General Motors 2012 Annual Report Download - page 172

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
• Settlement gain of $749 million related to termination of CAW hourly retiree healthcare benefits in GMNA.
• Impairment charge of $555 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 in GMNA.
• Goodwill impairment charge of $395 million in GME.
• Gain of $339 million related to the sale of 100% of our investment in the Ally Financial preferred stock in Corporate.
Note 29. Segment Reporting
We analyze the results of our business through our five segments: GMNA, GME, GMIO, GMSA and GM Financial. Each segment
has a manager responsible for executing our strategies. Our automotive manufacturing operations are integrated within the segments,
benefit from broad-based trade agreements and are subject to regulatory requirements, such as Corporate Average Fuel Economy
regulations. While not all vehicles within a segment are individually profitable on a fully loaded cost basis, those vehicles are needed
in our product mix in order to attract customers to dealer showrooms and to maintain sales volumes for other, more profitable
vehicles. Because of these factors, we do not manage our business on an individual brand or vehicle basis. The chief operating
decision maker evaluates the operating results and performance of our automotive segments through Income (loss) before interest and
income taxes, as adjusted for additional amounts, which are presented net of noncontrolling interests, and evaluates GM Financial
through income before income taxes.
Substantially all of the cars, trucks and parts produced are marketed through retail dealers in North America, and through
distributors and dealers outside of North America, the substantial majority of which are independently owned.
In addition to the products sold to dealers for consumer retail sales, cars and trucks are also sold to fleet customers, including daily
rental car companies, commercial fleet customers, leasing companies and governments. Sales to fleet customers are completed
through the network of dealers and in some cases sold directly to fleet customers. Retail and fleet customers can obtain a wide range
of aftersale vehicle services and products through the dealer network, such as maintenance, light repairs, collision repairs, vehicle
accessories and extended service warranties.
GMNA primarily meets the demands of customers in North America with vehicles developed, manufactured and/or marketed under
the following four brands:
• Buick • Cadillac • Chevrolet • GMC
The demands of customers outside of North America are primarily met with vehicles developed, manufactured and/or marketed
under the following brands:
• Buick • Chevrolet • Holden • Vauxhall
• Cadillac • GMC • Opel
At December 31, 2012 we also had equity ownership stakes directly or indirectly in entities through various regional subsidiaries,
including GM Korea, SGM, SGMS, SGMW, FAW-GM and HKJV. These companies design, manufacture and market vehicles under
the following brands:
General Motors Company 2012 ANNUAL REPORT 169