Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 02, 2016 | Nov. 01, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 2, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | MPG | |
Entity Registrant Name | METALDYNE PERFORMANCE GROUP INC. | |
Entity Central Index Key | 1,616,817 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 66,681,179 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Oct. 02, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 151.1 | $ 168.2 |
Receivables, net: | ||
Trade | 378.9 | 309.1 |
Other | 35.1 | 35.4 |
Total receivables, net | 414 | 344.5 |
Inventories | 173.8 | 186.8 |
Prepaid expenses | 14.1 | 15 |
Other assets | 28.1 | 21.5 |
Total current assets | 781.1 | 736 |
Property and equipment, net | 818.4 | 786 |
Goodwill | 907.7 | 907.7 |
Amortizable intangible assets, net | 656.6 | 708.9 |
Deferred income taxes | 5.7 | 1.7 |
Other assets | 16.2 | 17.3 |
Total assets | 3,185.7 | 3,157.6 |
Current liabilities: | ||
Accounts payable | 245.4 | 248.9 |
Accrued compensation | 52.9 | 55.2 |
Accrued liabilities | 78.8 | 66.8 |
Short-term debt | 0.4 | 0.7 |
Current maturities, long-term debt and capital lease obligations | 13.4 | 14.5 |
Total current liabilities | 390.9 | 386.1 |
Long-term debt, less current maturities | 1,827.2 | 1,827.1 |
Capital lease obligations, less current maturities | 22.7 | 22.5 |
Deferred income taxes | 205.1 | 231.3 |
Other long-term liabilities | 52.8 | 51.6 |
Total liabilities | 2,498.7 | 2,518.6 |
Stockholders’ equity: | ||
Common Stock: par $0.001, 400.0 authorized, 66.9 and 67.9 shares issued and outstanding, respectively | 0.1 | 0.1 |
Common stock held in treasury, at cost: 1.7 and zero shares, respectively | (25.8) | |
Paid-in capital | 870 | 856.2 |
Deficit | (102.2) | (162.9) |
Accumulated other comprehensive loss | (58.4) | (57.3) |
Total equity attributable to stockholders | 683.7 | 636.1 |
Noncontrolling interest | 3.3 | 2.9 |
Total stockholders’ equity | 687 | 639 |
Total liabilities and stockholders’ equity | $ 3,185.7 | $ 3,157.6 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 02, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 66,900,000 | 67,900,000 |
Common stock, shares outstanding | 66,900,000 | 67,900,000 |
Common stock held in treasury, shares | 1,700,000 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2016 | Sep. 27, 2015 | Oct. 02, 2016 | Sep. 27, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 676.2 | $ 746.6 | $ 2,144.1 | $ 2,312 |
Cost of sales | 569.8 | 620.4 | 1,770.9 | 1,915.2 |
Gross profit | 106.4 | 126.2 | 373.2 | 396.8 |
Selling, general and administrative expenses | 56.2 | 64.8 | 177 | 178.8 |
Operating income | 50.2 | 61.4 | 196.2 | 218 |
Interest expense, net | 25.7 | 26 | 78.1 | 80.5 |
Loss on debt extinguishment | 0.4 | |||
Other, net | 2 | (1.7) | 10.7 | (8.2) |
Other expense, net | 27.7 | 24.3 | 88.8 | 72.7 |
Income before tax | 22.5 | 37.1 | 107.4 | 145.3 |
Income tax expense | 3.1 | 8.8 | 27.3 | 40.3 |
Net income | 19.4 | 28.3 | 80.1 | 105 |
Income attributable to noncontrolling interest | 0.1 | 0.1 | 0.4 | 0.3 |
Net income attributable to stockholders | $ 19.3 | $ 28.2 | $ 79.7 | $ 104.7 |
Weighted average shares outstanding - Basic | 67.2 | 67.3 | 67.6 | 67.2 |
Weighted average shares outstanding - Diluted | 69.2 | 69 | 69.2 | 69 |
Cash dividends declared per share | $ 0.0925 | $ 0.0900 | $ 0.2750 | $ 0.1800 |
Net income per share attributable to stockholders | ||||
Basic | 0.29 | 0.42 | 1.18 | 1.56 |
Diluted | $ 0.28 | $ 0.41 | $ 1.15 | $ 1.52 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2016 | Sep. 27, 2015 | Oct. 02, 2016 | Sep. 27, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 19.4 | $ 28.3 | $ 80.1 | $ 105 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | 0.5 | (8.3) | (1.1) | (20.1) |
Other comprehensive income (loss), net of tax | 0.5 | (8.3) | (1.1) | (20.1) |
Comprehensive income | 19.9 | 20 | 79 | 84.9 |
Less comprehensive income attributable to noncontrolling interest | 0.1 | 0.1 | 0.4 | 0.3 |
Comprehensive income attributable to stockholders | $ 19.8 | $ 19.9 | $ 78.6 | $ 84.6 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Common stock | Common Stock Held In Treasury | Paid-in capital | Accumulated deficit | Accumulated other comprehensive loss | Noncontrolling interest |
Beginning Balance at Dec. 31, 2014 | $ 525 | $ 0.1 | $ 827.3 | $ (269.7) | $ (35.2) | $ 2.5 | |
Dividends | (12.3) | (12.3) | |||||
Stock-based compensation expense | 15.4 | 15.4 | |||||
Cash settlement of equity awards | (0.7) | (0.7) | |||||
Issuance of common stock | 2.5 | 2.5 | |||||
Excess tax benefit on stock-based compensation | 1.8 | 1.8 | |||||
Offering-related costs | (0.1) | (0.1) | |||||
Net income | 105 | 104.7 | 0.3 | ||||
Other comprehensive loss | (20.1) | (20.1) | |||||
Reclassifications, net | 0.2 | 0.2 | |||||
Ending Balance at Sep. 27, 2015 | 616.7 | 0.1 | 846.2 | (177.3) | (55.1) | 2.8 | |
Beginning Balance at Dec. 31, 2015 | 639 | 0.1 | 856.2 | (162.9) | (57.3) | 2.9 | |
Dividends | (19) | (19) | |||||
Stock-based compensation expense | 12.6 | 12.6 | |||||
Cash settlement of equity awards | (1.5) | (1.5) | |||||
Issuance of common stock | 1.8 | 1.8 | |||||
Purchase of treasury stock | (25.8) | $ (25.8) | |||||
Excess tax benefit on stock-based compensation | 0.9 | 0.9 | |||||
Net income | 80.1 | 79.7 | 0.4 | ||||
Other comprehensive loss | (1.1) | (1.1) | |||||
Ending Balance at Oct. 02, 2016 | $ 687 | $ 0.1 | $ (25.8) | $ 870 | $ (102.2) | $ (58.4) | $ 3.3 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Oct. 02, 2016 | Sep. 27, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 80.1 | $ 105 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 165.6 | 172.1 |
Debt fee amortization | 2.5 | 2.4 |
Loss on fixed asset dispositions | 2.6 | 1.9 |
Deferred income taxes | (30.2) | (25.9) |
Noncash interest expense | 0.8 | 0.8 |
Stock-based compensation expense | 12.6 | 15.4 |
Foreign currency adjustment | 7.6 | (3.6) |
Other | 1.5 | 5.4 |
Changes in assets and liabilities: | ||
Receivables, net | (62.5) | (78.3) |
Inventories | 14.2 | 9.8 |
Accounts payable, accrued liabilities, and accrued compensation | 5.9 | 11.2 |
Other, current | (4.2) | (0.7) |
Other, non-current | (0.1) | (3.9) |
Net cash provided by operating activities | 196.4 | 211.6 |
Cash flow from investing activities: | ||
Capital expenditures | (145.4) | (168.7) |
Proceeds from sale of fixed assets | 0.2 | 3.8 |
Capitalized patent costs | (0.2) | (0.3) |
Acquisition of business, net of cash acquired | (14) | |
Net cash used for investing activities | (159.4) | (165.2) |
Cash flows from financing activities: | ||
Cash dividends | (18.7) | (12.1) |
Proceeds from stock issuance | 1.8 | 2.5 |
Purchases of treasury stock | (25.6) | |
Excess tax benefit on stock-based compensation | 0.9 | 1.8 |
Cash settlement of equity awards | (1.5) | (0.7) |
Borrowings of revolving lines of credit | 14.3 | |
Payments of revolving lines of credit | (14.6) | |
Proceeds of long-term debt | 1,326.6 | |
Payments of long-term debt | (10) | (1,385.2) |
Payment of debt issuance costs | (0.1) | |
Other debt, net | (1.8) | (1.9) |
Payment of offering related costs | (0.1) | |
Net cash used for financing activities | (54.9) | (69.5) |
Effect of exchange rates on cash | 0.8 | (8.8) |
Net increase (decrease) in cash and cash equivalents | (17.1) | (31.9) |
Cash and cash equivalents: | ||
Cash and cash equivalents, beginning of period | 168.2 | 156.5 |
Net increase (decrease) in cash and cash equivalents | (17.1) | (31.9) |
Cash and cash equivalents, end of period | 151.1 | 124.6 |
Supplementary cash flow information: | ||
Cash paid for income taxes, net | 55.9 | 49.2 |
Cash paid for interest | 63.5 | 66.1 |
Noncash transactions: | ||
Capital expenditures in accounts payables | 16.8 | 16.5 |
Dividends declared on restricted stock awards not yet vested | 0.5 | 0.2 |
Purchase of treasury stock not yet settled | $ 0.2 | $ 0.2 |
Organization
Organization | 9 Months Ended |
Oct. 02, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | (1) Organization Metaldyne Performance Group Inc. is a leading provider of components for use in engine, transmission and driveline (“Powertrain”) and chassis, suspension, steering and brake component (“Safety-Critical”) applications for the global light, commercial and industrial vehicle markets. We produce these components using complex metal-forming manufacturing technologies and processes for a global customer base of vehicle original equipment manufacturers (“OEMs”) and tier 1 suppliers. Our components help OEMs meet fuel economy, performance and safety standards. Our metal-forming manufacturing technologies and processes include aluminum casting, cold, warm or hot forging, iron casting, and powder metal forming, as well as value-added precision machining and assembly. These technologies and processes are used to create a wide range of customized Powertrain and Safety-Critical components that address requirements for power density (increased component strength to weight ratio), power generation, power/torque transfers, strength and noise, vibration and harshness. |
Accounting Policies
Accounting Policies | 9 Months Ended |
Oct. 02, 2016 | |
Accounting Policies [Abstract] | |
Accounting Policies | (2) Accounting Policies Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by Metaldyne Performance Group Inc. (the “Company”, “MPG”, “we”, “our”, or “its”) in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of items of a normal and recurring nature) necessary to present fairly the financial position as of October 2, 2016 and the results of operations and comprehensive income for the quarters and nine months ended October 2, 2016 and September 27, 2015, and statements of cash flows and stockholders’ equity for the nine months ended October 2, 2016 and September 27, 2015. The results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. The condensed consolidated balance sheet as of December 31, 2015 was derived from our audited financial statements. The accompanying unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported therein. Use of significant estimates and judgments are inherent in the accounting for acquisitions, stock-based compensation, income taxes and employee benefit plans, as |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements Not Yet Adopted | 9 Months Ended |
Oct. 02, 2016 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements Not Yet Adopted | (3) Recently Issued Accounting Pronouncements Not Yet Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). This guidance will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance, as agreed to by the FASB, is effective for the interim and annual periods beginning on or after December 15, 2017. Early adoption is permitted on January 1, 2017. The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are currently evaluating the impact this guidance will have on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The primary focus of the standard addresses the accounting of lessees. It requires all lessees to recognize a right-of-use asset and a lease liability for virtually all leases (other than leases that meet the definition of a short-term lease) on the balance sheet. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous GAAP. Operating leases will result in straight-line expense while finance leases will result in depreciation expense recorded on the right-of-use asset and interest expense recorded on the lease liability. Quantitative and qualitative disclosures are required to provide insight into the extent of revenue and expense recognized and expected to be recognized from leasing arrangements. This guidance becomes effective January 1, 2019. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815), Contingent Put and Call Options in Debt Instruments. This guidance clarifies the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. The amendments in this ASU require a four-step decision sequence when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts, which is one of the criteria for bifurcating an embedded derivative. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. We did not early adopt this guidance for the quarter and nine months ended October 2, 2016. However, we do not expect adoption of this ASU to impact the consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718). This guidance updates several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Specific changes include that all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity would also recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Excess tax benefits would be classified along with other income tax cash flows as an operating activity. Also, an entity can make an accounting policy election to either estimate the number of awards that are expected to vest (current GAAP) or account for forfeitures when they occur. This ASU also amends guidance for the calculation of earnings per share under the treasury stock method by removing excess tax benefits as an assumed proceed from the exercise of options. This guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period. We did not early adopt this guidance for the quarter and nine months ended October 2, 2016, and are currently evaluating the impact on the consolidated financial statements. |
Recently Adopted Accounting Pro
Recently Adopted Accounting Pronouncements | 9 Months Ended |
