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) February 24, 2011

 

 

GENERAL MOTORS COMPANY

(Exact Name of Registrant as Specified in its Charter)

 

001-34960		DELAWARE		27-0756180
(Commission File Number)		(State or other jurisdiction of incorporation)		(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

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

SIGNATURES

INDEX TO EXHIBITS

  News Release Dated February 24, 2011 and Financial Statements

  Charts Furnished to Securities Analysts

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ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February 24, 2011 a news release was issued on the subject of fourth quarter and annual 2010 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 Annual Report on Form 10-K. The news release and financial statements are incorporated as Exhibit 99.1.

Charts furnished to securities analysts in connection with GM’s earnings release for the quarter and year ended December 31, 2010 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 February 24, 2011 and Financial Statements		Attached as Exhibit
Exhibit 99.2		Charts Furnished to Securities Analysts		Attached as Exhibit

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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: February 25, 2011				By:		/s/ Nick S. Cyprus
						Nick S. Cyprus Vice President, Controller and Chief Accounting Officer

Exhibit 99.1

For Release: February 24, 2011, 7:30 a.m. ET

GM Announces First Full-Year Results as New Company

GM achieves four consecutive quarters of profitability

Calendar year net income of $4.7 billion, earnings per share of $2.89 on a diluted basis

Calendar year earnings before interest and tax (EBIT) adjusted of $7.0 billion

Material Weakness in Financial Reporting Eliminated

DETROIT – General Motors Company (NYSE: GM) today announced its calendar year 2010 results marked by $4.7 billion of net income attributable to common stockholders for its first full year of operations.

Revenue for the calendar year was $135.6 billion. Automotive cash flow from operating activities was $6.6 billion and automotive free cash flow was $2.4 billion, both reflecting the impact of a $4.0 billion voluntary cash contribution to the company’s U.S. pension plans.

“Last year was one of foundation building,” said Dan Akerson, chairman and chief executive officer. “Particularly pleasing was that we demonstrated GM’s ability to achieve sustainable profitability near the bottom of the U.S. industry cycle, with four consecutive profitable quarters.”

GM generated the following results:

 

		Fourth Quarter ‘10		Calendar Year ‘10
Revenue (bils.)		$36.9		$135.6
Net income attributable to common stockholders (bils.)		$0.5		$4.7
- Adjustments and loss on preferred, included above (bils.)		$(0.4)		$(0.2)
Earnings per share on a fully diluted basis ($/share)		$0.31		$2.89
- Adjustments and loss on preferred, included above ($/share)		$(0.21)		$(0.14)
Earnings before interest and tax (EBIT) adj. (bils.)		$1.0		$7.0
Automotive net cash flow from operating activities (bils.)		$(1.7)		$6.6
Automotive free cash flow (bils.)		$(2.8)		$2.4
- Contribution to U.S. pension plans, included above (bils.)		$(4.0)		$(4.0)

Fourth quarter net income attributable to common stockholders of $0.5 billion includes net charges of $0.4 billion, or a $0.21 reduction to fully diluted earnings per share, as a result of the previously disclosed $0.7 billion loss on the purchase of U.S. Treasury (UST) preferred shares, partially offset by the impact of EBIT adjustments. The company had approximately $0.3 billion in favorable EBIT adjustments including the previously disclosed $0.2 billion gain associated with the repayment of the VEBA Note, and $0.1 billion of cumulative gains on the sale of Nexteer and the purchase of the Strasbourg, France facility.

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GM North America (GMNA) had EBIT in the fourth quarter 2010 of $0.8 billion, up from a loss of $3.4 billion in the fourth quarter 2009. GM Europe (GME) had a loss before interest and taxes of $0.6 billion, an improvement from a loss of $0.8 billion in the same quarter a year ago. GM International Operations (GMIO) had EBIT of $0.3 billion, down from $0.4 billion in fourth quarter 2009. GM South America (GMSA) had EBIT of $0.2 billion for the fourth quarter, compared with $0.3 billion in the same quarter a year ago. GM began reporting GMSA results as an operating segment in the fourth quarter, and has revised the segment reporting for prior periods.

Automotive net cash flow from operating activities for the fourth quarter was $(1.7) billion, which reflects a $4.0 billion voluntary cash contribution to the U.S. pension plans. After deducting $1.1 billion of capital expenditures, automotive free cash flow was $(2.8) billion.

As a result of GM’s 2010 financial performance, the company will pay profit sharing to approximately 45,000 eligible GM U.S. hourly employees, and approximately 3,000 eligible GM Components Holdings (GMCH) employees. The average payout per employee will be approximately $4,300 for GM employees and $3,200 for GMCH employees.

In addition, GM announced today that after assessing remediation actions that it put in place to address the company’s material weakness regarding the financial reporting process, the management team and Audit Committee of the Board of Directors concluded that the material weakness no longer exists as of December 31, 2010.

“Our focus for 2011 is to build on our progress and continue to generate momentum in the marketplace. We expect our first quarter will be a strong start,” said Chris Liddell, vice chairman and chief financial officer.

# # #

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About General Motors

General Motors, one of the world’s largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 202,000 people in every major region of the world and does business in more than 120 countries. GM and its strategic partners produce cars and trucks in 30 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang, Opel, Vauxhall and Wuling. GM’s largest national market is China, followed by the United States, Brazil, Germany, the United Kingdom, Canada, and Italy. GM’s OnStar subsidiary is the industry leader in vehicle safety, security and information services. More information on the new General Motors can be found at www.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 planning significant investment in new technology; 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 report on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.

Contacts:

Reneé Rashid-Merem

Office 313-665-3128

Cell 313-701-8560

renee.rashid-merem@gm.com

Randy Arickx

Office 313-667-0006

Cell 313-268-7070

randy.c.arickx@gm.com

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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):

 

		Successor
		Year Ended December 31, 2010				Three Months Ended December 31, 2010				Three Months Ended September 30, 2010				Three Months Ended June 30, 2010				Three Months Ended March 31, 2010				Three Months Ended December 31, 2009
Operating segments
GMNA(a)		$	5,748			$	813			$	2,125			$	1,592			$	1,218			$	(3,443	)
GME(a)(b)			(1,764	)			(568	)			(559	)			(160	)			(477	)			(799	)
GMIO(a)(b)			2,262				334				516				504				908				428
GMSA(a)(b)			818				195				163				195				265				291
GM Financial(c)			129				129				—				—				—				—
Total operating     segments			7,193				903				2,245				2,131				1,914				(3,523	)
Corporate and     eliminations(b)			284				442				30				(98	)			(90	)			(523	)
EBIT(c)			7,477				1,345				2,275				2,033				1,824				(4,046	)
Interest income			465				136				125				114				90				75
Automotive interest     expense			1,098				248				263				250				337				329
Income tax expense     (benefit)			672				(173	)			(25	)			361				509				(861	)
Net income (loss)     attributable to     stockholders			6,172				1,406				2,162				1,536				1,068				(3,439)
Less: Cumulative     dividends on and     charge related to     purchase of preferred     stock			1,504				896				203				202				203				81
Net income attributable     to common     stockholders		$	4,668			$	510			$	1,959			$	1,334			$	865			$	(3,520	)

 

(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 (loss) 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.

 

1

---

General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

The following tables summarize the reconciliation of EBIT adjusted to EBIT and Automotive free cash flow to Automotive Net cash provided by (used in) operating activities (dollars in millions):

 

		Successor
		Year Ended December 31, 2010(a)				Three  Months Ended December 31, 2010(a)				Three Months Ended September 30, 2010				Three Months Ended June 30, 2010				Three Months Ended March 31, 2010				Three Months Ended December 31, 2009
EBIT adjusted		$	7,030			$	1,021			$	2,275			$	2,033			$	1,701			$	(954	)
Adjustments			447				324				—				—				123				(3,092	)
EBIT		$	7,477			$	1,345			$	2,275			$	2,033			$	1,824			$	(4,046	)
Automotive
Free cash flow		$	2,389			$	(2,818	)		$	1,363			$	2,834			$	1,010			$	(2,919	)
Capital expenditures			4,200				1,088				1,261				1,011				840				1,033
Net cash provided by (used in) operating activities		$	6,589			$	(1,730	)		$	2,624			$	3,845			$	1,850			$	(1,886	)

 

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

Adjustments

In the three months ended December 31, 2010 Adjustments included the following:

 

•

Gain of $198 million on the extinguishment of the VEBA Notes;

•

Gain of $66 million related to the acquisition of General Motors Strasbourg S.A.S; and

•

Gain of $60 million related to the sale of Nexteer, a manufacturer of steering components and half-shafts, to Pacific Century Motors.

In the three months ended March 31, 2010 Adjustments included a gain of $123 million as a result of the sale of Saab Automobile AB to Spyker Cars NV.

In the three months ended December 31, 2009 Adjustments included the following:

 

•

Settlement loss of $2.6 billion related to the termination of GM’s UAW hourly retiree medical plan and Mitigation Plan, under which GM agreed that an independent VEBA would be formed to pay certain healthcare costs of UAW hourly retirees and their beneficiaries;

•

Impairment charge of $270 million related to GM’s investment in Ally Financial common stock;

•

Charges of $150 million related to the settlement of existing Delphi obligations upon consummation of the Delphi Master Disposition Agreement and GM’s agreement to fund the wind-down costs of certain Delphi facilities; and

•

Loss on extinguishment of debt of $101 million related to the repayment of secured long-term debt of $400 million (in connection with the purchase of the remaining noncontrolling interest in CAMI Automotive, Inc.).

 

2

---

General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

 

		Successor												Combined GM and Old GM
		Three Months  Ended December 31, 2010				Year Ended December 31, 2010				Three Months  Ended December 31, 2009				Year Ended December 31, 2009
Production Volume (units in thousands)(a)
GMNA - Cars			240				977				235				727
GMNA - Trucks			463				1,832				381				1,186
Total GMNA			703				2,809				616				1,913
GME			313				1,234				256				1,106
GMIO - Consolidated Entities			265				1,016				229				752
GMIO - Joint Ventures(b)			747				2,729				592				1,925
Total GMIO			1,012				3,745				821				2,677
GMSA			241				926				229				807
Total Worldwide			2,269				8,714				1,922				6,503

 

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

(b)	The joint venture agreements with SGMW (44%) and FAW-GM (50%) allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture production in China.

 

3

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General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

 

		Successor												Combined GM and Old GM
		Three Months  Ended December 31, 2010				Year Ended December 31, 2010				Three Months  Ended December 31, 2009				Year Ended December 31, 2009
Vehicle Sales (units in thousands)(a)(b)(c)(d)(e)
United States
Chevrolet – Cars			133				636				133				546
Chevrolet – Trucks			257				930				219				799
Cadillac			42				147				36				109
Buick			41				155				30				102
GMC			103				335				78				260
Other			1				12				42				269
Total United States			577				2,215				538				2,084
Canada, Mexico and Other			108				410				100				400
Total GMNA			685				2,625				637				2,484
GME
Opel/Vauxhall			297				1,178				265				1,209
Chevrolet			128				477				107				426
Other			1				7				6				32
Total GME			426				1,662				378				1,668
GMIO
Chevrolet			263				914				205				629
Wuling			240				1,149				247				1,001
Buick			150				551				134				448
GM Daewoo			40				130				41				121
Holden			34				141				36				126
FAW-GM			21				88				26				35
GMC			10				35				8				36
Cadillac			6				22				3				11
Other			12				46				12				47
Total GMIO(f)(g)			776				3,077				713				2,453
GMSA
Chevrolet			284				1,014				222				862
Other			2				11				2				10
Total GMSA			286				1,026				224				872
Total Worldwide			2,173				8,390				1,952				7,477

 

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

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

(c)	Vehicle sales data may include 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.

(f)

Includes SGM joint venture vehicle sales in China of 1.0 million vehicles, SGMW and FAW-GM joint venture vehicle sales in China of 1.3 million vehicles and HKJV joint venture vehicle sales in India of 110,000 vehicles in the year ended December 31, 2010. Combined GM and Old GM SGM joint venture vehicle sales in China of 708,000 vehicles and combined GM and Old GM SGMW and FAW-GM joint venture vehicle sales in China of 1.1 million vehicles in the year ended December 31, 2009. We do not record revenue from our joint ventures’ vehicle sales.

(g)

The joint venture agreements with SGMW (44%) and FAW-GM (50%) 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 global market share. These entities are not consolidated for financial reporting purposes. Income and losses related to these entities are recorded in Equity income, net of tax.

 

4

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General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

 

		Successor												Combined GM and Old GM
		Three Months  Ended December 31, 2010				Year Ended December 31, 2010				Three Months  Ended December 31, 2009				Year Ended December 31, 2009
Market Share(a)(b)(c)(d)
United States – Cars			13.2%				14.3%				15.5%				16.3%
United States – Trucks			23.9%				23.0%				24.6%				23.1%
Total United States			19.1%				18.8%				20.2%				19.7%
Total GMNA			18.5%				18.2%				19.2%				18.9%
Total GME			9.0%				8.8%				8.2%				8.9%
Total GMIO(e)(f)			8.6%				8.8%				8.9%				8.7%
Total GMSA			19.6%				19.9%				19.6%				20.0%
Total Worldwide			11.5%				11.4%				11.4%				11.6%
U.S. Retail/Fleet Mix
% Fleet Sales - Cars			29.6%				36.9%				34.6%				29.0%
% Fleet Sales - Trucks			19.1%				23.2%				20.5%				21.6%
Total Vehicles			22.3%				28.2%				25.8%				24.7%
GMNA Capacity Utilization(g)			89.6%				89.5%				61.5%				48.0%

 

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

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

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

(d)	GMNA vehicle sales primarily represent sales to the ultimate customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the ultimate customer.

(e)

Includes SGM joint venture vehicle sales in China of 1.0 million vehicles, SGMW and FAW-GM joint venture vehicle sales in China of 1.3 million vehicles and HKJV joint venture vehicle sales in India of 110,000 vehicles in the year ended December 31, 2010. Combined GM and Old GM SGM joint venture vehicle sales in China of 708,000 vehicles and combined GM and Old GM SGMW and FAW-GM joint venture vehicle sales in China of 1.1 million vehicles in the year ended December 31, 2009. We do not record revenue from our joint ventures’ vehicle sales.

(f)

The joint venture agreements with SGMW (44%) and FAW-GM (50%) 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 global market share. These entities are not consolidated for financial reporting purposes. Income and losses related to these entities are recorded in Equity income, net of tax.

(g)	Two shift rated, annualized.

 

5

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General Motors Company and Subsidiaries

Supplemental Material

(Unaudited)

 

		Successor
		December 31, 2010				December 31, 2009
Worldwide Employment (thousands)
GMNA(a)			96				103
GME(b)			40				50
GMIO(c)			32				34
GMSA			31				28
GM Financial			3				—
Total Worldwide			202				215
U.S. – Salaried			28				26
U.S. – Hourly			49				51

 

(a)	Decrease in GMNA primarily relates to restructuring initiatives.

(b)	Decrease in GME primarily relates to the sale of Saab, employees located within Russia and Uzbekistan transferred from our GME segment to our GMIO segment and restructuring initiatives in Belgium, Germany, Spain and the United Kingdom in the year ended December 31, 2010.

(c)	GMIO reflects a reduction of 2,400 employees due to the sale of GM India in the year ended December 31, 2010.

 

		Successor						Predecessor
		Year Ended December 31, 2010		July 10, 2009 Through December 31, 2009				January 1, 2009 Through July 9, 2009
Worldwide Payroll (billions)		$        14.0		$            6.2				$            6.2

 

6

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General Motors Company and Subsidiaries

Consolidated Statements of Operations

(In millions, except per share amounts)

(Unaudited)

 

		Successor												Predecessor
		Year Ended December 31, 2010				July 10, 2009 Through December  31, 2009								January 1,  2009 Through July 9, 2009				Year Ended December 31, 2008
Net sales and revenue
Automotive sales			$    135,142			$	57,329							$	46,787			$	147,732
GM Financial and other revenue			281				—								—				—
Other automotive revenue			169				145								328				1,247
Total net sales and revenue			135,592				57,474								47,115				148,979
Costs and expenses
Automotive cost of sales			118,792				56,381								55,814				149,257
GM Financial operating expenses and other			152				—								—				—
Automotive selling, general and administrative expense			11,446				6,006								6,161				14,253
Other automotive expenses, net			118				15								1,235				6,699
Total costs and expenses			130,508				62,402								63,210				170,209
Operating income (loss)			5,084				(4,928	)							(16,095	)			(21,230	)
Equity in income (loss) of and disposition of interest in Ally Financial			—				—								1,380				(6,183	)
Automotive interest expense			(1,098	)			(694	)							(5,428	)			(2,525	)
Interest income and other non-operating income, net			1,555				440								852				424
Gain (loss) on extinguishment of debt			196				(101	)							(1,088	)			43
Reorganization gains, net			—				—								128,155				—
Income (loss) before income taxes and equity income			5,737				(5,283	)							107,776				(29,471	)
Income tax expense (benefit)			672				(1,000	)							(1,166	)			1,766
Equity income, net of tax			1,438				497								61				186
Net income (loss)			6,503				(3,786	)							109,003				(31,051	)
Net (income) loss attributable to noncontrolling interests			(331	)			(511	)							115				108
Net income (loss) attributable to stockholders			6,172				(4,297	)							109,118				(30,943	)
Less: Cumulative dividends on and charge related to purchase of preferred stock			1,504				131								—				—
Net income (loss) attributable to common stockholders		$	4,668			$	(4,428	)						$	109,118			$	(30,943	)
Earnings (loss) per share
Basic
Net income (loss) attributable to common stockholders		$	3.11			$	(3.58	)						$	178.63			$	(53.47	)
Weighted-average common shares outstanding			1,500				1,238								611				579
Diluted
Net income (loss) attributable to common stockholders		$	2.89			$	(3.58	)						$	178.55			$	(53.47	)
Weighted-average common shares outstanding			1,624				1,238								611				579
Cash dividends per common share		$	—			$	—							$	—			$	0.50

 

7

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General Motors Company and Subsidiaries

Consolidated Balance Sheets

(In millions, except share amounts)

(Unaudited)

 

		Successor
		December 31,				December 31,
ASSETS		2010				2009
Automotive Current Assets
Cash and cash equivalents		$	21,061			$	22,679
Marketable securities			5,555				134
Total cash, cash equivalents and marketable securities			26,616				22,813
Restricted cash and marketable securities			1,240				13,917
Accounts and notes receivable (net of allowance of $252 and $250)			8,699				7,518
Inventories			12,125				10,107
Assets held for sale			—				388
Equipment on operating leases, net			2,568				2,727
Other current assets and deferred income taxes			1,805				1,777
Total current assets			53,053				59,247
Automotive Non-current Assets
Restricted cash and marketable securities			1,160				1,489
Equity in net assets of nonconsolidated affiliates			8,529				7,936
Property, net			19,235				18,687
Goodwill			30,513				30,672
Intangible assets, net			11,882				14,547
Deferred income taxes			308				564
Assets held for sale			—				530
Other assets			3,286				2,623
Total non-current assets			74,913				77,048
Total Automotive Assets			127,966				136,295
GM Financial Assets
Finance receivables (including finance receivables transferred to special purpose entities of $7,156 at December 31, 2010)			8,197				—
Restricted cash			1,090				—
Goodwill			1,265				—
Other assets			380				—
Total GM Financial Assets			10,932				—
Total Assets		$	138,898			$	136,295
LIABILITIES AND EQUITY
Automotive Current Liabilities
Accounts payable (principally trade)		$	21,497			$	18,725
Short-term debt and current portion of long-term debt (including debt at GM Daewoo of $70 at December 31, 2010)			1,616				10,221
Liabilities held for sale			—				355
Postretirement benefits other than pensions			625				846
Accrued liabilities (including derivative liabilities at GM Daewoo of $111 at December 31, 2010)			23,419				22,288
Total current liabilities			47,157				52,435
Automotive Non-current Liabilities
Long-term debt (including debt at GM Daewoo of $835 at December 31, 2010)			3,014				5,562
Liabilities held for sale			—				270
Postretirement benefits other than pensions			9,294				8,708
Pensions			21,894				27,086
Other liabilities and deferred income taxes			13,021				13,279
Total non-current liabilities			47,223				54,905
Total Automotive Liabilities			94,380				107,340
GM Financial Liabilities
Securitization notes payable			6,128				—
Credit facilities			832				—
Other liabilities			399				—
Total GM Financial Liabilities			7,359				—
Total Liabilities			101,739				107,340
Commitments and contingencies
Preferred stock Series A, $0.01 par value (2,000,000,000 shares authorized and 360,000,000 shares issued and outstanding (each with a $25.00 liquidation preference) at December 31, 2009)			—				6,998
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 December 31, 2010)			5,536				—
Series B (100,000,000 shares issued and outstanding (each with a $50.00 liquidation preference) at December 31, 2010)			4,855				—
Common stock, $0.01 par value (5,000,000,000 shares authorized and 1,500,136,998 shares and 1,500,000,000 shares issued and outstanding at December 31, 2010 and 2009)			15				15
Capital surplus (principally additional paid-in capital)			24,257				24,040
Retained earnings (accumulated deficit)			266				(4,394	)
Accumulated other comprehensive income			1,251				1,588
Total stockholders’ equity			36,180				21,249
Noncontrolling interests			979				708
Total equity			37,159				21,957
Total Liabilities and Equity		$	138,898			$	136,295

 

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