General Motors 2015 Annual Report Download - page 75
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Table of Contents
Depreciation and amortization expense $ 4,251
$ 4,187
$ 3,959
Impairment charges $ 628
$ 709
$ 901
Capitalized software amortization expense(a) $ 378
$ 295
$ 244
__________
(a) Included in depreciation and amortization expense.
At December 31, 2015 and 2014 our entire goodwill balances of $1.4 billion were recorded in GM Financial.
Based on the results of our annual goodwill impairment tests for GMSA 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.
In the year ended December 31, 2013 we recorded Goodwill impairment charges of $541 million in GMIO as a result of performed event-driven goodwill
impairment tests for: (1) GM Korea (GM Korea Company) as the fair value of GM Korea continued to be below its carrying amount due to ongoing economic
weakness in certain markets to which GM Korea exports, lower forecasted margins resulting from higher raw material costs and unfavorable foreign exchange
rates and our announced plans to cease mainstream distribution of the Chevrolet brand in Western and Central Europe; and (2) GM India due to lower than
expected sales performance of our current product offerings in India, higher raw material costs, unfavorable foreign exchange rates and deterioration in local
market conditions.
The following table summarizes the components of Intangible assets, net (dollars in millions):
Technology and intellectual property $ 8,263
$ 7,838
$ 425
$ 8,289
$ 7,744
$ 545
Brands 4,427
808
3,619
4,447
683
3,764
Dealer network and customer relationships 1,019
496
523
1,094
434
660
Favorable contracts and other 327
318
9
345
331
14
Total intangible assets $ 14,036
$ 9,460
$ 4,576
$ 14,175
$ 9,192
$ 4,983
The following table summarizes the amortization expense and impairment charges related to Intangible assets, net (dollars in millions):
Amortization expense $ 327
$ 676
$ 1,281
Impairment charges $ 3
$ 16
$ 523
Amortization expense related to Intangible assets, net is estimated to be approximately $300 million in each of the next five years.
As a result of our strategic assessment of GM India we recorded impairment charges of $48 million in GMIO in the year ended December 31, 2013 to adjust
the carrying amounts of Intangible assets, net, primarily favorable contract intangibles, to fair value
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