Supplemental Guarantor Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2015

Supplemental Guarantor Condensed Consolidating Financial Statements [Abstract]

Supplemental Guarantor Consolidating Income Statement [Table Text Block]




	Holdings		AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2014
Net sales
External	$	—	$	227.9		$	58.0		$	572.9		$	—		$	858.8
Intercompany	—		2.8			58.1			5.9			(66.8		)	—
Total net sales	—		230.7			116.1			578.8			(66.8		)	858.8
Cost of goods sold	—		231.9			99.6			472.2			(66.8		)	736.9
Gross profit (loss)	—		(1.2		)	16.5			106.6			—			121.9
Selling, general and administrative expenses	—		48.6			0.1			8.4			—			57.1
Operating income (loss)	—		(49.8		)	16.4			98.2			—			64.8
Non-operating income (expense), net	—		(25.8		)	2.7			(1.1		)	—			(24.2		)
Income (loss) before income taxes	—		(75.6		)	19.1			97.1			—			40.6
Income tax expense	—		0.4			—			6.6			—			7.0
Earnings (loss) from equity in subsidiaries	33.6		54.5			(9.2		)	—			(78.9		)	—
Net income (loss) before royalties and dividends	33.6		(21.5		)	9.9			90.5			(78.9		)	33.6
Royalties and dividends	—		55.1			—			(55.1		)	—			—
Net income after royalties and dividends	33.6		33.6			9.9			35.4			(78.9		)	33.6
Other comprehensive income	13.8		13.8			7.8			8.9			(30.5		)	13.8
Comprehensive income	$	47.4	$	47.4		$	17.7		$	44.3		$	(109.4	)	$	47.4



Condensed Consolidating Statements of Income
Three Months Ended March 31,
(in millions)
	Holdings			AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2015
Net sales
External	$	—		$	274.9		$	57.2		$	637.0		$	—		$	969.1
Intercompany	—			3.1			64.4			4.6			(72.1		)	—
Total net sales	—			278.0			121.6			641.6			(72.1		)	969.1
Cost of goods sold	—			270.9			100.7			516.8			(72.1		)	816.3
Gross profit	—			7.1			20.9			124.8			—			152.8
Selling, general and administrative expenses	—			59.5			—			9.0			—			68.5
Operating income (loss)	—			(52.4		)	20.9			115.8			—			84.3
Non-operating income (expense), net	—			(25.4		)	2.3			1.2			—			(21.9		)
Income (loss) before income taxes	—			(77.8		)	23.2			117.0			—			62.4
Income tax expense (benefit)	—			4.5			(0.4		)	5.1			—			9.2
Earnings (loss) from equity in subsidiaries	53.2			74.9			(6.0		)	—			(122.1		)	—
Net income (loss) before royalties and dividends	53.2			(7.4		)	17.6			111.9			(122.1		)	53.2
Royalties and dividends	—			60.6			—			(60.6		)	—			—
Net income after royalties and dividends	53.2			53.2			17.6			51.3			(122.1		)	53.2
Other comprehensive loss	(28.1		)	(28.1		)	(27.0		)	(28.7		)	83.8			(28.1		)
Comprehensive income (loss)	$	25.1		$	25.1		$	(9.4	)	$	22.6		$	(38.3	)	$	25.1

Supplemental Guarantor Consolidating Balance Sheet [Table Text Block]




	Holdings		AAM Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Elims			Consolidated
December 31, 2014
Assets
Current assets
Cash and cash equivalents	$	—	$	69.7	$	—	$	179.5	$	—		$	249.2
Accounts receivable, net	—		137.5		23.9		371.3		—			532.7
Intercompany receivables	—		231.0		174.1		10.0		(415.1		)	—
Inventories, net	—		64.9		32.3		151.6		—			248.8
Other current assets	—		53.6		2.6		52.6		—			108.8
Total current assets	—		556.7		232.9		765.0		(415.1		)	1,139.5
Property, plant and equipment, net	—		230.0		87.9		743.2		—			1,061.1
Goodwill	—		—		147.9		7.1		—			155.0
Intercompany notes and accounts receivable	—		509.4		219.1		—		(728.5		)	—
Other assets and deferred charges	—		736.6		45.7		121.3		—			903.6
Investment in subsidiaries	433.8		1,134.6		—		—		(1,568.4		)	—
Total assets	$	433.8	$	3,167.3	$	733.5	$	1,636.6	$	(2,712.0	)	$	3,259.2
Liabilities and stockholders’ equity
Current liabilities
Current portion of long-term debt	$	—	$	9.4	$	—	$	3.6	$	—		$	13.0
Accounts payable	—		127.3		38.9		278.1		—			444.3
Intercompany payables	—		177.0		105.3		132.8		(415.1		)	—
Other current liabilities	—		121.0		4.4		104.5		—			229.9
Total current liabilities	—		434.7		148.6		519.0		(415.1		)	687.2
Intercompany notes and accounts payable	320.4		6.9		—		401.2		(728.5		)	—
Long-term debt	—		1,483.1		4.9		35.4		—			1,523.4
Investment in subsidiaries obligation	—		—		53.8		—		(53.8		)	—
Other long-term liabilities	—		808.8		0.6		125.8		—			935.2
Total liabilities	320.4		2,733.5		207.9		1,081.4		(1,197.4		)	3,145.8
Total stockholders’ equity	113.4		433.8		525.6		555.2		(1,514.6		)	113.4
Total liabilities and stockholders’ equity	$	433.8	$	3,167.3	$	733.5	$	1,636.6	$	(2,712.0	)	$	3,259.2



