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Segment and Geographic Information
 12 Months Ended
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
DrivelineMetal FormingCorporate and EliminationsTotal
(in millions)
Sales$4,176.7 $2,454.3 $— $6,631.0 
Less: Intersegment sales0.2 551.3 — 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
DrivelineMetal FormingCorporate and EliminationsTotal
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
DrivelineMetal FormingCorporate and EliminationsTotal
Sales$3,695.3 $1,912.8 $— $5,608.1 
Less: Intersegment sales0.2 451.3 — 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,
202320222021
(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,
202320222021
(in millions)
Net sales
United States$2,163.5 $2,148.0 $1,923.5 
Mexico2,273.5 2,293.2 2,058.9 
South America184.4 137.4 94.3 
China271.6 280.0 299.6 
All other Asia273.1 213.3 189.4 
Europe913.4 730.5 590.9 
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 
Mexico778.4 821.3 888.1 
South America75.8 71.2 40.9 
China110.9 130.1 164.8 
All other Asia79.2 80.5 87.1 
Europe441.7 475.0 501.2 
Total long-lived assets$3,180.3 $3,357.0 $3,658.6