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AMERICAN AXLE & MANUFACTURING HO

SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30

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Selected tables from the SEC filing

Table 0

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AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
FORM 10-Q
FOR THE QUARTER ENDEDJUNE 30, 2010
TABLE OF CONTENTS

			Page Number

FORWARD-LOOKING STATEMENTS				1

Part I		FINANCIAL INFORMATION		2

	Item 1	Financial Statements		2
		Condensed Consolidated Statements of Operations		2
		Condensed Consolidated Balance Sheets		3
		Condensed Consolidated Statements of Cash Flows		4
		Notes to Condensed Consolidated Financial Statements		5

	Item 2	Management's Discussion and Analysis of Financial Condition and Results of Operations		20

	Item 3	Quantitative and Qualitative Disclosures About Market Risk		25

	Item 4	Controls and Procedures		25

Part II		OTHER INFORMATION		26

	Item 1A	Risk Factors		26

	Item 2	Unregistered Sales of Equity Securities and Use of Proceeds		26

	Item 6	Exhibits		26

		Signatures		27

		Exhibit Index		28

		Ex. 31.1 Certification - CEO - Rule 13a-14(a)
		Ex. 31.2Certification - CFO - Rule 13a-14(a)
		Ex. 32 Section 906 Certifications

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Row 2
    [0..2)   [0..1] (stub): 'FORWARD-LOOKING STATEMENTS'
    [5..5)   [2..2] ( num): '1'
      Attributes: num=>1 [2..2]  

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    [0..0)          (stub): 'Part I'
    [2..2)   [1..1] (stub): 'FINANCIAL INFORMATION'
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Row 6
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      Attributes: num=>1 [0..0]  
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Row 8
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    [5..5)   [2..2] ( num): '3'
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Row 9
    [2..2)   [1..1] (stub): 'Condensed Consolidated Statements of Cash Flows'
    [5..5)   [2..2] ( num): '4'
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Row 10
    [2..2)   [1..1] (stub): 'Notes to Condensed Consolidated Financial Statements'
    [5..5)   [2..2] ( num): '5'
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    [1..1)   [0..0] (stub): 'Item 2'
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    [5..5)   [2..2] ( num): '25'
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    [2..2)   [1..1] (stub): 'Controls and Procedures'
    [5..5)   [2..2] ( num): '25'
      Attributes: num=>25 [2..2]  

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Row 18
    [0..0)          (stub): 'Part II'
    [2..2)   [1..1] (stub): 'OTHER INFORMATION'
    [5..5)   [2..2] ( num): '26'
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Row 20
    [1..1)   [0..0] (stub): 'Item 1A'
    [2..2)   [1..1] (stub): 'Risk Factors'
    [5..5)   [2..2] ( num): '26'
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Row 22
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    [2..2)   [1..1] (stub): 'Unregistered Sales of Equity Securities and Use of Proceeds'
    [5..5)   [2..2] ( num): '26'
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Row 24
    [1..1)   [0..0] (stub): 'Item 6'
      Attributes: num=>6 [0..0]  
    [2..2)   [1..1] (stub): 'Exhibits'
    [5..5)   [2..2] ( num): '26'
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    [2..2)   [1..1] (stub): 'Signatures'
    [5..5)   [2..2] ( num): '27'
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    [2..2)   [1..1] (stub): 'Exhibit Index'
    [5..5)   [2..2] ( num): '28'
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Row 30
    [2..2)   [1..1] (stub): 'Ex. 31.1 Certification - CEO - Rule 13a-14(a)'
      Attributes: num=>31 [1..1]  num=>1 [1..1]  

Row 31
    [2..2)   [1..1] (stub): 'Ex. 31.2Certification - CFO - Rule 13a-14(a)'
      Attributes: num=>31 [1..1]  

Row 32
    [2..2)   [1..1] (stub): 'Ex. 32 Section 906 Certifications'
      Attributes: num=>32 [1..1]  num=>906 [1..1]  



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Table attributes: balancesheet,incomestatement,cash

Table 1

Financial table in standard format

PART I.FINANCIAL INFORMATION
Item 1.Financial Statements
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	Three months ended						Sixmonths ended
	June30,						June 30,
	2010			2009				2010			2009
	(in millions, except per share data)

Net sales	$	559.6		$	245.6			$	1,081.5			$	648.0

Cost of goods sold		460.7			460.7				895.3				836.0

Gross profit (loss)		98.9			(215.1	)			186.2				(188.0	)

Selling, general and administrative expenses		48.5			45.5				93.8				89.3

Operating income (loss)		50.4			(260.6	)			92.4				(277.3	)

Interest expense		(22.6	)		(19.7	)			(45.3	)			(40.1	)

Investment income		0.6			1.0				1.0				2.0

Otherexpense, net		(0.7	)		(2.9	)			(2.2	)			(3.7	)

Income (loss) before income taxes		27.7			(282.2	)			45.9				(319.1	)

Income tax expense		2.4			6.5				4.4				2.3

Net income (loss)		25.3			(288.7	)			41.5				(321.4	)

Net loss attributable tothe noncontrolling interests		0.1			0.1				0.2				0.1

Net income (loss) attributable to AAM	$	25.4		$	(288.6	)		$	41.7			$	(321.3	)

Basic earnings (loss) per share	$	0.36		$	(5.20	)		$	0.58			$	(5.79	)

Diluted earnings (loss) per share	$	0.34		$	(5.20	)		$	0.56			$	(5.79	)

AMERICAN AXLE & MANUFACTURING HO CIK:1062231
			2010-06-30	2009-06-30
(in millions, except per share data)
Net sales	$559.6	$245.6	$1,081.5	$648.0
Cost of goods sold	460.7	460.7	895.3	836.0
Gross profit (loss)	98.9	(215.1)	186.2	(188.0)
Selling, general and administrative expenses	48.5	45.5	93.8	89.3
Operating income (loss)	50.4	(260.6)	92.4	(277.3)
Interest expense	(22.6)	(19.7)	(45.3)	(40.1)
Investment income	0.6	1.0	1.0	2.0
Otherexpense, net	(0.7)	(2.9)	(2.2)	(3.7)
Income (loss) before income taxes	27.7	(282.2)	45.9	(319.1)
Income tax expense	2.4	6.5	4.4	2.3
Net income (loss)	25.3	(288.7)	41.5	(321.4)
Net loss attributable tothe noncontrolling interests	0.1	0.1	0.2	0.1
Net income (loss) attributable to AAM	$25.4	$(288.6)	$41.7	$(321.3)
Basic earnings (loss) per share	$0.36	$(5.20)	$0.58	$(5.79)
Diluted earnings (loss) per share	$0.34	$(5.20)	$0.56	$(5.79)

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Table 2

Financial table in standard format

AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30,			December 31,
	2010			2009
	(Unaudited)
Assets	(in millions)
Current assets
Cash and cash equivalents	$	238.7		$	178.1
Short-term investments		2.8			4.2
Accounts receivable, net		172.4			129.7
Inventories, net		116.6			90.6
Prepaid expenses and other current assets		65.2			114.0
Total current assets		595.7			516.6

Property, plant and equipment, net		922.6			946.7
Goodwill		147.8			147.8
GM postretirement cost sharing asset		214.4			219.9
Other assets and deferred charges		147.2			155.8
Total assets	$	2,027.7		$	1,986.8

Liabilities and Stockholders Deficit
Current liabilities
Accounts payable	$	287.6		$	200.9
Accrued compensation and benefits		105.9			98.9
Deferred revenue		80.6			76.1
Accrued expenses and other current liabilities		89.9			69.6
Total current liabilities		564.0			445.5

Long-term debt		1,012.6			1,071.4
Deferred revenue		155.6			189.7
Postretirement benefits and other long-term liabilities		815.9			840.1
Total liabilities		2,548.1			2,546.7

Stockholders' deficit
Common stock, par value $0.01 per share		0.8			0.8
Paid-in capital		585.0			579.9
Accumulated deficit		(860.0	)		(901.7	)
Treasury stock at cost, 5.5 million shares as of June 30, 2010 and
5.4 million shares as of December 31, 2009		(176.0	)		(174.8	)
Accumulated other comprehensive income (loss), net of tax
Defined benefit plans		(99.8	)		(101.8	)
Foreign currency translation adjustments		29.4			37.4
Unrecognized gain on derivatives		0.1			-
Total AAM stockholders' deficit		(520.5	)		(560.2	)
Noncontrolling interest in subsidiaries		0.1			0.3
Total stockholders deficit		(520.4	)		(559.9	)
Total liabilities and stockholders' deficit	$	2,027.7		$	1,986.8

