FINANCIAL INFORMATION FOR GUARANTORS AND NON-GUARANTORS | 6 Months Ended |
Jun. 30, 2014 |
Guarantees [Abstract] | ' |
FINANCIAL INFORMATION FOR GUARANTORS AND NON-GUARANTORS | ' |
|
16. FINANCIAL INFORMATION FOR GUARANTORS AND NON-GUARANTORS |
|
Affinia Group Holdings Inc. (presented as Parent in the following schedules), through its 100% owned subsidiary, Affinia Group Intermediate Holdings Inc. (presented as Issuer in the following schedules), issued $250 million of Senior Notes on April 25, 2013. As of June 30, 2014, there were $250 million of Senior Notes outstanding. The notes were offered only to qualified institutional buyers and certain persons in offshore transactions. |
|
The Senior Notes are fully, irrevocably, unconditionally and jointly and severally guaranteed on a senior unsecured basis by Affinia’s current and future domestic subsidiaries (the “Guarantors”). The Senior Notes are general obligations of the Issuer and guaranteed by the Parent and the Guarantors. |
|
The following unaudited information presents Condensed Consolidating Statements of Operations for the three and six months ended June 30, 2014 and 2013, Condensed Consolidating Statements of Comprehensive Income for the three and six months ended June 30, 2014 and 2013, Condensed Consolidating Balance Sheets as of June 30, 2014 and December 31, 2013 and Condensed Consolidating Statements of Cash Flows for the six months ended June 30, 2014 and 2013 of (i) the Parent, (ii) the Issuer, (iii) the Guarantors, (iv) the Non-Guarantors, and (v) eliminations to arrive at the information for the Company on a consolidated basis. |
|
|
|
Affinia Group Intermediate Holdings Inc. |
|
Guarantor Condensed |
|
Consolidating Statements of Operations |
|
For the Three Months Ended June 30, 2014 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | | Issuer | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Guarantor | Total |
Net sales | | $ | — | | | $ | — | | | $ | 177 | | | $ | 229 | | | $ | (41 | ) | | $ | 365 | |
|
Cost of sales | | | — | | | | — | | | | (138 | ) | | | (174 | ) | | | 41 | | | | (271 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Gross profit | | | — | | | | — | | | | 39 | | | | 55 | | | | — | | | | 94 | |
Selling, general and administrative expenses | | | — | | | | (10 | ) | | | (16 | ) | | | (25 | ) | | | — | | | | (51 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Operating (loss) profit | | | — | | | | (10 | ) | | | 23 | | | | 30 | | | | — | | | | 43 | |
Other income and expense, net | | | — | | | | (1 | ) | | | 4 | | | | (5 | ) | | | — | | | | (2 | ) |
Interest expense | | | — | | | | (15 | ) | | | — | | | | — | | | | — | | | | (15 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations before income tax provision and noncontrolling interest | | | — | | | | (26 | ) | | | 27 | | | | 25 | | | | — | | | | 26 | |
Income tax provision | | | — | | | | (4 | ) | | | — | | | | (8 | ) | | | — | | | | (12 | ) |
Equity in income, net of tax | | | 35 | | | | 65 | | | | 19 | | | | — | | | | (119 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) from continuing operations | | | 35 | | | | 35 | | | | 46 | | | | 17 | | | | (119 | ) | | | 14 | |
Income from discontinued operations, net of tax | | | — | | | | — | | | | 19 | | | | 2 | | | | — | | | | 21 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | 35 | | | | 35 | | | | 65 | | | | 19 | | | | (119 | ) | | | 35 | |
Less: net income attributable to noncontrolling interest, net of tax | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to the Company | | $ | 35 | | | $ | 35 | | | $ | 65 | | | $ | 19 | | | $ | (119 | ) | | $ | 35 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Guarantor Condensed |
|
Consolidating Statements of Comprehensive Income (Loss) |
|
For the Three Months Ended June 30, 2014 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | | Issuer | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Guarantor | Total |
Net income (loss) | | $ | 35 | | | $ | 35 | | | $ | 65 | | | $ | 19 | | | $ | (119 | ) | | $ | 35 | |
