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Segment Reporting (Notes) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Segment Reporting Disclosure [Text Block] | 14. 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, gains or losses on equity securities, pension curtailment and settlement charges and non-recurring items. The following tables represent information by reportable segment for the three and six months ended June 30, 2024 and 2023 (in millions):
|  | Three Months Ended June 30, 2024
|  | Driveline |  | Metal Forming |  |  |  |  |  | Total
Sales |  | $ | 1,124.5 |  |  | $ | 653.1 |  |  |  |  |  |  | $ | 1,777.6 |
Less: Intersegment sales |  | 0.2 |  |  | 145.1 |  |  |  |  |  |  | 145.3 |
Net external sales |  | $ | 1,124.3 |  |  | $ | 508.0 |  |  |  |  |  |  | $ | 1,632.3 |
Segment Adjusted EBITDA |  | $ | 151.8 |  |  | $ | 56.6 |  |  |  |  |  |  | $ | 208.4 |
|  | 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 |
|  | Six Months Ended June 30, 2024
|  | Driveline |  | Metal Forming |  |  |  |  |  | Total
Sales |  | $ | 2,230.9 |  |  | $ | 1,297.2 |  |  |  |  |  |  | $ | 3,528.1 |
Less: Intersegment sales |  | 0.2 |  |  | 288.7 |  |  |  |  |  |  | 288.9 |
Net external sales |  | $ | 2,230.7 |  |  | $ | 1,008.5 |  |  |  |  |  |  | $ | 3,239.2 |
Segment Adjusted EBITDA |  | $ | 309.2 |  |  | $ | 104.8 |  |  |  |  |  |  | $ | 414.0 |
|  | 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 |
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, 2024 and 2023:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions)
Total segment adjusted EBITDA | $ | 208.4 |  |  | $ | 191.6 |  |  | $ | 414.0 |  |  | $ | 367.0 |
Interest expense | (47.9) |  |  | (50.2) |  |  | (96.9) |  |  | (100.7) |
Depreciation and amortization | (119.6) |  |  | (120.5) |  |  | (237.4) |  |  | (245.4) |
Restructuring and acquisition-related costs | (5.0) |  |  | (7.9) |  |  | (7.5) |  |  | (12.7) |
Gain (loss) on equity securities | (0.2) |  |  | 0.3 |  |  | (0.1) |  |  | — |
Debt refinancing and redemption costs | (0.3) |  |  | — |  |  | (0.3) |  |  | — |
Income before income taxes | $ | 35.4 |  |  | $ | 13.3 |  |  | $ | 71.8 |  |  | $ | 8.2 |

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- Definition The entire disclosure for reporting segments including data and tables. 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