Document and Entity Information Document and Entity Information - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Feb. 15, 2019 |
Jun. 30, 2018 |
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| Document and Entity Information [Abstract] | |||
| Entity Registrant Name | Delphi Technologies PLC | ||
| Entity Central Index Key | 0001707092 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Document Type | 10-K | ||
| Document Period End Date | Dec. 31, 2018 | ||
| Document Fiscal Year Focus | 2018 | ||
| Document Fiscal Period Focus | FY | ||
| Amendment Flag | false | ||
| Entity Emerging Growth Company | false | ||
| Entity Small Business | false | ||
| Entity Shell Company | false | ||
| Entity Common Stock, Shares Outstanding | 88,531,666 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Public Float | $ 3,985,077,509 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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| Statement of Comprehensive Income [Abstract] | |||
| Net income | $ 380 | $ 319 | $ 268 |
| Other comprehensive income (loss): | |||
| Currency translation adjustments | (83) | 72 | (84) |
| Net change in unrecognized gain on derivative instruments, net of tax | (2) | 0 | 0 |
| Employee benefit plans adjustment, net of tax | 41 | 6 | (135) |
| Other comprehensive (loss) income, net of tax | (44) | 78 | (219) |
| Comprehensive income | 336 | 397 | 49 |
| Comprehensive income attributable to noncontrolling interests | 19 | 38 | 28 |
| Comprehensive income attributable to Delphi Technologies | $ 317 | $ 359 | $ 21 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Preferred shares, authorized | 50,000,000 | 50,000,000 |
| Preferred shares, issued | 0 | 0 |
| Preferred shares, outstanding | 0 | 0 |
| Ordinary shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Ordinary shares, shares authorized | 1,200,000,000 | 1,200,000,000 |
| Ordinary shares, shares issued | 88,491,963 | 88,613,262 |
| Ordinary shares, shares outstanding | 88,491,963 | 88,613,262 |
GENERAL |
12 Months Ended |
|---|---|
Dec. 31, 2018 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| GENERAL | GENERAL On December 4, 2017, Delphi Technologies PLC became an independent publicly-traded company, formed under the laws of Jersey, as a result of the separation of the Powertrain Systems segment, which included the aftermarket operations, from Delphi Automotive PLC (the “Former Parent”). The separation was completed in the form of a pro-rata distribution to the Former Parent shareholders of record on November 22, 2017 of 100% of the outstanding ordinary shares of Delphi Technologies PLC (the “Separation”). Following the Separation, Delphi Automotive PLC changed its name to Aptiv PLC (“Aptiv”). Delphi Technologies’ ordinary shares began “regular way” trading on the New York Stock Exchange under the ticker symbol “DLPH” on December 5, 2017 (references hereinafter to “Delphi Technologies,” “we,” “us,” “our” or the “Company” refer to Delphi Technologies PLC and include the results of the Former Parent’s Powertrain Systems segment). Nature of Operations Delphi Technologies is a leader in the development, design and manufacture of integrated powertrain technologies that optimize engine performance, increase vehicle efficiency, reduce emissions, improve driving performance, and support increasing electrification of vehicles. The Company is a global supplier to original equipment manufacturers (“OEMs”) seeking to manufacture vehicles that meet and exceed increasingly stringent global regulatory requirements and satisfy consumer demands for an enhanced user experience. We provide advanced fuel injection systems, actuators, valvetrain products, sensors, electronic control modules and power electronics technologies. Additionally, the Company offers a full spectrum of aftermarket products serving a global customer base. Our comprehensive portfolio of advanced technologies and solutions for all propulsion systems are sold to global OEMs of both light vehicles (passenger cars, trucks, vans and sport-utility vehicles) and commercial vehicles (light-duty, medium-duty and heavy-duty trucks, commercial vans, buses and off-highway vehicles). The Aftermarket segment also remanufactures and sells our products to leading aftermarket companies, including independent retailers and wholesale distributors. We supply a wide range of aftermarket products and services covering the fuel injection, electronics and engine management, maintenance, and test equipment and vehicle diagnostics categories. We also add aftermarket know-how in category management, logistics, training, marketing and other dedicated services to provide a full range of aftermarket solutions throughout vehicles’ lives. Basis of Presentation Prior to the Separation on December 4, 2017, the historical financial statements of Delphi Technologies were prepared on a stand-alone combined basis and were derived from the Former Parent’s consolidated financial statements and accounting records. These financial statements were prepared as if the Powertrain Systems segment, which historically included Aftermarket, of the Former Parent had been part of Delphi Technologies for all periods presented. Accordingly, for periods prior to December 4, 2017, our financial statements are presented on a combined basis and for the periods subsequent to December 4, 2017, are presented on a consolidated basis (all periods hereinafter are referred to as “consolidated financial statements”). The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). At the time of the Separation, we used available information to develop our best estimates for certain assets and liabilities related to the Separation. In certain instances, final determination of the Separation-related balances is made in subsequent periods, and any adjustments, if necessary, are recorded to shareholders’ equity when determined. The Company’s historical financial statements for periods prior to December 4, 2017 reflect an allocation of expenses related to certain corporate functions of the Former Parent, including senior management, legal, human resources, finance and accounting, treasury, information technology services and support, cash management, payroll processing, pension and benefit administration and other shared services. These costs were allocated using methodologies that management believes were reasonable for the item being allocated. Allocation methodologies included direct usage when identifiable, as well as the Company’s relative share of revenues, headcount or functional spend as a percentage of the total. However, the allocations are not indicative of the actual expenses that would have been incurred had Delphi Technologies operated as a stand-alone publicly-traded company for the periods presented. Accordingly, the historical financial information presented for periods prior to December 4, 2017 may not be indicative of the results of operations, financial position or cash flows that would have been achieved if Delphi Technologies had been a stand-alone publicly-traded company during the periods shown or of the Company’s performance for periods subsequent to December 4, 2017. Related party allocations are further described in Note 3. Related Party Transactions. Prior to the Separation, transfers of cash to and from the Former Parent were reflected as a component of the Former Parent’s net investment in the consolidated financial statements. Cash and cash equivalents held by the Former Parent were not attributable to Delphi Technologies for any of the prior periods presented. Only cash amounts specifically attributable to Delphi Technologies are reflected in the accompanying consolidated financial statements. Financing transactions related to the Company, prior to the Separation, are accounted for as a component of the Former Parent’s net investment in the consolidated balance sheets and as a financing activity on the accompanying consolidated statements of cash flows. Prior to December 4, 2017, all intercompany transactions between the Company and the Former Parent were considered to be effectively settled in the historical financial statements at the time the transactions were recorded. As a result, the total net effect of the settlement of these intercompany transactions was reflected in the consolidated statements of cash flows as a financing activity and in the consolidated balance sheets as Former Parent’s net investment in Delphi Technologies. Subsequent to the Separation, outstanding transactions between Delphi Technologies and the Former Parent were reflected in the consolidated balance sheet outside of Former Parent’s net investment. In connection with the Separation, the Former Parent’s net investment was reclassified within shareholders’ equity and allocated between ordinary shares and additional paid-in capital based on the number of our ordinary shares outstanding at the distribution date. |
SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended |
|---|---|
Dec. 31, 2018 | |
| Accounting Policies [Abstract] | |
| SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation—The consolidated financial statements as of and for the year ended December 31, 2018 include the accounts of Delphi Technologies’ subsidiaries in which the Company holds a controlling financial or management interest and variable interest entities of which Delphi Technologies has determined that it is the primary beneficiary. All significant intercompany transactions and balances between consolidated Delphi Technologies businesses have been eliminated. For periods prior to December 4, 2017, transactions between the Company and the Former Parent have been included in the financial statements within Former Parent net investment. Prior to December 4, 2017, expenses related to corporate allocations from the Former Parent to the Company were considered to be effectively settled for cash in the financial statements at the time the transaction was recorded. Prior to the Separation, transactions between the Company and the Former Parent’s other subsidiaries were classified as related party transactions within the consolidated financial statements. Delphi Technologies’ share of the earnings or losses of Delphi-TVS Diesel Systems Ltd (of which Delphi Technologies owns approximately 50%), a non-controlled affiliate located in India over which the Company exercises significant influence, is included in the consolidated operating results of Delphi Technologies using the equity method of accounting. During the year ended December 31, 2015, Delphi Technologies made a $20 million investment in Tula Technology, Inc. (“Tula”), an engine control software company, over which the Company does not exert significant influence. During the year ended December 31, 2017, Delphi Technologies made an additional $1 million investment in Tula. During the year ended December 31, 2018, Delphi Technologies made a $7 million investment in PolyCharge America, Inc. (“PolyCharge”), a start-up established to commercialize a new capacitor technology, over which the Company does not exert significant influence. Tula and PolyCharge are privately-held companies that do not have readily determinable fair values and therefore are measured at cost less impairments, adjusted for observable price changes in orderly transactions for the identical or similar investment of the same issuer. There were no impairments or upward adjustments recorded during the years ended December 31, 2018 or 2017. These investments are classified within other long-term assets in the consolidated balance sheets. The Company monitors its equity investments, including those measured at fair value and those that do not have readily determinable fair values, for indicators of impairments or upward adjustments, on an ongoing basis. If the Company determines that such a an indicator is present, an adjustment is recorded, which is measured as the difference between carrying value and estimated fair value. Estimated fair value is generally determined using an income approach based on discounted cash flows or negotiated transaction values. Use of estimates—Preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect amounts reported therein. Generally, matters subject to estimation and judgment include amounts related to accounts receivable realization, inventory obsolescence, asset impairments, useful lives of intangible and fixed assets, deferred tax asset valuation allowances, income taxes, pension benefit plan assumptions, accruals related to litigation, warranty costs, environmental remediation costs, worker’s compensation accruals and healthcare accruals. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be based upon amounts that differ from those estimates. Revenue recognition—Delphi Technologies recognizes revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally this occurs with the transfer of control of our production parts or aftermarket parts. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. Sales incentives and allowances (including returns) are recognized as a reduction to revenue at the time of the related sale. The Company estimates the allowances based on an analysis of historical experience. Taxes assessed by a governmental authority collected by the Company concurrent with a specific revenue-producing transaction are excluded from net sales. Shipping and handling fees billed to customers are included in net sales, while costs of shipping and handling are included in cost of sales. Aftermarket provides certain customers with a right of return. The Company recognizes an estimated return asset (and adjusts for cost of sales) for the right to recover the products returned by the customer. ASC 606 requires that return assets be presented separately from inventory. As of December 31, 2018, the Company had return assets of $7 million included in other current assets. Refer to Note 14. Revenue and Note 5. Assets for additional information. Net income per share—Basic net income per share is computed by dividing net income attributable to Delphi Technologies by the weighted–average number of ordinary shares outstanding during the period. Diluted net income per share reflects the weighted average dilutive impact of all potentially dilutive securities from the date of issuance and is computed using the treasury stock method by dividing net income attributable to Delphi Technologies by the diluted weighted-average number of ordinary shares outstanding. For periods prior to the Separation, the denominator for basic and diluted net income per share was calculated using the 88.61 million Delphi Technologies ordinary shares outstanding immediately following the Separation. The same number of shares was used to calculate basic and diluted earnings per share in those periods since no Delphi Technologies equity awards were outstanding prior to the Separation. Refer to Note 16. Shareholders’ Equity and Net Income Per Share for additional information including the calculation of basic and diluted net income per share. Rebates—The Company accrues for rebates pursuant to specific arrangements primarily with certain aftermarket customers. Rebates generally provide for price reductions based upon purchase volumes and are recorded as a reduction of sales as earned by such customers. Research and development—Costs are incurred in connection with research and development programs that are expected to contribute to future earnings. Such costs are charged against income as incurred. Total research and development expenses, including engineering, net of customer reimbursements, were $448 million, $420 million and $424 million for the years ended December 31, 2018, 2017 and 2016, respectively. Cash and cash equivalents—Cash and cash equivalents are defined as short-term, highly liquid investments with original maturities of three months or less. Restricted cash—Restricted cash includes balances on deposit at financial institutions that have issued letters of credit in favor of Delphi Technologies. Accounts receivable—Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company generally does not require collateral for its trade receivables. Sales of receivables are accounted for in accordance with the FASB ASC Topic 860, Transfers and Servicing (“ASC 860”). Agreements which result in true sales of the transferred receivables, as defined in ASC 860, which occur when receivables are transferred to a third party without recourse to the Company, are excluded from amounts reported in the consolidated balance sheets. Cash proceeds received from such sales are included in operating cash flows. The expenses associated with receivables factoring are recorded in the consolidated statements of operations within interest expense. The Company exchanges certain amounts of accounts receivable, primarily in the Asia Pacific region, for bank notes with original maturities greater than three months. The collection of such bank notes are included in operating cash flows based on the substance of the underlying transactions, which are operating in nature. Bank notes held by the Company with original maturities of three months or less are classified as cash and cash equivalents within the consolidated balance sheet, and those with original maturities of greater than three months are classified as notes receivable within other current assets. The Company may hold such bank notes until maturity, exchange them with suppliers to settle liabilities, or sell them to third party financial institutions in exchange for cash. The allowance for doubtful accounts is established based upon analysis of trade receivables for known collectability issues, the aging of the trade receivables at the end of each period and, generally, all accounts receivable balances greater than 90 days past due are fully reserved. As of December 31, 2018 and 2017, the allowance for doubtful accounts was $18 million and $16 million, respectively, and the provision for doubtful accounts was $5 million, $8 million, and $2 million for the years ended December 31, 2018, 2017 and 2016, respectively. Inventories—Inventories are stated at the lower of cost, determined on a first-in, first-out basis, or net realizable value, including direct material costs and direct and indirect manufacturing costs. Refer to Note 4. Inventories for additional information. Obsolete inventory is identified based on analysis of inventory for known obsolescence issues, and, generally, the market value of inventory on hand in excess of one year’s supply is fully-reserved. From time to time, payments may be received from suppliers. These payments from suppliers are recognized as a reduction of the cost of the material acquired during the period to which the payments relate. In some instances, supplier rebates are received in conjunction with or concurrent with the negotiation of future purchase agreements and these amounts are amortized over the prospective agreement period. Property—Major improvements that materially extend the useful life of property are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is determined based on a straight-line method over the estimated useful lives of groups of property. Leasehold improvements under capital leases are depreciated over the period of the lease or the life of the property, whichever is shorter. Refer to Note 6. Property, Net for additional information. Pre-production costs related to long-term supply agreements—The Company incurs pre-production engineering, development and tooling costs related to products produced for its customers under long-term supply agreements. Engineering, testing and other costs incurred in the design and development of production parts are expensed as incurred, unless the costs are reimbursable, as specified in a customer contract. As of December 31, 2018 and 2017, $17 million and $20 million of such contractually reimbursable costs were capitalized, respectively. These amounts are recorded within other current and other long-term assets in the consolidated balance sheets, as further detailed in Note 5. Assets. Special tools represent Delphi Technologies-owned tools, dies, jigs and other items used in the manufacture of customer components that will be sold under long-term supply arrangements, the costs of which are capitalized within property, plant and equipment if the Company has title to the assets. Special tools also include capitalized unreimbursed pre-production tooling costs related to customer-owned tools for which the customer has provided Delphi Technologies a non-cancellable right to use the tool. Delphi Technologies-owned special tools balances are depreciated over the expected life of the special tool or the life of the related vehicle program, whichever is shorter. The unreimbursed costs incurred related to customer-owned special tools that are not subject to reimbursement are capitalized and depreciated over the expected life of the special tool or the life of the related vehicle program, whichever is shorter. At December 31, 2018 and 2017, the special tools balance, net of accumulated depreciation, was $119 million and $113 million, respectively, included within property, net in the consolidated balance sheets. As of December 31, 2018 and 2017, the Delphi Technologies-owned special tools balances were $109 million and $103 million, respectively, and the customer-owned special tools balances were $10 million and $10 million, respectively. Valuation of long-lived assets—The carrying value of long-lived assets held for use, including definite-lived intangible assets, is periodically evaluated when events or circumstances warrant such a review. The carrying value of a long-lived asset held for use is considered impaired when the anticipated separately identifiable undiscounted cash flows from the asset are less than the carrying value of the asset. In that event, a loss is recognized based on the amount by which the carrying value exceeds the estimated fair value of the long-lived asset. Impairment losses on long-lived assets held for sale are recognized if the carrying value of the asset is in excess of the asset’s estimated fair value, reduced for the cost to dispose of the asset. Fair value of long-lived assets is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved (an income approach), and in certain situations the Company’s review of appraisals (a market approach). Refer to Note 6. Property, Net for additional information. Fair value measurements—The fair values of cash and cash equivalents, accounts and notes receivable, accounts payable, and debt approximates book value. Refer to Note 19. Fair Value of Financial Instruments for the fair values of other financial instruments and obligations. Intangible assets—The Company has definite-lived intangible assets related to patents and developed technology, customer relationships and trade names. The Company amortizes definite-lived intangible assets over their estimated useful lives. The Company also has intangible assets related to acquired trade names that are classified as indefinite-lived when there are no foreseeable limits on the periods of time over which they are expected to contribute cash flows. These indefinite-lived trade name assets are tested for impairment annually, or more frequently when indicators of potential impairment exist. Costs to renew or extend the term of acquired intangible assets are recognized as expense as incurred. No intangible asset impairments were recorded in 2018, 2017 or 2016. Refer to Note 7. Intangible Assets and Goodwill for additional information. Goodwill—Goodwill is the excess of the purchase price over the estimated fair value of identifiable net assets acquired in business combinations. The Company tests goodwill for impairment annually in the fourth quarter, or more frequently when indications of potential impairment exist. The Company monitors the existence of potential impairment indicators throughout the fiscal year. The Company tests for goodwill impairment at the reporting unit level. Our reporting units are the components of operating segments which constitute businesses for which discrete financial information is available and is regularly reviewed by segment management. The impairment test involves first qualitatively assessing goodwill for impairment. If the qualitative assessment is not met the Company then performs a quantitative assessment by first comparing the estimated fair value of each reporting unit to its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential sale of the reporting unit. If the estimated fair value exceeds carrying value, then we conclude that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its estimated fair value, a second step is required to measure possible goodwill impairment loss. The second step includes hypothetically valuing the tangible and intangible assets and liabilities of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying value of that goodwill. If the carrying value of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying value. Refer to Note 7. Intangible Assets and Goodwill for additional information. In the fourth quarter of 2018 and 2017, the Company completed a qualitative goodwill impairment assessment, and after evaluating the results, events and circumstances of the Company, the Company concluded that sufficient evidence existed to assert qualitatively that it was more likely than not that the estimated fair value of each reporting unit remained in excess of its carrying values. Therefore, a two-step impairment assessment was not necessary. No goodwill impairments were recorded in 2018, 2017 or 2016. Refer to Note 7. Intangible Assets and Goodwill for additional information. Warranty and product recalls—Expected warranty costs for products sold are recognized at the time of sale of the product based on an estimate of the amount that eventually will be required to settle such obligations. These accruals are based on factors such as past experience, production changes, industry developments and various other considerations. Costs of product recalls, which may include the cost of the product being replaced as well as the customer’s cost of the recall, including labor to remove and replace the recalled part, are accrued as part of our warranty accrual at the time an obligation becomes probable and can be reasonably estimated. These estimates are adjusted from time to time based on facts and circumstances that impact the status of existing claims. Refer to Note 9. Warranty Obligations for additional information. Income taxes—As described in Note 15. Income Taxes, prior to the Separation the Company’s domestic and foreign operating results were included in the income tax returns of the Former Parent, and the Company accounted for income taxes under the separate return method. Under this approach, the Company determined its deferred tax assets and liabilities and related tax expense as if it were filing separate tax returns. Deferred tax assets and liabilities reflect temporary differences between the amount of assets and liabilities for financial and tax reporting purposes. Such amounts are adjusted, as appropriate, to reflect changes in tax rates expected to be in effect when the temporary differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized. In the event the Company determines it is more likely than not that the deferred tax assets will not be realized in the future, the valuation allowance adjustment to the deferred tax assets will be charged to earnings in the period in which the Company makes such a determination. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities. Refer to Note. 15. Income Taxes for additional information. Foreign currency translation—Assets and liabilities of non-U.S. subsidiaries that use a currency other than U.S. dollars as their functional currency are translated to U.S. dollars at end-of-period currency exchange rates. The consolidated statements of operations of non-U.S. subsidiaries are translated to U.S. dollars at average-period currency exchange rates. The effect of translation for non-U.S. subsidiaries is generally reported in other comprehensive income (“OCI”). The effect of remeasurement of assets and liabilities of non-U.S. subsidiaries that use the U.S. dollar as their functional currency is primarily included in cost of sales. Also included in cost of sales are gains and losses arising from transactions denominated in a currency other than the functional currency of a particular entity. Net foreign currency transaction (gains) and losses of $(1) million, $(9) million and $11 million were included as a component of cost of goods sold and other income (expense) in the consolidated statements of operations for the years ended December 31, 2018, 2017 and 2016, respectively. Restructuring—Delphi Technologies continually evaluates alternatives to align the business with the changing needs of its customers and to lower operating costs. This includes the realignment of its existing manufacturing capacity, facility closures, or similar actions, either in the normal course of business or pursuant to significant restructuring programs. These actions may result in employees receiving voluntary or involuntary employee termination benefits, which are mainly pursuant to union or other contractual agreements. Voluntary termination benefits are accrued when an employee accepts the related offer. Involuntary termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable, depending on the existence of a substantive plan for severance or termination. Contract termination costs are recorded when contracts are terminated or when Delphi Technologies no longer derives economic benefit from a contract or ceases to use a leased facility. All other exit costs are expensed as incurred. Refer to Note 10. Restructuring for additional information. Environmental liabilities—Environmental remediation liabilities are recognized when a loss is probable and can be reasonably estimated. Such liabilities generally are not subject to insurance coverage. The cost of each environmental remediation is estimated by engineering, financial, and legal specialists based on current law and considers the estimated cost of investigation and remediation required and the likelihood that, where applicable, other responsible parties will be able to fulfill their commitments. The process of estimating environmental remediation liabilities is complex and dependent primarily on the nature and extent of historical information and physical data relating to a contaminated site, the complexity of the site, the uncertainty as to what remediation and technology will be required, and the outcome of discussions with regulatory agencies and, if applicable, other responsible parties at multi-party sites. In future periods, new laws or regulations, advances in remediation technologies and additional information about the ultimate remediation methodology to be used could significantly change estimates by Delphi Technologies. Refer to Note 13. Commitments and Contingencies for additional information. Customer concentrations—There were no customers with greater than 10% of our net sales for the years ended December 31, 2018, 2017 and 2016. Derivative financial instruments—All derivative instruments are required to be reported on the balance sheet at fair value unless the transactions qualify and are designated as normal purchases or sales. Changes in fair value are reported currently through earnings unless they meet hedge accounting criteria. Exposure to fluctuations in currency exchange rates and interest rates are managed by entering into a variety of forward contracts and swaps with various counterparties. Such financial exposures are managed in accordance with the policies and procedures of Delphi Technologies. The Company does not enter into derivative transactions for speculative or trading purposes. As part of the hedging program approval process, the Company identifies the specific financial risk which the derivative transaction will minimize, the appropriate hedging instrument to be used to reduce the risk and the correlation between the financial risk and the hedging instrument. Purchase orders, sales contracts, letters of intent, capital planning forecasts and historical data are used as the basis for determining the anticipated values of the transactions to be hedged. The Company does not enter into derivative transactions that do not have a high correlation with the underlying financial risk. Hedge positions, as well as the correlation between the transaction risks and the hedging instruments, are reviewed on an ongoing basis. Foreign exchange forward contracts are accounted for as hedges of firm or forecasted foreign currency commitments to the extent they are designated and assessed as highly effective. All foreign exchange contracts are marked to market on a current basis. Refer to Note 18. Derivatives and Hedging Activities and Note 19. Fair Value of Financial Instruments for additional information. Asset retirement obligations—Asset retirement obligations are recognized in accordance with FASB ASC 410, Asset Retirement and Environmental Obligations. Conditional retirement obligations have been identified primarily related to asbestos abatement at certain sites, removal of storage tanks and other disposal costs. Asset retirement obligations were $2 million and $2 million, at December 31, 2018 and 2017, respectively. Extended disability benefits—Costs associated with extended disability benefits provided to inactive employees are accrued throughout the duration of their active employment. Workforce demographic data and historical experience are utilized to develop projections of time frames and related expense for postemployment benefits. Prior to the Separation, the estimated costs associated with extended disability benefits provided to inactive employees were allocated to Delphi Technologies based on its relative portion of participants. Workers’ compensation benefits—Workers’ compensation benefit accruals are actuarially determined and are subject to the existing workers’ compensation laws that vary by location. Accruals for workers’ compensation benefits represent the discounted future cash expenditures expected during the period between the incidents necessitating the employees to be idled and the time when such employees return to work, are eligible for retirement or otherwise terminate their employment. Share-based compensation—The Delphi Technologies PLC Long-Term Incentive Plan (the “PLC LTIP”) allows for the grant of share-based awards for long-term compensation to the employees, directors, consultants and advisors of the Company. The Company had no share-based compensation plans prior to the Separation; however certain of our employees and non-employee directors participated in the Former Parent’s share-based compensation arrangement, the Delphi Automotive PLC Long-Term Incentive Plan, as amended and restated effective April 23, 2015 (the “Former Parent Plan”). Grants of restricted stock units (“RSUs”) to executives and non-employee directors were made subsequent to the Separation under the PLC LTIP in 2017 and 2018. Grants of RSUs were made under the Former Parent Plan in each year from 2012 to 2017. Outstanding awards at the time of the Separation were converted to awards under the PLC LTIP as further discussed in Note 21. Share-Based Compensation. Share-based compensation expense within the consolidated financial statements for periods prior to the Separation was allocated to Delphi Technologies based on the awards and terms previously granted to Delphi Technologies employees while part of the Former Parent, and includes the cost of Delphi Technologies employees who participated in the Former Parent’s Plan, as well as an allocated portion of the cost of the Former Parent’s senior management awards. The RSU awards to executives include a time-based vesting portion and a performance-based vesting portion. The performance-based vesting portion includes performance and market conditions in addition to service conditions. The grant date fair value of the RSUs is determined based on the closing price of the underlying ordinary shares on the date of the grant of the award, including an estimate for forfeitures, and a contemporaneous valuation performed by an independent valuation specialist with respect to awards with market conditions. The Company accounts for compensation expense based upon the grant date fair value of the awards applied to the best estimate of ultimate performance against the respective targets on a straight-line basis over the requisite vesting period of the awards. The performance conditions require management to make assumptions regarding the likelihood of achieving certain performance goals. Changes in these performance assumptions, as well as differences in actual results from management’s estimates, could result in estimated or actual values different from previously estimated fair values. Modifications to the terms of share-based awards are treated as an exchange of the original award for a new award resulting in total compensation cost equal to the grant-date fair value of the original award plus any incremental value of the modification to the award. The calculation of the incremental value is based on the excess of the fair value of the new (modified) award based on current circumstances over the fair value of the original award measured immediately before its terms are modified based on current circumstances. To the extent there is incremental compensation cost relating to the newly modified award, it is recognized ratably over the requisite service period. Refer to Note 21. Share-Based Compensation for additional information. Pension and Other Post-Retirement Benefits (OPEB)—Certain of the Company’s non-U.S. subsidiaries sponsor defined-benefit plans, which generally provide benefits based on negotiated amounts for each year of service. Certain Delphi Technologies employees, primarily in the United Kingdom (“U.K.”), France, Mexico and Turkey, participate in these plans (collectively, the “Direct Plans”). The Direct Plans, which relate solely to the Company, are included within the consolidated financial statements. In addition to the Direct Plans, prior to the Separation certain of the Company’s employees in Germany and the U.S. participated in defined benefit pension plans (collectively, the “Shared Plans”) sponsored by the Former Parent that included Delphi Technologies employees as well as employees of other subsidiaries of the Former Parent. Under the guidance in ASC 715, Compensation—Retirement Benefits, the Company accounted for the Shared Plans as multiemployer plans, and accordingly did not record an asset or liability to recognize the funded status of the Shared Plans in periods prior to the Separation. The related pension and other postemployment expenses of the Shared Plans were charged to Delphi Technologies based primarily on the service cost of active participants. These expenses were funded through transactions with the Former Parent that are reflected within the Former Parent net investment in the consolidated financial statements. Following the Separation, Delphi Technologies’ portion of the defined-benefit pension plans were separated from the Former Parent’s defined benefit pension plans. As a result, the funded status for each plan is reflected in the Company’s consolidated balance sheet as of December 31, 2018. Refer to Note 12. Pension Benefits for additional information. Recently adopted accounting pronouncements—Delphi Technologies adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), in the first quarter of 2018 using the modified retrospective method. This ASU supersedes most of the existing guidance on revenue recognition in ASC Topic 605, Revenue Recognition and establishes a broad principle that requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The adoption of this guidance did not have a significant impact on the Company’s consolidated financial statements. Topic 606 was applied to contracts with customers which were not completed as of January 1, 2018. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Refer to Note 14. Revenue for additional information. Delphi Technologies adopted ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, in the first quarter of 2018. This guidance makes targeted improvements to historical U.S. GAAP for financial instruments, including requiring equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income as opposed to other comprehensive income. Entities with equity investments that do not have a readily determinable fair value, and do not qualify for the practical expedient in ASC 820 to estimate fair value using the net asset value per share, may elect to measure these investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The adoption of this guidance did not have a significant impact on the Company’s consolidated financial statements. Delphi Technologies adopted ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, in the first quarter of 2018. This guidance clarifies the presentation requirements of eight specific issues within the statement of cash flows. The adoption of this guidance did not have a significant impact on the Company’s consolidated financial statements, as the Company’s treatment of the relevant affected items within its consolidated statement of cash flows is generally consistent with the requirements of this guidance. As a result of adopting this guidance the Company reclassified $1 million insurance settlement proceeds within the consolidated statement of cash flows for the year ended December 31, 2017. Delphi Technologies adopted ASU 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory, in the first quarter of 2018. This guidance requires that the tax effects of all intra-entity sales of assets other than inventory be recognized in the period in which the transaction occurs. The guidance was applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The adoption of this guidance did not have a significant impact on the Company’s consolidated financial statements. Delphi Technologies adopted ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, in the first quarter of 2018. This guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and restricted cash. As a result, restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The adoption of this guidance did not have a significant impact on Company’s consolidated financial statements, other than the classification of restricted cash within the beginning-of-period and end-of-period totals on the consolidated statements of cash flows, as opposed to being excluded from these totals. Delphi Technologies elected to early adopt ASU 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities, in the first quarter of 2018. This guidance expands and refines the application of hedge accounting for both non-financial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The adoption of this guidance did not have a significant impact on the Company’s consolidated financial statements, other than modifications to the disclosures. Refer to Note 18. Derivatives and Hedging Activities for additional details. Delphi Technologies adopted ASU 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, in the third quarter of 2018. This update was issued to clarify certain guidance within ASU 2016-01. This includes an amendment to clarify that an entity measuring an equity investment using the measurement alternative may change its measurement approach to a fair value method in accordance with ASC 820, through an irrevocable election that would apply to that investment and all identical or similar investments. The Company did not change its measurement approach for equity investments as a result of the adoption of this guidance. Recently issued accounting pronouncements not yet adopted—In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under this guidance, lessees will be required to recognize on the balance sheet a lease liability and a right-of-use asset for all leases, with the exception of short-term leases. The lease liability represents the lessee’s obligation to make lease payments arising from a lease, and will be measured as the present value of the lease payments. The right-of-use asset represents the lessee’s right to use a specified asset for the lease term, and will be measured at the lease liability amount, adjusted for lease prepayment, lease incentives received and the lessee’s initial direct costs. The standard also requires a lessee to recognize a single lease cost allocated over the lease term, generally on a straight-line basis. The new guidance is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. ASU 2016-02 provides for certain practical expedients when adopting the guidance. The Company intends to utilize the package of practical expedients that allows an entity to not reassess existing leases for: i) whether any expired or existing contracts are or contain leases, ii) the lease classification for any expired or existing leases and iii) the initial direct costs for any existing leases. Additionally, the Company intends to elect the practical expedient under ASU 2018-01, that allows an entity to not reassess whether any expired or existing land easements are or contain leases. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which amends Topic 842 so that entities may elect not to recast the comparative periods presented when transitioning to Topic 842. The Company plans on electing this transition method. The adoption of this guidance will have a material impact on the Company’s consolidated balance sheet and will not have a material impact on its consolidated statements of operations or cash flows. As further described in Note. 13 Commitments and Contingencies, as of December 31, 2018, the Company had minimum lease commitments under non-cancellable operating leases totaling $156 million. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This guidance also requires enhanced disclosures regarding significant estimates and judgments used in estimating credit losses. The new guidance is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This guidance simplifies how an entity is required to test goodwill for impairment by eliminating step two from the goodwill impairment test, which measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. Under the new guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. The standard will be applied prospectively and is effective for annual and interim impairment tests performed in periods beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its financial statements, but does not anticipate a significant impact. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This guidance expands the scope of ASC Topic 718, which currently only includes share-based payments to employees, to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted as long as the entity has adopted ASC 606. While the Company continues to assess all potential impacts of the new standard, the adoption of this guidance is not expected to have a material impact on the Company’s financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. This guidance amends ASC 820 to add, remove and clarify certain disclosure requirements related to fair value measures. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans. This guidance amends ASC 715 to add, remove and clarify certain disclosure requirements related to defined benefit pension and other postretirement plans. The new guidance is effective for fiscal years ending after December 31, 2020. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. |
RELATED PARTY TRANSACTIONS |
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| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Prior to the Separation, our transactions with the Former Parent were considered related party transactions. In connection with the Separation, we entered into a number of agreements with the Former Parent to govern the Separation and provide a framework for the relationship between the parties going forward, including a Transition Services Agreement, Contract Manufacturing Services Agreements, a Tax Matters Agreement and an Employee Matters Agreement. In connection with the Separation, the Company paid a dividend of approximately $1,148 million to the Former Parent in 2017. Also in connection with the Separation, the Company paid $180 million in 2017 to the Former Parent pursuant to the Tax Matters Agreement with respect to taxes incurred in connection with transactions comprising the Separation. Related Party Sales and Purchases in the Ordinary Course of Business Prior to the Separation, in the ordinary course of business, the Company entered into transactions with the Former Parent and certain of its subsidiaries for the sale or purchase of goods, as well as other arrangements, such as providing engineering services for other subsidiaries of the Former Parent. Subsequent to the Separation, transactions with the Former Parent and its affiliates represent third-party transactions. Prior to the Separation, net sales of products from Delphi Technologies to affiliates of the Former Parent totaled $1 million and $1 million for the years ended December 31, 2017 and 2016, respectively. Prior to the Separation, total purchases from affiliates of the Former Parent totaled $29 million and $102 million for the years ended December 31, 2017 and 2016, respectively. There were no net amounts due to affiliates of the Former Parent from related party transactions as of December 31, 2018 and 2017. Allocation of Expenses Prior to the Separation Prior to the Separation, certain services and functions including, but not limited to, senior management, legal, human resources, finance and accounting, treasury, information technology services and support, cash management, payroll processing, pension and benefit administration and other shared services were provided by the Former Parent. These costs were allocated using methodologies that management believes were reasonable for the item being allocated. Allocation methodologies included direct usage when identifiable, as well as the Company’s relative share of revenues, headcount or functional spend as a percentage of the total. However, the expenses reflected are not indicative of the actual expenses that would have been incurred during the periods presented if the Company had operated as a stand-alone publicly-traded company. In addition, the expenses reflected in the financial statements may not be indicative of expenses the Company will incur in the future. The total costs for services and functions allocated to the Company from the Former Parent for periods prior to the Separation were as follows:
Additionally, prior to the Separation, the Company participated in a global cash pooling arrangement operated by the Former Parent, under which arrangement the working capital needs of the Company were managed. The majority of the Company’s cash during these periods was transferred to the Former Parent, and the Former Parent funded the Company’s operating and investing activities as necessary. The cumulative net transfers related to these transactions are recorded in Former Parent net investment in the consolidated financial statements. |
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INVENTORIES |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INVENTORIES | INVENTORIES, NET Inventories, net are stated at the lower of cost, determined on a first-in, first-out basis, or net realizable value, including direct material costs and direct and indirect manufacturing costs. A summary of inventories is shown below:
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ASSETS |
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| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ASSETS | ASSETS Other current assets consisted of the following:
Other long-term assets consisted of the following:
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PROPERTY, NET |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY, NET | PROPERTY, NET Property, net is stated at cost less accumulated depreciation and amortization, and consisted of:
For the year ended December 31, 2018, Delphi Technologies recorded asset impairment charges of $1 million in cost of sales related to declines in the fair values of certain fixed assets. For the year ended December 31, 2017, Delphi Technologies recorded asset impairment charges of $12 million in cost of sales related to declines in the fair values of certain fixed assets. For the year ended December 31, 2016, $29 million of asset impairment charges were recorded in costs of sales related to declines in the fair values of certain fixed assets, $25 million of which related to the closure of a European manufacturing site within the Powertrain Systems segment, as further described in Note 10. Restructuring. |
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INTANGIBLE ASSETS AND GOODWILL |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INTANGIBLE ASSETS AND GOODWILL | INTANGIBLE ASSETS AND GOODWILL The changes in the carrying amount of intangible assets and goodwill were as follows:
Estimated amortization expense for the years ending December 31, 2019 through 2023 is presented below:
A roll-forward of the gross carrying amounts of intangible assets for the years ended December 31, 2018 and 2017 is presented below.
