Supplemental Guarantor Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2016

Supplemental Guarantor Condensed Consolidating Financial Statements [Abstract]

Supplemental Guarantor Consolidating Income Statement [Table Text Block]



Condensed Consolidating Statements of Income
Three Months Ended June 30,
(in millions)
	Holdings			AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2016
Net sales
External	$	—		$	308.4		$	56.7		$	660.3		$	—		$	1,025.4
Intercompany	—			2.8			63.3			4.1			(70.2		)	—
Total net sales	—			311.2			120.0			664.4			(70.2		)	1,025.4
Cost of goods sold	—			291.8			96.9			515.5			(70.2		)	834.0
Gross profit	—			19.4			23.1			148.9			—			191.4
Selling, general and administrative expenses	—			70.2			—			9.7			—			79.9
Operating income (loss)	—			(50.8		)	23.1			139.2			—			111.5
Non-operating income (expense), net	—			(23.5		)	2.5			1.2			—			(19.8		)
Income (loss) before income taxes	—			(74.3		)	25.6			140.4			—			91.7
Income tax expense	—			13.2			0.1			7.4			—			20.7
Earnings (loss) from equity in subsidiaries	71.0			86.3			(11.3		)	—			(146.0		)	—
Net income (loss) before royalties	71.0			(1.2		)	14.2			133.0			(146.0		)	71.0
Royalties	—			72.2			—			(72.2		)	—			—
Net income after royalties	71.0			71.0			14.2			60.8			(146.0		)	71.0
Other comprehensive income (loss), net of tax	(4.4		)	(4.4		)	6.5			0.4			(2.5		)	(4.4		)
Comprehensive income	$	66.6		$	66.6		$	20.7		$	61.2		$	(148.5	)	$	66.6




	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	58.6		(2.9		)	22.2			117.5			(136.8		)	58.6
Royalties	—		61.5			—			(61.5		)	—			—
Net income after royalties	58.6		58.6			22.2			56.0			(136.8		)	58.6
Other comprehensive income (loss), net of tax	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



Condensed Consolidating Statements of Income
Six Months Ended June 30,
(in millions)
	Holdings		AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2016
Net sales
External	$	—	$	591.6		$	111.5		$	1,291.5		$	—		$	1,994.6
Intercompany	—		4.4			123.0			7.8			(135.2		)	—
Total net sales	—		596.0			234.5			1,299.3			(135.2		)	1,994.6
Cost of goods sold	—		568.1			189.4			1,006.9			(135.2		)	1,629.2
Gross profit	—		27.9			45.1			292.4			—			365.4
Selling, general and administrative expenses	—		137.7			—			17.8			—			155.5
Operating income (loss)	—		(109.8		)	45.1			274.6			—			209.9
Non-operating income (expense), net	—		(47.8		)	5.5			0.5			—			(41.8		)
Income (loss) before income taxes	—		(157.6		)	50.6			275.1			—			168.1
Income tax expense	—		21.0			0.2			14.8			—			36.0
Earnings (loss) from equity in subsidiaries	132.1		179.2			(20.9		)	—			(290.4		)	—
Net income before royalties	132.1		0.6			29.5			260.3			(290.4		)	132.1
Royalties	—		131.5			—			(131.5		)	—			—
Net income after royalties	132.1		132.1			29.5			128.8			(290.4		)	132.1
Other comprehensive income, net of tax	18.2		18.2			22.2			20.2			(60.6		)	18.2
Comprehensive income	$	150.3	$	150.3		$	51.7		$	149.0		$	(351.0	)	$	150.3




	Holdings			AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2015
Net sales
External	$	—		$	573.6		$	113.9		$	1,285.6		$	—		$	1,973.1
Intercompany	—			5.5			130.3			9.9			(145.7		)	—
Total net sales	—			579.1			244.2			1,295.5			(145.7		)	1,973.1
Cost of goods sold	—			563.6			200.3			1,037.6			(145.7		)	1,655.8
Gross profit	—			15.5			43.9			257.9			—			317.3
Selling, general and administrative expenses	—			119.6			—			19.5			—			139.1
Operating income (loss)	—			(104.1		)	43.9			238.4			—			178.2
Non-operating income (expense), net	—			(50.7		)	5.1			1.3			—			(44.3		)
Income (loss) before income taxes	—			(154.8		)	49.0			239.7			—			133.9
Income tax expense (benefit)	—			12.0			(0.3		)	10.4			—			22.1
Earnings (loss) from equity in subsidiaries	111.8			156.5			(9.4		)	—			(258.9		)	—
Net income (loss) before royalties	111.8			(10.3		)	39.9			229.3			(258.9		)	111.8
Royalties	—			122.1			—			(122.1		)	—			—
Net income after royalties	111.8			111.8			39.9			107.2			(258.9		)	111.8
Other comprehensive loss, net of tax	(25.4		)	(25.4		)	(27.2		)	(29.0		)	81.6			(25.4		)
Comprehensive income	$	86.4		$	86.4		$	12.7		$	78.2		$	(177.3	)	$	86.4

Supplemental Guarantor Consolidating Balance Sheet [Table Text Block]



