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Supplemental Guarantor And Non-Guarantor Condensed Consolidating Financial Statements
12 Months Ended
Dec. 31, 2016
Supplemental Guarantor And Non-Guarantor Condensed Consolidating Financial Statements [Abstract]  
Supplemental Guarantor And Non-Guarantor Condensed Consolidating Financial Statements
SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
Basis of Presentation
Notes Issued by the Subsidiary Issuer
As described in Note 11. Debt, Delphi Corporation (the "Subsidiary Issuer/Guarantor"), a 100% owned subsidiary of Delphi Automotive PLC (the "Parent"), issued the 2011 Senior Notes, the 2013 Senior Notes and the 2014 Senior Notes, each of which were registered under the Securities Act, and is the borrower of obligations under the Credit Agreement. The 2011 Senior Notes were subsequently redeemed and extinguished in March 2014 and March 2015, and the 2013 Senior Notes were subsequently redeemed and extinguished in September 2016. The 2014 Senior Notes and obligations under the Credit Agreement are, and prior to their redemption, the 2011 Senior Notes and 2013 Senior Notes were, fully and unconditionally guaranteed by Delphi Automotive PLC and certain of Delphi Automotive PLC's direct and indirect subsidiary companies, which are directly or indirectly 100% owned by Delphi Automotive PLC (the “Subsidiary Guarantors”), on a joint and several basis, subject to customary release provisions (other than in the case of Delphi Automotive PLC). All other consolidated direct and indirect subsidiaries of Delphi Automotive PLC are not subject to the guarantees (“Non-Guarantor Subsidiaries”).
Notes Issued by the Parent
As described in Note 11. Debt, Delphi Automotive PLC issued the 2015 Senior Notes, the 2015 Euro-denominated Senior Notes, the 2016 Euro-denominated Senior Notes and the 2016 Senior Notes, each of which were registered under the Securities Act. Each series of these senior notes are fully and unconditionally guaranteed on a joint and several basis, subject to customary release provisions, by certain of Delphi Automotive PLC's direct and indirect subsidiary companies (the “Subsidiary Guarantors”), and Delphi Corporation, each of which are directly or indirectly 100% owned by Delphi Automotive PLC. All other consolidated direct and indirect subsidiaries of Delphi Automotive PLC are not subject to the guarantees (“Non-Guarantor Subsidiaries”).
In lieu of providing separate audited financial statements for the Guarantors, the Company has included the accompanying condensed consolidating financial statements. These condensed consolidating financial statements are presented on the equity method. Under this method, the investments in subsidiaries are recorded at cost and adjusted for the parent’s share of the subsidiary’s cumulative results of operations, capital contributions and distributions and other equity changes. The Non-Guarantor Subsidiaries are combined in the condensed consolidating financial statements. The principal elimination entries are to eliminate the investments in subsidiaries and intercompany balances and transactions.
The historical presentation of the supplemental guarantor condensed consolidating balance sheet as of December 31, 2015 has been revised to be consistent with the presentation of the entities that comprise the structure of the Subsidiary Guarantors and the Subsidiary Issuer/Guarantor as of December 31, 2016.
Statement of Operations Year Ended December 31, 2016
 
Parent
 
Subsidiary Guarantors
 
Subsidiary Issuer/Guarantor
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Net sales
$

 
$

 
$

 
$
16,661

 
$

 
$
16,661

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Cost of sales

 

 

 
13,107

 

 
13,107

Selling, general and administrative
87

 

 

 
1,058

 

 
1,145

Amortization

 

 

 
134

 

 
134

Restructuring

 

 

 
328

 

 
328

Total operating expenses
87

 

 

 
14,627

 

 
14,714

Operating (loss) income
(87
)
 

 

 
2,034

 

 
1,947

Interest (expense) income
(208
)
 
(23
)
 
(202
)
 
(68
)
 
345

 
(156
)
Other (expense) income, net
(5
)
 
(163
)
 
(11
)
 
158

 
(345
)
 
(366
)
(Loss) income from continuing operations before income taxes and equity income
(300
)
 
