filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
The following selected consolidated financial data were derived from our audited consolidated financial statements and should be read in conjunction with, and are qualified by reference to, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and the consolidated financial statements and notes thereto included elsewhere in this Annual Report. The financial information presented may not be indicative of our future performance.
The assets and liabilities and operating results for the previously reported Powertrain Systems and Thermal Systems segments have been reclassified as discontinued operations separate from the Company’s continuing operations for all periods presented. For further information regarding discontinued operations, see Note 25. Discontinued Operations to the audited consolidated financial statements included herein.
| Year Ended December 31, | |||||||||||||||||||
| 2017 | 2016 | 2015 (1) | 2014 | 2013 | |||||||||||||||
| (dollars and shares in millions, except per share data) | |||||||||||||||||||
| Statements of operations data: | |||||||||||||||||||
| Net sales | $ | 12,884 | $ | 12,274 | $ | 10,864 | $ | 11,083 | $ | 10,767 | |||||||||
| Depreciation and amortization (2) | 546 | 489 | 344 | 338 | 304 | ||||||||||||||
| Operating income (3) | 1,416 | 1,539 | 1,235 | 1,225 | 1,156 | ||||||||||||||
| Interest expense | (140 | ) | (155 | ) | (124 | ) | (131 | ) | (138 | ) | |||||||||
| Income from continuing operations | 1,063 | 868 | 852 | 927 | 804 | ||||||||||||||
| Income from discontinued operations, net of tax | 365 | 458 | 683 | 513 | 497 | ||||||||||||||
| Net income | 1,428 | 1,326 | 1,535 | 1,440 | 1,301 | ||||||||||||||
| Net income attributable to noncontrolling interest | 73 | 69 | 85 | 89 | 89 | ||||||||||||||
| Net income attributable to Aptiv | 1,355 | 1,257 | 1,450 | 1,351 | 1,212 | ||||||||||||||
| Net income per share data: | |||||||||||||||||||
| Basic net income per share: | |||||||||||||||||||
| Continuing operations | $ | 3.82 | $ | 3.05 | $ | 2.85 | $ | 2.97 | $ | 2.46 | |||||||||
| Discontinued operations | 1.25 | 1.55 | 2.23 | 1.53 | 1.44 | ||||||||||||||
| Basic net income per share attributable to Aptiv | $ | 5.07 | $ | 4.60 | $ | 5.08 | $ | 4.50 | $ | 3.90 | |||||||||
| Diluted net income per share: | |||||||||||||||||||
| Continuing operations | $ | 3.81 | $ | 3.05 | $ | 2.84 | $ | 2.95 | $ | 2.45 | |||||||||
| Discontinued operations | 1.25 | 1.54 | 2.22 | 1.53 | 1.44 | ||||||||||||||
| Diluted net income per share attributable to Aptiv | $ | 5.06 | $ | 4.59 | $ | 5.06 | $ | 4.48 | $ | 3.89 | |||||||||
| Weighted average shares outstanding | 267 | 273 | 285 | 300 | 311 | ||||||||||||||
| Cash dividends declared and paid | $ | 1.16 | $ | 1.16 | $ | 1.00 | $ | 1.00 | $ | 0.68 | |||||||||
| Other financial data: | |||||||||||||||||||
| Capital expenditures | $ | 698 | $ | 657 | $ | 503 | $ | 457 | $ | 381 | |||||||||
| Adjusted operating income (4) | 1,594 | 1,623 | 1,360 | 1,340 | 1,254 | ||||||||||||||
| Adjusted operating income margin (5) | 12.4 | % | 13.2 | % | 12.5 | % | 12.1 | % | 11.6 | % | |||||||||
| Net cash provided by operating activities (6) | $ | 1,468 | $ | 1,941 | $ | 1,703 | $ | 2,135 | $ | 1,750 | |||||||||
| Net cash used in investing activities (6) | (1,252 | ) | (578 | ) | (1,699 | ) | (1,186 | ) | (655 | ) | |||||||||
| Net cash provided by (used in) financing activities (6) | 456 | (1,081 | ) | (284 | ) | (1,398 | ) | (822 | ) |
