General Motors 2010 Annual Report Download - page 184

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following table summarizes the amounts recorded in earnings related to consolidated VIEs we do not control through a
majority voting interest or are part of GM Financial’s securitization transactions (dollars in millions):
Successor Predecessor
Year Ended
December 31,
2010 (a)(b)
July 10, 2009
Through
December 31,
2009 (a)
January 1,
2009
Through
July 9,
2009 (a)
Year Ended
December 31,
2008 (a)
Total net sales and revenue .......................................... $753 $41 $ 31 $ 40
Automotive cost of sales ............................................ 623 8 (1) 5
Automotive selling, general administrative expense ...................... 34 8 5 (11)
Other automotive expenses, net ...................................... 3 9 10 19
Automotive interest expense ........................................ 6 14 22 —
Interest income and other non-operating income, net ..................... 6 — — —
Reorganization loss, net ............................................ — — 26 —
Income tax expense ................................................ 11 1 — —
Equity income, net of tax ........................................... 2 — — —
Net income (loss) ................................................. $ 84 $ 1 $(31) $ 27
(a) Amounts exclude GM Daewoo.
(b) In the year ended December 31, 2010 GM Egypt recorded Total net sales and revenue of $714 million.
GM Egypt
GM Egypt, of which we own 31%, is an automotive manufacturing organization that was previously accounted for using the equity
method of accounting. GM Egypt was founded in March 1983 to assemble and manufacture vehicles. Certain voting and other rights
permit us to direct those activities of GM Egypt that most significantly affect its economic performance. In connection with our
adoption of amendments to ASC 810, we consolidated GM Egypt in January 2010.
Receivables Program
At December 31, 2009 our equity contributions were $55 million and the UST had outstanding loans of $150 million to the
Receivables Program. In March 2010 we repaid these loans in full. The Receivables Program was terminated in accordance with its
terms in April 2010. Upon termination, we shared residual capital of $25 million in the program equally with the UST and paid a
termination fee of $44 million.
CAMI
In March 2009 Old GM determined that due to changes in contractual arrangements related to CAMI Automotive Inc. (CAMI), it
was required to reconsider its previous conclusion that CAMI was not a VIE. As a result of Old GM’s analysis, it determined that
CAMI was a VIE and Old GM was the primary beneficiary, and therefore Old GM consolidated CAMI. The equity interests held by
Old GM and held by the noncontrolling interest had a fair value of approximately $12 million. Total assets were approximately $472
million comprised primarily of property, plants, and equipment and related party accounts receivable and inventory. Total liabilities
were approximately $460 million, comprised primarily of long-term debt, accrued liabilities and pension and other post-employment
benefits. In December 2009 we acquired the remaining noncontrolling interest of CAMI from Suzuki Motor Corporation for
$100 million, increasing our ownership interest from 50% to 100%. CAMI is a wholly-owned subsidiary and therefore not included in
the previous tabular disclosure.
182 General Motors Company 2010 Annual Report