Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 10, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | AMERICAN AXLE & MANUFACTURING HOLDINGS INC | ||
Entity Central Index Key | 1,062,231 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 1,582,343,884 | ||
Entity Common Stock, Shares Outstanding | 76,092,979 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales | $ 3,903.1 | $ 3,696 | $ 3,207.3 |
Cost of goods sold | 3,267.7 | 3,173.2 | 2,728.6 |
Gross profit | 635.4 | 522.8 | 478.7 |
Selling, general and administrative expenses | 277.3 | 255.2 | 238.4 |
Operating income | 358.1 | 267.6 | 240.3 |
Interest expense | (99.2) | (99.9) | (115.9) |
Investment income | 2.6 | 2.1 | 0.6 |
Other income (expense) | |||
Debt refinancing and redemption costs | (0.8) | 0 | (36.8) |
Other, net | 12 | 6.9 | (1.9) |
Income before income taxes | 272.7 | 176.7 | 86.3 |
Income tax expense (benefit) | 37.1 | 33.7 | (8.2) |
Net income | $ 235.6 | $ 143 | $ 94.5 |
Basic earnings per share | $ 3.03 | $ 1.85 | $ 1.23 |
Diluted earnings per share | $ 3.02 | $ 1.85 | $ 1.23 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 235.6 | $ 143 | $ 94.5 |
Other comprehensive income (loss) | |||
Defined benefit plans, net of $(8.5) million, $23.2 million and $(41.3) million of tax in 2015, 2014 and 2013, respectively | 16.7 | (42.7) | 76.6 |
Foreign currency translation adjustments | (70.3) | (30.3) | (26.2) |
Changes in cash flow hedges | (6) | (7.7) | (2) |
Other comprehensive income (loss) | (59.6) | (80.7) | 48.4 |
Comprehensive income | $ 176 | $ 62.3 | $ 142.9 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income Parenthetical (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract] | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | $ (8.5) | $ 23.2 | $ (41.3) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 282.5 | $ 249.2 |
Accounts receivable, net | 539.1 | 532.7 |
Inventories, net | 230.5 | 248.8 |
Deferred income taxes | 0 | 40.2 |
Prepaid expenses and other | 72.1 | 68.6 |
Total current assets | 1,124.2 | 1,139.5 |
Property, plant and equipment, net | 1,046.2 | 1,061.1 |
Deferred income taxes | 373.6 | 368.8 |
Goodwill | 154.4 | 155 |
GM Postretirement Cost Sharing Asset, Noncurrent | 243.2 | 274.5 |
Other assets and deferred charges | 261.1 | 241.5 |
Total assets | 3,202.7 | 3,240.4 |
Current liabilities | ||
Current portion of long-term debt | 3.3 | 13 |
Accounts payable | 412.7 | 444.3 |
Accrued compensation and benefits | 128 | 109.1 |
Deferred revenue | 22.9 | 22.1 |
Deferred income taxes | 0 | 0.1 |
Other accrued expenses | 132.3 | 98.6 |
Total current liabilities | 699.2 | 687.2 |
Long-term debt, net | 1,375.7 | 1,504.6 |
Deferred income taxes | 6.8 | 9.1 |
Deferred revenue | 65.7 | 94.2 |
Postretirement benefits and other long-term liabilities | 753.8 | 831.9 |
Total liabilities | 2,901.2 | 3,127 |
Stockholders' equity | ||
Series A junior participating preferred stock, par value $0.01 per share; 0.1 million shares authorized; no shares outstanding in 2015 or 2014 | 0 | 0 |
Preferred stock, par value $0.01 per share; 10.0 million shares authorized; no shares outstanding in 2015 or 2014 | 0 | 0 |
Common stock, par value $0.01 per share; 150.0 million shares authorized; 00.0 million and 81.9 million shares issued as of December 31, 2015 and 2014, respectively | 0.8 | 0.8 |
Series common stock, par value $0.01 per share; 40.0 million shares authorized; no shares outstanding in 2015 or 2014 | 0 | 0 |
Paid-in capital | 638.9 | 623.7 |
Retained earnings (Accumulated deficit) | 204.2 | (31.4) |
Treasury stock at cost, 6.2 million shares in 2015 and 6.1 million shares in 2014 | (185.9) | (182.8) |
Accumulated other comprehensive loss | ||
Defined benefit plans, net of tax | (223.9) | (240.6) |
Foreign currency translation adjustments | (119.2) | (48.9) |
Unrecognized loss on cash flow hedges | (13.4) | (7.4) |
Stockholders' Equity Attributable to Parent | 301.5 | 113.4 |
Total liabilities and stockholders' equity | $ 3,202.7 | $ 3,240.4 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Series A Preferred Stock [Member] | ||
Preferred stock, par or stated value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100 | 100 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred Stock [Member] | ||
Preferred stock, par or stated value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock [Member] | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150,000 | 150,000 |
Common stock, shares issued | 82,300 | 81,900 |
Treasury stock, shares | 6,200 | 6,100 |
Series Common Stock [Member] | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 40,000 | 40,000 |
Common stock, shares, outstanding | 0 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net income | $ 235.6 | $ 143 | $ 94.5 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 198.4 | 199.9 | 177 |
Deferred income taxes | 26.4 | (9.2) | (18.7) |
Stock-based compensation | 15.9 | 9.7 | 10.8 |
Pensions and other postretirement benefits, net of contributions | (25.6) | 31.8 | 6.5 |
Loss (gain) on disposal of property, plant and equipment, net | 4.2 | (2.6) | (3.5) |
Debt refinancing and redemption costs | 0.8 | 0 | 9.2 |
Changes in operating assets and liabilities | |||
Accounts receivable | (17.9) | (78.3) | (0.3) |
Inventories | 11.2 | 10.9 | (42.5) |
Accounts payable and accrued expenses | (2.1) | 13.7 | 66.3 |
Deferred revenue | (26.8) | 24.5 | (5.6) |
Other assets and liabilities | (42.5) | (25) | (70.7) |
Net cash provided by operating activities | 377.6 | 318.4 | 223 |
Investing activities | |||
Purchases of property, plant and equipment | (193.5) | (206.5) | (251.9) |
Proceeds from sale of property, plant and equipment | 0.3 | 9.1 | 9.1 |
Proceeds from sale-leaseback of equipment | 0 | 0 | 24.1 |
Proceeds from government grants | 5.1 | 2.1 | 0 |
Net cash used in investing activities | (188.1) | (195.3) | (218.7) |
Financing activities | |||
Net short-term repayments under credit facilities | 0 | 0 | (29.9) |
Proceeds from issuance of long-term debt and other | 16.8 | 5 | 786.7 |
Payments of long-term debt, capital lease obligations and other | (157) | (27) | (652) |
Debt issuance costs | 0 | (0.3) | (16.7) |
Purchase of noncontrolling interest | (1.1) | 0 | 0 |
Employee stock option exercises | 0.8 | 1.2 | 1.1 |
Purchase of treasury stock | (3.1) | (0.3) | (0.4) |
Net cash provided by (used in) financing activities | (143.6) | (21.4) | 88.8 |
Effect of exchange rate changes on cash | (12.6) | (6.5) | (1.5) |
Net increase in cash and cash equivalents | 33.3 | 95.2 | 91.6 |
Cash and cash equivalents at beginning of year | 249.2 | 154 | 62.4 |
Cash and cash equivalents at end of year | 282.5 | 249.2 | 154 |
Supplemental cash flow information | |||
Interest paid | 93.8 | 91.1 | 123.2 |
Income taxes paid, net | $ 11.3 | $ 11.3 | $ 11.6 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] |
Common stock, shares outstanding | 74.8 | |||||
Common stock, par value | $ 0.8 | |||||
Paid-in capital | $ 600.9 | |||||
Retained earnings (Accumulated deficit) | $ (268.9) | |||||
Treasury stock | $ (182.1) | |||||
Accumulated other comprehensive income (loss) | $ (264.6) | $ (264.6) | ||||
Net income | 94.5 | |||||
Changes in cash flow hedges | (2) | (2) | ||||
Foreign currency translation adjustments | (26.2) | (26.2) | ||||
Defined benefit plans, net | 76.6 | 76.6 | ||||
Exercise of stock options and vesting of restricted stock units | 0.8 | |||||
Change in additional paid in capital for exercise of stock options and vesting of restricted stock | 1.1 | |||||
Adjustments to additional paid in capital, stock based compensation | 10.8 | |||||
Treasury stock, shares, acquired | 0 | |||||
Treasury stock, value, acquired, cost method | (0.4) | |||||
Common stock, shares outstanding | 75.6 | |||||
Common stock, par value | $ 0.8 | |||||
Paid-in capital | 612.8 | |||||
Retained earnings (Accumulated deficit) | (174.4) | |||||
Treasury stock | (182.5) | |||||
Accumulated other comprehensive income (loss) | (216.2) | (216.2) | ||||
Net income | 143 | |||||
Changes in cash flow hedges | (7.7) | (7.7) | ||||
Foreign currency translation adjustments | (30.3) | (30.3) | ||||
Defined benefit plans, net | (42.7) | (42.7) | ||||
Exercise of stock options and vesting of restricted stock units | 0.2 | |||||
Change in additional paid in capital for exercise of stock options and vesting of restricted stock | 1.2 | |||||
Adjustments to additional paid in capital, stock based compensation | 9.7 | |||||
Treasury stock, shares, acquired | 0 | |||||
Treasury stock, value, acquired, cost method | (0.3) | |||||
Common stock, shares outstanding | 75.8 | |||||
Common stock, par value | $ 0.8 | |||||
Paid-in capital | 623.7 | 623.7 | ||||
Retained earnings (Accumulated deficit) | (31.4) | (31.4) | ||||
Treasury stock | (182.8) | (182.8) | ||||
Accumulated other comprehensive income (loss) | (296.9) | (296.9) | ||||
Net income | 235.6 | |||||
Changes in cash flow hedges | (6) | (6) | ||||
Foreign currency translation adjustments | (70.3) | (70.3) | ||||
Defined benefit plans, net | 16.7 | 16.7 | ||||
Exercise of stock options and vesting of restricted stock units | 0.4 | |||||
Change in additional paid in capital for exercise of stock options and vesting of restricted stock | 0.9 | |||||
Adjustments to additional paid in capital, stock based compensation | 15.9 | |||||
Change in additional paid in capital for purchase of noncontrolling interest | (1.6) | |||||
Treasury stock, shares, acquired | (0.1) | |||||
Treasury stock, value, acquired, cost method | (3.1) | |||||
Common stock, shares outstanding | 76.1 | |||||
Common stock, par value | $ 0.8 | |||||
Paid-in capital | 638.9 | $ 638.9 | ||||
Retained earnings (Accumulated deficit) | 204.2 | $ 204.2 | ||||
Treasury stock | (185.9) | $ (185.9) | ||||
Accumulated other comprehensive income (loss) | $ (356.5) | $ (356.5) |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ORGANIZATION American Axle & Manufacturing Holdings, Inc. (Holdings) and its subsidiaries (collectively, we, our, us or AAM) is a Tier I supplier to the automotive industry. We manufacture, engineer, design and validate driveline and drivetrain systems and related components and chassis modules for light trucks, sport utility vehicles (SUVs), passenger cars, crossover vehicles and commercial vehicles. Driveline and drivetrain systems include components that transfer power from the transmission and deliver it to the drive wheels. Our driveline, drivetrain and related products include axles, chassis modules, driveshafts, power transfer units, transfer cases, chassis and steering components, driveheads, transmission parts, electric drive systems and metal-formed products. In addition to locations in the United States (U.S.) (Michigan, Ohio and Indiana), we also have offices or facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland, Scotland, South Korea, Sweden and Thailand. PRINCIPLES OF CONSOLIDATION We include the accounts of Holdings and its subsidiaries in our consolidated financial statements. We eliminate the effects of all intercompany transactions, balances and profits in our consolidation. REVENUE RECOGNITION We recognize revenue when products are shipped to our customers and title transfers under standard commercial terms or when realizable in accordance with our commercial agreements. If we are uncertain as to whether we will be successful collecting a balance in accordance with our understanding of a commercial agreement, we do not recognize the revenue or cost recovery until such time as the uncertainty is removed. In 2014, we reached an agreement with General Motors Company (GM) to increase installed capacity and adjust product mix for our largest vehicle program. As a result of this agreement, we received $32.8 million in 2014 and recorded the payments as deferred revenue. This deferred revenue is being recognized into sales over the life of the program on a straight line basis over approximately 5 years, which is the period we expect GM to benefit from this capacity and mix change. We recognized $6.9 million and $5.4 million of revenue related to this agreement in 2015 and 2014, respectively. As of December 31, 2015 , we have $6.9 million of deferred revenue that is classified as a current liability and $13.6 million of deferred revenue that is recorded as a noncurrent liability on our Consolidated Balance Sheet. Also in 2014, we reached an agreement with GM to recover certain costs related to the delay of another major product program. We received $9.3 million in 2014 related to this agreement which was recorded as deferred revenue. This deferred revenue is being recognized into sales over the life of the program on a straight-line basis over approximately 8 years, which is the period we expect GM to benefit from this agreement. We recognized $1.1 million and $0.5 million of revenue related to this agreement in 2015 and 2014, respectively. As of December 31, 2015 , we have remaining deferred revenue of $7.7 million , $1.1 million of which is classified as a current liability and $6.6 million which is recorded as a noncurrent liability on our Consolidated Balance Sheet. In 2009, we entered into a settlement and commercial agreement (2009 Settlement and Commercial Agreement) with GM. As part of this agreement, we received $110.0 million from GM, of which we recorded $79.7 million as deferred revenue. As of December 31, 2015 , our remaining deferred revenue related to the 2009 Settlement and Commercial Agreement is $29.5 million , $8.0 million of which is classified as a current liability and $21.5 million of which is recorded as a noncurrent liability on our Consolidated Balance Sheet. We recognize this deferred revenue into revenue on a straight-line basis over 120 months, which ends September 2019 and is the period that we expect GM to benefit under the 2009 Settlement and Commercial Agreement. We recognized revenue of $8.0 million , in 2015 , 2014 and 2013 related to this agreement. As of December 31, 2015 , the majority of the remaining deferred revenue primarily relates to customer payments to implement capacity programs, which is generally recognized into revenue over the life of these programs. We recognized $7.4 million , $7.5 million and $10.5 million of revenue for these programs in 2015 , 2014 and 2013 , respectively. RESEARCH AND DEVELOPMENT (R&D) COSTS We expense R&D, as incurred, in selling, general and administrative expenses on our Consolidated Statement of Income. R&D spending, net of engineering, design and development recoveries, was $113.9 million , $103.9 million and $103.4 million in 2015 , 2014 and 2013 , respectively. CASH AND CASH EQUIVALENTS Cash and cash equivalents inclu de all cash balances, savings accounts, sweep accounts, and highly liquid investments in money market funds and certificates of deposit with maturities of 90 days or less at the time of purchase. ACCOUNTS RECEIVABLE The majority of our accounts receivable are due from original equipment manufacturers (OEMs) in the automotive industry and are past due when payment is not received within the stated terms. Trade accounts receivable for our largest customer, GM, are generally due within approximately 50 days from the date of receipt. Amounts due from customers are stated net of allowances for doubtful accounts. We determine our allowances by considering factors such as the length of time accounts are past due, our previous loss history, the customer's ability to pay its obligation to us, and the condition of the general economy and the industry as a whole. The allowance for doubtful accounts was $4.3 million and $4.6 million as of December 31, 2015 and 2014 , respectively. We write-off accounts receivable when they become uncollectible. CUSTOMER TOOLING AND PRE-PRODUCTION COSTS RELATED TO LONG-TERM SUPPLY AGREEMENTS Engineering, R&D, and other pre-production design and development costs for products sold on long-term supply arrangements are expensed as incurred unless we have a contractual guarantee for reimbursement from the customer. Costs for tooling used to make products sold on long-term supply arrangements for which we have either title to the assets or the noncancelable right to use the assets during the term of the supply arrangement are capitalized in property, plant and equipment. Capitalized items and customer receipts in excess of tooling costs specifically related to a supply arrangement are amortized over the shorter of the term of the arrangement or over the estimated useful lives of the related assets. INVENTORIES We state our inventories at the lower of cost or market. The cost of our inventories is determined using the FIFO method. When we determine that our gross inventories exceed usage requirements, or if inventories become obsolete or otherwise not saleable, we record a provision for such loss as a component of our inventory accounts. Inventories consist of the following: December 31, 2015 2014 (in millions) Raw materials and work-in-progress $ 228.7 $ 243.8 Finished goods 31.1 32.9 Gross inventories 259.8 276.7 Inventory valuation reserves (29.3 ) (27.9 ) Inventories, net $ 230.5 $ 248.8 PROPERTY, PLANT AND EQUIPMENT We state property, plant and equipment, including amortizable tooling, at historical cost, as adjusted for impairments. Construction in progress includes costs incurred for the construction of buildings and building improvements, and machinery and equipment in process. Repair and maintenance costs that do not extend the useful life or otherwise improve the utility of the asset beyond its existing useful state are expensed in the period incurred. We record depreciation and tooling amortization on the straight-line method over the estimated useful lives of the depreciable assets. Depreciation and tooling amortization amounted to $163.6 million , $166.5 million and $151.8 million in 2015 , 2014 and 2013 , respectively. Property, plant and equipment consists of the following: Estimated December 31, Useful Lives 2015 2014 (years) (in millions) Land Indefinite $ 24.9 $ 26.2 Land improvements 10-15 18.8 19.0 Buildings and building improvements 15-40 315.5 314.3 Machinery and equipment 3-12 1,853.1 1,770.7 Construction in progress 88.4 91.4 2,300.7 2,221.6 Accumulated depreciation and amortization (1,254.5 ) (1,160.5 ) Property, plant and equipment, net $ 1,046.2 $ 1,061.1 As of December 31, 2015, 2014 and 2013, we had unpaid purchases of plant and equipment in our Accounts Payable of $43.6 million , $31.4 million and $46.2 million , respectively. IMPAIRMENT OF LONG-LIVED ASSETS When impairment indicators exist, we evaluate the carrying value of long-lived assets for potential impairment. We consider projected future undiscounted cash flows, trends and other circumstances in making such estimates and evaluations. If impairment is deemed to exist, the carrying amount of the asset is adjusted based on its fair value. Recoverability of assets “held for use” is determined by comparing the forecasted undiscounted cash flows of the operations to which the assets relate to their carrying amount. When the carrying value of an asset group exceeds its fair value and is therefore nonrecoverable, those assets are written down to fair value. Fair value is determined based on market prices, when available, or a discounted cash flow analysis performed using management estimates. GOODWILL We record goodwill when the purchase price of acquired businesses exceeds the value of their identifiable net tangible and intangible assets acquired. We test our goodwill annually, or more frequently if necessary, for impairment in accordance with the accounting guidance for goodwill and other indefinite-lived intangibles. We completed impairment tests in 2015 and 2014 and concluded that there was no impairment of our goodwill. The following table provides a reconciliation of changes in goodwill: December 31, 2015 2014 (in millions) Beginning balance $ 155.0 $ 156.4 Foreign currency translation (0.6 ) (1.4 ) Ending balance $ 154.4 $ 155.0 INTANGIBLE ASSETS During 2015, we launched global enterprise resource planning (ERP) systems at certain key locations to upgrade many of our existing operating and financial systems. In connection with the development of these ERP systems we have recorded an intangible asset on our Consolidated Balance Sheet. The intangible asset is related to costs incurred to obtain software licenses from a third party, as well as costs to design and develop this internal-use software. This intangible asset is classified as other assets and deferred charges on our Consolidated Balance Sheet and will be amortized over the estimated useful life of our ERP systems. We recorded $3.2 million and $0.4 million of expense for the amortization of these intangible assets in 2015 and 2014, respectively. The following table provides the gross intangible asset balance and related amortization recorded on our Consolidated Balance Sheet as of December 31, 2015 and December 31, 2014 : December 31, 2015 2014 (in millions) Capitalized computer software intangible asset $ 28.7 $ 19.7 Accumulated amortization (3.7 ) (0.5 ) Capitalized computer software intangible asset, net $ 25.0 $ 19.2 In connection with our e-AAM subsidiary, we have in-process research and development intangible assets which represent the technology that will be utilized in products to be launched in 2017. Accordingly, we will begin amortizing this asset on a straight-line basis at the start of production through the expected life cycle of the related products, which is expected to be approximately 5-7 years. These intangible assets are classified as other assets and deferred charges on our Consolidated Balance Sheet. The following table provides a reconciliation of changes in the carrying value of our in-process research and development intangible assets: December 31, 2015 2014 (in millions) Beginning balance $ 6.2 $ 7.4 Foreign currency translation (0.5 ) (1.2 ) Ending balance $ 5.7 $ 6.2 DEBT ISSUANCE COSTS The costs related to the issuance or modification of long-term debt are deferred and amortized into interest expense over the life of each debt issue. Based on the early adoption of ASU 2015-03 - Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , our debt issuance costs associated with our term facility and senior unsecured notes have been retrospectively reclassified as a reduction to the related debt liability rather than a deferred asset as previously recorded. As of December 31, 2015 and December 31, 2014 , our unamortized debt issuance costs were $22.5 million and $29.5 million , respectively. Debt issuance costs of $7.9 million and $10.7 million related to our revolving credit facility, for which there is no outstanding debt liability, remain classified as Other Assets and Deferred Charges on our Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014, respectively. Deferred amounts associated with the extinguishment of debt are expensed and classified as debt refinancing and redemption costs on our Consolidated Statement of Income. DERIVATIVES We recognize all derivatives on the balance sheet at fair value and we are not subject to master netting agreements. If a derivative qualifies under the accounting guidance as a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged asset, liability or firm commitment through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative's change in fair value, and changes in the fair value of derivatives that do not qualify as hedges, are immediately recognized in earnings. See Note 3 - Derivatives and Risk Management , for more detail on our derivatives. CURRENCY TRANSLATION AND REMEASUREMENT We translate the assets and liabilities of our foreign subsidiaries to U.S. dollars at end-of-period exchange rates. We translate the income statement elements of our foreign subsidiaries to U.S. dollars at average-period exchange rates. We report the effect of translation for our foreign subsidiaries that use the local currency as their functional currency as a separate component of stockholders' equity. Gains and losses resulting from the remeasurement of assets and liabilities in a currency other than the functional currency of a subsidiary are reported in current period income. We also report any gains and losses arising from transactions denominated in a currency other than the functional currency of a subsidiary in current period income. These foreign currency gains and losses resulted in a gain of $9.5 million and $6.4 million and a loss of $4.2 million , for the years ended 2015 , 2014 and 2013 , respectively, in Other Income (Expense). PENSION AND OTHER POSTRETIREMENT DEFINED BENEFIT PLANS Net pension and postretirement benefit expenses and the related liabilities are determined on an actuarial basis. These plan expenses and obligations are dependent on management's assumptions developed in consultation with our actuaries. We review these actuarial assumptions at least annually and make modifications when appropriate. See Note 5 - Employee Benefit Plans, for more detail on our pension and other postretirement defined benefit plans. STOCK-BASED COMPENSATION We have stock-based compensation in the form of stock options, restricted stock units (RSUs), performance shares, and performance awards. For non-performance based awards, the grant date fair value is measured as the stock price at the date of grant. For performance based awards, fair value is estimated using valuation techniques that require management to use estimates and assumptions. Certain awards require that management's estimates and assumptions be evaluated at each reporting date to determine if compensation expense related to the award should be adjusted, both on a catch-up and go-forward basis. Compensation expense is recognized over the period during which the requisite service is provided, referred to as the vesting period. See Note 6 - Stock-Based Compensation for more detail on our accounting for stock-based compensation. DEFERRED INCOME TAX ASSETS AND LIABILITIES AND VALUATION ALLOWANCES Our deferred income tax assets and liabilities reflect the impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the basis of such assets and liabilities as measured by tax laws. In accordance with the accounting guidance for income taxes, we estimate whether recoverability of our deferred tax assets is “more likely than not,” based on forecasts of taxable income in the related tax jurisdictions. In this estimate, we use historical results, projected future operating results based upon approved business plans, eligible carryforward periods, tax planning opportunities and other relevant considerations. This includes the consideration of tax law changes, prior profitability performance and the uncertainty of future projected profitability. We record a valuation allowance to reduce our deferred tax assets to the amount that is "more likely than not," to be realized. We record uncertain tax positions on the basis of a two-step process whereby: (1) we determine whether it is "more likely than not" that the tax positions will be sustained based on the technical merits of the position: and (2) for those positions that meet the "more likely than not" recognition threshold, we recognize the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. We record interest and penalties on uncertain tax positions in income tax expense (benefit). See Note 7 - Income Taxes, for more detail on our accounting for income taxes. PRODUCT WARRANTY See Note 9 - Commitments and Contingencies, for more detail on our accounting for product warranties. USE OF ESTIMATES In order to prepare consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP), we are required to make estimates and assumptions that affect the reported amounts and disclosures in our consolidated financial statements. Actual results could differ from those estimates. EFFECT OF NEW ACCOUNTING STANDARDS On November 20, 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-17 - Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , which simplifies the accounting for deferred tax assets (DTAs) and deferred tax liabilities (DTLs). Under the new guidance, entities would be required to classify all DTAs and DTLs as noncurrent in the balance sheet, as opposed to the current US GAAP standard, which requires entities to split their DTAs and DTLs between current and noncurrent in the balance sheet based on the classification of the related asset or liability. The new standard will still require entities to net DTAs and DTLs within each tax jurisdiction and prohibit netting of DTAs and DTLs between different tax jurisdictions. The guidance becomes effective for AAM at the beginning of our 2017 fiscal year, however as permitted, AAM elected to early adopt this standard using the prospective method in the fourth quarter of 2015. Prior periods were not retrospectively adjusted. The effect of implementing this ASU on our consolidated financial statements was a reduction to our current deferred income tax assets of $39.2 million , a reduction to our current deferred income tax liabilities of $0.1 million , an increase to our noncurrent deferred income tax assets of $36.7 million , and a decrease to our noncurrent deferred income tax liabilities of $2.4 million at December 31, 2015. On May 1, 2015 the FASB issued ASU 2015-07 - Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) , which changes the disclosure requirements for investments in certain entities that calculate net asset value (NAV) per share. Under current accounting standards entities are permitted to estimate the fair value of certain investments using the investment's NAV as a practical expedient. The current disclosure guidance also permits entities to disclose the investment at NAV in the fair value hierarchy table as either Level 2 or Level 3, based upon certain criteria. The measurement basis utilizing NAV is different than the measurement criteria of all other investments which utilize inputs to calculate fair value. Due to this inconsistency, the FASB issued this ASU which requires entities to remove investments measured at NAV from the fair value hierarchy table. The guidance becomes effective for AAM at the beginning of our 2016 fiscal year. Other than the change in presentation, the adoption of this new guidance will not have an impact on our consolidated financial statements. On April 7, 2015, the FASB issued ASU 2015-03 - Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which changes the presentation of debt issuance costs in financial statements. Under the ASU, entities would present such costs in the balance sheet as a direct deduction of the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. This ASU becomes effective for AAM at the beginning of our 2016 fiscal year, however as permitted, AAM elected to early adopt this standard as of December 31, 2015. The effect of implementing this ASU on our consolidated financial statements was a reduction to both our other assets and deferred charges and long-term debt of $14.6 million at December 31, 2015 and $18.8 million at December 31, 2014. In 2014, the FASB issued ASU 2014-09 - Revenue from Contracts with Customers (Topic 606) , which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The guidance is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. On August 12, 2015, the FASB issued ASU 2015-14 - Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , to formally defer the initial standard's effective date by one-year, making this guidance effective for AAM at the beginning of our 2018 fiscal year. We are currently assessing the impact that this standard will have on our consolidated financial statements. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | 2. LONG-TERM DEBT AND LEASE OBLIGATIONS Long-term debt, net consists of the following: December 31, 2015 2014 (in millions) Revolving Credit Facility $ — $ — Term Facility — 142.5 7.75% Notes 200.0 200.0 6.625% Notes 550.0 550.0 6.25% Notes 400.0 400.0 5.125% Notes 200.0 200.0 Foreign credit facilities 38.0 38.9 Capital lease obligations 5.6 5.0 Debt 1,393.6 1,536.4 Less: Current portion of long-term debt 3.3 13.0 Long-term debt 1,390.3 1,523.4 Less: Debt issuance costs 14.6 18.8 Long-term debt, net $ 1,375.7 $ 1,504.6 REVOLVING CREDIT FACILITY AND TERM FACILITY As of December 31, 2015 , the revolving credit facility provided up to $523.5 million of revolving bank financing commitments through September 13, 2018. At December 31, 2015 , $513.1 million was available under the revolving credit facility, which reflected a reduction of $10.4 million for standby letters of credit issued against the facility. The credit agreement provides for a senior secured term loan A facility in an aggregate principal amount of $150.0 million (term facility). During 2015, we made principal payments of $142.5 million on our term facility, of which $135.9 million related to a voluntary election to prepay all outstanding principal, including $2.8 million that was due in the fourth quarter of 2015. Upon prepayment, we expensed $0.8 million in 2015 related to the write-off of the remaining unamortized debt issuance costs related to our term facility that we had been amortizing over the expected life of the borrowing. We paid remaining debt issuance costs of $0.1 million in 2014 associated with the execution of amending our revolving credit facility and term facility. In 2013, we paid debt issuance costs of $6.9 million associated with the amendments and restatements of our revolving credit facility. Borrowings under the revolving credit facility and term facility bear interest at rates based on adjusted LIBOR or an alternate base rate, plus an applicable margin. The applicable margin for LIBOR-based loans will be between 1.5% and 3.0%. The revolving credit facility is secured on a first priority basis by all or substantially all of the assets of AAM and each guarantor under the collateral agreement dated as of November 7, 2008, as amended and restated as of September 13, 2013. In the event AAM achieves investment grade corporate credit ratings from Standard & Poor's and Moody's, AAM may elect to release all of the collateral from the liens granted pursuant to the collateral agreement, subject to notice requirements and other conditions. The revolving credit facility limits our ability to make certain investments, loans and guarantees, declare dividends or distributions on capital stock, redeem or repurchase capital stock and certain debt obligations, incur liens, incur indebtedness, enter into certain restrictive agreements, merge, make acquisitions or sell all or substantially all of our assets. The revolving credit facility provides back-up liquidity for our foreign credit facilities. We intend to use the availability of long-term financing under the revolving credit facility to refinance any current maturities related to such debt agreements that are not otherwise refinanced on a long-term basis in their local markets, except where otherwise reclassified to current portion of long-term debt on our Consolidated Balance Sheet. In 2013, we terminated our class C loan facility of $72.8 million , which would have matured on June 30, 2013. Upon termination, we expensed $0.5 million of unamortized debt issuance costs related to the class C facility. 9.25% NOTES In 2009, we issued $425.0 million of 9.25% senior secured notes due 2017 ( 9.25% Notes). The notes were issued at a discount of $5.5 million . Pursuant to the terms of our 9.25% Notes, in 2013, we voluntarily redeemed the remaining outstanding 9.25% Notes using the proceeds from the Term Facility and the issuance of the 5.125% Notes. This resulted in a principal payment of $340.0 million and $18.9 million for redemption premiums, as well as payments of accrued interest. We expensed $6.7 million in 2013 related to the write-off of the remaining unamortized debt discount and issuance costs related to our 9.25% Notes. 7.875% NOTES In 2007, we issued $300.0 million of 7.875% senior unsecured notes due 2017 ( 7.875% Notes). In 2013, we voluntarily purchased and redeemed $300.0 million of our 7.875% Notes, and paid accrued interest. Upon purchase and redemption, we expensed $8.5 million related to redemption premiums, $0.1 million of professional fees and unamortized debt issuance costs of $2.1 million related to this debt. 7.75% NOTES In 2011, we issued $200.0 million of 7.75% senior unsecured notes due 2019 ( 7.75% Notes). 6.625% NOTES In 2012, we issued $550.0 million of 6.625% senior unsecured notes due 2022 ( 6.625% Notes). Net proceeds from the 6.625% Notes were used to fund the purchase and redemption of $250.0 million of the outstanding 5.25% senior unsecured notes, including the payment of interest, the redemption of $42.5 million aggregate principal amount of our 9.25% Notes, certain pension obligations and for other general corporate purposes. 6.25% NOTES In 2013, we issued $400.0 million of 6.25% senior unsecured notes due 2021 ( 6.25% Notes). Net proceeds from the 6.25% Notes were used to fund the purchase and redemption of our 7.875% Notes and for other general corporate purposes. We paid debt issuance costs of $6.6 million in 2013 related to the 6.25% Notes. 5.125% NOTES In 2013, we issued $200.0 million of 5.125% senior unsecured notes due 2019 ( 5.125% Notes). Net proceeds from the 5.125% Notes were used to redeem the remaining $190.0 million outstanding under our 9.25% Notes. We paid debt issuance costs related to the 5.125% Notes of $0.2 million and $3.1 million in 2014 and 2013, respectively. LEASES We lease certain facilities and furniture under capital leases expiring at various dates. The gross asset cost of our capital leases was $7.9 million and $6.7 million at December 31, 2015 and 2014 , respectively. The net book value included in property, plant and equipment, net on the balance sheet was $5.6 million and $5.0 million at December 31, 2015 and 2014 , respectively. The weighted-average interest rate on these capital lease obligations at December 31, 2015 was 7.2% . We also lease certain manufacturing machinery and equipment, commercial office and production facilities, vehicles and other assets under operating leases expiring at various dates. In 2013 we entered into various sale-leaseback transactions for equipment to be used in production starting in 2013. We received proceeds of $24.1 million in 2013 as a result of these transactions. Future minimum payments under noncancelable operating leases are as follows: $20.4 million in 2016, $17.0 million in 2017, $9.1 million in 2018, $4.4 million in 2019, and $4.4 million in 2020. Our total expense relating to operating leases was $25.3 million , $23.6 million and $17.6 million in 2015 , 2014 and 2013 , respectively. FOREIGN CREDIT FACILITIES We utilize local currency credit facilities to finance the operations of certain foreign subsidiaries. These credit facilities, some of which are guaranteed by Holdings and/or AAM, Inc., expire at various dates through July 2019. At December 31, 2015 , $38.0 million was outstanding under these facilities and an additional $47.9 million was available. DEBT MATURITIES Aggregate maturities of long-term debt are as follows (in millions) : 2016 $ 15.4 2017 4.8 2018 18.0 2019 403.1 2020 0.7 Thereafter 951.6 Total $ 1,393.6 INTEREST EXPENSE AND INVESTMENT INCOME Interest expense was $99.2 million in 2015 , $99.9 million in 2014 and $115.9 million in 2013 . The decrease in interest expense in 2014 as compared to 2013 is primarily due to the decrease in our weighted-average interest rate for the full year 2014 as compared to full year 2013. The decrease is also driven by lower average outstanding borrowings in 2014 as compared to 2013. We capitalized interest of $4.5 million in 2015 , $5.8 million in 2014 and $6.6 million in 2013 . The weighted-average interest rate of our long-term debt outstanding at December 31, 2015 was 6.5% as compared to 6.4% and 6.3% at December 31, 2014 and 2013 , respectively. Investment income was $2.6 million in 2015 as compared to $2.1 million and $0.6 million in 2014 and 2013 , respectively. Investment income includes interest earned on cash and cash equivalents and realized and unrealized gains and losses on our short-term investments during the period. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 3. DERIVATIVES AND RISK MANAGEMENT DERIVATIVE FINANCIAL INSTRUMENTS In the normal course of business, we are exposed to market risk associated with changes in foreign currency exchange rates and interest rates. To manage a portion of these inherent risks, we may purchase certain types of derivative financial instruments based on management's judgment of the trade-off between risk, opportunity and cost. We do not hold or issue derivative financial instruments for trading or speculative purposes. The ineffective portion of any hedge is included in current earnings. The impact of hedge ineffectiveness was not significant in any of the periods presented. CURRENCY FORWARD CONTRACTS From time to time, we use foreign currency forward contracts to reduce the effects of fluctuations in exchange rates, primarily relating to the Mexican Peso, Euro, Pound Sterling, Thai Baht, Swedish Krona and Polish Zloty. We had forward contracts with a notional amount of $190.0 million and $99.3 million outstanding at December 31, 2015 and 2014 , respectively, that hedge our exposure to changes in foreign currency exchange rates for certain payroll expenses through June 2018 and certain direct and indirect inventory and other working capital items through December 2016. The following table summarizes the reclassification of pre-tax derivative gains (losses) into net income from accumulated other comprehensive income (loss) for those derivative instruments designated as hedging instruments under Accounting Standards Codification 815 - Derivatives and Hedging (ASC 815): Location of Gain (Loss) Reclassified into Net Income Gain (Loss) Reclassified During the Twelve Months Ended December 31, Loss Expected to be Reclassified During the Next 12 Months 2015 2014 2013 (in millions) Currency forward contracts Cost of Goods Sold $ (10.9 ) $ 0.9 $ 2.8 $ (7.5 ) See Note 10 - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) for amounts recognized in other comprehensive income (loss) during the years ended December 31, 2015 , December 31, 2014 and December 31, 2013 . The following table summarizes the amount and location of gains (losses) recognized in the Consolidated Statement of Income for those derivative instruments not designated as hedging instruments under ASC 815: Location of Gain (Loss) Reclassified into Net Income Gain (Loss) Recognized During the Twelve Months Ended December 31, 2015 2014 2013 (in millions) Currency forward contracts Cost of Goods Sold $ (4.0 ) $ (1.8 ) $ 0.1 Currency forward contracts Other Income (Expense), Net (1.6 ) — — CONCENTRATIONS OF CREDIT RISK In the normal course of business, we provide credit to customers. We periodically evaluate the creditworthiness of our customers and we maintain reserves for potential credit losses. Sales to GM were approximately 66% of our consolidated net sales in 2015 , 68% in 2014 , and 71% in 2013 . Accounts and other receivables due from GM were $361.1 million at year-end 2015 and $343.1 million at year-end 2014 . Sales to FCA US LLC (FCA), were approximately 20% of our consolidated net sales in 2015 , 18% in 2014 and 12% in 2013 . Accounts receivable due from FCA were $96.8 million at year-end 2015 and $99.3 million at year-end 2014 . No other single customer accounted for more than 10% of our consolidated net sales in any year presented. In addition, our total GM postretirement cost sharing asset was $256.3 million as of December 31, 2015 and $287.8 million as of December 31, 2014 . See Note 5 - Employee Benefit Plans for more detail on this cost sharing asset. We diversify the concentration of invested cash and cash equivalents among different financial institutions and we monitor the selection of counterparties to other financial instruments to avoid unnecessary concentrations of credit risk. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 4. FAIR VALUE The fair value accounting guidance defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The definition is based on an exit price rather than an entry price, regardless of whether the entity plans to hold or sell the asset. This guidance also establishes a fair value hierarchy to prioritize inputs used in measuring fair value as follows: • Level 1: Observable inputs such as quoted prices in active markets; • Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. FINANCIAL INSTRUMENTS The estimated fair values of our financial assets and liabilities that are recognized at fair value on a recurring basis, using available market information and other observable data are as follows: December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Input (in millions) Balance Sheet Classification Cash equivalents $ 61.7 $ 61.7 $ 35.3 $ 35.3 Level 1 Currency forward contracts - Prepaid expenses and other current assets Undesignated currency forward contracts 0.2 0.2 — — Level 2 Currency forward contracts - Other accrued expenses Cash flow hedges 7.5 7.5 7.2 7.2 Level 2 Undesignated currency forward contracts 1.9 1.9 1.1 1.1 Level 2 Currency forward contracts - Other long-term liabilities Cash flow hedges 5.9 5.9 0.1 0.1 Level 2 The carrying values of our cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short-term maturities of these instruments. The carrying values of our borrowings under the foreign credit facilities approximate their fair values due to the frequent resetting of the interest rates. We estimated the fair value of our outstanding debt using available market information and other observable data to be as follows: December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Input (in millions) Revolving Credit Facility $ — $ — $ — $ — Level 2 Term Facility — — 142.5 141.1 Level 2 7.75% Notes 200.0 218.5 200.0 224.0 Level 2 6.625% Notes 550.0 574.8 550.0 583.0 Level 2 6.25% Notes 400.0 415.0 400.0 419.0 Level 2 5.125% Notes 200.0 202.0 200.0 202.6 Level 2 Investments in our defined benefit pension plans are stated at fair value. See Note 5 - Employee Benefit Plans for additional fair value disclosures of our pension plan assets. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 5. EMPLOYEE BENEFIT PLANS PENSION AND OTHER POSTRETIREMENT DEFINED BENEFIT PLANS We sponsor various qualified and non-qualified defined benefit pension plans for our eligible associates. We also maintain hourly and salaried benefit plans that provide postretirement medical, dental, vision and life insurance benefits (OPEB) to our eligible retirees and their dependents in the U.S. AAM and GM share proportionally in the cost of OPEB for eligible retirees based on the length of service an employee had with AAM and GM. We have included in our OPEB obligation the amounts expected to be received pursuant to this agreement of $256.3 million and $287.8 million at December 31, 2015 and December 31, 2014 , respectively. We have also recorded a corresponding asset for these amounts on our Consolidated Balance Sheet, $13.1 million that is classified as a current asset and $243.2 million that is classified as a noncurrent asset as of December 31, 2015 . Actuarial valuations of our benefit plans were made as of December 31, 2015 and 2014 . The principal weighted-average assumptions used in the year-end valuation of our U.S. and U.K. plans appear in the following table. The U.S. discount rates are based on an actuarial review of a hypothetical portfolio of long-term, high quality corporate bonds matched against the expected payment stream for each of our plans. The U.K. discount rate is based on a review of long-term bonds, in consideration of the average duration of plan liabilities. The assumptions for expected return on plan assets are based on future capital market expectations for the asset classes represented within our portfolios and a review of long-term historical returns. The rates of increase in compensation and health care costs are based on current market conditions, inflationary expectations and historical information. Pension Benefits OPEB 2015 2014 2013 2015 2014 2013 U.S. U.K U.S. U.K U.S. U.K. Discount rate 4.40 % 3.90 % 4.10 % 3.70 % 5.00 % 4.50 % 4.45 % 4.15 % 4.95 % Expected return on plan assets 7.50 % 5.00 % 7.50 % 5.00 % 7.50 % 5.15 % N/A N/A N/A Rate of compensation increase 4.00 % 3.30 % 4.00 % 3.30 % 4.00 % 3.60 % 4.00 % 4.00 % 4.00 % The accumulated benefit obligation for all defined benefit pension plans was $678.6 million and $723.9 million at December 31, 2015 and December 31, 2014 , respectively. As of December 31, 2015, the accumulated benefit obligation for our underfunded defined benefit pension plans was $553.2 million , the projected benefit obligation was $565.1 million and the fair value of assets for these plans was $457.8 million . The following table summarizes the changes in projected benefit obligations and plan assets and reconciles the funded status of the benefit plans, which is the net benefit plan liability: Pension Benefits OPEB December 31, December 31, 2015 2014 2015 2014 (in millions) Change in benefit obligation Benefit obligation at beginning of year $ 738.8 $ 755.4 $ 654.7 $ 577.9 Service cost 3.2 3.5 0.4 0.3 Interest cost 28.6 36.1 15.0 15.3 Actuarial loss (gain) (32.1 ) 119.3 (35.9 ) 41.2 Change in GM portion of OPEB obligation — — (31.6 ) 31.8 Participant contributions 0.4 0.4 — — Settlements — (131.1 ) — — Benefit payments (38.4 ) (36.5 ) (14.2 ) (11.8 ) Currency fluctuations (7.4 ) (8.3 ) — — Net change (45.7 ) (16.6 ) (66.3 ) 76.8 Benefit obligation at end of year $ 693.1 $ 738.8 $ 588.4 $ 654.7 Change in plan assets Fair value of plan assets at beginning of year $ 643.7 $ 713.4 $ — $ — Actual return on plan assets (5.0 ) 77.2 — — Employer contributions 20.1 1.9 14.2 11.8 Participant contributions 0.4 0.4 — — Benefit payments (38.4 ) (36.5 ) (14.2 ) (11.8 ) Settlements — (104.2 ) — — Currency fluctuations (8.0 ) (8.5 ) — — Net change (30.9 ) (69.7 ) — — Fair value of plan assets at end of year $ 612.8 $ 643.7 $ — $ — During 2014, the Society of Actuaries issued updated mortality tables for our U.S. benefit plans. These new mortality tables increased our projected benefit obligations for our U.S. pension and OPEB plans at December 31, 2014 by $25.2 million and $19.0 million , respectively. Amounts recognized in our Consolidated Balance Sheets are as follows: Pension Benefits OPEB December 31, December 31, 2015 2014 2015 2014 (in millions) Noncurrent assets $ 27.0 $ 6.9 $ — $ — Current liabilities (4.2 ) (3.0 ) (29.4 ) (29.6 ) Noncurrent liabilities (103.1 ) (99.0 ) (559.0 ) (625.1 ) Net liability $ (80.3 ) $ (95.1 ) $ (588.4 ) $ (654.7 ) Pre-tax amounts recorded in accumulated other comprehensive income (loss) (AOCI), not yet recognized in net periodic benefit cost as of December 31, 2015 and 2014 , consists of: Pension Benefits OPEB December 31, December 31, 2015 2014 2015 2014 (in millions) Net actuarial gain (loss) $ (222.9 ) $ (215.3 ) $ 1.1 $ (35.7 ) Net prior service credit 0.6 0.7 12.7 15.4 Total amounts recorded $ (222.3 ) $ (214.6 ) $ 13.8 $ (20.3 ) The components of net periodic benefit cost (credit) are as follows: Pension Benefits OPEB 2015 2014 2013 2015 2014 2013 (in millions) Service cost $ 3.2 $ 3.5 $ 3.4 $ 0.4 $ 0.3 $ 0.4 Interest cost 28.6 36.1 33.8 15.0 15.3 13.2 Expected asset return (42.0 ) (48.4 ) (45.8 ) — — — Amortized actuarial loss 6.0 5.4 8.9 0.8 0.5 0.9 Amortized prior service cost (credit) (0.1 ) (0.1 ) 5.4 (2.7 ) (2.7 ) (1.8 ) Settlement charge — 35.5 — — — — Net periodic benefit cost (credit) $ (4.3 ) $ 32.0 $ 5.7 $ 13.5 $ 13.4 $ 12.7 Our postretirement cost sharing asset from GM is measured on the same basis as the portion of the obligation to which it relates. The actuarial gains and losses related to the GM portion of the OPEB obligation are recognized immediately in the Consolidated Statement of Income as an offset against the gains and losses related to the change in the corresponding GM postretirement cost sharing asset. These items are presented net in the change in benefit obligation and net periodic benefit cost components disclosed above. Remaining actuarial gains and losses are deferred and amortized over the expected future service periods of the active participants. The estimated net actuarial loss and prior service credit for the defined benefit pension plans that is expected to be amortized from AOCI into net periodic benefit credit in 2016 are $5.4 million and $0.1 million , respectively. The estimated net actuarial loss and prior service credit for the other defined benefit postretirement plans that is expected to be amortized from AOCI into net periodic benefit cost in 2016 are $0.5 million and $2.7 million , respectively. For measurement purposes, a weighted average annual increase in the per-capita cost of covered health care benefits of 6.75% was assumed for 2016 . The rate was assumed to decrease gradually to 5.0% by 2023 and to remain at that level thereafter. Health care cost trend rates have a significant effect on the amounts reported for the health care plans. A 1.0% increase in the assumed health care cost trend rate would have increased total service and interest cost in 2015 and the postretirement obligation, net of GM cost sharing, at December 31, 2015 by $1.7 million and $37.5 million , respectively. A 1.0% decrease in the assumed health care cost trend rate would have decreased total service and interest cost in 2015 and the postretirement obligation, net of GM cost sharing, at December 31, 2015 by $1.5 million and $31.2 million , respectively. The expected future pension and other postretirement benefits to be paid, net of GM cost sharing, for each of the next five years and in the aggregate for the succeeding five years thereafter are as follows: $55.5 million in 2016; $55.1 million in 2017; $55.5 million in 2018; $55.8 million in 2019; $56.5 million in 2020 and $295.5 million for 2021 through 2025. These amounts were estimated using the same assumptions that were used to measure our 2015 year-end pension and OPEB obligations and include an estimate of future employee service. Contributions In December 2015, we voluntarily contributed $18.3 million to our U.K. pension trust, which satisfies our estimated U.K. regulatory funding requirements for 2016 through 2018. Due to the availability of our prefunding pension balances related to our U.S. pension plans, we do not expect to make any cash payments in 2016 to satisfy our regulatory funding requirements. We expect our cash outlay, net of GM cost sharing, for OPEB to be approximately $16 million in 2016. Terminated vested lump sum payout offer In 2014, we offered a voluntary one-time lump sum payment option to certain eligible terminated vested participants in our U.S. pension plans that settled our pension obligations to them (“AAM Pension Payout Offer”). The lump sum settlements, which were paid from plan assets, reduced our liabilities and administrative costs going forward. In total, 3,335 participants accepted the offer and we made a one-time lump sum payment from our pension trust of $104.2 million in 2014. As a result of this settlement, we remeasured the assets and liabilities of our U.S. pension plans, which reduced our projected benefit obligation by $131.1 million and resulted in a non-cash charge of $35.5 million in 2014 related to the accelerated recognition of certain deferred losses. Amendments to pension and OPEB plans and contractual termination benefits In 2013, we remeasured the AAM Supplemental Executive Retirement Plan (SERP) due to the passing of our Co-Founder and former Executive Chairman of the Board of Directors. As a result of this remeasurement, we recorded $4.7 million in selling, general and administrative expense related to the acceleration of prior service cost. Pension plan assets The weighted-average asset allocations of our pension plan assets at December 31, 2015 and 2014 appear in the following table. The asset allocation for our plans is developed in consideration of the demographics of the plan participants and expected payment stream of the benefit obligation. U.S. U.K. Target Target 2015 2014 Allocation 2015 2014 Allocation Equity securities 34.8 % 33.1 % 30% - 65% 26.7 % 28.7 % 25% - 35% Fixed income securities 46.2 47.3 35% - 55% 52.0 61.1 55% - 65% Hedge funds 17.8 18.3 0% - 20% 9.6 10.1 5% - 15% Cash 1.2 1.3 0% - 5% 11.7 0.1 0% - 5% Total 100.0 % 100.0 % 100.0 % 100.0 % The primary objective of our pension plan assets is to provide a source of retirement income for participants and beneficiaries. Our primary financial objectives for the pension plan assets have been established in conjunction with a comprehensive review of our current and projected financial requirements. These objectives include having the ability to pay all future benefits and expenses when due, maintaining flexibility and minimizing volatility. These objectives are based on a long-term investment horizon. Defined Benefit Pension Plan Assets Investments in our defined benefit plans are stated at fair value. Level 1 assets are valued using quoted market prices that represent the asset value of the shares held by the trusts. The level 2 assets are investments in pooled funds, which are valued using a model to reflect the valuation of their underlying assets that are publicly traded with observable values. The fair value of our level 3 defined benefit pension plan assets are measured by compiling the portfolio holdings and independently valuing the securities in those portfolios. The fair values of our pension plan assets are as follows: December 31, 2015 Asset Categories Level 1 Level 2 Level 3 Total (in millions) Cash & Cash Equivalents $ 23.7 $ — $ — $ 23.7 Equity U.S. Large Cap 77.1 — — 77.1 U.S. Small/Mid Cap 28.2 — — 28.2 World Equity 95.5 — — 95.5 Fixed Income Securities Government & Agencies 68.1 35.8 — 103.9 Corporate Bonds - Investment Grade 138.4 — — 138.4 Corporate Bonds - Non-investment Grade 24.8 — — 24.8 Emerging Market Debt 18.1 — — 18.1 Other 6.9 — — 6.9 Hedge Funds Property Funds — — 54.6 54.6 Multi Strategy Hedge Fund — — 41.6 41.6 Total Plan Assets $ 480.8 $ 35.8 $ 96.2 $ 612.8 December 31, 2014 Asset Categories Level 1 Level 2 Level 3 Total (in millions) Cash & Cash Equivalents $ 6.7 $ — $ — $ 6.7 Equity U.S. Large Cap 87.3 — — 87.3 U.S. Small/Mid Cap 25.2 — — 25.2 World Equity 94.2 — — 94.2 Fixed Income Securities Government & Agencies 67.9 58.8 — 126.7 Corporate Bonds - Investment Grade 139.9 — — 139.9 Corporate Bonds - Non-investment Grade 31.9 — — 31.9 Emerging Market Debt 19.0 — — 19.0 Other 7.2 — — 7.2 Hedge Funds Property Funds — — 48.3 48.3 Multi Strategy Hedge Fund — — 57.3 57.3 Total Plan Assets $ 479.3 $ 58.8 $ 105.6 $ 643.7 The changes in the fair value of our level 3 assets in the Property Funds and Multi Strategy Hedge Fund are as follows: December 31, 2015 2014 (in millions) Beginning balance $ 105.6 $ 64.5 Actual return on plan assets: Relating to assets still held at the reporting date 3.8 3.3 Purchases, sales and settlements, net (13.2 ) 37.8 Ending balance $ 96.2 $ 105.6 DEFINED CONTRIBUTION PLANS Most of our salaried U.S. associates are eligible to participate in voluntary savings plans. Our maximum match is 50% of eligible salaried associates' contribution up to 10% of their eligible salary. Matching contributions amounted to $4.6 million in 2015 , $3.9 million in 2014 and $3.9 million in 2013 . U.S. salaried associates are eligible annually to receive an additional AAM Retirement Contribution (ARC) benefit between 3% to 5% of eligible salary, depending on years of service. We made ARC contributions of $5.3 million , $4.9 million and $4.6 million in 2015 , 2014 and 2013 , respectively. Certain UAW represented associates at our original U.S. locations are eligible for a Company match on associate contributions made to the voluntary savings plans. Our maximum match is 25% of hourly associates' contribution up to the first 6% of their contributions. Matching contributions amounted to $0.1 million in 2015 , 2014 and 2013 . Certain UAW represented associates are also eligible to receive an ARC benefit of 5% of eligible wages. We made ARC contributions of $2.5 million in 2015 , $2.6 million in 2014 and $1.9 million in 2013 related to these associates. DEFERRED COMPENSATION PLAN Certain U.S. associates are eligible to participate in a non-qualified deferred compensation plan. Payments of $0.7 million , $1.2 million and $6.1 million have been made in 2015 , 2014 and 2013 , respectively, to eligible associates that have elected distributions. At December 31, 2015 and 2014 , our deferred compensation liability was $5.1 million and $5.6 million , respectively. Due to the changes in the value of this deferred compensation plan we increased our liability by $0.1 million , $0.3 million and $0.8 million in 2015 , 2014 and 2013 , respectively. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. STOCK-BASED COMPENSATION At December 31, 2015 , we had stock-based awards outstanding under stock incentive compensation plans approved by our stockholders. Under these plans, a total of 20.6 million shares have been authorized for issuance to our directors, officers and certain other associates in the form of options, unvested restricted stock units, performance shares or other awards that are based on the value of our common stock. Shares available for future grants at December 31, 2015 were 3.8 million . The current stock plan will expire in April 2022. STOCK OPTIONS Under the terms of the plans, stock options were granted at the market price of the stock on the grant date. The contractual term of outstanding stock options is 10 years . We issue new shares to satisfy stock-based awards. Stock option awards became exercisable in three approximately equal annual installments beginning one year from the initial date of grant. The following table summarizes activity relating to our stock options: Weighted- Number of Average Exercise Shares Price Per Share (in millions, except per share data) Outstanding at January 1, 2013 3.0 $ 27.08 Options granted — — Options exercised (0.1 ) 10.59 Options canceled (0.9 ) 24.28 Outstanding at December 31, 2013 2.0 $ 29.22 Options granted — — Options exercised (0.1 ) 13.87 Options canceled (1.0 ) 37.70 Outstanding at December 31, 2014 0.9 $ 20.66 Options granted — — Options exercised (0.1 ) 17.13 Options canceled (0.2 ) 26.65 Outstanding at December 31, 2015 0.6 $ 18.58 Exercisable at December 31, 2013 2.0 $ 29.22 Exercisable at December 31, 2014 0.9 $ 20.66 Exercisable at December 31, 2015 0.6 $ 18.58 As of December 31, 2015 , there were no unvested stock options. The total intrinsic value of options outstanding and exercisable as of December 31, 2015 was $2.0 million . The total intrinsic value of stock options exercised was $0.3 million in 2015 , $0.5 million in 2014 and $0.8 million in 2013 . The following is a summary of the range of exercise prices for stock options that are outstanding and exercisable at December 31, 2015 : Stock Options Weighted- Weighted- Range of Outstanding and Average Exercise Average Exercise Prices Exercisable Price Per Share Contractual Life (in millions, except per share data) (in years) $9.19 - $10.08 0.2 $ 9.43 2.6 $15.58 - $26.02 0.4 21.47 0.8 0.6 $ 18.58 1.2 RESTRICTED STOCK UNITS We have awarded restricted stock units (RSUs). Compensation expense associated with RSUs settled in stock is recorded to paid-in-capital ratably over the three-year vesting period. The following table summarizes activity relating to our RSUs: Weighted-Average Number of Grant Date Fair Shares/Units Value per Share/Unit (in millions, except per share data) Outstanding at January 1, 2013 1.1 $ 11.08 Granted 0.9 12.79 Vested (0.7 ) 11.06 Canceled — — Outstanding at December 31, 2013 1.3 $ 12.24 Granted 0.5 19.58 Vested (0.1 ) 13.95 Canceled (0.1 ) 12.76 Outstanding at December 31, 2014 1.6 $ 14.54 Granted 0.5 25.21 Vested (0.3 ) 11.03 Canceled (0.1 ) 19.99 Outstanding at December 31, 2015 1.7 $ 18.19 As of December 31, 2015 , unrecognized compensation cost related to unvested RSUs totaled $10.9 million . The weighted average period over which this cost is expected to be recognized is approximately one year . In 2015 and 2014 , the total fair market value of RSUs vested was $9.5 million and $1.7 million , respectively. PERFORMANCE SHARES As of December 31, 2015 , we have performance shares (PS) outstanding under our 2012 Omnibus Incentive Plan. We grant performance shares payable in stock to officers which vest in full over a three-year performance period. These grants are based equally on a total shareholder return (TSR) measure and AAM's three-year earnings before interest, taxes, depreciation and amortization (EBITDA) margin. The TSR metric compares our TSR over the three-year performance period relative to the TSR of our pre-defined competitor peer group. Share price appreciation and dividends paid are measured over the performance period to determine TSR. As these awards are settled in stock, the compensation expense booked ratably over the vesting period is recorded to paid-in-capital. The following table summarizes activity relating to our performance shares: Weighted Average Number of Grant Date Fair Shares Value per Share EBITDA Awards (in millions, except per share data) Outstanding at January 1, 2014 — $ — Granted 0.2 27.66 Vested — — Canceled — — Outstanding at December 31, 2014 0.2 $ 27.66 Granted 0.1 37.68 Vested — — Canceled — — Outstanding at December 31, 2015 0.3 $ 32.27 TSR Awards Outstanding at January 1, 2014 — $ — Granted 0.2 21.11 Vested — — Canceled — — Outstanding at December 31, 2014 0.2 $ 21.11 Granted 0.1 31.22 Vested — — Canceled — — Outstanding at December 31, 2015 0.3 $ 25.77 We estimate the fair value of our EBITDA performance shares on the date of grant using our estimated three-year EBITDA margin, based on AAM's budget and long-range plan assumptions at that time, and adjust quarterly as necessary. We estimated the fair value of our TSR performance shares on the date of grant using the Monte Carlo simulation approach. The Monte Carlo simulation approach utilizes inputs on volatility assumptions, risk free rates, the price of the Company’s and our competitor peer group's common stock and their correlation as of each valuation date. Volatility assumptions are based on historical and implied volatility measurements. Based on the current fair value, the estimated unrecognized compensation cost related to unvested PS totaled $9.4 million , as of December 31, 2015 . The weighted-average period over which this cost is expected to be recognized is approximately one year . PERFORMANCE AWARDS As of December 31, 2015 , we have no TSR performance awards outstanding. We granted performance awards payable in cash to our officers and executives which vested in full over a three year performance period. The payout of these awards was based on a TSR measure that compared our TSR over the three-year performance period relative to the TSR of our pre-defined competitor peer group. Share price appreciation and dividends paid were measured over the performance period to determine TSR. According to the applicable accounting guidance, these awards were considered to be stock-based compensation because the final payout amount was based “at least in part” on the price of our shares. However, as these awards were settled in cash, they are determined to be liability awards and have been remeasured at the end of each reporting period until settlement. The fair value of the performance awards was calculated on a quarterly basis using the Monte Carlo simulation approach, described above, and the liability was adjusted accordingly based on changes to the fair value and the percentage of time vested. We recognized compensation expense associated with these performance awards of approximately $1.4 million in 2014 and $7.9 million in 2013 . We made a cash payment of $3.7 million and $8.5 million in 2015 and 2014, respectively, related to the TSR performance awards. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 7. INCOME TAXES Income before income taxes for U.S. and non-U.S. operations was as follows: 2015 2014 2013 (in millions) U.S. income (loss) $ 88.3 $ 12.0 $ (23.8 ) Non - U.S. income 184.4 164.7 110.1 Total income before income taxes $ 272.7 $ 176.7 $ 86.3 The following is a summary of the components of our provisions for income taxes: 2015 2014 2013 (in millions) Current Federal $ 0.5 $ 0.6 $ (1.3 ) Other state and local 0.2 0.1 0.1 Foreign 10.8 44.2 12.1 Total current $ 11.5 $ 44.9 $ 10.9 Deferred Federal $ 26.4 $ (11.6 ) $ (9.3 ) Foreign (0.8 ) 0.4 (9.8 ) Total deferred 25.6 (11.2 ) (19.1 ) Total income tax expense (benefit) $ 37.1 $ 33.7 $ (8.2 ) The following is a reconciliation of our provision for income taxes to the expected amounts using statutory rates: 2015 2014 2013 Federal statutory 35.0 % 35.0 % 35.0 % Foreign income taxes (17.6 ) (25.1 ) (48.5 ) Change in enacted tax rate — — (9.9 ) State and local 0.1 0.1 0.2 Tax Credits (1.3 ) (11.4 ) — Valuation allowance 2.6 4.5 12.4 U.S. tax on unremitted foreign earnings 0.2 1.9 (0.2 ) Uncertain tax positions (5.7 ) 13.0 (0.5 ) Other 0.3 1.1 2.0 Effective income tax rate 13.6 % 19.1 % (9.5 )% Our income tax expense and effective tax rate for 2015, 2014 and 2013 primarily reflect favorable foreign tax rates, along with our inability to realize a tax benefit for current foreign losses. In the fourth quarter of 2015, we recorded an $11.5 million reduction in tax expense related to uncertain tax positions attributable to transfer pricing as a result of new information from our discussions with foreign tax authorities. In 2014, we recorded tax expense of $23.1 million for changes to prior year uncertain tax positions related to transfer pricing and expense of $3.4 million for a change in estimate for U.S. tax on unremitted foreign earnings. We also recorded a net tax benefit of $20.1 million in 2014 related to our ability to utilize tax credits in future periods resulting in the recognition of a deferred tax asset. In 2013, Mexican tax reform was enacted that, among other things, increased the tax rate related to Maquiladora Companies from 17.5% to 30% . We recorded a tax benefit of $8.5 million as a result of revaluing our deferred tax assets at the newly enacted rate. In 2013, we recorded tax expense of $4.8 million relating to changes in estimates in the U.S. and certain foreign jurisdictions. During 2013, we also settled various income tax audits resulting in a reduction of our liability for unrecognized income tax benefits of $8.4 million and a cash payment of $4.7 million . As of December 31, 2015 and 2014 , we have refundable income taxes of $2.5 million and $5.6 million , respectively, classified as prepaid expenses and other on our Consolidated Balance Sheet. We also have income taxes payable of $6.8 million and $3.0 million classified as other accrued expenses on our Consolidated Balance Sheet as of December 31, 2015 and 2014 , respectively. The increase in our income taxes payable relates primarily to a reclassification from our long-term unrecognized income tax benefit related to the estimated payment to be made in the first quarter of 2016 as a result of the resolution of transfer pricing audits with the Mexican tax authorities. As of December 31, 2015 and 2014 , we have accrued value added tax payable of $35.8 million and $36.1 million , respectively, classified as other accrued expenses on our Consolidated Balance Sheet. In November 2015, the FASB issued ASU 2015-17 - Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , which simplifies the presentation of deferred income taxes. This ASU requires that deferred tax assets and liabilities be classified as noncurrent in our Consolidated Balance Sheet. We early adopted this ASU effective December 31, 2015 on a prospective basis. Adoption of this ASU resulted in a reclassification of our net current deferred tax asset and liabilities, by jurisdiction, to the net noncurrent assets and liabilities on our Consolidated Balance Sheet as of December 31, 2015. No prior periods were retrospectively adjusted. The following is a summary of the significant components of our deferred tax assets and liabilities: December 31, 2015 2014 (in millions) Current deferred tax assets Employee benefits $ — $ 26.0 Inventory — 7.5 Prepaid taxes and other — 16.9 Valuation allowance — (10.2 ) Total current deferred tax assets $ — $ 40.2 Current deferred tax liabilities Unrealized foreign exchange gain and other — (0.1 ) Current deferred tax asset, net $ — $ 40.1 Current deferred tax assets and liabilities recognized in our Consolidated Balance Sheets are as follows: December 31, 2015 2014 (in millions) U.S. federal and state deferred tax asset, net $ — $ 27.0 Other foreign deferred tax asset, net — 13.1 Current deferred tax asset, net $ — $ 40.1 The following is a summary of the significant components of our noncurrent deferred tax assets and liabilities: December 31, 2015 2014 (in millions) Noncurrent deferred tax assets Employee benefits $ 211.1 $ 193.9 Inventory 9.4 — Net operating loss (NOL) carryforwards 117.0 104.7 Tax credit carryforwards 25.8 69.8 Capital allowance carryforwards 13.6 14.4 Fixed assets 13.5 6.6 Deferred revenue 15.0 12.6 Capitalized expenditures 120.5 111.2 Other 22.4 2.3 Valuation allowances (167.3 ) (146.7 ) Noncurrent deferred tax assets $ 381.0 $ 368.8 Noncurrent deferred tax liabilities Fixed assets and other (14.2 ) (9.1 ) Noncurrent deferred tax asset, net $ 366.8 $ 359.7 Noncurrent deferred tax assets and liabilities recognized in our Consolidated Balance Sheets are as follows: December 31, 2015 2014 (in millions) U.S. federal and state deferred tax asset, net $ 354.7 $ 362.2 Other foreign deferred tax asset (liability), net 12.1 (2.5 ) Noncurrent deferred tax asset, net $ 366.8 $ 359.7 DEFERRED INCOME TAX ASSETS AND LIABILITIES AND VALUATION ALLOWANCES The deferred income tax assets and liabilities summarized above reflect the impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the basis of such assets and liabilities as measured by tax laws. As of December 31, 2015 and December 31, 2014 , we had deferred tax assets from domestic and foreign NOL and tax credit carryforwards of $156.4 million and $188.9 million , respectively. Approximately $87.9 million of the deferred tax assets at December 31, 2015 relate to tax credits that can be carried forward indefinitely with the remainder having carryover periods of 5 to 20 years . The deferred tax asset relating to U.S. tax credit carryforwards as of December 31, 2015 is lower than the actual amount reported and expected to be reported on our U.S. tax returns by $5.1 million . This difference is the result of tax deductions in excess of financial statement amounts for stock based compensation. When this amount is realized, we will increase our additional paid in capital and reduce our income taxes payable. Accounting guidance for income taxes requires a deferred tax liability be established for the U.S. tax impact of undistributed earnings of foreign subsidiaries unless it can be shown that these earnings will be permanently reinvested outside the U.S. Deferred income taxes have not been provided on $724.1 million of undistributed earnings of certain foreign subsidiaries as such amounts are considered permanently reinvested. The remittance of these undistributed earnings may subject us to U.S. income taxes and certain foreign withholding taxes at the time of remittance, however, the determination of the amount of unrecognized deferred tax liability relating to the remittance of undistributed earnings is not practicable. In accordance with the accounting guidance for income taxes, we estimate whether recoverability of our deferred tax assets is “more likely than not,” based on forecasts of taxable income in the related tax jurisdictions. In this estimate, we use historical results, projected future operating results based upon approved business plans, eligible carry forward periods, tax planning opportunities and other relevant considerations. This includes the consideration of tax law changes, prior profitability performance and the uncertainty of future projected profitability. As of December 31, 2015 and December 31, 2014 , we have a valuation allowance of $167.3 million and $156.9 million , respectively, related to net deferred tax assets in several foreign jurisdictions and U.S. state and local jurisdictions. UNRECOGNIZED INCOME TAX BENEFITS To the extent our uncertain tax positions do not meet the “more likely than not” threshold, we have derecognized such positions. To the extent our uncertain tax positions meet the “more likely than not” threshold, we have measured and recorded the highest probable benefit, and have established appropriate reserves for benefits that exceed the amount likely to be sustained upon examination. A reconciliation of the beginning and ending amounts of unrecognized income tax benefits is as follows: Unrecognized Income Tax Interest and Benefits Penalties (in millions) Balance at January 1, 2013 $ 20.7 $ 10.2 Increase in prior year tax positions 6.1 0.1 Decrease in prior year tax positions (4.4 ) (6.2 ) Increase in current year tax positions 4.0 — Settlement (4.7 ) — Balance at December 31, 2013 $ 21.7 $ 4.1 Increase in prior year tax positions 10.5 8.1 Decrease in prior year tax positions (0.5 ) — Increase in current year tax positions 15.6 — Balance at December 31, 2014 $ 47.3 $ 12.2 Increase in prior year tax positions — 1.4 Decrease in prior year tax positions (9.4 ) (4.9 ) Increase in current year tax positions 8.8 — Foreign currency remeasurement adjustment (5.1 ) (1.8 ) Balance at December 31, 2015 $ 41.6 $ 6.9 At December 31, 2015 and December 31, 2014 , we had $41.6 million and $47.3 million of net unrecognized income tax benefits, respectively. The decrease in prior year tax positions at December 31, 2015 reflects a reduction in our income tax expense of $11.5 million attributable to transfer pricing as a result of new information from our discussions with Mexican tax authorities. In 2015 , 2014 , and 2013 , we recognized a benefit of $3.5 million , expense of $8.1 million and a benefit of $6.1 million , respectively, related to interest and penalties in income tax expense on our Consolidated Statement of Income. We have a liability of $6.9 million and $12.2 million related to the estimated future payment of interest and penalties at December 31, 2015 and 2014 , respectively. The amount of the uncertain tax position as of December 31, 2015 that, if recognized, would affect the effective tax rate is $48.5 million . We file income tax returns in the U.S. federal jurisdiction, as well as various states and foreign jurisdictions. The Internal Revenue Service (IRS) commenced an examination of our U.S. income tax returns for 2012 and 2013 in 2015. In January 2016, we completed negotiations with the Mexican tax authorities to settle 2007 through 2009 transfer pricing audits. We made a payment of $22.9 million on January 29, 2016 that fully satisfies our obligations for transfer pricing issues for tax years 2007 through 2013. Including this settlement, we expect our total transfer pricing related payments in 2016 to the Mexican tax authorities to be in the range of $30 to $40 million . In 2015, we closed our transfer pricing examination for the 2010/2011 tax year with the India Tax Authorities with no resulting adjustments. We are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2007. At this time, we are not aware of any examinations underway in any other foreign jurisdictions. The U.S. federal income tax examinations for the years 2010 and 2011 were settled in 2015. This settlement resulted in no cash payment or reduction in our liability for unrecognized income tax benefits. The U.S. federal income tax examination for the years 2008 and 2009 and the Mexico transfer pricing examination for the year 2006 were settled in 2013. These settlements resulted in a reduction of a portion of our liability for unrecognized income tax benefits and a cash payment of $4.7 million in 2013. Based on the status of the IRS audits and audits outside the U.S., and the protocol of finalizing audits by the relevant tax authorities, it is not possible to estimate the impact of changes, if any, to previously recorded uncertain tax positions. Although it is difficult to estimate with certainty the amount of an audit settlement, we do not expect the settlement will be materially different from what we have recorded. We will continue to monitor the progress and conclusions of all ongoing audits and will adjust our estimated liability as necessary. |
Earnings (Loss) Per Share (EPS)
Earnings (Loss) Per Share (EPS) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 8. EARNINGS PER SHARE (EPS) We present EPS using the two-class method. This method allocates undistributed earnings between common shares and non-vested share based payment awards that entitle the holder to nonforfeitable dividend rights. Our participating securities include non-vested restricted stock units. The following table sets forth the computation of our basic and diluted EPS available to shareholders of common stock (excluding participating securities): 2015 2014 2013 (in millions, except per share data) Numerator Net income attributable to AAM $ 235.6 $ 143.0 $ 94.5 Less: Net income attributable to participating securities (5.3 ) (2.9 ) (1.9 ) Net income attributable to common shareholders - Basic $ 230.3 $ 140.1 $ 92.6 Undistributed earnings reallocated to common shareholders under two step dilutive method — — — Net income attributable to common shareholders - Dilutive $ 230.3 $ 140.1 $ 92.6 Denominators Basic common shares outstanding - Weighted-average shares outstanding 77.7 77.3 76.7 Less: Participating securities (1.8 ) (1.6 ) (1.5 ) Weighted-average common shares outstanding 75.9 75.7 75.2 Effect of dilutive securities - Dilutive stock-based compensation 0.4 0.2 0.1 Diluted shares outstanding - Adjusted weighted-average shares after assumed conversions 76.3 75.9 75.3 Basic EPS $ 3.03 $ 1.85 $ 1.23 Diluted EPS $ 3.02 $ 1.85 $ 1.23 Certain exercisable stock options were excluded in the computations of diluted EPS because the exercise price of these options was greater than the average annual market prices of our stock. The number of stock options outstanding excluded from the calculation of diluted EPS was 0.2 million at year-end 2015 , 0.5 million at year-end 2014 and 2.0 million at year-end 2013 . The exercise price related to these stock options was $26.02 at year-end 2015 , and a range of $19.54 - $26.65 at year-end 2014 and $19.54 - $40.83 at year-end 2013 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 9. COMMITMENTS AND CONTINGENCIES PURCHASE COMMITMENTS Obligated purchase commitments for capital expenditures and related project expenses were approximately $104.1 million at December 31, 2015 and $109.8 million at December 31, 2014 . LEGAL PROCEEDINGS We are involved in various legal proceedings incidental to our business. Although the outcome of these matters cannot be predicted with certainty, we do not believe that any of these matters, individually or in the aggregate, will have a material effect on our financial condition, results of operations or cash flows. We are subject to various federal, state, local and foreign environmental and occupational safety and health laws, regulations and ordinances, including those regulating air emissions, water discharge, waste management and environmental cleanup. We will continue to closely monitor our environmental conditions to ensure that we are in compliance with all laws, regulations and ordinances. We have made, and will continue to make, capital and other expenditures to comply with environmental requirements, including recurring administrative costs. Such expenditures were not significant during 2015 , 2014 and 2013 . ENVIRONMENTAL OBLIGATIONS Due to the nature of our manufacturing operations, we have legal obligations to perform asset retirement activities pursuant to federal, state, and local requirements. The process of estimating environmental liabilities is complex. Significant uncertainty may exist related to the timing and method of the settlement of these obligations. Therefore, these liabilities are not reasonably estimable until a triggering event occurs that allows us to estimate a range and assess the probabilities of potential settlement dates and the potential methods of settlement. In the future, we will update our estimated costs and potential settlement dates and methods and their associated probabilities based on available information. Any update may change our estimate and could result in a material adjustment to this liability. PRODUCT WARRANTIES We record a liability for estimated warranty obligations at the dates our products are sold. These estimates are established using sales volumes and internal and external warranty data where there is no payment history and historical information about the average cost of warranty claims for customers with prior claims. We estimate our costs based on the contractual arrangements with our customers, existing customer warranty terms and internal and external warranty data, which includes a determination of our warranty claims and take actions to improve product quality and minimize warranty claims. We continuously evaluate these estimates and our customers' administration of their warranty programs. We closely monitor actual warranty claim data and adjust the liability, as necessary, on a quarterly basis. During 2015 and 2014, we also made adjustments to our warranty accrual to reflect revised estimates regarding our projected future warranty obligations. The following table provides a reconciliation of changes in the product warranty liability: December 31, 2015 2014 (in millions) Beginning balance $ 12.4 $ 14.3 Accruals 17.0 9.3 Settlements (6.1 ) (2.2 ) Adjustments to prior period accruals 14.0 (8.7 ) Foreign currency translation (0.7 ) (0.3 ) Ending balance $ 36.6 $ 12.4 |
