Attached files
| file | filename |
|---|---|
| EX-99.1 - EX-99.1 - 2020 Q3 EARNINGS RELEASE - General Motors Co | q32020earnings11052020.htm |
| 8-K - 8-K - General Motors Co | gm-20201105.htm |
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 (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes (EBT)-adjusted for our General Motors Financial Company, Inc. (GM Financial) segment; 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 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 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. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment.
EPS-diluted-adjusted EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted 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 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. When we provide an expected adjusted effective tax rate, we do not provide an expected effective tax rate because the U.S. GAAP measure may include significant adjustments that are difficult to predict.
ROIC-adjusted 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 finance 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 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 operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.
1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles segment profit (loss) to Net income attributable to stockholders under U.S. GAAP (dollars in millions):
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||||||||
| Operating segments | |||||||||||||||||||||||
| GM North America (GMNA) | $ | 4,366 | $ | 3,023 | $ | 6,459 | $ | 7,941 | |||||||||||||||
| GM International (GMI) | 10 | (65) | (811) | (82) | |||||||||||||||||||
| Cruise | (204) | (251) | (627) | (699) | |||||||||||||||||||
| GM Financial(a) | 1,207 | 711 | 1,663 | 1,606 | |||||||||||||||||||
| Total operating segments | 5,379 | 3,418 | 6,684 | 8,766 | |||||||||||||||||||
| Corporate and eliminations(b) | (95) | (452) | (686) | (478) | |||||||||||||||||||
| EBIT-adjusted | 5,284 | 2,966 | 5,998 | 8,288 | |||||||||||||||||||
| Adjustments | |||||||||||||||||||||||
| GMI restructuring(c) | (76) | — | (657) | — | |||||||||||||||||||
| Transformation activities(d) | — | (390) | — | (1,541) | |||||||||||||||||||
| GM Brazil indirect tax recoveries(e) | — | 123 | — | 1,360 | |||||||||||||||||||
| Total adjustments | (76) | (267) | (657) | (181) | |||||||||||||||||||
| Automotive interest income | 51 | 129 | 195 | 333 | |||||||||||||||||||
| Automotive interest expense | (327) | (206) | (823) | (582) | |||||||||||||||||||
| Income tax expense | (887) | (271) | (1,132) | (932) | |||||||||||||||||||
| Net income attributable to stockholders(f) | $ | 4,045 | $ | 2,351 | $ | 3,581 | $ | 6,926 | |||||||||||||||
__________
(a)GM Financial amounts represent EBT-adjusted.
(b)GM's automotive interest income and interest expense, legacy costs from the Opel and Vauxhall businesses and certain other assets in Europe, which are primarily pension costs, corporate expenditures and certain nonsegment-specific revenues and expenses are recorded centrally in Corporate.
(c)These adjustments were 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 adjustments primarily consist of supplier claims in the three months ended September 30, 2020 and dealer restructurings, asset impairments, inventory provisions, employee separation charges and sales allowances in the nine months ended September 30, 2020 in Australia, New Zealand and Thailand.
(d)These adjustments were excluded because of a strategic decision to accelerate our transformation for the future to strengthen our core business, capitalize on the future of personal mobility and drive significant cost efficiencies. The adjustments primarily consist of supplier-related charges, pension curtailment and other charges in the three months ended September 30, 2019 and accelerated depreciation, supplier-related charges and pension curtailment and other charges in the nine months September 30, 2019.
(e)These adjustments were excluded because of the unique events associated with decisions rendered by the Superior Judicial Court of Brazil resulting in retrospective recoveries of indirect taxes.
(f)Net of Net loss attributable to noncontrolling interests.
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 (loss)-adjusted (dollars in millions):
| Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to stockholders | $ | 4,045 | $ | 2,351 | $ | (758) | $ | 2,418 | $ | 294 | $ | 2,157 | $ | (194) | $ | 2,044 | |||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 887 | 271 | (112) | 524 | 357 | 137 | (163) | (611) | |||||||||||||||||||||||||||||||||||||||
| Automotive interest expense | 327 | 206 | 303 | 195 | 193 | 181 | 200 | 185 | |||||||||||||||||||||||||||||||||||||||
| Automotive interest income | (51) | (129) | (61) | (106) | (83) | (98) | (96) | (117) | |||||||||||||||||||||||||||||||||||||||
| Adjustments | |||||||||||||||||||||||||||||||||||||||||||||||
| GMI restructuring(a) | 76 | — | 92 | — | 489 | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Transformation activities(b) | — | 390 | — | 361 | — | 790 | 194 | 1,327 | |||||||||||||||||||||||||||||||||||||||
| GM Brazil indirect tax recoveries(c) | — | (123) | — | (380) | — | (857) | — | — | |||||||||||||||||||||||||||||||||||||||
| FAW-GM divestiture(d) | — | — | — | — | — | — | 164 | — | |||||||||||||||||||||||||||||||||||||||
| Total adjustments | 76 | 267 | 92 | (19) | 489 | (67) | 358 | 1,327 | |||||||||||||||||||||||||||||||||||||||
| EBIT (loss)-adjusted | $ | 5,284 | $ | 2,966 | $ | (536) | $ | 3,012 | $ | 1,250 | $ | 2,310 | $ | 105 | $ | 2,828 | |||||||||||||||||||||||||||||||
________
(a)These adjustments were 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. These adjustments primarily consist of supplier claims in the three months ended September 30, 2020, inventory provisions in the three months ended June 30, 2020 and asset impairments, dealer restructurings, employee separation charges and sales allowances in the three months ended March 31, 2020 in Australia, New Zealand and Thailand.
(b)These adjustments were excluded because of a strategic decision to accelerate our transformation for the future to strengthen our core business, capitalize on the future of personal mobility and drive significant cost efficiencies. The adjustments primarily consist of supplier-related charges and pension curtailment and other charges in the three months ended September 30, 2019, supplier-related charges and accelerated depreciation in the three months ended June 30, 2019, accelerated depreciation in the three months ended March 31, 2019, accelerated depreciation and employee separation charges in the three months ended December 31, 2019 and employee separation charges and accelerated depreciation in the three months ended December 31, 2018.
(c)These adjustments were excluded because of the unique events associated with decisions rendered by the Superior Judicial Court of Brazil resulting in retrospective recoveries of indirect taxes.
(d)This adjustment was excluded because we divested our joint venture FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM), as a result of a strategic decision by both shareholders, allowing us to focus our resources on opportunities expected to deliver higher returns.
The following table reconciles diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted (dollars in millions, except per share amounts):
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
| Amount | Per Share | Amount | Per Share | Amount | Per Share | Amount | Per Share | ||||||||||||||||||||||||||||||||||||||||
| Diluted earnings per common share | $ | 4,005 | $ | 2.78 | $ | 2,313 | $ | 1.60 | $ | 3,446 | $ | 2.40 | $ | 6,813 | $ | 4.74 | |||||||||||||||||||||||||||||||
| Adjustments(a) | 76 | 0.05 | 267 | 0.18 | 657 | 0.46 | 181 | 0.12 | |||||||||||||||||||||||||||||||||||||||
| Tax effect on adjustment(b) | (14) | — | (93) | (0.06) | (82) | (0.06) | (134) | (0.09) | |||||||||||||||||||||||||||||||||||||||
| Tax adjustment(c) | — | — | — | — | 236 | 0.16 | — | — | |||||||||||||||||||||||||||||||||||||||
| EPS-diluted-adjusted | $ | 4,067 | $ | 2.83 | $ | 2,487 | $ | 1.72 | $ | 4,257 | $ | 2.96 | $ | 6,860 | $ | 4.77 | |||||||||||||||||||||||||||||||
________
(a)Refer to the reconciliation of segment profit (loss) to Net income attributable to stockholders under U.S. GAAP for adjustment details.
(b)The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
(c)This adjustment consists of tax expense related to the establishment of a valuation allowance against deferred tax assets in Australia and New Zealand. This adjustment was excluded because significant impacts of valuation allowances are not considered part of our core operations.
3
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
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, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 | $ | 4,905 | $ | 887 | 18.1 | % | $ | 2,582 | $ | 271 | 10.5 | % | $ | 4,656 | $ | 1,132 | 24.3 | % | $ | 7,791 | $ | 932 | 12.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Adjustments(a) | 76 | 14 | 268 | 93 | 657 | 82 | 185 | 134 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax adjustment(b) | — | — | (236) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ETR-adjusted | $ | 4,981 | $ | 901 | 18.1 | % | $ | 2,850 | $ | 364 | 12.8 | % | $ | 5,313 | $ | 978 | 18.4 | % | $ | 7,976 | $ | 1,066 | 13.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
________
(a)Refer to the reconciliation of segment profit (loss) to Net income attributable to stockholders under U.S. GAAP for adjustment details. Net income attributable to noncontrolling interests included for these adjustments is insignificant in the three and nine months ended September 30, 2019. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
(b)Refer to the reconciliation of diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted within the previous section for adjustment details.
We define return on equity (ROE) as Net income (loss) 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, 2020 | September 30, 2019 | ||||||||||
| Net income (loss) attributable to stockholders | $ | 3.4 | $ | 9.0 | |||||||
| Average equity(a) | $ | 42.5 | $ | 42.8 | |||||||
| ROE | 8.0 | % | 20.9 | % | |||||||
________
(a)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income (loss) attributable to stockholders.
The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
| Four Quarters Ended | |||||||||||
| September 30, 2020 | September 30, 2019 | ||||||||||
| EBIT (loss)-adjusted(a) | $ | 6.1 | $ | 11.1 | |||||||
| Average equity(b) | $ | 42.5 | $ | 42.8 | |||||||
| Add: Average automotive debt and interest liabilities (excluding finance leases) | 27.0 | 14.8 | |||||||||
| Add: Average automotive net pension & OPEB liability | 17.4 | 16.5 | |||||||||
| Less: Average automotive and other net income tax asset | (24.1) | (23.3) | |||||||||
| ROIC-adjusted average net assets | $ | 62.8 | $ | 50.8 | |||||||
| ROIC-adjusted | 9.7 | % | 21.9 | % | |||||||
________
(a)Refer to the reconciliation of Net income (loss) attributable to stockholders under U.S. GAAP to EBIT (loss)-adjusted.
(b)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT (loss)-adjusted.
4
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table reconciles Net automotive cash provided by operating activities under U.S. GAAP to adjusted automotive free cash flow (dollars in millions):
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||||||||
| Net automotive cash provided by operating activities | $ | 9,935 | $ | 5,017 | $ | 2,276 | $ | 6,623 | |||||||||||||||
| Less: Capital expenditures | (980) | (1,351) | (3,292) | (4,779) | |||||||||||||||||||
| Add: GMI restructuring | 167 | — | 251 | 9 | |||||||||||||||||||
Add: Transformation activities | — | 158 | — | 645 | |||||||||||||||||||
| Less: GM Brazil indirect tax recoveries | — | (60) | (58) | (76) | |||||||||||||||||||
| Adjusted automotive free cash flow | $ | 9,122 | $ | 3,764 | $ | (823) | $ | 2,422 | |||||||||||||||
The following tables summarize key financial information by segment (dollars in millions):
| GMNA | GMI | Corporate | Eliminations | Total Automotive | Cruise | GM Financial | Reclassifications/Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net sales and revenue | $ | 29,128 | $ | 2,735 | $ | 203 | $ | 32,066 | $ | 26 | $ | 3,421 | $ | (33) | $ | 35,480 | |||||||||||||||||||||||||||||||||||||
| Expenditures for property | $ | 841 | $ | 138 | $ | 1 | $ | — | $ | 980 | $ | 4 | $ | 8 | $ | — | $ | 992 | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 1,182 | $ | 146 | $ | 5 | $ | — | $ | 1,333 | $ | 11 | $ | 1,814 | $ | — | $ | 3,158 | |||||||||||||||||||||||||||||||||||
| Impairment charges | $ | — | $ | 4 | $ | — | $ | — | $ | 4 | $ | — | $ | — | $ | — | $ | 4 | |||||||||||||||||||||||||||||||||||
| Equity income(a) | $ | 4 | $ | 259 | $ | — | $ | — | $ | 263 | $ | — | $ | 46 | $ | — | $ | 309 | |||||||||||||||||||||||||||||||||||
| GMNA | GMI | Corporate | Eliminations | Total Automotive | Cruise | GM Financial | Reclassifications/Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net sales and revenue | $ | 27,971 | $ | 3,794 | $ | 52 | $ | 31,817 | $ | 25 | $ | 3,659 | $ | (28) | $ | 35,473 | |||||||||||||||||||||||||||||||||||||
| Expenditures for property | $ | 1,122 | $ | 229 | $ | — | $ | — | $ | 1,351 | $ | 16 | $ | 9 | $ | — | $ | 1,376 | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 1,325 | $ | 133 | $ | 11 | $ | — | $ | 1,469 | $ | 7 | $ | 1,832 | $ | — | $ | 3,308 | |||||||||||||||||||||||||||||||||||
| Impairment charges | $ | — | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | |||||||||||||||||||||||||||||||||||
| Equity income (loss)(a) | $ | 3 | $ | 279 | $ | (6) | $ | — | $ | 276 | $ | — | $ | 39 | $ | — | $ | 315 | |||||||||||||||||||||||||||||||||||
| GMNA | GMI | Corporate | Eliminations | Total Automotive | Cruise | GM Financial | Reclassifications/Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net sales and revenue | $ | 66,563 | $ | 7,692 | $ | 321 | $ | 74,576 | $ | 79 | $ | 10,405 | $ | (93) | $ | 84,967 | |||||||||||||||||||||||||||||||||||||
| Expenditures for property | $ | 2,703 | $ | 574 | $ | 15 | $ | — | $ | 3,292 | $ | 10 | $ | 26 | $ | — | $ | 3,328 | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 3,536 | $ | 461 | $ | 20 | $ | — | $ | 4,017 | $ | 30 | $ | 5,567 | $ | — | $ | 9,614 | |||||||||||||||||||||||||||||||||||
| Impairment charges | $ | 20 | $ | 101 | $ | — | $ | — | $ | 121 | $ | — | $ | — | $ | — | $ | 121 | |||||||||||||||||||||||||||||||||||
| Equity income(a) | $ | 15 | $ | 261 | $ | — | $ | — | $ | 276 | $ | — | $ | 113 | $ | — | $ | 389 | |||||||||||||||||||||||||||||||||||
| GMNA | GMI | Corporate | Eliminations | Total Automotive | Cruise | GM Financial | Reclassifications/Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net sales and revenue | $ | 83,660 | $ | 11,691 | $ | 152 | $ | 95,503 | $ | 75 | $ | 10,918 | $ | (85) | $ | 106,411 | |||||||||||||||||||||||||||||||||||||
| Expenditures for property | $ | 4,091 | $ | 687 | $ | 1 | $ | — | $ | 4,779 | $ | 39 | $ | 34 | $ | — | $ | 4,852 | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 4,803 | $ | 379 | $ | 36 | $ | — | $ | 5,218 | $ | 16 | $ | 5,579 | $ | — | $ | 10,813 | |||||||||||||||||||||||||||||||||||
| Impairment charges | $ | 15 | $ | 4 | $ | — | $ | — | $ | 19 | $ | — | $ | — | $ | — | $ | 19 | |||||||||||||||||||||||||||||||||||
| Equity income (loss)(a) | $ | 7 | $ | 886 | $ | (19) | $ | — | $ | 874 | $ | — | $ | 126 | $ | — | $ | 1,000 | |||||||||||||||||||||||||||||||||||
________
(a)Includes Automotive China equity income of $262 million and $282 million in the three months ended September 30, 2020 and 2019 and $264 million and $893 million in the nine months ended September 30, 2020 and 2019.
