DELPHI 2011 Annual Report Download - page 107
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Table of Contents
5. ASSETS
Other current assets consisted of the following:
December 31,
2011
December 31,
2010
(in millions)
Value added tax receivable $ 226 $ 180
Deferred income taxes (Note 15) 183 136
Prepaid insurance and other expenses 93 87
Notes receivable 24 33
Debt issuance costs 17 —
Income and other taxes receivable 36 28
Deposits to vendors 12 12
Derivative financial instruments (Note 17) 4 59
Other 21 20
Total $ 616 $ 555
Other long-term assets consisted of the following:
December 31,
2011
December 31,
2010
(in millions)
Deferred income taxes (Note 15) $ 204 $ 183
Debt issuance costs 71 —
Income and other taxes receivable 58 43
Reimbursable engineering costs 41 4
Value added taxes receivable 35 44
Other investments 3 13
Notes receivable 1 31
Derivative financial instruments (Note 17) — 17
Other 46 68
Total $ 459 $ 403
6. INVESTMENTS IN AFFILIATES
As part of Delphi's operations, it has investments in 9 non-consolidated affiliates accounted for under the equity method of accounting. These affiliates
are not publicly traded companies and are located primarily in South Korea, China and Mexico. Delphi's ownership percentages vary generally from
approximately 20% to 50%, with the most significant investments in Korea Delphi Automotive Systems Corporation (of which Delphi owns approximately
50%), Delphi-TVS Diesel Systems Ltd (of which Delphi owns approximately 50%), and Promotora de Partes Electricas Automotrices, S.A. de C.V. (of which
Delphi owns approximately 40%). The aggregate investment in non-consolidated affiliates was $257 million and $281 million at December 31, 2011 and
2010, respectively. Dividends of $1 million, $10 million, $0 million and $8 million for the years ended December 31, 2011 and 2010, and the periods from
August 19 to December 31, 2009 and January 1 to October 6, 2009, respectively, have been received from non-consolidated affiliates. A $7 million
impairment charge was recorded for the year ended December 31, 2011 related to Delphi's investment in a non-consolidated affiliate. No impairment charges
were recorded for the year-ended December 31, 2010 or for the period from August 19 to December 31, 2009. A $23 million impairment charges was
recorded for the period from January 1 to October 6, 2009 related to Delphi's investment in a non-consolidated affiliate.
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