QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the quarterly period ended | ||||||||
or | ||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the transition period from _____________ to _____________ | ||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Page Number | |||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||
Impairment charges (Note 4) | |||||||||||||||||||||||
Restructuring and acquisition-related costs | |||||||||||||||||||||||
Loss on sale of business | |||||||||||||||||||||||
Operating income (loss) | ( | ||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Debt refinancing and redemption costs | ( | ( | ( | ( | |||||||||||||||||||
Unrealized gain on equity securities | |||||||||||||||||||||||
Other expense, net | ( | ( | ( | ( | |||||||||||||||||||
Income (loss) before income taxes | ( | ( | |||||||||||||||||||||
Income tax benefit | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) | $ | ( | $ | $ | $ | ( | |||||||||||||||||
Net income attributable to noncontrolling interests | ( | ||||||||||||||||||||||
Net income (loss) attributable to AAM | $ | ( | $ | $ | $ | ( | |||||||||||||||||
Basic earnings (loss) per share | $ | ( | $ | $ | $ | ( | |||||||||||||||||
Diluted earnings (loss) per share | $ | ( | $ | $ | $ | ( |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income (loss) | $ | ( | $ | $ | $ | ( | |||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Defined benefit plans, net of tax (a) | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | ( | ||||||||||||||||||||
Changes in cash flow hedges, net of tax (b) | ( | ( | |||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Comprehensive income (loss) | $ | ( | $ | $ | $ | ( | |||||||||||||||||
Net income attributable to noncontrolling interests | ( | ||||||||||||||||||||||
Foreign currency translation adjustments attributable to noncontrolling interests | |||||||||||||||||||||||
Comprehensive income (loss) attributable to AAM | $ | ( | $ | $ | $ | ( |
(a) | |||||
(b) |
September 30, 2021 | December 31, 2020 | |||||||||||||
(Unaudited) | ||||||||||||||
Assets | (in millions) | |||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable, net | ||||||||||||||
Inventories, net | ||||||||||||||
Prepaid expenses and other | ||||||||||||||
Total current assets | ||||||||||||||
Property, plant and equipment, net | ||||||||||||||
Deferred income taxes | ||||||||||||||
Goodwill | ||||||||||||||
Other intangible assets, net | ||||||||||||||
GM postretirement cost sharing asset | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Other assets and deferred charges | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Current liabilities | ||||||||||||||
Current portion of long-term debt | $ | $ | ||||||||||||
Accounts payable | ||||||||||||||
Accrued compensation and benefits | ||||||||||||||
Deferred revenue | ||||||||||||||
Current portion of operating lease liabilities | ||||||||||||||
Accrued expenses and other | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term debt, net | ||||||||||||||
Deferred revenue | ||||||||||||||
Deferred income taxes | ||||||||||||||
Long-term portion of operating lease liabilities | ||||||||||||||
Postretirement benefits and other long-term liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Stockholders' equity | ||||||||||||||
Common stock, par value $ | ||||||||||||||
Paid-in capital | ||||||||||||||
Accumulated deficit | ( | ( | ||||||||||||
Treasury stock at cost, | ( | ( | ||||||||||||
Accumulated other comprehensive loss | ||||||||||||||
Defined benefit plans, net of tax | ( | ( | ||||||||||||
Foreign currency translation adjustments | ( | ( | ||||||||||||
Unrecognized loss on cash flow hedges, net of tax | ( | ( | ||||||||||||
Total AAM stockholders' equity | ||||||||||||||
Noncontrolling interests in subsidiaries | ||||||||||||||
Total stockholders' equity | ||||||||||||||
Total liabilities and stockholders' equity | $ | $ |
Nine Months Ended | ||||||||||||||
September 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in millions) | ||||||||||||||
Operating activities | ||||||||||||||
Net income (loss) | $ | $ | ( | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Impairment charges | ||||||||||||||
Deferred income taxes | ( | ( | ||||||||||||
Stock-based compensation | ||||||||||||||
Pensions and other postretirement benefits, net of contributions | ( | ( | ||||||||||||
Loss on sale of business | ||||||||||||||
Loss on disposal of property, plant and equipment, net | ||||||||||||||
Unrealized gain on equity securities | ( | |||||||||||||
Debt refinancing and redemption costs | ||||||||||||||
Changes in operating assets and liabilities | ||||||||||||||
Accounts receivable | ( | |||||||||||||
Inventories | ( | |||||||||||||
Accounts payable and accrued expenses | ||||||||||||||
Deferred revenue | ( | |||||||||||||
Other assets and liabilities | ( | ( | ||||||||||||
Net cash provided by operating activities | ||||||||||||||
Investing activities | ||||||||||||||
Purchases of property, plant and equipment | ( | ( | ||||||||||||
Proceeds from sale of property, plant and equipment | ||||||||||||||
Purchase buyouts of leased equipment | ( | |||||||||||||
Proceeds (payments) for sale of business, net of cash divested | ( | |||||||||||||
Acquisition of business (Note 14) | ( | |||||||||||||
Proceeds from insurance claim (Note 15) | ||||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Financing activities | ||||||||||||||
Proceeds from Revolving Credit Facility | ||||||||||||||
Payments of Revolving Credit Facility | ( | |||||||||||||
Proceeds from issuance of long-term debt | ||||||||||||||
Payments of long-term debt | ( | ( | ||||||||||||
Debt issuance costs | ( | ( | ||||||||||||
Purchase of treasury stock | ( | ( | ||||||||||||
Other financing activities | ( | ( | ||||||||||||
Net cash used in financing activities | ( | ( | ||||||||||||
Effect of exchange rate changes on cash | ( | ( | ||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | |||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||
Cash and cash equivalents at end of period | $ | $ | ||||||||||||
Supplemental cash flow information | ||||||||||||||
Interest paid | $ | $ | ||||||||||||
Income taxes paid (refunds received), net | $ | $ | ( | |||||||||||
Non-cash investing activities: Deferred consideration for acquisition of business | $ | $ |
Common Stock | Accumulated | Noncontrolling | |||||||||||||||||||||
Shares | Par | Paid-in | Retained Earnings | Treasury | Other Comprehensive | Interest | |||||||||||||||||
Outstanding | Value | Capital | (Accumulated Deficit) | Stock | Income (Loss) | in Subsidiaries | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance at January 1, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||
Net income (loss) | — | — | — | ( | — | — | |||||||||||||||||
Vesting of restricted stock units and performance shares | — | — | — | — | — | — | |||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | |||||||||||||||||
Modified-retrospective application of ASU 2016-13 | — | — | — | ( | — | — | — | ||||||||||||||||
Purchase of treasury stock | ( | — | — | — | ( | — | — | ||||||||||||||||
Changes in cash flow hedges | — | — | — | — | — | ( | — | ||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | ( | ( | ||||||||||||||||
Defined benefit plans, net | — | — | — | — | — | — | |||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||
Net loss | — | — | — | ( | — | — | |||||||||||||||||
Vesting of restricted stock units and performance shares | — | — | — | — | — | — | |||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | |||||||||||||||||
Purchase of treasury stock | — | — | — | ( | — | — | |||||||||||||||||
Changes in cash flow hedges | — | — | — | — | — | — | |||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | |||||||||||||||||
Defined benefit plans, net | — | — | — | — | — | — | |||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | |||||||||||||||||
Changes in cash flow hedges | — | — | — | — | — | — | |||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | |||||||||||||||||
Defined benefit plans, net | — | — | — | — | — | — | |||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ |
Common Stock | Accumulated | Noncontrolling | |||||||||||||||||||||
Shares | Par | Paid-in | Retained Earnings | Treasury | Other Comprehensive | Interest | |||||||||||||||||
Outstanding | Value | Capital | (Accumulated Deficit) | Stock | Income (Loss) | in Subsidiaries | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||
Vesting of restricted stock units and performance shares | — | — | — | — | — | ||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | |||||||||||||||||
Purchase of treasury stock | ( | — | — | — | ( | — | — | ||||||||||||||||
Changes in cash flow hedges | — | — | — | — | — | ( | — | ||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | ( | |||||||||||||||||
Defined benefit plans, net | — | — | — | — | — | — | |||||||||||||||||
Sale of business (Note 14) | — | — | — | — | — | — | ( | ||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||
Vesting of restricted stock units and performance shares | — | — | — | — | — | — | |||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | |||||||||||||||||
Purchase of treasury stock | — | — | — | ( | — | — | |||||||||||||||||
Changes in cash flow hedges | — | — | — | — | — | — | |||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | |||||||||||||||||
Defined benefit plans, net | — | — | — | — | — | — | |||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||
Net loss | — | — | — | ( | — | — | |||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | |||||||||||||||||
Purchase of treasury stock | — | — | — | — | ( | — | — | ||||||||||||||||
Changes in cash flow hedges | — | — | — | — | — | ( | — | ||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | ( | — | ||||||||||||||||
Defined benefit plans, net | — | — | — | — | — | — | |||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ |
Severance Charges | Implementation Costs | Total | |||||||||||||||
(in millions) | |||||||||||||||||
Accrual at December 31, 2019 | $ | $ | $ | ||||||||||||||
Charges | |||||||||||||||||
Cash utilization | ( | ( | ( | ||||||||||||||
Accrual at September 30, 2020 | $ | $ | $ | ||||||||||||||
Accrual at December 31, 2020 | $ | $ | $ | ||||||||||||||
Charges | |||||||||||||||||
Cash utilization | ( | ( | ( | ||||||||||||||
Accrual at September 30, 2021 | $ | $ | $ |
Acquisition-Related Costs | Integration Expenses | Total | |||||||||||||||
(in millions) | |||||||||||||||||
Charges for the nine months ended September 30, 2021 | $ | $ | $ | ||||||||||||||
Charges for the nine months ended September 30, 2020 |
September 30, 2021 | December 31, 2020 | |||||||||||||
(in millions) | ||||||||||||||
Raw materials and work-in-progress | $ | $ | ||||||||||||
Finished goods | ||||||||||||||
Gross inventories | ||||||||||||||
Inventory valuation reserves | ( | ( | ||||||||||||
Inventories, net | $ | $ |
Consolidated | |||||
(in millions) | |||||
Balance at December 31, 2020 | $ | ||||
Foreign currency translation | ( | ||||
Balance at September 30, 2021 | $ |
September 30, | December 31, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Capitalized computer software | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Customer platforms | ( | ( | |||||||||||||||||||||||||||||||||
Customer relationships | ( | ( | |||||||||||||||||||||||||||||||||
Technology and other | ( | ( | |||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ |
September 30, 2021 | December 31, 2020 | |||||||||||||
(in millions) | ||||||||||||||
Revolving Credit Facility | $ | $ | ||||||||||||
Term Loan A Facility due 2024 | ||||||||||||||
Term Loan B Facility due 2024 | ||||||||||||||
6.875% Notes due 2028 | ||||||||||||||
6.50% Notes due 2027 | ||||||||||||||
6.25% Notes due 2026 | ||||||||||||||
6.25% Notes due 2025 | ||||||||||||||
5.00% Notes due 2029 | ||||||||||||||
Foreign credit facilities and other | ||||||||||||||
Total debt | ||||||||||||||
Less: Current portion of long-term debt | ||||||||||||||
Long-term debt | ||||||||||||||
Less: Debt issuance costs | ||||||||||||||
Long-term debt, net | $ | $ |
Location | Gain (Loss) Reclassified During | Total of Financial | Gain (Loss) Expected | |||||||||||||||||||||||||||||||||||||||||
of Gain (Loss) | Three Months Ended | Nine Months Ended | Statement | to be Reclassified | ||||||||||||||||||||||||||||||||||||||||
Reclassified into | September 30, | September 30, | Line Item | During the | ||||||||||||||||||||||||||||||||||||||||
Net Income | 2021 | 2020 | 2021 | 2020 | 2021 | Next 12 Months | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Currency forward contracts | $ | $ | ( | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||
Fixed-to-fixed cross-currency swap | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Variable-to-fixed interest rate swap | ( | ( | ( | ( | ( | ( |
Gain (Loss) Recognized During | Total of Financial | |||||||||||||||||||||||||||||||||||||
Location of Gain (Loss) | Three Months Ended | Nine Months Ended | Statement Line | |||||||||||||||||||||||||||||||||||
Recognized in | September 30, | September 30, | Item | |||||||||||||||||||||||||||||||||||
Net Income | 2021 | 2020 | 2021 | 2020 | 2021 | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Currency forward contracts | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Currency forward contracts | ( | ( | ( | ( |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||
