DELPHI 2013 Annual Report Download - page 96

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74
Changes in Accumulated Other Comprehensive Income (Loss) for additional information. The adoption of this guidance did
not have a significant impact on Delphi's financial statements.
In March 2013, the FASB issued ASU 2013-5, Parent's Accounting for the Cumulative Translation Adjustment upon
Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. This
guidance requires a reporting entity that ceases to have a controlling financial interest in a business with a foreign entity, other
than a sale of in substance real estate or conveyance of oil and gas mineral rights, to release any related cumulative translation
adjustment into net income. The guidance is effective for fiscal years beginning after December 15, 2013. The adoption of this
guidance is not expected to have a significant impact on Delphi's financial statements.
3. INVENTORIES
Inventories are stated at the lower of cost, determined on a first-in, first-out basis, or market, including direct material
costs and direct and indirect manufacturing costs. A summary of inventories is shown below:
December 31,
2013 December 31,
2012
(in millions)
Productive material......................................................................................................................... $ 584 $ 586
Work-in-process.............................................................................................................................. 142 128
Finished goods................................................................................................................................ 367 352
Total......................................................................................................................................... $ 1,093 $ 1,066
4. ASSETS
Other current assets consisted of the following:
December 31,
2013 December 31,
2012
(in millions)
Value added tax receivable........................................................................................................ $ 177 $ 194
Deferred income taxes (Note 14).............................................................................................. 133 148
Prepaid insurance and other expenses....................................................................................... 59 86
Reimbursable engineering costs................................................................................................ 76 52
Notes receivable........................................................................................................................ 45 22
Debt issuance costs (Note 11)................................................................................................... 10 17
Income and other taxes receivable............................................................................................ 57 47
Deposits to vendors................................................................................................................... 9 15
Derivative financial instruments (Note 17)............................................................................... 15 21
Other.......................................................................................................................................... 23 21
Total................................................................................................................................... $ 604 $ 623