Exhibit 99.1
For Release: Thursday, Feb. 6, 2014, 7:30 a.m. EST
GM Reports 2013 Net Income of $3.8 Billion
Full-year EBIT-adjusted of $8.6 billion, up from $7.9 billion in 2012
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• | Company posts fourth consecutive year of profits |
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• | Fourth quarter net income of $0.9 billion, compared to $0.9 billion last year |
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• | EBIT-adjusted of $1.9 billion in fourth quarter, up from $1.2 billion last year |
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• | GM North America records best year ever with EBIT-adjusted of $7.5 billion |
DETROIT - General Motors Co. (NYSE: GM) today announced 2013 calendar-year net income attributable to common stockholders of $3.8 billion, or $2.38 per fully diluted share, down from $4.9 billion, or $2.92 per fully diluted share in 2012. Operating performance improved during the year, but was more than offset by a net loss from special items and incremental tax expense.
Special items during the calendar year impacted full-year net income to common stockholders unfavorably, $(1.3) billion, or $(0.80) per share, compared to an unfavorable $(0.5) billion impact in 2012, or $(0.32) per share. These special items included charges for several strategic decisions taken to improve the company’s future competitiveness in key global markets. Full-year results were also impacted by incremental tax expense of $(1.7) billion or $(1.02) per fully diluted share compared to 2012.
Revenue increased 2 percent to $155.4 billion, compared with $152.3 billion in 2012. Full-year earnings before interest and tax (EBIT) adjusted was $8.6 billion, compared with $7.9 billion in 2012. Full-year EBIT-adjusted for 2013 includes the impact of restructuring charges of $(0.4) billion.
“Launches of some of the best vehicles in our history combined with significant improvements in our core business led to a solid year,” said GM CEO Mary Barra. “The tough decisions made during the year will further strengthen our operations. We’re now in execution mode and our sole focus will be on delivering results on a global basis.”
Overview (in billions except for per share amounts)
|
| | | | | | |
| | | Q4 2012 | Q4 2013 | | Full-year 2012 | Full-year 2013 |
| | | | | | | |
| Revenue | | $39.3 | $40.5 | | $152.3 | $155.4 |
| Net income attributable to common stockholders | | $0.9 | $0.9 | | $4.9 | $3.8 |
| | | | | | | |
Earnings per share (EPS) fully diluted | | $0.54 | $0.57 | | $2.92 | $2.38 |
| Impact of special items on EPS fully diluted | | $0.06 | $(0.10) | | $(0.32) | $(0.80) |
| | | | | | | |
| EBIT-adjusted | | $1.2 | $1.9 | | $7.9 | $8.6 |
| Automotive net cash flow from operating activities | | $0.5 | $2.8 | | $9.6 | $11.0 |
Adjusted automotive free cash flow | | $1.1 | $1.1 | | $4.3 | $3.7 |
Fourth Quarter Results
Revenue in the fourth quarter of 2013 increased 3 percent to $40.5 billion, compared with the fourth quarter of 2012. GM’s fourth quarter 2013 net income attributable to common stockholders was $0.9 billion, or $0.57 per fully diluted share, including a net loss from special items of $(0.2) billion or $(0.10) per fully diluted share.
In the fourth quarter of 2012, GM’s net income attributable to common stockholders was $0.9 billion, or $0.54 per fully diluted share, including a net gain from special items of $0.1 billion or $0.06 per fully diluted share.
EBIT-adjusted was $1.9 billion in the fourth quarter of 2013, compared with $1.2 billion in the fourth quarter of 2012. Fourth quarter EBIT-adjusted for 2013 includes the impact of restructuring charges of $(0.2) billion.
GM’s fourth quarter 2013 special items impact to net income of $(0.2) billion includes a $(0.7) billion charge related to the exit of the Chevrolet brand from Europe, and a $(0.5) billion asset impairment related to the termination of manufacturing operations in Australia. A favorable tax settlement and a gain on the sale of an equity investment in Ally Financial, along with other smaller items, partially offset these charges.
Segment Results
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• | GM North America (GMNA) reported EBIT-adjusted of $1.9 billion in the fourth quarter of 2013 compared with $1.1 billion in 2012. Full-year EBIT-adjusted was $7.5 billion in 2013 compared to $6.5 billion in 2012, setting a record for earnings in North America. Based on GMNA’s 2013 financial performance, the company will pay profit sharing of up to $7,500 to approximately 48,500 eligible GM U.S. hourly employees. |
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• | GM Europe (GME) reported EBIT-adjusted of $(0.3) billion in the fourth quarter of 2013, compared to $(0.8) billion in 2012. Full-year EBIT-adjusted was $(0.8) billion in 2013, compared with $(1.9) billion in 2012. |
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• | GM International Operations (GMIO) reported EBIT-adjusted of $0.2 billion in the fourth quarter of 2013 compared with $0.7 billion in 2012. Full-year EBIT-adjusted was $1.2 billion in 2013 compared with $2.5 billion in 2012. |
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• | GM South America (GMSA) reported EBIT-adjusted of $0.0 billion in the fourth quarter of 2013, compared with $0.1 billion in 2012. Full-year EBIT-adjusted was $0.3 billion in 2013 compared with EBIT-adjusted of $0.5 billion in 2012. |
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• | GM Financial reported earnings before taxes (EBT) of $0.2 billion in the fourth quarter of 2013, compared with $0.1 billion in 2012. Full-year EBT was $0.9 billion, compared to $0.7 billion in 2012. |
Cash Flow and Liquidity
For the fourth quarter of 2013, automotive cash flow from operating activities was $2.8 billion, compared to $0.5 billion in 2012. In the fourth quarter of 2013, adjusted automotive free cash flow was $1.1 billion, unchanged from 2012. For the year, adjusted automotive free cash flow was $3.7 billion, compared to $4.3 billion a year ago.
GM ended 2013 with strong total automotive liquidity of $38.3 billion compared with $37.2 billion at year-end in 2012. Automotive cash and marketable securities was $27.9 billion at the end of 2013, compared with $26.1 billion a year earlier.
GM expects capital expenditures for 2014 to be approximately $7.5 billion.
Pension Update
GM’s year-end global pension obligations of $99 billion were approximately 80 percent funded at the end of 2013. The year-end unfunded position was $19.9 billion, down from $27.8 billion at the end of 2012.
GM’s U.S. defined benefit pension plan obligations of $71.5 billion ended the year approximately 90 percent funded. The year-end underfunded position was $7.3 billion, down by almost half from $14 billion the year prior. For 2013, the return on U.S. defined benefit pension plan assets was approximately 3 percent.
Under current economic conditions, GM expects no mandatory contributions to U.S. defined benefit pension plans for at least five years. While the company will continue to evaluate opportunities to make voluntary cash contributions, it has no current plans to do so in 2014.
“In 2013, we strengthened our fortress balance sheet and delivered consistent earnings, providing the foundation for a quarterly dividend for our shareholders this year,” said Chuck Stevens, GM executive vice president and chief financial officer. “This year we’ll leverage our strength in the U.S. and China to execute important restructuring activities in other key global operations.”
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM’s brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Daewoo, Jiefang, Opel, Vauxhall and Wuling. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.
CONTACTS:
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Tom Henderson 313-410-2704 GM Financial Communications tom.e.henderson@gm.com | Randy Arickx 313-268-7070 GM Investor Relations randy.c.arickx@gm.com |
Forward-Looking Statements
In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned,” “outlook” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors may include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate financing sources, including as required to fund our planned significant investment in new technology; our ability to successfully integrate Ally Financial’s International Operations; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; overall strength and stability of our markets, particularly outside of North America and China; our ability to remain competitive in Korea and our ability to continue to attract new customers, particularly for our new products. GM's most recent annual report on Form 10-
K and quarterly reports on Form 10-Q provide information about these and other factors, which we may revise or supplement in future reports to the SEC.
Exhibit 1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The accompanying tables and charts include earnings before interest and taxes adjusted for special items, presented net of noncontrolling interests, (EBIT-adjusted) and Adjusted automotive free cash flow. These metrics are not prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP) and have not been audited or reviewed by GM's independent auditors. EBIT-adjusted and Adjusted automotive free cash flow are considered non-GAAP financial measures.
Management believes these non-GAAP financial measures provide meaningful supplemental information regarding GM's operating results because they exclude amounts that management does not consider part of operating results when assessing and measuring the operational and financial performance of the organization. Management believes these measures allow it to readily view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions. Accordingly, GM believes these non-GAAP financial measures are useful in allowing for greater transparency of GM's core operations and they are therefore used by management in its financial and operational decision-making.
While management believes that these non-GAAP financial measures provide useful information, they are not operating measures under U.S. GAAP, and there are limitations associated with their use. GM's calculation of these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences between companies in their method of calculation. As a result the use of these non-GAAP financial measures has limitations and should not be considered in isolation from, or as a substitute for, other measures such as Net income or Net income attributable to stockholders. Due to these limitations, these non-GAAP financial measures are used as a supplement to U.S. GAAP measures.
The following table summarizes the reconciliation of EBIT-adjusted to its most comparable U.S. GAAP measure (dollars in millions): |
| | | | | | | | | | | | | | | |
| | Three Months Ended | | Years Ended |
| | December 31, 2013 | | December 31, 2012 | | December 31, 2013 | | December 31, 2012 |
| Operating segments | | | | | | | |
| GMNA(a) | $ | 1,884 |
| | $ | 1,142 |
| | $ | 7,461 |
| | $ | 6,470 |
|
| GME(a) | (345 | ) | | (761 | ) | | (844 | ) | | (1,939 | ) |
| GMIO(a) | 208 |
| | 676 |
| | 1,230 |
| | 2,528 |
|
| GMSA(a) | 27 |
| | 135 |
| | 327 |
| | 457 |
|
| GM Financial(b) | 225 |
| | 146 |
| | 898 |
| | 744 |
|
| Total operating segments(c) | 1,999 |
| | 1,338 |
| | 9,072 |
| | 8,260 |
|
| Corporate and eliminations | (100 | ) | | (90 | ) | | (494 | ) | | (401 | ) |
| EBIT-adjusted(c) | 1,899 |
| | 1,248 |
| | 8,578 |
| | 7,859 |
|
| Adjustments | (691 | ) | | (35,418 | ) | | (805 | ) | | (36,106 | ) |
| Corporate interest income | 57 |
| | 84 |
| | 246 |
| | 343 |
|
| Automotive interest expense | 117 |
| | 133 |
| | 334 |
| | 489 |
|
| (Gain) loss on extinguishment of debt | (26 | ) | | 232 |
| | 212 |
| | 250 |
|
| Income tax expense (benefit) | 134 |
| | (35,645 | ) | | 2,127 |
| | (34,831 | ) |
| Net income attributable to stockholders | 1,040 |
| | 1,194 |
| | 5,346 |
| | 6,188 |
|
| Less: cumulative dividends on preferred stock and charge related to purchase of preferred stock | (127 | ) | | (215 | ) | | (1,576 | ) | | (859 | ) |
| Less: undistributed earnings allocated to Series B Preferred Stock participating security(d) | — |
| | (87 | ) | | — |
| | (470 | ) |
| Net income attributable to common stockholders | $ | 913 |
| | $ | 892 |
| | $ | 3,770 |
| | $ | 4,859 |
|
__________
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| (a) | In the three months ended March 31, 2013 GM changed its managerial and reporting structure to report segment revenues and profits based on the geographic region in which a vehicle is sold. Previously, segment results included the impacts of intersegment sales and profits. Prior year operating segment results have been reclassified so all information is shown on a comparable basis. Consolidated results are unaffected by this change. |
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| (b) | GM Financial amounts represent income before income taxes. |
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| (c) | GM's automotive operations interest and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GM's automotive operating segments between EBIT-adjusted and Net income attributable to stockholders. |
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| (d) | In the three months and year ended December 31, 2012 GM was required to use the two-class method for calculating earnings per share as the applicable market value of its common stock was below $33.00 per common share; accordingly, a portion of undistributed earnings were allocated to the Series B Preferred Stock for determining earnings per share. In the three months and year ended December 31, 2013 GM was required to use the if-converted method for calculating earnings per share as the applicable market value of its common stock was within the price range of $33.00 to $39.60 per common share. |
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following tables summarize the impact of special items to EBIT-adjusted (in millions):
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, 2013 |
| | GMNA | | GME | | GMIO | | GMSA | | Corporate | | Total |
| Impairment charges of property and intangible assets | $ | — |
| | $ | — |
| | $ | (774 | ) | | $ | — |
| | $ | — |
| | $ | (774 | ) |
| Costs related to our plans to cease mainstream distribution of Chevrolet brand in Europe | — |
| | — |
| | (621 | ) | | — |
| | — |
| | (621 | ) |
| Reversal of GM Korea wage litigation accrual | — |
| | — |
| | 577 |
| | — |
| | — |
| | 577 |
|
| Gain on sale of equity investment in Ally Financial | — |
| | — |
| | — |
| | — |
| | 483 |
| | 483 |
|
| Goodwill impairment charges | — |
| | — |
| | (442 | ) | | — |
| | — |
| | (442 | ) |
| Venezuela currency devaluation | — |
| | — |
| | — |
| | (162 | ) | | — |
| | (162 | ) |
| Gain on sale of equity investment in PSA | — |
| | 152 |
| | — |
| | — |
| | — |
| | 152 |
|
| Noncontrolling interests related to redemption of the GM Korea mandatorily redeemable preferred shares | — |
| | — |
| | 67 |
| | — |
| | — |
| | 67 |
|
| Pension settlement charges | (56 | ) | | — |
| | — |
| | — |
| | — |
| | (56 | ) |
| Charges related to PSA product development agreement | (49 | ) | | — |
| | — |
| | — |
| | — |
| | (49 | ) |
| Income related to insurance recoveries | 5 |
| | 1 |
| | 24 |
| | 5 |
| | — |
| | 35 |
|
| Total adjustments to automotive EBIT | $ | (100 | ) | | $ | 153 |
| | $ | (1,169 | ) | | $ | (157 | ) | | $ | 483 |
| | $ | (790 | ) |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, 2012 |
| | GMNA | | GME | | GMIO | | GMSA | | Corporate | | Total |
| Goodwill impairment charges | $ | (26,399 | ) | | $ | (590 | ) | | $ | (132 | ) | | $ | — |
| | $ | — |
| | $ | (27,121 | ) |
| Impairment charges of property | — |
| | (3,714 | ) | | — |
| | — |
| | — |
| | (3,714 | ) |
| Pension settlement charges | (2,662 | ) | | — |
| | — |
| | — |
| | — |
| | (2,662 | ) |
| Impairment charges of intangible assets | — |
| | (1,755 | ) | | — |
| | — |
| | — |
| | (1,755 | ) |
| Premium paid to purchase our common stock from the UST | — |
| | — |
| | — |
| | — |
| | (402 | ) | | (402 | ) |
| GM Korea wage litigation accrual | — |
| | — |
| | (336 | ) | | — |
| | — |
| | (336 | ) |
| Impairment charge related to investment in PSA | — |
| | (220 | ) | | — |
| | — |
| | — |
| | (220 | ) |
| Income related to insurance recoveries | 9 |
| | 7 |
| | 112 |
| | 27 |
| | — |
| | 155 |
|
| Charge to record GMS assets and liabilities to estimated fair value | — |
| | (119 | ) | | — |
| | — |
| | — |
| | (119 | ) |
| Noncontrolling interests related to redemption of the GM Korea mandatorily redeemable preferred shares | — |
| | — |
| | 68 |
| | — |
| | — |
| | 68 |
|
| Total adjustments to automotive EBIT | $ | (29,052 | ) | | $ | (6,391 | ) | | $ | (288 | ) | | $ | 27 |
| | $ | (402 | ) | | $ | (36,106 | ) |
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table summarizes the reconciliation of Automotive adjusted free cash flow to Automotive net cash provided by operating activities (dollars in millions):
|
| | | | | | | | | | | | | | | |
| | Three Months Ended | | Years Ended |
| | December 31, 2013 | | December 31, 2012 | | December 31, 2013 | | December 31, 2012 |
| Automotive adjusted free cash flow | $ | 1,127 |
| | $ | 1,136 |
| | $ | 3,697 |
| | $ | 4,288 |
|
| Less: Adjustments | 154 |
| | 2,712 |
| | 225 |
| | 2,712 |
|
| Automotive free cash flow | 973 |
| | (1,576 | ) | | 3,472 |
| | 1,576 |
|
| Capital expenditures | 1,779 |
| | 2,062 |
| | 7,549 |
| | 8,055 |
|
| Automotive net cash provided by operating activities | $ | 2,752 |
| | $ | 486 |
| | $ | 11,021 |
| | $ | 9,631 |
|
Adjustments to free cash flow included the following items: accrued interest on the prepayment of the HCT notes of $0.2 billion in October 2013 and pension contributions of $0.1 billion related to the previously announced annuitization of the U.S. salaried pension plan in March 2013; voluntary contributions to the U.S. salaried pension plan of $2.3 billion for the purchase of annuity contracts and the premium paid to purchase our common stock from the UST of $0.4 billion in December 2012.