A roll-forward of the accumulated amortization for the years ended December 31, 2018 and 2017 is presented below:
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LIABILITIES |
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| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LIABILITIES | LIABILITIES Accrued liabilities consisted of the following:
Other long-term liabilities consisted of the following:
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WARRANTY OBLIGATIONS |
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| Guarantees and Product Warranties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| WARRANTY OBLIGATIONS | WARRANTY OBLIGATIONS Expected warranty costs for products sold are recognized principally at the time of sale of the product based on an estimate of the amount that will eventually be required to settle such obligations. These accruals are based on factors such as past experience, production changes, industry developments and various other considerations. The estimated costs related to product recalls based on a formal campaign soliciting return of that product are accrued at the time an obligation becomes probable and can be reasonably estimated. These estimates and the related warranty reserves are adjusted from time to time based on facts and circumstances that impact the status of existing claims. Delphi Technologies has recognized its best estimate for its total aggregate warranty reserves, including product recall costs, across all of its operating segments as of December 31, 2018. The Company estimates the reasonably possible amount to ultimately resolve all matters in excess of the recorded reserves as of December 31, 2018 to be zero to $15 million. The table below summarizes the activity in the product warranty liability for the years ended December 31, 2018 and 2017:
During the year ended December 31, 2016, the Company recorded $25 million pursuant to a settlement agreement reached with one of the Company’s OEM customers regarding warranty claims related to certain components supplied by our Powertrain Systems segment. |
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RESTRUCTURING |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RESTRUCTURING | RESTRUCTURING The Company’s restructuring activities are undertaken as necessary to implement management’s strategy, streamline operations, take advantage of available capacity and resources, and ultimately achieve net cost reductions. These activities generally relate to the realignment of existing manufacturing capacity and closure of facilities and other exit or disposal activities, as it relates to executing Delphi Technologies’ strategy, either in the normal course of business or pursuant to significant restructuring programs. As part of the Company’s continued efforts to optimize its cost structure, it has undertaken several restructuring programs which include workforce reductions as well as plant closures. These programs are primarily focused on the continued rotation of our manufacturing footprint to best-cost locations in Europe and on reducing global overhead costs. The Company recorded employee-related and other restructuring charges related to these programs totaling approximately $35 million during the year ended December 31, 2018, of which $22 million was recognized for programs focused on continued rotation of our manufacturing footprint to best cost locations in Europe and $3 million was recognized for programs implemented to reduce global overhead costs. During the year ended December 31, 2017, the Company recorded employee-related and other restructuring charges related to these programs totaling approximately $98 million. These charges included $55 million of separation costs for approximately 500 employees due to the initiation of the closure of a Western European manufacturing site within the Powertrain Systems segment and approximately $30 million related to other programs pursuant to the Company’s on-going European footprint rotation strategy. Charges for the program have been substantially completed, and cash payments for this restructuring action are expected to be principally completed by 2020. During the year ended December 31, 2016, Delphi Technologies recorded employee-related and other restructuring charges totaling approximately $161 million. These charges included $131 million for programs focused on the continued rotation of our manufacturing footprint to best-cost locations in Europe, $93 million of which related to the closure of a European manufacturing site within the Powertrain Systems segment, associated with separation costs for approximately 500 employees. Charges for the program have been substantially completed, and cash payments for this plant closure were principally completed in 2017. Additionally, the Company recognized non-cash asset impairment charges of $25 million during the year ended December 31, 2016 related to this plant closure, which were recorded within cost of sales. Delphi Technologies also recorded restructuring costs of $12 million in 2016 for programs implemented to reduce global overhead costs. Restructuring charges for employee separation and termination benefits are paid either over the severance period or in a lump sum in accordance with either statutory requirements or individual agreements. Delphi Technologies incurred cash expenditures related to its restructuring programs of approximately $67 million and $88 million in the years ended December 31, 2018 and December 31, 2017, respectively. The following table summarizes the restructuring charges recorded for the years ended December 31, 2018, 2017 and 2016 by operating segment:
The table below summarizes the activity in the restructuring liability for the years ended December 31, 2018 and 2017:
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DEBT |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEBT | DEBT The following is a summary of debt outstanding, net of unamortized issuance costs and discounts, as of December 31, 2018 and December 31, 2017, respectively:
The principal maturities of debt, at nominal value, are as follows:
Credit Agreement On September 7, 2017, Delphi Technologies and its wholly-owned subsidiary Delphi Powertrain Corporation entered into a credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent (the "Administrative Agent"), with respect to $1.25 billion in senior secured credit facilities. The Credit Agreement consists of a senior secured five-year $750 million term loan facility (the “Term Loan A Facility”) and a $500 million five-year senior secured revolving credit facility (the “Revolving Credit Facility”) (collectively, the “Credit Facilities”) with the lenders party thereto and JPMorgan Chase Bank, N.A. We incurred $9 million of issuance costs were incurred in connection with the Credit Agreement. As of December 31, 2018, there were no amounts drawn on the Revolving Credit Facility. The Credit Facilities are subject to an interest rate, at our option, of either (a) the Administrative Agent’s Alternate Base Rate (“ABR” as defined in the Credit Agreement) or (b) the London Interbank Offered Rate (the “Adjusted LIBOR Rate” as defined in the Credit Agreement) (“LIBOR”), in each case, plus an applicable margin that is based on our corporate credit ratings, as more particularly described below (the “Applicable Rate”). In addition, the Credit Agreement requires payment of additional interest on certain overdue obligations on terms and conditions customary for financings of this type. The interest rate period with respect to LIBOR interest rate options can be set at one-, two-, three-, or six-months as selected by us in accordance with the terms of the Credit Agreement (or other period as may be agreed by the applicable lenders), but payable no less than quarterly. We may elect to change the selected interest rate over the term of the Credit Facilities in accordance with the provisions of the Credit Agreement. The Applicable Rates under the Credit Agreement on the specified date are set forth below:
The applicable interest rate margins for the Term Loan A Facility will increase or decrease from time to time between 1.50% and 2.00% per annum (for LIBOR loans) and between 0.50% and 1.00% per annum (for ABR loans), in each case based upon changes to our corporate credit ratings. The applicable interest rate margins for the Revolving Credit Facility will increase or decrease from time to time between 1.30% and 1.55% per annum (for LIBOR loans) and between 0.30% and 0.55% per annum (for ABR loans), in each case based upon changes to our corporate credit ratings. Accordingly, the Applicable Rates for the Credit Facilities will fluctuate during the term of the Credit Agreement based on changes in the ABR, LIBOR or future changes in our corporate credit ratings. The Credit Agreement also requires that we pay certain facility fees on the aggregate commitments under the Revolving Credit Facility and certain letter of credit issuance and fronting fees. Amounts outstanding and the rate effective as of December 31, 2018, are detailed below:
In December 2018, the Company entered into interest rate swap agreements, designated as cash flow hedges, with a combined notional amount of $400 million where the variable rates under the Term Loan A Facility have been exchanged for a fixed rate. These interest rate swap agreements mature in September 2022 and convert the nature of $400 million of the loan from LIBOR floating-rate debt to fixed-rate debt. In addition to these agreements, as a means of managing foreign currency risk related to our significant operations in Europe, the Company executed fixed-for-fixed cross currency swaps, in which the Company will pay Euros and receive U.S. dollars with a combined notional amount of $400 million. These agreements are designated as net investment hedges and will have a maturity date of September 2022. See Note 18. Derivatives and Hedging Activities for additional information on our interest rate swaps. Letters of credit are available for issuance under the Credit Agreement on terms and conditions customary for financings of this type, which issuances reduce availability under the Revolving Credit Facility. No such letters of credit were outstanding as of December 31, 2018. We are obligated to make quarterly principal payments throughout the term of the Term Loan A Facility according to the amortization provisions in the Credit Agreement, as such payments may be reduced from time to time in accordance with the terms of the Credit Agreement as a result of the application of loan prepayments made by us, if any, prior to the scheduled date of payment thereof. Borrowings under the Credit Agreement are prepayable at our option without premium or penalty. We may request that all or a portion of the Credit Facilities be converted to extend the scheduled maturity date(s) with respect to all or a portion of any principal amount of such Credit Facilities under certain conditions customary for financings of this type. The Credit Agreement also contains certain mandatory prepayment provisions in the event that we receive net cash proceeds from certain non-ordinary course asset sales, casualty events and debt offerings, in each case subject to terms and conditions customary for financings of this type. The Credit Agreement contains certain affirmative and negative covenants customary for financings of this type that, among other things, limit our and our subsidiaries’ ability to incur additional indebtedness or liens, to dispose of assets, to make certain fundamental changes, to designate subsidiaries as unrestricted, to make certain investments, to prepay certain indebtedness and to pay dividends, or to make other distributions or redemptions/repurchases, with respect to our and our subsidiaries’ equity interests. In addition, the Credit Agreement requires that we maintain a consolidated net leverage ratio (the ratio of Consolidated Total Indebtedness to Consolidated Adjusted EBITDA, each as defined in the Credit Agreement) of not greater than 3.5 to 1.0. The Credit Agreement also contains events of default customary for financings of this type, including certain customary change of control events. The Company was in compliance with the Credit Agreement covenants as of December 31, 2018. The borrowers under the Credit Agreement comprise Delphi Technologies and its wholly-owned Delaware-organized subsidiary, Delphi Powertrain Corporation. Additional subsidiaries of Delphi Technologies may be added as co-borrowers or guarantors under the Credit Agreement from time to time on the terms and conditions set forth in the Credit Agreement. The obligations of each borrower under the Credit Agreement will be jointly and severally guaranteed by each other borrower and by certain of our existing and future direct and indirect subsidiaries, subject to certain exceptions customary for financings of this type. All obligations of the borrowers and the guarantors are secured by certain assets of such borrowers and guarantors, including a perfected first-priority pledge of all of the capital stock in Delphi Powertrain Corporation. In addition, the Credit Agreement contains provisions pursuant to which, based upon our achievement of certain corporate credit ratings, certain covenants and/or our obligation to provide collateral to secure the Credit Facilities, will be suspended. Senior Notes On September 28, 2017, Delphi Technologies PLC issued $800 million in aggregate principal amount of 5.00% senior unsecured notes due 2025 in a transaction exempt from registration under the Securities Act (the "Senior Notes"). The Senior Notes were priced at 99.5% of par, resulting in a yield to maturity of 5.077%. Approximately $14 million of issuance costs were incurred in connection with the Senior Notes offering. Interest is payable semi-annually on April 1 and October 1 of each year to holders of record at the close of business on March 15 or September 15 immediately preceding the interest payment date. The proceeds received from the Senior Notes offering were deposited into escrow and subsequently released to Delphi Technologies PLC upon satisfaction of certain conditions, including completion of the Separation, in December 2017. From the date of the satisfaction of the escrow conditions, the notes are guaranteed, jointly and severally, on an unsecured basis, by each of our current and future domestic subsidiaries that guarantee our Credit Facilities, as described above. The proceeds from the Senior Notes, together with the proceeds from the borrowings under the Credit Agreement, were used to fund a dividend to the Former Parent, fund operating cash and pay taxes and related fees and expenses. The Senior Notes indenture contains certain restrictive covenants, including with respect to Delphi Technologies’ (and subsidiaries) ability to incur liens, enter into sale and leaseback transactions and merge with or into other entities. The Company was in compliance with the Senior Notes covenants as of December 31, 2018. Other Financing Receivable factoring—The Company entered into arrangements with various financial institutions to sell eligible trade receivables from certain Aftermarket customers in North America and Europe. These arrangements can be terminated at any time subject to prior written notice. The receivables under these arrangements are sold without recourse to the Company and are therefore accounted for as true sales. During the years ended December 31, 2018 and 2017, $112 million and $92 million of receivables were sold under these arrangements, and expenses of $5 million and $3 million, respectively, were recognized within interest expense. In addition, during the year ended December 31, 2018, one of the Company’s European subsidiaries factored, without recourse, receivables related to certain foreign research credits to a financial institution. These transactions were accounted for as true sales of the receivables, and the Company therefore derecognized approximately $25 million from other long-term assets in the consolidated balance sheet as of December 31, 2018, as a result of these transactions. During the year ended December 31, 2018, less than $1 million of expenses were recognized within interest expense related to this transaction. Capital leases—There were approximately $14 million and $1 million capital lease obligations outstanding as of December 31, 2018 and 2017, respectively. Interest—Cash paid for interest totaled $75 million, $2 million and $1 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
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PENSION BENEFITS |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PENSION BENEFITS | PENSION BENEFITS The Company sponsors defined benefit pension plans for certain employees and retirees outside of the U.S. Using appropriate actuarial methods and assumptions, the Company’s defined benefit pension plans are accounted for in accordance with FASB ASC Topic 715, Compensation—Retirement Benefits. The Company’s primary non-U.S. plans are located in the U.K., France and Mexico. The U.K. and certain Mexican plans are funded. In addition, the Company has defined benefit plans in South Korea, Turkey and Italy for which amounts are payable to employees immediately upon separation. The obligations for these plans are recorded over the requisite service period. Delphi Technologies does not have any U.S. pension assets or liabilities. The Company concluded a consultation process with its U.K. workforce in January 2019 with regard to future pension provision, although discussions are still ongoing with the employee representatives. In connection with the Separation, in 2017, certain plans were separated and therefore Delphi Technologies transferred net benefit plan obligations of approximately $10 million to the Former Parent that were previously recorded by Delphi Technologies legal entities. Funded Status The amounts shown below reflect the change in the non-U.S. defined benefit pension obligations during 2018 and 2017.
The projected benefit obligation (“PBO”), accumulated benefit obligation (“ABO”), and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets and with plan assets in excess of accumulated benefit obligations are as follows:
Benefit costs presented below were determined based on actuarial methods and included the following:
During the first quarter of 2017, the Company elected to early adopt ASU 2017-07. As a result, service costs are classified as employee compensation costs within cost of sales and selling, general and administrative expense within the consolidated statement of operations. All other components of net periodic benefit cost are classified within other expense for all periods presented. The Company had $1 million and less than $1 million in other postretirement benefit obligations as of December 31, 2018 and 2017, respectively. Experience gains and losses, as well as the effects of changes in actuarial assumptions and plan provisions are recognized in other comprehensive income. Cumulative gains and losses in excess of 10% of the PBO for a particular plan are amortized over the average future service period of the employees in that plan. The estimated actuarial loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2019 is $12 million. The principal assumptions used to determine the pension expense and the actuarial value of the projected benefit obligation for the non-U.S. pension plans were: Assumptions used to determine benefit obligations at December 31:
Assumptions used to determine net expense for years ended December 31:
Delphi Technologies selects discount rates by analyzing the results of matching each plan’s projected benefit obligations with a portfolio of high-quality fixed income investments rated AA-or higher by Standard and Poor’s. The primary funded plans are in the U.K. and Mexico. For the determination of 2018 expense, Delphi Technologies assumed a long-term expected asset rate of return of approximately 5.50% and 7.50% for the U.K. and Mexico, respectively. Delphi Technologies evaluated input from local actuaries and asset managers, including consideration of recent fund performance and historical returns, in developing the long-term rate of return assumptions. The assumptions for the U.K. and Mexico are primarily long-term, prospective rates. To determine the expected return on plan assets, the market-related value of approximately 25% of our plan assets is actual fair value. The expected return on the remainder of our plan assets is determined by applying the expected long-term rate of return on assets to a calculated market-related value of these plan assets, which recognizes changes in the fair value of the plan assets in a systematic manner over five years. Delphi Technologies’ pension expense for 2018 is determined at the 2018 year end measurement date. For purposes of analysis, the following table highlights the sensitivity of the Company’s pension obligations and expense to changes in key assumptions:
The above sensitivities reflect the effect of changing one assumption at a time. It should be noted that economic factors and conditions often affect multiple assumptions simultaneously and the effects of changes in key assumptions are not necessarily linear. The above sensitivities also assume no changes to the design of the pension plans and no major restructuring programs. Pension Funding The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Delphi Technologies anticipates making pension contributions and benefit payments of approximately $42 million in 2019. Plan Assets Certain pension plans sponsored by Delphi Technologies invest in a diversified portfolio consisting of an array of asset classes that attempts to maximize returns while minimizing volatility. These asset classes include developed market equities, emerging market equities, private equity, global high quality and high yield fixed income, real estate and absolute return strategies. The fair values of Delphi Technologies’ pension plan assets weighted-average asset allocations at December 31, 2018 and 2017, by asset category, are as follows:
Following is a description of the valuation methodologies used for pension assets measured at fair value. Time deposits—The fair value of fixed-maturity certificates of deposit was estimated using the rates offered for deposits of similar remaining maturities. Equity mutual funds—The fair value of the equity mutual funds is determined by the indirect quoted market prices on regulated financial exchanges of the underlying investments included in the fund. Bond mutual funds—The fair value of the bond mutual funds is determined by the indirect quoted market prices on regulated financial exchanges of the underlying investments included in the fund. Real estate—The fair value of real estate properties is estimated using an appraisal provided by the administrator of the property or infrastructure investment. Management believes this is an appropriate methodology to obtain the fair value of these assets. Hedge funds—The fair value of the hedge funds is accounted for by a custodian. The custodian obtains valuations from the underlying hedge fund managers based on market quotes for the most liquid assets and alternative methods for assets that do not have sufficient trading activity to derive prices. Management and the custodian review the methods used by the underlying managers to value the assets. Management believes this is an appropriate methodology to obtain the fair value of these assets. Debt securities—The fair value of debt securities is determined by direct quoted market prices on regulated financial exchanges. Equity securities—The fair value of equity securities is determined by direct quoted market prices on regulated financial exchanges. The following table summarizes the changes in Level 3 defined benefit pension plan assets measured at fair value on a recurring basis:
Defined Contribution Plans Prior to the Separation, certain hourly and salaried employees of Delphi Technologies participated in defined contribution plans sponsored by the Former Parent. In connection with the Separation, Delphi Technologies has established plans with substantially similar terms. Expense related to the contributions for these plans recorded by Delphi Technologies was approximately $18 million, $11 million, and $9 million for the years ended December 31, 2018, 2017 and 2016, respectively. Multiemployer Pension Plans Prior to the Separation, certain of the Company’s employees in Germany and the U.S. participate in defined benefit pension plans (collectively, “Shared Plans”) sponsored by the Former Parent. The Company has recorded expense of approximately $1 million and $1 million for the years ended December 31, 2017 and 2016, respectively, to record its allocation of pension benefit costs related to the Shared Plans. |
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COMMITMENTS AND CONTINGENCIES |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
| COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Ordinary Business Litigation Delphi Technologies is from time to time subject to various legal actions, claims, governmental investigations and proceedings incidental to its business, including those arising out of alleged defects, alleged breaches of contracts, product warranties, intellectual property matters, and employment-related matters. We also from time to time receive subpoenas and other inquiries or requests for information from agencies or other representatives of U.S. federal, state and foreign governments on a variety of issues. While the final outcome of these matters cannot be predicted with certainty, considering, among other things, the legal defenses available and liabilities that have been recorded, it is the opinion of management that the outcome of these matters will not have a material adverse impact on the Company’s financial position, results of operations, or cash flows. An unexpected adverse resolution of one or more of these items, however, could have a material adverse impact on the Company’s financial position, results of operations, or cash flows. In addition to the specific matters discussed below, the Company estimates the reasonably possible loss in excess of the amounts accrued related to ordinary business claims to be approximately $0 million to $10 million. With respect to warranty matters, although Delphi Technologies cannot ensure that the future costs of warranty claims by customers will not be material, Delphi Technologies believes its established reserves are adequate to cover potential warranty settlements. Refer to Note 9. Warranty Obligations for additional information. Brazil Matters Delphi Technologies conducts business operations in Brazil that are subject to the Brazilian federal labor, social security, environmental, tax and customs laws, as well as a variety of state and local laws. These laws are complex, subject to varying interpretations, and the Company is often engaged in litigation regarding the application of these laws to particular circumstances. As of December 31, 2018, the majority of claims asserted against Delphi Technologies in Brazil relate to such litigation. The remaining claims in Brazil relate to commercial and labor litigation with private parties. As of December 31, 2018, claims totaling approximately $16 million (using December 31, 2018 foreign currency rates) have been asserted against Delphi Technologies in Brazil. As of December 31, 2018, the Company maintains accruals for these asserted claims of approximately $3 million (using December 31, 2018 foreign currency rates). The amounts accrued represent claims that are deemed probable of loss and are reasonably estimable based on the Company’s analyses and assessment of the asserted claims and prior experience with similar matters. While the Company believes its accruals are adequate, the final amounts required to resolve these matters could differ materially from the Company’s recorded estimates and Delphi Technologies’ results of operations could be materially affected. The Company estimates the reasonably possible loss in excess of the amounts accrued related to these claims to be zero to $13 million. Environmental Matters Delphi Technologies is subject to the requirements of U.S. federal, state, local and non-U.S. environmental and safety and health laws and regulations. As of December 31, 2018 and December 31, 2017, the undiscounted reserve for environmental investigation and remediation was approximately $3 million (of which $2 million was recorded in other long-term liabilities and $1 million was recorded in accrued liabilities) and $4 million (of which $3 million was recorded in other long-term liabilities and $1 million was recorded in accrued liabilities), respectively. Delphi Technologies cannot ensure that environmental requirements will not change or become more stringent over time or that its eventual environmental remediation costs and liabilities will not exceed the amount of its current reserves. In the event that such liabilities were to significantly exceed the amounts recorded, Delphi Technologies’ results of operations could be materially affected. At December 31, 2018 the difference between the recorded liabilities and the reasonably possible range of potential loss was not material. Operating Leases Rental expense totaled $23 million, $14 million and $11 million for the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018, Delphi Technologies had minimum lease commitments under non-cancellable operating leases totaling $156 million, which become due as follows:
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| Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Text Block] | REVENUE On January 1, 2018, Delphi Technologies adopted ASC Topic 606, Revenue from Contracts with Customers, using the modified retrospective method. The standard requires recognition of revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company generally recognizes revenue when it satisfies a performance obligation by transferring control over a product to a customer. From time to time, we enter into pricing agreements with our customers that provide for price reductions, some of which are conditional upon achieving certain criteria. In these instances, revenue is recognized based on the agreed-upon price at the time of shipment. Nature of Goods The majority of our revenue is recorded at a point in time as defined by ASC 606 as the customers obtain control of the product upon title transfer and not as the product is manufactured or developed. For certain customers, based on specific terms and conditions pertaining to termination for convenience, Delphi Technologies concluded that it had an enforceable right to payment for performance completed to date and the products have no alternative use to the Company, which requires the recognition of revenue over time as defined by ASC 606. The impact on both revenue and operating income from recognizing revenue over time instead of point in time is not significant. The major product groups within the Powertrain Systems operating segment include internal combustion engine products and electronics & electrification products. The major sales channels within the Aftermarket operating segment include aftermarket products sold to independent aftermarket customers and original equipment service customers. The amount of revenue recognized for these products is based on the purchase order price and adjusted for revenue allocated to variable consideration (i.e. estimated rebates and price discounts), as applicable. Our payment terms are based on customary business practices and vary by customer type and products offered. The term between invoicing and when payment is due is not significant. Disaggregation of Revenue In the following table, net sales to outside customers, based on the manufacturing location, is disaggregated by primary geographical market:
In the following table, net sales is disaggregated by major product group and sales channels:
Contract Balances As discussed above, certain customers have contracts with specific terms and conditions which require recognition of revenue over time as defined by ASC 606. As of December 31, 2018, the recognition of revenue over time resulted in approximately $1 million of unbilled accounts receivable, which is included in accounts receivable, net. There were no other contract assets or liabilities as of December 31, 2018, as defined by ASC 606. Practical Expedients and Exemptions For our Powertrain Systems segment, we define the contract with the customer as the combination of a current purchase order and a current production schedule issued by the customer. For our Aftermarket segment, we define the contract with the customer as the combination of a current purchase order and a master agreement with the customer. Although there are instances where the master agreements may extend beyond one year, there are generally no purchase orders with an expected duration beyond a year. There are generally no performance obligations outstanding beyond a year. The Company generally does not enter into fixed long-term supply agreements. The Company applies the exemption in ASC 606 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. In addition, the Company applies the practical expedient in ASC 340 and immediately expenses contract acquisition costs when incurred, including sales commissions, because the amortization period would be one year or less. |
