XML 105 R17.htm IDEA: XBRL DOCUMENT v2.4.1.9
Goodwill
 12 Months Ended
Dec. 31, 2014
Goodwill [Abstract]  
Goodwill [Text Block]
Goodwill
The following table summarizes the changes in the carrying amounts of Goodwill (dollars in millions):
 
Automotive
 
GM Financial
 
Total
Balance at January 1, 2013
$
695

 
$
1,278

 
$
1,973

Impairment charges
(541
)
 
—

 
(541
)
Goodwill from business combinations(a)
10

 
144

 
154

Effect of foreign currency and other
(26
)
 
—

 
(26
)
Balance at December 31, 2013
138

 
1,422

 
1,560

Impairment charges
(120
)
 
—

 
(120
)
Effect of foreign currency and other
(18
)
 
5

 
(13
)
Balance at December 31, 2014
$
—

 
$
1,427

 
$
1,427

 
 
 
 
 
 
Accumulated impairment charges at January 1, 2013
$
(29,897
)
 
$
—

 
$
(29,897
)
Accumulated impairment charges at December 31, 2013
$
(30,438
)
 
$
—

 
$
(30,438
)
Accumulated impairment charges at December 31, 2014
$
(30,558
)
 
$
—

 
$
(30,558
)
_________
(a)
Refer to Note 3 for additional information concerning the acquisitions.

The total automotive Goodwill balance at December 31, 2013 was recorded in GMSA. In addition to our annual goodwill impairment tests we performed event-driven goodwill impairment tests at various dates for certain of our reporting units in the years ended December 31, 2013 and 2012.

GMSA

Based on the results of our annual goodwill impairment tests we recorded total Goodwill impairment charges of $120 million in the year ended December 31, 2014. The impairment charges primarily resulted from lower forecasted profitability in Brazil resulting from recent deterioration in local market conditions and in Venezuela resulting from challenging local market conditions, including unfavorable foreign exchange rates and the recent downward trend in the price of oil. At December 31, 2014 the goodwill balance was $0 for all of the reporting units in GMSA.

GMNA

Subsequent to our 2012 annual goodwill impairment test, we reversed $36.2 billion of our deferred tax asset valuation allowances for our GMNA reporting unit. The reversal of the deferred tax asset valuation allowances resulted in the carrying amount of our GMNA reporting unit exceeding fair value. As a result we performed an event-driven goodwill impairment test in the three months ended December 31, 2012 and recorded a Goodwill impairment charge of $26.4 billion. Refer to Note 18 for additional information on the reversal of our deferred tax asset valuation allowances for our U.S. and Canadian operations.

GME

At the time of our 2012 annual impairment test our GME reporting unit had a negative carrying amount and because it was more likely than not further goodwill impairment existed due to further deterioration in the business outlook for GME and increases in the fair value of estimated employee benefit obligations, we recorded Goodwill impairment charges of $590 million in the year ended December 31, 2012.

GMIO

Based on the results of our annual and event-driven goodwill impairment tests we recorded total Goodwill impairment charges of $541 million and $156 million in the years ended December 31, 2013 and 2012. The impairment charges primarily related to our GM Korea Company (GM Korea) and Holden reporting units. We performed event-driven goodwill impairment tests for GM Korea in 2013 and 2012 as the fair value of GM Korea continued to be below its carrying amount due to ongoing economic weakness in certain markets to which GM Korea exports coupled with lower forecasted margins resulting from higher raw material costs and unfavorable foreign exchange rates. Furthermore in the three months ended December 31, 2013 we announced our plans to cease mainstream distribution of Chevrolet brand in Western and Central Europe that resulted in the impairment of the remaining goodwill. Chevrolet sales in Europe are included in our GM Korea operations. We also recorded a Goodwill impairment charge in the three months ended December 31, 2013 associated with our GM India reporting unit resulting from lower forecasted profitability in India due to lower than expected sales performance of our current product offerings in India, higher raw material costs, unfavorable foreign exchange rates and deterioration in local market conditions. Refer to Note 9 for additional information on our operations in India. At December 31, 2013 the goodwill balance was $0 for all of the reporting units in GMIO.