<SEC-DOCUMENT>0000947871-18-000364.txt : 20180530
<SEC-HEADER>0000947871-18-000364.hdr.sgml : 20180530
<ACCEPTANCE-DATETIME>20180501131255
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000947871-18-000364
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20180501

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN AXLE & MANUFACTURING HOLDINGS INC
		CENTRAL INDEX KEY:			0001062231
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				383161171
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE DAUCH DRIVE
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48211-1198
		BUSINESS PHONE:		3137583600

	MAIL ADDRESS:	
		STREET 1:		ONE DAUCH DRIVE
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48211-1198
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
<head>
<title></title>
</head>
<body style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" bgcolor="#ffffff" text="#000000">
<div>
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">[Letterhead of&#160;American Axle &amp; Manufacturing Holdings, Inc.]</div>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>May 1, 2018</div>

<div>&#160;</div>
<div>BY EDGAR</div>

<div>&#160;</div>

<div>
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">U.S. Securities and Exchange Commission<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><br>
</font>Division of Corporation Finance</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Office of Transportation &amp; Leisure<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><br>
</font>100 F Street, N.E.<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><br>
</font>Washington, D.C. 20549<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><br>
</font>Attention: Patrick Kuhn</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">
<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zfdbad15afdef4157a1737df94cd986b2" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt">&#160;</td>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Re:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">American Axle &amp; Manufacturing Holdings, Inc.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Form 10-K for Fiscal Year Ended December 31, 2017</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Filed February 16, 2018</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>File No. 001-14303</u></div>

<div><br>
</div>

<div>&#160;</div>

<div>
<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Ladies and Gentlemen:</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">This letter responds to the comments contained in the letter from the staff (the &#8220;Staff&#8221;) of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) dated April 30, 2018 with respect to&#160; American Axle &amp; Manufacturing Holdings, Inc.&#8217;s&#160; (&#8220;AAM&#8221;) annual report on Form 10-K for the fiscal year ended December 31, 2017 (the &#8220;2017 10-K&#8221;) filed with the Commission on February 16, 2018.</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">For the convenience of the Staff, the comment contained in the Staff&#8217;s comment letter appears below in bold.&#160; AAM&#8217;s response to the comment immediately follows the comment.</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Form 10-K for the fiscal year ended December 31, 2017</u></div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations (MD&amp;A)</u></div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Segment Reporting, page 28</u></div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z3d721b0485f6422aa07559dddfdd311a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We note your presentation of Total Segment Adjusted EBITDA included as part of your tables which outline your sales and Segment Adjusted EBITDA for each of your reporting segments.&#160; You state on page 29 that Segment Adjusted EBITDA is a meaningful measure as it is used to assess business and operating performance of the segments, and for operational planning and decision making purposes.&#160; However, it is unclear from your disclosures why management believe the presentation of Segment Adjusted EBITDA on a consolidated basis is useful to investors regarding your financial condition and results of operations.&#160; Please revise to disclose and to the extent material, include the additional purposes, if any, for which you use the non-GAAP measure in accordance with Item 10(e)(1)(i)(C) -(D) of Regulation S-K.&#160; Refer to the guidance outlined in Question 104.04 of the C&amp;DIs on the use of non-GAAP financial measures which can be found on the SEC&#8217;s website.</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade>
</div>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">In response to the Staff&#8217;s comment, AAM proposes, beginning with its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 (which it plans on filing on May 4, 2018) and subsequent periods, to include the following paragraph under the caption &#8220;Reconciliation of Non-GAAP and GAAP Information&#8221; in Segment Reporting (tracked edits reflect changes from the presentation of this paragraph in the 2017 10-K):</div>