(186
)
 
(213
)
 
2,124

 

 
1,425

Income tax benefit (expense)
60

 

 
78

 
(380
)
 

 
(242
)
(Loss) income from continuing operations before equity income
(240
)
 
(186
)
 
(135
)
 
1,744

 

 
1,183

Equity in net income of affiliates

 

 

 
35

 

 
35

Equity in net income (loss) of subsidiaries
1,497

 
1,621

 
406

 

 
(3,524
)
 

Income (loss) from continuing operations
1,257

 
1,435

 
271

 
1,779

 
(3,524
)
 
1,218

Income from discontinued operations, net of tax

 

 

 
108

 

 
108

Net income (loss)
1,257

 
1,435

 
271

 
1,887

 
(3,524
)
 
1,326

Net income attributable to noncontrolling interest

 

 

 
69

 

 
69

Net income (loss) attributable to Delphi
$
1,257

 
$
1,435

 
$
271

 
$
1,818

 
$
(3,524
)
 
$
1,257

Statement of Operations Year Ended December 31, 2015
 
Parent
 
Subsidiary Guarantors
 
Subsidiary Issuer/Guarantor
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Net sales
$

 
$

 
$

 
$
15,165

 
$

 
$
15,165

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Cost of sales

 

 
(6
)
 
12,161

 

 
12,155

Selling, general and administrative
32

 

 

 
985

 

 
1,017

Amortization

 

 

 
93

 

 
93

Restructuring

 

 

 
177

 

 
177

Total operating expenses
32

 

 
(6
)
 
13,416

 

 
13,442

Operating (loss) income
(32
)
 

 
6

 
1,749

 

 
1,723

Interest (expense) income
(105
)
 
(30
)
 
(180
)
 
(90
)
 
278

 
(127
)
Other (expense) income, net
(20
)
 
89

 
18

 
103

 
(278
)
 
(88
)
(Loss) income from continuing operations before income taxes and equity income
(157
)
 
59

 
(156
)
 
1,762

 

 
1,508

Income tax benefit (expense)

 

 
57

 
(320
)
 

 
(263
)
(Loss) income from continuing operations before equity income
(157
)
 
59

 
(99
)
 
1,442

 

 
1,245

Equity in net income of affiliates

 

 

 
16

 

 
16

Equity in net income (loss) of subsidiaries
1,607

 
1,548

 
508

 

 
(3,663
)
 

Income (loss) from continuing operations
1,450

 
1,607

 
409

 
1,458

 
(3,663
)
 
1,261

Income from discontinued operations, net of tax

 

 

 
274

 

 
274

Net income (loss)
1,450

 
1,607

 
409

 
1,732

 
(3,663
)
 
1,535

Net income attributable to noncontrolling interest

 

 

 
85

 

 
85

Net income (loss) attributable to Delphi
$
1,450

 
$
1,607

 
$
409

 
$
1,647

 
$
(3,663
)
 
$
1,450

Statement of Operations Year Ended December 31, 2014
 
Parent
 
Subsidiary Guarantors
 
Subsidiary Issuer/Guarantor
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Net sales
$

 
$

 
$

 
$
15,499

 
$

 
$
15,499

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Cost of sales

 

 

 
12,471

 

 
12,471

Selling, general and administrative
51

 

 

 
985

 

 
1,036

Amortization

 

 

 
94

 

 
94

Restructuring

 

 

 
140

 

 
140

Total operating expenses
51

 

 

 
13,690

 

 
13,741

Operating (loss) income
(51
)
 

 

 
1,809

 

 
1,758

Interest (expense) income
(24
)
 
(33
)
 
(188
)
 
(74
)
 
184

 
(135
)
Other income (expense), net
6

 
68

 
25

 
78

 
(185
)
 
(8
)
(Loss) income from continuing operations before income taxes and equity income
(69
)
 
35

 
(163
)
 
1,813

 
(1
)
 
1,615

Income tax benefit (expense)

 

 
60

 
(315
)
 

 
(255
)
(Loss) income from continuing operations before equity income
(69
)
 
