Question

I am needing the following questions answered based on General Motors Company (GM), using the 2019 fiscal year 10-k report

35. What method(s) does it use to depreciate its assets?

36. Does it have any leased assets? If yes, describe them.

37. What policies does it have in regard to Foreign Currency Translations?

38. Describe any pending lawsuits in which it is involved.

financial reports:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1467858/000146785820000028/gm201910k.htm

Answer 1

35.  GM depreciates depreciable property using the straight-line method. Leasehold improvements are amortized over the period of lease or the life of the asset, whichever is shorter.

36. Yes, GM has leased assets.

They are Crossovers, Trucks, SUVs, Cars.

37. Policy regarding Foreign Currency Translations is:-

Foreign Currency Transactions and Translation The assets and liabilities of foreign subsidiaries that use the local currency as their functional currency are translated to U.S. Dollars based on the current exchange rate prevailing at each balance sheet date and any resulting translation adjustments are included in Accumulated other comprehensive loss. The assets and liabilities of foreign subsidiaries whose local currency is not their functional currency are remeasured from their local currency to their functional currency and then translated to U.S. Dollars. Revenues and expenses are translated into U.S. Dollars using the average exchange rates prevailing for each period presented. The financial statements of any foreign subsidiary that has been identified as having a highly inflationary economy are remeasured as if the functional currency were the U.S. Dollar.

38. Pending Lawsuits

i) Proceedings Related to Ignition Switch Recall and Other Recalls

ii) Appellate Litigation Regarding Successor Liability Ignition Switch Claims

iii) Economic-Loss Claims

iv) Personal Injury Claims

v) Contingently Issuable Shares

vi) GM Korea Wage Litigation

vii) GM Brazil Indirect Tax Claim

viii) Other Litigation-Related Liability and Tax Administrative Matters

ix) Takata Matters

For details refer the note 16 of Financial Statements