DELPHI 2015 Annual Report Download - page 95

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Table of Contents
73
DELPHI AUTOMOTIVE PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2015 2014 2013
(in millions)
Cash flows from operating activities:
Net income $ 1,535 $ 1,440 $ 1,301
Income from discontinued operations, net of tax 274 60 60
Income from continuing operations 1,261 1,380 1,241
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 447 446 402
Amortization 93 94 97
Amortization of deferred debt issuance costs 11 9 11
Restructuring expense, net of cash paid 44 (22) (25)
Deferred income taxes (21) (5) (42)
Pension and other postretirement benefit expenses 75 88 80
Income from equity method investments, net of dividends received 1 (20) 6
Loss on extinguishment of debt 58 34 39
Loss (gain) on sale of assets 4 — (16)
Share-based compensation 74 73 46
Changes in operating assets and liabilities:
Accounts receivable, net (207) 67 (213)
Inventories (38) 21 (26)
Other assets (10) 65 (28)
Accounts payable 194 (6) 237
Accrued and other long-term liabilities (161) (44) 25
Other, net (67) (25) (69)
Pension contributions (91) (110) (109)
Net cash provided by operating activities from continuing operations 1,667 2,045 1,656
Net cash provided by operating activities from discontinued operations 36 90 94
Net cash provided by operating activities 1,703 2,135 1,750
Cash flows from investing activities:
Capital expenditures (704) (779) (605)
Proceeds from sale of property / investments 10 15 33
Net proceeds from divestiture of discontinued operations 730 — —
Proceeds from business divestitures, net of payments of $14 in 2015 11 — —
Cost of business acquisitions, net of cash acquired (1,654) (345) 2
Cost of technology investments (23) (5) (12)
Decrease in restricted cash — 2 5
Net cash used in investing activities from continuing operations (1,630) (1,112) (577)
Net cash used in investing activities from discontinued operations (69) (74) (78)
Net cash used in investing activities (1,699) (1,186) (655)
Cash flows from financing activities:
Net (repayments) proceeds under other short-term debt agreements (214) 7 (80)
Repayments under long-term debt agreements — (164) (1,353)
Repayment of senior notes (546) (526) —
Proceeds from issuance of senior secured term loans, net of issuance costs — — 560
Proceeds from issuance of senior notes, net of issuance costs 2,043 691 788
Dividend payments of consolidated affiliates to minority shareholders (63) (73) (55)
Repurchase of ordinary shares (1,159) (1,024) (457)
Distribution of cash dividends (286) (301) (211)
Taxes withheld and paid on employees' restricted share awards (59) (8) (14)
Net cash used in financing activities (284) (1,398) (822)
Effect of exchange rate fluctuations on cash and cash equivalents (45) (36) 11
(Decrease) increase in cash and cash equivalents (325) (485) 284
Cash and cash equivalents at beginning of the year 904 1,389 1,105
Cash and cash equivalents at end of the year $ 579 $ 904 $ 1,389
Cash and cash equivalents of discontinued operations $ 44 $ 45 $ 52
Cash and cash equivalents of continuing operations $ 535 $ 859 $ 1,337
See notes to consolidated financial statements.