Supplemental Guarantor Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2014

Supplemental Guarantor Condensed Consolidating Financial Statements [Abstract]

Supplemental Guarantor Consolidating Income Statement [Table Text Block]



Condensed Consolidating Statements of Income
Three Months Ended June 30,
(in millions)
	Holdings		AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2014
Net sales
External	$	—	$	298.0		$	59.0		$	589.9		$	—		$	946.9
Intercompany	—		3.0			62.5			6.1			(71.6		)	—
Total net sales	—		301.0			121.5			596.0			(71.6		)	946.9
Cost of goods sold	—		288.5			102.9			478.1			(71.6		)	797.9
Gross profit	—		12.5			18.6			117.9			—			149.0
Selling, general and administrative expenses	—		52.0			0.1			9.4			—			61.5
Operating income (loss)	—		(39.5		)	18.5			108.5			—			87.5
Non-operating income (expense), net	—		(25.9		)	2.4			(0.5		)	—			(24.0		)
Income (loss) before income taxes	—		(65.4		)	20.9			108.0			—			63.5
Income tax expense	—		6.0			0.1			5.2						11.3
Earnings (loss) from equity in subsidiaries	52.2		68.0			(7.0		)	—			(113.2		)	—
Net income (loss) before royalties and dividends	52.2		(3.4		)	13.8			102.8			(113.2		)	52.2
Royalties and dividends	—		55.6			—			(55.6		)	—			—
Net income after royalties and dividends	52.2		52.2			13.8			47.2			(113.2		)	52.2
Other comprehensive income (loss)	4.7		4.7			3.3			2.6			(10.6		)	4.7
Comprehensive income	$	56.9	$	56.9		$	17.1		$	49.8		$	(123.8	)	$	56.9



Condensed Consolidating Statements of Income
Six Months Ended June 30,
(in millions)
	Holdings		AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2014
Net sales
External	$	—	$	525.9		$	117.0		$	1,162.8		$	—		$	1,805.7
Intercompany	—		5.8			120.7			12.0			(138.5		)	—
Total net sales	—		531.7			237.7			1,174.8			(138.5		)	1,805.7
Cost of goods sold	—		520.4			202.5			950.4			(138.5		)	1,534.8
Gross profit	—		11.3			35.2			224.4			—			270.9
Selling, general and administrative expenses	—		100.6			0.1			17.9			—			118.6
Operating income (loss)	—		(89.3		)	35.1			206.5			—			152.3
Non-operating income (expense), net	—		(51.7		)	5.1			(1.6		)	—			(48.2		)
Income (loss) before income taxes	—		(141.0		)	40.2			204.9			—			104.1
Income tax expense	—		6.5			0.2			11.6			—			18.3
Earnings (loss) from equity in subsidiaries	85.8		122.5			(16.2		)	—			(192.1		)	—
Net income (loss) before royalties and dividends	85.8		(25.0		)	23.8			193.3			(192.1		)	85.8
Royalties and dividends	—		110.8			—			(110.8		)	—			—
Net income after royalties and dividends	85.8		85.8			23.8			82.5			(192.1		)	85.8
Other comprehensive income	18.5		18.5			11.2			11.5			(41.2		)	18.5
Comprehensive income	$	104.3	$	104.3		$	35.0		$	94.0		$	(233.3	)	$	104.3




	Holdings			AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2013
Net sales
External	$	—		$	211.3		$	58.8		$	529.5		$	—		$	799.6
Intercompany	—			4.6			56.3			2.4			(63.3		)	—
Total net sales	—			215.9			115.1			531.9			(63.3		)	799.6
Cost of goods sold	—			197.7			98.9			444.1			(63.3		)	677.4
Gross profit	—			18.2			16.2			87.8			—			122.2
Selling, general and administrative expenses	—			52.3			—			8.2			—			60.5
Operating income (loss)	—			(34.1		)	16.2			79.6			—			61.7
Non-operating income (expense), net	—			(29.3		)	2.7			(3.9		)	—			(30.5		)
Income (loss) before income taxes	—			(63.4		)	18.9			75.7			—			31.2
Income tax expense (benefit)	—			(12.3		)	—			17.7			—			5.4
Earnings (loss) from equity in subsidiaries	25.8			24.5			(9.7		)	—			(40.6		)	—
Net income (loss) before royalties and dividends	25.8			(26.6		)	9.2			58.0			(40.6		)	25.8
Royalties and dividends	—			52.4			—			(52.4		)	—			—
Net income after royalties and dividends	25.8			25.8			9.2			5.6			(40.6		)	25.8
Other comprehensive loss	(22.1		)	(22.1		)	(21.3		)	(24.4		)	67.8			(22.1		)
Comprehensive income (loss)	$	3.7		$	3.7		$	(12.1	)	$	(18.8	)	$	27.2		$	3.7




