General Motors 2015 Annual Report Download - page 73
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Table of Contents
Accounts and notes receivable, net $ 721
$ 706
Accounts payable $ 179
$ 205
Undistributed earnings $ 2,158
$ 2,011
The following table summarizes the carrying amount of investments in nonconsolidated affiliates (dollars in millions):
Automotive China JVs $ 7,997
$ 8,140
Other investments 1,204
210
Total equity in net assets of nonconsolidated affiliates $ 9,201
$ 8,350
At December 31, 2015 and 2014 the carrying amount of our investments in certain joint ventures exceeded our share of the underlying net assets by $4.3
billion and $3.9 billion primarily related to goodwill from the application of fresh-start reporting and purchase of additional interests in nonconsolidated
affiliates.
The following table summarizes our direct ownership interests in Automotive China JVs at December 31, 2015 and 2014:
SAIC General Motors Corp., Ltd. (SGM) 50%
SAIC GM (Shenyang) Norsom Motors Co., Ltd. (SGM Norsom) 25%
SAIC GM Dong Yue Motors Co., Ltd. (SGM DY) 25%
SAIC GM Dong Yue Powertrain Co., Ltd. (SGM DYPT) 25%
SAIC GM Wuling Automobile Co., Ltd. 44%
FAW-GM Light Duty Commercial Vehicle Co., Ltd. 50%
Pan Asia Technical Automotive Center Co., Ltd. 50%
Shanghai OnStar Telematics Co., Ltd. (Shanghai OnStar) 40%
Shanghai Chengxin Used Car Operation and Management Co., Ltd. (Shanghai Chengxin Used Car) 33%
SAIC General Motors Sales Co., Ltd. (SGMS) 49%
SGM is a joint venture established by Shanghai Automotive Industry Corporation (SAIC) (50%) and us (50%). SGM has interests in three other joint
ventures in China: SGM Norsom, SGM DY and SGM DYPT. These three joint ventures are jointly held by SGM (50%), SAIC (25%) and us (25%). These four
joint ventures are engaged in the production, import and sale of a comprehensive range of products under the Buick, Chevrolet and Cadillac brands. SGM
also has interests in Shanghai OnStar (20%), Shanghai Chengxin Used Car (33%) and SAIC-GMAC (20%).
The following tables present summarized financial data for nonconsolidated affiliates (dollars in millions):
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