Fair Value | Fair Value | Input | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Balance Sheet Classification | ||||||||||||||||||||
Cash equivalents | $ | $ | Level 1 | |||||||||||||||||
Prepaid expenses and other | ||||||||||||||||||||
Cash flow hedges - currency forward contracts | Level 2 | |||||||||||||||||||
Cash flow hedges - variable-to-fixed interest rate swap | Level 2 | |||||||||||||||||||
Nondesignated - currency forward contracts | Level 2 | |||||||||||||||||||
Other assets and deferred charges | ||||||||||||||||||||
Cash flow hedges - currency forward contracts | Level 2 | |||||||||||||||||||
Cash flow hedges - variable-to-fixed interest rate swap | Level 2 | |||||||||||||||||||
Investment in equity securities | Level 1 | |||||||||||||||||||
Accrued expenses and other | ||||||||||||||||||||
Cash flow hedges - currency forward contracts | Level 2 | |||||||||||||||||||
Cash flow hedges - variable-to-fixed interest rate swap | Level 2 | |||||||||||||||||||
Postretirement benefits and other long-term liabilities | ||||||||||||||||||||
Cash flow hedges - currency forward contracts | Level 2 | |||||||||||||||||||
Cash flow hedges - fixed-to-fixed cross-currency swap | Level 2 | |||||||||||||||||||
Cash flow hedges - variable-to-fixed interest rate swap | Level 2 |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Input | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Revolving Credit Facility | $ | $ | $ | $ | Level 2 | |||||||||||||||||||||||||||
Term Loan A Facility due 2024 | Level 2 | |||||||||||||||||||||||||||||||
Term Loan B Facility due 2024 | Level 2 | |||||||||||||||||||||||||||||||
6.875% Notes due 2028 | Level 2 | |||||||||||||||||||||||||||||||
6.50% Notes due 2027 | Level 2 | |||||||||||||||||||||||||||||||
6.25% Notes due 2026 | Level 2 | |||||||||||||||||||||||||||||||
6.25% Notes due 2025 | Level 2 | |||||||||||||||||||||||||||||||
5.00% Notes due 2029 | Level 2 |
Pension Benefits | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Expected asset return | ( | ( | ( | ( | ||||||||||||||||||||||
Amortized loss | ||||||||||||||||||||||||||
Net periodic benefit credit | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Other Postretirement Benefits | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Amortized loss | ||||||||||||||||||||||||||
Amortized prior service credit | ( | ( | ( | ( | ||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | ||||||||||||||||||||||
Accruals | ||||||||||||||||||||||||||
Payments | ( | ( | ( | ( | ||||||||||||||||||||||
Adjustment to prior period accruals | ( | ( | ( | ( | ||||||||||||||||||||||
Foreign currency translation | ( | ( | ( | |||||||||||||||||||||||
Ending balance | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Income tax benefit | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Effective income tax rate | % | ( | % | ( | % | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||||
Net income (loss) attributable to AAM | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||
Less: Net income attributable to participating securities | ( | ( | ||||||||||||||||||||||||
Net income (loss) attributable to common shareholders - Basic and Dilutive | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||
Denominators | ||||||||||||||||||||||||||
Basic common shares outstanding - | ||||||||||||||||||||||||||
Weighted-average shares outstanding | ||||||||||||||||||||||||||
Less: Participating securities | ( | ( | ( | ( | ||||||||||||||||||||||
Weighted-average common shares outstanding | ||||||||||||||||||||||||||
Effect of dilutive securities - | ||||||||||||||||||||||||||
Dilutive stock-based compensation | ||||||||||||||||||||||||||
Diluted shares outstanding - | ||||||||||||||||||||||||||
Adjusted weighted-average shares after assumed conversions | ||||||||||||||||||||||||||
Basic EPS | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||
Diluted EPS | $ | ( | $ | $ | $ | ( |
Defined Benefit Plans | Foreign Currency Translation Adjustments | Unrecognized Gain (Loss) on Cash Flow Hedges | Total | |||||||||||||||||||||||
Balance at June 30, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ||||||||||||||||||||||||
Income tax effect of other comprehensive income (loss) before reclassifications | ( | ( | ||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (a) | ( | (b) | ( | ||||||||||||||||||||||
Income taxes reclassified into net income | ( | ( | ||||||||||||||||||||||||
Net change in accumulated other comprehensive loss | ( | ( | ( | |||||||||||||||||||||||
Balance at September 30, 2021 | $ | ( | $ | ( | $ | ( | $ | ( |
Defined Benefit Plans | Foreign Currency Translation Adjustments | Unrecognized Gain (Loss) on Cash Flow Hedges | Total | |||||||||||||||||||||||
Balance at June 30, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | |||||||||||||||||||||||||
Income tax effect of other comprehensive income (loss) before reclassifications | ||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (a) | (b) | ||||||||||||||||||||||||
Income taxes reclassified into net income | ( | ( | ( | |||||||||||||||||||||||
Net change in accumulated other comprehensive loss | ||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | ( | $ | ( | $ | ( | $ | ( |
(a) | |||||
(b) |
Defined Benefit Plans | Foreign Currency Translation Adjustments | Unrecognized Gain (Loss) on Cash Flow Hedges | Total | |||||||||||||||||||||||
Balance at December 31, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | |||||||||||||||||||||||||
Income tax effect of other comprehensive income (loss) before reclassifications | ( | ( | ||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (a) | ( | (b) | |||||||||||||||||||||||
Income taxes reclassified into net income | ( | ( | ||||||||||||||||||||||||
Net change in accumulated other comprehensive loss | ( | |||||||||||||||||||||||||
Balance at September 30, 2021 | $ | ( | $ | ( | $ | ( | $ | ( |
Defined Benefit Plans | Foreign Currency Translation Adjustments | Unrecognized Gain (Loss) on Cash Flow Hedges | Total | |||||||||||||||||||||||
Balance at December 31, 2019 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | |||||||||||||||||||||||
Income tax effect of other comprehensive income (loss) before reclassifications | ||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (a) | (b) | ||||||||||||||||||||||||
Income taxes reclassified into net income | ( | ( | ( | |||||||||||||||||||||||
Net change in accumulated other comprehensive loss | ( | ( | ( | |||||||||||||||||||||||
Balance at September 30, 2020 | $ | ( | $ | ( | $ | ( | $ | ( |
(a) | |||||
(b) |
Three Months Ended September 30, 2021 | ||||||||||||||||||||
Driveline | Metal Forming | Total | ||||||||||||||||||
North America | $ | $ | $ | |||||||||||||||||
Asia | ||||||||||||||||||||
Europe | ||||||||||||||||||||
South America | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||||||||||
Driveline | Metal Forming | Total | ||||||||||||||||||
North America | $ | $ | $ | |||||||||||||||||
Asia | ||||||||||||||||||||
Europe | ||||||||||||||||||||
South America | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Nine Months Ended September 30, 2021 | ||||||||||||||||||||
Driveline | Metal Forming | Total | ||||||||||||||||||
North America | $ | $ | $ | |||||||||||||||||
Asia | ||||||||||||||||||||
Europe | ||||||||||||||||||||
South America | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Nine Months Ended September 30, 2020 | ||||||||||||||||||||
Driveline | Metal Forming | Total | ||||||||||||||||||
North America | $ | $ | $ | |||||||||||||||||
Asia | ||||||||||||||||||||
Europe | ||||||||||||||||||||
South America | ||||||||||||||||||||
Total | $ | $ | $ |
Accounts Receivable, Net | Contract Liabilities (Current) | Contract Liabilities (Long-term) | |||||||||
December 31, 2020 | $ | $ | $ | ||||||||
September 30, 2021 | |||||||||||
Increase/(decrease) | $ | ( | $ | $ | ( |
Three Months Ended September 30, 2021 | ||||||||||||||||||||
Driveline | Metal Forming | Total | ||||||||||||||||||
Sales | $ | $ | $ | |||||||||||||||||
Less: intersegment sales | ||||||||||||||||||||
Net external sales | $ | $ | $ | |||||||||||||||||
Segment Adjusted EBITDA | $ | $ | $ | |||||||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||||||||||
Driveline | Metal Forming | Total | ||||||||||||||||||
Sales | $ | $ | $ | |||||||||||||||||
Less: intersegment sales | ||||||||||||||||||||
Net external sales | $ | $ | $ | |||||||||||||||||
Segment Adjusted EBITDA | $ | $ | $ | |||||||||||||||||
Nine Months Ended September 30, 2021 | ||||||||||||||||||||
Driveline | Metal Forming | Total | ||||||||||||||||||
Sales | $ | $ | $ | |||||||||||||||||
Less: intersegment sales | ||||||||||||||||||||
Net external sales | $ | $ | $ | |||||||||||||||||
Segment Adjusted EBITDA | $ | $ | $ | |||||||||||||||||
Nine Months Ended September 30, 2020 | ||||||||||||||||||||
Driveline | Metal Forming | Total | ||||||||||||||||||
Sales | $ | $ | $ | |||||||||||||||||
Less: intersegment sales | ||||||||||||||||||||
Net external sales | $ | $ | $ | |||||||||||||||||
Segment Adjusted EBITDA | $ | $ | $ | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Total segment adjusted EBITDA | $ | $ | $ | $ | |||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ( | |||||||||||||||||||
Restructuring and acquisition-related costs | ( | ( | ( | ( | |||||||||||||||||||
Loss on sale of business | ( | ( | |||||||||||||||||||||
Unrealized gain on equity securities | |||||||||||||||||||||||
Debt refinancing and redemption costs | ( | ( | ( | ( | |||||||||||||||||||
Impairment charges | ( | ||||||||||||||||||||||
Non-recurring items: | |||||||||||||||||||||||
Malvern Fire charges, net of recoveries | ( | ( | |||||||||||||||||||||
Income (loss) before income taxes | $ | ( | $ | $ | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Driveline | $ | 870.4 | $ | 1,025.0 | $ | 2,831.9 | $ | 2,346.7 | |||||||||||||||
Metal Forming | 422.7 | 497.4 | 1,352.1 | 1,147.7 | |||||||||||||||||||
Eliminations | (80.0) | (108.3) | (262.5) | (221.5) | |||||||||||||||||||
Net Sales | $ | 1,213.1 | $ | 1,414.1 | $ | 3,921.5 | $ | 3,272.9 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Driveline | $ | 128.4 | $ | 199.5 | $ | 450.2 | $ | 309.0 | |||||||||||||||
Metal Forming | 54.8 | 97.6 | 218.5 | 149.3 | |||||||||||||||||||
Total segment adjusted EBITDA | $ | 183.2 | $ | 297.1 | $ | 668.7 | $ | 458.3 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | (2.4) | $ | 117.2 | $ | 52.2 | $ | (597.2) | |||||||||||||||
Interest expense | 49.7 | 53.9 | 150.7 | 160.0 | |||||||||||||||||||
Income tax benefit | (13.6) | (22.5) | (2.4) | (63.1) | |||||||||||||||||||
Depreciation and amortization | 135.6 | 125.0 | 421.2 | 393.7 | |||||||||||||||||||
EBITDA | $ | 169.3 | $ | 273.6 | $ | 621.7 | $ | (106.6) | |||||||||||||||
Restructuring and acquisition-related costs | 7.4 | 9.7 | 40.8 | 38.6 | |||||||||||||||||||
Debt refinancing and redemption costs | 31.6 | 5.2 | 34.0 | 6.7 | |||||||||||||||||||
Impairment charges | — | — | — | 510.0 | |||||||||||||||||||
Loss on sale of business | — | — | 2.7 | 1.0 | |||||||||||||||||||
Unrealized gain on equity securities | (19.4) | — | (19.4) | — | |||||||||||||||||||
Non-recurring items: | |||||||||||||||||||||||
Malvern Fire charges, net of recoveries | (5.7) | 8.6 | (11.1) | 8.6 | |||||||||||||||||||
Total segment adjusted EBITDA | $ | 183.2 | $ | 297.1 | $ | 668.7 | $ | 458.3 |
Statement of Operations Information | (in millions) | ||||||||||
Nine Months Ended September 30, 2021 | Year Ended December 31, 2020 | ||||||||||
Net sales | $ | 3,011.3 | $ | 3,649.8 | |||||||
Gross profit | 324.6 | 301.2 | |||||||||
Loss from operations | (11.7) | (458.3) | |||||||||
Net loss | (93.6) | (521.3) | |||||||||
Balance Sheet Information | (in millions) | ||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
Current assets | $ | 950.3 | $ | 1,155.1 | |||||||
Noncurrent assets | 2,620.2 | 2,765.2 | |||||||||
Current liabilities | 1,139.4 | 1,075.9 | |||||||||
Noncurrent liabilities | 3,844.2 | 4,233.6 | |||||||||
Redeemable preferred stock | — | — | |||||||||
Noncontrolling interest | — | — |
Period | Total Number of Shares (or Units) Purchased | Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
July 1 - July 31, 2021 | — | $ | — | — | $ | — | ||||||||||||||||||||
August 1 - August 31, 2021 | 2,880 | 9.72 | — | — | ||||||||||||||||||||||
September 1 - September 30, 2021 | 2,667 | 8.19 | — | — | ||||||||||||||||||||||
Total | 5,547 | $ | 8.98 | — | $ | — |
Number | Description of Exhibit | |||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
**101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
**101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
**101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
**101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
**101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
* | Filed herewith | |||||||||||||
** | Submitted electronically with this Report. |
Entity | Organized Under Laws of | ||||
Parent Entity | |||||
American Axle & Manufacturing Holdings, Inc. | Delaware | ||||
Issuing Entity | |||||
American Axle & Manufacturing, Inc. | Delaware | ||||
Guarantor Entities | |||||
AAM International Holdings, Inc. | Delaware | ||||
Auburn Hills Manufacturing, Inc. | Delaware | ||||
Oxford Forge, Inc. | Delaware | ||||
MSP Industries Corporation | Michigan | ||||
Colfor Manufacturing, Inc. | Delaware | ||||
Accugear, Inc. | Delaware | ||||
Rochester Manufacturing, LLC | Indiana | ||||
Metaldyne Performance Group, Inc. | Delaware | ||||
