Exhibit 99.1
For Release: Thursday, April 24, 7:30 a.m. EDT
GM Reports First Quarter Net Income of $0.1 Billion
Net income reduced by recall charge and special items
| • | EBIT-adjusted of $0.5 billion, reduced by $1.3 billion pre-tax recall charge and $0.3 billion in restructuring costs |
| • | Company records strong core operating performance in first quarter |
| • | Revenue and free cash flow improved year-over-year |
DETROIT - General Motors Co. (NYSE: GM) today announced first quarter net income attributable to common stockholders of $0.1 billion, or $0.06 per diluted share. Strong core operating performance during the quarter was more than offset by a net loss from special items of $0.4 billion, or $(0.23) per diluted share, and a $1.3 billion pre-tax charge primarily for the cost of recall-related repairs, or $(0.48) per diluted share.
Special items in the quarter were primarily related to changing the exchange rate GM uses for re-measuring the net assets of its Venezuelan subsidiaries.
In the first quarter of 2013, GM’s net income attributable to common stockholders was $0.9 billion, or $0.58 per diluted share, including a net loss from special items of $0.2 billion or $(0.09) per diluted share.
Earnings before interest and tax (EBIT) adjusted was $0.5 billion and included the impact of a $1.3 billion pre-tax charge for recall-related costs and $0.3 billion in restructuring costs. This compares to the first quarter of 2013, when the company recorded EBIT-adjusted of $1.8 billion, which included a pre-tax charge of $0.1 billion for recalls and $0.1 billion in restructuring costs.
Net revenue in the first quarter of 2014 was $37.4 billion, compared to $36.9 billion in the first quarter of 2013.
“The performance of our core operations was very strong this quarter, reflecting the positive response of customers to the new vehicles we are bringing to market,” said GM CEO Mary Barra. “Our focus remains on creating the world’s best vehicles with the highest levels of safety, quality and customer service, while aggressively addressing our business opportunities and challenges globally.”
GM Results Overview (in billions except for per share amounts)
| Q1 2014 | Q1 2013 | |
| Revenue | $37.4 | $36.9 |
| Net income attributable to common stockholders | $0.1 | $0.9 |
| Earnings per share (EPS) diluted | $0.06 | $0.58 |
| Impact of special items on EPS diluted | $(0.23) | $(0.09) |
| EBIT-adjusted | $0.5 | $1.8 |
| Automotive net cash flow from operating activities | $2.0 | $0.5 |
| Adjusted automotive free cash flow | $0.2 | $(1.3) |
1
Segment Results
| • | GM North America reported EBIT-adjusted of $0.6 billion which included the impact of a $1.3 billion pre-tax charge for recall costs in the quarter. This compared with EBIT-adjusted of $1.4 billion in the first quarter of 2013. |
| • | GM Europe reported EBIT-adjusted of $(0.3) billion, which includes $0.2 billion for restructuring costs. This compares with EBIT-adjusted of $(0.2) billion in the first quarter of 2013. |
| • | GM International Operations reported EBIT-adjusted of $0.3 billion, compared with EBIT-adjusted of $0.5 billion in the first quarter of 2013. |
| • | GM South America reported EBIT-adjusted of $(0.2) billion, compared with EBIT-adjusted of $0.0 billion in the first quarter of 2013. |
| • | GM Financial earnings before tax was $0.2 billion for the quarter, compared with $0.2 billion in the first quarter of 2013. |
Cash Flow and Liquidity
First quarter automotive cash flow from operating activities of $2.0 billion and automotive free cash flow of $0.2 billion were both significantly improved compared with the first quarter of 2013. GM ended the quarter with very strong total automotive liquidity of $37.4 billion. Automotive cash and marketable securities was $27.0 billion compared with $27.9 billion at year-end 2013.
“Our revenue and cash flow improved this quarter and our underlying business performance remains on plan,” said Chuck Stevens, GM executive vice president and CFO. “Executing flawless launches and using our strength in the U.S. and China to restructure key global operations will continue to be our focus this year.”
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, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling brands. 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:
Tom Henderson 313-410-2704 Global 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,” “appears,” “projected,” “positioned” 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 might 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, and the cost and effect on our reputation of product 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; costs and risks associated with litigation and government investigations including those related to our recent recalls and our ability to continue to attract new customers, particularly for our new products. GM's most recent annual report on Form 10-K provides information about these and other factors, which we may revise or supplement in future reports to the SEC.
