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) |
¨ | 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)) |
Exhibit | Description | Method of Filing |
Exhibit 99.1 | News Release Dated July 24, 2014 and Financial Statements | Attached as Exhibit |
GENERAL MOTORS COMPANY (Registrant) | ||
/s/ THOMAS S. TIMKO | ||
Date: July 24, 2014 | By: | Thomas S. Timko Vice President, Controller and Chief Accounting Officer |
• | EBIT-adjusted of $1.4 billion, after $1.2 billion in recall-related costs and $0.2 billion in restructuring costs |
• | Company records strong core operating performance in the second quarter |
• | Special charge of $0.4 billion for GM ignition switch compensation program |
Q2 2014 | Q2 2013 | |
Revenue | $39.6 | $39.1 |
Net income attributable to common stockholders | $0.2 | $1.2 |
Earnings per share (EPS) diluted | $0.11 | $0.75 |
Impact of special items on EPS diluted | $(0.47) | $(0.09) |
EBIT-adjusted | $1.4 | $2.3 |
Automotive net cash flow from operating activities | $3.6 | $4.5 |
Adjusted automotive free cash flow | $1.9 | $2.6 |
• | GM North America reported EBIT-adjusted of $1.4 billion which included the impact of $1.0 billion in recall-related costs in the quarter. This compared with EBIT-adjusted of $2.0 billion in the second quarter of 2013, which included the impact of $0.1 billion in recall-related costs in the quarter. |
• | GM Europe reported an EBIT-adjusted of $(0.3) billion, which includes $0.2 billion for restructuring costs. This compares with $(0.1) billion of EBIT-adjusted in the second quarter of 2013. |
• | GM International Operations reported EBIT-adjusted of $0.3 billion, compared to $0.2 billion in the second quarter of 2013. |
• | GM South America reported EBIT-adjusted of $(0.1) billion, compared with EBIT-adjusted of $0.1 billion in the second quarter of 2013. |
• | GM Financial earnings before tax was $0.3 billion for the quarter, compared to $0.3 billion in the second quarter of 2013. |
Tom Henderson 313-410-2704 Global Financial Communications tom.e.henderson@gm.com | Randy Arickx 313-268-7070 GM Investor Relations randy.c.arickx@gm.com |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||
Operating segments | |||||||||||||||
GMNA | $ | 1,385 | $ | 1,976 | $ | 1,942 | $ | 3,390 | |||||||
GME(a) | (305 | ) | (114 | ) | (589 | ) | (266 | ) | |||||||
GMIO(a) | 315 | 232 | 567 | 704 | |||||||||||
GMSA | (81 | ) | 54 | (237 | ) | 16 | |||||||||
GM Financial(b) | 258 | 254 | 479 | 434 | |||||||||||
Total operating segments(c) | 1,572 | 2,402 | 2,162 | 4,278 | |||||||||||
Corporate and eliminations | (221 | ) | (126 | ) | (345 | ) | (236 | ) | |||||||
EBIT-adjusted(c) | 1,351 | 2,276 | 1,817 | 4,042 | |||||||||||
Special items | (1,279 | ) | 104 | (1,706 | ) | (66 | ) | ||||||||
Corporate interest income | 52 | 77 | 105 | 156 | |||||||||||
Automotive interest expense | (100 | ) | (61 | ) | (203 | ) | (152 | ) | |||||||
Loss on extinguishment of debt | — | (240 | ) | — | (240 | ) | |||||||||
Net income (loss) attributable to noncontrolling interests | 9 | (26 | ) | 76 | (16 | ) | |||||||||
Income before income taxes | $ | 33 | $ | 2,130 | $ | 89 | $ | 3,724 |
