-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, XSilGzQb6lwWwI3rUHEh9sRPsb2MizbuQYXLVjgOiJozbfrS+NaKtP11En/QGrbl k+fHQLSaY8R3VC1gxOu55g== 0000040730-95-000006.txt : 199506290000040730-95-000006.hdr.sgml : 19950629 ACCESSION NUMBER: 0000040730-95-000006 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950628 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL MOTORS CORP CENTRAL INDEX KEY: 0000040730 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 380572515 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00143 FILM NUMBER: 95550131 BUSINESS ADDRESS: STREET 1: 3044 W GRAND BLVD CITY: DETROIT STATE: MI ZIP: 48202 BUSINESS PHONE: 3135565000 11-K 1 l:\secfiles\11-K\gmssp_94\salemp94.doc 20 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549-1004 FORM 11-K X ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE - --- ACT OF 1934 For the fiscal year ended December 31, 1994 ----------------- OR TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE - --- ACT OF 1934 For the transition period from to --------------------- --------------------- Commission file number 2-14960 ------- GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES ---------------------------------------------- (Full title of the plan) General Motors Corporation 767 Fifth Avenue, New York, New York 10153-0075 3044 West Grand Blvd., Detroit, Michigan 48202-3091 --------------------------------------------------- (Name of issuer of the securities held pursuant to the plan and the address of its principal executive offices) Registrant's telephone number, including area code (313)-556-5000 Notices and communications from the Securities and Exchange Commission relative to this report should be forwarded to: James H. Humphrey Chief Accounting Officer General Motors Corporation 3044 West Grand Blvd. Detroit, Michigan 48202-3091 - 1 - 2 FINANCIAL STATEMENTS AND EXHIBIT - -------------------------------- (a) FINANCIAL STATEMENTS WITH SUPPLEMENTAL INFORMATION BY FUND AND SUPPLEMENTAL SCHEDULES Page No. ---------------------------------------------------------- -------- General Motors Savings-Stock Purchase Program for Salaried Employees in the United States: Independent Auditors' Report. . . . . . . . . . . . . . . 3 Statements of Net Assets Available for Benefits, as of December 31, 1994 and 1993. . . . . . . . . . . . . . . 4-7 Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 1994 and 1993 8-11 Notes to Financial Statements . . . . . . . . . . . . . . 12-17 Supplemental schedules: Line 27a-Schedule of Assets Held for Investment Purposes as of December 31, 1994. . . . . . . . . . . 18 Line 27d-Schedule of Reportable Transactions for the Year Ended December 31, 1994. . . . . . . . . . . . . 19 Supplemental schedules not listed above are omitted because of the absence of the conditions under which they are required. (b) EXHIBIT ------- Exhibit 23 - Independent Auditors' Consent . . . . . . . . . 20 SIGNATURE The Program. Pursuant to the requirements of the Securities Exchange Act of 1934, the President's Council of General Motors Corporation has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. General Motors Savings-Stock Purchase Program for Salaried Employees in the United States ----------------------------- (Name of plan) Date June 28, 1995 By: s/John F. Smith, Jr. ----------------------------- (John F. Smith, Jr., Chairman President's Council) - 2 - 3 INDEPENDENT AUDITORS' REPORT - ---------------------------- General Motors Savings-Stock Purchase Program for Salaried Employees in the United States: We have audited the accompanying statements of net assets available for benefits of the General Motors Savings-Stock Purchase Program for Salaried Employees in the United States (the "Program") as of December 31, 1994 and 1993, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Program's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Program as of December 31, 1994 and 1993, and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of (1) assets held for investment purposes as of December 31, 1994 and (2) reportable transactions for the year ended December 31, 1994, are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information by fund in the statements of net assets available for benefits and the statements of changes in net assets available for benefits is presented for the purpose of additional analysis rather than to present the net assets available for benefits and changes in net assets available for benefits of the individual funds, and is not a required part of the basic financial statements. The supplemental schedules and supplemental information by fund are the responsibility of the Program's management. Such supplemental schedules and supplemental information by fund have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole. s/DELOITTE & TOUCHE LLP DELOITTE & TOUCHE LLP Detroit, Michigan June 2, 1995 - 3 - 4 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND AS OF DECEMBER 31, 1994
Supplemental Information By Fund -------------------------------------------------- Diversified GM Corporation GM Corporation U.S. Government Common Stock Class E Total Securities $1-2/3 Par Value Common Stock -------------- --------------- ---------------- --------------- ASSETS: Investments, at fair value (Note A): General Motors Common Stock: $1-2/3 par value* $3,805,135,840 $- $3,805,135,840 $- Class E, $0.10 par value* 564,690,963 - - $564,690,963 Class H, $0.10 par value 205,189,221 - - - United States Government securities 213,961,469 213,961,469 - - The General Motors Balanced Fund Master Trust (Note C) 46,348,150 - - - Commingled Funds - Equity Index Fund* 775,611,162 - - - Common Funds - Bankers Trust Pyramid Directed Account Cash Fund 95,184,584 1,937,486 88,785,293 7,186 Loans to Participants* 450,432,433 - - - -------------- ------------ -------------- ------------ 6,156,553,822 215,898,955 3,893,921,133 564,698,149 Investments, at contract value (Note A): Investment contracts 2,633,901,041 - - - Accrued Investment Income 4,481,930 4,481,930 - - -------------- ------------ -------------- ------------ Total assets 8,794,936,793 220,380,885 3,893,921,133 564,698,149 LIABILITIES: Due to broker for securities purchased 31,451,815 - 31,451,815 - TRANSFERS RECEIVABLE (PAYABLE) BETWEEN INVESTMENT OPTIONS - - - - -------------- ------------ -------------- ------------ NET ASSETS AVAILABLE FOR BENEFITS $8,763,484,978 $220,380,885 $3,862,469,318 $564,698,149 ============== ============ ============== ============ *Represents 5% or more of net assets available for benefits. Reference should be made to the Notes to Financial Statements.
