þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
STATE OF DELAWARE | 27-0756180 |
(State or other jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
300 Renaissance Center, Detroit, Michigan | 48265-3000 |
(Address of Principal Executive Offices) | (Zip Code) |
Page | |||
Item 1. | |||
Note 1. | |||
Note 2. | |||
Note 3. | |||
Note 4. | |||
Note 5. | |||
Note 6. | |||
Note 7. | |||
Note 8. | |||
Note 9. | |||
Note 10. | |||
Note 11. | |||
Note 12. | |||
Note 13. | |||
Note 14. | |||
Note 15. | |||
Note 16. | |||
Note 17. | |||
Note 18. | |||
Note 19. | |||
Note 20. | |||
Note 21. | |||
Note 22. | |||
Note 23. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 1. | |||
Item 1A. | |||
Item 6. | |||
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Net sales and revenue | |||||||
Automotive sales and revenue | $ | 37,328 | $ | 35,899 | |||
GM Financial revenue | 431 | 295 | |||||
Total net sales and revenue | 37,759 | 36,194 | |||||
Costs and expenses | |||||||
Automotive cost of sales | 32,910 | 31,685 | |||||
GM Financial operating and other expenses | 248 | 165 | |||||
Automotive selling, general and administrative expense | 2,973 | 2,994 | |||||
Other automotive expenses, net | 15 | 6 | |||||
Goodwill impairment charges | 617 | 395 | |||||
Total costs and expenses | 36,763 | 35,245 | |||||
Operating income | 996 | 949 | |||||
Automotive interest expense | 110 | 149 | |||||
Interest income and other non-operating income, net | 275 | 604 | |||||
Loss on extinguishment of debt | 18 | — | |||||
Income before income taxes and equity income | 1,143 | 1,404 | |||||
Income tax expense | 216 | 137 | |||||
Equity income, net of tax and gain on disposal of investments | 423 | 2,144 | |||||
Net income | 1,350 | 3,411 | |||||
Net income attributable to noncontrolling interests | (35 | ) | (45 | ) | |||
Net income attributable to stockholders | $ | 1,315 | $ | 3,366 | |||
Net income attributable to common stockholders | $ | 1,004 | $ | 3,151 | |||
Earnings per share | |||||||
Basic | |||||||
Basic earnings per common share | $ | 0.64 | $ | 2.09 | |||
Weighted-average common shares outstanding | 1,572 | 1,504 | |||||
Diluted | |||||||
Diluted earnings per common share | $ | 0.60 | $ | 1.77 | |||
Weighted-average common shares outstanding | 1,692 | 1,817 |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Net income | $ | 1,350 | $ | 3,411 | |||
Other comprehensive income, net of tax | |||||||
Foreign currency translation adjustments | 63 | 37 | |||||
Cash flow hedging gains, net | — | 23 | |||||
Unrealized loss on securities | (4 | ) | — | ||||
Defined benefit plans, net | 43 | 201 | |||||
Other comprehensive income, net of tax | 102 | 261 | |||||
Comprehensive income | 1,452 | 3,672 | |||||
Less: comprehensive income attributable to noncontrolling interests | (44 | ) | (56 | ) | |||
Comprehensive income attributable to stockholders | $ | 1,408 | $ | 3,616 |
March 31, 2012 | December 31, 2011 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 17,378 | $ | 16,071 | |||
Marketable securities | 14,686 | 16,148 | |||||
Restricted cash and marketable securities | 924 | 1,005 | |||||
Accounts and notes receivable (net of allowance of $390 and $331) | 12,485 | 9,964 | |||||
GM Financial finance receivables, net (including gross finance receivables transferred to SPEs of $3,357 and $3,295) | 3,314 | 3,251 | |||||
Inventories | 15,844 | 14,324 | |||||
Equipment on operating leases, net | 2,600 | 2,464 | |||||
Other current assets and deferred income taxes | 1,985 | 1,696 | |||||
Total current assets | 69,216 | 64,923 | |||||
Non-current Assets | |||||||
Restricted cash and marketable securities | 1,151 | 1,228 | |||||
GM Financial finance receivables, net (including gross finance receivables transferred to SPEs of $5,742 and $5,773) | 6,162 | 5,911 | |||||
Equity in net assets of nonconsolidated affiliates | 6,793 | 6,790 | |||||
Property, net | 24,275 | 23,005 | |||||
Goodwill | 28,433 | 29,019 | |||||
Intangible assets, net | 9,687 | 10,014 | |||||
GM Financial equipment on operating leases, net (including assets transferred to SPEs of $373 and $274) | 1,066 | 785 | |||||
Other assets and deferred income taxes | 3,411 | 2,928 | |||||
Total non-current assets | 80,978 | 79,680 | |||||
Total Assets | $ | 150,194 | $ | 144,603 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable (principally trade) | $ | 27,576 | $ | 24,551 | |||
Short-term debt and current portion of long-term debt | |||||||
Automotive (including certain debt at GM Korea of $116 and $171; Note 11) | 1,557 | 1,682 | |||||
GM Financial | 3,793 | 4,118 | |||||
Accrued liabilities (including derivative liabilities at GM Korea of $26 and $44; Note 11) | 23,651 | 22,875 | |||||
Total current liabilities | 56,577 | 53,226 | |||||
Non-current Liabilities | |||||||
Long-term debt | |||||||
Automotive | 3,828 | 3,613 | |||||
GM Financial | 5,046 | 4,420 | |||||
Postretirement benefits other than pensions | 6,832 | 6,836 | |||||
Pensions | 25,017 | 25,075 | |||||
Other liabilities and deferred income taxes | 12,754 | 12,442 | |||||
Total non-current liabilities | 53,477 | 52,386 | |||||
Total Liabilities | 110,054 | 105,612 | |||||
Commitments and contingencies (Note 17) | |||||||
Equity | |||||||
Preferred stock, $0.01 par value, 2,000,000,000 shares authorized: | |||||||
Series A (276,101,695 shares issued and outstanding (each with a $25.00 liquidation preference) at March 31, 2012 and December 31, 2011) | 5,536 | 5,536 | |||||
Series B (100,000,000 shares issued and outstanding (each with a $50.00 liquidation preference) at March 31, 2012 and December 31, 2011) | 4,855 | 4,855 | |||||
Common stock, $0.01 par value (5,000,000,000 shares authorized and 1,565,842,758 shares and 1,564,727,289 shares issued and outstanding at March 31, 2012 and December 31, 2011) | 16 | 16 | |||||
Capital surplus (principally additional paid-in capital) | 26,334 | 26,391 | |||||
Retained earnings | 8,283 | 7,183 | |||||
Accumulated other comprehensive loss | (5,768 | ) | (5,861 | ) | |||
Total stockholders’ equity | 39,256 | 38,120 | |||||
Noncontrolling interests | 884 | 871 | |||||
Total Equity | 40,140 | 38,991 | |||||
Total Liabilities and Equity | $ | 150,194 | $ | 144,603 |
Series A Preferred Stock | Series B Preferred Stock | Common Stockholders’ | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||
Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||
Balance December 31, 2010 | $ | 5,536 | $ | 4,855 | $ | 15 | $ | 24,257 | $ | 266 | $ | 1,251 | $ | 979 | $ | 37,159 | |||||||||||||||
Effect of adoption of amendments in ASU 2010-28 regarding goodwill impairment (Note 9) | — | — | — | — | (1,466 | ) | — | — | (1,466 | ) | |||||||||||||||||||||
Net income | — | — | — | — | 3,366 | — | 45 | 3,411 | |||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 250 | 11 | 261 | |||||||||||||||||||||||
Purchase of noncontrolling interest shares | — | — | — | 41 | — | (7 | ) | (134 | ) | (100 | ) | ||||||||||||||||||||
Stock based compensation | — | — | — | 49 | — | — | — | 49 | |||||||||||||||||||||||
Cash dividends paid on Series A Preferred Stock and cumulative dividends on Series B Preferred Stock | — | — | — | — | (215 | ) | — | — | (215 | ) | |||||||||||||||||||||
Dividends declared or paid to noncontrolling interest | — | — | — | — | — | — | (18 | ) | (18 | ) | |||||||||||||||||||||
Other | — | — | — | — | — | — | 5 | 5 | |||||||||||||||||||||||
Balance March 31, 2011 | $ | 5,536 | $ | 4,855 | $ | 15 | $ | 24,347 | $ | 1,951 | $ | 1,494 | $ | 888 | $ | 39,086 | |||||||||||||||
Balance December 31, 2011 | $ | 5,536 | $ | 4,855 | $ | 16 | $ | 26,391 | $ | 7,183 | $ | (5,861 | ) | $ | 871 | $ | 38,991 | ||||||||||||||
Net income | — | — | — | — | 1,315 | — | 35 | 1,350 | |||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 93 | 9 | 102 | |||||||||||||||||||||||
Exercise of common stock warrants | — | — | — | 3 | — | — | — | 3 | |||||||||||||||||||||||
Stock based compensation | — | — | — | (60 | ) | — | — | — | (60 | ) | |||||||||||||||||||||
Cash dividends paid on Series A Preferred Stock and cumulative dividends on Series B Preferred Stock | — | — | — | — | (215 | ) | — | — | (215 | ) | |||||||||||||||||||||
Dividends declared or paid to noncontrolling interest | — | — | — | — | — | — | (28 | ) | (28 | ) | |||||||||||||||||||||
Other | — | — | — | — | — | — | (3 | ) | (3 | ) | |||||||||||||||||||||
Balance March 31, 2012 | $ | 5,536 | $ | 4,855 | $ | 16 | $ | 26,334 | $ | 8,283 | $ | (5,768 | ) | $ | 884 | $ | 40,140 |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Net cash provided by (used in) operating activities | $ | 2,499 | $ | (377 | ) | ||
Cash flows from investing activities | |||||||
Expenditures for property | (1,994 | ) | (1,322 | ) | |||
Available-for-sale marketable securities, acquisitions | (2,368 | ) | (7,287 | ) | |||
Trading marketable securities, acquisitions | (2,198 | ) | (157 | ) | |||
Available-for-sale marketable securities, liquidations | 4,027 | 4,262 | |||||
Trading marketable securities, liquidations | 1,694 | 159 | |||||
Acquisition of companies, net of cash acquired | 56 | (1 | ) | ||||
Operating leases, liquidations | 8 | 16 | |||||
Proceeds from sale of business units/investments, net | — | 4,805 | |||||
Increase in restricted cash and marketable securities | (176 | ) | (189 | ) | |||
Decrease in restricted cash and marketable securities | 315 | 243 | |||||
Purchases of finance receivables | (1,369 | ) | (1,135 | ) | |||
Principal collections and recoveries on finance receivables | 1,016 | 954 | |||||
Net purchases of leased vehicles | (304 | ) | (320 | ) | |||
Other investing activities | 1 | 11 | |||||
Net cash provided by (used in) investing activities | (1,292 | ) | 39 | ||||
Cash flows from financing activities | |||||||
Net increase (decrease) in short-term debt | (146 | ) | 119 | ||||
Proceeds from issuance of debt (original maturities greater than three months) | 2,394 | 2,141 | |||||
Payments on debt (original maturities greater than three months) | (2,057 | ) | (1,714 | ) | |||
Payments to acquire noncontrolling interest | — | (100 | ) | ||||
Dividends paid | (217 | ) | (221 | ) | |||
Proceeds from issuance of stock | 3 | — | |||||
Other financing activities | (5 | ) | (18 | ) | |||
Net cash provided by (used in) financing activities | (28 | ) | 207 | ||||
Effect of exchange rate changes on cash and cash equivalents | 128 | 183 | |||||
Net increase in cash and cash equivalents | 1,307 | 52 | |||||
Cash and cash equivalents at beginning of period | 16,071 | 21,256 | |||||
Cash and cash equivalents at end of period | $ | 17,378 | $ | 21,308 |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Non-cash property additions | $ | 1,927 | $ | 1,257 |
March 1, 2012 | |||
Assets acquired and liabilities assumed | |||
Cash | $ | 79 | |
Other assets | 11 | ||
Liabilities | (11 | ) | |
Bargain purchase gain | (50 | ) | |
Consideration paid | $ | 29 |
March 31, 2012 | |||||||||||||||||||||||||||
Unrealized | Fair | Fair Value Measurements on a Recurring Basis | |||||||||||||||||||||||||
Cost | Gains | Losses | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||
U.S. government and agencies | $ | 5,001 | $ | — | $ | — | $ | 5,001 | $ | — | $ | 5,001 | $ | — | |||||||||||||
Sovereign debt | 380 | — | — | 380 | — | 380 | — | ||||||||||||||||||||
Certificates of deposit | 438 | — | — | 438 | — | 438 | — | ||||||||||||||||||||
Money market funds | 981 | — | — | 981 | 981 | — | — | ||||||||||||||||||||
Corporate debt | 5,180 | — | — | 5,180 | — | 5,180 | — | ||||||||||||||||||||
Total marketable securities classified as cash equivalents | $ | 11,980 | $ | — | $ | — | 11,980 | $ | 981 | $ | 10,999 | $ | — | ||||||||||||||
Cash, time deposits, and other cash equivalents | 5,398 | ||||||||||||||||||||||||||
Total cash and cash equivalents | $ | 17,378 | |||||||||||||||||||||||||
Marketable securities - current | |||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||
U.S. government and agencies | $ | 3,622 | $ | 1 | $ | — | $ | 3,623 | $ | — | $ | 3,623 | $ | — | |||||||||||||
Sovereign debt | 77 | 1 | — | 78 | — | 78 | — | ||||||||||||||||||||
Certificates of deposit | 42 | — | — | 42 | — | 42 | — | ||||||||||||||||||||
Corporate debt | 4,260 | 5 | 3 | 4,262 | — | 4,262 | — | ||||||||||||||||||||
Total available-for-sale securities | $ | 8,001 | $ | 7 | $ | 3 | 8,005 | — | 8,005 | — | |||||||||||||||||
Trading securities | |||||||||||||||||||||||||||
Equity | $ | 5 | $ | — | 39 | 39 | — | — | |||||||||||||||||||
Sovereign debt(a) | 91 | 8 | 6,565 | — | 6,565 | — | |||||||||||||||||||||
Other debt | 1 | — | 77 | — | 77 | — | |||||||||||||||||||||
Total trading securities | $ | 97 | $ | 8 | 6,681 | 39 | 6,642 | — | |||||||||||||||||||
Total marketable securities - current | 14,686 | 39 | 14,647 | — | |||||||||||||||||||||||
Marketable securities - non-current | |||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||
Equity(b) | $ | 404 | $ | — | $ | 5 | 399 | 399 | — | — | |||||||||||||||||
Total marketable securities - non-current | $ | 404 | $ | — | $ | 5 | 399 | 399 | — | — | |||||||||||||||||
Total marketable securities | $ | 15,085 | $ | 438 | $ | 14,647 | $ | — | |||||||||||||||||||
Restricted cash and marketable securities | |||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||
Money market funds | $ | 1,264 | $ | — | $ | — | $ | 1,264 | $ | 1,264 | $ | — | $ | — | |||||||||||||
Sovereign debt | 16 | — | — | 16 | — | 16 | — | ||||||||||||||||||||
Other | 163 | — | — | 163 | — | 163 | — | ||||||||||||||||||||
Total marketable securities classified as restricted cash and marketable securities | $ | 1,443 | $ | — | $ | — | 1,443 | $ | 1,264 | $ | 179 | $ | — | ||||||||||||||
Restricted cash, time deposits, and other restricted cash equivalents | 632 | ||||||||||||||||||||||||||
Total restricted cash and marketable securities | $ | 2,075 |
(a) | Unrealized gains/losses are primarily related to remeasurement of Canadian dollar (CAD) denominated securities. |
(b) | Represents our seven percent ownership in Peugeot S.A. (PSA) acquired in connection with our agreement with PSA to create a long-term and broad-scale global strategic alliance. The shares are subject to certain trading restrictions until May 29, 2012. The investment is recorded in Other assets and deferred income taxes. |
December 31, 2011 | |||||||||||||||||||||||||||
Unrealized | Fair | Fair Value Measurements on a Recurring Basis | |||||||||||||||||||||||||
Cost | Gains | Losses | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||
U.S. government and agencies | $ | 239 | $ | — | $ | — | $ | 239 | $ | — | $ | 239 | $ | — | |||||||||||||
Sovereign debt | 490 | — | — | 490 | — | 490 | — | ||||||||||||||||||||
Certificates of deposit | 2,028 | — | — | 2,028 | — | 2,028 | — | ||||||||||||||||||||
Money market funds | 1,794 | — | — | 1,794 | 1,794 | — | — | ||||||||||||||||||||
Corporate debt | 5,112 | — | — | 5,112 | — | 5,112 | — | ||||||||||||||||||||
Total available-for-sale securities | $ | 9,663 | $ | — | $ | — | 9,663 | 1,794 | 7,869 | — | |||||||||||||||||
Trading securities | |||||||||||||||||||||||||||
Sovereign debt(a) | $ | 8 | $ | — | 497 | — | 497 | — | |||||||||||||||||||
Total trading securities | $ | 8 | $ | — | 497 | — | 497 | — | |||||||||||||||||||
Total marketable securities classified as cash equivalents | 10,160 | $ | 1,794 | $ | 8,366 | $ | — | ||||||||||||||||||||
Cash, time deposits, and other cash equivalents | 5,911 | ||||||||||||||||||||||||||
Total cash and cash equivalents | $ | 16,071 | |||||||||||||||||||||||||
Marketable securities - current | |||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||
U.S. government and agencies | $ | 5,214 | $ | 2 | $ | — | $ | 5,216 | $ | — | $ | 5,216 | $ | — | |||||||||||||
Sovereign debt | 143 | — | — | 143 | — | 143 | — | ||||||||||||||||||||
Certificates of deposit | 178 | — | — | 178 | — | 178 | — | ||||||||||||||||||||
Corporate debt | 4,566 | 3 | 4 | 4,565 | — | 4,565 | — | ||||||||||||||||||||
Total available-for-sale securities | $ | 10,101 | $ | 5 | $ | 4 | 10,102 | — | 10,102 | — | |||||||||||||||||
Trading securities | |||||||||||||||||||||||||||
Equity | $ | — | $ | 5 | 34 | 34 | — | — | |||||||||||||||||||
Sovereign debt(a) | 18 | 33 | 5,936 | — | 5,936 | — | |||||||||||||||||||||
Other debt | 1 | 2 | 76 | — | 76 | — | |||||||||||||||||||||
Total trading securities | $ | 19 | $ | 40 | 6,046 | 34 | 6,012 | — | |||||||||||||||||||
Total marketable securities - current | $ | 16,148 | $ | 34 | $ | 16,114 | $ | — | |||||||||||||||||||
Restricted cash and marketable securities | |||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||
Money market funds | $ | 1,363 | $ | — | $ | — | $ | 1,363 | $ | 1,363 | $ | — | $ | — | |||||||||||||
Sovereign debt | 15 | — | — | 15 | — | 15 | — | ||||||||||||||||||||
Other | 161 | 3 | — | 164 | — | 164 | — | ||||||||||||||||||||
Total marketable securities classified as restricted cash and marketable securities | $ | 1,539 | $ | 3 | $ | — | 1,542 | $ | 1,363 | $ | 179 | $ | — | ||||||||||||||
Restricted cash, time deposits, and other restricted cash equivalents | 691 | ||||||||||||||||||||||||||
Total restricted cash and marketable securities | $ | 2,233 |
(a) | Unrealized gains/losses are primarily related to remeasurement of CAD denominated securities. |
March 31, 2012 | December 31, 2011 | ||||||
Classification of Restricted cash and marketable securities | |||||||
Current | $ | 924 | $ | 1,005 | |||
Non-current | 1,151 | 1,228 | |||||
Total restricted cash and marketable securities | $ | 2,075 | $ | 2,233 |
Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 16,897 | $ | 16,898 | |||
Due after one year through five years | 2,144 | 2,148 | |||||
Total contractual maturities of available-for-sale securities | $ | 19,041 | $ | 19,046 |
March 31, 2012 | December 31, 2011 | ||||||
Current | $ | 3,314 | $ | 3,251 | |||
Non-current | 6,162 | 5,911 | |||||
Total GM Financial finance receivables, net | $ | 9,476 | $ | 9,162 |
March 31, 2012 | December 31, 2011 | ||||||
Pre-acquisition finance receivables, outstanding balance | $ | 3,675 | $ | 4,366 | |||
Pre-acquisition finance receivables, carrying amount | $ | 3,358 | $ | 4,027 | |||
Post-acquisition finance receivables, net of fees | 6,326 | 5,314 | |||||
Total finance receivables | 9,684 | 9,341 | |||||
Less: allowance for loan losses on post-acquisition finance receivables | (208 | ) | (179 | ) | |||
Total GM Financial finance receivables, net | $ | 9,476 | $ | 9,162 |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Pre-acquisition finance receivables, carrying amount, beginning of period | $ | 4,027 | $ | 7,299 | |||
Post-acquisition finance receivables, beginning of period | 5,314 | 924 | |||||
Loans purchased | 1,396 | 1,138 | |||||
Charge-offs | (51 | ) | (2 | ) | |||
Principal collections and other | (920 | ) | (852 | ) | |||
Change in carrying amount adjustment on the pre-acquisition finance receivables | (82 | ) | (166 | ) | |||
Balance at end of period | $ | 9,684 | $ | 8,341 |
March 31, 2012 | December 31, 2011 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
GM Financial finance receivables, net | $ | 9,476 | $ | 9,760 | $ | 9,162 | $ | 9,386 |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Balance at beginning of period | $ | 737 | $ | 1,201 | |||
Accretion of accretable yield | (136 | ) | (202 | ) | |||
Transfer from non-accretable discount | 167 | — | |||||
Balance at end of period | $ | 768 | $ | 999 |
March 31, 2012 | December 31, 2011 | ||||||
Current | $ | 161 | $ | 136 | |||
Non-current | 47 | 43 | |||||
Total allowance for post-acquisition loan losses | $ | 208 | $ | 179 |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Balance at beginning of period | $ | 179 | $ | 26 | |||
Provision for loan losses | 48 | 39 | |||||
Charge-offs | (51 | ) | (2 | ) | |||
Recoveries | 32 | 2 | |||||
Balance at end of period | $ | 208 | $ | 65 |
March 31, 2012 | December 31, 2011 | ||||||
FICO score less than 540 | $ | 2,371 | $ | 2,133 | |||
FICO score 540 to 599 | 4,356 | 4,167 | |||||
FICO score 600 to 659 | 2,598 | 2,624 | |||||
FICO score greater than 660 | 676 | 756 | |||||
Balance at end of period(a) | $ | 10,001 | $ | 9,680 |
(a) | Balance at end of period is the sum of pre-acquisition finance receivables - outstanding balance and post-acquisition finance receivables, net of fees. |
March 31, 2012 | March 31, 2011 | ||||||||||||
Amount | Percent of Contractual Amount Due | Amount | Percent of Contractual Amount Due | ||||||||||
Delinquent contracts | |||||||||||||
31-to-60 days | $ | 318 | 3.2 | % | $ | 333 | 3.8 | % | |||||
Greater-than-60 days | 125 | 1.2 | % | 135 | 1.5 | % | |||||||
Total finance receivables more than 30 days delinquent | 443 | 4.4 | % | 468 | 5.3 | % | |||||||
In repossession | 25 | 0.3 | % | 26 | 0.3 | % | |||||||
Total finance receivables more than 30 days delinquent and in repossession | $ | 468 | 4.7 | % | $ | 494 | 5.6 | % |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Receivables securitized | $ | 1,916 | $ | 849 | |||
Net proceeds from securitization | $ | 1,800 | $ | 800 | |||
Servicing Fees | |||||||
Variable interest entities | $ | 59 | $ | 49 | |||
Net Distributions from Trusts | |||||||
Variable interest entities | $ | 451 | $ | 143 |
March 31, 2012 | December 31, 2011 | ||||||
Productive material, supplies and work in process | $ | 6,745 | $ | 6,486 | |||
Finished product, including service parts | 9,099 | 7,838 | |||||
Total inventories | $ | 15,844 | $ | 14,324 |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
China JVs | $ | 419 | $ | 448 | |||
New Delphi (including gain on disposition) | — | 1,727 | |||||
Others | 4 | (31 | ) | ||||
Total equity income, net of tax and gain on disposal of investments | $ | 423 | $ | 2,144 |
March 31, 2012 | March 31, 2011 | ||||
Shanghai General Motors Co., Ltd. (SGM) | 49 | % | 49 | % | |
Shanghai GM Norsom Motor Co., Ltd. (SGM Norsom) | 25 | % | 25 | % | |
Shanghai GM Dong Yue Motors Co., Ltd. (SGM DY) | 25 | % | 25 | % | |
Shanghai GM Dong Yue Powertrain (SGM DYPT) | 25 | % | 25 | % | |
SAIC-GM-Wuling Automobile Co., Ltd. (SGMW) | 44 | % | 44 | % | |
FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM) | 50 | % | 50 | % | |
Pan Asia Technical Automotive Center Co., Ltd. | 50 | % | 50 | % | |
Shanghai OnStar Telematics Co., Ltd. (Shanghai OnStar) | 40 | % | 40 | % | |
Shanghai Chengxin Used Car Operation and Management Co., Ltd. (Shanghai Chengxin Used Car) | 33 | % | 33 | % | |
SAIC General Motors Sales Co., Ltd. (SGMS) | 49 | % |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Results of Operations | |||||||
Automotive sales and revenue | $ | 583 | $ | 835 | |||
Automotive purchases, net | $ | 103 | $ | 792 | |||
Automotive selling, general and administrative expense | $ | 2 | $ | 8 | |||
Automotive interest expense | $ | 6 | $ | 5 | |||
Interest income and other non-operating income (expense), net | $ | 15 | $ | (2 | ) |
March 31, 2012 | December 31, 2011 | ||||||
Financial Position | |||||||
Accounts and notes receivable, net | $ | 2,167 | $ | 1,785 | |||