Oct. 02, 2016 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Adopted Accounting Pronouncements | (4) Recently Adopted Accounting Pronouncements In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Topic 835-30). This guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This guidance is effective for fiscal years and interim periods beginning after December 15, 2015, and requires retrospective application. We adopted this guidance during the quarter ended April 3, 2016. Unamortized debt issuance costs associated with our long-term debt totaled $17.7 million and $19.6 million as of October 2, 2016 and December 31, 2015, respectively, and are classified within long-term debt on the condensed consolidated balance sheets. The adoption of this standard had no impact on the Company’s condensed consolidated statements of operations, comprehensive income, stockholders’ equity, or cash flows. |
Brillion Acquisition
Brillion Acquisition | 9 Months Ended |
Oct. 02, 2016 | |
Business Combinations [Abstract] | |
Brillion Acquisition | (5) Brillion Acquisition On September 2, 2016, the Grede segment acquired 100% of the equity of Brillion Iron Works, Inc. (“Brillion”) from its parent company Accuride Corporation (NYSE: ACW). Brillion was a reportable segment for Accuride Corporation and consists of a foundry located in Brillion, Wisconsin, (the “Brillion Facility”) which supplies castings to the industrial machinery, construction, agricultural equipment and oil and gas markets, including flywheels, pump housings, valve body housings, small engine components, and other industrial components. The purchase price for the acquisition was $14.0 million of cash consideration. Under the acquisition method of accounting, all assets acquired and liabilities assumed were recorded in the financial statements at estimated fair value. The allocation of purchase price paid resulted in receivables of $8.1 million, inventory of $3.8 million, property, plant, and equipment of $15.9 million, assumed liabilities of $12.8 million, and a gain on bargain purchase of $1.0 million. The $1.0 million gain on bargain purchase is recorded within other, net on the condensed consolidated statement of operations for the quarter and nine months ended October 2, 2016. Brillion net sales and loss before tax included in the condensed consolidated statement of operations for the quarter and nine months ended October 2, 2016 were $4.4 million and $0.4 million, respectively. Total MPG net sales and income before tax on a pro forma basis as if the Brillion Acquisition had occurred on January 1, 2016 were $688.8 million and $18.5 million, and $2,189.7 million and $97.2 million for the quarter and nine months ended October 2, 2016, respectively. On September 12, 2016, the Company announced its plan to close the Brillion Facility by the end of 2016 and to consolidate substantially all of Brillion’s business into existing Grede locations. |
Receivables Allowances
Receivables Allowances | 9 Months Ended |
Oct. 02, 2016 | |
Receivables [Abstract] | |
Receivables Allowances | (6) Receivables Allowances Receivables were stated net of the following allowances: October 2, 2016 December 31, 2015 (In millions) Doubtful accounts $ 2.1 1.4 Pricing accruals and anticipated customer deductions 6.2 8.1 Returns 2.5 2.0 $ 10.8 11.5 |
Inventories
Inventories | 9 Months Ended |
Oct. 02, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | (7) Inventories Inventories were as follows: October 2, 2016 December 31, 2015 (In millions) Raw materials $ 53.1 57.3 Work in process 68.4 66.3 Finished goods 52.3 63.2 Total inventories $ 173.8 186.8 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Oct. 02, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | (8) Property and Equipment, Net Accumulated depreciation as of October 2, 2016 and December 31, 2015 was $527.0 million and $419.6 million, respectively. In May 2016, the Company announced plans to close its Bessemer, Alabama facility included within the Grede segment. The closure, which is primarily due to declines in heavy truck and industrial equipment markets, is expected to be completed by the end of fiscal 2016. The Company recorded a $2.3 million asset impairment charge within cost of sales |
Amortizable Intangible Assets
Amortizable Intangible Assets | 9 Months Ended |
Oct. 02, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Amortizable Intangible Assets | (9) Amortizable Intangible Assets The carrying amounts and accumulated amortization of intangible assets were as follows: October 2, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In millions) Customer relationships and platforms $ 745.2 (182.3 ) 562.9 Other 126.9 (33.2 ) 93.7 Total $ 872.1 (215.5 ) 656.6 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In millions) Customer relationships and platforms $ 745.2 (137.0 ) 608.2 Other 126.7 (26.0 ) 100.7 Total $ 871.9 (163.0 ) 708.9 |
Debt
Debt | 9 Months Ended |
Oct. 02, 2016 | |
Debt Disclosure [Abstract] | |
Debt | (10) Debt The carrying value of debt was as follows: October 2, 2016 December 31, 2015 (In millions) Short-term debt: Revolving lines of credit $ — — Other short-term debt 0.4 0.7 Total short-term debt $ 0.4 0.7 Long-term debt: Term loans USD Term Loan $ 1,014.2 1,022.2 Euro Term Loan 249.9 244.1 Registered Notes 600.0 600.0 Other long-term debt (various interest rates) 0.1 0.4 Total 1,864.2 1,866.7 Unamortized debt issuance costs (17.7 ) (19.6 ) Unamortized discount on term loans (6.0 ) (6.7 ) Current maturities (13.3 ) (13.3 ) Total long-term debt $ 1,827.2 1,827.1 Debt Activity Accrued interest of $27.8 million and $16.5 million as of October 2, 2016 and December 31, 2015 was reflected in accrued liabilities |
Equity and Dividends
Equity and Dividends | 9 Months Ended |
Oct. 02, 2016 | |
Equity [Abstract] | |
Equity and Dividends | (11) Equity and Dividends Dividends Our board of directors declared and the Company paid the following dividends during the nine months ended October 2, 2016. Date Declared Date Paid Dividend Per Share February 24, 2016 April 26, 2016 $ 0.0900 May 4, 2016 June 21, 2016 0.0925 August 3, 2016 September 20, 2016 0.0925 Share repurchases On February 24, 2016, our board of directors authorized a share repurchase program (the “Share Repurchase Program”). The Share Repurchase Program, as amended on August 3, 2016, authorizes the Company to purchase shares of its common stock for an aggregate repurchase price not to exceed $35.0 million. Subject to applicable rules and regulations, the shares may be repurchased through open market purchases, privately negotiated transactions, or otherwise. The Share Repurchase Program expires in February 2017, and may be terminated or amended by the Company’s board of directors at any time. As of October 2, 2016, cumulative shares repurchased totaled 1,659,804 shares at an average purchase price per share of $15.55. The repurchased shares are presented as common stock held in treasury, at cost, on the condensed consolidated balance sheets. Changes in Accumulated Other Comprehensive Loss, Net of Tax Foreign Currency Items Defined Benefit Items Total (In millions) Balance, June 28, 2015 $ (39.5 ) (7.3 ) (46.8 ) Other comprehensive income (loss) (8.3 ) — (8.3 ) Balance, September 27, 2015 $ (47.8 ) (7.3 ) (55.1 ) Balance, December 31, 2014 $ (27.7 ) (7.5 ) (35.2 ) Other comprehensive income (loss) (20.1 ) — (20.1 ) Reclassifications, net — 0.2 0.2 Balance, September 27, 2015 $ (47.8 ) (7.3 ) (55.1 ) Balance, July 3, 2016 $ (53.7 ) (5.2 ) (58.9 ) Other comprehensive income (loss) 0.5 — 0.5 Balance, October 2, 2016 $ (53.2 ) (5.2 ) (58.4 ) Balance, December 31, 2015 $ (52.0 ) (5.3 ) (57.3 ) Other comprehensive income (loss) (1.2 ) 0.1 (1.1 ) Balance, October 2, 2016 $ (53.2 ) (5.2 ) (58.4 ) |
Other, net
Other, net | 9 Months Ended |
Oct. 02, 2016 | |
Other Income And Expenses [Abstract] | |
Other, net | (12) Other, net Included within other, net Quarter Ended Nine Months Ended October 2, 2016 September 27, 2015 October 2, 2016 September 27, 2015 (In millions) Foreign currency losses (gains) $ 2.8 (2.8 ) $ 8.1 (11.7 ) Debt transaction expenses — — — 1.7 Other (0.8 ) 1.1 2.6 1.8 Other, net $ 2.0 (1.7 ) $ 10.7 (8.2 ) Foreign currency losses (gains) pertain to realized and unrealized losses (gains) on foreign currency denominated transactions with customers and suppliers, short-term intercompany balances with foreign subsidiaries, and the re-measurement of our Euro denominated term loan as of October 2, 2016. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Oct. 02, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | (13) Stock-based Compensation In August 2014, our board of directors approved an equity incentive plan (the “MPG Plan”) for officers, key employees and non-employees. The MPG Plan permits the grant of equity awards to purchase up to 5.9 million shares of MPG common stock. All awards granted on or after August 4, 2014 were issued under the MPG Plan. Restricted Shares In April, May, and September 2016, the Company granted restricted stock unit awards (“RSUs”) to certain employees and nonemployee directors. The following table summarizes the terms of the RSUs: Vesting Term Number of Units/Options Weighted Average Grant-Date Fair Value (In thousands) 1/3 per year on grant-date anniversary 900 $ 15.45 Restricted stock awards and RSUs (together, the “Restricted Shares”) issued under the MPG Plan are being expensed based on their grant-date fair value on a straight-line basis over the requisite service period for the entire award. The grant-date fair values of the Restricted Shares were determined using the fair value of the Company’s common stock as of the grant date. Changes in the number of Restricted Shares outstanding for the nine months ended October 2, 2016 were as follows: Number of Restricted Shares Weighted Average Grant-Date Fair Value Fair Value of Shares Vested (In thousands) (In millions) Balance, December 31, 2015 1,165 $ 17.47 Granted 900 15.45 Vested (297 ) 18.18 $ 4.8 Forfeited (24 ) 16.43 Balance, October 2, 2016 1,744 16.32 Options In April and September 2016, the Company granted options to certain employees with the following terms: Vesting Terms Number of Options Weighted Average Exercise Price Contractual Terms (In thousands) (In years) 1/3 per year on grant-date anniversary 741 $ 15.46 10 The options are being expensed based on their weighted average grant-date fair value of $5.59 per option on a straight-line basis over the requisite service period for the entire award. The grant-date fair value of the options was determined using a Black-Scholes valuation model based on the following weighted average assumptions: Exercise price $ 15.46 Expected term 6 years Risk-free rate 1.4 % Expected volatility 47.0 % Expected dividend yield 2.3 % Per share market value of MPG common stock $ 15.46 The risk-free rate was determined based on U.S. Treasury yield curves of securities matching the expected term of the awards. The expected term was determined using the simplified method as the Company did not have sufficient historical exercise data to provide a reasonable basis upon which to estimate an expected term. Expected volatility was estimated based on the Company’s historical volatility as well as the historical volatility of comparable companies within our industry. The expected dividend yield was determined based on the expected annual dividend amount divided by the common stock price as of the grant date. Changes in the number of options outstanding for the nine months ended October 2, 2016 were as follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (In years) (In millions) Balance, December 31, 2015 6,269 $ 11.58 7.6 $ 45.5 Granted 741 15.46 9.7 Exercised (492 ) 3.61 6.0 5.0 Forfeited (87 ) 14.58 6.8 Balance, October 2, 2016 6,431 12.60 6.7 31.1 Options exercisable, October 2, 2016 3,473 12.29 5.8 18.9 Stock-based Compensation Expense Quarter Ended Nine Months Ended October 2, 2016 September 27, 2015 October 2, 2016 September 27, 2015 (In millions) (In millions) Restricted shares $ 2.6 2.7 $ 7.3 6.0 Options 1.8 5.1 5.3 9.4 Total $ 4.4 7.8 $ 12.6 15.4 Compensation expense associated with the outstanding stock-based awards was recognized within selling, general and administrative expense. Total unrecognized compensation cost related to non-vested awards as of October 2, 2016 was approximately $35.9 million, and is expected to be recognized ratably over the remaining vesting terms. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (14) Income Taxes The Company is required to adjust its effective tax rate each quarter based upon its estimated annual effective tax rate. The Company must also record the tax impact of certain discrete, unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. In addition, jurisdictions with a projected loss for the year or a year-to-date loss where no tax benefit can be recognized are excluded from the estimated annual effective tax rate. Income tax expense for the quarter ended October 2, 2016 and September 27, 2015 was $3.1 million and $8.8 million, respectively. Income tax expense for the nine months ended October 2, 2016 and September 27, 2015 was $27.3 million and $40.3 million, respectively. The effective income tax rate for the quarter ended October 2, 2016 and September 27, 2015 was 13.6% and 23.7%, respectively. The effective income tax rate for the nine months ended October 2, 2016 and September 27, 2015 was 25.4% and 27.7%, respectively. The effective income tax rate for the quarter and nine months ended October 2, 2016 decreased compared to prior year primarily due to a favorable geographic income mix in 2016 as compared to 2015, partially offset by the impact of discrete tax items. Income tax expense for the nine months period ended October 2, 2016 includes a discrete net tax benefit of $2.4 million, primarily as a result of a favorable court ruling in Spain. Income tax expense for the nine months period ended September 27, 2015 includes a discrete net tax benefit of $4.1 million, primarily relating to the enactment of Senate Bill 441 in the State of Indiana, eliminating the throwback rule for calculating state income tax expense. The effective tax rate for periods ended October 2, 2016 and September 27, 2015 varies from statutory rates primarily due to income taxes on foreign earnings which are taxed at rates different from the U.S. statutory rate and other permanent items. Further, the Company’s current and future provision for income taxes may be impacted by the recognition of valuation allowances in certain countries. |