- 4 - 5 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND AS OF DECEMBER 31, 1994
Supplemental Information By Fund ----------------------------------------------------------------------------------------- GM Corporation Class H Income Balanced Equity Profit Common Stock Fund Fund Index Fund Sharing Fund Loan Fund -------------- ------------- ------------- ------------ ---------------- ----------- ASSETS: Investments, at fair value (Note A): General Motors Common Stock: $1-2/3 par value* $- $- $- $- $- $- Class E, $0.10 par value* - - - - - - Class H, $0.10 par value 205,189,221 - - - - - United States Government securities - - - - - - The General Motors Balanced Fund Master Trust (Note C) - - 46,348,150 - - - Commingled Funds - Equity Index Fund* - - - 775,611,162 - - Common Funds - Bankers Trust Pyramid Directed Account Cash Fund 3,364 33,549 2,869,611 1,548,095 - - Loans to Participants* - - - - - 450,432,433 ------------ -------------- ----------- ------------ ------------ ------------ 205,192,585 33,549 49,217,761 777,159,257 - 450,432,433 Investments, at contract value (Note A): Investment contracts - 2,626,138,120 - - 7,762,921 - Accrued Investment Income - - - - - - ------------ -------------- ----------- ------------ ------------ ------------ Total assets 205,192,585 2,626,171,669 49,217,761 777,159,257 7,762,921 450,432,433 LIABILITIES: Due to broker for securities purchased - - - - - - TRANSFERS RECEIVABLE (PAYABLE) BETWEEN INVESTMENT OPTIONS - 1,358,094 - - (1,358,094) - ------------ -------------- ----------- ------------ ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $205,192,585 $2,627,529,763 $49,217,761 $777,159,257 $6,404,827 $450,432,433 ============ ============== =========== ============ ============ ============ *Represents 5% or more of net assets available for benefits. Reference should be made to the Notes to Financial Statements.
- 5 - 6 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND AS OF DECEMBER 31, 1993
Supplemental Information By Fund ------------------------------------------------ U.S. Diversified GM Corporation Series EE U.S. Government Common Stock Total Savings Bonds Securities $1-2/3 Par Value -------------- ------------- --------------- ---------------- ASSETS: Investments, at fair value (Note A): General Motors Common Stock: $1-2/3 par value* $4,086,575,889 $- $- $4,086,575,889 Class E, $0.10 par value* 549,104,878 - - - Class H, $0.10 par value 216,689,196 - - - United States Government Savings Bonds 6,553,117 6,553,117 - - United States Government securities 281,978,212 - 281,978,212 - Commingled Funds - Equity Index Fund* 823,866,061 - - - Common Funds - Bankers Trust Pyramid Directed Account Cash Fund 69,286,167 71,912 1,839,915 52,105,493 Loans to participants 425,036,226 - - - ------------- --------- ----------- ------------- 6,459,089,746 6,625,029 283,818,127 4,138,681,382 Investments, at contract value (Note A): Investment contracts 2,906,222,412 - - - Accrued Investment Income 5,557,866 - 5,557,866 - ------------- --------- ----------- ------------- Total assets 9,370,870,024 6,625,029 289,375,993 4,138,681,382 LIABILITIES: Loans outstanding 20,744,910 - - 15,139,178 TRANSFERS RECEIVABLE (PAYABLE) BETWEEN INVESTMENT OPTIONS - - (1,996,798) 17,038,902 -------------- --------- ------------ -------------- NET ASSETS AVAILABLE FOR BENEFITS $9,350,125,114 $6,625,029 $287,379,195 $4,140,581,106 ============= ========= =========== ============= *Represents 5% or more of net assets available for benefits. Reference should be made to the Notes to Financial Statements.
