DELPHI 2011 Annual Report Download - page 49
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Table of Contents
Amortization expense reflects the non-cash charge related to definite-lived intangible assets, primarily recognized as part of the Acquisition.
Restructuring
Year ended December 31,
2011 2010
Favorable/
(unfavorable)
(dollars in millions)
Restructuring $ 31 $ 224 $ 193
Percentage of net sales 0.2% 1.6%
The decrease in restructuring expense is due to a decline in workforce reductions and programs related to the rationalization of manufacturing and
engineering processes, including plant closures, in the year ended December 31, 2011 as compared to 2010, as we had largely completed our significant
restructuring programs by the end of 2010.
Refer to Note 11. Restructuring to the audited consolidated financial statements included herein for additional information.
Interest Expense
Year ended December 31,
2011 2010
Favorable/
(unfavorable)
(dollars in millions)
Interest expense $ 123 $ 30 $ (93)
Percentage of net sales 0.8% 0.2%
The increase in interest expense for the year ended December 31, 2011 as compared to 2010 is due to changes in debt balances, primarily related to the
borrowings under the credit agreement (the "Credit Agreement") and issuance of the $500 million of 5.875% senior notes due 2019 and $500 million of
6.125% senior notes due 2021 (collectively, the "Senior Notes"), in conjunction with the redemption of the Class A and Class C membership interests.
Refer to Note 12. Debt to the audited consolidated financial statements included herein for additional information.
Other (Expense) Income, Net
Year ended December 31,
2011 2010
Favorable/
(unfavorable)
(in millions)
Other (expense) income, net $ (15) $ 34 $ (49)
The increase in other expense for the year ended December 31, 2011 as compared to other income for the year ended December 31, 2010 was primarily
the result of incurring approximately $44 million in transaction costs related to our initial public offering in November 2011, and an increase of $8 million
loss on extinguishment of debt.
Refer to Note 18. Other income (expense), net to the audited consolidated financial statements included herein for additional information.
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