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INCOME TAXES |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES | INCOME TAXES Prior to the Separation, our operating results were included in the Former Parent’s various consolidated and separate income tax returns. For periods prior to the Separation, the provision for income taxes and related balance sheet accounts of such entities have been prepared and presented in the consolidated financial statements based on a separate return basis. Therefore, cash tax payments and items of current and deferred taxes in prior periods may not be reflective of the actual tax balances of Delphi Technologies prior to or subsequent to the Separation. The following table summarizes Delphi Technologies’ tax expense:
Cash paid or withheld for income taxes by Delphi Technologies was $89 million, $46 million and $59 million for the years ended December 31, 2018, 2017 and 2016, respectively. The applicable tax rate to determine Delphi Technologies theoretical income tax expense for 2018 was 19%, as compared to 19.25% in 2017 and 20% in 2016. The Company applies the weighted average rate in the United Kingdom (“U.K.”), the tax jurisdiction where Delphi Technologies is resident. The following table contains a reconciliation of the provision for income taxes compared with the amounts at the theoretical rate:
The Company’s tax rate is affected by the fact that Delphi Technologies PLC, its parent entity, is a U.K. resident taxpayer, the tax rates in the other jurisdictions in which the Company operates, the relative amount of income earned by jurisdiction and the relative amount of losses or income for which no tax benefit or expense was recognized due to a valuation allowance. Included in the income taxed at other rates are tax incentives obtained in various countries, primarily the High and New Technology Enterprise (“HNTE”) status in China and the Special Economic Zone exemption in Turkey of $9 million in 2018, $7 million in 2017, and $13 million in 2016, as well as tax benefit for income earned in jurisdictions where a valuation allowance has been recorded. The Company currently benefits from tax holidays in various non-U.S. jurisdictions with expiration dates from 2016 through 2026. The income tax benefits attributable to these tax holidays are approximately $1 million in 2018, $1 million in 2017 and $1 million in 2016. The effective tax rate in the year ended December 31, 2018 was impacted by the release of valuation allowances in France and the recording of a valuation allowance in Luxembourg. The operations in France are no longer in a position of cumulative losses in recent years and are forecasting future profits. The Company concluded the deferred tax assets in France will more likely than not be realized, and the Company recorded a $100 million tax benefit for the removal of the valuation allowance during the three months ended December 31, 2018. The Luxembourg operations have a history of losses and the Company concluded it is not more likely than not that the deferred tax assets in Luxembourg will be realized. The Luxembourg operations were in a net deferred tax liability position at December 31, 2017. The Company recorded a valuation allowance of $22 million in Luxembourg during the three months ended December 31, 2018. The Company recorded $17 million of reserve adjustments recorded for uncertain tax positions, which included reserves for ongoing audits in foreign jurisdictions, as well as for changes in estimates based on relevant new or additional evidence obtained related to certain of the Company’s tax positions. Additionally, the Company’s effective tax rate was impacted by the enactment of the Tax Cuts and Jobs Act (the “Act”) in the United States on December 22, 2017, which provided for a reduction of the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018. During the year ended December 31, 2018, the accounting for the Act was finalized and the Company recorded $2 million to income tax expense as an adjustment to the provisional amounts recorded as of December 31, 2017. During the year ended December 31, 2017, the Company recorded income tax expense of $7 million related to the enactment of the Act. The Company considered the 2017 effective tax rate calculation, to the extent related to the effects of the Act, to be provisional pursuant to the guidance in SEC Staff Accounting Bulletin No. 118, primarily due to lack of clarity at the balance sheet date related to the state tax impacts of federal tax reform, which resulted in the use of estimates to compute the future blended tax rate, as well as to the lack of clarity regarding the tax treatment of certain intercompany transactions. The Company was also impacted by the enactment of the French Finance (Budget) Law for 2018 (the “French Act”) which was enacted December 21, 2017, when it was definitively adopted by the French Parliament. The French Act provides for a maximum corporate rate of 33.33% in calendar year 2018, 31% in 2019, 28% in 2020, 26.5% in 2021 and 25% in 2022. As a result, the Company’s deferred tax asset balance and associated valuation allowance balance in France were both reduced $17 million for the year ended December 31, 2017. The Company’s effective tax rate in 2017 was also impacted by the release of valuation allowances in the United States and Hungary, primarily due to changes in the underlying operations of the business and the tax benefit recognized in the prior period due to the restructuring charges recorded in 2016, as more fully described in Note 10. Restructuring. These benefits were partially offset by unfavorable geographic income mix and $4 million of reserve adjustments recorded for uncertain tax positions, which included reserves for ongoing audits in foreign jurisdictions, as well as for changes in estimates based on relevant new or additional evidence obtained related to certain of the Company’s tax positions. The effective tax rate in the year ended December 31, 2016 was impacted by favorable geographic income mix, primarily due to changes in the underlying operations of the business. These benefits were partially offset by $5 million of reserve adjustments recorded for uncertain tax positions, which included reserves for ongoing audits in foreign jurisdictions, as well as for changes in estimates based on relevant new or additional evidence obtained related to certain of the Company’s tax positions. Additionally, the Company’s tax rate was impacted by the enactment of the U.K. Finance (No. 2) Act 2016 on September 15, 2016, which provides for a reduction of the corporate income tax rate from 18% to 17% effective April 1, 2020. The income tax accounting effect, including any retroactive effect, of a tax law change is accounted for in the period of enactment, which in this case was the third quarter of 2016. As a result, the effective tax rate was impacted by an increased tax expense of approximately $4 million for the year ended December 31, 2016 due to the resultant impact on the net deferred tax asset balances. Deferred Income Taxes The Company accounts for income taxes and the related accounts under the liability method. Deferred income tax assets and liabilities reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and the basis of such assets and liabilities as measured by tax laws. Significant components of the deferred tax assets and liabilities are as follows:
Deferred tax liabilities and assets are classified as long-term in the consolidated balance sheet. Net deferred tax assets and liabilities are included in the consolidated balance sheets as follows:
The net deferred tax assets of $266 million as of December 31, 2018 are primarily comprised of deferred tax asset amounts in the United States, U.K. and China. Net Operating Loss and Tax Credit Carryforwards As of December 31, 2018, the Company has gross deferred tax assets of approximately $236 million for net operating loss (“NOL”) carryforwards with recorded valuation allowances of $116 million. These NOL’s are available to offset future taxable income and realization is dependent on generating sufficient taxable income prior to expiration of the loss carryforwards. The NOL’s primarily relate to France, China and Spain. The NOL carryforwards have expiration dates ranging from one year to an indefinite period. Deferred tax assets include $2 million and $2 million of tax credit carryforwards with recorded valuation allowances of $2 million and $2 million at December 31, 2018 and 2017, respectively. These tax credit carryforwards expire in 2019 through 2021. Cumulative Undistributed Foreign Earnings As of December 31, 2018, deferred income tax liabilities of $13 million have been established with respect to the undistributed earnings of foreign subsidiaries whose parent entities are also included within the consolidated financial statements. Uncertain Tax Positions The Company recognizes tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Unrecognized tax benefits are tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. A reconciliation of the gross change in the unrecognized tax benefits balance, excluding interest and penalties is as follows:
The Company’s unrecognized tax benefits would, if recognized, reduce its effective tax rate. As of December 31, 2018 and 2017, the amounts of unrecognized tax benefit that would reduce the Company’s effective tax rate were $49 million and $15 million, respectively. In addition, $0 million and $8 million for 2018 and 2017, respectively, would be offset by the write-off of a related deferred tax asset, if recognized. The Company recognizes interest and penalties relating to unrecognized tax benefits as part of income tax expense. Total accrued liabilities for interest and penalties were $3 million and $2 million at December 31, 2018 and 2017, respectively. Total interest and penalties recognized as part of income tax expense was $1 million, $1 million and $2 million for the years ended December 31, 2018, 2017 and 2016, respectively. The Company files tax returns in multiple jurisdictions and is subject to examination by taxing authorities throughout the world. Taxing jurisdictions significant to Delphi Technologies include China, Romania, Turkey, South Korea, Mexico, the U.K. the U.S., Luxembourg, Brazil, France, Singapore and Poland. Pursuant to the Tax Matters Agreement, the Former Parent is generally liable for all pre-distribution U.S. federal income taxes, foreign income taxes and certain non-income taxes attributable to our business required to be reported on combined, consolidated, unitary or similar returns that include one or more members of the Former Parent group and one or more members of our group. Delphi Technologies will generally be liable for all other taxes attributable to our business. Open tax years related to these taxing jurisdictions remain subject to examination and could result in additional tax liabilities. In general, our affiliates are no longer subject to income tax examinations by foreign tax authorities for years before 2007. It is reasonably possible that audit settlements, the conclusion of current examinations or the expiration of the statute of limitations in several jurisdictions could impact the Delphi Technologies’ unrecognized tax benefits. |
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SHAREHOLDERS’ EQUITY AND NET INCOME PER SHARE |
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| Shareholders' Equity and Net Income Per Share Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHAREHOLDERS' EQUITY AND NET INCOME PER SHARE | SHAREHOLDERS’ EQUITY AND NET INCOME PER SHARE Net Income Per Share Basic net income per share is computed by dividing net income attributable to Delphi Technologies by the weighted average number of ordinary shares outstanding during the period. Diluted net income per share reflects the weighted average dilutive impact of all potentially dilutive securities from the date of issuance and is computed using the treasury stock method by dividing net income attributable to Delphi Technologies by the diluted weighted average number of ordinary shares outstanding. For periods prior to the Separation, the denominator for basic and diluted net income per share was calculated using the 88.61 million Delphi Technologies ordinary shares outstanding immediately following the Separation. The same number of shares was used to calculate basic and diluted earnings per share in those periods since no Delphi Technologies equity awards were outstanding prior to the Separation. For periods subsequent to the Separation, the calculation of net income per share contemplates the dilutive impacts, if any, of the Company’s share-based compensation plans. Refer to Note 21. Share-Based Compensation for additional information. The following table illustrates net income per share attributable to Delphi Technologies and the weighted average shares outstanding used in calculating basic and diluted income per share:
Dividends The Company has declared and paid cash dividends per ordinary share during the periods presented as follows:
Share Repurchases In July 2018, the Board of Directors approved a $100 million share repurchase authorization, which commenced in September 2018. A summary of the ordinary shares repurchased during the years ended December 31, 2018, 2017 and 2016 is as follows:
All repurchased shares were retired, and are reflected as a reduction of ordinary share capital for the par value of the shares, with the excess applied as reductions to additional paid-in-capital and retained earnings. New Share Repurchase Program In January 2019, the Board of Directors approved a new $200 million share repurchase program, which replaces the previous share repurchase authorization from July 2018. Repurchases will be made at management’s discretion from time to time on the open market or through privately negotiated transactions. The repurchase program may be suspended for periods or discontinued at any time. Repurchases under this program will be funded from one or a combination of future free cash flow and existing cash balances. The program is expected to be completed by December 31, 2021. |
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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in accumulated other comprehensive income (loss) attributable to Delphi Technologies (net of tax) are shown below.
Reclassifications from accumulated other comprehensive income (loss) to income were as follows:
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DERIVATIVES AND HEDGING ACTIVITIES |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DERIVATIVES AND HEDGING ACTIVITIES | DERIVATIVES AND HEDGING ACTIVITIES Cash Flow Hedges Delphi Technologies is exposed to market risk, such as fluctuations in foreign currency exchange rates, commodity prices and changes in interest rates, which may result in cash flow risks. To manage the volatility relating to these exposures, Delphi Technologies aggregates the exposures on a consolidated basis to take advantage of natural offsets. For exposures that are not offset within its operations, Delphi Technologies enters into various derivative transactions pursuant to its risk management policies, which prohibit holding or issuing derivative financial instruments for speculative purposes, and designation of derivative instruments is performed on a transaction basis to support hedge accounting. The changes in fair value of these hedging instruments are offset in part or in whole by corresponding changes in the fair value or cash flows of the underlying exposures being hedged. Delphi Technologies assesses the initial and ongoing effectiveness of its hedging relationships in accordance with its documented policy. In December 2018, the Company entered into interest rate swap agreements, designated as cash flow hedges, with a combined notional amount of $400 million where the variable rates under the Term Loan A Facility have been exchanged for a fixed rate. These interest rate swap agreements mature in September 2022 and convert the nature of $400 million of the loan from LIBOR floating-rate debt to fixed-rate debt. Prior to the Separation, the Former Parent centrally managed its exposure to fluctuations in currency exchange rates and certain commodity prices by entering into a variety of forward contracts and swaps with various counterparties. Such financial exposures were managed in accordance with the policies and procedures of the Former Parent and accounted for in accordance with ASC Topic 815, Derivatives and Hedging. Due to the Company’s participation in the Former Parent’s hedging program, the Company was allocated a portion of the impact from these activities. Based on the exposure levels related to Delphi Technologies, the Company recorded gains of $16 million and $6 million in cost of sales for the years ended December 31, 2017 and 2016, respectively. As of December 31, 2018, the Company had the following outstanding notional amounts related to foreign currency forward contracts designated as cash flow hedges that were entered into to hedge forecasted exposures:
As of December 31, 2018, Delphi Technologies has entered into derivative instruments to hedge cash flows extending out to September 2022. Gains and losses on derivatives qualifying as cash flow hedges are recorded in accumulated other comprehensive income (“OCI”), to the extent that hedges are effective, until the underlying transactions are recognized in earnings. Unrealized amounts in accumulated OCI will fluctuate based on changes in the fair value of hedge derivative contracts at each reporting period. Net gains on cash flow hedges included in accumulated OCI as of December 31, 2018 were approximately $1 million (approximately $1 million, net of tax). Of this total, approximately $3 million of gains are expected to be included in cost of sales and interest expense within the next 12 months and $2 million of losses are expected to be included in interest expense in subsequent periods. Cash flow hedges are discontinued when Delphi Technologies determines it is no longer probable that the originally forecasted transactions will occur. Cash flows from derivatives used to manage foreign exchange and interest rate risks are classified as operating activities within the consolidated statement of cash flows. Net Investment Hedges The Company is also exposed to the risk that adverse changes in foreign currency exchange rates could impact its net investment in non-U.S. subsidiaries. To manage this risk, the Company designated a qualifying non-derivative instrument, foreign currency-denominated debt, as a net investment hedge of certain non-U.S. subsidiaries. The gains or losses on instruments designated as net investment hedges are recognized within OCI to offset changes in the value of the net investment in these foreign currency-denominated operations. Gains and losses reported in accumulated other comprehensive income (loss) are reclassified to earnings only when the related currency translation adjustments are required to be reclassified, usually upon sale or liquidation of the investment. In December 2018, as a means of managing foreign currency risk related to our significant operations in Europe, the Company executed fixed-for-fixed cross currency swaps, in which the Company will pay Euros and receive U.S. dollars with a combined notional amount of $400 million. These agreements are designated as net investment hedges and will have a maturity date of September 2022. Derivatives Not Designated as Hedges On certain occasions the Company enters into certain foreign currency contracts that are not designated as hedges. When hedge accounting is not applied to derivative contracts, gains and losses are recorded to other income (expense), net and cost of sales in the consolidated statement of operations. Fair Value of Derivative Instruments in the Balance Sheet The fair value of derivative financial instruments recorded in the consolidated balance sheet as of December 31, 2018 is shown below. There were no derivative financial instruments outstanding as of December 31, 2017.
* Derivative instruments are subject to master netting arrangements and are presented on a net basis in the consolidated balance sheets in accordance with accounting guidance related to the offsetting of amounts related to certain contracts. The fair value of Delphi Technologies’ derivative financial instruments was in a net liability position as of December 31, 2018. Effect of Derivatives on the Statement of Operations and Statement of Comprehensive Income The pre-tax effect of the derivative financial instruments in the consolidated statement of operations and consolidated statement of comprehensive income for the year ended December 31, 2018 is as follows:
The gain or loss recognized into income of designated and not designated derivative instruments were recorded to other net income, interest expense and cost of sales in the consolidated statements of operations for the year ended December 31, 2018. |
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FAIR VALUE OF FINANCIAL INSTRUMENT |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE OF FINANCIAL INSTRUMENT | FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Delphi Technologies uses the following fair value hierarchy prescribed by U.S. GAAP, which prioritizes the inputs used to measure fair value as follows: Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Typically, assets and liabilities are considered to be fair valued on a recurring basis if fair value is measured regularly. Additionally, certain assets and liabilities are subject to fair value adjustments on a nonrecurring basis in certain circumstances. This generally occurs when accounting guidance requires assets and liabilities to be recorded at the lower of cost or fair value, or assessed for impairment. Fair Value Measurements on a Recurring Basis Derivative instruments—All derivative instruments are required to be reported on the balance sheet at fair value unless the transactions qualify and are designated as normal purchases or sales. Changes in fair value are reported currently through earnings unless they meet hedge accounting criteria. Delphi Technologies’ derivative exposures are with counterparties with long-term investment grade credit ratings. Delphi Technologies estimates the fair value of its derivative contracts using an income approach based on valuation techniques to convert future amounts to a single, discounted amount. Estimates of the fair value of foreign currency derivative instruments, interest rate swaps and cross-currency swaps are determined using exchange traded prices and rates. Delphi Technologies also considers the risk of non-performance in the estimation of fair value, and includes an adjustment for non-performance risk in the measure of fair value of derivative instruments. The non-performance risk adjustment reflects the credit default spread (“CDS”) applied to the foreign currency exposures by counterparty. When Delphi Technologies is in a net derivative asset position, the counterparty CDS rates are applied to the net derivative asset position. When Delphi Technologies is in a net derivative liability position, estimates of peer companies’ CDS rates are applied to the net derivative liability position. In certain instances where market data is not available, Delphi Technologies uses management judgment to develop assumptions that are used to determine fair value. This could include situations of market illiquidity for a particular currency or commodity or where observable market data may be limited. In those situations, Delphi Technologies generally surveys investment banks and/or brokers and utilizes the surveyed prices and rates in estimating fair value. As of December 31, 2018, Delphi Technologies was in a net derivative liability position of $2 million, and no significant adjustments were recorded for nonperformance risk based on the application of peer companies’ CDS rates, evaluation of our own nonperformance risk and because Delphi Technologies’ exposures were to counterparties with investment grade credit ratings. Refer to Note 18. Derivatives and Hedging Activities for further information regarding derivatives. As of December 31, 2018 Delphi Technologies had the following derivative assets measured at fair value on a recurring basis:
As of December 31, 2018 Delphi Technologies had the following derivative liabilities measured at fair value on a recurring basis:
Non-derivative financial instruments—Delphi Technologies’ non-derivative financial instruments include cash and cash equivalents, accounts and notes receivable, accounts payable, as well as debt, which consists of capital leases, the Senior Notes, the Term Loan A Facility and other debt issued by Delphi Technologies’ non-U.S. subsidiaries. The fair value of debt is based on quoted market prices for instruments with public market data or significant other observable inputs for instruments without a quoted public market price (Level 2). As of December 31, 2018 and 2017, total debt was recorded at $1,531 million and $1,535 million, respectively, and had estimated fair values of $1,415 million and $1,566 million, respectively. For all other financial instruments recorded at December 31, 2018 and 2017, fair value approximates book value. Fair Value Measurements on a Nonrecurring Basis In addition to items that are measured at fair value on a recurring basis, Delphi Technologies also has items in its balance sheet that are measured at fair value on a nonrecurring basis. Nonfinancial assets and liabilities that are measured at fair value on a nonrecurring basis include long-lived assets, equity and cost method investments, intangible assets, asset retirement obligations, share-based compensation and liabilities for exit or disposal activities measured at fair value upon initial recognition. During the year ended December 31, 2018, Delphi Technologies recorded non-cash asset impairment charges of $1 million within cost of sales related to declines in the fair values of certain fixed assets. During the year ended December 31, 2017, Delphi Technologies recorded non-cash asset impairment charges of $12 million in cost of sales related to declines in the fair values of certain fixed assets. During the year ended December 31, 2016, Delphi Technologies recorded non-cash asset impairment charges of $29 million in cost of sales related to declines in the fair value of certain fixed assets, $25 million of which related to the closure of a European manufacturing site within the Powertrain Systems segment in 2016. Fair value of long-lived assets is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved and a review of appraisals. As such, Delphi Technologies has determined that the fair value measurements of long-lived assets fall in Level 3 of the fair value hierarchy. |
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OTHER INCOME (EXPENSE), NET |
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| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income, Net | OTHER INCOME, NET Other income (expense), net included:
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION Long Term Incentive Plan The Delphi Technologies PLC Long-Term Incentive Plan (the “PLC LTIP”) allows for the grant of share-based awards (up to 7,500,000 ordinary shares) for long-term compensation to the employees, directors, consultants and advisors of the Company. The awards can be in the form of shares, options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance awards, and other share-based awards. The Company has awarded annual long-term grants of RSUs under the PLC LTIP subsequent to the Separation in 2017 and 2018 in order to align management compensation with Delphi's overall business strategy. The Company has competitive and market-appropriate ownership requirements. All of the RSUs granted under the PLC LTIP are eligible to receive dividend equivalents for any dividend paid from the grant date through the vesting date. Dividend equivalents are generally paid out in ordinary shares upon vesting of the underlying RSUs. The Company had no share-based compensation plans prior to the Separation; however certain of our employees participated in the Former Parent’s share-based compensation arrangement, the Delphi Automotive PLC Long Term Incentive Plan, as amended and restated effective April 23, 2015 (the “Former Parent Plan”). Grants of RSUs to executives and non-employee directors were made under the Former Parent Plan in each year from 2012 to 2017. As discussed further below, outstanding awards under the Former Parent Plan were adjusted and converted into Delphi Technologies equity awards. Share-based compensation expense within the consolidated financial statements for periods prior to the Separation was allocated to Delphi Technologies based on the awards and terms previously granted to Delphi Technologies employees while part of the Former Parent, and includes the cost of Delphi Technologies employees who participated in the Former Parent’s Plan, as well as an allocated portion of the cost of the Former Parent’s corporate employee awards. In connection with the Separation, outstanding equity awards to executives and non-employee directors under the Former Parent Plan were adjusted and converted into Delphi Technologies equity awards using a formula designed to maintain the economic value of the awards immediately before and after the Separation. Accordingly, the number of RSUs underlying each unvested award outstanding as of the date of the Separation was multiplied by a factor of 2.02, which resulted in no increase in the intrinsic value of awards outstanding. The RSUs continue to vest in accordance with their original vesting period. These adjustments to the Company’s share-based compensation awards did not result in additional compensation expense. Board of Director Awards On December 31, 2017, Delphi Technologies granted 7,506 RSUs to the non-employee members of the Board of Directors who were not members of the Former Parent’s Board of Directors at a grant date fair value of approximately $0.4 million. The grant date fair value was determined based on the closing price of the Company's ordinary shares on December 29, 2017. The awards are time-based vesting RSUs and vest in April 2018. In addition, on December 31, 2017, Delphi Technologies granted 119,921 RSUs to the employee and non-employee members of the Board of Directors at a grant date fair value of approximately $7 million. The awards include a time-based RSUs and performance-based RSUs. The time-based RSUs vest at various points through February 2021. The performance-based RSUs will be measured based on relative total shareholder return (as described further below) and vest in December 2020. The grant date fair value was determined based on the closing price of the Company’s ordinary shares on December 31, 2017 and a contemporaneous valuation performed by an independent valuation specialist with respect to the relative total shareholder return awards. On April 26, 2018, Delphi Technologies granted 34,756 RSUs to the Board of Directors at a grant date fair value of approximately $2 million. The grant date fair value was determined based on the closing price of the Company's ordinary shares on April 26, 2018. The RSUs will vest on April 24, 2019, the day before the 2019 annual meeting of shareholders. Executive Awards The executive awards include a time-based vesting portion and a performance-based vesting portion, as well as continuity awards in certain years. The time-based RSUs, which make up 25% of the awards for the Company’s officers and 50% for other executives, vest ratably over three years beginning on the first anniversary of the grant date. The performance-based RSUs, which make up 75% of the awards for the Company’s officers and 50% for other executives, vest at the completion of a three-year performance period if certain targets are met. Each executive will receive between 0% and 200% of his or her target performance-based award based on the Company’s performance against established company-wide performance metrics, which are:
The details of the executive grant are as follows:
Any new executives hired after the annual executive RSU grant date may be eligible to participate in the PLC LTIP. Any off cycle grants made for new hires are valued at their grant date fair value based on the closing price of the Company’s ordinary shares on the date of such grant. The Company has competitive and market-appropriate ownership requirements. All of the RSUs granted under the PLC LTIP are eligible to receive dividend equivalents for any dividend paid from the grant date through the vesting date. The grant date fair value of the RSUs is determined based on the target number of awards issued, the closing price of the Company’s ordinary shares on the date of the grant of the award, including an estimate for forfeitures, and a contemporaneous valuation performed by an independent valuation specialist with respect to the relative total shareholder return awards. A summary of activity, including award grants, vesting and forfeitures for Delphi Technologies employees is provided below. All prior period award amounts disclosed within the following table were converted in accordance with the factor related to the conversion of the awards following the Separation as described above.
