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, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||
Restructuring and acquisition-related costs | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Debt refinancing and redemption costs | ( | ( | ( | ( | |||||||||||||||||||
Gain on bargain purchase of business | |||||||||||||||||||||||
Unrealized loss on equity securities | ( | ( | ( | ( | |||||||||||||||||||
Other income (expense), net | ( | ( | |||||||||||||||||||||
Income (loss) before income taxes | ( | ( | |||||||||||||||||||||
Income tax expense (benefit) | ( | ( | ( | ||||||||||||||||||||
Net income (loss) | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Basic earnings (loss) per share | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Diluted earnings (loss) per share | $ | ( | $ | $ | ( | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(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) | $ | ( | $ | $ | ( | $ | |||||||||||||||||
(a) | |||||
(b) |
September 30, 2023 | December 31, 2022 | |||||||||||||
(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 income (loss) | ||||||||||||||
Defined benefit plans, net of tax | ( | ( | ||||||||||||
Foreign currency translation adjustments | ( | ( | ||||||||||||
Unrecognized gain on cash flow hedges, net of tax | ||||||||||||||
Total stockholders' equity | ||||||||||||||
Total liabilities and stockholders' equity | $ | $ |
Nine Months Ended | ||||||||||||||
September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
Operating activities | ||||||||||||||
Net income (loss) | $ | ( | $ | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Deferred income taxes | ( | ( | ||||||||||||
Stock-based compensation | ||||||||||||||
Pensions and other postretirement benefits, net of contributions | ( | ( | ||||||||||||
Loss (gain) on disposal of property, plant and equipment, net | ( | |||||||||||||
Unrealized loss on equity securities | ||||||||||||||
Gain on bargain purchase of business | ( | |||||||||||||
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 | ||||||||||||||
Acquisition of business, net of cash acquired | ( | ( | ||||||||||||
Proceeds from insurance claim (Note 15) | ||||||||||||||
Other investing activities | ( | ( | ||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Financing activities | ||||||||||||||
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, net | $ | $ |
Common Stock | Accumulated | |||||||||||||||||||
Shares | Par | Paid-in | Retained Earnings | Treasury | Other Comprehensive | |||||||||||||||
Outstanding | Value | Capital | (Accumulated Deficit) | Stock | Income (Loss) | |||||||||||||||
(in millions) | ||||||||||||||||||||
Balance at January 1, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||
Net income | — | — | — | — | — | |||||||||||||||
Vesting of stock-based compensation | — | — | — | — | ||||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||
Purchase of treasury stock | ( | — | — | — | ( | — | ||||||||||||||
Changes in cash flow hedges | — | — | — | — | — | |||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | |||||||||||||||
Defined benefit plans, net | — | — | — | — | — | |||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||
Net income | — | — | — | — | — | |||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||
Purchase of treasury stock | — | — | — | ( | — | |||||||||||||||
Changes in cash flow hedges | — | — | — | — | — | ( | ||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | ( | ||||||||||||||
Defined benefit plans, net | — | — | — | — | — | |||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||
Net income | — | — | — | — | — | |||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||
Changes in cash flow hedges | — | — | — | — | — | |||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | ( | ||||||||||||||
Defined benefit plans, net | — | — | — | — | — | |||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | ( | $ | ( | $ | ( |
Common Stock | Accumulated | |||||||||||||||||||
Shares | Par | Paid-in | Retained Earnings | Treasury | Other Comprehensive | |||||||||||||||
Outstanding | Value | Capital | (Accumulated Deficit) | Stock | Income (Loss) | |||||||||||||||
(in millions) | ||||||||||||||||||||
Balance at January 1, 2023 | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||
Net loss | — | — | — | ( | — | — | ||||||||||||||
Vesting of stock-based compensation | — | — | — | — | ||||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||
Purchase of treasury stock | ( | — | — | — | ( | — | ||||||||||||||
Changes in cash flow hedges | — | — | — | — | — | |||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | |||||||||||||||
Defined benefit plans, net | — | — | — | — | — | ( | ||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||
Net income | — | — | — | — | — | |||||||||||||||
Vesting of stock-based compensation | — | — | — | — | ||||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||
Purchase of treasury stock | — | — | — | ( | — | |||||||||||||||
Changes in cash flow hedges | — | — | — | — | — | |||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | ( | ||||||||||||||
Defined benefit plans, net | — | — | — | — | — | ( | ||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||
Net loss | — | — | — | ( | — | — | ||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||
Changes in cash flow hedges | — | — | — | — | — | |||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | ( | ||||||||||||||
Defined benefit plans, net | — | — | — | — | — | ( | ||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | ( | $ | ( | $ | ( |
Severance Charges | Implementation Costs | Total | |||||||||||||||
(in millions) | |||||||||||||||||
Accrual at December 31, 2021 | $ | $ | $ | ||||||||||||||
Charges | |||||||||||||||||
Cash utilization | ( | ( | ( | ||||||||||||||
Accrual at September 30, 2022 | $ | $ | $ | ||||||||||||||
Accrual at December 31, 2022 | $ | $ | $ | ||||||||||||||
Charges | |||||||||||||||||
Cash utilization | ( | ( | ( | ||||||||||||||
Accrual at September 30, 2023 | $ | $ | $ |
Acquisition-Related Costs | Integration Expenses | Total | |||||||||||||||
(in millions) | |||||||||||||||||
Charges for the nine months ended September 30, 2023 | $ | $ | $ | ||||||||||||||
Charges for the nine months ended September 30, 2022 |
September 30, 2023 | December 31, 2022 | |||||||||||||
(in millions) | ||||||||||||||
Raw materials and work-in-progress | $ | $ | ||||||||||||
Finished goods | ||||||||||||||
Gross inventories | ||||||||||||||
Inventory valuation reserves | ( | ( | ||||||||||||
Inventories, net | $ | $ |
Consolidated | |||||
(in millions) | |||||
Balance at December 31, 2022 | $ | ||||
Foreign currency translation | ( | ||||
Balance at September 30, 2023 | $ |
September 30, | December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
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, 2023 | December 31, 2022 | |||||||||||||
(in millions) | ||||||||||||||
Revolving Credit Facility | $ | $ | ||||||||||||
Term Loan A Facility | ||||||||||||||
Term Loan B Facility | ||||||||||||||
6.875% Notes due 2028 | ||||||||||||||
6.50% Notes due 2027 | ||||||||||||||
6.25% Notes due 2026 | ||||||||||||||
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 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 | 2023 | 2022 | 2023 | 2022 | 2023 | Next 12 Months | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Currency forward contracts | Cost of Goods Sold | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Fixed-to-fixed cross-currency swap | Other Income (Expense), net | |||||||||||||||||||||||||||||||||||||||||||
Variable-to-fixed interest rate swap | Interest Expense | ( |
Location | Gain Recognized During | Total of Financial | ||||||||||||||||||||||||||||||||||||
of Gain | Three Months Ended | Nine Months Ended | Statement | |||||||||||||||||||||||||||||||||||
Recognized in | September 30, | September 30, | Line Item | |||||||||||||||||||||||||||||||||||
Net Income | 2023 | 2022 | 2023 | 2022 | 2023 | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Currency forward contracts | Other Income (Expense), net | $ | $ | $ | $ | $ |
Fair Value | ||||||||||||||||||||
September 30, 2023 | December 31, 2022 | 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 - fixed-to-fixed cross-currency swap | Level 2 | |||||||||||||||||||
Nondesignated - currency forward contracts | 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 | |||||||||||||||||||
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Input | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Revolving Credit Facility | $ | $ | $ | $ | Level 2 | |||||||||||||||||||||||||||
Term Loan A Facility | Level 2 | |||||||||||||||||||||||||||||||
Term Loan B Facility | Level 2 | |||||||||||||||||||||||||||||||
6.875% Notes due 2028 | Level 2 | |||||||||||||||||||||||||||||||
6.50% Notes due 2027 | Level 2 | |||||||||||||||||||||||||||||||
6.25% Notes due 2026 | Level 2 | |||||||||||||||||||||||||||||||
5.00% Notes due 2029 | Level 2 |
Pension Benefits | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Expected asset return | ( | ( | ( | ( | ||||||||||||||||||||||
Amortized loss | ||||||||||||||||||||||||||
Net periodic benefit cost (credit) | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Other Postretirement Benefits | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Amortized loss (gain) | ( | ( | ||||||||||||||||||||||||
