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Segment Reporting (Notes)
 3 Months Ended
Mar. 31, 2023
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. 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 engine, transmission, driveline and safety-critical components for traditional internal combustion engine and electric vehicle architectures including light vehicles, commercial vehicles and off-highway vehicles, as well as products for industrial markets.

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, pension settlements, unrealized gains or losses on equity securities, and non-recurring items.

On June 1, 2022, our acquisition of Tekfor became effective and we began consolidating the results of Tekfor on that date, which are reported in our Metal Forming segment for the three months ended March 31, 2023. In the first quarter of 2023, we moved a plant location that was 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 months ended March 31, 2022 have been recast to reflect this reorganization.

The following tables represent information by reportable segment for the three months ended March 31, 2023 and 2022 (in millions):
Three Months Ended March 31, 2023
DrivelineMetal FormingTotal
Sales$1,013.8 $619.1 $1,632.9 
Less: Intersegment sales— 139.0 139.0 
Net external sales$1,013.8 $480.1 $1,493.9 
Segment Adjusted EBITDA$114.1 $61.3 $175.4 
Three Months Ended March 31, 2022
DrivelineMetal FormingTotal
Sales$1,045.4 $525.1 $1,570.5 
Less: Intersegment sales— 134.3 134.3 
Net external sales$1,045.4 $390.8 $1,436.2 
Segment Adjusted EBITDA$122.8 $73.3 $196.1 





The following table represents a reconciliation of Total Segment Adjusted EBITDA to consolidated income (loss) before income taxes for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
20232022
(in millions)
Total segment adjusted EBITDA$175.4 $196.1 
Interest expense(50.5)(44.7)
Depreciation and amortization(124.9)(120.4)
Restructuring and acquisition-related costs(4.8)(8.9)
Unrealized loss on equity securities(0.3)(18.0)
Debt refinancing and redemption costs— (5.6)
Non-recurring items:
Malvern Fire insurance recoveries, net— 5.5 
Income (loss) before income taxes$(5.1)$4.0