View:
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) May 2, 2013
___________________
GENERAL MOTORS COMPANY
(Exact Name of Registrant as Specified in its Charter)
___________________
DELAWARE (State or other jurisdiction of incorporation) | 001-34960 (Commission File Number) | 27-0756180 (I.R.S. Employer Identification No.) | |
300 Renaissance Center, Detroit, Michigan (Address of Principal Executive Offices) | 48265-3000 (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)) | |
TABLE OF CONTENTS
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
SIGNATURE
INDEX TO EXHIBITS
News Release Dated May 2, 2013 and Financial Statements
Charts Furnished to Securities Analysts
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On May 2, 2013 a news release was issued on the subject of first quarter 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 quarter ended March 31, 2013 are attached as Exhibit 99.2.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
EXHIBITS
Exhibit | Description | Method of Filing |
Exhibit 99.1 | News Release Dated May 2, 2013 and Financial Statements | Attached as Exhibit |
Exhibit 99.2 | Charts Furnished to Securities Analysts | Attached as Exhibit |
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) | ||
/s/ THOMAS S. TIMKO | ||
Date: May 2, 2012 | By: | Thomas S. Timko Vice President, Controller and Chief Accounting Officer |
Exhibit 99.1
For Release: Thursday, May 2, 7:30 a.m. EDT
GM Reports First Quarter Net Income of $0.9 Billion
• | EPS of $0.58 including net loss from special items of $0.09 per share |
• | EBIT-adjusted of $1.8 billion |
DETROIT - General Motors Co. (NYSE: GM) today announced first quarter net income attributable to common stockholders of $0.9 billion, or $0.58 per fully diluted share. These results include a net loss from special items that reduced net income by $0.2 billion, or $0.09 per fully diluted share.
In the first quarter of 2012, GM's net income attributable to common stockholders was $1.0 billion, or $0.60 per fully diluted share, including a net loss from special items of $0.6 billion or $0.33 per share.
Net revenue in the first quarter of 2013 was $36.9 billion, compared to $37.8 billion in the first quarter of 2012. Earnings before interest and tax (EBIT) adjusted was $1.8 billion, compared to $2.2 billion the first quarter of 2012. First quarter EBIT-adjusted results for 2013 include the impact of $0.1 billion in restructuring costs.
“The year is off to a solid start as we increased our global share with strong new products that are attracting customers around the world,” said Dan Akerson, GM CEO and chairman. “In addition, we saw progress in Europe thanks to strong cost actions and great vehicles like the Opel Adam and Mokka.”
GM Results Overview (in billions except for per share amounts)
Q1 2013 | Q1 2012 | ||||||
Revenue | $ | 36.9 | $ | 37.8 | |||
Net income attributable to common stockholders | $ | 0.9 | $ | 1.0 | |||
Earnings per share (EPS) fully diluted | $ | 0.58 | $ | 0.60 | |||
Impact of special items on EPS fully diluted | $ | (0.09 | ) | $ | (0.33 | ) | |
EBIT-adjusted | $ | 1.8 | $ | 2.2 | |||
Automotive net cash flow from operating activities | $ | 0.5 | $ | 2.3 | |||
Adjusted automotive free cash flow | $ | (1.3 | ) | $ | 0.3 | ||
Segment Results
Beginning this quarter, the company will report segment revenues and profits based on the geographic region in which a vehicle is sold. Previously, segment results included the impacts of inter-segment sales and profits. Prior year segment results have been reclassified so all information is shown on a comparable basis. Financial results for Chevrolet Europe continue to be recorded in GM International Operations. Consolidated results are unaffected by this change.
1
• | GM North America reported EBIT-adjusted of $1.4 billion, compared with $1.6 billion in the first quarter of 2012. |
• | GM Europe reported an EBIT-adjusted of $(0.2) billion, compared with $(0.3) billion in the first quarter of 2012. |
• | GM International Operations reported EBIT-adjusted of $0.5 billion, compared with $0.5 billion in the first quarter of 2012. |
• | GM South America broke even on an EBIT-adjusted basis, compared with EBIT-adjusted of $0.2 billion in the first quarter of 2012. |
• | GM Financial earnings before tax was $0.2 billion for the quarter, compared to $0.2 billion in the first quarter of 2012. |
Cash Flow and Liquidity
For the quarter, automotive cash flow from operating activities was $0.5 billion and automotive free cash flow adjusted was $(1.3) billion. The change in year-over-year cash flow was primarily the result of lower earnings and a series of timing-related items that we expect to reverse during the balance of the year.
