Exhibit 99.2
Exhibit 1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
General Motors Company's (GM) non-GAAP measures include earnings before interest and taxes adjusted for special items, presented net of noncontrolling interests (EBIT-adjusted), earnings per share (EPS)-diluted-adjusted, return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures. These non-GAAP measures have not been audited or reviewed by GM's independent auditors.
These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. Further, our Board of Directors uses these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons we believe these non-GAAP measures are useful for our investors.
EBIT-adjusted is used by management and can be used by investors to review GM's consolidated operating results because it excludes automotive interest income, automotive interest expense and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include but are not limited to impairment charges related to goodwill, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions; costs arising from the ignition switch recall and related legal matters; and certain currency devaluations associated with hyperinflationary economies. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item.
EPS-diluted-adjusted is used by management and can be used by investors to review GM's consolidated diluted earnings per share results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less certain adjustments noted above for EBIT-adjusted and gains or losses on the extinguishment of debt obligations on an after-tax basis as well as redemptions of preferred stock and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or reversal of significant deferred tax asset valuation allowances.
ROIC-adjusted is used by management and can be used by investors to review GM's investment and capital allocation decisions. GM defines ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by average net assets, which is considered to be the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of capital leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.
Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of GM's automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. GM measures adjusted automotive free cash flow as automotive cash flow from operations less capital expenditures adjusted for management actions, primarily related to strengthening its balance sheet, such as prepayments of debt and discretionary contributions to employee benefit plans.
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles segment profit (loss) to Net income attributable to stockholders (dollars in millions):
|
| | | | | | | | | | | | | | | |
| | Three Months Ended | | Years Ended |
| | December 31, 2016 | | December 31, 2015 | | December 31, 2016 | | December 31, 2015 |
| Operating segments | | | | | | | |
| GM North America (GMNA) | $ | 2,618 |
| | $ | 2,771 |
| | $ | 12,047 |
| | $ | 11,026 |
|
| GM Europe (GME) | (246 | ) | | (298 | ) | | (257 | ) | | (813 | ) |
| GM International Operations (GMIO) | 316 |
| | 408 |
| | 1,135 |
| | 1,397 |
|
| GM South America (GMSA) | (65 | ) | | (47 | ) | | (374 | ) | | (622 | ) |
| General Motors Financial Company, Inc. (GM Financial)(a) | 193 |
| | 167 |
| | 913 |
| | 837 |
|
| Total operating segments(b) | 2,816 |
| | 3,001 |
| | 13,464 |
| | 11,825 |
|
| Corporate and eliminations | (431 | ) | | (236 | ) | | (934 | ) | | (1,011 | ) |
| EBIT-adjusted | 2,385 |
| | 2,765 |
| | 12,530 |
| | 10,814 |
|
| Special items |
|
| |
|
| | | | |
| Ignition switch recall and related legal matters(c) | (235 | ) | | (60 | ) | | (300 | ) | | (1,785 | ) |
| Thailand asset impairment(d) | — |
| | — |
| | — |
| | (297 | ) |
| Venezuela currency devaluation and asset impairment(e) | — |
| | — |
| | — |
| | (720 | ) |
| Russia exit costs(f) | — |
| | 7 |
| | — |
| | (438 | ) |
| Gain on extinguishment of debt | — |
| | 449 |
| | — |
| | 449 |
|
| Other | — |
| | 11 |
| | — |
| | 41 |
|
| Total special items | (235 | ) | | 407 |
| | (300 | ) | | (2,750 | ) |
| Automotive interest income | 45 |
| | 39 |
| | 185 |
| | 169 |
|
| Automotive interest expense | (150 | ) | | (113 | ) | | (572 | ) | | (443 | ) |
| Income tax benefit (expense)(g) | (210 | ) | | 3,168 |
| | (2,416 | ) | | 1,897 |
|
| Net income attributable to stockholders | $ | 1,835 |
| | $ | 6,266 |
| | $ | 9,427 |
|
| $ | 9,687 |
|
__________
| |
| (a) | GM Financial amounts represent earnings before income taxes-adjusted. |
| |
| (b) | GM's automotive operations' interest income and interest expense, Maven, corporate expenditures including autonomous vehicle-related engineering and other costs and certain nonsegment specific revenues and expenses are recorded centrally in Corporate. |
| |
| (c) | These adjustments were excluded because of the unique events associated with the ignition switch recall. These events included the creation of the ignition switch recall compensation program, as well as various investigations, inquiries, and complaints from various constituents. |
| |
| (d) | These adjustments were excluded because of the significant restructuring of our Thailand operations and the strategic actions taken to focus on the production of pick-up trucks and SUVs. |
| |
| (e) | This adjustment was excluded because of the devaluation of the Venezuela Bolivar Fuerte (BsF), our inability to transact at the Complementary System of Foreign Currency Administration (SICAD) rate to obtain U.S. Dollars and the market restrictions imposed by the Venezuelan government. |
| |
| (f) | These adjustments were excluded because of our decision to exit Russia. The exit costs primarily consisted of sales incentives, dealer restructuring and other contract cancellation costs and asset impairments. |
(g) Income tax benefit (expense) includes $(89) million and $153 million in tax effects due to the adjustments in the three months ended December 31, 2016 and 2015 and $(114) million and $(201) million in tax effects due to adjustments in the year ended December 31, 2016 and 2015. In addition, there was an adjustment of $4.0 billion primarily related to the valuation allowance reversal in Europe in the three months ended December 31, 2015.