| As of December 31, | |||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
| (in millions, except employee data) | |||||||||||||||||||
| Balance sheet and employment data: | |||||||||||||||||||
| Cash and cash equivalents | $ | 1,596 | $ | 737 | $ | 427 | $ | 698 | $ | 1,180 | |||||||||
| Total assets (7) | $ | 12,169 | $ | 12,292 | $ | 11,973 | $ | 10,721 | $ | 11,016 | |||||||||
| Total debt (7) | $ | 4,149 | $ | 3,963 | $ | 3,976 | $ | 2,389 | $ | 2,352 | |||||||||
| Working capital, as defined (7) | $ | 1,296 | $ | 1,169 | $ | 943 | $ | 713 | $ | 762 | |||||||||
| Shareholders’ equity | $ | 3,517 | $ | 2,763 | $ | 2,733 | $ | 3,013 | $ | 3,434 | |||||||||
| Global employees (8) | 129,000 | 145,000 | 139,000 | 127,000 | 117,000 |
| (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) | Includes long-lived asset and goodwill impairments. |
| (3) | Prior year amounts have been reclassified to reflect the adoption of ASU 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost in the first quarter of 2017, as further described in Note 2. Significant Accounting Policies to the audited consolidated financial statements included herein. |
| (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, gains (losses) on business divestitures and deferred compensation related to acquisitions. 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 Aptiv, 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 Aptiv, 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, gains (losses) on business divestitures and deferred compensation related to acquisitions. The reconciliation of Adjusted Operating Income to net income (loss) attributable to the Company is as follows: |
| Year Ended December 31, | |||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
| (in millions) | |||||||||||||||||||
| Net income attributable to Aptiv | $ | 1,355 | $ | 1,257 | $ | 1,450 | $ | 1,351 | $ | 1,212 | |||||||||
| Net income attributable to noncontrolling interest | 73 | 69 | 85 | 89 | 89 | ||||||||||||||
| Income from discontinued operations, net of tax | (365 | ) | (458 | ) | (683 | ) | (513 | ) | (497 | ) | |||||||||
| Income from continuing operations | 1,063 | 868 | 852 | 927 | 804 | ||||||||||||||
| Equity income, net of tax | (31 | ) | (35 | ) | (16 | ) | (21 | ) | (15 | ) | |||||||||
| Income tax expense | 223 | 167 | 161 | 146 | 183 | ||||||||||||||
| Other expense, net | 21 | 384 | 114 | 42 | 46 | ||||||||||||||
| Interest expense | 140 | 155 | 124 | 131 | 138 | ||||||||||||||
| Operating income | 1,416 | 1,539 | 1,235 | 1,225 | 1,156 | ||||||||||||||
| Restructuring | 129 | 167 | 65 | 88 | 83 | ||||||||||||||
| Other acquisition and portfolio project costs | 28 | 57 | 45 | 20 | 15 | ||||||||||||||
| Asset impairments | 9 | 1 | 7 | 7 | — | ||||||||||||||
| (Gain) loss on business divestitures, net | — | (141 | ) | 8 | — | — | |||||||||||||
| Deferred compensation related to nuTonomy acquisition | 12 | — | — | — | — | ||||||||||||||
| Adjusted operating income | $ | 1,594 | $ | 1,623 | $ | 1,360 | $ | 1,340 | $ | 1,254 |
| (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) | Working capital is calculated herein as accounts receivable plus inventories less accounts payable. |
| (8) | Excludes temporary and contract workers. As of December 31, 2017, we employed approximately 18,000 temporary and contract workers. Periods prior to December 31, 2017 include employees of discontinued operations. |
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