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) April 28, 2017
___________________
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)) | |
ITEM 2.02 Results of Operations and Financial Condition
On April 28, 2017 General Motors Company (GM) issued a news release and supplemental materials on the subject of its 2017 first quarter earnings. The news release and supplemental materials are attached as Exhibit 99.1 and Exhibit 99.2.
Charts furnished to securities analysts in connection with GM's 2017 first quarter earnings release are available on GM's website at www.gm.com/investors/earnings-releases.html.
ITEM 9.01 Financial Statements and Exhibits
EXHIBIT
Exhibit | Description |
Exhibit 99.1 | News Release Dated April 28, 2017 |
Exhibit 99.2 | Financial Highlights Dated April 28, 2017 |
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: April 28, 2017 | By: | Thomas S. Timko Vice President, Controller and Chief Accounting Officer |
FIRST-QUARTER
2017 EARNINGS
EBIT-Adj. Margin EBIT-Adj. Adj. Auto FCF EPS Diluted-Adj.
Non-GAAP 8.2% $3.4 B $(0.6) B $1.70
Vs. Q1 2016 +1.1 pts +27.9 % +$0.8 B +34.9 %
Q1 2017 RESULTS OVERVIEW
GM Reports Strong
Net Income, Up 33.5
Percent to $2.6 Billion
• Strong EPS-diluted of $1.70, up 37 percent; first-quarter
record EPS diluted-adjusted of $1.70, up 35 percent
• First-quarter records for revenue, EBIT-adjusted and
EBIT-adjusted margin
• First-quarter records for North America EBIT-adjusted
of $3.4 billion, up 49 percent, and EBIT-adjusted margin
of 11.7 percent, up 3 percentage points
Net Revenue Net Income
Auto Operating
Cash Flow
EPS-Diluted
GAAP $41.2 B $2.6 B $1.4 B $1.70
Vs. Q1 2016 +10.6 % +33.5 % +$2.0 B +37.1 %
In March, Cadillac introduced
Vehicle-to-Vehicle (V2V)
communications in the CTS
performance sedan that can alert
drivers to upcoming potential
hazards, laying the groundwork
for a connected, safer future. In
early April, Cadillac also
announced Super Cruise
automated highway driving
technology – the industry’s rst
true hands-free driving
technology system, which will be
available in the fall of 2017 on the
Cadillac CT6 prestige sedan.
“Our rst-quarter results re ect our resolve to grow pro tably and demonstrate the strong
earnings power of this company. More importantly, we advanced our strategic plan to
transform GM for the long term and unlock more value for our shareholders.”
– Mary Barra, Chairman & CEO
GM agreed to sell its Opel/Vauxhall
subsidiary and GM Financial’s
European operations to PSA Group
to support the company’s focus on
higher-return opportunities. Once
closed, the transaction will
immediately improve GM’s EBIT-
adjusted and adjusted automotive
free cash flow. It also will allow the
company to lower its cash balance
by $2 billion, which it plans to use to
accelerate share buybacks, subject
to market conditions. In connection
with the transaction, GM will take a
primarily non-cash special charge of
approximately $4.5 billion.
Advancing its lead in vehicle
connectivity, in March GM became
the first mass-market automaker to
offer an unlimited data plan. Demand
for the new plan helped make March
the best month ever for data plan
sales. Since its launch, GM has sold
more than 100,000 unlimited data
plans.
GM has more than 5 million OnStar
4G LTE-connected vehicles on the road
today, more than any other
automaker.
2017 Cadillac CTS Performance Sedan
Q1 KEY HIGHLIGHTS
Exhibit 99.1
North America Europe International Ops South America GM Financial (EBT)
Q1 17 Q1 16 Q1 17 Q1 16 Q1 17 Q1 16 Q1 17 Q1 16 Q1 17 Q1 16
3.4 2.3 (0.2) (0.0) 0.3 0.4 (0.1) (0.1) 0.3 0.2
SEGMENT RESULTS (EBIT-ADJUSTED - $B)
Strong volume, pricing
and cost efficiencies
drove EBIT-adjusted
margin up 300 bps YOY.
Q1 2016 included $0.2
billion of restructuring
costs.
The negative Brexit-
related foreign exchange
impact was partially
offset by favorable
pricing on launch
vehicles.
China JV equity income
was $0.5 billion. Lower
volume and unfavorable
mix in international
markets contributed to
lower EBIT-adjusted.
Continued challenging
macro conditions
prevail. Favorable pricing
and volume were offset
by foreign exchange
impact.
Earning assets
continued to grow. Set
all-time revenue
record for a quarter.
“Our strong rst quarter resulted from continued top-line growth and an intense focus on
driving costs lower. As we refresh our crossover portfolio in the next several months, we
expect to stay on track to meet our nancial commitments for the year.”
– Chuck Stevens, Executive Vice President and CFO
Q1 17 Q1 16
Cash and Current Marketable Securities 20.4 18.5
Total Auto Liquidity 34.4 30.6
LIQUIDITY ($B)
In the rst quarter of 2017, GM paid $0.6
billion in common stock dividends. GM
expects to return up to $7 billion to
shareholders by the end of 2017 through
common stock dividends, and through
share buybacks subject to market
conditions.
CAPITAL RETURN
In the first quarter, GM delivered 689,521
total vehicles in the United States, driven
by a 16-percent increase in crossover
deliveries and a 3-percent increase in
truck deliveries. These results included the
best first-quarter retail sales since 2008,
as GM increased U.S. retail market share
to an estimated 16.9 percent, up 0.3
percentage points — the fastest growth
of any full-line automaker.
In China, retail deliveries decreased 5.2
percent to 913,442 vehicles, due to a
reduction in the country’s vehicle tax
purchase incentive.
Chevrolet continued its 16 years of South
American market leadership, delivering
147,000 vehicles, up 10.9 percent
compared to 2016.
For more details on first-quarter sales,
click here.
Q1 VEHICLE SALES Q1 BRAND AND PRODUCT HIGHLIGHTS
To capitalize on the ongoing shift in
consumer preference for sport utility
and multi-purpose vehicles, GM
China will launch 9 new or refreshed
SUVs and MPVs in 2017.
2017 Baojun 510
2018 Chevrolet Traverse
To build on the momentum of the
recently launched Chevrolet Trax and
Equinox, Buick Encore and GMC
Acadia, GM plans to launch three
more all-new crossovers in the U.S. in
2017 — the Chevrolet Traverse, Buick
Enclave and GMC Terrain.
2018 Buick Enclave Avenir
Baojun and Cadillac set first-quarter
sales records in China, up 25.1
percent and 90.5 percent,
respectively. The Baojun 510,
introduced on Feb. 20, sold 23,000
units in the first quarter. The Cadillac
XT5 sold 15,000 units — more than
twice the volume of the SRX that it
replaced.
Cautionary Note on Forward-Looking Statements.
This press release and related comments by management may include forward-looking statements. These statements are based on current expectations
about possible future events and thus are inherently uncertain. Our actual results may dier materially from forward-looking statements due to a variety of
factors, including: (1) our ability to deliver new products, services and experiences that attract new, and are desired by existing, customers and to eectively
compete in autonomous, ride-sharing and transportation as a service; (2) sales of full-size pick-up trucks and SUVs, which may be aected by increases in
the price of oil; (3) the volatility of global sales and operations; (4) aggressive competition, including the impact of new market entrants; (5) changes in, or
the introduction of novel interpretations of, laws, regulations or policies particularly those relating to free trade agreements, tax rates and vehicle safety and
any government actions that may aect the production, licensing, distribution, pricing, or selling of our products; (6) our joint ventures, which we cannot
operate solely for our benet and over which we may have limited control; (7) compliance with laws and regulations applicable to our industry, including
those regarding fuel economy and emissions; (8) costs and risks associated with litigation and government investigations; (9) compliance with the terms of
the Deferred Prosecution Agreement; (10) our ability to maintain quality control over our vehicles and avoid recalls and the cost and eect on our reputation
and products; (11) the ability of suppliers to deliver parts, systems and components without disruption and on schedule; (12) our dependence on our
manufacturing facilities; (13) our ability to realize production eciencies and cost reductions; (14) our ability to successfully restructure operations in
various countries; (15) our ability to manage risks related to security breaches and other disruptions to vehicles, information technology networks and
systems; (16) our ability to develop captive nancing capability through GM Financial; (17) signicant increases in pension expense or projected pension
contributions; (18) signicant changes in the economic, political, and regulatory environment, market conditions, and foreign currency exchange rates; and
(19) uncertainties associated with the consummation of the sale of Opel/Vauxhall to the PSA Group, including satisfaction of the closing conditions. A
further list and description of these risks, uncertainties and other factors can be found in our Annual Report on Form 10-K for the scal year ended December
31, 2016, and our subsequent lings with the Securities and Exchange Commission.GM cautions readers not to place undue reliance on forward-looking
statements. GM undertakes no obligation to update publicly or otherwise revise any forward-looking statements.
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,
its subsidiaries and joint venture entities sell vehicles under the
Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Opel,
Vauxhall and Wuling brands. 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.
Tom Henderson
GM Finance Communications
313-410-2704
tom.e.henderson@gm.com
Randy Arickx
GM Investor Relations
313-268-7070
randy.c.arickx@gm.com
Media Investors
CONTACT
Exhibit 99.2
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
General Motors Company's (GM) non-GAAP measures include earnings before interest and taxes adjusted for special items, presented net of noncontrolling interests (EBIT-adjusted), earnings per share (EPS)-diluted-adjusted, return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures. These non-GAAP measures have not been audited or reviewed by GM's independent auditors.
These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. Further, our Board of Directors uses these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons we believe these non-GAAP measures are useful for our investors.
EBIT-adjusted is used by management and can be used by investors to review GM's consolidated operating results because it excludes automotive interest income, automotive interest expense and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include but are not limited to impairment charges related to goodwill, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions; costs arising from the ignition switch recall and related legal matters; and certain currency devaluations associated with hyperinflationary economies. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item.
EPS-diluted-adjusted is used by management and can be used by investors to review GM's consolidated diluted earnings per share results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less certain adjustments noted above for EBIT-adjusted and gains or losses on the extinguishment of debt obligations on an after-tax basis as well as redemptions of preferred stock and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or reversal of significant deferred tax asset valuation allowances.
ROIC-adjusted is used by management and can be used by investors to review GM's investment and capital allocation decisions. GM defines ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is considered to be the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of capital leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.
Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of GM's automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. GM measures adjusted automotive free cash flow as automotive cash flow from operations less capital expenditures adjusted for management actions, primarily related to strengthening its balance sheet, such as prepayments of debt and discretionary contributions to employee benefit plans.
1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles segment profit (loss) to Net income attributable to common stockholders (dollars in millions):
Three Months Ended | |||||||
March 31, 2017 | March 31, 2016 | ||||||
Operating segments | |||||||
GM North America (GMNA) | $ | 3,416 | $ | 2,296 | |||
GM Europe (GME) | (201 | ) | (6 | ) | |||
GM International Operations (GMIO) | 319 | 379 | |||||
GM South America (GMSA) | (115 | ) | (67 | ) | |||
General Motors Financial Company, Inc. (GM Financial)(a) | 260 | 225 | |||||
Total operating segments | 3,679 | 2,827 | |||||
Corporate and eliminations(b) | (284 | ) | (172 | ) | |||
EBIT-adjusted | 3,395 | 2,655 | |||||
Special items | |||||||
Ignition switch recall and related legal matters(c) | — | (60 | ) | ||||
Total special items | — | (60 | ) | ||||
Automotive interest income | 57 | 44 | |||||
Automotive interest expense | (144 | ) | (127 | ) | |||
Income tax expense | (700 | ) | (559 | ) | |||
Net income attributable to common stockholders | $ | 2,608 | $ | 1,953 | |||
__________
(a) | GM Financial amounts represent earnings before income taxes-adjusted. |
(b) | GM's automotive operations' interest income and interest expense, Maven, corporate expenditures including autonomous vehicle-related engineering and other costs and certain nonsegment specific revenues and expenses are recorded centrally in Corporate. |
(c) | This adjustment, which is recorded within Corporate, was excluded because of the unique events associated with the ignition switch recall. These events included the creation of the ignition switch recall compensation program, as well as various investigations, inquiries, and complaints from various constituents. |
2
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles Net income attributable to common stockholders under U.S. GAAP to EBIT-adjusted (dollars in millions):
Three Months Ended | |||||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | ||||||||||||||||||||||||||||
2017 | 2016 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 2,608 | $ | 1,953 | $ | 1,835 | $ | 6,266 | $ | 2,773 | $ | 1,359 | $ | 2,866 | $ | 1,117 | |||||||||||||||
Income tax expense (benefit) | 700 | 559 | 210 | (3,168 | ) | 776 | 165 | 871 | 577 | ||||||||||||||||||||||
Gain on extinguishment of debt | — | — | — | (449 | ) | — | — | — | — | ||||||||||||||||||||||
Automotive interest expense | 144 | 127 | 150 | 113 | 148 | 112 | 147 | 108 | |||||||||||||||||||||||
Automotive interest income | (57 | ) | (44 | ) | (45 | ) | (39 | ) | (44 | ) | (40 | ) | (52 | ) | (41 | ) | |||||||||||||||
Adjustments | |||||||||||||||||||||||||||||||
Ignition switch recall and related legal matters(a) | — | 60 | 235 | 60 | (110 | ) | 1,500 | 115 | 75 | ||||||||||||||||||||||
Thailand asset impairment(b) | — | — | — | — | — | — | — | 297 | |||||||||||||||||||||||
Venezuela currency devaluation and asset impairment(c) | — | — | — | — | — | — | — | 720 | |||||||||||||||||||||||
Other | — | — | — | (18 | ) | — | — | — | 18 | ||||||||||||||||||||||
Total adjustments | — | 60 | 235 | 42 | (110 | ) | 1,500 | 115 | 1,110 | ||||||||||||||||||||||
EBIT-adjusted | $ | 3,395 | $ | 2,655 | $ | 2,385 | $ | 2,765 | $ | 3,543 | $ | 3,096 | $ | 3,947 | $ | 2,871 | |||||||||||||||
________
(a) | These adjustments were excluded because of the unique events associated with the ignition switch recall. These events included the creation of the ignition switch recall compensation program, as well as various investigations, inquiries, and complaints from various constituents. |
(b) | This adjustment was excluded because of the significant restructuring of our Thailand operations and the strategic actions taken to focus on the production of pick-up trucks and SUVs. |
(c) | This adjustment was excluded because of the devaluation of the Venezuela Bolivar Fuerte (BsF), our inability to transact at the Complementary System of Foreign Currency Administration (SICAD) rate to obtain U.S. Dollars and the market restrictions imposed by the Venezuelan government. |
3
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted (dollars in millions):
Three Months Ended | |||||||||||||||
March 31, 2017 | March 31, 2016 | ||||||||||||||
Amount | Per Share | Amount | Per Share | ||||||||||||
Diluted earnings per common share | $ | 2,608 | $ | 1.70 | $ | 1,952 | $ | 1.24 | |||||||
Adjustment – Ignition switch recall and related legal matters | — | — | 60 | 0.03 | |||||||||||
Tax effect on adjustments(a) | — | — | (23 | ) | (0.01 | ) | |||||||||
EPS-diluted-adjusted | $ | 2,608 | $ | 1.70 | $ | 1,989 | $ | 1.26 | |||||||
________
(a) | The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction in which the adjustment relates. |
We define return on equity (ROE) as Net income attributable to common stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):
Four Quarters Ended | |||||||
March 31, 2017 | March 31, 2016 | ||||||
Net income attributable to common stockholders | $ | 10.1 | $ | 10.7 | |||
Average equity | $ | 44.8 | $ | 38.1 | |||
ROE | 22.5 | % | 28.1 | % | |||
The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
Four Quarters Ended | |||||||
March 31, 2017 | March 31, 2016 | ||||||
EBIT-adjusted(a) | $ | 13.3 | $ | 11.4 | |||
Average equity | $ | 44.8 | $ | 38.1 | |||
Add: Average automotive debt and interest liabilities (excluding capital leases) | 10.1 | 8.6 | |||||
Add: Average automotive net pension & OPEB liability | 24.1 | 27.4 | |||||
Less: Average automotive net income tax asset | (34.4 | ) | (34.2 | ) | |||
ROIC-adjusted average net assets | $ | 44.6 | $ | 39.9 | |||
ROIC-adjusted | 29.7 | % | 28.5 | % | |||
________
(a) | Refer to the reconciliation of Net Income attributable to common stockholders under U.S. GAAP to EBIT-adjusted on the preceding page. |
4
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles Net automotive cash provided by (used in) operating activities under U.S. GAAP to adjusted automotive free cash flow (dollars in millions):
Three Months Ended | |||||||
March 31, 2017 | March 31, 2016 | ||||||
Net automotive cash provided by (used in) operating activities | $ | 1,398 | $ | (665 | ) | ||
Less: capital expenditures | (1,981 | ) | (2,265 | ) | |||
Adjustment – discretionary pension plan contributions | — | 1,500 | |||||
Adjusted automotive free cash flow | $ | (583 | ) | $ | (1,430 | ) | |
For the year ending December 31, 2017 we expect to continue to generate strong consolidated financial results including improved total net sales and revenue, EBIT-adjusted and EBIT-adjusted margins that equal or exceed the corresponding amounts in 2016, ROIC-adjusted of greater than 25%, Automotive operating cash flow of approximately $12 billion, adjusted automotive free cash flow of approximately $6 billion, EPS-diluted of between $3.06 and $3.56 and EPS-diluted-adjusted of between $6.00 and $6.50. We expect these financial results to be driven in part by favorable shifts in mix for our new or refreshed product launches, including crossovers. The following table reconciles expected diluted earnings per common share under U.S. GAAP to expected EPS-diluted-adjusted:
Year Ending December 31, 2017 | |
Diluted earnings per common share | $ 3.06-3.56 |
Adjustments – PSA Group Transaction(a) | 2.94 |
EPS-diluted-adjusted | $ 6.00-6.50 |
________
(a) | The Company expects to recognize a charge of approximately $4.5 billion upon closing principally related to: (1) certain deferred tax assets that will no longer be realizable upon sale; (2) the de-risking premium payment to be made to PSA Group for the assumption of certain underfunded pension liabilities; (3) the recognition of previously deferred pension losses; and (4) costs related to other services provided under the Master Agreement (Agreement). The ultimate charge upon closing, including the principal components thereof, may differ from these estimates based on changes to the carrying amounts of the Transferred Business through the date of closing and the ultimate resolution of certain closing conditions. |
The following table reconciles expected net automotive cash provided by operating activities under U.S. GAAP to expected adjusted automotive free cash flow (dollars in billions):
Year Ending December 31, 2017 | |||
Net automotive cash provided by operating activities | $ | 12 | |
Less: expected capital expenditures | (9 | ) | |
Adjustment – PSA Group Transaction | 3 | ||
Adjusted automotive free cash flow | $ | 6 | |
5
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following tables summarize key financial information by segment (dollars in millions):
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2017 | |||||||||||||||||||||||||||||||||||||||
Net sales and revenue | $ | 29,302 | $ | 4,501 | $ | 2,520 | $ | 1,959 | $ | 174 | $ | 38,456 | $ | 2,879 | $ | (135 | ) | $ | 41,200 | ||||||||||||||||||||
Expenditures for property | $ | 1,528 | $ | 272 | $ | 96 | $ | 83 | $ | 2 | $ | — | $ | 1,981 | $ | 24 | $ | — | $ | 2,005 | |||||||||||||||||||
Depreciation and amortization | $ | 1,100 | $ | 95 | $ | 118 | $ | 73 | $ | 1 | $ | (1 | ) | $ | 1,386 | $ | 1,439 | $ | — | $ | 2,825 | ||||||||||||||||||
Impairment charges | $ | 15 | $ | 37 | $ | 1 | $ | — | $ | 5 | $ | — | $ | 58 | $ | — | $ | — | $ | 58 | |||||||||||||||||||
Equity income(a) | $ | 5 | $ | — | $ | 503 | $ | — | $ | — | $ | — | $ | 508 | $ | 47 | $ | — | $ | 555 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2016 | |||||||||||||||||||||||||||||||||||||||
Net sales and revenue | $ | 26,463 | $ | 4,681 | $ | 2,679 | $ | 1,343 | $ | 29 | $ | 35,195 | $ | 2,075 | $ | (5 | ) | $ | 37,265 | ||||||||||||||||||||
Expenditures for property | $ | 1,752 | $ | 272 | $ | 152 | $ | 87 | $ | 3 | $ | (1 | ) | $ | 2,265 | $ | 20 | $ | — | $ | 2,285 | ||||||||||||||||||
Depreciation and amortization | $ | 1,021 | $ | 103 | $ | 108 | $ | 57 | $ | 5 | $ | (2 | ) | $ | 1,292 | $ | 930 | $ | — | $ | 2,222 | ||||||||||||||||||
Impairment charges | $ | 12 | $ | 26 | $ | 32 | $ | — | $ | — | $ | — | $ | 70 | $ | — | $ | — | $ | 70 | |||||||||||||||||||
Equity income(a) | $ | 6 | $ | — | $ | 518 | $ | — | $ | — | $ | — | $ | 524 | $ | 36 | $ | — | $ | 560 | |||||||||||||||||||
________
(a) | Includes Automotive China joint ventures equity income of $504 million and $518 million in the three months ended March 31, 2017 and 2016. |
6
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Vehicle Sales
GM presents both wholesale and retail vehicle sales data to assist in the analysis of its revenue and market share. GM does not currently export vehicles to Cuba, Iran, North Korea, Sudan or Syria. Accordingly, these countries are excluded from industry sales data and corresponding calculations of GM's market share.
Wholesale vehicle sales data, which represents sales directly to dealers and others, including sales to fleet customers, is the measure that correlates to GM's revenue from the sale of vehicles, which is the largest component of Automotive net sales and revenue. Wholesale vehicle sales exclude vehicles sold by joint ventures. In the three months ended March 31, 2017 47.6% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes total wholesale vehicle sales of new vehicles by automotive segment (vehicles in thousands):
Three Months Ended | |||||
March 31, 2017 | March 31, 2016 | ||||
GMNA | 940 | 874 | |||
GME | 293 | 293 | |||
GMIO | 113 | 130 | |||
GMSA | 138 | 114 | |||
Worldwide | 1,484 | 1,411 | |||
7
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Retail vehicle sales data, which represents sales to end customers based upon the good faith estimates of management, including sales to fleet customers, does not correlate directly to the revenue GM recognizes during the period. However retail vehicle sales data is indicative of the underlying demand for GM vehicles. Market share information is based primarily on retail vehicle sales volume. In countries where retail vehicle sales data is not readily available, other data sources such as wholesale or forecast volumes are used to estimate retail vehicle sales to end customers.
Retail vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on the percentage of ownership in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures. Retail vehicle sales data includes vehicles used by dealers under courtesy transportation programs and vehicles sold through the dealer registration channel primarily in Europe. This sales channel consists primarily of dealer demonstrator, loaner and self-registered vehicles which are not eligible to be sold as new vehicles after being registered by dealers. Certain fleet sales that are accounted for as operating leases are included in retail vehicle sales at the time of delivery to daily rental car companies. The following table summarizes total retail sales, or estimated sales where retail sales volume is not available, by geographic region (vehicles in thousands):
Three Months Ended | |||||
March 31, 2017 | March 31, 2016 | ||||
United States | |||||
Chevrolet – Cars | 154 | 173 | |||
Chevrolet – Trucks | 203 | 196 | |||
Chevrolet – Crossovers | 115 | 103 | |||
Cadillac | 34 | 36 | |||
Buick | 50 | 54 | |||
GMC | 134 | 122 | |||
Total United States | 690 | 684 | |||
Canada, Mexico and Other | 126 | 115 | |||
Total North America | 816 | 799 | |||
Europe | |||||
Opel/Vauxhall | 310 | 301 | |||
Chevrolet | 10 | 13 | |||
Total Europe | 320 | 314 | |||
Asia/Pacific, Middle East and Africa | |||||
Chevrolet | 201 | 214 | |||
Wuling | 324 | 348 | |||
Buick | 250 | 285 | |||
Baojun | 204 | 216 | |||
Cadillac | 41 | 23 | |||
Other | 40 | 46 | |||
Total Asia/Pacific, Middle East and Africa(a) | 1,060 | 1,132 | |||
South America(b) | 148 | 133 | |||
Total Worldwide | 2,344 | 2,378 | |||
_______
(a) | In the three months ended March 31, 2017, we began using estimated vehicle registrations data as the basis for calculating industry volume and market share in China. In the three months ended March 31, 2016, wholesale volumes were used for Industry, GM and Market Share. |
(b) | Primarily Chevrolet. |
8
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The vehicle sales at GM's China joint ventures presented in the following table are included in GM's retail vehicle sales on the preceding page (vehicles in thousands):
Three Months Ended | |||||
March 31, 2017 | March 31, 2016 | ||||
SAIC General Motors Sales Co., Ltd.(a) | 386 | 412 | |||
SAIC GM Wuling Automobile Co., Ltd. and FAW-GM Light Duty Commercial Vehicle Co., Ltd.(a) | 527 | 564 | |||
Three Months Ended | |||||
March 31, 2017 | March 31, 2016 | ||||
Market Share | |||||
United States – Cars | 11.9 | % | 12.5 | % | |
United States – Trucks | 25.3 | % | 25.2 | % | |
United States – Crossovers | 15.1 | % | 13.8 | % | |
Total United States | 16.8 | % | 16.4 | % | |
Total North America | 16.3 | % | 15.9 | % | |
Total Europe | 5.9 | % | 6.2 | % | |
Total Asia/Pacific, Middle East and Africa(a) | 9.5 | % | 9.8 | % | |
Total South America | 15.7 | % | 15.6 | % | |
Total Worldwide | 10.4 | % | 10.6 | % | |
United States fleet sales as a percentage of retail vehicle sales | 20.7 | % | 21.5 | % | |
North America Capacity Two Shift Utilization | 106.3 | % | 97.0 | % | |
_______
(a) | In the three months ended March 31, 2017, we began using estimated vehicle registrations data as the basis for calculating industry volume and market share in China. In the three months ended March 31, 2016, wholesale volumes were used for Industry, GM and Market Share. |
9
General Motors Company and Subsidiaries
Combining Income Statement Information
(In millions) (Unaudited)
Three Months Ended March 31, 2017 | Three Months Ended March 31, 2016 | |||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Combined | Automotive | GM Financial | Eliminations | Combined | |||||||||||||||||||||||||
Net sales and revenue | ||||||||||||||||||||||||||||||||
Automotive | $ | 38,456 | $ | — | $ | (131 | ) | $ | 38,325 | $ | 35,195 | $ | — | $ | — | $ | 35,195 | |||||||||||||||
GM Financial | — | 2,879 | (4 | ) | 2,875 | — | 2,075 | (5 | ) | 2,070 | ||||||||||||||||||||||
Total net sales and revenue | 38,456 | 2,879 | (135 | ) | 41,200 | 35,195 | 2,075 | (5 | ) | 37,265 | ||||||||||||||||||||||
Costs and expenses | ||||||||||||||||||||||||||||||||
Automotive cost of sales | 33,238 | — | (133 | ) | 33,105 | 30,591 | — | (2 | ) | 30,589 | ||||||||||||||||||||||
GM Financial interest, operating and other expenses | 2,666 | — | 2,666 | — | 1,886 | — | 1,886 | |||||||||||||||||||||||||
Automotive selling, general and administrative expense | 2,684 | — | — | 2,684 | 2,818 | — | — | 2,818 | ||||||||||||||||||||||||
Total costs and expenses | 35,922 | 2,666 | (133 | ) | 38,455 | 33,409 | 1,886 | (2 | ) | 35,293 | ||||||||||||||||||||||
Operating income | 2,534 | 213 | (2 | ) | 2,745 | 1,786 | 189 | (3 | ) | 1,972 | ||||||||||||||||||||||
Automotive interest expense | 146 | — | (2 | ) | 144 | 130 | — | (3 | ) | 127 | ||||||||||||||||||||||
Interest income and other non-operating income, net | 161 | — | — | 161 | 85 | — | — | 85 | ||||||||||||||||||||||||
Equity income | 508 | 47 | — | 555 | 524 | 36 | — | 560 | ||||||||||||||||||||||||
Income before income taxes | 3,057 | 260 | — | 3,317 | 2,265 | 225 | — | 2,490 | ||||||||||||||||||||||||
Income tax expense | 645 | 55 | — | 700 | 500 | 59 | — | 559 | ||||||||||||||||||||||||
Net income | 2,412 | 205 | — | 2,617 | 1,765 | 166 | — | 1,931 | ||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (9 | ) | — | — | (9 | ) | 22 | — | — | 22 | ||||||||||||||||||||||
Net income attributable to common stockholders | $ | 2,403 | $ | 205 | $ | — | $ | 2,608 | $ | 1,787 | $ | 166 | $ | — | $ | 1,953 | ||||||||||||||||
10
General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
Three Months Ended | |||||||
March 31, 2017 | March 31, 2016 | ||||||
Basic earnings per share | |||||||
Net income attributable to common stockholders | $ | 2,608 | $ | 1,953 | |||
Weighted-average common shares outstanding | 1,505 | 1,546 | |||||
Basic earnings per common share | $ | 1.73 | $ | 1.26 | |||
Diluted earnings per share | |||||||
Net income attributable to common stockholders – diluted | $ | 2,608 | $ | 1,952 | |||
Weighted-average common shares outstanding – diluted | 1,532 | 1,580 | |||||
Diluted earnings per common share | $ | 1.70 | $ | 1.24 | |||
11
General Motors Company and Subsidiaries
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
March 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Combined | Automotive | GM Financial | Eliminations | Combined | ||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 10,170 | $ | 2,694 | $ | — | $ | 12,864 | $ | 9,759 | $ | 3,201 | $ | — | $ | 12,960 | |||||||||||||||
Marketable securities | 10,260 | — | — | 10,260 | 11,841 | — | — | 11,841 | |||||||||||||||||||||||
Accounts and notes receivable, net(a) | 10,864 | 1,131 | (1,097 | ) | 10,898 | 9,553 | 996 | (911 | ) | 9,638 | |||||||||||||||||||||
GM Financial receivables, net(b) | — | 24,242 | (339 | ) | 23,903 | — | 22,466 | (401 | ) | 22,065 | |||||||||||||||||||||
Inventories | 14,686 | — | — | 14,686 | 13,788 | — | — | 13,788 | |||||||||||||||||||||||
Equipment on operating leases, net | 2,283 | — | — | 2,283 | 1,896 | — | — | 1,896 | |||||||||||||||||||||||
Other current assets | 1,810 | 2,894 | — | 4,704 | 1,730 | 2,285 | — | 4,015 | |||||||||||||||||||||||
Total current assets | 50,073 | 30,961 | (1,436 | ) | 79,598 | 48,567 | 28,948 | (1,312 | ) | 76,203 | |||||||||||||||||||||
Non-current Assets | |||||||||||||||||||||||||||||||
GM Financial receivables, net | — | 22,540 | — | 22,540 | — | 20,724 | — | 20,724 | |||||||||||||||||||||||
Equity in net assets of nonconsolidated affiliates | 8,418 | 998 | — | 9,416 | 8,052 | 944 | — | 8,996 | |||||||||||||||||||||||
Property, net | 36,911 | 291 | — | 37,202 | 35,541 | 279 | — | 35,820 | |||||||||||||||||||||||
