|
|
|
|
|
|
|
|
Percentage of Total Net Sales | Accounts and Other Receivables | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | September 30, 2017 | December 31, 2016 | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
GM | 11 | % | 15 | % | 13 | % | 14 | % | $ | 291 | $ | 370 | ||||||||
VW | 8 | % | 8 | % | 8 | % | 8 | % | 205 | 150 |
|
September 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Productive material | $ | 855 | $ | 649 | |||
Work-in-process | 152 | 113 | |||||
Finished goods | 635 | 470 | |||||
Total | $ | 1,642 | $ | 1,232 |
|
September 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Value added tax receivable | $ | 194 | $ | 192 | |||
Prepaid insurance and other expenses | 81 | 66 | |||||
Reimbursable engineering costs | 52 | 63 | |||||
Notes receivable | 43 | 43 | |||||
Income and other taxes receivable | 72 | 26 | |||||
Deposits to vendors | 9 | 8 | |||||
Derivative financial instruments (Note 14) | 36 | 11 | |||||
Other | 2 | 1 | |||||
Total | $ | 489 | $ | 410 |
September 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Deferred income taxes, net | $ | 272 | $ | 283 | |||
Unamortized Revolving Credit Facility debt issuance costs (Note 8) | 17 | 10 | |||||
Income and other taxes receivable | 74 | 56 | |||||
Reimbursable engineering costs | 51 | 26 | |||||
Value added tax receivable | 39 | 33 | |||||
Cost method investments (Note 17) | 77 | 26 | |||||
Derivative financial instruments (Note 14) | 12 | 8 | |||||
Other | 82 | 67 | |||||
Total | $ | 624 | $ | 509 |
|
September 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Payroll-related obligations | $ | 284 | $ | 233 | |||
Employee benefits, including current pension obligations | 83 | 106 | |||||
Reserve for Unsecured Creditors litigation (Note 10) | — | 300 | |||||
Income and other taxes payable | 217 | 188 | |||||
Warranty obligations (Note 6) | 112 | 102 | |||||
Restructuring (Note 7) | 155 | 153 | |||||
Customer deposits | 31 | 30 | |||||
Derivative financial instruments (Note 14) | 16 | 45 | |||||
Accrued interest | 30 | 40 | |||||
Other | 455 | 376 | |||||
Total | $ | 1,383 | $ | 1,573 |
September 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Environmental (Note 10) | $ | 5 | $ | 5 | |||
Extended disability benefits | 8 | 8 | |||||
Warranty obligations (Note 6) | 53 | 59 | |||||
Restructuring (Note 7) | 82 | 45 | |||||
Payroll-related obligations | 10 | 9 | |||||
Accrued income taxes | 129 | 125 | |||||
Deferred income taxes, net | 178 | 158 | |||||
Derivative financial instruments (Note 14) | 3 | 11 | |||||
Other | 53 | 47 | |||||
Total | $ | 521 | $ | 467 |
|
Warranty Obligations | |||
(in millions) | |||
Accrual balance at beginning of period | $ | 161 | |
Provision for estimated warranties incurred during the period | 64 | ||
Changes in estimate for pre-existing warranties | 48 | ||
Settlements made during the period (in cash or in kind) | (117 | ) | |
Foreign currency translation and other | 9 | ||
Accrual balance at end of period | $ | 165 |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Electrical/Electronic Architecture | $ | 17 | $ | 30 | $ | 43 | $ | 65 | |||||||
Powertrain Systems | 4 | 22 | 81 | 157 | |||||||||||
Electronics and Safety | — | 11 | 56 | 30 | |||||||||||
Total | $ | 21 | $ | 63 | $ | 180 | $ | 252 |
Employee Termination Benefits Liability | Other Exit Costs Liability | Total | |||||||||
(in millions) | |||||||||||
Accrual balance at January 1, 2017 | $ | 193 | $ | 5 | $ | 198 | |||||
Provision for estimated expenses incurred during the period | 180 | — | 180 | ||||||||
Payments made during the period | (159 | ) | (3 | ) | (162 | ) | |||||
Foreign currency and other | 22 | (1 | ) | 21 | |||||||
Accrual balance at September 30, 2017 | $ | 236 | $ | 1 | $ | 237 |
|
September 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
3.15%, senior notes, due 2020 (net of $2 and $3 unamortized issuance costs and $1 and $1 discount, respectively) | $ | 647 | $ | 646 | |||
4.15%, senior notes, due 2024 (net of $4 and $4 unamortized issuance costs and $1 and $2 discount, respectively) | 695 | 694 | |||||
1.50%, Euro-denominated senior notes, due 2025 (net of $4 and $4 unamortized issuance costs and $3 and $3 discount, respectively) | 815 | 729 | |||||
4.25%, senior notes, due 2026 (net of $4 and $4 unamortized issuance costs, respectively) | 646 | 646 | |||||
1.60%, Euro-denominated senior notes, due 2028 (net of $4 and $4 unamortized issuance costs and $0 and $1 discount, respectively) | 583 | 521 | |||||
4.40%, senior notes, due 2046 (net of $3 and $3 unamortized issuance costs and $2 and $2 discount, respectively) | 295 | 295 | |||||
Tranche A Term Loan, due 2021 (net of $2 and $2 unamortized issuance costs, respectively) | 398 | 398 | |||||
Capital leases and other | 38 | 42 | |||||
Sub-total | 4,117 | 3,971 | |||||
Powertrain Spin-Off Debt: 5.00%, senior notes, due 2025 (net of $14 and $0 unamortized issuance costs and $4 and $0 discount, respectively) | 782 | — | |||||
Total debt | 4,899 | 3,971 | |||||
Less: current portion | (15 | ) | (12 | ) | |||
Long-term debt | $ | 4,884 | $ | 3,959 |
September 30, 2017 | December 31, 2016 | ||||||||||
LIBOR plus | ABR plus | LIBOR plus | ABR plus | ||||||||
Revolving Credit Facility | 1.10 | % | 0.10 | % | 1.10 | % | 0.10 | % | |||
Tranche A Term Loan | 1.25 | % | 0.25 | % | 1.25 | % | 0.25 | % |
Borrowings as of | ||||||||
September 30, 2017 | Rate effective as of | |||||||
Applicable Rate | (in millions) | September 30, 2017 | ||||||
Tranche A Term Loan | LIBOR plus 1.25% | $ | 400 | 2.50 | % |
|
Non-U.S. Plans | U.S. Plans | ||||||||||||||
Three Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Service cost | $ | 13 | $ | 12 | $ | — | $ | — | |||||||
Interest cost | 16 | 17 | — | — | |||||||||||
Expected return on plan assets | (19 | ) | (18 | ) | — | — | |||||||||
Curtailment loss | 1 | — | — | — | |||||||||||
Amortization of actuarial losses | 11 | 4 | — | — | |||||||||||
Net periodic benefit cost | $ | 22 | $ | 15 | $ | — | $ | — |
Non-U.S. Plans | U.S. Plans | ||||||||||||||
Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Service cost | $ | 40 | $ | 37 | $ | — | $ | — | |||||||
Interest cost | 45 | 51 | 1 | 1 | |||||||||||
Expected return on plan assets | (54 | ) | (54 | ) | — | — | |||||||||
Curtailment loss | 4 | — | — | — | |||||||||||
Amortization of actuarial losses | 29 | 11 | — | — | |||||||||||
Net periodic benefit cost | $ | 64 | $ | 45 | $ | 1 | $ | 1 |
|
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(dollars in millions) | |||||||||||||||
Income tax expense | $ | 60 | $ | 57 | $ | 183 | $ | 216 | |||||||
Effective tax rate | 13 | % | 16 | % | 14 | % | 20 | % |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||
Balance at beginning of period | $ | (614 | ) | $ | (678 | ) | $ | (799 | ) | $ | (661 | ) | |||
Aggregate adjustment for the period (1) | 84 | 26 | 269 | 9 | |||||||||||
Balance at end of period | (530 | ) | (652 | ) | (530 | ) | (652 | ) | |||||||
Gains (losses) on derivatives: | |||||||||||||||
Balance at beginning of period | 32 | (57 | ) | (11 | ) | (106 | ) | ||||||||
Other comprehensive income before reclassifications (net tax effect of $5, $10, $15 and $17) | (3 | ) | (16 | ) | 26 | (21 | ) | ||||||||
Reclassification to income (net tax effect of $0, $8, $10 and $24) | (6 | ) | 22 | 8 | 76 | ||||||||||
Balance at end of period | 23 | (51 | ) | 23 | (51 | ) | |||||||||
Pension and postretirement plans: | |||||||||||||||
Balance at beginning of period | (400 | ) | (244 | ) | (405 | ) | (266 | ) | |||||||
Other comprehensive income before reclassifications (net tax effect of $4, $0, $8 and $4) | (15 | ) | 3 | (25 | ) | 19 | |||||||||
Reclassification to income (net tax effect of $2, $0, $5 and $1) | 9 | 3 | 24 | 9 | |||||||||||
Balance at end of period | (406 | ) | (238 | ) | (406 | ) | (238 | ) | |||||||
Accumulated other comprehensive loss, end of period | $ | (913 | ) | $ | (941 | ) | $ | (913 | ) | $ | (941 | ) |
(1) | Includes losses of $44 million and $147 million for the three and nine months ended September 30, 2017, and losses of $10 million and $18 million for the three and nine months ended September 30, 2016, respectively, related to non-derivative net investment hedges, principally offset by the foreign currency impact of intra-entity loans that are of a long-term investment nature in each period. Refer to Note 14. Derivatives and Hedging Activities for further description of these hedges. |
Reclassification Out of Accumulated Other Comprehensive Income | ||||||||||||||||||
Details About Accumulated Other Comprehensive Income Components | Three Months Ended September 30, | Nine Months Ended September 30, | Affected Line Item in the Statement of Operations | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||
(in millions) | ||||||||||||||||||
Gains (losses) on derivatives: | ||||||||||||||||||
Commodity derivatives | $ | 5 | $ | (10 | ) | $ | 8 | $ | (35 | ) | Cost of sales | |||||||
Foreign currency derivatives | 1 | (20 | ) | (26 | ) | (65 | ) | Cost of sales | ||||||||||
6 | (30 | ) | (18 | ) | (100 | ) | Income before income taxes | |||||||||||
— | 8 | 10 | 24 | Income tax expense | ||||||||||||||
6 | (22 | ) | (8 | ) | (76 | ) | Net income | |||||||||||
— | — | — | — | Net income attributable to noncontrolling interest | ||||||||||||||
$ | 6 | $ | (22 | ) | $ | (8 | ) | $ | (76 | ) | Net income attributable to Delphi | |||||||
Pension and postretirement plans: | ||||||||||||||||||
Actuarial losses | $ | (11 | ) | $ | (3 | ) | $ | (29 | ) | $ | (10 | ) | Other expense (1) | |||||
(11 | ) | (3 | ) | (29 | ) | (10 | ) | Income before income taxes | ||||||||||
2 | — | 5 | 1 | Income tax expense | ||||||||||||||
(9 | ) | (3 | ) | (24 | ) | (9 | ) | Net income | ||||||||||
— | — | — | — | Net income attributable to noncontrolling interest | ||||||||||||||
$ | (9 | ) | $ | (3 | ) | $ | (24 | ) | $ | (9 | ) | Net income attributable to Delphi | ||||||
Total reclassifications for the period | $ | (3 | ) | $ | (25 | ) | $ | (32 | ) | $ | (85 | ) |
(1) | These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 9. Pension Benefits for additional details). |
|
Commodity | Quantity Hedged | Unit of Measure | Notional Amount (Approximate USD Equivalent) | |||||
(in thousands) | (in millions) | |||||||
Copper | 57,124 | pounds | $ | 170 |
Foreign Currency | Quantity Hedged | Unit of Measure | Notional Amount (Approximate USD Equivalent) | |||||
(in millions) | ||||||||
Mexican Peso | 16,872 | MXN | $ | 925 | ||||
Chinese Yuan Renminbi | 2,410 | RMB | 365 | |||||
Polish Zloty | 344 | PLN | 95 | |||||
New Turkish Lira | 185 | TRY | 50 | |||||
Hungarian Forint | 4,025 | HUF | 15 |
Asset Derivatives | Liability Derivatives | Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet | |||||||||||||
Balance Sheet Location | September 30, 2017 | Balance Sheet Location | September 30, 2017 | September 30, 2017 | |||||||||||
(in millions) | |||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||
Commodity derivatives | Other current assets | $ | 20 | Accrued liabilities | $ | — | |||||||||
Foreign currency derivatives* | Other current assets | 23 | Other current assets | 7 | $ | 16 | |||||||||
Foreign currency derivatives* | Accrued liabilities | 2 | Accrued liabilities | 6 | (4 | ) | |||||||||
Commodity derivatives | Other long-term assets | 5 | Other long-term liabilities | — | |||||||||||
Foreign currency derivatives* | Other long-term assets | 8 | Other long-term assets | 1 | 7 | ||||||||||
Foreign currency derivatives* | Other long-term liabilities | — | Other long-term liabilities | 3 | (3 | ) | |||||||||
Derivatives designated as net investment hedges: | |||||||||||||||
Foreign currency derivatives | Other current assets | $ | — | Accrued liabilities | $ | 12 | |||||||||
Total derivatives designated as hedges | $ | 58 | $ | 29 |
Asset Derivatives | Liability Derivatives | Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet | |||||||||||||
Balance Sheet Location | December 31, 2016 | Balance Sheet Location | December 31, 2016 | December 31, 2016 | |||||||||||
(in millions) | |||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||
Commodity derivatives | Other current assets | $ | 7 | Accrued liabilities | $ | — | |||||||||
Foreign currency derivatives* | Other current assets | 6 | Other current assets | 3 | $ | 3 | |||||||||
Foreign currency derivatives* | Accrued liabilities | 9 | Accrued liabilities | 55 | (46 | ) | |||||||||
Commodity derivatives | Other long-term assets | 4 | Other long-term liabilities | — | |||||||||||
Foreign currency derivatives* | Other long-term assets | 8 | Other long-term assets | 4 | 4 | ||||||||||
Foreign currency derivatives* | Other long-term liabilities | — | Other long-term liabilities | 11 | (11 | ) | |||||||||
Derivatives designated as net investment hedges: | |||||||||||||||