Accounts and notes payable | $ | 347 | $ | 342 | |||
Deferred revenue and customer deposits | $ | 154 | $ | 150 |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Cash Flows | |||||||
Operating | $ | 563 | $ | 63 | |||
Investing | $ | (37 | ) | $ | — |
GMNA | GME | GMIO | GMSA | Total Automotive | GM Financial | Total | |||||||||||||||||||||
Balance at January 1, 2012 | $ | 26,399 | $ | 581 | $ | 610 | $ | 151 | $ | 27,741 | $ | 1,278 | $ | 29,019 | |||||||||||||
Impairment charges | — | (590 | ) | (27 | ) | — | (617 | ) | — | (617 | ) | ||||||||||||||||
Effect of foreign currency translation and other | 1 | 9 | 15 | 6 | 31 | — | 31 | ||||||||||||||||||||
Balance at March 31, 2012 | $ | 26,400 | $ | — | $ | 598 | $ | 157 | $ | 27,155 | $ | 1,278 | $ | 28,433 | |||||||||||||
Accumulated impairment charges at December 31, 2011 | $ | — | $ | (2,482 | ) | $ | (270 | ) | $ | — | $ | (2,752 | ) | $ | — | $ | (2,752 | ) | |||||||||
Accumulated impairment charges at March 31, 2012 | $ | — | $ | (3,072 | ) | $ | (297 | ) | $ | — | $ | (3,369 | ) | $ | — | $ | (3,369 | ) |
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Total Automotive | GM Financial | Total | |||||||||||||||||||||
Impairment charges | $ | — | $ | 590 | $ | 27 | $ | — | $ | 617 | $ | — | $ | 617 |
Three Months Ended March 31, 2011 | |||||||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Total Automotive | GM Financial | Total | |||||||||||||||||||||
Effect of Adoption of ASU 2010-28(a) | $ | — | $ | 1,466 | $ | — | $ | — | $ | 1,466 | $ | — | $ | 1,466 | |||||||||||||
Impairment charges | — | 395 | — | — | 395 | — | 395 | ||||||||||||||||||||
Total impairment of goodwill | $ | — | $ | 1,861 | $ | — | $ | — | $ | 1,861 | $ | — | $ | 1,861 |
(a) | Impairment charges of $1.5 billion were recorded as a cumulative-effect adjustment to beginning Retained earnings upon the adoption of ASU 2010-28. |
Industry Sales(a)(b) | Market Share(a)(b) | ||||||||||||||||||
Goodwill(c) | WACC | Long-Term Growth Rates | 2011/2012 | 2015/2016 | 2011/2012 | 2015/2016 | |||||||||||||
GME - At January 1, 2011 | $ | 3,053 | 17.0 | % | 0.5 | % | 18.4 | 22.0 | 6.6 | % | 7.4 | % | |||||||
GME - At March 31, 2011 | $ | 1,661 | 16.5 | % | 0.5 | % | 18.4 | 22.0 | 6.6 | % | 7.4 | % | |||||||
GME - At March 31, 2012 | $ | 594 | 17.5 | % | 0.5 | % | 19.1 | 21.9 | 6.2 | % | 6.3 | % | |||||||
GM Korea - At March 31, 2012 | $ | 564 | 14.8 | % | 3.0 | % | 81.0 | 97.1 | 1.4 | % | 1.1 | % |
(a) | Industry sales and market share for GM Korea are based on global industry volumes because GM Korea exports vehicles globally. |
(b) | GME amounts at January 1, 2011 and March 31, 2011 are 2011 through 2015 and GME amounts at March 31, 2012 are 2012 through 2016. GM Korea amounts are 2012 through 2015. |
(c) | Goodwill balance is before any adjustments for Goodwill impairment charges. |
March 31, 2012 | December 31, 2011 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Technology and intellectual property | $ | 7,763 | $ | 5,393 | $ | 2,370 | $ | 7,751 | $ | 5,081 | $ | 2,670 | ||||||||||||
Brands | 5,440 | 414 | 5,026 | 5,410 | 374 | 5,036 | ||||||||||||||||||
Dealer network and customer relationships | 2,169 | 354 | 1,815 | 2,138 | 322 | 1,816 | ||||||||||||||||||
Favorable contracts | 519 | 220 | 299 | 514 | 200 | 314 | ||||||||||||||||||
Other | 17 | 15 | 2 | 17 | 14 | 3 | ||||||||||||||||||
Total amortizing intangible assets | 15,908 | 6,396 | 9,512 | 15,830 | 5,991 | 9,839 | ||||||||||||||||||
Non amortizing in process research and development | 175 | 175 | 175 | 175 | ||||||||||||||||||||
Total intangible assets | $ | 16,083 | $ | 6,396 | $ | 9,687 | $ | 16,005 | $ | 5,991 | $ | 10,014 |
Estimated Amortization Expense | |||
2013 | $ | 1,229 | |
2014 | $ | 611 | |
2015 | $ | 313 | |
2016 | $ | 314 | |
2017 | $ | 311 |
March 31, 2012 | December 31, 2011 | ||||||||||||||
Carrying Amount | Maximum Exposure to Loss | Carrying Amount | Maximum Exposure to Loss | ||||||||||||
Assets | |||||||||||||||
Accounts and notes receivable, net | $ | 8 | $ | 8 | $ | 1 | $ | 1 | |||||||
Equity in net assets of nonconsolidated affiliates | 193 | 189 | 190 | 186 | |||||||||||
Other assets | 1 | 1 | 1 | 1 | |||||||||||
Total assets | $ | 202 | $ | 198 | $ | 192 | $ | 188 | |||||||
Liabilities | |||||||||||||||
Other liabilities | $ | 197 | $ | 198 | |||||||||||
Off-Balance Sheet | |||||||||||||||
Loan commitments | $ | 15 | $ | 15 | |||||||||||
Other liquidity arrangements(a) | 227 | 220 | |||||||||||||
Total off-balance sheet arrangements | $ | 242 | $ | 235 |
(a) | Amounts at March 31, 2012 and December 31, 2011 represented additional contingent future capital funding requirements related to HKJV. |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Depreciation and amortization of long-lived assets | $ | 892 | $ | 928 | |||
Impairment charges of long-lived assets(a) | $ | 31 | $ | 26 | |||
Depreciation of equipment on operating leases | $ | 92 | $ | 80 | |||
Impairment charges of equipment on operating leases | $ | 55 | $ | 39 |
(a) | The fair value of related assets was determined to be $0 in the three months ended March 31, 2012 and 2011 measured utilizing Level 3 inputs. Fair value measurements of long-lived assets utilized projected cash flows discounted at a rate commensurate with the perceived business risks related to the assets involved. |
Fair Value Measurements on a Nonrecurring Basis | |||||||||||||||
Fair Value Measures | Level 1 | Level 2 | Level 3 | ||||||||||||
Three months ended March 31, 2012 | $ | 937 | $ | — | $ | — | $ | 937 | |||||||
Three months ended March 31, 2011 | $ | 926 | $ | — | $ | — | $ | 926 |
Valuation Technique | Significant Unobservable Input | Amount | |||||
Impaired equipment on operating leases | Cash flow | Estimated net revenue | $ | 960 | |||
Estimated cost | $ | 1,015 |
March 31, 2012 | December 31, 2011 | ||||||
Carrying amount | $ | 5,385 | $ | 5,295 | |||
Fair value(a) | $ | 5,865 | $ | 5,467 |
(a) | The fair value of debt included $4.7 billion measured utilizing Level 2 inputs and $1.2 billion measured utilizing Level 3 inputs at March 31, 2012. The fair value of debt included $4.4 billion measured utilizing Level 2 inputs and $1.1 billion measured utilizing Level 3 inputs at December 31, 2011 |
March 31, 2012 | December 31, 2011 | ||||||
Short-term debt and current portion of long-term debt | $ | 3,793 | $ | 4,118 | |||
Long-term debt | 5,046 | 4,420 | |||||
Total GM Financial debt | $ | 8,839 | $ | 8,538 |
March 31, 2012 | December 31, 2011 | ||||||||||||||||
Level | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
Credit facilities | |||||||||||||||||
Medium-term note facility | 3 | $ | 254 | $ | 254 | $ | 294 | $ | 294 | ||||||||
Syndicated warehouse facility | 2 | 277 | 277 | 621 | 621 | ||||||||||||
Lease funding facilities | 2 | 248 | 248 | 181 | 181 | ||||||||||||
Bank funding facility | 2 | — | — | 3 | 3 | ||||||||||||
Total credit facilities | 779 | 779 | 1,099 | 1,099 | |||||||||||||
Securitization notes payable | |||||||||||||||||
Securitization notes payable | 1 | 6,820 | 6,884 | 6,938 | 6,946 | ||||||||||||
Private securitization 2012-PP1 | 3 | 739 | 744 | ||||||||||||||
Total securitization notes payable | 7,559 | 7,628 | 6,938 | 6,946 | |||||||||||||
Senior notes and convertible senior notes(a) | 2 | 501 | 531 | 501 | 511 | ||||||||||||
Total GM Financial debt | $ | 8,839 | $ | 8,938 | $ | 8,538 | $ | 8,556 |
(a) | Senior notes and convertible senior notes are included in GM Financial Long-term debt. |
Facility Amount | Advances Outstanding | Assets Pledged | Restricted Cash Pledged(a) | ||||||||||||
Syndicated warehouse facility | $ | 2,000 | $ | 277 | $ | 367 | $ | 7 | |||||||
U.S. lease warehouse facility(b) | $ | 600 | — | — | — | ||||||||||
Canada lease warehouse facility(c) | $ | 600 | 248 | 373 | 2 | ||||||||||
Medium-term note facility(d) | 254 | 276 | 84 | ||||||||||||
$ | 779 | $ | 1,016 | $ | 93 |
(a) | These amounts do not include cash collected on finance receivables pledged of $29 million which is included in Restricted cash and marketable securities. |
(b) | In January 2012 GM Financial extended the maturity date of the lease warehouse facility for lease originations in the U.S. to January 2013. Borrowings on the facility are collateralized by leased assets. |
(c) | Borrowings on the facility are collateralized by leased assets. The facility amount represents CAD $600 million at March 31, 2012, and the advances outstanding amount represents CAD $248 million at March 31, 2012. |
(d) | The revolving period under this facility has ended and the outstanding debt balance will be repaid over time based on the amortization of the receivables pledged until October 2016 when any remaining amount outstanding will be due and payable. |
March 31, 2012 | December 31, 2011 | |||||||||||||||||||
Year of Transactions | Maturity Dates(a) | Original Note Amounts | Original Weighted- Average Interest Rates | Total Receivables Pledged | Note Balance | Note Balance | ||||||||||||||
2006 | January 2014 | $ | 1,200 | 5.4% | $ | — | $ | — | $ | 63 | ||||||||||
2007 | April 2014 - March 2016 | $ | 1,000 - 1,500 | 5.3% - 5.5% | 402 | 379 | 794 | |||||||||||||
2008 | October 2014 - April 2015 | $ | 500 - 750 | 6.0% - 10.5% | 416 | 146 | 171 | |||||||||||||
2009 | January 2016 - July 2017 | $ | 227 - 725 | 2.7% - 7.5% | 354 | 258 | 298 | |||||||||||||
2010 | June 2016 - April 2018 | $ | 200 - 850 | 2.2% - 3.8% | 1,790 | 1,575 | 1,756 | |||||||||||||
2011 | February 2017 - March 2019 | $ | 800 - 1,000 | 2.4% - 2.9% | 3,723 | 3,458 | 3,813 | |||||||||||||
2012 | June 2019 - July 2019 | $ | 800 - 1,000 | 2.5% - 2.9% | 1,771 | 1,711 | ||||||||||||||
$ | 8,456 | 7,527 | 6,895 | |||||||||||||||||
Purchase accounting premium | 32 | 43 | ||||||||||||||||||
Total securitization notes payable | $ | 7,559 | $ | 6,938 |
(a) | Maturity dates represent final legal maturity of securitization notes payable. Securitization notes payable are expected to be paid based on amortization of the finance receivables pledged to the trusts. |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Balance at beginning of period | $ | 6,600 | $ | 6,789 | |||
Warranties issued and assumed in period | 864 | 725 | |||||
Payments | (916 | ) | (941 | ) | |||
Adjustments to pre-existing warranties | 233 | 117 | |||||
Effect of foreign currency translation | 60 | 78 | |||||
Balance at end of period | $ | 6,841 | $ | 6,768 |
Three Months Ended March 31, 2012 | |||||||||||||||
U.S. Plans Pension Benefits | Non-U.S. Plans Pension Benefits | U.S. Plans Other Benefits | Non-U.S. Plans Other Benefits | ||||||||||||
Service cost | $ | 160 | $ | 92 | $ | 5 | $ | 5 | |||||||
Interest cost | 1,080 | 277 | 59 | 16 | |||||||||||
Expected return on plan assets | (1,332 | ) | (217 | ) | — | — | |||||||||
Amortization of prior service credit | — | — | (29 | ) | (2 | ) | |||||||||
Recognized net actuarial loss | — | 8 | 13 | 1 | |||||||||||
Curtailments, settlements, and other (gains) losses | (21 | ) | 28 | — | — | ||||||||||
Net periodic pension and OPEB (income) expense | $ | (113 | ) | $ | 188 | $ | 48 | $ | 20 |
Three Months Ended March 31, 2011 | |||||||||||||||
U.S. Plans Pension Benefits | Non-U.S. Plans Pension Benefits | U.S. Plans Other Benefits | Non-U.S. Plans Other Benefits | ||||||||||||
Service cost | $ | 158 | $ | 96 | $ | 6 | $ | 9 | |||||||
Interest cost | 1,229 | 301 | 67 | 52 | |||||||||||
Expected return on plan assets | (1,674 | ) | (230 | ) | — | — | |||||||||
Amortization of prior service credit | — | — | — | (2 | ) | ||||||||||
Recognition of net actuarial loss | — | — | 1 | — | |||||||||||
Curtailments, settlements, and other losses | — | 3 | — | — | |||||||||||
Net periodic pension and OPEB (income) expense | $ | (287 | ) | $ | 170 | $ | 74 | $ | 59 |
March 31, 2012 | |||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||
Notional | Current(a) | Non-Current(b) | Current(c) | Non-Current(d) | |||||||||||||||
Foreign currency | $ | 7,294 | $ | 68 | $ | — | $ | 49 | $ | — | |||||||||
Commodity | 3,240 | 16 | 9 | 2 | — | ||||||||||||||
Embedded | 1,456 | 25 | 82 | 2 | 4 | ||||||||||||||
Total | $ | 11,990 | $ | 109 | $ | 91 | $ | 53 | $ | 4 | |||||||||
December 31, 2011 | |||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||
Notional | Current(a) | Non-Current(b) | Current(c) | Non-Current(d) | |||||||||||||||
Foreign currency | $ | 6,507 | $ | 64 | $ | — | $ | 46 | $ | — | |||||||||
Commodity | 2,566 | 9 | — | 10 | 5 | ||||||||||||||
Embedded | 1,461 | 28 | 124 | 1 | 5 | ||||||||||||||
Total | $ | 10,534 | $ | 101 | $ | 124 | $ | 57 | $ | 10 |
(a) | Recorded in Other current assets and deferred income taxes. |
(b) | Recorded in Other assets and deferred income taxes. |
(c) | Recorded in Accrued liabilities. |
(d) | Recorded in Other liabilities and deferred income taxes. |
March 31, 2012 | December 31, 2011 | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Foreign currency | $ | — | $ | 68 | $ | — | $ | 68 | $ | — | $ | 64 | $ | — | $ | 64 | |||||||||||||||
Commodity | — | 9 | 16 | 25 | — | 9 | — | 9 | |||||||||||||||||||||||
Embedded | — | 3 | 104 | 107 | — | 4 | 148 | 152 | |||||||||||||||||||||||
Total | $ | — | $ | 80 | $ | 120 | $ | 200 | $ | — | $ | 77 | $ | 148 | $ | 225 | |||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Foreign currency | $ | — | $ | 49 | $ | — | $ | 49 | $ | — | $ | 46 | $ | — | $ | 46 | |||||||||||||||
Commodity | — | 2 | — | 2 | — | 5 | 10 | 15 | |||||||||||||||||||||||
Embedded | — | 6 | — | 6 | — | 6 | — | 6 | |||||||||||||||||||||||
Total | $ | — | $ | 57 | $ | — | $ | 57 | $ | — | $ | 57 | $ | 10 | $ | 67 |
Valuation Technique | Significant Unobservable Input | Metric | ||||
Commodity | Discounted cash flow | Coal forward price in EUR(a) | €106.22 | |||
Heavy fuel oil forward price in EUR(a) | €512.78 | |||||
Supplier nonperformance risk (average) | 3.68% | |||||
Embedded | Discounted cash flow | Average EUR/TRY forward exchange rate(b) | €2.86 | |||
Volume commitment and vehicle mix in EUR(c) | €1.0 billion |
(a) | Forward prices are estimated to be equivalents of the spot price as published by a governmental agency. |
(b) | Calculated by adjusting market forward rates for the spread between current market and Turkish central bank spot prices. |
(c) | Volume commitment is spread evenly on a monthly basis and vehicle mix is pursuant to management forecasts. |
Three Months Ended March 31, 2012 | Three Months Ended March 31, 2011 | ||||||||||||||||||||||
Embedded | Commodity | Total | Embedded | Commodity | Total | ||||||||||||||||||
Balance at beginning of period | $ | 148 | $ | (10 | ) | $ | 138 | $ | — | $ | — | $ | — | ||||||||||
Total realized/unrealized gains (losses)(a) | |||||||||||||||||||||||
Included in earnings | (43 | ) | 4 | (39 | ) | 53 | — | 53 | |||||||||||||||
Included in other comprehensive income | 4 | — | 4 | 4 | — | 4 | |||||||||||||||||
Settlements | (5 | ) | (2 | ) | (7 | ) | — | — | — | ||||||||||||||
Issuances | — | 24 | 24 | — | — | — | |||||||||||||||||
Balance at end of period | $ | 104 | $ | 16 | $ | 120 | $ | 57 | $ | — | $ | 57 | |||||||||||
Amount of total gains (losses) in the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | $ | (47 | ) | $ | 5 | $ | (42 | ) | $ | 53 | $ | — | $ | 53 |
(a) | Realized and unrealized gains (losses) are recorded in Interest income and other non-operating income, net and foreign currency translation gains (losses) are recorded in Accumulated other comprehensive income. |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Foreign currency | $ | (16 | ) | $ | (10 | ) | |
Commodity | (6 | ) | — | ||||
Embedded | (43 | ) | 59 | ||||
Warrants | — | 4 | |||||
Total gains (losses) recorded in earnings | $ | (65 | ) | $ | 53 |
March 31, 2012 | December 31, 2011 | ||||||||||||||
Liability Recorded | Maximum Liability(a) | Liability Recorded | Maximum Liability(a) | ||||||||||||
Guarantees(b) | |||||||||||||||
Operating leases | $ | — | $ | 9 | $ | — | $ | 26 | |||||||
Ally Financial commercial loans | $ | — | $ | 28 | $ | — | $ | 24 | |||||||
Third party commercial loans and other obligations | $ | 8 | $ | 279 | $ | 7 | $ | 210 | |||||||
Other product-related claims | $ | 54 | $ | 773 | $ | 53 | $ | 838 |
(a) | Calculated as future undiscounted payments. |
(b) | Excludes residual support and risk sharing programs and vehicle repurchase obligations related to Ally Financial. |
March 31, 2012 | December 31, 2011 | ||||||
Liability Recorded | Liability Recorded | ||||||
Environmental liability(a) | $ | 171 | $ | 169 | |||
Product liability | $ | 547 | $ | 514 | |||
Other litigation-related liability and tax administrative matters(b) | $ | 1,274 | $ | 1,196 |
(a) | Includes $32 million and $34 million recorded in Accrued liabilities at March 31, 2012 and December 31, 2011 and the remainder was recorded in Other liabilities and deferred income taxes. |
(b) | Consists primarily of indirect tax-related litigation as well as various non-U.S. labor related matters. |
GMNA | GME | GMIO | GMSA | Total | |||||||||||||||
Balance at January 1, 2012 | $ | 884 | $ | 687 | $ | 1 | $ | 12 | $ | 1,584 | |||||||||
Additions | 97 | 9 | 4 | 2 | 112 | ||||||||||||||
Interest accretion and other | 3 | 22 | (1 | ) | — | 24 | |||||||||||||
Payments | (86 | ) | (192 | ) | — | (8 | ) | (286 | ) | ||||||||||
Revisions to estimates | (12 | ) | (2 | ) | — | — | (14 | ) | |||||||||||
Effect of foreign currency | 8 | 16 | — | — | 24 | ||||||||||||||
Balance at March 31, 2012(a) | $ | 894 | $ | 540 | $ | 4 | $ | 6 | $ | 1,444 |
GMNA | GME | GMIO | GMSA | Total | |||||||||||||||
Balance at January 1, 2011 | $ | 1,135 | $ | 664 | $ | 3 | $ | — | $ | 1,802 | |||||||||
Additions | 26 | 33 | — | 1 | 60 | ||||||||||||||
Interest accretion and other | 7 | 24 | — | — | 31 | ||||||||||||||
Payments | (129 | ) | (205 | ) | (2 | ) | (1 | ) | (337 | ) | |||||||||
Revisions to estimates | 7 | — | — | — | 7 | ||||||||||||||
Effect of foreign currency | 16 | 34 | — | — | 50 | ||||||||||||||
Balance at March 31, 2011(a) | $ | 1,062 | $ | 550 | $ | 1 | $ | — | $ | 1,613 |
(a) | The remaining cash payments related to these reserves for restructuring and other initiatives, including temporary layoff benefits of $357 million and $362 million at March 31, 2012 and March 31, 2011 for GMNA, primarily relate to postemployment benefits. |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Balance at beginning of period | $ | 25 | $ | 144 | |||
Additions and revisions to estimates | — | (6 | ) | ||||
Payments | (3 | ) | (80 | ) | |||
Balance at end of period | $ | 22 | $ | 58 |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Basic earnings per share | |||||||
Net income attributable to stockholders(a) | $ | 1,315 | $ | 3,366 | |||
Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(b) | (311 | ) | (215 | ) | |||
Net income attributable to common stockholders | $ | 1,004 | $ | 3,151 | |||
Weighted-average common shares outstanding - basic | 1,572 | 1,504 | |||||
Basic earnings per common share | $ | 0.64 | $ | 2.09 | |||
Diluted earnings per share | |||||||
Net income attributable to stockholders(a) | $ | 1,315 | $ | 3,366 | |||
Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(c) | (305 | ) | (215 | ) | |||
Add: preferred dividends to holders of Series B Preferred Stock | — | 59 | |||||
Net income attributable to common stockholders | $ | 1,010 | $ | 3,210 | |||
Weighted-average shares outstanding - diluted | |||||||
Weighted-average common shares outstanding - basic | 1,572 | 1,504 | |||||
Dilutive effect of warrants | 116 | 162 | |||||
Dilutive effect of conversion of Series B Preferred Stock | — | 148 | |||||
Dilutive effect of restricted stock units (RSUs) | 4 | 3 | |||||
Weighted-average common shares outstanding - diluted | 1,692 | 1,817 | |||||
Diluted earnings per common share | $ | 0.60 | $ | 1.77 |
(a) | Includes earned but undeclared dividends of $26 million on our Series A Preferred Stock and $20 million on our Series B Preferred Stock in the three months ended March 31, 2012 and 2011. |
(b) | Includes cumulative dividends on preferred stock of $215 million and earnings of $96 million that have been allocated to the Series B Preferred Stock holders in the three months ended March 31, 2012 and cumulative dividends on preferred stock of $215 million in the three months ended March 31, 2011. |
(c) | Includes cumulative dividends on preferred stock of $215 million and earnings of $90 million that have been allocated to the Series B Preferred Stock holders in the three months ended March 31, 2012 and cumulative dividends on preferred stock of $215 million in the three months ended March 31, 2011. |
Shares | Weighted- Average Grant Date Fair Value | Weighted-Average Remaining Contractual Term | ||||||
RSUs outstanding at January 1, 2012 | 22.5 | $ | 23.01 | 1.1 | ||||
Granted | 6.7 | $ | 25.99 | |||||
Settled | (1.4 | ) | $ | 34.64 | ||||
Forfeited or expired | (0.3 | ) | $ | 23.16 | ||||
RSUs outstanding at March 31, 2012 | 27.5 | $ | 23.12 | 1.4 | ||||
RSUs unvested and expected to vest at March 31, 2012 | 18.5 | $ | 23.74 | 1.7 | ||||
RSUs vested and payable at March 31, 2012 | 8.3 | $ | 21.53 | — |
March 31, 2012 | December 31, 2011 | ||||||
Residual support(a) | |||||||
Receivables recorded | $ | 6 | $ | 6 | |||
Maximum obligation | $ | 17 | $ | 40 | |||
Risk sharing(a) | |||||||
Liabilities recorded | $ | 30 | $ | 66 | |||
Maximum obligation | $ | 49 | $ | 88 | |||
Vehicle repurchase obligations(b) | |||||||
Maximum obligations | $ | 22,896 | $ | 19,779 | |||
Fair value of guarantee | $ | 16 | $ | 17 |
(a) | Represents receivables and liabilities recorded and maximum obligations for agreements entered into prior to December 31, 2008. Agreements entered into after December 31, 2008 have not included residual support or risk sharing programs. In the three months ended March 31, 2012 and 2011 favorable adjustments to our residual support and risk sharing liabilities of $46 million and $124 million were recorded in the U.S. due to increases in estimated and actual residual values at contract termination. |
(b) | The maximum potential amount of future payments required to be made to Ally Financial under this guarantee is based on the repurchase |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
U.S. marketing incentives and lease residual payments | $ | 334 | $ | 545 | |||
Exclusivity fee income | $ | 20 | $ | 24 |
March 31, 2012 | December 31, 2011 | ||||||
Assets | |||||||
Accounts and notes receivable, net(a) | $ | 260 | $ | 243 | |||
Liabilities | |||||||
Accounts payable(b) | $ | 73 | $ | 59 | |||
Short-term debt and current portion of long-term debt(c) | $ | 984 | $ | 1,068 | |||
Accrued liabilities and other liabilities(d) | $ | 934 | $ | 650 | |||
Long-term debt(e) | $ | 8 | $ | 8 | |||
Other non-current liabilities(f) | $ | 31 | $ | 35 |
(a) | Represents wholesale settlements due from Ally Financial and receivables for exclusivity fees and royalties. |
(b) | Represents amounts billed to us and payable related to incentive programs. |
