EX-99.2 3 gm2017q1consolidatedearnin.htm EXHIBIT 99.2 - Q1 2017 HIGHLIGHTS Exhibit


Exhibit 99.2

General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

General Motors Company's (GM) non-GAAP measures include earnings before interest and taxes adjusted for special items, presented net of noncontrolling interests (EBIT-adjusted), earnings per share (EPS)-diluted-adjusted, return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures. These non-GAAP measures have not been audited or reviewed by GM's independent auditors.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. Further, our Board of Directors uses these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons we believe these non-GAAP measures are useful for our investors.

EBIT-adjusted is used by management and can be used by investors to review GM's consolidated operating results because it excludes automotive interest income, automotive interest expense and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include but are not limited to impairment charges related to goodwill, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions; costs arising from the ignition switch recall and related legal matters; and certain currency devaluations associated with hyperinflationary economies. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item.

EPS-diluted-adjusted is used by management and can be used by investors to review GM's consolidated diluted earnings per share results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less certain adjustments noted above for EBIT-adjusted and gains or losses on the extinguishment of debt obligations on an after-tax basis as well as redemptions of preferred stock and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or reversal of significant deferred tax asset valuation allowances.

ROIC-adjusted is used by management and can be used by investors to review GM's investment and capital allocation decisions. GM defines ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is considered to be the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of capital leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.

Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of GM's automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. GM measures adjusted automotive free cash flow as automotive cash flow from operations less capital expenditures adjusted for management actions, primarily related to strengthening its balance sheet, such as prepayments of debt and discretionary contributions to employee benefit plans.

1



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

The following table reconciles segment profit (loss) to Net income attributable to common stockholders (dollars in millions):
 
Three Months Ended
 
March 31, 2017
 
March 31, 2016
Operating segments
 
 
 
GM North America (GMNA)
$
3,416

 
$
2,296

GM Europe (GME)
(201
)
 
(6
)
GM International Operations (GMIO)
319

 
379

GM South America (GMSA)
(115
)
 
(67
)
General Motors Financial Company, Inc. (GM Financial)(a)
260

 
225

Total operating segments
3,679

 
2,827

Corporate and eliminations(b)
(284
)
 
(172
)
EBIT-adjusted
3,395

 
2,655

Special items
 
 
 
   Ignition switch recall and related legal matters(c)

 
(60
)
Total special items

 
(60
)
Automotive interest income
57

 
44

Automotive interest expense
(144
)
 
(127
)
Income tax expense
(700
)
 
(559
)
Net income attributable to common stockholders
$
2,608

 
$
1,953

__________
(a)
GM Financial amounts represent earnings before income taxes-adjusted.
(b)
GM's automotive operations' interest income and interest expense, Maven, corporate expenditures including autonomous vehicle-related engineering and other costs and certain nonsegment specific revenues and expenses are recorded centrally in Corporate.
(c)
This adjustment, which is recorded within Corporate, was excluded because of the unique events associated with the ignition switch recall. These events included the creation of the ignition switch recall compensation program, as well as various investigations, inquiries, and complaints from various constituents.





2



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)


The following table reconciles Net income attributable to common stockholders under U.S. GAAP to EBIT-adjusted (dollars in millions):
 
Three Months Ended
 
March 31,
 
December 31,
 
September 30,
 
June 30,
 
2017
 
2016
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Net income attributable to common stockholders
$
2,608

 
$
1,953

 
$
1,835

 
$
6,266

 
$
2,773

 
$
1,359

 
$
2,866

 
$
1,117

Income tax expense (benefit)
700

 
559

 
210

 
(3,168
)
 
776

 
165

 
871

 
577

Gain on extinguishment of debt

 

 

 
(449
)
 

 

 

 

Automotive interest expense
144

 
127

 
150

 
113

 
148

 
112

 
147

 
108

Automotive interest income
(57
)
 
(44
)
 
(45
)
 
(39
)
 
(44
)
 
(40
)
 
(52
)
 
(41
)
Adjustments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ignition switch recall and related legal matters(a)

 
60

 
235

 
60

 
(110
)
 
1,500

 
115

 
75

Thailand asset impairment(b)

 

 

 

 

 

 

 
297

Venezuela currency devaluation and asset impairment(c)

 

 

 

 

 

 

 
720

Other

 

 

 
(18
)
 

 

 

 
18

Total adjustments

 
60

 
235

 
42

 
(110
)
 
1,500

 
115

 
1,110

EBIT-adjusted
$
3,395

 
$
2,655

 
$
2,385

 
$
2,765

 
$
3,543

 
$
3,096

 
$
3,947

 
$
2,871

________
(a)
These adjustments were excluded because of the unique events associated with the ignition switch recall. These events included the creation of the ignition switch recall compensation program, as well as various investigations, inquiries, and complaints from various constituents.
(b)
This adjustment was excluded because of the significant restructuring of our Thailand operations and the strategic actions taken to focus on the production of pick-up trucks and SUVs.
(c)
This adjustment was excluded because of the devaluation of the Venezuela Bolivar Fuerte (BsF), our inability to transact at the Complementary System of Foreign Currency Administration (SICAD) rate to obtain U.S. Dollars and the market restrictions imposed by the Venezuelan government.
