AMERICAN AXLE & MANUFACTURING HO CIK:1062231
	2010-06-30	2009-12-31
(Unaudited)
Assets
Current assets
Cash and cash equivalents	$238.7	$178.1
Short-term investments	2.8	4.2
Accounts receivable, net	172.4	129.7
Inventories, net	116.6	90.6
Prepaid expenses and other current assets	65.2	114.0
Total current assets	595.7	516.6
Property, plant and equipment, net	922.6	946.7
Goodwill	147.8	147.8
GM postretirement cost sharing asset	214.4	219.9
Other assets and deferred charges	147.2	155.8
Total assets	$2,027.7	$1,986.8
Liabilities and Stockholders Deficit
Current liabilities
Accounts payable	$287.6	$200.9
Accrued compensation and benefits	105.9	98.9
Deferred revenue	80.6	76.1
Accrued expenses and other current liabilities	89.9	69.6
Total current liabilities	564.0	445.5
Long-term debt	1,012.6	1,071.4
Deferred revenue	155.6	189.7
Postretirement benefits and other long-term liabilities	815.9	840.1
Total liabilities	2,548.1	2,546.7
Stockholders' deficit
Common stock, par value $0.01 per share	0.8	0.8
Paid-in capital	585.0	579.9
Accumulated deficit	(860.0)	(901.7)
Treasury stock at cost, 5.5 million shares as of June 30, 2010 and
5.4 million shares as of December 31, 2009	(176.0)	(174.8)
Accumulated other comprehensive income (loss), net of tax
Defined benefit plans	(99.8)	(101.8)
Foreign currency translation adjustments	29.4	37.4
Unrecognized gain on derivatives	0.1
Total AAM stockholders' deficit	(520.5)	(560.2)
Noncontrolling interest in subsidiaries	0.1	0.3
Total stockholders deficit	(520.4)	(559.9)
Total liabilities and stockholders' deficit	$2,027.7	$1,986.8

Row "Assets": Multi-column field in a numeric row

Table 3

Table column format standardization was unsuccessful.

AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2010
(Unaudited)
1.ORGANIZATION AND BASIS OF PRESENTATION
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, crankshafts, trans mission parts and metal-formed products.In addition to locations in the United States (U.S.) (Michigan, New York, Ohio, Indiana and Pennsylvania), we have offices or facilities in Brazil, China, England, Germany, India, Japan, Luxembourg, Mexico, Poland, Scotland, South Korea and Thailand.
Basis of Presentation
We have prepared the accompanying interim condensed consolidated financial statements in accordance with the instructions to Form 10-Q under the Securities Exchange Act of 1934.These condensed consolidated financial statements are unaudited but include all normal recurring adjustments, which we consider necessary for a fair presentation of the information set forth herein.Results of operations for the periods presented are not necessarily indicative of the results for the full fiscal year.
The balance sheet at December 31, 2009 presented herein has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete consolidated financial statements.
In order to prepare the accompanying interim condensed consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts and disclosures in our interim condensed consolidated financial statements.Actual results could differ from those estimates.
For further information, refer to the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2009.

2.	RESTRUCTURING ACTIONS

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    [1..1)   [1..1] (stub): 'RESTRUCTURING ACTIONS'



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Table attributes: balancesheet,date

Table 4

Table column format standardization was unsuccessful.

June 30,
December 31,
2010
2009
(in millions)
Revolving Credit Facility
$
-
$
60.0
9.25% Notes, net of discount
419.9
419.6
7.875% Notes
300.0
300.0
5.25% Notes, net of discount
249.9
249.9
2.00% Convertible Notes
0.4
0.4
Foreign credit facilities
35.4
34.1
Capital lease obligations
7.0
7.4
Long-term debt
$
1,012.6
$
1,071.4
As of June 30, 2010, the Revolving Credit Facility provided up to $296.3 million of revolving bank financing commitments through December 2011 and $243.2 million of such revolving bank financing commitments through June 2013.At June 30, 2010, we had $262.5 million available under the Revolving Credit Facility.This availability reflects a reduction of $33.8 million for standby letters of credit issued against the facility.
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.
We utilize local currency credit facilities to finance the operations of certain foreign subsidiaries.At June 30, 2010, $35.4 million was outstanding under these facilities and an additional $3.9 million was available.
The weighted-average interest rate of our long-term debt outstanding at June 30, 2010 was 8.2% and 8.3% as of December 31, 2009.The amount ofaccrued interest included in accrued expenses and other current liabilities on our Condensed Consolidated Balance Sheet was $34.1 million and $14.6 million as of June 30, 2010 and December 31, 2009, respectively.