(c) | Represents wholesale financing, sales of receivable transactions and the short-term portion of term loans provided to certain dealerships which we own or in which we have an equity interest. |
(d) | Represents accruals for marketing incentives on vehicles which are sold, or anticipated to be sold, to customers or dealers and financed by Ally Financial in North America. This includes the estimated amount of residual and rate support accrued, capitalized cost reduction incentives and amounts owed under lease pull-ahead programs. |
(e) | Represents the long-term portion of term loans from Ally Financial to certain consolidated dealerships. |
(f) | Represents long-term portion of liabilities for marketing incentives on vehicles financed by Ally Financial. |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Total net sales and revenue (decrease)(a) | $ | (750 | ) | $ | (574 | ) | |
Automotive cost of sales and other automotive expenses(b) | $ | 4 | $ | 4 | |||
Interest income and other non-operating income, net(c) | $ | 22 | $ | 56 | |||
Automotive interest expense(d) | $ | (6 | ) | $ | 18 |
(a) | Represents marketing incentives on vehicles which were sold, or anticipated to be sold, to customers or dealers and financed by Ally Financial. This includes the estimated amount of residual and rate support accrued, capitalized cost reduction incentives and costs under lease pull-ahead programs. This amount is offset by net sales for vehicles sold to Ally Financial for employee and governmental lease programs and third party resale purposes. |
(b) | Represents cost of sales on the sale of vehicles to Ally Financial for employee and governmental lease programs and third party resale purposes. |
(c) | Represents income on investments in Ally Financial preferred stock (through March 31, 2011), exclusivity and royalty fee income. Included in this amount is rental income related to Ally Financial's primary executive and administrative offices located in the Renaissance Center in Detroit, Michigan. The lease agreement expires in November 2016. |
(d) | Represents interest incurred on notes payable and wholesale settlements. In January 2012 we received $21 million from Ally Financial as part of a settlement of previously overcharged interest. |
March 31, 2012 | December 31, 2011 | ||||||
Carrying amount | $ | 403 | $ | 403 | |||
Fair value | $ | 916 | $ | 403 |
• Buick | • Cadillac | • Chevrolet | • GMC |
• Buick | • Chevrolet | • GMC | • Opel |
• Cadillac | • Daewoo | • Holden | • Vauxhall |
• Alpheon | • Buick | • Chevrolet | • Jiefang |
• Baojun | • Cadillac | • Daewoo | • Wuling |
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
At and For the Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||||||||||
Sales | |||||||||||||||||||||||||||||||||||||||
External customers | $ | 23,175 | $ | 5,255 | $ | 5,016 | $ | 3,867 | $ | 15 | $ | — | $ | 37,328 | $ | — | $ | — | $ | 37,328 | |||||||||||||||||||
GM Financial revenue | — | — | — | — | — | — | — | 431 | — | 431 | |||||||||||||||||||||||||||||
Intersegment | 1,001 | 258 | 1,044 | 72 | — | (2,375 | ) | — | — | — | — | ||||||||||||||||||||||||||||
Total net sales and revenue | $ | 24,176 | $ | 5,513 | $ | 6,060 | $ | 3,939 | $ | 15 | $ | (2,375 | ) | $ | 37,328 | $ | 431 | $ | — | $ | 37,759 | ||||||||||||||||||
Income (loss) before automotive interest and income taxes-adjusted | $ | 1,691 | $ | (256 | ) | $ | 529 | $ | 83 | $ | (19 | ) | $ | (27 | ) | $ | 2,001 | $ | 181 | $ | — | $ | 2,182 | ||||||||||||||||
Adjustments(a) | $ | — | $ | (590 | ) | $ | (22 | ) | $ | — | — | $ | — | $ | (612 | ) | — | $ | — | (612 | ) | ||||||||||||||||||
Corporate interest income | 89 | — | 89 | ||||||||||||||||||||||||||||||||||||
Automotive interest expense | 110 | — | 110 | ||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 18 | — | 18 | ||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (58 | ) | 181 | 1,531 | |||||||||||||||||||||||||||||||||||
Income tax expense | 142 | 74 | 216 | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to stockholders | $ | (200 | ) | $ | 107 | $ | 1,315 | ||||||||||||||||||||||||||||||||
Equity in net assets of nonconsolidated affiliates | $ | 63 | $ | 51 | $ | 6,676 | $ | 3 | $ | — | $ | — | $ | 6,793 | $ | — | $ | — | $ | 6,793 | |||||||||||||||||||
Total assets | $ | 87,593 | $ | 17,000 | $ | 23,222 | $ | 12,086 | $ | 31,354 | $ | (34,275 | ) | $ | 136,980 | $ | 13,656 | $ | (442 | ) | $ | 150,194 | |||||||||||||||||
Expenditures for property | $ | 1,032 | $ | 365 | $ | 295 | $ | 280 | $ | 18 | $ | — | $ | 1,990 | $ | 4 | $ | — | $ | 1,994 | |||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 888 | $ | 280 | $ | 129 | $ | 118 | $ | 12 | $ | — | $ | 1,427 | $ | 43 | $ | (2 | ) | $ | 1,468 | ||||||||||||||||||
Equity income, net of tax | $ | 2 | $ | — | $ | 421 | $ | — | $ | — | $ | — | $ | 423 | $ | — | $ | — | $ | 423 | |||||||||||||||||||
Significant non-cash charges not classified as adjustments in(a) | |||||||||||||||||||||||||||||||||||||||
Impairment charges related to long-lived assets | $ | 24 | $ | — | $ | 6 | $ | 1 | $ | — | $ | — | $ | 31 | $ | — | $ | — | $ | 31 | |||||||||||||||||||
Impairment charges related to equipment on operating leases | 20 | 35 | — | — | — | — | 55 | — | — | 55 | |||||||||||||||||||||||||||||
Total significant non-cash charges | $ | 44 | $ | 35 | $ | 6 | $ | 1 | $ | — | $ | — | $ | 86 | $ | — | $ | — | $ | 86 |
(a) | Consists of Goodwill impairment charges of $590 million in GME and $22 million in GMIO. |
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2011 | |||||||||||||||||||||||||||||||||||||||
Sales | |||||||||||||||||||||||||||||||||||||||
External customers | $ | 21,283 | $ | 6,262 | $ | 4,492 | $ | 3,846 | $ | 16 | $ | — | $ | 35,899 | $ | — | $ | — | $ | 35,899 | |||||||||||||||||||
GM Financial revenue | — | — | — | — | — | — | — | 295 | — | 295 | |||||||||||||||||||||||||||||
Intersegment(a) | 827 | 608 | 716 | 50 | — | (2,201 | ) | — | — | — | — | ||||||||||||||||||||||||||||
Total net sales and revenue | $ | 22,110 | $ | 6,870 | $ | 5,208 | $ | 3,896 | $ | 16 | $ | (2,201 | ) | $ | 35,899 | $ | 295 | $ | — | $ | 36,194 | ||||||||||||||||||
Income (loss) before automotive interest and income taxes-adjusted | $ | 1,253 | $ | 5 | $ | 586 | $ | 90 | $ | (20 | ) | $ | (2 | ) | $ | 1,912 | $ | 130 | $ | — | $ | 2,042 | |||||||||||||||||
Adjustments(b) | $ | 1,645 | $ | (395 | ) | $ | (106 | ) | $ | — | 339 | $ | — | $ | 1,483 | — | $ | — | 1,483 | ||||||||||||||||||||
Corporate interest income | 127 | — | 127 | ||||||||||||||||||||||||||||||||||||
Automotive interest expense | 149 | — | 149 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | 297 | 130 | 3,503 | ||||||||||||||||||||||||||||||||||||
Income tax expense | 66 | 71 | 137 | ||||||||||||||||||||||||||||||||||||
Net income attributable to stockholders | $ | 231 | $ | 59 | $ | 3,366 | |||||||||||||||||||||||||||||||||
Expenditures for property | $ | 581 | $ | 237 | $ | 295 | $ | 189 | $ | 20 | $ | — | $ | 1,322 | $ | — | $ | — | $ | 1,322 | |||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 977 | $ | 340 | $ | 116 | $ | 116 | $ | 13 | $ | — | $ | 1,562 | $ | 14 | $ | — | $ | 1,576 | |||||||||||||||||||
Equity income, net of tax and gain on disposal of investments | $ | 1,729 | $ | — | $ | 415 | $ | — | $ | — | $ | — | $ | 2,144 | $ | — | $ | — | $ | 2,144 | |||||||||||||||||||
Significant non-cash charges not classified as adjustments in(b) | |||||||||||||||||||||||||||||||||||||||
Impairment charges related to long-lived assets | $ | 23 | $ | — | $ | 2 | $ | 1 | $ | — | $ | — | $ | 26 | $ | — | $ | — | $ | 26 | |||||||||||||||||||
Impairment charges related to equipment on operating leases | 15 | 24 | — | — | — | — | 39 | — | — | 39 | |||||||||||||||||||||||||||||
Total significant non-cash charges | $ | 38 | $ | 24 | $ | 2 | $ | 1 | $ | — | $ | — | $ | 65 | $ | — | $ | — | $ | 65 |
(a) | Presentation of intersegment sales has been adjusted to conform to the current presentation. |
(b) | Consists of the gain on sale of our New Delphi Class A Membership Interests of $1.6 billion in GMNA, Goodwill impairment charges of $395 million in GME, charges related to HKJV of $106 million in GMIO and a gain on the sale of Ally Financial preferred stock of $339 million in Corporate. |
• | GMNA, with sales, manufacturing and distribution operations in the U.S., Canada and Mexico and sales and distribution operations in Central America and the Caribbean, represented 30.9% of our vehicle sales volume in the three months ended March 31, 2012 and we had the largest market share in this market at 16.7%. |
• | GME has sales, manufacturing and distribution operations across Western and Central Europe. GME's vehicle sales volume, which in addition to Western and Central Europe, includes Eastern Europe (including Russia and the other members of the Commonwealth of Independent States among others) represented 17.5% of our vehicle sales volume in the three months ended March 31, 2012. In the three months ended March 31, 2012 we estimate we had the number four market share in this market at 8.2%. GMIO distributes Chevrolet brand vehicles which, when sold in Europe, are included in GME vehicle sales volume and market share data. |
• | GMIO has sales, manufacturing and distribution operations in Asia-Pacific, Eastern Europe (including Russia and the other members of the Commonwealth of Independent States among others), Africa and the Middle East. GMIO's vehicle sales volume, which includes Asia-Pacific, Africa and the Middle East is our largest segment by vehicle sales volume. GMIO represented 40.7% of our global vehicle sales volume, including sales through our joint ventures, in the three months ended March 31, 2012. In the three months ended March 31, 2012 we estimate we had the number two market share in this market at 9.4% and the number one market share in China. In the three months ended March 31, 2012 GMIO derived 80.3% of its vehicle sales volume from China. GMIO records the financial results of Chevrolet brand vehicles that it distributes and sells in Europe. |
• | GMSA, with sales, manufacturing, distribution and financing operations in Brazil, Argentina, Colombia, Ecuador and Venezuela as well as sales and distribution operations in Bolivia, Chile, Paraguay, Peru and Uruguay, represented 10.9% of our vehicle sales volume in the three months ended March 31, 2012. In the three months ended March 31, 2012 we estimate we had the largest market share in this market at 18.4%. We had the number three market share in Brazil. In the three months ended March 31, 2012 GMSA derived 54.9% of its vehicle sales volume from Brazil. |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Total wholesale vehicles(a) | 756 | 686 | |||||
Market share(b) | 15.1 | % | 13.6 | % | |||
Total net sales and revenue | $ | 8,693 | $ | 7,859 | |||
Net income | $ | 887 | $ | 944 |
(a) | Including vehicles exported to markets outside of China. |
(b) | Market share for China market. |
March 31, 2012 | December 31, 2011 | ||||||
Cash and cash equivalents | $ | 5,839 | $ | 4,679 | |||
Debt | $ | 115 | $ | 106 |
Three Months Ended March 31, 2012 | Three Months Ended March 31, 2011 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Consolidated | Automotive | GM Financial | Eliminations | Consolidated | ||||||||||||||||||||||||
Net sales and revenue | |||||||||||||||||||||||||||||||
Automotive sales and revenue | $ | 37,328 | $ | — | $ | — | $ | 37,328 | $ | 35,899 | $ | — | $ | — | $ | 35,899 | |||||||||||||||
GM Financial revenue | — | 431 | — | 431 | — | 295 | — | 295 | |||||||||||||||||||||||
Total net sales and revenue | 37,328 | 431 | — | 37,759 | 35,899 | 295 | — | 36,194 | |||||||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||||||||||
Automotive cost of sales | 32,908 | — | 2 | 32,910 | 31,685 | — | — | 31,685 | |||||||||||||||||||||||
GM Financial operating expenses | — | 98 | — | 98 | — | 76 | — | 76 | |||||||||||||||||||||||
GM Financial interest expense | — | 63 | — | 63 | — | 41 | — | 41 | |||||||||||||||||||||||
GM Financial other expenses | — | 89 | (2 | ) | 87 | — | 48 | — | 48 | ||||||||||||||||||||||
Automotive selling, general and administrative expense | 2,973 | — | — | 2,973 | 2,994 | — | — | 2,994 | |||||||||||||||||||||||
Other automotive expenses, net | 15 | — | — | 15 | 6 | — | — | 6 | |||||||||||||||||||||||
Goodwill impairment charges | 617 | — | — | 617 | 395 | — | — | 395 | |||||||||||||||||||||||
Total costs and expenses | 36,513 | 250 | — | 36,763 | 35,080 | 165 | — | 35,245 | |||||||||||||||||||||||
Operating income | 815 | 181 | — | 996 | 819 | 130 | — | 949 | |||||||||||||||||||||||
Automotive interest expense | 110 | — | — | 110 | 149 | — | — | 149 | |||||||||||||||||||||||
Interest income and other non-operating income, net | 275 | — | — | 275 | 604 | — | — | 604 | |||||||||||||||||||||||
Loss on extinguishment of debt | 18 | — | — | 18 | — | — | — | — | |||||||||||||||||||||||
Income before income taxes and equity income | 962 | 181 | — | 1,143 | 1,274 | 130 | — | 1,404 | |||||||||||||||||||||||
Income tax expense | 142 | 74 | — | 216 | 66 | 71 | — | 137 | |||||||||||||||||||||||
Equity income, net of tax and gain on disposal of investments | 423 | — | — | 423 | 2,144 | — | — | 2,144 | |||||||||||||||||||||||
Net income | 1,243 | 107 | — | 1,350 | 3,352 | 59 | — | 3,411 | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | (35 | ) | — | — | (35 | ) | (45 | ) | — | — | (45 | ) | |||||||||||||||||||
Net income attributable to stockholders | $ | 1,208 | $ | 107 | $ | — | $ | 1,315 | $ | 3,307 | $ | 59 | $ | — | $ | 3,366 |
Three Months Ended March 31, | ||||
2012 | 2011 | |||
GMNA | ||||
Cars | 321 | 284 | ||
Trucks | 541 | 502 | ||
Total GMNA | 862 | 786 | ||
GME | 292 | 344 | ||
GMIO | ||||
Consolidated entities | 275 | 257 | ||
Joint ventures | ||||
SGMW | 386 | 319 | ||
SGM | 305 | 291 | ||
FAW-GM | 19 | 15 | ||
Other | 82 | 84 | ||
Total GMIO | 1,067 | 966 | ||
GMSA | 203 | 231 | ||
Worldwide | 2,424 | 2,327 |
Vehicle Sales(a)(b)(c) Three Months Ended March 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Industry | GM | GM as a % of Industry | Industry | GM | GM as a % of Industry | ||||||||||||
GMNA | |||||||||||||||||
United States | 3,540 | 608 | 17.2 | % | 3,114 | 593 | 19.0 | % | |||||||||
Canada | 371 | 50 | 13.5 | % | 340 | 51 | 15.1 | % | |||||||||
Mexico | 241 | 44 | 18.1 | % | 218 | 38 | 17.6 | % | |||||||||
Other | 71 | 2 | 2.2 | % | 66 | 2 | 3.4 | % | |||||||||
Total GMNA | 4,222 | 703 | 16.7 | % | 3,738 | 684 | 18.3 | % | |||||||||
GME | |||||||||||||||||
United Kingdom | 639 | 70 | 11.0 | % | 641 | 81 | 12.6 | % | |||||||||
Germany | 849 | 64 | 7.6 | % | 840 | 69 | 8.2 | % | |||||||||
Italy | 441 | 33 | 7.4 | % | 573 | 44 | 7.6 | % | |||||||||
Russia | 612 | 56 | 9.2 | % | 532 | 44 | 8.2 | % | |||||||||
Uzbekistan | 23 | 22 | 93.5 | % | 25 | 23 | 94.1 | % | |||||||||
France | 624 | 27 | 4.4 | % | 771 | 37 | 4.9 | % | |||||||||
Spain | 230 | 19 | 8.3 | % | 241 | 21 | 8.9 | % | |||||||||
Other | 1,416 | 106 | 7.5 | % | 1,515 | 114 | 7.5 | % | |||||||||
Total GME | 4,834 | 398 | 8.2 | % | 5,137 | 434 | 8.4 | % | |||||||||
GMIO | |||||||||||||||||
China(d) | 4,924 | 745 | 15.1 | % | 5,035 | 686 | 13.6 | % | |||||||||
Australia | 260 | 29 | 11.1 | % | 248 | 30 | 11.9 | % | |||||||||
South Korea | 361 | 32 | 8.9 | % | 389 | 30 | 7.7 | % | |||||||||
Middle East Operations | 300 | 31 | 10.4 | % | 272 | 30 | 10.9 | % | |||||||||
India(d) | 1,019 | 28 | 2.7 | % | 909 | 29 | 3.1 | % | |||||||||
Egypt | 43 | 11 | 26.1 | % | 32 | 9 | 27.8 | % | |||||||||
Other | 2,923 | 52 | 1.8 | % | 2,309 | 40 | 1.7 | % | |||||||||
Total GMIO | 9,829 | 928 | 9.4 | % | 9,194 | 852 | 9.3 | % | |||||||||
GMSA | |||||||||||||||||
Brazil | 818 | 137 | 16.7 | % | 825 | 143 | 17.3 | % | |||||||||
Argentina | 254 | 42 | 16.4 | % | 233 | 36 | 15.4 | % | |||||||||
Colombia | 81 | 24 | 29.4 | % | 79 | 26 | 33.1 | % | |||||||||
Venezuela | 33 | 13 | 38.8 | % | 26 | 11 | 42.3 | % | |||||||||
Other | 170 | 34 | 20.1 | % | 159 | 32 | 20.4 | % | |||||||||
Total GMSA | 1,357 | 249 | 18.4 | % | 1,321 | 248 | 18.8 | % | |||||||||
Total Worldwide | 20,242 | 2,278 | 11.3 | % | 19,390 | 2,218 | 11.4 | % |
Vehicle Sales(a)(b)(c) Three Months Ended March 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Industry | GM | GM as a % of Industry | Industry | GM | GM as a % of Industry | ||||||||||||
United States | |||||||||||||||||
Cars | 1,793 | 256 | 14.3 | % | 1,497 | 232 | 15.5 | % | |||||||||
Trucks | 914 | 208 | 22.8 | % | 814 | 202 | 24.8 | % | |||||||||
Crossovers | 833 | 144 | 17.3 | % | 803 | 159 | 19.8 | % | |||||||||
Total United States | 3,540 | 608 | 17.2 | % | 3,114 | 593 | 19.0 | % | |||||||||
Canada, Mexico and Other | 683 | 95 | 13.9 | % | 624 | 92 | 14.7 | % | |||||||||
Total GMNA | 4,222 | 703 | 16.7 | % | 3,738 | 684 | 18.3 | % |
(a) | GMNA vehicle sales primarily represent sales to the end customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate vehicle sales. |
(b) | Certain fleet sales that are accounted for as operating leases are included in vehicle sales at the time of delivery to the daily rental car companies. |
(c) | Vehicle sales data may include rounding differences. |
(d) | Includes the following joint venture vehicle sales: |
Three Months Ended March 31, | |||||
2012 | 2011 | ||||
Joint venture sales in China | |||||
SGM | 337 | 310 | |||
SGMW and FAW-GM | 407 | 376 | |||
Joint venture sales in India | |||||
SAIC GM Investment Limited (HKJV) | 28 | 29 |
Three Months Ended March 31, | ||||||||||||||
2012 | 2011 | 2012 vs. 2011 Change | ||||||||||||
Amount | % | |||||||||||||
GMNA | $ | 24,176 | $ | 22,110 | $ | 2,066 | 9.3 | % | ||||||
GME | 5,513 | 6,870 | (1,357 | ) | (19.8 | )% | ||||||||
GMIO | 6,060 | 5,208 | 852 | 16.4 | % | |||||||||
GMSA | 3,939 | 3,896 | 43 | 1.1 | % | |||||||||
GM Financial | 431 | 295 | 136 | 46.1 | % | |||||||||
Total operating segments | 40,119 | 38,379 | 1,740 | 4.5 | % | |||||||||
Corporate and eliminations | (2,360 | ) | (2,185 | ) | (175 | ) | (8.0 | )% | ||||||
Total net sales and revenue | $ | 37,759 | $ | 36,194 | $ | 1,565 | 4.3 | % |
Three Months Ended March 31, | ||||||||||||||
2012 | 2011 | 2012 vs. 2011 Change | ||||||||||||
Amount | % | |||||||||||||
Automotive cost of sales | $ | 32,910 | $ | 31,685 | $ | 1,225 | 3.9 | % | ||||||
Automotive gross margin | $ | 4,418 | $ | 4,214 | $ | 204 | 4.8 | % |
Three Months Ended March 31, | ||||||||||||||
2012 | 2011 | 2012 vs. 2011 Change | ||||||||||||
Amount | % | |||||||||||||
Automotive selling, general and administrative expense | $ | 2,973 | $ | 2,994 | $ | (21 | ) | (0.7 | )% |
Three Months Ended March 31, | ||||||||||||||
2012 | 2011 | 2012 vs. 2011 Change | ||||||||||||
Amount | % | |||||||||||||
Goodwill impairment charges | $ | 617 | $ | 395 | $ | 222 | 56.2 | % |
Three Months Ended March 31, | ||||||||||||||
2012 | 2011 | 2012 vs. 2011 Change | ||||||||||||
Amount | % | |||||||||||||
Interest income and other non-operating income, net | $ | 275 | $ | 604 | $ | (329 | ) | (54.5 | )% |
Three Months Ended March 31, | ||||||||||||||
2012 | 2011 | 2012 vs. 2011 Change | ||||||||||||
Amount | % | |||||||||||||
Income tax expense | $ | 216 | $ | 137 | $ | 79 | 57.7 | % |
Three Months Ended March 31, | ||||||||||||||
2012 | 2011 | 2012 vs. 2011 Change | ||||||||||||
Amount | % | |||||||||||||
China JVs | $ | 419 | $ | 448 | $ | (29 | ) | (6.5 | )% | |||||
New Delphi (including gain on disposition) | — | 1,727 | (1,727 | ) | n.m. | |||||||||
Others | 4 | (31 | ) | 35 | 112.9 | % | ||||||||
Total equity income, net of tax and gain on disposal of investments | $ | 423 | $ | 2,144 | $ | (1,721 | ) | (80.3 | )% |
Three Months Ended March 31, | |||||||||||||
2012 | 2011 | ||||||||||||
Automotive | |||||||||||||
EBIT-adjusted | |||||||||||||
GMNA(a) | $ | 1,691 | 84.5 | % | $ | 1,253 | 65.5 | % | |||||
GME(a) | (256 | ) | (12.8 | )% | 5 | 0.3 | % | ||||||
GMIO(a) | 529 | 26.5 | % | 586 | 30.7 | % | |||||||
GMSA(a) | 83 | 4.1 | % | 90 | 4.7 | % | |||||||
Corporate and eliminations | (46 | ) | (2.3 | )% | (22 | ) | (1.2 | )% | |||||
Total automotive EBIT-adjusted | 2,001 | 100.0 | % | 1,912 | 100.0 | % | |||||||
Adjustments | (612 | ) | 1,483 | ||||||||||
Corporate interest income | 89 | 127 | |||||||||||
Automotive interest expense | 110 | 149 | |||||||||||
Loss on extinguishment of debt | 18 | — | |||||||||||
Automotive Financing | |||||||||||||
GM Financial income before income taxes | 181 | 130 | |||||||||||
Consolidated Income Taxes | |||||||||||||
Income tax expense | 216 | 137 | |||||||||||
Net income attributable to stockholders | $ | 1,315 | $ | 3,366 |
(a) | Our automotive operations interest and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for our automotive operating segments between EBIT-adjusted and Net income attributable to stockholders. |
Three Months Ended March 31, 2012 | |||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Total | ||||||||||||||||||
Goodwill impairment charges | $ | — | $ | (590 | ) | $ | (22 | ) | $ | — | $ | — | $ | (612 | ) |
Three Months Ended March 31, 2011 | |||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Total | ||||||||||||||||||
Gain on sale of our Class A Membership Interests in Delphi Automotive LLP (New Delphi) | $ | 1,645 | $ | — | $ | — | $ | — | $ | — | $ | 1,645 | |||||||||||
Goodwill impairment charges | — | (395 | ) | — | — | — | (395 | ) | |||||||||||||||
Charges related to HKJV | — | — | (106 | ) | — | — | (106 | ) | |||||||||||||||
Gain on sale of Ally Financial preferred stock | — | — | — | — | 339 | 339 | |||||||||||||||||
Total adjustments | $ | 1,645 | $ | (395 | ) | $ | (106 | ) | $ | — | $ | 339 | $ | 1,483 |
March 31, 2012 | December 31, 2011 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Consolidated | Automotive | GM Financial | Eliminations | Consolidated | ||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 16,769 | $ | 609 | $ | — | $ | 17,378 | $ | 15,499 | $ | 572 | $ | — | $ | 16,071 | |||||||||||||||
Marketable securities | 14,686 | — | — | 14,686 | 16,148 | — | — | 16,148 | |||||||||||||||||||||||
Restricted cash and marketable securities | 208 | 716 | — | 924 | 206 | 799 | — | 1,005 | |||||||||||||||||||||||
Accounts and notes receivable, net | 12,471 | 39 | (25 | ) | 12,485 | 9,949 | 52 | (37 | ) | 9,964 | |||||||||||||||||||||
GM Financial finance receivables, net | — | 3,314 | — | 3,314 | — | 3,251 | — | 3,251 | |||||||||||||||||||||||
Inventories | 15,844 | — | — | 15,844 | 14,324 | — | — | 14,324 | |||||||||||||||||||||||
Equipment on operating leases, net | 2,600 | — | — | 2,600 | 2,464 | — | — | 2,464 | |||||||||||||||||||||||
Other current assets and deferred income taxes | 1,955 | 41 | (11 | ) | 1,985 | 1,657 | 46 | (7 | ) | 1,696 | |||||||||||||||||||||
Total current assets | 64,533 | 4,719 | (36 | ) | 69,216 | 60,247 | 4,720 | (44 | ) | 64,923 | |||||||||||||||||||||
Non-current Assets | |||||||||||||||||||||||||||||||
Restricted cash and marketable securities | 839 | 311 | 1 | 1,151 | 912 | 316 | — | 1,228 | |||||||||||||||||||||||
GM Financial finance receivables, net | — | 6,162 | — | 6,162 | — | 5,911 | — | 5,911 | |||||||||||||||||||||||
Equity in net assets of nonconsolidated affiliates | 6,793 | — | — | 6,793 | 6,790 | — | — | 6,790 | |||||||||||||||||||||||
Property, net | 24,226 | 49 | — | 24,275 | 22,957 | 47 | 1 | 23,005 | |||||||||||||||||||||||
Goodwill | 27,155 | 1,278 | — | 28,433 | 27,741 | 1,278 | — | 29,019 | |||||||||||||||||||||||
Intangible assets, net | 9,686 | 1 | — | 9,687 | 10,013 | 1 | — | 10,014 | |||||||||||||||||||||||
GM Financial equipment on operating leases, net | — | 1,100 | (34 | ) | 1,066 | — | 809 | (24 | ) | 785 | |||||||||||||||||||||
Other assets and deferred income taxes | 3,748 | 36 | (373 | ) | 3,411 | 3,200 | 30 | (302 | ) | 2,928 | |||||||||||||||||||||
Total non-current assets | 72,447 | 8,937 | (406 | ) | 80,978 | 71,613 | 8,392 | (325 | ) | 79,680 | |||||||||||||||||||||
Total Assets | $ | 136,980 | $ | 13,656 | $ | (442 | ) | $ | 150,194 | $ | 131,860 | $ | 13,112 | $ | (369 | ) | $ | 144,603 | |||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||||||||
Accounts payable (principally trade) | $ | 27,525 | $ | 76 | $ | (25 | ) | $ | 27,576 | $ | 24,531 | $ | 58 | $ | (38 | ) | $ | 24,551 | |||||||||||||
Short-term debt and current portion of long-term debt | |||||||||||||||||||||||||||||||
Automotive | 1,557 | — | — | 1,557 | 1,682 | — | — | 1,682 | |||||||||||||||||||||||
GM Financial | — | 3,793 | — | 3,793 | — | 4,118 | — | 4,118 | |||||||||||||||||||||||
Accrued liabilities | 23,512 | 155 | (16 | ) | 23,651 | 22,767 | 119 | (11 | ) | 22,875 | |||||||||||||||||||||
Total current liabilities | 52,594 | 4,024 | (41 | ) | 56,577 | 48,980 | 4,295 | (49 | ) | 53,226 | |||||||||||||||||||||
Non-current Liabilities | |||||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||||
Automotive | 3,828 | — | — | 3,828 | 3,613 | — | — | 3,613 | |||||||||||||||||||||||
GM Financial | — | 5,046 | — | 5,046 | — | 4,420 | — | 4,420 | |||||||||||||||||||||||
Postretirement benefits other than pensions | 6,832 | — | — | 6,832 | 6,836 | — | — | 6,836 | |||||||||||||||||||||||
Pensions | 25,017 | — | — | 25,017 | 25,075 | — | — | 25,075 | |||||||||||||||||||||||
Other liabilities and deferred income taxes | 12,656 | 497 | (399 | ) | 12,754 | 12,355 | 406 | (319 | ) | 12,442 | |||||||||||||||||||||
Total non-current liabilities | 48,333 | 5,543 | (399 | ) | 53,477 | 47,879 | 4,826 | (319 | ) | 52,386 | |||||||||||||||||||||
Total Liabilities | 100,927 | 9,567 | (440 | ) | 110,054 | 96,859 | 9,121 | (368 | ) | 105,612 | |||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||
Preferred stock, $0.01 par value, 2,000,000,000 shares authorized: | |||||||||||||||||||||||||||||||
Series A (276,101,695 shares issued and outstanding (each with a $25.00 liquidation preference) at March 31, 2012 and December 31, 2011) | 5,536 | — | — | 5,536 | 5,536 | — | — | 5,536 | |||||||||||||||||||||||
Series B (100,000,000 shares issued and outstanding (each with a $50.00 liquidation preference) at March 31, 2012 and December 31, 2011) | 4,855 | — | — | 4,855 | 4,855 | — | — | 4,855 | |||||||||||||||||||||||
Common stock, $0.01 par value (5,000,000,000 shares authorized and 1,565,842,758 shares and 1,564,727,289 shares issued and outstanding at March 31, 2012 and December 31, 2011) | 16 | — | — | 16 | 16 | — | — | 16 | |||||||||||||||||||||||
Capital surplus (principally additional paid-in capital) | 26,334 | — | — | 26,334 | 26,391 | — | — | 26,391 | |||||||||||||||||||||||
Retained earnings | 4,193 | 4,092 | (2 | ) | 8,283 | 3,186 | 3,998 | (1 | ) | 7,183 | |||||||||||||||||||||
Accumulated other comprehensive loss | (5,765 | ) | (3 | ) | — | (5,768 | ) | (5,854 | ) | (7 | ) | — | (5,861 | ) | |||||||||||||||||
Total stockholders’ equity | 35,169 | 4,089 | (2 | ) | 39,256 | 34,130 | 3,991 | (1 | ) | 38,120 | |||||||||||||||||||||
Noncontrolling interests | 884 | — | — | 884 | 871 | — | — | 871 | |||||||||||||||||||||||
Total Equity | 36,053 | 4,089 | (2 | ) | 40,140 | 35,001 | 3,991 | (1 | ) | 38,991 | |||||||||||||||||||||
Total Liabilities and Equity | $ | 136,980 | $ | 13,656 | $ | (442 | ) | $ | 150,194 | $ | 131,860 | $ | 13,112 | $ | (369 | ) | $ | 144,603 |
Three Months Ended March 31, | ||||||||||||||
2012 | 2011 | 2012 vs. 2011 Change | ||||||||||||
Amount | % | |||||||||||||
Total net sales and revenue | $ | 24,176 | $ | 22,110 | $ | 2,066 | 9.3 | % | ||||||
EBIT-adjusted | $ | 1,691 | $ | 1,253 | $ | 438 | 35.0 | % |
Three Months Ended March 31, | ||||||||||||||
2012 | 2011 | 2012 vs. 2011 Change | ||||||||||||
Amount | % | |||||||||||||
Total net sales and revenue | $ | 5,513 | $ | 6,870 | $ | (1,357 | ) | (19.8 | )% | |||||
EBIT (loss)-adjusted | $ | (256 | ) | $ | 5 | $ | (261 | ) | n.m. |
Three Months Ended March 31, | ||||||||||||||
2012 | 2011 | 2012 vs. 2011 Change | ||||||||||||
Amount | % | |||||||||||||
Total net sales and revenue | $ | 6,060 | $ | 5,208 | $ | 852 | 16.4 | % | ||||||
EBIT-adjusted | $ | 529 | $ | 586 | $ | (57 | ) | (9.7 | )% |
Three Months Ended March 31, | ||||||||||||||
2012 | 2011 | 2012 vs. 2011 Change | ||||||||||||
Amount | % | |||||||||||||
Total net sales and revenue | $ | 3,939 | $ | 3,896 | $ | 43 | 1.1 | % | ||||||
EBIT-adjusted | $ | 83 | $ | 90 | $ | (7 | ) | (7.8 | )% |
Three Months Ended March 31, | ||||||||||||||
2012 | 2011 | 2012 vs. 2011 Change | ||||||||||||
Amount | % | |||||||||||||
GM Financial revenue | $ | 431 | $ | 295 | $ | 136 | 46.1 | % | ||||||
Income before income taxes | $ | 181 | $ | 130 | $ | 51 | 39.2 | % |
Three Months Ended March 31, | ||||||||||||||
2012 | 2011 | 2012 vs. 2011 Change | ||||||||||||
Amount | % | |||||||||||||
Net income (loss) attributable to stockholders | $ | (200 | ) | $ | 231 | $ | (431 | ) | (186.6 | )% |
Three Months Ended March 31, 2012 | Three Months Ended March 31, 2011 | ||||||||||||||||||||||
Automotive | GM Financial | Consolidated | Automotive | GM Financial | Consolidated | ||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 2,272 | $ | 227 | $ | 2,499 | $ | (596 | ) | $ | 219 | $ | (377 | ) | |||||||||
Cash flows from investing activities | |||||||||||||||||||||||
Expenditures for property | (1,990 | ) | (4 | ) | (1,994 | ) | (1,322 | ) | — | (1,322 | ) | ||||||||||||
Available-for-sale marketable securities, acquisitions | (2,368 | ) | — | (2,368 | ) | (7,287 | ) | — | (7,287 | ) | |||||||||||||
Trading marketable securities, acquisitions | (2,198 | ) | — | (2,198 | ) | (157 | ) | — | (157 | ) | |||||||||||||
Available-for-sale marketable securities, liquidations | 4,027 | — | 4,027 | 4,262 | — | 4,262 | |||||||||||||||||
Trading marketable securities, liquidations | 1,694 | — | 1,694 | 159 | — | 159 | |||||||||||||||||
Acquisition of companies, net of cash acquired | 56 | — | 56 | (1 | ) | — | (1 | ) | |||||||||||||||
Operating leases, liquidations | 1 | 7 | 8 | 3 | 13 | 16 | |||||||||||||||||
Proceeds from sale of business units/investments, net | — | — | — | 4,805 | — | 4,805 | |||||||||||||||||
Increase in restricted cash and marketable securities | (75 | ) | (101 | ) | (176 | ) | (85 | ) | (104 | ) | (189 | ) | |||||||||||
Decrease in restricted cash and marketable securities | 152 | 163 | 315 | 222 | 21 | 243 | |||||||||||||||||
Purchases of finance receivables | — | (1,369 | ) | (1,369 | ) | — | (1,135 | ) | (1,135 | ) | |||||||||||||
Principal collections and recoveries on finance receivables | — | 1,016 | 1,016 | — | 954 | 954 | |||||||||||||||||
Net purchases of leased vehicles | — | (304 | ) | (304 | ) | — | (320 | ) | (320 | ) | |||||||||||||
Other investing activities | (25 | ) | 26 | 1 | 39 | (28 | ) | 11 | |||||||||||||||
Net cash provided by (used in) investing activities | (726 | ) | (566 | ) | (1,292 | ) | 638 | (599 | ) | 39 | |||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Net increase (decrease) in short-term debt | (146 | ) | — | (146 | ) | 119 | — | 119 | |||||||||||||||
Proceeds from issuance of debt (original maturities greater than three months) | 140 | 2,254 | 2,394 | 144 | 1,997 | 2,141 | |||||||||||||||||
Payments on debt (original maturities greater than three months) | (110 | ) | (1,947 | ) | (2,057 | ) | (253 | ) | (1,461 | ) | (1,714 | ) | |||||||||||
Payments to acquire noncontrolling interest | — | — | — | (100 | ) | — | (100 | ) | |||||||||||||||
Dividends paid | (217 | ) | — | (217 | ) | (221 | ) | — | (221 | ) | |||||||||||||
Proceeds from issuance of stock | 3 | — | 3 | — | — | — | |||||||||||||||||
Other financing activities | — | (5 | ) | (5 | ) | — | (18 | ) | (18 | ) | |||||||||||||
Net cash provided by (used in) financing activities | (330 | ) | 302 | (28 | ) | (311 | ) | 518 | 207 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 127 | 1 | 128 | 183 | — | 183 | |||||||||||||||||
Net transactions with Automotive/GM Financial | (73 | ) | 73 | — | — | — | — | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,270 | 37 | 1,307 | (86 | ) | 138 | 52 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 15,499 | 572 | 16,071 | 21,061 | 195 | 21,256 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 16,769 | $ | 609 | $ | 17,378 | $ | 20,975 | $ | 333 | $ | 21,308 |
March 31, 2012 | December 31, 2011 | ||||||
Cash and cash equivalents | $ | 16,769 | $ | 15,499 | |||
Marketable securities | 14,686 | 16,148 | |||||
Available liquidity | 31,455 | 31,647 | |||||
Available under credit facilities | 5,885 | 5,867 | |||||
Total available liquidity | $ | 37,340 | $ | 37,514 |
Total Credit Facilities | Amounts Available Under Credit Facilities | ||||||||||||||
March 31, 2012 | December 31, 2011 | March 31, 2012 | December 31, 2011 | ||||||||||||
Committed | $ | 5,336 | $ | 5,338 | $ | 5,306 | $ | 5,308 | |||||||
Uncommitted | 632 | 629 | 579 | 559 | |||||||||||
Total | $ | 5,968 | $ | 5,967 | $ | 5,885 | $ | 5,867 |
Total Credit Facilities | Amounts Available Under Credit Facilities | ||||||||||||||
March 31, 2012 | December 31, 2011 | March 31, 2012 | December 31, 2011 | ||||||||||||
Secured revolving credit facility | $ | 5,000 | $ | 5,000 | $ | 5,000 | $ | 5,000 | |||||||
Other(a) | 968 | 967 | 885 | 867 | |||||||||||
Total | $ | 5,968 | $ | 5,967 | $ | 5,885 | $ | 5,867 |
(a) | Consists of credit facilities available at our foreign subsidiaries that are not individually significant. |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Operating cash flow | $ | 2,272 | $ | (596 | ) | ||
Less: capital expenditures | (1,990 | ) | (1,322 | ) | |||
Free cash flow | $ | 282 | $ | (1,918 | ) |
March 31, 2012 | December 31, 2011 | ||||||
Cash and cash equivalents | $ | 609 | $ | 572 | |||
Borrowing capacity on unpledged eligible receivables | 588 | 387 | |||||
Borrowing capacity on unpledged eligible leased assets | 434 | 294 | |||||
Available liquidity | $ | 1,631 | $ | 1,253 |
March 31, 2012 | December 31, 2011 | ||||||||||||||
Facility Amount | Advances Outstanding | Facility Amount | Advances Outstanding | ||||||||||||
Syndicated warehouse facility | $ | 2,000 | $ | 277 | $ | 2,000 | $ | 621 | |||||||
U.S. lease warehouse facility(a) | $ | 600 | — | $ | 600 | — | |||||||||
Canada lease warehouse facility(b) | $ | 600 | 248 | $ | 589 | 181 | |||||||||
Medium-term note facility(c) | 254 | 294 | |||||||||||||
Bank funding facility | — | 3 | |||||||||||||
Total | $ | 779 | $ | 1,099 |
(a) | In January 2012 GM Financial extended the maturity date of the lease warehouse facility for lease originations in the U.S. to January 2013. Borrowings on the facility are collateralized by leased assets. |
(b) | Borrowings on this facility are collateralized by leased assets. The facility amount represents CAD $600 million at March 31, 2012 and December 31, 2011, and the advances outstanding amount represents CAD $248 million and CAD $185 million at March 31, 2012 and December 31, 2011. |
(c) | The revolving period under this facility has ended and the outstanding debt balance will be repaid over time based on the amortization of the receivables pledged until October 2016 when any remaining amount outstanding will be due and payable. |
Three Months Ended March 31, | |||||||
2012 | 2011 | ||||||
Series A Preferred Stock | $ | 155 | $ | 155 | |||
Series B Preferred Stock(a) | 60 | 65 | |||||
Total Preferred Stock dividends paid | $ | 215 | $ | 220 |
(a) | Cumulative unpaid dividends on our Series B Preferred Stock were $20 million at March 31, 2012 and 2011. |
March 31, 2012 | December 31, 2011 | ||||
GMNA | 100 | 98 | |||
GME | 39 | 39 | |||
GMIO | 35 | 34 | |||
GMSA | 32 | 33 | |||
GM Financial | 3 | 3 | |||
Total Worldwide | 209 | 207 | |||
U.S. - Salaried | 29 | 29 | |||
U.S. - Hourly | 50 | 48 |
• | Our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; |
• | Our ability to maintain quality control over our vehicles and avoid material vehicle recalls; |
• | Our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planned significant investment in new technology, and, even if funded, our ability to realize successful vehicle applications of new technology; |
• | Shortages of and increases or volatility in the price of oil, including as a result of political instability in the Middle East and African nations; |
• | The effect of business or liquidity difficulties for us or one or more subsidiaries on other entities in our corporate group as a result of our highly integrated and complex corporate structure and operation; |
• | Our ability to continue to attract customers, particularly for our new products, including cars and crossover vehicles; |
• | Availability of adequate financing on acceptable terms to our customers, dealers, distributors and suppliers to enable them to continue their business relationships with us; |
• | The ability of our suppliers to deliver parts, systems and components without disruption and at such times to allow us to meet production schedules; |
• | Our ability to take actions we believe are important to our long-term strategy; |
• | Our ability to manage the distribution channels for our products; |
• | Our ability to successfully restructure our European operations; |
• | The continued availability of both wholesale and retail financing from Ally Financial and its affiliates and other finance companies in markets in which we operate to support our ability to sell vehicles, which is dependent on those entities' ability to obtain funding and their continued willingness to provide financing, which may be reduced or suspended; |
• | Our continued ability to develop captive financing capability, including through GM Financial; |
• | Overall strength and stability of general economic conditions and of the automotive industry, both in the U.S. and in global markets; |
• | Continued economic instability or poor economic conditions in the U.S., Europe and other global markets, including the credit markets, or changes in economic conditions, commodity prices, housing prices, foreign currency exchange rates or political stability in the markets in which we operate; |
• | Significant changes in the competitive environment, including the effect of competition and excess manufacturing capacity in our markets, on our pricing policies or use of incentives and the introduction of new and improved vehicle models by our competitors; |
• | Significant changes in economic and market conditions in China, including the effect of competition from new market entrants, on our vehicle sales and market position in China; |
• | Changes in the existing, or the adoption of new, laws, regulations, policies or other activities of governments, agencies and similar organizations, including where such actions may affect the production, licensing, distribution or sale of our products, the cost thereof or applicable tax rates; |
• | Costs and risks associated with litigation; |
• | Significant increases in our pension expense or projected pension contributions resulting from changes in the value of plan assets, the discount rate applied to value the pension liabilities or other assumption changes; and |
• | Changes in accounting principles, or their application or interpretation, and our ability to make estimates and the assumptions underlying the estimates, which could have an effect on earnings. |
Exhibit Number | Exhibit Name | |||
10.1 | General Motors Executive Retirement Plan With Modifications effective as of October 1, 2012 | Filed Herewith | ||
10.2 | General Motors Company Salary Stock Plan, as amended March 30, 2012 | Filed Herewith | ||
31.1 | Section 302 Certification of the Chief Executive Officer | Filed Herewith | ||
31.2 | Section 302 Certification of the Chief Financial Officer | Filed Herewith | ||
32.1 | Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Filed Herewith | ||
32.2 | Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Filed Herewith | ||
101.INS* | XBRL Instance Document | Furnished with this Report | ||
101.SCH* | XBRL Taxonomy Extension Schema Document | Furnished with this Report | ||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | Furnished with this Report | ||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | Furnished with this Report | ||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | Furnished with this Report | ||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | Furnished with this Report |
* | Submitted electronically with this Report. |
GENERAL MOTORS COMPANY (Registrant) | ||||
By: | /s/ NICK S. CYPRUS | |||
Nick S. Cyprus, Vice President, Controller and Chief Accounting Officer | ||||
Date: | May 3, 2012 |
(a) | The Plan shall at all times be maintained, considered, and administered as a non-qualified plan that is wholly separate and distinct from the Retirement Program and the RSP. |
(b) | Benefits under the Plan are not guaranteed. |
(c) | The Company is the Plan Administrator. The Plan Administrator has discretionary authority to construe, interpret, apply, and administer the Plan and serves as the first step of the Plan appeal process. Any and all decisions of the Plan Administrator as to interpretation or application of the Plan shall be given full force and effect unless it is proven that the interpretation or determination was arbitrary and capricious. |
(d) | The Plan Administrator shall have the full power to engage and employ such legal, actuarial, auditing, tax, and other such agents, as it shall, in its sole discretion, deem to be in the best interest of the Company, the Plan, and its Participants and beneficiaries. |
(e) | The expenses of administering the Plan are borne by the Company and are not charged against its Participants and beneficiaries. |
(f) | Various aspects of Plan administration have been delegated to the Plan recordkeeper selected by the Plan Administrator. In carrying out its delegated responsibilities, the Plan recordkeeper shall have discretionary authority to construe, interpret, apply, and administer the Plan provisions. The discretionary authority delegated to the Plan recordkeeper shall, however, be limited to the Plan terms relevant to its delegated responsibilities and shall not permit the Plan recordkeeper to render a determination or to make any representation concerning benefits which are not provided by the express terms of the Plan. The Plan recordkeeper's actions shall be given full force and effect unless determined by the Plan Administrator to be contrary to the Plan provisions or arbitrary and capricious. |
(g) | For purposes of the Plan, a Plan Year shall mean the 12‑month period beginning January 1 and ending December 31. |
(a) | The following classes of individuals are ineligible to participate in the Plan regardless of any other Plan terms to the contrary, and regardless of whether the individual is or was a common-law employee of GM or the Corporation and its Related Companies: |
(1) | Any individual who provides services to GM or the Corporation and its Related Companies where there is an agreement with a separate company under which the services are provided. Such individuals are commonly referred to by the Company as “contract employees” or “bundled-services employees;” |
(2) | Any individual who has signed an independent contractor agreement, consulting agreement, or other similar personal services contract with GM or the Corporation and its Related Companies, and; |
(3) | Any individual that the Company, in good faith, classifies as an independent contractor, consultant, contract employee, or bundled-services employee during the period the individual is so classified by the Company. |
(b) | Notwithstanding the provisions of this Section IV, vested benefits will be suspended or forfeited if an executive employee, retired executive employee, or retired eligible employee, if any, does not satisfy the conditions precedent that such employee: (i) refrain from engaging in any activity which, in the opinion of the Executive Compensation Committee of the General Motors Company Board of Directors, is in any manner inimical or in any way contrary to the best interests of the Company, (ii) will not, for a period of 12 months following any termination of employment, directly or indirectly, knowingly induce any employee or employee of an affiliate of the Company to leave their employment for participation, directly or indirectly, with any existing or future business venture associated with such individual, and (iii) furnish to the Company such information with respect to the satisfaction of the foregoing conditions precedent as the Committee shall reasonably request. |
(c) | Normal Retirement Age (NRA) is 65. |
(a) | A Participant shall be eligible for vested benefits under the Plan on the first date the Participant satisfies the requirements set forth in Section I (b), (c), (d), and (e) respectively. |
(b) | To be eligible for a vested benefit under Section II or III of this Article, payable upon separation from service, an executive employee must meet the following requirements: |
(1) | Be a Regular Active or Flexible Service U.S. executive employee of the Company or GMIMCo or U.S. International Service Personnel executive employee as of December 31, 2006 (appointments on or after January 1, 2007 are ineligible for benefits under Section II or III) or be a Regular Active or Flexible Service U.S. executive employee of GMAC or U.S. International Service Personnel executive employee of GMAC as of November 30, 2006 (appointments on or after December 1, 2006 are ineligible for benefits under Section II or III); and |
(2) | Be a Regular Active or Flexible Service U.S. executive employee of GM or the Corporation and its Related Companies or U.S. International Service Personnel executive employee; and |
(3) | Have at least 10 years of combined Part B Retirement Program credited service, Part C Retirement Program credited service and credited service accrued on and after January 1, 2007 as determined under the Retirement Program; and |
(4) | Be at least 55 years old. |
(c) | To be eligible for a vested benefit under Section IV of this Article, payable upon separation from service, an employee must meet the following requirements: |
