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2012 ANNUAL REPORT

Table of contents

  • Page 1
    2012 ANNUAL REPORT

  • Page 2

  • Page 3
    1959 1963 2014 CHEVROLET CORVETTE STINGRAY

  • Page 4
    ... people who put their trust in us. From here, there are no finish lines. There's only Please go to www.gmannualreport.com to view our new online annual report - a view of our year, our strategy, our vehicles and more.

  • Page 5
    ... Data Consolidated Income Statements Consolidated Statements of Comprehensive Income Consolidated Balance Sheets Consolidated Statements of Cash Flows Consolidated Statements of Equity Notes to Consolidated Financial Statements Controls and Procedures 2 General Motors Company 2012 ANNUAL REPORT

  • Page 6
    ... culture in order to build the best vehicles in the world much more efficiently and profitably. This year, I want to pick up where I left off, and articulate what success looks like for you as stockholders, and for everyone else who depends on us. >> General Motors Company 2012 ANNUAL REPORT 3

  • Page 7
    ...2012 was another solid year for General Motors. Four of our five business units were profitable and we earned net income attributable to common stockholders of $4.9 billion. Those of you who have been invested in GM know that we track our operating performance using EBITadjusted, which is earnings...

  • Page 8
    ... improve our competitive position and reduce risk going forward. • Through GM Financial, we are acquiring Ally Financial's International Operations in Europe and Latin America, and Ally's share of its China joint venture. With the Ally acquisitions and GM Financial's other new business initiatives...

  • Page 9
    ...growth and our new Baojun brand had sales of more than 84,000 units in its first full year in the marketplape. By 2020, the market in China pould reaph 30 million units annually, up from about 19 million in 2011, so we are pontinuing to invest aggressively in all fapets of our business: • We plan...

  • Page 10
    ...the Cadillac XTS sedan, which began in early 2013, along with future products, we will build critical mass. Our goal is to triple sales to 100,000 units within two years. In the United States, we sold 2.6 million vehicles, up 4 percent compared with 2011, although market share declined 1.6 points to...

  • Page 11
    From hood to hitch, the all-new Chevrolet Silverado 1500 full-size pickup is engineered to be the strongest, smartest and most capable Silverado ever. 8 General Motors Company 2012 ANNUAL REPORT

  • Page 12
    ... sold outside the United States In last year's letter, I described how our product development team is working to reduce complexity and better leverage our scale by reducing the number of vehicle and powertrain architectures that underpin our products. General Motors Company 2012 ANNUAL REPORT 9

  • Page 13
    ... what we are doing. Today's GM has changed in profound ways: • We are transforming our financial systems and strengthening our risk management function processes while simultaneously reducing our pension obligations and closing competitive gaps. 10 General Motors Company 2012 ANNUAL REPORT

  • Page 14
    ... 25, 2013 Buick Encore, the brand's stylish, highly fuel-efficient entry into the small crossover segment, entered dealer showrooms in January 2013 - helping to continue the momentum from Buick's most successful retail sales performance in six years. General Motors Company 2012 ANNUAL REPORT 11

  • Page 15
    ... Financial on an Earnings Before Tax (EBT) basis 98 39 34 33 3 207 101 37 39 32 4 213 Source: Standard & Poor's Capital IQ Notes: Assumes $100 invested on 11/18/10 in GM Common stock, in the S&P 500, and in Ford, with reinvestment of dividends. 2012 ANNUAL ANNUAL REPORT REPORT 12 General Motors...

  • Page 16
    ...• Noncontrolling interests of $68 million in GMIO related to redemption of the GM Korea mandatorily redeemable preferred shares; and • A charge of $402 million in Corporate which represents the premium paid to purchase our common stock from the UST. General Motors Company 2012 ANNUAL REPORT 13

  • Page 17
    ..., Business Development, Global Product Planning and Global Purchasing & Supply Chain, General Motors Company (Joined Board 07/10/09) James J. Mulva, Retired Chairman and Chief Executive Officer, ConocoPhillips (Joined Board 06/12/12) David Bonderman (not pictured), Co-Founding Partner and Managing...

  • Page 18
    ... paid out of funds legally available for that purpose. Our payment of dividends in the future will depend on business conditions, our financial condition, earnings, liquidity and capital requirements, the covenants in our secured revolving credit facilities and other factors. General Motors Company...

  • Page 19
    ... earnings (loss) per share: (d) Net income (loss) attributable to common stockholders ...Cash dividends per common share ...Balance Sheet Data (as of period end): Total assets (a) ...Automotive notes and loans payable (e)(f) ...GM Financial notes and loans payable (a) ...Series A Preferred Stock...

  • Page 20
    ... equity in the year ended December 31, 2010. In December 2012 we purchased 200 million shares of our common stock for a total of $5.5 billion, which directly reduced shareholder's equity by $5.1 billion and we recorded a charge to earnings of $0.4 billion General Motors Company 2012 ANNUAL REPORT...

  • Page 21
    ... five segments, namely GM North America (GMNA), GME, GM International Operations (GMIO), GM South America (GMSA) and GM Financial. Consistent with industry practice, market share information includes estimates of industry sales in certain countries where public reporting is not legally required or...

  • Page 22
    ... and working capital. These loans are made on a secured basis. We believe the availability of financing for our dealers is important to our business. GM Financial plans to launch similar commercial lending in Canada during the first half of 2013. General Motors Company 2012 ANNUAL REPORT 19

  • Page 23
    ... separate product offerings for prime and sub-prime customers. GM Financial continues to expand its business in targeted areas that it views as strategic and to otherwise evaluate opportunities in specific segments of the automotive financing market. 20 General Motors Company 2012 ANNUAL REPORT

  • Page 24
    ...following tables summarize certain key operational and financial data for the China JVs (dollars in millions, vehicles in thousands): Years Ended December 31, 2012 2011 2010 Total wholesale vehicles (a) ...Market share (b) ...Total net sales and revenue ...Net income ... 2,909 14.6% $33,364 $ 3,198...