As of December 31, 2018, there were approximately 61,000 performance-based RSUs, with a weighted average grant date fair value of $33.52, that were vested but not yet distributed. Share-based compensation expense recorded within the consolidated statement of operations, which for periods prior to the Separation includes the cost of Delphi Technologies employees who participated in the Former Parent’s Plan as well as an allocated portion of the cost of the Former Parent’s senior management awards, was $9 million ($9 million, net of tax), $17 million ($14 million, net of tax) and $19 million ($16 million net of tax) based on the Company’s best estimate of ultimate performance against the respective targets during the years ended December 31, 2018, 2017 and 2016, respectively. The Company will continue to recognize compensation expense, based on the grant date fair value of the awards applied to the Company’s best estimate of ultimate performance against the respective targets, over the requisite vesting periods of the awards. Based on the grant date fair value of the awards and the Company’s best estimate of ultimate performance against the respective targets as of December 31, 2018, unrecognized compensation expense on a pretax basis of approximately $15 million is anticipated to be recognized over a weighted average period of approximately 2 years. |
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SEGMENT REPORTING |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT REPORTING | SEGMENT REPORTING Delphi Technologies operates its core business along the following operating segments, which are grouped on the basis of similar product, market and operating factors:
The accounting policies of the segments are the same as those described in Note 2. Significant Accounting Policies, except that the disaggregated financial results for the segments have been prepared using a management approach, which is consistent with the basis and manner in which management internally disaggregates financial information for which Delphi Technologies’ chief operating decision maker regularly reviews financial results to assess performance of, and make internal operating decisions about allocating resources to the segments. Generally, Delphi Technologies evaluates segment performance based on stand-alone segment net income before interest expense, other income (expense), net, income tax benefit (expense), equity income, net of tax, restructuring, separation costs, other acquisition and portfolio project costs (which includes costs incurred to integrate acquired businesses and to plan and execute product portfolio transformation actions, including business and product acquisitions and divestitures), and asset impairments (“Adjusted Operating Income”) and accounts for inter-segment sales and transfers as if the sales or transfers were to third parties, at current market prices. Delphi Technologies’ management utilizes Adjusted Operating Income as the key performance measure of segment income or loss to evaluate segment performance, and for planning and forecasting purposes to allocate resources to the segments, as management believes this measure is most reflective of the operational profitability or loss of Delphi Technologies’ operating segments. Consolidated Adjusted Operating Income should not be considered a substitute for results prepared in accordance with U.S. GAAP and should not be considered an alternative to net income attributable to Delphi Technologies, which is the most directly comparable financial measure to Adjusted Operating Income that is prepared in accordance with U.S. GAAP. Adjusted Operating Income, as determined and measured by Delphi Technologies, should also not be compared to similarly titled measures reported by other companies. Included below are sales and operating data for the Company’s segments for the years ended December 31, 2018, 2017 and 2016, as well as balance sheet data as of December 31, 2018 and 2017.
The reconciliation of Adjusted Operating Income to Operating Income includes, as applicable, restructuring, separation costs, other acquisition and portfolio project costs (which includes costs incurred to integrate acquired businesses and to plan and execute product portfolio transformation actions, including business and product acquisitions and divestitures) and asset impairments. The reconciliation of Adjusted Operating Income to net income attributable to Delphi Technologies for the years ended December 31, 2018, 2017 and 2016 are as follows:
Information concerning principal geographic areas is set forth below. Net sales data reflects the manufacturing location for the years ended December 31, 2018, 2017 and 2016. Net property data is as of December 31, 2018, 2017 and 2016.
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QUARTERLY DATA (UNAUDITED) |
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| Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| QUARTERLY DATA (UNAUDITED) | QUARTERLY DATA (UNAUDITED) The following is a condensed summary of the Company’s unaudited quarterly results for 2018 and 2017.
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SIGNIFICANT ACCOUNTING POLICIES (Policies) |
12 Months Ended |
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Dec. 31, 2018 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation Prior to the Separation on December 4, 2017, the historical financial statements of Delphi Technologies were prepared on a stand-alone combined basis and were derived from the Former Parent’s consolidated financial statements and accounting records. These financial statements were prepared as if the Powertrain Systems segment, which historically included Aftermarket, of the Former Parent had been part of Delphi Technologies for all periods presented. Accordingly, for periods prior to December 4, 2017, our financial statements are presented on a combined basis and for the periods subsequent to December 4, 2017, are presented on a consolidated basis (all periods hereinafter are referred to as “consolidated financial statements”). The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). At the time of the Separation, we used available information to develop our best estimates for certain assets and liabilities related to the Separation. In certain instances, final determination of the Separation-related balances is made in subsequent periods, and any adjustments, if necessary, are recorded to shareholders’ equity when determined. The Company’s historical financial statements for periods prior to December 4, 2017 reflect an allocation of expenses related to certain corporate functions of the Former Parent, including senior management, legal, human resources, finance and accounting, treasury, information technology services and support, cash management, payroll processing, pension and benefit administration and other shared services. These costs were allocated using methodologies that management believes were reasonable for the item being allocated. Allocation methodologies included direct usage when identifiable, as well as the Company’s relative share of revenues, headcount or functional spend as a percentage of the total. However, the allocations are not indicative of the actual expenses that would have been incurred had Delphi Technologies operated as a stand-alone publicly-traded company for the periods presented. Accordingly, the historical financial information presented for periods prior to December 4, 2017 may not be indicative of the results of operations, financial position or cash flows that would have been achieved if Delphi Technologies had been a stand-alone publicly-traded company during the periods shown or of the Company’s performance for periods subsequent to December 4, 2017. Related party allocations are further described in Note 3. Related Party Transactions. Prior to the Separation, transfers of cash to and from the Former Parent were reflected as a component of the Former Parent’s net investment in the consolidated financial statements. Cash and cash equivalents held by the Former Parent were not attributable to Delphi Technologies for any of the prior periods presented. Only cash amounts specifically attributable to Delphi Technologies are reflected in the accompanying consolidated financial statements. Financing transactions related to the Company, prior to the Separation, are accounted for as a component of the Former Parent’s net investment in the consolidated balance sheets and as a financing activity on the accompanying consolidated statements of cash flows. Prior to December 4, 2017, all intercompany transactions between the Company and the Former Parent were considered to be effectively settled in the historical financial statements at the time the transactions were recorded. As a result, the total net effect of the settlement of these intercompany transactions was reflected in the consolidated statements of cash flows as a financing activity and in the consolidated balance sheets as Former Parent’s net investment in Delphi Technologies. Subsequent to the Separation, outstanding transactions between Delphi Technologies and the Former Parent were reflected in the consolidated balance sheet outside of Former Parent’s net investment. In connection with the Separation, the Former Parent’s net investment was reclassified within shareholders’ equity and allocated between ordinary shares and additional paid-in capital based on the number of our ordinary shares outstanding at the distribution date. |
| Principles of Consolidation | Principles of Consolidation—The consolidated financial statements as of and for the year ended December 31, 2018 include the accounts of Delphi Technologies’ subsidiaries in which the Company holds a controlling financial or management interest and variable interest entities of which Delphi Technologies has determined that it is the primary beneficiary. All significant intercompany transactions and balances between consolidated Delphi Technologies businesses have been eliminated. For periods prior to December 4, 2017, transactions between the Company and the Former Parent have been included in the financial statements within Former Parent net investment. Prior to December 4, 2017, expenses related to corporate allocations from the Former Parent to the Company were considered to be effectively settled for cash in the financial statements at the time the transaction was recorded. Prior to the Separation, transactions between the Company and the Former Parent’s other subsidiaries were classified as related party transactions within the consolidated financial statements. Delphi Technologies’ share of the earnings or losses of Delphi-TVS Diesel Systems Ltd (of which Delphi Technologies owns approximately 50%), a non-controlled affiliate located in India over which the Company exercises significant influence, is included in the consolidated operating results of Delphi Technologies using the equity method of accounting. During the year ended December 31, 2015, Delphi Technologies made a $20 million investment in Tula Technology, Inc. (“Tula”), an engine control software company, over which the Company does not exert significant influence. During the year ended December 31, 2017, Delphi Technologies made an additional $1 million investment in Tula. During the year ended December 31, 2018, Delphi Technologies made a $7 million investment in PolyCharge America, Inc. (“PolyCharge”), a start-up established to commercialize a new capacitor technology, over which the Company does not exert significant influence. Tula and PolyCharge are privately-held companies that do not have readily determinable fair values and therefore are measured at cost less impairments, adjusted for observable price changes in orderly transactions for the identical or similar investment of the same issuer. There were no impairments or upward adjustments recorded during the years ended December 31, 2018 or 2017. These investments are classified within other long-term assets in the consolidated balance sheets. The Company monitors its equity investments, including those measured at fair value and those that do not have readily determinable fair values, for indicators of impairments or upward adjustments, on an ongoing basis. If the Company determines that such a an indicator is present, an adjustment is recorded, which is measured as the difference between carrying value and estimated fair value. Estimated fair value is generally determined using an income approach based on discounted cash flows or negotiated transaction values. |
| Use of estimates | Use of estimates—Preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect amounts reported therein. Generally, matters subject to estimation and judgment include amounts related to accounts receivable realization, inventory obsolescence, asset impairments, useful lives of intangible and fixed assets, deferred tax asset valuation allowances, income taxes, pension benefit plan assumptions, accruals related to litigation, warranty costs, environmental remediation costs, worker’s compensation accruals and healthcare accruals. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be based upon amounts that differ from those estimates. |
| Revenue recognition | Revenue recognition—Delphi Technologies recognizes revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally this occurs with the transfer of control of our production parts or aftermarket parts. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. Sales incentives and allowances (including returns) are recognized as a reduction to revenue at the time of the related sale. The Company estimates the allowances based on an analysis of historical experience. Taxes assessed by a governmental authority collected by the Company concurrent with a specific revenue-producing transaction are excluded from net sales. Shipping and handling fees billed to customers are included in net sales, while costs of shipping and handling are included in cost of sales. Aftermarket provides certain customers with a right of return. The Company recognizes an estimated return asset (and adjusts for cost of sales) for the right to recover the products returned by the customer. ASC 606 requires that return assets be presented separately from inventory. As of December 31, 2018, the Company had return assets of $7 million included in other current assets. Refer to Note 14. Revenue and Note 5. Assets for additional information. |
| Net income per share | Net income per share—Basic net income per share is computed by dividing net income attributable to Delphi Technologies by the weighted–average number of ordinary shares outstanding during the period. Diluted net income per share reflects the weighted average dilutive impact of all potentially dilutive securities from the date of issuance and is computed using the treasury stock method by dividing net income attributable to Delphi Technologies by the diluted weighted-average number of ordinary shares outstanding. For periods prior to the Separation, the denominator for basic and diluted net income per share was calculated using the 88.61 million Delphi Technologies ordinary shares outstanding immediately following the Separation. The same number of shares was used to calculate basic and diluted earnings per share in those periods since no Delphi Technologies equity awards were outstanding prior to the Separation. |
| Rebates | Rebates—The Company accrues for rebates pursuant to specific arrangements primarily with certain aftermarket customers. Rebates generally provide for price reductions based upon purchase volumes and are recorded as a reduction of sales as earned by such customers. |
| Research and development | Research and development—Costs are incurred in connection with research and development programs that are expected to contribute to future earnings. Such costs are charged against income as incurred. Total research and development expenses, including engineering, net of customer reimbursements, were $448 million, $420 million and $424 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
| Cash and cash equivalents | Cash and cash equivalents—Cash and cash equivalents are defined as short-term, highly liquid investments with original maturities of three months or less. |
| Restricted cash | Restricted cash—Restricted cash includes balances on deposit at financial institutions that have issued letters of credit in favor of Delphi Technologies. |
| Accounts receivable | Accounts receivable—Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company generally does not require collateral for its trade receivables. Sales of receivables are accounted for in accordance with the FASB ASC Topic 860, Transfers and Servicing (“ASC 860”). Agreements which result in true sales of the transferred receivables, as defined in ASC 860, which occur when receivables are transferred to a third party without recourse to the Company, are excluded from amounts reported in the consolidated balance sheets. Cash proceeds received from such sales are included in operating cash flows. The expenses associated with receivables factoring are recorded in the consolidated statements of operations within interest expense. The Company exchanges certain amounts of accounts receivable, primarily in the Asia Pacific region, for bank notes with original maturities greater than three months. The collection of such bank notes are included in operating cash flows based on the substance of the underlying transactions, which are operating in nature. Bank notes held by the Company with original maturities of three months or less are classified as cash and cash equivalents within the consolidated balance sheet, and those with original maturities of greater than three months are classified as notes receivable within other current assets. The Company may hold such bank notes until maturity, exchange them with suppliers to settle liabilities, or sell them to third party financial institutions in exchange for cash. The allowance for doubtful accounts is established based upon analysis of trade receivables for known collectability issues, the aging of the trade receivables at the end of each period and, generally, all accounts receivable balances greater than 90 days past due are fully reserved. As of December 31, 2018 and 2017, the allowance for doubtful accounts was $18 million and $16 million, respectively, and the provision for doubtful accounts was $5 million, $8 million, and $2 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
| Inventories | Inventories—Inventories are stated at the lower of cost, determined on a first-in, first-out basis, or net realizable value, including direct material costs and direct and indirect manufacturing costs. Refer to Note 4. Inventories for additional information. Obsolete inventory is identified based on analysis of inventory for known obsolescence issues, and, generally, the market value of inventory on hand in excess of one year’s supply is fully-reserved. From time to time, payments may be received from suppliers. These payments from suppliers are recognized as a reduction of the cost of the material acquired during the period to which the payments relate. In some instances, supplier rebates are received in conjunction with or concurrent with the negotiation of future purchase agreements and these amounts are amortized over the prospective agreement period. |
| Property | Property—Major improvements that materially extend the useful life of property are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is determined based on a straight-line method over the estimated useful lives of groups of property. Leasehold improvements under capital leases are depreciated over the period of the lease or the life of the property, whichever is shorter. Refer to Note 6. Property, Net for additional information. |
| Pre-production costs related to long-term supply agreements | Pre-production costs related to long-term supply agreements—The Company incurs pre-production engineering, development and tooling costs related to products produced for its customers under long-term supply agreements. Engineering, testing and other costs incurred in the design and development of production parts are expensed as incurred, unless the costs are reimbursable, as specified in a customer contract. As of December 31, 2018 and 2017, $17 million and $20 million of such contractually reimbursable costs were capitalized, respectively. These amounts are recorded within other current and other long-term assets in the consolidated balance sheets, as further detailed in Note 5. Assets. Special tools represent Delphi Technologies-owned tools, dies, jigs and other items used in the manufacture of customer components that will be sold under long-term supply arrangements, the costs of which are capitalized within property, plant and equipment if the Company has title to the assets. Special tools also include capitalized unreimbursed pre-production tooling costs related to customer-owned tools for which the customer has provided Delphi Technologies a non-cancellable right to use the tool. Delphi Technologies-owned special tools balances are depreciated over the expected life of the special tool or the life of the related vehicle program, whichever is shorter. The unreimbursed costs incurred related to customer-owned special tools that are not subject to reimbursement are capitalized and depreciated over the expected life of the special tool or the life of the related vehicle program, whichever is shorter. At December 31, 2018 and 2017, the special tools balance, net of accumulated depreciation, was $119 million and $113 million, respectively, included within property, net in the consolidated balance sheets. As of December 31, 2018 and 2017, the Delphi Technologies-owned special tools balances were $109 million and $103 million, respectively, and the customer-owned special tools balances were $10 million and $10 million, respectively. |
| Valuation of long-lived assets/Goodwill impairment | In the fourth quarter of 2018 and 2017, the Company completed a qualitative goodwill impairment assessment, and after evaluating the results, events and circumstances of the Company, the Company concluded that sufficient evidence existed to assert qualitatively that it was more likely than not that the estimated fair value of each reporting unit remained in excess of its carrying values. Therefore, a two-step impairment assessment was not necessary. No goodwill impairments were recorded in 2018, 2017 or 2016. Refer to Note 7. Intangible Assets and Goodwill for additional information. Valuation of long-lived assets—The carrying value of long-lived assets held for use, including definite-lived intangible assets, is periodically evaluated when events or circumstances warrant such a review. The carrying value of a long-lived asset held for use is considered impaired when the anticipated separately identifiable undiscounted cash flows from the asset are less than the carrying value of the asset. In that event, a loss is recognized based on the amount by which the carrying value exceeds the estimated fair value of the long-lived asset. Impairment losses on long-lived assets held for sale are recognized if the carrying value of the asset is in excess of the asset’s estimated fair value, reduced for the cost to dispose of the asset. Fair value of long-lived assets is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved (an income approach), and in certain situations the Company’s review of appraisals (a market approach). Refer to Note 6. Property, Net for additional information. |
| Fair value measurements | Fair value measurements—The fair values of cash and cash equivalents, accounts and notes receivable, accounts payable, and debt approximates book value. Refer to Note 19. Fair Value of Financial Instruments for the fair values of other financial instruments and obligations. |
| Intangible assets | Intangible assets—The Company has definite-lived intangible assets related to patents and developed technology, customer relationships and trade names. The Company amortizes definite-lived intangible assets over their estimated useful lives. The Company also has intangible assets related to acquired trade names that are classified as indefinite-lived when there are no foreseeable limits on the periods of time over which they are expected to contribute cash flows. These indefinite-lived trade name assets are tested for impairment annually, or more frequently when indicators of potential impairment exist. Costs to renew or extend the term of acquired intangible assets are recognized as expense as incurred. No intangible asset impairments were recorded in 2018, 2017 or 2016. Refer to Note 7. Intangible Assets and Goodwill for additional information. |
| Goodwill | Goodwill—Goodwill is the excess of the purchase price over the estimated fair value of identifiable net assets acquired in business combinations. The Company tests goodwill for impairment annually in the fourth quarter, or more frequently when indications of potential impairment exist. The Company monitors the existence of potential impairment indicators throughout the fiscal year. The Company tests for goodwill impairment at the reporting unit level. Our reporting units are the components of operating segments which constitute businesses for which discrete financial information is available and is regularly reviewed by segment management. The impairment test involves first qualitatively assessing goodwill for impairment. If the qualitative assessment is not met the Company then performs a quantitative assessment by first comparing the estimated fair value of each reporting unit to its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential sale of the reporting unit. If the estimated fair value exceeds carrying value, then we conclude that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its estimated fair value, a second step is required to measure possible goodwill impairment loss. The second step includes hypothetically valuing the tangible and intangible assets and liabilities of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying value of that goodwill. If the carrying value of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying value. Refer to Note 7. Intangible Assets and Goodwill for additional information. |
| Warranty and product recalls | Warranty and product recalls—Expected warranty costs for products sold are recognized at the time of sale of the product based on an estimate of the amount that eventually will be required to settle such obligations. These accruals are based on factors such as past experience, production changes, industry developments and various other considerations. Costs of product recalls, which may include the cost of the product being replaced as well as the customer’s cost of the recall, including labor to remove and replace the recalled part, are accrued as part of our warranty accrual at the time an obligation becomes probable and can be reasonably estimated. These estimates are adjusted from time to time based on facts and circumstances that impact the status of existing claims. Refer to Note 9. Warranty Obligations for additional information. |
| Income taxes | Income taxes—As described in Note 15. Income Taxes, prior to the Separation the Company’s domestic and foreign operating results were included in the income tax returns of the Former Parent, and the Company accounted for income taxes under the separate return method. Under this approach, the Company determined its deferred tax assets and liabilities and related tax expense as if it were filing separate tax returns. Deferred tax assets and liabilities reflect temporary differences between the amount of assets and liabilities for financial and tax reporting purposes. Such amounts are adjusted, as appropriate, to reflect changes in tax rates expected to be in effect when the temporary differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized. In the event the Company determines it is more likely than not that the deferred tax assets will not be realized in the future, the valuation allowance adjustment to the deferred tax assets will be charged to earnings in the period in which the Company makes such a determination. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities. Refer to Note. 15. Income Taxes for additional information. |
| Foreign currency translation | Foreign currency translation—Assets and liabilities of non-U.S. subsidiaries that use a currency other than U.S. dollars as their functional currency are translated to U.S. dollars at end-of-period currency exchange rates. The consolidated statements of operations of non-U.S. subsidiaries are translated to U.S. dollars at average-period currency exchange rates. The effect of translation for non-U.S. subsidiaries is generally reported in other comprehensive income (“OCI”). The effect of remeasurement of assets and liabilities of non-U.S. subsidiaries that use the U.S. dollar as their functional currency is primarily included in cost of sales. Also included in cost of sales are gains and losses arising from transactions denominated in a currency other than the functional currency of a particular entity. Net foreign currency transaction (gains) and losses of $(1) million, $(9) million and $11 million were included as a component of cost of goods sold and other income (expense) in the consolidated statements of operations for the years ended December 31, 2018, 2017 and 2016, respectively. |