(1) | Be a Regular Active or Flexible Service U.S. executive employee of GM or the Corporation or U.S. International Service Personnel executive employee on or after January 1, 2007 with a length of service date prior to January 1, 2001; and |
(2) | Be a Regular Active or Flexible Service U.S. executive employee of GM or the Corporation or U.S. International Service Personnel executive employee; and |
(3) | Have at least 10 years of combined Part B Retirement Program credited service and credited service accrued on and after January 1, 2007 as determined under the Retirement Program. In cases of GM executives who are transferred from a foreign subsidiary on and after January 1, 2007, active service prior to the date of transfer as recognized under the Retirement Program is counted under the Plan for eligibility and vesting, but not for benefit accrual; and |
(4) | Be at least 55 years old. |
(d) | To be eligible for a vested benefit under Section V of this Article, for benefits earned on and after January 1, 2007 through September 30, 2012, payable upon separation from service, an employee must meet the following requirements: |
(1) | Be a Regular Active or Flexible Service U.S. executive employee of GM or the Corporation or U.S. International Service Personnel executive employee on or after January 1, 2007 with a length of service date on or after January 1, 2001; and |
(2) | Be a Regular Active or Flexible Service U.S. executive employee of GM or the Corporation or U.S. International Service Personnel executive employee; and |
(3) | Have at least 10 years of combined Part C Retirement Program credited service and credited service accrued on and after January 1, 2007 as determined under the RSP. In cases of GM executives who are transferred from a foreign subsidiary on and after January 1, 2007, active service prior to the date of transfer as recognized under the Retirement Program is counted under the Plan for eligibility and vesting, but not for benefit accrual; and |
(4) | Be at least 55 years old. |
(e) | To be eligible for a vested benefit under Section V of this Article for benefits earned on and after October 1, 2012, payable upon separation from service, an employee must meet the following requirements: |
(1) | Be a Regular Active, Flexible Service, or International Service Personnel U.S. executive employee of GM or be a U.S. classified 9th level salaried employee of GM; and |
(2) | Have at least 3 years of credited service earned under the RSP. |
(f) | Eligible executives will be vested in any frozen SERP and/or ERP benefits under this Article II upon their attainment of age 55 with a minimum of 10 years' credited service where credited service is defined as: |
(1) | A combination of Part B credited service (as defined in the Retirement Program) plus credited service in the Retirement Program on and after January 1, 2007, or a combination of Part C credited service (as defined in the Retirement Program) plus RSP credited service for service on and after January 1, 2007. |
(g) | General Motors Asset Management executives who on or after August 4, 2003 are transferred to GMAM or hired or promoted into executive status may be eligible for benefits under Section II, IV or V if they meet all eligibility requirements, but are not eligible for benefits under the frozen Alternative SERP formula described in Section III. |
(h) | Nothing in this Article II, Section I (a) through (g) is intended to render “ineligible” any Participant who was qualified, eligible to participate, and receiving benefits under the Plan as of July 10, 2009. Nothing in this Article II, Section 1 is intended to render “eligible” any Participant who was not qualified or eligible to participate in the Plan as of July 10, 2009. |
(i) | Notwithstanding the above, to be eligible for a benefit under Section II or III of this Article (without regard to the benefit formulas of the Delphi plan), payable upon separation from service, an executive employee of GM Global Steering Holdings LLC or GM Components Holdings must: |
(1) | Be a Regular Active or Flexible Service U.S. executive employee of GM or U.S. International Service Personnel executive employee of GM as of October 7, 2009; and |
(2) | Be a Regular Active or Flexible Service U.S. executive employee of Delphi or GM (including their wholly owned subsidiaries), or U.S. International Service Personnel executive employee of Delphi or GM; and |
(3) | Be employed by Delphi as of October 6, 2009 and been eligible to retain a frozen Delphi SERP benefit had the executive remained at Delphi; and |
(4) | Be a U.S. executive employee of Delphi as of December 31, 2006; and |
(5) | Be vested at age 55 or older with at least 10 years of service (including Delphi service) at the time service ends. In case of the sale of an operation, service shall end on the closing date of the sale of the operation at which an executive works. In the case of the sale of an operation, eligibility is determined on the date of the sale. Age, service, and accruals end on the closing date of the sale. |
(a) | Regular Formula SERP benefits determined under this Section II as in effect prior to January 1, 2007, shall be frozen as of December 31, 2006. The amount of the frozen Regular Formula SERP benefits shall be calculated using the following factors: |
(1) | Part B or Part C Retirement Program credited service accrued as of December 31, 2006. |
(2) | Average monthly base salary for the highest 60 of the 120 months immediately preceding January 1, 2007, as described in Article II, Section II (f). |
(3) | The sum of all frozen accrued monthly benefits determined under the Retirement Program as of December 31, 2006, prior to reduction for the cost of any survivor coverage. |
(4) | Two percent (2%) of the maximum monthly Primary Social Security benefit payable in 2007 (regardless of actual receipt) multiplied by the executive's years of Part A or Part C credited service, determined as of December 31, 2006, under the Retirement Program. |
(b) | Regular Formula SERP benefits under this Article II, Section II shall be determined for all executive employees on the active rolls as of December 31, 2006. Those appointed to executive positions on or after January 1, 2007 are ineligible for SERP benefits under this Section. |
(c) | Executives must meet the eligibility and vesting requirements as set forth in Article II, Section I to be eligible for SERP benefits under this Article II, Section II. |
(d) | The frozen monthly benefit determined under this Article II, Section II shall be an amount equal to two percent (2%) of average monthly base salary for the highest 60 of the 120 months immediately preceding January 1, 2007 (as described in Article II, Section II (f) below), multiplied by the years of credited service, determined as of December 31, 2006, used to determine the frozen Part B Supplementary benefit or the frozen benefit under the Account Balance Plan feature under Part C under the Retirement Program (hereinafter referred to as the “ABP”), less the sum of (1) all frozen accrued monthly benefits determined under the Retirement Program, prior to reduction for the cost of any survivor coverage, and BEP (if any), including the annuitized value of the frozen accrued ABP benefit (as described in Article II, Section II (g) below), (2) two percent (2%) of the monthly maximum Primary Social Security benefit payable in 2007 (regardless of actual receipt) multiplied by the executive's years of Part A or Part C credited service, determined as of December 31, 2006, under the Retirement Program, and (3) any benefits payable under certain other GM-provided benefit programs, such as Extended Disability Benefits. |
(e) | The “Special Benefit" provided under the GM Health Care Program is not taken into account in determining the amount of any monthly SERP benefit payable under this Article II, Section II. |
(f) | For purposes of this Article II, Section II, average monthly base salary means the monthly average of base salary for the highest 60 of the 120 months immediately preceding January 1, 2007. For executives with less than 60 months of base salary history prior to January 1, 2007, the executive's starting monthly base salary will be imputed for the number of months less than 60. |
(g) | For purposes of determining the SERP benefits under this Article II, Section II for executives with a length of service date on and after January 1, 2001 who participate in the ABP, the frozen ABP amount accrued as of December 31, 2006 shall be converted to an annuity for the purpose of offsetting this amount from the target SERP using the following methodology: |
(1) | First, credit the December 31, 2006 ABP account balance with interest credits until Normal Retirement Age (age 65) using the ABP crediting rate in effect as of December 31, 2006 to calculate a projected lump sum value at NRA. |
(2) | Second, convert the amount determined under (1) above to an annuity using the Retirement Program mortality table and the same ABP crediting rate used in Article II, Section II (g) (1) above as the discount rate. |
a) | Both the mortality table and the crediting rate will be those that were in effect under the Retirement Program as of December 31, 2006. |
(3) | Third, offset target frozen SERP with the annuitized amount determined under (2) above. |
(h) | For purposes of calculating the SERP benefits under this Article II, Section II, the SERP benefit amounts will not be increased due to any election regarding commencement of Retirement Program benefits on a reduced for early receipt basis. |
(i) | The monthly Social Security offset amount used in paragraph (d) of this Section shall be based upon the maximum 2007 monthly Primary Social Security benefit, regardless of the executive's age as of January 1, 2007 or availability to him/her of a U. S. Social Security benefit. This Social Security offset amount shall not be changed for any subsequent Social Security increase. |
(j) | Any post-retirement increase under the Retirement Program does not reduce any monthly benefit payable under the Plan. For purposes of this subsection, adjustments to the IRC Section 415 limits are not considered post-retirement increases. |
(a) | Alternative Formula SERP benefits determined under this Article II, Section III as in effect prior to January 1, 2007, shall be frozen as of December 31, 2006. The amount of the frozen benefits shall be calculated using the following factors: |
(1) | Part B or Part C Retirement Program credited service accrued as of December 31, 2006 (maximum 35 years). |
(2) | Average total direct compensation is the total of: |
(3) | The sum of all frozen accrued monthly benefits determined under the Retirement Program as of December 31, 2006, prior to reduction for the cost of any survivor coverage. |
(4) | One hundred percent (100%) of the maximum monthly Primary Social Security benefit payable in 2007 (regardless of actual receipt). |
(b) | Alternative Formula SERP benefits under this Article II, Section IIl shall be determined for all executive employees on the active rolls as of December 31, 2006. Those appointed to executive positions on or after January 1, 2007 are ineligible for frozen Alternative Formula SERP benefits. |
(c) | Executives must meet the eligibility and vesting requirements as set forth in Article II, Section I to be eligible for SERP benefits under this Article II, Section III. |
(d) | The frozen monthly benefit determined under this Article II, Section IIl for an eligible retiring executive shall be the greater of the monthly benefit, if any, determined under either (1) the formula set forth in this Article II Section IIl or (2) the formula described in Article II, Section II. |
(e) | The frozen monthly benefit determined under this Article II, Section III will equal 1.5% of average total direct compensation (monthly base salary plus average monthly annual incentive compensation, as defined in Article II, Section III (g) and Article II, Section III (h) below), multiplied by the executive's years of credited service (35-year maximum), determined as of December 31, 2006, used to determine the frozen Part B Supplementary benefits or the frozen ABP benefits, less the sum of (1) all frozen accrued monthly benefits determined under the Retirement Program, prior to reduction for the cost of any survivor coverage, and BEP (if any), including the annuitized value of any frozen accrued ABP benefit, (as described in Article II, Section III (i) below), (2) 100% of the maximum monthly Primary Social Security benefit payable in 2007 (regardless of executive's age in January 2007 or availability to him/her of a U.S. Social Security benefit), and (3) any benefits payable under certain other GM‑provided programs, such as Extended Disability. |
(f) | The “Special Benefit" provided under the GM Health Care Program is not taken into account in determining the amount of any monthly benefits payable under this Article II, Section III. |
(g) | For purposes of this Article II, Section III, average monthly base salary means the monthly average of base salary for the highest 60 of the 120 months immediately preceding January 1, 2007. For executives with less than 60 months of base salary history prior to January 1, 2007, the executive's starting monthly base salary will be imputed for the number of months less than 60. |
(h) | For purposes of this Article II, Section III, average monthly incentive compensation means an amount determined by dividing the total of the highest five of the ten years of annual incentive awards received for the period 1997 through 2006, by 60. For executives with less than five years of service as of December 31, 2006 or those appointed to executive status within the last five years, the average of annual incentive compensation awards paid for service through December 31, 2006 divided by the number of years since date of hire or date of appointment to December 31, 2006 shall be imputed for the number of years less than five. Each annual incentive award amount is the final award amount related to the performance period year for which it was awarded. For purposes of clarity, “annual incentive awards” means those payments under the Annual Incentive Plan. Moreover, neither Stock Performance Program awards, Stock Incentive Plan grants, Cash-Based Restricted Stock Unit awards nor any other form of incentive payment, are eligible for inclusion in determining a benefit under this Article II, Section III. Non‑consecutive years within the 1997 through 2006 period may be used for determining the blended amount of average monthly (1) base salary, and (2) incentive compensation. |
(i) | For purposes of calculating the benefits under this Article II, Section III for executives with a length of service date on and after January 1, 2001 who participate in the ABP, the frozen ABP account balance accrued as of December 31, 2006 shall be converted to an annuity for the purpose of offsetting this amount from the frozen target Alternative Formula SERP using the following methodology: |
(1) | First, credit the December 31, 2006 ABP account balance with interest credits until Normal Retirement Age (age 65) using the ABP crediting rate in effect as of December 31, 2006 to calculate a projected lump sum value at NRA. |
(2) | Second, convert the amount determined under (1) above to an annuity using the Retirement Program mortality table and the same ABP crediting rate used in Article II, Section II (g) (1) as the discount rate. |
a) | Both the mortality table and the crediting rate will be those that were in effect under the Retirement Program as of December 31, 2006. |
(3) | Third, offset frozen target Alternative Formula SERP with the amount determined under (2) above. |
(a) | For purposes of calculating the SERP benefits under this Article II, Section III, the SERP benefit amounts will not be increased due to any election regarding commencement of Retirement Program benefits on a reduced for early receipt basis. |
(b) | The monthly Social Security offset amount used in paragraph (e) of this Section shall be based upon the maximum 2007 Primary Social Security benefit, regardless of the executive's age as of January 1, 2007 or availability to him/her of a U. S. Social Security benefit. This Social Security offset amount shall not be changed for any subsequent Social Security increase. |
(c) | Any post-retirement increase under the Retirement Program does not reduce any monthly frozen Alternative Formula benefit that may become payable. For purposes of this subsection, adjustments to the IRC Section 415 limits are not considered post-retirement increases. |
(d) | General Motors Asset Management executives who on or after August 4, 2003 are transferred to GMAM or hired or promoted into executive status are ineligible for benefits under this Article II, Section III. |
(a) | Effective for service on and after January 1, 2007 through September 30, 2012, ERP benefits under this Article II, Section IV for GM or Corporation Regular Active or Flexible Service U.S. executives, or U.S. International Service Personnel executives, with a length of service date prior to January 1, 2001 will be calculated using a 1.25% Career Average Pay formula as set forth in this Article II, Section IV. The 1.25% Career Average Pay benefits determined under this Section IV shall be frozen as of September 30, 2012. |
(b) | To be eligible for a 1.25% Career Average Pay benefit, an executive employee must: |
(1) | Be a GM or Corporation Regular Active or Flexible Service U.S. executive, or U.S. International Service Personnel executive, on and after January 1, 2007, with a length of service date prior to January 1, 2001; and |
(2) | Be at work for GM or the Corporation on and after January 1, 2007; and |
(3) | Meet the eligibility and vesting requirements as set forth in Article II, |
(c) | Eligible executives will accrue benefits under this Article II, Section IV with respect to actual base salary received between January 1, 2007 and September 30, 2012 and either Annual Incentive Plan or Short Term Incentive Plan final awards received between January 1, 2007 and September 30, 2012 equal to 1.25% of the total of base salary plus either Annual Incentive Plan or Short Term Incentive Plan final awards received in excess of the compensation limit under IRC 401(a)(17) in effect for the Retirement Program. As benefits are specified on a career average pay basis, subsequent base salary increases will not impact the value of previously accrued benefits. |
(1) | Annual Incentive Plan final awards shall include only those paid with respect to performance periods commencing on and after January 1, 2007 and ending before 2010. Short Term Incentive Plan final awards shall include only those paid with respect to performance periods commencing on and after January 1, 2010 through December 31, 2011. |
(2) | Pro-rata Annual Incentive Plan or Short Term Incentive Plan final awards attributable to the year of retirement will not be used in the calculation of benefits under this Section. |
(3) | General Motors Asset Management executives who on or after August 4, 2003 are transferred to GMAM or hired or promoted into executive status are ineligible for 1.25% Career Average Pay ERP benefits calculated with respect to annual incentive compensation. |
(a) | Effective for service on and after January 1, 2007 and through September 30, 2012, ERP benefits under this Article II, Section V for GM and Corporation Regular Active or Flexible Service U.S. executives, or U.S. International Service Personnel executives, with a length of service date on and after January 1, 2001 will be accumulated using a 4% defined contribution formula. |
(b) | Effective for service on and after October 1, 2012, benefits under this Article II, Section V for GM Regular Active, Flexible Service, International Service Personnel U.S. executives, and U.S. classified 9th level salaried employees, with a length of service date prior to January 1, 1993, will be accumulated using a 6% defined contribution formula, and those with a length of service date on or after January 1, 1993, will be accumulated using a 4% defined contribution formula. |
(c) | To be eligible for defined contribution benefits under this Section, an employee must: |
(1) | Be a GM or Corporation Regular Active, Flexible Service, or International Service Personnel U.S. executive or be a 9th level GM Regular Active, Flexible Service, or International Service Personnel U.S. salaried employee; and |
(2) | Be at work for GM or the Corporation on or after January 1, 2007; and |
(3) | Meet the eligibility and vesting requirements as set forth in Article II, |
(d) | Eligible U.S. 9th level salaried employees and U.S. executives will accrue benefits under this Article II, Section V with respect to actual base salary and Enhanced Variable Pay or either Annual Incentive Plan or Short Term Incentive Plan final awards received while an executive for service on and after January 1, 2007 equal to 4% or 6%, as provided for in Article II Section V (a) and (b), of the total of base salary plus Enhanced Variable Pay or either Annual Incentive Plan or Short Term Incentive Plan final awards received in excess of the annual compensation limit under IRC 401(a)(17) in effect for the RSP. Once the total of base salary and Enhanced Variable Pay or either eligible Annual Incentive Plan or Short Term Incentive Plan final awards received in any Plan Year exceed the compensation limit under IRC 401(a)(17) in effect for the RSP for that year, notional contributions shall be allocated each pay period into an unfunded defined contribution account maintained for each eligible employee on a book reserve basis. |
(1) | Annual Incentive Plan final awards shall include only those paid with respect to performance periods commencing on and after January 1, 2007 and ending before 2010. Short Term Incentive Plan final awards shall include only those paid with respect to performance periods commencing on and after January 1, 2010. |
(2) | Pro-rata Annual Incentive Plan or Short Term Incentive Plan final awards attributable to the year of retirement will not be used in the calculation of benefits under this Section. |
(3) | General Motors Asset Management executives who on or after August 4, 2003 are transferred to GMAM or hired or promoted into executive status are ineligible for the 4% benefits calculated with respect to annual incentive compensation. |
(e) | The individual amounts for each eligible Participant shall be allocated each pay period to an unfunded defined contribution account that will be credited with earnings based on investment options as selected by the Participant. Effective July 15, 2011, the investment options shall be the same as provided under the RSP. |
