v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting [Table Text Block]
The following tables represent information by reportable segment for the three and six months ended June 30, 2026 and 2025 (in millions):
Three Months Ended June 30, 2026
DrivelineMetal FormingCorporate and EliminationsTotal
Sales$2,225.0 $861.7 $— $3,086.7 
Less: Intersegment sales3.4 127.7 — 131.1 
Net external sales$2,221.6 $734.0 $— $2,955.6 
Cost of goods sold (a) 1,819.1 609.1 — 2,428.2 
Selling, general and administrative expenses (b) 127.6 33.7 — 161.3 
Other segment expense (income), net (c)(14.8)(8.7)— (23.5)
Segment Adjusted EBITDA$289.7 $99.9 $— $389.6 
Depreciation and amortization$144.6 $70.8 $— $215.4 
Capital expenditures $66.0 $31.4 $0.9 $98.3 
(a) Cost of goods sold excludes depreciation and amortization, which was $133.1 million for Driveline and $54.8 million for Metal Forming for the three months ended June 30, 2026. Cost of goods sold also excludes loss on disposal of property, plant and equipment, which was $0.2 million for Driveline and $1.1 million for Metal Forming for the three months ended June 30, 2026.
(b) Selling, general and administrative expenses excludes depreciation, which was $4.7 million for Driveline and $0.9 million for Metal Forming for the three months ended June 30, 2026.
(c) Other segment expense (income), net primarily consists of the net impact of income from equity-method affiliates, interest income and foreign exchange gains and losses.

Three Months Ended June 30, 2025
DrivelineMetal FormingCorporate and EliminationsTotal
Sales$1,107.2 $545.0 $— $1,652.2 
Less: Intersegment sales1.8 114.2 — 116.0 
Net external sales$1,105.4 $430.8 $— $1,536.2 
Cost of goods sold (a)879.3 368.5 — 1,247.8 
Selling, general and administrative expenses (b)74.0 21.5 — 95.5 
Other segment expense (income), net (c)(3.3)(5.9)— (9.2)
Segment Adjusted EBITDA$155.4 $46.7 $— $202.1 
Depreciation and amortization$63.6 $49.9 $— $113.5 
Capital expenditures$35.0 $21.9 $0.4 $57.3 
(a) Cost of goods sold excludes depreciation and amortization, which was $54.5 million for Driveline and $33.3 million for Metal Forming for the three months ended June 30, 2025. Cost of goods sold also excludes loss (gain) on disposal of property, plant and equipment which was $0.3 million for Driveline and $(0.4) million for Metal Forming for the three months ended June 30, 2025.
(b) Selling, general and administrative expenses excludes depreciation, which was $4.5 million for Driveline and $0.8 million for Metal Forming for the three months ended June 30, 2025.
(c) Other segment expense (income), net primarily consists of the net impact of interest income and foreign exchange gains and losses.
Six Months Ended June 30, 2026
DrivelineMetal FormingCorporate and EliminationsTotal
Sales$3,994.1 $1,587.9 $— $5,582.0 
Less: Intersegment sales6.9 240.6 — 247.5 
Net external sales$3,987.2 $1,347.3 $— $5,334.5 
Cost of goods sold (a)3,268.0 1,118.9 — 4,386.9 
Selling, general and administrative expenses (b)220.6 72.3 — 292.9 
Other segment expense (income), net (c)(29.9)(13.5)— (43.4)
Segment Adjusted EBITDA$528.5 $169.6 $— $698.1 
Depreciation and amortization$263.3 $133.9 $— $397.2 
Capital expenditures$146.1 $54.1 $1.7 $201.9 
Total assets$7,651.5 $2,656.5 $742.0 $11,050.0 
(a) Cost of goods sold excludes depreciation and amortization, which was $240.2 million for Driveline and $101.1 million for Metal Forming for the six months ended June 30, 2026. Cost of goods sold also excludes loss on disposal of property, plant and equipment, which was $1.3 million for Driveline and $3.7 million for Metal Forming for the six months ended June 30, 2026, and excludes an acquisition-related fair value adjustment which was $28.8 million for Driveline and $8.9 million for Metal Forming for the six months ended June 30, 2026.
