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Acquisitions and Dispositions | 12 Months Ended
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Dec. 31, 2020
Mergers, Acquisitions and Dispositions [Abstract] |
Mergers, Acquisitions and Dispositions Disclosures | 16. ACQUISITIONS AND DISPOSITIONS Acquisition of Mitec In December 2019, AAM completed our acquisition of certain operations of Mitec Automotive AG (Mitec), under which we acquired $20.2 million of net assets for a purchase price of $9.4 million, which was funded entirely with available cash. We recognized a gain on bargain purchase of $10.8 million, which was primarily the result of Mitec's insolvency prior to the acquisition. This gain is presented in the Gain on bargain purchase of business line item in our Consolidated Statement of Operations for the year ended December 31, 2019. The operating results of Mitec for the period from our acquisition date through December 31, 2019, were insignificant to AAM's Consolidated Statement of Operations for this period. Further we have not disclosed pro forma revenue and earnings for the years ended December 31, 2019 and December 31, 2018, as the operating results of Mitec would be insignificant to AAM's consolidated results for these periods. Sale of U.S. Casting Operations In December 2019, we completed the Casting Sale. Upon closing the sale, we received net cash proceeds of $141.2 million subsequent to customary closing adjustments. Upon reclassification of the U.S. casting operations to held-for-sale in 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. During 2020, we finalized certain customary post-closing calculations associated with the Casting Sale, resulting in an additional loss on sale of $1.0 million. These losses are presented in Loss (gain) on sale of business in our Consolidated Statements of Operations for the years ended December 31, 2020 and 2019. Sale of Powertrain Aftermarket In April 2018, we completed the sale of the aftermarket business associated with our former Powertrain segment for approximately $50.0 million. As a result, we recorded a $15.5 million pre-tax gain, which is presented in Loss (gain) on sale of business in our Consolidated Statement of Operations for the year ended December 31, 2018.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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