  • Page 25
    ... option to convert this loan into Ally Financial preferred membership interests previously held by Old GM in May 2009. At December 31, 2012 the UST had received cumulative proceeds of $28.6 billion from debt repayments, interest payments, Series A Preferred Stock dividends, sales of our common stock...

  • Page 26
    ... year agreement period. Termination in 2012 of a cash balance pension plan for entry level employees. Participants in this plan and all employees hired on or after October 1, 2007 participate in a defined contribution plan. A plan which provides legal services to U.S. hourly employees and retirees...

  • Page 27
    ...based on GMNA earnings before interest and taxes (EBIT)-adjusted and was effective beginning with the 2011 plan year. The profit sharing payment is capped at $12,000 per employee per year. Cash severance incentive programs which were completed in March 2012. A total of 1,400 skilled trades employees...

  • Page 28
    ... In March 2011 we sold 100% of our Class A Membership Interests in Delphi Automotive LLP (New Delphi) for $3.8 billion. We recorded a gain of $1.6 billion related to the sale. Refer to Note 10 to our consolidated financial statements for further details. General Motors Company 2012 ANNUAL REPORT 25

  • Page 29
    ... sales data, which includes retail and fleet sales, does not correlate directly to the revenue we recognize during the period. However, vehicle sales data is indicative of the underlying demand for our vehicles, and is the basis for our market share. 26 General Motors Company 2012 ANNUAL REPORT

  • Page 30
    GENERAL MOTORS COMPANY AND SUBSIDIARIES The tables which summarize production volume and sales of new motor vehicles and competitive position are presented in "Item 1. Business." Reconciliation of Consolidated, Automotive and GM Financial Segment Results Management believes EBIT-adjusted provides ...

  • Page 31
    ...Pension settlement charges ...(2,662) - - Premium paid to purchase our common stock from the UST ...- - - GM Korea hourly wage litigation ...- - (336) Impairment charge related to investment in PSA ...- (220) - Income related to various insurance recoveries ...9 7 112 Charge to record General Motors...

  • Page 32
    GENERAL MOTORS COMPANY AND SUBSIDIARIES Year Ended December 31, 2011 GME GMIO GMSA Corporate GMNA Total Gain on sale of our New Delphi Class A Membership Interests ...$1,645 $ - $ - Goodwill impairment charges ...- (1,016) (258) Gain related to HCT settlement ...749 - - Impairment related to Ally...

  • Page 33
    ...$0.5 billion related to our European operations; and (13) increased net pension and OPEB income of $0.3 billion due to plan remeasurements. Automotive Selling, General and Administrative Expense Years Ended December 31, 2012 2011 2010 Year Ended 2012 vs. 2011 Change Amount % Year Ended 2011 vs. 2010...

  • Page 34
    GENERAL MOTORS COMPANY AND SUBSIDIARIES In the year ended December 31, 2011 Automotive selling, general and administrative expense increased by $0.7 billion (or 5.8%) due primarily to: (1) increased advertising and sales promotion expenses of $0.5 billion to support media campaigns and new product ...

  • Page 35
    ...non-operating income, net decreased due primarily to: (1) a gain of $0.3 billion related to the sale of our Ally Financial preferred stock in 2011 which did not recur in 2012; (2) an impairment charge of $0.2 billion related to our investment in PSA; (3) a charge of $0.1 billion to record GMS assets...

  • Page 36
    ... our consolidated financial statements for additional information related to our income tax expense (benefit). Equity Income, Net of Tax and Gain on Investments Years Ended December 31, 2012 2011 2010 Year Ended 2012 vs. 2011 Change Amount % Year Ended 2011 vs. 2010 Change Amount % China JVs ...New...

  • Page 37
    ... Consolidated ASSETS Current Assets Cash and cash equivalents ...Marketable securities ...Restricted cash and marketable securities ...Accounts and notes receivable, net ...GM Financial finance receivables, net ...Inventories ...Equipment on operating leases, net ...Deferred income taxes...

  • Page 38
    ...billion in the year ended December 31, 2012 and a net decrease of $0.3 billion in vehicles under lease. Deferred income taxes increased by $8.9 billion due primarily to the valuation allowance reversals in the U.S. and Canada. Non-Current Assets Restricted cash and marketable securities decreased by...

  • Page 39
    GENERAL MOTORS COMPANY AND SUBSIDIARIES GMNA Total Net Sales and Revenue In the year ended December 31, 2012 Total net sales and revenue increased by $4.4 billion (or 4.8%) due primarily to: (1) increased wholesale volumes of $3.9 billion representing 156,000 vehicles (or 4.9%) due to increased ...

  • Page 40
    GENERAL MOTORS COMPANY AND SUBSIDIARIES GM Europe (Dollars in Millions) Year Ended 2012 vs. 2011 Change Amount % Year Ended 2011 vs. 2010 Change Amount % Years Ended December 31, 2012 2011 2010 Total net sales and revenue ...EBIT (loss)-adjusted ...GME Total Net Sales and Revenue $22,050 $26,757...

  • Page 41
    GENERAL MOTORS COMPANY AND SUBSIDIARIES GM International Operations (Dollars in Millions) Year Ended Year Ended 2012 vs. 2011 Change 2011 vs. 2010 Change Amount % Amount % Years Ended December 31, 2012 2011 2010 Total net sales and revenue ...EBIT-adjusted ...GMIO Total Net Sales and Revenue $27...

  • Page 42
    GENERAL MOTORS COMPANY AND SUBSIDIARIES GM South America (Dollars in Millions) Years Ended December 31, 2012 2011 2010 Year Ended 2012 vs. 2011 Change Amount % Year Ended 2011 vs. 2010 Change Amount % Total net sales and revenue ...EBIT (loss)-adjusted ...n.m. = not meaningful GMSA Total Net Sales...

  • Page 43
    GENERAL MOTORS COMPANY AND SUBSIDIARIES GM Financial (Dollars in Millions) Three Months Ended December 31, 2010 Year Ended 2012 vs. 2011 Change Amount % Years Ended December 31, 2012 2011 Total revenue ...Income before income taxes ...GM Financial Revenue $1,961 $ 744 $1,410 $ 622 $281 $129 $...