- 6 - 7 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND AS OF DECEMBER 31, 1993
Supplemental Information By Fund ------------------------------------------------------------------------------------------ GM Corporation GM Corporation Class E Class H Income Equity Profit Common Stock Common Stock Fund Index Fund Sharing Fund Loan Fund -------------- -------------- ----------- ---------- ---------------- ----------- ASSETS: Investments, at fair value (Note A): General Motors Common Stock: $1-2/3 par value* $- $- $- $- $- $- Class E, $0.10 par value* 549,104,878 - - - - - Class H, $0.10 par value - 216,689,196 - - - - United States Government Savings Bonds - - - - - - United States Government securities - - - - - - Commingled Funds - Equity Index Fund* - - - 823,866,061 - - Common Funds - Bankers Trust Pyramid Directed Account Cash Fund 6,520,600 2,746,066 3,151,706 2,809,064 41,411 - Loans to participants - - - - - 425,036,226 ----------- ----------- ------------- ----------- ---------- ----------- 555,625,478 219,435,262 3,151,706 826,675,125 41,411 425,036,226 Investments, at contract value (Note A): Investment contracts - - 2,892,502,032 - 13,720,380 - Accrued Investment Income - - - - - - ----------- ----------- ------------- ----------- ---------- ----------- Total assets 555,625,478 219,435,262 2,895,653,738 826,675,125 13,761,791 425,036,226 LIABILITIES: Loans outstanding 3,182,956 2,422,776 - - - - TRANSFERS RECEIVABLE (PAYABLE) BETWEEN INVESTMENT OPTIONS (577,635) 2,335,125 (9,951,053) (912,254) (5,936,287) - ----------- ----------- ------------- ----------- ---------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $551,864,887 $219,347,611 $2,885,702,685 $825,762,871 $7,825,504 $425,036,226 =========== =========== ============= =========== ========== =========== *Represents 5% or more of net assets available for benefits. Reference should be made to the Notes to Financial Statements.
- 7 - 8 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND FOR THE YEAR ENDED DECEMBER 31, l994
Supplemental Information By Fund ------------------------------------------------------------------ U.S. Diversified GM Corporation GM Corporation Series EE U.S. Government Common Stock Class E Total Savings Bonds Securities $1-2/3 Par Value Common Stock -------------- ------------- --------------- ---------------- -------------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income: Net (depreciation) appreciation in fair value of investments ($880,406,838) $- ($20,387,204) ($992,110,857) $165,960,001 Dividends 97,780,906 - - 62,635,200 8,437,194 Interest 226,785,025 31,648 21,618,404 1,848,786 98,835 Net investment income from The General Motors Balanced Fund Master Trust (Note C) (159,758) - - - - ------------- ---------- ----------- ------------- ------------ (556,000,665) 31,648 1,231,200 (927,626,871) 174,496,030 ------------- ---------- ----------- ------------- ------------ Contributions: Employer 47,135,813 - - 47,135,813 - Participants' tax deferred 233,669,926 755 7,950,024 90,696,608 26,137,362 Participants' after-tax 82,711,965 - 4,276,112 35,819,802 6,483,480 ------------- ---------- ----------- ------------- ------------ 363,517,704 755 12,226,136 173,652,223 32,620,842 ------------- ---------- ----------- ------------- ------------ Total additions (deductions) (192,482,961) 32,403 13,457,336 (753,974,648) 207,116,872 DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO DISTRIBUTIONS TO PARTICIPANTS (394,157,175) (184,064) (15,308,369) (152,163,393) (20,955,703) TRANSFERS BETWEEN INVESTMENT OPTIONS - (6,473,368) (65,147,277) 628,026,253 (173,327,907) ------------- ---------- ----------- ------------- ------------ NET INCREASE (DECREASE) (586,640,136) (6,625,029) (66,998,310) (278,111,788) 12,833,262 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 9,350,125,114 6,625,029 287,379,195 4,140,581,106 551,864,887 ------------- ---------- ----------- ------------- ------------ End of year $8,763,484,978 $- $220,380,885 $3,862,469,318 $564,698,149 ============= ========== =========== ============= ============ Reference should be made to the Notes to Financial Statements.
- 8 - 9 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND FOR THE YEAR ENDED DECEMBER 31, l994
Supplemental Information By Fund ------------------------------------------------------------------------------------------ GM Corporation Class H Income Balanced Equity Profit Common Stock Fund Fund Index Fund Sharing Fund Loan Fund ------------- ------------- ------------ ------------- ---------------- ------------ ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income: Net (depreciation) appreciation in fair value of investments ($21,917,022) $- $- ($11,951,756) $- $- Dividends 4,614,454 - - 22,094,058 - - Interest 37,367 175,691,432 35,593 2,487 629,658 26,790,815 Net investment income from The General Motors Balanced Fund Master Trust (Note C) - - (159,758) - - - ----------- ------------- ------------- ----------- ---------- ----------- (17,265,201) 175,691,432 (124,165) 10,144,789 629,658 26,790,815 ----------- ------------- ------------- ----------- ---------- ----------- Contributions: Employer - - - - - - Participants' tax deferred 10,665,899 53,021,145 3,921,535 41,276,598 - - Participants' after-tax 2,570,533 21,813,721 562,518 11,185,799 - - ----------- ------------- ------------- ----------- ---------- ----------- 13,236,432 74,834,866 4,484,053 52,462,397 - - ----------- ------------- ------------- ----------- ---------- ----------- Total additions (deductions)(4,028,769) 250,526,298 4,359,888 62,607,186 629,658 26,790,815 DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO DISTRIBUTIONS TO PARTICIPANTS (7,401,947) (156,213,551) (1,300,755) (32,801,167) (290,381) (7,537,845) TRANSFERS BETWEEN INVESTMENT OPTIONS (2,724,310) (352,485,669) 46,158,628 (78,409,633) (1,759,954) 6,143,237 ----------- ------------- ------------- ----------- ---------- ----------- NET INCREASE (DECREASE) (14,155,026) (258,172,922) 49,217,761 (48,603,614) (1,420,677) 25,396,207 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 219,347,611 2,885,702,685 - 825,762,871 7,825,504 425,036,226 ----------- ------------- ------------- ----------- ---------- ----------- End of year $205,192,585 $2,627,529,763 $49,217,761 $777,159,257 $6,404,827 $450,432,433 =========== ============= ============= =========== ========== =========== Reference should be made to the Notes to Financial Statements.
