Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 11, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-14303 | ||
Entity Registrant Name | AMERICAN AXLE & MANUFACTURING HOLDINGS, INC | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 38-3161171 | ||
Entity Address, Address Line One | One Dauch Drive, | ||
Entity Address, City or Town | Detroit, | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 48211-1198 | ||
City Area Code | 313 | ||
Local Phone Number | 758-2000 | ||
Title of 12(b) Security | Common Stock, Par Value $0.01 Per Share | ||
Trading Symbol | AXL | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,421.6 | ||
Entity Common Stock, Shares Outstanding | 112,544,942 | ||
Documents Incorporated by Reference | Portions of the registrant's Annual Report to Stockholders for the year ended December 31, 2019 and Proxy Statement for use in connection with its Annual Meeting of Stockholders to be held on May 7, 2020 , to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after December 31, 2019 , are incorporated by reference in Part I (Items 1, 1A, 1B, 2, 3 and 4), Part II (Items 5, 6, 7, 7A, 8, 9, 9A and 9B), Part III (Items 10, 11, 12, 13 and 14) and Part IV (Item 15) of this Report. | ||
Entity Central Index Key | 0001062231 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net sales | $ 6,530.9 | $ 7,270.4 | $ 6,266 |
Cost of goods sold | 5,628.3 | 6,130 | 5,146.9 |
Gross profit | 902.6 | 1,140.4 | 1,119.1 |
Selling, general and administrative expenses | 364.7 | 385.7 | 390.1 |
Amortization of intangible assets | 95.4 | 99.4 | 75.3 |
Impairment charges | 665 | 485.5 | 0 |
Restructuring and acquisition-related costs | 57.8 | 78.9 | 110.7 |
(Gain) loss on sale of business | 21.3 | (15.5) | 0 |
Operating income (loss) | (301.6) | 106.4 | 543 |
Interest expense | (217.3) | (216.3) | (195.6) |
Interest income | 5.8 | 2 | 2.9 |
Other income (expense) | |||
Debt refinancing and redemption costs | (8.4) | (19.4) | (3.5) |
Gain on bargain purchase of business | 10.8 | 0 | 0 |
Gain on settlement of capital lease | 0 | 15.6 | 0 |
Pension settlement charge | (9.8) | 0 | 0 |
Other, net | (12.5) | (2.2) | (6.8) |
Income (loss) before income taxes | (533) | (113.9) | 340 |
Income tax expense (benefit) | (48.9) | (57.1) | 2.5 |
Net income (loss) | (484.1) | (56.8) | 337.5 |
Net income attributable to noncontrolling interests | (0.4) | (0.7) | (0.4) |
Net income (loss) attributable to AAM | $ (484.5) | $ (57.5) | $ 337.1 |
Basic earnings (loss) per share | $ (4.31) | $ (0.51) | $ 3.22 |
Diluted earnings (loss) per share | $ (4.31) | $ (0.51) | $ 3.21 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income (loss) | $ (484.1) | $ (56.8) | $ 337.5 |
Other comprehensive income (loss) | |||
Defined benefit plans, net of $3.0 million, $(9.8) million and $3.4 million of tax in 2019, 2018 and 2017, respectively | (18.3) | 38.1 | (8.5) |
Foreign currency translation adjustments | (4.6) | (62.5) | 88.3 |
Changes in cash flow hedges, net of tax of $6.1 million, $0.5 million and $(0.2) million in 2019, 2018 and 2017, respectively | (14.6) | 5.5 | 17.1 |
Other comprehensive income (loss) | (37.5) | (18.9) | 96.9 |
Comprehensive income (loss) | (521.6) | (75.7) | 434.4 |
Net income attributable to noncontrolling interests | (0.4) | (0.7) | (0.4) |
Comprehensive income (loss) attributable to AAM | $ (522) | $ (76.4) | $ 434 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) Parenthetical (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | $ 3 | $ (9.8) | $ 3.4 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $ 6.1 | $ 0.5 | $ (0.2) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 532 | $ 476.4 |
Accounts receivable, net | 815.4 | 966.5 |
Inventories, net | 373.6 | 459.7 |
Prepaid expenses and other | 136.8 | 127.2 |
Total current assets | 1,857.8 | 2,029.8 |
Property, plant and equipment, net | 2,358.4 | 2,514.4 |
Deferred income taxes | 64.1 | 45.5 |
Goodwill | 699.1 | 1,141.8 |
Other intangible assets, net | 864.5 | 1,111.1 |
GM postretirement cost sharing asset | 223.3 | 219.4 |
Other assets and deferred charges | 577.4 | 448.7 |
Total assets | 6,644.6 | 7,510.7 |
Current liabilities | ||
Current portion of long-term debt | 28.7 | 121.6 |
Accounts payable | 623.5 | 840.2 |
Accrued compensation and benefits | 154.4 | 179 |
Deferred revenue | 18.9 | 44.3 |
Accrued expenses and other | 200.9 | 171.7 |
Total current liabilities | 1,026.4 | 1,356.8 |
Long-term debt, net | 3,612.3 | 3,686.8 |
Deferred revenue | 83.7 | 77.6 |
Deferred income taxes | 19.6 | 92.6 |
Postretirement benefits and other long-term liabilities | 922.2 | 810.6 |
Total liabilities | 5,664.2 | 6,024.4 |
Stockholders' equity | ||
Series A junior participating preferred stock, par value $0.01 per share; 0.1 million shares authorized; no shares outstanding in 2019 or 2018 | 0 | 0 |
Preferred stock, par value $0.01 per share; 10.0 million shares authorized; no shares outstanding in 2019 or 2018 | 0 | 0 |
Series common stock, par value $0.01 per share; 40.0 million shares authorized; no shares outstanding in 2019 or 2018 | 0 | 0 |
Common stock, par value $0.01 per share; 150.0 million shares authorized; 120.2 million and 118.9 million shares issued as of December 31, 2019 and December 31, 2018, respectively | 1.2 | 1.2 |
Paid-in capital | 1,313.9 | 1,292.6 |
Retained earnings | 248.6 | 703.5 |
Treasury stock at cost, 7.6 million shares in 2019 and 7.2 million shares in 2018 | (209.3) | (201.8) |
Accumulated other comprehensive loss | ||
Defined benefit plans, net of tax | (259.9) | (213.9) |
Foreign currency translation adjustments | (101.2) | (96.6) |
Unrecognized loss on cash flow hedges, net of tax | (15.7) | (1.1) |
Total AAM stockholders' equity | 977.6 | 1,483.9 |
Noncontrolling interests in subsidiaries | 2.8 | 2.4 |
Total stockholders' equity | 980.4 | 1,486.3 |
Total liabilities and stockholders' equity | $ 6,644.6 | $ 7,510.7 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Common stock, shares, outstanding | 112,600 | 111,700 |
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 |
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 |
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 | 120,200 | 118,900 |
Treasury stock, shares | 7,600 | 7,200 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net income (loss) | $ (484.1) | $ (56.8) | $ 337.5 |
Depreciation and amortization | 536.9 | 528.8 | 428.5 |
Impairment charges | 667.9 | 515.5 | 1.5 |
Deferred income taxes | (94.6) | (35) | (154.2) |
Stock-based compensation | 22.4 | 27.9 | 43.4 |
Pensions and other postretirement benefits, net of contributions | (8.8) | (9.9) | (6) |
(Gain) loss on sale or acquisition of business | 10.5 | (15.5) | 0 |
(Gain) loss on disposal of property, plant and equipment, net | 4.1 | (3.2) | 1.6 |
Debt refinancing and redemption costs and (gain) on settlement of capital lease | 8.4 | 4 | 3.5 |
Changes in operating assets and liabilities, net of amounts acquired or disposed | |||
Accounts receivable | 63.9 | 56.1 | (44.9) |
Inventories | 56.1 | (83.1) | 2.5 |
Accounts payable and accrued expenses | (97.7) | 7.5 | (12.6) |
Deferred revenue | (17.9) | 10.7 | 14.8 |
Other assets and liabilities | (107.5) | (175.5) | 31.4 |
Net cash provided by operating activities | 559.6 | 771.5 | 647 |
Investing activities | |||
Purchases of property, plant and equipment | (433.3) | (524.7) | (477.7) |
Proceeds from sale of property, plant and equipment | 5 | 4.9 | 2.5 |
Purchase buyouts of leased equipment | (0.9) | (0.5) | (13.3) |
Proceeds from sale of business, net | 141.2 | 47.1 | 5.9 |
Acquisition of business, net of cash acquired | (9.4) | (1.3) | (895.5) |
Investment in affiliates | (9.2) | (3.7) | 0 |
Net cash used in investing activities | (306.6) | (478.2) | (1,378.1) |
Financing activities | |||
Net short-term proceeds from credit facilities | 0 | 0 | 4.4 |
Proceeds from issuance of long-term debt | 356.3 | 509.6 | 2,862.7 |
Payments of long-term debt, finance lease obligations and other | (545.5) | (681.2) | (2,154.4) |
Debt issuance costs | (3.3) | (6.9) | (91) |
Purchase of noncontrolling interest | 0 | (2.3) | 0 |
Employee stock option exercises | 0 | 0 | 0.9 |
Purchase of treasury stock | (7.5) | (3.7) | (7) |
Net cash provided by (used in) financing activities | (200) | (184.5) | 615.6 |
Effect of exchange rate changes on cash | 0.1 | (6.7) | 11.1 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 53.1 | 102.1 | (104.4) |
Cash, cash equivalents and restricted cash at beginning of year | 478.9 | 376.8 | 481.2 |
Cash, cash equivalents and restricted cash at end of year | 532 | 478.9 | 376.8 |
Supplemental cash flow information | |||
Interest paid | 205.4 | 199.7 | 182.7 |
Income taxes paid, net | 57.1 | 46 | 31.9 |
Non-cash investing activities: AAM common shares issued for acquisition of MPG | 0 | 0 | 576.7 |
Twelve year deferred payment obligation at 6% [Member] | |||
Supplemental cash flow information | |||
Non-cash investing activities: Debt security received for sale of U.S. Casting | $ 60 | $ 0 | $ 0 |
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] | Noncontrolling Interest [Member] |
Common stock, shares, outstanding at Dec. 31, 2016 | 76.5 | ||||||
Total AAM stockholders' equity at Dec. 31, 2016 | $ 0.9 | $ 660.1 | $ 423.9 | $ (191.1) | $ (389.6) | $ 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) attributable to AAM | $ 337.1 | 337.1 | |||||
Net income attributable to noncontrolling interests | $ (0.4) | 0.4 | |||||
Changes in cash flow hedges | 17.1 | ||||||
Foreign currency translation adjustments | 88.3 | ||||||
Defined benefit plans, net | (8.5) | ||||||
Stock issued during period, shares, acquisitions | 34.3 | ||||||
Acquisition of MPG | $ 576.7 | 0.3 | 579.6 | (1.7) | 3.6 | ||
Stock issued during period, shares, share-based compensation, net of forfeitures | 0.8 | ||||||
Stock issued during period, value, share-based compensation, net of forfeitures | 0.9 | ||||||
Stock-based compensation | 24 | ||||||
Treasury stock, shares, acquired | (0.3) | ||||||
Purchase of treasury stock | $ 7 | (5.3) | |||||
Common stock, shares, outstanding at Dec. 31, 2017 | 111.3 | ||||||
Total AAM stockholders' equity at Dec. 31, 2017 | 1.2 | 1,264.6 | 761 | (198.1) | (292.7) | 4 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) attributable to AAM | $ (57.5) | (57.5) | |||||
Net income attributable to noncontrolling interests | (0.7) | 0.7 | |||||
Changes in cash flow hedges | 5.5 | ||||||
Foreign currency translation adjustments | (62.5) | ||||||
Defined benefit plans, net | 38.1 | ||||||
Acquisition of MPG | $ 0 | ||||||
Purchase of noncontrolling interest | (2.3) | ||||||
Stock issued during period, shares, share-based compensation, net of forfeitures | 0.7 | ||||||
Stock issued during period, value, share-based compensation, net of forfeitures | 0.1 | ||||||
Stock-based compensation | 27.9 | ||||||
Treasury stock, shares, acquired | (0.3) | ||||||
Purchase of treasury stock | $ 3.7 | (3.7) | |||||
Common stock, shares, outstanding at Dec. 31, 2018 | 111.7 | ||||||
Total AAM stockholders' equity at Dec. 31, 2018 | $ 1,483.9 | 1.2 | 1,292.6 | 703.5 | (201.8) | (311.6) | 2.4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) attributable to AAM | (484.5) | (484.5) | |||||
Net income attributable to noncontrolling interests | (0.4) | 0.4 | |||||
Changes in cash flow hedges | (14.6) | ||||||
Foreign currency translation adjustments | (4.6) | ||||||
Defined benefit plans, net | (18.3) | ||||||
Acquisition of MPG | $ 0 | ||||||
Stock issued during period, shares, share-based compensation, net of forfeitures | 1.3 | ||||||
Stock-based compensation | 21.3 | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | ASU 2016-02 [Member] | 1.9 | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | ASU 2018-02 [Member] | 27.7 | (27.7) | |||||
Treasury stock, shares, acquired | (0.4) | ||||||
Purchase of treasury stock | $ 7.5 | (7.5) | |||||
Common stock, shares, outstanding at Dec. 31, 2019 | 112.6 | ||||||
Total AAM stockholders' equity at Dec. 31, 2019 | $ 977.6 | $ 1.2 | $ 1,313.9 | $ 248.6 | $ (209.3) | $ (376.8) | $ 2.8 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 We are a global Tier 1 supplier to the automotive industry. We design, engineer and manufacture driveline and metal forming products, employing over 20,000 associates, operating at nearly 80 facilities in 17 countries, to support our customers on global and regional platforms with a continued focus on delivering operational excellence, quality and technology leadership. PRINCIPLES OF CONSOLIDATION We include the accounts of American Axle & Manufacturing Holdings, Inc. (Holdings) and its subsidiaries in our consolidated financial statements. We eliminate the effects of all intercompany transactions, balances and profits in our consolidation. CASH AND CASH EQUIVALENTS Cash and cash equivalents include 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. REVENUE RECOGNITION We are obligated under our contracts with customers to manufacture and supply products for use in our customers’ operations. We satisfy these performance obligations at the point in time that the customer obtains control of the products, which is the point in time that the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the products. This typically occurs upon shipment to the customer in accordance with purchase orders and delivery releases issued by our customers. See Note 15 - Revenue from Contracts with Customers for more detail on our revenue. ACCOUNTS RECEIVABLE The majority of our accounts receivable are due from original equipment manufacturers (OEMs) in the automotive industry and are considered past due when payment is not received within the terms stated within the contract. Trade accounts receivable for our customers are generally due within approximately 50 days from the date our customers receive our product. 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 $8.0 million and $8.4 million as of December 31, 2019 and 2018 , respectively. We write-off accounts receivable when they become uncollectible. We have agreements in place with factoring companies to sell customer receivables on a nonrecourse basis from our locations in France, Germany, the Czech Republic and the United Kingdom. The factoring companies collect payment for the sold receivables and AAM has no continuing involvement with such receivables. We also participate in an early payment program offered by our largest customer, which allows us to sell certain of our U.S. receivables from this customer to a third party at our discretion. AAM has no continuing involvement with the sold receivables. 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 net realizable value. 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, 2019 2018 (in millions) Raw materials and work-in-progress $ 310.4 $ 375.1 Finished goods 83.7 99.0 Gross inventories 394.1 474.1 Inventory valuation reserves (20.5 ) (14.4 ) Inventories, net $ 373.6 $ 459.7 MAINTENANCE, REPAIR AND OPERATIONS (MRO) MATERIALS We include all spare parts and other durable materials for machinery and equipment that are consumed in the manufacturing process in MRO, which is included in Other assets and deferred charges in our Consolidated Balance Sheets. MRO assets are capitalized at actual cost and amortized on a straight-line basis over a useful life of six years, beginning from their purchase date. Repair costs for MRO assets are expensed in the period incurred. Amortization expense related to MRO was $67.7 million , $62.4 million and $51.6 million for 2019, 2018 and 2017, respectively. 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 $373.8 million , $367.0 million and $301.6 million in 2019 , 2018 and 2017 , respectively. Property, plant and equipment consists of the following: Estimated December 31, Useful Lives 2019 2018 (years) (in millions) Land Indefinite $ 45.1 $ 53.6 Land improvements 10-15 24.4 22.0 Buildings and building improvements 15-40 512.7 501.5 Machinery and equipment 3-12 3,645.6 3,342.8 Construction in progress 219.5 511.1 4,447.3 4,431.0 Accumulated depreciation and amortization (2,088.9 ) (1,916.6 ) Property, plant and equipment, net $ 2,358.4 $ 2,514.4 As of December 31, 2019 , 2018 and 2017 , we had unpaid purchases of plant and equipment in our accounts payable of $46.0 million , $84.1 million and $103.0 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 is performed using management estimates. GOODWILL We record goodwill when the purchase price of acquired businesses exceeds the value of their identifiable net tangible and intangible assets acquired. We test our goodwill annually as of October 1, or more frequently if necessary, for impairment in accordance with the accounting guidance for goodwill and other indefinite-lived intangibles. See Note 5 - Goodwill and Other Intangible Assets , for more detail on our goodwill. OTHER INTANGIBLE ASSETS Intangible assets are valued using primarily the relief from royalty method or the multi-period excess earnings method, both of which utilize significant unobservable inputs. These inputs are defined in the fair value hierarchy as Level 3 inputs, which require management to make estimates and assumptions regarding certain financial measures using forecasted or projected information. See Note 5 - Goodwill and Other Intangible Assets , for more detail on our intangible assets. LEASING We record a right of use asset and lease liability when an agreement grants us the right to substantially all of the economic benefits associated with an identified asset, and we are able to direct the use of that asset throughout the term of the agreement, if such term exceeds 12 months. Options to extend or terminate the agreements have been included in the relevant lease term to the extent that they are reasonably certain to be exercised. For agreements that contain both lease and non-lease components, we account for these agreements as a single lease component for all classes of underlying assets. 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, 2019 and December 31, 2018 , our unamortized debt issuance costs were $63.3 million and $80.7 million , respectively. Debt issuance costs associated with our senior unsecured notes, as well as our Term Loan A Facility and Term Loan B Facility (as defined in Note 6 - Long-Term Debt ), are recorded as a reduction to the related debt liability. Debt issuance costs of $12.1 million and $13.6 million related to our Revolving Credit Facility (also as defined in Note 6 - Long-Term Debt ), are classified as Other assets and deferred charges on our Consolidated Balance Sheets as of December 31, 2019 and December 31, 2018 , 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 Statements of Operations. 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. Changes in the fair value of derivatives that do not qualify as hedges, are immediately recognized in earnings. See Note 7 - 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 net losses of $6.5 million , $0.2 million and $7.3 million for the years 2019 , 2018 and 2017 , 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 9 - Employee Benefit Plans , for more detail on our pension and other postretirement defined benefit plans. STOCK-BASED COMPENSATION We award stock-based compensation in the form of 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 10 - Stock-Based Compensation and Other Incentive Compensation , for more detail on our accounting for stock-based compensation. RESEARCH AND DEVELOPMENT (R&D) COSTS We expense R&D, as incurred, in selling, general and administrative expenses on our Consolidated Statements of Operations. R&D spending was $144.7 million , $146.2 million and $161.5 million in 2019 , 2018 and 2017 , respectively. 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 for income tax purposes. In accordance with the accounting guidance for income taxes, we review the likelihood that we will realize the benefit of deferred tax assets and 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 determining the requirement for a valuation allowance, the historical results, projected future operating results based upon approved business plans, eligible carry forward periods, and tax planning opportunities are considered, along with other relevant positive and negative evidence. If, based upon available evidence, it is more likely than not the deferred tax assets will not be realized, a valuation allowance is recorded. 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 11 - Income Taxes , for more detail on our accounting for income taxes. EARNINGS (LOSS) 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 non-forfeitable dividend rights. Our participating securities include non-vested restricted stock units. See Note 12 - Earnings (Loss) Per Share (EPS) , for more detail on our accounting for EPS. PRODUCT WARRANTY We record estimated warranty obligation liabilities at the dates our products are sold, 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 actions taken to improve product quality and minimize warranty claims. See Note 13 - Commitments and Contingencies , for 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 2019-12 On December 18, 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12 - Income Taxes (Topic 740) . This guidance is intended to simplify the accounting and disclosure requirements for income taxes by removing various exceptions, and requires that the effect of an enacted change in tax laws or rates be included in the annual effective tax rate computation in the interim period of the enactment. This guidance becomes effective at the beginning of our 2021 fiscal year. We expect to adopt this guidance on January 1, 2021 and we are currently assessing the impact that this standard will have on our consolidated financial statements. Accounting Standards Update 2018-15 On August 15, 2018, the FASB issued ASU 2018-15 - Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (Topic 350-40). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing or hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance becomes effective at the beginning of our 2020 fiscal year and may be applied either retrospectively or prospectively. We will adopt this guidance prospectively on January 1, 2020 and we do not expect this standard will have a material impact on our consolidated financial statements. Accounting Standards Update 2018-02 On February 14, 2018, the FASB issued ASU 2018-02 - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220). ASU 2018-02 allows companies the option to reclassify disproportionate tax effects in accumulated other comprehensive income (AOCI) caused by the 2017 Tax Cuts and Jobs Act, also known as stranded tax effects, to retained earnings. ASU 2018-02 also requires expanded disclosures related to disproportionate income tax effects from AOCI, some of which are applicable to all companies regardless of whether the option to reclassify the stranded tax effects is exercised. The guidance became effective on January 1, 2019, and we elected to reclassify the stranded tax effects caused by the 2017 Tax Cuts and Jobs Act, resulting in a decrease in Accumulated other comprehensive income (loss) and an increase in Retained earnings of $27.7 million at January 1, 2019. Accounting Standards Update 2016-13 On June 16, 2016, the FASB issued ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 replaces the incurred loss model under current guidance, and will require entities to consider forecasted credit losses, in addition to past events and current conditions when measuring incurred credit losses. ASU 2016-13 also requires the inclusion of an allowance for credit losses roll-forward in the notes to the financial statements. This guidance becomes effective at the beginning of our 2020 fiscal year, and requires a modified-retrospective transition method. We will adopt this guidance on January 1, 2020 and are currently in the process of updating our accounting policies related to credit losses to reflect the new requirements. We do not expect this standard will have a material impact on our consolidated financial statements. Accounting Standards Update 2016-02 On February 25, 2016, the FASB issued ASU 2016-02 - Leases (Topic 842) , and has subsequently issued ASU 2017-13 - Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840) and Leases (Topic 842) (collectively the Lease ASUs) which supersede the existing lease accounting guidance and establish new criteria for recognizing lease assets and liabilities. The most significant impact of these updates, to AAM, is that a lessee is 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 previous lease guidance. Expense recognition in the statement of operations along with cash flow statement classification for both financing (capital) and operating leases under the new standard are not significantly changed from previous lease guidance. This guidance became effective for AAM on January 1, 2019, and we have adopted this guidance using the optional transition method that allows us to not retrospectively revise prior period balance sheets to include operating leases. See Note 3 - Leasing |
Sale of Business
Sale of Business | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2 . SALE OF BUSINESS On December 16, 2019, we completed the sale of our U.S. casting operations to funds managed by Gamut Capital Management (the Casting Sale). The sales price of $245.0 million consisted of $185.0 million in cash and a $60.0 million deferred payment obligation, which will accrue interest at an annual rate of 6% beginning on January 1, 2020 for a period of twelve years. Upon closing the sale, we received net cash proceeds of $141.2 million subsequent to customary closing adjustments. The cash proceeds are subject to post-closing adjustments, which we expect to finalize in the first quarter of 2020. The sale did not include the entities that conduct AAM's casting operations in El Carmen, Mexico. Upon reclassification of the U.S. casting operations to held-for-sale in the third quarter of 2019, we recorded a pre-tax impairment charge of $225.0 million to reduce the carrying value of this business to fair value less cost to sell. The sale of the U.S. operations of our Casting segment did not qualify for classification as discontinued operations, as the sale did not represent a strategic shift in our business that has had, or will have, a major effect on our operations and financial results. Upon finalizing the sale, we recorded a loss on deconsolidation of the U.S. Casting entities of $21.3 million , which is presented in (Gain) loss on sale of business in our Consolidated Statement of Operations for the year ended December 31, 2019. The assets and liabilities disposed as of December 16, 2019 are as follows ( in millions ): Accounts receivable, net $ 84.9 Inventories 32.6 Prepaid expenses and other 2.1 Property, plant and equipment, net 191.8 Intangible assets, net 158.2 Other assets and deferred charges 81.7 Impairment of carrying value (225.0 ) Total assets disposed $ 326.3 Accounts payable $ 71.7 Accrued compensation and benefits 6.9 Accrued expenses and other 4.5 Postretirement benefits and other long-term liabilities 20.1 Total liabilities disposed $ 103.2 |
Leasing
Leasing | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases of Lessor Disclosure [Text Block] | 3 . LEASING On January 1, 2019, we adopted new accounting guidance under Accounting Standards Codification Topic 842 (ASC 842) Leases. ASC 842 superseded prior lease accounting guidance and established new criteria for recognizing right-of-use assets and lease liabilities for operating lease arrangements on our Consolidated Balance Sheet. We elected to adopt this guidance utilizing the optional transition method that allowed us to not retrospectively revise prior period balance sheets to include operating leases, and to only include the disclosures required under ASC 842 for the periods subsequent to adoption. We have concluded that when an agreement grants us the right to substantially all of the economic benefits associated with an identified asset, and we are able to direct the use of that asset throughout the term of the agreement, we have a lease. We lease certain facilities, manufacturing machinery and equipment, and furniture under finance leases, and we also lease certain commercial office and production facilities, manufacturing machinery and equipment, vehicles and other assets under operating leases. Some of our leases include options to extend or terminate the leases and these options have been included in the relevant lease term to the extent that they are reasonably certain to be exercised. The lease consideration for some of our facilities and machinery and equipment is variable, as it is based on various indices or usage of the underlying assets, respectively. Variable lease payments based on indices have been included in the related right-of-use assets and lease liabilities on our Consolidated Balance Sheet, while variable lease payments based on usage of the underlying asset have been excluded as they do not represent present rights or obligations. Lease cost consists of the following: Twelve Months Ended December 31, 2019 (in millions) Finance lease cost Amortization of right-of-use assets $ 1.0 Interest on lease liabilities 0.3 Total finance lease cost 1.3 Operating lease cost 28.9 Short-term lease cost 5.9 Variable lease cost 7.2 Total lease cost $ 43.3 For the year ended December 31, 2019 , $31.9 million and $10.1 million were recorded to Cost of goods sold (COGS) and Selling, general and administrative expenses (SG&A), respectively, on our Consolidated Statement of Operations, as compared to $28.4 million and $10.0 million , respectively, for the year ended December 31, 2018 and $25.3 million and $10.2 million , respectively, for the year ended December 31, 2017 . The following table summarizes additional information related to our lease agreements. Twelve Months Ended December 31, 2019 (in millions, except lease term and rate) Cash paid for amounts included in measurement of lease liabilities Operating cash flows from finance leases $ 0.3 Operating cash flows from operating leases 29.0 Financing cash flows from finance leases 1.0 Weighted-average remaining lease term - finance leases 2.8 years Weighted-average remaining lease term - operating leases 9.2 years Weighted-average discount rate - finance leases 5.1 % Weighted-average discount rate - operating leases 6.1 % As the rate implicit in the lease is typically unknown, the discount rate used to determine the lease liability for the majority of our leases is the collateralized incremental borrowing rate in the applicable geographic area for a similar term and amount as the lease agreement. Future undiscounted minimum payments under non-cancelable leases are as follows: Finance Leases Operating Leases (in millions) 2020 $ 3.2 $ 28.2 2021 2.7 21.9 2022 1.7 17.9 2023 0.2 13.4 2024 — 10.7 Thereafter — 59.3 Total future undiscounted minimum lease payments 7.8 151.4 Less: Impact of discounting (0.5 ) (32.9 ) Total $ 7.3 $ 118.5 The right-of-use assets and lease liabilities recorded on our Consolidated Balance Sheet as of December 31, 2019 are as follows: Finance Leases Operating Leases (in millions) Property, plant and equipment, net $ 7.3 $ — Other assets and deferred charges — 118.5 Total $ 7.3 $ 118.5 Accrued expenses and other $ 3.3 $ 21.8 Postretirement benefits and other long-term liabilities 4.0 96.7 Total $ 7.3 $ 118.5 ASC 842 Adoption of Practical Expedients We have elected to adopt, for all classes of underlying assets, a package of practical expedients provided under ASC 842 that allow us to 1) not reassess whether existing or expired contracts contain or contained a lease; 2) not reassess the lease classification (operating or financing) of our existing leases at adoption; and 3) not reassess initial direct costs for existing leases. ASC 842 also provides a practical expedient that allows companies to exclude balance sheet recognition of right-of-use assets and associated liabilities for lease terms of 12 months or less, which we have elected as part of our adoption of ASC 842 for all classes of underlying assets. We do not include right-of-use assets and operating lease liabilities on our Consolidated Balance Sheet for leases with a term of 12 months or less. We have also elected to adopt the practical expedient under ASC 842 to not separate lease and non-lease components in contracts that contain both. These lease agreements are accounted for as a single lease component for all classes of underlying assets. Leases Not Yet Commenced As of December 31, 2019 , we have entered into additional leases that have not yet commenced of approximately $78.9 million , which primarily reflects a lease of a facility in the United States, which has a term of 15 years, and the lease of our new European headquarters and engineering center in Langen, Germany, which has a term of 20 years. These leases are expected to commence in 2020. ASC 840 Disclosure As we elected to adopt the guidance under ASC 842 utilizing the optional transition method that allowed us to only include the disclosures required under ASC 842 for the periods subsequent to adoption, we are required to include the disclosures under ASC 840 for the period prior to adoption. At December 31, 2018, the gross asset cost of our capital leases was $10.5 million and the net book value included in property, plant and equipment, net on the balance sheet was $3.4 million . The weighted-average interest rate on these capital lease obligations at December 31, 2018 was 7.9% . Future minimum payments under non-cancelable operating leases at December 31, 2018 were as follows: $32.6 million in 2019, $24.3 million in 2020, $16.2 million in 2021, $12.6 million in 2022, and $7.5 million |
Restructuring and Acquisition-R
Restructuring and Acquisition-Related Costs | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Business Acquisition, Integration, Restructuring and Other Related Costs [Text Block] | 4 . RESTRUCTURING AND ACQUISITION-RELATED COSTS In 2016, AAM initiated actions under a global restructuring program (the 2016 Program) focused on creating a more streamlined organization in addition to reducing our cost structure and preparing for acquisition and integration activities. From inception of the 2016 Program, we incurred severance charges totaling $2.8 million and implementation costs totaling $29.6 million . We do not expect to incur any additional restructuring charges in future periods related to the 2016 Program. In addition to costs incurred under the 2016 program, we initiated actions in 2018 to exit operations at manufacturing facilities in our Driveline, Metal Forming and former Powertrain segments. In the first quarter of 2019, we initiated a new global restructuring program (the 2019 Program) to further streamline our business by consolidating our four existing segments into three segments. This activity occurred through the disaggregation of our former Powertrain segment, with a portion moving into our Driveline segment and a portion moving into our Metal Forming segment. The primary objectives of this consolidation are to further the integration of MPG, align AAM's product and process technologies, and to achieve efficiencies within our corporate and business unit support teams to reduce cost in our business. We expect to complete restructuring activities under the 2019 Program by December 31, 2020. A summary of our restructuring activity for the years 2019 , 2018 and 2017 is shown below: Severance Charges Implementation Costs Asset Impairment Charges Total (in millions) Accrual at January 1, 2017 $ 0.6 $ 9.2 $ — $ 9.8 Charges 2.0 13.9 1.5 17.4 Cash utilization (2.3 ) (23.1 ) — (25.4 ) Non-cash utilization — — (1.5 ) (1.5 ) Accrual at December 31, 2017 0.3 — — 0.3 Charges 2.5 11.7 30.0 44.2 Cash utilization (0.4 ) (10.1 ) — (10.5 ) Non-cash utilization — — (30.0 ) (30.0 ) Accrual at December 31, 2018 2.4 1.6 — 4.0 Charges 19.4 20.4 — 39.8 Cash utilization (17.0 ) (14.6 ) — (31.6 ) Non-cash utilization — — — — Accrual at December 31, 2019 $ 4.8 $ 7.4 $ — $ 12.2 As part of our total restructuring actions during 2019, we incurred severance charges of approximately $19.4 million , as well as implementation costs, consisting primarily of plant exit costs, of approximately $20.4 million . Approximately $18 million of the restructuring costs incurred in 2019 were under the 2019 Program. Approximately $6.4 million , $21.5 million , and $0.7 million of our total restructuring costs in 2019 related to our Driveline, Metal Forming and Casting segments, respectively, while the remainder were corporate costs. In 2018 , we incurred severance charges of approximately $2.5 million , as well as implementation costs, consisting primarily of plant exit costs and professional fees, of approximately $11.7 million , and long-lived asset impairment charges of $30.0 million . In 2017 , severance charges were approximately $2.0 million , while implementation costs, including professional fees, were $13.9 million and long-lived asset impairment charges were $1.5 million . We expect to incur approximately $20 million to $30 million of total restructuring charges in 2020, substantially all of which are under the 2019 Program. In 2019, we completed our acquisition of Mitec, and in 2017, we completed our acquisitions of MPG and USM Mexico. The following table represents a summary of charges incurred in 2019 , 2018 and 2017 associated with acquisition and integration costs: Acquisition-Related Costs Severance Charges Integration Expenses Total 2019 Charges $ 1.8 $ — $ 16.2 $ 18.0 2018 Charges 1.2 0.5 33.0 34.7 2017 Charges 40.7 7.2 45.4 93.3 Acquisition-related costs primarily consist of advisory, legal, accounting, valuation and certain other professional or consulting fees incurred. Integration expenses primarily reflect costs incurred for information technology infrastructure and enterprise resource planning systems, and consulting fees incurred in conjunction with the acquisitions. Total restructuring charges and acquisition-related charges of $57.8 million , $78.9 million and $110.7 million are shown on a separate line item titled "Restructuring and Acquisition-Related Costs" in our Consolidated Statements of Operations for 2019 , 2018 and 2017 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5 . GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The following table provides a reconciliation of changes in goodwill for the year ended December 31, 2019 and the year ended December 31, 2018 : Driveline Metal Forming Powertrain Casting Consolidated (in millions) Balance as of January 1, 2018 $ 211.1 $ 558.9 $ 478.8 $ 405.5 $ 1,654.3 Acquisition of MPG — 0.9 — — 0.9 Acquisition of USM Mexico 1.3 — — — 1.3 Impairment charge — — (80.0 ) (405.5 ) (485.5 ) Sale of business — — (15.1 ) — (15.1 ) Foreign currency translation (0.3 ) (7.4 ) (6.4 ) — (14.1 ) Balance as of December 31, 2018 $ 212.1 $ 552.4 $ 377.3 $ — $ 1,141.8 Reorganization 187.2 190.1 (377.3 ) — — Impairment charge — (440.0 ) — — (440.0 ) Foreign currency translation (1.0 ) (1.7 ) — — (2.7 ) Balance as of December 31, 2019 $ 398.3 $ 300.8 $ — $ — $ 699.1 We conduct our annual goodwill impairment test in the fourth quarter of each year. In performing this test, we utilize a third-party valuation specialist to assist management in determining the fair value of our reporting units. Fair value of each reporting unit is estimated based on a combination of discounted cash flows and the use of pricing multiples derived from an analysis of comparable public companies multiplied against historical and/or anticipated financial metrics of each reporting unit. These calculations contain uncertainties as they require management to make assumptions including, but not limited to, market comparables, future cash flows of the reporting units, and appropriate discount and long-term growth rates. This fair value determination is categorized as Level 3 within the fair value hierarchy. In the first quarter of 2019, we initiated a global restructuring program (the 2019 Program) to further streamline our business by consolidating our four existing segments into three segments. See Note 4 - Restructuring and Acquisition-Related Costs for further detail on this reorganization of our segments. Prior to this reorganization, our former Powertrain segment was also a reporting unit for purposes of measuring and reporting goodwill. The goodwill that was previously attributable to the former Powertrain reporting unit was reallocated to the Driveline and Metal Forming reporting units based on the relative fair value of the respective portions that became attributable to those reporting units. The initiation of the 2019 Program and the reorganization of our business represented a triggering event in the first quarter of 2019 to test goodwill for impairment prior to reallocating the former Powertrain goodwill to Driveline and Metal Forming. No impairment was identified as a result of completing this goodwill impairment test. As a result of our annual goodwill impairment test in the fourth quarter of 2019, we determined that the carrying value of our Metal Forming reporting unit was greater than its fair value. As such, we recorded a goodwill impairment charge of $440.0 million in 2019 associated with this reporting unit. This impairment was primarily the result of a decline in the projected cash flows of this reporting unit under our long-range plan completed in the fourth quarter of 2019, as compared to the long-range plan completed in the fourth quarter of 2018. This was driven, in part, by lower forecasted sales volumes in the internal and external data sources used to form our projections. At December 31, 2019, accumulated goodwill impairment losses were $925.5 million . As a result of our test in the fourth quarter of 2018, we determined that the carrying values of our Casting and former Powertrain reporting units were greater than their respective fair values. As such, we recorded non-cash goodwill impairment charges of $405.5 million associated with our Casting reporting unit and $80.0 million associated with our former Powertrain reporting unit in 2018. These impairments were primarily the result of a general contraction of pricing multiples associated with capital intensive businesses such as the business conducted by our Casting and former Powertrain reporting units, as well as a decline in the projected cash flows of these reporting units under our long-range plan completed in the fourth quarter of 2018, as compared to the long-range plan completed in the fourth quarter of 2017. The decline in projected cash flows for the Powertrain reporting unit was primarily the result of decreased contribution margin on lower production volumes for certain passenger car programs that we support. The decline in projected cash flows for the Casting reporting unit was primarily the result of a projected increase in labor costs in an effort to address workforce shortages at certain locations, as well as an increase in other maintenance and capital requirements. In the second quarter of 2018, we completed the sale of the aftermarket business associated with our former Powertrain segment. We allocated $15.1 million of goodwill to the sold business, which represented the fair value of the business sold relative to the fair value of the associated reporting unit. Other Intangible Assets The following table provides a reconciliation of the gross carrying amount and associated accumulated amortization for AAM's total intangible assets, which are all subject to amortization, as of December 31, 2019 and December 31, 2018 : December 31, December 31, 2019 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in millions) Capitalized computer software $ 45.8 $ (27.6 ) $ 18.2 $ 38.0 $ (20.1 ) $ 17.9 Customer platforms 856.2 (174.4 ) 681.8 952.2 (123.5 ) 828.7 Customer relationships 53.0 (9.4 ) 43.6 147.0 (16.5 ) 130.5 Technology and other 156.0 (35.1 ) 120.9 156.2 (22.2 ) 134.0 Total $ 1,111.0 $ (246.5 ) $ 864.5 $ 1,293.4 $ (182.3 ) $ 1,111.1 In the fourth quarter of 2019, we completed the sale of the U.S. operations of our Casting business to entities affiliated with Gamut Capital Management, L.P. As such, during 2019 we reduced the gross carrying amount of our customer platforms and customer relationships by $96.0 million and $94.0 million , respectively, and reduced the associated accumulated amortization by $17.2 million and $14.6 million , respectively. As a result of the acquisition of MPG in 2017, we recorded intangible assets related to aftermarket customer relationships that were associated with the former Powertrain aftermarket business that we sold in the second quarter of 2018. As such, during 2018 we reduced the gross carrying amount of our customer relationships by $4.8 million , and reduced the associated accumulated amortization by $0.3 million . Amortization expense for our intangible assets was $95.4 million for the year ended December 31, 2019 , $99.4 million for the year ended December 31, 2018 , and $75.3 million for the year ended December 31, 2017 . The change in amortization expense in 2019, as compared to 2018, was primarily attributable to the sale of the U.S. operations of our Casting business in the fourth quarter of 2019. The increase in amortization expense in 2018, as compared to 2017, was primarily attributable to the impact of twelve months of amortization on the MPG intangibles in 2018, as compared to nine months of amortization in 2017. Estimated amortization expense is approximately $87 million per year for each of the years 2020 through 2024 . |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | 6 . LONG-TERM DEBT Long-term debt, net consists of the following: December 31, 2019 2018 (in millions) Revolving credit facility $ — $ — Term Loan A Facility 340.0 83.8 Term Loan B Facility 1,188.8 1,511.2 7.75% Notes due 2019 — 100.0 6.625% Notes due 2022 450.0 450.0 6.50% Notes due 2027 500.0 500.0 6.25% Notes due 2026 400.0 400.0 6.25% Notes due 2025 700.0 700.0 Foreign credit facilities and other 113.4 127.1 Capital lease obligations — 3.4 Total debt 3,692.2 3,875.5 Less: Current portion of long-term debt 28.7 121.6 Long-term debt 3,663.5 3,753.9 Less: Debt issuance costs 51.2 67.1 Long-term debt, net $ 3,612.3 $ 3,686.8 SENIOR SECURED CREDIT FACILITIES In 2017, Holdings and American Axle & Manufacturing, Inc. (AAM Inc.) entered into a credit agreement (the Credit Agreement). In connection with the Credit Agreement, Holdings, AAM, Inc. and certain of their restricted subsidiaries entered into a Collateral Agreement and Guarantee Agreement with the financial institutions party thereto. The Credit Agreement included a $100.0 million term loan A facility (the Term Loan A Facility), a $1.55 billion term loan B facility (the Term Loan B Facility) and a $932 million multi-currency revolving credit facility (the Revolving Credit Facility, and together with the Term Loan A Facility and the Term Loan B Facility, the Senior Secured Credit Facilities). In July 2019, Holdings, AAM, Inc., and certain subsidiaries of Holdings entered into the First Amendment (First Amendment) to the Credit Agreement (as amended by the First Amendment, the Amended Credit Agreement). The First Amendment, among other things, established $340 million in incremental term loan A commitments under the Amended Credit Agreement with a maturity date of July 29, 2024 (Term Loan A Facility due 2024), reduced the availability under the Revolving Credit Facility from $932 million to $925 million and extended the maturity date of the Revolving Credit Facility from April 6, 2022 to July 29, 2024, and modified the applicable margin with respect to interest rates under the Term Loan A Facility due 2024 and interest rates and commitment fees under the Revolving Credit Facility. The applicable margin and the maturity date for the Term Loan B Facility remain unchanged. The proceeds of $340 million were used to repay all of the outstanding loans under the existing Term Loan A Facility and a portion of the outstanding Term Loan B Facility, resulting in no additional indebtedness. This also satisfies all payment requirements under the Term Loan B Facility until maturity in 2024. We expensed $5.1 million for the write-off of the unamortized debt issuance costs related to the existing Term Loan A Facility and a portion of the unamortized debt issuance costs related to our Term Loan B Facility that we had been amortizing over the expected life of the borrowings. In December 2019, we used a portion of the cash proceeds from the Casting Sale to make a payment on our Term Loan B Facility, which included a principal payment of $59.8 million and $0.4 million in accrued interest. We also expensed approximately $1.0 million for the write-off of the unamortized debt issuance costs that we had been amortizing over the expected life of the borrowing. At December 31, 2019 , $898.8 million was available under the Revolving Credit Facility. This availability reflects a reduction of $26.2 million for standby letters of credit issued against the facility. The proceeds of the Revolving Credit Facility are used for general corporate purposes. The Senior Secured Credit Facilities provide back-up liquidity for our foreign credit facilities. We intend to use the availability of long-term financing under the Senior Secured Credit Facilities 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. REDEMPTION OF 7.75% NOTES DUE 2019 In the second quarter of 2019, we voluntarily redeemed the remaining balance outstanding under our 7.75% Notes due 2019. This resulted in a principal payment of $100.0 million and $0.3 million in accrued interest. We also expensed approximately $0.1 million for the write-off of the unamortized debt issuance costs that we had been amortizing over the expected life of the borrowing, and approximately $2.2 million for an early redemption premium. In the fourth quarter of 2018, we voluntarily redeemed a portion of our 7.75% Notes due 2019. This resulted in a principal payment of $100.0 million and $3.9 million in accrued interest. We also expensed approximately $0.3 million for the write-off of a portion of the unamortized debt issuance costs that we had been amortizing over the expected life of the borrowing, and approximately $4.5 million for an early redemption premium. REDEMPTION OF 6.625% NOTES DUE 2022 In the second quarter of 2018, we voluntarily redeemed a portion of our 6.625% Notes due 2022. This resulted in a principal payment of $100.0 million , and a payment of $0.8 million in accrued interest. During 2018, we expensed $0.8 million for the write-off of a portion of the remaining unamortized debt issuance costs that we had been amortizing over the expected life of the borrowing and $3.3 million for an early redemption premium. 6.25% NOTES DUE 2026 In the first quarter of 2018, we issued $400.0 million in aggregate principal amount of 6.25% senior notes due 2026 (the 6.25% Notes due 2026). Proceeds from the 6.25% Notes due 2026 were used primarily to fund the tender offer for the 6.25% senior notes due 2021 (the 6.25% Notes due 2021) described below. We paid debt issuance costs of $6.6 million during 2018 related to the 6.25% Notes due 2026. TENDER OFFER OF 6.25% NOTES DUE 2021 Also during the first quarter of 2018, we made a tender offer for our 6.25% Notes due 2021. Under this tender offer, we retired the $400.0 million of the 6.25% Notes due 2021 and expensed $2.5 million for the write-off of the remaining unamortized debt issuance costs that we had been amortizing over the expected life of the borrowing and $8.0 million in tender premiums. 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 January 2021. At December 31, 2019 , $106.0 million was outstanding under these facilities and an additional $89.1 million was available. At December 31, 2018 , $127.1 million was outstanding under these facilities and an additional $78.2 million was available. DEBT MATURITIES Aggregate maturities of long-term debt are as follows (in millions) : 2020 $ 53.2 2021 77.1 2022 471.3 2023 29.8 2024 1,460.8 Thereafter 1,600.0 Total $ 3,692.2 CAPITAL LEASE OBLIGATIONS Upon our adoption of ASC 842 Leases , our capital (finance) lease obligations are now presented in Accrued expenses and other, and Postretirement benefits and other long-term liabilities on our Consolidated Balance Sheet. See Note 3 - Leasing for additional detail regarding our adoption of ASC 842. INTEREST EXPENSE AND INTEREST INCOME Interest expense was $217.3 million in 2019 , $216.3 million in 2018 and $195.6 million in 2017 . The change in interest expense in 2018, as compared to 2017, is primarily attributable to additional interest expense incurred on borrowings outstanding under our Senior Secured Credit Facilities entered into in April 2017, as well as on $700.0 million aggregate principal amount of 6.25% senior notes due 2025 and $500.0 million in aggregate principal amount of 6.50% senior notes due 2027, which were issued in March 2017. We capitalized interest of $15.5 million in 2019 , $28.4 million in 2018 and $18.3 million in 2017 . The weighted-average interest rate of our long-term debt outstanding at December 31, 2019 was 5.8% as compared to 5.9% and 5.7% at December 31, 2018 and 2017 , respectively. Interest income was $5.8 million in 2019 , $2.0 million in 2018 and $2.9 million in 2017 . Interest income includes interest earned on cash and cash equivalents, realized and unrealized gains and losses on our short-term investments during the period, and the impact of the interest rate differential on our fixed-to-fixed cross-currency swap. SUBSEQUENT EVENT In January 2020, we issued an irrevocable notice to the holders of the 6.625% Notes due 2022 to voluntarily redeem a portion of our 6.625% Notes due 2022 in the first quarter of 2020. This will result in a principal payment of $100 million and $2.0 million in accrued interest. We expect to expense approximately $0.4 million for the write-off of the unamortized debt issuance costs that we had been amortizing over the expected life of the borrowing, and approximately $1.1 million |
Derivatives and Risk Management
Derivatives and Risk Management | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7 . 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 impact of hedge ineffectiveness was not significant in any of the periods presented. CURRENCY DERIVATIVE CONTRACTS From time to time, we use foreign currency forward and option contracts to reduce the effects of fluctuations in exchange rates relating to certain foreign currencies. We had currency forward contracts outstanding with a notional amount of $180.1 million and $185.8 million at December 31, 2019 and 2018 , respectively, that hedge our exposure to changes in foreign currency exchange rates for certain payroll expenses into the third quarter of 2022 and the purchase of certain direct and indirect inventory and other working capital items into the third quarter of 2020. FIXED-TO-FIXED CROSS-CURRENCY SWAP In 2019, we entered into a fixed-to-fixed cross-currency swap to reduce the variability of functional currency equivalent cash flows associated with changes in exchange rates on certain Euro-based intercompany loans. As of December 31, 2019 , the notional amount of the fixed-to-fixed cross-currency swap was $224.2 million , and hedges our exposure to changes in exchange rates on the intercompany loans into the second quarter of 2024. VARIABLE-TO-FIXED INTEREST RATE SWAP In 2017, we entered into a variable-to-fixed interest rate swap to reduce the variability of cash flows associated with interest payments on our variable rate debt. In the second quarter of 2018, we discontinued this variable-to-fixed interest rate swap, which was in an asset position of $5.6 million on the date that it was discontinued. Also in the second quarter of 2018, we entered into a new variable-to-fixed interest rate swap to reduce the variability of cash flows associated with interest payments on our variable rate debt. In the second quarter of 2019, we discontinued this variable-to-fixed interest rate swap, which was a liability of $9.7 million on the date that it was discontinued. Also in the second quarter of 2019, we entered into a new variable-to-fixed interest rate swap to reduce the variability of cash flows associated with interest payments on our variable rate debt. As of December 31, 2019 , we have the following notional amounts hedged in relation to our variable-to-fixed interest rate swap: $1.0 billion through May 2020, $900.0 million through May 2021, $750.0 million through May 2022, $600.0 million through May 2023 and $500.0 million through May 2024. The following table summarizes the reclassification of pre-tax derivative gains (losses) into net income (loss) 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 (Loss) Gain (Loss) Reclassified During the Twelve Months Ended December 31, Total of Financial Statement Line Item Gain (Loss) Expected to be Reclassified During the Next 12 Months 2019 2018 2017 2019 (in millions) Currency forward contracts Cost of Goods Sold $ 2.4 $ (2.8 ) $ (5.3 ) $ 5,628.3 $ 5.0 Fixed-to-fixed cross-currency swap Other Income (Expense), net 1.3 — — (12.5 ) — Variable-to-fixed interest rate swap Interest Expense (2.0 ) 3.2 — (217.3 ) (8.2 ) See Note 14 - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) for amounts recognized in Accumulated other comprehensive income (loss) during the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . The following table summarizes the amount and location of gains (losses) recognized in the Consolidated Statements of Operations for those derivative instruments not designated as hedging instruments under ASC 815: Location of Gain/(Loss) Recognized in Net Income (Loss) Gain (Loss) Recognized During the Twelve Months Ended December 31, Total of Financial Statement Line Item 2019 2018 2017 2019 (in millions) Currency forward contracts Cost of Goods Sold $ 3.9 $ 1.6 $ 2.7 $ 5,628.3 Currency forward contracts Other Income (Expense), Net — 1.4 (0.1 ) (12.5 ) Currency option contracts Cost of Goods Sold — — 0.8 5,628.3 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 37% of our consolidated net sales in 2019 , 41% in 2018 , and 47% in 2017 . Accounts and other receivables due from GM were $328.5 million at year-end 2019 and $353.7 million at year-end 2018 . Sales to FCA US LLC (FCA), were approximately 17% of our consolidated net sales in 2019 , 13% in 2018 and 14% in 2017 . Accounts and other receivables due from FCA were $154.8 million at year-end 2019 and $176.0 million at year-end 2018 . 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 $236.0 million as of December 31, 2019 and $232.9 million as of December 31, 2018 . See Note 9 - 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, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 8 . 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, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Input (in millions) Balance Sheet Classification Cash equivalents $ 271.3 $ 271.3 $ 44.0 $ 44.0 Level 1 Prepaid expenses and other Cash flow hedges - currency forward contracts 5.0 5.0 1.3 1.3 Level 2 Cash flow hedges - variable-to-fixed interest rate swap 0.9 0.9 0.9 0.9 Level 2 Nondesignated - currency forward contracts 1.9 1.9 0.6 0.6 Level 2 Other assets and deferred charges Cash flow hedges - currency forward contracts 3.4 3.4 0.4 0.4 Level 2 Cash flow hedges - fixed-to-fixed cross-currency swap 1.1 1.1 — — Level 2 Cash flow hedges - variable-to-fixed interest rate swap 2.2 2.2 1.6 1.6 Level 2 Accrued expenses and other Cash flow hedges - currency forward contracts — — 0.8 0.8 Level 2 Cash flow hedges - variable-to-fixed interest rate swap 7.9 7.9 0.7 0.7 Level 2 Nondesignated - currency forward contracts — — 0.4 0.4 Level 2 Postretirement benefits and other long-term liabilities Cash flow hedges - currency forward contracts — — 0.9 0.9 Level 2 Cash flow hedges - variable-to-fixed interest rate swap 18.4 18.4 6.9 6.9 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, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Input (in millions) Revolving Credit Facility $ — $ — $ — $ — Level 2 Term Loan A Facility 340.0 337.9 83.8 79.5 Level 2 Term Loan B Facility 1,188.8 1,174.0 1,511.2 1,420.6 Level 2 7.75% Notes due 2019 — — 100.0 102.1 Level 2 6.625% Notes due 2022 450.0 455.4 450.0 444.4 Level 2 6.50% Notes due 2027 500.0 516.3 500.0 446.3 Level 2 6.25% Notes due 2026 400.0 409.0 400.0 358.0 Level 2 6.25% Notes due 2025 700.0 716.6 700.0 636.7 Level 2 Investments in our defined benefit pension plans are stated at fair value. See Note 9 - Employee Benefit Plans for additional fair value disclosures of our pension plan assets. LONG-LIVED ASSETS During the year ended December 31, 2018 , we recorded asset impairment charges as a result of restructuring actions initiated during the period. See Note 4 - Restructuring and Acquisition-Related Costs for further detail. The following table summarizes the impairments of long-lived assets measured at fair value on a nonrecurring basis subsequent to initial recognition: December 31, 2019 December 31, 2018 Balance Sheet Classification Fair Value Asset Impairment Fair Value Asset Impairment (in millions) Property, plant and equipment, net $ — $ — $ — $ 28.8 Other assets and deferred charges — — — 1.2 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 9 . 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. Actuarial valuations of our benefit plans were made as of December 31, 2019 and 2018 . The primary weighted-average assumptions used in the year-end valuation of our principal 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 rates are based on hypothetical yield curves developed from corporate bond yield information within each regional market. 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 2019 2018 2017 2019 2018 2017 U.S. U.K. U.S. U.K. U.S. U.K. Discount rate 3.40 % 2.05 % 4.30 % 2.95 % 3.65 % 2.75 % 3.35 % 4.35 % 3.65 % Expected return on plan assets 7.25 % 4.00 % 7.50 % 5.10 % 7.45 % 5.10 % N/A N/A N/A Rate of compensation increase N/A 3.15 % 4.00 % 3.40 % 4.00 % 3.40 % 4.00 % 4.00 % 4.00 % The accumulated benefit obligation for all defined benefit pension plans was $737.8 million and $732.5 million at December 31, 2019 and December 31, 2018 , respectively. As of December 31, 2019 , the accumulated benefit obligation for our underfunded defined benefit pension plans was $608.0 million , the projected benefit obligation was $608.0 million and the fair value of assets for these plans was $483.2 million . 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 $236.0 million and $232.9 million at December 31, 2019 and December 31, 2018 , respectively. We have also recorded a corresponding asset for these amounts on our Consolidated Balance Sheet, $12.7 million that is classified as a current asset and $223.3 million that is classified as a noncurrent asset as of December 31, 2019 . 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, 2019 2018 2019 2018 (in millions) Change in benefit obligation Benefit obligation at beginning of year $ 734.5 $ 824.0 $ 537.3 $ 613.3 Service cost 1.5 2.6 0.3 0.4 Interest cost 28.0 27.3 12.8 12.4 Plan amendments — 4.3 — (2.3 ) Actuarial loss (gain) 71.5 (63.2 ) 11.9 (43.8 ) Change in GM portion of OPEB obligation — — 3.1 (32.6 ) Participant contributions 0.2 0.3 — — Curtailments (1.9 ) (11.6 ) — (0.2 ) Settlements (28.8 ) (0.6 ) — — Benefit payments (44.1 ) (39.7 ) (15.5 ) (9.9 ) Sale of business (26.2 ) — (0.8 ) — Currency fluctuations 5.5 (9.4 ) — — Other — 0.5 — — Net change 5.7 (89.5 ) 11.8 (76.0 ) Benefit obligation at end of year $ 740.2 $ 734.5 $ 549.1 $ 537.3 Change in plan assets Fair value of plan assets at beginning of year $ 625.8 $ 702.2 $ — $ — Actual return on plan assets 87.5 (31.0 ) — — Employer contributions 10.0 4.4 15.5 9.9 Participant contributions 0.2 0.3 — — Benefit payments (44.1 ) (39.8 ) (15.5 ) (9.9 ) Settlements (28.8 ) (0.6 ) — — Sale of business (20.7 ) — — — Currency fluctuations 6.7 (9.7 ) — — Net change 10.8 (76.4 ) — — Fair value of plan assets at end of year $ 636.6 $ 625.8 $ — $ — Amounts recognized in our Consolidated Balance Sheets are as follows: Pension Benefits OPEB December 31, December 31, 2019 2018 2019 2018 (in millions) Noncurrent assets $ 21.2 $ 26.4 $ — $ — Current liabilities (6.6 ) (6.5 ) (29.1 ) (30.8 ) Noncurrent liabilities (118.2 ) (128.6 ) (520.0 ) (506.5 ) Net liability $ (103.6 ) $ (108.7 ) $ (549.1 ) $ (537.3 ) Pre-tax amounts recorded in accumulated other comprehensive income (loss) (AOCI), not yet recognized in net periodic benefit cost (credit) as of December 31, 2019 and 2018 , consists of: Pension Benefits OPEB December 31, December 31, 2019 2018 2019 2018 (in millions) Net actuarial gain (loss) $ (239.2 ) $ (230.6 ) $ 19.3 $ 31.3 Net prior service credit (cost) (1.2 ) (1.2 ) 4.7 6.2 Total amounts recorded $ (240.4 ) $ (231.8 ) $ 24.0 $ 37.5 The components of net periodic benefit cost (credit) are as follows: Pension Benefits OPEB 2019 2018 2017 2019 2018 2017 (in millions) Service cost $ 1.5 $ 2.6 $ 3.6 $ 0.3 $ 0.4 $ 0.3 Interest cost 28.0 27.3 28.9 12.8 12.4 13.3 Expected asset return (41.1 ) (45.8 ) (44.0 ) — — — Amortized actuarial loss 6.4 7.8 7.1 0.1 0.8 0.6 Amortized prior service cost (credit) — 0.1 (0.1 ) (1.5 ) (2.7 ) (2.7 ) Curtailment loss (gain) — 3.2 — — (0.6 ) — Settlement charge 10.4 0.4 3.2 — — — Net periodic benefit cost (credit) $ 5.2 $ (4.4 ) $ (1.3 ) $ 11.7 $ 10.3 $ 11.5 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 Statements of Operations 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 or the remaining life expectancy of the inactive participants. The estimated net actuarial loss and prior service cost for the defined benefit pension plans that is expected to be amortized from AOCI into net periodic benefit cost in 2020 are $8.6 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 2020 are $1.0 million and $1.5 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 2020 . The rate was assumed to decrease gradually to 5.00% by 2026 and to remain at that level thereafter. Health care cost trend rates may 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 2019 and the postretirement obligation, net of GM cost sharing, at December 31, 2019 by $1.4 million and $33.8 million , respectively. A 1.0% decrease in the assumed health care cost trend rate would have decreased total service and interest cost in 2019 and the postretirement obligation, net of GM cost sharing, at December 31, 2019 by $1.1 million and $28.4 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: $57.9 million in 2020 ; $56.0 million in 2021 ; $55.0 million in 2022 ; $55.0 million in 2023 ; $56.4 million in 2024 and $288.4 million for 2025 through 2029 . These amounts were estimated using the same assumptions that were used to measure our 2019 year-end pension and OPEB obligations and include an estimate of future employee service. Contributions We contributed $2.2 million to our pension trusts in 2019. Due to the availability of our pre-funded pension balances (previous contributions in excess of prior required pension contributions) related to certain of our U.S. pension plans, we expect our regulatory pension funding requirements in 2020 to be approximately $1.5 million . We expect our cash payments, net of GM cost sharing, for OPEB to be approximately $17 million in 2020 . Terminated vested lump sum payment offer In 2019, we offered a voluntary one-time lump sum payment option to certain eligible terminated vested participants in our U.S. pension plans that, if accepted, would settle our pension obligations to them (AAM Pension Payout Offer). The lump sum settlements, which were paid from plan assets, reduced our liabilities and administrative costs going forward. The AAM Pension Payout Offer was offered to approximately 2,000 of our U.S. pension plan participants, of which 616 participants accepted the offer. We made a one-time lump sum payment from our pension trust of $28.4 million in 2019. 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 $32.5 million and resulted in a non-cash settlement charge of $9.8 million in the fourth quarter of 2019 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, 2019 and 2018 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 2019 2018 Allocation 2019 2018 Allocation Equity securities 35.2 % 31.9 % 30% - 55% 22.7 % 19.0 % 15% - 25% Fixed income securities 52.9 57.5 40% - 60% 66.8 68.3 65% - 75% Alternative assets 10.4 10.0 5% - 10% 9.4 10.5 5% - 15% Cash 1.5 0.6 0% - 5% 1.1 2.2 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, 2019 Asset Categories Level 1 Level 2 Level 3 Total (in millions) Cash and Cash Equivalents $ 7.3 $ 2.0 $ — $ 9.3 Equity U.S. Large Cap 82.4 3.0 — 85.4 U.S. Small/Mid Cap 22.7 — — 22.7 World Equity 88.1 4.7 — 92.8 Fixed Income Securities Government & Agencies 74.3 45.0 — 119.3 Corporate Bonds - Investment Grade 185.8 0.6 — 186.4 Corporate Bonds - Non-investment Grade 21.7 1.1 — 22.8 Emerging Market Debt 20.4 0.7 — 21.1 Other 6.9 4.8 — 11.7 Other Property Funds (a) — — — 57.3 Liquid Alternatives Fund (a) — — — 1.6 Structured Credit Fund (a) — — — 6.2 Total Plan Assets $ 509.6 $ 61.9 $ — $ 636.6 December 31, 2018 Asset Categories Level 1 Level 2 Level 3 Total (in millions) Cash and Cash Equivalents $ 3.5 $ 3.2 $ — $ 6.7 Equity U.S. Large Cap 72.5 3.4 — 75.9 U.S. Small/Mid Cap 17.4 0.1 — 17.5 World Equity 79.5 5.3 — 84.8 Fixed Income Securities Government & Agencies 86.5 54.3 — 140.8 Corporate Bonds - Investment Grade 177.2 2.7 — 179.9 Corporate Bonds - Non-investment Grade 19.8 1.5 — 21.3 Emerging Market Debt 18.0 0.9 — 18.9 Other 6.9 8.9 — 15.8 Other Property Funds (a) — — — 56.0 Liquid Alternatives Fund (a) — — — 2.5 Structured Credit Fund (a) — — — 5.7 Total Plan Assets $ 481.3 $ 80.3 $ — $ 625.8 (a) In accordance with ASC 810-10, 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 and hourly U.S. associates, including certain UAW represented associates at our legacy U.S. locations, are eligible to participate in voluntary savings plans. Our maximum match is 50% of eligible associates' contribution up to 10% of their eligible salary. Matching contributions amounted to $11.5 million in 2019 , $12.4 million in 2018 and $10.0 million in 2017 . Certain U.S. 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 $10.3 million , $7.3 million and $7.1 million in 2019 , 2018 and 2017 , respectively. |
Stock Based Compensation and Ot