MPG Holdco I Inc. | Delaware | ||||
Metaldyne BSM, LLC | Delaware | ||||
Metaldyne M&A Bluffton, LLC | Delaware | ||||
Metaldyne Powertrain Components, Inc. | Delaware | ||||
Metaldyne Sintered Ridgway, LLC | Delaware | ||||
Metaldyne SinterForged Products, LLC | Delaware | ||||
Punchcraft Machining and Tooling, LLC | Delaware | ||||
HHI FormTech, LLC | Delaware | ||||
Jernberg Industries, LLC | Delaware | ||||
Impact Forge Group, LLC | Delaware | ||||
ASP HHI Holdings, Inc. | Delaware | ||||
ASP HHI Acquisition Co., Inc. | Delaware | ||||
ASP MD Holdings, Inc. | Delaware | ||||
MD Investors Corporation | Delaware | ||||
Metaldyne, LLC | Delaware | ||||
Gear Design and Manufacturing, LLC | Delaware | ||||
AAM Powder Metal Components, Inc. | Ohio | ||||
ASP Grede Intermediate Holdings LLC | Delaware | ||||
HHI Holdings, LLC | Delaware | ||||
AAM Casting Corp. | Delaware |
/s/ David C. Dauch | /s/ Christopher J. May | |||||||||||||
David C. Dauch | Christopher J. May | |||||||||||||
Chairman of the Board & | Vice President & | |||||||||||||
Chief Executive Officer | Chief Financial Officer | |||||||||||||
November 5, 2021 | November 5, 2021 |
Condensed Consolidated Statements of Operations - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Net sales | $ 1,213.1 | $ 1,414.1 | $ 3,921.5 | $ 3,272.9 |
Cost of goods sold | 1,047.5 | 1,164.3 | 3,338.8 | 2,926.7 |
Gross profit | 165.6 | 249.8 | 582.7 | 346.2 |
Selling, general and administrative expenses | 90.5 | 66.5 | 266.7 | 230.6 |
Amortization of intangible assets | 21.4 | 21.6 | 64.3 | 65.0 |
Impairment charges | 0.0 | 0.0 | 0.0 | 510.0 |
Restructuring and acquisition-related costs | 7.4 | 9.7 | 40.8 | 38.6 |
Loss on sale of business | 0.0 | 0.0 | 2.7 | 1.0 |
Operating income (loss) | 46.3 | 152.0 | 208.2 | (499.0) |
Interest expense | (49.7) | (53.9) | (150.7) | (160.0) |
Interest income | 2.7 | 3.4 | 8.2 | 9.2 |
Debt refinancing and redemption costs | (31.6) | (5.2) | (34.0) | (6.7) |
Unrealized gain on equity securities | 19.4 | 0.0 | 19.4 | 0.0 |
Other expense, net | (3.1) | (1.6) | (1.3) | (3.8) |
Income (loss) before income taxes | (16.0) | 94.7 | 49.8 | (660.3) |
Income tax benefit | (13.6) | (22.5) | (2.4) | (63.1) |
Net income (loss) | (2.4) | 117.2 | 52.2 | (597.2) |
Net income attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | (0.1) |
Net income (loss) attributable to AAM | $ (2.4) | $ 117.2 | $ 52.2 | $ (597.3) |
Basic earnings (loss) per share | $ (0.02) | $ 0.99 | $ 0.44 | $ (5.28) |
Diluted earnings (loss) per share | $ (0.02) | $ 0.99 | $ 0.44 | $ (5.28) |
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||||
Net income (loss) | $ (2.4) | $ 117.2 | $ 52.2 | $ (597.2) | ||||
Other comprehensive income (loss) | ||||||||
Defined benefit plans, net of tax | [1] | 2.2 | 1.7 | 6.5 | 5.0 | |||
Foreign currency translation adjustments | (9.6) | 14.0 | (8.4) | (30.0) | ||||
Changes in cash flow hedges, net of tax | [2] | (1.8) | 6.7 | 3.0 | (19.3) | |||
Other comprehensive income (loss) | (9.2) | 22.4 | 1.1 | (44.3) | ||||
Comprehensive income (loss) | (11.6) | 139.6 | 53.3 | (641.5) | ||||
Net income attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | (0.1) | ||||
Foreign currency translation adjustments attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.3 | ||||
Comprehensive income (loss) attributable to AAM | $ (11.6) | $ 139.6 | $ 53.3 | $ (641.3) | ||||
|
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Other comprehensive income (loss), pension and other postretirement benefit plans, tax | $ (0.6) | $ (0.4) | $ (1.7) | $ (1.2) |
Other comprehensive income (loss), derivatives qualifying as hedges, tax | $ (0.7) | $ (0.2) | $ (2.7) | $ 1.6 |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150.0 | 150.0 |
Common stock, shares, issued | 122.5 | 121.3 |
Treasury stock, shares | 8.4 | 8.0 |
Organization and Basis of Presentation (Notes) |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. ORGANIZATION AND BASIS OF PRESENTATION Organization We are a global Tier 1 supplier to the automotive industry. We design, engineer and manufacture driveline and metal forming technologies that are making the next generation of vehicles smarter, lighter, safer and more efficient. We employ approximately 20,000 associates, operating at nearly 80 facilities in 17 countries, to support our customers on global and regional platforms with a continued focus on delivering quality, operational excellence and technology leadership. Basis of Presentation We have prepared the accompanying interim condensed consolidated financial statements in accordance with the instructions to Form 10-Q under the Securities Exchange Act of 1934. These condensed consolidated financial statements are unaudited but include all normal recurring adjustments, which we consider necessary for a fair presentation of the information set forth herein. Results of operations for the periods presented are not necessarily indicative of the results for the full fiscal year. The balance sheet at December 31, 2020 presented herein has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete consolidated financial statements. In order to prepare the accompanying interim condensed consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts and disclosures in our interim condensed consolidated financial statements. These estimates and assumptions are impacted by risks and uncertainties, including those associated with the Novel Coronavirus (COVID-19) pandemic and the semiconductor supply shortage that is impacting the automotive industry. While we have made estimates and assumptions based on the facts and circumstances available as of the date of this report, the full impact of COVID-19 and the semiconductor shortage cannot be predicted, and actual results could differ materially from those estimates and assumptions. For further information, refer to the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2020. Commencement of Lease of European Headquarters and Engineering Center (EHEC) In the first quarter of 2021, the lease of our new EHEC in Langen, Germany commenced. This lease has a term of 20 years and is classified as a finance lease. We recognized a right-of-use (ROU) asset and finance lease liability of approximately $49 million upon commencement of this lease. The ROU asset is presented in Property, plant and equipment, net and the finance lease liability is presented in Accrued expenses and other (current portion), and Postretirement benefits and other long-term liabilities (long-term portion) in our Condensed Consolidated Balance Sheet at September 30, 2021. Leases Not Yet Commenced As of September 30, 2021, we have entered into an additional lease that has not commenced of approximately $40 million, for a lease of a facility in the United States, which has a term of 15 years. This lease is expected to commence in the fourth quarter of 2021 and is expected to be classified as a finance lease. Effect of New Accounting Standards and Other Regulatory Pronouncements Accounting Standard Update 2020-04 On March 12, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2020-04 - Reference Rate Reform (Topic 848), and has subsequently issued ASU 2021-01 - Reference Rate Reform (Topic 848). This guidance provides optional expedients and exceptions that are intended to ease the burden of updating contracts to contain a new reference rate due to the discontinuation of the London Inter-Bank Offered Rate (LIBOR). This guidance is available immediately and may be implemented in any period prior to the guidance expiration on December 31, 2022. We expect to utilize certain of the optional expedients and exceptions available under ASU 2020-04 and ASU 2021-01 and we do not expect the adoption of this guidance to have a material impact on our financial statements. Accounting Standard Update 2019-12 On December 18, 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740). This guidance is intended to simplify the accounting and disclosure requirements for income taxes by removing various exceptions and requires that the effect of an enacted change in tax laws or rates on current tax expense be included in the annual effective tax rate computation in the interim period of the enactment. This guidance became effective and we adopted this guidance on January 1, 2021. The adoption of this guidance did not have a material impact on our consolidated financial statements. Coronavirus Aid, Relief, and Economic Security Act The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was enacted on March 27, 2020 in the United States. The key provisions of the CARES Act, as they remain applicable to AAM, include the following: •The ability to use net operating losses (NOLs) to offset income without the 80% taxable income limitation enacted as part of the Tax Cuts and Jobs Act (TCJA) of 2017, and to carry back NOLs to offset prior year income for five years. These are temporary provisions that apply to NOLs incurred in 2018, 2019 or 2020 tax years. We recognized a tax benefit of $5.2 million during the nine months ended September 30, 2021 and $14.4 million for the year ended December 31, 2020 related to our ability to carry back prior year losses, as well as projected current year losses, under the CARES Act to years with the previous 35% tax rate. We received an income tax refund of approximately $6.0 million during the first quarter of 2021 as a result of this provision of the CARES Act. •The ability to defer the payment of the employer portion of social security taxes incurred between March 27, 2020 and December 31, 2020, with 50% of the deferred amount to be paid by December 31, 2021 and the remaining 50% to be paid by December 31, 2022. At September 30, 2021, we had deferred $15.2 million of social security taxes, 50% of which will be paid in the fourth quarter of 2021 and the remainder to be paid in the fourth quarter of 2022. •The ability to claim an Employee Retention Credit (ERC), which is a refundable payroll tax credit, for 50% of qualified wages or benefits, subject to certain limitations, that are paid to an employee when they are not providing services due to COVID-19. The ERC applied to qualified wages paid or incurred during the period March 13, 2020 through December 31, 2020 and was available to eligible employers whose operations were fully or partially suspended due to COVID-19, or whose gross receipts declined by more than 50% when compared to the applicable period in the prior year. At September 30, 2021, we have a refundable ERC amount of $6.3 million included in Prepaid expenses and other in our Condensed Consolidated Balance Sheet.
|
Restructuring and Acquisition-Related Costs (Notes) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Integration, Restructuring and Other Related Costs [Text Block] | 2. RESTRUCTURING AND ACQUISITION-RELATED COSTS In the first quarter of 2020, we initiated a new global restructuring program (the 2020 Program). The primary objectives of the 2020 Program are to achieve efficiencies within our corporate and business unit support teams to reduce cost in our business, and to structurally adjust our operations based on the impact of COVID-19. We expect to incur costs under the 2020 Program into 2022. A summary of our restructuring activity for the first nine months of 2021 and 2020 is shown below:
As part of our restructuring actions, we incurred total severance charges of approximately $2.7 million and $19.9 million during the nine months ended September 30, 2021 and 2020, respectively. We also incurred total implementation costs of approximately $33.2 million and $11.9 million during the nine months ended September 30, 2021 and 2020, respectively. Implementation costs consist primarily of professional fees and plant exit costs. Substantially all of the restructuring costs incurred during the nine months ended September 30, 2021 were under the 2020 Program. Approximately $3.9 million and $3.1 million of our total restructuring costs for the nine months ended September 30, 2021 related to our Driveline and Metal Forming segments, respectively, while the remainder were corporate costs. Approximately $14.4 million and $13.1 million of our total restructuring costs for the nine months ended September 30, 2020 related to our Driveline and Metal Forming segments, respectively, while the remainder were corporate costs. We expect to incur approximately $45 million to $55 million of total restructuring charges in 2021, substantially all of which are expected to be under the 2020 Program. During the nine months ended September 30, 2021 we completed our acquisition of a manufacturing facility in Emporium, Pennsylvania, and we continue to incur integration costs related to our acquisition of MPG. The following table represents a summary of charges incurred in the nine months ended September 30, 2021 and 2020 associated with acquisition and integration costs:
Acquisition-related costs primarily consist of valuation fees incurred. Integration expenses primarily reflect costs incurred for information technology infrastructure and enterprise resource planning systems. Total restructuring charges and acquisition-related charges are presented on a separate line item titled Restructuring and acquisition-related costs in our Condensed Consolidated Statements of Operations, and totaled $7.4 million and $40.8 million for the three and nine months ended September 30, 2021, respectively, and $9.7 million and $38.6 million for the three and nine months ended September 30, 2020, respectively.
