XML 33 R23.htm IDEA: XBRL DOCUMENT
v3.19.1

Segment Reporting | 3 Months Ended
--- | ---
Mar. 31, 2019
Segment Reporting [Abstract] |
Segment Reporting Disclosure [Text Block] |
15. | SEGMENT REPORTING
Subsequent to the acquisition of MPG in 2017, our business was organized into four segments: Driveline, Metal Forming, Powertrain and Casting. In the first quarter of 2019, we reorganized our business to disaggregate our former Powertrain segment, with a portion moving to our Driveline segment and a portion moving to our Metal Forming segment. As a result, our business is now organized into Driveline, Metal Forming and Casting segments, with each representing a reportable segment under ASC 280 Segment Reporting. The Powertrain Sales and Segment Adjusted EBITDA amounts previously reported for the three months ended March 31, 2018, as well as the Total Assets previously reported for Powertrain as of December 31, 2018, have been reclassified to Driveline and Metal Forming in the tables below. The results of each segment are regularly reviewed by the chief operating decision maker to assess the performance of the segment and make decisions regarding the allocation of resources to the segments. Our product offerings by segment are as follows:
• | Driveline products consist primarily of front and rear axles, driveshafts, differential assemblies, clutch modules, balance shaft systems, disconnecting driveline technology, and electric and hybrid driveline products and systems for light trucks, SUVs, crossover vehicles, passenger cars and commercial vehicles;
• | Metal Forming products consist primarily of axle and transmission shafts, ring and pinion gears, differential gears and assemblies, connecting rods and variable valve timing products for Original Equipment Manufacturers and Tier 1 automotive suppliers; and
• | The Casting segment produces both thin wall castings and high strength ductile iron castings, as well as transmission pump bodies, steering knuckles, control arms, brake anchors and calipers, and ball joint housings for the global light vehicle, commercial and industrial markets.
We use Segment Adjusted EBITDA as the measure of earnings to assess the performance of each segment and determine the resources to be allocated to the segments. We define EBITDA to be earnings before interest expense, income taxes, depreciation and amortization. Segment Adjusted EBITDA is defined as EBITDA for our reportable segments excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, gain on the sale of a business, goodwill impairments and non-recurring items. The following tables represent information by reportable segment for the three months ended March 31, 2019 and 2018 (in millions):
|  | Three Months Ended March 31, 2019
|  | Driveline |  | Metal Forming |  | Casting |  | Total
Sales |  | $ | 1,134.7 |  |  | $ | 483.3 |  |  | $ | 225.3 |  |  | $ | 1,843.3 |
Less: intersegment sales |  | 0.9 |  |  | 95.2 |  |  | 28.0 |  |  | 124.1 |
Net external sales |  | $ | 1,133.8 |  |  | $ | 388.1 |  |  | $ | 197.3 |  |  | $ | 1,719.2 |
Segment Adjusted EBITDA |  | $ | 137.2 |  |  | $ | 85.3 |  |  | $ | 22.5 |  |  | $ | 245.0 |
|  | Three Months Ended March 31, 2018
|  | Driveline |  | Metal Forming |  | Casting |  | Total
Sales |  | $ | 1,216.1 |  |  | $ | 542.3 |  |  | $ | 239.0 |  |  | $ | 1,997.4 |
Less: intersegment sales |  | 1.8 |  |  | 108.0 |  |  | 29.2 |  |  | 139.0 |
Net external sales |  | $ | 1,214.3 |  |  | $ | 434.3 |  |  | $ | 209.8 |  |  | $ | 1,858.4 |
Segment Adjusted EBITDA |  | $ | 189.7 |  |  | $ | 105.7 |  |  | $ | 21.6 |  |  | $ | 317.0 |
The following table represents total assets by segment as of March 31, 2019 and December 31, 2018 (in millions):
|  | Driveline |  | Metal Forming |  | Casting |  | Corporate and Elims |  | Total
Total Assets as of March 31, 2019 |  | $ | 3,690.5 |  |  | $ | 2,666.3 |  |  | $ | 670.2 |  |  | $ | 588.5 |  |  | $ | 7,615.5 |
Total Assets as of December 31, 2018 |  | 3,529.2 |  |  | 2,723.0 |  |  | 664.7 |  |  | 593.8 |  |  | 7,510.7 |
The following table represents a reconciliation of Total Segment Adjusted EBITDA to consolidated income before income taxes for the three months ended March 31, 2019 and 2018 (in millions):
| Three Months Ended March 31,
| 2019 |  | 2018
Total Segment Adjusted EBITDA | $ | 245.0 |  |  | $ | 317.0 |
Interest expense | (53.4 | ) |  | (53.2 | )
Depreciation and amortization | (140.8 | ) |  | (127.8 | )
Restructuring and acquisition-related costs | (12.1 | ) |  | (18.3 | )
Debt refinancing and redemption costs | — |  |  | (10.3 | )
Income before income taxes | $ | 38.7 |  |  | $ | 107.4 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration