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Equity In Net Assets Of Nonconsolidated Affiliates | 3 Months Ended
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Mar. 31, 2012
Equity Method Investment, Summarized Financial Information [Abstract] |
Equity In Net Assets Of Nonconsolidated Affiliates | Equity in Net Assets of Nonconsolidated Affiliates Nonconsolidated affiliates are entities in which an equity ownership interest is maintained and for which the equity method of accounting is used, due to the ability to exercise significant influence over decisions relating to their operating and financial affairs. The following table summarizes information regarding Equity income, net of tax and gain on disposal of investments (dollars in millions):
| Three Months Ended March 31,
| 2012 |  | 2011
China JVs | $ | 419 |  |  | $ | 448 |
New Delphi (including gain on disposition) | — |  |  | 1,727 |
Others | 4 |  |  | (31 | )
Total equity income, net of tax and gain on disposal of investments | $ | 423 |  |  | $ | 2,144 |
We received dividends from nonconsolidated affiliates of $21 million and $0 in the three months ended March 31, 2012 and 2011. At March 31, 2012 and December 31, 2011 we had undistributed earnings including dividends declared but not received of $2.0 billion and $1.6 billion related to our nonconsolidated affiliates. Investment in China JVs The following table summarizes our direct ownership interests in our Chinese joint ventures, collectively referred to as China JVs:
| March 31, 2012 |  | March 31, 2011
Shanghai General Motors Co., Ltd. (SGM) | 49 | % |  | 49 | %
Shanghai GM Norsom Motor Co., Ltd. (SGM Norsom) | 25 | % |  | 25 | %
Shanghai GM Dong Yue Motors Co., Ltd. (SGM DY) | 25 | % |  | 25 | %
Shanghai GM Dong Yue Powertrain (SGM DYPT) | 25 | % |  | 25 | %
SAIC-GM-Wuling Automobile Co., Ltd. (SGMW) | 44 | % |  | 44 | %
FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM) | 50 | % |  | 50 | %
Pan Asia Technical Automotive Center Co., Ltd. | 50 | % |  | 50 | %
Shanghai OnStar Telematics Co., Ltd. (Shanghai OnStar) | 40 | % |  | 40 | %
Shanghai Chengxin Used Car Operation and Management Co., Ltd. (Shanghai Chengxin Used Car) | 33 | % |  | 33 | %
SAIC General Motors Sales Co., Ltd. (SGMS) | 49 | % |  |  |
Sales and income of our China JVs are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as Equity income, net of tax and gain on disposal of investments. SGM is a joint venture established in 1997 by Shanghai Automotive Industry Corporation (SAIC) (51%) and us (49%). SGM has interests in three other joint ventures in China: SGM Norsom, SGM DY and SGM DYPT. These three joint ventures are jointly held by SGM (50%), SAIC (25%) and us (25%). These four joint ventures are engaged in the production, import, and sale of a comprehensive range of products under the brands of Buick, Chevrolet and Cadillac. SGM also has interests in Shanghai OnStar (20%) and Shanghai Chengxin Used Car (33%). SGMS is a joint venture established in November 2011 by SAIC (51%) and us (49%) to engage in the sales of the imported brands of Buick, Chevrolet and Cadillac and the sales of automobiles manufactured by SGM. Sale of New Delphi In March 2011 we sold our Class A Membership Interests in Delphi Automotive LLP (New Delphi) to New Delphi for $3.8 billion. The Class A Membership Interests sold represented 100% of our direct and indirect interests in New Delphi and 100% of New Delphi's Class A Membership Interests issued and outstanding. The sale terminated any direct and indirect obligation to loan New Delphi up to $500 million under a term loan facility established in October 2009 when New Delphi was created and the Class A Membership Interests were issued. New Delphi had not borrowed under this loan facility. In March 2011 we recorded a gain of $1.6 billion related to the sale in Equity income, net of tax and gain on disposal of investments. Our existing supply contracts with New Delphi were not affected by this transaction. Investment in HKJV In March 2011 the fair value of our investment in SAIC GM Investment Limited (HKJV) was determined to be less than its carrying amount. HKJV is our joint venture which controls our automotive operations in India. The loss in value was determined to be other than temporary and, therefore, we recorded an impairment charge of $39 million in the three months ended March 31, 2011. In addition we recorded other charges totaling $67 million related to our investment in the HKJV. We have provided SAIC Motor Hong Kong Investment Limited (SAIC-HK), a 50% equity holder in HKJV, an option to not participate in future capital injections, which would otherwise be required under certain circumstances. Upon election to exercise the option SAIC-HK would be relieved from providing up to $173 million in future capital injections. The related option liability was $88 million and total unrealized losses were $64 million at March 31, 2012 and December 31, 2011. A Monte Carlo option-pricing model was used to estimate the fair value of the option liability which is a Level 3 measure. The key inputs into the option pricing model were the expected volatility, risk-free rate, expected term, fair value of HKJV and expected amounts of the future funding requirement. The fair value estimate of the option is most sensitive to the fair value of HKJV, which is unobservable. A discounted cash flow methodology was utilized to estimate the fair value of HKJV. A decrease in the fair value of HKJV will result in an increase in the fair value of the option liability. Transactions with Nonconsolidated Affiliates Nonconsolidated affiliates are involved in various aspects of the development, production and marketing of cars, trucks and automobile parts. We purchase component parts and vehicles from certain nonconsolidated affiliates for resale to dealers. The following tables summarize the effects of transactions with nonconsolidated affiliates (dollars in millions):
| Three Months Ended March 31,
| 2012 |  | 2011
Results of Operations |  |  |
Automotive sales and revenue | $ | 583 |  |  | $ | 835 |
Automotive purchases, net | $ | 103 |  |  | $ | 792 |
Automotive selling, general and administrative expense | $ | 2 |  |  | $ | 8 |
Automotive interest expense | $ | 6 |  |  | $ | 5 |
Interest income and other non-operating income (expense), net | $ | 15 |  |  | $ | (2 | )
| March 31, 2012 |  | December 31, 2011
Financial Position |  |  |
Accounts and notes receivable, net | $ | 2,167 |  |  | $ | 1,785 |
Accounts and notes payable | $ | 347 |  |  | $ | 342 |
Deferred revenue and customer deposits | $ | 154 |  |  | $ | 150 |
| Three Months Ended March 31,
| 2012 |  | 2011
Cash Flows |  |  |
Operating | $ | 563 |  |  | $ | 63 |
Investing | $ | (37 | ) |  | $ | — |

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- Definition The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32787-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32847-111569 + Details
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