DELAWARE (State or other jurisdiction of incorporation) | 001-34960 (Commission File Number) | 27-0756180 (I.R.S. Employer Identification No.) | |
300 Renaissance Center, Detroit, Michigan (Address of Principal Executive Offices) | 48265-3000 (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17-CFR 240.14a-12) | |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit | Description |
Exhibit 99.1 | News Release Dated February 3, 2016 and Financial Highlights |
GENERAL MOTORS COMPANY (Registrant) | ||
/s/ THOMAS S. TIMKO | ||
Date: February 3, 2016 | By: | Thomas S. Timko Vice President, Controller and Chief Accounting Officer |
• | Full-year 2015 EPS of $5.91; EPS-adjusted of $5.02, up 65 percent from 2014 |
• | Fourth quarter EPS of $3.92; EPS-adjusted of $1.39, up 17 percent from 2014 |
• | Fourth quarter net income of $6.3 billion; record EBIT-adjusted of $2.8 billion |
• | Returned $5.7 billion to shareholders in 2015 |
Q4 2015 | Q4 2014 | CY 2015 | CY 2014 | |
Revenue | $39.6 | $39.6 | $152.4 | $155.9 |
Net income attributable to common stockholders | $6.3 | $1.1 | $9.7 | $2.8 |
Earnings per share (EPS) diluted | $3.92 | $0.66 | $5.91 | $1.65 |
Impact of special items on EPS diluted | $2.53 | $(0.53) | $0.89 | $(1.40) |
EPS diluted - adjusted | $1.39 | $1.19 | $5.02 | $3.05 |
EBIT-adjusted | $2.8 | $2.4 | $10.8 | $6.5 |
% EBIT-adjusted margin | 7.0 | 6.1 | 7.1 | 4.2 |
Automotive net cash flow from operating activities | $2.2 | $3.8 | $10.0 | $10.1 |
Adjusted automotive free cash flow | $(0.3) | $1.8 | $2.2 | $3.1 |
% Return on Invested Capital (ROIC) | 27.2 | 15.4 | 27.2 | 15.4 |
• | GM North America (GMNA) reported EBIT-adjusted of $2.8 billion in the fourth quarter of 2015 compared to $2.2 billion in 2014. Full-year EBIT-adjusted of $11.0 billion and EBIT-adjusted margin of 10.3 percent were both records, and compared to EBIT-adjusted of $6.6 billion and EBIT-adjusted margin of 6.5 percent in 2014. Based on GMNA’s 2015 financial performance, the company will pay profit sharing of up to$11,000 to approximately 49,600 eligible GM U.S. hourly employees. |
• | GM Europe (GME) reported EBIT-adjusted of $(0.3) billion in the fourth quarter of 2015, compared to $(0.4) billion in 2014. Full-year EBIT-adjusted was $(0.8) billion in 2015, compared to $(1.4) billion in 2014. |
• | GM International Operations (GMIO) reported EBIT-adjusted of $0.4 billion in the fourth quarter of 2015 compared to $0.4 billion in 2014. Full-year EBIT-adjusted was $1.4 billion in 2015 compared to $1.2 billion in 2014. Results included China equity income of $0.6 billion in the fourth quarter and $2.1 billion for the full year. |
• | GM South America (GMSA) reported approximately break-even results in the fourth quarter of 2015, compared to EBIT-adjusted of $0.1 billion in 2014. Full-year EBIT-adjusted was $(0.6) billion in 2015 compared to EBIT-adjusted of $(0.2) billion in 2014. |
• | GM Financial reported earnings before taxes (EBT) of $0.2 billion in the fourth quarter of 2015, compared to $0.1 billion in 2014. Full-year EBT was $0.8 billion, compared to $0.8 billion in 2014. |
Tom Henderson 313-410-2704 GM Finance Communications tom.e.henderson@gm.com | Randy Arickx 313-268-7070 GM Investor Relations randy.c.arickx@gm.com |
