General Motors 2010 Annual Report Download - page 88

GENERAL MOTORS COMPANY AND SUBSIDIARIES
Non-Cash Charges (Gains)
The following table summarizes significant non-cash charges (gains) (dollars in millions):
Successor Predecessor
Year Ended
December 31,
2010
July 10, 2009
Through
December 31,
2009
January 1, 2009
Through
July 9, 2009
Year Ended
December 31,
2008
Impairment charges related to investment in Ally Financial Common
Membership Interests ........................................ $ — $ — $ — $7,099
Impairment charges related to investment in Ally Financial common
stock ..................................................... — 270 — —
Impairment charges related to investment in Ally Financial Preferred
Membership Interests ........................................ — — — 1,001
Net curtailment gain related to finalization of the 2008 UAW Settlement
Agreement ................................................. — — — (4,901)
Net contingent Adjustment Shares issuable to MLC .................. (162) 162 — —
Salaried post-65 healthcare settlement ............................. — — — 1,704
Impairment charges related to equipment on operating leases ........... 49 18 63 759
Impairment charges related to long-lived assets ...................... 240 2 566 1,010
Impairment charges related to investments in equity and cost method
investments ................................................ — 4 28 119
Other than temporary impairments charges related to debt and equity
securities .................................................. — — 11 62
Impairment charges related to goodwill ............................ — — — 610
Gain on the acquisition of GMS .................................. (66) — — —
UAW OPEB healthcare settlement ................................ — 2,571 — —
CAW settlement .............................................. — — — 340
Loss (gain) on extinguishment of debt ............................. — — (906) —
Loss on extinguishment of UST Ally Financial Loan ................. — — 1,994 —
Gain on conversion of UST Ally Financial Loan ..................... — — (2,477) —
Reorganization gains, net ....................................... — — (128,563) —
Valuation allowances against deferred tax assets (a) .................. (63) (63) (751) 1,450
Total significant non-cash charges (gains) .......................... $ (2) $2,964 $(130,035) $ 9,253
(a) Amounts exclude changes related to income tax expense (benefit) in jurisdictions with a full valuation allowance throughout the
period. Refer to Note 23 to the consolidated financial statements.
Defined Benefit Pension Plan Contributions
Plans covering eligible U.S. salaried employees hired prior to January 2001 and hourly employees hired prior to October 15, 2007
generally provide benefits of stated amounts for each year of service as well as supplemental benefits for employees who retire with
30 years of service before normal retirement age. Salaried and hourly employees hired after these dates participate in defined
contribution or cash balance plans. Our and Old GM’s policy for qualified defined benefit pension plans is to contribute annually not
less than the minimum required by applicable law and regulation, or to directly pay benefit payments where appropriate. At
December 31, 2010 all legal funding requirements had been met.
86 General Motors Company 2010 Annual Report