x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Jersey | 98-1029562 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) |
Title of class | Name of Each Exchange on which Registered | |
Ordinary Shares. $0.01 par value per share | New York Stock Exchange |
Large accelerated filer x. | Accelerated filer ¨. | Non-accelerated filer ¨. | Smaller reporting company ¨. |
(Do not check if a smaller reporting company) |
Page | ||
Part I | ||
Item 1. | ||
Supplementary Item. | ||
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
Part III | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
Part IV | ||
Item 15. |
• | 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, electric and hybrid electric vehicle power electronics, 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, infotainment and connectivity systems, passive and active safety electronics, autonomous driving technologies and displays, as well as advanced development of software. Our products integrate and optimize electronic content, which improves fuel economy, reduces emissions, increases safety and provides occupant infotainment and connectivity. |
Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | ||||||||||||||||||
Net Sales | % of Total | Net Sales | % of Total | Net Sales | % of Total | |||||||||||||||
(in millions, excluding percentages) | ||||||||||||||||||||
Electrical/Electronic Architecture | $ | 9,316 | 56 | % | $ | 8,180 | 54 | % | $ | 8,274 | 53 | % | ||||||||
Powertrain Systems | 4,486 | 27 | % | 4,407 | 29 | % | 4,540 | 29 | % | |||||||||||
Electronics and Safety | 3,014 | 18 | % | 2,744 | 18 | % | 2,880 | 19 | % | |||||||||||
Eliminations and Other | (155 | ) | (1 | )% | (166 | ) | (1 | )% | (195 | ) | (1 | )% | ||||||||
Total | $ | 16,661 | $ | 15,165 | $ | 15,499 |
• | High quality connectors are engineered primarily for use in the automotive and related markets, but also have applications in the aerospace, military and telematics sectors. |
• | Electrical centers provide centralized electrical power and signal distribution and all of the associated circuit protection and switching devices, thereby optimizing the overall vehicle electrical system. |
• | Distribution systems, including hybrid high voltage and safety systems, are integrated into one optimized vehicle electrical system that can utilize smaller cable and gauge sizes and ultra-thin wall insulation (which product line makes up approximately 37%, 40% and 37% of our total revenue for the years ended December 31, 2016, 2015 and 2014, respectively). |
• | The gasoline EMS portfolio features fuel injection and air/fuel control, valvetrain, ignition, sensors and actuators, transmission control products, and powertrain electronic control modules with software, algorithms and calibration. |
• | The diesel EMS product line offers high quality common rail fuel injection system technologies including diesel injection equipment, system integration, calibration, electronics, and emission control solutions. |
• | Electric and hybrid electric vehicle power electronics comprises power modules, inverters and converters and battery packs. |
• | The Powertrain Systems segment also supplies integrated fuel handling systems for gasoline, diesel, flexfuel and biofuel configurations, and innovative evaporative emissions systems that are recognized as industry-leading technologies. |
• | Electronic controls products primarily consist of body computers and security systems. |
• | The infotainment and driver interface portfolio primarily consists of receivers, digital receivers, satellite audio receivers, navigation systems and displays (including re-configurable displays). |
• | Passive and active safety electronics and advanced driver assistance systems primarily includes occupant detection systems, collision warning systems, advanced cruise control technologies, collision sensing and auto braking. |
Segment | Competitors |
Electrical/Electronic Architecture | • A Raymond Et Cie |
• Lear Corporation | |
• Leoni AG | |
• Molex Inc. (a subsidiary of Koch Industries, Inc.) | |
• Panduit Corporation | |
• Sumitomo Corporation | |
• TE Connectivity, Ltd. | |
• Yazaki Corporation | |
Powertrain Systems | • Bosch Group |
• Continental AG | |
• Denso Corporation | |
• Hitachi, Ltd. | |
• Magneti Marelli S.p.A. | |
Electronics and Safety | • Alpine Electronics |
• Autoliv AB | |
• Bosch Group | |
• Continental AG | |
• Denso Corporation | |
• Harman International Industries | |
• Panasonic Corporation | |
• Visteon Corporation | |
• ZF Friedrichshafen AG |
Customer | Percentage of Net Sales |
GM | 14% |
Volkswagen Group (“VW”) | 8% |
Ford Motor Company (“Ford”) | 6% |
Fiat Chrysler Automobiles N.V. ("FCA") | 5% |
Shanghai General Motors Company Limited | 5% |
Daimler AG (“Daimler”) | 5% |
PSA Peugeot Citroën (“PSA”) | 5% |
Hyundai Motor Company | 3% |
Geely Automobile Holdings Limited | 3% |
Toyota Motor Corporation | 2% |
Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net Sales | Net Property (1) | Net Sales | Net Property (1) | Net Sales | Net Property (1) | ||||||||||||||||||
United States (2) | $ | 6,037 | $ | 980 | $ | 5,536 | $ | 898 | $ | 5,160 | $ | 675 | |||||||||||
Other North America | 143 | 171 | 146 | 147 | 208 | 135 | |||||||||||||||||
Europe, Middle East & Africa (3) | 5,871 | 1,435 | 5,275 | 1,469 | 5,940 | 1,395 | |||||||||||||||||
Asia Pacific (4) | 4,274 | 858 | 3,839 | 809 | 3,552 | 732 | |||||||||||||||||
South America | 336 | 71 | 369 | 54 | 639 | 84 | |||||||||||||||||
Total | $ | 16,661 | $ | 3,515 | $ | 15,165 | $ | 3,377 | $ | 15,499 | $ | 3,021 |
(1) | Net property data represents property, plant and equipment, net of accumulated depreciation. |
(2) | Includes net sales and machinery, equipment and tooling that relate to the Company's maquiladora operations located in Mexico. These assets are utilized to produce products sold to customers located in the United States. |
(3) | Includes our country of domicile, Jersey, and the country of our principal executive offices, the United Kingdom. We had no sales in Jersey in any period. We had net sales of $827 million, $834 million and $892 million in the United Kingdom for the years ended December 31, 2016, 2015 and 2014, respectively. We had net property in the United Kingdom of $230 million, $276 million and $231 million as of December 31, 2016, 2015 and 2014, respectively. The largest portion of net sales in the Europe, Middle East & Africa region was $959 million in Germany, $834 million in the United Kingdom and $892 million in the United Kingdom for the years ended December 31, 2016, 2015 and 2014, respectively. |
(4) | Net sales and net property in Asia Pacific are primarily attributable to China. |
• | exposure to local economic, political and labor conditions; |
• | unexpected changes in laws, regulations, trade or monetary or fiscal policy, including interest rates, foreign currency exchange rates and changes in the rate of inflation in the U.S. and other foreign countries; |
• | tariffs, quotas, customs and other import or export restrictions and other trade barriers; |
• | expropriation and nationalization; |
• | difficulty of enforcing agreements, collecting receivables and protecting assets through non-U.S. legal systems; |
• | reduced intellectual property protection; |
• | limitations on repatriation of earnings; |
• | withholding and other taxes on remittances and other payments by subsidiaries; |
• | investment restrictions or requirements; |
• | export and import restrictions; |
• | violence and civil unrest in local countries; and |
• | compliance with the requirements of an increasing body of applicable anti-bribery laws, including the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act and similar laws of various other countries. |
• | lose net revenue; |
• | incur increased costs such as warranty expense and costs associated with customer support; |
• | experience delays, cancellations or rescheduling of orders for our products; |
• | experience increased product returns or discounts; or |
• | damage our reputation, |
• | the generation, storage, handling, use, transportation, presence of, or exposure to hazardous materials; |
• | the emission and discharge of hazardous materials into the ground, air or water; |
• | the incorporation of certain chemical substances into our products, including electronic equipment; and |
• | the health and safety of our employees. |
North America | Europe, Middle East & Africa | Asia Pacific | South America | Total | ||||||||||
Electrical/Electronic Architecture | 32 | 34 | 25 | 5 | 96 | |||||||||
Powertrain Systems | 4 | 8 | 5 | 1 | 18 | |||||||||
Electronics and Safety | 3 | 6 | 3 | — | 12 | |||||||||
Total | 39 | 48 | 33 | 6 | 126 |
Price Range of Ordinary Shares | |||||||
High | Low | ||||||
2015 | |||||||
Period from January 1 through March 31, 2015 | $ | 82.24 | $ | 66.10 | |||
Period from April 1 through June 30, 2015 | 90.57 | 78.17 | |||||
Period from July 1 through September 30, 2015 | 86.31 | 66.27 | |||||
Period from October 1 through December 31, 2015 | 88.89 | 75.18 | |||||
2016 | |||||||
Period from January 1 through March 31, 2016 | $ | 84.80 | $ | 55.59 | |||
Period from April 1 through June 30, 2016 | 78.00 | 58.04 | |||||
Period from July 1 through September 30, 2016 | 72.13 | 58.97 | |||||
Period from October 1 through December 31, 2016 | 71.95 | 60.50 |
(1) | Delphi Automotive PLC |
(2) | S&P 500 – Standard & Poor’s 500 Total Return Index |
(3) | Automotive Supplier Peer Group – Russell 3000 Auto Parts Index, including American Axle & Manufacturing, BorgWarner Inc., Cooper Tire & Rubber Company, Dana Inc., Delphi Automotive PLC, Dorman Products Inc., Federal-Mogul Corp., Ford Motor Co., General Motors Co., Gentex Corp., Gentherm Inc., Genuine Parts Co., Goodyear Tire & Rubber Co., Johnson Controls International PLC, Lear Corp., LKQ Corp., Meritor Inc., Standard Motor Products Inc., Stoneridge Inc., Superior Industries International, Tenneco Inc., Tesla Motors Inc., Tower International Inc., Visteon Corp., and WABCO Holdings Inc. |
Company Index | December 31, 2011 | December 31, 2012 | December 31, 2013 | December 31, 2014 | December 31, 2015 | December 31, 2016 | ||||||||||||||||||
Delphi Automotive PLC (1) | $ | 100.00 | $ | 177.58 | $ | 283.02 | $ | 347.40 | $ | 414.58 | $ | 331.43 | ||||||||||||
S&P 500 (2) | 100.00 | 116.00 | 153.58 | 174.60 | 177.01 | 198.18 | ||||||||||||||||||
Automotive Supplier Peer Group (3) | 100.00 | 127.04 | 188.67 | 203.06 | 198.34 | 202.30 |
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Restricted Common Stock Warrants and Rights (a) | Weighted-Average Exercise Price of Outstanding Options, Restricted Common Stock Warrants and Rights (b) | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) (c) | ||||||||||
Equity compensation plans approved by security holders | 1,768,365 | (1) | $ | — | (2) | 15,991,300 | (3) | ||||||
Equity compensation plans not approved by security holders | — | — | — | ||||||||||
Total | 1,768,365 | — | 15,991,300 |
(1) | Includes (a) 26,474 outstanding restricted stock units granted to our Board of Directors and (b) 1,741,891 outstanding time- and performance-based restricted stock units granted to our executives. All grants were made under the Delphi Automotive PLC Long Term Incentive Plan, as amended and restated effective April 23, 2015 (the "PLC LTIP"). Includes accrued dividend equivalents. |
(2) | The restricted stock units have no exercise price. |
(3) | Remaining shares available under the PLC LTIP. |
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet be Purchased Under the Program (in millions) (3) | ||||||||||
October 1, 2016 to October 31, 2016 | 450,272 | $ | 66.63 | 450,272 | $ | 1,442 | ||||||||
November 1, 2016 to November 30, 2016 | 1,019,678 | 66.61 | 1,019,678 | 1,374 | ||||||||||
December 1, 2016 to December 31, 2016 | 31,671 | 65.21 | 31,671 | 1,372 | ||||||||||
Total | 1,501,621 | 66.58 | 1,501,621 |
(1) | The total number of shares purchased under the Board authorized plans described below. |
(2) | Excluding commissions. |
(3) | In April 2016, the Board of Directors authorized a share repurchase program of up to $1.5 billion. This program follows the completion of the previously announced share repurchase program of $1.5 billion, which was approved by the Board of Directors in January 2015. The timing of repurchases is dependent on price, market conditions and applicable regulatory requirements. |
Year Ended December 31, | |||||||||||||||||||
2016 | 2015 (1) | 2014 | 2013 | 2012 (2) | |||||||||||||||
(dollars and shares in millions, except per share data) | |||||||||||||||||||
Statements of operations data: | |||||||||||||||||||
Net sales | $ | 16,661 | $ | 15,165 | $ | 15,499 | $ | 15,051 | $ | 14,070 | |||||||||
Depreciation and amortization (3) | 704 | 540 | 540 | 499 | 445 | ||||||||||||||
Operating income | 1,947 | 1,723 | 1,758 | 1,627 | 1,390 | ||||||||||||||
Interest expense | (156 | ) | (127 | ) | (135 | ) | (143 | ) | (136 | ) | |||||||||
Income from continuing operations | 1,218 | 1,261 | 1,380 | 1,241 | 1,095 | ||||||||||||||
Income from discontinued operations, net of tax | 108 | 274 | 60 | 60 | 65 | ||||||||||||||
Net income | 1,326 | 1,535 | 1,440 | 1,301 | 1,160 | ||||||||||||||
Net income attributable to noncontrolling interest | 69 | 85 | 89 | 89 | 83 | ||||||||||||||
Net income attributable to Delphi | 1,257 | 1,450 | 1,351 | 1,212 | 1,077 | ||||||||||||||
Net income per share data: | |||||||||||||||||||
Basic net income per share: | |||||||||||||||||||
Continuing operations | $ | 4.22 | $ | 4.16 | $ | 4.36 | $ | 3.76 | $ | 3.19 | |||||||||
Discontinued operations | 0.38 | 0.92 | 0.14 | 0.14 | 0.15 | ||||||||||||||
Basic net income per share attributable to Delphi | $ | 4.60 | $ | 5.08 | $ | 4.50 | $ | 3.90 | $ | 3.34 | |||||||||
Diluted net income per share: | |||||||||||||||||||
Continuing operations | $ | 4.21 | $ | 4.14 | $ | 4.34 | $ | 3.75 | $ | 3.18 | |||||||||
Discontinued operations | 0.38 | 0.92 | 0.14 | 0.14 | 0.15 | ||||||||||||||
Diluted net income per share attributable to Delphi | $ | 4.59 | $ | 5.06 | $ | 4.48 | $ | 3.89 | $ | 3.33 | |||||||||
Weighted average shares outstanding | 273 | 285 | 300 | 311 | 323 | ||||||||||||||
Cash dividends declared and paid | $ | 1.16 | $ | 1.00 | $ | 1.00 | $ | 0.68 | $ | — | |||||||||
Other financial data: | |||||||||||||||||||
Capital expenditures | $ | 828 | $ | 704 | $ | 779 | $ | 605 | $ | 642 | |||||||||
Adjusted operating income (4) | 2,223 | 1,971 | 1,925 | 1,779 | 1,577 | ||||||||||||||
Adjusted operating income margin (5) | 13.3 | % | 13.0 | % | 12.4 | % | 11.8 | % | 11.2 | % | |||||||||
Net cash provided by operating activities (6) | $ | 1,941 | $ | 1,703 | $ | 2,135 | $ | 1,750 | $ | 1,478 | |||||||||
Net cash used in investing activities (6) | (578 | ) | (1,699 | ) | (1,186 | ) | (655 | ) | (1,631 | ) | |||||||||
Net cash used in financing activities (6) | (1,081 | ) | (284 | ) | (1,398 | ) | (822 | ) | (105 | ) |
As of December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
(in millions, except employee data) | |||||||||||||||||||
Balance sheet and employment data: | |||||||||||||||||||
Cash and cash equivalents | $ | 838 | $ | 535 | $ | 859 | $ | 1,337 | $ | 1,019 | |||||||||
Total assets (7) | $ | 12,292 | $ | 11,973 | $ | 10,721 | $ | 11,016 | $ | 10,126 | |||||||||
Total debt (7) | $ | 3,971 | $ | 4,008 | $ | 2,426 | $ | 2,381 | $ | 2,414 | |||||||||
Working capital, as defined (8) | $ | 1,607 | $ | 1,390 | $ | 1,135 | $ | 1,152 | $ | 1,213 | |||||||||
Shareholders’ equity | $ | 2,763 | $ | 2,733 | $ | 3,013 | $ | 3,434 | $ | 2,830 | |||||||||
Global employees (9) | 145,000 | 139,000 | 127,000 | 117,000 | 118,000 |
(1) | On December 18, 2015, we completed the acquisition of HellermannTyton Group PLC, a leading global manufacturer of high-performance and innovative cable management solutions. Given the timing of the acquisition it is not fully reflected in our 2015 results and impacts comparability to 2016 results. |
(2) | On October 26, 2012, we completed the acquisition of the Motorized Vehicles Division of FCI (“MVL”), a leading global manufacturer of automotive connection systems with a focus on high-value, leading technology applications. Given the timing of the acquisition it is not fully reflected in our 2012 results and impacts comparability to 2013 results. |
(3) | Includes long-lived asset and goodwill impairments. |
(4) | Adjusted Operating Income represents net income before interest expense, other income (expense), net, income tax expense, equity income (loss), net of tax, income (loss) from discontinued operations, net of tax, restructuring, other acquisition and portfolio project costs (which includes costs incurred to integrate acquired businesses and to plan and execute product portfolio transformation actions, including business and product acquisitions and divestitures), asset impairments and gains (losses) on business divestitures. Adjusted Operating Income is presented as a supplemental measure of the Company's financial performance which management believes is useful to investors in assessing the Company’s ongoing financial performance that, when reconciled to the corresponding U.S. GAAP measure, provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the Company’s core operating performance and which may obscure underlying business results and trends. Our management utilizes Adjusted Operating Income in its financial decision making process, to evaluate performance of the Company and for internal reporting, planning and forecasting purposes. Management also utilizes Adjusted Operating Income as the key performance measure of segment income or loss and for planning and forecasting purposes to allocate resources to our segments, as management also believes this measure is most reflective of the operational profitability or loss of our operating segments. Adjusted Operating Income should not be considered a substitute for results prepared in accordance with U.S. GAAP and should not be considered an alternative to net income attributable to Delphi, which is the most directly comparable financial measure to Adjusted Operating Income that is in accordance with U.S. GAAP. Adjusted Operating Income, as determined and measured by Delphi, should also not be compared to similarly titled measures reported by other companies. |
The reconciliation of Adjusted Operating Income to Operating Income includes restructuring, other acquisition and portfolio project costs (which includes costs incurred to integrate acquired businesses and to plan and execute product portfolio transformation actions, including business and product acquisitions and divestitures), asset impairments and gains (losses) on business divestitures. The reconciliation of Adjusted Operating Income to net income (loss) attributable to the Company is as follows: |
Year Ended December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
(in millions) | |||||||||||||||||||
Adjusted operating income | $ | 2,223 | $ | 1,971 | $ | 1,925 | $ | 1,779 | $ | 1,577 | |||||||||
Restructuring | (328 | ) | (177 | ) | (140 | ) | (137 | ) | (163 | ) | |||||||||
Other acquisition and portfolio project costs | (59 | ) | (47 | ) | (20 | ) | (15 | ) | (9 | ) | |||||||||
Asset impairments | (30 | ) | (16 | ) | (7 | ) | — | (15 | ) | ||||||||||
Gain (loss) on business divestitures, net | 141 | (8 | ) | — | — | — | |||||||||||||
Operating income | $ | 1,947 | $ | 1,723 | $ | 1,758 | $ | 1,627 | $ | 1,390 | |||||||||
Interest expense | $ | (156 | ) | $ | (127 | ) | $ | (135 | ) | $ | (143 | ) | $ | (136 | ) | ||||
Other (expense) income, net | (366 | ) | (88 | ) | (8 | ) | (18 | ) | 5 | ||||||||||
Income from continuing operations before income taxes and equity income | 1,425 | 1,508 | 1,615 | 1,466 | 1,259 | ||||||||||||||
Income tax expense | (242 | ) | (263 | ) | (255 | ) | (240 | ) | (174 | ) | |||||||||
Equity income, net of tax | 35 | 16 | 20 | 15 | 10 | ||||||||||||||
Income from continuing operations | 1,218 | 1,261 | 1,380 | 1,241 | 1,095 | ||||||||||||||
Income from discontinued operations, net of tax | 108 | 274 | 60 | 60 | 65 | ||||||||||||||
Net income | 1,326 | 1,535 | 1,440 | 1,301 | 1,160 | ||||||||||||||
Net income attributable to noncontrolling interest | 69 | 85 | 89 | 89 | 83 | ||||||||||||||
Net income attributable to Delphi | $ | 1,257 | $ | 1,450 | $ | 1,351 | $ | 1,212 | $ | 1,077 |
(5) | Adjusted operating income margin is defined as adjusted operating income as a percentage of Net sales. |
(6) | Includes amounts attributable to discontinued operations. |
(7) | Prior year amounts have been recast to reflect the adoption of ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs in 2015, as further described in Note 2. Significant Accounting Policies to the audited consolidated financial statements included herein. |
(8) | Working capital is calculated herein as accounts receivable plus inventories less accounts payable. |
(9) | Excludes temporary and contract workers. As of December 31, 2016, we employed approximately 21,000 temporary and contract workers. Periods prior to December 31, 2015 include employees of discontinued operations. |
• | Executive Overview |
• | Consolidated Results of Operations |
• | Results of Operations by Segment |
• | Liquidity and Capital Resources |
• | Off-Balance Sheet Arrangements and Other Matters |
• | Significant Accounting Policies and Critical Accounting Estimates |
• | Recently Issued Accounting Pronouncements |
• | Generating gross business bookings of $25.6 billion, based upon expected volumes and pricing; |
• | Generating $1.9 billion of cash from continuing operations and net income of $1.3 billion; |
• | Continuing our focus on diversifying our geographic, product and customer mix, resulting in 37% of our 2016 net sales generated in the North American market, 26% generated from the Asia Pacific region, which we have identified as a key market likely to experience long term growth, and 14% generated from our largest customer; |
• | Continuing to strategically position the Company's product portfolio in high-growth spaces to meet consumer preferences for products that address the industry mega-trends of Safe, Green and Connected, including $1.5 billion invested in research & development in 2016, which includes approximately $300 million of co-investment by customers and government agencies, and through value enhancing portfolio modifications and agreements, which included: |
• | Enhancing our leading automated driving capabilities by entering into a collaborative arrangement with Mobileye N.V. to jointly develop a complete turn-key fully autonomous driving platform, and through an additional strategic investment in Quanergy Systems, Inc.; |
• | Complementing and enhancing our fully-reconfigurable digital display product offerings by acquiring PureDepth, Inc. ("PureDepth"), a leading provider of multi-layer display technology that enables glasses-less 3D for cluster and other applications; |
• | Completing the final step of our strategy to divest our former Thermal Systems business through the sale of our ownership interest in the SDAAC joint venture for net cash proceeds of $62 million; and |
• | Completing the divestiture of our non-core Mechatronics business for net cash proceeds of $197 million. |
• | Maximizing our operational flexibility and profitability at all points in the normal automotive business cycle, by having approximately 95% of our hourly workforce based in low cost countries and approximately 14% of our hourly workforce composed of temporary employees; and |
• | Leveraging our investment grade credit metrics to further refine our capital structure and increase our financial flexibility by successfully issuing €500 million of 12-year, 1.60% Euro-denominated senior unsecured notes and $300 million of 30-year, 4.40% senior unsecured notes, utilizing the combined proceeds to redeem our $800 million, 5.00% senior notes. |
• | Volume, net of contractual price reductions—changes in volume offset by contractual price reductions (which typically range from 1% to 3% of net sales) and changes in mix; |
• | Operational performance—changes to costs for materials and commodities or manufacturing variances; and |
• | Other—including restructuring costs and any remaining variances not included in Volume, net of contractual price reductions or Operational performance. |
Year Ended December 31, | |||||||||||
2016 | 2015 | Favorable/ (unfavorable) | |||||||||
(dollars in millions) | |||||||||||
Net sales | $ | 16,661 | $ | 15,165 | $ | 1,496 | |||||
Cost of sales | 13,107 | 12,155 | (952 | ) | |||||||
Gross margin | 3,554 | 21.3% | 3,010 | 19.8% | 544 | ||||||
Selling, general and administrative | 1,145 | 1,017 | (128 | ) | |||||||
Amortization | 134 | 93 | (41 | ) | |||||||
Restructuring | 328 | 177 | (151 | ) | |||||||
Operating income | 1,947 | 1,723 | 224 | ||||||||
Interest expense | (156 | ) | (127 | ) | (29 | ) | |||||
Other expense, net | (366 | ) | (88 | ) | (278 | ) | |||||
Income from continuing operations before income taxes and equity income | 1,425 | 1,508 | (83 | ) | |||||||
Income tax expense | (242 | ) | (263 | ) | 21 | ||||||
Income from continuing operations before equity income | 1,183 | 1,245 | (62 | ) | |||||||
Equity income, net of tax | 35 | 16 | 19 | ||||||||
Income from continuing operations | 1,218 | 1,261 | (43 | ) | |||||||
Income from discontinued operations, net of tax | 108 | 274 | (166 | ) | |||||||
Net income | 1,326 | 1,535 | (209 | ) | |||||||
Net income attributable to noncontrolling interest | 69 | 85 | (16 | ) | |||||||
Net income attributable to Delphi | $ | 1,257 | $ | 1,450 | $ | (193 | ) |
Year Ended December 31, | Variance Due To: | |||||||||||||||||||||||||||||||
2016 | 2015 | Favorable/ (unfavorable) | Volume, net of contractual price reductions | FX | Commodity pass- through | Other | Total | |||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||
Total net sales | $ | 16,661 | $ | 15,165 | $ | 1,496 | $ | 1,213 | $ | (292 | ) | $ | (127 | ) | $ | 702 | $ | 1,496 |
Year Ended December 31, | Variance Due To: | |||||||||||||||||||||||||||||||
2016 | 2015 | Favorable/ (unfavorable) | Volume (a) | FX | Operational performance | Other | Total | |||||||||||||||||||||||||
(dollars in millions) | (in millions) | |||||||||||||||||||||||||||||||
Cost of sales | $ | 13,107 | $ | 12,155 | $ | (952 | ) | $ | (1,158 | ) | $ | 265 | $ | 282 | $ | (341 | ) | $ | (952 | ) | ||||||||||||
Gross margin | $ | 3,554 | $ | 3,010 | $ | 544 | $ | 55 | $ | (27 | ) | $ | 282 | $ | 234 | $ | 544 | |||||||||||||||
Percentage of net sales | 21.3 | % | 19.8 | % |
(a) | Presented net of contractual price reductions for gross margin variance. |
• | Net increased costs of $419 million resulting from the operations of the businesses acquired and divested, primarily HellermannTyton, as further described in Note 20. Acquisitions and Divestitures; |
• | Increased warranty costs of $60 million, which includes increased reserves for expected future claims on products sold, our estimated obligations for warranty matters based on information received from, and discussions with, our customers, as well as $25 million pursuant to a settlement agreement reached in 2016 with one of our OEM customers regarding warranty claims related to certain components supplied by Delphi’s Powertrain Systems segment, partially offset by |
• | The $141 million pre-tax gain on the divestiture of the Mechatronics business recorded during the year ended December 31, 2016, as further described in Note 20. Acquisitions and Divestitures. |
Year Ended December 31, | |||||||||||
2016 | 2015 | Favorable/ (unfavorable) | |||||||||
(dollars in millions) | |||||||||||
Selling, general and administrative expense | $ | 1,145 | $ | 1,017 | $ | (128 | ) | ||||
Percentage of net sales | 6.9 | % | 6.7 | % |
Year Ended December 31, | |||||||||||
2016 | 2015 | Favorable/ (unfavorable) | |||||||||
(in millions) | |||||||||||
Amortization | $ | 134 | $ | 93 | $ | (41 | ) |
Year Ended December 31, | |||||||||||
2016 | 2015 | Favorable/ (unfavorable) | |||||||||
(dollars in millions) | |||||||||||
Restructuring | $ | 328 | $ | 177 | $ | (151 | ) | ||||
Percentage of net sales | 2.0 | % | 1.2 | % |
Year Ended December 31, | |||||||||||
2016 | 2015 | Favorable/ (unfavorable) | |||||||||
(in millions) | |||||||||||
Interest expense | $ | 156 | $ | 127 | $ | (29 | ) |
Year Ended December 31, | |||||||||||
2016 | 2015 | Favorable/ (unfavorable) | |||||||||
(in millions) | |||||||||||
Other expense, net | $ | (366 | ) | $ | (88 | ) | $ | (278 | ) |
Year Ended December 31, | |||||||||||
2016 | 2015 | Favorable/ (unfavorable) | |||||||||
(in millions) | |||||||||||
Income tax expense | $ | 242 | $ | 263 | $ | 21 |
Year Ended December 31, | |||||||||||
2016 | 2015 | Favorable/ (unfavorable) | |||||||||
(in millions) | |||||||||||
Equity income, net of tax | $ | 35 | $ | 16 | $ | 19 |
Year Ended December 31, | |||||||||||
2016 | 2015 | Favorable/ (unfavorable) | |||||||||
(in millions) | |||||||||||
Income from discontinued operations, net of tax | $ | 108 | $ | 274 | $ | (166 | ) |
• | Electrical/Electronic Architecture, which includes complete electrical architecture and component products. |
• | Powertrain Systems, which includes extensive systems integration expertise in gasoline, diesel and fuel handling and full end-to-end systems including fuel injection, combustion, electronic controls, test and validation capabilities, electric and hybrid electric vehicle power electronics, aftermarket, and original equipment service. |
• | Electronics and Safety, which includes component and systems integration expertise in infotainment and connectivity, body controls and security systems, displays and passive and active safety electronics, as well as advanced development of software. |
• | Eliminations and Other, which includes i) the elimination of inter-segment transactions, and ii) certain other expenses and income of a non-operating or strategic nature. |
Electrical/Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Year Ended December 31, 2016: | |||||||||||||||||||
Adjusted operating income | $ | 1,344 | $ | 511 | $ | 368 | $ | — | $ | 2,223 | |||||||||
Restructuring | (117 | ) | (172 | ) | (39 | ) | — | (328 | ) | ||||||||||
Other acquisition and portfolio project costs | (41 | ) | (10 | ) | (8 | ) | — | (59 | ) | ||||||||||
Asset impairments | — | (29 | ) | (1 | ) | — | (30 | ) | |||||||||||
Gain (loss) on business divestitures, net | — | — | 141 | — | 141 | ||||||||||||||
Operating income | $ | 1,186 | $ | 300 | $ | 461 | $ | — | 1,947 | ||||||||||
Interest expense | (156 | ) | |||||||||||||||||
Other expense, net | (366 | ) | |||||||||||||||||
Income from continuing operations before income taxes and equity income | 1,425 | ||||||||||||||||||
Income tax expense | (242 | ) | |||||||||||||||||
Equity income, net of tax | 35 | ||||||||||||||||||
Income from continuing operations | 1,218 | ||||||||||||||||||
Income from discontinued operations, net of tax | 108 | ||||||||||||||||||
Net income | 1,326 | ||||||||||||||||||
Net income attributable to noncontrolling interest | 69 | ||||||||||||||||||
Net income attributable to Delphi | $ | 1,257 |
Electrical/Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Year Ended December 31, 2015: | |||||||||||||||||||
Adjusted operating income | $ | 1,095 | $ | 524 | $ | 352 | $ | — | $ | 1,971 | |||||||||
Restructuring | (37 | ) | (115 | ) | (25 | ) | — | (177 | ) | ||||||||||
Other acquisition and portfolio project costs | (26 | ) | (12 | ) | (9 | ) | — | (47 | ) | ||||||||||
Asset impairments | (4 | ) | (9 | ) | (3 | ) | — | (16 | ) | ||||||||||
Gain (loss) on business divestitures, net | (14 | ) | — | 6 | — | (8 | ) | ||||||||||||
Operating income | $ | 1,014 | $ | 388 | $ | 321 | $ | — | 1,723 | ||||||||||
Interest expense | (127 | ) | |||||||||||||||||
Other expense, net | (88 | ) | |||||||||||||||||
Income from continuing operations before income taxes and equity income | 1,508 | ||||||||||||||||||
Income tax expense | (263 | ) | |||||||||||||||||
Equity income, net of tax | 16 | ||||||||||||||||||
Income from continuing operations | 1,261 | ||||||||||||||||||
Income from discontinued operations, net of tax | 274 | ||||||||||||||||||
Net income | 1,535 | ||||||||||||||||||
Net income attributable to noncontrolling interest | 85 | ||||||||||||||||||
Net income attributable to Delphi | $ | 1,450 |
Year Ended December 31, | Variance Due To: | |||||||||||||||||||||||||||||||
2016 | 2015 | Favorable/ (unfavorable) | Volume, net of contractual price reductions | FX | Commodity Pass-through | Other | Total | |||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||
Electrical/Electronic Architecture | $ | 9,316 | $ | 8,180 | $ | 1,136 | $ | 626 | $ | (137 | ) | $ | (127 | ) | $ | 774 | $ | 1,136 | ||||||||||||||
Powertrain Systems | 4,486 | 4,407 | 79 | 218 | (132 | ) | — | (7 | ) | 79 | ||||||||||||||||||||||
Electronics and Safety | 3,014 | 2,744 | 270 | 363 | (26 | ) | — | (67 | ) | 270 | ||||||||||||||||||||||
Eliminations and Other | (155 | ) | (166 | ) | 11 | 6 | 3 | — | 2 | 11 | ||||||||||||||||||||||
Total | $ | 16,661 | $ | 15,165 | $ | 1,496 | $ | 1,213 | $ | (292 | ) | $ | (127 | ) | $ | 702 | $ | 1,496 |
Year Ended December 31, | |||||
2016 | 2015 | ||||
Electrical/Electronic Architecture | 22.3 | % | 19.8 | % | |
Powertrain Systems | 17.8 | % | 19.3 | % | |
Electronics and Safety (1) | 22.7 | % | 19.7 | % | |
Eliminations and Other | — | % | — | % | |
Total | 21.3 | % | 19.8 | % |
(1) | Includes a pre-tax gain of $141 million recognized on the divestiture of the Company's Mechatronics business during the year ended December 31, 2016. |
Year Ended December 31, | Variance Due To: | |||||||||||||||||||||||||||
2016 | 2015 | Favorable/ (unfavorable) | Volume, net of contractual price reductions | Operational performance | Other | Total | ||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||
Electrical/Electronic Architecture | $ | 1,344 | $ | 1,095 | $ | 249 | $ | 105 | $ | 65 | $ | 79 | $ | 249 | ||||||||||||||
Powertrain Systems | 511 | 524 | (13 | ) | (34 | ) | 128 | (107 | ) | (13 | ) | |||||||||||||||||
Electronics and Safety | 368 | 352 | 16 | (16 | ) | 89 | (57 | ) | 16 | |||||||||||||||||||
Eliminations and Other | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | $ | 2,223 | $ | 1,971 | $ | 252 | $ | 55 | $ | 282 | $ | (85 | ) | $ | 252 |
• | Increased warranty costs of $60 million, which includes increased reserves for expected future claims on products sold, our estimated obligations for warranty matters based on information received from, and discussions with, our customers, as well as $25 million pursuant to a settlement agreement reached in 2016 with one of our OEM customers regarding warranty claims related to certain components supplied by Delphi’s Powertrain Systems segment, and |
• | $70 million of increased depreciation and amortization, not including depreciation and amortization of businesses acquired and divested; partially offset by |
• | Net increased adjusted operating income of $95 million resulting from the operations of the businesses acquired and divested, primarily resulting from the operations of HellermannTyton, partially offset by a reduction resulting from the divestiture of our Reception Systems business in 2015. |
Year Ended December 31, | |||||||||||
2015 | 2014 | Favorable/ (unfavorable) | |||||||||
(dollars in millions) | |||||||||||
Net sales | $ | 15,165 | $ | 15,499 | $ | (334 | ) | ||||
Cost of sales | 12,155 | 12,471 | 316 | ||||||||
Gross margin | 3,010 | 19.8% | 3,028 | 19.5% | (18 | ) | |||||
Selling, general and administrative | 1,017 | 1,036 | 19 | ||||||||
Amortization | 93 | 94 | 1 | ||||||||
Restructuring | 177 | 140 | (37 | ) | |||||||
Operating income | 1,723 | 1,758 | (35 | ) | |||||||
Interest expense | (127 | ) | (135 | ) | 8 | ||||||
Other expense, net | (88 | ) | (8 | ) | (80 | ) | |||||
Income from continuing operations before income taxes and equity income | 1,508 | 1,615 | (107 | ) | |||||||
Income tax expense | (263 | ) | (255 | ) | (8 | ) | |||||
Income from continuing operations before equity income | 1,245 | 1,360 | (115 | ) | |||||||
Equity income, net of tax | 16 | 20 | (4 | ) | |||||||
Income from continuing operations | 1,261 | 1,380 | (119 | ) | |||||||
Income from discontinued operations, net of tax | 274 | 60 | 214 | ||||||||
Net income | 1,535 | 1,440 | 95 | ||||||||
Net income attributable to noncontrolling interest | 85 | 89 | (4 | ) | |||||||
Net income attributable to Delphi | $ | 1,450 | $ | 1,351 | $ | 99 |
Year Ended December 31, | Variance Due To: | |||||||||||||||||||||||||||||||
2015 | 2014 | Favorable/ (unfavorable) | Volume, net of contractual price reductions | FX | Commodity pass-through | Other | Total | |||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||
Total net sales | $ | 15,165 | $ | 15,499 | $ | (334 | ) | $ | 900 | $ | (1,153 | ) | $ | (140 | ) | $ | 59 | $ | (334 | ) |
Year Ended December 31, | Variance Due To: | |||||||||||||||||||||||||||||||
2015 | 2014 | Favorable/ (unfavorable) | Volume (a) | FX | Operational performance | Other | Total | |||||||||||||||||||||||||
(dollars in millions) | (in millions) | |||||||||||||||||||||||||||||||
Cost of sales | $ | 12,155 | $ | 12,471 | $ | 316 | $ | (956 | ) | $ | 897 | $ | 321 | $ | 54 | $ | 316 | |||||||||||||||
Gross margin | $ | 3,010 | $ | 3,028 | $ | (18 | ) | $ | (56 | ) | $ | (256 | ) | $ | 321 | $ | (27 | ) | $ | (18 | ) | |||||||||||
Percentage of net sales | 19.8 | % | 19.5 | % |
(a) | Presented net of contractual price reductions for gross margin variance. |
• | A decrease of $140 million in commodity costs; partially offset by |
• | Net increased costs of $38 million resulting from the operations of the businesses acquired and divested, as further described in Note 20. Acquisitions and Divestitures; |
• | An increase of $12 million in warranty costs; and |
• | The net loss of $8 million recorded on business divestitures in 2015, comprised of $47 million in losses incurred on the exit of our Argentina businesses, partially offset by the $39 million gain resulting from the sale of the Reception Systems businesses, as further described in Note 20. Acquisitions and Divestitures. |
Year Ended December 31, | |||||||||||
2015 | 2014 | Favorable/ (unfavorable) | |||||||||
(dollars in millions) | |||||||||||
Selling, general and administrative expense | $ | 1,017 | $ | 1,036 | $ | 19 | |||||
Percentage of net sales | 6.7 | % | 6.7 | % |
Year Ended December 31, | |||||||||||
2015 | 2014 | Favorable/ (unfavorable) | |||||||||
(in millions) | |||||||||||
Amortization | $ | 93 | $ | 94 | $ | 1 |
Year Ended December 31, | |||||||||||
2015 | 2014 | Favorable/ (unfavorable) | |||||||||
(dollars in millions) | |||||||||||
Restructuring | $ | 177 | $ | 140 | $ | (37 | ) | ||||
Percentage of net sales | 1.2 | % | 0.9 | % |
Year Ended December 31, | |||||||||||
2015 | 2014 | Favorable/ (unfavorable) | |||||||||
(in millions) | |||||||||||
Interest expense | $ | 127 | $ | 135 | $ | 8 |
Year Ended December 31, | |||||||||||
2015 | 2014 | Favorable/ (unfavorable) | |||||||||
(in millions) | |||||||||||
Other (expense) income, net | $ | (88 | ) | $ | (8 | ) | $ | (80 | ) |
Year Ended December 31, | |||||||||||
2015 | 2014 | Favorable/ (unfavorable) | |||||||||
(in millions) | |||||||||||
Income tax expense | $ | 263 | $ | 255 | $ | (8 | ) |
Year Ended December 31, | |||||||||||
2015 | 2014 | Favorable/ (unfavorable) | |||||||||
(in millions) | |||||||||||
Equity income, net of tax | $ | 16 | $ | 20 | $ | (4 | ) |
Year Ended December 31, | |||||||||||
2015 | 2014 | Favorable/ (unfavorable) | |||||||||
(in millions) | |||||||||||
Income from discontinued operations, net of tax | $ | 274 | $ | 60 | $ | 214 |
Electrical/Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Year Ended December 31, 2015: | |||||||||||||||||||
Adjusted operating income | $ | 1,095 | $ | 524 | $ | 352 | $ | — | $ | 1,971 | |||||||||
Restructuring | (37 | ) | (115 | ) | (25 | ) | — | (177 | ) | ||||||||||
Other acquisition and portfolio project costs | (26 | ) | (12 | ) | (9 | ) | — | (47 | ) | ||||||||||
Asset impairments | (4 | ) | (9 | ) | (3 | ) | — | (16 | ) | ||||||||||
Gain (loss) on business divestitures, net | (14 | ) | — | 6 | — | (8 | ) | ||||||||||||
Operating income | $ | 1,014 | $ | 388 | $ | 321 | $ | — | 1,723 | ||||||||||
Interest expense | (127 | ) | |||||||||||||||||
Other expense, net | (88 | ) | |||||||||||||||||
Income from continuing operations before income taxes and equity income | 1,508 | ||||||||||||||||||
Income tax expense | (263 | ) | |||||||||||||||||
Equity income, net of tax | 16 | ||||||||||||||||||
Income from continuing operations | 1,261 | ||||||||||||||||||
Income from discontinued operations, net of tax | 274 | ||||||||||||||||||
Net income | 1,535 | ||||||||||||||||||
Net income attributable to noncontrolling interest | 85 | ||||||||||||||||||
Net income attributable to Delphi | $ | 1,450 |
Electrical/Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Year Ended December 31, 2014: | |||||||||||||||||||
Adjusted operating income | $ | 1,060 | $ | 486 | $ | 379 | $ | — | $ | 1,925 | |||||||||
Restructuring | (57 | ) | (55 | ) | (28 | ) | — | (140 | ) | ||||||||||
Other acquisition and portfolio project costs | (15 | ) | (3 | ) | (2 | ) | — | (20 | ) | ||||||||||
Asset impairments | (2 | ) | (1 | ) | (4 | ) | — | (7 | ) | ||||||||||
Operating income | $ | 986 | $ | 427 | $ | 345 | $ | — | 1,758 | ||||||||||
Interest expense | (135 | ) | |||||||||||||||||
Other expense, net | (8 | ) | |||||||||||||||||
Income from continuing operations before income taxes and equity income | 1,615 | ||||||||||||||||||
Income tax expense | (255 | ) | |||||||||||||||||
Equity income, net of tax | 20 | ||||||||||||||||||
Income from continuing operations | 1,380 | ||||||||||||||||||
Income from discontinued operations, net of tax | 60 | ||||||||||||||||||
Net income | 1,440 | ||||||||||||||||||
Net income attributable to noncontrolling interest | 89 | ||||||||||||||||||
Net income attributable to Delphi | $ | 1,351 |
Year Ended December 31, | Variance Due To: | |||||||||||||||||||||||||||||||
2015 | 2014 | Favorable/ (unfavorable) | Volume, net of contractual price reductions | FX | Commodity Pass-through | Other | Total | |||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||
Electrical/Electronic Architecture | $ | 8,180 | $ | 8,274 | $ | (94 | ) | $ | 501 | $ | (561 | ) | $ | (140 | ) | $ | 106 | $ | (94 | ) | ||||||||||||
Powertrain Systems | 4,407 | 4,540 | (133 | ) | 276 | (412 | ) | — | 3 | (133 | ) | |||||||||||||||||||||
Electronics and Safety | 2,744 | 2,880 | (136 | ) | 113 | (199 | ) | — | (50 | ) | (136 | ) | ||||||||||||||||||||
Eliminations and Other | (166 | ) | (195 | ) | 29 | 10 | 19 | — | — | 29 | ||||||||||||||||||||||
Total | $ | 15,165 | $ | 15,499 | $ | (334 | ) | $ | 900 | $ | (1,153 | ) | $ | (140 | ) | $ | 59 | $ | (334 | ) |
Year Ended December 31, | |||||
2015 | 2014 | ||||
Electrical/Electronic Architecture | 19.8 | % | 19.3 | % | |
Powertrain Systems | 19.3 | % | 19.0 | % | |
Electronics and Safety | 19.7 | % | 19.9 | % | |
Eliminations and Other | — | % | — | % | |
Total | 19.8 | % | 19.5 | % |
Year Ended December 31, | Variance Due To: | |||||||||||||||||||||||||||
2015 | 2014 | Favorable/ (unfavorable) | Volume, net of contractual price reductions | Operational performance | Other | Total | ||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||
Electrical/Electronic Architecture | $ | 1,095 | $ | 1,060 | $ | 35 | $ | 31 | $ | 131 | $ | (127 | ) | $ | 35 | |||||||||||||
Powertrain Systems | 524 | 486 | 38 | (24 | ) | 91 | (29 | ) | 38 | |||||||||||||||||||
Electronics and Safety | 352 | 379 | (27 | ) | (64 | ) | 91 | (54 | ) | (27 | ) | |||||||||||||||||
Eliminations and Other | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | $ | 1,971 | $ | 1,925 | $ | 46 | $ | (57 | ) | $ | 313 | $ | (210 | ) | $ | 46 |
• | $181 million of unfavorable foreign currency impacts, primarily related to the Euro; and |
• | An increase of $12 million in warranty costs. |
December 31, 2016 | |||
(in millions) | |||
Cash and cash equivalents | $ | 838 | |
Revolving Credit Facility, unutilized portion (1) | 1,993 | ||
Committed European accounts receivable factoring facility, unutilized portion (2) | 368 | ||
Total available liquidity | $ | 3,199 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Total number of shares repurchased | 9,481,946 | 14,581,705 | 15,041,713 | ||||||||
Average price paid per share | $ | 66.93 | $ | 79.48 | $ | 68.05 | |||||
Total (in millions) | $ | 635 | $ | 1,159 | $ | 1,024 |
Dividend | Amount | ||||||
Per Share | (in millions) | ||||||
2016: | |||||||
Fourth quarter | $ | 0.29 | $ | 79 | |||
Third quarter | 0.29 | 79 | |||||
Second quarter | 0.29 | 79 | |||||
First quarter | 0.29 | 80 | |||||
Total | $ | 1.16 | $ | 317 | |||
2015: | |||||||
Fourth quarter | $ | 0.25 | $ | 70 | |||
Third quarter | 0.25 | 71 | |||||
Second quarter | 0.25 | 72 | |||||
First quarter | 0.25 | 73 | |||||
Total | $ | 1.00 | $ | 286 |
December 31, 2016 | December 31, 2015 | ||||||||||
LIBOR plus | ABR plus | LIBOR plus | ABR plus | ||||||||
Revolving Credit Facility | 1.10 | % | 0.10 | % | 1.00 | % | 0.00 | % | |||
Tranche A Term Loan | 1.25 | % | 0.25 | % | 1.00 | % | 0.00 | % |
Borrowings as of | ||||||||
December 31, 2016 | Rates effective as of | |||||||
Applicable Rate | (in millions) | December 31, 2016 | ||||||
Tranche A Term Loan | LIBOR plus 1.25% | $ | 400 | 2.00 | % |
Payments due by Period | |||||||||||||||||||
Total | 2017 | 2018 & 2019 | 2020 & 2021 | Thereafter | |||||||||||||||
(in millions) | |||||||||||||||||||
Debt and capital lease obligations (excluding interest) | $ | 4,004 | $ | 12 | $ | 54 | $ | 1,016 | $ | 2,922 | |||||||||
Estimated interest costs related to debt and capital lease obligations | 1,155 | 118 | 235 | 208 | 594 | ||||||||||||||
Operating lease obligations | 358 | 91 | 115 | 74 | 78 | ||||||||||||||
Contractual commitments for capital expenditures | 130 | 130 | — | — | — | ||||||||||||||
Other contractual purchase commitments, including information technology | 220 | 127 | 62 | 27 | 4 | ||||||||||||||
Total | $ | 5,867 | $ | 478 | $ | 466 | $ | 1,325 | $ | 3,598 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in millions) | |||||||||||
Electrical/Electronic Architecture | $ | 458 | $ | 353 | $ | 326 | |||||
Powertrain Systems | 171 | 201 | 322 | ||||||||
Electronics and Safety | 131 | 102 | 82 | ||||||||
Eliminations and Other (1) | 68 | 48 | 49 | ||||||||
Total capital expenditures | $ | 828 | $ | 704 | $ | 779 | |||||
North America | $ | 288 | $ | 247 | $ | 214 | |||||
Europe, Middle East & Africa | 338 | 245 | 290 | ||||||||
Asia Pacific | 193 | 202 | 253 | ||||||||
South America | 9 | 10 | 22 | ||||||||
Total capital expenditures | $ | 828 | $ | 704 | $ | 779 |
(1) | Eliminations and Other includes capital expenditures amounts attributable to corporate administrative and support functions, including corporate headquarters and certain technical centers. |
• | It requires us to make assumptions about matters that were uncertain at the time we were making the estimate, and |
• | Changes in the estimate or different estimates that we could have selected would have had a material impact on our financial condition or results of operations. |
Pension Benefits | |||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Weighted-average discount rate | 2.70 | % | 2.70 | % | 2.83 | % | 3.81 | % | |||
Weighted-average rate of increase in compensation levels | N/A | N/A | 3.86 | % | 3.67 | % |
Pension Benefits | |||||||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||
Weighted-average discount rate | 2.70 | % | 2.50 | % | 3.00 | % | 3.81 | % | 3.67 | % | 4.58 | % | |||||
Weighted-average rate of increase in compensation levels | N/A | N/A | N/A | 3.67 | % | 3.65 | % | 3.85 | % | ||||||||
Weighted-average expected long-term rate of return on plan assets | N/A | N/A | N/A | 5.84 | % | 6.34 | % | 6.35 | % |
Change in Assumption | Impact on Pension Expense | Impact on PBO | ||
25 basis point (“bp”) decrease in discount rate | + $8 million | + $101 million | ||
25 bp increase in discount rate | - $7 million | - $94 million | ||
25 bp decrease in long-term expected return on assets | + $3 million | — | ||
25 bp increase in long-term expected return on assets | - $3 million | — |
Tranche A Term Loan | ||
Change in Rate | (impact to annual interest expense, in millions) | |
25 bps decrease | - $1 | |
25 bps increase | +$1 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in millions, except per share amounts) | |||||||||||
Net sales | $ | 16,661 | $ | 15,165 | $ | 15,499 | |||||
Operating expenses: | |||||||||||
Cost of sales | 13,107 | 12,155 | 12,471 | ||||||||
Selling, general and administrative | 1,145 | 1,017 | 1,036 | ||||||||
Amortization | 134 | 93 | 94 | ||||||||
Restructuring (Note 10) | 328 | 177 | 140 | ||||||||
Total operating expenses | 14,714 | 13,442 | 13,741 | ||||||||
Operating income | 1,947 | 1,723 | 1,758 | ||||||||
Interest expense | (156 | ) | (127 | ) | (135 | ) | |||||
Other expense, net (Note 19) | (366 | ) | (88 | ) | (8 | ) | |||||
Income from continuing operations before income taxes and equity income | 1,425 | 1,508 | 1,615 | ||||||||
Income tax expense | (242 | ) | (263 | ) | (255 | ) | |||||
Income from continuing operations before equity income | 1,183 | 1,245 | 1,360 | ||||||||
Equity income, net of tax | 35 | 16 | 20 | ||||||||
Income from continuing operations | 1,218 | 1,261 | 1,380 | ||||||||
Income from discontinued operations, net of tax (Note 25) | 108 | 274 | 60 | ||||||||
Net income | 1,326 | 1,535 | 1,440 | ||||||||
Net income attributable to noncontrolling interest | 69 | 85 | 89 | ||||||||
Net income attributable to Delphi | $ | 1,257 | $ | 1,450 | $ | 1,351 | |||||
Amounts attributable to Delphi: | |||||||||||
Income from continuing operations | $ | 1,152 | $ | 1,188 | $ | 1,309 | |||||
Income from discontinued operations | 105 | 262 | 42 | ||||||||
Net income | $ | 1,257 | $ | 1,450 | $ | 1,351 | |||||
Basic net income per share: | |||||||||||
Continuing operations | $ | 4.22 | $ | 4.16 | $ | 4.36 | |||||
Discontinued operations | 0.38 | 0.92 | 0.14 | ||||||||
Basic net income per share attributable to Delphi | $ | 4.60 | $ | 5.08 | $ | 4.50 | |||||
Weighted average number of basic shares outstanding | 273.02 | 285.20 | 300.27 | ||||||||
Diluted net income per share: | |||||||||||
Continuing operations | $ | 4.21 | $ | 4.14 | $ | 4.34 | |||||
Discontinued operations | 0.38 | 0.92 | 0.14 | ||||||||
Diluted net income per share attributable to Delphi | $ | 4.59 | $ | 5.06 | $ | 4.48 | |||||
Weighted average number of diluted shares outstanding | 273.70 | 286.64 | 301.89 | ||||||||
Cash dividends declared per share | $ | 1.16 | $ | 1.00 | $ | 1.00 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in millions) | |||||||||||
Net income | $ | 1,326 | $ | 1,535 | $ | 1,440 | |||||
Other comprehensive (loss) income: | |||||||||||
Currency translation adjustments | (147 | ) | (344 | ) | (325 | ) | |||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax (Note 17) | 95 | (28 | ) | (80 | ) | ||||||
Employee benefit plans adjustment, net of tax (Note 12) | (139 | ) | 64 | (108 | ) | ||||||
Other comprehensive loss | (191 | ) | (308 | ) | (513 | ) | |||||
Comprehensive income | 1,135 | 1,227 | 927 | ||||||||
Comprehensive income attributable to noncontrolling interests | 60 | 69 | 80 | ||||||||
Comprehensive income attributable to Delphi | $ | 1,075 | $ | 1,158 | $ | 847 |
December 31, | |||||||
2016 | 2015 | ||||||
(in millions) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 838 | $ | 535 | |||
Restricted cash | 1 | 1 | |||||
Accounts receivable, net | 2,938 | 2,750 | |||||
Inventories (Note 3) | 1,232 | 1,181 | |||||
Other current assets (Note 4) | 410 | 431 | |||||
Current assets held for sale (Note 25) | — | 223 | |||||
Total current assets | 5,419 | 5,121 | |||||
Long-term assets: | |||||||
Property, net (Note 6) | 3,515 | 3,377 | |||||
Investments in affiliates | 101 | 94 | |||||
Intangible assets, net (Note 7) | 1,240 | 1,383 | |||||
Goodwill (Note 7) | 1,508 | 1,539 | |||||
Other long-term assets (Note 4) | 509 | 459 | |||||
Total long-term assets | 6,873 | 6,852 | |||||
Total assets | $ | 12,292 | $ | 11,973 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Short-term debt (Note 11) | $ | 12 | $ | 52 | |||
Accounts payable | 2,563 | 2,541 | |||||
Accrued liabilities (Note 8) | 1,573 | 1,204 | |||||
Current liabilities held for sale (Note 25) | — | 130 | |||||
Total current liabilities | 4,148 | 3,927 | |||||
Long-term liabilities: | |||||||
Long-term debt (Note 11) | 3,959 | 3,956 | |||||
Pension benefit obligations | 955 | 854 | |||||
Other long-term liabilities (Note 8) | 467 | 503 | |||||
Total long-term liabilities | 5,381 | 5,313 | |||||
Total liabilities | 9,529 | 9,240 | |||||
Commitments and contingencies (Note 13) | |||||||
Shareholders’ equity: | |||||||
Preferred shares, $0.01 par value per share, 50,000,000 shares authorized, none issued and outstanding | — | — | |||||
Ordinary shares, $0.01 par value per share, 1,200,000,000 shares authorized, 269,789,959 and 278,208,470 issued and outstanding as of December 31, 2016 and December 31, 2015, respectively | 3 | 3 | |||||
Additional paid-in-capital | 1,633 | 1,653 | |||||
Retained earnings | 1,980 | 1,627 | |||||
Accumulated other comprehensive loss (Note 16) | (1,215 | ) | (1,033 | ) | |||
Total Delphi shareholders’ equity | 2,401 | 2,250 | |||||
Noncontrolling interest | 362 | 483 | |||||
Total shareholders’ equity | 2,763 | 2,733 | |||||
Total liabilities and shareholders’ equity | $ | 12,292 | $ | 11,973 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in millions) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 1,326 | $ | 1,535 | $ | 1,440 | |||||
Income from discontinued operations, net of tax | 108 | 274 | 60 | ||||||||
Income from continuing operations | 1,218 | 1,261 | 1,380 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation | 570 | 447 | 446 | ||||||||
Amortization | 134 | 93 | 94 | ||||||||
Amortization of deferred debt issuance costs | 9 | 11 | 9 | ||||||||
Restructuring expense, net of cash paid | 73 | 44 | (22 | ) | |||||||
Deferred income taxes | (125 | ) | (21 | ) | (5 | ) | |||||
Pension and other postretirement benefit expenses | 62 | 75 | 88 | ||||||||
Income from equity method investments, net of dividends received | (18 | ) | 1 | (20 | ) | ||||||
Loss on extinguishment of debt | 73 | 58 | 34 | ||||||||
(Gain) loss on sale of assets | (151 | ) | 4 | — | |||||||
Share-based compensation | 68 | 74 | 73 | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable, net | (199 | ) | (207 | ) | 67 | ||||||
Inventories | (53 | ) | (38 | ) | 21 | ||||||
Other assets | 28 | (10 | ) | 65 | |||||||
Accounts payable | 31 | 194 | (6 | ) | |||||||
Accrued and other long-term liabilities | 415 | (161 | ) | (44 | ) | ||||||
Other, net | (99 | ) | (67 | ) | (25 | ) | |||||
Pension contributions | (95 | ) | (91 | ) | (110 | ) | |||||
Net cash provided by operating activities from continuing operations | 1,941 | 1,667 | 2,045 | ||||||||
Net cash provided by operating activities from discontinued operations | — | 36 | 90 | ||||||||
Net cash provided by operating activities | 1,941 | 1,703 | 2,135 | ||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (828 | ) | (704 | ) | (779 | ) | |||||
Proceeds from sale of property / investments | 28 | 10 | 15 | ||||||||
Net proceeds from divestiture of discontinued operations | 48 | 730 | — | ||||||||
Proceeds from business divestitures, net of payments of $14 in 2015 | 197 | 11 | — | ||||||||
Cost of business acquisitions, net of cash acquired | (15 | ) | (1,654 | ) | (345 | ) | |||||
Cost of technology investments | (3 | ) | (23 | ) | (5 | ) | |||||
Settlement of derivatives | (1 | ) | — | — | |||||||
Decrease in restricted cash | — | — | 2 | ||||||||
Net cash used in investing activities from continuing operations | (574 | ) | (1,630 | ) | (1,112 | ) | |||||
Net cash used in investing activities from discontinued operations | (4 | ) | (69 | ) | (74 | ) | |||||
Net cash used in investing activities | (578 | ) | (1,699 | ) | (1,186 | ) | |||||
Cash flows from financing activities: | |||||||||||
Net (repayments) proceeds under other short-term debt agreements | (34 | ) | (214 | ) | 7 | ||||||
Repayments under long-term debt agreements | — | — | (164 | ) | |||||||
Repayment of senior notes | (862 | ) | (546 | ) | (526 | ) | |||||
Proceeds from issuance of senior notes, net of issuance costs | 852 | 2,043 | 691 | ||||||||
Contingent consideration and deferred acquisition purchase price payments | (4 | ) | — | — | |||||||
Dividend payments of consolidated affiliates to minority shareholders | (42 | ) | (63 | ) | (73 | ) | |||||
Repurchase of ordinary shares | (634 | ) | (1,159 | ) | (1,024 | ) | |||||
Distribution of cash dividends | (317 | ) | (286 | ) | (301 | ) | |||||
Taxes withheld and paid on employees' restricted share awards | (40 | ) | (59 | ) | (8 | ) | |||||
Net cash used in financing activities | (1,081 | ) | (284 | ) | (1,398 | ) | |||||
Effect of exchange rate fluctuations on cash and cash equivalents | (23 | ) | (45 | ) | (36 | ) | |||||
Increase (decrease) in cash and cash equivalents | 259 | (325 | ) | (485 | ) | ||||||
Cash and cash equivalents at beginning of the year | 579 | 904 | 1,389 | ||||||||
Cash and cash equivalents at end of the year | $ | 838 | $ | 579 | $ | 904 | |||||
Cash and cash equivalents of discontinued operations | $ | — | $ | 44 | $ | 45 | |||||
Cash and cash equivalents of continuing operations | $ | 838 | $ | 535 | $ | 859 |
Ordinary Shares | ||||||||||||||||||||||||||||||
Number of Shares | Amount | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Delphi Shareholders’ Equity | Noncontrolling Interest | Total Shareholders’ Equity | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||
Balance at December 31, 2013 | 306 | $ | 3 | $ | 1,699 | $ | 1,446 | $ | (237 | ) | $ | 2,911 | $ | 523 | $ | 3,434 | ||||||||||||||
Net income | — | — | — | 1,351 | — | 1,351 | 89 | 1,440 | ||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (504 | ) | (504 | ) | (9 | ) | (513 | ) | ||||||||||||||||||
Dividends on ordinary shares | — | — | 4 | (305 | ) | — | (301 | ) | — | (301 | ) | |||||||||||||||||||
Dividend payments of consolidated affiliates to minority shareholders | — | — | — | — | — | — | (100 | ) | (100 | ) | ||||||||||||||||||||
Taxes withheld on employees' restricted share award vestings | — | — | (8 | ) | — | — | (8 | ) | — | (8 | ) | |||||||||||||||||||
Repurchase of ordinary shares | (15 | ) | — | (80 | ) | (944 | ) | — | (1,024 | ) | — | (1,024 | ) | |||||||||||||||||
Share-based compensation | — | — | 76 | — | — | 76 | — | 76 | ||||||||||||||||||||||
Excess tax benefits on share-based compensation | — | — | 9 | — | — | 9 | — | 9 | ||||||||||||||||||||||
Balance at December 31, 2014 | 291 | $ | 3 | $ | 1,700 | $ | 1,548 | $ | (741 | ) | $ | 2,510 | $ | 503 | $ | 3,013 | ||||||||||||||
Net income | — | — | — | 1,450 | — | 1,450 | 85 | 1,535 | ||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (292 | ) | (292 | ) | (16 | ) | (308 | ) | ||||||||||||||||||
Dividends on ordinary shares | — | — | 4 | (290 | ) | — | (286 | ) | — | (286 | ) | |||||||||||||||||||
Dividend payments of consolidated affiliates to minority shareholders | — | — | — | — | — | — | (89 | ) | (89 | ) | ||||||||||||||||||||
Taxes withheld on employees' restricted share award vestings | — | — | (59 | ) | — | — | (59 | ) | — | (59 | ) | |||||||||||||||||||
Repurchase of ordinary shares | (15 | ) | — | (78 | ) | (1,081 | ) | — | (1,159 | ) | — | (1,159 | ) | |||||||||||||||||
Share-based compensation | 2 | — | 75 | — | — | 75 | — | 75 | ||||||||||||||||||||||
Excess tax benefits on share-based compensation | — | — | 11 | — | — | 11 | — | 11 | ||||||||||||||||||||||
Balance at December 31, 2015 | 278 | $ | 3 | $ | 1,653 | $ | 1,627 | $ | (1,033 | ) | $ | 2,250 | $ | 483 | $ | 2,733 | ||||||||||||||
Net income | — | — | — | 1,257 | — | 1,257 | 69 | 1,326 | ||||||||||||||||||||||
Other comprehensive income | — | — | — | — | (182 | ) | (182 | ) | (9 | ) | (191 | ) | ||||||||||||||||||
Dividends on ordinary shares | — | — | 3 | (320 | ) | — | (317 | ) | — | (317 | ) | |||||||||||||||||||
Dividend payments of consolidated affiliates to minority shareholders | — | — | — | — | — | — | (80 | ) | (80 | ) | ||||||||||||||||||||
Taxes withheld on employees' restricted share award vestings | — | — | (40 | ) | — | — | (40 | ) | — | (40 | ) | |||||||||||||||||||
Repurchase of ordinary shares | (10 | ) | — | (51 | ) | (584 | ) | — | (635 | ) | — | (635 | ) | |||||||||||||||||
Divestiture of business | — | — | — | — | — | — | (101 | ) | (101 | ) | ||||||||||||||||||||
Share-based compensation | 2 | — | 68 | — | — | 68 | — | 68 | ||||||||||||||||||||||
Balance at December 31, 2016 | 270 | $ | 3 | $ | 1,633 | $ | 1,980 | $ | (1,215 | ) | $ | 2,401 | $ | 362 | $ | 2,763 |
Percentage of Total Net Sales | Accounts and Other Receivables | ||||||||||||||||
Year Ended December 31, | December 31, 2016 | December 31, 2015 | |||||||||||||||
2016 | 2015 | 2014 | |||||||||||||||
(in millions) | |||||||||||||||||
GM | 14 | % | 14 | % | 16 | % | $ | 370 | $ | 289 | |||||||
VW | 8 | % | 8 | % | 9 | % | 150 | 186 |
December 31, 2016 | December 31, 2015 | ||||||
(in millions) | |||||||
Productive material | $ | 649 | $ | 634 | |||
Work-in-process | 113 | 98 | |||||
Finished goods | 470 | 449 | |||||
Total | $ | 1,232 | $ | 1,181 |
December 31, 2016 | December 31, 2015 | ||||||
(in millions) | |||||||
Value added tax receivable | $ | 192 | $ | 198 | |||
Prepaid insurance and other expenses | 66 | 78 | |||||
Reimbursable engineering costs | 63 | 55 | |||||
Notes receivable | 43 | 25 | |||||
Income and other taxes receivable | 26 | 44 | |||||
Deposits to vendors | 8 | 8 | |||||
Derivative financial instruments (Note 17) | 11 | — | |||||
Other | 1 | 23 | |||||
Total | $ | 410 | $ | 431 |
December 31, 2016 | December 31, 2015 | ||||||
(in millions) | |||||||
Deferred income taxes (Note 14) | $ | 283 | $ | 238 | |||
Unamortized Revolving Credit Facility debt issuance costs (Note 11) | 10 | 12 | |||||
Income and other taxes receivable | 56 | 54 | |||||
Reimbursable engineering costs | 26 | 43 | |||||
Value added tax receivable | 33 | 24 | |||||
Cost method investments | 26 | 23 | |||||
Derivative financial instruments (Note 17) | 8 | — | |||||
Other | 67 | 65 | |||||
Total | $ | 509 | $ | 459 |
December 31, | |||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Current assets | $ | 238 | $ | 205 | |||
Non-current assets | 175 | 166 | |||||
Total assets | $ | 413 | $ | 371 | |||
Current liabilities | $ | 148 | $ | 125 | |||
Non-current liabilities | 62 | 67 | |||||
Shareholders’ equity | 203 | 179 | |||||
Total liabilities and shareholders’ equity | $ | 413 | $ | 371 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in millions) | |||||||||||
Net sales | $ | 633 | $ | 557 | $ | 624 | |||||
Gross profit | 159 | 139 | 143 | ||||||||
Net income | 77 | 38 | 41 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in millions) | |||||||||||
Sales to affiliates | $ | 32 | $ | 42 | $ | 57 | |||||
Purchases from affiliates | 36 | 48 | 55 |
Estimated Useful Lives | December 31, | ||||||||
2016 | 2015 | ||||||||
(Years) | (in millions) | ||||||||
Land | — | $ | 120 | $ | 156 | ||||
Land and leasehold improvements | 3-20 | 173 | 143 | ||||||
Buildings | 40 | 656 | 652 | ||||||
Machinery, equipment and tooling | 3-20 | 4,046 | 3,713 | ||||||
Furniture and office equipment | 3-10 | 425 | 342 | ||||||
Construction in progress | — | 353 | 315 | ||||||
Total | 5,773 | 5,321 | |||||||
Less: accumulated depreciation | (2,258 | ) | (1,944 | ) | |||||
Total property, net | $ | 3,515 | $ | 3,377 |
As of December 31, 2016 | As of December 31, 2015 | ||||||||||||||||||||||||
Estimated Useful Lives | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
(Years) | (in millions) | (in millions) | |||||||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||||||
Patents and developed technology | 6-15 | $ | 740 | $ | 344 | $ | 396 | $ | 745 | $ | 279 | $ | 466 | ||||||||||||
Customer relationships | 4-14 | 846 | 230 | 616 | 861 | 171 | 690 | ||||||||||||||||||
Trade names | 5-20 | 104 | 36 | 68 | 105 | 30 | 75 | ||||||||||||||||||
Total | 1,690 | 610 | 1,080 | 1,711 | 480 | 1,231 | |||||||||||||||||||
Unamortized intangible assets: | |||||||||||||||||||||||||
In-process research and development | — | 34 | — | 34 | 24 | — | 24 | ||||||||||||||||||
Trade names | — | 126 | — | 126 | 128 | — | 128 | ||||||||||||||||||
Goodwill | — | 1,508 | — | 1,508 | 1,539 | — | 1,539 | ||||||||||||||||||
Total | $ | 3,358 | $ | 610 | $ | 2,748 | $ | 3,402 | $ | 480 | $ | 2,922 |
Year Ending December 31, | |||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
(in millions) | |||||||||||||||||||
Estimated amortization expense | $ | 134 | $ | 129 | $ | 117 | $ | 114 | $ | 110 |
2016 | 2015 | ||||||
(in millions) | |||||||
Balance at January 1 | $ | 3,402 | $ | 1,782 | |||
Acquisitions (1) | 25 | 1,701 | |||||
Foreign currency translation and other | (69 | ) | (81 | ) | |||
Balance at December 31 | $ | 3,358 | $ | 3,402 |
(1) | Primarily attributable to the 2016 acquisition of PureDepth, Inc., and the 2015 acquisitions of HellermannTyton Group PLC, Control-Tec LLC and Ottomatika, Inc., as further described in Note 20. Acquisitions and Divestitures. |
2016 | 2015 | ||||||
(in millions) | |||||||
Balance at January 1 | $ | 480 | $ | 398 | |||
Amortization | 134 | 93 | |||||
Foreign currency translation and other | (4 | ) | (11 | ) | |||
Balance at December 31 | $ | 610 | $ | 480 |
Electrical/Electronic Architecture | Powertrain Systems | Electronics and Safety | Total | ||||||||||||
(in millions) | |||||||||||||||
Balance at January 1, 2015 | $ | 648 | $ | 8 | $ | — | $ | 656 | |||||||
Acquisitions (1) | 856 | — | 73 | 929 | |||||||||||
Foreign currency translation and other | (46 | ) | — | — | (46 | ) | |||||||||
Balance at December 31, 2015 | $ | 1,458 | $ | 8 | $ | 73 | $ | 1,539 | |||||||
Acquisitions (2) | $ | 10 | $ | — | $ | 5 | $ | 15 | |||||||
Foreign currency translation and other | (44 | ) | (2 | ) | — | (46 | ) | ||||||||
Balance at December 31, 2016 | $ | 1,424 | $ | 6 | $ | 78 | $ | 1,508 |
(1) | Primarily attributable to the acquisitions of HellermannTyton Group PLC, Control-Tec LLC and Ottomatika, Inc., as further described in Note 20. Acquisitions and Divestitures. |
(2) | Primarily attributable to measurement period adjustments related to the 2015 acquisition of HellermannTyton Group PLC and the acquisition of PureDepth Inc., as further described in Note 20. Acquisitions and Divestitures. |
December 31, 2016 | December 31, 2015 | ||||||
(in millions) | |||||||
Payroll-related obligations | $ | 233 | $ | 221 | |||
Employee benefits, including current pension obligations | 106 | 90 | |||||
Reserve for Unsecured Creditors litigation (Note 13) | 300 | — | |||||
Income and other taxes payable | 188 | 222 | |||||
Warranty obligations (Note 9) | 102 | 69 | |||||
Restructuring (Note 10) | 153 | 85 | |||||
Customer deposits | 30 | 36 | |||||
Derivative financial instruments (Note 17) | 45 | 108 | |||||
Accrued interest | 40 | 39 | |||||
Other | 376 | 334 | |||||
Total | $ | 1,573 | $ | 1,204 |
December 31, 2016 | December 31, 2015 | ||||||
(in millions) | |||||||
Environmental (Note 13) | $ | 5 | $ | 3 | |||
Extended disability benefits | 8 | 8 | |||||
Warranty obligations (Note 9) | 59 | 62 | |||||
Restructuring (Note 10) | 45 | 46 | |||||
Payroll-related obligations | 9 | 9 | |||||
Accrued income taxes | 125 | 31 | |||||
Deferred income taxes (Note 14) | 158 | 252 | |||||
Derivative financial instruments (Note 17) | 11 | 21 | |||||
Other | 47 | 71 | |||||
Total | $ | 467 | $ | 503 |
Year Ended December 31, | |||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Accrual balance at beginning of year | $ | 131 | $ | 146 | |||
Provision for estimated warranties incurred during the year | 91 | 72 | |||||
Changes in estimate for pre-existing warranties | 30 | (11 | ) | ||||
Settlements made during the year (in cash or in kind) | (85 | ) | (70 | ) | |||
Foreign currency translation and other | (6 | ) | (6 | ) | |||
Accrual balance at end of year | $ | 161 | $ | 131 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in millions) | |||||||||||
Electrical/Electronic Architecture | $ | 117 | $ | 37 | $ | 57 | |||||
Powertrain Systems | 172 | 115 | 55 | ||||||||
Electronics and Safety | 39 | 25 | 28 | ||||||||
Total | $ | 328 | $ | 177 | $ | 140 |
Employee Termination Benefits Liability | Other Exit Costs Liability | Total | |||||||||
(in millions) | |||||||||||
Accrual balance at January 1, 2015 | $ | 95 | $ | 2 | $ | 97 | |||||
Provision for estimated expenses incurred during the year | 175 | 2 | 177 | ||||||||
Payments made during the year | (131 | ) | (2 | ) | (133 | ) | |||||
Foreign currency and other | (10 | ) | — | (10 | ) | ||||||
Accrual balance at December 31, 2015 | $ | 129 | $ | 2 | $ | 131 | |||||
Provision for estimated expenses incurred during the year | $ | 322 | $ | 6 | $ | 328 | |||||
Payments made during the year | (252 | ) | (3 | ) | (255 | ) | |||||
Foreign currency and other | (6 | ) | — | (6 | ) | ||||||
Accrual balance at December 31, 2016 | $ | 193 | $ | 5 | $ | 198 |
December 31, | |||||||
2016 | 2015 | ||||||
(in millions) | |||||||
3.15%, senior notes, due 2020 (net of $3 and $4 unamortized issuance costs and $1 and $1 discount, respectively) | $ | 646 | $ | 645 | |||
5.00%, senior notes, due 2023 (net of $0 and $9 unamortized issuance costs, respectively) | — | 791 | |||||
4.15%, senior notes, due 2024 (net of $4 and $5 unamortized issuance costs and $2 and $2 discount, respectively) | 694 | 693 | |||||
1.50%, Euro-denominated senior notes, due 2025 (net of $4 and $5 unamortized issuance costs and $3 and $3 discount, respectively) | 729 | 757 | |||||
4.25%, senior notes, due 2026 (net of $4 and $4 unamortized issuance costs, respectively) | 646 | 646 | |||||
1.60%, Euro-denominated senior notes, due 2028 (net of $4 and $0 unamortized issuance costs and $1 and $0 discount, respectively) | 521 | — | |||||
4.40%, senior notes, due 2046 (net of $3 and $0 unamortized issuance costs and $2 and $0 discount, respectively) | 295 | — | |||||
Tranche A Term Loan, due 2021 (net of $2 and $1 unamortized issuance costs, respectively) | 398 | 399 | |||||
Capital leases and other | 42 | 77 | |||||
Total debt | 3,971 | 4,008 | |||||
Less: current portion | (12 | ) | (52 | ) | |||
Long-term debt | $ | 3,959 | $ | 3,956 |
Debt and Capital Lease Obligations | |||
(in millions) | |||
2017 | $ | 12 | |
2018 | 25 | ||
2019 | 29 | ||
2020 | 683 | ||
2021 | 333 | ||
Thereafter | 2,922 | ||
Total | $ | 4,004 |
December 31, 2016 | December 31, 2015 | ||||||||||
LIBOR plus | ABR plus | LIBOR plus | ABR plus | ||||||||
Revolving Credit Facility | 1.10 | % | 0.10 | % | 1.00 | % | 0.00 | % | |||
Tranche A Term Loan | 1.25 | % | 0.25 | % | 1.00 | % | 0.00 | % |
Borrowings as of | ||||||||
December 31, 2016 | Rates effective as of | |||||||
Applicable Rate | (in millions) | December 31, 2016 | ||||||
Tranche A Term Loan | LIBOR plus 1.25% | $ | 400 | 2.00 | % |
Year Ended December 31, | |||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Benefit obligation at beginning of year | $ | 50 | $ | 60 | |||
Interest cost | 1 | 1 | |||||
Benefits paid | (11 | ) | (11 | ) | |||
Benefit obligation at end of year | 40 | 50 | |||||
Change in plan assets: | |||||||
Fair value of plan assets at beginning of year | — | — | |||||
Delphi contributions | 11 | 11 | |||||
Benefits paid | (11 | ) | (11 | ) | |||
Fair value of plan assets at end of year | — | — | |||||
Underfunded status | (40 | ) | (50 | ) | |||
Amounts recognized in the consolidated balance sheets consist of: | |||||||
Current liabilities | (11 | ) | (12 | ) | |||
Non-current liabilities | (29 | ) | (38 | ) | |||
Total | (40 | ) | (50 | ) | |||
Amounts recognized in accumulated other comprehensive income consist of (pre-tax): | |||||||
Actuarial loss | 10 | 11 | |||||
Total | $ | 10 | $ | 11 |
Year Ended December 31, | |||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Benefit obligation at beginning of year | $ | 2,032 | $ | 2,238 | |||
Obligation assumed in HellermannTyton acquisition | — | 12 | |||||
Divestitures | — | (40 | ) | ||||
Service cost | 46 | 57 | |||||
Interest cost | 63 | 77 | |||||
Actuarial loss (gain) | 363 | (71 | ) | ||||
Benefits paid | (84 | ) | (80 | ) | |||
Impact of curtailments | 2 | (10 | ) | ||||
Exchange rate movements and other | (285 | ) | (151 | ) | |||
Benefit obligation at end of year | 2,137 | 2,032 | |||||
Change in plan assets: | |||||||
Fair value of plan assets at beginning of year | 1,209 | 1,264 | |||||
Assets acquired in HellermannTyton acquisition | — | 13 | |||||
Actual return on plan assets | 204 | 8 | |||||
Delphi contributions | 83 | 80 | |||||
Benefits paid | (84 | ) | (80 | ) | |||
Exchange rate movements and other | (200 | ) | (76 | ) | |||
Fair value of plan assets at end of year | 1,212 | 1,209 | |||||
Underfunded status | (925 | ) | (823 | ) | |||
Amounts recognized in the consolidated balance sheets consist of: | |||||||
Non-current assets | 8 | 2 | |||||
Current liabilities | (10 | ) | (11 | ) | |||
Non-current liabilities | (923 | ) | (814 | ) | |||
Total | (925 | ) | (823 | ) | |||
Amounts recognized in accumulated other comprehensive income consist of (pre-tax): | |||||||
Actuarial loss | 505 | 341 | |||||
Prior service cost | 1 | 1 | |||||
Total | $ | 506 | $ | 342 |
U.S. Plans | Non-U.S. Plans | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(in millions) Plans with ABO in Excess of Plan Assets | |||||||||||||||
PBO | $ | 40 | $ | 50 | $ | 2,030 | $ | 1,899 | |||||||
ABO | 40 | 50 | 1,805 | 1,713 | |||||||||||
Fair value of plan assets at end of year | — | — | 1,100 | 1,087 | |||||||||||
Plans with Plan Assets in Excess of ABO | |||||||||||||||
PBO | $ | — | $ | — | $ | 107 | $ | 133 | |||||||
ABO | — | — | 74 | 92 | |||||||||||
Fair value of plan assets at end of year | — | — | 112 | 122 | |||||||||||
Total | |||||||||||||||
PBO | $ | 40 | $ | 50 | $ | 2,137 | $ | 2,032 | |||||||
ABO | 40 | 50 | 1,879 | 1,805 | |||||||||||
Fair value of plan assets at end of year | — | — | 1,212 | 1,209 |
U.S. Plans | |||||||||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in millions) | |||||||||||
Interest cost | $ | 1 | $ | 1 | $ | 2 | |||||
Amortization of actuarial losses | 1 | 1 | — | ||||||||
Net periodic benefit cost | $ | 2 | $ | 2 | $ | 2 |
Non-U.S. Plans | |||||||||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in millions) | |||||||||||
Service cost | $ | 46 | $ | 57 | $ | 57 | |||||
Interest cost | 63 | 77 | 94 | ||||||||
Expected return on plan assets | (65 | ) | (77 | ) | (77 | ) | |||||
Settlement loss (1) | — | 11 | 3 | ||||||||
Curtailment loss (gain) | 3 | (3 | ) | 2 | |||||||
Amortization of actuarial losses | 14 | 18 | 8 | ||||||||
Other | 2 | — | — | ||||||||
Net periodic benefit cost | $ | 63 | $ | 83 | $ | 87 |
(1) | Settlement loss for the year ended December 31, 2015 primarily relates to amounts recognized related to the divestiture of the Company's Reception Systems business, as further described in Note 20. Acquisitions and Divestitures. |
Pension Benefits | |||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Weighted-average discount rate | 2.70 | % | 2.70 | % | 2.83 | % | 3.81 | % | |||
Weighted-average rate of increase in compensation levels | N/A | N/A | 3.86 | % | 3.67 | % |
Pension Benefits | |||||||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||
Weighted-average discount rate | 2.70 | % | 2.50 | % | 3.00 | % | 3.81 | % | 3.67 | % | 4.58 | % | |||||
Weighted-average rate of increase in compensation levels | N/A | N/A | N/A | 3.67 | % | 3.65 | % | 3.85 | % | ||||||||
Weighted-average expected long-term rate of return on plan assets | N/A | N/A | N/A | 5.84 | % | 6.34 | % | 6.35 | % |
Change in Assumption | Impact on Pension Expense | Impact on PBO | ||
25 basis point (“bp”) decrease in discount rate | + $8 million | + $101 million | ||
25 bp increase in discount rate | - $7 million | - $94 million | ||
25 bp decrease in long-term expected return on assets | + $3 million | — | ||
25 bp increase in long-term expected return on assets | - $3 million | — |
Projected Pension Benefit Payments | |||||||
U.S. Plans | Non-U.S. Plans | ||||||
(in millions) | |||||||
2017 | $ | 11 | $ | 65 | |||
2018 | 10 | 63 | |||||
2019 | 8 | 67 | |||||
2020 | 4 | 71 | |||||
2021 | 2 | 78 | |||||
2022 – 2026 | 5 | 447 |
Fair Value Measurements at December 31, 2016 | ||||||||||||||||
Asset Category | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(in millions) | ||||||||||||||||
Cash | $ | 61 | $ | 61 | $ | — | $ | — | ||||||||
Time deposits | 10 | — | 10 | — | ||||||||||||
