Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | Apr. 23, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | acf | |
Entity Registrant Name | General Motors Financial Company, Inc. | |
Entity Central Index Key | 804269 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 505 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $2,121 | $2,974 |
Finance receivables, net | 32,470 | 33,000 |
Leased vehicles, net | 8,939 | 7,060 |
Restricted cash | 1,849 | 2,071 |
Goodwill | 1,243 | 1,244 |
Equity in net assets of non-consolidated affiliates | 929 | 0 |
Property and equipment, net of accumulated depreciation of $66 and $59 | 176 | 172 |
Deferred income taxes | 283 | 341 |
Related party receivables | 437 | 384 |
Other assets | 899 | 478 |
Total assets | 49,346 | 47,724 |
Liabilities: | ||
Secured debt | 24,693 | 25,214 |
Unsecured debt | 14,432 | 12,217 |
Accounts payable and accrued expenses | 970 | 1,002 |
Deferred income | 546 | 392 |
Deferred income taxes | 48 | 20 |
Taxes payable | 205 | 234 |
Related party taxes payable | 636 | 636 |
Related party payables | 450 | 433 |
Other liabilities | 163 | 184 |
Total liabilities | 42,143 | 40,332 |
Commitments and contingencies | ||
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 | 5,805 | 5,799 |
Accumulated other comprehensive loss | -779 | -433 |
Retained earnings | 2,177 | 2,026 |
Total stockholders' equity | 7,203 | 7,392 |
Total liabilities and shareholder's equity | $49,346 | $47,724 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Entity Common Stock, Shares Authorized | 1,000 | 1,000 |
Entity Common Stock, Shares issued | 505 | 505 |
Common stock par value per share | $1 | $1 |
Accumulated depreciation | $66 | $59 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income And Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue | ||
Financial charge income | $854 | $830 |
Leased vehicle income | 431 | 200 |
Other income | 69 | 67 |
Total revenue | 1,354 | 1,097 |
Costs and expenses | ||
Salaries and benefits | 165 | 136 |
Other operating expenses | 141 | 133 |
Total operating expenses | 306 | 269 |
Leased vehicle expenses | 327 | 156 |
Provision for loan losses | 155 | 135 |
Interest expense | 380 | 315 |
Total costs and expenses | 1,168 | 875 |
Equity income | 28 | 0 |
Income before income taxes | 214 | 222 |
Income tax provision | 64 | 77 |
Net income | 150 | 145 |
Other comprehensive income | ||
Defined benefit plans, net | 1 | 0 |
Foreign currency translation adjustment | -347 | 5 |
Other comprehensive (loss) income, net | -346 | 5 |
Comprehensive (loss) income | ($196) | $150 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities | $545 | $386 |
Cash flows from investing activities: | ||
Purchases of consumer finance receivables, net | -4,065 | -3,320 |
Principal collections and recoveries on consumer finance receivables | 2,814 | 2,617 |
Net collections (funding) of commercial finance receivables | 54 | -255 |
Purchases of leased vehicles, net | -2,319 | -628 |
Proceeds from termination of leased vehicles | 185 | 123 |
Acquisition of equity interest | -1,049 | 0 |
Purchases of property and equipment | -17 | -7 |
Change in restricted cash | -154 | -147 |
Change in other assets | 6 | 0 |
Net cash used in investing activities | -4,545 | -1,617 |
Cash flows from financing activities: | ||
Net change in debt (original maturities less than three months) | 198 | 451 |
Borrowings and issuance of secured debt | 2,889 | 5,070 |
Payments on secured debt | -2,748 | -4,238 |
Borrowings and issuance of unsecured debt | 3,258 | 390 |
Payments on unsecured debt | -308 | -330 |
Debt issuance costs | -41 | -23 |
Net cash provided by financing activities | 3,248 | 1,320 |
Net (decrease) increase in cash and cash equivalents | -752 | 89 |
Effect of foreign exchange rate changes on cash and cash equivalents | -101 | -1 |
Cash and cash equivalents at beginning of period | 2,974 | 1,074 |
Cash and cash equivalents at end of period | 2,121 | 1,162 |
Supplemental cash flow information: | ||
Subvention receivable from GM | 252 | 111 |
Commercial loan funding payable to GM | 425 | 462 |
Sale of equity interest in SAIC-GMAC | $125 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
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 wholly-owned 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 consolidated financial statements that are included in our Annual Report on Form 10-K filed on February 4, 2015 ("Form 10-K"). Certain prior periods amounts were reclassified to conform to our current year presentation. | |
The condensed consolidated financial statements at March 31, 2015, and for the three months ended March 31, 2015 and 2014, 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. | |
Subsequent to the issuance of our condensed consolidated financial statements as of and for the three months ended March 31, 2014, we identified items not properly classified in the condensed consolidated statements of cash flows. The adjustments to previously reported amounts within the condensed consolidated statement of cash flows, which had no impact on cash and cash equivalents at March 31, 2014, had a net effect of decreasing net cash provided by operating activities by $79 million and decreasing net cash used in investing activities by $79 million, and were principally related to net funding of commercial finance receivables. | |
Segment Information | |
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: North America (the "North America Segment") and international (the "International Segment"). The North America Segment includes our operations in the U.S. and Canada. The International Segment includes our operations in all other countries. For additional financial information regarding our business segments, see Note 13 - "Segment Reporting." | |
Related Party Transactions | |
We are the wholly-owned captive finance subsidiary of General Motors Company ("GM"). We offer loan and lease finance products through GM-franchised dealers to consumers purchasing new and certain used vehicles manufactured by GM and make commercial loans directly to GM-franchised dealers and their affiliates. Under subvention programs, GM makes cash payments to us for offering incentivized rates and structures on consumer loan and lease finance products. In addition, GM makes payments to us to cover certain interest payments on commercial loans. At March 31, 2015 and December 31, 2014, we had related party receivables from GM in the amount of $437 million and $384 million, primarily related to subvention. | |
At March 31, 2015 and December 31, 2014 we had $164 million and $176 million in commercial loans outstanding to dealers that are consolidated by GM. Prior to January 1, 2015, we provided financing to certain GM subsidiaries through factoring and other wholesale financing arrangements. At December 31, 2014, $289 million was outstanding under such arrangements, and was included in commercial finance receivables. No amounts were outstanding at March 31, 2015. At March 31, 2015 and December 31, 2014, we had $450 million and $433 million of related party payables due to GM, primarily for commercial finance receivables originated but not yet funded. These payables typically settle within 30 days. | |
We have a tax sharing agreement with GM for our U.S. operations. Under our tax sharing arrangement with GM, payments related to our U.S. operations for the tax years 2012 through 2014 were deferred for four years from their original due date. At March 31, 2015 and December 31, 2014, we have recorded related party taxes payable to GM in the amount of $636 million. | |
We have a Support Agreement with GM (the “Support Agreement”), which provides that, if our earning assets leverage at the end of any calendar quarter is higher than thresholds set in the Support Agreement, we may require GM to provide funding sufficient to bring our earning assets leverage to within the appropriate threshold. In determining our earning assets leverage (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. At March 31, 2015, our earning assets leverage ratio was 6.9, which is below the applicable ratio of 8.0. | |
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 on $4.0 billion under GM’s corporate revolving credit facilities. GM also agreed to certain provisions intended to ensure that we maintain adequate access to liquidity. Pursuant to these provisions, GM provided us with a $1.0 billion unsecured intercompany revolving credit facility (the “Junior Subordinated Revolving Credit Facility”). There were no advances outstanding under the Junior Subordinated Revolving Credit Facility at March 31, 2015 or December 31, 2014. | |
Accounting Standards Not Yet Adopted | |
In May 2014 the Financial Accounting Standards Board issued ASU 2014-09, “Revenue Recognition - Revenue from Contracts with Customers” ("ASU 2014-09") that requires companies to recognize revenue when a customer obtains control rather than when companies have transferred substantially all risks and rewards of a good or service. This update is effective for annual reporting periods beginning on or after December 15, 2016 and interim periods therein and requires expanded disclosures. We are currently assessing the impact that the adoption of ASU 2014-09 will have on our consolidated financial statements. | |
In April 2015 the Financial Accounting Standards Board issued ASU 2015-03, “Interest - Imputation of Interest” ("ASU 2015-03") that requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This update is effective for annual reporting periods beginning on or after December 15, 2015 and interim periods within fiscal years beginning after December 15, 2016. We are currently assessing the impact that the adoption of ASU 2015-03 will have on our consolidated financial statements. |
Acquisition_of_Ally_Financial_
Acquisition of Ally Financial International Operations | 3 Months Ended |
Mar. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisition of Ally Financial International | Acquisition of Ally Financial International Operations |
In November 2012, we entered into a definitive agreement with Ally Financial to acquire the outstanding equity interests in the top-level holding companies of its automotive finance and financial services operations in Europe and Latin America and a separate agreement to acquire Ally Financial's non-controlling equity interest in SAIC-GMAC Automotive Finance Company Limited ("SAIC-GMAC"), which conducts auto finance operations in China. | |
During 2013, we completed the acquisition of Ally Financial's European and Latin American auto finance and financial services operations. The aggregate consideration for these acquisitions was $3.3 billion. In addition, we repaid debt of $1.4 billion that was assumed as part of the acquisitions. We recorded the fair value of the assets acquired and liabilities assumed on the acquisition date. | |
On January 2, 2015, we completed the acquisition of Ally Financial's 40% equity interest in SAIC-GMAC. The aggregate purchase price was $1.0 billion. Also on January 2, 2015, we sold a 5% equity interest in SAIC-GMAC to Shanghai Automotive Group Finance Company Ltd. (“SAIC FC”), a current shareholder of SAIC-GMAC, for proceeds of $125 million. As a result of these transactions, we own a 35% equity interest in SAIC-GMAC. We account for our ownership interest in SAIC-GMAC using the equity method of accounting. The difference between the carrying amount in our investment and our share of the underlying net assets of SAIC-GMAC was $371 million, which was primarily related to goodwill. We determined the acquisition date fair values of the identifiable assets acquired and liabilities assumed in accordance with ASC 805 Business Combinations. | |
Income resulting from the equity investment in SAIC-GMAC is included in our results beginning January 2, 2015. Equity income from SAIC-GMAC recorded in the three months ended March 31, 2015 was $28 million. If the acquisition had occurred on January 1, 2014, our net income for the three months ended March 31, 2014 would have been $174 million. |
Finance_Receivables
Finance Receivables | 3 Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||
Finance Receivables | Finance Receivables | ||||||||||||||||||||||||||||||
Our pre-acquisition and post-acquisition consumer finance portfolios are now reported on a combined basis, due to the diminished size of the pre-acquisition portfolio, which was $344 million at March 31, 2015. | |||||||||||||||||||||||||||||||
The finance receivables portfolio consists of the following (in millions): | |||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||
North | International | Total | North | International | Total | ||||||||||||||||||||||||||
America | America | ||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||
Consumer finance receivables, collectively evaluated for impairment, net of fees(a) | $ | 13,000 | $ | 11,297 | $ | 24,297 | $ | 12,127 | $ | 12,262 | $ | 24,389 | |||||||||||||||||||
Consumer finance receivables, individually evaluated for impairment, net of fees | 1,294 | — | 1,294 | 1,234 | — | 1,234 | |||||||||||||||||||||||||
Total consumer finance receivables(b) | 14,294 | 11,297 | 25,591 | 13,361 | 12,262 | 25,623 | |||||||||||||||||||||||||
Less: allowance for loan losses - collective | (441 | ) | (87 | ) | (528 | ) | (405 | ) | (78 | ) | (483 | ) | |||||||||||||||||||
Less: allowance for loan losses - specific | (164 | ) | — | (164 | ) | (172 | ) | — | (172 | ) | |||||||||||||||||||||
Total consumer finance receivables, net | 13,689 | 11,210 | 24,899 | 12,784 | 12,184 | 24,968 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||
Commercial finance receivables, collectively evaluated for impairment, net of fees | 3,260 | 4,278 | 7,538 | 3,180 | 4,803 | 7,983 | |||||||||||||||||||||||||
Commercial finance receivables, individually evaluated for impairment, net of fees | — | 69 | 69 | — | 89 | 89 | |||||||||||||||||||||||||
Total commercial finance receivables | 3,260 | 4,347 | 7,607 | 3,180 | 4,892 | 8,072 | |||||||||||||||||||||||||
Less: allowance for loan losses - collective | (20 | ) | (11 | ) | (31 | ) | (21 | ) | (14 | ) | (35 | ) | |||||||||||||||||||
Less: allowance for loan losses - specific | — | (5 | ) | (5 | ) | — | (5 | ) | (5 | ) | |||||||||||||||||||||
Total commercial finance receivables, net | 3,240 | 4,331 | 7,571 | 3,159 | 4,873 | 8,032 | |||||||||||||||||||||||||
Total finance receivables, net | $ | 16,929 | $ | 15,541 | $ | 32,470 | $ | 15,943 | $ | 17,057 | $ | 33,000 | |||||||||||||||||||
________________ | |||||||||||||||||||||||||||||||
(a) Amounts reported for International include $1.0 billion of direct-financing leases at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||||
(b) Net of unamortized premiums and discounts, and deferred fees and costs of $191 million and $245 million at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||||
Consumer Finance Receivables | |||||||||||||||||||||||||||||||
Following is a summary of activity in our consumer finance receivables portfolio (in millions): | |||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Consumer finance receivables, net of fees - beginning of period | $ | 13,361 | $ | 12,262 | $ | 25,623 | $ | 11,388 | $ | 11,742 | $ | 23,130 | |||||||||||||||||||
Loans purchased | 2,273 | 1,805 | 4,078 | 1,364 | 2,048 | 3,412 | |||||||||||||||||||||||||
Principal collections and other | (1,134 | ) | (1,459 | ) | (2,593 | ) | (1,003 | ) | (1,464 | ) | (2,467 | ) | |||||||||||||||||||
Charge-offs | (200 | ) | (34 | ) | (234 | ) | (192 | ) | (32 | ) | (224 | ) | |||||||||||||||||||
Foreign currency translation | (6 | ) | (1,277 | ) | (1,283 | ) | (1 | ) | 174 | 173 | |||||||||||||||||||||
Balance at end of period | $ | 14,294 | $ | 11,297 | $ | 25,591 | $ | 11,556 | $ | 12,468 | $ | 24,024 | |||||||||||||||||||
A summary of the activity in the allowance for consumer loan losses is as follows (in millions): | |||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 577 | $ | 78 | $ | 655 | $ | 468 | $ | 29 | $ | 497 | |||||||||||||||||||
Provision for loan losses | 118 | 39 | 157 | 104 | 33 | 137 | |||||||||||||||||||||||||
Charge-offs | (200 | ) | (34 | ) | (234 | ) | (192 | ) | (32 | ) | (224 | ) | |||||||||||||||||||
Recoveries | 110 | 12 | 122 | 111 | 16 | 127 | |||||||||||||||||||||||||
Foreign currency translation | — | (8 | ) | (8 | ) | — | — | — | |||||||||||||||||||||||
Balance at end of period | $ | 605 | $ | 87 | $ | 692 | $ | 491 | $ | 46 | $ | 537 | |||||||||||||||||||
Consumer 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. In addition to our proprietary scoring system, we consider other individual consumer factors, such as employment history, financial stability, and capacity to pay. At the time of loan origination, substantially all of our international consumers 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 are seeking to expand our prime lending programs. A summary of the credit risk profile by FICO score band, determined at origination, of the consumer finance receivables in the North America Segment is as follows (dollars in millions): | |||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||
Prime - FICO Score 680 and greater | $ | 1,161 | 8.1 | % | $ | 596 | 4.4 | % | |||||||||||||||||||||||
Near Prime - FICO Score 620 to 679 | 2,138 | 15 | 1,691 | 12.7 | |||||||||||||||||||||||||||
Sub-prime - FICO Score less than 620 | 10,995 | 76.9 | 11,074 | 82.9 | |||||||||||||||||||||||||||
Balance at end of period | $ | 14,294 | 100 | % | $ | 13,361 | 100 | % | |||||||||||||||||||||||
In addition we review the credit quality of all of our consumer finance receivables based on consumer payment activity. A consumer account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date such payment was contractually due. Consumer 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 consumer defaults on the payment terms of the contract. The following is a summary of the contractual amounts of delinquent consumer 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 (dollars in millions): | |||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||