5
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Vehicle Sales
GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and our market share. Cuba, Iran, North Korea, Sudan and Syria are subject to broad economic sanctions. Accordingly these countries are excluded from industry sales data and the corresponding calculation of GM's market share.
Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. Government and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the nine months ended September 30, 2020, 30.0% of our wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by automotive segment (vehicles in thousands):
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||||||||
| GMNA | 799 | 801 | 1,905 | 2,530 | |||||||||||||||||||
| GMI | 166 | 232 | 447 | 727 | |||||||||||||||||||
| Total | 965 | 1,033 | 2,352 | 3,257 | |||||||||||||||||||
6
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales, such as sales to large and small businesses, governments, and daily rental car companies; and (3) vehicles used by dealers in their businesses, including courtesy transportation vehicles. Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest 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, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by GM's dealers, distributors, and joint ventures, commercially available data sources such as registration and insurance data, and internal estimates and forecasts when other data is not available.
The following table summarizes total vehicle sales by geographic region (vehicles in thousands):
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||||||||
| United States | |||||||||||||||||||||||
| Chevrolet – Cars | 55 | 75 | 152 | 265 | |||||||||||||||||||
| Chevrolet – Trucks | 221 | 249 | 607 | 695 | |||||||||||||||||||
| Chevrolet – Crossovers | 174 | 183 | 458 | 500 | |||||||||||||||||||
| Cadillac | 33 | 40 | 87 | 116 | |||||||||||||||||||
| Buick | 49 | 51 | 119 | 158 | |||||||||||||||||||
| GMC | 133 | 141 | 353 | 417 | |||||||||||||||||||
| Total United States | 665 | 739 | 1,776 | 2,151 | |||||||||||||||||||
| Canada, Mexico and Other | 100 | 124 | 273 | 363 | |||||||||||||||||||
| Total North America | 765 | 863 | 2,049 | 2,514 | |||||||||||||||||||
| Asia/Pacific, Middle East and Africa | |||||||||||||||||||||||
| Chevrolet | 200 | 209 | 567 | 653 | |||||||||||||||||||
| Wuling | 278 | 225 | 725 | 742 | |||||||||||||||||||
| Buick | 252 | 200 | 595 | 623 | |||||||||||||||||||
| Baojun | 100 | 123 | 276 | 428 | |||||||||||||||||||
| Cadillac | 67 | 53 | 155 | 167 | |||||||||||||||||||
| Other | 8 | 18 | 37 | 61 | |||||||||||||||||||
| Total Asia/Pacific, Middle East and Africa | 905 | 828 | 2,355 | 2,674 | |||||||||||||||||||
| South America(a) | 123 | 176 | 312 | 493 | |||||||||||||||||||
| Total in GM markets | 1,793 | 1,867 | 4,716 | 5,681 | |||||||||||||||||||
| Total Europe | — | 1 | — | 3 | |||||||||||||||||||
| Total Worldwide | 1,793 | 1,868 | 4,716 | 5,684 | |||||||||||||||||||
_______
(a)Primarily Chevrolet.
