This excerpt taken from the GM 10-K filed Mar 15, 2007.
Note 30: Supplementary
Quarterly Financial Information (Unaudited)
$850 million, $846 million, $890 million and
$1.0 billion, respectively. This correction did not affect
net income (loss) or earnings (loss) per share.
GM erroneously recorded an adjustment to its income taxes
payable as part of the 2005 provision to return reconciliation
Fourth quarter 2005 results include the following after-tax
A charge of $1.7 billion in connection with the North
American manufacturing capacity actions announced in November
2005. This charge includes $1.2 billion associated with the
hourly employees at the facilities GM is idling and
$455 million for the non-cash write-down of property,
plants and equipment.
A charge of $3.6 billion for GMs contingent exposures
relating to Delphis Chapter 11 filing, including under the
benefit guarantees for certain former GM U.S. hourly employees
who transferred to Delphi.
A gain of $71 million related to the sale of GMs
investment in the common stock of FHI, due to the appreciation
of the fair value of such stock after June 30, 2005, the
date of the FHI impairment charge. Also in the fourth quarter,
GME recorded cancellation charges of $20 million related to
FHI, resulting in a net adjustment of $51 million in the
Restructuring charges totaling $114 million, as follows: An
additional charge related to the GME restructuring plan noted
above, of $69 million for approximately 800 additional
separations, as well as charges related to previous separations
that are required to be amortized over future periods;
$38 million at GMAP; and $7 million at Other.
A charge of $109 million related to the adoption of
FIN 47, Accounting for Conditional Asset Retirement
Obligations, as of December 31, 2005, which was
recorded as the cumulative effect of a change in accounting
A benefit of $49 million related to the effect of changes
in Polish tax law at a GM Powertrain joint venture; such amount
is included in equity income.
The recognition of a valuation allowance of $617 million
against deferred tax assets at GM do Brasil.