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | GMNA | | GME | | GMIO | | GMSA | | Corporate | | Eliminations | | Total Automotive | | GM Financial | | Eliminations | | Total |
Three Months Ended December 31, 2013 | | | | | | | | | | | | | | | | | | | |
| Total net sales and revenue | $ | 25,117 |
| | $ | 5,280 |
| | $ | 4,857 |
| | $ | 4,098 |
| | $ | 36 |
| | $ | — |
| | $ | 39,388 |
| | $ | 1,101 |
| | $ | (4 | ) | | $ | 40,485 |
|
| | | | | | | | | | | | | | | | | | | | |
| Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 1,278 |
| | $ | 86 |
| | $ | 1,231 |
| | $ | 153 |
| | $ | 16 |
| | $ | — |
| | $ | 2,764 |
| | $ | 158 |
| | $ | — |
| | $ | 2,922 |
|
| | | | | | | | | | | | | | | | | | | | |
| Equity income, net of tax and gain on investments | $ | 5 |
| | $ | (1 | ) | | $ | 385 |
| | $ | 1 |
| | $ | — |
| | $ | — |
| | $ | 390 |
| | $ | — |
| | $ | — |
| | $ | 390 |
|
| | | | | | | | | | | | | | | | | | | | |
| | GMNA | | GME | | GMIO | | GMSA | | Corporate | | Eliminations | | Total
Automotive | | GM
Financial | | Eliminations | | Total |
Three Months Ended December 31, 2012 | | | | | | | | | | | | | | | | | | | |
| Total net sales and revenue | $ | 22,836 |
| | $ | 5,200 |
| | $ | 6,301 |
| | $ | 4,441 |
| | $ | (1 | ) | | $ | — |
| | $ | 38,777 |
| | $ | 529 |
| | $ | 1 |
| | $ | 39,307 |
|
| | | | | | | | | | | | | | | | | | | | |
| Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 940 |
| | $ | 5,742 |
| | $ | 197 |
| | $ | 131 |
| | $ | 12 |
| | $ | — |
| | $ | 7,022 |
| | $ | 69 |
| | $ | (3 | ) | | $ | 7,088 |
|
| | | | | | | | | | | | | | | | | | | | |
| Equity income, net of tax and gain on investments | $ | 2 |
| | $ | — |
| | $ | 419 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 421 |
| | $ | — |
| | $ | — |
| | $ | 421 |
|
| | | | | | | | | | | | | | | | | | | | |
| | GMNA | | GME | | GMIO | | GMSA | | Corporate | | Eliminations | | Total Automotive | | GM Financial | | Eliminations | | Total |
Year Ended December 31, 2013 | | | | | | | | | | | | | | | | | | | |
| Total net sales and revenue | $ | 95,099 |
| | $ | 20,110 |
| | $ | 20,263 |
| | $ | 16,478 |
| | $ | 150 |
| | $ | — |
| | $ | 152,100 |
| | $ | 3,344 |
| | $ | (17 | ) | | $ | 155,427 |
|
| | | | | | | | | | | | | | | | | | | | |
| Expenditures for property | $ | 5,466 |
| | $ | 770 |
| | $ | 772 |
| | $ | 444 |
| | $ | 92 |
| | $ | 5 |
| | $ | 7,549 |
| | $ | 16 |
| | $ | — |
| | $ | 7,565 |
|
| | | | | | | | | | | | | | | | | | | | |
| Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 4,216 |
| | $ | 406 |
| | $ | 1,806 |
| | $ | 522 |
| | $ | 63 |
| | $ | (1 | ) | | $ | 7,012 |
| | $ | 498 |
| | $ | (10 | ) | | $ | 7,500 |
|
| | | | | | | | | | | | | | | | | | | | |
| Equity income, net of tax and gain on investments | $ | 15 |
| | $ | — |
| | $ | 1,794 |
| | $ | 1 |
| | $ | — |
| | $ | — |
| | $ | 1,810 |
| | $ | — |
| | $ | — |
| | $ | 1,810 |
|
| | | | | | | | | | | | | | | | | | | | |
| | GMNA | | GME | | GMIO | | GMSA | | Corporate | | Eliminations | | Total Automotive | | GM Financial | | Eliminations | | Total |
Year Ended December 31, 2012 | | | | | | | | | | | | | | | | | | | |
| Total net sales and revenue | $ | 89,910 |
| | $ | 20,689 |
| | $ | 22,954 |
| | $ | 16,700 |
| | $ | 40 |
| | $ | — |
| | $ | 150,293 |
| | $ | 1,961 |
| | $ | 2 |
| | $ | 152,256 |
|
| | | | | | | | | | | | | | | | | | | | |
| Expenditures for property | $ | 4,766 |
| | $ | 1,035 |
| | $ | 1,225 |
| | $ | 956 |
| | $ | 77 |
| | $ | (4 | ) | | $ | 8,055 |
| | $ | 13 |
| | $ | — |
| | $ | 8,068 |
|
| | | | | | | | | | | | | | | | | | | | |
| Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 3,663 |
| | $ | 6,570 |
| | $ | 638 |
| | $ | 483 |
| | $ | 49 |
| | $ | (1 | ) | | $ | 11,402 |
| | $ | 225 |
| | $ | (10 | ) | | $ | 11,617 |
|
| | | | | | | | | | | | | | | | | | | | |
| Equity income, net of tax and gain on investments | $ | 9 |
| | $ | — |
| | $ | 1,552 |
| | $ | 1 |
| | $ | — |
| | $ | — |
| | $ | 1,562 |
| | $ | — |
| | $ | — |
| | $ | 1,562 |
|
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
|
| | | | | | | | |
| | Years Ended |
| | December 31, 2013 | | December 31, 2012 | | December 31, 2011 |
| Worldwide Employment (thousands) | | | | | |
| GMNA(a) | 109 |
| | 101 |
| | 98 |
|
| GME | 35 |
| | 37 |
| | 39 |
|
| GMIO(b) | 38 |
| | 39 |
| | 34 |
|
| GMSA | 31 |
| | 32 |
| | 33 |
|
| GM Financial(c) | 6 |
| | 4 |
| | 3 |
|
| Total Worldwide | 219 |
| | 213 |
| | 207 |
|
| | | | | | |
| U.S. - Salaried | 36 |
| | 30 |
| | 29 |
|
| U.S. - Hourly | 51 |
| | 50 |
| | 48 |
|
_________
| |
(a) | Increase in GMNA employees in the year ended December 31, 2013 includes an increase of approximately 4,000 employees due to insourcing of certain information technology support functions that were previously provided by outside parties and an increase of approximately 3,000 employees due to increase in launches and ramp up in manufacturing volume. |
| |
(b) | Increase in GMIO employees in the year ended December 31, 2012 includes an increase of 4,000 employees due to the acquisition of GM India. |
| |
(c) | Increase in GM Financial employees in the year ended December 31, 2013 is due to the acquisition of certain Ally Financial international operations. |
Wholesale and Retail Vehicle Sales
GM presents both wholesale and retail vehicle sales data to assist in the analysis of its revenue and market share. Worldwide market share and retail vehicle sales data exclude the markets of Cuba, Iran, North Korea, Sudan and Syria. The joint venture agreements with SAIC-GM-Wuling Automobile Co., Ltd. (SGMW) and FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM) allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture retail vehicle sales in China.