Reclassifications out of Accumu
Reclassifications out of Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
Reclassifications out of Accumulated Other Comprehensive Income [Abstract] | |
Disclosure of Reclassification Amount [Text Block] | 10. RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Reclassification adjustments and other activity impacting accumulated other comprehensive income (loss) (AOCI) during the year ended December 31, 2015 , December 31, 2014 and December 31, 2013 are as follows (in millions) : Defined Benefit Plans Foreign Currency Translation Adjustments Unrecognized Loss on Cash Flow Hedges Total Balance at December 31, 2014 $ (240.6 ) $ (48.9 ) $ (7.4 ) $ (296.9 ) Other comprehensive income (loss) before reclassifications 21.2 (70.3 ) (16.9 ) (66.0 ) Income tax effect of other comprehensive income (loss) before reclassifications (7.2 ) — — (7.2 ) Amounts reclassified from accumulated other comprehensive loss into net income 4.0 (a) — 10.9 (b) 14.9 Income taxes reclassified into net income (1.3 ) — — (1.3 ) Net current period other comprehensive income (loss) 16.7 (70.3 ) (6.0 ) (59.6 ) Balance at December 31, 2015 $ (223.9 ) $ (119.2 ) $ (13.4 ) $ (356.5 ) Defined Benefit Plans Foreign Currency Translation Adjustments Unrecognized Loss on Cash Flow Hedges Total Balance at December 31, 2013 $ (197.9 ) $ (18.6 ) $ 0.3 $ (216.2 ) Other comprehensive loss before reclassifications (104.7 ) (30.3 ) (6.8 ) (141.8 ) Income tax effect of other comprehensive income (loss) before reclassifications 36.6 — — 36.6 Amounts reclassified from accumulated other comprehensive income (loss) into net income 38.8 (a)(c) — (0.9 ) (b) 37.9 Income taxes reclassified into net income (13.4 ) — — (13.4 ) Net current period other comprehensive loss (42.7 ) (30.3 ) (7.7 ) (80.7 ) Balance at December 31, 2014 $ (240.6 ) $ (48.9 ) $ (7.4 ) $ (296.9 ) Defined Benefit Plans Foreign Currency Translation Adjustments Unrecognized Gain on Cash Flow Hedges Total Balance at December 31, 2012 $ (274.5 ) $ 7.6 $ 2.3 $ (264.6 ) Other comprehensive income (loss) before reclassifications 104.4 (26.2 ) 0.8 79.0 Income tax effect of other comprehensive income (loss) before reclassifications (36.7 ) — — (36.7 ) Amounts reclassified from accumulated other comprehensive income (loss) into net income 13.5 (a) — (2.8 ) (b) 10.7 Income taxes reclassified into net income (4.6 ) — — (4.6 ) Net current period other comprehensive income (loss) 76.6 (26.2 ) (2.0 ) 48.4 Balance at December 31, 2013 $ (197.9 ) $ (18.6 ) $ 0.3 $ (216.2 ) (a) The amount reclassified from AOCI included $4.8 million in cost of goods sold (COGS) and $(0.8) million in selling, general & administrative expenses (SG&A) for the year ended December 31, 2015, $36.0 million in COGS and $2.8 million in SG&A for the year ended December 31, 2014 and $7.0 million in COGS and $6.5 million in SG&A for the year ended December 31, 2013. (b) The amounts reclassified from AOCI are included in COGS. (c) Includes a reclassification of $23.1 million, net of tax, related to our terminated vested lump-sum pension payout in the U.S. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2015 | |
Segments, Geographical Areas [Abstract] | |
Segment Reporting Disclosure [Text Block] | 11. SEGMENT AND GEOGRAPHIC INFORMATION We operate in one reportable segment: the manufacture, engineer, design and validation of driveline systems and related components and chassis modules for light trucks, SUVs, passenger cars, crossover vehicles and commercial vehicles. 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 customer. Long-lived assets exclude deferred income taxes. December 31, 2015 2014 2013 (in millions) Net sales United States $ 2,121.9 $ 2,073.6 $ 1,682.0 Canada 119.3 64.6 74.4 Mexico 1,060.2 1,055.5 865.6 South America 106.6 156.5 201.1 China 185.5 71.3 34.4 All other Asia 185.2 167.3 220.8 Europe and other 124.4 107.2 129.0 Total net sales $ 3,903.1 $ 3,696.0 $ 3,207.3 Long-lived assets United States $ 824.0 $ 867.1 (a) $ 827.9 (a) Mexico 522.6 513.2 469.3 South America 48.5 80.5 100.2 China 85.8 59.8 63.8 All other Asia 103.7 117.5 112.9 Europe 120.3 94.0 93.2 Total long-lived assets $ 1,704.9 $ 1,732.1 (a) $ 1,667.3 (a) (a) These amounts have been adjusted to reflect the impact of retrospectively adopting the new debt issuance cost presentation accounting standard as described in Item 8. Financial Statements and Supplementary Data - Note 1 - Organization and Summary of Significant Accounting Policies. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 12. UNAUDITED QUARTERLY FINANCIAL DATA Three Months Ended, March 31 June 30 September 30 December 31 (in millions, except per share data) 2015 Net sales $ 969.1 $ 1,004.0 $ 971.6 $ 958.4 Gross profit 152.8 164.5 158.3 159.8 Net income 53.2 58.6 60.9 62.9 Basic EPS (1) $ 0.69 $ 0.75 $ 0.78 $ 0.81 Diluted EPS (1) $ 0.68 $ 0.75 $ 0.78 $ 0.81 2014 Net sales $ 858.8 $ 946.9 $ 950.8 $ 939.5 Gross profit 121.9 149.0 140.7 111.2 Net income 33.6 52.2 44.0 13.2 Basic EPS (1) $ 0.44 $ 0.67 $ 0.57 $ 0.17 Diluted EPS (1) $ 0.44 $ 0.67 $ 0.57 $ 0.17 (1) Full year basic and diluted EPS will not necessarily agree to the sum of the four quarters because each quarter is a separate calculation. |
Supplemental Guarantor Condense
Supplemental Guarantor Condensed Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Guarantor Condensed Consolidating Financial Statements [Abstract] | |
Supplemental Guarantor Disclosure [Text Block] | 13. SUPPLEMENTAL GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Holdings has no significant assets other than its 100% ownership in AAM, Inc. and no direct subsidiaries other than AAM, Inc. The 7.75% Notes, 6.625% Notes, 6.25% Notes and 5.125% Notes are senior unsecured obligations of AAM Inc.; all of which are fully and unconditionally guaranteed, on a joint and several basis, by Holdings and substantially all domestic subsidiaries of AAM, Inc., which are 100% indirectly owned by Holdings. These Condensed Consolidating Financial Statements are prepared under the equity method of accounting whereby the investments in subsidiaries are recorded at cost and adjusted for the parent's share of the subsidiaries' cumulative results of operations, capital contributions and distributions, and other equity changes. Condensed Consolidating Statements of Income 2015 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated (in millions) Net sales External $ — $ 1,149.0 $ 210.3 $ 2,543.8 $ — $ 3,903.1 Intercompany — 9.4 258.3 19.0 (286.7 ) — Total net sales — 1,158.4 468.6 2,562.8 (286.7 ) 3,903.1 Cost of goods sold — 1,114.5 385.2 2,054.7 (286.7 ) 3,267.7 Gross profit — 43.9 83.4 508.1 — 635.4 Selling, general and administrative expenses — 210.6 0.1 66.6 — 277.3 Operating income (loss) — (166.7 ) 83.3 441.5 — 358.1 Non-operating income (expense), net — (99.3 ) 10.1 3.8 — (85.4 ) Income (loss) before income taxes — (266.0 ) 93.4 445.3 — 272.7 Income tax expense — 21.6 5.5 10.0 — 37.1 Earnings (loss) from equity in subsidiaries 235.6 262.3 (20.8 ) — (477.1 ) — Net income (loss) before royalties 235.6 (25.3 ) 67.1 435.3 (477.1 ) 235.6 Royalties — 260.9 — (260.9 ) — — Net income after royalties 235.6 235.6 67.1 174.4 (477.1 ) 235.6 Other comprehensive loss, net of tax (59.6 ) (59.6 ) (63.6 ) (68.4 ) 191.6 (59.6 ) Comprehensive income $ 176.0 $ 176.0 $ 3.5 $ 106.0 $ (285.5 ) $ 176.0 2014 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net sales External $ — $ 1,099.5 $ 225.1 $ 2,371.4 $ — $ 3,696.0 Intercompany — 13.1 246.9 21.6 (281.6 ) — Total net sales — 1,112.6 472.0 2,393.0 (281.6 ) 3,696.0 Cost of goods sold — 1,112.4 396.1 1,946.3 (281.6 ) 3,173.2 Gross profit — 0.2 75.9 446.7 — 522.8 Selling, general and administrative expenses — 194.0 0.2 61.0 — 255.2 Operating income (loss) — (193.8 ) 75.7 385.7 — 267.6 Non-operating income (expense), net — (103.0 ) 9.0 3.1 — (90.9 ) Income (loss) before income taxes — (296.8 ) 84.7 388.8 — 176.7 Income tax expense (benefit) — (11.8 ) 0.9 44.6 — 33.7 Earnings (loss) from equity in subsidiaries 143.0 204.0 (23.3 ) — (323.7 ) — Net income (loss) before royalties 143.0 (81.0 ) 60.5 344.2 (323.7 ) 143.0 Royalties — 224.0 — (224.0 ) — — Net income after royalties 143.0 143.0 60.5 120.2 (323.7 ) 143.0 Other comprehensive loss, net of tax (80.7 ) (80.7 ) (23.5 ) (34.8 ) 139.0 (80.7 ) Comprehensive income $ 62.3 $ 62.3 $ 37.0 $ 85.4 $ (184.7 ) $ 62.3 2013 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net sales External $ — $ 773.6 $ 226.0 $ 2,207.7 $ — $ 3,207.3 Intercompany — 15.3 226.1 14.0 (255.4 ) — Total net sales — 788.9 452.1 2,221.7 (255.4 ) 3,207.3 Cost of goods sold — 769.4 389.0 1,825.6 (255.4 ) 2,728.6 Gross profit — 19.5 63.1 396.1 — 478.7 Selling, general and administrative expenses — 182.4 0.1 55.9 — 238.4 Operating income (loss) — (162.9 ) 63.0 340.2 — 240.3 Non-operating income (expense), net — (155.1 ) 10.7 (9.6 ) — (154.0 ) Income (loss) before income taxes — (318.0 ) 73.7 330.6 — 86.3 Income tax expense (benefit) — (24.9 ) 0.9 15.8 — (8.2 ) Earnings (loss) from equity in subsidiaries 94.5 167.0 (21.7 ) — (239.8 ) — Net income (loss) before royalties 94.5 (126.1 ) 51.1 314.8 (239.8 ) 94.5 Royalties — 220.6 — (220.6 ) — — Net income after royalties 94.5 94.5 51.1 94.2 (239.8 ) 94.5 Other comprehensive income (loss), net of tax 48.4 48.4 (7.2 ) (10.8 ) (30.4 ) 48.4 Comprehensive income $ 142.9 $ 142.9 $ 43.9 $ 83.4 $ (270.2 ) $ 142.9 Condensed Consolidating Balance Sheets 2015 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Assets (in millions) Current assets Cash and cash equivalents $ — $ 52.0 $ — $ 230.5 $ — $ 282.5 Accounts receivable, net — 127.2 19.7 392.2 — 539.1 Intercompany receivables — 311.8 249.7 9.4 (570.9 ) — Inventories, net — 59.8 31.1 139.6 — 230.5 Other current assets — 30.4 0.5 41.2 — 72.1 Total current assets — 581.2 301.0 812.9 (570.9 ) 1,124.2 Property, plant and equipment, net — 214.1 91.9 740.2 — 1,046.2 Goodwill — — 147.8 6.6 — 154.4 Intercompany notes and accounts receivable — 393.5 252.2 — (645.7 ) — Other assets and deferred charges — 683.6 41.4 152.9 — 877.9 Investment in subsidiaries 622.3 1,315.9 — — (1,938.2 ) — Total assets $ 622.3 $ 3,188.3 $ 834.3 $ 1,712.6 $ (3,154.8 ) $ 3,202.7 Liabilities and stockholders' equity Current liabilities Current portion of long-term debt $ — $ — $ 3.3 $ — $ 3.3 Accounts payable — 103.0 35.8 273.9 — 412.7 Intercompany payables — 248.7 154.9 167.3 (570.9 ) — Other current liabilities — 134.2 4.1 144.9 — 283.2 Total current liabilities — 485.9 194.8 589.4 (570.9 ) 699.2 Intercompany notes and accounts payable 320.8 10.3 — 314.6 (645.7 ) — Long-term debt, net — 1,336.5 4.5 34.7 — 1,375.7 Investment in subsidiaries obligation — — 111.7 (111.7 ) — Other long-term liabilities — 733.3 0.5 92.5 — 826.3 Total liabilities 320.8 2,566.0 311.5 1,031.2 (1,328.3 ) 2,901.2 Total stockholders' equity 301.5 622.3 522.8 681.4 (1,826.5 ) 301.5 Total liabilities and stockholders' equity $ 622.3 $ 3,188.3 $ 834.3 $ 1,712.6 $ (3,154.8 ) $ 3,202.7 2014 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Assets Current assets Cash and cash equivalents $ — $ 69.7 $ — $ 179.5 $ — $ 249.2 Accounts receivable, net — 137.5 23.9 371.3 — 532.7 Intercompany receivables — 231.0 174.1 10.0 (415.1 ) — Inventories, net — 64.9 32.3 151.6 — 248.8 Other current assets — 53.6 2.6 52.6 — 108.8 Total current assets — 556.7 232.9 765.0 (415.1 ) 1,139.5 Property, plant and equipment, net — 230.0 87.9 743.2 — 1,061.1 Goodwill — — 147.9 7.1 — 155.0 Intercompany notes and accounts receivable — 509.4 219.1 — (728.5 ) — Other assets and deferred charges — 717.8 (a) 45.7 121.3 — 884.8 (a) Investment in subsidiaries 433.8 1,134.6 — — (1,568.4 ) — Total assets $ 433.8 $ 3,148.5 (a) $ 733.5 $ 1,636.6 $ (2,712.0 ) $ 3,240.4 (a) Liabilities and stockholders' equity Current liabilities Current portion of long-term debt $ — $ 9.4 $ — $ 3.6 $ — $ 13.0 Accounts payable — 127.3 38.9 278.1 — 444.3 Intercompany payables — 177.0 105.3 132.8 (415.1 ) — Other current liabilities — 121.0 4.4 104.5 — 229.9 Total current liabilities — 434.7 148.6 519.0 (415.1 ) 687.2 Intercompany notes and accounts payable 320.4 6.9 — 401.2 (728.5 ) — Long-term debt, net — 1,464.3 (a) 4.9 35.4 — 1,504.6 (a) Investment in subsidiaries obligation — — 53.8 — (53.8 ) — Other long-term liabilities — 808.8 0.6 125.8 — 935.2 Total liabilities 320.4 2,714.7 (a) 207.9 1,081.4 (1,197.4 ) 3,127.0 (a) Total stockholders' equity 113.4 433.8 525.6 555.2 (1,514.6 ) 113.4 Total liabilities and stockholders' equity $ 433.8 $ 3,148.5 (a) $ 733.5 $ 1,636.6 $ (2,712.0 ) $ 3,240.4 (a) (a) These amounts have been adjusted to reflect the impact of retrospectively adopting ASU 2015-03 as described in Item 8. Financial Statements and Supplementary Data - Note 1 - Organization and Summary of Significant Accounting Policies. Condensed Consolidating Statements of Cash Flows 2015 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated (in millions) Net cash provided by operating activities $ — $ 163.7 $ 68.1 $ 145.8 $ — $ 377.6 Investing activities Purchases of property, plant and equipment — (36.4 ) (12.8 ) (144.3 ) — (193.5 ) Proceeds from sale of property, plant and equipment — 0.1 0.1 0.1 — 0.3 Proceeds from government grants — — — 5.1 — 5.1 Intercompany activity — — (55.0 ) — 55.0 — Net cash used in investing activities — (36.3 ) (67.7 ) (139.1 ) 55.0 (188.1 ) Financing activities Net debt activity — (142.8 ) (0.4 ) 3.0 — (140.2 ) Employee stock option exercises — 0.8 — — — 0.8 Purchase of treasury stock (3.1 ) — — — — (3.1 ) Purchase of noncontrolling interest — — — (1.1 ) — (1.1 ) Intercompany activity 3.1 (3.1 ) — 55.0 (55.0 ) — Net cash provided by (used in) financing activities — (145.1 ) (0.4 ) 56.9 (55.0 ) (143.6 ) Effect of exchange rate changes on cash — — — (12.6 ) — (12.6 ) Net increase (decrease) in cash and cash equivalents — (17.7 ) — 51.0 — 33.3 Cash and cash equivalents at beginning of period — 69.7 — 179.5 — 249.2 Cash and cash equivalents at end of period $ — $ 52.0 $ — $ 230.5 $ — $ 282.5 2014 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net cash provided by operating activities $ — $ 83.4 $ 41.9 $ 193.1 $ — $ 318.4 Investing activities Purchases of property, plant and equipment — (51.3 ) (18.6 ) (136.6 ) — (206.5 ) Proceeds from sale of property, plant and equipment — 7.9 0.4 0.8 — 9.1 Proceeds from government grants — — — 2.1 — 2.1 Intercompany activity — — (23.3 ) — 23.3 — Net cash used in investing activities — (43.4 ) (41.5 ) (133.7 ) 23.3 (195.3 ) Financing activities Net debt activity — (7.8 ) (0.4 ) (13.8 ) — (22.0 ) Debt issuance costs — (0.3 ) — — — (0.3 ) Employee stock option exercises — 1.2 — — — 1.2 Purchase of treasury stock (0.3 ) — — — — (0.3 ) Intercompany activity 0.3 (0.3 ) — 23.3 (23.3 ) — Net cash provided by (used in) financing activities — (7.2 ) (0.4 ) 9.5 (23.3 ) (21.4 ) Effect of exchange rate changes on cash — — — (6.5 ) — (6.5 ) Net increase in cash and cash equivalents — 32.8 — 62.4 — 95.2 Cash and cash equivalents at beginning of period — 36.9 — 117.1 — 154.0 Cash and cash equivalents at end of period $ — $ 69.7 $ — $ 179.5 $ — $ 249.2 2013 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net cash provided by (used in) operating activities $ — $ (35.9 ) $ 64.9 $ 194.0 $ — $ 223.0 Investing activities Purchases of property, plant and equipment — (61.2 ) (12.5 ) (178.2 ) — (251.9 ) Proceeds from sale of property, plant and equipment — 5.1 0.5 3.5 — 9.1 Proceeds from sale-leaseback of equipment — 24.1 — — — 24.1 Intercompany activity — — (52.6 ) — 52.6 — Net cash used in investing activities — (32.0 ) (64.6 ) (174.7 ) 52.6 (218.7 ) Financing activities Net debt activity — 110.1 (0.3 ) (5.0 ) — 104.8 Debt issuance costs — (16.6 ) — (0.1 ) — (16.7 ) Employee stock option exercises — 1.1 — — — 1.1 Purchase of treasury stock (0.4 ) — — — — (0.4 ) Intercompany activity 0.4 (0.4 ) — 52.6 (52.6 ) — Net cash provided by (used in) financing activities — 94.2 (0.3 ) 47.5 (52.6 ) 88.8 Effect of exchange rate changes on cash — — — (1.5 ) — (1.5 ) Net increase in cash and cash equivalents — 26.3 — 65.3 — 91.6 Cash and cash equivalents at beginning of period — 10.6 — 51.8 — 62.4 Cash and cash equivalents at end of period $ — $ 36.9 $ — $ 117.1 $ — $ 154.0 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II - VALUATION AND QUALIFYING ACCOUNTS Additions - Balance at Charged to Deductions - Balance Beginning of Costs and See Notes At End of Period Expenses Below Period (in millions) Year Ended December 31, 2013 Allowance for doubtful accounts $ 6.5 $ 2.3 $ 3.9 (1) $ 4.9 Allowance for deferred taxes 166.1 14.0 16.4 163.7 Inventory valuation allowance 21.0 19.4 13.1 (2) 27.3 Year Ended December 31, 2014 Allowance for doubtful accounts 4.9 1.3 1.6 (1) 4.6 Allowance for deferred taxes 163.7 13.8 20.6 (3) 156.9 Inventory valuation allowance 27.3 10.6 10.0 (2) 27.9 Year Ended December 31, 2015 Allowance for doubtful accounts 4.6 2.5 2.8 (1) 4.3 Allowance for deferred taxes 156.9 31.9 21.5 (4) 167.3 Inventory valuation allowance 27.9 11.1 9.7 (2) 29.3 (1) Uncollectible accounts charged off net of recoveries. (2) Primarily relates to inventory adjustments for physical quantity discrepancies and write-offs of excess and obsolete inventories. (3) Primarily relates to the reversal of a valuation allowance against an expiring net operating loss in China. (4) Primarily reflects a reduction in deferred tax assets at various foreign locations due to the strengthening of the U.S. dollar. |
Organization and Basis of Pre23
Organization and Basis of Presentation Organization and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy [Policy Text Block] | PRINCIPLES OF CONSOLIDATION We include the accounts of Holdings and its subsidiaries in our consolidated financial statements. We eliminate the effects of all intercompany transactions, balances and profits in our consolidation. |
Revenue Recognition, Policy [Policy Text Block] | REVENUE RECOGNITION We recognize revenue when products are shipped to our customers and title transfers under standard commercial terms or when realizable in accordance with our commercial agreements. If we are uncertain as to whether we will be successful collecting a balance in accordance with our understanding of a commercial agreement, we do not recognize the revenue or cost recovery until such time as the uncertainty is removed. In 2014, we reached an agreement with General Motors Company (GM) to increase installed capacity and adjust product mix for our largest vehicle program. As a result of this agreement, we received $32.8 million in 2014 and recorded the payments as deferred revenue. This deferred revenue is being recognized into sales over the life of the program on a straight line basis over approximately 5 years, which is the period we expect GM to benefit from this capacity and mix change. We recognized $6.9 million and $5.4 million of revenue related to this agreement in 2015 and 2014, respectively. As of December 31, 2015 , we have $6.9 million of deferred revenue that is classified as a current liability and $13.6 million of deferred revenue that is recorded as a noncurrent liability on our Consolidated Balance Sheet. Also in 2014, we reached an agreement with GM to recover certain costs related to the delay of another major product program. We received $9.3 million in 2014 related to this agreement which was recorded as deferred revenue. This deferred revenue is being recognized into sales over the life of the program on a straight-line basis over approximately 8 years, which is the period we expect GM to benefit from this agreement. We recognized $1.1 million and $0.5 million of revenue related to this agreement in 2015 and 2014, respectively. As of December 31, 2015 , we have remaining deferred revenue of $7.7 million , $1.1 million of which is classified as a current liability and $6.6 million which is recorded as a noncurrent liability on our Consolidated Balance Sheet. In 2009, we entered into a settlement and commercial agreement (2009 Settlement and Commercial Agreement) with GM. As part of this agreement, we received $110.0 million from GM, of which we recorded $79.7 million as deferred revenue. As of December 31, 2015 , our remaining deferred revenue related to the 2009 Settlement and Commercial Agreement is $29.5 million , $8.0 million of which is classified as a current liability and $21.5 million of which is recorded as a noncurrent liability on our Consolidated Balance Sheet. We recognize this deferred revenue into revenue on a straight-line basis over 120 months, which ends September 2019 and is the period that we expect GM to benefit under the 2009 Settlement and Commercial Agreement. We recognized revenue of $8.0 million , in 2015 , 2014 and 2013 related to this agreement. As of December 31, 2015 , the majority of the remaining deferred revenue primarily relates to customer payments to implement capacity programs, which is generally recognized into revenue over the life of these programs. We recognized $7.4 million , $7.5 million and $10.5 million of revenue for these programs in 2015 , 2014 and 2013 , respectively. |
Research and Development Expense, Policy [Policy Text Block] | RESEARCH AND DEVELOPMENT (R&D) COSTS We expense R&D, as incurred, in selling, general and administrative expenses on our Consolidated Statement of Income. R&D spending, net of engineering, design and development recoveries, was $113.9 million , $103.9 million and $103.4 million in 2015 , 2014 and 2013 , respectively. |
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH AND CASH EQUIVALENTS Cash and cash equivalents inclu de all cash balances, savings accounts, sweep accounts, and highly liquid investments in money market funds and certificates of deposit with maturities of 90 days or less at the time of purchase. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ACCOUNTS RECEIVABLE The majority of our accounts receivable are due from original equipment manufacturers (OEMs) in the automotive industry and are past due when payment is not received within the stated terms. Trade accounts receivable for our largest customer, GM, are generally due within approximately 50 days from the date of receipt. Amounts due from customers are stated net of allowances for doubtful accounts. We determine our allowances by considering factors such as the length of time accounts are past due, our previous loss history, the customer's ability to pay its obligation to us, and the condition of the general economy and the industry as a whole. The allowance for doubtful accounts was $4.3 million and $4.6 million as of December 31, 2015 and 2014 , respectively. We write-off accounts receivable when they become uncollectible. |
Property, Plant and Equipment, Preproduction Design and Development Costs [Policy Text Block] | CUSTOMER TOOLING AND PRE-PRODUCTION COSTS RELATED TO LONG-TERM SUPPLY AGREEMENTS Engineering, R&D, and other pre-production design and development costs for products sold on long-term supply arrangements are expensed as incurred unless we have a contractual guarantee for reimbursement from the customer. Costs for tooling used to make products sold on long-term supply arrangements for which we have either title to the assets or the noncancelable right to use the assets during the term of the supply arrangement are capitalized in property, plant and equipment. Capitalized items and customer receipts in excess of tooling costs specifically related to a supply arrangement are amortized over the shorter of the term of the arrangement or over the estimated useful lives of the related assets. |
Inventory, Policy [Policy Text Block] | INVENTORIES We state our inventories at the lower of cost or market. The cost of our inventories is determined using the FIFO method. When we determine that our gross inventories exceed usage requirements, or if inventories become obsolete or otherwise not saleable, we record a provision for such loss as a component of our inventory accounts. Inventories consist of the following: December 31, 2015 2014 (in millions) Raw materials and work-in-progress $ 228.7 $ 243.8 Finished goods 31.1 32.9 Gross inventories 259.8 276.7 Inventory valuation reserves (29.3 ) (27.9 ) Inventories, net $ 230.5 $ 248.8 |
Property, Plant and Equipment, Policy [Policy Text Block] | PROPERTY, PLANT AND EQUIPMENT We state property, plant and equipment, including amortizable tooling, at historical cost, as adjusted for impairments. Construction in progress includes costs incurred for the construction of buildings and building improvements, and machinery and equipment in process. Repair and maintenance costs that do not extend the useful life or otherwise improve the utility of the asset beyond its existing useful state are expensed in the period incurred. We record depreciation and tooling amortization on the straight-line method over the estimated useful lives of the depreciable assets. Depreciation and tooling amortization amounted to $163.6 million , $166.5 million and $151.8 million in 2015 , 2014 and 2013 , respectively. Property, plant and equipment consists of the following: Estimated December 31, Useful Lives 2015 2014 (years) (in millions) Land Indefinite $ 24.9 $ 26.2 Land improvements 10-15 18.8 19.0 Buildings and building improvements 15-40 315.5 314.3 Machinery and equipment 3-12 1,853.1 1,770.7 Construction in progress 88.4 91.4 2,300.7 2,221.6 Accumulated depreciation and amortization (1,254.5 ) (1,160.5 ) Property, plant and equipment, net $ 1,046.2 $ 1,061.1 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | IMPAIRMENT OF LONG-LIVED ASSETS When impairment indicators exist, we evaluate the carrying value of long-lived assets for potential impairment. We consider projected future undiscounted cash flows, trends and other circumstances in making such estimates and evaluations. If impairment is deemed to exist, the carrying amount of the asset is adjusted based on its fair value. Recoverability of assets “held for use” is determined by comparing the forecasted undiscounted cash flows of the operations to which the assets relate to their carrying amount. When the carrying value of an asset group exceeds its fair value and is therefore nonrecoverable, those assets are written down to fair value. Fair value is determined based on market prices, when available, or a discounted cash flow analysis performed using management estimates. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | GOODWILL We record goodwill when the purchase price of acquired businesses exceeds the value of their identifiable net tangible and intangible assets acquired. We test our goodwill annually, or more frequently if necessary, for impairment in accordance with the accounting guidance for goodwill and other indefinite-lived intangibles. We completed impairment tests in 2015 and 2014 and concluded that there was no impairment of our goodwill. The following table provides a reconciliation of changes in goodwill: December 31, 2015 2014 (in millions) Beginning balance $ 155.0 $ 156.4 Foreign currency translation (0.6 ) (1.4 ) Ending balance $ 154.4 $ 155.0 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | INTANGIBLE ASSETS During 2015, we launched global enterprise resource planning (ERP) systems at certain key locations to upgrade many of our existing operating and financial systems. In connection with the development of these ERP systems we have recorded an intangible asset on our Consolidated Balance Sheet. The intangible asset is related to costs incurred to obtain software licenses from a third party, as well as costs to design and develop this internal-use software. This intangible asset is classified as other assets and deferred charges on our Consolidated Balance Sheet and will be amortized over the estimated useful life of our ERP systems. We recorded $3.2 million and $0.4 million of expense for the amortization of these intangible assets in 2015 and 2014, respectively. The following table provides the gross intangible asset balance and related amortization recorded on our Consolidated Balance Sheet as of December 31, 2015 and December 31, 2014 : December 31, 2015 2014 (in millions) Capitalized computer software intangible asset $ 28.7 $ 19.7 Accumulated amortization (3.7 ) (0.5 ) Capitalized computer software intangible asset, net $ 25.0 $ 19.2 In connection with our e-AAM subsidiary, we have in-process research and development intangible assets which represent the technology that will be utilized in products to be launched in 2017. Accordingly, we will begin amortizing this asset on a straight-line basis at the start of production through the expected life cycle of the related products, which is expected to be approximately 5-7 years. These intangible assets are classified as other assets and deferred charges on our Consolidated Balance Sheet. The following table provides a reconciliation of changes in the carrying value of our in-process research and development intangible assets: December 31, 2015 2014 (in millions) Beginning balance $ 6.2 $ 7.4 Foreign currency translation (0.5 ) (1.2 ) Ending balance $ 5.7 $ 6.2 |