Stock Based Compensation and Other Incentive Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment and Other Incentive Payment Arrangements [Text Block] | 10 . STOCK-BASED COMPENSATION AND OTHER INCENTIVE COMPENSATION STOCK-BASED COMPENSATION At December 31, 2019 , we had stock-based awards outstanding under stock 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 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, 2019 were 5.3 million . The current stock plan will expire in May 2028. 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, 2017 1.8 $ 18.70 Granted 1.3 18.09 Vested (0.4 ) 19.70 Canceled (0.2 ) 16.79 Outstanding at December 31, 2017 2.5 $ 18.35 Granted 1.7 14.57 Vested (0.4 ) 24.16 Canceled (0.3 ) 15.84 Outstanding at December 31, 2018 3.5 $ 16.00 Granted 1.0 15.78 Vested (0.7 ) 15.53 Canceled (0.7 ) 16.05 Outstanding at December 31, 2019 3.1 $ 16.03 As of December 31, 2019 , unrecognized compensation cost related to unvested RSUs totaled $17.0 million . The weighted average period over which this cost is expected to be recognized is approximately 2 years . In 2019 and 2018 , the total fair market value of RSUs vested was $10.9 million and $6.1 million , respectively. PERFORMANCE SHARES As of December 31, 2019 , we have performance shares (PS) outstanding under our 2018 Omnibus Incentive Plan. We grant performance shares payable in stock to officers which vest in full over a three-year performance period. In 2019, these grants were based on a total shareholder return (TSR) measure, and in 2018, these grants were based equally on a TSR measure, and AAM's three-year cumulative free cash flow. In 2017, these grants were based equally on a TSR measure and AAM's three-year adjusted 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. Based on these EBITDA, free cash flow and relative TSR performance metrics, the number of performance shares that will vest will be between 0% and 200% of the grant date amount. 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 is recorded ratably over the vesting period 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, 2017 0.5 $ 30.19 Granted 0.2 39.01 Vested (0.1 ) 27.73 Canceled — — Outstanding at December 31, 2017 0.6 $ 33.91 Granted — — Vested (0.1 ) 37.67 Canceled — — Outstanding at December 31, 2018 0.5 $ 34.49 Granted — — Vested (0.4 ) 31.21 Canceled — — Outstanding at December 31, 2019 0.1 $ 39.09 TSR Awards Outstanding at January 1, 2017 0.5 $ 19.55 Granted 0.2 24.58 Vested (0.1 ) 22.78 Canceled — — Outstanding at December 31, 2017 0.6 $ 20.93 Granted 0.3 13.91 Vested (0.1 ) 31.21 Canceled — — Outstanding at December 31, 2018 0.8 $ 16.25 Granted 0.3 24.36 Vested (0.2 ) 17.54 Canceled (0.1 ) 20.49 Outstanding at December 31, 2019 0.8 $ 20.13 Free Cash Flow Awards Outstanding at January 1, 2018 — $ — Granted 0.3 14.28 Vested — — Canceled — — Outstanding at December 31, 2018 0.3 $ 14.28 Granted — — Vested — — Canceled — — Outstanding at December 31, 2019 0.3 $ 14.28 We estimate the fair value of our EBITDA performance shares on the date of grant using our estimated three-year adjusted 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. We estimate the fair value of our free cash flow performance shares on the date of grant using our estimated three-year cumulative free cash flow, based on AAM's budget and long-range plan assumptions at the time, and adjust quarterly as necessary. Based on the current fair value, the estimated unrecognized compensation cost related to unvested PS totaled $6.8 million , as of December 31, 2019 . The weighted-average period over which this cost is expected to be recognized is approximately two years . OTHER INCENTIVE COMPENSATION PERFORMANCE UNITS As of December 31, 2019 , we have performance units (PU) outstanding under our 2018 Omnibus Incentive Plan. We grant PU payable in cash to officers and certain other associates which vest in full over a three-year performance period. These liability classified awards are incentive compensation as they are based on AAM's three-year cumulative free cash flow and are not indexed to or impacted by our share price. The $14.2 million of PU granted during 2019 will vest for officers between 0% and 200% of the grant date amount, and for other associates between 0% and 150% of the grant date amount, using our cumulative free cash flow performance metric. Based on the current fair value, the estimated unrecognized compensation cost related to unvested PU totaled $6.3 million , as of December 31, 2019. The weighted-average period over which this cost is expected to be recognized is approximately two years |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 11 . INCOME TAXES The components of income (loss) before income taxes are as follows: 2019 2018 2017 (in millions) U.S. loss $ (889.0 ) $ (549.4 ) $ (37.1 ) Non - U.S. income 356.0 435.5 377.1 Total income (loss) before income taxes $ (533.0 ) $ (113.9 ) $ 340.0 The following is a summary of the components of our provision for income taxes: 2019 2018 2017 (in millions) Current Federal $ (11.9 ) $ (81.5 ) $ 87.1 State and local 0.1 3.2 (0.7 ) Foreign 49.3 46.5 62.4 Total current $ 37.5 $ (31.8 ) $ 148.8 Deferred Federal $ (73.5 ) $ (5.1 ) $ (122.3 ) State and local (1.5 ) (6.7 ) (17.0 ) Foreign (11.4 ) (13.5 ) (7.0 ) Total deferred (86.4 ) (25.3 ) (146.3 ) Total income tax expense (benefit) $ (48.9 ) $ (57.1 ) $ 2.5 The following is a reconciliation of income taxes calculated at the U.S. federal statutory income tax rate of 21% in 2019 and 2018 and 35% in 2017 to our provision for income taxes: 2019 2018 2017 Federal statutory $ (111.9 ) $ (23.9 ) $ 119.0 Foreign income taxes (40.2 ) (39.7 ) (96.3 ) Change in enacted tax rate 0.2 (8.3 ) (107.6 ) Transition tax (7.5 ) 5.8 108.3 State and local (20.0 ) (12.8 ) (6.3 ) Tax credits (9.6 ) (20.1 ) (8.8 ) Valuation allowance 12.6 12.9 (6.1 ) Goodwill impairment 92.4 21.6 — Withholding taxes 4.0 6.6 4.7 U.S. tax on unremitted foreign earnings (2.8 ) 4.1 (18.6 ) Global intangible low-taxed income 31.1 8.0 — Uncertain tax positions 5.9 (9.8 ) 13.5 Other (3.1 ) (1.5 ) 0.7 Effective income tax expense (benefit) $ (48.9 ) $ (57.1 ) $ 2.5 In 2019, our income tax benefit varied from the tax benefit computed at the U.S. federal statutory rate primarily as a result of the goodwill impairment charge, which resulted in no income tax benefit, as well as the incremental tax expense associated with the global intangible low-taxed income inclusion under the Tax Cuts and Jobs Act of 2017 (the 2017 Act), and our inability to realize an income tax benefit for losses incurred in certain foreign and state jurisdictions. These items were partially offset by the impact of favorable foreign tax rates and income tax credits. In addition, as part of the 2017 Act, a one-time transition tax (Transition Tax) was imposed on certain foreign earnings for which U.S. income tax was previously deferred. The Department of Treasury and Internal Revenue Service issued final regulations on February 5, 2019 regarding the Transition Tax, which changed the manner in which we are required to compute the Transition Tax when it is recognized over a two-year period. The application of the final regulations resulted in a $9.3 million income tax benefit, which has been recorded in 2019, the period in which the final regulations were issued. In 2018, our income tax benefit varied from the tax benefit computed at the U.S. federal statutory rate, and in 2017 our income tax expense was lower than tax expense computed at the U.S. federal statutory rate, primarily due to the impact of favorable foreign tax rates, and the impact of income tax credits, partially offset by our inability to realize an income tax benefit for losses incurred in certain foreign and state jurisdictions. In addition, during 2018, we finalized an advance pricing agreement in a foreign jurisdiction and settled various other matters, which resulted in an income tax benefit and a reduction of our liability for unrecognized tax benefits and related interest and penalties of approximately $20 million . We also recorded an income tax benefit of approximately $85 million in 2018 as a result of the goodwill impairment charge, partially offset by a discrete tax expense related to the sale of the aftermarket business associated with our former Powertrain segment. In connection with our analysis of the impacts of the 2017 Act, we recorded estimated provisional amounts under SAB 118, resulting in a discrete net tax benefit of approximately $20 million for the year ended December 31, 2017. This net benefit primarily consisted of a benefit of approximately $110 million for the remeasurement of our net deferred tax liabilities as a result of the change in tax rate and a benefit of $18 million related to the reduction of a previously recorded deferred tax liability on certain foreign earnings, partially offset by expense of approximately $108 million related to the Transition Tax. These were provisional amounts at December 31, 2017 under SAB 118 because we had not yet completed our accounting for all of the enactment-date income tax effects of the 2017 Act. As of December 31, 2018, we had completed our accounting for all of the enactment-date income tax effects of the 2017 Act. Upon further analysis of the 2017 Act, and based on notices and regulations issued and proposed by the U.S. Department of Treasury and the Internal Revenue Service, we finalized our calculations of the Transition Tax liability during 2018 and adjusted our December 31, 2017 provisional amount by an additional tax expense of $5.8 million . Also, based on finalizing our calculations during 2018 related to the remeasurement of certain deferred tax assets and liabilities, we adjusted our December 31, 2017 provisional amount by an additional tax benefit of $8.3 million . These adjustments to our provisional amounts resulted in a net income tax benefit of $2.5 million , which is included as a component of Income tax expense (benefit) in our Consolidated Statement of Operations for the year ended December 31, 2018. Also as part of the completion of our SAB 118 analysis, the balance of the 2018 Transition Tax liability was determined to be satisfied with existing U.S. tax attributes resulting in no current income tax payable. Under GAAP, we must make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as global intangible low-taxed income (GILTI) in future years, or to provide for the tax expense related to GILTI in the year the tax is incurred as period expense. We have elected to account for GILTI in the year the tax is incurred. As of December 31, 2019 , we have refundable income taxes of approximately $25 million classified as Prepaid expenses and other on our Consolidated Balance Sheet, as compared to approximately $10 million as of December 31, 2018. We also have income taxes payable of approximately $3 million and $10 million classified as Accrued expenses and other on our Consolidated Balance Sheets as of December 31, 2019 and 2018 , respectively. The approximate tax effect of each significant type of temporary difference and carryforward that results in a deferred tax asset or liability is as follows: December 31, 2019 2018 (in millions) Deferred tax assets Employee benefits $ 149.4 $ 152.9 Inventory 27.3 22.9 Net operating loss (NOL) carryforwards 201.7 166.0 Tax credit carryforwards 47.8 44.3 Capital allowance carryforwards 9.3 10.0 Capitalized expenditures 42.9 25.9 Interest carryforward 43.9 — Operating lease liabilities 27.1 — Other 42.7 47.3 Valuation allowances (196.0 ) (183.3 ) Deferred tax assets $ 396.1 $ 286.0 Deferred tax liabilities Other intangible assets (199.7 ) (176.0 ) Fixed assets (120.7 ) (141.9 ) Operating lease right-of-use assets (27.1 ) — Other (4.1 ) (15.2 ) Deferred tax liabilities $ (351.6 ) $ (333.1 ) Deferred tax asset (liability), net $ 44.5 $ (47.1 ) Deferred tax assets and liabilities recognized in our Consolidated Balance Sheets are as follows: December 31, 2019 2018 (in millions) U.S. federal and state deferred tax asset (liability), net $ 5.0 $ (76.6 ) Other foreign deferred tax asset, net 39.5 29.5 Deferred tax asset (liability), net $ 44.5 $ (47.1 ) 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 for income tax purposes. ASC 740 - Income Taxes states that companies must measure deferred tax amounts at the rate at which they are expected to be realized. As of December 31, 2019 and December 31, 2018 , we had deferred tax assets from domestic and foreign net operating loss and tax credit carryforwards of $258.8 million and $220.3 million , respectively. Approximately $101.5 million of the deferred tax assets at December 31, 2019 relate to NOL and tax credits that can be carried forward indefinitely with the remainder expiring between 2020 and 2039. 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. We have provided deferred income taxes for the estimated U.S. federal income tax, foreign income tax, and applicable withholding taxes on earnings of subsidiaries expected to be distributed. As a result of the enactment of the 2017 Act in the fourth quarter of 2017, we recognized a one-time transition tax expense related to certain foreign earnings for which U.S. tax had been previously deferred, and remeasured our deferred tax liability related to foreign earnings. In general, the 2017 Act allows for a dividends received deduction for the repatriation of foreign earnings to the U.S. and, as such, no additional U.S. federal income tax is expected. In accordance with the accounting guidance for income taxes, we review the likelihood that we will realize the benefit of deferred tax assets and 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 determining the requirement for a valuation allowance, the historical results, projected future operating results based upon approved business plans, eligible carry forward periods, and tax planning opportunities are considered, along with other relevant positive and negative evidence. If, based upon available evidence, it is more likely than not the deferred tax assets will not be realized, a valuation allowance is recorded. During 2019 and 2018, we recorded a net tax expense of $25.4 million and $16.0 million , respectively, resulting from net losses in certain foreign and U.S. state and local jurisdictions with no corresponding tax benefit due to increases in our valuation allowance. This was partially offset by a net tax benefit of $12.8 million and $3.1 million , respectively, resulting from changes in determinations relating to the potential realization of deferred tax assets and the resulting reversal of a valuation allowance in a foreign jurisdiction. As of December 31, 2019 and December 31, 2018 , we have a valuation allowance of $196.0 million and $183.3 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 that we have uncertain tax positions, a determination is made as to whether such positions meet the “more likely than not” threshold. This threshold must be met in order to record any tax benefit and, to the extent that an uncertain tax position meets 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, 2017 $ 28.2 $ 2.5 Increase in prior year tax positions 1.5 3.1 Decrease in prior year tax positions (0.4 ) — Increase in current year tax positions 10.5 — Increase from acquisitions 8.3 1.9 Settlement (1.2 ) (0.1 ) Foreign currency remeasurement adjustment 0.8 0.1 Balance at December 31, 2017 $ 47.7 $ 7.5 Increase in prior year tax positions 5.6 3.5 Decrease in prior year tax positions (16.9 ) (2.5 ) Increase in current year tax positions 6.0 — Settlement (3.7 ) (1.6 ) Balance at December 31, 2018 $ 38.7 $ 6.9 Increase in prior year tax positions 0.2 4.5 Decrease in prior year tax positions (3.1 ) (0.1 ) Increase in current year tax positions 4.4 — Foreign currency remeasurement adjustment 0.9 0.2 Balance at December 31, 2019 $ 41.1 $ 11.5 At December 31, 2019 and December 31, 2018 , we had $41.1 million and $38.7 million of gross unrecognized income tax benefits, respectively. In 2019 , 2018 , and 2017 , we recognized expense of $4.4 million , $1.0 million and $3.1 million , respectively, related to interest and penalties in Income tax expense (benefit) on our Consolidated Statements of Operations. We have a liability of $11.5 million and $6.9 million related to the estimated future payment of interest and penalties at December 31, 2019 and 2018 , respectively. The amount of the unrecognized income tax benefits, including interest and penalties, as of December 31, 2019 that, if recognized, would affect the effective tax rate is $49.4 million . We operate in multiple jurisdictions throughout the world and the income tax returns of several subsidiaries in various tax jurisdictions are currently under examination. We are currently under a U.S. federal income tax examination for the years 2015 through 2017. Generally, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years prior to 2013. |
Earnings Per Share (EPS)
Earnings Per Share (EPS) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 12 . EARNINGS (LOSS) 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): 2019 2018 2017 (in millions, except per share data) Numerator Net income (loss) attributable to AAM $ (484.5 ) $ (57.5 ) $ 337.1 Less: Net income allocated to participating securities — — (7.5 ) Net income (loss) attributable to common shareholders - Basic and Dilutive $ (484.5 ) $ (57.5 ) $ 329.6 Denominators Basic common shares outstanding - Weighted-average shares outstanding 115.6 115.0 104.6 Less: Participating securities (3.3 ) (3.4 ) (2.3 ) Weighted-average common shares outstanding 112.3 111.6 102.3 Effect of dilutive securities - Dilutive stock-based compensation — — 0.5 Diluted shares outstanding - Adjusted weighted-average shares after assumed conversions 112.3 111.6 102.8 Basic EPS $ (4.31 ) $ (0.51 ) $ 3.22 Diluted EPS $ (4.31 ) $ (0.51 ) $ 3.21 Basic and diluted loss per share are the same in 2019 and 2018 because the effect of 0.4 million dilutive performance shares in 2019, and the effect of 0.8 million |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 13 . COMMITMENTS AND CONTINGENCIES PURCHASE COMMITMENTS Obligated purchase commitments for capital expenditures and related project expenses were approximately $131.9 million at December 31, 2019 and $287.2 million at December 31, 2018 . LEGAL PROCEEDINGS We are involved in, or potentially subject to, various legal proceedings or claims incidental to our business. These include, but are not limited to, matters arising out of product warranties, tax or contractual matters, and environmental obligations. 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 anticipate continuing to make, capital and other expenditures (including recurring administrative costs) to comply with environmental requirements at our current and former facilities. Such expenditures were not significant in 2019 , 2018 and 2017 . 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 at our current and former facilities. 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 actions taken 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 2019 and 2018 , 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, 2019 2018 (in millions) Beginning balance $ 57.7 $ 49.5 Accruals 18.5 19.1 Settlements (10.4 ) (10.7 ) Adjustments to prior period accruals (3.9 ) 0.4 Foreign currency translation 0.1 (0.6 ) Ending balance $ 62.0 $ 57.7 |
Reclassifications out of Accumu
Reclassifications out of Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
Reclassifications out of Accumulated Other Comprehensive Income [Abstract] | |
Disclosure of Reclassification Amount [Text Block] | 14 . 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, 2019 , December 31, 2018 and December 31, 2017 are as follows (in millions) : Defined Benefit Plans Foreign Currency Translation Adjustments Unrecognized Loss on Cash Flow Hedges Total Balance at January 1, 2017 $ (243.5 ) $ (122.4 ) $ (23.7 ) $ (389.6 ) Other comprehensive income (loss) before reclassifications (20.1 ) 88.3 12.0 80.2 Income tax effect of other comprehensive income (loss) before reclassifications 5.5 — (0.2 ) 5.3 Amounts reclassified from accumulated other comprehensive loss into net income 8.2 (b) — 5.3 (c) 13.5 Income taxes reclassified into net income (2.1 ) — — (2.1 ) Net current period other comprehensive income (loss) (8.5 ) 88.3 17.1 96.9 Balance at December 31, 2017 $ (252.0 ) $ (34.1 ) $ (6.6 ) $ (292.7 ) Other comprehensive income (loss) before reclassifications 41.9 (62.7 ) 5.4 (15.4 ) Income tax effect of other comprehensive income (loss) before reclassifications (8.4 ) — (0.2 ) (8.6 ) Amounts reclassified from accumulated other comprehensive loss into net loss 6.0 (b) 0.2 (0.4 ) (c) 5.8 Income taxes reclassified into net loss (1.4 ) — 0.7 (0.7 ) Net current period other comprehensive income (loss) 38.1 (62.5 ) 5.5 (18.9 ) Balance at December 31, 2018 $ (213.9 ) $ (96.6 ) $ (1.1 ) $ (311.6 ) Other comprehensive loss before reclassifications (61.5 ) (a) (4.6 ) (19.0 ) (85.1 ) Income tax effect of other comprehensive loss before reclassifications 5.6 — 6.3 11.9 Amounts reclassified from accumulated other comprehensive loss into net loss 12.5 (b) — (1.7 ) (c) 10.8 Income taxes reclassified into net loss (2.6 ) — (0.2 ) (2.8 ) Net current period other comprehensive loss (46.0 ) (4.6 ) (14.6 ) (65.2 ) Balance at December 31, 2019 $ (259.9 ) $ (101.2 ) $ (15.7 ) $ (376.8 ) (a) ASU 2018-02 became effective on January 1, 2019, and we elected to reclassify the stranded tax effects caused by the 2017 Tax Cuts and Jobs Act, resulting in a decrease in Accumulated other comprehensive income (loss) of $27.7 million at January 1, 2019. See Note 1 - Organization and Summary of Significant Accounting Policies for further detail. (b) Subsequent to the adoption of ASU 2017-07 effective January 1, 2018, these amounts were reclassified from AOCI to Other, net for the years ended December 31, 2019 and 2018. The amount reclassified for 2019 includes a credit to AOCI of $7.4 million related to the net effect of the AAM Pension Payout Offer and the Casting Sale. See Note 2 - Sale of Business and Note 9 - Employee Benefit Plans for more detail. For the year ended December 31, 2017, $8.7 million was reclassified from AOCI to Cost of goods sold (COGS) and $(0.5) million was reclassified from AOCI to Selling, general and administrative expenses. (c) The amounts reclassified from AOCI included $(2.4) million in COGS, $2.0 million in interest expense and $(1.3) million in other income for the year ended December 31, 2019, $2.8 million in COGS and $(3.2) million in interest expense for the year ended December 31, 2018 and $5.3 million in COGS for the year ended December 31, 2017. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customers [Abstract] | |
Revenue from Contract with Customer [Text Block] | 15 . REVENUE FROM CONTRACTS WITH CUSTOMERS The guidance in ASC 606 Revenue from Contracts with Customers 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. We are obligated under our contracts with customers to manufacture and supply products for use in our customers’ operations. We satisfy these performance obligations at the point in time that the customer obtains control of the products, which is the point in time that the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the products. This typically occurs upon shipment to the customer in accordance with purchase orders and delivery releases issued by our customers. There is judgment involved in determining when the customer obtains control of the products and we have utilized the following indicators of control in our assessment: • We have the present right to payment for the asset; • The customer has legal title to the asset; • We have transferred physical possession of the asset; • The customer has the significant risks and rewards of ownership of the asset; and • The customer has accepted the asset. Our product offerings by segment are as follows: • Driveline products consist primarily of front and rear axles, driveshafts, differential assemblies, clutch modules, balance shaft systems, disconnecting driveline technology, and electric and hybrid driveline products and systems for light trucks, sport utility vehicles (SUVs), crossover vehicles, passenger cars and commercial vehicles; • Metal Forming products consist primarily of axle and transmission shafts, ring and pinion gears, differential gears and assemblies, connecting rods and variable valve timing products for Original Equipment Manufacturers and Tier 1 automotive suppliers; and • Prior to the sale of the U.S. operations, the Casting segment produced both thin wall castings and high strength ductile iron castings, as well as transmission pump bodies, steering knuckles, control arms, brake anchors and calipers, and ball joint housings for the global light vehicle, commercial and industrial markets. Our contracts with customers, which are comprised of purchase orders and delivery releases issued by our customers, generally state the terms of the sale, including the quantity and price of each product purchased. Trade accounts receivable from our customers are generally due approximately 50 days from the date our customers receive our product. Our contracts typically do not contain variable consideration as the contracts include stated prices. We provide our customers with assurance type warranties, which are not separate performance obligations and are outside the scope of ASC 606. Refer to Note 13 - Commitments and Contingencies for further information on our product warranties. Disaggregation of Net Sales Net sales recognized from contracts with customers, disaggregated by segment and geographical location, are presented in the following table for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . Net sales are attributed to regions based on the location of production. Intersegment sales have been excluded from the table. In the first quarter of 2019, we reorganized our business to disaggregate our former Powertrain segment, with a portion moving to our Driveline segment and a portion moving to our Metal Forming segment. As a result, the Powertrain amounts previously reported for the years ended December 31, 2018 and December 31, 2017 have been reclassified to Driveline and Metal Forming. Additionally, in the fourth quarter of 2019, we finalized the Casting Sale. The Casting Sale did not include the entities that conduct AAM's casting operations in El Carmen, Mexico, which are now included in our Driveline segment. The amounts previously reported in our Casting segment for the retained operations in El Carmen, Mexico have been reclassified to our Driveline segment for the years presented. Twelve Months Ended December 31, 2019 Driveline Metal Forming Casting Total North America $ 3,466.3 $ 1,153.1 $ 627.7 $ 5,247.1 Asia 533.6 37.6 — 571.2 Europe 351.0 256.3 — 607.3 South America 98.8 6.5 — 105.3 Total $ 4,449.7 $ 1,453.5 $ 627.7 $ 6,530.9 Twelve Months Ended December 31, 2018 Driveline Metal Forming Casting Total North America $ 3,823.1 $ 1,275.9 $ 741.3 $ 5,840.3 Asia 634.4 43.9 — 678.3 Europe 329.0 293.1 — 622.1 South America 124.9 4.8 — 129.7 Total $ 4,911.4 $ 1,617.7 $ 741.3 $ 7,270.4 Twelve Months Ended December 31, 2017 Driveline Metal Forming Casting Total North America $ 3,676.1 $ 975.8 $ 546.9 $ 5,198.8 Asia 472.5 40.0 — 512.5 Europe 220.6 200.9 — 421.5 South America 132.7 0.5 — 133.2 Total $ 4,501.9 $ 1,217.2 $ 546.9 $ 6,266.0 Contract Assets and Liabilities The following table summarizes our beginning and ending balances for accounts receivable and contract liabilities associated with our contracts with customers: Accounts Receivable, Net Contract Liabilities (Current) Contract Liabilities (Long-term) December 31, 2018 $ 966.5 $ 44.3 $ 77.6 December 31, 2019 815.4 18.9 83.7 Increase/(decrease) $ (151.1 ) $ (25.4 ) $ 6.1 Contract liabilities relate to deferred revenue associated with various settlements and commercial agreements for which we have future performance obligations to the customer. We recognize this deferred revenue into revenue over the life of the associated program as we satisfy our performance obligations to the customer. We do not have contract assets as defined in ASC 606. During the twelve months ended December 31, 2019 and December 31, 2018 we amortized $48.6 million and $47.9 million , respectively, of previously recorded contract liabilities into revenue as we satisfied performance obligations with our customers. Sales and Other Taxes ASC 606 provides a practical expedient that allows companies to exclude from the transaction price any amounts collected from customers for all sales (and other similar) taxes. We do not include sales and other taxes in our transaction price and thus do not recognize these amounts as revenue. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 16 . BUSINESS COMBINATIONS Acquisition of Mitec On December 2, 2019, AAM completed our acquisition of certain operations of Mitec Automotive AG (Mitec), under which we acquired $20.2 million of net assets for a purchase price of $9.4 million , which was funded entirely with available cash. We recognized a gain on bargain purchase of $10.8 million , which was primarily the result of Mitec's insolvency prior to the acquisition. This gain is presented in the Gain on bargain purchase of business line item in our Consolidated Statement of Operations for the year ended December 31, 2019. The operating results of Mitec for the period from our acquisition date through December 31, 2019, were insignificant to AAM's Consolidated Statement of Operations for this period. Further, we have not disclosed pro forma revenue and earnings for the years ended December 31, 2019 and December 31, 2018, as the operating results of Mitec would be insignificant to AAM's consolidated results for these periods. Acquisition of MPG On April 6, 2017, AAM completed our acquisition of 100% of the equity interests of MPG for a total purchase price of approximately $1.5 billion plus the assumption of approximately $1.7 billion in net debt (comprised of approximately $1.9 billion in debt less approximately $0.2 billion of MPG cash and cash equivalents). Under the terms of the agreement and plan of merger (Merger Agreement), each share of MPG common stock (other than MPG excluded shares as defined in the Merger Agreement) was converted into the right to receive (a) $13.50 in cash, without interest, and (b) 0.5 of a share of AAM common stock (Merger Consideration). Further, MPG stock options outstanding immediately prior to the effective time of the merger were accelerated and holders of the stock options received in cash the Merger Consideration less the per share exercise price of the MPG stock options. All MPG restricted shares and restricted stock unit awards outstanding under an MPG equity plan were also accelerated and each holder thereof received the Merger Consideration for each restricted share or restricted stock unit award of MPG common stock. MPG provides highly-engineered components for use in powertrain and safety-critical platforms for the global light, commercial and industrial markets. MPG produces these components using complex metal-forming manufacturing technologies and processes for a global customer base of OEMs and Tier I suppliers, which help their customers meet fuel economy, performance and safety standards. Our acquisition of MPG has contributed significantly to diversifying our global customer base and end markets. Our acquisition of MPG was accounted for under the acquisition method under Accounting Standards Codification 805 Business Combinations (ASC 805) with the purchase price allocated to the identifiable assets and liabilities of the acquired company based on the respective fair values of the assets and liabilities. The following represents the final fair values of the assets acquired and liabilities assumed resulting from the acquisition, as well as the calculation of goodwill: (in millions) April 6, 2017 Cash consideration $ 953.5 Share consideration 576.7 Total consideration transferred $ 1,530.2 Fair value of MPG noncontrolling interests 3.6 Total fair value of MPG $ 1,533.8 Cash and cash equivalents $ 202.1 Accounts receivable 403.1 Inventories 199.0 Prepaid expenses and other long-term assets 119.9 Property, plant and equipment 971.8 Intangible assets 1,223.1 Total assets acquired $ 3,119.0 Accounts payable 287.8 Accrued expenses and other 137.7 Deferred income tax liabilities 580.2 Debt 1,918.7 Postretirement benefits and other long-term liabilities 54.1 Net assets acquired $ 140.5 Goodwill $ 1,393.3 Goodwill resulting from the acquisition is primarily attributable to anticipated synergies and economies of scale from which we expect to benefit as a combined entity. None of the goodwill is deductible for tax purposes. We recognized $1,223.1 million of amortizable intangible assets for customer platforms, customer relationships, developed technology and licensing agreements as a result of our acquisition of MPG. These intangible assets were assigned useful lives ranging from five to 17 years. The intangible assets were valued using primarily the relief from royalty method or the multi-period excess earnings method, both of which utilize significant unobservable inputs. These inputs are defined in the fair value hierarchy as Level 3 inputs, which require management to make estimates and assumptions regarding certain financial measures using forecasted or projected information. AAM had an existing accounts payable balance of $12.4 million with MPG as of the date of acquisition. As a result of the acquisition, this pre-existing accounts payable balance was settled and AAM accounted for this settlement separately from the acquisition. This resulted in a $12.4 million reduction in the purchase price and this portion of the cash paid to acquire MPG has been reflected as an operating cash outflow in our Consolidated Statement of Cash Flows for the year ended December 31, 2017. Included in Net sales and Net income attributable to AAM for the period from the acquisition date on April 6, 2017 through December 31, 2017 was $2,022 million and approximately $320 million , respectively, attributable to MPG. The $320 million of Net income attributable to MPG in 2017 included a tax benefit of approximately $227 million as a result of remeasuring our net deferred tax liabilities in the U.S. subsequent to the enactment of the Tax Cuts and Jobs Act. For the year ended December 31, 2017, AAM's consolidated income before income taxes was $340.0 million , of which $93.5 million related to MPG. Unaudited Pro Forma Financial Information Pro forma net sales for AAM, on a combined basis with MPG for the years ended December 31, 2017 and December 31, 2016, were $7.0 billion and $6.6 billion , respectively, excluding MPG sales to AAM during those periods. Pro forma net income amounts for the years ended December 31, 2017 and December 31, 2016 were approximately $400 million and $220 million , respectively. Pro forma earnings per share amounts for the years ended December 31, 2017 and December 31, 2016 were $3.51 per share and $1.95 per share, respectively. The pro forma net income amounts for the years ended December 31, 2017 and December 31, 2016 have been adjusted by approximately $20 million for a one-time charge for MPG stock-based compensation that was accelerated and settled on the date of acquisition, approximately $25 million related to the step-up of inventory to fair value as a result of the acquisition, and approximately $55 million in acquisition-related costs. This adjustment resulted in a reclassification of approximately $65 million , net of tax, from pro forma net income for 2017 into pro forma net income for 2016, as we are required to disclose the pro forma amounts as if our acquisition of MPG had been completed on January 1, 2016. The disclosure of pro forma net sales and earnings is for informational purposes only and does not purport to indicate the results that would actually have been obtained had the merger been completed on the assumed date for the periods presented, or which may be realized in the future. Acquisition of USM Mexico On March 1, 2017, AAM completed our acquisition of 100% of USM Mexico, a former subsidiary of U.S. Manufacturing Corporation (USM). The purchase price was funded with available cash and the acquisition was accounted for under the acquisition method. USM Mexico includes USM's operations in Guanajuato, Mexico, which has historically been one of the largest suppliers to AAM's Guanajuato Manufacturing Complex. This acquisition allowed AAM to vertically integrate the supply chain and helped ensure continuity of supply for certain parts to our largest manufacturing facility. The following represents the final fair value of the assets acquired and liabilities assumed resulting from the acquisition, as well as the calculation of goodwill: (in millions) March 1, 2017 Contractual purchase price $ 162.5 Adjustment to contractual purchase price for working capital settlement 2.5 Adjustments to contractual purchase price for capital equipment 4.9 Adjustment to contractual purchase price for settlement of existing accounts payable balance (22.8 ) Cash acquired (0.5 ) Adjusted purchase price, net of cash acquired $ 146.6 Accounts receivable 1.1 Inventories 4.8 Prepaid expenses and other 3.6 Property, plant and equipment 38.4 Intangible assets 31.7 Total assets acquired $ 79.6 Accounts payable 10.8 Accrued expenses and other 2.7 Deferred income tax liabilities 1.2 Net assets acquired $ 64.9 Goodwill $ 81.7 None of the goodwill is deductible for tax purposes. AAM had an existing accounts payable balance of $22.8 million with USM Mexico as of the date of acquisition. As a result of our acquisition, this pre-existing accounts payable balance was settled and AAM accounted for this settlement separately from our acquisition. This resulted in a $22.8 million reduction in the purchase price and this portion of the cash paid to acquire USM Mexico has been reflected as an operating cash outflow in our Consolidated Statement of Cash Flows for the year ended December 31, 2017. The operating results of USM Mexico for the period from our acquisition date through December 31, 2017, were insignificant to AAM's Consolidated Statement of Income for this period. Further, we have not disclosed pro forma revenue and earnings for the years ended December 31, 2017 and December 31, 2016, as the operating results of USM Mexico would be insignificant to AAM's consolidated results for these periods. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2019 | |