The vehicle sales at GM's China joint ventures presented in the following table are included in the preceding vehicle sales table (vehicles in thousands):
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||||||||
| SAIC General Motors Sales Co., Ltd. | 395 | 348 | 952 | 1,102 | |||||||||||||||||||
| SAIC GM Wuling Automobile Co., Ltd. | 376 | 342 | 995 | 1,155 | |||||||||||||||||||
7
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||||||||
| Market Share | |||||||||||||||||||||||
| United States – Cars | 7.0 | % | 7.3 | % | 7.0 | % | 8.6 | % | |||||||||||||||
| United States – Trucks | 29.8 | % | 30.7 | % | 30.1 | % | 29.8 | % | |||||||||||||||
| United States – Crossovers | 13.8 | % | 13.9 | % | 13.9 | % | 13.8 | % | |||||||||||||||
| Total United States | 16.6 | % | 16.6 | % | 16.7 | % | 16.4 | % | |||||||||||||||
| Total North America | 15.9 | % | 16.0 | % | 16.2 | % | 15.8 | % | |||||||||||||||
| Total Asia/Pacific, Middle East and Africa | 8.1 | % | 7.6 | % | 8.0 | % | 7.7 | % | |||||||||||||||
| Total South America | 14.3 | % | 15.5 | % | 14.8 | % | 15.4 | % | |||||||||||||||
| Total GM Market | 10.6 | % | 10.7 | % | 10.7 | % | 10.6 | % | |||||||||||||||
| Total Worldwide | 8.5 | % | 8.5 | % | 8.6 | % | 8.4 | % | |||||||||||||||
| United States fleet sales as a percentage of retail vehicle sales | 12.2 | % | 19.5 | % | 17.5 | % | 22.5 | % | |||||||||||||||
| North America capacity two-shift utilization | 112.3 | % | 94.0 | % | 85.1 | % | 99.5 | % | |||||||||||||||
8
General Motors Company and Subsidiaries
Combining Income Statement Information
(In millions) (Unaudited)
| Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Automotive | Cruise | GM Financial | Reclassifications/Eliminations | Combined | Automotive | Cruise | GM Financial | Reclassifications/Eliminations | Combined | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net sales and revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Automotive | $ | 32,066 | $ | 26 | $ | — | $ | (25) | $ | 32,067 | $ | 31,817 | $ | 25 | $ | — | $ | (25) | $ | 31,817 | |||||||||||||||||||||||||||||||||||||||
| GM Financial | — | — | 3,421 | (8) | 3,413 | — | — | 3,659 | (3) | 3,656 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total net sales and revenue | 32,066 | 26 | 3,421 | (33) | 35,480 | 31,817 | 25 | 3,659 | (28) | 35,473 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Automotive and other cost of sales | 26,980 | 190 | — | (1) | 27,169 | 27,919 | 256 | — | (1) | 28,174 | |||||||||||||||||||||||||||||||||||||||||||||||||
| GM Financial interest, operating and other expenses | — | — | 2,260 | (1) | 2,259 | — | — | 2,987 | — | 2,987 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Automotive and other selling, general and administrative expense | 1,565 | 63 | — | — | 1,628 | 1,969 | 39 | — | — | 2,008 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total costs and expenses | 28,545 | 253 | 2,260 | (2) | 31,056 | 29,888 | 295 | 2,987 | (1) | 33,169 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | 3,521 | (227) | 1,161 | (31) | 4,424 | 1,929 | (270) | 672 | (27) | 2,304 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Automotive interest expense | 333 | — | — | (6) | 327 | 209 | — | — | (3) | 206 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income and other non-operating income, net | 471 | 6 | — | 22 | 499 | 128 | 16 | — | 25 | 169 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Equity income | 263 | — | 46 | — | 309 | 276 | — | 39 | — | 315 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 3,922 | $ | (221) | $ | 1,207 | $ | (3) | 4,905 | $ | 2,124 | $ | (254) | $ | 711 | $ | 1 | 2,582 | |||||||||||||||||||||||||||||||||||||||||
| Income tax expense | 887 | 271 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | 4,018 | 2,311 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests | 27 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to stockholders | $ | 4,045 | $ | 2,351 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 4,005 | $ | 2,313 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Automotive | Cruise | GM Financial | Reclassifications/Eliminations | Combined | Automotive | Cruise | GM Financial | Reclassifications/Eliminations | Combined | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net sales and revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Automotive | $ | 74,576 | $ | 79 | $ | (75) | $ | 74,580 | $ | 95,503 | $ | 75 | $ | — | $ | (75) | $ | 95,503 | |||||||||||||||||||||||||||||||||||||||||
| GM Financial | — | — | 10,405 | (18) | 10,387 | — | — | 10,918 | (10) | 10,908 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total net sales and revenue | 74,576 | 79 | 10,405 | (93) | 84,967 | 95,503 | 75 | 10,918 | (85) | 106,411 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Automotive and other cost of sales | 66,779 | 561 | — | (1) | 67,339 | 83,990 | 743 | — | (3) | 84,730 | |||||||||||||||||||||||||||||||||||||||||||||||||
