Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - Q3 2017 EARNINGS RELEASE - General Motors Co | q32017earnings102417.htm |
| 8-K - Q3 2017 EARNINGS RELEASE 8-K - General Motors Co | a2017q3earningsrelease8-k.htm |
Exhibit 99.2
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Unless otherwise indicated, General Motors Company's (GM) non-GAAP measures are related to our continuing operations and not our discontinued operations nor assets and liabilities held for sale. GM's non-GAAP measures include earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests, earnings per share (EPS)-diluted-adjusted, effective tax rate-adjusted (ETR-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 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 certain of 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 presented net of noncontrolling interests and is used by management and can be used by investors to review our 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 our consolidated diluted earnings per share results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less income (loss) from discontinued operations on an after-tax basis, adjustments noted above for EBIT-adjusted, gains or losses on the extinguishment of debt obligations on an after-tax basis 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.
ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments.
ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define 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 OPEB liabilities; and average automotive net income tax assets during the same period. Adjustments to the average equity balances exclude assets and liabilities classified as either assets held for sale or liabilities held for sale.
Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our 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. We measure adjusted automotive free cash flow as automotive operating cash flow from continuing operations less capital expenditures adjusted for management actions, primarily related to strengthening our 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 (loss) attributable to stockholders under U.S. GAAP (dollars in millions):
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Operating segments | |||||||||||||||
GM North America (GMNA) | $ | 2,068 | $ | 3,579 | $ | 9,014 | $ | 9,708 | |||||||
GM International Operations (GMIO) | 337 | 220 | 974 | 844 | |||||||||||
GM South America (GMSA) | 52 | (118 | ) | (90 | ) | (300 | ) | ||||||||
General Motors Financial Company, Inc. (GM Financial)(a) | 310 | 193 | 895 | 600 | |||||||||||
Total operating segments | 2,767 | 3,874 | 10,793 | 10,852 | |||||||||||
Corporate and eliminations(b) | (244 | ) | (212 | ) | (1,034 | ) | (602 | ) | |||||||
EBIT-adjusted | 2,523 | 3,662 | 9,759 | 10,250 | |||||||||||
Special items | |||||||||||||||
GMIO restructuring(c) | — | — | (460 | ) | — | ||||||||||
Venezuela deconsolidation(d) | — | — | (80 | ) | — | ||||||||||
Ignition switch recall and related legal matters(e) | — | 110 | (114 | ) | (65 | ) | |||||||||
Total special items | — | 110 | (654 | ) | (65 | ) | |||||||||
Automotive interest income | 59 | 43 | 184 | 137 | |||||||||||
Automotive interest expense | (151 | ) | (145 | ) | (430 | ) | (413 | ) | |||||||
Income tax expense(f) | (2,316 | ) | (902 | ) | (3,637 | ) | (2,436 | ) | |||||||
Income from continuing operations(g) | 115 | 2,768 | 5,222 | 7,473 | |||||||||||
Income (loss) from discontinued operations, net of tax(h) | (3,096 | ) | 5 | (3,935 | ) | 119 | |||||||||
Net income (loss) attributable to stockholders | $ | (2,981 | ) | $ | 2,773 | $ | 1,287 | $ | 7,592 | ||||||
__________
(a) | GM Financial amounts represent earnings before income taxes-adjusted. |
(b) | GM's automotive operations' interest income and interest expense, Maven, legacy costs from the Opel and Vauxhall business and certain other assets in Europe (the Opel/Vauxhall Business), which are primarily pension costs, 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 was excluded because of a strategic decision to rationalize our core operations by exiting or significantly reducing our presence in various international markets to focus resources on opportunities expected to deliver higher returns. The adjustment primarily consists of asset impairments, sales incentives, inventory provisions, dealer restructuring, employee separations and other contract cancellation costs in India and South Africa. |
(d) | This adjustment was excluded because we ceased operations and terminated employment relationships in Venezuela due to causes beyond our control, which included adverse political and economic conditions, including the seizure of our manufacturing facility. |
(e) | These adjustments were excluded because of the unique events associated with the ignition switch recall. These events included the creation of the Ignition Switch Compensation Program, as well as various investigations, inquiries, and complaints from various constituents. |
(f) | Income tax expense includes a special item of $1.8 billion in the three and nine months ended September 30, 2017 related to the establishment of a valuation allowance on deferred tax assets that will no longer be realizable as a result of the sale of the Opel/Vauxhall Business, partially offset by tax benefits related to tax settlements. |
(g) | Net of Net (income) loss attributable to noncontrolling interests. |
(h) | Represents the results of the Opel/Vauxhall Business and our European financing subsidiaries and branches (the Fincos, and together with the Opel/Vauxhall Business, the European Business). |
2
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted (dollars in millions):
Three Months Ended | |||||||||||||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | ||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2016 | 2015 | ||||||||||||||||||||||||
Net income (loss) attributable to stockholders | $ | (2,981 | ) | $ | 2,773 | $ | 1,660 | $ | 2,866 | $ | 2,608 | $ | 1,953 | $ | 1,835 | $ | 6,266 | ||||||||||||||
(Income) loss from discontinued operations, net of tax | 3,096 | (5 | ) | 770 | (106 | ) | 69 | (8 | ) | 120 | 230 | ||||||||||||||||||||
Income tax expense (benefit)(a) | 2,316 | 902 | 534 | 877 | 787 | 657 | 303 | (3,139 | ) | ||||||||||||||||||||||
Gain on extinguishment of debt | — | — | — | — | — | — | — | (449 | ) | ||||||||||||||||||||||
Automotive interest expense | 151 | 145 | 132 | 144 | 147 | 124 | 150 | 109 | |||||||||||||||||||||||
Automotive interest income | (59 | ) | (43 | ) | (68 | ) | (50 | ) | (57 | ) | (44 | ) | (45 | ) | (40 | ) | |||||||||||||||
Adjustments | |||||||||||||||||||||||||||||||
GMIO restructuring(a) | — | — | 460 | — | — | — | — | — | |||||||||||||||||||||||
Venezuela deconsolidation(a) | — | — | 80 | — | — | — | — | — | |||||||||||||||||||||||
Ignition switch recall and related legal matters(a) | — | (110 | ) | 114 | 115 | — | 60 | 235 | 60 | ||||||||||||||||||||||
Other | — | — | — | — | — | — | — | (18 | ) | ||||||||||||||||||||||
Total adjustments | — | (110 | ) | 654 | 115 | — | 60 | 235 | 42 | ||||||||||||||||||||||
EBIT-adjusted | $ | 2,523 | $ | 3,662 | $ | 3,682 | $ | 3,846 | $ | 3,554 | $ | 2,742 | $ | 2,598 | $ | 3,019 | |||||||||||||||
________
(a) | Refer to the reconciliation of segment profit (loss) to Net income (loss) attributable to stockholders under U.S. GAAP within the previous section for adjustment details. |
3
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles diluted earnings (loss) per common share under U.S. GAAP to EPS-diluted-adjusted (dollars in millions):
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||||||||||||||||||
Amount | Per Share | Amount | Per Share | Amount | Per Share | Amount | Per Share | ||||||||||||||||||||||||
Diluted earnings (loss) per common share | $ | (2,983 | ) | $ | (2.03 | ) | $ | 2,773 | $ | 1.76 | $ | 1,285 | $ | 0.85 | $ | 7,591 | $ | 4.81 | |||||||||||||
Diluted (earnings) loss per common share – discontinued operations | 3,096 | 2.11 | (5 | ) | (0.00 | ) | 3,935 | 2.61 | (119 | ) | (0.08 | ) | |||||||||||||||||||
Adjustments(a) | — | — | (110 | ) | (0.07 | ) | 654 | 0.43 | 65 | 0.04 | |||||||||||||||||||||
Tax effect on adjustments(b) | — | — | 41 | 0.02 | (208 | ) | (0.14 | ) | (25 | ) | (0.01 | ) | |||||||||||||||||||
Tax adjustment(c) | 1,828 | 1.24 | — | — | 1,828 | 1.22 | — | — | |||||||||||||||||||||||
EPS-diluted-adjusted | $ | 1,941 | $ | 1.32 | $ | 2,699 | $ | 1.71 | $ | 7,494 | $ | 4.97 | $ | 7,512 | $ | 4.76 | |||||||||||||||
________
(a) | Refer to the reconciliation of segment profit (loss) to Net income (loss) attributable to stockholders under U.S. GAAP within the previous section for adjustment details. |
(b) | 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. |
(c) | This adjustment represents the tax expense related to the establishment of a valuation allowance on deferred tax assets that will no longer be realizable as a result of the sale of the Opel/Vauxhall Business, partially offset by tax benefits related to tax settlements. |
The following table reconciles our effective tax rate under U.S. GAAP to ETR-adjusted (dollars in millions):
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income tax expense | Effective tax rate | Income before income taxes | Income tax expense | Effective tax rate | Income before income taxes | Income tax expense | Effective tax rate | Income before income taxes | Income tax expense | Effective tax rate | ||||||||||||||||||||||||||||||||
Effective tax rate | $ | 2,430 | $ | 2,316 | 95.3 | % | $ | 3,609 | $ | 902 | 25.0 | % | $ | 8,870 | $ | 3,637 | 41.0 | % | $ | 9,810 | $ | 2,436 | 24.8 | % | |||||||||||||||||||
Adjustments(a) | — | — | (110 | ) | (41 | ) | 654 | 208 | 65 | 25 | |||||||||||||||||||||||||||||||||
Tax adjustment(b) | (1,828 | ) | — | (1,828 | ) | — | |||||||||||||||||||||||||||||||||||||
ETR-adjusted | $ | 2,430 | $ | 488 | 20.1 | % | $ | 3,499 | $ | 861 | 24.6 | % | $ | 9,524 | $ | 2,017 | 21.2 | % | $ | 9,875 | $ | 2,461 | 24.9 | % | |||||||||||||||||||
________
(a) | Refer to the reconciliation of segment profit (loss) to Net income (loss) attributable to stockholders under U.S. GAAP within the previous section for adjustment details. |
(b) | Refer to the reconciliation of diluted earnings (loss) per common share under U.S. GAAP to EPS-diluted-adjusted within the previous section for adjustment details. |
4
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
We define return on equity (ROE) as Net income attributable to 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 | |||||||
September 30, 2017 | September 30, 2016 | ||||||