Amortized prior service credit | ( | ( | ( | ( | ||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(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, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Income tax expense (benefit) | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Effective income tax rate | % | ( | % | ( | % | ( | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||||
Net income (loss) | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
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: Weighted-average 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, 2023 | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||
Income tax effect of other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | (a) | ( | (b) | ( | ||||||||||||||||||
Income taxes reclassified into net loss | |||||||||||||||||||||||
Net change in accumulated other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||
Balance at September 30, 2023 | $ | ( | $ | ( | $ | $ | ( |
Defined Benefit Plans | Foreign Currency Translation Adjustments | Unrecognized Gain (Loss) on Cash Flow Hedges | Total | ||||||||||||||||||||
Balance at June 30, 2022 | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||||||||
Income tax effect of other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (a) | ( | (b) | ( | |||||||||||||||||||
Income taxes reclassified into net income | ( | ||||||||||||||||||||||
Net change in accumulated other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Balance at September 30, 2022 | $ | ( | $ | ( | $ | $ | ( |
(a) | |||||
(b) |
Defined Benefit Plans | Foreign Currency Translation Adjustments | Unrecognized Gain (Loss) on Cash Flow Hedges | Total | ||||||||||||||||||||
Balance at December 31, 2022 | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||||||||
Income tax effect of other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | (a) | ( | (b) | ( | ||||||||||||||||||
Income taxes reclassified into net loss | |||||||||||||||||||||||
Net change in accumulated other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Balance at September 30, 2023 | $ | ( | $ | ( | $ | $ | ( |
Defined Benefit Plans | Foreign Currency Translation Adjustments | Unrecognized Gain (Loss) on Cash Flow Hedges | Total | ||||||||||||||||||||
Balance at December 31, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||||||||
Income tax effect of other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (a) | ( | (b) | ( | |||||||||||||||||||
Income taxes reclassified into net income | ( | ||||||||||||||||||||||
Net change in accumulated other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Balance at September 30, 2022 | $ | ( | $ | ( | $ | $ | ( |
(a) | |||||
(b) |
Three Months Ended September 30, 2023 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Driveline | Metal Forming | Total | ||||||||||||||||||
North America | $ | $ | $ | |||||||||||||||||
Asia | ||||||||||||||||||||
Europe | ||||||||||||||||||||
South America | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||
Driveline | Metal Forming | Total | ||||||||||||||||||
North America | $ | $ | $ | |||||||||||||||||
Asia | ||||||||||||||||||||
Europe | ||||||||||||||||||||
South America | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Nine Months Ended September 30, 2023 | ||||||||||||||||||||
Driveline | Metal Forming | Total | ||||||||||||||||||
North America | $ | $ | $ | |||||||||||||||||
Asia | ||||||||||||||||||||
Europe | ||||||||||||||||||||
South America | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||
Driveline | Metal Forming | Total | ||||||||||||||||||
North America | $ | $ | $ | |||||||||||||||||
Asia | ||||||||||||||||||||
Europe | ||||||||||||||||||||
South America | ||||||||||||||||||||
Total | $ | $ | $ |
Accounts Receivable, Net | Contract Liabilities (Current) | Contract Liabilities (Long-term) | |||||||||
December 31, 2022 | $ | $ | $ | ||||||||
September 30, 2023 | |||||||||||
Increase/(decrease) | $ | $ | ( | $ | ( |
Total consideration transferred | $ | ||||
Cash and cash equivalents | $ | ||||
Accounts receivable | |||||
Inventories | |||||
Prepaid expenses and other long-term assets | |||||
Deferred income tax assets | |||||
Property, plant and equipment | |||||
Total assets acquired | $ | ||||
Accounts payable | |||||
Accrued expenses and other | |||||
Debt | |||||
Postretirement benefits and other long-term liabilities | |||||
Net assets acquired | $ | ||||
Gain on bargain purchase of business | $ | ||||
Three Months Ended September 30, 2023 | ||||||||||||||||||||
Driveline | Metal Forming | Total | ||||||||||||||||||
Sales | $ | $ | $ | |||||||||||||||||
Less: Intersegment sales | ||||||||||||||||||||
Net external sales | $ | $ | $ | |||||||||||||||||
Segment Adjusted EBITDA | $ | $ | $ | |||||||||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||
Driveline | Metal Forming | Total | ||||||||||||||||||
Sales | $ | $ | $ | |||||||||||||||||
Less: Intersegment sales | ||||||||||||||||||||
Net external sales | $ | $ | $ | |||||||||||||||||
Segment Adjusted EBITDA | $ | $ | $ | |||||||||||||||||
Nine Months Ended September 30, 2023 | ||||||||||||||||||||
Driveline | Metal Forming | Total | ||||||||||||||||||
Sales | $ | $ | $ | |||||||||||||||||
Less: Intersegment sales | ||||||||||||||||||||
Net external sales | $ | $ | $ | |||||||||||||||||
Segment Adjusted EBITDA | $ | $ | $ | |||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||
Driveline | Metal Forming | Total | ||||||||||||||||||
Sales | $ | $ | $ | |||||||||||||||||
Less: Intersegment sales | ||||||||||||||||||||
Net external sales | $ | $ | $ | |||||||||||||||||
Segment Adjusted EBITDA | $ | $ | $ | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Total segment adjusted EBITDA | $ | $ | $ | $ | |||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ( | |||||||||||||||||||
Restructuring and acquisition-related costs | ( | ( | ( | ( | |||||||||||||||||||
Unrealized loss on equity securities | ( | ( | ( | ( | |||||||||||||||||||
Debt refinancing and redemption costs | ( | ( | ( | ( | |||||||||||||||||||
Non-recurring items: | |||||||||||||||||||||||
Malvern Fire insurance recoveries, net | |||||||||||||||||||||||
Acquisition-related fair value inventory adjustment | ( | ||||||||||||||||||||||
Gain on bargain purchase of business | |||||||||||||||||||||||
Income (loss) before income taxes | $ | ( | $ | $ | ( | $ |
Three Months Ended September 30, | ||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | Change | Percent Change | ||||||||||||||||||||||
Net sales | $ | 1,551.9 | $ | 1,535.2 | $ | 16.7 | 1.1 | % | ||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | Change | Percent Change | ||||||||||||||||||||||
Cost of goods sold | $ | 1,421.3 | $ | 1,357.8 | $ | 63.5 | 4.7 | % | ||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | Change | Percent Change | ||||||||||||||||||||||
Gross profit | $ | 130.6 | $ | 177.4 | $ | (46.8) | (26.4) | % | ||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | Change | Percent Change | ||||||||||||||||||||||
Selling, general & administrative expenses | $ | 81.8 | $ | 85.7 | $ | (3.9) | (4.6) | % | ||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | Change | Percent Change | ||||||||||||||||||||||
Net sales | $ | 4,616.5 | $ | 4,409.7 | $ | 206.8 | 4.7 | % | ||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | Change | Percent Change | ||||||||||||||||||||||
Cost of goods sold | $ | 4,147.1 | $ | 3,872.0 | $ | 275.1 | 7.1 | % | ||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | Change | Percent Change | ||||||||||||||||||||||
Gross profit | $ | 469.4 | $ | 537.7 | $ | (68.3) | (12.7) | % | ||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | Change | Percent Change | ||||||||||||||||||||||
Selling, general & administrative expenses | $ | 271.2 | $ | 256.6 | $ | 14.6 | 5.7 | % | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Driveline | $ | 1,061.2 | $ | 1,043.2 | $ | 3,161.5 | $ | 3,113.3 | |||||||||||||||
Metal Forming | 624.8 | 634.1 | 1,878.1 | 1,716.9 | |||||||||||||||||||
Eliminations | (134.1) | (142.1) | (423.1) | (420.5) | |||||||||||||||||||
Net sales | $ | 1,551.9 | $ | 1,535.2 | $ | 4,616.5 | $ | 4,409.7 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Driveline | $ | 137.3 | $ | 137.0 | $ | 403.5 | $ | 392.2 | |||||||||||||||
Metal Forming | 19.5 | 61.4 | 120.3 | 197.4 | |||||||||||||||||||
Total segment adjusted EBITDA | $ | 156.8 | $ | 198.4 | $ | 523.8 | $ | 589.6 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income (loss) | $ | (17.4) | $ | 26.5 | $ | (14.5) | $ | 50.4 | ||||||||||||||||||
Interest expense | 50.8 | 44.8 | 151.5 | 132.2 | ||||||||||||||||||||||
Income tax expense (benefit) | (2.0) | (5.7) | 3.3 | (2.1) | ||||||||||||||||||||||
Depreciation and amortization | 120.4 | 124.8 | 365.8 | 367.1 | ||||||||||||||||||||||
EBITDA | $ | 151.8 | $ | 190.4 | $ | 506.1 | $ | 547.6 | ||||||||||||||||||
Restructuring and acquisition-related costs | 3.5 | 7.9 | 16.2 | 26.4 | ||||||||||||||||||||||
Debt refinancing and redemption costs | 0.3 | 0.2 | 0.3 | 6.0 | ||||||||||||||||||||||
Unrealized loss on equity securities | 1.2 | 2.3 | 1.2 | 24.0 | ||||||||||||||||||||||
Non-recurring items: | ||||||||||||||||||||||||||
Malvern Fire insurance recoveries, net | — | (1.0) | — | (6.4) | ||||||||||||||||||||||
Gain on bargain purchase of business | — | (1.4) | — | (13.0) | ||||||||||||||||||||||
Acquisition-related fair value inventory adjustment | — | — | — | 5.0 | ||||||||||||||||||||||
