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Supplemental Guarantor Condensed Consolidating Financial Statements | 9 Months Ended
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Sep. 30, 2014
Supplemental Guarantor Condensed Consolidating Financial Statements [Abstract] |
Supplemental Guarantor Disclosure [Text Block] | 11. SUPPLEMENTAL GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Amounts have been revised for the effects of the error as discussed in Note 1 - Organization and Basis of Presentation. Holdings has no significant assets other than its 100% ownership in AAM, Inc. and no direct subsidiaries other than AAM, Inc. The 7.75% Notes, 6.625% Notes, 6.25% Notes and 5.125% Notes are senior unsecured obligations of AAM Inc.; all of which are fully and unconditionally guaranteed by Holdings and substantially all domestic subsidiaries of AAM, Inc, which are 100% indirectly owned by Holdings. These Condensed Consolidating Financial Statements are prepared under the equity method of accounting whereby the investments in subsidiaries are recorded at cost and adjusted for the parent’s share of the subsidiaries’ cumulative results of operations, capital contributions and distributions, and other equity changes.
Condensed Consolidating Statements of Income |  |  |  |  |  |  |  |
Three Months Ended September 30, |  |  |  |  |  |  |  |  |  |
(in millions) |  |  |  |  |  |  |  |  |  |  |  |
|  | Holdings |  | AAM Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elims |  | Consolidated
2014 |  | (a) |  | (b) |  |  |  | (c) |  |  |  |
Net sales |  |  |  |  |  |  |  |  |  |  |  |
External |  | $ | — |  |  | $ | 300.9 |  |  | $ | 56.9 |  |  | $ | 593.0 |  |  | $ | — |  |  | $ | 950.8 |
Intercompany |  | — |  |  | 2.7 |  |  | 64.1 |  |  | 5.3 |  |  | (72.1 | ) |  | — |
Total net sales |  | — |  |  | 303.6 |  |  | 121.0 |  |  | 598.3 |  |  | (72.1 | ) |  | 950.8 |
Cost of goods sold |  | — |  |  | 291.9 |  |  | 100.5 |  |  | 489.8 |  |  | (72.1 | ) |  | 810.1 |
Gross profit |  | — |  |  | 11.7 |  |  | 20.5 |  |  | 108.5 |  |  | — |  |  | 140.7 |
Selling, general and administrative expenses |  | — |  |  | 55.0 |  |  | — |  |  | 9.0 |  |  | — |  |  | 64.0 |
Operating income (loss) |  | — |  |  | (43.3 | ) |  | 20.5 |  |  | 99.5 |  |  | — |  |  | 76.7 |
Non-operating income (expense), net |  | — |  |  | (25.8 | ) |  | 2.0 |  |  | (1.4 | ) |  | — |  |  | (25.2 | )
Income (loss) before income taxes |  | — |  |  | (69.1 | ) |  | 22.5 |  |  | 98.1 |  |  | — |  |  | 51.5 |
Income tax expense |  | — |  |  | 6.6 |  |  | 0.1 |  |  | 0.8 |  |  | — |  |  | 7.5 |
Earnings (loss) from equity in subsidiaries |  | 44.0 |  |  | 63.9 |  |  | (9.1 | ) |  | — |  |  | (98.8 | ) |  | — |
Net income (loss) before royalties and dividends |  | 44.0 |  |  | (11.8 | ) |  | 13.3 |  |  | 97.3 |  |  | (98.8 | ) |  | 44.0 |
Royalties and dividends |  | — |  |  | 55.8 |  |  | — |  |  | (55.8 | ) |  | — |  |  | — |
Net income after royalties and dividends |  | 44.0 |  |  | 44.0 |  |  | 13.3 |  |  | 41.5 |  |  | (98.8 | ) |  | 44.0 |
Other comprehensive loss |  | (25.2 | ) |  | (25.2 | ) |  | (19.0 | ) |  | (22.2 | ) |  | 66.4 |  |  | (25.2 | )
Comprehensive income (loss) |  | $ | 18.8 |  |  | $ | 18.8 |  |  | $ | (5.7 | ) |  | $ | 19.3 |  |  | $ | (32.4 | ) |  | $ | 18.8 |
(a) | Earnings (loss) from equity in subsidiaries as previously reported was $48.6 million and was adjusted by $4.6 million due to the error as disclosed in Note 1.
(b) | Earnings (loss) from equity in subsidiaries as previously reported was $68.5 million and was adjusted by $4.6 million due to the error as disclosed in Note 1.
