GM » Topics » Other Operations

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   %
 
Commercial Finance
   
Other Operations
 
                                 
    Three Months Ended
    Nine Months Ended
 
    September 30,     September 30,  
    2006     2005     2006     2005  
    (Dollars in millions)  
 
Other:
                               
Total net sales, revenues, and eliminations
  $ (347 )   $ (317 )   $ (983 )   $ (609 )
Net income (loss)
  $ (25 )   $ 145     $ (353 )   $ 331  
 
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
 
                                 
    Three Months Ended
    Six Months Ended
 
    June 30,     June 30,  
    2006     2005     2006     2005  
    (Dollars in millions)  
 
Other:
                               
Total net sales, revenues, and eliminations
  $ (331 )   $ (267 )   $ (636 )   $ (292 )
Net income (loss)
  $ (108 )   $ 18     $ (328 )   $ 186  
 
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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