DELPHI 2013 Annual Report Download - page 88

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66
DELPHI AUTOMOTIVE PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2013 2012 2011
(in millions)
Cash flows from operating activities:
Net income......................................................................................................................... $ 1,301 $ 1,160 $ 1,223
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation............................................................................................................... 436 402 396
Amortization .............................................................................................................. 104 84 79
Amortization of deferred issuance costs.................................................................... 11 17 10
Restructuring expense, net of cash paid..................................................................... (25) 62 (74)
Deferred income taxes ............................................................................................... (50) (63) (36)
Pension and other postretirement benefit expenses ................................................... 82 67 70
Income from equity method investments, net of dividends received ........................ (4) (1) (13)
Loss on extinguishment of debt................................................................................. 39 1 16
Gain on sale of assets................................................................................................. (16) (3) (12)
Share-based compensation......................................................................................... 47 21 14
Changes in operating assets and liabilities:
Accounts receivable, net............................................................................................ (237) 198 (149)
Inventories.................................................................................................................. (27) 49 (64)
Other assets................................................................................................................ (36) (125) (31)
Accounts payable....................................................................................................... 254 (153) 98
Accrued and other long-term liabilities ..................................................................... 47 (198) 3
Other, net.................................................................................................................... (67) 29 6
Pension contributions......................................................................................................... (109) (69) (159)
Net cash provided by operating activities.................................................................................. 1,750 1,478 1,377
Cash flows from investing activities:
Capital expenditures........................................................................................................... (682) (705) (630)
Maturity of time deposits................................................................................................... — — 550
Proceeds from sale of property / investments.................................................................... 33 20 72
Cost of business and technology acquisitions, net of cash acquired.................................. (10) (980) (17)
Decrease in restricted cash................................................................................................. 4 1 38
Loans to related parties...................................................................................................... — 14 (14)
Acquisition of minority held shares................................................................................... — (16) —
Dividends from equity method investments in excess of earnings.................................... — 37 —
Other, net............................................................................................................................ — (2) (9)
Net cash used in investing activities (655) (1,631) (10)
Cash flows from financing activities:
Net repayments under other short-term debt agreements .................................................. (80) (8) (125)
Repayments under long-term debt agreements.................................................................. (1,353) (5) (1,490)
Proceeds from issuance of senior secured term loans, net of issuance costs..................... 560 358 2,385
Proceeds from issuance of senior notes, net of issuance costs .......................................... 788 — 976
Repayment of five-year notes............................................................................................ — — (57)
Dividend payments of consolidated affiliates to minority shareholders............................ (55) (47) (43)
Repurchase of ordinary shares........................................................................................... (457) (403) —
Distributions to Delphi equity holders............................................................................... — — (93)
Distribution of cash dividends ........................................................................................... (211) — —
Taxes withheld and paid on employees' restricted share awards....................................... (14) — —
Redemption of membership interests................................................................................. — — (4,747)
Net cash used in financing activities.......................................................................................... (822) (105) (3,194)
Effect of exchange rate fluctuations on cash and cash equivalents ........................................... 11 — (29)
Increase (decrease) in cash and cash equivalents ...................................................................... 284 (258) (1,856)
Cash and cash equivalents at beginning of the year .................................................................. 1,105 1,363 3,219
Cash and cash equivalents at end of the year............................................................................. $ 1,389 $ 1,105 $ 1,363
See notes to consolidated financial statements.