General Motors 2012 Annual Report Download - page 171

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Note 28. Supplementary Quarterly Financial Information (Unaudited)
The following tables summarize supplementary quarterly financial information (dollars in millions, except per share amounts):
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
2012
Total net sales and revenue ............................................. $37,759 $37,614 $37,576 $39,307
Automotive gross margin .............................................. $ 4,418 $ 4,449 $ 4,327 $ (3,135)
Net income ......................................................... $ 1,350 $ 1,901 $ 1,854 $ 1,031
Net income attributable to stockholders ................................... $ 1,315 $ 1,846 $ 1,833 $ 1,194
Earnings per share, basic .............................................. $ 0.64 $ 0.95 $ 0.94 $ 0.58
Earnings per share, diluted ............................................. $ 0.60 $ 0.90 $ 0.89 $ 0.54
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
2011
Total net sales and revenue ............................................. $36,194 $39,373 $36,719 $37,990
Automotive gross margin .............................................. $ 4,214 $ 5,250 $ 4,594 $ 4,422
Net income ......................................................... $ 3,411 $ 3,037 $ 2,092 $ 747
Net income attributable to stockholders ................................... $ 3,366 $ 2,992 $ 2,107 $ 725
Earnings per share, basic .............................................. $ 2.09 $ 1.68 $ 1.10 $ 0.30
Earnings per share, diluted ............................................. $ 1.77 $ 1.54 $ 1.03 $ 0.28
Starting in the three months 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.
• Goodwill impairment charges of $26.5 billion in GMNA and GMIO.
• Property, plant and equipment impairment charges of $3.7 billion in GME.
• Pension settlement charge of $2.6 billion in GMNA.
• Intangible asset impairment charges of $1.8 billion in GME.
• Charge of $525 million for GM Korea hourly wage litigation.
• Charge of $402 million which represents the premium paid to purchase our common stock from the UST in Corporate.
Net income for the three months ended September 30, 2012 included:
• Goodwill impairment charges of $78 million in GMIO.
Net income for the three months ended March 31, 2012 included:
• Goodwill impairment charges of $617 million in GMIO and GME.
Net income the three months ended December 31, 2011 included:
• Goodwill impairment charge of $891 million in GMIO and GME.
General Motors Company 2012 ANNUAL REPORT168