(a) | In the three months ended March 31, 2014 GM changed its managerial and financial reporting structure to reclassify the results of our Russian subsidiaries previously reported in our GMIO segment to our GME segment. 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 Financial amounts represent income before income taxes-adjusted. |
(c) | GM's automotive operations' interest income and interest expense and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GM's automotive operating segments between EBIT-adjusted and Income before income taxes. |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||
Automotive adjusted free cash flow | $ | 1,944 | $ | 2,565 | $ | 2,192 | $ | 1,240 | |||||||
Less: Adjustments | — | — | — | 71 | |||||||||||
Automotive free cash flow | 1,944 | 2,565 | 2,192 | 1,169 | |||||||||||
Capital expenditures | 1,658 | 1,890 | 3,410 | 3,829 | |||||||||||
Automotive net cash provided by operating activities | $ | 3,602 | $ | 4,455 | $ | 5,602 | $ | 4,998 |
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 25,671 | $ | 5,974 | $ | 3,602 | $ | 3,177 | $ | 38 | $ | 38,462 | $ | 1,191 | $ | (4 | ) | $ | 39,649 | ||||||||||||||||||||
Expenditures for property | $ | 1,153 | $ | 192 | $ | 215 | $ | 57 | $ | 49 | $ | (8 | ) | $ | 1,658 | $ | 8 | $ | — | $ | 1,666 | ||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 1,221 | $ | 115 | $ | 162 | $ | 104 | $ | 19 | $ | (1 | ) | $ | 1,620 | $ | 199 | $ | — | $ | 1,819 | ||||||||||||||||||
Equity income, net of tax | $ | 5 | $ | 2 | $ | 516 | $ | — | $ | — | $ | — | $ | 523 | $ | — | $ | — | $ | 523 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013(a) | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 23,495 | $ | 5,606 | $ | 4,798 | $ | 4,308 | $ | 39 | $ | 38,246 | $ | 836 | $ | (7 | ) | $ | 39,075 | ||||||||||||||||||||
Expenditures for property | $ | 1,454 | $ | 155 | $ | 169 | $ | 114 | $ | (1 | ) | $ | (1 | ) | $ | 1,890 | $ | 3 | $ | — | $ | 1,893 | |||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 1,014 | $ | 132 | $ | 191 | $ | 128 | $ | 7 | $ | (1 | ) | $ | 1,471 | $ | 111 | $ | (4 | ) | $ | 1,578 | |||||||||||||||||
Equity income, net of tax | $ | 3 | $ | 9 | $ | 417 | $ | — | $ | — | $ | — | $ | 429 | $ | — | $ | — | $ | 429 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 50,075 | $ | 11,594 | $ | 6,832 | $ | 6,202 | $ | 74 | $ | 74,777 | $ | 2,288 | $ | (8 | ) | $ | 77,057 | ||||||||||||||||||||
Expenditures for property | $ | 2,348 | $ | 393 | $ | 472 | $ | 125 | $ | 80 | $ | (8 | ) | $ | 3,410 | $ | 15 | $ | — | $ | 3,425 | ||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 2,313 | $ | 224 | $ | 276 | $ | 205 | $ | 35 | $ | (2 | ) | $ | 3,051 | $ | 375 | $ | — | $ | 3,426 | ||||||||||||||||||
Equity income, net of tax | $ | 9 | $ | 5 | $ | 1,114 | $ | — | $ | — | $ | — | $ | 1,128 | $ | — | $ | — | $ | 1,128 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013(a) | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 46,474 | $ | 10,878 | $ | 9,164 | $ | 7,999 | $ | 75 | $ | 74,590 | $ | 1,376 | $ | (7 | ) | $ | 75,959 | ||||||||||||||||||||