Foreign currency derivatives | Other current assets | $ | 2 | Accrued liabilities | $ | — | |||||||||
Total derivatives designated as hedges | $ | 36 | $ | 73 | |||||||||||
Derivatives not designated: | |||||||||||||||
Foreign currency derivatives* | Other current assets | $ | — | Other current assets | $ | 1 | (1 | ) | |||||||
Foreign currency derivatives* | Accrued liabilities | 2 | Accrued liabilities | 1 | 1 | ||||||||||
Total derivatives not designated as hedges | $ | 2 | $ | 2 |
Three Months Ended September 30, 2017 | Gain (loss) Recognized in OCI (Effective Portion) | Gain Reclassified from OCI into Income (Effective Portion) | Gain Recognized in Income (Ineffective Portion Excluded from Effectiveness Testing) | ||||||||
(in millions) | |||||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Commodity derivatives | $ | 15 | $ | 5 | $ | — | |||||
Foreign currency derivatives | (13 | ) | 1 | — | |||||||
Derivatives designated as net investment hedges: | |||||||||||
Foreign currency derivatives | (10 | ) | — | — | |||||||
Total | $ | (8 | ) | $ | 6 | $ | — |
Gain Recognized in Income | |||
(in millions) | |||
Derivatives not designated: | |||
Commodity derivatives | $ | — | |
Foreign currency derivatives | — | ||
Total | $ | — |
Three Months Ended September 30, 2016 | Gain (loss) Recognized in OCI (Effective Portion) | Loss Reclassified from OCI into Income (Effective Portion) | Gain Recognized in Income (Ineffective Portion Excluded from Effectiveness Testing) | ||||||||
(in millions) | |||||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Commodity derivatives | $ | 1 | $ | (10 | ) | $ | — | ||||
Foreign currency derivatives | (26 | ) | (20 | ) | — | ||||||
Derivatives designated as net investment hedges: | |||||||||||
Foreign currency derivatives | (1 | ) | — | — | |||||||
Total | $ | (26 | ) | $ | (30 | ) | $ | — |
Gain Recognized in Income | |||
(in millions) | |||
Derivatives not designated: | |||
Foreign currency derivatives | $ | 1 | |
Total | $ | 1 |
Nine Months Ended September 30, 2017 | Gain (loss) Recognized in OCI (Effective Portion) | Gain (loss) Reclassified from OCI into Income (Effective Portion) | Gain Recognized in Income (Ineffective Portion Excluded from Effectiveness Testing) | ||||||||
(in millions) | |||||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Commodity derivatives | $ | 26 | $ | 8 | $ | — | |||||
Foreign currency derivatives | 41 | (26 | ) | — | |||||||
Derivatives designated as net investment hedges: | |||||||||||
Foreign currency derivatives | (26 | ) | — | — | |||||||
Total | $ | 41 | $ | (18 | ) | $ | — |
Loss Recognized in Income | |||
(in millions) | |||
Derivatives not designated: | |||
Foreign currency derivatives | $ | (5 | ) |
Total | $ | (5 | ) |
Nine Months Ended September 30, 2016 | Gain (loss) Recognized in OCI (Effective Portion) | Loss Reclassified from OCI into Income (Effective Portion) | Gain Recognized in Income (Ineffective Portion Excluded from Effectiveness Testing) | ||||||||
(in millions) | |||||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Commodity derivatives | $ | 5 | $ | (35 | ) | $ | — | ||||
Foreign currency derivatives | (46 | ) | (65 | ) | — | ||||||
Derivatives designated as net investment hedges: | |||||||||||
Foreign currency derivatives | 3 | — | — | ||||||||
Total | $ | (38 | ) | $ | (100 | ) | $ | — |
Loss Recognized in Income | |||
(in millions) | |||
Derivatives not designated: | |||
Foreign currency derivatives | $ | (1 | ) |
Total | $ | (1 | ) |
|
Contingent Consideration Liability | |||
(in millions) | |||
Fair value at beginning of period | $ | 35 | |
Additions | 8 | ||
Payments | (22 | ) | |
Interest accretion | 1 | ||
Fair value at end of period | $ | 22 |
Total | Quoted Prices in Active Markets Level 1 | Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 | ||||||||||||
(in millions) | |||||||||||||||
As of September 30, 2017 | |||||||||||||||
Commodity derivatives | $ | 25 | $ | — | $ | 25 | $ | — | |||||||
Foreign currency derivatives | 23 | — | 23 | — | |||||||||||
Total | $ | 48 | $ | — | $ | 48 | $ | — | |||||||
As of December 31, 2016: | |||||||||||||||
Commodity derivatives | $ | 11 | $ | — | $ | 11 | $ | — | |||||||
Foreign currency derivatives | 8 | — | 8 | — | |||||||||||
Total | $ | 19 | $ | — | $ | 19 | $ | — |
Total | Quoted Prices in Active Markets Level 1 | Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 | ||||||||||||
(in millions) | |||||||||||||||
As of September 30, 2017 | |||||||||||||||
Commodity derivatives | $ | — | $ | — | $ | — | $ | — | |||||||
Foreign currency derivatives | 19 | — | 19 | — | |||||||||||
Contingent consideration | 22 | — | — | 22 | |||||||||||
Total | $ | 41 | $ | — | $ | 19 | $ | 22 | |||||||
As of December 31, 2016: | |||||||||||||||
Foreign currency derivatives | $ | 56 | $ | — | $ | 56 | $ | — | |||||||
Contingent consideration | 35 | — | — | 35 | |||||||||||
Total | $ | 91 | $ | — | $ | 56 | $ | 35 |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Interest income | $ | 2 | $ | 1 | $ | 5 | $ | 2 | |||||||
Loss on extinguishment of debt | — | (73 | ) | — | (73 | ) | |||||||||
Components of net periodic benefit cost other than service cost (Note 9) | (9 | ) | (3 | ) | (25 | ) | (9 | ) | |||||||
Reserve for Unsecured Creditors litigation | — | — | (10 | ) | — | ||||||||||
Other, net | (2 | ) | 6 | 1 | 7 | ||||||||||
Other expense, net | $ | (9 | ) | $ | (69 | ) | $ | (29 | ) | $ | (73 | ) |
|
Purchase price, cash consideration, net of cash acquired | $ | 40 | |
Purchase price, fair value of contingent consideration | 8 | ||
Total purchase price, net of cash acquired | $ | 48 | |
Intangible assets | $ | 22 | |
Other assets, net | 4 | ||
Identifiable net assets acquired | 26 | ||
Goodwill resulting from purchase | 22 | ||
Total purchase price allocation | $ | 48 |
Purchase price, cash consideration | $ | 15 | |
Intangible assets | $ | 10 | |
Goodwill resulting from purchase | 5 | ||
Total purchase price allocation | $ | 15 |
Purchase price, cash consideration, net of cash acquired | $ | 1,534 | |
Debt and pension liabilities assumed | 258 | ||
Total consideration, net of cash acquired | $ | 1,792 | |
Property, plant and equipment | $ | 326 | |
Indefinite-lived intangible assets | 128 | ||
Definite-lived intangible assets | 554 | ||
Other liabilities, net | (82 | ) | |
Identifiable net assets acquired | 926 | ||
Goodwill resulting from purchase | 866 | ||
Total purchase price allocation | $ | 1,792 |
Investment Name | Segment | Investment Date | Investment (in millions) | |||
Innoviz Technologies | Electronics and Safety | Q3 2017 | $ | 15 | ||
LeddarTech, Inc. | Electronics and Safety | Q3 2017 | 10 | |||
Valens Semiconductor Ltd. | Electrical/Electronic Architecture | Q2 2017 | 10 | |||
Otonomo Technologies Ltd. | Electronics and Safety | Q1 2017 | 15 | |||
Tula Technology Inc. | Powertrain Systems | Q2 2015; Q3 2017 | 21 | |||
Quanergy Systems, Inc | Electronics and Safety | Q2 2015; Q1 2016 | 6 | |||
$ | 77 |
|
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 4,333 | $ | — | $ | 4,333 | |||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of sales | — | — | — | 3,450 | — | 3,450 | |||||||||||||||||
Selling, general and administrative | 37 | — | — | 280 | — | 317 | |||||||||||||||||
Amortization | — | — | — | 34 | — | 34 | |||||||||||||||||
Restructuring | — | — | — | 21 | — | 21 | |||||||||||||||||
Total operating expenses | 37 | — | — | 3,785 | — | 3,822 | |||||||||||||||||
Operating (loss) income | (37 | ) | — | — | 548 | — | 511 | ||||||||||||||||
Interest (expense) income | (66 | ) | (10 | ) | (44 | ) | (3 | ) | 87 | (36 | ) | ||||||||||||
Other income (expense), net | — | 39 | 1 | 38 | (87 | ) | (9 | ) | |||||||||||||||
(Loss) income from continuing operations before income taxes and equity income | (103 | ) | 29 | (43 | ) | 583 | — | 466 | |||||||||||||||
Income tax (expense) benefit | (1 | ) | — | 16 | (75 | ) | — | (60 | ) | ||||||||||||||
(Loss) income from continuing operations before equity income | (104 | ) | 29 | (27 | ) | 508 | — | 406 | |||||||||||||||
Equity in net income of affiliates | — | — | — | 7 | — | 7 | |||||||||||||||||
Equity in net income (loss) of subsidiaries | 499 | 452 | 40 | — | (991 | ) | — | ||||||||||||||||
Income (loss) from continuing operations | 395 | 481 | 13 | 515 | (991 | ) | 413 | ||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | — | — | — | |||||||||||||||||
Net income (loss) | 395 | 481 | 13 | 515 | (991 | ) | 413 | ||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 18 | — | 18 | |||||||||||||||||
Net income (loss) attributable to Delphi | $ | 395 | $ | 481 | $ | 13 | $ | 497 | $ | (991 | ) | $ | 395 |
Parent | Subsidiary Guarantors | Subsidiary Issuers/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 12,943 | $ | — | $ | 12,943 | |||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of sales | — | — | — | 10,314 | — | 10,314 | |||||||||||||||||
Selling, general and administrative | 72 | — | — | 834 | — | 906 | |||||||||||||||||
Amortization | — | — | — | 100 | — | 100 | |||||||||||||||||
Restructuring | — | — | — | 180 | — | 180 | |||||||||||||||||
Total operating expenses | 72 | — | — | 11,428 | — | 11,500 | |||||||||||||||||
Operating (loss) income | (72 | ) | — | — | 1,515 | — | 1,443 | ||||||||||||||||
Interest (expense) income | (188 | ) | (14 | ) | (130 | ) | (9 | ) | 236 | (105 | ) | ||||||||||||
Other income (expense), net | — | 105 | 2 | 100 | (236 | ) | (29 | ) | |||||||||||||||
(Loss) income from continuing operations before income taxes and equity income | (260 | ) | 91 | (128 | ) | 1,606 | — | 1,309 | |||||||||||||||
Income tax benefit (expense) | — | — | 47 | (230 | ) | — | (183 | ) | |||||||||||||||
(Loss) income from continuing operations before equity income | (260 | ) | 91 | (81 | ) | 1,376 | — | 1,126 | |||||||||||||||
Equity in net income of affiliates | — | — | — | 25 | — | 25 | |||||||||||||||||
Equity in net income (loss) of subsidiaries | 1,359 | 1,221 | 59 | — | (2,639 | ) | — | ||||||||||||||||
Income (loss) from continuing operations | 1,099 | 1,312 | (22 | ) | 1,401 | (2,639 | ) | 1,151 | |||||||||||||||
Income from discontinued operations, net of tax | — | — | — | — | — | — | |||||||||||||||||
Net income (loss) | 1,099 | 1,312 | (22 | ) | 1,401 | (2,639 | ) | 1,151 | |||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 52 | — | 52 | |||||||||||||||||
Net income (loss) attributable to Delphi | $ | 1,099 | $ | 1,312 | $ | (22 | ) | $ | 1,349 | $ | (2,639 | ) | $ | 1,099 |
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 4,091 | $ | — | $ | 4,091 | |||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of sales | — | — | — | 3,253 | — | 3,253 | |||||||||||||||||
Selling, general and administrative | 44 | — | — | 234 | — | 278 | |||||||||||||||||
Amortization | — | — | — | 34 | — | 34 | |||||||||||||||||
Restructuring | — | — | — | 63 | — | 63 | |||||||||||||||||
Total operating expenses | 44 | — | — | 3,584 | — | 3,628 | |||||||||||||||||
Operating (loss) income | (44 | ) | — | — | 507 | — | 463 | ||||||||||||||||
Interest (expense) income | (54 | ) | (4 | ) | (52 | ) | (19 | ) | 88 | (41 | ) | ||||||||||||
Other (expense) income, net | (5 | ) | 34 | (51 | ) | 41 | (88 | ) | (69 | ) | |||||||||||||
(Loss) income from continuing operations before income taxes and equity income | (103 | ) | 30 | (103 | ) | 529 | — | 353 | |||||||||||||||
Income tax benefit (expense) | — | — | 38 | (95 | ) | — | (57 | ) | |||||||||||||||
(Loss) income from continuing operations before equity income | (103 | ) | 30 | (65 | ) | 434 | — | 296 | |||||||||||||||
Equity in net income of affiliates | — | — | — | 10 | — | 10 | |||||||||||||||||
Equity in net income (loss) of subsidiaries | 396 | 347 | 111 | — | (854 | ) | — | ||||||||||||||||
Income from continuing operations | 293 | 377 | 46 | 444 | (854 | ) | 306 | ||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | — | — | — | |||||||||||||||||
Net income (loss) | 293 | 377 | 46 | 444 | (854 | ) | 306 | ||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 13 | — | 13 | |||||||||||||||||
Net income (loss) attributable to Delphi | $ | 293 | $ | 377 | $ | 46 | $ | 431 | $ | (854 | ) | $ | 293 |
Parent | Subsidiary Guarantors | Subsidiary Issuers/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 12,348 | $ | — | $ | 12,348 | |||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of sales | — | — | — | 9,861 | — | 9,861 | |||||||||||||||||
Selling, general and administrative | 108 | — | — | 725 | — | 833 | |||||||||||||||||
Amortization | — | — | — | 101 | — | 101 | |||||||||||||||||
Restructuring | — | — | — | 252 | — | 252 | |||||||||||||||||
Total operating expenses | 108 | — | — | 10,939 | — | 11,047 | |||||||||||||||||
Operating (loss) income | (108 | ) | — | — | 1,409 | — | 1,301 | ||||||||||||||||
