Supplemental Guarantor Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 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	$	—	$	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	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
Three Months Ended June 30,
(in millions)
	Holdings		AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2015
Net sales
External	$	—	$	298.7		$	56.7		$	648.6		$	—		$	1,004.0
Intercompany	—		2.4			65.9			5.3			(73.6		)	—
Total net sales	—		301.1			122.6			653.9			(73.6		)	1,004.0
Cost of goods sold	—		292.7			99.7			520.7			(73.6		)	839.5
Gross profit	—		8.4			22.9			133.2			—			164.5
Selling, general and administrative expenses	—		60.1			—			10.5			—			70.6
Operating income (loss)	—		(51.7		)	22.9			122.7			—			93.9
Non-operating income (expense), net	—		(25.3		)	2.8			0.1			—			(22.4		)
Income (loss) before income taxes	—		(77.0		)	25.7			122.8			—			71.5
Income tax expense	—		7.5			0.1			5.3			—			12.9
Earnings (loss) from equity in subsidiaries	58.6		81.6			(3.4		)	—			(136.8		)	—
Net income (loss) before royalties and dividends	58.6		(2.9		)	22.2			117.5			(136.8		)	58.6
Royalties and dividends	—		61.5			—			(61.5		)	—			—
Net income after royalties and dividends	58.6		58.6			22.2			56.0			(136.8		)	58.6
Other comprehensive income (loss)	2.7		2.7			(0.2		)	(0.3		)	(2.2		)	2.7
Comprehensive income	$	61.3	$	61.3		$	22.0		$	55.7		$	(139.0	)	$	61.3

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
June 30, 2015
Assets
Current assets
Cash and cash equivalents	$	—	$	126.9	$	—	$	174.4	$	—		$	301.3
Accounts receivable, net	—		158.3		27.1		453.5		—			638.9
Intercompany receivables	—		223.6		217.9		8.8		(450.3		)	—
Inventories, net	—		68.5		29.1		140.3		—			237.9
Other current assets	—		51.3		2.4		60.2		—			113.9
Total current assets	—		628.6		276.5		837.2		(450.3		)	1,292.0
Property, plant and equipment, net	—		220.6		86.4		734.5		—			1,041.5
Goodwill	—		—		147.8		6.8		—			154.6
Intercompany notes and accounts receivable	—		473.1		233.6		—		(706.7		)	—
Other assets and deferred charges	—		712.2		46.8		113.5		—			872.5
Investment in subsidiaries	529.0		1,245.2		—		—		(1,774.2		)	—
Total assets	$	529.0	$	3,279.7	$	791.1	$	1,692.0	$	(2,931.2	)	$	3,360.6
Liabilities and Stockholders’ Equity
Current liabilities
Current portion of long-term debt	$	—	$	11.3	$	—	$	3.5	$	—		$	14.8
Accounts payable	—		152.2		43.7		294.6		—			490.5
Intercompany payables	—		202.2		132.5		115.6		(450.3		)	—
Other current liabilities	—		117.3		4.2		110.8		—			232.3
Total current liabilities	—		483.0		180.4		524.5		(450.3		)	737.6
Intercompany notes and accounts payable	323.8		6.9		—		376.0		(706.7		)	—
Long-term debt	—		1,477.5		4.8		34.0		—			1,516.3
Investment in subsidiaries obligation	—		—		83.6		—		(83.6		)	—
Other long-term liabilities	—		783.3		0.5		117.7		—			901.5
Total liabilities	323.8		2,750.7		269.3		1,052.2		(1,240.6		)	3,155.4
Total stockholders’ equity	205.2		529.0		521.8		639.8		(1,690.6		)	205.2
Total liabilities and stockholders’ equity	$	529.0	$	3,279.7	$	791.1	$	1,692.0	$	(2,931.2	)	$	3,360.6

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	$	—		$	(0.6	)	$	21.8		$	61.2		$	—		$	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
Intercompany activity	—			—			(15.3		)	—			15.3			—
Net cash used in investing activities	—			(11.9		)	(21.6		)	(77.2		)	15.3			(95.4		)
Financing activities
Net debt activity	—			(3.0		)	(0.2		)	(10.2		)	—			(13.4		)
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	0.3			(0.3		)	—			15.3			(15.3		)	—
Net cash provided by (used in) financing activities	—			(2.4		)	(0.2		)	5.1			(15.3		)	(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



Condensed Consolidating Statements of Cash Flows
Six Months Ended June 30,
(in millions)
	Holdings			AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2015
Net cash provided by operating activities	$	—		$	80.7		$	23.1		$	50.5		$	—		$	154.3
Investing activities
Purchases of property, plant and equipment	—			(17.5		)	(4.9		)	(69.0		)	—			(91.4		)
Proceeds from sale of property, plant and equipment	—			0.1			—			—			—			0.1
Intercompany activity	—			—			(18.0		)	—			18.0			—
Net cash used in investing activities	—			(17.4		)	(22.9		)	(69.0		)	18.0			(91.3		)
Financing activities
Net debt activity	—			(3.8		)	(0.2		)	(0.4		)	—			(4.4		)
Employee stock option exercises	—			0.4			—			—			—			0.4
Purchase of treasury stock	(2.7		)	—			—			—			—			(2.7		)
Intercompany activity	2.7			(2.7		)	—			18.0			(18.0		)	—
Net cash provided by (used in) financing activities	—			(6.1		)	(0.2		)	17.6			(18.0		)	(6.7		)
Effect of exchange rate changes on cash	—			—			—			(4.2		)	—			(4.2		)
Net increase (decrease) in cash and cash equivalents	—			57.2			—			(5.1		)	—			52.1
Cash and cash equivalents at beginning of period	—			69.7			—			179.5			—			249.2
Cash and cash equivalents at end of period	$	—		$	126.9		$	—		$	174.4		$	—		$	301.3