Supplemental Guarantor Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2017

Supplemental Guarantor Condensed Consolidating Financial Statements [Abstract]

Supplemental Guarantor Consolidating Income Statement [Table Text Block]



Condensed Consolidating Statements of Income
Three Months Ended March 31,
(in millions)
	Holdings		AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2017
Net sales
External	$	—	$	296.6		$	50.1		$	703.2		$	—		$	1,049.9
Intercompany	—		0.3			66.7			4.9			(71.9		)	—
Total net sales	—		296.9			116.8			708.1			(71.9		)	1,049.9
Cost of goods sold	—		277.2			94.9			539.0			(71.9		)	839.2
Gross profit	—		19.7			21.9			169.1			—			210.7
Selling, general and administrative expenses	—		73.8			—			9.0			—			82.8
Restructuring and acquisition-related costs	—		15.3			—			0.7			—			16.0
Operating income (loss)	—		(69.4		)	21.9			159.4			—			111.9
Non-operating income (expense), net	—		(26.2		)	2.4			(2.2		)	—			(26.0		)
Income (loss) before income taxes	—		(95.6		)	24.3			157.2			—			85.9
Income tax expense (benefit)	—		(2.8		)	0.1			10.2			—			7.5
Earnings (loss) from equity in subsidiaries	78.4		91.6			(0.6		)	—			(169.4		)	—
Net income (loss) before royalties	78.4		(1.2		)	23.6			147.0			(169.4		)	78.4
Royalties	—		79.6			—			(79.6		)	—			—
Net income after royalties	78.4		78.4			23.6			67.4			(169.4		)	78.4
Other comprehensive income, net of tax	27.1		27.1			10.5			26.4			(64.0		)	27.1
Comprehensive income	$	105.5	$	105.5		$	34.1		$	93.8		$	(233.4	)	$	105.5




	Holdings		AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims			Consolidated
2016
Net sales
External	$	—	$	283.2		$	54.8		$	631.2		$	—		$	969.2
Intercompany	—		1.6			59.7			3.7			(65.0		)	—
Total net sales	—		284.8			114.5			634.9			(65.0		)	969.2
Cost of goods sold	—		276.3			92.5			491.4			(65.0		)	795.2
Gross profit	—		8.5			22.0			143.5			—			174.0
Selling, general and administrative expenses	—		67.5			—			8.1			—			75.6
Operating income (loss)	—		(59.0		)	22.0			135.4			—			98.4
Non-operating income (expense), net	—		(24.3		)	3.0			(0.7		)	—			(22.0		)
Income (loss) before income taxes	—		(83.3		)	25.0			134.7			—			76.4
Income tax expense	—		7.8			0.1			7.4			—			15.3
Earnings (loss) from equity in subsidiaries	61.1		92.9			(9.6		)	—			(144.4		)	—
Net income before royalties	61.1		1.8			15.3			127.3			(144.4		)	61.1
Royalties	—		59.3			—			(59.3		)	—			—
Net income after royalties	61.1		61.1			15.3			68.0			(144.4		)	61.1
Other comprehensive income, net of tax	22.6		22.6			15.7			19.8			(58.1		)	22.6
Comprehensive income	$	83.7	$	83.7		$	31.0		$	87.8		$	(202.5	)	$	83.7

Supplemental Guarantor Consolidating Balance Sheet [Table Text Block]



Condensed Consolidating Balance Sheets
(in millions)
	Holdings		AAM Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Elims			Consolidated
March 31, 2017
Assets
Current assets
Cash and cash equivalents	$	—	$	1,413.3	$	—	$	130.1	$	—		$	1,543.4
Accounts receivable, net	—		175.3		23.9		503.3		—			702.5
Intercompany receivables	—		312.0		350.5		9.0		(671.5		)	—
Inventories, net	—		44.0		31.6		146.0		—			221.6
Prepaid expenses and other	—		30.7		0.3		75.0		—			106.0
Total current assets	—		1,975.3		406.3		863.4		(671.5		)	2,573.5
Property, plant and equipment, net	—		209.9		104.8		828.3		—			1,143.0
Goodwill	—		—		147.8		86.0		—			233.8
Intercompany notes and accounts receivable	—		341.6		243.9		—		(585.5		)	—
Other assets and deferred charges	—		666.7		38.4		206.6		—			911.7
Investment in subsidiaries	962.9		1,682.1		—		—		(2,645.0		)	—
Total assets	$	962.9	$	4,875.6	$	941.2	$	1,984.3	$	(3,902.0	)	$	4,862.0
Liabilities and Stockholders’ Equity
Current liabilities
Current portion of long-term debt	$	—	$	—	$	—	$	3.4	$	—		$	3.4
Accounts payable	—		162.6		43.6		321.7		—			527.9
Intercompany payables	—		346.2		159.8		165.5		(671.5		)	—
Accrued expenses and other	—		113.6		4.5		123.3		—			241.4
Total current liabilities	—		622.4		207.9		613.9		(671.5		)	772.7
Intercompany notes and accounts payable	327.1		17.3		2.0		239.1		(585.5		)	—
Long-term debt, net	—		2,520.1		4.0		57.4		—			2,581.5
Investment in subsidiaries obligation	—		—		109.9		—		(109.9		)	—
Other long-term liabilities	—		752.9		0.7		118.4		—			872.0
Total liabilities	327.1		3,912.7		324.5		1,028.8		(1,366.9		)	4,226.2
Total stockholders’ equity	635.8		962.9		616.7		955.5		(2,535.1		)	635.8
Total liabilities and stockholders’ equity	$	962.9	$	4,875.6	$	941.2	$	1,984.3	$	(3,902.0	)	$	4,862.0