  • Page 44
    ... financing revenues related to the liquidation of the portfolio of automotive retail leases. Average outstanding retail leases on-hand decreased to a de minimus level at December 31, 2011 compared to 7,000 at December 31, 2010. Corporate Net Income (Loss) Attributable to Stockholders In the year...

  • Page 45
    ... to certain possible closing adjustments, and is expected to close in stages during 2013. Refer to Note 4 to our consolidated financial statements for additional information on our agreement to acquire certain Ally Financial international operations. 42 General Motors Company 2012 ANNUAL REPORT

  • Page 46
    ... equity stake in PSA for $0.4 billion; against which we recorded impairment charges of $0.2 billion in the three months ended December 31, 2012. Refer to Note 7 to our consolidated financial statements for additional information on our investment in PSA. General Motors Company 2012 ANNUAL REPORT...

  • Page 47
    ... to purchase stock ...Payments to acquire noncontrolling interest ...Debt issuance costs and fees paid for debt modifications ...Cash dividends paid (including premium paid on redemption of Series A Preferred Stock) ...Net cash provided by (used in) financing activities ...Effect of exchange rate...

  • Page 48
    ... to our new secured revolving credit facilities; partially offset by (3) capital expenditures of $8.1 billion; and (4) cash used in financing activities of $7.1 billion relating to the purchase of our common stock, debt prepayments and dividend payments. General Motors Company 2012 ANNUAL REPORT 45

  • Page 49
    ... In the year ended December 31, 2012 cash flows from operating activities increased by $2.2 billion due primarily to: (1) increase in accrued and other liabilities of $1.7 billion due primarily to dealer and customer sales allowances and warranty; (2) favorable changes in working capital of...

  • Page 50
    ... 18 to our consolidated financial statements for additional information on the HCT settlement. Investing Activities In the year ended December 31, 2012 cash flows from investing activities increased by $9.9 billion due primarily to: (1) an increase in net liquidations of marketable securities of $17...

  • Page 51
    ... payments relating to the HCT settlement of $0.8 billion in 2011; and a voluntary contribution to our U.S. hourly and salaried defined benefit pension plans of $4.0 billion in 2010. Other Liquidity Issues Status of Credit Ratings We receive credit ratings from four independent credit rating agencies...

  • Page 52
    ...2012 and 2011 and the three months ended December 31, 2010. GM Financial used cash of $1.2 billion for the origination of commercial finance receivables in the year ended December 31, 2012. GM Financial used cash of $1.1 billion and $0.8 billion for the purchase of leased vehicles in the years ended...

  • Page 53
    ...against collateral pledged under these agreements, restrict GM Financial's ability to obtain additional borrowings and/or remove GM Financial as servicer. As of December 31, 2012 GM Financial was in compliance with all covenants in its credit facilities. 50 General Motors Company 2012 ANNUAL REPORT

  • Page 54
    ... pension plans were underfunded by $13.8 billion and $11.2 billion at December 31, 2012 and 2011. The change in funded status was due primarily to: (1) actuarial losses of $2.8 billion; (2) service and interest costs of $1.5 billion; (3) net unfavorable General Motors Company 2012 ANNUAL REPORT...

  • Page 55
    ... our consolidated financial statements for the change in benefit obligations and related plan assets. The following table summarizes net benefit payments expected to be paid in the future, which include assumptions related to estimated future employee service (dollars in millions): Pension Benefits...

  • Page 56
    ... interest payments based on contractual terms and current interest rates on our debt and capital lease obligations. Automotive interest payments based on variable interest rates were determined using the interest rate in effect at December 31, 2012. General Motors Company 2012 ANNUAL REPORT 53

  • Page 57
    ... contribute $0.1 billion to our U.S. non-qualified plans and $0.8 billion to our non-U.S. pension plans in 2013. Fair Value Measurements Refer to Note 19 to our consolidated financial statements for additional information regarding Level 3 measurements. 54 General Motors Company 2012 ANNUAL REPORT

  • Page 58
    ... determining pension expense is derived from periodic studies, which include a review of asset allocation strategies, anticipated future long-term performance of individual asset classes, risks using standard deviations and correlations of returns among General Motors Company 2012 ANNUAL REPORT 55

  • Page 59
    ...-average discount rate on plan obligations and actual and expected return on plan assets. Refer to Note 3 to our consolidated financial statements for a discussion of the inputs used to determine fair value for each significant asset class or category. 56 General Motors Company 2012 ANNUAL REPORT

  • Page 60
    ... income will reduce the overall level of deferred tax assets subject to valuation allowances. In the periods in which the valuation allowances are released, we will record a tax benefit reflecting the release, which will reduce our effective tax rate. General Motors Company 2012 ANNUAL REPORT...

  • Page 61
    ... to make payments during the term of a lease, up to five years, to the contract residual. A retail lease customer is not obligated to purchase a vehicle at the end of a lease. Sales to daily rental car companies with guaranteed repurchase obligations are accounted for as operating leases. Generally...

  • Page 62
    ...below its carrying amount. GM Financial's fair value would still exceed its carrying amount had equity to managed assets retention ratio increased 160 basis points by 2015. Subsequent to our 2012 annual goodwill impairment testing, we reversed deferred tax asset valuation allowances of $36.2 billion...

  • Page 63
    ...is determined using either the market or sales comparison approach, cost approach or anticipated cash flows discounted at a rate commensurate with the risk involved. We develop anticipated cash flows from historical experience and internal business plans. A considerable amount of management judgment...

  • Page 64
    ...relative to the key operating metrics of forecasted revenues, market share, and variable profit established in mid-2012. Further, our industry outlook deteriorated, and our forecast of 2013 cash flows declined. This triggered a long-lived asset impairment analysis. We performed a recoverability test...

  • Page 65
    ...global markets, including the credit markets, or changes in economic conditions, commodity prices, housing prices, foreign currency exchange rates or political stability in the markets in which we operate; • • • • • • • • • • 62 General Motors Company 2012 ANNUAL REPORT

  • Page 66
    ... on our exposure to market risk is included in Note 19 to our consolidated financial statements. The following analyses provide quantitative information regarding exposure to foreign currency exchange rate risk, interest rate risk and equity price risk. Sensitivity analysis is used to measure the...

  • Page 67
    ... related to certain financial instruments, primarily debt, capital lease obligations and certain marketable securities. At December 31, 2012 we did not have any interest rate swap positions to manage interest rate exposures in our automotive operations. 64 General Motors Company 2012 ANNUAL REPORT

  • Page 68
    ...million. At December 31, 2011 the carrying amount of our investment in Ally Financial common stock was $403 million and the carrying amount of other investments was $36 million. These amounts represent the maximum exposure to loss from these investments. General Motors Company 2012 ANNUAL REPORT 65

  • Page 69
    ... the difference between interest earned on finance receivables and interest paid, is affected by changes in interest rates as a result of GM Financial's dependence upon the issuance of variable rate securities and the incurrence of variable rate debt to fund purchases of finance receivables. Credit...

  • Page 70
    GENERAL MOTORS COMPANY AND SUBSIDIARIES The following table summarizes GM Financial's interest rate sensitive assets and liabilities, excluding derivatives, by year of expected maturity and the fair value of those assets and liabilities at December 31, 2011 (dollars in millions): 2012 Years Ended ...

  • Page 71
    ... audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements of General Motors Company and subsidiaries as of and for the year ended December 31, 2012. Our report dated February 15, 2013 expressed an unqualified...

  • Page 72
    ... REGISTERED PUBLIC ACCOUNTING FIRM General Motors Company, its Directors, and Stockholders: We have audited the accompanying Consolidated Balance Sheets of General Motors Company and subsidiaries (the Company) as of December 31, 2012 and 2011, and the related Consolidated Statements of Income...

  • Page 73
    GENERAL MOTORS COMPANY AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS (In millions, except per share amounts) Years Ended December 31, 2012 2011 2010 Net sales and revenue Automotive sales and revenue ...GM Financial revenue ...Total net sales and revenue ...Costs and expenses Automotive cost of ...

  • Page 74
    GENERAL MOTORS COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Years Ended December 31, 2012 2011 2010 Net income ...$ 6,136 $ 9,287 $6,503 Other comprehensive income (loss), net of tax Foreign currency translation adjustments ...(103) (183) 210 Cash flow ...

  • Page 75
    GENERAL MOTORS COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions, except share amounts) December 31, 2012 ASSETS Current Assets Cash and cash equivalents ...Marketable securities ...Restricted cash and marketable securities ...Accounts and notes receivable (net of allowance of $311 ...

  • Page 76
    ... stock ...Payments to purchase stock ...Payments to acquire noncontrolling interest ...Debt issuance costs and fees paid for debt modification ...Cash dividends paid (including premium paid on redemption of Series A Preferred Stock) ...Net cash used in financing activities ...Effect of exchange rate...

  • Page 77
    ... shares ...Sale of businesses ...Stock-based compensation ...Effect of adoption of amendments to ASC 810 regarding variable interest entities ...Cash dividends paid on Series A Preferred Stock and cumulative dividends on Series B Preferred Stock and charge related to purchase of Series A Preferred...

  • Page 78
    ... and sell cars, trucks and automobile parts worldwide. We also provide automotive financing services through General Motors Financial Company, Inc. (GM Financial). We analyze the results of our business through our five segments: GM North America (GMNA), GM Europe (GME), GM International Operations...

  • Page 79
    ... when the vehicle is delivered to the dealer in most remaining cases. Provisions for recurring dealer and customer sales and leasing incentives, consisting of allowances and rebates, are recorded as reductions to Automotive sales and revenue at the 76 General Motors Company 2012 ANNUAL REPORT

  • Page 80
    ... Automotive sales and revenue when announced. Vehicle sales to daily rental car companies with guaranteed repurchase obligations are accounted for as operating leases. Estimated lease revenue is recorded ratably over the estimated term of the lease based on the difference between net sales proceeds...

  • Page 81
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Allowance for Doubtful Accounts Automotive The following table summarizes activity in our allowance for doubtful accounts (dollars in millions): Years Ended December 31, 2012 2011 2010 Balance at ...

  • Page 82
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) An evaluation is made quarterly to determine if unrealized losses related to non-trading investments in securities are other-thantemporary. Factors considered in determining whether a loss on a ...

  • Page 83
    ... incentive offers at the balance sheet date. Market for off-lease and other vehicles is current auction sales proceeds less disposal and warranty costs. Productive material, work in process, supplies and service parts are reviewed to determine if inventory quantities are in excess of forecasted...

  • Page 84
    ...technology and intellectual property is recorded in Automotive cost of sales. Amortization of brand names, customer relationships and our dealer networks is recorded in Automotive selling, general and administrative expense or GM Financial operating and other expenses. Valuation of Long-Lived Assets...

  • Page 85
    ... Valuation Cash Equivalents and Other Short-Term Investments Money market funds and other similar short-term investment funds are valued using the net asset value per share (NAV) as provided by the investment sponsor or third-party administrator. Prices for short-term debt securities are received...

  • Page 86
    ... in Level 3. Direct investments in private equity, private debt and real estate securities, are generally valued in good faith via the use of the market approach (earnings multiples from comparable companies) or the income approach (discounted cash flow techniques), and General Motors Company 2012...

  • Page 87
    ...Programs Effective with our current labor agreement with the UAW the Job Opportunity Bank Program was eliminated and the Supplemental Unemployment Benefit (SUB) program and the Transitional Support Program (TSP) were retained. These modified job security 84 General Motors Company 2012 ANNUAL REPORT

  • Page 88
    ...method is used in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, using the statutory tax rates in effect for the year in which...

  • Page 89
    ... secured revolver, and yields on traded bonds of companies with comparable credit ratings and risk profiles. Derivative contracts that are valued based upon models with significant unobservable market inputs, primarily price, are classified in Level 3. 86 General Motors Company 2012 ANNUAL REPORT

  • Page 90
    ... consolidated statement of cash flows. Foreign Currency Transactions and Translation The assets and liabilities of foreign subsidiaries, that use the local currency as their functional currency, are translated to U.S. Dollars based on the current exchange rate prevailing at each balance sheet date...

  • Page 91
    ... in Current Assets and Current Liabilities. Definitive Agreement to Acquire Certain Ally Financial International Operations In November 2012 GM Financial entered into an agreement with Ally Financial to acquire 100% of the outstanding equity interests of its automotive finance and financial services...

  • Page 92
    ... recorded in connection with the acquisition of GMAC Venezuela, which are included in our GMSA segment (dollars in millions): March 1, 2012 Cash ...Other assets ...Liabilities ...Bargain purchase gain ...Consideration paid ... $ 79 11 (11) (50) $ 29 General Motors Company 2012 ANNUAL REPORT 89

  • Page 93
    ... $24.50 per share ...Cash paid to cancel outstanding stock warrants ...Cash paid to settle equity-based compensation awards ...Total consideration ...Acquisition-related costs (a) ...Assets acquired and liabilities assumed Cash ...Restricted cash ...Finance receivables (b) ...Other assets, including...

  • Page 94
    ... October 2010 we acquired 100% of the outstanding equity interest of GMS for cash of one Euro from MLC. We recorded the fair value of the assets acquired and liabilities assumed as of October 1, 2010 and have included GMS's results of operations and cash General Motors Company 2012 ANNUAL REPORT 91

  • Page 95
    ... finance receivables, net relating to consumer and commercial activities (dollars in millions): December 31, 2012 December 31, 2011 Current ...Non-current ...Total GM Financial finance receivables, net ... $ 4,044 6,954 $10,998 $3,251 5,911 $9,162 92 General Motors Company 2012 ANNUAL REPORT

  • Page 96
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) The following table summarizes the components of GM Financial finance receivables, net relating to consumer and commercial activities (dollars in millions): December 31, 2012 December 31, 2011 Pre-...

  • Page 97
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Substantially all commercial finance receivables have variable interest rates and maturities of one year. Therefore, the carrying amount is considered to be a reasonable estimate of fair value. GM ...

  • Page 98
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Credit Quality Consumer Finance Receivables Credit bureau scores, generally referred to as FICO scores, are determined during GM Financial's automotive loan origination process. The following table ...

  • Page 99
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Commercial Finance Receivables At December 31, 2012 all commercial finance receivables were current with respect to payment status. Note 6. Securitizations Automotive Financing - GM Financial The ...

  • Page 100
    ... Level 1 Level 2 Level 3 Cost Cash and cash equivalents Available-for-sale securities U.S. government and agencies ...Certificates of deposit ...Money market funds ...Corporate debt ...Total available-for-sale securities ...Trading securities ...Sovereign debt ...Total trading securities ...Total...

  • Page 101
    ... 2 Level 3 Unrealized Cost Gains Losses Cash and cash equivalents Available-for-sale securities U.S. government and agencies ...$ 239 Sovereign debt ...490 Certificates of deposit ...2,028 Money market funds ...1,794 Corporate debt ...5,112 Total available-for-sale securities ...$ 9,663 Trading...

  • Page 102
    ... 31, 2012 December 31, 2011 Productive material, supplies and work in process ...Finished product, including service parts ...Total inventories ...Note 9. Equipment on Operating Leases, net Automotive Equipment on operating leases, net is composed of vehicle sales to daily rental car companies...

  • Page 103
    ..., net ... $1,910 (261) $1,649 $860 (75) $785 The following table summarizes depreciation expense related to GM Financial equipment on operating leases, net (dollars in millions): Year Ended December 31, 2012 2011 Depreciation expense ... $205 $70 100 General Motors Company 2012 ANNUAL REPORT

  • Page 104
    ...consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as Equity income, net of tax and gain on investments. We received dividends from nonconsolidated affiliates of $1.4 billion, $1.2 billion and $685 million in the years ended...

  • Page 105
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) SGMS is a joint venture established in November 2011 by SAIC (51%) and us (49%) to engage in the sales of the imported Buick, Chevrolet and Cadillac brands and the sales of automobiles manufactured by ...

  • Page 106
    ... financial data for all of our nonconsolidated affiliates (dollars in millions): December 31, 2012 China JVs Others Total December 31, 2011 China JVs Others Total Summarized Balance Sheet Data Current assets ...Non-current assets ...Total assets ...Current liabilities ...Non-current liabilities...

  • Page 107
    ..., 2012 December 31, 2011 Financial Position Accounts and notes receivable, net ...Accounts and notes payable ...Deferred revenue and customer deposits ... $1,668 $ 167 $ 46 $1,785 $ 342 $ 150 Years Ended December 31, 2012 2011 2010 Cash Flows Operating ...Investing ...Note 11. Property, net The...

  • Page 108
    ... and amortization expense related to Property, net, recorded in Automotive cost of sales, GM Financial operating and other expenses, Automotive selling, general and administrative expense and Other automotive expenses, net (dollars in millions): Years Ended December 31, 2012 2011 2010 Depreciation...

  • Page 109
    ... for demolition costs and for the effect of an estimated holding period. Under the income approach, it was assumed fair value could not exceed the present value of the net cash flows discounted at a rate commensurate with the level of risk inherent in the subject asset. An in-exchange premise was...

  • Page 110
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Note 12. Goodwill The following table summarizes the changes in the carrying amounts of Goodwill (dollars in millions): GMNA GME GMIO GMSA Total Automotive GM Financial Total Balance at January 1, 2011 ...

  • Page 111
    ... markets to which GM Korea exports coupled with lower forecasted margins resulting from higher raw material costs and unfavorable foreign exchange rates. Subsequent to our 2011 annual impairment testing we reversed a deferred tax asset valuation allowance for our GM Holden, Ltd. (Holden) reporting...

  • Page 112
    ... reporting, which in the future would primarily occur upon reversal of our remaining deferred tax asset valuation allowances or a decline in the fair value of GM Financial. Any declines would have a negative effect on our earnings that could be material. General Motors Company 2012 ANNUAL REPORT...

  • Page 113
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Our fair value estimates for annual and event-driven impairment tests assume the achievement of the future financial results contemplated in our forecasted cash flows and there can be no assurance that ...

  • Page 114
    ... brand intangible assets in GME measured at fair value utilizing Level 3 inputs on a nonrecurring basis (dollars in millions): Fair Value Measure Level 1 Level 2 Level 3 Total Impairment Year ended December 31, 2012 ... $139 $ - $ - $139 $1,755 General Motors Company 2012 ANNUAL REPORT...

  • Page 115
    ... (a) ...Total non-current restricted cash ...Total restricted cash ... $442 24 466 302 - 302 $768 $ 758 41 799 298 18 316 $1,115 (a) Pledged in association with derivative transactions and cash collections related to leases serviced for a third-party. 112 General Motors Company 2012 ANNUAL REPORT

  • Page 116
    ... The finance receivables, leased assets and other assets held by these subsidiaries are not available to our creditors or creditors of our other subsidiaries. Refer to Notes 5, 6 and 17 for additional information on GM Financial's involvement with the SPEs. General Motors Company 2012 ANNUAL REPORT...

  • Page 117
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Nonconsolidated VIEs Automotive VIEs that are not consolidated include certain vehicle assembling, manufacturing and selling venture arrangements and other automotive related entities to which we ...

  • Page 118
    ... income taxes (dollars in millions): December 31, 2012 December 31, 2011 Current Dealer and customer allowances, claims and discounts ...Deposits primarily from rental car companies ...Deferred revenue ...Policy, product warranty and recall campaigns ...Payrolls and employee benefits excluding...

  • Page 119
    ...-term debt and long-term debt (dollars in millions): December 31, 2012 December 31, 2011 Short-term debt Wholesale financing (a) ...GM Korea mandatorily redeemable preferred shares ...Capital leases ...Other short-term debt and current portion of long-term debt ...Total automotive short-term debt...

  • Page 120
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) The following table summarizes our short-term and long-term debt by collateral type (dollars in millions): December 31, 2012 December 31, 2011 Unsecured debt ...Secured debt (a) ...Capital leases ......

  • Page 121
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Our obligations under the secured revolving credit facilities are guaranteed by certain of our domestic subsidiaries and by a substantial portion of our domestic assets including accounts receivable, ...

  • Page 122
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Automotive Financing - GM Financial The following table summarizes the current and non-current portion of debt (dollars in millions): December 31, 2012 December 31, 2011 Short-term debt and current ...

  • Page 123
    ... include cash collected on finance receivables and leasing related assets pledged of $12 million which is included in Restricted cash and marketable securities. (b) In May 2013 when the revolving period ends, and if the facility is not renewed, the outstanding balance will be repaid over time based...

  • Page 124
    ... 2018 with interest payable semiannually. In July 2011 proceeds of $71 million from this offering were used to redeem all of GM Financial's outstanding 8.50% senior notes due in 2015. The remaining proceeds are to be used for general corporate purposes. General Motors Company 2012 ANNUAL REPORT 121

  • Page 125
    ... MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Interest Expense Consolidated The following table summarizes interest expense (dollars in millions): Years Ended December 31, 2012 2011 2010 Loans from UST ...Canadian Loan ...VEBA Notes ...Capital leases...

  • Page 126
    ... service before normal retirement age. The benefits provided by the defined benefit pension plans covering eligible U.S. (hired prior to January 1, 2001) and Canadian salaried employees and employees in certain other non-U.S. locations are generally based on years of service and compensation history...

  • Page 127
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) OPEB Contributions The following table summarizes contributions to the U.S. OPEB plans (dollars in millions): Years Ended December 31, 2012 2011 2010 Employer contributions ...Plan participants' ...

  • Page 128
    ... liability and a pre-tax increase in the net actuarial loss component of Accumulated other comprehensive loss. In September 2011 a plan which provides legal services to U.S. hourly employees and retirees was remeasured as a result of our labor agreement provisions which terminate the plan effective...

  • Page 129
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) In March 2011 certain pension plans in GME were remeasured as part of our Goodwill impairment testing, resulting in a decrease of $272 million in the pension liability and a pre-tax increase in the net ...

  • Page 130
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Year Ended December 31, 2011 Pension Benefits Other Benefits U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Change in benefit obligations Beginning benefit obligation ...Service cost ...Interest ...

  • Page 131
    ...50% 4.24% N/A 4.50% 3.97% 4.21% 4.31% N/A 4.21% (a) As a result of ceasing the accrual of additional benefits for participants in the Retiree Plan in 2012, the rate of compensation increase does not have a significant effect on our U.S. pension plans. 128 General Motors Company 2012 ANNUAL REPORT

  • Page 132
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Year Ended December 31, 2011 Pension Benefits Other Benefits U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Components of expense Service cost ...Interest cost ...Expected return on plan assets ......

  • Page 133
    ... of outside actuaries and asset managers. While the studies incorporate data from recent plan performance and historical returns, the expected long-term return on plan asset assumptions are determined based on long-term, prospective rates of return. 130 General Motors Company 2012 ANNUAL REPORT

  • Page 134
    ... Plans Asset Categories Equity ...Debt ...Alternatives (a) ...Total ... 19% 60% 21% 100% 30% 53% 17% 100% 14% 66% 20% 100% 34% 45% 21% 100% (a) Includes private equity, real estate and absolute return strategies which primarily consist of hedge funds. General Motors Company 2012 ANNUAL REPORT...

  • Page 135
    ... 31, 2012 Level 1 Level 2 Level 3 Total Total U.S. and NonU.S. Plan Assets Assets Level 1 Level 2 Level 3 Total Cash equivalents and other short-term investments ...$ - $ 551 $ Common and preferred stocks (a) ...9,663 26 Government and agency debt securities (b) ...- 17,835 Corporate debt...

  • Page 136
    ... Level 1 of U.S. plan assets at December 31, 2012 and 2011. (b) Includes U.S. and sovereign government and agency issues; excludes mortgage and asset-backed securities. (c) Includes bank debt obligations. (d) Primarily investments in alternative investment funds. General Motors Company 2012 ANNUAL...

  • Page 137
    ...) Purchases, Sales and Settlements, Net Transfers Into/ Out of Level 3 Balance at December 31, 2012 Assets Common and preferred stocks ...Government and agency debt securities ...Corporate debt securities ...Non-agency mortgage and asset-backed securities ...Group annuity contracts ...Investment...

  • Page 138
    ...Level 3 Balance at December 31, 2011 Assets Common and preferred stocks ...Government and agency debt securities ...Corporate debt securities ...Non-agency mortgage and asset-backed securities ...Group annuity contracts ...Investment funds Equity funds ...Fixed income funds ...Funds of hedge funds...

  • Page 139
    ...Purchases, Sales and Settlements, Net Transfers Into/Out of Level 3 Foreign Currency Exchange Rate Movements Balance at December 31, 2011 Assets Government and agency debt securities ...Corporate debt securities ...Non-agency mortgage and asset-backed securities ...Investment funds Equity funds...

  • Page 140
    ... assets during the years ended December 31, 2012 and 2011. Investment Fund Strategies Equity funds include funds that invest in U.S. common and preferred stocks as well as similar equity securities issued by companies incorporated, listed or domiciled in developed and/or emerging markets countries...

  • Page 141
    ... MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Significant Concentrations of Risk The pension plans' assets include certain private investment funds, private equity and debt securities, real estate investments and derivative instruments. Investment managers...

  • Page 142
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Benefit Payments The following table summarizes net benefit payments expected to be paid in the future, which include assumptions related to estimated future employee service (dollars in millions): ...

  • Page 143
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) December 31, 2011 Derivative Assets Derivative Liabilities Current (a) Non-Current (b) Current (c) Non-Current (d) Notional Foreign currency ...Commodity ...Embedded ...Total ...(a) Recorded in Other ...

  • Page 144
    ... vehicle mix is pursuant to management forecasts. Fair Value Measurements on a Recurring Basis Using Level 3 Inputs The following table summarizes the activity for our derivative investments measured using Level 3 inputs (dollars in millions): Level 3 Net Assets and (Liabilities) Year Ended December...

  • Page 145
    ... (8) 19 $ 68 In February 2011 we exercised warrants to purchase 4 million shares of a supplier's common stock at $2.76 per share and sold the shares and received proceeds of $48 million. In connection with our investment in New Delphi, which we accounted for using the equity method, we recorded our...

  • Page 146
    ... of certain operating leases. These guarantees terminate in years ranging from 2016 to 2035. Certain leases contain renewal options. We provide payment guarantees on commercial loans made by Ally Financial and outstanding with certain third-parties, such as dealers or rental car companies. These...

  • Page 147
    ... matters could exceed the amounts accrued in an amount that could be material to our financial condition, results of operations and cash flows. At December 31, 2012 we estimate the remediation losses could range from $130 million to $250 million. 144 General Motors Company 2012 ANNUAL REPORT

  • Page 148
    ... globally pertaining to value added taxes, customs, duties, sales, property taxes and other non-income tax related tax exposures. The various non-U.S. labor-related matters include claims from current and former employees related to alleged unpaid wage, benefit, severance and other compensation...

  • Page 149
    ... Retiree Settlement Agreement. Nova Scotia Claims Litigation We are a participating party-in-interest in proceedings pending in the Bankruptcy Court to adjudicate claims in the Old GM bankruptcy arising from certain securities issued by General Motors Nova Scotia Finance Company (Nova Scotia Finance...

  • Page 150
    ... surveys were unavailable. For leased properties such obligations relate to the estimated cost of contractually required property restoration. At December 31, 2012 and 2011 accruals for asset retirement obligations were $116 million and $99 million. General Motors Company 2012 ANNUAL REPORT 147

  • Page 151
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Contract Cancellations The following table summarizes contract cancellation charges primarily related to the cancellation of product programs (dollars in millions): Years Ended December 31, 2012 2011 ...

  • Page 152
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Income Tax Expense (Benefit) The following table summarizes Income tax expense (benefit) (dollars in millions): Years Ended December 31, 2012 2011 2010 Current income tax expense (benefit) U.S. federal ...

  • Page 153
    ... differences and carryforwards that give rise to deferred tax assets and liabilities (dollars in millions): December 31, 2012 December 31, 2011 Deferred tax assets Postretirement benefits other than pensions ...Pension and other employee benefit plans ...Warranties, dealer and customer allowances...

  • Page 154
    ...the income tax benefit associated with the valuation allowance release is due primarily to the establishment of deferred tax liabilities related to state deferred tax assets. In the year ended December 31, 2011 we recorded an adjustment to the debt cancellation income that resulted from the 363 Sale...

  • Page 155
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) At December 31, 2011, as a result of sustained profitability in Australia, we released the valuation allowance against deferred tax assets. The reduction in the valuation allowance resulted in a non-cash...

  • Page 156
    ...Given the global nature of our operations there is a risk that transfer pricing disputes may arise. In the U.S. we have continuing responsibility for Old GM's open tax years. Old GM's federal income tax returns through the date of the 363 Sale have been audited by the Internal Revenue Service. Audit...

  • Page 157
    ... the expected closure of the Oshawa Consolidated Plant in June 2014, impacted employees will be eligible for a voluntary restructuring separation incentive program in accordance with the existing collective bargaining agreement that provides cash and a 154 General Motors Company 2012 ANNUAL REPORT

  • Page 158
    ...for employee separation costs related to a separation program in Brazil. Year Ended December 31, 2011 GMNA recorded charges, interest accretion and other and revisions to estimates primarily related to special attrition programs for skilled trade U.S. hourly employees, service cost for hourly layoff...

  • Page 159
    ... for per share amounts): Liquidation Preference Per Share Dividend Rate Per Annum Dividends Paid Years Ended December 31, 2012 2011 2010 Series A Preferred Stock ...Series B Preferred Stock ... $25.00 $50.00 9.00% 4.75% $621 $238 $621 $243 $810 $ - 156 General Motors Company 2012 ANNUAL REPORT

  • Page 160
    ... ratios will be adjusted for events that would otherwise dilute a Series B Preferred Stockholder's interest. In the three months ended December 31, 2012, holders of our Series B Preferred Stock converted 11,204 shares into 14,145 shares of common stock. General Motors Company 2012 ANNUAL REPORT...