Expenditures for property | $ | 2,739 | $ | 374 | $ | 412 | $ | 253 | $ | 51 | $ | — | $ | 3,829 | $ | 4 | $ | — | $ | 3,833 | |||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 1,940 | $ | 247 | $ | 389 | $ | 258 | $ | 23 | $ | (1 | ) | $ | 2,856 | $ | 195 | $ | (8 | ) | $ | 3,043 | |||||||||||||||||
Equity income, net of tax | $ | 8 | $ | 18 | $ | 958 | $ | — | $ | — | $ | — | $ | 984 | $ | — | $ | — | $ | 984 |
(a) | In the three months ended March 31, 2014 GM changed its managerial and financial reporting structure to reclassify the results of its Russian subsidiaries previously reported in its GMIO segment to its GME segment. Prior year segment results have been reclassified so all information is shown on a comparable basis. Consolidated results are unaffected by this change. |
June 30, 2014 | December 31, 2013 | ||||
Worldwide Employment (in thousands) | |||||
GMNA | 110 | 109 | |||
GME | 38 | 37 | |||
GMIO | 34 | 36 | |||
GMSA | 29 | 31 | |||
GM Financial | 6 | 6 | |||
Total Worldwide | 217 | 219 | |||
U.S. - Salaried | 38 | 36 | |||
U.S. - Hourly | 51 | 51 |
Three Months Ended | Six Months Ended | ||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||
GMNA | 830 | 809 | 1,637 | 1,638 | |||||||
GME(a) | 305 | 304 | 596 | 579 | |||||||
GMIO(a) | 157 | 240 | 319 | 457 | |||||||
GMSA | 211 | 278 | 419 | 511 | |||||||
Worldwide | 1,503 | 1,631 | 2,971 | 3,185 |
(a) | In the three months ended March 31, 2014 GM changed its managerial and financial reporting structure to reclassify the results of its Russian subsidiaries previously reported in its GMIO segment to its GME segment. Prior year segment results have been reclassified so all information is shown on a comparable basis. Consolidated results are unaffected by this change. |
Three Months Ended | Six Months Ended | ||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||
Retail Vehicle Sales | |||||||||||
United States | |||||||||||
Chevrolet - Cars | 259 | 245 | 476 | 450 | |||||||
Chevrolet - Trucks | 205 | 194 | 350 | 360 | |||||||
Chevrolet - Crossovers | 110 | 107 | 202 | 204 | |||||||
Cadillac | 43 | 41 | 82 | 84 | |||||||
Buick | 61 | 53 | 114 | 101 | |||||||
GMC | 128 | 115 | 232 | 221 | |||||||
Total United States | 806 | 755 | 1,456 | 1,420 | |||||||
Canada, Mexico and Other | 124 | 125 | 218 | 222 | |||||||
Total North America | 930 | 880 | 1,674 | 1,642 | |||||||
Europe | |||||||||||
Opel/Vauxhall | 293 | 284 | 565 | 543 | |||||||
Chevrolet | 43 | 95 | 109 | 171 | |||||||
Total Europe | 336 | 379 | 674 | 714 | |||||||
Asia/Pacific, Middle East and Africa | |||||||||||
Chevrolet | 326 | 322 | 646 | 648 | |||||||
Wuling | 385 | 350 | 846 | 748 | |||||||
Buick | 212 | 192 | 451 | 402 | |||||||
Holden | 33 | 30 | 63 | 57 | |||||||
GMC | 8 | 8 | 15 | 17 | |||||||
Cadillac | 20 | 14 | 36 | 22 | |||||||
Other | 42 | 55 | 92 | 107 | |||||||
Total Asia/Pacific, Middle East and Africa | 1,026 | 971 | 2,149 | 2,001 | |||||||
South America | |||||||||||
Chevrolet | 212 | 261 | 422 | 494 | |||||||
Other | 2 | 1 | 3 | 3 | |||||||
Total South America | 214 | 262 | 425 | 497 | |||||||
Total Worldwide | 2,506 | 2,492 | 4,922 | 4,854 |
Three Months Ended | Six Months Ended | ||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||
SAIC General Motors Sales Co., Ltd. (SGMS) | 398 | 361 | 820 | 743 | |||||||
