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Supplemental Guarantor And Non-Guarantor Condensed Consolidating Financial Statements
12 Months Ended
Dec. 31, 2017
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 Aptiv PLC (the "Parent"), issued the 2013 Senior Notes and the 2014 Senior Notes, both of which were registered under the Securities Act, and is the borrower of obligations under the Credit Agreement. 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 2013 Senior Notes were, fully and unconditionally guaranteed by Aptiv PLC and certain of Aptiv PLC's direct and indirect subsidiary companies, which are directly or indirectly 100% owned by Aptiv PLC (the “Subsidiary Guarantors”), on a joint and several basis, subject to customary release provisions (other than in the case of Aptiv PLC). All other consolidated direct and indirect subsidiaries of Aptiv PLC are not subject to the guarantees (“Non-Guarantor Subsidiaries”).
Notes Issued by the Parent
As described in Note 11. Debt, Aptiv 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 Aptiv PLC's direct and indirect subsidiary companies (the “Subsidiary Guarantors”), and Delphi Corporation, each of which are directly or indirectly 100% owned by Aptiv PLC. All other consolidated direct and indirect subsidiaries of Aptiv 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.
Statement of Operations Year Ended December 31, 2017
 
Parent
 
Subsidiary Guarantors
 
Subsidiary Issuer/Guarantor
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Net sales
$

 
$

 
$

 
$
12,884

 
$

 
$
12,884

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Cost of sales

 

 

 
10,270

 

 
10,270

Selling, general and administrative
137

 

 

 
815

 

 
952

Amortization

 

 

 
117

 

 
117

Restructuring

 

 

 
129

 

 
129

Total operating expenses
137

 

 

 
11,331

 

 
11,468

Operating (loss) income
(137
)
 

 

 
1,553

 

 
1,416

Interest (expense) income
(255
)
 
(24
)
 
(174
)
 
(11
)
 
324

 
(140
)
Other (expense) income, net

 
144

 
13

 
146

 
(324
)
 
(21
)
(Loss) income from continuing operations before income taxes and equity income
(392
)
 
120

 
(161
)
 
1,688

 

 
1,255

Income tax benefit (expense)

 

 
59

 
(282
)
 

 
(223
)
(Loss) income from continuing operations before equity income
(392
)
 
120

 
(102
)
 
1,406

 

 
1,032

Equity in net income of affiliates

 

 

 
31

 

 
31

Equity in net income (loss) of subsidiaries
1,747

 
1,565

 
56

 

 
(3,368
)
 

Income (loss) from continuing operations
1,355

 
1,685

 
(46
)
 
1,437

 
(3,368
)
 
1,063

Income from discontinued operations, net of tax

 

 

 
365

 

 
365

Net income (loss)
1,355

 
1,685

 
(46
)
 
1,802

 
(3,368
)
 
1,428

Net income attributable to noncontrolling interest

 

 

 
73

 

 
73

Net income (loss) attributable to Aptiv
$
1,355

 
$
1,685

 
$
(46
)
 
$
1,729

 
$
(3,368
)
 
$
1,355

Statement of Operations Year Ended December 31, 2016
 
Parent
 
Subsidiary Guarantors
 
Subsidiary Issuer/Guarantor
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Net sales
$

 
$

 
$

 
$
12,274

 
$

 
$
12,274

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Cost of sales

 

 

 
9,527

 

 
9,527

Selling, general and administrative
87

 

 

 
837

 

 
924

Amortization

 

 

 
117

 

 
117

Restructuring

 

 

 
167

 

 
167

Total operating expenses
87

 

 

 
10,648

 

 
10,735

Operating (loss) income
(87
)
 

 

 
1,626

 

 
1,539

Interest (expense) income
(208
)
 
(23
)
 
(202
)
 
(67
)
 
345

 
(155
)
Other (expense) income, net
(5
)
 
(163
)
 
(11
)
 
140

 
(345
)
 
(384
)
(Loss) income from continuing operations before income taxes and equity income
(300
)
 
(186
)
 
(213
)
 
1,699

 

 
1,000

Income tax benefit (expense)
60

 

