Affinia Group Intermediate Holdings Inc.

CIK:0001328655|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Net sales	$ 899	$ 970	$ 910
Cost of sales	(684)	(726)	(687)
Gross profit	215	244	223
Selling, general and administrative expenses	(132)	(143)	(141)
Operating profit	83	101	82
Loss on extinguishment of debt	0	0	(15)
Other income and expense, net	(7)	(7)	(3)
Interest expense	(55)	(56)	(73)
Income (loss) from continuing operations before income tax provision, equity in loss, net of tax and noncontrolling interest, net of tax	21	38	(9)
Income tax provision	(20)	(8)	(14)
Equity in loss, net of tax			(2)
Net income (loss) from continuing operations	1	30	(25)
(Loss) income from discontinued operations, net of tax	(73)	51	32
Net (loss) income	(72)	$ 81	$ 7
Less: net income attributable to noncontrolling interest, net of tax	1
Net (loss) income attributable to the Company	$ (73)	$ 81	$ 7

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net (loss) income	$ (72)	$ 81	$ 7
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	19	22	22
Currency devaluation	0	7	2
Loss (gain) on sale of businesses	77	(32)	0
Non-cash reserves	5	0	0
Stock-based compensation	3	3	1
Loss on extinguishment of debt	0	0	15
Write-off of unamortized deferred financing costs	1	1	8
Write-off of original issue discount on subordinated notes	0	0	1
Provision for deferred income taxes	(18)	(20)	27
Change in trade accounts receivable	(7)	(41)	7
Change in inventories	(30)	(10)	(3)
Change in other current operating assets	60	(6)	(43)
Change in other current operating liabilities	(15)	20	25
Change in other	(2)	(5)	30
Net cash provided by operating activities	21	20	99
Investing activities
Proceeds from sales of businesses, net of cash transferred	91	149	0
Proceeds from the sale of an equity method investment	0	4	0
Change in restricted cash	(2)	(4)	0
Investments in companies, net cash acquired	0	0	(1)
Additions to property, plant and equipment	(28)	(26)	(31)
Other investing activities	0	3	0
Net cash provided by (used in) investing activities	61	126	(32)
Financing activities
Repayments of other debt	(17)	(10)	0
Proceeds from other debt	28	7	0
Repayment on secured notes	0	0	(195)
Repayment on subordinated notes	0	0	(367)
Distribution to our shareholders	(21)	(66)	(352)
Repayment of term loans	(83)	(123)	(3)
Proceeds from stock options exercise	1	0	0
Payment of deferred financing costs	0	0	(15)
Proceeds from term loans	0	0	667
Proceeds from senior notes	0	0	250
Other financing activities	(1)	0	0
Net cash provided by (used in) financing activities	(93)	(192)	(15)
Effect of exchange rates on cash	(6)	(10)	(2)
(Decrease) increase in cash and cash equivalents	(17)	(56)	50
Cash and cash equivalents at beginning of the period	45	101	51
Cash and cash equivalents at end of the period	28	45	101
Cash paid during the period for:
Interest	55	52	64
Income taxes	9	24	20
Noncash investing and financing activities:
Additions to property, plant and equipment included in accounts payable	$ 2	$ 1	$ 0

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 28	$ 26
Restricted cash	6	4
Trade accounts receivable, less allowances of $2 million for 2015 and $4 million for 2014	80	89
Inventories, net	166	143
Current deferred taxes		19
Prepaid taxes	7	18
Other current assets	13	43
Current assets of discontinued operations		199
Total current assets	300	541
Property, plant and equipment, net	115	109
Goodwill	3	3
Other intangible assets, net	45	53
Deferred financing costs	10	14
Deferred income taxes	113	97
Investments and other assets	2	2
Total assets	588	819
Current liabilities:
Accounts payable	86	99
Notes payable	30	19
Current maturities of long-term debt	148
Other accrued expenses	44	43
Accrued payroll and employee benefits	8	16
Current liabilities of discontinued operations	6	58
Total current liabilities	322	235
Long-term debt	562	792
Deferred employee benefits and other noncurrent liabilities	12	13
Total liabilities	$ 896	$ 1,040
Contingencies and commitments
Shareholder’s equity (deficit):
Additional paid-in capital	$ 458	$ 455
Accumulated deficit	(717)	(624)
Accumulated other comprehensive loss	(49)	(53)
Total shareholder’s deficit of the Company	(308)	(222)
Noncontrolling interest in consolidated subsidiaries		1
Total shareholder’s deficit	(308)	(221)
Total liabilities and shareholder’s deficit	$ 588	$ 819