GM » Topics » Note 30: Supplementary Quarterly Financial Information (Unaudited) - (concluded)

This excerpt taken from the GM 10-K filed Mar 15, 2007.
Note 30:  Supplementary Quarterly Financial Information (Unaudited) — (concluded)
$850 million, $846 million, $890 million and $1.0 billion, respectively. This correction did not affect net income (loss) or earnings (loss) per share.
(d) GM erroneously recorded an adjustment to its income taxes payable as part of the 2005 provision to return reconciliation process.
(5) Fourth quarter 2005 results include the following after-tax items:
  •  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 GM’s contingent exposures relating to Delphi’s 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 GM’s 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 fourth quarter.
  •  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 principle.
  •  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.


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