E-Z-GO 2011 Annual Report Download - page 82
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Special charges by segment for 2010 and 2009 are as follows:
Restructuring Program
(In millions)
Severance
Costs
Curtailment
Charges, Net
Asset
Impairments
Contract
Terminations
Total
Restructuring
Other
Charges
Total
2010
Cessna
$ 34
$ —
$ 6
$ 3
$ 43
$ —
$ 43
Finance
7
—
1
3
11
91
102
Corporate
1
—
—
—
1
—
1
Industrial
5
—
9
1
15
—
15
Bell
10
—
—
—
10
—
10
Textron Systems
19
—
—
—
19
—
19
$ 76
$ —
$ 16
$ 7
$ 99
$ 91
$ 190
2009
Cessna
$ 80
$ 26
$ 54
$ 7
$ 167
$ —
$ 167
Finance
11
1
—
1
13
—
13
Corporate
34
—
—
1
35
—
35
Industrial
6
(4)
—
3
5
80
85
Bell
9
—
—
—
9
—
9
Textron Systems
5
2
—
1
8
—
8
$ 145
$ 25
$ 54
$ 13
$ 237
$ 80
$ 317
An analysis of our restructuring reserve activity is summarized below:
(In millions)
Severance
Costs
Curtailment
Charges, Net
Asset
Impairment
Contract
Terminations
Total
Balance at January 3, 2009
$ 36
$ —
$ —
$ 1
$ 37
Provision in 2009
152
25
54
13
244
Reversals
(7)
—
—
—
(7)
Non-cash settlement and loss recognition
—
(25)
(54)
—
(79)
Cash paid
(133)
—
—
(11)
(144)
Balance at January 2, 2010
48
—
—
3
51
Provision in 2010
79
—
16
7
102
Reversals
(3)
—
—
—
(3)
Non-cash settlement
—
—
(16)
—
(16)
Cash paid
(67)
—
—
(5)
(72)
Balance at January 1, 2011
57
—
—
5
62
Cash paid
(42)
—
—
(2)
(44)
Balance at December 31, 2011
$ 15
$ —
$ —
$ 3
$ 18
Note 12. Share-Based Compensation
Our 2007 Long-Term Incentive Plan (Plan) supersedes the 1999 Long-Term Incentive Plan and authorizes awards to our key
employees in the form of options to purchase our shares, restricted stock, restricted stock units, stock appreciation rights,
performance stock awards and other awards. A maximum of 12 million shares is authorized for issuance for all purposes under the
Plan plus any shares that become available upon cancellation, forfeiture or expiration of awards granted under the 1999 Long-
Term Incentive Plan. No more than 12 million shares may be awarded pursuant to incentive stock options, and no more than 3
million shares may be awarded pursuant to restricted stock units or other awards intended to be paid in shares. The Plan also
authorizes performance share units paid in cash based upon the value of our common stock.
Through our Deferred Income Plan for Textron Executives (DIP), we provide Schedule A participants the opportunity to
voluntarily defer up to 25% of their base salary and up to 80% of annual, long-term incentive and other compensation. Elective
deferrals may be put into either a stock unit account or an interest bearing account. We generally contribute a 10% premium on
amounts deferred into the stock unit account. Executives who are eligible to participate in the DIP but have not achieved and/or
maintained the required minimum stock ownership level are required to defer part of each subsequent long-term incentive
compensation cash payout into the DIP stock unit account until the ownership requirements are satisfied; these deferrals are not
entitled to the 10% premium contribution on the amount deferred. Participants cannot move amounts between the two accounts
while actively employed by us and cannot receive distributions until termination of employment.
71
Textron Inc. Annual Report • 2011 71