Three Months Ended | Years Ended | ||||||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||||||
Operating segments | |||||||||||||||
GM North America (GMNA) | $ | 2,771 | $ | 2,209 | $ | 11,026 | $ | 6,603 | |||||||
GM Europe (GME) | (298 | ) | (393 | ) | (813 | ) | (1,369 | ) | |||||||
GM International Operations (GMIO) | 408 | 396 | 1,397 | 1,222 | |||||||||||
GM South America (GMSA) | (47 | ) | 89 | (622 | ) | (180 | ) | ||||||||
General Motors Financial Company, Inc. (GM Financial)(a) | 167 | 119 | 837 | 803 | |||||||||||
Total operating segments(b) | 3,001 | 2,420 | 11,825 | 7,079 | |||||||||||
Corporate and eliminations | (236 | ) | (6 | ) | (1,011 | ) | (585 | ) | |||||||
EBIT-adjusted | 2,765 | 2,414 | 10,814 | 6,494 | |||||||||||
Special items | (42 | ) | (300 | ) | (3,199 | ) | (2,327 | ) | |||||||
Automotive interest income | 39 | 56 | 169 | 211 | |||||||||||
Automotive interest expense | (113 | ) | (104 | ) | (443 | ) | (403 | ) | |||||||
Gain on extinguishment of debt | 449 | 200 | 449 | 202 | |||||||||||
Income tax benefit (expense) | 3,168 | (279 | ) | 1,897 | (228 | ) | |||||||||
Net income attributable to stockholders | $ | 6,266 | $ | 1,987 | $ | 9,687 | $ | 3,949 |
(a) | GM Financial amounts represent income before income taxes-adjusted. |
(b) | GM's automotive operations' interest income, interest expense and income tax benefit (expense) are recorded centrally in Corporate. |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Diluted earnings per common share | $ | 5.91 | $ | 1.65 | $ | 2.38 | |||||
Net impact of adjustments(a) | (0.89 | ) | 1.40 | 0.80 | |||||||
EPS-diluted-adjusted | $ | 5.02 | $ | 3.05 | $ | 3.18 |
(a) | Includes the adjustments disclosed in Note 23 to our consolidated financial statements on an after-tax basis for all periods presented, income tax benefit of $3.9 billion related to the reversals of deferred tax asset valuation allowances primarily at GME in the year ended December 31, 2015 and income tax benefit of $0.5 billion related to income tax settlements in the year ended December 31, 2013. |
Four Quarters Ended | |||||||
December 31, 2015 | December 31, 2014 | ||||||
EBIT-adjusted | $ | 10.8 | $ | 6.5 | |||
Average equity | $ | 37.0 | $ | 41.3 | |||
Add: Average automotive debt and interest liabilities (excluding capital leases) | 8.1 | 6.8 | |||||
Add: Average automotive net pension & OPEB liability | 28.3 | 26.6 | |||||
Less: Average fresh start accounting goodwill | (0.1 | ) | |||||
Less: Average net automotive income tax asset | (33.6 | ) | (32.4 | ) | |||
ROIC average net assets | $ | 39.8 | $ | 42.2 | |||
ROIC | 27.2 | % | 15.4 | % |
Three Months Ended | Years Ended | ||||||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||||||
Automotive adjusted free cash flow | $ | (289 | ) | $ | 1,799 | $ | 2,211 | $ | 3,146 | ||||||
Less: Adjustments | — | — | — | 53 | |||||||||||
Capital expenditures | 2,524 | 1,987 | 7,784 | 7,039 | |||||||||||
Automotive net cash provided by operating activities | $ | 2,235 | $ | 3,786 | $ | 9,995 | $ | 10,132 |
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended December 31, 2015 | |||||||||||||||||||||||||||||||||||||||
Net sales and revenue | $ | 27,671 | $ | 4,712 | $ | 3,445 | $ | 1,881 | $ | 39 | $ | 37,748 | $ | 1,878 | $ | (5 | ) | $ | 39,621 | ||||||||||||||||||||
Expenditures for property | $ | 1,913 | $ | 368 | $ | 108 | $ | 135 | $ | 5 | $ | (5 | ) | $ | 2,524 | $ | 26 | $ | — | $ | 2,550 | ||||||||||||||||||
Depreciation and amortization | $ | 952 | $ | 127 | $ | 106 | $ | 64 | $ | 4 | $ | — | $ | 1,253 | $ | 801 | $ | — | $ | 2,054 | |||||||||||||||||||
Impairment charges | $ | 20 | $ | 24 | $ | 11 | $ | — | $ | — | $ | — | $ | 55 | $ | — | $ | — | $ | 55 | |||||||||||||||||||
Equity income(a) | $ | 5 | $ | 1 | $ | 579 | $ | — | $ | — | $ | — | $ | 585 | $ | 30 | $ | — | $ | 615 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Net sales and revenue | $ | 25,308 | $ | 5,415 | $ | 3,844 | $ | 3,711 | $ | 38 | $ | 38,316 | $ | 1,305 | $ | (4 | ) | $ | 39,617 | ||||||||||||||||||||
Expenditures for property | $ | 1,418 | $ | 300 | $ | 98 | $ | 143 | $ | 20 | $ | 8 | $ | 1,987 | $ | 15 | $ | — | $ | 2,002 | |||||||||||||||||||
Depreciation and amortization | $ | 971 | $ | 97 | $ | 97 | $ | 87 | $ | 20 | $ | (1 | ) | $ | 1,271 | $ | 295 | $ | — | $ | 1,566 | ||||||||||||||||||
Impairment charges, excluding goodwill | $ | 69 | $ | 24 | $ | 161 | $ | 2 | $ | — | $ | — | $ | 256 | $ | — | $ | — | $ | 256 | |||||||||||||||||||
Equity income(loss)(a) | $ | 5 | $ | (52 | ) | $ | 516 | $ | — | $ | — | $ | — | $ | 469 | $ | — | $ | — | $ | 469 | ||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Year Ended December 31, 2015 | |||||||||||||||||||||||||||||||||||||||
Net sales and revenue | $ | 106,622 | $ | 18,704 | $ | 12,626 | $ | 7,820 | $ | 150 | $ | 145,922 | $ | 6,454 | $ | (20 | ) | $ | 152,356 | ||||||||||||||||||||
Expenditures for property | $ | 5,688 | $ | 1,070 | $ | 480 | $ | 485 | $ | 66 | $ | (5 | ) | $ | 7,784 | $ | 90 | $ | — | $ | 7,874 | ||||||||||||||||||
Depreciation and amortization | $ | 3,745 | $ | 412 | $ | 436 | $ | 268 | $ | 16 | $ | (3 | ) | $ | 4,874 | $ | 2,297 | $ | — | $ | 7,171 | ||||||||||||||||||
Impairment charges | $ | 370 | $ | 117 | $ | 324 | $ | 35 | $ | — | $ | — | $ | 846 | $ | — | $ | — | $ | 846 | |||||||||||||||||||
Equity income(a) | $ | 20 | $ | 2 | $ | 2,056 | $ | — | $ | — | $ | — | $ | 2,078 | $ | 116 | $ | — | $ | 2,194 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Net sales and revenue | $ | 101,199 | $ | 22,235 | $ | 14,392 | $ | 13,115 | $ | 151 | $ | 151,092 | $ | 4,854 | $ | (17 | ) | $ | 155,929 | ||||||||||||||||||||
Expenditures for property | $ | 4,985 | $ | 887 | $ | 681 | $ | 359 | $ | 127 | $ | — | $ | 7,039 | $ | 52 | $ | — | $ | 7,091 | |||||||||||||||||||
Depreciation and amortization | $ | 4,122 | $ | 325 | $ | 419 | $ | 383 | $ | 75 | $ | (4 | ) | $ | 5,320 | $ | 918 | $ | — | $ | 6,238 | ||||||||||||||||||
Impairment charges, excluding goodwill | $ | 254 | $ | 302 | $ | 321 | $ | 3 | $ | — | $ | — | $ | 880 | $ | — | $ | — | $ | 880 | |||||||||||||||||||
Equity income(loss)(a) | $ | 19 | $ | (45 | ) | $ | 2,120 | $ | — | $ | — | $ | — | $ | 2,094 | $ | — | $ | — | $ | 2,094 |
(a) | Includes automotive China joint ventures equity income of $572 million and $511 million in the three months ended December 31, 2015 and 2014 and $2.1 billion in the years ended December 31, 2015 and 2014. |