- 9 - 10 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND FOR THE YEAR ENDED DECEMBER 31, l993
Supplemental Information By Fund ------------------------------------------------ U.S. Diversified GM Corporation Series EE U.S. Government Common Stock Total Savings Bonds Securities $1-2/3 Par Value -------------- ------------- --------------- ---------------- ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income: Net (depreciation) appreciation in fair value of investments $2,003,438,120 $- ($4,408,519) $1,939,432,919 Dividends 97,591,555 - - 66,625,916 Interest 235,039,750 404,381 20,822,354 379,391 ------------- --------- ----------- ------------- 2,336,069,425 404,381 16,413,835 2,006,438,226 ------------- --------- ----------- ------------- Contributions: Employer 43,804,598 - - 43,804,598 Participants' tax deferred 211,605,548 504,371 8,451,567 81,107,407 Participants' after-tax 87,566,052 1,044,540 4,736,198 37,744,289 ------------- --------- ----------- ------------- 342,976,198 1,548,911 13,187,765 162,656,294 ------------- --------- ----------- ------------- Total additions (deductions) 2,679,045,623 1,953,292 29,601,600 2,169,094,520 DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO DISTRIBUTIONS TO PARTICIPANTS (362,598,110) (1,371,407) (15,540,063) (165,100,649) TRANSFERS BETWEEN INVESTMENT OPTIONS - - (5,853,801) (886,362,957) ------------- --------- ----------- ------------- NET INCREASE (DECREASE) 2,316,447,513 581,885 8,207,736 1,117,630,914 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 7,033,677,601 6,043,144 279,171,459 3,022,950,192 ------------- --------- ----------- ------------- End of year $9,350,125,114 $6,625,029 $287,379,195 $4,140,581,106 ============= ========= =========== ============= Reference should be made to the Notes to Financial Statements.
- 10 - 11 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH SUPPLEMENTAL INFORMATION BY FUND FOR THE YEAR ENDED DECEMBER 31, l993
Supplemental Information By Fund ------------------------------------------------------------------------------------------ GM Corporation GM Corporation Class E Class H Income Equity Profit Common Stock Common Stock Fund Index Fund Sharing Fund Loan Fund ------------ ------------ ------------ ------------- ---------------- ------------ ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income: Net (depreciation) appreciation in fair value of investments ($52,485,963) $69,740,958 $- $51,158,725 $- $- Dividends 6,752,737 3,733,789 - 20,479,113 - - Interest 90,560 24,329 183,978,162 90,928 1,137,174 28,112,471 ----------- ----------- ------------- ----------- ---------- ----------- (45,642,666) 73,499,076 183,978,162 71,728,766 1,137,174 28,112,471 ----------- ----------- ------------- ----------- ---------- ----------- Contributions: Employer - - - - - - Participants' tax deferred 24,498,545 7,130,336 51,956,326 37,956,996 - - Participants' after-tax 6,969,330 2,101,326 23,197,376 11,772,993 - - ----------- ----------- ------------- ----------- ---------- ----------- 31,467,875 9,231,662 75,153,702 49,729,989 - - ----------- ----------- ------------- ----------- ---------- ----------- Total additions (deductions) (14,174,791) 82,730,738 259,131,864 121,458,755 1,137,174 28,112,471 DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO DISTRIBUTIONS TO PARTICIPANTS (20,508,037) (6,529,011) (115,221,760) (30,985,323) (502,724) (6,839,136) TRANSFERS BETWEEN INVESTMENT OPTIONS 71,138,604 8,979,616 731,047,854 86,123,293 (6,559,786) 1,487,177 ----------- ----------- ------------- ----------- ---------- ----------- NET INCREASE (DECREASE) 36,455,776 85,181,343 874,957,958 176,596,725 (5,925,336) 22,760,512 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 515,409,111 134,166,268 2,010,744,727 649,166,146 13,750,840 402,275,714 ----------- ----------- ------------- ----------- ---------- ----------- End of year $551,864,887 $219,347,611 $2,885,702,685 $825,762,871 $7,825,504 $425,036,226 =========== =========== ============= =========== ========== =========== Reference should be made to the Notes to Financial Statements.
