Supplemental Guarantor Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2014

Supplemental Guarantor Condensed Consolidating Financial Statements [Abstract]

Supplemental Guarantor Consolidating Income Statement [Table Text Block]



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




	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
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




	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

Supplemental Guarantor Consolidating Balance Sheet [Table Text Block]



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




	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

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




	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



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