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This excerpt taken from the TRW 8-K filed Jul 29, 2009. Occupant
Safety Systems
TRW
Automotive Holdings Corp.
Notes to
Consolidated Financial
Statements — (Continued)
For the year ended 2008, the Company recorded $17 million
of severance and other charges associated with the closure of a
facility in Europe and $6 million related to severance,
retention and outplacement services at various production
facilities. Also in 2008, the Company recorded $5 million
of postemployment benefits related to severance in accordance
with SFAS No. 112. This charge was primarily related
to the global workforce reduction initiative that began in the
fourth quarter of 2008.
For the year ended 2008, the Company recorded curtailment gains
as a result of the headcount reductions that were undertaken
during 2008, and the corresponding reduction of pension and
retiree medical benefit obligations to those employees.
For the years ended 2008 and 2007, the Company recorded net
fixed asset impairments related to restructuring activities to
write down certain machinery and equipment to fair value based
on estimated future cash flows.
For the year ended 2008, the Company recorded other asset
impairments of $174 million related to certain
definite-lived intangible assets (See Note 6) and
$15 million related to the write-down of certain machinery
and equipment to fair value based on estimated future cash flows
at the Company’s North American facilities.
This excerpt taken from the TRW 10-Q filed May 6, 2009. Occupant
Safety Systems
For the three months ended April 3, 2009, this segment
recorded $4 million of postemployment benefit expense
related to severance in accordance with SFAS No. 112.
This charge was primarily related to the ongoing global
workforce reduction initiatives that began in the fourth quarter
of 2008.
For the three months ended March 28, 2008, this segment
incurred charges of approximately $1 million primarily
related to severance, retention and outplacement services at
various production facilities.
These excerpts taken from the TRW 10-K filed Feb 20, 2009. OCCUPANT
SAFETY SYSTEMS
Year
Ended December 31, 2008 Compared to Year Ended
December 31, 2007
Sales decreased $292 million for the year ended
December 31, 2008 as compared to the year ended
December 31, 2007. The decrease was driven primarily by
unfavorable volume and price reductions provided to customers of
$494 million, partially offset by the favorable impact of
foreign currency exchange of $202 million. The decrease in
volume is attributed to lower sales in both North America and
Europe resulting from reduced light vehicle production volumes.
Table of Contents
Earnings before taxes decreased $414 million for the
year ended December 31, 2008 as compared to the year ended
December 31, 2007. The decrease was driven primarily by
increased restructuring and impairment costs of
$215 million and lower volume and adverse mix net of
favorable supplier resolutions that occurred in the prior
period, which combined amounted to $152 million. Also
contributing to the decrease in earnings were the net
unfavorable impact of foreign currency exchange of
$29 million, higher engineering expense coupled with lower
recoveries totaling $17 million, the non-recurrence of a
$7 million gain on the sale of an idle facility that
occurred in the prior period, and price reductions and inflation
in excess of cost reductions of $1 million. These items
were partially offset by lower warranty costs of $5 million
and reduced pension and other postretirement benefit expense of
$2 million.
For the year ended December 31, 2008, this segment recorded
restructuring charges and asset impairments of
$219 million, primarily in connection with the impairment
of customer relationship intangible assets of $174 million
and severance and other costs of $17 million associated
with the closure of a facility in Europe. Severance and other
costs of $14 million, offset by net curtailment gains of
$2 million, and an increase in fixed asset impairments of
$12 million, also contributed to the $215 million
increase in restructuring and impairment costs. For the year
ended December 31, 2007, this segment recorded
restructuring charges and asset impairments of $4 million
in connection with the write down of certain machinery and
equipment to fair value.
Year
Ended December 31, 2007 Compared to Year Ended
December 31, 2006
Sales increased $388 million for the year ended
December 31, 2007 as compared to the year ended
December 31, 2006. The increase was driven primarily by
favorable currency effects of $252 million, and favorable
volume (net of price reductions provided to customers) of
$136 million.
Earnings before taxes increased $33 million for the
year ended December 31, 2007 as compared to the year ended
December 31, 2006. The increase was driven primarily by the
favorable impact of volume (net of adverse mix) and
favorable supplier resolutions, which together totaled
$57 million, a gain on the sale of a facility of
$7 million, a reduction in net pension and postretirement
benefit expense of $6 million, and lower restructuring and
impairment costs of $5 million. These items were partially
offset by price reductions to our customers and inflation (net
of cost reductions) of $33 million, higher engineering
expenses of $8 million, and unfavorable foreign currency
exchange of $3 million.