- 11 - 12 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1994 AND 1993 A. THE PROGRAM GENERAL - General Motors Corporation (the "Corporation") established the General Motors Savings-Stock Purchase Program for Salaried Employees in the United States (the "Program"), a defined contribution plan, effective on October 1, 1955. Eligibility is restricted to regular employees of the Corporation compensated fully or partly by salary and/or commission who are not represented by a labor organization (unless they are eligible through understandings reached between the Corporation and their collective bargaining representatives). Employees are eligible to participate in the Program as of the first day of the month coinciding with or next following the completion of six months of employment. The Finance Committee of the Corporation's Board of Directors acts as the Program fiduciary and, along with various officers, employees and committees, with authority delegated from the Program fiduciary, controls and manages the operation and administration of the Program subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The following brief description of the Program is provided for general information purposes only. Participants should refer to the Program document and prospectus for a complete description of the Program's provisions. CONTRIBUTIONS - An eligible participant employed by the Corporation (an "Employee") may elect to contribute to the Program as follows: o on an after-tax basis, up to 15% of Employee's eligible salary as defined in the Program. o on a tax-deferred basis, an amount of eligible salary which is the lesser of (1) $9,240 and $8,994 for 1994 and 1993, respectively, or (2) 15% of the Employee's eligible salary for a calendar year. o in lieu of receiving a distribution from The General Motors Profit Sharing Plan for Salaried Employees in the United States, an Employee may elect to have the Corporation contribute, as tax-deferred savings, 100% of any such amount, which vests immediately. In addition, an Employee also may elect to combine the first two contribution methods disclosed above, provided that the sum of these contributions does not total more than 15% of eligible salary for any calendar year. The sum of all three of the above-described methods of contribution may only exceed 15% of eligible salary by an amount equal to the payout under the Profit Sharing Plan. As defined in the Program document, the Corporation's total matching contribution is limited to 25% of Basic Savings. Additionally, an Employee hired on or after January 1, 1993 will automatically have a Corporation contribution amount equal to 1% of the Employee's eligible salary credited monthly to such Employee's account. This contribution is provided because such Employee will receive different post-retirement benefit treatment from the Corporation than Employees hired prior to January 1, 1993. Such contribution will be credited to the Employee's account whether or not the Employee elects to participate in the Program. VESTING - Assets derived from Employee contributions and related Corporation matching contributions and earnings thereon vest immediately on allocation to the employee's account except for employees with less than five years of credited service for whom Corporation contributions and related earnings thereon will vest on June 30 of the third year following the calendar year in which Corporation and Employee contributions are received. INVESTMENT OPTIONS - The Corporation's contributions are invested in General Motors Corporation $1-2/3 par value common stock. One-half of an Employee's Basic Savings is required to be invested, in 25% increments, in any one or more of the Corporation's common stocks ($1-2/3 par value common - 12 - 13 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES stock, Class E common stock or Class H common stock). The remainder of an Employee's contributions will be invested at the Employee's direction, in 25% increments, in up to four of the following investment options: DIVERSIFIED UNITED STATES GOVERNMENT SECURITIES - Investments under this option consist of short-term and medium-term securities, including bonds, notes, or bills issued by the U.S. Government or its agencies. GENERAL MOTORS CORPORATION COMMON STOCK $1-2/3 PAR VALUE, CLASS E, $0.10 PAR VALUE, CLASS H, $0.10 PAR VALUE - Under these investment options, participant's contributions are invested in the respective General Motors common stock. The return on a participant's investment is determined by the market price of the General Motors common stock and by the amount of any dividends paid thereon. Each participant directs the Trustee how to vote common stock shares allocated to his or her account. The Trustee will not exercise voting rights with respect to those shares for which a direction has not been received by the required deadline. INCOME FUND - Funds are invested in investment contracts issued by insurance companies. The issuing companies have agreed to provide this fund with a net fixed or floating contract interest rate that is to be earned over a specified period and payment of principal and interest upon participant initiated withdrawals and/or transfers of assets. The annual rates of return, maturity dates, issuing company, and investment contracts balances at December 31, 1994 and 1993, respectively, are as follows: Value as Value as Annual Rate Maturity of of of Return Date Issuing Company 12/31/94 12/31/93 - ----------- ---------- ----------------- -------------- -------------- 7.35% 12/31/95 Metropolitan Life $231,807,819 $324,812,795 6.79% N/A Metropolitan Life*508,876,568** 549,446,764** 6.73% N/A Metropolitan