Wholesale Vehicle Sales
The following table summarizes total wholesale vehicle sales of new motor vehicles by automotive segment (vehicles in thousands):
|
| | | | | | | | | | | |
| | Three Months Ended | | Years Ended |
| | December 31, 2013 | | December 31, 2012 | | December 31, 2013 | | December 31, 2012 |
| GMNA | 863 |
| | 826 |
| | 3,276 |
| | 3,207 |
|
| GME | 269 |
| | 269 |
| | 1,047 |
| | 1,079 |
|
| GMIO | 259 |
| | 297 |
| | 1,037 |
| | 1,109 |
|
| GMSA | 260 |
| | 280 |
| | 1,053 |
| | 1,050 |
|
| Total Worldwide | 1,651 |
| | 1,672 |
| | 6,413 |
| | 6,445 |
|
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Retail Vehicle Sales and Market Share
The following tables summarize total retail vehicle sales volume and market share by geographic region (vehicles in thousands):
|
| | | | | | | | | | | |
| | Three Months Ended | | Years Ended |
| | December 31, 2013 | | December 31, 2012 | | December 31, 2013 | | December 31, 2012 |
| Retail Vehicle Sales(a)(b)(c) | | | | | | | |
| United States | | | | | | | |
| Chevrolet - Cars | 189 |
| | 167 |
| | 851 |
| | 837 |
|
| Chevrolet - Trucks | 180 |
| | 184 |
| | 714 |
| | 673 |
|
| Chevrolet - Crossovers | 85 |
| | 80 |
| | 382 |
| | 341 |
|
| Cadillac | 49 |
| | 46 |
| | 183 |
| | 150 |
|
| Buick | 48 |
| | 43 |
| | 206 |
| | 180 |
|
| GMC | 118 |
| | 107 |
| | 451 |
| | 414 |
|
| Total United States | 669 |
| | 628 |
| | 2,786 |
| | 2,596 |
|
| Canada, Mexico and Other | 116 |
| | 108 |
| | 448 |
| | 424 |
|
| Total North America | 785 |
| | 736 |
| | 3,234 |
| | 3,019 |
|
| Europe | | | | | | | |
| Opel/Vauxhall | 252 |
| | 236 |
| | 1,047 |
| | 1,054 |
|
| Chevrolet | 119 |
| | 137 |
| | 508 |
| | 553 |
|
| Other | 1 |
| | 1 |
| | 3 |
| | 3 |
|
| Total Europe | 371 |
| | 374 |
| | 1,557 |
| | 1,611 |
|
| Asia/Pacific, Middle East and Africa | | | | | | | |
| Chevrolet | 309 |
| | 329 |
| | 1,155 |
| | 1,186 |
|
| Wuling | 397 |
| | 345 |
| | 1,484 |
| | 1,335 |
|
| Buick | 204 |
| | 184 |
| | 810 |
| | 700 |
|
| Holden | 33 |
| | 32 |
| | 124 |
| | 124 |
|
| GMC | 9 |
| | 9 |
| | 34 |
| | 40 |
|
| Cadillac | 19 |
| | 10 |
| | 55 |
| | 35 |
|
| Other | 69 |
| | 59 |
| | 224 |
| | 195 |
|
| Total Asia/Pacific, Middle East and Africa(d) | 1,040 |
| | 968 |
| | 3,886 |
| | 3,616 |
|
| South America | | | | | | | |
| Chevrolet | 266 |
| | 263 |
| | 1,032 |
| | 1,045 |
|
| Other | 2 |
| | 2 |
| | 6 |
| | 6 |
|
| Total South America | 268 |
| | 265 |
| | 1,037 |
| | 1,051 |
|
| Total Worldwide | 2,463 |
| | 2,342 |
| | 9,715 |
| | 9,297 |
|
________
| |
| (a) | North America vehicle sales primarily represent sales to the end customer. Europe, Asia/Pacific, Middle East and Africa and South America vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate vehicle sales. |
| |
| (b) | Certain fleet sales that are accounted for as operating leases are included in vehicle sales at the time of delivery to the daily rental car companies. |
| |
| (c) | Vehicle sales data may include rounding differences. |
| |
| (d) | Includes the vehicle sales for joint ventures in the table below. Joint venture vehicle sales for General Motors India Private Limited and Chevrolet Sales India Private Limited (collectively GM India) are included in the table below through August 31, 2012. |
|
| | | | | |
| | Years Ended |
| | December 31, 2013 | | December 31, 2012 |
| Joint venture sales in China | | | |
| SAIC General Motors Sales Co., Ltd. | 1,512 |
| | 1,331 |
|
| SGMW and FAW-GM | 1,644 |
| | 1,501 |
|
| Joint venture sales in India | | | |
| GM India |
|
| | 64 |
|
|
| | | | | | | |
| | Three Months Ended | | Years Ended |
| | December 31, 2013 | | December 31, 2012 | | December 31, 2013 | | December 31, 2012 |
| Market Share(a)(b) | | | | | | | |
| United States - Cars | 13.6% | | 12.7% | | 14.1% | | 14.3% |
| United States - Trucks | 23.1% | | 24.9% | | 23.5% | | 23.7% |
| United States - Crossovers | 16.9% | | 16.6% | | 17.8% | | 17.4% |
| Total United States | 17.2% | | 17.1% | | 17.5% | | 17.5% |
| Total North America | 16.7% | | 16.6% | | 16.9% | | 16.9% |
| Total Europe | 7.9% | | 8.3% | | 8.3% | | 8.5% |
| Total Asia/Pacific, Middle East and Africa(c) | 9.8% | | 9.8% | | 9.5% | | 9.5% |
| Total South America | 17.8% | | 17.7% | | 17.5% | | 18.0% |
| Total Worldwide | 11.4% | | 11.6% | | 11.5% | | 11.5% |
| | | | | | | | |
| U.S. Retail/Fleet Mix | | | | | | | |
| % Fleet Sales - Cars | 21.9% | | 27.9% | | 26.4% | | 30.6% |
| % Fleet Sales - Trucks | 24.4% | | 21.8% | | 24.2% | | 25.3% |
| % Fleet Sales - Crossovers | 15.6% | | 16.7% | | 18.6% | | 19.2% |
| Total Vehicles | 21.3% | | 22.7% | | 23.6% | | 25.9% |
| | | | | | | | |
| North America Capacity Utilization | 101.7% | | 93.4% | | 99.6% | | 97.5% |
________
(a) Market Share information is based on retail vehicles sales volume.
(b) North America vehicle sales primarily represent sales to the end customer. Europe, Asia/Pacific, Middle East and Africa and South America vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate vehicle sales.