Goodwill and intangible assets, net | 4,811 | 1,382 | — | 6,193 | 4,881 | 1,378 | — | 6,259 | |||||||||||||||||||||||
GM Financial equipment on operating leases, net | — | 37,302 | — | 37,302 | — | 34,526 | — | 34,526 | |||||||||||||||||||||||
Deferred income taxes | 34,018 | 245 | — | 34,263 | 34,819 | 273 | — | 35,092 | |||||||||||||||||||||||
Other assets(c) | 3,410 | 965 | (96 | ) | 4,279 | 3,195 | 875 | — | 4,070 | ||||||||||||||||||||||
Total non-current assets | 87,568 | 63,723 | (96 | ) | 151,195 | 86,488 | 58,999 | — | 145,487 | ||||||||||||||||||||||
Total Assets | $ | 137,641 | $ | 94,684 | $ | (1,532 | ) | $ | 230,793 | $ | 135,055 | $ | 87,947 | $ | (1,312 | ) | $ | 221,690 | |||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||||||||
Accounts payable (principally trade)(a) | $ | 28,688 | $ | 958 | $ | (921 | ) | $ | 28,725 | $ | 26,942 | $ | 793 | $ | (774 | ) | $ | 26,961 | |||||||||||||
Short-term debt and current portion of long-term debt | |||||||||||||||||||||||||||||||
Automotive(a)(b) | 1,864 | — | (514 | ) | 1,350 | 1,705 | — | (538 | ) | 1,167 | |||||||||||||||||||||
GM Financial | — | 32,351 | — | 32,351 | — | 27,861 | — | 27,861 | |||||||||||||||||||||||
Accrued liabilities | 25,581 | 2,898 | (1 | ) | 28,478 | 26,376 | 2,816 | — | 29,192 | ||||||||||||||||||||||
Total current liabilities | 56,133 | 36,207 | (1,436 | ) | 90,904 | 55,023 | 31,470 | (1,312 | ) | 85,181 | |||||||||||||||||||||
Non-current Liabilities | |||||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||||
Automotive(c) | 9,698 | — | (96 | ) | 9,602 | 9,585 | — | — | 9,585 | ||||||||||||||||||||||
GM Financial | — | 47,598 | — | 47,598 | — | 46,015 | — | 46,015 | |||||||||||||||||||||||
Postretirement benefits other than pensions | 5,771 | — | — | 5,771 | 5,803 | — | — | 5,803 | |||||||||||||||||||||||
Pensions | 17,519 | 117 | — | 17,636 | 17,836 | 115 | — | 17,951 | |||||||||||||||||||||||
Other liabilities | 11,635 | 1,433 | — | 13,068 | 11,760 | 1,320 | — | 13,080 | |||||||||||||||||||||||
Total non-current liabilities | 44,623 | 49,148 | (96 | ) | 93,675 | 44,984 | 47,450 | — | 92,434 | ||||||||||||||||||||||
Total Liabilities | 100,756 | 85,355 | (1,532 | ) | 184,579 | 100,007 | 78,920 | (1,312 | ) | 177,615 | |||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||
Common stock, $0.01 par value | 15 | — | — | 15 | 15 | — | — | 15 | |||||||||||||||||||||||
Additional paid-in capital | 27,011 | 1 | — | 27,012 | 26,982 | 1 | — | 26,983 | |||||||||||||||||||||||
Retained earnings | 17,719 | 10,476 | — | 28,195 | 15,903 | 10,265 | — | 26,168 | |||||||||||||||||||||||
Accumulated other comprehensive loss | (8,102 | ) | (1,148 | ) | — | (9,250 | ) | (8,091 | ) | (1,239 | ) | — | (9,330 | ) | |||||||||||||||||
Total stockholders’ equity | 36,643 | 9,329 | — | 45,972 | 34,809 | 9,027 | — | 43,836 | |||||||||||||||||||||||
Noncontrolling interests | 242 | — | — | 242 | 239 | — | — | 239 | |||||||||||||||||||||||
Total Equity | 36,885 | 9,329 | — | 46,214 | 35,048 | 9,027 | — | 44,075 | |||||||||||||||||||||||
Total Liabilities and Equity | $ | 137,641 | $ | 94,684 | $ | (1,532 | ) | $ | 230,793 | $ | 135,055 | $ | 87,947 | $ | (1,312 | ) | $ | 221,690 | |||||||||||||
_________
(a) | Eliminations include Automotive accounts receivable of $445 million offset by GM Financial accounts payable, GM Financial accounts receivable of $473 million offset by Automotive accounts payable and GM Financial notes receivable of $175 million offset by loans to Automotive at March 31, 2017 and Automotive accounts receivable of $396 million offset by GM Financial accounts payable, GM Financial accounts receivable of $373 million offset by Automotive accounts payable and GM Financial notes receivable of $137 million offset by loans to Automotive at December 31, 2016. |
(b) | Eliminations include GM Financial receivables of $339 million and $401 million offset by loans to Automotive at March 31, 2017 and December 31, 2016. |
(c) | Eliminations include GM Financial long term notes receivable of $96 million offset by Automotive long term debt of $96 million at March 31, 2017. |
12
General Motors Company and Subsidiaries
Combining Cash Flow Information
(In millions) (Unaudited)
Three Months Ended March 31, 2017 | Three Months Ended March 31, 2016 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Reclassification/Eliminations | Combined | Automotive | GM Financial | Reclassification | Combined | ||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||
