General Motors 2010 Annual Report Download - page 136

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Reorganization Via 363 Sale Adjustments
The following table summarizes the reorganization adjustments previously discussed including the liabilities that were extinguished
or reclassified from Liabilities subject to compromise as part of the 363 Sale (dollars in millions):
UST (a)
Canada
Holdings (b)
New
VEBA (c)
Pension and
OPEB (d) MLC (e) Other (f) Total
Assets MLC retained, net ...................... $ — $ — $ — $ — $ 1,797 $ — $ 1,797
Accounts payable (principally trade) ............. — — — — (42) — (42)
Short-term debt and current portion of long-term
debt extinguished .......................... (31,294) (5,972) — — (1,278) — (38,544)
Short-term debt and current portion of long-term
debt assumed ............................. 7,073 1,292 — — — — 8,365
Net reduction to short-term debt and current portion
of long-term debt .......................... (24,221) (4,680) — — (1,278) — (30,179)
Postretirement benefits other than pensions,
current .................................. — — 1,409 236 — — 1,645
Accrued liabilities ........................... (54) — — 219 (310) 64 (81)
Total current liabilities ........................ (24,275) (4,680) 1,409 455 (1,630) 64 (28,657)
Long-term debt extinguished ................... — — — — (977) — (977)
Postretirement benefits other than pensions,
non-current ............................... — — 10,547 3,590 — — 14,137
Pensions ................................... — — — 14,432 — — 14,432
Liabilities subject to compromise ............... (20,824) — (19,687) (23,453) (28,553) (94) (92,611)
Other liabilities and deferred income taxes ........ — — — 391 (184) 71 278
Total liabilities .............................. (45,099) (4,680) (7,731) (4,585) (31,344) 41 (93,398)
Accumulated other comprehensive income balances
relating to entities MLC retained .............. — — — — (21) — (21)
Additional EDC funding ...................... — (3,887) — — — — (3,887)
Fair value of preferred stock issued .............. 1,462 279 — — — — 1,741
Fair value of common stock issued .............. 12,076 2,324 — — 1,986 — 16,386
Fair value of warrants ........................ — — — — 2,405 — 2,405
Release of valuation allowances and other tax
adjustments .............................. — — — — — (751) (751)
Reorganization gain .......................... (31,561) (5,964) (7,731) (4,585) (25,177) (710) (75,728)
Amounts attributable to noncontrolling interests . . . — — — — (80) — (80)
Amounts recorded in Accumulated other
comprehensive income as part of Reorganization
via 363 Sale adjustments .................... — — 7,731 4,585 — — 12,316
Total retained earnings adjustment .............. $(31,561) $(5,964) $ — $ — $(25,257) $(710) $(63,492)
134 General Motors Company 2010 Annual Report