Other comprehensive income (loss), net of tax: | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of interest rate swap | | | (3 | ) | | | (3 | ) | | | — | | | | — | | | | 3 | | | | (3 | ) |
Change in foreign currency translation adjustments | | | 5 | | | | 5 | | | | — | | | | 5 | | | | (10 | ) | | | 5 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total other comprehensive income (loss) | | | 2 | | | | 2 | | | | — | | | | 5 | | | | (7 | ) | | | 2 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total comprehensive income (loss) | | | 37 | | | | 37 | | | | 65 | | | | 24 | | | | (126 | ) | | | 37 | |
Less: comprehensive income attributable to noncontrolling interest, net of tax | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) attributable to the Company | | $ | 37 | | | $ | 37 | | | $ | 65 | | | $ | 24 | | | $ | (126 | ) | | $ | 37 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Guarantor Condensed |
|
Consolidating Statements of Operations |
|
For the Six Months Ended June 30, 2014 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | | Issuer | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Guarantor | Total |
Net sales | | $ | — | | | $ | — | | | $ | 347 | | | $ | 430 | | | $ | (81 | ) | | $ | 696 | |
|
Cost of sales | | | — | | | | — | | | | (274 | ) | | | (333 | ) | | | 81 | | | | (526 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Gross profit | | | — | | | | — | | | | 73 | | | | 97 | | | | — | | | | 170 | |
Selling, general and administrative expenses | | | — | | | | (22 | ) | | | (34 | ) | | | (46 | ) | | | — | | | | (102 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Operating (loss) profit | | | — | | | | (22 | ) | | | 39 | | | | 51 | | | | — | | | | 68 | |
Other income and expense, net | | | — | | | | (2 | ) | | | (1 | ) | | | (7 | ) | | | — | | | | (10 | ) |
Interest expense | | | — | | | | (29 | ) | | | — | | | | (1 | ) | | | — | | | | (30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations before income tax provision and noncontrolling interest | | | — | | | | (53 | ) | | | 38 | | | | 43 | | | | — | | | | 28 | |
Income tax provision | | | — | | | | (3 | ) | | | — | | | | (13 | ) | | | — | | | | (16 | ) |
Equity in income, net of tax | | | 34 | | | | 90 | | | | 33 | | | | — | | | | (157 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) from continuing operations | | | 34 | | | | 34 | | | | 71 | | | | 30 | | | | (157 | ) | | | 12 | |
Income from discontinued operations, net of tax | | | — | | | | — | | | | 19 | | | | 3 | | | | — | | | | 22 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | 34 | | | | 34 | | | | 90 | | | | 33 | | | | (157 | ) | | | 34 | |
Less: net income attributable to noncontrolling interest, net of tax | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to the Company | | $ | 34 | | | $ | 34 | | | $ | 90 | | | $ | 33 | | | $ | (157 | ) | | $ | 34 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Guarantor Condensed |
|
Consolidating Statements of Comprehensive Income |
|
For the Six Months Ended June 30, 2014 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | | Issuer | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Guarantor | Total |
Net income (loss) | | $ | 34 | | | $ | 34 | | | $ | 90 | | | $ | 33 | | | $ | (157 | ) | | $ | 34 | |
Other comprehensive income (loss), net of tax: | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of interest rate swap | | | (5 | ) | | | (5 | ) | | | — | | | | — | | | | 5 | | | | (5 | ) |
Change in foreign currency translation adjustments | | | 7 | | | | 7 | | | | — | | | | 7 | | | | (14 | ) | | | 7 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total other comprehensive income (loss) | | | 2 | | | | 2 | | | | — | | | | 7 | | | | (9 | ) | | | 2 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total comprehensive income (loss) | | | 36 | | | | 36 | | | | 90 | | | | 40 | | | | (166 | ) | | | 36 | |
Less: comprehensive income attributable to noncontrolling interest, net of tax | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) attributable to the Company | | $ | 36 | | | $ | 36 | | | $ | 90 | | | $ | 40 | | | $ | (166 | ) | | $ | 36 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Affinia Group Intermediate Holdings Inc. |
|
Guarantor Condensed |
|
Consolidating Statements of Operations |
|
For the Three Months Ended June 30, 2013 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | | Issuer | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Guarantor | Total |
Net sales | | $ | — | | | $ | — | | | $ | 161 | | | $ | 220 | | | $ | (35 | ) | | $ | 346 | |
Cost of sales | | | — | | | | — | | | | (126 | ) | | | (170 | ) | | | 35 | | | | (261 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Gross profit | | | — | | | | — | | | | 35 | | | | 50 | | | | — | | | | 85 | |
Selling, general and administrative expenses | | | — | | | | (7 | ) | | | (14 | ) | | | (23 | ) | | | — | | | | (44 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Operating (loss) profit | | | — | | | | (7 | ) | | | 21 | | | | 27 | | | | — | | | | 41 | |
Loss on extinguishment of debt | | | — | | | | (15 | ) | | | — | | | | — | | | | — | | | | (15 | ) |
Other income and expense, net | | | — | | | | — | | | | — | | | | (1 | ) | | | — | | | | (1 | ) |
Interest expense | | | — | | | | (27 | ) | | | — | | | | (1 | ) | | | — | | | | (28 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations before income tax provision, equity in income, net of tax and noncontrolling interest | | | — | | | | (49 | ) | | | 21 | | | | 25 | | | | — | | | | (3 | ) |
Income tax provision | | | — | | | | 5 | | | | 1 | | | | (6 | ) | | | — | | | | — | |
Equity in income, net of tax | | | (1 | ) | | | 43 | | | | 5 | | | | — | | | | (47 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net (loss) income from continuing operations | | | (1 | ) | | | (1 | ) | | | 27 | | | | 19 | | | | (47 | ) | | | (3 | ) |
Income (loss) from discontinued operations, net of tax | | | — | | | | — | | | | 16 | | | | (14 | ) | | | — | | | | 2 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net (loss) income | | | (1 | ) | | | (1 | ) | | | 43 | | | | 5 | | | | (47 | ) | | | (1 | ) |
Less: net income attributable to noncontrolling interest, net of tax | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net (loss) income attributable to the Company | | $ | (1 | ) | | $ | (1 | ) | | $ | 43 | | | $ | 5 | | | $ | (47 | ) | | $ | (1 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Guarantor Condensed |
|
Consolidating Statements of Comprehensive Income (Loss) |
|
For the Three Months Ended June 30, 2013 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | | Issuer | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Guarantor | Total |
Net (loss) income | | $ | (1 | ) | | $ | (1 | ) | | $ | 43 | | | $ | 5 | | | $ | (47 | ) | | $ | (1 | ) |
Other comprehensive income (loss) , net of tax: | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of interest rate swap | | | 6 | | | | 6 | | | | — | | | | — | | | | (6 | ) | | | 6 | |
Change in foreign currency translation adjustments | | | (14 | ) | | | (14 | ) | | | — | | | | (14 | ) | | | 28 | | | | (14 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total other comprehensive loss | | | (8 | ) | | | (8 | ) | | | — | | | | (14 | ) | | | 22 | | | | (8 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total comprehensive (loss) income | | | (9 | ) | | | (9 | ) | | | 43 | | | | (9 | ) | | | (25 | ) | | | (9 | ) |
Less: comprehensive income attributable to noncontrolling interest, net of tax | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive (loss) income attributable to the Company | | $ | (9 | ) | | $ | (9 | ) | | $ | 43 | | | $ | (9 | ) | | $ | (25 | ) | | $ | (9 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Guarantor Condensed |
|
Consolidating Statements of Operations |
|
For the Six Months Ended June 30, 2013 |
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | | Issuer | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Guarantor | Total |
Net sales | | $ | — | | | $ | — | | | $ | 321 | | | $ | 418 | | | $ | (67 | ) | | $ | 672 | |
Cost of sales | | | — | | | | — | | | | (254 | ) | | | (328 | ) | | | 67 | | | | (515 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Gross profit | | | — | | | | — | | | | 67 | | | | 90 | | | | — | | | | 157 | |
Selling, general and administrative expenses | | | — | | | | (12 | ) | | | (31 | ) | | | (43 | ) | | | — | | | | (86 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Operating (loss) profit | | | — | | | | (12 | ) | | | 36 | | | | 47 | | | | — | | | | 71 | |
Loss on extinguishment of debt | | | — | | | | (15 | ) | | | — | | | | — | | | | — | | | | (15 | ) |
Other income and expense, net | | | — | | | | — | | | | (1 | ) | | | (1 | ) | | | — | | | | (2 | ) |
Interest expense | | | — | | | | (42 | ) | | | — | | | | (1 | ) | | | — | | | | (43 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations before income tax provision, equity in income, net of tax and noncontrolling interest | | | — | | | | (69 | ) | | | 35 | | | | 45 | | | | — | | | | 11 | |
Income tax provision | | | — | | | | 2 | | | | 2 | | | | (10 | ) | | | — | | | | (6 | ) |
Equity in income, net of tax | | | 5 | | | | 72 | | | | 20 | | | | — | | | | (97 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) from continuing operations | | | 5 | | | | 5 | | | | 57 | | | | 35 | | | | (97 | ) | | | 5 | |
Income (loss) from discontinued operations, net of tax | | | — | | | | — | | | | 15 | | | | (15 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | 5 | | | | 5 | | | | 72 | | | | 20 | | | | (97 | ) | | | 5 | |
Less: net income attributable to noncontrolling interest, net of tax | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to the Company | | $ | 5 | | | $ | 5 | | | $ | 72 | | | $ | 20 | | | $ | (97 | ) | | $ | 5 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Guarantor Condensed |
|
Consolidating Statements of Comprehensive Income (Loss) |
|
For the Six Months Ended June 30, 2013 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | | Issuer | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Guarantor | Total |
Net income (loss) | | $ | 5 | | | $ | 5 | | | $ | 72 | | | $ | 20 | | | $ | (97 | ) | | $ | 5 | |
Other comprehensive loss, net of tax: | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of interest rate swap | | | 6 | | | | 6 | | | | — | | | | — | | | | (6 | ) | | | 6 | |
Change in foreign currency translation adjustments | | | (17 | ) | | | (17 | ) | | | — | | | | (17 | ) | | | 34 | | | | (17 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total other comprehensive loss | | | (11 | ) | | | (11 | ) | | | — | | | | (17 | ) | | | 28 | | | | (11 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total comprehensive (loss) income | | | (6 | ) | | | (6 | ) | | | 72 | | | | 3 | | | | (69 | ) | | | (6 | ) |
Less: comprehensive income attributable to noncontrolling interest, net of tax | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive (loss) income attributable to the Company | | $ | (6 | ) | | $ | (6 | ) | | $ | 72 | | | $ | 3 | | | $ | (69 | ) | | $ | (6 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Affinia Group Intermediate Holdings Inc. |
|
Guarantor Condensed |
|
Consolidating Balance Sheets |
|
June 30, 2014 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | | Issuer | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Guarantor | Total |
Assets | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 69 | | | $ | — | | | $ | 35 | | | $ | — | | | $ | 104 | |
Accounts receivable | | | — | | | | (2 | ) | | | 38 | | | | 116 | | | | — | | | | 152 | |
Inventories | | | — | | | | — | | | | 97 | | | | 147 | | | | — | | | | 244 | |
Other current assets | | | — | | | | 36 | | | | — | | | | 48 | | | | — | | | | 84 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | — | | | | 103 | | | | 135 | | | | 346 | | | | — | | | | 584 | |
Other non-current assets | | | — | | | | 133 | | | | 36 | | | | 27 | | | | — | | | | 196 | |
Intercompany investments | | | (213 | ) | | | 210 | | | | 661 | | | | — | | | | (658 | ) | | | — | |
Intercompany receivables (payables) | | | — | | | | 231 | | | | (572 | ) | | | 341 | | | | — | | | | — | |
Property, plant and equipment, net | | | — | | | | 1 | | | | 53 | | | | 70 | | | | — | | | | 124 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | (213 | ) | | $ | 678 | | | $ | 313 | | | $ | 784 | | | $ | (658 | ) | | $ | 904 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities and shareholder’s equity | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | — | | | $ | 13 | | | $ | 81 | | | $ | 56 | | | $ | — | | | $ | 150 | |
Notes payable | | | — | | | | — | | | | — | | | | 14 | | | | — | | | | 14 | |
Current maturities of long-term debt | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Accrued payroll and employee benefits | | | — | | | | 7 | | | | 4 | | | | 9 | | | | — | | | | 20 | |
Other accrued expenses | | | — | | | | 20 | | | | 17 | | | | 39 | | | | — | | | | 76 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | — | | | | 40 | | | | 102 | | | | 118 | | | | — | | | | 260 | |
Deferred employee benefits and noncurrent liabilities | | | — | | | | 14 | | | | 1 | | | | 5 | | | | — | | | | 20 | |
Long-term debt | | | — | | | | 836 | | | | — | | | | — | | | | — | | | | 836 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | — | | | | 890 | | | | 103 | | | | 123 | | | | — | | | | 1,116 | |
Total shareholder’s (deficit) equity | | | (213 | ) | | | (212 | ) | | | 210 | | | | 661 | | | | (658 | ) | | | (212 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholder (deficit) equity | | $ | (213 | ) | | $ | 678 | | | $ | 313 | | | $ | 784 | | | $ | (658 | ) | | $ | 904 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Affinia Group Intermediate Holdings Inc. |
|
Guarantor Condensed |
|
Consolidating Balance Sheets |
|
December 31, 2013 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | | Issuer | | | Guarantor | | | Non- | | | Eliminations | | | Consolidated | |
Guarantor | Total |
Assets | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 68 | | | $ | — | | | $ | 33 | | | $ | — | | | $ | 101 | |
Accounts receivable | | | — | | | | — | | | | 24 | | | | 117 | | | | — | | | | 141 | |
Inventories, net | | | — | | | | — | | | | 87 | | | | 134 | | | | — | | | | 221 | |
Other current assets | | | — | | | | 50 | | | | — | | | | 50 | | | | — | | | | 100 | |
Current assets of discontinued operations | | | — | | | | — | | | | 138 | | | | 3 | | | | | | | | 141 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | — | | | | 118 | | | | 249 | | | | 337 | | | | — | | | | 704 | |
Other non-current assets | | | — | | | | 122 | | | | 36 | | | | 24 | | | | — | | | | 182 | |
Intercompany investments | | | (202 | ) | | | 1,196 | | | | 726 | | | | — | | | | (1,720 | ) | | | — | |
Intercompany receivables (payables) | | | — | | | | (672 | ) | | | 247 | | | | 425 | | | | — | | | | — | |
Property, plant and equipment, net | | | — | | | | 2 | | | | 50 | | | | 71 | | | | — | | | | 123 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | (202 | ) | | $ | 766 | | | $ | 1,308 | | | $ | 857 | | | $ | (1,720 | ) | | $ | 1,009 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities and shareholder’s equity | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | — | | | $ | 6 | | | $ | 65 | | | $ | 50 | | | $ | — | | | $ | 121 | |
Notes payable | | | — | | | | — | | | | — | | | | 23 | | | | — | | | | 23 | |
Current maturities of long-term debt | | | — | | | | 7 | | | | — | | | | — | | | | — | | | | 7 | |
Accrued payroll and employee benefits | | | — | | | | 8 | | | | 3 | | | | 8 | | | | — | | | | 19 | |
Other accrued expenses | | | — | | | | 22 | | | | 14 | | | | 42 | | | | — | | | | 78 | |
Current liabilities of discontinued operations | | | — | | | | — | | | | 29 | | | | 2 | | | | — | | | | 31 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | — | | | | 43 | | | | 111 | | | | 125 | | | | — | | | | 279 | |
Deferred employee benefits and noncurrent liabilities | | | — | | | | 17 | | | | 1 | | | | 6 | | | | — | | | | 24 | |
Long-term debt | | | — | | | | 907 | | | | — | | | | — | | | | — | | | | 907 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | — | | | | 967 | | | | 112 | | | | 131 | | | | — | | | | 1,210 | |
Total shareholder’s (deficit) equity | | | (202 | ) | | | (201 | ) | | | 1,196 | | | | 726 | | | | (1,720 | ) | | | (201 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholder’s (deficit) equity | | $ | (202 | ) | | $ | 766 | | | $ | 1,308 | | | $ | 857 | | | $ | (1,720 | ) | | $ | 1,009 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Affinia Group Intermediate Holdings Inc. |
