General Motors 2011 Annual Report Download - page 132

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
surviving spouses by the class action process and to CAW active employees as of June 8, 2009. We accounted for the related
termination of CAW hourly retiree healthcare benefits as a settlement, and recorded a gain of $749 million as a component of
Automotive cost of sales. The settlement gain represents the difference between the healthcare plan obligation of $3.1 billion (as of
the implementation date) and the fair value of the notes and restricted cash contributed totaling $1.9 billion, and recognition of $414
million of accumulated other comprehensive losses.
Pension and OPEB Obligations and Plan Assets
The following tables summarize the change in benefit obligations and related plan assets (dollars in millions):
Successor
Year Ended December 31, 2011
U.S. Plans
Pension Benefits
Non-U.S. Plans
Pension Benefits
U.S. Plans
Other Benefits
Non-U.S. Plans
Other Benefits
Change in benefit obligations
Beginning benefit obligation .................................. $103,395 $ 24,762 $ 5,667 $ 4,252
Servicecost ............................................... 494 399 23 30
Interest cost ............................................... 4,915 1,215 265 186
Plan participants’ contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 7 13 9
Amendments .............................................. (6) (10) (284) (2)
Actuarial losses ............................................ 8,494 1,530 548 343
Benefits paid .............................................. (8,730) (1,561) (439) (180)
Early retirement reinsurance program receipts . . . . . . . . . . . . . . . . . . . . — — 29 —
Foreign currency translation adjustments ........................ — (508) — (128)
Canadian healthcare trust settlement ............................ — — — (3,051)
Curtailments, settlements and other ............................ — (69) — 31
Ending benefit obligation .................................... 108,562 25,765 5,822 1,490
Change in plan assets
Beginning fair value of plan assets ............................. 91,007 14,903 — —
Actual return on plan assets .................................. 10,087 686 — —
Employer contributions ...................................... 1,962 836 426 171
Plan participants’ contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 7 13 9
Benefits paid .............................................. (8,730) (1,561) (439) (180)
Foreign currency translation adjustments ........................ — (258) — —
Settlements ............................................... — (34) — —
Other .................................................... 23 (38) — —
Ending fair value of plan assets ............................... 94,349 14,541 — —
Ending funded status ........................................ $(14,213) $(11,224) $(5,822) $(1,490)
Amounts recorded in the consolidated balance sheets
Non-currentassets .......................................... $ — $ 61 $ — $ —
Current liabilities ........................................... (99) (324) (411) (65)
Non-current liabilities ....................................... (14,114) (10,961) (5,411) (1,425)
Net amount recorded ........................................ $(14,213) $(11,224) $(5,822) $(1,490)
Amounts recorded in Accumulated other comprehensive income
(loss)
Net actuarial loss ........................................... $ (1,352) $ (2,498) $(1,003) $ (177)
Netpriorservicecredit ...................................... 15 19 251 76
Total recorded in Accumulated other comprehensive income (loss) . . . $ (1,337) $ (2,479) $ (752) $ (101)
130 General Motors Company 2011 Annual Report