Total segment adjusted EBITDA | $ | 156.8 | $ | 198.4 | $ | 523.8 | $ | 589.6 |
Statement of Operations Information | (in millions) | ||||||||||
Nine Months Ended September 30, 2023 | Year Ended December 31, 2022 | ||||||||||
Net sales | $ | 3,336.3 | $ | 4,429.5 | |||||||
Gross profit | 243.0 | 445.2 | |||||||||
Income (loss) from operations | (77.6) | 25.1 | |||||||||
Net loss | (147.5) | (59.7) | |||||||||
Balance Sheet Information | (in millions) | ||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Current assets | $ | 1,132.5 | $ | 1,061.9 | |||||||
Noncurrent assets | 2,272.2 | 2,317.9 | |||||||||
Current liabilities | 1,524.2 | 1,360.4 | |||||||||
Noncurrent liabilities | 3,318.4 | 3,345.3 | |||||||||
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, 2023 | — | $ | — | — | $ | — | ||||||||||||||||||||
August 1 - August 31, 2023 | 1,306 | 7.53 | — | — | ||||||||||||||||||||||
September 1 - September 30, 2023 | — | — | — | — | ||||||||||||||||||||||
Total | 1,306 | $ | 7.53 | — | $ | — |
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 | |||||||
** 104 | Cover Page Interactive Data File (formatted in Inline XBRL contained in Exhibit 101) |
* | 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 | ||||
Metaldyne Performance Group, Inc. | 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 | ||||
MD Investors Corporation | Delaware | ||||
AAM Powder Metal Components, Inc. | Ohio | ||||
ASP Grede Intermediate Holdings LLC | Delaware | ||||
AAM Casting Corp. | Delaware | ||||
Tekfor, Inc. | Delaware |
/s/ David C. Dauch | /s/ Christopher J. May | |||||||||||||
David C. Dauch | Christopher J. May | |||||||||||||
Chairman of the Board & | Executive Vice President & | |||||||||||||
Chief Executive Officer | Chief Financial Officer | |||||||||||||
November 3, 2023 | November 3, 2023 |
Condensed Consolidated Statements of Operations - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Net sales | $ 1,551.9 | $ 1,535.2 | $ 4,616.5 | $ 4,409.7 |
Cost of goods sold | 1,421.3 | 1,357.8 | 4,147.1 | 3,872.0 |
Gross profit | 130.6 | 177.4 | 469.4 | 537.7 |
Selling, general and administrative expenses | 81.8 | 85.7 | 271.2 | 256.6 |
Amortization of intangible assets | 21.4 | 21.5 | 64.2 | 64.4 |
Restructuring and acquisition-related costs | 3.5 | 7.9 | 16.2 | 26.4 |
Operating income | 23.9 | 62.3 | 117.8 | 190.3 |
Interest expense | (50.8) | (44.8) | (151.5) | (132.2) |
Interest income | 7.1 | 5.4 | 18.9 | 11.6 |
Debt refinancing and redemption costs | (0.3) | (0.2) | (0.3) | (6.0) |
Gain on bargain purchase of business | 0.0 | 1.4 | 0.0 | 13.0 |
Unrealized loss on equity securities | (1.2) | (2.3) | (1.2) | (24.0) |
Other income (expense), net | 1.9 | (1.0) | 5.1 | (4.4) |
Income (loss) before income taxes | (19.4) | 20.8 | (11.2) | 48.3 |
Income tax expense (benefit) | (2.0) | (5.7) | 3.3 | (2.1) |
Net income (loss) | $ (17.4) | $ 26.5 | $ (14.5) | $ 50.4 |
Basic earnings (loss) per share | $ (0.15) | $ 0.22 | $ (0.12) | $ 0.42 |
Diluted earnings (loss) per share | $ (0.15) | $ 0.22 | $ (0.12) | $ 0.42 |
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||
Net income (loss) | $ (17.4) | $ 26.5 | $ (14.5) | $ 50.4 | ||||
Other comprehensive income (loss) | ||||||||
Defined benefit plans, net of tax | [1] | (1.1) | 1.5 | (2.5) | 4.1 | |||
Foreign currency translation adjustments | (16.1) | (34.4) | (12.0) | (70.7) | ||||
Changes in cash flow hedges, net of tax | [2] | 0.0 | 19.1 | 19.8 | 33.1 | |||
Other comprehensive income (loss) | (17.2) | (13.8) | 5.3 | (33.5) | ||||
Comprehensive income (loss) | $ (34.6) | $ 12.7 | $ (9.2) | $ 16.9 | ||||
|
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Other comprehensive income (loss), pension and other postretirement benefit plans, tax | $ 0.2 | $ (0.4) | $ 1.1 | $ (1.4) |
Other comprehensive income (loss), derivatives qualifying as hedges, tax | $ (1.6) | $ (4.9) | $ (3.3) | $ (7.6) |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150.0 | 150.0 |
Common stock, shares, issued | 127.4 | 123.3 |
Treasury Stock, Common, Shares | 10.3 | 8.7 |
Organization and Basis of Presentation (Notes) |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
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 As a leading global tier 1 automotive and mobility supplier, AAM designs, engineers and manufactures Driveline and Metal Forming technologies to support electric, hybrid, and internal combustion vehicles. Headquartered in Detroit, with over 80 facilities in 18 countries, AAM is bringing the future faster for a safer and more sustainable tomorrow. 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, 2022 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 UAW work stoppage and the significant disruptions in the supply chain that continue to impact the automotive industry, including volatility in metal, commodity and utility costs, shortages of certain raw materials and components, including semiconductor chips, increased transportation costs, higher labor costs and labor shortages. 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 these matters 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, 2022.
|
Restructuring and Acquisition-Related Costs (Notes) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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 to a new level of market demand based on the impact of COVID-19. We expect to complete restructuring actions under the 2020 Program in 2023. In the second quarter of 2021, we completed the acquisition of a manufacturing facility in Emporium, Pennsylvania (Emporium), and subsequently determined that we will cease production at the facility and relocate the production capacity to other AAM manufacturing facilities. As a result, during the nine months ended September 30, 2023, we incurred restructuring charges related to the closure of the facility and we expect to complete restructuring actions associated with the closure of the facility in 2023. In 2022, we completed our acquisition of Tekfor Group (Tekfor) and initiated certain restructuring actions associated with the acquired entities in the first quarter of 2023. We expect to incur restructuring costs associated with the acquired entities into 2024. A summary of our restructuring activity for the first nine months of 2023 and 2022 is shown below:
As part of our restructuring actions, we incurred total severance charges of approximately $1.5 million and $3.4 million during the nine months ended September 30, 2023 and 2022, respectively. We also incurred total implementation costs of approximately $9.6 million and $15.8 million during the nine months ended September 30, 2023 and 2022, respectively. Implementation costs consist primarily of plant exit costs. We incurred $5.2 million of restructuring costs under the 2020 Program, $4.4 million of costs associated with the anticipated closure of Emporium, and $1.5 million of costs related to restructuring actions associated with Tekfor in the nine months ended September 30, 2023. We have incurred $105.8 million of total restructuring costs under the 2020 Program since inception and have incurred $16.5 million of total costs related to the anticipated closure of Emporium. Substantially all of our total restructuring costs for the nine months ended September 30, 2023 related to our Metal Forming segment. Approximately $1.3 million and $12.0 million of our total restructuring costs for the nine months ended September 30, 2022 related to our Driveline and Metal Forming segments, respectively, while the remainder were corporate costs. We expect to incur approximately $10 million to $20 million of total restructuring charges in 2023 associated with the 2020 Program, our closure of Emporium and restructuring actions related to Tekfor. The following table represents a summary of acquisition-related charges incurred primarily related to our acquisition of Tekfor, as well as integration costs incurred for acquisitions: Acquisition-related costs primarily consist of advisory, legal, accounting, valuation and certain other professional or consulting fees incurred. Integration expenses primarily reflect costs incurred for information technology infrastructure and enterprise resource planning systems, and consulting fees incurred in conjunction with integration activities. 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 $3.5 million and $7.9 million for the three months ended September 30, 2023 and September 30, 2022, respectively, and $16.2 million and $26.4 million for the nine months ended September 30, 2023 and September 30, 2022, 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 Other 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, 2023:
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. At September 30, 2023, accumulated goodwill impairment losses were $1,435.5 million. All remaining goodwill is attributable to our Driveline reporting unit. 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:
Amortization expense for our intangible assets was $21.4 million for the three months ended September 30, 2023 and $21.5 million for the three months ended September 30, 2022, and was $64.2 million for the nine months ended September 30, 2023 and $64.4 million for the nine months ended September 30, 2022. Estimated amortization expense for the years 2023 through 2027 is expected to be in the range of approximately $80 million to $85 million per year.