Life*456,689,234** 549,258,140** 8.87% 12/31/93 Metropolitan Life - 59,977,095 8.95% 12/31/93 Metropolitan Life - 55,633,654 7.41% 12/31/96 New York Life 102,964,326 144,193,063 6.85% 12/31/96 New York Life 50,075,550 70,501,498 8.75% 1/3/95 New York Life 34,991,569 48,387,202 6.86% N/A New York Life* 305,046,851 - 6.86% 12/31/93 New York Life - 275,114,649 8.68% 12/31/94 Prudential Management 166,519,771 230,418,680 8.90% 12/31/94 Prudential Management 53,642,425 148,183,780 9.11% 12/31/96 Prudential Management 22,185,068 30,574,818 9.22% 12/31/96 Prudential Management 172,505,460 237,497,858 8.45% 12/31/96 Provident National 26,751,982 37,110,726 Variable N/A John Hancock* 93,352,540 - Variable N/A John Hancock* 119,043,743 - Variable N/A Mass Mutual* 212,013,870 - 8.73% 12/31/94 Aetna Life & Casualty 69,671,344 96,361,238 3.50% 12/31/93 Aetna Life & Casualty - 35,030,072 ------------- ------------- Total $2,626,138,120 $2,892,502,032 ============= ============= * Individual separate account. ** Represents 5% or more of net assets available for benefits. UNITED STATES GOVERNMENT SAVINGS BONDS - Prior to January 1, 1994, participant contributions were invested in Series EE United States Government Savings Bonds. Effective January 1, 1994, the United States Government Savings Bonds investment option was no longer offered as an investment option. - 13 - 14 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES EQUITY INDEX FUND - Under this investment option, participant contributions are invested in a portfolio of common stocks managed by an investment manager. The investment manager maintains a portfolio which is designed to match the performance of the Standard & Poor's 500 Index. This Index is a broad-based index of large companies which operate in a wide variety of industries and market sectors and which represent over two-thirds of the market capitalization of all publicly traded common stocks in the United States. Assets invested in the Equity Index Fund are expressed in terms of units. The number of units credited to a participant's account will be determined by the amount of deferred savings and the current value of each unit in the Equity Index Fund. The following summarizes the Fund's number of units and the current value of each unit for the specified periods ended: Number Current Value of Units of Each Unit -------- ------------- At December 31, 1993 804,784.6177 $1,023.71 At December 31, 1994 747,865.3572 1,037.10 BALANCED FUND - Under this investment option, initially made available to Program participants on February 1, 1994, contributions are invested in equity and fixed income investments selected from opportunities available in the entire global capital market, including large and small capitalization common stocks, investment grade bonds, and commingled trust funds. Investments may also include non-investment grade bonds, convertible securities, real estate, emerging market investments, and venture capital, and may be issued by U.S. and non-U.S. issuers. Assets invested in the Balanced Fund are expressed in terms of units and are valued in the same manner as noted above for the Equity Index Fund. The following summarizes the Balanced Fund's number of units and the current value of each unit for the specified periods ended. Number Current Value of Units of Each Unit -------- ------------- At December 31, 1994 465,763.7423 $99.51 PROFIT SHARING FUND - Prior to January 1, 1994, any profit sharing amounts which the Employee contributed to this investment option were invested in: (a) the Corporation's $1-2/3 par value common stock, (b) an investment contract, or (c) one-half in $1-2/3 par value common stock and one-half in an investment contract, as elected by the Employee. Effective January 1, 1994, this investment option was no longer available and upon expiration of investment contracts, employee contributions and interest earned thereon, were automatically transferred to the Income Fund or to other funds as elected by the participant. LOAN FUND - Employees may borrow once per year from both their tax deferred and after-tax savings assets (excluding Corporation contributions, and earnings thereon subject to the required retention period). The amount and terms of the loans are limited under the Program. The loan interest rate will be established once each quarter at a rate equal to the prevailing prime lending rate as of the last business day of the previous quarter and will apply to all new loans issued. Repayment of loans is generally made through after-tax payroll deductions and are invested in the same discretionary investment options that the Employee selected for their savings contributions. Interest paid on the loans is credited back to the borrowing employee's account in the Program. Partial and total prepayment of loans is permitted at any time, without penalty. Loans not repaid within the loan term are deemed to be distributions from participants' accounts. - 14 - 15 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES TRANSFERS OF FUNDS - Participants may transfer funds between investment options once per month. This provision does not apply to Employee contributions and all Corporation contributions required to be invested in Corporation common stocks during the required retention period. Employee contributions required to be invested in the Corporation's common stocks may be transferred among the Corporation's common stocks during the required retention period. Participants may also transfer funds in the Profit Sharing fund once each calendar year. No transfers into the Profit Sharing fund are allowed. PARTICIPANT WITHDRAWALS - A participant may withdraw funds in their