General Motors 2010 Annual Report Download - page 24

GENERAL MOTORS COMPANY AND SUBSIDIARIES
(Dollars in millions except per share amounts)
Successor Predecessor
Year Ended
December 31,
2010 (a)
July 10, 2009
Through
December 31,
2009 (a)(b)
January 1, 2009
Through
July 9, 2009
Years Ended December 31,
2008 2007 2006
Income Statement Data:
Total net sales and revenue (c)(d) .......................... $135,592 $ 57,474 $ 47,115 $148,979 $179,984 $204,467
Reorganization gains, net (e) .............................. $ — $ — $128,155 $ — $ — $ —
Income (loss) from continuing operations (e)(f) ............... $ 6,503 $ (3,786) $109,003 $ (31,051) $ (42,685) $ (2,155)
Income from discontinued operations, net of tax (g) ............ — — — — 256 445
Gain on sale of discontinued operations, net of tax (g) .......... — — — — 4,293 —
Net income (loss) (e) .................................... 6,503 (3,786) 109,003 (31,051) (38,136) (1,710)
Net (income) loss attributable to noncontrolling interests ........ (331) (511) 115 108 (406) (324)
Less: Cumulative dividends on and charge related to purchase of
preferred stock (h) .................................... 1,504 131 — — — —
Net income (loss) attributable to common
stockholders (e) ...................................... $ 4,668 $ (4,428) $109,118 $ (30,943) $ (38,542) $ (2,034)
GM $0.01 par value common stock and Old GM $1-2/3 par value
common stock
Basic earnings (loss) per share:
Income (loss) from continuing operations attributable to
common stockholders ............................... $ 3.11 $ (3.58) $ 178.63 $ (53.47) $ (76.16) $ (4.39)
Income from discontinued operations attributable to common
stockholders (g) .................................... — — — — 8.04 0.79
Net income (loss) attributable to common stockholders ....... $ 3.11 $ (3.58) $ 178.63 $ (53.47) $ (68.12) $ (3.60)
Diluted earnings (loss) per share:
Income (loss) from continuing operations attributable to
common stockholders ............................... $ 2.89 $ (3.58) $ 178.55 $ (53.47) $ (76.16) $ (4.39)
Income from discontinued operations attributable to common
stockholders (g) .................................... — — — — 8.04 0.79
Net income (loss) attributable to common stockholders ....... $ 2.89 $ (3.58) $ 178.55 $ (53.47) $ (68.12) $ (3.60)
Cash dividends per common share .......................... $ — $ — $ — $ 0.50 $ 1.00 $ 1.00
Balance Sheet Data (as of period end):
Total assets (d)(f) ....................................... $138,898 $136,295 $ 91,039 $148,846 $185,995
Automotive notes and loans payable (i)(j) .................... $ 4,630 $ 15,783 $ 45,938 $ 43,578 $ 47,476
GM Financial notes and loans payable (d) .................... $ 7,032
Series A Preferred Stock (k) .............................. $ 5,536 $ 6,998 $ — $ — $ —
Series B Preferred Stock (l) ............................... $ 4,855 $ — $ — $ — $ —
Equity (deficit) (f)(m)(n) ................................. $ 37,159 $ 21,957 $ (85,076) $ (35,152) $ (4,076)
(a) All applicable Successor share, per share and related information has been adjusted retroactively for the three-for-one stock split effected on
November 1, 2010.
(b) At July 10, 2009 we applied fresh-start reporting following the guidance in Accounting Standards Codification (ASC) 852, “Reorganizations”
(ASC 852). The consolidated financial statements for the periods ended on or before July 9, 2009 do not include the effect of any changes in the
fair value of assets or liabilities as a result of the application of fresh-start reporting. Therefore, our financial information at and for any period
after July 10, 2009 is not comparable to Old GM’s financial information.
(c) In November 2006 Old GM sold a 51% controlling ownership interest in Ally Financial, Inc., formerly GMAC, Inc. (Ally Financial) resulting in
a significant decrease in total consolidated net sales and revenue.
(d) GM Financial was consolidated effective October 1, 2010.
(e) In the period January 1, 2009 through July 9, 2009 Old GM recorded Reorganization gains, net of $128.2 billion directly associated with the
Chapter 11 Proceedings, the 363 Sale and the application of fresh-start reporting. Refer to Note 2 to our consolidated financial statements for
additional detail.
22 General Motors Company 2010 Annual Report