Equity mutual funds | 423 | — | 423 | — | ||||||||||||
Bond mutual funds | 469 | — | 469 | — | ||||||||||||
Real estate trust funds | 29 | — | — | 29 | ||||||||||||
Hedge Funds | 107 | — | — | 107 | ||||||||||||
Insurance contracts | 5 | — | — | 5 | ||||||||||||
Debt securities | 51 | 51 | — | — | ||||||||||||
Equity securities | 57 | 57 | — | — | ||||||||||||
Total | $ | 1,212 | $ | 169 | $ | 902 | $ | 141 |
Fair Value Measurements at December 31, 2015 | ||||||||||||||||
Asset Category | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
(in millions) | ||||||||||||||||
Cash | $ | 31 | $ | 31 | $ | — | $ | — | ||||||||
Time deposits | 9 | — | 9 | — | ||||||||||||
Equity mutual funds | 457 | — | 457 | — | ||||||||||||
Bond mutual funds | 230 | — | 230 | — | ||||||||||||
Real estate trust funds | 39 | — | — | 39 | ||||||||||||
Hedge Funds | 102 | — | — | 102 | ||||||||||||
Insurance contracts | 1 | — | — | 1 | ||||||||||||
Debt securities | 286 | 282 | 4 | — | ||||||||||||
Equity securities | 54 | 54 | — | — | ||||||||||||
Total | $ | 1,209 | $ | 367 | $ | 700 | $ | 142 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||
Real Estate Trust Fund | Hedge Funds | Insurance Contracts | |||||||||
(in millions) | |||||||||||
Beginning balance at January 1, 2015 | $ | 41 | $ | 102 | $ | 1 | |||||
Actual return on plan assets: | |||||||||||
Relating to assets still held at the reporting date | (3 | ) | 5 | — | |||||||
Purchases, sales and settlements | 2 | — | — | ||||||||
Foreign currency translation and other | (1 | ) | (5 | ) | — | ||||||
Ending balance at December 31, 2015 | $ | 39 | $ | 102 | $ | 1 | |||||
Actual return on plan assets: | |||||||||||
Relating to assets still held at the reporting date | $ | 4 | $ | 22 | $ | — | |||||
Purchases, sales and settlements | (10 | ) | — | 4 | |||||||
Foreign currency translation and other | (4 | ) | (17 | ) | — | ||||||
Ending balance at December 31, 2016 | $ | 29 | $ | 107 | $ | 5 |
Minimum Future Operating Lease Commitments | |||
(in millions) | |||
2017 | $ | 91 | |
2018 | 66 | ||
2019 | 49 | ||
2020 | 39 | ||
2021 | 35 | ||
Thereafter | 78 | ||
Total | $ | 358 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in millions) | |||||||||||
U.S. income | $ | 214 | $ | 356 | $ | 232 | |||||
Non-U.S. income | 1,211 | 1,152 | 1,383 | ||||||||
Income from continuing operations before income taxes and equity income | $ | 1,425 | $ | 1,508 | $ | 1,615 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in millions) | |||||||||||
Current income tax expense (benefit): | |||||||||||
U.S. federal | $ | 63 | $ | 49 | $ | 46 | |||||
Non-U.S. | 300 | 236 | 205 | ||||||||
U.S. state and local | 4 | (1 | ) | 9 | |||||||
Total current | 367 | 284 | 260 | ||||||||
Deferred income tax (benefit) expense, net: | |||||||||||
U.S. federal | (98 | ) | (12 | ) | (32 | ) | |||||
Non-U.S. | (26 | ) | (7 | ) | 29 | ||||||
U.S. state and local | (1 | ) | (2 | ) | (2 | ) | |||||
Total deferred | (125 | ) | (21 | ) | (5 | ) | |||||
Total income tax provision | $ | 242 | $ | 263 | $ | 255 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in millions) | |||||||||||
Notional U.S. federal income taxes at statutory rate | $ | 499 | $ | 527 | $ | 566 | |||||
Income taxed at other rates | (175 | ) | (207 | ) | (286 | ) | |||||
Change in valuation allowance | (17 | ) | 15 | 18 | |||||||
Other change in tax reserves | 81 | 8 | (4 | ) | |||||||
Withholding taxes | 49 | 57 | 57 | ||||||||
Tax credits | (196 | ) | (133 | ) | (89 | ) | |||||
Change in tax law | (1 | ) | 11 | — | |||||||
Other adjustments | 2 | (15 | ) | (7 | ) | ||||||
Total income tax expense | $ | 242 | $ | 263 | $ | 255 | |||||
Effective tax rate | 17 | % | 17 | % | 16 | % |
December 31, | |||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Deferred tax assets: | |||||||
Pension | $ | 175 | $ | 167 | |||
Employee benefits | 27 | 24 | |||||
Net operating loss carryforwards | 1,415 | 902 | |||||
Warranty and other liabilities | 139 | 128 | |||||
Other | 254 | 156 | |||||
Total gross deferred tax assets | 2,010 | 1,377 | |||||
Less: valuation allowances | (1,458 | ) | (910 | ) | |||
Total deferred tax assets (1) | $ | 552 | $ | 467 | |||
Deferred tax liabilities: | |||||||
Fixed assets | $ | 29 | $ | 51 | |||
Tax on unremitted profits of certain foreign subsidiaries | 66 | 70 | |||||
Intangibles | 332 | 360 | |||||
Total gross deferred tax liabilities | 427 | 481 | |||||
Net deferred tax assets (liabilities) | $ | 125 | $ | (14 | ) |
(1) | Reflects gross amount before jurisdictional netting of deferred tax assets and liabilities. |
December 31, | |||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Long-term assets | $ | 283 | $ | 238 | |||
Long-term liabilities | (158 | ) | (252 | ) | |||
Total deferred tax asset (liability) | $ | 125 | $ | (14 | ) |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in millions) | |||||||||||
Balance at beginning of year | $ | 48 | $ | 57 | $ | 61 | |||||
Additions related to current year | 94 | 9 | 11 | ||||||||
Additions related to prior years | 67 | — | — | ||||||||
Reductions related to prior years | (12 | ) | (15 | ) | (7 | ) | |||||
Reductions due to expirations of statute of limitations | (8 | ) | — | (6 | ) | ||||||
Settlements | (1 | ) | (3 | ) | (2 | ) | |||||
Balance at end of year | $ | 188 | $ | 48 | $ | 57 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in millions, except per share data) | |||||||||||
Numerator: | |||||||||||
Income from continuing operations | $ | 1,152 | $ | 1,188 | $ | 1,309 | |||||
Income from discontinued operations | 105 | 262 | 42 | ||||||||
Net income attributable to Delphi | $ | 1,257 | $ | 1,450 | $ | 1,351 | |||||
Denominator: | |||||||||||
Weighted average ordinary shares outstanding, basic | 273.02 | 285.20 | 300.27 | ||||||||
Dilutive shares related to RSUs | 0.68 | 1.44 | 1.62 | ||||||||
Weighted average ordinary shares outstanding, including dilutive shares | 273.70 | 286.64 | 301.89 | ||||||||
Basic net income per share: | |||||||||||
Continuing operations | $ | 4.22 | $ | 4.16 | $ | 4.36 | |||||
Discontinued operations | 0.38 | 0.92 | 0.14 | ||||||||
Basic net income per share attributable to Delphi | $ | 4.60 | $ | 5.08 | $ | 4.50 | |||||
Diluted net income per share: | |||||||||||
Continuing operations | $ | 4.21 | $ | 4.14 | $ | 4.34 | |||||
Discontinued operations | 0.38 | 0.92 | 0.14 | ||||||||
Diluted net income per share attributable to Delphi | $ | 4.59 | $ | 5.06 | $ | 4.48 | |||||
Anti-dilutive securities share impact | — | — | — |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Total number of shares repurchased | 9,481,946 | 14,581,705 | 15,041,713 | ||||||||
Average price paid per share | $ | 66.93 | $ | 79.48 | $ | 68.05 | |||||
Total (in millions) | $ | 635 | $ | 1,159 | $ | 1,024 |
Dividend | Amount | ||||||
Per Share | (in millions) | ||||||
2016: | |||||||
Fourth quarter | $ | 0.29 | $ | 79 | |||
Third quarter | 0.29 | 79 | |||||
Second quarter | 0.29 | 79 | |||||
First quarter | 0.29 | 80 | |||||
Total | $ | 1.16 | $ | 317 | |||
2015: | |||||||
Fourth quarter | $ | 0.25 | $ | 70 | |||
Third quarter | 0.25 | 71 | |||||
Second quarter | 0.25 | 72 | |||||
First quarter | 0.25 | 73 | |||||
Total | $ | 1.00 | $ | 286 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in millions) | |||||||||||
Foreign currency translation adjustments: | |||||||||||
Balance at beginning of year | $ | (661 | ) | $ | (333 | ) | $ | (17 | ) | ||
Aggregate adjustment for the year (1) | (138 | ) | (328 | ) | (316 | ) | |||||
Balance at end of year | (799 | ) | (661 | ) | (333 | ) | |||||
Gains (losses) on derivatives: | |||||||||||
Balance at beginning of year | $ | (106 | ) | $ | (78 | ) | $ | 2 | |||
Other comprehensive income before reclassifications (net tax effect of $23 million, $30 million and $32 million) | (1 | ) | (118 | ) | (92 | ) | |||||
Reclassification to income (net tax effect of $30 million, $28 million and $1 million) | 96 | 90 | 12 | ||||||||
Balance at end of year | (11 | ) | (106 | ) | (78 | ) | |||||
Pension and postretirement plans: | |||||||||||
Balance at beginning of year | $ | (266 | ) | $ | (330 | ) | $ | (222 | ) | ||
Other comprehensive income before reclassifications (net tax effect of $32 million, $5 million and $24 million) | (150 | ) | 41 | (117 | ) | ||||||
Reclassification to income (net tax effect of $1 million, $3 million and $2 million) | 11 | 23 | 9 | ||||||||
Balance at end of year | (405 | ) | (266 | ) | (330 | ) | |||||
Accumulated other comprehensive loss, end of year | $ | (1,215 | ) | $ | (1,033 | ) | $ | (741 | ) |
(1) | Includes gains (losses) of $67 million, $(5) million and $0 for the years ended December 31, 2016, December 31, 2015 and December 31, 2014 respectively, related to non-derivative net investment hedges, principally offset by the foreign currency impact of intra-entity loans that are of a long-term investment nature in each period. Refer to Note 17. Derivatives and Hedging Activities for further description of the Company's net investment hedges. Includes $29 million of accumulated currency translation adjustment losses reclassified to net income as a result of the sale of the Company's Mechatronics business during the year ended December 31, 2016, as further described in Note 20. Acquisitions and Divestitures. |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
Details About Accumulated Other Comprehensive Income Components | Year Ended December 31, | Affected Line Item in the Statement of Operations | ||||||||||||
2016 | 2015 | 2014 | ||||||||||||
(in millions) | ||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||
Sale of Mechatronics business (1) | $ | (29 | ) | $ | — | $ | — | Cost of sales | ||||||
(29 | ) | — | — | Income before income taxes | ||||||||||
— | — | — | Income tax expense | |||||||||||
(29 | ) | — | — | Net income | ||||||||||
— | — | — | Net income attributable to noncontrolling interest | |||||||||||
$ | (29 | ) | $ | — | $ | — | Net income attributable to Delphi | |||||||
Gains (losses) on derivatives: | ||||||||||||||
Commodity derivatives | $ | (42 | ) | $ | (44 | ) | $ | (17 | ) | Cost of sales | ||||
Foreign currency derivatives | (84 | ) | (74 | ) | 4 | Cost of sales | ||||||||
(126 | ) | (118 | ) | (13 | ) | Income before income taxes | ||||||||
30 | 28 | 1 | Income tax expense | |||||||||||
(96 | ) | (90 | ) | (12 | ) | Net income | ||||||||
— | — | — | Net income attributable to noncontrolling interest | |||||||||||
$ | (96 | ) | $ | (90 | ) | $ | (12 | ) | Net income attributable to Delphi | |||||
Pension and postretirement plans: | ||||||||||||||
Actuarial loss | $ | (12 | ) | $ | (18 | ) | $ | (11 | ) | (2) | ||||
Settlement loss | — | (11 | ) | — | (2) | |||||||||
Curtailment gain | — | 3 | — | (2) | ||||||||||
(12 | ) | (26 | ) | (11 | ) | Income before income taxes | ||||||||
1 | 3 | 2 | Income tax expense | |||||||||||
(11 | ) | (23 | ) | (9 | ) | Net income | ||||||||
— | — | — | Net income attributable to noncontrolling interest | |||||||||||
$ | (11 | ) | $ | (23 | ) | $ | (9 | ) | Net income attributable to Delphi | |||||
Total reclassifications for the year | $ | (136 | ) | $ | (113 | ) | $ | (21 | ) |
(1) | Represents accumulated currency translation adjustment losses reclassified to net income as a result of the sale of the Company's Mechatronics business during the year ended December 31, 2016, as further described in Note 20. Acquisitions and Divestitures. |
(2) | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 12. Pension Benefits for additional details). |
Commodity | Quantity Hedged | Unit of Measure | Notional Amount (Approximate USD Equivalent) | ||||||
(in thousands) | (in millions) | ||||||||
Copper | 57,217 | pounds | $ | 145 |
Foreign Currency | Quantity Hedged | Unit of Measure | Notional Amount (Approximate USD Equivalent) | ||||||
(in millions) | |||||||||
Mexican Peso | 11,183 | MXN | $ | 540 | |||||
Chinese Yuan Renminbi | 3,079 | RMB | 440 | ||||||
Polish Zloty | 347 | PLN | 85 | ||||||
New Turkish Lira | 264 | TRY | 75 | ||||||
Hungarian Forint | 10,794 | HUF | 35 | ||||||
Euro | 25 | EUR | 25 |
Asset Derivatives | Liability Derivatives | Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet | |||||||||||||
Balance Sheet Location | December 31, 2016 | Balance Sheet Location | December 31, 2016 | December 31, 2016 | |||||||||||
(in millions) | |||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||
Commodity derivatives | Other current assets | $ | 7 | Accrued liabilities | $ | — | |||||||||
Foreign currency derivatives* | Other current assets | 6 | Other current assets | 3 | $ | 3 | |||||||||
Foreign currency derivatives* | Accrued liabilities | 9 | Accrued liabilities | 55 | (46 | ) | |||||||||
Commodity derivatives | Other long-term assets | 4 | Other long-term liabilities | — | |||||||||||
Foreign currency derivatives* | Other long-term assets | 8 | Other long-term assets | 4 | 4 | ||||||||||
Foreign currency derivatives* | Other long-term liabilities | — | Other long-term liabilities | 11 | (11 | ) | |||||||||
Derivatives designated as net investment hedges: | |||||||||||||||
Foreign currency derivatives | Other current assets | $ | 2 | Accrued liabilities | $ | — | |||||||||
Total derivatives designated as hedges | $ | 36 | $ | 73 | |||||||||||
Derivatives not designated: | |||||||||||||||
Foreign currency derivatives* | Other current assets | $ | — | Other current assets | $ | 1 | (1 | ) | |||||||
Foreign currency derivatives* | Accrued liabilities | 2 | Accrued liabilities | 1 | 1 | ||||||||||
Total derivatives not designated as hedges | $ | 2 | $ | 2 |
Asset Derivatives | Liability Derivatives | Net Amounts of Assets and (Liabilities) Presented in the Balance Sheet | |||||||||||||
Balance Sheet Location | December 31, 2015 | Balance Sheet Location | December 31, 2015 | December 31, 2015 | |||||||||||
(in millions) | |||||||||||||||
Designated derivatives instruments: | |||||||||||||||
Commodity derivatives | Other current assets | $ | — | Accrued liabilities | $ | 39 | |||||||||
Foreign currency derivatives* | Accrued liabilities | 3 | Accrued liabilities | 69 | $ | (66 | ) | ||||||||
Commodity derivatives | Other long-term assets | — | Other long-term liabilities | 10 | |||||||||||
Foreign currency derivatives* | Other long-term liabilities | 1 | Other long-term liabilities | 12 | (11 | ) | |||||||||
Total | $ | 4 | $ | 130 | |||||||||||
Derivatives not designated: | |||||||||||||||
Commodity derivatives | Other current assets | $ | — | Accrued liabilities | $ | 2 | |||||||||
Foreign currency derivatives* | Accrued liabilities | 2 | Accrued liabilities | 3 | (1 | ) | |||||||||
Foreign currency derivatives* | Other long-term liabilities | 1 | Other long-term liabilities | 1 | — | ||||||||||
Total | $ | 3 | $ | 6 |
Year Ended December 31, 2016 | Gain (loss) Recognized in OCI (Effective Portion) | Loss Reclassified from OCI into Income (Effective Portion) | Gain Recognized in Income (Ineffective Portion Excluded from Effectiveness Testing) | ||||||||
(in millions) | |||||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Commodity derivatives | $ | 22 | $ | (42 | ) | $ | — | ||||
Foreign currency derivatives | (62 | ) | (84 | ) | — | ||||||
Derivatives designated as net investment hedges: | |||||||||||
Foreign currency derivatives | 16 | — | — | ||||||||
Total | $ | (24 | ) | $ | (126 | ) | $ | — |
Gain Recognized in Income | |||
(in millions) | |||
Derivatives not designated: | |||
Commodity derivatives | $ | — | |
Foreign currency derivatives | 1 | ||
Total | $ | 1 |
Year Ended December 31, 2015 | Loss Recognized in OCI (Effective Portion) | Loss Reclassified from OCI into Income (Effective Portion) | Gain Recognized in Income (Ineffective Portion Excluded from Effectiveness Testing) | ||||||||
(in millions) | |||||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Commodity derivatives | $ | (69 | ) | $ | (42 | ) | $ | — | |||
Foreign currency derivatives | (79 | ) | (71 | ) | — | ||||||
Total | $ | (148 | ) | $ | (113 | ) | $ | — |
Loss Recognized in Income | |||
(in millions) | |||
Derivatives not designated: | |||
Commodity derivatives | $ | (3 | ) |
Foreign currency derivatives | (20 | ) | |
Total | $ | (23 | ) |
Year Ended December 31, 2014 | Loss Recognized in OCI (Effective Portion) | (Loss) Gain Reclassified from OCI into Income (Effective Portion) | Gain Recognized in Income (Ineffective Portion Excluded from Effectiveness Testing) | ||||||||
(in millions) | |||||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Commodity derivatives | $ | (38 | ) | $ | (17 | ) | $ | — | |||
Foreign currency derivatives | (86 | ) | 4 | 1 | |||||||
Total | $ | (124 | ) | $ | (13 | ) | $ | 1 |
Gain Recognized in Income | |||
(in millions) | |||
Derivatives not designated: | |||
Commodity derivatives | $ | — | |
Foreign currency derivatives (1) | 21 | ||
Total | $ | 21 |
Year Ended December 31, | |||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Fair value at beginning of year | $ | 32 | $ | 11 | |||
Additions | — | 25 | |||||
Payments | (2 | ) | — | ||||
Interest accretion | 2 | 3 | |||||
Measurement adjustments | 3 | (7 | ) | ||||
Fair value at end of year | $ | 35 | $ | 32 |
Total | Quoted Prices in Active Markets Level 1 | Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 | ||||||||||||
(in millions) | |||||||||||||||
As of December 31, 2016 | |||||||||||||||
Commodity derivatives | $ | 11 | $ | — | $ | 11 | $ | — | |||||||
Foreign currency derivatives | 8 | — | 8 | — | |||||||||||
Total | $ | 19 | $ | — | $ | 19 | $ | — | |||||||
As of December 31, 2015 | |||||||||||||||
Commodity derivatives | $ | — | $ | — | $ | — | $ | — | |||||||
Foreign currency derivatives | — | — | — | — | |||||||||||
Total | $ | — | $ | — | $ | — | $ | — |
Total | Quoted Prices in Active Markets Level 1 | Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 | ||||||||||||
(in millions) | |||||||||||||||
As of December 31, 2016 | |||||||||||||||
Commodity derivatives | $ | — | $ | — | $ | — | $ | — | |||||||
Foreign currency derivatives | 56 | — | 56 | — | |||||||||||
Contingent consideration | 35 | — | — | 35 | |||||||||||
Total | $ | 91 | $ | — | $ | 56 | $ | 35 | |||||||
As of December 31, 2015 | |||||||||||||||
Commodity derivatives | $ | 51 | $ | — | $ | 51 | $ | — | |||||||
Foreign currency derivatives | 78 | — | 78 | — | |||||||||||
Contingent consideration | 32 | — | — | 32 | |||||||||||
Total | $ | 161 | $ | — | $ | 129 | $ | 32 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in millions) | |||||||||||
Interest income | $ | 1 | $ | 5 | $ | 10 | |||||
Loss on extinguishment of debt | (73 | ) | (58 | ) | (34 | ) | |||||
Reserve for Unsecured Creditors litigation | (300 | ) | — | — | |||||||
Costs associated with acquisitions | — | (41 | ) | (6 | ) | ||||||
Gain on insurance recovery | — | — | 14 | ||||||||
Contingent consideration liability fair value adjustment | (3 | ) | 7 | — | |||||||
Other, net | 9 | (1 | ) | 8 | |||||||
Other expense, net | $ | (366 | ) | $ | (88 | ) | $ | (8 | ) |
Purchase price, cash consideration | $ | 15 | |
Intangible assets | $ | 10 | |
Goodwill resulting from purchase | 5 | ||
Total purchase price allocation | $ | 15 |
Purchase price, cash consideration, net of cash acquired | $ | 1,534 | |
Debt and pension liabilities assumed | 258 | ||
Total consideration, net of cash acquired | $ | 1,792 | |
Property, plant and equipment | $ | 326 | |
Indefinite-lived intangible assets | 128 | ||
Definite-lived intangible assets | 554 | ||
Other liabilities, net | (82 | ) | |
Identifiable net assets acquired | 926 | ||
Goodwill resulting from purchase | 866 | ||
Total purchase price allocation | $ | 1,792 |
Purchase price, cash consideration, net of cash acquired | $ | 104 | |
Purchase price, fair value of contingent consideration | 20 | ||
Total purchase price, net of cash acquired | $ | 124 | |
Intangible assets | $ | 66 | |
Other assets, net | 4 | ||
Identifiable net assets acquired | 70 | ||
Goodwill resulting from purchase | 54 | ||
Total purchase price allocation | $ | 124 |
Purchase price, cash consideration | $ | 16 | |
Purchase price, deferred consideration | 11 | ||
Purchase price, fair value of contingent consideration | 5 | ||
Fair value of previously held investment | 4 | ||
Total purchase price | $ | 36 | |
Indefinite-lived intangible assets | $ | 24 | |
Definite-lived intangible assets | 1 | ||
Other liabilities, net | (8 | ) | |
Identifiable net assets acquired | 17 | ||
Goodwill resulting from purchase | 19 | ||
Total purchase price allocation | $ | 36 |
Purchase price, cash consideration | $ | 140 | |
Purchase price, fair value of contingent consideration | 11 | ||
Total purchase price | $ | 151 | |
Definite-lived intangible assets | $ | 75 | |
Other liabilities, net | (17 | ) | |
Identifiable net assets acquired | 58 | ||
Goodwill resulting from purchase | 93 | ||
Total purchase price allocation | $ | 151 |
Purchase price, cash consideration | $ | 191 | |
Purchase price, acquired cash, excess net working capital and certain tax benefits | 19 | ||
Total purchase price | $ | 210 | |
Definite-lived intangible assets | $ | 63 | |
Other assets, net | 17 | ||
Identifiable net assets acquired | 80 | ||
Goodwill resulting from purchase | 130 | ||
Total purchase price allocation | $ | 210 |
Metric | 2016 Grant | 2013 - 2015 Grants | 2012 Grant | ||||
Average return on net assets (1) | 50% | 50% | 50% | ||||
Cumulative net income | 25% | N/A | 30% | ||||
Cumulative earnings per share (2) | N/A | 30% | N/A | ||||
Relative total shareholder return (3) | 25% | 20% | 20% |
(1) | Average return on net assets is measured by tax-affected operating income divided by average net working capital plus average net property, plant and equipment for each calendar year during the respective performance period. |
(2) | Cumulative earnings per share is measured by net income attributable to Delphi divided by the weighted average number of diluted shares outstanding for the respective three-year performance period. |
(3) | Relative total shareholder return is measured by comparing the average closing price per share of the Company’s ordinary shares for all available trading days in the fourth quarter of the end of the performance period to the average closing price per share of the Company’s ordinary shares for all available trading days in the fourth quarter of the year preceding the grant, including dividends, and assessed against a comparable measure of competitor and peer group companies. |
Grant Date | RSUs Granted | Grant Date Fair Value | Time-Based Award Vesting Dates | Performance-Based Award Vesting Date | |||||||
(in millions) | |||||||||||
February 2012 | 1.88 | $ | 59 | Annually on anniversary of grant date, 2013 - 2015 | December 31, 2014 | ||||||
February 2013 | 1.45 | 60 | Annually on anniversary of grant date, 2014 - 2016 | December 31, 2015 | |||||||
February 2014 | 0.78 | 53 | Annually on anniversary of grant date, 2015 - 2017 | December 31, 2016 | |||||||
February 2015 | 0.90 | 76 | Annually on anniversary of grant date, 2016 - 2018 | December 31, 2017 | |||||||
February 2016 | 0.71 | 48 | Annually on anniversary of grant date, 2017 - 2019 | December 31, 2018 |
RSUs | Weighted Average Grant Date Fair Value | |||||
(in thousands) | ||||||
Nonvested, January 1, 2014 | 2,918 | $ | 36.55 | |||
Granted | 1,278 | 57.27 | ||||
Vested | (1,736 | ) | 33.14 | |||
Forfeited | (186 | ) | 41.69 | |||
Nonvested, December 31, 2014 | 2,274 | 50.38 | ||||
Granted | 1,683 | 72.30 | ||||
Vested | (1,774 | ) | 42.45 | |||
Forfeited | (203 | ) | 64.75 | |||
Nonvested, December 31, 2015 | 1,980 | 74.66 | ||||
Granted | 1,219 | 68.35 | ||||
Vested | (1,241 | ) | 65.91 | |||
Forfeited | (218 | ) | 74.10 | |||
Nonvested, December 31, 2016 | 1,740 | 76.54 |
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 16,661 | $ | — | $ | 16,661 | |||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of sales | — | — | — | 13,107 | — | 13,107 | |||||||||||||||||
Selling, general and administrative | 87 | — | — | 1,058 | — | 1,145 | |||||||||||||||||
Amortization | — | — | — | 134 | — | 134 | |||||||||||||||||
Restructuring | — | — | — | 328 | — | 328 | |||||||||||||||||
Total operating expenses | 87 | — | — | 14,627 | — | 14,714 | |||||||||||||||||
Operating (loss) income | (87 | ) | — | — | 2,034 | — | 1,947 | ||||||||||||||||
Interest (expense) income | (208 | ) | (23 | ) | (202 | ) | (68 | ) | 345 | (156 | ) | ||||||||||||
Other (expense) income, net | (5 | ) | (163 | ) | (11 | ) | 158 | (345 | ) | (366 | ) | ||||||||||||
(Loss) income from continuing operations before income taxes and equity income | (300 | ) | (186 | ) | (213 | ) | 2,124 | — | 1,425 | ||||||||||||||
Income tax benefit (expense) | 60 | — | 78 | (380 | ) | — | (242 | ) | |||||||||||||||
(Loss) income from continuing operations before equity income | (240 | ) | (186 | ) | (135 | ) | 1,744 | — | 1,183 | ||||||||||||||
Equity in net income of affiliates | — | — | — | 35 | — | 35 | |||||||||||||||||
Equity in net income (loss) of subsidiaries | 1,497 | 1,621 | 406 | — | (3,524 | ) | — | ||||||||||||||||
Income (loss) from continuing operations | 1,257 | 1,435 | 271 | 1,779 | (3,524 | ) | 1,218 | ||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | 108 | — | 108 | |||||||||||||||||
Net income (loss) | 1,257 | 1,435 | 271 | 1,887 | (3,524 | ) | 1,326 | ||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 69 | — | 69 | |||||||||||||||||
Net income (loss) attributable to Delphi | $ | 1,257 | $ | 1,435 | $ | 271 | $ | 1,818 | $ | (3,524 | ) | $ | 1,257 |
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 15,165 | $ | — | $ | 15,165 | |||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of sales | — | — | (6 | ) | 12,161 | — | 12,155 | ||||||||||||||||
Selling, general and administrative | 32 | — | — | 985 | — | 1,017 | |||||||||||||||||
Amortization | — | — | — | 93 | — | 93 | |||||||||||||||||
Restructuring | — | — | — | 177 | — | 177 | |||||||||||||||||
Total operating expenses | 32 | — | (6 | ) | 13,416 | — | 13,442 | ||||||||||||||||
Operating (loss) income | (32 | ) | — | 6 | 1,749 | — | 1,723 | ||||||||||||||||
Interest (expense) income | (105 | ) | (30 | ) | (180 | ) | (90 | ) | 278 | (127 | ) | ||||||||||||
Other (expense) income, net | (20 | ) | 89 | 18 | 103 | (278 | ) | (88 | ) | ||||||||||||||
(Loss) income from continuing operations before income taxes and equity income | (157 | ) | 59 | (156 | ) | 1,762 | — | 1,508 | |||||||||||||||
Income tax benefit (expense) | — | — | 57 | (320 | ) | — | (263 | ) | |||||||||||||||
(Loss) income from continuing operations before equity income | (157 | ) | 59 | (99 | ) | 1,442 | — | 1,245 | |||||||||||||||
Equity in net income of affiliates | — | — | — | 16 | — | 16 | |||||||||||||||||
Equity in net income (loss) of subsidiaries | 1,607 | 1,548 | 508 | — | (3,663 | ) | — | ||||||||||||||||
Income (loss) from continuing operations | 1,450 | 1,607 | 409 | 1,458 | (3,663 | ) | 1,261 | ||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | 274 | — | 274 | |||||||||||||||||
Net income (loss) | 1,450 | 1,607 | 409 | 1,732 | (3,663 | ) | 1,535 | ||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 85 | — | 85 | |||||||||||||||||
Net income (loss) attributable to Delphi | $ | 1,450 | $ | 1,607 | $ | 409 | $ | 1,647 | $ | (3,663 | ) | $ | 1,450 |
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 15,499 | $ | — | $ | 15,499 | |||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of sales | — | — | — | 12,471 | — | 12,471 | |||||||||||||||||
Selling, general and administrative | 51 | — | — | 985 | — | 1,036 | |||||||||||||||||
Amortization | — | — | — | 94 | — | 94 | |||||||||||||||||
Restructuring | — | — | — | 140 | — | 140 | |||||||||||||||||
Total operating expenses | 51 | — | — | 13,690 | — | 13,741 | |||||||||||||||||
Operating (loss) income | (51 | ) | — | — | 1,809 | — | 1,758 | ||||||||||||||||
Interest (expense) income | (24 | ) | (33 | ) | (188 | ) | (74 | ) | 184 | (135 | ) | ||||||||||||
Other income (expense), net | 6 | 68 | 25 | 78 | (185 | ) | (8 | ) | |||||||||||||||
(Loss) income from continuing operations before income taxes and equity income | (69 | ) | 35 | (163 | ) | 1,813 | (1 | ) | 1,615 | ||||||||||||||
Income tax benefit (expense) | — | — | 60 | (315 | ) | — | (255 | ) | |||||||||||||||
(Loss) income from continuing operations before equity income | (69 | ) | 35 | (103 | ) | 1,498 | (1 | ) | 1,360 | ||||||||||||||
Equity in net income of affiliates | — | — | — | 20 | — | 20 | |||||||||||||||||
Equity in net income (loss) of subsidiaries | 1,420 | 1,385 | 315 | — | (3,120 | ) | — | ||||||||||||||||
Income (loss) from continuing operations | 1,351 | 1,420 | 212 | 1,518 | (3,121 | ) | 1,380 | ||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | 60 | — | 60 | |||||||||||||||||
Net income (loss) | 1,351 | 1,420 | 212 | 1,578 | (3,121 | ) | 1,440 | ||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | 89 | — | 89 | |||||||||||||||||
Net income (loss) attributable to Delphi | $ | 1,351 | $ | 1,420 | $ | 212 | $ | 1,489 | $ | (3,121 | ) | $ | 1,351 |
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income (loss) | $ | 1,257 | $ | 1,435 | $ | 271 | $ | 1,887 | $ | (3,524 | ) | $ | 1,326 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Currency translation adjustments | 65 | — | — | (212 | ) | — | (147 | ) | |||||||||||||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax | — | — | — | 95 | — | 95 | |||||||||||||||||
Employee benefit plans adjustment, net of tax | — | — | — | (139 | ) | — | (139 | ) | |||||||||||||||
Other comprehensive income (loss) | 65 | — | — | (256 | ) | — | (191 | ) | |||||||||||||||
Equity in other comprehensive (loss) income of subsidiaries | (247 | ) | (371 | ) | 2 | — | 616 | — | |||||||||||||||
Comprehensive income (loss) | 1,075 | 1,064 | 273 | 1,631 | (2,908 | ) | 1,135 | ||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 60 | — | 60 | |||||||||||||||||
Comprehensive income (loss) attributable to Delphi | $ | 1,075 | $ | 1,064 | $ | 273 | $ | 1,571 | $ | (2,908 | ) | $ | 1,075 |
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income (loss) | $ | 1,450 | $ | 1,607 | $ | 409 | $ | 1,732 | $ | (3,663 | ) | $ | 1,535 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Currency translation adjustments | (5 | ) | — | — | (339 | ) | — | (344 | ) | ||||||||||||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax | — | — | — | (28 | ) | — | (28 | ) | |||||||||||||||
Employee benefit plans adjustment, net of tax | — | — | — | 64 | — | 64 | |||||||||||||||||
Other comprehensive loss | (5 | ) | — | — | (303 | ) | — | (308 | ) | ||||||||||||||
Equity in other comprehensive (loss) income of subsidiaries | (287 | ) | (449 | ) | (9 | ) | — | 745 | — | ||||||||||||||
Comprehensive income (loss) | 1,158 | 1,158 | 400 | 1,429 | (2,918 | ) | 1,227 | ||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 69 | — | 69 | |||||||||||||||||
Comprehensive income (loss) attributable to Delphi | $ | 1,158 | $ | 1,158 | $ | 400 | $ | 1,360 | $ | (2,918 | ) | $ | 1,158 |
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income (loss) | $ | 1,351 | $ | 1,420 | $ | 212 | $ | 1,578 | $ | (3,121 | ) | $ | 1,440 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Currency translation adjustments | — | — | — | (325 | ) | — | (325 | ) | |||||||||||||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax | — | — | — | (80 | ) | — | (80 | ) | |||||||||||||||
Employee benefit plans adjustment, net of tax | — | — | — | (108 | ) | — | (108 | ) | |||||||||||||||
Other comprehensive loss | — | — | — | (513 | ) | — | (513 | ) | |||||||||||||||
Equity in other comprehensive (loss) income of subsidiaries | (504 | ) | (573 | ) | (50 | ) | — | 1,127 | — | ||||||||||||||
Comprehensive income (loss) | 847 | 847 | 162 | 1,065 | (1,994 | ) | 927 | ||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 80 | — | 80 | |||||||||||||||||
Comprehensive income (loss) attributable to Delphi | $ | 847 | $ | 847 | $ | 162 | $ | 985 | $ | (1,994 | ) | $ | 847 |
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 2 | $ | — | $ | — | $ | 836 | $ | — | $ | 838 | |||||||||||
Restricted cash | — | — | — | 1 | — | 1 | |||||||||||||||||
Accounts receivable, net | — | — | — | 2,938 | — | 2,938 | |||||||||||||||||
Intercompany receivables, current | 47 | 1,843 | 436 | 5,285 | (7,611 | ) | — | ||||||||||||||||
Inventories | — | — | — | 1,232 | — | 1,232 | |||||||||||||||||
Other current assets | — | — | — | 410 | — | 410 | |||||||||||||||||
Total current assets | 49 | 1,843 | 436 | 10,702 | (7,611 | ) | 5,419 | ||||||||||||||||
Long-term assets: | |||||||||||||||||||||||
Intercompany receivables, long-term | — | 1,070 | 768 | 1,767 | (3,605 | ) | — | ||||||||||||||||
Property, net | — | — | — | 3,515 | — | 3,515 | |||||||||||||||||
Investments in affiliates | — | — | — | 101 | — | 101 | |||||||||||||||||
Investments in subsidiaries | 10,833 | 8,722 | 3,090 | — | (22,645 | ) | — | ||||||||||||||||
Intangible assets, net | — | — | — | 2,748 | — | 2,748 | |||||||||||||||||
Other long-term assets | 60 | — | 10 | 439 | — | 509 | |||||||||||||||||
Total long-term assets | 10,893 | 9,792 | 3,868 | 8,570 | (26,250 | ) | 6,873 | ||||||||||||||||
Total assets | $ | 10,942 | $ | 11,635 | $ | 4,304 | $ | 19,272 | $ | (33,861 | ) | $ | 12,292 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | 3 | $ | 9 | $ | — | $ | 12 | |||||||||||
Accounts payable | 3 | — | — | 2,560 | — | 2,563 | |||||||||||||||||
Intercompany payables, current | 5,504 | 68 | 974 | 1,065 | (7,611 | ) | — | ||||||||||||||||
Accrued liabilities | 31 | 300 | 30 | 1,212 | — | 1,573 | |||||||||||||||||
Total current liabilities | 5,538 | 368 | 1,007 | 4,846 | (7,611 | ) | 4,148 | ||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||||
Long-term debt | 2,837 | — | 1,090 | 32 | — | 3,959 | |||||||||||||||||
Intercompany payables, long-term | 166 | 1,317 | 1,296 | 826 | (3,605 | ) | — | ||||||||||||||||
Pension benefit obligations | — | — | — | 955 | — | 955 | |||||||||||||||||
Other long-term liabilities | — | — | 10 | 457 | — | 467 | |||||||||||||||||
Total long-term liabilities | 3,003 | 1,317 | 2,396 | 2,270 | (3,605 | ) | 5,381 | ||||||||||||||||
Total liabilities | 8,541 | 1,685 | 3,403 | 7,116 | (11,216 | ) | 9,529 | ||||||||||||||||
Total Delphi shareholders’ equity | 2,401 | 9,950 | 901 | 11,794 | (22,645 | ) | 2,401 | ||||||||||||||||
Noncontrolling interest | — | — | — | 362 | — | 362 | |||||||||||||||||
Total shareholders’ equity | 2,401 | 9,950 | 901 | 12,156 | (22,645 | ) | 2,763 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 10,942 | $ | 11,635 | $ | 4,304 | $ | 19,272 | $ | (33,861 | ) | $ | 12,292 |
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 4 | $ | — | $ | — | $ | 531 | $ | — | $ | 535 | |||||||||||
Restricted cash | — | — | — | 1 | — | 1 | |||||||||||||||||
Accounts receivable, net | — | — | — | 2,750 | — | 2,750 | |||||||||||||||||
Intercompany receivables, current | 101 | 1,148 | 387 | 4,852 | (6,488 | ) | — | ||||||||||||||||
Inventories | — | — | — | 1,181 | — | 1,181 | |||||||||||||||||
Other current assets | — | — | — | 431 | — | 431 | |||||||||||||||||
Current assets held for sale | — | — | — | 223 | — | 223 | |||||||||||||||||
Total current assets | 105 | 1,148 | 387 | 9,969 | (6,488 | ) | 5,121 | ||||||||||||||||
Long-term assets: | |||||||||||||||||||||||
Intercompany receivables, long-term | — | 775 | 1,007 | 1,743 | (3,525 | ) | — | ||||||||||||||||
Property, net | — | — | — | 3,377 | — | 3,377 | |||||||||||||||||
Investments in affiliates | — | — | — | 94 | — | 94 | |||||||||||||||||
Investments in subsidiaries | 8,916 | 8,028 | 3,118 | — | (20,062 | ) | — | ||||||||||||||||
Intangible assets, net | — | — | — | 2,922 | — | 2,922 | |||||||||||||||||
Other long-term assets | — | — | 12 | 447 | — | 459 | |||||||||||||||||
Total long-term assets | 8,916 | 8,803 | 4,137 | 8,583 | (23,587 | ) | 6,852 | ||||||||||||||||
Total assets | $ | 9,021 | $ | 9,951 | $ | 4,524 | $ | 18,552 | $ | (30,075 | ) | $ | 11,973 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | — | $ | 52 | $ | — | $ | 52 | |||||||||||
Accounts payable | 2 | — | — | 2,539 | — | 2,541 | |||||||||||||||||
Intercompany payables, current | 4,543 | 555 | 905 | 480 | (6,483 | ) | — | ||||||||||||||||
Accrued liabilities | 17 | — | 24 | 1,163 | — | 1,204 | |||||||||||||||||
Current liabilities held for sale | — | — | — | 130 | — | 130 | |||||||||||||||||
Total current liabilities | 4,562 | 555 | 929 | 4,364 | (6,483 | ) | 3,927 | ||||||||||||||||
Long-term liabilities: | |||||||||||||||||||||||
Long-term debt | 2,047 | — | 1,883 | 26 | — | 3,956 | |||||||||||||||||
Intercompany payables, long-term | 162 | 1,305 | 1,001 | 1,057 | (3,525 | ) | — | ||||||||||||||||
Pension benefit obligations | — | — | — | 854 | — | 854 | |||||||||||||||||
Other long-term liabilities | — | — | 27 | 476 | — | 503 | |||||||||||||||||
Total long-term liabilities | 2,209 | 1,305 | 2,911 | 2,413 | (3,525 | ) | 5,313 | ||||||||||||||||
Total liabilities | 6,771 | 1,860 | 3,840 | 6,777 | (10,008 | ) | 9,240 | ||||||||||||||||
Total Delphi shareholders’ equity | 2,250 | 8,091 | 684 | 11,292 | (20,067 | ) | 2,250 | ||||||||||||||||
Noncontrolling interest | — | — | — | 483 | — | 483 | |||||||||||||||||
Total shareholders’ equity | 2,250 | 8,091 | 684 | 11,775 | (20,067 | ) | 2,733 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 9,021 | $ | 9,951 | $ | 4,524 | $ | 18,552 | $ | (30,075 | ) | $ | 11,973 |
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (141 | ) | $ | 125 | $ | — | $ | 1,957 | $ | — | $ | 1,941 | ||||||||||
Net cash provided by operating activities from discontinued operations | — | — | — | — | — | — | |||||||||||||||||
Net cash (used in) provided by operating activities | (141 | ) | 125 | — | 1,957 | — | 1,941 | ||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Capital expenditures | — | — | — | (828 | ) | — | (828 | ) | |||||||||||||||
Proceeds from sale of property / investments | — | — | — | 28 | — | 28 | |||||||||||||||||
Net proceeds from divestiture of discontinued operations | — | — | — | 48 | — | 48 | |||||||||||||||||
Proceeds from business divestitures | — | — | — | 197 | — | 197 | |||||||||||||||||
Cost of business acquisitions, net of cash acquired | — | — | (15 | ) | — | — | (15 | ) | |||||||||||||||
Cost of technology investments | — | — | (3 | ) | — | — | (3 | ) | |||||||||||||||
Settlement of derivatives | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||
Loans to affiliates | — | (979 | ) | — | (1,346 | ) | 2,325 | — | |||||||||||||||
Repayments of loans from affiliates | — | — | — | 353 | (353 | ) | — | ||||||||||||||||
Investments in subsidiaries | (854 | ) | — | (350 | ) | — | 1,204 | — | |||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | (854 | ) | (979 | ) | (368 | ) | (1,549 | ) | 3,176 | (574 | ) | ||||||||||||
Net cash used in investing activities from discontinued operations | — | — | — | (4 | ) | — | (4 | ) | |||||||||||||||
Net cash (used in) provided by investing activities | (854 | ) | (979 | ) | (368 | ) | (1,553 | ) | 3,176 | (578 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Net repayments under other short-term debt agreements | — | — | — | (34 | ) | — | (34 | ) | |||||||||||||||
Repayment of senior notes | — | — | (862 | ) | — | — | (862 | ) | |||||||||||||||
Proceeds from issuance of senior notes, net of issuance costs | 852 | — | — | — | — | 852 | |||||||||||||||||
Contingent consideration and deferred acquisition purchase price payments | — | — | — | (4 | ) | — | (4 | ) | |||||||||||||||
Dividend payments of consolidated affiliates to minority shareholders | — | — | — | (42 | ) | — | (42 | ) | |||||||||||||||
Proceeds from borrowings from affiliates | 1,095 | — | 1,230 | — | (2,325 | ) | — | ||||||||||||||||
Payments on borrowings from affiliates | (353 | ) | — | — | — | 353 | — | ||||||||||||||||
Investment from parent | 350 | 854 | — | — | (1,204 | ) | — | ||||||||||||||||
Repurchase of ordinary shares | (634 | ) | — | — | — | — | (634 | ) | |||||||||||||||
Distribution of cash dividends | (317 | ) | — | — | — | — | (317 | ) | |||||||||||||||
Taxes withheld and paid on employees' restricted share awards | — | — | — | (40 | ) | — | (40 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | 993 | 854 | 368 | (120 | ) | (3,176 | ) | (1,081 | ) | ||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | — | — | — | (23 | ) | — | (23 | ) | |||||||||||||||
Decrease (increase) in cash and cash equivalents | (2 | ) | — | — | 261 | — | 259 | ||||||||||||||||
Cash and cash equivalents at beginning of year | 4 | — | — | 575 | — | 579 | |||||||||||||||||
Cash and cash equivalents at end of year | $ | 2 | $ | — | $ | — | $ | 836 | $ | — | $ | 838 | |||||||||||
Cash and cash equivalents of discontinued operations | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Cash and cash equivalents of continuing operations | $ | 2 | $ | — | $ | — | $ | 836 | $ | — | $ | 838 |
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (53 | ) | $ | 171 | $ | — | $ | 1,649 | $ | (100 | ) | $ | 1,667 | |||||||||
Net cash provided by operating activities from discontinued operations | — | — | — | 36 | — | 36 | |||||||||||||||||
Net cash (used in) provided by operating activities | (53 | ) | 171 | — | 1,685 | (100 | ) | 1,703 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Capital expenditures | — | — | — | (704 | ) | — | (704 | ) | |||||||||||||||
Proceeds from sale of property / investments | — | — | — | 10 | — | 10 | |||||||||||||||||
Net proceeds from divestiture of discontinued operations | — | — | — | 730 | — | 730 | |||||||||||||||||
Proceeds from business divestitures, net of payments of $14 in 2015 | — | — | (7 | ) | 18 | — | 11 | ||||||||||||||||
Cost of business acquisitions, net of cash acquired | (1,606 | ) | — | (104 | ) | 56 | — | (1,654 | ) | ||||||||||||||
Cost of technology investments | — | — | — | (23 | ) | — | (23 | ) | |||||||||||||||
Loans to affiliates | — | (925 | ) | (342 | ) | (3,221 | ) | 4,488 | — | ||||||||||||||
Repayments of loans from affiliates | — | — | 135 | 1,333 | (1,468 | ) | — | ||||||||||||||||
Investments in subsidiaries | (753 | ) | — | — | — | 753 | — | ||||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | (2,359 | ) | (925 | ) | (318 | ) | (1,801 | ) | 3,773 | (1,630 | ) | ||||||||||||
Net cash used in investing activities from discontinued operations | — | — | — | (69 | ) | — | (69 | ) | |||||||||||||||
Net cash (used in) provided by investing activities | (2,359 | ) | (925 | ) | (318 | ) | (1,870 | ) | 3,773 | (1,699 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Net repayments under other short-term debt agreements | — | — | — | (214 | ) | — | (214 | ) | |||||||||||||||
Repayment of senior notes | — | — | (546 | ) | — | — | (546 | ) | |||||||||||||||
Proceeds from issuance of senior notes, net of issuance costs | 2,043 | — | — | — | — | 2,043 | |||||||||||||||||
Dividend payments of consolidated affiliates to minority shareholders | — | — | — | (63 | ) | — | (63 | ) | |||||||||||||||
Proceeds from borrowings from affiliates | 3,277 | — | 964 | 247 | (4,488 | ) | — | ||||||||||||||||
Payments on borrowings from affiliates | (1,468 | ) | — | — | — | 1,468 | — | ||||||||||||||||
Investment from parent | — | 753 | — | — | (753 | ) | — | ||||||||||||||||
Dividends paid to affiliates | — | — | (100 | ) | — | 100 | — | ||||||||||||||||
Repurchase of ordinary shares | (1,159 | ) | — | — | — | — | (1,159 | ) | |||||||||||||||
Distribution of cash dividends | (286 | ) | — | — | — | — | (286 | ) | |||||||||||||||
Taxes withheld and paid on employees' restricted share awards | — | — | — | (59 | ) | — | (59 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | 2,407 | 753 | 318 | (89 | ) | (3,673 | ) | (284 | ) | ||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | — | — | — | (45 | ) | — | (45 | ) | |||||||||||||||
Decrease in cash and cash equivalents | (5 | ) | (1 | ) | — | (319 | ) | — | (325 | ) | |||||||||||||
Cash and cash equivalents at beginning of year | 9 | 1 | — | 894 | — | 904 | |||||||||||||||||
Cash and cash equivalents at end of year | $ | 4 | $ | — | $ | — | $ | 575 | $ | — | $ | 579 | |||||||||||
Cash and cash equivalents of discontinued operations | $ | — | $ | — | $ | — | $ | 44 | $ | — | $ | 44 | |||||||||||
Cash and cash equivalents of continuing operations | $ | 4 | $ | — | $ | — | $ | 531 | $ | — | $ | 535 |
Parent | Subsidiary Guarantors | Subsidiary Issuer/Guarantor | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net cash provided by operating activities from continuing operations | $ | 32 | $ | 61 | $ | — | $ | 1,952 | $ | — | $ | 2,045 | |||||||||||
Net cash provided by operating activities from discontinued operations | — | — | — | 90 | — | 90 | |||||||||||||||||
Net cash provided by operating activities | 32 | 61 | — | 2,042 | — | 2,135 | |||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Capital expenditures | — | — | — | (779 | ) | — | (779 | ) | |||||||||||||||
Proceeds from sale of property / investments | — | — | — | 15 | — | 15 | |||||||||||||||||
Cost of business acquisitions, net of cash acquired | — | — | (345 | ) | — | — | (345 | ) | |||||||||||||||
Cost of technology investments | — | — | — | (5 | ) | — | (5 | ) | |||||||||||||||
Decrease in restricted cash | — | — | — | 2 | — | 2 | |||||||||||||||||
Loans to affiliates | — | (60 | ) | (1,075 | ) | (1,494 | ) | 2,629 | — | ||||||||||||||
Repayments of loans from affiliates | — | — | 165 | 304 | (469 | ) | — | ||||||||||||||||
Return of investments in subsidiaries | — | — | 389 | — | (389 | ) | — | ||||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | — | (60 | ) | (866 | ) | (1,957 | ) | 1,771 | (1,112 | ) | |||||||||||||
Net cash used in investing activities from discontinued operations | — | — | — | (74 | ) | — | (74 | ) | |||||||||||||||
Net cash used in investing activities | — | (60 | ) | (866 | ) | (2,031 | ) | 1,771 | (1,186 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Net proceeds from other short-term debt agreements | — | — | — | 7 | — | 7 | |||||||||||||||||
Repayments under long-term debt agreements | — | — | (164 | ) | — | — | (164 | ) | |||||||||||||||
Repayment of senior notes | — | — | (526 | ) | — | — | (526 | ) | |||||||||||||||
Proceeds from issuance of senior notes, net of issuance costs | — | — | 691 | — | — | 691 | |||||||||||||||||
Dividend payments of consolidated affiliates to minority shareholders | — | — | — | (73 | ) | — | (73 | ) | |||||||||||||||
Proceeds from borrowings from affiliates | 1,510 | 144 | 975 | — | (2,629 | ) | — | ||||||||||||||||
Payments on borrowings from affiliates | (215 | ) | (144 | ) | (110 | ) | — | 469 | — | ||||||||||||||
Capital distributions to affiliates | — | — | — | (389 | ) | 389 | — | ||||||||||||||||
Repurchase of ordinary shares | (1,024 | ) | — | — | — | — | (1,024 | ) | |||||||||||||||
Distribution of cash dividends | (301 | ) | — | — | — | — | (301 | ) | |||||||||||||||
Taxes withheld and paid on employees' restricted share awards | — | — | — | (8 | ) | — | (8 | ) | |||||||||||||||
Net cash (used in) provided by financing activities | (30 | ) | — | 866 | (463 | ) | (1,771 | ) | (1,398 | ) | |||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | — | — | — | (36 | ) | — | (36 | ) | |||||||||||||||
Increase (decrease) in cash and cash equivalents | 2 | 1 | — | (488 | ) | — | (485 | ) | |||||||||||||||
Cash and cash equivalents at beginning of year | 7 | — | — | 1,382 | — | 1,389 | |||||||||||||||||
Cash and cash equivalents at end of year | $ | 9 | $ | 1 | $ | — | $ | 894 | $ | — | $ | 904 | |||||||||||
Cash and cash equivalents of discontinued operations | $ | — | $ | — | $ | — | $ | 45 | $ | — | $ | 45 | |||||||||||
Cash and cash equivalents of continuing operations | $ | 9 | $ | 1 | $ | — | $ | 849 | $ | — | $ | 859 |
• | Electrical/Electronic Architecture, which includes complete electrical architecture and component products. |
• | Powertrain Systems, which includes extensive systems integration expertise in gasoline, diesel and fuel handling and full end-to-end systems including fuel and air injection, combustion, electronics controls, exhaust handling, test and validation capabilities, electric and hybrid electric vehicle power electronics, aftermarket, and original equipment service. |
• | Electronics and Safety, which includes component and systems integration expertise in infotainment and connectivity, body controls and security systems, displays and passive and active safety electronics, as well as advanced development of software. |
• | Eliminations and Other, which includes i) the elimination of inter-segment transactions, and ii) certain other expenses and income of a non-operating or strategic nature. |
Electrical/Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other (1) | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Year Ended December 31, 2016: | |||||||||||||||||||
Net sales | $ | 9,316 | $ | 4,486 | $ | 3,014 | $ | (155 | ) | $ | 16,661 | ||||||||
Depreciation and amortization | $ | 399 | $ | 217 | $ | 88 | $ | — | $ | 704 | |||||||||
Adjusted operating income | $ | 1,344 | $ | 511 | $ | 368 | $ | — | $ | 2,223 | |||||||||
Operating income (2) | $ | 1,186 | $ | 300 | $ | 461 | $ | — | $ | 1,947 | |||||||||
Equity income | $ | 35 | $ | — | $ | — | $ | — | $ | 35 | |||||||||
Net income attributable to noncontrolling interest | $ | 34 | $ | 32 | $ | — | $ | — | $ | 66 | |||||||||
Capital expenditures | $ | 458 | $ | 171 | $ | 131 | $ | 68 | $ | 828 |
Electrical/Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other (1) | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Year Ended December 31, 2015: | |||||||||||||||||||
Net sales | $ | 8,180 | $ | 4,407 | $ | 2,744 | $ | (166 | ) | $ | 15,165 | ||||||||
Depreciation and amortization | $ | 276 | $ | 195 | $ | 69 | $ | — | $ | 540 | |||||||||
Adjusted operating income | $ | 1,095 | $ | 524 | $ | 352 | $ | — | $ | 1,971 | |||||||||
Operating income (3) | $ | 1,014 | $ | 388 | $ | 321 | $ | — | $ | 1,723 | |||||||||
Equity income | $ | 16 | $ | — | $ | — | $ | — | $ | 16 | |||||||||
Net income attributable to noncontrolling interest | $ | 39 | $ | 34 | $ | — | $ | — | $ | 73 | |||||||||
Capital expenditures | $ | 353 | $ | 201 | $ | 102 | $ | 48 | $ | 704 |
Electrical/Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other (1) | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Year Ended December 31, 2014: | |||||||||||||||||||
Net sales | $ | 8,274 | $ | 4,540 | $ | 2,880 | $ | (195 | ) | $ | 15,499 | ||||||||
Depreciation and amortization | $ | 266 | $ | 200 | $ | 74 | $ | — | $ | 540 | |||||||||
Adjusted operating income | $ | 1,060 | $ | 486 | $ | 379 | $ | — | $ | 1,925 | |||||||||
Operating income (4) | $ | 986 | $ | 427 | $ | 345 | $ | — | $ | 1,758 | |||||||||
Equity income (loss) | $ | 21 | $ | (1 | ) | $ | — | $ | — | $ | 20 | ||||||||
Net income attributable to noncontrolling interest | $ | 35 | $ | 36 | $ | — | $ | — | $ | 71 | |||||||||
Capital expenditures | $ | 326 | $ | 322 | $ | 82 | $ | 49 | $ | 779 |
(1) | Eliminations and Other includes the elimination of inter-segment transactions. Capital expenditures amounts are attributable to corporate administrative and support functions, including corporate headquarters and certain technical centers. |
(2) | Includes a pre-tax gain of $141 million from the divestiture of the Electronics and Safety Mechatronics business, as well as charges recorded in 2016 related to costs associated with employee termination benefits and other exit costs of $117 million for Electrical/Electronic Architecture, $172 million for Powertrain Systems and $39 million for Electronics and Safety. |
(3) | Includes charges recorded in 2015 related to costs associated with employee termination benefits and other exit costs of $37 million for Electrical/Electronic Architecture, $115 million for Powertrain Systems and $25 million for Electronics and Safety. |
(4) | Includes charges recorded in 2014 related to costs associated with employee termination benefits and other exit costs of $57 million for Electrical/Electronic Architecture, $55 million for Powertrain Systems and $28 million for Electronics and Safety. |
Electrical/Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other (1) | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
Balance as of December 31, 2016: | |||||||||||||||||||
Investment in affiliates | $ | 67 | $ | 34 | $ | — | $ | — | $ | 101 | |||||||||
Goodwill | $ | 1,424 | $ | 6 | $ | 78 | $ | — | $ | 1,508 | |||||||||
Total segment assets | $ | 8,458 | $ | 3,589 | $ | 2,327 | $ | (2,082 | ) | $ | 12,292 | ||||||||
Balance as of December 31, 2015: | |||||||||||||||||||
Investment in affiliates | $ | 60 | $ | 34 | $ | — | $ | — | $ | 94 | |||||||||
Goodwill | $ | 1,458 | $ | 8 | $ | 73 | $ | — | $ | 1,539 | |||||||||
Total segment assets | $ | 7,924 | $ | 3,684 | $ | 2,474 | $ | (2,109 | ) | $ | 11,973 |
(1) | Eliminations and Other includes the elimination of inter-segment transactions. |
Electrical/Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Year Ended December 31, 2016: | |||||||||||||||||||
Adjusted operating income | $ | 1,344 | $ | 511 | $ | 368 | $ | — | $ | 2,223 | |||||||||
Restructuring | (117 | ) | (172 | ) | (39 | ) | — | (328 | ) | ||||||||||
Other acquisition and portfolio project costs | (41 | ) | (10 | ) | (8 | ) | — | (59 | ) | ||||||||||
Asset impairments | — | (29 | ) | (1 | ) | — | (30 | ) | |||||||||||
Gain (loss) on business divestitures, net | — | — | 141 | — | 141 | ||||||||||||||
Operating income | $ | 1,186 | $ | 300 | $ | 461 | $ | — | 1,947 | ||||||||||
Interest expense | (156 | ) | |||||||||||||||||
Other expense, net | (366 | ) | |||||||||||||||||
Income from continuing operations before income taxes and equity income | 1,425 | ||||||||||||||||||
Income tax expense | (242 | ) | |||||||||||||||||
Equity income, net of tax | 35 | ||||||||||||||||||
Income from continuing operations | 1,218 | ||||||||||||||||||
Income from discontinued operations, net of tax | 108 | ||||||||||||||||||
Net income | 1,326 | ||||||||||||||||||
Net income attributable to noncontrolling interest | 69 | ||||||||||||||||||
Net income attributable to Delphi | $ | 1,257 |
Electrical/Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Year Ended December 31, 2015: | |||||||||||||||||||
Adjusted operating income | $ | 1,095 | $ | 524 | $ | 352 | $ | — | $ | 1,971 | |||||||||
Restructuring | (37 | ) | (115 | ) | (25 | ) | — | (177 | ) | ||||||||||
Other acquisition and portfolio project costs | (26 | ) | (12 | ) | (9 | ) | — | (47 | ) | ||||||||||
Asset impairments | (4 | ) | (9 | ) | (3 | ) | — | (16 | ) | ||||||||||
Gain (loss) on business divestitures, net | (14 | ) | — | 6 | — | (8 | ) | ||||||||||||
Operating income | $ | 1,014 | $ | 388 | $ | 321 | $ | — | 1,723 | ||||||||||
Interest expense | (127 | ) | |||||||||||||||||
Other expense, net | (88 | ) | |||||||||||||||||
Income from continuing operations before income taxes and equity income | 1,508 | ||||||||||||||||||
Income tax expense | (263 | ) | |||||||||||||||||
Equity income, net of tax | 16 | ||||||||||||||||||
Income from continuing operations | 1,261 | ||||||||||||||||||
Income from discontinued operations, net of tax | 274 | ||||||||||||||||||
Net income | 1,535 | ||||||||||||||||||
Net income attributable to noncontrolling interest | 85 | ||||||||||||||||||
Net income attributable to Delphi | $ | 1,450 |
Electrical/Electronic Architecture | Powertrain Systems | Electronics and Safety | Eliminations and Other | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
For the Year Ended December 31, 2014: | |||||||||||||||||||
Adjusted operating income | $ | 1,060 | $ | 486 | $ | 379 | $ | — | $ | 1,925 | |||||||||
Restructuring | (57 | ) | (55 | ) | (28 | ) | — | (140 | ) | ||||||||||
Other acquisition and portfolio project costs | (15 | ) | (3 | ) | (2 | ) | — | (20 | ) | ||||||||||
Asset impairments | (2 | ) | (1 | ) | (4 | ) | — | (7 | ) | ||||||||||
Operating income | $ | 986 | $ | 427 | $ | 345 | $ | — | 1,758 | ||||||||||
Interest expense | (135 | ) | |||||||||||||||||
Other income, net | (8 | ) | |||||||||||||||||
Income from continuing operations before income taxes and equity income | 1,615 | ||||||||||||||||||
Income tax expense | (255 | ) | |||||||||||||||||
Equity income, net of tax | 20 | ||||||||||||||||||
Income from continuing operations | 1,380 | ||||||||||||||||||
Income from discontinued operations, net of tax | 60 | ||||||||||||||||||
Net income | 1,440 | ||||||||||||||||||
Net income attributable to noncontrolling interest | 89 | ||||||||||||||||||
Net income attributable to Delphi | $ | 1,351 |
Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||||||||||||||
Net Sales | Net Property (1) | Net Sales | Net Property (1) | Net Sales | Net Property (1) | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
United States (2) | $ | 6,037 | $ | 980 | $ | 5,536 | $ | 898 | $ | 5,160 | $ | 675 | |||||||||||
Other North America | 143 | 171 | 146 | 147 | 208 | 135 | |||||||||||||||||
Europe, Middle East & Africa (3) | 5,871 | 1,435 | 5,275 | 1,469 | 5,940 | 1,395 | |||||||||||||||||
Asia Pacific (4) | 4,274 | 858 | 3,839 | 809 | 3,552 | 732 | |||||||||||||||||
South America | 336 | 71 | 369 | 54 | 639 | 84 | |||||||||||||||||
Total | $ | 16,661 | $ | 3,515 | $ | 15,165 | $ | 3,377 | $ | 15,499 | $ | 3,021 |
(1) | Net property data represents property, plant and equipment, net of accumulated depreciation. |
(2) | Includes net sales and machinery, equipment and tooling that relate to the Company's maquiladora operations located in Mexico. These assets are utilized to produce products sold to customers located in the United States. |
(3) | Includes Delphi’s country of domicile, Jersey, and the country of Delphi’s principal executive offices, the United Kingdom. The Company had no sales in Jersey in any period. The Company had net sales of $827 million, $834 million, and $892 million in the United Kingdom for the years ended December 31, 2016, 2015 and 2014, respectively. The Company had net property in the United Kingdom of $230 million, $276 million, and $231 million as of December 31, 2016, 2015 and 2014, respectively. The largest portion of net sales in the Europe, Middle East & Africa region was $959 million in Germany, $834 million in the United Kingdom and $892 million in the United Kingdom for the years ended December 31, 2016, 2015 and 2014, respectively. |
(4) | Net sales and net property in Asia Pacific are primarily attributable to China. |
Three Months Ended | |||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | Total | |||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||
2016 | |||||||||||||||||||
Net sales | $ | 4,051 | $ | 4,206 | $ | 4,091 | $ | 4,313 | $ | 16,661 | |||||||||
Cost of sales (1) | 3,265 | 3,348 | 3,256 | 3,238 | 13,107 | ||||||||||||||
Gross profit | $ | 786 | $ | 858 | $ | 835 | $ | 1,075 | $ | 3,554 | |||||||||
Operating income (2) | $ | 441 | $ | 391 | $ | 460 | $ | 655 | $ | 1,947 | |||||||||
Income from continuing operations | 335 | 271 | 306 | 306 | 1,218 | ||||||||||||||
Income from discontinued operations, net of tax (3) | 108 | — | — | — | 108 | ||||||||||||||
Net income (4) | $ | 443 | $ | 271 | $ | 306 | $ | 306 | $ | 1,326 | |||||||||
Net income attributable to Delphi | $ | 425 | $ | 258 | $ | 293 | $ | 281 | $ | 1,257 | |||||||||
Basic net income per share: | |||||||||||||||||||
Continuing operations (5) | $ | 1.16 | $ | 0.95 | $ | 1.08 | $ | 1.04 | $ | 4.22 | |||||||||
Discontinued operations (5) | 0.38 | — | — | — | 0.38 | ||||||||||||||
Basic net income per share attributable to Delphi (5) | $ | 1.54 | $ | 0.95 | $ | 1.08 | $ | 1.04 | $ | 4.60 | |||||||||
Weighted average number of basic shares outstanding | 276.62 | 272.92 | 272.19 | 270.38 | 273.02 | ||||||||||||||
Diluted net income per share: | |||||||||||||||||||
Continuing operations (5) | $ | 1.15 | $ | 0.94 | $ | 1.07 | $ | 1.03 | $ | 4.21 | |||||||||
Discontinued operations (5) | 0.38 | — | — | — | 0.38 | ||||||||||||||
Diluted net income per share attributable to Delphi (5) | $ | 1.53 | $ | 0.94 | $ | 1.07 | $ | 1.03 | $ | 4.59 | |||||||||
Weighted average number of diluted shares outstanding | 277.04 | 273.37 | 272.77 | 271.64 | 273.70 | ||||||||||||||
2015 | |||||||||||||||||||
Net sales | $ | 3,797 | $ | 3,858 | $ | 3,631 | $ | 3,879 | $ | 15,165 | |||||||||
Cost of sales | 3,056 | 3,076 | 2,862 | 3,161 | 12,155 | ||||||||||||||
Gross profit | $ | 741 | $ | 782 | $ | 769 | $ | 718 | $ | 3,010 | |||||||||
Operating income (6) | $ | 446 | $ | 481 | $ | 461 | $ | 335 | $ | 1,723 | |||||||||
Income from continuing operations | 304 | 369 | 364 | 224 | 1,261 | ||||||||||||||
(Loss) income from discontinued operations, net of tax (7) | (75 | ) | 298 | 54 | (3 | ) | 274 | ||||||||||||
Net income (8) | $ | 229 | $ | 667 | $ | 418 | $ | 221 | $ | 1,535 | |||||||||
Net income attributable to Delphi | $ | 209 | $ | 645 | $ | 404 | $ | 192 | $ | 1,450 | |||||||||
Basic net income (loss) per share: | |||||||||||||||||||
Continuing operations (5) | $ | 0.99 | $ | 1.22 | $ | 1.24 | $ | 0.71 | $ | 4.16 | |||||||||
Discontinued operations (5) | (0.27 | ) | 1.02 | 0.19 | (0.02 | ) | 0.92 | ||||||||||||
Basic net income per share attributable to Delphi (5) | $ | 0.72 | $ | 2.24 | $ | 1.43 | $ | 0.69 | $ | 5.08 | |||||||||
Weighted average number of basic shares outstanding | 290.90 | 287.77 | 282.97 | 279.29 | 285.20 | ||||||||||||||
Diluted net income (loss) per share: | |||||||||||||||||||
Continuing operations (5) | $ | 0.99 | $ | 1.21 | $ | 1.23 | $ | 0.70 | $ | 4.14 | |||||||||
Discontinued operations (5) | (0.27 | ) | 1.02 | 0.19 | (0.02 | ) | 0.92 | ||||||||||||
Diluted net income per share attributable to Delphi (5) | $ | 0.72 | $ | 2.23 | $ | 1.42 | $ | 0.68 | $ | 5.06 | |||||||||
Weighted average number of diluted shares outstanding | 291.81 | 288.85 | 284.40 | 281.64 | 286.64 |
(1) | In the fourth quarter of 2016, Delphi recognized a pre-tax gain of $141 million on the divestiture of its Mechatronics business. |
(2) | In the second quarter of 2016, Delphi recorded restructuring charges totaling $154 million, which includes employee-related and other costs, $88 million of which related to the initiation of the closure of a European manufacturing site within the Powertrain Systems segment. |
(3) | In the first quarter of 2016, Delphi recognized an after-tax gain on the divestiture of discontinued operations of $104 million. |
(4) | In the third quarter of 2016, Delphi recognized losses on the extinguishment of debt of $73 million. In the fourth quarter of 2016, Delphi recorded a reserve of $300 million for the Unsecured Creditors litigation. |
(5) | Due to the use of the weighted average shares outstanding for each quarter for computing earnings per share, the sum of the quarterly per share amounts may not equal the per share amount for the year. |
(6) | In the fourth quarter of 2015, Delphi recorded restructuring charges totaling $108 million, which includes employee-related and other costs. |
(7) | In the first quarter of 2015, Delphi recognized an after-tax impairment loss of $88 million within discontinued operations, in the second quarter of 2015, Delphi recognized an after-tax gain on the divestiture of discontinued operations of $285 million and in the third quarter of 2015, Delphi recognized an after-tax gain on the divestiture of discontinued operations of $47 million. |
(8) | In the first quarter of 2015, Delphi recognized a loss on extinguishment of debt of $52 million. |
December 31, 2015 | |||
(in millions) | |||
Cash and cash equivalents | $ | 44 | |
Accounts receivable, net | 79 | ||
Inventories, net | 17 | ||
Property, net | 74 | ||
Intangible assets, net | 1 | ||
Other assets | 8 | ||
Total assets of the discontinued operations classified as held for sale | $ | 223 | |
Accounts payable | $ | 97 | |
Accrued liabilities | 27 | ||
Other liabilities | 6 | ||
Total liabilities of the discontinued operations classified as held for sale | $ | 130 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in millions) | |||||||||||
Net sales | $ | 78 | $ | 914 | $ | 1,524 | |||||
Cost of sales | 67 | 828 | 1,379 | ||||||||
Selling, general and administrative | 4 | 27 | 45 | ||||||||
Amortization | — | 1 | 7 | ||||||||
Restructuring | — | 3 | 4 | ||||||||
Other income and expense items that are not major, net | — | — | 1 | ||||||||
Income from discontinued operations before income taxes and equity income | 7 | 55 | 90 | ||||||||
Income tax expense on discontinued operations | — | (10 | ) | (27 | ) | ||||||
Equity loss from discontinued operations, net of tax | — | (1 | ) | (3 | ) | ||||||
Gain on divestiture of discontinued operations, net of tax | 104 | 318 | — | ||||||||
Adjustment to prior period gain on divestiture, net of tax | (3 | ) | — | — | |||||||
Impairment loss | — | (88 | ) | — | |||||||
Income from discontinued operations, net of tax | 108 | 274 | 60 | ||||||||
Income from discontinued operations attributable to noncontrolling interests | 3 | 12 | 18 | ||||||||
Net income from discontinued operations attributable to Delphi | $ | 105 | $ | 262 | $ | 42 |
Page No. | |
— Reports of Independent Registered Public Accounting Firm | |
— Consolidated Statements of Operations for the Years Ended December 31, 2016, 2015 and 2014 | |
— Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2016, 2015 and 2014 | |
— Consolidated Balance Sheets as of December 31, 2016 and 2015 | |
— Consolidated Statements of Cash Flows for the Years Ended December 31, 2016, 2015 and 2014 | |
— Consolidated Statements of Shareholders’ Equity for the Years Ended December 31, 2016, 2015 and 2014 | |
— Notes to Consolidated Financial Statements |
Additions | |||||||||||||||||||
Balance at Beginning of Period | Charged to Costs and Expenses | Deductions | Other Activity | Balance at End of Period | |||||||||||||||
(in millions) | |||||||||||||||||||
December 31, 2016: | |||||||||||||||||||
Allowance for doubtful accounts | $ | 26 | $ | 24 | $ | (7 | ) | $ | (1 | ) | $ | 42 | |||||||
Tax valuation allowance (a) | $ | 910 | $ | 578 | $ | — | $ | (30 | ) | $ | 1,458 | ||||||||
December 31, 2015: | |||||||||||||||||||
Allowance for doubtful accounts | $ | 21 | $ | 11 | $ | (7 | ) | $ | 1 | $ | 26 | ||||||||
Tax valuation allowance (a) | $ | 747 | $ | 192 | $ | — | $ | (29 | ) | $ | 910 | ||||||||
December 31, 2014: | |||||||||||||||||||
Allowance for doubtful accounts (b) | $ | 60 | $ | 10 | $ | (5 | ) | $ | (44 | ) | $ | 21 | |||||||
Tax valuation allowance (a) | $ | 642 | $ | 187 | $ | (15 | ) | $ | (67 | ) | $ | 747 |
(a) | Additions Charged to Costs and Expenses are primarily related to taxable losses for which the tax benefit has been reserved. |
(b) | Other Activity primarily represents the reclassification of balances related to billing adjustments to accounts receivable. |
Exhibit Number | Description | |
2.1 | Master Disposition Agreement among Delphi Corporation, GM Components Holdings, LLC, General Motors Company, Motors Liquidation Company (fka General Motors Corporation), DIP Holdco 3, LLC, and the other sellers and other buyers party thereto, dated July 26, 2009(1) | |
3.1 | Memorandum and Articles of Association(4) | |
4.1 | Form of Ordinary Share Certificate(3) | |
4.2 | Fourth Amended and Restated Limited Liability Partnership Agreement of Delphi Automotive LLP dated as of July 12, 2011(2) | |
4.3 | Senior Notes Indenture, dated as of February 14, 2013, among Delphi Corporation, the guarantors named therein, Wilmington Trust, National Association, as Trustee, and Deutsche Bank Trust Company Americas, as Registrar, Paying Agent and Authenticating Agent (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of the Company filed with the SEC on February 14, 2013) | |
4.4 | Second Supplemental Indenture, dated as of March 3, 2014, among Delphi Corporation, the Guarantors named therein, Wilmington Trust, National Association, as Trustee, and Deutsche Bank Trust Company Americas, as Registrar, Paying Agent and Authenticating Agent (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of the Company filed with the SEC on March 3, 2014) | |
4.5 | Senior Notes Indenture, dated as of March 10, 2015, among Delphi Automotive PLC, Wilmington Trust, National Association, as Trustee and Deutsche Bank Trust Company Americas, as Registrar, Paying Agent and Authenticating Agent (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of the Company filed with the SEC on March 10, 2015) | |
4.6 | First Supplemental Indenture, dated as of March 10, 2015, among Delphi Automotive PLC, the guarantors named therein, Wilmington Trust, National Association, as Trustee and Deutsche Bank Trust Company Americas, as Registrar, Paying Agent and Authenticating Agent (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of the Company filed with the SEC on March 10, 2015) | |
4.7 | Second Supplemental Indenture, dated as of November 19, 2015, among Delphi Automotive PLC, the guarantors named therein, Wilmington Trust, National Association, as Trustee and Deutsche Bank Trust Company Americas, as Registrar, Paying Agent and Authenticating Agent (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of the Company filed with the SEC on November 19, 2015) | |
4.8 | Third Supplemental Indenture, dated as of September 15, 2016, among Delphi Automotive PLC, the guarantors named therein, Wilmington Trust, National Association, as Trustee and Deutsche Bank Trust Company Americas, as Registrar, Paying Agent and Authenticating Agent (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of the Company filed with the SEC on September 15, 2016) | |
4.9 | Fourth Supplemental Indenture, dated as of September 20, 2016, among Delphi Automotive PLC, the guarantors named therein, Wilmington Trust, National Association, as Trustee and Deutsche Bank Trust Company Americas, as Registrar, Paying Agent and Authenticating Agent (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of the Company filed with the SEC on September 20, 2016) | |
10.1 | Restatement Agreement to Amended and Restated Credit Agreement, dated as of August 17, 2016, among Delphi Automotive PLC, Delphi Corporation, JPMorgan Chase Bank, N.A., as Administrative Agent, Swingline Lender, Issuing Bank and a Lender (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed with the SEC on August 18, 2016) | |
10.2 | Delphi Automotive PLC Executive Severance Plan, effective February 1, 2017*+ | |
10.3 | Delphi Automotive PLC Executive Change in Control Severance Plan, effective February 1, 2017*+ | |
10.4 | Delphi Corporation Supplemental Executive Retirement Program(1)+ | |
10.5 | Delphi Corporation Salaried Retirement Equalization Savings Program(1)+ | |
10.6 | Delphi Automotive PLC Long Term Incentive Plan(3)+ | |
10.7 | Offer letter for Jeffrey J. Owens, dated October 2, 2009(7)+ | |
10.8 | Offer letter for Kevin P. Clark, dated June 10, 2010(1)+ | |
10.9 | Offer letter for Majdi B. Abulaban, dated October 2, 2009(9)+ | |
10.10 | Offer letter for Jugal K. Vijayvargiya, dated October 2, 2009(12)+ | |
10.11 | Offer letter for Joseph R. Massaro, dated September 13, 2013(14)+ | |
10.12 | Employment Agreement, dated February 14, 2014, as amended by the Addendum to the Employment Agreement, dated February 19, 2015, between the Company and Liam Butterworth(12)+ | |
10.13 | Form of Non-Employee Director RSU Award Agreement pursuant to Delphi Automotive PLC Long Term Incentive Plan, as amended(5)+ | |
10.14 | Letter Agreement, dated October 29, 2012, between the Company and Kevin P. Clark(6)+ | |
10.15 | Form of Officer RSU Award Agreement pursuant to the Delphi Automotive PLC Long Term Incentive Plan(8)+ | |
10.16 | Form of Officer RSU Award Agreement (including Continuity Incentive RSU Award) pursuant to the Delphi Automotive PLC Long Term Incentive Plan(8)+ |
10.17 | Delphi Automotive PLC Long-Term Incentive Plan, as amended and restated (incorporated by reference to the Company's Proxy Statement dated March 9, 2015)+ | |
10.18 | Form of Officer Performance-Based RSU Award pursuant to the Delphi Automotive PLC Long-Term Incentive Plan, as amended and restated(11)+ | |
10.19 | Form of Officer Performance-Based RSU Award pursuant to the Delphi Automotive PLC Long-Term Incentive Plan, as amended and restated, effective 2016(13)+ | |
10.20 | Form of Officer Time-Based RSU Award pursuant to the Delphi Automotive PLC Long-Term Incentive Plan, as amended and restated(11)+ | |
10.21 | Form of Continuity Performance-Based RSU Award pursuant to the Delphi Automotive PLC Long-Term Incentive Plan, as amended and restated(11)+ | |
10.22 | Form of Continuity Time-Based RSU Award pursuant to the Delphi Automotive PLC Long-Term Incentive Plan, as amended and restated(11)+ | |
10.23 | Delphi Automotive PLC Leadership Incentive Plan, as amended and restated effective April 23, 2015 (incorporated by reference to the Company's Proxy Statement dated March 9, 2015)+ | |
10.24 | Delphi Automotive PLC Annual Incentive Plan (as Amended and Restated Effective January 1, 2017)*+ | |
12.1 | Computation of Ratio of Earnings to Fixed Charges* | |
21.1 | Subsidiaries of the Registrant* | |
23.1 | Consent of Ernst & Young LLP* | |
31.1 | Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer* | |
31.2 | Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer* | |
32.1 | Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* | |
32.2 | Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* | |
Exhibit Number | Description | |
101.INS | XBRL Instance Document# | |
101.SCH | XBRL Taxonomy Extension Schema Document# | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document# | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document# | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document# | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document# |
DELPHI AUTOMOTIVE PLC | ||
/s/ Joseph R. Massaro | ||
By: Joseph R. Massaro | ||
Chief Financial Officer and | ||
Senior Vice President |
Signature | Title | |
/s/ Kevin P. Clark | President, Chief Executive Officer & Director (Principal Executive Officer) | |
Kevin P. Clark | ||
/s/ Joseph R. Massaro | Chief Financial Officer and Senior Vice President (Principal Financial Officer) | |
Joseph R. Massaro | ||
/s/ Allan J. Brazier | Vice President and Chief Accounting Officer (Principal Accounting Officer) | |
Allan J. Brazier | ||
/s/ Rajiv L. Gupta | Chairman of the Board of Directors | |
Rajiv L. Gupta | ||
/s/ Joseph S. Cantie | Director | |
Joseph S. Cantie | ||
/s/ Gary L. Cowger | Director | |
Gary L. Cowger | ||
/s/ Nicholas M. Donofrio | Director | |
Nicholas M. Donofrio | ||
/s/ Mark P. Frissora | Director | |
Mark P. Frissora | ||
/s/ Sean O. Mahoney | Director | |
Sean O. Mahoney |
/s/ Timothy M. Manganello | Director | |
Timothy M. Manganello | ||
/s/ Ana G. Pinczuk | Director | |
Ana G. Pinczuk | ||
/s/ Thomas W. Sidlik | Director | |
Thomas W. Sidlik | ||
/s/ Bernd Wiedemann | Director | |
Bernd Wiedemann | ||
/s/ Lawrence A. Zimmerman | Director | |
Lawrence A. Zimmerman | ||
1. | DEFINITIONS. |
1.1 | “Affiliate” means (a) any entity that, directly or indirectly, is controlled by the Company, (b) any entity in which the Company, directly or indirectly, has a significant equity interest, in each case as determined by the Compensation Committee and (c) any other entity that the Compensation Committee determines should be treated as an “Affiliate.” |
1.2 | “Base Salary” means, with respect to an Eligible Executive, the Eligible Executive’s annual base salary rate as of the Separation Date, and shall in all cases exclude any bonus, overtime, commission, profit-sharing or similar payments and any short-term or long-term incentives, stock-based compensation, benefits, perquisites, expense reimbursements, allowances or similar forms of compensation. |
1.3 | “Board” means the board of directors of the Company. |
1.4 | “Cause” means, for purposes of a termination of an Eligible Executive’s employment with the Company and its Affiliates, such Eligible Executive’s: (a) indictment for any crime (i) constituting a felony, or (ii) that has, or could reasonably be expected to result in, an adverse impact on the performance of the Eligible Executive’s duties to the Company or a Subsidiary, or otherwise has, or could reasonably be expected to result in, an adverse impact to the business or reputation of the Company or a Subsidiary; (b) having been the subject of any order, judicial or administrative, obtained or issued by the Securities and Exchange Commission for any securities violation involving fraud, including, for example, any such order consented to by the Eligible Executive in which findings of facts or any legal conclusions establishing liability are neither admitted nor denied; (c) conduct, in connection with his or her employment or service, that is not taken in good faith and has, or could reasonably be expected to result in, material injury to the business or reputation of the Company or a Subsidiary or that are materially inimical to the best interests of the Company or a Subsidiary; (d) willful violation of the Company’s Code of Conduct or other material |
1.5 | “Change in Control” shall have the meaning provided for such term in the Delphi Automotive PLC Executive Change in Control Severance Plan, as it may be amended from time to time. |
1.6 | “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended from time to time. |
1.7 | “Code” means the Internal Revenue Code of 1986, as it may be amended from time to time, including, without limitation, any rules and regulations promulgated thereunder, along with Treasury and Internal Revenue Service interpretations thereof. |
1.8 | “Common Stock” means the Ordinary Shares, $0.01 par value per share, of the Company or any security into which such Ordinary Shares may be changed by reason of any transaction or similar event. |
1.9 | “Company” means Delphi Automotive PLC, a Jersey public limited company, or its successor. |
1.10 | “Compensation Committee” means the Compensation and Human Resources Committee of the Board, or its successor. |
1.11 | “Continuation Period” means, as applicable, the following period of time that applies to an Eligible Executive in connection with a Severance: |
Applicable Continuation Period | ||
Continuous Service | Officer | Non-Officer |
≥ 2 years | 18 months | 12 months |
< 2 years | 12 months | 6 months |
1.12 | “Continuous Service” is measured from an Employee’s most recent hire date to the last day of employment, in each case with respect to the Employer, and is expressed as completed years. A leave of absence does not interrupt an Employee’s Continuous Service, provided the Employee returns to work with the Employer at the end of the leave; if the Employee does not so return to work, service will be counted through the last day worked before the leave began. |
1.13 | “Disability” means (a) a permanent and total disability that entitles the Eligible Executive to disability income payments under any long-term disability plan or policy provided by or on behalf of the Company under which the Eligible Executive is covered, as such plan or policy is then in effect, or (b) if such Eligible Executive is not covered under a long-term disability plan or policy provided by or on behalf of the Company at such time for whatever reason, then a “permanent and total disability” as defined in Section 22(e)(3) of the Code and, in this case, the existence of any such Disability will be certified by a physician acceptable to the Company. |
1.14 | “Eligible Executive” means an Officer or Non-Officer (a) designated from time to time to any pay grade structure used to define executive positions, as applicable, or who may otherwise be designated as an Eligible Executive from time to time by the Compensation Committee or its designee (and such designation has not as of the Separation Date been withdrawn or otherwise revoked, as applicable) and (b) who accepts participation herein in such manner as shall be prescribed by the Company; provided, however, that (c) notwithstanding anything in this Plan to the contrary, “Eligible Executive” shall not include any Officer or Non-Officer who, prior to the Effective Date, made an irrevocable election to receive payments or benefits under a supplemental executive retirement program sponsored by the Company, its predecessors or their Affiliates in lieu of certain separation benefits. The Compensation Committee may require as a condition of participation in this Plan that an Eligible Executive execute a participation agreement pursuant to which the Eligible Executive agrees to the terms of his or her participation set forth in this Plan. |
1.15 | “Employee” means (a) each employee of the Employer who (i) works full-time, including flex service employees, and (ii) is compensated as a regular or flexible service employee, but does not mean (b)(i) part-time and temporary employees, excluding flex service employees, (ii) supplemental, contract or agency employees (that is, employees whose employment, whether part-time or full-time, is classified by the Company as supplemental or temporary in nature, and in any event not generally intended to exceed 18 months in duration), (iii) independent contractors (regardless of whether the individual is classified as an employee by any federal, state or local agency or any court of competent jurisdiction), (iv) employees who have elected to be placed on administrative leave pursuant to a written agreement between the employee and the Employer, (v) leased employees (as defined in Section 414 of the Code, (vi) non-employee members of the Board, and (vii) any Non-Officer (x) whose Home Country is not the United States and (y) who is entitled to receive statutory benefits in the event of a Qualifying Separation. |
1.16 | “Employer” means, with respect to an Eligible Executive, the Subsidiary that employs the Eligible Executive, or any successor thereto. |
1.17 | “Employment Agreement” means any employment, severance, consulting or similar agreement (including any offer letter) between the Company or any of its Affiliates and an Eligible Executive. |
1.18 | “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. |
1.19 | “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, as such law, rules and regulations may be amended from time to time. |
1.20 | “Good Reason” means: |
(a) | with respect to any Eligible Executive, “good reason” as defined in the Eligible Executive’s Employment Agreement, if any; or |
(b) | if not so defined, the occurrence of any one or more of the following events: |
(i) | a material diminution in the Eligible Executive’s Base Salary; |
(ii) | a material diminution in the Eligible Executive’s authority, duties, or responsibilities; |
(iii) | a relocation of the Eligible Executive’s principal place of employment more than 50 miles from its location; or |
(iv) | any other action or inaction that constitutes a material breach by the Company of the Eligible Executive’s Employment Agreement, if any; |
1.21 | “Non-Officer” means any Employee of the Employer who is not an Officer. |
1.22 | “Home Country” means, for Eligible Executives who are not expatriates, the country in which the Eligible Executive’s employment is based. For expatriate employees, the Home Country means the country in which the Eligible Executive was last employed prior to the international assignment and the country to which the Eligible Executive will most likely return upon the completion of the assignment. |
1.23 | “Officer” means any Employee of the Employer who is an elected officer of the Company. |
1.24 | “Person” means any “person” as such term is used for purposes of Section 13(d) or 14(d) of the Exchange Act. |
1.25 | “Plan” means this Delphi Automotive PLC Executive Severance Plan, as set forth herein, as it may be amended from time to time. |
1.26 | “Plan Administrator” means the Compensation Committee or such subcommittee or person or persons appointed from time to time by the Compensation Committee to administer this Plan, which appointment may be revoked at any time by the Compensation Committee. |
1.27 | “Protection Period” means either (a) the two-year period following a Change in Control or (b) only if an Officer experiences an involuntary termination of his or her employment by the Employer without Cause (other than by reason of death or Disability) between the signing date of the merger or other applicable transaction document pursuant to which a Change in Control described in subsections (a), (c) or (d) of the definition of Change in Control occurs and the earlier of the date of the Change in Control or the date such merger or transaction agreement terminates (the “Pre-Change in Control Period”), and such termination occurs at the request of any party involved in the Change in Control, the Pre-Change in Control Period (in which case the Officer’s applicable Separation Date shall be deemed to be the date of the Change in Control). |
1.28 | “Qualifying Separation” means: |
(a) | For any Officer, (i) an involuntary termination of the Officer’s employment by the Employer without Cause (other than by reason of death or Disability) other than during the Protection Period, or (ii) a voluntary termination of the Officer’s employment for Good Reason other than during the Protection Period; and |
(b) | For any Non-Officer, an involuntary termination of the Non-Officer’s employment by the Employer without Cause (other than by reason of death or Disability); provided, however, that |
(c) | A Qualifying Separation shall not occur by reason of the divestiture of a facility, sale of a business or business unit, or the outsourcing of a business activity with which an Eligible Executive is affiliated, if the Eligible Executive is offered comparable employment with a Base Salary and annual cash incentive award opportunity at least equal in value to that in effect immediately prior to such transfer of employment by the entity that acquires such facility, business or business unit or that succeeds to such outsourced business activity. |
1.29 | “Section 409A” means Section 409A of the Code, and the rules, regulations and guidance promulgated thereunder by the U.S. Department of the Treasury or the U.S. Internal Revenue Service |
1.30 | “Separation Date” means, with respect to an Eligible Executive, the date on which the Eligible Executive incurs a Qualifying Separation. |
1.31 | “Subsidiary” means a corporation, company or other entity (a) more than 50% of whose outstanding shares or securities (representing the right to vote for the election of directors or other managing authority) are, or (b) which does not have outstanding shares or securities (as may be the case in a partnership, limited liability company, joint venture or unincorporated association), but more than 50% of whose ownership interest representing |
2. | SEVERANCE PAYMENTS AND BENEFITS. |
2.1 | General. If an Eligible Executive incurs a Qualifying Separation, and as long as the Eligible Executive is not then entitled to receive severance payments or benefits under any Employment Agreement, any change in control severance plan, program or arrangement or any other severance arrangement with the Company or its Affiliates (other than as described in Section 2.4 below) as a result of the Qualifying Separation, then such Eligible Executive shall be entitled to receive severance payments and benefits pursuant to the applicable provisions of this Section 2. |
2.2 | Salary-Based Payments. Each Eligible Executive who incurs a Qualifying Separation shall be entitled to an aggregate cash severance payment, payable (subject to Section 7 of this Plan) in substantially equal bi-monthly installments starting on the second payroll date following the expiration of the revocation period for the Release under Section 2.5 but no later than on the 90th day following the Separation Date (such date the “Payment Date”) in an amount as reflected in the following table: |
Multiple of Annual Base Salary | ||
Continuous Service | Officer | Non-Officer |
≥ 2 years | 1.5x (paid in 36 installments) | 1x (paid in 24 installments) |
< 2 years | 1x (paid in 24 installments) | 0.5x (paid in 12 installments) |
2.3 | Health Benefits. If an Eligible Executive incurs a Qualifying Separation and elects COBRA coverage, the Company shall arrange for such coverage at its expense; provided, however, that the Eligible Executive shall pay to the Company or its designee a monthly cash payment equal to the premium active employees would pay for the same coverage, beginning in the month following the month in which the Separation Date occurs and continuing until the earlier of (a) the end of the Continuation Period, or (b) the date on which the Eligible Executive becomes eligible for medical or dental coverage as the case may be from a third party (the “Subsidized COBRA Period”). If the Eligible Executive becomes eligible for medical or dental coverage from a third party, the Eligible Executive shall report to the Company such coverage immediately. |
2.4 | Impact of Qualifying Separation on Equity Awards or Annual Cash Incentive Award Opportunity. In the case of each Eligible Executive who incurs a Qualifying Separation, the provisions of the applicable annual cash incentive, long-term incentive and equity (or equity-based) award agreements and plans and programs, or any other documents or arrangements applicable at such time that provide for the treatment of such annual cash incentive, long-term incentive and equity (or equity-based) awards in connection with or after the Qualifying Separation, will govern the treatment of all annual cash incentive, long-term incentive and equity (or equity-based) awards held by the Eligible Executive, as applicable, as of the Separation Date. |
2.5 | Release. Notwithstanding the foregoing, as a condition to the payment or receipt of any payment or benefit pursuant to the applicable provision of this Section 2, each Eligible Executive shall be required to execute and deliver, before the 60th day following the Eligible Executive’s Separation Date, an effective general waiver and release of claims agreement in favor of the Company and its Subsidiaries and Affiliates, in the form provided by the Company (“Release”), and any applicable revocation period must have expired during such 60-day period without the Eligible Executive revoking such Release. To the extent an Eligible Executive is required to sign a release of claims agreement to receive any payment under Section 2 deemed to be “deferred compensation” for purposes of Section 409A, and the period of time from the Eligible Employee’s Separation Date to the second payroll date after the 60th day following the Eligible Employee’s Separation Date (the “Release Period”) starts in one calendar year and ends in the following calendar year, such payments that would otherwise be made in the first calendar year will be made in the second calendar year, notwithstanding when the release of claims is executed and becomes irrevocable, and the first payment made will include any payments that would have been made during the period from the Separation Date through the actual first payment date if the revocation period for the Release had expired on the Separation Date and payments had started immediately after such expiration. Notwithstanding any provision to the contrary, the Release Period will not exceed 90 days. |
2.6 | No Severance Payments or Benefits Under Certain Circumstances. Notwithstanding anything in this Plan to the contrary, no severance payments or benefits will be paid or provided to an Eligible Executive under this Plan in the event that the Eligible Executive: (a) fails to perform his or her assigned duties in a manner satisfactory to the Company |
3. | PLAN ADMINISTRATION. |
3.1 | The Plan Administrator shall administer this Plan and may interpret this Plan, prescribe, amend and rescind rules and regulations under this Plan and make all other determinations necessary or advisable for the administration of this Plan, subject to all of the provisions of this Plan. |
3.2 | The Plan Administrator may delegate any of its duties hereunder to such person or persons from time to time as it may designate. |
3.3 | The Plan Administrator is empowered, on behalf of this Plan, to engage accountants, legal counsel and such other personnel as it deems necessary or advisable to assist it in the performance of its duties under this Plan. The functions of any such persons engaged by the Plan Administrator shall be limited to the specified services and duties for which they are engaged, and such persons shall have no other duties, obligations or responsibilities under this Plan. Such persons shall exercise no discretionary authority or discretionary control respecting the management of this Plan. All reasonable expenses thereof shall be borne by the Company. |
4. | PLAN MODIFICATION OR TERMINATION. |
5. | GENERAL PROVISIONS. |
5.1 | Subject to Section 2, if the Company or any Subsidiary or Affiliate is obligated by law or by contract to pay severance pay, a termination indemnity, notice pay, or the like, or if the Company or any Subsidiary or Affiliate is obligated by law to provide advance notice of separation to an Eligible Executive (a “Notice Period”), then any payments to the Eligible Executive pursuant to Section 2 shall be reduced by the amount of any such severance pay, termination indemnity, notice pay or the like, as applicable, and by the amount of any compensation received during any Notice Period except to the extent such reduction would be a violation of Section 409A. |
5.2 | Neither the establishment of this Plan, nor any modification thereof, nor the creation of any fund, trust or account, nor the payment of any benefits, shall be construed as giving any Eligible Executive, or any person whomsoever, the right to be retained in the service of the Company or any Subsidiary or Affiliate, and all Eligible Executives shall remain subject to discharge to the same extent as if this Plan had never been adopted. |
5.3 | If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provisions had not been included. |
5.4 | The headings and captions herein are provided for reference and convenience only, shall not be considered part of this Plan, and shall not be employed in the construction of this Plan. Unless otherwise specified, all Section references herein are to this Plan. Any reference to a day or days herein refers to a calendar day or days unless otherwise stated. |
5.5 | Notwithstanding anything in this Plan to the contrary, and for the sake of clarification, the Compensation Committee (with respect to Officers) and the Company’s Chief Executive Officer and Chief Human Resources Officer (with respect to Non-Officers) hereby retain authority to provide Eligible Executives with severance payments and benefits in addition to those provided for under this Plan, as determined by the Compensation Committee or the Company’s Chief Executive Officer and Chief Human Resources Officer, as applicable, in its sole discretion (including whether such authority will or will not be utilized with respect to any Eligible Executive). |
5.6 | This Plan shall not be funded. No Eligible Executive shall have any right to, or interest in, any assets of the Company (or any of its Subsidiaries or Affiliates) that may be applied by the Company (or any of its Subsidiaries or Affiliates) to the payment of benefits or other rights under this Plan. Nothing contained in this Plan, and no action taken pursuant to this Plan, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between the Company (or any of its Subsidiaries or Affiliates) and any Eligible Executive or any other person. The rights of each Eligible Executive or each Eligible Executive’s estate to benefits under this Plan shall be solely those of an unsecured creditor of the Employer. |
5.7 | All notices, requests and other communications under this Plan shall be in writing and shall be delivered in person (by courier or otherwise), mailed by certified or registered mail, return receipt requested, or sent by facsimile transmission, as follows: |
5.8 | This Plan shall be construed and enforced according to the laws of the State of New York, without reference to principles of conflicts of laws. |
5.9 | All benefits hereunder shall be reduced by applicable withholding and shall be subject to applicable tax reporting, as determined by the Plan Administrator. Notwithstanding any provision of the Plan to the contrary, no particular tax result with respect to any income recognized in connection with this Plan is guaranteed by the Company, its Subsidiaries or its Affiliates. |
5.10 | Following the Separation Date, if and to the extent requested by the Board, each Eligible Executive, as applicable, agrees to (a) resign from the Board, and from all fiduciary positions (including, without limitation, as trustee) and all other offices and positions he holds with the Company and its Subsidiaries and Affiliates; provided, however, that if the Eligible Executive refuses to tender his resignation after the Board has made such request, then the Board will be empowered to tender the Eligible Executive’s resignation or remove the Eligible Executive from such offices and positions; and (b) assign back to the Company all stock or other equity or equity-based securities of all Subsidiaries or Affiliates that he or she may own as a result of the Company issuing such stock or equity or equity-based securities to the Eligible Executive as a nominee or Company-designee. |
5.11 | Except for (a) any irrevocable election made by an Officer or Non-Officer to receive payments or benefits under a supplemental executive retirement program sponsored by the Company, its predecessors or their Affiliates in lieu of certain separation benefits (and the payments and benefits regarding such election and program), (b) any applicable annual cash incentive, long-term incentive and equity (or equity-based) award agreements and plans and programs described in Section 2.4 above, (c) the applicable severance provisions of any offer letter (or similar agreement) between the Company or any of its Affiliates and an Eligible Executive, and (d) the Delphi Automotive PLC Executive Change in Control Severance Plan, as it may be amended from time to time, as applicable, this Plan supersedes |
6. | SUCCESSORS; BINDING AGREEMENT. |
6.1 | Successors of the Company. The Company shall require any successor (and its parent, if applicable) who shall purchase all or substantially all of the business and/or assets of the Company (whether direct or indirect, by purchase, merger, consolidation or otherwise) to expressly assume and agree in writing to maintain this Plan in the same manner and to the same extent that the Company would be required to maintain it; provided that no such agreement shall be required if the successor (and its parent, if applicable) shall be or remain so obligated by operation of law. As used in this Section 6.1, the “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to maintain this Plan or which otherwise becomes bound by all the terms and provisions hereof by operation of law. |
6.2 | Eligible Executive’s Heirs, etc. This Plan shall inure to the benefit of and be enforceable by each Eligible Executive’s personal or legal representatives, executors, administrators, heirs, distributees, devisees and legatees. If an Eligible Executive should die while any amounts or benefits would still be payable to the Eligible Executive hereunder as if the Eligible Executive had continued to live, all such amounts and benefits, unless otherwise provided herein, shall be paid or provided in accordance with the terms hereof to the Eligible Executive’s designee or, if there be no such designee, to the Eligible Executive’s estate. When a payment is due under this Plan to a severed Eligible Executive who is unable to care for his affairs, payment may be made directly to the Eligible Executive’s legal guardian or personal representative. |
6.3 | Non-alienation. Except by will or intestacy as set forth in Section 6.2, no right, benefit or interest of any Eligible Executive hereunder, shall be subject to anticipation, alienation, sale, assignment, encumbrance, charge, pledge, hypothecation, or set-off in respect of any claim, debt or obligation, or to execution, attachment, levy or similar process, or assignment by operation of law. Any attempt, voluntary or involuntary, to effect any action specified in the immediately preceding sentence shall, to the full extent permitted by law, be null, void and of no effect. |
7. | SECTION 409A. |
7.1 | General. Payments and benefits under this Plan are intended to comply with Section 409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Plan shall be interpreted and administered to be in compliance therewith. |
7.2 | Separation from Service. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, an Eligible Executive shall not be considered to have terminated employment with the Employer for purposes of this Plan and no payments shall be due to the Eligible Executive under this Plan until the Eligible Executive would be considered to have incurred a “separation from service” from the Employer within the meaning of Section 409A. |
7.3 | Delay for Specified Employees. Notwithstanding any provisions of this Plan to the contrary, if an Eligible Executive is a “specified employee” (within the meaning of Section 409A and determined pursuant to policies adopted by the Employer consistent with Section 409A) at the time of the Eligible Executive’s separation from service and if any portion of the payments or benefits to be received by the Eligible Executive upon separation from service would be considered deferred compensation under Section 409A, then such deferred compensation amounts that would otherwise be payable pursuant to this Plan and benefits that would otherwise be provided pursuant to this Plan, in each case, during the six-month period immediately following the Eligible Executive’s separation from service shall not be so paid or so provided until six months and one day after the date of the Eligible Executive’s separation from service, except as permitted under Section 409A of the Code. |
7.4 | Reimbursements. With respect to any amount of expenses eligible for reimbursement under this Plan that are considered deferred compensation under Section 409A, such expenses shall be reimbursed by the Employer within 60 days following the date on which the Employer receives the applicable invoice from the applicable Eligible Executive (and approves such invoice) but in no event later than December 31st of the year following the year in which the Eligible Executive incurs the related expenses. In no event shall the reimbursements or in-kind benefits to be provided by the Employer in one taxable year affect the amount of reimbursements or in-kind benefits to be provided in any other taxable year, nor shall an Eligible Executive’s right to reimbursement or in-kind benefits be subject to liquidation or exchange for another benefit. |
7.5 | Separate Payments. Each payment under this Plan shall be considered a “separate payment” and not one of a series of payments for purposes of Section 409A. |
8. | CLAIMS, INQUIRIES, APPEALS. |
8.1 | Applications for Benefits and Inquiries. Any application for benefits, inquiries about this Plan or inquiries about present or future rights under this Plan must be submitted to the Plan Administrator in writing, as follows: |
8.2 | Denial of Claims. In the event that any application for benefits is denied in whole or in part, the Plan Administrator must notify the applicant, in writing, of the denial of the application, and of the applicant’s right to review the denial. The written notice of denial will be set forth in a manner designed to be understood by the employee, and will include specific reasons for the denial, specific references to the Plan provision upon which the denial is based, a description of any information or material that the Plan Administrator needs to complete the review, and an explanation of this Plan’s review procedure. |
8.3 | Request for a Review. Any person (or that person’s authorized representative) for whom an application for benefits is denied (or deemed denied), in whole or in part, may appeal the denial by submitting a request for a review to the Plan Administrator within 60 days after the application is denied (or deemed denied). The Plan Administrator will give the applicant (or his or her representative) an opportunity to review pertinent documents in preparing a request for a review and submit written comments, documents, records and other information relating to the claim. A request for a review shall be in writing and shall be addressed to: |
8.4 | Decision on Review. The Plan Administrator will act on each request for review within 60 days after receipt of the request, unless special circumstances require an extension of time (not to exceed an additional 60 days), for processing the request for a review. If an extension for review is required, written notice of the extension will be furnished to the applicant within the initial 60-day period. The Plan Administrator will give prompt, written notice of its decision to the applicant. In the event that the Plan Administrator confirms the denial of the application for benefits in whole or in part, the notice will outline, in a manner calculated to be understood by the applicant, the specific Plan provisions upon which the decision is based. If written notice of the Plan Administrator’s decision is not given to the applicant within the time prescribed in this Section 8.4, the application will be deemed denied on review. |
8.5 | Rules and Procedures. The Plan Administrator may establish rules and procedures, consistent with this Plan and with ERISA, as necessary and appropriate in carrying out its responsibilities in reviewing benefit claims. The Plan Administrator may require an applicant who wishes to submit additional information in connection with an appeal from the denial (or deemed denial) of benefits to do so at the applicant’s own expense. |
8.6 | Exhaustion of Remedies. No legal action for benefits under this Plan may be brought until the claimant (a) has submitted a written application for benefits in accordance with the procedures described by Section 8.1, (b) has been notified by the Plan Administrator that the application is denied (or the application is deemed denied due to the Plan Administrator’s failure to act on it within the established time period), (c) has filed a written request for a review of the application in accordance with the appeal procedure described in Section 8.3 and (d) has been notified in writing that the Plan Administrator has denied the appeal (or the appeal is deemed to be denied due to the Plan Administrator’s failure to take any action on the claim within the time prescribed by Section 8.4). |
9. | LEGAL FEES. |
9.1 | If any contest or dispute shall arise under or in connection with this Plan involving termination of an Eligible Executive’s employment while this Plan is in effect or involving the failure or refusal of the Employer or the Company to perform fully in accordance with the terms of this Plan, and the Eligible Executive prevails in such contest or dispute with respect to substantially all of the material issues, then the Employer shall reimburse the Eligible Executive on a current basis for all reasonable legal fees and related expenses, if any, incurred by the Eligible Executive in connection with such contest or dispute. |
1. | DEFINITIONS. |
1.1 | “Affiliate” means (a) any entity that, directly or indirectly, is controlled by the Company, (b) any entity in which the Company, directly or indirectly, has a significant equity interest, in each case as determined by the Compensation Committee and (c) any other entity that the Compensation Committee determines should be treated as an “Affiliate.” |
1.2 | “Base Salary” means, with respect to an Eligible Executive, the greater of (a) the Eligible Executive’s annual base salary rate as of the Separation Date and (b) the Eligible Executive’s annual base salary rate in effect immediately prior to the Change in Control, and shall in both cases exclude any bonus, overtime, commission, profit-sharing or similar payments and any short-term or long-term incentives, stock-based compensation, benefits, perquisites, expense reimbursements, allowances or similar forms of compensation. |
1.3 | “Board” means the board of directors of the Company. |
1.4 | “Cause” means, for purposes of a termination of an Eligible Executive’s employment with the Company and its Affiliates, such Eligible Executive’s: (a) indictment for any crime (i) constituting a felony, or (ii) that has, or could reasonably be expected to result in, an adverse impact on the performance of the Eligible Executive’s duties to the Company or a Subsidiary, or otherwise has, or could reasonably be expected to result in, an adverse impact to the business or reputation of the Company or a Subsidiary; (b) having been the subject of any order, judicial or administrative, obtained or issued by the Securities and Exchange Commission for any securities violation involving fraud, including, for example, any such order consented to by the Eligible Executive in which findings of facts or any legal conclusions establishing liability are neither admitted nor denied; (c) conduct, in connection with his or her employment or service, that is not taken in good faith and has, or could reasonably be expected to result in, material injury to the business or reputation of the Company or a Subsidiary or that are materially inimical to the best interests of the Company or a Subsidiary; (d) willful violation of the Company’s Code of Conduct or other material policies set forth in the manuals or statements of policy of the Company; (e) willful neglect in the performance of the Eligible Executive’s duties for the Company or willful or repeated failure or refusal to perform such duties; or (f) material breach of any applicable employment agreement. The occurrence of any such event that is susceptible to cure or remedy shall not |
1.5 | “CEO” means the Eligible Executive serving as the Chief Executive Officer of the Company. |
1.6 | “Change in Control” means the occurrence of any one or more of the following events: |
(a) | a direct or indirect change in ownership or control of the Company effected through one transaction or a series of related transactions within a 12-month period, whereby any “person” (as defined in Section 3(a)(9) of the Exchange Act) or any two or more persons deemed to be one Person other than the Company or an employee benefit plan maintained by the Company, directly or indirectly acquire or maintain “beneficial ownership” (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company constituting more than 30% of the total combined voting power of the Company’s equity securities outstanding immediately after such acquisition; |
(b) | at any time during a period of 12 consecutive months, individuals who at the beginning of such period constituted the Board cease for any reason to constitute a majority of members of the Board; provided, however, that any new member of the Board whose election or nomination for election was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of such period or whose election or nomination for election was so approved, shall be considered as though such individual were a member of the Board at the beginning of the period, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; |
(c) | the consummation of a merger or consolidation of the Company or any of its subsidiaries with any other corporation or entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity or, if applicable, the ultimate parent thereof) at least 50% of the combined voting power and total fair market value of the securities of the Company or such surviving entity or parent outstanding immediately after such merger or consolidation; or |
(d) | the consummation of any sale, lease, exchange or other transfer to any Person (other than an Affiliate of the Company), in one transaction or a series of related transactions within a 12-month period, of all or substantially all of the assets of the Company and its Subsidiaries. |
1.7 | “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended from time to time. |
1.8 | “Code” means the Internal Revenue Code of 1986, as it may be amended from time to time, including, without limitation, any rules and regulations promulgated thereunder, along with Treasury and Internal Revenue Service interpretations thereof. |
1.9 | “Common Stock” means the Ordinary Shares, $0.01 par value per share, of the Company or any security into which such Ordinary Shares may be changed by reason of any transaction or similar event. |
1.10 | “Company” means Delphi Automotive PLC, a Jersey public limited company, or its successor. |
1.11 | “Compensation Committee” means the Compensation and Human Resources Committee of the Board, or its successor. |
1.12 | “Disability” means (a) a permanent and total disability that entitles the Eligible Executive to disability income payments under any long-term disability plan or policy provided by or on behalf of the Company under which the Eligible Executive is covered, as such plan or policy is then in effect, or (b) if such Eligible Executive is not covered under a long-term disability plan or policy provided by or on behalf of the Company at such time for whatever reason, then a “permanent and total disability” as defined in Section 22(e)(3) of the Code and, in this case, the existence of any such Disability will be certified by a physician acceptable to the Company. |
1.13 | “Eligible Executive” means an officer (a) designated from time to time as an Eligible Executive by the Compensation Committee or its designee (and such designation has not as of the Separation Date been withdrawn or otherwise revoked, as applicable) and (b) who accepts participation herein in such manner as shall be prescribed by the Company. The Compensation Committee may require as a condition of participation in this Plan that an Eligible Executive execute a participation agreement pursuant to which the Eligible Executive agrees to the terms of his or her participation set forth in this Plan. |
1.14 | “Employer” means, with respect to an Eligible Executive, the Subsidiary that employs the Eligible Executive, or any successor thereto. |
1.15 | “Employment Agreement” means any employment, severance, consulting or similar agreement (including any offer letter) between the Company or any of its Affiliates and an Eligible Executive. |
1.16 | “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, as such law, rules and regulations may be amended from time to time. |
1.17 | “Good Reason” means: |
(a) | with respect to any Eligible Executive, “good reason” as defined in the Eligible Executive’s Employment Agreement, if any; or |
(b) | if not so defined, the occurrence of any one or more of the following events: |
(i) | a material diminution in the Eligible Executive’s Base Salary; |
(ii) | a material diminution in the Eligible Executive’s authority, duties, or responsibilities; |
(iii) | a relocation of the Eligible Executive’s principal place of employment more than 50 miles from its location; or |
(iv) | any other action or inaction that constitutes a material breach by the Company of the Eligible Executive’s Employment Agreement, if any; |
1.18 | “Person” means any “person” as such term is used for purposes of Section 13(d) or 14(d) of the Exchange Act. |
1.19 | “Plan” means this Delphi Automotive PLC Executive Change in Control Severance Plan, as set forth herein, as it may be amended from time to time. |
1.20 | “Plan Administrator” means the Compensation Committee or such subcommittee or person or persons appointed from time to time by the Compensation Committee to administer this Plan, which appointment may be revoked at any time by the Compensation Committee. |
1.21 | “Protection Period” means either (a) the two-year period following a Change in Control or (b) only if an Eligible Executive experiences an involuntary termination of his or her employment by the Employer without Cause (other than by reason of death or Disability) between the signing date of the merger or other applicable transaction document pursuant |
1.22 | “Qualifying Separation” means either an involuntary termination of the Eligible Executive’s employment by the Employer without Cause (other than by reason of death or Disability) during the Protection Period, or a voluntary termination of the Eligible Executive’s employment for Good Reason during the Protection Period; provided, however, that a Qualifying Separation shall not occur by reason of the divestiture of a facility, sale of a business or business unit, or the outsourcing of a business activity with which an Eligible Executive is affiliated, if the Eligible Executive is offered comparable employment with a Base Salary and annual cash incentive award opportunity at least equal in value to that in effect immediately prior to such transfer of employment by the entity that acquires such facility, business or business unit or that succeeds to such outsourced business activity. |
1.23 | “Section 409A” means Section 409A of the Code, and the rules, regulations and guidance promulgated thereunder by the U.S. Department of the Treasury or the U.S. Internal Revenue Service |
1.24 | “Separation Date” means, with respect to an Eligible Executive, the date on which the Eligible Executive incurs a Qualifying Separation. |
1.25 | “Subsidiary” means a corporation, company or other entity (a) more than 50% of whose outstanding shares or securities (representing the right to vote for the election of directors or other managing authority) are, or (b) which does not have outstanding shares or securities (as may be the case in a partnership, limited liability company, joint venture or unincorporated association), but more than 50% of whose ownership interest representing the right generally to make decisions for such other entity is, now or hereafter, owned or controlled, directly or indirectly, by the Company. |
2. | SEVERANCE PAYMENTS AND BENEFITS. |
2.1 | General. If an Eligible Executive incurs a Qualifying Separation, and as long as the Eligible Executive is not then entitled to receive severance payments or benefits under any Employment Agreement, any change in control severance plan, program or arrangement or any other severance arrangement with the Company or its Affiliates (other than as described in Section 2.4 below) as a result of the Qualifying Separation, then such Eligible Executive shall be entitled to receive change in control severance payments and benefits pursuant to the applicable provisions of this Section 2. Cash Payment. Subject to Section 2.6, each Eligible Executive who incurs a Qualifying Separation shall be entitled to a single lump sum cash payment, payable (subject to Section 8 of this Plan) on the second payroll date following the expiration of the revocation period for the Release under Section 2.5 but no |
(a) | (i) three times Base Salary in the case of the CEO and (ii) two times Base Salary in the case of an Eligible Executive other than the CEO; and |
(b) | (i) in the case of the CEO, three times the higher of the CEO’s target annual cash incentive award opportunity (A) for the year in which the Separation Date occurs or (B) in effect immediately prior to the Change in Control, and (ii) in the case of an Eligible Executive other than the CEO, two times the higher of the Eligible Executive’s target annual cash incentive award opportunity (A) for the year in which the Separation Date occurs or (B) in effect immediately prior to the Change in Control. |
2.2 | Health Benefits. Subject to Section 2.6, an Eligible Executive who incurs a Qualifying Separation shall be entitled to a single lump sum cash payment on the Payment Date in an amount equal to: |
(a) | the sum of 36 monthly COBRA premiums then in effect under the Company’s health and dental insurance plans (the “Health Plans”) for the coverage in which the CEO (and his eligible dependents, if applicable) is enrolled on the Separation Date, |
(b) | the sum of 24 monthly COBRA premiums then in effect under the Company’s Health Plans for the coverage in which an Eligible Executive other than the CEO (and his eligible dependents, if applicable) is enrolled on the Separation Date. |
2.3 | Impact of Qualifying Separation on Equity Awards or Annual Cash Incentive Award Opportunity. In the case of each Eligible Executive who incurs a Qualifying Separation, the provisions of the applicable annual cash incentive, long-term incentive and equity (or equity-based) award agreements and plans and programs, or any other documents or arrangements applicable at such time that provide for the treatment of such annual cash incentive, long-term incentive and equity (or equity-based) awards in connection with or after the Qualifying Separation, will govern the treatment of all annual cash incentive, long-term incentive and equity (or equity-based) awards held by the Eligible Executive, as applicable, as of the Separation Date. |
2.4 | Release. Notwithstanding the foregoing, as a condition to the payment or receipt of any payment or benefit pursuant to the applicable provision of this Section 2, each Eligible Executive shall be required to execute and deliver, before the 60th day following the Eligible Executive’s Separation Date, an effective general waiver and release of claims agreement in favor of the Company and its Subsidiaries and Affiliates, in the form provided by the Company (“Release”), and any applicable revocation period must have expired during such 60-day period without the Eligible Executive revoking such Release. To the extent an Eligible Executive is required to sign a release of claims agreement to receive any payment under Section 2 deemed to be “deferred compensation” for purposes of Section 409A, and the period of time from the Eligible Employee’s Separation Date to the second payroll date |
2.5 | Special Payment Timing. In the event that (a) an Eligible Executive incurs a Qualifying Separation, and (b) the Eligible Executive has an Employment Agreement or other arrangement with the Company, a Subsidiary or an Affiliate that provides for severance payments in the event of a termination of employment or the Eligible Executive is covered by the Delphi Automotive PLC Executive Severance Plan, and (c) (i) the Change in Control that triggers the Protection Period does not constitute a “change in control event” as defined in Section 409A of the Code or (ii) the Qualifying Separation occurs during the Pre-Change in Control Period or (iii) the time and form of the payments under Sections 2.2 and 2.3 would result in tax penalties under Section 409A of the Code, then to the extent necessary to avoid tax penalties under Section 409A of the Code, any severance payments owed pursuant to Sections 2.2 and 2.3 that are not in excess of the amount that the Eligible Executive would have received under the Employment Agreement or other arrangement or the Delphi Automotive PLC Executive Severance Plan, as applicable, as a result of a termination of employment other than during the Protection Period shall be paid at the time and in the manner provided in the Delphi Automotive PLC Executive Severance Plan or the Eligible Executive’s Employment Agreement or other arrangement, whichever applies, and the remaining amounts shall be paid in accordance with Sections 2.2 and 2.3. |
3. | PROVISIONS RELATING TO POTENTIAL EXCISE TAXES. |
3.1 | Notwithstanding any other provisions in this Plan, in the event that any payment or benefit received or to be received by an Eligible Executive (including, without limitation, any payment or benefit received in connection with a Change in Control or the termination of the Eligible Executive’s employment, whether pursuant to the terms of this Plan or any other plan, program, arrangement or agreement) (all such payments and benefits, together, the “Total Payments”) would be subject (in whole or part), to any excise tax imposed under Section 4999 of the Code, or any successor provision thereto (the “Excise Tax”), then, after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in such other plan, program, arrangement or agreement, the Employer will reduce the Eligible Executive’s payments and/or benefits under this Plan to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax (but in no event to less than zero) in the following order: (a) payments and benefits that do not constitute “nonqualified deferred compensation” subject to Section 409A will be reduced first; and (b) all other payments and benefits will then be reduced, in each case as follows: (i) cash payments will be reduced before non-cash payments; and (ii) payments to be made on a |
3.2 | For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax: (a) no portion of the Total Payments the receipt or enjoyment of which the Eligible Executive shall have waived at such time and in such manner as not to constitute a “payment” within the meaning of Section 280G(b) of the Code shall be taken into account; (b) no portion of the Total Payments shall be taken into account which, in the opinion of tax counsel (“Tax Counsel”) reasonably acceptable to the Eligible Executive and selected by the accounting firm which was, immediately prior to the Separation Date, the Company’s independent auditor (the “Auditor”), does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including, without limitation, by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be taken into account which, in the opinion of Tax Counsel, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as set forth in Section 280G(b)(3) of the Code) that is allocable to such reasonable compensation; and (c) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Auditor in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. |
3.3 | With respect to each Eligible Executive, at the time that payments are made under this Plan, the Employer shall provide the Eligible Executive with a written statement setting forth the manner in which such payments were calculated and the basis for such calculations, including, without limitation, any opinions or other advice the Employer received from Tax Counsel, the Auditor, or other advisors or consultants (and any such opinions or advice which are in writing shall be attached to the statement). If such Eligible Executive objects to the Employer’s calculations, the Employer shall pay to such Eligible Executive such portion of the Potential Payments (up to 100% thereof) as such Eligible Executive determines is necessary to result in the proper application of this Section 3. All determinations required by this Section 3 (or requested by either such Eligible Executive or the Employer in connection with this Section 3) shall be at the reasonable expense of the Employer. The fact that an Eligible Executive’s right to payments or benefits may be reduced by reason of the limitations contained in this Section 3 shall not of itself limit or otherwise affect any other rights of the Eligible Executive under this Plan. |
4. | PLAN ADMINISTRATION. |
4.1 | The Plan Administrator shall administer this Plan and may interpret this Plan, prescribe, amend and rescind rules and regulations under this Plan and make all other determinations necessary or advisable for the administration of this Plan, subject to all of the provisions of this Plan. |
4.2 | The Plan Administrator may delegate any of its duties hereunder to such person or persons from time to time as it may designate. |
4.3 | The Plan Administrator is empowered, on behalf of this Plan, to engage accountants, legal counsel and such other personnel as it deems necessary or advisable to assist it in the performance of its duties under this Plan. The functions of any such persons engaged by the Plan Administrator shall be limited to the specified services and duties for which they are engaged, and such persons shall have no other duties, obligations or responsibilities under this Plan. Such persons shall exercise no discretionary authority or discretionary control respecting the management of this Plan. All reasonable expenses thereof shall be borne by the Company. |
5. | PLAN MODIFICATION OR TERMINATION. |
6. | GENERAL PROVISIONS. |
6.1 | Subject to Section 2, if the Company or any Subsidiary or Affiliate is obligated by law or by contract to pay severance pay, a termination indemnity, notice pay, or the like, or if the Company or any Subsidiary or Affiliate is obligated by law to provide advance notice of separation to an Eligible Executive (a “Notice Period”), then any payments to the Eligible Executive pursuant to Section 2 shall be reduced by the amount of any such severance pay, termination indemnity, notice pay or the like, as applicable, and by the amount of any |
6.2 | Neither the establishment of this Plan, nor any modification thereof, nor the creation of any fund, trust or account, nor the payment of any benefits, shall be construed as giving any Eligible Executive, or any person whomsoever, the right to be retained in the service of the Company or any Subsidiary or Affiliate, and all Eligible Executives shall remain subject to discharge to the same extent as if this Plan had never been adopted. |
6.3 | If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provisions had not been included. |
6.4 | The headings and captions herein are provided for reference and convenience only, shall not be considered part of this Plan, and shall not be employed in the construction of this Plan. Unless otherwise specified, all Section references herein are to this Plan. Any reference to a day or days herein refers to a calendar day or days unless otherwise stated. |
6.5 | Notwithstanding anything in this Plan to the contrary, and for the sake of clarification, the Compensation Committee hereby retain authority to provide Eligible Executives with severance payments and benefits in addition to those provided for under this Plan, as determined by the Compensation Committee in its sole discretion (including whether such authority will or will not be utilized with respect to any Eligible Executive). |
6.6 | This Plan shall not be funded. No Eligible Executive shall have any right to, or interest in, any assets of the Company (or any of its Subsidiaries or Affiliates) that may be applied by the Company (or any of its Subsidiaries or Affiliates) to the payment of benefits or other rights under this Plan. Nothing contained in this Plan, and no action taken pursuant to this Plan, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between the Company (or any of its Subsidiaries or Affiliates) and any Eligible Executive or any other person. The rights of each Eligible Executive or each Eligible Executive’s estate to benefits under this Plan shall be solely those of an unsecured creditor of the Employer. |
6.7 | Any notice or other communication required or permitted pursuant to the terms hereof shall be in writing and shall be deemed to have been duly given if delivered in person, by e-mail or fax, by United States mail, certified or registered with return receipt requested, or by a nationally recognized overnight courier service, or otherwise actually delivered. |
6.8 | This Plan shall be construed and enforced according to the laws of the State of New York, without reference to principles of conflicts of laws. |
6.9 | All benefits hereunder shall be reduced by applicable withholding and shall be subject to applicable tax reporting, as determined by the Plan Administrator. Notwithstanding any provision of the Plan to the contrary, no particular tax result with respect to any income |
6.10 | Following the Separation Date, if and to the extent requested by the Board, each Eligible Executive, as applicable, agrees to (a) resign from the Board, and from all fiduciary positions (including, without limitation, as trustee) and all other offices and positions he holds with the Company and its Subsidiaries and Affiliates; provided, however, that if the Eligible Executive refuses to tender his resignation after the Board has made such request, then the Board will be empowered to tender the Eligible Executive’s resignation or remove the Eligible Executive from such offices and positions; and (b) assign back to the Company all stock or other equity or equity-based securities of all Subsidiaries or Affiliates that he or she may own as a result of the Company issuing such stock or equity or equity-based securities to the Eligible Executive as a nominee or Company-designee. |
6.11 | Except for (a) any irrevocable election made by an Eligible Executive to receive payments or benefits under a supplemental executive retirement program sponsored by the Company, its predecessors or their Affiliates in lieu of certain separation benefits (and the payments and benefits regarding such election and program), (b) any applicable annual cash incentive, long-term incentive and equity (or equity-based) award agreements and plans and programs described in Section 2.4 above, (c) the applicable severance provisions of any offer letter (or similar agreement) between the Company or any of its Affiliates and an Eligible Executive, and (d) the Delphi Automotive PLC Executive Severance Plan, as it may be amended from time to time, as applicable, this Plan supersedes in their entirety all of the Company’s prior severance plans, policies or agreements in which any current Eligible Executive is a participant or to which any current Eligible Executive is or becomes a party, if any, and all understandings between the Company and such Eligible Executives with respect to the subject matter of this Plan. There shall be no duplication of payments and benefits under this Plan, the Delphi Automotive PLC Executive Severance Plan, as it may be amended from time to time, any Employment Agreement, any other change in control severance plan, program or arrangement or any other severance arrangement with the Company or its Affiliates. |
7. | SUCCESSORS; BINDING AGREEMENT. |
7.1 | Successors of the Company. The Company shall require any successor (and its parent, if applicable) who shall purchase all or substantially all of the business and/or assets of the Company (whether direct or indirect, by purchase, merger, consolidation or otherwise) to expressly assume and agree in writing to maintain this Plan in the same manner and to the same extent that the Company would be required to maintain it; provided that no such agreement shall be required if the successor (and its parent, if applicable) shall be or remain so obligated by operation of law. As used in this Section 7.1, the “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to maintain this Plan or which otherwise becomes bound by all the terms and provisions hereof by operation of law. |
7.2 | Eligible Executive’s Heirs, etc. This Plan shall inure to the benefit of and be enforceable by each Eligible Executive’s personal or legal representatives, executors, administrators, heirs, distributees, devisees and legatees. If an Eligible Executive should die while any amounts or benefits would still be payable to the Eligible Executive hereunder as if the Eligible Executive had continued to live, all such amounts and benefits, unless otherwise provided herein, shall be paid or provided in accordance with the terms hereof to the Eligible Executive’s designee or, if there be no such designee, to the Eligible Executive’s estate. When a payment is due under this Plan to a severed Eligible Executive who is unable to care for his affairs, payment may be made directly to the Eligible Executive’s legal guardian or personal representative. |
7.3 | Non-alienation. Except by will or intestacy as set forth in Section 7.2, no right, benefit or interest of any Eligible Executive hereunder, shall be subject to anticipation, alienation, sale, assignment, encumbrance, charge, pledge, hypothecation, or set-off in respect of any claim, debt or obligation, or to execution, attachment, levy or similar process, or assignment by operation of law. Any attempt, voluntary or involuntary, to effect any action specified in the immediately preceding sentence shall, to the full extent permitted by law, be null, void and of no effect. |
8. | SECTION 409A. |
8.1 | General. Payments and benefits under this Plan are intended to comply with Section 409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Plan shall be interpreted and administered to be in compliance therewith. |
8.2 | Separation from Service. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, an Eligible Executive shall not be considered to have terminated employment with the Employer for purposes of this Plan and no payments shall be due to the Eligible Executive under this Plan until the Eligible Executive would be considered to have incurred a “separation from service” from the Employer within the meaning of Section 409A. |
8.3 | Delay for Specified Employees. Notwithstanding any provisions of this Plan to the contrary, if an Eligible Executive is a “specified employee” (within the meaning of Section 409A and determined pursuant to policies adopted by the Employer consistent with Section 409A) at the time of the Eligible Executive’s separation from service and if any portion of the payments or benefits to be received by the Eligible Executive upon separation from service would be considered deferred compensation under Section 409A, then such deferred compensation amounts that would otherwise be payable pursuant to this Plan and benefits that would otherwise be provided pursuant to this Plan, in each case, during the six-month period immediately following the Eligible Executive’s separation from service shall not be so paid or so provided until six months and one day after the date of the Eligible Executive’s separation from service, except as permitted under Section 409A of the Code. |
8.4 | Reimbursements. With respect to any amount of expenses eligible for reimbursement under this Plan that are considered deferred compensation under Section 409A, such expenses |
8.5 | Separate Payments. Each payment under this Plan shall be considered a “separate payment” and not one of a series of payments for purposes of Section 409A. |
9. | LEGAL FEES. |
9.1 | If any contest or dispute shall arise under or in connection with this Plan involving termination of an Eligible Executive’s employment while this Plan is in effect or involving the failure or refusal of the Employer or the Company to perform fully in accordance with the terms of this Plan, and the Eligible Executive prevails in such contest or dispute with respect to at least one material issue, then the Employer shall reimburse the Eligible Executive on a current basis for all reasonable legal fees and related expenses, if any, incurred by the Eligible Executive in connection with such contest or dispute, together with interest at a rate equal to the prime rate as reported in The Wall Street Journal on the day of the reimbursement, such interest to accrue 30 days from the date the Employer receives the Eligible Executive’s statement for such fees and expenses through the date of payment thereof. |
1. | PURPOSE OF THE PLAN |
2. | EFFECTIVE DATE AND DURATION OF THE PLAN |
3. | PLAN ADMINISTRATION AND ELIGIBILITY |
(a) | The Plan shall be administered by the Compensation and Human Resources Committee (the “Committee”) of the Delphi Board of Directors (the “Board”). The Committee may authorize target award grants to employees. The Committee, in its sole discretion, shall determine the performance period, the performance levels at which different percentages of such awards will be earned, the collective amount for all awards to be granted at any one time, and the individual grants with respect to employees who are officers of Delphi. The Committee may delegate to the Chief Executive Officer, the officers or such other committee or individual as determined by the Committee responsibility for determining, within the limits established by the Committee, individual award grants for employees who are not officers. All awards granted under the Plan will be denominated and paid in cash (U.S. dollars or local currency equivalent). |
(b) | The Committee shall have full power and authority to construe and interpret the Plan. The Committee shall determine the selection of employees for participation in the Plan and also decide any questions and settle any disputes or controversies that may arise with respect to the Plan. Any person who accepts any award hereunder agrees to accept as final, conclusive, and binding all determinations of the Committee and the Delphi officers. The Committee has the right, in the case of participants not employed in the United States, to vary from the provisions of the Plan in order to preserve its incentive features. |
(c) | Only persons who are employees of Delphi are eligible to receive an award under the Plan. Subject to such additional limitations or restrictions as the Committee may impose, the term “employees” means persons (i) who are employed by Delphi, or any subsidiary (as defined below), including employees who are also directors of Delphi or any such subsidiary, or (ii) who accept (or previously have accepted) employment, at the request of Delphi, with any entity that is not a subsidiary but in which Delphi has, directly or indirectly, a substantial ownership interest. For purposes of this Plan, the term “subsidiary” means (x) a corporation of which Delphi owns, directly or indirectly, capital stock having ordinary voting power to elect a majority of the board of directors of such corporation, (y) any unincorporated entity of which Delphi can exercise, directly or indirectly, comparable control, or (z) any other entity which the Committee determines should be treated as a “subsidiary”. The Committee will determine when and to what extent individuals otherwise eligible for consideration become employees and when any individual will be deemed to have terminated employment for purposes of the Plan; provided that, with respect to any award subject to Section 409A of the Code, a termination of employment occurs when an employee experiences a “separation from service” (as such term is defined under Section 409A of the Code). To the extent determined by the Committee, the term “employees” will include former employees and any executor(s), administrator(s), or other legal representatives of an employee’s estate. |
4. | DETERMINATION OF ANNUAL INCENTIVE AWARD |
(a) | Prior to the grant of any target award, the Committee will establish performance levels for each such award related to Delphi and its affiliates at which 100% of the award will be earned and a range (which need not be the same for all awards) within which greater and lesser percentages will be earned. The “performance period” will be twelve (12) months or less. |
(b) | With respect to the performance levels to be established, the Committee will establish the specific measures for each grant at the time of such grant. In creating these measures, the Committee may establish the specific goals based upon or relating to one or more specified criteria. If the Committee determines that a change in the business, operations, corporate structure or capital structure of Delphi, or the manner in which Delphi conducts its business, or other events or circumstances render the performance objectives unsuitable, the Committee may modify the performance objectives or the related minimum acceptable level of achievement, in whole or in part, as the Committee deems appropriate and equitable. Performance measures may vary from award to award, and from participant to participant, and may be established on a stand-alone basis, in tandem or in the alternative. |
(c) | No target award will be granted to any director of Delphi who is not an employee at the date of grant. |
(d) | If an employee is promoted during the performance period, a target award may be increased to reflect such employee’s new responsibilities. |
(e) | The Committee may adjust the performance levels and goals for any performance period and shall have the authority to make appropriate adjustments as it deems equitable in |
5. | DETERMINATION AND PAYMENT OF FINAL AWARD |
(a) | Except as otherwise provided in the Plan, the percentage of each target award to be distributed to an employee will be determined by the Committee on the basis of the performance levels established for such award and the performance of the applicable enterprise or specified portion thereof, as the case may be, during the performance period. Following determination of the final payout percentage, the Committee may, upon the recommendation of the Chief Executive Officer, make adjustments to awards for officers to reflect individual performance during such period. Adjustments to awards to reflect individual performance for employees who are not officers may be made by the Chief Executive Officer, other officer or such other committee or individual as determined by the Committee. The amount of any adjustments made to individual awards, in the aggregate, will not change the sum of the payments of individual awards. Any target award, as determined and adjusted, is herein referred to as a “final award.” |
(b) | Payment of any final award (or portion thereof) to an employee is subject to the satisfaction of the conditions precedent that such employee: (%3) continue to render services as an employee through the end of the performance period, unless waived by the Committee, (%3) refrain from engaging in any activity through the end of the performance period which, in the opinion of the Committee, is competitive with any activity of Delphi or any subsidiary (except that employment at the request of Delphi with an entity in which Delphi has, directly or indirectly, a substantial ownership interest, or other employment specifically approved by the Committee, may not be considered to be an activity which is competitive with any activity of Delphi or any subsidiary) and from otherwise acting, either prior to or after termination of employment, in any manner inimical or in any way contrary to the best interests of Delphi, and (%3) furnish to Delphi such information with respect to the satisfaction of the foregoing conditions precedent as the Committee may reasonably request. |
(c) | Final awards shall vest at the end of the performance period and shall be paid as soon as practicable following the end of the applicable performance period, but in no event later than March 15 following the last day of the applicable performance period. |
6. | TREATMENT OF AWARDS UPON EMPLOYEE’S DEATH OR TERMINATION OF EMPLOYMENT |
(a) | If an employee (i) is terminated for Cause at any time, (ii) is terminated without Cause prior to having been employed for six months during the performance period, or (iii) voluntarily quits employment (not due to Retirement) at any time, except as otherwise determined by the Committee, no award will be paid to the employee. |
(b) | If, upon death or a Qualified Termination of an employee’s employment prior to the end of any performance period, other than an involuntary termination without Cause prior to having been employed for six months during the performance period, the Committee determines to waive the condition precedent of continuing to render services as provided in paragraph 5(b), then the target award granted to such employee with respect to such performance period will be reduced pro rata based on the number of months remaining in the performance period after the month of death or termination; provided further that such actions would not cause any payment to result in deferred compensation that is subject to the additional tax under Section 409A of the Code. The final award for such employee will be determined by the Committee (i) on the basis of the performance levels established for such award (including the minimum performance level) and the performance level achieved through the end of the performance period and (ii) in the discretion of the Committee, on the basis of individual performance during the period prior to death or termination, and will be paid in accordance with paragraph 5(c). |
7. | CHANGE IN CONTROL |
(a) | Upon the effective date of a Change in Control, all outstanding unvested awards granted under this Plan will vest on a pro rata basis based on the greater of target award or actual performance during the applicable performance period up to the date of the Change in Control. The pro-rated award shall be paid as a single lump sum payment as soon as reasonably practicable following the date of the Change in Control, but in no event later than March 15 of the calendar year following the year in which the Change in Control occurs. |
(b) | The term “Change in Control” means the occurrence of any one or more of the following events: |
8. | PLAN AMENDMENT, MODIFICATION, SUSPENSION OR TERMINATION |
9. | GOVERNING LAW |
10. | MISCELLANEOUS |
(a) | No employee, participant or other person shall have any claim to be granted any award under the Plan, and there is no obligation for uniformity of treatment of employees, participants or holders or beneficiaries of awards under the Plan. The grant of an award under the Plan shall not be construed as giving an employee the right to be retained in the employ of, or to continue to provide services to, Delphi or any subsidiary. Further, Delphi or the applicable subsidiary may at any time dismiss an employee, free from any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan. |
(b) | All final awards which have been awarded in accordance with the provisions of the Plan will be paid as soon as practicable following the end of the related performance period but prior to March 15 of the following year. If Delphi has any unpaid claim against an employee arising out of or in connection with the employee’s employment with Delphi, such claim may be offset against awards under the Plan. Such claim may include, but is not limited to, unpaid taxes or corporate business credit card charges. |
(c) | All payments and distributions will be paid from the general assets of Delphi. Nothing contained in the Plan, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between Delphi and any employee, former employee, or any other person. |
(d) | The expenses of administering this Plan will be borne by Delphi. |
(e) | Except as otherwise determined by the Committee, with the exception of transfer by will or the laws of descent and distribution, no target or final award is assignable or transferable and, during the lifetime of the employee, any payment of any final award will only be made to the employee. |
(f) | In the event of death, the executor(s) or administrator(s) of the employee’s estate, or such other person(s) as determined by a court of competent jurisdiction, may receive payment, in accordance with and subject to the provisions of this Plan, provided the executor(s), administrator(s), or other person supplies documentation satisfactory to Delphi to so act. Upon making such determination, Delphi is relieved of any further liability regarding any award to the deceased employee. |
(g) | If Delphi is required to prepare an accounting restatement due to the material noncompliance of Delphi, as a result of misconduct, with any financial reporting requirement under the securities laws, and if the participant knowingly or grossly negligently engaged in the misconduct, or knowingly or grossly negligently failed to prevent the misconduct, or if the |
(h) | With respect to awards subject to Section 409A of the Code, the Plan is intended to comply with the requirements of Section 409A of the Code, and the provisions of the Plan shall be interpreted in a manner that satisfies the requirements of Section 409A of the Code, and the Plan shall be operated accordingly. If any provision of the Plan or any term or condition of any award would otherwise frustrate or conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict. If an amount payable under an award as a result of the participant’s termination of employment (other than due to death) occurring while the participant is a “specified employee” under Section 409A of the Code constitutes a deferral of compensation subject to Section 409A of the Code, then payment of such amount shall not occur until six months and one day after the date of the participant’s termination of employment, except as permitted under Section 409A of the Code. If an award includes a “series of installment payments” (within the meaning of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), the participant’s right to the series of installment payments shall be treated as a right to a series of separate payments and not as a right to a single payment. Notwithstanding the foregoing, the tax treatment of the benefits provided under the Plan is not warranted or guaranteed, and in no event shall Delphi be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the participant on account of non-compliance with Section 409A of the Code. |
(i) | By participating in the Plan, the participant consents to the holding and processing of personal information provided by the participant to Delphi or any subsidiary, trustee or third party service provider, for all purposes relating to the operation of the Plan. These include, but are not limited to: (i) administering and maintaining participant records; (ii) providing information to Delphi, subsidiaries, trustees of any employee benefit trust, registrars, brokers or third party administrators of the Plan; (iii) providing information to future purchasers or merger partners of Delphi or any subsidiary, or the business in which the participant works; and (iv) transferring information about the participant to any country or territory that may not provide the same protection for the information as the participant’s home country. |