2
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 Income before taxes. 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, Income before income taxes (dollars in millions):
| Three Months Ended | |||||||
| March 31, 2014 | March 31, 2013 | ||||||
| Operating segments | |||||||
| GMNA | $ | 557 | $ | 1,414 | |||
| GME(a) | (284 | ) | (152 | ) | |||
| GMIO(a) | 252 | 472 | |||||
| GMSA | (156 | ) | (38 | ) | |||
| GM Financial(b) | 221 | 180 | |||||
| Total operating segments(c) | 590 | 1,876 | |||||
| Corporate and eliminations | (124 | ) | (110 | ) | |||
| EBIT-adjusted(c) | 466 | 1,766 | |||||
| Special items | (427 | ) | (170 | ) | |||
| Corporate interest income | 53 | 79 | |||||
| Automotive interest expense | (103 | ) | (91 | ) | |||
| Net income attributable to noncontrolling interests | 67 | 10 | |||||
| Income before income taxes | $ | 56 | $ | 1,594 | |||
__________
| (a) | In the three months ended March 31, 2014 GM changed its managerial and financial reporting structure to reclassify the results of our Russian subsidiaries previously reported in our GMIO segment to our GME segment. Prior year segment results have been reclassified so all information is shown on a comparable basis. Consolidated results are unaffected by this change. |
| (b) | GM Financial amounts represent income before income taxes-adjusted. |
| (c) | GM's automotive operations' interest income and interest expense and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GM's automotive operating segments between EBIT-adjusted and Income before income taxes. |
1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
In the three months ended March 31, 2014 special items consisted of Venezuela currency devaluation of $419 million in GMSA and other of $8 million.
In the three months ended March 31, 2013 special items consisted of Venezuela currency devaluation of $162 million in GMSA and other of $8 million.
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 | |||||||
| March 31, 2014 | March 31, 2013 | ||||||
| Automotive adjusted free cash flow | $ | 248 | $ | (1,325 | ) | ||
| Less: Adjustments | — | 71 | |||||
| Automotive free cash flow | 248 | (1,396 | ) | ||||
| Capital expenditures | 1,752 | 1,939 | |||||
| Automotive net cash provided by operating activities | $ | 2,000 | $ | 543 | |||
Adjustments to free cash flow included pension contributions of $71 million related to the previously announced annuitization of the U.S. salaried pension plan in the three months ended March 31, 2013.
The following tables summarize key financial information by segment (dollars in millions):
| GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||||
| Total net sales and revenue | $ | 24,404 | $ | 5,620 | $ | 3,230 | $ | 3,025 | $ | 36 | $ | — | $ | 36,315 | $ | 1,097 | $ | (4 | ) | $ | 37,408 | ||||||||||||||||||
| Expenditures for property | $ | 1,195 | $ | 201 | $ | 257 | $ | 68 | $ | 31 | $ | — | $ | 1,752 | $ | 7 | $ | — | $ | 1,759 | |||||||||||||||||||
| Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 1,092 | $ | 109 | $ | 114 | $ | 101 | $ | 16 | $ | (1 | ) | $ | 1,431 | $ | 176 | $ | — | $ | 1,607 | ||||||||||||||||||
| Equity income, net of tax | $ | 4 | $ | 3 | $ | 598 | $ | — | $ | — | $ | — | $ | 605 | $ | — | $ | — | $ | 605 | |||||||||||||||||||
| GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2013(a) | |||||||||||||||||||||||||||||||||||||||
| Total net sales and revenue | $ | 22,979 | $ | 5,272 | $ | 4,366 | $ | 3,691 | $ | 36 | $ | — | $ | 36,344 | $ | 540 | $ | — | $ | 36,884 | |||||||||||||||||||
| Expenditures for property | $ | 1,285 | $ | 219 | $ | 243 | $ | 139 | $ | 52 | $ | 1 | $ | 1,939 | $ | 1 | $ | — | $ | 1,940 | |||||||||||||||||||
| Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 926 | $ | 115 | $ | 198 | $ | 130 | $ | 16 | $ | — | $ | 1,385 | $ | 84 | $ | (4 | ) | $ | 1,465 | ||||||||||||||||||
