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> Pensions are underfunded

That contrast issue is very weak. GM's pension was underfunded by $7.2 billion at the end of 2016. They had $24.7 billion in cash at that point. It's around 7% underfunded. It's a non-issue, particularly since GM has continued to successfully work at reducing it and has been solidly profitable since the great recession.

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You may be right, and GM's revenue remains massive so it's a fraction of revenue.

The only area of concern is the growth presumptions in the pension fund. They are often around 7.5%, whereas real growth was 0.5%, putting a potential damper on the profit line (but I do not know that relative magnitude of that).

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