Debt, Policy [Policy Text Block] | DEBT ISSUANCE COSTS The costs related to the issuance or modification of long-term debt are deferred and amortized into interest expense over the life of each debt issue. Based on the early adoption of ASU 2015-03 - Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , our debt issuance costs associated with our term facility and senior unsecured notes have been retrospectively reclassified as a reduction to the related debt liability rather than a deferred asset as previously recorded. As of December 31, 2015 and December 31, 2014 , our unamortized debt issuance costs were $22.5 million and $29.5 million , respectively. Debt issuance costs of $7.9 million and $10.7 million related to our revolving credit facility, for which there is no outstanding debt liability, remain classified as Other Assets and Deferred Charges on our Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014, respectively. Deferred amounts associated with the extinguishment of debt are expensed and classified as debt refinancing and redemption costs on our Consolidated Statement of Income. |
Derivatives, Policy [Policy Text Block] | DERIVATIVES We recognize all derivatives on the balance sheet at fair value and we are not subject to master netting agreements. If a derivative qualifies under the accounting guidance as a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged asset, liability or firm commitment through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative's change in fair value, and changes in the fair value of derivatives that do not qualify as hedges, are immediately recognized in earnings. See Note 3 - Derivatives and Risk Management , for more detail on our derivatives. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | CURRENCY TRANSLATION AND REMEASUREMENT We translate the assets and liabilities of our foreign subsidiaries to U.S. dollars at end-of-period exchange rates. We translate the income statement elements of our foreign subsidiaries to U.S. dollars at average-period exchange rates. We report the effect of translation for our foreign subsidiaries that use the local currency as their functional currency as a separate component of stockholders' equity. Gains and losses resulting from the remeasurement of assets and liabilities in a currency other than the functional currency of a subsidiary are reported in current period income. We also report any gains and losses arising from transactions denominated in a currency other than the functional currency of a subsidiary in current period income. These foreign currency gains and losses resulted in a gain of $9.5 million and $6.4 million and a loss of $4.2 million , for the years ended 2015 , 2014 and 2013 , respectively, in Other Income (Expense). |
Postemployment Benefit Plans, Policy [Policy Text Block] | PENSION AND OTHER POSTRETIREMENT DEFINED BENEFIT PLANS Net pension and postretirement benefit expenses and the related liabilities are determined on an actuarial basis. These plan expenses and obligations are dependent on management's assumptions developed in consultation with our actuaries. We review these actuarial assumptions at least annually and make modifications when appropriate. See Note 5 - Employee Benefit Plans, for more detail on our pension and other postretirement defined benefit plans. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | STOCK-BASED COMPENSATION We have stock-based compensation in the form of stock options, restricted stock units (RSUs), performance shares, and performance awards. For non-performance based awards, the grant date fair value is measured as the stock price at the date of grant. For performance based awards, fair value is estimated using valuation techniques that require management to use estimates and assumptions. Certain awards require that management's estimates and assumptions be evaluated at each reporting date to determine if compensation expense related to the award should be adjusted, both on a catch-up and go-forward basis. Compensation expense is recognized over the period during which the requisite service is provided, referred to as the vesting period. See Note 6 - Stock-Based Compensation for more detail on our accounting for stock-based compensation. |
Income Tax, Policy [Policy Text Block] | DEFERRED INCOME TAX ASSETS AND LIABILITIES AND VALUATION ALLOWANCES Our deferred income tax assets and liabilities reflect the impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the basis of such assets and liabilities as measured by tax laws. In accordance with the accounting guidance for income taxes, we estimate whether recoverability of our deferred tax assets is “more likely than not,” based on forecasts of taxable income in the related tax jurisdictions. In this estimate, we use historical results, projected future operating results based upon approved business plans, eligible carryforward periods, tax planning opportunities and other relevant considerations. This includes the consideration of tax law changes, prior profitability performance and the uncertainty of future projected profitability. We record a valuation allowance to reduce our deferred tax assets to the amount that is "more likely than not," to be realized. We record uncertain tax positions on the basis of a two-step process whereby: (1) we determine whether it is "more likely than not" that the tax positions will be sustained based on the technical merits of the position: and (2) for those positions that meet the "more likely than not" recognition threshold, we recognize the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. We record interest and penalties on uncertain tax positions in income tax expense (benefit). See Note 7 - Income Taxes, for more detail on our accounting for income taxes. |
Standard Product Warranty, Policy [Policy Text Block] | PRODUCT WARRANTY See Note 9 - Commitments and Contingencies, for more detail on our accounting for product warranties. |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES In order to prepare consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP), we are required to make estimates and assumptions that affect the reported amounts and disclosures in our consolidated financial statements. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | EFFECT OF NEW ACCOUNTING STANDARDS On November 20, 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-17 - Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , which simplifies the accounting for deferred tax assets (DTAs) and deferred tax liabilities (DTLs). Under the new guidance, entities would be required to classify all DTAs and DTLs as noncurrent in the balance sheet, as opposed to the current US GAAP standard, which requires entities to split their DTAs and DTLs between current and noncurrent in the balance sheet based on the classification of the related asset or liability. The new standard will still require entities to net DTAs and DTLs within each tax jurisdiction and prohibit netting of DTAs and DTLs between different tax jurisdictions. The guidance becomes effective for AAM at the beginning of our 2017 fiscal year, however as permitted, AAM elected to early adopt this standard using the prospective method in the fourth quarter of 2015. Prior periods were not retrospectively adjusted. The effect of implementing this ASU on our consolidated financial statements was a reduction to our current deferred income tax assets of $39.2 million , a reduction to our current deferred income tax liabilities of $0.1 million , an increase to our noncurrent deferred income tax assets of $36.7 million , and a decrease to our noncurrent deferred income tax liabilities of $2.4 million at December 31, 2015. On May 1, 2015 the FASB issued ASU 2015-07 - Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) , which changes the disclosure requirements for investments in certain entities that calculate net asset value (NAV) per share. Under current accounting standards entities are permitted to estimate the fair value of certain investments using the investment's NAV as a practical expedient. The current disclosure guidance also permits entities to disclose the investment at NAV in the fair value hierarchy table as either Level 2 or Level 3, based upon certain criteria. The measurement basis utilizing NAV is different than the measurement criteria of all other investments which utilize inputs to calculate fair value. Due to this inconsistency, the FASB issued this ASU which requires entities to remove investments measured at NAV from the fair value hierarchy table. The guidance becomes effective for AAM at the beginning of our 2016 fiscal year. Other than the change in presentation, the adoption of this new guidance will not have an impact on our consolidated financial statements. On April 7, 2015, the FASB issued ASU 2015-03 - Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which changes the presentation of debt issuance costs in financial statements. Under the ASU, entities would present such costs in the balance sheet as a direct deduction of the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. This ASU becomes effective for AAM at the beginning of our 2016 fiscal year, however as permitted, AAM elected to early adopt this standard as of December 31, 2015. The effect of implementing this ASU on our consolidated financial statements was a reduction to both our other assets and deferred charges and long-term debt of $14.6 million at December 31, 2015 and $18.8 million at December 31, 2014. In 2014, the FASB issued ASU 2014-09 - Revenue from Contracts with Customers (Topic 606) , which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The guidance is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. On August 12, 2015, the FASB issued ASU 2015-14 - Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , to formally defer the initial standard's effective date by one-year, making this guidance effective for AAM at the beginning of our 2018 fiscal year. We are currently assessing the impact that this standard will have on our consolidated financial statements. |
Organization and Basis of Pre24
Organization and Basis of Presentation Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncement, Early Adoption [Table Text Block] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table provides the gross intangible asset balance and related amortization recorded on our Consolidated Balance Sheet as of December 31, 2015 and December 31, 2014 : December 31, 2015 2014 (in millions) Capitalized computer software intangible asset $ 28.7 $ 19.7 Accumulated amortization (3.7 ) (0.5 ) Capitalized computer software intangible asset, net $ 25.0 $ 19.2 The following table provides a reconciliation of changes in the carrying value of our in-process research and development intangible assets: December 31, 2015 2014 (in millions) Beginning balance $ 6.2 $ 7.4 Foreign currency translation (0.5 ) (1.2 ) Ending balance $ 5.7 $ 6.2 |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: December 31, 2015 2014 (in millions) Raw materials and work-in-progress $ 228.7 $ 243.8 Finished goods 31.1 32.9 Gross inventories 259.8 276.7 Inventory valuation reserves (29.3 ) (27.9 ) Inventories, net $ 230.5 $ 248.8 |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following: Estimated December 31, Useful Lives 2015 2014 (years) (in millions) Land Indefinite $ 24.9 $ 26.2 Land improvements 10-15 18.8 19.0 Buildings and building improvements 15-40 315.5 314.3 Machinery and equipment 3-12 1,853.1 1,770.7 Construction in progress 88.4 91.4 2,300.7 2,221.6 Accumulated depreciation and amortization (1,254.5 ) (1,160.5 ) Property, plant and equipment, net $ 1,046.2 $ 1,061.1 |
Schedule of Goodwill [Table Text Block] | The following table provides a reconciliation of changes in goodwill: December 31, 2015 2014 (in millions) Beginning balance $ 155.0 $ 156.4 Foreign currency translation (0.6 ) (1.4 ) Ending balance $ 154.4 $ 155.0 |
Long-Term Debt Long-Term Debt (
Long-Term Debt Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt, net consists of the following: December 31, 2015 2014 (in millions) Revolving Credit Facility $ — $ — Term Facility — 142.5 7.75% Notes 200.0 200.0 6.625% Notes 550.0 550.0 6.25% Notes 400.0 400.0 5.125% Notes 200.0 200.0 Foreign credit facilities 38.0 38.9 Capital lease obligations 5.6 5.0 Debt 1,393.6 1,536.4 Less: Current portion of long-term debt 3.3 13.0 Long-term debt 1,390.3 1,523.4 Less: Debt issuance costs 14.6 18.8 Long-term debt, net $ 1,375.7 $ 1,504.6 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2016 $ 15.4 2017 4.8 2018 18.0 2019 403.1 2020 0.7 Thereafter 951.6 Total $ 1,393.6 |
Derivatives Derivatives (Tables
Derivatives Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table summarizes the amount and location of gains (losses) recognized in the Consolidated Statement of Income for those derivative instruments not designated as hedging instruments under ASC 815: Location of Gain (Loss) Reclassified into Net Income Gain (Loss) Recognized During the Twelve Months Ended December 31, 2015 2014 2013 (in millions) Currency forward contracts Cost of Goods Sold $ (4.0 ) $ (1.8 ) $ 0.1 Currency forward contracts Other Income (Expense), Net (1.6 ) — — The following table summarizes the reclassification of pre-tax derivative gains (losses) into net income from accumulated other comprehensive income (loss) for those derivative instruments designated as hedging instruments under Accounting Standards Codification 815 - Derivatives and Hedging (ASC 815): Location of Gain (Loss) Reclassified into Net Income Gain (Loss) Reclassified During the Twelve Months Ended December 31, Loss Expected to be Reclassified During the Next 12 Months 2015 2014 2013 (in millions) Currency forward contracts Cost of Goods Sold $ (10.9 ) $ 0.9 $ 2.8 $ (7.5 ) |
Fair Value Fair Value (Tables)
Fair Value Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Input (in millions) Balance Sheet Classification Cash equivalents $ 61.7 $ 61.7 $ 35.3 $ 35.3 Level 1 Currency forward contracts - Prepaid expenses and other current assets Undesignated currency forward contracts 0.2 0.2 — — Level 2 Currency forward contracts - Other accrued expenses Cash flow hedges 7.5 7.5 7.2 7.2 Level 2 Undesignated currency forward contracts 1.9 1.9 1.1 1.1 Level 2 Currency forward contracts - Other long-term liabilities Cash flow hedges 5.9 5.9 0.1 0.1 Level 2 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Input (in millions) Revolving Credit Facility $ — $ — $ — $ — Level 2 Term Facility — — 142.5 141.1 Level 2 7.75% Notes 200.0 218.5 200.0 224.0 Level 2 6.625% Notes 550.0 574.8 550.0 583.0 Level 2 6.25% Notes 400.0 415.0 400.0 419.0 Level 2 5.125% Notes 200.0 202.0 200.0 202.6 Level 2 |
Employee Benefit Plans Employee
Employee Benefit Plans Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Assumptions Used [Table Text Block] | Pension Benefits OPEB 2015 2014 2013 2015 2014 2013 U.S. U.K U.S. U.K U.S. U.K. Discount rate 4.40 % 3.90 % 4.10 % 3.70 % 5.00 % 4.50 % 4.45 % 4.15 % 4.95 % Expected return on plan assets 7.50 % 5.00 % 7.50 % 5.00 % 7.50 % 5.15 % N/A N/A N/A Rate of compensation increase 4.00 % 3.30 % 4.00 % 3.30 % 4.00 % 3.60 % 4.00 % 4.00 % 4.00 % |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | Pension Benefits OPEB December 31, December 31, 2015 2014 2015 2014 (in millions) Change in benefit obligation Benefit obligation at beginning of year $ 738.8 $ 755.4 $ 654.7 $ 577.9 Service cost 3.2 3.5 0.4 0.3 Interest cost 28.6 36.1 15.0 15.3 Actuarial loss (gain) (32.1 ) 119.3 (35.9 ) 41.2 Change in GM portion of OPEB obligation — — (31.6 ) 31.8 Participant contributions 0.4 0.4 — — Settlements — (131.1 ) — — Benefit payments (38.4 ) (36.5 ) (14.2 ) (11.8 ) Currency fluctuations (7.4 ) (8.3 ) — — Net change (45.7 ) (16.6 ) (66.3 ) 76.8 Benefit obligation at end of year $ 693.1 $ 738.8 $ 588.4 $ 654.7 Change in plan assets Fair value of plan assets at beginning of year $ 643.7 $ 713.4 $ — $ — Actual return on plan assets (5.0 ) 77.2 — — Employer contributions 20.1 1.9 14.2 11.8 Participant contributions 0.4 0.4 — — Benefit payments (38.4 ) (36.5 ) (14.2 ) (11.8 ) Settlements — (104.2 ) — — Currency fluctuations (8.0 ) (8.5 ) — — Net change (30.9 ) (69.7 ) — — Fair value of plan assets at end of year $ 612.8 $ 643.7 $ — $ — |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Pension Benefits OPEB December 31, December 31, 2015 2014 2015 2014 (in millions) Noncurrent assets $ 27.0 $ 6.9 $ — $ — Current liabilities (4.2 ) (3.0 ) (29.4 ) (29.6 ) Noncurrent liabilities (103.1 ) (99.0 ) (559.0 ) (625.1 ) Net liability $ (80.3 ) $ (95.1 ) $ (588.4 ) $ (654.7 ) |
Schedule of Pre-tax Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Pension Benefits OPEB December 31, December 31, 2015 2014 2015 2014 (in millions) Net actuarial gain (loss) $ (222.9 ) $ (215.3 ) $ 1.1 $ (35.7 ) Net prior service credit 0.6 0.7 12.7 15.4 Total amounts recorded $ (222.3 ) $ (214.6 ) $ 13.8 $ (20.3 ) |
Schedule of Net Benefit Costs [Table Text Block] | Pension Benefits OPEB 2015 2014 2013 2015 2014 2013 (in millions) Service cost $ 3.2 $ 3.5 $ 3.4 $ 0.4 $ 0.3 $ 0.4 Interest cost 28.6 36.1 33.8 15.0 15.3 13.2 Expected asset return (42.0 ) (48.4 ) (45.8 ) — — — Amortized actuarial loss 6.0 5.4 8.9 0.8 0.5 0.9 Amortized prior service cost (credit) (0.1 ) (0.1 ) 5.4 (2.7 ) (2.7 ) (1.8 ) Settlement charge — 35.5 — — — — Net periodic benefit cost (credit) $ (4.3 ) $ 32.0 $ 5.7 $ 13.5 $ 13.4 $ 12.7 |
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of our pension plan assets are as follows: December 31, 2015 Asset Categories Level 1 Level 2 Level 3 Total (in millions) Cash & Cash Equivalents $ 23.7 $ — $ — $ 23.7 Equity U.S. Large Cap 77.1 — — 77.1 U.S. Small/Mid Cap 28.2 — — 28.2 World Equity 95.5 — — 95.5 Fixed Income Securities Government & Agencies 68.1 35.8 — 103.9 Corporate Bonds - Investment Grade 138.4 — — 138.4 Corporate Bonds - Non-investment Grade 24.8 — — 24.8 Emerging Market Debt 18.1 — — 18.1 Other 6.9 — — 6.9 Hedge Funds Property Funds — — 54.6 54.6 Multi Strategy Hedge Fund — — 41.6 41.6 Total Plan Assets $ 480.8 $ 35.8 $ 96.2 $ 612.8 December 31, 2014 Asset Categories Level 1 Level 2 Level 3 Total (in millions) Cash & Cash Equivalents $ 6.7 $ — $ — $ 6.7 Equity U.S. Large Cap 87.3 — — 87.3 U.S. Small/Mid Cap 25.2 — — 25.2 World Equity 94.2 — — 94.2 Fixed Income Securities Government & Agencies 67.9 58.8 — 126.7 Corporate Bonds - Investment Grade 139.9 — — 139.9 Corporate Bonds - Non-investment Grade 31.9 — — 31.9 Emerging Market Debt 19.0 — — 19.0 Other 7.2 — — 7.2 Hedge Funds Property Funds — — 48.3 48.3 Multi Strategy Hedge Fund — — 57.3 57.3 Total Plan Assets $ 479.3 $ 58.8 $ 105.6 $ 643.7 U.S. U.K. Target Target 2015 2014 Allocation 2015 2014 Allocation Equity securities 34.8 % 33.1 % 30% - 65% 26.7 % 28.7 % 25% - 35% Fixed income securities 46.2 47.3 35% - 55% 52.0 61.1 55% - 65% Hedge funds 17.8 18.3 0% - 20% 9.6 10.1 5% - 15% Cash 1.2 1.3 0% - 5% 11.7 0.1 0% - 5% Total 100.0 % 100.0 % 100.0 % 100.0 % |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | December 31, 2015 2014 (in millions) Beginning balance $ 105.6 $ 64.5 Actual return on plan assets: Relating to assets still held at the reporting date 3.8 3.3 Purchases, sales and settlements, net (13.2 ) 37.8 Ending balance $ 96.2 $ 105.6 |
Stock Based Compensation Stock
Stock Based Compensation Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted- Number of Average Exercise Shares Price Per Share (in millions, except per share data) Outstanding at January 1, 2013 3.0 $ 27.08 Options granted — — Options exercised (0.1 ) 10.59 Options canceled (0.9 ) 24.28 Outstanding at December 31, 2013 2.0 $ 29.22 Options granted — — Options exercised (0.1 ) 13.87 Options canceled (1.0 ) 37.70 Outstanding at December 31, 2014 0.9 $ 20.66 Options granted — — Options exercised (0.1 ) 17.13 Options canceled (0.2 ) 26.65 Outstanding at December 31, 2015 0.6 $ 18.58 Exercisable at December 31, 2013 2.0 $ 29.22 Exercisable at December 31, 2014 0.9 $ 20.66 Exercisable at December 31, 2015 0.6 $ 18.58 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Stock Options Weighted- Weighted- Range of Outstanding and Average Exercise Average Exercise Prices Exercisable Price Per Share Contractual Life (in millions, except per share data) (in years) $9.19 - $10.08 0.2 $ 9.43 2.6 $15.58 - $26.02 0.4 21.47 0.8 0.6 $ 18.58 1.2 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Weighted-Average Number of Grant Date Fair Shares/Units Value per Share/Unit (in millions, except per share data) Outstanding at January 1, 2013 1.1 $ 11.08 Granted 0.9 12.79 Vested (0.7 ) 11.06 Canceled — — Outstanding at December 31, 2013 1.3 $ 12.24 Granted 0.5 19.58 Vested (0.1 ) 13.95 Canceled (0.1 ) 12.76 Outstanding at December 31, 2014 1.6 $ 14.54 Granted 0.5 25.21 Vested (0.3 ) 11.03 Canceled (0.1 ) 19.99 Outstanding at December 31, 2015 1.7 $ 18.19 |
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | The following table summarizes activity relating to our performance shares: Weighted Average Number of Grant Date Fair Shares Value per Share EBITDA Awards (in millions, except per share data) Outstanding at January 1, 2014 — $ — Granted 0.2 27.66 Vested — — Canceled — — Outstanding at December 31, 2014 0.2 $ 27.66 Granted 0.1 37.68 Vested — — Canceled — — Outstanding at December 31, 2015 0.3 $ 32.27 TSR Awards Outstanding at January 1, 2014 — $ — Granted 0.2 21.11 Vested — — Canceled — — Outstanding at December 31, 2014 0.2 $ 21.11 Granted 0.1 31.22 Vested — — Canceled — — Outstanding at December 31, 2015 0.3 $ 25.77 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income before income taxes for U.S. and non-U.S. operations was as follows: 2015 2014 2013 (in millions) U.S. income (loss) $ 88.3 $ 12.0 $ (23.8 ) Non - U.S. income 184.4 164.7 110.1 Total income before income taxes $ 272.7 $ 176.7 $ 86.3 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The following is a summary of the components of our provisions for income taxes: 2015 2014 2013 (in millions) Current Federal $ 0.5 $ 0.6 $ (1.3 ) Other state and local 0.2 0.1 0.1 Foreign 10.8 44.2 12.1 Total current $ 11.5 $ 44.9 $ 10.9 Deferred Federal $ 26.4 $ (11.6 ) $ (9.3 ) Foreign (0.8 ) 0.4 (9.8 ) Total deferred 25.6 (11.2 ) (19.1 ) Total income tax expense (benefit) $ 37.1 $ 33.7 $ (8.2 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a reconciliation of our provision for income taxes to the expected amounts using statutory rates: 2015 2014 2013 Federal statutory 35.0 % 35.0 % 35.0 % Foreign income taxes (17.6 ) (25.1 ) (48.5 ) Change in enacted tax rate — — (9.9 ) State and local 0.1 0.1 0.2 Tax Credits (1.3 ) (11.4 ) — Valuation allowance 2.6 4.5 12.4 U.S. tax on unremitted foreign earnings 0.2 1.9 (0.2 ) Uncertain tax positions (5.7 ) 13.0 (0.5 ) Other 0.3 1.1 2.0 Effective income tax rate 13.6 % 19.1 % (9.5 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2015 2014 (in millions) U.S. federal and state deferred tax asset, net $ 354.7 $ 362.2 Other foreign deferred tax asset (liability), net 12.1 (2.5 ) Noncurrent deferred tax asset, net $ 366.8 $ 359.7 December 31, 2015 2014 (in millions) Noncurrent deferred tax assets Employee benefits $ 211.1 $ 193.9 Inventory 9.4 — Net operating loss (NOL) carryforwards 117.0 104.7 Tax credit carryforwards 25.8 69.8 Capital allowance carryforwards 13.6 14.4 Fixed assets 13.5 6.6 Deferred revenue 15.0 12.6 Capitalized expenditures 120.5 111.2 Other 22.4 2.3 Valuation allowances (167.3 ) (146.7 ) Noncurrent deferred tax assets $ 381.0 $ 368.8 Noncurrent deferred tax liabilities Fixed assets and other (14.2 ) (9.1 ) Noncurrent deferred tax asset, net $ 366.8 $ 359.7 Current deferred tax assets and liabilities recognized in our Consolidated Balance Sheets are as follows: December 31, 2015 2014 (in millions) U.S. federal and state deferred tax asset, net $ — $ 27.0 Other foreign deferred tax asset, net — 13.1 Current deferred tax asset, net $ — $ 40.1 The following is a summary of the significant components of our deferred tax assets and liabilities: December 31, 2015 2014 (in millions) Current deferred tax assets Employee benefits $ — $ 26.0 Inventory — 7.5 Prepaid taxes and other — 16.9 Valuation allowance — (10.2 ) Total current deferred tax assets $ — $ 40.2 Current deferred tax liabilities Unrealized foreign exchange gain and other — (0.1 ) Current deferred tax asset, net $ — $ 40.1 |
Schedule of Unrecognized Income Tax Benefits [Table Text Block] | A reconciliation of the beginning and ending amounts of unrecognized income tax benefits is as follows: Unrecognized Income Tax Interest and Benefits Penalties (in millions) Balance at January 1, 2013 $ 20.7 $ 10.2 Increase in prior year tax positions 6.1 0.1 Decrease in prior year tax positions (4.4 ) (6.2 ) Increase in current year tax positions 4.0 — Settlement (4.7 ) — Balance at December 31, 2013 $ 21.7 $ 4.1 Increase in prior year tax positions 10.5 8.1 Decrease in prior year tax positions (0.5 ) — Increase in current year tax positions 15.6 — Balance at December 31, 2014 $ 47.3 $ 12.2 Increase in prior year tax positions — 1.4 Decrease in prior year tax positions (9.4 ) (4.9 ) Increase in current year tax positions 8.8 — Foreign currency remeasurement adjustment (5.1 ) (1.8 ) Balance at December 31, 2015 $ 41.6 $ 6.9 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2015 2014 2013 (in millions, except per share data) Numerator Net income attributable to AAM $ 235.6 $ 143.0 $ 94.5 Less: Net income attributable to participating securities (5.3 ) (2.9 ) (1.9 ) Net income attributable to common shareholders - Basic $ 230.3 $ 140.1 $ 92.6 Undistributed earnings reallocated to common shareholders under two step dilutive method — — — Net income attributable to common shareholders - Dilutive $ 230.3 $ 140.1 $ 92.6 Denominators Basic common shares outstanding - Weighted-average shares outstanding 77.7 77.3 76.7 Less: Participating securities (1.8 ) (1.6 ) (1.5 ) Weighted-average common shares outstanding 75.9 75.7 75.2 Effect of dilutive securities - Dilutive stock-based compensation 0.4 0.2 0.1 Diluted shares outstanding - Adjusted weighted-average shares after assumed conversions 76.3 75.9 75.3 Basic EPS $ 3.03 $ 1.85 $ 1.23 Diluted EPS $ 3.02 $ 1.85 $ 1.23 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | The following table provides a reconciliation of changes in the product warranty liability: December 31, 2015 2014 (in millions) Beginning balance $ 12.4 $ 14.3 Accruals 17.0 9.3 Settlements (6.1 ) (2.2 ) Adjustments to prior period accruals 14.0 (8.7 ) Foreign currency translation (0.7 ) (0.3 ) Ending balance $ 36.6 $ 12.4 |
Reclassifications out of Accu33
