the cost of shifting its white-collar pension plan to an insurance company annuity and the cost of buying back $5.5 billion worth of shares from the U.S. government.
Still, putting the tax credits back on the books was good news for the company because it's a sign of good prospects, Chief Financial Officer Dan Ammann said.
"We've established a clear track record of profitability over the last three years,'' he said. ``It's a reflection of our confidence in the fact that we're going to generate significant profitability in the North American market going forward.''
But the change means that GM will return to a 35 percent tax rate, up from the mid-teens last year. It still won't pay U.S. federal income taxes for many years due to the write-offs.
GM also announced that its union workers would each get $6,750 in profit-sharing checks next month because of the strong performance in North America. In 2011, the company and the United Auto Workers agreed to profit-sharing instead of pay raises.