 
78

 
(305
)
 

 
(167
)
(Loss) income from continuing operations before equity income
(240
)
 
(186
)
 
(135
)
 
1,394

 

 
833

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

 
1,429

 
(3,524
)
 
868

Income from discontinued operations, net of tax

 

 

 
458

 

 
458

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 Aptiv
$
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
$

 
$

 
$

 
$
10,864

 
$

 
$
10,864

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Cost of sales

 

 
(6
)
 
8,697

 

 
8,691

Selling, general and administrative
32

 

 

 
771

 

 
803

Amortization

 

 

 
70

 

 
70

Restructuring

 

 

 
65

 

 
65

Total operating expenses
32

 

 
(6
)
 
9,603

 

 
9,629

Operating (loss) income
(32
)
 

 
6

 
1,261

 

 
1,235

Interest (expense) income
(105
)
 
(30
)
 
(180
)
 
(87
)
 
278

 
(124
)
Other (expense) income, net
(20
)
 
89

 
18

 
77

 
(278
)
 
(114
)
(Loss) income from continuing operations before income taxes and equity income
(157
)
 
59

 
(156
)
 
1,251

 

 
997

Income tax benefit (expense)

 

 
57

 
(218
)
 

 
(161
)
(Loss) income from continuing operations before equity income
(157
)
 
59

 
(99
)
 
1,033

 

 
836

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

 
1,049

 
(3,663
)
 
852

Income from discontinued operations, net of tax

 

 

 
683

 

 
683

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 Aptiv
$
1,450

 
$
1,607

 
$
409

 
$
1,647

 
$
(3,663
)
 
$
1,450

Statement of Comprehensive Income Year Ended December 31, 2017
 
Parent
 
Subsidiary Guarantors
 
Subsidiary Issuer/Guarantor
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Net income (loss)
$
1,355

 
$
1,685

 
$
(46
)
 
$
1,802

 
$
(3,368
)
 
$
1,428

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Currency translation adjustments
(177
)
 

 

 
492

 

 
315

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

 

 

 
15

 

 
15

Employee benefit plans adjustment, net of tax

 

 

 
11

 

 
11

Other comprehensive income (loss)
(177
)
 

 

 
518

 

 
341

Equity in other comprehensive (loss) income of subsidiaries
508

 
(218
)
 
31

 

 
(321
)
 

Comprehensive income (loss)
1,686

 
1,467

 
(15
)
 
2,320

 
(3,689
)
 
1,769

Comprehensive income attributable to noncontrolling interests

 

 

 
83

 

 
83

Comprehensive income (loss) attributable to Aptiv
$
1,686

 
$
1,467

 
$
(15
)
 
$
2,237

 
$
(3,689
)
 
$
1,686

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 Aptiv
$
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 Aptiv
$
1,158

 
$
1,158

 
$
400

 
$
1,360

 
$
(2,918
)
 
$
1,158

Balance Sheet as of December 31, 2017
 
Parent
 
Subsidiary Guarantors
 
Subsidiary Issuer/Guarantor
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1

 
$

 
$

 
$
1,595

 
$

 
$
1,596

Restricted cash

 

 

 
1

 

 
1

Accounts receivable, net

 

 

 
2,440

 

 
2,440

Intercompany receivables, current
50

 
16

 
82

 
9,867

 
(10,015
)
 

Inventories

 

 

 
1,083

 

 
1,083

Other current assets

 

 

 
521

 

 
521

Total current assets
51

 
16

 
82

 
15,507

 
(10,015
)
 
5,641

Long-term assets:
 
 
 
 
 
 
 
 
 
 
 
Intercompany receivables, long-term

 

 
768

 
1,366

 
(2,134
)
 

Property, net

 

 

 
2,804

 

 
2,804

Investments in affiliates

 

 

 
91

 

 
91

Investments in subsidiaries
11,987

 
12,599

 
3,416

 

 
(28,002
)
 

Intangible assets, net

 

 

 
3,163

 

 
3,163

Other long-term assets
60

 

 
8

 
402

 