Condensed Consolidating Balance Sheets
(in millions)
	Holdings		AAM Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Elims			Consolidated
June 30, 2016
Assets
Current assets
Cash and cash equivalents	$	—	$	169.1	$	—	$	219.3	$	—		$	388.4
Accounts receivable, net	—		159.2		28.2		454.3		—			641.7
Intercompany receivables	—		296.5		297.0		9.1		(602.6		)	—
Inventories, net	—		53.7		28.0		145.2		—			226.9
Prepaid expenses and other	—		24.1		0.4		52.9		—			77.4
Total current assets	—		702.6		353.6		880.8		(602.6		)	1,334.4
Property, plant and equipment, net	—		213.0		95.4		772.3		—			1,080.7
Goodwill	—		—		147.8		6.6		—			154.4
Intercompany notes and accounts receivable	—		346.9		248.7		—		(595.6		)	—
Other assets and deferred charges	—		653.8		42.1		167.3		—			863.2
Investment in subsidiaries	783.3		1,487.6		—		—		(2,270.9		)	—
Total assets	$	783.3	$	3,403.9	$	887.6	$	1,827.0	$	(3,469.1	)	$	3,432.7
Liabilities and Stockholders’ Equity
Current liabilities
Current portion of long-term debt	$	—	$	—	$	—	$	3.4	$	—		$	3.4
Accounts payable	—		146.6		43.5		313.7		—			503.8
Intercompany payables	—		293.9		160.3		148.4		(602.6		)	—
Accrued expenses and other	—		123.0		4.7		117.0		—			244.7
Total current liabilities	—		563.5		208.5		582.5		(602.6		)	751.9
Intercompany notes and accounts payable	325.9		—		26.1		243.6		(595.6		)	—
Long-term debt, net	—		1,337.8		4.3		61.2		—			1,403.3
Investment in subsidiaries obligation	—		—		105.9		—		(105.9		)	—
Other long-term liabilities	—		719.3		0.5		100.3		—			820.1
Total liabilities	325.9		2,620.6		345.3		987.6		(1,304.1		)	2,975.3
Total stockholders’ equity	457.4		783.3		542.3		839.4		(2,165.0		)	457.4
Total liabilities and stockholders’ equity	$	783.3	$	3,403.9	$	887.6	$	1,827.0	$	(3,469.1	)	$	3,432.7




	Holdings		AAM Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Elims			Consolidated
December 31, 2015
Assets
Current assets
Cash and cash equivalents	$	—	$	52.0	$	—	$	230.5	$	—		$	282.5
Accounts receivable, net	—		127.2		19.7		392.2		—			539.1
Intercompany receivables	—		311.8		249.7		9.4		(570.9		)	—
Inventories, net	—		59.8		31.1		139.6		—			230.5
Prepaid expenses and other	—		30.4		0.5		41.2		—			72.1
Total current assets	—		581.2		301.0		812.9		(570.9		)	1,124.2
Property, plant and equipment, net	—		214.1		91.9		740.2		—			1,046.2
Goodwill	—		—		147.8		6.6		—			154.4
Intercompany notes and accounts receivable	—		393.5		252.2		—		(645.7		)	—
Other assets and deferred charges	—		683.6		41.4		152.9		—			877.9
Investment in subsidiaries	622.3		1,315.9		—		—		(1,938.2		)	—
Total assets	$	622.3	$	3,188.3	$	834.3	$	1,712.6	$	(3,154.8	)	$	3,202.7
Liabilities and Stockholders’ Equity
Current liabilities
Current portion of long-term debt	$	—	$	—	$	—	$	3.3	$	—		$	3.3
Accounts payable	—		103.0		35.8		273.9		—			412.7
Intercompany payables	—		248.7		154.9		167.3		(570.9		)	—
Accrued expenses and other	—		134.2		4.1		144.9		—			283.2
Total current liabilities	—		485.9		194.8		589.4		(570.9		)	699.2
Intercompany notes and accounts payable	320.8		10.3		—		314.6		(645.7		)	—
Long-term debt, net	—		1,336.5		4.5		34.7		—			1,375.7
Investment in subsidiaries obligation	—		—		111.7		—		(111.7		)	—
Other long-term liabilities	—		733.3		0.5		92.5		—			826.3
Total liabilities	320.8		2,566.0		311.5		1,031.2		(1,328.3		)	2,901.2
Total stockholders’ equity	301.5		622.3		522.8		681.4		(1,826.5		)	301.5
Total liabilities and stockholders’ equity	$	622.3	$	3,188.3	$	834.3	$	1,712.6	$	(3,154.8	)	$	3,202.7

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



Condensed Consolidating Statements of Cash Flows
Six Months Ended June 30,
(in millions)
	Holdings			AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2016
Net cash provided by operating activities	$	—		$	140.2		$	11.6		$	31.7		$	—		$	183.5
Investing activities
Purchases of property, plant and equipment	—			(18.8		)	(9.6		)	(77.3		)	—			(105.7		)
Proceeds from sale of property, plant and equipment	—			—			0.2			0.4			—			0.6
Proceeds from government grants	—			—			—			2.8			—			2.8
Final distribution of Reserve Yield Plus Fund	—			1.0			—			—			—			1.0
Intercompany activity	—			—			(2.0		)	—			2.0			—
Net cash used in investing activities	—			(17.8		)	(11.4		)	(74.1		)	2.0			(101.3		)
Financing activities
Net debt activity	—			(0.4		)	(0.2		)	26.4			—			25.8
Employee stock option exercises	—			0.1			—			—			—			0.1
Purchase of treasury stock	(5.0		)	—			—			—			—			(5.0		)
Intercompany activity	5.0			(5.0		)	—			2.0			(2.0		)	—
Net cash provided by (used in) financing activities	—			(5.3		)	(0.2		)	28.4			(2.0		)	20.9
Effect of exchange rate changes on cash	—			—			—			2.8			—			2.8
Net increase (decrease) in cash and cash equivalents	—			117.1			—			(11.2		)	—			105.9
Cash and cash equivalents at beginning of period	—			52.0			—			230.5			—			282.5
Cash and cash equivalents at end of period	$	—		$	169.1		$	—		$	219.3		$	—		$	388.4




	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