| Equity income, net of tax | $ | 5 | $ | 9 | $ | 541 | $ | — | $ | — | $ | — | $ | 555 | $ | — | $ | — | $ | 555 | |||||||||||||||||||
__________
| (a) | In the three months ended March 31, 2014 GM changed its managerial and financial reporting structure to reclassify the results of our Russian subsidiaries previously reported in our GMIO segment to our GME segment. Prior year segment results have been reclassified so all information is shown on a comparable basis. Consolidated results are unaffected by this change. |
2
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
| March 31, 2014 | December 31, 2013 | ||||
| Worldwide Employment (in thousands) | |||||
| GMNA | 110 | 109 | |||
| GME | 38 | 37 | |||
| GMIO | 35 | 36 | |||
| GMSA | 30 | 31 | |||
| GM Financial | 6 | 6 | |||
| Total Worldwide | 219 | 219 | |||
| U.S. - Salaried | 37 | 36 | |||
| U.S. - Hourly | 52 | 51 | |||
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 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 | |||||
| March 31, 2014 | March 31, 2013 | ||||
| GMNA | 807 | 829 | |||
| GME(a) | 291 | 275 | |||
| GMIO(a) | 162 | 217 | |||
| GMSA | 208 | 233 | |||
| Worldwide | 1,468 | 1,554 | |||
__________
| (a) | In the three months ended March 31, 2014 GM changed its managerial and financial reporting structure to reclassify the results of our Russian subsidiaries previously reported in our GMIO segment to our GME segment. Prior year segment results have been reclassified so all information is shown on a comparable basis. Consolidated results are unaffected by this change. |
3
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 | |||||
| March 31, 2014 | March 31, 2013 | ||||
| Retail Vehicle Sales | |||||
| United States | |||||
| Chevrolet - Cars | 217 | 205 | |||
| Chevrolet - Trucks | 144 | 167 | |||
| Chevrolet - Crossovers | 91 | 98 | |||
| Cadillac | 40 | 43 | |||
| Buick | 53 | 48 | |||
| GMC | 104 | 105 | |||
| Total United States | 650 | 665 | |||
| Canada, Mexico and Other | 95 | 97 | |||
| Total North America | 745 | 761 | |||
| Europe | |||||
| Opel/Vauxhall | 271 | 258 | |||
| Chevrolet | 66 | 77 | |||
| Total Europe(a) | 338 | 335 | |||
| Asia/Pacific, Middle East and Africa | |||||
| Chevrolet | 319 | 326 | |||
| Wuling | 461 | 397 | |||
| Buick | 238 | 209 | |||
| Holden | 30 | 27 | |||
| GMC | 7 | 9 | |||
| Cadillac | 17 | 9 | |||
| Other | 50 | 52 | |||
| Total Asia/Pacific, Middle East and Africa(a) | 1,122 | 1,030 | |||
| South America | |||||
| Chevrolet | 210 | 234 | |||
| Other | 2 | 1 | |||
| Total South America | 211 | 235 | |||
| Total Worldwide | 2,416 | 2,361 | |||
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. 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. Vehicle sales data may include rounding differences. The vehicle sales at our China JVs presented in the following table are included in our retail vehicle sales:
| Three Months Ended | |||||
| March 31, 2014 | March 31, 2013 | ||||
| SAIC General Motors Sales Co., Ltd. (SGMS) | 422 | 382 | |||
| SGMW and FAW-GM | 497 | 434 | |||
4
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
| Three Months Ended | |||
| March 31, 2014 | March 31, 2013 | ||
| Market Share | |||
| United States - Cars | 14.8% | 13.8% | |
| United States - Trucks | 20.4% | 24.2% | |
| United States - Crossovers | 17.5% | 18.8% | |
| Total United States | 17.0% | 17.7% | |
| Total North America | 16.5% | 17.0% | |
| Total Europe | 7.3% | 7.6% | |
| Total Asia/Pacific, Middle East and Africa | 10.0% | 9.8% | |
| Total South America | 16.3% | 17.2% | |
| Total Worldwide | 11.1% | 11.3% | |
| U.S. Retail/Fleet Mix | |||
| % Fleet Sales - Cars | 31.7% | 32.1% | |
| % Fleet Sales - Trucks | 17.8% | 23.1% | |
| % Fleet Sales - Crossovers | 21.7% | 20.8% | |
| Total Vehicles | 24.6% | 25.9% | |
| North America Capacity Utilization | 102.9% | 98.3% | |
Market Share information is based on retail vehicles sales volume. 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.
