DELPHI 2011 Annual Report Download - page 6

Table of Contents
two of the Predecessor's debtor subsidiaries became subsidiaries of Delphi Automotive LLP. As a result of the Acquisition, Delphi Automotive LLP acquired
the major portion of the business of the Predecessor and this business constituted the entirety of the operations of the Successor, as defined below.
On March 31, 2011, all of the outstanding Class A and Class C membership interests held by GM and the Pension Benefit Guaranty Corporation
("PBGC") were redeemed, respectively, for approximately $4.4 billion. The redemption transaction was funded by a $3.0 billion credit facility entered into on
March 31, 2011 (the "Credit Facility") and existing cash.
On May 19, 2011, Delphi Automotive PLC was formed as a Jersey public limited company, and had nominal assets, no liabilities and had conducted no
operations prior to its initial public offering. On November 22, 2011, in conjunction with the completion of its initial public offering by the selling
shareholders, all of the outstanding equity of Delphi Automotive LLP was exchanged for ordinary shares in Delphi Automotive PLC. As a result, Delphi
Automotive LLP became a wholly-owned subsidiary of Delphi Automotive PLC.
Our Company
We believe the automotive industry is being shaped by increasing government regulations for vehicle safety, fuel efficiency and emissions control, as
well as rapidly increasing consumer demand for connectivity. These industry mega trends, which we refer to as "Safe," "Green" and "Connected," are driving
higher growth in products that address these trends than growth in the automotive industry overall. We have organized our business into four diversified
segments, which enable us to develop solutions and manufacture highly-engineered products that enable our customers to respond to these mega trends:
• Electrical / Electronic Architecture—This segment provides complete design of the vehicle's electrical architecture, including connectors, wiring
assemblies and harnesses, electrical centers and hybrid high voltage and safety distribution systems. Our products provide the critical electrical
and electronics backbone that supports increased vehicle content and electrification, reduced emissions and higher fuel economy through weight
savings.
• Powertrain Systems—This segment provides systems integration of full end-to-end gasoline and diesel engine management systems including
fuel handling, fuel injection, combustion, electronic controls, test and validation capabilities, diesel and automotive aftermarket, and original
equipment services. We design solutions to optimize powertrain power and performance while helping our customers meet new emissions and
fuel economy regulations.
• Electronics and Safety—This segment provides critical components, systems and advanced software for passenger safety, security, comfort and
infotainment, as well as vehicle operation, including body controls, reception systems, infotainment and connectivity systems, hybrid vehicle
power electronics, passive and active safety electronics, displays and mechatronics. Our products integrate and optimize electronic content, which
improves fuel economy, reduces emissions, increases safety and provides occupant infotainment and connectivity.
• Thermal Systems—This segment provides powertrain cooling and heating, ventilating and air conditioning ("HVAC") systems, such as
compressors, systems and controls, and heat exchangers for the vehicle markets. Our products improve the efficiency by which the powertrain
and cabin temperatures are managed, which are critical factors in achieving increased fuel economy and reduced emissions.
Financial Information about Business Segments
We operate our core business along four operating segments, which are grouped on the basis of similar product, market, and operating factors.
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