Discontinued Operations

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On March 5, 2017, General Motors Holdings LLC, a wholly-owned subsidiary of GM and our parent, entered into an agreement with Peugeot S.A. On July 31, 2017, GM closed the sale of the Opel and Vauxhall businesses and certain other assets in Europe to Peugeot S.A., and on October 31, 2017, we closed the sale of certain of our European Operations to Banque PSA Finance S.A. and BNP Paribas Personal Finance S.A.

The net consideration paid at closing for our European Operations was $1.1 billion, and we recognized a disposal loss of $525 million, which includes $197 million related to the recognition of foreign currency translation losses.

The following table summarizes the assets and liabilities of the European Operations at December 31, 2016:

	December 31, 2016
ASSETS
Cash and cash equivalents	$	386
Finance receivables, net	9,715
Related party receivables	163
Other assets	687
Total assets held for sale	$	10,951
LIABILITIES
Secured debt	$	4,183
Unsecured debt	5,130
Related party payables	80
Other liabilities	300
Total liabilities held for sale	$	9,693

The following table summarizes the results of operations of the European Operations:

	Years Ended December 31,
	2017			2016		2015
Total revenue	$	474		$	574	$	588
Interest expense	79			136		156
Other expenses	263			287		273
Total costs and expenses	342			423		429
Income from discontinued operations before income taxes	132			151		159
Loss on sale of discontinued operations before income taxes	525			—		—
(Loss) income from discontinued operations before income taxes	(393		)	151		159
Income tax provision (benefit)	31			54		(2		)
(Loss) income from discontinued operations, net of tax	$	(424	)	$	97	$	161