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Segment and Geographic Information | 12 Months Ended
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Dec. 31, 2023
Segments, Geographical Areas [Abstract] |
Segment Reporting Disclosure [Text Block] | 17. SEGMENT AND GEOGRAPHIC INFORMATION 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, SUVs, CUVs, 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 curtailment and settlement charges, unrealized gains or losses on equity securities, and non-recurring items. 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 years ended December 31, 2022 and December 31, 2021 have been recast to reflect this reorganization. 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 years ended December 31, 2023 and December 31, 2022.
|  | Year Ended December 31, 2023
|  | Driveline |  | Metal Forming |  |  |  |  |  | Corporate and Eliminations |  | Total
|  | (in millions)
Sales |  | $ | 4,176.7 |  |  | $ | 2,454.3 |  |  |  |  |  |  | $ | — |  |  | $ | 6,631.0 |
Less: Intersegment sales |  | 0.2 |  |  | 551.3 |  |  |  |  |  |  | — |  |  | 551.5 |
Net external sales |  | $ | 4,176.5 |  |  | $ | 1,903.0 |  |  |  |  |  |  | $ | — |  |  | $ | 6,079.5 |
Segment adjusted EBITDA |  | $ | 543.6 |  |  | $ | 149.7 |  |  |  |  |  |  | $ | — |  |  | $ | 693.3 |
Depreciation and amortization |  | $ | 260.3 |  |  | $ | 226.9 |  |  |  |  |  |  | $ | — |  |  | $ | 487.2 |
Capital expenditures |  | $ | 105.9 |  |  | $ | 80.1 |  |  |  |  |  |  | $ | 8.6 |  |  | $ | 194.6 |
Total assets |  | $ | 2,554.3 |  |  | $ | 1,788.7 |  |  |  |  |  |  | $ | 1,013.3 |  |  | $ | 5,356.3 |
|  | Year Ended December 31, 2022
|  | Driveline |  | Metal Forming |  |  |  |  |  | Corporate and Eliminations |  | Total
Sales |  | $ | 4,063.5 |  |  | $ | 2,280.7 |  |  |  |  |  |  | $ | — |  |  | $ | 6,344.2 |
Less: Intersegment sales |  | — |  |  | 541.8 |  |  |  |  |  |  | — |  |  | 541.8 |
Net external sales |  | $ | 4,063.5 |  |  | $ | 1,738.9 |  |  |  |  |  |  | $ | — |  |  | $ | 5,802.4 |
Segment adjusted EBITDA |  | $ | 510.9 |  |  | $ | 236.4 |  |  |  |  |  |  | $ | — |  |  | $ | 747.3 |
Depreciation and amortization |  | $ | 272.7 |  |  | $ | 219.4 |  |  |  |  |  |  | $ | — |  |  | $ | 492.1 |
Capital expenditures |  | $ | 103.3 |  |  | $ | 62.9 |  |  |  |  |  |  | $ | 5.2 |  |  | $ | 171.4 |
Total assets |  | $ | 2,542.0 |  |  | $ | 1,900.3 |  |  |  |  |  |  | $ | 1,027.1 |  |  | $ | 5,469.4 |
|  | Year Ended December 31, 2021
|  | Driveline |  | Metal Forming |  |  |  |  |  | Corporate and Eliminations |  | Total
Sales |  | $ | 3,695.3 |  |  | $ | 1,912.8 |  |  |  |  |  |  | $ | — |  |  | $ | 5,608.1 |
Less: Intersegment sales |  | 0.2 |  |  | 451.3 |  |  |  |  |  |  | — |  |  | 451.5 |
Net external sales |  | $ | 3,695.1 |  |  | $ | 1,461.5 |  |  |  |  |  |  | $ | — |  |  | $ | 5,156.6 |
Segment adjusted EBITDA |  | $ | 541.8 |  |  | $ | 291.5 |  |  |  |  |  |  | $ | — |  |  | $ | 833.3 |
Depreciation and amortization |  | $ | 293.8 |  |  | $ | 250.5 |  |  |  |  |  |  | $ | — |  |  | $ | 544.3 |
Capital expenditures |  | $ | 123.4 |  |  | $ | 53.9 |  |  |  |  |  |  | $ | 3.9 |  |  | $ | 181.2 |
Total assets |  | $ | 2,852.0 |  |  | $ | 1,650.5 |  |  |  |  |  |  | $ | 1,133.2 |  |  | $ | 5,635.7 |
Assets included in the Corporate and Eliminations column of the tables above represent AAM corporate assets, as well as eliminations of intercompany assets. The following table represents a reconciliation of Segment Adjusted EBITDA to consolidated income (loss) before income taxes for the years ended December 31, 2023, 2022 and 2021:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (in millions)
Segment adjusted EBITDA |  | $ | 693.3 |  |  | $ | 747.3 |  |  | $ | 833.3 |
Interest expense |  | (201.7) |  |  | (174.5) |  |  | (195.2) |
Depreciation and amortization |  | (487.2) |  |  | (492.1) |  |  | (544.3) |
Restructuring and acquisition-related costs |  | (25.2) |  |  | (30.2) |  |  | (49.4) |
Pension curtailment and settlement charges |  | (1.3) |  |  | — |  |  | (42.3) |
Loss on sale of business |  | — |  |  | — |  |  | (2.7) |
Unrealized gain (loss) on equity securities |  | (1.1) |  |  | (25.5) |  |  | 24.4 |
Debt refinancing and redemption costs |  | (1.3) |  |  | (6.4) |  |  | (34.0) |
Malvern Fire insurance recoveries, net of charges |  | — |  |  | 39.1 |  |  | 11.4 |
Acquisition-related fair value inventory adjustment |  | — |  |  | (5.0) |  |  | — |
Gain on bargain purchase of business |  | — |  |  | 13.6 |  |  | — |
Income (loss) before income taxes |  | $ | (24.5) |  |  | $ | 66.3 |  |  | $ | 1.2 |
Financial information relating to our operations by geographic area is presented in the following table. Net sales are attributed to countries based upon location of production. Long-lived assets exclude deferred income taxes.
| December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Net sales |  |  |  |  |
United States | $ | 2,163.5 |  |  | $ | 2,148.0 |  |  | $ | 1,923.5 |
Mexico | 2,273.5 |  |  | 2,293.2 |  |  | 2,058.9 |
South America | 184.4 |  |  | 137.4 |  |  | 94.3 |
China | 271.6 |  |  | 280.0 |  |  | 299.6 |
All other Asia | 273.1 |  |  | 213.3 |  |  | 189.4 |
Europe | 913.4 |  |  | 730.5 |  |  | 590.9 |
Total net sales | $ | 6,079.5 |  |  | $ | 5,802.4 |  |  | $ | 5,156.6 |
Long-lived assets |  |  |  |  |
United States | $ | 1,694.3 |  |  | $ | 1,778.9 |  |  | $ | 1,976.5 |
Mexico | 778.4 |  |  | 821.3 |  |  | 888.1 |
South America | 75.8 |  |  | 71.2 |  |  | 40.9 |
China | 110.9 |  |  | 130.1 |  |  | 164.8 |
All other Asia | 79.2 |  |  | 80.5 |  |  | 87.1 |
Europe | 441.7 |  |  | 475.0 |  |  | 501.2 |
Total long-lived assets | $ | 3,180.3 |  |  | $ | 3,357.0 |  |  | $ | 3,658.6 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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