General Motors 2010 Annual Report Download - page 53

GENERAL MOTORS COMPANY AND SUBSIDIARIES
In the year ended December 31, 2008 Equity in loss of and disposition of interest in Ally Financial included: (1) impairment
charges of $7.1 billion related to Old GM’s investment in Ally Financial Common Membership Interests; partially offset by (2) Old
GM’s proportionate share of Ally Financial’s income from operations of $0.9 billion.
Automotive Interest 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 interest
expenses ............... $(1,098) 0.8% $(694) 1.2% $(5,428) 11.6% $(2,525) 1.7%
GM
In the year ended December 31, 2010 Automotive interest expense included: (1) interest expense of $0.4 billion on GMIO and
GMSA debt; (2) interest expense of $0.3 billion on the UST Loans, Canadian Loan and VEBA Notes; and (3) interest expense of $0.3
billion on GMNA debt.
In the period July 10, 2009 through December 31, 2009 Automotive interest expense included interest expense of $0.3 billion on
the UST Loans and interest expense of $0.2 billion on GMIO debt.
Old GM
In the period January 1, 2009 through July 9, 2009 Automotive interest expense included: (1) amortization of discounts related to
the UST Loan, EDC Loan, and DIP Facilities of $3.7 billion; and (2) interest expense of $1.7 billion primarily related to interest
expense of $0.8 billion on unsecured debt balances, $0.4 billion on the UST Loan Facility and $0.2 billion on GMIO and GMSA debt.
Old GM ceased accruing and paying interest on most of its unsecured U.S. and foreign denominated debt on June 1, 2009, the date of
its Chapter 11 Proceedings.
In the year ended December 31, 2008 Automotive interest expense included: (1) interest expense of $1.6 billion on Old GM’s
unsecured bonds; (2) interest expense of $0.4 billion Old GM’s Euro bonds and cross-currency swaps to hedge foreign exchange rate
exposure; and (3) interest expense of $0.1 billion on Old GM’s secured revolving credit facility and U.S. term loan.
Interest Income and Other Non-Operating Income, net
Successor Predecessor
Year Ended
December 31,
2010
Percentage of
Total
net sales
and revenue
July 10, 2009
Through
December 31,
2009
Percentage of
Total
net sales
and revenue
January 1, 2009
Through
July 9,
2009
Percentage of
Total
net sales
and revenue
Year Ended
December 31,
2008
Percentage of
Total
net sales
and revenue
Interest income and other
non-operating
income, net ............. $1,555 1.1% $440 0.8% $852 1.8% $424 0.3%
GM
In the year ended December 31, 2010 Interest income and other non-operating income, net included; (1) interest income earned
from investments of $0.5 billion; (2) dividends and royalties of $0.2 billion; (3) rental income of $0.2 billion; (4) reversal of liability
related to the Adjustment Shares of $0.2 billion; (5) gain on sale of Saab of $0.1 billion; (6) gain on sale of Nexteer of $0.1 billion;
(7) gain on bargain purchase and the fair value of the recognizable assets acquired and liabilities assumed of $0.1 billion related to the
General Motors Company 2010 Annual Report 51