 |
Financing activities | |||
Net debt activity | 0 | 0 | 0 |
Debt issuance costs | 0 | ||
Employee stock option exercises, including tax benefit | 0 | 0 | 0 |
Purchase of treasury stock | 0 | 0 | 0 |
Purchase of noncontrolling interest | 0 | ||
Intercompany Activity - Financing | 0 | (55) | (23.3) |
Net cash provided by (used in) financing activities | 0 | (55) | (23.3) |
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 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Details) - Scenario, Forecast [Member] $ in Millions | Feb. 09, 2017USD ($) |
Subsequent Event [Line Items] | |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Subsidiary of U.S. Manufacturing Corporation [Member] | |
Subsequent Event [Line Items] | |
Proposed Business Acquisition Estimated Purchase Price | $ 162.5 |
Schedule II - Valuation and 111
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance | $ 4.3 | $ 4.6 | $ 4.9 |
Additions, charged to costs and expenses | 0.4 | 2.5 | 1.3 |
Deductions | 1.6 | 2.8 | 1.6 |
Valuation Allowances and Reserves, Balance | 3.1 | 4.3 | 4.6 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance | 167.3 | 156.9 | 163.7 |
Additions, charged to costs and expenses | 18.4 | 31.9 | 13.8 |
Deductions | 20.9 | 21.5 | 20.6 |
Valuation Allowances and Reserves, Balance | 164.8 | 167.3 | 156.9 |
Inventory Valuation Reserve [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance | 29.3 | 27.9 | 27.3 |
Additions, charged to costs and expenses | 7.5 | 11.1 | 10.6 |
Deductions | 9.8 | 9.7 | 10 |
Valuation Allowances and Reserves, Balance | $ 27 | $ 29.3 | $ 27.9 |
Schedule II - Valuation and 112
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Parenthetical) (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2016USD ($) | |
China | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (5.4) |