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Segment Reporting (Notes) | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
Segment Reporting Disclosure [Text Block] | 16. SEGMENT REPORTING Our business is organized into Driveline and Metal Forming segments, with each representing a reportable segment under ASC 280 Segment Reporting. In the first quarter of 2021, we completed a reorganization of our segments, which included moving certain locations that were previously reported under our Driveline segment to our Metal Forming segment in order to better align our product and process technologies. The amounts in the tables below for the three and six months ended June 30, 2020 have been retrospectively restated to reflect this reorganization. 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, sport utility vehicles (SUVs), crossover vehicles, passenger cars and commercial vehicles; and •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. 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, loss on the sale of a business, impairment charges, pension settlements and non-recurring items. The following tables represent information by reportable segment for the three months ended June 30, 2021 and 2020 (in millions):
|  | Three Months Ended June 30, 2021
|  | Driveline |  | Metal Forming |  |  |  |  |  | Total
Sales |  | $ | 935.4 |  |  | $ | 440.1 |  |  |  |  |  |  | $ | 1,375.5 |
Less: intersegment sales |  | 0.5 |  |  | 91.7 |  |  |  |  |  |  | 92.2 |
Net external sales |  | $ | 934.9 |  |  | $ | 348.4 |  |  |  |  |  |  | $ | 1,283.3 |
Segment Adjusted EBITDA |  | $ | 151.3 |  |  | $ | 71.3 |  |  |  |  |  |  | $ | 222.6 |
|  | Three Months Ended June 30, 2020
|  | Driveline |  | Metal Forming |  |  |  |  |  | Total
Sales |  | $ | 375.9 |  |  | $ | 168.2 |  |  |  |  |  |  | $ | 544.1 |
Less: intersegment sales |  | 0.1 |  |  | 28.7 |  |  |  |  |  |  | 28.8 |
Net external sales |  | $ | 375.8 |  |  | $ | 139.5 |  |  |  |  |  |  | $ | 515.3 |
Segment Adjusted EBITDA |  | $ | (25.0) |  |  | $ | (27.1) |  |  |  |  |  |  | $ | (52.1) |
The following tables represent information by reportable segment for the six months ended June 30, 2021 and 2020 (in millions):
|  | Six Months Ended June 30, 2021 |  |  |  |  |  |
|  | Driveline |  | Metal Forming |  | Total |  |  |  |  |  |  |  |  |  |
Sales |  | $ | 1,961.5 |  |  | $ | 929.4 |  |  | $ | 2,890.9 |  |  |  |  |  |  |  |  |  |  |
Less: intersegment sales |  | 1.6 |  |  | 180.9 |  |  | 182.5 |  |  |  |  |  |  |  |  |  |  |
Net external sales |  | $ | 1,959.9 |  |  | $ | 748.5 |  |  | $ | 2,708.4 |  |  |  |  |  |  |  |  |  |  |
Segment Adjusted EBITDA |  | $ | 321.8 |  |  | $ | 163.7 |  |  | $ | 485.5 |  |  |  |  |  |  |  |  |  |  |
|  | Six Months Ended June 30, 2020 |  |
|  | Driveline |  | Metal Forming |  | Total |  |  |  |  |  |  |  |  |  |
Sales |  | $ | 1,321.8 |  |  | $ | 650.3 |  |  | $ | 1,972.1 |  |  |  |  |  |  |  |  |  |  |
Less: intersegment sales |  | 0.2 |  |  | 113.1 |  |  | 113.3 |  |  |  |  |  |  |  |  |  |  |
Net external sales |  | $ | 1,321.6 |  |  | $ | 537.2 |  |  | $ | 1,858.8 |  |  |  |  |  |  |  |  |  |  |
Segment Adjusted EBITDA |  | $ | 109.5 |  |  | $ | 51.7 |  |  | $ | 161.2 |  |  |  |  |  |  |  |  |  |  |
The following table represents a reconciliation of Total Segment Adjusted EBITDA to consolidated income (loss) before income taxes for the three and six months ended June 30, 2021 and 2020 (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Total segment adjusted EBITDA | $ | 222.6 |  |  | $ | (52.1) |  |  | $ | 485.5 |  |  | $ | 161.2 |
Interest expense | (49.9) |  |  | (54.6) |  |  | (101.0) |  |  | (106.1) |
Depreciation and amortization | (143.6) |  |  | (139.1) |  |  | (285.6) |  |  | (268.7) |
Restructuring and acquisition-related costs | (15.9) |  |  | (11.3) |  |  | (33.4) |  |  | (28.9) |
Loss on sale of business | (0.1) |  |  | — |  |  | (2.7) |  |  | (1.0) |
Debt refinancing and redemption costs | (1.3) |  |  | — |  |  | (2.4) |  |  | (1.5) |
Impairment charges | — |  |  | — |  |  | — |  |  | (510.0) |
Non-recurring items: |  |  |  |  |  |  |
Malvern Fire charges, net of recoveries | 6.6 |  |  | — |  |  | 5.4 |  |  | — |
Income (loss) before income taxes | $ | 18.4 |  |  | $ | (257.1) |  |  | $ | 65.8 |  |  | $ | (755.0) |

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- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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