Three Months Ended | Years Ended | ||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||
GMNA | 913 | 849 | 3,558 | 3,320 | |||||||
GME | 280 | 303 | 1,127 | 1,172 | |||||||
GMIO | 157 | 177 | 588 | 655 | |||||||
GMSA | 168 | 249 | 603 | 886 | |||||||
Worldwide | 1,518 | 1,578 | 5,876 | 6,033 |
Three Months Ended | Years Ended | ||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||
United States | |||||||||||
Chevrolet - Cars | 177 | 193 | 767 | 881 | |||||||
Chevrolet - Trucks | 239 | 215 | 888 | 770 | |||||||
Chevrolet - Crossovers | 113 | 83 | 471 | 383 | |||||||
Cadillac | 50 | 43 | 175 | 171 | |||||||
Buick | 55 | 58 | 223 | 229 | |||||||
GMC | 149 | 135 | 558 | 501 | |||||||
Total United States | 783 | 727 | 3,082 | 2,935 | |||||||
Canada, Mexico and Other | 144 | 127 | 530 | 478 | |||||||
Total North America | 927 | 854 | 3,612 | 3,413 | |||||||
Europe | |||||||||||
Opel/Vauxhall | 262 | 259 | 1,112 | 1,076 | |||||||
Chevrolet | 15 | 39 | 64 | 180 | |||||||
Total Europe | 277 | 298 | 1,176 | 1,256 | |||||||
Asia/Pacific, Middle East and Africa | |||||||||||
Chevrolet | 326 | 368 | 1,174 | 1,344 | |||||||
Wuling | 406 | 372 | 1,519 | 1,609 | |||||||
Buick | 350 | 249 | 1,035 | 920 | |||||||
Baojun | 195 | 98 | 499 | 179 | |||||||
Cadillac | 27 | 23 | 87 | 79 | |||||||
Other | 56 | 55 | 211 | 247 | |||||||
Total Asia/Pacific, Middle East and Africa | 1,360 | 1,165 | 4,525 | 4,378 | |||||||
South America(a) | 159 | 236 | 645 | 878 | |||||||
Total Worldwide | 2,723 | 2,553 | 9,958 | 9,925 |
Three Months Ended | Years Ended | ||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||
SAIC General Motors Corp., Ltd. | 553 | 481 | 1,711 | 1,710 | |||||||
SAIC GM Wuling Automobile Co., Ltd. and FAW-GM Light Duty Commercial Vehicle Co., Ltd. | 601 | 478 | 2,019 | 1,830 |
Three Months Ended | Years Ended | ||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||
Market Share | |||||||
United States - Cars | 12.3% | 13.4% | 12.3% | 14.1% | |||
United States - Trucks | 25.0% | 24.9% | 24.6% | 23.4% | |||
United States - Crossovers | 16.1% | 15.5% | 17.2% | 16.7% | |||
Total United States | 17.3% | 17.4% | 17.3% | 17.4% | |||
Total North America | 16.9% | 16.9% | 16.8% | 16.9% | |||
Total Europe | 5.8% | 6.3% | 6.1% | 6.7% | |||
Total Asia/Pacific, Middle East and Africa | 10.9% | 10.3% | 10.3% | 10.1% | |||
Total South America | 15.9% | 16.8% | 15.4% | 16.5% | |||
Total Worldwide | 11.5% | 11.3% | 11.2% | 11.4% | |||
% Total U.S. Fleet Mix | 19.7% | 21.1% | 22.0% | 24.0% | |||
North America Capacity Two Shift Utilization | 102.1% | 98.9% | 105.0% | 103.9% |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Consolidated | Automotive | GM Financial | Eliminations | Consolidated | ||||||||||||||||||||||||
Net sales and revenue | |||||||||||||||||||||||||||||||
Automotive | $ | 145,922 | $ | — | $ | — | $ | 145,922 | $ | 151,092 | $ | — | $ | — | $ | 151,092 | |||||||||||||||
GM Financial | — | 6,454 | (20 | ) | 6,434 | — | 4,854 | (17 | ) | 4,837 | |||||||||||||||||||||
Total net sales and revenue | 145,922 | 6,454 | (20 | ) | 152,356 | 151,092 | 4,854 | (17 | ) | 155,929 | |||||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||||||||||
Automotive cost of sales | 128,331 | — | (10 | ) | 128,321 | 138,094 | — | (12 | ) | 138,082 | |||||||||||||||||||||
GM Financial interest, operating and other expenses | — | 5,733 | — | 5,733 | — | 4,039 | — | 4,039 | |||||||||||||||||||||||
Automotive selling, general and administrative expense | 13,405 | — | — | 13,405 | 12,158 | — | — | 12,158 | |||||||||||||||||||||||
Goodwill impairment charges | — | — | — | — | 120 | — | — | 120 | |||||||||||||||||||||||
Total costs and expenses | 141,736 | 5,733 | (10 | ) | 147,459 | 150,372 | 4,039 | (12 | ) | 154,399 | |||||||||||||||||||||
Operating income | 4,186 | 721 | (10 | ) | 4,897 | 720 | 815 | (5 | ) | 1,530 | |||||||||||||||||||||
Automotive interest expense | 453 | — | (10 | ) | 443 | 409 | — | (6 | ) | 403 | |||||||||||||||||||||
Interest income and other non-operating income, net | 621 | — | — | 621 | 824 | — | (1 | ) | 823 | ||||||||||||||||||||||
Gain on extinguishment of debt | 449 | — | — | 449 | 202 | — | — | 202 | |||||||||||||||||||||||
Equity income | 2,078 | 116 | — | 2,194 | 2,094 | — | — | 2,094 | |||||||||||||||||||||||
Income before income taxes | 6,881 | 837 | — | 7,718 | 3,431 | 815 | — | 4,246 | |||||||||||||||||||||||
Income tax expense (benefit) | (1,976 | ) | 79 | — | (1,897 | ) | (92 | ) | 320 | — | 228 | ||||||||||||||||||||
Net income | 8,857 | 758 | — | 9,615 | 3,523 | 495 | — | 4,018 | |||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | 72 | — | — | 72 | (69 | ) | — | — | (69 | ) | |||||||||||||||||||||
Net income attributable to stockholders | $ | 8,929 | $ | 758 | $ | — | $ | 9,687 | $ | 3,454 | $ | 495 | $ | — | $ | 3,949 |
Three Months Ended | Years Ended | ||||||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||||||
Basic earnings per share | |||||||||||||||
Net income attributable to common stockholders | $ | 6,266 | $ | 1,105 | $ | 9,687 | $ | 2,804 | |||||||
Weighted-average common shares outstanding | 1,553 | 1,612 | 1,586 | 1,605 | |||||||||||
Basic earnings per common share | $ | 4.03 | $ | 0.69 | $ | 6.11 | $ | 1.75 | |||||||
Diluted earnings per share | |||||||||||||||
Net income attributable to common stockholders – diluted | $ | 6,266 | $ | 1,105 | $ | 9,686 | $ | 2,786 | |||||||
Weighted-average common shares outstanding – diluted | 1,597 | 1,680 | 1,640 | 1,687 | |||||||||||
Diluted earnings per common share | $ | 3.92 | $ | 0.66 | $ | 5.91 | $ | 1.65 |
December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Consolidated | Automotive | GM Financial | Eliminations | Consolidated | ||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 12,177 | $ | 3,061 | $ | — | $ | 15,238 | $ | 15,980 | $ | 2,974 | $ | — | $ | 18,954 | |||||||||||||||
Marketable securities | 8,163 | — | — | 8,163 | 9,222 | — | — | 9,222 | |||||||||||||||||||||||
Restricted cash and marketable securities | 180 | 1,410 | — | 1,590 | 136 | 1,202 | — | 1,338 | |||||||||||||||||||||||
Accounts and notes receivable, net | 8,590 | 681 | (934 | ) | 8,337 | 9,396 | 788 | (1,106 | ) | 9,078 | |||||||||||||||||||||
GM Financial receivables, net | — | 18,281 | (230 | ) | 18,051 | — | 16,705 | (177 | ) | 16,528 | |||||||||||||||||||||