5
General Motors Company and Subsidiaries
Consolidating Income Statements
(In millions)
(Unaudited)
| Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||||
| Automotive | GM Financial | Eliminations | Consolidated | Automotive | GM Financial | Eliminations | Consolidated | ||||||||||||||||||||||||
| Net sales and revenue | |||||||||||||||||||||||||||||||
| Automotive | $ | 36,315 | $ | — | $ | — | $ | 36,315 | $ | 36,344 | $ | — | $ | — | $ | 36,344 | |||||||||||||||
| GM Financial | — | 1,097 | (4 | ) | 1,093 | — | 540 | — | 540 | ||||||||||||||||||||||
| Total net sales and revenue | 36,315 | 1,097 | (4 | ) | 37,408 | 36,344 | 540 | — | 36,884 | ||||||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||||||||||
| Automotive cost of sales | 34,130 | — | (3 | ) | 34,127 | 32,613 | — | 4 | 32,617 | ||||||||||||||||||||||
| GM Financial operating and other expenses | — | 875 | — | 875 | — | 360 | (4 | ) | 356 | ||||||||||||||||||||||
| Automotive selling, general and administrative expense | 2,941 | — | — | 2,941 | 2,952 | — | — | 2,952 | |||||||||||||||||||||||
| Total costs and expenses | 37,071 | 875 | (3 | ) | 37,943 | 35,565 | 360 | — | 35,925 | ||||||||||||||||||||||
| Operating income (loss) | (756 | ) | 222 | (1 | ) | (535 | ) | 779 | 180 | — | 959 | ||||||||||||||||||||
| Automotive interest expense | 104 | — | (1 | ) | 103 | 91 | — | — | 91 | ||||||||||||||||||||||
| Interest income and other non-operating income, net | 89 | — | — | 89 | 171 | — | — | 171 | |||||||||||||||||||||||
| Equity income | 605 | — | — | 605 | 555 | — | — | 555 | |||||||||||||||||||||||
| Income (loss) before income taxes | (166 | ) | 222 | — | 56 | 1,414 | 180 | — | 1,594 | ||||||||||||||||||||||
| Income tax expense (benefit) | (303 | ) | 79 | — | (224 | ) | 342 | 67 | — | 409 | |||||||||||||||||||||
| Net income | 137 | 143 | — | 280 | 1,072 | 113 | — | 1,185 | |||||||||||||||||||||||
| Net income attributable to noncontrolling interests | (67 | ) | — | — | (67 | ) | (10 | ) | — | — | (10 | ) | |||||||||||||||||||
| Net income attributable to stockholders | $ | 70 | $ | 143 | $ | — | $ | 213 | $ | 1,062 | $ | 113 | $ | — | $ | 1,175 | |||||||||||||||
6
General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
In the three months ended March 31, 2013 GM used the two-class method for calculating earnings per share; accordingly, a portion of undistributed earnings were allocated to the Series B Preferred Stock for determining earnings per share.