(c) | Cost of goods sold as previously reported was $481.4 million and increased by $8.4 million due to the error disclosed in Note 1. Income tax expense as previously reported was $4.6 million and decreased by $3.8 million due to the error disclosed in Note 1.
|  | Holdings |  | AAM Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elims |  | Consolidated
2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External |  | $ | — |  |  | $ | 162.6 |  |  | $ | 57.8 |  |  | $ | 600.4 |  |  | $ | — |  |  | $ | 820.8 |
Intercompany |  | — |  |  | 5.0 |  |  | 55.2 |  |  | 1.7 |  |  | (61.9 | ) |  | — |
Total net sales |  | — |  |  | 167.6 |  |  | 113.0 |  |  | 602.1 |  |  | (61.9 | ) |  | 820.8 |
Cost of goods sold |  | — |  |  | 170.1 |  |  | 97.2 |  |  | 490.1 |  |  | (61.9 | ) |  | 695.5 |
Gross profit (loss) |  | — |  |  | (2.5 | ) |  | 15.8 |  |  | 112.0 |  |  | — |  |  | 125.3 |
Selling, general and administrative expenses |  | — |  |  | 48.1 |  |  | — |  |  | 9.7 |  |  | — |  |  | 57.8 |
Operating income (loss) |  | — |  |  | (50.6 | ) |  | 15.8 |  |  | 102.3 |  |  | — |  |  | 67.5 |
Non-operating income (expense), net |  | — |  |  | (30.6 | ) |  | 2.5 |  |  | (1.7 | ) |  | — |  |  | (29.8 | )
Income (loss) before income taxes |  | — |  |  | (81.2 | ) |  | 18.3 |  |  | 100.6 |  |  | — |  |  | 37.7 |
Income tax expense |  | — |  |  | 0.9 |  |  | — |  |  | 5.2 |  |  | — |  |  | 6.1 |
Earnings (loss) from equity in subsidiaries |  | 31.6 |  |  | 50.7 |  |  | (1.5 | ) |  | — |  |  | (80.8 | ) |  | — |
Net income (loss) before royalties and dividends |  | 31.6 |  |  | (31.4 | ) |  | 16.8 |  |  | 95.4 |  |  | (80.8 | ) |  | 31.6 |
Royalties and dividends |  | — |  |  | 63.0 |  |  | — |  |  | (63.0 | ) |  | — |  |  | — |
Net income after royalties and dividends |  | 31.6 |  |  | 31.6 |  |  | 16.8 |  |  | 32.4 |  |  | (80.8 | ) |  | 31.6 |
Other comprehensive income (loss) |  | 17.0 |  |  | 17.0 |  |  | (0.8 | ) |  | (1.7 | ) |  | (14.5 | ) |  | 17.0 |
Comprehensive income |  | $ | 48.6 |  |  | $ | 48.6 |  |  | $ | 16.0 |  |  | $ | 30.7 |  |  | $ | (95.3 | ) |  | $ | 48.6 |
Condensed Consolidating Statements of Income |  |  |  |  |  |  |  |
Nine Months Ended September 30, |  |  |  |  |  |  |  |  |  |
(in millions) |  |  |  |  |  |  |  |  |  |  |  |
|  | Holdings |  | AAM Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elims |  | Consolidated
2014 |  | (a) |  | (b) |  |  |  | (c) |  |  |  |
Net sales |  |  |  |  |  |  |  |  |  |  |  |
External |  | $ | — |  |  | $ | 826.8 |  |  | $ | 174.0 |  |  | $ | 1,755.7 |  |  | $ | — |  |  | $ | 2,756.5 |
Intercompany |  | — |  |  | 8.5 |  |  | 184.7 |  |  | 17.3 |  |  | (210.5 | ) |  | — |
Total net sales |  | — |  |  | 835.3 |  |  | 358.7 |  |  | 1,773.0 |  |  | (210.5 | ) |  | 2,756.5 |
Cost of goods sold |  | — |  |  | 812.3 |  |  | 303.0 |  |  | 1,440.1 |  |  | (210.5 | ) |  | 2,344.9 |
Gross profit |  | — |  |  | 23.0 |  |  | 55.7 |  |  | 332.9 |  |  | — |  |  | 411.6 |
Selling, general and administrative expenses |  | — |  |  | 155.6 |  |  | 0.1 |  |  | 26.9 |  |  | — |  |  | 182.6 |
Operating income (loss) |  | — |  |  | (132.6 | ) |  | 55.6 |  |  | 306.0 |  |  | — |  |  | 229.0 |
Non-operating income (expense), net |  | — |  |  | (77.5 | ) |  | 7.2 |  |  | (3.1 | ) |  | — |  |  | (73.4 | )
