General Motors 2010 Annual Report Download - page 253

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Predecessor
GMNA GME GMIO GMSA Total
Balance at January 1, 2008 ................................................. $ 868 $580 $— $ 4 $1,452
Additions ............................................................... 2,165 242 96 34 2,537
Interest accretion and other ................................................. 41 62 — — 103
Payments ............................................................... (745) (368) (33) (20) (1,166)
Revisions to estimates ..................................................... 320 (18) — (3) 299
Effect of foreign currency .................................................. (193) (30) (18) (2) (243)
Balance at December 31, 2008 .............................................. 2,456 468 45 13 2,982
Additions ............................................................... 1,835 20 27 38 1,920
Interest accretion and other ................................................. 16 11 — — 27
Payments ............................................................... (1,014) (65) (43) (48) (1,170)
Revisions to estimates ..................................................... (401) — — 9 (392)
Effect of foreign currency .................................................. 50 (1) 3 4 56
Balance at July 9, 2009 .................................................... 2,942 433 32 16 3,423
Effect of application of fresh-start reporting .................................... (37) — — — (37)
Ending balance including effect of application of fresh-start reporting ............... $2,905 $ 433 $ 32 $ 16 $ 3,386
(a) The remaining cash payments related to these restructuring reserves primarily relate to postemployment benefits to be paid.
GM
GMNA recorded charges, interest accretion and other, and revisions to estimates that decreased the restructuring reserves by $275
million in the year ended December 31, 2010. The decreases were primarily related to increased production capacity utilization, which
resulted in the recall of idled employees to fill added shifts at multiple U.S. production sites and revisions to productivity initiatives,
partially offset by Canadian restructuring activities.
GME recorded charges, interest accretion and other, and revisions to estimates of $840 million in the year ended December 31,
2010 for separation programs primarily related to the following initiatives:
• Separation charges of $527 million related to the closure of the Antwerp, Belgium facility which affects 2,600 employees.
• Separation charges of $72 million and revisions to estimates to decrease the reserve by $9 million related to separation/layoff
plans and an early retirement plan in Spain which affects 1,200 employees.
• Separation charges of $31 million related to a voluntary separation program in the United Kingdom.
• Separation charges of $95 million and interest accretion and other of $104 million related to a voluntary separation program
and previously announced programs in Germany.
We have committed to a restructuring plan for GME, and as of December 31, 2010 we expect to expend up to $1.4 billion. Of this
amount $0.8 billion was recorded in 2010 as charges for the separation programs described above. We expect to incur an additional
$0.6 billion primarily in 2011 and 2012 to complete these programs. Because these programs involve voluntary separations, no
liabilities are recorded until offers to employees are accepted.
General Motors Company 2010 Annual Report 251