Net income attributable to stockholders | $ | 3.1 | $ | 13.9 | |||
Average equity | $ | 44.5 | $ | 42.7 | |||
ROE | 7.0 | % | 32.5 | % | |||
The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
Four Quarters Ended | |||||||
September 30, 2017 | September 30, 2016 | ||||||
EBIT-adjusted(a) | $ | 12.4 | $ | 13.3 | |||
Average equity | $ | 44.5 | $ | 42.7 | |||
Add: Average automotive debt and interest liabilities (excluding capital leases) | 10.8 | 9.4 | |||||
Add: Average automotive net pension & OPEB liability | 21.2 | 22.6 | |||||
Less: Average automotive net income tax asset | (31.7 | ) | (33.1 | ) | |||
ROIC-adjusted average net assets | $ | 44.8 | $ | 41.6 | |||
ROIC-adjusted | 27.6 | % | 31.9 | % | |||
________
(a) | Refer to the reconciliation of Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted in a preceding section. |
The following table reconciles Net automotive cash provided by operating activities from continuing operations under U.S. GAAP to adjusted automotive free cash flow (dollars in millions):
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Net automotive cash provided by operating activities – continuing operations | $ | 1,103 | $ | 6,083 | $ | 7,265 | $ | 9,787 | |||||||
Less: capital expenditures | (2,148 | ) | (2,050 | ) | (6,287 | ) | (6,044 | ) | |||||||
Adjustment – discretionary pension plan contributions | — | — | — | 1,982 | |||||||||||
Adjusted automotive free cash flow – continuing operations | (1,045 | ) | 4,033 | 978 | 5,725 | ||||||||||
Net automotive cash provided by (used in) operating activities – discontinued operations | (116 | ) | (328 | ) | 15 | 294 | |||||||||
Less: capital expenditures – discontinued operations | (137 | ) | (222 | ) | (653 | ) | (791 | ) | |||||||
Adjusted automotive free cash flow | $ | (1,298 | ) | $ | 3,483 | $ | 340 | $ | 5,228 | ||||||
5
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following tables summarize key financial information by segment (dollars in millions):
GMNA | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | |||||||||||||||||||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Net sales and revenue | $ | 24,819 | $ | 3,007 | $ | 2,569 | $ | 80 | $ | 30,475 | $ | 3,161 | $ | (13 | ) | $ | 33,623 | ||||||||||||||||||
Expenditures for property | $ | 2,023 | $ | 53 | $ | 62 | $ | 9 | $ | 1 | $ | 2,148 | $ | 19 | $ | — | $ | 2,167 | |||||||||||||||||
Depreciation and amortization | $ | 1,210 | $ | 101 | $ | 65 | $ | 11 | $ | — | $ | 1,387 | $ | 1,743 | $ | — | $ | 3,130 | |||||||||||||||||
Impairment charges | $ | 10 | $ | 7 | $ | — | $ | — | $ | — | $ | 17 | $ | — | $ | — | $ | 17 | |||||||||||||||||
Equity income(a) | $ | 2 | $ | 457 | $ | — | $ | — | $ | — | $ | 459 | $ | 41 | $ | — | $ | 500 | |||||||||||||||||
GMNA | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | |||||||||||||||||||||||||||
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||||||
Net sales and revenue | $ | 31,085 | $ | 3,376 | $ | 2,029 | $ | 40 | $ | 36,530 | $ | 2,360 | $ | (1 | ) | $ | 38,889 | ||||||||||||||||||
Expenditures for property | $ | 1,850 | $ | 123 | $ | 75 | $ | 2 | $ | — | $ | 2,050 | $ | 20 | $ | — | $ | 2,070 | |||||||||||||||||
Depreciation and amortization | $ | 1,088 | $ | 116 | $ | 75 | $ | 2 | $ | (1 | ) | $ | 1,280 | $ | 1,249 | $ | — | $ | 2,529 | ||||||||||||||||
Impairment charges | $ | 3 | $ | 2 | $ | — | $ | — | $ | — | $ | 5 | $ | — | $ | — | $ | 5 | |||||||||||||||||
Equity income(a) | $ | 3 | $ | 459 | $ | — | $ | — | $ | — | $ | 462 | $ | 35 | $ | — | $ | 497 | |||||||||||||||||
GMNA | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Net sales and revenue | $ | 82,594 | $ | 9,400 | $ | 6,826 | $ | 306 | $ | 99,126 | $ | 8,899 | $ | (152 | ) | $ | 107,873 | ||||||||||||||||||
Expenditures for property | $ | 5,858 | $ | 196 | $ | 216 | $ | 17 | $ | — | $ | 6,287 | $ | 66 | $ | — | $ | 6,353 | |||||||||||||||||
Depreciation and amortization | $ | 3,499 | $ | 327 | $ | 208 | $ | 23 | $ | (1 | ) | $ | 4,056 | $ | 4,757 | $ | — | $ | 8,813 | ||||||||||||||||
Impairment charges | $ | 59 | $ | 204 | $ | 3 | $ | 5 | $ | — | $ | 271 | $ | — | $ | — | $ | 271 | |||||||||||||||||
Equity income(a) | $ | 8 | $ | 1,448 | $ | — | $ | — | $ | — | $ | 1,456 | $ | 129 | $ | — | $ | 1,585 | |||||||||||||||||
GMNA | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||||||
Net sales and revenue | $ | 87,815 | $ | 9,923 | $ | 5,011 | $ | 113 | $ | 102,862 | $ | 6,429 | $ | (3 | ) | $ | 109,288 | ||||||||||||||||||
Expenditures for property | $ | 5,353 | $ | 417 | $ | 269 | $ | 7 | $ | (2 | ) | $ | 6,044 | $ | 58 | $ | — | $ | 6,102 | ||||||||||||||||
Depreciation and amortization | $ | 3,185 | $ | 330 | $ | 202 | $ | 12 | $ | (3 | ) | $ | 3,726 | $ | 3,290 | $ | — | $ | 7,016 | ||||||||||||||||
Impairment charges | $ | 44 | $ | 65 | $ | — | $ | — | $ | — | $ | 109 | $ | — | $ | — | $ | 109 | |||||||||||||||||
Equity income(a) | $ | 162 | $ | 1,446 | $ | — | $ | — | $ | — | $ | 1,608 | $ | 109 | $ | — | $ | 1,717 | |||||||||||||||||
________
(a) | Includes Automotive China equity income of $459 million in the three months ended September 30, 2017 and 2016 and $1.5 billion and $1.4 billion in the nine months ended September 30, 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 our revenue and our 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 calculation of GM's market share.