Reclassifications out of Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Reclassifications out of Accumulated Other Comprehensive Income [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassification adjustments and other activity impacting accumulated other comprehensive income (loss) (AOCI) during the year ended December 31, 2015 , December 31, 2014 and December 31, 2013 are as follows (in millions) : Defined Benefit Plans Foreign Currency Translation Adjustments Unrecognized Loss on Cash Flow Hedges Total Balance at December 31, 2014 $ (240.6 ) $ (48.9 ) $ (7.4 ) $ (296.9 ) Other comprehensive income (loss) before reclassifications 21.2 (70.3 ) (16.9 ) (66.0 ) Income tax effect of other comprehensive income (loss) before reclassifications (7.2 ) — — (7.2 ) Amounts reclassified from accumulated other comprehensive loss into net income 4.0 (a) — 10.9 (b) 14.9 Income taxes reclassified into net income (1.3 ) — — (1.3 ) Net current period other comprehensive income (loss) 16.7 (70.3 ) (6.0 ) (59.6 ) Balance at December 31, 2015 $ (223.9 ) $ (119.2 ) $ (13.4 ) $ (356.5 ) Defined Benefit Plans Foreign Currency Translation Adjustments Unrecognized Loss on Cash Flow Hedges Total Balance at December 31, 2013 $ (197.9 ) $ (18.6 ) $ 0.3 $ (216.2 ) Other comprehensive loss before reclassifications (104.7 ) (30.3 ) (6.8 ) (141.8 ) Income tax effect of other comprehensive income (loss) before reclassifications 36.6 — — 36.6 Amounts reclassified from accumulated other comprehensive income (loss) into net income 38.8 (a)(c) — (0.9 ) (b) 37.9 Income taxes reclassified into net income (13.4 ) — — (13.4 ) Net current period other comprehensive loss (42.7 ) (30.3 ) (7.7 ) (80.7 ) Balance at December 31, 2014 $ (240.6 ) $ (48.9 ) $ (7.4 ) $ (296.9 ) Defined Benefit Plans Foreign Currency Translation Adjustments Unrecognized Gain on Cash Flow Hedges Total Balance at December 31, 2012 $ (274.5 ) $ 7.6 $ 2.3 $ (264.6 ) Other comprehensive income (loss) before reclassifications 104.4 (26.2 ) 0.8 79.0 Income tax effect of other comprehensive income (loss) before reclassifications (36.7 ) — — (36.7 ) Amounts reclassified from accumulated other comprehensive income (loss) into net income 13.5 (a) — (2.8 ) (b) 10.7 Income taxes reclassified into net income (4.6 ) — — (4.6 ) Net current period other comprehensive income (loss) 76.6 (26.2 ) (2.0 ) 48.4 Balance at December 31, 2013 $ (197.9 ) $ (18.6 ) $ 0.3 $ (216.2 ) (a) The amount reclassified from AOCI included $4.8 million in cost of goods sold (COGS) and $(0.8) million in selling, general & administrative expenses (SG&A) for the year ended December 31, 2015, $36.0 million in COGS and $2.8 million in SG&A for the year ended December 31, 2014 and $7.0 million in COGS and $6.5 million in SG&A for the year ended December 31, 2013. (b) The amounts reclassified from AOCI are included in COGS. (c) Includes a reclassification of $23.1 million, net of tax, related to our terminated vested lump-sum pension payout in the U.S. |
Segment and Geographic Inform34
Segment and Geographic Information Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segments, Geographical Areas [Abstract] | |
Schedule of Disclosure on Geographic Areas, Revenue and Long-Lived Assets by Country [Table Text Block] | December 31, 2015 2014 2013 (in millions) Net sales United States $ 2,121.9 $ 2,073.6 $ 1,682.0 Canada 119.3 64.6 74.4 Mexico 1,060.2 1,055.5 865.6 South America 106.6 156.5 201.1 China 185.5 71.3 34.4 All other Asia 185.2 167.3 220.8 Europe and other 124.4 107.2 129.0 Total net sales $ 3,903.1 $ 3,696.0 $ 3,207.3 Long-lived assets United States $ 824.0 $ 867.1 (a) $ 827.9 (a) Mexico 522.6 513.2 469.3 South America 48.5 80.5 100.2 China 85.8 59.8 63.8 All other Asia 103.7 117.5 112.9 Europe 120.3 94.0 93.2 Total long-lived assets $ 1,704.9 $ 1,732.1 (a) $ 1,667.3 (a) (a) These amounts have been adjusted to reflect the impact of retrospectively adopting the new debt issuance cost presentation accounting standard as described in Item 8. Financial Statements and Supplementary Data - Note 1 - Organization and Summary of Significant Accounting Policies. |
Unaudited Quarterly Financial35
Unaudited Quarterly Financial Data Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Three Months Ended, March 31 June 30 September 30 December 31 (in millions, except per share data) 2015 Net sales $ 969.1 $ 1,004.0 $ 971.6 $ 958.4 Gross profit 152.8 164.5 158.3 159.8 Net income 53.2 58.6 60.9 62.9 Basic EPS (1) $ 0.69 $ 0.75 $ 0.78 $ 0.81 Diluted EPS (1) $ 0.68 $ 0.75 $ 0.78 $ 0.81 2014 Net sales $ 858.8 $ 946.9 $ 950.8 $ 939.5 Gross profit 121.9 149.0 140.7 111.2 Net income 33.6 52.2 44.0 13.2 Basic EPS (1) $ 0.44 $ 0.67 $ 0.57 $ 0.17 Diluted EPS (1) $ 0.44 $ 0.67 $ 0.57 $ 0.17 (1) Full year basic and diluted EPS will not necessarily agree to the sum of the four quarters because each quarter is a separate calculation. |
Supplemental Guarantor Conden36
Supplemental Guarantor Condensed Consolidating Financial Statements Supplemental Guarantor Condensed Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Guarantor Condensed Consolidating Financial Statements [Abstract] | |
Supplemental Guarantor Consolidating Income Statement [Table Text Block] | Condensed Consolidating Statements of Income 2015 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated (in millions) Net sales External $ — $ 1,149.0 $ 210.3 $ 2,543.8 $ — $ 3,903.1 Intercompany — 9.4 258.3 19.0 (286.7 ) — Total net sales — 1,158.4 468.6 2,562.8 (286.7 ) 3,903.1 Cost of goods sold — 1,114.5 385.2 2,054.7 (286.7 ) 3,267.7 Gross profit — 43.9 83.4 508.1 — 635.4 Selling, general and administrative expenses — 210.6 0.1 66.6 — 277.3 Operating income (loss) — (166.7 ) 83.3 441.5 — 358.1 Non-operating income (expense), net — (99.3 ) 10.1 3.8 — (85.4 ) Income (loss) before income taxes — (266.0 ) 93.4 445.3 — 272.7 Income tax expense — 21.6 5.5 10.0 — 37.1 Earnings (loss) from equity in subsidiaries 235.6 262.3 (20.8 ) — (477.1 ) — Net income (loss) before royalties 235.6 (25.3 ) 67.1 435.3 (477.1 ) 235.6 Royalties — 260.9 — (260.9 ) — — Net income after royalties 235.6 235.6 67.1 174.4 (477.1 ) 235.6 Other comprehensive loss, net of tax (59.6 ) (59.6 ) (63.6 ) (68.4 ) 191.6 (59.6 ) Comprehensive income $ 176.0 $ 176.0 $ 3.5 $ 106.0 $ (285.5 ) $ 176.0 2014 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net sales External $ — $ 1,099.5 $ 225.1 $ 2,371.4 $ — $ 3,696.0 Intercompany — 13.1 246.9 21.6 (281.6 ) — Total net sales — 1,112.6 472.0 2,393.0 (281.6 ) 3,696.0 Cost of goods sold — 1,112.4 396.1 1,946.3 (281.6 ) 3,173.2 Gross profit — 0.2 75.9 446.7 — 522.8 Selling, general and administrative expenses — 194.0 0.2 61.0 — 255.2 Operating income (loss) — (193.8 ) 75.7 385.7 — 267.6 Non-operating income (expense), net — (103.0 ) 9.0 3.1 — (90.9 ) Income (loss) before income taxes — (296.8 ) 84.7 388.8 — 176.7 Income tax expense (benefit) — (11.8 ) 0.9 44.6 — 33.7 Earnings (loss) from equity in subsidiaries 143.0 204.0 (23.3 ) — (323.7 ) — Net income (loss) before royalties 143.0 (81.0 ) 60.5 344.2 (323.7 ) 143.0 Royalties — 224.0 — (224.0 ) — — Net income after royalties 143.0 143.0 60.5 120.2 (323.7 ) 143.0 Other comprehensive loss, net of tax (80.7 ) (80.7 ) (23.5 ) (34.8 ) 139.0 (80.7 ) Comprehensive income $ 62.3 $ 62.3 $ 37.0 $ 85.4 $ (184.7 ) $ 62.3 2013 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net sales External $ — $ 773.6 $ 226.0 $ 2,207.7 $ — $ 3,207.3 Intercompany — 15.3 226.1 14.0 (255.4 ) — Total net sales — 788.9 452.1 2,221.7 (255.4 ) 3,207.3 Cost of goods sold — 769.4 389.0 1,825.6 (255.4 ) 2,728.6 Gross profit — 19.5 63.1 396.1 — 478.7 Selling, general and administrative expenses — 182.4 0.1 55.9 — 238.4 Operating income (loss) — (162.9 ) 63.0 340.2 — 240.3 Non-operating income (expense), net — (155.1 ) 10.7 (9.6 ) — (154.0 ) Income (loss) before income taxes — (318.0 ) 73.7 330.6 — 86.3 Income tax expense (benefit) — (24.9 ) 0.9 15.8 — (8.2 ) Earnings (loss) from equity in subsidiaries 94.5 167.0 (21.7 ) — (239.8 ) — Net income (loss) before royalties 94.5 (126.1 ) 51.1 314.8 (239.8 ) 94.5 Royalties — 220.6 — (220.6 ) — — Net income after royalties 94.5 94.5 51.1 94.2 (239.8 ) 94.5 Other comprehensive income (loss), net of tax 48.4 48.4 (7.2 ) (10.8 ) (30.4 ) 48.4 Comprehensive income $ 142.9 $ 142.9 $ 43.9 $ 83.4 $ (270.2 ) $ 142.9 |
Supplemental Guarantor Consolidating Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheets 2015 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Assets (in millions) Current assets Cash and cash equivalents $ — $ 52.0 $ — $ 230.5 $ — $ 282.5 Accounts receivable, net — 127.2 19.7 392.2 — 539.1 Intercompany receivables — 311.8 249.7 9.4 (570.9 ) — Inventories, net — 59.8 31.1 139.6 — 230.5 Other current assets — 30.4 0.5 41.2 — 72.1 Total current assets — 581.2 301.0 812.9 (570.9 ) 1,124.2 Property, plant and equipment, net — 214.1 91.9 740.2 — 1,046.2 Goodwill — — 147.8 6.6 — 154.4 Intercompany notes and accounts receivable — 393.5 252.2 — (645.7 ) — Other assets and deferred charges — 683.6 41.4 152.9 — 877.9 Investment in subsidiaries 622.3 1,315.9 — — (1,938.2 ) — Total assets $ 622.3 $ 3,188.3 $ 834.3 $ 1,712.6 $ (3,154.8 ) $ 3,202.7 Liabilities and stockholders' equity Current liabilities Current portion of long-term debt $ — $ — $ 3.3 $ — $ 3.3 Accounts payable — 103.0 35.8 273.9 — 412.7 Intercompany payables — 248.7 154.9 167.3 (570.9 ) — Other current liabilities — 134.2 4.1 144.9 — 283.2 Total current liabilities — 485.9 194.8 589.4 (570.9 ) 699.2 Intercompany notes and accounts payable 320.8 10.3 — 314.6 (645.7 ) — Long-term debt, net — 1,336.5 4.5 34.7 — 1,375.7 Investment in subsidiaries obligation — — 111.7 (111.7 ) — Other long-term liabilities — 733.3 0.5 92.5 — 826.3 Total liabilities 320.8 2,566.0 311.5 1,031.2 (1,328.3 ) 2,901.2 Total stockholders' equity 301.5 622.3 522.8 681.4 (1,826.5 ) 301.5 Total liabilities and stockholders' equity $ 622.3 $ 3,188.3 $ 834.3 $ 1,712.6 $ (3,154.8 ) $ 3,202.7 2014 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Assets Current assets Cash and cash equivalents $ — $ 69.7 $ — $ 179.5 $ — $ 249.2 Accounts receivable, net — 137.5 23.9 371.3 — 532.7 Intercompany receivables — 231.0 174.1 10.0 (415.1 ) — Inventories, net — 64.9 32.3 151.6 — 248.8 Other current assets — 53.6 2.6 52.6 — 108.8 Total current assets — 556.7 232.9 765.0 (415.1 ) 1,139.5 Property, plant and equipment, net — 230.0 87.9 743.2 — 1,061.1 Goodwill — — 147.9 7.1 — 155.0 Intercompany notes and accounts receivable — 509.4 219.1 — (728.5 ) — Other assets and deferred charges — 717.8 (a) 45.7 121.3 — 884.8 (a) Investment in subsidiaries 433.8 1,134.6 — — (1,568.4 ) — Total assets $ 433.8 $ 3,148.5 (a) $ 733.5 $ 1,636.6 $ (2,712.0 ) $ 3,240.4 (a) Liabilities and stockholders' equity Current liabilities Current portion of long-term debt $ — $ 9.4 $ — $ 3.6 $ — $ 13.0 Accounts payable — 127.3 38.9 278.1 — 444.3 Intercompany payables — 177.0 105.3 132.8 (415.1 ) — Other current liabilities — 121.0 4.4 104.5 — 229.9 Total current liabilities — 434.7 148.6 519.0 (415.1 ) 687.2 Intercompany notes and accounts payable 320.4 6.9 — 401.2 (728.5 ) — Long-term debt, net — 1,464.3 (a) 4.9 35.4 — 1,504.6 (a) Investment in subsidiaries obligation — — 53.8 — (53.8 ) — Other long-term liabilities — 808.8 0.6 125.8 — 935.2 Total liabilities 320.4 2,714.7 (a) 207.9 1,081.4 (1,197.4 ) 3,127.0 (a) Total stockholders' equity 113.4 433.8 525.6 555.2 (1,514.6 ) 113.4 Total liabilities and stockholders' equity $ 433.8 $ 3,148.5 (a) $ 733.5 $ 1,636.6 $ (2,712.0 ) $ 3,240.4 (a) (a) These amounts have been adjusted to reflect the impact of retrospectively adopting ASU 2015-03 as described in Item 8. Financial Statements and Supplementary Data - Note 1 - Organization and Summary of Significant Accounting Policies. |
Supplemental Guarantor Consolidating Statement of Cash Flows [Table Text Block] | Condensed Consolidating Statements of Cash Flows 2015 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated (in millions) Net cash provided by operating activities $ — $ 163.7 $ 68.1 $ 145.8 $ — $ 377.6 Investing activities Purchases of property, plant and equipment — (36.4 ) (12.8 ) (144.3 ) — (193.5 ) Proceeds from sale of property, plant and equipment — 0.1 0.1 0.1 — 0.3 Proceeds from government grants — — — 5.1 — 5.1 Intercompany activity — — (55.0 ) — 55.0 — Net cash used in investing activities — (36.3 ) (67.7 ) (139.1 ) 55.0 (188.1 ) Financing activities Net debt activity — (142.8 ) (0.4 ) 3.0 — (140.2 ) Employee stock option exercises — 0.8 — — — 0.8 Purchase of treasury stock (3.1 ) — — — — (3.1 ) Purchase of noncontrolling interest — — — (1.1 ) — (1.1 ) Intercompany activity 3.1 (3.1 ) — 55.0 (55.0 ) — Net cash provided by (used in) financing activities — (145.1 ) (0.4 ) 56.9 (55.0 ) (143.6 ) Effect of exchange rate changes on cash — — — (12.6 ) — (12.6 ) Net increase (decrease) in cash and cash equivalents — (17.7 ) — 51.0 — 33.3 Cash and cash equivalents at beginning of period — 69.7 — 179.5 — 249.2 Cash and cash equivalents at end of period $ — $ 52.0 $ — $ 230.5 $ — $ 282.5 2014 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net cash provided by operating activities $ — $ 83.4 $ 41.9 $ 193.1 $ — $ 318.4 Investing activities Purchases of property, plant and equipment — (51.3 ) (18.6 ) (136.6 ) — (206.5 ) Proceeds from sale of property, plant and equipment — 7.9 0.4 0.8 — 9.1 Proceeds from government grants — — — 2.1 — 2.1 Intercompany activity — — (23.3 ) — 23.3 — Net cash used in investing activities — (43.4 ) (41.5 ) (133.7 ) 23.3 (195.3 ) Financing activities Net debt activity — (7.8 ) (0.4 ) (13.8 ) — (22.0 ) Debt issuance costs — (0.3 ) — — — (0.3 ) Employee stock option exercises — 1.2 — — — 1.2 Purchase of treasury stock (0.3 ) — — — — (0.3 ) Intercompany activity 0.3 (0.3 ) — 23.3 (23.3 ) — Net cash provided by (used in) financing activities — (7.2 ) (0.4 ) 9.5 (23.3 ) (21.4 ) Effect of exchange rate changes on cash — — — (6.5 ) — (6.5 ) Net increase in cash and cash equivalents — 32.8 — 62.4 — 95.2 Cash and cash equivalents at beginning of period — 36.9 — 117.1 — 154.0 Cash and cash equivalents at end of period $ — $ 69.7 $ — $ 179.5 $ — $ 249.2 2013 Holdings AAM Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Elims Consolidated Net cash provided by (used in) operating activities $ — $ (35.9 ) $ 64.9 $ 194.0 $ — $ 223.0 Investing activities Purchases of property, plant and equipment — (61.2 ) (12.5 ) (178.2 ) — (251.9 ) Proceeds from sale of property, plant and equipment — 5.1 0.5 3.5 — 9.1 Proceeds from sale-leaseback of equipment — 24.1 — — — 24.1 Intercompany activity — — (52.6 ) — 52.6 — Net cash used in investing activities — (32.0 ) (64.6 ) (174.7 ) 52.6 (218.7 ) Financing activities Net debt activity — 110.1 (0.3 ) (5.0 ) — 104.8 Debt issuance costs — (16.6 ) — (0.1 ) — (16.7 ) Employee stock option exercises — 1.1 — — — 1.1 Purchase of treasury stock (0.4 ) — — — — (0.4 ) Intercompany activity 0.4 (0.4 ) — 52.6 (52.6 ) — Net cash provided by (used in) financing activities — 94.2 (0.3 ) 47.5 (52.6 ) 88.8 Effect of exchange rate changes on cash — — — (1.5 ) — (1.5 ) Net increase in cash and cash equivalents — 26.3 — 65.3 — 91.6 Cash and cash equivalents at beginning of period — 10.6 — 51.8 — 62.4 Cash and cash equivalents at end of period $ — $ 36.9 $ — $ 117.1 $ — $ 154.0 |
Organization and Basis of Pre37
Organization and Basis of Presentation Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2009 | Sep. 30, 2009 | |
Deferred Revenue Arrangement [Line Items] | |||||
Deferred revenue, current | $ 22.9 | $ 22.1 | |||
Deferred revenue, noncurrent | 65.7 | 94.2 | |||
Increase installed capacity and adjust product mix [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Deferred Revenue, Additions | 32.8 | ||||
Deferred revenue, current | 6.9 | ||||
Deferred revenue, noncurrent | 13.6 | ||||
Deferred revenue, revenue recognized | 6.9 | 5.4 | |||
Delay of a major program | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Deferred Revenue, Additions | 9.3 | ||||
Deferred revenue | 7.7 | ||||
Deferred revenue, current | 1.1 | ||||
Deferred revenue, noncurrent | 6.6 | ||||
Deferred revenue, revenue recognized | 1.1 | 0.5 | |||
2009 GM Agreement [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Deferred Revenue, Additions | $ 79.7 | ||||
2009 GM agreement, cash received | $ 110 | ||||
Deferred revenue | 29.5 | ||||
Deferred revenue, current | 8 | ||||
Deferred revenue, noncurrent | 21.5 | ||||
Deferred revenue, revenue recognized | 8 | 8 | $ 8 | ||
Miscellaneous Deferred Revenue [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Deferred revenue, revenue recognized | $ 7.4 | $ 7.5 | $ 10.5 |
Organization and Basis of Pre38
Organization and Basis of Presentation Research and Development (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Research and development expense | $ 113.9 | $ 103.9 | $ 103.4 |
Organization and Basis of Pre39
Organization and Basis of Presentation Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Allowance for doubtful accounts | $ 4.3 | $ 4.6 |
Organization and Basis of Pre40
Organization and Basis of Presentation Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Raw materials and work-in-progress | $ 228.7 | $ 243.8 |
Finished goods | 31.1 | 32.9 |
Gross inventories | 259.8 | 276.7 |
Inventory valuation reserves | (29.3) | (27.9) |
Inventories, net | $ 230.5 | $ 248.8 |
Organization and Basis of Pre41
Organization and Basis of Presentation Property, Plant, & Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Depreciation and Tooling Amortization | $ 163.6 | $ 166.5 | $ 151.8 |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | $ 43.6 | $ 31.4 | $ 46.2 |
Organization and Basis of Pre42
Organization and Basis of Presentation Schedule of Property, Plant & Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Land | $ 24.9 | $ 26.2 |
Land improvements | 18.8 | 19 |
Buildings and building improvements | 315.5 | 314.3 |
Machinery and equipment | 1,853.1 | 1,770.7 |
Construction in progress | 88.4 | 91.4 |
Property, plant and equipment, gross | 2,300.7 | 2,221.6 |
Accumulated depreciation and amortization | (1,254.5) | (1,160.5) |
Property, plant and equipment, net | $ 1,046.2 | $ 1,061.1 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 10-15 | |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 15-40 | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 3-12 |
Organization and Basis of Pre43
Organization and Basis of Presentation Goodwill Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 155 | $ 156.4 |
Foreign currency translation | (0.6) | (1.4) |
Ending balance | $ 154.4 | $ 155 |
Organization and Basis of Pre44
Organization and Basis of Presentation Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Capitalized computer software, amortization | $ 3.2 | $ 0.4 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Capitalized computer software, gross | 28.7 | 19.7 |
Capitalized Computer Software, Accumulated Amortization | (3.7) | (0.5) |
Capitalized Computer Software, Net | $ 25 | $ 19.2 |
Organization and Basis of Pre45
Organization and Basis of Presentation Schedule of In-Process R&D Intangible Asset (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
In-Process R&D finite-lived Intangible Asset [Roll Forward] | ||
Beginning balance | $ 6.2 | $ 7.4 |
Foreign currency translation | (0.5) | (1.2) |
Ending balance | $ 5.7 | $ 6.2 |
Organization and Basis of Pre46
Organization and Basis of Presentation Debt Issuance Costs (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense | $ 22.5 | $ 29.5 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense | $ 7.9 | $ 10.7 |
Organization and Basis of Pre47
Organization and Basis of Presentation Currency Translation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ (9.5) | $ (6.4) | $ 4.2 |
Organization and Basis of Pre48
Organization and Basis of Presentation Effect of New Accounting Standards - Tax (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred Tax Assets, Net, Current | $ 0 | $ (40.1) |
Deferred income taxes | 0 | (0.1) |
Deferred Tax Assets, Net, Noncurrent | 366.8 | 359.7 |
Deferred Tax Liabilities, Net, Noncurrent | (6.8) | $ (9.1) |
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred Tax Assets, Net, Current | 39.2 | |
Deferred income taxes | 0.1 | |
Deferred Tax Assets, Net, Noncurrent | 36.7 | |
Deferred Tax Liabilities, Net, Noncurrent | $ 2.4 |
Organization and Basis of Pre49
Organization and Basis of Presentation Effect of New Accounting Standards - Debt Issuance Costs (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Quantitative Effect of New Accounting Standard - Debt Issuance Costs | $ 14.6 | $ 18.8 |
Long-Term Debt Long-term Debt I
Long-Term Debt Long-term Debt Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||
Debt | $ 1,393.6 | $ 1,536.4 | |
Current portion of long-term debt | 3.3 | 13 | |
Long-term debt and capital lease obligations | 1,390.3 | 1,523.4 | |
Unamortized Debt Issuance Expense | 22.5 | 29.5 | |
Long-Term Debt, net of Issuance Costs | 1,375.7 | 1,504.6 | |
Total Debt Instruments excluding Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Debt Issuance Expense | 14.6 | 18.8 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, amount outstanding | 0 | 0 | |
Unamortized Debt Issuance Expense | 7.9 | 10.7 | |
Secured Debt [Member] | Loans Payable [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | 142.5 | |
Unsecured Debt [Member] | 7.75% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 200 | 200 | |
Unsecured Debt [Member] | 6.625% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 550 | 550 | |
Unsecured Debt [Member] | 6.25% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 400 | 400 | $ 400 |
Unsecured Debt [Member] | 5.125% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 200 | 200 | $ 200 |
Foreign Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, amount outstanding | 38 | 38.9 | |
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Capital lease obligations | $ 5.6 | $ 5 |
Long-Term Debt Revolving Credit
Long-Term Debt Revolving Credit Facility and Term Facility (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||||
Write off of Deferred Debt Issuance Cost | $ 0.5 | |||
Payments of Debt Issuance Costs | $ 0 | $ 0.3 | $ 16.7 | |
Line of Credit Facility, Interest Rate Description | Borrowings under the revolving credit facility and term facility bear interest at rates based on adjusted LIBOR or an alternate base rate, plus an applicable margin. The applicable margin for LIBOR-based loans will be between 1.5% and 3.0%. | |||
Line of credit facility, reduction in borrowing capacity, termination of loan facility | $ 72.8 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 523.5 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 513.1 | |||
Letters of Credit Outstanding, Amount | 10.4 | |||
Loans Payable [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 150 | |||
Debt Instrument, Periodic Payment, Principal | 142.5 | |||
Write off of Deferred Debt Issuance Cost | 0.8 | |||
Payments of Debt Issuance Costs | $ 0.1 | $ 6.9 | ||
Loans Payable [Member] | Voluntary Prepayment of Term Loan Principal [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Periodic Payment, Principal | 135.9 | |||
Loans Payable [Member] | Voluntary Prepayment of Term Loan Principal - Due in 2015 [Member] [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Periodic Payment, Principal | $ 2.8 |
Long-Term Debt Long-Term Debt N
Long-Term Debt Long-Term Debt Notes Payable (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 01, 2013 | Dec. 31, 2012 | Sep. 17, 2012 | Nov. 03, 2011 | Dec. 10, 2009 | Feb. 27, 2007 | |
Debt Instrument [Line Items] | ||||||||||
Payments of Debt Issuance Costs | $ 0 | $ 0.3 | $ 16.7 | |||||||
Repayments of Long-term Debt | 157 | 27 | 652 | |||||||
Other expense - Debt refinancing and redemption costs | $ 0.8 | $ 0 | 36.8 | |||||||
Secured Debt [Member] | 9.25% Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 42.5 | |||||||||
Debt Instrument, Original Discount Amount | $ 5.5 | |||||||||
Repayments of Long-term Debt | 340 | |||||||||
Debt instrument, early redemption premium | 18.9 | |||||||||
Other expense - Debt refinancing and redemption costs | 6.7 | |||||||||
Debt Instrument, Face Amount | $ 425 | |||||||||
Debt Instrument, Redemption Amount | 190 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | 9.25% | ||||||||
Unsecured Debt [Member] | 6.25% Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments of Debt Issuance Costs | 6.6 | |||||||||
Long-term debt | $ 400 | $ 400 | 400 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||||||
Unsecured Debt [Member] | 5.125% Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments of Debt Issuance Costs | 0.2 | 3.1 | ||||||||
Long-term debt | $ 200 | 200 | $ 200 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | |||||||||
Unsecured Debt [Member] | 7.875% Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 300 | |||||||||
Debt instrument, early redemption premium | $ 8.5 | |||||||||
Debt Instrument, Tender Offer, Fees | 0.1 | |||||||||
Other expense - Debt refinancing and redemption costs | $ 2.1 | |||||||||
Debt Instrument, Face Amount | $ 300 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | |||||||||
Unsecured Debt [Member] | 7.75% Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 200 | 200 | ||||||||
Debt Instrument, Face Amount | $ 200 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | |||||||||
Unsecured Debt [Member] | 6.625% Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 550 | $ 550 | ||||||||
Debt Instrument, Face Amount | $ 550 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | |||||||||
Unsecured Debt [Member] | 5.25% Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 250 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% |
Long-Term Debt Leases (Narrativ
Long-Term Debt Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long-term Debt, Weighted Average Interest Rate | 6.50% | 6.40% | 6.30% |
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 0 | $ 0 | $ 24.1 |
Operating leases, future minimum payments due, current | 20.4 | ||
Operating leases, future minimum payments, due in two years | 17 | ||
Operating leases, future minimum payments, due in three years | 9.1 | ||
Operating leases, future minimum payments, due in four years | 4.4 | ||
Operating leases, future minimum payments, due in five years | 4.4 | ||
Operating lease expense | 25.3 | 23.6 | $ 17.6 |
Capital Lease Obligations [Member] | |||
Capital leased assets, gross | 7.9 | 6.7 | |
Capital leases, balance sheet, assets by major class, net | $ 5.6 | $ 5 | |
Long-term Debt, Weighted Average Interest Rate | 7.20% |
Long-Term Debt Foreign Credit F
Long-Term Debt Foreign Credit Facilities (Narrative) (Details) - Foreign Credit Facilities [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | ||
Line of credit facility, amount outstanding | $ 38 | $ 38.9 |
Foreign Credit Facilities, Remaining Borrowing Capacity | $ 47.9 |
Long-Term Debt Long-term Debt M
Long-Term Debt Long-term Debt Maturity Schedule (Details) $ in Millions | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
2,016 | $ 15.4 |
2,017 | 4.8 |
2,018 | 18 |
2,019 | 403.1 |
2,020 | 0.7 |
Thereafter | 951.6 |
Debt | $ 1,393.6 |
Long-Term Debt Interest Expense
Long-Term Debt Interest Expense and Investment Income (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Disclosure [Abstract] | |||
Interest Expense | $ 99.2 | $ 99.9 | $ 115.9 |
Interest Costs Capitalized | $ 4.5 | $ 5.8 | $ 6.6 |
Long-term Debt, Weighted Average Interest Rate | 6.50% | 6.40% | 6.30% |
Investment Income, Interest | $ 2.6 | $ 2.1 | $ 0.6 |
Derivatives Currency Forward Co
Derivatives Currency Forward Contracts (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 190 | $ 99.3 |
Derivatives Gain (Loss) Recogni
Derivatives Gain (Loss) Recognized for Designated and Undesignated Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income [Member] | Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (1.6) | $ 0 | $ 0 | |
Other Income [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Description of Location of Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments in Financial Statements | Other Income (Expense), Net | |||
Cost of Sales [Member] | Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (4) | (1.8) | 0.1 | |
Cost of Sales [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (10.9) | $ 0.9 | $ 2.8 | |
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Cost of Goods Sold | Cost of Goods Sold | ||
Description of Location of Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments in Financial Statements | Cost of Goods Sold | |||
Scenario, Forecast [Member] | Cost of Sales [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (7.5) |
Derivatives Sales, Receivables
Derivatives Sales, Receivables and Postretirement Cost Sharing Asset by Major Customer (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue, Major Customer [Line Items] | |||
Total GM Postretirement Cost Sharing Asset | $ 256.3 | $ 287.8 | |
General Motors [Member] | |||
Revenue, Major Customer [Line Items] | |||
Entity-wide revenue, major customer, percentage | 66.00% | 68.00% | 71.00% |
Fair value, concentration of risk, accounts receivable | $ 361.1 | $ 343.1 | |
FCA [Member] | |||
Revenue, Major Customer [Line Items] | |||
Entity-wide revenue, major customer, percentage | 20.00% | 18.00% | 12.00% |
Fair value, concentration of risk, accounts receivable | $ 96.8 | $ 99.3 |
Fair Value Fair Value of Assets