6.	DERIVATIVES

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Table attributes: balancesheet,date,liabilities

Table 5

Financial table in standard format

Level3: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 value 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:

	June 30, 2010				December 31, 2009
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Input
	(in millions)				(in millions)
Balance Sheet Classification
Cash equivalents	$	121.2	$	121.2	$	77.0	$	77.0	Level 1
Short-term investments		2.8		2.8		4.2		4.2	Level 2
Prepaid expenses and other current assets
Currency forward contracts		0.1		0.1		-		-	Level 2

AMERICAN AXLE & MANUFACTURING HO CIK:1062231
	2010-06-30	2010-06-30	2009-12-31	2009-12-31	2009-12-31
Carrying Amount
(in millions)
Balance Sheet Classification
Cash equivalents	$121.2	$121.2	$77.0	$77.0
Short-term investments	2.8	2.8	4.2	4.2
Prepaid expenses and other current assets
Currency forward contracts	0.1	0.1

Row "(in millions)": Multi-column field in a numeric row
Row "(in millions)": Multi-column field in a numeric row

Table 6

Financial table in standard format

June 30, 2010
December 31, 2009
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Input
(in millions)
(in millions)
Balance Sheet Classification
Cash equivalents
$
121.2
$
121.2
$
77.0
$
77.0
Level 1
Short-term investments
2.8
2.8
4.2
4.2
Level 2
Prepaid expenses and other current assets
Currency forward contracts
0.1
0.1
-
-
Level 2
In 2008, redemptions were temporarily suspended for certain money-market and other similar funds in which we invest. We received $1.6 million in redemptions from these fundsin the six months ended June 30, 2010.As of June 30, 2010, we have classified the fair value of the remaining investments of $2.8 million as short-term investments on our Condensed Consolidated Balance Sheet.We expect to receive the remaining balance of our current holdings in these funds by December 31, 2010.
The carrying value of our cash, accounts receivable, accounts payable and accrued liabilities approximates their fair values due to the short-term maturities of these instruments.The carrying value of our borrowings under the foreign credit facilities approximates their fair value due to the frequent resetting of the interest rates.We estimated the fair value of the amounts outstanding on our debt using available market information and other observable data, to be as follows:

	June 30, 2010				December 31, 2009
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Input
	(in millions)				(in millions)

Revolving Credit Facility	$	-	$	-	$	60.0	$	57.0	Level 2
9.25% Notes		419.9		433.5		419.6		433.5	Level 2
7.875% Notes		300.0		259.5		300.0		258.0	Level 2
5.25% Notes		249.9		210.0		249.9		212.5	Level 2

AMERICAN AXLE & MANUFACTURING HO CIK:1062231
	2010-06-30	2010-06-30	2009-12-31	2009-12-31	2009-12-31
Carrying Amount
(in millions)
Revolving Credit Facility $			$60.0	$57.0
9.25% Notes	419.9	433.5	419.6	433.5
7.875% Notes	300.0	259.5	300.0	258.0
5.25% Notes	249.9	210.0	249.9	212.5

Row "(in millions)": Multi-column field in a numeric row
Row "(in millions)": Multi-column field in a numeric row
Row "Revolving Credit Facility $": Multi-column field in a numeric row

Table 7

Financial table in standard format

June 30, 2010
December 31, 2009
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Input
(in millions)
(in millions)
Revolving Credit Facility
$
-
$
-
$
60.0
$
57.0
Level 2
9.25% Notes
419.9
433.5
419.6
433.5
Level 2
7.875% Notes
300.0
259.5
300.0
258.0
Level 2
5.25% Notes
249.9
210.0
249.9
212.5
Level 2
Long-lived assets
In the second quarter of 2010, as part of our impairment analysis, we were required to measure the fair value of certain long-lived assets.In this analysis we utilized the income approach, which determines fair value through a discounted cash flow analysis based on the assumptions a market participant would use in pricing these assets.Significant inputs used by management when determining the fair value of long-lived assets for impairment include general economic conditions, future expected production volumes, product pricing and cost estimates, working capital and capital investment requirements, discount rates and estimated liquidation values.
The following table summarizes impairments of long-lived assets measured at fair value on a nonrecurring basis subsequent to initial recognition (in millions):