Income (loss) before income taxes |  | — |  |  | (210.1 | ) |  | 62.8 |  |  | 302.9 |  |  | — |  |  | 155.6 |
Income tax expense |  | — |  |  | 13.4 |  |  | 0.3 |  |  | 12.1 |  |  | — |  |  | 25.8 |
Earnings (loss) from equity in subsidiaries |  | 129.8 |  |  | 186.7 |  |  | (25.1 | ) |  | — |  |  | (291.4 | ) |  | — |
Net income (loss) before royalties and dividends |  | 129.8 |  |  | (36.8 | ) |  | 37.4 |  |  | 290.8 |  |  | (291.4 | ) |  | 129.8 |
Royalties and dividends |  | — |  |  | 166.6 |  |  | — |  |  | (166.6 | ) |  | — |  |  | — |
Net income after royalties and dividends |  | 129.8 |  |  | 129.8 |  |  | 37.4 |  |  | 124.2 |  |  | (291.4 | ) |  | 129.8 |
Other comprehensive income (loss) |  | (6.7 | ) |  | (6.7 | ) |  | (7.9 | ) |  | (10.7 | ) |  | 25.3 |  |  | (6.7 | )
Comprehensive income |  | $ | 123.1 |  |  | $ | 123.1 |  |  | $ | 29.5 |  |  | $ | 113.5 |  |  | $ | (266.1 | ) |  | $ | 123.1 |
(a) | Earnings (loss) from equity in subsidiaries as previously reported was $134.4 million and was adjusted by $4.6 million due to the error as disclosed in Note 1.
(b) | Earnings (loss) from equity in subsidiaries as previously reported was $191.3 million and was adjusted by $4.6 million due to the error as disclosed in Note 1.
(c) | Cost of goods sold as previously reported was $1,431.7 million and increased by $8.4 million due to the error disclosed in Note 1. Income tax expense as previously reported was $15.9 million and decreased by $3.8 million due to the error disclosed in Note 1.
|  | Holdings |  | AAM Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elims |  | Consolidated
2013 |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  |  |  |  |  |  |  |  |  |  |  |
External |  | $ | — |  |  | $ | 574.2 |  |  | $ | 170.5 |  |  | $ | 1,631.3 |  |  | $ | — |  |  | $ | 2,376.0 |
Intercompany |  | — |  |  | 13.0 |  |  | 169.1 |  |  | 9.0 |  |  | (191.1 | ) |  | — |
Total net sales |  | — |  |  | 587.2 |  |  | 339.6 |  |  | 1,640.3 |  |  | (191.1 | ) |  | 2,376.0 |
Cost of goods sold |  | — |  |  | 566.3 |  |  | 293.3 |  |  | 1,355.7 |  |  | (191.1 | ) |  | 2,024.2 |
Gross profit |  | — |  |  | 20.9 |  |  | 46.3 |  |  | 284.6 |  |  | — |  |  | 351.8 |
Selling, general and administrative expenses |  | — |  |  | 149.3 |  |  | — |  |  | 28.6 |  |  | — |  |  | 177.9 |
Operating income (loss) |  | — |  |  | (128.4 | ) |  | 46.3 |  |  | 256.0 |  |  | — |  |  | 173.9 |
Non-operating income (expense), net |  | — |  |  | (101.4 | ) |  | 7.9 |  |  | (6.6 | ) |  | — |  |  | (100.1 | )
Income (loss) before income taxes |  | — |  |  | (229.8 | ) |  | 54.2 |  |  | 249.4 |  |  | — |  |  | 73.8 |
Income tax expense (benefit) |  | — |  |  | (13.0 | ) |  | — |  |  | 22.1 |  |  | — |  |  | 9.1 |
Earnings (loss) from equity in subsidiaries |  | 64.7 |  |  | 115.6 |  |  | (14.4 | ) |  | — |  |  | (165.9 | ) |  | — |
Net income (loss) before royalties and dividends |  | 64.7 |  |  | (101.2 | ) |  | 39.8 |  |  | 227.3 |  |  | (165.9 | ) |  | 64.7 |
Royalties and dividends |  | — |  |  | 165.9 |  |  | — |  |  | (165.9 | ) |  | — |  |  | — |
Net income after royalties and dividends |  | 64.7 |  |  | 64.7 |  |  | 39.8 |  |  | 61.4 |  |  | (165.9 | ) |  | 64.7 |
