Discontinued Operations

On March 5, 2017, General Motors Holdings LLC, a wholly-owned subsidiary of GM and our parent, entered into a Master Agreement (the Agreement) with Peugeot S.A. Pursuant to the Agreement, Peugeot S.A. acquired on July 31, 2017 GM’s Opel and Vauxhall businesses and certain other assets in Europe (the Opel/Vauxhall Business) and will acquire, together with a financial partner, certain of our European financial subsidiaries and branches (collectively, our European Operations and, together with Opel/Vauxhall Business, GM's European Business). The transfer of our European Operations is expected to close by the end of the year subject to the receipt of the necessary regulatory approvals and satisfaction of other closing conditions.

The net consideration to be paid for our European Operations will be 0.8 times their book value at closing. Based on exchange rates at September 30, 2017, we estimate the net consideration will be approximately $1.1 billion, and we currently expect to recognize a disposal loss of approximately $500 million, subject to foreign currency fluctuations, which have had a favorable impact on the estimated loss. The purchase price is subject to certain adjustments as provided in the Agreement. During the nine months ended September 30, 2017, we recognized a portion of the disposal loss in accordance with ASC 360 - "Property, Plant and Equipment." We expect to recognize the remainder of the disposal loss at the closing of the transaction.

The following table summarizes the assets and liabilities held for sale:



	September 30, 2017		December 31, 2016
ASSETS
Cash and cash equivalents	$	242	$	386
Finance receivables, net	11,303		9,715
Related party receivables	—		163
Other assets	549		687
Total assets held for sale	$	12,094	$	10,951
LIABILITIES
Secured debt	$	4,872	$	4,183
Unsecured debt	5,469		5,130
Related party payables	—		80
Other liabilities	517		300
Total liabilities held for sale	$	10,858	$	9,693

The following table summarizes the results of operations for the discontinued operations:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2017			2016		2017			2016
Total revenue	$	148		$	138	$	422		$	436
Interest expense	24			30		70			112
Other expenses	75			74		231			205
Total costs and expenses	99			104		301			317
Income from discontinued operations before income taxes	49			34		121			119
Loss on sale of discontinued operations before income taxes	38			—		374			—
Income (loss) from discontinued operations before income taxes	11			34		(253		)	119
Income tax (benefit) provision	(5		)	21		(84		)	34
Income (loss) from discontinued operations, net of tax	$	16		$	13	$	(169	)	$	85