Supplemental Guarantor Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2015

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
2015
Net sales
External	$	—		$	866.0		$	165.0		$	1,913.7		$	—		$	2,944.7
Intercompany	—			7.6			196.3			14.3			(218.2		)	—
Total net sales	—			873.6			361.3			1,928.0			(218.2		)	2,944.7
Cost of goods sold	—			846.9			295.3			1,545.1			(218.2		)	2,469.1
Gross profit	—			26.7			66.0			382.9			—			475.6
Selling, general and administrative expenses	—			179.9			—			24.7			—			204.6
Operating income (loss)	—			(153.2		)	66.0			358.2			—			271.0
Non-operating income (expense), net	—			(73.1		)	7.4			3.9			—			(61.8		)
Income (loss) before income taxes	—			(226.3		)	73.4			362.1			—			209.2
Income tax expense (benefit)	—			18.1			(0.2		)	18.6			—			36.5
Earnings (loss) from equity in subsidiaries	172.7			236.4			(12.9		)	—			(396.2		)	—
Net income (loss) before royalties and dividends	172.7			(8.0		)	60.7			343.5			(396.2		)	172.7
Royalties and dividends	—			180.7			—			(180.7		)	—			—
Net income after royalties and dividends	172.7			172.7			60.7			162.8			(396.2		)	172.7
Other comprehensive loss	(68.7		)	(68.7		)	(61.0		)	(69.7		)	199.4			(68.7		)
Comprehensive income	$	104.0		$	104.0		$	(0.3	)	$	93.1		$	(196.8	)	$	104.0




	Holdings			AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2014
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 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
2014
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



Condensed Consolidating Statements of Income
Three Months Ended September 30,
(in millions)
	Holdings			AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2015
Net sales
External	$	—		$	292.4		$	51.1		$	628.1		$	—		$	971.6
Intercompany	—			2.1			66.0			4.4			(72.5		)	—
Total net sales	—			294.5			117.1			632.5			(72.5		)	971.6
Cost of goods sold	—			283.3			95.0			507.5			(72.5		)	813.3
Gross profit	—			11.2			22.1			125.0			—			158.3
Selling, general and administrative expenses	—			60.3			—			5.2			—			65.5
Operating income (loss)	—			(49.1		)	22.1			119.8			—			92.8
Non-operating income (expense), net	—			(22.4		)	2.3			2.6			—			(17.5		)
Income (loss) before income taxes	—			(71.5		)	24.4			122.4			—			75.3
Income tax expense	—			6.1			0.1			8.2			—			14.4
Earnings (loss) from equity in subsidiaries	60.9			79.9			(3.5		)	—			(137.3		)	—
Net income before royalties and dividends	60.9			2.3			20.8			114.2			(137.3		)	60.9
Royalties and dividends	—			58.6			—			(58.6		)	—			—
Net income after royalties and dividends	60.9			60.9			20.8			55.6			(137.3		)	60.9
Other comprehensive loss	(43.3		)	(43.3		)	(33.8		)	(40.7		)	117.8			(43.3		)
Comprehensive income (loss)	$	17.6		$	17.6		$	(13.0	)	$	14.9		$	(19.5	)	$	17.6

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, 2015
Assets
Current assets
Cash and cash equivalents	$	—	$	205.8	$	—	$	159.8	$	—		$	365.6
Accounts receivable, net	—		155.6		25.6		460.1		—			641.3
Intercompany receivables	—		229.1		235.6		9.1		(473.8		)	—
Inventories, net	—		63.2		28.9		140.9		—			233.0
Other current assets	—		50.4		2.6		61.7		—			114.7
Total current assets	—		704.1		292.7		831.6		(473.8		)	1,354.6
Property, plant and equipment, net	—		218.1		85.4		720.9		—			1,024.4
Goodwill	—		—		147.8		6.7		—			154.5
Intercompany notes and accounts receivable	—		413.5		242.4		—		(655.9		)	—
Other assets and deferred charges	—		703.0		46.6		115.4		—			865.0
Investment in subsidiaries	550.9		1,275.1		—		—		(1,826.0		)	—
Total assets	$	550.9	$	3,313.8	$	814.9	$	1,674.6	$	(2,955.7	)	$	3,398.5
Liabilities and Stockholders’ Equity
Current liabilities
Current portion of long-term debt	$	—	$	15.9	$	—	$	3.3	$	—		$	19.2
Accounts payable	—		142.6		39.9		297.3		—			479.8
Intercompany payables	—		215.0		146.6		112.2		(473.8		)	—
Other current liabilities	—		136.2		4.5		121.9		—			262.6
Total current liabilities	—		509.7		191.0		534.7		(473.8		)	761.6
Intercompany notes and accounts payable	324.1		6.9		—		324.9		(655.9		)	—
Long-term debt	—		1,470.0		4.6		33.5		—			1,508.1
Investment in subsidiaries obligation	—		—		116.0		—		(116.0		)	—
Other long-term liabilities	—		776.3		0.6		125.1		—			902.0
Total liabilities	324.1		2,762.9		312.2		1,018.2		(1,245.7		)	3,171.7
Total stockholders’ equity	226.8		550.9		502.7		656.4		(1,710.0		)	226.8
Total liabilities and stockholders’ equity	$	550.9	$	3,313.8	$	814.9	$	1,674.6	$	(2,955.7	)	$	3,398.5




	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

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



Condensed Consolidating Statements of Cash Flows
Nine Months Ended September 30,
(in millions)
	Holdings			AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2015
Net cash provided by operating activities	$	—		$	171.8		$	36.2		$	60.1		$	—		$	268.1
Investing activities
Purchases of property, plant and equipment	—			(26.7		)	(7.4		)	(98.0		)	—			(132.1		)
Proceeds from sale of property, plant and equipment	—			0.1			—			0.1			—			0.2
Intercompany activity	—			—			(28.5		)	—			28.5			—
Net cash used in investing activities	—			(26.6		)	(35.9		)	(97.9		)	28.5			(131.9		)
Financing activities
Net debt activity	—			(6.7		)	(0.3		)	1.3			—			(5.7		)
Employee stock option exercises	—			0.5			—			—			—			0.5
Purchase of treasury stock	(2.9		)	—			—			—			—			(2.9		)
Intercompany activity	2.9			(2.9		)	—			28.5			(28.5		)	—
Net cash provided by (used in) financing activities	—			(9.1		)	(0.3		)	29.8			(28.5		)	(8.1		)
Effect of exchange rate changes on cash	—			—			—			(11.7		)	—			(11.7		)
Net increase (decrease) in cash and cash equivalents	—			136.1			—			(19.7		)	—			116.4
Cash and cash equivalents at beginning of period	—			69.7			—			179.5			—			249.2
Cash and cash equivalents at end of period	$	—		$	205.8		$	—		$	159.8		$	—		$	365.6




	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