Year ended December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
(dollars in millions) | |||||||||||||||||||
Income from continuing operations before income taxes and equity income | $ | 1,425 | $ | 1,508 | $ | 1,615 | $ | 1,466 | $ | 1,259 | |||||||||
Cash dividends received from non-consolidated affiliates and other | (65 | ) | (56 | ) | (60 | ) | (38 | ) | 57 | ||||||||||
Portion of rentals deemed to be interest | 32 | 34 | 38 | 36 | 33 | ||||||||||||||
Interest and related charges on debt | 229 | 185 | 169 | 182 | 137 | ||||||||||||||
Earnings available for fixed charges | $ | 1,621 | $ | 1,671 | $ | 1,762 | $ | 1,646 | $ | 1,486 | |||||||||
Fixed charges: | |||||||||||||||||||
Portion of rentals deemed to be interest | $ | 32 | $ | 34 | $ | 38 | $ | 36 | $ | 33 | |||||||||
Interest and related charges on debt | 229 | 185 | 169 | 182 | 137 | ||||||||||||||
Total fixed charges | $ | 261 | $ | 219 | $ | 207 | $ | 218 | $ | 170 | |||||||||
Ratio of earnings to fixed charges | 6.2 | 7.6 | 8.5 | 7.6 | 8.7 |
Entity Name | Jurisdiction |
Delphi Automotive Holdings Limited | United Kingdom |
Delphi Automotive LLP | United Kingdom |
Delphi Automotive Holdings US Limited | Jersey |
Delphi Corporation | Delaware |
Antaya Technologies Corp. | Delaware |
Antaya Technologies Asia, Ltd. | Hong Kong |
Antaya Technologies Corporation (Zhuhai) Ltd. | Peoples Republic of China |
Unwired Holdings, Inc. | Delaware |
Delphi Data Connectivity US LLC | Delaware |
Auburn Enterprises LLC | Delaware |
A.E. Enterprises, LLC | Michigan |
WF Global (BVI) Ltd. | British Virgin Islands |
WF Global (HK), Ltd | Hong Kong |
Unwired Technology (UK) Ltd. | United Kingdom |
Control-Tec LLC | Michigan |
Delphi Global Services S.à r.l. | Luxembourg |
PureDepth, Inc. | Delaware |
PureDepth KK | Japan |
PureDepth Limited | New Zealand |
PureDepth Incorporated Limited | New Zealand |
Delphi Financial Holdings LLP | England and Wales |
Delphi Financial Services Limited | England and Wales |
Delphi Financial Services (UK) Limited | England and Wales |
Delphi UK Financial Services LLP | England and Wales |
Delphi Holdings, LLC | Delaware |
Delphi Automotive Systems, LLC | Delaware |
Delphi Insurance Limited | Ireland |
Delphi Trade Management, LLC | Delaware |
Ottomatika, Inc | Delaware |
Delphi Latin America Holdings LLP | England and Wales |
Delphi Automotive Luxembourg LLP | England and Wales |
Delphi Luxembourg Holdings S.à r.l. | Luxembourg |
Delphi Manufacturing Management S.ar.l` | Luxembourg |
Delphi Connection Systems, LLC | Delaware |
Delphi Connection Systems Holdings LLC | Delaware |
Delphi Connection Systems - Tijuana, S.A. de C.V. | Mexico |
Delphi Holdfi UK Limited | United Kingdom |
Delphi Financial Holdings, LLC | Delaware |
Delphi International Services Company, LLC | Delaware |
Delphi Medical Systems, LLC | Delaware |
Delphi Technologies, Inc. | Delaware |
Monarch Antenna, Inc. | Michigan |
Delphi Properties Management LLC | Delaware |
Delphi Global Real Estate Services, LLC | Delaware |
HE Microwave LLC*° | Delaware |
Delphi International Holdings LLP | United Kingdom |
Delphi Global Holdings Limited | United Kingdom |
Delphi Global Investments LLP | United Kingdom |
Delphi Luxembourg Limited | England and Wales |
Delphi Financial Services Luxembourg S.à r.l. | Luxembourg |
Delphi Investments Financing Ireland Limited | Ireland |
Delphi International Holdings S.à r.l. | Luxembourg |
Delphi Automotive Investments S.à r.l. | Luxembourg |
Delphi Luxembourg Financing S.à r.l. | Luxembourg |
Delphi International S.à r.l. | Luxembourg |
Closed Joint Stock Company PES/SCC* | Russian Federation |
Delphi Asia Pacific S.à r.l. | Luxembourg |
Delphi Automotive Systems Australia Ltd. | Australia |
Delphi Automotive Systems Japan, Ltd. | Japan |
Delphi Automotive Systems Private Ltd. | India |
Delphi UK Investments Limited | England & Wales |
Delphi Automotive Systems Singapore Pte Ltd | Singapore |
Delphi (China) Technical Centre Co. ltd. | Peoples Republic of China |
Delphi Automotive Systems (Thailand) Ltd. | Thailand |
Delphi Automotive Systems Singapore Investments Pte Ltd | Singapore |
Alliance Friction Technology Pvt Ltd. | India |
Delphi-TVS Diesel Systems Ltd.* | India |
Delphi Automotive Taiwan Ltd. | Taiwan |
Delphi China LLC | Delaware |
Beijing Delphi Wan Yuan Engine Management Systems Company, Ltd.* | Peoples Republic of China |
Delphi Automotive Systems (China) Holding Company Limited | Peoples Republic of China |
Beijing Delphi Technology Development Company, Ltd. | Peoples Republic of China |
Delphi Electrical Centers (Shanghai) Co., Ltd. | Peoples Republic of China |
Delphi Electronics (Suzhou) Co. Ltd. | Peoples Republic of China |
Delphi Packard (Shanghai) International Management Company Ltd. | Peoples Republic of China |
Delphi Packard Electric Systems Company Ltd.* | Peoples Republic of China |
Delphi Packard Auto Parts (Shanghai) Company Limited | Peoples Republic of China |
Delphi Packard Tanger SA | Morocco |
Delphi Shanghai Dynamics and Propulsion Systems Co., Ltd | Peoples Republic of China |
Delphi Diesel Systems (Yantai) Co. Ltd. | Peoples Republic of China |
Delphi Trading (Shanghai) Company Limited | Peoples Republic of China |
Shanghai Delphi Emission Control Systems Company, Ltd.* | Peoples Republic of China |
Delphi Canada, Inc. | Canada |
Delphi Diesel Systems Pakistan (Private) Limited | Pakistan |
Delphi Holdings Spain S.L. | Spain |
Delphi Diesel Systems S.L. | Spain |
Delphi Packard Espana S.A. | Spain |
Delphi Global Holdings S.àr.l. | Luxembourg |
Daewoo Motor Co., Ltd. | Korea |
Delphi Controladora, S. de R.L. de C.V. | Mexico |
Alambrados y Circuitos Eléctricos, S. de R.L. de C.V. | Mexico |
Centro Técnico Herramental, S. de R.L. de C.V. | Mexico |
Delphi Alambrados Automotrices, S.A. de C.V. | Mexico |
Delphi Automotive Systems, S. de R.L. de C.V. | Mexico |
Delphi Cableados, S. de R.L. de C.V. | Mexico |
Delphi de Mexico, S. de R.L. de C.V. | Mexico |
Delphi Diesel Systems, S. de R.L. de C.V. | Mexico |
Delphi Diesel Systems Service, Mexico, S. de R.L. de C.V. | Mexico |
Delphi Ensamble de Cables y Componentes, S. de R.L. de C.V. | Mexico |
Delphi Interior Systems de Mexico, S.A. de C.V. | Mexico |
Delphi Sistemas de Energia, S. de R.L. de C.V. | Mexico |
Productos Delco de Chihuahua, S. de R.L. de C.V. | Mexico |
Rio Bravo Eléctricos, S. de R.L. de C.V. | Mexico |
Sistemas Eléctricos y Conmutadores, S. de R.L. de C.V. | Mexico |
Delphi International Operations Luxembourg S.á r.l. | Luxembourg |
HellermannTyton Services SARL AU | Morocco |
Delphi European Holdings Limited | England and Wales |
Delphi Packard d.o.o. Novi Sad | Serbia |
Delphi Packard Tunisia SARL | Tunisia |
Delphi Packard Meknes | Morocco |
Delphi Netherland BV | Netherlands |
Ondas Media, S.A. | Spain |
Delphi Packard Kenitra | Morocco |
Delphi (UK) Holdings Limited | England and Wales |
Delphi Automotive Operations UK Limited | England and Wales |
Delphi Holdfi Holdings S.àr.l. | Luxembourg |
Delphi Automotive Systems UK Limited | England and Wales |
Delphi Automotive Systems (UK) Pension Trustees Limited | England and Wales |
Delphi Financial Operations UK Limited | England and Wales |
Delphi Lockheed Automotive Limited | England and Wales |
Delphi Lockheed Automotive Pension Trustees Limited | England and Wales |
Alliance Steering Technology Industry and Trade A.S. | Turkey |
DEOC Pension Trustees Limited | England and Wales |
Delphi Diesel Systems Limited | England and Wales |
Delphi Diesel Systems Pension Trustees Limited | England and Wales |
Delphi Electronics Overseas Company Ltd. | United Kingdom |
Delphi Financial Services, LLC | Delaware |
Hartridge Limited | United Kingdom |
Delphi Deutschland Technologies GmbH | Germany |
Delphi Deutschland GmbH | Germany |
Delphi Automotive Systems - Portugal S.A. | Portugal |
Delphi Deutschland Services GmbH | Germany |
Delphi Deutschland Electronics Services GmbH | Germany |
Delphi Packard Romania SRL | Romania |
Delphi Packard Moldova Noua S.R.L. | Romania |
Mecel AB | Sweden |
Interessengemeinschaft fur Rundkfunkschutzrechte GmbH | Germany |
Interessengemeinschaft fur Rundkfunkschutzrechte GmbH Schutzrechtsverwertung & Co. KG | Germany |
PROSTEP AG | Germany |
Stadeln Genehmigungshaltergesellschaft mbH | Germany |
Unterstutzungsgesellschaft mbH Delphi Deutschland | Germany |
Delphi Packard Electric Ceska Republika, S.R.O. | Czech Republic |
Delphi Holding GmbH | Austria |
Closed Joint Stock Company “Delphi Samara” | Russia |
Delphi Automotive Systems Limited Sirketi | Turkey |
Delphi Otomotiv Sistemleri Sanayi ve Ticaret Anonim Sirket | Turkey |
Delphi Automotive Systems Austria GmbH | Austria |
Delphi Packard Austria GmbH & Co. KG | Austria |
Delphi Hungary Kft | Hungary |
Delphi Electronic Systems Macedonia Dooel Skopje | Macedonia |
Delphi Automotive Systems Luxembourg S.A. | Luxembourg |
Delphi Automotive Systems Maroc | Morocco |
Delphi Automotive Systems Sweden AB | Sweden |
Delphi Belgium N.V. | Belgium |
Delphi Diesel Systems Romania Srl | Romania |
D2 Industrial Development and Production SRL | Romania |
Delphi France Holding SAS | France |
Delphi France SAS | France |
Delphi Italia Automotive Systems S.r.l. | Italy |
Delphi Powertrain Systems Korea Ltd.* | Korea |
Delphi Connection Systems Holding France SAS | France |
Delphi Connection Systems Korea LLC | Korea |
Delphi Connection Systems Spain SL | Spain |
Delphi Connection Systems UK Limited | United Kingdom |
Delphi Connection Systems Italia S.P.A. | Italy |
Delphi Connection Systems France SA | France |
Delphi Connection Systems Austria GmbH | Austria |
Delphi Connection Systems Hungary Kft | Hungary |
Delphi Connection Systems Holding Deutschland GmbH | Germany |
Delphi Connection Systems Japan Ltd. | Japan |
Delphi Connection Systems US, Inc. | Delaware |
Delphi Connection Systems Mexico S. de R.L. de C.V. | Mexico |
Delphi Connection Systems India Private Limited | India |
Delphi Automotive Systems Honduras S. de R.L. de C.V. | Honduras |
Delphi Connection Systems Holding Hong Kong Ltd. | Hong Kong |
Delphi Connection Systems Nantong Ltd. | Peoples Republic of China |
Delphi Connection Systems Shanghai Ltd. | Peoples Republic of China |
Delphi Global Investments S.àr.l. | Luxembourg |
Delphi Poland S.A. | Poland |
Delphi Polska Park Technologiczny sp. z.o.o. | Poland |
Delphi Luxembourg Investments S.àr.l. | Luxembourg |
Delphi Holdfi Luxembourg S.àr.l. | Luxembourg |
Delphi Slovensko s.r.o. | Slovak Republic |
Delphi International Investments, LLC | Delaware |
Delphi Korea LLC | Korea |
Delphi Latin America S.á r.l. | Luxembourg |
Delphi Automotive Systems do Brasil Ltda. | Brazil |
Noteco Comércio e Participacoes Ltda. | Brazil |
BGMD Servicos Automotivos Ltda. | Brazil |
Delphi Netherlands Holding B.V. | Netherlands |
Delphi Mexican Holdings LLC | Michigan |
AS Catalizadores Ambientales S.A. de C.V. | Mexico |
Delphi Delco Electronics de Mexico, S.A. de C.V. | Mexico |
Promotora de Partes Electricas Automotrices S.A. De C.V.* | Mexico |
Arcomex S.A. de C.V. | Mexico |
Arness Electricos Automotrices, S.A. de C.V. | Mexico |
Autoensambles y Logistica, S.A. de C.V. | Mexico |
Gabriel de Mexico, S.A. de C.V. | Mexico |
Inmobiliaria Marlis, S.A.* | Mexico |
Inmiebles Wagon, S.A.* | Mexico |
Cablena S.L. | Spain |
Cordaflex España, S.A. | Spain |
Cordaflex, S.A. de C.V. | Mexico |
Delphi Packard Electric (Malaysia) Sdn. Bhd.* | Malaysia |
Delphi Packard Electric Sielin Argentina S.A. | Argentina |
PT Delphi EEA Indonesia* | Indonesia |
Packard Korea Inc.* | Korea |
Daehan Electronics Yantai Co., Ltd. | Peoples Republic of China |
TecAlliance GmbH | Germany |
HellermannTyton Group PLC | England and Wales |
HellermannTyton Holdings Limited | England and Wales |
HellermannTyton Alpha S.à r.l. | Luxembourg |
HellermannTyton Limited | England and Wales |
HellermannTyton Data Limited | England and Wales |
On-Site Limited | England and Wales |
Staeng Limited | England and Wales |
Harwich Holdings SAS | France |
HellermannTyton SAS | France |
HellermannTyton Co. Ltd | Japan |
HellermannTyton Holdings AB | Sweden |
HellermannTyton AB | Sweden |
HellermannTyton OOO | Russia |
Hellermanntyton AS | Norway |
HellermannTyton (Proprietary) Limited | South Africa |
HellermannTyton Gridbow (Proprietary) Limited* | South Africa |
Harwich Holding GmbH | Germany |
HellermannTyton GmbH | Germany |
HellermannTyton Kft | Hungary |
HellermannTyton Engineering GmbH | Germany |
HellermannTyton Services GmbH | Germany |
HellermannTyton Maroc S.àr.l. | Morocco |
HellermannTyton BV | Netherlands |
Harwich Holdings LLC | Delaware |
HellermannTyton Corporation | Delaware |
HellermannTyton Canada Inc. | Canada |
HellermannTyton S. de R.L. de C.V. | Mexico |
HellermannTyton Beta S.à r.l. | Luxembourg |
HellermannTyton Manufacturas, S. de R.L. de C.V. | Mexico |
HellermannTyton Australia Pty Ltd | Australia |
HellermannTyton Ltda | Brazil |
HellermannTyton Rohvel SL | Spain |
HellermannTyton Espana SL | Spain |
HellermannTyton SRL | Argentina |
HellermannTyton Pte Limited | Singapore |
HellermannTyton (Wuxi) Electrical Accessories Company Limited | Republic of China |
HellermannTyton Private Limited | India |
HellermannTyton YH | Korea |
HellermannTyton sp. z.o.o. | Poland |
HellermannTyton Srl | Italy |
Rebafin GmbH | Austria |
HellermannTyton GmbH | Austria |
HellermannTyton Finance PLC | England and Wales |
(1) | Registration Statement (Form S-8 No. 333-179446) pertaining to the Delphi Automotive PLC Long Term Incentive Plan, and |
(2) | Registration Statement (Form S-3 No. 333-207700) of Delphi Automotive PLC; |
1. | I have reviewed this annual report on Form 10-K of Delphi Automotive PLC; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Kevin P. Clark | |
Kevin P. Clark | |
President & Chief Executive Officer | |
(Principal Executive Officer) |
1. | I have reviewed this annual report on Form 10-K of Delphi Automotive PLC; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Joseph R. Massaro | |
Joseph R. Massaro | |
Chief Financial Officer and Senior Vice President | |
(Principal Financial Officer) |
1. | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Kevin P. Clark | |
Kevin P. Clark | |
President & Chief Executive Officer | |
(Principal Executive Officer) |
1. | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Joseph R. Massaro | |
Joseph R. Massaro | |
Chief Financial Officer and Senior Vice President | |
(Principal Financial Officer) |
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Document And Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Jan. 27, 2017 |
Jun. 30, 2016 |
|
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2016 | ||
Entity Registrant Name | Delphi Automotive PLC | ||
Entity Central Index Key | 0001521332 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 269,561,837 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 17,022,048,583 |
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||||||||||||||||||||||||||
Income Statement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ 4,313 | $ 4,091 | $ 4,206 | $ 4,051 | $ 3,879 | $ 3,631 | $ 3,858 | $ 3,797 | $ 16,661 | $ 15,165 | $ 15,499 | |||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | 3,238 | [1] | 3,256 | 3,348 | 3,265 | 3,161 | 2,862 | 3,076 | 3,056 | 13,107 | 12,155 | 12,471 | ||||||||||||||||||||||||||||||||
Selling, general and administrative | 1,145 | 1,017 | 1,036 | |||||||||||||||||||||||||||||||||||||||||
Amortization | 134 | 93 | 94 | |||||||||||||||||||||||||||||||||||||||||
Restructuring | 154 | 108 | 328 | 177 | 140 | |||||||||||||||||||||||||||||||||||||||
Total operating expenses | 14,714 | 13,442 | 13,741 | |||||||||||||||||||||||||||||||||||||||||
Operating income | 655 | 460 | 391 | [2] | 441 | 335 | [3] | 461 | 481 | 446 | 1,947 | [4] | 1,723 | [5] | 1,758 | [6] | ||||||||||||||||||||||||||||
Interest expense | (156) | (127) | (135) | |||||||||||||||||||||||||||||||||||||||||
Other expense, net | (366) | (88) | (8) | |||||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes and equity income | 1,425 | 1,508 | 1,615 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense | (242) | (263) | (255) | |||||||||||||||||||||||||||||||||||||||||
Income from continuing operations before equity income | 1,183 | 1,245 | 1,360 | |||||||||||||||||||||||||||||||||||||||||
Equity income, net of tax | 35 | 16 | 20 | |||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | 306 | 306 | 271 | 335 | 224 | 364 | 369 | 304 | 1,218 | 1,261 | 1,380 | |||||||||||||||||||||||||||||||||
Income from discontinued operations, net of tax | 0 | 0 | 0 | 108 | [7] | (3) | 54 | [8] | 298 | [8] | (75) | [8] | 108 | 274 | 60 | |||||||||||||||||||||||||||||
Net income | 306 | 306 | [9] | 271 | 443 | 221 | 418 | 667 | 229 | [10] | 1,326 | 1,535 | 1,440 | |||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 69 | 85 | 89 | |||||||||||||||||||||||||||||||||||||||||
Net income attributable to Delphi | 281 | 293 | 258 | 425 | 192 | 404 | 645 | 209 | 1,257 | 1,450 | 1,351 | |||||||||||||||||||||||||||||||||
Amounts attributable to Delphi: | ||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | 1,152 | 1,188 | 1,309 | |||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations | 105 | 262 | 42 | |||||||||||||||||||||||||||||||||||||||||
Net income attributable to Delphi | $ 281 | $ 293 | $ 258 | $ 425 | $ 192 | $ 404 | $ 645 | $ 209 | $ 1,257 | $ 1,450 | $ 1,351 | |||||||||||||||||||||||||||||||||
Basic net income per share: | ||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations, per basic share | $ 1.04 | [11] | $ 1.08 | [11] | $ 0.95 | [11] | $ 1.16 | [11] | $ 0.71 | [11] | $ 1.24 | [11] | $ 1.22 | [11] | $ 0.99 | [11] | $ 4.22 | [11] | $ 4.16 | [11] | $ 4.36 | |||||||||||||||||||||||
Income from discontinued operations, per basic share | 0.00 | [11] | 0.00 | [11] | 0.00 | [11] | 0.38 | [11] | (0.02) | [11] | 0.19 | [11] | 1.02 | [11] | (0.27) | [11] | 0.38 | [11] | 0.92 | [11] | 0.14 | |||||||||||||||||||||||
Basic net income per share attributable to Delphi | $ 1.04 | [11] | $ 1.08 | [11] | $ 0.95 | [11] | $ 1.54 | [11] | $ 0.69 | [11] | $ 1.43 | [11] | $ 2.24 | [11] | $ 0.72 | [11] | $ 4.60 | [11] | $ 5.08 | [11] | $ 4.50 | |||||||||||||||||||||||
Weighted average number of basic shares outstanding | 270,380 | 272,190 | 272,920 | 276,620 | 279,290 | 282,970 | 287,770 | 290,900 | 273,020 | 285,200 | 300,270 | |||||||||||||||||||||||||||||||||
Diluted net income per share: | ||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations, per diluted share | $ 1.03 | [11] | $ 1.07 | [11] | $ 0.94 | [11] | $ 1.15 | [11] | $ 0.70 | [11] | $ 1.23 | [11] | $ 1.21 | [11] | $ 0.99 | [11] | $ 4.21 | [11] | $ 4.14 | [11] | $ 4.34 | |||||||||||||||||||||||
Income from discontinued operations, per diluted share | 0.00 | [11] | 0.00 | [11] | 0.00 | [11] | 0.38 | [11] | (0.02) | [11] | 0.19 | [11] | 1.02 | [11] | (0.27) | [11] | 0.38 | [11] | 0.92 | [11] | 0.14 | |||||||||||||||||||||||
Diluted net income per share attributable to Delphi | $ 1.03 | [11] | $ 1.07 | [11] | $ 0.94 | [11] | $ 1.53 | [11] | $ 0.68 | [11] | $ 1.42 | [11] | $ 2.23 | [11] | $ 0.72 | [11] | $ 4.59 | [11] | $ 5.06 | [11] | $ 4.48 | |||||||||||||||||||||||
Weighted average number of diluted shares outstanding | 271,640 | 272,770 | 273,370 | 277,040 | 281,640 | 284,400 | 288,850 | 291,810 | 273,700 | 286,640 | 301,890 | |||||||||||||||||||||||||||||||||
Cash dividends declared per share | $ 0.29 | $ 0.29 | $ 0.29 | $ 0.29 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 1.16 | $ 1 | $ 1 | |||||||||||||||||||||||||||||||||
|
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
[1] | Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
[2] | Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||
Statement of Comprehensive Income [Abstract] | |||||||||||||||||
Net income | $ 306 | $ 306 | $ 271 | $ 443 | $ 221 | $ 418 | $ 667 | $ 229 | $ 1,326 | $ 1,535 | $ 1,440 | ||||||
Other comprehensive (loss) income: | |||||||||||||||||
Currency translation adjustments | (147) | (344) | (325) | ||||||||||||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax (Note 17) | 95 | (28) | (80) | ||||||||||||||
Employee benefit plans adjustment, net of tax (Note 12) | (139) | 64 | (108) | ||||||||||||||
Other comprehensive loss | (191) | (308) | (513) | ||||||||||||||
Comprehensive income | 1,135 | 1,227 | 927 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | 60 | 69 | 80 | ||||||||||||||
Comprehensive income attributable to Delphi | $ 1,075 | $ 1,158 | $ 847 | ||||||||||||||
|
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred shares, par value per share (USD per share) | $ 0.01 | $ 0.01 |
Preferred shares, authorized | 50,000,000 | 50,000,000 |
Preferred shares, issued | 0 | 0 |
Preferred shares, outstanding | 0 | 0 |
Ordinary Shares, Par or Stated Value Per Share (USD per share) | $ 0.01 | $ 0.01 |
Ordinary shares, authorized | 1,200,000,000 | 1,200,000,000 |
Common Stock, Shares, Issued | 269,789,959 | 278,208,470 |
Ordinary shares, outstanding | 269,789,959 | 278,208,470 |
Consolidated Statements Of Cash Flows $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Cash flows from operating activities: | |||
Net income | $ 1,326 | $ 1,535 | $ 1,440 |
Income from discontinued operations, net of tax | 108 | 274 | 60 |
Income from continuing operations | 1,218 | 1,261 | 1,380 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 570 | 447 | 446 |
Amortization | 134 | 93 | 94 |
Amortization of deferred debt issuance costs | 9 | 11 | 9 |
Restructuring expense, net of cash paid | 73 | 44 | (22) |
Deferred income taxes | (125) | (21) | (5) |
Pension and other postretirement benefit expenses | 62 | 75 | 88 |
Income from equity method investments, net of dividends received | (18) | 1 | (20) |
Loss on extinguishment of debt | 73 | 58 | 34 |
(Gain) loss on sale of assets | (151) | 4 | 0 |
Share-based compensation | 68 | 74 | 73 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (199) | (207) | 67 |
Inventories | (53) | (38) | 21 |
Other assets | 28 | (10) | 65 |
Accounts payable | 31 | 194 | (6) |
Accrued and other long-term liabilities | 415 | (161) | (44) |
Other, net | (99) | (67) | (25) |
Pension contributions | (95) | (91) | (110) |
Net cash provided by operating activities from continuing operations | 1,941 | 1,667 | 2,045 |
Net cash provided by operating activities from discontinued operations | 0 | 36 | 90 |
Net cash provided by operating activities | 1,941 | 1,703 | 2,135 |
Cash flows from investing activities: | |||
Capital expenditures | (828) | (704) | (779) |
Proceeds from sale of property / investments | 28 | 10 | 15 |
Net proceeds from divestiture of discontinued operations | 48 | 730 | 0 |
Proceeds from business divestitures, net of payments of $14 in 2015 | 197 | 11 | 0 |
Cost of business acquisitions, net of cash acquired | (15) | (1,654) | (345) |
Cost of technology investments | (3) | (23) | (5) |
Settlement of derivatives | (1) | 0 | 0 |
Decrease in restricted cash | 0 | 0 | 2 |
Net cash used in investing activities from continuing operations | (574) | (1,630) | (1,112) |
Net cash used in investing activities from discontinued operations | (4) | (69) | (74) |
Net cash used in investing activities | (578) | (1,699) | (1,186) |
Cash flows from financing activities: | |||
Net (repayments) proceeds under other short-term debt agreements | (34) | (214) | 7 |
Repayments under long-term debt agreements | 0 | 0 | (164) |
Repayment of senior notes | (862) | (546) | (526) |
Proceeds from issuance of senior notes, net of issuance costs | 852 | 2,043 | 691 |
Contingent consideration and deferred acquisition purchase price payments | (4) | 0 | 0 |
Dividend payments of consolidated affiliates to minority shareholders | (42) | (63) | (73) |
Repurchase of ordinary shares | (634) | (1,159) | (1,024) |
Distribution of cash dividends | (317) | (286) | (301) |
Taxes withheld and paid on employees' restricted share awards | (40) | (59) | (8) |
Net cash used in financing activities | (1,081) | (284) | (1,398) |
Effect of exchange rate fluctuations on cash and cash equivalents | (23) | (45) | (36) |
Increase (decrease) in cash and cash equivalents | 259 | (325) | (485) |
Cash and cash equivalents at beginning of the year | 579 | 904 | 1,389 |
Cash and cash equivalents at end of the year | 838 | 579 | 904 |
Cash and cash equivalents of discontinued operations | 0 | 44 | 45 |
Cash and cash equivalents of continuing operations | $ 838 | $ 535 | $ 859 |
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Payment associated with business disposal | $ 0 | $ (14) | $ 0 |
Consolidated Statement Of Shareholders' Equity - USD ($) $ in Millions |
Total |
Ordinary Shares |
Additional Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Total Delphi Shareholders' Equity |
Noncontrolling Interest |
---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2013 | $ 3,434 | $ 3 | $ 1,699 | $ 1,446 | $ (237) | $ 2,911 | $ 523 |
Balance, shares at Dec. 31, 2013 | 306,000,000 | ||||||
Net income | 1,440 | 1,351 | 1,351 | 89 | |||
Other comprehensive loss | (513) | (504) | (504) | (9) | |||
Dividends on ordinary shares | (301) | 4 | (305) | (301) | |||
Dividend payments of consolidated affiliates to minority shareholders | (100) | (100) | |||||
Taxes withheld on employees' restricted share award vestings | $ (8) | (8) | (8) | ||||
Repurchase of ordinary shares, shares | (15,041,713) | (15,000,000) | |||||
Repurchase of ordinary shares | $ (1,024) | (80) | (944) | (1,024) | |||
Share-based compensation | 76 | 76 | 76 | ||||
Excess tax benefits on share-based compensation | 9 | 9 | 9 | ||||
Balance at Dec. 31, 2014 | 3,013 | $ 3 | 1,700 | 1,548 | (741) | 2,510 | 503 |
Balance, shares at Dec. 31, 2014 | 291,000,000 | ||||||
Net income | 1,535 | 1,450 | 1,450 | 85 | |||
Other comprehensive loss | (308) | (292) | (292) | (16) | |||
Dividends on ordinary shares | (286) | 4 | (290) | (286) | |||
Dividend payments of consolidated affiliates to minority shareholders | (89) | (89) | |||||
Taxes withheld on employees' restricted share award vestings | $ (59) | (59) | (59) | ||||
Repurchase of ordinary shares, shares | (14,581,705) | (15,000,000) | |||||
Repurchase of ordinary shares | $ (1,159) | (78) | (1,081) | (1,159) | |||
Share-based compensation, in shares | 2,000,000 | ||||||
Share-based compensation | 75 | 75 | 75 | ||||
Excess tax benefits on share-based compensation | 11 | 11 | 11 | ||||
Balance at Dec. 31, 2015 | 2,733 | $ 3 | 1,653 | 1,627 | (1,033) | 2,250 | 483 |
Balance, shares at Dec. 31, 2015 | 278,000,000 | ||||||
Net income | 1,326 | 1,257 | 1,257 | 69 | |||
Other comprehensive loss | (191) | (182) | (182) | (9) | |||
Dividends on ordinary shares | (317) | 3 | (320) | (317) | |||
Dividend payments of consolidated affiliates to minority shareholders | (80) | (80) | |||||
Taxes withheld on employees' restricted share award vestings | $ (40) | (40) | (40) | ||||
Repurchase of ordinary shares, shares | (9,481,946) | (10,000,000) | |||||
Repurchase of ordinary shares | $ (635) | (51) | (584) | (635) | |||
Share-based compensation, in shares | 2,000,000 | ||||||
Divestiture of business | (101) | (101) | |||||
Share-based compensation | 68 | 68 | 68 | ||||
Balance at Dec. 31, 2016 | $ 2,763 | $ 3 | $ 1,633 | $ 1,980 | $ (1,215) | $ 2,401 | $ 362 |
Balance, shares at Dec. 31, 2016 | 270,000,000 |
General |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | GENERAL General and basis of presentation—“Delphi,” the “Company,” “we,” “us” and “our” refer to Delphi Automotive PLC, a public limited company which was formed under the laws of Jersey on May 19, 2011, together with its subsidiaries, including Delphi Automotive LLP, a limited liability partnership incorporated under the laws of England and Wales which was formed on August 19, 2009 for the purpose of acquiring certain assets of the former Delphi Corporation, and became a subsidiary of Delphi Automotive PLC in connection with the completion of the Company’s initial public offering on November 22, 2011. The former Delphi Corporation (now known as DPH Holdings Corp. (“DPHH”)) and, as the context may require, its subsidiaries and affiliates, are also referred to herein as “Old Delphi.” The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Nature of operations—Delphi is a leading global vehicle components manufacturer and provides electrical and electronic, powertrain and safety technology solutions to the global automotive and commercial vehicle markets. Delphi is one of the largest vehicle component manufacturers, and its customers include all 25 of the largest automotive original equipment manufacturers (“OEMs”) in the world. Delphi operates 126 major manufacturing facilities and 15 major technical centers utilizing a regional service model that enables the Company to efficiently and effectively serve its global customers from low cost countries. Delphi has a presence in 46 countries and has over 20,000 scientists, engineers and technicians focused on developing market relevant product solutions for its customers. In line with the long term growth in emerging markets, Delphi has been increasing its focus on these markets, particularly in China, where the Company has a major manufacturing base and strong customer relationships. Corporate history—In October 2005, Old Delphi and certain of its United States (“U.S.”) subsidiaries filed voluntary petitions for reorganization relief under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). Old Delphi's non-U.S. subsidiaries, which were not included in the Chapter 11 Filings, continued their business operations without supervision from the Bankruptcy Court and were not subject to the requirements of the Bankruptcy Code. On August 19, 2009, Delphi Automotive LLP, a limited liability partnership organized under the laws of England and Wales, was formed for the purpose of acquiring certain assets and subsidiaries of Old Delphi (“the Acquisition”), and on October 6, 2009 (the “Acquisition Date”) Delphi Automotive LLP acquired the major portion of the business of Old Delphi and issued membership interests to a group of investors consisting of lenders to Old Delphi, General Motors Company (“GM”) and the Pension Benefit Guaranty Corporation (the “PBGC”). On March 31, 2011, all of the outstanding Class A and Class C membership interests held by GM and the PBGC were redeemed, respectively, for approximately $4.4 billion. Refer to Note 15. Shareholders' Equity and Net Income Per Share for additional disclosures. 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 of Delphi Automotive PLC. As a result, Delphi Automotive LLP became a wholly-owned subsidiary of Delphi Automotive PLC. The transaction whereby Delphi Automotive LLP became a wholly-owned subsidiary of Delphi Automotive PLC had no accounting effects. |
Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Consolidation—The consolidated financial statements include the accounts of Delphi and U.S. and non-U.S. subsidiaries in which Delphi holds a controlling financial or management interest and variable interest entities of which Delphi has determined that it is the primary beneficiary. Delphi’s share of the earnings or losses of non-controlled affiliates, over which Delphi exercises significant influence (generally a 20% to 50% ownership interest), is included in the consolidated operating results using the equity method of accounting. When Delphi does not have the ability to exercise significant influence (generally when ownership interest is less than 20%), investments in non-consolidated affiliates are accounted for using the cost method. All adjustments, consisting of only normal recurring items, which are necessary for a fair presentation, have been included. All significant intercompany transactions and balances between consolidated Delphi businesses have been eliminated in the accompanying financial statements. The Company monitors its investments in affiliates for indicators of other-than-temporary declines in value on an ongoing basis. If the Company determines that such a decline has occurred, an impairment loss is recorded, which is measured as the difference between carrying value and estimated fair value. Estimated fair value is generally determined using an income approach based on discounted cash flows or negotiated transaction values. During the year ended December 31, 2016, Delphi received dividends of $17 million from one of its equity method investments. During the year ended December 31, 2015, Delphi received dividends of $17 million from one of its equity method investments. During the year ended December 31, 2014, Delphi received a dividend of $10 million from its equity method investment in Korea Delphi Automotive Systems Corporation ("KDAC"), a Korean unconsolidated joint venture which was sold during the year ended December 31, 2015 and has been reclassified to discontinued operations, as further described in Note 25. Discontinued Operations. The dividends were recognized as reductions to the investments and represented a return on the investments that were included in cash flows from operating activities from continuing operations and discontinued operations, respectively. Investments in affiliates accounted for under the cost method totaled $26 million and $23 million as of December 31, 2016 and 2015, respectively, and are classified within other long-term assets in the consolidated balance sheet. Use of estimates—Preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect amounts reported therein. Generally, matters subject to estimation and judgment include amounts related to accounts receivable realization, inventory obsolescence, asset impairments, useful lives of intangible and fixed assets, deferred tax asset valuation allowances, income taxes, pension benefit plan assumptions, accruals related to litigation, warranty costs, environmental remediation costs, contingent consideration arrangements, worker’s compensation accruals and healthcare accruals. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be based upon amounts that differ from those estimates. Revenue recognition—Sales are recognized when there is evidence of a sales agreement, the delivery of goods has occurred, the sales price is fixed or determinable and the collectability of revenue is reasonably assured. Sales are generally recorded upon shipment of product to customers and transfer of title under standard commercial terms. In addition, if Delphi enters into retroactive price adjustments with its customers, these reductions to revenue are recorded when they are determined to be probable and estimable. From time to time, Delphi enters into pricing agreements with its customers that provide for price reductions, some of which are conditional upon achieving certain joint cost saving targets. In these instances, revenue is recognized based on the agreed-upon price at the time of shipment. Sales incentives and allowances are recognized as a reduction to revenue at the time of the related sale. In addition, from time to time, Delphi makes payments to customers in conjunction with ongoing and future business. These payments to customers are generally recognized as a reduction to revenue at the time of the commitment to make these payments. Shipping and handling fees billed to customers are included in net sales, while costs of shipping and handling are included in cost of sales. Delphi collects and remits taxes assessed by different governmental authorities that are both imposed on and concurrent with a revenue-producing transaction between the Company and the Company’s customers. These taxes may include, but are not limited to, sales, use, value-added, and some excise taxes. Delphi reports the collection of these taxes on a net basis (excluded from revenues). Net income per share—Basic net income per share is computed by dividing net income attributable to Delphi by the weighted–average number of ordinary shares outstanding during the period. Diluted net income per share reflects the weighted average dilutive impact of all potentially dilutive securities from the date of issuance and is computed using the treasury stock method by dividing net income attributable to Delphi by the diluted weighted-average number of ordinary shares outstanding. Unless otherwise noted, share and per share amounts included in these notes are on a diluted basis. Refer to Note 15. Shareholders’ Equity and Net Income Per Share for additional information including the calculation of basic and diluted net income per share. Research and development—Costs are incurred in connection with research and development programs that are expected to contribute to future earnings. Such costs are charged against income as incurred. Total research and development expenses, including engineering, net of customer reimbursements, were approximately $1.2 billion, $1.2 billion and $1.2 billion for the years ended December 31, 2016, 2015 and 2014, respectively. Cash and cash equivalents—Cash and cash equivalents are defined as short-term, highly liquid investments with original maturities of three months or less. Restricted cash—Restricted cash includes balances on deposit at financial institutions that have issued letters of credit in favor of Delphi. Accounts receivable—Delphi enters into agreements to sell certain of its accounts receivable, primarily in North America and Europe. Sales of receivables are accounted for in accordance with FASB Topic ASC 860, Transfers and Servicing ("ASC 860"). Agreements which result in true sales of the transferred receivables, as defined in ASC 860, which occur when receivables are transferred without recourse to the Company, are excluded from amounts reported in the consolidated balance sheets. Cash proceeds received from such sales are included in operating cash flows. Agreements that allow Delphi to maintain effective control over the transferred receivables and which do not qualify as a sale, as defined in ASC 860, are accounted for as secured borrowings and recorded in the consolidated balance sheets within accounts receivable, net and short-term debt. The expenses associated with receivables factoring are recorded in the consolidated statements of operations within interest expense. The Company exchanges certain amounts of accounts receivable, primarily in the Asia Pacific region, for bank notes with original maturities greater than three months. The collection of such bank notes are included in operating cash flows based on the substance of the underlying transactions, which are operating in nature. Bank notes held by the Company with original maturities of three months or less are classified as cash and cash equivalents within the consolidated balance sheet, and those with original maturities of greater than three months are classified as notes receivable within other current assets. The Company may hold such bank notes until maturity, exchange them with suppliers to settle liabilities, or sell them to third party financial institutions in exchange for cash. The allowance for doubtful accounts is established based upon analysis of trade receivables for known collectability issues, the aging of the trade receivables at the end of each period and, generally, all accounts receivable balances greater than 90 days past due are fully reserved. As of December 31, 2016 and 2015, the allowance for doubtful accounts was $42 million and $26 million, respectively, and the provision for doubtful accounts was $24 million, $11 million, and $10 million for the years ended December 31, 2016, 2015 and 2014, respectively. Inventories—As of December 31, 2016 and 2015, inventories are stated at the lower of cost, determined on a first-in, first-out basis, or market, including direct material costs and direct and indirect manufacturing costs. Refer to Note 3. Inventories for additional information. Obsolete inventory is identified based on analysis of inventory for known obsolescence issues, and, generally, the market value of inventory on hand in excess of one year’s supply is fully-reserved. From time to time, payments may be received from suppliers. These payments from suppliers are recognized as a reduction of the cost of the material acquired during the period to which the payments relate. In some instances, supplier rebates are received in conjunction with or concurrent with the negotiation of future purchase agreements and these amounts are amortized over the prospective agreement period. Property—Major improvements that materially extend the useful life of property are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is determined based on a straight-line method over the estimated useful lives of groups of property. Leasehold improvements under capital leases are depreciated over the period of the lease or the life of the property, whichever is shorter. Refer to Note 6. Property, Net for additional information. Pre-production costs related to long-term supply agreements—The Company incurs pre-production engineering, development and tooling costs related to products produced for its customers under long-term supply agreements. Engineering, testing and other costs incurred in the design and development of production parts are expensed as incurred, unless the costs are reimbursable, as specified in a customer contract. As of December 31, 2016 and 2015, $89 million and $98 million of such contractually reimbursable costs were capitalized, respectively. These amounts are recorded within other current and other long-term assets in the consolidated balance sheets, as further detailed in Note 4. Assets. Special tools represent Delphi-owned tools, dies, jigs and other items used in the manufacture of customer components that will be sold under long-term supply arrangements, the costs of which are capitalized within property, plant and equipment if the Company has title to the assets. Special tools also include capitalized unreimbursed pre-production tooling costs related to customer-owned tools for which the customer has provided Delphi a non-cancellable right to use the tool. Delphi-owned special tools balances are depreciated over the expected life of the special tool or the life of the related vehicle program, whichever is shorter. The unreimbursed costs incurred related to customer-owned special tools that are not subject to reimbursement are capitalized and depreciated over the expected life of the special tool or the life of the related vehicle program, whichever is shorter. At December 31, 2016 and 2015, the special tools balance, net of accumulated depreciation, was $483 million and $482 million, respectively, included within property, net in the consolidated balance sheets. As of December 31, 2016 and 2015, the Delphi-owned special tools balances were $397 million and $404 million, respectively, and the customer-owned special tools balances were $86 million and $78 million, respectively. Valuation of long-lived assets—The carrying value of long-lived assets held for use, including definite-lived intangible assets, is periodically evaluated when events or circumstances warrant such a review. The carrying value of a long-lived asset held for use is considered impaired when the anticipated separately identifiable undiscounted cash flows from the asset are less than the carrying value of the asset. In that event, a loss is recognized based on the amount by which the carrying value exceeds the estimated fair value of the long-lived asset. Impairment losses on long-lived assets held for sale are recognized if the carrying value of the asset is in excess of the asset's estimated fair value, reduced for the cost to dispose of the asset. Fair value of long-lived assets is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved (an income approach), and in certain situations Delphi’s review of appraisals (a market approach). Refer to Note 6. Property, Net for additional information. Assets and liabilities held for sale—The Company considers assets to be held for sale when management approves and commits to a formal plan to actively market the assets for sale at a price reasonable in relation to their estimated fair value, the assets are available for immediate sale in their present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the assets is probable and expected to be completed within one year (or, if it is expected that others will impose conditions on the sale of the assets that will extend the period required to complete the sale, that a firm purchase commitment is probable within one year) and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, the Company records the assets at the lower of their carrying value or their estimated fair value, reduced for the cost to dispose of the assets, and ceases to record depreciation expense on the assets. Assets and liabilities of a discontinued operation are reclassified as held for sale for all comparative periods presented in the consolidated balance sheet. For assets that meet the held for sale criteria but do not meet the definition of a discontinued operation, the Company reclassifies the assets and liabilities in the period in which the held for sale criteria are met, but does not reclassify prior period amounts. Refer to Note 25. Discontinued Operations for further information regarding the Company's assets and liabilities held for sale. Intangible assets—The Company amortizes definite-lived intangible assets over their estimated useful lives. The Company has definite-lived intangible assets related to patents and developed technology, customer relationships and trade names. Indefinite-lived in-process research and development intangible assets are not amortized, but are tested for impairment annually, or more frequently when indicators of potential impairment exist, until the completion or abandonment of the associated research and development efforts. The Company also has intangible assets related to acquired trade names that are classified as indefinite-lived when there are no foreseeable limits on the periods of time over which they are expected to contribute cash flows. These indefinite-lived trade name assets are tested for impairment annually, or more frequently when indicators of potential impairment exist. Costs to renew or extend the term of acquired intangible assets are recognized as expense as incurred. No intangible asset impairments were recorded in 2016, 2015 or 2014. Refer to Note 7. Intangible Assets and Goodwill for additional information. Goodwill—Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations. The Company tests goodwill for impairment annually in the fourth quarter, or more frequently when indications of potential impairment exist. The Company monitors the existence of potential impairment indicators throughout the fiscal year. The Company tests for goodwill impairment at the reporting unit level. Our reporting units are the components of operating segments which constitute businesses for which discrete financial information is available and is regularly reviewed by segment management. The impairment test involves first qualitatively assessing goodwill for impairment. If the qualitative assessment is not met we then perform a quantitative assessment by first comparing the estimated fair value of each reporting unit to its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential sale of the reporting unit. If the estimated fair value exceeds carrying value, then we conclude that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its estimated fair value, a second step is required to measure possible goodwill impairment loss. The second step includes hypothetically valuing the tangible and intangible assets and liabilities of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit's goodwill is compared to the carrying value of that goodwill. If the carrying value of the reporting unit's goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying value. Refer to Note 20. Acquisitions and Divestitures, for further information on the goodwill attributable to the Company's acquisitions. Goodwill impairment—In the fourth quarter of 2016 and 2015, the Company completed a qualitative goodwill impairment assessment, and after evaluating the results, events and circumstances of the Company, the Company concluded that sufficient evidence existed to assert qualitatively that it was more likely than not that the estimated fair value of each reporting unit remained in excess of its carrying values. Therefore, a two-step impairment assessment was not necessary. No goodwill impairments were recorded in 2016, 2015 or 2014. Refer to Note 7. Intangible Assets and Goodwill for additional information. Discontinued operations—The Company reports financial results for discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations. Discontinued operations reporting occurs only when the disposal of a component or a group of components of the Company represents a strategic shift that will have a major effect on the Company's operations and financial results. During the year ended December 31, 2015, Delphi completed the divestitures of the Company's wholly owned Thermal Systems business and the Company's interest in its KDAC joint venture. During the year ended December 31, 2016, Delphi completed the divestiture of its interest in its Shanghai Delphi Automotive Air Conditioning ("SDAAC") joint venture. Delphi's interests in the KDAC and SDAAC joint ventures were previously reported within the Thermal Systems segment. Accordingly, the assets and liabilities, operating results and operating and investing cash flows for the previously reported Thermal Systems segment are presented as discontinued operations separate from the Company’s continuing operations for all periods presented. Prior period information has been reclassified to present this business as discontinued operations for all periods presented, and has therefore been excluded from both continuing operations and segment results for all periods presented in these consolidated financial statements and the notes to the consolidated financial statements, unless otherwise noted. These items had no impact on the amounts of previously reported net income attributable to Delphi or total shareholders' equity. Refer to Note 25. Discontinued Operations for further information regarding the Company's discontinued operations. Warranty and product recalls—Expected warranty costs for products sold are recognized at the time of sale of the product based on an estimate of the amount that eventually will be required to settle such obligations. These accruals are based on factors such as past experience, production changes, industry developments and various other considerations. Costs of product recalls, which may include the cost of the product being replaced as well as the customer’s cost of the recall, including labor to remove and replace the recalled part, are accrued as part of our warranty accrual at the time an obligation becomes probable and can be reasonably estimated. These estimates are adjusted from time to time based on facts and circumstances that impact the status of existing claims. Refer to Note 9. Warranty Obligations for additional information. Income taxes—Deferred tax assets and liabilities reflect temporary differences between the amount of assets and liabilities for financial and tax reporting purposes. Such amounts are adjusted, as appropriate, to reflect changes in tax rates expected to be in effect when the temporary differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized. In the event the Company determines it is more likely than not that the deferred tax assets will not be realized in the future, the valuation allowance adjustment to the deferred tax assets will be charged to earnings in the period in which we make such a determination. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities. Refer to Note. 14. Income Taxes for additional information. Foreign currency translation—Assets and liabilities of non-U.S. subsidiaries that use a currency other than U.S. dollars as their functional currency are translated to U.S. dollars at end-of-period currency exchange rates. The consolidated statements of operations of non-U.S. subsidiaries are translated to U.S. dollars at average-period currency exchange rates. The effect of translation for non-U.S. subsidiaries is generally reported in other comprehensive income ("OCI"). The effect of remeasurement of assets and liabilities of non-U.S. subsidiaries that use the U.S. dollar as their functional currency is primarily included in cost of sales. Also included in cost of sales are gains and losses arising from transactions denominated in a currency other than the functional currency of a particular entity. Net foreign currency transaction gains of less than $1 million and $8 million were included in the consolidated statements of operations for the year ended December 31, 2016, and December 31, 2015, respectively, and a net foreign currency transaction loss of $5 million was included in the consolidated statement of operations for the year ended December 31, 2014. The accumulated foreign currency translation adjustment related to an investment in a foreign subsidiary is reclassified to net income upon sale or upon complete or substantially complete liquidation of the respective entity. Restructuring—Delphi continually evaluates alternatives to align the business with the changing needs of its customers and to lower operating costs. This includes the realignment of its existing manufacturing capacity, facility closures, or similar actions, either in the normal course of business or pursuant to significant restructuring programs. These actions may result in employees receiving voluntary or involuntary employee termination benefits, which are mainly pursuant to union or other contractual agreements. Voluntary termination benefits are accrued when an employee accepts the related offer. Involuntary termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable, depending on the existence of a substantive plan for severance or termination. Contract termination costs are recorded when contracts are terminated or when Delphi ceases to use the leased facility and no longer derives economic benefit from the contract. All other exit costs are expensed as incurred. Refer to Note 10. Restructuring for additional information. Environmental liabilities—Environmental remediation liabilities are recognized when a loss is probable and can be reasonably estimated. Such liabilities generally are not subject to insurance coverage. The cost of each environmental remediation is estimated by engineering, financial, and legal specialists based on current law and considers the estimated cost of investigation and remediation required and the likelihood that, where applicable, other responsible parties will be able to fulfill their commitments. The process of estimating environmental remediation liabilities is complex and dependent primarily on the nature and extent of historical information and physical data relating to a contaminated site, the complexity of the site, the uncertainty as to what remediation and technology will be required, and the outcome of discussions with regulatory agencies and, if applicable, other responsible parties at multi-party sites. In future periods, new laws or regulations, advances in remediation technologies and additional information about the ultimate remediation methodology to be used could significantly change estimates by Delphi. Refer to Note 13. Commitments and Contingencies for additional information. Asset retirement obligations—Asset retirement obligations are recognized in accordance with FASB ASC 410, Asset Retirement and Environmental Obligations. Conditional retirement obligations have been identified primarily related to asbestos abatement at certain sites. To a lesser extent, conditional retirement obligations also exist at certain sites related to the removal of storage tanks and polychlorinated biphenyl disposal costs. Asset retirement obligations were $2 million and $2 million at December 31, 2016 and 2015, respectively. Customer concentrations—As reflected in the table below, net sales to GM and VW, Delphi's two largest customers, totaled approximately 22%, 22% and 25% of our total net sales for the years ended December 31, 2016, 2015 and 2014, respectively.
Derivative financial instruments—All derivative instruments are required to be reported on the balance sheet at fair value unless the transactions qualify and are designated as normal purchases or sales. Changes in fair value are reported currently through earnings unless they meet hedge accounting criteria. Exposure to fluctuations in currency exchange rates, interest rates and certain commodity prices are managed by entering into a variety of forward contracts and swaps with various counterparties. Such financial exposures are managed in accordance with the policies and procedures of Delphi. Delphi does not enter into derivative transactions for speculative or trading purposes. As part of the hedging program approval process, Delphi identifies the specific financial risk which the derivative transaction will minimize, the appropriate hedging instrument to be used to reduce the risk and the correlation between the financial risk and the hedging instrument. Purchase orders, sales contracts, letters of intent, capital planning forecasts and historical data are used as the basis for determining the anticipated values of the transactions to be hedged. Delphi does not enter into derivative transactions that do not have a high correlation with the underlying financial risk. Hedge positions, as well as the correlation between the transaction risks and the hedging instruments, are reviewed on an ongoing basis. Foreign exchange forward contracts are accounted for as hedges of firm or forecasted foreign currency commitments or foreign currency exposure of the net investment in certain foreign operations to the extent they are designated and assessed as highly effective. All foreign exchange contracts are marked to market on a current basis. Commodity swaps are accounted for as hedges of firm or anticipated commodity purchase contracts to the extent they are designated and assessed as effective. All other commodity derivative contracts that are not designated as hedges are either marked to market on a current basis or are exempted from mark to market accounting as normal purchases. At December 31, 2016 and 2015, the Company's exposure to movements in interest rates was not hedged with derivative instruments. Refer to Note 17. Derivatives and Hedging Activities and Note 18. Fair Value of Financial Instruments for additional information. Extended disability benefits—Costs associated with extended disability benefits provided to inactive employees are accrued throughout the duration of their active employment. Workforce demographic data and historical experience are utilized to develop projections of time frames and related expense for postemployment benefits. Workers’ compensation benefits—Workers’ compensation benefit accruals are actuarially determined and are subject to the existing workers’ compensation laws that vary by location. Accruals for workers’ compensation benefits represent the discounted future cash expenditures expected during the period between the incidents necessitating the employees to be idled and the time when such employees return to work, are eligible for retirement or otherwise terminate their employment. Share-based compensation—The Company's share-based compensation arrangements consist of the Delphi Automotive PLC Long Term Incentive Plan, as amended and restated effective April 23, 2015 (the “PLC LTIP”), under which grants of restricted stock units (“RSUs”) have been made in each period from 2012 to 2016. The RSU awards include a time-based vesting portion and a performance-based vesting portion. The performance-based vesting portion includes performance and market conditions in addition to service conditions. The grant date fair value of the RSUs is determined based on the closing price of the Company's ordinary shares on the date of the grant of the award, including an estimate for forfeitures, or a contemporaneous valuation performed by an independent valuation specialist with respect to awards with market conditions. Compensation expense is recognized based upon the grant date fair value of the awards applied to the Company's best estimate of ultimate performance against the respective targets on a straight-line basis over the requisite vesting period of the awards. The performance conditions require management to make assumptions regarding the likelihood of achieving certain performance goals. Changes in these performance assumptions, as well as differences in actual results from management's estimates, could result in estimated or actual values different from previously estimated fair values. Refer to Note 21. Share-Based Compensation for additional information. Business combinations—The Company accounts for its business combinations in accordance with the accounting guidance in FASB ASC 805, Business Combinations. The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. Determining the fair values of assets acquired and liabilities assumed requires management's judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items. Refer to Note 20. Acquisitions and Divestitures for additional information. Retrospective changes—As described in Note 23. Segment Reporting, in 2016 Delphi reorganized its management reporting structure by moving its Power Electronics product line, which was historically included in the Electronics and Safety segment, to the Powertrain Systems segment. Consistent with this change in the Company's management reporting structure and basis of financial information used by the chief operating decision maker, the prior period results of the Power Electronics product line have been reclassified from the Electronics and Safety segment to the Powertrain Systems segment for all periods presented. This reclassification had no impact on the consolidated financial statements. Recently adopted accounting pronouncements—In April 2015, the FASB issued Accounting Standards Update ("ASU") ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This guidance requires that debt issuance costs be presented as a direct reduction to the carrying amount of the related debt in the balance sheet rather than as a deferred charge, consistent with the presentation of discounts on debt. ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs associated with Line-of-Credit Arrangements, was issued in August 2015 to clarify that the U.S. Securities and Exchange Commission ("SEC") staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The guidance is effective for fiscal years beginning after December 15, 2015, and is to be applied retrospectively. As permitted, the Company elected to early adopt this guidance effective December 31, 2015, and has classified $24 million and $28 million as of December 31, 2016 and December 31, 2015, respectively, of deferred debt issuance costs associated with term debt within long-term debt in the consolidated balance sheet. Deferred issuance costs associated with the Company’s Revolving Credit Facility of $10 million and $12 million as of December 31, 2016 and December 31, 2015, respectively, remain classified within other long-term assets. Refer to Note 11. Debt for further information. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the effect on earnings of changes in depreciation, amortization, or other income effects, if any. The guidance is effective for interim and annual periods beginning after December 15, 2015, and is to be applied prospectively to adjustments to provisional amounts that occur after the effective date, with earlier application permitted for financial statements that have not yet been made available for issuance. Delphi adopted this guidance effective January 1, 2016, and has applied it to adjustments to provisional amounts resulting from business combinations for which the accounting was incomplete as of December 31, 2015. The adoption of this guidance did not have a significant impact on Delphi's financial statements. Refer to Note 20. Acquisitions and Divestitures for further information. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This guidance requires entities to classify deferred tax liabilities and assets as noncurrent in a classified statement of financial position. The guidance is effective for interim and annual periods beginning after December 15, 2016, and may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. As permitted, the Company elected to early adopt this guidance effective December 31, 2015, and applied the guidance prospectively. The adoption of this guidance did not have a significant impact on Delphi's financial statements, other than the classification of deferred tax liabilities and assets as long-term in accordance with the new presentation requirements. Recently issued accounting pronouncements not yet adopted—In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This ASU supersedes most of the existing guidance on revenue recognition in Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition and establishes a broad principle that would require an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this principle, an entity identifies the contract with a customer, identifies the separate performance obligations in the contract, determines the transaction price, allocates the transaction price to the separate performance obligations and recognizes revenue when each separate performance obligation is satisfied. The FASB has subsequently issued additional ASUs to clarify certain elements of the new revenue recognition guidance. The guidance is effective for fiscal years beginning after December 15, 2017, and is to be applied retrospectively using one of two transition methods at the entity's election. The full retrospective method requires companies to recast each prior reporting period presented as if the new guidance had always existed. Under the modified retrospective method, companies would recognize the cumulative effect of initially applying the standard as an adjustment to opening retained earnings at the date of initial application. Early adoption is permitted for fiscal years beginning after December 15, 2016. The Company has continued to monitor FASB activity related to the new standard, and has worked with various non-authoritative industry groups to assess certain interpretative issues and the associated implementation of the new standard. The Company has drafted its accounting policy for the new standard based on a detailed review of its business and contracts. Delphi currently anticipates the most significant impact of the implementation of the new standard relates to the Company's accounting for guaranteed reimbursements of certain pre-production engineering, development and tooling costs related to products manufactured for our customers under long-term supply agreements. Under the current applicable guidance, such reimbursements from customers are recorded as cost offsets; whereas under the new standard we currently anticipate recognizing such guaranteed recoveries as revenues, as the reimbursements specified in the customer contracts represent consideration from contracts with customers under the new standard. While the Company continues to assess all potential impacts of the new standard, we do not currently expect that the adoption of this guidance will have a material impact on our revenues, results of operations or financial position. The Company plans to adopt the new revenue standard effective January 1, 2018. The Company has not yet selected a transition method and continues to evaluate the effect of the standard on our ongoing financial reporting and implementation approach. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This guidance requires an entity to measure inventory at the lower of cost and net realizable value, rather than at the lower of cost or market. The guidance is effective for interim and annual periods beginning after December 15, 2016, and is to be applied prospectively. Early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on Delphi's financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This guidance makes targeted improvements to existing U.S. GAAP for financial instruments, including requiring equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; requiring entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset and requiring entities to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017. Early adoption of the own credit provision is permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under this guidance, lessees will be required to recognize on the balance sheet a lease liability and a right-of-use asset for all leases, with the exception of short-term leases. The lease liability represents the lessee's obligation to make lease payments arising from a lease, and will be measured as the present value of the lease payments. The right-of-use asset represents the lessee’s right to use a specified asset for the lease term, and will be measured at the lease liability amount, adjusted for lease prepayment, lease incentives received and the lessee’s initial direct costs. The standard also requires a lessee to recognize a single lease cost allocated over the lease term, generally on a straight-line basis. The new guidance is effective for fiscal years beginning after December 15, 2018. ASU 2016-02 is required to be applied using the modified retrospective approach for all leases existing as of the effective date and provides for certain practical expedients. Early adoption is permitted. The Company is currently evaluating the effects that the adoption of ASU 2016-02 will have on the Company’s consolidated financial statements, and anticipates the new guidance will significantly impact its consolidated financial statements as the Company has a significant number of leases. As further described in Note 13. Commitments and Contingencies, as of December 31, 2016, Delphi had minimum lease commitments under non-cancellable operating leases totaling $358 million. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships and ASU 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments. ASU 2016-05 clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. ASU 2016-06 also clarifies the steps required to determine bifurcation of an embedded derivative. The new guidance is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on Delphi's financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This guidance contains multiple updates related to the accounting and financial statement presentation of share-based payment transactions. Under the new guidance, excess tax benefits will be recognized as income tax expense in the period in which the awards vest, as opposed to being recognized in additional paid-in capital when the deduction reduces taxes payable. Excess tax benefits will be classified as an operating activity within the statement of cash flows, as opposed to a financing activity. The new guidance also clarifies that cash paid by an employer when withholding shares for tax withholding purposes should be classified as a financing activity, and also permits an accounting policy election for accruing compensation cost to either estimate the number of awards that are expected to vest, similar to current U.S. GAAP, or account for forfeitures when they occur. The new guidance is effective for fiscal years beginning after December 15, 2016. The method of transition is dependent on the particular provision within the new guidance. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This guidance also requires enhanced disclosures regarding significant estimates and judgments used in estimating credit losses. The new guidance is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In September 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This guidance clarifies the presentation requirements of eight specific issues within the statement of cash flows. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on Delphi's financial statements, as Delphi's treatment of the relevant affected items within its consolidated statement of cash flows is consistent with the requirements of this guidance. In October 2016, the FASB issued ASU No. 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory. This guidance requires that the tax effects of all intra-entity sales of assets other than inventory be recognized in the period in which the transaction occurs. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption as of the beginning of an annual reporting period is permitted. The guidance is to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and restricted cash. As a result, restricted cash will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, and the new guidance is to be applied retrospectively. The adoption of this guidance is not expected to have a significant impact on Delphi's financial statements, other than the classification of restricted cash within the beginning-of-period and end-of-period totals on the consolidated statement of cash flows, as opposed to being excluded from these totals. |
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Inventories | INVENTORIES Inventories are stated at the lower of cost, determined on a first-in, first-out basis, or market, including direct material costs and direct and indirect manufacturing costs. A summary of inventories is shown below:
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ASSETS Other current assets consisted of the following:
Other long-term assets consisted of the following:
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Investments in Affiliates |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliates | INVESTMENTS IN AFFILIATES As part of Delphi’s continuing operations, it has investments in six non-consolidated affiliates accounted for under the equity method of accounting. These affiliates are not publicly traded companies and are located primarily in Asia Pacific and North America. Delphi’s ownership percentages vary generally from approximately 20% to 50%, with the most significant investments in Delphi-TVS Diesel Systems Ltd (of which Delphi owns approximately 50%) and Promotora de Partes Electricas Automotrices, S.A. de C.V. (of which Delphi owns approximately 40%). The aggregate investment in non-consolidated affiliates was $101 million and $94 million at December 31, 2016 and 2015, respectively. Dividends of $17 million, $17 million and $0 for the years ended December 31, 2016, 2015 and 2014, respectively, have been received from non-consolidated affiliates. No impairment charges were recorded for the years ended December 31, 2016, 2015 and 2014. The following is a summary of the combined financial information of significant affiliates accounted for under the equity method for continuing operations as of December 31, 2016 and 2015 and for the years ended December 31, 2016, 2015 and 2014 (unaudited):
A summary of transactions with affiliates is shown below:
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Property, Net |
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Property, Plant and Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure | PROPERTY, NET Property, net consisted of:
For the year ended December 31, 2016, Delphi recorded asset impairment charges of $30 million in cost of sales related to declines in the fair values of certain fixed assets, $25 million of which related to the initiation of a plant closure of a European manufacturing site within the Powertrain Systems segment, as further described in Note 10. Restructuring. For the year ended December 31, 2015, Delphi recorded asset impairment charges of $16 million in cost of sales related to declines in the fair values of certain fixed assets. For the year ended December 31, 2014, Delphi recorded asset impairment charges of $5 million in cost of sales and $2 million in selling, general and administrative expense related to declines in the fair values of certain fixed assets and capitalized software no longer being utilized. |
Intangible Assets and Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure | INTANGIBLE ASSETS AND GOODWILL The changes in the carrying amount of intangible assets and goodwill were as follows as of December 31, 2016 and 2015. See Note 20. Acquisitions and Divestitures for a further description of the goodwill and intangible assets resulting from Delphi's acquisitions in 2016 and 2015.
Estimated amortization expense for the years ending December 31, 2017, 2018, 2019, 2020 and 2021 is presented below:
A roll-forward of the gross carrying amounts of intangible assets for the years ended December 31, 2016 and 2015 is presented below.