Retirement Plans
Retirement Plans | 9 Months Ended |
Oct. 02, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | (15) Retirement Plans The net expense recognized for the Company’s defined benefit pension plans was $0.2 million and zero for the quarters ended October 2, 2016 and September 27, 2015, respectively, and $0.7 million and $0.8 million for the nine months ended October 2, 2016 and September 27, 2015, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 02, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (16) Commitments and Contingencies Various claims, lawsuits and administrative proceedings are pending or threatened against the Company or its subsidiaries, covering a wide range of matters that arise in the ordinary course of the Company’s business activities, primarily with respect to commercial, environmental and occupational and employment matters. Commercial disputes vary in nature and have historically been resolved by negotiations between the parties. Although the outcome of any of these matters cannot be predicted with certainty, the Company does not believe that any of these proceedings or matters in which the Company is currently involved will have a material adverse effect on the Company’s results of operations, financial position or cash flows. In addition, the Company is conducting remediation actions at certain of its facilities. A reserve estimate for each environmental matter is established using standard engineering cost estimating techniques on an undiscounted basis. In determining such costs, consideration is given to the professional judgment of Company environmental engineers. The Company believes any liability that may result from the resolution of environmental matters for which sufficient information is available to support these cost estimates will not have a material adverse effect on the Company’s results of operations, financial position or cash flows. The Company cannot predict the effect of compliance with environmental laws and regulations with respect to unknown environmental matters on the Company’s results of operations, financial position or cash flows or the possible effect of compliance with environmental requirements imposed in the future. |
Fair Value
Fair Value | 9 Months Ended |
Oct. 02, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value | (17) Fair Value October 2, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value (In millions) Registered Notes $ 590.5 613.5 589.6 605.9 USD Term Loan 1,001.2 1,021.8 1,007.5 1,000.5 Euro Term Loan 248.7 250.2 242.9 243.2 The fair values of the registered notes and term loans were estimated using quoted market prices. As the markets for this debt are not active, the debt is categorized as Level 2 within the fair value hierarchy. The fair value of the Company’s other financial instruments, cash and cash equivalents, revolving lines of credit and other long-term debt, are estimated to equal their carrying values due to their nature. |
Net Income per Share Attributab
Net Income per Share Attributable to Stockholders ("EPS") | 9 Months Ended |
Oct. 02, 2016 | |
Earnings Per Share [Abstract] | |
Net Income per Share Attributable to Stockholders ("EPS") | (18) Net Income per Share Attributable to Stockholders (“EPS”) The Company’s basic and diluted EPS were calculated as follows: Quarter Ended Nine Months Ended October 2, 2016 September 27, 2015 October 2, 2016 September 27, 2015 (In millions, except per share amounts) Weighted-average shares outstanding Basic shares 67.2 67.3 67.6 67.2 Equivalent shares for outstanding stock-based compensation awards 2.0 1.7 1.6 1.8 Diluted shares 69.2 69.0 69.2 69.0 Income attributable to stockholders $ 19.3 28.2 $ 79.7 104.7 Basic EPS attributable to stockholders 0.29 0.42 1.18 1.56 Diluted EPS attributable to stockholders 0.28 0.41 1.15 1.52 The number of equivalent shares excluded from the calculation as they were anti-dilutive was 0.1 million and 0.2 million for the quarter and nine months ended October 2, 2016, respectively, and 0.3 million and 0.1 million for the quarter and nine months ended September 27, 2015, respectively. |
Segment Information
Segment Information | 9 Months Ended |
Oct. 02, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | (19) Segment Information The Company is organized and operated as three operating segments: the HHI segment, the Metaldyne segment and the Grede segment. Segment information was as follows: Quarter Ended October 2, 2016 External Sales Intersegment Sales Adjusted EBITDA Capital Expenditures Depreciation/ Amortization (In millions) HHI $ 204.7 1.9 39.5 12.9 19.8 Metaldyne 282.7 0.3 50.3 28.7 18.1 Grede 188.8 — 23.7 8.8 17.0 Elimination and other — (2.2 ) — 0.8 0.1 Total $ 676.2 — 113.5 51.2 55.0 Quarter Ended September 27, 2015 External Sales Intersegment Sales Adjusted EBITDA Capital Expenditures Depreciation/ Amortization (In millions) HHI $ 243.9 2.1 51.2 15.8 20.3 Metaldyne 282.4 0.3 48.5 21.0 19.2 Grede 220.3 0 29.1 15.7 17.4 Elimination and other — (2.5 ) — 1.2 — Total $ 746.6 — 128.8 53.7 56.9 Nine Months Ended October 2, 2016 External Sales Intersegment Sales Adjusted EBITDA Capital Expenditures Depreciation/ Amortization (In millions) HHI $ 645.4 6.3 126.3 47.4 58.1 Metaldyne 903.2 1.1 172.3 70.8 55.5 Grede 595.5 0.2 87.8 26.0 51.8 Elimination and other — (7.6 ) — 1.2 0.2 Total $ 2,144.1 — 386.4 145.4 165.6 Nine Months Ended September 27, 2015 External Sales Intersegment Sales Adjusted EBITDA Capital Expenditures Depreciation/ Amortization (In millions) HHI $ 750.1 6.6 157.3 52.4 58.7 Metaldyne 860.8 0.9 152.0 59.2 58.7 Grede 701.1 0.2 105.7 55.8 54.7 Elimination and other — (7.7 ) — 1.3 — Total $ 2,312.0 — 415.0 168.7 172.1 Elimination and other above reflects the elimination of intercompany sales. The reconciliation from the Company’s income before tax to Adjusted EBITDA was as follows: Quarter Ended Nine Months Ended October 2, 2016 September 27, 2015 October 2, 2016 September 27, 2015 (In millions) Income before tax $ 22.5 37.1 $ 107.4 145.3 Interest expense, net 25.7 26.0 78.1 80.5 Depreciation and amortization 55.0 56.9 165.6 172.1 Loss (gain) on foreign currency 2.6 (2.8 ) 8.8 (11.7 ) Loss on fixed assets 1.4 1.5 2.6 1.9 Loss on debt extinguishment — — — 0.4 Debt transaction expenses — — — 1.7 Stock-based compensation 4.4 7.9 12.6 15.4 Non-recurring acquisition and purchase accounting items (1.4 ) 1.3 2.0 1.4 Non-recurring operational items 3.3 0.9 9.3 8.0 Adjusted EBITDA $ 113.5 128.8 $ 386.4 415.0 |
Guarantor
Guarantor | 9 Months Ended |
Oct. 02, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Guarantor | (20) Guarantor Our senior notes and outstanding balances under our senior credit facilities are guaranteed by all of the Company’s existing and future domestic subsidiaries (“Guarantor Subsidiaries”). All of the Guarantor Subsidiaries are 100% owned by Metaldyne Performance Group Inc. (“Parent”) and MPG Holdco I Inc., the Company’s wholly owned subsidiary (“Issuer”). The guarantee is full, unconditional, joint and several. The Company’s non-domestic subsidiaries (“Non-Guarantor Subsidiaries”) have not guaranteed the senior notes or the senior credit facilities. The accompanying supplemental condensed, consolidating financial information is presented using the equity method of accounting for all periods presented. Under this method, investments in subsidiaries are recorded at cost and adjusted for the Company’s share in the subsidiaries’ cumulative results of operations, capital contributions and distributions and other changes in equity. Elimination entries relate primarily to the elimination of investments in subsidiaries and associated intercompany balances and transactions. Unaudited Condensed Consolidating Balance Sheet October 2, 2016 (In millions) Parent Issuer Guarantor Non- Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — 14.8 29.3 107.0 — 151.1 Receivables, net: Trade — — 289.6 90.4 (1.1 ) 378.9 Other — — 83.3 20.6 (68.8 ) 35.1 Total receivables, net — — 372.9 111.0 (69.9 ) 414.0 Inventories — — 128.2 45.6 — 173.8 Prepaid expenses — 2.1 9.0 3.0 — 14.1 Other assets — — 13.9 14.2 — 28.1 Total current assets — 16.9 553.3 280.8 (69.9 ) 781.1 Property and equipment, net — 2.9 567.0 248.5 — 818.4 Goodwill — — 673.2 234.5 — 907.7 Amortizable intangible assets, net — — 520.6 136.0 — 656.6 Deferred income taxes 11.4 — — 5.7 (11.4 ) 5.7 Other assets — 2.2 13.3 0.7 — 16.2 Intercompany receivables 108.4 1,715.7 — 0.2 (1,824.3 ) — Investment in subsidiaries 697.4 837.3 704.5 — (2,239.2 ) — Total assets $ 817.2 2,575.0 3,031.9 906.4 (4,144.8 ) 3,185.7 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ — 0.4 177.8 95.6 (28.4 ) 245.4 Accrued compensation — 0.9 37.4 14.6 — 52.9 Accrued liabilities 1.0 30.1 29.1 59.4 (40.8 ) 78.8 Short-term debt — — — 1.1 (0.7 ) 0.4 Current maturities, long-term debt and capital lease obligations — 13.3 — 0.1 — 13.4 Total current liabilities 1.0 44.7 244.3 170.8 (69.9 ) 390.9 Long-term debt, less current maturities — 1,827.2 — — — 1,827.2 Capital lease obligations — — 22.7 — — 22.7 Deferred income taxes — 5.0 203.4 8.1 (11.4 ) 205.1 Other long-term liabilities — 0.7 26.8 25.3 — 52.8 Intercompany payables 132.5 — 1,697.4 (5.6 ) (1,824.3 ) — Total liabilities 133.5 1,877.6 2,194.6 198.6 (1,905.6 ) 2,498.7 Stockholders’ equity: Total equity attributable to stockholders 683.7 697.4 837.3 704.5 (2,239.2 ) 683.7 Noncontrolling interest — — — 3.3 — 3.3 Total stockholders’ equity 683.7 697.4 837.3 707.8 (2,239.2 ) 687.0 Total liabilities and stockholders’ equity $ 817.2 2,575.0 3,031.9 906.4 (4,144.8 ) 3,185.7 Unaudited Condensed Consolidating Balance Sheet December 31, 2015 (In millions) Parent Issuer Guarantor Non- Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — 50.5 10.8 106.9 — 168.2 Receivables, net: Trade — — 242.4 67.7 (1.0 ) 309.1 Other 0.1 — 70.9 19.8 (55.4 ) 35.4 Total receivables, net 0.1 — 313.3 87.5 (56.4 ) 344.5 Inventories — — 139.1 47.7 — 186.8 Prepaid expenses — 3.2 7.4 4.4 — 15.0 Other assets 5.3 — 8.6 7.6 — 21.5 Total current assets 5.4 53.7 479.2 254.1 (56.4 ) 736.0 Property and equipment, net — 2.0 546.3 237.7 — 786.0 Goodwill — — 673.2 234.5 — 907.7 Amortizable intangible assets, net — — 561.7 147.2 — 708.9 Deferred income taxes 14.2 — — 1.7 (14.2 ) 1.7 Other assets — 2.8 14.2 0.3 — 17.3 Intercompany receivables 56.2 1,734.6 — 5.0 (1,795.8 ) — Investment in subsidiaries 619.0 695.9 673.8 — (1,988.7 ) — Total assets $ 694.8 2,489.0 2,948.4 880.5 (3,855.1 ) 3,157.6 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ — 1.0 165.7 105.0 (22.8 ) 248.9 Accrued compensation — 4.4 38.5 12.3 — 55.2 Accrued liabilities 0.5 19.1 27.2 53.6 (33.6 ) 66.8 Short-term debt — — — 0.7 — 0.7 Current maturities, long-term debt and capital lease obligations — 13.2 1.1 0.2 — 14.5 Total current liabilities 0.5 37.7 232.5 171.8 (56.4 ) 386.1 Long-term debt, less current maturities — 1,826.9 — 0.2 — 1,827.1 Capital lease obligations — — 22.5 — — 22.5 Deferred income taxes — 5.0 233.4 7.1 (14.2 ) 231.3 Other long-term liabilities — 0.4 26.5 24.7 — 51.6 Intercompany payables 58.2 — 1,737.6 — (1,795.8 ) — Total liabilities 58.7 1,870.0 2,252.5 203.8 (1,866.4 ) 2,518.6 Stockholders’ equity: Total equity attributable to stockholders 636.1 619.0 695.9 673.8 (1,988.7 ) 636.1 Noncontrolling interest — — — 2.9 — 2.9 Total stockholders’ equity 636.1 619.0 695.9 676.7 (1,988.7 ) 639.0 Total liabilities and stockholders’ equity $ 694.8 2,489.0 2,948.4 880.5 (3,855.1 ) 3,157.6 Unaudited Condensed Consolidating Statements of Operations (In millions) Quarter Ended October 2, 2016 Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — — 528.8 184.6 (37.2 ) 676.2 Cost of sales — — 450.4 156.6 (37.2 ) 569.8 Gross profit — — 78.4 28.0 — 106.4 Selling, general and administrative expenses — — 45.1 11.1 — 56.2 Operating income — — 33.3 16.9 — 50.2 Interest expense, net — 24.5 (0.9 ) 2.1 — 25.7 Other, net — 2.1 (3.2 ) 3.1 — 2.0 Other expense (income), net — 26.6 (4.1 ) 5.2 — 27.7 Income (loss) before tax — (26.6 ) 37.4 11.7 — 22.5 Income tax expense (benefit) — (2.7 ) 0.6 5.2 — 3.1 Income (loss) before earnings from equity in subsidiaries — (23.9 ) 36.8 6.5 — 19.4 Earnings from equity in subsidiaries 19.3 43.2 6.4 — (68.9 ) — Net income 19.3 19.3 43.2 6.5 (68.9 ) 19.4 Income attributable to noncontrolling interest — — — 0.1 — 0.1 Net income attributable to stockholders $ 19.3 19.3 43.2 6.4 (68.9 ) 19.3 Quarter Ended September 27, 2015 Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — — 605.6 180.9 (39.9 ) 746.6 Cost of sales — — 507.7 152.6 (39.9 ) 620.4 Gross profit — — 97.9 28.3 — 126.2 Selling, general and administrative expenses — — 53.9 10.9 — 64.8 Operating income — — 44.0 17.4 — 61.4 Interest expense, net — 24.8 (1.1 ) 2.3 — 26.0 Loss on debt extinguishment — — — — — - Other, net — 0.6 (2.3 ) — — (1.7 ) Other expense (income), net — 25.4 (3.4 ) 2.3 — 24.3 Income (loss) before tax — (25.4 ) 47.4 15.1 — 37.1 Income tax expense (benefit) — (8.3 ) 12.8 4.3 — 8.8 Income (loss) before earnings from equity in subsidiaries — (17.1 ) 34.6 10.8 — 28.3 Earnings from equity in subsidiaries 28.2 45.3 10.7 — (84.2 ) — Net income 28.2 28.2 45.3 10.8 (84.2 ) 28.3 Income attributable to noncontrolling interest — — — 0.1 — 0.1 Net income attributable to stockholders $ 28.2 28.2 45.3 10.7 (84.2 ) 28.2 Unaudited Condensed Consolidating Statements of