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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The personal property in our Holden asset group was determined to have a nominal fair value because of anticipated losses during
the wind-down period and limited to no salvage value given the decline in the automotive manufacturing base in Australia.
The fair value estimates for GM India, Holden and GME real and personal property are based on a valuation premise that assumes
the assets’ highest and best use are different than their current use based on the forecasted financial results of the asset groups.
Note 10. Goodwill
The following table summarizes the changes in the carrying amounts of Goodwill (dollars in millions):
Automotive
GM
Financial Total
Balance at January 1, 2013 ...................................................... $ 695 $ 1,278 $ 1,973
Impairment charges ............................................................ (541) — (541)
Goodwill from business combinations (a) .......................................... 10 144 154
Effect of foreign currency and other ............................................... (26) — (26)
Balance at December 31, 2013 ................................................... 138 1,422 1,560
Impairment charges ............................................................ (120) — (120)
Effect of foreign currency and other ............................................... (18) 5 (13)
Balance at December 31, 2014 ................................................... $ — $ 1,427 $ 1,427
Accumulated impairment charges at January 1, 2013 ................................. $ (29,897) $ — $ (29,897)
Accumulated impairment charges at December 31, 2013 .............................. $ (30,438) $ — $ (30,438)
Accumulated impairment charges at December 31, 2014 .............................. $ (30,558) $ — $ (30,558)
(a) Refer to Note 3 for additional information concerning the acquisitions.
The total automotive Goodwill balance at December 31, 2013 was recorded in GMSA. In addition to our annual goodwill
impairment tests we performed event-driven goodwill impairment tests at various dates for certain of our reporting units in the years
ended December 31, 2013 and 2012.
GMSA
Based on the results of our annual goodwill impairment tests we recorded total Goodwill impairment charges of $120 million in the
year ended December 31, 2014. The impairment charges primarily resulted from lower forecasted profitability in Brazil resulting from
recent deterioration in local market conditions and in Venezuela resulting from challenging local market conditions, including
unfavorable foreign exchange rates and the recent downward trend in the price of oil. At December 31, 2014 the goodwill balance was
$0 for all of the reporting units in GMSA.
GMNA
Subsequent to our 2012 annual goodwill impairment test, we reversed $36.2 billion of our deferred tax asset valuation allowances
for our GMNA reporting unit. The reversal of the deferred tax asset valuation allowances resulted in the carrying amount of our
GMNA reporting unit exceeding fair value. As a result we performed an event-driven goodwill impairment test in the three months
ended December 31, 2012 and recorded a Goodwill impairment charge of $26.4 billion. Refer to Note 18 for additional information
on the reversal of our deferred tax asset valuation allowances for our U.S. and Canadian operations.
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