SGMW and FAW-GM | 414 | 389 | 911 | 822 |
Three Months Ended | Six Months Ended | ||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||
Market Share | |||||||
United States - Cars | 14.9% | 14.7% | 14.9% | 14.3% | |||
United States - Trucks | 23.6% | 23.8% | 22.1% | 24.0% | |||
United States - Crossovers | 17.3% | 18.0% | 17.3% | 18.4% | |||
Total United States | 17.9% | 17.9% | 17.5% | 17.8% | |||
Total North America | 17.2% | 17.3% | 16.9% | 17.2% | |||
Total Europe | 6.8% | 7.7% | 7.0% | 7.6% | |||
Total Asia/Pacific, Middle East and Africa | 9.7% | 9.7% | 9.9% | 9.7% | |||
Total South America | 16.7% | 17.1% | 16.5% | 17.2% | |||
Total Worldwide | 11.3% | 11.6% | 11.2% | 11.5% | |||
U.S. Retail/Fleet Mix | |||||||
% Fleet Sales - Cars | 32.6% | 28.2% | 32.2% | 30.0% | |||
% Fleet Sales - Trucks | 26.0% | 28.4% | 22.6% | 25.9% | |||
% Fleet Sales - Crossovers | 22.0% | 23.1% | 21.9% | 22.0% | |||
Total Vehicles | 27.6% | 27.0% | 26.2% | 26.5% | |||
North America Capacity Utilization | 108.7% | 102.1% | 105.8% | 100.1% |
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Consolidated | Automotive | GM Financial | Eliminations | Consolidated | ||||||||||||||||||||||||
Net sales and revenue | |||||||||||||||||||||||||||||||
Automotive | $ | 38,462 | $ | — | $ | — | $ | 38,462 | $ | 38,246 | $ | — | $ | (6 | ) | $ | 38,240 | ||||||||||||||
GM Financial | — | 1,191 | (4 | ) | 1,187 | — | 836 | (1 | ) | 835 | |||||||||||||||||||||
Total net sales and revenue | 38,462 | 1,191 | (4 | ) | 39,649 | 38,246 | 836 | (7 | ) | 39,075 | |||||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||||||||||
Automotive cost of sales | 35,854 | — | (3 | ) | 35,851 | 33,824 | — | — | 33,824 | ||||||||||||||||||||||
GM Financial operating and other expenses | — | 926 | — | 926 | — | 582 | (7 | ) | 575 | ||||||||||||||||||||||
Automotive selling, general and administrative expense | 3,343 | — | — | 3,343 | 2,925 | — | — | 2,925 | |||||||||||||||||||||||
Total costs and expenses | 39,197 | 926 | (3 | ) | 40,120 | 36,749 | 582 | (7 | ) | 37,324 | |||||||||||||||||||||
Operating income (loss) | (735 | ) | 265 | (1 | ) | (471 | ) | 1,497 | 254 | — | 1,751 | ||||||||||||||||||||
Automotive interest expense | 101 | — | (1 | ) | 100 | 63 | — | (2 | ) | 61 | |||||||||||||||||||||
Interest income and other non-operating income, net | 81 | — | — | 81 | 255 | — | (4 | ) | 251 | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | 240 | — | — | 240 | |||||||||||||||||||||||
Equity income | 523 | — | — | 523 | 429 | — | — | 429 | |||||||||||||||||||||||
Income (loss) before income taxes | (232 | ) | 265 | — | 33 | 1,878 | 254 | (2 | ) | 2,130 | |||||||||||||||||||||
Income tax expense (benefit) | (340 | ) | 86 | — | (254 | ) | 662 | 80 | — | 742 | |||||||||||||||||||||
Net income | 108 | 179 | — | 287 | 1,216 | 174 | (2 | ) | 1,388 | ||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (9 | ) | — | — | (9 | ) | 26 | — | — | 26 | |||||||||||||||||||||
Net income attributable to stockholders | $ | 99 | $ | 179 | $ | — | $ | 278 | $ | 1,242 | $ | 174 | $ | (2 | ) | $ | 1,414 |
Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Consolidated | Automotive | GM Financial | Eliminations | Consolidated | ||||||||||||||||||||||||
Net sales and revenue | |||||||||||||||||||||||||||||||
Automotive | $ | 74,777 | $ | — | $ | — | $ | 74,777 | $ | 74,590 | $ | — | $ | (6 | ) | $ | 74,584 | ||||||||||||||
GM Financial | — | 2,288 | (8 | ) | 2,280 | — | 1,376 | (1 | ) | 1,375 | |||||||||||||||||||||
Total net sales and revenue | 74,777 | 2,288 | (8 | ) | 77,057 | 74,590 | 1,376 | (7 | ) | 75,959 | |||||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||||||||||
Automotive cost of sales | 69,984 | — | (6 | ) | 69,978 | 66,437 | — | 4 | 66,441 | ||||||||||||||||||||||
GM Financial operating and other expenses | — | 1,801 | — | 1,801 | — | 942 | (11 | ) | 931 | ||||||||||||||||||||||
Automotive selling, general and administrative expense | 6,284 | — | — | 6,284 | 5,877 | — | — | 5,877 | |||||||||||||||||||||||
Total costs and expenses | 76,268 | 1,801 | (6 | ) | 78,063 | 72,314 | 942 | (7 | ) | 73,249 | |||||||||||||||||||||
Operating income (loss) | (1,491 | ) | 487 | (2 | ) | (1,006 | ) | 2,276 | 434 | — | 2,710 | ||||||||||||||||||||
Automotive interest expense | 205 | — | (2 | ) | 203 | 154 | — | (2 | ) | 152 | |||||||||||||||||||||
Interest income and other non-operating income, net | 170 | — | — | 170 | 426 | — | (4 | ) | 422 | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | 240 | — | — | 240 | |||||||||||||||||||||||
Equity income | 1,128 | — | — | 1,128 | 984 | — | — | 984 | |||||||||||||||||||||||
Income (loss) before income taxes | (398 | ) | 487 | — | 89 | 3,292 | 434 | (2 | ) | 3,724 | |||||||||||||||||||||
Income tax expense (benefit) | (643 | ) | 165 | — | (478 | ) | 1,004 | 147 | — | 1,151 | |||||||||||||||||||||
Net income | 245 | 322 | — | 567 | 2,288 | 287 | (2 | ) | 2,573 | ||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (76 | ) | — | — | (76 | ) | 16 | — | — | 16 | |||||||||||||||||||||
Net income attributable to stockholders | $ | 169 | $ | 322 | $ | — | $ | 491 | $ | 2,304 | $ | 287 | $ | (2 | ) | $ | 2,589 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||
Basic earnings per share | |||||||||||||||
Net income attributable to stockholders | $ | 278 | $ | 1,414 | $ | 491 | $ | 2,589 | |||||||
Less: cumulative dividends on preferred stock(a) | (88 | ) | (214 | ) | (176 | ) | (429 | ) | |||||||
Net income attributable to common stockholders | $ | 190 | $ | 1,200 | $ | 315 | $ | 2,160 | |||||||
Weighted-average common shares outstanding - basic | 1,608 | 1,376 | 1,598 | 1,374 | |||||||||||
Basic earnings per common share | $ | 0.12 | $ | 0.87 | $ | 0.20 | $ | 1.57 | |||||||
Diluted earnings per share | |||||||||||||||
Net income attributable to stockholders | $ | 278 | $ | 1,414 | $ | 491 | $ | 2,589 | |||||||
Add: preferred dividends to holders of Series B Preferred Stock | 60 | 118 | |||||||||||||
Less: cumulative dividends on preferred stock(a) | (88 | ) | (214 | ) | (176 | ) | (429 | ) | |||||||
Less: earnings adjustment for dilutive stock compensation rights | — | — | (14 | ) | — | ||||||||||
Net income attributable to common stockholders | $ | 190 | $ | 1,260 | $ | 301 | $ | 2,278 | |||||||
Weighted-average common shares outstanding - diluted | |||||||||||||||