Operations (Continued) (In millions) Nine Months Ended October 2, 2016 Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — — 1,682.5 571.9 (110.3 ) 2,144.1 Cost of sales — — 1,402.9 478.3 (110.3 ) 1,770.9 Gross profit — — 279.6 93.6 — 373.2 Selling, general and administrative expenses — — 143.1 33.9 — 177.0 Operating income — — 136.5 59.7 — 196.2 Interest expense, net — 74.4 (2.7 ) 6.4 — 78.1 Other, net — 7.7 (5.3 ) 8.3 — 10.7 Other expense (income), net — 82.1 (8.0 ) 14.7 — 88.8 Income (loss) before tax — (82.1 ) 144.5 45.0 — 107.4 Income tax expense (benefit) — (19.2 ) 35.0 11.5 — 27.3 Income (loss) before earnings from equity in subsidiaries — (62.9 ) 109.5 33.5 — 80.1 Earnings from equity in subsidiaries 79.7 142.6 33.1 — (255.4 ) — Net income 79.7 79.7 142.6 33.5 (255.4 ) 80.1 Income attributable to noncontrolling interest — — — 0.4 — 0.4 Net income attributable to stockholders $ 79.7 79.7 142.6 33.1 (255.4 ) 79.7 Nine Months Ended September 27, 2015 Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — — 1,856.9 555.6 (100.5 ) 2,312.0 Cost of sales — — 1,549.5 466.2 (100.5 ) 1,915.2 Gross profit — — 307.4 89.4 — 396.8 Selling, general and administrative expenses — — 146.1 32.7 — 178.8 Operating income — — 161.3 56.7 — 218.0 Interest expense, net — 76.5 (3.2 ) 7.2 — 80.5 Loss on debt extinguishment — 0.4 — — — 0.4 Other, net — (1.8 ) (7.0 ) 0.6 — (8.2 ) Other expense (income), net — 75.1 (10.2 ) 7.8 — 72.7 Income (loss) before tax — (75.1 ) 171.5 48.9 — 145.3 Income tax expense (benefit) — (24.3 ) 50.0 14.6 — 40.3 Income (loss) before earnings from equity in subsidiaries — (50.8 ) 121.5 34.3 — 105.0 Earnings from equity in subsidiaries 104.7 155.5 34.0 — (294.2 ) — Net income 104.7 104.7 155.5 34.3 (294.2 ) 105.0 Income attributable to noncontrolling interest — — — 0.3 — 0.3 Net income attributable to stockholders $ 104.7 104.7 155.5 34.0 (294.2 ) 104.7 Unaudited Condensed Consolidating Statements of Comprehensive Income (In millions) Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Quarter Ended October 2, 2016 Net income $ 19.3 19.3 43.2 6.5 (68.9 ) 19.4 Other comprehensive loss, net of tax: Foreign currency translation 0.5 0.5 0.5 0.2 (1.2 ) 0.5 Comprehensive income 19.8 19.8 43.7 6.7 (70.1 ) 19.9 Less comprehensive income attributable to noncontrolling interest — — — 0.1 — 0.1 Comprehensive income attributable to stockholders $ 19.8 19.8 43.7 6.6 (70.1 ) 19.8 Quarter Ended September 27, 2015 Net income $ 28.2 28.2 45.3 10.8 (84.2 ) 28.3 Other comprehensive loss, net of tax: - Foreign currency translation (8.3 ) (8.7 ) (8.7 ) (8.6 ) 26.0 (8.3 ) Comprehensive income 19.9 19.5 36.6 2.2 (58.2 ) 20.0 Less comprehensive income attributable to noncontrolling interest — — — 0.1 — 0.1 Comprehensive income attributable to stockholders $ 19.9 19.5 36.6 2.1 (58.2 ) 19.9 Nine Months Ended October 2, 2016 Net income $ 79.7 79.7 142.6 33.5 (255.4 ) 80.1 Other comprehensive loss, net of tax: Foreign currency translation (1.1 ) (1.2 ) (1.2 ) (2.2 ) 4.6 (1.1 ) Comprehensive income 78.6 78.5 141.4 31.3 (250.8 ) 79.0 Less comprehensive income attributable to noncontrolling interest — — — 0.4 — 0.4 Comprehensive income attributable to stockholders $ 78.6 78.5 141.4 30.9 (250.8 ) 78.6 Nine Months Ended September 27, 2015 Net income $ 104.7 104.7 155.5 34.3 (294.2 ) 105.0 Other comprehensive loss, net of tax: Foreign currency translation (20.1 ) (20.7 ) (20.7 ) (18.3 ) 59.7 (20.1 ) Comprehensive income 84.6 84.0 134.8 16.0 (234.5 ) 84.9 Less comprehensive income attributable to noncontrolling interest — — — 0.3 — 0.3 Comprehensive income attributable to stockholders $ 84.6 84.0 134.8 15.7 (234.5 ) 84.6 Unaudited Condensed Consolidating Statements of Cash Flows (In millions) Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Nine Months Ended October 2, 2016 Cash flows from operating activities: Net cash provided by (used for) operating activities $ 20.9 (43.2 ) 178.7 40.0 — 196.4 Cash flows from investing activities: Capital expenditures — (1.3 ) (104.8 ) (39.3 ) — (145.4 ) Proceeds from sale of fixed assets — — 0.1 0.1 — 0.2 Capitalized patent costs — — (0.2 ) — — (0.2 ) Acquisition of business, net of cash acquired — — (14.0 ) — — (14.0 ) Intercompany activity 22.2 18.8 — — (41.0 ) — Net cash provided by (used for) investing activities 22.2 17.5 (118.9 ) (39.2 ) (41.0 ) (159.4 ) Cash flows from financing activities: Cash dividends (18.7 ) — — — — (18.7 ) Proceeds from stock issuance 1.8 — — — — 1.8 Purchases of treasury stock (25.6 ) — — — — (25.6 ) Excess tax benefit on stock-based compensation 0.9 — — — — 0.9 Cash settlement of equity awards (1.5 ) — — — — (1.5 ) Payments on long-term debt — (10.0 ) — — — (10.0 ) Other debt, net — — (1.2 ) (1 ) — (1.8 ) Intercompany activity — — (40.1 ) (0.9 ) 41.0 — Net cash used for financing activities (43.1 ) (10.0 ) (41.3 ) (1.5 ) 41.0 (54.9 ) Effect of exchange rates on cash — — — 0.8 — 0.80 Net increase (decrease) in cash and cash equivalents $ — (35.7 ) 18.5 0.1 — (17.1 ) Cash and cash equivalents: Cash and cash equivalents, beginning of period $ — 50.5 10.8 106.9 — 168.2 Net increase (decrease) in cash and cash equivalents — (35.7 ) 18.5 0.1 — (17.1 ) Cash and cash equivalents, end of period $ — 14.8 29.3 107.0 — 151.1 Nine Months Ended September 27, 2015 Cash flows from operating activities: Net cash provided by (used for) operating activities $ 15.1 (35.8 ) 176.1 56.2 — 211.6 Cash flows from investing activities: Capital expenditures — (1.3 ) (130.7 ) (36.7 ) — (168.7 ) Proceeds from sale of fixed assets — — 3.6 0.2 — 3.8 Capitalized patent costs — — (0.3 ) — — (0.3 ) Intercompany activity (4.2 ) 49.4 — — (45.2 ) — Net cash provided by (used for) investing activities (4.2 ) 48.1 (127.4 ) (36.5 ) (45.2 ) (165.2 ) Cash flows from financing activities: Cash dividends (12.1 ) — — — — (12.1 ) Stock-based compensation activity, net 3.6 — — — — 3.6 Borrowings of revolving lines of credit — 14.3 — — — 14.3 Payments of revolving lines of credit — (14.3 ) (0.3 ) — — (14.6 ) Proceeds of long-term debt — 1,326.6 — — — 1,326.6 Payments on long-term debt — (1,385.0 ) (0.2 ) — — (1,385.2 ) Payment of debt issue costs — (0.1 ) — — — (0.1 ) Other debt, net — — (2.2 ) 0.3 — (1.9 ) Payment of offering related costs (0.1 ) — — — — (0.1 ) Intercompany activity — — (44.7 ) (0.5 ) 45.2 — Net cash used for financing activities (8.6 ) (58.5 ) (47.4 ) (0.2 ) 45.2 (69.5 ) Effect of exchange rates on cash — — — (8.8 ) — (8.8 ) Net increase (decrease) in cash and cash equivalents $ 2.3 (46.2 ) 1.3 10.7 — (31.9 ) Cash and cash equivalents: Cash and cash equivalents, beginning of period $ — 52.3 3.2 101.0 — 156.5 Net increase (decrease) in cash and cash equivalents 2.3 (46.2 ) 1.3 10.7 — (31.9 ) Cash and cash equivalents, end of period $ 2.3 6.1 4.5 111.7 — 124.6 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Oct. 02, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | (21) Subsequent Events Dividend On November 2, 2016, our board of directors declared a dividend of $0.0925 per share of common stock outstanding, payable on December 9, 2016 to stockholders of record as of November 18, 2016. Definitive Merger Agreement On November 3, 2016, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, American Axle & Manufacturing Holdings, Inc. (“American Axle”) and Alpha SPV I, Inc. (“Merger Sub”), a wholly owned subsidiary of American Axle, pursuant to which American Axle will acquire all of the outstanding equity of the Company for a purchase price of approximately $1.6 billion. In accordance with and subject to the terms and conditions of the Merger Agreement, Merger Sub will merge with and into the Company (the “Merger”), with the Company surviving the Merger and continuing as a wholly-owned subsidiary of American Axle. Upon consummation of the transactions contemplated by the Merger Agreement, each outstanding share of common stock, par value $0.001 per share, of the Company will automatically be converted into the right to receive (i) $13.50 per share in cash (without interest) and (ii) 0.5 shares of common stock, par value $0.01 per share, of American Axle. The consummation of the Merger and the transactions contemplated by the Merger Agreement are subject to the satisfaction of customary closing conditions, including the receipt of certain required regulatory approvals, the approval of the Merger Agreement by the requisite vote of the Company’s stockholders and approval of the issuance of shares of common stock of American Axle to the Company’s stockholders in the Merger by the requisite vote of American Axle’s stockholders. Suspension of Share Repurchase Program On November 3, 2016 the Company suspended its Share Repurchase Program. As of November 3, 2016, cumulative shares repurchased totaled 1,898,261 shares at an average purchase price per share of $15.56. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Oct. 02, 2016 | |
Accounting Policies [Abstract] | |
Presentation | Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by Metaldyne Performance Group Inc. (the “Company”, “MPG”, “we”, “our”, or “its”) in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of items of a normal and recurring nature) necessary to present fairly the financial position as of October 2, 2016 and the results of operations and comprehensive income for the quarters and nine months ended October 2, 2016 and September 27, 2015, and statements of cash flows and stockholders’ equity for the nine months ended October 2, 2016 and September 27, 2015. The results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. The condensed consolidated balance sheet as of December 31, 2015 was derived from our audited financial statements. The accompanying unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported therein. Use of significant estimates and judgments are inherent in the accounting for acquisitions, stock-based compensation, income taxes and employee benefit plans, as |
Receivables Allowances (Tables)
Receivables Allowances (Tables) | 9 Months Ended |
Oct. 02, 2016 | |
Receivables [Abstract] | |
Schedule of Allowances for Receivables | Receivables were stated net of the following allowances: October 2, 2016 December 31, 2015 (In millions) Doubtful accounts $ 2.1 1.4 Pricing accruals and anticipated customer deductions 6.2 8.1 Returns 2.5 2.0 $ 10.8 11.5 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 02, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories were as follows: October 2, 2016 December 31, 2015 (In millions) Raw materials $ 53.1 57.3 Work in process 68.4 66.3 Finished goods 52.3 63.2 Total inventories $ 173.8 186.8 |
Amortizable Intangible Assets (
Amortizable Intangible Assets (Tables) | 9 Months Ended |
Oct. 02, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The carrying amounts and accumulated amortization of intangible assets were as follows: October 2, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In millions) Customer relationships and platforms $ 745.2 (182.3 ) 562.9 Other 126.9 (33.2 ) 93.7 Total $ 872.1 (215.5 ) 656.6 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In millions) Customer relationships and platforms $ 745.2 (137.0 ) 608.2 Other 126.7 (26.0 ) 100.7 Total $ 871.9 (163.0 ) 708.9 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 02, 2016 | |
Debt Disclosure [Abstract] | |
Carrying Value of Debt | The carrying value of debt was as follows: October 2, 2016 December 31, 2015 (In millions) Short-term debt: Revolving lines of credit $ — — Other short-term debt 0.4 0.7 Total short-term debt $ 0.4 0.7 Long-term debt: Term loans USD Term Loan $ 1,014.2 1,022.2 Euro Term Loan 249.9 244.1 Registered Notes 600.0 600.0 Other long-term debt (various interest rates) 0.1 0.4 Total 1,864.2 1,866.7 Unamortized debt issuance costs (17.7 ) (19.6 ) Unamortized discount on term loans (6.0 ) (6.7 ) Current maturities (13.3 ) (13.3 ) Total long-term debt $ 1,827.2 1,827.1 |
Equity and Dividends (Tables)
Equity and Dividends (Tables) | 9 Months Ended |
Oct. 02, 2016 | |
Equity [Abstract] | |
Summary of Dividends | Our board of directors declared and the Company paid the following dividends during the nine months ended October 2, 2016. Date Declared Date Paid Dividend Per Share February 24, 2016 April 26, 2016 $ 0.0900 May 4, 2016 June 21, 2016 0.0925 August 3, 2016 September 20, 2016 0.0925 |
Changes in Accumulated Other Comprehensive Loss, Net of Tax | Changes in Accumulated Other Comprehensive Loss, Net of Tax Foreign Currency Items Defined Benefit Items Total (In millions) Balance, June 28, 2015 $ (39.5 ) (7.3 ) (46.8 ) Other comprehensive income (loss) (8.3 ) — (8.3 ) Balance, September 27, 2015 $ (47.8 ) (7.3 ) (55.1 ) Balance, December 31, 2014 $ (27.7 ) (7.5 ) (35.2 ) Other comprehensive income (loss) (20.1 ) — (20.1 ) Reclassifications, net — 0.2 0.2 Balance, September 27, 2015 $ (47.8 ) (7.3 ) (55.1 ) Balance, July 3, 2016 $ (53.7 ) (5.2 ) (58.9 ) Other comprehensive income (loss) 0.5 — 0.5 Balance, October 2, 2016 $ (53.2 ) (5.2 ) (58.4 ) Balance, December 31, 2015 $ (52.0 ) (5.3 ) (57.3 ) Other comprehensive income (loss) (1.2 ) 0.1 (1.1 ) Balance, October 2, 2016 $ (53.2 ) (5.2 ) (58.4 ) |
Other, net (Tables)
Other, net (Tables) | 9 Months Ended |
Oct. 02, 2016 | |
Other Income And Expenses [Abstract] | |
(Income) and Expense Included in Other, net | Included within other, net Quarter Ended Nine Months Ended October 2, 2016 September 27, 2015 October 2, 2016 September 27, 2015 (In millions) Foreign currency losses (gains) $ 2.8 (2.8 ) $ 8.1 (11.7 ) Debt transaction expenses — — — 1.7 Other (0.8 ) 1.1 2.6 1.8 Other, net $ 2.0 (1.7 ) $ 10.7 (8.2 ) |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Oct. 02, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Terms of Restricted Stock Units Awards | The following table summarizes the terms of the RSUs: Vesting Term Number of Units/Options Weighted Average Grant-Date Fair Value (In thousands) 1/3 per year on grant-date anniversary 900 $ 15.45 |
