Dauch CorpDCH
Dauch Corp Segments Disclosure
16. SEGMENT AND GEOGRAPHIC INFORMATION
Our business is organized into Driveline and Metal Forming segments, with each representing a reportable segment under ASC 280 - Segment Reporting. The results of each segment are regularly reviewed by the chief operating decision maker (CODM) to assess the performance of the segment and make decisions regarding the allocation of resources to the segments. Our CODM is our .
Our product offerings by segment are as follows:
•Driveline products consist primarily of front and rear axles, driveshafts, differential assemblies, clutch modules, balance shaft systems, disconnecting driveline technology, and electric and hybrid driveline products and systems for light trucks, SUVs, CUVs, passenger cars and commercial vehicles; and
•Metal Forming products consist primarily of engine, transmission, driveline and safety-critical components for traditional internal combustion engine and electric vehicle architectures including light vehicles, commercial vehicles and off-highway vehicles, as well as products for industrial markets.
We use Segment Adjusted EBITDA as the measure of earnings to assess the performance of each segment and determine the resources to be allocated to the segments. We define EBITDA to be earnings before interest expense, income taxes, depreciation and amortization. Segment Adjusted EBITDA is defined as EBITDA for our reportable segments excluding the impact of restructuring and acquisition-related costs, debt refinancing and redemption costs, gains or losses on the derivative associated with our Business Combination with Dowlais, interest income on debt held in escrow, gains or losses on equity securities, pension curtailment and settlement charges, impairment charges and non-recurring items.
| Year Ended December 31, 2025 | ||||||||||||||||||||||||||
| Driveline | Metal Forming | Corporate and Eliminations | Total | |||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||
| Sales | $ | 4,062.0 | $ | 2,320.2 | $ | — | $ | 6,382.2 | ||||||||||||||||||
| Less: Intersegment sales | 2.8 | 542.7 | — | 545.5 | ||||||||||||||||||||||
| Net external sales | $ | 4,059.2 | $ | 1,777.5 | $ | — | $ | 5,836.7 | ||||||||||||||||||
| Cost of goods sold (a) | 3,243.4 | 1,532.1 | — | 4,775.5 | ||||||||||||||||||||||
| Selling, general and administrative expenses (b) | 280.7 | 87.3 | — | 368.0 | ||||||||||||||||||||||
| Other segment expense (income), net (c) | (28.1) | (21.9) | — | (50.0) | ||||||||||||||||||||||
| Segment adjusted EBITDA | $ | 563.2 | $ | 180.0 | $ | — | $ | 743.2 | ||||||||||||||||||
| Depreciation and amortization | $ | 241.1 | $ | 218.4 | $ | — | $ | 459.5 | ||||||||||||||||||
| Capital expenditures | $ | 162.2 | $ | 91.6 | $ | 2.7 | $ | 256.5 | ||||||||||||||||||
| Total assets | $ | 2,340.9 | $ | 1,559.0 | $ | 2,770.3 | $ | 6,670.2 | ||||||||||||||||||
(a) Cost of goods sold excludes depreciation and amortization, which was $205.2 million for Driveline and $151.5 million for Metal Forming for the year ended December 31, 2025. | ||||||||||||||||||||||||||
(b) Selling, general and administrative expenses excludes depreciation, which was $17.5 million for Driveline and $3.5 million for Metal Forming for the year ended December 31, 2025. | ||||||||||||||||||||||||||
| (c) Other segment expense (income), net primarily consists of the net impact of interest income and foreign exchange gains and losses. | ||||||||||||||||||||||||||
| Year Ended December 31, 2024 | ||||||||||||||||||||||||||
| Driveline | Metal Forming | Corporate and Eliminations | Total | |||||||||||||||||||||||
| Sales | $ | 4,253.3 | $ | 2,414.3 | $ | — | $ | 6,667.6 | ||||||||||||||||||
| Less: Intersegment sales | 1.4 | 541.3 | — | 542.7 | ||||||||||||||||||||||
| Net external sales | $ | 4,251.9 | $ | 1,873.0 | $ | — | $ | 6,124.9 | ||||||||||||||||||
| Cost of goods sold (a) | 3,392.8 | 1,623.8 | — | 5,016.6 | ||||||||||||||||||||||
| Selling, general and administrative expenses (b) | 287.9 | 79.3 | — | 367.2 | ||||||||||||||||||||||
| Other segment expense (income), net (c) | (7.0) | (1.1) | — | (8.1) | ||||||||||||||||||||||
| Segment adjusted EBITDA | $ | 578.2 | $ | 171.0 | $ | — | $ | 749.2 | ||||||||||||||||||
| Depreciation and amortization | $ | 246.5 | $ | 223.2 | $ | — | $ | 469.7 | ||||||||||||||||||
| Capital expenditures | $ | 140.3 | $ | 103.5 | $ | 4.2 | $ | 248.0 | ||||||||||||||||||
| Total assets | $ | 2,420.6 | $ | 1,636.8 | $ | 1,002.5 | $ | 5,059.9 | ||||||||||||||||||
(a) Cost of goods sold excludes depreciation and amortization, which was $210.2 million for Driveline and $156.7 million for Metal Forming for the year ended December 31, 2024. | ||||||||||||||||||||||||||