account at any time after attaining age 59-1/2, or prior to age 59-1/2, because of termination of employment, death, total and permanent disability, or financial hardship. Prior to receiving a withdrawal for financial hardship, a participant previously must have taken all available asset distributions, withdrawals, and loans under all applicable plans maintained by the Corporation. The amount that may be withdrawn for a financial hardship is limited as defined in the Program. The funds that represent a hardship distribution must conform to conditions required by the Internal Revenue Service (the "IRS"). A participant who receives a hardship distribution shall have his or her contributions to the Program suspended for 12 months following the distribution as required by law. Withdrawals payable to participants included in net assets available for benefits were $0 and $20,582,936 at December 31, 1994 and 1993, respectively. LINE OF CREDIT - Loans outstanding at December 31, 1993 represent draws on a $112,500,000 line of credit with NationsBank N.C., N.A. The line of credit was terminated on December 31, 1994. All administrative costs and interest associated with the line of credit were paid by the Corporation. B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies followed in the preparation of the accompanying financial statements are as follows: o The financial statements of the Program are prepared under the accrual method of accounting. o Investments are stated at fair value, except for investment contracts, which are stated at contract value. Fair values are calculated by reference to published market quotations, where available; where not available, various bases, including cost, are used in determining estimates of fair values. Contract value represents contributions made under the investment contracts, plus interest, less withdrawals and administrative expenses charged by the issuer of the contract. o Security transactions are recorded on the trade date. o Investment income is recognized as earned based on the terms of the investments and the periods during which the investments are owned by the Program. o Certain costs of Program administration are paid by the Corporation. C. THE GENERAL MOTORS BALANCED FUND MASTER TRUST Investments in the Balanced Fund are held in The General Motors Balanced Fund Master Trust (the "Master Trust") established by the Corporation in 1994. The Master Trust contains an account for each of the three investment managers and a contribution/distribution account. The Master Trust permits commingling of the assets of more than one employee benefit plan sponsored by the Corporation for investment and administrative purposes. Each of the plans participating in the Master Trust has an undivided interest in the net assets of the Master Trust. As of December 31, 1994, the Program had approximately a 79% interest in the Master Trust. The net asset value of the Master Trust is calculated on a semi-monthly basis and is allocated to each participating plan based on the Program's interest in the Master Trust, as compared with the total interest in the Master Trust of all the participating plans. - 15 - 16 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES The assets of the Master Trust at December 31, 1994 are summarized as follows: Equity investments $8,144,644 Fixed income investments 995,945 Commingled trust funds: Pooled corporate obligations 13,305,365 Pooled common stock 15,750,831 Pooled multi-asset portfolio 19,319,190 Short-term investments and other assets, net 916,607 ----------- Total $58,432,582 =========== The Master Trust's total investment return for the year ended December 31, 1994 is summarized as follows: Interest $110,702 Dividends 319,227 Commingled trust funds 346,745 Net depreciation in fair value of investments (868,385) ----------- Total Investment Return ($91,711) =========== D. TERMINATION OF THE PLAN Although it has not expressed any intent to do so, the Corporation has the right to terminate the Program subject to the provisions of ERISA. Such termination of the Program, if any, would not affect a participant's interest in assets already in the Program. E. FEDERAL INCOME TAXES In August 1989, the Program was determined by the IRS to be a tax-qualified employee benefit plan, meeting the requirements of Sections 401(a) and 401(k) of the Internal Revenue Code of 1986, as amended (the "Code"), and the Trust established thereunder was determined to be exempt from United States Federal income taxes under Section 501(a) of the Code. The Program has been amended since the effective date included in the determination by the IRS. In March 1995, the amended Program was submitted for another IRS determination, which is currently pending. The Program's fiduciary and tax counsel believe that the Program is designed and currently being operated in compliance with the applicable requirements of the Code. F. SUBSEQUENT EVENTS The following modifications were made to the Program effective January 1, 1995: o Accounts will be valued daily rather than semi-monthly; o Assets may be transferred among any of the investment options on any business day; o Investment option elections will be permitted in 10% increments instead of the previous 25% increments; o Investment option changes can be made on any business day; o The requirement to retain one-half of Basic Savings in General Motors Corporation common stocks has been reduced from 2-1/2 years to the end of the calendar year in which contributions are made; o Account balance statements will be furnished four times per year instead of the previous two times per year; - 16 - 17 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES o A new investment option, "Mutual Funds," has been added to the Program which offers many individual mutual funds; o The existing investment option, "Diversified U.S. Government Securities," has been eliminated from the Program; o Separate master trusts were established for investments in the Corporation's common stocks, the Equity Index Fund, and the Income Fund. Such master trusts permit commingling of the assets of more than one employee benefit plan sponsored by the Corporation for investment and administrative purposes. o The specified annual interest rate for assets in the Income Fund investment option will be determined quarterly instead of monthly. o The Corporation's common stock investments will be converted to unitized company stock funds. * * * * * * - 17 - 18 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES Line 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AS OF DECEMBER 31, 1994
Current Description of Investments Cost Value -------------------------- -------------- -------------- General Motors Common Stock*: $1-2/3 Par Value (89,796,716 shares) $3,626,800,782 $3,805,135,840 -------------- ------------- Class E, $0.10 Par Value (14,572,670 shares) 329,173,041 564,690,963 -------------- ------------- Class H, $0.10 Par Value (5,852,099 shares) 159,808,270 205,189,221 -------------- ------------- Diversified U.S. Government Securities: Treasury Notes at 7.875%, Due 04-15-98 14,617,646 13,913,066 Treasury Notes at 6.750%, Due 02-28-97 6,450,938 5,881,860 Treasury Notes at 8.875%, Due 02-15-96 27,638,151 25,675,452 Treasury Notes at 7.375%, Due 05-15-06 33,957,376 32,039,797 Treasury Notes at 7.250%, Due 11-15-96 11,930,808 10,899,207 Treasury Notes at 8.500%, Due 05-15-97 8,630,392 8,022,310 Treasury Notes at 8.875%, Due 11-15-97 8,665,863 8,031,658 Treasury Notes at 9.375%, Due 04-15-96 47,550,668 43,381,744 Treasury Notes at 7.875%, Due 07-15-96 20,832,016 19,478,764 Treasury Notes at 8.500%, Due 04-15-97 27,130,571 25,227,825 Treasury Notes at 8.750%, Due 10-15-97 4,547,851 4,345,625 Treasury Notes at 7.875%, Due 01-15-98 14,713,459 14,058,551 Treasury Notes at 7.500%, Due 01-31-96 3,174,844 3,005,610 -------------- ------------- Total Diversified U.S. Government Securities 229,840,583 213,961,469 -------------- ------------- The General Motors Balanced Fund Master Trust 46,505,386 46,348,150 -------------- ------------- Commingled Funds - Equity Index Fund 763,647,911 775,611,162 -------------- ------------- Common Funds - Bankers Trust Pyramid Directed Account Cash Fund 95,184,584 95,184,584 -------------- ------------- Loans to Participants* 450,432,433 450,432,433 -------------- ------------- Investment Contracts: - --------------------- Issuing Company Contract Rate ------------------- ---------- ---- Metropolitan Life 12834 7.35% 231,807,819 231,807,819 Metropolitan Life** 13415 6.79% 508,876,568 508,876,568 Metropolitan Life** 13414 6.73% 456,689,234 456,689,234 New York Life GA05699 8.75% 34,991,569 34,991,569 New York Life GA06362 7.41% 102,964,326 102,964,326 New York Life GA06362-002 6.85% 50,075,550 50,075,550 New York Life** GA06691 6.86% 305,046,851 305,046,851 Prudential Management 6171-212 8.68% 166,519,771 166,519,771 Prudential Management 6171-211 8.90% 53,642,425 53,642,425 Prudential Management 6171-213 9.11% 22,185,068 22,185,068 Prudential Management 6171-214 9.22% 172,505,460 172,505,460 Provident National 027-04959 8.45% 26,751,982 26,751,982 John Hancock** 7272SA77 Var. 93,352,540 93,352,540 John Hancock** 7271SA76 Var. 119,043,743 119,043,743 Mass. Mutual** 10753 Var. 212,013,870 212,013,870 Aetna Life & Casualty LT-13100 8.73% 69,671,344 69,671,344 Aetna Life & Casualty LT-13100-2 8.28% 6,404,828 6,404,828 Aetna Life & Casualty LT-13100-1 8.84% 1,358,093 1,358,093 ------------- ------------- Total 2,633,901,041 2,633,901,041 ------------- ------------- Total Investments $8,335,294,031 $8,790,454,863 ============= ============= *Party-in-Interest **Individual Separate Account
- 18 - 19 GENERAL MOTORS SAVINGS-STOCK PURCHASE PROGRAM FOR SALARIED EMPLOYEES IN THE UNITED STATES Line 27d-SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1994
Purchases Sales -------------- --------------------------------------- Identity of Purchase Sales Original Net Gain Party/Broker Description of Asset Price Price Cost (Loss) - ------------ -------------------- -------------- -------- ------------ ------------ SERIES REPORTABLE TRANSACTIONS ------------------------------ *Bankers Trust General Motors Common Stock, $1-2/3 par value (136 purchases, 104 sales) $1,544,171,373 $797,891,780 $682,447,411 $115,444,369 *Bankers Trust General Motors Common Stock, Class E, $0.10 par value (237 sales) - 526,543,317 439,553,067 86,990,250 *Bankers Trust BT Pyramid Directed Account Cash Fund (626 purchases, 479 sales) 1,571,213,3061,545,621,421 1,545,621,421 - Wells Fargo Equity Index Fund (8 sales) - 839,319,188 569,853,629 269,465,559 SINGLE REPORTABLE TRANSACTIONS ------------------------------ Wells Fargo Bank Equity Index Fund - 775,820,285 527,320,850 248,499,435 State Street Bank Equity Index Fund 775,820,379 - - - *Party-in-Interest.
- 19 EX-23 2 L:\secfiles\11-K\gmssp_94\GMSSP23.DOC1 1 EXHIBIT 23 INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in Registration Statement No. 33- 49245 of General Motors Corporation on Form S-8 of our report dated June 2, 1995 appearing in this Annual Report on Form 11-K of the General Motors Savings-Stock Purchase Program for Salaried Employees in the United States for the year ended December 31, 1994. s/DELOITTE & TOUCHE LLP DELOITTE & TOUCHE LLP Detroit, Michigan June 28, 1995 - 20 - -----END PRIVACY-ENHANCED MESSAGE-----