Interest (expense) income | (150 | ) | (20 | ) | (153 | ) | (58 | ) | 258 | (123 | ) | ||||||||||||
Other (expense) income, net | (5 | ) | 96 | (18 | ) | 112 | (258 | ) | (73 | ) | |||||||||||||
(Loss) income from continuing operations before income taxes and equity income | (263 | ) | 76 | (171 | ) | 1,463 | — | 1,105 | |||||||||||||||
Income tax benefit (expense) | — | — | 63 | (279 | ) | — | (216 | ) | |||||||||||||||
(Loss) income from continuing operations before equity income | (263 | ) | 76 | (108 | ) | 1,184 | — | 889 | |||||||||||||||
Equity in net income of affiliates | — | — | — | 23 | — | 23 | |||||||||||||||||
Equity in net income (loss) of subsidiaries | 1,239 | 1,147 | 362 | — | (2,748 | ) | — | ||||||||||||||||
Income from continuing operations | 976 | 1,223 | 254 | 1,207 | (2,748 | ) | 912 | ||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | 108 | — | 108 | |||||||||||||||||
Net income (loss) | 976 | 1,223 | 254 | 1,315 | (2,748 | ) | 1,020 | ||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 44 | — | 44 | |||||||||||||||||
Net income (loss) attributable to Delphi | $ | 976 | $ | 1,223 | $ | 254 | $ | 1,271 | $ | (2,748 | ) | $ | 976 |
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income (loss) | $ | 395 | $ | 481 | $ | 13 | $ | 515 | $ | (991 | ) | $ | 413 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Currency translation adjustments | (44 | ) | — | — | 131 | — | 87 | ||||||||||||||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax | — | — | — | (9 | ) | — | (9 | ) | |||||||||||||||
Employee benefit plans adjustment, net of tax | — | — | — | (6 | ) | — | (6 | ) | |||||||||||||||
Other comprehensive (loss) income | (44 | ) | — | — | 116 | — | 72 | ||||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries | 113 | (74 | ) | (7 | ) | — | (32 | ) | — | ||||||||||||||
Comprehensive income (loss) | 464 | 407 | 6 | 631 | (1,023 | ) | 485 | ||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 21 | — | 21 | |||||||||||||||||
Comprehensive income (loss) attributable to Delphi | $ | 464 | $ | 407 | $ | 6 | $ | 610 | $ | (1,023 | ) | $ | 464 |
Parent | Subsidiary Guarantors | Subsidiary Issuers/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income (loss) | $ | 1,099 | $ | 1,312 | $ | (22 | ) | $ | 1,401 | $ | (2,639 | ) | $ | 1,151 | |||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Currency translation adjustments | (147 | ) | — | — | 423 | — | 276 | ||||||||||||||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax | — | — | — | 34 | — | 34 | |||||||||||||||||
Employee benefit plans adjustment, net of tax | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||
Other comprehensive (loss) income | (147 | ) | — | — | 456 | — | 309 | ||||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries | 449 | (85 | ) | 54 | — | (418 | ) | — | |||||||||||||||
Comprehensive income (loss) | 1,401 | 1,227 | 32 | 1,857 | (3,057 | ) | 1,460 | ||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 59 | — | 59 | |||||||||||||||||
Comprehensive income (loss) attributable to Delphi | $ | 1,401 | $ | 1,227 | $ | 32 | $ | 1,798 | $ | (3,057 | ) | $ | 1,401 |
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income (loss) | $ | 293 | $ | 377 | $ | 46 | $ | 444 | $ | (854 | ) | $ | 306 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Currency translation adjustments | (9 | ) | — | — | 36 | — | 27 | ||||||||||||||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax | — | — | — | 6 | — | 6 | |||||||||||||||||
Employee benefit plans adjustment, net of tax | — | — | — | 6 | — | 6 | |||||||||||||||||
Other comprehensive (loss) income | (9 | ) | — | — | 48 | — | 39 | ||||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries | 47 | (85 | ) | — | — | 38 | — | ||||||||||||||||
Comprehensive income (loss) | 331 | 292 | 46 | 492 | (816 | ) | 345 | ||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 14 | — | 14 | |||||||||||||||||
Comprehensive income (loss) attributable to Delphi | $ | 331 | $ | 292 | $ | 46 | $ | 478 | $ | (816 | ) | $ | 331 |
Parent | Subsidiary Guarantors | Subsidiary Issuers/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income (loss) | $ | 976 | $ | 1,223 | $ | 254 | $ | 1,315 | $ | (2,748 | ) | $ | 1,020 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Currency translation adjustments | (18 | ) | — | — | 26 | — | 8 | ||||||||||||||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax | — | — | — | 55 | — | 55 | |||||||||||||||||
Employee benefit plans adjustment, net of tax | — | — | — | 28 | — | 28 | |||||||||||||||||
Other comprehensive (loss) income | (18 | ) | — | — | 109 | — | 91 | ||||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries | 110 | (210 | ) | 11 | — | 89 | — | ||||||||||||||||
Comprehensive income (loss) | 1,068 | 1,013 | 265 | 1,424 | (2,659 | ) | 1,111 | ||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 43 | — | 43 | |||||||||||||||||
Comprehensive income (loss) attributable to Delphi | $ | 1,068 | $ | 1,013 | $ | 265 | $ | 1,381 | $ | (2,659 | ) | $ | 1,068 |
Parent | Subsidiary Guarantors | Subsidiary Issuers/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | — | $ | 556 | $ | — | $ | 557 | |||||||||||
Cash in escrow related to Powertrain Spin-Off senior notes offering (Note 8) | — | — | — | 796 | — | 796 | |||||||||||||||||
Restricted cash | — | — | — | 1 | — | 1 | |||||||||||||||||
Accounts receivable, net | — | — | — | 3,225 | — | 3,225 | |||||||||||||||||
Intercompany receivables, current | — | 1,914 | 201 | 7,903 | (10,018 | ) | — | ||||||||||||||||
Inventories | — | — | — | 1,642 | — | 1,642 | |||||||||||||||||
Other current assets | — | — | — | 489 | — | 489 | |||||||||||||||||
Total current assets | 1 | 1,914 | 201 | 14,612 | (10,018 | ) | 6,710 | ||||||||||||||||
Long-term assets: | |||||||||||||||||||||||
Intercompany receivables, long-term | — | 1,114 | 768 | 449 | (2,331 | ) | — | ||||||||||||||||
Property, net | — | — | — | 3,819 | — | 3,819 | |||||||||||||||||
Investments in affiliates | — | — | — | 130 | — | 130 | |||||||||||||||||
Investments in subsidiaries | 12,642 | 10,265 | 3,322 | — | (26,229 | ) | — | ||||||||||||||||
Intangible assets, net | — | — | — | 2,883 | — | 2,883 | |||||||||||||||||
Other long-term assets | 60 | — | 8 | 556 | — | 624 | |||||||||||||||||
Total long-term assets | 12,702 | 11,379 | 4,098 | 7,837 | (28,560 | ) | 7,456 | ||||||||||||||||
Total assets | $ | 12,703 | $ | 13,293 | $ | 4,299 | $ | 22,449 | $ | (38,578 | ) | $ | 14,166 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | 10 | $ | 5 | $ | — | $ | 15 | |||||||||||
Accounts payable | 2 | — | — | 2,743 | — | 2,745 | |||||||||||||||||
Intercompany payables, current | 6,314 | 1,708 | 998 | 998 | (10,018 | ) | — | ||||||||||||||||
Accrued liabilities | 28 | — | 2 | 1,353 | — | 1,383 | |||||||||||||||||
Total current liabilities | 6,344 | 1,708 | 1,010 | 5,099 | (10,018 | ) | 4,143 | ||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||||
Long-term debt | 2,986 | — | 1,083 | 815 | — | 4,884 | |||||||||||||||||
Intercompany payables, long-term | 170 | — | 1,340 | 821 | (2,331 | ) | — | ||||||||||||||||
Pension benefit obligations | — | — | — | 1,004 | — | 1,004 | |||||||||||||||||
Other long-term liabilities | — | — | 12 | 509 | — | 521 | |||||||||||||||||
Total long-term liabilities | 3,156 | — | 2,435 | 3,149 | (2,331 | ) | 6,409 | ||||||||||||||||
Total liabilities | 9,500 | 1,708 | 3,445 | 8,248 | (12,349 | ) | 10,552 | ||||||||||||||||
Total Delphi shareholders’ equity | 3,203 | 11,585 | 854 | 13,790 | (26,229 | ) | 3,203 | ||||||||||||||||
Noncontrolling interest | — | — | — | 411 | — | 411 | |||||||||||||||||
Total shareholders’ equity | 3,203 | 11,585 | 854 | 14,201 | (26,229 | ) | 3,614 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 12,703 | $ | 13,293 | $ | 4,299 | $ | 22,449 | $ | (38,578 | ) | $ | 14,166 |
Parent | Subsidiary Guarantors | Subsidiary Issuers/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 2 | $ | — | $ | — | $ | 836 | $ | — | $ | 838 | |||||||||||
Restricted cash | — | — | — | 1 | — | 1 | |||||||||||||||||
Accounts receivable, net | — | — | — | 2,938 | — | 2,938 | |||||||||||||||||
Intercompany receivables, current | 47 | 1,843 | 436 | 5,285 | (7,611 | ) | — | ||||||||||||||||
Inventories | — | — | — | 1,232 | — | 1,232 | |||||||||||||||||
Other current assets | — | — | — | 410 | — | 410 | |||||||||||||||||
Total current assets | 49 | 1,843 | 436 | 10,702 | (7,611 | ) | 5,419 | ||||||||||||||||
Long-term assets: | |||||||||||||||||||||||
Intercompany receivables, long-term | — | 1,070 | 768 | 1,767 | (3,605 | ) | — | ||||||||||||||||
Property, net | — | — | — | 3,515 | — | 3,515 | |||||||||||||||||
Investments in affiliates | — | — | — | 101 | — | 101 | |||||||||||||||||
Investments in subsidiaries | 10,833 | 8,722 | 3,090 | — | (22,645 | ) | — | ||||||||||||||||
Intangible assets, net | — | — | — | 2,748 | — | 2,748 | |||||||||||||||||
Other long-term assets | 60 | — | 10 | 439 | — | 509 | |||||||||||||||||
Total long-term assets | 10,893 | 9,792 | 3,868 | 8,570 | (26,250 | ) | 6,873 | ||||||||||||||||
Total assets | $ | 10,942 | $ | 11,635 | $ | 4,304 | $ | 19,272 | $ | (33,861 | ) | $ | 12,292 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | 3 | $ | 9 | $ | — | $ | 12 | |||||||||||
Accounts payable | 3 | — | — | 2,560 | — | 2,563 | |||||||||||||||||
Intercompany payables, current | 5,504 | 68 | 974 | 1,065 | (7,611 | ) | — | ||||||||||||||||
Accrued liabilities | 31 | 300 | 30 | 1,212 | — | 1,573 | |||||||||||||||||
Total current liabilities | 5,538 | 368 | 1,007 | 4,846 | (7,611 | ) | 4,148 | ||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||||
Long-term debt | 2,837 | — | 1,090 | 32 | — | 3,959 | |||||||||||||||||
Intercompany payables, long-term | 166 | 1,317 | 1,296 | 826 | (3,605 | ) | — | ||||||||||||||||
Pension benefit obligations | — | — | — | 955 | — | 955 | |||||||||||||||||
Other long-term liabilities | — | — | 10 | 457 | — | 467 | |||||||||||||||||
Total long-term liabilities | 3,003 | 1,317 | 2,396 | 2,270 | (3,605 | ) | 5,381 | ||||||||||||||||
Total liabilities | 8,541 | 1,685 | 3,403 | 7,116 | (11,216 | ) | 9,529 | ||||||||||||||||
Total Delphi shareholders’ equity | 2,401 | 9,950 | 901 | 11,794 | (22,645 | ) | 2,401 | ||||||||||||||||
Noncontrolling interest | — | — | — | 362 | — | 362 | |||||||||||||||||
Total shareholders’ equity | 2,401 | 9,950 | 901 | 12,156 | (22,645 | ) | 2,763 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 10,942 | $ | 11,635 | $ | 4,304 | $ | 19,272 | $ | (33,861 | ) | $ | 12,292 |
Parent | Subsidiary Guarantors | Subsidiary Issuers/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (73 | ) | $ | (255 | ) | $ | — | $ | 1,368 | $ | — | $ | 1,040 | |||||||||
Net cash provided by operating activities from discontinued operations | — | — | — | — | — | — | |||||||||||||||||
Net cash (used in) provided by operating activities | (73 | ) | (255 | ) | — | 1,368 | — | 1,040 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Capital expenditures | — | — | — | (591 | ) | — | (591 | ) | |||||||||||||||
Proceeds from sale of property / investments | — | — | — | 12 | — | 12 | |||||||||||||||||
Cost of business acquisitions, net of cash acquired | — | — | — | (40 | ) | — | (40 | ) | |||||||||||||||
Cost of technology investments | — | — | — | (51 | ) | — | (51 | ) | |||||||||||||||
Settlement of derivatives | — | — | — | (12 | ) | — | (12 | ) | |||||||||||||||
Loans to affiliates | — | (55 | ) | — | (960 | ) | 1,015 | — | |||||||||||||||
Repayments of loans from affiliates | — | — | — | 17 | (17 | ) | — | ||||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | — | (55 | ) | — | (1,625 | ) | 998 | (682 | ) | ||||||||||||||
Net cash provided by investing activities from discontinued operations | — | — | — | — | — | — | |||||||||||||||||
Net cash (used in) provided by investing activities | — | (55 | ) | — | (1,625 | ) | 998 | (682 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Net repayments under other short- and long-term debt agreements | — | — | — | (8 | ) | — | (8 | ) | |||||||||||||||
Proceeds from issuance of senior notes, net of issuance costs | — | — | — | 796 | — | 796 | |||||||||||||||||
Escrow of proceeds from Powertrain Spin-off senior notes issuance | — | — | — | (796 | ) | — | (796 | ) | |||||||||||||||
Contingent consideration and deferred acquisition purchase price payments | — | — | — | (24 | ) | — | (24 | ) | |||||||||||||||
Dividend payments of consolidated affiliates to minority shareholders | — | — | — | (10 | ) | — | (10 | ) | |||||||||||||||
Proceeds from borrowings from affiliates | 705 | 310 | — | — | (1,015 | ) | — | ||||||||||||||||
Payments on borrowings from affiliates | (17 | ) | — | — | — | 17 | — | ||||||||||||||||
Repurchase of ordinary shares | (383 | ) | — | — | — | — | (383 | ) | |||||||||||||||