35

 
(103
)
 
1,498

 
(1
)
 
1,360

Equity in net income of affiliates

 

 

 
20

 

 
20

Equity in net income (loss) of subsidiaries
1,420

 
1,385

 
315

 

 
(3,120
)
 

Income (loss) from continuing operations
1,351

 
1,420

 
212

 
1,518

 
(3,121
)
 
1,380

Income from discontinued operations, net of tax

 

 

 
60

 

 
60

Net income (loss)
1,351

 
1,420

 
212

 
1,578

 
(3,121
)
 
1,440

Net income attributable to noncontrolling interest

 

 

 
89

 

 
89

Net income (loss) attributable to Delphi
$
1,351

 
$
1,420

 
$
212

 
$
1,489

 
$
(3,121
)
 
$
1,351

Statement of Comprehensive Income Year Ended December 31, 2016
 
Parent
 
Subsidiary Guarantors
 
Subsidiary Issuer/Guarantor
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Net income (loss)
$
1,257

 
$
1,435

 
$
271

 
$
1,887

 
$
(3,524
)
 
$
1,326

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Currency translation adjustments
65

 

 

 
(212
)
 

 
(147
)
Net change in unrecognized gain (loss) on derivative instruments, net of tax

 

 

 
95

 

 
95

Employee benefit plans adjustment, net of tax

 

 

 
(139
)
 

 
(139
)
Other comprehensive income (loss)
65

 

 

 
(256
)
 

 
(191
)
Equity in other comprehensive (loss) income of subsidiaries
(247
)
 
(371
)
 
2

 

 
616

 

Comprehensive income (loss)
1,075

 
1,064

 
273

 
1,631

 
(2,908
)
 
1,135

Comprehensive income attributable to noncontrolling interests

 

 

 
60

 

 
60

Comprehensive income (loss) attributable to Delphi
$
1,075

 
$
1,064

 
$
273

 
$
1,571

 
$
(2,908
)
 
$
1,075

Statement of Comprehensive Income Year Ended December 31, 2015
 
Parent
 
Subsidiary Guarantors
 
Subsidiary Issuer/Guarantor
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Net income (loss)
$
1,450

 
$
1,607

 
$
409

 
$
1,732

 
$
(3,663
)
 
$
1,535

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Currency translation adjustments
(5
)
 

 

 
(339
)
 

 
(344
)
Net change in unrecognized gain (loss) on derivative instruments, net of tax

 

 

 
(28
)
 

 
(28
)
Employee benefit plans adjustment, net of tax

 

 

 
64

 

 
64

Other comprehensive loss
(5
)
 

 

 
(303
)
 

 
(308
)
Equity in other comprehensive (loss) income of subsidiaries
(287
)
 
(449
)
 
(9
)
 

 
745

 

Comprehensive income (loss)
1,158

 
1,158

 
400

 
1,429

 
(2,918
)
 
1,227

Comprehensive income attributable to noncontrolling interests

 

 

 
69

 

 
69

Comprehensive income (loss) attributable to Delphi
$
1,158

 
$
1,158

 
$
400

 
$
1,360

 
$
(2,918
)
 
$
1,158

Statement of Comprehensive Income Year Ended December 31, 2014
 
Parent
 
Subsidiary Guarantors
 
Subsidiary Issuer/Guarantor
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Net income (loss)
$
1,351

 
$
1,420

 
$
212

 
$
1,578

 
$
(3,121
)
 
$
1,440

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Currency translation adjustments

 

 

 
(325
)
 

 
(325
)
Net change in unrecognized gain (loss) on derivative instruments, net of tax

 

 

 
(80
)
 

 
(80
)
Employee benefit plans adjustment, net of tax

 

 

 
(108
)
 

 
(108
)
Other comprehensive loss

 

 

 
(513
)
 

 
(513
)
Equity in other comprehensive (loss) income of subsidiaries
(504
)
 
(573
)
 
(50
)
 

 
1,127

 

Comprehensive income (loss)
847

 
847

 
162

 
1,065

 
(1,994
)
 
