General Motors 2012 Annual Report Download - page 28

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
Canadian Salaried Defined Benefit Plans
In June 2012 we amended the Canadian salaried pension plan to cease the accrual of additional benefits effective December 31,
2012. Active plan participants began receiving additional contributions in the defined contribution plan in January 2013. We also
amended the Canadian salaried retiree healthcare plan to eliminate post-65 healthcare benefits for employees retiring on or after
July 1, 2014. In conjunction with this change we amended the plan to offer either a monthly monetary payment or an annual lump-
sum cash payment to a defined contribution plan for health care in lieu of the benefit coverage provisions formerly provided under the
healthcare plan.
Venezuelan Exchange Regulations
Our Venezuelan subsidiaries utilize the U.S. Dollar as their functional currency because of the hyperinflationary status of the
Venezuelan economy. The Venezuelan government has introduced foreign exchange control regulations which make it more difficult to
convert Bolivar Fuerte (BsF) to U.S. Dollars. These regulations affect our Venezuelan subsidiaries’ ability to pay non-BsF denominated
obligations that do not qualify to be processed by the Venezuela currency exchange agency at the official exchange rates.
In February 2013 the Venezuelan government announced that the official fixed exchange rate of BsF 4.3 to $1.00 would be changed
to BsF 6.3 to $1.00. The devaluation did not have an effect on the 2012 consolidated financial statements; however, the devaluation
will require remeasurement of our Venezuelan subsidiaries’ non-U.S. dollar denominated monetary assets and liabilities in the three
months ending March 31, 2013. The devaluation effective date is February 13, 2013 and is expected to result in a charge in the range
of $0.1 billion to $0.2 billion.
Refer to Note 2 to our consolidated financial statements for additional details regarding amounts pending government approval for
settlement and the net assets of our Venezuelan subsidiaries.
Sale of Class A Membership in New Delphi
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