(b) Selling, general and administrative expenses excludes depreciation, which was $9.5 million for Driveline and $1.8 million for Metal Forming for the six months ended June 30, 2026.
(c) Other segment expense (income), net primarily consists of the net impact of income from equity-method affiliates, interest income and foreign exchange gains and losses.
Six Months Ended June 30, 2025
DrivelineMetal FormingCorporate and EliminationsTotal
Sales$2,094.2 $1,070.5 $— $3,164.7 
Less: Intersegment sales3.6 213.6 — 217.2 
Net external sales$2,090.6 $856.9 $— $2,947.5 
Cost of goods sold (a)1,664.1 734.2 — 2,398.3 
Selling, general and administrative expenses (b)141.2 40.1 — 181.3 
Other segment expense (income), net (c)(2.8)(9.1)— (11.9)
Segment Adjusted EBITDA$288.1 $91.7 $— $379.8 
Depreciation and amortization$126.6 $99.1 $— $225.7 
Capital expenditures$80.1 $45.5 $1.0 $126.6 
Total assets$2,694.4 $1,496.2 $1,083.0 $5,273.6 
(a) Cost of goods sold excludes depreciation and amortization, which was $108.6 million for Driveline and $65.7 million for Metal Forming for the six months ended June 30, 2025. Cost of goods sold also excludes loss (gain) on disposal of property, plant and equipment which was $0.4 million for Driveline and $(0.1) million for Metal Forming for the six months ended June 30, 2025.
(b) Selling, general and administrative expenses excludes depreciation, which was $8.7 million for Driveline and $1.7 million for Metal Forming for the six months ended June 30, 2025.
(c) Other segment expense (income), net primarily consists of the net impact of interest income and foreign exchange gains and losses.
Reconciliation of Total Segment Adjusted EBITDA to Income Before Income Taxes [Table Text Block]
The following table represents a reconciliation of Total Segment Adjusted EBITDA to consolidated income (loss) before income taxes for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in millions)
Total segment adjusted EBITDA(a)
$389.6 $202.1 $698.1 $379.8 
Interest expense(89.8)(43.1)(179.4)(86.0)
Depreciation and amortization(215.4)(113.5)(397.2)(225.7)
Restructuring and acquisition-related costs(49.8)(16.5)(148.7)(36.2)
Gain on Business Combination Derivative (Note 6)— 46.3 12.9 68.2 
Debt refinancing and redemption costs(0.9)— (3.9)(3.3)
Impairment charge (Note 2)— (8.0)— (8.0)
Unrealized foreign exchange loss on acquired U.S. Private Placement Notes(3.5)— (14.4)— 
Mark-to-market on nondesignated foreign exchange derivatives assumed as part of the Business Combination with Dowlais(4.5)— (20.1)— 
Gain (loss) on disposal of property, plant and equipment(1.3)0.1 (5.0)(0.3)
Interest income on debt held in escrow— — 4.6 — 
Amortization of acquisition intangible asset attributable to SDS (Note 15)(6.8)— (11.2)— 
Non-recurring items:
Acquisition-related fair value inventory adjustment— — (37.7)— 
Income (loss) before income taxes$17.6 $67.4 $(102.0)$88.5 
(a) The amounts in the table above are presented based on our revised definition of Total Segment Adjusted EBITDA and amounts that were reported under the previous definition have been recast. In connection with the Business Combination with Dowlais, the Company acquired long-term debt in the form of Dowlais' U.S. Private Placement Notes, as well as nondesignated foreign exchange derivatives, which result in unrealized foreign exchange gains and losses recognized in our condensed consolidated Statement of Operations. The Company adjusts for these gains and losses as they are not reflective of our core operating performance. In addition, our equity-method investment in SDS resulted in a basis difference that was attributed to an intangible asset and is amortized through equity-method income and losses. The Company adjusts for this non-cash amortization as it is not reflective of our proportionate share of earnings in SDS.