NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) ACE Limited and Subsidiaries The following table shows changes in the Company’s restricted stock for the years ended December 31, 2008, 2007, and 2006:
## Table 0 ##
Under the provisions of FAS 123R, the recognition of deferred compensation, a contra-equity account representing the amount of unrecognized restricted stock expense that is reduced as expense is recognized, at the date restricted stock is granted is no longer permitted.
Therefore, upon adoption of FAS 123R, the amount of deferred compensation that had been reflected in Unearned stock grant compensation was reclassified to Additional paid-in capital in the Company’s consolidated balance sheet.
Restricted stock units The Company’s 2004 LTIP also provides for grants of other awards, including restricted stock units.
The Company generally grants restricted stock units with a 4-year vesting period, based on a graded vesting schedule.
Each restricted stock unit represents the Company’s obligation to deliver to the holder one share of Common Shares upon vesting.
During 2008, the Company awarded 223,588 restricted stock units to officers of the Company and its subsidiaries with a weighted-average grant date fair value of $59.93.
During 2007, 108,870 restricted stock units, with a weighted-average grant date fair value of $56.29 were awarded to officers of the Company and its subsidiaries.
During 2006, 83,370 restricted stock units, with a weighted-average grant date fair value of $56.36 were awarded to officers of the Company and its subsidiaries.
The Company also grants restricted stock units with a 1-year vesting period to non-management directors.
Delivery of Common Shares on account of these restricted stock units to non-management directors is deferred until six months after the date of the non-management directors’ termination from the Board.
During 2008, 2007, and 2006, 40,362 restricted stock units, 29,676 restricted stock units, and 23,092 restricted stock units, respectively, were awarded to non-management directors.
ESPP The ESPP gives participating employees the right to purchase Common Shares through payroll deductions during consecutive “Subscription Periods.
” Annual purchases by participants are limited to the number of whole shares that can be purchased by an amount equal to ten percent of the participant’s compensation or $25,000, whichever is less.
The ESPP has two six-month Subscription Periods, the first of which runs between January 1 and June 30 and the second of which runs between July 1 and December 31 of each year.
The amounts that have been collected from participants during a Subscription Period are used on the “Exercise Date” to purchase full shares of Common Shares.
An Exercise Date is generally the last trading day of a Subscription Period.
The number of shares purchased is equal to the total amount, as of the Exercise Date, that has been collected from the participants through payroll deductions for that Subscription Period, divided by the “Purchase Price”, rounded down to the next full share.
Effective for and from the second Subscription Period of 2007, the Purchase Price is 85 percent of the fair value of a Common Share on the Exercise Date.
Prior to the second Subscription Period of 2007, the Purchase Price was calculated as the lower of (i) 85 percent of the fair value of a Common Share on the first day of the Subscription Period, or
GENERAL MOTORS COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued) (In millions)
## Table 1 ##
Reference should be made to the notes to consolidated financial statements.
GENERAL MOTORS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) exposed to market value movements of their respective derivatives.
Old GM subsequently entered into derivative transactions with Ally Financial that are intended to offset the exposure each party has to its component of the primary and secondary derivatives.
Royalty Arrangement For certain insurance products, Old GM entered into 10-year intellectual property license agreements with Ally Financial giving Ally Financial the right to use the GM name on certain products.
In exchange, Ally Financial pays a royalty fee of 3.25% of revenue, net of cancellations, related to these products with a minimum annual guarantee of $15 million in the United States.
Balance Sheet The following table summarizes the balance sheet effects of transactions with Ally Financial (dollars in millions):
## Table 2 ##
(a) Represents wholesale settlements due from Ally Financial, amounts owed by Ally Financial with respect to automotive retail leases and receivables for exclusivity fees and royalties.
(b) Represents certificates of deposit purchased from Ally Financial that are pledged as collateral for certain guarantees provided to Ally Financial in Brazil in connection with dealer floor plan financing.
(c) Primarily represents distributions due from Ally Financial on our investments in Ally Financial preferred stock.
(d) Primarily represents amounts billed to us and payable related to incentive programs.
(e) Represents wholesale financing, sales of receivable transactions and the short-term portion of term loans provided to certain dealerships which we own or in which we have an equity interest.
It includes borrowing arrangements with various foreign locations and arrangements related to Ally Financial’s funding of company-owned vehicles, rental car vehicles awaiting sale at auction and funding of the sale of vehicles to which title is retained while the vehicles are consigned to Ally Financial or dealers, primarily in the United Kingdom.
Financing remains outstanding until the title is transferred to the dealers.
This amount also includes the short-term portion of a note payable related to automotive retail leases.