Segments, Geographical Areas [Abstract] | |
Segment Reporting Disclosure [Text Block] | 17 . SEGMENT AND GEOGRAPHIC INFORMATION In the first quarter of 2019, we reorganized our business to disaggregate our former Powertrain segment, with a portion moving to our Driveline segment and a portion moving to our Metal Forming segment. The Powertrain amounts previously reported for the years ended December 31, 2018 and 2017 have been reclassified to Driveline and Metal Forming accordingly. Additionally, in the fourth quarter of 2019, we completed the Casting Sale. The Casting Sale did not include the entities that conduct AAM's casting operations in El Carmen, Mexico, which are now included in our Driveline segment. The Casting Sale did not qualify for classification as discontinued operations, as it did not represent a strategic shift in our business that has had, or will have, a major effect on our operations and financial results. As such, we continue to present Casting as a segment in the tables below, which is now comprised entirely of the U.S. casting operations that were included in the Casting Sale. The amounts previously reported in our Casting segment for the retained operations in El Carmen, Mexico have been reclassified to our Driveline segment for the years presented. As a result of these activities, our business is now organized into Driveline and Metal Forming segments, with each representing a reportable segment under ASC 280 Segment Reporting . The results of each segment are regularly reviewed by the chief operating decision maker to assess the performance of the segment and make decisions regarding the allocation of resources. Our product offerings by segment are as follows: • Driveline products consist primarily of front and rear axles, driveshafts, differential assemblies, clutch modules, balance shaft systems, disconnecting driveline technology, and electric and hybrid driveline products and systems for light trucks, sport utility vehicles (SUVs), crossover vehicles, passenger cars and commercial vehicles; • Metal Forming products consist primarily of axle and transmission shafts, ring and pinion gears, differential gears and assemblies, connecting rods and variable valve timing products for Original Equipment Manufacturers and Tier 1 automotive suppliers; and • Prior to the Casting Sale, the Casting segment produced both thin wall castings and high strength ductile iron castings, as well as transmission pump bodies, steering knuckles, control arms, brake anchors and calipers, and ball joint housings for the global light vehicle, commercial and industrial markets. We use Segment Adjusted EBITDA as the measure of earnings to assess the performance of each segment and determine the resources to be allocated to the segments. Segment Adjusted EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization for our reportable segments, excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, gain (loss) on the sale of a business, impairment charges, pension settlements, and non-recurring items. Year Ended December 31, 2019 Driveline Metal Forming Casting Corporate and Eliminations Total (in millions) Sales $ 4,550.2 $ 1,845.2 $ 669.2 $ — $ 7,064.6 Less: Intersegment sales 100.5 391.7 41.5 — 533.7 Net external sales $ 4,449.7 $ 1,453.5 $ 627.7 $ — $ 6,530.9 Segment adjusted EBITDA $ 610.8 $ 316.5 $ 43.0 $ — $ 970.3 Depreciation and amortization $ 307.7 $ 186.9 $ 42.3 $ — $ 536.9 Capital expenditures $ 283.8 $ 105.5 $ 28.5 $ 15.5 $ 433.3 Total assets $ 3,778.8 $ 1,900.0 $ — $ 965.8 $ 6,644.6 Year Ended December 31, 2018 Driveline Metal Forming Casting Corporate and Eliminations Total Sales $ 5,001.2 $ 2,046.0 $ 780.6 $ — $ 7,827.8 Less: Intersegment sales 89.8 428.3 39.3 — 557.4 Net external sales $ 4,911.4 $ 1,617.7 $ 741.3 $ — $ 7,270.4 Segment adjusted EBITDA $ 754.5 $ 376.5 $ 52.9 $ — $ 1,183.9 Depreciation and amortization $ 272.0 $ 192.6 $ 64.2 $ — $ 528.8 Capital expenditures $ 339.4 $ 138.3 $ 35.0 $ 12.0 $ 524.7 Total assets $ 3,796.6 $ 2,607.2 $ 521.5 $ 585.4 $ 7,510.7 Year Ended December 31, 2017 Driveline Metal Forming Casting Corporate and Eliminations Total Sales $ 4,567.8 $ 1,634.9 $ 576.1 $ — $ 6,778.8 Less: Intersegment sales 65.9 417.7 29.2 — 512.8 Net external sales $ 4,501.9 $ 1,217.2 $ 546.9 $ — $ 6,266.0 Segment adjusted EBITDA $ 762.3 $ 305.7 $ 34.7 $ — $ 1,102.7 Depreciation and amortization $ 237.3 $ 147.8 $ 43.4 $ — $ 428.5 Capital expenditures $ 340.2 $ 97.7 $ 24.7 $ 15.1 $ 477.7 Total assets $ 3,507.0 $ 2,731.1 $ 926.0 $ 718.7 $ 7,882.8 Assets included in the Corporate and Eliminations column of the tables above represent AAM corporate assets, as well as eliminations of intercompany assets. The following table represents a reconciliation of Segment Adjusted EBITDA to consolidated income (loss) before income taxes for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 (in millions) Segment adjusted EBITDA $ 970.3 $ 1,183.9 $ 1,102.7 Interest expense (217.3 ) (216.3 ) (195.6 ) Depreciation and amortization (536.9 ) (528.8 ) (428.5 ) Impairment charges (665.0 ) (485.5 ) — Restructuring and acquisition-related costs (57.8 ) (78.9 ) (110.7 ) Pension settlement (9.8 ) — (3.2 ) Gain (loss) on sale of business (21.3 ) 15.5 — Gain on bargain purchase of business 10.8 — — Gain on settlement of capital lease — 15.6 — Acquisition-related fair value inventory adjustment — — (24.9 ) Impact of change in accounting principle — — 3.7 Debt refinancing and redemption costs (8.4 ) (19.4 ) (3.5 ) Other 2.4 — — Income (loss) before income taxes $ (533.0 ) $ (113.9 ) $ 340.0 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 production. Long-lived assets exclude deferred income taxes. December 31, 2019 2018 2017 (in millions) Net sales United States $ 2,894.0 $ 3,293.2 $ 2,742.7 Mexico 2,353.1 2,547.1 2,456.1 South America 105.3 129.7 133.2 China 315.4 373.4 318.6 All other Asia 255.8 304.9 193.9 Europe 607.3 622.1 421.5 Total net sales $ 6,530.9 $ 7,270.4 $ 6,266.0 Long-lived assets United States $ 2,805.8 $ 3,612.3 $ 4,253.8 Mexico 1,117.4 1,117.9 993.8 South America 61.9 70.6 61.4 China 191.4 177.6 180.9 All other Asia 106.8 101.0 103.4 Europe 439.4 356.0 307.4 Total long-lived assets $ 4,722.7 $ 5,435.4 $ 5,900.7 |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 18 . UNAUDITED QUARTERLY FINANCIAL DATA Three Months Ended, March 31 June 30 September 30 December 31 (in millions, except per share data) 2019 Net sales $ 1,719.2 $ 1,704.3 $ 1,677.4 $ 1,430.0 Gross profit 222.2 248.3 248.7 183.4 Net income (loss) 41.7 52.7 (124.1 ) (2) (454.4 ) (3) Net income (loss) attributable to AAM 41.6 52.5 (124.2 ) (2) (454.4 ) (3) Basic EPS (1) $ 0.36 $ 0.45 $ (1.10 ) (2) $ (4.04 ) (3) Diluted EPS (1) $ 0.36 $ 0.45 $ (1.10 ) (2) $ (4.04 ) (3) 2018 Net sales $ 1,858.4 $ 1,900.9 $ 1,817.0 $ 1,694.1 Gross profit 316.3 331.4 267.4 225.3 Net income (loss) 89.5 151.3 64.0 (361.6 ) (4) Net income (loss) attributable to AAM 89.4 151.1 63.8 (361.8 ) (4) Basic EPS (1) $ 0.78 $ 1.31 $ 0.55 $ (3.24 ) (4) Diluted EPS (1) $ 0.78 $ 1.30 $ 0.55 $ (3.24 ) (4) (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 2019, we recorded an impairment charge of approximately $178 million , net of tax, to reduce the carrying value of our U.S. Casting operations to fair value less cost to sell upon reclassification of the assets and liabilities to held-for-sale. (3) In the fourth quarter of 2019, we recorded a goodwill impairment charge of $440 million , that was not subject to tax effect, associated with the annual goodwill impairment test for our Metal Forming reporting unit. We also recorded a loss on the Casting Sale of approximately $17 million , net of tax, recognized a gain on bargain purchase of approximately $10.8 million , which was not subject to tax effect, associated with the acquisition of Mitec, and recognized a loss of approximately $8 million , net of tax, related to pension settlements. (4) In the fourth quarter of 2018, we recorded a goodwill impairment charge of approximately $400 million |
Supplemental Guarantor Condense
Supplemental Guarantor Condensed Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Guarantor Condensed Consolidating Financial Statements [Abstract] | |
Supplemental Guarantor Disclosure [Text Block] | 19 . SUPPLEMENTAL GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Holdings has no significant assets other than its 100% ownership in AAM, Inc. and Metaldyne Performance Group, Inc. (MPG Inc.), and no direct subsidiaries other than AAM, Inc. and MPG Inc. The 6.625% Notes, 6.50% Notes, 6.25% Notes (due 2026) and 6.25% Notes (due 2025) 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. and MPG Inc. 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 Operations and Other Comprehensive Income (Loss) 2019 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated (in millions) Net sales External $ — $ 902.0 $ 1,992.0 $ 3,636.9 $ — $ 6,530.9 Intercompany — 1.9 274.7 47.7 (324.3 ) — Total net sales — 903.9 2,266.7 3,684.6 (324.3 ) 6,530.9 Cost of goods sold — 913.2 2,065.4 2,974.0 (324.3 ) 5,628.3 Gross profit — (9.3 ) 201.3 710.6 — 902.6 Selling, general and administrative expenses — 232.5 27.7 104.5 — 364.7 Amortization of intangible assets — 5.9 85.8 3.7 — 95.4 Impairment charges — — 566.1 98.9 — 665.0 Restructuring and acquisition-related costs — 24.3 21.7 11.8 — 57.8 Loss on sale of business — — 21.3 — — 21.3 Operating income (loss) — (272.0 ) (521.3 ) 491.7 — (301.6 ) Non-operating income (expense), net — (247.0 ) 7.7 7.9 — (231.4 ) Income (loss) before income taxes — (519.0 ) (513.6 ) 499.6 — (533.0 ) Income tax expense (benefit) — (76.5 ) (10.7 ) 38.3 — (48.9 ) Earnings (loss) from equity in subsidiaries (484.5 ) (218.3 ) 14.5 — 688.3 — Net income (loss) before royalties (484.5 ) (660.8 ) (488.4 ) 461.3 688.3 (484.1 ) Royalties — 224.4 3.0 (227.4 ) — — Net income (loss) after royalties (484.5 ) (436.4 ) (485.4 ) 233.9 688.3 (484.1 ) Net income attributable to noncontrolling interests — — — (0.4 ) — (0.4 ) Net income (loss) attributable to AAM $ (484.5 ) $ (436.4 ) $ (485.4 ) $ 233.5 $ 688.3 $ (484.5 ) Other comprehensive loss, net of tax (37.5 ) (28.3 ) (18.3 ) (12.1 ) 58.7 (37.5 ) Comprehensive income (loss) $ (522.0 ) $ (464.7 ) $ (503.7 ) $ 221.4 $ 747.0 $ (522.0 ) 2018 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net sales External $ — $ 1,088.4 $ 2,204.8 $ 3,977.2 $ — $ 7,270.4 Intercompany — 4.2 294.8 41.9 (340.9 ) — Total net sales — 1,092.6 2,499.6 4,019.1 (340.9 ) 7,270.4 Cost of goods sold — 1,033.8 2,249.0 3,188.1 (340.9 ) 6,130.0 Gross profit — 58.8 250.6 831.0 — 1,140.4 Selling, general and administrative expenses — 210.3 81.4 94.0 — 385.7 Amortization of intangible assets — 5.1 90.8 3.5 — 99.4 Impairment charges — — 485.5 — — 485.5 Restructuring and acquisition-related costs — 34.2 40.4 4.3 — 78.9 Gain on sale of business — — (15.5 ) — — (15.5 ) Operating income (loss) — (190.8 ) (432.0 ) 729.2 — 106.4 Non-operating income (expense), net — (260.6 ) 15.6 24.7 — (220.3 ) Income (loss) before income taxes — (451.4 ) (416.4 ) 753.9 — (113.9 ) Income tax expense (benefit) — (34.2 ) (55.4 ) 32.5 — (57.1 ) Earnings (loss) from equity in subsidiaries (57.5 ) (168.3 ) 168.0 — 57.8 — Net income (loss) before royalties (57.5 ) (585.5 ) (193.0 ) 721.4 57.8 (56.8 ) Royalties — 276.6 3.4 (280.0 ) — — Net income (loss) after royalties (57.5 ) (308.9 ) (189.6 ) 441.4 57.8 (56.8 ) Net income attributable to noncontrolling interests — — — (0.7 ) — (0.7 ) Net income (loss) attributable to AAM $ (57.5 ) $ (308.9 ) $ (189.6 ) $ 440.7 $ 57.8 $ (57.5 ) Other comprehensive income (loss), net of tax (18.9 ) 9.4 (51.6 ) (44.2 ) 86.4 (18.9 ) Comprehensive income (loss) $ (76.4 ) $ (299.5 ) $ (241.2 ) $ 396.5 $ 144.2 $ (76.4 ) 2017 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net sales External $ — $ 1,074.6 $ 1,668.2 $ 3,523.2 $ — $ 6,266.0 Intercompany — 2.4 285.2 27.5 (315.1 ) — Total net sales — 1,077.0 1,953.4 3,550.7 (315.1 ) 6,266.0 Cost of goods sold — 996.6 1,730.9 2,734.5 (315.1 ) 5,146.9 Gross profit — 80.4 222.5 816.2 — 1,119.1 Selling, general and administrative expenses — 223.2 63.9 103.0 — 390.1 Amortization of intangible assets — 5.6 67.5 2.2 — 75.3 Restructuring and acquisition-related costs — 105.2 1.9 3.6 — 110.7 Operating income (loss) — (253.6 ) 89.2 707.4 — 543.0 Non-operating income (expense), net — (210.0 ) 18.6 (11.6 ) — (203.0 ) Income (loss) before income taxes — (463.6 ) 107.8 695.8 — 340.0 Income tax expense (benefit) — 194.1 (247.0 ) 55.4 — 2.5 Earnings from equity in subsidiaries 337.1 289.5 76.1 — (702.7 ) — Net income (loss) before royalties 337.1 (368.2 ) 430.9 640.4 (702.7 ) 337.5 Royalties — 317.3 3.6 (320.9 ) — — Net income (loss) after royalties 337.1 (50.9 ) 434.5 319.5 (702.7 ) 337.5 Net income attributable to noncontrolling interests — — — (0.4 ) — (0.4 ) Net income (loss) attributable to AAM $ 337.1 $ (50.9 ) $ 434.5 $ 319.1 $ (702.7 ) $ 337.1 Other comprehensive income, net of tax 96.9 40.1 87.3 102.6 (230.0 ) 96.9 Comprehensive income (loss) $ 434.0 $ (10.8 ) $ 521.8 $ 421.7 $ (932.7 ) $ 434.0 Condensed Consolidating Balance Sheets 2019 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Assets (in millions) Current assets Cash and cash equivalents $ — $ 168.7 $ 0.2 $ 363.1 $ — $ 532.0 Accounts receivable, net — 87.1 176.4 551.9 — 815.4 Intercompany receivables — 4,603.4 4,024.5 122.6 (8,750.5 ) — Inventories, net — 36.6 114.1 222.9 — 373.6 Other current assets — 47.6 4.2 85.0 — 136.8 Total current assets — 4,943.4 4,319.4 1,345.5 (8,750.5 ) 1,857.8 Property, plant and equipment, net — 287.3 543.9 1,527.2 — 2,358.4 Goodwill — — 377.9 321.2 — 699.1 Other intangible assets, net — 18.1 817.9 28.5 — 864.5 Intercompany notes and accounts receivable — 1,829.2 161.4 — (1,990.6 ) — Other assets and deferred charges — 408.3 123.8 332.7 — 864.8 Investment in subsidiaries 2,294.0 1,773.3 1,491.6 — (5,558.9 ) — Total assets $ 2,294.0 $ 9,259.6 $ 7,835.9 $ 3,555.1 $ (16,300.0 ) $ 6,644.6 Liabilities and stockholders' equity Current liabilities Current portion of long-term debt $ — $ 4.2 $ 7.4 $ 17.1 $ — $ 28.7 Accounts payable — 85.2 142.7 395.6 — 623.5 Intercompany payables — 3,652.1 5,033.8 64.6 (8,750.5 ) — Other current liabilities — 158.8 31.0 184.4 — 374.2 Total current liabilities — 3,900.3 5,214.9 661.7 (8,750.5 ) 1,026.4 Intercompany notes and accounts payable 1,313.6 11.5 98.9 566.6 (1,990.6 ) — Long-term debt, net — 3,523.4 — 88.9 — 3,612.3 Other long-term liabilities — 475.4 282.5 267.6 — 1,025.5 Total liabilities 1,313.6 7,910.6 5,596.3 1,584.8 (10,741.1 ) 5,664.2 Total AAM stockholders' equity 977.6 1,349.0 2,239.6 1,967.5 (5,556.1 ) 977.6 Noncontrolling interests in subsidiaries 2.8 — — 2.8 (2.8 ) 2.8 Total stockholders' equity 980.4 1,349.0 2,239.6 1,970.3 (5,558.9 ) 980.4 Total liabilities and stockholders' equity $ 2,294.0 $ 9,259.6 $ 7,835.9 $ 3,555.1 $ (16,300.0 ) $ 6,644.6 2018 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Assets Current assets Cash and cash equivalents $ — $ 36.7 $ 0.2 $ 439.5 $ — $ 476.4 Accounts receivable, net — 122.7 287.7 556.1 — 966.5 Intercompany receivables — 3,337.2 2,356.3 93.5 (5,787.0 ) — Inventories, net — 42.5 157.7 259.5 — 459.7 Other current assets — 34.4 6.0 86.8 — 127.2 Total current assets — 3,573.5 2,807.9 1,435.4 (5,787.0 ) 2,029.8 Property, plant and equipment, net — 275.8 758.6 1,480.0 — 2,514.4 Goodwill — — 719.0 422.8 — 1,141.8 Other intangible assets, net — 18.6 1,059.6 32.9 — 1,111.1 Intercompany notes and accounts receivable — 1,316.8 144.5 — (1,461.3 ) — Other assets and deferred charges — 319.8 126.4 267.4 — 713.6 Investment in subsidiaries 2,790.5 2,241.5 1,748.7 — (6,780.7 ) — Total assets $ 2,790.5 $ 7,746.0 $ 7,364.7 $ 3,638.5 $ (14,029.0 ) $ 7,510.7 Liabilities and stockholders' equity Current liabilities Current portion of long-term debt $ — $ 100.0 $ — $ 21.6 $ — $ 121.6 Accounts payable — 94.2 246.5 499.5 — 840.2 Intercompany payables — 2,050.0 3,615.7 121.3 (5,787.0 ) — Other current liabilities — 169.0 35.8 190.2 — 395.0 Total current liabilities — 2,413.2 3,898.0 832.6 (5,787.0 ) 1,356.8 Intercompany notes and accounts payable 1,304.2 12.5 — 144.6 (1,461.3 ) — Long-term debt, net — 3,578.3 3.0 105.5 — 3,686.8 Other long-term liabilities — 508.9 271.7 200.2 — 980.8 Total liabilities 1,304.2 6,512.9 4,172.7 1,282.9 (7,248.3 ) 6,024.4 Total AAM stockholders' equity 1,483.9 1,233.1 3,192.0 2,353.2 (6,778.3 ) 1,483.9 Noncontrolling interests in subsidiaries 2.4 — — 2.4 (2.4 ) 2.4 Total stockholders' equity 1,486.3 1,233.1 3,192.0 2,355.6 (6,780.7 ) 1,486.3 Total liabilities and stockholders' equity $ 2,790.5 $ 7,746.0 $ 7,364.7 $ 3,638.5 $ (14,029.0 ) $ 7,510.7 Condensed Consolidating Statements of Cash Flows 2019 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated (in millions) Net cash provided by operating activities $ — $ 230.7 $ 42.3 $ 286.6 $ — $ 559.6 Investing activities Purchases of property, plant and equipment — (58.7 ) (119.9 ) (254.7 ) — (433.3 ) Proceeds from sale of property, plant and equipment — — 4.5 0.5 — 5.0 Purchase buyouts of leased equipment — — — (0.9 ) — (0.9 ) Proceeds from sale of business — 141.2 — — — 141.2 Acquisition of business, net of cash acquired — — — (9.4 ) — (9.4 ) Investment in affiliates — — — (9.2 ) — (9.2 ) Intercompany activity — — (12.0 ) 12.0 — — Net cash provided by (used in) investing activities — 82.5 (127.4 ) (261.7 ) — (306.6 ) Financing activities Net debt activity — (167.7 ) (1.1 ) (20.4 ) — (189.2 ) Debt issuance costs — (3.3 ) — — — (3.3 ) Purchase of treasury stock (7.5 ) — — — — (7.5 ) Intercompany activity 7.5 (10.2 ) 83.7 (81.0 ) — — Net cash provided by (used in) financing activities — (181.2 ) 82.6 (101.4 ) — (200.0 ) Effect of exchange rate changes on cash — — — 0.1 — 0.1 Net increase (decrease) in cash, cash equivalents and restricted cash — 132.0 (2.5 ) (76.4 ) — 53.1 Cash, cash equivalents and restricted cash at beginning of period — 36.7 2.7 439.5 — 478.9 Cash, cash equivalents and restricted cash at end of period $ — $ 168.7 $ 0.2 $ 363.1 $ — $ 532.0 2018 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net cash provided by operating activities $ — $ 262.0 $ 145.5 $ 364.0 $ — $ 771.5 Investing activities Purchases of property, plant and equipment — (63.2 ) (163.8 ) (297.7 ) — (524.7 ) Proceeds from sale of property, plant and equipment — — 4.3 0.6 — 4.9 Purchase buyouts of leased equipment — — (0.5 ) — — (0.5 ) Proceeds from sale of business — — 42.7 4.4 — 47.1 Acquisition of business, net of cash acquired — — — (1.3 ) — (1.3 ) Investment in affiliates — (3.0 ) — (0.7 ) — (3.7 ) Intercompany activity — — (44.1 ) 44.1 — — Net cash used in investing activities — (66.2 ) (161.4 ) (250.6 ) — (478.2 ) Financing activities Net debt activity — (240.4 ) (0.7 ) 69.5 — (171.6 ) Debt issuance costs — (6.9 ) — — — (6.9 ) Purchase of treasury stock (3.7 ) — — — — (3.7 ) Purchase of noncontrolling interest — — (2.3 ) — — (2.3 ) Intercompany activity 3.7 (3.7 ) 21.5 (21.5 ) — — Net cash provided by (used in) financing activities — (251.0 ) 18.5 48.0 — (184.5 ) Effect of exchange rate changes on cash — — — (6.7 ) — (6.7 ) Net increase (decrease) in cash, cash equivalents and restricted cash — (55.2 ) 2.6 154.7 — 102.1 Cash, cash equivalents and restricted cash at beginning of period — 91.9 0.1 284.8 — 376.8 Cash, cash equivalents and restricted cash at end of period $ — $ 36.7 $ 2.7 $ 439.5 $ — $ 478.9 2017 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net cash provided by operating activities $ — $ 410.4 $ 33.1 $ 203.5 $ — $ 647.0 Investing activities Purchases of property, plant and equipment — (69.1 ) (100.4 ) (308.2 ) — (477.7 ) Proceeds from sale of property, plant and equipment — 0.3 0.3 1.9 — 2.5 Purchase buyouts of leased equipment — (13.3 ) — — — (13.3 ) Proceeds from sale of business — 7.5 (1.6 ) — — 5.9 Acquisition of business, net of cash acquired — (953.5 ) 64.6 (6.6 ) — (895.5 ) Net cash used in investing activities — (1,028.1 ) (37.1 ) (312.9 ) — (1,378.1 ) Financing activities Net debt activity — 725.6 (0.7 ) (12.2 ) — 712.7 Debt issuance costs — (91.0 ) — — — (91.0 ) Employee stock option exercises — 0.9 — — — 0.9 Purchase of treasury stock (7.0 ) — — — — (7.0 ) Intercompany activity 7.0 (10.2 ) 3.2 — — — Net cash provided by (used in) financing activities — 625.3 2.5 (12.2 ) — 615.6 Effect of exchange rate changes on cash — — — 11.1 — 11.1 Net increase (decrease) in cash, cash equivalents and restricted cash — 7.6 (1.5 ) (110.5 ) — (104.4 ) Cash, cash equivalents and restricted cash at beginning of period — 84.3 1.6 395.3 — 481.2 Cash, cash equivalents and restricted cash at end of period $ — $ 91.9 $ 0.1 $ 284.8 $ — $ 376.8 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II - VALUATION AND QUALIFYING ACCOUNTS Additions - Balance at Charged to Acquisitions Deductions - Balance Beginning of Costs and and See Notes At End of Period Expenses Disposals (a) Below Period (in millions) Year Ended December 31, 2017: Allowance for doubtful accounts $ 3.1 $ 4.6 $ 2.1 $ 2.8 (1) $ 7.0 Allowance for deferred taxes 164.8 26.6 13.7 24.7 (3) 180.4 Inventory valuation allowance 14.8 39.1 9.2 45.8 (2) 17.3 Year Ended December 31, 2018: Allowance for doubtful accounts 7.0 6.6 — 5.2 (1) 8.4 Allowance for deferred taxes 180.4 12.9 — 10.0 (4) 183.3 Inventory valuation allowance 17.3 22.2 — 25.1 (2) 14.4 Year Ended December 31, 2019: Allowance for doubtful accounts 8.4 13.2 (0.8 ) 12.8 (1) 8.0 Allowance for deferred taxes 183.3 25.4 — 12.7 (5) 196.0 Inventory valuation allowance 14.4 31.0 1.4 26.3 (2) 20.5 (a ) Amounts represent reserves recognized in conjunction with our acquisitions in 2019 and 2017, as well as reserves derecognized in conjunction with the Casting Sale in 2019. (1) Uncollectible accounts charged off, net of recoveries. (2) Primarily relates to write-offs of excess and obsolete inventories, as well as adjustments for physical quantity discrepancies. (3) Reflects an increase related to valuation allowances of MPG that existed as of the acquisition date and the impact of tax reform resulting from the 2017 Act. This was partially offset by the reversal of certain state valuation allowances as a result of re-evaluating our state valuation allowances subsequent to the acquisition of MPG. (4) Primarily reflects a reduction in deferred tax assets at various foreign locations due to foreign currency translation. (5) Primarily reflects the reversal of a valuation allowance against certain deferred tax assets in foreign locations, as well as changes due to foreign currency translation. |
Organization and Basis of Prese
Organization and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy [Policy Text Block] | PRINCIPLES OF CONSOLIDATION We include the accounts of American Axle & Manufacturing Holdings, Inc. (Holdings) and its subsidiaries in our consolidated financial statements. We eliminate the effects of all intercompany transactions, balances and profits in our consolidation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH AND CASH EQUIVALENTS Cash and cash equivalents include 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. |
Revenue [Policy Text Block] | REVENUE RECOGNITION We are obligated under our contracts with customers to manufacture and supply products for use in our customers’ operations. We satisfy these performance obligations at the point in time that the customer obtains control of the products, which is the point in time that the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the products. This typically occurs upon shipment to the customer in accordance with purchase orders and delivery releases issued by our customers. See Note 15 - Revenue from Contracts with Customers for more detail on our revenue. |
Accounts Receivable [Policy Text Block] | ACCOUNTS RECEIVABLE The majority of our accounts receivable are due from original equipment manufacturers (OEMs) in the automotive industry and are considered past due when payment is not received within the terms stated within the contract. Trade accounts receivable for our customers are generally due within approximately 50 days from the date our customers receive our product. 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 $8.0 million and $8.4 million as of December 31, 2019 and 2018 , respectively. We write-off accounts receivable when they become uncollectible. We have agreements in place with factoring companies to sell customer receivables on a nonrecourse basis from our locations in France, Germany, the Czech Republic and the United Kingdom. The factoring companies collect payment for the sold receivables and AAM has no continuing involvement with such receivables. |
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 |
Maintenance, Repair & Operations (MRO) [Policy Text Block] | MAINTENANCE, REPAIR AND OPERATIONS (MRO) MATERIALS We include all spare parts and other durable materials for machinery and equipment that are consumed in the manufacturing process in MRO, which is included in Other assets and deferred charges in our Consolidated Balance Sheets. MRO assets are capitalized at actual cost and amortized on a straight-line basis over a useful life of six years, beginning from their purchase date. Repair costs for MRO assets are expensed in the period incurred. Amortization expense related to MRO was $67.7 million , $62.4 million and $51.6 million |
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 $373.8 million , $367.0 million and $301.6 million in 2019 , 2018 and 2017 , respectively. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | IMPAIRMENT OF LONG-LIVED ASSETS When impairment indicators exist, we evaluate the carrying value of long-lived assets for potential impairment. We consider projected future undiscounted cash flows, trends and other circumstances in making such estimates and evaluations. If impairment is deemed to exist, the carrying amount of |
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 as of October 1, or more frequently if necessary, for impairment in accordance with the accounting guidance for goodwill and other indefinite-lived intangibles. See Note 5 - Goodwill and Other Intangible Assets , for more detail on our goodwill. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | OTHER INTANGIBLE ASSETS Intangible assets are valued using primarily the relief from royalty method or the multi-period excess earnings method, both of which utilize significant unobservable inputs. These inputs are defined in the fair value hierarchy as Level 3 inputs, which require management to make estimates and assumptions regarding certain financial measures using forecasted or projected information. See Note 5 - Goodwill and Other Intangible Assets , for more detail on our intangible assets. |
Lessee, Leases [Policy Text Block] | LEASING |
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, 2019 and December 31, 2018 , our unamortized debt issuance costs were $63.3 million and $80.7 million , respectively. Debt issuance costs associated with our senior unsecured notes, as well as our Term Loan A Facility and Term Loan B Facility (as defined in Note 6 - Long-Term Debt ), are recorded as a reduction to the related debt liability. Debt issuance costs of $12.1 million and $13.6 million related to our Revolving Credit Facility (also as defined in Note 6 - Long-Term Debt ), are classified as Other assets and deferred charges on our Consolidated Balance Sheets as of December 31, 2019 and December 31, 2018 , 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 Statements of Operations. |
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. Changes in the fair value of derivatives that do not qualify as hedges, are immediately recognized in earnings. See Note 7 - 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 net losses of $6.5 million , $0.2 million and $7.3 million for the years 2019 , 2018 and 2017 , 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 9 - Employee Benefit Plans , for more detail on our pension and other postretirement defined benefit plans. |
Share-based Payment Arrangement [Policy Text Block] | STOCK-BASED COMPENSATION We award stock-based compensation in the form of 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 10 - Stock-Based Compensation and Other Incentive Compensation , for more detail on our accounting for stock-based compensation. |
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 Statements of Operations. R&D spending was $144.7 million , $146.2 million and $161.5 million in 2019 , 2018 and 2017 , respectively. |
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 for income tax purposes. In accordance with the accounting guidance for income taxes, we review the likelihood that we will realize the benefit of deferred tax assets and 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 determining the requirement for a valuation allowance, the historical results, projected future operating results based upon approved business plans, eligible carry forward periods, and tax planning opportunities are considered, along with other relevant positive and negative evidence. If, based upon available evidence, it is more likely than not the deferred tax assets will not be realized, a valuation allowance is recorded. 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 11 - Income Taxes , for more detail on our accounting for income taxes. |
Earnings Per Share, Policy [Policy Text Block] | EARNINGS (LOSS) 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 non-forfeitable dividend rights. Our participating securities include non-vested restricted stock units. See Note 12 - Earnings (Loss) Per Share (EPS) , for more detail on our accounting for EPS. |
Standard Product Warranty, Policy [Policy Text Block] | PRODUCT WARRANTY We record estimated warranty obligation liabilities at the dates our products are sold, 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 actions taken to improve product quality and minimize warranty claims. See Note 13 - Commitments and Contingencies , for 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 2019-12 On December 18, 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12 - Income Taxes (Topic 740) . This guidance is intended to simplify the accounting and disclosure requirements for income taxes by removing various exceptions, and requires that the effect of an enacted change in tax laws or rates be included in the annual effective tax rate computation in the interim period of the enactment. This guidance becomes effective at the beginning of our 2021 fiscal year. We expect to adopt this guidance on January 1, 2021 and we are currently assessing the impact that this standard will have on our consolidated financial statements. Accounting Standards Update 2018-15 On August 15, 2018, the FASB issued ASU 2018-15 - Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (Topic 350-40). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing or hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance becomes effective at the beginning of our 2020 fiscal year and may be applied either retrospectively or prospectively. We will adopt this guidance prospectively on January 1, 2020 and we do not expect this standard will have a material impact on our consolidated financial statements. Accounting Standards Update 2018-02 On February 14, 2018, the FASB issued ASU 2018-02 - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220). ASU 2018-02 allows companies the option to reclassify disproportionate tax effects in accumulated other comprehensive income (AOCI) caused by the 2017 Tax Cuts and Jobs Act, also known as stranded tax effects, to retained earnings. ASU 2018-02 also requires expanded disclosures related to disproportionate income tax effects from AOCI, some of which are applicable to all companies regardless of whether the option to reclassify the stranded tax effects is exercised. The guidance became effective on January 1, 2019, and we elected to reclassify the stranded tax effects caused by the 2017 Tax Cuts and Jobs Act, resulting in a decrease in Accumulated other comprehensive income (loss) and an increase in Retained earnings of $27.7 million at January 1, 2019. Accounting Standards Update 2016-13 On June 16, 2016, the FASB issued ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 replaces the incurred loss model under current guidance, and will require entities to consider forecasted credit losses, in addition to past events and current conditions when measuring incurred credit losses. ASU 2016-13 also requires the inclusion of an allowance for credit losses roll-forward in the notes to the financial statements. This guidance becomes effective at the beginning of our 2020 fiscal year, and requires a modified-retrospective transition method. We will adopt this guidance on January 1, 2020 and are currently in the process of updating our accounting policies related to credit losses to reflect the new requirements. We do not expect this standard will have a material impact on our consolidated financial statements. Accounting Standards Update 2016-02 On February 25, 2016, the FASB issued ASU 2016-02 - Leases (Topic 842) , and has subsequently issued ASU 2017-13 - Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840) and Leases (Topic 842) (collectively the Lease ASUs) which supersede the existing lease accounting guidance and establish new criteria for recognizing lease assets and liabilities. The most significant impact of these updates, to AAM, is that a lessee is 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 previous lease guidance. Expense recognition in the statement of operations along with cash flow statement classification for both financing (capital) and operating leases under the new standard are not significantly changed from previous lease guidance. This guidance became effective for AAM on January 1, 2019, and we have adopted this guidance using the optional transition method that allows us to not retrospectively revise prior period balance sheets to include operating leases. See Note 3 - Leasing for more detail. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: December 31, 2019 2018 (in millions) Raw materials and work-in-progress $ 310.4 $ 375.1 Finished goods 83.7 99.0 Gross inventories 394.1 474.1 Inventory valuation reserves (20.5 ) (14.4 ) Inventories, net $ 373.6 $ 459.7 |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following: Estimated December 31, Useful Lives 2019 2018 (years) (in millions) Land Indefinite $ 45.1 $ 53.6 Land improvements 10-15 24.4 22.0 Buildings and building improvements 15-40 512.7 501.5 Machinery and equipment 3-12 3,645.6 3,342.8 Construction in progress 219.5 511.1 4,447.3 4,431.0 Accumulated depreciation and amortization (2,088.9 ) (1,916.6 ) Property, plant and equipment, net $ 2,358.4 $ 2,514.4 |
Sale of Business (Tables)
Sale of Business (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The assets and liabilities disposed as of December 16, 2019 are as follows ( in millions ): Accounts receivable, net $ 84.9 Inventories 32.6 Prepaid expenses and other 2.1 Property, plant and equipment, net 191.8 Intangible assets, net 158.2 Other assets and deferred charges 81.7 Impairment of carrying value (225.0 ) Total assets disposed $ 326.3 Accounts payable $ 71.7 Accrued compensation and benefits 6.9 Accrued expenses and other 4.5 Postretirement benefits and other long-term liabilities 20.1 Total liabilities disposed $ 103.2 |
Leasing (Tables)
Leasing (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Components of lease cost [Table Text Block] | Lease cost consists of the following: Twelve Months Ended December 31, 2019 (in millions) Finance lease cost Amortization of right-of-use assets $ 1.0 Interest on lease liabilities 0.3 Total finance lease cost 1.3 Operating lease cost 28.9 Short-term lease cost 5.9 Variable lease cost 7.2 Total lease cost $ 43.3 |