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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 Our Senior Secured Credit Facilities are comprised of the Revolving Credit Facility, Term Loan A Facility and Term Loan B Facility. The Revolving Credit Facility and Term Loan A Facility mature in the first quarter of 2027 and the Term Loan B Facility matures in the fourth quarter of 2029. At September 30, 2023, we had $876.6 million available under the Revolving Credit Facility. This availability reflects a reduction of $48.4 million primarily for standby letters of credit issued against the facility. In the first quarter of 2023, we paid $25.0 million on our Revolving Credit Facility that had been drawn in the fourth quarter of 2022. On June 28, 2023, Holdings and AAM, Inc. entered into the First Amendment to the Amended and Restated Credit Agreement (the First Amendment), which covers the period from June 28, 2023 through the filing of our second quarter 2024 results, or earlier at AAM's option, subject to certain conditions (the Amendment Period). The First Amendment, among other things, increased the maximum levels of the total net leverage ratio covenant and reduced the minimum levels of cash interest expense coverage ratio covenant during the Amendment Period, modified certain categories of the applicable margin (determined based on the total net leverage ratio of Holdings) for the duration of the Amendment Period with respect to interest rates under the Term Loan A Facility and the Revolving Credit Facility, and modified certain covenants restricting the ability of Holdings, AAM, Inc. and certain subsidiaries of Holdings to create, incur, assume, or permit to exist certain additional indebtedness and liens and to make or agree to pay or make certain restricted payments, voluntary payments and distributions. The terms of the Term Loan B Facility under the Amended and Restated Credit Agreement, including maturity dates, interest rates and their applicable margins, remain unchanged. We paid debt issuance costs of $3.2 million in the nine months ended September 30, 2023 related to the First Amendment. In the first nine months of 2023, we made voluntary prepayments on our Term Loan A and Term Loan B facilities and expensed $0.3 million for the write-off of a portion of the unamortized debt issuance costs that we had been amortizing over the expected life of these borrowings. As of September 30, 2023, we have prepaid $18.1 million of the outstanding principal on our Term Loan A Facility and Term Loan B Facility. These payments satisfy our obligation for principal payments under the Term Loan A Facility and Term Loan B Facility for the next three quarters. In March 2022, Holdings and AAM, Inc. entered into the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement, among other things, increased the principal amount of the Term Loan A Facility to $520.0 million, extended the maturity date of the Term Loan A Facility and the Revolving Credit Facility each to March 11, 2027, and established the use under the Term Loan A Facility and Revolving Credit Facility of the Secured Overnight Financing Rate (SOFR) and the minimum Adjusted Term SOFR Rate for Eurodollar-based loans denominated in U.S. Dollars and the Sterling Overnight Index Average (SONIA) and the minimum adjusted daily simple SONIA for loans denominated in Sterling. We expensed $0.2 million of debt refinancing costs, paid accrued interest of $1.0 million, and paid debt issuance costs of $4.4 million in the nine months ended September 30, 2022 related to the Amended and Restated Credit Agreement. Also in the first nine months of 2022, we made voluntary prepayments of $100.0 million on our Term Loan B Facility. As a result, we expensed approximately $0.6 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. 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. Redemption of 6.25% Notes due 2026 In the first quarter of 2022, we used the proceeds from the upsized Term Loan A Facility to voluntarily redeem a portion of our 6.25% Notes due 2026. This resulted in a principal payment of $220.0 million and $0.2 million in accrued interest. We also expensed approximately $1.8 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 $3.4 million for the payment of an early redemption premium. Repayment of Tekfor Group Indebtedness Upon the acquisition of Tekfor in June 2022, we assumed $23.4 million of existing Tekfor indebtedness, of which we repaid $10.7 million in the first nine months of 2022. Foreign credit facilities and Other We utilize local currency credit facilities to finance the operations of certain foreign subsidiaries. At September 30, 2023, $58.9 million was outstanding under our foreign credit facilities, as compared to $72.7 million at December 31, 2022. At September 30, 2023, an additional $82.8 million was available under our foreign credit facilities. Weighted-Average Interest Rate The weighted-average interest rate of our long-term debt outstanding was 7.0% at September 30, 2023 and 6.6% at December 31, 2022.
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Derivatives (Notes) |
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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, 2023 and December 31, 2022, we had currency forward contracts outstanding with a total notional amount of $212.7 million and $179.9 million, respectively, that hedge our exposure to changes in foreign currency exchange rates for certain payroll expenses into the second quarter of 2026 and the purchase of certain direct and indirect inventory and other working capital items into the second quarter of 2024. Fixed-to-fixed cross-currency swap In 2022, 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. We had notional amounts outstanding under fixed-to-fixed cross-currency swaps of €200.0 million at both September 30, 2023 and December 31, 2022, which were equivalent to $211.3 million and $213.9 million, 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 swaps In 2022, and in the first quarter of 2023, we entered into variable-to-fixed interest rate swaps to reduce the variability of cash flows associated with interest payments on our variable rate debt. In the third quarter of 2023, we discontinued these variable-to-fixed interest rate swaps, which were in an asset position of $27.2 million on the date that they were discontinued. Also in the third quarter of 2023, we entered into new variable-to-fixed interest rate swaps to reduce the variability of cash flows associated with interest payments on our variable rate debt. As of September 30, 2023, we have $700.0 million notional amount hedged in relation to our variable-to-fixed interest rate swaps into the third quarter of 2027, $200.0 million of which continues into the fourth quarter of 2029. The following table summarizes the reclassification of pre-tax derivative gains and losses into net income from accumulated other comprehensive income (loss) for those derivative instruments designated as cash flow hedges under Accounting Standards Codification (ASC) 815 - Derivatives and Hedging:
See Note 12 - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (AOCI) for amounts recognized in other comprehensive income during the three and nine months ended September 30, 2023 and 2022. 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. 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, 2023, our investment in REE shares was valued at $0.7 million based on a closing price on that date of $0.15 per share. 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, 2023 and December 31, 2022, we have a noncurrent pension liability of $67.3 million and $73.5 million, respectively. As of September 30, 2023 and December 31, 2022, we have a noncurrent other postretirement benefits liability of $301.1 million and $304.8 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 2023 to be less than $1.0 million. We expect our cash payments for other postretirement benefit obligations in 2023, net of GM cost sharing, to be approximately $14.6 million.
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Product Warranties (Notes) |
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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:
In the third quarter of 2023, we recorded approximately $13 million of expense related to a field action with one of our largest customers for a die cast component included in transmission assemblies. We will continue to evaluate our obligation and ability to mitigate liability under this field action as new information becomes available and will adjust our estimated liability as necessary. Due to the complexities associated with estimating the range of outcomes related to our liability for this matter, if AAM is not successful in minimizing the liability under this field action, the amount of additional expense is estimated to be up to approximately $15 million.
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Income Taxes (Notes) |
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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 expense (benefit) and effective income tax rate for the three and nine months ended September 30, 2023 and 2022 are as follows:
For the three and nine months ended September 30, 2023, in computing our estimated annual effective tax rate, we recorded a full valuation allowance against the deferred tax asset on the current year estimated disallowed interest expense in the U.S. In addition, during the nine months ended September 30, 2023, we recorded a valuation allowance against a portion of the deferred tax asset on prior year disallowed interest expense in the U.S. and reduced our liability for unrecognized income tax benefits and related interest and penalties as a result of a change in estimate on previously recorded unrecognized tax benefits in certain jurisdictions, resulting in net tax expense of $3.4 million. This was partially offset by a $3.2 million income tax benefit recognized as a result of the release of a valuation allowance in a foreign jurisdiction during the nine months ended September 30, 2023. For the three and nine months ended September 30, 2022, we recognized a net income tax benefit of approximately $7.5 million related to the release of a valuation allowance in a foreign jurisdiction. Our effective income tax rates for the three and nine months ended September 30, 2023 vary from our effective income tax rates for the three and nine months ended September 30, 2022 primarily as a result of the impact of the discrete items noted above and the mix of earnings on a jurisdictional basis. Our effective income tax rate for the nine months ended September 30, 2023 varies from our effective income tax rate for the nine months ended September 30, 2022 as a result of the $13.0 million gain on bargain purchase of business that was recognized in the nine months ended September 30, 2022, which was not subject to income tax. For the three and nine months ended September 30, 2023, our effective income tax rates vary from the U.S. federal statutory rate primarily due to the unfavorable impact related to the disallowed interest expense deductions in the U.S., net of the impact of the reduction in unrecognized tax benefits, as well as favorable foreign tax rates and the impact of tax credits. For the three and nine months ended September 30, 2022, our effective income tax rates vary from the U.S. federal statutory rate primarily due to a benefit from foreign derived intangible income deductions, the change in jurisdictional mix of earnings, favorable foreign tax rates and the impact of tax credits. For the nine months ended September 30, 2022, our effective income tax rate also varies from the U.S. federal statutory rate as a result of the gain on bargain purchase of business that was recognized. 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 the UAW work stoppage, as well as the significant supply chain constraints affecting the automotive industry, including volatility in metal and commodity costs, higher utility costs, increased transportation costs, higher labor costs and labor shortages, 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 and such changes could be material to our financial statements. Other Income Tax Matters During their examination of our 2015 U.S. federal income tax return, the Internal Revenue Service (IRS) asserted that income earned by a Luxembourg subsidiary from its Mexican branch operations should be categorized as foreign base company sales income (FBCSI) under Section 954(d) of the Internal Revenue Code and recognized currently as taxable income on our 2015 U.S. federal income tax return. As a result of this assertion, the IRS issued a Notice of Proposed Adjustment (NOPA). AAM disagreed with the NOPA, believes that the proposed adjustment is without merit and contested the matter through the IRS's administrative appeals process. No resolution was reached in the appeals process and in September 2022, the IRS issued a Notice of Deficiency. The IRS subsequently issued a Notice of Tax Due in December 2022 and AAM paid the assessed tax and interest of $10.1 million in January 2023. We have filed a claim for refund for the amount of tax and interest paid related to this matter for the 2015 tax year and, if necessary, will file suit in the U.S. Court of Federal Claims. We believe it is likely that we will be successful in ultimately defending our position. As such, we have not recorded any impact of the IRS’s proposed adjustment in our condensed consolidated financial statements as of, and for the three and nine months ended, September 30, 2023, with the exception of the cash payment and associated income tax receivable of $10.1 million paid by AAM to the IRS in the first quarter of 2023. As of September 30, 2023, in the event AAM is not successful in defending its position, the potential additional income tax expense, including estimated interest charges, related to tax years 2015 through 2022, is estimated to be in the range of approximately $285 million to $335 million. In a matter of related interest, in May 2020, the U.S Tax Court ruled against another U.S. corporation, finding that the income it earned through a Mexican branch of its Luxembourg subsidiary corporation was FBCSI. In that situation, the taxpayer appealed the U.S. Tax Court decision to the U.S. Court of Appeals for the Sixth Circuit. In December 2021, the U.S. Court of Appeals affirmed, in a split decision, the Tax Court decision in favor of the IRS. In January 2022, the taxpayer in the above referenced matter filed a petition for rehearing and this petition was denied. Finally, in June 2022, the taxpayer filed a petition with the U.S. Supreme Court to review the judgment of the U.S. Court of Appeals for the Sixth Circuit and in November 2022 that petition was also denied. Notwithstanding the decisions rendered in that case, and because our position is based upon different facts and circumstances, including but not limited to, differences in structure, and different income tax regulations in effect for our tax years under examination, we continue to believe, after consultation with tax and legal counsel that it is more likely than not that our structure does not give rise to FBCSI. Negative or unexpected outcomes of tax 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, 2023 and December 31, 2022, we have recorded a liability for unrecognized income tax benefits and related interest and penalties of $29.7 million and $40.5 million, respectively.