Other comprehensive loss |  | (0.8 | ) |  | (0.8 | ) |  | (14.4 | ) |  | (17.8 | ) |  | 33.0 |  |  | (0.8 | )
Comprehensive income |  | $ | 63.9 |  |  | $ | 63.9 |  |  | $ | 25.4 |  |  | $ | 43.6 |  |  | $ | (132.9 | ) |  | $ | 63.9 |
Condensed Consolidating Balance Sheets |  |  |  |  |  |  |  |  |  |
(in millions) |  |  |  |  |  |  |  |  |  |  |  |
|  | Holdings |  | AAM Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elims |  | Consolidated
September 30, 2014 |  | (a) |  | (b) |  |  |  | (c) |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 39.2 |  |  | $ | — |  |  | $ | 179.8 |  |  | $ | — |  |  | $ | 219.0 |
Accounts receivable, net |  | — |  |  | 164.3 |  |  | 28.6 |  |  | 407.3 |  |  | — |  |  | 600.2 |
Intercompany receivables |  | — |  |  | 170.9 |  |  | 164.0 |  |  | 10.1 |  |  | (345.0 | ) |  | — |
Inventories, net |  | — |  |  | 62.3 |  |  | 32.1 |  |  | 154.8 |  |  | — |  |  | 249.2 |
Other current assets |  | — |  |  | 39.9 |  |  | 3.0 |  |  | 67.9 |  |  | — |  |  | 110.8 |
Total current assets |  | — |  |  | 476.6 |  |  | 227.7 |  |  | 819.9 |  |  | (345.0 | ) |  | 1,179.2 |
Property, plant and equipment, net |  | — |  |  | 227.0 |  |  | 86.5 |  |  | 753.2 |  |  | — |  |  | 1,066.7 |
Goodwill |  | — |  |  | — |  |  | 147.9 |  |  | 7.7 |  |  | — |  |  | 155.6 |
Intercompany notes and accounts receivable |  | — |  |  | 327.3 |  |  | 216.8 |  |  | — |  |  | (544.1 | ) |  | — |
Other assets and deferred charges |  | — |  |  | 665.0 |  |  | 45.8 |  |  | 115.6 |  |  | — |  |  | 826.4 |
Investment in subsidiaries |  | 495.0 |  |  | 1,401.4 |  |  | — |  |  | — |  |  | (1,896.4 | ) |  | — |
Total assets |  | $ | 495.0 |  |  | $ | 3,097.3 |  |  | $ | 724.7 |  |  | $ | 1,696.4 |  |  | $ | (2,785.5 | ) |  | $ | 3,227.9 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | — |  |  | $ | 8.4 |  |  | $ | — |  |  | $ | 8.7 |  |  | $ | — |  |  | $ | 17.1 |
Accounts payable |  | — |  |  | 156.0 |  |  | 47.3 |  |  | 293.0 |  |  | — |  |  | 496.3 |
Intercompany payables |  | — |  |  | 153.7 |  |  | 125.2 |  |  | 62.2 |  |  | (341.1 | ) |  | — |
Other current liabilities |  | — |  |  | 117.4 |  |  | 5.4 |  |  | 102.3 |  |  | — |  |  | 225.1 |
Total current liabilities |  | — |  |  | 435.5 |  |  | 177.9 |  |  | 466.2 |  |  | (341.1 | ) |  | 738.5 |
Intercompany notes and accounts payable |  | 323.4 |  |  | 3.9 |  |  | — |  |  | 220.7 |  |  | (548.0 | ) |  | — |
Long-term debt |  | — |  |  | 1,485.9 |  |  | 5.0 |  |  | 34.6 |  |  | — |  |  | 1,525.5 |
Investment in subsidiaries obligation |  | — |  |  | — |  |  | 34.4 |  |  | — |  |  | (34.4 | ) |  | — |
Other long-term liabilities |  | — |  |  | 677.0 |  |  | 0.6 |  |  | 114.7 |  |  | — |  |  | 792.3 |
Total liabilities |  | 323.4 |  |  | 2,602.3 |  |  | 217.9 |  |  | 836.2 |  |  | (923.5 | ) |  | 3,056.3 |
Total stockholders’ equity |  | 171.6 |  |  | 495.0 |  |  | 506.8 |  |  | 860.2 |  |  | (1,862.0 | ) |  | 171.6 |
Total liabilities and stockholders’ equity |  | $ | 495.0 |  |  | $ | 3,097.3 |  |  | $ | 724.7 |  |  | $ | 1,696.4 |  |  | $ | (2,785.5 | ) |  | $ | 3,227.9 |
(a) | Investments in subsidiaries as previously reported was $492.7 million and was adjusted by $2.3 million due to the error as disclosed in Note 1.
