Chrysler 2015 Annual Report Download - page 166

166 2015 | ANNUAL REPORT
Consolidated
Financial Statements
Notes to the Consolidated
Financial Statements
Accumulated actuarial gains and losses from the remeasurement of the defined benefit plans of FCA US totaling
€1,248million has been recognized since the consolidation of FCA US in 2011. As of the transaction date,
€518million, which is approximately 41.5 percent of this amount, had been recognized in non-controlling interest.
In connection with the acquisition of the non-controlling interest in FCA US, this amount was recognized as an
adjustment to the equity reserve within Remeasurement of defined benefit plans.
With respect to the MOU entered into with the UAW, the Group recognized €495million (U.S.$670 million) in Other
income/(expenses) in the Consolidated Income Statement. The first U.S.$175 million installment under the MOU
was paid to the VEBA Trust on January21, 2014, which was equivalent to €129million at that date, and is reflected
in the operating section of the Consolidated Statement of Cash Flows. The second installment of U.S.$175 million
(approximately €151million at that date) was paid to the VEBA Trust on January 21, 2015. The remaining outstanding
obligation pursuant to the MOU as of December 31, 2015 of €313 million (U.S.$341 million), which includes €8million
(U.S.$9 million) of accreted interest, is recorded in Other current liabilities in the Consolidated Statement of Financial
Position. The third installment of U.S.$175 million (approximately €161million at that date) was paid to the VEBA Trust
on January 21, 2016.
The Equity Purchase Agreement also provided for a tax distribution from FCA US to its members under the terms
of FCA US ’s Limited Liability Company Operating Agreement (as amended from time to time, the “LLC Operating
Agreement”) in the amount of approximately U.S.$60 million (€45 million) to cover the VEBA Trust’s tax obligation. As
this payment was made pursuant to a specific requirement in the LLC Operating Agreement, it was not considered
part of the multiple element transaction.
Transactions with non-controlling interests during the years ended December 31, 2015, 2014, and 2013
were as follows:
Acquisition of the remaining 15.2 percent interest in Teksid S.p.A. from Renault in December 2015. As a result, all
the rights and obligations arising from the previous shareholder agreement between FCA and Renault, including the
put option were canceled.
In August 2014, Ferrari S.p.A. acquired an additional 21 percent in the share capital of the subsidiary Ferrari
Maserati Cars International Trading (Shanghai) Co. Ltd. increasing its interest from 59 percent to 80 percent (the
Group’s interests increased from 53.1 percent to 72 percent). In accordance with IFRS 10 - Consolidated Financial
Statements, non-controlling interest and equity reserves were adjusted to reflect the change in the ownership
interest through a corresponding adjustment to Equity attributable to the parent.