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Assets and Liabilities Held-For-Sale (Notes)
 9 Months Ended
Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
2. ASSETS AND LIABILITIES HELD-FOR-SALE

In October 2024, we entered into a definitive agreement to sell our commercial vehicle axle business and related assets in India (AAM India Manufacturing Corporation Pvt., Ltd.) to Bharat Forge Limited for a sales price of $65 million, subject to certain customary adjustments at closing. The sale is expected to close in the fourth quarter of 2024, subject to customary closing conditions, including the receipt of regulatory approvals.

As a result, the assets and liabilities associated with this business have met the criteria to be classified as held-for-sale as of September 30, 2024. As such, $58.1 million of assets and $24.4 million of liabilities are classified as held-for-sale in our Condensed Consolidated Balance Sheet as of September 30, 2024. These amounts are classified entirely as current as we expect to complete the sale in the fourth quarter of 2024. Upon reclassification to held-for-sale in the third quarter of 2024, we recorded an impairment charge of $12.0 million to reduce the carrying value of this business to fair value less cost to sell. This impairment charge was primarily driven by approximately $30 million of accumulated currency translation adjustments that were included in the calculation of the carrying value of this business.
The sale of AAM India Manufacturing Corporation Pvt., Ltd. did not qualify for classification as discontinued operations as the sale does not represent a strategic shift in our business that has had, or will have, a major effect on our operations and financial results. As such, no reclassification of the assets and liabilities as held-for-sale was required in our Condensed Consolidated Balance Sheet as of December 31, 2023.