(f) Primarily represents accruals for marketing incentives on vehicles which are sold, or anticipated to be sold, to customers or dealers and financed by Ally Financial in North America.
This includes the estimated amount of residual support accrued under the residual support and risk sharing programs, rate support under the interest rate support programs, operating lease and finance receivable capitalized cost reduction incentives paid to Ally Financial to reduce the capitalized cost in automotive lease contracts and retail automotive contracts, and amounts owed under lease pull-ahead programs.
In addition it includes interest accrued on the transactions in (e) above.
(g) Primarily represents the long-term portion of term loans from Ally Financial to certain consolidated dealerships.
(h) Primarily represents long-term portion of liabilities for marketing incentives on vehicles financed by Ally Financial.
GENERAL MOTORS COMPANY AND SUBSIDIARIES $1.3 billion in GME; (4) decreased derivative losses of $0.9 billion in GMIO; (5) favorable pricing of $0.4 billion in GMSA, primarily due to a 60% price increase in Venezuela due to high inflation; and (6) favorable vehicle mix of $0.3 billion in GMIO driven by launches of new vehicle models at GM Daewoo.
## Table 3 ##
GM In the year ended December 31, 2010 Automotive cost of sales included: (1) restructuring charges of $0.8 billion in GME primarily for separation programs announced in Belgium, Spain, Germany and the United Kingdom; (2) foreign currency remeasurement losses of $0.5 billion in GMNA; (3) charges of $0.2 billion for a recall campaign on windshield fluid heaters in GMNA; (4) impairment charges related to product-specific tooling assets of $0.2 billion in GMNA; partially offset by (5) favorable adjustments of $0.4 billion to restructuring reserves primarily due to increased production capacity utilization in GMNA; and (6) foreign currency transaction gains of $0.3 billion in GMSA.
In the period July 10, 2009 through December 31, 2009 Automotive cost of sales included: (1) a settlement loss of $2.6 billion related to the termination of the UAW hourly retiree medical plan and Mitigation Plan in GMNA; (2) foreign currency remeasurement losses of $1.3 billion in GMNA; partially offset by (3) favorable adjustments of $0.7 billion in GMNA, $0.5 billion in GME and $0.1 billion in GMIO due to the sell through of inventory acquired from Old GM at July 10, 2009; and (4) foreign currency transaction gains of $0.5 billion primarily in Corporate.
Old GM In the period January 1, 2009 through July 9, 2009 Automotive cost of sales included: (1) incremental depreciation charges of $2.1 billion in GMNA and $0.7 billion in GME; (2) a curtailment loss of $1.4 billion upon the interim remeasurement of the U. S.  hourly defined benefit pension plans in GMNA; (3) separation program charges and Canadian restructuring activities of $1.1 billion in GMNA; (4) charges of $0.8 billion primarily related to the deconsolidation of Saab; (5) foreign currency translation and remeasurement losses of $0.7 billion in GMNA; (6) impairment charges of $0.4 billion in GMNA and $0.2 billion in GME primarily for product-specific tooling; (7) foreign currency transaction losses of $0.5 billion in GMSA; (8) derivative losses of $0.5 billion related to commodity and foreign currency exchange derivatives in GMNA; (9) a charge of $1.1 billion related to the Supplemental Unemployment Benefit (SUB) and the Transitional Support Program (TSP), partially offset by a favorable adjustment of $0.7 billion primarily related to the suspension of the JOBS Program, Old GM’s job security provision of the collective bargaining agreement with the UAW to continue paying idled employees certain wages and benefits in GMNA; and (10) charges of $0.3 billion related to obligations associated with various Delphi agreements in GMNA.
In the period January 1, 2009 through July 9, 2009 negative gross margin reflected sales volumes at historically low levels and Automotive cost of sales, including costs that are fixed in nature, exceeding Total net sales and revenue.
