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Manufacturing Facility Fire and Insurance Recovery (Notes) | 3 Months Ended
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Mar. 31, 2022
Insurance Recoveries [Abstract] |
Manufacturing Facility Fire and Insurance Recovery | 15. MANUFACTURING FACILITY FIRE AND INSURANCE RECOVERY On September 22, 2020, a significant industrial fire occurred at our Malvern Manufacturing Facility in Ohio (Malvern Fire). All associates were evacuated safely and without injury and we were able to maintain continuity of supply to our customers without any significant disruptions. Our insurance policies are expected to cover the repair, replacement or actual cash value of the assets that incurred loss or damage, less our applicable deductible of $1.0 million. In addition, our insurance policies are expected to provide coverage for interruption to our business, including lost or reduced profits and reimbursement for certain expenses and costs that are incurred relating to the fire. In the three months ended March 31, 2022, we recorded $0.7 million of charges primarily related to transportation and freight and other costs incurred to resume or relocate operations and ensure continuity of supply to our customers. We also recorded an estimated insurance recovery of $6.2 million and received reimbursements and advances under our insurance policies of approximately $3.6 million, which is presented as an operating cash flow in our Condensed Consolidated Statement of Cash Flows. This resulted in net pre-tax income in our Condensed Consolidated Statement of Income of approximately $5.5 million in Cost of goods sold for the three months ended March 31, 2022. At March 31, 2022, $13.9 million of insurance recovery receivable is included in Prepaid expenses and other in our Condensed Consolidated Balance Sheet. Since the date of the Malvern Fire and the establishment of the insurance claim, we have incurred $53.1 million of total charges primarily related to site services and clean-up, transportation and freight, asset repairs and other costs incurred to resume or relocate operations and ensure continuity of supply to our customers. In addition, we have recorded a total of $27.0 million of costs primarily associated with the write-down of property, plant and equipment as a result of damage from the fire. We have recorded total estimated insurance recoveries of $87.7 million and have received total reimbursements and advances under our insurance policies of $73.8 million, of which $11.1 million was received in 2020, $59.1 million was received in 2021 and $3.6 million in the first three months of 2022. In the fourth quarter of 2020, we determined that we will cease production at the Malvern Manufacturing Facility and relocate production capacity to other AAM manufacturing facilities. As such, we cannot estimate the total claim eligible costs that we will incur as a result of the Malvern Fire and the associated relocation of production capacity to other AAM manufacturing facilities. At March 31, 2022, we have estimated the amount of expected insurance proceeds recoverable in consideration of the policy provisions, estimated repair costs or actual cash value of damaged assets, and claim eligible expenses incurred from the date of the fire. We expect the claim settlement process to continue through 2022 based on the provisions of the policy. We will update our estimates as additional information becomes available, however, the actual impact on our results of operations, financial position or cash flows, or the timing of such impact, could differ from our estimates.

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- Definition Insurance Recoveries + References No definition available. + Details
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- Definition The entire disclosure for business interruption insurance recoveries. Includes, but is not limited to, the nature of the event resulting in business interruption losses, amount of business interruption insurance recoveries recognized, and line item in the statement of income in which those recoveries are classified. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=114868818 + Details
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