927

Comprehensive income attributable to noncontrolling interests

 

 

 
80

 

 
80

Comprehensive income (loss) attributable to Delphi
$
847

 
$
847

 
$
162

 
$
985

 
$
(1,994
)
 
$
847

Balance Sheet as of December 31, 2016
 
Parent
 
Subsidiary Guarantors
 
Subsidiary Issuer/Guarantor
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
2

 
$

 
$

 
$
836

 
$

 
$
838

Restricted cash

 

 

 
1

 

 
1

Accounts receivable, net

 

 

 
2,938

 

 
2,938

Intercompany receivables, current
47

 
1,843

 
436

 
5,285

 
(7,611
)
 

Inventories

 

 

 
1,232

 

 
1,232

Other current assets

 

 

 
410

 

 
410

Total current assets
49

 
1,843

 
436

 
10,702

 
(7,611
)
 
5,419

Long-term assets:
 
 
 
 
 
 
 
 
 
 
 
Intercompany receivables, long-term

 
1,070

 
768

 
1,767

 
(3,605
)
 

Property, net

 

 

 
3,515

 

 
3,515

Investments in affiliates

 

 

 
101

 

 
101

Investments in subsidiaries
10,833

 
8,722

 
3,090

 

 
(22,645
)
 

Intangible assets, net

 

 

 
2,748

 

 
2,748

Other long-term assets
60

 

 
10

 
439

 

 
509

Total long-term assets
10,893

 
9,792

 
3,868

 
8,570

 
(26,250
)
 
6,873

Total assets
$
10,942

 
$
11,635

 
$
4,304

 
$
19,272

 
$
(33,861
)
 
$
12,292

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Short-term debt
$

 
$

 
$
3

 
$
9

 
$

 
$
12

Accounts payable
3

 

 

 
2,560

 

 
2,563

Intercompany payables, current
5,504

 
68

 
974

 
1,065

 
(7,611
)
 

Accrued liabilities
31

 
300

 
30

 
1,212

 

 
1,573

Total current liabilities
5,538

 
368

 
1,007

 
4,846

 
(7,611
)
 
4,148

Long-term liabilities:
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
2,837

 

 
1,090

 
32

 

 
3,959

Intercompany payables, long-term
166

 
1,317

 
1,296

 
826

 
(3,605
)
 

Pension benefit obligations

 

 

 
955

 

 
955

Other long-term liabilities

 

 
10

 
457

 

 
467

Total long-term liabilities
3,003

 
1,317

 
2,396

 
2,270

 
(3,605
)
 
5,381

Total liabilities
8,541

 
1,685

 
3,403

 
7,116

 
(11,216
)
 
9,529

Total Delphi shareholders’ equity
2,401

 
9,950

 
901

 
11,794

 
(22,645
)
 
2,401

Noncontrolling interest

 

 

 
362

 

 
362

Total shareholders’ equity
2,401

 
9,950

 
901

 
12,156

 
(22,645
)
 
2,763

Total liabilities and shareholders’ equity
$
10,942

 
$
11,635

 
$
4,304

 
$
19,272

 
$
(33,861
)
 
$
12,292


Balance Sheet as of December 31, 2015
 
Parent
 
Subsidiary Guarantors
 
Subsidiary Issuer/Guarantor
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
4

 
$

 
$

 
$
531

 
$

 
$
535

Restricted cash

 

 

 
1

 

 
1

Accounts receivable, net

 

 

 
2,750

 

 
2,750

Intercompany receivables, current
101

 
1,148

 
387

 
4,852

 
(6,488
)
 

Inventories

 

 

 
1,181

 

 
1,181

Other current assets

 

 

 
431

 

 
431

Current assets held for sale

 

 

 
223

 

 
223

Total current assets
105

 
1,148

 
387

 
9,969

 
(6,488
)
 
5,121

Long-term assets:
 
 
 
 
 
 
 
 
 
 
 
Intercompany receivables, long-term

 
775

 
1,007

 
1,743

 
(3,525
)
 

Property, net

 

 

 
3,377

 

 
3,377

Investments in affiliates

 