The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
| Three Months Ended | |||||||
| March 31, 2014 | March 31, 2013 | ||||||
| Basic earnings per share | |||||||
| Net income attributable to stockholders | $ | 213 | $ | 1,175 | |||
| Less: cumulative dividends on preferred stock(a) | (88 | ) | (215 | ) | |||
| Less: undistributed earnings allocated to Series B Preferred Stock participating security | (95 | ) | |||||
| Net income attributable to common stockholders | $ | 125 | $ | 865 | |||
| Weighted-average common shares outstanding - basic | 1,587 | 1,372 | |||||
| Basic earnings per common share | $ | 0.08 | $ | 0.63 | |||
| Diluted earnings per share | |||||||
| Net income attributable to stockholders | $ | 213 | $ | 1,175 | |||
| Less: cumulative dividends on preferred stock(a) | (88 | ) | (215 | ) | |||
| Less: undistributed earnings allocated to Series B Preferred Stock participating security | (87 | ) | |||||
| Less: earnings adjustment for dilutive stock compensation rights | (17 | ) | — | ||||
| Net income attributable to common stockholders | $ | 108 | $ | 873 | |||
| Weighted-average common shares outstanding - diluted | |||||||
| Weighted-average common shares outstanding - basic | 1,587 | 1,372 | |||||
| Dilutive effect of warrants | 97 | 134 | |||||
| Dilutive effect of restricted stock units | 7 | 1 | |||||
| Weighted-average common shares outstanding - diluted | 1,691 | 1,507 | |||||
| Diluted earnings per common share | $ | 0.06 | $ | 0.58 | |||
________
| (a) | Includes earned but undeclared dividends of $15 million and $26 million on our Series A Preferred Stock in the three months ended March 31, 2014 and 2013 and $20 million on our Series B Preferred Stock in the three months ended March 31, 2013. |
7
General Motors Company and Subsidiaries
Consolidating Balance Sheets
(In millions)
(Unaudited)
| March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
| Automotive | GM Financial | Eliminations | Consolidated | Automotive | GM Financial | Eliminations | Consolidated | ||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||||
| Current Assets | |||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 18,264 | $ | 1,162 | $ | — | $ | 19,426 | $ | 18,947 | $ | 1,074 | $ | — | $ | 20,021 | |||||||||||||||
| Marketable securities | 8,716 | — | — | 8,716 | 8,972 | — | — | 8,972 | |||||||||||||||||||||||
| Restricted cash and marketable securities | 19 | 1,270 | (1 | ) | 1,288 | 31 | 1,216 | — | 1,247 | ||||||||||||||||||||||
| Accounts and notes receivable, net | 12,142 | 802 | (1,210 | ) | 11,734 | 8,806 | 846 | (1,117 | ) | 8,535 | |||||||||||||||||||||
| GM Financial receivables, net | — | 15,115 | (60 | ) | 15,055 | — | 14,340 | (62 | ) | 14,278 | |||||||||||||||||||||
| Inventories | 14,837 | — | — | 14,837 | 14,039 | — | — | 14,039 | |||||||||||||||||||||||
| Equipment on operating leases, net | 3,432 | — | — | 3,432 | 2,398 | — | — | 2,398 | |||||||||||||||||||||||
| Deferred income taxes | 10,414 | 176 | — | 10,590 | 10,195 | 154 | — | 10,349 | |||||||||||||||||||||||
| Other current assets | 1,602 | 144 | 1 | 1,747 | 1,531 | 130 | 1 | 1,662 | |||||||||||||||||||||||
| Total current assets | 69,426 | 18,669 | (1,270 | ) | 86,825 | 64,919 | 17,760 | (1,178 | ) | 81,501 | |||||||||||||||||||||
| Non-current Assets | |||||||||||||||||||||||||||||||
| Restricted cash and marketable securities | 75 | 831 | — | 906 | 88 | 741 | — | 829 | |||||||||||||||||||||||
| GM Financial receivables, net | — | 14,869 | (3 | ) | 14,866 | — | 14,354 | — | 14,354 | ||||||||||||||||||||||
| Equity in net assets of nonconsolidated affiliates | 8,747 | — | — | 8,747 | 8,094 | — | — | 8,094 | |||||||||||||||||||||||
| Property, net | 26,234 | 133 | — | 26,367 | 25,736 | 132 | (1 | ) | 25,867 | ||||||||||||||||||||||