GM ended the quarter with very strong total automotive liquidity of $35.3 billion. Automotive cash and marketable securities was $24.3 billion compared with $26.1 billion at year-end 2012.
“In the automotive business, outstanding product is what wins,” said Dan Ammann, GM senior vice president and CFO. “With more than 40 new vehicle introductions this year globally, our focus will be on flawless launches of the vehicles that will drive results this year and into 2014.”
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, 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.
# # #
CONTACT:
Tom Henderson
GM Financial Communications
313-410-2704
tom.e.henderson@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 financing sources, including as required to fund our planned significant investment in new technology; our ability to successfully integrate Ally Financial's international operations; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; overall strength and stability of our markets, particularly Europe; and our ability to continue to attract new customers, particularly for our new products. GM's most recent annual report on Form 10-K provides information about these and other factors, which we may revise or supplement in future reports to the SEC.
2
Exhibit 1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The accompanying tables and charts include earnings before interest and taxes adjusted for special items, presented net of noncontrolling interests, (EBIT-adjusted) and Adjusted automotive free cash flow. These metrics 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-adjusted and Adjusted 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 between periods and 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 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-adjusted to its most comparable U.S. GAAP measure (dollars in millions):
Three Months Ended | ||||||||
March 31, 2013 | March 31, 2012 | |||||||
Operating segments | ||||||||
GMNA(a)(b) | $ | 1,414 | $ | 1,642 | ||||
GME(a)(b) | (175 | ) | (294 | ) | ||||
GMIO(a)(b) | 495 | 521 | ||||||
GMSA(a)(b) | (38 | ) | 153 | |||||
GM Financial(c) | 180 | 181 | ||||||
Total operating segments | 1,876 | 2,203 | ||||||
Corporate(a) | (110 | ) | (21 | ) | ||||
EBIT-adjusted | 1,766 | 2,182 | ||||||
Special items | (170 | ) | (612 | ) | ||||
Corporate interest income | 79 | 89 | ||||||
Automotive interest expense | 91 | 110 | ||||||
Loss on extinguishment of debt | — | 18 | ||||||
Income tax expense | 409 | 216 | ||||||
Net income attributable to stockholders | 1,175 | 1,315 | ||||||
Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security | 310 | 311 | ||||||
Net income attributable to common stockholders | $ | 865 | $ | 1,004 | ||||
__________
(a) | In the three months ended March 31, 2013 GM changed its managerial and reporting structure to report segment revenues and profits based on the geographic region in which a vehicle is sold. Previously, segment results included the impacts of inter-segment sales and profits. Prior year segment results have been reclassified so all information is shown on a comparable basis. Consolidated results are unaffected by this change. |
(b) | GM's automotive operations interest and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GM's automotive operating segments between EBIT-adjusted and Net income attributable to stockholders. |
(c) | GM Financial amounts represent income before income taxes. |
1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following summarizes the special items:
In the three months ended March 31, 2013 special items included the following:
•Venezuela currency devaluation of $162 million in GMSA; and
•Pension settlement charges and income related to various insurance recoveries, net, of $8 million.
In the three months ended March 31, 2012 special items included Goodwill impairment charges of $590 million in GME and $22 million in GMIO.
The following table summarizes the reconciliation of Adjusted automotive free cash flow to Automotive net cash provided by operating activities (dollars in millions):
Three Months Ended | |||||||
March 31, 2013 | March 31, 2012 | ||||||
Adjusted automotive free cash flow | $ | (1,325 | ) | $ | 282 | ||
Less: Adjustments for voluntary management actions | 71 | — | |||||
Automotive free cash flow | (1,396 | ) | 282 | ||||
Capital expenditures | 1,939 | 1,990 | |||||
Automotive net cash provided by operating activities | $ | 543 | $ | 2,272 | |||
In the three months ended March 31, 2013 adjustments for voluntary management actions included pension contributions of $71 million related to the previously announced annuitization of the U.S. salaried pension plan.
The following tables summarize key financial information by segment (dollars in millions):
GMNA | GME | GMIO | GMSA | Corporate | Total Automotive | GM Financial | Eliminations | Total | |||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 22,979 | $ | 4,818 | $ | 4,820 | $ | 3,691 | $ | 36 | $ | 36,344 | $ | 540 | $ | — | $ | 36,884 | |||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 926 | $ | 110 | $ | 203 | $ | 130 | $ | 16 | $ | 1,385 | $ | 84 | $ | (4 | ) | $ | 1,465 | ||||||||||||||||
Equity income, net of tax | $ | 5 | $ | — | $ | 550 | $ | — | $ | — | $ | 555 | $ | — | $ | — | $ | 555 | |||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Total Automotive | GM Financial | Eliminations | Total | |||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||||||
Total net sales and revenue(a) | $ | 23,175 | $ | 5,255 | $ | 5,016 | $ | 3,867 | $ | 15 | $ | 37,328 | $ | 431 | $ | — | $ | 37,759 | |||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 888 | $ | 280 | $ | 129 | $ | 118 | $ | 12 | $ | 1,427 | $ | 43 | $ | (2 | ) | $ | 1,468 | ||||||||||||||||
Equity income, net of tax | $ | 2 | $ | — | $ | 421 | $ | — | $ | — | $ | 423 | $ | — | $ | — | $ | 423 | |||||||||||||||||
__________
(a) | In the three months ended March 31, 2013 GM changed its managerial and reporting structure to report segment revenues and profits based on the geographic region in which a vehicle is sold. Previously, segment results included the impacts of inter-segment sales and profits. Prior year segment results have been reclassified so all information is shown on a comparable basis. Consolidated results are unaffected by this change. |
2
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
March 31, 2013 | December 31, 2012 | ||||
Worldwide Employment (in thousands) | |||||
GMNA(a) | 105 | 101 | |||
GME | 36 | 37 | |||
GMIO | 39 | 39 | |||
GMSA | 33 | 32 | |||
GM Financial | 4 | 4 | |||
Total Worldwide | 217 | 213 | |||
U.S. - Salaried(a) | 33 | 30 | |||
U.S. - Hourly | 50 | 50 | |||
_________
(a) | Headcount increased primarily due to the insourcing of certain information technology support functions that were previously provided by outside parties. |
Wholesale and Retail Vehicle Sales
Wholesale vehicle sales data, which represents sales directly to dealers and others, is the measure that correlates vehicle sales to our revenue from the sale of vehicles, which is the largest component of Automotive sales and revenue. Wholesale vehicle sales exclude vehicle sales produced by unconsolidated joint ventures. Retail vehicle sales data, which represents estimated sales to the end customer, including fleets, does not correlate directly to the revenue recognized during the period. However, retail vehicle sales data is indicative of the underlying demand for GM's vehicles, is the basis for market share, and is based upon the good faith estimates of management and includes all sales by joint ventures on a total vehicle basis, not based on the percentage of ownership in the joint venture. Market share information is based primarily on retail vehicle sales volume, but estimates may be used where retail vehicle sales volume is not available. Worldwide market share and retail vehicle sales data exclude the markets of Iran, North Korea, Sudan and Syria.
Retail sales volume includes vehicles produced by certain joint ventures. The joint venture agreements with SAIC-GM-Wuling Automobile Co., Ltd. (SGMW) and FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM) allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture sales in China.
3
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Wholesale Vehicle Sales
The following table summarizes total wholesale vehicle sales of new motor vehicles by automotive segment (vehicles in thousands):
Three Months Ended | |||||
March 31, 2013 | March 31, 2012 | ||||
GMNA | 829 | 848 | |||
GME(a) | 249 | 266 | |||
GMIO(a)(b) | 243 | 243 | |||
GMSA | 233 | 237 | |||
Worldwide | 1,554 | 1,594 | |||
________
(a) | Chevrolet branded vehicles sold in European markets are distributed by subsidiaries of GM Korea Company, which is a component of GMIO. Revenue and wholesale vehicle sales of Chevrolet branded vehicles sold in European markets are included in GMIO's financial results. |
(b) | The joint venture wholesale vehicle sales presented in the following table are excluded from our wholesale vehicle sales. Wholesale vehicle sales for SAIC GM Investment Limited, the holding company of General Motors India Private Limited and Chevrolet Sales India Private Limited (collectively HKJV) are included in the three months ended March 31, 2013. |
Three Months Ended | |||||
March 31, 2013 | March 31, 2012 | ||||
Joint venture sales in China | |||||
SAIC General Motors Sales Co., Ltd. (SGMS) | 382 | 337 | |||
SGMW and FAW-GM | 434 | 407 | |||
Joint venture sales in India | |||||
HKJV | 28 | ||||
4
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months Ended | |||||
March 31, 2013 | March 31, 2012 | ||||
Retail Vehicle Sales (units in thousands)(a)(b)(c) | |||||
United States | |||||
Chevrolet - Cars | 205 | 217 | |||
Chevrolet - Trucks | 167 | 151 | |||
Chevrolet - Crossovers | 98 | 80 | |||
Cadillac | 43 | 31 | |||
Buick | 48 | 37 | |||
GMC | 105 | 92 | |||
Total United States | 665 | 608 | |||
Canada, Mexico and Other | 97 | 96 | |||
Total North America | 762 | 704 | |||
Europe | |||||
Opel/Vauxhall | 260 | 275 | |||
Chevrolet | 112 | 122 | |||
Other | 1 | 1 | |||
Total Europe | 373 | 398 | |||
Asia/Pacific, Middle East and Africa | |||||
Chevrolet | 290 | 291 | |||
Wuling | 397 | 355 | |||
Buick | 209 | 181 | |||
Holden | 27 | 31 | |||
GMC | 9 | 11 | |||
Cadillac | 9 | 9 | |||
Other | 51 | 51 | |||
Total Asia/Pacific, Middle East and Africa(d) | 992 | 928 | |||
South America | |||||
Chevrolet | 233 | 246 | |||
Other | 1 | 1 | |||
Total South America | 234 | 248 | |||
Total Worldwide | 2,361 | 2,278 | |||
________
(a) | North America retail vehicle sales primarily represent sales to the end customer. Europe, Asia/Pacific, Middle East and Africa and South America retail vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate retail vehicle sales. |
(b) | Certain fleet sales that are accounted for as operating leases are included in retail vehicle sales at the time of delivery to the daily rental car companies. |
(c) | Retail vehicle sales data may include rounding differences. |
(d) | The joint venture retail vehicle sales presented in the following table are included in GM's retail vehicle sales. Retail vehicle sales for HKJV are included in the three months ended March 31, 2012. |
Three Months Ended | ||||||
March 31, 2013 | March 31, 2012 | |||||
Joint venture sales in China | ||||||
SGMS | 382 | 337 | 337 | |||
SGMW and FAW-GM | 434 | 407 | 407 | |||
Joint venture sales in India | ||||||
HKJV | 28 | 28 | ||||
5
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months Ended | |||
March 31, 2013 | March 31, 2012 | ||
Market Share(a)(b) | |||
United States - Cars | 13.8% | 14.3% | |
United States - Trucks | 24.2% | 22.8% | |
United States - Crossovers | 18.8% | 17.3% | |
Total United States | 17.7% | 17.2% | |
Total North America | 17.1% | 16.7% | |
Total Europe | 8.3% | 8.2% | |
Total Asia/Pacific, Middle East and Africa(c) | 9.6% | 9.4% | |
Total South America | 17.2% | 18.3% | |
Total Worldwide | 11.4% | 11.2% | |
U.S. Retail/Fleet Mix | |||
% Fleet Sales - Cars | 32.1% | 33.4% | |
% Fleet Sales - Trucks | 23.1% | 25.0% | |
% Fleet Sales - Crossovers | 20.8% | 17.2% | |
Total Vehicles | 25.9% | 26.7% | |
North America Capacity Utilization | 98.1% | 103.9% | |
________
(a) Market Share information is based on retail vehicles sales volume.
(b) North America retail vehicle sales primarily represent sales to the end customer. Europe, Asia/Pacific, Middle East and Africa and South America retail vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate retail vehicle sales.
(c) The joint venture retail vehicle sales presented in the following table are included in GM's retail vehicle sales. Retail vehicle sales for HKJV are included in the three months ended March 31, 2012.
Three Months Ended | |||||
March 31, 2013 | March 31, 2012 | ||||
Joint venture sales in China | |||||
SGMS | 382 | 337 | |||
SGMW and FAW-GM | 434 | 407 | |||
Joint venture sales in India | |||||
HKJV | 28 | ||||
6
General Motors Company and Subsidiaries
Condensed Consolidated Income Statements
(In millions, except per share amounts)
(Unaudited)
Three Months Ended | |||||||
March 31, 2013 | March 31, 2012 | ||||||
Net sales and revenue | |||||||
Automotive | $ | 36,344 | $ | 37,328 | |||
GM Financial | 540 | 431 | |||||
Total | 36,884 | 37,759 | |||||
Costs and expenses | |||||||
Automotive cost of sales | 32,617 | 32,910 | |||||
GM Financial operating and other expenses | 356 | 248 | |||||
Automotive selling, general and administrative expense | 2,939 | 2,973 | |||||
Other automotive expenses, net | 13 | 15 | |||||
Goodwill impairment charges | — | 617 | |||||
Total costs and expenses | 35,925 | 36,763 | |||||
Operating income | 959 | 996 | |||||
Automotive interest expense | 91 | 110 | |||||
Interest income and other non-operating income, net | 171 | 275 | |||||
Loss on extinguishment of debt | — | 18 | |||||
Income before income taxes and equity income | 1,039 | 1,143 | |||||
Income tax expense | 409 | 216 | |||||
Equity income, net of tax | 555 | 423 | |||||
Net income | 1,185 | 1,350 | |||||
Net loss attributable to noncontrolling interests | (10 | ) | (35 | ) | |||
Net income attributable to stockholders | $ | 1,175 | $ | 1,315 | |||
Net income attributable to common stockholders | $ | 865 | $ | 1,004 | |||
Earnings per share | |||||||
Basic | |||||||
Basic earnings per common share | $ | 0.63 | $ | 0.64 | |||
Weighted-average common shares outstanding | 1,372 | 1,572 | |||||
Diluted | |||||||
Diluted earnings per common share | $ | 0.58 | $ | 0.60 | |||
Weighted-average common shares outstanding | 1,507 | 1,692 | |||||
7
General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
In the three months ended March 31, 2013 and 2012 GM was required to use the two-class method for calculating earnings per share as the applicable market value of its common stock was below $33.00 per common share in the period ended March 31, 2013 and 2012.
The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
Three Months Ended | |||||||
March 31, 2013 | March 31, 2012 | ||||||
Basic earnings per share | |||||||
Net income attributable to stockholders | $ | 1,175 | $ | 1,315 | |||
Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(a)(b) | (310 | ) | (311 | ) | |||
Net income attributable to common stockholders | $ | 865 | $ | 1,004 | |||
Weighted-average common shares outstanding - basic | 1,372 | 1,572 | |||||
Basic earnings per common share | $ | 0.63 | $ | 0.64 | |||
Diluted earnings per share | |||||||
Net income attributable to stockholders | $ | 1,175 | $ | 1,315 | |||
Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(a)(c) | (302 | ) | (305 | ) | |||
Net income attributable to common stockholders | $ | 873 | $ | 1,010 | |||
Weighted-average shares outstanding - diluted | |||||||
Weighted-average common shares outstanding - basic | 1,372 | 1,572 | |||||
Dilutive effect of warrants | 134 | 116 | |||||
Dilutive effect of restricted stock units | 1 | 4 | |||||
Weighted-average common shares outstanding - diluted | 1,507 | 1,692 | |||||
Diluted earnings per common share | $ | 0.58 | $ | 0.60 | |||
__________
(a) | Includes earned but undistributed dividends of $26 million on GM's Series A Preferred Stock and $20 million on GM's Series B Preferred Stock in the three months ended March 31, 2013 and 2012. |
(b) | Includes cumulative dividends on preferred stock of $215 million and earnings of $95 million that have been allocated to the Series B Preferred Stock holders in the three months ended March 31, 2013 and cumulative dividends on preferred stock of $215 million and earnings of $96 million that have been allocated to the Series B Preferred Stock holders in the three months ended March 31, 2012. |
(c) | Includes cumulative dividends on preferred stock of $215 million and earnings of $87 million that have been allocated to the Series B Preferred Stock holders in the three months ended March 31, 2013 and cumulative dividends on preferred stock of $215 million and earnings of $90 million that have been allocated to the Series B Preferred Stock holders in the three months ended March 31, 2012. |
8
General Motors Company and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions, except share amounts)
(Unaudited)
March 31, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 20,643 | $ | 18,422 | |||
Marketable securities | 6,560 | 8,988 | |||||
Restricted cash and marketable securities | 713 | 686 | |||||
Accounts and notes receivable (net of allowance of $312 and $311) | 12,559 | 10,395 | |||||
GM Financial finance receivables, net (including gross consumer finance receivables transferred to SPEs of $4,512 and $3,444) | 4,286 | 4,044 | |||||
Inventories | 15,200 | 14,714 | |||||
Equipment on operating leases, net | 1,730 | 1,782 | |||||
Deferred income taxes | 9,336 | 9,429 | |||||
Other current assets | 1,543 | 1,536 | |||||
Total current assets | 72,570 | 69,996 | |||||
Non-current Assets | |||||||
Restricted cash and marketable securities | 623 | 682 | |||||
GM Financial finance receivables, net (including gross consumer finance receivables transferred to SPEs of $7,131 and $6,458) | 7,169 | 6,954 | |||||
Equity in net assets of nonconsolidated affiliates | 7,470 | 6,883 | |||||
Property, net | 24,893 | 24,196 | |||||
Goodwill | 1,968 | 1,973 | |||||
Intangible assets, net | 6,997 | 6,809 | |||||
GM Financial equipment on operating leases, net (including assets transferred to SPEs of $2,047 and $540) | 2,039 | 1,649 | |||||
Deferred income taxes | 27,669 | 27,922 | |||||
Other assets | 2,377 | 2,358 | |||||
Total non-current assets | 81,205 | 79,426 | |||||
Total Assets | $ | 153,775 | $ | 149,422 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable (principally trade) | $ | 27,117 | $ | 25,166 | |||
Short-term debt and current portion of long-term debt | |||||||
Automotive (including certain debt at VIEs of $273 and $228) | 1,756 | 1,748 | |||||
GM Financial | 5,216 | 3,770 | |||||
Accrued liabilities | 22,450 | 23,308 | |||||
Total current liabilities | 56,539 | 53,992 | |||||
Non-current Liabilities | |||||||
Long-term debt | |||||||
Automotive (including certain debt at VIEs of $116 and $122) | 3,419 | 3,424 | |||||
GM Financial | 8,033 | 7,108 | |||||
Postretirement benefits other than pensions | 7,246 | 7,309 | |||||
Pensions | 26,775 | 27,420 | |||||
Other liabilities and deferred income taxes | 13,428 | 13,169 | |||||
Total non-current liabilities | 58,901 | 58,430 | |||||
Total Liabilities | 115,440 | 112,422 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Preferred stock, $0.01 par value | |||||||
Series A | 5,536 | 5,536 | |||||
Series B | 4,855 | 4,855 | |||||
Common stock, $0.01 par value | 14 | 14 | |||||
Capital surplus (principally additional paid-in capital) | 23,776 | 23,834 | |||||
Retained earnings | 11,017 | 10,057 | |||||
Accumulated other comprehensive loss | (7,611 | ) | (8,052 | ) | |||
Total stockholders’ equity | 37,587 | 36,244 | |||||
Noncontrolling interests | 748 | 756 | |||||
Total Equity | 38,335 | 37,000 | |||||
Total Liabilities and Equity | $ | 153,775 | $ | 149,422 | |||
9