3



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

The following table reconciles diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted (dollars in millions):
 
Three Months Ended
 
March 31, 2017
 
March 31, 2016
 
Amount
 
Per Share
 
Amount
 
Per Share
Diluted earnings per common share
$
2,608

 
$
1.70

 
$
1,952

 
$
1.24

Adjustment  Ignition switch recall and related legal matters

 

 
60

 
0.03

Tax effect on adjustments(a)

 

 
(23
)
 
(0.01
)
EPS-diluted-adjusted
$
2,608

 
$
1.70

 
$
1,989

 
$
1.26

________
(a)
The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction in which the adjustment relates.

We define return on equity (ROE) as Net income attributable to common stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):
 
Four Quarters Ended
 
March 31, 2017
 
March 31, 2016
Net income attributable to common stockholders
$
10.1

 
$
10.7

Average equity
$
44.8

 
$
38.1

ROE
22.5
%
 
28.1
%

The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
 
Four Quarters Ended
 
March 31, 2017
 
March 31, 2016
EBIT-adjusted(a)
$
13.3

 
$
11.4

Average equity
$
44.8

 
$
38.1

Add: Average automotive debt and interest liabilities (excluding capital leases)
10.1

 
8.6

Add: Average automotive net pension & OPEB liability
24.1

 
27.4

Less: Average automotive net income tax asset
(34.4
)
 
(34.2
)
ROIC-adjusted average net assets
$
44.6

 
$
39.9

ROIC-adjusted
29.7
%
 
28.5
%
________
(a)
Refer to the reconciliation of Net Income attributable to common stockholders under U.S. GAAP to EBIT-adjusted on the preceding page.


















4



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

The following table reconciles Net automotive cash provided by (used in) operating activities under U.S. GAAP to adjusted automotive free cash flow (dollars in millions):
 
Three Months Ended
 
March 31, 2017
 
March 31, 2016
Net automotive cash provided by (used in) operating activities
$
1,398

 
$
(665
)
Less: capital expenditures
(1,981
)
 
(2,265
)
Adjustment – discretionary pension plan contributions

 
1,500

Adjusted automotive free cash flow
$
(583
)
 
$
(1,430
)
 
 
For the year ending December 31, 2017 we expect to continue to generate strong consolidated financial results including improved total net sales and revenue, EBIT-adjusted and EBIT-adjusted margins that equal or exceed the corresponding amounts in 2016, ROIC-adjusted of greater than 25%, Automotive operating cash flow of approximately $12 billion, adjusted automotive free cash flow of approximately $6 billion, EPS-diluted of between $3.06 and $3.56 and EPS-diluted-adjusted of between $6.00 and $6.50. We expect these financial results to be driven in part by favorable shifts in mix for our new or refreshed product launches, including crossovers. The following table reconciles expected diluted earnings per common share under U.S. GAAP to expected EPS-diluted-adjusted:
 
Year Ending December 31, 2017
Diluted earnings per common share
$ 3.06-3.56
Adjustments – PSA Group Transaction(a)
            2.94
EPS-diluted-adjusted
$ 6.00-6.50
________
(a)
The Company expects to recognize a charge of approximately $4.5 billion upon closing principally related to: (1) certain deferred tax assets that will no longer be realizable upon sale; (2) the de-risking premium payment to be made to PSA Group for the assumption of certain underfunded pension liabilities; (3) the recognition of previously deferred pension losses; and (4) costs related to other services provided under the Master Agreement (Agreement). The ultimate charge upon closing, including the principal components thereof, may differ from these estimates based on changes to the carrying amounts of the Transferred Business through the date of closing and the ultimate resolution of certain closing conditions.