Summary of Changes in Number of Restricted Shares Outstanding | Changes in the number of Restricted Shares outstanding for the nine months ended October 2, 2016 were as follows: Number of Restricted Shares Weighted Average Grant-Date Fair Value Fair Value of Shares Vested (In thousands) (In millions) Balance, December 31, 2015 1,165 $ 17.47 Granted 900 15.45 Vested (297 ) 18.18 $ 4.8 Forfeited (24 ) 16.43 Balance, October 2, 2016 1,744 16.32 |
Summary of Terms of Stock Options | In April and September 2016, the Company granted options to certain employees with the following terms: Vesting Terms Number of Options Weighted Average Exercise Price Contractual Terms (In thousands) (In years) 1/3 per year on grant-date anniversary 741 $ 15.46 10 |
Summary of Black-Scholes Valuation Assumptions for Stock Options | The grant-date fair value of the options was determined using a Black-Scholes valuation model based on the following weighted average assumptions: Exercise price $ 15.46 Expected term 6 years Risk-free rate 1.4 % Expected volatility 47.0 % Expected dividend yield 2.3 % Per share market value of MPG common stock $ 15.46 |
Summary of Changes in Stock Options Outstanding | Changes in the number of options outstanding for the nine months ended October 2, 2016 were as follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (In years) (In millions) Balance, December 31, 2015 6,269 $ 11.58 7.6 $ 45.5 Granted 741 15.46 9.7 Exercised (492 ) 3.61 6.0 5.0 Forfeited (87 ) 14.58 6.8 Balance, October 2, 2016 6,431 12.60 6.7 31.1 Options exercisable, October 2, 2016 3,473 12.29 5.8 18.9 |
Summary of Stock-Based Compensation Expense | Stock-based Compensation Expense Quarter Ended Nine Months Ended October 2, 2016 September 27, 2015 October 2, 2016 September 27, 2015 (In millions) (In millions) Restricted shares $ 2.6 2.7 $ 7.3 6.0 Options 1.8 5.1 5.3 9.4 Total $ 4.4 7.8 $ 12.6 15.4 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Oct. 02, 2016 | |
Fair Value Disclosures [Abstract] | |
Carrying and Fair Value of Debt | October 2, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value (In millions) Registered Notes $ 590.5 613.5 589.6 605.9 USD Term Loan 1,001.2 1,021.8 1,007.5 1,000.5 Euro Term Loan 248.7 250.2 242.9 243.2 |
Net Income per Share Attribut38
Net Income per Share Attributable to Stockholders ("EPS") (Tables) | 9 Months Ended |
Oct. 02, 2016 | |
Earnings Per Share [Abstract] | |
Basic and Diluted EPS | The Company’s basic and diluted EPS were calculated as follows: Quarter Ended Nine Months Ended October 2, 2016 September 27, 2015 October 2, 2016 September 27, 2015 (In millions, except per share amounts) Weighted-average shares outstanding Basic shares 67.2 67.3 67.6 67.2 Equivalent shares for outstanding stock-based compensation awards 2.0 1.7 1.6 1.8 Diluted shares 69.2 69.0 69.2 69.0 Income attributable to stockholders $ 19.3 28.2 $ 79.7 104.7 Basic EPS attributable to stockholders 0.29 0.42 1.18 1.56 Diluted EPS attributable to stockholders 0.28 0.41 1.15 1.52 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Oct. 02, 2016 | |
Segment Reporting [Abstract] | |
Performance of Operating Segments | Segment information was as follows: Quarter Ended October 2, 2016 External Sales Intersegment Sales Adjusted EBITDA Capital Expenditures Depreciation/ Amortization (In millions) HHI $ 204.7 1.9 39.5 12.9 19.8 Metaldyne 282.7 0.3 50.3 28.7 18.1 Grede 188.8 — 23.7 8.8 17.0 Elimination and other — (2.2 ) — 0.8 0.1 Total $ 676.2 — 113.5 51.2 55.0 Quarter Ended September 27, 2015 External Sales Intersegment Sales Adjusted EBITDA Capital Expenditures Depreciation/ Amortization (In millions) HHI $ 243.9 2.1 51.2 15.8 20.3 Metaldyne 282.4 0.3 48.5 21.0 19.2 Grede 220.3 0 29.1 15.7 17.4 Elimination and other — (2.5 ) — 1.2 — Total $ 746.6 — 128.8 53.7 56.9 Nine Months Ended October 2, 2016 External Sales Intersegment Sales Adjusted EBITDA Capital Expenditures Depreciation/ Amortization (In millions) HHI $ 645.4 6.3 126.3 47.4 58.1 Metaldyne 903.2 1.1 172.3 70.8 55.5 Grede 595.5 0.2 87.8 26.0 51.8 Elimination and other — (7.6 ) — 1.2 0.2 Total $ 2,144.1 — 386.4 145.4 165.6 Nine Months Ended September 27, 2015 External Sales Intersegment Sales Adjusted EBITDA Capital Expenditures Depreciation/ Amortization (In millions) HHI $ 750.1 6.6 157.3 52.4 58.7 Metaldyne 860.8 0.9 152.0 59.2 58.7 Grede 701.1 0.2 105.7 55.8 54.7 Elimination and other — (7.7 ) — 1.3 — Total $ 2,312.0 — 415.0 168.7 172.1 |
Reconciliation of Segment EBITDA | The reconciliation from the Company’s income before tax to Adjusted EBITDA was as follows: Quarter Ended Nine Months Ended October 2, 2016 September 27, 2015 October 2, 2016 September 27, 2015 (In millions) Income before tax $ 22.5 37.1 $ 107.4 145.3 Interest expense, net 25.7 26.0 78.1 80.5 Depreciation and amortization 55.0 56.9 165.6 172.1 Loss (gain) on foreign currency 2.6 (2.8 ) 8.8 (11.7 ) Loss on fixed assets 1.4 1.5 2.6 1.9 Loss on debt extinguishment — — — 0.4 Debt transaction expenses — — — 1.7 Stock-based compensation 4.4 7.9 12.6 15.4 Non-recurring acquisition and purchase accounting items (1.4 ) 1.3 2.0 1.4 Non-recurring operational items 3.3 0.9 9.3 8.0 Adjusted EBITDA $ 113.5 128.8 $ 386.4 415.0 |
Guarantor (Tables)
Guarantor (Tables) | 9 Months Ended |
Oct. 02, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Unaudited Condensed Consolidating Balance Sheet | Parent Issuer Guarantor Non- Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — 14.8 29.3 107.0 — 151.1 Receivables, net: Trade — — 289.6 90.4 (1.1 ) 378.9 Other — — 83.3 20.6 (68.8 ) 35.1 Total receivables, net — — 372.9 111.0 (69.9 ) 414.0 Inventories — — 128.2 45.6 — 173.8 Prepaid expenses — 2.1 9.0 3.0 — 14.1 Other assets — — 13.9 14.2 — 28.1 Total current assets — 16.9 553.3 280.8 (69.9 ) 781.1 Property and equipment, net — 2.9 567.0 248.5 — 818.4 Goodwill — — 673.2 234.5 — 907.7 Amortizable intangible assets, net — — 520.6 136.0 — 656.6 Deferred income taxes 11.4 — — 5.7 (11.4 ) 5.7 Other assets — 2.2 13.3 0.7 — 16.2 Intercompany receivables 108.4 1,715.7 — 0.2 (1,824.3 ) — Investment in subsidiaries 697.4 837.3 704.5 — (2,239.2 ) — Total assets $ 817.2 2,575.0 3,031.9 906.4 (4,144.8 ) 3,185.7 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ — 0.4 177.8 95.6 (28.4 ) 245.4 Accrued compensation — 0.9 37.4 14.6 — 52.9 Accrued liabilities 1.0 30.1 29.1 59.4 (40.8 ) 78.8 Short-term debt — — — 1.1 (0.7 ) 0.4 Current maturities, long-term debt and capital lease obligations — 13.3 — 0.1 — 13.4 Total current liabilities 1.0 44.7 244.3 170.8 (69.9 ) 390.9 Long-term debt, less current maturities — 1,827.2 — — — 1,827.2 Capital lease obligations — — 22.7 — — 22.7 Deferred income taxes — 5.0 203.4 8.1 (11.4 ) 205.1 Other long-term liabilities — 0.7 26.8 25.3 — 52.8 Intercompany payables 132.5 — 1,697.4 (5.6 ) (1,824.3 ) — Total liabilities 133.5 1,877.6 2,194.6 198.6 (1,905.6 ) 2,498.7 Stockholders’ equity: Total equity attributable to stockholders 683.7 697.4 837.3 704.5 (2,239.2 ) 683.7 Noncontrolling interest — — — 3.3 — 3.3 Total stockholders’ equity 683.7 697.4 837.3 707.8 (2,239.2 ) 687.0 Total liabilities and stockholders’ equity $ 817.2 2,575.0 3,031.9 906.4 (4,144.8 ) 3,185.7 Parent Issuer Guarantor Non- Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — 50.5 10.8 106.9 — 168.2 Receivables, net: Trade — — 242.4 67.7 (1.0 ) 309.1 Other 0.1 — 70.9 19.8 (55.4 ) 35.4 Total receivables, net 0.1 — 313.3 87.5 (56.4 ) 344.5 Inventories — — 139.1 47.7 — 186.8 Prepaid expenses — 3.2 7.4 4.4 — 15.0 Other assets 5.3 — 8.6 7.6 — 21.5 Total current assets 5.4 53.7 479.2 254.1 (56.4 ) 736.0 Property and equipment, net — 2.0 546.3 237.7 — 786.0 Goodwill — — 673.2 234.5 — 907.7 Amortizable intangible assets, net — — 561.7 147.2 — 708.9 Deferred income taxes 14.2 — — 1.7 (14.2 ) 1.7 Other assets — 2.8 14.2 0.3 — 17.3 Intercompany receivables 56.2 1,734.6 — 5.0 (1,795.8 ) — Investment in subsidiaries 619.0 695.9 673.8 — (1,988.7 ) — Total assets $ 694.8 2,489.0 2,948.4 880.5 (3,855.1 ) 3,157.6 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ — 1.0 165.7 105.0 (22.8 ) 248.9 Accrued compensation — 4.4 38.5 12.3 — 55.2 Accrued liabilities 0.5 19.1 27.2 53.6 (33.6 ) 66.8 Short-term debt — — — 0.7 — 0.7 Current maturities, long-term debt and capital lease obligations — 13.2 1.1 0.2 — 14.5 Total current liabilities 0.5 37.7 232.5 171.8 (56.4 ) 386.1 Long-term debt, less current maturities — 1,826.9 — 0.2 — 1,827.1 Capital lease obligations — — 22.5 — — 22.5 Deferred income taxes — 5.0 233.4 7.1 (14.2 ) 231.3 Other long-term liabilities — 0.4 26.5 24.7 — 51.6 Intercompany payables 58.2 — 1,737.6 — (1,795.8 ) — Total liabilities 58.7 1,870.0 2,252.5 203.8 (1,866.4 ) 2,518.6 Stockholders’ equity: Total equity attributable to stockholders 636.1 619.0 695.9 673.8 (1,988.7 ) 636.1 Noncontrolling interest — — — 2.9 — 2.9 Total stockholders’ equity 636.1 619.0 695.9 676.7 (1,988.7 ) 639.0 Total liabilities and stockholders’ equity $ 694.8 2,489.0 2,948.4 880.5 (3,855.1 ) 3,157.6 |
Unaudited Condensed Consolidating Statements of Operations | Quarter Ended October 2, 2016 Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — — 528.8 184.6 (37.2 ) 676.2 Cost of sales — — 450.4 156.6 (37.2 ) 569.8 Gross profit — — 78.4 28.0 — 106.4 Selling, general and administrative expenses — — 45.1 11.1 — 56.2 Operating income — — 33.3 16.9 — 50.2 Interest expense, net — 24.5 (0.9 ) 2.1 — 25.7 Other, net — 2.1 (3.2 ) 3.1 — 2.0 Other expense (income), net — 26.6 (4.1 ) 5.2 — 27.7 Income (loss) before tax — (26.6 ) 37.4 11.7 — 22.5 Income tax expense (benefit) — (2.7 ) 0.6 5.2 — 3.1 Income (loss) before earnings from equity in subsidiaries — (23.9 ) 36.8 6.5 — 19.4 Earnings from equity in subsidiaries 19.3 43.2 6.4 — (68.9 ) — Net income 19.3 19.3 43.2 6.5 (68.9 ) 19.4 Income attributable to noncontrolling interest — — — 0.1 — 0.1 Net income attributable to stockholders $ 19.3 19.3 43.2 6.4 (68.9 ) 19.3 Quarter Ended September 27, 2015 Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — — 605.6 180.9 (39.9 ) 746.6 Cost of sales — — 507.7 152.6 (39.9 ) 620.4 Gross profit — — 97.9 28.3 — 126.2 Selling, general and administrative expenses — — 53.9 10.9 — 64.8 Operating income — — 44.0 17.4 — 61.4 Interest expense, net — 24.8 (1.1 ) 2.3 — 26.0 Loss on debt extinguishment — — — — — - Other, net — 0.6 (2.3 ) — — (1.7 ) Other expense (income), net — 25.4 (3.4 ) 2.3 — 24.3 Income (loss) before tax — (25.4 ) 47.4 15.1 — 37.1 Income tax expense (benefit) — (8.3 ) 12.8 4.3 — 8.8 Income (loss) before earnings from equity in subsidiaries — (17.1 ) 34.6 10.8 — 28.3 Earnings from equity in subsidiaries 28.2 45.3 10.7 — (84.2 ) — Net income 28.2 28.2 45.3 10.8 (84.2 ) 28.3 Income attributable to noncontrolling interest — — — 0.1 — 0.1 Net income attributable to stockholders $ 28.2 28.2 45.3 10.7 (84.2 ) 28.2 Unaudited Condensed Consolidating Statements of Operations (Continued) (In millions) Nine Months Ended October 2, 2016 Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — — 1,682.5 571.9 (110.3 ) 2,144.1 Cost of sales — — 1,402.9 478.3 (110.3 ) 1,770.9 Gross profit — — 279.6 93.6 — 373.2 Selling, general and administrative expenses — — 143.1 33.9 — 177.0 Operating income — — 136.5 59.7 — 196.2 Interest expense, net — 74.4 (2.7 ) 6.4 — 78.1 Other, net — 7.7 (5.3 ) 8.3 — 10.7 Other expense (income), net — 82.1 (8.0 ) 14.7 — 88.8 Income (loss) before tax — (82.1 ) 144.5 45.0 — 107.4 Income tax expense (benefit) — (19.2 ) 35.0 11.5 — 27.3 Income (loss) before earnings from equity in subsidiaries — (62.9 ) 109.5 33.5 — 80.1 Earnings from equity in subsidiaries 79.7 142.6 33.1 — (255.4 ) — Net income 79.7 79.7 142.6 33.5 (255.4 ) 80.1 Income attributable to noncontrolling interest — — — 0.4 — 0.4 Net income attributable to stockholders $ 79.7 79.7 142.6 33.1 (255.4 ) 79.7 Nine Months Ended September 27, 2015 Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — — 1,856.9 555.6 (100.5 ) 2,312.0 Cost of sales — — 1,549.5 466.2 (100.5 ) 1,915.2 Gross profit — — 307.4 89.4 — 396.8 Selling, general and administrative expenses — — 146.1 32.7 — 178.8 Operating income — — 161.3 56.7 — 218.0 Interest expense, net — 76.5 (3.2 ) 7.2 — 80.5 Loss on debt extinguishment — 0.4 — — — 0.4 Other, net — (1.8 ) (7.0 ) 0.6 — (8.2 ) Other expense (income), net — 75.1 (10.2 ) 7.8 — 72.7 Income (loss) before tax — (75.1 ) 171.5 48.9 — 145.3 Income tax expense (benefit) — (24.3 ) 50.0 14.6 — 40.3 Income (loss) before earnings from equity in subsidiaries — (50.8 ) 121.5 34.3 — 105.0 Earnings from equity in subsidiaries 104.7 155.5 34.0 — (294.2 ) — Net income 104.7 104.7 155.5 34.3 (294.2 ) 105.0 Income attributable to noncontrolling interest — — — 0.3 — 0.3 Net income attributable to stockholders $ 104.7 104.7 155.5 34.0 (294.2 ) 104.7 |