Wholesale vehicle sales data (vehicles in thousands), 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 nine months ended September 30, 2017, 39.2% of our wholesale vehicle sales volume was generated outside the U.S. The following table summarizes total wholesale vehicle sales of new vehicles by automotive segment:
Three Months Ended | Nine Months Ended | ||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||
GMNA(a) | 762 | 1,030 | 2,596 | 2,908 | |||||||
GMIO(b) | 136 | 160 | 452 | 500 | |||||||
GMSA(a) | 185 | 153 | 487 | 400 | |||||||
Total | 1,083 | 1,343 | 3,535 | 3,808 | |||||||
Discontinued operations | 90 | 268 | 696 | 904 | |||||||
__________
(a) | Wholesale vehicle sales related to transactions with the European Business were insignificant for the three and nine months ended September 30, 2017 and 2016. |
(b) | Wholesale vehicle sales include 37 and 24 vehicles related to transactions with the European Business for the three months ended September 30, 2017 and 2016 and 131 and 94 vehicles for the nine months ended September 30, 2017 and 2016. |
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 industry retail sales, or estimated sales where retail sales volume is not available, by geographic region (vehicles in thousands):
Three Months Ended | Nine Months Ended | ||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||
United States | |||||||||||
Chevrolet – Cars | 159 | 174 | 471 | 548 | |||||||
Chevrolet – Trucks | 246 | 241 | 665 | 665 | |||||||
Chevrolet – Crossovers | 142 | 110 | 380 | 320 | |||||||
Cadillac | 42 | 46 | 114 | 119 | |||||||
Buick | 50 | 66 | 160 | 170 | |||||||
GMC | 142 | 136 | 406 | 390 | |||||||
Total United States | 781 | 773 | 2,196 | 2,212 | |||||||
Canada, Mexico and Other | 144 | 146 | 423 | 416 | |||||||
Total North America(a) | 925 | 919 | 2,619 | 2,628 | |||||||
Asia/Pacific, Middle East and Africa | |||||||||||
Chevrolet | 243 | 243 | 670 | 692 | |||||||
Wuling | 236 | 293 | 801 | 969 | |||||||
Buick | 311 | 284 | 836 | 844 | |||||||
Baojun | 249 | 149 | 640 | 478 | |||||||
Cadillac | 46 | 30 | 131 | 81 | |||||||
Other | 45 | 46 | 136 | 150 | |||||||
Total Asia/Pacific, Middle East and Africa(a)(b)(c) | 1,130 | 1,045 | 3,214 | 3,214 | |||||||
South America(a)(d) | 179 | 153 | 487 | 422 | |||||||
Total in GM markets | 2,234 | 2,117 | 6,320 | 6,264 | |||||||
Total Europe | 83 | 274 | 684 | 897 | |||||||
Total Worldwide | 2,317 | 2,391 | 7,004 | 7,161 | |||||||
_______
(a) | Sales of Opel/Vauxhall outside of Europe were insignificant in the three and nine months ended September 30, 2017 and 2016. |
(b) | 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 and nine months ended September 30, 2016, wholesale volumes were used for Industry, GM and Market Share. Our retail sales in China were 908 and 2,718 in the three and nine months ended September 30, 2016. |
(c) | Includes Industry and GM sales in India and South Africa. We intend to phase out sales of Chevrolet in the Indian and South African markets by the end of 2017. |
(d) | 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 | Nine Months Ended | ||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||
SAIC General Motors Sales Co., Ltd.(a) | 497 | 433 | 1,307 | 1,243 | |||||||
SAIC GM Wuling Automobile Co., Ltd. and FAW-GM Light Duty Commercial Vehicle Co., Ltd.(a) | 485 | 441 | 1,441 | 1,447 | |||||||
Three Months Ended | Nine Months Ended | ||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||
Market Share | |||||||||||
United States – Cars | 11.4 | % | 12.5 | % | 11.5 | % | 12.6 | % | |||
United States – Trucks | 27.2 | % | 27.8 | % | 25.6 | % | 26.4 | % | |||
United States – Crossovers | 15.4 | % | 13.3 | % | 15.0 | % | 13.2 | % | |||
Total United States | 17.3 | % | 17.0 | % | 16.7 | % | 16.6 | % | |||
Total North America | 16.7 | % | 16.5 | % | 16.3 | % | 16.1 | % | |||
Total Asia/Pacific, Russia, Middle East and Africa(a) | 9.3 | % | 9.0 | % | 9.2 | % | 9.2 | % | |||
Total South America | 16.1 | % | 15.9 | % | 15.9 | % | 15.6 | % | |||
Total GM Market | 11.9 | % | 11.7 | % | 11.6 | % | 11.6 | % | |||
Total Europe | 1.9 | % | 6.4 | % | 4.7 | % | 6.4 | % | |||
Total Worldwide | 10.0 | % | 10.6 | % | 10.2 | % | 10.5 | % | |||
United States fleet sales as a percentage of retail vehicle sales | 17.4 | % | 15.5 | % | 19.0 | % | 19.1 | % | |||
North America capacity two shift utilization | 86.2 | % | 115.3 | % | 98.6 | % | 106.6 | % | |||
_______
(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 and nine months ended September 30, 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 September 30, 2017 | Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Combined | Automotive | GM Financial | Eliminations | Combined | |||||||||||||||||||||||||
Net sales and revenue | ||||||||||||||||||||||||||||||||
Automotive | $ | 30,475 | $ | — | $ | (9 | ) | $ | 30,466 | $ | 36,530 | $ | — | $ | — | $ | 36,530 | |||||||||||||||
GM Financial | — | 3,161 | (4 | ) | 3,157 | — | 2,360 | (1 | ) | 2,359 | ||||||||||||||||||||||
Total net sales and revenue | 30,475 | 3,161 | (13 | ) | 33,623 | 36,530 | 2,360 | (1 | ) | 38,889 | ||||||||||||||||||||||
Costs and expenses | ||||||||||||||||||||||||||||||||
Automotive cost of sales | 26,522 | — | (11 | ) | 26,511 | 31,140 | — | (1 | ) | 31,139 | ||||||||||||||||||||||
GM Financial interest, operating and other expenses | — | 2,892 | — | 2,892 | — | 2,202 | — | 2,202 | ||||||||||||||||||||||||
Automotive selling, general and administrative expense | 2,304 | — | — | 2,304 | 2,400 | — | — | 2,400 | ||||||||||||||||||||||||
Total costs and expenses | 28,826 | 2,892 | (11 | ) | 31,707 | 33,540 | 2,202 | (1 | ) | 35,741 | ||||||||||||||||||||||
Operating income | 1,649 | 269 | (2 | ) | 1,916 | 2,990 | 158 | — | 3,148 | |||||||||||||||||||||||
Automotive interest expense | 153 | — | (2 | ) | 151 | 145 | — | — | 145 | |||||||||||||||||||||||
Interest income and other non-operating income, net | 165 | — | — | 165 | 109 | — | — | 109 | ||||||||||||||||||||||||
Equity income | 459 | 41 | — | 500 | 462 | 35 | — | 497 | ||||||||||||||||||||||||
Income before income taxes | 2,120 | 310 | — | 2,430 | 3,416 | 193 | — | 3,609 | ||||||||||||||||||||||||
Income tax expense | 2,204 | 112 | — | 2,316 | 837 | 65 | — | 902 | ||||||||||||||||||||||||
Income from continuing operations | (84 | ) | 198 | — | 114 | 2,579 | 128 | — | 2,707 | |||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | (3,112 | ) | 16 | — | (3,096 | ) | (24 | ) | 29 | — | 5 | |||||||||||||||||||||
Net income (loss) | (3,196 | ) | 214 | — | (2,982 | ) | 2,555 | 157 | — | 2,712 | ||||||||||||||||||||||
Net loss attributable to noncontrolling interests | 1 | — | — | 1 | 61 | — | — | 61 | ||||||||||||||||||||||||
Net income (loss) attributable to stockholders | $ | (3,195 | ) | $ | 214 | $ | — | $ | (2,981 | ) | $ | 2,616 | $ | 157 | $ | — | $ | 2,773 | ||||||||||||||
Net income (loss) attributable to common stockholders | $ | (3,195 | ) | $ | 212 | $ | — | $ | (2,983 | ) | $ | 2,616 | $ | 157 | $ | — | $ | 2,773 | ||||||||||||||
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Combined | Automotive | GM Financial | Eliminations | Combined | |||||||||||||||||||||||||
Net sales and revenue | ||||||||||||||||||||||||||||||||
Automotive | $ | 99,126 | $ | — | $ | (143 | ) | $ | 98,983 | $ | 102,862 | $ | — | $ | — | $ | 102,862 | |||||||||||||||
GM Financial | — | 8,899 | (9 | ) | 8,890 | — | 6,429 | (3 | ) | 6,426 | ||||||||||||||||||||||
Total net sales and revenue | 99,126 | 8,899 | (152 | ) | 107,873 | 102,862 | 6,429 | (3 | ) | 109,288 | ||||||||||||||||||||||
Costs and expenses | ||||||||||||||||||||||||||||||||
Automotive cost of sales | 85,308 | — | (147 | ) | 85,161 | 87,764 | — | (3 | ) | 87,761 | ||||||||||||||||||||||
GM Financial interest, operating and other expenses | — | 8,133 | — | 8,133 | — | 5,938 | — | 5,938 | ||||||||||||||||||||||||
Automotive selling, general and administrative expense | 7,141 | — | — | 7,141 | 7,378 | — | — | 7,378 | ||||||||||||||||||||||||
Total costs and expenses | 92,449 | 8,133 | (147 | ) | 100,435 | 95,142 | 5,938 | (3 | ) | 101,077 | ||||||||||||||||||||||
Operating income | 6,677 | 766 | (5 | ) | 7,438 | 7,720 | 491 | — | 8,211 | |||||||||||||||||||||||
Automotive interest expense | 435 | — | (5 | ) | 430 | 413 | — | — | 413 | |||||||||||||||||||||||
Interest income and other non-operating income, net | 277 | — | — | 277 | 295 | — | — | 295 | ||||||||||||||||||||||||
Equity income | 1,456 | 129 | — | 1,585 | 1,608 | 109 | — | 1,717 | ||||||||||||||||||||||||
Income before income taxes | 7,975 | 895 | — | 8,870 | 9,210 | 600 | — | 9,810 | ||||||||||||||||||||||||
Income tax expense | 3,380 | 257 | — | 3,637 | 2,310 | 126 | — | 2,436 | ||||||||||||||||||||||||
Income from continuing operations | 4,595 | 638 | — | 5,233 | 6,900 | 474 | — | 7,374 | ||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | (3,766 | ) | (169 | ) | — | (3,935 | ) | 17 | 102 | — | 119 | |||||||||||||||||||||
Net income | 829 | 469 | — | 1,298 | 6,917 | 576 | — | 7,493 | ||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (11 | ) | — | — | (11 | ) | 99 | — | — | 99 | ||||||||||||||||||||||
Net income attributable to stockholders | $ | 818 | $ | 469 | $ | — | $ | 1,287 | $ | 7,016 | $ | 576 | $ | — | $ | 7,592 | ||||||||||||||||
Net income attributable to common stockholders | $ | 818 | $ | 467 | $ | — | $ | 1,285 | $ | 7,016 | $ | 576 | $ | — | $ | 7,592 | ||||||||||||||||
10
General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
The following table summarizes basic and diluted earnings (loss) per share (in millions, except per share amounts):
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Basic earnings per share | |||||||||||||||
Income from continuing operations(a) | $ | 115 | $ | 2,768 | $ | 5,222 | $ | 7,473 | |||||||