The following table reconciles expected net automotive cash provided by operating activities under U.S. GAAP to expected adjusted automotive free cash flow (dollars in billions):
 
Year Ending December 31, 2017
Net automotive cash provided by operating activities
$
12

Less: expected capital expenditures
(9
)
Adjustment – PSA Group Transaction
3

Adjusted automotive free cash flow
$
6






5



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

The following tables summarize key financial information by segment (dollars in millions):
 
GMNA
 
GME
 
GMIO
 
GMSA
 
Corporate
 
Eliminations
 
Total
Automotive
 
GM
Financial
 
Eliminations
 
Total
Three Months Ended March 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales and revenue
$
29,302

 
$
4,501

 
$
2,520

 
$
1,959

 
$
174

 
 
 
$
38,456

 
$
2,879

 
$
(135
)
 
$
41,200

Expenditures for property
$
1,528

 
$
272

 
$
96

 
$
83

 
$
2

 
$

 
$
1,981

 
$
24

 
$

 
$
2,005

Depreciation and amortization
$
1,100

 
$
95

 
$
118

 
$
73

 
$
1

 
$
(1
)
 
$
1,386

 
$
1,439

 
$

 
$
2,825

Impairment charges
$
15

 
$
37

 
$
1

 
$

 
$
5

 
$

 
$
58

 
$

 
$

 
$
58

Equity income(a)
$
5

 
$

 
$
503

 
$

 
$

 
$

 
$
508

 
$
47

 
$

 
$
555

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GMNA
 
GME
 
GMIO
 
GMSA
 
Corporate
 
Eliminations
 
Total
Automotive
 
GM
Financial
 
Eliminations
 
Total
Three Months Ended March 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales and revenue
$
26,463

 
$
4,681

 
$
2,679

 
$
1,343

 
$
29

 
 
 
$
35,195

 
$
2,075

 
$
(5
)
 
$
37,265

Expenditures for property
$
1,752

 
$
272

 
$
152

 
$
87

 
$
3

 
$
(1
)
 
$
2,265

 
$
20

 
$

 
$
2,285

Depreciation and amortization
$
1,021

 
$
103

 
$
108

 
$
57

 
$
5

 
$
(2
)
 
$
1,292

 
$
930

 
$

 
$
2,222

Impairment charges
$
12

 
$
26

 
$
32

 
$

 
$

 
$

 
$
70

 
$

 
$

 
$
70

Equity income(a)
$
6

 
$

 
$
518

 
$

 
$

 
$

 
$
524

 
$
36

 
$

 
$
560

________
(a)
Includes Automotive China joint ventures equity income of $504 million and $518 million in the three months ended March 31, 2017 and 2016.




6



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

Vehicle Sales

GM presents both wholesale and retail vehicle sales data to assist in the analysis of its revenue and market share. GM does not currently export vehicles to Cuba, Iran, North Korea, Sudan or Syria. Accordingly, these countries are excluded from industry sales data and corresponding calculations of GM's market share.

Wholesale vehicle sales data, which represents sales directly to dealers and others, including sales to fleet customers, is the measure that correlates to GM's revenue from the sale of vehicles, which is the largest component of Automotive net sales and revenue. Wholesale vehicle sales exclude vehicles sold by joint ventures. In the three months ended March 31, 2017 47.6% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes total wholesale vehicle sales of new vehicles by automotive segment (vehicles in thousands):
 
Three Months Ended
 
March 31, 2017
 
March 31, 2016
GMNA
940

 
874

GME
293

 
293

GMIO
113

 
130

GMSA
138

 
114

Worldwide
1,484

 
1,411




7



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

Retail vehicle sales data, which represents sales to end customers based upon the good faith estimates of management, including sales to fleet customers, does not correlate directly to the revenue GM recognizes during the period. However retail vehicle sales data is indicative of the underlying demand for GM vehicles. Market share information is based primarily on retail vehicle sales volume. In countries where retail vehicle sales data is not readily available, other data sources such as wholesale or forecast volumes are used to estimate retail vehicle sales to end customers.

Retail vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on the percentage of ownership in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures. Retail vehicle sales data includes vehicles used by dealers under courtesy transportation programs and vehicles sold through the dealer registration channel primarily in Europe. This sales channel consists primarily of dealer demonstrator, loaner and self-registered vehicles which are not eligible to be sold as new vehicles after being registered by dealers. Certain fleet sales that are accounted for as operating leases are included in retail vehicle sales at the time of delivery to daily rental car companies. The following table summarizes total retail sales, or estimated sales where retail sales volume is not available, by geographic region (vehicles in thousands):
 
Three Months Ended
 
March 31, 2017
 
March 31, 2016
United States
 
 
 
Chevrolet – Cars
154

 
173

Chevrolet – Trucks
203

 
196

Chevrolet – Crossovers
115

 
103

Cadillac
34

 
36

Buick
50

 
54

GMC
134

 
122

Total United States
690

 
684

Canada, Mexico and Other
126

 
115

Total North America
816

 
799

Europe
 
 
 
Opel/Vauxhall
310

 
301

Chevrolet
10

 
13

Total Europe
320

 
314

Asia/Pacific, Middle East and Africa
 
 
 
Chevrolet
201

 
214

Wuling
324

 
348

Buick
250

 
285

Baojun
204

 
216

Cadillac
41

 
23

Other
40

 
46

Total Asia/Pacific, Middle East and Africa(a)
1,060

 
1,132

South America(b)
148

 
133

Total Worldwide
2,344

 
2,378

_______
(a)
In the three months ended March 31, 2017, we began using estimated vehicle registrations data as the basis for calculating industry volume and market share in China. In the three months ended March 31, 2016, wholesale volumes were used for Industry, GM and Market Share.
(b)
Primarily Chevrolet.


8



General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)

The vehicle sales at GM's China joint ventures presented in the following table are included in GM's retail vehicle sales on the preceding page (vehicles in thousands):    
 
Three Months Ended
 
March 31, 2017
 
March 31, 2016
SAIC General Motors Sales Co., Ltd.(a)
386

 
412

SAIC GM Wuling Automobile Co., Ltd. and FAW-GM Light Duty Commercial Vehicle Co., Ltd.(a)
527

 
564


 
Three Months Ended
 
March 31, 2017
 
March 31, 2016
Market Share
 
 
 
United States – Cars
11.9
%
 
12.5
%
United States – Trucks
25.3
%
 
25.2
%
United States – Crossovers
15.1
%
 
13.8
%
Total United States
16.8
%
 
16.4
%
Total North America
16.3
%
 
15.9
%
Total Europe
5.9
%
 
6.2
%
Total Asia/Pacific, Middle East and Africa(a)
9.5
%
 
9.8
%
Total South America
15.7
%
 
15.6
%
Total Worldwide
10.4
%
 
10.6
%
 
 
 
 
United States fleet sales as a percentage of retail vehicle sales
20.7
%
 
21.5
%
 
 
 
 
North America Capacity Two Shift Utilization
106.3
%
 
97.0
%
_______
(a)
In the three months ended March 31, 2017, we began using estimated vehicle registrations data as the basis for calculating industry volume and market share in China. In the three months ended March 31, 2016, wholesale volumes were used for Industry, GM and Market Share.








9



General Motors Company and Subsidiaries
Combining Income Statement Information
(In millions) (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2017
 
Three Months Ended March 31, 2016
 
 
Automotive
 
GM Financial
 
Eliminations
 
Combined
 
Automotive
 
GM Financial
 
Eliminations
 
Combined
Net sales and revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Automotive
 
$
38,456

 
$

 
$
(131
)
 
$
38,325

 
$
35,195

 
$

 
$

 
$
35,195

GM Financial
 

 
2,879

 
(4
)
 
2,875

 

 
2,075

 
(5
)
 
2,070

Total net sales and revenue
 
38,456

 
2,879

 
(135
)
 
41,200

 
35,195

 
2,075

 
(5
)
 
37,265

Costs and expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Automotive cost of sales
 
33,238

 

 
(133
)
 
33,105

 
30,591

 

 
(2
)
 
30,589

GM Financial interest, operating and other expenses
 


 
2,666

 

 
2,666

 

 
1,886

 

 
1,886

Automotive selling, general and administrative expense
 
2,684

 

 

 
2,684

 
2,818

 

 

 
2,818

Total costs and expenses
 
35,922

 
2,666

 
(133
)
 
38,455

 
33,409

 
1,886

 
(2
)
 
35,293

Operating income
 
2,534

 
213

 
(2
)
 
2,745

 
1,786

 
189

 
(3
)
 
1,972

Automotive interest expense
 
146

 

 
(2
)
 
144

 
130

 

 
(3
)
 
127

Interest income and other non-operating income, net
 
161

 

 

 
161

 
85

 

 

 
85

Equity income
 
508

 
47

 

 
555

 
524

 
36

 

 
560

Income before income taxes
 
3,057

 
260

 

 
3,317

 
2,265

 
225

 

 
2,490

Income tax expense
 
645

 
55

 

 
700

 
500

 
59

 

 
559

Net income
 
2,412

 
205

 

 
2,617

 
1,765

 
166

 

 
1,931

Net (income) loss attributable to noncontrolling interests
 
(9
)
 

 

 
(9
)
 
22

 

 

 
22

Net income attributable to common stockholders
 
$
2,403

 
$
205

 
$

 
$
2,608

 
$
1,787

 
$
166

 
$

 
$
1,953

































10



General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)

The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
 
Three Months Ended
 
March 31, 2017
 
March 31, 2016
Basic earnings per share
 
 
 
