Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549-1004

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) November 9, 2011

 

 

GENERAL MOTORS COMPANY

(Exact Name of Registrant as Specified in its Charter)

 

 

 

DELAWARE		001-34960		27-0756180
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

 

300 Renaissance Center, Detroit, Michigan		48265-3000
(Address of Principal Executive Offices)		(Zip Code)

(313) 556-5000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17-CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

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Table of Contents

TABLE OF CONTENTS

 

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION			3
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS			3
SIGNATURES			4
INDEX TO EXHIBITS
News Release Dated November 9, 2011 and Financial Statements
Charts Furnished to Securities Analysts

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Table of Contents

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On November 9, 2011 a news release was issued on the subject of third quarter 2011 consolidated earnings for General Motors Company (GM). The news release did not include certain financial statements, related footnotes and certain other financial information that will be filed with the Securities and Exchange Commission as part of GM’s Quarterly Report on Form 10-Q. The news release and financial statements are incorporated as Exhibit 99.1.

Charts furnished to securities analysts in connection with GM’s third quarter 2011 earnings release are attached as Exhibit 99.2.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

EXHIBITS

 

Exhibits		Description		Method of Filing
Exhibit 99.1		News Release Dated November 9, 2011 and Financial Statements		Attached as Exhibit
Exhibit 99.2		Charts Furnished to Securities Analysts		Attached as Exhibit

 

3

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Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

				GENERAL MOTORS COMPANY (Registrant)
Date: November 9, 2011				By:		/s/    NICK S. CYPRUS
						Nick S. Cyprus
						Vice President, Controller and Chief Accounting Officer

 

4

Exhibit 99.1

For Release: Nov. 9, 2011, 7:30 a.m. EST

GM Reports Net Income of $1.7 Billion

Net income of $1.03 per share; EBIT-adjusted of $2.2 billion

DETROIT – General Motors Co. (NYSE: GM) today announced third quarter net income attributable to common stockholders of $1.7 billion, or $1.03 per fully-diluted share. In the third quarter of 2010, GM’s net income attributable to common stockholders was $2.0 billion, or $1.20 per fully-diluted share.

Net revenue increased $2.6 billion to $36.7 billion, compared with the third quarter of 2010. Earnings before interest and tax (EBIT) adjusted was $2.2 billion, compared with $2.3 billion in the third quarter of 2010. There were no special items in either period.

“GM delivered a solid quarter thanks to our leadership positions in North America and China, where we have grown both sales and market share this year. But solid isn’t good enough, even in a tough global economy,” said Dan Akerson, chairman and CEO. “Our overall results underscore the work we have to do to leverage our scale and further improve our margins everywhere we do business.”

GM Results Overview (in billions except for per share amounts)

 

		Q3 2010				Q3 2011
Revenue		$	34.1			$	36.7
Net income attributable to common stockholders		$	2.0			$	1.7
Earnings per share (EPS) diluted		$	1.20			$	1.03
EBIT-adjusted		$	2.3			$	2.2
Special items		$	0			$	0
Automotive net cash flow from operating activities		$	2.6			$	1.8
Automotive free cash flow		$	1.4			$	0.3

 

•

GM North America (GMNA) reported EBIT-adjusted of $2.2 billion, an improvement of $0.1 billion compared with the third quarter of 2010.

 

•

GM Europe (GME) reported an EBIT-adjusted loss of $0.3 billion, an improvement of $0.3 billion compared with the third quarter of 2010.

 

•

GM International Operations (GMIO) reported EBIT-adjusted of $0.4 billion, down $0.1 billion from the third quarter of 2010.

 

•

GM South America (GMSA) reported breakeven results on an EBIT-adjusted basis, down $0.2 billion from the third quarter of 2010.

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For the quarter, automotive cash flow from operating activities was $1.8 billion and automotive free cash flow was $0.3 billion.

GM ended the quarter with very strong total automotive liquidity of $38.8 billion. Automotive cash and marketable securities, including Canadian Health Care Trust restricted cash, was $33.0 billion compared with $33.8 billion at the end of the second quarter of 2011.

Based on current industry outlook, the company expects EBIT-adjusted results in the fourth quarter of 2011 will be similar to the fourth quarter of 2010 as a result of seasonal trends in North America and weakness in Europe. GM also expects to record a special item in the fourth quarter to recognize a $800 million non-cash settlement gain related to a Canadian Health Care Trust settlement.

Calendar-year EBIT-adjusted for 2011 is expected to show solid improvement over 2010, as previously indicated. However, the company does not expect to achieve its target to break even on an EBIT-adjusted basis before restructuring charges in Europe, due to deteriorating economic conditions.

“GM continues to execute the plan we outlined for investors in 2010,” said Dan Ammann, senior vice president and CFO. “That includes investing in our products, further strengthening our balance sheet, generating cash and profits each quarter, and maintaining our low break-even level. The next level of performance will come as we systematically eliminate complexity and cost throughout the organization.”

General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world’s largest and fastest-growing automotive markets. GM’s brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Isuzu, Daewoo, Jiefang, Opel, Vauxhall and Wuling. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.

 

Contacts:
Jim Cain		Randy Arickx
Office 313-667-7758		Office 313-667-0006
Cell 313-407-2843		Cell 313-268-7070
ames.cain@gm.com		randy.c.arickx@gm.com

Forward-Looking Statements

In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planned significant investment in new technology; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; and our ability to continue to attract new customers, particularly for our new products. GM’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.

 

2

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Exhibit 1

General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

The accompanying tables and charts for securities analysts include earnings before interest and taxes (EBIT), EBIT adjusted and Automotive free cash flow which are not prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP) and have not been audited or reviewed by GM’s independent auditors. EBIT, EBIT adjusted and Automotive free cash flow are considered non-GAAP financial measures.

Management believes these non-GAAP financial measures provide meaningful supplemental information regarding GM’s operating results because they exclude amounts that management does not consider part of operating results when assessing and measuring the operational and financial performance of the organization. Management believes these measures allow it to readily view operating trends, perform analytical comparisons and benchmark performance among geographic regions. Accordingly, GM believes these non-GAAP financial measures are useful in allowing for greater transparency of GM’s core operations and they are therefore used by management in its financial and operational decision-making.

While management believes that these non-GAAP financial measures provide useful information, they are not operating measures under U.S. GAAP and there are limitations associated with their use. GM’s calculation of these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences between companies in their method of calculation. As a result, the use of these non-GAAP financial measures has limitations and should not be considered in isolation from, or as a substitute for, other measures such as Net income or Net income attributable to common stockholders. Due to these limitations, these non-GAAP financial measures are used as a supplement to U.S. GAAP measures.

The following table summarizes the reconciliation of EBIT to its most comparable U.S. GAAP measure (dollars in millions):

 

		Three Months  Ended September 30,								Nine Months  Ended September 30,
		2011				2010				2011				2010
Operating segments
GMNA(a)		$	2,195			$	2,125			$	7,342			$	4,935
GME(a)(b)			(292	)			(559	)			(580	)			(1,196	)
GMIO(a)(b)			365				516				1,418				1,928
GMSA(a)(b)			(44	)			163				103				623
GM Financial(c)			178				—				452				—
Total operating segments			2,402				2,245				8,735				6,290
Corporate and eliminations			(199	)			30				(45	)			(158	)
EBIT(c)			2,203				2,275				8,690				6,132
Interest income			112				125				363				329
Automotive interest expense			101				263				405				850
Income tax expense (benefit)			107				(25	)			183				845
Net income attributable to stockholders			2,107				2,162				8,465				4,766
Less: cumulative dividends on preferred stock			215				203				644				608
Less: undistributed earnings allocated to Series B Preferred Stock participating security			166				—				708				—
Net income attributable to common stockholders		$	1,726			$	1,959			$	7,113			$	4,158

 

(a)	Interest and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GM’s automotive operating segments between EBIT and Net income attributable to stockholders.

(b)

In the year ended December 31, 2010 GM changed its managerial and financial reporting structure so that certain entities geographically located within Russia and Uzbekistan were transferred from GM’s GME segment to GM’s GMIO segment and certain entities geographically located in Brazil, Argentina, Colombia, Ecuador, Venezuela, Bolivia, Chile, Paraguay, Peru and Uruguay were transferred from GM’s GMIO segment to GM’s newly created GMSA segment. GM has retrospectively revised the segment presentation for all periods presented.

(c)	GM Financial amounts represent income before income taxes. GM Financial was not a subsidiary for the three and nine months ended September 30, 2010.

 

1

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General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

The following table summarizes the reconciliation of EBIT adjusted to EBIT (dollars in millions):

 

		Three Months  Ended September 30,								Nine Months  Ended September 30,
		2011				2010				2011				2010
EBIT adjusted (a)		$	2,203			$	2,275			$	7,207			$	6,009
Special items			—				—				1,483				123
EBIT (a)		$	2,203			$	2,275			$	8,690			$	6,132

 

(a)	GM Financial amounts included in EBIT and EBIT adjusted represent income before income taxes.

Special Items

In the nine months ended September 30, 2011 special items included:

 

•

Gain of $1.6 billion in GMNA related to the sale of GM’s Class A Membership Interests in Delphi Automotive LLP;

 

•

Gain of $339 million in Corporate related to the sale of 100% of the Ally Financial Preferred Stock;

 

•

Impairment charge of $395 million in GME related to goodwill; and

 

•

Charge of $106 million in GMIO related to GM’s India joint venture.

In the nine months ended September 30, 2010 special items included a gain of $123 million in GME related to the sale of Saab Automobile AB to Spyker Cars NV.

The following table summarizes the reconciliation of Automotive free cash flow to Automotive Net cash provided by operating activities (dollars in millions):

 

		Three Months  Ended September 30,								Nine Months Ended September 30,
		2011				2010				2011				2010
Automotive
Free cash flow		$	258			$	1,363			$	2,129			$	5,207
Capital expenditures			1,571				1,261				4,065				3,112
Net cash provided by operating activities		$	1,829			$	2,624			$	6,194			$	8,319

 

2

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General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

The following tables summarize selected data by segment (dollars in millions):

 

		GMNA				GME				GMIO				GMSA				Corporate				Eliminations				Total Automotive				GM Financial				Eliminations				Total
Three Months Ended September 30, 2011
Total net sales and revenue		$	21,884			$	6,151			$	6,294			$	4,418			$	20			$	(2,439	)		$	36,328			$	391			$	—			$	36,719
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets		$	882			$	329			$	115			$	110			$	11			$	—			$	1,447			$	24			$	—			$	1,471
Equity income, net of tax and gain on disposal of investments		$	1			$	—			$	376			$	—			$	—			$	—			$	377			$	—			$	—			$	377
		GMNA				GME				GMIO				GMSA				Corporate				Eliminations				Total Automotive				GM Financial				Eliminations				Total
Nine Months Ended September 30, 2011
Total net sales and revenue		$	67,122			$	20,480			$	18,337			$	12,677			$	50			$	(7,396	)		$	111,270			$	1,016			$	—			$	112,286
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets		$	2,849			$	1,043			$	354			$	341			$	37			$	—			$	4,624			$	57			$	—			$	4,681
Equity income, net of tax and gain on disposal of investments(a)		$	1,733			$	—			$	1,170			$	—			$	—			$	—			$	2,903			$	—			$	—			$	2,903

 

(a)	Includes a gain of $1.6 billion in GMNA recorded on the sale of GM’s Class A Membership Interests in Delphi Automotive LLP.

 

		GMNA				GME				GMIO				GMSA				Corporate				Eliminations				Total Automotive				Total
Three Months Ended September 30, 2010
Total net sales and revenue		$	21,493			$	5,657			$	5,101			$	3,996			$	33			$	(2,220	)		$	34,060			$	34,060
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets		$	1,161			$	357			$	95			$	110			$	15			$	—			$	1,738			$	1,738
Equity income, net of tax and gain on disposal of investments		$	22			$	—			$	328			$	—			$	1			$	—			$	351			$	351
		GMNA				GME				GMIO				GMSA				Corporate				Eliminations				Total Automotive				Total
Nine Months Ended September 30, 2010
Total net sales and revenue		$	61,045			$	17,162			$	15,417			$	10,928			$	110			$	(5,952	)		$	98,710			$	98,710
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets		$	3,384			$	1,101			$	254			$	371			$	81			$	—			$	5,191			$	5,191
Equity income (loss), net of tax and gain on disposal of investments		$	97			$	11			$	1,058			$	(3	)		$	2			$	—			$	1,165			$	1,165

 

3

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General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

The following tables summarize worldwide employment and payroll:

 

		September 30, 2011				December 31, 2010
Worldwide Employment (in thousands)
GMNA			100				96
GME			40				40
GMIO			34				32
GMSA			33				31
GM Financial			3				3
Total Worldwide			210				202
U.S. – Salaried			29				28
U.S. – Hourly			50				49

 

		Three Months  Ended September 30,								Nine Months  Ended September 30,
		2011				2010				2011				2010
Worldwide Payroll (in billions)		$	3.5			$	3.2			$	10.4			$	9.2

 

4

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General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

 

		Three Months  Ended September 30,								Nine Months  Ended September 30,
		2011				2010				2011				2010
Production Volume (units in thousands)(a)
GMNA – Cars			267				215				860				737
GMNA – Trucks			473				492				1,490				1,369
Total GMNA			740				707				2,350				2,106
GME			270				286				940				921
GMIO – Consolidated Entities			253				235				820				751
GMIO – Joint Ventures(b)			715				631				2,117				1,982
Total GMIO			968				866				2,937				2,733
GMSA			243				245				721				685
Total Worldwide			2,221				2,104				6,948				6,445

 

(a)	Production volume includes vehicles produced by certain joint ventures.

(b)	The joint venture agreements with SGMW and FAW-GM allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture production in China.

 

5

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General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

 

		Three Months  Ended September 30,								Nine Months  Ended September 30,
		2011				2010(a)				2011				2010(a)(b)
Vehicle Sales (units in thousands)(c)(d)(e)
United States
Chevrolet – Cars			183				154				613				503
Chevrolet – Trucks			266				239				741				673
Cadillac			37				40				113				105
Buick			46				44				140				114
GMC			108				80				295				232
Other			—				1				—				12
Total United States			641				558				1,902				1,639
Canada, Mexico and Other			104				102				311				302
Total GMNA			745				660				2,213				1,940
GME
Opel/Vauxhall			279				273				938				881
Chevrolet			127				115				379				348
Other			1				1				2				7
Total GME			407				389				1,319				1,236
GMIO
Chevrolet			282				217				814				651
Wuling			279				272				884				909
Buick			170				147				495				402
GM Daewoo			1				30				17				90
Holden			35				34				102				107
FAW-GM			12				17				42				67
GMC			11				8				30				25
Cadillac			9				6				26				16
Other			17				12				47				34
Total GMIO(f)(g)			816				745				2,457				2,301
GMSA
Chevrolet			276				265				792				731
Other			1				2				7				9
Total GMSA			277				268				799				740
Total Worldwide			2,245				2,062				6,788				6,218

 

(a)	Includes HUMMER, Saturn and Pontiac vehicle sales data.

(b)	Includes Saab Automobile AB (Saab) vehicle sales data through February 2010.

(c)	Vehicle sales data may not foot due to rounding differences.

(d)	Certain fleet sales that are accounted for as operating leases are included in vehicle sales at the time of delivery to the daily rental car companies.

(e)

GMNA vehicle sales primarily represent sales to the ultimate customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the ultimate customer. In countries where end customer data is not readily available other data sources, such as wholesale volumes, are used to estimate vehicle sales.

(f)	Includes the following joint venture vehicle sales (units in thousands):

 

		Three Months  Ended September 30,								Nine Months  Ended September 30,
		2011				2010				2011				2010
Joint venture sales in China
SGM			306				262				906				742
SGMW and FAW-GM			312				304				983				1,031
Joint venture sales in India
HKJV			29				24				84				74

 

(g)	The joint venture agreements with SGMW and FAW-GM allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture vehicle sales in China as part of GM’s global market share.

 

6

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General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

 

		Three Months  Ended September 30,								Nine Months  Ended September 30,
		2011				2010(a)				2011				2010(a)(b)
Market Share(c)(d)(e)
United States – Cars			15.7	%			13.9	%			16.6	%			14.6	%
United States – Trucks			23.0	%			22.4	%			22.3	%			22.6	%
Total United States			19.7	%			18.3	%			19.6	%			18.7	%
Total GMNA			18.8	%			17.7	%			18.8	%			18.1	%
Total GME			8.8	%			8.9	%			8.8	%			8.7	%
Total GMIO(f)(g)			9.4	%			8.7	%			9.4	%			8.8	%
Total GMSA			18.7	%			19.8	%			18.9	%			20.0	%
Total Worldwide			12.0	%			11.4	%			11.9	%			11.4	%
U.S. Retail/Fleet Mix
% Fleet Sales – Cars			29.9	%			33.4	%			32.9	%			38.9	%
% Fleet Sales – Trucks			24.9	%			20.3	%			25.1	%			24.7	%
Total Vehicles			27.3	%			26.6	%			29.3	%			32.0	%
GMNA Capacity Utilization(h)			92.6	%			90.2	%			98.1	%			89.5	%

 

(a)	Includes HUMMER, Saturn and Pontiac vehicle sales data.

(b)	Includes GM Saab vehicle sales data through February 2010.

(c)	Market share information is based on vehicle sales volume.

(d)	Certain fleet sales that are accounted for as operating leases are included in vehicle sales at the time of delivery to the daily rental car companies.

(e)

GMNA vehicle sales primarily represent sales to the ultimate customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the ultimate customer. In countries where end customer data is not readily available other data sources, such as wholesale volumes, are used to estimate vehicle sales.

(f)	Includes the following joint venture vehicle sales (units in thousands):

 

		Three Months  Ended September 30,								Nine Months  Ended September 30,
		2011				2010				2011				2010
Joint venture sales in China
SGM			306				262				906				742
SGMW and FAW-GM			312				304				983				1,031
Joint venture sales in India
HKJV			29				24				84				74

 

(g)	The joint venture agreements with SGMW and FAW-GM allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture vehicle sales in China as part of GM’s global market share.

(h)	Two shift rated.

 

7

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General Motors Company and Subsidiaries

Condensed Consolidated Income Statements

(In millions)

(Unaudited)

 

		Three Months Ended September 30,								Nine Months Ended September 30,
		2011				2010				2011				2010
Net sales and revenue
Automotive sales and revenue		$	36,328			$	34,060			$	111,270			$	98,710
GM Financial revenue			391				—				1,016				—
Total net sales and revenue			36,719				34,060				112,286				98,710
Costs and expenses
Automotive cost of sales			31,734				29,587				97,212				85,750
GM Financial operating and other expenses			212				—				563				—
Automotive selling, general and administrative expense			2,942				2,710				8,860				8,017
Other automotive expenses, net			25				30				50				115
Total costs and expenses			34,913				32,327				106,685				93,882
Goodwill impairment charges			—				—				395				—
Operating income			1,806				1,733				5,206				4,828
Automotive interest expense			101				263				405				850
Interest income and other non-operating income, net			152				377				1,064				734
Loss on extinguishment of debt			35				—				45				1
Income before income taxes and equity income			1,822				1,847				5,820				4,711
Income tax expense (benefit)			107				(25	)			183				845
Equity income, net of tax and gain on disposal of investments			377				351				2,903				1,165
Net income			2,092				2,223				8,540				5,031
Net (income) loss attributable to noncontrolling interests			15				(61	)			(75	)			(265	)
Net income attributable to stockholders		$	2,107			$	2,162			$	8,465			$	4,766
Net income attributable to common stockholders		$	1,726			$	1,959			$	7,113			$	4,158

 

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General Motors Company and Subsidiaries

Basic and Diluted Earnings per Share

(Unaudited)

In the three and nine months ended September 30, 2011 GM was required to use the two-class method for calculating earnings per share as the applicable market value of our common stock was below $33.00 per common share in the period ended September 30, 2011.

The following table summarizes basic and diluted earnings per share for three and nine months ended September 30, 2011 (in millions, except per share amounts):

 

		Basic								Diluted
		Three Months Ended				Nine Months Ended				Three Months Ended				Nine Months Ended
		September 30, 2011				September 30, 2011				September 30, 2011				September 30, 2011
Net income attributable to common stockholders
Net income attributable to stockholders		$	2,107			$	8,465			$	2,107			$	8,465
Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(a)			381				1,352				371				1,295
Net income attributable to common stockholders		$	1,726			$	7,113			$	1,736			$	7,170
Weighted-average shares outstanding
Weighted-average common shares outstanding			1,562				1,524				1,562				1,524
Dilutive effect of warrants			—				—				119				142
Dilutive effect of restricted stock units			—				—				1				2
Weighted-average common shares outstanding-diluted			1,562				1,524				1,682				1,668
Earnings per share		$	1.10			$	4.67			$	1.03			$	4.30

 

(a)

Includes cumulative dividends on preferred stock of $215 million and $644 million in the three and nine months ended September 30, 2011. Earnings of $166 million and $708 million for the three and nine months ended September 30, 2011 have been allocated to the Series B Preferred Stock holders for the basic earnings per share calculation. Earnings of $156 million and $651 million for the three and nine months ended September 30, 2011 have been allocated to the Series B Preferred Stock holders for the diluted earnings per share calculation.

The following table summarizes basic and diluted earnings per share for three and nine months ended September 30, 2010 (in millions, except per share amounts):

 

		Basic								Diluted
		Three Months Ended				Nine Months Ended				Three Months Ended				Nine Months Ended
		September 30, 2010				September 30, 2010				September 30, 2010				September 30, 2010
Net income attributable to common stockholders
Net income attributable to stockholders		$	2,162			$	4,766			$	2,162			$	4,766
Less: cumulative dividends on preferred stock			203				608				203				608
Net income attributable to common stockholders		$	1,959			$	4,158			$	1,959			$	4,158
Weighted-average shares outstanding
Weighted-average common shares outstanding			1,500				1,500				1,500				1,500
Dilutive effect of warrants			—				—				130				88
Weighted-average common shares outstanding-diluted			1,500				1,500				1,630				1,588
Earnings per share		$	1.31			$	2.77			$	1.20			$	2.62

 

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General Motors Company and Subsidiaries

Condensed Consolidated Balance Sheets

(In millions, except share amounts)

(Unaudited)

 

		September 30, 2011				December 31, 2010
ASSETS
Automotive Current Assets
Cash and cash equivalents		$	20,297			$	21,061
Marketable securities			11,680				5,555
Accounts and notes receivable (net of allowance of $332 and $252)			10,512				8,699
Inventories			15,220				12,125
Equipment on operating leases, net			3,467				2,568
Other current assets and deferred income taxes			2,834				3,045
Total current assets			64,010				53,053
Automotive Non-current Assets
Equity in net assets of nonconsolidated affiliates			7,534				8,529
Property, net			21,556				19,235
Goodwill			28,605				30,513
Intangible assets, net			10,498				11,882
Other assets and deferred income taxes			3,969				4,754
Total non-current assets			72,162				74,913
Total Automotive Assets			136,172				127,966
GM Financial Assets
Finance receivables, net (including gross finance receivables transferred to SPEs of $8,433 and $7,156)			8,918				8,197
Restricted cash			1,124				1,090
Goodwill			1,278				1,265
Other assets (including leased assets, net transferred to SPEs of $101 and $0)			1,005				380
Total GM Financial Assets			12,325				10,932
Total Assets		$	148,497			$	138,898
LIABILITIES AND EQUITY
Automotive Current Liabilities
Accounts payable (principally trade)		$	25,646			$	21,497
Short-term debt and current portion of long-term debt (including certain debt at GM Korea of $130 and $70)			1,543				1,616
Accrued liabilities (including derivative liabilities at GM Korea of $63 and $111)			24,559				24,044
Total current liabilities			51,748				47,157
Automotive Non-current Liabilities
Long-term debt (including certain debt at GM Korea of $8 and $835)			2,667				3,014
Postretirement benefits other than pensions			8,842				9,294
Pensions			18,684				21,894
Other liabilities and deferred income taxes			12,684				13,021
Total non-current liabilities			42,877				47,223
Total Automotive Liabilities			94,625				94,380
GM Financial Liabilities
Securitization notes payable			6,902				6,128
Credit facilities			553				832
Other liabilities			801				399
Total GM Financial Liabilities			8,256				7,359
Total Liabilities			102,881				101,739
Commitments and contingencies
Equity
Preferred stock, $0.01 par value, 2,000,000,000 shares authorized:
Series A (276,101,695 shares issued and outstanding (each with a $25.00 liquidation preference) at September 30, 2011 and December 31, 2010)			5,536				5,536
Series B (100,000,000 shares issued and outstanding (each with a $50.00 liquidation preference) at September 30, 2011 and December 31, 2010)			4,855				4,855
Common stock, $0.01 par value (5,000,000,000 shares authorized, 1,564,366,673 shares issued and outstanding at September 30, 2011 and 1,500,136,998 shares issued and outstanding at December 31, 2010)			16				15
Capital surplus (principally additional paid-in capital)			26,330				24,257
Retained earnings			6,595				266
Accumulated other comprehensive income			1,412				1,251
Total stockholders’ equity			44,744				36,180
Noncontrolling interests			872				979
Total Equity			45,616				37,159
Total Liabilities and Equity		$	148,497			$	138,898

 

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