E-Z-GO 2011 Annual Report Download - page 81

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Other Comprehensive Income (Loss)
The before and after-tax components of other comprehensive income (loss) are presented below:
(In millions)
Pre-Tax
Amount
Tax (Expense)
Benefit
After-Tax
Amount
2011
Foreign currency translation adjustment
$ (1)
$ (2)
$ (3)
Deferred gains on hedge contracts
(7)
2
(5)
Pension adjustments
(527)
177
(350)
Other reclassification adjustments
75
(26)
49
$ (460)
$ 151
$ (309)
2010
Foreign currency translation adjustment
$ 44
$ (46)
$ (2)
Deferred gains on hedge contracts
17
(3)
14
Pension adjustments
(186)
74
(112)
Recognition of foreign currency translation loss (see Note 11)
91
(17)
74
Other reclassification adjustments
49
(18)
31
$ 15
$ (10)
$ 5
2009
Foreign currency translation adjustment
$ 16
$ 7
$ 23
Deferred gains on hedge contracts
90
(23)
67
Pension adjustments
6
(31)
(25)
Reclassification adjustments
30
(9)
21
Pension curtailment
25
(10)
15
$ 167
$ (66)
$ 101
Components of Accumulated Other Comprehensive Loss
(In millions)
December 31,
2011
January 1,
2011
Foreign currency translation adjustment
$ 79
$ 82
Pension and postretirement benefit adjustments
(1,711)
(1,425)
Deferred gains on hedge contracts
7
27
Accumulated other comprehensive loss
$ (1,625)
$ (1,316)
70
Note 11. Special Charges
There were no amounts recorded within special charges in 2011. In 2010 and 2009, special charges included restructuring charges
related to a global restructuring program that totaled $99 million and $237 million, respectively. In the fourth quarter of 2008, we
initiated a restructuring program to reduce overhead costs and improve productivity across the company and announced the exit of
portions of our commercial finance business. This restructuring program primarily included corporate and segment direct and
indirect workforce reductions and the closure and consolidation of certain operations. With the completion of this program at the
end of 2010, we terminated approximately 12,100 positions worldwide representing approximately 28% of our global workforce
since the inception of the program and exited 30 leased and owned facilities and plants at a total program cost of $400 million. We
record restructuring costs in special charges as these costs are generally of a nonrecurring nature and are not included in segment
profit, which is our measure used for evaluating performance and for decision-making purposes.
In the third quarter of 2010, we substantially liquidated the assets held by a Canadian entity within the Finance segment.
Accordingly, we recorded a non-cash charge of $91 million ($74 million after-tax) within special charges to reclassify the entity’s
cumulative currency translation adjustment amount within other comprehensive income to the Statement of Operations. The
reclassification of this amount had no impact on shareholders’ equity.
In the fourth quarter of 2009, we recorded a goodwill impairment charge of $80 million in connection with our annual goodwill
impairment test for the Golf and Turf Care reporting unit, which is part of our Industrial segment.
70 Textron Inc. Annual Report • 2011