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Earnings (Loss) 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 are our 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):
Basic and dilutive loss per share are the same for the three and nine months ended September 30, 2023 because the effect of potentially dilutive stock-based compensation would have been antidilutive. Excluded potentially dilutive shares were 0.3 million and 0.2 million for the three and nine months ended September 30, 2023, respectively.
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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 nine months ended September 30, 2023 and September 30, 2022 are as follows (in millions):
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Revenue from Contracts with Customers (Notes) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 and 2022. 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 2023, we moved a plant location that was 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 table below for the three and nine months ended September 30, 2022 have been recast to reflect this reorganization.
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 (in millions):
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. We amortized previously recorded contract liabilities into revenue as we satisfied performance obligations with our customers of approximately $25.8 million and $23.3 million for the nine months ended September 30, 2023 and 2022, respectively.
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Acquisitions and Dispositions (Notes) |
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Acquisitions and Dispositions [Text Block] | 14. ACQUISITIONS AND DISPOSITIONS Acquisition of Tekfor Group On June 1, 2022, our acquisition of Tekfor Group became effective and we paid a total purchase price of $94.4 million, which was funded entirely with cash on hand. Tekfor Group manufactures high-performance components, modules and fasteners, including traditional powertrain and driveline components (for both internal combustion and hybrid applications), and e-mobility components. Our acquisition of Tekfor contributes to diversifying our geographic and customer sales mix, while also increasing our electrification product portfolio. The acquisition of Tekfor Group was accounted for under the acquisition method under ASC 805 - Business Combinations with the purchase price allocated to the identifiable assets and liabilities of the acquired company based on the respective fair values of the assets and liabilities. The following represents the fair values of the assets acquired and liabilities assumed resulting from the acquisition (in millions):
The gain on bargain purchase of business was primarily the result of macroeconomic factors such as the supply chain disruptions impacting the automotive industry, including the conflict between Russia and Ukraine, the semiconductor supply shortage, and increasing input costs, including materials, freight and utilities. We finalized the valuation of the assets and liabilities of Tekfor in the first quarter of 2023 as we concluded the customary post-closing reviews associated with the acquisition. There were no adjustments to the purchase price allocation in the three or nine months ended September 30, 2023. Included in net sales and net loss for the period from January 1, 2023 through September 30, 2023 was approximately $299 million and a loss of approximately $7 million, respectively, attributable to Tekfor. Included in net sales and net income for the period from the acquisition effective date on June 1, 2022 through September 30, 2022 was approximately $121 million and $10 million, respectively, attributable to Tekfor. The net income amount for the period from June 1, 2022 through September 30, 2022 includes the gain on bargain purchase of business of $13.0 million, which was prior to subsequent measurement period adjustments resulting in the final gain on bargain purchase of business of $13.6 million, as well as a one-time expense of $5.0 million for the step-up of inventory to fair value. Unaudited Pro Forma Financial Information Unaudited pro forma net sales for AAM, on a combined basis with Tekfor for the nine months ended September 30, 2022 were $4.55 billion, excluding Tekfor sales to AAM during the period. Unaudited pro forma net income for the nine months ended September 30, 2022 was approximately $40.0 million. Unaudited pro forma earnings per share for the nine months ended September 30, 2022 was $0.33 per share. The unaudited pro forma net income amount for the nine months ended September 30, 2022 has been adjusted by approximately $4 million, net of tax, related to the step-up of inventory to fair value as a result of the acquisition, approximately $5 million, net of tax, for acquisition-related costs, and approximately $13 million for the gain on bargain purchase of business recognized, which was not subject to tax. This resulted in a net adjustment to pro forma net income of approximately $4 million for the first nine months of 2022 as we are required to disclose the unaudited pro forma amounts as if the acquisition of Tekfor had been completed on January 1, 2021. The disclosure of unaudited pro forma net sales and earnings is for informational purposes only and does not purport to indicate the results that would actually have been obtained had the merger been completed on the assumed date for the periods presented, or which may be realized in the future.
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Manufacturing Facility Fire and Insurance Recovery (Notes) |
9 Months Ended |
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Sep. 30, 2023 | |
Insurance Recoveries [Abstract] | |
Manufacturing Facility Fire and Insurance Recovery | 15. MANUFACTURING FACILITY FIRE AND INSURANCE RECOVERY In the third quarter of 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. In the fourth quarter of 2022, we finalized the claim with our insurance providers. In January 2023, we collected the final $24.0 million associated with this claim, of which $7.0 million has been presented as an operating cash inflow and $17.0 million has been presented as an investing cash inflow in our Condensed Consolidated Statement of Cash Flows for the first nine months of 2023. There was no impact on our Condensed Consolidated Statement of Operations for the nine months ended September 30, 2023 associated with the Malvern Fire. Our insurance policies covered 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 provided coverage for interruption to our business, including lost or reduced profits and reimbursement for certain expenses and costs that were incurred related to the fire. In the nine months ended September 30, 2022, we recorded $2.2 million of charges primarily related to transportation and freight 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 $8.6 million and received reimbursements and advances under our insurance policies of approximately $14.0 million, of which approximately $7.7 million was presented as an operating cash flow and $6.3 million was 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 $6.4 million in Cost of goods sold for the nine months ended September 30, 2022.
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Segment Reporting (Notes) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. 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 engine, transmission, driveline and safety-critical components for traditional internal combustion engine and electric vehicle architectures including light vehicles, commercial vehicles and off-highway vehicles, as well as products for industrial markets. We use Segment Adjusted EBITDA as the measure of earnings to assess the performance of each segment and determine the resources to be allocated to the segments. 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, pension settlements, unrealized gains or losses on equity securities, and non-recurring items. On June 1, 2022, our acquisition of Tekfor became effective and we began consolidating the results of Tekfor on that date, which are reported in our Metal Forming segment. In the first quarter of 2023, we moved a plant location that was 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, 2022 have been recast to reflect this reorganization. The following tables represent information by reportable segment for the three and nine months ended September 30, 2023 and 2022 (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, 2023 and 2022:
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Organization and Basis of Presentation (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
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, 2022 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 UAW work stoppage and the significant disruptions in the supply chain that continue to impact the automotive industry, including volatility in metal, commodity and utility costs, shortages of certain raw materials and components, including semiconductor chips, increased transportation costs, higher labor costs and labor shortages. 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 these matters 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, 2022.
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Restructuring and Acquisition-Related Costs (Tables) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | A summary of our restructuring activity for the first nine months of 2023 and 2022 is shown below:
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Business Combination, Separately Recognized Transactions [Table Text Block] | The following table represents a summary of acquisition-related charges incurred primarily related to our acquisition of Tekfor, as well as integration costs incurred for acquisitions:
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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 Other 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, 2023:
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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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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, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 from accumulated other comprehensive income (loss) for those derivative instruments designated as cash flow hedges under Accounting Standards Codification (ASC) 815 - Derivatives and Hedging:
See Note 12 - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (AOCI) for amounts recognized in other comprehensive income during the three and nine months ended September 30, 2023 and 2022. 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) |
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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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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 expense (benefit) and effective income tax rate for the three and nine months ended September 30, 2023 and 2022 are as follows:
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Earnings (Loss) Per Share (Tables) |
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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) |
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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 nine months ended September 30, 2023 and September 30, 2022 are as follows (in millions):
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Disaggregation of Revenue (Tables) |
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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, 2023 and 2022. 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 2023, we moved a plant location that was 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 table below for the three and nine months ended September 30, 2022 have been recast to reflect this reorganization.
