General Motors 2010 Annual Report Download - page 51

GENERAL MOTORS COMPANY AND SUBSIDIARIES
associated with the finalization of Old GM’s negotiations with the CAW in GMNA; (6) restructuring charges of $0.3 billion related to
separation programs announced in Belgium, France, Germany and the United Kingdom in GME; (7) foreign currency transaction
losses of $0.3 billion in GMSA primarily due to foreign currency exchanges processed outside CADIVI in Venezuela; partially offset
by (8) net curtailment gain of $4.9 billion in GMNA related to the February 2008 Settlement Agreement for the UAW hourly medical
plan; and (9) foreign currency remeasurement gains of $2.1 billion driven by the weakening of the Canadian Dollar against the
U.S. Dollar in GMNA.
Automotive Selling, General and Administrative Expense
Successor Predecessor
Year Ended
December 31,
2010
Percentage of
Automotive
sales
July 10, 2009
Through
December 31,
2009
Percentage of
Automotive
sales
January 1, 2009
Through
July 9, 2009
Percentage of
Automotive
sales
Year Ended
December 31,
2008
Percentage of
Automotive
sales
Automotive selling, general
and administrative
expense ............... $11,446 8.5% $6,006 10.5% $6,161 13.2% $14,253 9.6%
GM
In the year ended December 31, 2010 Automotive selling, general and administrative expense included: (1) advertising and sales
promotion expenses of $5.1 billion to support media campaigns for our products, including expenses in GMNA of $3.4 billion, in
GME of $0.8 billion, in GMIO of $0.6 billion and in GMSA of $0.3 billion; (2) administrative expenses of $4.4 billion, including
expenses in GMNA of $2.0 billion, in GMIO of $0.8 billion, in GME of $0.6 billion and in GMSA of $0.5 billion; and (3) selling and
marketing expenses of $1.4 billion primarily to support our dealerships including expenses in GMNA of $0.6 billion, in GME of $0.5
billion, in GMIO of $0.2 billion and in GMSA of $0.1 billion.
In the period July 10, 2009 through December 31, 2009 Automotive selling, general and administrative expense included:
(1) advertising and sales promotion expenses of $2.5 billion to support media campaigns for our products, including expenses in
GMNA of $1.7 billion, in GME of $0.4 billion, in GMIO of $0.3 billion and in GMSA of $0.1 billion; (2) administrative expenses of
$2.6 billion, including expenses in GMNA of $1.1 billion, in GMIO of $0.5 billion, in GME of $0.3 billion and in GMSA of $0.2
billion; and (3) selling and marketing expenses of $1.0 billion primarily to support our dealerships including expenses in GMNA of
$0.6 billion, in GME of $0.3 billion, in GMIO of $0.1 billion and in GMSA of $0.1 billion.
Old GM
In the period January 1, 2009 through July 9, 2009 Automotive selling, general and administrative expense included: (1) charges of
$0.5 billion recorded for dealer wind-down costs in GMNA; and (2) a curtailment loss of $0.3 billion upon the interim remeasurement
of the U.S. salary defined benefit pension plan as a result of global salary workforce reductions. This was partially offset by the
positive effects of various cost savings initiatives, the cancellation of certain sales and promotion contracts as a result of the Chapter
11 Proceedings in the U.S. and overall reductions in advertising and marketing budgets.
In the year ended December 31, 2008 Automotive selling, general and administrative expense included: (1) advertising and sales
promotion expenses of $6.3 billion to support media campaigns for our products, including expenses in GMNA of $4.0 billion, in
GME of $1.3 billion, in GMIO of $0.8 billion and in GMSA of $0.2 billion; (2) administrative expenses of $5.8 billion, including
expenses in GMNA of $2.8 billion, in GMIO of $0.9 billion, in GME of $0.7 billion and in GMSA of $0.4 billion; and (3) selling and
marketing expenses of $1.9 billion primarily to support our dealerships including expenses in GMNA of $0.9 billion, in GME of $0.7
billion, in GMIO of $0.2 billion and in GMSA of $0.1 billion.
General Motors Company 2010 Annual Report 49