XML 32 R22.htm IDEA: XBRL DOCUMENT
v3.23.1

Acquisitions and Dispositions (Notes) | 3 Months Ended
--- | ---
Mar. 31, 2023
Acquisitions and Dispositions [Abstract] |
Acquisitions and Dispositions [Text Block] | 14. ACQUISITIONS AND DISPOSITIONS Acquisition of Tekfor Group On June 1, 2022, our acquisition of Tekfor Group became effective and we paid a total purchase price of $94.4 million, which was funded entirely with cash on hand. Tekfor Group manufactures high-performance components, modules and fasteners, including traditional powertrain and driveline components (for both internal combustion and hybrid applications), and e-mobility components. Our acquisition of Tekfor contributes to diversifying our geographic and customer sales mix, while also increasing our electrification product portfolio. The acquisition of Tekfor Group was accounted for under the acquisition method under ASC 805 - Business Combinations with the purchase price allocated to the identifiable assets and liabilities of the acquired company based on the respective fair values of the assets and liabilities. The following represents the fair values of the assets acquired and liabilities assumed resulting from the acquisition (in millions):
Total consideration transferred | $ | 94.4 |
Cash and cash equivalents | $ | 14.3 |
Accounts receivable | 33.7
Inventories | 46.3
Prepaid expenses and other long-term assets | 30.1
Deferred income tax assets | 5.0
Property, plant and equipment | 105.5
Total assets acquired | $ | 234.9 |
Accounts payable | 33.5
Accrued expenses and other | 28.1
Debt | 23.4
Postretirement benefits and other long-term liabilities | 41.9
Net assets acquired | $ | 108.0 |
Gain on bargain purchase of business | $ | 13.6 |
The gain on bargain purchase of business was primarily the result of macroeconomic factors such as the supply chain disruptions impacting the automotive industry, including the conflict between Russia and Ukraine, the semiconductor supply shortage, and increasing input costs, including materials, freight and utilities. We finalized the valuation of the assets and liabilities of Tekfor in the first quarter of 2023 as we concluded the customary post-closing reviews associated with the acquisition. There were no adjustments to the purchase price allocation in the three months ended March 31, 2023. Included in net sales and net loss for the period from January 1, 2023 through March 31, 2023 was approximately $101 million and a loss of $4 million, respectively, attributable to Tekfor. Unaudited Pro Forma Financial Information Unaudited pro forma net sales for AAM, on a combined basis with Tekfor for the three months ended March 31, 2022 were $1.5 billion, excluding Tekfor sales to AAM during the period. Unaudited pro forma net income for the three months ended March 31, 2022 was approximately $1.0 million. Unaudited pro forma earnings per share for the three months ended March 31, 2022 were $0.01 per share. The disclosure of unaudited pro forma net sales and earnings is for informational purposes only and does not purport to indicate the results that would actually have been obtained had the merger been completed on the assumed date for the periods presented, or which may be realized in the future.

X
- Definition Acquisitions and Dispositions + References No definition available. + Details
Name: | axl_AcquisitionsAndDispositionsAbstract
Namespace Prefix: | axl_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration