DELPHI 2011 Annual Report Download - page 114
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Table of Contents
and January 1 to October 6, 2009, respectively, in conjunction with workforce reductions and programs related to the rationalization of
manufacturing and engineering processes. Additionally, the Electronics and Safety segment incurred $5 million and $7 million of costs related to
upcoming sales and wind-down of its occupant protection systems business in North America and Europe during periods from August 19 to
December 31, 2009 and January 1 to October 6, 2009, respectively.
• Transformation plan activities. As part of an effort to transform its salaried workforce and reduce general and administrative expenses, Delphi and
the Predecessor identified certain salaried employees in North America during periods from August 19 to December 31, 2009 and January 1 to
October 6, 2009 for involuntary separation and incurred $5 million and $58 million, respectively, in related employee termination benefits included
in continuing operations. Delphi also incurred $6 million of U.S. salaried separations recorded in discontinued operations for the period from
January 1 to October 6, 2009. As a result of the Amended MRA, $53 million of U.S. employee termination benefits were reimbursed by GM
during the period from January 1 to October 6, 2009, of which $44 million and $9 million related to U.S. hourly separations and U.S. salaried
separations, respectively.
12. DEBT
The following is a summary of debt outstanding, net of discounts of approximately $3 million related to the Tranche A Term Loan and the Tranche B
Term Loan, as of December 31, 2011 and 2010:
2011 2010
(in millions)
Accounts receivable factoring $ 54 $ 112
5.875%, senior notes, due 2019 500 —
6.125%, senior notes, due 2021 500 —
12.00%, unsecured notes, initially due 2014 — 47
Tranche A Term Loan, due 2016 210 —
Tranche B Term Loan, due 2017 772 —
Capital leases and other 67 130
Total debt 2,103 289
Less: current portion (107) (218)
Long-term debt $ 1,996 $ 71
The principal maturities of debt, at nominal value follows:
Year
Debt and
Capital Lease
Obligations
(in millions)
2012 $ 107
2013 5
2014 26
2015 28
2016 162
Thereafter 1,778
Total $ 2,106
112