(b) Selling, general and administrative expenses excludes depreciation, which was $16.4 million for Driveline and $3.5 million for Metal Forming for the year ended December 31, 2024. | ||||||||||||||||||||||||||
| (c) Other segment expense (income), net primarily consists of the net impact of interest income and foreign exchange gains and losses. | ||||||||||||||||||||||||||
| Year Ended December 31, 2023 | ||||||||||||||||||||||||||
| Driveline | Metal Forming | Corporate and Eliminations | Total | |||||||||||||||||||||||
| Sales | $ | 4,176.7 | $ | 2,454.3 | $ | — | $ | 6,631.0 | ||||||||||||||||||
| Less: Intersegment sales | 0.2 | 551.3 | — | 551.5 | ||||||||||||||||||||||
| Net external sales | $ | 4,176.5 | $ | 1,903.0 | $ | — | $ | 6,079.5 | ||||||||||||||||||
| Cost of goods sold (a) | 3,396.1 | 1,676.9 | — | 5,073.0 | ||||||||||||||||||||||
| Selling, general and administrative expenses (b) | 263.2 | 84.1 | — | 347.3 | ||||||||||||||||||||||
| Other segment expense (income), net (c) | (26.4) | (7.7) | — | (34.1) | ||||||||||||||||||||||
| Segment adjusted EBITDA | $ | 543.6 | $ | 149.7 | $ | — | $ | 693.3 | ||||||||||||||||||
| Depreciation and amortization | $ | 260.3 | $ | 226.9 | $ | — | $ | 487.2 | ||||||||||||||||||
| Capital expenditures | $ | 105.9 | $ | 80.1 | $ | 8.6 | $ | 194.6 | ||||||||||||||||||
| Total assets | $ | 2,554.3 | $ | 1,788.7 | $ | 1,013.3 | $ | 5,356.3 | ||||||||||||||||||
(a) Cost of goods sold excludes depreciation and amortization, which was $222.7 million for Driveline and $159.5 million for Metal Forming for the year ended December 31, 2023. | ||||||||||||||||||||||||||
(b) Selling, general and administrative expenses excludes depreciation, which was $16.0 million for Driveline and $3.6 million for Metal Forming for the year ended December 31, 2023. | ||||||||||||||||||||||||||
| (c) Other segment expense (income), net primarily consists of the net impact of interest income and foreign exchange gains and losses. | ||||||||||||||||||||||||||
Assets included in the Corporate and Eliminations column of the tables above represent the Company's corporate assets, as well as eliminations of intercompany assets.
The following table represents a reconciliation of Segment Adjusted EBITDA to consolidated income (loss) before income taxes for the years ended December 31, 2025, 2024 and 2023:
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Segment adjusted EBITDA | $ | 743.2 | $ | 749.2 | $ | 693.3 | ||||||||||||||
| Interest expense | (201.1) | (186.0) | (201.7) | |||||||||||||||||
| Depreciation and amortization | (459.5) | (469.7) | (487.2) | |||||||||||||||||
| Impairment charge | (8.0) | (12.0) | — | |||||||||||||||||
| Restructuring and acquisition-related costs | (113.4) | (18.0) | (25.2) | |||||||||||||||||
| Pension curtailment and settlement charges | — | — | (1.3) | |||||||||||||||||
| Loss on equity securities | — | (0.1) | (1.1) | |||||||||||||||||
| Gain on Business Combination Derivative | 52.9 | — | — | |||||||||||||||||
| Interest income on debt held in escrow | 13.6 | — | — | |||||||||||||||||
| Debt refinancing and redemption costs | (6.2) | (0.6) | (1.3) | |||||||||||||||||
| Impact of the Electric Vehicle Cancellation Settlement | (20.0) | — | — | |||||||||||||||||
| Income (loss) before income taxes | $ | 1.5 | $ | 62.8 | $ | (24.5) | ||||||||||||||
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 production. Long-lived assets exclude deferred income taxes.
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions) | |||||||||||||||||
| Net sales | |||||||||||||||||
| United States | $ | 2,164.0 | $ | 2,195.5 | $ | 2,163.5 | |||||||||||
| Mexico | 2,175.6 | 2,249.3 | 2,273.5 | ||||||||||||||
| South America | 192.3 | 171.5 | 184.4 | ||||||||||||||
| China | 242.7 | 328.8 | 271.6 | ||||||||||||||
| All other Asia | 293.6 | 283.0 | 273.1 | ||||||||||||||
| Europe | 768.5 | 896.8 | 913.4 | ||||||||||||||
| Total net sales | $ | 5,836.7 | $ | 6,124.9 | $ | 6,079.5 | |||||||||||
| Long-lived assets | |||||||||||||||||
| United States | $ | 1,515.8 | $ | 1,621.8 | $ | 1,694.3 | |||||||||||
| Mexico | 727.3 | 739.8 | 778.4 | ||||||||||||||
| South America | 63.5 | 59.8 | 75.8 | ||||||||||||||
| China | 80.2 | 92.1 | 110.9 | ||||||||||||||
| All other Asia | 44.4 | 50.2 | 79.2 | ||||||||||||||
| Europe | 368.1 | 381.9 | 441.7 | ||||||||||||||
| Total long-lived assets | $ | 2,799.3 | $ | 2,945.6 | $ | 3,180.3 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 12, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 15, 2019 | |
| 2017 | Feb 16, 2018 | |
| 2016 | Feb 10, 2017 | |
| 2015 | Feb 12, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.