In the year ended December 31, 2008 Automotive cost of sales included: (1) restructuring charges and other costs of $6.0 billion related to Old GM’s special attrition programs in GMNA; (2) expenses of $1.7 billion related to the salaried post-65 healthcare settlement in GMNA; (3) impairment charges of $0.5 billion in GME and $0.4 billion in GMNA primarily related to product-specific tooling; (4) commodity and foreign currency exchange derivative losses of $0.8 billion in GMNA; (5) charges of $0.3 billion

<table><tr><td></td><td>Number of Restricted Stock</td><td>Weighted Average Grant- Date Fair Value</td></tr><tr><td>Unvested restricted stock, December 31, 2005</td><td>3,488,668</td><td>$41.26</td></tr><tr><td>Granted</td><td>1,632,504</td><td>$56.05</td></tr><tr><td>Vested and issued</td><td>-1,181,249</td><td>$40.20</td></tr><tr><td>Forfeited</td><td>-360,734</td><td>$44.04</td></tr><tr><td>Unvested restricted stock, December 31, 2006</td><td>3,579,189</td><td>$48.07</td></tr><tr><td>Granted</td><td>1,818,716</td><td>$56.45</td></tr><tr><td>Vested and issued</td><td>-1,345,412</td><td>$44.48</td></tr><tr><td>Forfeited</td><td>-230,786</td><td>$51.57</td></tr><tr><td>Unvested restricted stock, December 31, 2007</td><td>3,821,707</td><td>$53.12</td></tr><tr><td>Granted</td><td>1,836,532</td><td>$59.84</td></tr><tr><td>Vested and issued</td><td>-1,403,826</td><td>$50.96</td></tr><tr><td>Forfeited</td><td>-371,183</td><td>$53.75</td></tr><tr><td>Unvested restricted stock, December 31, 2008</td><td>3,883,230</td><td>$57.01</td></tr></table>
<table><tr><td></td><td colspan="2">Successor</td><td colspan="2">Predecessor</td></tr><tr><td></td><td>YearEnded December 31, 2010</td><td>July 10,2009 Through December 31, 2009</td><td>January 1, 2009 Through July 9, 2009</td><td>YearEnded December 31, 2008</td></tr><tr><td> Cash flows from investing activities</td><td></td><td></td><td></td><td></td></tr><tr><td>Expenditures for property</td><td>-4,200</td><td>-1,862</td><td>-3,517</td><td>-7,530</td></tr><tr><td>Available-for-sale marketable securities, acquisitions</td><td>-11,012</td><td>—</td><td>-202</td><td>-3,771</td></tr><tr><td>Trading marketable securities, acquisitions</td><td>-358</td><td>-158</td><td>—</td><td>—</td></tr><tr><td>Available-for-sale marketable securities, liquidations</td><td>5,611</td><td>3</td><td>185</td><td>5,866</td></tr><tr><td>Trading marketable securities, liquidations</td><td>343</td><td>168</td><td>—</td><td>—</td></tr><tr><td>Acquisition of companies, net of cash acquired other than cash acquired with GM Financial</td><td>-3,580</td><td>-2,127</td><td>—</td><td>-1</td></tr><tr><td>Increase due to consolidation of business units</td><td>63</td><td>222</td><td>46</td><td>—</td></tr><tr><td>Distributions from (investments in) Ally Financial</td><td>—</td><td>72</td><td>-884</td><td>—</td></tr><tr><td>Operating leases, liquidations</td><td>346</td><td>564</td><td>1,307</td><td>3,610</td></tr><tr><td>Proceeds from sale of business units/equity investments, net</td><td>317</td><td>—</td><td>—</td><td>232</td></tr><tr><td>Proceeds from sale of real estate, plants and equipment</td><td>188</td><td>67</td><td>38</td><td>347</td></tr><tr><td>Change in notes receivable</td><td>46</td><td>61</td><td>-23</td><td>-430</td></tr><tr><td>Increase in restricted cash and marketable securities</td><td>-871</td><td>-3,604</td><td>-18,461</td><td>-87</td></tr><tr><td>Decrease in restricted cash and marketable securities</td><td>13,823</td><td>8,775</td><td>418</td><td>—</td></tr><tr><td>Other investing activities</td><td>2</td><td>-25</td><td>-41</td><td>—</td></tr><tr><td> Net cash provided by (used in) investing activities–Automotive</td><td>718</td><td>2,156</td><td>-21,134</td><td>-1,764</td></tr><tr><td>GM Financial cash on hand at acquisition</td><td>538</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Purchase of receivables</td><td>-947</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Principal collections and recoveries on receivables</td><td>871</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Other investing activities</td><td>53</td><td>—</td><td>—</td><td>—</td></tr><tr><td> Net cash provided by (used in) investing activities–GM Financial</td><td>515</td><td>—</td><td>—</td><td>—</td></tr><tr><td> Net cash provided by (used in) investing activities</td><td>1,233</td><td>2,156</td><td>-21,134</td><td>-1,764</td></tr><tr><td> Cash flows from financing activities</td><td></td><td></td><td></td><td></td></tr><tr><td>Net