| Restructuring | Restructuring—Delphi Technologies continually evaluates alternatives to align the business with the changing needs of its customers and to lower operating costs. This includes the realignment of its existing manufacturing capacity, facility closures, or similar actions, either in the normal course of business or pursuant to significant restructuring programs. These actions may result in employees receiving voluntary or involuntary employee termination benefits, which are mainly pursuant to union or other contractual agreements. Voluntary termination benefits are accrued when an employee accepts the related offer. Involuntary termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable, depending on the existence of a substantive plan for severance or termination. Contract termination costs are recorded when contracts are terminated or when Delphi Technologies no longer derives economic benefit from a contract or ceases to use a leased facility. All other exit costs are expensed as incurred. Refer to Note 10. Restructuring for additional information. |
| Environmental liabilities | Environmental liabilities—Environmental remediation liabilities are recognized when a loss is probable and can be reasonably estimated. Such liabilities generally are not subject to insurance coverage. The cost of each environmental remediation is estimated by engineering, financial, and legal specialists based on current law and considers the estimated cost of investigation and remediation required and the likelihood that, where applicable, other responsible parties will be able to fulfill their commitments. The process of estimating environmental remediation liabilities is complex and dependent primarily on the nature and extent of historical information and physical data relating to a contaminated site, the complexity of the site, the uncertainty as to what remediation and technology will be required, and the outcome of discussions with regulatory agencies and, if applicable, other responsible parties at multi-party sites. In future periods, new laws or regulations, advances in remediation technologies and additional information about the ultimate remediation methodology to be used could significantly change estimates by Delphi Technologies. Refer to Note 13. Commitments and Contingencies for additional information. |
| Derivative financial instruments | Derivative financial instruments—All derivative instruments are required to be reported on the balance sheet at fair value unless the transactions qualify and are designated as normal purchases or sales. Changes in fair value are reported currently through earnings unless they meet hedge accounting criteria. Exposure to fluctuations in currency exchange rates and interest rates are managed by entering into a variety of forward contracts and swaps with various counterparties. Such financial exposures are managed in accordance with the policies and procedures of Delphi Technologies. The Company does not enter into derivative transactions for speculative or trading purposes. As part of the hedging program approval process, the Company identifies the specific financial risk which the derivative transaction will minimize, the appropriate hedging instrument to be used to reduce the risk and the correlation between the financial risk and the hedging instrument. Purchase orders, sales contracts, letters of intent, capital planning forecasts and historical data are used as the basis for determining the anticipated values of the transactions to be hedged. The Company does not enter into derivative transactions that do not have a high correlation with the underlying financial risk. Hedge positions, as well as the correlation between the transaction risks and the hedging instruments, are reviewed on an ongoing basis. Foreign exchange forward contracts are accounted for as hedges of firm or forecasted foreign currency commitments to the extent they are designated and assessed as highly effective. All foreign exchange contracts are marked to market on a current basis. Refer to Note 18. Derivatives and Hedging Activities and Note 19. Fair Value of Financial Instruments for additional information. |
| Asset retirement obligations | Asset retirement obligations—Asset retirement obligations are recognized in accordance with FASB ASC 410, Asset Retirement and Environmental Obligations. Conditional retirement obligations have been identified primarily related to asbestos abatement at certain sites, removal of storage tanks and other disposal costs. Asset retirement obligations were $2 million and $2 million, at December 31, 2018 and 2017, respectively. |
| Workers Compensation Benefits | Extended disability benefits—Costs associated with extended disability benefits provided to inactive employees are accrued throughout the duration of their active employment. Workforce demographic data and historical experience are utilized to develop projections of time frames and related expense for postemployment benefits. Prior to the Separation, the estimated costs associated with extended disability benefits provided to inactive employees were allocated to Delphi Technologies based on its relative portion of participants. Workers’ compensation benefits—Workers’ compensation benefit accruals are actuarially determined and are subject to the existing workers’ compensation laws that vary by location. Accruals for workers’ compensation benefits represent the discounted future cash expenditures expected during the period between the incidents necessitating the employees to be idled and the time when such employees return to work, are eligible for retirement or otherwise terminate their employment. |
| Share-based compensation | Share-based compensation—The Delphi Technologies PLC Long-Term Incentive Plan (the “PLC LTIP”) allows for the grant of share-based awards for long-term compensation to the employees, directors, consultants and advisors of the Company. The Company had no share-based compensation plans prior to the Separation; however certain of our employees and non-employee directors participated in the Former Parent’s share-based compensation arrangement, the Delphi Automotive PLC Long-Term Incentive Plan, as amended and restated effective April 23, 2015 (the “Former Parent Plan”). Grants of restricted stock units (“RSUs”) to executives and non-employee directors were made subsequent to the Separation under the PLC LTIP in 2017 and 2018. Grants of RSUs were made under the Former Parent Plan in each year from 2012 to 2017. Outstanding awards at the time of the Separation were converted to awards under the PLC LTIP as further discussed in Note 21. Share-Based Compensation. Share-based compensation expense within the consolidated financial statements for periods prior to the Separation was allocated to Delphi Technologies based on the awards and terms previously granted to Delphi Technologies employees while part of the Former Parent, and includes the cost of Delphi Technologies employees who participated in the Former Parent’s Plan, as well as an allocated portion of the cost of the Former Parent’s senior management awards. The RSU awards to executives include a time-based vesting portion and a performance-based vesting portion. The performance-based vesting portion includes performance and market conditions in addition to service conditions. The grant date fair value of the RSUs is determined based on the closing price of the underlying ordinary shares on the date of the grant of the award, including an estimate for forfeitures, and a contemporaneous valuation performed by an independent valuation specialist with respect to awards with market conditions. The Company accounts for compensation expense based upon the grant date fair value of the awards applied to the best estimate of ultimate performance against the respective targets on a straight-line basis over the requisite vesting period of the awards. The performance conditions require management to make assumptions regarding the likelihood of achieving certain performance goals. Changes in these performance assumptions, as well as differences in actual results from management’s estimates, could result in estimated or actual values different from previously estimated fair values. Modifications to the terms of share-based awards are treated as an exchange of the original award for a new award resulting in total compensation cost equal to the grant-date fair value of the original award plus any incremental value of the modification to the award. The calculation of the incremental value is based on the excess of the fair value of the new (modified) award based on current circumstances over the fair value of the original award measured immediately before its terms are modified based on current circumstances. To the extent there is incremental compensation cost relating to the newly modified award, it is recognized ratably over the requisite service period. Refer to Note 21. Share-Based Compensation for additional information. |
| Pension and Other Post-Retirement Benefits (OPEB) | Pension and Other Post-Retirement Benefits (OPEB)—Certain of the Company’s non-U.S. subsidiaries sponsor defined-benefit plans, which generally provide benefits based on negotiated amounts for each year of service. Certain Delphi Technologies employees, primarily in the United Kingdom (“U.K.”), France, Mexico and Turkey, participate in these plans (collectively, the “Direct Plans”). The Direct Plans, which relate solely to the Company, are included within the consolidated financial statements. In addition to the Direct Plans, prior to the Separation certain of the Company’s employees in Germany and the U.S. participated in defined benefit pension plans (collectively, the “Shared Plans”) sponsored by the Former Parent that included Delphi Technologies employees as well as employees of other subsidiaries of the Former Parent. Under the guidance in ASC 715, Compensation—Retirement Benefits, the Company accounted for the Shared Plans as multiemployer plans, and accordingly did not record an asset or liability to recognize the funded status of the Shared Plans in periods prior to the Separation. The related pension and other postemployment expenses of the Shared Plans were charged to Delphi Technologies based primarily on the service cost of active participants. These expenses were funded through transactions with the Former Parent that are reflected within the Former Parent net investment in the consolidated financial statements. Following the Separation, Delphi Technologies’ portion of the defined-benefit pension plans were separated from the Former Parent’s defined benefit pension plans. As a result, the funded status for each plan is reflected in the Company’s consolidated balance sheet as of December 31, 2018. Refer to Note 12. Pension Benefits for additional information. |
| Recently adopted accounting pronouncements and not yet adopted | Recently adopted accounting pronouncements—Delphi Technologies adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), in the first quarter of 2018 using the modified retrospective method. This ASU supersedes most of the existing guidance on revenue recognition in ASC Topic 605, Revenue Recognition and establishes a broad principle that requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The adoption of this guidance did not have a significant impact on the Company’s consolidated financial statements. Topic 606 was applied to contracts with customers which were not completed as of January 1, 2018. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Refer to Note 14. Revenue for additional information. Delphi Technologies adopted ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, in the first quarter of 2018. This guidance makes targeted improvements to historical U.S. GAAP for financial instruments, including requiring equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income as opposed to other comprehensive income. Entities with equity investments that do not have a readily determinable fair value, and do not qualify for the practical expedient in ASC 820 to estimate fair value using the net asset value per share, may elect to measure these investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The adoption of this guidance did not have a significant impact on the Company’s consolidated financial statements. Delphi Technologies adopted ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, in the first quarter of 2018. This guidance clarifies the presentation requirements of eight specific issues within the statement of cash flows. The adoption of this guidance did not have a significant impact on the Company’s consolidated financial statements, as the Company’s treatment of the relevant affected items within its consolidated statement of cash flows is generally consistent with the requirements of this guidance. As a result of adopting this guidance the Company reclassified $1 million insurance settlement proceeds within the consolidated statement of cash flows for the year ended December 31, 2017. Delphi Technologies adopted ASU 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory, in the first quarter of 2018. This guidance requires that the tax effects of all intra-entity sales of assets other than inventory be recognized in the period in which the transaction occurs. The guidance was applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The adoption of this guidance did not have a significant impact on the Company’s consolidated financial statements. Delphi Technologies adopted ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, in the first quarter of 2018. This guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and restricted cash. As a result, restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The adoption of this guidance did not have a significant impact on Company’s consolidated financial statements, other than the classification of restricted cash within the beginning-of-period and end-of-period totals on the consolidated statements of cash flows, as opposed to being excluded from these totals. Delphi Technologies elected to early adopt ASU 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities, in the first quarter of 2018. This guidance expands and refines the application of hedge accounting for both non-financial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The adoption of this guidance did not have a significant impact on the Company’s consolidated financial statements, other than modifications to the disclosures. Refer to Note 18. Derivatives and Hedging Activities for additional details. Delphi Technologies adopted ASU 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, in the third quarter of 2018. This update was issued to clarify certain guidance within ASU 2016-01. This includes an amendment to clarify that an entity measuring an equity investment using the measurement alternative may change its measurement approach to a fair value method in accordance with ASC 820, through an irrevocable election that would apply to that investment and all identical or similar investments. The Company did not change its measurement approach for equity investments as a result of the adoption of this guidance. Recently issued accounting pronouncements not yet adopted—In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under this guidance, lessees will be required to recognize on the balance sheet a lease liability and a right-of-use asset for all leases, with the exception of short-term leases. The lease liability represents the lessee’s obligation to make lease payments arising from a lease, and will be measured as the present value of the lease payments. The right-of-use asset represents the lessee’s right to use a specified asset for the lease term, and will be measured at the lease liability amount, adjusted for lease prepayment, lease incentives received and the lessee’s initial direct costs. The standard also requires a lessee to recognize a single lease cost allocated over the lease term, generally on a straight-line basis. The new guidance is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. ASU 2016-02 provides for certain practical expedients when adopting the guidance. The Company intends to utilize the package of practical expedients that allows an entity to not reassess existing leases for: i) whether any expired or existing contracts are or contain leases, ii) the lease classification for any expired or existing leases and iii) the initial direct costs for any existing leases. Additionally, the Company intends to elect the practical expedient under ASU 2018-01, that allows an entity to not reassess whether any expired or existing land easements are or contain leases. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which amends Topic 842 so that entities may elect not to recast the comparative periods presented when transitioning to Topic 842. The Company plans on electing this transition method. The adoption of this guidance will have a material impact on the Company’s consolidated balance sheet and will not have a material impact on its consolidated statements of operations or cash flows. As further described in Note. 13 Commitments and Contingencies, as of December 31, 2018, the Company had minimum lease commitments under non-cancellable operating leases totaling $156 million. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This guidance also requires enhanced disclosures regarding significant estimates and judgments used in estimating credit losses. The new guidance is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This guidance simplifies how an entity is required to test goodwill for impairment by eliminating step two from the goodwill impairment test, which measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. Under the new guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. The standard will be applied prospectively and is effective for annual and interim impairment tests performed in periods beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its financial statements, but does not anticipate a significant impact. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This guidance expands the scope of ASC Topic 718, which currently only includes share-based payments to employees, to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted as long as the entity has adopted ASC 606. While the Company continues to assess all potential impacts of the new standard, the adoption of this guidance is not expected to have a material impact on the Company’s financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. This guidance amends ASC 820 to add, remove and clarify certain disclosure requirements related to fair value measures. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans. This guidance amends ASC 715 to add, remove and clarify certain disclosure requirements related to defined benefit pension and other postretirement plans. The new guidance is effective for fiscal years ending after December 31, 2020. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. |
SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Dec. 31, 2018 | |
| Accounting Policies [Abstract] | |
| Schedule of customer concentration | There were no customers with greater than 10% of our net sales for the years ended December 31, 2018, 2017 and 2016. |
RELATED PARTY TRANSACTIONS (Tables) |
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| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Related Party Transactions | The total costs for services and functions allocated to the Company from the Former Parent for periods prior to the Separation were as follows:
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INVENTORIES (Tables) |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Inventories | Inventories, net are stated at the lower of cost, determined on a first-in, first-out basis, or net realizable value, including direct material costs and direct and indirect manufacturing costs. A summary of inventories is shown below:
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ASSETS (Tables) |
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| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Current Assets | Other current assets consisted of the following:
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| Schedule of Other Long-term Assets | Other long-term assets consisted of the following:
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PROPERTY, NET (Tables) |
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| Schedule of property, net | Property, net is stated at cost less accumulated depreciation and amortization, and consisted of:
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INTANGIBLE ASSETS AND GOODWILL (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of intangible assets and goodwill | The changes in the carrying amount of intangible assets and goodwill were as follows:
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| Schedule of finite-Lived intangible assets, future amortization expense | Estimated amortization expense for the years ending December 31, 2019 through 2023 is presented below:
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| Schedule of finite-lived intangible assets rollforward | A roll-forward of the gross carrying amounts of intangible assets for the years ended December 31, 2018 and 2017 is presented below.
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| Schedule of finite-lived intangible assets, accumulated amortization | A roll-forward of the accumulated amortization for the years ended December 31, 2018 and 2017 is presented below:
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LIABILITIES (Tables) |
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| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accrued Liabilities | Accrued liabilities consisted of the following:
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| Other Noncurrent Liabilities | Other long-term liabilities consisted of the following:
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WARRANTY OBLIGATIONS (Tables) |
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| Guarantees and Product Warranties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of product warranty liability | Expected warranty costs for products sold are recognized principally at the time of sale of the product based on an estimate of the amount that will eventually be required to settle such obligations. These accruals are based on factors such as past experience, production changes, industry developments and various other considerations. The estimated costs related to product recalls based on a formal campaign soliciting return of that product are accrued at the time an obligation becomes probable and can be reasonably estimated. These estimates and the related warranty reserves are adjusted from time to time based on facts and circumstances that impact the status of existing claims. Delphi Technologies has recognized its best estimate for its total aggregate warranty reserves, including product recall costs, across all of its operating segments as of December 31, 2018. The Company estimates the reasonably possible amount to ultimately resolve all matters in excess of the recorded reserves as of December 31, 2018 to be zero to $15 million. The table below summarizes the activity in the product warranty liability for the years ended December 31, 2018 and 2017:
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RESTRUCTURING (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and related costs | The following table summarizes the restructuring charges recorded for the years ended December 31, 2018, 2017 and 2016 by operating segment:
The table below summarizes the activity in the restructuring liability for the years ended December 31, 2018 and 2017:
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DEBT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of debt | The following is a summary of debt outstanding, net of unamortized issuance costs and discounts, as of December 31, 2018 and December 31, 2017, respectively:
The Applicable Rates under the Credit Agreement on the specified date are set forth below:
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| Schedule of maturities of long-term debt | The principal maturities of debt, at nominal value, are as follows:
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| Schedule of Line of Credit Facilities [Table Text Block] |
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PENSION BENEFITS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of changes in defined benefit pension obligations | The amounts shown below reflect the change in the non-U.S. defined benefit pension obligations during 2018 and 2017.
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| Schedule of amounts recognized in other comprehensive income | The amounts shown below reflect the change in the non-U.S. defined benefit pension obligations during 2018 and 2017.
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| Schedule of accumulated and projected benefit obligations | The projected benefit obligation (“PBO”), accumulated benefit obligation (“ABO”), and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets and with plan assets in excess of accumulated benefit obligations are as follows:
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| Schedule of net benefit costs | Benefit costs presented below were determined based on actuarial methods and included the following:
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| Schedule of assumptions used | The principal assumptions used to determine the pension expense and the actuarial value of the projected benefit obligation for the non-U.S. pension plans were: Assumptions used to determine benefit obligations at December 31:
Assumptions used to determine net expense for years ended December 31:
The principal assumptions used to determine the pension expense and the actuarial value of the projected benefit obligation for the non-U.S. pension plans were: Assumptions used to determine benefit obligations at December 31:
Assumptions used to determine net expense for years ended December 31:
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| Schedule of expected benefit payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
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| Schedule of the fair value of plan assets | The fair values of Delphi Technologies’ pension plan assets weighted-average asset allocations at December 31, 2018 and 2017, by asset category, are as follows:
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| Schedule of changes in fair value | The following table summarizes the changes in Level 3 defined benefit pension plan assets measured at fair value on a recurring basis:
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COMMITMENTS AND CONTINGENCIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
| Schedule of minimum lease commitments under non-cancellable operating lease | As of December 31, 2018, Delphi Technologies had minimum lease commitments under non-cancellable operating leases totaling $156 million, which become due as follows:
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REVENUE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue [Table Text Block] | In the following table, net sales to outside customers, based on the manufacturing location, is disaggregated by primary geographical market:
In the following table, net sales is disaggregated by major product group and sales channels:
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INCOME TAXES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Provision (benefit) for income taxes |
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| Reconciliation of the provision for income taxes compared with the amounts at the notional U.S. federal statutory rate | reconciliation of the provision for income taxes compared with the amounts at the theoretical rate:
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| Significant components of the deferred tax assets and liabilities | Significant components of the deferred tax assets and liabilities are as follows:
Net deferred tax assets and liabilities are included in the consolidated balance sheets as follows:
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| reconciliation of the gross change in the unrecognized tax benefits balance | A reconciliation of the gross change in the unrecognized tax benefits balance, excluding interest and penalties is as follows:
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SHAREHOLDERS’ EQUITY AND NET INCOME PER SHARE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity and Net Income Per Share Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of earnings per share | The following table illustrates net income per share attributable to Delphi Technologies and the weighted average shares outstanding used in calculating basic and diluted income per share:
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| Dividends Declared [Table Text Block] | Dividends The Company has declared and paid cash dividends per ordinary share during the periods presented as follows:
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| Schedule of Share Repurchases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Repurchases [Table Text Block] | In July 2018, the Board of Directors approved a $100 million share repurchase authorization, which commenced in September 2018. A summary of the ordinary shares repurchased during the years ended December 31, 2018, 2017 and 2016 is as follows:
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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) attributable to Delphi Technologies (net of tax) are shown below.
