General Motors 2015 Annual Report Download - page 101

Table of Contents


of holders of our common stock are secondary to the payment or provision for payment of all our debts and liabilities and to holders of our preferred stock, if
any such shares are then outstanding.
In the year ended December 31, 2015 we purchased 102 million shares of our outstanding common stock for $3.5 billion as part of the common stock
repurchase program announced in March 2015.
In September 2014 we repurchased 5 million shares of our outstanding common stock at a weighted-average price of $33.69 per share, to offset the dilution
from the June 2014 grant of stock incentive awards under the 2014 Long-Term Incentive Plan.

In July 2009 we issued two tranches of warrants, each to acquire 136 million shares of our common stock, to Motors Liquidation Company (MLC) which
have all been distributed to creditors of General Motors Corporation and to the Motors Liquidation Company GUC Trust by MLC and one tranche of
warrants to acquire 46 million shares of common stock to the New VEBA. The first tranche of MLC warrants is exercisable at any time prior to July 10, 2016
at an exercise price of $10.00 per share and the second tranche of MLC warrants is exercisable at any time prior to July 10, 2019 at an exercise price of $18.33
per share. The New VEBA warrants, which were subsequently sold by the New VEBA, had an exercise price of $42.31 per share and expired December 31,
2015. Upon exercise of the warrants, the shares issued will be included in the number of basic shares outstanding used in the computation of earnings per
share. The number of shares of common stock underlying each of the warrants and the per share exercise price are subject to adjustment as a result of certain
events, including stock splits, reverse stock splits and stock dividends. The number of warrants outstanding was 70 million and 165 million at December 31,
2015 and 2014.

The following table summarizes the components of Accumulated other comprehensive loss (dollars in millions):





Balance at beginning of period $ (1,064)
$ (614)
$ 101
Other comprehensive loss before reclassification adjustment, net of tax(a) (1,153)
(475)
(733)
Reclassification adjustment, net of tax(a)(b) 198
2
—
Other comprehensive loss, net of tax(a) (955)
(473)
(733)
Other comprehensive income (loss) attributable to noncontrolling interests, net of tax(a) (15)
23
18
Balance at end of period $ (2,034)
$ (1,064)
$ (614)

Balance at beginning of period $ (7,006)
$ (2,501)
$ (8,194)
Other comprehensive income (loss) before reclassification adjustment 817
(6,477)
8,679
Tax expense (benefit) 41
(1,854)
3,087
Other comprehensive income (loss) before reclassification adjustment, net of tax 776
(4,623)
5,592
Reclassification adjustment, net of tax(a)(c) 235
118
101
Other comprehensive income (loss), net of tax 1,011
(4,505)
5,693
Other comprehensive loss attributable to noncontrolling interests, net of tax(a) (4)
—
—
Balance at end of period $ (5,999)
$ (7,006)
$ (2,501)
__________
(a) The income tax effect was insignificant in the years ended December 31, 2015, 2014 and 2013.
(b) Related to the change of our business model in Russia. Included in Automotive cost of sales. Refer to Note 17 for additional information.
(c) Included in the computation of net periodic pension and OPEB (income) expense. Refer to Note 13 for additional information.

97