General Motors 2011 Annual Report Download - page 114

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following table summarizes financial information of Ally Financial for the period Ally Financial was accounted for as a
nonconsolidated affiliate (dollars in millions):
Six Months
Ended
June 30, 2009
Consolidated Statement of Income (Loss)
Total financing revenue and other interest income ........................................................ $6,916
Total interest expense ............................................................................... $3,936
Depreciation expense on operating lease assets ........................................................... $2,113
Gainonextinguishmentofdebt ....................................................................... $ 657
Total other revenue ................................................................................. $2,117
Total noninterest expense ............................................................................ $3,381
Loss from continuing operations before income tax expense ................................................ $(2,260)
Incometaxexpensefromcontinuingoperations .......................................................... $ 972
Net loss from continuing operations ................................................................... $(3,232)
Loss from discontinued operations, net of tax ............................................................ $(1,346)
Net loss .......................................................................................... $(4,578)
Ally Financial — Preferred and Common Membership Interests
The following table summarizes the activity with respect to the investment in Ally Financial Common and Preferred Membership
Interests for the period Ally Financial was accounted for as a nonconsolidated affiliate (dollars in millions):
Predecessor
Ally Financial
Common
Membership Interests
Ally Financial
Preferred
Membership Interests
BalanceatJanuary1,2009 .................................................... $ 491 $43
Old GM’s proportionate share of Ally Financial’s losses (a) .......................... (1,130) (7)
Investment in Ally Financial Common Membership Interests . . . . . . . . . . . . . . . . . . . . . . . . . 884 —
Gain on disposition of Ally Financial Common Membership Interests .................. 2,477 —
Conversion of Ally Financial Common Membership Interests ........................ (2,885) —
Other, primarily accumulated other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163 —
BalanceatJune30,2009 ..................................................... $ — $36
(a) Due to impairment charges and Old GM’s proportionate share of Ally Financial’s losses, the carrying amount of Old GM’s
investments in Ally Financial Common Membership Interests was reduced to $0. Old GM recorded its proportionate share of
Ally Financial’s remaining losses to its investment in Ally Financial Preferred Membership Interests.
112 General Motors Company 2011 Annual Report