 

 
94

 

 
94

Investments in subsidiaries
8,916

 
8,028

 
3,118

 

 
(20,062
)
 

Intangible assets, net

 

 

 
2,922

 

 
2,922

Other long-term assets

 

 
12

 
447

 

 
459

Total long-term assets
8,916

 
8,803

 
4,137

 
8,583

 
(23,587
)
 
6,852

Total assets
$
9,021

 
$
9,951

 
$
4,524

 
$
18,552

 
$
(30,075
)
 
$
11,973

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Short-term debt
$

 
$

 
$

 
$
52

 
$

 
$
52

Accounts payable
2

 

 

 
2,539

 

 
2,541

Intercompany payables, current
4,543

 
555

 
905

 
480

 
(6,483
)
 

Accrued liabilities
17

 

 
24

 
1,163

 

 
1,204

Current liabilities held for sale

 

 

 
130

 

 
130

Total current liabilities
4,562

 
555

 
929

 
4,364

 
(6,483
)
 
3,927

Long-term liabilities:
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
2,047

 

 
1,883

 
26

 

 
3,956

Intercompany payables, long-term
162

 
1,305

 
1,001

 
1,057

 
(3,525
)
 

Pension benefit obligations

 

 

 
854

 

 
854

Other long-term liabilities

 

 
27

 
476

 

 
503

Total long-term liabilities
2,209

 
1,305

 
2,911

 
2,413

 
(3,525
)
 
5,313

Total liabilities
6,771

 
1,860

 
3,840

 
6,777

 
(10,008
)
 
9,240

Total Delphi shareholders’ equity
2,250

 
8,091

 
684

 
11,292

 
(20,067
)
 
2,250

Noncontrolling interest

 

 

 
483

 

 
483

Total shareholders’ equity
2,250

 
8,091

 
684

 
11,775

 
(20,067
)
 
2,733

Total liabilities and shareholders’ equity
$
9,021

 
$
9,951

 
$
4,524

 
$
18,552

 
$
(30,075
)
 
$
11,973

Statement of Cash Flows for the Year Ended December 31, 2016
 
Parent
 
Subsidiary Guarantors
 
Subsidiary Issuer/Guarantor
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Net cash (used in) provided by operating activities from continuing operations
$
(141
)
 
$
125

 
$

 
$
1,957

 
$

 
$
1,941

Net cash provided by operating activities from discontinued operations

 

 

 

 

 

Net cash (used in) provided by operating activities
(141
)
 
125

 

 
1,957

 

 
1,941

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures

 

 

 
(828
)
 

 
(828
)
Proceeds from sale of property / investments

 

 

 
28

 

 
28

Net proceeds from divestiture of discontinued operations

 

 

 
48

 

 
48

Proceeds from business divestitures

 

 

 
197

 

 
197

Cost of business acquisitions, net of cash acquired

 

 
(15
)
 

 

 
(15
)
Cost of technology investments

 

 
(3
)
 

 

 
(3
)
Settlement of derivatives

 

 

 
(1
)
 

 
(1
)
Loans to affiliates

 
(979
)
 

 
(1,346
)
 
2,325

 

Repayments of loans from affiliates

 

 

 
353

 
(353
)
 

Investments in subsidiaries
(854
)
 

 
(350
)
 

 
1,204

 

Net cash (used in) provided by investing activities from continuing operations
(854
)
 
(979
)
 
(368
)
 
(1,549
)
 
3,176

 
(574
)
Net cash used in investing activities from discontinued operations

 

 

 
(4
)
 

 
(4
)
Net cash (used in) provided by investing activities
(854
)
 
(979
)
 
(368
)
 
(1,553
)
 
3,176

 
(578
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
Net repayments under other short-term debt agreements

 

 

 
(34
)
 

 
(34
)
Repayment of senior notes

 

 
(862
)
 

 

 
(862
)
Proceeds from issuance of senior notes, net of issuance costs
852

 

 

 

 

 
852

Contingent consideration and deferred acquisition purchase price payments

 

 

 
(4
)
 

