DELPHI 2011 Annual Report Download - page 143

Table of Contents
During the year ended December 31, 2011, Delphi incurred approximately $44 million in transaction costs related to our initial public offering
completed in November 2011. As further discussed in Note 12. Debt, during the year ended December 31, 2011, Delphi repaid $47 million and $177 million
of the Tranche A Term Loan and Tranche B Term Loan, respectively and paid $57 million to extinguish the Old Notes, recognizing losses on
extinguishments .
During the year ended December 31, 2010, Delphi repaid $12 million of interest-free government-backed debt due in 2021 which required
compensating cash collateral. The debt was previously adjusted to a $4 million fair value as a result of acquisition accounting and therefore Delphi recognized
an $8 million loss on early extinguishment of debt. Other, net primarily includes insurance and other recoveries and income from royalties.
The Successor recognized $19 million of transaction costs related to the Acquisition for the period from August 19 to December 31, 2009.
19. ACQUISITIONS AND DIVESTITURES
Acquisitions
In May 2011, Delphi's Powertrain segment completed the acquisition of a manufacturer of specialized diesel testing equipment for a purchase price of
$19 million. The acquisition was not material to the Company's consolidated financial statements. In connection with the acquisition, the Company recorded
goodwill of approximately $8 million. The purchase price allocation was finalized to reflect final valuation studies.
Sale of Daesung investment
On January 31, 2011, Delphi completed the sale of its 49.5% ownership interest in Daesung Electric, Co., Ltd. Delphi received $35 million in net
proceeds and recognized a gain on divestiture of $8 million, which is included in equity income, net of tax, in the consolidated statement of operations.
Sale of occupant protection systems
On March 31, 2010, Delphi completed the sale of its occupant protection systems business in Asia to Autoliv AB. Delphi received net proceeds of $71
million and recognized a gain on divestiture of $10 million, which is included in cost of sales in the consolidated statement of operations in 2010. The results
of operations, including the gain or loss on divestiture were not significant to the consolidated financial statements in any period presented, and this divestiture
did not meet the discontinued operations criteria.
20. DISCONTINUED OPERATIONS
The Court approval of Delphi's plan to dispose of the Steering Business and the interiors and closures business triggered held for sale accounting in
2007. The Court approval of bidding procedures for the sale of the remaining assets of the chassis business on April 23, 2009 and subsequent approval of the
sale triggered held for sale accounting for AHG in the second quarter of 2009.
Steering and halfshaft business
In conjunction with the consummation of the Modified Plan on the Acquisition Date, an affiliate of GM acquired the Steering Business. Refer to Note
1. General for further information. During the period from January 1 to October 6, 2009, the Predecessor recorded a loss of $24 million, net of tax, due to the
results of operations and adjustment of assets held for sale to fair value of the Steering Business.
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