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Sale of Business | 12 Months Ended
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Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2. SALE OF BUSINESS On December 16, 2019, we completed the sale of our U.S. casting operations to funds managed by Gamut Capital Management (the Casting Sale). The sales price of $245.0 million consisted of $185.0 million in cash and a $60.0 million deferred payment obligation, which will accrue interest at an annual rate of 6% beginning on January 1, 2020 for a period of twelve years. Upon closing the sale, we received net cash proceeds of $141.2 million subsequent to customary closing adjustments. The cash proceeds are subject to post-closing adjustments, which we expect to finalize in the first quarter of 2020. The sale did not include the entities that conduct AAM's casting operations in El Carmen, Mexico. Upon reclassification of the U.S. casting operations to held-for-sale in the third quarter of 2019, we recorded a pre-tax impairment charge of $225.0 million to reduce the carrying value of this business to fair value less cost to sell. The sale of the U.S. operations of our Casting segment did not qualify for classification as discontinued operations, as the sale did not represent a strategic shift in our business that has had, or will have, a major effect on our operations and financial results. Upon finalizing the sale, we recorded a loss on deconsolidation of the U.S. Casting entities of $21.3 million, which is presented in (Gain) loss on sale of business in our Consolidated Statement of Operations for the year ended December 31, 2019. The assets and liabilities disposed as of December 16, 2019 are as follows (in millions):
Accounts receivable, net | $ | 84.9 |
Inventories | 32.6 |
Prepaid expenses and other | 2.1 |
Property, plant and equipment, net | 191.8 |
Intangible assets, net | 158.2 |
Other assets and deferred charges | 81.7 |
Impairment of carrying value | (225.0 | )
Total assets disposed | $ | 326.3 |
Accounts payable | $ | 71.7 |
Accrued compensation and benefits | 6.9 |
Accrued expenses and other | 4.5 |
Postretirement benefits and other long-term liabilities | 20.1 |
Total liabilities disposed | $ | 103.2 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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