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 (in millions):
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Acquisitions and Dispositions (Tables) |
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Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | The following represents the fair values of the assets acquired and liabilities assumed resulting from the acquisition (in millions):
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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 and nine months ended September 30, 2023 and 2022 (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, 2023 and 2022:
|
Organization and Basis of Presentation (Details) |
Sep. 30, 2023
Facilities
Countries
|
---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Facilities | Facilities | 80 |
Number of Countries in which Entity Operates | Countries | 18 |
Restructuring and Acquisition-Related Costs (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve | $ 3.8 | $ 3.4 |
Charges | 11.1 | 19.2 |
Cash utilization | (12.9) | (15.2) |
Restructuring reserve | 2.0 | 7.4 |
Employee Severance [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve | 2.4 | 0.7 |
Charges | 1.5 | 3.4 |
Cash utilization | (3.0) | (1.3) |
Restructuring reserve | 0.9 | 2.8 |
Other Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve | 1.4 | 2.7 |
Charges | 9.6 | 15.8 |
Cash utilization | (9.9) | (13.9) |
Restructuring reserve | $ 1.1 | $ 4.6 |
Restructuring Reserve Narrative (Details) - USD ($) $ in Millions |
9 Months Ended | 28 Months Ended | 45 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2023 |
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Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 11.1 | $ 19.2 | |||
Minimum [Member] | Forecast [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | $ 10.0 | ||||
Maximum [Member] | Forecast [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | $ 20.0 | ||||
Driveline [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 1.3 | ||||
Metal Forming [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 12.0 | ||||
Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 1.5 | 3.4 | |||
Other Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 9.6 | $ 15.8 | |||
2020 Restructuring Plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 5.2 | $ 105.8 | |||
Emporium, Pennsylvannia | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 4.4 | $ 16.5 | |||
Tekfor Group | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 1.5 |
Business Combinations, Separately Recognized Transactions Table (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Restructuring and Related Activities [Abstract] | ||||
Acquisition related costs | $ 0.0 | $ 5.8 | ||
Integration expenses | 5.1 | 1.4 | ||
Total acquisition and integration charges | 5.1 | 7.2 | ||
Restructuring and acquisition-related costs | $ 3.5 | $ 7.9 | $ 16.2 | $ 26.4 |
Inventories (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory [Line Items] | ||
Raw materials and work-in-progress | $ 406.6 | $ 398.9 |
Finished goods | 86.5 | 92.5 |
Gross inventories | 493.1 | 491.4 |
Inventory valuation reserves | (32.7) | (27.5) |
Inventories, net | $ 460.4 | $ 463.9 |
Goodwill Rollforward (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Goodwill [Roll Forward] | |
Goodwill | $ 181.6 |
Foreign currency translation | (0.6) |
Goodwill | $ 181.0 |
Goodwill Narrative (Details) $ in Millions |
Sep. 30, 2023
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 1,435.5 |
Intangible Assets Table (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Indefinite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | $ 1,116.5 | $ 1,116.5 | $ 1,115.5 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (563.2) | (563.2) | (499.3) | ||
Net Carrying Amount | 553.3 | 553.3 | 616.2 | ||
Amortization of intangible assets | 21.4 | $ 21.5 | 64.2 | $ 64.4 | |
Minimum [Member] | |||||
Indefinite-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] | |||||
Indefinite-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 | |||
Capitalized Computer Software, Intangible Asset [Member] | |||||
Indefinite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 53.4 | 53.4 | 52.2 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (47.7) | (47.7) | (43.2) | ||
Net Carrying Amount | 5.7 | 5.7 | 9.0 | ||
Customer Platforms - Intangible Assets [Member] | |||||
Indefinite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 856.2 | 856.2 | 856.2 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (412.3) | (412.3) | (364.7) | ||
Net Carrying Amount | 443.9 | 443.9 | 491.5 | ||
Customer Relationships - Intangible Assets [Member] | |||||
Indefinite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 53.0 | 53.0 | 53.0 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (22.2) | (22.2) | (19.7) | ||
Net Carrying Amount | 30.8 | 30.8 | 33.3 | ||
Technology-Based Intangible Assets [Member] | |||||
Indefinite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 153.9 | 153.9 | 154.1 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (81.0) | (81.0) | (71.7) | ||
Net Carrying Amount | $ 72.9 | $ 72.9 | $ 82.4 |
Schedule of Long-Term Debt (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Total debt | $ 2,904.3 | $ 2,972.7 |
Current portion of long-term debt | 24.5 | 75.9 |
Long-term debt | 2,879.8 | 2,896.8 |
Long-term debt, net | 2,833.9 | 2,845.1 |
Term Loan A [Member] | ||
Debt Instrument [Line Items] | ||
Secured Debt | 500.5 | 520.0 |
Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Secured Debt | 664.9 | 675.0 |
6.875% Notes [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 400.0 | 400.0 |
6.50% Notes [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 500.0 | 500.0 |
6.25% Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 180.0 | 180.0 |
5.00% Notes due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 600.0 | 600.0 |
Total Debt Instruments excluding Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Issuance Costs | 45.9 | 51.7 |
Multi Currency Credit Facility Member | ||
Debt Instrument [Line Items] | ||
Long-term Line of Credit | 0.0 | 25.0 |
Foreign Credit Facilities and Other | ||
Debt Instrument [Line Items] | ||
Long-term Line of Credit | $ 58.9 | $ 72.7 |
Senior Secured Credit Facilities Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Mar. 11, 2022 |
|
Debt Instrument [Line Items] | |||||
Payments of Revolving Credit Facility | $ 25.0 | $ 0.0 | |||
Payments of Debt Issuance Costs | 3.2 | 4.4 | |||
Term Loan A [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured Debt | 500.5 | $ 520.0 | |||
Term Loan B [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured Debt | 664.9 | $ 675.0 | |||
Multi Currency Credit Facility Member | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | 876.6 | ||||
Letters of Credit Outstanding, Amount | 48.4 | ||||
Payments of Revolving Credit Facility | $ 25.0 | ||||
Secured Debt [Member] | First Amendment to the Amended and Restated Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Payments of Debt Issuance Costs | 3.2 | ||||
Secured Debt [Member] | Term Loan A & Term Loan B | |||||
Debt Instrument [Line Items] | |||||
Write off of Deferred Debt Issuance Cost | 0.3 | ||||
Repayments of Secured Debt | $ 18.1 | ||||
Secured Debt [Member] | Term Loan A [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured Debt | $ 520.0 | ||||
Secured Debt [Member] | Amended and Restated Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Payments of Debt Issuance Costs | 4.4 | ||||
Payments of Debt Restructuring Costs | 0.2 | ||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 1.0 | ||||
Secured Debt [Member] | Term Loan B [Member] | |||||
Debt Instrument [Line Items] | |||||
Write off of Deferred Debt Issuance Cost | 0.6 | ||||
Repayments of Secured Debt | $ 100.0 |
Other Debt Disclosures Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2022 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Jun. 01, 2022 |
|
Debt Instrument [Line Items] | |||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 7.00% | 6.60% | |||
Tekfor Group | |||||
Debt Instrument [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt | $ 23.4 | ||||
Unsecured Debt [Member] | Tekfor Group | |||||
Debt Instrument [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt | $ 23.4 | ||||
Unsecured Debt [Member] | 6.25% Notes Due 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ||||
Repayments of Unsecured Debt | $ 220.0 | ||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 0.2 | ||||
Write off of Deferred Debt Issuance Cost | 1.8 | ||||
Redemption Premium | $ 3.4 | ||||
Unsecured Debt [Member] | Tekfor Group Debt | |||||
Debt Instrument [Line Items] | |||||
Repayments of Unsecured Debt | $ 10.7 | ||||
Foreign Credit Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Line of Credit | $ 58.9 | $ 72.7 | |||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 82.8 |
Derivatives Narrative (Details) € in Millions, $ in Millions |
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
EUR (€)
|
Sep. 13, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2022
EUR (€)
|
---|---|---|---|---|---|
Foreign Currency Forward & Foreign Currency Option Contracts [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | $ 212.7 | $ 179.9 | |||
Currency Swap [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | 211.3 | € 200.0 | $ 213.9 | € 200.0 | |
Interest Rate Swap [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Fair value of asset at date of dedesignation | $ 27.2 | ||||
Interest Rate Swaps Through Q3 2027 | Debt [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | 700.0 | ||||
Interest Rate Swap Q3 2027 Through Q4 2029 | Debt [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | $ 200.0 |
Schedule of Derivatives (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2024 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Cost of goods sold | $ 1,421.3 | $ 1,357.8 | $ 4,147.1 | $ 3,872.0 | |
Other income (expense), net | 1.9 | (1.0) | 5.1 | (4.4) | |
Interest expense | (50.8) | (44.8) | (151.5) | (132.2) | |