Weighted-average common shares outstanding - basic | 1,608 | 1,376 | 1,598 | 1,374 | |||||||||||
Dilutive effect of warrants and restricted stock units | 80 | 150 | 91 | 143 | |||||||||||
Dilutive effect of conversion of Series B Preferred Stock | 151 | 151 | |||||||||||||
Weighted-average common shares outstanding - diluted | 1,688 | 1,677 | 1,689 | 1,668 | |||||||||||
Diluted earnings per common share | $ | 0.11 | $ | 0.75 | $ | 0.18 | $ | 1.37 |
(a) | Includes earned but undeclared dividends of $15 million on our Series A Preferred Stock in the three and six months ended June 30, 2014 and earned but undistributed dividends of $26 million on our Series A Preferred Stock and $20 million on our Series B Preferred stock in the three and six months ended June 30, 2013. |
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Consolidated | Automotive | GM Financial | Eliminations | Consolidated | ||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 18,452 | $ | 1,412 | $ | — | $ | 19,864 | $ | 18,947 | $ | 1,074 | $ | — | $ | 20,021 | |||||||||||||||
Marketable securities | 9,935 | — | — | 9,935 | 8,972 | — | — | 8,972 | |||||||||||||||||||||||
Restricted cash and marketable securities | 20 | 1,305 | — | 1,325 | 31 | 1,216 | — | 1,247 | |||||||||||||||||||||||
Accounts and notes receivable, net | 11,972 | 518 | (1,010 | ) | 11,480 | 8,806 | 846 | (1,117 | ) | 8,535 | |||||||||||||||||||||
GM Financial receivables, net | — | 15,882 | (85 | ) | 15,797 | — | 14,340 | (62 | ) | 14,278 | |||||||||||||||||||||
Inventories | 15,200 | — | — | 15,200 | 14,039 | — | — | 14,039 | |||||||||||||||||||||||
Equipment on operating leases, net | 4,633 | — | — | 4,633 | 2,398 | — | — | 2,398 | |||||||||||||||||||||||
Deferred income taxes | 11,302 | 197 | — | 11,499 | 10,195 | 154 | — | 10,349 | |||||||||||||||||||||||
Other current assets | 1,766 | 142 | 2 | 1,910 | 1,531 | 130 | 1 | 1,662 | |||||||||||||||||||||||
Total current assets | 73,280 | 19,456 | (1,093 | ) | 91,643 | 64,919 | 17,760 | (1,178 | ) | 81,501 | |||||||||||||||||||||
Non-current Assets | |||||||||||||||||||||||||||||||
Restricted cash and marketable securities | 69 | 900 | — | 969 | 88 | 741 | — | 829 | |||||||||||||||||||||||
GM Financial receivables, net | — | 15,436 | (6 | ) | 15,430 | — | 14,354 | — | 14,354 | ||||||||||||||||||||||
Equity in net assets of nonconsolidated affiliates | 7,485 | — | — | 7,485 | 8,094 | — | — | 8,094 | |||||||||||||||||||||||
Property, net | 26,873 | 150 | — | 27,023 | 25,736 | 132 | (1 | ) | 25,867 | ||||||||||||||||||||||
Goodwill | 145 | 1,428 | — | 1,573 | 137 | 1,422 | 1 | 1,560 | |||||||||||||||||||||||
Intangible assets, net | 5,166 | 54 | — | 5,220 | 5,603 | 64 | 1 | 5,668 | |||||||||||||||||||||||
GM Financial equipment on operating leases, net | — | 4,748 | — | 4,748 | — | 3,383 | — | 3,383 | |||||||||||||||||||||||
Deferred income taxes | 22,351 | 231 | — | 22,582 | 22,620 | 116 | — | 22,736 | |||||||||||||||||||||||
Other assets | 3,018 | 134 | (727 | ) | 2,425 | 2,853 | 112 | (613 | ) | 2,352 | |||||||||||||||||||||
Total non-current assets | 65,107 | 23,081 | (733 | ) | 87,455 | 65,131 | 20,324 | (612 | ) | 84,843 | |||||||||||||||||||||