Inventories | 13,764 | — | — | 13,764 | 13,642 | — | — | 13,642 | |||||||||||||||||||||||
Equipment on operating leases, net | 2,783 | — | — | 2,783 | 3,564 | — | — | 3,564 | |||||||||||||||||||||||
Deferred income taxes | 8,123 | 476 | — | 8,599 | 9,440 | 320 | — | 9,760 | |||||||||||||||||||||||
Other current assets | 1,152 | 330 | — | 1,482 | 1,407 | 133 | — | 1,540 | |||||||||||||||||||||||
Total current assets | 54,932 | 24,239 | (1,164 | ) | 78,007 | 62,787 | 22,122 | (1,283 | ) | 83,626 | |||||||||||||||||||||
Non-current Assets | |||||||||||||||||||||||||||||||
Restricted cash and marketable securities | 52 | 531 | — | 583 | 67 | 868 | — | 935 | |||||||||||||||||||||||
GM Financial receivables, net | — | 18,500 | — | 18,500 | — | 16,006 | — | 16,006 | |||||||||||||||||||||||
Equity in net assets of nonconsolidated affiliates | 8,215 | 986 | — | 9,201 | 8,350 | — | — | 8,350 | |||||||||||||||||||||||
Property, net | 31,010 | 219 | — | 31,229 | 27,570 | 173 | — | 27,743 | |||||||||||||||||||||||
Goodwill and intangible assets, net | 4,558 | 1,389 | — | 5,947 | 4,945 | 1,465 | — | 6,410 | |||||||||||||||||||||||
GM Financial equipment on operating leases, net | — | 20,172 | — | 20,172 | — | 7,060 | — | 7,060 | |||||||||||||||||||||||
Deferred income taxes | 28,694 | (251 | ) | — | 28,443 | 25,439 | (25 | ) | — | 25,414 | |||||||||||||||||||||
Other assets | 2,142 | 296 | — | 2,438 | 2,516 | 76 | (635 | ) | 1,957 | ||||||||||||||||||||||
Total non-current assets | 74,671 | 41,842 | — | 116,513 | 68,887 | 25,623 | (635 | ) | 93,875 | ||||||||||||||||||||||
Total Assets | $ | 129,603 | $ | 66,081 | $ | (1,164 | ) | $ | 194,520 | $ | 131,674 | $ | 47,745 | $ | (1,918 | ) | $ | 177,501 | |||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||||||||
Accounts payable (principally trade) | $ | 24,093 | $ | 740 | $ | (771 | ) | $ | 24,062 | $ | 22,463 | $ | 716 | $ | (650 | ) | $ | 22,529 | |||||||||||||
Short-term debt and current portion of long-term debt | |||||||||||||||||||||||||||||||
Automotive | 1,209 | — | (392 | ) | 817 | 1,128 | — | (631 | ) | 497 | |||||||||||||||||||||
GM Financial | — | 18,745 | — | 18,745 | — | 14,447 | — | 14,447 | |||||||||||||||||||||||
Accrued liabilities | 26,281 | 1,561 | — | 27,842 | 27,444 | 741 | (1 | ) | 28,184 | ||||||||||||||||||||||
Total current liabilities | 51,583 | 21,046 | (1,163 | ) | 71,466 | 51,035 | 15,904 | (1,282 | ) | 65,657 | |||||||||||||||||||||
Non-current Liabilities | |||||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||||
Automotive | 7,948 | — | — | 7,948 | 8,853 | — | — | 8,853 | |||||||||||||||||||||||
GM Financial | — | 35,601 | — | 35,601 | — | 22,868 | — | 22,868 | |||||||||||||||||||||||
Postretirement benefits other than pensions | 5,685 | — | — | 5,685 | 6,229 | — | — | 6,229 | |||||||||||||||||||||||
Pensions | 20,804 | 107 | — | 20,911 | 23,676 | 112 | — | 23,788 | |||||||||||||||||||||||
Other liabilities | 11,571 | 1,016 | (1 | ) | 12,586 | 13,396 | 1,322 | (636 | ) | 14,082 | |||||||||||||||||||||
Total non-current liabilities | 46,008 | 36,724 | (1 | ) | 82,731 | 52,154 | 24,302 | (636 | ) | 75,820 | |||||||||||||||||||||