	Holdings		AAM Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Elims			Consolidated
December 31, 2016
Assets
Current assets
Cash and cash equivalents	$	—	$	84.3	$	1.6	$	395.3	$	—		$	481.2
Accounts receivable, net	—		126.7		21.9		411.4		—			560.0
Intercompany receivables	—		442.6		326.0		9.1		(777.7		)	—
Inventories, net	—		46.0		29.1		144.4		—			219.5
Prepaid expenses and other	—		29.4		0.5		45.9		—			75.8
Total current assets	—		729.0		379.1		1,006.1		(777.7		)	1,336.5
Property, plant and equipment, net	—		213.7		102.9		777.1		—			1,093.7
Goodwill	—		—		147.8		6.2		—			154.0
Intercompany notes and accounts receivable	—		343.9		242.2		—		(586.1		)	—
Other assets and deferred charges	—		662.6		37.1		164.2		—			863.9
Investment in subsidiaries	851.8		1,559.0		—		—		(2,410.8		)	—
Total assets	$	851.8	$	3,508.2	$	909.1	$	1,953.6	$	(3,774.6	)	$	3,448.1
Liabilities and Stockholders’ Equity
Current liabilities
Current portion of long-term debt	$	—	$	—	$	—	$	3.3	$	—		$	3.3
Accounts payable	—		80.6		35.8		265.9		—			382.3
Intercompany payables	—		324.8		153.4		299.5		(777.7		)	—
Accrued expenses and other	—		142.2		4.3		119.4		—			265.9
Total current liabilities	—		547.6		193.5		688.1		(777.7		)	651.5
Intercompany notes and accounts payable	321.8		14.6		7.5		242.2		(586.1		)	—
Long-term debt, net	—		1,339.7		4.1		57.1		—			1,400.9
Investment in subsidiaries obligation	—		—		124.7		—		(124.7		)	—
Other long-term liabilities	—		754.5		0.6		110.6		—			865.7
Total liabilities	321.8		2,656.4		330.4		1,098.0		(1,488.5		)	2,918.1
Total stockholders’ equity	530.0		851.8		578.7		855.6		(2,286.1		)	530.0
Total liabilities and stockholders’ equity	$	851.8	$	3,508.2	$	909.1	$	1,953.6	$	(3,774.6	)	$	3,448.1

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



Condensed Consolidating Statements of Cash Flows
Three Months Ended March 31,
(in millions)
	Holdings			AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims		Consolidated
2017
Net cash provided by (used in) operating activities	$	—		$	161.8		$	5.3		$	(104.8	)	$	—	$	62.3
Investing activities
Purchases of property, plant and equipment	—			(11.6		)	(5.2		)	(18.1		)	—		(34.9		)
Proceeds from sale of property, plant and equipment	—			0.2			—			0.6			—		0.8
Purchase buyouts of leased equipment	—			(2.3		)	—			—			—		(2.3		)
Proceeds from sale of business, net	—			7.5			(1.6		)	—			—		5.9
Acquisition of business, net	—			—			—			(144.1		)	—		(144.1		)
Net cash used in investing activities	—			(6.2		)	(6.8		)	(161.6		)	—		(174.6		)
Financing activities
Net debt activity	—			1,199.8			(0.1		)	(0.5		)	—		1,199.2
Debt issuance costs	—			(21.2		)	—			—			—		(21.2		)
Purchase of treasury stock	(5.2		)	—			—			—			—		(5.2		)
Intercompany activity	5.2			(5.2		)	—			—			—		—
Net cash provided by (used in) financing activities	—			1,173.4			(0.1		)	(0.5		)	—		1,172.8
Effect of exchange rate changes on cash	—			—			—			1.7			—		1.7
Net increase (decrease) in cash and cash equivalents	—			1,329.0			(1.6		)	(265.2		)	—		1,062.2
Cash and cash equivalents at beginning of period	—			84.3			1.6			395.3			—		481.2
Cash and cash equivalents at end of period	$	—		$	1,413.3		$	—		$	130.1		$	—	$	1,543.4




	Holdings			AAM Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elims		Consolidated
2016
Net cash provided by (used in) operating activities	$	—		$	66.8		$	5.1		$	(45.7	)	$	—	$	26.2
Investing activities
Purchases of property, plant and equipment	—			(7.9		)	(5.2		)	(37.5		)	—		(50.6		)
Proceeds from sale of property, plant and equipment	—			—			0.2			0.4			—		0.6
Net cash used in investing activities	—			(7.9		)	(5.0		)	(37.1		)	—		(50.0		)
Financing activities
Net debt activity	—			(0.2		)	(0.1		)	4.9			—		4.6
Purchase of treasury stock	(3.5		)	—			—			—			—		(3.5		)
Intercompany activity	3.5			(3.5		)	—			—			—		—
Net cash provided by (used in) financing activities	—			(3.7		)	(0.1		)	4.9			—		1.1
Effect of exchange rate changes on cash	—			—			—			2.2			—		2.2
Net increase (decrease) in cash and cash equivalents	—			55.2			—			(75.7		)	—		(20.5		)
Cash and cash equivalents at beginning of period	—			52.0			—			230.5			—		282.5
Cash and cash equivalents at end of period	$	—		$	107.2		$	—		$	154.8		$	—	$	262.0