General Motors 2010 Annual Report Download - page 252

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Note 25. Restructuring and Other Initiatives
Automotive
We have and Old GM had previously executed various restructuring and other initiatives, and we plan to execute additional
initiatives in the future, if necessary, in order to preserve adequate liquidity, to align manufacturing capacity and other costs with
prevailing global automotive production and to improve the utilization of remaining facilities. Related charges are recorded in
Automotive cost of sales and Automotive selling, general and administrative expense.
Refer to Note 26 for asset impairment charges related to our restructuring initiatives and Note 20 for pension and other
postretirement benefit charges resulting from our hourly and salaried employee separation initiatives, including special attrition
programs.
GM Financial did not execute any new restructuring initiatives in the three months ended December 31, 2010. Charges and
payments for restructuring activities in the three months ended December 31, 2010 related to previously announced programs are not
significant.
The following table summarizes Automotive restructuring reserves (excluding restructuring reserves related to dealer wind-down
agreements) and charges by segment, including postemployment benefit reserves and charges (dollars in millions):
Successor
GMNA GME GMIO GMSA Total
Balance at July 10, 2009 .................................................... $2,905 $ 433 $ 32 $ 16 $ 3,386
Additions ................................................................ 44 37 76 9 166
Interest accretion and other .................................................. 15 35 — — 50
Payments ................................................................ (994) (61) (109) (19) (1,183)
Revisions to estimates ...................................................... 30 — 1 (3) 28
Effect of foreign currency ................................................... 88 7 3 1 99
Balance at December 31, 2009 ............................................... 2,088 451 3 4 2,546
Additions ................................................................ 50 734 1 2 787
Interest accretion and other .................................................. 36 114 — — 150
Payments ................................................................ (712) (589) (1) (7) (1,309)
Revisions to estimates ...................................................... (361) (8) — 1 (368)
Effect of foreign currency ................................................... 34 (38) — — (4)
Balance at December 31, 2010 (a) ............................................ $1,135 $ 664 $ 3 $ — $ 1,802
250 General Motors Company 2010 Annual Report