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Inventories (Notes) |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Text Block] | 3. INVENTORIES We state our inventories at the lower of cost or net realizable value. The cost of our inventories is determined using the first-in first-out method. When we determine that our gross inventories exceed usage requirements, or if inventories become obsolete or otherwise not saleable, we record a provision for such loss as a component of our inventory accounts. Inventories consist of the following:
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Goodwill and Intangible Assets (Notes) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | 4. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The following table provides a reconciliation of changes in goodwill for the nine months ended September 30, 2021:
We conduct our annual goodwill impairment test in the fourth quarter of each year, as well as whenever adverse events or changes in circumstances indicate a possible impairment. In performing this test, we utilize a third-party valuation specialist to assist management in determining the fair value of our reporting units. Fair value of each reporting unit is estimated based on a combination of discounted cash flows and the use of pricing multiples derived from an analysis of comparable public companies multiplied against historical and/or anticipated financial metrics of each reporting unit. These calculations contain uncertainties as they require management to make assumptions including, but not limited to, market comparables, future cash flows of the reporting units, and appropriate discount and long-term growth rates. This fair value determination is categorized as Level 3 within the fair value hierarchy. In the first quarter of 2020, the reduction in global automotive production volumes caused by the impact of COVID-19 represented an indicator to test our goodwill for impairment. This reduction in production volumes began in March of 2020 and resulted in lower forecasted sales volumes in the periods included in our long-range plan as revised in the first quarter of 2020. As a result of this goodwill impairment test in the first quarter of 2020, we determined that the carrying values of both our Driveline and Metal Forming reporting units were greater than their respective fair values. As such, we recorded a goodwill impairment charge of $510.0 million in the first quarter of 2020, of which $210.8 million was associated with our Driveline reporting unit and $299.2 million was associated with our Metal Forming reporting unit. The Metal Forming impairment charge represented a full impairment of the goodwill associated with that reporting unit. As a result, all remaining goodwill is attributable to our Driveline reporting unit. These impairment charges were primarily the result of a decline in the projected cash flows of these reporting units under our revised long-range plan completed in the first quarter of 2020. The revision to our long-range plan was driven by lower forecasted sales volumes in the internal and external data sources used to form our projections primarily due to the reduction in global automotive production volumes caused by the impact of COVID-19. The impairment charges were also the result of changes in certain market-related inputs to the analysis to reflect macro-economic changes caused by the impact of COVID-19, including increased discount rates and lower pricing multiples for comparable public companies. At September 30, 2021, accumulated goodwill impairment losses were $1,435.5 million. The reduction in production volumes and changes to macro-economic factors caused by the impact of COVID-19 also represented an indicator to test our long-lived assets, including other intangible assets and property, plant and equipment, for impairment. We completed this test in the first quarter of 2020 and there was no impairment of these assets. Other Intangible Assets The following table provides a reconciliation of the gross carrying amount and associated accumulated amortization for AAM's other intangible assets, which are all subject to amortization:
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Long-Term Debt (Notes) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt [Text Block] | 5. LONG-TERM DEBT Long-term debt consists of the following:
Senior Secured Credit Facilities In 2017, American Axle & Manufacturing Holdings, Inc. (Holdings) and American Axle & Manufacturing, Inc. (AAM, Inc.) entered into a credit agreement (the Credit Agreement). In connection with the Credit Agreement, Holdings, AAM, Inc. and certain of their restricted subsidiaries entered into a Collateral Agreement and Guarantee Agreement with the financial institutions party thereto. The Credit Agreement, as amended in July 2019 (First Amendment), includes a $340 million term loan A facility (the Term Loan A Facility due 2024), a $1.55 billion term loan B facility (the Term Loan B Facility due 2024) and a $925 million multi-currency revolving credit facility (the Revolving Credit Facility, and together with the Term Loan A Facility due 2024 and the Term Loan B Facility due 2024, the Senior Secured Credit Facilities). The Term Loan A Facility due 2024 and the Term Loan B Facility due 2024 have been paid down from the original amounts through both scheduled and voluntary payments. There are no current maturities under the Term Loan A due 2024 and there are no scheduled payments under the Term Loan B due 2024 until maturity. In April 2020, Holdings, AAM, Inc., and certain subsidiaries of Holdings entered into the Second Amendment (Second Amendment) to the Credit Agreement. For the period from April 1, 2020 through March 31, 2022 (the Amendment Period), the Second Amendment, among other things, replaced the total net leverage ratio covenant with a new senior secured net leverage ratio covenant, reduced the minimum levels of the cash interest expense coverage ratio covenant, and modified certain covenants restricting the ability of Holdings, AAM and certain subsidiaries of Holdings to create, incur, assume or permit to exist certain additional indebtedness and liens and to make certain restricted payments, voluntary payments and distributions. The Second Amendment also increased the maximum levels of the total net leverage ratio covenant after the Amendment Period, modified the applicable margin with respect to interest rates under the Term Loan A Facility due 2024 and interest rates and commitment fees under the Revolving Credit Facility, and increased the minimum adjusted London Interbank Offered Rate for Eurodollar-based loans under the Term Loan A Facility due 2024 and Revolving Credit Facility. The applicable margin for the Term Loan B Facility remains unchanged. We paid debt issuance costs of $4.6 million in the nine months ended September 30, 2020 related to the Second Amendment. In June 2021, Holdings, AAM, Inc., and certain subsidiaries of Holdings entered into an agreement (the Agreement) amending the Second Amendment to the Credit Agreement. For the Amendment Period, the Agreement modified a covenant in the Second Amendment restricting the ability of Holdings, AAM and certain subsidiaries of Holdings to make certain voluntary payments and distributions of, or in respect of, certain senior unsecured notes of AAM during the Amendment Period, which modification permits voluntary payments and redemptions of the 6.25% senior notes due 2025 issued by AAM. In the first quarter of 2021, we made a voluntary prepayment of $100.0 million on our Term Loan B Facility due 2024 and $4.3 million on our Term Loan A Facility due 2024. As a result, we expensed approximately $1.1 million for the write-off of a portion of the unamortized debt issuance costs that we had been amortizing over the expected life of these borrowings. In the second quarter of 2021, we made voluntary prepayments totaling $138.8 million on our Term Loan B Facility due 2024 and $4.2 million on our Term Loan A Facility due 2024. As a result, we expensed approximately $1.3 million for the write-off of a portion of the unamortized debt issuance costs that we had been amortizing over the expected life of these borrowings. In the third quarter of 2021, we made a voluntary prepayment of $12.7 million on our Term Loan A Facility due 2024. As a result, we expensed approximately $0.1 million for the write-off of a portion of the unamortized debt issuance costs that we had been amortizing over the expected life of this borrowing. At September 30, 2021, we had $895.2 million available under the Revolving Credit Facility. This availability reflects a reduction of $29.8 million for standby letters of credit issued against the facility. The proceeds of the Revolving Credit Facility are used for general corporate purposes. The Senior Secured Credit Facilities provide back-up liquidity for our foreign credit facilities. We intend to use the availability of long-term financing under the Senior Secured Credit Facilities to refinance any current maturities related to such debt agreements that are not otherwise refinanced on a long-term basis in their local markets, except where otherwise reclassified to Current portion of long-term debt on our Condensed Consolidated Balance Sheet. 5.00% Notes due 2029 In the third quarter of 2021, we issued $600 million in aggregate principal amount of 5.00% senior notes due 2029 (the 5.00% Notes). Proceeds from the 5.00% Notes were used to fund the redemption of the remaining $600 million of 6.25% senior notes due 2025 described below. We paid debt issuance costs of $9.2 million in the nine months ended September 30, 2021 related to the 5.00% Notes. Redemption of 6.25% Notes due 2025 In July of 2021, we voluntarily redeemed a portion of our 6.25% Notes due 2025. This resulted in a principal payment of $100 million and $1.8 million in accrued interest. We also expensed approximately $1.4 million for the write-off of a portion of the unamortized debt issuance costs that we had been amortizing over the expected life of the borrowing, and approximately $3.1 million for the payment of an early redemption premium. In September of 2021, we voluntarily redeemed the remaining portion of our 6.25% Notes due 2025. This resulted in a principal payment of $600 million and $17.6 million in accrued interest. We also expensed approximately $8.2 million for the write-off of the unamortized debt issuance costs that we had been amortizing over the expected life of the borrowing, and approximately $18.8 million for the payment of an early redemption premium. 6.875% Notes due 2028 In the second quarter of 2020, we issued $400 million in aggregate principal amount of 6.875% senior notes due 2028 (the 6.875% Notes). Proceeds from the 6.875% Notes were used primarily to fund the redemption of the remaining $350 million of 6.625% senior notes due 2022 described below and for general corporate purposes. We paid debt issuance costs of $6.4 million in the nine months ended September 30, 2020 related to the 6.875% Notes. Redemption of 6.625% Notes due 2022 In the first quarter of 2020, we voluntarily redeemed a portion of our 6.625% Notes due 2022. This resulted in a principal payment of $100.0 million and $2.0 million in accrued interest. We also expensed approximately $0.4 million for the write-off of a portion of the unamortized debt issuance costs that we had been amortizing over the expected life of the borrowing, and approximately $1.1 million for an early redemption premium. In the third quarter of 2020, we voluntarily redeemed the remaining portion of our 6.625% Notes due 2022. This resulted in a principal payment of $350 million and $5.7 million in accrued interest. We also expensed approximately $1.3 million for the write-off of the unamortized debt issuance costs that we had been amortizing over the expected life of the borrowing, and approximately $3.9 million for the payment of an early redemption premium. Foreign credit facilities We utilize local currency credit facilities to finance the operations of certain foreign subsidiaries. At September 30, 2021, $102.2 million was outstanding under our foreign credit facilities, as compared to $88.8 million at December 31, 2020. At September 30, 2021, an additional $62.3 million was available under our foreign credit facilities. Weighted-Average Interest Rate The weighted-average interest rate of our long-term debt outstanding was 5.6% at September 30, 2021 and 5.8% at December 31, 2020.
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 6. DERIVATIVES Our business and financial results are affected by fluctuations in global financial markets, including interest rates and currency exchange rates. Our hedging policy has been developed to manage these risks to an acceptable level based on management’s judgment of the appropriate trade-off between risk, opportunity and cost. We do not hold financial instruments for trading or speculative purposes. Currency derivative contracts From time to time, we use foreign currency forward contracts to reduce the effects of fluctuations in exchange rates relating to certain foreign currencies. As of September 30, 2021 and December 31, 2020, we had currency forward contracts outstanding with a total notional amount of $167.3 million and $178.2 million, respectively, that hedge our exposure to changes in foreign currency exchange rates for certain payroll expenses into the second quarter of 2024 and the purchase of certain direct and indirect inventory and other working capital items into the second quarter of 2022. Fixed-to-fixed cross-currency swap In 2019, we entered into a fixed-to-fixed cross-currency swap to reduce the variability of functional currency equivalent cash flows associated with changes in exchange rates on certain Euro-based intercompany loans. In the first quarter of 2020, we discontinued this fixed-to-fixed cross-currency swap, which was in an asset position of $9.8 million on the date that it was discontinued. Also in the first quarter of 2020, we entered into a new fixed-to-fixed cross-currency swap to reduce the variability of functional currency equivalent cash flows associated with changes in exchange rates on certain Euro-based intercompany loans. The notional amount of the fixed-to-fixed cross-currency swap is €200.0 million, which was equivalent to $231.5 million and $244.2 million at September 30, 2021 and December 31, 2020, respectively. The fixed-to-fixed cross-currency swap hedges our exposure to changes in exchange rates on the intercompany loans into the second quarter of 2024. Variable-to-fixed interest rate swap In 2019, we entered into a variable-to-fixed interest rate swap to reduce the variability of cash flows associated with interest payments on our variable rate debt. We have the following notional amounts hedged in relation to our variable-to-fixed interest rate swap: $750.0 million through May 2022, $600.0 million through May 2023 and $500.0 million through May 2024. The following table summarizes the reclassification of pre-tax derivative gains and losses into net income (loss) from accumulated other comprehensive income (loss) for those derivative instruments designated as cash flow hedges under ASC 815 - Derivatives and Hedging:
See Note 12 - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (AOCI) for amounts recognized in other comprehensive income (loss) during the three and nine months ended September 30, 2021 and 2020. The following table summarizes the amount and location of gains and losses recognized in the Condensed Consolidated Statements of Operations for those derivative instruments not designated as hedging instruments under ASC 815:
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Fair Value (Notes) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | 7. FAIR VALUE ASC 820 - Fair Value Measurement defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The definition is based on an exit price rather than an entry price, regardless of whether the entity plans to hold or sell the asset. This guidance also establishes a fair value hierarchy to prioritize inputs used in measuring fair value as follows: •Level 1: Observable inputs such as quoted prices in active markets; •Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and •Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Financial instruments The estimated carrying value of our financial assets and liabilities that are recognized at fair value on a recurring basis, using available market information and other observable data, are as follows:
The carrying values of our cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short-term maturities of these instruments. The carrying values of our borrowings under the foreign credit facilities approximate their fair value due to the frequent resetting of the interest rates. We have an investment in the equity securities of REE Automotive, an e-mobility company that completed a merger with a Special Purpose Acquisition Company in the third quarter of 2021 and became a publicly traded entity. These equity securities are measured at fair value each reporting period with changes in fair value reported through an unrealized gain or loss within Other income (expense), net in our Condensed Consolidated Statement of Operations. As of September 30, 2021, our investment in REE shares was valued at $22.4 million based on a closing price on that date of $4.54 per share. We are subject to a customary restriction on transferring our shares of REE Automotive until January 2022. We estimated the fair value of the amounts outstanding on our debt using available market information and other observable data, to be as follows:
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Employee Benefit Plans (Notes) |
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | 8. EMPLOYEE BENEFIT PLANS The components of net periodic benefit cost (credit) are as follows:
The noncurrent liabilities associated with our pension and other postretirement benefit plans are classified as Postretirement benefits and other long-term liabilities on our Condensed Consolidated Balance Sheets. As of September 30, 2021 and December 31, 2020, we have a noncurrent pension liability of $125.0 million and $141.2 million, respectively. As of September 30, 2021 and December 31, 2020, we have a noncurrent other postretirement benefits liability of $549.8 million and $556.7 million, respectively. Due to the availability of our pre-funded pension balances (previous contributions in excess of prior required pension contributions), we expect our regulatory pension funding requirements in 2021 to be less than $1 million. We expect our cash payments for other postretirement benefit obligations in 2021, net of GM cost sharing, to be approximately $17 million.
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Product Warranties (Notes) |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranty Disclosure [Text Block] | 9. PRODUCT WARRANTIES We record a liability for estimated warranty obligations at the dates our products are sold. These estimates are established using sales volumes and internal and external warranty data where there is no payment history and historical information about the average cost of warranty claims for customers with prior claims. We estimate our costs based on the contractual arrangements with our customers, existing customer warranty terms and internal and external warranty data, which includes a determination of our warranty claims and actions taken to improve product quality and minimize warranty claims. We continuously evaluate these estimates and our customers' administration of their warranty programs. We monitor actual warranty claim data and adjust the liability, as necessary, on a quarterly basis. The following table provides a reconciliation of changes in the product warranty liability:
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Income Taxes (Notes) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | 10. INCOME TAXES We adjust our effective tax rate each quarter based on our estimated annual effective tax rate. We also record the tax impact of certain discrete, unusual or infrequently occurring items, including changes in judgment about valuation allowances and the effects of changes in tax laws or rates on deferred tax balances, 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. The impact of such an exclusion could result in a higher or lower effective tax rate during a particular quarter, based upon the mix and timing of actual earnings versus annual projections. Our income tax benefit and effective income tax rate for the three and nine months ended September 30, 2021 and 2020 are as follows:
During the three months ended September 30, 2021, we recognized a net income tax benefit of approximately $5.2 million related to our ability to carry back prior year losses to tax years with the higher 35% corporate income tax rate. During the three months ended September 30, 2020, we released a partial valuation allowance that had been established in the second quarter of 2020 as a result of final regulations issued on July 28, 2020 by the Internal Revenue Service and the U.S. Department of Treasury. This resulted in a tax benefit of approximately $36 million for the three months ended September 30, 2020. In the nine months ended September 30, 2020, we finalized an advance pricing agreement in a foreign jurisdiction, which resulted in a tax benefit of approximately $6.8 million and we recognized a tax benefit of approximately $7.0 million related to our ability to carry back projected current year losses under the CARES Act. In addition, we recognized a net tax benefit of approximately $7.5 million related to our ability to carry back losses from prior years under the CARES Act. This income tax benefit was the result of our ability to carry back losses to tax years with the higher 35% corporate income tax rate. Our effective income tax rates for the three and nine months ended September 30, 2021 vary from our effective income tax rates for the three and nine months ended September 30, 2020 primarily as a result of the items discussed above. In addition, our effective income tax rate for the nine months ended September 30, 2021 varies from our effective income tax rate for the nine months ended September 30, 2020 as a result of the impact of the goodwill impairment charge recorded during the first quarter of 2020, which had no corresponding income tax benefit. For the three and nine months ended September 30, 2021 and 2020, our effective income tax rates vary from the U.S. federal statutory rate of 21% primarily due to the items discussed above, as well as favorable foreign tax rates, the impact of tax credits, and the effect of the goodwill impairment charge in the first nine months of 2020. In accordance with the guidance in ASC 740 - Income Taxes, we review the likelihood that we will realize the benefit of deferred tax assets and estimate whether recoverability of our deferred tax assets is "more likely than not" based on the available evidence. Due to the uncertainty associated with the extent and ultimate impact of COVID-19 and the semiconductor shortage on global automotive production volumes, we may experience lower than projected earnings in certain jurisdictions in future periods, and as a result, it is reasonably possible that changes in valuation allowances could be recognized in future periods. We operate in multiple jurisdictions throughout the world and the income tax returns of several subsidiaries in various tax jurisdictions are currently under examination. We are currently under a U.S. federal income tax examination for the years 2015 through 2018. Based on the status of ongoing tax audits, and the protocol of finalizing audits by the relevant tax authorities, it is not possible to estimate the impact of changes, if any, to previously recorded uncertain tax positions. Negative or unexpected outcomes of these examinations and audits and any related litigation could have a material adverse impact on our results of operations, financial condition and cash flows. We will continue to monitor the progress and conclusions of all ongoing audits and other communications with tax authorities, and will adjust our estimated liability as necessary. As of September 30, 2021 and December 31, 2020, we have recorded a liability for unrecognized income tax benefits and related interest and penalties of $22.3 million and $22.2 million, respectively.
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Earnings Per Share (Notes) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | 11. EARNINGS (LOSS) PER SHARE (EPS) We present EPS using the two-class method. This method allocates undistributed earnings between common shares and non-vested share based payment awards that entitle the holder to non-forfeitable dividend rights. Our participating securities include non-vested restricted stock units. The following table sets forth the computation of our basic and diluted EPS available to shareholders of common stock (excluding participating securities):
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Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Notes) |
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Reclassifications out of Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Reclassification Amount [Text Block] | 12. RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) Reclassification adjustments and other activity impacting accumulated other comprehensive income (loss) during the three months ended September 30, 2021 and September 30, 2020 are as follows (in millions):
Reclassification adjustments and other activity impacting accumulated other comprehensive income (loss) during the nine months ended September 30, 2021 and September 30, 2020 are as follows (in millions):
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Revenue from Contracts with Customers (Notes) |
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Revenue from Contract with Customer [Text Block] | 13. REVENUE FROM CONTRACTS WITH CUSTOMERS Net sales recognized from contracts with customers, disaggregated by segment and geographical location, are presented in the following table for the three and nine months ended September 30, 2021 and 2020. Net sales are attributed to regions based on the location of production. Intersegment sales have been excluded from the table. In the first quarter of 2021, we reorganized our segments and moved certain of our Driveline facilities to our Metal Forming segment. The amounts previously reported in the tables below for the three and nine months ended September 30, 2020 have been retrospectively recast to reflect this change.
Contract Assets and Liabilities The following table summarizes our beginning and ending balances for accounts receivable and contract liabilities associated with our contracts with customers:
Contract liabilities relate to deferred revenue associated with various settlements and commercial agreements for which we have a future performance obligation to the customer. We recognize this deferred revenue into revenue over the life of the associated program as we satisfy our performance obligations to the customer. We do not have contract assets as defined in ASC 606. During the nine months ended September 30, 2021, we amortized approximately $17.3 million of previously recorded contract liabilities into revenue as we satisfied performance obligations with our customers.
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Acquisitions and Dispositions (Notes) |
9 Months Ended |
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Sep. 30, 2021 | |
Acquisitions and Dispositions [Abstract] | |
Acquisitions and Dispositions [Text Block] | 14. ACQUISITIONS AND DISPOSITIONS Acquisition of Manufacturing Facility in Emporium, Pennsylvania In May 2021, AAM completed our acquisition of a manufacturing facility in Emporium, Pennsylvania, under which we acquired $14.9 million of net assets that consisted of $5.9 million of inventory and $9.0 million of property, plant and equipment. The purchase price was $14.9 million, which consisted of $4.9 million of cash and $10.0 million of a deferred consideration liability that will be paid to seller at $2.5 million annually over the period 2022 through 2025. As the value of the net assets acquired was equal to the purchase price, no goodwill or gain on bargain purchase was recognized for this acquisition for the period ended September 30, 2021. The operating results of this manufacturing facility for the period from our acquisition date through September 30, 2021 were insignificant to AAM's Condensed Consolidated Statement of Operations for this period. Further we have not disclosed pro forma revenue and earnings for the nine months ended September 30, 2021 and 2020 as the operating results of this manufacturing facility would be insignificant to AAM's consolidated results for these periods. Sale of Interest in Consolidated Joint Venture In the nine months ended September 30, 2021, we completed the sale of our ownership interest in a consolidated joint venture and received cash proceeds of approximately $2.6 million. As a result of the sale and deconsolidation of this joint venture, we recognized a loss of $2.7 million. Subsequent to the sale of this joint venture, we no longer present noncontrolling interest in our condensed consolidated financial statements as all consolidated entities are wholly-owned.
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Manufacturing Facility Fire and Insurance Recovery (Notes) |
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Sep. 30, 2021 | |
Insurance Recoveries [Abstract] | |
Manufacturing Facility Fire and Insurance Recovery | 15. MANUFACTURING FACILITY FIRE AND INSURANCE RECOVERY On September 22, 2020, a significant industrial fire occurred at our Malvern Manufacturing Facility in Ohio (Malvern Fire). All associates were evacuated safely and without injury and we were able to maintain continuity of supply to our customers without any significant disruptions. Our insurance policies are expected to cover the repair, replacement or actual cash value of the assets that incurred loss or damage, less our applicable deductible of $1.0 million. In addition, our insurance policies are expected to provide coverage for interruption to our business, including lost or reduced profits and reimbursement for certain expenses and costs that are incurred relating to the fire. In the nine months ended September 30, 2021, we recorded $13.7 million of charges primarily related to transportation and freight, asset repairs and other costs incurred to resume or relocate operations and ensure continuity of supply to our customers. We also recorded an estimated insurance recovery of $24.8 million and received reimbursements and advances under our insurance policies of approximately $51.1 million, of which approximately $28.0 million is presented as an operating cash flow and approximately $23.1 million is presented as an investing cash flow in our Condensed Consolidated Statement of Cash Flows. This resulted in net pre-tax income in our Condensed Consolidated Statement of Operations of approximately $11.1 million in Cost of goods sold for the nine months ended September 30, 2021. At September 30, 2021, $16.9 million of insurance recovery receivable is included in Prepaid expenses and other in our Condensed Consolidated Balance Sheet. Since the date of the Malvern Fire and the establishment of the insurance claim, we have incurred $50.3 million of total charges primarily related to site services and clean-up, transportation and freight, asset repairs and other costs incurred to resume or relocate operations and ensure continuity of supply to our customers. In addition, we have recorded a total of $27.0 million of costs primarily associated with the write-down of property, plant and equipment as a result of damage from the fire. We have recorded total estimated insurance recoveries of $79.1 million and have received total reimbursements and advances under our insurance policies of $62.2 million, of which $11.1 million was received in 2020 and $51.1 million was received in the first nine months of 2021. In the fourth quarter of 2020, we determined that we will cease production at the Malvern Manufacturing Facility and relocate production capacity to other AAM manufacturing facilities during 2021. As such, we cannot estimate the total claim eligible costs that we will incur as a result of the Malvern Fire and the associated relocation of production capacity to other AAM manufacturing facilities. At September 30, 2021, we have estimated the amount of expected insurance proceeds recoverable in consideration of the policy provisions, estimated repair costs or actual cash value of damaged assets, and claim eligible expenses incurred from the date of the fire. We expect the claim settlement process to continue through 2021 and, based on the provisions of the policy, the process could continue into 2022. We will update our estimates as additional information becomes available, however, the actual impact on our results of operations, financial position or cash flows, or the timing of such impact, could differ from our estimates.
