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These excerpts taken from the GM 10-Q filed Nov 7, 2006. Other Operations |
Other operations is comprised of our Commercial Finance
business, equity interest in Capmark, certain corporate
activities related to the Mortgage Group, and reclassifications
and elimination between the reporting segments.
Results of Operations
Net income for our Other operations is summarized as follows:
| Third Quarter | Nine Months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Period ended September 30, ($ in millions) | 2006 | 2005 | Change | % | 2006 | 2005 | Change | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Commercial Finance
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Other
Operations
Other Operations for the three months ended September 30,
2006 includes the incremental charge of $500 million
($325 million after tax), related to GM’s contingent
liability for the Delphi matter. Refer to Note 8 for a
further discussion of the factors surrounding the charge in the
third quarter. Additionally, third quarter 2006 results include
tax benefits totaling $342 million.
Third quarter of 2005 Other Operations includes tax benefits of
$311 million. Other Operations also includes after tax
legacy costs of $128 million for 2005, related to employee
benefit costs of divested businesses, primarily Delphi, for
which GM has retained responsibility.
In addition to the items mentioned above, for the nine months
ended September 2006, Other Operations include an after tax
charge of $3 million related to curtailment charges with
respect to U.S. salaried pension plans, while 2005 results
include an $8 million after tax charge related to early
retirement and other separation programs for certain
U.S. salaried employees. Other Operations also include
after tax legacy costs of $266 million and
$369 million for the nine months ended September 30,
2006 and 2005, respectively.
This excerpt taken from the GM 10-Q filed Aug 8, 2006. Other
Operations
Other Operations reflect a net loss of $108 million in the
second quarter of 2006 as compared to net income of
$18 million for the comparable period in 2005. Second
quarter of 2005 results included tax benefits that contributed
$389 million. Other Operations also include after-tax
legacy costs of $114 million and $129 million for the
second quarters of 2006 and 2005, respectively, related to
employee benefit costs of divested businesses, primarily Delphi,
for which GM has retained responsibility.
For the first half of 2006, Other Operations reflect a net loss
of $328 million as compared to net income of
$186 million in the same period of 2005. 2005 included tax
benefits of $547 million. The results for the first half of
2006 also include an after-tax charge of $3 million related
to curtailment charges with respect to U.S. salaried
pension changes, while 2005 results include an $8 million
after-tax charge related to early retirement and other
separation programs for certain U.S. salaried employees.
Other Operations also include after-tax legacy costs of
$253 million and $241 million for the six months of
2006 and 2005, respectively.
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