North America | International | Total | Percent of Contractual Amount Due | North America | International | Total | Percent of Contractual Amount Due | ||||||||||||||||||||||||
31 - 60 days | $ | 767 | $ | 113 | $ | 880 | 3.4 | % | $ | 579 | $ | 138 | $ | 717 | 3.1 | % | |||||||||||||||
Greater than 60 days | 259 | 98 | 357 | 1.4 | 210 | 126 | 336 | 1.4 | |||||||||||||||||||||||
1,026 | 211 | 1,237 | 4.8 | 789 | 264 | 1,053 | 4.5 | ||||||||||||||||||||||||
In repossession | 34 | 8 | 42 | 0.2 | 33 | 5 | 38 | 0.1 | |||||||||||||||||||||||
$ | 1,060 | $ | 219 | $ | 1,279 | 5 | % | $ | 822 | $ | 269 | $ | 1,091 | 4.6 | % | ||||||||||||||||
The accrual of finance charge income has been suspended on $581 million and $682 million of consumer finance receivables (based on contractual amount due) at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||||
Impaired Consumer Finance Receivables - TDRs | |||||||||||||||||||||||||||||||
Consumer 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. The financial effects of the accounts that become classified as TDRs result in an impairment charge recorded as part of the provision for loan losses. Accounts that become classified as TDRs because of a payment deferral still 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 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 March 31, 2015 and December 31, 2014, the outstanding balance of consumer 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 (in millions): | |||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | 1,294 | $ | 1,234 | |||||||||||||||||||||||||||
Less: allowance for loan losses | (164 | ) | (172 | ) | |||||||||||||||||||||||||||
Outstanding recorded investment, net of allowance | $ | 1,130 | $ | 1,062 | |||||||||||||||||||||||||||
Unpaid principal balance | $ | 1,319 | $ | 1,255 | |||||||||||||||||||||||||||
Additional information about loans classified as TDRs is presented below (in millions, except for number of loans): | |||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||
Average recorded investment | $ | 1,264 | $ | 816 | |||||||||||||||||||||||||||
Finance charge income recognized | $ | 40 | $ | 29 | |||||||||||||||||||||||||||
Number of loans classified as TDRs during the period | 11,752 | 10,127 | |||||||||||||||||||||||||||||
Recorded investment of loans classified as TDRs during the period | $ | 199 | $ | 183 | |||||||||||||||||||||||||||
A redefault is when an account meets the requirements for evaluation under our charge-off policy (See Note 1 - "Summary of Significant Accounting Policies" in our Form 10-K for additional information). 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 months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||||||||
Commercial Finance Receivables | |||||||||||||||||||||||||||||||
Following is a summary of activity in our commercial finance receivables portfolio (in millions): | |||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Commercial finance receivables, net of fees - beginning of period | $ | 3,180 | $ | 4,892 | $ | 8,072 | $ | 1,975 | $ | 4,725 | $ | 6,700 | |||||||||||||||||||
Net funding (collections) of commercial finance receivables | 110 | (150 | ) | (40 | ) | 223 | 154 | 377 | |||||||||||||||||||||||
Charge-offs | — | — | — | — | — | — | |||||||||||||||||||||||||
Foreign currency translation | (30 | ) | (395 | ) | (425 | ) | (8 | ) | 39 | 31 | |||||||||||||||||||||
Balance at end of period | $ | 3,260 | $ | 4,347 | $ | 7,607 | $ | 2,190 | $ | 4,918 | $ | 7,108 | |||||||||||||||||||
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. The credit lines for Group VI dealers are typically suspended and no further funding is extended to these dealers. | |||||||||||||||||||||||||||||||
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 the vehicle inventory. All receivables from the same dealer customer share the same risk rating. | |||||||||||||||||||||||||||||||
A summary of the credit risk profile by dealer grouping of the commercial finance receivables is as follows (in millions): | |||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||
Group I | - | Dealers with superior financial metrics | $ | 954 | $ | 1,062 | |||||||||||||||||||||||||
Group II | - | Dealers with strong financial metrics | 2,149 | 2,090 | |||||||||||||||||||||||||||
Group III | - | Dealers with fair financial metrics | 2,690 | 2,856 | |||||||||||||||||||||||||||
Group IV | - | Dealers with weak financial metrics | 1,108 | 1,250 | |||||||||||||||||||||||||||
Group V | - | Dealers warranting special mention due to potential weaknesses | 515 | 559 | |||||||||||||||||||||||||||
Group VI | - | Dealers with loans classified as substandard, doubtful or impaired | 191 | 255 | |||||||||||||||||||||||||||
Balance at end of period | $ | 7,607 | $ | 8,072 | |||||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014 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 months ended March 31, 2015 and 2014. |
Leased_Vehicles
Leased Vehicles | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Property Subject to or Available for Operating Lease, Net [Abstract] | |||||||||||||||||||||
Leased Vehicles | Leased Vehicles | ||||||||||||||||||||
Our operating lease program is offered primarily in the North America Segment. The following information regarding our leased vehicles is presented on a consolidated basis (in millions): | |||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||
Leased vehicles | $ | 12,231 | $ | 9,747 | |||||||||||||||||
Manufacturer incentives | (1,880 | ) | (1,479 | ) | |||||||||||||||||
10,351 | 8,268 | ||||||||||||||||||||
Less: accumulated depreciation | (1,412 | ) | (1,208 | ) | |||||||||||||||||
Leased vehicles, net | $ | 8,939 | $ | 7,060 | |||||||||||||||||
At March 31, 2015 and December 31, 2014, our Canadian subsidiary was servicing $74 million and $110 million of leased vehicles for a third party. | |||||||||||||||||||||
The following table summarizes minimum rental payments due to us as lessor under operating leases (in millions): | |||||||||||||||||||||
Years Ending December 31, | |||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||
Minimum rental payments under operating leases | $ | 1,160 | $ | 1,365 | $ | 923 | $ | 214 | $ | 13 | |||||||||||
Restricted_Cash
Restricted Cash | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Cash and Cash Equivalents [Abstract] | ||||||||
Restricted Cash | Restricted Cash | |||||||
The following table summarizes the components of restricted cash (in millions): | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
Revolving credit facilities | $ | 327 | $ | 326 | ||||
Securitization notes payable - consumer | 1,440 | 1,330 | ||||||
Securitization notes payable - commercial | 59 | 65 | ||||||
Other | 23 | 350 | ||||||
Total restricted cash | $ | 1,849 | $ | 2,071 | ||||
Restricted cash for securitization notes payable and revolving credit facilities is comprised of funds deposited in restricted cash accounts as collateral required to support securitization transactions or to provide additional collateral for borrowings under revolving credit facilities. Additionally, these funds include monthly collections from borrowers that have not yet been used for repayment of debt. | ||||||||
As of December 31, 2014, other restricted cash was primarily comprised of interest-bearing cash in Brazil held in escrow pending resolution of tax and civil litigation. As of March 31, 2015, these amounts were reclassified to deposits and are included in other assets on the condensed consolidated balance sheet. |
Equity_in_Net_Assets_of_Noncon
Equity in Net Assets of Non-consolidated Affiliates | 3 Months Ended |
Mar. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Equity in Net Assets of Non-consolidated Affiliates | Equity in Net Assets of Non-consolidated Affiliates |
Non-consolidated affiliates are entities in which an equity ownership interest is maintained and for which the equity method of accounting is used due to the ability to exert significant influence over decisions relating to their operating and financial affairs. | |
In January 2015, we completed the acquisition of Ally Financial's equity interest in SAIC-GMAC. See Note 2 - "Acquisition of Ally Financial International Operations" for additional information. | |
The income of SAIC-GMAC is not consolidated into our financial statements; rather, our proportionate share of the earnings is reflected as equity income. At March 31, 2015, we had undistributed earnings of $28 million related to SAIC-GMAC. |
Debt
Debt | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||
Debt | Debt | ||||||||||||||||||||||||
Debt consists of the following (in millions): | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||
Secured Debt | |||||||||||||||||||||||||
Revolving credit facilities | $ | 1,781 | $ | 4,922 | $ | 6,703 | $ | 1,701 | $ | 5,327 | $ | 7,028 | |||||||||||||
Securitization notes payable - consumer | 13,710 | 2,323 | 16,033 | 13,253 | 2,868 | 16,121 | |||||||||||||||||||
Securitization notes payable - commercial | 500 | 1,457 | 1,957 | 500 | 1,565 | 2,065 | |||||||||||||||||||
Total secured debt | $ | 15,991 | $ | 8,702 | $ | 24,693 | $ | 15,454 | $ | 9,760 | $ | 25,214 | |||||||||||||
Unsecured Debt | |||||||||||||||||||||||||
Senior notes | $ | 10,060 | $ | 1,234 | $ | 11,294 | $ | 7,846 | $ | 604 | $ | 8,450 | |||||||||||||
Credit facilities | — | 2,459 | 2,459 | — | 2,974 | 2,974 | |||||||||||||||||||
Other unsecured debt | — | 679 | 679 | — | 793 | 793 | |||||||||||||||||||
Total unsecured debt | $ | 10,060 | $ | 4,372 | $ | 14,432 | $ | 7,846 | $ | 4,371 | $ | 12,217 | |||||||||||||
Secured Debt | |||||||||||||||||||||||||
Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged finance receivables and leases. Refer to Note 8 - "Variable Interest Entities" for additional information relating to our involvement with VIEs. During the three months ended March 31, 2015, we issued securitization notes payable of $2.0 billion through securitization transactions, and we entered into new credit facilities or renewed credit facilities with a total additional net borrowing capacity of $770 million. | |||||||||||||||||||||||||
Unsecured Debt | |||||||||||||||||||||||||
In January 2015, our top-tier holding company issued $2.25 billion in senior notes comprised of $1.0 billion of 3.15% notes due in January 2020, $1.0 billion of 4.0% notes due in January 2025 and $250 million in floating rate notes due in January 2020. All of these notes are guaranteed by our principal operating subsidiary, AmeriCredit Financial Services, Inc. ("AFSI"). | |||||||||||||||||||||||||
In February 2015, a European subsidiary issued €650 million of 0.85% notes under our Euro medium term notes program. These notes are due in February 2018. All of these notes are guaranteed by our top-tier holding company and by AFSI. | |||||||||||||||||||||||||
Subsequent to March 31, 2015, our top-tier holding company issued an additional $2.4 billion in senior notes comprised of $850 million of 2.4% notes due in April 2018, $1.25 billion of 3.45% notes due in April 2022 and $300 million of floating rate notes are due in April 2018. All of these notes are guaranteed by AFSI. | |||||||||||||||||||||||||
The International Segment utilizes unsecured credit facilities with banks as well as non-bank funding sources. During the three months ended March 31, 2015, we increased borrowing capacity on unsecured committed credit facilities by $90 million. |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Variable Interest Entities [Abstract] | |||||||||
Variable Interest Entities | Variable Interest Entities | ||||||||
Securitizations and credit facilities | |||||||||
The following table summarizes the assets and liabilities of our consolidated VIEs related to securitization and credit facilities (in millions): | |||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Restricted cash | $ | 1,826 | $ | 1,721 | |||||
Finance receivables, net | $ | 21,979 | $ | 23,109 | |||||
Leased vehicle assets | $ | 5,401 | $ | 4,595 | |||||
Secured debt | $ | 22,857 | $ | 22,794 | |||||
The assets of the VIEs serve as the sole source of repayment for the debt issued by these entities. Investors in the notes issued by the VIEs do not have recourse to us or our other assets, with the exception of customary representation and warranty repurchase provisions and indemnities we provide as the servicer. We are not required and do not currently intend to provide additional financial support to these VIEs. While these subsidiaries are included in our condensed consolidated financial statements, these subsidiaries are separate legal entities and their assets are legally owned by them and not available to our creditors. | |||||||||
In addition, certain of our special-purpose entities ("SPEs") that issue variable rate debt against fixed rate securitized assets entered into interest rate swap agreements. Under the terms of these swaps, the SPEs are obligated to pay a fixed rate of interest on certain payment dates in exchange for receiving a floating rate of interest on notional amounts equal to the outstanding balance of the secured debt. This arrangement enables the SPEs to mitigate the interest rate risk inherent in issuing variable rate debt that is secured by fixed rate securitized assets, as may be required to maintain ratings on such securitizations. See Note 9 - "Derivative Financial Instruments and Hedging Activities" for further discussion. | |||||||||
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. At March 31, 2015 and December 31, 2014, total assets of these entities were $4.2 billion and $4.5 billion, which were comprised primarily of cash and cash equivalents and finance receivables; and total liabilities were $3.5 billion and $4.0 billion, which were comprised primarily of debt, accounts payable (primarily trade) and accrued liabilities. In the three months ended March 31, 2015 and 2014 total revenue recorded by these entities was $41 million and $58 million, and net income was $11 million and $10 million. These amounts are stated prior to intercompany eliminations and include amounts related to securitization and credit facilities held by consolidated 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. | |||||||||
Transfers of finance receivables to non-VIEs | |||||||||
Under certain debt agreements, we transfer finance receivables to third-party banks, which are not considered VIEs. These transfers do not meet the criteria to be considered sales; therefore, the finance receivables and the related debt are included in our condensed consolidated financial statements. Any collections received on the transferred receivables are available only for the repayment of the related debt. At March 31, 2015 and December 31, 2014, $2.0 billion and $2.5 billion in finance receivables had been transferred in secured funding arrangements to third-party banks, to which $1.8 billion and $2.4 billion in secured debt was outstanding. |
Derivative_Financial_Instrumen
Derivative Financial Instruments And Hedging Activities | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Derivative Financial Instruments And Hedging Activities | Derivative Financial Instruments and Hedging Activities | ||||||||||||||||||
Derivative swap and cap agreements consist of the following (in millions): | |||||||||||||||||||
Fair Value | March 31, 2015 | December 31, 2014 | |||||||||||||||||
Level | Notional | Fair Value | Notional | Fair Value | |||||||||||||||
Assets | |||||||||||||||||||
Interest rate swaps | (a) | 3 | $ | 1,688 | $ | 6 | $ | 1,652 | $ | 6 | |||||||||
Interest rate caps | (b) | 2 | 2,082 | 5 | 2,123 | 6 | |||||||||||||
Foreign currency swaps | (b) | 2 | 1,488 | 30 | 1,594 | 4 | |||||||||||||
Total assets | (c) | $ | 5,258 | $ | 41 | $ | 5,369 | $ | 16 | ||||||||||
Liabilities | |||||||||||||||||||
Interest rate swaps | (a) | 3 | $ | 5,114 | $ | 35 | $ | 5,627 | $ | 39 | |||||||||
Interest rate caps | (b) | 2 | 1,764 | 4 | 1,804 | 6 | |||||||||||||
Foreign currency swaps | (b) | 2 | 939 | 1 | 1,044 | 1 | |||||||||||||
Total liabilities | (d) | $ | 7,817 | $ | 40 | $ | 8,475 | $ | 46 | ||||||||||
_________________ | |||||||||||||||||||
(a) | The fair values of the interest rate swap agreements are estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates. | ||||||||||||||||||
(b) | The fair values of the interest rate cap agreements and foreign currency swap agreements are based on quoted market prices. | ||||||||||||||||||
(c) | Included in other assets on the condensed consolidated balance sheets. | ||||||||||||||||||
(d) | Included in other liabilities on the condensed consolidated balance sheets. | ||||||||||||||||||
We purchase interest rate cap agreements to limit floating rate exposures on certain of our revolving secured debt. We also utilize interest rate swap agreements to convert floating rate exposures on certain of our revolving debt or on securities issued in securitization transactions to fixed rates, thereby hedging the variability in interest expense paid. | |||||||||||||||||||
At March 31, 2015, we had loans denominated in foreign currencies to certain of our international entities for the equivalent of $576 million. We purchase foreign currency swaps to hedge against any valuation change in the loans due to changes in foreign exchange rates. In addition, our operations in the U.K. had $550 million in debt denominated in U.S. Dollars outstanding, with a cross-currency swap in place to hedge against any valuation change in the debt due to changes in exchange rates. | |||||||||||||||||||
The following table presents information on the effect of derivative instruments on the condensed consolidated statements of income and comprehensive income (in millions): | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
Non-designated hedges: | |||||||||||||||||||
Interest rate contracts (a) | $ | (6 | ) | $ | (10 | ) | |||||||||||||
Foreign currency derivatives (b) | 69 | (16 | ) | ||||||||||||||||
$ | 63 | $ | (26 | ) | |||||||||||||||
_________________ | |||||||||||||||||||
(a) | Losses recognized in earnings are included in interest expense. | ||||||||||||||||||
(b) | Activity is substantially offset by translation activity (included in operating expenses) related to the foreign currency-denominated loans described above. | ||||||||||||||||||
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 months ended March 31, 2015 and 2014. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Fair Value Of Financial Instruments [Abstract] | |||||||||||||||||||
Fair Value of Financial Instruments | Fair Values of Financial Instruments | ||||||||||||||||||
Fair values are based on estimates using present value or other valuation techniques in cases where quoted market prices are not available. Those techniques are significantly affected by the assumptions used, including the discount rate and the estimated timing and amount of future cash flows. Therefore, the estimates of fair value may differ substantially from amounts that ultimately may be realized or paid at settlement or maturity of the financial instruments and those differences may be material. Disclosures about fair value of financial instruments exclude certain financial instruments and all non-financial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of our company. | |||||||||||||||||||
Estimated fair values, carrying values and various methods and assumptions used in valuing our financial instruments are set forth below (in millions): | |||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Level | Carrying | Estimated | Carrying | Estimated | |||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | (a) | 1 | $ | 2,121 | $ | 2,121 | $ | 2,974 | $ | 2,974 | |||||||||
Finance receivables, net | (b) | 3 | $ | 32,470 | $ | 32,942 | $ | 33,000 | $ | 33,573 | |||||||||
Restricted cash | (a) | 1 | $ | 1,849 | $ | 1,849 | $ | 2,071 | $ | 2,071 | |||||||||
Financial liabilities: | |||||||||||||||||||
Secured debt | |||||||||||||||||||
North America | (c) | 2 | $ | 15,991 | $ | 16,045 | $ | 15,454 | $ | 15,497 | |||||||||
International | (d) | 2 | $ | 4,417 | $ | 4,420 | $ | 5,690 | $ | 5,694 | |||||||||
International | (e) | 3 | $ | 4,285 | $ | 4,252 | $ | 4,070 | $ | 4,037 | |||||||||
Unsecured debt | |||||||||||||||||||
North America | (f) | 2 | $ | 10,060 | $ | 10,386 | $ | 7,846 | $ | 8,092 | |||||||||
International | (g) | 2 | $ | 3,386 | $ | 3,402 | $ | 3,496 | $ | 3,507 | |||||||||
International | (e) | 3 | $ | 986 | $ | 984 | $ | 875 | $ | 880 | |||||||||
_________________ | |||||||||||||||||||
(a) | Cash and cash equivalents bear interest at market rates; therefore, carrying value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
(b) | The fair value of the consumer finance receivables in the North America Segment is estimated based upon forecasted cash flows on the receivables discounted using a pre-tax weighted-average cost of capital. The fair value of the consumer finance receivables in the International Segment is estimated based on forecasted cash flows on the receivables discounted using current origination rates for similar type loans. Commercial finance receivables generally have variable interest rates and maturities of one year or less. Therefore, the carrying value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
(c) | Secured debt in the North America Segment is comprised of revolving credit facilities, publicly-issued secured debt, and privately-issued secured debt. For revolving credit facilities with variable rates of interest and terms of one year or less, carrying value is considered to be a reasonable estimate of fair value. The fair value of the publicly and privately issued secured debt is based on quoted market prices, when available. If quoted market prices are not available, the market value is estimated using quoted market prices of similar securities. | ||||||||||||||||||
(d) | The level 2 secured debt in the International Segment has terms of one year or less, or has been priced within the last six months; therefore, par value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
(e) | The fair value of level 3 secured debt and unsecured debt in the International Segment is estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates. | ||||||||||||||||||
(f) | The fair value of unsecured debt in the North America Segment is based on quoted market prices in thinly-traded markets. | ||||||||||||||||||
(g) | The fair value of senior notes is based on quoted market prices in thinly-traded markets. The fair value of other unsecured debt in the International Segment has terms of one year or less; therefore, par value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
The fair value of our consumer finance receivables is based on observable and unobservable inputs within a discounted cash flow model. Those unobservable 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 which is the basis for the calculation of the series of cash flows that derive the fair value of the portfolio. For the North America Segment, the series of cash flows is calculated and discounted using a weighted-average cost of capital using unobservable debt and equity percentages, an unobservable cost of equity and an observable cost of debt based on companies with a similar credit rating and maturity profile. For the International Segment, the series of cash flows is calculated and discounted using current interest rates. Macroeconomic factors could affect the credit performance of our portfolio and therefore could potentially impact the assumptions used in our cash flow model. |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
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 under our Euro medium term note program are guaranteed by our primary U.S. operating subsidiary, AFSI. At March 31, 2015 and December 31, 2014, the par value of these senior notes was $11.3 billion and $8.4 billion. See Note 16 - "Guarantor Condensed Consolidating Financial Statements" for further discussion. | |
Legal Proceedings | |
As a consumer finance company, we are subject to various consumer 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 consumers 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 March 31, 2015, we estimated our reasonably possible legal exposure for unfavorable outcomes to be a range of up to $93 million and have accrued $38 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 were subsequently served with additional investigative subpoenas to produce documents from state attorneys general and other governmental offices relating to our sub-prime auto finance business and securitization of sub-prime auto loans. In October 2014, we received a document request from the Securities and Exchange Commission in connection with its investigation into certain practices in sub-prime auto loan securitization. We are investigating these matters internally and believe that we are cooperating with all requests. Such investigations 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. It is reasonably possible that some of the matters for which accruals have not been established could be decided unfavorably to us and could require us to make expenditures for which we estimate the aggregate risk to be a range of up to $50 million. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
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 months ended March 31, 2015 income tax expense of $64 million primarily resulted from tax expense attributable to entities included in our effective tax rate calculation, partially offset by tax benefits related to tax audit settlements in various jurisdictions. In the three months ended March 31, 2014 income tax expense of $77 million primarily resulted from tax expense attributable to entities included in our effective tax rate calculation. |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
All inter-segment balances and transactions have been eliminated. Key financial data for our operating segments were as follows (in millions): | |||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
North | International | Corporate | Eliminations | Total | |||||||||||||||||||||
America | |||||||||||||||||||||||||
Total revenue | $ | 906 | $ | 448 | $ | 7 | $ | (7 | ) | $ | 1,354 | ||||||||||||||
Operating expenses, including leased vehicle expenses | 487 | 146 | — | — | 633 | ||||||||||||||||||||
Provision for loan losses | 118 | 37 | — | — | 155 | ||||||||||||||||||||
Interest expense | 165 | 206 | 16 | (7 | ) | 380 | |||||||||||||||||||
Equity income | — | 28 | — | — | 28 | ||||||||||||||||||||
Income before income taxes | $ | 136 | $ | 87 | $ | (9 | ) | $ | — | $ | 214 | ||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
North | International | Corporate | Eliminations | Total | |||||||||||||||||||||
America | |||||||||||||||||||||||||
Total revenue | $ | 636 | $ | 461 | $ | 16 | $ | (16 | ) | $ | 1,097 | ||||||||||||||
Operating expenses, including leased vehicle expenses | 274 | 151 | — | — | 425 | ||||||||||||||||||||
Provision for loan losses | 103 | 32 | — | — | 135 | ||||||||||||||||||||
Interest expense | 92 | 214 | 25 | (16 | ) | 315 | |||||||||||||||||||
Income before income taxes | $ | 167 | $ | 64 | $ | (9 | ) | $ | — | $ | 222 | ||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
North | International | Total | North | International | Total | ||||||||||||||||||||
America | America | ||||||||||||||||||||||||
Finance receivables, net | $ | 16,929 | $ | 15,541 | $ | 32,470 | $ | 15,943 | $ | 17,057 | $ | 33,000 | |||||||||||||
Total assets | $ | 30,535 | $ | 18,811 | $ | 49,346 | $ | 27,687 | $ | 20,037 | $ | 47,724 | |||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive (Loss) Income | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income | ||||||||
A summary of changes in accumulated other comprehensive (loss) income is as follows (in millions): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Defined benefit plans, net: | |||||||||
Balance at beginning of period | $ | (11 | ) | $ | 3 | ||||
Unrealized gain on subsidiary pension | 1 | — | |||||||
Balance at end of period | (10 | ) | 3 | ||||||
Foreign currency translation adjustment: | |||||||||
Balance at beginning of period | (422 | ) | 8 | ||||||
Translation (loss) gain | (347 | ) | 5 | ||||||
Balance at end of period | (769 | ) | 13 | ||||||
Total accumulated other comprehensive (loss) income | $ | (779 | ) | $ | 16 | ||||
Regulatory_Capital
Regulatory Capital | 3 Months Ended |
Mar. 31, 2015 | |
Regulatory Capital and Other Regulatory Matters [Abstract] | |
Regulatory Capital | Regulatory Capital |
The 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 requirements at March 31, 2015. Total assets of our regulated international banks and finance companies were approximately $9.5 billion and $11.4 billion at March 31, 2015 and December 31, 2014.The decrease in assets is primarily due to the effect of foreign currency movements. |
Guarantor_Condensed_Consolidat
Guarantor Condensed Consolidating Financial Statements | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Guarantor Consolidating Financial Statements [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 March 31, 2015 and December 31, 2014, and for the three months ended March 31, 2015 and 2014 (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. | ||||||||||||||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,444 | $ | 677 | $ | — | $ | 2,121 | ||||||||||
Finance receivables, net | — | 3,845 | 28,625 | — | 32,470 | |||||||||||||||
Leased vehicles, net | — | — | 8,939 | — | 8,939 | |||||||||||||||
Restricted cash | — | 13 | 1,836 | — | 1,849 | |||||||||||||||
Goodwill | 1,095 | — | 148 | — | 1,243 | |||||||||||||||
Equity in net assets of non-consolidated affiliates | — | — | 929 | — | 929 | |||||||||||||||
Property and equipment, net | 31 | 145 | 176 | |||||||||||||||||
Deferred income taxes | 59 | — | 764 | (540 | ) | 283 | ||||||||||||||
Related party receivables | — | 18 | 419 | — | 437 | |||||||||||||||
Other assets | 107 | 170 | 622 | — | 899 | |||||||||||||||
Due from affiliates | 8,346 | — | — | (8,346 | ) | — | ||||||||||||||
Investment in affiliates | 8,138 | 3,559 | — | (11,697 | ) | — | ||||||||||||||
Total assets | $ | 17,745 | $ | 9,080 | $ | 43,104 | $ | (20,583 | ) | $ | 49,346 | |||||||||
Liabilities and Shareholder's Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Secured debt | $ | — | $ | — | $ | 24,693 | $ | — | $ | 24,693 | ||||||||||
Unsecured debt | 9,744 | — | 4,688 | — | 14,432 | |||||||||||||||
Accounts payable and accrued expenses | 85 | 166 | 719 | — | 970 | |||||||||||||||
Deferred income | — | — | 546 | — | 546 | |||||||||||||||
Deferred income taxes | — | 584 | 4 | (540 | ) | 48 | ||||||||||||||
Taxes payable | 75 | — | 130 | — | 205 | |||||||||||||||
Related party taxes payable | 636 | — | — | — | 636 | |||||||||||||||
Related party payables | — | — | 450 | — | 450 | |||||||||||||||
Other liabilities | 2 | 11 | 150 | — | 163 | |||||||||||||||
Due to affiliates | — | 4,054 | 4,292 | (8,346 | ) | — | ||||||||||||||
Total liabilities | 10,542 | 4,815 | 35,672 | (8,886 | ) | 42,143 | ||||||||||||||
Shareholder's equity: | ||||||||||||||||||||
Common stock | — | — | 688 | (688 | ) | — | ||||||||||||||
Additional paid-in capital | 5,805 | 79 | 4,054 | (4,133 | ) | 5,805 | ||||||||||||||
Accumulated other comprehensive loss | (779 | ) | (122 | ) | (754 | ) | 876 | (779 | ) | |||||||||||
Retained earnings | 2,177 | 4,308 | 3,444 | (7,752 | ) | 2,177 | ||||||||||||||
Total shareholder's equity | 7,203 | 4,265 | 7,432 | (11,697 | ) | 7,203 | ||||||||||||||
Total liabilities and shareholder's equity | $ | 17,745 | $ | 9,080 | $ | 43,104 | $ | (20,583 | ) | $ | 49,346 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 2,266 | $ | 708 | $ | — | $ | 2,974 | ||||||||||
Finance receivables, net | — | 2,401 | 30,599 | — | 33,000 | |||||||||||||||
Leased vehicles, net | — | — | 7,060 | — | 7,060 | |||||||||||||||
Restricted cash | — | 17 | 2,054 | — | 2,071 | |||||||||||||||
Goodwill | 1,095 | — | 149 | — | 1,244 | |||||||||||||||
Property and equipment, net | — | 23 | 149 | — | 172 | |||||||||||||||
Deferred income taxes | 28 | — | 601 | (288 | ) | 341 | ||||||||||||||
Related party receivables | — | 11 | 373 | — | 384 | |||||||||||||||
Other assets | 94 | 18 | 366 | — | 478 | |||||||||||||||
Due from affiliates | 6,787 | — | 400 | (7,187 | ) | — | ||||||||||||||
Investment in affiliates | 7,684 | 4,059 | — | (11,743 | ) | — | ||||||||||||||
Total assets | $ | 15,688 | $ | 8,795 | $ | 42,459 | $ | (19,218 | ) | $ | 47,724 | |||||||||
Liabilities and Shareholder's Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Secured debt | $ | — | $ | — | $ | 25,214 | $ | — | $ | 25,214 | ||||||||||
Unsecured debt | 7,500 | — | 4,717 | — | 12,217 | |||||||||||||||
Accounts payable and accrued expenses | 78 | 156 | 768 | — | 1,002 | |||||||||||||||
Deferred income | — | — | 392 | — | 392 | |||||||||||||||
Deferred income taxes | — | 288 | 20 | (288 | ) | 20 | ||||||||||||||
Taxes payable | 79 | — | 155 | — | 234 | |||||||||||||||
Related party taxes payable | 636 | — | — | — | 636 | |||||||||||||||
Related party payables | — | — | 433 | — | 433 | |||||||||||||||
Other liabilities | 3 | 12 | 169 | — | 184 | |||||||||||||||
Due to affiliates | — | 4,164 | 3,023 | (7,187 | ) | — | ||||||||||||||
Total liabilities | 8,296 | 4,620 | 34,891 | (7,475 | ) | 40,332 | ||||||||||||||
Shareholder's equity: | ||||||||||||||||||||
Common stock | — | — | 690 | (690 | ) | — | ||||||||||||||
Additional paid-in capital | 5,799 | 79 | 4,064 | (4,143 | ) | 5,799 | ||||||||||||||
Accumulated other comprehensive loss | (433 | ) | (64 | ) | (410 | ) | 474 | (433 | ) | |||||||||||
Retained earnings | 2,026 | 4,160 | 3,224 | (7,384 | ) | 2,026 | ||||||||||||||
Total shareholder's equity | 7,392 | 4,175 | 7,568 | (11,743 | ) | 7,392 | ||||||||||||||
Total liabilities and shareholder's equity | $ | 15,688 | $ | 8,795 | $ | 42,459 | $ | (19,218 | ) | $ | 47,724 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | — | $ | 80 | $ | 774 | $ | — | $ | 854 | ||||||||||
Leased vehicle income | — | — | 431 | — | 431 | |||||||||||||||
Other income | 7 | 108 | 45 | (91 | ) | 69 | ||||||||||||||
7 | 188 | 1,250 | (91 | ) | 1,354 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | — | 89 | 76 | — | 165 | |||||||||||||||
Other operating expenses | 54 | (3 | ) | 154 | (64 | ) | 141 | |||||||||||||
Total operating expenses | 54 | 86 | 230 | (64 | ) | 306 | ||||||||||||||
Leased vehicle expenses | — | — | 327 | — | 327 | |||||||||||||||
Provision for loan losses | — | 74 | 81 | — | 155 | |||||||||||||||
Interest expense | 94 | (2 | ) | 315 | (27 | ) | 380 | |||||||||||||
Total costs and expenses | 148 | 158 | 953 | (91 | ) | 1,168 | ||||||||||||||
Equity income | 238 | 129 | 28 | (367 | ) | 28 | ||||||||||||||
Income before income taxes | 97 | 159 | 325 | (367 | ) | 214 | ||||||||||||||
Income tax (benefit) provision | (53 | ) | 11 | 106 | — | 64 | ||||||||||||||
Net income | $ | 150 | $ | 148 | $ | 219 | $ | (367 | ) | $ | 150 | |||||||||
Comprehensive income | $ | (196 | ) | $ | 90 | $ | (125 | ) | $ | 35 | $ | (196 | ) | |||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | — | $ | 30 | $ | 800 | $ | — | $ | 830 | ||||||||||
Leased vehicle income | — | — | 200 | — | 200 | |||||||||||||||
Other income | 20 | 127 | 38 | (118 | ) | 67 | ||||||||||||||
20 | 157 | 1,038 | (118 | ) | 1,097 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | — | 53 | 83 | — | 136 | |||||||||||||||
Other operating expenses | 1 | 33 | 161 | (62 | ) | 133 | ||||||||||||||
Total operating expenses | 1 | 86 | 244 | (62 | ) | 269 | ||||||||||||||
Leased vehicle expenses | — | — | 156 | — | 156 | |||||||||||||||
Provision for loan losses | — | 60 | 75 | — | 135 | |||||||||||||||
Interest expense | 55 | 11 | 305 | (56 | ) | 315 | ||||||||||||||
Total costs and expenses | 56 | 157 | 780 | (118 | ) | 875 | ||||||||||||||
Equity income(a) | 170 | 116 | — | (286 | ) | — | ||||||||||||||
Income before income taxes | 134 | 116 | 258 | (286 | ) | 222 | ||||||||||||||
Income tax (benefit) provision | (11 | ) | — | 88 | — | 77 | ||||||||||||||
Net income | $ | 145 | $ | 116 | $ | 170 | $ | (286 | ) | $ | 145 | |||||||||
Comprehensive income | $ | 150 | $ | 96 | $ | 175 | $ | (271 | ) | $ | 150 | |||||||||
________________ | ||||||||||||||||||||
(a) | Equity income has been reclassified from revenue as previously presented. | |||||||||||||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (62 | ) | $ | 368 | $ | 239 | $ | — | $ | 545 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of consumer finance receivables, net | — | (2,283 | ) | (2,278 | ) | 496 | (4,065 | ) | ||||||||||||
Principal collections and recoveries on consumer finance receivables | — | 120 | 2,694 | — | 2,814 | |||||||||||||||
Proceeds from sale of consumer finance receivables, net | — | 496 | — | (496 | ) | — | ||||||||||||||
Net (collections) funding of commercial finance receivables | — | 150 | (96 | ) | — | 54 | ||||||||||||||
Purchases of leased vehicles, net | — | — | (2,319 | ) | — | (2,319 | ) | |||||||||||||
Proceeds from termination of leased vehicles | — | — | 185 | — | 185 | |||||||||||||||
Acquisition of equity interest | (513 | ) | (536 | ) | — | — | (1,049 | ) | ||||||||||||
Purchases of property and equipment | — | (8 | ) | (9 | ) | — | (17 | ) | ||||||||||||
Change in restricted cash | — | 4 | (158 | ) | — | (154 | ) | |||||||||||||
Change in other assets | — | — | 6 | — | 6 | |||||||||||||||
Net change in investment in affiliates | (48 | ) | 571 | — | (523 | ) | — | |||||||||||||
Net cash used in investing activities | (561 | ) | (1,486 | ) | (1,975 | ) | (523 | ) | (4,545 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Net change in debt (original maturities less than three months) | — | — | 198 | — | 198 | |||||||||||||||
Borrowings and issuance of secured debt | — | — | 2,889 | — | 2,889 | |||||||||||||||
Payments on secured debt | — | — | (2,748 | ) | — | (2,748 | ) | |||||||||||||
Borrowings and issuance of unsecured debt | 2,250 | — | 1,008 | — | 3,258 | |||||||||||||||
Payments on unsecured debt | — | — | (308 | ) | — | (308 | ) | |||||||||||||
Net capital contributions | — | — | (523 | ) | 523 | — | ||||||||||||||
Debt issuance costs | (20 | ) | — | (21 | ) | — | (41 | ) | ||||||||||||
Net change in due from/due to affiliates | (1,607 | ) | 296 | 1,311 | — | — | ||||||||||||||
Net cash provided by financing activities | 623 | 296 | 1,806 | 523 | 3,248 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (822 | ) | 70 | — | (752 | ) | |||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (101 | ) | — | (101 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 2,266 | 708 | — | 2,974 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 1,444 | $ | 677 | $ | — | $ | 2,121 | ||||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Net cash provided by operating activities | $ | 175 | $ | 57 | $ | 154 | $ | — | $ | 386 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of consumer finance receivables, net | — | (1,363 | ) | (2,838 | ) | $ | 881 | (3,320 | ) | |||||||||||
Principal collections and recoveries on consumer finance receivables | — | (33 | ) | 2,650 | — | 2,617 | ||||||||||||||
Proceeds from sale of consumer finance receivables, net | — | 881 | — | (881 | ) | — | ||||||||||||||
Net funding of commercial finance receivables | — | (152 | ) | (103 | ) | — | (255 | ) | ||||||||||||
Purchases of leased vehicles, net | — | — | (628 | ) | — | (628 | ) | |||||||||||||
Proceeds from termination of leased vehicles | — | — | 123 | — | 123 | |||||||||||||||
Purchases of property and equipment | — | — | (7 | ) | — | (7 | ) | |||||||||||||
Change in restricted cash | — | 3 | (150 | ) | — | (147 | ) | |||||||||||||
Net change in investment in affiliates | — | 640 | — | (640 | ) | — | ||||||||||||||
Net cash used in investing activities | — | (24 | ) | (953 | ) | (640 | ) | (1,617 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Net change in debt (original maturities less than three months) | — | — | 451 | — | 451 | |||||||||||||||
Borrowings and issuance of secured debt | — | — | 5,070 | — | 5,070 | |||||||||||||||
Payments on secured debt | — | — | (4,238 | ) | — | (4,238 | ) | |||||||||||||
Borrowings and issuance of unsecured debt | — | — | 390 | — | 390 | |||||||||||||||
Payments on unsecured debt | — | — | (330 | ) | — | (330 | ) | |||||||||||||
Net capital contributions | (45 | ) | — | (595 | ) | 640 | — | |||||||||||||
Debt issuance costs | — | — | (23 | ) | — | (23 | ) | |||||||||||||
Net change in due from/due to affiliates | (130 | ) | 112 | 18 | — | — | ||||||||||||||
Net cash (used in) provided by financing activities | (175 | ) | 112 | 743 | 640 | 1,320 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 145 | (56 | ) | — | 89 | ||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 395 | 679 | — | 1,074 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 540 | $ | 622 | $ | — | $ | 1,162 | ||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The condensed consolidated financial statements include our accounts and the accounts of our wholly-owned 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 consolidated financial statements that are included in our Annual Report on Form 10-K filed on February 4, 2015 ("Form 10-K"). Certain prior periods amounts were reclassified to conform to our current year presentation. | |
The condensed consolidated financial statements at March 31, 2015, and for the three months ended March 31, 2015 and 2014, 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. | |
Subsequent to the issuance of our condensed consolidated financial statements as of and for the three months ended March 31, 2014, we identified items not properly classified in the condensed consolidated statements of cash flows. The adjustments to previously reported amounts within the condensed consolidated statement of cash flows, which had no impact on cash and cash equivalents at March 31, 2014, had a net effect of decreasing net cash provided by operating activities by $79 million and decreasing net cash used in investing activities by $79 million, and were principally related to net funding of commercial finance receivables. | |
Segment Information | Segment Information |
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: North America (the "North America Segment") and international (the "International Segment"). The North America Segment includes our operations in the U.S. and Canada. The International Segment includes our operations in all other countries. For additional financial information regarding our business segments, see Note 13 - "Segment Reporting." | |
Related Party Transactions | Related Party Transactions |
We are the wholly-owned captive finance subsidiary of General Motors Company ("GM"). We offer loan and lease finance products through GM-franchised dealers to consumers purchasing new and certain used vehicles manufactured by GM and make commercial loans directly to GM-franchised dealers and their affiliates. Under subvention programs, GM makes cash payments to us for offering incentivized rates and structures on consumer loan and lease finance products. In addition, GM makes payments to us to cover certain interest payments on commercial loans. At March 31, 2015 and December 31, 2014, we had related party receivables from GM in the amount of $437 million and $384 million, primarily related to subvention. | |
At March 31, 2015 and December 31, 2014 we had $164 million and $176 million in commercial loans outstanding to dealers that are consolidated by GM. Prior to January 1, 2015, we provided financing to certain GM subsidiaries through factoring and other wholesale financing arrangements. At December 31, 2014, $289 million was outstanding under such arrangements, and was included in commercial finance receivables. No amounts were outstanding at March 31, 2015. At March 31, 2015 and December 31, 2014, we had $450 million and $433 million of related party payables due to GM, primarily for commercial finance receivables originated but not yet funded. These payables typically settle within 30 days. | |
We have a tax sharing agreement with GM for our U.S. operations. Under our tax sharing arrangement with GM, payments related to our U.S. operations for the tax years 2012 through 2014 were deferred for four years from their original due date. At March 31, 2015 and December 31, 2014, we have recorded related party taxes payable to GM in the amount of $636 million. | |
We have a Support Agreement with GM (the “Support Agreement”), which provides that, if our earning assets leverage at the end of any calendar quarter is higher than thresholds set in the Support Agreement, we may require GM to provide funding sufficient to bring our earning assets leverage to within the appropriate threshold. In determining our earning assets leverage (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. At March 31, 2015, our earning assets leverage ratio was 6.9, which is below the applicable ratio of 8.0. | |
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 on $4.0 billion under GM’s corporate revolving credit facilities. GM also agreed to certain provisions intended to ensure that we maintain adequate access to liquidity. Pursuant to these provisions, GM provided us with a $1.0 billion unsecured intercompany revolving credit facility (the “Junior Subordinated Revolving Credit Facility”). There were no advances outstanding under the Junior Subordinated Revolving Credit Facility at March 31, 2015 or December 31, 2014. | |
Accounting Standards Not Yet Adopted | Accounting Standards Not Yet Adopted |
In May 2014 the Financial Accounting Standards Board issued ASU 2014-09, “Revenue Recognition - Revenue from Contracts with Customers” ("ASU 2014-09") that requires companies to recognize revenue when a customer obtains control rather than when companies have transferred substantially all risks and rewards of a good or service. This update is effective for annual reporting periods beginning on or after December 15, 2016 and interim periods therein and requires expanded disclosures. We are currently assessing the impact that the adoption of ASU 2014-09 will have on our consolidated financial statements. | |
In April 2015 the Financial Accounting Standards Board issued ASU 2015-03, “Interest - Imputation of Interest” ("ASU 2015-03") that requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This update is effective for annual reporting periods beginning on or after December 15, 2015 and interim periods within fiscal years beginning after December 15, 2016. We are currently assessing the impact that the adoption of ASU 2015-03 will have on our consolidated financial statements. |
Finance_Receivables_Tables
Finance Receivables (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||
Finance Receivables, Net | The finance receivables portfolio consists of the following (in millions): | ||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||
North | International | Total | North | International | Total | ||||||||||||||||||||||||||
America | America | ||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||
Consumer finance receivables, collectively evaluated for impairment, net of fees(a) | $ | 13,000 | $ | 11,297 | $ | 24,297 | $ | 12,127 | $ | 12,262 | $ | 24,389 | |||||||||||||||||||
Consumer finance receivables, individually evaluated for impairment, net of fees | 1,294 | — | 1,294 | 1,234 | — | 1,234 | |||||||||||||||||||||||||
Total consumer finance receivables(b) | 14,294 | 11,297 | 25,591 | 13,361 | 12,262 | 25,623 | |||||||||||||||||||||||||
Less: allowance for loan losses - collective | (441 | ) | (87 | ) | (528 | ) | (405 | ) | (78 | ) | (483 | ) | |||||||||||||||||||
Less: allowance for loan losses - specific | (164 | ) | — | (164 | ) | (172 | ) | — | (172 | ) | |||||||||||||||||||||
Total consumer finance receivables, net | 13,689 | 11,210 | 24,899 | 12,784 | 12,184 | 24,968 | |||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||
Commercial finance receivables, collectively evaluated for impairment, net of fees | 3,260 | 4,278 | 7,538 | 3,180 | 4,803 | 7,983 | |||||||||||||||||||||||||
Commercial finance receivables, individually evaluated for impairment, net of fees | — | 69 | 69 | — | 89 | 89 | |||||||||||||||||||||||||
Total commercial finance receivables | 3,260 | 4,347 | 7,607 | 3,180 | 4,892 | 8,072 | |||||||||||||||||||||||||
Less: allowance for loan losses - collective | (20 | ) | (11 | ) | (31 | ) | (21 | ) | (14 | ) | (35 | ) | |||||||||||||||||||
Less: allowance for loan losses - specific | — | (5 | ) | (5 | ) | — | (5 | ) | (5 | ) | |||||||||||||||||||||
Total commercial finance receivables, net | 3,240 | 4,331 | 7,571 | 3,159 | 4,873 | 8,032 | |||||||||||||||||||||||||
Total finance receivables, net | $ | 16,929 | $ | 15,541 | $ | 32,470 | $ | 15,943 | $ | 17,057 | $ | 33,000 | |||||||||||||||||||
________________ | |||||||||||||||||||||||||||||||
(a) Amounts reported for International include $1.0 billion of direct-financing leases at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||||
(b) Net of unamortized premiums and discounts, and deferred fees and costs of $191 million and $245 million at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||||
Finance Receivables Summary | Following is a summary of activity in our consumer finance receivables portfolio (in millions): | ||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Consumer finance receivables, net of fees - beginning of period | $ | 13,361 | $ | 12,262 | $ | 25,623 | $ | 11,388 | $ | 11,742 | $ | 23,130 | |||||||||||||||||||
Loans purchased | 2,273 | 1,805 | 4,078 | 1,364 | 2,048 | 3,412 | |||||||||||||||||||||||||
Principal collections and other | (1,134 | ) | (1,459 | ) | (2,593 | ) | (1,003 | ) | (1,464 | ) | (2,467 | ) | |||||||||||||||||||
Charge-offs | (200 | ) | (34 | ) | (234 | ) | (192 | ) | (32 | ) | (224 | ) | |||||||||||||||||||
Foreign currency translation | (6 | ) | (1,277 | ) | (1,283 | ) | (1 | ) | 174 | 173 | |||||||||||||||||||||
Balance at end of period | $ | 14,294 | $ | 11,297 | $ | 25,591 | $ | 11,556 | $ | 12,468 | $ | 24,024 | |||||||||||||||||||
Allowance for Credit Losses on Financing Receivables | A summary of the activity in the allowance for consumer loan losses is as follows (in millions): | ||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 577 | $ | 78 | $ | 655 | $ | 468 | $ | 29 | $ | 497 | |||||||||||||||||||
Provision for loan losses | 118 | 39 | 157 | 104 | 33 | 137 | |||||||||||||||||||||||||
Charge-offs | (200 | ) | (34 | ) | (234 | ) | (192 | ) | (32 | ) | (224 | ) | |||||||||||||||||||
Recoveries | 110 | 12 | 122 | 111 | 16 | 127 | |||||||||||||||||||||||||
Foreign currency translation | — | (8 | ) | (8 | ) | — | — | — | |||||||||||||||||||||||
Balance at end of period | $ | 605 | $ | 87 | $ | 692 | $ | 491 | $ | 46 | $ | 537 | |||||||||||||||||||
Financing Receivable Credit Quality Indicators | A summary of the credit risk profile by FICO score band, determined at origination, of the consumer finance receivables in the North America Segment is as follows (dollars in millions): | ||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||
Prime - FICO Score 680 and greater | $ | 1,161 | 8.1 | % | $ | 596 | 4.4 | % | |||||||||||||||||||||||
Near Prime - FICO Score 620 to 679 | 2,138 | 15 | 1,691 | 12.7 | |||||||||||||||||||||||||||
Sub-prime - FICO Score less than 620 | 10,995 | 76.9 | 11,074 | 82.9 | |||||||||||||||||||||||||||
Balance at end of period | $ | 14,294 | 100 | % | $ | 13,361 | 100 | % | |||||||||||||||||||||||
Past Due Financing Receivables | The following is a summary of the contractual amounts of delinquent consumer 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 (dollars in millions): | ||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||
North America | International | Total | Percent of Contractual Amount Due | North America | International | Total | Percent of Contractual Amount Due | ||||||||||||||||||||||||
31 - 60 days | $ | 767 | $ | 113 | $ | 880 | 3.4 | % | $ | 579 | $ | 138 | $ | 717 | 3.1 | % | |||||||||||||||
Greater than 60 days | 259 | 98 | 357 | 1.4 | 210 | 126 | 336 | 1.4 | |||||||||||||||||||||||
1,026 | 211 | 1,237 | 4.8 | 789 | 264 | 1,053 | 4.5 | ||||||||||||||||||||||||
In repossession | 34 | 8 | 42 | 0.2 | 33 | 5 | 38 | 0.1 | |||||||||||||||||||||||
$ | 1,060 | $ | 219 | $ | 1,279 | 5 | % | $ | 822 | $ | 269 | $ | 1,091 | 4.6 | % | ||||||||||||||||
Troubled Debt Restructurings on Financing Receivables | At March 31, 2015 and December 31, 2014, the outstanding balance of consumer 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 (in millions): | ||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | 1,294 | $ | 1,234 | |||||||||||||||||||||||||||
Less: allowance for loan losses | (164 | ) | (172 | ) | |||||||||||||||||||||||||||
Outstanding recorded investment, net of allowance | $ | 1,130 | $ | 1,062 | |||||||||||||||||||||||||||
Unpaid principal balance | $ | 1,319 | $ | 1,255 | |||||||||||||||||||||||||||
Additional information about loans classified as TDRs is presented below (in millions, except for number of loans): | |||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||
Average recorded investment | $ | 1,264 | $ | 816 | |||||||||||||||||||||||||||
Finance charge income recognized | $ | 40 | $ | 29 | |||||||||||||||||||||||||||
Number of loans classified as TDRs during the period | 11,752 | 10,127 | |||||||||||||||||||||||||||||
Recorded investment of loans classified as TDRs during the period | $ | 199 | $ | 183 | |||||||||||||||||||||||||||
Finance Receivables Summary - Post-acquisition - Commercial | Following is a summary of activity in our commercial finance receivables portfolio (in millions): | ||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||
Commercial finance receivables, net of fees - beginning of period | $ | 3,180 | $ | 4,892 | $ | 8,072 | $ | 1,975 | $ | 4,725 | $ | 6,700 | |||||||||||||||||||
Net funding (collections) of commercial finance receivables | 110 | (150 | ) | (40 | ) | 223 | 154 | 377 | |||||||||||||||||||||||
Charge-offs | — | — | — | — | — | — | |||||||||||||||||||||||||
Foreign currency translation | (30 | ) | (395 | ) | (425 | ) | (8 | ) | 39 | 31 | |||||||||||||||||||||
Balance at end of period | $ | 3,260 | $ | 4,347 | $ | 7,607 | $ | 2,190 | $ | 4,918 | $ | 7,108 | |||||||||||||||||||
Financing Receivable Credit Quality Indicators for Commercial Lending | A summary of the credit risk profile by dealer grouping of the commercial finance receivables is as follows (in millions): | ||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||
Group I | - | Dealers with superior financial metrics | $ | 954 | $ | 1,062 | |||||||||||||||||||||||||
Group II | - | Dealers with strong financial metrics | 2,149 | 2,090 | |||||||||||||||||||||||||||
Group III | - | Dealers with fair financial metrics | 2,690 | 2,856 | |||||||||||||||||||||||||||
Group IV | - | Dealers with weak financial metrics | 1,108 | 1,250 | |||||||||||||||||||||||||||
Group V | - | Dealers warranting special mention due to potential weaknesses | 515 | 559 | |||||||||||||||||||||||||||
Group VI | - | Dealers with loans classified as substandard, doubtful or impaired | 191 | 255 | |||||||||||||||||||||||||||
Balance at end of period | $ | 7,607 | $ | 8,072 | |||||||||||||||||||||||||||
Leased_Vehicles_Tables
Leased Vehicles (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Property Subject to or Available for Operating Lease, Net [Abstract] | |||||||||||||||||||||
Summary of Leased Vehicles | The following information regarding our leased vehicles is presented on a consolidated basis (in millions): | ||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||
Leased vehicles | $ | 12,231 | $ | 9,747 | |||||||||||||||||
Manufacturer incentives | (1,880 | ) | (1,479 | ) | |||||||||||||||||
10,351 | 8,268 | ||||||||||||||||||||
Less: accumulated depreciation | (1,412 | ) | (1,208 | ) | |||||||||||||||||
Leased vehicles, net | $ | 8,939 | $ | 7,060 | |||||||||||||||||
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 (in millions): | ||||||||||||||||||||
Years Ending December 31, | |||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||
Minimum rental payments under operating leases | $ | 1,160 | $ | 1,365 | $ | 923 | $ | 214 | $ | 13 | |||||||||||
Restricted_Cash_Tables
Restricted Cash (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Cash and Cash Equivalents [Abstract] | ||||||||
Schedule of Restricted Cash | The following table summarizes the components of restricted cash (in millions): | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
Revolving credit facilities | $ | 327 | $ | 326 | ||||
Securitization notes payable - consumer | 1,440 | 1,330 | ||||||
Securitization notes payable - commercial | 59 | 65 | ||||||
Other | 23 | 350 | ||||||
Total restricted cash | $ | 1,849 | $ | 2,071 | ||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Debt | Debt consists of the following (in millions): | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||
Secured Debt | |||||||||||||||||||||||||
Revolving credit facilities | $ | 1,781 | $ | 4,922 | $ | 6,703 | $ | 1,701 | $ | 5,327 | $ | 7,028 | |||||||||||||
Securitization notes payable - consumer | 13,710 | 2,323 | 16,033 | 13,253 | 2,868 | 16,121 | |||||||||||||||||||
Securitization notes payable - commercial | 500 | 1,457 | 1,957 | 500 | 1,565 | 2,065 | |||||||||||||||||||
Total secured debt | $ | 15,991 | $ | 8,702 | $ | 24,693 | $ | 15,454 | $ | 9,760 | $ | 25,214 | |||||||||||||
Unsecured Debt | |||||||||||||||||||||||||
Senior notes | $ | 10,060 | $ | 1,234 | $ | 11,294 | $ | 7,846 | $ | 604 | $ | 8,450 | |||||||||||||
Credit facilities | — | 2,459 | 2,459 | — | 2,974 | 2,974 | |||||||||||||||||||
Other unsecured debt | — | 679 | 679 | — | 793 | 793 | |||||||||||||||||||
Total unsecured debt | $ | 10,060 | $ | 4,372 | $ | 14,432 | $ | 7,846 | $ | 4,371 | $ | 12,217 | |||||||||||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Variable Interest Entities [Abstract] | |||||||||
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities of our consolidated VIEs related to securitization and credit facilities (in millions): | ||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Restricted cash | $ | 1,826 | $ | 1,721 | |||||
Finance receivables, net | $ | 21,979 | $ | 23,109 | |||||
Leased vehicle assets | $ | 5,401 | $ | 4,595 | |||||
Secured debt | $ | 22,857 | $ | 22,794 | |||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments And Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Schedule of Derivative Instruments | Derivative swap and cap agreements consist of the following (in millions): | ||||||||||||||||||
Fair Value | March 31, 2015 | December 31, 2014 | |||||||||||||||||
Level | Notional | Fair Value | Notional | Fair Value | |||||||||||||||
Assets | |||||||||||||||||||
Interest rate swaps | (a) | 3 | $ | 1,688 | $ | 6 | $ | 1,652 | $ | 6 | |||||||||
Interest rate caps | (b) | 2 | 2,082 | 5 | 2,123 | 6 | |||||||||||||
Foreign currency swaps | (b) | 2 | 1,488 | 30 | 1,594 | 4 | |||||||||||||
Total assets | (c) | $ | 5,258 | $ | 41 | $ | 5,369 | $ | 16 | ||||||||||
Liabilities | |||||||||||||||||||
Interest rate swaps | (a) | 3 | $ | 5,114 | $ | 35 | $ | 5,627 | $ | 39 | |||||||||
Interest rate caps | (b) | 2 | 1,764 | 4 | 1,804 | 6 | |||||||||||||
Foreign currency swaps | (b) | 2 | 939 | 1 | 1,044 | 1 | |||||||||||||
Total liabilities | (d) | $ | 7,817 | $ | 40 | $ | 8,475 | $ | 46 | ||||||||||
_________________ | |||||||||||||||||||
(a) | The fair values of the interest rate swap agreements are estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates. | ||||||||||||||||||
(b) | The fair values of the interest rate cap agreements and foreign currency swap agreements are based on quoted market prices. | ||||||||||||||||||
(c) | Included in other assets on the condensed consolidated balance sheets. | ||||||||||||||||||
(d) | Included in other liabilities on the condensed consolidated balance sheets. | ||||||||||||||||||
Effect of derivative instruments on the condensed consolidated statements of income | The following table presents information on the effect of derivative instruments on the condensed consolidated statements of income and comprehensive income (in millions): | ||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
Non-designated hedges: | |||||||||||||||||||
Interest rate contracts (a) | $ | (6 | ) | $ | (10 | ) | |||||||||||||
Foreign currency derivatives (b) | 69 | (16 | ) | ||||||||||||||||
$ | 63 | $ | (26 | ) | |||||||||||||||
_________________ | |||||||||||||||||||
(a) | Losses recognized in earnings are included in interest expense. | ||||||||||||||||||
(b) | Activity is substantially offset by translation activity (included in operating expenses) related to the foreign currency-denominated loans described above. |
Recovered_Sheet1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Fair Value Of Financial Instruments [Abstract] | |||||||||||||||||||
Estimated fair values | Estimated fair values, carrying values and various methods and assumptions used in valuing our financial instruments are set forth below (in millions): | ||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Level | Carrying | Estimated | Carrying | Estimated | |||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | (a) | 1 | $ | 2,121 | $ | 2,121 | $ | 2,974 | $ | 2,974 | |||||||||
Finance receivables, net | (b) | 3 | $ | 32,470 | $ | 32,942 | $ | 33,000 | $ | 33,573 | |||||||||
Restricted cash | (a) | 1 | $ | 1,849 | $ | 1,849 | $ | 2,071 | $ | 2,071 | |||||||||
Financial liabilities: | |||||||||||||||||||
Secured debt | |||||||||||||||||||
North America | (c) | 2 | $ | 15,991 | $ | 16,045 | $ | 15,454 | $ | 15,497 | |||||||||
International | (d) | 2 | $ | 4,417 | $ | 4,420 | $ | 5,690 | $ | 5,694 | |||||||||
International | (e) | 3 | $ | 4,285 | $ | 4,252 | $ | 4,070 | $ | 4,037 | |||||||||
Unsecured debt | |||||||||||||||||||
North America | (f) | 2 | $ | 10,060 | $ | 10,386 | $ | 7,846 | $ | 8,092 | |||||||||
International | (g) | 2 | $ | 3,386 | $ | 3,402 | $ | 3,496 | $ | 3,507 | |||||||||
International | (e) | 3 | $ | 986 | $ | 984 | $ | 875 | $ | 880 | |||||||||
_________________ | |||||||||||||||||||
(a) | Cash and cash equivalents bear interest at market rates; therefore, carrying value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
(b) | The fair value of the consumer finance receivables in the North America Segment is estimated based upon forecasted cash flows on the receivables discounted using a pre-tax weighted-average cost of capital. The fair value of the consumer finance receivables in the International Segment is estimated based on forecasted cash flows on the receivables discounted using current origination rates for similar type loans. Commercial finance receivables generally have variable interest rates and maturities of one year or less. Therefore, the carrying value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
(c) | Secured debt in the North America Segment is comprised of revolving credit facilities, publicly-issued secured debt, and privately-issued secured debt. For revolving credit facilities with variable rates of interest and terms of one year or less, carrying value is considered to be a reasonable estimate of fair value. The fair value of the publicly and privately issued secured debt is based on quoted market prices, when available. If quoted market prices are not available, the market value is estimated using quoted market prices of similar securities. | ||||||||||||||||||
(d) | The level 2 secured debt in the International Segment has terms of one year or less, or has been priced within the last six months; therefore, par value is considered to be a reasonable estimate of fair value. | ||||||||||||||||||
(e) | The fair value of level 3 secured debt and unsecured debt in the International Segment is estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates. | ||||||||||||||||||
(f) | The fair value of unsecured debt in the North America Segment is based on quoted market prices in thinly-traded markets. | ||||||||||||||||||
(g) | The fair value of senior notes is based on quoted market prices in thinly-traded markets. The fair value of other unsecured debt in the International Segment has terms of one year or less; therefore, par value is considered to be a reasonable estimate of fair value. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | All inter-segment balances and transactions have been eliminated. Key financial data for our operating segments were as follows (in millions): | ||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
North | International | Corporate | Eliminations | Total | |||||||||||||||||||||
America | |||||||||||||||||||||||||
Total revenue | $ | 906 | $ | 448 | $ | 7 | $ | (7 | ) | $ | 1,354 | ||||||||||||||
Operating expenses, including leased vehicle expenses | 487 | 146 | — | — | 633 | ||||||||||||||||||||
Provision for loan losses | 118 | 37 | — | — | 155 | ||||||||||||||||||||
Interest expense | 165 | 206 | 16 | (7 | ) | 380 | |||||||||||||||||||
Equity income | — | 28 | — | — | 28 | ||||||||||||||||||||
Income before income taxes | $ | 136 | $ | 87 | $ | (9 | ) | $ | — | $ | 214 | ||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
North | International | Corporate | Eliminations | Total | |||||||||||||||||||||
America | |||||||||||||||||||||||||
Total revenue | $ | 636 | $ | 461 | $ | 16 | $ | (16 | ) | $ | 1,097 | ||||||||||||||
Operating expenses, including leased vehicle expenses | 274 | 151 | — | — | 425 | ||||||||||||||||||||
Provision for loan losses | 103 | 32 | — | — | 135 | ||||||||||||||||||||
Interest expense | 92 | 214 | 25 | (16 | ) | 315 | |||||||||||||||||||
Income before income taxes | $ | 167 | $ | 64 | $ | (9 | ) | $ | — | $ | 222 | ||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
North | International | Total | North | International | Total | ||||||||||||||||||||
America | America | ||||||||||||||||||||||||
Finance receivables, net | $ | 16,929 | $ | 15,541 | $ | 32,470 | $ | 15,943 | $ | 17,057 | $ | 33,000 | |||||||||||||
Total assets | $ | 30,535 | $ | 18,811 | $ | 49,346 | $ | 27,687 | $ | 20,037 | $ | 47,724 | |||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive (Loss) Income (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | A summary of changes in accumulated other comprehensive (loss) income is as follows (in millions): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Defined benefit plans, net: | |||||||||
Balance at beginning of period | $ | (11 | ) | $ | 3 | ||||
Unrealized gain on subsidiary pension | 1 | — | |||||||
Balance at end of period | (10 | ) | 3 | ||||||
Foreign currency translation adjustment: | |||||||||
Balance at beginning of period | (422 | ) | 8 | ||||||
Translation (loss) gain | (347 | ) | 5 | ||||||
Balance at end of period | (769 | ) | 13 | ||||||
Total accumulated other comprehensive (loss) income | $ | (779 | ) | $ | 16 | ||||
Guarantor_Condensed_Consolidat1
Guarantor Condensed Consolidating Financial Statements (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Guarantor Consolidating Financial Statements [abstract] | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | GENERAL MOTORS FINANCIAL COMPANY, INC. | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,444 | $ | 677 | $ | — | $ | 2,121 | ||||||||||
Finance receivables, net | — | 3,845 | 28,625 | — | 32,470 | |||||||||||||||
Leased vehicles, net | — | — | 8,939 | — | 8,939 | |||||||||||||||
Restricted cash | — | 13 | 1,836 | — | 1,849 | |||||||||||||||
Goodwill | 1,095 | — | 148 | — | 1,243 | |||||||||||||||
Equity in net assets of non-consolidated affiliates | — | — | 929 | — | 929 | |||||||||||||||
Property and equipment, net | 31 | 145 | 176 | |||||||||||||||||
Deferred income taxes | 59 | — | 764 | (540 | ) | 283 | ||||||||||||||
Related party receivables | — | 18 | 419 | — | 437 | |||||||||||||||
Other assets | 107 | 170 | 622 | — | 899 | |||||||||||||||
Due from affiliates | 8,346 | — | — | (8,346 | ) | — | ||||||||||||||
Investment in affiliates | 8,138 | 3,559 | — | (11,697 | ) | — | ||||||||||||||
Total assets | $ | 17,745 | $ | 9,080 | $ | 43,104 | $ | (20,583 | ) | $ | 49,346 | |||||||||
Liabilities and Shareholder's Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Secured debt | $ | — | $ | — | $ | 24,693 | $ | — | $ | 24,693 | ||||||||||
Unsecured debt | 9,744 | — | 4,688 | — | 14,432 | |||||||||||||||
Accounts payable and accrued expenses | 85 | 166 | 719 | — | 970 | |||||||||||||||
Deferred income | — | — | 546 | — | 546 | |||||||||||||||
Deferred income taxes | — | 584 | 4 | (540 | ) | 48 | ||||||||||||||
Taxes payable | 75 | — | 130 | — | 205 | |||||||||||||||
Related party taxes payable | 636 | — | — | — | 636 | |||||||||||||||
Related party payables | — | — | 450 | — | 450 | |||||||||||||||
Other liabilities | 2 | 11 | 150 | — | 163 | |||||||||||||||
Due to affiliates | — | 4,054 | 4,292 | (8,346 | ) | — | ||||||||||||||
Total liabilities | 10,542 | 4,815 | 35,672 | (8,886 | ) | 42,143 | ||||||||||||||
Shareholder's equity: | ||||||||||||||||||||
Common stock | — | — | 688 | (688 | ) | — | ||||||||||||||
Additional paid-in capital | 5,805 | 79 | 4,054 | (4,133 | ) | 5,805 | ||||||||||||||
Accumulated other comprehensive loss | (779 | ) | (122 | ) | (754 | ) | 876 | (779 | ) | |||||||||||
Retained earnings | 2,177 | 4,308 | 3,444 | (7,752 | ) | 2,177 | ||||||||||||||
Total shareholder's equity | 7,203 | 4,265 | 7,432 | (11,697 | ) | 7,203 | ||||||||||||||
Total liabilities and shareholder's equity | $ | 17,745 | $ | 9,080 | $ | 43,104 | $ | (20,583 | ) | $ | 49,346 | |||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 2,266 | $ | 708 | $ | — | $ | 2,974 | ||||||||||
Finance receivables, net | — | 2,401 | 30,599 | — | 33,000 | |||||||||||||||
Leased vehicles, net | — | — | 7,060 | — | 7,060 | |||||||||||||||
Restricted cash | — | 17 | 2,054 | — | 2,071 | |||||||||||||||
Goodwill | 1,095 | — | 149 | — | 1,244 | |||||||||||||||
Property and equipment, net | — | 23 | 149 | — | 172 | |||||||||||||||
Deferred income taxes | 28 | — | 601 | (288 | ) | 341 | ||||||||||||||
Related party receivables | — | 11 | 373 | — | 384 | |||||||||||||||
Other assets | 94 | 18 | 366 | — | 478 | |||||||||||||||
Due from affiliates | 6,787 | — | 400 | (7,187 | ) | — | ||||||||||||||
Investment in affiliates | 7,684 | 4,059 | — | (11,743 | ) | — | ||||||||||||||
Total assets | $ | 15,688 | $ | 8,795 | $ | 42,459 | $ | (19,218 | ) | $ | 47,724 | |||||||||
Liabilities and Shareholder's Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Secured debt | $ | — | $ | — | $ | 25,214 | $ | — | $ | 25,214 | ||||||||||
Unsecured debt | 7,500 | — | 4,717 | — | 12,217 | |||||||||||||||
Accounts payable and accrued expenses | 78 | 156 | 768 | — | 1,002 | |||||||||||||||
Deferred income | — | — | 392 | — | 392 | |||||||||||||||
Deferred income taxes | — | 288 | 20 | (288 | ) | 20 | ||||||||||||||
Taxes payable | 79 | — | 155 | — | 234 | |||||||||||||||
Related party taxes payable | 636 | — | — | — | 636 | |||||||||||||||
Related party payables | — | — | 433 | — | 433 | |||||||||||||||
Other liabilities | 3 | 12 | 169 | — | 184 | |||||||||||||||
Due to affiliates | — | 4,164 | 3,023 | (7,187 | ) | — | ||||||||||||||
Total liabilities | 8,296 | 4,620 | 34,891 | (7,475 | ) | 40,332 | ||||||||||||||
Shareholder's equity: | ||||||||||||||||||||
Common stock | — | — | 690 | (690 | ) | — | ||||||||||||||
Additional paid-in capital | 5,799 | 79 | 4,064 | (4,143 | ) | 5,799 | ||||||||||||||
Accumulated other comprehensive loss | (433 | ) | (64 | ) | (410 | ) | 474 | (433 | ) | |||||||||||
Retained earnings | 2,026 | 4,160 | 3,224 | (7,384 | ) | 2,026 | ||||||||||||||
Total shareholder's equity | 7,392 | 4,175 | 7,568 | (11,743 | ) | 7,392 | ||||||||||||||
Total liabilities and shareholder's equity | $ | 15,688 | $ | 8,795 | $ | 42,459 | $ | (19,218 | ) | $ | 47,724 | |||||||||
Condensed Consolidating Statement of Income | GENERAL MOTORS FINANCIAL COMPANY, INC. | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | — | $ | 80 | $ | 774 | $ | — | $ | 854 | ||||||||||
Leased vehicle income | — | — | 431 | — | 431 | |||||||||||||||
Other income | 7 | 108 | 45 | (91 | ) | 69 | ||||||||||||||
7 | 188 | 1,250 | (91 | ) | 1,354 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | — | 89 | 76 | — | 165 | |||||||||||||||
Other operating expenses | 54 | (3 | ) | 154 | (64 | ) | 141 | |||||||||||||
Total operating expenses | 54 | 86 | 230 | (64 | ) | 306 | ||||||||||||||
Leased vehicle expenses | — | — | 327 | — | 327 | |||||||||||||||
Provision for loan losses | — | 74 | 81 | — | 155 | |||||||||||||||
Interest expense | 94 | (2 | ) | 315 | (27 | ) | 380 | |||||||||||||
Total costs and expenses | 148 | 158 | 953 | (91 | ) | 1,168 | ||||||||||||||
Equity income | 238 | 129 | 28 | (367 | ) | 28 | ||||||||||||||
Income before income taxes | 97 | 159 | 325 | (367 | ) | 214 | ||||||||||||||
Income tax (benefit) provision | (53 | ) | 11 | 106 | — | 64 | ||||||||||||||
Net income | $ | 150 | $ | 148 | $ | 219 | $ | (367 | ) | $ | 150 | |||||||||
Comprehensive income | $ | (196 | ) | $ | 90 | $ | (125 | ) | $ | 35 | $ | (196 | ) | |||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Finance charge income | $ | — | $ | 30 | $ | 800 | $ | — | $ | 830 | ||||||||||
Leased vehicle income | — | — | 200 | — | 200 | |||||||||||||||
Other income | 20 | 127 | 38 | (118 | ) | 67 | ||||||||||||||
20 | 157 | 1,038 | (118 | ) | 1,097 | |||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and benefits | — | 53 | 83 | — | 136 | |||||||||||||||
Other operating expenses | 1 | 33 | 161 | (62 | ) | 133 | ||||||||||||||
Total operating expenses | 1 | 86 | 244 | (62 | ) | 269 | ||||||||||||||
Leased vehicle expenses | — | — | 156 | — | 156 | |||||||||||||||
Provision for loan losses | — | 60 | 75 | — | 135 | |||||||||||||||
Interest expense | 55 | 11 | 305 | (56 | ) | 315 | ||||||||||||||
Total costs and expenses | 56 | 157 | 780 | (118 | ) | 875 | ||||||||||||||
Equity income(a) | 170 | 116 | — | (286 | ) | — | ||||||||||||||
Income before income taxes | 134 | 116 | 258 | (286 | ) | 222 | ||||||||||||||
Income tax (benefit) provision | (11 | ) | — | 88 | — | 77 | ||||||||||||||
Net income | $ | 145 | $ | 116 | $ | 170 | $ | (286 | ) | $ | 145 | |||||||||
Comprehensive income | $ | 150 | $ | 96 | $ | 175 | $ | (271 | ) | $ | 150 | |||||||||
________________ | ||||||||||||||||||||
(a) | Equity income has been reclassified from revenue as previously presented. | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | GENERAL MOTORS FINANCIAL COMPANY, INC. | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (62 | ) | $ | 368 | $ | 239 | $ | — | $ | 545 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of consumer finance receivables, net | — | (2,283 | ) | (2,278 | ) | 496 | (4,065 | ) | ||||||||||||
Principal collections and recoveries on consumer finance receivables | — | 120 | 2,694 | — | 2,814 | |||||||||||||||
Proceeds from sale of consumer finance receivables, net | — | 496 | — | (496 | ) | — | ||||||||||||||
Net (collections) funding of commercial finance receivables | — | 150 | (96 | ) | — | 54 | ||||||||||||||
Purchases of leased vehicles, net | — | — | (2,319 | ) | — | (2,319 | ) | |||||||||||||
Proceeds from termination of leased vehicles | — | — | 185 | — | 185 | |||||||||||||||
Acquisition of equity interest | (513 | ) | (536 | ) | — | — | (1,049 | ) | ||||||||||||
Purchases of property and equipment | — | (8 | ) | (9 | ) | — | (17 | ) | ||||||||||||
Change in restricted cash | — | 4 | (158 | ) | — | (154 | ) | |||||||||||||
Change in other assets | — | — | 6 | — | 6 | |||||||||||||||
Net change in investment in affiliates | (48 | ) | 571 | — | (523 | ) | — | |||||||||||||
Net cash used in investing activities | (561 | ) | (1,486 | ) | (1,975 | ) | (523 | ) | (4,545 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Net change in debt (original maturities less than three months) | — | — | 198 | — | 198 | |||||||||||||||
Borrowings and issuance of secured debt | — | — | 2,889 | — | 2,889 | |||||||||||||||
Payments on secured debt | — | — | (2,748 | ) | — | (2,748 | ) | |||||||||||||
Borrowings and issuance of unsecured debt | 2,250 | — | 1,008 | — | 3,258 | |||||||||||||||
Payments on unsecured debt | — | — | (308 | ) | — | (308 | ) | |||||||||||||
Net capital contributions | — | — | (523 | ) | 523 | — | ||||||||||||||
Debt issuance costs | (20 | ) | — | (21 | ) | — | (41 | ) | ||||||||||||
Net change in due from/due to affiliates | (1,607 | ) | 296 | 1,311 | — | — | ||||||||||||||
Net cash provided by financing activities | 623 | 296 | 1,806 | 523 | 3,248 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (822 | ) | 70 | — | (752 | ) | |||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (101 | ) | — | (101 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 2,266 | 708 | — | 2,974 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 1,444 | $ | 677 | $ | — | $ | 2,121 | ||||||||||
GENERAL MOTORS FINANCIAL COMPANY, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
General | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Motors | Guarantors | |||||||||||||||||||
Financial | ||||||||||||||||||||
Company, | ||||||||||||||||||||
Inc. | ||||||||||||||||||||
Net cash provided by operating activities | $ | 175 | $ | 57 | $ | 154 | $ | — | $ | 386 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of consumer finance receivables, net | — | (1,363 | ) | (2,838 | ) | $ | 881 | (3,320 | ) | |||||||||||
Principal collections and recoveries on consumer finance receivables | — | (33 | ) | 2,650 | — | 2,617 | ||||||||||||||
Proceeds from sale of consumer finance receivables, net | — | 881 | — | (881 | ) | — | ||||||||||||||
Net funding of commercial finance receivables | — | (152 | ) | (103 | ) | — | (255 | ) | ||||||||||||
Purchases of leased vehicles, net | — | — | (628 | ) | — | (628 | ) | |||||||||||||
Proceeds from termination of leased vehicles | — | — | 123 | — | 123 | |||||||||||||||
Purchases of property and equipment | — | — | (7 | ) | — | (7 | ) | |||||||||||||
Change in restricted cash | — | 3 | (150 | ) | — | (147 | ) | |||||||||||||
Net change in investment in affiliates | — | 640 | — | (640 | ) | — | ||||||||||||||
Net cash used in investing activities | — | (24 | ) | (953 | ) | (640 | ) | (1,617 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Net change in debt (original maturities less than three months) | — | — | 451 | — | 451 | |||||||||||||||
Borrowings and issuance of secured debt | — | — | 5,070 | — | 5,070 | |||||||||||||||
Payments on secured debt | — | — | (4,238 | ) | — | (4,238 | ) | |||||||||||||
Borrowings and issuance of unsecured debt | — | — | 390 | — | 390 | |||||||||||||||
Payments on unsecured debt | — | — | (330 | ) | — | (330 | ) | |||||||||||||
Net capital contributions | (45 | ) | — | (595 | ) | 640 | — | |||||||||||||
Debt issuance costs | — | — | (23 | ) | — | (23 | ) | |||||||||||||
Net change in due from/due to affiliates | (130 | ) | 112 | 18 | — | — | ||||||||||||||
Net cash (used in) provided by financing activities | (175 | ) | 112 | 743 | 640 | 1,320 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 145 | (56 | ) | — | 89 | ||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 395 | 679 | — | 1,074 | |||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 540 | $ | 622 | $ | — | $ | 1,162 | ||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Narrative (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
segment | ||
Summary of Significant Accounting Policies [Line Items] | ||
Decrease to net cash provided by operating activities | $79,000,000 | |
Increase to net cash used in investing activities | 79,000,000 | |
Number of operating segments | 2 | |
Related party receivables | 437,000,000 | 384,000,000 |
Intercompany Receivable - Commercial Lending | 164,000,000 | 176,000,000 |
Intercompany Receivables - Wholesale financing | 0 | 289,000,000 |
Related party payables | 450,000,000 | 433,000,000 |
Related party payable settlement period | 30 days | |
Related party taxes payable | 636,000,000 | 636,000,000 |
Earning assets leverage ratio | 6.9 | |
Parent Company [Member] | UNITED STATES | ||
Summary of Significant Accounting Policies [Line Items] | ||
Related party tax expense deferral period | 4 years | |
Maximum [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Earning assets leverage ratio | 8 | |
Junior Subordinated Revolving Credit Facility [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Line of Credit Facilities - GM Related Party Facility | 1,000,000,000 | |
General Motors [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $4,000,000,000 |
Acquisition_of_Ally_Financial_1
Acquisition of Ally Financial International Operations - Narrative (Details) (USD $) | 3 Months Ended | 0 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Jan. 02, 2015 | Dec. 31, 2013 | Jan. 03, 2015 | |
Business Acquisition [Line Items] | |||||
Equity income | $28,000,000 | $0 | |||
SAIC-GMAC [Member] | |||||
Business Acquisition [Line Items] | |||||
Equity interest (percent) | 40.00% | 35.00% | |||
Aggregate purchase price | 1,000,000,000 | ||||
Equity interest (percent) | 5.00% | ||||
Proceeds from sale | 125,000,000 | ||||
Difference between carrying amount and underlying equity | 371,000,000 | ||||
Equity income | 28,000,000 | ||||
Pro forma net income (loss) | 174,000,000 | ||||
Ally Financial International Operations [Member] | |||||
Business Acquisition [Line Items] | |||||
Aggregate consideration | 3,300,000,000 | ||||
Debt assumed | $1,400,000,000 |
Finance_Receivables_Narrative_
Finance Receivables - Narrative (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $581 | $682 | ||
Consumer Finance Receivables [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 25,591 | 25,623 | ||
Consumer Finance Receivables [Member] | North America Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 14,294 | 13,361 | ||
Consumer Finance Receivables [Member] | Deteriorated Credit Quality [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 344 | |||
Commercial Finance Receivables [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 7,607 | 8,072 | 7,108 | 6,700 |
Commercial Finance Receivables [Member] | North America Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | $3,260 | $3,180 | $2,190 | $1,975 |
Finance_Receivables_Finance_Re
Finance Receivables - Finance Receivables, net (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance receivables, net | $32,470,000,000 | $33,000,000,000 | ||
North America Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance receivables, net | 16,929,000,000 | 15,943,000,000 | ||
International Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance receivables, net | 15,541,000,000 | 17,057,000,000 | ||
Consumer Finance Receivables [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Collectively evaluated for impairment, net of fees | 24,297,000,000 | 24,389,000,000 | ||
Individually evaluated for impairment, net of fees | 1,294,000,000 | 1,234,000,000 | ||
Total finance receivables | 25,591,000,000 | 25,623,000,000 | ||
Less: allowance for loan losses - collective | -528,000,000 | -483,000,000 | ||
Less: allowance for loan losses - specific | -164,000,000 | -172,000,000 | ||
Total finance receivables, net | 24,899,000,000 | 24,968,000,000 | ||
Consumer Finance Receivables [Member] | North America Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Collectively evaluated for impairment, net of fees | 13,000,000,000 | 12,127,000,000 | ||
Individually evaluated for impairment, net of fees | 1,294,000,000 | 1,234,000,000 | ||
Total finance receivables | 14,294,000,000 | 13,361,000,000 | ||
Less: allowance for loan losses - collective | -441,000,000 | -405,000,000 | ||
Less: allowance for loan losses - specific | -164,000,000 | -172,000,000 | ||
Total finance receivables, net | 13,689,000,000 | 12,784,000,000 | ||
Consumer Finance Receivables [Member] | North America Segment [Member] | Post-Acquisition Portfolio [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Deferred Income | 191,000,000 | 245,000,000 | ||
Consumer Finance Receivables [Member] | International Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Collectively evaluated for impairment, net of fees | 11,297,000,000 | 12,262,000,000 | ||
Individually evaluated for impairment, net of fees | 0 | 0 | ||
Total finance receivables | 11,297,000,000 | 12,262,000,000 | ||
Less: allowance for loan losses - collective | -87,000,000 | -78,000,000 | ||
Less: allowance for loan losses - specific | 0 | 0 | ||
Total finance receivables, net | 11,210,000,000 | 12,184,000,000 | ||
Loans and Leases Receivable, Gross, Consumer, Lease Financing | 1,000,000,000 | 1,000,000,000 | ||
Commercial Finance Receivables [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Collectively evaluated for impairment, net of fees | 7,538,000,000 | 7,983,000,000 | ||
Individually evaluated for impairment, net of fees | 69,000,000 | 89,000,000 | ||
Total finance receivables | 7,607,000,000 | 8,072,000,000 | 7,108,000,000 | 6,700,000,000 |
Less: allowance for loan losses - collective | -31,000,000 | -35,000,000 | ||
Less: allowance for loan losses - specific | -5,000,000 | -5,000,000 | ||
Total finance receivables, net | 7,571,000,000 | 8,032,000,000 | ||
Commercial Finance Receivables [Member] | North America Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Collectively evaluated for impairment, net of fees | 3,260,000,000 | 3,180,000,000 | ||
Individually evaluated for impairment, net of fees | 0 | 0 | ||
Total finance receivables | 3,260,000,000 | 3,180,000,000 | 2,190,000,000 | 1,975,000,000 |
Less: allowance for loan losses - collective | -20,000,000 | -21,000,000 | ||
Less: allowance for loan losses - specific | 0 | 0 | ||
Total finance receivables, net | 3,240,000,000 | 3,159,000,000 | ||
Commercial Finance Receivables [Member] | International Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Collectively evaluated for impairment, net of fees | 4,278,000,000 | 4,803,000,000 | ||
Individually evaluated for impairment, net of fees | 69,000,000 | 89,000,000 | ||
Total finance receivables | 4,347,000,000 | 4,892,000,000 | 4,918,000,000 | 4,725,000,000 |
Less: allowance for loan losses - collective | -11,000,000 | -14,000,000 | ||
Less: allowance for loan losses - specific | -5,000,000 | -5,000,000 | ||
Total finance receivables, net | $4,331,000,000 | $4,873,000,000 |
Finance_Receivables_Finance_Re1
Finance Receivables - Finance Receivables Summary (Details) (Consumer Finance Receivables [Member], USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | |||
Financing receivables, net of fees - beginning of period | $25,623 | ||
Balance at end of period | 25,591 | 25,623 | |
Pass [Member] | |||
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | |||
Financing receivables, net of fees - beginning of period | 25,623 | 23,130 | |
Loans purchased | 4,078 | 3,412 | |
Principal collections and other | -2,593 | -2,467 | |
Charge-offs | -234 | -224 | |
Foreign currency translation | -1,283 | 173 | |
Balance at end of period | 25,591 | 24,024 | |
North America Segment [Member] | |||
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | |||
Financing receivables, net of fees - beginning of period | 13,361 | ||
Balance at end of period | 14,294 | 13,361 | |
North America Segment [Member] | Pass [Member] | |||
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | |||
Financing receivables, net of fees - beginning of period | 13,361 | 11,388 | |
Loans purchased | 2,273 | 1,364 | |
Principal collections and other | -1,134 | -1,003 | |
Charge-offs | -200 | -192 | |
Foreign currency translation | -6 | -1 | |
Balance at end of period | 14,294 | 11,556 | |
International Segment [Member] | |||
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | |||
Financing receivables, net of fees - beginning of period | 12,262 | ||
Balance at end of period | 11,297 | 12,262 | |
International Segment [Member] | Pass [Member] | |||
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | |||
Financing receivables, net of fees - beginning of period | 12,262 | 11,742 | |
Loans purchased | 1,805 | 2,048 | |
Principal collections and other | -1,459 | -1,464 | |
Charge-offs | -34 | -32 | |
Foreign currency translation | -1,277 | 174 | |
Balance at end of period | $11,297 | $12,468 |
Finance_Receivables_Allowance_
Finance Receivables - Allowance for Loan Losses (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Provision for loan losses | $155 | $135 |
Consumer Finance Receivables [Member] | Post-Acquisition Portfolio | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 655 | 497 |
Provision for loan losses | 157 | 137 |
Charge-offs | -234 | -224 |
Recoveries | 122 | 127 |
Foreign currency translation | -8 | 0 |
Balance at end of period | 692 | 537 |
Consumer Finance Receivables [Member] | North America Segment [Member] | Post-Acquisition Portfolio | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 577 | 468 |
Provision for loan losses | 118 | 104 |
Charge-offs | -200 | -192 |
Recoveries | 110 | 111 |
Foreign currency translation | 0 | 0 |
Balance at end of period | 605 | 491 |
Consumer Finance Receivables [Member] | International Segment [Member] | Post-Acquisition Portfolio | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 78 | 29 |
Provision for loan losses | 39 | 33 |
Charge-offs | -34 | -32 |
Recoveries | 12 | 16 |
Foreign currency translation | -8 | 0 |
Balance at end of period | $87 | $46 |
Finance_Receivables_Credit_Qua
Finance Receivables - Credit Quality (Details) (Consumer Finance Receivables [Member], North America Segment [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | Rate | Rate |
Financing Receivable, Recorded Investment [Line Items] | ||
Finance receivables, net of fees | $14,294 | $13,361 |
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 | 1,161 | 596 |
Finance receivables credit indicator, Percent | 8.10% | 4.40% |
FICO Score, 620 to 679 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance receivables, net of fees | 2,138 | 1,691 |
Finance receivables credit indicator, Percent | 15.00% | 12.70% |
FICO Score, Less than 620 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Finance receivables, net of fees | $10,995 | $11,074 |
Finance receivables credit indicator, Percent | 76.90% | 82.90% |
Finance_Receivables_Delinquenc
Finance Receivables - Delinquency (Details) (Consumer Finance Receivables [Member], USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Rate | Rate |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
31-60 days | $880 | $717 |
Greater than 60 days | 357 | 336 |
Greater than 30 days past due | 1,237 | 1,053 |
In repossession | 42 | 38 |
Past Due | 1,279 | 1,091 |
31 - 60 days, Percent of contractual amount due | 3.40% | 3.10% |
Greater than 60 days, Percent of contractual amount due | 1.40% | 1.40% |
Greater than 30 days past due, Percent of contractual amount due | 4.80% | 4.50% |
In repossession, Percent of contractual amount due | 0.20% | 0.10% |
Percent of contractual amount due | 5.00% | 4.60% |
North America Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
31-60 days | 767 | 579 |
Greater than 60 days | 259 | 210 |
Greater than 30 days past due | 1,026 | 789 |
In repossession | 34 | 33 |
Past Due | 1,060 | 822 |
International Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
31-60 days | 113 | 138 |
Greater than 60 days | 98 | 126 |
Greater than 30 days past due | 211 | 264 |
In repossession | 8 | 5 |
Past Due | $219 | $269 |
Finance_Receivables_Troubled_D
Finance Receivables - Troubled Debt Restructurings (Details) (North America Segment [Member], Consumer Finance Receivables [Member], USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
loan | loan | ||
North America Segment [Member] | Consumer Finance Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding recorded investment | $1,294 | $1,234 | |
Less: allowance for loan losses | -164 | -172 | |
Outstanding recorded investment, net of allowance | 1,130 | 1,062 | |
Unpaid principal balance | 1,319 | 1,255 | |
Average recorded investment | 1,264 | 816 | |
Finance charge income recognized | 40 | 29 | |
Number of loans classified as TDRs during the period | 11,752 | 10,127 | |
Recorded investment of loans classified as TDRs during the period | $199 | $183 |
Finance_Receivables_Commercial
Finance Receivables - Commercial Finance Receivables (Details) (Commercial Finance Receivables [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | ||
Financing receivables, net of fees - beginning of period | $8,072 | $6,700 |
Net funding (collections) of commercial finance receivables | -40 | 377 |
Charge-offs | 0 | 0 |
Foreign currency translation | -425 | 31 |
Balance at end of period | 7,607 | 7,108 |
North America Segment [Member] | ||
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | ||
Financing receivables, net of fees - beginning of period | 3,180 | 1,975 |
Net funding (collections) of commercial finance receivables | 110 | 223 |
Charge-offs | 0 | 0 |
Foreign currency translation | -30 | -8 |
Balance at end of period | 3,260 | 2,190 |
International Segment [Member] | ||
Accounts Notes And Loans Receivable Rollforward [Roll Forward] | ||
Financing receivables, net of fees - beginning of period | 4,892 | 4,725 |
Net funding (collections) of commercial finance receivables | -150 | 154 |
Charge-offs | 0 | 0 |
Foreign currency translation | -395 | 39 |
Balance at end of period | $4,347 | $4,918 |
Finance_Receivables_Credit_Ris
Finance Receivables - Credit Risk Profile by Dealer grouping of Commercial Finance Receivables (Details) (Commercial Finance Receivables [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | $7,607 | $8,072 | $7,108 | $6,700 |
Group I | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 954 | 1,062 | ||
Group II | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 2,149 | 2,090 | ||
Group III | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 2,690 | 2,856 | ||
Group IV | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 1,108 | 1,250 | ||
Group V | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 515 | 559 | ||
Group VI | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | $191 | $255 |
Leased_Vehicles_Narrative_Deta
Leased Vehicles - Narrative (Details) (Canadian Subsidiary [Member], Property Subject to Operating Lease [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Canadian Subsidiary [Member] | Property Subject to Operating Lease [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Servicing Asset at Fair Value, Amount | $74 | $110 |
Leased_Vehicles_Summary_of_Lea
Leased Vehicles - Summary of Leased Vehicles (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Property Subject to or Available for Operating Lease, Net [Abstract] | ||
Leased vehicles | $12,231 | $9,747 |
Manufacturing incentives | -1,880 | -1,479 |
Leased vehicles accounted for operating leases net of manufacturing incentives | 10,351 | 8,268 |
Less: accumulated depreciation | -1,412 | -1,208 |
Leased vehicles, net | $8,939 | $7,060 |
Leased_Vehicles_Minimum_rental
Leased Vehicles - Minimum rental payments (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2015 | $1,160 |
2016 | 1,365 |
2017 | 923 |
2018 | 214 |
2019 | $13 |
Restricted_Cash_Details
Restricted Cash (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents | $1,849 | $2,071 |
Revolving Credit Facility [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents | 327 | 326 |
Securitization Notes Payable [Member] | Consumer Portfolio Segment [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents | 1,440 | 1,330 |
Securitization Notes Payable [Member] | Commercial Finance Receivables [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents | 59 | 65 |
Other [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents | $23 | $350 |
Equity_in_Net_Assets_of_Noncon1
Equity in Net Assets of Non-consolidated Affiliates (Details) (SAIC-GMAC [Member], USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
SAIC-GMAC [Member] | |
Noncontrolling Interest [Line Items] | |
Undistributed earnings | $28 |
Debt_Narrative_Details
Debt - Narrative (Details) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Feb. 28, 2015 | Apr. 23, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 | Apr. 23, 2015 | Apr. 23, 2015 | Apr. 23, 2015 | Mar. 31, 2015 | Mar. 31, 2015 |
USD ($) | USD ($) | Secured Debt [Member] | European Medium Term Notes [Member] | Subsequent Event [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |
USD ($) | Euro Medium Due February 2018 [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Unsecured Debt [Member] | Secured Debt [Member] | |||
EUR (€) | Floating Rate Senior Notes Due April Two Thousand Eighteen [Member] | USD ($) | Senior Notes Due January 2020 [Member] | Senior Notes Due January 2025 [Member] | Floating Rate Senior Notes Due January 2020 [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | International Segment [Member] | USD ($) | ||||
USD ($) | USD ($) | USD ($) | London Interbank Offered Rate (LIBOR) [Member] | USD ($) | Senior Notes Due April 2018 [Member] | Senior Notes Due 2022 [Member] | USD ($) | |||||||
USD ($) | USD ($) | USD ($) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | $11,300,000,000 | $8,400,000,000 | $2,000,000,000 | € 650,000,000 | $300,000,000 | $2,250,000,000 | $1,000,000,000 | $1,000,000,000 | $250,000,000 | $2,400,000,000 | $850,000,000 | $1,250,000,000 | ||
Increase in Credit Facilities during period | $90,000,000 | $770,000,000 | ||||||||||||
Interest rate (percent) | 0.85% | 3.15% | 4.00% | 2.40% | 3.45% |
Debt_Short_Term_and_Long_Term_
Debt - Short Term and Long Term Debt (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Short Term and Long Term Debt [Line Items] | ||
Secured debt | $24,693 | $25,214 |
Unsecured debt | 14,432 | 12,217 |
Revolving Credit Facility [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured debt | 6,703 | 7,028 |
Unsecured debt | 2,459 | 2,974 |
Senior Notes [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Unsecured debt | 11,294 | 8,450 |
Other Unsecured Debt [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Unsecured debt | 679 | 793 |
North America Segment [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured debt | 15,991 | 15,454 |
Unsecured debt | 10,060 | 7,846 |
North America Segment [Member] | Revolving Credit Facility [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured debt | 1,781 | 1,701 |
Unsecured debt | 0 | 0 |
North America Segment [Member] | Senior Notes [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Unsecured debt | 10,060 | 7,846 |
North America Segment [Member] | Other Unsecured Debt [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Unsecured debt | 0 | 0 |
International Segment [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured debt | 8,702 | 9,760 |
Unsecured debt | 4,372 | 4,371 |
International Segment [Member] | Revolving Credit Facility [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured debt | 4,922 | 5,327 |
Unsecured debt | 2,459 | 2,974 |
International Segment [Member] | Senior Notes [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Unsecured debt | 1,234 | 604 |
International Segment [Member] | Other Unsecured Debt [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Unsecured debt | 679 | 793 |
Consumer Portfolio Segment [Member] | Securitization Notes Payable [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured debt | 16,033 | 16,121 |
Consumer Portfolio Segment [Member] | North America Segment [Member] | Securitization Notes Payable [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured debt | 13,710 | 13,253 |
Consumer Portfolio Segment [Member] | International Segment [Member] | Securitization Notes Payable [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured debt | 2,323 | 2,868 |
Commercial Finance Receivables [Member] | Securitization Notes Payable [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured debt | 1,957 | 2,065 |
Commercial Finance Receivables [Member] | North America Segment [Member] | Securitization Notes Payable [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured debt | 500 | 500 |
Commercial Finance Receivables [Member] | International Segment [Member] | Securitization Notes Payable [Member] | ||
Short Term and Long Term Debt [Line Items] | ||
Secured debt | $1,457 | $1,565 |
Variable_Interest_Entities_Nar
Variable Interest Entities - Narrative (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | |||
Assets | $49,346,000,000 | $47,724,000,000 | |
Liabilities | 42,143,000,000 | 40,332,000,000 | |
Revenues | 1,354,000,000 | 1,097,000,000 | |
Net income | 150,000,000 | 145,000,000 | |
Transfers of Finance Receivables | 2,000,000,000 | 2,500,000,000 | |
Transfers of Finance Receivables Outstanding Balance | 1,800,000,000 | 2,400,000,000 | |
Germany [Member] | Subsidiaries [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets | 4,200,000,000 | 4,500,000,000 | |
Liabilities | 3,500,000,000 | 4,000,000,000 | |
Revenues | 41,000,000 | 58,000,000 | |
Net income | $11,000,000 | $10,000,000 |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ||
Restricted cash | $1,849 | $2,071 |
Finance receivables, net | 32,470 | 33,000 |
Leased vehicles, net | 8,939 | 7,060 |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted cash | 1,826 | 1,721 |
Finance receivables, net | 21,979 | 23,109 |
Leased vehicles, net | 5,401 | 4,595 |
Liabilities securitized | $22,857 | $22,794 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments And Hedging Activities - Narrative (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Derivative [Line Items] | |
Intercompany loans | $576 |
Currency Swap [Member] | |
Derivative [Line Items] | |
Notional amounts of derivatives | $550 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments And Hedging Activities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | $5,258 | $5,369 |
Derivative Asset | 41 | 16 |
Other Assets [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 1,688 | 1,652 |
Derivative Asset | 6 | 6 |
Other Assets [Member] | Interest Rate Cap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 2,082 | 2,123 |
Derivative Asset | 5 | 6 |
Other Assets [Member] | Foreign Currency Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 1,488 | 1,594 |
Derivative Asset | 30 | 4 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 7,817 | 8,475 |
Derivative Liability | 40 | 46 |
Other Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 5,114 | 5,627 |
Derivative Liability | 35 | 39 |
Other Liabilities [Member] | Interest Rate Cap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 1,764 | 1,804 |
Derivative Liability | 4 | 6 |
Other Liabilities [Member] | Foreign Currency Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 939 | 1,044 |
Derivative Liability | $1 | $1 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments And Hedging Activities - Derivatives Income (Losses) Recognized in Income (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Interest rate contracts | ($6) | ($10) |
Foreign currency derivatives | 69 | -16 |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $63 | ($26) |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted cash | $1,849 | $2,071 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 2,121 | 2,974 |
Finance Receivables, Net | 32,470 | 33,000 |
Restricted cash | 1,849 | 2,071 |
Reported Value Measurement [Member] | North America Segment [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 15,991 | 15,454 |
Reported Value Measurement [Member] | North America Segment [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 10,060 | 7,846 |
Reported Value Measurement [Member] | International Segment [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 4,417 | 5,690 |
Reported Value Measurement [Member] | International Segment [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 4,285 | 4,070 |
Reported Value Measurement [Member] | International Segment [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 3,386 | 3,496 |
Reported Value Measurement [Member] | International Segment [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 986 | 875 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 2,121 | 2,974 |
Finance Receivables, Net | 32,942 | 33,573 |
Restricted cash | 1,849 | 2,071 |
Estimate of Fair Value Measurement [Member] | North America Segment [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 16,045 | 15,497 |
Estimate of Fair Value Measurement [Member] | North America Segment [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 10,386 | 8,092 |
Estimate of Fair Value Measurement [Member] | International Segment [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 4,420 | 5,694 |
Estimate of Fair Value Measurement [Member] | International Segment [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 4,252 | 4,037 |
Estimate of Fair Value Measurement [Member] | International Segment [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 3,402 | 3,507 |
Estimate of Fair Value Measurement [Member] | International Segment [Member] | Unsecured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $984 | $880 |
Commitments_and_Contingencies_
Commitments and Contingencies - Narrative (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Debt instrument, face amount | $11,300,000,000 | $8,400,000,000 |
Estimate of possible loss | 93,000,000 | |
Loss accrual | 38,000,000 | |
Indirect tax contingency | $50,000,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Income tax (benefit) provision | $64 | $77 |
Segment_Reporting_Narrative_De
Segment Reporting - Narrative (Details) | 3 Months Ended |
Mar. 31, 2015 | |
segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment_Reporting_Operations_R
Segment Reporting - Operations Reporting by Revenue (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total revenue | $1,354 | $1,097 |
Operating expenses, including leased vehicle expenses | 633 | 425 |
Provision for loan losses | 155 | 135 |
Interest expense | 380 | 315 |
Equity income | 28 | 0 |
Income before income taxes | 214 | 222 |
Operating Segments [Member] | North America Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 906 | 636 |
Operating expenses, including leased vehicle expenses | 487 | 274 |
Provision for loan losses | 118 | 103 |
Interest expense | 165 | 92 |
Equity income | 0 | |
Income before income taxes | 136 | 167 |
Operating Segments [Member] | International Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 448 | 461 |
Operating expenses, including leased vehicle expenses | 146 | 151 |
Provision for loan losses | 37 | 32 |
Interest expense | 206 | 214 |
Equity income | 28 | |
Income before income taxes | 87 | 64 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 7 | 16 |
Operating expenses, including leased vehicle expenses | 0 | 0 |
Provision for loan losses | 0 | 0 |
Interest expense | 16 | 25 |
Equity income | 0 | |
Income before income taxes | -9 | -9 |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenue | -7 | -16 |
Operating expenses, including leased vehicle expenses | 0 | 0 |
Provision for loan losses | 0 | 0 |
Interest expense | -7 | -16 |
Equity income | 0 | |
Income before income taxes | $0 | $0 |
Segment_Reporting_Operations_R1
Segment Reporting - Operations Reporting by Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Finance receivables, net | $32,470 | $33,000 |
Total assets | 49,346 | 47,724 |
North America Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Finance receivables, net | 16,929 | 15,943 |
Total assets | 30,535 | 27,687 |
International Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Finance receivables, net | 15,541 | 17,057 |
Total assets | $18,811 | $20,037 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive (Loss) Income (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Changes in Accumulated Other Comprehensive Income [Roll Forward] | |||
Defined benefit plans, net: Balance at beginning of period | ($11) | $3 | |
Unrealized gain on subsidiary pension | 1 | 0 | |
Defined benefit plans, net: Balance at end of period | -10 | 3 | |
Foreign currency translation adjustment: Balance at beginning of period | -422 | 8 | |
Translation (loss) gain | -347 | 5 | |
Foreign currency translation adjustment: Balance at end of period | -769 | 13 | |
Total accumulated other comprehensive (loss) income | ($779) | $16 | ($433) |
Regulatory_Capital_Details
Regulatory Capital (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Capital Requirements on Foreign Financial Institutions [Line Items] | ||
Assets | $49,346 | $47,724 |
International Regulated Bank And Finance Companies [Member] | ||
Capital Requirements on Foreign Financial Institutions [Line Items] | ||
Assets | $9,500 | $11,400 |
Guarantor_Condensed_Consolidat2
Guarantor Condensed Consolidating Financial Statements Current Period Guarantor Balance Sheet (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $2,121 | $2,974 | $1,162 | $1,074 |
Finance receivables, net | 32,470 | 33,000 | ||
Leased vehicles, net | 8,939 | 7,060 | ||
Restricted cash | 1,849 | 2,071 | ||
Goodwill | 1,243 | 1,244 | ||
Equity in net assets of non-consolidated affiliates | 929 | 0 | ||
Property and equipment, net | 176 | 172 | ||
Deferred income taxes | 283 | 341 | ||
Related party receivables | 437 | 384 | ||
Other assets | 899 | 478 | ||
Due from affiliates | 0 | 0 | ||
Investments in affiliates | 0 | 0 | ||
Total assets | 49,346 | 47,724 | ||
Secured debt | 24,693 | 25,214 | ||
Unsecured debt | 14,432 | 12,217 | ||
Accounts payable and accrued expenses | 970 | 1,002 | ||
Deferred income | 546 | 392 | ||
Deferred income taxes | 48 | 20 | ||
Taxes payable | 205 | 234 | ||
Related party taxes payable | 636 | 636 | ||
Related party payables | 450 | 433 | ||
Other liabilities | 163 | 184 | ||
Due to affiliates | 0 | 0 | ||
Total liabilities | 42,143 | 40,332 | ||
Common stock | 0 | 0 | ||
Additional paid-in capital | 5,805 | 5,799 | ||
Accumulated other comprehensive (loss) income | -779 | -433 | 16 | |
Retained earnings | 2,177 | 2,026 | ||
Total stockholders' equity | 7,203 | 7,392 | ||
Total liabilities and shareholder's equity | 49,346 | 47,724 | ||
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 | 0 | 0 | ||
Goodwill | 1,095 | 1,095 | ||
Equity in net assets of non-consolidated affiliates | 0 | |||
Property and equipment, net | 0 | |||
Deferred income taxes | 59 | 28 | ||
Related party receivables | 0 | 0 | ||
Other assets | 107 | 94 | ||
Due from affiliates | 8,346 | 6,787 | ||
Investments in affiliates | 8,138 | 7,684 | ||
Total assets | 17,745 | 15,688 | ||
Secured debt | 0 | 0 | ||
Unsecured debt | 9,744 | 7,500 | ||
Accounts payable and accrued expenses | 85 | 78 | ||
Deferred income | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Taxes payable | 75 | 79 | ||
Related party taxes payable | 636 | 636 | ||
Related party payables | 0 | 0 | ||
Other liabilities | 2 | 3 | ||
Due to affiliates | 0 | 0 | ||
Total liabilities | 10,542 | 8,296 | ||
Common stock | 0 | 0 | ||
Additional paid-in capital | 5,805 | 5,799 | ||
Accumulated other comprehensive (loss) income | -779 | -433 | ||
Retained earnings | 2,177 | 2,026 | ||
Total stockholders' equity | 7,203 | 7,392 | ||
Total liabilities and shareholder's equity | 17,745 | 15,688 | ||
Guarantor [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 1,444 | 2,266 | 540 | 395 |
Finance receivables, net | 3,845 | 2,401 | ||
Leased vehicles, net | 0 | 0 | ||
Restricted cash | 13 | 17 | ||
Goodwill | 0 | 0 | ||
Equity in net assets of non-consolidated affiliates | 0 | |||
Property and equipment, net | 31 | 23 | ||
Deferred income taxes | 0 | 0 | ||
Related party receivables | 18 | 11 | ||
Other assets | 170 | 18 | ||
Due from affiliates | 0 | 0 | ||
Investments in affiliates | 3,559 | 4,059 | ||
Total assets | 9,080 | 8,795 | ||
Secured debt | 0 | 0 | ||
Unsecured debt | 0 | 0 | ||
Accounts payable and accrued expenses | 166 | 156 | ||
Deferred income | 0 | 0 | ||
Deferred income taxes | 584 | 288 | ||
Taxes payable | 0 | 0 | ||
Related party taxes payable | 0 | 0 | ||
Related party payables | 0 | 0 | ||
Other liabilities | 11 | 12 | ||
Due to affiliates | 4,054 | 4,164 | ||
Total liabilities | 4,815 | 4,620 | ||
Common stock | 0 | 0 | ||
Additional paid-in capital | 79 | 79 | ||
Accumulated other comprehensive (loss) income | -122 | -64 | ||
Retained earnings | 4,308 | 4,160 | ||
Total stockholders' equity | 4,265 | 4,175 | ||
Total liabilities and shareholder's equity | 9,080 | 8,795 | ||
Non-Guarantors [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 677 | 708 | 622 | 679 |
Finance receivables, net | 28,625 | 30,599 | ||
Leased vehicles, net | 8,939 | 7,060 | ||
Restricted cash | 1,836 | 2,054 | ||
Goodwill | 148 | 149 | ||
Equity in net assets of non-consolidated affiliates | 929 | |||
Property and equipment, net | 145 | 149 | ||
Deferred income taxes | 764 | 601 | ||
Related party receivables | 419 | 373 | ||
Other assets | 622 | 366 | ||
Due from affiliates | 0 | 400 | ||
Investments in affiliates | 0 | 0 | ||
Total assets | 43,104 | 42,459 | ||
Secured debt | 24,693 | 25,214 | ||
Unsecured debt | 4,688 | 4,717 | ||
Accounts payable and accrued expenses | 719 | 768 | ||
Deferred income | 546 | 392 | ||
Deferred income taxes | 4 | 20 | ||
Taxes payable | 130 | 155 | ||
Related party taxes payable | 0 | 0 | ||
Related party payables | 450 | 433 | ||
Other liabilities | 150 | 169 | ||
Due to affiliates | 4,292 | 3,023 | ||
Total liabilities | 35,672 | 34,891 | ||
Common stock | 688 | 690 | ||
Additional paid-in capital | 4,054 | 4,064 | ||
Accumulated other comprehensive (loss) income | -754 | -410 | ||
Retained earnings | 3,444 | 3,224 | ||
Total stockholders' equity | 7,432 | 7,568 | ||
Total liabilities and shareholder's equity | 43,104 | 42,459 | ||
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 | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Equity in net assets of non-consolidated affiliates | 0 | |||
Property and equipment, net | 0 | |||
Deferred income taxes | -540 | -288 | ||
Related party receivables | 0 | 0 | ||
Other assets | 0 | 0 | ||
Due from affiliates | -8,346 | -7,187 | ||
Investments in affiliates | -11,697 | -11,743 | ||
Total assets | -20,583 | -19,218 | ||
Secured debt | 0 | 0 | ||
Unsecured debt | 0 | 0 | ||
Accounts payable and accrued expenses | 0 | 0 | ||
Deferred income | 0 | 0 | ||
Deferred income taxes | -540 | -288 | ||
Taxes payable | 0 | 0 | ||
Related party taxes payable | 0 | 0 | ||
Related party payables | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Due to affiliates | -8,346 | -7,187 | ||
Total liabilities | -8,886 | -7,475 | ||
Common stock | -688 | -690 | ||
Additional paid-in capital | -4,133 | -4,143 | ||
Accumulated other comprehensive (loss) income | 876 | 474 | ||
Retained earnings | -7,752 | -7,384 | ||
Total stockholders' equity | -11,697 | -11,743 | ||
Total liabilities and shareholder's equity | ($20,583) | ($19,218) |
Guarantor_Condensed_Consolidat3
Guarantor Condensed Consolidating Financial Statements Guarantor Income Statements (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Income Statements, Captions [Line Items] | ||
Financial charge income | $854 | $830 |
Leased vehicle income | 431 | 200 |
Other income | 69 | 67 |
Total revenue | 1,354 | 1,097 |
Salaries and benefits | 165 | 136 |
Other operating expenses | 141 | 133 |
Total operating expenses | 306 | 269 |
Leased vehicle expenses | 327 | 156 |
Provision for loan losses | 155 | 135 |
Interest expense | 380 | 315 |
Total costs and expenses | 1,168 | 875 |
Equity income | 28 | 0 |
Income before income taxes | 214 | 222 |
Income tax (benefit) provision | 64 | 77 |
Net income | 150 | 145 |
Comprehensive (loss) income | -196 | 150 |
Parent Company [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Financial charge income | 0 | 0 |
Leased vehicle income | 0 | 0 |
Other income | 7 | 20 |
Total revenue | 7 | 20 |
Salaries and benefits | 0 | 0 |
Other operating expenses | 54 | 1 |
Total operating expenses | 54 | 1 |
Leased vehicle expenses | 0 | 0 |
Provision for loan losses | 0 | 0 |
Interest expense | 94 | 55 |
Total costs and expenses | 148 | 56 |
Equity income | 238 | 170 |
Income before income taxes | 97 | 134 |
Income tax (benefit) provision | -53 | -11 |
Net income | 150 | 145 |
Comprehensive (loss) income | -196 | 150 |
Guarantor [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Financial charge income | 80 | 30 |
Leased vehicle income | 0 | 0 |
Other income | 108 | 127 |
Total revenue | 188 | 157 |
Salaries and benefits | 89 | 53 |
Other operating expenses | -3 | 33 |
Total operating expenses | 86 | 86 |
Leased vehicle expenses | 0 | 0 |
Provision for loan losses | 74 | 60 |
Interest expense | -2 | 11 |
Total costs and expenses | 158 | 157 |
Equity income | 129 | 116 |
Income before income taxes | 159 | 116 |
Income tax (benefit) provision | 11 | 0 |
Net income | 148 | 116 |
Comprehensive (loss) income | 90 | 96 |
Non-Guarantors [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Financial charge income | 774 | 800 |
Leased vehicle income | 431 | 200 |
Other income | 45 | 38 |
Total revenue | 1,250 | 1,038 |
Salaries and benefits | 76 | 83 |
Other operating expenses | 154 | 161 |
Total operating expenses | 230 | 244 |
Leased vehicle expenses | 327 | 156 |
Provision for loan losses | 81 | 75 |
Interest expense | 315 | 305 |
Total costs and expenses | 953 | 780 |
Equity income | 28 | 0 |
Income before income taxes | 325 | 258 |
Income tax (benefit) provision | 106 | 88 |
Net income | 219 | 170 |
Comprehensive (loss) income | -125 | 175 |
Eliminations [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Financial charge income | 0 | 0 |
Leased vehicle income | 0 | 0 |
Other income | -91 | -118 |
Total revenue | -91 | -118 |
Salaries and benefits | 0 | 0 |
Other operating expenses | -64 | -62 |
Total operating expenses | -64 | -62 |
Leased vehicle expenses | 0 | 0 |
Provision for loan losses | 0 | 0 |
Interest expense | -27 | -56 |
Total costs and expenses | -91 | -118 |
Equity income | -367 | -286 |
Income before income taxes | -367 | -286 |
Income tax (benefit) provision | 0 | 0 |
Net income | -367 | -286 |
Comprehensive (loss) income | $35 | ($271) |
Guarantor_Condensed_Consolidat4
Guarantor Condensed Consolidating Financial Statements Guarantor Cash Flow (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | $545 | $386 |
Cash flows from investing activities: | ||
Purchases of consumer finance receivables, net | -4,065 | -3,320 |
Principal collections and recoveries on consumer finance receivables | 2,814 | 2,617 |
Proceeds from sale of consumer finance receivables, net | 0 | 0 |
Net collections (funding) of commercial finance receivables | 54 | -255 |
Purchases of leased vehicles, net | -2,319 | -628 |
Proceeds from termination of leased vehicles | 185 | 123 |
Acquisition of equity interest | -1,049 | 0 |
Purchases of property and equipment | -17 | -7 |
Change in restricted cash | -154 | -147 |
Change in other assets | 6 | 0 |
Net change in investment in affiliates | 0 | 0 |
Net cash used in investing activities | -4,545 | -1,617 |
Cash flows from financing activities: | ||
Net change in debt (original maturities less than three months) | 198 | 451 |
Borrowings and issuance of secured debt | 2,889 | 5,070 |
Payments on secured debt | -2,748 | -4,238 |
Borrowings and issuance of unsecured debt | 3,258 | 390 |
Payments on unsecured debt | -308 | -330 |
Net capital contributions | 0 | 0 |
Debt issuance costs | -41 | -23 |
Net change in due from/due to affiliates | 0 | 0 |
Net cash provided by financing activities | 3,248 | 1,320 |
Net (decrease) increase in cash and cash equivalents | -752 | 89 |
Effect of foreign exchange rate changes on cash and cash equivalents | -101 | -1 |
Cash and cash equivalents at beginning of period | 2,974 | 1,074 |
Cash and cash equivalents at end of period | 2,121 | 1,162 |
Parent Company [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | -62 | 175 |
Cash flows from investing activities: | ||
Purchases of consumer finance receivables, net | 0 | 0 |
Principal collections and recoveries on consumer finance receivables | 0 | 0 |
Proceeds from sale of consumer finance receivables, net | 0 | |
Net collections (funding) of commercial finance receivables | 0 | 0 |
Purchases of leased vehicles, net | 0 | 0 |
Proceeds from termination of leased vehicles | 0 | 0 |
Acquisition of equity interest | -513 | |
Purchases of property and equipment | 0 | 0 |
Change in restricted cash | 0 | 0 |
Change in other assets | 0 | |
Net change in investment in affiliates | -48 | 0 |
Net cash used in investing activities | -561 | 0 |
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 | 2,250 | 0 |
Payments on unsecured debt | 0 | 0 |
Net capital contributions | 0 | -45 |
Debt issuance costs | -20 | 0 |
Net change in due from/due to affiliates | -1,607 | -130 |
Net cash provided by financing activities | 623 | -175 |
Net (decrease) increase 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 | 368 | 57 |
Cash flows from investing activities: | ||
Purchases of consumer finance receivables, net | -2,283 | -1,363 |
Principal collections and recoveries on consumer finance receivables | 120 | -33 |
Proceeds from sale of consumer finance receivables, net | 496 | 881 |
Net collections (funding) of commercial finance receivables | 150 | -152 |
Purchases of leased vehicles, net | 0 | 0 |
Proceeds from termination of leased vehicles | 0 | 0 |
Acquisition of equity interest | -536 | |
Purchases of property and equipment | -8 | 0 |
Change in restricted cash | 4 | 3 |
Change in other assets | 0 | |
Net change in investment in affiliates | 571 | 640 |
Net cash used in investing activities | -1,486 | -24 |
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 from/due to affiliates | 296 | 112 |
Net cash provided by financing activities | 296 | 112 |
Net (decrease) increase in cash and cash equivalents | -822 | 145 |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 2,266 | 395 |
Cash and cash equivalents at end of period | 1,444 | 540 |
Non-Guarantors [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 239 | 154 |
Cash flows from investing activities: | ||
Purchases of consumer finance receivables, net | -2,278 | -2,838 |
Principal collections and recoveries on consumer finance receivables | 2,694 | 2,650 |
Proceeds from sale of consumer finance receivables, net | 0 | 0 |
Net collections (funding) of commercial finance receivables | -96 | -103 |
Purchases of leased vehicles, net | -2,319 | -628 |
Proceeds from termination of leased vehicles | 185 | 123 |
Acquisition of equity interest | 0 | |
Purchases of property and equipment | -9 | -7 |
Change in restricted cash | -158 | -150 |
Change in other assets | 6 | |
Net change in investment in affiliates | 0 | 0 |
Net cash used in investing activities | -1,975 | -953 |
Cash flows from financing activities: | ||
Net change in debt (original maturities less than three months) | 198 | 451 |
Borrowings and issuance of secured debt | 2,889 | 5,070 |
Payments on secured debt | -2,748 | -4,238 |
Borrowings and issuance of unsecured debt | 1,008 | 390 |
Payments on unsecured debt | -308 | -330 |
Net capital contributions | -523 | -595 |
Debt issuance costs | -21 | -23 |
Net change in due from/due to affiliates | 1,311 | 18 |
Net cash provided by financing activities | 1,806 | 743 |
Net (decrease) increase in cash and cash equivalents | 70 | -56 |
Effect of foreign exchange rate changes on cash and cash equivalents | -101 | -1 |
Cash and cash equivalents at beginning of period | 708 | 679 |
Cash and cash equivalents at end of period | 677 | 622 |
Eliminations [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 0 | 0 |
Cash flows from investing activities: | ||
Purchases of consumer finance receivables, net | 496 | 881 |
Principal collections and recoveries on consumer finance receivables | 0 | 0 |
Proceeds from sale of consumer finance receivables, net | -496 | -881 |
Net collections (funding) of commercial finance receivables | 0 | 0 |
Purchases of leased vehicles, net | 0 | 0 |
Proceeds from termination of leased vehicles | 0 | 0 |
Acquisition of equity interest | 0 | |
Purchases of property and equipment | 0 | 0 |
Change in restricted cash | 0 | 0 |
Change in other assets | 0 | |
Net change in investment in affiliates | -523 | -640 |
Net cash used in investing activities | -523 | -640 |
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 | 523 | 640 |
Debt issuance costs | 0 | 0 |
Net change in due from/due to affiliates | 0 | 0 |
Net cash provided by financing activities | 523 | 640 |
Net (decrease) increase 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 |