 
(4
)
Dividend payments of consolidated affiliates to minority shareholders

 

 

 
(42
)
 

 
(42
)
Proceeds from borrowings from affiliates
1,095

 

 
1,230

 

 
(2,325
)
 

Payments on borrowings from affiliates
(353
)
 

 

 

 
353

 

Investment from parent
350

 
854

 

 

 
(1,204
)
 

Repurchase of ordinary shares
(634
)
 

 

 

 

 
(634
)
Distribution of cash dividends
(317
)
 

 

 

 

 
(317
)
Taxes withheld and paid on employees' restricted share awards

 

 

 
(40
)
 

 
(40
)
Net cash provided by (used in) financing activities
993

 
854

 
368

 
(120
)
 
(3,176
)
 
(1,081
)
Effect of exchange rate fluctuations on cash and cash equivalents

 

 

 
(23
)
 

 
(23
)
Decrease (increase) in cash and cash equivalents
(2
)
 

 

 
261

 

 
259

Cash and cash equivalents at beginning of year
4

 

 

 
575

 

 
579

Cash and cash equivalents at end of year
$
2

 
$

 
$

 
$
836

 
$

 
$
838

Cash and cash equivalents of discontinued operations
$

 
$

 
$

 
$

 
$

 
$

Cash and cash equivalents of continuing operations
$
2

 
$

 
$

 
$
836

 
$

 
$
838

Statement of Cash Flows for the Year Ended December 31, 2015
 
Parent
 
Subsidiary Guarantors
 
Subsidiary Issuer/Guarantor
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Net cash (used in) provided by operating activities from continuing operations
$
(53
)
 
$
171

 
$

 
$
1,649

 
$
(100
)
 
$
1,667

Net cash provided by operating activities from discontinued operations

 

 

 
36

 

 
36

Net cash (used in) provided by operating activities
(53
)
 
171

 

 
1,685

 
(100
)
 
1,703

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures

 

 

 
(704
)
 

 
(704
)
Proceeds from sale of property / investments

 

 

 
10

 

 
10

Net proceeds from divestiture of discontinued operations

 

 

 
730

 

 
730

Proceeds from business divestitures, net of payments of $14 in 2015

 

 
(7
)
 
18

 

 
11

Cost of business acquisitions, net of cash acquired
(1,606
)
 

 
(104
)
 
56

 

 
(1,654
)
Cost of technology investments

 

 

 
(23
)
 

 
(23
)
Loans to affiliates

 
(925
)
 
(342
)
 
(3,221
)
 
4,488

 

Repayments of loans from affiliates

 

 
135

 
1,333

 
(1,468
)
 

Investments in subsidiaries
(753
)
 

 

 

 
753

 

Net cash (used in) provided by investing activities from continuing operations
(2,359
)
 
(925
)
 
(318
)
 
(1,801
)
 
3,773

 
(1,630
)
Net cash used in investing activities from discontinued operations

 

 

 
(69
)
 

 
(69
)
Net cash (used in) provided by investing activities
(2,359
)
 
(925
)
 
(318
)
 
(1,870
)
 
3,773

 
(1,699
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
Net repayments under other short-term debt agreements

 

 

 
(214
)
 

 
(214
)
Repayment of senior notes

 

 
(546
)
 

 

 
(546
)
Proceeds from issuance of senior notes, net of issuance costs
2,043

 

 

 

 

 
2,043

Dividend payments of consolidated affiliates to minority shareholders

 

 

 
(63
)
 

 
(63
)
Proceeds from borrowings from affiliates
3,277

 

 
964

 
247

 
(4,488
)
 

Payments on borrowings from affiliates
(1,468
)
 

 

 

 
1,468

 

Investment from parent

 
753

 

 

 
(753
)
 

Dividends paid to affiliates

 

 
(100
)
 

 
100

 

Repurchase of ordinary shares
(1,159
)
 

 

 

 

 
(1,159
)
Distribution of cash dividends
(286
)
 

 

 

 

 
(286
)
Taxes withheld and paid on employees' restricted share awards

 

 