	Fair Value Measurements using Level 3 Inputs		Asset impairment recorded in six months ended June 30, 2010
Balance Sheet Classification
Property, plant and equipment, net	$	-	$	7.6
Other assets and deferred charges		-		0.8

AMERICAN AXLE & MANUFACTURING HO CIK:1062231
			2009-12-30 to 2010-06-30 (6-months)
Balance Sheet Classification
Property, plant and equipment, net			$7.6
Other assets and deferred charges			0.8

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Data column 2: Unable to interpret date in column header

Table 8

Financial table in standard format

13.
SUPPLEMENTAL GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS 7.875% NOTES, 5.25% NOTES AND 2.00% CONVERTIBLE NOTES
Holdings has no significant assets other than its 100% ownership in AAM, Inc. and no direct subsidiaries other than AAM, Inc.Holdings fully and unconditionally guarantees the 5.25% Notes and 7.875% Notes, which are senior unsecured obligations of AAM, Inc.The 2.00% Convertible Notes are senior unsecured obligations of Holdings and are fully and unconditionally guaranteed by AAM, Inc.
The
following Condensed Consolidating Financial Statements are included in lieu of providing separate financial statements for Holdings and AAM, Inc. 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 parents share of the subsidiaries cumulative results of operations, capital contributions and distributions, and other equity changes
.

Condensed Consolidating Statements of Operations
Three months ended, June 30, (in millions)
	Holdings			AAM Inc.			All Others			Elims			Consolidated
2010
Net sales
External	$	-		$	136.7		$	422.9		$	-		$	559.6
Intercompany		-			7.4			45.1			(52.5	)		-
Total net sales		-			144.1			468.0			(52.5	)		559.6
Cost of goods sold		-			134.0			379.2			(52.5	)		460.7
Gross profit		-			10.1			88.8			-			98.9
Selling, general and administrative expenses		-			44.5			4.0			-			48.5
Operating income (loss)		-			(34.4	)		84.8			-			50.4
Non-operating expense, net		-			(22.0	)		(0.7	)		-			(22.7	)
Income (loss) before income taxes		-			(56.4	)		84.1			-			27.7
Income tax expense		-			0.5			1.9			-			2.4
Earnings from equity in subsidiaries		25.4			62.5			-			(87.9	)		-
Net income before royalties and dividends		25.4			5.6			82.2			(87.9	)		25.3
Royalties and dividends		-			19.8			(19.8	)		-			-
Net income after royalties and dividends		25.4			25.4			62.4			(87.9	)		25.3
Net loss attributable to noncontrolling interest		-			-			0.1			-			0.1
Net income attributable to AAM	$	25.4		$	25.4		$	62.5		$	(87.9	)	$	25.4
2009
Net sales
External	$	-		$	111.5		$	134.1		$	-		$	245.6
Intercompany		-			5.4			14.8			(20.2	)		-
Total net sales		-			116.9			148.9			(20.2	)		245.6
Cost of goods sold		-			269.9			211.0			(20.2	)		460.7
Gross loss		-			(153.0	)		(62.1	)		-			(215.1	)
Selling, general and administrative expenses		-			43.5			2.0			-			45.5
Operating loss		-			(196.5	)		(64.1	)		-			(260.6	)
Non-operating expense, net		-			(20.1	)		(1.5	)		-			(21.6	)
Loss before income taxes		-			(216.6	)		(65.6	)		-			(282.2	)
Income tax expense (benefit)		-			7.3			(0.8	)		-			6.5
Loss from equity in subsidiaries		(288.6	)		(69.8	)		-			358.4			-
Net loss before royalties and dividends		(288.6	)		(293.7	)		(64.8	)		358.4			(288.7	)
Royalties and dividends		-			5.1			(5.1	)		-			-
Net loss after royalties and dividends		(288.6	)		(288.6	)		(69.9	)		358.4			(288.7	)
Net loss attributable to noncontrolling interest		-			-			0.1			-			0.1
Net loss attributable to AAM	$	(288.6	)	$	(288.6	)	$	(69.8	)	$	358.4		$	(288.6	)