Total Liabilities | 97,591 | 57,770 | (1,164 | ) | 154,197 | 103,189 | 40,206 | (1,918 | ) | 141,477 | |||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||
Common stock, $0.01 par value | 15 | — | — | 15 | 16 | — | — | 16 | |||||||||||||||||||||||
Additional paid-in capital | 27,606 | 1 | — | 27,607 | 28,937 | — | — | 28,937 | |||||||||||||||||||||||
Retained earnings | 10,870 | 9,415 | — | 20,285 | 6,604 | 7,973 | — | 14,577 | |||||||||||||||||||||||
Accumulated other comprehensive loss | (6,931 | ) | (1,105 | ) | — | (8,036 | ) | (7,639 | ) | (434 | ) | — | (8,073 | ) | |||||||||||||||||
Total stockholders’ equity | 31,560 | 8,311 | — | 39,871 | 27,918 | 7,539 | — | 35,457 | |||||||||||||||||||||||
Noncontrolling interests | 452 | — | — | 452 | 567 | — | — | 567 | |||||||||||||||||||||||
Total Equity | 32,012 | 8,311 | — | 40,323 | 28,485 | 7,539 | — | 36,024 | |||||||||||||||||||||||
Total Liabilities and Equity | $ | 129,603 | $ | 66,081 | $ | (1,164 | ) | $ | 194,520 | $ | 131,674 | $ | 47,745 | $ | (1,918 | ) | $ | 177,501 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Reclassification (a) | Consolidated | Automotive | GM Financial | Reclassification (a) | Consolidated | ||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||
Net income | $ | 8,857 | $ | 758 | $ | — | $ | 9,615 | $ | 3,523 | $ | 495 | $ | — | $ | 4,018 | |||||||||||||||
Depreciation, amortization and impairment charges | 5,720 | 2,297 | — | 8,017 | 6,320 | 918 | — | 7,238 | |||||||||||||||||||||||
Foreign currency remeasurement and transaction losses | 813 | 16 | — | 829 | 430 | 7 | — | 437 | |||||||||||||||||||||||
Amortization of discount and issuance costs on debt issues | 64 | 112 | — | 176 | 82 | 99 | — | 181 | |||||||||||||||||||||||
Undistributed earnings of nonconsolidated affiliates and gains on investments | (31 | ) | (116 | ) | (147 | ) | (301 | ) | — | — | (301 | ) | |||||||||||||||||||
Pension contributions and OPEB payments | (1,597 | ) | (3 | ) | — | (1,600 | ) | (1,310 | ) | (5 | ) | — | (1,315 | ) | |||||||||||||||||
Pension and OPEB expense, net | 316 | 5 | — | 321 | 434 | 5 | — | 439 | |||||||||||||||||||||||
Gains on extinguishment of debt | (449 | ) | — | — | (449 | ) | (202 | ) | — | — | (202 | ) | |||||||||||||||||||
Benefit for deferred taxes | (2,763 | ) | 6 | — | (2,757 | ) | (528 | ) | (46 | ) | — | (574 | ) | ||||||||||||||||||
Change in other operating assets and liabilities | (805 | ) | 175 | (1,124 | ) | (1,754 | ) | 1,943 | 301 | (2,000 | ) | 244 | |||||||||||||||||||
Other operating activities | (130 | ) | (143 | ) | — | (273 | ) | (259 | ) | 152 | — | (107 | ) | ||||||||||||||||||
Net cash provided by operating activities | 9,995 | 3,107 | (1,124 | ) | 11,978 | 10,132 | 1,926 | (2,000 | ) | 10,058 | |||||||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||
Expenditures for property | (7,784 | ) | (90 | ) | — | (7,874 | ) | (7,039 | ) | (52 | ) | — | (7,091 | ) | |||||||||||||||||
Available-for-sale marketable securities, acquisitions | (8,113 | ) | — | — | (8,113 | ) | (7,636 | ) | — | — | (7,636 | ) | |||||||||||||||||||
Trading marketable securities, acquisitions | (1,250 | ) | — | — | (1,250 | ) | (1,518 | ) | — | — | (1,518 | ) | |||||||||||||||||||
