DELPHI 2013 Annual Report Download - page 133
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111
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
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.
Statement of Operations Year Ended December 31, 2013
Parent
Companies Subsidiary
Issuer Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Eliminations Consolidated
(in millions)
Net sales............................................................. $ — $ — $ 5,446 $ 12,355 $ (1,338) $ 16,463
Operating expenses:
Cost of sales............................................... — — 4,725 10,204 (1,362) 13,567
Selling, general and administrative ........... 87 — 202 673 1 963
Amortization.............................................. — — 54 50 — 104
Restructuring ............................................. — — 16 129 — 145
Total operating expenses................................... 87 — 4,997 11,056 (1,361) 14,779
Operating (loss) income .................................... (87) — 449 1,299 23 1,684
Interest expense ......................................... (51) (194) (63) (12) 177 (143)
Other income (expense), net...................... 66 25 1 67 (177) (18)
(Loss) income before income taxes and equity
income ........................................................... (72) (169) 387 1,354 23 1,523
Income tax (expense) benefit..................... (5) 62 (101) (206) (6) (256)
(Loss) income before equity income................. (77) (107) 286 1,148 17 1,267
Equity in net income of affiliates .............. ———34—34
Equity in net income (loss) of subsidiaries 1,289 326 — — (1,615) —
Net income (loss)............................................... 1,212 219 286 1,182 (1,598) 1,301
Net income attributable to noncontrolling
interest ........................................................... ———89—89
Net income (loss) attributable to Delphi ........... $ 1,212 $ 219 $ 286 $ 1,093 $ (1,598) $ 1,212