(c) Includes the vehicle sales for joint ventures in the table below. Joint venture vehicle sales for General Motors India Private Limited and Chevrolet Sales India Private Limited (collectively GM India) are included in the table below through August 31, 2012.
|
| | | | | |
| | Years Ended |
| | December 31, 2013 | | December 31, 2012 |
| Joint venture sales in China | | | |
| SAIC General Motors Sales Co., Ltd. | 1,512 |
| | 1,331 |
|
| SGMW and FAW-GM | 1,644 |
| | 1,501 |
|
| Joint venture sales in India | | | |
| GM India |
| | 64 |
|
General Motors Company and Subsidiaries
Consolidating Sector Income Statements
(In millions)
(Unaudited)
|
| | | | | | | | | | | | | | | |
| | Year Ended December 31, 2013 |
| | Automotive | | GM Financial | | Eliminations | | Consolidated |
| Net sales and revenue | | | | | | | |
| Automotive | $ | 152,100 |
| | $ | — |
| | $ | (8 | ) | | $ | 152,092 |
|
| GM Financial | — |
| | 3,344 |
| | (9 | ) | | 3,335 |
|
| Total | 152,100 |
| | 3,344 |
| | (17 | ) | | 155,427 |
|
| Costs and expenses | | | | | | | |
| Automotive cost of sales | 134,929 |
| | — |
| | (4 | ) | | 134,925 |
|
| GM Financial operating and other expenses | — |
| | 2,461 |
| | (13 | ) | | 2,448 |
|
| Automotive selling, general and administrative expense | 12,382 |
| | — |
| | — |
| | 12,382 |
|
| Goodwill impairment charges | 541 |
| | — |
| | — |
| | 541 |
|
| Total costs and expenses | 147,852 |
| | 2,461 |
| | (17 | ) | | 150,296 |
|
| Operating income | 4,248 |
| | 883 |
| | — |
| | 5,131 |
|
| Automotive interest expense | 338 |
| | — |
| | (4 | ) | | 334 |
|
| Interest income and other non-operating income, net | 1,066 |
| | — |
| | (3 | ) | | 1,063 |
|
| Gain (loss) on extinguishment of debt | (212 | ) | | — |
| | — |
| | (212 | ) |
| Equity income and gain on investments | 1,810 |
| | — |
| | — |
| | 1,810 |
|
| Income before income taxes | 6,574 |
| | 883 |
| | 1 |
| | 7,458 |
|
| Income tax expense | 1,826 |
| | 300 |
| | 1 |
| | 2,127 |
|
| Net income | 4,748 |
| | 583 |
| | — |
| | 5,331 |
|
| Net (income) loss attributable to noncontrolling interests | 15 |
| | — |
| | — |
| | 15 |
|
| Net income attributable to stockholders | $ | 4,763 |
| | $ | 583 |
| | $ | — |
| | $ | 5,346 |
|
|
| | | | | | | | | | | | | | | |
| | Year Ended December 31, 2012 |
| | Automotive | | GM Financial | | Eliminations | | Consolidated |
| Net sales and revenue | | | | | | | |
| Automotive | $ | 150,293 |
| | $ | — |
| | $ | 2 |
| | $ | 150,295 |
|
| GM Financial | — |
| | 1,961 |
| | — |
| | 1,961 |
|
| Total | 150,293 |
| | 1,961 |
| | 2 |
| | 152,256 |
|
| Costs and expenses | | | | | | | |
| Automotive cost of sales | 140,223 |
| | — |
| | 13 |
| | 140,236 |
|
| GM Financial operating and other expenses | — |
| | 1,217 |
| | (10 | ) | | 1,207 |
|
| Automotive selling, general and administrative expense | 14,031 |
| | — |
| | — |
| | 14,031 |
|
| Goodwill impairment charges | 27,145 |
| | — |
| | — |
| | 27,145 |
|
| Total costs and expenses | 181,399 |
| | 1,217 |
| | 3 |
| | 182,619 |
|
| Operating income (loss) | (31,106 | ) | | 744 |
| | (1 | ) | | (30,363 | ) |
| Automotive interest expense | 489 |
| | — |
| | — |
| | 489 |
|
| Interest income and other non-operating income, net | 845 |
| | — |
| | — |
| | 845 |
|
| Gain (loss) on extinguishment of debt | (250 | ) | | — |
| | — |
| | (250 | ) |
| Equity income and gain on investments | 1,562 |
| | — |
| | — |
| | 1,562 |
|
| Income (loss) before income taxes | (29,438 | ) | | 744 |
| | (1 | ) | | (28,695 | ) |
| Income tax expense (benefit) | (35,007 | ) | | 177 |
| | (1 | ) | | (34,831 | ) |
| Net income | 5,569 |
| | 567 |
| | — |
| | 6,136 |
|
| Net loss attributable to noncontrolling interests | 52 |
| | — |
| | — |
| | 52 |
|
| Net income attributable to stockholders | $ | 5,621 |
| | $ | 567 |
| | $ | — |
| | $ | 6,188 |
|
General Motors Company and Subsidiaries
Consolidating Sector Income Statements — (Continued)
(In millions)
(Unaudited)
|
| | | | | | | | | | | | | | | |
| | Year Ended December 31, 2011 |
| | Automotive | | GM Financial | | Eliminations | | Consolidated |
| Net sales and revenue | | | | | | | |
| Automotive | $ | 148,869 |
| | $ | — |
| | $ | (3 | ) | | $ | 148,866 |
|
| GM Financial | — |
| | 1,410 |
| | — |
| | 1,410 |
|
| Total | 148,869 |
| | 1,410 |
| | (3 | ) | | 150,276 |
|
| Costs and expenses | | | | | | | |
| Automotive cost of sales | 130,386 |
| | — |
| | — |
| | 130,386 |
|
| GM Financial operating and other expenses | — |
| | 788 |
| | (3 | ) | | 785 |
|
| Automotive selling, general and administrative expense | 12,163 |
| | — |
| | — |
| | 12,163 |
|
| Goodwill impairment charges | 1,286 |
| | — |
| | — |
| | 1,286 |
|
| Total costs and expenses | 143,835 |
| | 788 |
| | (3 | ) | | 144,620 |
|
| Operating income | 5,034 |
| | 622 |
| | — |
| | 5,656 |
|
| Automotive interest expense | 540 |
| | — |
| | — |
| | 540 |
|
| Interest income and other non-operating income, net | 851 |
| | — |
| | — |
| | 851 |
|
| Gain on extinguishment of debt | 18 |
| | — |
| | — |
| | 18 |
|
| Equity income and gain on investments | 3,192 |
| | — |
| | — |
| | 3,192 |
|
| Income before income taxes | 8,555 |
| | 622 |
| | — |
| | 9,177 |
|
| Income tax expense (benefit) | (295 | ) | | 185 |
| | — |
| | (110 | ) |
| Net income | 8,850 |
| | 437 |
| | — |
| | 9,287 |
|
| Net (income) loss attributable to noncontrolling interests | (97 | ) | | — |
| | — |
| | (97 | ) |
| Net income attributable to stockholders | $ | 8,753 |
| | $ | 437 |
| | $ | — |
| | $ | 9,190 |
|
General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
In the three months and year ended December 31, 2012 GM was required to use the two-class method for calculating earnings per share as the applicable market value of its common stock was below $33.00 per common share. In the three months and year ended December 31, 2013 GM was required to use the if-converted method for calculating earnings per share as the applicable market value of its common stock was within the price range of $33.00 to $39.60 per common share.
The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
|
| | | | | | | | | | | | | | | |
| | Three Months Ended | | Years Ended |
| | December 31, 2013 | | December 31, 2012 | | December 31, 2013 | | December 31, 2012 |
| Basic earnings per share | | | | | | | |
| Net income attributable to stockholders | $ | 1,040 |
| | $ | 1,194 |
| | $ | 5,346 |
| | $ | 6,188 |
|
| Less: cumulative dividends on preferred stock and charge related to purchase of preferred stock(a) | (127 | ) | | (215 | ) | | (1,576 | ) | | (859 | ) |
| Less: undistributed earnings allocated to Series B Preferred Stock participating security | — |
| | (87 | ) | | — |
| | (470 | ) |
| Net income attributable to common stockholders | $ | 913 |
| | $ | 892 |
| | $ | 3,770 |
| | $ | 4,859 |
|
| Weighted-average common shares outstanding - basic | 1,436 |
| | 1,551 |
| | 1,393 |
| | 1,566 |
|
| Basic earnings per common share | $ | 0.64 |
| | $ | 0.58 |
| | $ | 2.71 |
| | $ | 3.10 |
|
| Diluted earnings per share | | | | | | | |
| Net income attributable to stockholders | $ | 1,040 |
| | $ | 1,194 |
| | $ | 5,346 |
| | $ | 6,188 |
|
| Add: preferred dividends to holders of Series B Preferred Stock | 40 |
| | — |
| | 218 |
| | — |
|
| Less: cumulative dividends on preferred stock and charge related to purchase of preferred stock(a) | (127 | ) | | (215 | ) | | (1,576 | ) | | (859 | ) |
| Less: undistributed earnings allocated to Series B Preferred Stock participating security | — |
| | (81 | ) | | — |
| | (442 | ) |
| Net income attributable to common stockholders | $ | 953 |
| | $ | 898 |
| | $ | 3,988 |
| | $ | 4,887 |
|
| Weighted-average common shares outstanding - diluted | | | | | | | |
| Weighted-average common shares outstanding - basic | 1,436 |
| | 1,551 |
| | 1,393 |
| | 1,566 |
|
| Dilutive effect of warrants | 153 |
| | 116 |
| | 146 |
| | 104 |
|
| Dilutive effect of conversion of Series B Preferred Stock | 92 |
| | — |
| | 134 |
| | — |
|
| Dilutive effect of RSUs | 4 |
| | 7 |
| | 3 |
| | 5 |
|
| Weighted-average common shares outstanding - diluted | 1,685 |
| | 1,674 |
| | 1,676 |
| | 1,675 |
|
| Diluted earnings per common share | $ | 0.57 |
| | $ | 0.54 |
| | $ | 2.38 |
| | $ | 2.92 |
|
__________
| |
| (a) | Includes earned but undeclared dividends of $15 million and $26 million on our Series A Preferred Stock in the years ended December 31, 2013 and 2012 and $20 million on our Series B Preferred Stock in the year ended December 31, 2012. |
General Motors Company and Subsidiaries
Consolidating Sector Balance Sheets
(In millions, except share amounts)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2013 | | December 31, 2012 |
| | Automotive | | GM Financial | | Eliminations | | Consolidated | | Automotive | | GM Financial | | Eliminations | | Consolidated |
| ASSETS | | | | | | | | | | | | | | | |
| Current Assets | | | | | | | | | | | | | | | |
| Cash and cash equivalents | $ | 18,947 |
| | $ | 1,074 |
| | $ | — |
| | $ | 20,021 |
| | $ | 17,133 |
| | $ | 1,289 |
| | $ | — |
| | $ | 18,422 |
|
| Marketable securities | 8,972 |
| | — |
| | — |
| | 8,972 |
| | 8,988 |
| | — |
| | — |
| | 8,988 |
|
| Restricted cash and marketable securities | 31 |
| | 1,216 |
| | — |
| | 1,247 |
| | 220 |
| | 466 |
| | — |
| | 686 |
|
| Accounts and notes receivable, net | 8,806 |
| | 846 |
| | (1,117 | ) | | 8,535 |
| | 10,384 |
| | 34 |
| | (23 | ) | | 10,395 |
|
| GM Financial receivables, net | — |
| | 14,340 |
| | (62 | ) | | 14,278 |
| | — |
| | 4,089 |
| | (45 | ) | | 4,044 |
|
| Inventories | 14,039 |
| | — |
| | — |
| | 14,039 |
| | 14,714 |
| | — |
| | — |
| | 14,714 |
|
| Equipment on operating leases, net | 2,398 |
| | — |
| | — |
| | 2,398 |
| | 1,782 |
| | — |
| | — |
| | 1,782 |
|
| Deferred income taxes | 10,195 |
| | 154 |
| | — |
| | 10,349 |
| | 9,369 |
| | 59 |
| | 1 |
| | 9,429 |
|
| Other current assets | 1,531 |
| | 130 |
| | 1 |
| | 1,662 |
| | 1,487 |
| | 60 |
| | (11 | ) | | 1,536 |
|
| Total current assets | 64,919 |
| | 17,760 |
| | (1,178 | ) | | 81,501 |
| | 64,077 |
| | 5,997 |
| | (78 | ) | | 69,996 |
|
| Non-current Assets | | | | | | | | | | | | | | | |
| Restricted cash and marketable securities | 88 |
| | 741 |
| | — |
| | 829 |
| | 380 |
| | 302 |
| | — |
| | 682 |
|
| GM Financial receivables, net | — |
| | 14,354 |
| | — |
| | 14,354 |
| | — |
| | 6,955 |
| | (1 | ) | | 6,954 |
|
| Equity in net assets of nonconsolidated affiliates | 8,094 |
| | — |
| | — |
| | 8,094 |
| | 6,883 |
| | — |
| | — |
| | 6,883 |
|
| Property, net | 25,736 |
| | 132 |
| | (1 | ) | | 25,867 |
| | 24,144 |
| | 52 |
| | — |
| | 24,196 |
|
| Goodwill | 137 |
| | 1,422 |
| | 1 |
| | 1,560 |
| | 695 |
| | 1,278 |
| | — |
| | 1,973 |
|
| Intangible assets, net | 5,603 |
| | 64 |
| | 1 |
| | 5,668 |
| | 6,809 |
| | — |
| | — |
| | 6,809 |
|
| GM Financial equipment on operating leases, net | — |
| | 3,383 |
| | — |
| | 3,383 |
| | — |
| | 1,703 |
| | (54 | ) | | 1,649 |
|
| Deferred income taxes | 22,620 |
| | 116 |
| | — |
| | 22,736 |
| | 27,883 |
| | 38 |
| | 1 |
| | 27,922 |
|
| Other assets | 2,853 |
| | 112 |
| | (613 | ) | | 2,352 |
| | 2,873 |
| | 43 |
| | (558 | ) | | 2,358 |
|
| Total non-current assets | 65,131 |
| | 20,324 |
| | (612 | ) | | 84,843 |
| | 69,667 |
| | 10,371 |
| | (612 | ) | | 79,426 |
|
| Total Assets | $ | 130,050 |
| | $ | 38,084 |
| | $ | (1,790 | ) | | $ | 166,344 |
| | $ | 133,744 |
| | $ | 16,368 |
| | $ | (690 | ) | | $ | 149,422 |
|
| LIABILITIES AND EQUITY | | | | | | | | | | | | | | | |
| Current Liabilities | | | | | | | | | | | | | | | |
| Accounts payable (principally trade) | $ | 23,550 |
| | $ | 589 |
| | $ | (518 | ) | | $ | 23,621 |
| | $ | 25,132 |
| | $ | 57 |
| | $ | (23 | ) | | $ | 25,166 |
|
| Short-term debt and current portion of long-term debt | | | | | | | | | | | | | | | |
| Automotive | 1,223 |
| | — |
| | (659 | ) | | 564 |
| | 1,792 |
| | — |
| | (44 | ) | | 1,748 |
|
| GM Financial | — |
| | 13,594 |
| | — |
| | 13,594 |
| | — |
| | 3,770 |
| | — |
| | 3,770 |
|
| Accrued liabilities | 23,980 |
| | 653 |
| | — |
| | 24,633 |
| | 23,168 |
| | 170 |
| | (30 | ) | | 23,308 |
|
| Total current liabilities | 48,753 |
| | 14,836 |
| | (1,177 | ) | | 62,412 |
| | 50,092 |
| | 3,997 |
| | (97 | ) | | 53,992 |
|
| Non-current Liabilities | | | | | | | | | | | | | | | |
| Long-term debt | | | | | | | | | | | | | | | |
| Automotive | 6,574 |
| | — |
| | (1 | ) | | 6,573 |
| | 3,425 |
| | — |
| | (1 | ) | | 3,424 |
|
| GM Financial | — |