Supplemental lease information [Table Text Block] | The following table summarizes additional information related to our lease agreements. Twelve Months Ended December 31, 2019 (in millions, except lease term and rate) Cash paid for amounts included in measurement of lease liabilities Operating cash flows from finance leases $ 0.3 Operating cash flows from operating leases 29.0 Financing cash flows from finance leases 1.0 Weighted-average remaining lease term - finance leases 2.8 years Weighted-average remaining lease term - operating leases 9.2 years Weighted-average discount rate - finance leases 5.1 % Weighted-average discount rate - operating leases 6.1 % |
Future minimum lease payments [Table Text Block] | Future undiscounted minimum payments under non-cancelable leases are as follows: Finance Leases Operating Leases (in millions) 2020 $ 3.2 $ 28.2 2021 2.7 21.9 2022 1.7 17.9 2023 0.2 13.4 2024 — 10.7 Thereafter — 59.3 Total future undiscounted minimum lease payments 7.8 151.4 Less: Impact of discounting (0.5 ) (32.9 ) Total $ 7.3 $ 118.5 |
Right of use assets and lease liabilities [Table Text Block] | The right-of-use assets and lease liabilities recorded on our Consolidated Balance Sheet as of December 31, 2019 are as follows: Finance Leases Operating Leases (in millions) Property, plant and equipment, net $ 7.3 $ — Other assets and deferred charges — 118.5 Total $ 7.3 $ 118.5 Accrued expenses and other $ 3.3 $ 21.8 Postretirement benefits and other long-term liabilities 4.0 96.7 Total $ 7.3 $ 118.5 |
Restructuring and Acquisition_2
Restructuring and Acquisition-Related Costs (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | A summary of our restructuring activity for the years 2019 , 2018 and 2017 is shown below: Severance Charges Implementation Costs Asset Impairment Charges Total (in millions) Accrual at January 1, 2017 $ 0.6 $ 9.2 $ — $ 9.8 Charges 2.0 13.9 1.5 17.4 Cash utilization (2.3 ) (23.1 ) — (25.4 ) Non-cash utilization — — (1.5 ) (1.5 ) Accrual at December 31, 2017 0.3 — — 0.3 Charges 2.5 11.7 30.0 44.2 Cash utilization (0.4 ) (10.1 ) — (10.5 ) Non-cash utilization — — (30.0 ) (30.0 ) Accrual at December 31, 2018 2.4 1.6 — 4.0 Charges 19.4 20.4 — 39.8 Cash utilization (17.0 ) (14.6 ) — (31.6 ) Non-cash utilization — — — — Accrual at December 31, 2019 $ 4.8 $ 7.4 $ — $ 12.2 |
Business Combination, Separately Recognized Transactions [Table Text Block] | The following table represents a summary of charges incurred in 2019 , 2018 and 2017 associated with acquisition and integration costs: Acquisition-Related Costs Severance Charges Integration Expenses Total 2019 Charges $ 1.8 $ — $ 16.2 $ 18.0 2018 Charges 1.2 0.5 33.0 34.7 2017 Charges 40.7 7.2 45.4 93.3 |
Schedule of Goodwill (Tables)
Schedule of Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets [Abstract] | |
Schedule of Goodwill [Table Text Block] | Goodwill The following table provides a reconciliation of changes in goodwill for the year ended December 31, 2019 and the year ended December 31, 2018 : Driveline Metal Forming Powertrain Casting Consolidated (in millions) Balance as of January 1, 2018 $ 211.1 $ 558.9 $ 478.8 $ 405.5 $ 1,654.3 Acquisition of MPG — 0.9 — — 0.9 Acquisition of USM Mexico 1.3 — — — 1.3 Impairment charge — — (80.0 ) (405.5 ) (485.5 ) Sale of business — — (15.1 ) — (15.1 ) Foreign currency translation (0.3 ) (7.4 ) (6.4 ) — (14.1 ) Balance as of December 31, 2018 $ 212.1 $ 552.4 $ 377.3 $ — $ 1,141.8 Reorganization 187.2 190.1 (377.3 ) — — Impairment charge — (440.0 ) — — (440.0 ) Foreign currency translation (1.0 ) (1.7 ) — — (2.7 ) Balance as of December 31, 2019 $ 398.3 $ 300.8 $ — $ — $ 699.1 |
Schedule of Finite Lived Intang
Schedule of Finite Lived Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table provides a reconciliation of the gross carrying amount and associated accumulated amortization for AAM's total intangible assets, which are all subject to amortization, as of December 31, 2019 and December 31, 2018 : December 31, December 31, 2019 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in millions) Capitalized computer software $ 45.8 $ (27.6 ) $ 18.2 $ 38.0 $ (20.1 ) $ 17.9 Customer platforms 856.2 (174.4 ) 681.8 952.2 (123.5 ) 828.7 Customer relationships 53.0 (9.4 ) 43.6 147.0 (16.5 ) 130.5 Technology and other 156.0 (35.1 ) 120.9 156.2 (22.2 ) 134.0 Total $ 1,111.0 $ (246.5 ) $ 864.5 $ 1,293.4 $ (182.3 ) $ 1,111.1 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt, net consists of the following: December 31, 2019 2018 (in millions) Revolving credit facility $ — $ — Term Loan A Facility 340.0 83.8 Term Loan B Facility 1,188.8 1,511.2 7.75% Notes due 2019 — 100.0 6.625% Notes due 2022 450.0 450.0 6.50% Notes due 2027 500.0 500.0 6.25% Notes due 2026 400.0 400.0 6.25% Notes due 2025 700.0 700.0 Foreign credit facilities and other 113.4 127.1 Capital lease obligations — 3.4 Total debt 3,692.2 3,875.5 Less: Current portion of long-term debt 28.7 121.6 Long-term debt 3,663.5 3,753.9 Less: Debt issuance costs 51.2 67.1 Long-term debt, net $ 3,612.3 $ 3,686.8 |
Schedule of Maturities of Long-term Debt [Table Text Block] | DEBT MATURITIES Aggregate maturities of long-term debt are as follows (in millions) : 2020 $ 53.2 2021 77.1 2022 471.3 2023 29.8 2024 1,460.8 Thereafter 1,600.0 Total $ 3,692.2 |
Gain (Loss) on Derivative Instr
Gain (Loss) on Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Designated as Hedging Instrument [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table summarizes the reclassification of pre-tax derivative gains (losses) into net income (loss) 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 (Loss) Gain (Loss) Reclassified During the Twelve Months Ended December 31, Total of Financial Statement Line Item Gain (Loss) Expected to be Reclassified During the Next 12 Months 2019 2018 2017 2019 (in millions) Currency forward contracts Cost of Goods Sold $ 2.4 $ (2.8 ) $ (5.3 ) $ 5,628.3 $ 5.0 Fixed-to-fixed cross-currency swap Other Income (Expense), net 1.3 — — (12.5 ) — Variable-to-fixed interest rate swap Interest Expense (2.0 ) 3.2 — (217.3 ) (8.2 ) |
Not Designated as Hedging Instrument [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table summarizes the amount and location of gains (losses) recognized in the Consolidated Statements of Operations for those derivative instruments not designated as hedging instruments under ASC 815: Location of Gain/(Loss) Recognized in Net Income (Loss) Gain (Loss) Recognized During the Twelve Months Ended December 31, Total of Financial Statement Line Item 2019 2018 2017 2019 (in millions) Currency forward contracts Cost of Goods Sold $ 3.9 $ 1.6 $ 2.7 $ 5,628.3 Currency forward contracts Other Income (Expense), Net — 1.4 (0.1 ) (12.5 ) Currency option contracts Cost of Goods Sold — — 0.8 5,628.3 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 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, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Input (in millions) Balance Sheet Classification Cash equivalents $ 271.3 $ 271.3 $ 44.0 $ 44.0 Level 1 Prepaid expenses and other Cash flow hedges - currency forward contracts 5.0 5.0 1.3 1.3 Level 2 Cash flow hedges - variable-to-fixed interest rate swap 0.9 0.9 0.9 0.9 Level 2 Nondesignated - currency forward contracts 1.9 1.9 0.6 0.6 Level 2 Other assets and deferred charges Cash flow hedges - currency forward contracts 3.4 3.4 0.4 0.4 Level 2 Cash flow hedges - fixed-to-fixed cross-currency swap 1.1 1.1 — — Level 2 Cash flow hedges - variable-to-fixed interest rate swap 2.2 2.2 1.6 1.6 Level 2 Accrued expenses and other Cash flow hedges - currency forward contracts — — 0.8 0.8 Level 2 Cash flow hedges - variable-to-fixed interest rate swap 7.9 7.9 0.7 0.7 Level 2 Nondesignated - currency forward contracts — — 0.4 0.4 Level 2 Postretirement benefits and other long-term liabilities Cash flow hedges - currency forward contracts — — 0.9 0.9 Level 2 Cash flow hedges - variable-to-fixed interest rate swap 18.4 18.4 6.9 6.9 Level 2 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | We estimated the fair value of our outstanding debt using available market information and other observable data to be as follows: December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Input (in millions) Revolving Credit Facility $ — $ — $ — $ — Level 2 Term Loan A Facility 340.0 337.9 83.8 79.5 Level 2 Term Loan B Facility 1,188.8 1,174.0 1,511.2 1,420.6 Level 2 7.75% Notes due 2019 — — 100.0 102.1 Level 2 6.625% Notes due 2022 450.0 455.4 450.0 444.4 Level 2 6.50% Notes due 2027 500.0 516.3 500.0 446.3 Level 2 6.25% Notes due 2026 400.0 409.0 400.0 358.0 Level 2 6.25% Notes due 2025 700.0 716.6 700.0 636.7 Level 2 |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table summarizes the impairments of long-lived assets measured at fair value on a nonrecurring basis subsequent to initial recognition: December 31, 2019 December 31, 2018 Balance Sheet Classification Fair Value Asset Impairment Fair Value Asset Impairment (in millions) Property, plant and equipment, net $ — $ — $ — $ 28.8 Other assets and deferred charges — — — 1.2 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Defined Benefit Plan, Assumptions [Table Text Block] | Pension Benefits OPEB 2019 2018 2017 2019 2018 2017 U.S. U.K. U.S. U.K. U.S. U.K. Discount rate 3.40 % 2.05 % 4.30 % 2.95 % 3.65 % 2.75 % 3.35 % 4.35 % 3.65 % Expected return on plan assets 7.25 % 4.00 % 7.50 % 5.10 % 7.45 % 5.10 % N/A N/A N/A Rate of compensation increase N/A 3.15 % 4.00 % 3.40 % 4.00 % 3.40 % 4.00 % 4.00 % 4.00 % |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | 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, 2019 2018 2019 2018 (in millions) Change in benefit obligation Benefit obligation at beginning of year $ 734.5 $ 824.0 $ 537.3 $ 613.3 Service cost 1.5 2.6 0.3 0.4 Interest cost 28.0 27.3 12.8 12.4 Plan amendments — 4.3 — (2.3 ) Actuarial loss (gain) 71.5 (63.2 ) 11.9 (43.8 ) Change in GM portion of OPEB obligation — — 3.1 (32.6 ) Participant contributions 0.2 0.3 — — Curtailments (1.9 ) (11.6 ) — (0.2 ) Settlements (28.8 ) (0.6 ) — — Benefit payments (44.1 ) (39.7 ) (15.5 ) (9.9 ) Sale of business (26.2 ) — (0.8 ) — Currency fluctuations 5.5 (9.4 ) — — Other — 0.5 — — Net change 5.7 (89.5 ) 11.8 (76.0 ) Benefit obligation at end of year $ 740.2 $ 734.5 $ 549.1 $ 537.3 Change in plan assets Fair value of plan assets at beginning of year $ 625.8 $ 702.2 $ — $ — Actual return on plan assets 87.5 (31.0 ) — — Employer contributions 10.0 4.4 15.5 9.9 Participant contributions 0.2 0.3 — — Benefit payments (44.1 ) (39.8 ) (15.5 ) (9.9 ) Settlements (28.8 ) (0.6 ) — — Sale of business (20.7 ) — — — Currency fluctuations 6.7 (9.7 ) — — Net change 10.8 (76.4 ) — — Fair value of plan assets at end of year $ 636.6 $ 625.8 $ — $ — |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Amounts recognized in our Consolidated Balance Sheets are as follows: Pension Benefits OPEB December 31, December 31, 2019 2018 2019 2018 (in millions) Noncurrent assets $ 21.2 $ 26.4 $ — $ — Current liabilities (6.6 ) (6.5 ) (29.1 ) (30.8 ) Noncurrent liabilities (118.2 ) (128.6 ) (520.0 ) (506.5 ) Net liability $ (103.6 ) $ (108.7 ) $ (549.1 ) $ (537.3 ) |
Schedule of Pre-tax Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Pre-tax amounts recorded in accumulated other comprehensive income (loss) (AOCI), not yet recognized in net periodic benefit cost (credit) as of December 31, 2019 and 2018 , consists of: Pension Benefits OPEB December 31, December 31, 2019 2018 2019 2018 (in millions) Net actuarial gain (loss) $ (239.2 ) $ (230.6 ) $ 19.3 $ 31.3 Net prior service credit (cost) (1.2 ) (1.2 ) 4.7 6.2 Total amounts recorded $ (240.4 ) $ (231.8 ) $ 24.0 $ 37.5 |
Schedule of Net Benefit Costs [Table Text Block] | The components of net periodic benefit cost (credit) are as follows: Pension Benefits OPEB 2019 2018 2017 2019 2018 2017 (in millions) Service cost $ 1.5 $ 2.6 $ 3.6 $ 0.3 $ 0.4 $ 0.3 Interest cost 28.0 27.3 28.9 12.8 12.4 13.3 Expected asset return (41.1 ) (45.8 ) (44.0 ) — — — Amortized actuarial loss 6.4 7.8 7.1 0.1 0.8 0.6 Amortized prior service cost (credit) — 0.1 (0.1 ) (1.5 ) (2.7 ) (2.7 ) Curtailment loss (gain) — 3.2 — — (0.6 ) — Settlement charge 10.4 0.4 3.2 — — — Net periodic benefit cost (credit) $ 5.2 $ (4.4 ) $ (1.3 ) $ 11.7 $ 10.3 $ 11.5 |
Schedule of Allocation of Plan Assets [Table Text Block] | U.S. U.K. Target Target 2019 2018 Allocation 2019 2018 Allocation Equity securities 35.2 % 31.9 % 30% - 55% 22.7 % 19.0 % 15% - 25% Fixed income securities 52.9 57.5 40% - 60% 66.8 68.3 65% - 75% Alternative assets 10.4 10.0 5% - 10% 9.4 10.5 5% - 15% Cash 1.5 0.6 0% - 5% 1.1 2.2 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, 2019 Asset Categories Level 1 Level 2 Level 3 Total (in millions) Cash and Cash Equivalents $ 7.3 $ 2.0 $ — $ 9.3 Equity U.S. Large Cap 82.4 3.0 — 85.4 U.S. Small/Mid Cap 22.7 — — 22.7 World Equity 88.1 4.7 — 92.8 Fixed Income Securities Government & Agencies 74.3 45.0 — 119.3 Corporate Bonds - Investment Grade 185.8 0.6 — 186.4 Corporate Bonds - Non-investment Grade 21.7 1.1 — 22.8 Emerging Market Debt 20.4 0.7 — 21.1 Other 6.9 4.8 — 11.7 Other Property Funds (a) — — — 57.3 Liquid Alternatives Fund (a) — — — 1.6 Structured Credit Fund (a) — — — 6.2 Total Plan Assets $ 509.6 $ 61.9 $ — $ 636.6 December 31, 2018 Asset Categories Level 1 Level 2 Level 3 Total (in millions) Cash and Cash Equivalents $ 3.5 $ 3.2 $ — $ 6.7 Equity U.S. Large Cap 72.5 3.4 — 75.9 U.S. Small/Mid Cap 17.4 0.1 — 17.5 World Equity 79.5 5.3 — 84.8 Fixed Income Securities Government & Agencies 86.5 54.3 — 140.8 Corporate Bonds - Investment Grade 177.2 2.7 — 179.9 Corporate Bonds - Non-investment Grade 19.8 1.5 — 21.3 Emerging Market Debt 18.0 0.9 — 18.9 Other 6.9 8.9 — 15.8 Other Property Funds (a) — — — 56.0 Liquid Alternatives Fund (a) — — — 2.5 Structured Credit Fund (a) — — — 5.7 Total Plan Assets $ 481.3 $ 80.3 $ — $ 625.8 (a) In accordance with ASC 810-10, 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 and _2
Stock Based Compensation and Other Incentive Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | 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, 2017 1.8 $ 18.70 Granted 1.3 18.09 Vested (0.4 ) 19.70 Canceled (0.2 ) 16.79 Outstanding at December 31, 2017 2.5 $ 18.35 Granted 1.7 14.57 Vested (0.4 ) 24.16 Canceled (0.3 ) 15.84 Outstanding at December 31, 2018 3.5 $ 16.00 Granted 1.0 15.78 Vested (0.7 ) 15.53 Canceled (0.7 ) 16.05 Outstanding at December 31, 2019 3.1 $ 16.03 |
Share-based Payment Arrangement, Performance Shares, 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, 2017 0.5 $ 30.19 Granted 0.2 39.01 Vested (0.1 ) 27.73 Canceled — — Outstanding at December 31, 2017 0.6 $ 33.91 Granted — — Vested (0.1 ) 37.67 Canceled — — Outstanding at December 31, 2018 0.5 $ 34.49 Granted — — Vested (0.4 ) 31.21 Canceled — — Outstanding at December 31, 2019 0.1 $ 39.09 TSR Awards Outstanding at January 1, 2017 0.5 $ 19.55 Granted 0.2 24.58 Vested (0.1 ) 22.78 Canceled — — Outstanding at December 31, 2017 0.6 $ 20.93 Granted 0.3 13.91 Vested (0.1 ) 31.21 Canceled — — Outstanding at December 31, 2018 0.8 $ 16.25 Granted 0.3 24.36 Vested (0.2 ) 17.54 Canceled (0.1 ) 20.49 Outstanding at December 31, 2019 0.8 $ 20.13 Free Cash Flow Awards Outstanding at January 1, 2018 — $ — Granted 0.3 14.28 Vested — — Canceled — — Outstanding at December 31, 2018 0.3 $ 14.28 Granted — — Vested — — Canceled — — Outstanding at December 31, 2019 0.3 $ 14.28 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The components of income (loss) before income taxes are as follows: 2019 2018 2017 (in millions) U.S. loss $ (889.0 ) $ (549.4 ) $ (37.1 ) Non - U.S. income 356.0 435.5 377.1 Total income (loss) before income taxes $ (533.0 ) $ (113.9 ) $ 340.0 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The following is a summary of the components of our provision for income taxes: 2019 2018 2017 (in millions) Current Federal $ (11.9 ) $ (81.5 ) $ 87.1 State and local 0.1 3.2 (0.7 ) Foreign 49.3 46.5 62.4 Total current $ 37.5 $ (31.8 ) $ 148.8 Deferred Federal $ (73.5 ) $ (5.1 ) $ (122.3 ) State and local (1.5 ) (6.7 ) (17.0 ) Foreign (11.4 ) (13.5 ) (7.0 ) Total deferred (86.4 ) (25.3 ) (146.3 ) Total income tax expense (benefit) $ (48.9 ) $ (57.1 ) $ 2.5 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a reconciliation of income taxes calculated at the U.S. federal statutory income tax rate of 21% in 2019 and 2018 and 35% in 2017 to our provision for income taxes: 2019 2018 2017 Federal statutory $ (111.9 ) $ (23.9 ) $ 119.0 Foreign income taxes (40.2 ) (39.7 ) (96.3 ) Change in enacted tax rate 0.2 (8.3 ) (107.6 ) Transition tax (7.5 ) 5.8 108.3 State and local (20.0 ) (12.8 ) (6.3 ) Tax credits (9.6 ) (20.1 ) (8.8 ) Valuation allowance 12.6 12.9 (6.1 ) Goodwill impairment 92.4 21.6 — Withholding taxes 4.0 6.6 4.7 U.S. tax on unremitted foreign earnings (2.8 ) 4.1 (18.6 ) Global intangible low-taxed income 31.1 8.0 — Uncertain tax positions 5.9 (9.8 ) 13.5 Other (3.1 ) (1.5 ) 0.7 Effective income tax expense (benefit) $ (48.9 ) $ (57.1 ) $ 2.5 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax assets and liabilities recognized in our Consolidated Balance Sheets are as follows: December 31, 2019 2018 (in millions) U.S. federal and state deferred tax asset (liability), net $ 5.0 $ (76.6 ) Other foreign deferred tax asset, net 39.5 29.5 Deferred tax asset (liability), net $ 44.5 $ (47.1 ) The approximate tax effect of each significant type of temporary difference and carryforward that results in a deferred tax asset or liability is as follows: December 31, 2019 2018 (in millions) Deferred tax assets Employee benefits $ 149.4 $ 152.9 Inventory 27.3 22.9 Net operating loss (NOL) carryforwards 201.7 166.0 Tax credit carryforwards 47.8 44.3 Capital allowance carryforwards 9.3 10.0 Capitalized expenditures 42.9 25.9 Interest carryforward 43.9 — Operating lease liabilities 27.1 — Other 42.7 47.3 Valuation allowances (196.0 ) (183.3 ) Deferred tax assets $ 396.1 $ 286.0 Deferred tax liabilities Other intangible assets (199.7 ) (176.0 ) Fixed assets (120.7 ) (141.9 ) Operating lease right-of-use assets (27.1 ) — Other (4.1 ) (15.2 ) Deferred tax liabilities $ (351.6 ) $ (333.1 ) Deferred tax asset (liability), net $ 44.5 $ (47.1 ) |
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, 2017 $ 28.2 $ 2.5 Increase in prior year tax positions 1.5 3.1 Decrease in prior year tax positions (0.4 ) — Increase in current year tax positions 10.5 — Increase from acquisitions 8.3 1.9 Settlement (1.2 ) (0.1 ) Foreign currency remeasurement adjustment 0.8 0.1 Balance at December 31, 2017 $ 47.7 $ 7.5 Increase in prior year tax positions 5.6 3.5 Decrease in prior year tax positions (16.9 ) (2.5 ) Increase in current year tax positions 6.0 — Settlement (3.7 ) (1.6 ) Balance at December 31, 2018 $ 38.7 $ 6.9 Increase in prior year tax positions 0.2 4.5 Decrease in prior year tax positions (3.1 ) (0.1 ) Increase in current year tax positions 4.4 — Foreign currency remeasurement adjustment 0.9 0.2 Balance at December 31, 2019 $ 41.1 $ 11.5 |
Earnings Per Share (EPS) (Table
Earnings Per Share (EPS) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of our basic and diluted EPS available to shareholders of common stock (excluding participating securities): 2019 2018 2017 (in millions, except per share data) Numerator Net income (loss) attributable to AAM $ (484.5 ) $ (57.5 ) $ 337.1 Less: Net income allocated to participating securities — — (7.5 ) Net income (loss) attributable to common shareholders - Basic and Dilutive $ (484.5 ) $ (57.5 ) $ 329.6 Denominators Basic common shares outstanding - Weighted-average shares outstanding 115.6 115.0 104.6 Less: Participating securities (3.3 ) (3.4 ) (2.3 ) Weighted-average common shares outstanding 112.3 111.6 102.3 Effect of dilutive securities - Dilutive stock-based compensation — — 0.5 Diluted shares outstanding - Adjusted weighted-average shares after assumed conversions 112.3 111.6 102.8 Basic EPS $ (4.31 ) $ (0.51 ) $ 3.22 Diluted EPS $ (4.31 ) $ (0.51 ) $ 3.21 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 (in millions) Beginning balance $ 57.7 $ 49.5 Accruals 18.5 19.1 Settlements (10.4 ) (10.7 ) Adjustments to prior period accruals (3.9 ) 0.4 Foreign currency translation 0.1 (0.6 ) Ending balance $ 62.0 $ 57.7 |
Reclassifications out of Accu_2
Reclassifications out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , December 31, 2018 and December 31, 2017 are as follows (in millions) : Defined Benefit Plans Foreign Currency Translation Adjustments Unrecognized Loss on Cash Flow Hedges Total Balance at January 1, 2017 $ (243.5 ) $ (122.4 ) $ (23.7 ) $ (389.6 ) Other comprehensive income (loss) before reclassifications (20.1 ) 88.3 12.0 80.2 Income tax effect of other comprehensive income (loss) before reclassifications 5.5 — (0.2 ) 5.3 Amounts reclassified from accumulated other comprehensive loss into net income 8.2 (b) — 5.3 (c) 13.5 Income taxes reclassified into net income (2.1 ) — — (2.1 ) Net current period other comprehensive income (loss) (8.5 ) 88.3 17.1 96.9 Balance at December 31, 2017 $ (252.0 ) $ (34.1 ) $ (6.6 ) $ (292.7 ) Other comprehensive income (loss) before reclassifications 41.9 (62.7 ) 5.4 (15.4 ) Income tax effect of other comprehensive income (loss) before reclassifications (8.4 ) — (0.2 ) (8.6 ) Amounts reclassified from accumulated other comprehensive loss into net loss 6.0 (b) 0.2 (0.4 ) (c) 5.8 Income taxes reclassified into net loss (1.4 ) — 0.7 (0.7 ) Net current period other comprehensive income (loss) 38.1 (62.5 ) 5.5 (18.9 ) Balance at December 31, 2018 $ (213.9 ) $ (96.6 ) $ (1.1 ) $ (311.6 ) Other comprehensive loss before reclassifications (61.5 ) (a) (4.6 ) (19.0 ) (85.1 ) Income tax effect of other comprehensive loss before reclassifications 5.6 — 6.3 11.9 Amounts reclassified from accumulated other comprehensive loss into net loss 12.5 (b) — (1.7 ) (c) 10.8 Income taxes reclassified into net loss (2.6 ) — (0.2 ) (2.8 ) Net current period other comprehensive loss (46.0 ) (4.6 ) (14.6 ) (65.2 ) Balance at December 31, 2019 $ (259.9 ) $ (101.2 ) $ (15.7 ) $ (376.8 ) (a) ASU 2018-02 became effective on January 1, 2019, and we elected to reclassify the stranded tax effects caused by the 2017 Tax Cuts and Jobs Act, resulting in a decrease in Accumulated other comprehensive income (loss) of $27.7 million at January 1, 2019. See Note 1 - Organization and Summary of Significant Accounting Policies for further detail. (b) Subsequent to the adoption of ASU 2017-07 effective January 1, 2018, these amounts were reclassified from AOCI to Other, net for the years ended December 31, 2019 and 2018. The amount reclassified for 2019 includes a credit to AOCI of $7.4 million related to the net effect of the AAM Pension Payout Offer and the Casting Sale. See Note 2 - Sale of Business and Note 9 - Employee Benefit Plans for more detail. For the year ended December 31, 2017, $8.7 million was reclassified from AOCI to Cost of goods sold (COGS) and $(0.5) million was reclassified from AOCI to Selling, general and administrative expenses. (c) The amounts reclassified from AOCI included $(2.4) million in COGS, $2.0 million in interest expense and $(1.3) million in other income for the year ended December 31, 2019, $2.8 million in COGS and $(3.2) million in interest expense for the year ended December 31, 2018 and $5.3 million in COGS for the year ended December 31, 2017. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customers [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Net Sales Net sales recognized from contracts with customers, disaggregated by segment and geographical location, are presented in the following table for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 . Net sales are attributed to regions based on the location of production. Intersegment sales have been excluded from the table. In the first quarter of 2019, we reorganized our business to disaggregate our former Powertrain segment, with a portion moving to our Driveline segment and a portion moving to our Metal Forming segment. As a result, the Powertrain amounts previously reported for the years ended December 31, 2018 and December 31, 2017 have been reclassified to Driveline and Metal Forming. Additionally, in the fourth quarter of 2019, we finalized the Casting Sale. The Casting Sale did not include the entities that conduct AAM's casting operations in El Carmen, Mexico, which are now included in our Driveline segment. The amounts previously reported in our Casting segment for the retained operations in El Carmen, Mexico have been reclassified to our Driveline segment for the years presented. Twelve Months Ended December 31, 2019 Driveline Metal Forming Casting Total North America $ 3,466.3 $ 1,153.1 $ 627.7 $ 5,247.1 Asia 533.6 37.6 — 571.2 Europe 351.0 256.3 — 607.3 South America 98.8 6.5 — 105.3 Total $ 4,449.7 $ 1,453.5 $ 627.7 $ 6,530.9 Twelve Months Ended December 31, 2018 Driveline Metal Forming Casting Total North America $ 3,823.1 $ 1,275.9 $ 741.3 $ 5,840.3 Asia 634.4 43.9 — 678.3 Europe 329.0 293.1 — 622.1 South America 124.9 4.8 — 129.7 Total $ 4,911.4 $ 1,617.7 $ 741.3 $ 7,270.4 Twelve Months Ended December 31, 2017 Driveline Metal Forming Casting Total North America $ 3,676.1 $ 975.8 $ 546.9 $ 5,198.8 Asia 472.5 40.0 — 512.5 Europe 220.6 200.9 — 421.5 South America 132.7 0.5 — 133.2 Total $ 4,501.9 $ 1,217.2 $ 546.9 $ 6,266.0 Contract Assets and Liabilities The following table summarizes our beginning and ending balances for accounts receivable and contract liabilities associated with our contracts with customers: Accounts Receivable, Net Contract Liabilities (Current) Contract Liabilities (Long-term) December 31, 2018 $ 966.5 $ 44.3 $ 77.6 December 31, 2019 815.4 18.9 83.7 Increase/(decrease) $ (151.1 ) $ (25.4 ) $ 6.1 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Metaldyne Performance Group, Inc. [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following represents the final fair values of the assets acquired and liabilities assumed resulting from the acquisition, as well as the calculation of goodwill: (in millions) April 6, 2017 Cash consideration $ 953.5 Share consideration 576.7 Total consideration transferred $ 1,530.2 Fair value of MPG noncontrolling interests 3.6 Total fair value of MPG $ 1,533.8 Cash and cash equivalents $ 202.1 Accounts receivable 403.1 Inventories 199.0 Prepaid expenses and other long-term assets 119.9 Property, plant and equipment 971.8 Intangible assets 1,223.1 Total assets acquired $ 3,119.0 Accounts payable 287.8 Accrued expenses and other 137.7 Deferred income tax liabilities 580.2 Debt 1,918.7 Postretirement benefits and other long-term liabilities 54.1 Net assets acquired $ 140.5 Goodwill $ 1,393.3 |
USM Mexico Manufacturing LLC [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following represents the final fair value of the assets acquired and liabilities assumed resulting from the acquisition, as well as the calculation of goodwill: (in millions) March 1, 2017 Contractual purchase price $ 162.5 Adjustment to contractual purchase price for working capital settlement 2.5 Adjustments to contractual purchase price for capital equipment 4.9 Adjustment to contractual purchase price for settlement of existing accounts payable balance (22.8 ) Cash acquired (0.5 ) Adjusted purchase price, net of cash acquired $ 146.6 Accounts receivable 1.1 Inventories 4.8 Prepaid expenses and other 3.6 Property, plant and equipment 38.4 Intangible assets 31.7 Total assets acquired $ 79.6 Accounts payable 10.8 Accrued expenses and other 2.7 Deferred income tax liabilities 1.2 Net assets acquired $ 64.9 Goodwill $ 81.7 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segments, Geographical Areas [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 2019 Driveline Metal Forming Casting Corporate and Eliminations Total (in millions) Sales $ 4,550.2 $ 1,845.2 $ 669.2 $ — $ 7,064.6 Less: Intersegment sales 100.5 391.7 41.5 — 533.7 Net external sales $ 4,449.7 $ 1,453.5 $ 627.7 $ — $ 6,530.9 Segment adjusted EBITDA $ 610.8 $ 316.5 $ 43.0 $ — $ 970.3 Depreciation and amortization $ 307.7 $ 186.9 $ 42.3 $ — $ 536.9 Capital expenditures $ 283.8 $ 105.5 $ 28.5 $ 15.5 $ 433.3 Total assets $ 3,778.8 $ 1,900.0 $ — $ 965.8 $ 6,644.6 Year Ended December 31, 2018 Driveline Metal Forming Casting Corporate and Eliminations Total Sales $ 5,001.2 $ 2,046.0 $ 780.6 $ — $ 7,827.8 Less: Intersegment sales 89.8 428.3 39.3 — 557.4 Net external sales $ 4,911.4 $ 1,617.7 $ 741.3 $ — $ 7,270.4 Segment adjusted EBITDA $ 754.5 $ 376.5 $ 52.9 $ — $ 1,183.9 Depreciation and amortization $ 272.0 $ 192.6 $ 64.2 $ — $ 528.8 Capital expenditures $ 339.4 $ 138.3 $ 35.0 $ 12.0 $ 524.7 Total assets $ 3,796.6 $ 2,607.2 $ 521.5 $ 585.4 $ 7,510.7 Year Ended December 31, 2017 Driveline Metal Forming Casting Corporate and Eliminations Total Sales $ 4,567.8 $ 1,634.9 $ 576.1 $ — $ 6,778.8 Less: Intersegment sales 65.9 417.7 29.2 — 512.8 Net external sales $ 4,501.9 $ 1,217.2 $ 546.9 $ — $ 6,266.0 Segment adjusted EBITDA $ 762.3 $ 305.7 $ 34.7 $ — $ 1,102.7 Depreciation and amortization $ 237.3 $ 147.8 $ 43.4 $ — $ 428.5 Capital expenditures $ 340.2 $ 97.7 $ 24.7 $ 15.1 $ 477.7 Total assets $ 3,507.0 $ 2,731.1 $ 926.0 $ 718.7 $ 7,882.8 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | The following table represents a reconciliation of Segment Adjusted EBITDA to consolidated income (loss) before income taxes for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 (in millions) Segment adjusted EBITDA $ 970.3 $ 1,183.9 $ 1,102.7 Interest expense (217.3 ) (216.3 ) (195.6 ) Depreciation and amortization (536.9 ) (528.8 ) (428.5 ) Impairment charges (665.0 ) (485.5 ) — Restructuring and acquisition-related costs (57.8 ) (78.9 ) (110.7 ) Pension settlement (9.8 ) — (3.2 ) Gain (loss) on sale of business (21.3 ) 15.5 — Gain on bargain purchase of business 10.8 — — Gain on settlement of capital lease — 15.6 — Acquisition-related fair value inventory adjustment — — (24.9 ) Impact of change in accounting principle — — 3.7 Debt refinancing and redemption costs (8.4 ) (19.4 ) (3.5 ) Other 2.4 — — Income (loss) before income taxes $ (533.0 ) $ (113.9 ) $ 340.0 |
Schedule of Disclosure on Geographic Areas, Revenue and Long-Lived Assets by Country [Table Text Block] | 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 production. Long-lived assets exclude deferred income taxes. December 31, 2019 2018 2017 (in millions) Net sales United States $ 2,894.0 $ 3,293.2 $ 2,742.7 Mexico 2,353.1 2,547.1 2,456.1 South America 105.3 129.7 133.2 China 315.4 373.4 318.6 All other Asia 255.8 304.9 193.9 Europe 607.3 622.1 421.5 Total net sales $ 6,530.9 $ 7,270.4 $ 6,266.0 Long-lived assets United States $ 2,805.8 $ 3,612.3 $ 4,253.8 Mexico 1,117.4 1,117.9 993.8 South America 61.9 70.6 61.4 China 191.4 177.6 180.9 All other Asia 106.8 101.0 103.4 Europe 439.4 356.0 307.4 Total long-lived assets $ 4,722.7 $ 5,435.4 $ 5,900.7 |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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) 2019 Net sales $ 1,719.2 $ 1,704.3 $ 1,677.4 $ 1,430.0 Gross profit 222.2 248.3 248.7 183.4 Net income (loss) 41.7 52.7 (124.1 ) (2) (454.4 ) (3) Net income (loss) attributable to AAM 41.6 52.5 (124.2 ) (2) (454.4 ) (3) Basic EPS (1) $ 0.36 $ 0.45 $ (1.10 ) (2) $ (4.04 ) (3) Diluted EPS (1) $ 0.36 $ 0.45 $ (1.10 ) (2) $ (4.04 ) (3) 2018 Net sales $ 1,858.4 $ 1,900.9 $ 1,817.0 $ 1,694.1 Gross profit 316.3 331.4 267.4 225.3 Net income (loss) 89.5 151.3 64.0 (361.6 ) (4) Net income (loss) attributable to AAM 89.4 151.1 63.8 (361.8 ) (4) Basic EPS (1) $ 0.78 $ 1.31 $ 0.55 $ (3.24 ) (4) Diluted EPS (1) $ 0.78 $ 1.30 $ 0.55 $ (3.24 ) (4) (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 2019, we recorded an impairment charge of approximately $178 million , net of tax, to reduce the carrying value of our U.S. Casting operations to fair value less cost to sell upon reclassification of the assets and liabilities to held-for-sale. (3) In the fourth quarter of 2019, we recorded a goodwill impairment charge of $440 million , that was not subject to tax effect, associated with the annual goodwill impairment test for our Metal Forming reporting unit. We also recorded a loss on the Casting Sale of approximately $17 million , net of tax, recognized a gain on bargain purchase of approximately $10.8 million , which was not subject to tax effect, associated with the acquisition of Mitec, and recognized a loss of approximately $8 million , net of tax, related to pension settlements. (4) In the fourth quarter of 2018, we recorded a goodwill impairment charge of approximately $400 million |
Supplemental Guarantor Conden_2
Supplemental Guarantor Condensed Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Guarantor Condensed Consolidating Financial Statements [Abstract] | |
Supplemental Guarantor Consolidating Income Statement [Table Text Block] | 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 Operations and Other Comprehensive Income (Loss) 2019 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated (in millions) Net sales External $ — $ 902.0 $ 1,992.0 $ 3,636.9 $ — $ 6,530.9 Intercompany — 1.9 274.7 47.7 (324.3 ) — Total net sales — 903.9 2,266.7 3,684.6 (324.3 ) 6,530.9 Cost of goods sold — 913.2 2,065.4 2,974.0 (324.3 ) 5,628.3 Gross profit — (9.3 ) 201.3 710.6 — 902.6 Selling, general and administrative expenses — 232.5 27.7 104.5 — 364.7 Amortization of intangible assets — 5.9 85.8 3.7 — 95.4 Impairment charges — — 566.1 98.9 — 665.0 Restructuring and acquisition-related costs — 24.3 21.7 11.8 — 57.8 Loss on sale of business — — 21.3 — — 21.3 Operating income (loss) — (272.0 ) (521.3 ) 491.7 — (301.6 ) Non-operating income (expense), net — (247.0 ) 7.7 7.9 — (231.4 ) Income (loss) before income taxes — (519.0 ) (513.6 ) 499.6 — (533.0 ) Income tax expense (benefit) — (76.5 ) (10.7 ) 38.3 — (48.9 ) Earnings (loss) from equity in subsidiaries (484.5 ) (218.3 ) 14.5 — 688.3 — Net income (loss) before royalties (484.5 ) (660.8 ) (488.4 ) 461.3 688.3 (484.1 ) Royalties — 224.4 3.0 (227.4 ) — — Net income (loss) after royalties (484.5 ) (436.4 ) (485.4 ) 233.9 688.3 (484.1 ) Net income attributable to noncontrolling interests — — — (0.4 ) — (0.4 ) Net income (loss) attributable to AAM $ (484.5 ) $ (436.4 ) $ (485.4 ) $ 233.5 $ 688.3 $ (484.5 ) Other comprehensive loss, net of tax (37.5 ) (28.3 ) (18.3 ) (12.1 ) 58.7 (37.5 ) Comprehensive income (loss) $ (522.0 ) $ (464.7 ) $ (503.7 ) $ 221.4 $ 747.0 $ (522.0 ) 2018 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net sales External $ — $ 1,088.4 $ 2,204.8 $ 3,977.2 $ — $ 7,270.4 Intercompany — 4.2 294.8 41.9 (340.9 ) — Total net sales — 1,092.6 2,499.6 4,019.1 (340.9 ) 7,270.4 Cost of goods sold — 1,033.8 2,249.0 3,188.1 (340.9 ) 6,130.0 Gross profit — 58.8 250.6 831.0 — 1,140.4 Selling, general and administrative expenses — 210.3 81.4 94.0 — 385.7 Amortization of intangible assets — 5.1 90.8 3.5 — 99.4 Impairment charges — — 485.5 — — 485.5 Restructuring and acquisition-related costs — 34.2 40.4 4.3 — 78.9 Gain on sale of business — — (15.5 ) — — (15.5 ) Operating income (loss) — (190.8 ) (432.0 ) 729.2 — 106.4 Non-operating income (expense), net — (260.6 ) 15.6 24.7 — (220.3 ) Income (loss) before income taxes — (451.4 ) (416.4 ) 753.9 — (113.9 ) Income tax expense (benefit) — (34.2 ) (55.4 ) 32.5 — (57.1 ) Earnings (loss) from equity in subsidiaries (57.5 ) (168.3 ) 168.0 — 57.8 — Net income (loss) before royalties (57.5 ) (585.5 ) (193.0 ) 721.4 57.8 (56.8 ) Royalties — 276.6 3.4 (280.0 ) — — Net income (loss) after royalties (57.5 ) (308.9 ) (189.6 ) 441.4 57.8 (56.8 ) Net income attributable to noncontrolling interests — — — (0.7 ) — (0.7 ) Net income (loss) attributable to AAM $ (57.5 ) $ (308.9 ) $ (189.6 ) $ 440.7 $ 57.8 $ (57.5 ) Other comprehensive income (loss), net of tax (18.9 ) 9.4 (51.6 ) (44.2 ) 86.4 (18.9 ) Comprehensive income (loss) $ (76.4 ) $ (299.5 ) $ (241.2 ) $ 396.5 $ 144.2 $ (76.4 ) 2017 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net sales External $ — $ 1,074.6 $ 1,668.2 $ 3,523.2 $ — $ 6,266.0 Intercompany — 2.4 285.2 27.5 (315.1 ) — Total net sales — 1,077.0 1,953.4 3,550.7 (315.1 ) 6,266.0 Cost of goods sold — 996.6 1,730.9 2,734.5 (315.1 ) 5,146.9 Gross profit — 80.4 222.5 816.2 — 1,119.1 Selling, general and administrative expenses — 223.2 63.9 103.0 — 390.1 Amortization of intangible assets — 5.6 67.5 2.2 — 75.3 Restructuring and acquisition-related costs — 105.2 1.9 3.6 — 110.7 Operating income (loss) — (253.6 ) 89.2 707.4 — 543.0 Non-operating income (expense), net — (210.0 ) 18.6 (11.6 ) — (203.0 ) Income (loss) before income taxes — (463.6 ) 107.8 695.8 — 340.0 Income tax expense (benefit) — 194.1 (247.0 ) 55.4 — 2.5 Earnings from equity in subsidiaries 337.1 289.5 76.1 — (702.7 ) — Net income (loss) before royalties 337.1 (368.2 ) 430.9 640.4 (702.7 ) 337.5 Royalties — 317.3 3.6 (320.9 ) — — Net income (loss) after royalties 337.1 (50.9 ) 434.5 319.5 (702.7 ) 337.5 Net income attributable to noncontrolling interests — — — (0.4 ) — (0.4 ) Net income (loss) attributable to AAM $ 337.1 $ (50.9 ) $ 434.5 $ 319.1 $ (702.7 ) $ 337.1 Other comprehensive income, net of tax 96.9 40.1 87.3 102.6 (230.0 ) 96.9 Comprehensive income (loss) $ 434.0 $ (10.8 ) $ 521.8 $ 421.7 $ (932.7 ) $ 434.0 |