 
470

Total long-term assets
12,047

 
12,599

 
4,192

 
7,826

 
(30,136
)
 
6,528

Total assets
$
12,098

 
$
12,615

 
$
4,274

 
$
23,333

 
$
(40,151
)
 
$
12,169

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

 
$

 
$
13

 
$
4

 
$

 
$
17

Accounts payable
2

 

 

 
2,225

 

 
2,227

Intercompany payables, current
5,689

 
1,736

 
1,032

 
1,558

 
(10,015
)
 

Accrued liabilities
91

 

 
10

 
1,195

 

 
1,296

Total current liabilities
5,782

 
1,736

 
1,055

 
4,982

 
(10,015
)
 
3,540

Long-term liabilities:
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
3,017

 

 
1,078

 
37

 

 
4,132

Intercompany payables, long-term

 

 
1,297

 
837

 
(2,134
)
 

Pension benefit obligations

 

 

 
454

 

 
454

Other long-term liabilities

 

 

 
526

 

 
526

Total long-term liabilities
3,017

 

 
2,375

 
1,854

 
(2,134
)
 
5,112

Total liabilities
8,799

 
1,736

 
3,430

 
6,836

 
(12,149
)
 
8,652

Total Aptiv shareholders’ equity
3,299

 
10,879

 
844

 
16,279

 
(28,002
)
 
3,299

Noncontrolling interest

 

 

 
218

 

 
218

Total shareholders’ equity
3,299

 
10,879

 
844

 
16,497

 
(28,002
)
 
3,517

Total liabilities and shareholders’ equity
$
12,098

 
$
12,615

 
$
4,274

 
$
23,333

 
$
(40,151
)
 
$
12,169


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

 
$

 
$

 
$
735

 
$

 
$
737

Restricted cash

 

 

 
1

 

 
1

Accounts receivable, net

 

 

 
2,130

 

 
2,130

Intercompany receivables, current
47

 
1,843

 
436

 
5,285

 
(7,611
)
 

Inventories

 

 

 
859

 

 
859

Other current assets

 

 

 
302

 

 
302

Current assets of discontinued operations

 

 

 
1,390

 

 
1,390

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

 

 

 
2,325

 

 
2,325

Investments in affiliates

 

 

 
67

 

 
67

Investments in subsidiaries
10,833

 
8,722

 
3,090

 

 
(22,645
)
 

Intangible assets, net

 

 

 
2,650

 

 
2,650

Other long-term assets
60

 

 
10

 
210

 

 
280

Long-term assets of discontinued operations

 

 

 
1,551

 

 
1,551

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

 
$
7

 
$

 
$
10

Accounts payable
3

 

 

 
1,817

 

 
1,820

Intercompany payables, current
5,504

 
68

 
974

 
1,065

 
(7,611
)
 

Accrued liabilities
31

 
300

 
30

 
881

 

 
1,242

Current liabilities of discontinued operations

 

 

 
1,076

 

 
1,076

Total current liabilities
5,538

 
368

 
1,007

 
4,846

 
(7,611
)
 
4,148

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

 

 
1,090

 
26

 

 
3,953

Intercompany payables, long-term
166

 
1,317

 
1,296

 
826

 
(3,605
)
 

Pension benefit obligations

 

 

 
439

 

 
439

Other long-term liabilities

 

 
10

 
361

 

 
371

Long-term liabilities of discontinued operations

 

 

 
618

 

 
618

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 Aptiv 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

Statement of Cash Flows for the Year Ended December 31, 2017
 
Parent
 
Subsidiary Guarantors
 
Subsidiary Issuer/Guarantor
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Net cash (used in) provided by operating activities from continuing operations
$
(93
)
 
$
(184
)
 
$

 
$
1,383

 
$

 
$
1,106

Net cash provided by operating activities from discontinued operations

 

 

 
362

 

 
362

Net cash (used in) provided by operating activities
(93
)
 
(184
)
 

 
1,745

 

 
1,468

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures

 

 

 
(698
)
 

 
(698
)
Proceeds from sale of property / investments

 

 

 
7

 

 
7

Cost of business acquisitions, net of cash acquired

 