Foreign Exchange Forward [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 0.1 | $ 0.3 | $ 3.8 | $ 1.4 | |
Description of Location of Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments in Financial Statements | Other income (expense), net | Other income (expense), net | Other income (expense), net | Other income (expense), net | |
Foreign Exchange Forward [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 | Cost of goods sold | Cost of goods sold | Cost of goods sold | |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | $ 5.5 | $ 1.5 | $ 14.3 | $ 4.6 | |
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 | $ 14.1 | ||||
Currency Swap [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 | Other income (expense), net | Other income (expense), net | Other income (expense), net | |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | $ 6.7 | $ 13.8 | $ 2.7 | $ 31.7 | |
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 | 0.2 | ||||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Income Statement Location Gain (Loss) Reclassified from Accumulated OCI | Interest expense | Interest expense | Interest expense | Interest expense | |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | $ 1.1 | $ (0.1) | $ 1.9 | $ (3.5) | |
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 | $ 6.4 |
Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ / shares in Units, $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
REE Automotive Ltd. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI | $ 0.7 | |
Share Price | $ 0.15 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | $ 385.2 | $ 363.6 |
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 | 0.7 | 1.9 |
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 Contracts, Asset, Carrying and Fair Value Disclosure | 14.3 | 8.2 |
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 Contracts, Asset, Carrying and Fair Value Disclosure | 5.2 | 3.0 |
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 | 0.2 | 0.0 |
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 | 0.4 | 0.0 |
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 Contracts, Asset, Carrying and Fair Value Disclosure | 0.2 | 0.5 |
Foreign Exchange Forward [Member] | Not 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 | 0.3 | 0.0 |
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 | 0.2 | 2.4 |
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 | 0.5 | 8.5 |
Currency 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] | ||
Foreign Currency Contracts, Liability, Carrying and Fair Value Disclosure | 0.1 | 0.0 |
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 | $ 0.0 | $ 1.5 |
Fair Value of Debt (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Multi Currency Credit Facility Member | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Line of Credit | $ 0.0 | $ 25.0 |
Multi Currency Credit Facility Member | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Line of Credit | 0.0 | 25.0 |
Term Loan A [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Secured Debt | 500.5 | 520.0 |
Term Loan A [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Secured Debt | 500.5 | 520.0 |
Term Loan A [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Secured Debt | 495.5 | 510.3 |
Term Loan B [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Secured Debt | 664.9 | 675.0 |
Term Loan B [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Secured Debt | 664.9 | 675.0 |
Term Loan B [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Secured Debt | 653.2 | 658.1 |
6.875% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Debt | 400.0 | 400.0 |
6.875% Notes [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Debt | 400.0 | 400.0 |
6.875% Notes [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Debt | 362.0 | 355.4 |
6.50% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Debt | 500.0 | 500.0 |
6.50% Notes [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Debt | 500.0 | 500.0 |
6.50% Notes [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Debt | 473.1 | 452.5 |
6.25% Notes Due 2026 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Debt | 180.0 | 180.0 |
6.25% Notes Due 2026 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Debt | 180.0 | 180.0 |
6.25% Notes Due 2026 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Debt | 173.7 | 165.7 |
5.00% Notes due 2029 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Debt | 600.0 | 600.0 |
5.00% Notes due 2029 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Debt | 600.0 | 600.0 |
5.00% Notes due 2029 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Debt | $ 480.0 | $ 474.9 |
Schedule of Employee Benefit Plans Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 0.3 | $ 0.5 | $ 0.8 | $ 1.4 |
Interest cost | 6.1 | 4.1 | 18.2 | 12.5 |
Expected asset return | (7.3) | (8.0) | (21.8) | (23.8) |
Amortized loss (gain) | 1.0 | 2.0 | 3.1 | 5.8 |
Net periodic benefit cost (credit) | 0.1 | (1.4) | 0.3 | (4.1) |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 0.0 | 0.1 | 0.1 | 0.2 |
Interest cost | 2.6 | 2.1 | 7.6 | 6.3 |
Amortized loss (gain) | (2.1) | 0.2 | (6.3) | 0.4 |
Amortized prior service credit | (0.2) | (0.3) | (0.4) | (0.7) |
Net periodic benefit cost | $ 0.3 | $ 2.1 | $ 1.0 | $ 6.2 |
Employee Benefit Plans and Other Postretirement Benefit Plans Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Liability, Defined Benefit Pension Plan, Noncurrent | $ 67.3 | $ 73.5 |
Liability, Other Postretirement Defined Benefit Plan, Noncurrent | 301.1 | $ 304.8 |
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 | $ 14.6 |
Product Warranties (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Product Warranty Rollforward | ||||
Beginning balance | $ 61.7 | $ 61.9 | $ 54.1 | $ 59.5 |
Accruals | 16.8 | 3.4 | 29.1 | 11.3 |
Payments | (3.2) | (4.5) | (7.5) | (8.6) |
Adjustment to prior period accruals | (2.7) | (7.3) | (3.1) | (7.9) |
Foreign currency translation | (0.4) | (0.8) | (0.4) | (1.6) |
Ending balance | 72.2 | $ 52.7 | $ 72.2 | $ 52.7 |
Product Liability Contingency, Loss Exposure in Excess of Accrual, Best Estimate | 15.0 | |||
Field Action | ||||
Product Warranty Rollforward | ||||
Standard Product Warranty Accrual, Increase for Warranties Issued | $ 13.0 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 4 Months Ended | 7 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income tax expense (benefit) | $ (2.0) | $ (5.7) | $ 3.3 | $ (2.1) | ||
Effective income tax rate, continuing operations | 10.30% | (27.40%) | (29.50%) | (4.30%) | ||
Other Tax Expense (Benefit) | $ 3.4 | |||||
Gain on bargain purchase of business | $ 0.0 | $ 1.4 | 0.0 | $ 13.0 | ||
Unrecognized tax benefit liability, including penalties and accrued interest | 29.7 | $ 40.5 | 29.7 | |||
Notice of Tax Due | ||||||
Income Taxes Receivable | $ 10.1 | 10.1 | ||||
Minimum [Member] | ||||||
Income Tax Examination, Estimate of Possible Loss | 285.0 | |||||
Maximum [Member] | ||||||
Income Tax Examination, Estimate of Possible Loss | 335.0 | |||||
Tekfor Group | ||||||
Gain on bargain purchase of business | 13.0 | $ 13.0 | $ 13.6 | $ 13.0 | ||
Non-US | ||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (7.5) | $ (3.2) |
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Numerator | ||||
Net income (loss) | $ (17.4) | $ 26.5 | $ (14.5) | $ 50.4 |
Less: Net income attributable to participating securities | 0.0 | (1.1) | 0.0 | (2.0) |
Net income (loss) attributable to common shareholders - Basic and Dilutive | $ (17.4) | $ 25.4 | $ (14.5) | $ 48.4 |
Denominators | ||||
Basic - Weighted-average shares outstanding | 120.5 | 119.6 | 120.3 | 119.3 |
Basic - Less: Weighted-average participating securities | (3.4) | (5.0) | (3.8) | (4.9) |
Basic - Weighted-average common shares outstanding | 117.1 | 114.6 | 116.5 | 114.4 |
Effect of dilutive securities - dilutive stock-based compensation | 0.0 | 1.5 | 0.0 | 0.9 |
Diluted - Adjusted weighted-average shares after assumed conversions | 117.1 | 116.1 | 116.5 | 115.3 |
Basic EPS | $ (0.15) | $ 0.22 | $ (0.12) | $ 0.42 |
Diluted EPS | $ (0.15) | $ 0.22 | $ (0.12) | $ 0.42 |
Earnings (Loss) Per Share - Antidilutive Shares (Details) - shares shares in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2023 |
|
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.3 | 0.2 |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||||||||
Defined benefit plans, net current period other comprehensive income (loss) | [1] | $ (1.1) | $ 1.5 | $ (2.5) | $ 4.1 | |||||||||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (16.1) | (34.4) | (12.0) | (70.7) | ||||||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | [2] | 0.0 | 19.1 | 19.8 | 33.1 | |||||||||||||||||||
Other comprehensive income (loss) | (17.2) | (13.8) | 5.3 | (33.5) | ||||||||||||||||||||
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 | (5.5) | (1.5) | (14.3) | (4.6) | ||||||||||||||||||||
Interest Expense [Member] | ||||||||||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (1.1) | 0.1 | (1.9) | 3.5 | ||||||||||||||||||||
Other Income [Member] | ||||||||||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (6.7) | (13.8) | (2.7) | (31.7) | ||||||||||||||||||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax - Beginning balance | (148.3) | $ (146.9) | (239.3) | $ (241.9) | (146.9) | (241.9) | ||||||||||||||||||
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) | (1.3) | [3] | 1.9 | [3] | (3.6) | [4] | 5.5 | [4] | ||||||||||||||||
Income taxes reclassified into net income | 0.2 | (0.4) | 1.1 | (1.4) | ||||||||||||||||||||
Defined benefit plans, net current period other comprehensive income (loss) | (1.1) | 1.5 | (2.5) | 4.1 | ||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax - Ending balance | (149.4) | $ (148.3) | (237.8) | $ (239.3) | (149.4) | (237.8) | ||||||||||||||||||
Accumulated Foreign Currency Adjustment Attributable to Parent | ||||||||||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax - Beginning balance | (145.6) | (149.7) | (147.6) | (111.3) | (149.7) | (111.3) | ||||||||||||||||||