| GM Financial interest, operating and other expenses | — | — | 8,855 | (2) | 8,853 | — | — | 9,438 | (1) | 9,437 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Automotive and other selling, general and administrative expense | 4,718 | 190 | — | — | 4,908 | 6,104 | 105 | — | — | 6,209 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total costs and expenses | 71,497 | 751 | 8,855 | (3) | 81,100 | 90,094 | 848 | 9,438 | (4) | 100,376 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | 3,079 | (672) | 1,550 | (90) | 3,867 | 5,409 | (773) | 1,480 | (81) | 6,035 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Automotive interest expense | 838 | — | — | (15) | 823 | 588 | — | — | (6) | 582 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income and other non-operating income, net | 1,131 | 8 | — | 84 | 1,223 | 1,216 | 61 | — | 61 | 1,338 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Equity income | 276 | — | 113 | — | 389 | 874 | — | 126 | — | 1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 3,648 | $ | (664) | $ | 1,663 | $ | 9 | 4,656 | $ | 6,911 | $ | (712) | $ | 1,606 | $ | (14) | 7,791 | |||||||||||||||||||||||||||||||||||||||||
| Income tax expense | 1,132 | 932 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | 3,524 | 6,859 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests | 57 | 67 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to stockholders | $ | 3,581 | $ | 6,926 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 3,446 | $ | 6,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9
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 | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||||||||
| Basic earnings per share | |||||||||||||||||||||||
| Net income attributable to stockholders | $ | 4,045 | $ | 2,351 | $ | 3,581 | $ | 6,926 | |||||||||||||||
| Less: cumulative dividends on subsidiary preferred stock | (40) | (38) | (135) | (113) | |||||||||||||||||||
| Net income attributable to common stockholders | $ | 4,005 | $ | 2,313 | $ | 3,446 | $ | 6,813 | |||||||||||||||
| Weighted-average common shares outstanding | 1,432 | 1,428 | 1,432 | 1,422 | |||||||||||||||||||
| Basic earnings per common share | $ | 2.80 | $ | 1.62 | $ | 2.41 | $ | 4.79 | |||||||||||||||
| Diluted earnings per share | |||||||||||||||||||||||
| Net income attributable to common stockholders – diluted | $ | 4,005 | $ | 2,313 | $ | 3,446 | $ | 6,813 | |||||||||||||||
| Weighted-average common shares outstanding – diluted | 1,439 | 1,442 | 1,439 | 1,439 | |||||||||||||||||||
| Diluted earnings per common share | $ | 2.78 | $ | 1.60 | $ | 2.40 | $ | 4.74 | |||||||||||||||
| Potentially dilutive securities(a) | 31 | 7 | 31 | 7 | |||||||||||||||||||
__________
(a)Potentially dilutive securities attributable to outstanding stock options and Restricted Stock Units were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect.
10
General Motors Company and Subsidiaries
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)(a)
| September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Automotive | Cruise | GM Financial | Reclassifications/Eliminations | Combined | Automotive | Cruise | GM Financial | Reclassifications/Eliminations | Combined | ||||||||||||||||||||||||||||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 21,694 | $ | 539 | $ | 4,705 | $ | — | $ | 26,939 | $ | 13,409 | $ | 2,349 | $ | 3,311 | $ | — | $ | 19,069 | |||||||||||||||||||||||||||||||||||||||
| Marketable debt securities | 8,527 | 1,462 | — | (26) | 9,962 | 3,908 | 320 | — | (54) | 4,174 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts and notes receivable, net(b) | 9,624 | 3 | 1,139 | (828) | 9,939 | 6,614 | 2 | 1,004 | (823) | 6,797 | |||||||||||||||||||||||||||||||||||||||||||||||||
| GM Financial receivables, net(c) | — | — | 24,962 | (400) | 24,562 | — | — | 27,101 | (500) | 26,601 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | 10,934 | 2 | — | (1) | 10,934 | 10,398 | — | — | — | 10,398 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other current assets | 1,791 | 27 | 5,026 | (3) | 6,841 | 2,517 | 16 | 5,424 | (4) | 7,953 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total current assets | 52,571 | 2,032 | 35,832 | (1,259) | 89,177 | 36,846 | 2,687 | 36,841 | (1,383) | 74,992 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Non-current Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GM Financial receivables, net(c) | — | — | 30,191 | — | 30,191 | — | — | 26,372 | (17) | 26,355 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Equity in net assets of nonconsolidated affiliates | 6,561 | — | 1,485 | — | 8,046 | 7,107 | — | 1,455 | — | 8,562 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Property, net | 36,666 | 130 | 193 | — | 36,989 | 38,374 | 150 | 226 | — | 38,750 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and intangible assets, net | 3,184 | 724 | 1,337 | — | 5,245 | 3,348 | 634 | 1,355 | — | 5,337 