A roll-forward of the accumulated amortization for the years ended December 31, 2016 and 2015 is presented below:
A roll-forward of the carrying amount of goodwill, by operating segment, for the years ended December 31, 2016 and 2015 is presented below:
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Liabilities |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | LIABILITIES Accrued liabilities consisted of the following:
Other long-term liabilities consisted of the following:
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Warranty Obligations |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warranty Obligations | WARRANTY OBLIGATIONS Expected warranty costs for products sold are recognized principally at the time of sale of the product based on an estimate of the amount that will eventually be required to settle such obligations. These accruals are based on factors such as past experience, production changes, industry developments and various other considerations. The estimated costs related to product recalls based on a formal campaign soliciting return of that product are accrued at the time an obligation becomes probable and can be reasonably estimated. These estimates are adjusted from time to time based on facts and circumstances that impact the status of existing claims. Delphi has recognized its best estimate for its total aggregate warranty reserves, including product recall costs, across all of its operating segments as of December 31, 2016. The Company estimates the reasonably possible amount to ultimately resolve all matters in excess of the recorded reserves as of December 31, 2016 to be zero to $50 million. The table below summarizes the activity in the product warranty liability for the years ended December 31, 2016 and 2015:
During the year ended December 31, 2016, the Company recorded $25 million pursuant to a settlement agreement reached with one of the Company's OEM customers regarding warranty claims related to certain components supplied by Delphi’s Powertrain Systems segment. |
Restructuring |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | RESTRUCTURING Delphi’s restructuring activities are undertaken as necessary to implement management’s strategy, streamline operations, take advantage of available capacity and resources, and ultimately achieve net cost reductions. These activities generally relate to the realignment of existing manufacturing capacity and closure of facilities and other exit or disposal activities, as it relates to executing Delphi’s strategy, either in the normal course of business or pursuant to significant restructuring programs. As part of Delphi's continued efforts to optimize its cost structure, it has undertaken several restructuring programs which include workforce reductions as well as plant closures. These programs are primarily focused on the continued rotation of our manufacturing footprint to low cost locations in Europe and on reducing global overhead costs. The Company recorded employee-related and other restructuring charges related to these programs totaling approximately $328 million during the year ended December 31, 2016. These charges included $103 million for programs implemented to reduce global overhead costs, as well as $170 million for programs focused on the continued rotation of our manufacturing footprint to low cost locations in Europe, $93 million of which related to the closure of a European manufacturing site within the Powertrain Systems segment. Cash payments for this restructuring action are expected to be principally completed in 2017. Additionally, Delphi recognized non-cash asset impairment charges of $25 million during the year ended December 31, 2016 related to this plant closure, which were recorded within cost of sales. During the year ended December 31, 2015, Delphi recorded employee-related and other restructuring charges totaling approximately $177 million, primarily related to Delphi's on-going restructuring programs focused on aligning manufacturing capacity with the levels of automotive production in Europe and South America, and the continued rotation of our manufacturing footprint to low cost locations within these regions. These charges included the recognition of approximately $68 million of employee-related and other costs related to the initiation of a workforce reduction at a European manufacturing site within the Powertrain Systems segment. During the year ended December 31, 2014, Delphi recorded employee related and other restructuring charges totaling approximately $140 million, which included the recognition of approximately $35 million of employee-related and other costs related to the initiation of a workforce reduction at a European manufacturing site within the Powertrain Systems segment. Additionally, the Company recorded $0, $3 million and $4 million of restructuring costs within discontinued operations related to the Thermal Systems business during the years ended December 31, 2016, 2015 and 2014, respectively. Restructuring charges for employee separation and termination benefits are paid either over the severance period or in a lump sum in accordance with either statutory requirements or individual agreements. Delphi incurred cash expenditures related to its restructuring programs of approximately $255 million and $133 million in the years ended December 31, 2016 and December 31, 2015, respectively. The following table summarizes the restructuring charges recorded for the years ended December 31, 2016, 2015 and 2014 by operating segment:
The table below summarizes the activity in the restructuring liability for the years ended December 31, 2016 and 2015:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | DEBT The following is a summary of debt outstanding, net of unamortized issuance costs and discounts, as of December 31, 2016 and December 31, 2015, respectively:
The principal maturities of debt, at nominal value, follows:
Credit Agreement Delphi Automotive PLC and its wholly-owned subsidiary Delphi Corporation entered into a credit agreement (the "Credit Agreement") with JPMorgan Chase Bank, N.A., as administrative agent (the "Administrative Agent"), under which it maintains senior secured credit facilities currently consisting of a term loan (the “Tranche A Term Loan”) and a revolving credit facility of $2.0 billion (the “Revolving Credit Facility”). The Credit Agreement was entered into in March 2011 and has been subsequently amended and restated on several occasions, most recently on August 17, 2016. The 2016 amendment extended the maturity of the Revolving Credit Facility and the Tranche A Term Loan from 2018 to 2021, increased the capacity of the Revolving Credit Facility from $1.5 billion to $2.0 billion and permitted Delphi Automotive PLC to act as a borrower on the Revolving Credit Facility. A loss on debt extinguishment of $3 million was recorded within other income (expense), net in the consolidated statement of operations during the year ended December 31, 2016 in conjunction with the 2016 amendment. The Tranche A Term Loan and the Revolving Credit Facility mature on August 17, 2021. Delphi is obligated to make quarterly principal payments, beginning December 31, 2017, throughout the term of the Tranche A Term Loan according to the amortization schedule in the Credit Agreement. The Credit Agreement also contains an accordion feature that permits Delphi to increase, from time to time, the aggregate borrowing capacity under the Credit Agreement by up to an additional $1 billion (or a greater amount based upon a formula set forth in the Credit Agreement) upon Delphi's request, the agreement of the lenders participating in the increase, and the approval of the Administrative Agent and existing lenders. As of December 31, 2016, there were no amounts drawn on the Revolving Credit Facility and approximately $7 million in letters of credit issued under the Credit Agreement. Letters of credit issued under the Credit Agreement reduce availability under the Revolving Credit Facility. Loans under the Credit Agreement bear interest, at Delphi's option, at either (a) the Administrative Agent’s Alternate Base Rate (“ABR” as defined in the Credit Agreement) or (b) the London Interbank Offered Rate (the “Adjusted LIBO Rate” as defined in the Credit Agreement) (“LIBOR”) plus in either case a percentage per annum as set forth in the table below (the “Applicable Rate”). The Applicable Rates under the Credit Agreement on the specified dates are set forth below:
The Applicable Rate under the Credit Agreement may increase or decrease from time to time based on changes in the Company's credit ratings. Accordingly, the interest rate will fluctuate during the term of the Credit Agreement based on changes in the ABR, LIBOR or future changes in the Company's corporate credit ratings. The Credit Agreement also requires that Delphi pay certain facility fees on the Revolving Credit Facility and certain letter of credit issuance and fronting fees. The interest rate period with respect to LIBOR interest rate options can be set at one-, two-, three-, or six-months as selected by Delphi in accordance with the terms of the Credit Agreement (or other period as may be agreed by the applicable lenders). Delphi may elect to change the selected interest rate option in accordance with the provisions of the Credit Agreement. As of December 31, 2016, Delphi selected the one-month LIBOR interest rate option on the Tranche A Term Loan, and the rate effective as of December 31, 2016, as detailed in the table below, was based on the Company's current credit rating and the Applicable Rate for the Credit Agreement:
Borrowings under the Credit Agreement are prepayable at Delphi's option without premium or penalty. The Credit Agreement contains certain covenants that limit, among other things, the Company’s (and the Company’s subsidiaries’) ability to incur certain additional indebtedness or liens or to dispose of substantially all of its assets. In addition, the Credit Agreement requires that the Company maintain a consolidated leverage ratio (the ratio of Consolidated Total Indebtedness to Consolidated EBITDA, each as defined in the Credit Agreement) of less than 3.50 to 1.0. The Credit Agreement also contains events of default customary for financings of this type. The Company was in compliance with the Credit Agreement covenants as of December 31, 2016. As of December 31, 2016, all obligations under the Credit Agreement were borrowed by Delphi Corporation and jointly and severally guaranteed by its direct and indirect parent companies, subject to certain exceptions set forth in the Credit Agreement. Refer to Note 22. Supplemental Guarantor and Non-Guarantor Condensed Consolidating Financial Statements for additional information. Senior Unsecured Notes On May 17, 2011, Delphi Corporation issued $500 million of 5.875% senior unsecured notes due 2019 (the "5.875% Senior Notes") and $500 million of 6.125% senior unsecured notes due 2021 (the "6.125% Senior Notes") (collectively, the “2011 Senior Notes”) in a transaction exempt from registration under Rule 144A and Regulation S of the Securities Act of 1933 (the “Securities Act”). The net proceeds of approximately $1 billion as well as cash on hand were used to pay down amounts outstanding under the Credit Agreement. In May 2012, Delphi Corporation completed a registered exchange offer for all of the 2011 Senior Notes. No proceeds were received by Delphi Corporation as a result of the exchange. In March 2014, Delphi redeemed for cash the entire $500 million aggregate principal amount outstanding of the 5.875% Senior Notes, financed by a portion of the proceeds received from the issuance of the 2014 Senior Notes, as defined below. In March 2015, Delphi redeemed for cash the entire $500 million aggregate principal amount outstanding of the 6.125% Senior Notes, financed by a portion of the proceeds from the issuance of the 2015 Euro-denominated Senior Notes, as defined below. As a result of the redemption of the 2011 Senior Notes, Delphi recognized losses on debt extinguishment of approximately $52 million during the year ended December 31, 2015 and $33 million during the year ended December 31, 2014. On February 14, 2013, Delphi Corporation issued $800 million of 5.00% senior unsecured notes due 2023 (the “2013 Senior Notes”) in a transaction registered under the Securities Act. The proceeds were primarily utilized to prepay our term loan indebtedness under the Credit Agreement. Delphi paid approximately $12 million of issuance costs in connection with the 2013 Senior Notes. Interest was payable semi-annually on February 15 and August 15 of each year to holders of record at the close of business on February 1 or August 1 immediately preceding the interest payment date. In September 2016, Delphi redeemed for cash the entire $800 million aggregate principal amount outstanding of the 2013 Senior Notes, primarily financed by the proceeds from the issuance of the 2016 Euro-denominated Senior Notes and the 2016 Senior Notes, each as defined below. As a result of the redemption of the 2013 Senior Notes, Delphi recognized a loss on debt extinguishment of approximately $70 million during the year ended December 31, 2016 within other income (expense), net in the consolidated statement of operations. On March 3, 2014, Delphi Corporation issued $700 million in aggregate principal amount of 4.15% senior unsecured notes due 2024 (the "2014 Senior Notes") in a transaction registered under the Securities Act. The 2014 Senior Notes were priced at 99.649% of par, resulting in a yield to maturity of 4.193%. The proceeds were primarily utilized to redeem the 5.875% Senior Notes and to repay a portion of the Tranche A Term Loan. Delphi paid approximately $6 million of issuance costs in connection with the 2014 Senior Notes. Interest is payable semi-annually on March 15 and September 15 of each year to holders of record at the close of business on March 1 or September 1 immediately preceding the interest payment date. On March 10, 2015, Delphi Automotive PLC issued €700 million in aggregate principal amount of 1.50% Euro-denominated senior unsecured notes due 2025 (the “2015 Euro-denominated Senior Notes”) in a transaction registered under the Securities Act. The 2015 Euro-denominated Senior Notes were priced at 99.54% of par, resulting in a yield to maturity of 1.55%. The proceeds were primarily utilized to redeem the 6.125% Senior Notes, and to fund growth initiatives, such as acquisitions, and share repurchases. Delphi incurred approximately $5 million of issuance costs in connection with the 2015 Euro-denominated Senior Notes. Interest is payable annually on March 10. The Company has designated the 2015 Euro-denominated Senior Notes as a net investment hedge of the foreign currency exposure of its investments in certain Euro-denominated wholly owned subsidiaries. Refer to Note 17. Derivatives and Hedging Activities for further information. On November 19, 2015, Delphi Automotive PLC issued $1.3 billion in aggregate principal amount of senior unsecured notes in a transaction registered under the Securities Act, comprised of $650 million of 3.15% senior unsecured notes due 2020 (the "3.15% Senior Notes") and $650 million of 4.25% senior unsecured notes due 2026 (the "4.25% Senior Notes") (collectively, the “2015 Senior Notes”). The 3.15% Senior Notes were priced at 99.784% of par, resulting in a yield to maturity of 3.197%, and the 4.25% Senior Notes were priced at 99.942% of par, resulting in a yield to maturity of 4.256%. The proceeds were primarily utilized to fund a portion of the cash consideration for the acquisition of HellermannTyton, as further described in Note. 20. Acquisitions and Divestitures, and for general corporate purposes, including the payment of fees and expenses associated with the HellermannTyton acquisition and the related financing transaction. Delphi incurred approximately $8 million of issuance costs in connection with the 2015 Senior Notes. Interest on the 3.15% Senior Notes is payable semi-annually on May 19 and November 19 of each year to holders of record at the close of business on May 4 or November 4 immediately preceding the interest payment date. Interest on the 4.25% Senior Notes is payable semi-annually on January 15 and July 15 of each year to holders of record at the close of business on January 1 or July 1 immediately preceding the interest payment date. On September 15, 2016, Delphi Automotive PLC issued €500 million in aggregate principal amount of 1.60% Euro-denominated senior unsecured notes due 2028 (the “2016 Euro-denominated Senior Notes”) in a transaction registered under the Securities Act. The 2016 Euro-denominated Senior Notes were priced at 99.881% of par, resulting in a yield to maturity of 1.611%. The proceeds, together with proceeds from the 2016 Senior Notes described below, were utilized to redeem the 2013 Senior Notes. Delphi incurred approximately $4 million of issuance costs in connection with the 2016 Euro-denominated Senior Notes. Interest is payable annually on September 15. The Company has designated the 2016 Euro-denominated Senior Notes as a net investment hedge of the foreign currency exposure of its investments in certain Euro-denominated wholly-owned subsidiaries. Refer to Note. 17. Derivatives and Hedging Activities for further information. On September 20, 2016, Delphi Automotive PLC issued $300 million in aggregate principal amount of 4.40% senior unsecured notes due 2046 (the “2016 Senior Notes”) in a transaction registered under the Securities Act. The 2016 Senior Notes were priced at 99.454% of par, resulting in a yield to maturity of 4.433%. The proceeds, together with proceeds from the 2016 Euro-denominated Senior Notes, were utilized to redeem the 2013 Senior Notes. Delphi incurred approximately $3 million of issuance costs in connection with the 2016 Senior Notes. Interest is payable semi-annually on April 1 and October 1 of each year to holders of record at the close of business on March 15 or September 15 immediately preceding the interest payment date. Although the specific terms of each indenture governing each series of senior notes vary, the indentures contain certain restrictive covenants, including with respect to Delphi's (and Delphi's subsidiaries) ability to incur liens, enter into sale and leaseback transactions and merge with or into other entities. As of December 31, 2016, the Company was in compliance with the provisions of all series of the outstanding senior notes. The 2013 Senior Notes and the 2014 Senior Notes were issued by Delphi Corporation. The 2014 Senior Notes are, and prior to their redemption, the 2013 Senior Notes were, fully and unconditionally guaranteed, jointly and severally, by Delphi Automotive PLC and by certain of Delphi Automotive PLC's direct and indirect subsidiaries which are directly or indirectly 100% owned by Delphi Automotive PLC, subject to customary release provisions (other than in the case of Delphi Automotive PLC). The 2015 Euro-denominated Senior Notes, 2015 Senior Notes, 2016 Euro-denominated Senior Notes and 2016 Senior Notes issued by Delphi Automotive PLC are fully and unconditionally guaranteed, jointly and severally, by certain of Delphi Automotive PLC's direct and indirect subsidiaries (including Delphi Corporation), which are directly or indirectly 100% owned by Delphi Automotive PLC, subject to customary release provisions. Refer to Note 22. Supplemental Guarantor and Non-Guarantor Condensed Consolidating Financial Statements for additional information. Other Financing Receivable factoring—Delphi maintains a €400 million European accounts receivable factoring facility, of which €350 million is available on a committed basis. This facility is accounted for as short-term debt and borrowings are subject to the availability of eligible accounts receivable. Collateral is not required related to these trade accounts receivable. This program matures on August 31, 2017, and will automatically renew on a non-committed, indefinite basis unless terminated by either party. Borrowings bear interest at LIBOR plus 1.05% for borrowings denominated in pounds sterling and Euro Interbank Offered Rate ("EURIBOR") plus 0.80% for borrowings denominated in Euros. No amounts were outstanding on the European accounts receivable factoring facility as of December 31, 2016 or December 31, 2015. The Company has entered into arrangements with various financial institutions to sell eligible trade receivables from certain aftermarket customers in North America. These arrangements can be terminated at any time subject to prior written notice. The receivables under these arrangements are sold without recourse to the Company and are therefore accounted for as true sales. During the years ended December 31, 2016 and 2015, $123 million and $100 million of receivables were sold under these arrangements, and expenses of $3 million and $2 million, respectively, were recognized within interest expense. In addition, in 2016 and 2015 one of the Company’s European subsidiaries factored, without recourse, receivables related to certain foreign research tax credits to a financial institution. These transactions were accounted for as true sales of the receivables, and the Company therefore derecognized approximately $26 million from other long-term assets and $27 million from other current assets in the consolidated balance sheet as of December 31, 2016 and December 31, 2015, respectively, as a result of these transactions. Capital leases and other—As of December 31, 2016 and December 31, 2015, approximately $42 million and approximately $77 million, respectively, of other debt issued by certain non-U.S. subsidiaries and capital lease obligations were outstanding. Interest—Cash paid for interest related to debt outstanding totaled $145 million, $104 million and $119 million for the years ended December 31, 2016, 2015 and 2014, respectively. |
Pension Benefits |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | PENSION BENEFITS Certain of Delphi’s non-U.S. subsidiaries sponsor defined benefit pension plans, which generally provide benefits based on negotiated amounts for each year of service. Delphi’s primary non-U.S. plans are located in France, Germany, Mexico, Portugal and the United Kingdom (“U.K.”). The U.K. and certain Mexican plans are funded. In addition, Delphi has defined benefit plans in South Korea, Turkey and Italy for which amounts are payable to employees immediately upon separation. The obligations for these plans are recorded over the requisite service period. Delphi sponsors a Supplemental Executive Retirement Program (“SERP”) for those employees who were U.S. executives of DPHH prior to September 30, 2008 and were still U.S. executives of Delphi on October 7, 2009, the effective date of the program. This program is unfunded. Executives receive benefits over 5 years after an involuntary or voluntary separation from Delphi. The SERP is closed to new members. Prior period amounts disclosed within this note include amounts attributable to the Company's discontinued operations, which were not significant in any period disclosed. Funded Status The amounts shown below reflect the change in the U.S. defined benefit pension obligations during 2016 and 2015.
The amounts shown below reflect the change in the non-U.S. defined benefit pension obligations during 2016 and 2015.
The projected benefit obligation (“PBO”), accumulated benefit obligation (“ABO”), and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets and with plan assets in excess of accumulated benefit obligations are as follows:
Benefit costs presented below were determined based on actuarial methods and included the following:
Other postretirement benefit obligations were approximately $5 million and $3 million at December 31, 2016 and 2015, respectively. Effective January 1, 2016, the Company changed the method used to estimate the service and interest cost components of net periodic benefit cost for pension and other postretirement benefit plans that utilize a yield curve approach. Historically, the Company estimated these service and interest cost components utilizing a single weighted-average discount rate derived from the yield curve used to measure the projected benefit obligation at the beginning of the period. The Company elected to utilize a full yield curve approach in the estimation of these components by applying the specific spot rates along the yield curve used in the determination of the projected benefit obligation to the relevant projected cash flows. The Company made this change to provide a more precise measurement of service and interest costs by improving the correlation between projected benefit cash flows to the corresponding spot yield curve rates. This change does not affect the measurement of the total benefit obligations. The Company has accounted for this change as a change in accounting estimate and accordingly accounted for it on a prospective basis. The reduction in service and interest costs associated with this change in estimate for the year ended December 31, 2016 was less than $10 million. Experience gains and losses, as well as the effects of changes in actuarial assumptions and plan provisions are recognized in other comprehensive income. Cumulative gains and losses in excess of 10% of the PBO for a particular plan are amortized over the average future service period of the employees in that plan. The estimated actuarial loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2017 is $36 million. The principal assumptions used to determine the pension expense and the actuarial value of the projected benefit obligation for the U.S. and non-U.S. pension plans were: Assumptions used to determine benefit obligations at December 31:
Assumptions used to determine net expense for years ended December 31:
Delphi selects discount rates by analyzing the results of matching each plan’s projected benefit obligations with a portfolio of high-quality fixed income investments rated AA-or higher by Standard and Poor’s. Delphi does not have any U.S. pension assets; therefore no U.S. asset rate of return calculation was necessary. The primary funded non-U.S. plans are in the U.K. and Mexico. For the determination of 2016 expense, Delphi assumed a long-term expected asset rate of return of approximately 5.75% and 7.50% for the U.K. and Mexico, respectively. Delphi evaluated input from local actuaries and asset managers, including consideration of recent fund performance and historical returns, in developing the long-term rate of return assumptions. The assumptions for the U.K. and Mexico are primarily long-term, prospective rates. To determine the expected return on plan assets, the market-related value of approximately 50% of our plan assets is actual fair value. The expected return on the remainder of our plan assets is determined by applying the expected long-term rate of return on assets to a calculated market-related value of these plan assets, which recognizes changes in the fair value of the plan assets in a systematic manner over five years. Delphi’s pension expense for 2017 is determined at the 2016 year end measurement date. For purposes of analysis, the following table highlights the sensitivity of the Company’s pension obligations and expense to changes in key assumptions:
The above sensitivities reflect the effect of changing one assumption at a time. It should be noted that economic factors and conditions often affect multiple assumptions simultaneously and the effects of changes in key assumptions are not necessarily linear. The above sensitivities also assume no changes to the design of the pension plans and no major restructuring programs. Pension Funding The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Delphi anticipates making pension contributions and benefit payments of approximately $76 million in 2017. Delphi sponsors defined contribution plans for certain hourly and salaried employees. Expense related to the contributions for these plans was $45 million, $51 million, and $55 million for the years ended December 31, 2016, 2015 and 2014, respectively. Plan Assets Certain pension plans sponsored by Delphi invest in a diversified portfolio consisting of an array of asset classes that attempts to maximize returns while minimizing volatility. These asset classes include developed market equities, emerging market equities, private equity, global high quality and high yield fixed income, real estate and absolute return strategies. The fair values of Delphi’s pension plan assets weighted-average asset allocations at December 31, 2016 and 2015, by asset category, are as follows:
Following is a description of the valuation methodologies used for pension assets measured at fair value. Time deposits—The fair value of fixed-maturity certificates of deposit was estimated using the rates offered for deposits of similar remaining maturities. Equity mutual funds—The fair value of the equity mutual funds is determined by the indirect quoted market prices on regulated financial exchanges of the underlying investments included in the fund. Bond mutual funds—The fair value of the bond mutual funds is determined by the indirect quoted market prices on regulated financial exchanges of the underlying investments included in the fund. Real estate—The fair value of real estate properties is estimated using an annual appraisal provided by the administrator of the property investment. Management believes this is an appropriate methodology to obtain the fair value of these assets. Hedge funds—The fair value of the hedge funds is accounted for by a custodian. The custodian obtains valuations from the underlying hedge fund managers based on market quotes for the most liquid assets and alternative methods for assets that do not have sufficient trading activity to derive prices. Management and the custodian review the methods used by the underlying managers to value the assets. Management believes this is an appropriate methodology to obtain the fair value of these assets. Insurance contracts—The insurance contracts are invested in a fund with guaranteed minimum returns. The fair values of these contracts are based on the net asset value underlying the contracts. Debt securities—The fair value of debt securities is determined by direct quoted market prices on regulated financial exchanges. Equity securities—The fair value of equity securities is determined by direct quoted market prices on regulated financial exchanges.
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Commitments And Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Ordinary Business Litigation Delphi is from time to time subject to various legal actions and claims incidental to its business, including those arising out of alleged defects, alleged breaches of contracts, product warranties, intellectual property matters, and employment-related matters. It is the opinion of Delphi that the outcome of such matters will not have a material adverse impact on the consolidated financial position, results of operations, or cash flows of Delphi. With respect to warranty matters, although Delphi cannot ensure that the future costs of warranty claims by customers will not be material, Delphi believes its established reserves are adequate to cover potential warranty settlements. Unsecured Creditors Litigation Delphi has been subject to ongoing litigation related to general unsecured claims against the former Delphi Corporation, now known as DPHH, resulting from that entity's 2005 bankruptcy filing. The Fourth Amended and Restated Limited Liability Partnership Agreement of Delphi Automotive LLP (the “Fourth LLP Agreement”) was entered into on July 12, 2011 by the members of Delphi Automotive LLP in order to position the Company for its initial public offering. Under the terms of the Fourth LLP Agreement, if cumulative distributions to the members of Delphi Automotive LLP under certain provisions of the Fourth LLP Agreement exceed $7.2 billion, Delphi, as disbursing agent on behalf of DPHH, is required to pay to the holders of allowed general unsecured claims against DPHH, $32.50 for every $67.50 in excess of $7.2 billion distributed to the members, up to a maximum amount of $300 million. In December 2014, a complaint was filed in the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") alleging that the 2011 redemption by Delphi Automotive LLP of the membership interests of GM and the Pension Benefit Guaranty Corporation (the "PBGC") totaling $4.4 billion, and the subsequent repurchase of shares and payment of dividends by Delphi Automotive PLC, constituted distributions under the terms of the Fourth LLP Agreement approximating $7.2 billion, triggering the maximum $300 million distribution to the holders of general unsecured claims. In May 2016, the Bankruptcy Court initially denied both parties' motions for summary judgment, requiring further submissions to the Bankruptcy Court regarding the parties' intent with respect to the redemptions of the GM and PBGC membership interests. On January 12, 2017, the Bankruptcy Court granted summary judgment in favor of the plaintiffs, ruling that the membership interest redemption payments qualified as distributions, which, along with share repurchases and dividend payments made by Delphi, count toward the $7.2 billion threshold, and thus the $300 million maximum distribution for general unsecured claims has been triggered. The Bankruptcy Court will rule on the application of pre-judgment interest at a future date. In connection with the ruling, the Company recorded a reserve of $300 million in the fourth quarter of 2016. The reserve was recorded to other expense in the consolidated statement of operations, and resulted in a corresponding reduction in earnings per diluted share of approximately $1.10 for the year ended December 31, 2016. However, Delphi continues to consider cumulative distributions through December 31, 2016 to be substantially below the $7.2 billion threshold, and intends to vigorously contest the ruling through the appeals process. Delphi filed a notice of appeal on January 26, 2017. Brazil Matters Delphi conducts business operations in Brazil that are subject to the Brazilian federal labor, social security, environmental, tax and customs laws, as well as a variety of state and local laws. While Delphi believes it complies with such laws, they are complex, subject to varying interpretations, and the Company is often engaged in litigation with government agencies regarding the application of these laws to particular circumstances. As of December 31, 2016, the majority of claims asserted against Delphi in Brazil relate to such litigation. The remaining claims in Brazil relate to commercial and labor litigation with private parties. As of December 31, 2016, claims totaling approximately $185 million (using December 31, 2016 foreign currency rates) have been asserted against Delphi in Brazil. As of December 31, 2016, the Company maintains accruals for these asserted claims of $30 million (using December 31, 2016 foreign currency rates). The amounts accrued represent claims that are deemed probable of loss and are reasonably estimable based on the Company’s analyses and assessment of the asserted claims and prior experience with similar matters. While the Company believes its accruals are adequate, the final amounts required to resolve these matters could differ materially from the Company’s recorded estimates and Delphi’s results of operations could be materially affected. The Company estimates the reasonably possible loss in excess of the amounts accrued related to these claims to be zero to $155 million. Environmental Matters Delphi is subject to the requirements of U.S. federal, state, local and non-U.S. environmental and safety and health laws and regulations. As of December 31, 2016 and December 31, 2015, the undiscounted reserve for environmental investigation and remediation was approximately $6 million (of which $1 million was recorded in accrued liabilities and $5 million was recorded in other long-term liabilities) and $4 million (of which $1 million was recorded in accrued liabilities and $3 million was recorded in other long-term liabilities), respectively. Additionally, as of December 31, 2015, there was $6 million of undiscounted reserve for environmental investigation and remediation attributable to discontinued operations included within liabilities held for sale. Delphi cannot ensure that environmental requirements will not change or become more stringent over time or that its eventual environmental remediation costs and liabilities will not exceed the amount of its current reserves. In the event that such liabilities were to significantly exceed the amounts recorded, Delphi’s results of operations could be materially affected. At December 31, 2016 the difference between the recorded liabilities and the reasonably possible range of potential loss was not material. Operating Leases Rental expense totaled $96 million, $95 million and $105 million for the years ended December 31, 2016, 2015 and 2014, respectively. As of December 31, 2016, Delphi had minimum lease commitments under non-cancellable operating leases totaling $358 million, which become due as follows:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | INCOME TAXES Income from continuing operations before income taxes and equity income for U.S. and non-U.S. operations are as follows:
The provision (benefit) for income taxes from continuing operations is comprised of:
The current income tax payable was reduced by $0, $11 million and $9 million in the years ended December 31, 2016, 2015 and 2014, respectively, for excess tax deductions attributable to stock-based compensation, including amounts attributable to discontinued operations. The related income tax benefits are recorded as increases to additional paid-in capital. Cash paid or withheld for income taxes was $312 million, $292 million and $266 million for the years ended December 31, 2016, 2015 and 2014, respectively. For purposes of comparability and consistency, the Company uses the notional U.S. federal income tax rate when presenting the Company’s reconciliation of the income tax provision. The Company is a U.K. resident taxpayer and as such is not generally subject to U.K. tax on remitted foreign earnings. As a result, the Company does not anticipate foreign earnings would be subject to a 35% tax rate upon repatriation to the U.K., as is the case when U.S. based companies repatriate earnings to the U.S. A reconciliation of the provision for income taxes compared with the amounts at the notional U.S. federal statutory rate was:
The Company’s tax rate is affected by the fact that its parent entity is a U.K. resident taxpayer, the tax rates in the U.K. and other jurisdictions in which the Company operates, the relative amount of income earned by jurisdiction and the relative amount of losses or income for which no tax benefit or expense was recognized due to a valuation allowance. Included in the non-U.S. income taxed at other rates are tax incentives obtained in various non-U.S. countries, primarily the High and New Technology Enterprise ("HNTE") status in China, a Free Trade Zone exemption in Honduras and the Special Economic Zone exemption in Turkey of $60 million in 2016, $92 million in 2015, and $67 million in 2014, as well as tax benefit for income earned, and no tax benefit for losses incurred, in jurisdictions where a valuation allowance has been recorded. The Company currently benefits from tax holidays in various non-U.S. jurisdictions with expiration dates from 2016 through 2026. The income tax benefits attributable to these tax holidays are approximately $11 million ($0.04 per share) in 2016, $16 million ($0.06 per share) in 2015 and $28 million ($0.09 per share) in 2014. The effective tax rate in the year ended December 31, 2016 was impacted by favorable geographic income mix in 2016 as compared to 2015, primarily due to changes in the underlying operations of the business, as well as $17 million for releases of valuation allowances as a result of the Company's determination that it was more likely than not that certain deferred tax assets would be realized. These benefits were offset by $81 million of reserve adjustments recorded for uncertain tax positions, which included reserves for ongoing audits in foreign jurisdictions, as well as for changes in estimates based on relevant new or additional evidence obtained related to certain of the Company's tax positions, including tax authority administrative pronouncements and court decisions. These reserve adjustments resulted in foreign tax credit benefits of approximately $18 million. Additionally, following a change in U.S. tax regulation during 2016, the Company recorded a tax credit benefit of approximately $16 million during the year ended December 31, 2016. As described above, certain of the Company's Chinese subsidiaries benefit from a reduced corporate income tax rate as a result of their HNTE status. Delphi submitted applications for new 6-year HNTE grants for certain of these subsidiaries and received the relevant regulatory approvals during 2016, which entitled these entities to use the reduced HNTE income tax rate retroactive to the expiration date of the prior grants. As a result, there was no change in the tax status of these entities as compared to the year ended December 31, 2015. The effective tax rate in the year ended December 31, 2015 was impacted by increased tax expense of $15 million resulting from changes in judgment related to deferred tax asset valuation allowances, as well as the enactment of the UK Finance (No. 2) Act 2015 (the “UK 2015 Finance Act”) on November 18, 2015, which provides for a reduction of the corporate income tax rate from 20% to 19% effective April 1, 2017, with a further reduction to 18% effective April 1, 2020. The income tax accounting effect, including any retroactive effect, of a tax law change is accounted for in the period of enactment, which in this case was the fourth quarter of 2015. As a result, the effective tax rate was impacted by an increased tax expense of approximately $11 million for the year ended December 31, 2015 due to the resultant impact on the net deferred tax asset balances. Additionally, the effective tax rate in the year ended December 31, 2015 was impacted by unfavorable geographic income mix in 2015 as compared to 2014, primarily due to changes in the underlying operations of the business, offset by tax planning initiatives and the resulting favorable impact on foreign tax credits. The effective tax rate in the year ended December 31, 2014 was impacted by favorable geographic income mix in 2014 as compared to 2013, primarily due to changes in the underlying operations of the business as well as tax planning initiatives, and the resulting favorable impact on foreign tax credits. These favorable impacts were offset by net increases resulting from changes in judgment related to deferred tax asset valuation allowances of $18 million in 2014. Deferred Income Taxes The Company accounts for income taxes and the related accounts under the liability method. Deferred income tax assets and liabilities reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and the bases of such assets and liabilities as measured by tax laws. Significant components of the deferred tax assets and liabilities are as follows:
Deferred tax liabilities and assets are classified as long-term in the consolidated balance sheet. Net deferred tax assets and liabilities are included in the consolidated balance sheets as follows:
The net deferred tax assets of $125 million as of December 31, 2016 are primarily comprised of deferred tax asset amounts in the U.K., U.S. and China, offset by deferred tax liability amounts in Japan and Singapore. Net Operating Loss and Tax Credit Carryforwards As of December 31, 2016, the Company has gross deferred tax assets of approximately $1,415 million for non-U.S. net operating loss (“NOL”) carryforwards with recorded valuation allowances of $1,255 million. These NOL’s are available to offset future taxable income and realization is dependent on generating sufficient taxable income prior to expiration of the loss carryforwards. The NOL’s primarily relate to France, Luxembourg, Germany and Spain. The NOL carryforwards have expiration dates ranging from one year to an indefinite period. The NOL carryforwards available for use on tax returns are $1,415 million as of December 31, 2016. Deferred tax assets include $101 million and $53 million of tax credit carryforwards with recorded valuation allowances of $37 million and $31 million at December 31, 2016 and 2015, respectively. These tax credit carryforwards expire in 2017 through 2025. Cumulative Undistributed Foreign Earnings No income taxes have been provided on indefinitely reinvested earnings of certain foreign subsidiaries aggregating $293 million at December 31, 2016. The amount of the unrecognized deferred income tax liability with respect to such earnings is $107 million. Withholding taxes of $66 million have been accrued on undistributed earnings that are not indefinitely reinvested and are primarily related to China, South Korea, Honduras, and Morocco. There are no other material liabilities for income taxes on the undistributed earnings of foreign subsidiaries, as the Company has concluded that such earnings are either indefinitely reinvested or should not give rise to additional income tax liabilities as a result of the distribution of such earnings. Uncertain Tax Positions The Company recognizes tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Unrecognized tax benefits are tax benefits claimed in the Company's tax returns that do not meet these recognition and measurement standards. A reconciliation of the gross change in the unrecognized tax benefits balance, excluding interest and penalties is as follows:
A portion of the Company's unrecognized tax benefits would, if recognized, reduce its effective tax rate. The remaining unrecognized tax benefits relate to tax positions for which only the timing of the benefit is uncertain. Recognition of these tax benefits would reduce the Company’s effective tax rate only through a reduction of accrued interest and penalties. As of December 31, 2016 and 2015, the amounts of unrecognized tax benefit that would reduce the Company’s effective tax rate were $129 million and $35 million, respectively. In addition, $77 million and $15 million for 2016 and 2015, respectively, would be offset by the write-off of a related deferred tax asset, if recognized. The Company recognizes interest and penalties relating to unrecognized tax benefits as part of income tax expense. Total accrued liabilities for interest and penalties were $18 million and $11 million at December 31, 2016 and 2015, respectively. Total interest and penalties recognized as part of income tax expense was a $7 million expense, a $1 million benefit and a $3 million benefit for the years ended December 31, 2016, 2015 and 2014, respectively. The Company files tax returns in multiple jurisdictions and is subject to examination by taxing authorities throughout the world. Taxing jurisdictions significant to Delphi include China, Brazil, France, Germany, Mexico, Poland, the U.S. and the U.K. Open tax years related to these taxing jurisdictions remain subject to examination and could result in additional tax liabilities. In general, the Company's affiliates are no longer subject to income tax examinations by foreign tax authorities for years before 2001. It is reasonably possible that audit settlements, the conclusion of current examinations or the expiration of the statute of limitations in several jurisdictions could impact the Company’s unrecognized tax benefits. Tax Return Filing Determinations and Elections Delphi Automotive LLP, which acquired certain assets in a bankruptcy court approved transaction (the "Bankruptcy Plan") on October 6, 2009 (the "Acquisition Date"), was established on August 19, 2009 as a limited liability partnership incorporated under the laws of England and Wales. At the time of its formation, Delphi Automotive LLP elected to be treated as a partnership for U.S. federal income tax purposes. On June 24, 2014, the Internal Revenue Service (the “IRS”) issued us a Notice of Proposed Adjustment (the "NOPA") asserting that it believes Section 7874(b) of the Internal Revenue Code applied to Delphi Automotive LLP and that it should be treated as a domestic corporation for U.S. federal income tax purposes, retroactive to the Acquisition Date. If Delphi Automotive LLP was treated as a domestic corporation for U.S. federal income tax purposes, the Company also expected that, although Delphi Automotive PLC is incorporated under the laws of Jersey and a tax resident in the U.K., it would also have been treated as a domestic corporation for U.S. federal income tax purposes. If these entities were treated as domestic corporations for U.S. federal income tax purposes, the Company would have been subject to U.S. federal income tax on its worldwide taxable income, including distributions, as well as deemed income inclusions from some of its non-U.S. subsidiaries. Delphi contested the conclusions reached in the NOPA through the IRS’s administrative appeals process, and on April 8, 2016, the IRS Office of Appeals issued fully-executed Forms 870-AD, concluding that Section 7874(b) does not apply to Delphi, and therefore no adjustments for the tax years subject to the appeals process (2009 and 2010) are necessary. Consistent with the IRS’s determination and conclusion related to this matter, Delphi Automotive PLC will continue to prepare and file its financial statements and tax filings as a UK tax-resident. |
Shareholders' Equity And Net Income Per Share |
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Shareholders' Equity and Net Income Per Share Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity And Net Income Per Share | SHAREHOLDERS’ EQUITY AND NET INCOME PER SHARE Net Income Per Share Basic net income per share is computed by dividing net income attributable to Delphi by the weighted average number of ordinary shares outstanding during the period. Diluted net income per share reflects the weighted average dilutive impact of all potentially dilutive securities from the date of issuance and is computed using the treasury stock method by dividing net income attributable to Delphi by the diluted weighted average number of ordinary shares outstanding. For all periods presented, the calculation of net income per share contemplates the dilutive impacts, if any, of the Company’s share-based compensation plans. Refer to Note 21. Share-Based Compensation for additional information. Weighted Average Shares The following table illustrates net income per share attributable to Delphi and the weighted average shares outstanding used in calculating basic and diluted income per share:
Share Repurchase Program In April 2016, the Board of Directors authorized a share repurchase program of up to $1.5 billion of ordinary shares, which commenced in September 2016 following the completion of the Company's $1.5 billion January 2015 share repurchase program. This share repurchase program provides for share purchases in the open market or in privately negotiated transactions, depending on share price, market conditions and other factors, as determined by the Company. A summary of the ordinary shares repurchased during the years ended December 31, 2016, 2015 and 2014 is as follows:
As of December 31, 2016, approximately $1,372 million of share repurchases remained available under the April 2016 share repurchase program. During the period from January 1, 2017 to February 2, 2017, the Company repurchased an additional $23 million worth of shares pursuant to a trading plan with set trading instructions established by the Company. As a result, approximately $1,349 million of share repurchases remain available under the April 2016 share repurchase program. All repurchased shares were retired, and are reflected as a reduction of ordinary share capital for the par value of the shares, with the excess applied as reductions to additional paid-in-capital and retained earnings. Dividends The Company has declared and paid cash dividends per ordinary share during the periods presented as follows:
In addition, in January 2017, the Board of Directors declared a regular quarterly cash dividend of $0.29 per ordinary share, payable on February 15, 2017 to shareholders of record at the close of business on February 6, 2017. Other Prior to the completion of the initial public offering on November 22, 2011, net income and other changes to membership interests were allocated to the respective outstanding classes based on the cumulative distribution provisions of the Fourth LLP Agreement. Under the terms of the Fourth LLP Agreement, if cumulative distributions to the members of Delphi Automotive LLP under certain provisions of the Fourth LLP Agreement exceed $7.2 billion, Delphi, as disbursing agent on behalf of DPHH, is required to pay to the holders of allowed general unsecured claims against DPHH, $32.50 for every $67.50 in excess of $7.2 billion distributed to the members, up to a maximum amount of $300 million. This contingency is considered probable of occurring as of December 31, 2016, and accordingly a reserve of $300 million has been recorded. Refer to Note 13. Commitments and Contingencies for additional information. |
Changes in Accumulated Other Comprehensive Income |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Comprehensive Income (Loss) | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in accumulated other comprehensive income (loss) attributable to Delphi (net of tax) are shown below. Other comprehensive income includes activity relating to discontinued operations.
Reclassifications from accumulated other comprehensive income (loss) to income were as follows:
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Derivatives And Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives And Hedging Activities | DERIVATIVES AND HEDGING ACTIVITIES Cash Flow Hedges Delphi is exposed to market risk, such as fluctuations in foreign currency exchange rates, commodity prices and changes in interest rates, which may result in cash flow risks. To manage the volatility relating to these exposures, Delphi aggregates the exposures on a consolidated basis to take advantage of natural offsets. For exposures that are not offset within its operations, Delphi enters into various derivative transactions pursuant to its risk management policies, which prohibit holding or issuing derivative financial instruments for speculative purposes, and designation of derivative instruments is performed on a transaction basis to support hedge accounting. The changes in fair value of these hedging instruments are offset in part or in whole by corresponding changes in the fair value or cash flows of the underlying exposures being hedged. Delphi assesses the initial and ongoing effectiveness of its hedging relationships in accordance with its documented policy. As of December 31, 2016, the Company had the following outstanding notional amounts related to commodity and foreign currency forward contracts designated as cash flow hedges that were entered into to hedge forecasted exposures:
The Company had additional commodity and foreign currency forward contracts designated as cash flow hedges with notional amounts that individually amounted to less than $10 million. As of December 31, 2016, Delphi has entered into derivative instruments to hedge cash flows extending out to December 2018. Gains and losses on derivatives qualifying as cash flow hedges are recorded in other comprehensive income ("OCI"), to the extent that hedges are effective, until the underlying transactions are recognized in earnings. Unrealized amounts in accumulated OCI will fluctuate based on changes in the fair value of hedge derivative contracts at each reporting period. Losses on cash flow hedges included in accumulated OCI as of December 31, 2016 were $51 million ($29 million, net of tax). Of this total, approximately $43 million of losses are expected to be included in cost of sales within the next 12 months and $8 million of losses are expected to be included in cost of sales in subsequent periods. Cash flow hedges are discontinued when Delphi determines it is no longer probable that the originally forecasted transactions will occur. The amount included in cost of sales related to hedge ineffectiveness was insignificant for the years ended December 31, 2016, 2015 and 2014, respectively. Cash flows from derivatives used to manage commodity and foreign exchange risks are classified as operating activities within the consolidated statement of cash flows. Additionally, during the year ended December 31, 2014, Delphi entered into and settled treasury rate lock agreements which were designated as cash flow hedges in anticipation of issuing the 2014 Senior Notes, as further discussed in Note 11. Debt. The impacts of these agreements and the related amount of hedge ineffectiveness were not material. Net Investment Hedges The Company is also exposed to the risk that adverse changes in foreign currency exchange rates could impact its net investments in non-U.S. subsidiaries. To manage this risk, the Company designates certain qualifying derivative and non-derivative instruments, including foreign currency forward contracts and foreign currency-denominated debt, as net investment hedges of certain non-U.S. subsidiaries. The effective portion of the gains or losses on instruments designated as net investment hedges are recognized within OCI to offset changes in the value of the net investment in these foreign currency-denominated operations. Any ineffective portion of gains or losses on net investment hedges are reclassified to other income (expense), net within the consolidated statement of operations. Gains and losses reported in accumulated other comprehensive income (loss) are reclassified to earnings only when the related currency translation adjustments are required to be reclassified, usually upon sale or liquidation of the investment. Cash flows from derivatives designated as net investment hedges are classified as investing activities within the consolidated statement of cash flows. During 2016, the Company entered into a series of forward contracts, each of which were designated as net investment hedges of the foreign currency exposure of the Company's investments in certain Chinese Yuan Renminbi ("RMB")-denominated subsidiaries. During the first quarter of 2016, the Company entered into a forward contract with a notional amount of 2.4 billion RMB (approximately $370 million, using March 31, 2016 foreign currency rates), which matured in May 2016, and the Company paid $1 million at settlement. During the second quarter of 2016, the Company entered into forward contracts with notional amounts totaling 2.4 billion RMB (approximately $355 million, using June 30, 2016 foreign currency rates), which matured in November 2016, and the Company received $15 million at settlement. In November 2016, the Company entered into forward contracts with notional amounts totaling 2.4 billion RMB (approximately $340 million, using December 31, 2016 foreign currency rates), which matured in December 2016, and the Company paid less than $1 million at settlement. In December 2016, the Company entered into a forward contract with a notional amount of 1.8 billion RMB (approximately $265 million, using December 31, 2016 foreign currency rates), which matures in June 2017. Refer to the tables below for details of the fair value recorded in the consolidated balance sheet and the effects recorded in the consolidated statement of operations and consolidated statement of comprehensive income related to these derivative instruments. The Company has designated the €700 million 2015 Euro-denominated Senior Notes and the €500 million 2016 Euro-denominated Senior Notes, as more fully described in Note 11. Debt, as net investment hedges of the foreign currency exposure of its investments in certain Euro-denominated subsidiaries. Due to changes in the value of the Euro-denominated debt instruments designated as net investment hedges, during the years ended December 31, 2016 and 2015, $65 million and $(5) million, respectively, of gains (losses) were recognized within the cumulative translation adjustment component of OCI. Cumulative gains (losses) included in accumulated OCI on these net investment hedges were $60 million as of December 31, 2016 and $(5) million as of December 31, 2015. There were no amounts reclassified or recognized for ineffectiveness in the years ended December 31, 2016 or 2015. Derivatives Not Designated as Hedges The Company enters into certain foreign currency and commodity contracts that are not designated as hedges. When hedge accounting is not applied to derivative contracts, gains and losses are recorded to other income (expense), net and cost of sales in the consolidated statement of operations. As more fully disclosed in Note 20. Acquisitions and Divestitures, on July 30, 2015, Delphi made a recommended offer to acquire HellermannTyton. In conjunction with the acquisition, in August 2015, the Company entered into option contracts with notional amounts totaling £917 million to hedge portions of the currency risk associated with the cash payment for the acquisition at a cost of $15 million. Subsequently, in conjunction with the closing of the acquisition, Delphi entered into offsetting option contracts. Pursuant to the requirements of ASC 815, Derivatives and Hedging, the options did not qualify as hedges for accounting purposes. During the year ended December 31, 2015, the change in fair value resulted in a pre-tax loss of $15 million included within other income (expense), net in the consolidated statement of operations. The Company paid $15 million to settle these options during the year ended December 31, 2016, which is reflected within investing activities in the consolidated statement of cash flows. Fair Value of Derivative Instruments in the Balance Sheet The fair value of derivative financial instruments recorded in the consolidated balance sheets as of December 31, 2016 and December 31, 2015 are as follows:
* Derivative instruments within this category are subject to master netting arrangements and are presented on a net basis in the consolidated balance sheets in accordance with accounting guidance related to the offsetting of amounts related to certain contracts. The fair value of Delphi’s derivative financial instruments was in a net liability position as of December 31, 2016 and December 31, 2015. Effect of Derivatives on the Statement of Operations and Statement of Comprehensive Income The pre-tax effect of derivative financial instruments in the consolidated statement of operations and consolidated statement of comprehensive income for the year ended December 31, 2016 is as follows:
The pre-tax effect of derivative financial instruments in the consolidated statement of operations and consolidated statement of comprehensive income for the year ended December 31, 2015 is as follows:
The pre-tax effect of derivative financial instruments in the consolidated statement of operations and consolidated statement of comprehensive income for the year ended December 31, 2014 is as follows:
(1) Primarily relates to amounts recognized in other income, which offset the losses recognized due to the remeasurement of intercompany loans. The gain or loss reclassified from OCI into income for the effective portion of designated derivative instruments and the gain or loss recognized in income for the ineffective portion of designated derivative instruments excluded from effectiveness testing were recorded to other income, net and cost of goods sold in the consolidated statements of operations for the years ended December 31, 2016, 2015 and 2014. The gain or loss recognized in income for non-designated derivative instruments was recorded in other income (expense), net and cost of goods sold for the years ended December 31, 2016, 2015 and 2014. |
Fair Value Of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurements are based on one or more of the following three valuation techniques: Market—This approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Income—This approach uses valuation techniques to convert future amounts to a single present value amount based on current market expectations. Cost—This approach is based on the amount that would be required to replace the service capacity of an asset (replacement cost). Delphi uses the following fair value hierarchy prescribed by GAAP, which prioritizes the inputs used to measure fair value as follows: Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Typically, assets and liabilities are considered to be fair valued on a recurring basis if fair value is measured regularly. However, if the fair value measurement of an instrument does not necessarily result in a change in the amount recorded on the consolidated balance sheet, assets and liabilities are considered to be fair valued on a nonrecurring basis. This generally occurs when accounting guidance requires assets and liabilities to be recorded at the lower of cost or fair value, or assessed for impairment. Fair Value Measurements on a Recurring Basis Derivative instruments—All derivative instruments are required to be reported on the balance sheet at fair value unless the transactions qualify and are designated as normal purchases or sales. Changes in fair value are reported currently through earnings unless they meet hedge accounting criteria. Delphi’s derivative exposures are with counterparties with long-term investment grade credit ratings. Delphi estimates the fair value of its derivative contracts using an income approach based on valuation techniques to convert future amounts to a single, discounted amount. Estimates of the fair value of foreign currency and commodity derivative instruments are determined using exchange traded prices and rates. Delphi also considers the risk of non-performance in the estimation of fair value, and includes an adjustment for non-performance risk in the measure of fair value of derivative instruments. The non-performance risk adjustment reflects the credit default spread (“CDS”) applied to the net commodity by counterparty and foreign currency exposures by counterparty. When Delphi is in a net derivative asset position, the counterparty CDS rates are applied to the net derivative asset position. When Delphi is in a net derivative liability position, estimates of peer companies’ CDS rates are applied to the net derivative liability position. In certain instances where market data is not available, Delphi uses management judgment to develop assumptions that are used to determine fair value. This could include situations of market illiquidity for a particular currency or commodity or where observable market data may be limited. In those situations, Delphi generally surveys investment banks and/or brokers and utilizes the surveyed prices and rates in estimating fair value. As of December 31, 2016 and December 31, 2015, Delphi was in a net derivative liability position of $37 million and $129 million, respectively, and no significant adjustments were recorded for nonperformance risk based on the application of peer companies’ CDS rates, evaluation of our own nonperformance risk and because Delphi’s exposures were to counterparties with investment grade credit ratings. Refer to Note 17. Derivatives and Hedging Activities for further information regarding derivatives. Contingent consideration—As described in Note 20. Acquisitions and Divestitures, as of December 31, 2016, additional contingent consideration may be earned as a result of Delphi's acquisition agreements for Control-Tec LLC ("Control-Tec"), Ottomatika, Inc. ("Ottomatika") and Antaya Technologies Corporation ("Antaya"). The liability for contingent consideration is re-measured to fair value at each reporting date based on a probability-weighted discounted cash flow analysis using a rate that reflects the uncertainty surrounding the expected outcomes, which the Company believes is appropriate and representative of market participant assumptions. The measurement of the liability for contingent consideration is based on significant inputs that are not observable in the market, and is therefore classified as a Level 3 measurement in accordance with ASU Topic 820-10-35. Examples of utilized unobservable inputs are estimated future earnings of the acquired businesses and applicable discount rates. The estimate of the liability may fluctuate if there are changes in the forecast of the acquired businesses' future earnings, as a result of actual earnings levels achieved or in the discount rates used to determine the present value of contingent future cash flows. As of December 31, 2016, the range of periods in which the earn-out provisions may be achieved is from 2017 through 2018. The Company regularly reviews these assumptions, and makes adjustments to the fair value measurements as required by facts and circumstances. As of December 31, 2016 and December 31, 2015, the liability for contingent consideration was $35 million (of which $22 million was classified within other current liabilities and $13 million was classified within other long-term liabilities) and $32 million (of which $2 million was classified within other current liabilities and $30 million which was classified within other long-term liabilities). Adjustments to this liability for interest accretion are recognized in interest expense, and any other changes in the fair value of this liability are recognized within other income (expense), net in the consolidated statement of operations. The changes in the contingent consideration liability classified as a Level 3 measurement were as follows:
During the year ended December 31, 2016, the Company recorded an increase of $10 million to the contingent consideration liability for the acquisition of Control-Tec based on the actual level of earnings achieved, as well as increased forecasted future earnings of the acquired business during the contractual earn-out period. Pursuant to the terms of the Control-Tec acquisition agreement, Delphi will pay $20 million of this contingent consideration liability in 2017. During the years ended December 31, 2016 and December 31, 2015, the Company recorded reductions to the contingent consideration liability for the acquisition of Antaya of $7 million and $7 million, respectively, based on the actual level of earnings and reductions to the forecasted future earnings of the acquired business during the contractual earn-out period. Additions to the liability during the year ended December 31, 2015 were due the acquisitions of Control-Tec and Ottomatika, as described above and in Note 20. Acquisitions and Divestitures. As of December 31, 2016 and December 31, 2015, Delphi had the following assets measured at fair value on a recurring basis:
As of December 31, 2016 and December 31, 2015, Delphi had the following liabilities measured at fair value on a recurring basis:
Non-derivative financial instruments—Delphi’s non-derivative financial instruments include cash and cash equivalents, accounts and notes receivable, accounts payable, as well as debt, which consists of its accounts receivable factoring arrangements, capital leases and other debt issued by Delphi’s non-U.S. subsidiaries, the Revolving Credit Facility, the Tranche A Term Loan and all series of outstanding senior notes. The fair value of debt is based on quoted market prices for instruments with public market data or significant other observable inputs for instruments without a quoted public market price (Level 2). As of December 31, 2016 and December 31, 2015, total debt was recorded at $3,971 million and $4,008 million, respectively, and had estimated fair values of $4,007 million and $4,025 million, respectively. For all other financial instruments recorded at December 31, 2016 and December 31, 2015, fair value approximates book value. Fair Value Measurements on a Nonrecurring Basis In addition to items that are measured at fair value on a recurring basis, Delphi also has items in its balance sheet that are measured at fair value on a nonrecurring basis. As these items are not measured at fair value on a recurring basis, they are not included in the tables above. Nonfinancial assets and liabilities that are measured at fair value on a nonrecurring basis include long-lived assets, assets held for sale, equity and cost method investments, intangible assets, asset retirement obligations, share-based compensation and liabilities for exit or disposal activities measured at fair value upon initial recognition. During the year ended December 31, 2016, Delphi recorded non-cash asset impairment charges of $30 million within cost of sales related to declines in the fair values of certain fixed assets, $25 million of which related to the closure of a European manufacturing site within the Powertrain Systems segment in 2016, as further described in Note 10. Restructuring. During the year ended December 31, 2015, Delphi recorded non-cash asset impairment charges of $16 million in cost of sales related to declines in the fair values of certain fixed assets. During the year ended December 31, 2014, Delphi recorded non-cash asset impairment charges of $5 million in cost of sales and $2 million in selling, general and administrative expense related to declines in the fair values of certain fixed assets and for capitalized software no longer being utilized. Fair value of long-lived assets is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved and a review of appraisals. As such, Delphi has determined that the fair value measurements of long-lived assets fall in Level 3 of the fair value hierarchy. Additionally, as further described in Note 25. Discontinued Operations, an after-tax impairment loss of approximately $88 million was recorded in income from discontinued operations in the first quarter of 2015 based on the evaluation and estimate of the fair value of the Company's interest in KDAC of approximately $32 million, which was determined primarily based on negotiations with a third party and on a non-binding offer from that potential buyer at the time, in relation to the carrying value of this interest. Subsequently, in September 2015 the Company closed the sale of this interest for net cash proceeds of $70 million. As a result, for the year ended December 31, 2015, the Company recorded a net loss of $41 million on the KDAC divestiture within income from discontinued operations, which includes the $88 million impairment loss recorded in the first quarter of 2015. |
Other Income, Net |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income, Net | OTHER INCOME, NET Other income (expense), net included:
As further discussed in Note 13. Commitments and Contingencies, during the year ended December 31, 2016, Delphi recorded a reserve of $300 million for the Unsecured Creditors litigation. As further discussed in Note 11. Debt, during the year ended December 31, 2016, Delphi redeemed for cash the entire $800 million aggregate principal amount outstanding of the 2013 Senior Notes, resulting in a loss on debt extinguishment of approximately $70 million. Delphi also recorded a loss on debt extinguishment of $3 million during the year ended December 31, 2016 in conjunction with the 2016 amendment to the Credit Agreement, as further discussed in Note 11. Debt. Additionally, as further discussed in Note 25. Discontinued Operations, during the year ended December 31, 2016, Delphi recorded $8 million for certain fees earned pursuant to the transition services agreement in connection with the sale of the Company's wholly owned Thermal Systems business. During the year ended December 31, 2015, as further discussed in Note 11. Debt, Delphi redeemed for cash the entire aggregate principal amount outstanding of the 6.125% Senior Notes and, as further discussed in Note 20. Acquisitions and Divestitures, canceled the Senior Bridge Credit Agreement, resulting in losses on extinguishment of debt of approximately $52 million and $6 million, respectively. During the year ended December 31, 2015, Delphi incurred approximately $23 million in transaction costs related to the acquisition of HellermannTyton and, as further discussed in Note 17. Derivatives and Hedging Activities, recorded a loss of $15 million on option contracts entered into in order to hedge portions of the currency risk associated with the acquisition of HellermannTyton, which are reflected within costs associated with acquisitions in the above table. Also during the year ended December 31, 2015, Delphi recorded $8 million for certain fees earned pursuant to the transition services agreement in connection with the sale of the Company's wholly owned Thermal Systems business. During the year ended December 31, 2014, Delphi redeemed for cash the entire aggregate principal amount outstanding of the 5.875% Senior Notes and repaid a portion of its indebtedness on the Tranche A Term Loan, resulting in a loss on extinguishment of debt of approximately $34 million. Additionally, during the year ended December 31, 2014, Delphi incurred approximately $6 million in transaction costs related to its 2014 acquisitions, which are further discussed in Note 20. Acquisitions and Divestitures. Delphi also reached a final settlement with its insurance carrier related to a business interruption insurance claim, and received proceeds from this settlement of approximately $14 million, net of related costs and expenses. |
Acquisitions And Divestitures |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Divestitures | ACQUISITIONS AND DIVESTITURES Acquisition of PureDepth, Inc. On March 23, 2016, Delphi acquired 100% of the equity interests of PureDepth, Inc. ("PureDepth"), a leading provider of 3D display technology, for approximately $15 million. The results of operations of PureDepth are reported within the Electronics and Safety segment from the date of acquisition. The acquisition was accounted for as a business combination, with the total purchase price allocated on a preliminary basis using information available, in the first quarter of 2016. The preliminary purchase price and related allocation to the acquired net assets of PureDepth based on their estimated fair values is shown below (in millions): Assets acquired and liabilities assumed
Intangible assets include amounts recognized for the fair value of in-process research and development, which will not be amortized, but tested for impairment until the completion or abandonment of the associated research and development efforts. The fair value of these assets was based on third-party valuations and management's estimates, generally utilizing income and market approaches. The purchase price and related allocation are preliminary and could be revised as a result of adjustments made to the purchase price, additional information obtained regarding revisions of provisional estimates of fair values, including, but not limited to, the completion of independent valuations related to intangible assets. The pro forma effects of this acquisition would not materially impact the Company's reported results for any period presented, and as a result no pro forma financial statements were presented. Acquisition of HellermannTyton Group PLC On December 18, 2015, pursuant to the terms of a recommended offer made on July 30, 2015, Delphi completed the acquisition of 100% of the issued ordinary share capital of HellermannTyton Group PLC ("HellermannTyton"), a public limited company based in the United Kingdom, and a leading global manufacturer of high-performance and innovative cable management solutions. Delphi paid 480 pence per HellermannTyton share, totaling approximately $1.5 billion in aggregate, net of cash acquired. Approximately $242 million of HellermannTyton outstanding debt to third-party creditors was assumed and subsequently paid off. HellermannTyton had 2014 sales of approximately €600 million (approximately 6% of which were to Delphi and will be eliminated on a consolidated basis). Upon completing the acquisition, Delphi incurred transaction related expenses totaling approximately $23 million, which were recorded within other income (expense), net in the statement of operations in the fourth quarter of 2015. The acquisition was accounted for as a business combination, with the total purchase price allocated on a preliminary basis using information available, in the fourth quarter of 2015. The purchase price and related allocation were finalized in the fourth quarter of 2016. As a result of additional information obtained, changes to the preliminary fair values of certain property, plant and equipment and other assets purchased and liabilities assumed, including contingent tax liabilities, from the amounts disclosed as of December 31, 2015 were recorded during the year ended December 31, 2016, which resulted in a net adjustment to goodwill of $10 million. These adjustments did not result in significant effects to the consolidated statement of operations for the year ended December 31, 2016. The purchase price and related allocation to the acquired net assets of HellermannTyton based on their estimated fair values is shown below (in millions): Assets acquired and liabilities assumed
Goodwill recognized in this transaction is primarily attributable to synergies expected to arise after the acquisition and the assembled workforce of HellermannTyton, and is not deductible for tax purposes. Intangible assets primarily include $128 million recognized for the fair value of the acquired trade name, which has an indefinite useful life, $451 million of customer-based assets with approximate useful lives of 13 years and $103 million of technology-related assets with approximate useful lives of 13 years. The valuation of the intangible assets acquired was based on third-party valuations, management's estimates, available information and reasonable and supportable assumptions. The fair value of the acquired trade name and the technology-related assets was generally estimated utilizing the relief from royalty method under the income approach, and the fair value of customer-based assets was generally estimated utilizing the multi-period excess earnings method. The results of operations of HellermannTyton are reported within the Electrical/Electronic Architecture segment from the date of acquisition. The pro forma effects of this acquisition would not materially impact the Company's reported results for any period presented, and as a result no pro forma financial statements were presented. Acquisition financing Delphi financed the cash payment required to close the acquisition of HellermannTyton primarily with the net proceeds received from the offering of $1.3 billion of 2015 Senior Notes, as further described in Note 11. Debt, with the remainder of the purchase price funded with cash on hand that was received from the sale of the Company's Thermal Systems business, as further described below. Prior to the transaction closing, in connection with the offer to acquire HellermannTyton in July 2015, £540 million ($844 million using July 30, 2015 foreign currency rates) was placed on deposit for purposes of satisfying a portion of the consideration required to effect the acquisition. Prior to the issuance of the 2015 Senior Notes, in connection with the offer to acquire HellermannTyton, on July 30, 2015, Delphi Automotive PLC and certain of its subsidiaries, certain financial institutions from time to time party thereto, as lenders and Barclays Bank PLC, as administrative agent, entered into a Senior Bridge Credit Agreement (the "Senior Bridge Credit Agreement"), pursuant to which the lenders thereunder agreed to provide a £550 million bridge term loan facility. The Senior Bridge Credit Agreement was automatically terminated on November 19, 2015 in connection with the issuance of the 2015 Senior Notes, and unamortized issuance costs of $6 million associated with the Senior Bridge Credit Agreement were written-off to other income (expense), net. The Company did not draw on the Senior Bridge Credit Agreement. Acquisition of Control-Tec LLC On November 30, 2015, Delphi acquired 100% of the equity interests of Control-Tec LLC ("Control-Tec"), a leading provider of telematics and cloud-hosted data analytics solutions, for a purchase price of $104 million at closing and an additional cash payment of up to $40 million contingent upon the achievement of certain financial performance metrics over a future 3-year period. The range of the undiscounted amounts the Company could be required to pay under this arrangement is between $0 and $40 million. As of the closing date of the acquisition, the contingent consideration was assigned a fair value of approximately $20 million. Refer to Note 18. Fair Value of Financial Instruments for additional information regarding the measurement of the contingent consideration liability. The results of operations of Control-Tec are reported within the Electronics and Safety segment from the date of acquisition. The Company acquired Control-Tec utilizing cash on hand. The acquisition was accounted for as a business combination, with the total purchase price allocated on a preliminary basis using information available, in the fourth quarter of 2015. The purchase price and related allocation were finalized in the fourth quarter of 2016, and resulted in no adjustments from the amounts disclosed as of December 31, 2015. The purchase price and related allocation to the acquired net assets of Control-Tec based on their estimated fair values is shown below (in millions): Assets acquired and liabilities assumed
Intangible assets primarily include amounts recognized for the fair value of the acquired trade name as well as customer-based and technology-related assets, and will be amortized over their estimated useful lives of approximately 10 years. The fair value of these assets was based on third-party valuations and management's estimates, generally utilizing income and market approaches. The pro forma effects of this acquisition would not materially impact the Company's reported results for any period presented, and as a result no pro forma financial statements were presented. Acquisition of Ottomatika, Inc. On July 23, 2015, Delphi acquired 100% of the equity interests of Ottomatika, Inc. ("Ottomatika"), an automated vehicle software developer, for total consideration of $32 million. The Company paid $16 million at closing utilizing cash on hand, with additional cash payments totaling $11 million deferred over a period of 3 years and additional contingent consideration of up to $5 million due upon the achievement of certain product development milestones over a 3-year period. The range of the undiscounted amounts the Company could be required to pay is between $0 and $5 million. As of the closing date of the acquisition, the contingent consideration was assigned a fair value of approximately $5 million. Refer to Note 18. Fair Value of Financial Instruments for additional information regarding the measurement of the contingent consideration liability. The results of operations of Ottomatika are reported within the Electronics and Safety segment from the date of acquisition. Delphi previously held a convertible debt investment in Ottomatika, and as a result of this transaction recognized a gain on its previously held investment of $2 million within other income (expense), net in the consolidated statement of operations during the third quarter of 2015 as a result of remeasuring this investment to fair value. The acquisition was accounted for as a business combination. The purchase price and related allocation to the acquired net assets of Ottomatika based on their estimated fair values is shown below (in millions): Assets acquired and liabilities assumed
Intangible assets include amounts recognized for the fair value of in-process research and development, which will not be amortized, but tested for impairment until the completion or abandonment of the associated research and development efforts, and non-competition agreements, which will be amortized over their estimated useful lives of approximately 4 years. The fair value of these assets was generally estimated utilizing income and market approaches. The pro forma effects of this acquisition would not materially impact the Company's reported results for any period presented, and as a result no pro forma financial statements are presented. Acquisition of Antaya Technologies Corporation On October 31, 2014, the Company acquired 100% of the share capital of Antaya Technologies Corporation (“Antaya”), a leading manufacturer of on-glass connectors to the global automotive industry for an estimated transaction value of approximately $151 million. Antaya has a global footprint with locations in Asia, Europe and North America. The Company paid $140 million at closing, with an additional cash payment of up to $40 million contingent upon the achievement of certain financial performance metrics over a 3-year period ending October 31, 2017. The range of the undiscounted amounts the Company could be required to pay for this arrangement is between $0 and $40 million. As of the closing date of the acquisition, the contingent consideration was assigned a fair value of approximately $11 million, Refer to Note 18. Fair Value of Financial Instruments for additional information regarding the measurement of the contingent consideration liability. The results of operations of Antaya have been included in the accompanying consolidated statements of operations from the date of acquisition within the Electrical/Electronic Architecture segment. The acquisition was accounted for as a business combination, with the total purchase price allocated on a preliminary basis using information available, in the fourth quarter of 2014. The purchase price and related allocation were finalized in the first quarter of 2015, and resulted in no adjustments from the amounts disclosed as of December 31, 2014. The purchase price and related allocation is shown below (in millions): Assets acquired and liabilities assumed
Intangible assets include amounts recognized for the fair value of customer-based and technology-related assets, and will be amortized over their estimated useful lives of approximately 14 years. The fair value of these assets was generally estimated utilizing income and market approaches. The Company acquired Antaya utilizing cash on hand. The pro forma effects of this acquisition would not materially impact the Company's reported results for any period presented, and as a result no pro forma financial statements were presented. Acquisition of Unwired Holdings, Inc. On October 1, 2014, Delphi acquired 100% of the equity interests of Unwired Holdings, Inc., ("Unwired"), a media connectivity module supplier to the global automotive industry, for $191 million, net of approximately $19 million for acquired cash, excess net working capital and certain tax benefits, which are subject to certain post-closing adjustments. The results of operations of Unwired have been included in the accompanying consolidated statements of operations from the date of acquisition within the Electrical/Electronic Architecture segment. The acquisition was accounted for as a business combination, with the total purchase price allocated on a preliminary basis using information available, in the fourth quarter of 2014. The purchase price and related allocation were finalized in the second quarter of 2015, and certain adjustments were recorded to the purchase price, goodwill and other assets purchased and liabilities assumed from the amounts disclosed as of December 31, 2014. These adjustments were not significant for any period presented after the acquisition date. The purchase price and related allocation is shown below (in millions): Assets acquired and liabilities assumed
The acquired intangible assets include both developed technology and customer relationships, and will be amortized over their estimated useful lives of approximately 10 years. The fair value of these assets was generally estimated utilizing income and market approaches. The Company acquired Unwired utilizing cash on hand. The pro forma effects of this acquisition would not materially impact the Company's reported results for any period presented, and as a result no pro forma financial statements were presented. Acquisition of Movimento Group On January 3, 2017, Delphi acquired 100% of the equity interests of Movimento Group ("Movimento"), a leading provider of Over-the-Air software and data management for the automotive sector, for a purchase price of $40 million at closing and an additional cash payment of up to $10 million contingent upon the achievement of certain performance metrics over a future 2-year period. The range of the undiscounted amounts the Company could be required to pay under this arrangement is between $0 and $10 million. The acquisition will be accounted for as a business combination, with the purchase price primarily allocated to goodwill and other intangible assets, which will be included within the Company's Electronics and Safety segment from the date of acquisition. The purchase price allocation will be based on estimated fair values as of the acquisition date, and may be subsequently revised as a result of adjustments made to the purchase price or additional information obtained regarding provisional estimates of fair values, including, but not limited to, the completion of independent valuations related to the acquired assets. The Company acquired Movimento utilizing cash on hand. Sale of Mechatronics Business On December 30, 2016, Delphi completed the sale of its Mechatronics business, which was previously reported within the Electronics and Safety segment, for net cash proceeds of approximately $197 million. The net sales of this business in 2016 prior to the divestiture were approximately $290 million. Delphi recognized a pre-tax gain on the divestiture of $141 million, net of $29 million of accumulated currency translation losses transferred from accumulated other comprehensive income, which is included in cost of sales in the consolidated statement of operations. The gain on the divestiture, net of tax, was $124 million, resulting in an increase in earnings per diluted share of approximately $0.45 for the year ended December 31, 2016. The results of operations of this business were not significant to the consolidated financial statements for any period presented, and the divestiture did not meet the discontinued operations criteria. Exit of Argentina Businesses On December 10, 2015, Delphi completed the exit of its Electronics business located in Argentina, which was previously reported within the Electronics and Safety segment. The net sales of this business in 2015 prior to the divestiture were approximately $34 million. Delphi recognized a pre-tax loss on the divestiture of this business of $33 million within cost of sales in the fourth quarter of 2015, which included a cash payment by Delphi to the buyer of $7 million. On April 21, 2015, Delphi completed the exit of its Electrical Wiring business located in Argentina, which was previously reported within the Electrical/Electronic Architecture segment. Delphi recognized a pre-tax loss on the divestiture of this business of $14 million within cost of sales in the second quarter of 2015, which included a cash payment by Delphi to the buyer of $7 million. The results of operations of these businesses, including the losses on divestiture, were not significant to the consolidated financial statements for any period presented, and the disposals did not meet the discontinued operations criteria. Sale of Reception Systems Business On July 31, 2015, Delphi completed the sale of its Reception Systems business for net cash proceeds of approximately $25 million and $39 million of buyer-assumed pension liabilities. The net sales of this business, which was previously reported within the Electronics and Safety segment, were approximately $55 million for the six months ended June 30, 2015. Delphi recognized a pre-tax gain on the divestiture of $39 million, which is included in cost of sales in the consolidated statement of operations. The results of operations of this business, including the gain on divestiture, were not significant to the consolidated financial statements for any period presented, and the divestiture did not meet the discontinued operations criteria. Sale of Thermal Systems Business On June 30, 2015, Delphi completed the sale of the Company's wholly owned Thermal Systems business. On September 24, 2015, Delphi completed the sale of its interest in its KDAC joint venture, and on March 31, 2016, Delphi completed the sale of its interest in its SDAAC joint venture. Delphi's interests in the SDAAC and KDAC joint ventures were previously reported within the Thermal Systems segment. Accordingly, the results of the Thermal Systems business are classified as discontinued operations for all periods presented. Refer to Note 25. Discontinued Operations for further disclosure related to the Company's discontinued operations, including details of the divestiture transactions. Other During the year ended December 31, 2015, the Company's Powertrain Systems segment made a $20 million investment in Tula Technology Inc., an engine control software company, and the Electronics and Safety segment made a $3 million investment in Quanergy, a leader in 3D Light Detection and Ranging ("LIDAR") sensing technology for automated driving. An additional $3 million investment in Quanergy was made during the year ended December 31, 2016. The Company's investments are accounted for under the cost method. |
Share-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | SHARE-BASED COMPENSATION Long Term Incentive Plan The PLC LTIP allows for the grant of awards of up to 22,977,116 ordinary shares for long-term compensation. The PLC LTIP is designed to align the interests of management and shareholders. The awards can be in the form of shares, options, stock appreciation rights, restricted stock, RSUs, performance awards, and other share-based awards to the employees, directors, consultants and advisors of the Company. The Company has awarded annual long-term grants of RSUs under the PLC LTIP in each year from 2012 to 2016 in order to align management compensation with Delphi's overall business strategy. The Company has competitive and market-appropriate ownership requirements. All of the RSUs granted under the PLC LTIP are eligible to receive dividend equivalents for any dividend paid from the grant date through the vesting date. Dividend equivalents are generally paid out in ordinary shares upon vesting of the underlying RSUs. Historical amounts disclosed within this note include amounts attributable to the Company's discontinued operations, unless otherwise noted. Board of Director Awards On April 25, 2013, Delphi granted 37,674 RSUs to the Board of Directors at a grant date fair value of approximately $2 million. The grant date fair value was determined based on the closing price of the Company's ordinary shares on April 25, 2013. The RSUs vested on April 2, 2014, and 38,179 ordinary shares, which included shares issued in connection with dividend equivalents, were issued to members of the Board of Directors at a fair value of approximately $3 million. 4,656 ordinary shares were withheld to cover the minimum U.K. withholding taxes. On April 3, 2014, Delphi granted 24,144 RSUs to the Board of Directors at a grant date fair value of approximately $2 million. The grant date fair value was determined based on the closing price of the Company's ordinary shares on April 3, 2014. The RSUs vested on April 22, 2015, and 24,482 ordinary shares, which included shares issued in connection with dividend equivalents, were issued to members of the Board of Directors at a fair value of approximately $2 million. 2,673 ordinary shares were withheld to cover the minimum U.K. withholding taxes. On April 23, 2015, Delphi granted 20,347 RSUs to the Board of Directors at a grant date fair value of approximately $2 million. The grant date fair value was determined based on the closing price of the Company's ordinary shares on April 23, 2015. The RSUs vested on April 27, 2016, and 24,542 ordinary shares, which included shares issued in connection with dividend equivalents, were issued to members of the Board of Directors at a fair value of approximately $2 million. 1,843 ordinary shares were withheld to cover the minimum U.K. withholding taxes. On April 28, 2016, Delphi granted 27,238 RSUs to the Board of Directors at a grant date fair value of approximately $2 million. The grant date fair value was determined based on the closing price of the Company's ordinary shares on April 28, 2016. The RSUs will vest on April 26, 2017, the day before the 2017 annual meeting of shareholders. Executive Awards Delphi has made annual grants of RSUs to its executives in February of each year beginning in 2012. These awards include a time-based vesting portion and a performance-based vesting portion, as well as continuity awards in certain years. The time-based RSUs, which make up 25% of the awards for Delphi’s officers and 50% for Delphi’s other executives, vest ratably over three years beginning on the first anniversary of the grant date. The performance-based RSUs, which make up 75% of the awards for Delphi’s officers and 50% for Delphi’s other executives, vest at the completion of a three-year performance period if certain targets are met. Each executive will receive between 0% and 200% of his or her target performance-based award based on the Company’s performance against established company-wide performance metrics, which are:
The details of the executive grants were as follows:
Any new executives hired after the annual executive RSU grant date may be eligible to participate in the PLC LTIP. Any off cycle grants made for new hires are valued at their grant date fair value based on the closing price of the Company's ordinary shares on the date of such grant. The grant date fair value of the RSUs is determined based on the target number of awards issued, the closing price of the Company’s ordinary shares on the date of the grant of the award, including an estimate for forfeitures, and a contemporaneous valuation performed by an independent valuation specialist with respect to the relative total shareholder return awards. In February 2014, under the time-based vesting terms of the 2012 and 2013 grants, 365,930 ordinary shares were issued to Delphi executives at a fair value of approximately $23 million, of which 131,913 ordinary shares were withheld to cover minimum withholding taxes. In February 2015, under the time-based vesting terms of the 2012, 2013 and 2014 grants, 535,345 ordinary shares were issued to Delphi executives at a fair value of approximately $42 million, of which 199,211 ordinary shares were withheld to cover minimum withholding taxes. The performance-based RSUs associated with the 2012 grant vested at the completion of a three-year performance period on December 31, 2014, and in the first quarter of 2015, 1,364,966 ordinary shares were issued to Delphi executives at a fair value of $107 million, of which 545,192 ordinary shares were withheld to cover minimum withholding taxes. In February 2016, under the time-based vesting terms of the 2013, 2014 and 2015 grants, 395,744 ordinary shares were issued to Delphi executives at a fair value of approximately $24 million, of which 146,726 ordinary shares were withheld to cover minimum withholding taxes. The performance-based RSUs associated with the 2013 grant vested at the completion of a three-year performance period on December 31, 2015, and in the first quarter of 2016, 1,265,339 ordinary shares were issued to Delphi executives at a fair value of approximately $77 million, of which 512,371 ordinary shares were withheld to cover minimum withholding taxes. A summary of activity, including award grants, vesting and forfeitures is provided below:
As of December 31, 2016, there were approximately 764,000 performance-based RSUs, with a weighted average grant date fair value of $70.07, that were vested but not yet distributed. Delphi recognized compensation expense of $68 million ($59 million, net of tax), $72 million ($62 million, net of tax) and $76 million ($66 million net of tax) based on the Company’s best estimate of ultimate performance against the respective targets during the years ended December 31, 2016, 2015 and 2014, respectively. Delphi will continue to recognize compensation expense, based on the grant date fair value of the awards applied to the Company’s best estimate of ultimate performance against the respective targets, over the requisite vesting periods of the awards. Based on the grant date fair value of the awards and the Company’s best estimate of ultimate performance against the respective targets as of December 31, 2016, unrecognized compensation expense on a pretax basis of approximately $78 million is anticipated to be recognized over a weighted average period of approximately 2 years. For the years ended December 31, 2016, 2015 and 2014, respectively, approximately $40 million, $59 million, and $8 million of cash was paid and reflected as a financing activity in the statements of cash flows related to the minimum statutory tax withholding for vested RSUs. |
Supplemental Guarantor And Non-Guarantor Condensed Consolidating Financial Statements |
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Supplemental Guarantor And Non-Guarantor Condensed Consolidating Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Guarantor And Non-Guarantor Condensed Consolidating Financial Statements | SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Basis of Presentation Notes Issued by the Subsidiary Issuer As described in Note 11. Debt, Delphi Corporation (the "Subsidiary Issuer/Guarantor"), a 100% owned subsidiary of Delphi Automotive PLC (the "Parent"), issued the 2011 Senior Notes, the 2013 Senior Notes and the 2014 Senior Notes, each of which were registered under the Securities Act, and is the borrower of obligations under the Credit Agreement. The 2011 Senior Notes were subsequently redeemed and extinguished in March 2014 and March 2015, and the 2013 Senior Notes were subsequently redeemed and extinguished in September 2016. The 2014 Senior Notes and obligations under the Credit Agreement are, and prior to their redemption, the 2011 Senior Notes and 2013 Senior Notes were, fully and unconditionally guaranteed by Delphi Automotive PLC and certain of Delphi Automotive PLC's direct and indirect subsidiary companies, which are directly or indirectly 100% owned by Delphi Automotive PLC (the “Subsidiary Guarantors”), on a joint and several basis, subject to customary release provisions (other than in the case of Delphi Automotive PLC). All other consolidated direct and indirect subsidiaries of Delphi Automotive PLC are not subject to the guarantees (“Non-Guarantor Subsidiaries”). Notes Issued by the Parent As described in Note 11. Debt, Delphi Automotive PLC issued the 2015 Senior Notes, the 2015 Euro-denominated Senior Notes, the 2016 Euro-denominated Senior Notes and the 2016 Senior Notes, each of which were registered under the Securities Act. Each series of these senior notes are fully and unconditionally guaranteed on a joint and several basis, subject to customary release provisions, by certain of Delphi Automotive PLC's direct and indirect subsidiary companies (the “Subsidiary Guarantors”), and Delphi Corporation, each of which are directly or indirectly 100% owned by Delphi Automotive PLC. All other consolidated direct and indirect subsidiaries of Delphi Automotive PLC are not subject to the guarantees (“Non-Guarantor Subsidiaries”). 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 Non-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. The historical presentation of the supplemental guarantor condensed consolidating balance sheet as of December 31, 2015 has been revised to be consistent with the presentation of the entities that comprise the structure of the Subsidiary Guarantors and the Subsidiary Issuer/Guarantor as of December 31, 2016. Statement of Operations Year Ended December 31, 2016
Statement of Operations Year Ended December 31, 2015
Statement of Operations Year Ended December 31, 2014
Statement of Comprehensive Income Year Ended December 31, 2016
Statement of Comprehensive Income Year Ended December 31, 2015
Statement of Comprehensive Income Year Ended December 31, 2014
Balance Sheet as of December 31, 2016
Balance Sheet as of December 31, 2015
Statement of Cash Flows for the Year Ended December 31, 2016
Statement of Cash Flows for the Year Ended December 31, 2015
Statement of Cash Flows for the Year Ended December 31, 2014
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure | SEGMENT REPORTING Delphi operates its core business along the following operating segments, which are grouped on the basis of similar product, market and operating factors:
The accounting policies of the segments are the same as those described in Note 2. Significant Accounting Policies, except that the disaggregated financial results for the segments have been prepared using a management approach, which is consistent with the basis and manner in which management internally disaggregates financial information for which Delphi’s chief operating decision maker regularly reviews financial results to assess performance of, and make internal operating decisions about allocating resources to, the segments. Generally, Delphi evaluates segment performance based on stand-alone segment net income before interest expense, other income (expense), net, income tax expense, equity income (loss), net of tax, income (loss) from discontinued operations, net of tax, restructuring, other acquisition and portfolio project costs (which includes costs incurred to integrate acquired businesses and to plan and execute product portfolio transformation actions, including business and product acquisitions and divestitures), asset impairments and gains (losses) on business divestitures (“Adjusted Operating Income”) and accounts for inter-segment sales and transfers as if the sales or transfers were to third parties, at current market prices. Delphi’s management utilizes Adjusted Operating Income as the key performance measure of segment income or loss to evaluate segment performance, and for planning and forecasting purposes to allocate resources to the segments, as management believes this measure is most reflective of the operational profitability or loss of Delphi's operating segments. Segment Adjusted Operating Income should not be considered a substitute for results prepared in accordance with U.S. GAAP and should not be considered an alternative to net income attributable to Delphi, which is the most directly comparable financial measure to Adjusted Operating Income that is prepared in accordance with U.S. GAAP. Segment Adjusted Operating Income, as determined and measured by Delphi, should also not be compared to similarly titled measures reported by other companies. As described in Note 25. Discontinued Operations, the Company's previously reported Thermal Systems segment has been classified as discontinued operations for all periods presented. Discontinued operations also includes the Company's thermal original equipment service business, the results of which were previously reported within the Powertrain Systems segment. Certain operations, primarily related to contract manufacturing services, which were previously included within the Thermal Systems reporting segment but which were not included in the scope of the divestiture, are reported in continuing operations within the Electronics and Safety segment for all periods presented. No amounts for shared general and administrative operating expense or interest expense were allocated to discontinued operations. Effective July 1, 2016, Delphi reorganized its management reporting structure by moving its Power Electronics product line, which was historically included in the Electronics and Safety segment, to the Powertrain Systems segment. This reorganization was made to better align the product offerings of the Power Electronics product line with the Company's approach to managing the markets and customers served by this product line. Consistent with this change in the Company's management reporting structure and basis of financial information used by the chief operating decision maker, the prior period results of the Power Electronics product line have been reclassified from the Electronics and Safety segment to the Powertrain Systems segment for all periods presented. The reclassification had no impact on the consolidated financial statements. Included below are sales and operating data for Delphi’s segments for the years ended December 31, 2016, 2015 and 2014, as well as balance sheet data as of December 31, 2016 and 2015.
The reconciliation of Adjusted Operating Income to Operating Income includes, as applicable, restructuring, other acquisition and portfolio project costs (which includes costs incurred to integrate acquired businesses and to plan and execute product portfolio transformation actions, including business and product acquisitions and divestitures), asset impairments and gains (losses) on business divestitures. The reconciliation of Adjusted Operating Income to net income attributable to Delphi for the years ended December 31, 2016, 2015 and 2014 are as follows:
Information concerning principal geographic areas is set forth below. Net sales data reflects the manufacturing location and is for the years ended December 31. Net property data is as of December 31.
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Quarterly Data (Unaudited) |
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Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information | QUARTERLY DATA (UNAUDITED) The following is a condensed summary of the Company’s unaudited quarterly results of continuing operations for fiscal 2016 and 2015.
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Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DISCONTINUED OPERATIONS During the first quarter of 2015, the Company determined that its previously reported Thermal Systems segment met the criteria to be classified as a discontinued operation as a result of entering into a definitive agreement for the sale of substantially all of the assets and liabilities of the Company's wholly owned Thermal Systems business and a commitment to a plan to dispose of the Company's interests in two joint ventures which were previously reported within the Thermal Systems segment. On June 30, 2015 the Company closed the sale of its wholly owned Thermal Systems business to MAHLE GmbH ("MAHLE"). The Company received cash proceeds of approximately $670 million and recognized a gain on the divestiture within income from discontinued operations of $271 million (approximately $0.95 per diluted share), net of tax expense of $52 million, transaction costs of $10 million and $18 million of pre-tax post-closing adjustments recorded during the year ended December 31, 2015 primarily related to settlement of working capital items and contingent liabilities. Additional post-closing adjustments of $3 million, primarily related to the settlement of contingent liabilities, were recorded as a reduction to the gain on the divestiture during the year ended December 31, 2016. All post-closing adjustments were finalized and cash settled with MAHLE in the fourth quarter of 2016. In conjunction with the sale, Delphi and MAHLE also entered into a transition services agreement under which Delphi provided certain administrative and other services, as well as a supply agreement under which Delphi supplied certain products, primarily for a period of up to eighteen months following the closing of the transaction. Delphi recorded $8 million and $8 million to other income (expense), net for the years ended December 31, 2016 and December 31, 2015, respectively, for certain fees earned pursuant to the transition services agreement. On September 24, 2015 the Company closed the sale of its 50 percent interest in its Korea Delphi Automotive Systems Corporation ("KDAC") joint venture, which was accounted for under the equity method and was principally reported as part of the Thermal Systems segment, to the joint venture partner. The Company received cash proceeds of $70 million and recognized a gain on the divestiture of $47 million, net of tax expense, within income from discontinued operations during the three months ended September 30, 2015. During the year ended December 31, 2015, the Company recorded a net loss of $41 million (approximately $0.14 per diluted share) on the KDAC divestiture within income from discontinued operations, which includes the $88 million impairment loss recorded in the first quarter of 2015, as further described below. On March 31, 2016, the Company closed the sale of its 50 percent interest in its Shanghai Delphi Automotive Air Conditioning ("SDAAC") joint venture to one of the Company's joint venture partners, Shanghai Aerospace Automobile Electromechanical Co., Ltd ("SAAE"). The Company received cash proceeds of $62 million, net of tax, transaction costs and $29 million of cash divested, and recognized a gain on the divestiture of $104 million (approximately $0.38 per diluted share), net of tax expense of $10 million and transaction costs, within income from discontinued operations during the year ended December 31, 2016. The financial results of SDAAC, which were consolidated by Delphi, were historically reported as part of the Thermal Systems segment. As the divestiture of the Thermal Systems segment, including the Company's interests in SDAAC and KDAC and the thermal original equipment service business, represents a strategic shift that will have a major effect on the Company's operations and financial results, the assets and liabilities, operating results, and operating and investing cash flows for the former Thermal Systems segment are presented as discontinued operations separate from the Company’s continuing operations for all periods presented. Discontinued operations also includes the Company's thermal original equipment service business, which was included in the sale of the wholly owned Thermal Systems business, the results of which were previously reported within the Powertrain Systems segment. Certain operations, primarily related to contract manufacturing services, which were previously included within the Thermal Systems reporting segment, were excluded from the scope of the divestiture, and are reported in continuing operations within the Electronics and Safety segment for all periods presented. No amounts for shared general and administrative operating expense or interest expense were allocated to discontinued operations. Delphi has not had significant continuing involvement with the divested Thermal Systems business following the closing of the transactions. In the first quarter of 2015, the Company determined that the assets and liabilities of the Thermal Systems segment met the held for sale criteria in accordance with FASB ASC 205, Presentation of Financial Statements. Accordingly, the held for sale Thermal Systems assets and liabilities were reclassified in the consolidated balance sheet to assets held for sale or liabilities held for sale, respectively, as the sale of such assets and liabilities was expected within one year. The Company ceased recording depreciation of the held for sale Thermal Systems assets in the first quarter of 2015. As described above, Delphi completed the divestitures of the wholly owned Thermal Systems business on June 30, 2015, of its 50 percent interest in KDAC on September 24, 2015 and of its 50 percent interest in SDAAC on March 31, 2016. As a result of the completion of the divestitures, there are no assets or liabilities held for sale as of December 31, 2016. The following table summarizes the carrying value of the major classes of assets and liabilities of discontinued operations as of December 31, 2015:
As of December 31, 2015, there was $109 million of Noncontrolling interest attributable to the Company's partner in the SDAAC joint venture. Assets and liabilities classified as held for sale were required to be recorded at the lower of carrying value or fair value less costs to sell. Accordingly, an after-tax impairment loss of $88 million (approximately $0.30 per diluted share) was recorded in income from discontinued operations in the first quarter of 2015 based on the evaluation of the estimated fair value of the Company's interest in KDAC as of March 31, 2015 in relation to its carrying value. As of March 31, 2015, the fair value of this interest was estimated to be approximately $32 million, determined primarily based on recent negotiations with a third party and based on a non-binding offer from that potential buyer at the time. As described above, the Company subsequently completed the sale of its interest in KDAC for net cash proceeds of $70 million during the third quarter of 2015. A reconciliation of the major classes of line items constituting pre-tax profit or loss of discontinued operations to income from discontinued operations, net of tax as presented in the consolidated statements of operations is as follows:
Income from discontinued operations before income taxes attributable to Delphi was $115 million, $270 million and $65 million for the years ended December 31, 2016, 2015 and 2014, respectively, which includes $0, $2 million and $4 million respectively, of income tax expense attributable to noncontrolling interests. |
Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation, Policy | Consolidation—The consolidated financial statements include the accounts of Delphi and U.S. and non-U.S. subsidiaries in which Delphi holds a controlling financial or management interest and variable interest entities of which Delphi has determined that it is the primary beneficiary. Delphi’s share of the earnings or losses of non-controlled affiliates, over which Delphi exercises significant influence (generally a 20% to 50% ownership interest), is included in the consolidated operating results using the equity method of accounting. When Delphi does not have the ability to exercise significant influence (generally when ownership interest is less than 20%), investments in non-consolidated affiliates are accounted for using the cost method. All adjustments, consisting of only normal recurring items, which are necessary for a fair presentation, have been included. All significant intercompany transactions and balances between consolidated Delphi businesses have been eliminated in the accompanying financial statements. The Company monitors its investments in affiliates for indicators of other-than-temporary declines in value on an ongoing basis. If the Company determines that such a decline has occurred, an impairment loss is recorded, which is measured as the difference between carrying value and estimated fair value. Estimated fair value is generally determined using an income approach based on discounted cash flows or negotiated transaction values. During the year ended December 31, 2016, Delphi received dividends of $17 million from one of its equity method investments. During the year ended December 31, 2015, Delphi received dividends of $17 million from one of its equity method investments. During the year ended December 31, 2014, Delphi received a dividend of $10 million from its equity method investment in Korea Delphi Automotive Systems Corporation ("KDAC"), a Korean unconsolidated joint venture which was sold during the year ended December 31, 2015 and has been reclassified to discontinued operations, as further described in Note 25. Discontinued Operations. The dividends were recognized as reductions to the investments and represented a return on the investments that were included in cash flows from operating activities from continuing operations and discontinued operations, respectively. Investments in affiliates accounted for under the cost method totaled $26 million and $23 million as of December 31, 2016 and 2015, respectively, and are classified within other long-term assets in the consolidated balance sheet. As part of Delphi’s continuing operations, it has investments in six non-consolidated affiliates accounted for under the equity method of accounting. These affiliates are not publicly traded companies and are located primarily in Asia Pacific and North America. Delphi’s ownership percentages vary generally from approximately 20% to 50%, with the most significant investments in Delphi-TVS Diesel Systems Ltd (of which Delphi owns approximately 50%) and Promotora de Partes Electricas Automotrices, S.A. de C.V. (of which Delphi owns approximately 40%). |
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Use of Estimates, Policy | Use of estimates—Preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect amounts reported therein. Generally, matters subject to estimation and judgment include amounts related to accounts receivable realization, inventory obsolescence, asset impairments, useful lives of intangible and fixed assets, deferred tax asset valuation allowances, income taxes, pension benefit plan assumptions, accruals related to litigation, warranty costs, environmental remediation costs, contingent consideration arrangements, worker’s compensation accruals and healthcare accruals. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be based upon amounts that differ from those estimates. |
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Revenue Recognition, Policy | Revenue recognition—Sales are recognized when there is evidence of a sales agreement, the delivery of goods has occurred, the sales price is fixed or determinable and the collectability of revenue is reasonably assured. Sales are generally recorded upon shipment of product to customers and transfer of title under standard commercial terms. In addition, if Delphi enters into retroactive price adjustments with its customers, these reductions to revenue are recorded when they are determined to be probable and estimable. From time to time, Delphi enters into pricing agreements with its customers that provide for price reductions, some of which are conditional upon achieving certain joint cost saving targets. In these instances, revenue is recognized based on the agreed-upon price at the time of shipment. Sales incentives and allowances are recognized as a reduction to revenue at the time of the related sale. In addition, from time to time, Delphi makes payments to customers in conjunction with ongoing and future business. These payments to customers are generally recognized as a reduction to revenue at the time of the commitment to make these payments. Shipping and handling fees billed to customers are included in net sales, while costs of shipping and handling are included in cost of sales. Delphi collects and remits taxes assessed by different governmental authorities that are both imposed on and concurrent with a revenue-producing transaction between the Company and the Company’s customers. These taxes may include, but are not limited to, sales, use, value-added, and some excise taxes. Delphi reports the collection of these taxes on a net basis (excluded from revenues). |
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Net Income Per Share, Policy | Net income per share—Basic net income per share is computed by dividing net income attributable to Delphi by the weighted–average number of ordinary shares outstanding during the period. Diluted net income per share reflects the weighted average dilutive impact of all potentially dilutive securities from the date of issuance and is computed using the treasury stock method by dividing net income attributable to Delphi by the diluted weighted-average number of ordinary shares outstanding. Unless otherwise noted, share and per share amounts included in these notes are on a diluted basis. Refer to Note 15. Shareholders’ Equity and Net Income Per Share for additional information including the calculation of basic and diluted net income per share. Basic net income per share is computed by dividing net income attributable to Delphi by the weighted average number of ordinary shares outstanding during the period. Diluted net income per share reflects the weighted average dilutive impact of all potentially dilutive securities from the date of issuance and is computed using the treasury stock method by dividing net income attributable to Delphi by the diluted weighted average number of ordinary shares outstanding. For all periods presented, the calculation of net income per share contemplates the dilutive impacts, if any, of the Company’s share-based compensation plans. Refer to Note 21. Share-Based Compensation for additional information. |
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Research and Development, Policy | Research and development—Costs are incurred in connection with research and development programs that are expected to contribute to future earnings. Such costs are charged against income as incurred. Total research and development expenses, including engineering, net of customer reimbursements, were approximately $1.2 billion, $1.2 billion and $1.2 billion for the years ended December 31, 2016, 2015 and 2014, respectively. |
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Cash and Cash Equivalents, Policy | Cash and cash equivalents—Cash and cash equivalents are defined as short-term, highly liquid investments with original maturities of three months or less. |
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Marketable Securities, Policy | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash, Policy | Restricted cash—Restricted cash includes balances on deposit at financial institutions that have issued letters of credit in favor of Delphi. |
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Accounts Receivable, Policy | Accounts receivable—Delphi enters into agreements to sell certain of its accounts receivable, primarily in North America and Europe. Sales of receivables are accounted for in accordance with FASB Topic ASC 860, Transfers and Servicing ("ASC 860"). Agreements which result in true sales of the transferred receivables, as defined in ASC 860, which occur when receivables are transferred without recourse to the Company, are excluded from amounts reported in the consolidated balance sheets. Cash proceeds received from such sales are included in operating cash flows. Agreements that allow Delphi to maintain effective control over the transferred receivables and which do not qualify as a sale, as defined in ASC 860, are accounted for as secured borrowings and recorded in the consolidated balance sheets within accounts receivable, net and short-term debt. The expenses associated with receivables factoring are recorded in the consolidated statements of operations within interest expense. The Company exchanges certain amounts of accounts receivable, primarily in the Asia Pacific region, for bank notes with original maturities greater than three months. The collection of such bank notes are included in operating cash flows based on the substance of the underlying transactions, which are operating in nature. Bank notes held by the Company with original maturities of three months or less are classified as cash and cash equivalents within the consolidated balance sheet, and those with original maturities of greater than three months are classified as notes receivable within other current assets. The Company may hold such bank notes until maturity, exchange them with suppliers to settle liabilities, or sell them to third party financial institutions in exchange for cash. The allowance for doubtful accounts is established based upon analysis of trade receivables for known collectability issues, the aging of the trade receivables at the end of each period and, generally, all accounts receivable balances greater than 90 days past due are fully reserved. As of December 31, 2016 and 2015, the allowance for doubtful accounts was $42 million and $26 million, respectively, and the provision for doubtful accounts was $24 million, $11 million, and $10 million for the years ended December 31, 2016, 2015 and 2014, respectively. |
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Transfers and Servicing of Financial Assets, Policy | Delphi enters into agreements to sell certain of its accounts receivable, primarily in North America and Europe. Sales of receivables are accounted for in accordance with FASB Topic ASC 860, Transfers and Servicing ("ASC 860"). Agreements which result in true sales of the transferred receivables, as defined in ASC 860, which occur when receivables are transferred without recourse to the Company, are excluded from amounts reported in the consolidated balance sheets. Cash proceeds received from such sales are included in operating cash flows. Agreements that allow Delphi to maintain effective control over the transferred receivables and which do not qualify as a sale, as defined in ASC 860, are accounted for as secured borrowings and recorded in the consolidated balance sheets within accounts receivable, net and short-term debt. The expenses associated with receivables factoring are recorded in the consolidated statements of operations within interest expense. The Company exchanges certain amounts of accounts receivable, primarily in the Asia Pacific region, for bank notes with original maturities greater than three months. The collection of such bank notes are included in operating cash flows based on the substance of the underlying transactions, which are operating in nature. Bank notes held by the Company with original maturities of three months or less are classified as cash and cash equivalents within the consolidated balance sheet, and those with original maturities of greater than three months are classified as notes receivable within other current assets. The Company may hold such bank notes until maturity, exchange them with suppliers to settle liabilities, or sell them to third party financial institutions in exchange for cash. |
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Inventories, Policy | Inventories—As of December 31, 2016 and 2015, inventories are stated at the lower of cost, determined on a first-in, first-out basis, or market, including direct material costs and direct and indirect manufacturing costs. Refer to Note 3. Inventories for additional information. Obsolete inventory is identified based on analysis of inventory for known obsolescence issues, and, generally, the market value of inventory on hand in excess of one year’s supply is fully-reserved. From time to time, payments may be received from suppliers. These payments from suppliers are recognized as a reduction of the cost of the material acquired during the period to which the payments relate. In some instances, supplier rebates are received in conjunction with or concurrent with the negotiation of future purchase agreements and these amounts are amortized over the prospective agreement period. Inventories are stated at the lower of cost, determined on a first-in, first-out basis, or market, including direct material costs and direct and indirect manufacturing costs. |
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Property, Policy | Property—Major improvements that materially extend the useful life of property are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation is determined based on a straight-line method over the estimated useful lives of groups of property. Leasehold improvements under capital leases are depreciated over the period of the lease or the life of the property, whichever is shorter. Refer to Note 6. Property, Net for additional information. |
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Preproduction Design and Development Costs | Pre-production costs related to long-term supply agreements—The Company incurs pre-production engineering, development and tooling costs related to products produced for its customers under long-term supply agreements. Engineering, testing and other costs incurred in the design and development of production parts are expensed as incurred, unless the costs are reimbursable, as specified in a customer contract. As of December 31, 2016 and 2015, $89 million and $98 million of such contractually reimbursable costs were capitalized, respectively. These amounts are recorded within other current and other long-term assets in the consolidated balance sheets, as further detailed in Note 4. Assets. Special tools represent Delphi-owned tools, dies, jigs and other items used in the manufacture of customer components that will be sold under long-term supply arrangements, the costs of which are capitalized within property, plant and equipment if the Company has title to the assets. Special tools also include capitalized unreimbursed pre-production tooling costs related to customer-owned tools for which the customer has provided Delphi a non-cancellable right to use the tool. Delphi-owned special tools balances are depreciated over the expected life of the special tool or the life of the related vehicle program, whichever is shorter. The unreimbursed costs incurred related to customer-owned special tools that are not subject to reimbursement are capitalized and depreciated over the expected life of the special tool or the life of the related vehicle program, whichever is shorter. At December 31, 2016 and 2015, the special tools balance, net of accumulated depreciation, was $483 million and $482 million, respectively, included within property, net in the consolidated balance sheets. As of December 31, 2016 and 2015, the Delphi-owned special tools balances were $397 million and $404 million, respectively, and the customer-owned special tools balances were $86 million and $78 million, respectively. |
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Valuation of Long-Lived Assets, Policy | Valuation of long-lived assets—The carrying value of long-lived assets held for use, including definite-lived intangible assets, is periodically evaluated when events or circumstances warrant such a review. The carrying value of a long-lived asset held for use is considered impaired when the anticipated separately identifiable undiscounted cash flows from the asset are less than the carrying value of the asset. In that event, a loss is recognized based on the amount by which the carrying value exceeds the estimated fair value of the long-lived asset. Impairment losses on long-lived assets held for sale are recognized if the carrying value of the asset is in excess of the asset's estimated fair value, reduced for the cost to dispose of the asset. Fair value of long-lived assets is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved (an income approach), and in certain situations Delphi’s review of appraisals (a market approach). Refer to Note 6. Property, Net for additional information. |
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Assets and Liabilities Held for Sale, Policy | Assets and liabilities held for sale—The Company considers assets to be held for sale when management approves and commits to a formal plan to actively market the assets for sale at a price reasonable in relation to their estimated fair value, the assets are available for immediate sale in their present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the assets is probable and expected to be completed within one year (or, if it is expected that others will impose conditions on the sale of the assets that will extend the period required to complete the sale, that a firm purchase commitment is probable within one year) and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, the Company records the assets at the lower of their carrying value or their estimated fair value, reduced for the cost to dispose of the assets, and ceases to record depreciation expense on the assets. Assets and liabilities of a discontinued operation are reclassified as held for sale for all comparative periods presented in the consolidated balance sheet. For assets that meet the held for sale criteria but do not meet the definition of a discontinued operation, the Company reclassifies the assets and liabilities in the period in which the held for sale criteria are met, but does not reclassify prior period amounts. Refer to Note 25. Discontinued Operations for further information regarding the Company's assets and liabilities held for sale. |
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Intangible Assets, Policy | Intangible assets—The Company amortizes definite-lived intangible assets over their estimated useful lives. The Company has definite-lived intangible assets related to patents and developed technology, customer relationships and trade names. Indefinite-lived in-process research and development intangible assets are not amortized, but are tested for impairment annually, or more frequently when indicators of potential impairment exist, until the completion or abandonment of the associated research and development efforts. The Company also has intangible assets related to acquired trade names that are classified as indefinite-lived when there are no foreseeable limits on the periods of time over which they are expected to contribute cash flows. These indefinite-lived trade name assets are tested for impairment annually, or more frequently when indicators of potential impairment exist. Costs to renew or extend the term of acquired intangible assets are recognized as expense as incurred. No intangible asset impairments were recorded in 2016, 2015 or 2014. Refer to Note 7. Intangible Assets and Goodwill for additional information. |
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Goodwill, Policy | Goodwill—Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations. The Company tests goodwill for impairment annually in the fourth quarter, or more frequently when indications of potential impairment exist. The Company monitors the existence of potential impairment indicators throughout the fiscal year. The Company tests for goodwill impairment at the reporting unit level. Our reporting units are the components of operating segments which constitute businesses for which discrete financial information is available and is regularly reviewed by segment management. The impairment test involves first qualitatively assessing goodwill for impairment. If the qualitative assessment is not met we then perform a quantitative assessment by first comparing the estimated fair value of each reporting unit to its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential sale of the reporting unit. If the estimated fair value exceeds carrying value, then we conclude that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its estimated fair value, a second step is required to measure possible goodwill impairment loss. The second step includes hypothetically valuing the tangible and intangible assets and liabilities of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit's goodwill is compared to the carrying value of that goodwill. If the carrying value of the reporting unit's goodwill exceeds the implied fair value of the goodwill, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying value. Refer to Note 20. Acquisitions and Divestitures, for further information on the goodwill attributable to the Company's acquisitions. Goodwill impairment—In the fourth quarter of 2016 and 2015, the Company completed a qualitative goodwill impairment assessment, and after evaluating the results, events and circumstances of the Company, the Company concluded that sufficient evidence existed to assert qualitatively that it was more likely than not that the estimated fair value of each reporting unit remained in excess of its carrying values. Therefore, a two-step impairment assessment was not necessary. No goodwill impairments were recorded in 2016, 2015 or 2014. Refer to Note 7. Intangible Assets and Goodwill for additional information. |
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Discontinued Operations, Policy | Discontinued operations—The Company reports financial results for discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations. Discontinued operations reporting occurs only when the disposal of a component or a group of components of the Company represents a strategic shift that will have a major effect on the Company's operations and financial results. During the year ended December 31, 2015, Delphi completed the divestitures of the Company's wholly owned Thermal Systems business and the Company's interest in its KDAC joint venture. During the year ended December 31, 2016, Delphi completed the divestiture of its interest in its Shanghai Delphi Automotive Air Conditioning ("SDAAC") joint venture. Delphi's interests in the KDAC and SDAAC joint ventures were previously reported within the Thermal Systems segment. Accordingly, the assets and liabilities, operating results and operating and investing cash flows for the previously reported Thermal Systems segment are presented as discontinued operations separate from the Company’s continuing operations for all periods presented. Prior period information has been reclassified to present this business as discontinued operations for all periods presented, and has therefore been excluded from both continuing operations and segment results for all periods presented in these consolidated financial statements and the notes to the consolidated financial statements, unless otherwise noted. These items had no impact on the amounts of previously reported net income attributable to Delphi or total shareholders' equity. Refer to Note 25. Discontinued Operations for further information regarding the Company's discontinued operations. |
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Warranty, Policy | Warranty and product recalls—Expected warranty costs for products sold are recognized at the time of sale of the product based on an estimate of the amount that eventually will be required to settle such obligations. These accruals are based on factors such as past experience, production changes, industry developments and various other considerations. Costs of product recalls, which may include the cost of the product being replaced as well as the customer’s cost of the recall, including labor to remove and replace the recalled part, are accrued as part of our warranty accrual at the time an obligation becomes probable and can be reasonably estimated. These estimates are adjusted from time to time based on facts and circumstances that impact the status of existing claims. Refer to Note 9. Warranty Obligations for additional information. Expected warranty costs for products sold are recognized principally at the time of sale of the product based on an estimate of the amount that will eventually be required to settle such obligations. These accruals are based on factors such as past experience, production changes, industry developments and various other considerations. The estimated costs related to product recalls based on a formal campaign soliciting return of that product are accrued at the time an obligation becomes probable and can be reasonably estimated. These estimates are adjusted from time to time based on facts and circumstances that impact the status of existing claims. |
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Income Tax, Policy | Income taxes—Deferred tax assets and liabilities reflect temporary differences between the amount of assets and liabilities for financial and tax reporting purposes. Such amounts are adjusted, as appropriate, to reflect changes in tax rates expected to be in effect when the temporary differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized. In the event the Company determines it is more likely than not that the deferred tax assets will not be realized in the future, the valuation allowance adjustment to the deferred tax assets will be charged to earnings in the period in which we make such a determination. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities. |
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Foreign Currency Translation, Policy | Foreign currency translation—Assets and liabilities of non-U.S. subsidiaries that use a currency other than U.S. dollars as their functional currency are translated to U.S. dollars at end-of-period currency exchange rates. The consolidated statements of operations of non-U.S. subsidiaries are translated to U.S. dollars at average-period currency exchange rates. The effect of translation for non-U.S. subsidiaries is generally reported in other comprehensive income ("OCI"). The effect of remeasurement of assets and liabilities of non-U.S. subsidiaries that use the U.S. dollar as their functional currency is primarily included in cost of sales. Also included in cost of sales are gains and losses arising from transactions denominated in a currency other than the functional currency of a particular entity. Net foreign currency transaction gains of less than $1 million and $8 million were included in the consolidated statements of operations for the year ended December 31, 2016, and December 31, 2015, respectively, and a net foreign currency transaction loss of $5 million was included in the consolidated statement of operations for the year ended |
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Restructurings, Policy | Restructuring—Delphi continually evaluates alternatives to align the business with the changing needs of its customers and to lower operating costs. This includes the realignment of its existing manufacturing capacity, facility closures, or similar actions, either in the normal course of business or pursuant to significant restructuring programs. These actions may result in employees receiving voluntary or involuntary employee termination benefits, which are mainly pursuant to union or other contractual agreements. Voluntary termination benefits are accrued when an employee accepts the related offer. Involuntary termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable, depending on the existence of a substantive plan for severance or termination. Contract termination costs are recorded when contracts are terminated or when Delphi ceases to use the leased facility and no longer derives economic benefit from the contract. All other exit costs are expensed as incurred. Refer to Note 10. Restructuring for additional information. |
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Environmental Liabilities, Policy | Environmental liabilities—Environmental remediation liabilities are recognized when a loss is probable and can be reasonably estimated. Such liabilities generally are not subject to insurance coverage. The cost of each environmental remediation is estimated by engineering, financial, and legal specialists based on current law and considers the estimated cost of investigation and remediation required and the likelihood that, where applicable, other responsible parties will be able to fulfill their commitments. The process of estimating environmental remediation liabilities is complex and dependent primarily on the nature and extent of historical information and physical data relating to a contaminated site, the complexity of the site, the uncertainty as to what remediation and technology will be required, and the outcome of discussions with regulatory agencies and, if applicable, other responsible parties at multi-party sites. In future periods, new laws or regulations, advances in remediation technologies and additional information about the ultimate remediation methodology to be used could significantly change estimates by Delphi. Refer to Note 13. Commitments and Contingencies for additional information. |
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Asset Retirement Obligations, Policy | Asset retirement obligations—Asset retirement obligations are recognized in accordance with FASB ASC 410, Asset Retirement and Environmental Obligations. Conditional retirement obligations have been identified primarily related to asbestos abatement at certain sites. To a lesser extent, conditional retirement obligations also exist at certain sites related to the removal of storage tanks and polychlorinated biphenyl disposal costs. Asset retirement obligations were $2 million and $2 million at December 31, 2016 and 2015, respectively. |
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Customer Concentations, Policy | Customer concentrations—As reflected in the table below, net sales to GM and VW, Delphi's two largest customers, totaled approximately 22%, 22% and 25% of our total net sales for the years ended December 31, 2016, 2015 and 2014, respectively.
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Derivative Financial Instruments, Policy | Derivative financial instruments—All derivative instruments are required to be reported on the balance sheet at fair value unless the transactions qualify and are designated as normal purchases or sales. Changes in fair value are reported currently through earnings unless they meet hedge accounting criteria. Exposure to fluctuations in currency exchange rates, interest rates and certain commodity prices are managed by entering into a variety of forward contracts and swaps with various counterparties. Such financial exposures are managed in accordance with the policies and procedures of Delphi. Delphi does not enter into derivative transactions for speculative or trading purposes. As part of the hedging program approval process, Delphi identifies the specific financial risk which the derivative transaction will minimize, the appropriate hedging instrument to be used to reduce the risk and the correlation between the financial risk and the hedging instrument. Purchase orders, sales contracts, letters of intent, capital planning forecasts and historical data are used as the basis for determining the anticipated values of the transactions to be hedged. Delphi does not enter into derivative transactions that do not have a high correlation with the underlying financial risk. Hedge positions, as well as the correlation between the transaction risks and the hedging instruments, are reviewed on an ongoing basis. Foreign exchange forward contracts are accounted for as hedges of firm or forecasted foreign currency commitments or foreign currency exposure of the net investment in certain foreign operations to the extent they are designated and assessed as highly effective. All foreign exchange contracts are marked to market on a current basis. Commodity swaps are accounted for as hedges of firm or anticipated commodity purchase contracts to the extent they are designated and assessed as effective. All other commodity derivative contracts that are not designated as hedges are either marked to market on a current basis or are exempted from mark to market accounting as normal purchases. At December 31, 2016 and 2015, the Company's exposure to movements in interest rates was not hedged with derivative instruments. Refer to Note 17. Derivatives and Hedging Activities and Note 18. Fair Value of Financial Instruments for additional information. |
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Extended Disability Benefits, Policy | Extended disability benefits—Costs associated with extended disability benefits provided to inactive employees are accrued throughout the duration of their active employment. Workforce demographic data and historical experience are utilized to develop projections of time frames and related expense for postemployment benefits. |
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Workers' Compensation Benefits, Policy | Workers’ compensation benefits—Workers’ compensation benefit accruals are actuarially determined and are subject to the existing workers’ compensation laws that vary by location. Accruals for workers’ compensation benefits represent the discounted future cash expenditures expected during the period between the incidents necessitating the employees to be idled and the time when such employees return to work, are eligible for retirement or otherwise terminate their employment. |
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Share-based Compensation, Policy | Share-based compensation—The Company's share-based compensation arrangements consist of the Delphi Automotive PLC Long Term Incentive Plan, as amended and restated effective April 23, 2015 (the “PLC LTIP”), under which grants of restricted stock units (“RSUs”) have been made in each period from 2012 to 2016. The RSU awards include a time-based vesting portion and a performance-based vesting portion. The performance-based vesting portion includes performance and market conditions in addition to service conditions. The grant date fair value of the RSUs is determined based on the closing price of the Company's ordinary shares on the date of the grant of the award, including an estimate for forfeitures, or a contemporaneous valuation performed by an independent valuation specialist with respect to awards with market conditions. Compensation expense is recognized based upon the grant date fair value of the awards applied to the Company's best estimate of ultimate performance against the respective targets on a straight-line basis over the requisite vesting period of the awards. The performance conditions require management to make assumptions regarding the likelihood of achieving certain performance goals. Changes in these performance assumptions, as well as differences in actual results from management's estimates, could result in estimated or actual values different from previously estimated fair values. Refer to Note 21. Share-Based Compensation for additional information. |
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Business Combinations Policy | Business combinations—The Company accounts for its business combinations in accordance with the accounting guidance in FASB ASC 805, Business Combinations. The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. Determining the fair values of assets acquired and liabilities assumed requires management's judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items. Refer to Note 20. Acquisitions and Divestitures for additional information. |
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Retrospective Changes, Policy | Retrospective changes—As described in Note 23. Segment Reporting, in 2016 Delphi reorganized its management reporting structure by moving its Power Electronics product line, which was historically included in the Electronics and Safety segment, to the Powertrain Systems segment. Consistent with this change in the Company's management reporting structure and basis of financial information used by the chief operating decision maker, the prior period results of the Power Electronics product line have been reclassified from the Electronics and Safety segment to the Powertrain Systems segment for all periods presented. This reclassification had no impact on the consolidated financial statements. |
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Recently Issued Accounting Pronouncements, Policy | Recently adopted accounting pronouncements—In April 2015, the FASB issued Accounting Standards Update ("ASU") ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This guidance requires that debt issuance costs be presented as a direct reduction to the carrying amount of the related debt in the balance sheet rather than as a deferred charge, consistent with the presentation of discounts on debt. ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs associated with Line-of-Credit Arrangements, was issued in August 2015 to clarify that the U.S. Securities and Exchange Commission ("SEC") staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The guidance is effective for fiscal years beginning after December 15, 2015, and is to be applied retrospectively. As permitted, the Company elected to early adopt this guidance effective December 31, 2015, and has classified $24 million and $28 million as of December 31, 2016 and December 31, 2015, respectively, of deferred debt issuance costs associated with term debt within long-term debt in the consolidated balance sheet. Deferred issuance costs associated with the Company’s Revolving Credit Facility of $10 million and $12 million as of December 31, 2016 and December 31, 2015, respectively, remain classified within other long-term assets. Refer to Note 11. Debt for further information. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the effect on earnings of changes in depreciation, amortization, or other income effects, if any. The guidance is effective for interim and annual periods beginning after December 15, 2015, and is to be applied prospectively to adjustments to provisional amounts that occur after the effective date, with earlier application permitted for financial statements that have not yet been made available for issuance. Delphi adopted this guidance effective January 1, 2016, and has applied it to adjustments to provisional amounts resulting from business combinations for which the accounting was incomplete as of December 31, 2015. The adoption of this guidance did not have a significant impact on Delphi's financial statements. Refer to Note 20. Acquisitions and Divestitures for further information. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This guidance requires entities to classify deferred tax liabilities and assets as noncurrent in a classified statement of financial position. The guidance is effective for interim and annual periods beginning after December 15, 2016, and may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. As permitted, the Company elected to early adopt this guidance effective December 31, 2015, and applied the guidance prospectively. The adoption of this guidance did not have a significant impact on Delphi's financial statements, other than the classification of deferred tax liabilities and assets as long-term in accordance with the new presentation requirements. Recently issued accounting pronouncements not yet adopted—In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This ASU supersedes most of the existing guidance on revenue recognition in Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition and establishes a broad principle that would require an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this principle, an entity identifies the contract with a customer, identifies the separate performance obligations in the contract, determines the transaction price, allocates the transaction price to the separate performance obligations and recognizes revenue when each separate performance obligation is satisfied. The FASB has subsequently issued additional ASUs to clarify certain elements of the new revenue recognition guidance. The guidance is effective for fiscal years beginning after December 15, 2017, and is to be applied retrospectively using one of two transition methods at the entity's election. The full retrospective method requires companies to recast each prior reporting period presented as if the new guidance had always existed. Under the modified retrospective method, companies would recognize the cumulative effect of initially applying the standard as an adjustment to opening retained earnings at the date of initial application. Early adoption is permitted for fiscal years beginning after December 15, 2016. The Company has continued to monitor FASB activity related to the new standard, and has worked with various non-authoritative industry groups to assess certain interpretative issues and the associated implementation of the new standard. The Company has drafted its accounting policy for the new standard based on a detailed review of its business and contracts. Delphi currently anticipates the most significant impact of the implementation of the new standard relates to the Company's accounting for guaranteed reimbursements of certain pre-production engineering, development and tooling costs related to products manufactured for our customers under long-term supply agreements. Under the current applicable guidance, such reimbursements from customers are recorded as cost offsets; whereas under the new standard we currently anticipate recognizing such guaranteed recoveries as revenues, as the reimbursements specified in the customer contracts represent consideration from contracts with customers under the new standard. While the Company continues to assess all potential impacts of the new standard, we do not currently expect that the adoption of this guidance will have a material impact on our revenues, results of operations or financial position. The Company plans to adopt the new revenue standard effective January 1, 2018. The Company has not yet selected a transition method and continues to evaluate the effect of the standard on our ongoing financial reporting and implementation approach. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This guidance requires an entity to measure inventory at the lower of cost and net realizable value, rather than at the lower of cost or market. The guidance is effective for interim and annual periods beginning after December 15, 2016, and is to be applied prospectively. Early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on Delphi's financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This guidance makes targeted improvements to existing U.S. GAAP for financial instruments, including requiring equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; requiring entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset and requiring entities to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017. Early adoption of the own credit provision is permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under this guidance, lessees will be required to recognize on the balance sheet a lease liability and a right-of-use asset for all leases, with the exception of short-term leases. The lease liability represents the lessee's obligation to make lease payments arising from a lease, and will be measured as the present value of the lease payments. The right-of-use asset represents the lessee’s right to use a specified asset for the lease term, and will be measured at the lease liability amount, adjusted for lease prepayment, lease incentives received and the lessee’s initial direct costs. The standard also requires a lessee to recognize a single lease cost allocated over the lease term, generally on a straight-line basis. The new guidance is effective for fiscal years beginning after December 15, 2018. ASU 2016-02 is required to be applied using the modified retrospective approach for all leases existing as of the effective date and provides for certain practical expedients. Early adoption is permitted. The Company is currently evaluating the effects that the adoption of ASU 2016-02 will have on the Company’s consolidated financial statements, and anticipates the new guidance will significantly impact its consolidated financial statements as the Company has a significant number of leases. As further described in Note 13. Commitments and Contingencies, as of December 31, 2016, Delphi had minimum lease commitments under non-cancellable operating leases totaling $358 million. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships and ASU 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments. ASU 2016-05 clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. ASU 2016-06 also clarifies the steps required to determine bifurcation of an embedded derivative. The new guidance is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on Delphi's financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This guidance contains multiple updates related to the accounting and financial statement presentation of share-based payment transactions. Under the new guidance, excess tax benefits will be recognized as income tax expense in the period in which the awards vest, as opposed to being recognized in additional paid-in capital when the deduction reduces taxes payable. Excess tax benefits will be classified as an operating activity within the statement of cash flows, as opposed to a financing activity. The new guidance also clarifies that cash paid by an employer when withholding shares for tax withholding purposes should be classified as a financing activity, and also permits an accounting policy election for accruing compensation cost to either estimate the number of awards that are expected to vest, similar to current U.S. GAAP, or account for forfeitures when they occur. The new guidance is effective for fiscal years beginning after December 15, 2016. The method of transition is dependent on the particular provision within the new guidance. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This guidance also requires enhanced disclosures regarding significant estimates and judgments used in estimating credit losses. The new guidance is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In September 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This guidance clarifies the presentation requirements of eight specific issues within the statement of cash flows. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on Delphi's financial statements, as Delphi's treatment of the relevant affected items within its consolidated statement of cash flows is consistent with the requirements of this guidance. In October 2016, the FASB issued ASU No. 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory. This guidance requires that the tax effects of all intra-entity sales of assets other than inventory be recognized in the period in which the transaction occurs. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption as of the beginning of an annual reporting period is permitted. The guidance is to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and restricted cash. As a result, restricted cash will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, and the new guidance is to be applied retrospectively. The adoption of this guidance is not expected to have a significant impact on Delphi's financial statements, other than the classification of restricted cash within the beginning-of-period and end-of-period totals on the consolidated statement of cash flows, as opposed to being excluded from these totals. |
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Pensions, Policy | Certain of Delphi’s non-U.S. subsidiaries sponsor defined benefit pension plans, which generally provide benefits based on negotiated amounts for each year of service. Delphi’s primary non-U.S. plans are located in France, Germany, Mexico, Portugal and the United Kingdom (“U.K.”). The U.K. and certain Mexican plans are funded. In addition, Delphi has defined benefit plans in South Korea, Turkey and Italy for which amounts are payable to employees immediately upon separation. The obligations for these plans are recorded over the requisite service period. Delphi sponsors a Supplemental Executive Retirement Program (“SERP”) for those employees who were U.S. executives of DPHH prior to September 30, 2008 and were still U.S. executives of Delphi on October 7, 2009, the effective date of the program. This program is unfunded. Executives receive benefits over 5 years after an involuntary or voluntary separation from Delphi. The SERP is closed to new members. |
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Fair Value Measurement, Policy | Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurements are based on one or more of the following three valuation techniques: Market—This approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Income—This approach uses valuation techniques to convert future amounts to a single present value amount based on current market expectations. Cost—This approach is based on the amount that would be required to replace the service capacity of an asset (replacement cost). Delphi uses the following fair value hierarchy prescribed by GAAP, which prioritizes the inputs used to measure fair value as follows: Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Typically, assets and liabilities are considered to be fair valued on a recurring basis if fair value is measured regularly. However, if the fair value measurement of an instrument does not necessarily result in a change in the amount recorded on the consolidated balance sheet, assets and liabilities are considered to be fair valued on a nonrecurring basis. This generally occurs when accounting guidance requires assets and liabilities to be recorded at the lower of cost or fair value, or assessed for impairment. |
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Guarantor, Policy | 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 Non-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. |
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Segment Reporting, Policy | The accounting policies of the segments are the same as those described in Note 2. Significant Accounting Policies, except that the disaggregated financial results for the segments have been prepared using a management approach, which is consistent with the basis and manner in which management internally disaggregates financial information for which Delphi’s chief operating decision maker regularly reviews financial results to assess performance of, and make internal operating decisions about allocating resources to, the segments. Generally, Delphi evaluates segment performance based on stand-alone segment net income before interest expense, other income (expense), net, income tax expense, equity income (loss), net of tax, income (loss) from discontinued operations, net of tax, restructuring, other acquisition and portfolio project costs (which includes costs incurred to integrate acquired businesses and to plan and execute product portfolio transformation actions, including business and product acquisitions and divestitures), asset impairments and gains (losses) on business divestitures (“Adjusted Operating Income”) and accounts for inter-segment sales and transfers as if the sales or transfers were to third parties, at current market prices. Delphi’s management utilizes Adjusted Operating Income as the key performance measure of segment income or loss to evaluate segment performance, and for planning and forecasting purposes to allocate resources to the segments, as management believes this measure is most reflective of the operational profitability or loss of Delphi's operating segments. Segment Adjusted Operating Income should not be considered a substitute for results prepared in accordance with U.S. GAAP and should not be considered an alternative to net income attributable to Delphi, which is the most directly comparable financial measure to Adjusted Operating Income that is prepared in accordance with U.S. GAAP. Segment Adjusted Operating Income, as determined and measured by Delphi, should also not be compared to similarly titled measures reported by other companies. |
Significant Accounting Policies (Tables) |
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Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | As reflected in the table below, net sales to GM and VW, Delphi's two largest customers, totaled approximately 22%, 22% and 25% of our total net sales for the years ended December 31, 2016, 2015 and 2014, respectively.
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Schedule of Inventory, Current | A summary of inventories is shown below:
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Assets (Tables) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Assets | Other current assets consisted of the following:
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Schedule of Other Assets, Noncurrent | Other long-term assets consisted of the following:
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Investments in Affiliates (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments | The following is a summary of the combined financial information of significant affiliates accounted for under the equity method for continuing operations as of December 31, 2016 and 2015 and for the years ended December 31, 2016, 2015 and 2014 (unaudited):
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Schedule of Related Party Transactions | A summary of transactions with affiliates is shown below:
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Property, Plant and Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, net consisted of:
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Intangible Assets and Goodwill (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Acquired Finite and Infinite-Lived Intangible Assets and Goodwill by Major Class | The changes in the carrying amount of intangible assets and goodwill were as follows as of December 31, 2016 and 2015. See Note 20. Acquisitions and Divestitures for a further description of the goodwill and intangible assets resulting from Delphi's acquisitions in 2016 and 2015.
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Schedule of Finite-Lived Intangible Assets Amortization Expense | Estimated amortization expense for the years ending December 31, 2017, 2018, 2019, 2020 and 2021 is presented below:
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Schedule of Gross Carrying Amounts of Intangible Assets and Goodwill | A roll-forward of the gross carrying amounts of intangible assets for the years ended December 31, 2016 and 2015 is presented below.
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Schedule of Accumulated Amortization of Intangible Assets and Goodwill | A roll-forward of the accumulated amortization for the years ended December 31, 2016 and 2015 is presented below:
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Schedule of Goodwill | A roll-forward of the carrying amount of goodwill, by operating segment, for the years ended December 31, 2016 and 2015 is presented below:
|
Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities | Accrued liabilities consisted of the following:
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Liabilities, Noncurrent | Other long-term liabilities consisted of the following:
|
Warranty Obligations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability | The table below summarizes the activity in the product warranty liability for the years ended December 31, 2016 and 2015:
|
Restructuring (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Related Costs | The following table summarizes the restructuring charges recorded for the years ended December 31, 2016, 2015 and 2014 by operating segment:
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Schedule of Restructuring Reserve by Type of Cost | The table below summarizes the activity in the restructuring liability for the years ended December 31, 2016 and 2015:
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | The following is a summary of debt outstanding, net of unamortized issuance costs and discounts, as of December 31, 2016 and December 31, 2015, respectively:
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Schedule of Maturities of Long-term Debt | The principal maturities of debt, at nominal value, follows:
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Schedule of Interest Rates | The Applicable Rates under the Credit Agreement on the specified dates are set forth below:
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Schedule of Line of Credit Facilities | As of December 31, 2016, Delphi selected the one-month LIBOR interest rate option on the Tranche A Term Loan, and the rate effective as of December 31, 2016, as detailed in the table below, was based on the Company's current credit rating and the Applicable Rate for the Credit Agreement:
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Pension Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated and Projected Benefit Obligations | The projected benefit obligation (“PBO”), accumulated benefit obligation (“ABO”), and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets and with plan assets in excess of accumulated benefit obligations are as follows:
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Schedule of Assumptions Used | Assumptions used to determine benefit obligations at December 31:
Assumptions used to determine net expense for years ended December 31:
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Schedule of Change in Assumptions Used | Delphi’s pension expense for 2017 is determined at the 2016 year end measurement date. For purposes of analysis, the following table highlights the sensitivity of the Company’s pension obligations and expense to changes in key assumptions:
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Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
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Schedule of Allocation of Plan Assets | The fair values of Delphi’s pension plan assets weighted-average asset allocations at December 31, 2016 and 2015, by asset category, are as follows:
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Schedule of Level Three Defined Benefit Plan Assets Roll Forward |
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Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Funded Status | The amounts shown below reflect the change in the non-U.S. defined benefit pension obligations during 2016 and 2015.
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Schedule of Net Benefit Costs |
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U.S. Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Funded Status | The amounts shown below reflect the change in the U.S. defined benefit pension obligations during 2016 and 2015.
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Schedule of Net Benefit Costs | Benefit costs presented below were determined based on actuarial methods and included the following:
|
Commitments And Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | As of December 31, 2016, Delphi had minimum lease commitments under non-cancellable operating leases totaling $358 million, which become due as follows:
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | Income from continuing operations before income taxes and equity income for U.S. and non-U.S. operations are as follows:
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Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes from continuing operations is comprised of:
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Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the provision for income taxes compared with the amounts at the notional U.S. federal statutory rate was:
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Schedule of Deferred Tax Assets and Liabilities | Significant components of the deferred tax assets and liabilities are as follows:
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Schedule of Deferred Tax Assets and Liabilities, Balance Sheet Location | Net deferred tax assets and liabilities are included in the consolidated balance sheets as follows:
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Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the gross change in the unrecognized tax benefits balance, excluding interest and penalties is as follows:
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Shareholders' Equity And Net Income Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity and Net Income Per Share Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares | The following table illustrates net income per share attributable to Delphi and the weighted average shares outstanding used in calculating basic and diluted income per share:
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Schedule of Share Repurchases | A summary of the ordinary shares repurchased during the years ended December 31, 2016, 2015 and 2014 is as follows:
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Schedule of Dividends Declared | The Company has declared and paid cash dividends per ordinary share during the periods presented as follows:
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Changes in Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) attributable to Delphi (net of tax) are shown below. Other comprehensive income includes activity relating to discontinued operations.
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Reclassifications out of Accumulated Other Comprehensive Income | Reclassifications from accumulated other comprehensive income (loss) to income were as follows:
|
Derivatives And Hedging Activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | As of December 31, 2016, the Company had the following outstanding notional amounts related to commodity and foreign currency forward contracts designated as cash flow hedges that were entered into to hedge forecasted exposures:
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value of derivative financial instruments recorded in the consolidated balance sheets as of December 31, 2016 and December 31, 2015 are as follows:
* Derivative instruments within this category are subject to master netting arrangements and are presented on a net basis in the consolidated balance sheets in accordance with accounting guidance related to the offsetting of amounts related to certain contracts. |
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The pre-tax effect of derivative financial instruments in the consolidated statement of operations and consolidated statement of comprehensive income for the year ended December 31, 2016 is as follows:
The pre-tax effect of derivative financial instruments in the consolidated statement of operations and consolidated statement of comprehensive income for the year ended December 31, 2015 is as follows:
The pre-tax effect of derivative financial instruments in the consolidated statement of operations and consolidated statement of comprehensive income for the year ended December 31, 2014 is as follows:
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Fair Value of Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | As of December 31, 2016 and December 31, 2015, Delphi had the following assets measured at fair value on a recurring basis:
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Fair Value, Liabilities Measured on Recurring Basis | As of December 31, 2016 and December 31, 2015, Delphi had the following liabilities measured at fair value on a recurring basis:
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Changes in Fair Value of Liabilities Measured on Recurring Basis with Unobservable Inputs | The changes in the contingent consideration liability classified as a Level 3 measurement were as follows:
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Other Income, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and Other Income | Other income (expense), net included:
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Acquisitions And Divestitures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PureDepth, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The preliminary purchase price and related allocation to the acquired net assets of PureDepth based on their estimated fair values is shown below (in millions): Assets acquired and liabilities assumed
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HellermannTyton Group PLC | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase price and related allocation to the acquired net assets of HellermannTyton based on their estimated fair values is shown below (in millions): Assets acquired and liabilities assumed
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Control-Tec LLC | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase price and related allocation to the acquired net assets of Control-Tec based on their estimated fair values is shown below (in millions): Assets acquired and liabilities assumed
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Ottomatika, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase price and related allocation to the acquired net assets of Ottomatika based on their estimated fair values is shown below (in millions): Assets acquired and liabilities assumed
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Antaya Technologies Corp. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase price and related allocation is shown below (in millions): Assets acquired and liabilities assumed
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Unwired Holdings, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase price and related allocation is shown below (in millions): Assets acquired and liabilities assumed
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Share-Based Compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share Based Compensation Restricted Stock Units Performance Awards Weighting | Each executive will receive between 0% and 200% of his or her target performance-based award based on the Company’s performance against established company-wide performance metrics, which are:
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Schedule of Executive RSU Grants | The details of the executive grants were as follows:
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Schedule of Share-based Compensation Restricted Stock Units Award Activity | A summary of activity, including award grants, vesting and forfeitures is provided below:
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Supplemental Guarantor And Non-Guarantor Condensed Consolidating Financial Statements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Guarantor And Non-Guarantor Condensed Consolidating Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Income Statement | Statement of Operations Year Ended December 31, 2016
Statement of Operations Year Ended December 31, 2015
Statement of Operations Year Ended December 31, 2014
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Schedule of Comprehensive Income (Loss) | Statement of Comprehensive Income Year Ended December 31, 2016
Statement of Comprehensive Income Year Ended December 31, 2015
Statement of Comprehensive Income Year Ended December 31, 2014
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Schedule of Condensed Balance Sheet | Balance Sheet as of December 31, 2016
Balance Sheet as of December 31, 2015
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Schedule of Condensed Cash Flow Statement | Statement of Cash Flows for the Year Ended December 31, 2016
Statement of Cash Flows for the Year Ended December 31, 2015
Statement of Cash Flows for the Year Ended December 31, 2014
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Segment Reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Included below are sales and operating data for Delphi’s segments for the years ended December 31, 2016, 2015 and 2014, as well as balance sheet data as of December 31, 2016 and 2015.
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Reconciliation of Assets from Segment to Consolidated |
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Reconciliation of Segment Adjusted OI to Consolidated Net Income | The reconciliation of Adjusted Operating Income to net income attributable to Delphi for the years ended December 31, 2016, 2015 and 2014 are as follows:
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Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Information concerning principal geographic areas is set forth below. Net sales data reflects the manufacturing location and is for the years ended December 31. Net property data is as of December 31.
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Quarterly Data (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | QUARTERLY DATA (UNAUDITED) The following is a condensed summary of the Company’s unaudited quarterly results of continuing operations for fiscal 2016 and 2015.
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Discontinued Operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Major Classes of Assets and Liabilities of Discontinued Operations | The following table summarizes the carrying value of the major classes of assets and liabilities of discontinued operations as of December 31, 2015:
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Schedule of Reconciliation of Major Classes of Profit or Loss of Discontinued Operations | A reconciliation of the major classes of line items constituting pre-tax profit or loss of discontinued operations to income from discontinued operations, net of tax as presented in the consolidated statements of operations is as follows:
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Schedule II - Valuation and Qualifying Accounts (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
|
General (Details) $ in Billions |
3 Months Ended | 5 Months Ended | 8 Months Ended | 9 Months Ended | 11 Months Ended | |
---|---|---|---|---|---|---|
Mar. 31, 2011
USD ($)
|
May 19, 2011 |
Aug. 19, 2009 |
Oct. 06, 2009 |
Nov. 22, 2011 |
Dec. 31, 2016 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Plan of Reorganization, Date Plan Confirmed | May 19, 2011 | |||||
Formation of LLP | Aug. 19, 2009 | |||||
Initial Offering Period | November 22, 2011 | |||||
Number of Largest OEM Customers | 25 | |||||
Number of Manufacturing Facilities | 126 | |||||
Number of Major Technical Centers | 15 | |||||
Number of Countries in which Entity Operates | 46 | |||||
Number of Scientists, Engineers, and Technicians | 20,000 | |||||
Acquisition Date | Oct. 06, 2009 | |||||
Membership Interests Redeemed or Called, Value | $ 4.4 |
Significant Accounting Policies (Details) - USD ($) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
Significant Accounting Policies [Line Items] | |||||
Investment Income, Dividend | $ 17,000,000 | $ 17,000,000 | $ 0 | ||
Cost method investments | 26,000,000 | 23,000,000 | |||
Research and Development expense | 1,200,000,000 | 1,200,000,000 | 1,200,000,000 | ||
Allowance for Doubtful Accounts Receivable | 42,000,000 | 26,000,000 | |||
Provision for Doubtful Accounts | 24,000,000 | 11,000,000 | 10,000,000 | ||
Reimbursable engineering costs | 89,000,000 | 98,000,000 | |||
Property Plant & Equipment, net | [1] | 3,515,000,000 | 3,377,000,000 | 3,021,000,000 | |
Goodwill and intangible asset impairment | 0 | 0 | 0 | ||
Foreign Currency Transaction Gain (Loss), Net of Tax | 1,000,000 | 8,000,000 | $ (5,000,000) | ||
Asset Retirement Obligation | 2,000,000 | 2,000,000 | |||
Unamortized Revolving Credit Facility debt issuance costs | 10,000,000 | 12,000,000 | |||
Operating Leases, Minimum Lease Commitments | 358,000,000 | ||||
GM | |||||
Significant Accounting Policies [Line Items] | |||||
Accounts and Other Receivables | 370,000,000 | 289,000,000 | |||
VW | |||||
Significant Accounting Policies [Line Items] | |||||
Accounts and Other Receivables | $ 150,000,000 | $ 186,000,000 | |||
Customer Concentration Risk | Total Net Sales | GM & VW | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage of Total Net Sales | 22.00% | 22.00% | 25.00% | ||
Customer Concentration Risk | Total Net Sales | GM | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage of Total Net Sales | 14.00% | 14.00% | 16.00% | ||
Customer Concentration Risk | Total Net Sales | VW | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage of Total Net Sales | 8.00% | 8.00% | 9.00% | ||
Special Tools | |||||
Significant Accounting Policies [Line Items] | |||||
Property Plant & Equipment, net | $ 483,000,000 | $ 482,000,000 | |||
Delphi-Owned Special Tools | |||||
Significant Accounting Policies [Line Items] | |||||
Property Plant & Equipment, net | 397,000,000 | 404,000,000 | |||
Customer-Owned Special Tools | |||||
Significant Accounting Policies [Line Items] | |||||
Property Plant & Equipment, net | 86,000,000 | 78,000,000 | |||
Long-term Debt | |||||
Significant Accounting Policies [Line Items] | |||||
Unamortized debt issuance costs | 24,000,000 | 28,000,000 | |||
Other Long-Term Assets | |||||
Significant Accounting Policies [Line Items] | |||||
Cost method investments | 26,000,000 | 23,000,000 | |||
Unamortized Revolving Credit Facility debt issuance costs | $ 10,000,000 | $ 12,000,000 | |||
Discontinued Operations | KDAC | |||||
Significant Accounting Policies [Line Items] | |||||
Investment Income, Dividend | $ 10,000,000 | ||||
|
Inventories (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Productive material | $ 649 | $ 634 |
Work-in-process | 113 | 98 |
Finished Goods | 470 | 449 |
Total | $ 1,232 | $ 1,181 |
Assets Current Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Value added tax receivable | $ 192 | $ 198 |
Prepaid insurance and other expenses | 66 | 78 |
Reimbursable engineering costs | 63 | 55 |
Notes receivable | 43 | 25 |
Income and other taxes receivable | 26 | 44 |
Deposits to vendors | 8 | 8 |
Derivative financial instruments (Note 17) | 11 | 0 |
Other | 1 | 23 |
Total | $ 410 | $ 431 |
Assets Non Current assets (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred income taxes (Note 14) | $ 283 | $ 238 |
Unamortized Revolving Credit Facility debt issuance costs (Note 11) | 10 | 12 |
Income and other taxes receivable | 56 | 54 |
Reimbursable engineering costs | 26 | 43 |
Value added tax receivable | 33 | 24 |
Cost method investments | 26 | 23 |
Derivative financial instruments (Note 17) | 8 | 0 |
Other | 67 | 65 |
Total | $ 509 | $ 459 |
Investments in Affiliates Narrative (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
affiliates
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Schedule of Equity Method Investments [Line Items] | |||
Number of non-consolidated affiliates | affiliates | 6 | ||
Investments in affiliates | $ 101 | $ 94 | |
Investment Income, Dividend | 17 | 17 | $ 0 |
Equity Method Investment, Impairment | $ 0 | $ 0 | $ 0 |
Delphi-TVS Diesel Systems Ltd | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage | 50.00% | ||
Promotora de Partes Electricas Automotrices | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage | 40.00% |
Investments in Affiliates Significant Affiliates Financial Statements (Unaudited) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Equity Method Investments and Joint Ventures [Abstract] | |||
Current assets | $ 238 | $ 205 | |
Non-current assets | 175 | 166 | |
Total assets | 413 | 371 | |
Current liabilities | 148 | 125 | |
Non-current liabilities | 62 | 67 | |
Shareholders' equity | 203 | 179 | |
Total liabilities and shareholders' equity | 413 | 371 | |
Net sales | 633 | 557 | $ 624 |
Gross profit | 159 | 139 | 143 |
Net income | $ 77 | $ 38 | $ 41 |
Investments in Affiliates Transactions with Affiliates (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Equity Method Investments and Joint Ventures [Abstract] | |||
Sales to affiliates | $ 32 | $ 42 | $ 57 |
Purchases from affiliates | $ 36 | $ 48 | $ 55 |
Property, Net Table (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
Property, Plant and Equipment [Line Items] | |||||
Property, Gross | $ 5,773 | $ 5,321 | |||
Accumulated depreciation | (2,258) | (1,944) | |||
Property, net | [1] | 3,515 | 3,377 | $ 3,021 | |
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Gross | 120 | 156 | |||
Land and leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Gross | $ 173 | 143 | |||
Land and leasehold improvements | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Estimated Useful Lives | 3 years | ||||
Land and leasehold improvements | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Estimated Useful Lives | 20 years | ||||
Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Gross | $ 656 | 652 | |||
Buildings | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Estimated Useful Lives | 40 years | ||||
Machinery, equipment, and tooling | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Gross | $ 4,046 | 3,713 | |||
Machinery, equipment, and tooling | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Estimated Useful Lives | 3 years | ||||
Machinery, equipment, and tooling | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Estimated Useful Lives | 20 years | ||||
Furniture and office equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Gross | $ 425 | 342 | |||
Furniture and office equipment | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Estimated Useful Lives | 3 years | ||||
Furniture and office equipment | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Estimated Useful Lives | 10 years | ||||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Gross | $ 353 | $ 315 | |||
|
Property, Net Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Property, Plant and Equipment [Line Items] | |||
Asset Impairment Charges | $ 30 | $ 16 | $ 7 |
Fair Value, Measurements, Nonrecurring | Cost of Sales | |||
Property, Plant and Equipment [Line Items] | |||
Asset Impairment Charges | 30 | $ 16 | 5 |
Fair Value, Measurements, Nonrecurring | Selling, General and Administrative Expense | |||
Property, Plant and Equipment [Line Items] | |||
Asset Impairment Charges | $ 2 | ||
Powertrain Systems | EMEA | Plant Closure | Fair Value, Measurements, Nonrecurring | Cost of Sales | |||
Property, Plant and Equipment [Line Items] | |||
Asset Impairment Charges | $ 25 |
Intangible Assets and Goodwill Intangible Assets and Goodwill by Major Class (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Acquired Finite and Infinite-Lived Intangible Assets and Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross Carrying Amount | $ 1,690 | $ 1,711 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 610 | 480 | $ 398 |
Finite-Lived Intangible Assets, Net Carrying Amount | 1,080 | 1,231 | |
Goodwill | 1,508 | 1,539 | 656 |
Intangible Assets, Gross (Including Goodwill) | 3,358 | 3,402 | $ 1,782 |
Intangible assets, net | 2,748 | 2,922 | |
In-Process Research and Development | |||
Acquired Finite and Infinite-Lived Intangible Assets and Goodwill [Line Items] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 34 | 24 | |
Trade names | |||
Acquired Finite and Infinite-Lived Intangible Assets and Goodwill [Line Items] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 126 | 128 | |
Patents and developed technology | |||
Acquired Finite and Infinite-Lived Intangible Assets and Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross Carrying Amount | 740 | 745 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 344 | 279 | |
Finite-Lived Intangible Assets, Net Carrying Amount | $ 396 | 466 | |
Patents and developed technology | Minimum | |||
Acquired Finite and Infinite-Lived Intangible Assets and Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||
Patents and developed technology | Maximum | |||
Acquired Finite and Infinite-Lived Intangible Assets and Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Customer relationships | |||
Acquired Finite and Infinite-Lived Intangible Assets and Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross Carrying Amount | $ 846 | 861 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 230 | 171 | |
Finite-Lived Intangible Assets, Net Carrying Amount | $ 616 | 690 | |
Customer relationships | Minimum | |||
Acquired Finite and Infinite-Lived Intangible Assets and Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||
Customer relationships | Maximum | |||
Acquired Finite and Infinite-Lived Intangible Assets and Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 14 years | ||
Trade names | |||
Acquired Finite and Infinite-Lived Intangible Assets and Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross Carrying Amount | $ 104 | 105 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 36 | 30 | |
Finite-Lived Intangible Assets, Net Carrying Amount | $ 68 | $ 75 | |
Trade names | Minimum | |||
Acquired Finite and Infinite-Lived Intangible Assets and Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Trade names | Maximum | |||
Acquired Finite and Infinite-Lived Intangible Assets and Goodwill [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Intangible Assets and Goodwill Amortization Expense (Details) $ in Millions |
Dec. 31, 2016
USD ($)
|
---|---|
Finite-Lived Intangible Assets [Line Items] | |
Estimated Amortization Expense, Next Twelve Months | $ 134 |
Estimated Amortization Expense, Year Two | 129 |
Estimated Amortization Expense, Year Three | 117 |
Estimated Amortization Expense, Year Four | 114 |
Estimated Amortization Expense, Year Five | $ 110 |
Intangible Assets and Goodwill Gross Carrying Amount of Intangibles and Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|||
Gross Carrying Amount [Roll Forward] | ||||
Balance at January 1 | $ 3,402 | $ 1,782 | ||
Acquisitions | [1] | 25 | 1,701 | |
Foreign currency translation and other | (69) | (81) | ||
Balance at December 31 | $ 3,358 | $ 3,402 | ||
|
Intangible Assets and Goodwill Accumulated Amortization Rollforward (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Accumulated Amortization [Roll Forward] | |||
Balance at January 1 | $ 480 | $ 398 | |
Amortization | 134 | 93 | $ 94 |
Foreign currency translation and other | (4) | (11) | |
Balance at December 31 | $ 610 | $ 480 | $ 398 |
Intangible Assets and Goodwill Goodwill Rollforward (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|||||||
Goodwill [Line Items] | ||||||||
Balance at January 1 | $ 1,539 | $ 656 | ||||||
Acquisitions | 15 | [1] | 929 | [2] | ||||
Foreign currency translation and other | (46) | (46) | ||||||
Balance at December 31 | 1,508 | 1,539 | ||||||
Electrical / Electronic Architecture | ||||||||
Goodwill [Line Items] | ||||||||
Balance at January 1 | 1,458 | 648 | ||||||
Acquisitions | 10 | [1] | 856 | [2] | ||||
Foreign currency translation and other | (44) | (46) | ||||||
Balance at December 31 | 1,424 | 1,458 | ||||||
Powertrain Systems | ||||||||
Goodwill [Line Items] | ||||||||
Balance at January 1 | 8 | 8 | ||||||
Acquisitions | 0 | 0 | ||||||
Foreign currency translation and other | (2) | 0 | ||||||
Balance at December 31 | 6 | 8 | ||||||
Electronics And Safety | ||||||||
Goodwill [Line Items] | ||||||||
Balance at January 1 | 73 | 0 | ||||||
Acquisitions | 5 | [1] | 73 | [2] | ||||
Foreign currency translation and other | 0 | 0 | ||||||
Balance at December 31 | $ 78 | $ 73 | ||||||
|
Liabilities Other Liabilities, Current (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Payroll-related obligations | $ 233 | $ 221 |
Employee benefits, including current pension obligations | 106 | 90 |
Reserve for Unsecured Creditors Litigation | 300 | 0 |
Income and other taxes payable | 188 | 222 |
Warranty obligations (Note 9) | 102 | 69 |
Restructuring (Note 10) | 153 | 85 |
Customer deposits | 30 | 36 |
Derivative financial instruments (Note 17) | 45 | 108 |
Accrued interest | 40 | 39 |
Other | 376 | 334 |
Total | $ 1,573 | $ 1,204 |
Liabilities Other Liabilities, Non Current (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Environmental (Note 13) | $ 5 | $ 3 |
Extended disability benefits | 8 | 8 |
Warranty obligations (Note 9) | 59 | 62 |
Restructuring (Note 10) | 45 | 46 |
Payroll-related obligations | 9 | 9 |
Accrued income taxes | 125 | 31 |
Deferred income taxes (Note 14) | 158 | 252 |
Derivative financial instruments (Note 17) | 11 | 21 |
Other | 47 | 71 |
Total | $ 467 | $ 503 |
Warranty Obligations (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Accrual balance at beginning of year | $ 131 | $ 146 |
Provision for estimated warranties incurred during the period | 91 | 72 |
Changes in estimate for pre-existing warranties | 30 | (11) |
Settlements made during the period (in cash or in kind) | (85) | (70) |
Foreign currency translation and other | (6) | (6) |
Accrual balance at end of year | 161 | $ 131 |
Powertrain Systems | ||
Product Warranty Liability [Line Items] | ||
Specific Warranty Expense | 25 | |
Minimum | Product Warranty | ||
Product Warranty Liability [Line Items] | ||
Range of Possible Loss, Portion Not Accrued | 0 | |
Maximum | Product Warranty | ||
Product Warranty Liability [Line Items] | ||
Range of Possible Loss, Portion Not Accrued | $ 50 |
Restructuring Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Dec. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | $ 154 | $ 108 | $ 328 | $ 177 | $ 140 |
Asset Impairment Charges | 30 | 16 | 7 | ||
Cash expenditures for restructuring | 255 | 133 | |||
Discontinued Operations | Thermal Systems | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 0 | 3 | 4 | ||
Powertrain Systems | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 172 | 115 | 55 | ||
EMEA | Powertrain Systems | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 68 | ||||
EMEA | Powertrain Systems | Plant Closure | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | $ 88 | 35 | |||
Cost of Sales | Fair Value, Measurements, Nonrecurring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Asset Impairment Charges | 30 | $ 16 | $ 5 | ||
Cost of Sales | Fair Value, Measurements, Nonrecurring | EMEA | Powertrain Systems | Plant Closure | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Asset Impairment Charges | 25 | ||||
Overhead cost reduction | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 103 | ||||
European footprint rotation | EMEA | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 170 | ||||
European footprint rotation | EMEA | Powertrain Systems | Plant Closure | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | $ 93 | ||||
Restructuring and Related Activities, Completion Date | Dec. 31, 2017 |
Restructuring Restructuring Costs by Operating Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Dec. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | $ 154 | $ 108 | $ 328 | $ 177 | $ 140 |
Electrical / Electronic Architecture | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 117 | 37 | 57 | ||
Powertrain Systems | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 172 | 115 | 55 | ||
Electronics And Safety | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | $ 39 | $ 25 | $ 28 |
Restructuring Restructuring Liability (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Dec. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | $ 131 | $ 97 | |||
Restructuring | $ 154 | $ 108 | 328 | 177 | $ 140 |
Payments made during the period | (255) | (133) | |||
Foreign currency and other | (6) | (10) | |||
Ending Balance | 131 | 198 | 131 | 97 | |
Employee Termination Benefits Liability | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | 129 | 95 | |||
Restructuring | 322 | 175 | |||
Payments made during the period | (252) | (131) | |||
Foreign currency and other | (6) | (10) | |||
Ending Balance | 129 | 193 | 129 | 95 | |
Other Exit Costs Liability | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning Balance | 2 | 2 | |||
Restructuring | 6 | 2 | |||
Payments made during the period | (3) | (2) | |||
Foreign currency and other | 0 | 0 | |||
Ending Balance | $ 2 | $ 5 | $ 2 | $ 2 |
Debt Debt Outstanding (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Sep. 20, 2016 |
Sep. 15, 2016 |
Nov. 19, 2015 |
Mar. 10, 2015 |
Mar. 03, 2014 |
Feb. 14, 2013 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Debt Instrument [Line Items] | ||||||||
Capital leases and other | $ 42 | $ 77 | ||||||
Total debt | 3,971 | 4,008 | ||||||
Less: current portion | (12) | (52) | ||||||
Long-term debt | 3,959 | 3,956 | ||||||
Senior Notes | Senior Notes, 3.15% Due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 646 | 645 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | 3.15% | ||||||
Debt Instrument, Maturity Date | Nov. 19, 2020 | Nov. 19, 2020 | ||||||
Unamortized debt issuance costs | $ 3 | 4 | ||||||
Unamortized discount | 1 | 1 | ||||||
Senior Notes | Senior Notes, 5.00% Due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 0 | 791 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ||||||
Debt Instrument, Maturity Date | Feb. 15, 2023 | Feb. 15, 2023 | ||||||
Unamortized debt issuance costs | $ 0 | 9 | ||||||
Senior Notes | Senior Notes, 4.150% Due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 694 | 693 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | 4.15% | ||||||
Debt Instrument, Maturity Date | Mar. 15, 2024 | Mar. 15, 2024 | ||||||
Unamortized debt issuance costs | $ 4 | 5 | ||||||
Unamortized discount | 2 | 2 | ||||||
Senior Notes | Euro-Denominated Senior Notes, 1.500% Due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 729 | 757 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% | ||||||
Debt Instrument, Maturity Date | Mar. 10, 2025 | Mar. 10, 2025 | ||||||
Unamortized debt issuance costs | $ 4 | 5 | ||||||
Unamortized discount | 3 | 3 | ||||||
Senior Notes | Senior Notes, 4.25% Due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 646 | 646 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | ||||||
Debt Instrument, Maturity Date | Jan. 15, 2026 | Jan. 15, 2026 | ||||||
Unamortized debt issuance costs | $ 4 | 4 | ||||||
Senior Notes | Euro-denominated Senior Notes, 1.600% Due 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 521 | 0 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.60% | 1.60% | ||||||
Debt Instrument, Maturity Date | Sep. 15, 2028 | Sep. 15, 2028 | ||||||
Unamortized debt issuance costs | $ 4 | |||||||
Unamortized discount | 1 | |||||||
Senior Notes | Senior Notes, 4.400% Due 2046 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 295 | 0 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | 4.40% | ||||||
Debt Instrument, Maturity Date | Oct. 01, 2046 | Oct. 01, 2046 | ||||||
Unamortized debt issuance costs | $ 3 | |||||||
Unamortized discount | 2 | |||||||
Loans Payable | Tranche A Term Loan, Due 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 398 | 399 | ||||||
Debt Instrument, Maturity Date | Dec. 31, 2021 | |||||||
Unamortized debt issuance costs | $ 2 | $ 1 |
Debt Maturities of Debt (Details) - Debt and Capital Lease Obligations $ in Millions |
Dec. 31, 2016
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
2017 | $ 12 |
2018 | 25 |
2019 | 29 |
2020 | 683 |
2021 | 333 |
Thereafter | 2,922 |
Total | $ 4,004 |
Debt Credit Agreement (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2016 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2016 |
|
Line of Credit Facility [Line Items] | ||||||
Loss on extinguishment of debt | $ (73) | $ (52) | $ (73) | $ (58) | $ (34) | |
Amended and Restated Credit Agreement | ||||||
Line of Credit Facility [Line Items] | ||||||
Loss on extinguishment of debt | (3) | |||||
Line of Credit Facility, Additional Borrowing Capacity | 1,000 | |||||
Letters of Credit Issued | $ 7 | |||||
Amended and Restated Credit Agreement | JPMorgan Chase Bank, N.A. | ||||||
Line of Credit Facility [Line Items] | ||||||
Covenant Compliance, Maximum Ratio of Indebtedness to EBITDA | 350.00% | |||||
Revolving Credit Facility | Line of Credit | ||||||
Line of Credit Facility [Line Items] | ||||||
Amount drawn | $ 0 | |||||
Revolving Credit Facility | Revolving Credit Facility | JPMorgan Chase Bank, N.A. | ||||||
Line of Credit Facility [Line Items] | ||||||
Revolving Credit Facility, Maximum Borrowing Capacity | $ 2,000 | $ 1,500 | ||||
Revolving Credit Facility | Revolving Credit Facility | JPMorgan Chase Bank, N.A. | LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread of variable rate | 1.10% | 1.00% | ||||
Revolving Credit Facility | Revolving Credit Facility | JPMorgan Chase Bank, N.A. | Administrative Agents Alternate Base Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread of variable rate | 0.10% | 0.00% | ||||
Tranche A Term Loan, Due 2021 | Loans Payable | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Maturity Date | Dec. 31, 2021 | |||||
Tranche A Term Loan, Due 2021 | JPMorgan Chase Bank, N.A. | Loans Payable | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings | $ 400 | |||||
Tranche A Term Loan, Due 2021 | JPMorgan Chase Bank, N.A. | LIBOR | Loans Payable | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread of variable rate | 1.25% | 1.00% | ||||
Rate effective | 2.00% | |||||
Tranche A Term Loan, Due 2021 | JPMorgan Chase Bank, N.A. | Administrative Agents Alternate Base Rate | Loans Payable | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread of variable rate | 0.25% | 0.00% |
Debt Senior Unsecured Notes (Details) € in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 20, 2016
USD ($)
|
Sep. 15, 2016
USD ($)
|
Nov. 19, 2015
USD ($)
|
Mar. 10, 2015
USD ($)
|
Mar. 03, 2014
USD ($)
|
Feb. 14, 2013
USD ($)
|
May 17, 2011
USD ($)
|
Mar. 31, 2015
USD ($)
|
Mar. 31, 2014
USD ($)
|
Sep. 30, 2016
USD ($)
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Sep. 15, 2016
EUR (€)
|
Mar. 10, 2015
EUR (€)
|
|
Debt Instrument [Line Items] | ||||||||||||||||
Senior Notes Net Proceeds | $ 1,000,000,000 | |||||||||||||||
Loss on extinguishment of debt | $ (73,000,000) | $ (52,000,000) | $ (73,000,000) | $ (58,000,000) | $ (34,000,000) | |||||||||||
Senior Notes | Senior Notes, 5.875% Due 2019 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior notes issued | $ 500,000,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||||||||||||||
Debt Instrument, Maturity Date | May 15, 2019 | |||||||||||||||
Loss on extinguishment of debt | $ (33,000,000) | |||||||||||||||
Senior Notes | Senior Notes, 6.125% Due 2021 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior notes issued | $ 500,000,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.125% | |||||||||||||||
Debt Instrument, Maturity Date | May 15, 2021 | |||||||||||||||
Extinguishment of Debt, Amount | $ 500,000,000 | $ 500,000,000 | ||||||||||||||
Loss on extinguishment of debt | $ (52,000,000) | |||||||||||||||
Senior Notes | Senior Notes, 5.00% Due 2023 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior notes issued | $ 800,000,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ||||||||||||||
Debt Instrument, Maturity Date | Feb. 15, 2023 | Feb. 15, 2023 | ||||||||||||||
Extinguishment of Debt, Amount | $ 800,000,000 | |||||||||||||||
Loss on extinguishment of debt | $ (70,000,000) | |||||||||||||||
Payments of debt issuance costs | $ 12,000,000 | |||||||||||||||
Senior Notes | Senior Notes, 4.150% Due 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior notes issued | $ 700,000,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | 4.15% | ||||||||||||||
Debt Instrument, Maturity Date | Mar. 15, 2024 | Mar. 15, 2024 | ||||||||||||||
Payments of debt issuance costs | $ 6,000,000 | |||||||||||||||
Debt Instrument, Price | 99.649% | |||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.193% | |||||||||||||||
Senior Notes | Euro-Denominated Senior Notes, 1.500% Due 2025 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% | ||||||||||||||
Debt Instrument, Maturity Date | Mar. 10, 2025 | Mar. 10, 2025 | ||||||||||||||
Payments of debt issuance costs | $ 5,000,000 | |||||||||||||||
Debt Instrument, Price | 99.54% | |||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.55% | |||||||||||||||
Senior Notes | Euro-Denominated Senior Notes, 1.500% Due 2025 | Designated as Hedging Instrument | Net Investment Hedging | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior notes issued | € | € 700 | |||||||||||||||
Senior Notes | 2015 Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior notes issued | $ 1,300,000,000 | |||||||||||||||
Payments of debt issuance costs | 8,000,000 | |||||||||||||||
Senior Notes | Senior Notes, 3.15% Due 2020 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior notes issued | $ 650,000,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | 3.15% | ||||||||||||||
Debt Instrument, Maturity Date | Nov. 19, 2020 | Nov. 19, 2020 | ||||||||||||||
Debt Instrument, Price | 99.784% | |||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.197% | |||||||||||||||
Senior Notes | Senior Notes, 4.25% Due 2026 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior notes issued | $ 650,000,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | ||||||||||||||
Debt Instrument, Maturity Date | Jan. 15, 2026 | Jan. 15, 2026 | ||||||||||||||
Debt Instrument, Price | 99.942% | |||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.256% | |||||||||||||||
Senior Notes | Euro-denominated Senior Notes, 1.600% Due 2028 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.60% | 1.60% | ||||||||||||||
Debt Instrument, Maturity Date | Sep. 15, 2028 | Sep. 15, 2028 | ||||||||||||||
Payments of debt issuance costs | $ 4,000,000 | |||||||||||||||
Debt Instrument, Price | 99.88% | |||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.61% | |||||||||||||||
Senior Notes | Euro-denominated Senior Notes, 1.600% Due 2028 | Designated as Hedging Instrument | Net Investment Hedging | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior notes issued | € | € 500 | |||||||||||||||
Senior Notes | Senior Notes, 4.400% Due 2046 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior notes issued | $ 300,000,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | 4.40% | ||||||||||||||
Debt Instrument, Maturity Date | Oct. 01, 2046 | Oct. 01, 2046 | ||||||||||||||
Payments of debt issuance costs | $ 3,000,000 | |||||||||||||||
Debt Instrument, Price | 99.45% | |||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.43% |
Debt Other Financing (Details) € in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2016
EUR (€)
|
|
Debt Instrument [Line Items] | ||||
Other Debt and Capital Lease Obligations | $ 42 | $ 77 | ||
Interest Paid | 145 | 104 | $ 119 | |
North America | Interest Expense | ||||
Debt Instrument [Line Items] | ||||
Expenses Incurred in Conjunction with Off Balance Sheet Factoring | 3 | 2 | ||
North America | Accounts Receivable | ||||
Debt Instrument [Line Items] | ||||
Receivables Factored Qualifying As Sales | 123 | 100 | ||
EMEA | Other Long-Term Assets | ||||
Debt Instrument [Line Items] | ||||
Receivables Factored Qualifying As Sales | $ 26 | |||
EMEA | Other Current Assets | ||||
Debt Instrument [Line Items] | ||||
Receivables Factored Qualifying As Sales | $ 27 | |||
European Factoring Program | Accounts Receivable Factoring | ||||
Debt Instrument [Line Items] | ||||
Maximum Funding From Factoring Program | € | € 400 | |||
Maximum Funding From Factoring Program available on a Committed basis | € | € 350 | |||
Debt Instrument, Maturity Date | Aug. 31, 2017 | |||
Accounts receivable factoring borrowings | $ 0 | |||
European Factoring Program | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread of variable rate | 1.05% | |||
European Factoring Program | EURIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread of variable rate | 0.80% |
Pension Benefits Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Compensation and Retirement Disclosure [Abstract] | |||
Defined Benefit Pension Plan, Postemployment Benefit Period | 5 years | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 76 | ||
Defined Contribution Plan, Cost Recognized | $ 45 | $ 51 | $ 55 |
Pension Benefits Funded Status (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at beginning of year | $ 1,209 | ||
Fair Value of Plan Assets at end of year | 1,212 | $ 1,209 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | |||
Pension and Other Postretirement Defined Benefit Plans, Non-current Liabilities | (955) | (854) | |
U.S. Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 50 | 60 | |
Interest Cost | 1 | 1 | $ 2 |
Benefits paid | (11) | (11) | |
Benefit obligation at end of year | 40 | 50 | 60 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at beginning of year | 0 | 0 | |
Delphi contributions | 11 | 11 | |
Benefits paid | (11) | (11) | |
Fair Value of Plan Assets at end of year | 0 | 0 | 0 |
Defined Benefit Plan, Underfunded Status | (40) | (50) | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | |||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (11) | (12) | |
Pension and Other Postretirement Defined Benefit Plans, Non-current Liabilities | (29) | (38) | |
Pension and Other Postretirement Defined Benefit Plans, Total Liabilities | (40) | (50) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 10 | 11 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 10 | 11 | |
Non-U.S. Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 2,032 | 2,238 | |
Obligation assumed in HellermannTyton acquisition | 0 | 12 | |
Divestitures | 0 | (40) | |
Service Cost | 46 | 57 | 57 |
Interest Cost | 63 | 77 | 94 |
Actuarial Loss (Gain) | 363 | (71) | |
Benefits paid | (84) | (80) | |
Impact of curtailments | 2 | (10) | |
Exchange rate movements and other | (285) | (151) | |
Benefit obligation at end of year | 2,137 | 2,032 | 2,238 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at beginning of year | 1,209 | 1,264 | |
Assets acquired in HellermannTyton acquisition | 0 | 13 | |
Actual return on plan assets | 204 | 8 | |
Delphi contributions | 83 | 80 | |
Benefits paid | (84) | (80) | |
Exchange rate movements and other | (200) | (76) | |
Fair Value of Plan Assets at end of year | 1,212 | 1,209 | $ 1,264 |
Defined Benefit Plan, Underfunded Status | (925) | (823) | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | |||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 8 | 2 | |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (10) | (11) | |
Pension and Other Postretirement Defined Benefit Plans, Non-current Liabilities | (923) | (814) | |
Pension and Other Postretirement Defined Benefit Plans, Total Liabilities | (925) | (823) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 505 | 341 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 1 | 1 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | $ 506 | $ 342 |
Pension Benefits Benefit Obligations and Fair Value of Plan Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Defined Benefit Plan, Pension Plans with Plan Assets in Excess of Accumulated Benefit Obligations [Abstract] | |||
Fair Value of Plan Assets | $ 1,212 | $ 1,209 | |
Other Postretirement Benefits Payable | 5 | 3 | |
U.S. Plans | |||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | |||
Defined Benefit Plan, PBO | 40 | 50 | |
Defined Benefit Plan, ABO | 40 | 50 | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Defined Benefit Plan, Pension Plans with Plan Assets in Excess of Accumulated Benefit Obligations [Abstract] | |||
Defined Benefit Plan, PBO | 0 | 0 | |
Defined Benefit Plan, ABO | 0 | 0 | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation | 40 | 50 | $ 60 |
Defined Benefit Plan, Accumulated Benefit Obligation | 40 | 50 | |
Fair Value of Plan Assets | 0 | 0 | 0 |
Non-U.S. Plans | |||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | |||
Defined Benefit Plan, PBO | 2,030 | 1,899 | |
Defined Benefit Plan, ABO | 1,805 | 1,713 | |
Defined Benefit Plan, Fair Value of Plan Assets | 1,100 | 1,087 | |
Defined Benefit Plan, Pension Plans with Plan Assets in Excess of Accumulated Benefit Obligations [Abstract] | |||
Defined Benefit Plan, PBO | 107 | 133 | |
Defined Benefit Plan, ABO | 74 | 92 | |
Defined Benefit Plan, Fair Value of Plan Assets | 112 | 122 | |
Defined Benefit Plan, Benefit Obligation | 2,137 | 2,032 | 2,238 |
Defined Benefit Plan, Accumulated Benefit Obligation | 1,879 | 1,805 | |
Fair Value of Plan Assets | $ 1,212 | $ 1,209 | $ 1,264 |
Pension Benefits Net Periodic Benefit Cost (Details) - USD ($) |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Percentage Change in Actuarial Assumptions and Plan Provisions Amortized | 10.00% | |||||
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | $ 36,000,000 | |||||
U.S. Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Interest Cost | 1,000,000 | $ 1,000,000 | $ 2,000,000 | |||
Amortization of actuarial losses | 1,000,000 | 1,000,000 | 0 | |||
Net Periodic Benefit Cost | 2,000,000 | 2,000,000 | 2,000,000 | |||
Non-U.S. Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service Cost | 46,000,000 | 57,000,000 | 57,000,000 | |||
Interest Cost | 63,000,000 | 77,000,000 | 94,000,000 | |||
Expected Return on Plan Assets | (65,000,000) | (77,000,000) | (77,000,000) | |||
Settlement loss | 0 | 11,000,000 | [1] | 3,000,000 | ||
Curtailment loss (gain) | 3,000,000 | (3,000,000) | 2,000,000 | |||
Amortization of actuarial losses | 14,000,000 | 18,000,000 | 8,000,000 | |||
Other costs | 2,000,000 | 0 | 0 | |||
Net Periodic Benefit Cost | 63,000,000 | $ 83,000,000 | $ 87,000,000 | |||
Change in Accounting Method Accounted for as Change in Estimate | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Impact of change in estimation of pension net periodic benefit cost | $ 10,000,000 | |||||
|
Pension Benefits Assumptions Used (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets, Percentage of Plan Assets Determined using Fair Value | 50.00% | ||
U.S. Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Defined Benefit Plan, Weighted-Average Discount Rate | 2.70% | 2.70% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan, Weighted-Average Discount Rate | 2.70% | 2.50% | 3.00% |
Non-U.S. Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Defined Benefit Plan, Weighted-Average Discount Rate | 2.83% | 3.81% | |
Defined Benefit Plan, Weighted-Average Rate of Increase In Compensation Levels | 3.86% | 3.67% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan, Weighted-Average Discount Rate | 3.81% | 3.67% | 4.58% |
Defined Benefit Plan, Weighted-Average Rate of Increase In Compensation Levels | 3.67% | 3.65% | 3.85% |
Defined Benefit Plan, Weighted-Average Expected Long-term Rate of Return on Plan Assets | 5.84% | 6.34% | 6.35% |
United Kingdom | Non-U.S. Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan, Weighted-Average Expected Long-term Rate of Return on Plan Assets | 5.75% | ||
Mexico | Non-U.S. Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan, Weighted-Average Expected Long-term Rate of Return on Plan Assets | 7.50% |
Pension Benefits Change in Assumptions (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Compensation and Retirement Disclosure [Abstract] | |
Defined Benefit Plan, Change in Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate Decrease | 0.25% |
Defined Benefit Plan, Effect of Change in Assumption Used Calculating Net Periodic Benefit Cost, Discount Rate Decrease | $ 8 |
Defined Benefit Plan, Change in Assumptions Used Calculating Benefit Obligation, Discount Rate Decrease | 0.25% |
Defined Benefit Plan, Effect of Change in Assumption Used Calculating Benefit Obligation, Discount Rate Decrease | $ 101 |
Defined Benefit Plan, Change in Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate Increase | 0.25% |
Defined Benefit Plan, Effect of Change in Assumption Used Calculating Net Periodic Benefit Cost, Discount Rate Increase | $ (7) |
Defined Benefit Plan, Change in Assumptions Used Calculating Benefit Obligation, Discount Rate Increase | 0.25% |
Defined Benefit Plan, Effect of Change in Assumption Used Calculating Benefit Obligation, Discount Rate Increase | $ (94) |
Defined Benefit Plan, Change in Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets Decrease | 0.25% |
Defined Benefit Plan, Effect of Change in Assumption Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets Decrease | $ 3 |
Defined Benefit Plan, Change in Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets Increase | 0.25% |
Defined Benefit Plan, Effect of Change in Assumption Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets Increase | $ (3) |
Pension Benefits Expected Future Benefit Payments (Details) $ in Millions |
Dec. 31, 2016
USD ($)
|
---|---|
U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 11 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 10 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 8 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 4 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 2 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 5 |
Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 65 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 63 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 67 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 71 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 78 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 447 |
Pension Benefits Fair Value of Plan Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 1,212 | $ 1,209 | |
Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 61 | 31 | |
Time Deposits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 10 | 9 | |
Equity Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 423 | 457 | |
Bond Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 469 | 230 | |
Real Estate Trust Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 29 | 39 | |
Hedge Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 107 | 102 | |
Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 5 | 1 | |
Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 51 | 286 | |
Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 57 | 54 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 169 | 367 | |
Level 1 | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 61 | 31 | |
Level 1 | Time Deposits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 1 | Equity Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 1 | Bond Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 1 | Real Estate Trust Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 1 | Hedge Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 1 | Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 1 | Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 51 | 282 | |
Level 1 | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 57 | 54 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 902 | 700 | |
Level 2 | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 2 | Time Deposits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 10 | 9 | |
Level 2 | Equity Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 423 | 457 | |
Level 2 | Bond Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 469 | 230 | |
Level 2 | Real Estate Trust Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 2 | Hedge Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 2 | Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 2 | Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 4 | |
Level 2 | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 141 | 142 | |
Level 3 | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 3 | Time Deposits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 3 | Equity Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 3 | Bond Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 3 | Real Estate Trust Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 29 | 39 | $ 41 |
Level 3 | Hedge Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 107 | 102 | 102 |
Level 3 | Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 5 | 1 | $ 1 |
Level 3 | Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Level 3 | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 0 | $ 0 |
Pension Benefits Fair Value of Plan Assets, Unobservable Input Reconciliation (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Defined Benefit Plan, Actual Return on Plan Assets [Abstract] | ||
Fair Value of Plan Assets at beginning of year | $ 1,209 | |
Fair Value of Plan Assets at end of year | 1,212 | $ 1,209 |
Level 3 | ||
Defined Benefit Plan, Actual Return on Plan Assets [Abstract] | ||
Fair Value of Plan Assets at beginning of year | 142 | |
Fair Value of Plan Assets at end of year | 141 | 142 |
Real Estate Trust Funds | ||
Defined Benefit Plan, Actual Return on Plan Assets [Abstract] | ||
Fair Value of Plan Assets at beginning of year | 39 | |
Fair Value of Plan Assets at end of year | 29 | 39 |
Real Estate Trust Funds | Level 3 | ||
Defined Benefit Plan, Actual Return on Plan Assets [Abstract] | ||
Actual Return on Plan Assets Still Held at the Reporting Date | 4 | (3) |
Purchases, Sales, and Settlements | (10) | 2 |
Foreign currency translation and other | (4) | (1) |
Fair Value of Plan Assets at beginning of year | 39 | 41 |
Fair Value of Plan Assets at end of year | 29 | 39 |
Hedge Funds | ||
Defined Benefit Plan, Actual Return on Plan Assets [Abstract] | ||
Fair Value of Plan Assets at beginning of year | 102 | |
Fair Value of Plan Assets at end of year | 107 | 102 |
Hedge Funds | Level 3 | ||
Defined Benefit Plan, Actual Return on Plan Assets [Abstract] | ||
Actual Return on Plan Assets Still Held at the Reporting Date | 22 | 5 |
Purchases, Sales, and Settlements | 0 | 0 |
Foreign currency translation and other | (17) | (5) |
Fair Value of Plan Assets at beginning of year | 102 | 102 |
Fair Value of Plan Assets at end of year | 107 | 102 |
Insurance Contracts | ||
Defined Benefit Plan, Actual Return on Plan Assets [Abstract] | ||
Fair Value of Plan Assets at beginning of year | 1 | |
Fair Value of Plan Assets at end of year | 5 | 1 |
Insurance Contracts | Level 3 | ||
Defined Benefit Plan, Actual Return on Plan Assets [Abstract] | ||
Actual Return on Plan Assets Still Held at the Reporting Date | 0 | 0 |
Purchases, Sales, and Settlements | 4 | 0 |
Foreign currency translation and other | 0 | 0 |
Fair Value of Plan Assets at beginning of year | 1 | 1 |
Fair Value of Plan Assets at end of year | $ 5 | $ 1 |
Commitments And Contingencies Unsecured Creditors Litigation (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Loss Contingencies [Line Items] | ||||
Reserve for Unsecured Creditors Litigation | $ 300,000,000 | $ 300,000,000 | $ 0 | |
Loss Contingency Accrual, Provision | 300,000,000 | $ 0 | $ 0 | |
Unsecured Creditors Litigation | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Damages Sought, Value Per Unit in Excess of Benchmark | 32.50 | |||
Loss Contingency, Damages Sought, Unit in Excess of Benchmark | 67.50 | |||
Judicial Ruling | Unsecured Creditors Litigation | ||||
Loss Contingencies [Line Items] | ||||
Reserve for Unsecured Creditors Litigation | 300,000,000 | $ 300,000,000 | ||
Per share loss contingency accrual provision | $ 1.10 | |||
Litigation, Damages Benchmark, Fourth LLP Agreement | Unsecured Creditors Litigation | ||||
Loss Contingencies [Line Items] | ||||
Cumulative Distributions Threshold | $ 7,200,000,000 | |||
Other income (expense), net | Judicial Ruling | Unsecured Creditors Litigation | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual, Provision | $ 300,000,000 |
Commitments And Contingencies Brazil Matters (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Loss Contingencies [Line Items] | ||
Loss contingency accrual | $ 300 | $ 0 |
Brazil | ||
Loss Contingencies [Line Items] | ||
Brazil Loss Contingency, Claims asserted against Delphi | 185 | |
Loss contingency accrual | 30 | |
Minimum | Brazil | ||
Loss Contingencies [Line Items] | ||
Range of Possible Loss, Portion Not Accrued | 0 | |
Maximum | Brazil | ||
Loss Contingencies [Line Items] | ||
Range of Possible Loss, Portion Not Accrued | $ 155 |
Commitments And Contingencies Environmental Matters (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Environmental Exit Cost [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 6 | $ 4 |
Accrued Environmental Loss Contingencies, Noncurrent | 5 | 3 |
Accrued Liabilities | ||
Environmental Exit Cost [Line Items] | ||
Accrued Environmental Loss Contingencies, Current | 1 | 1 |
Other Long-Term Liabilities | ||
Environmental Exit Cost [Line Items] | ||
Accrued Environmental Loss Contingencies, Noncurrent | $ 5 | 3 |
Discontinued Operations | Liabilities Held for Sale | ||
Environmental Exit Cost [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 6 |
Commitments And Contingencies Operating Leases (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
Rent Expense | $ 96 | $ 95 | $ 105 |
Operating Leases, Minimum Lease Commitments | $ 358 |
Commitments And Contingencies Minimum Future Operating Lease Commitments (Details) $ in Millions |
Dec. 31, 2016
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
2016 | $ 91 |
2017 | 66 |
2018 | 49 |
2019 | 39 |
2020 | 35 |
Thereafter | 78 |
Total | $ 358 |
Income Taxes Income before Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||
U.S. income | $ 214 | $ 356 | $ 232 |
Non-U.S. income | 1,211 | 1,152 | 1,383 |
Income from continuing operations before income taxes and equity income | $ 1,425 | $ 1,508 | $ 1,615 |
Income Taxes Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. federal | $ 63 | $ 49 | $ 46 |
Non-U.S. | 300 | 236 | 205 |
U.S. state and local | 4 | (1) | 9 |
Total current | 367 | 284 | 260 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. federal | (98) | (12) | (32) |
Non-U.S. | (26) | (7) | 29 |
U.S. state and local | (1) | (2) | (2) |
Total deferred | (125) | (21) | (5) |
Total income tax expense | 242 | 263 | 255 |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 0 | 11 | 9 |
Income Taxes Paid or Withheld | $ 312 | $ 292 | $ 266 |
Income Taxes Income Tax Rate Reconciliation (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | 36 Months Ended | ||||
---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Mar. 31, 2021 |
Dec. 31, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Mar. 31, 2020 |
|
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||||||
Notional U.S. federal income taxes at statutory rate | $ 499 | $ 527 | $ 566 | ||||
Income taxed at other rates | (175) | (207) | (286) | ||||
Change in valuation allowance | $ (17) | (17) | 15 | 18 | |||
Other change in tax reserves | 81 | 8 | (4) | ||||
Witholding taxes | 49 | 57 | 57 | ||||
Tax credits | 196 | 133 | 89 | ||||
Change in tax law | (1) | 11 | 0 | ||||
Other adjustments | 2 | (15) | (7) | ||||
Total income tax expense | $ 242 | $ 263 | $ 255 | ||||
Effective tax rate | 17.00% | 17.00% | 16.00% | ||||
Income Tax Reconciliation, Other Reconciling Items [Abstract] | |||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | ||||||
Income Taxed at Other Rates Foreign Income Rate Differential in China, Turkey, and Honduras | $ 60 | $ 92 | $ 67 | ||||
Income Tax Holiday, Aggregate Dollar Amount | $ 11 | $ 16 | $ 28 | ||||
Income Tax Holiday, Income Tax Benefits Per Share | $ 0.04 | $ 0.06 | $ 0.09 | ||||
Foreign Tax Authority | |||||||
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||||||
Tax credits related to contingency accrual | $ 18 | ||||||
Income Tax Reconciliation, Other Reconciling Items [Abstract] | |||||||
Tax contingency accrual | 81 | ||||||
Her Majesty's Revenue and Customs (HMRC) | Foreign Tax Authority | |||||||
Income Tax Reconciliation, Other Reconciling Items [Abstract] | |||||||
Corporate Income Tax Rate | 20.00% | ||||||
Subsequent Event | Her Majesty's Revenue and Customs (HMRC) | Foreign Tax Authority | |||||||
Income Tax Reconciliation, Other Reconciling Items [Abstract] | |||||||
Corporate Income Tax Rate | 18.00% | 19.00% | |||||
United States | |||||||
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||||||
Tax credits | $ 16 |
Income Taxes Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||||
Pension | $ 175 | $ 167 | ||
Employee Benefits | 27 | 24 | ||
Net operating loss carryforwards | 1,415 | 902 | ||
Warranty and other liabilities | 139 | 128 | ||
Other | 254 | 156 | ||
Total gross deferred tax assets | 2,010 | 1,377 | ||
Less: valuation allowances | (1,458) | (910) | ||
Total deferred tax assets (1) | [1] | 552 | 467 | |
Deferred Tax Liabilities, Gross [Abstract] | ||||
Fixed assets | 29 | 51 | ||
Tax on unremitted profits of certain foreign subsidiaries | 66 | 70 | ||
Intangibles | 332 | 360 | ||
Total gross deferred tax liabilities | 427 | 481 | ||
Net deferred tax assets | $ 125 | |||
Net deferred tax liabilities | $ 14 | |||
|
Income Taxes Deferred Tax Assets, Balance Sheet Location (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Deferred Tax Asset, Balance Sheet Location [Line Items] | ||
Deferred Tax Assets, Net | $ 125 | |
Deferred Tax Liabilities, Net | $ (14) | |
Long-term assets | ||
Deferred Tax Asset, Balance Sheet Location [Line Items] | ||
Deferred Tax Assets, Net | 283 | 238 |
Long-term liabilities | ||
Deferred Tax Asset, Balance Sheet Location [Line Items] | ||
Deferred Tax Liabilities, Net | $ (158) | $ (252) |
Income Taxes NOL & Tax Credit Carryforwards and Undistributed Foreign Earnings (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 1,415 | |
Operating Loss Carryforwards | 1,415 | |
Deferred Tax Assets, Tax Credit Carryforwards | 101 | $ 53 |
Deferred Tax Assets, Valuation Allowance | 1,458 | 910 |
Undistributed Earnings of Foreign Subsidiaries [Abstract] | ||
Indefinitely reinvested earnings of foreign subsidiaries | 293 | |
Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 107 | |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 66 | 70 |
Foreign Tax Authority | Valuation Allowance, Operating Loss Carryforwards | ||
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards [Abstract] | ||
Deferred Tax Assets, Valuation Allowance | 1,255 | |
Foreign Tax Authority | Valuation Allowance, Tax Credit Carryforward | ||
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards [Abstract] | ||
Deferred Tax Assets, Valuation Allowance | $ 37 | $ 31 |
Foreign Tax Authority | Minimum | ||
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards [Abstract] | ||
Operating Loss Carryforwards, Expiration Dates, Period | 1 year |
Income Taxes Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||
Uncertain Tax Positions More Likely Than Not Largest Amount of Benefit Percentage | 50.00% | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 48 | $ 57 | $ 61 |
Additions related to current year | 94 | 9 | 11 |
Additions related to prior year | 67 | 0 | 0 |
Reductions related to prior year | (12) | (15) | (7) |
Reductions due to expirations of statute of limitations | (8) | 0 | (6) |
Settlements | (1) | (3) | (2) |
Balance at end of period | 188 | 48 | 57 |
Income Tax Uncertainties [Abstract] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 129 | 35 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate, Write off of Related Deferred Tax Asset | 77 | 15 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 18 | 11 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense (Benefit) | $ 7 | $ (1) | $ (3) |
Income Taxes Tax Return Filing Determinations and Elections (Details) - USD ($) $ in Millions |
8 Months Ended | 9 Months Ended | 12 Months Ended |
---|---|---|---|
Aug. 19, 2009 |
Oct. 06, 2009 |
Dec. 31, 2016 |
|
Income Tax Contingency [Line Items] | |||
Acquisition Date | Oct. 06, 2009 | ||
Formation of LLP | Aug. 19, 2009 | ||
Internal Revenue Service (IRS) | IRS NOPA | |||
Income Tax Contingency [Line Items] | |||
Adjustment recorded | $ 0 |
Shareholders' Equity And Net Income Per Share Weighted Average Shares Outstanding and Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||||||||
Numerator: | |||||||||||||||||||||||
Income from continuing operations | $ 1,152 | $ 1,188 | $ 1,309 | ||||||||||||||||||||
Income from discontinued operations | 105 | 262 | 42 | ||||||||||||||||||||
Net income attributable to Delphi | $ 281 | $ 293 | $ 258 | $ 425 | $ 192 | $ 404 | $ 645 | $ 209 | $ 1,257 | $ 1,450 | $ 1,351 | ||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average number of basic shares outstanding | 270,380 | 272,190 | 272,920 | 276,620 | 279,290 | 282,970 | 287,770 | 290,900 | 273,020 | 285,200 | 300,270 | ||||||||||||
Dilutive shares related to RSUs | 680 | 1,440 | 1,620 | ||||||||||||||||||||
Weighted average ordinary shares outstanding, including dilutive shares | 271,640 | 272,770 | 273,370 | 277,040 | 281,640 | 284,400 | 288,850 | 291,810 | 273,700 | 286,640 | 301,890 | ||||||||||||
Basic net income per share: | |||||||||||||||||||||||
Income from continuing operations, per basic share | $ 1.04 | [1] | $ 1.08 | [1] | $ 0.95 | [1] | $ 1.16 | [1] | $ 0.71 | [1] | $ 1.24 | [1] | $ 1.22 | [1] | $ 0.99 | [1] | $ 4.22 | [1] | $ 4.16 | [1] | $ 4.36 | ||
Income from discontinued operations, per basic share | 0.00 | [1] | 0.00 | [1] | 0.00 | [1] | 0.38 | [1] | (0.02) | [1] | 0.19 | [1] | 1.02 | [1] | (0.27) | [1] | 0.38 | [1] | 0.92 | [1] | 0.14 | ||
Basic net income per share attributable to Delphi | 1.04 | [1] | 1.08 | [1] | 0.95 | [1] | 1.54 | [1] | 0.69 | [1] | 1.43 | [1] | 2.24 | [1] | 0.72 | [1] | 4.60 | [1] | 5.08 | [1] | 4.50 | ||
Diluted net income per share: | |||||||||||||||||||||||
Income from continuing operations, per diluted share | 1.03 | [1] | 1.07 | [1] | 0.94 | [1] | 1.15 | [1] | 0.70 | [1] | 1.23 | [1] | 1.21 | [1] | 0.99 | [1] | 4.21 | [1] | 4.14 | [1] | 4.34 | ||
Income from discontinued operations, per diluted share | 0.00 | [1] | 0.00 | [1] | 0.00 | [1] | 0.38 | [1] | (0.02) | [1] | 0.19 | [1] | 1.02 | [1] | (0.27) | [1] | 0.38 | [1] | 0.92 | [1] | 0.14 | ||
Diluted net income per share attributable to Delphi | $ 1.03 | [1] | $ 1.07 | [1] | $ 0.94 | [1] | $ 1.53 | [1] | $ 0.68 | [1] | $ 1.42 | [1] | $ 2.23 | [1] | $ 0.72 | [1] | 4.59 | [1] | 5.06 | [1] | 4.48 | ||
Anti-dilutive securities share impact | $ 0.00 | $ 0.00 | $ 0.00 | ||||||||||||||||||||
|
Shareholders' Equity And Net Income Per Share Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Feb. 02, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share Repurchase Program [Line Items] | ||||
Stock Repurchased During Period, Shares | 9,481,946 | 14,581,705 | 15,041,713 | |
Stock Repurchased, Average Price | $ 66.93 | $ 79.48 | $ 68.05 | |
Stock Repurchased During Period, Value | $ 635 | $ 1,159 | $ 1,024 | |
Share Repurchase Program April 2016 | ||||
Share Repurchase Program [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | 1,500 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 1,372 | |||
Share Repurchase Program January 2015 | ||||
Share Repurchase Program [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 1,500 | |||
Subsequent Event | ||||
Share Repurchase Program [Line Items] | ||||
Stock Repurchased During Period, Value | $ 23 | |||
Subsequent Event | Share Repurchase Program April 2016 | ||||
Share Repurchase Program [Line Items] | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1,349 |
Shareholders' Equity And Net Income Per Share Dividends (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Dividends Payable [Line Items] | ||||||||||||
Cash dividends declared per share | $ 0.29 | $ 0.29 | $ 0.29 | $ 0.29 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 1.16 | $ 1 | $ 1 | |
Payments of Cash Dividends | $ 79 | $ 79 | $ 79 | $ 80 | $ 70 | $ 71 | $ 72 | $ 73 | $ 317 | $ 286 | ||
Subsequent Event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Cash dividends declared per share | $ 0.29 |
Shareholders' Equity And Net Income Per Share Other (Details) - USD ($) |
3 Months Ended | 11 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Dec. 31, 2016 |
Nov. 22, 2011 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Shareholders' Equity and Net Income Per Share [Line Items] | |||||
Initial Offering Period | November 22, 2011 | ||||
Reserve for Unsecured Creditors Litigation | $ 300,000,000 | $ 300,000,000 | $ 0 | ||
Loss Contingency Accrual, Provision | 300,000,000 | $ 0 | $ 0 | ||
Unsecured Creditors Litigation | |||||
Shareholders' Equity and Net Income Per Share [Line Items] | |||||
Loss Contingency, Damages Sought, Value Per Unit in Excess of Benchmark | 32.50 | ||||
Loss Contingency, Damages Sought, Unit in Excess of Benchmark | 67.50 | ||||
Unsecured Creditors Litigation | Judicial Ruling | |||||
Shareholders' Equity and Net Income Per Share [Line Items] | |||||
Reserve for Unsecured Creditors Litigation | 300,000,000 | 300,000,000 | |||
Unsecured Creditors Litigation | Litigation, Damages Benchmark, Fourth LLP Agreement | |||||
Shareholders' Equity and Net Income Per Share [Line Items] | |||||
Cumulative Distributions Threshold | $ 7,200,000,000 | ||||
Other income (expense), net | Unsecured Creditors Litigation | Judicial Ruling | |||||
Shareholders' Equity and Net Income Per Share [Line Items] | |||||
Loss Contingency Accrual, Provision | $ 300,000,000 |
Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss), beginning of period | $ (1,033) | $ (741) | |||
Accumulated other comprehensive income (loss), end of period | (1,215) | (1,033) | $ (741) | ||
Mechatronics Business | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, net of tax | (29) | ||||
Designated as Hedging Instrument | Net Investment Hedging | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Gain (loss) on Net Investment Hedge, net of tax | 67 | (5) | 0 | ||
Foreign currency translation adjustments | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss), beginning of period | (661) | (333) | (17) | ||
Aggregate adjustment for the year | [1] | (138) | (328) | (316) | |
Accumulated other comprehensive income (loss), end of period | (799) | (661) | (333) | ||
Unrealized gains (losses) on derivatives | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss), beginning of period | (106) | (78) | 2 | ||
Other comprehensive income before reclassifications (net of tax effect) | (1) | (118) | (92) | ||
Reclassification to income (net of tax effect) | 96 | 90 | 12 | ||
Accumulated other comprehensive income (loss), end of period | (11) | (106) | (78) | ||
Net tax effect of Other comprehensive income before reclassifications | 23 | 30 | 32 | ||
Net tax effect of Reclassification Adjustment from AOCI on Derivatives | 30 | 28 | 1 | ||
Pension and postretirement plans | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss), beginning of period | (266) | (330) | (222) | ||
Other comprehensive income before reclassifications (net of tax effect) | (150) | 41 | (117) | ||
Reclassification to income (net of tax effect) | 11 | 23 | 9 | ||
Accumulated other comprehensive income (loss), end of period | (405) | (266) | (330) | ||
Net tax effect of Other comprehensive income before reclassifications | 32 | 5 | 24 | ||
Net tax effect of Reclassification Adjustment from AOCI, Pension and Other Postretirement Plans | $ 1 | $ 3 | $ 2 | ||
|
Changes in Accumulated Other Comprehensive Income (Loss) AOCI Reclassifications (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||||||
Cost of Sales | $ (3,238) | [1] | $ (3,256) | $ (3,348) | $ (3,265) | $ (3,161) | $ (2,862) | $ (3,076) | $ (3,056) | $ (13,107) | $ (12,155) | $ (12,471) | ||||||||
Other Income | 9 | (1) | 8 | |||||||||||||||||
Income tax expense | (242) | (263) | (255) | |||||||||||||||||
Income from continuing operations | 306 | 306 | 271 | 335 | 224 | 364 | 369 | 304 | 1,218 | 1,261 | 1,380 | |||||||||
Net income attributable to noncontrolling interest | (69) | (85) | (89) | |||||||||||||||||
Net income attributable to Delphi | $ 281 | $ 293 | $ 258 | $ 425 | $ 192 | $ 404 | $ 645 | $ 209 | 1,257 | 1,450 | 1,351 | |||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | ||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||||||
Net income attributable to Delphi | (136) | (113) | (21) | |||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | Foreign currency translation adjustments | ||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||||||
Cost of Sales | (29) | [2] | 0 | 0 | ||||||||||||||||
Total (loss) income before income taxes | (29) | 0 | 0 | |||||||||||||||||
Income tax expense | 0 | 0 | 0 | |||||||||||||||||
Income from continuing operations | (29) | 0 | 0 | |||||||||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||||||||
Net income attributable to Delphi | (29) | 0 | 0 | |||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | Unrealized gains (losses) on derivatives | ||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||||||
Total (loss) income before income taxes | (126) | (118) | (13) | |||||||||||||||||
Income tax expense | 30 | 28 | 1 | |||||||||||||||||
Income from continuing operations | (96) | (90) | (12) | |||||||||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||||||||
Net income attributable to Delphi | (96) | (90) | (12) | |||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | Unrealized gains (losses) on derivatives | Commodity Derivative | ||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||||||
Cost of Sales | (42) | (44) | (17) | |||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | Unrealized gains (losses) on derivatives | Foreign Currency Derivative | ||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||||||
Cost of Sales | (84) | (74) | (4) | |||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | Pension and postretirement plans | ||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||||||||||||
Actuarial gains/(losses) | [3] | (12) | (18) | (11) | ||||||||||||||||
Settlement loss | [3] | 0 | (11) | 0 | ||||||||||||||||
Curtailment gain | [3] | 0 | 3 | |||||||||||||||||
Total (loss) income before income taxes | (12) | (26) | (11) | |||||||||||||||||
Income tax expense | 1 | 3 | 2 | |||||||||||||||||
Income from continuing operations | (11) | (23) | (9) | |||||||||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||||||||
Net income attributable to Delphi | $ (11) | $ (23) | $ (9) | |||||||||||||||||
|
Derivatives And Hedging Activities Cash Flow Hedges (Details) lb in Thousands, ¥ in Millions, TRY in Millions, PLN in Millions, MXN in Millions, HUF in Millions, $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
lb
|
Dec. 31, 2016
MXN
lb
|
Dec. 31, 2016
CNY (¥)
lb
|
Dec. 31, 2016
TRY
lb
|
Dec. 31, 2016
HUF
lb
|
Dec. 31, 2016
PLN
lb
|
|
Derivative [Line Items] | ||||||||
Net derivative gains (losses) from cash flow hedges included in accumulated other comprehensive income, before tax | $ (51) | |||||||
Net derivative gains (losses) from cash flow hedges included in accumulated other comprehensive income, net of tax | (29) | |||||||
Scenario, Forecast | Cost of Sales | ||||||||
Derivative [Line Items] | ||||||||
Loss Reclassified from Accumulated OCI into Income (Effective Portion) | $ (8) | $ (43) | ||||||
Cash Flow Hedging | ||||||||
Derivative [Line Items] | ||||||||
Additional Foreign Currency and Commodity Forward Contracts, individually less than | $ 10 | |||||||
Cash Flow Hedging | Copper | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative, nonmonetary (in lbs) | lb | 57,217 | 57,217 | 57,217 | 57,217 | 57,217 | 57,217 | ||
Notional amount of derivative | $ 145 | |||||||
Cash Flow Hedging | Foreign Currency Derivative | Mexico, Pesos | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 540 | MXN 11,183 | ||||||
Cash Flow Hedging | Foreign Currency Derivative | China, Yuan Renminbi | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 440 | ¥ 3,079 | ||||||
Cash Flow Hedging | Foreign Currency Derivative | Poland, Zlotych | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 85 | PLN 347 | ||||||
Cash Flow Hedging | Foreign Currency Derivative | Turkey, New Lira | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 75 | TRY 264 | ||||||
Cash Flow Hedging | Foreign Currency Derivative | Hungary, Forint | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 35 | HUF 10,794 | ||||||
Cash Flow Hedging | Foreign Currency Derivative | Euro | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | $ 25 | HUF 25 |
Derivatives And Hedging Activities Net Investment Hedges (Details) € in Millions, $ in Millions, ¥ in Billions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2016
USD ($)
|
May 31, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Nov. 30, 2016
CNY (¥)
|
Sep. 15, 2016
EUR (€)
|
Jun. 30, 2016
CNY (¥)
|
Mar. 31, 2016
CNY (¥)
|
Mar. 10, 2015
EUR (€)
|
|
Derivative [Line Items] | ||||||||||||||
Settlement of derivatives | $ 1 | $ 0 | $ 0 | |||||||||||
Amount of Ineffectiveness on Net Investment Hedge | 0 | |||||||||||||
Net Investment Hedging | Designated as Hedging Instrument | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Gain (loss) on Net Investment Hedge, net of tax | 67 | (5) | $ 0 | |||||||||||
Net Investment Hedging | Designated as Hedging Instrument | Euro-Denominated Senior Notes, 1.500% Due 2025 | Senior Notes | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Debt instrument designated as net investment hedge | € | € 700 | |||||||||||||
Gain (loss) on Net Investment Hedge, net of tax | (5) | |||||||||||||
Net investment hedge gains (losses) included in accumulated other comprehensive income | $ (5) | |||||||||||||
Net Investment Hedging | Designated as Hedging Instrument | Euro-denominated Senior Notes, 1.600% Due 2028 | Senior Notes | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Debt instrument designated as net investment hedge | € | € 500 | |||||||||||||
Net Investment Hedging | Designated as Hedging Instrument | Euro-Denominated Senior Notes, 1.500% Due 2025 and Euro-Denominated Senior Notes, 1.600% Due 2028 | Senior Notes | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Gain (loss) on Net Investment Hedge, net of tax | 65 | |||||||||||||
Net investment hedge gains (losses) included in accumulated other comprehensive income | $ 60 | 60 | ||||||||||||
Foreign exchange forward | China, Yuan Renminbi | Net Investment Hedging | Designated as Hedging Instrument | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Notional amount of derivative | $ 340 | $ 265 | $ 355 | $ 370 | $ 265 | ¥ 1.8 | ¥ 2.4 | ¥ 2.4 | ¥ 2.4 | |||||
Derivative, Maturity Date | Dec. 23, 2016 | Jun. 21, 2017 | Nov. 30, 2016 | May 31, 2016 | ||||||||||
Settlement of derivatives | $ (15) | $ 1 | $ 1 |
Derivatives And Hedging Activities Derivatives Not Designated as Hedges (Details) £ in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2016
GBP (£)
|
|
Derivative [Line Items] | ||||
Settlement of derivatives | $ 1 | $ 0 | $ 0 | |
Not Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Derivative, Loss Recognized in Income | 23 | |||
HellermannTyton Group PLC | Not Designated as Hedging Instrument | Foreign exchange option | United Kingdom, Pounds | ||||
Derivative [Line Items] | ||||
Notional amount of derivative | £ | £ 917 | |||
Cost of derivative | 15 | |||
Derivative, Loss Recognized in Income | $ 15 | |||
Settlement of derivatives | $ 15 |
Derivatives And Hedging Activities Fair Value of Derivative Instruments in the Balance Sheet (Details) - USD ($) |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Designated as Hedging Instrument | |||||
Derivatives, Fair Value [Line Items] | |||||
Gross amount of recognized asset derivatives | $ 36,000,000 | $ 4,000,000 | |||
Gross amount of recognized liability derivatives | 73,000,000 | 130,000,000 | |||
Designated as Hedging Instrument | Foreign Currency Derivative | Other Long-Term Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Gross amount of recognized asset derivatives | [1] | 8,000,000 | |||
Gross amount of recognized liability derivatives | [1] | 4,000,000 | |||
Not Designated as Hedging Instrument | |||||
Derivatives, Fair Value [Line Items] | |||||
Gross amount of recognized asset derivatives | 2,000,000 | 3,000,000 | |||
Gross amount of recognized liability derivatives | 2,000,000 | 6,000,000 | |||
Not Designated as Hedging Instrument | Commodity Derivative | Other Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Gross amount of recognized asset derivatives | 0 | ||||
Not Designated as Hedging Instrument | Commodity Derivative | Accrued Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Gross amount of recognized liability derivatives | 2,000,000 | ||||
Not Designated as Hedging Instrument | Foreign Currency Derivative | Other Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Gross amount of recognized asset derivatives | [1] | 0 | |||
Gross amount of recognized liability derivatives | [1] | 1,000,000 | |||
Net amount of derivative liability presented in the Balance Sheet | [1] | 1,000,000 | |||
Not Designated as Hedging Instrument | Foreign Currency Derivative | Accrued Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Gross amount of recognized asset derivatives | [1] | 2,000,000 | 2,000,000 | ||
Gross amount of recognized liability derivatives | [1] | 1,000,000 | 3,000,000 | ||
Net amount of derivative asset presented in the Balance Sheet | [1] | 1,000,000 | |||
Net amount of derivative liability presented in the Balance Sheet | [1] | 1,000,000 | |||
Not Designated as Hedging Instrument | Foreign Currency Derivative | Other Long-Term Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Gross amount of recognized asset derivatives | [1] | 1,000,000 | |||
Gross amount of recognized liability derivatives | [1] | 1,000,000 | |||
Net amount of derivative liability presented in the Balance Sheet | [1] | 0 | |||
Cash Flow Hedging | Designated as Hedging Instrument | Commodity Derivative | Other Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Gross amount of recognized asset derivatives | 7,000,000 | 0 | |||
Cash Flow Hedging | Designated as Hedging Instrument | Commodity Derivative | Accrued Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Gross amount of recognized liability derivatives | 0 | 39,000,000 | |||
Cash Flow Hedging | Designated as Hedging Instrument | Commodity Derivative | Other Long-Term Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Gross amount of recognized asset derivatives | 4,000,000 | 0 | |||
Cash Flow Hedging | Designated as Hedging Instrument | Commodity Derivative | Other Long-Term Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Gross amount of recognized liability derivatives | 0 | 10,000,000 | |||
Cash Flow Hedging | Designated as Hedging Instrument | Foreign Currency Derivative | Other Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Gross amount of recognized asset derivatives | [1] | 6,000,000 | |||
Gross amount of recognized liability derivatives | [1] | 3,000,000 | |||
Net amount of derivative asset presented in the Balance Sheet | [1] | 3,000,000 | |||
Cash Flow Hedging | Designated as Hedging Instrument | Foreign Currency Derivative | Accrued Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Gross amount of recognized asset derivatives | [1] | 9,000,000 | 3,000,000 | ||
Gross amount of recognized liability derivatives | [1] | 55,000,000 | 69,000,000 | ||
Net amount of derivative liability presented in the Balance Sheet | [1] | 46,000,000 | 66,000,000 | ||
Cash Flow Hedging | Designated as Hedging Instrument | Foreign Currency Derivative | Other Long-Term Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Net amount of derivative asset presented in the Balance Sheet | [1] | 4,000,000 | |||
Cash Flow Hedging | Designated as Hedging Instrument | Foreign Currency Derivative | Other Long-Term Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Gross amount of recognized asset derivatives | [1] | 0 | 1,000,000 | ||
Gross amount of recognized liability derivatives | [1] | 11,000,000 | 12,000,000 | ||
Net amount of derivative liability presented in the Balance Sheet | [1] | 11,000,000 | $ 11,000,000 | ||
Net Investment Hedging | Designated as Hedging Instrument | Foreign Currency Derivative | Other Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Gross amount of recognized asset derivatives | 2,000,000 | ||||
Net Investment Hedging | Designated as Hedging Instrument | Foreign Currency Derivative | Accrued Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Gross amount of recognized liability derivatives | $ 0 | ||||
|
Derivatives And Hedging Activities Effect of Derivative Instruments in Consolidated Statement of Operations (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||
Designated as Hedging Instrument | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Loss recognized in OCI (Effective Portion) | $ (24) | $ (148) | $ (124) | |||
Loss Reclassified from Accumulated OCI into Income (Effective Portion) | (126) | (113) | (13) | |||
Gain Recognized in Income (Ineffective Portion Excluded from Effectiveness Testing) | 0 | 0 | 1 | |||
Designated as Hedging Instrument | Cash Flow Hedging | Commodity Derivative | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain Recognized in OCI (Effective Portion) | 22 | |||||
Loss recognized in OCI (Effective Portion) | (69) | (38) | ||||
Loss Reclassified from Accumulated OCI into Income (Effective Portion) | (42) | (42) | (17) | |||
Gain Recognized in Income (Ineffective Portion Excluded from Effectiveness Testing) | 0 | 0 | 0 | |||
Designated as Hedging Instrument | Cash Flow Hedging | Foreign Currency Derivative | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Loss recognized in OCI (Effective Portion) | (62) | (79) | (86) | |||
Loss Reclassified from Accumulated OCI into Income (Effective Portion) | (84) | (71) | ||||
Gain Reclassified from Accumulated OCI into Income (Effective Portion) | 4 | |||||
Gain Recognized in Income (Ineffective Portion Excluded from Effectiveness Testing) | 0 | 0 | 1 | |||
Designated as Hedging Instrument | Net Investment Hedging | Foreign Currency Derivative | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain Recognized in OCI (Effective Portion) | 16 | |||||
Loss Reclassified from Accumulated OCI into Income (Effective Portion) | 0 | |||||
Gain Recognized in Income (Ineffective Portion Excluded from Effectiveness Testing) | 0 | |||||
Not Designated as Hedging Instrument | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Loss on Derivative | 23 | |||||
Derivative, Gain Recognized in Income | 1 | 21 | ||||
Not Designated as Hedging Instrument | Commodity Derivative | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Loss on Derivative | 3 | |||||
Derivative, Gain Recognized in Income | 0 | 0 | ||||
Not Designated as Hedging Instrument | Foreign Currency Derivative | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Loss on Derivative | $ 20 | |||||
Derivative, Gain Recognized in Income | $ 1 | $ 21 | [1] | |||
|
Fair Value of Financial Instruments Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 31, 2016 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative, Fair Value, Net | $ (37) | $ (129) | |||||
Total debt, recorded amount | 3,971 | 4,008 | |||||
Total debt, fair value | 4,007 | 4,025 | |||||
Asset Impairment Charges | 30 | 16 | $ 7 | ||||
Net proceeds from divestiture of discontinued operations | 48 | 730 | 0 | ||||
Gain (loss) on divestiture of discontinued operations, net of tax | $ 104 | ||||||
Fair Value, Measurements, Recurring | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Contingent consideration liability | 35 | 32 | |||||
Discontinued Operations, Disposed of by Sale | Thermal Systems | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Gain (loss) on divestiture of discontinued operations, net of tax | $ 285 | 271 | |||||
Discontinued Operations, Disposed of by Sale | KDAC | Thermal Systems | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Impairment loss on KDAC interest | $ 88 | ||||||
Fair value of KDAC interest | $ 32 | ||||||
Net proceeds from divestiture of discontinued operations | $ 70 | ||||||
Gain (loss) on divestiture of discontinued operations, net of tax | $ 47 | (41) | |||||
Cost of Sales | Fair Value, Measurements, Nonrecurring | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset Impairment Charges | 30 | 16 | 5 | ||||
Selling, General and Administrative Expense | Fair Value, Measurements, Nonrecurring | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset Impairment Charges | 2 | ||||||
Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Total debt, fair value | 4,007 | 4,025 | |||||
Level 2 | Fair Value, Measurements, Recurring | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Contingent consideration liability | 0 | 0 | |||||
Other Current Liabilities | Fair Value, Measurements, Recurring | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Contingent consideration liability | 22 | 2 | |||||
Other Long-Term Liabilities | Fair Value, Measurements, Recurring | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Contingent consideration liability | 13 | 30 | |||||
Contingent Consideration liability | Fair Value, Measurements, Recurring | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Contingent consideration liability | $ 35 | $ 32 | $ 11 | ||||
Contingent Consideration liability | Minimum | Fair Value, Measurements, Recurring | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Periods in which milestones are expected to be achieved | 2017 | ||||||
Contingent Consideration liability | Maximum | Fair Value, Measurements, Recurring | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Periods in which milestones are expected to be achieved | 2018 | ||||||
Plant Closure | Powertrain Systems | EMEA | Cost of Sales | Fair Value, Measurements, Nonrecurring | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset Impairment Charges | $ 25 |
Fair Value Of Financial Instruments Unobservable Input Reconciliation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Measurement adjustments | $ 3 | $ (7) | $ 0 |
Fair Value, Measurements, Recurring | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value at beginning of year | 32 | ||
Fair value at end of year | 35 | 32 | |
Contingent Consideration liability | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Additions | 0 | 25 | |
Payments | (2) | 0 | |
Interest accretion | 2 | 3 | |
Measurement adjustments | 3 | (7) | |
Contingent Consideration liability | Fair Value, Measurements, Recurring | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value at beginning of year | 32 | 11 | |
Fair value at end of year | 35 | 32 | $ 11 |
Control-Tec LLC | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Measurement adjustments | 10 | ||
Contingent Consideration Liability, to be paid in 2017 | 20 | ||
Antaya Technologies Corp. | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Measurement adjustments | $ (7) | $ (7) |
Fair Value of Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | $ 19 | $ 0 |
Contingent consideration liability | 35 | 32 |
Liabilities, Fair Value Disclosure, Recurring | 91 | 161 |
Commodity derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 11 | 0 |
Derivative Liability | 0 | 51 |
Foreign currency derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 8 | 0 |
Derivative Liability | 56 | 78 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Contingent consideration liability | 0 | 0 |
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 |
Level 1 | Commodity derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Level 1 | Foreign currency derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 19 | 0 |
Contingent consideration liability | 0 | 0 |
Liabilities, Fair Value Disclosure, Recurring | 56 | 129 |
Level 2 | Commodity derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 11 | 0 |
Derivative Liability | 0 | 51 |
Level 2 | Foreign currency derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 8 | 0 |
Derivative Liability | 56 | 78 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Contingent consideration liability | 35 | 32 |
Liabilities, Fair Value Disclosure, Recurring | 35 | 32 |
Level 3 | Commodity derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Level 3 | Foreign currency derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Liability | $ 0 | $ 0 |
Other Income, Net Table (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Interest income | $ 1 | $ 5 | $ 10 | |||
Loss on extinguishment of debt | $ (73) | $ (52) | (73) | (58) | (34) | |