Unaudited Condensed Consolidating Statements of Comprehensive Income | Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Quarter Ended October 2, 2016 Net income $ 19.3 19.3 43.2 6.5 (68.9 ) 19.4 Other comprehensive loss, net of tax: Foreign currency translation 0.5 0.5 0.5 0.2 (1.2 ) 0.5 Comprehensive income 19.8 19.8 43.7 6.7 (70.1 ) 19.9 Less comprehensive income attributable to noncontrolling interest — — — 0.1 — 0.1 Comprehensive income attributable to stockholders $ 19.8 19.8 43.7 6.6 (70.1 ) 19.8 Quarter Ended September 27, 2015 Net income $ 28.2 28.2 45.3 10.8 (84.2 ) 28.3 Other comprehensive loss, net of tax: - Foreign currency translation (8.3 ) (8.7 ) (8.7 ) (8.6 ) 26.0 (8.3 ) Comprehensive income 19.9 19.5 36.6 2.2 (58.2 ) 20.0 Less comprehensive income attributable to noncontrolling interest — — — 0.1 — 0.1 Comprehensive income attributable to stockholders $ 19.9 19.5 36.6 2.1 (58.2 ) 19.9 Nine Months Ended October 2, 2016 Net income $ 79.7 79.7 142.6 33.5 (255.4 ) 80.1 Other comprehensive loss, net of tax: Foreign currency translation (1.1 ) (1.2 ) (1.2 ) (2.2 ) 4.6 (1.1 ) Comprehensive income 78.6 78.5 141.4 31.3 (250.8 ) 79.0 Less comprehensive income attributable to noncontrolling interest — — — 0.4 — 0.4 Comprehensive income attributable to stockholders $ 78.6 78.5 141.4 30.9 (250.8 ) 78.6 Nine Months Ended September 27, 2015 Net income $ 104.7 104.7 155.5 34.3 (294.2 ) 105.0 Other comprehensive loss, net of tax: Foreign currency translation (20.1 ) (20.7 ) (20.7 ) (18.3 ) 59.7 (20.1 ) Comprehensive income 84.6 84.0 134.8 16.0 (234.5 ) 84.9 Less comprehensive income attributable to noncontrolling interest — — — 0.3 — 0.3 Comprehensive income attributable to stockholders $ 84.6 84.0 134.8 15.7 (234.5 ) 84.6 |
Unaudited Condensed Consolidating Statements of Cash Flows | Parent Issuer Guarantor Non-Guarantor Eliminations Consolidated Nine Months Ended October 2, 2016 Cash flows from operating activities: Net cash provided by (used for) operating activities $ 20.9 (43.2 ) 178.7 40.0 — 196.4 Cash flows from investing activities: Capital expenditures — (1.3 ) (104.8 ) (39.3 ) — (145.4 ) Proceeds from sale of fixed assets — — 0.1 0.1 — 0.2 Capitalized patent costs — — (0.2 ) — — (0.2 ) Acquisition of business, net of cash acquired — — (14.0 ) — — (14.0 ) Intercompany activity 22.2 18.8 — — (41.0 ) — Net cash provided by (used for) investing activities 22.2 17.5 (118.9 ) (39.2 ) (41.0 ) (159.4 ) Cash flows from financing activities: Cash dividends (18.7 ) — — — — (18.7 ) Proceeds from stock issuance 1.8 — — — — 1.8 Purchases of treasury stock (25.6 ) — — — — (25.6 ) Excess tax benefit on stock-based compensation 0.9 — — — — 0.9 Cash settlement of equity awards (1.5 ) — — — — (1.5 ) Payments on long-term debt — (10.0 ) — — — (10.0 ) Other debt, net — — (1.2 ) (1 ) — (1.8 ) Intercompany activity — — (40.1 ) (0.9 ) 41.0 — Net cash used for financing activities (43.1 ) (10.0 ) (41.3 ) (1.5 ) 41.0 (54.9 ) Effect of exchange rates on cash — — — 0.8 — 0.80 Net increase (decrease) in cash and cash equivalents $ — (35.7 ) 18.5 0.1 — (17.1 ) Cash and cash equivalents: Cash and cash equivalents, beginning of period $ — 50.5 10.8 106.9 — 168.2 Net increase (decrease) in cash and cash equivalents — (35.7 ) 18.5 0.1 — (17.1 ) Cash and cash equivalents, end of period $ — 14.8 29.3 107.0 — 151.1 Nine Months Ended September 27, 2015 Cash flows from operating activities: Net cash provided by (used for) operating activities $ 15.1 (35.8 ) 176.1 56.2 — 211.6 Cash flows from investing activities: Capital expenditures — (1.3 ) (130.7 ) (36.7 ) — (168.7 ) Proceeds from sale of fixed assets — — 3.6 0.2 — 3.8 Capitalized patent costs — — (0.3 ) — — (0.3 ) Intercompany activity (4.2 ) 49.4 — — (45.2 ) — Net cash provided by (used for) investing activities (4.2 ) 48.1 (127.4 ) (36.5 ) (45.2 ) (165.2 ) Cash flows from financing activities: Cash dividends (12.1 ) — — — — (12.1 ) Stock-based compensation activity, net 3.6 — — — — 3.6 Borrowings of revolving lines of credit — 14.3 — — — 14.3 Payments of revolving lines of credit — (14.3 ) (0.3 ) — — (14.6 ) Proceeds of long-term debt — 1,326.6 — — — 1,326.6 Payments on long-term debt — (1,385.0 ) (0.2 ) — — (1,385.2 ) Payment of debt issue costs — (0.1 ) — — — (0.1 ) Other debt, net — — (2.2 ) 0.3 — (1.9 ) Payment of offering related costs (0.1 ) — — — — (0.1 ) Intercompany activity — — (44.7 ) (0.5 ) 45.2 — Net cash used for financing activities (8.6 ) (58.5 ) (47.4 ) (0.2 ) 45.2 (69.5 ) Effect of exchange rates on cash — — — (8.8 ) — (8.8 ) Net increase (decrease) in cash and cash equivalents $ 2.3 (46.2 ) 1.3 10.7 — (31.9 ) Cash and cash equivalents: Cash and cash equivalents, beginning of period $ — 52.3 3.2 101.0 — 156.5 Net increase (decrease) in cash and cash equivalents 2.3 (46.2 ) 1.3 10.7 — (31.9 ) Cash and cash equivalents, end of period $ 2.3 6.1 4.5 111.7 — 124.6 |
Recently Adopted Accounting P41
Recently Adopted Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions | Oct. 02, 2016 | Dec. 31, 2015 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Unamortized debt issuance costs | $ 17.7 | $ 19.6 |
ASU 2015-03 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Unamortized debt issuance costs | $ 17.7 | $ 19.6 |
Brillion Acquisition - Addition
Brillion Acquisition - Additional Information (Detail) - USD ($) $ in Millions | Sep. 02, 2016 | Oct. 02, 2016 | Sep. 27, 2015 | Oct. 02, 2016 | Sep. 27, 2015 |
Business Acquisition [Line Items] | |||||
Net sales | $ 676.2 | $ 746.6 | $ 2,144.1 | $ 2,312 | |
Loss before tax | 22.5 | $ 37.1 | $ 107.4 | $ 145.3 | |
ASP Grede Intermediate Holdings LLC [Member] | Brillion Iron Works, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition date | Sep. 2, 2016 | ||||
Equity ownership percentage | 100.00% | ||||
Acquisition purchase price, cash consideration | $ 14 | ||||
Allocation of purchase price, receivables | 8.1 | ||||
Allocation of purchase price, inventory | 3.8 | ||||
Allocation of purchase price , property, plant and equipment | 15.9 | ||||
Allocation of purchase price, assumed liabilities | 12.8 | ||||
Net sales | 4.4 | $ 4.4 | |||
Loss before tax | (0.4) | (0.4) | |||
Pro forma net sales | 688.8 | 2,189.7 | |||
Pro forma income before tax | $ 18.5 | $ 97.2 | |||
ASP Grede Intermediate Holdings LLC [Member] | Brillion Iron Works, Inc. [Member] | Other Net [Member] | |||||
Business Acquisition [Line Items] | |||||
Gain on bargain purchase price | $ 1 |
Receivable Allowances - Schedul
Receivable Allowances - Schedule of Allowances for Receivables (Detail) - USD ($) $ in Millions | Oct. 02, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for receivables | $ 10.8 | $ 11.5 |
Doubtful Accounts [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for receivables | 2.1 | 1.4 |
Pricing Accruals and Anticipated Customer Deductions [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for receivables | 6.2 | 8.1 |
Returns [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for receivables | $ 2.5 | $ 2 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions | Oct. 02, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 53.1 | $ 57.3 |
Work in process | 68.4 | 66.3 |
Finished goods | 52.3 | 63.2 |
Total inventories | $ 173.8 | $ 186.8 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Jul. 03, 2016 | Oct. 02, 2016 | Dec. 31, 2015 | |
Property Plant And Equipment [Line Items] | |||
Accumulated depreciation | $ 527 | $ 419.6 | |
Cost of Sales | |||
Property Plant And Equipment [Line Items] | |||
Asset impairment charge | $ 2.3 |
Amortizable Intangible Assets -
Amortizable Intangible Assets - Schedule of Carrying Amounts and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Millions | Oct. 02, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 872.1 | $ 871.9 |
Accumulated Amortization | (215.5) | (163) |
Net Carrying Amount | 656.6 | 708.9 |
Customer Relationships and Platforms [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 745.2 | 745.2 |
Accumulated Amortization | (182.3) | (137) |
Net Carrying Amount | 562.9 | 608.2 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 126.9 | 126.7 |
Accumulated Amortization | (33.2) | (26) |
Net Carrying Amount | $ 93.7 | $ 100.7 |
Debt - Carrying Value of Debt (
Debt - Carrying Value of Debt (Detail) - USD ($) $ in Millions | Oct. 02, 2016 | Dec. 31, 2015 |
Short-term debt: | ||
Other short-term debt | $ 0.4 | $ 0.7 |
Total short-term debt | 0.4 | 0.7 |
Long-term debt: | ||
Registered Notes | 600 | 600 |
Other long-term debt (various interest rates) | 0.1 | 0.4 |
Total | 1,864.2 | 1,866.7 |
Unamortized debt issuance costs | (17.7) | (19.6) |
Unamortized discount on term loans | (6) | (6.7) |
Current maturities | (13.3) | (13.3) |
Total long-term debt | 1,827.2 | 1,827.1 |
USD Term Loan [Member] | ||
Long-term debt: | ||
Term loan | 1,014.2 | 1,022.2 |
Euro Term Loan [Member] | ||
Long-term debt: | ||
Term loan | $ 249.9 | $ 244.1 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Millions | Oct. 02, 2016 | Dec. 31, 2015 |
Accrued Liabilities [Member] | ||
Debt Instrument [Line Items] | ||
Accrued interest reflected in accrued liabilities | $ 27.8 | $ 16.5 |
Equity and Dividends - Summary
Equity and Dividends - Summary of Dividends (Detail) - $ / shares | Aug. 03, 2016 | May 04, 2016 | Feb. 24, 2016 |
Equity [Abstract] | |||
Date Declared | Aug. 3, 2016 | May 4, 2016 | Feb. 24, 2016 |
Date Paid | Sep. 20, 2016 | Jun. 21, 2016 | Apr. 26, 2016 |
Dividend Per Share | $ 0.0925 | $ 0.0925 | $ 0.0900 |
Equity and Dividends - Addition
Equity and Dividends - Additional Information (Detail) - USD ($) | 7 Months Ended | |
Oct. 02, 2016 | Feb. 24, 2016 | |
Equity Note [Line Items] | ||
Share repurchase program expiry date | Feb. 28, 2017 | |
Common stock number of shares repurchased | 1,659,804 | |
Shares repurchased, average purchase price per share | $ 15.55 | |
Maximum [Member] | ||
Equity Note [Line Items] | ||
Share repurchase program authorized amount | $ 35,000,000 |
Equity and Dividends - Changes
Equity and Dividends - Changes in Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2016 | Sep. 27, 2015 | Oct. 02, 2016 | Sep. 27, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ (58.9) | $ (46.8) | $ (57.3) | $ (35.2) |
Other comprehensive income (loss) | 0.5 | (8.3) | (1.1) | (20.1) |
Reclassifications, net | 0.2 | |||
Balance | (58.4) | (55.1) | (58.4) | (55.1) |
Foreign Currency Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (53.7) | (39.5) | (52) | (27.7) |
Other comprehensive income (loss) | 0.5 | (8.3) | (1.2) | (20.1) |
Balance | (53.2) | (47.8) | (53.2) | (47.8) |
Defined Benefit Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (5.2) | (7.3) | (5.3) | (7.5) |
Other comprehensive income (loss) | 0.1 | |||
Reclassifications, net | 0.2 | |||
Balance | $ (5.2) | $ (7.3) | $ (5.2) | $ (7.3) |
Other, net - (Income) and Expen
Other, net - (Income) and Expense Included in Other, net (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2016 | Sep. 27, 2015 | Oct. 02, 2016 | Sep. 27, 2015 | |
Other Income And Expenses [Abstract] | ||||
Foreign currency losses (gains) | $ 2.8 | $ (2.8) | $ 8.1 | $ (11.7) |
Debt transaction expenses | 1.7 | |||
Other | (0.8) | 1.1 | 2.6 | 1.8 |
Other, net | $ 2 | $ (1.7) | $ 10.7 | $ (8.2) |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | 9 Months Ended |
Oct. 02, 2016USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options weighted average grant-date calculated value (per share) | $ / shares | $ 5.59 |
Total unrecognized compensation cost related to non-vested awards | $ | $ 35.9 |
Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of common stock permitted to be purchased by equity awards | shares | 5,900,000 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Terms of Restricted Stock Units Awards (Detail) - Restricted Stock [Member] shares in Thousands | 9 Months Ended |
Oct. 02, 2016$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting Term | 1/3 per year on grant-date anniversary |
Number of Units/Options | shares | 900 |
Weighted Average Grant-Date Fair Value | $ / shares | $ 15.45 |
Stock-based Compensation - Su55
Stock-based Compensation - Summary of Changes in Number of Restricted Shares Outstanding (Detail) - Restricted Stock [Member] $ / shares in Units, shares in Thousands, $ in Millions | 9 Months Ended |
Oct. 02, 2016USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Restricted Shares, beginning balance | shares | 1,165 |
Number of Restricted Shares, granted | shares | 900 |
Number of Restricted Shares, vested | shares | (297) |
Number of Restricted Shares, forfeited | shares | (24) |
Number of Restricted Shares, ending balance | shares | 1,744 |
Weighted Average Grant-Date Fair Value, beginning balance | $ / shares | $ 17.47 |
Weighted Average Grant-Date Fair Value | $ / shares | 15.45 |
Weighted Average Grant-Date Fair Value, vested | $ / shares | 18.18 |
Weighted Average Grant-Date Fair Value, forfeited | $ / shares | 16.43 |
Weighted Average Grant-Date Fair Value, ending balance | $ / shares | $ 16.32 |
Fair Value of Shares Vested, vested | $ | $ 4.8 |
Stock-based Compensation - Su56
Stock-based Compensation - Summary of Terms of Stock Options (Detail) shares in Thousands | 9 Months Ended |
Oct. 02, 2016$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options | shares | 3,473 |
Weighted Average Exercise Price | $ / shares | $ 12.29 |
Contractual Terms | 5 years 9 months 18 days |
Employee Stock Option [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting Terms | 1/3 per year on grant-date anniversary |
Number of Options | shares | 741 |
Weighted Average Exercise Price | $ / shares | $ 15.46 |
Contractual Terms | 10 years |
Stock-based Compensation - Su57
Stock-based Compensation - Summary of Black-Scholes Valuation Assumptions for Stock Options (Detail) - Employee Stock Option [Member] | 9 Months Ended |
Oct. 02, 2016$ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise price | $ 15.46 |
Expected term | 6 years |
Risk-free rate | 1.40% |
Expected volatility | 47.00% |
Expected dividend yield | 2.30% |
Per share market value of MPG common stock | $ 15.46 |
Stock-based Compensation - Su58
Stock-based Compensation - Summary of Changes in Stock Options Outstanding (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 9 Months Ended | 12 Months Ended |
Oct. 02, 2016 | Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Options, Beginning Balance | 6,269 | |
Number of Options, Granted | 741 | |
Number of Options, Exercised | (492) | |
Number of Options, Forfeited | (87) | |
Number of Options, Ending Balance | 6,431 | 6,269 |
Number of Options, Exercisable | 3,473 | |
Weighted Average Exercise Price, Beginning Balance | $ 11.58 | |