AMERICAN AXLE & MANUFACTURING HO CIK:1062231
	2010-03-30 to 2010-06-30 (3-months)	2010-03-30 to 2010-06-30 (3-months)	2010-03-30 to 2010-06-30 (3-months)	2010-03-30 to 2010-06-30 (3-months)	2010-03-30 to 2010-06-30 (3-months)
Net sales
External		$136.7	$422.9		$559.6
Intercompany		7.4	45.1	(52.5)
Total net sales		144.1	468.0	(52.5)	559.6
Cost of goods sold		134.0	379.2	(52.5)	460.7
Gross profit		10.1	88.8		98.9
Selling, general and administrative expenses		44.5	4.0		48.5
Operating income (loss)		(34.4)	84.8		50.4
Non-operating expense, net		(22.0)	(0.7)		(22.7)
Income (loss) before income taxes		(56.4)	84.1		27.7
Income tax expense		0.5	1.9		2.4
Earnings from equity in subsidiaries	25.4	62.5		(87.9)
Net income before royalties and dividends	25.4	5.6	82.2	(87.9)	25.3
Royalties and dividends		19.8	(19.8)
Net income after royalties and dividends	25.4	25.4	62.4	(87.9)	25.3
Net loss attributable to noncontrolling interest			0.1		0.1
Net income attributable to AAM	$25.4	$25.4	$62.5	$(87.9)	$25.4
	2009
Net sales
External		$111.5	$134.1		$245.6
Intercompany		5.4	14.8	(20.2)
Total net sales		116.9	148.9	(20.2)	245.6
Cost of goods sold		269.9	211.0	(20.2)	460.7
Gross loss		(153.0)	(62.1)		(215.1)
Selling, general and administrative expenses		43.5	2.0		45.5
Operating loss		(196.5)	(64.1)		(260.6)
Non-operating expense, net		(20.1)	(1.5)		(21.6)
Loss before income taxes		(216.6)	(65.6)		(282.2)
Income tax expense (benefit)		7.3	(0.8)		6.5
Loss from equity in subsidiaries	(288.6)	(69.8)		358.4
Net loss before royalties and dividends	(288.6)	(293.7)	(64.8)	358.4	(288.7)
Royalties and dividends		5.1	(5.1)
Net loss after royalties and dividends	(288.6)	(288.6)	(69.9)	358.4	(288.7)
Net loss attributable to noncontrolling interest			0.1		0.1
Net loss attributable to AAM	$(288.6)	$(288.6)	$(69.8)	$358.4	$(288.6)

Table 9

Financial table in standard format

AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Condensed Consolidating Statements of Operations
Six months ended, June 30, (in millions)
	Holdings		AAM Inc.			All Others			Elims			Consolidated
2010
Net sales
External	$	-	$	255.0		$	826.5		$	-		$	1,081.5
Intercompany		-		14.4			84.5			(98.9	)		-
Total net sales		-		269.4			911.0			(98.9	)		1,081.5
Cost of goods sold		-		262.7			731.5			(98.9	)		895.3
Gross profit		-		6.7			179.5			-			186.2
Selling, general and administrative expenses		-		86.3			7.5			-			93.8
Operating income (loss)		-		(79.6	)		172.0			-			92.4
Non-operating expense, net		-		(44.5	)		(2.0	)		-			(46.5	)
Income (loss) before income taxes		-		(124.1	)		170.0			-			45.9
Income tax expense		-		0.2			4.2			-			4.4
Earnings from equity in subsidiaries		41.7		127.5			-			(169.2	)		-
Net income before royalties and dividends		41.7		3.2			165.8			(169.2	)		41.5
Royalties and dividends		-		38.5			(38.5	)		-			-
Net income after royalties and dividends		41.7		41.7			127.3			(169.2	)		41.5
Net loss attributable to noncontrolling interest		-		-			0.2			-			0.2
Net income attributable to AAM	$	41.7	$	41.7		$	127.5		$	(169.2	)	$	41.7
2009
Net sales
External	$	-	$	293.1		$	354.9		$	-		$	648.0
Intercompany		-		13.0			43.2			(56.2	)		-
Total net sales		-		306.1			398.1			(56.2	)		648.0
Cost of goods sold		-		457.7			434.5			(56.2	)		836.0
Gross loss		-		(151.6	)		(36.4	)		-			(188.0	)
Selling, general and administrative expenses		-		84.6			4.7			-			89.3
Operating loss		-		(236.2	)		(41.1	)		-			(277.3	)
Non-operating expense, net		-		(40.8	)		(1.0	)		-			(41.8	)
Loss before income taxes