General Motors 2014 Annual Report Download - page 121

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Year Ended December 31, 2012
Restructuring and other initiatives primarily related to: (1) our 2011 UAW labor agreement, which included cash severance
incentive programs that were completed at March 31, 2012 at a total cost of $99 million affecting 1,400 skilled trade U.S. hourly
employee participants and increased production capacity utilization in Canada at GMNA; (2) separation and early retirement
programs in Germany and the United Kingdom that had a total cost of $400 million and affected a total of 2,550 employees, of which
$310 million related to a program initiated in Germany in 2010 at GME; (3) voluntary separation programs in Korea and Australia
which had a total cost of $69 million and affected 650 employees at GMIO; and (4) a separation program in Brazil of $87 million at
GMSA.
Withdrawal of the Chevrolet Brand from Europe
In December 2013 we announced our plans to focus our marketing and product portfolio on our Opel and Vauxhall brands in
Western and Central Europe and cease mainstream distribution of the Chevrolet brand in those markets in 2015. This decision impacts
1,200 Chevrolet dealers and distributors in the affected countries and 480 Chevrolet Europe employees. In the three months ended
December 31, 2013 we recorded pre-tax charges of $636 million, net of noncontrolling interests of $124 million. These charges
included dealer restructuring costs of $233 million and employee severance costs of $30 million which are reflected in the table
above. The remaining charges for intangible asset impairments of $264 million and sales incentive, inventory related and other costs
of $233 million are not included in the table above. Refer to Note 11 for additional information on the intangible asset impairment
charges.
Manufacturing Operations at Holden
In December 2013 we announced plans to cease vehicle and engine manufacturing and significantly reduce engineering operations
at Holden by the end of 2017. Holden will continue to sell imported vehicles through its Holden dealer network and maintain its
global design studio. This decision affects 2,900 employees at certain Holden facilities. In the three months ended December 31, 2013
we recorded pre-tax charges of $536 million in Automotive cost of sales consisting primarily of asset impairment charges of $477
million, including property, plant and equipment, which are not included in the table above. The remaining charges relate to exit-
related costs, including certain employee severance related costs, of which $59 million are included in the table above. Refer to Note 9
for additional information on the property, plant and equipment impairment charges.
Note 20. Interest Income and Other Non-Operating Income, net
The following table summarizes the components of Interest income and other non-operating income, net (dollars in millions):
Years Ended December 31,
2014 2013 2012
Interest income ...................................................................... $ 211 $ 246 $ 343
Net gains (losses) on derivatives ........................................................ 48 (13) (63)
Dividends and royalties ............................................................... 101 97 98
Foreign currency transaction and remeasurement gains (losses) ................................ 378 (154) 16
Gains (losses) on securities and other investments — realized and unrealized ..................... 13 691 (193)
Deferred income from technology agreements ............................................. — 100 114
Other .............................................................................. 72 96 530
Total interest income and other non-operating income, net .................................... $ 823 $ 1,063 $ 845
In December 2013 we sold our investment in Ally Financial common stock through a private offering for net proceeds of $880
million and recorded a gain of $483 million.
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