Fair Value Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, at carrying value | $ 61.7 | $ 35.3 |
Portion at Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 61.7 | 35.3 |
Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts, asset, fair value disclosure | 0.2 | 0 |
Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts, asset, fair value disclosure | 0.2 | 0 |
Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts, liability, fair value disclosure | 1.9 | 1.1 |
Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts, liability, fair value disclosure | 1.9 | 1.1 |
Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts, liability, fair value disclosure | 7.5 | 7.2 |
Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts, liability, fair value disclosure | 7.5 | 7.2 |
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts, liability, fair value disclosure | 5.9 | 0.1 |
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts, liability, fair value disclosure | $ 5.9 | $ 0.1 |
Fair Value Fair Value of Debt (
Fair Value Fair Value of Debt (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Reported Value Measurement [Member] | Line of Credit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | $ 0 | $ 0 |
Reported Value Measurement [Member] | Loans Payable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 0 | 142.5 |
Reported Value Measurement [Member] | 7.75% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 200 | 200 |
Reported Value Measurement [Member] | 6.625% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 550 | 550 |
Reported Value Measurement [Member] | 6.25% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 400 | 400 |
Reported Value Measurement [Member] | 5.125% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 200 | 200 |
Estimate of Fair Value Measurement [Member] | Line of Credit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Loans Payable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 0 | 141.1 |
Estimate of Fair Value Measurement [Member] | 7.75% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 218.5 | 224 |
Estimate of Fair Value Measurement [Member] | 6.625% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 574.8 | 583 |
Estimate of Fair Value Measurement [Member] | 6.25% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 415 | 419 |
Estimate of Fair Value Measurement [Member] | 5.125% Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | $ 202 | $ 202.6 |
Employee Benefit Plans GM Cost
Employee Benefit Plans GM Cost Sharing (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Total GM Postretirement Cost Sharing Asset | $ 256.3 | $ 287.8 |
GM Postretirement Cost Sharing Asset, Current | 13.1 | |
GM Postretirement Cost Sharing Asset, Noncurrent | $ 243.2 | $ 274.5 |
Employee Benefit Plans Defined
Employee Benefit Plans Defined Benefit Plan, Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.45% | 4.15% | 4.95% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.40% | 4.10% | 5.00% |
Expected return on plan assets | 7.50% | 7.50% | 7.50% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.90% | 3.70% | 4.50% |
Expected return on plan assets | 5.00% | 5.00% | 5.15% |
Rate of compensation increase | 3.30% | 3.30% | 3.60% |
Employee Benefit Plans Accumula
Employee Benefit Plans Accumulated Benefit Obligation and Underfunded Pension Plan Detail (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Defined benefit plan, accumulated benefit obligation | $ 678.6 | $ 723.9 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 553.2 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 565.1 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | $ 457.8 |
Employee Benefit Plans Change i
Employee Benefit Plans Change in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Settlements | $ (131.1) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 643.7 | ||
Fair value of plan assets at end of year | 612.8 | 643.7 | |
Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at end of year | 738.8 | 755.4 | |
Service cost | 3.2 | 3.5 | $ 3.4 |
Interest cost | 28.6 | 36.1 | 33.8 |
Actuarial loss (gain) | (32.1) | 119.3 | |
Change in GM Portion of OPEB Obligation | 0 | 0 | |
Participant contributions | 0.4 | 0.4 | |
Settlements | 0 | (131.1) | |
Benefit payments | (38.4) | (36.5) | |
Currency fluctuations | (7.4) | (8.3) | |
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | (45.7) | (16.6) | |
Benefit obligation at end of year | 693.1 | 738.8 | 755.4 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 643.7 | 713.4 | |
Actual return on plan assets | (5) | 77.2 | |
Employer contributions | 20.1 | 1.9 | |
Participant contributions | 0.4 | 0.4 | |
Benefit payments | (38.4) | (36.5) | |
Defined Benefit Plan, Settlements, Plan Assets | 0 | (104.2) | |
Currency fluctuations | (8) | (8.5) | |
Net change | (30.9) | (69.7) | |
Fair value of plan assets at end of year | 612.8 | 643.7 | 713.4 |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at end of year | 654.7 | 577.9 | |
Service cost | 0.4 | 0.3 | 0.4 |
Interest cost | 15 | 15.3 | 13.2 |
Actuarial loss (gain) | (35.9) | 41.2 | |
Change in GM Portion of OPEB Obligation | (31.6) | 31.8 | |
Participant contributions | 0 | 0 | |
Settlements | 0 | 0 | |
Benefit payments | (14.2) | (11.8) | |
Currency fluctuations | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | (66.3) | 76.8 | |
Benefit obligation at end of year | 588.4 | 654.7 | 577.9 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 14.2 | 11.8 | |
Participant contributions | 0 | 0 | |
Benefit payments | (14.2) | (11.8) | |
Defined Benefit Plan, Settlements, Plan Assets | 0 | 0 | |
Currency fluctuations | 0 | 0 | |
Net change | 0 | 0 | |
Fair value of plan assets at end of year | $ 0 | $ 0 | $ 0 |
Change in Mortality Rate Assumptions [Member] | Pension Plan [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Explanation of Significant Change in Benefit Obligation or Plan Assets Not Apparent from Other Required Disclosures | 25.2 | ||
Change in Mortality Rate Assumptions [Member] | Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Explanation of Significant Change in Benefit Obligation or Plan Assets Not Apparent from Other Required Disclosures | 19 |
Employee Benefit Plans Amounts
Employee Benefit Plans Amounts Recognized in the Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Noncurrent assets | $ 27 | $ 6.9 |
Defined benefit pension plan liabilities, current | (4.2) | (3) |
Defined benefit pension plan, liabilities, noncurrent | (103.1) | (99) |
Defined benefit plan, amounts recognized in balance sheet | (80.3) | (95.1) |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Noncurrent assets | 0 | 0 |
Postemployment benefits liability, current | (29.4) | (29.6) |
Other postretirement defined benefit plan, liabilities, noncurrent | (559) | (625.1) |
Other postretirement defined benefit plan, liabilities | $ (588.4) | $ (654.7) |
Employee Benefit Plans Pre-tax
Employee Benefit Plans Pre-tax Amounts Recorded in AOCI (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial gain (loss) | $ (222.9) | $ (215.3) |
Net prior service credit | 0.6 | 0.7 |
Total amounts recorded | (222.3) | (214.6) |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial gain (loss) | 1.1 | (35.7) |
Net prior service credit | 12.7 | 15.4 |
Total amounts recorded | $ 13.8 | $ (20.3) |
Employee Benefit Plans Componen
Employee Benefit Plans Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 3.2 | $ 3.5 | $ 3.4 |
Interest cost | 28.6 | 36.1 | 33.8 |
Expected asset return | (42) | (48.4) | (45.8) |
Amortized actuarial loss | 6 | 5.4 | 8.9 |
Amortized prior service cost (credit) | (0.1) | (0.1) | 5.4 |
Defined Benefit Plan, Recognized Net Gain Due to Settlements | 0 | 35.5 | 0 |
Net periodic benefit cost | (4.3) | 32 | 5.7 |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 0.4 | 0.3 | 0.4 |
Interest cost | 15 | 15.3 | 13.2 |
Expected asset return | 0 | 0 | 0 |
Amortized actuarial loss | 0.8 | 0.5 | 0.9 |
Amortized prior service cost (credit) | (2.7) | (2.7) | (1.8) |
Defined Benefit Plan, Recognized Net Gain Due to Settlements | 0 | 0 | 0 |
Other postretirement benefit expense | $ 13.5 | $ 13.4 | $ 12.7 |
Employee Benefit Plans All Othe
Employee Benefit Plans All Other Relevant Defined Benefit Pension and Other Postretirement Benefit Disclosures (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 1.7 | ||||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 37.5 | ||||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | 1.5 | ||||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | 31.2 | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 55.5 | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 55.1 | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 55.5 | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 55.8 | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 56.5 | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 295.5 | ||||
Lump Sum Distribution from Pension Trust | $ 104.2 | ||||
Defined Benefit Plan, Settlements, Benefit Obligation | 131.1 | ||||
Defined Benefit Plan, Acceleration of Prior Service Cost due to remeasurement | $ 4.7 | ||||
Pension Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 131.1 | |||
Defined Benefit Plan, Recognized Net Gain Due to Settlements | 0 | 35.5 | 0 | ||
Other Postretirement Benefit Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | 0 | |||
Defined Benefit Plan, Recognized Net Gain Due to Settlements | 0 | $ 0 | $ 0 | ||
UNITED KINGDOM | Pension Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Pension and Other Postretirement Benefit Contributions | $ 18.3 | ||||
Scenario, Forecast [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.75% | ||||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | ||||
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2,023 | ||||
Scenario, Forecast [Member] | Pension Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Future Amortization of Gain (Loss) | $ 5.4 | ||||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | 0.1 | ||||
Scenario, Forecast [Member] | Other Postretirement Benefit Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Future Amortization of Gain (Loss) | 0.5 | ||||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | 2.7 | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 16 |
Employee Benefit Plans Pension
Employee Benefit Plans Pension Plan Assets by Category (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
United States Pension Plan of US Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Plan Asset Allocations | 100.00% | 100.00% |
United States Pension Plan of US Entity [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 30% - 65% | |
Actual Plan Asset Allocations | 34.80% | 33.10% |
United States Pension Plan of US Entity [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 35% - 55% | |
Actual Plan Asset Allocations | 46.20% | 47.30% |
United States Pension Plan of US Entity [Member] | Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0% - 20% | |
Actual Plan Asset Allocations | 17.80% | 18.30% |
United States Pension Plan of US Entity [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0% - 5% | |
Actual Plan Asset Allocations | 1.20% | 1.30% |
Foreign Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Plan Asset Allocations | 100.00% | 100.00% |
Foreign Pension Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 25% - 35% | |
Actual Plan Asset Allocations | 26.70% | 28.70% |
Foreign Pension Plan [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 55% - 65% | |
Actual Plan Asset Allocations | 52.00% | 61.10% |
Foreign Pension Plan [Member] | Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 5% - 15% | |
Actual Plan Asset Allocations | 9.60% | 10.10% |
Foreign Pension Plan [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0% - 5% | |
Actual Plan Asset Allocations | 11.70% | 0.10% |
Employee Benefit Plans Define71
Employee Benefit Plans Defined Benefit Pension Plan Assets by Category and Fair Value Hierarchy (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 612.8 | $ 643.7 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 480.8 | 479.3 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 35.8 | 58.8 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 96.2 | 105.6 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 23.7 | 6.7 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 23.7 | 6.7 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. Large Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 77.1 | 87.3 |
U.S. Large Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 77.1 | 87.3 |
U.S. Large Cap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. Large Cap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. Small/Mid Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 28.2 | 25.2 |
U.S. Small/Mid Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 28.2 | 25.2 |
U.S. Small/Mid Cap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. Small/Mid Cap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 95.5 | 94.2 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 95.5 | 94.2 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Government Agencies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 103.9 | 126.7 |
Government Agencies [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 68.1 | 67.9 |
Government Agencies [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 35.8 | 58.8 |
Government Agencies [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Investment Grade Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 138.4 | 139.9 |
Investment Grade Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 138.4 | 139.9 |
Investment Grade Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Investment Grade Corporate Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
NonInvestment Grade Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 24.8 | 31.9 |
NonInvestment Grade Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 24.8 | 31.9 |
NonInvestment Grade Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
NonInvestment Grade Corporate Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Emerging Market Debt [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 18.1 | 19 |
Emerging Market Debt [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 18.1 | 19 |
Emerging Market Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Emerging Market Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6.9 | 7.2 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6.9 | 7.2 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Commercial Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 54.6 | 48.3 |
Commercial Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Commercial Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Commercial Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 54.6 | 48.3 |
Hedge Funds, Multi-strategy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 41.6 | 57.3 |
Hedge Funds, Multi-strategy [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Hedge Funds, Multi-strategy [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Hedge Funds, Multi-strategy [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 41.6 | $ 57.3 |
Employee Benefit Plans Change72
Employee Benefit Plans Change in Fair Value of Level 3 Pension Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Actual Return on Plan Assets [Abstract] | ||
Beginning balance | $ 105.6 | $ 64.5 |
Defined Benefit Plan Change in Fair Value of Plan Assets Level 3 Reconciliation, Period Increase (Decrease) | 3.8 | 3.3 |
Purchases, sales and settlements, net | (13.2) | 37.8 |
Ending balance | $ 96.2 | $ 105.6 |
Employee Benefit Plans Define73
Employee Benefit Plans Defined Contribution Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Salaried Savings Plan [Member] | |||
Defined contribution plans, maximum company match, salaried voluntary savings plan | 50.00% | ||
Defined contribution plans, ARC, maximum employee contribution percentage | 10.00% | ||
Defined contribution plans, salaried voluntary savings plan, matching contributions during the period | $ 4.6 | $ 3.9 | $ 3.9 |
Annual Retirement Contribution (ARC) [Member] | |||
Defined contribution plans, ARC, maximum employee contribution percentage | 5.00% | 5.00% | |
Defined contribution plan, employer matching contribution, percent | 3.00% | ||
Defined contribution plans, ARC, contributions made during period | $ 5.3 | $ 4.9 | 4.6 |
Defined contribution plans, ARC, hourly associates, contributions made during period | $ 2.5 | 2.6 | 1.9 |
Hourly Voluntary Savings Plan [Member] | |||
Defined contribution plans, ARC, maximum employee contribution percentage | 6.00% | ||
Defined contribution plan, maximum annual contribution per employee, amount | 25.00% | ||
Defined contribution plans, hourly voluntary savings plan, matching contributions during the period | $ 0.1 | $ 0.1 | $ 0.1 |
Employee Benefit Plans Deferred
Employee Benefit Plans Deferred Compensation Plan (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Deferred compensation distributions | $ 0.7 | $ 1.2 | $ 6.1 |
Deferred compensation arrangement with individuals, recorded liability | 5.1 | 5.6 | |
Increase in deferred compensation liability | $ 0.1 | $ 0.3 | $ 0.8 |
Stock Based Compensation Stoc75
Stock Based Compensation Stock Based Compensation (Narrative) (Details) shares in Millions | Dec. 31, 2015shares |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based compensation arrangement by share-based payment award, number of shares authorized | 20.6 |
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 3.8 |
Stock Based Compensation Stoc76
Stock Based Compensation Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Share-based Compensation, Contractual Term of Share-based Awards | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options outstanding | 0.9 | 2 | 3 | |
Options granted | 0 | 0 | 0 | |
Options exercised | (0.1) | (0.1) | (0.1) | |
Options canceled | (0.2) | (1) | (0.9) | |
Options outstanding | 0.6 | 0.9 | 2 | |
Weighted-average price outstanding | $ 18.58 | $ 20.66 | $ 29.22 | $ 27.08 |
Weighted-average price granted | 0 | 0 | 0 | |
Weighted-average price exercised | 17.13 | 13.87 | 10.59 | |
Weighted-average price canceled | $ 26.65 | $ 37.70 | $ 24.28 | |
Options exercisable | 0.6 | 0.9 | 2 | |
Weighted-average price of options exercisable | $ 18.58 | $ 20.66 | $ 29.22 | |
Share-based compensation arrangement by share-based payment award, options, outstanding, intrinsic value | $ 2 | |||
Share-based compensation arrangement by share-based payment award, options, exercises in period, total intrinsic value | $ 0.3 | $ 0.5 | $ 0.8 |
Stock Based Compensation Stoc77
Stock Based Compensation Stock Options - Range of Exercise Prices (Details) - $ / shares shares in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 0.6 | |||
Weighted-average price outstanding | $ 18.58 | $ 20.66 | $ 29.22 | $ 27.08 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 2 months | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 0.6 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 18.58 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 1 year 2 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Range of Exercise Prices, $9.19-$10.08 [Member] [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 0.2 | |||
Weighted-average price outstanding | $ 9.43 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 2 years 7 months | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 0.2 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 9.43 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 2 years 7 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Range of Exercise Prices, $15.58-$26.02 [Member] [Member] [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 0.4 | |||
Weighted-average price outstanding | $ 21.47 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 9 months | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 0.4 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 21.47 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 9 months |
Stock Based Compensation Restri
Stock Based Compensation Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, total fair value | $ 9.5 | $ 1.7 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Beginning balance | 1.6 | 1.3 | 1.1 | |
Restricted stock units granted | 0.5 | 0.5 | 0.9 | |
Restricted stock units vested | (0.3) | (0.1) | (0.7) | |
Restricted stock units canceled | (0.1) | (0.1) | 0 | |
Ending balance | 1.7 | 1.6 | 1.3 | |
Weighted-average grant date fair value outstanding | $ 18.19 | $ 14.54 | $ 12.24 | $ 11.08 |
Weighted-average grant date fair value granted | 25.21 | 19.58 | 12.79 | |
Weighted-average grant date fair value vested | 11.03 | 13.95 | 11.06 | |
Weighted-average grant date fair value canceled | $ 19.99 | $ 12.76 | $ 0 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 10.9 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year |
Stock Based Compensation Perfor
Stock Based Compensation Performance Shares Activity (Details) - Performance Shares [Member] - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 9.4 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | ||
EBITDA Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Beginning balance | 0.2 | 0 | |
Performance shares granted | 0.1 | 0.2 | |
Performance shares vested | 0 | 0 | |
Performance shares canceled | 0 | 0 | |
Ending balance | 0.3 | 0.2 | 0 |
Weighted-average grant date fair value outstanding | $ 32.27 | $ 27.66 | $ 0 |
Weighted-average grant date fair value granted | 37.68 | 27.66 | |
Weighted-average grant date fair value vested | 0 | 0 | |
Weighted-average grant date fair value canceled | $ 0 | $ 0 | |
Total Shareholder Return (TSR) Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Beginning balance | 0.2 | 0 | |
Performance shares granted | 0.1 | 0.2 | |
Performance shares vested | 0 | 0 | |
Performance shares canceled | 0 | 0 | |
Ending balance | 0.3 | 0.2 | 0 |
Weighted-average grant date fair value outstanding | $ 25.77 | $ 21.11 | $ 0 |
Weighted-average grant date fair value granted | 31.22 | 21.11 | |
Weighted-average grant date fair value vested | 0 | 0 | |
Weighted-average grant date fair value canceled | $ 0 | $ 0 |
Stock Based Compensation Perf80
Stock Based Compensation Performance Awards (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Allocated Share-based Compensation Expense | $ 1.4 | $ 7.9 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | $ 3.7 | $ 8.5 |
Income Taxes Income Before Inco
Income Taxes Income Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. income (loss) | $ 88.3 | $ 12 | $ (23.8) |
Non-U.S. income | 184.4 | 164.7 | 110.1 |
Income before income taxes | $ 272.7 | $ 176.7 | $ 86.3 |
Income Taxes Components of Prov
Income Taxes Components of Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current | |||
Federal | $ 0.5 | $ 0.6 | $ (1.3) |
Other state and local | 0.2 | 0.1 | 0.1 |
Foreign | 10.8 | 44.2 | 12.1 |
Total current | 11.5 | 44.9 | 10.9 |
Deferred | |||
Federal | 26.4 | (11.6) | (9.3) |
Foreign | (0.8) | 0.4 | (9.8) |
Deferred Income Tax Expense (Benefit) | 25.6 | (11.2) | (19.1) |
Income tax expense (benefit) | $ 37.1 | $ 33.7 | $ (8.2) |
Income Taxes Rate Reconciliatio
Income Taxes Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate reconciliation, Federal statutory | 35.00% | 35.00% | 35.00% |
Effective income tax rate reconciliation, foreign income taxes | (17.60%) | (25.10%) | (48.50%) |
Effective income tax rate reconciliation, change in enacted tax rate | 0.00% | 0.00% | (9.90%) |
Effective income tax rate reconciliation, State and local | 0.10% | 0.10% | 0.20% |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | (1.30%) | (11.40%) | 0.00% |
Effective income tax rate reconciliation, valuation allowance | 2.60% | 4.50% | 12.40% |
Effective income tax rate reconciliation, U.S. tax on unremitted foreign earnings | 0.20% | 1.90% | (0.20%) |
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent | (5.70%) | 13.00% | (0.50%) |
Effective income tax rate reconciliation, other | 0.30% | 1.10% | 2.00% |
Effective income tax rate | 13.60% | 19.10% | (9.50%) |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rate (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $ 0 | $ 10.5 | $ 6.1 |
Income tax expense (benefit), change in estimate | 3.4 | 4.8 | |
Other Tax Expense (Benefit) | 20.1 | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | (8.5) | ||
Unrecognized tax benefits, decrease resulting from cash and non-cash settlements with taxing authorities | 8.4 | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 4.7 | ||
Mexican Tax Authority [Member] | |||
Previously enacted tax rate | 17.50% | ||
Newly enacted tax rate | 30.00% | ||
Tax positions relating to transfer pricing [Member] | |||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $ 11.5 | $ 23.1 |
Income Taxes Refundable Income
Income Taxes Refundable Income Taxes and Income Taxes Payable (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Refundable income taxes | $ 2.5 | $ 5.6 |
Income taxes payable | 6.8 | 3 |
Value added tax payable | $ 35.8 | $ 36.1 |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Total current deferred tax assets | $ 0 | $ 40.2 |
Deferred Tax Assets, Net, Current | 0 | 40.1 |
Deferred income taxes | 373.6 | 368.8 |
Deferred Tax Assets, Net, Noncurrent | 366.8 | 359.7 |
Deferred Tax Assets, Current [Member] | ||
Employee benefits | 0 | 26 |
Inventory | 0 | 7.5 |
Prepaid taxes and other | 0 | 16.9 |
Valuation allowance | 0 | (10.2) |
Total current deferred tax assets | 0 | 40.2 |
Deferred Tax Liabilities, Current [Member] | ||
Unrealized foreign exchange gain and other | 0 | (0.1) |
Deferred Tax Assets, Noncurrent [Member] | ||
Employee benefits | 211.1 | 193.9 |
Inventory | 9.4 | 0 |
Deferred Tax Assets, Operating Loss Carryforwards | 117 | 104.7 |
Deferred Tax Assets, Tax Credit Carryforwards | 25.8 | 69.8 |
Deferred Tax Assets, Tax Credit Carryforwards, Other | 13.6 | 14.4 |
Deferred Tax Assets, Fixed Assets | 13.5 | 6.6 |
Deferred Tax Assets, Deferred Income | 15 | 12.6 |
Deferred Tax Assets, Noncurrent, Capitalized Expenditures | 120.5 | 111.2 |
Prepaid taxes and other | 22.4 | 2.3 |
Deferred Tax Assets, Valuation Allowance, Noncurrent | 167.3 | 146.7 |
Deferred income taxes | 381 | 368.8 |
Deferred Tax Liabilities, Noncurrent [Member] | ||
Deferred Tax Liabilities, Property, Plant and Equipment | (14.2) | (9.1) |
Foreign [Member] | ||
Deferred Tax Assets, Net, Current | 0 | 13.1 |
Deferred Tax Assets, Net, Noncurrent | 12.1 | (2.5) |
Domestic [Member] | ||
Deferred Tax Assets, Net, Current | 0 | 27 |
Deferred Tax Assets, Net, Noncurrent | $ 354.7 | $ 362.2 |
Income Taxes Deferred Income Ta
Income Taxes Deferred Income Tax Assets and Liabilities and Valuation Allowances (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards | $ 156.4 | $ 188.9 |
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards, Not Subject to Expiration | $ 87.9 | |
NOL and Tax Credit Carryforward, Range of Carryforward Period, Lower End of Range | 5 years | |
NOL and Tax Credit Carryforward, Range of Carryforward Period, Upper End of Range | 20 years | |
Undistributed Earnings of Foreign Subsidiaries | $ 724.1 | |
Deferred Tax Assets, Valuation Allowance | 167.3 | $ 156.9 |
difference relating to amount of tax deduction allowed versus US GAAP for stock based compensation [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | $ 5.1 |
Income Taxes Unrecognized Tax B
Income Taxes Unrecognized Tax Benefts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | $ 47.3 | $ 21.7 | $ 20.7 |
Increase in prior year tax positions | 0 | 10.5 | 6.1 |
Decrease in prior year tax positions | (9.4) | (0.5) | (4.4) |
Increase in current year tax positions | 8.8 | 15.6 | 4 |
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | (5.1) | ||
Settlement | (4.7) | ||
Unrecognized tax benefits, ending balance | 41.6 | 47.3 | 21.7 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | |||
Unrecognized tax benefits, interest and penalties, beginning balance | 12.2 | 4.1 | 10.2 |
Interest and penalties, increase in prior year tax positions | 1.4 | 8.1 | 0.1 |
Interest and penalties, decrease in prior year tax positions | (4.9) | 0 | (6.2) |
Interest and penalties, increase in current year tax positions | 0 | 0 | 0 |
Unrecognized income tax benefit interest and penalties, decrease from foreign currency remeasurement adjustment | (1.8) | ||
Interest and penalties, settlement | 0 | ||
Unrecognized tax benefits, interest and penalties, ending balance | $ 6.9 | $ 12.2 | $ 4.1 |
