DELPHI 2015 Annual Report Download - page 48
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Table of Contents
26
distributions through December 31, 2015 to be substantially below the $7.2 billion threshold, and intends to vigorously contest
the allegations set forth in the complaint. In June 2015, the plaintiffs' and Delphi's motions for summary judgment were denied.
Both parties filed supplemental briefs in July 2015. Although no assurances can be made as to the ultimate outcome of this
claim, Delphi does not believe a loss is probable and, accordingly, no reserve has been made as of December 31, 2015.
Brazil Matters
Delphi conducts significant business operations in Brazil that are subject to the Brazilian federal labor, social security,
environmental, tax and customs laws, as well as a variety of state and local laws. While Delphi believes it complies with such
laws, they are complex, subject to varying interpretations, and the Company is often engaged in litigation with government
agencies regarding the application of these laws to particular circumstances. As of December 31, 2015, the majority of claims
asserted against Delphi in Brazil relate to such litigation. The remaining claims in Brazil relate to commercial and labor
litigation with private parties. As of December 31, 2015, claims totaling approximately $135 million (using December 31, 2015
foreign currency rates) have been asserted against Delphi in Brazil. As of December 31, 2015, the Company maintains accruals
for these asserted claims of $23 million (using December 31, 2015 foreign currency rates). The amounts accrued represent
claims that are deemed probable of loss and are reasonably estimable based on the Company’s analyses and assessment of the
asserted claims and prior experience with similar matters. While the Company believes its accruals are adequate, the final
amounts required to resolve these matters could differ materially from the Company’s recorded estimates and Delphi’s results
of operations could be materially affected.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.