Foreign currency translation adjustments, other comprehensive income (loss) arising during period | (16.1) | (34.4) | (12.0) | (70.7) | ||||||||||||||||||||
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 | 0.0 | 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 | (16.1) | (34.4) | (12.0) | (70.7) | ||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax - Ending balance | (161.7) | (145.6) | (182.0) | (147.6) | (161.7) | (182.0) | ||||||||||||||||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||||||||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax - Beginning balance | 41.0 | 21.2 | 2.4 | (11.6) | 21.2 | (11.6) | ||||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 14.9 | 39.2 | 42.0 | 73.5 | ||||||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (3.3) | (7.8) | (4.3) | (13.5) | ||||||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (13.3) | [5] | (15.2) | [5] | (18.9) | [6] | (32.8) | [6] | ||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 1.7 | 2.9 | 1.0 | 5.9 | ||||||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 0.0 | 19.1 | 19.8 | 33.1 | ||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax - Ending balance | 41.0 | 41.0 | 21.5 | 2.4 | 41.0 | 21.5 | ||||||||||||||||||
AOCI Attributable to Parent | ||||||||||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax - Beginning balance | (252.9) | (275.4) | (384.5) | (364.8) | (275.4) | (364.8) | ||||||||||||||||||
Other comprehensive income (loss) arising during period, total | (1.2) | 4.8 | 30.0 | 2.8 | ||||||||||||||||||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | (3.3) | (7.8) | (4.3) | (13.5) | ||||||||||||||||||||
Other comprehensive income (loss), reclassification before tax | (14.6) | (13.3) | (22.5) | (27.3) | ||||||||||||||||||||
Reclassification from AOCI, Current Period, Tax | 1.9 | 2.5 | 2.1 | 4.5 | ||||||||||||||||||||
Defined benefit plans, net current period other comprehensive income (loss) | (1.1) | (0.7) | (0.7) | 1.5 | 1.3 | 1.3 | ||||||||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (16.1) | (4.7) | 8.8 | (34.4) | (42.3) | 6.0 | ||||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 0.0 | 17.3 | $ 2.5 | 19.1 | (1.7) | $ 15.7 | ||||||||||||||||||
Other comprehensive income (loss) | (17.2) | (13.8) | 5.3 | (33.5) | ||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax - Ending balance | $ (270.1) | $ (252.9) | $ (398.3) | $ (384.5) | $ (270.1) | $ (398.3) | ||||||||||||||||||
|
Revenue from Contracts with Customers Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 1,551.9 | $ 1,535.2 | $ 4,616.5 | $ 4,409.7 |
North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,122.0 | 1,149.5 | 3,393.2 | 3,404.7 |
Asia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 146.8 | 137.4 | 388.3 | 366.4 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 233.1 | 198.8 | 686.4 | 542.3 |
South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 50.0 | 49.5 | 148.6 | 96.3 |
Driveline [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,061.2 | 1,043.2 | 3,161.4 | 3,113.3 |
Driveline [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 783.5 | 800.9 | 2,393.6 | 2,418.4 |
Driveline [Member] | Asia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 135.7 | 124.4 | 360.0 | 334.5 |
Driveline [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 116.3 | 92.2 | 327.5 | 298.6 |
Driveline [Member] | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 25.7 | 25.7 | 80.3 | 61.8 |
Metal Forming [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 490.7 | 492.0 | 1,455.1 | 1,296.4 |
Metal Forming [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 338.5 | 348.6 | 999.6 | 986.3 |
Metal Forming [Member] | Asia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 11.1 | 13.0 | 28.3 | 31.9 |
Metal Forming [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 116.8 | 106.6 | 358.9 | 243.7 |
Metal Forming [Member] | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 24.3 | $ 23.8 | $ 68.3 | $ 34.5 |
Revenue from Contracts with Customers Contract Assets and Liabilities (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Accounts receivable, net | $ 885.2 | $ 820.2 | |
Deferred revenue, current | 15.5 | 28.1 | |
Deferred revenue, noncurrent | 67.1 | $ 73.4 | |
Increase (decrease) in accounts receivable | 65.0 | ||
Contract liability, current, increase (decrease) | (12.6) | ||
Contract liability, noncurrent, increase (decrease) | (6.3) | ||
Contract with customer, liability, revenue recognized | $ 25.8 | $ 23.3 |
Acquisitions - Tekfor (Details) - USD ($) $ in Millions |
3 Months Ended | 4 Months Ended | 7 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|---|
Jun. 01, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Business Acquisition [Line Items] | |||||||
Gain on bargain purchase of business | $ 0.0 | $ 1.4 | $ 0.0 | $ 13.0 | |||
Fair Value Inventory Adjustment for Tekfor Aquisition | $ 0.0 | 0.0 | 0.0 | 5.0 | |||
Tekfor Group | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Name of Acquired Entity | Tekfor Group | ||||||
Business Combination, Consideration Transferred | $ 94.4 | ||||||
Business Acquisition, Description of Acquired Entity | Tekfor Group manufactures high-performance components, modules and fasteners, including traditional powertrain and driveline components (for both internal combustion and hybrid applications), and e-mobility components. Our acquisition of Tekfor contributes to diversifying our geographic and customer sales mix, while also increasing our electrification product portfolio. | ||||||
Cash and cash equivalents | $ 14.3 | ||||||
Accounts receivable | 33.7 | ||||||
Inventories | 46.3 | ||||||
Prepaid expenses and other long-term assets | 30.1 | ||||||
Deferred income tax assets | 5.0 | ||||||
Property, plant and equipment | 105.5 | ||||||
Total assets acquired | 234.9 | ||||||
Accounts payable | 33.5 | ||||||
Accrued expenses and other | 28.1 | ||||||
Debt | 23.4 | ||||||
Postretirement benefits and other long-term liabilities | 41.9 | ||||||
Net assets acquired | $ 108.0 | ||||||
Gain on bargain purchase of business | $ 13.0 | $ 13.0 | $ 13.6 | $ 13.0 | |||
Business Combination, Bargain Purchase, Gain Recognized, Description | The gain on bargain purchase of business was primarily the result of macroeconomic factors such as the supply chain disruptions impacting the automotive industry, including the conflict between Russia and Ukraine, the semiconductor supply shortage, and increasing input costs, including materials, freight and utilities. | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 121.0 | 299.0 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 10.0 | $ (7.0) | |||||
Fair Value Inventory Adjustment for Tekfor Aquisition | $ 5.0 |
Acquisitions - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 4 Months Ended | 7 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||
Acquisition related costs | $ 0.0 | $ 5.8 | ||||
Gain on bargain purchase of business | $ 0.0 | $ 1.4 | $ 0.0 | 13.0 | ||
Tekfor Group | ||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||
Business Acquisition, Pro Forma Revenue | 4,550.0 | |||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 40.0 | |||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 0.33 | |||||
Fair Value Inventory Adjustment from Acquisition of Tekfor, net of tax | $ 4.0 | |||||
Acquisition related costs | 5.0 | |||||
Gain on bargain purchase of business | $ 13.0 | $ 13.0 | $ 13.6 | 13.0 | ||
Net adjustments reclassified in Pro Forma Net Income | $ 4.0 |
Manufacturing Facility Fire and Insurance Recovery (Details) - USD ($) $ in Millions |
9 Months Ended | 36 Months Ended | |
---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
|
Insurance Recoveries [Abstract] | |||
Proceeds from Insurance Settlement, Operating and Investing Activities | $ 24.0 | $ 14.0 | |
Proceeds from Insurance Settlement, Operating Activities | 7.0 | 7.7 | |
Proceeds from Insurance Settlement, Investing Activities | $ 17.0 | 6.3 | |
Insurance Deductible Expense | $ 1.0 | ||
Business interruption charges | 2.2 | ||
Insurance Recoveries Estimated | 8.6 | ||
Gain (Loss) Related to Insurance Settlement | $ 6.4 |
Sales and Segment Adjusted EBITDA (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Segment Reporting Information [Line Items] | ||||
Sales | $ 1,686.0 | $ 1,677.3 | $ 5,039.6 | $ 4,830.2 |
Less: intersegment sales | 134.1 | 142.1 | 423.1 | 420.5 |
Net external sales | 1,551.9 | 1,535.2 | 4,616.5 | 4,409.7 |
Segment Adjusted EBITDA | 156.8 | 198.4 | 523.8 | 589.6 |
Driveline [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 1,061.2 | 1,043.2 | 3,161.5 | 3,113.3 |
Less: intersegment sales | 0.0 | 0.0 | 0.1 | 0.0 |
Net external sales | 1,061.2 | 1,043.2 | 3,161.4 | 3,113.3 |
Segment Adjusted EBITDA | 137.3 | 137.0 | 403.5 | 392.2 |
Metal Forming [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 624.8 | 634.1 | 1,878.1 | 1,716.9 |
Less: intersegment sales | 134.1 | 142.1 | 423.0 | 420.5 |
Net external sales | 490.7 | 492.0 | 1,455.1 | 1,296.4 |
Segment Adjusted EBITDA | $ 19.5 | $ 61.4 | $ 120.3 | $ 197.4 |
Reconciliation of Total Segment Adjusted EBITDA to Income Before Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Segment Reporting Information [Line Items] | ||||
Total segment adjusted EBITDA | $ 156.8 | $ 198.4 | $ 523.8 | $ 589.6 |
Interest expense | (50.8) | (44.8) | (151.5) | (132.2) |
Depreciation and amortization | (120.4) | (124.8) | (365.8) | (367.1) |
Restructuring and acquisition-related costs | (3.5) | (7.9) | (16.2) | (26.4) |
Unrealized loss on equity securities | (1.2) | (2.3) | (1.2) | (24.0) |
Debt refinancing and redemption costs | (0.3) | (0.2) | (0.3) | (6.0) |
Malvern Fire insurance recoveries, net | 0.0 | 1.0 | 0.0 | 6.4 |
Acquisition-related fair value inventory adjustment | 0.0 | 0.0 | 0.0 | (5.0) |
Gain on bargain purchase of business | 0.0 | 1.4 | 0.0 | 13.0 |
Income (loss) before income taxes | $ (19.4) | $ 20.8 | $ (11.2) | $ 48.3 |
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