Supplemental Guarantor Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2018

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
2018
Net sales
External	$	—	$	301.5		$	582.3	$	974.6		$	—		$	1,858.4
Intercompany	—		1.0			78.0		9.5			(88.5		)	—
Total net sales	—		302.5			660.3		984.1			(88.5		)	1,858.4
Cost of goods sold	—		278.2			576.8		775.6			(88.5		)	1,542.1
Gross profit	—		24.3			83.5		208.5			—			316.3
Selling, general and administrative expenses	—		59.8			21.9		15.6			—			97.3
Amortization of intangible assets	—		1.5			22.6		0.8			—			24.9
Restructuring and acquisition-related costs	—		16.3			1.1		0.9			—			18.3
Operating income (loss)	—		(53.3		)	37.9		191.2			—			175.8
Non-operating income (expense), net	—		(70.5		)	5.0		(2.9		)	—			(68.4		)
Income (loss) before income taxes	—		(123.8		)	42.9		188.3			—			107.4
Income tax expense	—		1.1			0.4		16.4			—			17.9
Earnings from equity in subsidiaries	89.4		67.2			40.5		—			(197.1		)	—
Net income (loss) before royalties	89.4		(57.7		)	83.0		171.9			(197.1		)	89.5
Royalties	—		84.2			1.0		(85.2		)	—			—
Net income after royalties	89.4		26.5			84.0		86.7			(197.1		)	89.5
Net income attributable to noncontrolling interests	—		—			—		(0.1		)	—			(0.1		)
Net income attributable to AAM	$	89.4	$	26.5		$	84.0	$	86.6		$	(197.1	)	$	89.4
Other comprehensive income, net of tax	54.3		25.6			35.1		43.7			(104.4		)	54.3
Comprehensive income attributable to AAM	$	143.7	$	52.1		$	119.1	$	130.3		$	(301.5	)	$	143.7




	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	—		72.5			—			8.7			—			81.2
Amortization of intangible assets	—		1.3			—			0.3			—			1.6
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
Net income attributable to noncontrolling interests	—		—			—			—			—			—
Net income attributable to AAM	$	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 attributable to AAM	$	105.5	$	105.5		$	34.1		$	93.8		$	(233.4	)	$	105.5

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, 2018
Assets
Current assets
Cash and cash equivalents	$	—	$	115.4	$	0.3	$	225.0	$	—		$	340.7
Accounts receivable, net	—		184.1		360.2		693.9		—			1,238.2
Intercompany receivables	—		3,718.1		717.3		74.7		(4,510.1		)	—
Inventories, net	—		36.0		146.5		220.8		—			403.3
Prepaid expenses and other	—		40.4		28.2		104.3		—			172.9
Total current assets	—		4,094.0		1,252.5		1,318.7		(4,510.1		)	2,155.1
Property, plant and equipment, net	—		274.1		774.4		1,443.4		—			2,491.9
Goodwill	—		—		1,219.3		449.8		—			1,669.1
Intangible assets, net	—		20.8		1,133.1		34.9		—			1,188.8
Intercompany notes and accounts receivable	11.7		—		224.6		—		(236.3		)	—
Other assets and deferred charges	—		347.7		108.9		210.8		—			667.4
Investment in subsidiaries	2,990.9		2,065.7		1,336.5		—		(6,393.1		)	—
Total assets	$	3,002.6	$	6,802.3	$	6,049.3	$	3,457.6	$	(11,139.5	)	$	8,172.3
Liabilities and Stockholders’ Equity
Current liabilities
Current portion of long-term debt	$	—	$	22.0	$	—	$	9.8	$	—		$	31.8
Accounts payable	—		170.1		243.9		510.5		—			924.5
Intercompany payables	1,316.6		902.2		2,190.3		101.0		(4,510.1		)	—
Accrued expenses and other	—		164.7		40.9		188.0		—			393.6
Total current liabilities	1,316.6		1,259.0		2,475.1		809.3		(4,510.1		)	1,349.9
Intercompany notes and accounts payable	—		9.9		—		226.4		(236.3		)	—
Long-term debt, net	—		3,888.0		3.7		94.5		—			3,986.2
Other long-term liabilities	—		634.1		332.0		184.1		—			1,150.2
Total liabilities	1,316.6		5,791.0		2,810.8		1,314.3		(4,746.4		)	6,486.3
Total AAM Stockholders’ equity	1,682.8		1,011.3		3,238.5		2,140.1		(6,389.9		)	1,682.8
Noncontrolling interests in subsidiaries	3.2		—		—		3.2		(3.2		)	3.2
Total stockholders’ equity	1,686.0		1,011.3		3,238.5		2,143.3		(6,393.1		)	1,686.0
Total liabilities and stockholders’ equity	$	3,002.6	$	6,802.3	$	6,049.3	$	3,457.6	$	(11,139.5	)	$	8,172.3




