Telus 2010 Annual Report Download - page 143
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TELUS 2010 annual report . 139
FINANCIAL STATEMENTS & NOTES: 6–8
In 2010 ongoing efficiency initiatives include:
.simplifying or automating processes to achieve operating
efficiencies, which includes workforce reductions;
.simplifying organizational structures through consolidation
of functions and reducing organizational layers;
.consolidating administrative real estate to create a smaller
environmental footprint through mobile working, encouraging
less inter-city travel, reduced daily commutes, and lower use
of real estate space, which includes vacating premises;
.decommissioning uneconomic products and services; and
.leveraging business process outsourcing and off-shoring
to the Company’s own international call centres.
These initiatives were aimed to improve the Company’s long-term
operating productivity and competitiveness. The Company’s estimate
of restructuring costs for 2011 is approximately $50 million.
Years ended December 31 (millions) 2010 2009
Restructuring costs
Workforce
Voluntary $ß 39 $ß 94
Involuntary 25 92
Other 10 4
74 190
Disbursements
Workforce
Voluntary 42 36
Involuntary and other 61 66
Other 2 4
105 106
Expenses greater (less) than disbursements (31) 84
Other 7 –
Change in restructuring accounts payable
and accrued liabilities (24) 84
Restructuring accounts payable
and accrued liabilities
Balance, beginning of period 135 51
Balance, end of period $ß111 $ß135
7RESTRUCTURING COSTS
Summary continuity schedule and review of restructuring costs
8FINANCING COSTS
Summary schedule of items comprising financing costs by nature
Years ended December 31 (millions) 2010 2009
Interest expense
Interest on long-term debt $ß442 $ß474
Interest on short-term obligations and other 21 9
Loss on redemption of long-term debt(1) 52 99
515 582
Foreign exchange (1) (3)
514 579
Interest income
Interest on tax refunds (2) (46)
Other interest income (2) (1)
(4) (47)
$ß510 $ß532
(1) This amount includes a loss of $16 (2009 – $36) which arose from the associated
settlement of financial instruments that were used to manage the foreign exchange
rate risk associated with the U.S. dollar denominated debt that was redeemed during
the third quarter (2009 – fourth quarter), as discussed in Note 18(b).