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Condensed Consolidated Statements of Income - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Net sales $ 1,704.3 $ 1,900.9 $ 3,423.5 $ 3,759.3
Cost of goods sold 1,456.0 1,569.5 2,953.0 3,111.6
Gross profit 248.3 331.4 470.5 647.7
Selling, general and administrative expenses 91.3 95.0 182.0 192.3
Amortization of intangible assets 24.9 24.8 49.9 49.7
Restructuring and acquisition-related costs 12.2 36.8 24.3 55.1
Gain on sale of business 0.0 (15.5) 0.0 (15.5)
Operating income 119.9 190.3 214.3 366.1
Interest expense (56.2) (54.4) (109.6) (107.6)
Investment income 0.5 0.5 1.2 1.0
Debt refinancing and redemption costs (2.4) (4.3) (2.4) (14.6)
Gain on settlement of capital lease 0.0 15.6 0.0 15.6
Other income (expense), net (3.1) 5.6 (6.1) 0.2
Income before income taxes 58.7 153.3 97.4 260.7
Income tax expense 6.0 2.0 3.0 19.9
Net income 52.7 151.3 94.4 240.8
Net income attributable to noncontrolling interests (0.2) (0.2) (0.3) (0.3)
Net income attributable to AAM $ 52.5 $ 151.1 $ 94.1 $ 240.5
Basic earnings per share $ 0.45 $ 1.31 $ 0.81 $ 2.09
Diluted earnings per share $ 0.45 $ 1.30 $ 0.81 $ 2.08