Condensed Consolidating Balance Sheets
(in millions)
	Holdings		AAM Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Elims			Consolidated
March 31, 2015
Assets
Current assets
Cash and cash equivalents	$	—	$	80.1	$	—	$	125.6	$	—		$	205.7
Accounts receivable, net	—		165.9		30.4		471.7		—			668.0
Intercompany receivables	—		212.7		194.7		9.4		(416.8		)	—
Inventories, net	—		67.4		31.7		139.4		—			238.5
Other current assets	—		55.3		2.5		54.0		—			111.8
Total current assets	—		581.4		259.3		800.1		(416.8		)	1,224.0
Property, plant and equipment, net	—		224.8		86.9		728.3		—			1,040.0
Goodwill	—		—		147.9		6.4		—			154.3
Intercompany notes and accounts receivable	—		489.9		226.0		—		(715.9		)	—
Other assets and deferred charges	—		719.8		47.0		122.7		—			889.5
Investment in subsidiaries	463.1		1,173.8		—		—		(1,636.9		)	—
Total assets	$	463.1	$	3,189.7	$	767.1	$	1,657.5	$	(2,769.6	)	$	3,307.8
Liabilities and stockholders’ equity
Current liabilities
Current portion of long-term debt	$	—	$	10.3	$	—	$	3.6	$	—		$	13.9
Accounts payable	—		143.1		45.8		300.9		—			489.8
Intercompany payables	—		191.0		114.9		110.9		(416.8		)	—
Other current liabilities	—		108.4		5.2		114.7		—			228.3
Total current liabilities	—		452.8		165.9		530.1		(416.8		)	732.0
Intercompany notes and accounts payable	320.8		6.9		—		388.2		(715.9		)	—
Long-term debt	—		1,480.3		4.9		35.6		—			1,520.8
Investment in subsidiaries obligation	—		—		83.6		—		(83.6		)	—
Other long-term liabilities	—		786.6		0.7		125.4		—			912.7
Total liabilities	320.8		2,726.6		255.1		1,079.3		(1,216.3		)	3,165.5
Total stockholders’ equity	142.3		463.1		512.0		578.2		(1,553.3		)	142.3
Total liabilities and stockholders’ equity	$	463.1	$	3,189.7	$	767.1	$	1,657.5	$	(2,769.6	)	$	3,307.8

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




	Holdings			AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2014
Net cash provided by (used in) operating activities	$	—		$	(25.8	)	$	14.8		$	(44.5	)	$	—		$	(55.5	)
Investing activities
Purchases of property, plant and equipment	—			(9.3		)	(2.7		)	(35.9		)	—			(47.9		)
Proceeds from sale of property, plant and equipment	—			7.7			—			0.2			—			7.9
Intercompany activity	—			—			(12.0		)	—			12.0			—
Net cash used in investing activities	—			(1.6		)	(14.7		)	(35.7		)	12.0			(40.0		)
Financing activities
Net debt activity	—			(0.1		)	(0.1		)	20.8			—			20.6
Debt issuance costs	—			(0.2		)	—			—			—			(0.2		)
Employee stock option exercises	—			0.6			—			—			—			0.6
Purchase of treasury stock	(0.3		)	—			—			—			—			(0.3		)
Intercompany activity	0.3			(0.3		)	—			12.0			(12.0		)	—
Net cash provided by (used in) financing activities	—			—			(0.1		)	32.8			(12.0		)	20.7
Effect of exchange rate changes on cash	—			—			—			0.4			—			0.4
Net decrease in cash and cash equivalents	—			(27.4		)	—			(47.0		)	—			(74.4		)
Cash and cash equivalents at beginning of period	—			36.9			—			117.1			—			154.0
Cash and cash equivalents at end of period	$	—		$	9.5		$	—		$	70.1		$	—		$	79.6



Condensed Consolidating Statements of Cash Flows
Three Months Ended March 31,
(in millions)
	Holdings			AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2015
Net cash provided by (used in) operating activities	$	—		$	19.7		$	11.2		$	(24.5	)	$	—		$	6.4
Investing activities
Purchases of property, plant and equipment	—			(7.5		)	(2.1		)	(34.0		)	—			(43.6		)
Proceeds from sale of property, plant and equipment	—			0.1			—			—			—			0.1
Intercompany activity	—			—			(9.0		)	—			9.0			—
Net cash used in investing activities	—			(7.4		)	(11.1		)	(34.0		)	9.0			(43.5		)
Financing activities
Net debt activity	—			(2.0		)	(0.1		)	0.9			—			(1.2		)
Employee stock option exercises	—			0.4			—			—			—			0.4
Purchase of treasury stock	(0.3		)	—			—			—			—			(0.3		)
Intercompany activity	0.3			(0.3		)	—			9.0			(9.0		)	—
Net cash provided by (used in) financing activities	—			(1.9		)	(0.1		)	9.9			(9.0		)	(1.1		)
Effect of exchange rate changes on cash	—			—			—			(5.3		)	—			(5.3		)
Net increase (decrease) in cash and cash equivalents	—			10.4			—			(53.9		)	—			(43.5		)
Cash and cash equivalents at beginning of period	—			69.7			—			179.5			—			249.2
Cash and cash equivalents at end of period	$	—		$	80.1		$	—		$	125.6		$	—		$	205.7