(a) | Payment of benefits accrued prior to October 1, 2012 pursuant to Article II, Section II, III, IV or V of the Plan, are payable in accordance with the provisions of Article II, Section VI (c) below effective the first day of the month following the employee's separation from service. Payment of benefits accrued on or after October 1, 2012, pursuant to Article II, Section V of the Plan, are payable in accordance with the provisions of Article II, Section VI (d) below following the employee's separation from service. |
(1) | In the event of disability, as defined under IRC Section 409A, payment of benefits will commence from the first day of the month following twelve months of a Company approved disability leave of absence. |
(2) | Payment of benefits will commence not later than 90 days following separation from service or termination of disability leave of absence. |
(3) | In the case where a separate legal entity (e.g. a wholly owned subsidiary) is sold and an eligible employee remains employed with the entity, payment of vested Plan benefits shall begin only when such employee terminates employment from the sold entity. |
(4) | In the case where an eligible employee works for an operation that is not a separate legal entity (e.g., a plant), and such operation is sold and the employee remains employed at such operation, payment of vested Plan benefits shall begin following the date of sale. |
(b) | Prior to an eligible employee's separation from service, at the discretion of the Plan Administrator, benefits accrued pursuant to Article II, Section II, III, IV or V of the Plan may be reduced, in an amount up to $5,000 per year, as repayment of amounts that such eligible employee owes GM or any subsidiary, for any reason, including but not limited to benefit overpayments, wage overpayments, and amounts due under all incentive compensation plans. Following an eligible employee's separation from service, there shall be no limitation to the amount benefits may be reduced. The eligible employee will be relieved of liability in the amount of the reduction. |
(c) | Prior to payment, all vested Plan benefits accrued prior to October 1, 2012, including any SERP, 1.25% Career Average Pay benefits, and Defined Contribution benefits, if applicable, will be converted to a five year monthly annuity form of payment. |
(1) | For retirements or death in service at or after age 60, the monthly value of benefits under the Plan shall be unreduced for early age receipt. |
(2) | For retirements commencing at age 55 to age 59 and 11 months, or death in service at or after age 55 and prior to age 60, the monthly value of any Plan benefits determined under Article II, Section IV, and any frozen SERP benefits determined under Article II, Section II or III for executives with a length of service date prior to January 1, 2001, shall be reduced for early age receipt prior to conversion to a five year monthly annuity form of payment. The defined contribution individual account plan benefits under Article II, Section V (a) will be converted to a five year monthly annuity form of payment without applying an early age reduction. |
(3) | In the event of disability as defined in Article II, Section VI (a) (1) above, the monthly value of benefits under Article II of the Plan shall be unreduced for early age receipt and converted to a five year monthly annuity using the following methodology: |
a) | First, offset the lifetime monthly annuity value of benefits under this Article II by the amount of any Extended Disability Benefits (EDB) payable to age 65 to determine the amount of monthly ERP and frozen SERP payable to age 65, if any. |
• | For this purpose, the conversion of any Article II, Section V ERP to a lifetime monthly annuity will use the discount rate specified in Article II, Section VI (c) (5) below in effect at the date of total and permanent disability retirement. |
b) | Second, convert the monthly value of benefits determined in Article II, Section VI (c) (3) a) above to a five year monthly annuity using age at effective date of total and permanent disability retirement. |
c) | Third, convert the lifetime monthly annuity value of benefits under this Article II payable from age 65 to a five year annuity using age 65 as the effective date of payment. |
d) | Fourth, add the five year annuity values calculated in Article II, Section VI (c) (3) (b) plus Article II, Section VI (c) (3) (c) above to determine the total amount of the five year annuity payment. |
(4) | Early receipt reduction factors will be identical to those used under the terms of the Retirement Program. |
(5) | The conversion of the monthly value of any benefits determined under Article II, Section II, III and IV (after applying any reduction for early age receipt) to a five year annuity form of payment, shall be made using the July average of the 30-year U.S. Treasury Securities rate and the same mortality tables applicable under the Retirement Program at date of separation from service. The discount rate will be redetermined each year as the average of the 30-year U.S. Treasury Securities rate for the month of July and be effective for retirements commencing October 1 following each redetermination through September 30 of the succeeding year. The defined contribution benefits under Article II, Section V (a), will not use a mortality table for the conversion to a five year annuity form of payment. |
(6) | Should the executive die during the five year annuity payment period, the remaining five year annuity payments will be converted to a one-time lump sum and paid to a beneficiary named at date of retirement. If the executive is married at date of retirement spousal consent will be required to name a beneficiary other than the spouse. If the primary beneficiary has predeceased the executive, any contingent beneficiaries designated for the executive's Basic Group Life Insurance (as referred to herein, “Basic Group Life Insurance” includes any successor life insurance plan, including Group Variable Universal Life) will receive the lump sum payment. If more than one person is named as the eligible beneficiary for the executive's Basic Group Life Insurance at date of death, the lump sum will be paid at the percentages designated for their respective interests as eligible beneficiaries of the executive's Basic Group Life Insurance. If their respective interests are not specified, their interests shall be several and equal. If a non-living entity such as a trust is named as beneficiary, or the executive should have no living beneficiary, any remaining five year annuity payments will be converted to a one-time lump sum for final payment. |
(7) | Should an executive who is vested pursuant to the provisions of Article II, Section I die during active service with GM, any five year annuity benefits payable under Article II, Section VI (c) (1) and Article II, Section VI (c) (2) will be converted to a one-time lump sum and paid to the executive's surviving spouse. If the executive is not married at date of death, the person designated as primary beneficiary for the executive's Basic Life Insurance will receive the lump sum payment. If the primary beneficiary has predeceased the executive any contingent beneficiaries designated for the executive's Basic Group Life Insurance will receive the lump sum payment. If more than one person is named as the eligible beneficiary for the executive's Basic Group Life Insurance at date of death, the lump sum will be paid at the percentages designated for their respective interests as eligible beneficiaries of the executive's Basic Group Life Insurance. If their respective interests are not specified, their interests shall be several and equal. If a non-living entity such as a trust is named as beneficiary, or the executive should have no living beneficiary, the five year annuity payments will be converted to a lump sum for final payment. |
(8) | The obligation to provide benefits under this Article II shall cease at the end of the five year annuity period or upon payment of a present value lump sum to multiple named beneficiaries, a trust or to the executive's estate as described in Article II, Section VI (c) (6) and Article II, Section VI (c) (7) above. |
(9) | The Plan benefits under this Article II for active executives who were age 62 and above as of December 31, 2004 with a minimum of 10 years Part B or Part C credited service under the Retirement Program are grandfathered for benefit amounts accrued and vested through December 31, 2004, in accordance with IRC Section 409A, under the terms of the Plan in effect prior to January 1, 2007. Benefit amounts accrued and vested after December 31, 2004 for such grandfathered executives are payable only as a lifetime monthly annuity. Such grandfathered executives are not eligible for the five year annuity form of payment. |
(d) | All Plan benefits accrued on or after October 1, 2012, pursuant to Article II Section V of the Plan, will be paid in a single lump sum at a time determined by the Plan Administrator within 90 days following the employee's separation from service, death, or disability (to the extent required under IRC 409A). |
Article III. | DC ERP - Excess Benefits |
(a) | Eligibility to participate in this Article III shall be limited solely to those Regular Active, Flexible Service, or International Service Personnel U.S. executive level employees or such separated U.S. executive level employees and, effective October 1, 2012, those active U.S. classified 9th level employees or separated U.S. classified 9th level employees, or the designated beneficiaries of such employees, whose aggregate contributions and benefits under the RSP are in excess of the maximum limitations on compensation, contributions and benefits imposed by Sections 401(a)(17) and/or 415 of the Code. |
(b) | For purposes of this Article III, the terms "designated beneficiary" or "designated beneficiaries" shall include surviving spouses and contingent beneficiaries. |
(c) | Eligible executives are immediately vested in any benefits accrued under Article III, Section II (a) prior to January 1, 2007. |
(d) | Eligible executives become vested in any benefits accrued on and after January 1, 2007 through September 30, 2012 under Article III Section II (a) upon their attainment of age 55 with a minimum of 10 years' credited service. For this purpose, credited service is as defined in the RSP. |
(e) | Eligible classified 9th level employees and executive level employees become vested in any benefits accrued on and after October 1, 2012, under Article III Section II (a) upon their attainment of three years of credited service as defined in the RSP. |
(a) | An executive or classified 9th level employee who is eligible to participate in this Article III, or the designated beneficiary of such a deceased executive or 9th level employee who was eligible to participate in this Article III, shall be eligible to receive the value of the assets that would have been purchased with, if any, GM RSP matching contribution amounts, plus related earnings on such assets, set forth in Article III, Section II (b) below, but for the maximum benefit limitations imposed under Section 415(c) of the Code and the maximum compensation limits imposed under Section 401(a)(17) of the Code. The portion of the Plan that provides benefits in the event the maximum compensation limits under Section 401(a)(17) of the Code apply is an unfunded plan for the purpose of providing deferred compensation for a select group of management or highly compensated employees. The value of assets described in this Article III, Section II (a) shall be separately accounted for each employee or designated beneficiary. |
(b) | The individual notional amounts for each eligible Participant shall be allocated each pay period to an unfunded defined contribution account that will be credited with earnings based on investment options as selected by the Participant. Effective July 15, 2011, the investment options shall be the same as provided under the RSP. |
(a) | For account balance notional amounts accrued and vested on or before December 31, 2004, the amount determined pursuant to Article III, Section II (a) for separations prior to January 1, 2007, shall be payable to the Participant in a lump-sum amount on the earlier of the Participant's request or as soon as practicable following such Participant's total distribution of their RSP account. Such distributions will be based on the market value on the Business Day on which the request is received or the day in which the Participant's RSP account is totally distributed, as confirmed by the GM Benefits & Services Center provided that the request is received or the RSP account is totally distributed before the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. (EST). A withdrawal request received and confirmed by the GM Benefits & Services Center after the close of business of the NYSE, or on a weekend or holiday observed by the NYSE, will be based on the market value on the next Business Day. |
(b) | For separations on and after January 1, 2007, payment of vested plan benefits accrued through September 30, 2012, in the amount determined pursuant to Article III, Section II (a) will be converted to a five year monthly annuity form of payment. |
(1) | Conversion of the account value at date of separation to a five year annuity will use the same discount rate applicable under Article II, Section VI (c) (5) at date of separation from service. |
(2) | If the separated executive is eligible for payment of ERP benefits under Article II, payable as a five year annuity, payment of benefits as a five year annuity under this Article III will be combined with and paid coincident with ERP payments under Article II. |
(c) | Payment of vested plan benefits accrued on or after October 1, 2012, in the amount determined pursuant to Article III, Section II (a) will be paid in a single lump sum at a time determined by the Plan Administrator within 90 days following the employee's separation from service, death, or disability (to the extent required under IRC 409A). |
(d) | Prior to an eligible Participant's separation from service, at the discretion of the Plan Administrator, the account balance notional amounts accrued under Article III, Section III (a), (b), and (c) above may be reduced in an amount up to $5,000 per year as repayment of amounts that a Participant owes GM or any subsidiary, for any reason, including benefit overpayments, wage overpayments, and amounts due under all incentive compensation plans. Following an eligible Participant's separation from service, there shall be no limitation to the amount benefits may be reduced. The Participant will be relieved of liability in the amount of the reduction. |
(a) | The Company, by and through the Executive Compensation Committee of the General Motors Company Board of Directors or its delegate, may, from time-to-time in its sole discretion, grant individual awards to selected executives under the Plan. |
(1) | The terms of an award granted under this Article IV shall be set forth in the award agreement delivered to such executive or group of executives. |
(2) | Conditions related to the award must comply with IRC 409A. |
(b) | Amounts of awards granted under this Article IV shall be separately accounted for in an unfunded individual defined contribution account for the benefit of each Participant. |
(c) | Upon separation from service, if the Participant is otherwise eligible for ERP (other than the ten year service requirement), the account balance amount of any vested discretionary awards granted through September 30, 2012 will be converted to a five-year monthly annuity form of payment. The account balance amount of any vested discretionary awards granted on or after October 1, 2012 will be paid in a single lump sum at a time determined by the Plan Administrator within 90 days following the employee's separation from service, death or disability (to the extent required by IRC 409A). |
(1) | Conversion of the account balance amount of the vested award at date of separation to a five year annuity will use the same discount rate applicable under Article II, Section VI (c) (5) at date of separation from service. |
(2) | If the separated Participant is eligible for payment of any ERP benefits under Article II or Article III, payable as a five year annuity, payment of any vested Discretionary Award as a five-year annuity will be combined with and paid coincident with ERP payments under Article II or Article III. |
(3) | Prior to an eligible Participant's separation from service, at the discretion of the Plan Administrator, the payment of any award under Article IV may be reduced in an amount up to $5,000 per year as repayment of amounts that a Participant owes GM or any subsidiary, for any reason, including benefit overpayments, wage overpayments, and amounts due under all incentive compensation plans. Following an eligible Participant's separation from service, there shall be no limitation to the amount any award under Article IV may be reduced. The Participant will be relieved of liability in the amount of the reduction. |
(4) | Any unvested Award shall be forfeited upon separation from service. |
(5) | Should the Participant die during the five year annuity payment period, the remaining five year annuity payments will be converted to a one-time lump sum and paid to the Participant's designated beneficiary. If the Participant is married at date of separation from service, spousal consent will be required to name a beneficiary other than the spouse. If an entity (such as a trust or charitable organization) is named as beneficiary, or the Participant should have no living beneficiary, any remaining five year annuity payments will be converted to a one-time lump sum for final payment to such entity or to the Participant's estate. |
(6) | Should a Participant who is vested pursuant to Article IV (c) die during active service with GM, any benefits payable under this Article IV will be paid in a single lump sum to the Participant's surviving spouse or other designated beneficiary. If an entity (such as a trust or charitable organization) is named as beneficiary, or the Participant should have no living beneficiary, the benefits will be paid in a single lump sum to such entity or to the Participant's estate. |
(a) | The Company reserves the right, by and through the Executive Compensation Committee of the General Motors Company Board of Directors or its delegate, to amend, modify, suspend, or terminate the Plan in whole or in part, at any time. No oral statements can change the terms of the Plan. The Plan can only be amended, in writing, by the Board of Directors, the Executive Compensation Committee, or an appropriate individual or committee as designated by the Board of Directors or Executive Compensation Committee. The Company shall not terminate the Plan if such termination would result in tax and penalties under Section 409A of the Code, unless the Company acknowledges in writing that one of the results of a termination will be tax and penalties under the Code. Absent an express delegation of authority from the Board of Directors or the Executive Compensation Committee, no one has the authority to commit the Company to any benefit or benefits provision not provided for under the Plan or to change the eligibility criteria or other provisions of the Plan. |
(b) | The Company may, from time-to-time and in its sole discretion, adopt limited early retirement provisions to provide retirements (i) during a specified period of time, (ii) at a specified level of benefits, and (iii) for identified executive employees. Any such early retirement provisions relating to the Plan that may be adopted by the Company are made a part of the Plan as though set out fully herein. |
(c) | The Company may, from time-to-time and in its sole discretion, adjust the amount of an executive's credited service used to determine the benefits under the Plan, or the amount of benefits payable to an executive under the Plan. |
(a) | Notwithstanding any provision of the Plan, no elections, modifications or distributions will be allowed or implemented if they would cause an otherwise eligible Participant to be subject to tax (including interest and penalties) under Section 409A of the Code, unless the Committee specifies in writing that such elections, modifications or distributions shall be made notwithstanding the impact of such tax (e.g. court order, adverse business conditions). |
(b) | Specified employees, as defined by IRC 409A, will have a six month waiting period (or, if earlier, the date of death) before commencement of payment of any Plan benefits payable on account of a separation from service. During the six month waiting period, all amounts payable under the Plan will accumulate without interest and be paid effective with the seventh monthly payment. |
(c) | If at the time of separation from service the present value of all benefits under the Plan is less than the dollar limit under Section 402(g) of the Code as adjusted by the Secretary of the Treasury ($17,000 in 2012) such amount shall be paid in a lump sum within 90 days of such separation. |
(d) | Notwithstanding the provisions of the Plan to the contrary, under the provisions of Treasury Regulation Section 1.409A-3(j) benefits may be paid prior to the applicable payment date in the following events: |
(1) | Pursuant to the terms of a Qualified Domestic Relations Order, as defined in Section 414(p) of the Code; |
(2) | To comply with an ethics agreement with the federal government, or to avoid a violation any domestic or foreign ethics law or conflicts law; |
(3) | To satisfy any Federal Insurance Contributions Act (FICA) tax obligations; |
(4) | To pay the Participant an amount required to be included in income due to a failure of the Plan to comply with Section 409A of the Code; |
(5) | Upon termination of the Plan; |
(6) | To pay state, local or foreign taxes arising from participation in the Plan; and |
(7) | To settle a bona fide dispute as to a Participant's right to a Plan distribution. |
(e) | Effective May 1, 2009 monthly benefits payable under Article II, Section VI shall be reduced by 10% on a temporary basis; |
(1) | For Participants receiving lifetime monthly annuity benefits, including those retired prior to January 1, 2007 and grandfathered executives referred to in Article II Section VI (c) (9), the 10% reduction shall be applied to the amount of monthly benefits in pay status as of April 2009. |
(2) | For Participants receiving five year monthly annuity benefits under this subsection (e), 10% of the life annuity value prior to its conversion to a five year annuity will be subtracted from the five year annuity that would otherwise be payable. |
(f) | Effective June 1, 2009 the amount of monthly benefits payable is limited to $8,000, on a temporary basis. |
(1) | For Participants receiving lifetime monthly annuity benefits, the $8,000 monthly limit is applied to the amount of monthly benefits payable after imposition of the 10% reduction referred to in subsection (f). |
