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Table of Contents


The three months ended December 31, 2014 included the following on a pre-tax basis:
• Gain on extinguishment of debt of $207 million related to unsecured debt in Brazil in GMSA.
• Asset impairment charges of $158 million related to our Thailand subsidiary in GMIO.
The three months ended September 30, 2014 included asset impairment charges of $194 million related to Russian subsidiaries in GME on a pre-tax basis.
The three months ended June 30, 2014 included the following on a pre-tax basis:
• Recall campaign and courtesy transportation charges of $1.1 billion in GMNA.
• Catch-up adjustment of $874 million related to change in estimate of recall campaigns in GMNA.
• Charge of $400 million for Ignition Switch Recall compensation program in Corporate.
The three months ended March 31, 2014 included the following on a pre-tax basis:
• Recall campaign and courtesy transportation charges of $1.3 billion in GMNA.
• Charge of $419 million for the Venezuela currency devaluation in GMSA.

We analyze the results of our business through the following segments: GMNA, GME, GMIO, GMSA and GM Financial. The chief operating decision
maker evaluates the operating results and performance of our automotive segments through income before interest and income taxes, as adjusted for
additional amounts, which is presented net of noncontrolling interests. The chief operating decision maker evaluates GM Financial through income before
income taxes-adjusted because he/she believes interest income and interest expense are part of operating results when assessing and measuring the
operational and financial performance of the segment. Each segment has a manager responsible for executing our strategies. Our automotive manufacturing
operations are integrated within the segments, benefit from broad-based trade agreements and are subject to regulatory requirements, such as CAFE
regulations. While not all vehicles within a segment are individually profitable on a fully allocated cost basis, those vehicles are needed in our product mix
in order to attract customers to dealer showrooms and to maintain sales volumes for other, more profitable vehicles. Because of these and other factors, we do
not manage our business on an individual brand or vehicle basis.
Substantially all of the cars, trucks, crossovers and parts produced are marketed through retail dealers in North America, and through distributors and
dealers outside of North America, the substantial majority of which are independently owned.
In addition to the products sold to dealers for consumer retail sales, cars, trucks and crossovers are also sold to fleet customers, including daily rental car
companies, commercial fleet customers, leasing companies and governments. Sales to fleet customers are completed through the network of dealers and in
some cases sold directly to fleet customers. Retail and fleet customers can obtain a wide range of aftersale vehicle services and products through the dealer
network, such as maintenance, light repairs, collision repairs, vehicle accessories and extended service warranties.
GMNA primarily meets the demands of customers in North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac,
Chevrolet and GMC brands. The demands of customers outside North America are primarily met with vehicles developed, manufactured and/or marketed
under the Buick, Cadillac, Chevrolet, GMC, Holden, Opel and Vauxhall brands. We also have equity ownership stakes directly or indirectly in entities
through various regional subsidiaries, primarily in Asia. These companies design, manufacture and market vehicles under the Baojun, Buick, Cadillac,
Chevrolet, Jiefang and Wuling brands.
Our automotive operations' interest income and interest expense are recorded centrally in Corporate. Corporate assets consist primarily of cash and cash
equivalents, marketable securities and intercompany balances. All intersegment balances and transactions have been eliminated in consolidation.
The following tables summarize key financial information by segment (dollars in millions):
101