Less: cumulative dividends on GM Financial preferred stock | (2 | ) | — | (2 | ) | — | |||||||||
Income from continuing operations attributable to common stockholders | 113 | 2,768 | 5,220 | 7,473 | |||||||||||
Income (loss) from discontinued operations, net of tax | (3,096 | ) | 5 | (3,935 | ) | 119 | |||||||||
Net income (loss) attributable to common stockholders | $ | (2,983 | ) | $ | 2,773 | $ | 1,285 | $ | 7,592 | ||||||
Weighted-average common shares outstanding | 1,445 | 1,550 | 1,483 | 1,548 | |||||||||||
Basic earnings per common share – continuing operations | $ | 0.08 | $ | 1.79 | $ | 3.52 | $ | 4.83 | |||||||
Basic earnings (loss) per common share – discontinued operations | $ | (2.14 | ) | $ | — | $ | (2.65 | ) | $ | 0.07 | |||||
Basic earnings (loss) per common share | $ | (2.06 | ) | $ | 1.79 | $ | 0.87 | $ | 4.90 | ||||||
Diluted earnings per share | |||||||||||||||
Income from continuing operations attributable to common stockholders – diluted(a) | $ | 113 | $ | 2,768 | $ | 5,220 | $ | 7,472 | |||||||
Income (loss) from discontinued operations, net of tax – diluted | $ | (3,096 | ) | $ | 5 | $ | (3,935 | ) | $ | 119 | |||||
Net income (loss) attributable to common stockholders – diluted | $ | (2,983 | ) | $ | 2,773 | $ | 1,285 | $ | 7,591 | ||||||
Weighted-average common shares outstanding – diluted | 1,472 | 1,574 | 1,507 | 1,578 | |||||||||||
Diluted earnings per common share – continuing operations | $ | 0.08 | $ | 1.76 | $ | 3.46 | $ | 4.73 | |||||||
Diluted earnings (loss) per common share – discontinued operations | $ | (2.11 | ) | $ | — | $ | (2.61 | ) | $ | 0.08 | |||||
Diluted earnings (loss) per common share | $ | (2.03 | ) | $ | 1.76 | $ | 0.85 | $ | 4.81 | ||||||
__________
(a) | Net of Net (income) loss attributable to noncontrolling interests. |
11
General Motors Company and Subsidiaries
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Reclassifications / Eliminations | Combined | Automotive | GM Financial | Reclassifications / Eliminations | Combined | ||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 8,816 | $ | 3,976 | $ | — | $ | 12,792 | $ | 9,759 | $ | 2,815 | $ | — | $ | 12,574 | |||||||||||||||
Marketable securities | 8,454 | — | — | 8,454 | 11,841 | — | — | 11,841 | |||||||||||||||||||||||
Accounts and notes receivable, net(a) | 9,826 | 779 | (592 | ) | 10,013 | 8,568 | 801 | (669 | ) | 8,700 | |||||||||||||||||||||
GM Financial receivables, net(b) | — | 19,779 | (380 | ) | 19,399 | — | 16,474 | (347 | ) | 16,127 | |||||||||||||||||||||
Inventories | 11,789 | — | — | 11,789 | 11,040 | — | — | 11,040 | |||||||||||||||||||||||
Equipment on operating leases, net | 1,632 | — | — | 1,632 | 1,110 | — | — | 1,110 | |||||||||||||||||||||||
Other current assets | 2,006 | 2,903 | — | 4,909 | 1,658 | 1,975 | — | 3,633 | |||||||||||||||||||||||
Current assets held for sale(c)(d) | 49 | 7,581 | — | 7,630 | 4,591 | 6,883 | (296 | ) | 11,178 | ||||||||||||||||||||||
Total current assets | 42,572 | 35,018 | (972 | ) | 76,618 | 48,567 | 28,948 | (1,312 | ) | 76,203 | |||||||||||||||||||||
Non-current Assets | |||||||||||||||||||||||||||||||
GM Financial receivables, net(b) | — | 21,085 | (64 | ) | 21,021 | — | 17,001 | — | 17,001 | ||||||||||||||||||||||
Equity in net assets of nonconsolidated affiliates | 7,701 | 1,119 | — | 8,820 | 8,052 | 944 | — | 8,996 | |||||||||||||||||||||||
Property, net | 34,932 | 246 | — | 35,178 | 32,389 | 214 | — | 32,603 | |||||||||||||||||||||||
Goodwill and intangible assets, net | 4,483 | 1,371 | — | 5,854 | 4,783 | 1,366 | — | 6,149 | |||||||||||||||||||||||
Equipment on operating leases, net | — | 41,775 | — | 41,775 | — | 34,342 | — | 34,342 | |||||||||||||||||||||||
Deferred income taxes | 30,625 | 98 | — | 30,723 | 32,931 | 241 | — | 33,172 | |||||||||||||||||||||||
Other assets | 4,083 | 922 | — | 5,005 | 3,038 | 811 | — | 3,849 | |||||||||||||||||||||||
Non-current assets held for sale | — | 4,508 | — | 4,508 | 5,295 | 4,080 | — | 9,375 | |||||||||||||||||||||||
Total non-current assets | 81,824 | 71,124 | (64 | ) | 152,884 | 86,488 | 58,999 | — | 145,487 | ||||||||||||||||||||||
Total Assets | $ | 124,396 | $ | 106,142 | $ | (1,036 | ) | $ | 229,502 | $ | 135,055 | $ | 87,947 | $ | (1,312 | ) | $ | 221,690 | |||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||||||||
Accounts payable (principally trade)(a) | $ | 23,151 | $ | 706 | $ | (592 | ) | $ | 23,265 | $ | 23,305 | $ | 696 | $ | (668 | ) | $ | 23,333 | |||||||||||||
Short-term debt and current portion of long-term debt | |||||||||||||||||||||||||||||||
Automotive(b) | 1,507 | — | (380 | ) | 1,127 | 1,407 | — | (347 | ) | 1,060 | |||||||||||||||||||||
GM Financial | — | 24,480 | — | 24,480 | — | 22,737 | — | 22,737 | |||||||||||||||||||||||
Accrued liabilities | 23,453 | 3,150 | — | 26,603 | 23,219 | 2,675 | (1 | ) | 25,893 | ||||||||||||||||||||||