| | 15,452 |
| | — |
| | 15,452 |
| | — |
| | 7,108 |
| | — |
| | 7,108 |
|
| Postretirement benefits other than pensions | 5,897 |
| | — |
| | — |
| | 5,897 |
| | 7,309 |
| | — |
| | — |
| | 7,309 |
|
| Pensions | 19,378 |
| | 105 |
| | — |
| | 19,483 |
| | 27,420 |
| | — |
| | — |
| | 27,420 |
|
| Other liabilities and deferred income taxes | 12,748 |
| | 1,217 |
| | (612 | ) | | 13,353 |
| | 13,048 |
| | 712 |
| | (591 | ) | | 13,169 |
|
| Total non-current liabilities | 44,597 |
| | 16,774 |
| | (613 | ) | | 60,758 |
| | 51,202 |
| | 7,820 |
| | (592 | ) | | 58,430 |
|
| Total Liabilities | 93,350 |
| | 31,610 |
| | (1,790 | ) | | 123,170 |
| | 101,294 |
| | 11,817 |
| | (689 | ) | | 112,422 |
|
| Equity | | | | | | | | | | | | | | | |
| Preferred stock, $0.01 par value | | | | | | | | | | | | | | | |
| Series A | 3,109 |
| | — |
| | — |
| | 3,109 |
| | 5,536 |
| | — |
| | — |
| | 5,536 |
|
| Series B | — |
| | — |
| | — |
| | — |
| | 4,855 |
| | — |
| | — |
| | 4,855 |
|
| Common stock, $0.01 par value | 15 |
| | — |
| | — |
| | 15 |
| | 14 |
| | — |
| | — |
| | 14 |
|
| Additional paid-in capital | 28,780 |
| | — |
| | — |
| | 28,780 |
| | 23,834 |
| | — |
| | — |
| | 23,834 |
|
| Retained earnings | 7,353 |
| | 6,463 |
| | — |
| | 13,816 |
| | 5,503 |
| | 4,554 |
| | — |
| | 10,057 |
|
| Accumulated other comprehensive income (loss) | (3,124 | ) | | 11 |
| | — |
| | (3,113 | ) | | (8,048 | ) | | (3 | ) | | (1 | ) | | (8,052 | ) |
| Total stockholders’ equity | 36,133 |
| | 6,474 |
| | — |
| | 42,607 |
| | 31,694 |
| | 4,551 |
| | (1 | ) | | 36,244 |
|
| Noncontrolling interests | 567 |
| | — |
| | — |
| | 567 |
| | 756 |
| | — |
| | — |
| | 756 |
|
| Total Equity | 36,700 |
| | 6,474 |
| | — |
| | 43,174 |
| | 32,450 |
| | 4,551 |
| | (1 | ) | | 37,000 |
|
| Total Liabilities and Equity | $ | 130,050 |
| | $ | 38,084 |
| | $ | (1,790 | ) | | $ | 166,344 |
| | $ | 133,744 |
| | $ | 16,368 |
| | $ | (690 | ) | | $ | 149,422 |
|
General Motors Company and Subsidiaries
Consolidating Sector Statements of Cash Flows
(In millions)
(Unaudited)
|
| | | | | | | | | | | | |
| | Year Ended December 31, 2013 |
| | Automotive | | GM Financial | | Consolidated |
| Cash flows from operating activities | | | | | |
| Net income | $ | 4,748 |
| | $ | 583 |
| | $ | 5,331 |
|
| Depreciation, impairment charges and amortization expense | 7,553 |
| | 488 |
| | 8,041 |
|
| Foreign currency remeasurement and transaction losses | 352 |
| | (2 | ) | | 350 |
|
| Amortization of discount and issuance costs on debt issues | 83 |
| | 31 |
| | 114 |
|
| Undistributed earnings of nonconsolidated affiliates and gain on investments | (92 | ) | | — |
| | (92 | ) |
| Pension contributions and OPEB payments | (1,455 | ) | | (3 | ) | | (1,458 | ) |
| Pension and OPEB (income) expense, net | 633 |
| | 5 |
| | 638 |
|
| (Gains) losses on extinguishment of debt | 212 |
| | — |
| | 212 |
|
| Provision (benefit) for deferred taxes | 1,385 |
| | 176 |
| | 1,561 |
|
| Change in other operating assets and liabilities | (1,412 | ) | | 86 |
| | (1,326 | ) |
| Other operating activities | (986 | ) | | 245 |
| | (741 | ) |
| Net cash provided by operating activities | 11,021 |
| | 1,609 |
| | 12,630 |
|
| Cash flows from investing activities | | | | | |
| Expenditures for property | (7,549 | ) | | (16 | ) | | (7,565 | ) |
| Available-for-sale marketable securities, acquisitions | (6,754 | ) | | — |
| | (6,754 | ) |
| Trading marketable securities, acquisitions | (3,214 | ) | | — |
| | (3,214 | ) |
| Available-for-sale marketable securities, liquidations | 3,566 |
| | — |
| | 3,566 |
|
| Trading marketable securities, liquidations | 6,538 |
| | — |
| | 6,538 |
|
| Acquisition of companies, net of cash acquired | (8 | ) | | (2,615 | ) | | (2,623 | ) |
| Proceeds from sale of business units/investments, net of cash disposed | 896 |
| | — |
| | 896 |
|
| Increase in restricted cash and marketable securities | (308 | ) | | (676 | ) | | (984 | ) |
| Decrease in restricted cash and marketable securities | 698 |
| | 409 |
| | 1,107 |
|
| Purchases and funding of finance receivables | — |
| | (30,727 | ) | | (30,727 | ) |
| Principal collections and recoveries on finance receivables | — |
| | 27,444 |
| | 27,444 |
|
| Purchases of leased vehicles, net | — |
| | (2,254 | ) | | (2,254 | ) |
| Proceeds from termination of leased vehicles | — |
| | 217 |
| | 217 |
|
| Other investing activities | (12 | ) | | 3 |
| | (9 | ) |
| Net cash used in investing activities | (6,147 | ) | | (8,215 | ) | | (14,362 | ) |
| Cash flows from financing activities | | | | | |
| Net increase (decrease) in short-term debt | 156 |
| | — |
| | 156 |
|
| Proceeds from issuance of debt (original maturities greater than three months) | 5,430 |
| | 22,611 |
| | 28,041 |
|
| Payments on debt (original maturities greater than three months) | (2,797 | ) | | (17,394 | ) | | (20,191 | ) |
| Payments to purchase stock | (2,438 | ) | — |
| — |
| | (2,438 | ) |
| Dividends paid (including charge related to purchase of Series A Preferred Stock) | (1,687 | ) | | — |
| | (1,687 | ) |
| Other financing activities | (76 | ) | | (74 | ) | | (150 | ) |
| Net cash provided by (used in) financing activities | (1,412 | ) | | 5,143 |
| | 3,731 |
|
| Effect of exchange rate changes on cash and cash equivalents | (391 | ) | | (9 | ) | | (400 | ) |
| Net transactions with Automotive/GM Financial | (1,257 | ) | | 1,257 |
| | — |
|
| Net increase (decrease) in cash and cash equivalents | 1,814 |
| | (215 | ) | | 1,599 |
|
| Cash and cash equivalents at beginning of period | 17,133 |
| | 1,289 |
| | 18,422 |
|
| Cash and cash equivalents at end of period | $ | 18,947 |
| | $ | 1,074 |
| | $ | 20,021 |
|
General Motors Company and Subsidiaries
Consolidating Sector Statements of Cash Flows — (Continued)
(In millions)
(Unaudited)
|
| | | | | | | | | | | | | |
| | Year Ended December 31, 2012 |
| | Automotive | | GM Financial | | Consolidated |
| Cash flows from operating activities | | | | | |
| Net income | $ | 5,569 |
| | $ | 567 |
| | $ | 6,136 |
|
| Depreciation, impairment charges and amortization expense | 38,546 |
| | 216 |
| | 38,762 |
|
| Foreign currency remeasurement and transaction losses | 117 |
| | — |
| | 117 |
|
| Amortization of discount and issuance costs on debt issues | 189 |
| | (1 | ) | | 188 |
|
| Undistributed earnings of nonconsolidated affiliates and gain on investments | (179 | ) | | — |
| | (179 | ) |
| Pension contributions and OPEB payments | (3,759 | ) | | — |