| Goodwill | 141 | 1,422 | — | 1,563 | 137 | 1,422 | 1 | 1,560 | |||||||||||||||||||||||
| Intangible assets, net | 5,384 | 58 | — | 5,442 | 5,603 | 64 | 1 | 5,668 | |||||||||||||||||||||||
| GM Financial equipment on operating leases, net | — | 3,726 | — | 3,726 | — | 3,383 | — | 3,383 | |||||||||||||||||||||||
| Deferred income taxes | 22,589 | 251 | — | 22,840 | 22,620 | 116 | — | 22,736 | |||||||||||||||||||||||
| Other assets | 3,011 | 120 | (807 | ) | 2,324 | 2,853 | 112 | (613 | ) | 2,352 | |||||||||||||||||||||
| Total non-current assets | 66,181 | 21,410 | (810 | ) | 86,781 | 65,131 | 20,324 | (612 | ) | 84,843 | |||||||||||||||||||||
| Total Assets | $ | 135,607 | $ | 40,079 | $ | (2,080 | ) | $ | 173,606 | $ | 130,050 | $ | 38,084 | $ | (1,790 | ) | $ | 166,344 | |||||||||||||
| LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||
| Current Liabilities | |||||||||||||||||||||||||||||||
| Accounts payable (principally trade) | $ | 27,664 | $ | 689 | $ | (638 | ) | $ | 27,715 | $ | 23,550 | $ | 589 | $ | (518 | ) | $ | 23,621 | |||||||||||||
| Short-term debt and current portion of long-term debt | |||||||||||||||||||||||||||||||
| Automotive | 1,154 | — | (632 | ) | 522 | 1,223 | — | (659 | ) | 564 | |||||||||||||||||||||
| GM Financial | — | 14,327 | — | 14,327 | — | 13,594 | — | 13,594 | |||||||||||||||||||||||
| Accrued liabilities | 25,995 | 663 | — | 26,658 | 23,980 | 653 | — | 24,633 | |||||||||||||||||||||||
| Total current liabilities | 54,813 | 15,679 | (1,270 | ) | 69,222 | 48,753 | 14,836 | (1,177 | ) | 62,412 | |||||||||||||||||||||
| Non-current Liabilities | |||||||||||||||||||||||||||||||
| Long-term debt | |||||||||||||||||||||||||||||||
| Automotive | 6,690 | — | (3 | ) | 6,687 | 6,574 | — | (1 | ) | 6,573 | |||||||||||||||||||||
| GM Financial | — | 16,231 | — | 16,231 | — | 15,452 | — | 15,452 | |||||||||||||||||||||||
| Postretirement benefits other than pensions | 5,814 | — | — | 5,814 | 5,897 | — | — | 5,897 | |||||||||||||||||||||||
| Pensions | 19,065 | 105 | 1 | 19,171 | 19,378 | 105 | — | 19,483 | |||||||||||||||||||||||
| Other liabilities and deferred income taxes | 13,010 | 1,439 | (808 | ) | 13,641 | 12,748 | 1,217 | (612 | ) | 13,353 | |||||||||||||||||||||
| Total non-current liabilities | 44,579 | 17,775 | (810 | ) | 61,544 | 44,597 | 16,774 | (613 | ) | 60,758 | |||||||||||||||||||||
| Total Liabilities | 99,392 | 33,454 | (2,080 | ) | 130,766 | 93,350 | 31,610 | (1,790 | ) | 123,170 | |||||||||||||||||||||
| Commitments and contingencies | |||||||||||||||||||||||||||||||
| Equity | |||||||||||||||||||||||||||||||
| Series A preferred stock | 3,109 | — | — | 3,109 | 3,109 | — | — | 3,109 | |||||||||||||||||||||||
| Common stock | 16 | — | — | 16 | 15 | — | — | 15 | |||||||||||||||||||||||
| Additional paid-in capital | 28,778 | — | — | 28,778 | 28,780 | — | — | 28,780 | |||||||||||||||||||||||
| Retained earnings | 6,849 | 6,608 | — | 13,457 | 7,353 | 6,463 | — | 13,816 | |||||||||||||||||||||||
| Accumulated other comprehensive income (loss) | (3,155 | ) | 17 | — | (3,138 | ) | (3,124 | ) | 11 | — | (3,113 | ) | |||||||||||||||||||
| Total stockholders’ equity | 35,597 | 6,625 | — | 42,222 | 36,133 | 6,474 | — | 42,607 | |||||||||||||||||||||||
| Noncontrolling interests | 618 | — | — | 618 | 567 | — | — | 567 | |||||||||||||||||||||||
| Total Equity | 36,215 | 6,625 | — | 42,840 | 36,700 | 6,474 | — | 43,174 | |||||||||||||||||||||||
| Total Liabilities and Equity | $ | 135,607 | $ | 40,079 | $ | (2,080 | ) | $ | 173,606 | $ | 130,050 | $ | 38,084 | $ | (1,790 | ) | $ | 166,344 | |||||||||||||
8
General Motors Company and Subsidiaries
Consolidating Statements of Cash Flows
(In millions)