Supplemental Guarantor Consolidating Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheets 2019 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Assets (in millions) Current assets Cash and cash equivalents $ — $ 168.7 $ 0.2 $ 363.1 $ — $ 532.0 Accounts receivable, net — 87.1 176.4 551.9 — 815.4 Intercompany receivables — 4,603.4 4,024.5 122.6 (8,750.5 ) — Inventories, net — 36.6 114.1 222.9 — 373.6 Other current assets — 47.6 4.2 85.0 — 136.8 Total current assets — 4,943.4 4,319.4 1,345.5 (8,750.5 ) 1,857.8 Property, plant and equipment, net — 287.3 543.9 1,527.2 — 2,358.4 Goodwill — — 377.9 321.2 — 699.1 Other intangible assets, net — 18.1 817.9 28.5 — 864.5 Intercompany notes and accounts receivable — 1,829.2 161.4 — (1,990.6 ) — Other assets and deferred charges — 408.3 123.8 332.7 — 864.8 Investment in subsidiaries 2,294.0 1,773.3 1,491.6 — (5,558.9 ) — Total assets $ 2,294.0 $ 9,259.6 $ 7,835.9 $ 3,555.1 $ (16,300.0 ) $ 6,644.6 Liabilities and stockholders' equity Current liabilities Current portion of long-term debt $ — $ 4.2 $ 7.4 $ 17.1 $ — $ 28.7 Accounts payable — 85.2 142.7 395.6 — 623.5 Intercompany payables — 3,652.1 5,033.8 64.6 (8,750.5 ) — Other current liabilities — 158.8 31.0 184.4 — 374.2 Total current liabilities — 3,900.3 5,214.9 661.7 (8,750.5 ) 1,026.4 Intercompany notes and accounts payable 1,313.6 11.5 98.9 566.6 (1,990.6 ) — Long-term debt, net — 3,523.4 — 88.9 — 3,612.3 Other long-term liabilities — 475.4 282.5 267.6 — 1,025.5 Total liabilities 1,313.6 7,910.6 5,596.3 1,584.8 (10,741.1 ) 5,664.2 Total AAM stockholders' equity 977.6 1,349.0 2,239.6 1,967.5 (5,556.1 ) 977.6 Noncontrolling interests in subsidiaries 2.8 — — 2.8 (2.8 ) 2.8 Total stockholders' equity 980.4 1,349.0 2,239.6 1,970.3 (5,558.9 ) 980.4 Total liabilities and stockholders' equity $ 2,294.0 $ 9,259.6 $ 7,835.9 $ 3,555.1 $ (16,300.0 ) $ 6,644.6 2018 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Assets Current assets Cash and cash equivalents $ — $ 36.7 $ 0.2 $ 439.5 $ — $ 476.4 Accounts receivable, net — 122.7 287.7 556.1 — 966.5 Intercompany receivables — 3,337.2 2,356.3 93.5 (5,787.0 ) — Inventories, net — 42.5 157.7 259.5 — 459.7 Other current assets — 34.4 6.0 86.8 — 127.2 Total current assets — 3,573.5 2,807.9 1,435.4 (5,787.0 ) 2,029.8 Property, plant and equipment, net — 275.8 758.6 1,480.0 — 2,514.4 Goodwill — — 719.0 422.8 — 1,141.8 Other intangible assets, net — 18.6 1,059.6 32.9 — 1,111.1 Intercompany notes and accounts receivable — 1,316.8 144.5 — (1,461.3 ) — Other assets and deferred charges — 319.8 126.4 267.4 — 713.6 Investment in subsidiaries 2,790.5 2,241.5 1,748.7 — (6,780.7 ) — Total assets $ 2,790.5 $ 7,746.0 $ 7,364.7 $ 3,638.5 $ (14,029.0 ) $ 7,510.7 Liabilities and stockholders' equity Current liabilities Current portion of long-term debt $ — $ 100.0 $ — $ 21.6 $ — $ 121.6 Accounts payable — 94.2 246.5 499.5 — 840.2 Intercompany payables — 2,050.0 3,615.7 121.3 (5,787.0 ) — Other current liabilities — 169.0 35.8 190.2 — 395.0 Total current liabilities — 2,413.2 3,898.0 832.6 (5,787.0 ) 1,356.8 Intercompany notes and accounts payable 1,304.2 12.5 — 144.6 (1,461.3 ) — Long-term debt, net — 3,578.3 3.0 105.5 — 3,686.8 Other long-term liabilities — 508.9 271.7 200.2 — 980.8 Total liabilities 1,304.2 6,512.9 4,172.7 1,282.9 (7,248.3 ) 6,024.4 Total AAM stockholders' equity 1,483.9 1,233.1 3,192.0 2,353.2 (6,778.3 ) 1,483.9 Noncontrolling interests in subsidiaries 2.4 — — 2.4 (2.4 ) 2.4 Total stockholders' equity 1,486.3 1,233.1 3,192.0 2,355.6 (6,780.7 ) 1,486.3 Total liabilities and stockholders' equity $ 2,790.5 $ 7,746.0 $ 7,364.7 $ 3,638.5 $ (14,029.0 ) $ 7,510.7 |
Supplemental Guarantor Consolidating Statement of Cash Flows [Table Text Block] | Condensed Consolidating Statements of Cash Flows 2019 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated (in millions) Net cash provided by operating activities $ — $ 230.7 $ 42.3 $ 286.6 $ — $ 559.6 Investing activities Purchases of property, plant and equipment — (58.7 ) (119.9 ) (254.7 ) — (433.3 ) Proceeds from sale of property, plant and equipment — — 4.5 0.5 — 5.0 Purchase buyouts of leased equipment — — — (0.9 ) — (0.9 ) Proceeds from sale of business — 141.2 — — — 141.2 Acquisition of business, net of cash acquired — — — (9.4 ) — (9.4 ) Investment in affiliates — — — (9.2 ) — (9.2 ) Intercompany activity — — (12.0 ) 12.0 — — Net cash provided by (used in) investing activities — 82.5 (127.4 ) (261.7 ) — (306.6 ) Financing activities Net debt activity — (167.7 ) (1.1 ) (20.4 ) — (189.2 ) Debt issuance costs — (3.3 ) — — — (3.3 ) Purchase of treasury stock (7.5 ) — — — — (7.5 ) Intercompany activity 7.5 (10.2 ) 83.7 (81.0 ) — — Net cash provided by (used in) financing activities — (181.2 ) 82.6 (101.4 ) — (200.0 ) Effect of exchange rate changes on cash — — — 0.1 — 0.1 Net increase (decrease) in cash, cash equivalents and restricted cash — 132.0 (2.5 ) (76.4 ) — 53.1 Cash, cash equivalents and restricted cash at beginning of period — 36.7 2.7 439.5 — 478.9 Cash, cash equivalents and restricted cash at end of period $ — $ 168.7 $ 0.2 $ 363.1 $ — $ 532.0 2018 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net cash provided by operating activities $ — $ 262.0 $ 145.5 $ 364.0 $ — $ 771.5 Investing activities Purchases of property, plant and equipment — (63.2 ) (163.8 ) (297.7 ) — (524.7 ) Proceeds from sale of property, plant and equipment — — 4.3 0.6 — 4.9 Purchase buyouts of leased equipment — — (0.5 ) — — (0.5 ) Proceeds from sale of business — — 42.7 4.4 — 47.1 Acquisition of business, net of cash acquired — — — (1.3 ) — (1.3 ) Investment in affiliates — (3.0 ) — (0.7 ) — (3.7 ) Intercompany activity — — (44.1 ) 44.1 — — Net cash used in investing activities — (66.2 ) (161.4 ) (250.6 ) — (478.2 ) Financing activities Net debt activity — (240.4 ) (0.7 ) 69.5 — (171.6 ) Debt issuance costs — (6.9 ) — — — (6.9 ) Purchase of treasury stock (3.7 ) — — — — (3.7 ) Purchase of noncontrolling interest — — (2.3 ) — — (2.3 ) Intercompany activity 3.7 (3.7 ) 21.5 (21.5 ) — — Net cash provided by (used in) financing activities — (251.0 ) 18.5 48.0 — (184.5 ) Effect of exchange rate changes on cash — — — (6.7 ) — (6.7 ) Net increase (decrease) in cash, cash equivalents and restricted cash — (55.2 ) 2.6 154.7 — 102.1 Cash, cash equivalents and restricted cash at beginning of period — 91.9 0.1 284.8 — 376.8 Cash, cash equivalents and restricted cash at end of period $ — $ 36.7 $ 2.7 $ 439.5 $ — $ 478.9 2017 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net cash provided by operating activities $ — $ 410.4 $ 33.1 $ 203.5 $ — $ 647.0 Investing activities Purchases of property, plant and equipment — (69.1 ) (100.4 ) (308.2 ) — (477.7 ) Proceeds from sale of property, plant and equipment — 0.3 0.3 1.9 — 2.5 Purchase buyouts of leased equipment — (13.3 ) — — — (13.3 ) Proceeds from sale of business — 7.5 (1.6 ) — — 5.9 Acquisition of business, net of cash acquired — (953.5 ) 64.6 (6.6 ) — (895.5 ) Net cash used in investing activities — (1,028.1 ) (37.1 ) (312.9 ) — (1,378.1 ) Financing activities Net debt activity — 725.6 (0.7 ) (12.2 ) — 712.7 Debt issuance costs — (91.0 ) — — — (91.0 ) Employee stock option exercises — 0.9 — — — 0.9 Purchase of treasury stock (7.0 ) — — — — (7.0 ) Intercompany activity 7.0 (10.2 ) 3.2 — — — Net cash provided by (used in) financing activities — 625.3 2.5 (12.2 ) — 615.6 Effect of exchange rate changes on cash — — — 11.1 — 11.1 Net increase (decrease) in cash, cash equivalents and restricted cash — 7.6 (1.5 ) (110.5 ) — (104.4 ) Cash, cash equivalents and restricted cash at beginning of period — 84.3 1.6 395.3 — 481.2 Cash, cash equivalents and restricted cash at end of period $ — $ 91.9 $ 0.1 $ 284.8 $ — $ 376.8 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II - VALUATION AND QUALIFYING ACCOUNTS Additions - Balance at Charged to Acquisitions Deductions - Balance Beginning of Costs and and See Notes At End of Period Expenses Disposals (a) Below Period (in millions) Year Ended December 31, 2017: Allowance for doubtful accounts $ 3.1 $ 4.6 $ 2.1 $ 2.8 (1) $ 7.0 Allowance for deferred taxes 164.8 26.6 13.7 24.7 (3) 180.4 Inventory valuation allowance 14.8 39.1 9.2 45.8 (2) 17.3 Year Ended December 31, 2018: Allowance for doubtful accounts 7.0 6.6 — 5.2 (1) 8.4 Allowance for deferred taxes 180.4 12.9 — 10.0 (4) 183.3 Inventory valuation allowance 17.3 22.2 — 25.1 (2) 14.4 Year Ended December 31, 2019: Allowance for doubtful accounts 8.4 13.2 (0.8 ) 12.8 (1) 8.0 Allowance for deferred taxes 183.3 25.4 — 12.7 (5) 196.0 Inventory valuation allowance 14.4 31.0 1.4 26.3 (2) 20.5 (a ) Amounts represent reserves recognized in conjunction with our acquisitions in 2019 and 2017, as well as reserves derecognized in conjunction with the Casting Sale in 2019. (1) Uncollectible accounts charged off, net of recoveries. (2) Primarily relates to write-offs of excess and obsolete inventories, as well as adjustments for physical quantity discrepancies. (3) Reflects an increase related to valuation allowances of MPG that existed as of the acquisition date and the impact of tax reform resulting from the 2017 Act. This was partially offset by the reversal of certain state valuation allowances as a result of re-evaluating our state valuation allowances subsequent to the acquisition of MPG. (4) Primarily reflects a reduction in deferred tax assets at various foreign locations due to foreign currency translation. (5) Primarily reflects the reversal of a valuation allowance against certain deferred tax assets in foreign locations, as well as changes due to foreign currency translation. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies - Organization (Details) | Dec. 31, 2019EmployeesCountriesFacilities |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Entity Number of Employees | Employees | 20,000 |
Number of Facilities | Facilities | 80 |
Number of Countries in which Entity Operates | Countries | 17 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies - Accounts Receivable Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Revenue, Performance Obligation, Description of Payment Terms | 50 days | |
Allowance for doubtful accounts receivable | $ 8 | $ 8.4 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory [Line Items] | ||
Raw materials and work-in-progress | $ 310.4 | $ 375.1 |
Finished goods | 83.7 | 99 |
Gross inventories | 394.1 | 474.1 |
Inventory valuation reserves | (20.5) | (14.4) |
Inventories, net | $ 373.6 | $ 459.7 |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies - Maintenance, Repair and Operations (MRO) Materials (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Maintenance, Repair and Operations (MRO) Materials [Abstract] | |||
Maintenance, Repair and Operations (MRO) Materials Amortization | $ 67.7 | $ 62.4 | $ 51.6 |
Organization and Summary of S_6
Organization and Summary of Significant Accounting Policies - Property, Plant, & Equipment Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Depreciation and tooling amortization | $ 373.8 | $ 367 | $ 301.6 |
Noncash or part noncash acquisition, fixed assets acquired | $ 46 | $ 84.1 | $ 103 |
Organization and Summary of S_7
Organization and Summary of Significant Accounting Policies - Schedule of Property, Plant & Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Land | $ 45.1 | $ 53.6 |
Land improvements | 24.4 | 22 |
Buildings and building improvements | 512.7 | 501.5 |
Machinery and equipment | 3,645.6 | 3,342.8 |
Construction in progress | 219.5 | 511.1 |
Property, plant and equipment, gross | 4,447.3 | 4,431 |
Accumulated depreciation and amortization | (2,088.9) | (1,916.6) |
Property, plant and equipment, net | $ 2,358.4 | $ 2,514.4 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | Indefinite | |
Minimum [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 10 | |
Minimum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 15 | |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 3 | |
Maximum [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 15 | |
Maximum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 40 | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 12 |
Organization and Summary of S_8
Organization and Summary of Significant Accounting Policies - Debt Issuance Costs Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 63.3 | $ 80.7 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 12.1 | $ 13.6 |
Organization and Summary of S_9
Organization and Summary of Significant Accounting Policies - Currency Translation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Foreign currency transaction gain (loss), before tax | $ (6.5) | $ (0.2) | $ (7.3) |
Organization and Summary of _10
Organization and Summary of Significant Accounting Policies - Research and Development Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Research and development expense | $ 144.7 | $ 146.2 | $ 161.5 |
Organization and Summary of _11
Organization and Summary of Significant Accounting Policies - Effect of New Accounting Standard - Tax Narrative (Details) $ in Millions | Jan. 01, 2019USD ($) |
Accounting Standard Update 2018-02 [Member] | |
New Accounting Pronouncement, Early Adoption [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 27.7 |
Sale of Business (Details)
Sale of Business (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 16, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Divestiture of Business, Sale Price | $ 245 | ||||
Proceeds from sale of business, net | 141.2 | $ 47.1 | $ 5.9 | ||
Impairment of Long-Lived Assets to be Disposed of | $ (225) | ||||
Gain (loss) on sale of business | (21.3) | 15.5 | 0 | ||
Accounts receivable, net | $ 84.9 | ||||
Inventories | 32.6 | ||||
Prepaid expenses and other | 2.1 | ||||
Property, plant and equipment, net | 191.8 | ||||
Intangible assets, net | 158.2 | ||||
Other assets and deferred charges | 81.7 | ||||
Total assets disposed | 326.3 | ||||
Accounts payable | 71.7 | ||||
Accrued compensation and benefits | 6.9 | ||||
Accrued expenses and other | 4.5 | ||||
Postretirement benefits and other long-term liabilities | 20.1 | ||||
Total liabilities disposed | $ 103.2 | ||||
Cash [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from Divestiture of Businesses | 185 | ||||
Twelve year deferred payment obligation at 6% [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 60 | $ 0 | $ 0 |
Leasing - Components of Lease C
Leasing - Components of Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Components of lease expense [Line Items] | |||
Amortization of right-of-use assets | $ 1 | ||
Interest on lease liabilities | 0.3 | ||
Total finance lease cost | 1.3 | ||
Operating lease cost | 28.9 | ||
Short-term lease cost | 5.9 | ||
Variable lease cost | 7.2 | ||
Total lease cost | 43.3 | ||
Cost of Sales [Member] | |||
Components of lease expense [Line Items] | |||
Lease expense | 31.9 | $ 28.4 | $ 25.3 |
Selling, General and Administrative Expenses [Member] | |||
Components of lease expense [Line Items] | |||
Lease expense | $ 10.1 | $ 10 | $ 10.2 |
Leasing - Supplemental Lease In
Leasing - Supplemental Lease Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Supplemental lease information [Line Items] | |
Operating cash flows from finance leases | $ 0.3 |
Operating cash flows from operating leases | 29 |
Financing cash flows from finance leases | $ 1 |
Weighted-average remaining lease term - finance leases | 2 years 9 months 18 days |
Weighted-average remaining lease term - operating leases | 9 years 2 months 12 days |
Weighted-average discount rate - finance leases | 5.10% |
Weighted-average discount rate - operating leases | 6.10% |
Leasing - Future Minimum Lease
Leasing - Future Minimum Lease Payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Future minimum lease payments [Line Items] | |
Finance Lease, Liability | $ 7.3 |
Operating Lease, Liability | 118.5 |
Finance Lease [Member] | |
Future minimum lease payments [Line Items] | |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 3.2 |
Finance Lease, Liability, Payments, Due Year Two | 2.7 |
Finance Lease, Liability, Payments, Due Year Three | 1.7 |
Finance Lease, Liability, Payments, Due Year Four | 0.2 |
Finance Lease, Liability, Payments, Due Year Five | 0 |
Finance Lease, Liability, Payments, Due after Year Five | 0 |
Finance Lease, Liability, Payment, Due | 7.8 |
Finance Lease, Liability, Undiscounted Excess Amount | (0.5) |
Finance Lease, Liability | 7.3 |
Operating lease [Member] | |
Future minimum lease payments [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 28.2 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 21.9 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 17.9 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 13.4 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 10.7 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 59.3 |
Lessee, Operating Lease, Liability, Payments, Due | 151.4 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (32.9) |
Operating Lease, Liability | $ 118.5 |
Leasing - Right of Use Assets a
Leasing - Right of Use Assets and Lease Liabilities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Right of use assets and lease liabilities [Line Items] | |
Finance Lease, Right-of-Use Asset | $ 7.3 |
Operating Lease, Right-of-Use Asset | 118.5 |
Finance Lease, Liability | 7.3 |
Operating Lease, Liability | 118.5 |
Property, Plant and Equipment [Member] | |
Right of use assets and lease liabilities [Line Items] | |
Finance Lease, Right-of-Use Asset | 7.3 |
Operating Lease, Right-of-Use Asset | 0 |
Other Assets and Deferred Charges [Member] | |
Right of use assets and lease liabilities [Line Items] | |
Finance Lease, Right-of-Use Asset | 0 |
Operating Lease, Right-of-Use Asset | 118.5 |
Accrued expenses and other [Member] | |
Right of use assets and lease liabilities [Line Items] | |
Finance Lease, Liability | 3.3 |
Operating Lease, Liability | 21.8 |
Postretirement benefits and other long-term liabilities [Member] | |
Right of use assets and lease liabilities [Line Items] | |
Finance Lease, Liability | 4 |
Operating Lease, Liability | $ 96.7 |
Leasing - Leases Not Yet Commen
Leasing - Leases Not Yet Commenced (Details) $ in Millions | Dec. 31, 2019USD ($) |
Leases not yet commenced [Line Items] | |
Lessee, Operating Lease, Lease Not yet Commenced | $ 78.9 |
Leasing - ASC 840 Disclosure (D
Leasing - ASC 840 Disclosure (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.80% | 5.90% | 5.70% |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 32.6 | ||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 24.3 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 16.2 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 12.6 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 7.5 | ||
Capital Lease Obligations [Member] | |||
Capital Leased Assets, Gross | 10.5 | ||
Capital Leases, Balance Sheet, Assets by Major Class, Net | $ 3.4 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 7.90% |
Restructuring and Acquisition_3
Restructuring and Acquisition-Related Costs - Restructuring Reserve Table (Details) - USD ($) $ in Millions | 12 Months Ended | 39 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve | $ 4 | $ 0.3 | $ 9.8 | |
Restructuring charges | 39.8 | 44.2 | 17.4 | |
Cash utilization | (31.6) | (10.5) | (25.4) | |
Non-cash utilization | 0 | (30) | (1.5) | |
Restructuring reserve | 12.2 | 4 | 0.3 | $ 12.2 |
2016 Restructuring Plan - Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges | 2.8 | |||
2016 Restructuring Plan - Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges | 29.6 | |||
Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve | 2.4 | 0.3 | 0.6 | |
Restructuring charges | 19.4 | 2.5 | 2 | |
Cash utilization | (17) | (0.4) | (2.3) | |
Non-cash utilization | 0 | 0 | 0 | |
Restructuring reserve | 4.8 | 2.4 | 0.3 | 4.8 |
Facility Closing [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve | 1.6 | 0 | 9.2 | |
Restructuring charges | 20.4 | 11.7 | 13.9 | |
Cash utilization | (14.6) | (10.1) | (23.1) | |
Non-cash utilization | 0 | 0 | 0 | |
Restructuring reserve | 7.4 | 1.6 | 0 | 7.4 |
Asset Impairment [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve | 0 | 0 | 0 | |
Restructuring charges | 0 | 30 | 1.5 | |
Cash utilization | 0 | 0 | 0 | |
Non-cash utilization | 0 | (30) | (1.5) | |
Restructuring reserve | $ 0 | $ 0 | $ 0 | $ 0 |
Restructuring and Acquisition_4
Restructuring and Acquisition-Related Costs - Restructuring Reserve Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 39.8 | $ 44.2 | $ 17.4 |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 19.4 | 2.5 | 2 |
Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 20.4 | 11.7 | 13.9 |
2019 Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 18 | ||
Asset Impairment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | $ 30 | $ 1.5 |
Minimum [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost remaining | 20 | ||
Maximum [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, expected cost remaining | 30 | ||
Driveline [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 6.4 | ||
Metal Forming [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 21.5 | ||
Casting [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 0.7 |
Restructuring and Acquisition_5
Restructuring and Acquisition-Related Costs - Business Combinations, Separately Recognized Transactions Table (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Acquisition-Related Costs | $ 1.8 | $ 1.2 | $ 40.7 |
Severance Costs | 0 | 0.5 | 7.2 |
Integration Expenses | 16.2 | 33 | 45.4 |
Total acquisition-related charges | 18 | 34.7 | 93.3 |
Restructuring and acquisition-related costs | $ 57.8 | $ 78.9 | $ 110.7 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | |||
Beginning balance | $ 1,141.8 | $ 1,654.3 | |
Impairment charge | (440) | (485.5) | |
Sale of business | (15.1) | ||
Foreign currency translation | (2.7) | (14.1) | |
Reorganization | 0 | ||
Ending balance | $ 699.1 | 699.1 | 1,141.8 |
Goodwill, Impaired, Accumulated Impairment Loss | 925.5 | 925.5 | |
Driveline [Member] | |||
Goodwill [Roll Forward] | |||
Beginning balance | 212.1 | 211.1 | |
Impairment charge | 0 | 0 | |
Sale of business | 0 | ||
Foreign currency translation | (1) | (0.3) | |
Reorganization | 187.2 | ||
Ending balance | 398.3 | 398.3 | 212.1 |
Metal Forming [Member] | |||
Goodwill [Roll Forward] | |||
Beginning balance | 552.4 | 558.9 | |
Impairment charge | (440) | (440) | 0 |
Sale of business | 0 | ||
Foreign currency translation | (1.7) | (7.4) | |
Reorganization | 190.1 | ||
Ending balance | 300.8 | 300.8 | 552.4 |
Powertrain [Member] | |||
Goodwill [Roll Forward] | |||
Beginning balance | 377.3 | 478.8 | |
Impairment charge | 0 | (80) | |
Sale of business | (15.1) | ||
Foreign currency translation | 0 | (6.4) | |
Reorganization | (377.3) | ||
Ending balance | 0 | 0 | 377.3 |
Casting [Member] | |||
Goodwill [Roll Forward] | |||
Beginning balance | 0 | 405.5 | |
Impairment charge | 0 | (405.5) | |
Sale of business | 0 | ||
Foreign currency translation | 0 | 0 | |
Reorganization | 0 | ||
Ending balance | $ 0 | $ 0 | 0 |
Metaldyne Performance Group, Inc. [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill acquired | 0.9 | ||
Metaldyne Performance Group, Inc. [Member] | Driveline [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill acquired | 0 | ||
Metaldyne Performance Group, Inc. [Member] | Metal Forming [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill acquired | 0.9 | ||
Metaldyne Performance Group, Inc. [Member] | Powertrain [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill acquired | 0 | ||
Metaldyne Performance Group, Inc. [Member] | Casting [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill acquired | 0 | ||
USM Mexico Manufacturing LLC [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill acquired | 1.3 | ||
USM Mexico Manufacturing LLC [Member] | Driveline [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill acquired | 1.3 | ||
USM Mexico Manufacturing LLC [Member] | Metal Forming [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill acquired | 0 | ||
USM Mexico Manufacturing LLC [Member] | Powertrain [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill acquired | 0 | ||
USM Mexico Manufacturing LLC [Member] | Casting [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill acquired | $ 0 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Acquired Finite Lived Intangible Assets by Major Class (Details) - USD ($) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Gross | $ 1,111 | $ 1,293.4 | ||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (246.5) | (182.3) | ||||||
Finite-Lived Intangible Assets, Net | 864.5 | 1,111.1 | ||||||
Amortization of intangible assets | 95.4 | 99.4 | $ 75.3 | |||||
Computer Software, Intangible Asset [Member] | ||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Gross | 45.8 | 38 | ||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (27.6) | (20.1) | ||||||
Finite-Lived Intangible Assets, Net | 18.2 | 17.9 | ||||||
Customer Platforms - Intangible Assets [Member] | ||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Gross | 856.2 | 952.2 | ||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (174.4) | (123.5) | ||||||
Finite-Lived Intangible Assets, Net | 681.8 | 828.7 | ||||||
Customer Relationships - Intangible Assets [Member] | ||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Gross | 53 | 147 | ||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (9.4) | (16.5) | ||||||
Finite-Lived Intangible Assets, Net | 43.6 | 130.5 | ||||||
Technology-Based Intangible Assets [Member] | ||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Gross | 156 | 156.2 | ||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (35.1) | (22.2) | ||||||
Finite-Lived Intangible Assets, Net | 120.9 | 134 | ||||||
Casting [Member] | Customer Platforms - Intangible Assets [Member] | ||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Intangible Assets, Written off Related to Sale of Business Unit, Gross | 96 | |||||||
Intangible Assets, Written off Related to Sale of Business Unit, Accumulated Amortization | 17.2 | |||||||
Casting [Member] | Customer Relationships - Intangible Assets [Member] | ||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Intangible Assets, Written off Related to Sale of Business Unit, Gross | 94 | |||||||
Intangible Assets, Written off Related to Sale of Business Unit, Accumulated Amortization | $ 14.6 | |||||||
Powertrain [Member] | Customer Relationships - Intangible Assets [Member] | ||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Intangible Assets, Written off Related to Sale of Business Unit, Gross | 4.8 | |||||||
Intangible Assets, Written off Related to Sale of Business Unit, Accumulated Amortization | $ 0.3 | |||||||
Forecast [Member] | ||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Amortization of intangible assets | $ 87 | $ 87 | $ 87 | $ 87 | $ 87 |
Long-Term Debt - Long-term Debt
Long-Term Debt - Long-term Debt Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jul. 29, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Debt Instrument [Line Items] | |||||
Total debt | $ 3,692.2 | $ 3,875.5 | |||
Current portion of long-term debt | 28.7 | 121.6 | |||
Long-term debt and capital lease obligations | 3,663.5 | 3,753.9 | |||
Unamortized debt issuance costs | 63.3 | 80.7 | |||
Long-term debt, net | 3,612.3 | 3,686.8 | |||
Total Debt Instruments excluding Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | 51.2 | 67.1 | |||
Multi-Currency Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, amount outstanding | 0 | 0 | |||
Secured Debt [Member] | Term Loan A Due 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 340 | $ 340 | |||
Secured Debt [Member] | Term Loan A [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 83.8 | ||||
Secured Debt [Member] | Term Loan B [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 1,188.8 | 1,511.2 | |||
Unsecured Debt [Member] | 7.75% Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 100 | |||
Unsecured Debt [Member] | 6.625% Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 450 | 450 | |||
Unsecured Debt [Member] | 6.50% Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 500 | 500 | $ 500 | ||
Unsecured Debt [Member] | 6.25% Notes Due 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 400 | 400 | $ 400 | ||
Unsecured Debt [Member] | 6.25% Notes due 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 700 | 700 | $ 700 | ||
Foreign Credit Facilities and Other [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, amount outstanding | 113.4 | ||||
Foreign Credit Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, amount outstanding | 106 | 127.1 | |||
Capital Lease Obligations [Member] | |||||
Debt Instrument [Line Items] | |||||
Capital lease obligations | $ 0 | $ 3.4 |
Long-Term Debt - Senior Secured
Long-Term Debt - Senior Secured Credit Facilities (Details) - USD ($) $ in Millions | Apr. 06, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 29, 2019 |
Debt Instrument [Line Items] | |||||
Proceeds from Issuance of Long-term Debt | $ 356.3 | $ 509.6 | $ 2,862.7 | ||
Multi-Currency Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 932 | $ 925 | |||
Multi-Currency Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 898.8 | ||||
Letters of Credit Outstanding, Amount | 26.2 | ||||
Secured Debt [Member] | Term Loan A [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 83.8 | ||||
Secured Debt [Member] | Term Loan B [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 1,188.8 | $ 1,511.2 | |||
Write off of Deferred Debt Issuance Cost | 1 | ||||
Debt Instrument, Repurchase Amount | 59.8 | ||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 0.4 | ||||
Secured Debt [Member] | Term Loan A Due 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 340 | $ 340 | |||
Secured Debt [Member] | Term Loan A & Term Loan B [Member] | |||||
Debt Instrument [Line Items] | |||||
Write off of Deferred Debt Issuance Cost | $ 5.1 | ||||
Metaldyne Performance Group, Inc. [Member] | Term Loan A [Member] | |||||
Debt Instrument [Line Items] | |||||
Proceeds from Issuance of Long-term Debt | 100 | ||||
Metaldyne Performance Group, Inc. [Member] | Term Loan B [Member] | |||||
Debt Instrument [Line Items] | |||||
Proceeds from Issuance of Long-term Debt | 1,550 | ||||
Metaldyne Performance Group, Inc. [Member] | Multi-Currency Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 932 |
Long-Term Debt - Long-Term De_2
Long-Term Debt - Long-Term Debt Notes Payable Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Debt Instrument [Line Items] | ||||||
Payments of Debt Issuance Costs | $ 3.3 | $ 6.9 | $ 91 | |||
7.75% Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | 7.75% | ||||
6.625% Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | |||||
6.25% Notes Due 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||
Payments of Debt Issuance Costs | $ 6.6 | |||||
6.25% Notes Due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||
Unsecured Debt [Member] | 7.75% Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Repurchase Amount | 100 | $ 100 | ||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 0.3 | 3.9 | ||||
Write off of Deferred Debt Issuance Cost | 0.1 | 0.3 | ||||
Redemption Premium | 2.2 | 4.5 | ||||
Long-term debt | $ 0 | 100 | ||||
Unsecured Debt [Member] | 6.625% Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | |||||
Debt Instrument, Repurchase Amount | $ 100 | |||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 0.8 | |||||
Write off of Deferred Debt Issuance Cost | 0.8 | |||||
Redemption Premium | 3.3 | |||||
Long-term debt | $ 450 | 450 | ||||
Unsecured Debt [Member] | 6.25% Notes Due 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||
Long-term debt | $ 400 | 400 | $ 400 | |||
Unsecured Debt [Member] | 6.25% Notes Due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Repurchase Amount | $ 400 | |||||
Write off of Deferred Debt Issuance Cost | 2.5 | |||||
Gain (Loss) on Extinguishment of Debt, before Write off of Debt Issuance Cost | $ 8 |
Long-Term Debt - Foreign Credit
Long-Term Debt - Foreign Credit Facilities Narrative (Details) - Foreign Credit Facilities [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Line of Credit Facility [Line Items] | ||
Line of credit facility, amount outstanding | $ 106 | $ 127.1 |
Foreign Credit Facilities, Remaining Borrowing Capacity | $ 89.1 | $ 78.2 |
Long-Term Debt - Long-term De_3
Long-Term Debt - Long-term Debt Maturity Schedule (Details) $ in Millions | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
2020 | $ 53.2 |
2021 | 77.1 |
2022 | 471.3 |
2023 | 29.8 |
2024 | 1,460.8 |
Thereafter | 1,600 |
Debt | $ 3,692.2 |
Long-Term Debt - Interest Expen
Long-Term Debt - Interest Expense and Interest Income Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Debt Instrument [Line Items] | ||||
Interest Expense | $ 217.3 | $ 216.3 | $ 195.6 | |
Interest Costs Capitalized | $ 15.5 | $ 28.4 | $ 18.3 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.80% | 5.90% | 5.70% | |
Investment Income, Interest | $ 5.8 | $ 2 | $ 2.9 | |
Unsecured Debt [Member] | 6.25% Notes due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 700 | 700 | $ 700 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | ||
Unsecured Debt [Member] | 6.50% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 500 | $ 500 | $ 500 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% |
Long-Term Debt - Subsequent Eve
Long-Term Debt - Subsequent Event (Details) - 6.625% Notes [Member] - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2019 | Jun. 30, 2018 | |
Subsequent Event [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | |||
Unsecured Debt [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | |||
Debt Instrument, Repurchase Amount | $ 100 | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 0.8 | |||
Write off of Deferred Debt Issuance Cost | 0.8 | |||
Redemption Premium | $ 3.3 | |||
Unsecured Debt [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Repurchase Amount | $ 100 | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 2 | |||
Write off of Deferred Debt Issuance Cost | 0.4 | |||
Redemption Premium | $ 1.1 |
Derivatives and Risk Manageme_2
Derivatives and Risk Management - Derivatives and Risk Management Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | May 28, 2019 | |
Foreign Currency Forward & Foreign Currency Option Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 185.8 | $ 180.1 | |
Currency Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 224.2 | ||
Interest Rate Swap [Member] | Debt [Member] | |||
Derivative [Line Items] | |||
Derivative, Liquidation Proceeds, Monetary Amount | $ 5.6 | ||
Fair Value Liability At Date Of Dedesignation | $ 9.7 | ||
Derivative, Amount of Hedged Item, Through May 2020 | 1,000 | ||
Derivative, Amount of Hedged Item, Through May 2021 | 900 | ||
Derivative, Amount of Hedged Item, Through May 2022 | 750 | ||
Derivative, Amount of Hedged Item, Through May 2023 | 600 | ||
Derivative, Amount of Hedged Item, Through May 2024 | $ 500 |
Derivatives and Risk Manageme_3
Derivatives and Risk Management - Gain (Loss) Recognized for Designated and Undesignated Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Cost of Goods and Services Sold | $ 5,628.3 | $ 6,130 | $ 5,146.9 |
Other Nonoperating Income (Expense) | (12.5) | (2.2) | (6.8) |
