General Motors 2010 Annual Report Download - page 240

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Note 23. Income Taxes
Consolidated
The following table summarizes Income (loss) before income taxes and equity income (dollars in millions):
Successor Predecessor
Year Ended
December 31, 2010
July 10, 2009
Through
December 31, 2009
January 1, 2009
Through
July 9, 2009
Year Ended
December 31, 2008
U.S. income (loss) ................................... $2,648 $(6,647) $105,420 $(26,742)
Non-U.S. income (loss) ............................... 3,089 1,364 2,356 (2,729)
Income (loss) before income taxes and equity income ....... $5,737 $(5,283) $107,776 $(29,471)
Provision (Benefit) for Income Taxes
The following table summarizes the provision (benefit) for income taxes (dollars in millions):
Successor Predecessor
Year Ended
December 31, 2010
July 10, 2009
Through
December 31, 2009
January 1, 2009
Through
July 9, 2009
Year Ended
December 31, 2008
Current income tax expense (benefit)
U.S. federal ........................................ $(10) $ 7 $ (60) $ (31)
Non-U.S. .......................................... 441 421 (522) 668
U.S. state and local .................................. (1) (1) 16 (34)
Total current ....................................... 430 427 (566) 603
Deferred income tax expense (benefit)
U.S. federal ........................................ (25) (1,204) 110 (163)
Non-U.S. .......................................... 259 (52) (716) 1,175
U.S. state and local .................................. 8 (171) 6 151
Total deferred ...................................... 242 (1,427) (600) 1,163
Total income tax expense (benefit) ...................... $672 $(1,000) $(1,166) $1,766
Annual tax provisions include amounts considered sufficient to pay assessments that may result from examination of prior year tax
returns.
The following table summarizes the cash paid (received) for income taxes (dollars in millions):
Successor Predecessor
Year Ended
December 31, 2010
July 10, 2009
Through
December 31, 2009
January 1, 2009
Through
July 9, 2009
Year Ended
December 31, 2008
Cash paid (received) for income taxes ................... $357 $(65) $(1,011) $718
Provisions are made for estimated U.S. and non-U.S. income taxes, less available tax credits and deductions, which may be incurred
on the remittance of our and Old GM’s share of basis differences in investments in foreign subsidiaries and corporate joint ventures
not deemed to be permanently reinvested. Taxes have not been provided on basis differences in investments in foreign subsidiaries
and corporate joint ventures which are deemed permanently reinvested of $6.9 billion and $5.5 billion at December 31, 2010 and
2009. Quantification of the deferred tax liability, if any, associated with permanently reinvested earnings is not practicable.
238 General Motors Company 2010 Annual Report