General Motors 2010 Annual Report Download - page 275

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
On October 1, 2010 we completed the acquisition of the Strasbourg transmission business from MLC. The purchase price was one
Euro. Refer to Note 5 for additional information on the acquisition of GMS.
Statement of Operations
The following table summarizes the income statements effect of transactions with MLC (dollars in millions):
Successor
Year Ended
December 31, 2010
July 10, 2009
Through
December 31, 2009
Automotive cost of sales (a) ....................................................... $(19) $(8)
Interest income and other non-operating income, net .................................... $— $1
(a) Primarily related to royalty income partially offset by reimbursements for engineering expenses incurred by MLC.
Balance Sheet
The following table summarizes the balance sheets effect of transactions with MLC (dollars in millions):
Successor
December 31,
2010
December 31,
2009
Accounts and notes receivable, net (a) ...................................................... $— $16
Other assets ........................................................................... $— $ 1
Accounts payable (a) .................................................................... $ 1 $59
Accrued liabilities ...................................................................... $— $(1)
(a) Primarily related to the purchase and sale of component parts.
Cash Flow
The following table summarizes the cash flow effects of transactions with MLC (dollars in millions):
Successor
Year Ended
December 31, 2010
July 10, 2009
Through
December 31, 2009
Operating — Automotive (a) ...................................................... $(148) $(88)
Financing — Automotive (b) ...................................................... $ 5 $25
(a) Primarily includes payments to MLC related to the purchase and the sale of component parts.
(b) Payments received from a facility in Strasbourg, France that MLC retained and we subsequently acquired in October 2010.
General Motors Company 2010 Annual Report 273