Current liabilities held for sale(c) | — | 6,374 | — | 6,374 | 7,092 | 5,362 | (296 | ) | 12,158 | ||||||||||||||||||||||
Total current liabilities | 48,111 | 34,710 | (972 | ) | 81,849 | 55,023 | 31,470 | (1,312 | ) | 85,181 | |||||||||||||||||||||
Non-current Liabilities | |||||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||||
Automotive(b) | 12,572 | — | (64 | ) | 12,508 | 9,500 | — | — | 9,500 | ||||||||||||||||||||||
GM Financial | — | 54,558 | — | 54,558 | — | 41,826 | — | 41,826 | |||||||||||||||||||||||
Postretirement benefits other than pensions | 5,758 | — | — | 5,758 | 5,803 | — | — | 5,803 | |||||||||||||||||||||||
Pensions | 14,116 | 3 | — | 14,119 | 15,261 | 3 | — | 15,264 | |||||||||||||||||||||||
Other liabilities | 11,194 | 1,549 | — | 12,743 | 11,125 | 1,290 | — | 12,415 | |||||||||||||||||||||||
Non-current liabilities held for sale | — | 4,490 | — | 4,490 | 3,295 | 4,331 | — | 7,626 | |||||||||||||||||||||||
Total non-current liabilities | 43,640 | 60,600 | (64 | ) | 104,176 | 44,984 | 47,450 | — | 92,434 | ||||||||||||||||||||||
Total Liabilities | 91,751 | 95,310 | (1,036 | ) | 186,025 | 100,007 | 78,920 | (1,312 | ) | 177,615 | |||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||
Common stock, $0.01 par value | 14 | — | — | 14 | 15 | — | — | 15 | |||||||||||||||||||||||
Preferred stock, $0.01 par value | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Additional paid-in capital(e) | 25,782 | 985 | (985 | ) | 25,782 | 26,982 | 1 | — | 26,983 | ||||||||||||||||||||||
Retained earnings | 13,472 | 10,758 | — | 24,230 | 15,903 | 10,265 | — | 26,168 | |||||||||||||||||||||||
Accumulated other comprehensive loss | (6,872 | ) | (911 | ) | — | (7,783 | ) | (8,091 | ) | (1,239 | ) | — | (9,330 | ) | |||||||||||||||||
Total stockholders’ equity | 32,396 | 10,832 | (985 | ) | 42,243 | 34,809 | 9,027 | — | 43,836 | ||||||||||||||||||||||
Noncontrolling interests(e) | 249 | — | 985 | 1,234 | 239 | — | — | 239 | |||||||||||||||||||||||
Total Equity | 32,645 | 10,832 | — | 43,477 | 35,048 | 9,027 | — | 44,075 | |||||||||||||||||||||||
Total Liabilities and Equity | $ | 124,396 | $ | 106,142 | $ | (1,036 | ) | $ | 229,502 | $ | 135,055 | $ | 87,947 | $ | (1,312 | ) | $ | 221,690 | |||||||||||||
_________
(a) | Eliminations primarily include Automotive accounts receivable of $253 million offset by GM Financial accounts payable, GM Financial accounts receivable of $339 million offset by Automotive accounts payable at September 30, 2017 and Automotive accounts receivable of $322 million offset by GM Financial accounts payable, GM Financial accounts receivable of $347 million offset by Automotive accounts payable at December 31, 2016. |
(b) | Eliminations include GM Financial loan receivable of $444 million and $347 million offset by an Automotive loan payable at September 30, 2017 and December 31, 2016. |
(c) | Eliminations include GM Financial assets held for sale of $217 million primarily related to wholesale and commercial lending receivables offset by Automotive liabilities held for sale at December 31, 2016, Automotive assets held for sale of $79 million primarily trade receivables offset by GM Financial liabilities held for sale at December 31, 2016. |
(d) | Automotive Current assets held for sale to be terminated per the terms of the Master Agreement to sell the European Business. |
(e) | Reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A. The preferred stock is classified as noncontrolling interests in our condensed consolidated balance sheet. |
12
General Motors Company and Subsidiaries
Combining Cash Flow Information
(In millions) (Unaudited)
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Reclassification/Eliminations | Combined | Automotive | GM Financial | Reclassification | Combined | ||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||
Income from continuing operations | $ | 4,595 | $ | 638 | $ | — | $ | 5,233 | $ | 6,900 | $ | 474 | $ | — | $ | 7,374 | |||||||||||||||
Depreciation, amortization and impairment charges | 4,327 | 4,757 | — | 9,084 | 3,835 | 3,290 | — | 7,125 | |||||||||||||||||||||||
Foreign currency remeasurement and transaction (gains) losses | (21 | ) | 9 | — | (12 | ) | 140 | 3 | — | 143 | |||||||||||||||||||||
Undistributed earnings of nonconsolidated affiliates, net | 499 | (129 | ) | — | 370 | 380 | 20 | — | 400 | ||||||||||||||||||||||
Pension contributions and OPEB payments | (1,109 | ) | — | — | (1,109 | ) | (3,097 | ) | — | — | (3,097 | ) | |||||||||||||||||||
Pension and OPEB income, net | (646 | ) | — | — | (646 | ) | (587 | ) | — | — | (587 | ) | |||||||||||||||||||
Provision for deferred taxes | 3,295 | 222 | — | 3,517 | 2,148 | 46 | — | 2,194 | |||||||||||||||||||||||
Change in other operating assets and liabilities(a) | (3,675 | ) | (702 | ) | (1,684 | ) | (6,061 | ) | 68 | (261 | ) | (1,078 | ) | (1,271 | ) | ||||||||||||||||