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| Reclassification out of Accumulated Other Comprehensive Income | Reclassifications from accumulated other comprehensive income (loss) to income were as follows:
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DERIVATIVES AND HEDGING ACTIVITIES Derivative (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments, Gain (Loss) [Table Text Block] | The pre-tax effect of the derivative financial instruments in the consolidated statement of operations and consolidated statement of comprehensive income for the year ended December 31, 2018 is as follows:
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| Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | As of December 31, 2018, the Company had the following outstanding notional amounts related to foreign currency forward contracts designated as cash flow hedges that were entered into to hedge forecasted exposures:
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| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The fair value of derivative financial instruments recorded in the consolidated balance sheet as of December 31, 2018 is shown below. There were no derivative financial instruments outstanding as of December 31, 2017.
* Derivative instruments are subject to master netting arrangements and are presented on a net basis in the consolidated balance sheets in accordance with accounting guidance related to the offsetting of amounts related to certain contracts. |
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OTHER INCOME (EXPENSE), NET (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other income (expense), net included | Other income (expense), net included:
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SHARE-BASED COMPENSATION (Tables) |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of performance factors related to RSUs | Each executive will receive between 0% and 200% of his or her target performance-based award based on the Company’s performance against established company-wide performance metrics, which are:
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| Schedule of unvested RSUs available to employees | All prior period award amounts disclosed within the following table were converted in accordance with the factor related to the conversion of the awards following the Separation as described above.
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SEGMENT REPORTING (Tables) |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of segment reporting information | Included below are sales and operating data for the Company’s segments for the years ended December 31, 2018, 2017 and 2016, as well as balance sheet data as of December 31, 2018 and 2017.
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| Reconciliation of adjusted operating income to net income attributable to Delphi Technologies | The reconciliation of Adjusted Operating Income to net income attributable to Delphi Technologies for the years ended December 31, 2018, 2017 and 2016 are as follows:
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| Net sales and net property by geographic area | Information concerning principal geographic areas is set forth below. Net sales data reflects the manufacturing location for the years ended December 31, 2018, 2017 and 2016. Net property data is as of December 31, 2018, 2017 and 2016.
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QUARTERLY DATA (UNAUDITED) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Data | The following is a condensed summary of the Company’s unaudited quarterly results for 2018 and 2017.
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GENERAL Organization, Consolidation and Presentation (Details) |
Dec. 05, 2017 |
Dec. 04, 2017 |
Nov. 22, 2017 |
|---|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Separation Date | Dec. 04, 2017 | ||
| Record Date | Nov. 22, 2017 | ||
| Ordinary Shares Began Trading Date | Dec. 05, 2017 |
SIGNIFICANT ACCOUNTING POLICIES - Asset Retirement Obligations (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Liability, Defined Benefit Plan [Abstract] | ||
| Asset retirement obligation | $ 2 | $ 2 |
SIGNIFICANT ACCOUNTING POLICIES -Insurance Proceeds (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Statement of Cash Flows [Abstract] | |||
| Proceeds from insurance settlement claims, Investing Activities | $ 1 | $ 1 | $ 0 |
SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation (Details) |
Dec. 04, 2017 |
|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Separation Date | Dec. 04, 2017 |
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Related Party Transaction [Line Items] | ||
| Dividend paid to Former Parent | $ 1,148 | |
| Tax matters payment to former parent | 180 | |
| Affiliates of former parent | ||
| Related Party Transaction [Line Items] | ||
| Net sales | 1 | $ 1 |
| Purchases from related parties | $ 29 | $ 102 |
RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - Former Parent - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Related Party Transaction [Line Items] | ||
| Cost of sales | $ 27 | $ 44 |
| Selling, general and administrative | 116 | 137 |
| Total allocated cost from Former Parent | $ 143 | $ 181 |
INVENTORIES (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Productive material | $ 250 | $ 217 |
| Work-in-process | 36 | 35 |
| Finished goods | 235 | 246 |
| Inventory, Net | $ 521 | $ 498 |
ASSETS - Other Current Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Other Current Assets: | ||
| Value added tax receivable | $ 98 | $ 59 |
| Reimbursable Engineering Costs, Current | 17 | 20 |
| Income Taxes Receivable, Current | 16 | 5 |
| Notes, Loans and Financing Receivable, Net, Current | 15 | 39 |
| Prepaid insurance and other expenses | 14 | 6 |
| Return Assets | 7 | 0 |
| Derivative Asset, Current | 4 | 0 |
| Deposits Assets, Current | 1 | 2 |
| Total | $ 172 | $ 131 |
ASSETS - Other Long-term Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Schedule of Assets, noncurrent [Line Items] | ||
| Income and other taxes receivable | $ 53 | $ 57 |
| Debt issuance costs | 3 | 4 |
| Other | 33 | 40 |
| Total | 117 | 122 |
| Investment in PolyCharge (Note 2) | ||
| Schedule of Assets, noncurrent [Line Items] | ||
| Other Long-term Investments | 7 | 0 |
| Investment in Tula (Note 2) | ||
| Schedule of Assets, noncurrent [Line Items] | ||
| Other Long-term Investments | $ 21 | $ 21 |
INTANGIBLE ASSETS AND GOODWILL - Finite-Lived Intangible Assets, Maturity Schedule (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
|---|---|
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
| 2018 | $ 19 |
| 2019 | 18 |
| 2020 | 12 |
| 2021 | 2 |
| 2022 | $ 2 |
INTANGIBLE ASSETS AND GOODWILL - Finite-Lived Intangible Assets Carrying Amount and Accumulated Amortization (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | |||
| Finite-lived Intangible Assets Acquired | $ 14 | $ 0 | |
| Other Depreciation and Amortization | 20 | ||
| Finite-lived Intangible Assets [Roll Forward] | |||
| Balance at January 1 | 287 | 308 | |
| Net former parent transfer | 0 | (22) | |
| Foreign currency translation | (2) | 1 | |
| Balance at December 31 | 299 | 287 | $ 308 |
| Accumulated Amortization of Intangible Assets [Roll Forward] | |||
| Balance at January 1 | 205 | 210 | |
| Amortization | 14 | 16 | 17 |
| Net former parent transfer | 0 | (22) | |
| Foreign currency translation | (2) | 1 | |
| Balance at December 31 | $ 223 | $ 205 | $ 210 |
LIABILITIES - Accrued Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Other Liabilities Disclosure [Abstract] | ||
| Warranty obligations (Note 9) | $ 68 | $ 64 |
| Income and other taxes payable | 63 | 63 |
| Payroll-related obligations | 45 | 49 |
| Deferred reimbursable engineering | 31 | 14 |
| Employee benefits | 16 | 29 |
| Outside services | 13 | 14 |
| Accrued interest | 46 | 54 |
| Freight | 20 | 19 |
| Accrued interest | 12 | 12 |
| Deferred Revenue, Current | 5 | 10 |
| Accrued rebates | 29 | 30 |
| Customer deposits | 5 | 7 |
| Other | 75 | 80 |
| Total | $ 428 | $ 445 |
LIABILITIES - Other Long-Term Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Other Liabilities Disclosure [Abstract] | ||
| Accrued income taxes | $ 46 | $ 15 |
| Warranty obligations (Note 9) | 28 | 33 |
| Restructuring (Note 10) | 19 | 47 |
| Deferred income taxes (Note 15) | 14 | 14 |
| Derivative Liability | 6 | 0 |
| Environmental (Note 13) | 2 | 3 |
| Other | 8 | 7 |
| Total | $ 123 | $ 119 |
WARRANTY OBLIGATIONS (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||
| Accrual balance at beginning of year | $ 97 | $ 96 |
| Provision for estimated warranties incurred during the year | 40 | 37 |
| Changes in estimate for pre-existing warranties | 8 | 6 |
| Settlements made during the year (in cash or in kind) | (44) | (50) |
| Foreign currency translation and other | (5) | 8 |
| Accrual balance at end of year | 96 | $ 97 |
| Minimum | ||
| Product Warranty Liability [Line Items] | ||
| Product liability, loss exposure in excess of accrual | 0 | |
| Maximum | ||
| Product Warranty Liability [Line Items] | ||
| Product liability, loss exposure in excess of accrual | $ 15 | |
DEBT Schedule of Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Total debt | $ 1,531 | $ 1,535 |
| Less: current portion | (43) | (20) |
| Long-term debt | 1,488 | 1,515 |
| Line of Credit | Term Loan A Facility | ||
| Debt Instrument [Line Items] | ||
| Total debt | 727 | 745 |
| Unamortized issuance costs | 5 | 0 |
| Senior Notes | ||
| Debt Instrument [Line Items] | ||
| Total debt | $ 785 | 782 |
| Stated interest rate | 5.00% | |
| Unamortized issuance costs | $ 14 | 0 |
| Debt discount | 4 | 0 |
| Other Debt | ||
| Debt Instrument [Line Items] | ||
| Total debt | $ 19 | $ 8 |
DEBT Debt Maturities (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
|---|---|
| Maturities of Long-term Debt [Abstract] | |
| 2018 | $ 43 |
| 2019 | 39 |
| 2020 | 76 |
| 2021 | 582 |
| 2022 | 1 |
| Thereafter | 809 |
| Total debt | $ 1,550 |
PENSION BENEFITS - Projected Benefit Obligation and Accumulated Benefit Obligation (Details) - Pension Plan - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|---|---|---|---|
| Plan with ABO in Excess of Plan Assets | |||
| PBO | $ 1,420 | $ 1,580 | |
| ABO | 1,290 | 1,422 | |
| Fair value of plan assets at end of year | 954 | 1,051 | |
| Plans with Plan Assets in Excess of ABO | |||
| PBO | 22 | 24 | |
| ABO | 18 | 18 | |
| Fair value of plan assets at end of year | 22 | 23 | |
| Total | |||
| PBO | 1,442 | 1,604 | $ 1,405 |
| ABO | 1,308 | 1,440 | |
| Fair value of plan assets at end of year | $ 976 | $ 1,074 | $ 880 |
PENSION BENEFITS - Net Periodic Benefit Cost (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Other Postretirement Benefits Plan | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined Benefit Plan, Benefit Obligation | $ 1 | $ 1 | |
| Pension Plan | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined Benefit Plan, Benefit Obligation | 1,442 | 1,604 | $ 1,405 |
| Service cost | 37 | 34 | 29 |
| Interest cost | 36 | 34 | 38 |
| Expected return on plan assets | (54) | (47) | (46) |
| Curtailment loss | 0 | 0 | 3 |
| Amortization of actuarial losses | 24 | 26 | 6 |
| Net periodic benefit cost | $ 43 | $ 47 | $ 30 |
PENSION BENEFITS - Weighted Average Discount (Details) - Pension Plan |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
| Weighted-average discount rate | 2.75% | 2.46% | |
| Weighted-average rate of increase in compensation levels | 3.96% | 3.98% | |
| Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
| Weighted-average discount rate | 2.46% | 2.58% | 3.72% |
| Weighted-average rate of increase in compensation levels | 3.98% | 3.97% | 3.73% |
| Weighted-average expected long-term rate of return on plan assets | 5.50% | 5.50% | 5.75% |
PENSION BENEFITS - Pension Assumptions (Details) - Pension Plan $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2018
USD ($)
| |
| Defined Benefit Plan Disclosure [Line Items] | |
| Effect of .25% decrease in discount rate on pension expense | $ 2 |
| Effect of .25% decrease in discount rate on pension benefit obligation | 69 |
| Effect of .25% increase in discount rate on pension expense | (5) |
| Effect of .25% increase in discount rate on pension benefit obligation | (64) |
| Effect of .25% decrease in long-term return on assets on pension expense | 2 |
| Effect of .25% increase in long-term return on assets on pension expense | $ (2) |
PENSION BENEFITS - Projected Pension Benefit Payments (Details) - Pension Plan $ in Millions |
Dec. 31, 2018
USD ($)
|
|---|---|
| Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
| 2018 | $ 42 |
| 2019 | 42 |
| 2020 | 46 |
| 2021 | 47 |
| 2022 | 48 |
| 2023 - 2027 | $ 277 |
COMMITMENTS AND CONTINGENCIES - Leases and Other Financing Charges (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Commitments and Contingencies Disclosure [Abstract] | |||
| Rent expense | $ 23 | $ 14 | $ 11 |
| Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
| 2018 | 26 | ||
| 2019 | 24 | ||
| 2020 | 23 | ||
| 2021 | 19 | ||
| 2022 | 14 | ||
| Thereafter | 50 | ||
| Total | $ 156 | ||
INCOME TAXES - Schedule of Provision for Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Income Tax Disclosure [Abstract] | |||
| Other change in tax reserves | $ 17 | $ 4 | $ 5 |
| Current income tax expense: | |||
| Current income tax expense | 99 | 113 | 62 |
| Deferred income tax (benefit) expense, net: | |||
| Deferred income tax benefit, net | (108) | (7) | (12) |
| Total income tax (benefit) expense | $ (9) | $ 106 | $ 50 |
INCOME TAXES - Effective Tax Rate Reconciliation, Amount (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
| Theoretical income taxes at the U.K. weighted average rate | $ 69 | $ 81 | $ 64 |
| Income taxed at other rates | (42) | (10) | (54) |
| Losses not benefitted | 9 | 28 | 24 |
| Other change in tax reserves | 17 | 4 | 5 |
| Change in valuation allowances | (78) | (12) | 0 |
| Withholding taxes | 11 | 11 | 5 |
| Change in tax law | 2 | 7 | 4 |
| Other adjustments | 3 | (3) | 2 |
| Total income tax (benefit) expense | $ (9) | $ 106 | $ 50 |
| Effective tax rate | (2.00%) | 25.00% | 16.00% |
INCOME TAXES - Schedule of Deferred Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Deferred tax assets: | ||
| Pension | $ 83 | $ 94 |
| Employee benefits | 4 | 6 |
| Net operating loss carryforwards | 236 | 177 |
| Warranty and other liabilities | 35 | 44 |
| Intangible assets | 10 | 6 |
| Fixed assets | 0 | 1 |
| Other | 51 | 38 |
| Total gross deferred tax assets | 419 | 366 |
| Less: valuation allowances | (124) | (196) |
| Total deferred tax assets (1) | 295 | 170 |
| Deferred tax liabilities: | ||
| Fixed assets | 16 | 0 |
| Tax on unremitted profits of certain foreign subsidiaries | 13 | 6 |
| Total gross deferred tax liabilities | 29 | 6 |
| Net deferred tax assets | $ 266 | $ 164 |
INCOME TAXES - Deferred Tax Assets By Balance Sheet Location (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Income Tax Disclosure [Abstract] | ||
| Deferred Tax Assets, Tax Credit Carryforwards | $ 2 | $ 2 |
| Long-term assets | 280 | 178 |
| Long-term liabilities | (14) | (14) |
| Net deferred tax assets | $ 266 | $ 164 |
INCOME TAXES - Schedule of Income Tax Uncertainties (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
| Balance at beginning of year | $ 22 | $ 9 | $ 16 |
| Additions related to current year | 16 | 3 | 3 |
| Additions (reductions) related to prior years | 1 | 2 | (10) |
| Transfer To/From Former Parent | 7 | 8 | 0 |
| Balance at end of year | $ 46 | $ 22 | $ 9 |
SHAREHOLDERS’ EQUITY AND NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 04, 2017 |
Nov. 22, 2017 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Jan. 24, 2019 |
|
| Share Repurchases [Line Items] | ||||||||||||||
| Common Stock, Dividends, Per Share, Declared | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.68 | |||||||||
| Payments of Ordinary Dividends, Common Stock | $ 15 | $ 15 | $ 15 | $ 15 | $ 60 | |||||||||
| Stock Repurchased and Retired During Period, Shares | 293,695 | 0 | 0 | |||||||||||
| Numerator: | ||||||||||||||
| Net income attributable to Delphi Technologies | $ 135 | $ 39 | $ 86 | $ 98 | $ 56 | $ 78 | $ 48 | $ 103 | $ 358 | $ 285 | $ 236 | |||
| Denominator: | ||||||||||||||
| Weighted average ordinary shares outstanding, basic (in shares) | 88,490,000 | 88,740,000 | 88,780,000 | 88,710,000 | 88,610,000 | 88,610,000 | 88,610,000 | 88,610,000 | 88,680,000 | 88,610,000 | 88,610,000 | |||
| Dilutive shares related to RSUs (in shares) | 210,000 | 50,000 | 0 | |||||||||||
| Weighted average ordinary shares outstanding, including dilutive shares (in shares) | 88,610,000 | 88,613,262 | 88,630,000 | 88,970,000 | 89,050,000 | 88,920,000 | 88,790,000 | 88,610,000 | 88,610,000 | 88,610,000 | 88,890,000 | 88,660,000 | 88,610,000 | |
| Net income per share attributable to Delphi Technologies: | ||||||||||||||
| Basic (in dollars per share) | $ 1.53 | $ 0.44 | $ 0.97 | $ 1.10 | $ 0.63 | $ 0.88 | $ 0.54 | $ 1.16 | $ 4.04 | $ 3.22 | $ 2.66 | |||
| Diluted (in dollars per share) | $ 1.52 | $ 0.44 | $ 0.97 | $ 1.10 | $ 0.63 | $ 0.88 | $ 0.54 | $ 1.16 | $ 4.03 | $ 3.21 | $ 2.66 | |||
| Anti-dilutive securities share impact (in shares) | 0.00 | 0.00 | 0.00 | |||||||||||
| Stock Repurchased Average Price | $ 34.05 | $ 0.00 | $ 0.00 | |||||||||||
| Stock Repurchased and Retired During Period, Value | $ 10 | $ 0 | $ 0 | |||||||||||
| Share repurchase Program July [Member] | ||||||||||||||
| Share Repurchases [Line Items] | ||||||||||||||
| Stock Repurchase Program, Authorized Amount | $ 100 | |||||||||||||
| Scenario, Forecast [Member] | Share repurchase Program July [Member] | ||||||||||||||
| Share Repurchases [Line Items] | ||||||||||||||
| Stock Repurchase Program, Authorized Amount | $ 200 | |||||||||||||
DERIVATIVES AND HEDGING ACTIVITIES (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Current Fiscal Year End Date | --12-31 | ||||
| Gain (loss) on derivative instruments | $ 16 | $ 6 | |||
| Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect before Tax 1 | $ (1) | ||||
| Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (1) | ||||
| Interest Rate Swap [Member] | |||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Derivative, Notional Amount | 400 | ||||
| Currency Swap [Member] | |||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Derivative, Notional Amount | 400 | ||||
| Not Designated as Hedging Instrument [Member] | |||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Derivative, Gain on Derivative | (9) | ||||
| Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract | |||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Derivative, Gain on Derivative | (9) | ||||
| Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract | Net Investment Hedging [Member] | |||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | 0 | ||||
| Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Net Investment Hedging [Member] | |||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (3) | ||||
| Designated as Hedging Instrument [Member] | |||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | ||||
| Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | 2 | ||||
| Designated as Hedging Instrument [Member] | Foreign Exchange Contract | Cash Flow Hedging [Member] | |||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 6 | ||||
| Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | 2 | ||||
| Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (3) | ||||
| Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ 0 | ||||
| Cost of Sales [Member] | Subsequent Event Type [Domain] | |||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 2 | $ (3) | |||
DERIVATIVES AND HEDGING ACTIVITIES Schedule of Notional Amounts (Details) ₺ in Millions, $ in Millions, $ in Millions, $ in Millions |
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
MXN ($)
|
Dec. 31, 2018
TRY (₺)
|
Dec. 31, 2018
SGD ($)
|
Sep. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
|---|---|---|---|---|---|---|
| Derivative [Line Items] | ||||||
| Derivative Liability | $ 6 | $ 0 | ||||
| Currency Swap [Member] | ||||||
| Derivative [Line Items] | ||||||
| Derivative, Notional Amount | 400 | |||||
| Interest Rate Swap [Member] | ||||||
| Derivative [Line Items] | ||||||
| Derivative, Notional Amount | 400 | |||||
| China, Yuan Renminbi | ||||||
| Derivative [Line Items] | ||||||
| Derivative, Notional Amount | 878 | |||||
| Euro Member Countries, Euro | ||||||
| Derivative [Line Items] | ||||||
| Derivative, Notional Amount | 83 | |||||
| Mexico, Pesos | ||||||
| Derivative [Line Items] | ||||||
| Derivative, Notional Amount | $ 901 | |||||
| Singapore, Dollars | ||||||
| Derivative [Line Items] | ||||||
| Derivative, Notional Amount | $ 47 | |||||
| Turkey, New Lira | ||||||
| Derivative [Line Items] | ||||||
| Derivative, Notional Amount | ₺ | ₺ 103 | |||||
| Korea (South), Won | ||||||
| Derivative [Line Items] | ||||||
| Derivative, Notional Amount | ₺ | 5,709 | |||||
| United States of America, Dollars | Korea (South), Won | ||||||
| Derivative [Line Items] | ||||||
| Derivative, Notional Amount | 10 | |||||
| United States of America, Dollars | Turkey, New Lira | ||||||