| | (3,759 | ) |
| Pension and OPEB (income) expense, net | 3,232 |
| | — |
| | 3,232 |
|
| (Gains) losses on extinguishment of debt | 250 |
| | — |
| | 250 |
|
| Provision (benefit) for deferred taxes | (35,462 | ) | | (99 | ) | | (35,561 | ) |
| Change in other operating assets and liabilities | 573 |
| | 57 |
| | 630 |
|
| Other operating activities | 555 |
| | 234 |
| | 789 |
|
| Net cash provided by operating activities | 9,631 |
| | 974 |
| | 10,605 |
|
| Cash flows from investing activities | | | | | |
| Expenditures for property | (8,055 | ) | | (13 | ) | | (8,068 | ) |
| Available-for-sale marketable securities, acquisitions | (4,650 | ) | | — |
| | (4,650 | ) |
| Trading marketable securities, acquisitions | (6,234 | ) | | — |
| | (6,234 | ) |
| Available-for-sale marketable securities, liquidations | 10,519 |
| | — |
| | 10,519 |
|
| Trading marketable securities, liquidations | 7,267 |
| | — |
| | 7,267 |
|
| Acquisition of companies, net of cash acquired | (44 | ) | | — |
| | (44 | ) |
| Proceeds from sale of business units/investments, net of cash disposed | 18 |
| | — |
| | 18 |
|
| Increase in restricted cash and marketable securities | (525 | ) | | (136 | ) | | (661 | ) |
| Decrease in restricted cash and marketable securities | 1,043 |
| | 483 |
| | 1,526 |
|
| Purchases and funding of finance receivables | — |
| | (6,789 | ) | | (6,789 | ) |
| Principal collections and recoveries on finance receivables | — |
| | 4,674 |
| | 4,674 |
|
| Purchases of leased vehicles, net | — |
| | (1,050 | ) | | (1,050 | ) |
| Proceeds from termination of leased vehicles | 4 |
| | 55 |
| | 59 |
|
| Other investing activities | (72 | ) | | — |
| | (72 | ) |
| Net cash used in investing activities | (729 | ) | | (2,776 | ) | | (3,505 | ) |
| Cash flows from financing activities | | | | | |
| Net increase (decrease) in short-term debt | (247 | ) | | — |
| | (247 | ) |
| Proceeds from issuance of debt (original maturities greater than three months) | 436 |
| | 8,600 |
| | 9,036 |
|
| Payments on debt (original maturities greater than three months) | (1,143 | ) | | (6,234 | ) | | (7,377 | ) |
| Payments to purchase stock | (5,098 | ) | — |
| — |
| — |
| (5,098 | ) |
| Dividends paid | (939 | ) | | — |
| | (939 | ) |
| Other financing activities | (68 | ) | | (48 | ) | | (116 | ) |
| Net cash provided by (used in) financing activities | (7,059 | ) | | 2,318 |
| | (4,741 | ) |
| Effect of exchange rate changes on cash and cash equivalents | (9 | ) | | 1 |
| | (8 | ) |
| Net transactions with Automotive/GM Financial | (200 | ) | | 200 |
| | — |
|
| Net increase (decrease) in cash and cash equivalents | 1,634 |
| | 717 |
| | 2,351 |
|
| Cash and cash equivalents at beginning of period | 15,499 |
| | 572 |
| | 16,071 |
|
| Cash and cash equivalents at end of period | $ | 17,133 |
| | $ | 1,289 |
| | $ | 18,422 |
|
General Motors Company and Subsidiaries
Consolidating Sector Statements of Cash Flows — (Continued)
(In millions)
(Unaudited)
|
| | | | | | | | | | | |
| | Year Ended December 31, 2011 |
| | Automotive | | GM Financial | | Consolidated |
| Cash flows from operating activities | | | | | |
| Net income | $ | 8,850 |
| | $ | 437 |
| | $ | 9,287 |
|
| Depreciation, impairment charges and amortization expense | 7,344 |
| | 83 |
| | 7,427 |
|
| Foreign currency remeasurement and transaction losses | 56 |
| | (1 | ) | | 55 |
|
| Amortization of discount and issuance costs on debt issues | 200 |
| | (40 | ) | | 160 |
|
| Undistributed earnings of nonconsolidated affiliates and gain on investments | (1,947 | ) | | — |
| | (1,947 | ) |
| Pension contributions and OPEB payments | (2,269 | ) | | — |
| | (2,269 | ) |
| Pension and OPEB (income) expense, net | (755 | ) | | — |
| | (755 | ) |
| (Gains) losses on extinguishment of debt | (18 | ) | | — |
| | (18 | ) |
| Provision (benefit) for deferred taxes | (311 | ) | | (7 | ) | | (318 | ) |
| Change in other operating assets and liabilities | (4,052 | ) | | (70 | ) | | (4,122 | ) |
| Other operating activities | 331 |
| | 335 |
| | 666 |
|
| Net cash provided by operating activities | 7,429 |
| | 737 |
| | 8,166 |
|
| Cash flows from investing activities | | | | | |
| Expenditures for property | (6,241 | ) | | (8 | ) | | (6,249 | ) |
| Available-for-sale marketable securities, acquisitions | (20,535 | ) | | — |
| | (20,535 | ) |
| Trading marketable securities, acquisitions | (6,571 | ) | | — |
| | (6,571 | ) |
| Available-for-sale marketable securities, liquidations | 15,825 |
| | — |
| | 15,825 |
|
| Trading marketable securities, liquidations | 660 |
| | — |
| | 660 |
|
| Acquisition of companies, net of cash acquired | (53 | ) | | — |
| | (53 | ) |
| Proceeds from sale of business units/investments, net of cash disposed | 4,821 |
| | — |
| | 4,821 |
|
| Increase in restricted cash and marketable securities | (543 | ) | | (185 | ) | | (728 | ) |
| Decrease in restricted cash and marketable securities | 1,894 |
| | 173 |
| | 2,067 |
|
| Purchases and funding of finance receivables | — |
| | (5,012 | ) | | (5,012 | ) |
| Principal collections and recoveries on finance receivables | — |
| | 3,719 |
| | 3,719 |
|
| Purchases of leased vehicles, net | — |
| | (837 | ) | | (837 | ) |
| Proceeds from termination of leased vehicles | 9 |
| | 38 |
| | 47 |
|
| Other investing activities | 106 |
| | — |
| | 106 |
|
| Net cash used in investing activities | (10,628 | ) | | (2,112 | ) | | (12,740 | ) |
| Cash flows from financing activities | | | | | |
| Net increase (decrease) in short-term debt | 131 |
| | — |
| | 131 |
|
| Proceeds from issuance of debt (original maturities greater than three months) | 467 |
| | 8,567 |
| | 9,034 |
|
| Payments on debt (original maturities greater than three months) | (1,471 | ) | | (6,997 | ) | | (8,468 | ) |
| Dividends paid | (916 | ) | | — |
| | (916 | ) |
| Other financing activities | (89 | ) | | (50 | ) | | (139 | ) |
| Net cash provided by (used in) financing activities | (1,878 | ) | | 1,520 |
| | (358 | ) |
| Effect of exchange rate changes on cash and cash equivalents | (250 | ) | | (3 | ) | | (253 | ) |
| Net transactions with Automotive/GM Financial | (235 | ) | | 235 |
| | — |
|
| Net increase (decrease) in cash and cash equivalents | (5,562 | ) | | 377 |
| | (5,185 | ) |
| Cash and cash equivalents at beginning of period | 21,061 |
| | 195 |
| | 21,256 |
|
| Cash and cash equivalents at end of period | $ | 15,499 |
| | $ | 572 |
| | $ | 16,071 |
|