Interest expense | $ (217.3) | $ (216.3) | $ (195.6) |
Cost of Sales [Member] | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Description of Location of Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments in Financial Statements | Cost of Goods Sold | Cost of Goods Sold | Cost of Goods Sold |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 3.9 | $ 1.6 | $ 2.7 |
Cost of Sales [Member] | Foreign Exchange Option [Member] | |||
Derivative [Line Items] | |||
Description of Location of Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments in Financial Statements | Cost of Goods Sold | Cost of Goods Sold | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 0 | $ 0 | $ 0.8 |
Cost of Sales [Member] | Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Cost of Goods Sold | Cost of Goods Sold | Cost of Goods Sold |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 2.4 | $ (2.8) | $ (5.3) |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 5 | ||
Other Nonoperating Income (Expense) [Member] | Cash Flow Hedging [Member] | Currency Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Other Income (Expense), net | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 1.3 | $ 0 | 0 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 0 | ||
Interest Expense [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Interest Expense | Interest Expense | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (2) | $ 3.2 | $ 0 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (8.2) | ||
Other Income [Member] | Foreign Exchange Forward [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 | Other Income (Expense), Net | Other Income (Expense), Net |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 0 | $ 1.4 | $ (0.1) |
Derivatives and Risk Manageme_4
Derivatives and Risk Management - Sales, Receivables and Postretirement Cost Sharing Asset by Major Customer Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Major Customer [Line Items] | |||
Total GM postretirement cost sharing asset | $ 236 | $ 232.9 | |
General Motors [Member] | |||
Revenue, Major Customer [Line Items] | |||
Entity-wide revenue, major customer, percentage | 37.00% | 41.00% | 47.00% |
Fair value, concentration of risk, accounts receivable | $ 328.5 | $ 353.7 | |
FCA [Member] | |||
Revenue, Major Customer [Line Items] | |||
Entity-wide revenue, major customer, percentage | 17.00% | 13.00% | 14.00% |
Fair value, concentration of risk, accounts receivable | $ 154.8 | $ 176 |
Fair Value - Fair Value of Asse
Fair Value - Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
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 | $ 271.3 | $ 44 |
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] | ||
Cash flow hedges - currency forward contracts | 1.9 | 0.6 |
Estimate of Fair 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 fair value | 271.3 | 44 |
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] | ||
Cash flow hedges - currency forward contracts | 1.9 | 0.6 |
Foreign Exchange Forward [Member] | Reported Value Measurement [Member] | 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] | ||
Cash flow hedges - currency forward contracts | 5 | 1.3 |
Foreign Exchange Forward [Member] | Reported Value Measurement [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash flow hedges - currency forward contracts | 3.4 | 0.4 |
Foreign Exchange Forward [Member] | 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 | 0 | 0.8 |
Foreign Exchange Forward [Member] | 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 | 0 | 0.9 |
Foreign Exchange Forward [Member] | 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 | 0 | 0.4 |
Foreign Exchange Forward [Member] | Estimate of Fair Value Measurement [Member] | 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] | ||
Cash flow hedges - currency forward contracts | 5 | 1.3 |
Foreign Exchange Forward [Member] | Estimate of Fair Value Measurement [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash flow hedges - currency forward contracts | 3.4 | 0.4 |
Foreign Exchange Forward [Member] | 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 | 0 | 0.8 |
Foreign Exchange Forward [Member] | 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 | 0 | 0.9 |
Foreign Exchange Forward [Member] | 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 | 0 | 0.4 |
Interest Rate Swap [Member] | Reported Value Measurement [Member] | 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] | ||
Cash flow hedges - variable-to-fixed interest rate swap | 0.9 | 0.9 |
Interest Rate Swap [Member] | Reported Value Measurement [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash flow hedges - variable-to-fixed interest rate swap | 2.2 | 1.6 |
Interest Rate Swap [Member] | 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] | ||
Cash flow hedges - variable-to-fixed interest rate swap | 7.9 | 0.7 |
Interest Rate Swap [Member] | 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] | ||
Cash flow hedges - variable-to-fixed interest rate swap | 18.4 | 6.9 |
Interest Rate Swap [Member] | Estimate of Fair Value Measurement [Member] | 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] | ||
Cash flow hedges - variable-to-fixed interest rate swap | 0.9 | 0.9 |
Interest Rate Swap [Member] | Estimate of Fair Value Measurement [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash flow hedges - variable-to-fixed interest rate swap | 2.2 | 1.6 |
Interest Rate Swap [Member] | 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] | ||
Cash flow hedges - variable-to-fixed interest rate swap | 7.9 | 0.7 |
Interest Rate Swap [Member] | 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] | ||
Cash flow hedges - variable-to-fixed interest rate swap | 18.4 | 6.9 |
Currency Swap [Member] | Reported Value Measurement [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash flow hedges - currency forward contracts | 1.1 | 0 |
Currency Swap [Member] | Estimate of Fair Value Measurement [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash flow hedges - currency forward contracts | $ 1.1 | $ 0 |
Fair Value - Fair Value of Debt
Fair Value - Fair Value of Debt (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Reported Value Measurement [Member] | Revolving Credit Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Line of credit facility, amount outstanding | $ 0 | $ 0 |
Reported Value Measurement [Member] | Term Loan A Due 2024 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 340 | |
Reported Value Measurement [Member] | Term Loan A [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 83.8 | |
Reported Value Measurement [Member] | Term Loan B [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 1,188.8 | 1,511.2 |
Reported Value Measurement [Member] | 7.75% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 0 | 100 |
Reported Value Measurement [Member] | 6.625% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 450 | 450 |
Reported Value Measurement [Member] | 6.50% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 500 | 500 |
Reported Value Measurement [Member] | 6.25% Notes Due 2026 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 400 | 400 |
Reported Value Measurement [Member] | 6.25% Notes due 2025 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 700 | 700 |
Estimate of Fair Value Measurement [Member] | Revolving Credit Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Line of credit facility, amount outstanding | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Term Loan A Due 2024 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 337.9 | |
Estimate of Fair Value Measurement [Member] | Term Loan A [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 79.5 | |
Estimate of Fair Value Measurement [Member] | Term Loan B [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 1,174 | 1,420.6 |
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 | 0 | 102.1 |
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 | 455.4 | 444.4 |
Estimate of Fair Value Measurement [Member] | 6.50% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 516.3 | 446.3 |
Estimate of Fair Value Measurement [Member] | 6.25% Notes Due 2026 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 409 | 358 |
Estimate of Fair Value Measurement [Member] | 6.25% Notes due 2025 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | $ 716.6 | $ 636.7 |
Fair Value - Impairment of Long
Fair Value - Impairment of Long-Lived Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of Long-Lived Assets to be Disposed of | $ 225 | ||
Property, Plant and Equipment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Long Lived Assets, Fair Value | $ 0 | $ 0 | |
Impairment of Long-Lived Assets to be Disposed of | 0 | 28.8 | |
Other Assets and Deferred Charges [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Long Lived Assets, Fair Value | 0 | 0 | |
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 1.2 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Benefit Plan, Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.40% | 4.30% | 3.65% |
Expected return on plan assets | 7.25% | 7.50% | 7.45% |
Rate of compensation increase | 4.00% | 4.00% | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.05% | 2.95% | 2.75% |
Expected return on plan assets | 4.00% | 5.10% | 5.10% |
Rate of compensation increase | 3.15% | 3.40% | 3.40% |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.35% | 4.35% | 3.65% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Employee Benefit Plans - Accumu
Employee Benefit Plans - Accumulated Benefit Obligation and Underfunded Pension Plan Detail Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Defined benefit plan, accumulated benefit obligation | $ 737.8 | $ 732.5 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 608 | |
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 608 | |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 483.2 |
Employee Benefit Plans - GM Cos
Employee Benefit Plans - GM Cost Sharing Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Total GM postretirement cost sharing asset | $ 236 | $ 232.9 |
Current GM postretirement cost sharing asset | 12.7 | |
Noncurrent GM postretirement cost sharing asset | $ 223.3 | $ 219.4 |
Employee Benefit Plans - Change
Employee Benefit Plans - Change in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 625.8 | ||
Fair value of plan assets at end of year | 636.6 | $ 625.8 | |
Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 734.5 | 824 | |
Service cost | 1.5 | 2.6 | $ 3.6 |
Interest cost | 28 | 27.3 | 28.9 |
Plan amendments | 0 | 4.3 | |
Actuarial loss (gain) | 71.5 | (63.2) | |
Change in GM portion of OPEB obligation | 0 | 0 | |
Participant contributions | 0.2 | 0.3 | |
Curtailments | (1.9) | (11.6) | |
Settlements | (28.8) | (0.6) | |
Benefit payments | (44.1) | (39.7) | |
Sale of business | (26.2) | 0 | |
Currency fluctuations | 5.5 | (9.4) | |
Other | 0 | 0.5 | |
Net change | 5.7 | (89.5) | |
Benefit obligation at end of year | 740.2 | 734.5 | 824 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 625.8 | 702.2 | |
Actual return on plan assets | 87.5 | (31) | |
Employer contributions | 10 | 4.4 | |
Participant contributions | 0.2 | 0.3 | |
Benefit payments | (44.1) | (39.8) | |
Settlements | (28.8) | (0.6) | |
Sale of business | (20.7) | 0 | |
Currency fluctuations | 6.7 | (9.7) | |
Net change | 10.8 | (76.4) | |
Fair value of plan assets at end of year | 636.6 | 625.8 | 702.2 |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 537.3 | 613.3 | |
Service cost | 0.3 | 0.4 | 0.3 |
Interest cost | 12.8 | 12.4 | 13.3 |
Plan amendments | 0 | (2.3) | |
Actuarial loss (gain) | 11.9 | (43.8) | |
Change in GM portion of OPEB obligation | 3.1 | (32.6) | |
Participant contributions | 0 | 0 | |
Curtailments | 0 | (0.2) | |
Settlements | 0 | 0 | |
Benefit payments | (15.5) | (9.9) | |
Sale of business | (0.8) | 0 | |
Currency fluctuations | 0 | 0 | |
Other | 0 | 0 | |
Net change | 11.8 | (76) | |
Benefit obligation at end of year | 549.1 | 537.3 | 613.3 |
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 | 15.5 | 9.9 | |
Participant contributions | 0 | 0 | |
Benefit payments | (15.5) | (9.9) | |
Settlements | 0 | 0 | |
Sale of business | 0 | 0 | |
Currency fluctuations | 0 | 0 | |
Net change | 0 | 0 | |
Fair value of plan assets at end of year | $ 0 | $ 0 | $ 0 |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized in the Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Noncurrent assets | $ 21.2 | $ 26.4 |
Defined benefit pension plan liabilities, current | (6.6) | (6.5) |
Defined benefit pension plan, liabilities, noncurrent | (118.2) | (128.6) |
Defined benefit plan, amounts recognized in balance sheet | (103.6) | (108.7) |
Other Postretirement Benefits 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) | (30.8) |
Other postretirement defined benefit plan, liabilities, noncurrent | (520) | (506.5) |
Other postretirement defined benefit plan, liabilities | $ (549.1) | $ (537.3) |
Employee Benefit Plans - Pre-ta
Employee Benefit Plans - Pre-tax Amounts Recorded in AOCI (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial gain (loss) | $ (239.2) | $ (230.6) |
Net prior service credit (cost) | (1.2) | (1.2) |
Total amounts recorded | (240.4) | (231.8) |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial gain (loss) | 19.3 | 31.3 |
Net prior service credit (cost) | 4.7 | 6.2 |
Total amounts recorded | $ 24 | $ 37.5 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Curtailment loss (gain) | $ 9.8 | $ 0 | $ 3.2 |
Settlement charge | 9.8 | 0 | 0 |
Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 1.5 | 2.6 | 3.6 |
Interest cost | 28 | 27.3 | 28.9 |
Expected asset return | (41.1) | (45.8) | (44) |
Amortized actuarial loss | 6.4 | 7.8 | 7.1 |
Amortized prior service cost (credit) | 0 | 0.1 | (0.1) |
Curtailment loss (gain) | 0 | 3.2 | 0 |
Settlement charge | 10.4 | 0.4 | 3.2 |
Net periodic benefit cost (credit) | 5.2 | (4.4) | (1.3) |
Other Postretirement Benefits 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 | 12.8 | 12.4 | 13.3 |
Expected asset return | 0 | 0 | 0 |
Amortized actuarial loss | 0.1 | 0.8 | 0.6 |
Amortized prior service cost (credit) | (1.5) | (2.7) | (2.7) |
Curtailment loss (gain) | 0 | (0.6) | 0 |
Settlement charge | 0 | 0 | 0 |
Other postretirement benefit expense | $ 11.7 | $ 10.3 | $ 11.5 |
Employee Benefit Plans - All Ot
Employee Benefit Plans - All Other Relevant Defined Benefit Pension and Other Postretirement Benefit Disclosures Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2026 | Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6.50% | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 1.4 | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 33.8 | |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | 1.1 | |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | 28.4 | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 57.9 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 56 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 55 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 55 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 56.4 | |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 288.4 | |
Forecast [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | |
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2026 | |
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (8.6) | |
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | 0.1 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 1.5 | |
Pension Plan [Member] | Foreign Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Payment for Pension and Other Postretirement Benefits | 2.2 | |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (1) | |
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | (1.5) | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 17 |
Employee Benefit Plans - Termin
Employee Benefit Plans - Terminated vested lump sum payment offer (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)Employees | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | $ (9.8) | $ 0 | $ 0 |
Terminated vested lump sum payment offer [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, number of plan participants eligible for settlement | Employees | 2,000 | ||
Defined benefit plan, number of plan participants included in settlement | Employees | 616 | ||
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | $ 28.4 | ||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 32.5 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | $ (9.8) |
Employee Benefit Plans - Defi_2
Employee Benefit Plans - Defined Benefit Pension Plan Assets by Category and Fair Value Hierarchy (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 636.6 | $ 625.8 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 509.6 | 481.3 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 61.9 | 80.3 |
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 | 9.3 | 6.7 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7.3 | 3.5 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2 | 3.2 |
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 | 85.4 | 75.9 |
U.S. Large Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 82.4 | 72.5 |
U.S. Large Cap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3 | 3.4 |
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 | 22.7 | 17.5 |
U.S. Small/Mid Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 22.7 | 17.4 |
U.S. Small/Mid Cap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0.1 |
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 |
World Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 92.8 | 84.8 |
World Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 88.1 | 79.5 |
World Equity [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4.7 | 5.3 |
World Equity [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 | 119.3 | 140.8 |
Government & Agencies [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 74.3 | 86.5 |
Government & Agencies [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 45 | 54.3 |
Government & Agencies [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Corporate Bonds - Investment Grade [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 186.4 | 179.9 |
Corporate Bonds - Investment Grade [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 185.8 | 177.2 |
Corporate Bonds - Investment Grade [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0.6 | 2.7 |
Corporate Bonds - Investment Grade [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Corporate Bonds - Non-investment Grade [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 22.8 | 21.3 |
Corporate Bonds - Non-investment Grade [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 21.7 | 19.8 |
Corporate Bonds - Non-investment Grade [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1.1 | 1.5 |
Corporate Bonds - Non-investment Grade [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 | 21.1 | 18.9 |
Emerging Market Debt [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 20.4 | 18 |
Emerging Market Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0.7 | 0.9 |
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 - Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 11.7 | 15.8 |
Fixed Income Securities - Other [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6.9 | 6.9 |
Fixed Income Securities - Other [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4.8 | 8.9 |
Fixed Income Securities - Other [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Property Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 57.3 | 56 |
Property Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Property Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Property Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Liquid Alternatives Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1.6 | 2.5 |
Liquid Alternatives Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Liquid Alternatives Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Liquid Alternatives Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Structured Credit Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6.2 | 5.7 |
Structured Credit Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Structured Credit Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Structured Credit Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 0 | $ 0 |
Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% |
Domestic Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 35.20% | 31.90% |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 30% - 55% | |
Domestic Plan [Member] | Fixed income securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 52.90% | 57.50% |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 40% - 60% | |
Domestic Plan [Member] | Alternative assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 10.40% | 10.00% |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 5% - 10% | |
Domestic Plan [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 1.50% | 0.60% |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0% - 5% | |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% |
Foreign Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 22.70% | 19.00% |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 15% - 25% | |
Foreign Plan [Member] | Fixed income securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 66.80% | 68.30% |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 65% - 75% | |
Foreign Plan [Member] | Alternative assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 9.40% | 10.50% |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 5% - 15% | |
Foreign Plan [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 1.10% | 2.20% |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0% - 5% |
Employee Benefit Plans - Defi_3
Employee Benefit Plans - Defined Contribution Plans Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Annual Retirement Contribution (ARC) [Member] | |||
Defined contribution plans, ARC, maximum employee contribution percentage | 5.00% | ||
Defined contribution plan, employer matching contribution, percent | 3.00% | ||
Defined contribution plans, ARC, contributions made during period | $ 10.3 | $ 7.3 | $ 7.1 |
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 | $ 11.5 | $ 12.4 | $ 10 |
Stock Based Compensation and _3
Stock Based Compensation and Other Incentive Compensation - Stock Based Compensation Narrative (Details) shares in Millions | Dec. 31, 2019shares |
Share-based Payment Arrangement [Abstract] | |
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 5.3 |
Stock Based Compensation and _4
Stock Based Compensation and Other Incentive Compensation - Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | $ 10.9 | $ 6.1 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Beginning balance | 3.5 | 2.5 | 1.8 | |
Restricted stock units granted | 1 | 1.7 | 1.3 | |
Restricted stock units vested | (0.7) | (0.4) | (0.4) | |
Restricted stock units canceled | (0.7) | (0.3) | (0.2) | |
Ending balance | 3.1 | 3.5 | 2.5 | |
Weighted-average grant date fair value outstanding | $ 16.03 | $ 16 | $ 18.35 | $ 18.70 |
Weighted-average grant date fair value granted | 15.78 | 14.57 | 18.09 | |
Weighted-average grant date fair value vested | 15.53 | 24.16 | 19.70 | |
Weighted-average grant date fair value canceled | $ 16.05 | $ 15.84 | $ 16.79 | |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 17 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years |
Stock Based Compensation and _5
Stock Based Compensation and Other Incentive Compensation - Performance Shares Activity (Details) - Performance Shares [Member] - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 6.8 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | |||
EBITDA Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Beginning balance | 0.5 | 0.6 | 0.5 | |
Performance shares granted | 0 | 0 | 0.2 | |
Performance shares vested | (0.4) | (0.1) | (0.1) | |
Performance shares canceled | 0 | 0 | 0 | |
Ending balance | 0.1 | 0.5 | 0.6 | |
Weighted-average grant date fair value outstanding | $ 39.09 | $ 34.49 | $ 33.91 | $ 30.19 |
Weighted-average grant date fair value granted | 0 | 0 | 39.01 | |
Weighted-average grant date fair value vested | 31.21 | 37.67 | 27.73 | |
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 | 0.8 | 0.6 | 0.5 | |
Performance shares granted | 0.3 | 0.3 | 0.2 | |
Performance shares vested | (0.2) | (0.1) | (0.1) | |
Performance shares canceled | (0.1) | 0 | 0 | |
Ending balance | 0.8 | 0.8 | 0.6 | |
Weighted-average grant date fair value outstanding | $ 20.13 | $ 16.25 | $ 20.93 | $ 19.55 |
Weighted-average grant date fair value granted | 24.36 | 13.91 | 24.58 | |
Weighted-average grant date fair value vested | 17.54 | 31.21 | 22.78 | |
Weighted-average grant date fair value canceled | $ 20.49 | $ 0 | $ 0 | |
Free Cash Flow (FCF) Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Beginning balance | 0.3 | 0 | ||
Performance shares granted | 0 | 0.3 | ||
Performance shares vested | 0 | 0 | ||
Performance shares canceled | 0 | 0 | ||
Ending balance | 0.3 | 0.3 | 0 | |
Weighted-average grant date fair value outstanding | $ 14.28 | $ 14.28 | $ 0 | |
Weighted-average grant date fair value granted | 0 | 14.28 | ||
Weighted-average grant date fair value vested | 0 | 0 | ||
Weighted-average grant date fair value canceled | $ 0 | $ 0 |
Stock Based Compensation and _6
Stock Based Compensation and Other Incentive Compensation - Performance Units (Details) - Performance Units [Member] - Free Cash Flow (FCF) Awards [Member] shares in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Incentive compensation arrangement, by award, grants in period | shares | 14.2 |
Incentive compensation arrangement, cost not yet recognized, amount | $ | $ 6.3 |
Incentive compensation arrangement, cost not yet recognized, period for recognition | 2 years |
Income Taxes - Income Before In
Income Taxes - Income Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. loss | $ (889) | $ (549.4) | $ (37.1) |
Non - U.S. income | 356 | 435.5 | 377.1 |
Income (loss) before income taxes | $ (533) | $ (113.9) | $ 340 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||
Federal | $ (11.9) | $ (81.5) | $ 87.1 |
State and local | 0.1 | 3.2 | (0.7) |
Foreign | 49.3 | 46.5 | 62.4 |
Total current | 37.5 | (31.8) | 148.8 |
Deferred | |||
Federal | (73.5) | (5.1) | (122.3) |
State and local | (1.5) | (6.7) | (17) |
Foreign | (11.4) | (13.5) | (7) |
Total deferred | (86.4) | (25.3) | (146.3) |
Total income tax expense (benefit) | $ (48.9) | $ (57.1) | $ 2.5 |
Income Taxes - Rate Reconciliat
Income Taxes - Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory | $ (111.9) | $ (23.9) | $ 119 |
Foreign income taxes | (40.2) | (39.7) | (96.3) |
Change in enacted tax rate | 0.2 | (8.3) | (107.6) |
Transition tax | (7.5) | 5.8 | 108.3 |
State and local | (20) | (12.8) | (6.3) |
Tax credits | (9.6) | (20.1) | (8.8) |
Valuation allowance | 12.6 | 12.9 | (6.1) |
Goodwill impairment | 92.4 | 21.6 | 0 |
Withholding taxes | 4 | 6.6 | 4.7 |
U.S. tax on unremitted foreign earnings | (2.8) | 4.1 | (18.6) |
Global intangible low-taxed income | 31.1 | 8 | 0 |
Uncertain tax positions | 5.9 | (9.8) | 13.5 |
Other | (3.1) | (1.5) | 0.7 |
Total income tax expense (benefit) | $ (48.9) | $ (57.1) | $ 2.5 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 3.7 | $ 1.2 | |
Income tax benefit of goodwill impairment loss | 85 | ||
Foreign Tax Authority [Member] | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 20 | ||
Transition tax [Member] | |||
Other Tax Expense (Benefit) | $ (9.3) |
Income Taxes - Tax Cuts and Job
Income Taxes - Tax Cuts and Jobs Act Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tax Cuts and Jobs Act [Line Items] | |||
Transition tax | $ (7.5) | $ 5.8 | $ 108.3 |
Change in enacted tax rate | $ (0.2) | 8.3 | 107.6 |
Net adjustment for provisional amounts recorded under Tax Cuts and Jobs Act | $ 2.5 | ||
Transition tax [Member] | |||
Tax Cuts and Jobs Act [Line Items] | |||
Other Tax Expense (Benefit) | 108 | ||
Tax Cuts and Jobs Act [Member] | |||
Tax Cuts and Jobs Act [Line Items] | |||
Other Tax Expense (Benefit) | (20) | ||
Remeasurement of net deferred tax liabilities due to change in tax rate [Member] | |||
Tax Cuts and Jobs Act [Line Items] | |||
Other Tax Expense (Benefit) | (110) | ||
Reduction of Deferred Tax Liability on Foreign Earnings [Member] | |||
Tax Cuts and Jobs Act [Line Items] | |||
Other Tax Expense (Benefit) | $ (18) |
Income Taxes - Refundable Incom
Income Taxes - Refundable Income Taxes and Income Taxes Payable Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Prepaid Expenses and Other Current Assets [Member] | ||
Refundable income taxes and income taxes payable [Line Items] | ||
Refundable income taxes | $ 25 | $ 10 |
Accrued Liabilities [Member] | ||
Refundable income taxes and income taxes payable [Line Items] | ||
Taxes Payable, Current | $ 3 | $ 10 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets | $ 64.1 | $ 45.5 |
Deferred tax asset, net | 44.5 | |
Deferred tax liability, net | (47.1) | |
Deferred tax liabilities, net, noncurrent | (19.6) | (92.6) |
Domestic [Member] | ||
Deferred tax liabilities, net, noncurrent | (76.6) | |
Deferred tax asset, net, noncurrent | 5 | |
Foreign [Member] | ||
Deferred tax asset, net, noncurrent | 39.5 | 29.5 |
Deferred Tax Assets, Noncurrent [Member] | ||
Employee benefits | 149.4 | 152.9 |
Inventory | 27.3 | 22.9 |
Net operating loss (NOL) carryforwards | 201.7 | 166 |
Tax credit carryforwards | 47.8 | 44.3 |
Capital allowance carryforwards | 9.3 | 10 |
Capitalized expenditures | 42.9 | 25.9 |
Interest carryforward | 43.9 | 0 |
Operating lease liabilities | 27.1 | 0 |
Other | 42.7 | 47.3 |
Valuation allowances | (196) | (183.3) |
Deferred tax assets | 396.1 | 286 |
Deferred Tax Liabilities, Noncurrent [Member] | ||
Other intangible assets | (199.7) | (176) |
Fixed assets | (120.7) | (141.9) |
Operating lease right-of-use assets | (27.1) | 0 |
Other | (4.1) | (15.2) |
Deferred tax liabilities | $ (351.6) | $ (333.1) |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Assets and Liabilities and Valuation Allowances Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards | $ 258.8 | $ 220.3 |
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards, Not Subject to Expiration | 101.5 | |
Valuation allowance, deferred tax asset, increase (decrease), amount | 25.4 | 16 |
Deferred Tax Assets, Valuation Allowance | 196 | 183.3 |
Foreign Tax Authority [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Valuation allowance, deferred tax asset, increase (decrease), amount | $ 12.8 | $ 3.1 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | $ 38.7 | $ 47.7 | $ 28.2 |
Increase in prior year tax positions | 0.2 | 5.6 | 1.5 |
Decrease in prior year tax positions | (3.1) | (16.9) | (0.4) |
Increase in current year tax positions | 4.4 | 6 | 10.5 |
Increase from acquisitions | 8.3 | ||
Settlement | (3.7) | (1.2) | |
Foreign currency remeasurement adjustment | 0.9 | 0.8 | |
Unrecognized tax benefits, ending balance | 41.1 | 38.7 | 47.7 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | |||
Unrecognized tax benefits, interest and penalties, beginning balance | 6.9 | 7.5 | 2.5 |
Increase in prior year tax positions | 4.5 | 3.5 | 3.1 |
Decrease in prior year tax positions | (0.1) | (2.5) | 0 |
Increase in current year tax positions | 0 | 0 | 0 |
Increase from acquisitions | 1.9 | ||
Settlement | (1.6) | (0.1) | |
Foreign currency remeasurement adjustment | 0.2 | 0.1 | |
Unrecognized tax benefits, interest and penalties, ending balance | $ 11.5 | $ 6.9 | $ 7.5 |
Income Taxes - Other Tax Disclo
Income Taxes - Other Tax Disclosure Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | $ 41.1 | $ 38.7 | $ 47.7 | $ 28.2 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 4.4 | 1 | 3.1 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 11.5 | $ 6.9 | $ 7.5 | $ 2.5 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 49.4 |
Earnings Per Share (EPS) (Detai
Earnings Per Share (EPS) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator [Abstract] | |||
Net income (loss) attributable to AAM | $ (484.5) | $ (57.5) | $ 337.1 |
Less: Net income allocated to participating securities | 0 | 0 | (7.5) |
Net income (loss) attributable to common shareholders - Basic and Dilutive | $ (484.5) | $ (57.5) | $ 329.6 |
Denominator [Abstract] | |||
Weighted-average shares outstanding | 115.6 | 115 | 104.6 |
Less: Participating securities | (3.3) | (3.4) | (2.3) |
Weighted-average common shares outstanding | 112.3 | 111.6 | 102.3 |
Dilutive stock-based compensation | 0 | 0 | 0.5 |
Diluted shares outstanding - adjusted weighted-average shares after assumed conversions | 112.3 | 111.6 | 102.8 |
Basic earnings (loss) per share | $ (4.31) | $ (0.51) | $ 3.22 |
Diluted earnings (loss) per share | $ (4.31) | $ (0.51) | $ 3.21 |
Earnings Per Share (EPS) - Anti
Earnings Per Share (EPS) - Antidilutive Shares (Details) - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.4 | 0.8 |
Commitments and Contingencies -
Commitments and Contingencies - Purchase Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Obligated purchase commitments | $ 131.9 | $ 287.2 |
Commitments and Contingencies_2
Commitments and Contingencies - Product Liability (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning balance | $ 57.7 | $ 49.5 |
Accruals | 18.5 | 19.1 |
Settlements | (10.4) | (10.7) |
Adjustments to prior period accruals | (3.9) | 0.4 |
Foreign currency translation | 0.1 | (0.6) |
Ending balance | $ 62 | $ 57.7 |
Reclassifications out of Accu_3
Reclassifications out of Accumulated Other Comprehensive Income - Reclassifications out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | $ 18.3 | $ (38.1) | $ 8.5 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (4.6) | (62.5) | 88.3 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (14.6) | 5.5 | 17.1 |
Other Comprehensive Income (Loss), Net of Tax | (37.5) | (18.9) | 96.9 |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax - Beginning Balance | (213.9) | (252) | (243.5) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (61.5) | 41.9 | (20.1) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax | 5.6 | (8.4) | 5.5 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 12.5 | 6 | 8.2 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | (2.6) | (1.4) | (2.1) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (46) | 38.1 | (8.5) |
Accumulated Other Comprehensive Income (Loss), Net of Tax - Ending Balance | (259.9) | (213.9) | (252) |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax - Beginning Balance | (96.6) | (34.1) | (122.4) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | (4.6) | (62.7) | 88.3 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | 0.2 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (4.6) | (62.5) | 88.3 |
Accumulated Other Comprehensive Income (Loss), Net of Tax - Ending Balance | (101.2) | (96.6) | (34.1) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax - Beginning Balance | (1.1) | (6.6) | (23.7) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | (19) | 5.4 | 12 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 6.3 | (0.2) | (0.2) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (1.7) | (0.4) | 5.3 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (0.2) | 0.7 | 0 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (14.6) | 5.5 | 17.1 |
Accumulated Other Comprehensive Income (Loss), Net of Tax - Ending Balance | (15.7) | (1.1) | (6.6) |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax - Beginning Balance | (311.6) | (292.7) | (389.6) |
Other Comprehensive Income (Loss) Arising During Period, Total, Before Tax | (85.1) | (15.4) | 80.2 |
Other Comprehensive Income (Loss), Defined Benefit Plans, before Reclassification Adjustments, Tax | 11.9 | (8.6) | 5.3 |
Other Comprehensive Income (Loss), Reclassification Adjustments, Total, Before Tax | 10.8 | 5.8 | 13.5 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Defined Benefit Plans, Tax | (2.8) | (0.7) | (2.1) |
Other Comprehensive Income (Loss), Net of Tax | (65.2) | (18.9) | 96.9 |
Accumulated Other Comprehensive Income (Loss), Net of Tax - Ending Balance | $ (376.8) | $ (311.6) | $ (292.7) |