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Equipment on operating leases, net | — | — | 39,358 | — | 39,358 | — | — | 42,055 | — | 42,055 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred income taxes | 23,660 | 537 | (227) | — | 23,970 | 24,582 | 345 | (287) | — | 24,640 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other assets | 5,598 | 392 | 757 | (53) | 6,695 | 6,123 | 413 | 863 | (53) | 7,346 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total non-current assets | 75,670 | 1,783 | 73,094 | (53) | 150,494 | 79,533 | 1,542 | 72,040 | (70) | 153,045 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 128,241 | $ | 3,815 | $ | 108,926 | $ | (1,311) | $ | 239,671 | $ | 116,380 | $ | 4,230 | $ | 108,881 | $ | (1,454) | $ | 228,037 | |||||||||||||||||||||||||||||||||||||||
| LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable (principally trade)(b) | $ | 20,878 | $ | 65 | $ | 804 | $ | (832) | $ | 20,914 | $ | 21,101 | $ | 109 | $ | 644 | $ | (836) | $ | 21,018 | |||||||||||||||||||||||||||||||||||||||
| Short-term debt and current portion of long-term debt | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Automotive (c) | 2,671 | — | — | (400) | 2,271 | 2,397 | — | — | (500) | 1,897 | |||||||||||||||||||||||||||||||||||||||||||||||||
| GM Financial | — | — | 33,502 | — | 33,502 | — | — | 35,503 | — | 35,503 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued liabilities | 19,304 | 162 | 4,453 | (4) | 23,916 | 22,493 | 82 | 3,916 | (4) | 26,487 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total current liabilities | 42,853 | 228 | 38,759 | (1,237) | 80,603 | 45,990 | 192 | 40,064 | (1,341) | 84,905 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Non-current Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-term debt | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Automotive | 26,473 | — | — | — | 26,473 | 12,507 | — | — | (18) | 12,489 | |||||||||||||||||||||||||||||||||||||||||||||||||
| GM Financial | — | — | 55,320 | — | 55,320 | — | — | 53,435 | — | 53,435 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Postretirement benefits other than pensions | 5,746 | — | — | — | 5,746 | 5,935 | — | — | — | 5,935 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Pensions | 11,093 | — | 4 | — | 11,097 | 12,166 | — | 4 | — | 12,170 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 10,143 | 524 | 1,809 | (53) | 12,424 | 10,518 | 505 | 2,176 | (53) | 13,146 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total non-current liabilities | 53,455 | 524 | 57,133 | (53) | 111,060 | 41,126 | 505 | 55,615 | (71) | 97,175 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | 96,308 | 752 | 95,892 | (1,290) | 191,663 | 87,114 | 697 | 95,679 | (1,410) | 182,080 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock, $0.01 par value | 14 | — | — | — | 14 | 14 | — | — | — | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred stock, $0.01 par value | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Additional paid-in capital(d) | 26,160 | 70 | 1,730 | (1,813) | 26,148 | 26,095 | 50 | 1,283 | (1,354) | 26,074 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Retained earnings | 15,215 | 1,085 | 12,843 | (9) | 29,134 | 12,303 | 1,566 | 13,013 | (22) | 26,860 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated other comprehensive loss | (10,416) | — | (1,539) | — | (11,955) | (10,062) | — | (1,094) | — | (11,156) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total stockholders’ equity | 30,973 | 1,155 | 13,034 | (1,822) | 43,341 | 28,348 | 1,617 | 13,202 | (1,376) | 41,792 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling interests(d) | 960 | 1,908 | — | 1,799 | 4,667 | 918 | 1,916 | — | 1,331 | 4,165 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | 31,933 | 3,063 | 13,034 | (22) | 48,008 | 29,266 | 3,533 | 13,202 | (43) | 45,957 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities and Equity | $ | 128,241 | $ | 3,815 | $ | 108,926 | $ | (1,311) | $ | 239,671 | $ | 116,380 | $ | 4,230 | $ | 108,881 | $ | (1,454) | $ | 228,037 | |||||||||||||||||||||||||||||||||||||||
_________
(a)Amounts may not sum due to rounding.
(b)Eliminations primarily include GM Financial accounts receivable of $567 million offset by Automotive accounts payable and Automotive accounts receivable of $235 million offset by GM Financial accounts payable at September 30, 2020 and GM Financial accounts receivable of $678 million offset by Automotive accounts payable and Automotive accounts receivable of $78 million offset by GM Financial accounts payable at December 31, 2019.
(c)Eliminations include GM Financial loan receivable of $400 million and $517 million offset by an Automotive loan payable at September 30, 2020 and December 31, 2019.
(d)Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B and C. The preferred stock is classified as noncontrolling interests in our condensed consolidated balance sheet.