Available-for-sale marketable securities, liquidations | 8,463 | — | — | 8,463 | 6,874 | — | — | 6,874 | |||||||||||||||||||||||
Trading marketable securities, liquidations | 1,758 | — | — | 1,758 | 1,881 | — | — | 1,881 | |||||||||||||||||||||||
Acquisition of companies/investments, net of cash acquired | (4 | ) | (924 | ) | — | (928 | ) | (7 | ) | (46 | ) | — | (53 | ) | |||||||||||||||||
Increase in restricted cash and marketable securities | (229 | ) | (515 | ) | — | (744 | ) | (272 | ) | (567 | ) | — | (839 | ) | |||||||||||||||||
Decrease in restricted cash and marketable securities | 125 | 251 | — | 376 | 180 | 335 | — | 515 | |||||||||||||||||||||||
Purchases of finance receivables | — | (18,619 | ) | 1,124 | (17,495 | ) | — | (16,744 | ) | 2,000 | (14,744 | ) | |||||||||||||||||||
Principal collections and recoveries on finance receivables | — | 11,726 | — | 11,726 | — | 10,860 | — | 10,860 | |||||||||||||||||||||||
Purchases of leased vehicles, net | — | (15,158 | ) | — | (15,158 | ) | — | (4,776 | ) | — | (4,776 | ) | |||||||||||||||||||
Proceeds from termination of leased vehicles | — | 1,096 | — | 1,096 | — | 1,096 | — | 1,096 | |||||||||||||||||||||||
Other investing activities | 78 | 30 | — | 108 | 298 | (2 | ) | — | 296 | ||||||||||||||||||||||
Net cash used in investing activities | (6,956 | ) | (22,203 | ) | 1,124 | (28,035 | ) | (7,239 | ) | (10,459 | ) | 2,000 | (15,698 | ) | |||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||
Net increase (decrease) in short-term debt | (19 | ) | 1,147 | — | 1,128 | (79 | ) | 470 | — | 391 | |||||||||||||||||||||
Proceeds from issuance of debt (original maturities greater than three months) | 317 | 35,362 | — | 35,679 | 3,119 | 28,254 | — | 31,373 | |||||||||||||||||||||||
Payments on debt (original maturities greater than three months) | (369 | ) | (16,887 | ) | — | (17,256 | ) | (745 | ) | (18,779 | ) | — | (19,524 | ) | |||||||||||||||||
Payments to purchase stock | (3,520 | ) | — | — | (3,520 | ) | (3,277 | ) | — | — | (3,277 | ) | |||||||||||||||||||
Dividends paid (including charge related to redemption of Series A Preferred Stock) | (2,242 | ) | — | — | (2,242 | ) | (3,165 | ) | — | — | (3,165 | ) | |||||||||||||||||||
Other financing activities | 51 | (154 | ) | — | (103 | ) | 4 | (127 | ) | — | (123 | ) | |||||||||||||||||||
Net cash provided by (used in) financing activities | (5,782 | ) | 19,468 | — | 13,686 | (4,143 | ) | 9,818 | — | 5,675 | |||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1,173 | ) | (172 | ) | — | (1,345 | ) | (1,022 | ) | (80 | ) | — | (1,102 | ) | |||||||||||||||||
Net transactions with Automotive/GM Financial | 113 | (113 | ) | — | — | (695 | ) | 695 | — | — | |||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (3,803 | ) | 87 | — | (3,716 | ) | (2,967 | ) | 1,900 | — | (1,067 | ) | |||||||||||||||||||
Cash and cash equivalents at beginning of period | 15,980 | 2,974 | 18,954 | 18,947 | 1,074 | — | 20,021 | ||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 12,177 | $ | 3,061 | $ | — | $ | 15,238 | $ | 15,980 | $ | 2,974 | $ | — | $ | 18,954 |
(a) | Reclassification of purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial. |
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