(2) | For Participants receiving five year monthly annuity benefits, first reduce the life annuity prior to conversion to a five year annuity by 10% as referred to in Article V, Section II, (e) (2). Next, if the remaining life annuity exceeds $8,000 per month, further reduce the five year annuity that would be otherwise payable by the difference between the 10% reduced life annuity and $8,000. |
(g) | In the event of a sale of assets under Section 363 the Bankruptcy Code and the assumption of the Plan by General Motors LLC, the temporary 10% reduction under subsection (e) shall become permanent. In addition, for executive retirees who have a combined tax-qualified SRP plus non-qualified benefit under the Plan in excess of $100,000 per annum on a life annuity basis, the amount of benefits under the Plan over the combined $100,000 per annum threshold shall be reduced by 2/3rds. |
(1) | For the purpose of determining the $100,000 threshold for Participants receiving monthly life annuity benefits, such determination shall be made after the reduction of the monthly benefit for the cost of any survivor option. |
(2) | For the purpose of determining the $100,000 threshold convert any five year annuity form of payment to a life annuity. After application of any reduction described in Article V Section II (g) above, convert the remaining life annuity back to a five year annuity for continued payment using the same five year annuity conversion factors as applied at original benefit commencement date. |
(h) | In the event of a sale of assets under Section 363 the Bankruptcy Code and the assumption of the Plan by General Motors LLC as of the date of such sale, the monthly benefits accrued by active executive employees under Article II, Sections II, III and IV shall be frozen and reduced by 10%. Future benefit accruals for executive employees following the date of sale shall be determined under Article II, Sections IV and V. |
Goodwill Goodwill Rollforward (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | The following tables summarize the changes in the carrying amounts of Goodwill (dollars in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill balances and key assumptions utilized for each of our reporting units that required a Step 2 analysis [Table Text Block] |
_________
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Impairment Charges [Text Block] | The following tables summarize the Goodwill impairment charges recorded in the three months ended March 31, 2012 and 2011 (dollars in millions):
_________
|
Acquisition And Disposals Of Businesses Acquisition of Businesses (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 3 Months Ended | |
---|---|---|---|
Mar. 31, 2012
GMAC SA [Member]
|
Mar. 01, 2012
GMAC SA [Member]
|
Mar. 31, 2011
GM Korea [Member]
|
|
Business Acquisition [Line Items] | |||
Percentage of Voting Interests Acquired | 100.00% | 6.90% | |
Cash Paid | $ 29 | ||
Cash and Cash Equivalents Acquired | 79 | ||
Other assets acquired | 11 | ||
Liabilities Assumed | (11) | ||
Gain on Purchase of Business | (50) | ||
Total Purchase Price | 29 | 100 | |
Acquisition purchase price allocation to non-controlling interests | 134 | ||
Purchase price allocated to accumulated OCI | 7 | ||
Purchase price allocated to Capital Surplus | $ 41 | ||
Ownership percentage in GM Korea | 77.00% |
Restructuring And Other Initiatives Summary of Restructuring and Other Initiatives (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other Initiatives [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | The following tables summarize the reserves related to restructuring and other initiatives (excluding restructuring reserves related to dealer wind-down agreements) and charges by segment, including postemployment benefit reserves and charges (dollars in millions):
__________
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dealer Wind-downs [Table Text Block] | The following table summarizes GMNA's restructuring reserves related to dealer wind-down agreements (dollars in millions):
|
Marketable Securities Available for Sales and Trading (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Dec. 31, 2011
|
Mar. 31, 2012
Level 1 [Member]
|
Dec. 31, 2011
Level 1 [Member]
|
Mar. 31, 2012
Level 2 [Member]
|
Dec. 31, 2011
Level 2 [Member]
|
Mar. 31, 2012
Level 3 [Member]
|
Dec. 31, 2011
Level 3 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Level 1 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Level 1 [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Level 2 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Level 2 [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Level 3 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Level 3 [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
US government and agencies [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
US government and agencies [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
US government and agencies [Member]
Level 1 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
US government and agencies [Member]
Level 1 [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
US government and agencies [Member]
Level 2 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
US government and agencies [Member]
Level 2 [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
US government and agencies [Member]
Level 3 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
US government and agencies [Member]
Level 3 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Sovereign debt [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Sovereign debt [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Sovereign debt [Member]
Level 1 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Sovereign debt [Member]
Level 1 [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Sovereign debt [Member]
Level 2 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Sovereign debt [Member]
Level 2 [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Sovereign debt [Member]
Level 3 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Sovereign debt [Member]
Level 3 [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Certificates of Deposit [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Certificates of Deposit [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Certificates of Deposit [Member]
Level 1 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Certificates of Deposit [Member]
Level 1 [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Certificates of Deposit [Member]
Level 2 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Certificates of Deposit [Member]
Level 2 [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Certificates of Deposit [Member]
Level 3 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Certificates of Deposit [Member]
Level 3 [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Money Market Funds [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Money Market Funds [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Money Market Funds [Member]
Level 1 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Money Market Funds [Member]
Level 1 [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Money Market Funds [Member]
Level 2 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Money Market Funds [Member]
Level 2 [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Money Market Funds [Member]
Level 3 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Money Market Funds [Member]
Level 3 [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Commercial Paper [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Commercial Paper [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Commercial Paper [Member]
Level 1 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Commercial Paper [Member]
Level 1 [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Commercial Paper [Member]
Level 2 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Commercial Paper [Member]
Level 2 [Member]
|
Mar. 31, 2012
Cash and Cash Equivalents [Member]
Commercial Paper [Member]
Level 3 [Member]
|
Dec. 31, 2011
Cash and Cash Equivalents [Member]
Commercial Paper [Member]
Level 3 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Level 1 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Level 1 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Level 2 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Level 2 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Level 3 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Level 3 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
US government and agencies [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
US government and agencies [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
US government and agencies [Member]
Level 1 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
US government and agencies [Member]
Level 1 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
US government and agencies [Member]
Level 2 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
US government and agencies [Member]
Level 2 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
US government and agencies [Member]
Level 3 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
US government and agencies [Member]
Level 3 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Sovereign debt [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Sovereign debt [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Sovereign debt [Member]
Level 1 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Sovereign debt [Member]
Level 1 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Sovereign debt [Member]
Level 2 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Sovereign debt [Member]
Level 2 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Sovereign debt [Member]
Level 3 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Sovereign debt [Member]
Level 3 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Certificates of Deposit [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Certificates of Deposit [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Certificates of Deposit [Member]
Level 1 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Certificates of Deposit [Member]
Level 1 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Certificates of Deposit [Member]
Level 2 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Certificates of Deposit [Member]
Level 2 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Certificates of Deposit [Member]
Level 3 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Certificates of Deposit [Member]
Level 3 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Corporate Debt [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Corporate Debt [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Corporate Debt [Member]
Level 1 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Corporate Debt [Member]
Level 1 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Corporate Debt [Member]
Level 2 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Corporate Debt [Member]
Level 2 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Corporate Debt [Member]
Level 3 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Corporate Debt [Member]
Level 3 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Equity [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Equity [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Equity [Member]
Level 1 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Equity [Member]
Level 1 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Equity [Member]
Level 2 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Equity [Member]
Level 2 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Equity [Member]
Level 3 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Equity [Member]
Level 3 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Other Debt [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Other Debt [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Other Debt [Member]
Level 1 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Other Debt [Member]
Level 1 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Other Debt [Member]
Level 2 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Other Debt [Member]
Level 2 [Member]
|
Mar. 31, 2012
Marketable Securities - Current [Member]
Other Debt [Member]
Level 3 [Member]
|
Dec. 31, 2011
Marketable Securities - Current [Member]
Other Debt [Member]
Level 3 [Member]
|
Mar. 31, 2012
Marketable Securities - Noncurrent [Member]
|
Mar. 31, 2012
Marketable Securities - Noncurrent [Member]
Equity [Member]
|
Mar. 31, 2012
Marketable Securities - Noncurrent [Member]
Equity [Member]
Level 1 [Member]
|
Mar. 31, 2012
Marketable Securities - Noncurrent [Member]
Equity [Member]
Level 2 [Member]
|
Mar. 31, 2012
Marketable Securities - Noncurrent [Member]
Equity [Member]
Level 3 [Member]
|
Mar. 31, 2012
Restricted cash and cash equivalent [Member]
|
Dec. 31, 2011
Restricted cash and cash equivalent [Member]
|
Mar. 31, 2012
Restricted cash and cash equivalent [Member]
Level 1 [Member]
|
Dec. 31, 2011
Restricted cash and cash equivalent [Member]
Level 1 [Member]
|
Mar. 31, 2012
Restricted cash and cash equivalent [Member]
Level 2 [Member]
|
Dec. 31, 2011
Restricted cash and cash equivalent [Member]
Level 2 [Member]
|
Mar. 31, 2012
Restricted cash and cash equivalent [Member]
Level 3 [Member]
|
Dec. 31, 2011
Restricted cash and cash equivalent [Member]
Level 3 [Member]
|
Mar. 31, 2012
Restricted cash and cash equivalent [Member]
Sovereign debt [Member]
|
Dec. 31, 2011
Restricted cash and cash equivalent [Member]
Sovereign debt [Member]
|
Mar. 31, 2012
Restricted cash and cash equivalent [Member]
Sovereign debt [Member]
Level 1 [Member]
|
Dec. 31, 2011
Restricted cash and cash equivalent [Member]
Sovereign debt [Member]
Level 1 [Member]
|
Mar. 31, 2012
Restricted cash and cash equivalent [Member]
Sovereign debt [Member]
Level 2 [Member]
|
Dec. 31, 2011
Restricted cash and cash equivalent [Member]
Sovereign debt [Member]
Level 2 [Member]
|
Mar. 31, 2012
Restricted cash and cash equivalent [Member]
Sovereign debt [Member]
Level 3 [Member]
|
Dec. 31, 2011
Restricted cash and cash equivalent [Member]
Sovereign debt [Member]
Level 3 [Member]
|
Mar. 31, 2012
Restricted cash and cash equivalent [Member]
Money Market Funds [Member]
|
Dec. 31, 2011
Restricted cash and cash equivalent [Member]
Money Market Funds [Member]
|
Mar. 31, 2012
Restricted cash and cash equivalent [Member]
Money Market Funds [Member]
Level 1 [Member]
|
Dec. 31, 2011
Restricted cash and cash equivalent [Member]
Money Market Funds [Member]
Level 1 [Member]
|
Mar. 31, 2012
Restricted cash and cash equivalent [Member]
Money Market Funds [Member]
Level 2 [Member]
|
Dec. 31, 2011
Restricted cash and cash equivalent [Member]
Money Market Funds [Member]
Level 2 [Member]
|
Mar. 31, 2012
Restricted cash and cash equivalent [Member]
Money Market Funds [Member]
Level 3 [Member]
|
Dec. 31, 2011
Restricted cash and cash equivalent [Member]
Money Market Funds [Member]
Level 3 [Member]
|
Mar. 31, 2012
Restricted cash and cash equivalent [Member]
Other restricted marketable securities [Member]
|
Dec. 31, 2011
Restricted cash and cash equivalent [Member]
Other restricted marketable securities [Member]
|
Mar. 31, 2012
Restricted cash and cash equivalent [Member]
Other restricted marketable securities [Member]
Level 1 [Member]
|
Dec. 31, 2011
Restricted cash and cash equivalent [Member]
Other restricted marketable securities [Member]
Level 1 [Member]
|
Mar. 31, 2012
Restricted cash and cash equivalent [Member]
Other restricted marketable securities [Member]
Level 2 [Member]
|
Dec. 31, 2011
Restricted cash and cash equivalent [Member]
Other restricted marketable securities [Member]
Level 2 [Member]
|
Mar. 31, 2012
Restricted cash and cash equivalent [Member]
Other restricted marketable securities [Member]
Level 3 [Member]
|
Dec. 31, 2011
Restricted cash and cash equivalent [Member]
Other restricted marketable securities [Member]
Level 3 [Member]
|
|
Available For Sale and Trading Securities [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Amortized Cost | $ 19,041 | $ 9,663 | $ 11,980 | $ 5,001 | $ 239 | $ 490 | $ 380 | $ 438 | $ 2,028 | $ 981 | $ 1,794 | $ 5,180 | $ 5,112 | $ 8,001 | $ 10,101 | $ 3,622 | $ 5,214 | $ 77 | $ 143 | $ 42 | $ 178 | $ 4,260 | $ 4,566 | $ 404 | $ 404 | $ 1,443 | $ 1,539 | $ 16 | $ 15 | $ 1,264 | $ 1,363 | $ 163 | $ 161 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 5 | 1 | 2 | 1 | 0 | 0 | 0 | 5 | 3 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 4 | 5 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Fair Value | 19,046 | 9,663 | 1,794 | 7,869 | 0 | 5,001 | 239 | 0 | 0 | 5,001 | 239 | 0 | 0 | 490 | 380 | 0 | 0 | 380 | 490 | 0 | 0 | 438 | 2,028 | 0 | 0 | 438 | 2,028 | 0 | 0 | 981 | 1,794 | 981 | 1,794 | 0 | 0 | 0 | 0 | 5,180 | 5,112 | 0 | 0 | 5,180 | 5,112 | 0 | 0 | 8,005 | 10,102 | 0 | 0 | 8,005 | 10,102 | 0 | 0 | 3,623 | 5,216 | 0 | 0 | 3,623 | 5,216 | 0 | 0 | 78 | 143 | 0 | 0 | 78 | 143 | 0 | 0 | 42 | 178 | 0 | 0 | 42 | 178 | 0 | 0 | 4,262 | 4,565 | 0 | 0 | 4,262 | 4,565 | 0 | 0 | 399 | 399 | 0 | 0 | 1,443 | 1,542 | 1,264 | 1,363 | 179 | 179 | 0 | 0 | 16 | 15 | 0 | 0 | 16 | 15 | 0 | 0 | 1,264 | 1,363 | 1,264 | 1,363 | 0 | 0 | 0 | 0 | 163 | 164 | 0 | 0 | 163 | 164 | 0 | 0 | |||||||||||||||||||||||||||||
Total Marketable Securities, Noncurrent | 399 | 399 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Marketable Securities | 15,085 | 438 | 14,647 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Securities, Unrealized Holding Gain | 8 | 8 | 97 | 19 | 91 | 18 | 5 | 0 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Securities, Unrealized Holding Loss | 0 | 0 | 8 | 40 | 8 | 33 | 0 | 5 | 0 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Securities, Fair Value | 497 | 0 | 497 | 0 | 497 | 0 | 497 | 0 | 6,681 | 6,046 | 39 | 34 | 6,642 | 6,012 | 0 | 0 | 6,565 | 5,936 | 0 | 0 | 6,565 | 5,936 | 0 | 0 | 39 | 34 | 39 | 34 | 0 | 0 | 0 | 0 | 77 | 76 | 0 | 0 | 77 | 76 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total marketable securities classified as cash equivalent, fair value | 10,160 | 11,980 | 981 | 1,794 | 10,999 | 8,366 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, time deposits, and other cash equivalents | 5,398 | 5,911 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Cash and Cash Equivalents | 17,378 | 16,071 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Marketable Securities - Current | 14,686 | 16,148 | 39 | 34 | 14,647 | 16,114 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Restricted Cash and Marketable Securities | 2,075 | 2,233 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash - Other | 632 | 691 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash and Investments, Current | 924 | 1,005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash and Investments, Noncurrent | 1,151 | 1,228 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Securities Pledged as Collateral | 84 | 84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Letters of Credit Outstanding Amount | 70 | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities Sale Proceeds | 427 | 117 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Due in One Year, Amortized Cost | 16,897 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Due after One Through Five Years, Amortized Cost | 2,144 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Due in One Year, Fair Value | 16,898 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Due after One Through Five Years, Fair Value | $ 2,148 |
Derivative Financial Instruments and Risk Management (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | s The following tables summarize fair value measurements of our derivative instruments measured on a recurring basis (dollars in millions):
__________
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables summarize information regarding marketable securities (dollars in millions):
________
________
es |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | The following table summarizes equipment on operating leases to daily rental car companies measured at fair value using Level 3 inputs on a nonrecurring basis (dollars in millions):
Impairment of vehicles leased to daily rental car companies with guaranteed repurchase obligations is determined to exist if the expected cash flows are lower than the carrying amount of the vehicle. We have multiple, distinct portfolios of vehicles leased to rental car companies and may have multiple impairments within a period. Expected cash flows include all estimated net revenue and costs associated with the sale to daily rental car companies through disposal at auction. The fair value measurements are determined, reviewed and approved on a monthly basis by personnel with appropriate knowledge of transactions with daily rental car companies and auction transactions. The following table summarizes the significant quantitative unobservable inputs and assumptions used in the fair value measurement of Equipment on operating leases, net in the three months ended March 31, 2012 (dollars in millions):
The following table summarizes the significant quantitative unobservable inputs and assumptions used in the fair value measurement of the derivatives at March 31, 2012:
__________
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on a Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table summarizes the activity for our derivative investments measured using Level 3 inputs (dollars in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | tives The following table summarizes derivative gains (losses) recorded in Interest income and other non-operating income, net (dollars in milli |
Acquisition And Disposals Of Businesses Acquisition of Businesses (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
|||||||||||||||||||||||||||||||||||||
Acquisition and Disposal of Businesses [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the amounts recorded in connection with the acquisition of GMAC Venezuela, which are included in our GMSA segment (dollars in millions):
|
Ally Financial Transactions With Ally Financial (Details) (USD $)
|
3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Dec. 31, 2011
|
Mar. 31, 2012
Ally Financial [Member]
|
Mar. 31, 2011
Ally Financial [Member]
|
Dec. 31, 2011
Ally Financial [Member]
|
Dec. 31, 2011
Common Stock [Member]
Ally Financial [Member]
|
Mar. 31, 2012
Common Stock [Member]
Ally Financial [Member]
|
Mar. 31, 2011
Preferred Stock [Member]
Ally Financial [Member]
|
|
Receivables recorded for residual support | $ 6,000,000 | $ 6,000,000 | |||||||
Maximum obligation for residual support | 17,000,000 | 40,000,000 | |||||||
Liabilities recorded for risk sharing | 30,000,000 | 66,000,000 | |||||||
Maximum obligation for risk sharing | 49,000,000 | 88,000,000 | |||||||
Maximum obligation for vehicle repurchase | 22,896,000,000 | 19,779,000,000 | |||||||
Fair value of vehicle repurchase obligation | 16,000,000 | 17,000,000 | |||||||
