General Motors 2012 Annual Report Download - page 174

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following tables summarize key financial information by segment (dollars in millions):
At and For the Year Ended December 31, 2012
GMNA GME GMIO GMSA Corporate Eliminations
Total
Automotive
GM
Financial Eliminations Total
Sales
External customers ........... $89,912 $20,689 $22,954 $16,700 $ 40 $ — $150,295 $ — $ — $150,295
GM Financial revenue ......... ———— — — —1,961 — 1,961
Intersegment ................ 4,683 1,361 4,736 250 — (11,032) (2) — 2 —
Total net sales and revenue ....... $94,595 $22,050 $27,690 $16,950 $ 40 $(11,032) $150,293 $ 1,961 $ 2 $152,256
Income (loss) before automotive
interest and income taxes-
adjusted .................... $ 6,953 $ (1,797) $ 2,191 $ 271 $ (395) $ (107) $ 7,116 $ 744 $ (1) $ 7,859
Adjustments (a) ................ $(29,052) $ (6,391) $ (288) $ 27 (402) $ — $ (36,106) — $ — (36,106)
Corporate interest income ........ 343 343
Automotive interest expense ...... 489 489
Loss on extinguishment of debt . . . . 250 — 250
Income (loss) before income
taxes ....................... (1,193) 744 (28,643)
Income tax expense (benefit) ...... (35,007) 177 $ (1) (34,831)
Net income attributable to
stockholders ................. $ 33,814 $ 567 $ 6,188
Equity in net assets of
nonconsolidated affiliates ...... $ 65 $ 51 $ 6,764 $ 3 $ — $ — $ 6,883 $ — $ — $ 6,883
Total assets ................... $87,181 $ 9,781 $25,092 $12,070 $ 16,991 $(17,371) $133,744 $16,368 $(690) $149,422
Expenditures for property ........ $ 4,766 $ 1,035 $ 1,225 $ 956 $ 77 $ (4) $ 8,055 $ 13 $ — $ 8,068
Depreciation, amortization and
impairment of long-lived assets
and finite-lived intangible
assets ...................... $ 3,663 $ 6,570 $ 638 $ 483 $ 49 $ (1) $ 11,402 $ 225 $ (10) $ 11,617
Equity income, net of tax and gain
on investments ............... $ 9 $ — $ 1,552 $ 1 $ — $ — $ 1,562 $ — $ — $ 1,562
Significant non-cash charges
(benefits) not classified as
adjustments in (a) ............
Impairment charges related to
long-lived assets ........... $ 50 $ — $ 28 $ 2 $ — $ — $ 80 $ — $ — $ 80
Impairment charges related to
equipment on operating
leases .................... 40 141 — — — — 181 — — 181
Valuation allowances against
deferred tax assets(b) ........ ————(36,261) — (36,261) (103) — (36,364)
Total significant non-cash charges
(benefits) ................... $ 90 $ 141 $ 28 $ 2 $(36,261) $ — $ (36,000) $ (103) $ — $ (36,103)
(a) Consists of Goodwill impairment charges of $26.4 billion, pension settlement charges of $2.7 billion and income related to various insurance recoveries of $9
million in GMNA; property impairment charges of $3.7 billion, intangible assets impairment charges of $1.8 billion, goodwill impairment charges of $590 million,
impairment charges related to investment in PSA of $220 million, a charge of $119 million to record GMS assets and liabilities to estimated fair value and income
related to various insurance recoveries of $7 million in GME; GM Korea hourly wage litigation charge of $336 million, goodwill impairment charges of $132
million, which are presented net of noncontrolling interests, income related to various insurance recoveries of $112 million and income related to redemption of the
GM Korea mandatorily redeemable preferred shares of $68 million in GMIO; income related to various insurance recoveries of $27 million in GMSA; and a
charge of $402 million which represents the premium paid to purchase our common stock from the UST in Corporate.
(b) Includes 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