| Derivative [Line Items] | ||||||
| Derivative, Notional Amount | 20 | |||||
| United States of America, Dollars | Mexico, Pesos | ||||||
| Derivative [Line Items] | ||||||
| Derivative, Notional Amount | 50 | |||||
| United States of America, Dollars | Euro Member Countries, Euro | ||||||
| Derivative [Line Items] | ||||||
| Derivative, Notional Amount | 100 | |||||
| United States of America, Dollars | China, Yuan Renminbi | ||||||
| Derivative [Line Items] | ||||||
| Derivative, Notional Amount | 130 | |||||
| United States of America, Dollars | United Kingdom, Pounds | ||||||
| Derivative [Line Items] | ||||||
| Derivative, Notional Amount | 10 | |||||
| United States of America, Dollars | Singapore, Dollars | ||||||
| Derivative [Line Items] | ||||||
| Derivative, Notional Amount | 30 | |||||
| United Kingdom, Pounds | ||||||
| Derivative [Line Items] | ||||||
| Derivative, Notional Amount | ₺ | ₺ 6 | |||||
| Not Designated as Hedging Instrument [Member] | ||||||
| Derivative [Line Items] | ||||||
| Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | |||||
| Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 0 | |||||
| Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Foreign Exchange Contract [Member] | ||||||
| Derivative [Line Items] | ||||||
| Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | |||||
| Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Foreign Currency Gain (Loss) [Member] | ||||||
| Derivative [Line Items] | ||||||
| Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | |||||
| Designated as Hedging Instrument [Member] | ||||||
| Derivative [Line Items] | ||||||
| Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 5 | |||||
| Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 7 | |||||
| Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||||
| Derivative [Line Items] | ||||||
| Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 5 | |||||
| Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 1 | |||||
| Derivative Asset | 4 | |||||
| Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | ||||||
| Derivative [Line Items] | ||||||
| Derivative Liability | (3) | |||||
| Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||
| Derivative [Line Items] | ||||||
| Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | |||||
| Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 3 | |||||
| Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | Net Investment Hedging [Member] | Currency Swap [Member] | ||||||
| Derivative [Line Items] | ||||||
| Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | |||||
| Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 3 | |||||
| Derivative Liability | $ (3) |
FAIR VALUE OF FINANCIAL INSTRUMENT (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Derivative Liability | $ 6 | $ 0 | |
| Current Fiscal Year End Date | --12-31 | ||
| Derivative, Fair Value, Net | $ 2 | ||
| Debt | 1,531 | 1,535 | |
| Asset impairments | 1 | 12 | $ 29 |
| Significant Observable Inputs (Level 2) | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Debt, fair value | 1,415 | 1,566 | |
| Recurring | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Assets, Fair Value Disclosure | 4 | ||
| Financial and Nonfinancial Liabilities, Fair Value Disclosure | 6 | ||
| Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Assets, Fair Value Disclosure | 0 | ||
| Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | ||
| Recurring | Significant Observable Inputs (Level 2) | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Assets, Fair Value Disclosure | 4 | ||
| Financial and Nonfinancial Liabilities, Fair Value Disclosure | 6 | ||
| Recurring | Significant Unobservable Inputs (Level 3) | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Assets, Fair Value Disclosure | 0 | ||
| Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | ||
| Nonrecurring | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Asset impairments | 1 | $ 12 | 29 |
| European site closure | Nonrecurring | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Asset impairments | $ 25 | ||
| Foreign Exchange Contract [Member] | Recurring | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Derivative Asset | 4 | ||
| Foreign Exchange Contract [Member] | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Derivative Asset | 0 | ||
| Foreign Exchange Contract [Member] | Recurring | Significant Observable Inputs (Level 2) | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Derivative Asset | 4 | ||
| Foreign Exchange Contract [Member] | Recurring | Significant Unobservable Inputs (Level 3) | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Derivative Asset | 0 | ||
| Interest Rate Swap [Member] | Recurring | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Derivative Liability | 3 | ||
| Interest Rate Swap [Member] | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Derivative Liability | 0 | ||
| Interest Rate Swap [Member] | Recurring | Significant Observable Inputs (Level 2) | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Derivative Liability | 3 | ||
| Interest Rate Swap [Member] | Recurring | Significant Unobservable Inputs (Level 3) | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Derivative Liability | 0 | ||
| Foreign Exchange Contract [Member] | Recurring | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Derivative Liability | 3 | ||
| Foreign Exchange Contract [Member] | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Derivative Liability | 0 | ||
| Foreign Exchange Contract [Member] | Recurring | Significant Observable Inputs (Level 2) | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Derivative Liability | 3 | ||
| Foreign Exchange Contract [Member] | Recurring | Significant Unobservable Inputs (Level 3) | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Derivative Liability | $ 0 | ||
OTHER INCOME (EXPENSE), NET (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Other Income and Expenses [Abstract] | |||
| Interest income | $ 8 | $ 4 | $ 0 |
| Components of net periodic benefit cost other than service cost (Note 12) | (6) | (13) | (1) |
| Other | 7 | (2) | 0 |
| Other expense, net | $ 9 | $ (11) | $ (1) |
SHARE-BASED COMPENSATION Narrative (Details) $ / shares in Units, $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2018
USD ($)
$ / shares
shares
|
Dec. 31, 2017
USD ($)
shares
|
Dec. 31, 2016
USD ($)
shares
|
Dec. 31, 2015
USD ($)
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Awards available for grant (in shares) | 7,500,000 | |||
| Stock conversation ratio factor | 2.02 | |||
| Share-based compensation expense | $ | $ 9 | $ 17 | $ 19 | |
| Share-based compensation expense, net of tax | $ | $ 9 | $ 14 | $ 16 | |
| Unrecognized compensation expense not yet recognized | $ | $ 15 | |||
| Recognition period of compensation expenses | 2 years | |||
| Restricted Stock Units (RSUs) | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 591,000 | 312,000 | 155,000 | |
| Restricted Stock Units (RSUs) | Non-Employees | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 7,506 | |||
| Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average exercise price | $ / shares | $ 400,000 | |||
| Restricted Stock Units (RSUs) | Employee and non-employee members | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 119,921 | |||
| Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average exercise price | $ / shares | $ 7,000,000 | |||
| Time-based | Restricted Stock Units (RSUs) | PLC LTIP | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Vesting period | 3 years | |||
| Time-based | Restricted Stock Units (RSUs) | PLC LTIP | Officer | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Share-based payment awards | 25.00% | |||
| Time-based | Restricted Stock Units (RSUs) | PLC LTIP | Other Executive | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Share-based payment awards | 50.00% | |||
| Performance-based | Restricted Stock Units (RSUs) | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Vested not yet distributed (in shares) | 61,000,000 | |||
| Vested not yet distributed, weighted average grant date fair value (in dollars per share) | $ / shares | $ 33.52 | |||
| Performance-based | Restricted Stock Units (RSUs) | PLC LTIP | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Vesting period | 3 years | |||
| Performance-based | Restricted Stock Units (RSUs) | PLC LTIP | Officer | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Share-based payment awards | 75.00% | |||
| Performance-based | Restricted Stock Units (RSUs) | PLC LTIP | Other Executive | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Share-based payment awards | 50.00% | |||
| Performance-based | Restricted Stock Units (RSUs) | PLC LTIP | Executive | Maximum | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Award vesting rights | 200.00% | |||
SHARE-BASED COMPENSATION Performance Measurement Factors (Details) - PLC LTIP - Restricted Stock Units (RSUs) - Performance-based |
12 Months Ended |
|---|---|
Dec. 31, 2017 | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Vesting period | 3 years |
| Executive | 2016 - 2017 Former Parent Grants | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Average return on net assets, percent | 50.00% |
| Cumulative net income, percent | 25.00% |
| Relative total shareholder return, percent | 25.00% |
| Executive | 2013 - 2015 Former Parent Grants | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Average return on net assets, percent | 50.00% |
| Cumulative earnings per share, percent | 30.00% |
| Relative total shareholder return, percent | 20.00% |
SHARE-BASED COMPENSATION - RSU Activity (Details) - $ / shares shares in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
| Granted (in dollars per share) | $ 68.35 | |||||
| Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Conversion and Employee Transfer | 388 | |||||
| Restricted Stock Units (RSUs) | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
| Nonvested, beginning of period (in shares) | 712 | 220 | 251 | |||
| Granted (in shares) | 591 | 312 | 155 | |||
| Vested (in shares) | (209) | (183) | (158) | |||
| Forfeited (in shares) | (415) | (25) | (28) | |||
| Nonvested, end of period (in shares) | 679 | [1] | 712 | 220 | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
| Nonvested, beginning of period (in dollars per share) | $ 37.34 | $ 76.54 | $ 74.66 | |||
| Granted (in dollars per share) | 47.56 | 63.71 | ||||
| Vested (in dollars per share) | 38.79 | 44.93 | 65.91 | |||
| Forfeited (in dollars per share) | 48.50 | 76.18 | 74.10 | |||
| Nonvested, end of period (in dollars per share) | $ 42.70 | [1] | $ 37.34 | $ 76.54 | ||
| ||||||
SEGMENT REPORTING Sales and Operating Data (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Segment Reporting Information [Line Items] | ||||||||||||
| Net sales | $ 1,171 | $ 1,159 | $ 1,232 | $ 1,296 | $ 1,289 | $ 1,205 | $ 1,187 | $ 1,168 | $ 4,858 | $ 4,849 | $ 4,486 | |
| Depreciation and amortization | 197 | 201 | 210 | |||||||||
| Adjusted operating income | 548 | 637 | 512 | |||||||||
| Operating income | 93 | 81 | 122 | 138 | 106 | 113 | 79 | 148 | 434 | 446 | 320 | |
| Equity income, net of tax | 7 | 5 | 0 | |||||||||
| Net income attributable to noncontrolling interest | $ 7 | $ 4 | $ 4 | $ 7 | $ 9 | $ 9 | 8 | $ 8 | 22 | 34 | 32 | |
| Capital expenditures | 265 | 197 | 171 | |||||||||
| Asset impairments | 1 | 12 | 29 | |||||||||
| Restructuring (Note 10) | $ 66 | 35 | 98 | 161 | ||||||||
| Powertrain Systems Segment | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Restructuring (Note 10) | 37 | 92 | 151 | |||||||||
| Delphi Technologies Aftermarket Segment [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Restructuring (Note 10) | 2 | 6 | 10 | |||||||||
| Operating segments | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Asset impairments | 1 | 29 | ||||||||||
| Operating segments | Powertrain Systems Segment | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Net sales | 4,274 | 4,222 | 3,837 | |||||||||
| Depreciation and amortization | 192 | 194 | 202 | |||||||||
| Adjusted operating income | 467 | 562 | 418 | |||||||||
| Operating income | 368 | 392 | 239 | |||||||||
| Equity income, net of tax | 7 | 5 | ||||||||||
| Net income attributable to noncontrolling interest | 21 | 34 | 32 | |||||||||
| Capital expenditures | 241 | 189 | 169 | |||||||||
| Asset impairments | 1 | 12 | 28 | |||||||||
| Restructuring (Note 10) | 37 | 92 | 151 | $ 151 | ||||||||
| Operating segments | Delphi Technologies Aftermarket Segment [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Net sales | 874 | 947 | 924 | |||||||||
| Depreciation and amortization | 5 | 7 | 8 | |||||||||
| Adjusted operating income | 81 | 75 | 94 | |||||||||
| Operating income | 66 | 54 | 81 | |||||||||
| Equity income, net of tax | 0 | 0 | ||||||||||
| Net income attributable to noncontrolling interest | 1 | 0 | 0 | |||||||||
| Capital expenditures | 5 | 3 | 2 | |||||||||
| Asset impairments | 0 | 0 | 1 | |||||||||
| Restructuring (Note 10) | (2) | 6 | 10 | $ 10 | ||||||||
| Eliminations and other | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Net sales | (290) | (320) | (275) | |||||||||
| Depreciation and amortization | 0 | 0 | 0 | |||||||||
| Adjusted operating income | 0 | 0 | 0 | |||||||||
| Operating income | 0 | 0 | 0 | |||||||||
| Equity income, net of tax | 0 | 0 | ||||||||||
| Net income attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||
| Capital expenditures | 19 | 5 | 0 | |||||||||
| Asset impairments | 0 | 0 | 0 | |||||||||
| Restructuring (Note 10) | $ 0 | $ 0 | $ 0 | |||||||||
SEGMENT REPORTING Segment Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| Investments in affiliates | $ 44 | $ 37 |
| Goodwill | 7 | 7 |
| Assets | 3,893 | 3,793 |
| Operating segments | Powertrain Systems Segment | ||
| Segment Reporting Information [Line Items] | ||
| Investments in affiliates | 44 | 37 |
| Goodwill | 0 | 0 |
| Assets | 4,829 | 4,451 |
| Operating segments | Delphi Technologies Aftermarket Segment [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Investments in affiliates | 0 | 0 |
| Goodwill | 7 | 7 |
| Assets | 1,025 | 794 |
| Eliminations and other | ||
| Segment Reporting Information [Line Items] | ||
| Investments in affiliates | 0 | 0 |
| Goodwill | 0 | 0 |
| Assets | $ (1,961) | $ (1,452) |
SEGMENT REPORTING Reconciliation of Adjusted Operating Income to Net Income Attributable to Delphi Technologies (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||
| Adjusted operating income | $ 548 | $ 637 | $ 512 | |||||||||
| Restructuring | $ (66) | (35) | (98) | (161) | ||||||||
| Separation Costs | (78) | |||||||||||
| Other acquisition and portfolio project costs | (81) | (2) | ||||||||||
| Asset impairments | (1) | (12) | (29) | |||||||||
| Operating income | $ 93 | $ 81 | $ 122 | $ 138 | $ 106 | $ 113 | 79 | $ 148 | 434 | 446 | 320 | |
| Interest expense | (79) | (15) | (1) | |||||||||
| Other income, net | 9 | (11) | (1) | |||||||||
| Income before income taxes and equity income | 364 | 420 | 318 | |||||||||
| Income tax benefit (expense) | 9 | (106) | (50) | |||||||||
| Equity income, net of tax | 7 | 5 | 0 | |||||||||
| Net income | 142 | 43 | 90 | 105 | 65 | 87 | 56 | 111 | 380 | 319 | 268 | |
| Net income attributable to noncontrolling interest | 7 | 4 | 4 | 7 | 9 | 9 | 8 | 8 | 22 | 34 | 32 | |
| Net income attributable to Delphi Technologies | $ 135 | $ 39 | $ 86 | $ 98 | $ 56 | $ 78 | $ 48 | $ 103 | 358 | 285 | 236 | |
| Powertrain Systems Segment | ||||||||||||
| Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||
| Restructuring | (37) | (92) | (151) | |||||||||
| Delphi Technologies Aftermarket Segment [Member] | ||||||||||||
| Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||
| Restructuring | (2) | (6) | (10) | |||||||||
| Operating segments | ||||||||||||
| Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||
| Asset impairments | (1) | (29) | ||||||||||
| Operating segments | Powertrain Systems Segment | ||||||||||||
| Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||
| Adjusted operating income | 467 | 562 | 418 | |||||||||
| Restructuring | (37) | (92) | (151) | $ (151) | ||||||||
| Separation Costs | (61) | |||||||||||
| Other acquisition and portfolio project costs | (66) | 0 | ||||||||||
| Asset impairments | (1) | (12) | (28) | |||||||||
| Operating income | 368 | 392 | 239 | |||||||||
| Equity income, net of tax | 7 | 5 | ||||||||||
| Net income attributable to noncontrolling interest | 21 | 34 | 32 | |||||||||
| Operating segments | Delphi Technologies Aftermarket Segment [Member] | ||||||||||||
| Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||
| Adjusted operating income | 81 | 75 | 94 | |||||||||
| Restructuring | 2 | (6) | (10) | $ (10) | ||||||||
| Separation Costs | (17) | |||||||||||
| Other acquisition and portfolio project costs | (15) | (2) | ||||||||||
| Asset impairments | 0 | 0 | (1) | |||||||||
| Operating income | 66 | 54 | 81 | |||||||||
| Equity income, net of tax | 0 | 0 | ||||||||||
| Net income attributable to noncontrolling interest | 1 | 0 | 0 | |||||||||
| Eliminations and other | ||||||||||||
| Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||
| Adjusted operating income | 0 | 0 | 0 | |||||||||
| Restructuring | 0 | 0 | 0 | |||||||||
| Separation Costs | 0 | |||||||||||
| Other acquisition and portfolio project costs | 0 | 0 | ||||||||||
| Asset impairments | 0 | 0 | 0 | |||||||||
| Operating income | 0 | 0 | 0 | |||||||||
| Equity income, net of tax | 0 | 0 | ||||||||||
| Net income attributable to noncontrolling interest | $ 0 | $ 0 | $ 0 | |||||||||
SEGMENT REPORTING Net Sales and Net Property (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Revenue, Major Customer [Line Items] | ||||||||||||
| Current Fiscal Year End Date | --12-31 | |||||||||||
| Property, net (Note 6) | $ 1,445 | $ 1,316 | $ 1,445 | $ 1,316 | $ 1,142 | |||||||
| Net sales | 1,171 | $ 1,159 | $ 1,232 | $ 1,296 | 1,289 | $ 1,205 | $ 1,187 | $ 1,168 | 4,858 | 4,849 | 4,486 | |
| North America [Member] | ||||||||||||
| Revenue, Major Customer [Line Items] | ||||||||||||
| Property, net (Note 6) | 314 | 288 | 314 | 288 | 236 | |||||||
| Net sales | 1,367 | 1,345 | 1,303 | |||||||||
| United Kingdom | ||||||||||||
| Revenue, Major Customer [Line Items] | ||||||||||||
| Property, net (Note 6) | 152 | 157 | 152 | 157 | 146 | |||||||
| Net sales | 799 | 733 | $ 674 | |||||||||
| EMEA [Member] | ||||||||||||
| Revenue, Major Customer [Line Items] | ||||||||||||
| Property, net (Note 6) | 681 | 677 | 681 | 677 | 613 | |||||||
| Net sales | 2,142 | 2,030 | 1,995 | |||||||||
| Asia Pacific [Member] | ||||||||||||
| Revenue, Major Customer [Line Items] | ||||||||||||
| Property, net (Note 6) | 429 | 328 | 429 | 328 | 270 | |||||||
| Net sales | 1,208 | 1,335 | 1,071 | |||||||||
| South America | ||||||||||||
| Revenue, Major Customer [Line Items] | ||||||||||||
| Property, net (Note 6) | $ 21 | $ 23 | 21 | 23 | 23 | |||||||
| Net sales | $ 141 | $ 139 | $ 117 | |||||||||
SEGMENT REPORTING Net Sales (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Segment Reporting [Abstract] | |||||||||||
| Net sales | $ 1,171 | $ 1,159 | $ 1,232 | $ 1,296 | $ 1,289 | $ 1,205 | $ 1,187 | $ 1,168 | $ 4,858 | $ 4,849 | $ 4,486 |
QUARTERLY DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 04, 2017 |
Nov. 22, 2017 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Quarterly Financial Data [Abstract] | |||||||||||||
| Net sales | $ 1,171 | $ 1,159 | $ 1,232 | $ 1,296 | $ 1,289 | $ 1,205 | $ 1,187 | $ 1,168 | $ 4,858 | $ 4,849 | $ 4,486 | ||
| Cost of sales | 959 | 965 | 991 | 1,046 | 1,032 | 976 | 947 | 926 | 3,961 | 3,881 | 3,689 | ||
| Gross Profit | 212 | 194 | 241 | 250 | 257 | 229 | 240 | 242 | 897 | 968 | |||
| Operating income | 93 | 81 | 122 | 138 | 106 | 113 | 79 | 148 | 434 | 446 | 320 | ||
| Net income | 142 | 43 | 90 | 105 | 65 | 87 | 56 | 111 | 380 | 319 | 268 | ||
| Net income attributable to noncontrolling interest | 7 | 4 | 4 | 7 | 9 | 9 | 8 | 8 | 22 | 34 | 32 | ||
| Net income attributable to Delphi Technologies | $ 135 | $ 39 | $ 86 | $ 98 | $ 56 | $ 78 | $ 48 | $ 103 | $ 358 | $ 285 | $ 236 | ||
| Basic net income per share attributable to Delphi Technologies (in dollars per share) | $ 1.53 | $ 0.44 | $ 0.97 | $ 1.10 | $ 0.63 | $ 0.88 | $ 0.54 | $ 1.16 | $ 4.04 | $ 3.22 | $ 2.66 | ||
| Weighted average ordinary shares outstanding, basic (in shares) | 88,490,000 | 88,740,000 | 88,780,000 | 88,710,000 | 88,610,000 | 88,610,000 | 88,610,000 | 88,610,000 | 88,680,000 | 88,610,000 | 88,610,000 | ||
| Diluted net income per share attributable to Delphi Technologies (in dollars per share) | $ 1.52 | $ 0.44 | $ 0.97 | $ 1.10 | $ 0.63 | $ 0.88 | $ 0.54 | $ 1.16 | $ 4.03 | $ 3.21 | $ 2.66 | ||
| Weighted average number of diluted shares outstanding (in shares) | 88,610,000 | 88,613,262 | 88,630,000 | 88,970,000 | 89,050,000 | 88,920,000 | 88,790,000 | 88,610,000 | 88,610,000 | 88,610,000 | 88,890,000 | 88,660,000 | 88,610,000 |
| Restructuring Cost and Reserve [Line Items] | |||||||||||||
| Commercial Agreement | $ 13 | ||||||||||||
| Restructuring (Note 10) | $ 66 | $ 35 | $ 98 | $ 161 | |||||||||
| European site closure | |||||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||||
| Restructuring (Note 10) | $ 53 | ||||||||||||