Net income | $ | 2,412 | $ | 205 | $ | — | $ | 2,617 | $ | 1,765 | $ | 166 | $ | — | $ | 1,931 | |||||||||||||||
Depreciation, amortization and impairment charges | 1,444 | 1,439 | — | 2,883 | 1,362 | 930 | — | 2,292 | |||||||||||||||||||||||
Foreign currency remeasurement and transaction losses | 136 | 10 | — | 146 | 160 | 2 | — | 162 | |||||||||||||||||||||||
Undistributed earnings of nonconsolidated affiliates, net | (508 | ) | (47 | ) | — | (555 | ) | (510 | ) | (9 | ) | — | (519 | ) | |||||||||||||||||
Pension contributions and OPEB payments | (386 | ) | (1 | ) | — | (387 | ) | (1,921 | ) | (1 | ) | — | (1,922 | ) | |||||||||||||||||
Pension and OPEB (income) expense, net | (147 | ) | 1 | — | (146 | ) | (152 | ) | 1 | — | (151 | ) | |||||||||||||||||||
Provision for deferred taxes | 865 | 49 | — | 914 | 706 | 25 | — | 731 | |||||||||||||||||||||||
Change in other operating assets and liabilities(a)(b) | (2,418 | ) | (258 | ) | (755 | ) | (3,431 | ) | (2,075 | ) | 41 | (598 | ) | (2,632 | ) | ||||||||||||||||
Net cash provided by (used in) operating activities | 1,398 | 1,398 | (755 | ) | 2,041 | (665 | ) | 1,155 | (598 | ) | (108 | ) | |||||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||
Expenditures for property | (1,981 | ) | (24 | ) | — | (2,005 | ) | (2,265 | ) | (20 | ) | — | (2,285 | ) | |||||||||||||||||
Available-for-sale marketable securities, acquisitions | (1,316 | ) | — | — | (1,316 | ) | (1,773 | ) | — | — | (1,773 | ) | |||||||||||||||||||
Trading marketable securities, acquisitions | — | — | — | — | (104 | ) | — | — | (104 | ) | |||||||||||||||||||||
Available-for-sale marketable securities, liquidations | 2,914 | — | — | 2,914 | 3,272 | — | — | 3,272 | |||||||||||||||||||||||
Trading marketable securities, liquidations | — | — | — | — | 291 | — | — | 291 | |||||||||||||||||||||||
Acquisition of companies/investments, net of cash acquired | — | — | — | — | (516 | ) | — | — | (516 | ) | |||||||||||||||||||||
Purchases of finance receivables, net(a)(b) | — | (7,070 | ) | 755 | (6,315 | ) | — | (4,759 | ) | 598 | (4,161 | ) | |||||||||||||||||||
Principal collections and recoveries on finance receivables(b) | — | 3,595 | (2 | ) | 3,593 | — | 3,271 | — | 3,271 | ||||||||||||||||||||||
Purchases of leased vehicles, net | — | (4,760 | ) | — | (4,760 | ) | — | (5,111 | ) | — | (5,111 | ) | |||||||||||||||||||
Proceeds from termination of leased vehicles | — | 1,082 | — | 1,082 | — | 481 | — | 481 | |||||||||||||||||||||||
Other investing activities | 2 | — | — | 2 | 1 | (6 | ) | — | (5 | ) | |||||||||||||||||||||
Net cash provided by (used in) investing activities | (381 | ) | (7,177 | ) | 753 | (6,805 | ) | (1,094 | ) | (6,144 | ) | 598 | (6,640 | ) | |||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||
Net increase (decrease) in short-term debt | 4 | (268 | ) | — | (264 | ) | (19 | ) | 757 | — | 738 | ||||||||||||||||||||
Proceeds from issuance of debt (original maturities greater than three months) | 260 | 11,329 | — | 11,589 | 2,049 | 10,185 | — | 12,234 | |||||||||||||||||||||||
Payments on debt (original maturities greater than three months)(b) | (184 | ) | (5,379 | ) | 2 | (5,561 | ) | (58 | ) | (5,492 | ) | — | (5,550 | ) | |||||||||||||||||
Payments to purchase common stock | — | — | — | — | (300 | ) | — | — | (300 | ) | |||||||||||||||||||||
Dividends paid | (573 | ) | — | — | (573 | ) | (588 | ) | — | — | (588 | ) | |||||||||||||||||||
Other financing activities | (117 | ) | (27 | ) | — | (144 | ) | (81 | ) | (26 | ) | — | (107 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | (610 | ) | 5,655 | 2 | 5,047 | 1,003 | 5,424 | — | 6,427 | ||||||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 66 | 37 | — | 103 | 93 | 59 | — | 152 | |||||||||||||||||||||||
Net transactions with Automotive/GM Financial(c) | (112 | ) | 112 | — | — | 474 | (474 | ) | — | — | |||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 361 | 25 | — | 386 | (189 | ) | 20 | — | (169 | ) | |||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 9,858 | 5,302 | — | 15,160 | 12,390 | 4,942 | — | 17,332 | |||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 10,219 | $ | 5,327 | $ | — | $ | 15,546 | $ | 12,201 | $ | 4,962 | $ | — | $ | 17,163 | |||||||||||||||
_________
(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. |
(b) | Eliminations of $131 million of Automotive operating assets, $129 million GM Financial finance receivables and $2 million of Automotive payments on debt. |
(c) | Amounts loaned from GM Financial to Automotive for commercial loans to dealers we consolidate. |
13