|
Guarantor Condensed |
|
Consolidating Statement of Cash Flows |
|
For the Six Months Ended June 30, 2014 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | | Issuer | | | Guarantor | | | Non- | | | Elimination | | | Consolidated | |
Guarantor | Total |
Operating activities | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in operating activities | | $ | 45 | | | $ | (20 | ) | | $ | 6 | | | $ | 20 | | | $ | (45 | ) | | $ | 6 | |
Investing activities | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of Chassis group | | | — | | | | 140 | | | | — | | | | — | | | | — | | | | 140 | |
Additions to property, plant and equipment | | | — | | | | — | | | | (6 | ) | | | (5 | ) | | | — | | | | (11 | ) |
Other Investing Activities | | | — | | | | 4 | | | | — | | | | — | | | | — | | | | 4 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | — | | | | 144 | | | | (6 | ) | | | (5 | ) | | | — | | | | 133 | |
Financing activities | | | | | | | | | | | | | | | | | | | | | | | | |
Distribution to our shareholders | | | — | | | | (45 | ) | | | — | | | | — | | | | — | | | | (45 | ) |
Repayment of debt | | | (45 | ) | | | — | | | | — | | | | (9 | ) | | | 45 | | | | (9 | ) |
Repayment of Term Loans | | | — | | | | (78 | ) | | | — | | | | — | | | | — | | | | (78 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in financing activities | | | — | | | | (123 | ) | | | — | | | | (9 | ) | | | — | | | | (132 | ) |
Effect of exchange rates on cash | | | — | | | | — | | | | — | | | | (4 | ) | | | — | | | | (4 | ) |
Increase in cash and cash equivalents | | | — | | | | 1 | | | | — | | | | 2 | | | | — | | | | 3 | |
Cash and cash equivalents at beginning of the period | | | — | | | | 68 | | | | — | | | | 33 | | | | — | | | | 101 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of the period | | $ | — | | | $ | 69 | | | $ | — | | | $ | 35 | | | $ | — | | | $ | 104 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Affinia Group Intermediate Holdings Inc. |
|
Guarantor Condensed |
|
Consolidating Statement of Cash Flows |
|
For the Six Months Ended June 30, 2013 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | | Issuer | | | Guarantor | | | Non- | | | Elimination | | | Consolidated | |
Guarantor | Total |
Operating activities | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by operating activities | | $ | — | | | $ | 12 | | | $ | 5 | | | $ | 9 | | | $ | — | | | $ | 26 | |
Investing activities | | | | | | | | | | | | | | | | | | | | | | | | |
Additions to property, plant and equipment | | | — | | | | — | | | | (5 | ) | | | (5 | ) | | | — | | | | (10 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | — | | | | — | | | | (5 | ) | | | (5 | ) | | | — | | | | (10 | ) |
Financing activities | | | | | | | | | | | | | | | | | | | | | | | | |
Repayment of Secured Notes | | | — | | | | (195 | ) | | | — | | | | — | | | | — | | | | (195 | ) |
Repayment of Subordinated Notes | | | — | | | | (367 | ) | | | — | | | | — | | | | — | | | | (367 | ) |
Proceeds from Senior Notes | | | — | | | | 250 | | | | — | | | | — | | | | — | | | | 250 | |
Proceeds from Term Loans | | | — | | | | 667 | | | | — | | | | — | | | | — | | | | 667 | |
Distribution to our shareholder | | | — | | | | (351 | ) | | | — | | | | — | | | | — | | | | (351 | ) |
Payment of deferred financing costs | | | — | | | | (15 | ) | | | — | | | | — | | | | — | | | | (15 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by financing activities | | | — | | | | (11 | ) | | | — | | | | — | | | | — | | | | (11 | ) |
Effect of exchange rates on cash | | | — | | | | — | | | | — | | | | (1 | ) | | | — | | | | (1 | ) |
Increase in cash and cash equivalents | | | — | | | | 1 | | | | — | | | | 3 | | | | — | | | | 4 | |
Cash and cash equivalents at beginning of the period | | | — | | | | 23 | | | | — | | | | 28 | | | | — | | | | 51 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of the period | | $ | — | | | $ | 24 | | | $ | — | | | $ | 31 | | | $ | — | | | $ | 55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |