General Motors 2012 Annual Report Download - page 104

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following table summarizes minimum rental payments due to GM Financial as lessor under operating leases (dollars in
millions):
2013 2014 2015 2016 2017
Minimum rental receipts under operating leases ......................................... $331 $274 $160 $33 $2
Note 10. Equity in Net Assets of Nonconsolidated Affiliates
Nonconsolidated affiliates are entities in which an equity ownership interest is maintained and for which the equity method of
accounting is used, due to the ability to exert significant influence over decisions relating to their operating and financial affairs.
The following table summarizes information regarding Equity income, net of tax and gain on investments (dollars in millions):
Years Ended December 31,
2012 2011 2010
China joint ventures (China JVs) ........................................................... $1,521 $1,511 $1,297
New Delphi (including gain on disposition) .................................................. — 1,727 117
Others (including gain on acquisition of HKJV) ............................................... 41 (46) 24
Total equity income, net of tax and gain on investments ........................................ $1,562 $3,192 $1,438
Sales and income of our joint ventures are not 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
December 31, 2012, 2011 and 2010. At December 31, 2012 and 2011 we had undistributed earnings including dividends declared but
not received, of $1.7 billion and $1.6 billion related to our nonconsolidated affiliates.
Investment in China JVs
The following table summarizes our direct ownership interests in China JVs:
December 31, 2012 December 31, 2011
Shanghai General Motors Co., Ltd. (SGM) ........................................... 50% 49%
Shanghai GM Norsom Motor Co., Ltd. (SGM Norsom) ................................. 25% 25%
Shanghai GM Dong Yue Motors Co., Ltd. (SGM DY) .................................. 25% 25%
Shanghai GM Dong Yue Powertrain (SGM DYPT) ..................................... 25% 25%
SAIC-GM-Wuling Automobile Co., Ltd. (SGMW) ..................................... 44% 44%
FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM) ......................... 50% 50%
Pan Asia Technical Automotive Center Co., Ltd. ....................................... 50% 50%
Shanghai OnStar Telematics Co., Ltd. (Shanghai OnStar) ................................ 40% 40%
Shanghai Chengxin Used Car Operation and Management Co., Ltd. (Shanghai Chengxin Used
Car) ........................................................................ 33% 33%
SAIC General Motors Sales Co., Ltd. (SGMS) ........................................ 49% 49%
SGM is a joint venture established in 1997 by SAIC (50%) and us (50%). SGM has interests in three other joint ventures in China:
SGM Norsom, SGM DY and SGM DYPT. These three joint ventures are jointly held by SGM (50%), SAIC (25%) and us (25%).
These four joint ventures are engaged in the production, import, and sale of a comprehensive range of products under the Buick,
Chevrolet and Cadillac brands. SGM also has interests in Shanghai OnStar (20%) and Shanghai Chengxin Used Car (33%). SGM also
has a 20% equity interest in GMAC-SAIC, a joint venture established by General Motors Acceptance Corporation (now Ally
Financial) (40%) and SAIC Finance Co., Ltd. (40%) in 2007.
General Motors Company 2012 ANNUAL REPORT 101