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Segment Reporting (Notes) |
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Segment Reporting Disclosure [Text Block] | 16. SEGMENT REPORTING Our business is organized into Driveline and Metal Forming segments, with each representing a reportable segment under ASC 280 Segment Reporting. In the first quarter of 2021, we completed a reorganization of our segments, which included moving certain locations that were previously reported under our Driveline segment to our Metal Forming segment in order to better align our product and process technologies. The amounts in the tables below for the three and nine months ended September 30, 2020 have been retrospectively recast to reflect this reorganization. The results of each segment are regularly reviewed by the chief operating decision maker to assess the performance of the segment and make decisions regarding the allocation of resources to the segments. Our product offerings by segment are as follows: •Driveline products consist primarily of front and rear axles, driveshafts, differential assemblies, clutch modules, balance shaft systems, disconnecting driveline technology, and electric and hybrid driveline products and systems for light trucks, sport utility vehicles (SUVs), crossover vehicles, passenger cars and commercial vehicles; and •Metal Forming products consist primarily of axle and transmission shafts, ring and pinion gears, differential gears and assemblies, connecting rods and variable valve timing products for Original Equipment Manufacturers and Tier 1 automotive suppliers. We use Segment Adjusted EBITDA as the measure of earnings to assess the performance of each segment and determine the resources to be allocated to the segments. We define EBITDA to be earnings before interest expense, income taxes, depreciation and amortization. Segment Adjusted EBITDA is defined as EBITDA for our reportable segments excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, loss on the sale of a business, impairment charges, pension settlements, unrealized gains or losses on equity securities, and non-recurring items. The following tables represent information by reportable segment for the three months ended September 30, 2021 and 2020 (in millions):
The following tables represent information by reportable segment for the nine months ended September 30, 2021 and 2020 (in millions):
The following table represents a reconciliation of Total Segment Adjusted EBITDA to consolidated income (loss) before income taxes for the three and nine months ended September 30, 2021 and 2020 (in millions):
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Organization and Basis of Presentation (Policies) |
9 Months Ended |
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Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation We have prepared the accompanying interim condensed consolidated financial statements in accordance with the instructions to Form 10-Q under the Securities Exchange Act of 1934. These condensed consolidated financial statements are unaudited but include all normal recurring adjustments, which we consider necessary for a fair presentation of the information set forth herein. Results of operations for the periods presented are not necessarily indicative of the results for the full fiscal year. The balance sheet at December 31, 2020 presented herein has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete consolidated financial statements. In order to prepare the accompanying interim condensed consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts and disclosures in our interim condensed consolidated financial statements. These estimates and assumptions are impacted by risks and uncertainties, including those associated with the Novel Coronavirus (COVID-19) pandemic and the semiconductor supply shortage that is impacting the automotive industry. While we have made estimates and assumptions based on the facts and circumstances available as of the date of this report, the full impact of COVID-19 and the semiconductor shortage cannot be predicted, and actual results could differ materially from those estimates and assumptions. For further information, refer to the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2020.
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New Accounting Pronouncements and Other Regulatory Pronouncements, Policy [Policy Text Block] | Effect of New Accounting Standards and Other Regulatory Pronouncements Accounting Standard Update 2020-04 On March 12, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2020-04 - Reference Rate Reform (Topic 848), and has subsequently issued ASU 2021-01 - Reference Rate Reform (Topic 848). This guidance provides optional expedients and exceptions that are intended to ease the burden of updating contracts to contain a new reference rate due to the discontinuation of the London Inter-Bank Offered Rate (LIBOR). This guidance is available immediately and may be implemented in any period prior to the guidance expiration on December 31, 2022. We expect to utilize certain of the optional expedients and exceptions available under ASU 2020-04 and ASU 2021-01 and we do not expect the adoption of this guidance to have a material impact on our financial statements. Accounting Standard Update 2019-12 On December 18, 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740). This guidance is intended to simplify the accounting and disclosure requirements for income taxes by removing various exceptions and requires that the effect of an enacted change in tax laws or rates on current tax expense be included in the annual effective tax rate computation in the interim period of the enactment. This guidance became effective and we adopted this guidance on January 1, 2021. The adoption of this guidance did not have a material impact on our consolidated financial statements. Coronavirus Aid, Relief, and Economic Security Act The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was enacted on March 27, 2020 in the United States. The key provisions of the CARES Act, as they remain applicable to AAM, include the following: •The ability to use net operating losses (NOLs) to offset income without the 80% taxable income limitation enacted as part of the Tax Cuts and Jobs Act (TCJA) of 2017, and to carry back NOLs to offset prior year income for five years. These are temporary provisions that apply to NOLs incurred in 2018, 2019 or 2020 tax years. We recognized a tax benefit of $5.2 million during the nine months ended September 30, 2021 and $14.4 million for the year ended December 31, 2020 related to our ability to carry back prior year losses, as well as projected current year losses, under the CARES Act to years with the previous 35% tax rate. We received an income tax refund of approximately $6.0 million during the first quarter of 2021 as a result of this provision of the CARES Act. •The ability to defer the payment of the employer portion of social security taxes incurred between March 27, 2020 and December 31, 2020, with 50% of the deferred amount to be paid by December 31, 2021 and the remaining 50% to be paid by December 31, 2022. At September 30, 2021, we had deferred $15.2 million of social security taxes, 50% of which will be paid in the fourth quarter of 2021 and the remainder to be paid in the fourth quarter of 2022. •The ability to claim an Employee Retention Credit (ERC), which is a refundable payroll tax credit, for 50% of qualified wages or benefits, subject to certain limitations, that are paid to an employee when they are not providing services due to COVID-19. The ERC applied to qualified wages paid or incurred during the period March 13, 2020 through December 31, 2020 and was available to eligible employers whose operations were fully or partially suspended due to COVID-19, or whose gross receipts declined by more than 50% when compared to the applicable period in the prior year. At September 30, 2021, we have a refundable ERC amount of $6.3 million included in Prepaid expenses and other in our Condensed Consolidated Balance Sheet.
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Restructuring and Acquisition-Related Costs (Tables) |
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Restructuring and Related Costs [Table Text Block] | A summary of our restructuring activity for the first nine months of 2021 and 2020 is shown below:
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Business Combination, Separately Recognized Transactions [Table Text Block] | During the nine months ended September 30, 2021 we completed our acquisition of a manufacturing facility in Emporium, Pennsylvania, and we continue to incur integration costs related to our acquisition of MPG. The following table represents a summary of charges incurred in the nine months ended September 30, 2021 and 2020 associated with acquisition and integration costs:
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Inventories (Tables) |
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Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following:
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Goodwill and Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | The following table provides a reconciliation of changes in goodwill for the nine months ended September 30, 2021:
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Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table provides a reconciliation of the gross carrying amount and associated accumulated amortization for AAM's other intangible assets, which are all subject to amortization:
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Long-Term Debt (Tables) |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following:
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Derivatives (Tables) |
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table summarizes the reclassification of pre-tax derivative gains and losses into net income (loss) from accumulated other comprehensive income (loss) for those derivative instruments designated as cash flow hedges under ASC 815 - Derivatives and Hedging:
See Note 12 - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (AOCI) for amounts recognized in other comprehensive income (loss) during the three and nine months ended September 30, 2021 and 2020. The following table summarizes the amount and location of gains and losses recognized in the Condensed Consolidated Statements of Operations for those derivative instruments not designated as hedging instruments under ASC 815:
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Fair Value (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The estimated carrying value of our financial assets and liabilities that are recognized at fair value on a recurring basis, using available market information and other observable data, are as follows:
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Fair Value, Financial Instruments not Carried at Fair Value [Table Text Block] | We estimated the fair value of the amounts outstanding on our debt using available market information and other observable data, to be as follows:
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Employee Benefit Plans (Tables) |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit (Credits) Costs [Table Text Block] | The components of net periodic benefit cost (credit) are as follows:
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Product Warranties (Tables) |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | The following table provides a reconciliation of changes in the product warranty liability:
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income Tax Expense (Benefit) and Income Tax Rate | Our income tax benefit and effective income tax rate for the three and nine months ended September 30, 2021 and 2020 are as follows:
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Earnings Per Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of our basic and diluted EPS available to shareholders of common stock (excluding participating securities):
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Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassification adjustments and other activity impacting accumulated other comprehensive income (loss) during the three months ended September 30, 2021 and September 30, 2020 are as follows (in millions):
Reclassification adjustments and other activity impacting accumulated other comprehensive income (loss) during the nine months ended September 30, 2021 and September 30, 2020 are as follows (in millions):
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Disaggregation of Revenue (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | Net sales recognized from contracts with customers, disaggregated by segment and geographical location, are presented in the following table for the three and nine months ended September 30, 2021 and 2020. Net sales are attributed to regions based on the location of production. Intersegment sales have been excluded from the table. In the first quarter of 2021, we reorganized our segments and moved certain of our Driveline facilities to our Metal Forming segment. The amounts previously reported in the tables below for the three and nine months ended September 30, 2020 have been retrospectively recast to reflect this change.
