General Motors 2011 Annual Report Download - page 98

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The results of operations of GM Financial are included in our results beginning October 1, 2010. The following table summarizes
the actual amounts of revenue and earnings of GM Financial included in our consolidated financial statements for the years ended
December 31, 2011 and 2010, as well as the supplemental pro forma revenue and earnings of the combined entity for the year ended
December 31, 2010 as if the acquisition had occurred on January 1, 2010 and for the periods July 10, 2009 through December 31,
2009 and January 1, 2009 through July 9, 2009, as if the acquisition had occurred on January 1, 2009 (dollars in millions):
Successor Predecessor
GM Financial
Amounts For
Year Ended
December 31,
2011
GM Financial
Amounts For
Year Ended
December 31,
2010
Pro Forma-Combined
(Unaudited)
Pro Forma-
Combined
(Unaudited)
Year Ended
December 31,
2010
July 10, 2009
Through
December 31,
2009
January 1, 2009
Through
July 9, 2009
Total net sales and revenue ......................... $1,410 $281 $136,645 $58,215 $ 48,074
Net income (loss) attributable to stockholders . . . . . . . . . . $ 440 $ 90 $ 6,651 $ (4,125) $109,234
The supplemental pro forma information was adjusted to give effect to the tax effected amortization of a premium on finance
receivables and a premium on securitization notes payable and other borrowings, depreciation and amortization related to other assets
and acquisition related costs. The pro forma information should not be considered indicative of the results had the acquisition been
consummated on January 1, 2010 and January 1, 2009, nor are they indicative of future results.
Sale of Nexteer
In November 2010 we completed the sale of Nexteer Automotive Corporation (Nexteer), a manufacturer of steering components
and half-shafts, to Pacific Century Motors. The sale of the Nexteer business included the global steering business which was acquired
in October 2009 as discussed under Acquisition of Delphi Businesses below. The 2009 acquisition of Nexteer included 22
manufacturing facilities, six engineering facilities and 14 customer support centers located in North and South America, Europe and
Asia.
We received consideration of $426 million in cash and a $39 million promissory note in exchange for 100% of our ownership
interest in Nexteer and recorded a gain of $60 million on the sale which is recorded in Interest income and other non-operating
income, net. Subsequent to the sale, Nexteer became one of our third party suppliers and we remain a significant customer. During the
year ended December 31, 2010 Nexteer recorded revenue of $1.8 billion, of which $939 million were sales to us. During the period
from October 6, 2009, the date of acquisition, to December 31, 2009, Nexteer reported revenue of $453 million, of which $218
million were sales to us. We did not provide the pro forma financial information because we do not believe the information was
material.
Acquisition of General Motors Strasbourg
In October 2010 we acquired 100% of the outstanding equity interest of General Motors Strasbourg S.A.S. (GMS) for cash of one
Euro from MLC. GMS is an entity engaged in the business of developing and manufacturing automatic transmissions for luxury and
performance light automotive vehicles which was previously owned by Old GM but retained by MLC in connection with the 363
Sale. MLC was unable to sell GMS and upon notification of their plan to liquidate GMS, we agreed to repurchase the business.
96 General Motors Company 2011 Annual Report