	Holdings			AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2013
Net sales
External	$	—		$	411.6		$	112.7		$	1,030.9		$	—		$	1,555.2
Intercompany	—			8.0			113.9			7.3			(129.2		)	—
Total net sales	—			419.6			226.6			1,038.2			(129.2		)	1,555.2
Cost of goods sold	—			396.2			196.1			865.6			(129.2		)	1,328.7
Gross profit	—			23.4			30.5			172.6			—			226.5
Selling, general and administrative expenses	—			101.2			—			18.9			—			120.1
Operating income (loss)	—			(77.8		)	30.5			153.7			—			106.4
Non-operating income (expense), net	—			(70.8		)	5.4			(4.9		)	—			(70.3		)
Income (loss) before income taxes	—			(148.6		)	35.9			148.8			—			36.1
Income tax expense (benefit)	—			(13.9		)	—			16.9			—			3.0
Earnings (loss) from equity in subsidiaries	33.1			64.9			(12.9		)	—			(85.1		)	—
Net income (loss) before royalties and dividends	33.1			(69.8		)	23.0			131.9			(85.1		)	33.1
Royalties and dividends	—			102.9			—			(102.9		)	—			—
Net income after royalties and dividends	33.1			33.1			23.0			29.0			(85.1		)	33.1
Other comprehensive loss	(17.8		)	(17.8		)	(13.6		)	(16.1		)	47.5			(17.8		)
Comprehensive income	$	15.3		$	15.3		$	9.4		$	12.9		$	(37.6	)	$	15.3

Supplemental Guarantor Consolidating Balance Sheet [Table Text Block]



Condensed Consolidating Balance Sheets
(in millions)
	Holdings		AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Elims			Consolidated
June 30, 2014
Assets
Current assets
Cash and cash equivalents	$	—	$	22.0		$	—		$	106.9	$	—		$	128.9
Accounts receivable, net	—		175.8			30.7			441.7		—			648.2
Inventories, net	—		63.7			32.7			159.3		—			255.7
Other current assets	—		40.3			2.8			70.9		—			114.0
Total current assets	—		301.8			66.2			778.8		—			1,146.8
Property, plant and equipment, net	—		227.3			82.7			767.0		—			1,077.0
Goodwill	—		—			147.9			8.3		—			156.2
Other assets and deferred charges	—		662.5			45.5			113.4		—			821.4
Investment in subsidiaries	466.8		1,362.7			—			—		(1,829.5		)	—
Total assets	$	466.8	$	2,554.3		$	342.3		$	1,667.5	$	(1,829.5	)	$	3,201.4
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	—	$	148.7		$	48.3		$	312.7	$	—		$	509.7
Other current liabilities	—		110.9			5.1			95.8		—			211.8
Total current liabilities	—		259.6			53.4			408.5		—			721.5
Intercompany payable (receivable)	323.4		(341.5		)	(244.7		)	262.8		—			—
Long-term debt	—		1,496.3			5.1			44.3		—			1,545.7
Investment in subsidiaries obligation	—		—			10.9			—		(10.9		)	—
Other long-term liabilities	—		673.1			0.6			117.1		—			790.8
Total liabilities	323.4		2,087.5			(174.7		)	832.7		(10.9		)	3,058.0
Total stockholders’ equity	143.4		466.8			517.0			834.8		(1,818.6		)	143.4
Total liabilities and stockholders’ equity	$	466.8	$	2,554.3		$	342.3		$	1,667.5	$	(1,829.5	)	$	3,201.4




	Holdings		AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Elims			Consolidated
December 31, 2013
Assets
Current assets
Cash and cash equivalents	$	—	$	36.9		$	—		$	117.1	$	—		$	154.0
Accounts receivable, net	—		102.7			25.6			330.2		—			458.5
Inventories, net	—		62.4			34.2			165.2		—			261.8
Other current assets	—		43.8			3.2			76.5		—			123.5
Total current assets	—		245.8			63.0			689.0		—			997.8
Property, plant and equipment, net	—		239.8			83.0			735.7		—			1,058.5
Goodwill	—		—			147.8			8.6		—			156.4
Other assets and deferred charges	—		671.7			44.8			99.8		—			816.3
Investment in subsidiaries	360.5		1,233.2			—			—		(1,593.7		)	—
Total assets	$	360.5	$	2,390.5		$	338.6		$	1,533.1	$	(1,593.7	)	$	3,029.0
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	—	$	106.2		$	44.5		$	295.1	$	—		$	445.8
Other current liabilities	—		120.4			4.1			96.8		—			221.3
Total current liabilities	—		226.6			48.6			391.9		—			667.1
Intercompany payable (receivable)	326.9		(390.1		)	(219.5		)	282.7		—			—
Long-term debt	—		1,500.0			5.3			53.8		—			1,559.1
Investment in subsidiaries obligation	—		—			15.2			—		(15.2		)	—
Other long-term liabilities	—		693.5			0.5			75.2		—			769.2
Total liabilities	326.9		2,030.0			(149.9		)	803.6		(15.2		)	2,995.4
Total stockholders’ equity	33.6		360.5			488.5			729.5		(1,578.5		)	33.6
Total liabilities and stockholders’ equity	$	360.5	$	2,390.5		$	338.6		$	1,533.1	$	(1,593.7	)	$	3,029.0

Supplemental Guarantor Consolidating Statement of Cash Flows [Table Text Block]



Condensed Consolidating Statements of Cash Flows
Six Months Ended June 30,
(in millions)
	Holdings			AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims		Consolidated
2014
Net cash provided by (used in) operating activities	$	—		$	(53.1	)	$	50.6		$	84.9		$	—	$	82.4
Investing activities
Purchases of property, plant and equipment	—			(19.7		)	(6.4		)	(77.6		)	—		(103.7		)
Proceeds from sale of property, plant and equipment	—			7.8			0.1			0.4			—		8.3
Net cash used in investing activities	—			(11.9		)	(6.3		)	(77.2		)	—		(95.4		)
Financing activities
Net debt activity	—			(3.0		)	(0.2		)	(10.2		)	—		(13.4		)
Intercompany activity	0.3			52.2			(44.1		)	(8.4		)	—		—
Debt issuance costs	—			(0.3		)	—			—			—		(0.3		)
Employee stock option exercises	—			1.2			—			—			—		1.2
Purchase of treasury stock	(0.3		)	—			—			—			—		(0.3		)
Net cash provided by (used in) financing activities	—			50.1			(44.3		)	(18.6		)	—		(12.8		)
Effect of exchange rate changes on cash	—			—			—			0.7			—		0.7
Net decrease in cash and cash equivalents	—			(14.9		)	—			(10.2		)	—		(25.1		)
Cash and cash equivalents at beginning of period	—			36.9			—			117.1			—		154.0
Cash and cash equivalents at end of period	$	—		$	22.0		$	—		$	106.9		$	—	$	128.9




	Holdings			AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims		Consolidated
2013
Net cash provided by (used in) operating activities	$	—		$	(35.0	)	$	38.3		$	29.9		$	—	$	33.2
Investing activities
Purchases of property, plant and equipment	—			(35.2		)	(4.2		)	(82.1		)	—		(121.5		)
Proceeds from sale of property, plant and equipment	—			4.9			—			—			—		4.9
Proceeds from sale -leaseback of equipment	—			16.0			—			—					16.0
Net cash used in investing activities	—			(14.3		)	(4.2		)	(82.1		)	—		(100.6		)
Financing activities
Net debt activity	—			98.0			(0.2		)	(7.1		)	—		90.7
Intercompany activity	0.1			(50.8		)	(33.9		)	84.6			—		—
Debt issuance costs	—			(6.6		)	—			—			—		(6.6		)
Employee stock option exercises	—			0.8			—			—			—		0.8
Purchase of treasury stock	(0.1		)	—			—			—			—		(0.1		)
Net cash provided by (used in) financing activities	—			41.4			(34.1		)	77.5			—		84.8
Effect of exchange rate changes on cash	—			—			—			(0.9		)	—		(0.9		)
Net increase (decrease) in cash and cash equivalents	—			(7.9		)	—			24.4			—		16.5
Cash and cash equivalents at beginning of period	—			10.6			—			51.8			—		62.4
Cash and cash equivalents at end of period	$	—		$	2.7		$	—		$	76.2		$	—	$	78.9