DELPHI 2015 Annual Report Download - page 145

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Table of Contents
123
are fully and unconditionally guaranteed by Delphi Automotive PLC and certain of Delphi Automotive PLC's direct and
indirect subsidiary companies, which are directly or indirectly 100% owned by Delphi Automotive PLC (the “Subsidiary
Guarantors”), on a joint and several basis, subject to customary release provisions (other than in the case of Delphi Automotive
PLC). All other consolidated direct and indirect subsidiaries of Delphi Automotive PLC are not subject to the guarantees
(“Non-Guarantor Subsidiaries”).
Notes Issued by the Parent
As described in Note 11. Debt, Delphi Automotive PLC issued the 2015 Euro-denominated Senior Notes and the 2015
Senior Notes, each of which were registered under the Securities Act. The 2015 Euro-denominated Senior Notes and 2015
Senior Notes are fully and unconditionally guaranteed on a joint and several basis, subject to customary release provisions, by
certain of Delphi Automotive PLC's direct and indirect subsidiary companies (the “Subsidiary Guarantors”), and Delphi
Corporation, each of which are directly or indirectly 100% owned by Delphi Automotive PLC. All other consolidated direct
and indirect subsidiaries of Delphi Automotive PLC are not subject to the guarantee (“Non-Guarantor Subsidiaries”).
In lieu of providing separate audited financial statements for the Guarantors, the Company has included the
accompanying condensed consolidating financial statements. These condensed consolidating financial statements are presented
on the equity method. Under this method, the investments in subsidiaries are recorded at cost and adjusted for the parent’s share
of the subsidiary’s cumulative results of operations, capital contributions and distributions and other equity changes. The Non-
Guarantor Subsidiaries are combined in the condensed consolidating financial statements. The principal elimination entries are
to eliminate the investments in subsidiaries and intercompany balances and transactions.
The historical presentation of certain intercompany accounts and activity within the supplemental guarantor condensed
consolidating financial statements has been revised to be consistent with the presentation as of December 31, 2015.
Statement of Operations Year Ended December 31, 2015
Parent
Subsidiary
Guarantors
Subsidiary
Issuer/
Guarantor
Non-
Guarantor
Subsidiaries Eliminations Consolidated
(in millions)
Net sales................................................................. $ — $ — $ — $ 15,165 $ — $ 15,165
Operating expenses:
Cost of sales...................................................... — — (6) 12,161 — 12,155
Selling, general and administrative .................. 32 — — 985 — 1,017
Amortization..................................................... — — — 93 — 93
Restructuring .................................................... — — — 177 — 177
Total operating expenses........................................ 32 — (6) 13,416 — 13,442
Operating (loss) income......................................... (32) — 6 1,749 — 1,723
Interest (expense) income................................. (105) (30) (180) (90) 278 (127)
Other (expense) income, net............................. (20) 89 18 103 (278) (88)
(Loss) income from continuing operations before
income taxes and equity income........................ (157) 59 (156) 1,762 — 1,508
Income tax benefit (expense)............................ — — 57 (320) — (263)
(Loss) income from continuing operations before
equity income..................................................... (157) 59 (99) 1,442 — 1,245
Equity in net income of affiliates ..................... — — — 16 — 16
Equity in net income (loss) of subsidiaries....... 1,607 1,548 508 — (3,663) —
Income (loss) from continuing operations ............. 1,450 1,607 409 1,458 (3,663) 1,261
Income from discontinued operations, net of tax... — — — 274 — 274
Net income (loss) ................................................... 1,450 1,607 409 1,732 (3,663) 1,535
Net income attributable to noncontrolling interest — — — 85 — 85
Net income (loss) attributable to Delphi................ $ 1,450 $ 1,607 $ 409 $ 1,647 $ (3,663) $ 1,450