(Unaudited)
| Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||
| Automotive | GM Financial | Reclassification(a) | Consolidated | Automotive | GM Financial | Consolidated | |||||||||||||||||||||
| Net cash provided by operating activities | $ | 2,000 | $ | 376 | $ | (400 | ) | $ | 1,976 | $ | 543 | $ | 276 | $ | 819 | ||||||||||||
| Cash flows from investing activities | |||||||||||||||||||||||||||
| Expenditures for property | (1,752 | ) | (7 | ) | — | (1,759 | ) | (1,939 | ) | (1 | ) | (1,940 | ) | ||||||||||||||
| Available-for-sale marketable securities, acquisitions | (891 | ) | — | — | (891 | ) | (564 | ) | — | (564 | ) | ||||||||||||||||
| Trading marketable securities, acquisitions | (302 | ) | — | — | (302 | ) | (1,773 | ) | — | (1,773 | ) | ||||||||||||||||
| Available-for-sale marketable securities, liquidations | 1,055 | — | — | 1,055 | 985 | — | 985 | ||||||||||||||||||||
| Trading marketable securities, liquidations | 332 | — | — | 332 | 3,727 | — | 3,727 | ||||||||||||||||||||
| Proceeds from sale of business units/investments, net of cash disposed | — | — | — | — | (82 | ) | — | (82 | ) | ||||||||||||||||||
| Increase in restricted cash and marketable securities | (25 | ) | (256 | ) | — | (281 | ) | (69 | ) | (105 | ) | (174 | ) | ||||||||||||||
| Decrease in restricted cash and marketable securities | 50 | 109 | — | 159 | 166 | 22 | 188 | ||||||||||||||||||||
| Purchases of finance receivables | — | (3,700 | ) | 400 | (3,300 | ) | — | (1,609 | ) | (1,609 | ) | ||||||||||||||||
| Principal collections and recoveries on finance receivables | — | 2,639 | — | 2,639 | — | 1,096 | 1,096 | ||||||||||||||||||||
| Purchases of leased vehicles, net | — | (620 | ) | — | (620 | ) | — | (478 | ) | (478 | ) | ||||||||||||||||
| Proceeds from termination of leased vehicles | — | 123 | — | 123 | — | 37 | 37 | ||||||||||||||||||||
| Other investing activities | 8 | — | — | 8 | 77 | — | 77 | ||||||||||||||||||||
| Net cash provided by (used in) investing activities | (1,525 | ) | (1,712 | ) | 400 | (2,837 | ) | 528 | (1,038 | ) | (510 | ) | |||||||||||||||
| Cash flows from financing activities | |||||||||||||||||||||||||||
| Net increase (decrease) in short-term debt | (67 | ) | 451 | — | 384 | 50 | 500 | 550 | |||||||||||||||||||
| Proceeds from issuance of debt (original maturities greater than three months) | 223 | 5,460 | — | 5,683 | 158 | 2,884 | 3,042 | ||||||||||||||||||||
| Payments on debt (original maturities greater than three months) | (197 | ) | (4,567 | ) | — | (4,764 | ) | (183 | ) | (1,001 | ) | (1,184 | ) | ||||||||||||||
| Dividends paid | (571 | ) | — | — | (571 | ) | (218 | ) | — | (218 | ) | ||||||||||||||||
| Other financing activities | 9 | (23 | ) | — | (14 | ) | (10 | ) | (13 | ) | (23 | ) | |||||||||||||||
| Net cash provided by (used in) financing activities | (603 | ) | 1,321 | — | 718 | (203 | ) | 2,370 | 2,167 | ||||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | (450 | ) | (2 | ) | — | (452 | ) | (254 | ) | (1 | ) | (255 | ) | ||||||||||||||
| Net transactions with Automotive/GM Financial | (105 | ) | 105 | — | — | (1 | ) | 1 | — | ||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | (683 | ) | 88 | — | (595 | ) | 613 | 1,608 | 2,221 | ||||||||||||||||||
| Cash and cash equivalents at beginning of period | 18,947 | 1,074 | — | 20,021 | 17,133 | 1,289 | 18,422 | ||||||||||||||||||||
| Cash and cash equivalents at end of period | $ | 18,264 | $ | 1,162 | $ | — | $ | 19,426 | $ | 17,746 | $ | 2,897 | $ | 20,643 | |||||||||||||
_____
| (a) | Reclassification of purchases/collections of wholesale finance receivables resulting from vehicles sold by us to dealers that have arranged their inventory floor plan financing through GM Financial. |
9