General Motors 2013 Annual Report Download - page 25

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
Goodwill Impairment Charges
Years Ended December 31,
Year Ended
2013 vs. 2012 Change
Year Ended
2012 vs. 2011 Change
2013 2012 2011 Amount % Amount %
Goodwill impairment charges ......................... $ 541 $ 27,145 $ 1,286 $ (26,604) (98.0)% $ 25,859 n.m.
n.m. = not meaningful
In the year ended December 31, 2013 Goodwill impairment charges decreased as we recorded charges of $0.5 billion in GMIO in
2013 as compared to charges of $26.4 billion, $0.6 billion and $0.2 billion in GMNA, GME and GMIO in 2012. Refer to Note 10 to
our consolidated financial statements for additional information related to our Goodwill impairment charges.
In the year ended December 31, 2012 the Goodwill impairment charges increased as we recorded charges of $26.4 billion, $0.6
billion and $0.2 billion in GMNA, GME and GMIO in 2012 as compared to charges of $1.0 billion and $0.3 billion in GME and
GMIO in 2011. Refer to Note 10 to our consolidated financial statements for additional information related to our Goodwill
impairment charges.
Automotive Interest Expense
Years Ended December 31,
Year Ended
2013 vs. 2012 Change
Year Ended
2012 vs. 2011 Change
2013 2012 2011 Amount % Amount %
Automotive interest expense .......................... $ 334 $ 489 $ 540 $ (155) (31.7)% $ (51) (9.4)%
In the year ended December 31, 2013 Automotive interest expense decreased due primarily to the redemption of GM Korea’s
preferred shares in December 2012 and April 2013.
In the year ended December 31, 2012 the decrease in Automotive interest expense was insignificant, as the composition of our debt
and related interest rates did not change significantly compared to 2011.
Interest Income and Other Non-Operating Income, net
Years Ended December 31,
Year Ended
2013 vs. 2012 Change
Year Ended
2012 vs. 2011 Change
2013 2012 2011 Amount % Amount %
Interest income and other non-operating income, net ....... $ 1,063 $ 845 $ 851 $ 218 25.8% $ (6) (0.7)%
In the year ended December 31, 2013 Interest income and other non-operating income, net increased due primarily to: (1) a gain of
$0.5 billion related to the sale of our Ally Financial investment in 2013; and (2) favorable effect of $0.4 billion due to a $0.2 billion
gain on the sale of the PSA stock in 2013 compared to a $0.2 billion impairment charge in 2012; partially offset by (3) unfavorable
$0.2 billion foreign currency effect related to intercompany foreign currency denominated loans; (4) decreased insurance recoveries of
$0.1 billion; (5) decreased interest income of $0.1 billion; (6) decreased gain on the sale of machinery and equipment of $0.1 billion;
and (7) unfavorable effect of $0.1 billion gain on the purchase of GMAC de Venezuela in 2012 that did not occur in 2013.
In the year ended December 31, 2012 Interest income and other non-operating income, net remained flat due primarily to: (1) a gain
of $0.3 billion related to the sale of our Ally Financial preferred stock in 2011 which did not recur in 2012; (2) an impairment charge
of $0.2 billion related to our investment in PSA; (3) a charge of $0.1 billion to record General Motors Strasbourg S.A.S. (GMS) assets
and liabilities to estimated fair value; (4) decreased interest income of $0.1 billion; and (5) derivative losses of $0.1 billion related to
fair value adjustments; offset by (6) an impairment charge of $0.6 billion related to our investment in Ally Financial common stock in
2011 which did not recur in 2012; and (7) income related to insurance recoveries of $0.2 billion.
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