Distribution of cash dividends | (233 | ) | — | — | — | — | (233 | ) | |||||||||||||||
Taxes withheld and paid on employees' restricted share awards | — | — | — | (33 | ) | — | (33 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | 72 | 310 | — | (75 | ) | (998 | ) | (691 | ) | ||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | — | — | — | 52 | — | 52 | |||||||||||||||||
Decrease in cash and cash equivalents | (1 | ) | — | — | (280 | ) | — | (281 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 2 | — | — | 836 | — | 838 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 1 | $ | — | $ | — | $ | 556 | $ | — | $ | 557 |
Parent | Subsidiary Guarantors | Subsidiary Issuers/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (81 | ) | $ | 33 | $ | — | $ | 1,306 | $ | — | $ | 1,258 | ||||||||||
Net cash provided by operating activities from discontinued operations | — | — | — | — | — | — | |||||||||||||||||
Net cash (used in) provided by operating activities | (81 | ) | 33 | — | 1,306 | — | 1,258 | ||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Capital expenditures | — | — | — | (614 | ) | — | (614 | ) | |||||||||||||||
Proceeds from sale of property / investments | — | — | — | 14 | — | 14 | |||||||||||||||||
Net proceeds from divestiture of discontinued operations | — | — | — | 52 | — | 52 | |||||||||||||||||
Cost of business acquisitions, net of cash acquired | — | — | (15 | ) | — | — | (15 | ) | |||||||||||||||
Cost of technology investments | — | — | (3 | ) | — | — | (3 | ) | |||||||||||||||
Settlement of derivatives | — | — | — | (16 | ) | — | (16 | ) | |||||||||||||||
Increase in restricted cash | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||
Loans to affiliates | — | (887 | ) | — | (1,194 | ) | 2,081 | — | |||||||||||||||
Repayments of loans from affiliates | — | — | — | 353 | (353 | ) | — | ||||||||||||||||
Investments in subsidiaries | (854 | ) | — | (350 | ) | — | 1,204 | — | |||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | (854 | ) | (887 | ) | (368 | ) | (1,406 | ) | 2,932 | (583 | ) | ||||||||||||
Net cash used in investing activities from discontinued operations | — | — | — | (4 | ) | — | (4 | ) | |||||||||||||||
Net cash (used in) provided by investing activities | (854 | ) | (887 | ) | (368 | ) | (1,410 | ) | 2,932 | (587 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Net repayments under other short-term debt agreements | — | — | — | (14 | ) | — | (14 | ) | |||||||||||||||
Repayment of senior notes | — | — | (862 | ) | — | — | (862 | ) | |||||||||||||||
Proceeds from issuance of senior notes, net of issuance costs | 852 | — | — | — | — | 852 | |||||||||||||||||
Contingent consideration and deferred acquisition purchase price payments | — | — | — | (4 | ) | — | (4 | ) | |||||||||||||||
Dividend payments of consolidated affiliates to minority shareholders | — | — | — | (24 | ) | — | (24 | ) | |||||||||||||||
Proceeds from borrowings from affiliates | 851 | — | 1,230 | — | (2,081 | ) | — | ||||||||||||||||
Payments on borrowings from affiliates | (353 | ) | — | — | — | 353 | — | ||||||||||||||||
Investment from parent | 350 | 854 | — | — | (1,204 | ) | — | ||||||||||||||||
Repurchase of ordinary shares | (530 | ) | — | — | — | — | (530 | ) | |||||||||||||||
Distribution of cash dividends | (238 | ) | — | — | — | — | (238 | ) | |||||||||||||||
Taxes withheld and paid on employees' restricted share awards | — | — | — | (40 | ) | — | (40 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | 932 | 854 | 368 | (82 | ) | (2,932 | ) | (860 | ) | ||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | — | — | — | 5 | — | 5 | |||||||||||||||||
Decrease in cash and cash equivalents | (3 | ) | — | — | (181 | ) | — | (184 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 4 | — | — | 575 | — | 579 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 1 | $ | — | $ | — | $ | 394 | $ | — | $ | 395 |
|
• | Electrical/Electronic Architecture, which includes complete electrical architecture and component products. |
• | Powertrain Systems, which includes extensive systems integration expertise in gasoline, diesel and fuel handling and full end-to-end systems including fuel and air injection, combustion, electronics controls, exhaust handling, test and validation capabilities, electric and hybrid electric vehicle power electronics, aftermarket, and original equipment service. As described in Note 22. Separation of Powertrain Systems, the Company is pursuing a separation of the Powertrain Systems segment into a new, independent publicly traded company, through a transaction expected to be treated as a tax-free spin-off to its shareholders. |
• | Electronics and Safety, which includes component and systems integration expertise in infotainment and connectivity, body controls and security systems, displays and passive and active safety electronics, as well as advanced development of software. |
• | Eliminations and Other, which includes i) the elimination of inter-segment transactions, and ii) certain other expenses and income of a non-operating or strategic nature. |
Electrical/ Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other (1) | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Three Months Ended September 30, 2017: | |||||||||||||||||||
Net sales | $ | 2,317 | $ | 1,205 | $ | 845 | $ | (34 | ) | $ | 4,333 | ||||||||
Depreciation & amortization | $ | 107 | $ | 49 | $ | 27 | $ | — | $ | 183 | |||||||||
Adjusted operating income | $ | 336 | $ | 150 | $ | 80 | $ | — | $ | 566 | |||||||||
Operating income | $ | 317 | $ | 115 | $ | 79 | $ | — | $ | 511 | |||||||||
Equity income, net of tax | $ | 6 | $ | 1 | $ | — | $ | — | $ | 7 | |||||||||
Net income attributable to noncontrolling interest | $ | 9 | $ | 9 | $ | — | $ | — | $ | 18 |
Electrical/ Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other (1) | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Three Months Ended September 30, 2016: | |||||||||||||||||||
Net sales | $ | 2,287 | $ | 1,077 | $ | 763 | $ | (36 | ) | $ | 4,091 | ||||||||
Depreciation & amortization | $ | 102 | $ | 47 | $ | 25 | $ | — | $ | 174 | |||||||||
Adjusted operating income | $ | 317 | $ | 122 | $ | 95 | $ | — | $ | 534 | |||||||||
Operating income (loss) | $ | 283 | $ | 98 | $ | 82 | $ | — | $ | 463 | |||||||||
Equity income, net of tax | $ | 10 | $ | — | $ | — | $ | — | $ | 10 | |||||||||
Net income attributable to noncontrolling interest | $ | 6 | $ | 7 | $ | — | $ | — | $ | 13 |
Electrical/ Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other (1) | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Nine Months Ended September 30, 2017: | |||||||||||||||||||
Net sales | $ | 7,004 | $ | 3,560 | $ | 2,484 | $ | (105 | ) | $ | 12,943 | ||||||||
Depreciation & amortization | $ | 312 | $ | 151 | $ | 76 | $ | — | $ | 539 | |||||||||
Adjusted operating income | $ | 998 | $ | 472 | $ | 220 | $ | — | $ | 1,690 | |||||||||
Operating income | $ | 948 | $ | 335 | $ | 160 | $ | — | $ | 1,443 | |||||||||
Equity income, net of tax | $ | 24 | $ | 1 | $ | — | $ | — | $ | 25 | |||||||||
Net income attributable to noncontrolling interest | $ | 27 | $ | 25 | $ | — | $ | — | $ | 52 |
Electrical/ Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other (1) | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Nine Months Ended September 30, 2016: | |||||||||||||||||||
Net sales | $ | 6,916 | $ | 3,340 | $ | 2,208 | $ | (116 | ) | $ | 12,348 | ||||||||
Depreciation & amortization | $ | 297 | $ | 163 | $ | 66 | $ | — | $ | 526 | |||||||||
Adjusted operating income | $ | 969 | $ | 381 | $ | 276 | $ | — | $ | 1,626 | |||||||||
Operating income | $ | 868 | $ | 194 | $ | 239 | $ | — | $ | 1,301 | |||||||||
Equity income, net of tax | $ | 23 | $ | — | $ | — | $ | — | $ | 23 | |||||||||
Net income attributable to noncontrolling interest | $ | 19 | $ | 22 | $ | — | $ | — | $ | 41 |
(1) | Eliminations and Other includes the elimination of inter-segment transactions. |
Electrical/ Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Three Months Ended September 30, 2017: | |||||||||||||||||||
Adjusted operating income | $ | 336 | $ | 150 | $ | 80 | $ | — | $ | 566 | |||||||||
Restructuring | (17 | ) | (4 | ) | — | — | (21 | ) | |||||||||||
Separation costs | — | (31 | ) | — | — | (31 | ) | ||||||||||||
Other acquisition and portfolio project costs | (1 | ) | — | (1 | ) | — | (2 | ) | |||||||||||
Asset impairments | (1 | ) | — | — | — | (1 | ) | ||||||||||||
Operating income | $ | 317 | $ | 115 | $ | 79 | $ | — | 511 | ||||||||||
Interest expense | (36 | ) | |||||||||||||||||
Other expense, net | (9 | ) | |||||||||||||||||
Income from continuing operations before income taxes and equity income | 466 | ||||||||||||||||||
Income tax expense | (60 | ) | |||||||||||||||||
Equity income, net of tax | 7 | ||||||||||||||||||
Income from continuing operations | 413 | ||||||||||||||||||
Income from discontinued operations, net of tax | — | ||||||||||||||||||
Net income | 413 | ||||||||||||||||||
Net income attributable to noncontrolling interest | 18 | ||||||||||||||||||
Net income attributable to Delphi | $ | 395 |
Electrical/ Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Three Months Ended September 30, 2016: | |||||||||||||||||||
Adjusted operating income | $ | 317 | $ | 122 | $ | 95 | $ | — | $ | 534 | |||||||||
Restructuring | (30 | ) | (22 | ) | (11 | ) | — | (63 | ) | ||||||||||
Other acquisition and portfolio project costs | (4 | ) | (2 | ) | (1 | ) | — | (7 | ) | ||||||||||
Asset impairments | — | — | (1 | ) | — | (1 | ) | ||||||||||||
Operating income | $ | 283 | $ | 98 | $ | 82 | $ | — | 463 | ||||||||||
Interest expense | (41 | ) | |||||||||||||||||
Other expense, net | (69 | ) | |||||||||||||||||
Income from continuing operations before income taxes and equity income | 353 | ||||||||||||||||||
Income tax expense | (57 | ) | |||||||||||||||||
Equity income, net of tax | 10 | ||||||||||||||||||
Income from continuing operations | 306 | ||||||||||||||||||
Income from discontinued operations, net of tax | — | ||||||||||||||||||
Net income | 306 | ||||||||||||||||||
Net income attributable to noncontrolling interest | 13 | ||||||||||||||||||
Net income attributable to Delphi | $ | 293 |
Electrical/ Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Nine Months Ended September 30, 2017: | |||||||||||||||||||
Adjusted operating income | $ | 998 | $ | 472 | $ | 220 | $ | — | $ | 1,690 | |||||||||
Restructuring | (43 | ) | (81 | ) | (56 | ) | — | (180 | ) | ||||||||||
Separation costs | — | (46 | ) | — | — | (46 | ) | ||||||||||||
Other acquisition and portfolio project costs | (6 | ) | (2 | ) | (3 | ) | — | (11 | ) | ||||||||||
Asset impairments | (1 | ) | (8 | ) | (1 | ) | — | (10 | ) | ||||||||||
Operating income | $ | 948 | $ | 335 | $ | 160 | $ | — | 1,443 | ||||||||||
Interest expense | (105 | ) | |||||||||||||||||
Other expense, net | (29 | ) | |||||||||||||||||
Income from continuing operations before income taxes and equity income | 1,309 | ||||||||||||||||||
Income tax expense | (183 | ) | |||||||||||||||||
Equity income, net of tax | 25 | ||||||||||||||||||
Income from continuing operations | 1,151 | ||||||||||||||||||
Income from discontinued operations, net of tax | — | ||||||||||||||||||
Net income | 1,151 | ||||||||||||||||||
Net income attributable to noncontrolling interest | 52 | ||||||||||||||||||
Net income attributable to Delphi | $ | 1,099 |
Electrical/ Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Nine Months Ended September 30, 2016: | |||||||||||||||||||
Adjusted operating income | $ | 969 | $ | 381 | $ | 276 | $ | — | $ | 1,626 | |||||||||
Restructuring | (65 | ) | (157 | ) | (30 | ) | — | (252 | ) | ||||||||||
Other acquisition and portfolio project costs | (36 | ) | (8 | ) | (6 | ) | — | (50 | ) | ||||||||||
Asset impairments | — | (22 | ) | (1 | ) | — | (23 | ) | |||||||||||
Operating income | $ | 868 | $ | 194 | $ | 239 | $ | — | 1,301 | ||||||||||
Interest expense | (123 | ) | |||||||||||||||||
Other expense, net | (73 | ) | |||||||||||||||||
Income from continuing operations before income taxes and equity income | 1,105 | ||||||||||||||||||
Income tax expense | (216 | ) | |||||||||||||||||
Equity income, net of tax | 23 | ||||||||||||||||||
Income from continuing operations | 912 | ||||||||||||||||||
Income from discontinued operations, net of tax | 108 | ||||||||||||||||||
Net income | 1,020 | ||||||||||||||||||
Net income attributable to noncontrolling interest | 44 | ||||||||||||||||||
Net income attributable to Delphi | $ | 976 |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 78 | |||||||
Cost of sales | — | — | — | 67 | |||||||||||
Selling, general and administrative | — | — | — | 4 | |||||||||||
Income from discontinued operations before income taxes and equity income | — | — | — | 7 | |||||||||||
Gain on divestiture of discontinued operations, net of tax | — | — | — | 104 | |||||||||||