<div>&#160;</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">We define EBITDA to be earnings before interest expense, income taxes, depreciation and amortization. <font style="FONT-FAMILY: 'Times New Roman'; COLOR: #0000ff; FONT-SIZE: 10pt"><u style="BORDER-BOTTOM: 1px solid">Total</u></font> Segment Adjusted EBITDA is defined as EBITDA excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, and non-recurring items.&#160; We believe that EBITDA <font style="FONT-FAMILY: 'Times New Roman'; COLOR: #0000ff; FONT-SIZE: 10pt"><u style="BORDER-BOTTOM: 1px solid">and Total Segment Adjusted EBITDA</u></font>&#160;<font style="FONT-FAMILY: 'Times New Roman'; COLOR: #ff0000; FONT-SIZE: 10pt"><strike>is</strike></font>&#160;<font style="FONT-FAMILY: 'Times New Roman'; COLOR: #0000ff; FONT-SIZE: 10pt"><u style="BORDER-BOTTOM: 1px solid">are</u></font>&#160;<font style="FONT-FAMILY: 'Times New Roman'; COLOR: #ff0000; FONT-SIZE: 10pt"><strike>a</strike></font> meaningful measure<font style="FONT-FAMILY: 'Times New Roman'; COLOR: #0000ff; FONT-SIZE: 10pt"><u style="BORDER-BOTTOM: 1px solid">s</u></font> of performance as <font style="FONT-FAMILY: 'Times New Roman'; COLOR: #0000ff; FONT-SIZE: 10pt"><u style="BORDER-BOTTOM: 1px solid">they</u></font>&#160;<font style="FONT-FAMILY: 'Times New Roman'; COLOR: #ff0000; FONT-SIZE: 10pt"><strike>it</strike></font>&#160;<font style="FONT-FAMILY: 'Times New Roman'; COLOR: #0000ff; FONT-SIZE: 10pt"><u style="BORDER-BOTTOM: 1px solid">are</u></font>&#160;<font style="FONT-FAMILY: 'Times New Roman'; COLOR: #ff0000; FONT-SIZE: 10pt"><strike>is</strike></font> commonly utilized by management and investors to analyze operating performance and entity valuation. Our management, the investment community and the banking institutions routinely use EBITDA <font style="FONT-FAMILY: 'Times New Roman'; COLOR: #0000ff; FONT-SIZE: 10pt"><u style="BORDER-BOTTOM: 1px solid">and Total Segment Adjusted EBITDA</u></font>, together with other measures, to measure our operating performance relative to other Tier 1 automotive suppliers <font style="FONT-FAMILY: 'Times New Roman'; COLOR: #0000ff; FONT-SIZE: 10pt"><u style="BORDER-BOTTOM: 1px solid">and to assess the relative mix</u></font> of <font style="FONT-FAMILY: 'Times New Roman'; COLOR: #ff0000; FONT-SIZE: 10pt"><u style="BORDER-BOTTOM: 1px solid"><strike>our earnings</strike></u></font><font style="FONT-FAMILY: 'Times New Roman'; COLOR: #0000ff; FONT-SIZE: 10pt"><u style="BORDER-BOTTOM: 1px solid">Adjusted EBITDA by segment</u></font>. We <font style="FONT-FAMILY: 'Times New Roman'; COLOR: #0000ff; FONT-SIZE: 10pt"><u style="BORDER-BOTTOM: 1px solid">also</u></font> believe that <font style="FONT-FAMILY: 'Times New Roman'; COLOR: #0000ff; FONT-SIZE: 10pt"><u style="BORDER-BOTTOM: 1px solid">Total</u></font> Segment Adjusted EBITDA is a meaningful measure as it is used <font style="FONT-FAMILY: 'Times New Roman'; COLOR: #ff0000; FONT-SIZE: 10pt"><strike>to assess business and operating performance of the segments, and</strike></font> for operational planning and decision-making purposes. <font style="FONT-FAMILY: 'Times New Roman'; COLOR: #0000ff; FONT-SIZE: 10pt"><u style="BORDER-BOTTOM: 1px solid">These n</u></font><font style="FONT-FAMILY: 'Times New Roman'; COLOR: #ff0000; FONT-SIZE: 10pt"><strike>N</strike></font>on-GAAP financial measures are not and should not be considered a substitute for any GAAP measure. Additionally, non-GAAP financial measures as presented by AAM may not be comparable to similarly titled measures reported by other companies.</div>

<div>&#160;</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">If you have any questions concerning the matters referred to in this letter please contact our outside counsel, Lisa Jacobs of Shearman &amp; Sterling LLP, at 212 848-7678.</div>

<div>&#160;</div>

<div><br>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Sincerely,</div>

<div>&#160;</div>

<div><br>
</div>


<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">/s/ Christopher J. May</div>
<div>&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Christopher J. May</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Vice President &amp; Chief Financial Officer<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><br>
</font>American Axle &amp; Manufacturing Holdings Inc<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">.</font></div>
</div>
</div>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">
<hr style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; BORDER-TOP: medium none; MARGIN-RIGHT: auto; BORDER-RIGHT: medium none" align="center" noshade>
</div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