Total Assets | $ | 138,387 | $ | 42,537 | $ | (1,826 | ) | $ | 179,098 | $ | 130,050 | $ | 38,084 | $ | (1,790 | ) | $ | 166,344 | |||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||||||||
Accounts payable (principally trade) | $ | 26,900 | $ | 864 | $ | (772 | ) | $ | 26,992 | $ | 23,550 | $ | 589 | $ | (518 | ) | $ | 23,621 | |||||||||||||
Short-term debt and current portion of long-term debt | |||||||||||||||||||||||||||||||
Automotive | 931 | — | (321 | ) | 610 | 1,223 | — | (659 | ) | 564 | |||||||||||||||||||||
GM Financial | — | 15,193 | — | 15,193 | — | 13,594 | — | 13,594 | |||||||||||||||||||||||
Accrued liabilities | 28,887 | 665 | — | 29,552 | 23,980 | 653 | — | 24,633 | |||||||||||||||||||||||
Total current liabilities | 56,718 | 16,722 | (1,093 | ) | 72,347 | 48,753 | 14,836 | (1,177 | ) | 62,412 | |||||||||||||||||||||
Non-current Liabilities | |||||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||||
Automotive | 6,869 | — | (5 | ) | 6,864 | 6,574 | — | (1 | ) | 6,573 | |||||||||||||||||||||
GM Financial | — | 17,409 | — | 17,409 | — | 15,452 | — | 15,452 | |||||||||||||||||||||||
Postretirement benefits other than pensions | 5,826 | — | — | 5,826 | 5,897 | — | — | 5,897 | |||||||||||||||||||||||
Pensions | 18,962 | 106 | — | 19,068 | 19,378 | 105 | — | 19,483 | |||||||||||||||||||||||
Other liabilities and deferred income taxes | 14,285 | 1,442 | (728 | ) | 14,999 | 12,748 | 1,217 | (612 | ) | 13,353 | |||||||||||||||||||||
Total non-current liabilities | 45,942 | 18,957 | (733 | ) | 64,166 | 44,597 | 16,774 | (613 | ) | 60,758 | |||||||||||||||||||||
Total Liabilities | 102,660 | 35,679 | (1,826 | ) | 136,513 | 93,350 | 31,610 | (1,790 | ) | 123,170 | |||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||
Series A preferred stock | 3,109 | — | — | 3,109 | 3,109 | — | — | 3,109 | |||||||||||||||||||||||
Common stock | 16 | — | — | 16 | 15 | — | — | 15 | |||||||||||||||||||||||
Additional paid-in capital | 28,840 | — | — | 28,840 | 28,780 | — | — | 28,780 | |||||||||||||||||||||||
Retained earnings | 6,369 | 6,793 | — | 13,162 | 7,353 | 6,463 | — | 13,816 | |||||||||||||||||||||||
Accumulated other comprehensive income (loss) | (3,198 | ) | 65 | — | (3,133 | ) | (3,124 | ) | 11 | — | (3,113 | ) | |||||||||||||||||||
Total stockholders’ equity | 35,136 | 6,858 | — | 41,994 | 36,133 | 6,474 | — | 42,607 | |||||||||||||||||||||||
Noncontrolling interests | 591 | — | — | 591 | 567 | — | — | 567 | |||||||||||||||||||||||
Total Equity | 35,727 | 6,858 | — | 42,585 | 36,700 | 6,474 | — | 43,174 | |||||||||||||||||||||||
Total Liabilities and Equity | $ | 138,387 | $ | 42,537 | $ | (1,826 | ) | $ | 179,098 | $ | 130,050 | $ | 38,084 | $ | (1,790 | ) | $ | 166,344 |
Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||
Automotive | GM Financial | Reclassification(a) | Consolidated | Automotive | GM Financial | Consolidated | |||||||||||||||||||||
Net cash provided by operating activities | $ | 5,602 | $ | 842 | $ | (638 | ) | $ | 5,806 | $ | 4,998 | $ | 714 | $ | 5,712 | ||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||
Expenditures for property | (3,410 | ) | (15 | ) | — | (3,425 | ) | (3,829 | ) | (4 | ) | (3,833 | ) | ||||||||||||||