Weighted Average Exercise Price, Granted | 15.46 | |
Weighted Average Exercise Price, Exercised | 3.61 | |
Weighted Average Exercise Price, Forfeited | 14.58 | |
Weighted Average Exercise Price, Ending Balance | 12.60 | $ 11.58 |
Weighted Average Exercise Price, Options Exercisable | $ 12.29 | |
Remaining Contractual Term | 6 years 8 months 12 days | 7 years 7 months 6 days |
Remaining Contractual Term, Granted | 9 years 8 months 12 days | |
Remaining Contractual Term, Exercised | 6 years | |
Remaining Contractual Term, Forfeited | 6 years 9 months 18 days | |
Remaining Contractual Term, Options Exercisable | 5 years 9 months 18 days | |
Aggregate Intrinsic Value | $ 31.1 | $ 45.5 |
Aggregate Intrinsic Value, Exercised | 5 | |
Aggregate Intrinsic Value, Options Exercisable | $ 18.9 |
Stock-based Compensation - Su59
Stock-based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2016 | Sep. 27, 2015 | Oct. 02, 2016 | Sep. 27, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 4.4 | $ 7.8 | $ 12.6 | $ 15.4 |
Restricted Stock [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 2.6 | 2.7 | 7.3 | 6 |
Employee Stock Option [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1.8 | $ 5.1 | $ 5.3 | $ 9.4 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2016 | Sep. 27, 2015 | Oct. 02, 2016 | Sep. 27, 2015 | |
Income Taxes [Line Items] | ||||
Income tax expense | $ 3.1 | $ 8.8 | $ 27.3 | $ 40.3 |
Effective income tax rate | 13.60% | 23.70% | 25.40% | 27.70% |
Tax Authority, Spain [Member] | ||||
Income Taxes [Line Items] | ||||
Discrete net tax benefit | $ 2.4 | |||
Indiana Department Of Revenue [Member] | ||||
Income Taxes [Line Items] | ||||
Discrete net tax benefit | $ 4.1 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2016 | Sep. 27, 2015 | Oct. 02, 2016 | Sep. 27, 2015 | |
Compensation And Retirement Disclosure [Abstract] | ||||
Net expense recognized for defined benefit pension plans | $ 200,000 | $ 0 | $ 700,000 | $ 800,000 |
Fair Value - Carrying and Fair
Fair Value - Carrying and Fair Value of Debt (Detail) - USD ($) $ in Millions | Oct. 02, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Registered Notes, carrying value | $ 600 | $ 600 |
Registered Notes [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Registered Notes, carrying value | 590.5 | 589.6 |
Registered Notes [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Registered Notes, fair value | 613.5 | 605.9 |
USD Term Loan [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Term Loan Facility, carrying value | 1,001.2 | 1,007.5 |
USD Term Loan [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Term Loan Facility, fair value | 1,021.8 | 1,000.5 |
Euro Term Loan [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Term Loan Facility, carrying value | 248.7 | 242.9 |
Euro Term Loan [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Term Loan Facility, fair value | $ 250.2 | $ 243.2 |
Net Income per Share Attribut63
Net Income per Share Attributable to Stockholders ("EPS") - Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2016 | Sep. 27, 2015 | Oct. 02, 2016 | Sep. 27, 2015 | |
Weighted-average shares outstanding | ||||
Basic shares | 67.2 | 67.3 | 67.6 | 67.2 |
Equivalent shares for outstanding stock-based compensation awards | 2 | 1.7 | 1.6 | 1.8 |
Diluted shares | 69.2 | 69 | 69.2 | 69 |
Income attributable to stockholders | $ 19.3 | $ 28.2 | $ 79.7 | $ 104.7 |
Basic EPS attributable to stockholders | $ 0.29 | $ 0.42 | $ 1.18 | $ 1.56 |
Diluted EPS attributable to stockholders | $ 0.28 | $ 0.41 | $ 1.15 | $ 1.52 |
Net Income per Share Attribut64
Net Income per Share Attributable to Stockholders ("EPS") - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2016 | Sep. 27, 2015 | Oct. 02, 2016 | Sep. 27, 2015 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive number of equivalent shares excluded from calculation | 0.1 | 0.3 | 0.2 | 0.1 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Oct. 02, 2016Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segment Information - Performan
Segment Information - Performance of Operating Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2016 | Sep. 27, 2015 | Oct. 02, 2016 | Sep. 27, 2015 | |
Segment Reporting Information [Line Items] | ||||
External Sales | $ 676.2 | $ 746.6 | $ 2,144.1 | $ 2,312 |
Adjusted EBITDA | 113.5 | 128.8 | 386.4 | 415 |
Capital Expenditures | 51.2 | 53.7 | 145.4 | 168.7 |
Depreciation/Amortization | 55 | 56.9 | 165.6 | 172.1 |
Operating Segments [Member] | ASP HHI Holdings, Inc [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Sales | 204.7 | 243.9 | 645.4 | 750.1 |
Intersegment Sales | 1.9 | 2.1 | 6.3 | 6.6 |
Adjusted EBITDA | 39.5 | 51.2 | 126.3 | 157.3 |
Capital Expenditures | 12.9 | 15.8 | 47.4 | 52.4 |
Depreciation/Amortization | 19.8 | 20.3 | 58.1 | 58.7 |
Operating Segments [Member] | ASP MD Holdings, Inc [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Sales | 282.7 | 282.4 | 903.2 | 860.8 |
Intersegment Sales | 0.3 | 0.3 | 1.1 | 0.9 |
Adjusted EBITDA | 50.3 | 48.5 | 172.3 | 152 |
Capital Expenditures | 28.7 | 21 | 70.8 | 59.2 |
Depreciation/Amortization | 18.1 | 19.2 | 55.5 | 58.7 |
Operating Segments [Member] | ASP Grede Intermediate Holdings LLC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
External Sales | 188.8 | 220.3 | 595.5 | 701.1 |
Intersegment Sales | 0 | 0.2 | 0.2 | |
Adjusted EBITDA | 23.7 | 29.1 | 87.8 | 105.7 |
Capital Expenditures | 8.8 | 15.7 | 26 | 55.8 |
Depreciation/Amortization | 17 | 17.4 | 51.8 | 54.7 |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment Sales | (2.2) | (2.5) | (7.6) | (7.7) |
Capital Expenditures | 0.8 | $ 1.2 | 1.2 | $ 1.3 |
Depreciation/Amortization | $ 0.1 | $ 0.2 |
Segment Information - Reconcili
Segment Information - Reconciliation of Segment EBITDA (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2016 | Sep. 27, 2015 | Oct. 02, 2016 | Sep. 27, 2015 | |
Segment Reporting [Abstract] | ||||
Income before tax | $ 22.5 | $ 37.1 | $ 107.4 | $ 145.3 |
Interest expense, net | 25.7 | 26 | 78.1 | 80.5 |
Depreciation and amortization | 55 | 56.9 | 165.6 | 172.1 |
Loss (gain) on foreign currency | 2.6 | (2.8) | 8.8 | (11.7) |
Loss on fixed assets | 1.4 | 1.5 | 2.6 | 1.9 |
Loss on debt extinguishment | 0.4 | |||
Debt transaction expenses | 1.7 | |||
Stock-based compensation | 4.4 | 7.9 | 12.6 | 15.4 |
Non-recurring acquisition and purchase accounting items | (1.4) | 1.3 | 2 | 1.4 |
Non-recurring operational items | 3.3 | 0.9 | 9.3 | 8 |
Adjusted EBITDA | $ 113.5 | $ 128.8 | $ 386.4 | $ 415 |
Guarantor - Additional Informat
Guarantor - Additional Information (Detail) | 9 Months Ended |
Oct. 02, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Ownership Percentage of the outstanding common stock | 100.00% |
Guarantor - Unaudited Condensed
Guarantor - Unaudited Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Millions | Oct. 02, 2016 | Dec. 31, 2015 | Sep. 27, 2015 | Dec. 31, 2014 |
Current assets: | ||||
Cash and cash equivalents | $ 151.1 | $ 168.2 | $ 124.6 | $ 156.5 |
Receivables, net: | ||||
Trade | 378.9 | 309.1 | ||
Other | 35.1 | 35.4 | ||
Total receivables, net | 414 | 344.5 | ||
Inventories | 173.8 | 186.8 | ||
Prepaid expenses | 14.1 | 15 | ||
Other assets | 28.1 | 21.5 | ||
Total current assets | 781.1 | 736 | ||
Property and equipment, net | 818.4 | 786 | ||
Goodwill | 907.7 | 907.7 | ||
Amortizable intangible assets, net | 656.6 | 708.9 | ||
Deferred income taxes | 5.7 | 1.7 | ||
Other assets | 16.2 | 17.3 | ||
Total assets | 3,185.7 | 3,157.6 | ||
Current liabilities: | ||||
Accounts payable | 245.4 | 248.9 | ||
Accrued compensation | 52.9 | 55.2 | ||
Accrued liabilities | 78.8 | 66.8 | ||
Short-term debt | 0.4 | 0.7 | ||
Current maturities, long-term debt and capital lease obligations | 13.4 | 14.5 | ||
Total current liabilities | 390.9 | 386.1 | ||
Long-term debt, less current maturities | 1,827.2 | 1,827.1 | ||
Capital lease obligations | 22.7 | 22.5 | ||
Deferred income taxes | 205.1 | 231.3 | ||
Other long-term liabilities | 52.8 | 51.6 | ||
Total liabilities | 2,498.7 | 2,518.6 | ||
Stockholders’ equity: | ||||
Total equity attributable to stockholders | 683.7 | 636.1 | ||
Noncontrolling interest | 3.3 | 2.9 | ||
Total stockholders’ equity | 687 | 639 | 616.7 | 525 |
Total liabilities and stockholders’ equity | 3,185.7 | 3,157.6 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 2.3 | |||
Receivables, net: | ||||
Other | 0.1 | |||
Total receivables, net | 0.1 | |||
Other assets | 5.3 | |||
Total current assets | 5.4 | |||
Deferred income taxes | 11.4 | 14.2 | ||
Intercompany receivables | 108.4 | 56.2 | ||
Investment in subsidiaries | 697.4 | 619 | ||
Total assets | 817.2 | 694.8 | ||
Current liabilities: | ||||
Accrued liabilities | 1 | 0.5 | ||
Total current liabilities | 1 | 0.5 | ||
Intercompany payables | 132.5 | 58.2 | ||
Total liabilities | 133.5 | 58.7 | ||
Stockholders’ equity: | ||||
Total equity attributable to stockholders | 683.7 | 636.1 | ||
Total stockholders’ equity | 683.7 | 636.1 | ||
Total liabilities and stockholders’ equity | 817.2 | 694.8 | ||
Issuer [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 14.8 | 50.5 | 6.1 | 52.3 |
Receivables, net: | ||||
Prepaid expenses | 2.1 | 3.2 | ||
Total current assets | 16.9 | 53.7 | ||
Property and equipment, net | 2.9 | 2 | ||
Other assets | 2.2 | 2.8 | ||
Intercompany receivables | 1,715.7 | 1,734.6 | ||
Investment in subsidiaries | 837.3 | 695.9 | ||
Total assets | 2,575 | 2,489 | ||
Current liabilities: | ||||
Accounts payable | 0.4 | 1 | ||
Accrued compensation | 0.9 | 4.4 | ||
Accrued liabilities | 30.1 | 19.1 | ||
Current maturities, long-term debt and capital lease obligations | 13.3 | 13.2 | ||
Total current liabilities | 44.7 | 37.7 | ||
Long-term debt, less current maturities | 1,827.2 | 1,826.9 | ||
Deferred income taxes | 5 | 5 | ||
Other long-term liabilities | 0.7 | 0.4 | ||
Total liabilities | 1,877.6 | 1,870 | ||
Stockholders’ equity: | ||||
Total equity attributable to stockholders | 697.4 | 619 | ||
Total stockholders’ equity | 697.4 | 619 | ||
Total liabilities and stockholders’ equity | 2,575 | 2,489 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 29.3 | 10.8 | 4.5 | 3.2 |
Receivables, net: | ||||
Trade | 289.6 | 242.4 | ||
Other | 83.3 | 70.9 | ||
Total receivables, net | 372.9 | 313.3 | ||
Inventories | 128.2 | 139.1 | ||
Prepaid expenses | 9 | 7.4 | ||
Other assets | 13.9 | 8.6 | ||
Total current assets | 553.3 | 479.2 | ||
Property and equipment, net | 567 | 546.3 | ||
Goodwill | 673.2 | 673.2 | ||
Amortizable intangible assets, net | 520.6 | 561.7 | ||
Other assets | 13.3 | 14.2 | ||
Investment in subsidiaries | 704.5 | 673.8 | ||
Total assets | 3,031.9 | 2,948.4 | ||
Current liabilities: | ||||
Accounts payable | 177.8 | 165.7 | ||
Accrued compensation | 37.4 | 38.5 | ||
Accrued liabilities | 29.1 | 27.2 | ||
Current maturities, long-term debt and capital lease obligations | 1.1 | |||
Total current liabilities | 244.3 | 232.5 | ||
Capital lease obligations | 22.7 | 22.5 | ||
Deferred income taxes | 203.4 | 233.4 | ||
Other long-term liabilities | 26.8 | 26.5 | ||
Intercompany payables | 1,697.4 | 1,737.6 | ||
Total liabilities | 2,194.6 | 2,252.5 | ||
Stockholders’ equity: | ||||
Total equity attributable to stockholders | 837.3 | 695.9 | ||
Total stockholders’ equity | 837.3 | 695.9 | ||
Total liabilities and stockholders’ equity | 3,031.9 | 2,948.4 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 107 | 106.9 | $ 111.7 | $ 101 |
Receivables, net: | ||||
Trade | 90.4 | 67.7 | ||
Other | 20.6 | 19.8 | ||
Total receivables, net | 111 | 87.5 | ||
Inventories | 45.6 | 47.7 | ||
Prepaid expenses | 3 | 4.4 | ||
Other assets | 14.2 | 7.6 | ||
Total current assets | 280.8 | 254.1 | ||
Property and equipment, net | 248.5 | 237.7 | ||
Goodwill | 234.5 | 234.5 | ||
Amortizable intangible assets, net | 136 | 147.2 | ||
Deferred income taxes | 5.7 | 1.7 | ||
Other assets | 0.7 | 0.3 | ||
Intercompany receivables | 0.2 | 5 | ||
Total assets | 906.4 | 880.5 | ||
Current liabilities: | ||||
Accounts payable | 95.6 | 105 | ||
Accrued compensation | 14.6 | 12.3 | ||
Accrued liabilities | 59.4 | 53.6 | ||
Short-term debt | 1.1 | 0.7 | ||
Current maturities, long-term debt and capital lease obligations | 0.1 | 0.2 | ||
Total current liabilities | 170.8 | 171.8 | ||
Long-term debt, less current maturities | 0.2 | |||
Deferred income taxes | 8.1 | 7.1 | ||
Other long-term liabilities | 25.3 | 24.7 | ||
Intercompany payables | (5.6) | |||
Total liabilities | 198.6 | 203.8 | ||
Stockholders’ equity: | ||||
Total equity attributable to stockholders | 704.5 | 673.8 | ||
Noncontrolling interest | 3.3 | 2.9 | ||
Total stockholders’ equity | 707.8 | 676.7 | ||
Total liabilities and stockholders’ equity | 906.4 | 880.5 | ||
Consolidation, Eliminations [Member] | ||||
Receivables, net: | ||||
Trade | (1.1) | (1) | ||
Other | (68.8) | (55.4) | ||
Total receivables, net | (69.9) | (56.4) | ||
Total current assets | (69.9) | (56.4) | ||
Deferred income taxes | (11.4) | (14.2) | ||
Intercompany receivables | (1,824.3) | (1,795.8) | ||
Investment in subsidiaries | (2,239.2) | (1,988.7) | ||
Total assets | (4,144.8) | (3,855.1) | ||
Current liabilities: | ||||
Accounts payable | (28.4) | (22.8) | ||
Accrued liabilities | (40.8) | (33.6) | ||
Short-term debt | (0.7) | |||
Total current liabilities | (69.9) | (56.4) | ||
Deferred income taxes | (11.4) | (14.2) | ||
Intercompany payables | (1,824.3) | (1,795.8) | ||
Total liabilities | (1,905.6) | (1,866.4) | ||
Stockholders’ equity: | ||||
Total equity attributable to stockholders | (2,239.2) | (1,988.7) | ||
Total stockholders’ equity | (2,239.2) | (1,988.7) | ||
Total liabilities and stockholders’ equity | $ (4,144.8) | $ (3,855.1) |
Guarantor - Unaudited Condens70