Contract Assets and Liabilities The following table summarizes our beginning and ending balances for accounts receivable and contract liabilities associated with our contracts with customers:
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Segment Reporting (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables represent information by reportable segment for the three months ended September 30, 2021 and 2020 (in millions):
The following tables represent information by reportable segment for the nine months ended September 30, 2021 and 2020 (in millions):
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Reconciliation of Total Segment Adjusted EBITDA to Income Before Income Taxes [Table Text Block] | The following table represents a reconciliation of Total Segment Adjusted EBITDA to consolidated income (loss) before income taxes for the three and nine months ended September 30, 2021 and 2020 (in millions):
|
Organization and Basis of Presentation (Details) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended |
---|---|---|---|
Mar. 31, 2021
USD ($)
|
Sep. 30, 2021
USD ($)
Employees
Facilities
Countries
|
Dec. 31, 2020
USD ($)
|
|
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Entity Number of Employees | Employees | 20,000 | ||
Number of Facilities | Facilities | 80 | ||
Number of Countries in which Entity Operates | Countries | 17 | ||
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | $ 49.0 | ||
Lessee, Finance Lease, Not Yet Commenced, Right-of-Use Asset, before Accumulated Amortization | $ 40.0 | ||
Deferred payments of social security tax | 15.2 | ||
CARES Act [Member] | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Refundable payroll tax credit | 6.3 | ||
CARES Act [Member] | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Proceeds from Income Tax Refunds | 6.0 | ||
Loss carryback related to the CARES Act | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Other Tax Expense (Benefit) | (5.2) | $ (14.4) | |
GERMANY | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Finance Lease, Liability | $ 49.0 | ||
UNITED STATES | |||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Lessee, Finance Lease, Not Yet Commenced, Lease Liability | $ 40.0 |
Restructuring and Acquisition-Related Costs (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve | $ 11.5 | $ 12.2 |
Charges | 35.9 | 31.8 |
Cash utilization | (43.6) | (30.9) |
Restructuring reserve | 3.8 | 13.1 |
Employee Severance [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve | 1.7 | 4.8 |
Charges | 2.7 | 19.9 |
Cash utilization | (3.9) | (19.9) |
Restructuring reserve | 0.5 | 4.8 |
Other Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve | 9.8 | 7.4 |
Charges | 33.2 | 11.9 |
Cash utilization | (39.7) | (11.0) |
Restructuring reserve | $ 3.3 | $ 8.3 |
Restructuring Reserve Narrative (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2021 |
|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 35.9 | $ 31.8 | |
Minimum [Member] | Forecast [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | $ 45.0 | ||
Maximum [Member] | Forecast [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | $ 55.0 | ||
Driveline [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 3.9 | 14.4 | |
Metal Forming [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 3.1 | 13.1 | |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 2.7 | 19.9 | |
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 33.2 | $ 11.9 |
Business Combinations, Separately Recognized Transactions Table (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Restructuring and Related Activities [Abstract] | ||||
Business Combination, Acquisition Related Costs | $ 0.3 | $ 0.0 | ||
Integration expenses | 4.6 | 6.8 | ||
Total acquisition and integration charges | 4.9 | 6.8 | ||
Restructuring and acquisition-related costs | $ 7.4 | $ 9.7 | $ 40.8 | $ 38.6 |
Inventories (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory [Line Items] | ||
Raw materials and work-in-progress | $ 352.9 | $ 276.2 |
Finished goods | 87.5 | 70.4 |
Gross inventories | 440.4 | 346.6 |
Inventory valuation reserves | (22.5) | (23.4) |
Inventories, net | $ 417.9 | $ 323.2 |
Goodwill Rollforward (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Goodwill [Roll Forward] | |
Goodwill | $ 185.7 |
Foreign currency translation | (1.6) |
Goodwill | $ 184.1 |
Goodwill Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Sep. 30, 2021 |
|
Goodwill [Line Items] | ||
Goodwill impairment charge | $ 510.0 | |
Goodwill, Impaired, Facts and Circumstances Leading to Impairment | These impairment charges were primarily the result of a decline in the projected cash flows of these reporting units under our revised long-range plan completed in the first quarter of 2020. The revision to our long-range plan was driven by lower forecasted sales volumes in the internal and external data sources used to form our projections primarily due to the reduction in global automotive production volumes caused by the impact of COVID-19. The impairment charges were also the result of changes in certain market-related inputs to the analysis to reflect macro-economic changes caused by the impact of COVID-19, including increased discount rates and lower pricing multiples for comparable public companies. | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 1,435.5 | |
Driveline [Member] | ||
Goodwill [Line Items] | ||
Goodwill impairment charge | $ 210.8 | |
Metal Forming [Member] | ||
Goodwill [Line Items] | ||
Goodwill impairment charge | $ 299.2 |
Intangible Assets Table (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | $ 1,114.4 | $ 1,114.4 | $ 1,113.5 | ||
Accumulated Amortization | (396.7) | (396.7) | (332.8) | ||
Net Carrying Amount | 717.7 | 717.7 | 780.7 | ||
Amortization of intangible assets | 21.4 | $ 21.6 | 64.3 | $ 65.0 | |
Minimum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Amortization Expense, Current Fiscal Year | 80.0 | 80.0 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 80.0 | 80.0 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 80.0 | 80.0 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 80.0 | 80.0 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 80.0 | 80.0 | |||
Maximum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Amortization Expense, Current Fiscal Year | 85.0 | 85.0 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 85.0 | 85.0 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 85.0 | 85.0 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 85.0 | 85.0 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 85.0 | 85.0 | |||
Computer Software, Intangible Asset [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 48.9 | 48.9 | 47.6 | ||
Accumulated Amortization | (38.2) | (38.2) | (33.9) | ||
Net Carrying Amount | 10.7 | 10.7 | 13.7 | ||
Customer Platforms - Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 856.2 | 856.2 | 856.2 | ||
Accumulated Amortization | (285.4) | (285.4) | (237.9) | ||
Net Carrying Amount | 570.8 | 570.8 | 618.3 | ||
Customer Relationships - Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 53.0 | 53.0 | 53.0 | ||
Accumulated Amortization | (15.4) | (15.4) | (12.8) | ||
Net Carrying Amount | 37.6 | 37.6 | 40.2 | ||
Technology-Based Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 156.3 | 156.3 | 156.7 | ||
Accumulated Amortization | (57.7) | (57.7) | (48.2) | ||
Net Carrying Amount | $ 98.6 | $ 98.6 | $ 108.5 |
Schedule of Long-Term Debt (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
Jul. 29, 2019 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Foreign credit facilities and other | $ 102.2 | $ 88.8 | |
Total debt | 3,154.0 | 3,500.6 | |
Current portion of long-term debt | 14.6 | 13.7 | |
Long-term debt | 3,139.4 | 3,486.9 | |
Long-term debt, net | 3,104.1 | 3,441.3 | |
Total Debt Instruments excluding Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Issuance Costs | 35.3 | 45.6 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Amount Outstanding | 0.0 | 0.0 | |
Secured Debt [Member] | Term Loan A Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 301.8 | 323.0 | $ 340.0 |
Secured Debt [Member] | Term Loan B due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 850.0 | 1,088.8 | $ 1,550.0 |
Unsecured Debt [Member] | 6.875% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 400.0 | 400.0 | |
Unsecured Debt [Member] | 6.50% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 500.0 | 500.0 | |
Unsecured Debt [Member] | 6.25% Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 400.0 | 400.0 | |
Unsecured Debt [Member] | 6.25% Notes due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 0.0 | 700.0 | |
Unsecured Debt [Member] | 5.00% Notes due 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 600.0 | $ 0.0 |
Senior Secured Credit Facilities Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
Jul. 29, 2019 |
|
Debt Instrument [Line Items] | |||||||
Payments of Debt Issuance Costs | $ 9.2 | $ 11.0 | |||||
Repayments of Long-term Debt | 999.9 | 482.2 | |||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 925.0 | ||||||
Second Amendment to the Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Payments of Debt Issuance Costs | $ 4.6 | ||||||
Secured Debt [Member] | Term Loan A Due 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 301.8 | 301.8 | $ 323.0 | 340.0 | |||
Repayments of Long-term Debt | 12.7 | $ 4.2 | $ 4.3 | ||||
Write off of Deferred Debt Issuance Cost | 0.1 | ||||||
Secured Debt [Member] | Term Loan B due 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | 850.0 | 850.0 | 1,088.8 | $ 1,550.0 | |||
Repayments of Long-term Debt | 138.8 | 100.0 | |||||
Secured Debt [Member] | Term Loan A & Term Loan B | |||||||
Debt Instrument [Line Items] | |||||||
Write off of Deferred Debt Issuance Cost | $ 1.3 | $ 1.1 | |||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 895.2 | 895.2 | |||||
Line of Credit Facility, Standby Letters of Credit Issued Against the Facility | 29.8 | 29.8 | |||||
Unsecured Debt [Member] | 6.25% Notes due 2025 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 0.0 | $ 0.0 | $ 700.0 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | 6.25% | ||||
Write off of Deferred Debt Issuance Cost | $ 1.4 | $ 8.2 |
Other Debt Disclosures Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 20, 2021 |
Jul. 14, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Debt Instrument [Line Items] | ||||||||||
Proceeds from issuance of long-term debt | $ 622.7 | $ 408.9 | ||||||||
Payments of Debt Issuance Costs | $ 9.2 | 11.0 | ||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.60% | 5.60% | 5.80% | |||||||
Second Amendment to the Credit Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments of Debt Issuance Costs | 4.6 | |||||||||
Unsecured Debt [Member] | 6.25% Notes due 2025 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | 6.25% | |||||||
Debt Instrument, Repurchase Amount | $ 600.0 | $ 100.0 | ||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 1.8 | $ 17.6 | ||||||||
Write off of Deferred Debt Issuance Cost | 1.4 | 8.2 | ||||||||
Redemption Premium | 3.1 | 18.8 | ||||||||
Long-term Debt | $ 0.0 | $ 0.0 | $ 700.0 | |||||||
Unsecured Debt [Member] | 5.00% Notes due 2029 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ||||||||
Long-term Debt | $ 600.0 | $ 600.0 | 0.0 | |||||||
Proceeds from issuance of long-term debt | 600.0 | |||||||||
Payments of Debt Issuance Costs | 9.2 | |||||||||
Unsecured Debt [Member] | 6.875% Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | |||||||||
Long-term Debt | 400.0 | 400.0 | $ 400.0 | |||||||
Proceeds from issuance of long-term debt | $ 400.0 | |||||||||
Payments of Debt Issuance Costs | $ 6.4 | |||||||||
Unsecured Debt [Member] | 6.625% Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | 6.625% | 6.625% | 6.625% | ||||||
Debt Instrument, Repurchase Amount | $ 350.0 | $ 100.0 | $ 350.0 | $ 350.0 | ||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 5.7 | 2.0 | ||||||||
Write off of Deferred Debt Issuance Cost | 1.3 | 0.4 | ||||||||
Redemption Premium | $ 3.9 | $ 1.1 | ||||||||
Foreign Credit Facilities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Line of Credit | 102.2 | 102.2 | $ 88.8 | |||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 62.3 | $ 62.3 |
Derivatives Narrative (Details) € in Millions, $ in Millions |
Sep. 30, 2021
USD ($)
|
Sep. 30, 2021
EUR (€)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2020
EUR (€)
|
Mar. 09, 2020
USD ($)
|
---|---|---|---|---|---|
Foreign Currency Forward & Foreign Currency Option Contracts [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | $ 167.3 | $ 178.2 | |||
Currency Swap [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | 231.5 | € 200.0 | $ 244.2 | € 200.0 | |
Fair value asset at date of dedesignation | $ 9.8 | ||||
Interest Rate Swap [Member] | Debt [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Amount of Hedged Item, Through May 2022 | 750.0 | ||||
Derivative, Amount of Hedged Item, Through May 2023 | 600.0 | ||||
Derivative, Amount of Hedged Item, Through May 2024 | $ 500.0 |
Schedule of Derivatives (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2022 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Cost of goods sold | $ 1,047.5 | $ 1,164.3 | $ 3,338.8 | $ 2,926.7 | |
Other income (expense), net | (3.1) | (1.6) | (1.3) | (3.8) | |
Interest expense | (49.7) | (53.9) | $ (150.7) | (160.0) | |
Foreign Exchange Forward [Member] | Cost of Sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Description of Location of Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments in Financial Statements | Cost of Goods Sold | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0.0 | 0.9 | $ 0.0 | (6.7) | |
Foreign Exchange Forward [Member] | Cost of Sales [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Income Statement Location Gain (Loss) Reclassified from Accumulated OCI | Cost of Goods Sold | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1.1 | (1.3) | $ 5.2 | (2.3) | |
Foreign Exchange Forward [Member] | Cost of Sales [Member] | Cash Flow Hedging [Member] | Forecast [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Cash flow hedge gain (loss) to be reclassified within twelve months | $ 1.1 | ||||
Foreign Exchange Forward [Member] | Nonoperating Income (Expense) [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Description of Location of Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments in Financial Statements | Other Income (Expense), net | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (0.5) | 0.0 | $ (0.1) | (0.5) | |
Currency Swap [Member] | Nonoperating Income (Expense) [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Income Statement Location Gain (Loss) Reclassified from Accumulated OCI | Other Income (Expense), net | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 6.0 | (9.3) | $ 14.0 | (9.3) | |
Currency Swap [Member] | Nonoperating Income (Expense) [Member] | Cash Flow Hedging [Member] | Forecast [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Cash flow hedge gain (loss) to be reclassified within twelve months | 1.7 | ||||
Interest Rate Swap [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Income Statement Location Gain (Loss) Reclassified from Accumulated OCI | Interest Expense | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (3.5) | $ (4.1) | $ (11.4) | $ (10.1) | |
Interest Rate Swap [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | Forecast [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Cash flow hedge gain (loss) to be reclassified within twelve months | $ (12.5) |
Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ / shares in Units, $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