 

 
(324
)
 

 
(324
)
Cost of technology investments

 

 

 
(50
)
 

 
(50
)
Settlement of derivatives

 

 

 
(28
)
 

 
(28
)
Loans to affiliates

 
(126
)
 

 
(986
)
 
1,112

 

Repayments of loans from affiliates

 

 

 
1,345

 
(1,345
)
 

Net cash used in investing activities from continuing operations

 
(126
)
 

 
(734
)
 
(233
)
 
(1,093
)
Net cash used in investing activities from discontinued operations

 

 

 
(159
)
 

 
(159
)
Net cash used in investing activities

 
(126
)
 

 
(893
)
 
(233
)
 
(1,252
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
Net repayments under other short-term debt agreements

 

 

 
(17
)
 

 
(17
)
Contingent consideration and deferred acquisition purchase price payments

 

 

 
(24
)
 

 
(24
)
Dividend payments of consolidated affiliates to minority shareholders

 

 

 
(38
)
 

 
(38
)
Proceeds from issuance of senior notes, net of issuance costs

 

 

 
796

 

 
796

Proceeds from borrowings from affiliates
802

 
310

 

 

 
(1,112
)
 

Payments on borrowings from affiliates
(1,345
)
 

 

 

 
1,345

 

Repurchase of ordinary shares
(383
)
 

 

 

 

 
(383
)
Distribution of cash dividends
(310
)
 

 

 

 

 
(310
)
Dividend received from spin-off of Delphi Technologies
1,148

 

 

 

 

 
1,148

Cash transferred from Delphi Technologies related to spin-off
180

 

 

 

 

 
180

Cash transferred to Delphi Technologies related to spin-off

 

 

 
(863
)
 

 
(863
)
Taxes withheld and paid on employees' restricted share awards

 

 

 
(33
)
 

 
(33
)
Net cash provided by (used in) financing activities
92

 
310

 

 
(179
)
 
233

 
456

Effect of exchange rate fluctuations on cash and cash equivalents

 

 

 
86

 

 
86

(Decrease) increase in cash and cash equivalents
(1
)
 

 

 
759

 

 
758

Cash and cash equivalents at beginning of year
2

 

 

 
836

 

 
838

Cash and cash equivalents at end of year
$
1

 
$

 
$

 
$
1,595

 
$

 
$
1,596

Cash and cash equivalents of discontinued operations
$

 
$

 
$

 
$

 
$

 
$

Cash and cash equivalents of continuing operations
$
1

 
$

 
$

 
$
1,595

 
$

 
$
1,596



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

 
$

 
$
1,510

 
$

 
$
1,494

Net cash provided by operating activities from discontinued operations

 

 

 
447

 

 
447

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

 

 
1,957

 

 
1,941

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures

 

 

 
(657
)
 

 
(657
)
Proceeds from sale of property / investments

 

 

 
19

 

 
19

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
)
 
(1,387
)
 
3,176

 
(412
)
Net cash used in investing activities from discontinued operations

 

 

 
(166
)
 

 
(166
)
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
$

 
$

 
$

 
$
101

 
$

 
$
101

Cash and cash equivalents of continuing operations
$
2

 
$

 
$

 
$
735

 
$

 
$
737

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

 
$

 
$
1,122

 
$
(100
)
 
$
1,140

Net cash provided by operating activities from discontinued operations

 

 

 
563

 

 
563

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

 

 
1,685

 
(100
)
 
1,703

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures

 

 

 
(503
)
 

 
(503
)
Proceeds from sale of property / investments

 

 

 
7

 

 
7

Net proceeds from divestiture of discontinued operations

 

 

 
713

 

 
713

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

 

 

 
(3
)
 

 
(3
)
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
)
 
(1,600
)
 
3,773

 
(1,429
)
Net cash used in investing activities from discontinued operations

 

 

 
(270
)
 

 
(270
)
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
$

 
$

 
$

 
$
152

 
$

 
$
152

Cash and cash equivalents of continuing operations
$
4

 
$

 
$

 
$
423

 
$

 
$
427