General Motors 2010 Annual Report Download - page 89

GENERAL MOTORS COMPANY AND SUBSIDIARIES
The following table summarizes contributions made to the defined benefit pension plans or direct payments (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
U.S. hourly and salaried ........................................ $4,000 $ — $ — $ —
Other U.S. ................................................... 95 31 57 90
Non-U.S. .................................................... 777 4,287 529 977
Total contributions ............................................ $4,872 $4,318 $586 $1,067
We made a voluntary contribution to our U.S. hourly and salaried defined benefit pension plans of cash of $4.0 billion in December
2010 and 61 million shares of our common stock valued at $2.2 billion for funding purposes in January 2011. The contributed shares
qualify as a plan asset for funding purposes immediately, and will qualify as a plan asset for accounting purposes when certain
restrictions are removed, which is expected in 2011.
The following table summarizes the underfunded status of pension plans (dollars in billions):
Successor
December 31, 2010 December 31, 2009
U.S. hourly and salaried .......................................................... $11.5 $16.2
U.S. nonqualified ............................................................... 0.9 0.9
Total U.S. pension plans .......................................................... 12.4 17.1
Non-U.S. ...................................................................... 9.8 10.3
Total underfunded ............................................................... $22.2 $27.4
On a U.S. GAAP basis, the U.S. pension plans were underfunded by $12.4 billion and $17.1 billion at December 31, 2010 and
2009. The change in funded status was primarily attributable to the actual return on plan assets of $11.6 billion and contributions of
$4.1 billion, partially offset by actuarial losses primarily attributable to discount rate decreases of $5.3 billion and service and interest
costs of $5.7 billion.
On a U.S. GAAP basis, the non-U.S. pension plans were underfunded by $9.8 billion and $10.3 billion at December 31, 2010 and
2009. The change in funded status was primarily attributable to: (1) actual return on plan assets of $1.2 billion; (2) employer
contributions and benefit payments of $0.8 billion; (3) net favorable foreign currency translations of $0.3 billion; partially offset by
(4) service and interest costs of $1.6 billion; and (5) actuarial losses and other of $0.2 billion.
Hourly and salaried OPEB plans provide postretirement life insurance to most U.S. retirees and eligible dependents and
postretirement health coverage to some U.S. retirees and eligible dependents. Certain of the non-U.S. subsidiaries have postretirement
benefit plans, although most participants are covered by government sponsored or administered programs.
The following table summarizes the underfunded status of OPEB plans (dollars in billions):
Successor
December 31, 2010 December 31, 2009
U.S. OPEB plans ................................................................ $5.7 $5.8
Non-U.S. OPEB plans. ........................................................... 4.2 3.8
Total underfunded ............................................................... $9.9 $9.6
General Motors Company 2010 Annual Report 87