Reserve for Unsecured Creditors litigation | (300) | 0 | 0 | |||
Costs associated with acquisitions | 0 | (41) | (6) | |||
Gain on insurance recovery | 0 | 0 | 14 | |||
Contingent consideration liability fair value adjustment | (3) | 7 | 0 | |||
Other, net | 9 | (1) | 8 | |||
Other expense, net | $ (366) | $ (88) | $ (8) | |||
Unsecured Creditors Litigation | Judicial Ruling | Other income (expense), net | ||||||
Reserve for Unsecured Creditors litigation | $ (300) |
Other Income, Net Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Mar. 31, 2015 |
Mar. 31, 2014 |
Sep. 30, 2016 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Loss Contingency Accrual, Provision | $ (300) | $ 0 | $ 0 | ||||
Loss on extinguishment of debt | $ (73) | $ (52) | (73) | (58) | (34) | ||
Costs associated with acquisitions | 0 | (41) | (6) | ||||
Gain on insurance recovery | 0 | 0 | $ 14 | ||||
Other income (expense), net | Discontinued Operations, Disposed of by Sale | Thermal Systems | |||||||
Transition Services Agreement Fees | 8 | 8 | |||||
Not Designated as Hedging Instrument | |||||||
Derivative, Loss Recognized in Income | (23) | ||||||
HellermannTyton Group PLC | |||||||
Costs associated with acquisitions | (23) | ||||||
HellermannTyton Group PLC | Foreign exchange option | United Kingdom, Pounds | Not Designated as Hedging Instrument | |||||||
Derivative, Loss Recognized in Income | (15) | ||||||
Amended and Restated Credit Agreement | |||||||
Loss on extinguishment of debt | (3) | ||||||
Senior Bridge Credit Agreement | |||||||
Loss on extinguishment of debt | (6) | ||||||
Senior Notes | Senior Notes, 5.00% Due 2023 | |||||||
Extinguishment of Debt, Amount | 800 | ||||||
Loss on extinguishment of debt | $ (70) | ||||||
Senior Notes | Senior Notes, 6.125% Due 2021 | |||||||
Extinguishment of Debt, Amount | $ 500 | $ 500 | |||||
Loss on extinguishment of debt | $ (52) |
Acquisitions And Divestitures Acquisition of PureDepth, Inc. (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Mar. 23, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Business Acquisition [Line Items] | ||||
Purchase price, cash consideration, net of cash acquired | $ 15 | $ 1,654 | $ 345 | |
Goodwill | $ 1,508 | $ 1,539 | $ 656 | |
PureDepth, Inc. | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Percentage of Equity Interests Acquired | 100.00% | |||
Purchase price, cash consideration, net of cash acquired | $ 15 | |||
Intangible assets | 10 | |||
Goodwill | 5 | |||
Total purchase price allocation | $ 15 |
Acquisitions And Divestitures Acquisition of HellermannTyton Group PLC (Details) € in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 18, 2015
USD ($)
|
Dec. 18, 2015
GBP (£)
|
Jul. 31, 2015
USD ($)
|
Jul. 31, 2015
GBP (£)
|
Dec. 31, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2014
EUR (€)
|
Nov. 19, 2015
USD ($)
|
Jul. 30, 2015
GBP (£)
|
|
Business Acquisition [Line Items] | ||||||||||||||||||
Purchase price, cash consideration, net of cash acquired | $ 15 | $ 1,654 | $ 345 | |||||||||||||||
Net sales | $ 4,313 | $ 4,091 | $ 4,206 | $ 4,051 | $ 3,879 | $ 3,631 | $ 3,858 | $ 3,797 | 16,661 | 15,165 | 15,499 | |||||||
Costs associated with acquisitions | 0 | 41 | 6 | |||||||||||||||
Goodwill | $ 1,508 | $ 1,539 | 1,508 | 1,539 | 656 | |||||||||||||
Loss on extinguishment of debt | $ (73) | $ (52) | (73) | (58) | $ (34) | |||||||||||||
Senior Bridge Credit Agreement | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Loss on extinguishment of debt | (6) | |||||||||||||||||
Senior Bridge Credit Agreement | Barclays Bank | Line of Credit | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | £ | £ 550,000,000 | |||||||||||||||||
HellermannTyton Group PLC | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Business Acquisition, Percentage of Equity Interests Acquired | 100.00% | |||||||||||||||||
Purchase price per Acquiree Share | £ | £ 4.80 | |||||||||||||||||
Purchase price, cash consideration, net of cash acquired | $ 1,534 | |||||||||||||||||
Debt assumed and repaid | 242 | |||||||||||||||||
Net sales | € | € 600 | |||||||||||||||||
Costs associated with acquisitions | $ 23 | |||||||||||||||||
Goodwill, Purchase Accounting Adjustments | $ 10 | |||||||||||||||||
Debt and pension liabilities assumed | 258 | |||||||||||||||||
Total consideration transferred | 1,792 | |||||||||||||||||
Property, plant and equipment | 326 | |||||||||||||||||
Indefinite-lived intangible assets | 128 | |||||||||||||||||
Definite-lived intangible assets | 554 | |||||||||||||||||
Other assets purchased and liabilities assumed, net | (82) | |||||||||||||||||
Identifiable net assets acquired | 926 | |||||||||||||||||
Goodwill | 866 | |||||||||||||||||
Total purchase price allocation | 1,792 | |||||||||||||||||
Deposit for acquisition of HellermannTyton | $ 844 | £ 540,000,000 | ||||||||||||||||
HellermannTyton Group PLC | Customer-Related Intangible Assets | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Definite-lived intangible assets | $ 451 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years | 13 years | ||||||||||||||||
HellermannTyton Group PLC | Technology-Based Intangible Assets | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Definite-lived intangible assets | $ 103 | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years | 13 years | ||||||||||||||||
HellermannTyton Group PLC | Trade names | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Indefinite-lived intangible assets | $ 128 | |||||||||||||||||
HellermannTyton Group PLC | Customer Concentration Risk | Total Net Sales | Delphi | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Sales to Delphi, Percentage | 6.00% | 6.00% | ||||||||||||||||
Senior Notes | 2015 Senior Notes | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Senior notes issued | $ 1,300 |
Acquisitions And Divestitures Acquisition of Control-Tec LLC (Details) - USD ($) |
Nov. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,508,000,000 | $ 1,539,000,000 | $ 656,000,000 | |
Control-Tec LLC | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Percentage of Equity Interests Acquired | 100.00% | |||
Purchase price, cash consideration, net of cash acquired | $ 104,000,000 | |||
Contingent Consideration Arrangement, Range of Outcomes, Value, High | 40,000,000 | |||
Contingent Consideration Arrangement, Range of Outcomes, Value, Low | $ 0 | |||
Contingent Consideration Period | 3 years | |||
Contingent consideration liability | $ 20,000,000 | |||
Total purchase price | 124,000,000 | |||
Intangible assets | 66,000,000 | |||
Other assets purchased and liabilities assumed, net | 4,000,000 | |||
Identifiable net assets acquired | 70,000,000 | |||
Goodwill | 54,000,000 | |||
Total purchase price allocation | $ 124,000,000 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Acquisitions And Divestitures Acquisition of Ottomatika, Inc. (Details) - USD ($) $ in Millions |
Jul. 23, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,508 | $ 1,539 | $ 656 | |
Ottomatika, Inc. | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Percentage of Equity Interests Acquired | 100.00% | |||
Consideration transferred | $ 32 | |||
Purchase price, cash consideration, net of cash acquired | 16 | |||
Purchase price, deferred consideration | $ 11 | |||
Deferred Consideration Period | 3 years | |||
Contingent Consideration Arrangement, Range of Outcomes, Value, Low | $ 0 | |||
Contingent Consideration Arrangement, Range of Outcomes, Value, High | $ 5 | |||
Contingent Consideration Period | 3 years | |||
Contingent consideration liability | $ 5 | |||
Fair value of previously held investment | 4 | |||
Total purchase price | 36 | |||
Indefinite-lived intangible assets | 24 | |||
Definite-lived intangible assets | 1 | |||
Other assets purchased and liabilities assumed, net | (8) | |||
Identifiable net assets acquired | 17 | |||
Goodwill | 19 | |||
Total purchase price allocation | $ 36 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years | |||
Ottomatika, Inc. | Other income (expense), net | ||||
Business Acquisition [Line Items] | ||||
Gain on previously held investment | $ 2 |
Acquisitions And Divestitures Acquisition of Antaya Technologies Corp. (Details) - USD ($) $ in Millions |
Oct. 31, 2014 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,508 | $ 1,539 | $ 656 | |
Antaya Technologies Corp. | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Percentage of Equity Interests Acquired | 100.00% | |||
Total purchase price | $ 151 | |||
Purchase price, cash consideration, net of cash acquired | 140 | |||
Contingent consideration liability | 11 | |||
Contingent Consideration Arrangement, Range of Outcomes, Value, High | 40 | |||
Contingent Consideration Arrangement, Range of Outcomes, Value, Low | $ 0 | |||
Contingent Consideration Period | 3 years | |||
Definite-lived intangible assets | $ 75 | |||
Other assets purchased and liabilities assumed, net | (17) | |||
Identifiable net assets acquired | 58 | |||
Goodwill | 93 | |||
Total purchase price allocation | $ 151 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years |
Acquisitions And Divestitures Acquisition of Unwired Holdings, Inc. (Details) - USD ($) $ in Millions |
Oct. 01, 2014 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,508 | $ 1,539 | $ 656 | |
Unwired Holdings, Inc. | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Percentage of Equity Interests Acquired | 100.00% | |||
Purchase price, cash consideration | $ 191 | |||
Acquired cash excess net working capital and certain tax benefits | 19 | |||
Total consideration transferred | 210 | |||
Definite-lived intangible assets | 63 | |||
Other assets purchased and liabilities assumed, net | 17 | |||
Identifiable net assets acquired | 80 | |||
Goodwill | 130 | |||
Total purchase price allocation | $ 210 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Acquisitions And Divestitures Acquisition of Moviemento (Details) - Subsequent Event - Moviemento |
Jan. 03, 2017
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Business Acquisition, Percentage of Equity Interests Acquired | 100.00% |
Contingent Consideration Arrangement, Range of Outcomes, Value, High | $ 10,000,000 |
Contingent Consideration Period | 2 years |
Contingent Consideration Arrangement, Range of Outcomes, Value, Low | $ 0 |
Electronics And Safety | |
Business Acquisition [Line Items] | |
Purchase price, cash consideration, net of cash acquired | $ 40,000,000 |
Acquisitions And Divestitures Sale of Mechatronics Business (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from business divestitures | $ 197 | $ 11 | $ 0 | ||||||||
Net sales | $ 4,313 | $ 4,091 | $ 4,206 | $ 4,051 | $ 3,879 | $ 3,631 | $ 3,858 | $ 3,797 | 16,661 | 15,165 | $ 15,499 |
Gain (loss) on business divestitures | 141 | $ (8) | |||||||||
Mechatronics Business | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gain (loss) on business divestitures | $ 141 | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 29 | ||||||||||
Mechatronics Business | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from business divestitures | 197 | ||||||||||
Electronics And Safety | Mechatronics Business | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gain (loss) on business divestitures | 141 | ||||||||||
Electronics And Safety | Mechatronics Business | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | 290 | ||||||||||
Gain on divestiture, net of tax | $ 124 | ||||||||||
Gain on divestiture, net of tax, per share | $ 0.45 |
Acquisitions And Divestitures Exit of Argentina Business (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | $ 4,313 | $ 4,091 | $ 4,206 | $ 4,051 | $ 3,879 | $ 3,631 | $ 3,858 | $ 3,797 | $ 16,661 | $ 15,165 | $ 15,499 |
Gain (loss) on business divestitures | 141 | (8) | |||||||||
Payment associated with business disposal | $ 0 | 14 | $ 0 | ||||||||
Argentina Electronics Business | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Payment associated with business disposal | 7 | ||||||||||
Argentina Electrical Wiring Business | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Payment associated with business disposal | 7 | ||||||||||
Electronics And Safety | Argentina Electronics Business | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | 34 | ||||||||||
Cost of Sales | Electronics And Safety | Argentina Electronics Business | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gain (loss) on business divestitures | (33) | ||||||||||
Cost of Sales | Electrical / Electronic Architecture | Argentina Electrical Wiring Business | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gain (loss) on business divestitures | $ (14) |
Acquisitions And Divestitures Sale of Reception Systems Business (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Jun. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jul. 31, 2015 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from business divestitures | $ 197 | $ 11 | $ 0 | ||||||||||
Net sales | $ 4,313 | $ 4,091 | $ 4,206 | $ 4,051 | $ 3,879 | $ 3,631 | $ 3,858 | $ 3,797 | 16,661 | 15,165 | $ 15,499 | ||
Gain (loss) on business divestitures | $ 141 | (8) | |||||||||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Reception Systems | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from business divestitures | 25 | ||||||||||||
Buyer-assumed pension liabilities | $ 39 | ||||||||||||
Net sales | $ 55 | ||||||||||||
Electronics And Safety | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Reception Systems | Cost of Sales | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gain (loss) on business divestitures | $ 39 |
Acquisitions And Divestitures Other (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cost of technology investments | $ 3 | $ 23 | $ 5 |
Tula Technology Inc. | Powertrain Systems | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cost of technology investments | 20 | ||
Quanergy | Electronics And Safety | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cost of technology investments | $ 3 | $ 3 |
Share-Based Compensation Long Term Incentive Plan (Details) - PLC Long Term Incentive Plan - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 28, 2016 |
Apr. 27, 2016 |
Apr. 23, 2015 |
Apr. 22, 2015 |
Apr. 03, 2014 |
Apr. 02, 2014 |
Apr. 25, 2013 |
Feb. 29, 2016 |
Feb. 28, 2015 |
Feb. 28, 2014 |
Feb. 28, 2013 |
Feb. 15, 2012 |
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Maximum Shares Available for Grant under PLC LTIP | 22,977,116 | ||||||||||||||||
Minimum | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Performance-Based Awards Payout % Range | 0.00% | ||||||||||||||||
Maximum | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Performance-Based Awards Payout % Range | 200.00% | ||||||||||||||||
Restricted Stock Units (RSUs) | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU's Granted | 1,219,000 | 1,683,000 | 1,278,000 | ||||||||||||||
Grant Date Fair Value | $ 48 | $ 76 | $ 53 | $ 60 | $ 59 | ||||||||||||
Time-Based Awards % Granted For Officers | 25.00% | ||||||||||||||||
Time-Based Awards % Granted For Executives | 50.00% | ||||||||||||||||
Performance-Based Awards % Granted For Officers | 75.00% | ||||||||||||||||
Performance-Based Awards % Granted For Executives | 50.00% | ||||||||||||||||
Restricted Stock Units (RSUs) | Board of Directors | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU's Granted | 27,238 | 20,347 | 24,144 | 37,674 | |||||||||||||
Grant Date Fair Value | $ 2 | $ 2 | $ 2 | $ 2 | |||||||||||||
RSU's, Issued in Period, Gross | 24,542 | 24,482 | 38,179 | ||||||||||||||
Fair Value of RSU’s Vested in Period | $ 2 | $ 2 | $ 3 | ||||||||||||||
RSU's, Used to Pay Witholding Taxes | (1,843) | (2,673) | (4,656) | ||||||||||||||
Restricted Stock Units (RSUs) | Executives | 2012 Grant | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU's Granted | 1,880,000 | ||||||||||||||||
Restricted Stock Units (RSUs) | Executives | 2013 Grant | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU's Granted | 1,450,000 | ||||||||||||||||
Restricted Stock Units (RSUs) | Executives | 2014 Grant | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU's Granted | 780,000 | ||||||||||||||||
Restricted Stock Units (RSUs) | Executives | 2015 Grant | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU's Granted | 900,000 | ||||||||||||||||
Restricted Stock Units (RSUs) | Executives | 2016 Grant | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU's Granted | 710,000 | ||||||||||||||||
Restricted Stock Units (RSUs) | Executives | Time-Based | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU's, Issued in Period, Gross | 395,744 | 535,345 | 365,930 | ||||||||||||||
Fair Value of RSU’s Vested in Period | $ 24 | $ 42 | $ 23 | ||||||||||||||
RSU's, Used to Pay Witholding Taxes | (146,726) | (199,211) | (131,913) | ||||||||||||||
Restricted Stock Units (RSUs) | Executives | Performance-Based | 2012 Grant | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU's, Issued in Period, Gross | 1,364,966 | ||||||||||||||||
Fair Value of RSU’s Vested in Period | $ 107 | ||||||||||||||||
RSU's, Used to Pay Witholding Taxes | (545,192) | ||||||||||||||||
Restricted Stock Units (RSUs) | Executives | Performance-Based | 2013 Grant | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU's, Issued in Period, Gross | 1,265,339 | ||||||||||||||||
Fair Value of RSU’s Vested in Period | $ 77 | ||||||||||||||||
RSU's, Used to Pay Witholding Taxes | (512,371) |
Share-Based Compensation Weighting for Components of Performance Based RSU Awards (Details) - PLC Long Term Incentive Plan |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||
2016 Grant | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Average return on net assets (1) | 50.00% | [1] | ||||||
Cumulative net income | 25.00% | |||||||
Relative total shareholder return (3) | 25.00% | [2] | ||||||
2013 - 2015 Grants | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Average return on net assets (1) | 50.00% | [1] | ||||||
Cumulative earnings per share (2) | 30.00% | [3] | ||||||
Relative total shareholder return (3) | 20.00% | [2] | ||||||
2012 Grant | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Average return on net assets (1) | 50.00% | [1] | ||||||
Cumulative net income | 30.00% | |||||||
Relative total shareholder return (3) | 20.00% | [2] | ||||||
|
Share-Based Compensation Summary of Activity for LTIP RSU's (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payments Related to Tax Withholding for Share-based Compensation | $ 40 | $ 59 | $ 8 | |
PLC Long Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
LTIP Nonvested, Weighted Average Grant Date Fair Value per share | $ 76.54 | $ 74.66 | $ 50.38 | $ 36.55 |
LTIP Grants in Period, Weighted Average Grant Date Fair Value per share | 68.35 | 72.30 | 57.27 | |
LTIP Vested in Period, Weighted Average Grant Date Fair Value per share | 65.91 | 42.45 | 33.14 | |
LTIP Shares, Forfeitures, Weighted Average Grant Date Fair Value per share | $ 74.10 | $ 64.75 | $ 41.69 | |
Share-based Compensation Expense | $ 68 | $ 72 | $ 76 | |
Share-based Compensation Expense, Net of Tax | 59 | 62 | 66 | |
Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 78 | |||
Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||
Payments Related to Tax Withholding for Share-based Compensation | $ 40 | $ 59 | $ 8 | |
PLC Long Term Incentive Plan | Performance-Based | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
LTIP Shares, Vested but not yet Distributed, Weighted Average Grant Date Fair Value per share | $ 70.07 | |||
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
LTIP Shares, Nonvested, Number | 1,740 | 1,980 | 2,274 | 2,918 |
RSU's Granted | 1,219 | 1,683 | 1,278 | |
LTIP RSU's, Vested in Period | (1,241) | (1,774) | (1,736) | |
LTIP Shares, Forfeited in Period | (218) | (203) | (186) | |
PLC Long Term Incentive Plan | Restricted Stock Units (RSUs) | Performance-Based | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
LTIP Shares, Vested but not yet Distributed, Number | 764 |
Supplemental Guarantor And Non-Guarantor Condensed Consolidating Financial Statements Statement of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||||||||||||||||||||||||
Net sales | $ 4,313 | $ 4,091 | $ 4,206 | $ 4,051 | $ 3,879 | $ 3,631 | $ 3,858 | $ 3,797 | $ 16,661 | $ 15,165 | $ 15,499 | |||||||||||||||||||||||||||||||
Cost of sales | 3,238 | [1] | 3,256 | 3,348 | 3,265 | 3,161 | 2,862 | 3,076 | 3,056 | 13,107 | 12,155 | 12,471 | ||||||||||||||||||||||||||||||
Selling, general and administrative | 1,145 | 1,017 | 1,036 | |||||||||||||||||||||||||||||||||||||||
Amortization | 134 | 93 | 94 | |||||||||||||||||||||||||||||||||||||||
Restructuring | 154 | 108 | 328 | 177 | 140 | |||||||||||||||||||||||||||||||||||||
Total operating expenses | 14,714 | 13,442 | 13,741 | |||||||||||||||||||||||||||||||||||||||
Operating income | 655 | 460 | 391 | [2] | 441 | 335 | [3] | 461 | 481 | 446 | 1,947 | [4] | 1,723 | [5] | 1,758 | [6] | ||||||||||||||||||||||||||
Interest expense | (156) | (127) | (135) | |||||||||||||||||||||||||||||||||||||||
Other expense, net | (366) | (88) | (8) | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes and equity income | 1,425 | 1,508 | 1,615 | |||||||||||||||||||||||||||||||||||||||
Income tax expense | (242) | (263) | (255) | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations before equity income | 1,183 | 1,245 | 1,360 | |||||||||||||||||||||||||||||||||||||||
Equity in net income of affiliates | 35 | 16 | 20 | |||||||||||||||||||||||||||||||||||||||
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations | 306 | 306 | 271 | 335 | 224 | 364 | 369 | 304 | 1,218 | 1,261 | 1,380 | |||||||||||||||||||||||||||||||
Income from discontinued operations, net of tax | 0 | 0 | 0 | 108 | [7] | (3) | 54 | [8] | 298 | [8] | (75) | [8] | 108 | 274 | 60 | |||||||||||||||||||||||||||
Net income | 306 | 306 | [9] | 271 | 443 | 221 | 418 | 667 | 229 | [10] | 1,326 | 1,535 | 1,440 | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 69 | 85 | 89 | |||||||||||||||||||||||||||||||||||||||
Net income attributable to Delphi | $ 281 | $ 293 | $ 258 | $ 425 | $ 192 | $ 404 | $ 645 | $ 209 | 1,257 | 1,450 | 1,351 | |||||||||||||||||||||||||||||||
Reportable Legal Entities | Parent | ||||||||||||||||||||||||||||||||||||||||||
Net sales | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Cost of sales | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | 87 | 32 | 51 | |||||||||||||||||||||||||||||||||||||||
Amortization | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Restructuring | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total operating expenses | 87 | 32 | 51 | |||||||||||||||||||||||||||||||||||||||
Operating income | (87) | (32) | (51) | |||||||||||||||||||||||||||||||||||||||
Interest expense | (208) | (105) | (24) | |||||||||||||||||||||||||||||||||||||||
Other expense, net | (5) | (20) | 6 | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes and equity income | (300) | (157) | (69) | |||||||||||||||||||||||||||||||||||||||
Income tax expense | 60 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations before equity income | (240) | (157) | (69) | |||||||||||||||||||||||||||||||||||||||
Equity in net income of affiliates | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Equity in net income (loss) of subsidiaries | 1,497 | 1,607 | 1,420 | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations | 1,257 | 1,450 | 1,351 | |||||||||||||||||||||||||||||||||||||||
Income from discontinued operations, net of tax | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Net income | 1,257 | 1,450 | 1,351 | |||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Net income attributable to Delphi | 1,257 | 1,450 | 1,351 | |||||||||||||||||||||||||||||||||||||||
Reportable Legal Entities | Subsidiary Guarantors | ||||||||||||||||||||||||||||||||||||||||||
Net sales | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Cost of sales | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Amortization | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Restructuring | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total operating expenses | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Operating income | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Interest expense | (23) | (30) | (33) | |||||||||||||||||||||||||||||||||||||||
Other expense, net | (163) | 89 | 68 | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes and equity income | (186) | 59 | 35 | |||||||||||||||||||||||||||||||||||||||
Income tax expense | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations before equity income | (186) | 59 | 35 | |||||||||||||||||||||||||||||||||||||||
Equity in net income of affiliates | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Equity in net income (loss) of subsidiaries | 1,621 | 1,548 | 1,385 | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations | 1,435 | 1,607 | 1,420 | |||||||||||||||||||||||||||||||||||||||
Income from discontinued operations, net of tax | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Net income | 1,435 | 1,607 | 1,420 | |||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Net income attributable to Delphi | 1,435 | 1,607 | 1,420 | |||||||||||||||||||||||||||||||||||||||
Reportable Legal Entities | Subsidiary Issuer/Guarantor | ||||||||||||||||||||||||||||||||||||||||||
Net sales | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Cost of sales | 0 | (6) | 0 | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Amortization | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Restructuring | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total operating expenses | 0 | (6) | 0 | |||||||||||||||||||||||||||||||||||||||
Operating income | 0 | 6 | 0 | |||||||||||||||||||||||||||||||||||||||
Interest expense | (202) | (180) | (188) | |||||||||||||||||||||||||||||||||||||||
Other expense, net | (11) | 18 | 25 | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes and equity income | (213) | (156) | (163) | |||||||||||||||||||||||||||||||||||||||
Income tax expense | 78 | 57 | 60 | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations before equity income | (135) | (99) | (103) | |||||||||||||||||||||||||||||||||||||||
Equity in net income of affiliates | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Equity in net income (loss) of subsidiaries | 406 | 508 | 315 | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations | 271 | 409 | 212 | |||||||||||||||||||||||||||||||||||||||
Income from discontinued operations, net of tax | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Net income | 271 | 409 | 212 | |||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Net income attributable to Delphi | 271 | 409 | 212 | |||||||||||||||||||||||||||||||||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||
Net sales | 16,661 | 15,165 | 15,499 | |||||||||||||||||||||||||||||||||||||||
Cost of sales | 13,107 | 12,161 | 12,471 | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | 1,058 | 985 | 985 | |||||||||||||||||||||||||||||||||||||||
Amortization | 134 | 93 | 94 | |||||||||||||||||||||||||||||||||||||||
Restructuring | 328 | 177 | 140 | |||||||||||||||||||||||||||||||||||||||
Total operating expenses | 14,627 | 13,416 | 13,690 | |||||||||||||||||||||||||||||||||||||||
Operating income | 2,034 | 1,749 | 1,809 | |||||||||||||||||||||||||||||||||||||||
Interest expense | (68) | (90) | (74) | |||||||||||||||||||||||||||||||||||||||
Other expense, net | 158 | 103 | 78 | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes and equity income | 2,124 | 1,762 | 1,813 | |||||||||||||||||||||||||||||||||||||||
Income tax expense | (380) | (320) | (315) | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations before equity income | 1,744 | 1,442 | 1,498 | |||||||||||||||||||||||||||||||||||||||
Equity in net income of affiliates | 35 | 16 | 20 | |||||||||||||||||||||||||||||||||||||||
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations | 1,779 | 1,458 | 1,518 | |||||||||||||||||||||||||||||||||||||||
Income from discontinued operations, net of tax | 108 | 274 | 60 | |||||||||||||||||||||||||||||||||||||||
Net income | 1,887 | 1,732 | 1,578 | |||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 69 | 85 | 89 | |||||||||||||||||||||||||||||||||||||||
Net income attributable to Delphi | 1,818 | 1,647 | 1,489 | |||||||||||||||||||||||||||||||||||||||
Eliminations | ||||||||||||||||||||||||||||||||||||||||||
Net sales | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Cost of sales | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Amortization | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Restructuring | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total operating expenses | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Operating income | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Interest expense | 345 | 278 | 184 | |||||||||||||||||||||||||||||||||||||||
Other expense, net | (345) | (278) | (185) | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes and equity income | 0 | 0 | (1) | |||||||||||||||||||||||||||||||||||||||
Income tax expense | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations before equity income | 0 | 0 | (1) | |||||||||||||||||||||||||||||||||||||||
Equity in net income of affiliates | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Equity in net income (loss) of subsidiaries | (3,524) | (3,663) | (3,120) | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations | (3,524) | (3,663) | (3,121) | |||||||||||||||||||||||||||||||||||||||
Income from discontinued operations, net of tax | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Net income | (3,524) | (3,663) | (3,121) | |||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Net income attributable to Delphi | $ (3,524) | $ (3,663) | $ (3,121) | |||||||||||||||||||||||||||||||||||||||
|
Supplemental Guarantor And Non-Guarantor Condensed Consolidating Financial Statements Statement of Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
[1] | Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
[2] | Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||
Net income | $ 306 | $ 306 | $ 271 | $ 443 | $ 221 | $ 418 | $ 667 | $ 229 | $ 1,326 | $ 1,535 | $ 1,440 | ||||||
Currency translation adjustments | (147) | (344) | (325) | ||||||||||||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax | 95 | (28) | (80) | ||||||||||||||
Employee benefit plans adjustment, net of tax | (139) | 64 | (108) | ||||||||||||||
Other comprehensive loss | (191) | (308) | (513) | ||||||||||||||
Equity In other comprehensive income (loss) of subsidiaries | 0 | 0 | 0 | ||||||||||||||
Comprehensive income | 1,135 | 1,227 | 927 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | 60 | 69 | 80 | ||||||||||||||
Comprehensive income attributable to Delphi | 1,075 | 1,158 | 847 | ||||||||||||||
Reportable Legal Entities | Parent | |||||||||||||||||
Net income | 1,257 | 1,450 | 1,351 | ||||||||||||||
Currency translation adjustments | 65 | (5) | 0 | ||||||||||||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax | 0 | 0 | 0 | ||||||||||||||
Employee benefit plans adjustment, net of tax | 0 | 0 | 0 | ||||||||||||||
Other comprehensive loss | 65 | (5) | 0 | ||||||||||||||
Equity In other comprehensive income (loss) of subsidiaries | (247) | (287) | (504) | ||||||||||||||
Comprehensive income | 1,075 | 1,158 | 847 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||||||||
Comprehensive income attributable to Delphi | 1,075 | 1,158 | 847 | ||||||||||||||
Reportable Legal Entities | Subsidiary Guarantors | |||||||||||||||||
Net income | 1,435 | 1,607 | 1,420 | ||||||||||||||
Currency translation adjustments | 0 | 0 | 0 | ||||||||||||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax | 0 | 0 | 0 | ||||||||||||||
Employee benefit plans adjustment, net of tax | 0 | 0 | 0 | ||||||||||||||
Other comprehensive loss | 0 | 0 | 0 | ||||||||||||||
Equity In other comprehensive income (loss) of subsidiaries | (371) | (449) | (573) | ||||||||||||||
Comprehensive income | 1,064 | 1,158 | 847 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||||||||
Comprehensive income attributable to Delphi | 1,064 | 1,158 | 847 | ||||||||||||||
Reportable Legal Entities | Subsidiary Issuer/Guarantor | |||||||||||||||||
Net income | 271 | 409 | 212 | ||||||||||||||
Currency translation adjustments | 0 | 0 | 0 | ||||||||||||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax | 0 | 0 | 0 | ||||||||||||||
Employee benefit plans adjustment, net of tax | 0 | 0 | 0 | ||||||||||||||
Other comprehensive loss | 0 | 0 | 0 | ||||||||||||||
Equity In other comprehensive income (loss) of subsidiaries | 2 | (9) | (50) | ||||||||||||||
Comprehensive income | 273 | 400 | 162 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||||||||
Comprehensive income attributable to Delphi | 273 | 400 | 162 | ||||||||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||||||||||||||
Net income | 1,887 | 1,732 | 1,578 | ||||||||||||||
Currency translation adjustments | (212) | (339) | (325) | ||||||||||||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax | 95 | (28) | (80) | ||||||||||||||
Employee benefit plans adjustment, net of tax | (139) | 64 | (108) | ||||||||||||||
Other comprehensive loss | (256) | (303) | (513) | ||||||||||||||
Equity In other comprehensive income (loss) of subsidiaries | 0 | 0 | 0 | ||||||||||||||
Comprehensive income | 1,631 | 1,429 | 1,065 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | 60 | 69 | 80 | ||||||||||||||
Comprehensive income attributable to Delphi | 1,571 | 1,360 | 985 | ||||||||||||||
Eliminations | |||||||||||||||||
Net income | (3,524) | (3,663) | (3,121) | ||||||||||||||
Currency translation adjustments | 0 | 0 | 0 | ||||||||||||||
Net change in unrecognized gain (loss) on derivative instruments, net of tax | 0 | 0 | 0 | ||||||||||||||
Employee benefit plans adjustment, net of tax | 0 | 0 | 0 | ||||||||||||||
Other comprehensive loss | 0 | 0 | 0 | ||||||||||||||
Equity In other comprehensive income (loss) of subsidiaries | 616 | 745 | 1,127 | ||||||||||||||
Comprehensive income | (2,908) | (2,918) | (1,994) | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||||||||
Comprehensive income attributable to Delphi | $ (2,908) | $ (2,918) | $ (1,994) | ||||||||||||||
|
Supplemental Guarantor And Non-Guarantor Condensed Consolidating Financial Statements Balance Sheet (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||
---|---|---|---|---|---|---|
Cash and cash equivalents | $ 838 | $ 535 | $ 859 | |||
Restricted cash | 1 | 1 | ||||
Accounts receivable, net | 2,938 | 2,750 | ||||
Intercompany accounts receivable, current | 0 | 0 | ||||
Inventories | 1,232 | 1,181 | ||||
Other current assets | 410 | 431 | ||||
Current assets held for sale | 0 | 223 | ||||
Total current assets | 5,419 | 5,121 | ||||
Intercompany receivables, long-term | 0 | 0 | ||||
Property, net | [1] | 3,515 | 3,377 | 3,021 | ||
Investments in affiliates | 101 | 94 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Intangible assets, net | 2,748 | 2,922 | ||||
Other long-term assets | 509 | 459 | ||||
Total long-term assets | 6,873 | 6,852 | ||||
Total assets | 12,292 | 11,973 | ||||
Short-term debt | 12 | 52 | ||||
Accounts payable | 2,563 | 2,541 | ||||
Intercompany payables, current | 0 | 0 | ||||
Accrued liabilities | 1,573 | 1,204 | ||||
Current liabilities held for sale | 0 | 130 | ||||
Total current liabilities | 4,148 | 3,927 | ||||
Long-term debt | 3,959 | 3,956 | ||||
Intercompany payables, long-term | 0 | 0 | ||||
Pension benefit obligations | 955 | 854 | ||||
Other long-term liabilities | 467 | 503 | ||||
Total long-term liabilities | 5,381 | 5,313 | ||||
Total liabilities | 9,529 | 9,240 | ||||
Total Delphi shareholders' equity | 2,401 | 2,250 | ||||
Noncontrolling interest | 362 | 483 | ||||
Total shareholders' equity | 2,763 | 2,733 | 3,013 | $ 3,434 | ||
Total liabilities and shareholders' equity | 12,292 | 11,973 | ||||
Reportable Legal Entities | Parent | ||||||
Cash and cash equivalents | 2 | 4 | 9 | |||
Restricted cash | 0 | 0 | ||||
Accounts receivable, net | 0 | 0 | ||||
Intercompany accounts receivable, current | 47 | 101 | ||||
Inventories | 0 | 0 | ||||
Other current assets | 0 | 0 | ||||
Current assets held for sale | 0 | |||||
Total current assets | 49 | 105 | ||||
Intercompany receivables, long-term | 0 | 0 | ||||
Property, net | 0 | 0 | ||||
Investments in affiliates | 0 | 0 | ||||
Investments in subsidiaries | 10,833 | 8,916 | ||||
Intangible assets, net | 0 | 0 | ||||
Other long-term assets | 60 | 0 | ||||
Total long-term assets | 10,893 | 8,916 | ||||
Total assets | 10,942 | 9,021 | ||||
Short-term debt | 0 | 0 | ||||
Accounts payable | 3 | 2 | ||||
Intercompany payables, current | 5,504 | 4,543 | ||||
Accrued liabilities | 31 | 17 | ||||
Current liabilities held for sale | 0 | |||||
Total current liabilities | 5,538 | 4,562 | ||||
Long-term debt | 2,837 | 2,047 | ||||
Intercompany payables, long-term | 166 | 162 | ||||
Pension benefit obligations | 0 | 0 | ||||
Other long-term liabilities | 0 | 0 | ||||
Total long-term liabilities | 3,003 | 2,209 | ||||
Total liabilities | 8,541 | 6,771 | ||||
Total Delphi shareholders' equity | 2,401 | 2,250 | ||||
Noncontrolling interest | 0 | 0 | ||||
Total shareholders' equity | 2,401 | 2,250 | ||||
Total liabilities and shareholders' equity | 10,942 | 9,021 | ||||
Reportable Legal Entities | Subsidiary Guarantors | ||||||
Cash and cash equivalents | 0 | 0 | 1 | |||
Restricted cash | 0 | 0 | ||||
Accounts receivable, net | 0 | 0 | ||||
Intercompany accounts receivable, current | 1,843 | 1,148 | ||||
Inventories | 0 | 0 | ||||
Other current assets | 0 | 0 | ||||
Current assets held for sale | 0 | |||||
Total current assets | 1,843 | 1,148 | ||||
Intercompany receivables, long-term | 1,070 | 775 | ||||
Property, net | 0 | 0 | ||||
Investments in affiliates | 0 | 0 | ||||
Investments in subsidiaries | 8,722 | 8,028 | ||||
Intangible assets, net | 0 | 0 | ||||
Other long-term assets | 0 | 0 | ||||
Total long-term assets | 9,792 | 8,803 | ||||
Total assets | 11,635 | 9,951 | ||||
Short-term debt | 0 | 0 | ||||
Accounts payable | 0 | 0 | ||||
Intercompany payables, current | 68 | 555 | ||||
Accrued liabilities | 300 | 0 | ||||
Current liabilities held for sale | 0 | |||||
Total current liabilities | 368 | 555 | ||||
Long-term debt | 0 | 0 | ||||
Intercompany payables, long-term | 1,317 | 1,305 | ||||
Pension benefit obligations | 0 | 0 | ||||
Other long-term liabilities | 0 | 0 | ||||
Total long-term liabilities | 1,317 | 1,305 | ||||
Total liabilities | 1,685 | 1,860 | ||||
Total Delphi shareholders' equity | 9,950 | 8,091 | ||||
Noncontrolling interest | 0 | 0 | ||||
Total shareholders' equity | 9,950 | 8,091 | ||||
Total liabilities and shareholders' equity | 11,635 | 9,951 | ||||
Reportable Legal Entities | Subsidiary Issuer/Guarantor | ||||||
Cash and cash equivalents | 0 | 0 | 0 | |||
Restricted cash | 0 | 0 | ||||
Accounts receivable, net | 0 | 0 | ||||
Intercompany accounts receivable, current | 436 | 387 | ||||
Inventories | 0 | 0 | ||||
Other current assets | 0 | 0 | ||||
Current assets held for sale | 0 | |||||
Total current assets | 436 | 387 | ||||
Intercompany receivables, long-term | 768 | 1,007 | ||||
Property, net | 0 | 0 | ||||
Investments in affiliates | 0 | 0 | ||||
Investments in subsidiaries | 3,090 | 3,118 | ||||
Intangible assets, net | 0 | 0 | ||||
Other long-term assets | 10 | 12 | ||||
Total long-term assets | 3,868 | 4,137 | ||||
Total assets | 4,304 | 4,524 | ||||
Short-term debt | 3 | 0 | ||||
Accounts payable | 0 | 0 | ||||
Intercompany payables, current | 974 | 905 | ||||
Accrued liabilities | 30 | 24 | ||||
Current liabilities held for sale | 0 | |||||
Total current liabilities | 1,007 | 929 | ||||
Long-term debt | 1,090 | 1,883 | ||||
Intercompany payables, long-term | 1,296 | 1,001 | ||||
Pension benefit obligations | 0 | 0 | ||||
Other long-term liabilities | 10 | 27 | ||||
Total long-term liabilities | 2,396 | 2,911 | ||||
Total liabilities | 3,403 | 3,840 | ||||
Total Delphi shareholders' equity | 901 | 684 | ||||
Noncontrolling interest | 0 | 0 | ||||
Total shareholders' equity | 901 | 684 | ||||
Total liabilities and shareholders' equity | 4,304 | 4,524 | ||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||||
Cash and cash equivalents | 836 | 531 | 849 | |||
Restricted cash | 1 | 1 | ||||
Accounts receivable, net | 2,938 | 2,750 | ||||
Intercompany accounts receivable, current | 5,285 | 4,852 | ||||
Inventories | 1,232 | 1,181 | ||||
Other current assets | 410 | 431 | ||||
Current assets held for sale | 223 | |||||
Total current assets | 10,702 | 9,969 | ||||
Intercompany receivables, long-term | 1,767 | 1,743 | ||||
Property, net | 3,515 | 3,377 | ||||
Investments in affiliates | 101 | 94 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Intangible assets, net | 2,748 | 2,922 | ||||
Other long-term assets | 439 | 447 | ||||
Total long-term assets | 8,570 | 8,583 | ||||
Total assets | 19,272 | 18,552 | ||||
Short-term debt | 9 | 52 | ||||
Accounts payable | 2,560 | 2,539 | ||||
Intercompany payables, current | 1,065 | 480 | ||||
Accrued liabilities | 1,212 | 1,163 | ||||
Current liabilities held for sale | 130 | |||||
Total current liabilities | 4,846 | 4,364 | ||||
Long-term debt | 32 | 26 | ||||
Intercompany payables, long-term | 826 | 1,057 | ||||
Pension benefit obligations | 955 | 854 | ||||
Other long-term liabilities | 457 | 476 | ||||
Total long-term liabilities | 2,270 | 2,413 | ||||
Total liabilities | 7,116 | 6,777 | ||||
Total Delphi shareholders' equity | 11,794 | 11,292 | ||||
Noncontrolling interest | 362 | 483 | ||||
Total shareholders' equity | 12,156 | 11,775 | ||||
Total liabilities and shareholders' equity | 19,272 | 18,552 | ||||
Eliminations | ||||||
Cash and cash equivalents | 0 | 0 | $ 0 | |||
Restricted cash | 0 | 0 | ||||
Accounts receivable, net | 0 | 0 | ||||
Intercompany accounts receivable, current | (7,611) | (6,488) | ||||
Inventories | 0 | 0 | ||||
Other current assets | 0 | 0 | ||||
Current assets held for sale | 0 | |||||
Total current assets | (7,611) | (6,488) | ||||
Intercompany receivables, long-term | (3,605) | (3,525) | ||||
Property, net | 0 | 0 | ||||
Investments in affiliates | 0 | 0 | ||||
Investments in subsidiaries | (22,645) | (20,062) | ||||
Intangible assets, net | 0 | 0 | ||||
Other long-term assets | 0 | 0 | ||||
Total long-term assets | (26,250) | (23,587) | ||||
Total assets | (33,861) | (30,075) | ||||
Short-term debt | 0 | 0 | ||||
Accounts payable | 0 | 0 | ||||
Intercompany payables, current | (7,611) | (6,483) | ||||
Accrued liabilities | 0 | 0 | ||||
Current liabilities held for sale | 0 | |||||
Total current liabilities | (7,611) | (6,483) | ||||
Long-term debt | 0 | 0 | ||||
Intercompany payables, long-term | (3,605) | (3,525) | ||||
Pension benefit obligations | 0 | 0 | ||||
Other long-term liabilities | 0 | 0 | ||||
Total long-term liabilities | (3,605) | (3,525) | ||||
Total liabilities | (11,216) | (10,008) | ||||
Total Delphi shareholders' equity | (22,645) | (20,067) | ||||
Noncontrolling interest | 0 | 0 | ||||
Total shareholders' equity | (22,645) | (20,067) | ||||
Total liabilities and shareholders' equity | $ (33,861) | $ (30,075) | ||||
|
Supplemental Guarantor And Non-Guarantor Condensed Consolidating Financial Statements Statement of Cash Flows (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Net cash provided by (used in) operating activities from continuing operations | $ 1,941 | $ 1,667 | $ 2,045 |
Net cash provided by (used in) operating activities from discontinued operations | 0 | 36 | 90 |
Net cash provided by operating activities | 1,941 | 1,703 | 2,135 |
Capital expenditures | (828) | (704) | (779) |
Proceeds from sale of property / investments | 28 | 10 | 15 |
Net proceeds from divestiture of discontinued operations | 48 | 730 | 0 |
Proceeds from business divestitures, net of payments of $14 in 2015 | 197 | 11 | 0 |
Cost of business acquisitions, net of cash acquired | (15) | (1,654) | (345) |
Cost of technology investments | (3) | (23) | (5) |
Settlement of derivatives | 1 | 0 | 0 |
Decrease in restricted cash | 0 | 0 | 2 |
Loans to affiliates | 0 | 0 | 0 |
Repayments of loans from affiliates | 0 | 0 | 0 |
Return of investments in subsidiaries | 0 | ||
Investments in subsidiaries | 0 | 0 | |
Net cash used in investing activities from continuing operations | (574) | (1,630) | (1,112) |
Net cash used in investing activities from discontinued operations | (4) | (69) | (74) |
Net cash used in investing activities | (578) | (1,699) | (1,186) |
Net (repayments) proceeds under other short-term debt agreements | (34) | (214) | 7 |
Repayments under long-term debt agreements | 0 | 0 | (164) |
Repayment of senior notes | (862) | (546) | (526) |
Proceeds from issuance of senior notes, net of issuance costs | 852 | 2,043 | 691 |
Contingent consideration and deferred acquisition purchase price payments | (4) | 0 | 0 |
Dividend payments of consolidated affiliates to minority shareholders | (42) | (63) | (73) |
Proceeds from borrowings from affiliates | 0 | 0 | 0 |
Payments on borrowings from affiliates | 0 | 0 | 0 |
Capital distributions to affiliates | 0 | ||
Investment from parent | 0 | 0 | |
Dividends paid to affiliates | 0 | ||
Repurchase of ordinary shares | (634) | (1,159) | (1,024) |
Distribution of cash dividends | (317) | (286) | (301) |
Taxes withheld and paid on employees' restricted share awards | (40) | (59) | (8) |
Net cash used in financing activities | (1,081) | (284) | (1,398) |
Effect of exchange rate fluctuations on cash and cash equivalents | (23) | (45) | (36) |
Increase (decrease) in cash and cash equivalents | 259 | (325) | (485) |
Cash and cash equivalents at beginning of the year | 579 | 904 | 1,389 |
Cash and cash equivalents at end of the year | 838 | 579 | 904 |
Cash and cash equivalents of discontinued operations | 0 | 44 | 45 |
Cash and cash equivalents of continuing operations | 838 | 535 | 859 |
Reportable Legal Entities | Parent | |||
Net cash provided by (used in) operating activities from continuing operations | (141) | (53) | 32 |
Net cash provided by (used in) operating activities from discontinued operations | 0 | 0 | 0 |
Net cash provided by operating activities | (141) | (53) | 32 |
Capital expenditures | 0 | 0 | 0 |
Proceeds from sale of property / investments | 0 | 0 | 0 |
Net proceeds from divestiture of discontinued operations | 0 | 0 | |
Proceeds from business divestitures, net of payments of $14 in 2015 | 0 | 0 | |
Cost of business acquisitions, net of cash acquired | 0 | (1,606) | 0 |
Cost of technology investments | 0 | 0 | 0 |
Settlement of derivatives | 0 | ||
Decrease in restricted cash | 0 | ||
Loans to affiliates | 0 | 0 | 0 |
Repayments of loans from affiliates | 0 | 0 | 0 |
Return of investments in subsidiaries | 0 | ||
Investments in subsidiaries | (854) | (753) | |
Net cash used in investing activities from continuing operations | (854) | (2,359) | 0 |
Net cash used in investing activities from discontinued operations | 0 | 0 | 0 |
Net cash used in investing activities | (854) | (2,359) | 0 |
Net (repayments) proceeds under other short-term debt agreements | 0 | 0 | 0 |
Repayments under long-term debt agreements | 0 | ||
Repayment of senior notes | 0 | 0 | 0 |
Proceeds from issuance of senior notes, net of issuance costs | 852 | 2,043 | 0 |
Contingent consideration and deferred acquisition purchase price payments | 0 | ||
Dividend payments of consolidated affiliates to minority shareholders | 0 | 0 | 0 |
Proceeds from borrowings from affiliates | 1,095 | 3,277 | 1,510 |
Payments on borrowings from affiliates | (353) | (1,468) | (215) |
Capital distributions to affiliates | 0 | ||
Investment from parent | 350 | 0 | |
Dividends paid to affiliates | 0 | ||
Repurchase of ordinary shares | (634) | (1,159) | (1,024) |
Distribution of cash dividends | (317) | (286) | (301) |
Taxes withheld and paid on employees' restricted share awards | 0 | 0 | 0 |
Net cash used in financing activities | 993 | 2,407 | (30) |
Effect of exchange rate fluctuations on cash and cash equivalents | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | (2) | (5) | 2 |
Cash and cash equivalents at beginning of the year | 4 | 9 | 7 |
Cash and cash equivalents at end of the year | 2 | 4 | 9 |
Cash and cash equivalents of discontinued operations | 0 | 0 | 0 |
Cash and cash equivalents of continuing operations | 2 | 4 | 9 |
Reportable Legal Entities | Subsidiary Guarantors | |||
Net cash provided by (used in) operating activities from continuing operations | 125 | 171 | 61 |
Net cash provided by (used in) operating activities from discontinued operations | 0 | 0 | 0 |
Net cash provided by operating activities | 125 | 171 | 61 |
Capital expenditures | 0 | 0 | 0 |
Proceeds from sale of property / investments | 0 | 0 | 0 |
Net proceeds from divestiture of discontinued operations | 0 | 0 | |
Proceeds from business divestitures, net of payments of $14 in 2015 | 0 | 0 | |
Cost of business acquisitions, net of cash acquired | 0 | 0 | 0 |
Cost of technology investments | 0 | 0 | 0 |
Settlement of derivatives | 0 | ||
Decrease in restricted cash | 0 | ||
Loans to affiliates | (979) | (925) | (60) |
Repayments of loans from affiliates | 0 | 0 | 0 |
Return of investments in subsidiaries | 0 | ||
Investments in subsidiaries | 0 | 0 | |
Net cash used in investing activities from continuing operations | (979) | (925) | (60) |
Net cash used in investing activities from discontinued operations | 0 | 0 | 0 |
Net cash used in investing activities | (979) | (925) | (60) |
Net (repayments) proceeds under other short-term debt agreements | 0 | 0 | 0 |
Repayments under long-term debt agreements | 0 | ||
Repayment of senior notes | 0 | 0 | 0 |
Proceeds from issuance of senior notes, net of issuance costs | 0 | 0 | 0 |
Contingent consideration and deferred acquisition purchase price payments | 0 | ||
Dividend payments of consolidated affiliates to minority shareholders | 0 | 0 | 0 |
Proceeds from borrowings from affiliates | 0 | 0 | 144 |
Payments on borrowings from affiliates | 0 | 0 | (144) |
Capital distributions to affiliates | 0 | ||
Investment from parent | 854 | 753 | |
Dividends paid to affiliates | 0 | ||
Repurchase of ordinary shares | 0 | 0 | 0 |
Distribution of cash dividends | 0 | 0 | 0 |
Taxes withheld and paid on employees' restricted share awards | 0 | 0 | 0 |
Net cash used in financing activities | 854 | 753 | 0 |
Effect of exchange rate fluctuations on cash and cash equivalents | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | (1) | 1 |
Cash and cash equivalents at beginning of the year | 0 | 1 | 0 |
Cash and cash equivalents at end of the year | 0 | 0 | 1 |
Cash and cash equivalents of discontinued operations | 0 | 0 | 0 |
Cash and cash equivalents of continuing operations | 0 | 0 | 1 |
Reportable Legal Entities | Subsidiary Issuer/Guarantor | |||
Net cash provided by (used in) operating activities from continuing operations | 0 | 0 | 0 |
Net cash provided by (used in) operating activities from discontinued operations | 0 | 0 | 0 |
Net cash provided by operating activities | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Proceeds from sale of property / investments | 0 | 0 | 0 |
Net proceeds from divestiture of discontinued operations | 0 | 0 | |
Proceeds from business divestitures, net of payments of $14 in 2015 | 0 | (7) | |
Cost of business acquisitions, net of cash acquired | (15) | (104) | (345) |
Cost of technology investments | (3) | 0 | 0 |
Settlement of derivatives | 0 | ||
Decrease in restricted cash | 0 | ||
Loans to affiliates | 0 | (342) | (1,075) |
Repayments of loans from affiliates | 0 | 135 | 165 |
Return of investments in subsidiaries | 389 | ||
Investments in subsidiaries | (350) | 0 | |
Net cash used in investing activities from continuing operations | (368) | (318) | (866) |
Net cash used in investing activities from discontinued operations | 0 | 0 | 0 |
Net cash used in investing activities | (368) | (318) | (866) |
Net (repayments) proceeds under other short-term debt agreements | 0 | 0 | 0 |
Repayments under long-term debt agreements | (164) | ||
Repayment of senior notes | (862) | (546) | (526) |
Proceeds from issuance of senior notes, net of issuance costs | 0 | 0 | 691 |
Contingent consideration and deferred acquisition purchase price payments | 0 | ||
Dividend payments of consolidated affiliates to minority shareholders | 0 | 0 | 0 |
Proceeds from borrowings from affiliates | 1,230 | 964 | 975 |
Payments on borrowings from affiliates | 0 | 0 | (110) |
Capital distributions to affiliates | 0 | ||
Investment from parent | 0 | 0 | |
Dividends paid to affiliates | (100) | ||
Repurchase of ordinary shares | 0 | 0 | 0 |
Distribution of cash dividends | 0 | 0 | 0 |
Taxes withheld and paid on employees' restricted share awards | 0 | 0 | 0 |
Net cash used in financing activities | 368 | 318 | 866 |
Effect of exchange rate fluctuations on cash and cash equivalents | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of the year | 0 | 0 | 0 |
Cash and cash equivalents at end of the year | 0 | 0 | 0 |
Cash and cash equivalents of discontinued operations | 0 | 0 | 0 |
Cash and cash equivalents of continuing operations | 0 | 0 | 0 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||
Net cash provided by (used in) operating activities from continuing operations | 1,957 | 1,649 | 1,952 |
Net cash provided by (used in) operating activities from discontinued operations | 0 | 36 | 90 |
Net cash provided by operating activities | 1,957 | 1,685 | 2,042 |
Capital expenditures | (828) | (704) | (779) |
Proceeds from sale of property / investments | 28 | 10 | 15 |
Net proceeds from divestiture of discontinued operations | 48 | 730 | |
Proceeds from business divestitures, net of payments of $14 in 2015 | 197 | 18 | |
Cost of business acquisitions, net of cash acquired | 0 | 56 | 0 |
Cost of technology investments | 0 | (23) | (5) |
Settlement of derivatives | 1 | ||
Decrease in restricted cash | 2 | ||
Loans to affiliates | (1,346) | (3,221) | (1,494) |
Repayments of loans from affiliates | 353 | 1,333 | 304 |
Return of investments in subsidiaries | 0 | ||
Investments in subsidiaries | 0 | 0 | |
Net cash used in investing activities from continuing operations | (1,549) | (1,801) | (1,957) |
Net cash used in investing activities from discontinued operations | (4) | (69) | (74) |
Net cash used in investing activities | (1,553) | (1,870) | (2,031) |
Net (repayments) proceeds under other short-term debt agreements | (34) | (214) | 7 |
Repayments under long-term debt agreements | 0 | ||
Repayment of senior notes | 0 | 0 | 0 |
Proceeds from issuance of senior notes, net of issuance costs | 0 | 0 | 0 |
Contingent consideration and deferred acquisition purchase price payments | (4) | ||
Dividend payments of consolidated affiliates to minority shareholders | (42) | (63) | (73) |
Proceeds from borrowings from affiliates | 0 | 247 | 0 |
Payments on borrowings from affiliates | 0 | 0 | 0 |
Capital distributions to affiliates | 389 | ||
Investment from parent | 0 | 0 | |
Dividends paid to affiliates | 0 | ||
Repurchase of ordinary shares | 0 | 0 | 0 |
Distribution of cash dividends | 0 | 0 | 0 |
Taxes withheld and paid on employees' restricted share awards | (40) | (59) | (8) |
Net cash used in financing activities | (120) | (89) | (463) |
Effect of exchange rate fluctuations on cash and cash equivalents | (23) | (45) | (36) |
Increase (decrease) in cash and cash equivalents | 261 | (319) | (488) |
Cash and cash equivalents at beginning of the year | 575 | 894 | 1,382 |
Cash and cash equivalents at end of the year | 836 | 575 | 894 |
Cash and cash equivalents of discontinued operations | 0 | 44 | 45 |
Cash and cash equivalents of continuing operations | 836 | 531 | 849 |
Eliminations | |||
Net cash provided by (used in) operating activities from continuing operations | 0 | (100) | 0 |
Net cash provided by (used in) operating activities from discontinued operations | 0 | 0 | 0 |
Net cash provided by operating activities | 0 | (100) | 0 |
Capital expenditures | 0 | 0 | 0 |
Proceeds from sale of property / investments | 0 | 0 | 0 |
Net proceeds from divestiture of discontinued operations | 0 | 0 | |
Proceeds from business divestitures, net of payments of $14 in 2015 | 0 | 0 | |
Cost of business acquisitions, net of cash acquired | 0 | 0 | 0 |
Cost of technology investments | 0 | 0 | 0 |
Settlement of derivatives | 0 | ||
Decrease in restricted cash | 0 | ||
Loans to affiliates | 2,325 | 4,488 | 2,629 |
Repayments of loans from affiliates | (353) | (1,468) | (469) |
Return of investments in subsidiaries | (389) | ||
Investments in subsidiaries | 1,204 | 753 | |
Net cash used in investing activities from continuing operations | 3,176 | 3,773 | 1,771 |
Net cash used in investing activities from discontinued operations | 0 | 0 | 0 |
Net cash used in investing activities | 3,176 | 3,773 | 1,771 |
Net (repayments) proceeds under other short-term debt agreements | 0 | 0 | 0 |
Repayments under long-term debt agreements | 0 | ||
Repayment of senior notes | 0 | 0 | 0 |
Proceeds from issuance of senior notes, net of issuance costs | 0 | 0 | 0 |
Contingent consideration and deferred acquisition purchase price payments | 0 | ||
Dividend payments of consolidated affiliates to minority shareholders | 0 | 0 | 0 |
Proceeds from borrowings from affiliates | (2,325) | (4,488) | (2,629) |
Payments on borrowings from affiliates | 353 | 1,468 | 469 |
Capital distributions to affiliates | (389) | ||
Investment from parent | (1,204) | (753) | |
Dividends paid to affiliates | 100 | ||
Repurchase of ordinary shares | 0 | 0 | 0 |
Distribution of cash dividends | 0 | 0 | 0 |
Taxes withheld and paid on employees' restricted share awards | 0 | 0 | 0 |
Net cash used in financing activities | (3,176) | (3,673) | (1,771) |
Effect of exchange rate fluctuations on cash and cash equivalents | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of the year | 0 | 0 | 0 |
Cash and cash equivalents at end of the year | 0 | 0 | 0 |
Cash and cash equivalents of discontinued operations | 0 | 0 | 0 |
Cash and cash equivalents of continuing operations | $ 0 | $ 0 | $ 0 |
Segment Reporting Reconciliation of Sales and Operating Data (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
Net sales | $ 4,313 | $ 4,091 | $ 4,206 | $ 4,051 | $ 3,879 | $ 3,631 | $ 3,858 | $ 3,797 | $ 16,661 | $ 15,165 | $ 15,499 | ||||||||||||||||||
Depreciation and amortization | 704 | 540 | 540 | ||||||||||||||||||||||||||
Adjusted operating income | 2,223 | 1,971 | 1,925 | ||||||||||||||||||||||||||
Operating income | 655 | $ 460 | 391 | [1] | $ 441 | 335 | [2] | $ 461 | $ 481 | $ 446 | 1,947 | [3] | 1,723 | [4] | 1,758 | [5] | |||||||||||||
Equity income, net of tax | 35 | 16 | 20 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 66 | 73 | 71 | ||||||||||||||||||||||||||
Capital expenditures | 828 | 704 | 779 | ||||||||||||||||||||||||||
Gain (loss) on business divestitures | 141 | (8) | |||||||||||||||||||||||||||
Restructuring | $ 154 | $ 108 | 328 | 177 | 140 | ||||||||||||||||||||||||
Electrical / Electronic Architecture | |||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
Restructuring | 117 | 37 | 57 | ||||||||||||||||||||||||||
Powertrain Systems | |||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
Restructuring | 172 | 115 | 55 | ||||||||||||||||||||||||||
Electronics And Safety | |||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
Restructuring | 39 | 25 | 28 | ||||||||||||||||||||||||||
Operating Segments | Electrical / Electronic Architecture | |||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
Net sales | 9,316 | 8,180 | 8,274 | ||||||||||||||||||||||||||
Depreciation and amortization | 399 | 276 | 266 | ||||||||||||||||||||||||||
Adjusted operating income | 1,344 | 1,095 | 1,060 | ||||||||||||||||||||||||||
Operating income | 1,186 | [3] | 1,014 | [4] | 986 | [5] | |||||||||||||||||||||||
Equity income, net of tax | 35 | 16 | 21 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 34 | 39 | 35 | ||||||||||||||||||||||||||
Capital expenditures | 458 | 353 | 326 | ||||||||||||||||||||||||||
Gain (loss) on business divestitures | 0 | (14) | |||||||||||||||||||||||||||
Restructuring | 117 | 37 | 57 | ||||||||||||||||||||||||||
Operating Segments | Powertrain Systems | |||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
Net sales | 4,486 | 4,407 | 4,540 | ||||||||||||||||||||||||||
Depreciation and amortization | 217 | 195 | 200 | ||||||||||||||||||||||||||
Adjusted operating income | 511 | 524 | 486 | ||||||||||||||||||||||||||
Operating income | 300 | [3] | 388 | [4] | 427 | [5] | |||||||||||||||||||||||
Equity income, net of tax | 0 | 0 | (1) | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 32 | 34 | 36 | ||||||||||||||||||||||||||
Capital expenditures | 171 | 201 | 322 | ||||||||||||||||||||||||||
Gain (loss) on business divestitures | 0 | 0 | |||||||||||||||||||||||||||
Restructuring | 172 | 115 | 55 | ||||||||||||||||||||||||||
Operating Segments | Electronics And Safety | |||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
Net sales | 3,014 | 2,744 | 2,880 | ||||||||||||||||||||||||||
Depreciation and amortization | 88 | 69 | 74 | ||||||||||||||||||||||||||
Adjusted operating income | 368 | 352 | 379 | ||||||||||||||||||||||||||
Operating income | 461 | [3] | 321 | [4] | 345 | [5] | |||||||||||||||||||||||
Equity income, net of tax | 0 | 0 | 0 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||||||||||||||||||||
Capital expenditures | 131 | 102 | 82 | ||||||||||||||||||||||||||
Gain (loss) on business divestitures | 141 | 6 | |||||||||||||||||||||||||||
Restructuring | 39 | 25 | 28 | ||||||||||||||||||||||||||
Intersegment Eliminations | |||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
Net sales | [6] | (155) | (166) | (195) | |||||||||||||||||||||||||
Depreciation and amortization | [6] | 0 | 0 | 0 | |||||||||||||||||||||||||
Adjusted operating income | [6] | 0 | 0 | 0 | |||||||||||||||||||||||||
Operating income | [6] | 0 | [3] | 0 | [4] | 0 | [5] | ||||||||||||||||||||||
Equity income, net of tax | [6] | 0 | 0 | 0 | |||||||||||||||||||||||||
Net income attributable to noncontrolling interest | [6] | 0 | 0 | 0 | |||||||||||||||||||||||||
Capital expenditures | [6] | 68 | 48 | 49 | |||||||||||||||||||||||||
Gain (loss) on business divestitures | 0 | ||||||||||||||||||||||||||||
Restructuring | 0 | $ 0 | $ 0 | ||||||||||||||||||||||||||
Mechatronics Business | |||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
Gain (loss) on business divestitures | $ 141 | ||||||||||||||||||||||||||||
Mechatronics Business | Electronics And Safety | |||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
Gain (loss) on business divestitures | $ 141 | ||||||||||||||||||||||||||||
|
Segment Reporting Balance Sheet (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
---|---|---|---|---|---|---|
Segment Reporting Information [Line Items] | ||||||
Investments in affiliates | $ 101 | $ 94 | ||||
Goodwill | 1,508 | 1,539 | $ 656 | |||
Total segment assets | 12,292 | 11,973 | ||||
Electrical / Electronic Architecture | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | 1,424 | 1,458 | 648 | |||
Powertrain Systems | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | 6 | 8 | 8 | |||
Electronics And Safety | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | 78 | 73 | $ 0 | |||
Operating Segments | Electrical / Electronic Architecture | ||||||
Segment Reporting Information [Line Items] | ||||||
Investments in affiliates | 67 | 60 | ||||
Goodwill | 1,424 | 1,458 | ||||
Total segment assets | 8,458 | 7,924 | ||||
Operating Segments | Powertrain Systems | ||||||
Segment Reporting Information [Line Items] | ||||||
Investments in affiliates | 34 | 34 | ||||
Goodwill | 6 | 8 | ||||
Total segment assets | 3,589 | 3,684 | ||||
Operating Segments | Electronics And Safety | ||||||
Segment Reporting Information [Line Items] | ||||||
Investments in affiliates | 0 | 0 | ||||
Goodwill | 78 | 73 | ||||
Total segment assets | 2,327 | 2,474 | ||||
Intersegment Eliminations | ||||||
Segment Reporting Information [Line Items] | ||||||
Investments in affiliates | [1] | 0 | 0 | |||
Goodwill | 0 | 0 | ||||
Total segment assets | [1] | $ (2,082) | $ (2,109) | |||
|
Segment Reporting Reconciliation of Adjusted OI to Net Income (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income | $ 2,223 | $ 1,971 | $ 1,925 | |||||||||||||||||||||||||||||||||||||||
Restructuring | $ (154) | $ (108) | (328) | (177) | (140) | |||||||||||||||||||||||||||||||||||||
Other acquisition and portfolio project costs | (59) | (47) | (20) | |||||||||||||||||||||||||||||||||||||||
Asset impairments | (30) | (16) | (7) | |||||||||||||||||||||||||||||||||||||||
Gain (loss) on business divestitures, net | 141 | (8) | ||||||||||||||||||||||||||||||||||||||||
Operating income | $ 655 | $ 460 | 391 | [1] | $ 441 | 335 | [2] | $ 461 | $ 481 | $ 446 | 1,947 | [3] | 1,723 | [4] | 1,758 | [5] | ||||||||||||||||||||||||||
Interest expense | (156) | (127) | (135) | |||||||||||||||||||||||||||||||||||||||
Other expense, net | (366) | (88) | (8) | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes and equity income | 1,425 | 1,508 | 1,615 | |||||||||||||||||||||||||||||||||||||||
Income tax expense | (242) | (263) | (255) | |||||||||||||||||||||||||||||||||||||||
Equity income, net of tax | 35 | 16 | 20 | |||||||||||||||||||||||||||||||||||||||
Income from continuing operations | 306 | 306 | 271 | 335 | 224 | 364 | 369 | 304 | 1,218 | 1,261 | 1,380 | |||||||||||||||||||||||||||||||
Income from discontinued operations, net of tax | 0 | 0 | 0 | 108 | [6] | (3) | 54 | [7] | 298 | [7] | (75) | [7] | 108 | 274 | 60 | |||||||||||||||||||||||||||
Net income | 306 | 306 | [8] | 271 | 443 | 221 | 418 | 667 | 229 | [9] | 1,326 | 1,535 | 1,440 | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 69 | 85 | 89 | |||||||||||||||||||||||||||||||||||||||
Net income attributable to Delphi | $ 281 | $ 293 | $ 258 | $ 425 | $ 192 | $ 404 | $ 645 | $ 209 | 1,257 | 1,450 | 1,351 | |||||||||||||||||||||||||||||||
Intersegment Eliminations | ||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income | [10] | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Restructuring | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Other acquisition and portfolio project costs | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Asset impairments | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Gain (loss) on business divestitures, net | 0 | |||||||||||||||||||||||||||||||||||||||||
Operating income | [10] | 0 | [3] | 0 | [4] | 0 | [5] | |||||||||||||||||||||||||||||||||||
Equity income, net of tax | [10] | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Electrical / Electronic Architecture | ||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Restructuring | (117) | (37) | (57) | |||||||||||||||||||||||||||||||||||||||
Electrical / Electronic Architecture | Operating Segments | ||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income | 1,344 | 1,095 | 1,060 | |||||||||||||||||||||||||||||||||||||||
Restructuring | (117) | (37) | (57) | |||||||||||||||||||||||||||||||||||||||
Other acquisition and portfolio project costs | (41) | (26) | (15) | |||||||||||||||||||||||||||||||||||||||
Asset impairments | 0 | (4) | (2) | |||||||||||||||||||||||||||||||||||||||
Gain (loss) on business divestitures, net | 0 | (14) | ||||||||||||||||||||||||||||||||||||||||
Operating income | 1,186 | [3] | 1,014 | [4] | 986 | [5] | ||||||||||||||||||||||||||||||||||||
Equity income, net of tax | 35 | 16 | 21 | |||||||||||||||||||||||||||||||||||||||
Powertrain Systems | ||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Restructuring | (172) | (115) | (55) | |||||||||||||||||||||||||||||||||||||||
Powertrain Systems | Operating Segments | ||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income | 511 | 524 | 486 | |||||||||||||||||||||||||||||||||||||||
Restructuring | (172) | (115) | (55) | |||||||||||||||||||||||||||||||||||||||
Other acquisition and portfolio project costs | (10) | (12) | (3) | |||||||||||||||||||||||||||||||||||||||
Asset impairments | (29) | (9) | (1) | |||||||||||||||||||||||||||||||||||||||
Gain (loss) on business divestitures, net | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||
Operating income | 300 | [3] | 388 | [4] | 427 | [5] | ||||||||||||||||||||||||||||||||||||
Equity income, net of tax | 0 | 0 | (1) | |||||||||||||||||||||||||||||||||||||||
Electronics And Safety | ||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Restructuring | (39) | (25) | (28) | |||||||||||||||||||||||||||||||||||||||
Electronics And Safety | Operating Segments | ||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income | 368 | 352 | 379 | |||||||||||||||||||||||||||||||||||||||
Restructuring | (39) | (25) | (28) | |||||||||||||||||||||||||||||||||||||||
Other acquisition and portfolio project costs | (8) | (9) | (2) | |||||||||||||||||||||||||||||||||||||||
Asset impairments | (1) | (3) | (4) | |||||||||||||||||||||||||||||||||||||||
Gain (loss) on business divestitures, net | 141 | 6 | ||||||||||||||||||||||||||||||||||||||||
Operating income | 461 | [3] | 321 | [4] | 345 | [5] | ||||||||||||||||||||||||||||||||||||
Equity income, net of tax | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||||||||||||||||||||
|
Segment Reporting Geographical Data (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Net sales | $ 4,313 | $ 4,091 | $ 4,206 | $ 4,051 | $ 3,879 | $ 3,631 | $ 3,858 | $ 3,797 | $ 16,661 | $ 15,165 | $ 15,499 | |||||||||
Property, net | [1] | 3,515 | 3,377 | 3,515 | 3,377 | 3,021 | ||||||||||||||
United States | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Net sales | [2] | 6,037 | 5,536 | 5,160 | ||||||||||||||||
Property, net | [1],[2] | 980 | 898 | 980 | 898 | 675 | ||||||||||||||
Other North America | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Net sales | 143 | 146 | 208 | |||||||||||||||||
Property, net | [1] | 171 | 147 | 171 | 147 | 135 | ||||||||||||||
Europe, Middle East & Africa | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Net sales | [3] | 5,871 | 5,275 | 5,940 | ||||||||||||||||
Property, net | [1],[3] | 1,435 | 1,469 | 1,435 | 1,469 | 1,395 | ||||||||||||||
Asia Pacific | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Net sales | [4] | 4,274 | 3,839 | 3,552 | ||||||||||||||||
Property, net | [1],[4] | 858 | 809 | 858 | 809 | 732 | ||||||||||||||
South America | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Net sales | 336 | 369 | 639 | |||||||||||||||||
Property, net | [1] | 71 | 54 | 71 | 54 | 84 | ||||||||||||||
United Kingdom | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Net sales | 827 | 834 | 892 | |||||||||||||||||
Property, net | $ 230 | $ 276 | 230 | $ 276 | $ 231 | |||||||||||||||
Germany | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Net sales | $ 959 | |||||||||||||||||||
|
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||||||||||||||||||||||||||
Net sales | $ 4,313 | $ 4,091 | $ 4,206 | $ 4,051 | $ 3,879 | $ 3,631 | $ 3,858 | $ 3,797 | $ 16,661 | $ 15,165 | $ 15,499 | |||||||||||||||||||||||||||||||||
Cost of sales | 3,238 | [1] | 3,256 | 3,348 | 3,265 | 3,161 | 2,862 | 3,076 | 3,056 | 13,107 | 12,155 | 12,471 | ||||||||||||||||||||||||||||||||
Gross profit | 1,075 | 835 | 858 | 786 | 718 | 769 | 782 | 741 | 3,554 | 3,010 | ||||||||||||||||||||||||||||||||||
Operating income | 655 | 460 | 391 | [2] | 441 | 335 | [3] | 461 | 481 | 446 | 1,947 | [4] | 1,723 | [5] | 1,758 | [6] | ||||||||||||||||||||||||||||
Income from continuing operations | 306 | 306 | 271 | 335 | 224 | 364 | 369 | 304 | 1,218 | 1,261 | 1,380 | |||||||||||||||||||||||||||||||||
Income from discontinued operations, net of tax | 0 | 0 | 0 | 108 | [7] | (3) | 54 | [8] | 298 | [8] | (75) | [8] | 108 | 274 | 60 | |||||||||||||||||||||||||||||
Net income | 306 | 306 | [9] | 271 | 443 | 221 | 418 | 667 | 229 | [10] | 1,326 | 1,535 | 1,440 | |||||||||||||||||||||||||||||||
Net income attributable to Delphi | $ 281 | $ 293 | $ 258 | $ 425 | $ 192 | $ 404 | $ 645 | $ 209 | $ 1,257 | $ 1,450 | $ 1,351 | |||||||||||||||||||||||||||||||||
Income from continuing operations, per basic share | $ 1.04 | [11] | $ 1.08 | [11] | $ 0.95 | [11] | $ 1.16 | [11] | $ 0.71 | [11] | $ 1.24 | [11] | $ 1.22 | [11] | $ 0.99 | [11] | $ 4.22 | [11] | $ 4.16 | [11] | $ 4.36 | |||||||||||||||||||||||
Income from discontinued operations, per basic share | 0.00 | [11] | 0.00 | [11] | 0.00 | [11] | 0.38 | [11] | (0.02) | [11] | 0.19 | [11] | 1.02 | [11] | (0.27) | [11] | 0.38 | [11] | 0.92 | [11] | 0.14 | |||||||||||||||||||||||
Basic net income per share attributable to Delphi | $ 1.04 | [11] | $ 1.08 | [11] | $ 0.95 | [11] | $ 1.54 | [11] | $ 0.69 | [11] | $ 1.43 | [11] | $ 2.24 | [11] | $ 0.72 | [11] | $ 4.60 | [11] | $ 5.08 | [11] | $ 4.50 | |||||||||||||||||||||||
Weighted average number of basic shares outstanding | 270,380 | 272,190 | 272,920 | 276,620 | 279,290 | 282,970 | 287,770 | 290,900 | 273,020 | 285,200 | 300,270 | |||||||||||||||||||||||||||||||||
Income from continuing operations, per diluted share | $ 1.03 | [11] | $ 1.07 | [11] | $ 0.94 | [11] | $ 1.15 | [11] | $ 0.70 | [11] | $ 1.23 | [11] | $ 1.21 | [11] | $ 0.99 | [11] | $ 4.21 | [11] | $ 4.14 | [11] | $ 4.34 | |||||||||||||||||||||||
Income from discontinued operations, per diluted share | 0.00 | [11] | 0.00 | [11] | 0.00 | [11] | 0.38 | [11] | (0.02) | [11] | 0.19 | [11] | 1.02 | [11] | (0.27) | [11] | 0.38 | [11] | 0.92 | [11] | 0.14 | |||||||||||||||||||||||
Diluted net income per share attributable to Delphi | $ 1.03 | [11] | $ 1.07 | [11] | $ 0.94 | [11] | $ 1.53 | [11] | $ 0.68 | [11] | $ 1.42 | [11] | $ 2.23 | [11] | $ 0.72 | [11] | $ 4.59 | [11] | $ 5.06 | [11] | $ 4.48 | |||||||||||||||||||||||
Weighted average number of diluted shares outstanding | 271,640 | 272,770 | 273,370 | 277,040 | 281,640 | 284,400 | 288,850 | 291,810 | 273,700 | 286,640 | 301,890 | |||||||||||||||||||||||||||||||||
Gain (loss) on business divestitures | $ 141 | $ (8) | ||||||||||||||||||||||||||||||||||||||||||
Restructuring | $ 154 | $ 108 | 328 | 177 | $ 140 | |||||||||||||||||||||||||||||||||||||||
Gain (loss) on divestiture of discontinued operations, net of tax | $ 104 | |||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | $ (73) | $ (52) | (73) | (58) | (34) | |||||||||||||||||||||||||||||||||||||||
Loss Contingency Accrual, Provision | 300 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Powertrain Systems | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring | $ 172 | 115 | 55 | |||||||||||||||||||||||||||||||||||||||||
Powertrain Systems | EMEA | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring | 68 | |||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | Unsecured Creditors Litigation | Judicial Ruling | ||||||||||||||||||||||||||||||||||||||||||||
Loss Contingency Accrual, Provision | $ 300 | |||||||||||||||||||||||||||||||||||||||||||
Plant Closure | Powertrain Systems | EMEA | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring | $ 88 | $ 35 | ||||||||||||||||||||||||||||||||||||||||||
Mechatronics Business | ||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on business divestitures | $ 141 | |||||||||||||||||||||||||||||||||||||||||||
Thermal Systems | Discontinued Operations, Disposed of by Sale | ||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on divestiture of discontinued operations, net of tax | $ 285 | 271 | ||||||||||||||||||||||||||||||||||||||||||
Thermal Systems | KDAC | Discontinued Operations, Disposed of by Sale | ||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on divestiture of discontinued operations, net of tax | $ 47 | $ (41) | ||||||||||||||||||||||||||||||||||||||||||
Impairment loss on KDAC interest | $ 88 | |||||||||||||||||||||||||||||||||||||||||||
|
Discontinued Operations Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Sep. 24, 2015 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Net proceeds from divestiture of discontinued operations | $ 48 | $ 730 | $ 0 | |||||
Gain (loss) on divestiture of discontinued operations, net of tax | $ 104 | |||||||
KDAC | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
KDAC Ownership Percentage, Classified as Discontinued Operations | 50.00% | |||||||
SDAAC | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
SDAAC Ownership Percentage, Classified as Discontinued Operations | 50.00% | |||||||
Thermal Systems | Discontinued Operations, Disposed of by Sale | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from divestiture of discontinued operations | 670 | |||||||
Gain (loss) on divestiture of discontinued operations, net of tax | $ 285 | $ 271 | ||||||
Gain (loss) on divestiture of discontinued operations, net of tax, per share | $ 0.95 | |||||||
Tax effect of gain on divestiture of discontinued operations | $ 52 | |||||||
Transaction costs | 10 | |||||||
Post-Closing Adjustments | 18 | |||||||
Thermal Systems | Discontinued Operations, Disposed of by Sale | KDAC | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Net proceeds from divestiture of discontinued operations | $ 70 | |||||||
Gain (loss) on divestiture of discontinued operations, net of tax | $ 47 | $ (41) | ||||||
Gain (loss) on divestiture of discontinued operations, net of tax, per share | $ (0.14) | |||||||
Impairment loss on KDAC interest | $ 88 | |||||||
Impairment of KDAC interest, Per Share | $ 0.30 | |||||||
Fair value of KDAC interest | $ 32 | |||||||
Thermal Systems | Discontinued Operations, Disposed of by Sale | SDAAC | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Net proceeds from divestiture of discontinued operations | 62 | |||||||
Gain (loss) on divestiture of discontinued operations, net of tax | $ 104 | |||||||
Gain (loss) on divestiture of discontinued operations, net of tax, per share | $ 0.38 | |||||||
Tax effect of gain on divestiture of discontinued operations | $ 10 | |||||||
Cash divested | 29 | |||||||
Thermal Systems | Discontinued Operations, Disposed of by Sale | Other income (expense), net | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Transition Services Agreement Fees | 8 | $ 8 | ||||||
Thermal Systems | Discontinued Operations, Held-for-sale or Disposed of by Sale | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (loss) on divestiture of discontinued operations, net of tax | 104 | 318 | 0 | |||||
Post-Closing Adjustments to Prior Period Gain on Divestiture | $ (3) | $ 0 | $ 0 |
Discontinued Operations Reconciliation of Major Classes of Assets and Liabilities of the Discontinued Operation classified as Held for Sale (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Disposal Group, Including Discontinued Operation, Assets [Abstract] | |||
Cash and cash equivalents | $ 0 | $ 44 | $ 45 |
Discontinued Operations, Held-for-sale or Disposed of by Sale | Thermal Systems | |||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | |||
Cash and cash equivalents | 44 | ||
Accounts receivable, net | 79 | ||
Inventories, net | 17 | ||
Property, net | 74 | ||
Intangible assets, net | 1 | ||
Other assets | 8 | ||
Total assets classified as held for sale | 223 | ||
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |||
Accounts payable | 97 | ||
Accrued liabilities | 27 | ||
Other liabilities | 6 | ||
Total liabilities classified as held for sale | 130 | ||
Discontinued Operations, Held-for-sale or Disposed of by Sale | Thermal Systems | SDAAC | |||
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |||
Noncontrolling interest attributable to discontinued operations | $ 109 |
Discontinued Operations Reconciliation of Major Classes of Profit or Loss of Discontinued Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
[2] | Jun. 30, 2015 |
[2] | Mar. 31, 2015 |
[2] | Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Gain (loss) on divestiture of discontinued operations, net of tax | $ 104 | ||||||||||||||||||
Income from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ 108 | [1] | $ (3) | $ 54 | $ 298 | $ (75) | $ 108 | $ 274 | $ 60 | |||||||
Income from discontinued operations attributable to Delphi | 105 | 262 | 42 | ||||||||||||||||
Discontinued Operations, Held-for-sale or Disposed of by Sale | Thermal Systems | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Net sales | 78 | 914 | 1,524 | ||||||||||||||||
Cost of sales | 67 | 828 | 1,379 | ||||||||||||||||
Selling, general and administrative | 4 | 27 | 45 | ||||||||||||||||
Amortization | 0 | 1 | 7 | ||||||||||||||||
Restructuring | 0 | 3 | 4 | ||||||||||||||||
Other income and expense items that are not major, net | 0 | 0 | 1 | ||||||||||||||||
Income from discontinued operations before income taxes and equity income | 7 | 55 | 90 | ||||||||||||||||
Income tax expense on discontinued operations | 0 | (10) | (27) | ||||||||||||||||
Equity loss from discontinued operations, net of tax | 0 | (1) | (3) | ||||||||||||||||
Gain (loss) on divestiture of discontinued operations, net of tax | 104 | 318 | 0 | ||||||||||||||||
Adjustment to prior period gain on divestiture, net of tax | (3) | 0 | 0 | ||||||||||||||||
Impairment loss | 0 | (88) | 0 | ||||||||||||||||
Income from discontinued operations, net of tax | 108 | 274 | 60 | ||||||||||||||||
Income from discontinued operations attributable to noncontrolling interests | 3 | 12 | 18 | ||||||||||||||||
Income from discontinued operations attributable to Delphi | 105 | 262 | 42 | ||||||||||||||||
Income from discontinued operations before income taxes attributable to Delphi | 115 | 270 | 65 | ||||||||||||||||
Discontinued Operations, Held-for-sale or Disposed of by Sale | Thermal Systems | SDAAC | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Income tax expense of discontinued operations attributable to noncontrolling interest | $ 0 | $ 2 | $ 4 | ||||||||||||||||
|
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||
Allowance for doubtful accounts | ||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||
Valuation Allowances and Reserves, Balance at beginning of period | $ 26 | $ 21 | $ 60 | |||||
Valuation Allowances and Reserves, Charged to Cost and Expense | 24 | 11 | 10 | |||||
Valuation Allowances and Reserves, Deductions | (7) | (7) | (5) | |||||
Valuation Allowances and Reserves, Other Activity | (1) | 1 | (44) | [1] | ||||
Valuation Allowances and Reserves, Balance at end of period | 42 | 26 | 21 | |||||
Tax valuation allowance | ||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||
Valuation Allowances and Reserves, Balance at beginning of period | 910 | 747 | 642 | |||||
Valuation Allowances and Reserves, Charged to Cost and Expense | [2] | 578 | 192 | 187 | ||||
Valuation Allowances and Reserves, Deductions | 0 | 0 | (15) | |||||
Valuation Allowances and Reserves, Other Activity | (30) | (29) | (67) | |||||
Valuation Allowances and Reserves, Balance at end of period | $ 1,458 | $ 910 | $ 747 | |||||
|
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