Guarantor - Unaudited Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2016 | Sep. 27, 2015 | Oct. 02, 2016 | Sep. 27, 2015 | |
Condensed Statement Of Income Captions [Line Items] | ||||
Net sales | $ 676.2 | $ 746.6 | $ 2,144.1 | $ 2,312 |
Cost of sales | 569.8 | 620.4 | 1,770.9 | 1,915.2 |
Gross profit | 106.4 | 126.2 | 373.2 | 396.8 |
Selling, general and administrative expenses | 56.2 | 64.8 | 177 | 178.8 |
Operating income | 50.2 | 61.4 | 196.2 | 218 |
Interest expense, net | 25.7 | 26 | 78.1 | 80.5 |
Loss on debt extinguishment | 0.4 | |||
Other, net | 2 | (1.7) | 10.7 | (8.2) |
Other expense, net | 27.7 | 24.3 | 88.8 | 72.7 |
Income before tax | 22.5 | 37.1 | 107.4 | 145.3 |
Income tax expense (benefit) | 3.1 | 8.8 | 27.3 | 40.3 |
Income (loss) before earnings from equity in subsidiaries | 19.4 | 28.3 | 80.1 | 105 |
Net income | 19.4 | 28.3 | 80.1 | 105 |
Income attributable to noncontrolling interest | 0.1 | 0.1 | 0.4 | 0.3 |
Net income attributable to stockholders | 19.3 | 28.2 | 79.7 | 104.7 |
Parent Company [Member] | ||||
Condensed Statement Of Income Captions [Line Items] | ||||
Earnings from equity in subsidiaries | 19.3 | 28.2 | 79.7 | 104.7 |
Net income | 19.3 | 28.2 | 79.7 | 104.7 |
Net income attributable to stockholders | 19.3 | 28.2 | 79.7 | 104.7 |
Issuer [Member] | ||||
Condensed Statement Of Income Captions [Line Items] | ||||
Interest expense, net | 24.5 | 24.8 | 74.4 | 76.5 |
Loss on debt extinguishment | 0.4 | |||
Other, net | 2.1 | 0.6 | 7.7 | (1.8) |
Other expense, net | 26.6 | 25.4 | 82.1 | 75.1 |
Income before tax | (26.6) | (25.4) | (82.1) | (75.1) |
Income tax expense (benefit) | (2.7) | (8.3) | (19.2) | (24.3) |
Income (loss) before earnings from equity in subsidiaries | (23.9) | (17.1) | (62.9) | (50.8) |
Earnings from equity in subsidiaries | 43.2 | 45.3 | 142.6 | 155.5 |
Net income | 19.3 | 28.2 | 79.7 | 104.7 |
Net income attributable to stockholders | 19.3 | 28.2 | 79.7 | 104.7 |
Guarantor Subsidiaries [Member] | ||||
Condensed Statement Of Income Captions [Line Items] | ||||
Net sales | 528.8 | 605.6 | 1,682.5 | 1,856.9 |
Cost of sales | 450.4 | 507.7 | 1,402.9 | 1,549.5 |
Gross profit | 78.4 | 97.9 | 279.6 | 307.4 |
Selling, general and administrative expenses | 45.1 | 53.9 | 143.1 | 146.1 |
Operating income | 33.3 | 44 | 136.5 | 161.3 |
Interest expense, net | (0.9) | (1.1) | (2.7) | (3.2) |
Other, net | (3.2) | (2.3) | (5.3) | (7) |
Other expense, net | (4.1) | (3.4) | (8) | (10.2) |
Income before tax | 37.4 | 47.4 | 144.5 | 171.5 |
Income tax expense (benefit) | 0.6 | 12.8 | 35 | 50 |
Income (loss) before earnings from equity in subsidiaries | 36.8 | 34.6 | 109.5 | 121.5 |
Earnings from equity in subsidiaries | 6.4 | 10.7 | 33.1 | 34 |
Net income | 43.2 | 45.3 | 142.6 | 155.5 |
Net income attributable to stockholders | 43.2 | 45.3 | 142.6 | 155.5 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Statement Of Income Captions [Line Items] | ||||
Net sales | 184.6 | 180.9 | 571.9 | 555.6 |
Cost of sales | 156.6 | 152.6 | 478.3 | 466.2 |
Gross profit | 28 | 28.3 | 93.6 | 89.4 |
Selling, general and administrative expenses | 11.1 | 10.9 | 33.9 | 32.7 |
Operating income | 16.9 | 17.4 | 59.7 | 56.7 |
Interest expense, net | 2.1 | 2.3 | 6.4 | 7.2 |
Other, net | 3.1 | 8.3 | 0.6 | |
Other expense, net | 5.2 | 2.3 | 14.7 | 7.8 |
Income before tax | 11.7 | 15.1 | 45 | 48.9 |
Income tax expense (benefit) | 5.2 | 4.3 | 11.5 | 14.6 |
Income (loss) before earnings from equity in subsidiaries | 6.5 | 10.8 | 33.5 | 34.3 |
Net income | 6.5 | 10.8 | 33.5 | 34.3 |
Income attributable to noncontrolling interest | 0.1 | 0.1 | 0.4 | 0.3 |
Net income attributable to stockholders | 6.4 | 10.7 | 33.1 | 34 |
Consolidation, Eliminations [Member] | ||||
Condensed Statement Of Income Captions [Line Items] | ||||
Net sales | (37.2) | (39.9) | (110.3) | (100.5) |
Cost of sales | (37.2) | (39.9) | (110.3) | (100.5) |
Earnings from equity in subsidiaries | (68.9) | (84.2) | (255.4) | (294.2) |
Net income | (68.9) | (84.2) | (255.4) | (294.2) |
Net income attributable to stockholders | $ (68.9) | $ (84.2) | $ (255.4) | $ (294.2) |
Guarantor - Unaudited Condens71
Guarantor - Unaudited Condensed Consolidating Statements of Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2016 | Sep. 27, 2015 | Oct. 02, 2016 | Sep. 27, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | $ 19.4 | $ 28.3 | $ 80.1 | $ 105 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | 0.5 | (8.3) | (1.1) | (20.1) |
Comprehensive income | 19.9 | 20 | 79 | 84.9 |
Less comprehensive income attributable to noncontrolling interest | 0.1 | 0.1 | 0.4 | 0.3 |
Comprehensive income attributable to stockholders | 19.8 | 19.9 | 78.6 | 84.6 |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | 19.3 | 28.2 | 79.7 | 104.7 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | 0.5 | (8.3) | (1.1) | (20.1) |
Comprehensive income | 19.8 | 19.9 | 78.6 | 84.6 |
Comprehensive income attributable to stockholders | 19.8 | 19.9 | 78.6 | 84.6 |
Issuer [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | 19.3 | 28.2 | 79.7 | 104.7 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | 0.5 | (8.7) | (1.2) | (20.7) |
Comprehensive income | 19.8 | 19.5 | 78.5 | 84 |
Comprehensive income attributable to stockholders | 19.8 | 19.5 | 78.5 | 84 |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | 43.2 | 45.3 | 142.6 | 155.5 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | 0.5 | (8.7) | (1.2) | (20.7) |
Comprehensive income | 43.7 | 36.6 | 141.4 | 134.8 |
Comprehensive income attributable to stockholders | 43.7 | 36.6 | 141.4 | 134.8 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | 6.5 | 10.8 | 33.5 | 34.3 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | 0.2 | (8.6) | (2.2) | (18.3) |
Comprehensive income | 6.7 | 2.2 | 31.3 | 16 |
Less comprehensive income attributable to noncontrolling interest | 0.1 | 0.1 | 0.4 | 0.3 |
Comprehensive income attributable to stockholders | 6.6 | 2.1 | 30.9 | 15.7 |
Consolidation, Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | (68.9) | (84.2) | (255.4) | (294.2) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | (1.2) | 26 | 4.6 | 59.7 |
Comprehensive income | (70.1) | (58.2) | (250.8) | (234.5) |
Comprehensive income attributable to stockholders | $ (70.1) | $ (58.2) | $ (250.8) | $ (234.5) |
Guarantor - Unaudited Condens72
Guarantor - Unaudited Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2016 | Sep. 27, 2015 | Oct. 02, 2016 | Sep. 27, 2015 | |
Cash flows from operating activities: | ||||
Net cash provided by (used for) operating activities | $ 196.4 | $ 211.6 | ||
Cash flows from investing activities: | ||||
Capital expenditures | $ (51.2) | $ (53.7) | (145.4) | (168.7) |
Proceeds from sale of fixed assets | 0.2 | 3.8 | ||
Capitalized patent costs | (0.2) | (0.3) | ||
Acquisition of business, net of cash acquired | (14) | |||
Net cash used for investing activities | (159.4) | (165.2) | ||
Cash flows from financing activities: | ||||
Cash dividends | (18.7) | (12.1) | ||
Proceeds from stock issuance | 1.8 | 2.5 | ||
Purchases of treasury stock | (25.6) | |||
Excess tax benefit on stock-based compensation | 0.9 | 1.8 | ||
Cash settlement of equity awards | (1.5) | (0.7) | ||
Stock-based compensation activity, net | 3.6 | |||
Borrowings of revolving lines of credit | 14.3 | |||
Payments of revolving lines of credit | (14.6) | |||
Proceeds of long-term debt | 1,326.6 | |||
Payments on long-term debt | (10) | (1,385.2) | ||
Payment of debt issuance costs | (0.1) | |||
Other debt, net | (1.8) | (1.9) | ||
Payment of offering related costs | (0.1) | |||
Net cash used for financing activities | (54.9) | (69.5) | ||
Effect of exchange rates on cash | 0.8 | (8.8) | ||
Net increase (decrease) in cash and cash equivalents | (17.1) | (31.9) | ||
Cash and cash equivalents: | ||||
Cash and cash equivalents, beginning of period | 168.2 | 156.5 | ||
Net increase (decrease) in cash and cash equivalents | (17.1) | (31.9) | ||
Cash and cash equivalents, end of period | 151.1 | 124.6 | 151.1 | 124.6 |
Parent Company [Member] | ||||
Cash flows from operating activities: | ||||
Net cash provided by (used for) operating activities | 20.9 | 15.1 | ||
Cash flows from investing activities: | ||||
Intercompany activity | 22.2 | (4.2) | ||
Net cash used for investing activities | 22.2 | (4.2) | ||
Cash flows from financing activities: | ||||
Cash dividends | (18.7) | (12.1) | ||
Proceeds from stock issuance | 1.8 | |||
Purchases of treasury stock | (25.6) | |||
Excess tax benefit on stock-based compensation | 0.9 | |||
Cash settlement of equity awards | (1.5) | |||
Stock-based compensation activity, net | 3.6 | |||
Payment of offering related costs | (0.1) | |||
Net cash used for financing activities | (43.1) | (8.6) | ||
Net increase (decrease) in cash and cash equivalents | 2.3 | |||
Cash and cash equivalents: | ||||
Net increase (decrease) in cash and cash equivalents | 2.3 | |||
Cash and cash equivalents, end of period | 2.3 | 2.3 | ||
Issuer [Member] | ||||
Cash flows from operating activities: | ||||
Net cash provided by (used for) operating activities | (43.2) | (35.8) | ||
Cash flows from investing activities: | ||||
Capital expenditures | (1.3) | (1.3) | ||
Intercompany activity | 18.8 | 49.4 | ||
Net cash used for investing activities | 17.5 | 48.1 | ||
Cash flows from financing activities: | ||||
Borrowings of revolving lines of credit | 14.3 | |||
Payments of revolving lines of credit | (14.3) | |||
Proceeds of long-term debt | 1,326.6 | |||
Payments on long-term debt | (10) | (1,385) | ||
Payment of debt issuance costs | (0.1) | |||
Net cash used for financing activities | (10) | (58.5) | ||
Net increase (decrease) in cash and cash equivalents | (35.7) | (46.2) | ||
Cash and cash equivalents: | ||||
Cash and cash equivalents, beginning of period | 50.5 | 52.3 | ||
Net increase (decrease) in cash and cash equivalents | (35.7) | (46.2) | ||
Cash and cash equivalents, end of period | 14.8 | 6.1 | 14.8 | 6.1 |
Guarantor Subsidiaries [Member] | ||||
Cash flows from operating activities: | ||||
Net cash provided by (used for) operating activities | 178.7 | 176.1 | ||
Cash flows from investing activities: | ||||
Capital expenditures | (104.8) | (130.7) | ||
Proceeds from sale of fixed assets | 0.1 | 3.6 | ||
Capitalized patent costs | (0.2) | (0.3) | ||
Acquisition of business, net of cash acquired | (14) | |||
Net cash used for investing activities | (118.9) | (127.4) | ||
Cash flows from financing activities: | ||||
Payments of revolving lines of credit | (0.3) | |||
Payments on long-term debt | (0.2) | |||
Other debt, net | (1.2) | (2.2) | ||
Intercompany activity | (40.1) | (44.7) | ||
Net cash used for financing activities | (41.3) | (47.4) | ||
Net increase (decrease) in cash and cash equivalents | 18.5 | 1.3 | ||
Cash and cash equivalents: | ||||
Cash and cash equivalents, beginning of period | 10.8 | 3.2 | ||
Net increase (decrease) in cash and cash equivalents | 18.5 | 1.3 | ||
Cash and cash equivalents, end of period | 29.3 | 4.5 | 29.3 | 4.5 |
Non-Guarantor Subsidiaries [Member] | ||||
Cash flows from operating activities: | ||||
Net cash provided by (used for) operating activities | 40 | 56.2 | ||
Cash flows from investing activities: | ||||
Capital expenditures | (39.3) | (36.7) | ||
Proceeds from sale of fixed assets | 0.1 | 0.2 | ||
Net cash used for investing activities | (39.2) | (36.5) | ||
Cash flows from financing activities: | ||||
Other debt, net | (1) | 0.3 | ||
Intercompany activity | (0.9) | (0.5) | ||
Net cash used for financing activities | (1.5) | (0.2) | ||
Effect of exchange rates on cash | 0.8 | (8.8) | ||
Net increase (decrease) in cash and cash equivalents | 0.1 | 10.7 | ||
Cash and cash equivalents: | ||||
Cash and cash equivalents, beginning of period | 106.9 | 101 | ||
Net increase (decrease) in cash and cash equivalents | 0.1 | 10.7 | ||
Cash and cash equivalents, end of period | $ 107 | $ 111.7 | 107 | 111.7 |
Consolidation, Eliminations [Member] | ||||
Cash flows from investing activities: | ||||
Intercompany activity | (41) | (45.2) | ||
Net cash used for investing activities | (41) | (45.2) | ||
Cash flows from financing activities: | ||||
Intercompany activity | 41 | 45.2 | ||
Net cash used for financing activities | $ 41 | $ 45.2 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Billions | Nov. 03, 2016USD ($)$ / sharesshares | Nov. 02, 2016$ / shares | Aug. 03, 2016 | May 04, 2016 | Feb. 24, 2016 | Oct. 02, 2016$ / sharesshares | Oct. 02, 2016$ / shares | Dec. 31, 2015$ / shares |
Subsequent Event [Line Items] | ||||||||
Date Declared | Aug. 3, 2016 | May 4, 2016 | Feb. 24, 2016 | |||||
Date Payable | Sep. 20, 2016 | Jun. 21, 2016 | Apr. 26, 2016 | |||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Common stock number of shares repurchased | shares | 1,659,804 | |||||||
Shares repurchased, average purchase price per share | $ 15.55 | |||||||
American Axle [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Business acquisition date of acquisition agreement | Nov. 3, 2016 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Cash dividends declared per share | $ 0.0925 | |||||||
Date Declared | Nov. 2, 2016 | |||||||
Date Payable | Dec. 9, 2016 | |||||||
Date of record for Dividend Declared | Nov. 18, 2016 | |||||||
Common stock, par value | $ 0.001 | |||||||
Common stock number of shares repurchased | shares | 1,898,261 | |||||||
Shares repurchased, average purchase price per share | $ 15.56 | |||||||
Subsequent Event [Member] | American Axle [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Business combination, purchase price | $ | $ 1.6 | |||||||
Common stock, par value | $ 0.01 | |||||||
Business acquisition cash consideration per share | $ 13.50 | |||||||
Business acquisition common stock conversation ratio | 0.5 |