11
General Motors Company and Subsidiaries
Combining Cash Flow Information
(In millions) (Unaudited)(a)
| Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Automotive | Cruise | GM Financial | Reclassifications/Eliminations | Combined | Automotive | Cruise | GM Financial | Reclassifications/Eliminations | Combined | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash flows from operating activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 2,744 | $ | (472) | $ | 1,244 | $ | 9 | $ | 3,524 | $ | 6,192 | $ | (519) | $ | 1,201 | $ | (15) | $ | 6,859 | |||||||||||||||||||||||||||||||||||||||
| Depreciation and impairment of Equipment on operating leases, net | 3 | — | 5,515 | — | 5,518 | 48 | — | 5,525 | — | 5,573 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation, amortization and impairment charges on Property, net | 4,135 | 30 | 53 | — | 4,217 | 5,189 | 16 | 54 | — | 5,259 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency remeasurement and transaction gains | 52 | — | (2) | — | 50 | (164) | — | (6) | — | (170) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Undistributed earnings of nonconsolidated affiliates, net | 250 | — | (113) | — | 137 | 370 | — | (126) | — | 243 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Pension contributions and OPEB payments | (610) | — | — | — | (610) | (789) | — | — | — | (789) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Pension and OPEB income, net | (754) | — | 1 | — | (754) | (352) | — | 1 | — | (351) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Provision (benefit) for deferred taxes | 678 | (192) | 214 | — | 700 | 95 | (193) | 332 | — | 234 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Change in other operating assets and liabilities(b)(c)(d) | (4,221) | 66 | (912) | 2,263 | (2,805) | (3,964) | 134 | (676) | (802) | (5,310) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net cash provided by (used in) operating activities | 2,276 | (569) | 5,998 | 2,272 | 9,977 | 6,623 | (562) | 6,304 | (817) | 11,548 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Cash flows from investing activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expenditures for property | (3,292) | (10) | (26) | — | (3,328) | (4,779) | (39) | (34) | — | (4,852) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Available-for-sale marketable securities, acquisitions | (9,269) | (2,921) | — | — | (12,190) | (2,077) | (1,053) | — | — | (3,130) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Available-for-sale marketable securities, liquidations | 5,260 | 1,776 | — | (18) | 7,018 | 2,112 | 514 | — | (39) | 2,587 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Purchases of finance receivables, net(b)(c) | — | — | (22,419) | 125 | (22,294) | — | — | (20,466) | 1,438 | (19,027) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Principal collections and recoveries on finance receivables(b)(c) | — | — | 17,932 | (3,310) | 14,622 | — | — | 17,733 | (645) | 17,088 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Purchases of leased vehicles, net | — | — | (10,468) | — | (10,468) | — | — | (12,488) | — | (12,488) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Proceeds from termination of leased vehicles | — | — | 9,937 | — | 9,937 | — | — | 9,982 | — | 9,983 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other investing activities(e) | 27 | (71) | 3 | (75) | (116) | (538) | — | (3) | 689 | 148 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net cash used in investing activities | (7,273) | (1,227) | (5,040) | (3,278) | (16,819) | (5,283) | (578) | (5,275) | 1,443 | (9,691) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Cash flows from financing activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in short-term debt | (2) | — | 579 | 3 | 580 | 729 | — | 27 | — | 756 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Proceeds from issuance of debt (original maturities greater than three months) | 21,246 | — | 43,685 | — | 64,931 | 1,159 | — | 26,676 | — | 27,835 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Payments on debt (original maturities greater than three months) | (6,704) | — | (44,100) | 145 | (50,659) | (447) | — | (28,985) | — | (29,432) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Proceeds from issuance of preferred stock(e) | — | — | 492 | — | 492 | — | 1,150 | — | (687) | 463 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends paid(d) | (547) | (16) | (890) | 800 | (653) | (1,656) | (47) | (91) | 2 | (1,792) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other financing activities | (457) | 3 | (135) | 55 | (532) | (127) | (3) | (102) | 56 | (175) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net cash provided by (used in) financing activities | 13,537 | (14) | (370) | 1,005 | 14,159 | (344) | 1,100 | (2,475) | (628) | (2,345) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (265) | — | (140) | — | (404) | (88) | — | (20) | — | (109) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 8,273 | (1,809) | 448 | — | 6,913 | 909 | (39) | (1,466) | — | (597) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 13,487 | 2,355 | 7,102 | — | 22,943 | 13,762 | 2,291 | 7,443 | — | 23,496 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 21,760 | $ | 545 | $ | 7,551 | $ | — | $ | 29,856 | $ | 14,670 | $ | 2,251 | $ | 5,978 | $ | — | $ | 22,899 | |||||||||||||||||||||||||||||||||||||||
_________
(a)Amounts may not sum due to rounding.
(b)Includes reclassifications of $2.9 billion and $732 million in the nine months ended September 30, 2020 and 2019 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.
(c)Eliminations include $125 million and $706 million in Purchases of finance receivables, net in the nine months ended September 30, 2020 and 2019; and $372 million and $645 million in Principal collections and recoveries on finance receivables in the nine months ended September 30, 2020 and 2019 primarily related to the re-timing of cash receipts and payments between Automotive and GM Financial.
(d)Eliminations include dividends issued by GM Financial to Automotive.
(e)Eliminations include $689 million in the nine months ended September 30, 2019 primarily for Automotive cash injections in Cruise, inclusive of our investments of $687 million in Cruise Preferred Shares.
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