(b) | Investments in subsidiaries as previously reported was $1,399.1 million and was adjusted by $2.3 million due to the error as disclosed in Note 1.
(c) | Other current assets as previously reported was $65.6 million and increased by $2.3 million due to the error as disclosed in Note 1.
|  | 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 |
Intercompany receivables |  | — |  |  | 180.5 |  |  | 116.6 |  |  | 9.2 |  |  | (306.3 | ) |  | — |
Inventories, net |  | — |  |  | 62.4 |  |  | 34.2 |  |  | 165.2 |  |  | — |  |  | 261.8 |
Other current assets |  | — |  |  | 43.8 |  |  | 3.2 |  |  | 75.0 |  |  | — |  |  | 122.0 |
Total current assets |  | — |  |  | 426.3 |  |  | 179.6 |  |  | 696.7 |  |  | (306.3 | ) |  | 996.3 |
Property, plant and equipment, net |  | — |  |  | 239.8 |  |  | 83.0 |  |  | 735.7 |  |  | — |  |  | 1,058.5 |
Goodwill |  | — |  |  | — |  |  | 147.8 |  |  | 8.6 |  |  | — |  |  | 156.4 |
Intercompany notes and accounts receivable |  | — |  |  | 327.0 |  |  | 201.5 |  |  | — |  |  | (528.5 | ) |  | — |
Other assets and deferred charges |  | — |  |  | 671.7 |  |  | 44.8 |  |  | 99.8 |  |  | — |  |  | 816.3 |
Investment in subsidiaries |  | 363.7 |  |  | 1,240.1 |  |  | — |  |  | — |  |  | (1,603.8 | ) |  | — |
Total assets |  | $ | 363.7 |  |  | $ | 2,904.9 |  |  | $ | 656.7 |  |  | $ | 1,540.8 |  |  | $ | (2,438.6 | ) |  | $ | 3,027.5 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | — |  |  | $ | 106.2 |  |  | $ | 44.5 |  |  | $ | 286.7 |  |  | $ | — |  |  | $ | 437.4 |
Intercompany payables |  | — |  |  | 117.4 |  |  | 98.6 |  |  | 90.3 |  |  | (306.3 | ) |  | — |
Other current liabilities |  | — |  |  | 120.4 |  |  | 4.1 |  |  | 96.8 |  |  | — |  |  | 221.3 |
Total current liabilities |  | — |  |  | 344.0 |  |  | 147.2 |  |  | 473.8 |  |  | (306.3 | ) |  | 658.7 |
Intercompany notes and accounts payable |  | 323.2 |  |  | 3.7 |  |  | — |  |  | 201.6 |  |  | (528.5 | ) |  | — |
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 |  | 323.2 |  |  | 2,541.2 |  |  | 168.2 |  |  | 804.4 |  |  | (850.0 | ) |  | 2,987.0 |
Total stockholders’ equity |  | 40.5 |  |  | 363.7 |  |  | 488.5 |  |  | 736.4 |  |  | (1,588.6 | ) |  | 40.5 |
Total liabilities and stockholders’ equity |  | $ | 363.7 |  |  | $ | 2,904.9 |  |  | $ | 656.7 |  |  | $ | 1,540.8 |  |  | $ | (2,438.6 | ) |  | $ | 3,027.5 |
Condensed Consolidating Statements of Cash Flows |  |  |  |  |  |  |  |
Nine Months Ended September 30, |  |  |  |  |  |  |  |  |  |  |  |
(in millions) |  |  |  |  |  |  |  |  |  |  |  |
|  | Holdings |  | AAM Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elims |  | Consolidated
2014 |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities |  | $ | (0.1 | ) |  | $ | 32.6 |  |  | $ | 33.1 |  |  | $ | 166.0 |  |  | $ | — |  |  | $ | 231.6 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  | — |  |  | (32.7 | ) |  | (13.7 | ) |  | (109.8 | ) |  | — |  |  | (156.2 | )
Proceeds from sale of property, plant and equipment |  | — |  |  | 7.8 |  |  | 0.2 |  |  | 0.5 |  |  | — |  |  | 8.5 |
Intercompany activity |  | — |  |  | — |  |  | (19.3 | ) |  | — |  |  | 19.3 |  |  | — |
