DELPHI 2014 Annual Report Download - page 90

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DELPHI AUTOMOTIVE PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2014 2013 2012
(in millions)
Cash flows from operating activities:
Net income............................................................................................................................ $ 1,440 $ 1,301 $ 1,160
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation.................................................................................................................. 486 436 402
Amortization................................................................................................................. 101 104 84
Amortization of deferred debt issuance costs............................................................... 9 11 17
Restructuring expense, net of cash paid ....................................................................... (25) (25) 62
Deferred income taxes.................................................................................................. (6) (50) (63)
Pension and other postretirement benefit expenses...................................................... 89 82 67
Income from equity method investments, net of dividends received........................... (7) (4) (1)
Loss on extinguishment of debt.................................................................................... 34 39 1
Gain on sale of assets.................................................................................................... — (16) (3)
Share-based compensation ........................................................................................... 76 47 21
Changes in operating assets and liabilities:
Accounts receivable, net............................................................................................... 48 (237) 198
Inventories .................................................................................................................... 9 (27) 49
Other assets................................................................................................................... 66 (36) (125)
Accounts payable.......................................................................................................... (3) 254 (153)
Accrued and other long-term liabilities........................................................................ (40) 47 (198)
Other, net ...................................................................................................................... (32) (67) 29
Pension contributions ........................................................................................................... (110) (109) (69)
Net cash provided by operating activities..................................................................................... 2,135 1,750 1,478
Cash flows from investing activities:
Capital expenditures ............................................................................................................. (855) (682) (705)
Proceeds from sale of property / investments....................................................................... 16 33 20
Cost of business and technology acquisitions, net of cash acquired .................................... (350) (10) (980)
Decrease in restricted cash ................................................................................................... 3 4 1
Repayment of loans to related parties................................................................................... — — 14
Acquisition of minority held shares...................................................................................... — — (16)
Dividends from equity method investments in excess of earnings ...................................... — — 37
Other, net .............................................................................................................................. — — (2)
Net cash used in investing activities............................................................................................. (1,186) (655) (1,631)
Cash flows from financing activities:
Net proceeds (repayments) under other short- and long-term debt agreements................... 7 (80) (8)
Repayments under long-term debt agreements .................................................................... (164) (1,353) (5)
Repayment of senior notes ................................................................................................... (526) — —
Proceeds from issuance of senior secured term loans, net of issuance costs........................ — 560 358
Proceeds from issuance of senior notes, net of issuance costs............................................. 691 788 —
Dividend payments of consolidated affiliates to minority shareholders .............................. (73) (55) (47)
Repurchase of ordinary shares.............................................................................................. (1,024) (457) (403)
Distribution of cash dividends.............................................................................................. (301) (211) —
Taxes withheld and paid on employees' restricted share awards.......................................... (8) (14) —
Net cash used in financing activities ............................................................................................ (1,398) (822) (105)
Effect of exchange rate fluctuations on cash and cash equivalents.............................................. (36) 11 —
(Decrease) increase in cash and cash equivalents ........................................................................ (485) 284 (258)
Cash and cash equivalents at beginning of the year..................................................................... 1,389 1,105 1,363
Cash and cash equivalents at end of the year ............................................................................... $ 904 $ 1,389 $ 1,105
See notes to consolidated financial statements.