Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 24, 2016 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | acf | |
Entity Registrant Name | General Motors Financial Company, Inc. | |
Entity Central Index Key | 804,269 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 505 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 2,588 | $ 3,061 |
Finance receivables, net (Note 3; Note 8 VIEs) | 41,132 | 36,781 |
Leased vehicles, net (Note 4; Note 8 VIEs) | 31,775 | 20,172 |
Restricted cash (Note 5; Note 8 VIEs) | 2,055 | 1,941 |
Goodwill | 1,198 | 1,189 |
Equity in net assets of non-consolidated affiliates (Note 6) | 940 | 986 |
Property and equipment, net of accumulated depreciation of $121 and $91 | 253 | 219 |
Deferred income taxes | 310 | 231 |
Related party receivables (Note 2) | 850 | 573 |
Other assets | 1,010 | 751 |
Total assets | 82,111 | 65,904 |
Liabilities | ||
Secured debt (Note 7; Note 8 VIEs) | 35,237 | 30,689 |
Unsecured debt (Note 7) | 33,526 | 23,657 |
Accounts payable and accrued expenses | 1,419 | 1,218 |
Deferred income | 2,226 | 1,454 |
Deferred income taxes | 299 | 129 |
Related party payables (Note 2) | 407 | 362 |
Other liabilities | 379 | 343 |
Total liabilities | 73,493 | 57,852 |
Commitments and contingencies (Note 10) | ||
Shareholder's equity | ||
Common stock, $1.00 par value per share, 1,000 shares authorized and 505 shares issued | 0 | 0 |
Additional paid-in capital | 6,495 | 6,484 |
Accumulated other comprehensive loss (Note 13) | (1,049) | (1,104) |
Retained earnings | 3,172 | 2,672 |
Total shareholder's equity | 8,618 | 8,052 |
Total liabilities and shareholder's equity | $ 82,111 | $ 65,904 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Accumulated depreciation | $ 121 | $ 91 |
Common stock par value per share (in dollars per share) | $ 1 | $ 1 |
Entity common stock, shares authorized | 1,000 | 1,000 |
Entity common stock, shares issued | 505 | 505 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income And Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue | ||||
Finance charge income | $ 837 | $ 842 | $ 2,481 | $ 2,544 |
Leased vehicle income | 1,590 | 797 | 4,164 | 1,827 |
Other income | 72 | 68 | 221 | 205 |
Total revenue | 2,499 | 1,707 | 6,866 | 4,576 |
Costs and expenses | ||||
Salaries and benefits | 223 | 185 | 619 | 531 |
Other operating expenses | 169 | 135 | 450 | 414 |
Total operating expenses | 392 | 320 | 1,069 | 945 |
Leased vehicle expenses | 1,202 | 629 | 3,163 | 1,423 |
Provision for loan losses | 172 | 144 | 519 | 440 |
Interest expense | 541 | 412 | 1,505 | 1,183 |
Total costs and expenses | 2,307 | 1,505 | 6,256 | 3,991 |
Equity income (Note 6) | 36 | 29 | 109 | 85 |
Income before income taxes | 228 | 231 | 719 | 670 |
Income tax provision (Note 11) | 81 | 52 | 219 | 155 |
Net income | 147 | 179 | 500 | 515 |
Other comprehensive (loss) income, net of tax | ||||
Unrealized loss on cash flow hedges | (1) | 0 | (5) | 0 |
Defined benefit plans | 0 | 0 | 0 | 1 |
Foreign currency translation adjustment | (10) | (282) | 60 | (524) |
Other comprehensive (loss) income, net of tax | (11) | (282) | 55 | (523) |
Comprehensive income (loss) | $ 136 | $ (103) | $ 555 | $ (8) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities | $ 3,856 | $ 2,167 |
Cash flows from investing activities | ||
Purchases of retail finance receivables, net | (13,252) | (13,099) |
Principal collections and recoveries on retail finance receivables | 9,904 | 8,718 |
Net funding of commercial finance receivables | (1,682) | (179) |
Purchases of leased vehicles, net | (15,030) | (11,258) |
Proceeds from termination of leased vehicles | 1,801 | 662 |
Acquisition of international operations | 0 | (1,049) |
Disposition of equity interest | 0 | 125 |
Purchases of property and equipment | (71) | (64) |
Change in restricted cash | (123) | (236) |
Other investing activities | (3) | 24 |
Net cash used in investing activities | (18,456) | (16,356) |
Cash flows from financing activities | ||
Net change in debt (original maturities less than three months) | 497 | 539 |
Borrowings and issuance of secured debt | 19,404 | 15,095 |
Payments on secured debt | (14,599) | (10,903) |
Borrowings and issuance of unsecured debt | 11,299 | 9,559 |
Payments on unsecured debt | (2,386) | (1,195) |
Debt issuance costs | (119) | (124) |
Net cash provided by financing activities | 14,096 | 12,971 |
Net decrease in cash and cash equivalents | (504) | (1,218) |
Effect of foreign exchange rate changes on cash and cash equivalents | 31 | (154) |
Cash and cash equivalents at beginning of period | 3,061 | 2,974 |
Cash and cash equivalents at end of period | $ 2,588 | $ 1,602 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements include our accounts and the accounts of our consolidated subsidiaries, including certain special-purpose financing entities utilized in secured financing transactions, which are considered variable interest entities ("VIEs"). All intercompany transactions and balances have been eliminated in consolidation. The interim period consolidated financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles ("GAAP") in the United States of America. These interim period condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements that are included in our Annual Report on Form 10-K filed on February 3, 2016 ("Form 10-K"). Except as otherwise specified, dollar amounts presented within tables are stated in millions. The condensed consolidated financial statements at September 30, 2016 , and for the three and nine months ended September 30, 2016 and 2015 , are unaudited and, in management’s opinion, include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for such interim periods. The results for interim periods are not necessarily indicative of results for a full year. Segment Information We are the wholly-owned captive finance subsidiary of General Motors Company ("GM"). We offer substantially similar products and services throughout many different regions, subject to local regulations and market conditions. We evaluate our business in two operating segments. The North America Segment includes our operations in the U.S. and Canada. The International Segment includes our operations in all other countries. Recently Issued Accounting Standards Not Yet Adopted In February 2016 the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update 2016-02, “Leases” (ASU 2016-02), which requires the lessee to recognize most leases on the balance sheet thereby resulting in the recognition of lease assets and liabilities for those leases currently classified as operating leases. The accounting for lessors is largely unchanged. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018 with early adoption permitted. We are currently assessing the impact the adoption of ASU 2016-02 will have on our consolidated financial statements. In June 2016 the FASB issued Accounting Standard Update 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires entities to use a current expected credit loss ("CECL") model which is a new impairment model based on expected losses rather than incurred losses. Under this model an entity would recognize an impairment allowance equal to its current estimate of all contractual cash flows that the entity does not expect to collect from financial assets measured at amortized cost. The entity's estimate would consider relevant information about past events, current conditions, and reasonable and supportable forecasts, which will result in recognition of lifetime expected credit losses upon loan origination. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for annual reporting periods beginning after December 15, 2018. We are currently assessing the impact the adoption of ASU 2016-13 will have on our consolidated financial statements. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions We offer loan and lease finance products through GM-franchised dealers to customers purchasing new and certain used vehicles manufactured by GM and make commercial loans directly to GM-franchised dealers and their affiliates. We also offer commercial loans to dealers that are consolidated by GM and those balances are included in our finance receivables, net. Under subvention programs, GM makes cash payments to us for offering incentivized rates and structures on retail loan and lease finance products. In addition, GM makes payments to us to cover certain interest payments on commercial loans. We also provide funding under lines of credit to GM, which are included in our net funding of commercial finance receivables on the condensed consolidated statements of cash flows. We have related party payables due to GM, primarily for commercial finance receivables originated but not yet funded. These payables typically settle within 30 days . The following tables present related party transactions: Balance Sheet Data September 30, 2016 December 31, 2015 Commercial finance receivables, net due from dealers consolidated by GM (a) $ 338 $ 229 Advances drawn on lines of credit due from GM (b) $ 466 $ 190 Subvention receivable (c) $ 384 $ 383 Commercial loan funding payable (d) $ 399 $ 351 Junior Subordinated Revolving Credit Facility (e) $ 415 $ — Three Months Ended September 30, Nine Months Ended September 30, Income Statement Data 2016 2015 2016 2015 Interest subvention earned (f) $ 119 $ 89 $ 331 $ 252 Leased vehicle subvention earned (g) $ 593 $ 294 $ 1,592 $ 626 _________________ (a) Included in finance receivables, net. (b) Included in related party receivables. (c) Included in related party receivables. We received subvention payments from GM of $1.0 billion and $1.2 billion for the three months ended September 30, 2016 and 2015 and $3.2 billion and $2.5 billion for the nine months ended September 30, 2016 and 2015 . (d) Included in related party payables. (e) Included in unsecured debt. (f) Included in finance charge income. (g) Included as a reduction to leased vehicle expenses. Under our support agreement with GM (the “Support Agreement”), if our earning assets leverage ratio at the end of any calendar quarter exceeds the applicable threshold set in the Support Agreement, we may require GM to provide funding sufficient to bring our earning assets leverage ratio to within the applicable threshold. In determining our earning assets leverage ratio (net earning assets divided by adjusted equity) under the Support Agreement, net earning assets means our finance receivables, net, plus leased vehicles, net, and adjusted equity means our equity, net of goodwill and inclusive of outstanding junior subordinated debt, as each may be adjusted for derivative accounting from time to time. Additionally, the Support Agreement provides that GM will own all of our outstanding voting shares as long as we have any unsecured debt securities outstanding and that GM will use its commercially reasonable efforts to ensure that we will continue to be designated as a subsidiary borrower of up to $4.0 billion under GM’s corporate revolving credit facilities, which were amended in May 2016. These amendments increased GM's borrowing capacity on its corporate revolving credit facilities from $12.5 billion to $14.5 billion . We have the ability to borrow up to $1.0 billion under GM's three -year, $4.0 billion unsecured revolving credit facility and $3.0 billion under GM's five -year, $10.5 billion unsecured revolving credit facility, subject to available capacity. GM also agreed to certain provisions in the Support Agreement intended to ensure that we maintain adequate access to liquidity. Pursuant to these provisions, GM provided us with a $1.0 billion junior subordinated unsecured intercompany revolving credit facility (the "Junior Subordinated Revolving Credit Facility"). Since October 1, 2010, we have been included in GM's consolidated U.S. federal income tax returns. For taxable income we recognize in any period beginning on or after October 1, 2010, we are obligated to pay GM for our share of the consolidated U.S. federal and certain state tax liabilities. Amounts owed to GM for income taxes are accrued and recorded as a related party payable. At September 30, 2016 and December 31, 2015 , there are no related party taxes payable to GM due to our taxable loss position. |
Finance Receivables
Finance Receivables | 9 Months Ended |
Sep. 30, 2016 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Finance Receivables | Finance Receivables September 30, 2016 December 31, 2015 Retail finance receivables Retail finance receivables, collectively evaluated for impairment, net of fees (a) $ 30,408 $ 27,512 Retail finance receivables, individually evaluated for impairment, net of fees 1,838 1,612 Total retail finance receivables (b) 32,246 29,124 Less: allowance for loan losses - collective (566 ) (515 ) Less: allowance for loan losses - specific (256 ) (220 ) Total retail finance receivables, net 31,424 28,389 Commercial finance receivables Commercial finance receivables, collectively evaluated for impairment, net of fees 9,704 8,357 Commercial finance receivables, individually evaluated for impairment, net of fees 56 82 Total commercial finance receivables 9,760 8,439 Less: allowance for loan losses - collective (46 ) (38 ) Less: allowance for loan losses - specific (6 ) (9 ) Total commercial finance receivables, net 9,708 8,392 Total finance receivables, net $ 41,132 $ 36,781 Fair value of finance receivables $ 41,530 $ 36,937 ________________ (a) Includes $1.3 billion and $1.1 billion of direct-financing leases at September 30, 2016 and December 31, 2015 . (b) Net of unearned income, unamortized premiums and discounts, and deferred fees and costs o f $200 million and $179 million at September 30, 2016 and December 31, 2015 . We estimate the fair value of retail finance receivables using observable and unobservable Level 3 inputs within a cash flow model. The inputs reflect assumptions regarding expected prepayments, deferrals, delinquencies, recoveries and charge-offs of the loans within the portfolio. The cash flow model produces an estimated amortization schedule of the finance receivables. The projected cash flows are then discounted to derive the fair value of the portfolio. Macroeconomic factors could affect the credit performance of the portfolio and, therefore, could potentially affect the assumptions used in our cash flow model. A substantial majority of our commercial finance receivables have variable interest rates and maturities of one year or less. Therefore, the carrying amount, a Level 2 input, is considered to be a reasonable estimate of fair value. Retail Finance Receivables Nine Months Ended September 30, 2016 2015 Retail finance receivables beginning balance $ 29,124 $ 25,623 Purchases of retail finance receivables 13,397 13,107 Principal collections and other (9,479 ) (8,136 ) Charge-offs (853 ) (710 ) Foreign currency translation 57 (1,897 ) Retail finance receivables ending balance $ 32,246 $ 27,987 Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Allowance for retail loan losses beginning balance $ 814 $ 721 $ 735 $ 655 Provision for loan losses 170 141 515 437 Charge-offs (294 ) (256 ) (853 ) (710 ) Recoveries 134 124 417 357 Foreign currency translation (2 ) (12 ) 8 (21 ) Allowance for retail loan losses ending balance $ 822 $ 718 $ 822 $ 718 Retail Credit Quality We use proprietary scoring systems in the underwriting process that measure the credit quality of the receivables using several factors, such as credit bureau information, consumer credit risk scores (e.g. FICO score), and contract characteristics. We also consider other factors, such as employment history, financial stability and capacity to pay. At the time of loan origination, substantially all of our international customers have the equivalent of prime credit scores. In the North America Segment, while we historically focused on consumers with lower than prime credit scores, we have expanded our prime lending programs. A summary of the credit risk profile by FICO score band or equivalent scores, determined at origination, of the retail finance receivables in the North America Segment is as follows: September 30, 2016 December 31, 2015 Amount Percent Amount Percent Prime - FICO Score 680 and greater $ 6,902 33.2 % $ 4,418 24.4 % Near-prime - FICO Score 620 to 679 3,305 15.9 2,890 15.9 Sub-prime - FICO Score less than 620 10,559 50.9 10,840 59.7 Balance at end of period $ 20,766 100.0 % $ 18,148 100.0 % In addition, we review the credit quality of our retail finance receivables based on customer payment activity. A retail account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date such payment was contractually due. Retail finance receivables are collateralized by vehicle titles and, subject to local laws, we generally have the right to repossess the vehicle in the event the customer defaults on the payment terms of the contract. The following is a consolidated summary of the contractual amounts of retail finance receivables, which is not significantly different than recorded investment, that are (i) more than 30 days delinquent, but not yet in repossession, and (ii) in repossession, but not yet charged off: September 30, 2016 September 30, 2015 Total Percent of Contractual Amount Due Total Percent of Contractual Amount Due 31 - 60 days $ 1,127 3.5 % $ 1,137 4.0 % Greater than 60 days 503 1.5 454 1.6 Total finance receivables more than 30 days delinquent 1,630 5.0 1,591 5.6 In repossession 60 0.2 53 0.2 Total finance receivables more than 30 days delinquent or in repossession $ 1,690 5.2 % $ 1,644 5.8 % The accrual of finance charge income has been suspended on $816 million and $778 million of retail finance receivables (based on contractual amount due) at September 30, 2016 and December 31, 2015 . Impaired Retail Finance Receivables - TDRs Retail finance receivables that become classified as troubled debt restructurings ("TDRs") are separately assessed for impairment. A specific allowance is estimated based on the present value of the expected future cash flows of the receivable discounted at the loan's original effective interest rate. Accounts that become classified as TDRs because of a payment deferral accrue interest at the contractual rate and an additional fee is collected (where permitted) at each time of deferral and recorded as a reduction of accrued interest. No interest or fees are forgiven on a payment deferral to a customer; therefore, there are no additional financial effects of deferred loans becoming classified as TDRs. Accounts in the U.S. in Chapter 13 bankruptcy would have already been placed on non-accrual; therefore, there are no additional financial effects from these loans becoming classified as TDRs. Finance charge income from loans classified as TDRs is accounted for in the same manner as other accruing loans. Cash collections on these loans are allocated according to the same payment hierarchy methodology applied to loans that are not classified as TDRs. At September 30, 2016 and December 31, 2015 , the outstanding balance of retail finance receivables in the International Segment determined to be TDRs was insignificant ; therefore, the following information is presented with regard to the TDRs in the North America Segment only. The outstanding recorded investment for retail finance receivables that are considered to be TDRs and the related allowance is presented below: September 30, 2016 December 31, 2015 Outstanding recorded investment $ 1,837 $ 1,612 Less: allowance for loan losses (256 ) (220 ) Outstanding recorded investment, net of allowance $ 1,581 $ 1,392 Unpaid principal balance $ 1,884 $ 1,642 Additional information about loans classified as TDRs is presented below: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Average outstanding recorded investment $ 1,785 $ 1,403 $ 1,725 $ 1,361 Finance charge income recognized $ 55 $ 41 $ 156 $ 122 Number of loans classified as TDRs during the period 18,548 16,122 49,327 42,246 Recorded investment of loans classified as TDRs during the period $ 315 $ 270 $ 846 $ 716 A redefault is when an account meets the requirements for evaluation under our charge-off policy. The unpaid principal balance, net of recoveries, of loans that redefaulted during the reporting period and were within 12 months of being modified as a TDR was insignificant for the three and nine months ended September 30, 2016 and 2015 . Commercial Finance Receivables Nine Months Ended September 30, 2016 2015 Commercial finance receivables beginning balance $ 8,439 $ 8,072 Net funding 1,411 292 Charge-offs — — Foreign currency translation (90 ) (519 ) Commercial finance receivables ending balance $ 9,760 $ 7,845 Commercial Credit Quality We extend wholesale credit to dealers primarily in the form of approved lines of credit to purchase new vehicles as well as used vehicles. Each commercial lending request is evaluated, taking into consideration the borrower's financial condition and the underlying collateral for the loan. We use proprietary models to assign each dealer a risk rating. These models use historical performance data to identify key factors about a dealer that we consider significant in predicting a dealer's ability to meet its financial obligations. We also consider numerous other financial and qualitative factors including, but not limited to, capitalization and leverage, liquidity and cash flow, profitability and credit history. We regularly review our models to confirm the continued business significance and statistical predictability of the factors and update the models to incorporate new factors or other information that improves statistical predictability. In addition, we verify the existence of the assets collateralizing the receivables by physical audits of vehicle inventories, which are performed with increased frequency for higher risk (i.e., Groups III, IV, V and VI) dealers. We perform a credit review of each dealer at least annually and adjust the dealer's risk rating, if necessary. Dealers in Group VI are subject to additional funding restrictions including suspension of lines of credit and liquidation of assets. Performance of our commercial finance receivables is evaluated based on our internal dealer risk rating analysis, as payment for wholesale receivables is generally not required until the dealer has sold or leased the vehicle inventory. All receivables from the same dealer customer share the same risk rating. A summary of the credit risk profile by dealer risk rating of the commercial finance receivables is as follows: September 30, 2016 December 31, 2015 Amount Percent Amount Percent Group I - Dealers with superior financial metrics $ 1,531 15.7 % $ 1,299 15.4 % Group II - Dealers with strong financial metrics 3,026 31.0 2,648 31.4 Group III - Dealers with fair financial metrics 3,282 33.6 2,703 32.0 Group IV - Dealers with weak financial metrics 1,164 11.9 1,100 13.0 Group V - Dealers warranting special mention due to potential weaknesses 611 6.3 505 6.0 Group VI - Dealers with loans classified as substandard, doubtful or impaired 146 1.5 184 2.2 Ending balance $ 9,760 100.0 % $ 8,439 100.0 % At September 30, 2016 and December 31, 2015 substantially all of our commercial finance receivables were current with respect to payment status and none were classified as TDRs. Activity in the allowance for commercial loan losses was insignificant for the three and nine months ended September 30, 2016 and 2015 . |
Leased Vehicles
Leased Vehicles | 9 Months Ended |
Sep. 30, 2016 | |
Property Subject to or Available for Operating Lease, Net [Abstract] | |
Leased Vehicles | Leased Vehicles September 30, 2016 December 31, 2015 Leased vehicles $ 44,147 $ 27,587 Manufacturer incentives (7,039 ) (4,582 ) 37,108 23,005 Less: accumulated depreciation (5,333 ) (2,833 ) Leased vehicles, net $ 31,775 $ 20,172 The following table summarizes minimum rental payments due to us as lessor under operating leases: Years Ending December 31, 2016 2017 2018 2019 2020 Thereafter Total Minimum rental payments under operating leases $ 1,352 $ 5,019 $ 3,515 $ 1,289 $ 102 $ 3 $ 11,280 |
Restricted Cash
Restricted Cash | 9 Months Ended |
Sep. 30, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted Cash September 30, 2016 December 31, 2015 Revolving credit facilities $ 321 $ 345 Securitization notes payable 1,682 1,531 Other 52 65 Total restricted cash $ 2,055 $ 1,941 Most of the restricted cash is held in variable interest entities, as further discussed in Note 8 - "Variable Interest Entities." Restricted cash for securitization notes payable and revolving credit facilities includes collections from borrowers that have not yet been used for repayment of debt. In addition, this cash includes funds deposited in restricted cash accounts as collateral required to support securitization transactions or to provide additional collateral for borrowings under revolving credit facilities. |
Equity in Net Assets of Non-con
Equity in Net Assets of Non-consolidated Affiliates | 9 Months Ended |
Sep. 30, 2016 | |
Noncontrolling Interest [Abstract] | |
Equity in Net Assets of Non-consolidated Affiliates | Equity in Net Assets of Non-consolidated Affiliates We use the equity method to account for our equity interest in SAIC-GMAC Automotive Finance Company Limited ("SAIC-GMAC"), a joint venture that conducts auto finance operations in China. The income of SAIC-GMAC is not consolidated into our financial statements; rather, our proportionate share of the earnings is reflected as equity income. We received cash dividends from SAIC-GMAC of $129 million in the nine months ended September 30, 2016 . At September 30, 2016 , we had undistributed earnings of $100 million related to SAIC-GMAC. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt Revolving credit facilities $ 7,947 $ 7,944 $ 7,548 $ 7,494 Securitization notes payable 27,290 27,474 23,141 23,177 Total secured debt $ 35,237 $ 35,418 $ 30,689 $ 30,671 Unsecured debt Senior notes $ 27,199 $ 28,053 $ 18,973 $ 19,045 Credit facilities 3,676 3,678 2,759 2,753 Retail customer deposits 1,929 1,936 1,260 1,262 Other unsecured debt 722 722 665 666 Total unsecured debt $ 33,526 $ 34,389 $ 23,657 $ 23,726 Total Secured and Unsecured debt $ 68,763 $ 69,807 $ 54,346 $ 54,397 Fair value utilizing Level 2 inputs $ 64,847 $ 48,716 Fair value utilizing Level 3 inputs $ 4,960 $ 5,681 The fair value of our debt measured utilizing Level 2 inputs was based on quoted market prices for identical instruments and if unavailable, quoted market prices of similar instruments. For debt that has terms of one year or less or has been priced within the last six months, the carrying amount or par value is considered to be a reasonable estimate of fair value. The fair value of our debt measured utilizing Level 3 inputs was based on the discounted future net cash flows expected to be settled using current risk-adjusted rates. Secured Debt Most of the secured debt was issued by variable interest entities, as further discussed in Note 8 - "Variable Interest Entities." This debt is repayable only from proceeds related to the underlying pledged finance receivables and leasing related assets. During the nine months ended September 30, 2016 , we entered into new credit facilities or renewed credit facilities with a total additional net borrowing capacity of $3.1 billion , and we issued securitization notes payable of $11.8 billion . Unsecured Debt In March 2016, our top-tier holding company issued $2.75 billion in senior notes comprised of $1.5 billion of 4.20% notes due in March 2021 and $1.25 billion of 5.25% notes due in March 2026 . All of these notes are guaranteed solely by AmeriCredit Financial Services, Inc. ("AFSI"). In May 2016, our top-tier holding company issued $3.0 billion in senior notes comprised of $1.4 billion of 2.40% notes due in May 2019 , $1.2 billion of 3.70% notes due in May 2023 and $400 million of floating rate notes due in May 2019 . All of these notes are guaranteed solely by AFSI. Also in May 2016, one of our European subsidiaries issued €500 million of 1.168% notes under our Euro medium term notes program. These notes are due in May 2020 and are guaranteed by our top-tier holding company and AFSI. In July 2016, our top-tier holding company issued $2.0 billion of 3.20% senior notes due in July 2021 . These notes are guaranteed solely by AFSI. In September 2016, our top-tier holding company issued €750 million of 0.955% notes under our Euro medium term notes program. These notes are due in September 2023 and are guaranteed solely by AFSI. Subsequent to September 30, 2016, our top-tier holding company issued $1.75 billion in senior notes comprised of $750 million of 2.35% notes due in October 2019 , $750 million of 4.00% notes due in October 2026 and $250 million of floating rate notes due in October 2019 . All of these notes are guaranteed solely by AFSI. During 2015, we began accepting deposits from retail banking customers in Germany. Following is summarized information for our deposits at September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Outstanding Balance Weighted Average Interest Rate Outstanding Balance Weighted Average Interest Rate Overnight deposits $ 793 0.60 % $ 555 1.00 % Term deposits -12 months 466 1.07 % 337 1.32 % Term deposits - 24 months 277 1.29 % 123 1.44 % Term deposits - 36 months 393 1.52 % 245 1.65 % Total deposits $ 1,929 1.00 % $ 1,260 1.25 % Compliance with Debt Covenants Several of our loan facilities, including our revolving credit facilities, require compliance with certain financial and operational covenants as well as regular reporting to lenders, including providing certain subsidiary financial statements. Certain of our secured debt agreements also contain various covenants, including maintaining portfolio performance ratios as well as limits on deferment levels. Our unsecured senior notes contain covenants including limitations on our ability to incur certain liens. At September 30, 2016 , we were in compliance with these debt covenants. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2016 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities Securitizations and credit facilities September 30, 2016 December 31, 2015 Restricted cash $ 2,003 $ 1,876 Finance receivables, net of fees $ 24,498 $ 24,942 Lease related assets $ 18,243 $ 11,684 Secured debt $ 34,217 $ 29,386 These amounts are related to securitization and credit facilities held by consolidated VIEs. Our continuing involvement with these VIEs consists of servicing assets held by the entities and holding residual interests in the entities. We have determined that we are the primary beneficiary of each VIE because we hold both (i) the power to direct the activities of the VIEs that most significantly impact the VIEs' economic performance and (ii) the obligation to absorb losses from and the right to receive benefits of the VIEs that could potentially be significant to the VIEs. We are not required, and do not currently intend, to provide any additional financial support to these VIEs. Liabilities recognized as a result of consolidating these entities generally do not represent claims against us or our other subsidiaries and assets recognized generally are for the benefit of these entities operations and cannot be used to satisfy our or our subsidiaries obligations. Other VIEs We consolidate certain operating entities that provide auto finance and financial services, which we do not control through a majority voting interest. We manage these entities and maintain a controlling financial interest in them and are exposed to the risks of ownership through contractual arrangements. The majority voting interests in these entities are indirectly wholly-owned by our parent, GM. The amounts presented below are stated prior to intercompany eliminations and include amounts related to securitizations and credit facilities held by consolidated VIEs. The following table summarizes the assets and liabilities of these VIEs: September 30, 2016 December 31, 2015 Assets (a) $ 4,617 $ 3,652 Liabilities (b) $ 3,881 $ 2,941 _________________ (a) Comprised primarily of finance receivables, net of $3.6 billion and $3.2 billion at September 30, 2016 and December 31, 2015 . (b) Comprised primarily of debt of $2.9 billion and $2.6 billion at September 30, 2016 and December 31, 2015 . The following table summarizes the revenue and net income of these VIEs: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Total revenue $ 51 $ 41 $ 159 $ 122 Net income $ 4 $ 6 $ 20 $ 25 Other transfers of finance receivables Under certain debt agreements, we transfer finance receivables to entities which we do not control through majority voting interest or through contractual arrangements. These transfers do not meet the criteria to be considered sales under U.S. GAAP; therefore, the finance receivables and the related debt are included in our consolidated financial statements, similar to the treatment of finance receivables and related debt of our consolidated VIEs. Any collections received on the transferred receivables are available only for the repayment of the related debt. At September 30, 2016 and December 31, 2015 , $1.2 billion and $1.5 billion in finance receivables had been transferred in secured funding arrangements to third-party banks, to which $1.1 billion and $1.4 billion in secured debt was outstanding. |
Derivative Financial Instrument
Derivative Financial Instruments And Hedging Activities | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments And Hedging Activities | Derivative Financial Instruments and Hedging Activities September 30, 2016 December 31, 2015 Level Notional Fair Value Notional Fair Value Derivatives designated as hedges Assets Fair value hedges Interest rate swaps (a) 2 $ 3,450 $ 58 $ — $ — Cash flow hedges Interest rate swaps (b) 3 889 1 — — Foreign currency swaps (a) 2 702 1 — — Total assets (c) $ 5,041 $ 60 $ — $ — Liabilities Fair value hedges Interest rate swaps (a) 2 $ 3,500 $ 20 $ 1,000 $ 6 Cash flow hedges Interest rate swaps (b) 3 1,870 3 — — Foreign currency swaps (a) 2 140 1 — — Total liabilities (d) $ 5,510 $ 24 $ 1,000 $ 6 Derivatives not designated as hedges Assets Interest rate swaps (b) 3 $ 5,483 $ 22 $ 4,122 $ 8 Interest rate options (a) 2 8,734 8 6,327 19 Foreign currency swaps (a) 2 1,371 71 1,460 48 Total assets (c) $ 15,588 $ 101 $ 11,909 $ 75 Liabilities Interest rate swaps (b) 3 $ 7,670 $ 29 $ 8,041 $ 24 Interest rate options (a) 2 10,047 7 5,892 19 Total liabilities (d) $ 17,717 $ 36 $ 13,933 $ 43 _________________ (a) The fair value was derived using the market approach based on observable market inputs including quoted prices of similar instruments and foreign exchange and interest rate forward curves. (b) The fair value was derived using the income approach based on a discounted cash flow model, in which expected cash flows are discounted using current risk-adjusted rates. (c) Included in other assets in the condensed consolidated balance sheets. (d) Included in other liabilities in the condensed consolidated balance sheets. The following table presents information on the gains/(losses) on derivative instruments included in the condensed consolidated statements of income and comprehensive income: Income (Losses) Recognized In Income Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Fair value hedges Interest rate contracts (a)(b) $ 6 $ — $ 26 $ — Cash flow hedges Interest rate contracts (a) (2 ) — (2 ) — Foreign currency contracts (1 ) — (1 ) — Derivatives not designated as hedges Interest rate contracts (a) 7 (13 ) (8 ) (12 ) Foreign currency derivatives (c) 36 28 201 39 Total $ 46 $ 15 $ 216 $ 27 Gains Recognized In Accumulated Other Comprehensive Loss Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Cash flow hedges Interest rate contracts (a) $ 2 $ — $ (2 ) $ — Foreign currency contracts — — — — Total $ 2 $ — $ (2 ) $ — Gains Reclassified From Accumulated Other Comprehensive Loss Into Income Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Cash flow hedges Interest rate contracts (a) $ 1 $ — $ 1 $ — Foreign currency contracts (4 ) — (4 ) — Total $ (3 ) $ — $ (3 ) $ — _________________ (a) Recognized in earnings as interest expense. (b) Includes hedge ineffectiveness which reflects the net change in the fair value of interest rate contracts of $57 million and $19 million offset by the change in fair value of hedged debt attributable to the hedged risk of $54 million and $14 million for the three and nine months ended September 30, 2016 . (c) Activity is substantially offset by translation activity (included in operating expenses) related to foreign currency-denominated loans. The activity for interest rate swap agreements measured at fair value on a recurring basis using significant unobservable inputs (Level 3) was insignificant for the three and nine months ended September 30, 2016 and 2015 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Guarantees of Indebtedness The payments of principal and interest on senior notes issued by our top-tier holding company, our primary Canadian operating subsidiary and a European subsidiary are guaranteed by our primary U.S. operating subsidiary, AFSI. At September 30, 2016 and December 31, 2015 , the par value of these senior notes was $27.3 billion and $19.1 billion . See Note 15 - "Guarantor Condensed Consolidating Financial Statements" for further discussion. Legal Proceedings As a retail finance company, we are subject to various customer claims and litigation seeking damages and statutory penalties, based upon, among other things, usury, disclosure inaccuracies, wrongful repossession, violations of bankruptcy stay provisions, certificate of title disputes, fraud, breach of contract and discriminatory treatment of credit applicants. Some litigation against us could take the form of class action complaints by customers and certain legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. We establish reserves for legal claims when payments associated with the claims become probable and the payments can be reasonably estimated. Given the inherent difficulty of predicting the outcome of litigation and regulatory matters, it is generally very difficult to predict what the eventual outcome will be, and when the matter will be resolved. The actual costs of resolving legal claims may be higher or lower than any amounts reserved for the claims. At September 30, 2016 , we estimated our reasonably possible legal exposure for unfavorable outcomes of up to $96 million and have accrued $35 million . In July 2014, we were served with a subpoena by the U.S. Department of Justice directing us to produce certain documents relating to our and our subsidiaries’ and affiliates’ origination and securitization of sub-prime automobile loans since 2007 in connection with an investigation by the U.S. Department of Justice in contemplation of a civil proceeding for potential violations of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. Among other matters, the subpoena requests information relating to the underwriting criteria used to originate these automobile loans and the representations and warranties relating to those underwriting criteria that were made in connection with the securitization of the automobile loans. We have subsequently been served with additional investigative subpoenas to produce documents from state attorneys general and other governmental offices relating to our retail auto loan business and securitization of auto loans. These investigations are ongoing and could in the future result in the imposition of damages, fines or civil or criminal claims and/or penalties. No assurance can be given that the ultimate outcome of the investigations or any resulting proceedings would not materially and adversely affect us or any of our subsidiaries and affiliates. Other Administrative Tax Matters We accrue non-income tax liabilities for contingencies when management believes that a loss is probable and the amounts can be reasonably estimated, while contingent gains are recognized only when realized. In the event any losses are sustained in excess of accruals, they will be charged against income at that time. In evaluating indirect tax matters, we take into consideration factors such as our historical experience with matters of similar nature, specific facts and circumstances, and the likelihood of prevailing. We reevaluate and update our accruals as matters progress over time. Where there is a reasonable possibility that losses exceeding amounts already recognized may be incurred, our estimate of the additional range of loss is up to $44 million . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For interim income tax reporting we estimate our annual effective tax rate and apply it to our year-to-date ordinary income. Tax jurisdictions with a projected or year-to-date loss for which a tax benefit cannot be realized are excluded from the annualized effective tax rate. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. In the three and nine months ended September 30, 2016 , income tax expense of $81 million and $219 million primarily resulted from tax expense attributable to entities included in our effective rate calculation. In the three and nine months ended September 30, 2015 , income tax expense of $52 million and $155 million primarily resulted from tax expense attributable to entities included in our effective tax rate calculation. The increase in tax expense is due primarily to differences in U.S. taxation on foreign earnings. We are included in GM’s consolidated U.S. federal income tax return and for certain states’ income tax returns. Net operating losses and certain tax credits generated by us have been utilized by GM; however, income tax expense and deferred tax balances are presented in these financial statements as if we filed our own tax returns in each jurisdiction. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We offer substantially similar products and services throughout many different regions, subject to local regulations and market conditions. We evaluate our business in two operating segments: the North America Segment (consisting of operations in the U.S. and Canada) and the International Segment (consisting of operations in all other countries). Our chief operating decision maker evaluates the operating results and performance of our business based on these operating segments. The management of each segment is responsible for executing our strategies. For segment reporting purposes only, interest expense related to the senior notes has been allocated based on targeted leverage for each segment. Interest expense in excess of the targeted overall leverage is reflected in the "Corporate" column below. In addition, the interest income on intercompany loans provided to the international operations is presented in the "Corporate" column as revenue. Key financial data for our operating segments were as follows: Three Months Ended September 30, 2016 North International Corporate Eliminations Total Total revenue $ 2,092 $ 407 $ — $ — $ 2,499 Operating expenses 240 152 — — 392 Leased vehicle expenses 1,194 8 — — 1,202 Provision for loan losses 147 25 — — 172 Interest expense 383 158 — — 541 Equity income — 36 — — 36 Income before income taxes $ 128 $ 100 $ — $ — $ 228 Three Months Ended September 30, 2015 North International Corporate Eliminations Total Total revenue $ 1,302 $ 405 $ 2 $ (2 ) $ 1,707 Operating expenses 185 135 — — 320 Leased vehicle expenses 626 3 — — 629 Provision for loan losses 106 38 — — 144 Interest expense 214 175 25 (2 ) 412 Equity income — 29 — — 29 Income (loss) before income taxes $ 171 $ 83 $ (23 ) $ — $ 231 Nine Months Ended September 30, 2016 North International Corporate Eliminations Total Total revenue $ 5,666 $ 1,200 $ (1 ) $ 1 $ 6,866 Operating expenses 656 413 — — 1,069 Leased vehicle expenses 3,143 20 — — 3,163 Provision for loan losses 449 70 — — 519 Interest expense 1,025 479 — 1 1,505 Equity income — 109 — — 109 Income (loss) before income taxes $ 393 $ 327 $ (1 ) $ — $ 719 Nine Months Ended September 30, 2015 North International Corporate Eliminations Total Total revenue $ 3,293 $ 1,283 $ 13 $ (13 ) $ 4,576 Operating expenses 530 415 — — 945 Leased vehicle expenses 1,416 7 — — 1,423 Provision for loan losses 335 105 — — 440 Interest expense 572 564 60 (13 ) 1,183 Equity income — 85 — — 85 Income (loss) before income taxes $ 440 $ 277 $ (47 ) $ — $ 670 September 30, 2016 December 31, 2015 North International Total North International Total Finance receivables, net $ 25,366 $ 15,766 $ 41,132 $ 21,558 $ 15,223 $ 36,781 Leased vehicles, net $ 31,570 $ 205 $ 31,775 $ 20,086 $ 86 $ 20,172 Total assets $ 62,596 $ 19,515 $ 82,111 $ 47,419 $ 18,485 $ 65,904 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Unrealized loss on cash flow hedge Beginning balance $ (4 ) $ — $ — $ — Change in value of cash flow hedge, net of tax (1 ) — (5 ) — Ending balance (5 ) — (5 ) — Defined benefit plans Beginning balance (13 ) (10 ) (13 ) (11 ) Unrealized gain on subsidiary pension, net of tax — — — 1 Ending balance (13 ) (10 ) (13 ) (10 ) Foreign currency translation adjustment Beginning balance (1,021 ) (664 ) (1,091 ) (422 ) Translation (loss) income (10 ) (282 ) 60 (524 ) Ending balance (1,031 ) (946 ) (1,031 ) (946 ) Total accumulated other comprehensive loss $ (1,049 ) $ (956 ) $ (1,049 ) $ (956 ) |
Regulatory Capital
Regulatory Capital | 9 Months Ended |
Sep. 30, 2016 | |
Regulatory Capital and Other Regulatory Matters [Abstract] | |
Regulatory Capital | Regulatory Capital We are required to comply with a wide variety of laws and regulations. Our International Segment includes the operations of certain stand-alone entities that operate in local markets as either banks or regulated finance companies that are subject to regulatory restrictions. These regulatory restrictions, among other things, require that these entities meet certain minimum capital requirements and may restrict dividend distributions and ownership of certain assets. We were in compliance with all regulatory capital requirements as most recently reported. Total assets of our regulated international banks and finance companies were approximately $12.6 billion and $11.1 billion at September 30, 2016 and December 31, 2015 . |
Guarantor Condensed Consolidati
Guarantor Condensed Consolidating Financial Statements | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Guarantor Condensed Consolidating Financial Statements | Guarantor Condensed Consolidating Financial Statements The payment of principal and interest on senior notes issued by our top-tier holding company is currently guaranteed solely by AFSI (the "Guarantor") and none of our other subsidiaries (the "Non-Guarantor Subsidiaries"). The Guarantor is a 100% owned consolidated subsidiary and is unconditionally liable for the obligations represented by the senior notes. The Guarantor’s guarantee may be released only upon customary circumstances, the terms of which vary by issuance. Customary circumstances include the sale or disposition of all of the Guarantor’s assets or capital stock, the achievement of investment grade rating of the senior notes and legal or covenant defeasance. The condensed consolidating financial statements present consolidating financial data for (i) General Motors Financial Company, Inc. (on a parent-only basis), (ii) the Guarantor, (iii) the combined Non-Guarantor Subsidiaries and (iv) the parent company and our subsidiaries on a consolidated basis at September 30, 2016 and December 31, 2015 , and for the three and nine months ended September 30, 2016 and 2015 (after the elimination of intercompany balances and transactions). Investments in subsidiaries are accounted for by the parent company using the equity method for purposes of this presentation. Results of operations of subsidiaries are therefore reflected in the parent company's investment accounts and earnings. The principal elimination entries set forth below eliminate investments in subsidiaries and intercompany balances and transactions. We determined that a revision was required to correct the classification of certain intercompany amounts between General Motors Financial Company, Inc. and Guarantor and Non-Guarantor Subsidiaries that were previously being presented net within the change in the due from/due to affiliates line item in the condensed consolidating balance sheet in the financing activities section of the condensed consolidating statements of cash flows for the nine months ended September 30, 2015 . As a result, correcting adjustments have been made from what was previously reported to (1) reclassify $6.1 billion of the net change in the due from affiliates for General Motors Financial Company, Inc. within the condensed consolidating statements of cash flows to the investing activities section; and (2) reclassify $3.9 billion of the net change in the due from affiliates for the Guarantor within the condensed consolidating statements of cash flows to the investing activities section. In addition, reclassifications have been made solely within the investing activities section of the condensed consolidating statements of cash flows to separately present cash flow activities related to repurchases by the Guarantor of receivables that had previously been transferred to Non-Guarantor Subsidiaries of $945 million . These adjustments had no effect on the condensed consolidated financial statements at or for the three and nine months ended September 30, 2015 . CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2016 (Unaudited) General Motors Financial Company, Inc. Guarantor Non- Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 1,692 $ 896 $ — $ 2,588 Finance receivables, net — 7,932 33,200 — 41,132 Leased vehicles, net — — 31,775 — 31,775 Restricted cash — 19 2,036 — 2,055 Goodwill 1,095 — 103 — 1,198 Equity in net assets of non-consolidated affiliates — — 940 — 940 Property and equipment, net — 127 126 — 253 Deferred income taxes 422 — 265 (377 ) 310 Related party receivables — 53 797 — 850 Other assets 18 311 850 (169 ) 1,010 Due from affiliates 23,089 14,177 — (37,266 ) — Investment in affiliates 9,357 4,539 — (13,896 ) — Total assets $ 33,981 $ 28,850 $ 70,988 $ (51,708 ) $ 82,111 LIABILITIES AND SHAREHOLDER'S EQUITY Liabilities Secured debt $ — $ — $ 35,406 $ (169 ) $ 35,237 Unsecured debt 25,085 — 8,441 — 33,526 Accounts payable and accrued expenses 201 289 929 — 1,419 Deferred income — — 2,226 — 2,226 Deferred income taxes — 15 661 (377 ) 299 Related party payables — — 407 — 407 Other liabilities 77 38 264 — 379 Due to affiliates — 23,027 14,239 (37,266 ) — Total liabilities 25,363 23,369 62,573 (37,812 ) 73,493 Shareholder's equity Common stock — — 698 (698 ) — Additional paid-in capital 6,495 79 3,972 (4,051 ) 6,495 Accumulated other comprehensive loss (1,049 ) (147 ) (1,029 ) 1,176 (1,049 ) Retained earnings 3,172 5,549 4,774 (10,323 ) 3,172 Total shareholder's equity 8,618 5,481 8,415 (13,896 ) 8,618 Total liabilities and shareholder's equity $ 33,981 $ 28,850 $ 70,988 $ (51,708 ) $ 82,111 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 (Unaudited) General Motors Financial Company, Inc. Guarantor Non- Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 2,259 $ 802 $ — $ 3,061 Finance receivables, net — 4,808 31,973 — 36,781 Leased vehicles, net — — 20,172 — 20,172 Restricted cash — 60 1,881 — 1,941 Goodwill 1,095 — 94 — 1,189 Equity in net assets of non-consolidated affiliates — — 986 — 986 Property and equipment, net — 41 178 — 219 Deferred income taxes 212 — 179 (160 ) 231 Related party receivables — 27 546 — 573 Other assets 32 32 687 — 751 Due from affiliates 15,573 7,556 — (23,129 ) — Investment in affiliates 8,476 6,425 — (14,901 ) — Total assets $ 25,388 $ 21,208 $ 57,498 $ (38,190 ) $ 65,904 LIABILITIES AND SHAREHOLDER'S EQUITY Liabilities Secured debt $ — $ — $ 30,689 $ — $ 30,689 Unsecured debt 17,087 — 6,570 — 23,657 Accounts payable and accrued expenses 181 717 320 — 1,218 Deferred income — — 1,454 — 1,454 Deferred income taxes — 289 — (160 ) 129 Related party payables — — 362 — 362 Other liabilities 68 34 241 — 343 Due to affiliates — 15,495 7,634 (23,129 ) — Total liabilities 17,336 16,535 47,270 (23,289 ) 57,852 Shareholder's equity Common stock — — 698 (698 ) — Additional paid-in capital 6,484 79 6,490 (6,569 ) 6,484 Accumulated other comprehensive loss (1,104 ) (175 ) (1,095 ) 1,270 (1,104 ) Retained earnings 2,672 4,769 4,135 (8,904 ) 2,672 Total shareholder's equity 8,052 4,673 10,228 (14,901 ) 8,052 Total liabilities and shareholder's equity $ 25,388 $ 21,208 $ 57,498 $ (38,190 ) $ 65,904 CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2016 (Unaudited) General Guarantor Non- Eliminations Consolidated Revenue Finance charge income $ — $ 127 $ 710 $ — $ 837 Leased vehicle income — — 1,590 — 1,590 Other income — 213 30 (171 ) 72 Total revenue — 340 2,330 (171 ) 2,499 Costs and expenses Salaries and benefits — 157 66 — 223 Other operating expenses 6 54 210 (101 ) 169 Total operating expenses 6 211 276 (101 ) 392 Leased vehicle expenses — — 1,202 — 1,202 Provision for loan losses — 102 70 — 172 Interest expense 171 54 386 (70 ) 541 Total costs and expenses 177 367 1,934 (171 ) 2,307 Equity income 267 202 36 (469 ) 36 Income before income taxes 90 175 432 (469 ) 228 Income tax (benefit) provision (57 ) (17 ) 155 — 81 Net income $ 147 $ 192 $ 277 $ (469 ) $ 147 Comprehensive income $ 136 $ 183 $ 270 $ (453 ) $ 136 CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2015 (Unaudited) General Guarantor Non- Eliminations Consolidated Revenue Finance charge income $ — $ 114 $ 728 $ — $ 842 Leased vehicle income — — 797 — 797 Other income 2 137 33 (104 ) 68 Total revenue 2 251 1,558 (104 ) 1,707 Costs and expenses Salaries and benefits — 79 106 — 185 Other operating expenses 21 25 150 (61 ) 135 Total operating expenses 21 104 256 (61 ) 320 Leased vehicle expenses — — 629 — 629 Provision for loan losses — 112 32 — 144 Interest expense 134 — 321 (43 ) 412 Total costs and expenses 155 216 1,238 (104 ) 1,505 Equity income 255 167 29 (422 ) 29 Income before income taxes 102 202 349 (422 ) 231 Income tax (benefit) provision (77 ) 15 114 — 52 Net income $ 179 $ 187 $ 235 $ (422 ) $ 179 Comprehensive (loss) income $ (103 ) $ 141 $ (47 ) $ (94 ) $ (103 ) CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2016 (Unaudited) General Guarantor Non- Eliminations Consolidated Revenue Finance charge income $ — $ 344 $ 2,137 $ — $ 2,481 Leased vehicle income — — 4,164 — 4,164 Other income (1 ) 628 74 (480 ) 221 Total revenue (1 ) 972 6,375 (480 ) 6,866 Costs and expenses Salaries and benefits — 432 187 — 619 Other operating expenses 2 175 565 (292 ) 450 Total operating expenses 2 607 752 (292 ) 1,069 Leased vehicle expenses — — 3,163 — 3,163 Provision for loan losses — 282 237 — 519 Interest expense 612 (67 ) 1,148 (188 ) 1,505 Total costs and expenses 614 822 5,300 (480 ) 6,256 Equity income 858 538 109 (1,396 ) 109 Income before income taxes 243 688 1,184 (1,396 ) 719 Income tax (benefit) provision (257 ) 63 413 — 219 Net income $ 500 $ 625 $ 771 $ (1,396 ) $ 500 Comprehensive income $ 555 $ 653 $ 837 $ (1,490 ) $ 555 CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2015 (Unaudited) General Guarantor Non- Eliminations Consolidated Revenue Finance charge income $ — $ 294 $ 2,250 $ — $ 2,544 Leased vehicle income — — 1,827 — 1,827 Other income 13 363 118 (289 ) 205 Total revenue 13 657 4,195 (289 ) 4,576 Costs and expenses Salaries and benefits — 245 286 — 531 Other operating expenses 56 95 453 (190 ) 414 Total operating expenses 56 340 739 (190 ) 945 Leased vehicle expenses — — 1,423 — 1,423 Provision for loan losses — 302 138 — 440 Interest expense 342 1 939 (99 ) 1,183 Total costs and expenses 398 643 3,239 (289 ) 3,991 Equity income 716 452 85 (1,168 ) 85 Income before income taxes 331 466 1,041 (1,168 ) 670 Income tax (benefit) provision (184 ) 6 333 — 155 Net income $ 515 $ 460 $ 708 $ (1,168 ) $ 515 Comprehensive (loss) income $ (8 ) $ 370 $ 181 $ (551 ) $ (8 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2016 (Unaudited) General Motors Financial Company, Inc. Guarantor Non- Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities $ (469 ) $ (379 ) $ 4,704 $ — $ 3,856 Cash flows from investing activities Purchases of retail finance receivables, net — (12,676 ) (12,891 ) 12,315 (13,252 ) Principal collections and recoveries on retail finance receivables — 1,274 8,630 — 9,904 Proceeds from transfer of retail finance receivables, net — 8,232 4,083 (12,315 ) — Net funding of commercial finance receivables — (335 ) (1,347 ) — (1,682 ) Purchases of leased vehicles, net — — (15,030 ) — (15,030 ) Proceeds from termination of leased vehicles — — 1,801 — 1,801 Purchases of property and equipment — (50 ) (21 ) — (71 ) Change in restricted cash — 41 (164 ) — (123 ) Other investing activities (169 ) (3 ) 169 (3 ) Net change in due from affiliates (7,506 ) (6,621 ) — 14,127 — Net change in investment in affiliates 24 2,473 — (2,497 ) — Net cash used in investing activities (7,482 ) (7,831 ) (14,942 ) 11,799 (18,456 ) Cash flows from financing activities Net change in debt (original maturities less than three months) 1 — 496 — 497 Borrowings and issuance of secured debt — — 19,573 (169 ) 19,404 Payments on secured debt — — (14,599 ) — (14,599 ) Borrowings and issuance of unsecured debt 8,987 — 2,312 — 11,299 Payments on unsecured debt (1,000 ) — (1,386 ) — (2,386 ) Net capital contributions — — (2,497 ) 2,497 — Debt issuance costs (37 ) — (82 ) — (119 ) Net change in due to affiliates — 7,643 6,484 (14,127 ) — Net cash provided by financing activities 7,951 7,643 10,301 (11,799 ) 14,096 Net increase (decrease) in cash and cash equivalents — (567 ) 63 — (504 ) Effect of foreign exchange rate changes on cash and cash equivalents — — 31 — 31 Cash and cash equivalents at beginning of period — 2,259 802 — 3,061 Cash and cash equivalents at end of period $ — $ 1,692 $ 896 $ — $ 2,588 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2015 (Unaudited) General Motors Financial Company, Inc. Guarantor Non- Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities $ (184 ) $ 314 $ 2,037 $ — $ 2,167 Cash flows from investing activities Purchases of retail finance receivables, net — (9,045 ) (11,938 ) 7,884 (13,099 ) Principal collections and recoveries on retail finance receivables — 414 8,304 — 8,718 Proceeds from transfer of retail finance receivables, net — 6,939 945 (7,884 ) — Net funding of commercial finance receivables — 172 (351 ) — (179 ) Purchases of leased vehicles, net — — (11,258 ) — (11,258 ) Proceeds from termination of leased vehicles — — 662 — 662 Acquisition of international operations (513 ) (536 ) — — (1,049 ) Disposition of equity interest — 125 — — 125 Purchases of property and equipment — (22 ) (42 ) — (64 ) Change in restricted cash — (20 ) (216 ) — (236 ) Other investing activities — — 24 — 24 Net change in due from affiliates (6,189 ) (3,973 ) — 10,162 — Net change in investment in affiliates (6 ) (2,644 ) — 2,650 — Net cash used in investing activities (6,708 ) (8,590 ) (13,870 ) 12,812 (16,356 ) Cash flows from financing activities Net change in debt (original maturities less than three months) — — 539 — 539 Borrowings and issuance of secured debt — — 15,095 — 15,095 Payments on secured debt — — (10,903 ) — (10,903 ) Borrowings and issuance of unsecured debt 6,939 — 2,620 — 9,559 Payments on unsecured debt — — (1,195 ) — (1,195 ) Net capital contributions — — 2,650 (2,650 ) — Debt issuance costs (47 ) — (77 ) — (124 ) Net change in due to affiliates — 6,844 3,318 (10,162 ) — Net cash provided by financing activities 6,892 6,844 12,047 (12,812 ) 12,971 Net increase (decrease) in cash and cash equivalents — (1,432 ) 214 — (1,218 ) Effect of foreign exchange rate changes on cash and cash equivalents — — (154 ) — (154 ) Cash and cash equivalents at beginning of period — 2,266 708 — 2,974 Cash and cash equivalents at end of period $ — $ 834 $ 768 $ — $ 1,602 |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements include our accounts and the accounts of our consolidated subsidiaries, including certain special-purpose financing entities utilized in secured financing transactions, which are considered variable interest entities ("VIEs"). All intercompany transactions and balances have been eliminated in consolidation. The interim period consolidated financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles ("GAAP") in the United States of America. These interim period condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements that are included in our Annual Report on Form 10-K filed on February 3, 2016 ("Form 10-K"). Except as otherwise specified, dollar amounts presented within tables are stated in millions. The condensed consolidated financial statements at September 30, 2016 , and for the three and nine months ended September 30, 2016 and 2015 , are unaudited and, in management’s opinion, include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for such interim periods. The results for interim periods are not necessarily indicative of results for a full year. |
Segment Information | Segment Information We are the wholly-owned captive finance subsidiary of General Motors Company ("GM"). We offer substantially similar products and services throughout many different regions, subject to local regulations and market conditions. We evaluate our business in two operating segments. The North America Segment includes our operations in the U.S. and Canada. The International Segment includes our operations in all other countries. |
Recently Issued Accounting Standards Not Yet Adopted | Recently Issued Accounting Standards Not Yet Adopted In February 2016 the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update 2016-02, “Leases” (ASU 2016-02), which requires the lessee to recognize most leases on the balance sheet thereby resulting in the recognition of lease assets and liabilities for those leases currently classified as operating leases. The accounting for lessors is largely unchanged. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018 with early adoption permitted. We are currently assessing the impact the adoption of ASU 2016-02 will have on our consolidated financial statements. In June 2016 the FASB issued Accounting Standard Update 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires entities to use a current expected credit loss ("CECL") model which is a new impairment model based on expected losses rather than incurred losses. Under this model an entity would recognize an impairment allowance equal to its current estimate of all contractual cash flows that the entity does not expect to collect from financial assets measured at amortized cost. The entity's estimate would consider relevant information about past events, current conditions, and reasonable and supportable forecasts, which will result in recognition of lifetime expected credit losses upon loan origination. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for annual reporting periods beginning after December 15, 2018. We are currently assessing the impact the adoption of ASU 2016-13 will have on our consolidated financial statements. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following tables present related party transactions: Balance Sheet Data September 30, 2016 December 31, 2015 Commercial finance receivables, net due from dealers consolidated by GM (a) $ 338 $ 229 Advances drawn on lines of credit due from GM (b) $ 466 $ 190 Subvention receivable (c) $ 384 $ 383 Commercial loan funding payable (d) $ 399 $ 351 Junior Subordinated Revolving Credit Facility (e) $ 415 $ — Three Months Ended September 30, Nine Months Ended September 30, Income Statement Data 2016 2015 2016 2015 Interest subvention earned (f) $ 119 $ 89 $ 331 $ 252 Leased vehicle subvention earned (g) $ 593 $ 294 $ 1,592 $ 626 _________________ (a) Included in finance receivables, net. (b) Included in related party receivables. (c) Included in related party receivables. We received subvention payments from GM of $1.0 billion and $1.2 billion for the three months ended September 30, 2016 and 2015 and $3.2 billion and $2.5 billion for the nine months ended September 30, 2016 and 2015 . (d) Included in related party payables. (e) Included in unsecured debt. (f) Included in finance charge income. (g) Included as a reduction to leased vehicle expenses. |
Finance Receivables (Tables)
Finance Receivables (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Finance Receivables, Net | September 30, 2016 December 31, 2015 Retail finance receivables Retail finance receivables, collectively evaluated for impairment, net of fees (a) $ 30,408 $ 27,512 Retail finance receivables, individually evaluated for impairment, net of fees 1,838 1,612 Total retail finance receivables (b) 32,246 29,124 Less: allowance for loan losses - collective (566 ) (515 ) Less: allowance for loan losses - specific (256 ) (220 ) Total retail finance receivables, net 31,424 28,389 Commercial finance receivables Commercial finance receivables, collectively evaluated for impairment, net of fees 9,704 8,357 Commercial finance receivables, individually evaluated for impairment, net of fees 56 82 Total commercial finance receivables 9,760 8,439 Less: allowance for loan losses - collective (46 ) (38 ) Less: allowance for loan losses - specific (6 ) (9 ) Total commercial finance receivables, net 9,708 8,392 Total finance receivables, net $ 41,132 $ 36,781 Fair value of finance receivables $ 41,530 $ 36,937 ________________ (a) Includes $1.3 billion and $1.1 billion of direct-financing leases at September 30, 2016 and December 31, 2015 . (b) Net of unearned income, unamortized premiums and discounts, and deferred fees and costs o f $200 million and $179 million at September 30, 2016 and December 31, 2015 . |
Finance Receivables Summary | Retail Finance Receivables Nine Months Ended September 30, 2016 2015 Retail finance receivables beginning balance $ 29,124 $ 25,623 Purchases of retail finance receivables 13,397 13,107 Principal collections and other (9,479 ) (8,136 ) Charge-offs (853 ) (710 ) Foreign currency translation 57 (1,897 ) Retail finance receivables ending balance $ 32,246 $ 27,987 |
Allowance for Credit Losses on Financing Receivables | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Allowance for retail loan losses beginning balance $ 814 $ 721 $ 735 $ 655 Provision for loan losses 170 141 515 437 Charge-offs (294 ) (256 ) (853 ) (710 ) Recoveries 134 124 417 357 Foreign currency translation (2 ) (12 ) 8 (21 ) Allowance for retail loan losses ending balance $ 822 $ 718 $ 822 $ 718 |
Financing Receivable Credit Quality Indicators | A summary of the credit risk profile by FICO score band or equivalent scores, determined at origination, of the retail finance receivables in the North America Segment is as follows: September 30, 2016 December 31, 2015 Amount Percent Amount Percent Prime - FICO Score 680 and greater $ 6,902 33.2 % $ 4,418 24.4 % Near-prime - FICO Score 620 to 679 3,305 15.9 2,890 15.9 Sub-prime - FICO Score less than 620 10,559 50.9 10,840 59.7 Balance at end of period $ 20,766 100.0 % $ 18,148 100.0 % |
Past Due Financing Receivables | The following is a consolidated summary of the contractual amounts of retail finance receivables, which is not significantly different than recorded investment, that are (i) more than 30 days delinquent, but not yet in repossession, and (ii) in repossession, but not yet charged off: September 30, 2016 September 30, 2015 Total Percent of Contractual Amount Due Total Percent of Contractual Amount Due 31 - 60 days $ 1,127 3.5 % $ 1,137 4.0 % Greater than 60 days 503 1.5 454 1.6 Total finance receivables more than 30 days delinquent 1,630 5.0 1,591 5.6 In repossession 60 0.2 53 0.2 Total finance receivables more than 30 days delinquent or in repossession $ 1,690 5.2 % $ 1,644 5.8 % |
Troubled Debt Restructurings on Financing Receivables | At September 30, 2016 and December 31, 2015 , the outstanding balance of retail finance receivables in the International Segment determined to be TDRs was insignificant ; therefore, the following information is presented with regard to the TDRs in the North America Segment only. The outstanding recorded investment for retail finance receivables that are considered to be TDRs and the related allowance is presented below: September 30, 2016 December 31, 2015 Outstanding recorded investment $ 1,837 $ 1,612 Less: allowance for loan losses (256 ) (220 ) Outstanding recorded investment, net of allowance $ 1,581 $ 1,392 Unpaid principal balance $ 1,884 $ 1,642 Additional information about loans classified as TDRs is presented below: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Average outstanding recorded investment $ 1,785 $ 1,403 $ 1,725 $ 1,361 Finance charge income recognized $ 55 $ 41 $ 156 $ 122 Number of loans classified as TDRs during the period 18,548 16,122 49,327 42,246 Recorded investment of loans classified as TDRs during the period $ 315 $ 270 $ 846 $ 716 |
Summary of Activity in Commercial Finance Receivable Portfolio | Commercial Finance Receivables Nine Months Ended September 30, 2016 2015 Commercial finance receivables beginning balance $ 8,439 $ 8,072 Net funding 1,411 292 Charge-offs — — Foreign currency translation (90 ) (519 ) Commercial finance receivables ending balance $ 9,760 $ 7,845 |
Financing Receivable Credit Quality Indicators for Commercial Lending | A summary of the credit risk profile by dealer risk rating of the commercial finance receivables is as follows: September 30, 2016 December 31, 2015 Amount Percent Amount Percent Group I - Dealers with superior financial metrics $ 1,531 15.7 % $ 1,299 15.4 % Group II - Dealers with strong financial metrics 3,026 31.0 2,648 31.4 Group III - Dealers with fair financial metrics 3,282 33.6 2,703 32.0 Group IV - Dealers with weak financial metrics 1,164 11.9 1,100 13.0 Group V - Dealers warranting special mention due to potential weaknesses 611 6.3 505 6.0 Group VI - Dealers with loans classified as substandard, doubtful or impaired 146 1.5 184 2.2 Ending balance $ 9,760 100.0 % $ 8,439 100.0 % |
Leased Vehicles (Tables)
Leased Vehicles (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Property Subject to or Available for Operating Lease, Net [Abstract] | |
Summary of Leased Vehicles | September 30, 2016 December 31, 2015 Leased vehicles $ 44,147 $ 27,587 Manufacturer incentives (7,039 ) (4,582 ) 37,108 23,005 Less: accumulated depreciation (5,333 ) (2,833 ) Leased vehicles, net $ 31,775 $ 20,172 |
Schedule of Future Minimum Rental Payments Receivable For Operating Leases | The following table summarizes minimum rental payments due to us as lessor under operating leases: Years Ending December 31, 2016 2017 2018 2019 2020 Thereafter Total Minimum rental payments under operating leases $ 1,352 $ 5,019 $ 3,515 $ 1,289 $ 102 $ 3 $ 11,280 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Restricted Cash | N |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt Revolving credit facilities $ 7,947 $ 7,944 $ 7,548 $ 7,494 Securitization notes payable 27,290 27,474 23,141 23,177 Total secured debt $ 35,237 $ 35,418 $ 30,689 $ 30,671 Unsecured debt Senior notes $ 27,199 $ 28,053 $ 18,973 $ 19,045 Credit facilities 3,676 3,678 2,759 2,753 Retail customer deposits 1,929 1,936 1,260 1,262 Other unsecured debt 722 722 665 666 Total unsecured debt $ 33,526 $ 34,389 $ 23,657 $ 23,726 Total Secured and Unsecured debt $ 68,763 $ 69,807 $ 54,346 $ 54,397 Fair value utilizing Level 2 inputs $ 64,847 $ 48,716 Fair value utilizing Level 3 inputs $ 4,960 $ 5,681 |
Schedule of Deposit Liabilities | Following is summarized information for our deposits at September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Outstanding Balance Weighted Average Interest Rate Outstanding Balance Weighted Average Interest Rate Overnight deposits $ 793 0.60 % $ 555 1.00 % Term deposits -12 months 466 1.07 % 337 1.32 % Term deposits - 24 months 277 1.29 % 123 1.44 % Term deposits - 36 months 393 1.52 % 245 1.65 % Total deposits $ 1,929 1.00 % $ 1,260 1.25 % |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Securitization and Credit Facility VIEs [Member] | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | Securitizations and credit facilities September 30, 2016 December 31, 2015 Restricted cash $ 2,003 $ 1,876 Finance receivables, net of fees $ 24,498 $ 24,942 Lease related assets $ 18,243 $ 11,684 Secured debt $ 34,217 $ 29,386 |
Other VIE [Member] | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities of these VIEs: September 30, 2016 December 31, 2015 Assets (a) $ 4,617 $ 3,652 Liabilities (b) $ 3,881 $ 2,941 _________________ (a) Comprised primarily of finance receivables, net of $3.6 billion and $3.2 billion at September 30, 2016 and December 31, 2015 . (b) Comprised primarily of debt of $2.9 billion and $2.6 billion at September 30, 2016 and December 31, 2015 . The following table summarizes the revenue and net income of these VIEs: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Total revenue $ 51 $ 41 $ 159 $ 122 Net income $ 4 $ 6 $ 20 $ 25 |
Derivative Financial Instrume28
Derivative Financial Instruments And Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | September 30, 2016 December 31, 2015 Level Notional Fair Value Notional Fair Value Derivatives designated as hedges Assets Fair value hedges Interest rate swaps (a) 2 $ 3,450 $ 58 $ — $ — Cash flow hedges Interest rate swaps (b) 3 889 1 — — Foreign currency swaps (a) 2 702 1 — — Total assets (c) $ 5,041 $ 60 $ — $ — Liabilities Fair value hedges Interest rate swaps (a) 2 $ 3,500 $ 20 $ 1,000 $ 6 Cash flow hedges Interest rate swaps (b) 3 1,870 3 — — Foreign currency swaps (a) 2 140 1 — — Total liabilities (d) $ 5,510 $ 24 $ 1,000 $ 6 Derivatives not designated as hedges Assets Interest rate swaps (b) 3 $ 5,483 $ 22 $ 4,122 $ 8 Interest rate options (a) 2 8,734 8 6,327 19 Foreign currency swaps (a) 2 1,371 71 1,460 48 Total assets (c) $ 15,588 $ 101 $ 11,909 $ 75 Liabilities Interest rate swaps (b) 3 $ 7,670 $ 29 $ 8,041 $ 24 Interest rate options (a) 2 10,047 7 5,892 19 Total liabilities (d) $ 17,717 $ 36 $ 13,933 $ 43 _________________ (a) The fair value was derived using the market approach based on observable market inputs including quoted prices of similar instruments and foreign exchange and interest rate forward curves. (b) The fair value was derived using the income approach based on a discounted cash flow model, in which expected cash flows are discounted using current risk-adjusted rates. (c) Included in other assets in the condensed consolidated balance sheets. (d) Included in other liabilities in the condensed consolidated balance sheets. |
Effect of Derivative Instruments on the Condensed Consolidated Statements of Income | The following table presents information on the gains/(losses) on derivative instruments included in the condensed consolidated statements of income and comprehensive income: Income (Losses) Recognized In Income Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Fair value hedges Interest rate contracts (a)(b) $ 6 $ — $ 26 $ — Cash flow hedges Interest rate contracts (a) (2 ) — (2 ) — Foreign currency contracts (1 ) — (1 ) — Derivatives not designated as hedges Interest rate contracts (a) 7 (13 ) (8 ) (12 ) Foreign currency derivatives (c) 36 28 201 39 Total $ 46 $ 15 $ 216 $ 27 Gains Recognized In Accumulated Other Comprehensive Loss Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Cash flow hedges Interest rate contracts (a) $ 2 $ — $ (2 ) $ — Foreign currency contracts — — — — Total $ 2 $ — $ (2 ) $ — Gains Reclassified From Accumulated Other Comprehensive Loss Into Income Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Cash flow hedges Interest rate contracts (a) $ 1 $ — $ 1 $ — Foreign currency contracts (4 ) — (4 ) — Total $ (3 ) $ — $ (3 ) $ — _________________ (a) Recognized in earnings as interest expense. (b) Includes hedge ineffectiveness which reflects the net change in the fair value of interest rate contracts of $57 million and $19 million offset by the change in fair value of hedged debt attributable to the hedged risk of $54 million and $14 million for the three and nine months ended September 30, 2016 . (c) Activity is substantially offset by translation activity (included in operating expenses) related to foreign currency-denominated loans. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Key financial data for our operating segments were as follows: Three Months Ended September 30, 2016 North International Corporate Eliminations Total Total revenue $ 2,092 $ 407 $ — $ — $ 2,499 Operating expenses 240 152 — — 392 Leased vehicle expenses 1,194 8 — — 1,202 Provision for loan losses 147 25 — — 172 Interest expense 383 158 — — 541 Equity income — 36 — — 36 Income before income taxes $ 128 $ 100 $ — $ — $ 228 Three Months Ended September 30, 2015 North International Corporate Eliminations Total Total revenue $ 1,302 $ 405 $ 2 $ (2 ) $ 1,707 Operating expenses 185 135 — — 320 Leased vehicle expenses 626 3 — — 629 Provision for loan losses 106 38 — — 144 Interest expense 214 175 25 (2 ) 412 Equity income — 29 — — 29 Income (loss) before income taxes $ 171 $ 83 $ (23 ) $ — $ 231 Nine Months Ended September 30, 2016 North International Corporate Eliminations Total Total revenue $ 5,666 $ 1,200 $ (1 ) $ 1 $ 6,866 Operating expenses 656 413 — — 1,069 Leased vehicle expenses 3,143 20 — — 3,163 Provision for loan losses 449 70 — — 519 Interest expense 1,025 479 — 1 1,505 Equity income — 109 — — 109 Income (loss) before income taxes $ 393 $ 327 $ (1 ) $ — $ 719 Nine Months Ended September 30, 2015 North International Corporate Eliminations Total Total revenue $ 3,293 $ 1,283 $ 13 $ (13 ) $ 4,576 Operating expenses 530 415 — — 945 Leased vehicle expenses 1,416 7 — — 1,423 Provision for loan losses 335 105 — — 440 Interest expense 572 564 60 (13 ) 1,183 Equity income — 85 — — 85 Income (loss) before income taxes $ 440 $ 277 $ (47 ) $ — $ 670 September 30, 2016 December 31, 2015 North International Total North International Total Finance receivables, net $ 25,366 $ 15,766 $ 41,132 $ 21,558 $ 15,223 $ 36,781 Leased vehicles, net $ 31,570 $ 205 $ 31,775 $ 20,086 $ 86 $ 20,172 Total assets $ 62,596 $ 19,515 $ 82,111 $ 47,419 $ 18,485 $ 65,904 |
Accumulated Other Comprehensi30
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Unrealized loss on cash flow hedge Beginning balance $ (4 ) $ — $ — $ — Change in value of cash flow hedge, net of tax (1 ) — (5 ) — Ending balance (5 ) — (5 ) — Defined benefit plans Beginning balance (13 ) (10 ) (13 ) (11 ) Unrealized gain on subsidiary pension, net of tax — — — 1 Ending balance (13 ) (10 ) (13 ) (10 ) Foreign currency translation adjustment Beginning balance (1,021 ) (664 ) (1,091 ) (422 ) Translation (loss) income (10 ) (282 ) 60 (524 ) Ending balance (1,031 ) (946 ) (1,031 ) (946 ) Total accumulated other comprehensive loss $ (1,049 ) $ (956 ) $ (1,049 ) $ (956 ) |
Guarantor Condensed Consolida31
Guarantor Condensed Consolidating Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2016 (Unaudited) General Motors Financial Company, Inc. Guarantor Non- Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 1,692 $ 896 $ — $ 2,588 Finance receivables, net — 7,932 33,200 — 41,132 Leased vehicles, net — — 31,775 — 31,775 Restricted cash — 19 2,036 — 2,055 Goodwill 1,095 — 103 — 1,198 Equity in net assets of non-consolidated affiliates — — 940 — 940 Property and equipment, net — 127 126 — 253 Deferred income taxes 422 — 265 (377 ) 310 Related party receivables — 53 797 — 850 Other assets 18 311 850 (169 ) 1,010 Due from affiliates 23,089 14,177 — (37,266 ) — Investment in affiliates 9,357 4,539 — (13,896 ) — Total assets $ 33,981 $ 28,850 $ 70,988 $ (51,708 ) $ 82,111 LIABILITIES AND SHAREHOLDER'S EQUITY Liabilities Secured debt $ — $ — $ 35,406 $ (169 ) $ 35,237 Unsecured debt 25,085 — 8,441 — 33,526 Accounts payable and accrued expenses 201 289 929 — 1,419 Deferred income — — 2,226 — 2,226 Deferred income taxes — 15 661 (377 ) 299 Related party payables — — 407 — 407 Other liabilities 77 38 264 — 379 Due to affiliates — 23,027 14,239 (37,266 ) — Total liabilities 25,363 23,369 62,573 (37,812 ) 73,493 Shareholder's equity Common stock — — 698 (698 ) — Additional paid-in capital 6,495 79 3,972 (4,051 ) 6,495 Accumulated other comprehensive loss (1,049 ) (147 ) (1,029 ) 1,176 (1,049 ) Retained earnings 3,172 5,549 4,774 (10,323 ) 3,172 Total shareholder's equity 8,618 5,481 8,415 (13,896 ) 8,618 Total liabilities and shareholder's equity $ 33,981 $ 28,850 $ 70,988 $ (51,708 ) $ 82,111 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 (Unaudited) General Motors Financial Company, Inc. Guarantor Non- Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 2,259 $ 802 $ — $ 3,061 Finance receivables, net — 4,808 31,973 — 36,781 Leased vehicles, net — — 20,172 — 20,172 Restricted cash — 60 1,881 — 1,941 Goodwill 1,095 — 94 — 1,189 Equity in net assets of non-consolidated affiliates — — 986 — 986 Property and equipment, net — 41 178 — 219 Deferred income taxes 212 — 179 (160 ) 231 Related party receivables — 27 546 — 573 Other assets 32 32 687 — 751 Due from affiliates 15,573 7,556 — (23,129 ) — Investment in affiliates 8,476 6,425 — (14,901 ) — Total assets $ 25,388 $ 21,208 $ 57,498 $ (38,190 ) $ 65,904 LIABILITIES AND SHAREHOLDER'S EQUITY Liabilities Secured debt $ — $ — $ 30,689 $ — $ 30,689 Unsecured debt 17,087 — 6,570 — 23,657 Accounts payable and accrued expenses 181 717 320 — 1,218 Deferred income — — 1,454 — 1,454 Deferred income taxes — 289 — (160 ) 129 Related party payables — — 362 — 362 Other liabilities 68 34 241 — 343 Due to affiliates — 15,495 7,634 (23,129 ) — Total liabilities 17,336 16,535 47,270 (23,289 ) 57,852 Shareholder's equity Common stock — — 698 (698 ) — Additional paid-in capital 6,484 79 6,490 (6,569 ) 6,484 Accumulated other comprehensive loss (1,104 ) (175 ) (1,095 ) 1,270 (1,104 ) Retained earnings 2,672 4,769 4,135 (8,904 ) 2,672 Total shareholder's equity 8,052 4,673 10,228 (14,901 ) 8,052 Total liabilities and shareholder's equity $ 25,388 $ 21,208 $ 57,498 $ (38,190 ) $ 65,904 |
Condensed Consolidating Statement of Income | CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2016 (Unaudited) General Guarantor Non- Eliminations Consolidated Revenue Finance charge income $ — $ 127 $ 710 $ — $ 837 Leased vehicle income — — 1,590 — 1,590 Other income — 213 30 (171 ) 72 Total revenue — 340 2,330 (171 ) 2,499 Costs and expenses Salaries and benefits — 157 66 — 223 Other operating expenses 6 54 210 (101 ) 169 Total operating expenses 6 211 276 (101 ) 392 Leased vehicle expenses — — 1,202 — 1,202 Provision for loan losses — 102 70 — 172 Interest expense 171 54 386 (70 ) 541 Total costs and expenses 177 367 1,934 (171 ) 2,307 Equity income 267 202 36 (469 ) 36 Income before income taxes 90 175 432 (469 ) 228 Income tax (benefit) provision (57 ) (17 ) 155 — 81 Net income $ 147 $ 192 $ 277 $ (469 ) $ 147 Comprehensive income $ 136 $ 183 $ 270 $ (453 ) $ 136 CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2015 (Unaudited) General Guarantor Non- Eliminations Consolidated Revenue Finance charge income $ — $ 114 $ 728 $ — $ 842 Leased vehicle income — — 797 — 797 Other income 2 137 33 (104 ) 68 Total revenue 2 251 1,558 (104 ) 1,707 Costs and expenses Salaries and benefits — 79 106 — 185 Other operating expenses 21 25 150 (61 ) 135 Total operating expenses 21 104 256 (61 ) 320 Leased vehicle expenses — — 629 — 629 Provision for loan losses — 112 32 — 144 Interest expense 134 — 321 (43 ) 412 Total costs and expenses 155 216 1,238 (104 ) 1,505 Equity income 255 167 29 (422 ) 29 Income before income taxes 102 202 349 (422 ) 231 Income tax (benefit) provision (77 ) 15 114 — 52 Net income $ 179 $ 187 $ 235 $ (422 ) $ 179 Comprehensive (loss) income $ (103 ) $ 141 $ (47 ) $ (94 ) $ (103 ) CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2016 (Unaudited) General Guarantor Non- Eliminations Consolidated Revenue Finance charge income $ — $ 344 $ 2,137 $ — $ 2,481 Leased vehicle income — — 4,164 — 4,164 Other income (1 ) 628 74 (480 ) 221 Total revenue (1 ) 972 6,375 (480 ) 6,866 Costs and expenses Salaries and benefits — 432 187 — 619 Other operating expenses 2 175 565 (292 ) 450 Total operating expenses 2 607 752 (292 ) 1,069 Leased vehicle expenses — — 3,163 — 3,163 Provision for loan losses — 282 237 — 519 Interest expense 612 (67 ) 1,148 (188 ) 1,505 Total costs and expenses 614 822 5,300 (480 ) 6,256 Equity income 858 538 109 (1,396 ) 109 Income before income taxes 243 688 1,184 (1,396 ) 719 Income tax (benefit) provision (257 ) 63 413 — 219 Net income $ 500 $ 625 $ 771 $ (1,396 ) $ 500 Comprehensive income $ 555 $ 653 $ 837 $ (1,490 ) $ 555 CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2015 (Unaudited) General Guarantor Non- Eliminations Consolidated Revenue Finance charge income $ — $ 294 $ 2,250 $ — $ 2,544 Leased vehicle income — — 1,827 — 1,827 Other income 13 363 118 (289 ) 205 Total revenue 13 657 4,195 (289 ) 4,576 Costs and expenses Salaries and benefits — 245 286 — 531 Other operating expenses 56 95 453 (190 ) 414 Total operating expenses 56 340 739 (190 ) 945 Leased vehicle expenses — — 1,423 — 1,423 Provision for loan losses — 302 138 — 440 Interest expense 342 1 939 (99 ) 1,183 Total costs and expenses 398 643 3,239 (289 ) 3,991 Equity income 716 452 85 (1,168 ) 85 Income before income taxes 331 466 1,041 (1,168 ) 670 Income tax (benefit) provision (184 ) 6 333 — 155 Net income $ 515 $ 460 $ 708 $ (1,168 ) $ 515 Comprehensive (loss) income $ (8 ) $ 370 $ 181 $ (551 ) $ (8 ) |
Condensed Consolidating Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2016 (Unaudited) General Motors Financial Company, Inc. Guarantor Non- Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities $ (469 ) $ (379 ) $ 4,704 $ — $ 3,856 Cash flows from investing activities Purchases of retail finance receivables, net — (12,676 ) (12,891 ) 12,315 (13,252 ) Principal collections and recoveries on retail finance receivables — 1,274 8,630 — 9,904 Proceeds from transfer of retail finance receivables, net — 8,232 4,083 (12,315 ) — Net funding of commercial finance receivables — (335 ) (1,347 ) — (1,682 ) Purchases of leased vehicles, net — — (15,030 ) — (15,030 ) Proceeds from termination of leased vehicles — — 1,801 — 1,801 Purchases of property and equipment — (50 ) (21 ) — (71 ) Change in restricted cash — 41 (164 ) — (123 ) Other investing activities (169 ) (3 ) 169 (3 ) Net change in due from affiliates (7,506 ) (6,621 ) — 14,127 — Net change in investment in affiliates 24 2,473 — (2,497 ) — Net cash used in investing activities (7,482 ) (7,831 ) (14,942 ) 11,799 (18,456 ) Cash flows from financing activities Net change in debt (original maturities less than three months) 1 — 496 — 497 Borrowings and issuance of secured debt — — 19,573 (169 ) 19,404 Payments on secured debt — — (14,599 ) — (14,599 ) Borrowings and issuance of unsecured debt 8,987 — 2,312 — 11,299 Payments on unsecured debt (1,000 ) — (1,386 ) — (2,386 ) Net capital contributions — — (2,497 ) 2,497 — Debt issuance costs (37 ) — (82 ) — (119 ) Net change in due to affiliates — 7,643 6,484 (14,127 ) — Net cash provided by financing activities 7,951 7,643 10,301 (11,799 ) 14,096 Net increase (decrease) in cash and cash equivalents — (567 ) 63 — (504 ) Effect of foreign exchange rate changes on cash and cash equivalents — — 31 — 31 Cash and cash equivalents at beginning of period — 2,259 802 — 3,061 Cash and cash equivalents at end of period $ — $ 1,692 $ 896 $ — $ 2,588 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2015 (Unaudited) General Motors Financial Company, Inc. Guarantor Non- Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities $ (184 ) $ 314 $ 2,037 $ — $ 2,167 Cash flows from investing activities Purchases of retail finance receivables, net — (9,045 ) (11,938 ) 7,884 (13,099 ) Principal collections and recoveries on retail finance receivables — 414 8,304 — 8,718 Proceeds from transfer of retail finance receivables, net — 6,939 945 (7,884 ) — Net funding of commercial finance receivables — 172 (351 ) — (179 ) Purchases of leased vehicles, net — — (11,258 ) — (11,258 ) Proceeds from termination of leased vehicles — — 662 — 662 Acquisition of international operations (513 ) (536 ) — — (1,049 ) Disposition of equity interest — 125 — — 125 Purchases of property and equipment — (22 ) (42 ) — (64 ) Change in restricted cash — (20 ) (216 ) — (236 ) Other investing activities — — 24 — 24 Net change in due from affiliates (6,189 ) (3,973 ) — 10,162 — Net change in investment in affiliates (6 ) (2,644 ) — 2,650 — Net cash used in investing activities (6,708 ) (8,590 ) (13,870 ) 12,812 (16,356 ) Cash flows from financing activities Net change in debt (original maturities less than three months) — — 539 — 539 Borrowings and issuance of secured debt — — 15,095 — 15,095 Payments on secured debt — — (10,903 ) — (10,903 ) Borrowings and issuance of unsecured debt 6,939 — 2,620 — 9,559 Payments on unsecured debt — — (1,195 ) — (1,195 ) Net capital contributions — — 2,650 (2,650 ) — Debt issuance costs (47 ) — (77 ) — (124 ) Net change in due to affiliates — 6,844 3,318 (10,162 ) — Net cash provided by financing activities 6,892 6,844 12,047 (12,812 ) 12,971 Net increase (decrease) in cash and cash equivalents — (1,432 ) 214 — (1,218 ) Effect of foreign exchange rate changes on cash and cash equivalents — — (154 ) — (154 ) Cash and cash equivalents at beginning of period — 2,266 708 — 2,974 Cash and cash equivalents at end of period $ — $ 834 $ 768 $ — $ 1,602 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Narrative (Details) | 9 Months Ended |
Sep. 30, 2016segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 2 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Apr. 30, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||||||
Advances drawn on lines of credit due from GM | $ 850 | $ 850 | $ 573 | |||
Junior Subordinated Revolving Credit Facility [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Junior Subordinated Revolving Credit Facility | $ 1,000 | |||||
Affiliated Entity [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Advances drawn on lines of credit due from GM | 466 | 466 | 190 | |||
Subvention receivable | 384 | 384 | 383 | |||
Interest subvention earned | 119 | $ 89 | 331 | $ 252 | ||
Leased vehicle subvention earned | 593 | 294 | 1,592 | 626 | ||
Affiliated Entity [Member] | Junior Subordinated Revolving Credit Facility [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Junior Subordinated Revolving Credit Facility | 415 | 415 | 0 | |||
Affiliated Entity [Member] | Commercial Finance Receivables [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Commercial finance receivables, net due from dealers consolidated by GM | 338 | 338 | 229 | |||
Commercial loan funding payable | 399 | 399 | $ 351 | |||
Parent Company [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from related parties | $ 1,000 | $ 1,200 | $ 3,200 | $ 2,500 |
Related Party Transactions (D34
Related Party Transactions (Details 2) - USD ($) | May 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Apr. 30, 2016 |
Related Party Transaction [Line Items] | ||||
Finance receivable repayment period | 30 days | |||
Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Tax expense due to related party | $ 0 | $ 0 | ||
General Motors [Member] | ||||
Related Party Transaction [Line Items] | ||||
Maximum borrowing capacity | $ 14,500,000,000 | $ 12,500,000,000 | ||
Junior Subordinated Revolving Credit Facility [Member] | ||||
Related Party Transaction [Line Items] | ||||
Line of credit facilities - GM Related party facility | 1,000,000,000 | |||
Junior Subordinated Revolving Credit Facility [Member] | Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Line of credit facilities - GM Related party facility | $ 415,000,000 | $ 0 | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | General Motors [Member] | ||||
Related Party Transaction [Line Items] | ||||
Maximum borrowing capacity | $ 4,000,000,000 | |||
Line of Credit [Member] | Three Year Revolving Credit Facility [Member] | ||||
Related Party Transaction [Line Items] | ||||
Maximum borrowing capacity | 1,000,000,000 | |||
Line of Credit [Member] | Three Year Revolving Credit Facility [Member] | General Motors [Member] | ||||
Related Party Transaction [Line Items] | ||||
Maximum borrowing capacity | $ 4,000,000,000 | |||
Debt instrument term | 3 years | |||
Line of Credit [Member] | Five Year Revolving Credit Facility [Member] | ||||
Related Party Transaction [Line Items] | ||||
Maximum borrowing capacity | $ 3,000,000,000 | |||
Line of Credit [Member] | Five Year Revolving Credit Facility [Member] | General Motors [Member] | ||||
Related Party Transaction [Line Items] | ||||
Maximum borrowing capacity | $ 10,500,000,000 | |||
Debt instrument term | 5 years |
Finance Receivables - Narrative
Finance Receivables - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Accrual of finance charge income | $ 816 | $ 778 |
Finance Receivables - Finance R
Finance Receivables - Finance Receivables, net (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance receivables, net | $ 41,132 | $ 36,781 | ||
Fair value of finance receivables | 41,530 | 36,937 | ||
Automobile Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Direct-financing leases | 1,300 | 1,100 | ||
Deferred income | 200 | 179 | ||
Automobile Loan [Member] | Retail Finance Receivables [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Collectively evaluated for impairment, net of fees | 30,408 | 27,512 | ||
Individually evaluated for impairment, net of fees | 1,838 | 1,612 | ||
Total finance receivables | 32,246 | 29,124 | $ 27,987 | $ 25,623 |
Less: allowance for loan losses - collective | (566) | (515) | ||
Less: allowance for loan losses - specific | (256) | (220) | ||
Total finance receivables, net | 31,424 | 28,389 | ||
Automobile Loan [Member] | Commercial Finance Receivables [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Collectively evaluated for impairment, net of fees | 9,704 | 8,357 | ||
Individually evaluated for impairment, net of fees | 56 | 82 | ||
Total finance receivables | 9,760 | 8,439 | ||
Less: allowance for loan losses - collective | (46) | (38) | ||
Less: allowance for loan losses - specific | (6) | (9) | ||
Total finance receivables, net | $ 9,708 | $ 8,392 |
Finance Receivables - Finance37
Finance Receivables - Finance Receivables Summary (Details) - Retail Finance Receivables [Member] - Automobile Loan [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | ||
Beginning balance | $ 29,124 | $ 25,623 |
Purchases of retail finance receivables | 13,397 | 13,107 |
Principal collections and other | (9,479) | (8,136) |
Charge-offs | (853) | (710) |
Foreign currency translation | 57 | (1,897) |
Ending balance | $ 32,246 | $ 27,987 |
Finance Receivables - Allowance
Finance Receivables - Allowance for Loan Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Provision for loan losses | $ 172 | $ 144 | $ 519 | $ 440 |
Retail Finance Receivables [Member] | Automobile Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Charge-offs | (853) | (710) | ||
Retail Finance Receivables [Member] | Automobile Loan [Member] | Post-Acquisition Portfolio [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for retail loan losses beginning balance | 814 | 721 | 735 | 655 |
Provision for loan losses | 170 | 141 | 515 | 437 |
Charge-offs | (294) | (256) | (853) | (710) |
Recoveries | 134 | 124 | 417 | 357 |
Foreign currency translation | (2) | (12) | 8 | (21) |
Allowance for retail loan losses ending balance | $ 822 | $ 718 | $ 822 | $ 718 |
Finance Receivables - Credit Qu
Finance Receivables - Credit Quality (Details) - North America Segment [Member] - Automobile Loan [Member] - Retail Finance Receivables [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Finance receivables, net of fees | $ 20,766 | $ 18,148 |
Finance receivables credit indicator, Percent | 100.00% | 100.00% |
FICO Score, 680 and Greater [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance receivables, net of fees | $ 6,902 | $ 4,418 |
Finance receivables credit indicator, Percent | 33.20% | 24.40% |
FICO Score, 620 to 679 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance receivables, net of fees | $ 3,305 | $ 2,890 |
Finance receivables credit indicator, Percent | 15.90% | 15.90% |
FICO Score, Less than 620 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance receivables, net of fees | $ 10,559 | $ 10,840 |
Finance receivables credit indicator, Percent | 50.90% | 59.70% |
Finance Receivables - Delinquen
Finance Receivables - Delinquency (Details) - Retail Finance Receivables [Member] - Automobile Loan [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
In repossession | $ 60 | $ 53 |
In repossession (percent) | 0.20% | 0.20% |
Financing receivable and in repossession past due | $ 1,690 | $ 1,644 |
Financing receivable and in repossession past due (percent) | 5.20% | 5.80% |
31 to 60 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable past due | $ 1,127 | $ 1,137 |
Financing receivable past due (percent) | 3.50% | 4.00% |
Greater Than 60 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable past due | $ 503 | $ 454 |
Financing receivable past due (percent) | 1.50% | 1.60% |
Thirty or More Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable past due | $ 1,630 | $ 1,591 |
Financing receivable past due (percent) | 5.00% | 5.60% |
Finance Receivables - Troubled
Finance Receivables - Troubled Debt Restructurings (Details) - North America Segment [Member] - Automobile Loan [Member] $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)loan | Sep. 30, 2015USD ($)loan | Sep. 30, 2016USD ($)loan | Sep. 30, 2015USD ($)loan | Dec. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding recorded investment | $ 1,837 | $ 1,837 | $ 1,612 | ||
Less: allowance for loan losses | (256) | (256) | (220) | ||
Outstanding recorded investment, net of allowance | 1,581 | 1,581 | 1,392 | ||
Unpaid principal balance | 1,884 | 1,884 | $ 1,642 | ||
Average outstanding recorded investment | 1,785 | $ 1,403 | 1,725 | $ 1,361 | |
Finance charge income recognized | $ 55 | $ 41 | $ 156 | $ 122 | |
Number of loans classified as TDRs during the period | loan | 18,548 | 16,122 | 49,327 | 42,246 | |
Recorded investment of loans classified as TDRs during the period | $ 315 | $ 270 | $ 846 | $ 716 |
Finance Receivables - Commercia
Finance Receivables - Commercial Finance Receivables (Details) - Commercial Finance Receivables [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | ||
Beginning balance | $ 8,439 | $ 8,072 |
Net funding | 1,411 | 292 |
Charge-offs | 0 | 0 |
Foreign currency translation | (90) | (519) |
Ending balance | $ 9,760 | $ 7,845 |
Finance Receivables - Credit Ri
Finance Receivables - Credit Risk Profile by Dealer grouping of Commercial Finance Receivables (Details) - Commercial Finance Receivables [Member] - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at end of period | $ 9,760 | $ 8,439 | $ 7,845 | $ 8,072 |
Percent of portfolio (percent) | 100.00% | 100.00% | ||
Group I [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at end of period | $ 1,531 | $ 1,299 | ||
Percent of portfolio (percent) | 15.70% | 15.40% | ||
Group II [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at end of period | $ 3,026 | $ 2,648 | ||
Percent of portfolio (percent) | 31.00% | 31.40% | ||
Group III [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at end of period | $ 3,282 | $ 2,703 | ||
Percent of portfolio (percent) | 33.60% | 32.00% | ||
Group IV [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at end of period | $ 1,164 | $ 1,100 | ||
Percent of portfolio (percent) | 11.90% | 13.00% | ||
Group V [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at end of period | $ 611 | $ 505 | ||
Percent of portfolio (percent) | 6.30% | 6.00% | ||
Group VI [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at end of period | $ 146 | $ 184 | ||
Percent of portfolio (percent) | 1.50% | 2.20% |
Leased Vehicles - Summary of Le
Leased Vehicles - Summary of Leased Vehicles (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Property Subject to or Available for Operating Lease, Net [Abstract] | ||
Leased vehicles | $ 44,147 | $ 27,587 |
Manufacturer incentives | (7,039) | (4,582) |
Leased vehicles accounted for operating leases net of manufacturing incentives | 37,108 | 23,005 |
Less: accumulated depreciation | (5,333) | (2,833) |
Leased vehicles, net | $ 31,775 | $ 20,172 |
Leased Vehicles - Minimum Renta
Leased Vehicles - Minimum Rental Payments (Details) $ in Millions | Sep. 30, 2016USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,016 | $ 1,352 |
2,017 | 5,019 |
2,018 | 3,515 |
2,019 | 1,289 |
2,020 | 102 |
Thereafter | 3 |
Total | $ 11,280 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | $ 2,055 | $ 1,941 |
Revolving Credit Facility [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 321 | 345 |
Securitization Notes Payable [Member] | Retail Finance Receivables [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 1,682 | 1,531 |
Other [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | $ 52 | $ 65 |
Equity in Net Assets of Non-c47
Equity in Net Assets of Non-consolidated Affiliates (Details) - SAIC-GMAC [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Noncontrolling Interest [Line Items] | |
Cash dividends received | $ 129 |
Undistributed earnings | $ 100 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 9 Months Ended | |||||||
Sep. 30, 2016USD ($) | Oct. 25, 2016USD ($) | Sep. 30, 2016EUR (€) | Jul. 21, 2016USD ($) | May 31, 2016USD ($) | May 31, 2016EUR (€) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 27,340,000,000 | $ 19,100,000,000 | ||||||
Medium-term Notes [Member] | Euro Medium Term Note Due May 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | € | € 500,000,000 | |||||||
Interest rate (percent) | 1.168% | 1.168% | ||||||
Medium-term Notes [Member] | Euro Medium Term Note Due September 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | € | € 750,000,000 | |||||||
Interest rate (percent) | 0.955% | 0.955% | ||||||
Secured Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 11,849,000,000 | |||||||
Secured Debt [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Increase in credit facilities during period | $ 3,100,000,000 | |||||||
Parent Company [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 3,000,000,000 | $ 2,750,000,000 | ||||||
Parent Company [Member] | Senior Notes [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 1,750,000,000 | |||||||
Parent Company [Member] | Senior Notes [Member] | 4.2% Senior Notes Due March 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 1,500,000,000 | |||||||
Interest rate (percent) | 4.20% | |||||||
Parent Company [Member] | Senior Notes [Member] | 5.25% Senior Notes Due March 2026 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 1,250,000,000 | |||||||
Interest rate (percent) | 5.25% | |||||||
Parent Company [Member] | Senior Notes [Member] | 2.40% Senior Notes Due May 2019 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 1,400,000,000 | |||||||
Interest rate (percent) | 2.40% | 2.40% | ||||||
Parent Company [Member] | Senior Notes [Member] | 3.70% Senior Notes Due May 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 1,200,000,000 | |||||||
Interest rate (percent) | 3.70% | 3.70% | ||||||
Parent Company [Member] | Senior Notes [Member] | Floating Rate Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 400,000,000 | |||||||
Parent Company [Member] | Senior Notes [Member] | 3.2% Senior Notes Due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 2,000,000,000 | |||||||
Interest rate (percent) | 3.20% | |||||||
Parent Company [Member] | Senior Notes [Member] | 2.35% Senior Notes Due October 2019 [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 750,000,000 | |||||||
Interest rate (percent) | 2.35% | |||||||
Parent Company [Member] | Senior Notes [Member] | 4.00% Senior Notes Due October 2026 [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 750,000,000 | |||||||
Interest rate (percent) | 4.00% | |||||||
Parent Company [Member] | Senior Notes [Member] | Floating Rate Senior Notes Due October 2019 [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 250,000,000 |
Debt - Short Term and Long Term
Debt - Short Term and Long Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Short Term and Long Term Debt [Line Items] | ||
Secured debt | $ 35,237 | $ 30,689 |
Unsecured debt | 33,526 | 23,657 |
Long-term Debt | 68,763 | 54,346 |
Secured debt fair value | 35,418 | 30,671 |
Unsecured debt fair value | 34,389 | 23,726 |
Fair value of Secured and Unsecured debt | 69,807 | 54,397 |
Level 2 [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Fair value of Secured and Unsecured debt | 64,847 | 48,716 |
Level 3 [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Fair value of Secured and Unsecured debt | 4,960 | 5,681 |
Revolving Credit Facility [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured debt | 7,947 | 7,548 |
Unsecured debt | 3,676 | 2,759 |
Secured debt fair value | 7,944 | 7,494 |
Unsecured debt fair value | 3,678 | 2,753 |
Securitization Notes Payable [Member] | Retail Finance Receivables [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured debt | 27,290 | 23,141 |
Secured debt fair value | 27,474 | 23,177 |
Senior Notes [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Unsecured debt | 27,199 | 18,973 |
Unsecured debt fair value | 28,053 | 19,045 |
Retail Customer Deposits [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Unsecured debt | 1,929 | 1,260 |
Unsecured debt fair value | 1,936 | 1,262 |
Other Unsecured Debt [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Unsecured debt | 722 | 665 |
Unsecured debt fair value | $ 722 | $ 666 |
Debt - Summary of Retail Deposi
Debt - Summary of Retail Deposits (Details) - Germany [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Outstanding Balance | ||
Overnight deposits | $ 793 | $ 555 |
Term deposits - 12 months | 466 | 337 |
Term deposits - 24 months | 277 | 123 |
Term deposits - 36 months | 393 | 245 |
Total deposits | $ 1,929 | $ 1,260 |
Weighted Average Interest Rate | ||
Overnight deposits (percent) | 0.60% | 1.00% |
Term deposits -12 months (percent) | 1.07% | 1.32% |
Term deposits - 24 months (percent) | 1.29% | 1.44% |
Term deposits - 36 months (percent) | 1.52% | 1.65% |
Total deposits (percent) | 1.00% | 1.25% |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) $ in Billions | Sep. 30, 2016 | Dec. 31, 2015 |
Variable Interest Entities [Abstract] | ||
Transfers of finance receivables | $ 1.2 | $ 1.5 |
Transfers of finance receivables outstanding balance | $ 1.1 | $ 1.4 |
Variable Interest Entities - As
Variable Interest Entities - Assets and Liabilities of Consolidated VIE's (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Restricted cash | $ 2,055 | $ 1,941 |
Finance receivables, net | 41,132 | 36,781 |
Lease related assets | 31,775 | 20,172 |
Securitization and Credit Facility VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted cash | 2,003 | 1,876 |
Finance receivables, net | 24,498 | 24,942 |
Lease related assets | 18,243 | 11,684 |
Secured debt | $ 34,217 | $ 29,386 |
Variable Interest Entities - 53
Variable Interest Entities - Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Assets | $ 82,111 | $ 65,904 |
Liabilities | 73,493 | 57,852 |
Finance receivables, net | 41,132 | 36,781 |
Secured debt (Note 7; Note 8 VIEs) | 35,237 | 30,689 |
Other VIE [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 4,617 | 3,652 |
Liabilities | 3,881 | 2,941 |
Finance receivables, net | 3,600 | 3,200 |
Secured debt (Note 7; Note 8 VIEs) | $ 2,900 | $ 2,600 |
Variable Interest Entities - Re
Variable Interest Entities - Revenue and Net Income from Entities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Variable Interest Entity [Line Items] | ||||
Total revenue | $ 2,499 | $ 1,707 | $ 6,866 | $ 4,576 |
Net income | 147 | 179 | 500 | 515 |
Other VIE [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total revenue | 51 | 41 | 159 | 122 |
Net income | $ 4 | $ 6 | $ 20 | $ 25 |
Derivative Financial Instrume55
Derivative Financial Instruments And Hedging Activities (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Notional amount | $ 5,041 | $ 0 |
Derivative asset, Fair value | 60 | 0 |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, Notional amount | 5,510 | 1,000 |
Derivative liability, Fair value | 24 | 6 |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Other Assets [Member] | Interest Rate Swaps [Member] | Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Notional amount | 3,450 | 0 |
Derivative asset, Fair value | 58 | 0 |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Other Liabilities [Member] | Interest Rate Swaps [Member] | Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, Notional amount | 3,500 | 1,000 |
Derivative liability, Fair value | 20 | 6 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | Interest Rate Swaps [Member] | Level 3 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Notional amount | 889 | 0 |
Derivative asset, Fair value | 1 | 0 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | Foreign Currency Swaps [Member] | Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Notional amount | 702 | 0 |
Derivative asset, Fair value | 1 | 0 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member] | Interest Rate Swaps [Member] | Level 3 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, Notional amount | 1,870 | 0 |
Derivative liability, Fair value | 3 | 0 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member] | Foreign Currency Swaps [Member] | Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, Notional amount | 140 | 0 |
Derivative liability, Fair value | 0 | |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Notional amount | 15,588 | 11,909 |
Derivative asset, Fair value | 101 | 75 |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest Rate Swaps [Member] | Level 3 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Notional amount | 5,483 | 4,122 |
Derivative asset, Fair value | 22 | 8 |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest Rate Options [Member] | Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Notional amount | 8,734 | 6,327 |
Derivative asset, Fair value | 8 | 19 |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | Foreign Currency Swaps [Member] | Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Notional amount | 1,371 | 1,460 |
Derivative asset, Fair value | 71 | 48 |
Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, Notional amount | 17,717 | 13,933 |
Derivative liability, Fair value | 36 | 43 |
Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Interest Rate Swaps [Member] | Level 3 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, Notional amount | 7,670 | 8,041 |
Derivative liability, Fair value | 29 | 24 |
Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Interest Rate Options [Member] | Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, Notional amount | 10,047 | 5,892 |
Derivative liability, Fair value | $ 7 | $ 19 |
Derivative Financial Instrume56
Derivative Financial Instruments And Hedging Activities - Derivatives Income (Losses) Recognized in Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivatives, Fair Value [Line Items] | ||||
Total | $ 46 | $ 15 | $ 216 | $ 27 |
Increase (decrease) in fair value of interest rate contracts | 57 | 19 | ||
Increase (decrease) in fair value of hedged debt | 54 | 14 | ||
Cash Flow Hedging [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains Recognized In Accumulated Other Comprehensive Loss | 2 | 0 | (2) | 0 |
Gains Reclassified From Accumulated Other Comprehensive Loss Into Income | (3) | 0 | (3) | 0 |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains Recognized In Accumulated Other Comprehensive Loss | 2 | 0 | (2) | 0 |
Gains Reclassified From Accumulated Other Comprehensive Loss Into Income | 1 | 0 | 1 | 0 |
Cash Flow Hedging [Member] | Foreign Currency Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains Recognized In Accumulated Other Comprehensive Loss | 0 | 0 | 0 | 0 |
Gains Reclassified From Accumulated Other Comprehensive Loss Into Income | (4) | 0 | (4) | 0 |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Interest rate contracts | 6 | 0 | 26 | 0 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Interest rate contracts | (2) | 0 | (2) | 0 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Currency Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Interest rate contracts | (1) | 0 | (1) | 0 |
Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Interest rate contracts | 7 | (13) | (8) | (12) |
Foreign currency derivatives | $ 36 | $ 28 | $ 201 | $ 39 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||
Debt instrument, face amount | $ 27,340,000,000 | $ 19,100,000,000 |
Estimate of possible loss | 96,000,000 | |
Loss accrual | 35,000,000 | |
Indirect tax contingency | $ 44,000,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Income tax (benefit) provision | $ 81 | $ 52 | $ 219 | $ 155 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) | 9 Months Ended |
Sep. 30, 2016segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment Reporting - Operations
Segment Reporting - Operations Reporting by Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 2,499 | $ 1,707 | $ 6,866 | $ 4,576 |
Operating expenses | 392 | 320 | 1,069 | 945 |
Leased vehicle expenses | 1,202 | 629 | 3,163 | 1,423 |
Provision for loan losses | 172 | 144 | 519 | 440 |
Interest expense | 541 | 412 | 1,505 | 1,183 |
Equity income | 36 | 29 | 109 | 85 |
Income before income taxes | 228 | 231 | 719 | 670 |
Operating Segments [Member] | North America Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 2,092 | 1,302 | 5,666 | 3,293 |
Operating expenses | 240 | 185 | 656 | 530 |
Leased vehicle expenses | 1,194 | 626 | 3,143 | 1,416 |
Provision for loan losses | 147 | 106 | 449 | 335 |
Interest expense | 383 | 214 | 1,025 | 572 |
Equity income | 0 | 0 | 0 | 0 |
Income before income taxes | 128 | 171 | 393 | 440 |
Operating Segments [Member] | International Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 407 | 405 | 1,200 | 1,283 |
Operating expenses | 152 | 135 | 413 | 415 |
Leased vehicle expenses | 8 | 3 | 20 | 7 |
Provision for loan losses | 25 | 38 | 70 | 105 |
Interest expense | 158 | 175 | 479 | 564 |
Equity income | 36 | 29 | 109 | 85 |
Income before income taxes | 100 | 83 | 327 | 277 |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 0 | 2 | (1) | 13 |
Operating expenses | 0 | 0 | 0 | 0 |
Leased vehicle expenses | 0 | 0 | 0 | 0 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Interest expense | 0 | 25 | 0 | 60 |
Equity income | 0 | 0 | 0 | 0 |
Income before income taxes | 0 | (23) | (1) | (47) |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 0 | (2) | 1 | (13) |
Operating expenses | 0 | 0 | 0 | 0 |
Leased vehicle expenses | 0 | 0 | 0 | 0 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Interest expense | 0 | (2) | 1 | (13) |
Equity income | 0 | 0 | 0 | 0 |
Income before income taxes | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting - Operation61
Segment Reporting - Operations Reporting by Assets (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Finance receivables, net | $ 41,132 | $ 36,781 |
Leased vehicles, net | 31,775 | 20,172 |
Total assets | 82,111 | 65,904 |
North America Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Finance receivables, net | 25,366 | 21,558 |
Leased vehicles, net | 31,570 | 20,086 |
Total assets | 62,596 | 47,419 |
International Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Finance receivables, net | 15,766 | 15,223 |
Leased vehicles, net | 205 | 86 |
Total assets | $ 19,515 | $ 18,485 |
Accumulated Other Comprehensi62
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Changes in Accumulated Other Comprehensive Income [Roll Forward] | |||||
Unrealized loss on cash flow hedge, Balance at beginning of period | $ (4) | $ 0 | $ 0 | $ 0 | |
Change in value of cash flow hedge, net of tax | (1) | 0 | (5) | 0 | |
Unrealized loss on cash flow hedge, Balance at end of period | (5) | 0 | (5) | 0 | |
Defined benefit plans, net: Balance at beginning of period | (13) | (10) | (13) | (11) | |
Unrealized gain on subsidiary pension, net of tax | 0 | 0 | 0 | 1 | |
Defined benefit plans, net: Balance at end of period | (13) | (10) | (13) | (10) | |
Foreign currency translation adjustment: Balance at beginning of period | (1,021) | (664) | (1,091) | (422) | |
Translation (loss) income | (10) | (282) | 60 | (524) | |
Foreign currency translation adjustment: Balance at end of period | (1,031) | (946) | (1,031) | (946) | |
Total accumulated other comprehensive loss | $ (1,049) | $ (956) | $ (1,049) | $ (956) | $ (1,104) |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Capital Requirements on Foreign Financial Institutions [Line Items] | ||
Assets | $ 82,111 | $ 65,904 |
International Regulated Bank And Finance Companies [Member] | ||
Capital Requirements on Foreign Financial Institutions [Line Items] | ||
Assets | $ 12,600 | $ 11,100 |
Guarantor Condensed Consolida64
Guarantor Condensed Consolidating Financial Statements - Narrative (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Parent Company [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Reclassification amount | $ 6,100 |
Guarantor [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Reclassification amount | 945 |
Guarantor [Member] | Due From Affiliates [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Reclassification amount | $ 3,900 |
Guarantor Condensed Consolida65
Guarantor Condensed Consolidating Financial Statements - Current Period Guarantor Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 2,588 | $ 3,061 | $ 1,602 | $ 2,974 |
Finance receivables, net | 41,132 | 36,781 | ||
Leased vehicles, net | 31,775 | 20,172 | ||
Restricted cash (Note 5; Note 8 VIEs) | 2,055 | 1,941 | ||
Goodwill | 1,198 | 1,189 | ||
Equity in net assets of non-consolidated affiliates (Note 6) | 940 | 986 | ||
Property and equipment, net | 253 | 219 | ||
Deferred income taxes | 310 | 231 | ||
Related party receivables (Note 2) | 850 | 573 | ||
Other assets | 1,010 | 751 | ||
Due from affiliates | 0 | 0 | ||
Investment in affiliates | 0 | 0 | ||
Total assets | 82,111 | 65,904 | ||
Secured debt (Note 7; Note 8 VIEs) | 35,237 | 30,689 | ||
Unsecured debt (Note 7) | 33,526 | 23,657 | ||
Accounts payable and accrued expenses | 1,419 | 1,218 | ||
Deferred income | 2,226 | 1,454 | ||
Deferred income taxes | 299 | 129 | ||
Related party payables (Note 2) | 407 | 362 | ||
Other liabilities | 379 | 343 | ||
Due to affiliates | 0 | 0 | ||
Total liabilities | 73,493 | 57,852 | ||
Common stock | 0 | 0 | ||
Additional paid-in capital | 6,495 | 6,484 | ||
Accumulated other comprehensive loss (Note 13) | (1,049) | (1,104) | (956) | |
Retained earnings | 3,172 | 2,672 | ||
Total shareholder's equity | 8,618 | 8,052 | ||
Total liabilities and shareholder's equity | 82,111 | 65,904 | ||
Parent Company [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Finance receivables, net | 0 | 0 | ||
Leased vehicles, net | 0 | 0 | ||
Restricted cash (Note 5; Note 8 VIEs) | 0 | 0 | ||
Goodwill | 1,095 | 1,095 | ||
Equity in net assets of non-consolidated affiliates (Note 6) | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Deferred income taxes | 422 | 212 | ||
Related party receivables (Note 2) | 0 | 0 | ||
Other assets | 18 | 32 | ||
Due from affiliates | 23,089 | 15,573 | ||
Investment in affiliates | 9,357 | 8,476 | ||
Total assets | 33,981 | 25,388 | ||
Secured debt (Note 7; Note 8 VIEs) | 0 | 0 | ||
Unsecured debt (Note 7) | 25,085 | 17,087 | ||
Accounts payable and accrued expenses | 201 | 181 | ||
Deferred income | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Related party payables (Note 2) | 0 | 0 | ||
Other liabilities | 77 | 68 | ||
Due to affiliates | 0 | 0 | ||
Total liabilities | 25,363 | 17,336 | ||
Common stock | 0 | 0 | ||
Additional paid-in capital | 6,495 | 6,484 | ||
Accumulated other comprehensive loss (Note 13) | (1,049) | (1,104) | ||
Retained earnings | 3,172 | 2,672 | ||
Total shareholder's equity | 8,618 | 8,052 | ||
Total liabilities and shareholder's equity | 33,981 | 25,388 | ||
Guarantor [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 1,692 | 2,259 | 834 | 2,266 |
Finance receivables, net | 7,932 | 4,808 | ||
Leased vehicles, net | 0 | 0 | ||
Restricted cash (Note 5; Note 8 VIEs) | 19 | 60 | ||
Goodwill | 0 | 0 | ||
Equity in net assets of non-consolidated affiliates (Note 6) | 0 | 0 | ||
Property and equipment, net | 127 | 41 | ||
Deferred income taxes | 0 | 0 | ||
Related party receivables (Note 2) | 53 | 27 | ||
Other assets | 311 | 32 | ||
Due from affiliates | 14,177 | 7,556 | ||
Investment in affiliates | 4,539 | 6,425 | ||
Total assets | 28,850 | 21,208 | ||
Secured debt (Note 7; Note 8 VIEs) | 0 | 0 | ||
Unsecured debt (Note 7) | 0 | 0 | ||
Accounts payable and accrued expenses | 289 | 717 | ||
Deferred income | 0 | 0 | ||
Deferred income taxes | 15 | 289 | ||
Related party payables (Note 2) | 0 | 0 | ||
Other liabilities | 38 | 34 | ||
Due to affiliates | 23,027 | 15,495 | ||
Total liabilities | 23,369 | 16,535 | ||
Common stock | 0 | 0 | ||
Additional paid-in capital | 79 | 79 | ||
Accumulated other comprehensive loss (Note 13) | (147) | (175) | ||
Retained earnings | 5,549 | 4,769 | ||
Total shareholder's equity | 5,481 | 4,673 | ||
Total liabilities and shareholder's equity | 28,850 | 21,208 | ||
Non-Guarantors [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 896 | 802 | 768 | 708 |
Finance receivables, net | 33,200 | 31,973 | ||
Leased vehicles, net | 31,775 | 20,172 | ||
Restricted cash (Note 5; Note 8 VIEs) | 2,036 | 1,881 | ||
Goodwill | 103 | 94 | ||
Equity in net assets of non-consolidated affiliates (Note 6) | 940 | 986 | ||
Property and equipment, net | 126 | 178 | ||
Deferred income taxes | 265 | 179 | ||
Related party receivables (Note 2) | 797 | 546 | ||
Other assets | 850 | 687 | ||
Due from affiliates | 0 | 0 | ||
Investment in affiliates | 0 | 0 | ||
Total assets | 70,988 | 57,498 | ||
Secured debt (Note 7; Note 8 VIEs) | 35,406 | 30,689 | ||
Unsecured debt (Note 7) | 8,441 | 6,570 | ||
Accounts payable and accrued expenses | 929 | 320 | ||
Deferred income | 2,226 | 1,454 | ||
Deferred income taxes | 661 | 0 | ||
Related party payables (Note 2) | 407 | 362 | ||
Other liabilities | 264 | 241 | ||
Due to affiliates | 14,239 | 7,634 | ||
Total liabilities | 62,573 | 47,270 | ||
Common stock | 698 | 698 | ||
Additional paid-in capital | 3,972 | 6,490 | ||
Accumulated other comprehensive loss (Note 13) | (1,029) | (1,095) | ||
Retained earnings | 4,774 | 4,135 | ||
Total shareholder's equity | 8,415 | 10,228 | ||
Total liabilities and shareholder's equity | 70,988 | 57,498 | ||
Eliminations [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Finance receivables, net | 0 | 0 | ||
Leased vehicles, net | 0 | 0 | ||
Restricted cash (Note 5; Note 8 VIEs) | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Equity in net assets of non-consolidated affiliates (Note 6) | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Deferred income taxes | (377) | (160) | ||
Related party receivables (Note 2) | 0 | 0 | ||
Other assets | (169) | 0 | ||
Due from affiliates | (37,266) | (23,129) | ||
Investment in affiliates | (13,896) | (14,901) | ||
Total assets | (51,708) | (38,190) | ||
Secured debt (Note 7; Note 8 VIEs) | (169) | 0 | ||
Unsecured debt (Note 7) | 0 | 0 | ||
Accounts payable and accrued expenses | 0 | 0 | ||
Deferred income | 0 | 0 | ||
Deferred income taxes | (377) | (160) | ||
Related party payables (Note 2) | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Due to affiliates | (37,266) | (23,129) | ||
Total liabilities | (37,812) | (23,289) | ||
Common stock | (698) | (698) | ||
Additional paid-in capital | (4,051) | (6,569) | ||
Accumulated other comprehensive loss (Note 13) | 1,176 | 1,270 | ||
Retained earnings | (10,323) | (8,904) | ||
Total shareholder's equity | (13,896) | (14,901) | ||
Total liabilities and shareholder's equity | $ (51,708) | $ (38,190) |
Guarantor Condensed Consolida66
Guarantor Condensed Consolidating Financial Statements - Guarantor Income Statements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Income Statements, Captions [Line Items] | ||||
Finance charge income | $ 837 | $ 842 | $ 2,481 | $ 2,544 |
Leased vehicle income | 1,590 | 797 | 4,164 | 1,827 |
Other income | 72 | 68 | 221 | 205 |
Total revenue | 2,499 | 1,707 | 6,866 | 4,576 |
Salaries and benefits | 223 | 185 | 619 | 531 |
Other operating expenses | 169 | 135 | 450 | 414 |
Total operating expenses | 392 | 320 | 1,069 | 945 |
Leased vehicle expenses | 1,202 | 629 | 3,163 | 1,423 |
Provision for loan losses | 172 | 144 | 519 | 440 |
Interest expense | 541 | 412 | 1,505 | 1,183 |
Total costs and expenses | 2,307 | 1,505 | 6,256 | 3,991 |
Equity income | 36 | 29 | 109 | 85 |
Income before income taxes | 228 | 231 | 719 | 670 |
Income tax (benefit) provision | 81 | 52 | 219 | 155 |
Net income | 147 | 179 | 500 | 515 |
Comprehensive income (loss) | 136 | (103) | 555 | (8) |
Parent Company [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Finance charge income | 0 | 0 | 0 | 0 |
Leased vehicle income | 0 | 0 | 0 | 0 |
Other income | 0 | 2 | (1) | 13 |
Total revenue | 0 | 2 | (1) | 13 |
Salaries and benefits | 0 | 0 | 0 | 0 |
Other operating expenses | 6 | 21 | 2 | 56 |
Total operating expenses | 6 | 21 | 2 | 56 |
Leased vehicle expenses | 0 | 0 | 0 | 0 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Interest expense | 171 | 134 | 612 | 342 |
Total costs and expenses | 177 | 155 | 614 | 398 |
Equity income | 267 | 255 | 858 | 716 |
Income before income taxes | 90 | 102 | 243 | 331 |
Income tax (benefit) provision | (57) | (77) | (257) | (184) |
Net income | 147 | 179 | 500 | 515 |
Comprehensive income (loss) | 136 | (103) | 555 | (8) |
Guarantor [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Finance charge income | 127 | 114 | 344 | 294 |
Leased vehicle income | 0 | 0 | 0 | 0 |
Other income | 213 | 137 | 628 | 363 |
Total revenue | 340 | 251 | 972 | 657 |
Salaries and benefits | 157 | 79 | 432 | 245 |
Other operating expenses | 54 | 25 | 175 | 95 |
Total operating expenses | 211 | 104 | 607 | 340 |
Leased vehicle expenses | 0 | 0 | 0 | 0 |
Provision for loan losses | 102 | 112 | 282 | 302 |
Interest expense | 54 | 0 | (67) | 1 |
Total costs and expenses | 367 | 216 | 822 | 643 |
Equity income | 202 | 167 | 538 | 452 |
Income before income taxes | 175 | 202 | 688 | 466 |
Income tax (benefit) provision | (17) | 15 | 63 | 6 |
Net income | 192 | 187 | 625 | 460 |
Comprehensive income (loss) | 183 | 141 | 653 | 370 |
Non-Guarantors [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Finance charge income | 710 | 728 | 2,137 | 2,250 |
Leased vehicle income | 1,590 | 797 | 4,164 | 1,827 |
Other income | 30 | 33 | 74 | 118 |
Total revenue | 2,330 | 1,558 | 6,375 | 4,195 |
Salaries and benefits | 66 | 106 | 187 | 286 |
Other operating expenses | 210 | 150 | 565 | 453 |
Total operating expenses | 276 | 256 | 752 | 739 |
Leased vehicle expenses | 1,202 | 629 | 3,163 | 1,423 |
Provision for loan losses | 70 | 32 | 237 | 138 |
Interest expense | 386 | 321 | 1,148 | 939 |
Total costs and expenses | 1,934 | 1,238 | 5,300 | 3,239 |
Equity income | 36 | 29 | 109 | 85 |
Income before income taxes | 432 | 349 | 1,184 | 1,041 |
Income tax (benefit) provision | 155 | 114 | 413 | 333 |
Net income | 277 | 235 | 771 | 708 |
Comprehensive income (loss) | 270 | (47) | 837 | 181 |
Eliminations [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Finance charge income | 0 | 0 | 0 | 0 |
Leased vehicle income | 0 | 0 | 0 | 0 |
Other income | (171) | (104) | (480) | (289) |
Total revenue | (171) | (104) | (480) | (289) |
Salaries and benefits | 0 | 0 | 0 | 0 |
Other operating expenses | (101) | (61) | (292) | (190) |
Total operating expenses | (101) | (61) | (292) | (190) |
Leased vehicle expenses | 0 | 0 | 0 | 0 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Interest expense | (70) | (43) | (188) | (99) |
Total costs and expenses | (171) | (104) | (480) | (289) |
Equity income | (469) | (422) | (1,396) | (1,168) |
Income before income taxes | (469) | (422) | (1,396) | (1,168) |
Income tax (benefit) provision | 0 | 0 | 0 | 0 |
Net income | (469) | (422) | (1,396) | (1,168) |
Comprehensive income (loss) | $ (453) | $ (94) | $ (1,490) | $ (551) |
Guarantor Condensed Consolida67
Guarantor Condensed Consolidating Financial Statements - Guarantor Cash Flows (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | $ 3,856 | $ 2,167 |
Cash flows from investing activities | ||
Purchases of retail finance receivables, net | (13,252) | (13,099) |
Principal collections and recoveries on retail finance receivables | 9,904 | 8,718 |
Proceeds from transfer of retail finance receivables, net | 0 | 0 |
Net funding of commercial finance receivables | (1,682) | (179) |
Purchases of leased vehicles, net | (15,030) | (11,258) |
Proceeds from termination of leased vehicles | 1,801 | 662 |
Acquisition of international operations | 0 | (1,049) |
Disposition of equity interest | 0 | 125 |
Purchases of property and equipment | (71) | (64) |
Change in restricted cash | (123) | (236) |
Other investing activities | (3) | 24 |
Net change in due from affiliates | 0 | 0 |
Net change in investment in affiliates | 0 | 0 |
Net cash used in investing activities | (18,456) | (16,356) |
Cash flows from financing activities | ||
Net change in debt (original maturities less than three months) | 497 | 539 |
Borrowings and issuance of secured debt | 19,404 | 15,095 |
Payments on secured debt | (14,599) | (10,903) |
Borrowings and issuance of unsecured debt | 11,299 | 9,559 |
Payments on unsecured debt | (2,386) | (1,195) |
Net capital contributions | 0 | 0 |
Debt issuance costs | (119) | (124) |
Net change in due to affiliates | 0 | 0 |
Net cash provided by financing activities | 14,096 | 12,971 |
Net decrease in cash and cash equivalents | (504) | (1,218) |
Effect of foreign exchange rate changes on cash and cash equivalents | 31 | (154) |
Cash and cash equivalents at beginning of period | 3,061 | 2,974 |
Cash and cash equivalents at end of period | 2,588 | 1,602 |
Parent Company [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | (469) | (184) |
Cash flows from investing activities | ||
Purchases of retail finance receivables, net | 0 | 0 |
Principal collections and recoveries on retail finance receivables | 0 | 0 |
Proceeds from transfer of retail finance receivables, net | 0 | 0 |
Net funding of commercial finance receivables | 0 | 0 |
Purchases of leased vehicles, net | 0 | 0 |
Proceeds from termination of leased vehicles | 0 | 0 |
Acquisition of international operations | (513) | |
Disposition of equity interest | 0 | |
Purchases of property and equipment | 0 | 0 |
Change in restricted cash | 0 | 0 |
Other investing activities | 0 | |
Net change in due from affiliates | (7,506) | (6,189) |
Net change in investment in affiliates | 24 | (6) |
Net cash used in investing activities | (7,482) | (6,708) |
Cash flows from financing activities | ||
Net change in debt (original maturities less than three months) | 1 | 0 |
Borrowings and issuance of secured debt | 0 | 0 |
Payments on secured debt | 0 | 0 |
Borrowings and issuance of unsecured debt | 8,987 | 6,939 |
Payments on unsecured debt | (1,000) | 0 |
Net capital contributions | 0 | 0 |
Debt issuance costs | (37) | (47) |
Net change in due to affiliates | 0 | 0 |
Net cash provided by financing activities | 7,951 | 6,892 |
Net decrease in cash and cash equivalents | 0 | 0 |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Guarantor [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | (379) | 314 |
Cash flows from investing activities | ||
Purchases of retail finance receivables, net | (12,676) | (9,045) |
Principal collections and recoveries on retail finance receivables | 1,274 | 414 |
Proceeds from transfer of retail finance receivables, net | 8,232 | 6,939 |
Net funding of commercial finance receivables | (335) | 172 |
Purchases of leased vehicles, net | 0 | 0 |
Proceeds from termination of leased vehicles | 0 | 0 |
Acquisition of international operations | (536) | |
Disposition of equity interest | 125 | |
Purchases of property and equipment | (50) | (22) |
Change in restricted cash | 41 | (20) |
Other investing activities | (169) | 0 |
Net change in due from affiliates | (6,621) | (3,973) |
Net change in investment in affiliates | 2,473 | (2,644) |
Net cash used in investing activities | (7,831) | (8,590) |
Cash flows from financing activities | ||
Net change in debt (original maturities less than three months) | 0 | 0 |
Borrowings and issuance of secured debt | 0 | 0 |
Payments on secured debt | 0 | 0 |
Borrowings and issuance of unsecured debt | 0 | 0 |
Payments on unsecured debt | 0 | 0 |
Net capital contributions | 0 | 0 |
Debt issuance costs | 0 | 0 |
Net change in due to affiliates | 7,643 | 6,844 |
Net cash provided by financing activities | 7,643 | 6,844 |
Net decrease in cash and cash equivalents | (567) | (1,432) |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 2,259 | 2,266 |
Cash and cash equivalents at end of period | 1,692 | 834 |
Non-Guarantors [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 4,704 | 2,037 |
Cash flows from investing activities | ||
Purchases of retail finance receivables, net | (12,891) | (11,938) |
Principal collections and recoveries on retail finance receivables | 8,630 | 8,304 |
Proceeds from transfer of retail finance receivables, net | 4,083 | 945 |
Net funding of commercial finance receivables | (1,347) | (351) |
Purchases of leased vehicles, net | (15,030) | (11,258) |
Proceeds from termination of leased vehicles | 1,801 | 662 |
Acquisition of international operations | 0 | |
Disposition of equity interest | 0 | |
Purchases of property and equipment | (21) | (42) |
Change in restricted cash | (164) | (216) |
Other investing activities | (3) | 24 |
Net change in due from affiliates | 0 | 0 |
Net change in investment in affiliates | 0 | 0 |
Net cash used in investing activities | (14,942) | (13,870) |
Cash flows from financing activities | ||
Net change in debt (original maturities less than three months) | 496 | 539 |
Borrowings and issuance of secured debt | 19,573 | 15,095 |
Payments on secured debt | (14,599) | (10,903) |
Borrowings and issuance of unsecured debt | 2,312 | 2,620 |
Payments on unsecured debt | (1,386) | (1,195) |
Net capital contributions | (2,497) | 2,650 |
Debt issuance costs | (82) | (77) |
Net change in due to affiliates | 6,484 | 3,318 |
Net cash provided by financing activities | 10,301 | 12,047 |
Net decrease in cash and cash equivalents | 63 | 214 |
Effect of foreign exchange rate changes on cash and cash equivalents | 31 | (154) |
Cash and cash equivalents at beginning of period | 802 | 708 |
Cash and cash equivalents at end of period | 896 | 768 |
Eliminations [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 0 | 0 |
Cash flows from investing activities | ||
Purchases of retail finance receivables, net | 12,315 | 7,884 |
Principal collections and recoveries on retail finance receivables | 0 | 0 |
Proceeds from transfer of retail finance receivables, net | (12,315) | (7,884) |
Net funding of commercial finance receivables | 0 | 0 |
Purchases of leased vehicles, net | 0 | 0 |
Proceeds from termination of leased vehicles | 0 | 0 |
Acquisition of international operations | 0 | |
Disposition of equity interest | 0 | |
Purchases of property and equipment | 0 | 0 |
Change in restricted cash | 0 | 0 |
Other investing activities | 169 | 0 |
Net change in due from affiliates | 14,127 | 10,162 |
Net change in investment in affiliates | (2,497) | 2,650 |
Net cash used in investing activities | 11,799 | 12,812 |
Cash flows from financing activities | ||
Net change in debt (original maturities less than three months) | 0 | 0 |
Borrowings and issuance of secured debt | (169) | 0 |
Payments on secured debt | 0 | 0 |
Borrowings and issuance of unsecured debt | 0 | 0 |
Payments on unsecured debt | 0 | 0 |
Net capital contributions | 2,497 | (2,650) |
Debt issuance costs | 0 | 0 |
Net change in due to affiliates | (14,127) | (10,162) |
Net cash provided by financing activities | (11,799) | (12,812) |
Net decrease in cash and cash equivalents | 0 | 0 |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $ 0 | $ 0 |