  • Page 161
    ... then outstanding. In the year ended December 31, 2011 we issued 61 million shares of common stock to the U.S. hourly and salaried pension plans, 3,500,000 shares for exercised warrants and 500,000 shares for the settlement of salary and other restricted stock awards. In December 2012 we purchased...

  • Page 162
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Accumulated Other Comprehensive Income (Loss) The following table summarizes the components of Accumulated other comprehensive income (loss), net of taxes (dollars in millions): Foreign Currency ...

  • Page 163
    ...are computed by dividing Net income attributable to common stockholders by the weightedaverage common shares outstanding in the period. Diluted earnings per share is computed by giving effect to all potentially dilutive securities that were outstanding. 160 General Motors Company 2012 ANNUAL REPORT

  • Page 164
    ... of calculating earnings per share, the applicable market value is calculated as the average of the closing prices of our common stock over the 40 consecutive trading day period ending on the third trading day immediately preceding the date of our General Motors Company 2012 ANNUAL REPORT 161

  • Page 165
    ...pension plans in January 2011 met the criteria to qualify as plan assets for accounting purposes. These shares were considered outstanding for earnings per share purposes beginning in July 2011. Year Ended December 31, 2010 Warrants to purchase 318 million shares of our common stock were outstanding...

  • Page 166
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Long-Term Incentive Plan We granted 7 million, 5 million and 15 million RSUs in the years ended December 31, 2012, 2011 and 2010. These awards granted either cliff vest or ratably vest generally over a ...

  • Page 167
    GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) The following table summarizes compensation expense recorded for our stock incentive plans (dollars in millions): Years Ended December 31, 2012 2011 2010 Compensation expense ...Income tax benefit ... $...

  • Page 168
    ... to terminate their lease early and buy or lease a new GM vehicle. Ally Financial waives the customer's remaining payment obligation under their current lease and Ally Financial is compensated for any foregone revenue from the waived payments. Since these programs generally accelerate the resale...

  • Page 169
    ...portion of liabilities for marketing incentives on vehicles financed by Ally Financial. Statement of Operations The following table summarizes the income statement effects of transactions with Ally Financial (dollars in millions): Years Ended December 31, 2012 2011 2010 Total net sales and revenue...

  • Page 170
    ... $403 In March 2011 our investment in Ally Financial preferred stock was sold through a public offering for net proceeds of $1.0 billion. The gain of $339 million related to the sale was recorded in Interest income and other non-operating income, net. General Motors Company 2012 ANNUAL REPORT 167

  • Page 171
    ... ended June 30, 2011 we used the two-class method for calculating earnings per share because Series B Preferred Stock was a participating security. Net income for the three months ended December 31, 2012 included Deferred tax asset valuation allowance release of $36.3 billion in the U.S. and Canada...

  • Page 172
    ... million related to Ally Financial common stock in Corporate. Reversal of deferred income tax valuation allowances of $502 million in Australia. Net income for the three months ended March 31, 2011 included Gain of $1.6 billion related to the sale of our Class A membership Interests in New Delphi...

  • Page 173
    ... Buick Cadillac • • Chevrolet Jiefang • Wuling Nonsegment operations are classified as Corporate. Corporate includes an investment in Ally Financial, certain centrally recorded income and costs, such as interest, income taxes and corporate expenditures and certain nonsegment specific revenues...

  • Page 174
    ... valuation allowance releases of $36.5 billion net of the establishment of new valuation allowances of $0.1 billion. Amounts exclude changes related to income tax expense (benefits) in jurisdictions with a full valuation allowance throughout the period. General Motors Company 2012 ANNUAL REPORT 171

  • Page 175
    ... New Delphi Class A Membership Interests. Refer to Note 10 for additional information on the sale of New Delphi. (c) Amounts exclude changes related to income tax expense (benefits) in jurisdictions with a full valuation allowance throughout the period. 172 General Motors Company 2012 ANNUAL REPORT

  • Page 176
    ... claims of MLC would reach the levels as defined by the Amended and Restated Master Sale and Purchase Agreement. (c) Amounts exclude changes related to income tax expense (benefits) in jurisdictions with a full valuation allowance throughout the period. General Motors Company 2012 ANNUAL REPORT 173

  • Page 177
    ... information concerning principal geographic areas (dollars in millions): At and For the Years Ended December 31, 2012 2011 2010 Net Sales & Long-Lived Net Sales & Long-Lived Net Sales & Long-Lived Revenue Assets Revenue Assets Revenue Assets North America U.S...Canada and Mexico ...GM Financial...

  • Page 178
    ... the Consolidated Statements of Cash Flows The following table summarizes the sources (uses) of cash provided by Change in other operating assets and liabilities and cash paid for income taxes and interest (dollars in millions): Years Ended December 31, 2012 2011 2010 Accounts receivable ...$ (460...

  • Page 179
    ...common stock to U.S. hourly and salaried pension plans ...Notes issued to settle CAW hourly retiree healthcare plan ...Refer to Note 18 for additional information on the common stock contributed to our pension plans. ******* $- $- $1,864 $1,122 $- $- 176 General Motors Company 2012 ANNUAL REPORT

  • Page 180
    ... as of December 31, 2012. 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...

  • Page 181
    ... or other nominee, contact it directly. SECURITIES AND INSTITUTIONAL ANALYST QUERIES GM Investor Relations General Motors Company Mail Code 482-C29-D36 300 Renaissance Center P.O. Box 300 Detroit, Ml 48265-3000 313-667-1669 AVAILABLE PUBLICATIONS GM's Annual Report, Proxy Statement, Forms 10-K and...

  • Page 182
    GENERAL MOTORS COMPANY 300 Renaissance Center P.O. Box 300 Detroit, MI 48265-3000 www.gm.com Printed on paper that consists of at least 10% post-consumer fiber