Favorable Adjustments to Residual and Risk Sharing | 46,000,000 | 124,000,000 | |||||||
U.S. Marketing incentives and operating lease residual payments | 334,000,000 | 545,000,000 | |||||||
Exclusivity fee income | 20,000,000 | 24,000,000 | |||||||
Accounts and Notes Receivable, Net | 260,000,000 | 243,000,000 | |||||||
Accounts Payable | 73,000,000 | 59,000,000 | |||||||
Short-term debt and current portion of long-term debt | 984,000,000 | 1,068,000,000 | |||||||
Accrued Liabilities and other liabilities | 934,000,000 | 650,000,000 | |||||||
Long-term Debt | 8,000,000 | 8,000,000 | |||||||
Other non-current Liabilities | 12,754,000,000 | 12,442,000,000 | 31,000,000 | 35,000,000 | |||||
Total net sales and revenue | 37,328,000,000 | 35,899,000,000 | (750,000,000) | (574,000,000) | |||||
Automotive costs of sales and other automotive expenes | 4,000,000 | 4,000,000 | |||||||
Interest income and other non-operating income, net | 22,000,000 | 56,000,000 | |||||||
Interest Expense | 110,000,000 | 149,000,000 | (6,000,000) | 18,000,000 | |||||
Return Of Interest | 21,000,000 | ||||||||
Total common equity ownership in investee | 9.90% | ||||||||
Impairment charge on Ally Financial common stock | 555,000,000 | ||||||||
Carrying amount of investment Ally Financial common stock | 403,000,000 | 403,000,000 | |||||||
Fair Value of investment in Ally Financial common stock | 403,000,000 | 916,000,000 | |||||||
Proceeds from Sale of Ally Financial Preferred Stock | 1,000,000,000 | ||||||||
Realized Gain from Sale of Ally Financial Preferred Stock | $ 339,000,000 |
Derivative Financial Instruments and Risk Management (Details)
|
3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
GM Financial [Member]
Derivative Financial Instruments, Assets [Member]
USD ($)
|
Dec. 31, 2011
GM Financial [Member]
Derivative Financial Instruments, Assets [Member]
USD ($)
|
Mar. 31, 2012
GM Financial [Member]
Derivative Financial Instruments, Liabilities [Member]
USD ($)
|
Dec. 31, 2011
GM Financial [Member]
Derivative Financial Instruments, Liabilities [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
USD ($)
|
Mar. 31, 2011
Automotive [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
USD ($)
|
Dec. 31, 2010
Automotive [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Level 1 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Level 1 [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Level 2 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Level 2 [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Level 3 [Member]
USD ($)
|
Mar. 31, 2011
Automotive [Member]
Level 3 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Level 3 [Member]
USD ($)
|
Dec. 31, 2010
Automotive [Member]
Level 3 [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Other Current Assets [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Other Current Assets [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Other Noncurrent Assets [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Other Noncurrent Assets [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Other Current Liabilities [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Other Current Liabilities [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Other Noncurrent Liability [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Other Noncurrent Liability [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Foreign Exchange Contract [Member]
USD ($)
|
Mar. 31, 2011
Automotive [Member]
Foreign Exchange Contract [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Foreign Exchange Contract [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Foreign Exchange Contract [Member]
Level 1 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Foreign Exchange Contract [Member]
Level 1 [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Foreign Exchange Contract [Member]
Level 2 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Foreign Exchange Contract [Member]
Level 2 [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Foreign Exchange Contract [Member]
Level 3 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Foreign Exchange Contract [Member]
Level 3 [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Foreign Exchange Contract [Member]
Other Current Assets [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Foreign Exchange Contract [Member]
Other Current Assets [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Foreign Exchange Contract [Member]
Other Noncurrent Assets [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Foreign Exchange Contract [Member]
Other Noncurrent Assets [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Foreign Exchange Contract [Member]
Other Current Liabilities [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Foreign Exchange Contract [Member]
Other Current Liabilities [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Foreign Exchange Contract [Member]
Other Noncurrent Liability [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Foreign Exchange Contract [Member]
Other Noncurrent Liability [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Commodity Contract [Member]
USD ($)
|
Mar. 31, 2011
Automotive [Member]
Commodity Contract [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Commodity Contract [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Commodity Contract [Member]
Level 1 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Commodity Contract [Member]
Level 1 [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Commodity Contract [Member]
Level 2 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Commodity Contract [Member]
Level 2 [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Commodity Contract [Member]
Level 3 [Member]
USD ($)
|
Mar. 31, 2011
Automotive [Member]
Commodity Contract [Member]
Level 3 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Commodity Contract [Member]
Level 3 [Member]
USD ($)
|
Dec. 31, 2010
Automotive [Member]
Commodity Contract [Member]
Level 3 [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Commodity Contract [Member]
Other Current Assets [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Commodity Contract [Member]
Other Current Assets [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Commodity Contract [Member]
Other Noncurrent Assets [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Commodity Contract [Member]
Other Noncurrent Assets [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Commodity Contract [Member]
Other Current Liabilities [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Commodity Contract [Member]
Other Current Liabilities [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Commodity Contract [Member]
Other Noncurrent Liability [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Commodity Contract [Member]
Other Noncurrent Liability [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
EUR (€)
|
Mar. 31, 2011
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Level 1 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Level 1 [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Level 2 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Level 2 [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Level 3 [Member]
USD ($)
|
Mar. 31, 2011
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Level 3 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Level 3 [Member]
USD ($)
|
Dec. 31, 2010
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Level 3 [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Other Current Assets [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Other Current Assets [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Other Noncurrent Assets [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Other Noncurrent Assets [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Other Current Liabilities [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Other Current Liabilities [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Other Noncurrent Liability [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Other Noncurrent Liability [Member]
USD ($)
|
Mar. 31, 2012
Automotive [Member]
Warrant [Member]
USD ($)
|
Mar. 31, 2011
Automotive [Member]
Warrant [Member]
USD ($)
|
Mar. 31, 2012
Coal [Member]
Automotive [Member]
Commodity Contract [Member]
EUR (€)
|
Mar. 31, 2012
Heavy Fuel Oil [Member]
Automotive [Member]
Commodity Contract [Member]
EUR (€)
|
Mar. 31, 2012
Euro/Turkish Lira Exchange Rate [Member]
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
EUR (€)
|
|
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward Contract Price | € 106.22 | € 512.78 | € 2.86 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplier nonperformance risk | 3.68% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount of Derivatives | 11,990,000,000 | 10,534,000,000 | 7,294,000,000 | 6,507,000,000 | 3,240,000,000 | 2,566,000,000 | 1,456,000,000 | 1,461,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Derivatives Not Designated as Hedging Instruments Assets at Fair Value | 109,000,000 | 101,000,000 | 91,000,000 | 124,000,000 | 68,000,000 | 64,000,000 | 0 | 0 | 16,000,000 | 9,000,000 | 9,000,000 | 0 | 25,000,000 | 28,000,000 | 82,000,000 | 124,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | 53,000,000 | 57,000,000 | 4,000,000 | 10,000,000 | 49,000,000 | 46,000,000 | 0 | 0 | 2,000,000 | 10,000,000 | 0 | 5,000,000 | 2,000,000 | 1,000,000 | 4,000,000 | 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Asset, Fair Value, Gross Asset | 200,000,000 | 225,000,000 | 0 | 0 | 80,000,000 | 77,000,000 | 120,000,000 | 148,000,000 | 68,000,000 | 64,000,000 | 0 | 0 | 68,000,000 | 64,000,000 | 0 | 0 | 25,000,000 | 9,000,000 | 0 | 0 | 9,000,000 | 9,000,000 | 16,000,000 | 0 | 107,000,000 | 152,000,000 | 0 | 0 | 3,000,000 | 4,000,000 | 104,000,000 | 148,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 57,000,000 | 67,000,000 | 0 | 0 | 57,000,000 | 57,000,000 | 0 | 10,000,000 | 49,000,000 | 46,000,000 | 0 | 0 | 49,000,000 | 46,000,000 | 0 | 0 | 2,000,000 | 15,000,000 | 0 | 0 | 2,000,000 | 5,000,000 | 0 | 10,000,000 | 6,000,000 | 6,000,000 | 0 | 0 | 6,000,000 | 6,000,000 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 120,000,000 | 57,000,000 | 138,000,000 | 0 | 16,000,000 | 0 | (10,000,000) | 0 | 104,000,000 | 57,000,000 | 148,000,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (39,000,000) | 53,000,000 | 4,000,000 | 0 | (43,000,000) | 53,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset and Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 4,000,000 | 4,000,000 | 0 | 0 | 4,000,000 | 4,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (7,000,000) | 0 | (2,000,000) | 0 | (5,000,000) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis,Asset, Issues | 24,000,000 | 0 | 24,000,000 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains and (losses) in earnings attributable to the change in unrealized gains or (losses) relating to assets still held at the reporting date | (42,000,000) | 53,000,000 | 5,000,000 | 0 | (47,000,000) | 53,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income (Expense) | (65,000,000) | 53,000,000 | (16,000,000) | (10,000,000) | (6,000,000) | 0 | (43,000,000) | 59,000,000 | 0 | 4,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | 4,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price for warrants | 2.76 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Warrant Exercises | 48,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Asset, Notional Amount | 1,700,000,000 | 2,000,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Liability, Notional Amount | 1,700,000,000 | 2,000,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Purchase Commitment, Amount | € 1,000,000,000 |
Finance Receivables, Net Accretable Yield (Details) (GM Financial [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
GM Financial [Member]
|
||
Accretable Yield [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 350 | $ 439 |
Accretable Yield | 737 | 1,201 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | (136) | (202) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 167 | 0 |
Accretable Yield | $ 768 | $ 999 |
Product Warranty Liability (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $ 6,600 | $ 6,789 |
Warranties issued and assumed in period | 864 | 725 |
Payments | (916) | (941) |
Adjustment to pre-existing warranties | 233 | 117 |
Effects of foreign currency translation | 60 | 78 |
Balance at end of period | $ 6,841 | $ 6,768 |
Income Taxes
|
3 Months Ended |
---|---|
Mar. 31, 2012
|
|
Income Tax Expense (Benefit) [Abstract] | |
Income Taxes | Income Taxes For interim income tax reporting we estimate our annual effective tax rate and apply it to our year to date ordinary income/loss. The tax effect of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. Tax jurisdictions with a projected or year to date loss for which a tax benefit cannot be realized are excluded. In interim periods, income tax expense is comprised of two key elements: (1) the amount necessary to appropriately state the year to date estimated tax expense of entities included in our effective tax rate calculation, which is calculated as the difference between the amount currently estimated for the year to date period and the amount previously recorded in prior interim periods; and (2) the tax effect of unusual or infrequent items that occur in the period. In the three months ended March 31, 2012 and 2011 income tax expense of $216 million and $137 million primarily resulted from tax expense attributable to entities included in our effective tax rate calculation. The recorded effective tax rate is lower than the applicable statutory tax rate due primarily to income earned in jurisdictions for which a full valuation allowance is recorded. We file income tax returns in multiple jurisdictions and are subject to examination by taxing authorities throughout the world. We have open tax years from 2002 to 2011 with various significant tax jurisdictions. These open years contain matters that could be subject to differing interpretations of applicable tax laws and regulations as they relate to the amount, character, timing or inclusion of revenue and expenses or the sustainability of income tax credits for a given audit cycle. In addition the global nature of our operations means that transfer pricing disputes may arise. In March 2012 a Mexican income tax audit covering the 2004 tax year was concluded and an assessment of $134 million including tax, interest and penalties was issued. The total 2002, 2003 and 2004 assessments as of March 31, 2012 including tax, interest and penalties is $307 million. We believe we have adequate reserves established. Collection of any assessment will be suspended until a revised assessment is issued and during any subsequent proceedings through U.S. and Mexican competent authorities. At March 31, 2012 it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits in the next 12 months. |
Stock Incentive Plans (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Incentive Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following table summarizes information about the RSUs under our stock incentive plans (RSUs in millions):
|
Depreciation, Amortization and Impairments Property, net (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DepreciationAmortizationAndImpairmentOnPropertyPlantAndEquipmentandEquipmentonOperatingLeases [Table Text Block] | The following table summarizes depreciation, amortization and impairment charges related to Property, net, Equipment on operating leases, net and GM Financial equipment on operating leases, net (dollars in millions):
__________
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | The following table summarizes equipment on operating leases to daily rental car companies measured at fair value using Level 3 inputs on a nonrecurring basis (dollars in millions):
Impairment of vehicles leased to daily rental car companies with guaranteed repurchase obligations is determined to exist if the expected cash flows are lower than the carrying amount of the vehicle. We have multiple, distinct portfolios of vehicles leased to rental car companies and may have multiple impairments within a period. Expected cash flows include all estimated net revenue and costs associated with the sale to daily rental car companies through disposal at auction. The fair value measurements are determined, reviewed and approved on a monthly basis by personnel with appropriate knowledge of transactions with daily rental car companies and auction transactions. The following table summarizes the significant quantitative unobservable inputs and assumptions used in the fair value measurement of Equipment on operating leases, net in the three months ended March 31, 2012 (dollars in millions):
The following table summarizes the significant quantitative unobservable inputs and assumptions used in the fair value measurement of the derivatives at March 31, 2012:
__________
|
Income Taxes Pre-tax income and income tax expense (benefit) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
Income Tax Examination [Line Items] | ||
Income Tax Expense (Benefit) | $ 216 | $ 137 |
Foreign tax assessment | 307 | |
2004 tax year [Member]
|
||
Income Tax Examination [Line Items] | ||
Foreign tax assessment | $ 134 |
Components of Inventories (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] | The following table summarizes the components of Inventories (dollars in millions):
|
Segment Reporting Segment Reporting (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables summarize key financial information by segment (dollars in millions):
__________
__________
|
Securitizations Securitization Acitivity (Details) (USD $)
|
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Dec. 31, 2011
|
|
Securtizations [Line Items] | |||
Leases Serviced by Canadian Subsidiary | $ 900,000,000 | ||
GM Financial [Member]
|
|||
Securtizations [Line Items] | |||
Receivables Securitized | 1,916,000,000 | 849,000,000 | |
Proceeds from Securitizations of Consumer Loans | 1,800,000,000 | 800,000,000 | |
Contractually Specified Servicing Fees, Amount | 59,000,000 | 49,000,000 | |
Net distributions from Trusts | 451,000,000 | 143,000,000 | |
Finance Receivables Transferred to Securitization Special Purpose Entities | $ 8,500,000,000 | $ 7,900,000,000 |
Commitments And Contingencies Commitments and Contingencies (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitment and contingencies [Table Text Block] | The following tables summarize information related to commitments and contingencies (dollars in millions):
__________
__________
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Cancellations [Table Text Block] |
Basis of Presentation and Recent Accounting Standards (Notes)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||
Basis Of Presentation | |||||||||||||||||||||||||||||||||||||||||
Basis of Accounting [Text Block] | The accompanying condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements include all adjustments, composed of normal recurring adjustments, considered necessary by management to fairly state our results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2011 (2011 Form 10-K) as filed with the SEC. Use of Estimates in the Preparation of the Financial Statements The condensed consolidated financial statements are prepared in conformity with U.S. GAAP, which requires the use of estimates, judgments and assumptions that affect the amounts of assets and liabilities at the reporting date and the amounts of revenue and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates actual results could differ from the original estimates, requiring adjustments to these balances in future periods. Change in Presentation of Financial Statements In 2012 we changed the presentation of our condensed consolidated balance sheet, condensed consolidated statements of cash flows and certain footnotes to classify the assets and liabilities of GM Financial as current or non-current and to combine line items which were either of a related nature or not individually material. We have made corresponding reclassifications to the comparable information for all periods presented. Venezuelan Exchange Regulations Our Venezuelan subsidiaries utilize the U.S. Dollar as their functional currency because of the hyperinflationary status of the Venezuelan economy. The Venezuelan government has introduced foreign exchange control regulations which make it more difficult to convert Bolivar Fuerte (BsF) to U.S. Dollars. These regulations affect our Venezuelan subsidiaries' ability to pay non-BsF denominated obligations that do not qualify to be processed by the Venezuela currency exchange agency at the official exchange rates. The aggregate net assets of our Venezuelan subsidiaries at March 31, 2012 and December 31, 2011 were $596 million and $438 million. At March 31, 2012 and December 31, 2011 other consolidated entities have receivables from our Venezuelan subsidiaries of $482 million and $380 million. The total amounts pending government approval for settlement at March 31, 2012 and December 31, 2011 were BsF 2.7 billion (equivalent to $633 million) and BsF 2.3 billion (equivalent to $535 million), for which some requests have been pending from 2007. Significant Non-Cash Activity Investing Cash Flows The following table summarizes the amounts of non-cash property additions that have been excluded from Expenditures for property within the investing activities section of the condensed consolidated statements of cash flows because no cash has been expended (dollars in millions):
Recently Adopted Accounting Principles In 2012 we adopted the provisions of Accounting Standards Update (ASU) 2011-05, “Presentation of Comprehensive Income” (ASU 2011-05) that requires presentation of all non-owner changes in equity in one continuous statement of comprehensive income or in two separate but consecutive statements. We elected to provide a separate statement of comprehensive income for all periods presented. The amendments in this update do not change the items that must be reported in other comprehensive income (OCI) or when an OCI item must be reclassified to net income. The adoption of ASU 2011-05 did not affect our condensed consolidated statements of financial position, results of operations and cash flows. ASU 2011-05 was modified in December 2011 by the issuance of ASU 2011-12, “Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.” This update indefinitely defers certain provisions of ASU 2011-05 that require the disclosure of the amount of reclassifications of items from OCI to net income by component of net income and by component of OCI. |
Components of Inventories (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Inventory Disclosure [Abstract] | ||
Productive material, supplies and work in process | $ 6,745 | $ 6,486 |
Finished product, including service parts | 9,099 | 7,838 |
Total inventories | $ 15,844 | $ 14,324 |