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted used in the calculation of ROIC-adjusted (dollars in millions):
|
| | | | | | | | | | | |
| | Years Ended December 31, |
| | 2016 | | 2015 | | 2014 |
| Net income attributable to stockholders | $ | 9,427 |
| | $ | 9,687 |
| | $ | 3,949 |
|
| Income tax expense (benefit) | 2,416 |
| | (1,897 | ) | | 228 |
|
| Gain on extinguishment of debt | — |
| | (449 | ) | | (202 | ) |
| Automotive interest expense | 572 |
| | 443 |
| | 403 |
|
| Automotive interest income | (185 | ) | | (169 | ) | | (211 | ) |
| Adjustments | | | | | |
| Ignition switch recall and related legal matters(a) | 300 |
| | 1,785 |
| | 400 |
|
| Recall campaign catch-up adjustment(b) | — |
| | — |
| | 874 |
|
| Thailand asset impairments(c) | — |
| | 297 |
| | 158 |
|
| Venezuela currency devaluation and asset impairment(d) | — |
| | 720 |
| | 419 |
|
| Russia exit costs and asset impairment(e) | — |
| | 438 |
| | 245 |
|
| Goodwill impairment | — |
| | — |
| | 120 |
|
| Other | — |
| | (41 | ) | | 111 |
|
| Total adjustments | 300 |
| | 3,199 |
| | 2,327 |
|
| EBIT-adjusted | $ | 12,530 |
| | $ | 10,814 |
| | $ | 6,494 |
|
________
| |
| (a) | These adjustments were excluded because of the unique events associated with the ignition switch recall. These events included the creation of the ignition switch recall compensation program, as well as various investigations, inquiries, and complaints from various constituents. |
| |
| (b) | This adjustment was excluded because it resulted from our decision to change the method we use to estimate costs associated with recall campaigns in GMNA. |
| |
| (c) | These adjustments were excluded because of the significant restructuring of our Thailand operations and the strategic actions taken to focus on the production of pick-up trucks and SUVs. |
| |
| (d) | This adjustment was excluded because of the devaluation of the BsF, our inability to transact at the SICAD rate to obtain U.S. Dollars and the market restrictions imposed by the Venezuelan government. |
| |
| (e) | These adjustments were excluded because they were driven by deteriorating market conditions in Russia, which led to asset impairments in 2014 and our decision to exit the Russia market in 2015. The Russia exit costs primarily consisted of sales incentives, dealer restructuring and other contract cancellation costs, and asset impairments. |
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted (dollars in millions):
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | Years Ended December 31, |
| | 2016 | | 2015 | | 2014 |
| | Amount | | Per Share | | Amount | | Per Share | | Amount | | Per Share |
| Diluted earnings per common share | $ | 9,427 |
| | $ | 6.00 |
| | $ | 9,686 |
| | $ | 5.91 |
| | $ | 2,786 |
| | $ | 1.65 |
|
| Adjustments | | | | | | | | | | | |
| Gain on extinguishment of debt | — |
| | — |
| | (449 | ) | | (0.27 | ) | | (202 | ) | | (0.12 | ) |
| Redemption and purchase of Series A preferred stock | — |
| | — |
| | — |
| | — |
| | 794 |
| | 0.47 |
|
| All other adjustments(a) | 300 |
| | 0.19 |
| | 3,199 |
| | 1.95 |
| | 2,327 |
| | 1.38 |
|
| Total adjustments | 300 |
| | 0.19 |
| | 2,750 |
| | 1.68 |
| | 2,919 |
| | 1.73 |
|
| Tax effect on adjustments(b) | (114 | ) | | (0.07 | ) | | (201 | ) | | (0.13 | ) | | (561 | ) | | (0.33 | ) |
| Tax adjustments(c) | — |
| | — |
| | (4,001 | ) | | (2.44 | ) | | — |
| | — |
|
| EPS-diluted-adjusted | $ | 9,613 |
| | $ | 6.12 |
| | $ | 8,234 |
| | $ | 5.02 |
| | $ | 5,144 |
| | $ | 3.05 |
|
________
| |
| (a) | Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted on the preceding page for the details of each individual adjustment. |
| |
| (b) | The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction in which the adjustment relates. |
| |
| (c) | These adjustments primarily consist of the tax benefit related to the valuation allowance reversal in Europe. The adjustment was excluded because valuation allowance reversals are not considered part of our core operations. |
We define return on equity (ROE) as Net income attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE.
The following table summarizes the calculation of ROE (dollars in billions):
|
| | | | | | | | | | | |
| | Years Ended December 31, |
| | 2016 | | 2015 | | 2014 |
| Net income attributable to stockholders | $ | 9.4 |
| | $ | 9.7 |
| | $ | 3.9 |
|
| Average equity | $ | 43.6 |
| | $ | 37.0 |
| | $ | 41.3 |
|
| ROE | 21.6 | % | | 26.2 | % | | 9.6 | % |
The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
|
| | | | | | | | | | | |
| | Years Ended December 31, |
| | 2016 | | 2015 | | 2014 |
| EBIT-adjusted(a) | $ | 12.5 |
| | $ | 10.8 |
| | $ | 6.5 |
|
| Average equity | $ | 43.6 |
| | $ | 37.0 |
| | $ | 41.3 |
|
| Add: Average automotive debt and interest liabilities (excluding capital leases) | 10.0 |
| | 8.1 |
| | 6.8 |
|
| Add: Average automotive net pension & OPEB liability | 24.5 |
| | 28.3 |
| | 26.5 |
|
| Less: Average automotive net income tax asset | (34.8 | ) | | (33.6 | ) | | (32.4 | ) |
| ROIC-adjusted average net assets | $ | 43.3 |
| | $ | 39.8 |
| | $ | 42.2 |
|
| ROIC-adjusted | 28.9 | % | | 27.2 | % | | 15.4 | % |
________
(a) Refer to reconciliation of Net Income attributable to stockholders under U.S. GAAP to EBIT-adjusted on the preceding page.
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles Net automotive cash provided by operating activities under U.S. GAAP to adjusted automotive free cash flow (dollars in millions):
|
| | | | | | | | | | | | | | | |
| | Three Months Ended | | Years Ended |
| | December 31, 2016 | | December 31, 2015 | | December 31, 2016 | | December 31, 2015 |
| Net automotive cash provided by operating activities | $ | 4,300 |
| | $ | 2,235 |
| | $ | 14,321 |
| | $ | 9,979 |
|
| Capital expenditures | (2,600 | ) | | (2,524 | ) | | (9,435 | ) | | (7,784 | ) |
| Adjustment – discretionary pension plan contributions | — |
| | — |
| | 1,982 |
| | — |
|
| Adjusted automotive free cash flow | $ | 1,700 |
| | $ | (289 | ) | | $ | 6,868 |
| | $ | 2,195 |
|
For the year ending December 31, 2017 GM expects to continue to generate strong consolidated financial results including improved net sales and revenue, EBIT-adjusted and EBIT-adjusted margins that equal or exceed the corresponding amounts in 2016, ROIC-adjusted of greater than 25%, Automotive operating cash flow of approximately $15 billion, adjusted automotive free cash flow of approximately $6 billion and EPS-diluted and EPS-diluted-adjusted of between $6.00 and $6.50. GM does not consider the potential future impact of adjustments on the expected financial results. The company expects these financial results in part to be driven by favorable shifts in mix for our new or refreshed product launches, including crossovers.
The following table reconciles expected automotive net cash provided by operating activities under U.S. GAAP to expected adjusted automotive free cash flow (dollars in billions):
|
| | | |
| | Year Ending December 31, 2017 |
| Automotive net cash provided by operating activities | $ | 15 |
|
| Less: expected capital expenditures | (9 | ) |
| Adjusted automotive free cash flow | $ | 6 |
|
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
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 December 31, 2016 | | | | | | | | | | | | | | | | | | | |
| Net sales and revenue | $ | 31,286 |
| | $ | 4,415 |
| | $ | 3,282 |
| | $ | 2,213 |
| | $ | 35 |
| | | | $ | 41,231 |
| | $ | 2,692 |
| | $ | (5 | ) | | $ | 43,918 |
|
| Expenditures for property | $ | 1,983 |
| | $ | 355 |
| | $ | 167 |
| | $ | 89 |
| | $ | 5 |
| | $ | 1 |
| | $ | 2,600 |
| | $ | 36 |
| | $ | — |
| | $ | 2,636 |
|
| Depreciation and amortization | $ | 1,102 |
| | $ | 112 |
| | $ | 112 |
| | $ | 59 |
| | $ | 6 |
| | $ | (2 | ) | | $ | 1,389 |
| | $ | 1,399 |
| | $ | — |
| | $ | 2,788 |
|
| Impairment charges | $ | 23 |
| | $ | 38 |
| | $ | 2 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 63 |
| | $ | — |
| | $ | — |
| | $ | 63 |
|
| Equity income(a) | $ | (2 | ) | | $ | — |
| | $ | 524 |
| | $ | — |
| | $ | 1 |
| | $ | — |
| | $ | 523 |
| | $ | 42 |
| | $ | — |
| | $ | 565 |
|
| | | | | | | | | | | | | | | | | | | | |
| | GMNA | | GME | | GMIO | | GMSA | | Corporate | | Eliminations | | Total
Automotive | | GM
Financial | | Eliminations | | Total |
| Three Months Ended December 31, 2015 | | | | | | | | | | | | | | | | | | | |
| Net sales and revenue | $ | 27,671 |
| | $ | 4,712 |
| | $ | 3,445 |
| | $ | 1,881 |
| | $ | 39 |
| | | | $ | 37,748 |
| | $ | 1,878 |
| | $ | (5 | ) | | $ | 39,621 |
|
| Expenditures for property | $ | 1,913 |
| | $ | 368 |
| | $ | 108 |
| | $ | 135 |
| | $ | 5 |
| | $ | (5 | ) | | $ | 2,524 |
| | $ | 26 |
| | $ | — |
| | $ | 2,550 |
|
| Depreciation and amortization | $ | 952 |
| | $ | 127 |
| | $ | 106 |
| | $ | 64 |
| | $ | 4 |
| | $ | — |
| | $ | 1,253 |
| | $ | 801 |
| | $ | — |
| | $ | 2,054 |
|
| Impairment charges | $ | 20 |
| | $ | 24 |
| | $ | 11 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 55 |
| | $ | — |
| | $ | — |
| | $ | 55 |
|
| Equity income(a) | $ | 5 |
| | $ | 1 |
| | $ | 579 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 585 |
| | $ | 30 |
| | $ | — |
| | $ | 615 |
|
| | | | | | | | | | | | | | | | | | | | |
| | GMNA | | GME | | GMIO | | GMSA | | Corporate | | Eliminations | | Total
Automotive | | GM
Financial | | Eliminations | | Total |
| Year Ended December 31, 2016 | | | | | | | | | | | | | | | | | | | |
| Net sales and revenue | $ | 119,022 |
| | $ | 18,707 |
| | $ | 11,749 |
| | $ | 7,223 |
| | $ | 148 |
| | | | $ | 156,849 |
| | $ | 9,558 |
| | $ | (27 | ) | | $ | 166,380 |
|
| Expenditures for property | $ | 7,333 |
| | $ | 1,151 |
| | $ | 583 |
| | $ | 358 |
| | $ | 12 |
| | $ | (2 | ) | | $ | 9,435 |
| | $ | 107 |
| | $ | — |
| | $ | 9,542 |
|
| Depreciation and amortization | $ | 4,281 |
| | $ | 446 |
| | $ | 439 |
| | $ | 261 |
| | $ | 18 |
| | $ | (5 | ) | | $ | 5,440 |
| | $ | 4,712 |
| | $ | — |
| | $ | 10,152 |
|
| Impairment charges | $ | 66 |
| | $ | 122 |
| | $ | 68 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 256 |
| | $ | — |
| | $ | — |
| | $ | 256 |
|
| Equity income(a) | $ | 160 |
| | $ | — |
| | $ | 1,970 |
| | $ | — |
| | $ | 1 |
| | $ | — |
| | $ | 2,131 |
| | $ | 151 |
| | $ | — |
| | $ | 2,282 |
|
| | | | | | | | | | | | | | | | | | | | |
| | GMNA | | GME | | GMIO | | GMSA | | Corporate | | Eliminations | | Total
Automotive | | GM
Financial | | Eliminations | | Total |
| Year Ended December 31, 2015 | | | | | | | | | | | | | | | | | | | |
| Net sales and revenue | $ | 106,622 |
| | $ | 18,704 |
| | $ | 12,626 |
| | $ | 7,820 |
| | $ | 150 |