decrease in short-term debt</td><td>-1,097</td><td>-352</td><td>-2,364</td><td>-4,100</td></tr><tr><td>Proceeds from issuance of debt (original maturities greater than three months)</td><td>718</td><td>6,153</td><td>53,949</td><td>9,928</td></tr><tr><td>Payments on debt (original maturities greater than three months)</td><td>-10,536</td><td>-5,259</td><td>-6,072</td><td>-1,702</td></tr><tr><td>Proceeds from issuance of stock</td><td>4,857</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Payments to purchase stock</td><td>-1,462</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Cash, cash equivalents and restricted cash retained by MLC</td><td>—</td><td>—</td><td>-1,216</td><td>—</td></tr><tr><td>Payments to acquire noncontrolling interest</td><td>-6</td><td>-100</td><td>-5</td><td>—</td></tr><tr><td>Debt issuance costs and fees paid for debt modification</td><td>-161</td><td>—</td><td>-63</td><td>—</td></tr><tr><td>Cash dividends paid (including premium paid on redemption of stock)</td><td>-1,572</td><td>-97</td><td>—</td><td>-283</td></tr><tr><td> Net cash provided by (used in) financing activities–Automotive</td><td>-9,259</td><td>345</td><td>44,229</td><td>3,843</td></tr><tr><td>Net change in credit facilities</td><td>212</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Issuance of debt</td><td>700</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Payments of debt</td><td>-1,419</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Other financing activities</td><td>-4</td><td>—</td><td>—</td><td>—</td></tr><tr><td> Net cash provided by (used in) financing activities–GM Financial</td><td>-511</td><td>—</td><td>—</td><td>—</td></tr><tr><td> Net cash provided by (used in) financing activities</td><td>-9,770</td><td>345</td><td>44,229</td><td>3,843</td></tr><tr><td>Effect of exchange rate changes on cash and cash equivalents–Automotive</td><td>-57</td><td>492</td><td>168</td><td>-778</td></tr><tr><td>Net increase (decrease) in cash and cash equivalents–Automotive</td><td>-2,009</td><td>4,057</td><td>4,960</td><td>-10,764</td></tr><tr><td>Net increase (decrease) in cash and cash equivalents–GM Financial</td><td>195</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Cash and cash equivalents reclassified as assets held for sale–Automotive</td><td>391</td><td>-391</td><td>—</td><td>—</td></tr><tr><td> Cash and cash equivalents at beginning of period–Automotive</td><td>22,679</td><td>19,013</td><td>14,053</td><td>24,817</td></tr><tr><td> Cash and cash equivalents at end of period–Automotive</td><td>$21,061</td><td>$22,679</td><td>$19,013</td><td>$14,053</td></tr><tr><td> Cash and cash equivalents at end of period–GM Financial</td><td>$195</td><td>$—</td><td>$—</td><td>$—</td></tr></table>
<table><tr><td></td><td colspan="2"> Successor</td></tr><tr><td></td><td> December 31,  2010</td><td> December 31,  2009</td></tr><tr><td> Assets</td><td></td><td></td></tr><tr><td>Accounts and notes receivable, net (a)</td><td>$290</td><td>$404</td></tr><tr><td>Restricted cash and marketable securities (b)</td><td>$—</td><td>$127</td></tr><tr><td>Other assets (c)</td><td>$26</td><td>$27</td></tr><tr><td> Liabilities</td><td></td><td></td></tr><tr><td>Accounts payable (d)</td><td>$168</td><td>$131</td></tr><tr><td>Short-term debt and current portion of long-term debt (e)</td><td>$1,043</td><td>$1,077</td></tr><tr><td>Accrued liabilities and other liabilities (f)</td><td>$1,167</td><td>$817</td></tr><tr><td>Long-term debt (g)</td><td>$43</td><td>$59</td></tr><tr><td>Other non-current liabilities (h)</td><td>$84</td><td>$383</td></tr></table>
<table><tr><td></td><td colspan="4"> Successor</td><td colspan="4">Predecessor</td></tr><tr><td></td><td> YearEnded  December 31, 2010</td><td> Percentage of  Automotives  sales</td><td> July 10,2009  Through  December 31, 2009</td><td> Percentage of  Automotive  sales</td><td>January 1, 2009 Through July 9, 2009</td><td>Percentage of Automotive sales</td><td>YearEnded December 31, 2008</td><td>Percentage of Automotive sales</td></tr><tr><td>Automotive cost of sales</td><td>$118,792</td><td>87.9%</td><td>$56,381</td><td>98.3%</td><td>$55,814</td><td>119.3%</td><td>$149,257</td><td>101.0%</td></tr><tr><td>Automotive gross margin</td><td>$16,350</td><td>12.1%</td><td>$948</td><td>1.7%</td><td>$-9,027</td><td>-19.3%</td><td>$-1,525</td><td>-1.0%</td></tr></table>

Question: Which year is Proceeds from sale of real estate, plants and equipment greater than 100 ?
Answer: 2010 2008