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v3.23.2

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables represent information by reportable segment for the three and six months ended June 30, 2023 and 2022 (in millions):
|  | Three Months Ended June 30, 2023
|  | Driveline |  | Metal Forming |  |  |  |  |  | Total
Sales |  | $ | 1,086.5 |  |  | $ | 634.2 |  |  |  |  |  |  | $ | 1,720.7 |
Less: Intersegment sales |  | 0.1 |  |  | 149.9 |  |  |  |  |  |  | 150.0 |
Net external sales |  | $ | 1,086.4 |  |  | $ | 484.3 |  |  |  |  |  |  | $ | 1,570.7 |
Segment Adjusted EBITDA |  | $ | 152.1 |  |  | $ | 39.5 |  |  |  |  |  |  | $ | 191.6 |
|  | Three Months Ended June 30, 2022
|  | Driveline |  | Metal Forming |  |  |  |  |  | Total
Sales |  | $ | 1,024.7 |  |  | $ | 557.7 |  |  |  |  |  |  | $ | 1,582.4 |
Less: Intersegment sales |  | — |  |  | 144.1 |  |  |  |  |  |  | 144.1 |
Net external sales |  | $ | 1,024.7 |  |  | $ | 413.6 |  |  |  |  |  |  | $ | 1,438.3 |
Segment Adjusted EBITDA |  | $ | 132.4 |  |  | $ | 62.7 |  |  |  |  |  |  | $ | 195.1 |
|  | Six Months Ended June 30, 2023
|  | Driveline |  | Metal Forming |  |  |  |  |  | Total
Sales |  | $ | 2,100.3 |  |  | $ | 1,253.3 |  |  |  |  |  |  | $ | 3,353.6 |
Less: Intersegment sales |  | 0.1 |  |  | 288.9 |  |  |  |  |  |  | 289.0 |
Net external sales |  | $ | 2,100.2 |  |  | $ | 964.4 |  |  |  |  |  |  | $ | 3,064.6 |
Segment Adjusted EBITDA |  | $ | 266.2 |  |  | $ | 100.8 |  |  |  |  |  |  | $ | 367.0 |
|  | Six Months Ended June 30, 2022
|  | Driveline |  | Metal Forming |  |  |  |  |  | Total
Sales |  | $ | 2,070.1 |  |  | $ | 1,082.8 |  |  |  |  |  |  | $ | 3,152.9 |
Less: Intersegment sales |  | — |  |  | 278.4 |  |  |  |  |  |  | 278.4 |
Net external sales |  | $ | 2,070.1 |  |  | $ | 804.4 |  |  |  |  |  |  | $ | 2,874.5 |
Segment Adjusted EBITDA |  | $ | 255.2 |  |  | $ | 136.0 |  |  |  |  |  |  | $ | 391.2 |
Reconciliation of Total Segment Adjusted EBITDA to Income Before Income Taxes [Table Text Block] | The following table represents a reconciliation of Total Segment Adjusted EBITDA to consolidated income before income taxes for the three and six months ended June 30, 2023 and 2022:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions)
Total segment adjusted EBITDA | $ | 191.6 |  |  | $ | 195.1 |  |  | $ | 367.0 |  |  | $ | 391.2 |
Interest expense | (50.2) |  |  | (42.7) |  |  | (100.7) |  |  | (87.4) |
Depreciation and amortization | (120.5) |  |  | (121.9) |  |  | (245.4) |  |  | (242.3) |
Restructuring and acquisition-related costs | (7.9) |  |  | (9.6) |  |  | (12.7) |  |  | (18.5) |
Unrealized gain (loss) on equity securities | 0.3 |  |  | (3.7) |  |  | — |  |  | (21.7) |
Debt refinancing and redemption costs | — |  |  | (0.2) |  |  | — |  |  | (5.8) |
Non-recurring items: |  |  |  |  |  |  |
Malvern Fire insurance recoveries (charges), net | — |  |  | (0.1) |  |  | — |  |  | 5.4 |
Acquisition-related fair value inventory adjustment | — |  |  | (5.0) |  |  | — |  |  | (5.0) |
Gain on bargain purchase of business | — |  |  | 11.6 |  |  | — |  |  | 11.6 |
Income before income taxes | $ | 13.3 |  |  | $ | 23.5 |  |  | $ | 8.2 |  |  | $ | 27.5 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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