| | | | $ | 145,922 |
| | $ | 6,454 |
| | $ | (20 | ) | | $ | 152,356 |
|
| Expenditures for property | $ | 5,688 |
| | $ | 1,070 |
| | $ | 480 |
| | $ | 485 |
| | $ | 66 |
| | $ | (5 | ) | | $ | 7,784 |
| | $ | 90 |
| | $ | — |
| | $ | 7,874 |
|
| Depreciation and amortization | $ | 3,745 |
| | $ | 412 |
| | $ | 436 |
| | $ | 268 |
| | $ | 16 |
| | $ | (3 | ) | | $ | 4,874 |
| | $ | 2,297 |
| | $ | — |
| | $ | 7,171 |
|
| Impairment charges | $ | 370 |
| | $ | 117 |
| | $ | 324 |
| | $ | 35 |
| | $ | — |
| | $ | — |
| | $ | 846 |
| | $ | — |
| | $ | — |
| | $ | 846 |
|
| Equity income(a) | $ | 20 |
| | $ | 2 |
| | $ | 2,056 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 2,078 |
| | $ | 116 |
| | $ | — |
| | $ | 2,194 |
|
_________
| |
| (a) | Includes automotive China joint ventures equity income of $525 million and $572 million in the three months ended December 31, 2016 and 2015 and $2.0 billion and $2.1 billion in the years ended December 31, 2016 and 2015. |
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Vehicle Sales
GM presents both wholesale and retail vehicle sales data to assist in the analysis of its revenue and market share. GM does not currently export vehicles to Cuba, Iran, North Korea, Sudan or Syria. Accordingly, these countries are excluded from industry sales data and corresponding calculations of GM's market share.
Wholesale vehicle sales data, which represents sales directly to dealers and others, including sales to fleet customers, is the measure that correlates to GM's revenue from the sale of vehicles, which is the largest component of Automotive net sales and revenue. Wholesale vehicle sales exclude vehicles sold by joint ventures. In the year ended December 31, 2016 46.3% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes total wholesale vehicle sales of new vehicles by automotive segment (vehicles in thousands):
|
| | | | | | | | | | | |
| | Three Months Ended | | Years Ended |
| | December 31, 2016 | | December 31, 2015 | | December 31, 2016 | | December 31, 2015 |
| GMNA | 1,050 |
| | 913 |
| | 3,958 |
| | 3,558 |
|
| GME | 282 |
| | 280 |
| | 1,162 |
| | 1,127 |
|
| GMIO | 153 |
| | 157 |
| | 559 |
| | 588 |
|
| GMSA | 168 |
| | 168 |
| | 568 |
| | 603 |
|
| Worldwide | 1,653 |
| | 1,518 |
| | 6,247 |
| | 5,876 |
|
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Retail vehicle sales data, which represents sales to end customers based upon the good faith estimates of management, including sales to fleet customers, does not correlate directly to the revenue GM recognizes during the period. However, retail vehicle sales data is indicative of the underlying demand for GM vehicles. Market share information is based primarily on retail vehicle sales volume. In countries where retail vehicle sales data is not readily available, other data sources such as wholesale or forecast volumes are used to estimate retail vehicle sales to end customers.
Retail vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on the percentage of ownership in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales on non-GM trademarked vehicles by those joint ventures. Retail vehicle sales data includes vehicles used by dealers under courtesy transportation programs and vehicles sold through the dealer registration channel primarily in Europe. This sales channel consists primarily of dealer demonstrator, loaner and self-registered vehicles which are not eligible to be sold as new vehicles after being registered by dealers. Certain fleet sales that are accounted for as operating leases are included in retail vehicle sales at the time of delivery to daily rental car companies. The following table summarizes total retail sales volume, or estimated sales volume where retail sales volume is not available, by geographic region (vehicles in thousands):
|
| | | | | | | | | | | |
| | Three Months Ended | | Years Ended |
| | December 31, 2016 | | December 31, 2015 | | December 31, 2016 | | December 31, 2015 |
| United States | | | | | | | |
| Chevrolet - Cars | 188 |
| | 177 |
| | 736 |
| | 767 |
|
| Chevrolet - Trucks | 251 |
| | 239 |
| | 915 |
| | 888 |
|
| Chevrolet - Crossovers | 125 |
| | 113 |
| | 445 |
| | 471 |
|
| Cadillac | 51 |
| | 50 |
| | 170 |
| | 175 |
|
| Buick | 60 |
| | 55 |
| | 230 |
| | 223 |
|
| GMC | 155 |
| | 149 |
| | 547 |
| | 558 |
|
| Total United States | 830 |
| | 783 |
| | 3,043 |
| | 3,082 |
|
| Canada, Mexico and Other | 171 |
| | 144 |
| | 587 |
| | 531 |
|
| Total North America | 1,001 |
| | 927 |
| | 3,630 |
| | 3,613 |
|
| Europe | | | | | | | |
| Opel/Vauxhall | 264 |
| | 262 |
| | 1,159 |
| | 1,113 |
|
| Chevrolet(a) | 12 |
| | 13 |
| | 48 |
| | 63 |
|
| Total Europe | 276 |
| | 275 |
| | 1,207 |
| | 1,176 |
|
| Asia/Pacific, Middle East and Africa(b) | | | | | | | |
| Chevrolet | 319 |
| | 326 |
| | 987 |
| | 1,174 |
|
| Wuling | 384 |
| | 406 |
| | 1,352 |
| | 1,519 |
|
| Buick | 339 |
| | 350 |
| | 1,183 |
| | 1,035 |
|
| Baojun | 277 |
| | 195 |
| | 755 |
| | 499 |
|
| Cadillac | 44 |
| | 27 |
| | 124 |
| | 87 |
|
| Other | 45 |
| | 55 |
| | 186 |
| | 211 |
|
| Total Asia/Pacific, Middle East and Africa(b) | 1,408 |
| | 1,359 |
| | 4,587 |
| | 4,525 |
|
| South America(c) | 162 |
| | 160 |
| | 584 |
| | 645 |
|
| Total Worldwide | 2,847 |
| | 2,721 |
| | 10,008 |
| | 9,959 |
|
(a) Includes Buick, Cadillac, GMC and Daewoo sales.
(b) China is wholesale data.
(c) Primarily Chevrolet.
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The wholesale vehicle sales at GM's China joint ventures presented in the following table are included in GM's retail vehicle sales on the preceding page (vehicles in thousands):
|
| | | | | | | | | | | |
| | Three Months Ended | | Years Ended |
| | December 31, 2016 | | December 31, 2015 | | December 31, 2016 | | December 31, 2015 |
| SAIC General Motors Sales Co., Ltd. | 563 |
| | 553 |
| | 1,806 |
| | 1,711 |
|
| SAIC GM Wuling Automobile Co., Ltd. and FAW-GM Light Duty Commercial Vehicle Co., Ltd. | 661 |
| | 601 |
| | 2,108 |
| | 2,019 |
|
|
| | | | | | | |
| | Three Months Ended | | Years Ended |
| | December 31, 2016 | | December 31, 2015 | | December 31, 2016 | | December 31, 2015 |
| Market Share | | | | | | | |
| United States - Cars | 13.9% | | 12.4% | | 12.9% | | 12.4% |
| United States - Trucks | 26.2% | | 25.0% | | 24.2% | | 24.6% |
| United States - Crossovers | 15.9% | | 15.9% | | 15.0% | | 16.9% |
| Total United States | 18.4% | | 17.3% | | 17.0% | | 17.3% |
| Total North America | 18.0% | | 16.9% | | 16.6% | | 16.8% |
| Total Europe | 5.6% | | 5.7% | | 6.0% | | 6.1% |
| Total Asia/Pacific, Middle East and Africa | 10.5% | | 10.7% | | 9.7% | | 10.2% |
| Total South America | 16.8% | | 15.9% | | 15.9% | | 15.4% |
| Total Worldwide | 11.5% | | 11.4% | | 10.8% | | 11.1% |
| | | | | | | | |
| United States fleet sales as a percentage of retail vehicle sales | 21.0% | | 19.7% | | 19.6% | | 22.0% |
| | | | | | | | |
| North America Capacity Two Shift Utilization | 113.2% | | 102.2% | | 108.3% | | 105.0% |
General Motors Company and Subsidiaries
Combining Income Statement Information
(In millions) (Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, 2016 | | Year Ended December 31, 2015 |
| | Automotive | | GM Financial | | Eliminations | | Combined | | Automotive | | GM Financial | | Eliminations | | Combined |
| Net sales and revenue | | | | | | | | | | | | | | | |
| Automotive | $ | 156,849 |
| | $ | — |
| | $ | — |
| | $ | 156,849 |
| | $ | 145,922 |
| | $ | — |
| | $ | — |
| | $ | 145,922 |
|
| GM Financial | — |
| | 9,558 |
| | (27 | ) | | 9,531 |
| | — |
| | 6,454 |
| | (20 | ) | | 6,434 |
|
| Total net sales and revenue | 156,849 |
| | 9,558 |
| | (27 | ) | | 166,380 |
| | 145,922 |
| | 6,454 |
| | (20 | ) | | 152,356 |
|
| Costs and expenses | | | | | | | | | | | | | | | |
| Automotive cost of sales | 136,342 |
| | — |
| | (9 | ) | | 136,333 |
| | 128,331 |
| | — |
| | (10 | ) | | 128,321 |
|
| GM Financial interest, operating and other expenses | — |
| | 8,796 |
| | (4 | ) | | 8,792 |
| | — |
| | 5,733 |
| | — |
| | 5,733 |
|
| Automotive selling, general and administrative expense | 11,710 |
| | — |
| | — |
| | 11,710 |
| | 13,405 |
| | — |
| | — |
| | 13,405 |
|
| Total costs and expenses | 148,052 |
| | 8,796 |
| | (13 | ) | | 156,835 |
| | 141,736 |
| | 5,733 |
| | (10 | ) | | 147,459 |
|
| Operating income | 8,797 |
| | 762 |
| | (14 | ) | | 9,545 |
| | 4,186 |
| | 721 |
| | (10 | ) | | 4,897 |
|
| Automotive interest expense | 590 |
| | — |
| | (18 | ) | | 572 |
| | 453 |
| | — |
| | (10 | ) | | 443 |
|
| Interest income and other non-operating income, net | 433 |
| | — |
| | (4 | ) | | 429 |
| | 621 |
| | — |
| | — |
| | 621 |
|
| Gain on extinguishment of debt | — |
| | — |
| | — |
| | — |
| | 449 |
| | — |
| | — |
| | 449 |
|
| Equity income | 2,131 |
| | 151 |
| | — |
| | 2,282 |
| | 2,078 |
| | 116 |
| | — |
| | 2,194 |
|
| Income before income taxes | 10,771 |
| | 913 |
| | — |
| | 11,684 |
| | 6,881 |
| | 837 |
| | — |
| | 7,718 |
|
| Income tax expense (benefit) | 2,331 |
| | 85 |
| | — |
| | 2,416 |
| | (1,976 | ) | | 79 |
| | — |
| | (1,897 | ) |
| Net income | 8,440 |
| | 828 |
| | — |
| | 9,268 |
| | 8,857 |
| | 758 |
| | — |
| | 9,615 |
|
| Net loss attributable to noncontrolling interests | 159 |
| | — |
| | — |
| | 159 |
| | 72 |
| | — |
| | — |
| | 72 |
|
| Net income attributable to stockholders | $ | 8,599 |
| | $ | 828 |
| | $ | — |
| | $ | 9,427 |
| | $ | 8,929 |
| | $ | 758 |
| | $ | — |
| | $ | 9,687 |
|
General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
|
| | | | | | | | | | | | | | | |
| | Three Months Ended | | Years Ended |
| | December 31, 2016 | | December 31, 2015 | | December 31, 2016 | | December 31, 2015 |
| Basic earnings per share | | | | | | | |
| Net income attributable to stockholders | $ | 1,835 |
| | $ | 6,266 |
| | $ | 9,427 |
| | $ | 9,687 |
|
| Weighted-average common shares outstanding | 1,516 |
| | 1,553 |
| | 1,540 |
| | 1,586 |
|
| Basic earnings per common share | $ | 1.21 |
| | $ | 4.03 |
| | $ | 6.12 |
| | $ | 6.11 |
|
| Diluted earnings per share | | | | | | | |
| Net income attributable to common stockholders – diluted | $ | 1,835 |
| | $ | 6,266 |
| | $ | 9,427 |
| | $ | 9,686 |
|
| Weighted-average common shares outstanding – diluted | 1,546 |
| | 1,597 |
| | 1,570 |
| | 1,640 |
|
| Diluted earnings per common share | $ | 1.19 |
| | $ | 3.92 |
| | $ | 6.00 |
| | $ | 5.91 |
|
General Motors Company and Subsidiaries
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2016 | | December 31, 2015 |
| | Automotive | | GM Financial | | Eliminations | | Combined | | Automotive | | GM Financial | | Eliminations | | Combined |
| ASSETS | | | | | | | | | | | | | | | |
| Current Assets | | | | | | | | | | | | | | | |
| Cash and cash equivalents | $ | 9,759 |
| | $ | 3,201 |
| | $ | — |
| | $ | 12,960 |
| | $ | 12,177 |
| | $ | 3,061 |
| | $ | — |
| | $ | 15,238 |
|
| Marketable securities | 11,841 |
| | — |
| | — |
| | 11,841 |
| | 8,163 |
| | — |
| | — |
| | 8,163 |
|
| Accounts and notes receivable, net(a) | 9,553 |
| | 996 |
| | (911 | ) | | 9,638 |
| | 8,590 |
| | 681 |
| | (934 | ) | | 8,337 |
|
| GM Financial receivables, net(b) | — |
| | 22,466 |
| | (401 | ) | | 22,065 |
| | — |
| | 18,281 |
| | (230 | ) | | 18,051 |
|
| Inventories | 13,788 |
| | — |
| | — |
| | 13,788 |
| | 13,764 |
| | — |
| | — |
| | 13,764 |
|
| Equipment on operating leases, net | 1,896 |
| | — |
| | — |
| | 1,896 |
| | 2,783 |
| | — |
| | — |
| | 2,783 |
|
| Other current assets | 1,730 |
| | 2,285 |
| | — |
| | 4,015 |
| | 1,332 |
| | 1,740 |
| | — |
| | 3,072 |
|
| Total current assets | 48,567 |
| | 28,948 |
| | (1,312 | ) | | 76,203 |
| | 46,809 |
| | 23,763 |
| | (1,164 | ) | | 69,408 |
|
| Non-current Assets | | | | | | | | | | | | | | | |
| GM Financial receivables, net | — |
| | 20,724 |
| | — |
| | 20,724 |
| | — |
| | 18,500 |
| | — |
| | 18,500 |
|
| Equity in net assets of nonconsolidated affiliates | 8,052 |
| | 944 |
| | — |
| | 8,996 |
| | 8,215 |
| | 986 |
| | — |
| | 9,201 |
|
| Property, net | 35,541 |
| | 279 |
| | — |
| | 35,820 |
| | 31,010 |
| | 219 |
| | — |
| | 31,229 |
|
| Goodwill and intangible assets, net | 4,881 |
| | 1,378 |
| | — |
| | 6,259 |
| | 4,558 |
| | 1,389 |
| | — |
| | 5,947 |
|
| GM Financial equipment on operating leases, net | — |
| | 34,526 |
| | — |
| | 34,526 |
| | — |
| | 20,172 |
| | — |
| | 20,172 |
|
| Deferred income taxes(c) | 34,819 |
| | 273 |
| | — |
| | 35,092 |
| | 36,635 |
| | 225 |
| | — |
| | 36,860 |
|
| Other assets | 3,195 |
| | 875 |
| | — |
| | 4,070 |
| | 2,194 |
| | 827 |
| | — |
| | 3,021 |
|
| Total non-current assets | 86,488 |
| | 58,999 |
| | — |
| | 145,487 |
| | 82,612 |
| | 42,318 |
| | — |
| | 124,930 |
|
| Total Assets | $ | 135,055 |
| | $ | 87,947 |
| | $ | (1,312 | ) | | $ | 221,690 |
| | $ | 129,421 |
| | $ | 66,081 |
| | $ | (1,164 | ) | | $ | 194,338 |
|
| LIABILITIES AND EQUITY | | | | | | | | | | | | | | | |
| Current Liabilities | | | | | | | | | | | | | | | |
| Accounts payable (principally trade)(a) | $ | 26,942 |
| | $ | 793 |
| | $ | (774 | ) | | $ | 26,961 |
| | $ | 24,093 |
| | $ | 740 |
| | $ | (771 | ) | | $ | 24,062 |
|
| Short-term debt and current portion of long-term debt | | | | | | | | | | | | | | | |
| Automotive(a)(b) | 1,705 |
| | — |
| | (538 | ) | | 1,167 |
| | 1,209 |
| | — |
| | (392 | ) | | 817 |
|
| GM Financial | — |
| | 27,861 |
| | — |
| | 27,861 |
| | — |
| | 18,745 |
| | — |
| | 18,745 |
|
| Accrued liabilities(c) | 26,376 |
| | 2,816 |
| | — |
| | 29,192 |
| | 26,043 |
| | 1,550 |
| | — |
| | 27,593 |
|
| Total current liabilities | 55,023 |
| | 31,470 |
| | (1,312 | ) | | 85,181 |
| | 51,345 |
| | 21,035 |
| | (1,163 | ) | | 71,217 |
|
| Non-current Liabilities | | | | | | | | | | | | | | | |
| Long-term debt | | | | | | | | | | | | | | | |
| Automotive | 9,585 |
| | — |
| | — |
| | 9,585 |
| | 7,948 |
| | — |
| | — |
| | 7,948 |
|
| GM Financial | — |
| | 46,015 |
| | — |
| | 46,015 |
| | — |
| | 35,601 |
| | — |
| | 35,601 |
|
| Postretirement benefits other than pensions | 5,803 |
| | — |
| | — |
| | 5,803 |
| | 5,685 |
| | — |
| | — |
| | 5,685 |
|
| Pensions | 17,836 |
| | 115 |
| | — |
| | 17,951 |
| | 20,804 |
| | 107 |
| | — |
| | 20,911 |
|
| Other liabilities(c) | 11,760 |
| | 1,320 |
| | — |
| | 13,080 |
| | 11,627 |
| | 1,027 |
| | (1 | ) | | 12,653 |
|
| Total non-current liabilities | 44,984 |
| | 47,450 |
| | — |
| | 92,434 |
| | 46,064 |
| | 36,735 |
| | (1 | ) | | 82,798 |
|
| Total Liabilities | 100,007 |
| | 78,920 |
| | (1,312 | ) | | 177,615 |
| | 97,409 |
| | 57,770 |
| | (1,164 | ) | | 154,015 |
|
| Commitments and contingencies | | | | | | | | | | | | | | | |
| Equity | | | | | | | | | | | | | | | |
| Common stock, $0.01 par value | 15 |
| | — |
| | — |
| | 15 |
| | 15 |
| | — |
| | — |
| | 15 |
|
| Additional paid-in capital | 26,982 |
| | 1 |
| | — |
| | 26,983 |
| | 27,606 |
| | 1 |
| | — |
| | 27,607 |
|
| Retained earnings | 15,903 |
| | 10,265 |
| | — |
| | 26,168 |
| | 10,870 |
| | 9,415 |
| | — |
| | 20,285 |
|
| Accumulated other comprehensive loss | (8,091 | ) | | (1,239 | ) | | — |
| | (9,330 | ) | | (6,931 | ) | | (1,105 | ) | | — |
| | (8,036 | ) |
| Total stockholders’ equity | 34,809 |
| | 9,027 |
| | — |
| | 43,836 |
| | 31,560 |
| | 8,311 |
| | — |
| | 39,871 |
|
| Noncontrolling interests | 239 |
| | — |
| | — |
| | 239 |
| | 452 |
| | — |
| | — |
| | 452 |
|
| Total Equity | 35,048 |
| | 9,027 |
| | — |
| | 44,075 |
| | 32,012 |
| | 8,311 |
| | — |
| | 40,323 |
|
| Total Liabilities and Equity | $ | 135,055 |
| | $ | 87,947 |
| | $ | (1,312 | ) | | $ | 221,690 |
| | $ | 129,421 |
| | $ | 66,081 |
| | $ | (1,164 | ) | | $ | 194,338 |
|
_________
| |
| (a) | Eliminations include Automotive accounts receivable of $396 million offset by GM Financial accounts payable, GM Financial accounts receivable of $373 million offset by Automotive accounts payable and GM Financial notes receivable of $137 million offset by loans to Automotive at December 31, 2016 and Automotive accounts receivable of $358 million offset by GM Financial accounts payable, GM Financial accounts receivable of $409 million offset by Automotive accounts payable and GM Financial notes receivable of $163 million offset by loans to Automotive at December 31, 2015. |
| |
| (b) | Eliminations include GM Financial receivables of $401 million and $230 million offset by loans to Automotive at December 31, 2016 and December 31, 2015. |
| |
| (c) | As a result of GM's adoption of Accounting Standards Update (ASU) 2015-17, "Balance Sheet Classification of Deferred Taxes" certain prior year amounts have been reclassified. |
General Motors Company and Subsidiaries
Combining Cash Flow Information
(In millions) (Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, 2016 | | Year Ended December 31, 2015 |
| | Automotive | | GM Financial | | Reclassification (a) | | Combined | | Automotive | | GM Financial | | Reclassification (a) | | Combined |
| Cash flows from operating activities | | | | | | | | | | | | | | | |
| Net income | $ | 8,440 |
| | $ | 828 |
| | $ | — |
| | $ | 9,268 |
| | $ | 8,857 |
| | $ | 758 |
| | $ | — |
| | $ | 9,615 |
|
| Depreciation, amortization and impairment charges | 5,696 |
| | 4,712 |
| | — |
| | 10,408 |
| | 5,720 |
| | 2,297 |
| | — |
| | 8,017 |
|
| Foreign currency remeasurement and transaction losses | 345 |
| | 13 |
| | — |
| | 358 |
| | 813 |
| | 16 |
| | — |
| | 829 |
|
| Undistributed earnings of nonconsolidated affiliates, net | 7 |
| | (22 | ) | | — |
| | (15 | ) | | (31 | ) | | (116 | ) | | — |
| | (147 | ) |
| Pension contributions and OPEB payments | (3,462 | ) | | (3 | ) | | — |
| | (3,465 | ) | | (1,597 | ) | | (3 | ) | | — |
| | (1,600 | ) |
| Pension and OPEB (income) expense, net | (558 | ) | | 5 |
| | — |
| | (553 | ) | | 316 |
| | 5 |
| | — |
| | 321 |
|
| Gains on extinguishment of debt | — |
| | — |
| | — |
| | — |
| | (449 | ) | | — |
| | — |
| | (449 | ) |
| Provision (benefit) for deferred taxes | 1,926 |
| | (40 | ) | | — |
| | 1,886 |
| | (2,763 | ) | | 6 |
| | — |
| | (2,757 | ) |
| Change in other operating assets and liabilities(a)(b) | 2,417 |
| | (132 | ) | | (2,723 | ) | | (438 | ) | | (805 | ) | | (96 | ) | | (1,124 | ) | | (2,025 | ) |
| Other operating activities(b) | (490 | ) | | (414 | ) | | — |
| | (904 | ) | | (82 | ) | | (31 | ) | | — |
| | (113 | ) |
| Net cash provided by operating activities | 14,321 |
| | 4,947 |
| | (2,723 | ) | | 16,545 |
| | 9,979 |
| | 2,836 |
| | (1,124 | ) | | 11,691 |
|
| Cash flows from investing activities | | | | | | | | | | | | | | | |
| Expenditures for property | (9,435 | ) | | (107 | ) | | — |
| | (9,542 | ) | | (7,784 | ) | | (90 | ) | | — |
| | (7,874 | ) |
| Available-for-sale marketable securities, acquisitions | (15,182 | ) | | — |
| | — |
| | (15,182 | ) | | (8,113 | ) | | — |
| | — |
| | (8,113 | ) |
| Trading marketable securities, acquisitions | (262 | ) | | — |
| | — |
| | (262 | ) | | (1,250 | ) | | — |
| | — |
| | (1,250 | ) |
| Available-for-sale marketable securities, liquidations | 10,871 |
| | — |
| | — |
| | 10,871 |
| | 8,463 |
| | — |
| | — |
| | 8,463 |
|
| Trading marketable securities, liquidations | 872 |
| | — |
| | — |
| | 872 |
| | 1,758 |
| | — |
| | — |
| | 1,758 |
|
| Acquisition of companies/investments, net of cash acquired | (809 | ) | | — |
| | — |
| | (809 | ) | | (4 | ) | | (924 | ) | | — |
| | (928 | ) |
| Purchases of finance receivables, net(a) | — |
| | (20,592 | ) | | 2,723 |
| | (17,869 | ) | | — |
| | (18,619 | ) | | 1,124 |
| | (17,495 | ) |
| Principal collections and recoveries on finance receivables | — |
| | 13,172 |
| | — |
| | 13,172 |
| | — |
| | 11,726 |
| | — |
| | 11,726 |
|
| Purchases of leased vehicles, net | — |
| | (19,624 | ) | | — |
| | (19,624 | ) | | — |
| | (15,158 | ) | | — |
| | (15,158 | ) |
| Proceeds from termination of leased vehicles | — |
| | 2,557 |
| | — |
| | 2,557 |
| | — |
| | 1,096 |
| | — |
| | 1,096 |
|
| Other investing activities(b) | 180 |
| | (7 | ) | | — |
| | 173 |
| | 78 |
| | (13 | ) | | — |
| | 65 |
|
| Net cash used in investing activities | (13,765 | ) | | (24,601 | ) | | 2,723 |
| | (35,643 | ) | | (6,852 | ) | | (21,982 | ) | | 1,124 |
| | (27,710 | ) |
| Cash flows from financing activities | | | | | | | | |
|
| |
|
| |
|
| |
|
|
| Net increase (decrease) in short-term debt | 18 |
| | 780 |
| | — |
| | 798 |
| | (19 | ) | | 1,147 |
| | — |
| | 1,128 |
|
| Proceeds from issuance of debt (original maturities greater than three months) | 2,438 |
| | 42,703 |
| | — |
| | 45,141 |
| | 317 |
| | 35,362 |
| | — |
| | 35,679 |
|
| Payments on debt (original maturities greater than three months) | (712 | ) | | (23,103 | ) | | — |
| | (23,815 | ) | | (369 | ) | | (16,887 | ) | | — |
| | (17,256 | ) |
| Payments to purchase stock | (2,500 | ) | | — |
| | — |
| | (2,500 | ) | | (3,520 | ) | | — |
| | — |
| | (3,520 | ) |
| Dividends paid (including charge related to redemption of Series A Preferred Stock) | (2,368 | ) | | — |
| | — |
| | (2,368 | ) | | (2,242 | ) | | — |
| | — |
| | (2,242 | ) |
| Other financing activities | 29 |
| | (146 | ) | | — |
| | (117 | ) | | 51 |
| | (154 | ) | | — |
| | (103 | ) |
| Net cash provided by (used in) financing activities | (3,095 | ) | | 20,234 |
| | — |
| | 17,139 |
| | (5,782 | ) | | 19,468 |
| | — |
| | 13,686 |
|
| Effect of exchange rate changes on cash,cash equivalents and restricted cash | (172 | ) | | (41 | ) | | — |
| | (213 | ) | | (1,229 | ) | | (295 | ) | | — |
| | (1,524 | ) |
| Net transactions with Automotive/GM Financial(c) | 179 |
| | (179 | ) | | — |
| | — |
| | 113 |
| | (113 | ) | | — |
| | — |
|
| Net increase (decrease) in cash, cash equivalents and restricted cash | (2,532 | ) | | 360 |
| | — |
| | (2,172 | ) | | (3,771 | ) | | (86 | ) | | — |
| | (3,857 | ) |
| Cash, cash equivalents and restricted cash at beginning of period(b) | 12,390 |
| | 4,942 |
| | — |
| | 17,332 |
| | 16,161 |
| | 5,028 |
| | — |
| | 21,189 |
|
| Cash, cash equivalents and restricted cash at end of period | $ | 9,858 |
| | $ | 5,302 |
| | $ | — |
| | $ | 15,160 |
| | $ | 12,390 |
| | $ | 4,942 |
| | $ | — |
| | $ | 17,332 |
|
_________
| |
| (a) | Reclassification of purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial. |
| |
| (b) | As a result of GM's adoption of Accounting Standards Update (ASU) 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash" certain prior year amounts have been reclassified. |
| |
| (c) | Amounts loaned from GM Financial to Automotive for commercial loans to dealers we consolidate, and Automotive's capital contribution to GM Financial to fund the acquisition of its equity interest in SAIC-GMAC. |