Reclassifications out of Accu_4
Reclassifications out of Accumulated Other Comprehensive Income - Reclassifications out of Accumulated Other Comprehensive Income Parenthetical (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cost of Sales [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | $ 0 | $ 0 | $ 8.7 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (2.4) | 2.8 | 5.3 | |
Selling, General and Administrative Expenses [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 0 | 0 | (0.5) | |
Other Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (1.3) | 0 | 0 | |
Interest Expense [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 2 | $ (3.2) | $ 0 | |
Accounting Standard Update 2018-02 [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 27.7 | |||
Net effect of AAM Pension Payout and the Casting Sale [Member] | Other Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | $ 7.4 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customers [Abstract] | |
Revenue, Performance Obligation, Description of Payment Terms | 50 days |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 6,530.9 | $ 7,270.4 | $ 6,266 |
North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,247.1 | 5,840.3 | 5,198.8 |
Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 571.2 | 678.3 | 512.5 |
Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 607.3 | 622.1 | 421.5 |
South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 105.3 | 129.7 | 133.2 |
Driveline [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,449.7 | 4,911.4 | 4,501.9 |
Driveline [Member] | North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,466.3 | 3,823.1 | 3,676.1 |
Driveline [Member] | Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 533.6 | 634.4 | 472.5 |
Driveline [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 351 | 329 | 220.6 |
Driveline [Member] | South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 98.8 | 124.9 | 132.7 |
Metal Forming [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,453.5 | 1,617.7 | 1,217.2 |
Metal Forming [Member] | North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,153.1 | 1,275.9 | 975.8 |
Metal Forming [Member] | Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 37.6 | 43.9 | 40 |
Metal Forming [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 256.3 | 293.1 | 200.9 |
Metal Forming [Member] | South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 6.5 | 4.8 | 0.5 |
Casting [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 627.7 | 741.3 | 546.9 |
Casting [Member] | North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 627.7 | 741.3 | 546.9 |
Casting [Member] | Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
Casting [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
Casting [Member] | South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | $ 0 | $ 0 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Contract Asset and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Contract liability increase (decrease), current | $ (17.9) | $ 10.7 | $ 14.8 |
Receivables, net, current | 815.4 | 966.5 | |
Deferred revenue, current | 18.9 | 44.3 | |
Deferred revenue, noncurrent | 83.7 | 77.6 | |
Increase (decrease) in receivables | (151.1) | ||
Contract with customer, liability, revenue recognized | 48.6 | $ 47.9 | |
Other Current Liabilities [Member] | |||
Contract liability increase (decrease), current | (25.4) | ||
Other Noncurrent Liabilities [Member] | |||
Contract liability increase (decrease), current | $ 6.1 |
Business Combinations - Acquisi
Business Combinations - Acquisition of Mitec (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 02, 2019 | |
Business Acquisition [Line Items] | ||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 10.8 | $ 0 | $ 0 | |
Mitec Automotive AG [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 20.2 | |||
Business Combination, Consideration Transferred | 9.4 | |||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 10.8 |
Business Combinations - Acqui_2
Business Combinations - Acquisition of MPG Narrative (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 06, 2017 | |
Business Acquisition [Line Items] | |||||||
Business Acquisition, Share Price | $ 13.50 | ||||||
AAM Common Stock Issued per MPG Common Stock as Part of the Merger Consideration | 0.5 | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ (533) | $ (113.9) | $ 340 | ||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 3.51 | $ 1.95 | |||||
Share-based Payment Arrangement, Accelerated Cost | $ 20 | ||||||
Acquisition-related fair value inventory adjustment | 0 | 0 | (24.9) | ||||
Restructuring and acquisition-related costs | $ 57.8 | $ 78.9 | 110.7 | ||||
Metaldyne Performance Group, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of equity interests acquired | 100.00% | ||||||
Total consideration transferred | $ 1,530.2 | 1,500 | |||||
Net debt assumed | 1,700 | ||||||
Debt acquired | $ 1,918.7 | ||||||
Cash and cash equivalents acquired | 202.1 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,223.1 | ||||||
Adjustment to Contractual Purchase Price - Existing Payable Balance | $ (12.4) | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 2,022 | ||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 320 | ||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 227 | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 93.5 | ||||||
Business Acquisition, Pro Forma Revenue | 7,000 | $ 6,600 | |||||
Business Acquisition, Pro Forma Net Income (Loss) | 400 | $ 220 | |||||
Acquisition-related fair value inventory adjustment | 25 | ||||||
Restructuring and acquisition-related costs | 55 | ||||||
MPG Pro Forma Net Income Adjustment | $ 65 |
Business Combinations - Busines
Business Combinations - Business Combinations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 06, 2017 | Mar. 01, 2017 | |
Business Acquisition [Line Items] | |||||||
Adjusted purchase price, net of cash acquired | $ 9.4 | $ 1.3 | $ 895.5 | ||||
Goodwill | $ 699.1 | $ 1,141.8 | 1,654.3 | ||||
Metaldyne Performance Group, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash consideration | $ 953.5 | ||||||
Adjustment to Contractual Purchase Price - Existing Payable Balance | $ (12.4) | ||||||
Share consideration | 576.7 | ||||||
Total consideration transferred | $ 1,530.2 | $ 1,500 | |||||
Fair value of MPG noncontrolling interests | 3.6 | ||||||
Total fair value of MPG | 1,533.8 | ||||||
Cash and cash equivalents acquired | (202.1) | ||||||
Accounts receivable | 403.1 | ||||||
Inventories | 199 | ||||||
Prepaid expenses and other long-term assets | 119.9 | ||||||
Property, plant and equipment | 971.8 | ||||||
Intangible assets | 1,223.1 | ||||||
Total assets acquired | 3,119 | ||||||
Accounts payable | 287.8 | ||||||
Accrued expenses and other | 137.7 | ||||||
Deferred income tax liabilities | 580.2 | ||||||
Debt | 1,918.7 | ||||||
Postretirement benefits and other long-term liabilities | 54.1 | ||||||
Net assets acquired | 140.5 | ||||||
Goodwill | $ 1,393.3 | ||||||
Percentage of equity interests acquired | 100.00% | ||||||
USM Mexico Manufacturing LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash consideration | $ 162.5 | ||||||
Adjustments to Contractual Purchase Price for Working Capital Settlement | $ 2.5 | ||||||
Adjustments to Contractual Purchase Price for Capital Equipment | 4.9 | ||||||
Adjustment to Contractual Purchase Price - Existing Payable Balance | (22.8) | ||||||
Cash and cash equivalents acquired | (0.5) | ||||||
Accounts receivable | 1.1 | ||||||
Inventories | 4.8 | ||||||
Prepaid expenses and other long-term assets | 3.6 | ||||||
Property, plant and equipment | 38.4 | ||||||
Intangible assets | 31.7 | ||||||
Total assets acquired | 79.6 | ||||||
Accounts payable | 10.8 | ||||||
Accrued expenses and other | 2.7 | ||||||
Deferred income tax liabilities | 1.2 | ||||||
Adjusted purchase price, net of cash acquired | $ 146.6 | ||||||
Net assets acquired | 64.9 | ||||||
Goodwill | $ 81.7 | ||||||
Percentage of equity interests acquired | 100.00% |
Segment and Geographic Inform_3
Segment and Geographic Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Sales | $ 7,064.6 | $ 7,827.8 | $ 6,778.8 |
Less: Intersegment sales | 533.7 | 557.4 | 512.8 |
Net external sales | 6,530.9 | 7,270.4 | 6,266 |
Segment adjusted EBITDA | 970.3 | 1,183.9 | 1,102.7 |
Depreciation and amortization | 536.9 | 528.8 | 428.5 |
Capital expenditures | 433.3 | 524.7 | 477.7 |
Total assets | 6,644.6 | 7,510.7 | 7,882.8 |
Driveline [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 4,550.2 | 5,001.2 | 4,567.8 |
Less: Intersegment sales | 100.5 | 89.8 | 65.9 |
Net external sales | 4,449.7 | 4,911.4 | 4,501.9 |
Segment adjusted EBITDA | 610.8 | 754.5 | 762.3 |
Depreciation and amortization | 307.7 | 272 | 237.3 |
Capital expenditures | 283.8 | 339.4 | 340.2 |
Total assets | 3,778.8 | 3,796.6 | 3,507 |
Metal Forming [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 1,845.2 | 2,046 | 1,634.9 |
Less: Intersegment sales | 391.7 | 428.3 | 417.7 |
Net external sales | 1,453.5 | 1,617.7 | 1,217.2 |
Segment adjusted EBITDA | 316.5 | 376.5 | 305.7 |
Depreciation and amortization | 186.9 | 192.6 | 147.8 |
Capital expenditures | 105.5 | 138.3 | 97.7 |
Total assets | 1,900 | 2,607.2 | 2,731.1 |
Casting [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 669.2 | 780.6 | 576.1 |
Less: Intersegment sales | 41.5 | 39.3 | 29.2 |
Net external sales | 627.7 | 741.3 | 546.9 |
Segment adjusted EBITDA | 43 | 52.9 | 34.7 |
Depreciation and amortization | 42.3 | 64.2 | 43.4 |
Capital expenditures | 28.5 | 35 | 24.7 |
Total assets | 0 | 521.5 | 926 |
Corporate and Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 0 | 0 | 0 |
Less: Intersegment sales | 0 | 0 | 0 |
Net external sales | 0 | 0 | 0 |
Segment adjusted EBITDA | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Capital expenditures | 15.5 | 12 | 15.1 |
Total assets | $ 965.8 | $ 585.4 | $ 718.7 |
Segment and Geographic Inform_4
Segment and Geographic Information - Reconciliation of Operating Profit Loss from Segments to Consolidated (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment adjusted EBITDA | $ 970.3 | $ 1,183.9 | $ 1,102.7 |
Interest expense | (217.3) | (216.3) | (195.6) |
Depreciation and amortization | (536.9) | (528.8) | (428.5) |
Impairment charges | (665) | (485.5) | 0 |
Restructuring and acquisition-related costs | (57.8) | (78.9) | (110.7) |
Pension settlement | (9.8) | 0 | (3.2) |
Gain (loss) on sale of business | (21.3) | 15.5 | 0 |
Gain on bargain purchase of business | 10.8 | 0 | 0 |
Gain on settlement of capital lease | 0 | 15.6 | 0 |
Acquisition-related fair value inventory adjustment | 0 | 0 | (24.9) |
Impact of change in accounting principle | 0 | 0 | 3.7 |
Debt refinancing and redemption costs | (8.4) | (19.4) | (3.5) |
Other | 2.4 | 0 | 0 |
Income (loss) before income taxes | $ (533) | $ (113.9) | $ 340 |
Segment and Geographic Inform_5
Segment and Geographic Information - Schedule of Disclosure on Geographic Areas (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 6,530.9 | $ 7,270.4 | $ 6,266 |
Long-lived assets | 4,722.7 | 5,435.4 | 5,900.7 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 2,894 | 3,293.2 | 2,742.7 |
Long-lived assets | 2,805.8 | 3,612.3 | 4,253.8 |
Mexico | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 2,353.1 | 2,547.1 | 2,456.1 |
Long-lived assets | 1,117.4 | 1,117.9 | 993.8 |
South America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 105.3 | 129.7 | 133.2 |
Long-lived assets | 61.9 | 70.6 | 61.4 |
China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 315.4 | 373.4 | 318.6 |
Long-lived assets | 191.4 | 177.6 | 180.9 |
Asia, excluding China [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 255.8 | 304.9 | 193.9 |
Long-lived assets | 106.8 | 101 | 103.4 |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 607.3 | 622.1 | 421.5 |
Long-lived assets | $ 439.4 | $ 356 | $ 307.4 |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 6,530.9 | $ 7,270.4 | $ 6,266 | ||||||||
Gross profit | 902.6 | 1,140.4 | 1,119.1 | ||||||||
Net Income (loss) | (484.1) | (56.8) | 337.5 | ||||||||
Net income (loss) attributable to AAM | $ (484.5) | $ (57.5) | $ 337.1 | ||||||||
Basic earnings (loss) per share | $ (4.31) | $ (0.51) | $ 3.22 | ||||||||
Diluted earnings (loss) per share | $ (4.31) | $ (0.51) | $ 3.21 | ||||||||
Impairment of long-lived assets to be disposed of, net of tax | $ 178 | ||||||||||
Goodwill, Impairment Loss | $ 440 | $ 485.5 | |||||||||
Gain (Loss) on disposition of business, net of tax | $ 17 | ||||||||||
Gain on bargain purchase of business | 10.8 | 0 | $ 0 | ||||||||
Defined benefit plan, net periodic benefit cost (credit), gain (loss) due to settlement or curtailment, net of tax | 8 | ||||||||||
Quarterly Information [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,430 | 1,677.4 | $ 1,704.3 | $ 1,719.2 | $ 1,694.1 | $ 1,817 | $ 1,900.9 | $ 1,858.4 | |||
Gross profit | 183.4 | 248.7 | 248.3 | 222.2 | 225.3 | 267.4 | 331.4 | 316.3 | |||
Net Income (loss) | (454.4) | (124.1) | 52.7 | 41.7 | (361.6) | 64 | 151.3 | 89.5 | |||
Net income (loss) attributable to AAM | $ (454.4) | $ (124.2) | $ 52.5 | $ 41.6 | $ (361.8) | $ 63.8 | $ 151.1 | $ 89.4 | |||
Basic earnings (loss) per share | $ (4.04) | $ (1.10) | $ 0.45 | $ 0.36 | $ (3.24) | $ 0.55 | $ 1.31 | $ 0.78 | |||
Diluted earnings (loss) per share | $ (4.04) | $ (1.10) | $ 0.45 | $ 0.36 | $ (3.24) | $ 0.55 | $ 1.30 | $ 0.78 | |||
Metal Forming [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,453.5 | 1,617.7 | $ 1,217.2 | ||||||||
Goodwill, Impairment Loss | $ 440 | $ 440 | $ 0 | ||||||||
Powertrain and Casting [Member] | |||||||||||
Goodwill, Impairment Loss, Net of Tax | $ 400 |
Supplemental Guarantor Conden_3
Supplemental Guarantor Condensed Consolidating Financial Statements - Guarantor Narrative (Details) | Dec. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Debt Instrument [Line Items] | ||||
Ownership in Subsidiary, Percentage | 100.00% | |||
6.625% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | |||
6.625% Notes [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | |||
6.50% Notes [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | ||
6.25% Notes Due 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||
6.25% Notes Due 2026 [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||
6.25% Notes due 2025 [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% |
Supplemental Guarantor Conden_4
Supplemental Guarantor Condensed Consolidating Financial Statements - Condensed Consolidating Statements of Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net sales | |||
External | $ 6,530.9 | $ 7,270.4 | $ 6,266 |
Intercompany | 0 | 0 | 0 |
Total net sales | 6,530.9 | 7,270.4 | 6,266 |
Cost of goods sold | 5,628.3 | 6,130 | 5,146.9 |
Gross profit | 902.6 | 1,140.4 | 1,119.1 |
Selling, general and administrative expenses | 364.7 | 385.7 | 390.1 |
Amortization of intangible assets | 95.4 | 99.4 | 75.3 |
Impairment charges | 665 | 485.5 | 0 |
Restructuring and acquisition-related costs | 57.8 | 78.9 | 110.7 |
(Gain) loss on sale of business | 21.3 | (15.5) | 0 |
Operating income (loss) | (301.6) | 106.4 | 543 |
Non-operating income (expense), net | (231.4) | (220.3) | (203) |
Income (loss) before income taxes | (533) | (113.9) | 340 |
Income tax expense (benefit) | (48.9) | (57.1) | 2.5 |
Earnings (loss) from equity in subsidiaries | 0 | 0 | 0 |
Net income (loss) before royalties | (484.1) | (56.8) | 337.5 |
Royalties | 0 | 0 | 0 |
Net income (loss) after royalties | (484.1) | (56.8) | 337.5 |
Net income attributable to noncontrolling interests | (0.4) | (0.7) | (0.4) |
Net income (loss) attributable to AAM | (484.5) | (57.5) | 337.1 |
Other comprehensive income (loss), net of tax | (37.5) | (18.9) | 96.9 |
Comprehensive income (loss) | (522) | (76.4) | 434 |
Consolidation, Eliminations [Member] | |||
Net sales | |||
External | 0 | 0 | 0 |
Intercompany | (324.3) | (340.9) | (315.1) |
Total net sales | (324.3) | (340.9) | (315.1) |
Cost of goods sold | (324.3) | (340.9) | (315.1) |
Gross profit | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 |
Impairment charges | 0 | 0 | |
Restructuring and acquisition-related costs | 0 | 0 | 0 |
(Gain) loss on sale of business | 0 | 0 | |
Operating income (loss) | 0 | 0 | 0 |
Non-operating income (expense), net | 0 | 0 | 0 |
Income (loss) before income taxes | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 |
Earnings (loss) from equity in subsidiaries | 688.3 | 57.8 | (702.7) |
Net income (loss) before royalties | 688.3 | 57.8 | (702.7) |
Royalties | 0 | 0 | 0 |
Net income (loss) after royalties | 688.3 | 57.8 | (702.7) |
Net income attributable to noncontrolling interests | 0 | 0 | 0 |
Net income (loss) attributable to AAM | 688.3 | 57.8 | (702.7) |
Other comprehensive income (loss), net of tax | 58.7 | 86.4 | (230) |
Comprehensive income (loss) | 747 | 144.2 | (932.7) |
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 |
Amortization of intangible assets | 0 | 0 | 0 |
Impairment charges | 0 | 0 | |
Restructuring and acquisition-related costs | 0 | 0 | 0 |
(Gain) loss on sale of business | 0 | 0 | |
Operating income (loss) | 0 | 0 | 0 |
Non-operating income (expense), net | 0 | 0 | 0 |
Income (loss) before income taxes | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 |
Earnings (loss) from equity in subsidiaries | (484.5) | (57.5) | 337.1 |
Net income (loss) before royalties | (484.5) | (57.5) | 337.1 |
Royalties | 0 | 0 | 0 |
Net income (loss) after royalties | (484.5) | (57.5) | 337.1 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 |
Net income (loss) attributable to AAM | (484.5) | (57.5) | 337.1 |
Other comprehensive income (loss), net of tax | (37.5) | (18.9) | 96.9 |
Comprehensive income (loss) | (522) | (76.4) | 434 |
AAM Inc. [Member] | |||
Net sales | |||
External | 902 | 1,088.4 | 1,074.6 |
Intercompany | 1.9 | 4.2 | 2.4 |
Total net sales | 903.9 | 1,092.6 | 1,077 |
Cost of goods sold | 913.2 | 1,033.8 | 996.6 |
Gross profit | (9.3) | 58.8 | 80.4 |
Selling, general and administrative expenses | 232.5 | 210.3 | 223.2 |
Amortization of intangible assets | 5.9 | 5.1 | 5.6 |
Impairment charges | 0 | 0 | |
Restructuring and acquisition-related costs | 24.3 | 34.2 | 105.2 |
(Gain) loss on sale of business | 0 | 0 | |
Operating income (loss) | (272) | (190.8) | (253.6) |
Non-operating income (expense), net | (247) | (260.6) | (210) |
Income (loss) before income taxes | (519) | (451.4) | (463.6) |
Income tax expense (benefit) | (76.5) | (34.2) | 194.1 |
Earnings (loss) from equity in subsidiaries | (218.3) | (168.3) | 289.5 |
Net income (loss) before royalties | (660.8) | (585.5) | (368.2) |
Royalties | 224.4 | 276.6 | 317.3 |
Net income (loss) after royalties | (436.4) | (308.9) | (50.9) |
Net income attributable to noncontrolling interests | 0 | 0 | 0 |
Net income (loss) attributable to AAM | (436.4) | (308.9) | (50.9) |
Other comprehensive income (loss), net of tax | (28.3) | 9.4 | 40.1 |
Comprehensive income (loss) | (464.7) | (299.5) | (10.8) |
Guarantor Subsidiaries [Member] | |||
Net sales | |||
External | 1,992 | 2,204.8 | 1,668.2 |
Intercompany | 274.7 | 294.8 | 285.2 |
Total net sales | 2,266.7 | 2,499.6 | 1,953.4 |
Cost of goods sold | 2,065.4 | 2,249 | 1,730.9 |
Gross profit | 201.3 | 250.6 | 222.5 |
Selling, general and administrative expenses | 27.7 | 81.4 | 63.9 |
Amortization of intangible assets | 85.8 | 90.8 | 67.5 |
Impairment charges | 566.1 | 485.5 | |
Restructuring and acquisition-related costs | 21.7 | 40.4 | 1.9 |
(Gain) loss on sale of business | 21.3 | (15.5) | |
Operating income (loss) | (521.3) | (432) | 89.2 |
Non-operating income (expense), net | 7.7 | 15.6 | 18.6 |
Income (loss) before income taxes | (513.6) | (416.4) | 107.8 |
Income tax expense (benefit) | (10.7) | (55.4) | (247) |
Earnings (loss) from equity in subsidiaries | 14.5 | 168 | 76.1 |
Net income (loss) before royalties | (488.4) | (193) | 430.9 |
Royalties | 3 | 3.4 | 3.6 |
Net income (loss) after royalties | (485.4) | (189.6) | 434.5 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 |
Net income (loss) attributable to AAM | (485.4) | (189.6) | 434.5 |
Other comprehensive income (loss), net of tax | (18.3) | (51.6) | 87.3 |
Comprehensive income (loss) | (503.7) | (241.2) | 521.8 |
Non-Guarantor Subsidiaries [Member] | |||
Net sales | |||
External | 3,636.9 | 3,977.2 | 3,523.2 |
Intercompany | 47.7 | 41.9 | 27.5 |
Total net sales | 3,684.6 | 4,019.1 | 3,550.7 |
Cost of goods sold | 2,974 | 3,188.1 | 2,734.5 |
Gross profit | 710.6 | 831 | 816.2 |
Selling, general and administrative expenses | 104.5 | 94 | 103 |
Amortization of intangible assets | 3.7 | 3.5 | 2.2 |
Impairment charges | 98.9 | 0 | |
Restructuring and acquisition-related costs | 11.8 | 4.3 | 3.6 |
(Gain) loss on sale of business | 0 | 0 | |
Operating income (loss) | 491.7 | 729.2 | 707.4 |
Non-operating income (expense), net | 7.9 | 24.7 | (11.6) |
Income (loss) before income taxes | 499.6 | 753.9 | 695.8 |
Income tax expense (benefit) | 38.3 | 32.5 | 55.4 |
Earnings (loss) from equity in subsidiaries | 0 | 0 | 0 |
Net income (loss) before royalties | 461.3 | 721.4 | 640.4 |
Royalties | (227.4) | (280) | (320.9) |
Net income (loss) after royalties | 233.9 | 441.4 | 319.5 |
Net income attributable to noncontrolling interests | (0.4) | (0.7) | (0.4) |
Net income (loss) attributable to AAM | 233.5 | 440.7 | 319.1 |
Other comprehensive income (loss), net of tax | (12.1) | (44.2) | 102.6 |
Comprehensive income (loss) | $ 221.4 | $ 396.5 | $ 421.7 |
Supplemental Guarantor Conden_5
Supplemental Guarantor Condensed Consolidating Financial Statements - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | |||
Cash and cash equivalents | $ 532 | $ 476.4 | |
Accounts receivable, net | 815.4 | 966.5 | |
Intercompany receivables | 0 | 0 | |
Inventories, net | 373.6 | 459.7 | |
Other current assets | 136.8 | 127.2 | |
Total current assets | 1,857.8 | 2,029.8 | |
Property, plant and equipment, net | 2,358.4 | 2,514.4 | |
Goodwill | 699.1 | 1,141.8 | $ 1,654.3 |
Other intangible assets, net | 864.5 | 1,111.1 | |
Intercompany notes and accounts receivable | 0 | 0 | |
Other assets and deferred charges | 864.8 | 713.6 | |
Investment in subsidiaries | 0 | 0 | |
Total assets | 6,644.6 | 7,510.7 | $ 7,882.8 |
Current liabilities | |||
Current portion of long-term debt | 28.7 | 121.6 | |
Accounts payable | 623.5 | 840.2 | |
Intercompany payables | 0 | 0 | |
Other current liabilities | 374.2 | 395 | |
Total current liabilities | 1,026.4 | 1,356.8 | |
Intercompany notes and accounts payable | 0 | 0 | |
Long-term debt, net | 3,612.3 | 3,686.8 | |
Other long-term liabilities | 1,025.5 | 980.8 | |
Total liabilities | 5,664.2 | 6,024.4 | |
Total AAM stockholders' equity | 977.6 | 1,483.9 | |
Noncontrolling interests in subsidiaries | 2.8 | 2.4 | |
Total stockholders' equity | 980.4 | 1,486.3 | |
Total liabilities and stockholders' equity | 6,644.6 | 7,510.7 | |
Consolidation, Eliminations [Member] | |||
Current assets | |||
Cash and cash equivalents | 0 | 0 | |
Accounts receivable, net | 0 | 0 | |
Intercompany receivables | (8,750.5) | (5,787) | |
Inventories, net | 0 | 0 | |
Other current assets | 0 | 0 | |
Total current assets | (8,750.5) | (5,787) | |
Property, plant and equipment, net | 0 | 0 | |
Goodwill | 0 | 0 | |
Other intangible assets, net | 0 | 0 | |
Intercompany notes and accounts receivable | (1,990.6) | (1,461.3) | |
Other assets and deferred charges | 0 | 0 | |
Investment in subsidiaries | (5,558.9) | (6,780.7) | |
Total assets | (16,300) | (14,029) | |
Current liabilities | |||
Current portion of long-term debt | 0 | 0 | |
Accounts payable | 0 | 0 | |
Intercompany payables | (8,750.5) | (5,787) | |
Other current liabilities | 0 | 0 | |
Total current liabilities | (8,750.5) | (5,787) | |
Intercompany notes and accounts payable | (1,990.6) | (1,461.3) | |
Long-term debt, net | 0 | 0 | |
Other long-term liabilities | 0 | 0 | |
Total liabilities | (10,741.1) | (7,248.3) | |
Total AAM stockholders' equity | (5,556.1) | (6,778.3) | |
Noncontrolling interests in subsidiaries | (2.8) | (2.4) | |
Total stockholders' equity | (5,558.9) | (6,780.7) | |
Total liabilities and stockholders' equity | (16,300) | (14,029) | |
Holdings [Member] | |||
Current assets | |||
Cash and cash equivalents | 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 | |
Other intangible assets, net | 0 | 0 | |
Intercompany notes and accounts receivable | 0 | 0 | |
Other assets and deferred charges | 0 | 0 | |
Investment in subsidiaries | 2,294 | 2,790.5 | |
Total assets | 2,294 | 2,790.5 | |
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 | 1,313.6 | 1,304.2 | |
Long-term debt, net | 0 | 0 | |
Other long-term liabilities | 0 | 0 | |
Total liabilities | 1,313.6 | 1,304.2 | |
Total AAM stockholders' equity | 977.6 | 1,483.9 | |
Noncontrolling interests in subsidiaries | 2.8 | 2.4 | |
Total stockholders' equity | 980.4 | 1,486.3 | |
Total liabilities and stockholders' equity | 2,294 | 2,790.5 | |
AAM Inc. [Member] | |||
Current assets | |||
Cash and cash equivalents | 168.7 | 36.7 | |
Accounts receivable, net | 87.1 | 122.7 | |
Intercompany receivables | 4,603.4 | 3,337.2 | |
Inventories, net | 36.6 | 42.5 | |
Other current assets | 47.6 | 34.4 | |
Total current assets | 4,943.4 | 3,573.5 | |
Property, plant and equipment, net | 287.3 | 275.8 | |
Goodwill | 0 | 0 | |
Other intangible assets, net | 18.1 | 18.6 | |
Intercompany notes and accounts receivable | 1,829.2 | 1,316.8 | |
Other assets and deferred charges | 408.3 | 319.8 | |
Investment in subsidiaries | 1,773.3 | 2,241.5 | |
Total assets | 9,259.6 | 7,746 | |
Current liabilities | |||
Current portion of long-term debt | 4.2 | 100 | |
Accounts payable | 85.2 | 94.2 | |
Intercompany payables | 3,652.1 | 2,050 | |
Other current liabilities | 158.8 | 169 | |
Total current liabilities | 3,900.3 | 2,413.2 | |
Intercompany notes and accounts payable | 11.5 | 12.5 | |
Long-term debt, net | 3,523.4 | 3,578.3 | |
Other long-term liabilities | 475.4 | 508.9 | |
Total liabilities | 7,910.6 | 6,512.9 | |
Total AAM stockholders' equity | 1,349 | 1,233.1 | |
Noncontrolling interests in subsidiaries | 0 | 0 | |
Total stockholders' equity | 1,349 | 1,233.1 | |
Total liabilities and stockholders' equity | 9,259.6 | 7,746 | |
Guarantor Subsidiaries [Member] | |||
Current assets | |||
Cash and cash equivalents | 0.2 | 0.2 | |
Accounts receivable, net | 176.4 | 287.7 | |
Intercompany receivables | 4,024.5 | 2,356.3 | |
Inventories, net | 114.1 | 157.7 | |
Other current assets | 4.2 | 6 | |
Total current assets | 4,319.4 | 2,807.9 | |
Property, plant and equipment, net | 543.9 | 758.6 | |
Goodwill | 377.9 | 719 | |
Other intangible assets, net | 817.9 | 1,059.6 | |
Intercompany notes and accounts receivable | 161.4 | 144.5 | |
Other assets and deferred charges | 123.8 | 126.4 | |
Investment in subsidiaries | 1,491.6 | 1,748.7 | |
Total assets | 7,835.9 | 7,364.7 | |
Current liabilities | |||
Current portion of long-term debt | 7.4 | 0 | |
Accounts payable | 142.7 | 246.5 | |
Intercompany payables | 5,033.8 | 3,615.7 | |
Other current liabilities | 31 | 35.8 | |
Total current liabilities | 5,214.9 | 3,898 | |
Intercompany notes and accounts payable | 98.9 | 0 | |
Long-term debt, net | 0 | 3 | |
Other long-term liabilities | 282.5 | 271.7 | |
Total liabilities | 5,596.3 | 4,172.7 | |
Total AAM stockholders' equity | 2,239.6 | 3,192 | |
Noncontrolling interests in subsidiaries | 0 | 0 | |
Total stockholders' equity | 2,239.6 | 3,192 | |
Total liabilities and stockholders' equity | 7,835.9 | 7,364.7 | |
Non-Guarantor Subsidiaries [Member] | |||
Current assets | |||
Cash and cash equivalents | 363.1 | 439.5 | |
Accounts receivable, net | 551.9 | 556.1 | |
Intercompany receivables | 122.6 | 93.5 | |
Inventories, net | 222.9 | 259.5 | |
Other current assets | 85 | 86.8 | |
Total current assets | 1,345.5 | 1,435.4 | |
Property, plant and equipment, net | 1,527.2 | 1,480 | |
Goodwill | 321.2 | 422.8 | |
Other intangible assets, net | 28.5 | 32.9 | |
Intercompany notes and accounts receivable | 0 | 0 | |
Other assets and deferred charges | 332.7 | 267.4 | |
Investment in subsidiaries | 0 | 0 | |
Total assets | 3,555.1 | 3,638.5 | |
Current liabilities | |||
Current portion of long-term debt | 17.1 | 21.6 | |
Accounts payable | 395.6 | 499.5 | |
Intercompany payables | 64.6 | 121.3 | |
Other current liabilities | 184.4 | 190.2 | |
Total current liabilities | 661.7 | 832.6 | |
Intercompany notes and accounts payable | 566.6 | 144.6 | |
Long-term debt, net | 88.9 | 105.5 | |
Other long-term liabilities | 267.6 | 200.2 | |
Total liabilities | 1,584.8 | 1,282.9 | |
Total AAM stockholders' equity | 1,967.5 | 2,353.2 | |
Noncontrolling interests in subsidiaries | 2.8 | 2.4 | |
Total stockholders' equity | 1,970.3 | 2,355.6 | |
Total liabilities and stockholders' equity | $ 3,555.1 | $ 3,638.5 |
Supplemental Guarantor Conden_6
Supplemental Guarantor Condensed Consolidating Financial Statements - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net cash provided by operating activities | $ 559.6 | $ 771.5 | $ 647 | |
Investing activities | ||||
Purchases of property, plant and equipment | (433.3) | (524.7) | (477.7) | |
Proceeds from sale of property, plant and equipment | 5 | 4.9 | 2.5 | |
Purchase buyouts of leased equipment | (0.9) | (0.5) | (13.3) | |
Proceeds from sale of business | 141.2 | 47.1 | 5.9 | |
Acquisition of business, net of cash acquired | (9.4) | (1.3) | (895.5) | |
Investment in affiliates | (9.2) | (3.7) | 0 | |
Intercompany activity | 0 | 0 | ||
Net cash used in investing activities | (306.6) | (478.2) | (1,378.1) | |
Financing activities | ||||
Net debt activity | (189.2) | (171.6) | 712.7 | |
Debt issuance costs | (3.3) | (6.9) | (91) | |
Employee stock option exercises | 0 | 0 | 0.9 | |
Purchase of treasury stock | (7.5) | (3.7) | (7) | |
Purchase of noncontrolling interest | 0 | (2.3) | 0 | |
Intercompany activity | 0 | 0 | 0 | |
Net cash provided by (used in) financing activities | (200) | (184.5) | 615.6 | |
Effect of exchange rate changes on cash | 0.1 | (6.7) | 11.1 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 53.1 | 102.1 | (104.4) | |
Cash, cash equivalents and restricted cash | 532 | 478.9 | 376.8 | $ 481.2 |
Consolidation, Eliminations [Member] | ||||
Net cash provided by 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 | 0 | 0 | |
Proceeds from sale of business | 0 | 0 | 0 | |
Acquisition of business, net of cash acquired | 0 | 0 | 0 | |
Investment in affiliates | 0 | 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 | 0 | 0 | |
Employee stock option exercises | 0 | |||
Purchase of treasury stock | 0 | 0 | 0 | |
Purchase of noncontrolling interest | 0 | 0 | ||
Intercompany activity | 0 | 0 | 0 | |
Net cash provided by (used in) financing activities | 0 | 0 | 0 | |
Effect of exchange rate changes on cash | 0 | 0 | 0 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 | 0 | |
Cash, cash equivalents and restricted cash | 0 | 0 | 0 | 0 |
Holdings [Member] | ||||
Net cash provided by 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 | 0 | 0 | |
Proceeds from sale of business | 0 | 0 | 0 | |
Acquisition of business, net of cash acquired | 0 | 0 | 0 | |
Investment in affiliates | 0 | 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 | 0 | 0 | |
Employee stock option exercises | 0 | |||
Purchase of treasury stock | (7.5) | (3.7) | (7) | |
Purchase of noncontrolling interest | 0 | 0 | ||
Intercompany activity | 7.5 | 3.7 | 7 | |
Net cash provided by (used in) financing activities | 0 | 0 | 0 | |
Effect of exchange rate changes on cash | 0 | 0 | 0 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 | 0 | |
Cash, cash equivalents and restricted cash | 0 | 0 | 0 | 0 |
AAM Inc. [Member] | ||||
Net cash provided by operating activities | 230.7 | 262 | 410.4 | |
Investing activities | ||||
Purchases of property, plant and equipment | (58.7) | (63.2) | (69.1) | |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0.3 | |
Purchase buyouts of leased equipment | 0 | 0 | (13.3) | |
Proceeds from sale of business | 141.2 | 0 | 7.5 | |
Acquisition of business, net of cash acquired | 0 | 0 | (953.5) | |
Investment in affiliates | 0 | (3) | ||
Intercompany activity | 0 | 0 | ||
Net cash used in investing activities | 82.5 | (66.2) | (1,028.1) | |
Financing activities | ||||
Net debt activity | (167.7) | (240.4) | 725.6 | |
Debt issuance costs | (3.3) | (6.9) | (91) | |
Employee stock option exercises | 0.9 | |||
Purchase of treasury stock | 0 | 0 | 0 | |
Purchase of noncontrolling interest | 0 | 0 | ||
Intercompany activity | (10.2) | (3.7) | (10.2) | |
Net cash provided by (used in) financing activities | (181.2) | (251) | 625.3 | |
Effect of exchange rate changes on cash | 0 | 0 | 0 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 132 | (55.2) | 7.6 | |
Cash, cash equivalents and restricted cash | 168.7 | 36.7 | 91.9 | 84.3 |
Guarantor Subsidiaries [Member] | ||||
Net cash provided by operating activities | 42.3 | 145.5 | 33.1 | |
Investing activities | ||||
Purchases of property, plant and equipment | (119.9) | (163.8) | (100.4) | |
Proceeds from sale of property, plant and equipment | 4.5 | 4.3 | 0.3 | |
Purchase buyouts of leased equipment | 0 | (0.5) | 0 | |
Proceeds from sale of business | 0 | 42.7 | (1.6) | |
Acquisition of business, net of cash acquired | 0 | 0 | 64.6 | |
Investment in affiliates | 0 | 0 | ||
Intercompany activity | (12) | (44.1) | ||
Net cash used in investing activities | (127.4) | (161.4) | (37.1) | |
Financing activities | ||||
Net debt activity | (1.1) | (0.7) | (0.7) | |
Debt issuance costs | 0 | 0 | 0 | |
Employee stock option exercises | 0 | |||
Purchase of treasury stock | 0 | 0 | 0 | |
Purchase of noncontrolling interest | 0 | (2.3) | ||
Intercompany activity | 83.7 | 21.5 | 3.2 | |
Net cash provided by (used in) financing activities | 82.6 | 18.5 | 2.5 | |
Effect of exchange rate changes on cash | 0 | 0 | 0 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (2.5) | 2.6 | (1.5) | |
Cash, cash equivalents and restricted cash | 0.2 | 2.7 | 0.1 | 1.6 |
Non-Guarantor Subsidiaries [Member] | ||||
Net cash provided by operating activities | 286.6 | 364 | 203.5 | |
Investing activities | ||||
Purchases of property, plant and equipment | (254.7) | (297.7) | (308.2) | |
Proceeds from sale of property, plant and equipment | 0.5 | 0.6 | 1.9 | |
Purchase buyouts of leased equipment | (0.9) | 0 | 0 | |
Proceeds from sale of business | 0 | 4.4 | 0 | |
Acquisition of business, net of cash acquired | (9.4) | (1.3) | (6.6) | |
Investment in affiliates | (9.2) | (0.7) | ||
Intercompany activity | 12 | 44.1 | ||
Net cash used in investing activities | (261.7) | (250.6) | (312.9) | |
Financing activities | ||||
Net debt activity | (20.4) | 69.5 | (12.2) | |
Debt issuance costs | 0 | 0 | 0 | |
Employee stock option exercises | 0 | |||
Purchase of treasury stock | 0 | 0 | 0 | |
Purchase of noncontrolling interest | 0 | 0 | ||
Intercompany activity | (81) | (21.5) | 0 | |
Net cash provided by (used in) financing activities | (101.4) | 48 | (12.2) | |
Effect of exchange rate changes on cash | 0.1 | (6.7) | 11.1 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (76.4) | 154.7 | (110.5) | |
Cash, cash equivalents and restricted cash | $ 363.1 | $ 439.5 | $ 284.8 | $ 395.3 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation allowances and reserves, balance | $ 8.4 | $ 7 | $ 3.1 |
Additions, charged to costs and expenses | 13.2 | 6.6 | 4.6 |
Acquisitions and other | (0.8) | 0 | 2.1 |
Deductions | 12.8 | 5.2 | 2.8 |
Valuation allowances and reserves, balance | 8 | 8.4 | 7 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation allowances and reserves, balance | 183.3 | 180.4 | 164.8 |
Additions, charged to costs and expenses | 25.4 | 12.9 | 26.6 |
Acquisitions and other | 0 | 0 | 13.7 |
Deductions | 12.7 | 10 | 24.7 |
Valuation allowances and reserves, balance | 196 | 183.3 | 180.4 |
SEC Schedule, 12-09, Reserve, Inventory [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation allowances and reserves, balance | 14.4 | 17.3 | 14.8 |
Additions, charged to costs and expenses | 31 | 22.2 | 39.1 |
Acquisitions and other | 1.4 | 0 | 9.2 |
Deductions | 26.3 | 25.1 | 45.8 |
Valuation allowances and reserves, balance | $ 20.5 | $ 14.4 | $ 17.3 |