For the year ended December 31, 2007, this segment recorded
restructuring charges and asset impairments of $4 million
in connection with the write down of certain machinery and
equipment to fair value. For the year ended December 31,
2006, we recorded restructuring charges and asset impairments of
$9 million in connection with severance and costs related
to the consolidation of certain facilities.
OCCUPANT SAFETY SYSTEMS Year Ended December 31, 2008 Compared to Year Ended December 31, 2007
Sales decreased $292 million for the year ended December 31, 2008 as compared to the year ended December 31, 2007. The decrease was driven primarily by unfavorable volume and price reductions provided to customers of $494 million, partially offset by the favorable impact of foreign currency exchange of $202 million. The decrease in volume is attributed to lower sales in both North America and Europe resulting from reduced light vehicle production volumes.
Table of ContentsEarnings before taxes decreased $414 million for the year ended December 31, 2008 as compared to the year ended December 31, 2007. The decrease was driven primarily by increased restructuring and impairment costs of $215 million and lower volume and adverse mix net of favorable supplier resolutions that occurred in the prior period, which combined amounted to $152 million. Also contributing to the decrease in earnings were the net unfavorable impact of foreign currency exchange of $29 million, higher engineering expense coupled with lower recoveries totaling $17 million, the non-recurrence of a $7 million gain on the sale of an idle facility that occurred in the prior period, and price reductions and inflation in excess of cost reductions of $1 million. These items were partially offset by lower warranty costs of $5 million and reduced pension and other postretirement benefit expense of $2 million. For the year ended December 31, 2008, this segment recorded restructuring charges and asset impairments of $219 million, primarily in connection with the impairment of customer relationship intangible assets of $174 million and severance and other costs of $17 million associated with the closure of a facility in Europe. Severance and other costs of $14 million, offset by net curtailment gains of $2 million, and an increase in fixed asset impairments of $12 million, also contributed to the $215 million increase in restructuring and impairment costs. For the year ended December 31, 2007, this segment recorded restructuring charges and asset impairments of $4 million in connection with the write down of certain machinery and equipment to fair value. Year Ended December 31, 2007 Compared to Year Ended December 31, 2006
Sales increased $388 million for the year ended December 31, 2007 as compared to the year ended December 31, 2006. The increase was driven primarily by favorable currency effects of $252 million, and favorable volume (net of price reductions provided to customers) of $136 million. Earnings before taxes increased $33 million for the year ended December 31, 2007 as compared to the year ended December 31, 2006. The increase was driven primarily by the favorable impact of volume (net of adverse mix) and favorable supplier resolutions, which together totaled $57 million, a gain on the sale of a facility of $7 million, a reduction in net pension and postretirement benefit expense of $6 million, and lower restructuring and impairment costs of $5 million. These items were partially offset by price reductions to our customers and inflation (net of cost reductions) of $33 million, higher engineering expenses of $8 million, and unfavorable foreign currency exchange of $3 million. For the year ended December 31, 2007, this segment recorded restructuring charges and asset impairments of $4 million in connection with the write down of certain machinery and equipment to fair value. For the year ended December 31, 2006, we recorded restructuring charges and asset impairments of $9 million in connection with severance and costs related to the consolidation of certain facilities. Occupant
Safety Systems
For the year ended 2008, the Company recorded $17 million
of severance and other charges associated with the closure of a
facility in Europe. In addition, for 2008 and 2006, the Company
recorded $9 million and $6 million, respectively,
related to severance, retention and outplacement services at
various production facilities. Also in 2008, the Company
recorded $5 million of postemployment benefits related to
severance in accordance with SFAS No. 112. This charge
was primarily related to the global workforce reduction
initiative that began in the fourth quarter of 2008.
For the year ended 2008, the Company recorded curtailment gains
as a result of the headcount reductions that were undertaken
during 2008, and the corresponding reduction of pension and
retiree medical benefit obligations to those employees.
For the years ended 2008 and 2007, the Company recorded net
fixed asset impairments related to restructuring activities to
write down certain machinery and equipment to fair value based
on estimated future cash flows. For the year ended 2006, the
Company recorded net fixed asset impairments related to
restructuring activities to write down certain buildings to fair
value based on current real estate market conditions.