Adjustment to prior period gain on divestiture, net of tax | — | — | — | (3 | ) | ||||||||||
Income from discontinued operations, net of tax | — | — | — | 108 | |||||||||||
Income from discontinued operations attributable to noncontrolling interests | — | — | — | 3 | |||||||||||
Net income from discontinued operations attributable to Delphi | $ | — | $ | — | $ | — | $ | 105 |
|
|
Percentage of Total Net Sales | Accounts and Other Receivables | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | September 30, 2017 | December 31, 2016 | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
GM | 11 | % | 15 | % | 13 | % | 14 | % | $ | 291 | $ | 370 | ||||||||
VW | 8 | % | 8 | % | 8 | % | 8 | % | 205 | 150 |
|
Percentage of Total Net Sales | Accounts and Other Receivables | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | September 30, 2017 | December 31, 2016 | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
GM | 11 | % | 15 | % | 13 | % | 14 | % | $ | 291 | $ | 370 | ||||||||
VW | 8 | % | 8 | % | 8 | % | 8 | % | 205 | 150 |
|
September 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Productive material | $ | 855 | $ | 649 | |||
Work-in-process | 152 | 113 | |||||
Finished goods | 635 | 470 | |||||
Total | $ | 1,642 | $ | 1,232 |
|
September 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Value added tax receivable | $ | 194 | $ | 192 | |||
Prepaid insurance and other expenses | 81 | 66 | |||||
Reimbursable engineering costs | 52 | 63 | |||||
Notes receivable | 43 | 43 | |||||
Income and other taxes receivable | 72 | 26 | |||||
Deposits to vendors | 9 | 8 | |||||
Derivative financial instruments (Note 14) | 36 | 11 | |||||
Other | 2 | 1 | |||||
Total | $ | 489 | $ | 410 |
September 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Deferred income taxes, net | $ | 272 | $ | 283 | |||
Unamortized Revolving Credit Facility debt issuance costs (Note 8) | 17 | 10 | |||||
Income and other taxes receivable | 74 | 56 | |||||
Reimbursable engineering costs | 51 | 26 | |||||
Value added tax receivable | 39 | 33 | |||||
Cost method investments (Note 17) | 77 | 26 | |||||
Derivative financial instruments (Note 14) | 12 | 8 | |||||
Other | 82 | 67 | |||||
Total | $ | 624 | $ | 509 |
|
September 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Payroll-related obligations | $ | 284 | $ | 233 | |||
Employee benefits, including current pension obligations | 83 | 106 | |||||
Reserve for Unsecured Creditors litigation (Note 10) | — | 300 | |||||
Income and other taxes payable | 217 | 188 | |||||
Warranty obligations (Note 6) | 112 | 102 | |||||
Restructuring (Note 7) | 155 | 153 | |||||
Customer deposits | 31 | 30 | |||||
Derivative financial instruments (Note 14) | 16 | 45 | |||||
Accrued interest | 30 | 40 | |||||
Other | 455 | 376 | |||||
Total | $ | 1,383 | $ | 1,573 |
September 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Environmental (Note 10) | $ | 5 | $ | 5 | |||
Extended disability benefits | 8 | 8 | |||||
Warranty obligations (Note 6) | 53 | 59 | |||||
Restructuring (Note 7) | 82 | 45 | |||||
Payroll-related obligations | 10 | 9 | |||||
Accrued income taxes | 129 | 125 | |||||
Deferred income taxes, net | 178 | 158 | |||||
Derivative financial instruments (Note 14) | 3 | 11 | |||||
Other | 53 | 47 | |||||
Total | $ | 521 | $ | 467 |
|
Warranty Obligations | |||
(in millions) | |||
Accrual balance at beginning of period | $ | 161 | |
Provision for estimated warranties incurred during the period | 64 | ||
Changes in estimate for pre-existing warranties | 48 | ||
Settlements made during the period (in cash or in kind) | (117 | ) | |
Foreign currency translation and other | 9 | ||
Accrual balance at end of period | $ | 165 |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Electrical/Electronic Architecture | $ | 17 | $ | 30 | $ | 43 | $ | 65 | |||||||
Powertrain Systems | 4 | 22 | 81 | 157 | |||||||||||
Electronics and Safety | — | 11 | 56 | 30 | |||||||||||
Total | $ | 21 | $ | 63 | $ | 180 | $ | 252 |
Employee Termination Benefits Liability | Other Exit Costs Liability | Total | |||||||||
(in millions) | |||||||||||
Accrual balance at January 1, 2017 | $ | 193 | $ | 5 | $ | 198 | |||||
Provision for estimated expenses incurred during the period | 180 | — | 180 | ||||||||
Payments made during the period | (159 | ) | (3 | ) | (162 | ) | |||||
Foreign currency and other | 22 | (1 | ) | 21 | |||||||
Accrual balance at September 30, 2017 | $ | 236 | $ | 1 | $ | 237 |
|
September 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
3.15%, senior notes, due 2020 (net of $2 and $3 unamortized issuance costs and $1 and $1 discount, respectively) | $ | 647 | $ | 646 | |||
4.15%, senior notes, due 2024 (net of $4 and $4 unamortized issuance costs and $1 and $2 discount, respectively) | 695 | 694 | |||||
1.50%, Euro-denominated senior notes, due 2025 (net of $4 and $4 unamortized issuance costs and $3 and $3 discount, respectively) | 815 | 729 | |||||
4.25%, senior notes, due 2026 (net of $4 and $4 unamortized issuance costs, respectively) | 646 | 646 | |||||
1.60%, Euro-denominated senior notes, due 2028 (net of $4 and $4 unamortized issuance costs and $0 and $1 discount, respectively) | 583 | 521 | |||||
4.40%, senior notes, due 2046 (net of $3 and $3 unamortized issuance costs and $2 and $2 discount, respectively) | 295 | 295 | |||||
Tranche A Term Loan, due 2021 (net of $2 and $2 unamortized issuance costs, respectively) | 398 | 398 | |||||
Capital leases and other | 38 | 42 | |||||
Sub-total | 4,117 | 3,971 | |||||
Powertrain Spin-Off Debt: 5.00%, senior notes, due 2025 (net of $14 and $0 unamortized issuance costs and $4 and $0 discount, respectively) | 782 | — | |||||
Total debt | 4,899 | 3,971 | |||||
Less: current portion | (15 | ) | (12 | ) | |||
Long-term debt | $ | 4,884 | $ | 3,959 |
September 30, 2017 | December 31, 2016 | ||||||||||
LIBOR plus | ABR plus | LIBOR plus | ABR plus | ||||||||
Revolving Credit Facility | 1.10 | % | 0.10 | % | 1.10 | % | 0.10 | % | |||
Tranche A Term Loan | 1.25 | % | 0.25 | % | 1.25 | % | 0.25 | % |
Borrowings as of | ||||||||
September 30, 2017 | Rate effective as of | |||||||
Applicable Rate | (in millions) | September 30, 2017 | ||||||
Tranche A Term Loan | LIBOR plus 1.25% | $ | 400 | 2.50 | % |
|
Non-U.S. Plans | U.S. Plans | ||||||||||||||
Three Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Service cost | $ | 13 | $ | 12 | $ | — | $ | — | |||||||
Interest cost | 16 | 17 | — | — | |||||||||||
Expected return on plan assets | (19 | ) | (18 | ) | — | — | |||||||||
Curtailment loss | 1 | — | — | — | |||||||||||
Amortization of actuarial losses | 11 | 4 | — | — | |||||||||||
Net periodic benefit cost | $ | 22 | $ | 15 | $ | — | $ | — |
Non-U.S. Plans | U.S. Plans | ||||||||||||||
Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Service cost | $ | 40 | $ | 37 | $ | — | $ | — | |||||||
Interest cost | 45 | 51 | 1 | 1 | |||||||||||
Expected return on plan assets | (54 | ) | (54 | ) | — | — | |||||||||
Curtailment loss | 4 | — | — | — | |||||||||||
Amortization of actuarial losses | 29 | 11 | — | — | |||||||||||
Net periodic benefit cost | $ | 64 | $ | 45 | $ | 1 | $ | 1 |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(dollars in millions) | |||||||||||||||
Income tax expense | $ | 60 | $ | 57 | $ | 183 | $ | 216 | |||||||
Effective tax rate | 13 | % | 16 | % | 14 | % | 20 | % |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||
Balance at beginning of period | $ | (614 | ) | $ | (678 | ) | $ | (799 | ) | $ | (661 | ) | |||
Aggregate adjustment for the period (1) | 84 | 26 | 269 | 9 | |||||||||||
Balance at end of period | (530 | ) | (652 | ) | (530 | ) | (652 | ) | |||||||
Gains (losses) on derivatives: | |||||||||||||||
Balance at beginning of period | 32 | (57 | ) | (11 | ) | (106 | ) | ||||||||
Other comprehensive income before reclassifications (net tax effect of $5, $10, $15 and $17) | (3 | ) | (16 | ) | 26 | (21 | ) | ||||||||
Reclassification to income (net tax effect of $0, $8, $10 and $24) | (6 | ) | 22 | 8 | 76 | ||||||||||
Balance at end of period | 23 | (51 | ) | 23 | (51 | ) | |||||||||
Pension and postretirement plans: | |||||||||||||||
Balance at beginning of period | (400 | ) | (244 | ) | (405 | ) | (266 | ) | |||||||
Other comprehensive income before reclassifications (net tax effect of $4, $0, $8 and $4) | (15 | ) | 3 | (25 | ) | 19 | |||||||||
Reclassification to income (net tax effect of $2, $0, $5 and $1) | 9 | 3 | 24 | 9 | |||||||||||
Balance at end of period | (406 | ) | (238 | ) | (406 | ) | (238 | ) | |||||||
Accumulated other comprehensive loss, end of period | $ | (913 | ) | $ | (941 | ) | $ | (913 | ) | $ | (941 | ) |
(1) | Includes losses of $44 million and $147 million for the three and nine months ended September 30, 2017, and losses of $10 million and $18 million for the three and nine months ended September 30, 2016, respectively, related to non-derivative net investment hedges, principally offset by the foreign currency impact of intra-entity loans that are of a long-term investment nature in each period. Refer to Note 14. Derivatives and Hedging Activities for further description of these hedges. |
Reclassification Out of Accumulated Other Comprehensive Income | ||||||||||||||||||
Details About Accumulated Other Comprehensive Income Components | Three Months Ended September 30, | Nine Months Ended September 30, | Affected Line Item in the Statement of Operations | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||
(in millions) | ||||||||||||||||||
Gains (losses) on derivatives: | ||||||||||||||||||
Commodity derivatives | $ | 5 | $ | (10 | ) | $ | 8 | $ | (35 | ) | Cost of sales | |||||||
Foreign currency derivatives | 1 | (20 | ) | (26 | ) | (65 | ) | Cost of sales | ||||||||||
6 | (30 | ) | (18 | ) | (100 | ) | Income before income taxes | |||||||||||
— | 8 | 10 | 24 | Income tax expense | ||||||||||||||
6 | (22 | ) | (8 | ) | (76 | ) | Net income | |||||||||||
— | — | — | — | Net income attributable to noncontrolling interest | ||||||||||||||
$ | 6 | $ | (22 | ) | $ | (8 | ) | $ | (76 | ) | Net income attributable to Delphi | |||||||
Pension and postretirement plans: | ||||||||||||||||||
Actuarial losses | $ | (11 | ) | $ | (3 | ) | $ | (29 | ) | $ | (10 | ) | Other expense (1) | |||||
(11 | ) | (3 | ) | (29 | ) | (10 | ) | Income before income taxes | ||||||||||
2 | — | 5 | 1 | Income tax expense | ||||||||||||||
(9 | ) | (3 | ) | (24 | ) | (9 | ) | Net income | ||||||||||
— | — | — | — | Net income attributable to noncontrolling interest | ||||||||||||||
$ | (9 | ) | $ | (3 | ) | $ | (24 | ) | $ | (9 | ) | Net income attributable to Delphi | ||||||
Total reclassifications for the period | $ | (3 | ) | $ | (25 | ) | $ | (32 | ) | $ | (85 | ) |
(1) | These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 9. Pension Benefits for additional details). |
|
Commodity | Quantity Hedged | Unit of Measure | Notional Amount (Approximate USD Equivalent) | |||||
(in thousands) | (in millions) | |||||||
Copper | 57,124 | pounds | $ | 170 |
Foreign Currency | Quantity Hedged | Unit of Measure | Notional Amount (Approximate USD Equivalent) | |||||
(in millions) | ||||||||
Mexican Peso | 16,872 | MXN | $ | 925 | ||||
Chinese Yuan Renminbi | 2,410 | RMB | 365 | |||||
Polish Zloty | 344 | PLN | 95 | |||||
New Turkish Lira | 185 | TRY | 50 | |||||
Hungarian Forint | 4,025 | HUF | 15 |
Asset Derivatives | Liability Derivatives | Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet | |||||||||||||
Balance Sheet Location | September 30, 2017 | Balance Sheet Location | September 30, 2017 | September 30, 2017 | |||||||||||
(in millions) | |||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||
Commodity derivatives | Other current assets | $ | 20 | Accrued liabilities | $ | — | |||||||||
Foreign currency derivatives* | Other current assets | 23 | Other current assets | 7 | $ | 16 | |||||||||
Foreign currency derivatives* | Accrued liabilities | 2 | Accrued liabilities | 6 | (4 | ) | |||||||||
Commodity derivatives | Other long-term assets | 5 | Other long-term liabilities | — | |||||||||||
Foreign currency derivatives* | Other long-term assets | 8 | Other long-term assets | 1 | 7 | ||||||||||
Foreign currency derivatives* | Other long-term liabilities | — | Other long-term liabilities | 3 | (3 | ) | |||||||||
Derivatives designated as net investment hedges: | |||||||||||||||
Foreign currency derivatives | Other current assets | $ | — | Accrued liabilities | $ | 12 | |||||||||
Total derivatives designated as hedges | $ | 58 | $ | 29 |
Asset Derivatives | Liability Derivatives | Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet | |||||||||||||
Balance Sheet Location | December 31, 2016 | Balance Sheet Location | December 31, 2016 | December 31, 2016 | |||||||||||
(in millions) | |||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||