 
(59
)
 

 
(59
)
Net cash provided by (used in) financing activities
2,407

 
753

 
318

 
(89
)
 
(3,673
)
 
(284
)
Effect of exchange rate fluctuations on cash and cash equivalents

 

 

 
(45
)
 

 
(45
)
Decrease in cash and cash equivalents
(5
)
 
(1
)
 

 
(319
)
 

 
(325
)
Cash and cash equivalents at beginning of year
9

 
1

 

 
894

 

 
904

Cash and cash equivalents at end of year
$
4

 
$

 
$

 
$
575

 
$

 
$
579

Cash and cash equivalents of discontinued operations
$

 
$

 
$

 
$
44

 
$

 
$
44

Cash and cash equivalents of continuing operations
$
4

 
$

 
$

 
$
531

 
$

 
$
535

Statement of Cash Flows for the Year Ended December 31, 2014
 
Parent
 
Subsidiary Guarantors
 
Subsidiary Issuer/Guarantor
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Net cash provided by operating activities from continuing operations
$
32

 
$
61

 
$

 
$
1,952

 
$

 
$
2,045

Net cash provided by operating activities from discontinued operations

 

 

 
90

 

 
90

Net cash provided by operating activities
32

 
61

 

 
2,042

 

 
2,135

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures

 

 

 
(779
)
 

 
(779
)
Proceeds from sale of property / investments

 

 

 
15

 

 
15

Cost of business acquisitions, net of cash acquired

 

 
(345
)
 

 

 
(345
)
Cost of technology investments

 

 

 
(5
)
 

 
(5
)
Decrease in restricted cash

 

 

 
2

 

 
2

Loans to affiliates

 
(60
)
 
(1,075
)
 
(1,494
)
 
2,629

 

Repayments of loans from affiliates

 

 
165

 
304

 
(469
)
 

Return of investments in subsidiaries

 

 
389

 

 
(389
)
 

Net cash (used in) provided by investing activities from continuing operations

 
(60
)
 
(866
)
 
(1,957
)
 
1,771

 
(1,112
)
Net cash used in investing activities from discontinued operations

 

 

 
(74
)
 

 
(74
)
Net cash used in investing activities

 
(60
)
 
(866
)
 
(2,031
)
 
1,771

 
(1,186
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
Net proceeds from other short-term debt agreements

 

 

 
7

 

 
7

Repayments under long-term debt agreements

 

 
(164
)
 

 

 
(164
)
Repayment of senior notes

 

 
(526
)
 

 

 
(526
)
Proceeds from issuance of senior notes, net of issuance costs

 

 
691

 

 

 
691

Dividend payments of consolidated affiliates to minority shareholders

 

 

 
(73
)
 

 
(73
)
Proceeds from borrowings from affiliates
1,510

 
144

 
975

 

 
(2,629
)
 

Payments on borrowings from affiliates
(215
)
 
(144
)
 
(110
)
 

 
469

 

Capital distributions to affiliates

 

 

 
(389
)
 
389

 

Repurchase of ordinary shares
(1,024
)
 

 

 

 

 
(1,024
)
Distribution of cash dividends
(301
)
 

 

 

 

 
(301
)
Taxes withheld and paid on employees' restricted share awards

 

 

 
(8
)
 

 
(8
)
Net cash (used in) provided by financing activities
(30
)
 

 
866

 
(463
)
 
(1,771
)
 
(1,398
)
Effect of exchange rate fluctuations on cash and cash equivalents

 

 

 
(36
)
 

 
(36
)
Increase (decrease) in cash and cash equivalents
2

 
1

 

 
(488
)
 

 
(485
)
Cash and cash equivalents at beginning of year
7

 

 

 
1,382

 

 
1,389

Cash and cash equivalents at end of year
$
9

 
$
1

 
$

 
$
894

 
$

 
$
904

Cash and cash equivalents of discontinued operations
$

 
$

 
$

 
$
45

 
$

 
$
45

Cash and cash equivalents of continuing operations
$
9

 
$
1

 
$

 
$
849

 
$

 
$
859