Financial Statements
Consolidated Statement of Changes in Equity
($ in millions) |
Common Stock and paid-in capital |
Members’ interest |
Retained earnings |
Compre- hensive income |
Accumu- lated other compre- hensive income (loss) |
Total equity |
||||||||||||
Balance at December 31, 2003 (As restated see Note 1) |
$ |
5,641 |
$ |
– |
$ |
14,114 |
$ |
518 |
$ |
20,273 |
||||||||
Increase in paid-in capital |
119 |
– |
– |
– |
119 |
|||||||||||||
Net income |
– |
– |
2,894 |
$ |
2,894 |
– |
2,894 |
|||||||||||
Dividends paid |
– |
– |
(1,500 |
) |
– |
– |
(1,500 |
) |
||||||||||
Other comprehensive income |
– |
– |
– |
650 |
650 |
650 |
||||||||||||
Comprehensive income |
$ |
3,544 |
||||||||||||||||
Balance at December 31, 2004 (As restated see Note 1) |
$ |
5,760 |
$ |
– |
$ |
15,508 |
$ |
1,168 |
$ |
22,436 |
||||||||
Net income |
– |
– |
2,282 |
2,282 |
– |
2,282 |
||||||||||||
Dividends paid |
– |
– |
(2,500 |
) |
– |
– |
(2,500 |
) |
||||||||||
Repurchase transaction (a) |
– |
– |
(195 |
) |
– |
– |
(195 |
) |
||||||||||
Other comprehensive loss |
– |
– |
– |
(338 |
) |
(338 |
) |
(338 |
) |
|||||||||
Comprehensive income |
– |
$ |
1,944 |
|||||||||||||||
Balance at December 31, 2005 (As restated see Note 1) |
$ |
5,760 |
$ |
– |
$ |
15,095 |
$ |
830 |
$ |
21,685 |
||||||||
Conversion of common stock to members’ interest on July 20, 2006 |
(5,760 |
) |
5,760 |
– |
– |
– |
||||||||||||
Net income |
– |
– |
2,125 |
2,125 |
– |
2,125 |
||||||||||||
Preferred interest accretion to redemption value and dividends |
– |
– |
(295 |
) |
– |
– |
(295 |
) |
||||||||||
Cumulative effect of a change in accounting principle, net of tax: |
||||||||||||||||||
Transfer of unrealized loss for certain available for sale securities to trading securities |
– |
– |
(17 |
) |
– |
17 |
– |
|||||||||||
Recognize mortgage servicing rights at fair value |
– |
– |
4 |
4 |
– |
4 |
||||||||||||
Dividends |
– |
– |
(9,739 |
) |
– |
– |
(9,739 |
) |
||||||||||
Capital contributions |
– |
951 |
– |
– |
– |
951 |
||||||||||||
Other comprehensive loss |
– |
– |
– |
(362 |
) |
(362 |
) |
(362 |
) |
|||||||||
Comprehensive income |
$ |
1,767 |
||||||||||||||||
Balance at December 31, 2006 |
$ |
– |
$ |
6,711 |
$ |
7,173 |
$ |
485 |
$ |
14,369 |
||||||||
(a) In October 2005 we repurchased operating lease assets and related deferred tax liabilities from GM. Refer to Note 18 to our Consolidated Financial Statements for further detail. |
The Notes to the Consolidated Financial Statements are an integral part of these statements.