General Motors 2012 Annual Report Download - page 175

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
At and For the Year Ended December 31, 2011
GMNA GME GMIO GMSA Corporate Eliminations
Total
Automotive
GM
Financial Eliminations Total
Sales
External customers ............ $85,988 $25,154 $21,031 $16,632 $ 61 $ — $148,866 $ — $ — $148,866
GM Financial revenue .........———— — — —1,410 — 1,410
Intersegment ................. 4,245 1,603 3,730 245 — (9,820) 3 — (3) —
Total net sales and revenue ........ $90,233 $26,757 $24,761 $16,877 $ 61 $ (9,820) $148,869 $ 1,410 $ (3) $150,276
Income (loss) before automotive
interest and income
taxes-adjusted ................ $ 7,194 $ (747) $ 1,897 $ (122) $ (447) $ (93) $ 7,682 $ 622 $ — $ 8,304
Adjustments (a) ................. $ 2,394 $ (1,016) $ (364) $ 63 (216) $ — $ 861 — $ — 861
Corporate interest income ......... 455 455
Automotive interest expense ....... 540 540
Income (loss) before income
taxes ....................... (748) 622 9,080
Income tax expense (benefit) ...... (295) 185 (110)
Net income (loss) attributable to
stockholders ................. $ (453) $ 437 $ 9,190
Equity in net assets of
nonconsolidated affiliates ....... $ 60 $ 50 $ 6,678 $ 2 $ — $ — $ 6,790 $ — $ — $ 6,790
Total assets .................... $83,595 $15,799 $22,181 $11,631 $30,244 $(31,590) $131,860 $13,112 $(369) $144,603
Expenditures for property ......... $ 3,404 $ 1,016 $ 907 $ 880 $ 44 $ (10) $ 6,241 $ 8 $ — $ 6,249
Depreciation, amortization and
impairment of long-lived assets
and finite-lived intangible
assets ....................... $ 3,693 $ 1,371 $ 491 $ 454 $ 50 $ (1) $ 6,058 $ 85 $ (2) $ 6,141
Equity income, net of tax and gain
on investments (b) ............. $ 1,733 $ — $ 1,458 $ 1 $ — $ — $ 3,192 $ — $ — $ 3,192
Significant noncash charges (gains)
not classified as adjustments in (a)
Impairment charges related to
long-lived assets ............ $ 74 $ — $ 4 $ 3 $ — $ — $ 81 $ — $ — $ 81
Impairment charges related to
equipment on operating
leases ..................... 75 76 — — — — 151 — — 151
Reversal of valuation allowances
against deferred tax
assets (c) ..................————(488) — (488) — — (488)
Total significant noncash charges
(gains) ...................... $ 149 $ 76 $ 4 $ 3 $ (488) $ — $ (256) $ — $ — $ (256)
(a) Consists of the gain on sale of our New Delphi Class A Membership Interests of $1.6 billion and the gain related to the HCT settlement of $749 million in GMNA;
Goodwill impairment charges of $1.0 billion in GME; Goodwill impairment charges of $258 million and charges related to HKJV of $106 million in GMIO; a gain
on extinguishment of debt of $63 million in GMSA; and impairment charges of $555 million related to Ally Financial common stock and a gain on the sale of Ally
Financial preferred stock of $339 million in Corporate.
(b) Includes a gain of $1.6 billion recorded on the sale of our New Delphi Class A Membership Interests. Refer to Note 10 for additional information on the sale of
New Delphi.
(c) Amounts exclude changes related to income tax expense (benefits) in jurisdictions with a full valuation allowance throughout the period.
General Motors Company 2012 ANNUAL REPORT172