General Motors 2013 Annual Report Download - page 97

Download and view the complete annual report

Please find page 97 of the 2013 General Motors annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 130

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Refer to Note 10 for additional information on our Goodwill impairment.
Pension and OPEB Obligations and Plan Assets
The following table summarizes the change in benefit obligations and related plan assets (dollars in millions):
Year Ended December 31, 2013 Year Ended December 31, 2012
Pension Benefits Other Benefits Pension Benefits Other Benefits
U.S. Plans
Non-U.S.
Plans U.S. Plans
Non-U.S.
Plans U.S. Plans
Non-U.S.
Plans U.S. Plans
Non-U.S.
Plans
Change in benefit obligations
Beginning benefit obligation ........... $ 82,110 $ 29,301 $ 6,271 $ 1,528 $ 108,562 $ 25,765 $ 5,822 $ 1,490
Service cost ......................... 298 394 24 13 452 383 23 16
Interest cost ......................... 2,837 1,010 217 57 4,055 1,110 234 63
Plan participants’ contributions ......... — 4 29 2 — 7 4 1
Amendments ........................ — (4) — (4) (32) 139 — (52)
Actuarial (gains) losses ................ (7,661) (1,009) (757) (210) 8,432 2,774 622 13
Benefits paid ........................ (5,719) (1,683) (422) (53) (8,422) (1,551) (436) (55)
Foreign currency translation adjustments . . — (528) — (98) — 682 — 30
Business combinations ................ — 128 — — — — — —
Curtailments, settlements and other ...... (385) (85) (252) 3 (30,937) (8) 2 22
Ending benefit obligation .............. 71,480 27,528 5,110 1,238 82,110 29,301 6,271 1,528
Change in plan assets
Beginning fair value of plan assets ....... 68,085 15,541 — — 94,349 14,541 — —
Actual return on plan assets ............ 2,107 988 — — 10,332 1,344 — —
Employer contributions ................ 128 886 393 51 2,420 855 432 54
Plan participants’ contributions ......... — 4 29 2 — 7 4 1
Benefits paid ........................ (5,719) (1,683) (422) (53) (8,422) (1,551) (436) (55)
Foreign currency translation adjustments . . — (692) — — — 389 — —
Business combinations ................ — 26 — — — — — —
Settlements ......................... (435) (87) — — (30,629) (207) — —
Other .............................. — 3 — — 35 163 — —
Ending fair value of plan assets ......... 64,166 14,986 — — 68,085 15,541 — —
Ending funded status .................. $ (7,314) $ (12,542) $ (5,110) $ (1,238) $ (14,025) $ (13,760) $ (6,271) $ (1,528)
Amounts recorded in the consolidated
balance sheets
Non-current assets .................... $ — $ 137 $ — $ — $ — $ 73 $ — $ —
Current liabilities .................... (131) (379) (368) (83) (95) (343) (406) (84)
Non-current liabilities ................. (7,183) (12,300) (4,742) (1,155) (13,930) (13,490) (5,865) (1,444)
Net amount recorded .................. $ (7,314) $ (12,542) $ (5,110) $ (1,238) $ (14,025) $ (13,760) $ (6,271) $ (1,528)
Amounts recorded in Accumulated
other comprehensive loss
Net actuarial gain (loss) ............... $ 4,747 $ (3,379) $ (542) $ 47 $ (1,434) $ (4,786) $ (1,573) $ (188)
Net prior service (cost) credit ........... 38 (87) 19 91 42 (111) 135 118
Total recorded in Accumulated other
comprehensive loss ................. $ 4,785 $ (3,466) $ (523) $ 138 $ (1,392) $ (4,897) $ (1,438) $ (70)
95