General Motors 2010 Annual Report Download - page 25

GENERAL MOTORS COMPANY AND SUBSIDIARIES
(f) In September 2007 Old GM recorded full valuation allowances of $39.0 billion against net deferred tax assets in Canada, Germany and the
United States.
(g) In August 2007 Old GM completed the sale of the commercial and military operations of its Allison business. The results of operations, cash
flows and the 2007 gain on sale of Allison have been reported as discontinued operations for all periods presented.
(h) Includes a charge related to the purchase of Series A Preferred Stock of $677 million in the year ended December 31, 2010.
(i) In December 2008 Old GM entered into the UST Loan Agreement, pursuant to which the UST agreed to provide a $13.4 billion UST Loan
Facility.
(j) In December 2010 GM Daewoo Auto & Technology Co. (GM Daewoo) terminated a Korean Won 1.4 trillion (equivalent to $1.2 billion) credit
facility following the repayment of the remaining $1.0 billion under the facility.
(k) In December 2010 we purchased 84 million shares of our Series A Preferred Stock from the UST for a purchase price of $2.1 billion, which was
equal to 102% of their aggregate liquidation amount.
(l) Series B Preferred Stock was issued in a public offering in November and December 2010. The Series B Preferred Stock pays dividends at
4.75% and is convertible to common stock at the option of the holder until December 1, 2013 the date on which all outstanding shares of Series
B Preferred Stock will be mandatorily converted into common stock based on pre-defined conversion ratios that adjust based on the share price
of our common stock.
(m) In January 2007 Old GM recorded a decrease to Retained earnings of $425 million and a decrease of $1.2 billion to Accumulated other
comprehensive loss in accordance with the early adoption of the measurement provisions of ASC 715, “Compensation — Retirement Benefits”
(ASC 715).
(n) In January 2007 Old GM recorded an increase to Retained earnings of $137 million with a corresponding decrease to its liability for uncertain
tax positions in accordance with ASC 740, “Income Taxes” (ASC 740).
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General Motors Company 2010 Annual Report 23