Net cash used in investing activities |  | — |  |  | (24.9 | ) |  | (32.8 | ) |  | (109.3 | ) |  | 19.3 |  |  | (147.7 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net debt activity |  | — |  |  | (5.9 | ) |  | (0.3 | ) |  | (10.5 | ) |  | — |  |  | (16.7 | )
Debt issuance costs |  | — |  |  | (0.3 | ) |  | — |  |  | — |  |  | — |  |  | (0.3 | )
Employee stock option exercises |  | — |  |  | 1.2 |  |  | — |  |  | — |  |  | — |  |  | 1.2 |
Purchase of treasury stock |  | (0.3 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.3 | )
Intercompany activity |  | 0.4 |  |  | (0.4 | ) |  | — |  |  | 19.3 |  |  | (19.3 | ) |  | — |
Net cash provided by (used in) financing activities |  | 0.1 |  |  | (5.4 | ) |  | (0.3 | ) |  | 8.8 |  |  | (19.3 | ) |  | (16.1 | )
Effect of exchange rate changes on cash |  | — |  |  | — |  |  | — |  |  | (2.8 | ) |  | — |  |  | (2.8 | )
Net increase in cash and cash equivalents |  | — |  |  | 2.3 |  |  | — |  |  | 62.7 |  |  | — |  |  | 65.0 |
Cash and cash equivalents at beginning of period |  | — |  |  | 36.9 |  |  | — |  |  | 117.1 |  |  | — |  |  | 154.0 |
Cash and cash equivalents at end of period |  | $ | — |  |  | $ | 39.2 |  |  | $ | — |  |  | $ | 179.8 |  |  | $ | — |  |  | $ | 219.0 |
|  | Holdings |  | AAM Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elims |  | Consolidated
2013 |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities |  | $ | 0.6 |  |  | $ | (55.4 | ) |  | $ | 46.8 |  |  | $ | 110.3 |  |  | $ | — |  |  | $ | 102.3 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  | — |  |  | (43.6 | ) |  | (7.0 | ) |  | (127.6 | ) |  | — |  |  | (178.2 | )
Proceeds from sale of property, plant and equipment |  | — |  |  | 4.9 |  |  | 0.5 |  |  | 0.4 |  |  | — |  |  | 5.8 |
Proceeds from sale-leaseback of equipment |  | — |  |  | 23.5 |  |  | — |  |  | — |  |  | — |  |  | 23.5 |
Intercompany activity |  |  |  |  |  |  |  | (40.1 | ) |  |  |  |  | 40.1 |  |  | — |
Net cash used in investing activities |  | — |  |  | (15.2 | ) |  | (46.6 | ) |  | (127.2 | ) |  | 40.1 |  |  | (148.9 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net debt activity |  | — |  |  | 97.0 |  |  | (0.2 | ) |  | 19.0 |  |  | — |  |  | 115.8 |
Debt issuance costs |  | — |  |  | (12.9 | ) |  | — |  |  | — |  |  | — |  |  | (12.9 | )
Employee stock option exercises |  | — |  |  | 0.8 |  |  | — |  |  | — |  |  | — |  |  | 0.8 |
Purchase of treasury stock |  | (0.4 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.4 | )
Intercompany activity |  | (0.2 | ) |  | 0.2 |  |  | — |  |  | 40.1 |  |  | (40.1 | ) |  | — |
Net cash provided by (used in) financing activities |  | (0.6 | ) |  | 85.1 |  |  | (0.2 | ) |  | 59.1 |  |  | (40.1 | ) |  | 103.3 |
Effect of exchange rate changes on cash |  | — |  |  | — |  |  | — |  |  | (0.5 | ) |  | — |  |  | (0.5 | )
Net increase in cash and cash equivalents |  | — |  |  | 14.5 |  |  | — |  |  | 41.7 |  |  | — |  |  | 56.2 |
Cash and cash equivalents at beginning of period |  | — |  |  | 10.6 |  |  | — |  |  | 51.8 |  |  | — |  |  | 62.4 |
Cash and cash equivalents at end of period |  | $ | — |  |  | $ | 25.1 |  |  | $ | — |  |  | $ | 93.5 |  |  | $ | — |  |  | $ | 118.6 |

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