Commodity derivatives | Other current assets | $ | 7 | Accrued liabilities | $ | — | |||||||||
Foreign currency derivatives* | Other current assets | 6 | Other current assets | 3 | $ | 3 | |||||||||
Foreign currency derivatives* | Accrued liabilities | 9 | Accrued liabilities | 55 | (46 | ) | |||||||||
Commodity derivatives | Other long-term assets | 4 | Other long-term liabilities | — | |||||||||||
Foreign currency derivatives* | Other long-term assets | 8 | Other long-term assets | 4 | 4 | ||||||||||
Foreign currency derivatives* | Other long-term liabilities | — | Other long-term liabilities | 11 | (11 | ) | |||||||||
Derivatives designated as net investment hedges: | |||||||||||||||
Foreign currency derivatives | Other current assets | $ | 2 | Accrued liabilities | $ | — | |||||||||
Total derivatives designated as hedges | $ | 36 | $ | 73 | |||||||||||
Derivatives not designated: | |||||||||||||||
Foreign currency derivatives* | Other current assets | $ | — | Other current assets | $ | 1 | (1 | ) | |||||||
Foreign currency derivatives* | Accrued liabilities | 2 | Accrued liabilities | 1 | 1 | ||||||||||
Total derivatives not designated as hedges | $ | 2 | $ | 2 |
Three Months Ended September 30, 2017 | Gain (loss) Recognized in OCI (Effective Portion) | Gain Reclassified from OCI into Income (Effective Portion) | Gain Recognized in Income (Ineffective Portion Excluded from Effectiveness Testing) | ||||||||
(in millions) | |||||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Commodity derivatives | $ | 15 | $ | 5 | $ | — | |||||
Foreign currency derivatives | (13 | ) | 1 | — | |||||||
Derivatives designated as net investment hedges: | |||||||||||
Foreign currency derivatives | (10 | ) | — | — | |||||||
Total | $ | (8 | ) | $ | 6 | $ | — |
Gain Recognized in Income | |||
(in millions) | |||
Derivatives not designated: | |||
Commodity derivatives | $ | — | |
Foreign currency derivatives | — | ||
Total | $ | — |
Three Months Ended September 30, 2016 | Gain (loss) Recognized in OCI (Effective Portion) | Loss Reclassified from OCI into Income (Effective Portion) | Gain Recognized in Income (Ineffective Portion Excluded from Effectiveness Testing) | ||||||||
(in millions) | |||||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Commodity derivatives | $ | 1 | $ | (10 | ) | $ | — | ||||
Foreign currency derivatives | (26 | ) | (20 | ) | — | ||||||
Derivatives designated as net investment hedges: | |||||||||||
Foreign currency derivatives | (1 | ) | — | — | |||||||
Total | $ | (26 | ) | $ | (30 | ) | $ | — |
Gain Recognized in Income | |||
(in millions) | |||
Derivatives not designated: | |||
Foreign currency derivatives | $ | 1 | |
Total | $ | 1 |
Nine Months Ended September 30, 2017 | Gain (loss) Recognized in OCI (Effective Portion) | Gain (loss) Reclassified from OCI into Income (Effective Portion) | Gain Recognized in Income (Ineffective Portion Excluded from Effectiveness Testing) | ||||||||
(in millions) | |||||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Commodity derivatives | $ | 26 | $ | 8 | $ | — | |||||
Foreign currency derivatives | 41 | (26 | ) | — | |||||||
Derivatives designated as net investment hedges: | |||||||||||
Foreign currency derivatives | (26 | ) | — | — | |||||||
Total | $ | 41 | $ | (18 | ) | $ | — |
Loss Recognized in Income | |||
(in millions) | |||
Derivatives not designated: | |||
Foreign currency derivatives | $ | (5 | ) |
Total | $ | (5 | ) |
Nine Months Ended September 30, 2016 | Gain (loss) Recognized in OCI (Effective Portion) | Loss Reclassified from OCI into Income (Effective Portion) | Gain Recognized in Income (Ineffective Portion Excluded from Effectiveness Testing) | ||||||||
(in millions) | |||||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Commodity derivatives | $ | 5 | $ | (35 | ) | $ | — | ||||
Foreign currency derivatives | (46 | ) | (65 | ) | — | ||||||
Derivatives designated as net investment hedges: | |||||||||||
Foreign currency derivatives | 3 | — | — | ||||||||
Total | $ | (38 | ) | $ | (100 | ) | $ | — |
Loss Recognized in Income | |||
(in millions) | |||
Derivatives not designated: | |||
Foreign currency derivatives | $ | (1 | ) |
Total | $ | (1 | ) |
|
Contingent Consideration Liability | |||
(in millions) | |||
Fair value at beginning of period | $ | 35 | |
Additions | 8 | ||
Payments | (22 | ) | |
Interest accretion | 1 | ||
Fair value at end of period | $ | 22 |
Total | Quoted Prices in Active Markets Level 1 | Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 | ||||||||||||
(in millions) | |||||||||||||||
As of September 30, 2017 | |||||||||||||||
Commodity derivatives | $ | 25 | $ | — | $ | 25 | $ | — | |||||||
Foreign currency derivatives | 23 | — | 23 | — | |||||||||||
Total | $ | 48 | $ | — | $ | 48 | $ | — | |||||||
As of December 31, 2016: | |||||||||||||||
Commodity derivatives | $ | 11 | $ | — | $ | 11 | $ | — | |||||||
Foreign currency derivatives | 8 | — | 8 | — | |||||||||||
Total | $ | 19 | $ | — | $ | 19 | $ | — |
Total | Quoted Prices in Active Markets Level 1 | Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 | ||||||||||||
(in millions) | |||||||||||||||
As of September 30, 2017 | |||||||||||||||
Commodity derivatives | $ | — | $ | — | $ | — | $ | — | |||||||
Foreign currency derivatives | 19 | — | 19 | — | |||||||||||
Contingent consideration | 22 | — | — | 22 | |||||||||||
Total | $ | 41 | $ | — | $ | 19 | $ | 22 | |||||||
As of December 31, 2016: | |||||||||||||||
Foreign currency derivatives | $ | 56 | $ | — | $ | 56 | $ | — | |||||||
Contingent consideration | 35 | — | — | 35 | |||||||||||
Total | $ | 91 | $ | — | $ | 56 | $ | 35 |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Interest income | $ | 2 | $ | 1 | $ | 5 | $ | 2 | |||||||
Loss on extinguishment of debt | — | (73 | ) | — | (73 | ) | |||||||||
Components of net periodic benefit cost other than service cost (Note 9) | (9 | ) | (3 | ) | (25 | ) | (9 | ) | |||||||
Reserve for Unsecured Creditors litigation | — | — | (10 | ) | — | ||||||||||
Other, net | (2 | ) | 6 | 1 | 7 | ||||||||||
Other expense, net | $ | (9 | ) | $ | (69 | ) | $ | (29 | ) | $ | (73 | ) |
|
Investment Name | Segment | Investment Date | Investment (in millions) | |||
Innoviz Technologies | Electronics and Safety | Q3 2017 | $ | 15 | ||
LeddarTech, Inc. | Electronics and Safety | Q3 2017 | 10 | |||
Valens Semiconductor Ltd. | Electrical/Electronic Architecture | Q2 2017 | 10 | |||
Otonomo Technologies Ltd. | Electronics and Safety | Q1 2017 | 15 | |||
Tula Technology Inc. | Powertrain Systems | Q2 2015; Q3 2017 | 21 | |||
Quanergy Systems, Inc | Electronics and Safety | Q2 2015; Q1 2016 | 6 | |||
$ | 77 |
Purchase price, cash consideration, net of cash acquired | $ | 40 | |
Purchase price, fair value of contingent consideration | 8 | ||
Total purchase price, net of cash acquired | $ | 48 | |
Intangible assets | $ | 22 | |
Other assets, net | 4 | ||
Identifiable net assets acquired | 26 | ||
Goodwill resulting from purchase | 22 | ||
Total purchase price allocation | $ | 48 |
Purchase price, cash consideration | $ | 15 | |
Intangible assets | $ | 10 | |
Goodwill resulting from purchase | 5 | ||
Total purchase price allocation | $ | 15 |
Purchase price, cash consideration, net of cash acquired | $ | 1,534 | |
Debt and pension liabilities assumed | 258 | ||
Total consideration, net of cash acquired | $ | 1,792 | |
Property, plant and equipment | $ | 326 | |
Indefinite-lived intangible assets | 128 | ||
Definite-lived intangible assets | 554 | ||
Other liabilities, net | (82 | ) | |
Identifiable net assets acquired | 926 | ||
Goodwill resulting from purchase | 866 | ||
Total purchase price allocation | $ | 1,792 |
|
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 4,333 | $ | — | $ | 4,333 | |||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of sales | — | — | — | 3,450 | — | 3,450 | |||||||||||||||||
Selling, general and administrative | 37 | — | — | 280 | — | 317 | |||||||||||||||||
Amortization | — | — | — | 34 | — | 34 | |||||||||||||||||
Restructuring | — | — | — | 21 | — | 21 | |||||||||||||||||
Total operating expenses | 37 | — | — | 3,785 | — | 3,822 | |||||||||||||||||
Operating (loss) income | (37 | ) | — | — | 548 | — | 511 | ||||||||||||||||
Interest (expense) income | (66 | ) | (10 | ) | (44 | ) | (3 | ) | 87 | (36 | ) | ||||||||||||
Other income (expense), net | — | 39 | 1 | 38 | (87 | ) | (9 | ) | |||||||||||||||
(Loss) income from continuing operations before income taxes and equity income | (103 | ) | 29 | (43 | ) | 583 | — | 466 | |||||||||||||||
Income tax (expense) benefit | (1 | ) | — | 16 | (75 | ) | — | (60 | ) | ||||||||||||||
(Loss) income from continuing operations before equity income | (104 | ) | 29 | (27 | ) | 508 | — | 406 | |||||||||||||||
Equity in net income of affiliates | — | — | — | 7 | — | 7 | |||||||||||||||||
Equity in net income (loss) of subsidiaries | 499 | 452 | 40 | — | (991 | ) | — | ||||||||||||||||
Income (loss) from continuing operations | 395 | 481 | 13 | 515 | (991 | ) | 413 | ||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | — | — | — | |||||||||||||||||
Net income (loss) | 395 | 481 | 13 | 515 | (991 | ) | 413 | ||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 18 | — | 18 | |||||||||||||||||
Net income (loss) attributable to Delphi | $ | 395 | $ | 481 | $ | 13 | $ | 497 | $ | (991 | ) | $ | 395 |
Parent | Subsidiary Guarantors | Subsidiary Issuers/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 12,943 | $ | — | $ | 12,943 | |||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of sales | — | — | — | 10,314 | — | 10,314 | |||||||||||||||||
Selling, general and administrative | 72 | — | — | 834 | — | 906 | |||||||||||||||||
Amortization | — | — | — | 100 | — | 100 | |||||||||||||||||
Restructuring | — | — | — | 180 | — | 180 | |||||||||||||||||
Total operating expenses | 72 | — | — | 11,428 | — | 11,500 | |||||||||||||||||
Operating (loss) income | (72 | ) | — | — | 1,515 | — | 1,443 | ||||||||||||||||
Interest (expense) income | (188 | ) | (14 | ) | (130 | ) | (9 | ) | 236 | (105 | ) | ||||||||||||
Other income (expense), net | — | 105 | 2 | 100 | (236 | ) | (29 | ) | |||||||||||||||
(Loss) income from continuing operations before income taxes and equity income | (260 | ) | 91 | (128 | ) | 1,606 | — | 1,309 | |||||||||||||||
Income tax benefit (expense) | — | — | 47 | (230 | ) | — | (183 | ) | |||||||||||||||
(Loss) income from continuing operations before equity income | (260 | ) | 91 | (81 | ) | 1,376 | — | 1,126 | |||||||||||||||
Equity in net income of affiliates | — | — | — | 25 | — | 25 | |||||||||||||||||
Equity in net income (loss) of subsidiaries | 1,359 | 1,221 | 59 | — | (2,639 | ) | — | ||||||||||||||||
Income (loss) from continuing operations | 1,099 | 1,312 | (22 | ) | 1,401 | (2,639 | ) | 1,151 | |||||||||||||||
Income from discontinued operations, net of tax | — | — | — | — | — | — | |||||||||||||||||
Net income (loss) | 1,099 | 1,312 | (22 | ) | 1,401 | (2,639 | ) | 1,151 | |||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 52 | — | 52 | |||||||||||||||||
Net income (loss) attributable to Delphi | $ | 1,099 | $ | 1,312 | $ | (22 | ) | $ | 1,349 | $ | (2,639 | ) | $ | 1,099 |
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 4,091 | $ | — | $ | 4,091 | |||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of sales | — | — | — | 3,253 | — | 3,253 | |||||||||||||||||
Selling, general and administrative | 44 | — | — | 234 | — | 278 | |||||||||||||||||
Amortization | — | — | — | 34 | — | 34 | |||||||||||||||||
Restructuring | — | — | — | 63 | — | 63 | |||||||||||||||||
Total operating expenses | 44 | — | — | 3,584 | — | 3,628 | |||||||||||||||||
Operating (loss) income | (44 | ) | — | — | 507 | — | 463 | ||||||||||||||||
Interest (expense) income | (54 | ) | (4 | ) | (52 | ) | (19 | ) | 88 | (41 | ) | ||||||||||||
Other (expense) income, net | (5 | ) | 34 | (51 | ) | 41 | (88 | ) | (69 | ) | |||||||||||||
(Loss) income from continuing operations before income taxes and equity income | (103 | ) | 30 | (103 | ) | 529 | — | 353 | |||||||||||||||
Income tax benefit (expense) | — | — | 38 | (95 | ) | — | (57 | ) | |||||||||||||||
(Loss) income from continuing operations before equity income | (103 | ) | 30 | (65 | ) | 434 | — | 296 | |||||||||||||||
Equity in net income of affiliates | — | — | — | 10 | — | 10 | |||||||||||||||||
Equity in net income (loss) of subsidiaries | 396 | 347 | 111 | — | (854 | ) | — | ||||||||||||||||
Income from continuing operations | 293 | 377 | 46 | 444 | (854 | ) | 306 | ||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | — | — | — | |||||||||||||||||
Net income (loss) | 293 | 377 | 46 | 444 | (854 | ) | 306 | ||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 13 | — | 13 | |||||||||||||||||
Net income (loss) attributable to Delphi | $ | 293 | $ | 377 | $ | 46 | $ | 431 | $ | (854 | ) | $ | 293 |
Parent | Subsidiary Guarantors | Subsidiary Issuers/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 12,348 | $ | — | $ | 12,348 | |||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of sales | — | — | — | 9,861 | — | 9,861 | |||||||||||||||||
Selling, general and administrative | 108 | — | — | 725 | — | 833 | |||||||||||||||||
Amortization | — | — | — | 101 | — | 101 | |||||||||||||||||
Restructuring | — | — | — | 252 | — | 252 | |||||||||||||||||
Total operating expenses | 108 | — | — | 10,939 | — | 11,047 | |||||||||||||||||
Operating (loss) income | (108 | ) | — | — | 1,409 | — | 1,301 | ||||||||||||||||
Interest (expense) income | (150 | ) | (20 | ) | (153 | ) | (58 | ) | 258 | (123 | ) | ||||||||||||
Other (expense) income, net | (5 | ) | 96 | (18 | ) | 112 | (258 | ) | (73 | ) | |||||||||||||
(Loss) income from continuing operations before income taxes and equity income | (263 | ) | 76 | (171 | ) | 1,463 | — | 1,105 | |||||||||||||||
Income tax benefit (expense) | — | — | 63 | (279 | ) | — | (216 | ) | |||||||||||||||
(Loss) income from continuing operations before equity income | (263 | ) | 76 | (108 | ) | 1,184 | — | 889 | |||||||||||||||
Equity in net income of affiliates | — | — | — | 23 | — | 23 | |||||||||||||||||
Equity in net income (loss) of subsidiaries | 1,239 | 1,147 | 362 | — | (2,748 | ) | — | ||||||||||||||||
Income from continuing operations | 976 | 1,223 | 254 | 1,207 | (2,748 | ) | 912 | ||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | 108 | — | 108 | |||||||||||||||||
Net income (loss) | 976 | 1,223 | 254 | 1,315 | (2,748 | ) | 1,020 | ||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 44 | — | 44 | |||||||||||||||||
Net income (loss) attributable to Delphi | $ | 976 | $ | 1,223 | $ | 254 | $ | 1,271 | $ | (2,748 | ) | $ | 976 |
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income (loss) | $ | 395 | $ | 481 | $ | 13 | $ | 515 | $ | (991 | ) | $ | 413 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Currency translation adjustments | (44 | ) | — | — | 131 | — | 87 | ||||||||||||||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax | — | — | — | (9 | ) | — | (9 | ) | |||||||||||||||
Employee benefit plans adjustment, net of tax | — | — | — | (6 | ) | — | (6 | ) | |||||||||||||||
Other comprehensive (loss) income | (44 | ) | — | — | 116 | — | 72 | ||||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries | 113 | (74 | ) | (7 | ) | — | (32 | ) | — | ||||||||||||||
Comprehensive income (loss) | 464 | 407 | 6 | 631 | (1,023 | ) | 485 | ||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 21 | — | 21 | |||||||||||||||||
Comprehensive income (loss) attributable to Delphi | $ | 464 | $ | 407 | $ | 6 | $ | 610 | $ | (1,023 | ) | $ | 464 |
Parent | Subsidiary Guarantors | Subsidiary Issuers/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income (loss) | $ | 1,099 | $ | 1,312 | $ | (22 | ) | $ | 1,401 | $ | (2,639 | ) | $ | 1,151 | |||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Currency translation adjustments | (147 | ) | — | — | 423 | — | 276 | ||||||||||||||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax | — | — | — | 34 | — | 34 | |||||||||||||||||
Employee benefit plans adjustment, net of tax | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||
Other comprehensive (loss) income | (147 | ) | — | — | 456 | — | 309 | ||||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries | 449 | (85 | ) | 54 | — | (418 | ) | — | |||||||||||||||
Comprehensive income (loss) | 1,401 | 1,227 | 32 | 1,857 | (3,057 | ) | 1,460 | ||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 59 | — | 59 | |||||||||||||||||
Comprehensive income (loss) attributable to Delphi | $ | 1,401 | $ | 1,227 | $ | 32 | $ | 1,798 | $ | (3,057 | ) | $ | 1,401 |
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income (loss) | $ | 293 | $ | 377 | $ | 46 | $ | 444 | $ | (854 | ) | $ | 306 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Currency translation adjustments | (9 | ) | — | — | 36 | — | 27 | ||||||||||||||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax | — | — | — | 6 | — | 6 | |||||||||||||||||
Employee benefit plans adjustment, net of tax | — | — | — | 6 | — | 6 | |||||||||||||||||
Other comprehensive (loss) income | (9 | ) | — | — | 48 | — | 39 | ||||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries | 47 | (85 | ) | — | — | 38 | — | ||||||||||||||||
Comprehensive income (loss) | 331 | 292 | 46 | 492 | (816 | ) | 345 | ||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 14 | — | 14 | |||||||||||||||||
Comprehensive income (loss) attributable to Delphi | $ | 331 | $ | 292 | $ | 46 | $ | 478 | $ | (816 | ) | $ | 331 |
Parent | Subsidiary Guarantors | Subsidiary Issuers/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income (loss) | $ | 976 | $ | 1,223 | $ | 254 | $ | 1,315 | $ | (2,748 | ) | $ | 1,020 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Currency translation adjustments | (18 | ) | — | — | 26 | — | 8 | ||||||||||||||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax | — | — | — | 55 | — | 55 | |||||||||||||||||
Employee benefit plans adjustment, net of tax | — | — | — | 28 | — | 28 | |||||||||||||||||
Other comprehensive (loss) income | (18 | ) | — | — | 109 | — | 91 | ||||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries | 110 | (210 | ) | 11 | — | 89 | — | ||||||||||||||||
Comprehensive income (loss) | 1,068 | 1,013 | 265 | 1,424 | (2,659 | ) | 1,111 | ||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 43 | — | 43 | |||||||||||||||||
Comprehensive income (loss) attributable to Delphi | $ | 1,068 | $ | 1,013 | $ | 265 | $ | 1,381 | $ | (2,659 | ) | $ | 1,068 |
Parent | Subsidiary Guarantors | Subsidiary Issuers/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | — | $ | 556 | $ | — | $ | 557 | |||||||||||
Cash in escrow related to Powertrain Spin-Off senior notes offering (Note 8) | — | — | — | 796 | — | 796 | |||||||||||||||||
Restricted cash | — | — | — | 1 | — | 1 | |||||||||||||||||
Accounts receivable, net | — | — | — | 3,225 | — | 3,225 | |||||||||||||||||
Intercompany receivables, current | — | 1,914 | 201 | 7,903 | (10,018 | ) | — | ||||||||||||||||
Inventories | — | — | — | 1,642 | — | 1,642 | |||||||||||||||||
Other current assets | — | — | — | 489 | — | 489 | |||||||||||||||||
Total current assets | 1 | 1,914 | 201 | 14,612 | (10,018 | ) | 6,710 | ||||||||||||||||
Long-term assets: | |||||||||||||||||||||||
Intercompany receivables, long-term | — | 1,114 | 768 | 449 | (2,331 | ) | — | ||||||||||||||||
Property, net | — | — | — | 3,819 | — | 3,819 | |||||||||||||||||
Investments in affiliates | — | — | — | 130 | — | 130 | |||||||||||||||||
Investments in subsidiaries | 12,642 | 10,265 | 3,322 | — | (26,229 | ) | — | ||||||||||||||||
Intangible assets, net | — | — | — | 2,883 | — | 2,883 | |||||||||||||||||
Other long-term assets | 60 | — | 8 | 556 | — | 624 | |||||||||||||||||
Total long-term assets | 12,702 | 11,379 | 4,098 | 7,837 | (28,560 | ) | 7,456 | ||||||||||||||||
Total assets | $ | 12,703 | $ | 13,293 | $ | 4,299 | $ | 22,449 | $ | (38,578 | ) | $ | 14,166 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | 10 | $ | 5 | $ | — | $ | 15 | |||||||||||
Accounts payable | 2 | — | — | 2,743 | — | 2,745 | |||||||||||||||||
Intercompany payables, current | 6,314 | 1,708 | 998 | 998 | (10,018 | ) | — | ||||||||||||||||
Accrued liabilities | 28 | — | 2 | 1,353 | — | 1,383 | |||||||||||||||||
Total current liabilities | 6,344 | 1,708 | 1,010 | 5,099 | (10,018 | ) | 4,143 | ||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||||
Long-term debt | 2,986 | — | 1,083 | 815 | — | 4,884 | |||||||||||||||||
Intercompany payables, long-term | 170 | — | 1,340 | 821 | (2,331 | ) | — | ||||||||||||||||
Pension benefit obligations | — | — | — | 1,004 | — | 1,004 | |||||||||||||||||
Other long-term liabilities | — | — | 12 | 509 | — | 521 | |||||||||||||||||
Total long-term liabilities | 3,156 | — | 2,435 | 3,149 | (2,331 | ) | 6,409 | ||||||||||||||||
Total liabilities | 9,500 | 1,708 | 3,445 | 8,248 | (12,349 | ) | 10,552 | ||||||||||||||||
Total Delphi shareholders’ equity | 3,203 | 11,585 | 854 | 13,790 | (26,229 | ) | 3,203 | ||||||||||||||||
Noncontrolling interest | — | — | — | 411 | — | 411 | |||||||||||||||||
Total shareholders’ equity | 3,203 | 11,585 | 854 | 14,201 | (26,229 | ) | 3,614 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 12,703 | $ | 13,293 | $ | 4,299 | $ | 22,449 | $ | (38,578 | ) | $ | 14,166 |
Parent | Subsidiary Guarantors | Subsidiary Issuers/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 2 | $ | — | $ | — | $ | 836 | $ | — | $ | 838 | |||||||||||
Restricted cash | — | — | — | 1 | — | 1 | |||||||||||||||||
Accounts receivable, net | — | — | — | 2,938 | — | 2,938 | |||||||||||||||||
Intercompany receivables, current | 47 | 1,843 | 436 | 5,285 | (7,611 | ) | — | ||||||||||||||||
Inventories | — | — | — | 1,232 | — | 1,232 | |||||||||||||||||
Other current assets | — | — | — | 410 | — | 410 | |||||||||||||||||
Total current assets | 49 | 1,843 | 436 | 10,702 | (7,611 | ) | 5,419 | ||||||||||||||||
Long-term assets: | |||||||||||||||||||||||
Intercompany receivables, long-term | — | 1,070 | 768 | 1,767 | (3,605 | ) | — | ||||||||||||||||
Property, net | — | — | — | 3,515 | — | 3,515 | |||||||||||||||||
Investments in affiliates | — | — | — | 101 | — | 101 | |||||||||||||||||
Investments in subsidiaries | 10,833 | 8,722 | 3,090 | — | (22,645 | ) | — | ||||||||||||||||
Intangible assets, net | — | — | — | 2,748 | — | 2,748 | |||||||||||||||||
Other long-term assets | 60 | — | 10 | 439 | — | 509 | |||||||||||||||||
Total long-term assets | 10,893 | 9,792 | 3,868 | 8,570 | (26,250 | ) | 6,873 | ||||||||||||||||
Total assets | $ | 10,942 | $ | 11,635 | $ | 4,304 | $ | 19,272 | $ | (33,861 | ) | $ | 12,292 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | 3 | $ | 9 | $ | — | $ | 12 | |||||||||||
Accounts payable | 3 | — | — | 2,560 | — | 2,563 | |||||||||||||||||
Intercompany payables, current | 5,504 | 68 | 974 | 1,065 | (7,611 | ) | — | ||||||||||||||||
Accrued liabilities | 31 | 300 | 30 | 1,212 | — | 1,573 | |||||||||||||||||
Total current liabilities | 5,538 | 368 | 1,007 | 4,846 | (7,611 | ) | 4,148 | ||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||||
Long-term debt | 2,837 | — | 1,090 | 32 | — | 3,959 | |||||||||||||||||
Intercompany payables, long-term | 166 | 1,317 | 1,296 | 826 | (3,605 | ) | — | ||||||||||||||||
Pension benefit obligations | — | — | — | 955 | — | 955 | |||||||||||||||||
Other long-term liabilities | — | — | 10 | 457 | — | 467 | |||||||||||||||||
Total long-term liabilities | 3,003 | 1,317 | 2,396 | 2,270 | (3,605 | ) | 5,381 | ||||||||||||||||
Total liabilities | 8,541 | 1,685 | 3,403 | 7,116 | (11,216 | ) | 9,529 | ||||||||||||||||
Total Delphi shareholders’ equity | 2,401 | 9,950 | 901 | 11,794 | (22,645 | ) | 2,401 | ||||||||||||||||
Noncontrolling interest | — | — | — | 362 | — | 362 | |||||||||||||||||
Total shareholders’ equity | 2,401 | 9,950 | 901 | 12,156 | (22,645 | ) | 2,763 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 10,942 | $ | 11,635 | $ | 4,304 | $ | 19,272 | $ | (33,861 | ) | $ | 12,292 |
Parent | Subsidiary Guarantors | Subsidiary Issuers/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (73 | ) | $ | (255 | ) | $ | — | $ | 1,368 | $ | — | $ | 1,040 | |||||||||
Net cash provided by operating activities from discontinued operations | — | — | — | — | — | — | |||||||||||||||||
Net cash (used in) provided by operating activities | (73 | ) | (255 | ) | — | 1,368 | — | 1,040 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Capital expenditures | — | — | — | (591 | ) | — | (591 | ) | |||||||||||||||
Proceeds from sale of property / investments | — | — | — | 12 | — | 12 | |||||||||||||||||
Cost of business acquisitions, net of cash acquired | — | — | — | (40 | ) | — | (40 | ) | |||||||||||||||
Cost of technology investments | — | — | — | (51 | ) | — | (51 | ) | |||||||||||||||
Settlement of derivatives | — | — | — | (12 | ) | — | (12 | ) | |||||||||||||||
Loans to affiliates | — | (55 | ) | — | (960 | ) | 1,015 | — | |||||||||||||||
Repayments of loans from affiliates | — | — | — | 17 | (17 | ) | — | ||||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | — | (55 | ) | — | (1,625 | ) | 998 | (682 | ) | ||||||||||||||
Net cash provided by investing activities from discontinued operations | — | — | — | — | — | — | |||||||||||||||||
Net cash (used in) provided by investing activities | — | (55 | ) | — | (1,625 | ) | 998 | (682 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Net repayments under other short- and long-term debt agreements | — | — | — | (8 | ) | — | (8 | ) | |||||||||||||||
Proceeds from issuance of senior notes, net of issuance costs | — | — | — | 796 | — | 796 | |||||||||||||||||
Escrow of proceeds from Powertrain Spin-off senior notes issuance | — | — | — | (796 | ) | — | (796 | ) | |||||||||||||||
Contingent consideration and deferred acquisition purchase price payments | — | — | — | (24 | ) | — | (24 | ) | |||||||||||||||
Dividend payments of consolidated affiliates to minority shareholders | — | — | — | (10 | ) | — | (10 | ) | |||||||||||||||
Proceeds from borrowings from affiliates | 705 | 310 | — | — | (1,015 | ) | — | ||||||||||||||||
Payments on borrowings from affiliates | (17 | ) | — | — | — | 17 | — | ||||||||||||||||
Repurchase of ordinary shares | (383 | ) | — | — | — | — | (383 | ) | |||||||||||||||
Distribution of cash dividends | (233 | ) | — | — | — | — | (233 | ) | |||||||||||||||
Taxes withheld and paid on employees' restricted share awards | — | — | — | (33 | ) | — | (33 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | 72 | 310 | — | (75 | ) | (998 | ) | (691 | ) | ||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | — | — | — | 52 | — | 52 | |||||||||||||||||
Decrease in cash and cash equivalents | (1 | ) | — | — | (280 | ) | — | (281 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 2 | — | — | 836 | — | 838 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 1 | $ | — | $ | — | $ | 556 | $ | — | $ | 557 |
Parent | Subsidiary Guarantors | Subsidiary Issuers/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (81 | ) | $ | 33 | $ | — | $ | 1,306 | $ | — | $ | 1,258 | ||||||||||
Net cash provided by operating activities from discontinued operations | — | — | — | — | — | — | |||||||||||||||||
Net cash (used in) provided by operating activities | (81 | ) | 33 | — | 1,306 | — | 1,258 | ||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Capital expenditures | — | — | — | (614 | ) | — | (614 | ) | |||||||||||||||
Proceeds from sale of property / investments | — | — | — | 14 | — | 14 | |||||||||||||||||
Net proceeds from divestiture of discontinued operations | — | — | — | 52 | — | 52 | |||||||||||||||||
Cost of business acquisitions, net of cash acquired | — | — | (15 | ) | — | — | (15 | ) | |||||||||||||||
Cost of technology investments | — | — | (3 | ) | — | — | (3 | ) | |||||||||||||||
Settlement of derivatives | — | — | — | (16 | ) | — | (16 | ) | |||||||||||||||
Increase in restricted cash | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||
Loans to affiliates | — | (887 | ) | — | (1,194 | ) | 2,081 | — | |||||||||||||||
Repayments of loans from affiliates | — | — | — | 353 | (353 | ) | — | ||||||||||||||||
Investments in subsidiaries | (854 | ) | — | (350 | ) | — | 1,204 | — | |||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | (854 | ) | (887 | ) | (368 | ) | (1,406 | ) | 2,932 | (583 | ) | ||||||||||||
Net cash used in investing activities from discontinued operations | — | — | — | (4 | ) | — | (4 | ) | |||||||||||||||
Net cash (used in) provided by investing activities | (854 | ) | (887 | ) | (368 | ) | (1,410 | ) | 2,932 | (587 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Net repayments under other short-term debt agreements | — | — | — | (14 | ) | — | (14 | ) | |||||||||||||||
Repayment of senior notes | — | — | (862 | ) | — | — | (862 | ) | |||||||||||||||
Proceeds from issuance of senior notes, net of issuance costs | 852 | — | — | — | — | 852 | |||||||||||||||||
Contingent consideration and deferred acquisition purchase price payments | — | — | — | (4 | ) | — | (4 | ) | |||||||||||||||
Dividend payments of consolidated affiliates to minority shareholders | — | — | — | (24 | ) | — | (24 | ) | |||||||||||||||
Proceeds from borrowings from affiliates | 851 | — | 1,230 | — | (2,081 | ) | — | ||||||||||||||||
Payments on borrowings from affiliates | (353 | ) | — | — | — | 353 | — | ||||||||||||||||
Investment from parent | 350 | 854 | — | — | (1,204 | ) | — | ||||||||||||||||
Repurchase of ordinary shares | (530 | ) | — | — | — | — | (530 | ) | |||||||||||||||
Distribution of cash dividends | (238 | ) | — | — | — | — | (238 | ) | |||||||||||||||
Taxes withheld and paid on employees' restricted share awards | — | — | — | (40 | ) | — | (40 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | 932 | 854 | 368 | (82 | ) | (2,932 | ) | (860 | ) | ||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | — | — | — | 5 | — | 5 | |||||||||||||||||
Decrease in cash and cash equivalents | (3 | ) | — | — | (181 | ) | — | (184 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 4 | — | — | 575 | — | 579 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 1 | $ | — | $ | — | $ | 394 | $ | — | $ | 395 |
|
Electrical/ Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other (1) | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Three Months Ended September 30, 2017: | |||||||||||||||||||
Net sales | $ | 2,317 | $ | 1,205 | $ | 845 | $ | (34 | ) | $ | 4,333 | ||||||||
Depreciation & amortization | $ | 107 | $ | 49 | $ | 27 | $ | — | $ | 183 | |||||||||
Adjusted operating income | $ | 336 | $ | 150 | $ | 80 | $ | — | $ | 566 | |||||||||
Operating income | $ | 317 | $ | 115 | $ | 79 | $ | — | $ | 511 | |||||||||
Equity income, net of tax | $ | 6 | $ | 1 | $ | — | $ | — | $ | 7 | |||||||||
Net income attributable to noncontrolling interest | $ | 9 | $ | 9 | $ | — | $ | — | $ | 18 |
Electrical/ Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other (1) | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Three Months Ended September 30, 2016: | |||||||||||||||||||
Net sales | $ | 2,287 | $ | 1,077 | $ | 763 | $ | (36 | ) | $ | 4,091 | ||||||||
Depreciation & amortization | $ | 102 | $ | 47 | $ | 25 | $ | — | $ | 174 | |||||||||
Adjusted operating income | $ | 317 | $ | 122 | $ | 95 | $ | — | $ | 534 | |||||||||
Operating income (loss) | $ | 283 | $ | 98 | $ | 82 | $ | — | $ | 463 | |||||||||
Equity income, net of tax | $ | 10 | $ | — | $ | — | $ | — | $ | 10 | |||||||||
Net income attributable to noncontrolling interest | $ | 6 | $ | 7 | $ | — | $ | — | $ | 13 |
Electrical/ Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other (1) | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Nine Months Ended September 30, 2017: | |||||||||||||||||||
Net sales | $ | 7,004 | $ | 3,560 | $ | 2,484 | $ | (105 | ) | $ | 12,943 | ||||||||
Depreciation & amortization | $ | 312 | $ | 151 | $ | 76 | $ | — | $ | 539 | |||||||||
Adjusted operating income | $ | 998 | $ | 472 | $ | 220 | $ | — | $ | 1,690 | |||||||||
Operating income | $ | 948 | $ | 335 | $ | 160 | $ | — | $ | 1,443 | |||||||||
Equity income, net of tax | $ | 24 | $ | 1 | $ | — | $ | — | $ | 25 | |||||||||
Net income attributable to noncontrolling interest | $ | 27 | $ | 25 | $ | — | $ | — | $ | 52 |
Electrical/ Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other (1) | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Nine Months Ended September 30, 2016: | |||||||||||||||||||
Net sales | $ | 6,916 | $ | 3,340 | $ | 2,208 | $ | (116 | ) | $ | 12,348 | ||||||||
Depreciation & amortization | $ | 297 | $ | 163 | $ | 66 | $ | — | $ | 526 | |||||||||
Adjusted operating income | $ | 969 | $ | 381 | $ | 276 | $ | — | $ | 1,626 | |||||||||
Operating income | $ | 868 | $ | 194 | $ | 239 | $ | — | $ | 1,301 | |||||||||
Equity income, net of tax | $ | 23 | $ | — | $ | — | $ | — | $ | 23 | |||||||||
Net income attributable to noncontrolling interest | $ | 19 | $ | 22 | $ | — | $ | — | $ | 41 |
(1) | Eliminations and Other includes the elimination of inter-segment transactions. |
Electrical/ Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Three Months Ended September 30, 2017: | |||||||||||||||||||
Adjusted operating income | $ | 336 | $ | 150 | $ | 80 | $ | — | $ | 566 | |||||||||
Restructuring | (17 | ) | (4 | ) | — | — | (21 | ) | |||||||||||
Separation costs | — | (31 | ) | — | — | (31 | ) | ||||||||||||
Other acquisition and portfolio project costs | (1 | ) | — | (1 | ) | — | (2 | ) | |||||||||||
Asset impairments | (1 | ) | — | — | — | (1 | ) | ||||||||||||
Operating income | $ | 317 | $ | 115 | $ | 79 | $ | — | 511 | ||||||||||
Interest expense | (36 | ) | |||||||||||||||||
Other expense, net | (9 | ) | |||||||||||||||||
Income from continuing operations before income taxes and equity income | 466 | ||||||||||||||||||
Income tax expense | (60 | ) | |||||||||||||||||
Equity income, net of tax | 7 | ||||||||||||||||||
Income from continuing operations | 413 | ||||||||||||||||||
Income from discontinued operations, net of tax | — | ||||||||||||||||||
Net income | 413 | ||||||||||||||||||
Net income attributable to noncontrolling interest | 18 | ||||||||||||||||||
Net income attributable to Delphi | $ | 395 |
Electrical/ Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Three Months Ended September 30, 2016: | |||||||||||||||||||
Adjusted operating income | $ | 317 | $ | 122 | $ | 95 | $ | — | $ | 534 | |||||||||
Restructuring | (30 | ) | (22 | ) | (11 | ) | — | (63 | ) | ||||||||||
Other acquisition and portfolio project costs | (4 | ) | (2 | ) | (1 | ) | — | (7 | ) | ||||||||||
Asset impairments | — | — | (1 | ) | — | (1 | ) | ||||||||||||
Operating income | $ | 283 | $ | 98 | $ | 82 | $ | — | 463 | ||||||||||
Interest expense | (41 | ) | |||||||||||||||||
Other expense, net | (69 | ) | |||||||||||||||||
Income from continuing operations before income taxes and equity income | 353 | ||||||||||||||||||
Income tax expense | (57 | ) | |||||||||||||||||
Equity income, net of tax | 10 | ||||||||||||||||||
Income from continuing operations | 306 | ||||||||||||||||||
Income from discontinued operations, net of tax | — | ||||||||||||||||||
Net income | 306 | ||||||||||||||||||
Net income attributable to noncontrolling interest | 13 | ||||||||||||||||||
Net income attributable to Delphi | $ | 293 |
Electrical/ Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Nine Months Ended September 30, 2017: | |||||||||||||||||||
Adjusted operating income | $ | 998 | $ | 472 | $ | 220 | $ | — | $ | 1,690 | |||||||||
Restructuring | (43 | ) | (81 | ) | (56 | ) | — | (180 | ) | ||||||||||
Separation costs | — | (46 | ) | — | — | (46 | ) | ||||||||||||
Other acquisition and portfolio project costs | (6 | ) | (2 | ) | (3 | ) | — | (11 | ) | ||||||||||
Asset impairments | (1 | ) | (8 | ) | (1 | ) | — | (10 | ) | ||||||||||
Operating income | $ | 948 | $ | 335 | $ | 160 | $ | — | 1,443 | ||||||||||
Interest expense | (105 | ) | |||||||||||||||||
Other expense, net | (29 | ) | |||||||||||||||||
Income from continuing operations before income taxes and equity income | 1,309 | ||||||||||||||||||
Income tax expense | (183 | ) | |||||||||||||||||
Equity income, net of tax | 25 | ||||||||||||||||||
Income from continuing operations | 1,151 | ||||||||||||||||||
Income from discontinued operations, net of tax | — | ||||||||||||||||||
Net income | 1,151 | ||||||||||||||||||
Net income attributable to noncontrolling interest | 52 | ||||||||||||||||||
Net income attributable to Delphi | $ | 1,099 |
Electrical/ Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Nine Months Ended September 30, 2016: | |||||||||||||||||||
Adjusted operating income | $ | 969 | $ | 381 | $ | 276 | $ | — | $ | 1,626 | |||||||||
Restructuring | (65 | ) | (157 | ) | (30 | ) | — | (252 | ) | ||||||||||
Other acquisition and portfolio project costs | (36 | ) | (8 | ) | (6 | ) | — | (50 | ) | ||||||||||
Asset impairments | — | (22 | ) | (1 | ) | — | (23 | ) | |||||||||||
Operating income | $ | 868 | $ | 194 | $ | 239 | $ | — | 1,301 | ||||||||||
Interest expense | (123 | ) | |||||||||||||||||
Other expense, net | (73 | ) | |||||||||||||||||
Income from continuing operations before income taxes and equity income | 1,105 | ||||||||||||||||||
Income tax expense | (216 | ) | |||||||||||||||||
Equity income, net of tax | 23 | ||||||||||||||||||
Income from continuing operations | 912 | ||||||||||||||||||
Income from discontinued operations, net of tax | 108 | ||||||||||||||||||
Net income | 1,020 | ||||||||||||||||||
Net income attributable to noncontrolling interest | 44 | ||||||||||||||||||
Net income attributable to Delphi | $ | 976 |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 78 | |||||||
Cost of sales | — | — | — | 67 | |||||||||||
Selling, general and administrative | — | — | — | 4 | |||||||||||
Income from discontinued operations before income taxes and equity income | — | — | — | 7 | |||||||||||
Gain on divestiture of discontinued operations, net of tax | — | — | — | 104 | |||||||||||
Adjustment to prior period gain on divestiture, net of tax | — | — | — | (3 | ) | ||||||||||
Income from discontinued operations, net of tax | — | — | — | 108 | |||||||||||
Income from discontinued operations attributable to noncontrolling interests | — | — | — | 3 | |||||||||||
Net income from discontinued operations attributable to Delphi | $ | — | $ | — | $ | — | $ | 105 |
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