DELPHI 2013 Annual Report Download - page 97

Download and view the complete annual report

Please find page 97 of the 2013 DELPHI annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 160

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160

75
Other long-term assets consisted of the following:
December 31,
2013 December 31,
2012
(in millions)
Deferred income taxes (Note 14).............................................................................................. $ 283 $ 281
Debt issuance costs (Note 11)................................................................................................... 43 55
Income and other taxes receivable............................................................................................ 123 88
Reimbursable engineering costs................................................................................................ 79 50
Value added tax receivable........................................................................................................ 29 33
Derivative financial instruments (Note 17)............................................................................... 5 6
Other.......................................................................................................................................... 64 69
Total................................................................................................................................... $ 626 $ 582
5. INVESTMENTS IN AFFILIATES
As part of Delphi’s operations, it has investments in seven 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 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 $234 million and $231 million at
December 31, 2013 and 2012, respectively. Dividends of $30 million, $63 million and $1 million for the years ended
December 31, 2013, 2012 and 2011, respectively, have been received from non-consolidated affiliates. No impairment charges
were recorded for the years ended December 31, 2013 and 2012. A $7 million impairment charge was recorded for the year
ended December 31, 2011 related to Delphi’s investment in a non-consolidated affiliate.
The following is a summary of the combined financial information of significant affiliates accounted for under the equity
method as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011 (unaudited):
December 31,
2013 2012
(in millions)
Current assets ....................................................................................................................... $ 608 $ 688
Non-current assets................................................................................................................ 474 449
Total assets......................................................................................................................... $ 1,082 $ 1,137
Current liabilities.................................................................................................................. $ 362 $ 411
Non-current liabilities .......................................................................................................... 257 235
Shareholders’ equity............................................................................................................. 463 491
Total liabilities and shareholders’ equity........................................................................... $ 1,082 $ 1,137
Year Ended December 31,
2013 2012 2011
(in millions)
Net sales................................................................................................. $ 1,773 $ 1,737 $ 1,750
Gross profit............................................................................................ 237 184 159
Net income............................................................................................. 63 43 25