Net cash provided by operating activities – continuing operations | 7,265 | 4,795 | (1,684 | ) | 10,376 | 9,787 | 3,572 | (1,078 | ) | 12,281 | |||||||||||||||||||||
Net cash provided by operating activities – discontinued operations | 15 | 243 | (194 | ) | 64 | 294 | 286 | (272 | ) | 308 | |||||||||||||||||||||
Net cash provided by operating activities | 7,280 | 5,038 | (1,878 | ) | 10,440 | 10,081 | 3,858 | (1,350 | ) | 12,589 | |||||||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||
Expenditures for property | (6,287 | ) | (66 | ) | — | (6,353 | ) | (6,044 | ) | (58 | ) | — | (6,102 | ) | |||||||||||||||||
Available-for-sale marketable securities, acquisitions | (4,499 | ) | — | — | (4,499 | ) | (8,613 | ) | — | — | (8,613 | ) | |||||||||||||||||||
Trading marketable securities, acquisitions | — | — | — | — | (249 | ) | — | — | (249 | ) | |||||||||||||||||||||
Available-for-sale marketable securities, liquidations | 7,901 | — | — | 7,901 | 8,090 | — | — | 8,090 | |||||||||||||||||||||||
Trading marketable securities, liquidations | — | — | — | — | 846 | — | — | 846 | |||||||||||||||||||||||
Acquisition of companies/investments, net of cash acquired | (5 | ) | — | — | (5 | ) | (802 | ) | — | — | (802 | ) | |||||||||||||||||||
Purchases of finance receivables, net(a) | — | (16,824 | ) | 1,690 | (15,134 | ) | — | (11,467 | ) | 1,078 | (10,389 | ) | |||||||||||||||||||
Principal collections and recoveries on finance receivables | — | 9,410 | (47 | ) | 9,363 | — | 7,368 | — | 7,368 | ||||||||||||||||||||||
Purchases of leased vehicles, net | — | (14,809 | ) | — | (14,809 | ) | — | (14,959 | ) | — | (14,959 | ) | |||||||||||||||||||
Proceeds from termination of leased vehicles | — | 4,649 | — | 4,649 | — | 1,799 | — | 1,799 | |||||||||||||||||||||||
Other investing activities | 97 | 1 | — | 98 | 161 | 39 | — | 200 | |||||||||||||||||||||||
Net cash (used in) investing activities – continuing operations | (2,793 | ) | (17,639 | ) | 1,643 | (18,789 | ) | (6,611 | ) | (17,278 | ) | 1,078 | (22,811 | ) | |||||||||||||||||
Net cash (used in) investing activities – discontinued operations | (3,613 | ) | (468 | ) | 109 | (3,972 | ) | (780 | ) | (680 | ) | 272 | (1,188 | ) | |||||||||||||||||
Net cash (used in) investing activities | (6,406 | ) | (18,107 | ) | 1,752 | (22,761 | ) | (7,391 | ) | (17,958 | ) | 1,350 | (23,999 | ) | |||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||
Net increase (decrease) in short-term debt | (69 | ) | (305 | ) | — | (374 | ) | 12 | (301 | ) | — | (289 | ) | ||||||||||||||||||
Proceeds from issuance of debt (original maturities greater than three months) | 3,691 | 39,357 | — | 43,048 | 2,235 | 28,363 | — | 30,598 | |||||||||||||||||||||||
Payments on debt (original maturities greater than three months) | (754 | ) | (25,280 | ) | — | (26,034 | ) | (424 | ) | (14,870 | ) | — | (15,294 | ) | |||||||||||||||||
Payments to purchase common stock | (2,994 | ) | — | — | (2,994 | ) | (1,501 | ) | — | — | (1,501 | ) | |||||||||||||||||||
Proceeds from issuance of GM Financial preferred stock | — | 985 | — | 985 | — | — | — | — | |||||||||||||||||||||||
Dividends paid | (1,701 | ) | — | — | (1,701 | ) | (1,782 | ) | — | — | (1,782 | ) | |||||||||||||||||||
Other financing activities | (185 | ) | (131 | ) | 45 | (271 | ) | (60 | ) | (112 | ) | — | (172 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities – continuing operations | (2,012 | ) | 14,626 | 45 | 12,659 | (1,520 | ) | 13,080 | — | 11,560 | |||||||||||||||||||||
Net cash provided by (used in) financing activities – discontinued operations | (124 | ) | 63 | 81 | 20 | (15 | ) | 600 | — | 585 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | (2,136 | ) | 14,689 | 126 | 12,679 | (1,535 | ) | 13,680 | — | 12,145 | |||||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 250 | 112 | — | 362 | 30 | 22 | — | 52 | |||||||||||||||||||||||
Net transactions with Automotive/GM Financial | — | — | — | — | (80 | ) | 80 | — | — | ||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (1,012 | ) | 1,732 | — | 720 | 1,105 | (318 | ) | — | 787 | |||||||||||||||||||||
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 | $ | 8,846 | $ | 7,034 | $ | — | $ | 15,880 | $ | 13,495 | $ | 4,624 | $ | — | $ | 18,119 | |||||||||||||||
Cash, cash equivalents and restricted cash – continuing operations at end of period | $ | 8,846 | $ | 6,469 | $ | — | $ | 15,315 | $ | 13,493 | $ | 3,899 | $ | — | $ | 17,392 | |||||||||||||||
Cash, cash equivalents and restricted cash – discontinued operations at end of period | $ | — | $ | 565 | $ | — | $ | 565 | $ | 2 | $ | 725 | $ | — | $ | 727 | |||||||||||||||
_________
(a) | Reclassifications of $1.4 billion and $1.1 billion in the nine months ended September 30, 2017 and 2016 for 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. |
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