Income Taxes Other Tax Disclosu
Income Taxes Other Tax Disclosure (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | |||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $ 0 | $ 10.5 | $ 6.1 | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 4.7 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | (3.5) | 8.1 | (6.1) | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 6.9 | 12.2 | $ 4.1 | $ 10.2 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 48.5 | ||||
Lower range of expected tax payment for settlement of transfer pricing audits | 30 | ||||
Upper range of expected payment for settlement of transfer pricing audits | 40 | ||||
Settlement with Taxing Authority [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 22.9 | ||||
Tax positions relating to transfer pricing [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $ 11.5 | $ 23.1 |
Earnings Per Share Earnings P90
Earnings Per Share Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator [Abstract] | |||||||||||
Net income | $ 235.6 | $ 143 | $ 94.5 | ||||||||
Less: Net income attributable to participating securities | (5.3) | (2.9) | (1.9) | ||||||||
Net income attributable to common shareholders - Basic | 230.3 | 140.1 | 92.6 | ||||||||
Undistributed earnings reallocated to common shareholders under two step dilutive method | 0 | 0 | 0 | ||||||||
Net income attributable to common shareholders - Dilutive | $ 230.3 | $ 140.1 | $ 92.6 | ||||||||
Denominator [Abstract] | |||||||||||
Weighted-average shares outstanding | 77.7 | 77.3 | 76.7 | ||||||||
Less: Participating securities | (1.8) | (1.6) | (1.5) | ||||||||
Weighted-average common shares outstanding | 75.9 | 75.7 | 75.2 | ||||||||
Effect of dilutive securities - dilutive stock options | 0.4 | 0.2 | 0.1 | ||||||||
Diluted shares outstanding - adjusted weighted-average shares after assumed conversions | 76.3 | 75.9 | 75.3 | ||||||||
Basic earnings per share | $ 0.81 | $ 0.78 | $ 0.75 | $ 0.69 | $ 0.17 | $ 0.57 | $ 0.67 | $ 0.44 | $ 3.03 | $ 1.85 | $ 1.23 |
Diluted earnings per share | $ 0.81 | $ 0.78 | $ 0.75 | $ 0.68 | $ 0.17 | $ 0.57 | $ 0.67 | $ 0.44 | $ 3.02 | $ 1.85 | $ 1.23 |
Earnings Per Share Antidilutive
Earnings Per Share Antidilutive Shares (Narrative) (Details) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 0.2 | 0.5 | 2 |
Earnings per share, range of exercise prices of stock options excluded from the calculation of diluted EPS, lower end of range | $ 26.02 | $ 19.54 | $ 19.54 |
Earnings per share, range of exercise prices of stock options excluded from the calculation of diluted EPS, upper end of range | $ 26.02 | $ 26.65 | $ 40.83 |
Commitments and Contingencies P
Commitments and Contingencies Purchase Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Obligated purchase commitments | $ 104.1 | $ 109.8 |
Commitments and Contingencies93
Commitments and Contingencies Product Liability (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning balance | $ 12.4 | $ 14.3 |
Accruals | 17 | 9.3 |
Settlements | (6.1) | (2.2) |
Adjustments to prior period accruals | 14 | (8.7) |
Foreign currency translation and other | (0.7) | (0.3) |
Ending balance | $ 36.6 | $ 12.4 |
Reclassifications out of Accu94
Reclassifications out of Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassifications out of Accumulated Other Comprehensive Income [Abstract] | |||
Defined benefit plans, net of tax | $ (240.6) | $ (197.9) | $ (274.5) |
Other comprehensive income (loss) before reclassifications | 21.2 | (104.7) | 104.4 |
Income tax effect of other comprehensive income (loss) before reclassifications | (7.2) | 36.6 | (36.7) |
Amounts reclassified from accumulated other comprehensive loss into net income | 4 | 38.8 | 13.5 |
Income taxes reclassified into net income | (1.3) | (13.4) | (4.6) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 16.7 | (42.7) | 76.6 |
Defined benefit plans, net of tax | (223.9) | (240.6) | (197.9) |
Foreign currency translation adjustments | (48.9) | (18.6) | 7.6 |
Other comprehensive income (loss) before reclassifications | (70.3) | (30.3) | (26.2) |
Amounts reclassified from accumulated other comprehensive loss into net income | 0 | 0 | 0 |
Foreign currency translation adjustments | (70.3) | (30.3) | (26.2) |
Foreign currency translation adjustments | (119.2) | (48.9) | (18.6) |
Unrecognized loss on cash flow hedges | (7.4) | 0.3 | 2.3 |
Other comprehensive income (loss) before reclassifications | (16.9) | (6.8) | 0.8 |
Amounts reclassified from accumulated other comprehensive loss into net income | 10.9 | (0.9) | (2.8) |
Change in derivatives | (6) | (7.7) | (2) |
Unrecognized loss on cash flow hedges | (13.4) | (7.4) | 0.3 |
Accumulated other comprehensive income (loss) | (296.9) | (216.2) | (264.6) |
Other comprehensive income (loss) before reclassifications | (66) | (141.8) | 79 |
Income tax effect of other comprehensive income (loss) before reclassifications | (7.2) | 36.6 | (36.7) |
Amounts reclassified from accumulated other comprehensive loss into net income | 14.9 | 37.9 | 10.7 |
Income taxes reclassified into net income | (1.3) | (13.4) | (4.6) |
Other comprehensive income (loss) | (59.6) | (80.7) | 48.4 |
Accumulated other comprehensive income (loss) | $ (356.5) | $ (296.9) | $ (216.2) |
Reclassifications out of Accu95
Reclassifications out of Accumulated Other Comprehensive Income Reclassifications out of Accumulated Other Comprehensive Income Parenthetical (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cost of Sales [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | $ 4.8 | $ 36 | $ 7 |
Selling, General and Administrative Expenses [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | $ (0.8) | 2.8 | $ 6.5 |
Term vested lump sum buyout [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | $ 23.1 |
Segment and Geographic Inform96
Segment and Geographic Information Segment and Geographic Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 958.4 | $ 971.6 | $ 1,004 | $ 969.1 | $ 939.5 | $ 950.8 | $ 946.9 | $ 858.8 | $ 3,903.1 | $ 3,696 | $ 3,207.3 |
Long-lived assets | 1,704.9 | 1,732.1 | 1,704.9 | 1,732.1 | 1,667.3 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 2,121.9 | 2,073.6 | 1,682 | ||||||||
Long-lived assets | 824 | 867.1 | 824 | 867.1 | 827.9 | ||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 119.3 | 64.6 | 74.4 | ||||||||
Mexico [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,060.2 | 1,055.5 | 865.6 | ||||||||
Long-lived assets | 522.6 | 513.2 | 522.6 | 513.2 | 469.3 | ||||||
South America [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 106.6 | 156.5 | 201.1 | ||||||||
Long-lived assets | 48.5 | 80.5 | 48.5 | 80.5 | 100.2 | ||||||
CHINA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 185.5 | 71.3 | 34.4 | ||||||||
Long-lived assets | 85.8 | 59.8 | 85.8 | 59.8 | 63.8 | ||||||
Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 185.2 | 167.3 | 220.8 | ||||||||
Long-lived assets | 103.7 | 117.5 | 103.7 | 117.5 | 112.9 | ||||||
Europe and other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 124.4 | 107.2 | 129 | ||||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long-lived assets | $ 120.3 | $ 94 | $ 120.3 | $ 94 | $ 93.2 |
Unaudited Quarterly Financial97
Unaudited Quarterly Financial Data Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales | $ 958.4 | $ 971.6 | $ 1,004 | $ 969.1 | $ 939.5 | $ 950.8 | $ 946.9 | $ 858.8 | $ 3,903.1 | $ 3,696 | $ 3,207.3 |
Gross Profit | 159.8 | 158.3 | 164.5 | 152.8 | 111.2 | 140.7 | 149 | 121.9 | $ 635.4 | $ 522.8 | $ 478.7 |
Net income | $ 62.9 | $ 60.9 | $ 58.6 | $ 53.2 | $ 13.2 | $ 44 | $ 52.2 | $ 33.6 | |||
Basic earnings per share | $ 0.81 | $ 0.78 | $ 0.75 | $ 0.69 | $ 0.17 | $ 0.57 | $ 0.67 | $ 0.44 | $ 3.03 | $ 1.85 | $ 1.23 |
Diluted earnings per share | $ 0.81 | $ 0.78 | $ 0.75 | $ 0.68 | $ 0.17 | $ 0.57 | $ 0.67 | $ 0.44 | $ 3.02 | $ 1.85 | $ 1.23 |
Supplemental Guarantor Conden98
Supplemental Guarantor Condensed Consolidating Financial Statements Guarantor (Narrative) (Details) | Dec. 31, 2015 |
Debt Instrument [Line Items] | |
Ownership in Subsidiary, Percentage | 100.00% |
7.75% Notes [Member] | Unsecured Debt [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 7.75% |
6.625% Notes [Member] | Unsecured Debt [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 6.625% |
6.25% Notes [Member] | Unsecured Debt [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% |
5.125% Notes [Member] | Unsecured Debt [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.125% |
Supplemental Guarantor Conden99
Supplemental Guarantor Condensed Consolidating Financial Statements Condensed Consolidating Statements of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Ownership in Subsidiary, Percentage | 100.00% | 100.00% | |||||||||
Net sales | |||||||||||
External | $ 3,903.1 | $ 3,696 | $ 3,207.3 | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
Total net sales | $ 958.4 | $ 971.6 | $ 1,004 | $ 969.1 | $ 939.5 | $ 950.8 | $ 946.9 | $ 858.8 | 3,903.1 | 3,696 | 3,207.3 |
Cost of goods sold | 3,267.7 | 3,173.2 | 2,728.6 | ||||||||
Gross Profit | $ 159.8 | $ 158.3 | $ 164.5 | $ 152.8 | $ 111.2 | $ 140.7 | $ 149 | $ 121.9 | 635.4 | 522.8 | 478.7 |
Selling, general and administrative expenses | 277.3 | 255.2 | 238.4 | ||||||||
Operating income (loss) | 358.1 | 267.6 | 240.3 | ||||||||
Non-operating income (expense), net | (85.4) | (90.9) | (154) | ||||||||
Income (loss) before income taxes | 272.7 | 176.7 | 86.3 | ||||||||
Income tax expense (benefit) | 37.1 | 33.7 | (8.2) | ||||||||
Earnings (loss) from equity in subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) before royalties | 235.6 | 143 | 94.5 | ||||||||
Royalties | 0 | 0 | 0 | ||||||||
Net income after royalties | 235.6 | 143 | 94.5 | ||||||||
Other comprehensive income (loss) | (59.6) | (80.7) | 48.4 | ||||||||
Comprehensive income | 176 | 62.3 | 142.9 | ||||||||
Holdings [Member] | |||||||||||
Net sales | |||||||||||
External | 0 | 0 | 0 | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
Total net sales | 0 | 0 | 0 | ||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||
Gross Profit | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||
Non-operating income (expense), net | 0 | 0 | 0 | ||||||||
Income (loss) before income taxes | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Earnings (loss) from equity in subsidiaries | 235.6 | 143 | 94.5 | ||||||||
Net income (loss) before royalties | 235.6 | 143 | 94.5 | ||||||||
Royalties | 0 | 0 | 0 | ||||||||
Net income after royalties | 235.6 | 143 | 94.5 | ||||||||
Other comprehensive income (loss) | (59.6) | (80.7) | 48.4 | ||||||||
Comprehensive income | 176 | 62.3 | 142.9 | ||||||||
AAM Inc. [Member] | |||||||||||
Net sales | |||||||||||
External | 1,149 | 1,099.5 | 773.6 | ||||||||
Intercompany | 9.4 | 13.1 | 15.3 | ||||||||
Total net sales | 1,158.4 | 1,112.6 | 788.9 | ||||||||
Cost of goods sold | 1,114.5 | 1,112.4 | 769.4 | ||||||||
Gross Profit | 43.9 | 0.2 | 19.5 | ||||||||
Selling, general and administrative expenses | 210.6 | 194 | 182.4 | ||||||||
Operating income (loss) | (166.7) | (193.8) | (162.9) | ||||||||
Non-operating income (expense), net | (99.3) | (103) | (155.1) | ||||||||
Income (loss) before income taxes | (266) | (296.8) | (318) | ||||||||
Income tax expense (benefit) | 21.6 | (11.8) | (24.9) | ||||||||
Earnings (loss) from equity in subsidiaries | 262.3 | 204 | 167 | ||||||||
Net income (loss) before royalties | (25.3) | (81) | (126.1) | ||||||||
Royalties | 260.9 | 224 | 220.6 | ||||||||
Net income after royalties | 235.6 | 143 | 94.5 | ||||||||
Other comprehensive income (loss) | (59.6) | (80.7) | 48.4 | ||||||||
Comprehensive income | 176 | 62.3 | 142.9 | ||||||||
Guarantor Subsidiaries of Certain Notes [Member] | |||||||||||
Net sales | |||||||||||
External | 210.3 | 225.1 | 226 | ||||||||
Intercompany | 258.3 | 246.9 | 226.1 | ||||||||
Total net sales | 468.6 | 472 | 452.1 | ||||||||
Cost of goods sold | 385.2 | 396.1 | 389 | ||||||||
Gross Profit | 83.4 | 75.9 | 63.1 | ||||||||
Selling, general and administrative expenses | 0.1 | 0.2 | 0 | ||||||||
Operating income (loss) | 83.3 | 75.7 | 63 | ||||||||
Non-operating income (expense), net | 10.1 | 9 | 10.7 | ||||||||
Income (loss) before income taxes | 93.4 | 84.7 | 73.7 | ||||||||
Income tax expense (benefit) | 5.5 | 0.9 | 0.9 | ||||||||
Earnings (loss) from equity in subsidiaries | (20.8) | (23.3) | (21.7) | ||||||||
Net income (loss) before royalties | 67.1 | 60.5 | 51.1 | ||||||||
Royalties | 0 | 0 | 0 | ||||||||
Net income after royalties | 67.1 | 60.5 | 51.1 | ||||||||
Other comprehensive income (loss) | (63.6) | (23.5) | (7.2) | ||||||||
Comprehensive income | 3.5 | 37 | 43.9 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Net sales | |||||||||||
External | 2,543.8 | 2,371.4 | 2,207.7 | ||||||||
Intercompany | 19 | 21.6 | 14 | ||||||||
Total net sales | 2,562.8 | 2,393 | 2,221.7 | ||||||||
Cost of goods sold | 2,054.7 | 1,946.3 | 1,825.6 | ||||||||
Gross Profit | 508.1 | 446.7 | 396.1 | ||||||||
Selling, general and administrative expenses | 66.6 | 61 | 55.9 | ||||||||
Operating income (loss) | 441.5 | 385.7 | 340.2 | ||||||||
Non-operating income (expense), net | 3.8 | 3.1 | (9.6) | ||||||||
Income (loss) before income taxes | 445.3 | 388.8 | 330.6 | ||||||||
Income tax expense (benefit) | 10 | 44.6 | 15.8 | ||||||||
Earnings (loss) from equity in subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) before royalties | 435.3 | 344.2 | 314.8 | ||||||||
Royalties | (260.9) | (224) | (220.6) | ||||||||
Net income after royalties | 174.4 | 120.2 | 94.2 | ||||||||
Other comprehensive income (loss) | (68.4) | (34.8) | (10.8) | ||||||||
Comprehensive income | 106 | 85.4 | 83.4 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Net sales | |||||||||||
External | 0 | 0 | 0 | ||||||||
Intercompany | (286.7) | (281.6) | (255.4) | ||||||||
Total net sales | (286.7) | (281.6) | (255.4) | ||||||||
Cost of goods sold | (286.7) | (281.6) | (255.4) | ||||||||
Gross Profit | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||
Non-operating income (expense), net | 0 | 0 | 0 | ||||||||
Income (loss) before income taxes | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Earnings (loss) from equity in subsidiaries | (477.1) | (323.7) | (239.8) | ||||||||
Net income (loss) before royalties | (477.1) | (323.7) | (239.8) | ||||||||
Royalties | 0 | 0 | 0 | ||||||||
Net income after royalties | (477.1) | (323.7) | (239.8) | ||||||||
Other comprehensive income (loss) | 191.6 | 139 | (30.4) | ||||||||
Comprehensive income | $ (285.5) | $ (184.7) | $ (270.2) |
Supplemental Guarantor Conde100
Supplemental Guarantor Condensed Consolidating Financial Statements Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets | ||||
Cash and cash equivalents | $ 282.5 | $ 249.2 | $ 154 | $ 62.4 |
Accounts receivable, net | 539.1 | 532.7 | ||
Intercompany receivables | 0 | 0 | ||
Inventories, net | 230.5 | 248.8 | ||
Other current assets | 72.1 | 108.8 | ||
Total current assets | 1,124.2 | 1,139.5 | ||
Property, plant and equipment, net | 1,046.2 | 1,061.1 | ||
Goodwill | 154.4 | 155 | 156.4 | |
Intercompany notes and accounts receivable | 0 | 0 | ||
Other assets and deferred charges | 877.9 | 884.8 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets | 3,202.7 | 3,240.4 | ||
Current liabilities | ||||
Current portion of long-term debt | 3.3 | 13 | ||
Accounts Payable | 412.7 | 444.3 | ||
Intercompany payables | 0 | 0 | ||
Other current liabilities | 283.2 | 229.9 | ||
Total current liabilities | 699.2 | 687.2 | ||
Intercompany notes and accounts payable (receivable) | 0 | 0 | ||
Long-Term Debt, net of Issuance Costs | 1,375.7 | 1,504.6 | ||
Investment in subsidiaries obligation | 0 | 0 | ||
Other liabilities, noncurrent | 826.3 | 935.2 | ||
Total liabilities | 2,901.2 | 3,127 | ||
Total AAM stockholders' equity | 301.5 | 113.4 | ||
Total liabilities and stockholders' equity | 3,202.7 | 3,240.4 | ||
Holdings [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intercompany notes and accounts receivable | 0 | 0 | ||
Other assets and deferred charges | 0 | 0 | ||
Investment in subsidiaries | 622.3 | 433.8 | ||
Total assets | 622.3 | 433.8 | ||
Current liabilities | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts Payable | 0 | 0 | ||
Intercompany payables | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Intercompany notes and accounts payable (receivable) | 320.8 | 320.4 | ||
Long-Term Debt, net of Issuance Costs | 0 | 0 | ||
Investment in subsidiaries obligation | 0 | 0 | ||
Other liabilities, noncurrent | 0 | 0 | ||
Total liabilities | 320.8 | 320.4 | ||
Total AAM stockholders' equity | 301.5 | 113.4 | ||
Total liabilities and stockholders' equity | 622.3 | 433.8 | ||
AAM Inc. [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 52 | 69.7 | 36.9 | 10.6 |
Accounts receivable, net | 127.2 | 137.5 | ||
Intercompany receivables | 311.8 | 231 | ||
Inventories, net | 59.8 | 64.9 | ||
Other current assets | 30.4 | 53.6 | ||
Total current assets | 581.2 | 556.7 | ||
Property, plant and equipment, net | 214.1 | 230 | ||
Goodwill | 0 | 0 | ||
Intercompany notes and accounts receivable | 393.5 | 509.4 | ||
Other assets and deferred charges | 683.6 | 717.8 | ||
Investment in subsidiaries | 1,315.9 | 1,134.6 | ||
Total assets | $ 3,188.3 | 3,148.5 | ||
Current liabilities | ||||
Current portion of long-term debt | 9.4 | |||
Accounts Payable | $ 103 | 127.3 | ||
Intercompany payables | 248.7 | 177 | ||
Other current liabilities | 134.2 | 121 | ||
Total current liabilities | 485.9 | 434.7 | ||
Intercompany notes and accounts payable (receivable) | 10.3 | 6.9 | ||
Long-Term Debt, net of Issuance Costs | 1,336.5 | 1,464.3 | ||
Investment in subsidiaries obligation | 0 | 0 | ||
Other liabilities, noncurrent | 733.3 | 808.8 | ||
Total liabilities | 2,566 | 2,714.7 | ||
Total AAM stockholders' equity | 622.3 | 433.8 | ||
Total liabilities and stockholders' equity | 3,188.3 | 3,148.5 | ||
Guarantor Subsidiaries of Certain Notes [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 19.7 | 23.9 | ||
Intercompany receivables | 249.7 | 174.1 | ||
Inventories, net | 31.1 | 32.3 | ||
Other current assets | 0.5 | 2.6 | ||
Total current assets | 301 | 232.9 | ||
Property, plant and equipment, net | 91.9 | 87.9 | ||
Goodwill | 147.8 | 147.9 | ||
Intercompany notes and accounts receivable | 252.2 | 219.1 | ||
Other assets and deferred charges | 41.4 | 45.7 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets | 834.3 | 733.5 | ||
Current liabilities | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts Payable | 35.8 | 38.9 | ||
Intercompany payables | 154.9 | 105.3 | ||
Other current liabilities | 4.1 | 4.4 | ||
Total current liabilities | 194.8 | 148.6 | ||
Intercompany notes and accounts payable (receivable) | 0 | 0 | ||
Long-Term Debt, net of Issuance Costs | 4.5 | 4.9 | ||
Investment in subsidiaries obligation | 111.7 | 53.8 | ||
Other liabilities, noncurrent | 0.5 | 0.6 | ||
Total liabilities | 311.5 | 207.9 | ||
Total AAM stockholders' equity | 522.8 | 525.6 | ||
Total liabilities and stockholders' equity | 834.3 | 733.5 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 230.5 | 179.5 | 117.1 | 51.8 |
Accounts receivable, net | 392.2 | 371.3 | ||
Intercompany receivables | 9.4 | 10 | ||
Inventories, net | 139.6 | 151.6 | ||
Other current assets | 41.2 | 52.6 | ||
Total current assets | 812.9 | 765 | ||
Property, plant and equipment, net | 740.2 | 743.2 | ||
Goodwill | 6.6 | 7.1 | ||
Intercompany notes and accounts receivable | 0 | 0 | ||
Other assets and deferred charges | 152.9 | 121.3 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets | 1,712.6 | 1,636.6 | ||
Current liabilities | ||||
Current portion of long-term debt | 3.3 | 3.6 | ||
Accounts Payable | 273.9 | 278.1 | ||
Intercompany payables | 167.3 | 132.8 | ||
Other current liabilities | 144.9 | 104.5 | ||
Total current liabilities | 589.4 | 519 | ||
Intercompany notes and accounts payable (receivable) | 314.6 | 401.2 | ||
Long-Term Debt, net of Issuance Costs | $ 34.7 | 35.4 | ||
Investment in subsidiaries obligation | 0 | |||
Other liabilities, noncurrent | $ 92.5 | 125.8 | ||
Total liabilities | 1,031.2 | 1,081.4 | ||
Total AAM stockholders' equity | 681.4 | 555.2 | ||
Total liabilities and stockholders' equity | 1,712.6 | 1,636.6 | ||
Consolidation, Eliminations [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts receivable, net | 0 | 0 | ||
Intercompany receivables | (570.9) | (415.1) | ||
Inventories, net | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | (570.9) | (415.1) | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intercompany notes and accounts receivable | (645.7) | (728.5) | ||
Other assets and deferred charges | 0 | 0 | ||
Investment in subsidiaries | (1,938.2) | (1,568.4) | ||
Total assets | (3,154.8) | (2,712) | ||
Current liabilities | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts Payable | 0 | 0 | ||
Intercompany payables | (570.9) | (415.1) | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (570.9) | (415.1) | ||
Intercompany notes and accounts payable (receivable) | (645.7) | (728.5) | ||
Long-Term Debt, net of Issuance Costs | 0 | 0 | ||
Investment in subsidiaries obligation | (111.7) | (53.8) | ||
Other liabilities, noncurrent | 0 | 0 | ||
Total liabilities | (1,328.3) | (1,197.4) | ||
Total AAM stockholders' equity | (1,826.5) | (1,514.6) | ||
Total liabilities and stockholders' equity | $ (3,154.8) | $ (2,712) |
Supplemental Guarantor Conde101
Supplemental Guarantor Condensed Consolidating Financial Statements Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net cash provided by (used in) operating activities | $ 377.6 | $ 318.4 | $ 223 |
Investing activities | |||
Purchases of property, plant and equipment | (193.5) | (206.5) | (251.9) |
Proceeds from sale of property, plant and equipment | 0.3 | 9.1 | 9.1 |
Proceeds from government grants | 5.1 | 2.1 | 0 |
Intercompany activity | 0 | 0 | 0 |
Proceeds from sale-leaseback of equipment | 0 | 0 | 24.1 |
Net cash used in investing activities | (188.1) | (195.3) | (218.7) |
Financing activities | |||
Net debt activity | (140.2) | (22) | 104.8 |
Debt issuance costs | 0 | (0.3) | (16.7) |
Employee stock option exercises, including tax benefit | 0.8 | 1.2 | 1.1 |
Purchase of treasury stock | (3.1) | (0.3) | (0.4) |
Payments to Noncontrolling Interests | 1.1 | 0 | 0 |
Intercompany Activity - Financing | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | (143.6) | (21.4) | 88.8 |
Effect of exchange rate changes on cash | (12.6) | (6.5) | (1.5) |
Net increase in cash and cash equivalents | 33.3 | 95.2 | 91.6 |
Cash and cash equivalents at beginning of year | 249.2 | 154 | 62.4 |
Cash and cash equivalents at end of year | 282.5 | 249.2 | 154 |
Holdings [Member] | |||
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
Investing activities | |||
Purchases of property, plant and equipment | 0 | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Proceeds from government grants | 0 | 0 | |
Intercompany activity | 0 | 0 | 0 |
Proceeds from sale-leaseback of equipment | 0 | ||
Net cash used in investing activities | 0 | 0 | 0 |
Financing activities | |||
Net debt activity | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | |
Employee stock option exercises, including tax benefit | 0 | 0 | 0 |
Purchase of treasury stock | (3.1) | (0.3) | (0.4) |
Payments to Noncontrolling Interests | 0 | ||
Intercompany Activity - Financing | 3.1 | 0.3 | 0.4 |
Net cash provided by (used in) financing activities | 0 | 0 | 0 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | 0 | 0 | 0 |
AAM Inc. [Member] | |||
Net cash provided by (used in) operating activities | 163.7 | 83.4 | (35.9) |
Investing activities | |||
Purchases of property, plant and equipment | (36.4) | (51.3) | (61.2) |
Proceeds from sale of property, plant and equipment | 0.1 | 7.9 | 5.1 |
Proceeds from government grants | 0 | 0 | |
Intercompany activity | 0 | 0 | 0 |
Proceeds from sale-leaseback of equipment | 24.1 | ||
Net cash used in investing activities | (36.3) | (43.4) | (32) |
Financing activities | |||
Net debt activity | (142.8) | (7.8) | 110.1 |
Debt issuance costs | (0.3) | (16.6) | |
Employee stock option exercises, including tax benefit | 0.8 | 1.2 | 1.1 |
Purchase of treasury stock | 0 | 0 | 0 |
Payments to Noncontrolling Interests | 0 | ||
Intercompany Activity - Financing | (3.1) | (0.3) | (0.4) |
Net cash provided by (used in) financing activities | (145.1) | (7.2) | 94.2 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents | (17.7) | 32.8 | 26.3 |
Cash and cash equivalents at beginning of year | 69.7 | 36.9 | 10.6 |
Cash and cash equivalents at end of year | 52 | 69.7 | 36.9 |
Guarantor Subsidiaries of Certain Notes [Member] | |||
Net cash provided by (used in) operating activities | 68.1 | 41.9 | 64.9 |
Investing activities | |||
Purchases of property, plant and equipment | (12.8) | (18.6) | (12.5) |
Proceeds from sale of property, plant and equipment | 0.1 | 0.4 | 0.5 |
Proceeds from government grants | 0 | 0 | |
Intercompany activity | 55 | 23.3 | 52.6 |
Proceeds from sale-leaseback of equipment | 0 | ||
Net cash used in investing activities | (67.7) | (41.5) | (64.6) |
Financing activities | |||
Net debt activity | (0.4) | (0.4) | (0.3) |
Debt issuance costs | 0 | 0 | |
Employee stock option exercises, including tax benefit | 0 | 0 | 0 |
Purchase of treasury stock | 0 | 0 | 0 |
Payments to Noncontrolling Interests | 0 | ||
Intercompany Activity - Financing | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | (0.4) | (0.4) | (0.3) |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | 0 | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | |||
Net cash provided by (used in) operating activities | 145.8 | 193.1 | 194 |
Investing activities | |||
Purchases of property, plant and equipment | (144.3) | (136.6) | (178.2) |
Proceeds from sale of property, plant and equipment | 0.1 | 0.8 | 3.5 |
Proceeds from government grants | 5.1 | 2.1 | |
Intercompany activity | 0 | 0 | 0 |
Proceeds from sale-leaseback of equipment | 0 | ||
Net cash used in investing activities | (139.1) | (133.7) | (174.7) |
Financing activities | |||
Net debt activity | 3 | (13.8) | (5) |
Debt issuance costs | 0 | (0.1) | |
Employee stock option exercises, including tax benefit | 0 | 0 | 0 |
Purchase of treasury stock | 0 | 0 | 0 |
Payments to Noncontrolling Interests | 1.1 | ||
Intercompany Activity - Financing | 55 | 23.3 | 52.6 |
Net cash provided by (used in) financing activities | 56.9 | 9.5 | 47.5 |
Effect of exchange rate changes on cash | (12.6) | (6.5) | (1.5) |
Net increase in cash and cash equivalents | 51 | 62.4 | 65.3 |
Cash and cash equivalents at beginning of year | 179.5 | 117.1 | 51.8 |
Cash and cash equivalents at end of year | 230.5 | 179.5 | 117.1 |
Consolidation, Eliminations [Member] | |||
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
Investing activities | |||
Purchases of property, plant and equipment | 0 | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Proceeds from government grants | 0 | 0 | |
Intercompany activity | (55) | (23.3) | (52.6) |
Proceeds from sale-leaseback of equipment | 0 | ||
Net cash used in investing activities | 55 | 23.3 | 52.6 |
Financing activities | |||
Net debt activity | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | |
Employee stock option exercises, including tax benefit | 0 | 0 | 0 |
Purchase of treasury stock | 0 | 0 | 0 |
Payments to Noncontrolling Interests | 0 | ||
Intercompany Activity - Financing | (55) | (23.3) | (52.6) |
Net cash provided by (used in) financing activities | (55) | (23.3) | (52.6) |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | $ 0 | $ 0 | $ 0 |
Schedule II - Valuation and 102
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Allowance for deferred taxes | $ 167.3 | $ 156.9 | ||
Inventory valuation allowance | 29.3 | 27.9 | ||
Allowance for doubtful accounts | 4.3 | 4.6 | ||
Allowance for Doubtful Accounts [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Allowance for doubtful accounts | 4.3 | 4.6 | $ 4.9 | $ 6.5 |
Additions, charged to costs and expenses | 2.5 | 1.3 | 2.3 | |
Deductions | 2.8 | 1.6 | 3.9 | |
Valuation Allowance of Deferred Tax Assets [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Allowance for deferred taxes | 167.3 | 156.9 | 163.7 | 166.1 |
Additions, charged to costs and expenses | 31.9 | 13.8 | 14 | |
Deductions | 21.5 | 20.6 | 16.4 | |
Inventory Valuation Reserve [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Inventory valuation allowance | 29.3 | 27.9 | 27.3 | $ 21 |
Additions, charged to costs and expenses | 11.1 | 10.6 | 19.4 | |
Deductions | $ 9.7 | $ 10 | $ 13.1 |