DELPHI 2011 Annual Report Download - page 47

Table of Contents
2011 versus 2010
The results of operations for the years ended December 31, 2011 and 2010 were as follows:
Year Ended December 31,
2011 2010
Favorable/
(unfavorable)
(dollars in millions)
Net sales $ 16,041 $ 13,817 $ 2,224
Cost of sales 13,386 11,768 (1,618)
Gross margin 2,655 16.6% 2,049 14.8% 606
Selling, general and administrative 901 815 (86)
Amortization 79 70 (9)
Restructuring 31 224 193
Operating income 1,644 940 704
Interest expense (123) (30) (93)
Other (expense) income, net (15) 34 (49)
Income before income taxes and equity income 1,506 944 562
Income tax expense (305) (258) (47)
Income before equity income 1,201 686 515
Equity income, net of tax 22 17 5
Net income 1,223 703 520
Net income attributable to noncontrolling interest 78 72 6
Net income attributable to Delphi $ 1,145 $ 631 $ 514
Total Net Sales
Below is a summary of our total net sales for the year ended December 31, 2011 versus December 31, 2010.
Year ended December 31, Variance due to:
2011 2010
Favorable/
(unfavorable)
Volume, net
of
contractual
price
reductions FX
Commodity
pass-
through Other Total
(in millions) (in millions)
Total net sales $ 16,041 $ 13,817 $ 2,224 $ 1,721 $ 419 $ 229 $ (145) $ 2,224
Total net sales for the year ended December 31, 2011 increased 16% compared to year ended December 31, 2010. The increase in total net sales
resulted primarily from increased volume as a result of improved OEM production schedules in 2011 as well as the level of our content per unit, and to a
lesser extent, the impacts of foreign currency exchange rate fluctuations primarily related to the Euro. Additionally, included in Other above are decreased
sales of approximately $120 million related to divestitures that occurred during the year ended December 31, 2010.
Operating Results
The information below summarizes the operating results for the year ended December 31, 2011 as compared to the year ended December 31, 2010.
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