General Motors 2011 Annual Report Download - page 195

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(a) Other losses, net primarily relate to costs incurred during Old GM’s Chapter 11 proceedings, including: losses of $958 million on
extinguishments of debt; losses of $398 million on contract rejections, settlements of claims and other lease terminations; professional fees of
$38 million; and a gain of $247 million related to the release of Accumulated other comprehensive income (loss) associated with previously
designated derivative financial instruments.
Disclosure Controls and Procedures
We maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed
in reports filed under the Securities Exchange Act of 1934, as amended (Exchange Act) is recorded, processed, summarized and
reported within the specified time periods and accumulated and communicated to our management, including our principal executive
officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Our management, with the participation of our Chairman and CEO and Senior Vice President and CFO, evaluated the effectiveness
of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) promulgated under the Exchange Act) at
December 31, 2011. Based on these evaluations, our CEO and CFO concluded that our disclosure controls and procedures required by
paragraph (b) of Rules 13a-15 or 15d-15 were effective as of December 31, 2011.
Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining effective internal control over financial reporting as defined in
Rules 13a-15(f) and 15d-15(f) under the Exchange Act. This system is designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with U.S.
GAAP. Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or
improper management override of controls, misstatements due to error or fraud may not be prevented or detected on a timely basis.
Our management performed an assessment of the effectiveness of our internal control over financial reporting at December 31,
2011, utilizing the criteria discussed in the “Internal Control — Integrated Framework” issued by the Committee of Sponsoring
Organizations of the Treadway Commission. The objective of this assessment was to determine whether our internal control over
financial reporting was effective at December 31, 2011. Based on management’s assessment, we have concluded that our internal
control over financial reporting was effective at December 31, 2011.
The effectiveness of our internal control over financial reporting has been audited by Deloitte & Touche LLP, an independent
registered public accounting firm, as stated in its report which is included herein.
Changes in Internal Controls
There have not been any changes in our internal control over financial reporting during the three months ended December 31, 2011
that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
/s/ DANIEL F. AKERSON /s/ DANIEL AMMANN
Daniel F. Akerson
Chairman and Chief Executive Officer
Daniel Ammann
Senior Vice President and Chief Financial Officer
February 27, 2012 February 27, 2012
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General Motors Company 2011 Annual Report 193