General Motors 2011 Annual Report Download - page 53

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,
2011
Year Ended
December 31,
2010
July 10, 2009
Through
December 31,
2009
January 1, 2009
Through
July 9, 2009
U.S. hourly and salaried ....................................... $1,962 $4,095 $ 31 $ 57
Non-U.S. ................................................... 836 777 4,287 529
Total contributions ........................................... $2,798 $4,872 $4,318 $586
We made a voluntary contribution in January 2011 to our U.S. hourly and salaried defined benefit pension plans of 61 million
shares of our common stock, valued at $2.2 billion for funding purposes at the time of contribution. The contributed shares qualified
as a plan asset for funding purposes at the time of contribution and as a plan asset valued at $1.9 billion for accounting purposes in
July 2011. This was a voluntary contribution above our funding requirements for the pension plans.
The following table summarizes the underfunded status of pension plans on a U.S. GAAP basis (dollars in billions):
Successor
December 31, 2011 December 31, 2010
U.S. hourly and salaried .......................................................... $13.3 $11.5
U.S.nonqualified ............................................................... 0.9 0.9
Total U.S. pension plans .......................................................... 14.2 12.4
Non-U.S. ...................................................................... 11.2 9.8
Total underfunded ............................................................... $25.4 $22.2
The U.S. pension plans were underfunded by $14.2 billion and $12.4 billion at December 31, 2011 and 2010. The change in funded
status was due primarily to: (1) actuarial losses due primarily to discount rate decreases of $8.5 billion; and (2) service and interest
costs of $5.4 billion; partially offset by (3) actual return on plan assets of $10.1 billion; and (4) contributions of $2.0 billion.
The non-U.S. pension plans were underfunded by $11.2 billion and $9.8 billion at December 31, 2011 and 2010. The change in
funded status was due primarily to: (1) actuarial losses of $1.5 billion; and (2) service and interest costs of $1.6 billion; partially offset
by (3) actual return on plan assets of $0.7 billion; (4) contributions and benefit payments of $0.8 billion; and (5) net favorable foreign
currency translation effect 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 unfunded status of OPEB plans (dollars in billions):
Successor
December 31, 2011 December 31, 2010
U.S. OPEB plans ................................................................ $5.8 $5.7
Non-U.S.OPEBplans............................................................ 1.5 4.2
Total unfunded ................................................................. $7.3 $9.9
The change in unfunded status for the non-U.S. plans was due primarily to the implementation of the independent HCT, which was
accounted for as a plan settlement reducing the OPEB obligation by $3.1 billion.
General Motors Company 2011 Annual Report 51