Available-for-sale marketable securities, acquisitions | (3,714 | ) | — | — | (3,714 | ) | (1,841 | ) | — | (1,841 | ) | ||||||||||||||||
Trading marketable securities, acquisitions | (1,426 | ) | — | — | (1,426 | ) | (2,967 | ) | — | (2,967 | ) | ||||||||||||||||
Available-for-sale marketable securities, liquidations | 2,723 | — | — | 2,723 | 2,387 | — | 2,387 | ||||||||||||||||||||
Trading marketable securities, liquidations | 1,456 | — | — | 1,456 | 4,921 | — | 4,921 | ||||||||||||||||||||
Acquisition of companies, net of cash acquired | (4 | ) | (46 | ) | — | (50 | ) | (4 | ) | (2,107 | ) | (2,111 | ) | ||||||||||||||
Proceeds from sale of business units/investments, net of cash disposed | — | — | — | — | (81 | ) | — | (81 | ) | ||||||||||||||||||
Increase in restricted cash and marketable securities | (37 | ) | (381 | ) | — | (418 | ) | (205 | ) | (272 | ) | (477 | ) | ||||||||||||||
Decrease in restricted cash and marketable securities | 66 | 146 | — | 212 | 447 | 106 | 553 | ||||||||||||||||||||
Purchases of finance receivables | — | (7,456 | ) | 638 | (6,818 | ) | — | (4,289 | ) | (4,289 | ) | ||||||||||||||||
Principal collections and recoveries on finance receivables | — | 5,299 | — | 5,299 | — | 3,054 | 3,054 | ||||||||||||||||||||
Purchases of leased vehicles, net | — | (1,802 | ) | — | (1,802 | ) | — | (1,126 | ) | (1,126 | ) | ||||||||||||||||
Proceeds from termination of leased vehicles | — | 264 | — | 264 | — | 84 | 84 | ||||||||||||||||||||
Other investing activities | 101 | (2 | ) | — | 99 | (80 | ) | 5 | (75 | ) | |||||||||||||||||
Net cash used in investing activities | (4,245 | ) | (3,993 | ) | 638 | (7,600 | ) | (1,252 | ) | (4,549 | ) | (5,801 | ) | ||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||
Net increase (decrease) in short-term debt | (19 | ) | 278 | — | 259 | 98 | — | 98 | |||||||||||||||||||
Proceeds from issuance of debt (original maturities greater than three months) | 503 | 12,194 | — | 12,697 | 410 | 11,007 | 11,417 | ||||||||||||||||||||
Payments on debt (original maturities greater than three months) | (442 | ) | (9,282 | ) | — | (9,724 | ) | (1,118 | ) | (7,957 | ) | (9,075 | ) | ||||||||||||||
Dividends paid | (1,193 | ) | — | — | (1,193 | ) | (474 | ) | — | (474 | ) | ||||||||||||||||
Other financing activities | 29 | (50 | ) | — | (21 | ) | (51 | ) | (62 | ) | (113 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | (1,122 | ) | 3,140 | — | 2,018 | (1,135 | ) | 2,988 | 1,853 | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (391 | ) | 10 | — | (381 | ) | (471 | ) | (18 | ) | (489 | ) | |||||||||||||||
Net transactions with Automotive/GM Financial | (339 | ) | 339 | — | — | (1,333 | ) | 1,333 | — | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (495 | ) | 338 | — | (157 | ) | 807 | 468 | 1,275 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | 18,947 | 1,074 | — | 20,021 | 17,133 | 1,289 | 18,422 | ||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 18,452 | $ | 1,412 | $ | — | $ | 19,864 | $ | 17,940 | $ | 1,757 | $ | 19,697 |
(a) | Reclassification of purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial. |