REE Automotive Ltd. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI | $ 22.4 | |
Share Price | $ 4.54 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | $ 238.3 | $ 206.7 |
Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 1 [Member] | REE Automotive Ltd. | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI | 22.4 | 0.0 |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Prepaid expenses and other [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Carrying and Fair Value Disclosure | 2.0 | 5.8 |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Carrying and Fair Value Disclosure | 1.2 | 3.3 |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Accrued expenses and other [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contracts, Liability, Carrying and Fair Value Disclosure | 0.9 | 0.1 |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Postretirement benefits and other long-term liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contracts, Liability, Carrying and Fair Value Disclosure | 0.9 | 0.1 |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Prepaid expenses and other [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Carrying and Fair Value Disclosure | 0.0 | 0.2 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Prepaid expenses and other [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Assets, at Carrying and Fair Value | 3.4 | 4.9 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Assets, at Carrying and Fair Value | 4.3 | 8.6 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Accrued expenses and other [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Liabilities, at Carrying and Fair Value | 13.4 | 17.8 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Postretirement benefits and other long-term liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivative Liabilities, at Carrying and Fair Value | 18.8 | 32.1 |
Currency Swap [Member] | Designated as Hedging Instrument [Member] | Postretirement benefits and other long-term liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contracts, Liability, Carrying and Fair Value Disclosure | $ 7.1 | $ 20.6 |
Fair Value of Debt (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Revolving Credit Facility [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Line of Credit Facility, Amount Outstanding | $ 0.0 | $ 0.0 |
Revolving Credit Facility [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Line of Credit Facility, Amount Outstanding | 0.0 | 0.0 |
Term Loan A Due 2024 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 301.8 | 323.0 |
Term Loan A Due 2024 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 298.7 | 318.6 |
Term Loan B due 2024 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 850.0 | 1,088.8 |
Term Loan B due 2024 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 847.9 | 1,071.1 |
6.875% Notes [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 400.0 | 400.0 |
6.875% Notes [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 424.0 | 426.0 |
6.50% Notes [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 500.0 | 500.0 |
6.50% Notes [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 520.0 | 523.8 |
6.25% Notes Due 2026 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 400.0 | 400.0 |
6.25% Notes Due 2026 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 412.0 | 411.0 |
6.25% Notes due 2025 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 0.0 | 700.0 |
6.25% Notes due 2025 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 0.0 | 724.3 |
5.00% Notes due 2029 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 600.0 | 0.0 |
5.00% Notes due 2029 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | $ 583.5 | $ 0.0 |
Schedule of Employee Benefit Plans Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 0.5 | $ 0.5 | $ 1.5 | $ 1.5 |
Interest cost | 4.4 | 5.4 | 13.0 | 16.2 |
Expected asset return | (9.7) | (9.6) | (29.1) | (28.9) |
Amortized loss | 2.7 | 2.1 | 8.1 | 6.4 |
Net periodic benefit credit | (2.1) | (1.6) | (6.5) | (4.8) |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 0.0 | 0.1 | 0.2 | 0.3 |
Interest cost | 2.1 | 2.6 | 6.3 | 7.7 |
Amortized loss | 0.4 | 0.3 | 1.2 | 0.8 |
Amortized prior service credit | (0.3) | (0.4) | (1.1) | (1.2) |
Net periodic benefit cost | $ 2.2 | $ 2.6 | $ 6.6 | $ 7.6 |
Employee Benefit Plans and Other Postretirement Benefit Plans Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Liability, Defined Benefit Pension Plan, Noncurrent | $ 125.0 | $ 141.2 |
Liability, Other Postretirement Defined Benefit Plan, Noncurrent | 549.8 | $ 556.7 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 1.0 | |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 17.0 |
Product Warranties (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Product Warranty Rollforward | ||||
Beginning balance | $ 64.3 | $ 63.9 | $ 66.7 | $ 62.0 |
Accruals | 5.7 | 4.4 | 14.1 | 9.2 |
Payments | (11.7) | (3.8) | (14.3) | (5.8) |
Adjustment to prior period accruals | (0.4) | (0.1) | (8.4) | (0.6) |
Foreign currency translation | (0.3) | 0.2 | (0.5) | (0.2) |
Ending balance | $ 57.6 | $ 64.6 | $ 57.6 | $ 64.6 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Income tax benefit | $ (13.6) | $ (22.5) | $ (2.4) | $ (63.1) | |
Effective income tax rate, continuing operations | 85.00% | (23.80%) | (4.80%) | 9.60% | |
Unrecognized tax benefit liability, including penalties and accrued interest | $ 22.3 | $ 22.3 | $ 22.2 | ||
UNITED STATES | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (36.0) | ||||
CARES Act [Member] | |||||
Other Tax Expense (Benefit) | $ (5.2) | $ (7.0) | $ (7.5) | ||
Settlement with Taxing Authority [Member] | |||||
Other Tax Expense (Benefit) | $ (6.8) |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Numerator | ||||
Net income (loss) attributable to AAM | $ (2.4) | $ 117.2 | $ 52.2 | $ (597.3) |
Less: Net income attributable to participating securities | 0.0 | (5.1) | (2.0) | 0.0 |
Net income (loss) attributable to common shareholders - Basic and Dilutive | $ (2.4) | $ 112.1 | $ 50.2 | $ (597.3) |
Denominators | ||||
Basic - Weighted-average shares outstanding | 118.5 | 118.4 | 118.5 | 117.7 |
Basic - Less: Participating securities | (4.4) | (5.1) | (4.6) | (4.7) |
Basic - Weighted-average common shares outstanding | 114.1 | 113.3 | 113.9 | 113.0 |
Effect of dilutive securities - dilutive stock-based compensation | 0.0 | 0.0 | 0.2 | 0.0 |
Diluted - Adjusted weighted-average shares after assumed conversions | 114.1 | 113.3 | 114.1 | 113.0 |
Basic EPS | $ (0.02) | $ 0.99 | $ 0.44 | $ (5.28) |
Diluted EPS | $ (0.02) | $ 0.99 | $ 0.44 | $ (5.28) |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||||
Defined benefit plans, net current period other comprehensive income (loss) | [1] | $ 2.2 | $ 1.7 | $ 6.5 | $ 5.0 | |||||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (9.6) | 14.0 | (8.4) | (30.0) | ||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | [2] | (1.8) | 6.7 | 3.0 | (19.3) | |||||||||||||||
Other comprehensive income (loss) | (9.2) | 22.4 | 1.1 | (44.3) | ||||||||||||||||
Cost of Sales [Member] | ||||||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (1.1) | 1.3 | (5.2) | 2.3 | ||||||||||||||||
Interest Expense [Member] | ||||||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 3.5 | 4.1 | 11.4 | 10.1 | ||||||||||||||||
Other Income [Member] | ||||||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (6.0) | 9.3 | (14.0) | 9.3 | ||||||||||||||||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax - Beginning balance | (306.7) | (256.6) | (311.0) | (259.9) | ||||||||||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||
Income tax effect of other comprehensive income (loss) before reclassifications | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||
Defined benefit plans, amounts reclassified from accumulated other comprehensive income (loss) | 2.8 | [3] | 2.1 | [3] | 8.2 | [4] | 6.2 | [4] | ||||||||||||
Income taxes reclassified into net income | (0.6) | (0.4) | (1.7) | (1.2) | ||||||||||||||||
Defined benefit plans, net current period other comprehensive income (loss) | 2.2 | 1.7 | 6.5 | 5.0 | ||||||||||||||||
Accumulated other comprehensive income (loss), net of tax - Ending balance | (304.5) | (254.9) | (304.5) | (254.9) | ||||||||||||||||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax - Beginning balance | (99.9) | (144.9) | (101.1) | (101.2) | ||||||||||||||||
Foreign currency translation adjustments, other comprehensive income (loss) arising during period | (9.6) | 14.0 | (8.9) | (29.7) | ||||||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||
Foreign currency translation adjustments, amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | 0.0 | 0.5 | 0.0 | ||||||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (9.6) | 14.0 | (8.4) | (29.7) | ||||||||||||||||
Accumulated other comprehensive income (loss), net of tax - Ending balance | (109.5) | (130.9) | (109.5) | (130.9) | ||||||||||||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax - Beginning balance | (15.3) | (41.7) | (20.1) | (15.7) | ||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 2.5 | (7.8) | 13.5 | (42.6) | ||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (1.2) | 2.6 | (3.3) | 5.7 | ||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (3.6) | [5] | 14.7 | [5] | (7.8) | [6] | 21.7 | [6] | ||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 0.5 | (2.8) | 0.6 | (4.1) | ||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (1.8) | 6.7 | 3.0 | (19.3) | ||||||||||||||||
Accumulated other comprehensive income (loss), net of tax - Ending balance | (17.1) | (35.0) | (17.1) | (35.0) | ||||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax - Beginning balance | (421.9) | (443.2) | (432.2) | (376.8) | ||||||||||||||||
Other comprehensive income (loss) arising during period, total | (7.1) | 6.2 | 4.6 | (72.3) | ||||||||||||||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | (1.2) | 2.6 | (3.3) | 5.7 | ||||||||||||||||
Other comprehensive income (loss), reclassification before tax | (0.8) | 16.8 | 0.9 | 27.9 | ||||||||||||||||
Reclassification from AOCI, Current Period, Tax | (0.1) | (3.2) | (1.1) | (5.3) | ||||||||||||||||
Other comprehensive income (loss) | (9.2) | 22.4 | 1.1 | (44.0) | ||||||||||||||||
Accumulated other comprehensive income (loss), net of tax - Ending balance | $ (431.1) | $ (420.8) | $ (431.1) | $ (420.8) | ||||||||||||||||
|
Revenue from Contracts with Customers Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 1,213.1 | $ 1,414.1 | $ 3,921.5 | $ 3,272.9 |
North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 927.3 | 1,122.9 | 3,019.8 | 2,519.9 |
Asia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 119.6 | 128.9 | 365.9 | 336.2 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 134.5 | 147.5 | 460.4 | 378.4 |
South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 31.7 | 14.8 | 75.4 | 38.4 |
Driveline [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 869.6 | 1,024.6 | 2,829.5 | 2,346.2 |
Driveline [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 647.4 | 801.5 | 2,143.2 | 1,766.3 |
Driveline [Member] | Asia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 107.8 | 116.7 | 329.9 | 307.9 |
Driveline [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 84.9 | 94.1 | 288.7 | 239.3 |
Driveline [Member] | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 29.5 | 12.3 | 67.7 | 32.7 |
Metal Forming [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 343.5 | 389.5 | 1,092.0 | 926.7 |
Metal Forming [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 279.9 | 321.4 | 876.6 | 753.6 |
Metal Forming [Member] | Asia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 11.8 | 12.2 | 36.0 | 28.3 |
Metal Forming [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 49.6 | 53.4 | 171.7 | 139.1 |
Metal Forming [Member] | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 2.2 | $ 2.5 | $ 7.7 | $ 5.7 |
Revenue from Contracts with Customers Contract Assets and Liabilities (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Accounts receivable, net | $ 739.6 | $ 793.2 |
Deferred revenue, current | 25.7 | 23.4 |
Deferred revenue, noncurrent | 88.2 | $ 91.0 |
Increase (decrease) in accounts receivable | (53.6) | |
Contract liability, current, increase (decrease) | 2.3 | |
Contract liability, noncurrent, increase (decrease) | (2.8) | |
Contract with customer, liability, revenue recognized | $ 17.3 |
Acquisitions and Dispositions (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
May 17, 2021 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Asset Acquisition [Line Items] | |||||
Proceeds from Divestiture of Businesses | $ 2.6 | ||||
Loss on sale of business | $ 0.0 | $ 0.0 | $ 2.7 | $ 1.0 | |
Emporium, Pennsylvannia | |||||
Asset Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 14.9 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 5.9 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | 9.0 | ||||
Business Combination, Consideration Transferred | 14.9 | ||||
Business Combination, Consideration Transferred, Cash Paid | 4.9 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | 10.0 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred, Annual Amount | $ 2.5 |
Manufacturing Facility Fire and Insurance Recovery (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
|
Insurance Recoveries [Abstract] | ||||
Insurance Deductible Expense | $ 1.0 | |||
Business interruption charges | 13.7 | $ 50.3 | ||
Insurance Recoveries Estimated | 24.8 | 79.1 | ||
Proceeds from Insurance Settlement, Operating and Investing Activities | $ 11.1 | 51.1 | 62.2 | |
Proceeds from Insurance Settlement, Operating Activities | 28.0 | |||
Proceeds from Insurance Settlement, Investing Activities | 23.1 | $ 0.0 | ||
Gain (Loss) Related to Insurance Settlement | 11.1 | |||
Loss Contingency, Receivable | $ 16.9 | 16.9 | ||
Tangible Asset Impairment Charges | $ 27.0 |
Sales and Segment Adjusted EBITDA (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Segment Reporting Information [Line Items] | ||||
Sales | $ 1,293.1 | $ 1,522.4 | $ 4,184.0 | $ 3,494.4 |
Less: intersegment sales | 80.0 | 108.3 | 262.5 | 221.5 |
Net external sales | 1,213.1 | 1,414.1 | 3,921.5 | 3,272.9 |
Segment Adjusted EBITDA | 183.2 | 297.1 | 668.7 | 458.3 |
Driveline [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 870.4 | 1,025.0 | 2,831.9 | 2,346.7 |
Less: intersegment sales | 0.8 | 0.4 | 2.4 | 0.5 |
Net external sales | 869.6 | 1,024.6 | 2,829.5 | 2,346.2 |
Segment Adjusted EBITDA | 128.4 | 199.5 | 450.2 | 309.0 |
Metal Forming [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 422.7 | 497.4 | 1,352.1 | 1,147.7 |
Less: intersegment sales | 79.2 | 107.9 | 260.1 | 221.0 |
Net external sales | 343.5 | 389.5 | 1,092.0 | 926.7 |
Segment Adjusted EBITDA | $ 54.8 | $ 97.6 | $ 218.5 | $ 149.3 |
Reconciliation of Total Segment Adjusted EBITDA to Income Before Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Segment Reporting Information [Line Items] | ||||
Total segment adjusted EBITDA | $ 183.2 | $ 297.1 | $ 668.7 | $ 458.3 |
Interest expense | (49.7) | (53.9) | (150.7) | (160.0) |
Depreciation and amortization | (135.6) | (125.0) | (421.2) | (393.7) |
Restructuring and acquisition-related costs | (7.4) | (9.7) | (40.8) | (38.6) |
Loss on sale of business | 0.0 | 0.0 | (2.7) | (1.0) |
Unrealized gain on equity securities | 19.4 | 0.0 | 19.4 | 0.0 |
Debt refinancing and redemption costs | (31.6) | (5.2) | (34.0) | (6.7) |
Impairment charges | 0.0 | 0.0 | 0.0 | (510.0) |
Malvern Fire charges, net of recoveries | 5.7 | (8.6) | 11.1 | (8.6) |
Income (loss) before income taxes | $ (16.0) | $ 94.7 | $ 49.8 | $ (660.3) |
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