For the year ended 2008, the Company recorded other asset
impairments of $174 million related to certain
definite-lived intangible assets (See Note 6) and
$15 million related to the write-down of certain machinery
and equipment to fair value based on estimated future cash flows
at the Company’s North American facilities. For the year
ended 2006, the Company recorded other fixed asset impairments
to write down certain machinery and equipment to fair value
based on estimated future cash flows.
Table of Contents
TRW
Automotive Holdings Corp
Notes to
Consolidated Financial
Statements — (Continued)
Occupant Safety Systems
For the year ended 2008, the Company recorded $17 million of severance and other charges associated with the closure of a facility in Europe. In addition, for 2008 and 2006, the Company recorded $9 million and $6 million, respectively, related to severance, retention and outplacement services at various production facilities. Also in 2008, the Company recorded $5 million of postemployment benefits related to severance in accordance with SFAS No. 112. This charge was primarily related to the global workforce reduction initiative that began in the fourth quarter of 2008. For the year ended 2008, the Company recorded curtailment gains as a result of the headcount reductions that were undertaken during 2008, and the corresponding reduction of pension and retiree medical benefit obligations to those employees. For the years ended 2008 and 2007, the Company recorded net fixed asset impairments related to restructuring activities to write down certain machinery and equipment to fair value based on estimated future cash flows. For the year ended 2006, the Company recorded net fixed asset impairments related to restructuring activities to write down certain buildings to fair value based on current real estate market conditions. For the year ended 2008, the Company recorded other asset impairments of $174 million related to certain definite-lived intangible assets (See Note 6) and $15 million related to the write-down of certain machinery and equipment to fair value based on estimated future cash flows at the Company’s North American facilities. For the year ended 2006, the Company recorded other fixed asset impairments to write down certain machinery and equipment to fair value based on estimated future cash flows.
Table of ContentsTRW Automotive Holdings Corp Notes to Consolidated Financial Statements — (Continued) This excerpt taken from the TRW 10-Q filed Oct 30, 2008. Occupant
Safety Systems
For the three and nine months ended September 26, 2008, the
Company recorded $17 million of severance and other charges
associated with the planned closure of a facility in Europe. In
addition, for each of these periods, the Company recorded
$5 million and $7 million, respectively, related to
severance, retention and outplacement services at various
production facilities. During the three months ended
September 28, 2007, the Company incurred charges related to
severance, retention and outplacement services at various
production facilities. For the nine months ended
September 28, 2007, the Company incurred charges of
$2 million related to severance, retention and outplacement
services at various production facilities, which were offset by
a $2 million reversal of reserves for severance and other
charges associated with the closing of a facility as the related
activities were completed at a lower cost than previously
estimated.
For the nine months ended September 26, 2008 and
September 28, 2007, the Company recorded net asset
impairments related to restructuring activities to write-down
certain machinery and equipment to fair value based on estimated
future cash flows. The other asset impairments recorded in 2008
pertained to the write-down of certain machinery and equipment
to fair value based on estimated future cash flows at the
Company’s North American facilities.
This excerpt taken from the TRW 10-Q filed Jul 31, 2008. Occupant
Safety Systems
For the three and six months ended June 27, 2008, the
charges of $1 million and $2 million, respectively,
related to severance, retention and outplacement services
primarily at certain North American production facilities.
Table of Contents
TRW
Automotive Holdings Corp.
Notes to
Condensed Consolidated Financial Statements
(Unaudited) — (Continued)
During the three months ended June 29, 2007, the Company
reversed $2 million of reserves for severance and other
charges associated with the closing of a facility as the related
activities were completed at a lower cost than previously
estimated. During the six months ended June 29, 2007, the
charges of $1 million related to severance, retention and
outplacement services at various production facilities, which
were more than offset by the $2 million reserve reversal.
For the three and six months ended June 27, 2008, the net
asset impairments of $1 million related to restructuring
activities pertained to the write down of certain machinery and
equipment to fair value based on estimated future cash flows.
For the six months ended June 29, 2007, the net asset
impairments of $3 million related to restructuring
activities pertained to the write down of certain machinery and
equipment to fair value based on estimated future cash flows.
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