	Holdings		AAM Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Elims			Consolidated
December 31, 2017
Assets
Current assets
Cash and cash equivalents	$	—	$	91.9	$	0.1	$	284.8	$	—		$	376.8
Accounts receivable, net	—		138.9		287.9		609.1		—			1,035.9
Intercompany receivables	—		3,475.2		479.9		7.5		(3,962.6		)	—
Inventories, net	—		37.2		147.4		207.4		—			392.0
Prepaid expenses and other	—		40.4		9.9		90.0		—			140.3
Total current assets	—		3,783.6		925.2		1,198.8		(3,962.6		)	1,945.0
Property, plant and equipment, net	—		250.9		786.8		1,365.2		—			2,402.9
Goodwill	—		—		1,218.4		435.9		—			1,654.3
Intangible assets, net	—		21.0		1,155.6		35.9		—			1,212.5
Intercompany notes and accounts receivable	11.7		—		243.5		—		(255.2		)	—
Other assets and deferred charges	—		349.1		122.8		196.2		—			668.1
Investment in subsidiaries	2,841.3		1,955.2		1,280.1		—		(6,076.6		)	—
Total assets	$	2,853.0	$	6,359.8	$	5,732.4	$	3,232.0	$	(10,294.4	)	$	7,882.8
Liabilities and Stockholders’ Equity
Current liabilities
Current portion of long-term debt	$	—	$	—	$	—	$	5.9	$	—		$	5.9
Accounts payable	—		139.0		204.6		455.4		—			799.0
Intercompany payables	1,313.0		563.7		2,017.7		68.2		(3,962.6		)	—
Accrued expenses and other	—		181.6		52.4		177.5		—			411.5
Total current liabilities	1,313.0		884.3		2,274.7		707.0		(3,962.6		)	1,216.4
Intercompany notes and accounts payable	—		11.7		—		243.5		(255.2		)	—
Long-term debt, net	—		3,894.6		4.4		70.3		—			3,969.3
Other long-term liabilities	—		639.1		333.2		184.8		—			1,157.1
Total liabilities	1,313.0		5,429.7		2,612.3		1,205.6		(4,217.8		)	6,342.8
Total AAM Stockholders’ equity	1,536.0		930.1		3,120.1		2,022.4		(6,072.6		)	1,536.0
Noncontrolling interests in subsidiaries	4.0		—		—		4.0		(4.0		)	4.0
Total stockholders’ equity	1,540.0		930.1		3,120.1		2,026.4		(6,076.6		)	1,540.0
Total liabilities and stockholders’ equity	$	2,853.0	$	6,359.8	$	5,732.4	$	3,232.0	$	(10,294.4	)	$	7,882.8

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
2018
Net cash provided by (used in) operating activities	$	—		$	46.5		$	39.0		$	(18.6	)	$	—	$	66.9
Investing activities
Purchases of property, plant and equipment	—			(21.5		)	(37.6		)	(71.7		)	—		(130.8		)
Proceeds from sale of property, plant and equipment	—			—			0.3			0.1			—		0.4
Purchase buyouts of leased equipment	—			—			(0.5		)	—			—		(0.5		)
Acquisition of business, net of cash acquired	—			—			—			(1.3		)	—		(1.3		)
Intercompany activity	—			(0.1		)	0.1			—			—		—
Net cash used in investing activities	—			(21.6		)	(37.7		)	(72.9		)	—		(132.2		)
Financing activities
Net debt activity	—			8.9			(0.2		)	25.8			—		34.5
Debt issuance costs	—			(6.8		)	—			—			—		(6.8		)
Purchase of treasury stock	(3.5		)	—			—			—			—		(3.5		)
Purchase of noncontrolling interest	—			—			(0.9		)	—			—		(0.9		)
Intercompany activity	3.5			(3.5		)	—			—			—		—
Net cash provided by (used in) financing activities	—			(1.4		)	(1.1		)	25.8			—		23.3
Effect of exchange rate changes on cash	—			—			—			5.9			—		5.9
Net increase (decrease) in cash and cash equivalents	—			23.5			0.2			(59.8		)	—		(36.1		)
Cash and cash equivalents at beginning of period	—			91.9			0.1			284.8			—		376.8
Cash and cash equivalents at end of period	$	—		$	115.4		$	0.3		$	225.0		$	—	$	340.7




	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 of cash acquired	—			—			—			(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