Net income attributable to common stockholders
$
2,608

 
$
1,953

Weighted-average common shares outstanding
1,505

 
1,546

Basic earnings per common share
$
1.73

 
$
1.26

Diluted earnings per share
 
 
 
Net income attributable to common stockholders – diluted
$
2,608

 
$
1,952

Weighted-average common shares outstanding – diluted
1,532

 
1,580

Diluted earnings per common share
$
1.70

 
$
1.24























11



General Motors Company and Subsidiaries
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
 
March 31, 2017
 
December 31, 2016
 
Automotive
 
GM Financial
 
Eliminations
 
Combined
 
Automotive
 
GM Financial
 
Eliminations
 
Combined
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
10,170

 
$
2,694

 
$

 
$
12,864

 
$
9,759

 
$
3,201

 
$

 
$
12,960

Marketable securities
10,260

 

 

 
10,260

 
11,841

 

 

 
11,841

Accounts and notes receivable, net(a)
10,864

 
1,131

 
(1,097
)
 
10,898

 
9,553

 
996

 
(911
)
 
9,638

GM Financial receivables, net(b)

 
24,242

 
(339
)
 
23,903

 

 
22,466

 
(401
)
 
22,065

Inventories
14,686

 

 

 
14,686

 
13,788

 

 

 
13,788

Equipment on operating leases, net
2,283

 

 

 
2,283

 
1,896

 

 

 
1,896

Other current assets
1,810

 
2,894

 

 
4,704

 
1,730

 
2,285

 

 
4,015

Total current assets
50,073

 
30,961

 
(1,436
)
 
79,598

 
48,567

 
28,948

 
(1,312
)
 
76,203

Non-current Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GM Financial receivables, net

 
22,540

 

 
22,540

 

 
20,724

 

 
20,724

Equity in net assets of nonconsolidated affiliates
8,418

 
998

 

 
9,416

 
8,052

 
944

 

 
8,996

Property, net
36,911

 
291

 

 
37,202

 
35,541

 
279

 

 
35,820

Goodwill and intangible assets, net
4,811

 
1,382

 

 
6,193

 
4,881

 
1,378

 

 
6,259

GM Financial equipment on operating leases, net

 
37,302

 

 
37,302

 

 
34,526

 

 
34,526

Deferred income taxes
34,018

 
245

 

 
34,263

 
34,819

 
273

 

 
35,092

Other assets(c)
3,410

 
965

 
(96
)
 
4,279

 
3,195

 
875

 

 
4,070

Total non-current assets
87,568

 
63,723

 
(96
)
 
151,195

 
86,488

 
58,999

 

 
145,487

Total Assets
$
137,641

 
$
94,684

 
$
(1,532
)
 
$
230,793

 
$
135,055

 
$
87,947

 
$
(1,312
)
 
$
221,690

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable (principally trade)(a)
$
28,688

 
$
958

 
$
(921
)
 
$
28,725

 
$
26,942

 
$
793

 
$
(774
)
 
$
26,961

Short-term debt and current portion of long-term debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Automotive(a)(b)
1,864

 

 
(514
)
 
1,350

 
1,705

 

 
(538
)
 
1,167

GM Financial

 
32,351

 

 
32,351

 

 
27,861

 

 
27,861

Accrued liabilities
25,581

 
2,898

 
(1
)
 
28,478

 
26,376

 
2,816

 

 
29,192

Total current liabilities
56,133

 
36,207

 
(1,436
)
 
90,904

 
55,023

 
31,470

 
(1,312
)
 
85,181

Non-current Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Automotive(c)
9,698

 

 
(96
)
 
9,602

 
9,585

 

 

 
9,585

GM Financial

 
47,598

 

 
47,598

 

 
46,015

 

 
46,015

Postretirement benefits other than pensions
5,771

 

 

 
5,771

 
5,803

 

 

 
5,803

Pensions
17,519

 
117

 

 
17,636

 
17,836

 
115

 

 
17,951

Other liabilities
11,635

 
1,433

 

 
13,068

 
11,760

 
1,320

 

 
13,080

Total non-current liabilities
44,623

 
49,148

 
(96
)
 
93,675

 
44,984

 
47,450

 

 
92,434

Total Liabilities
100,756

 
85,355

 
(1,532
)
 
184,579

 
100,007

 
78,920

 
(1,312
)
 
177,615

Commitments and contingencies
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value
15

 

 

 
15

 
15

 

 

 
15

Additional paid-in capital
27,011

 
1

 

 
27,012

 
26,982

 
1

 

 
26,983

Retained earnings
17,719

 
10,476

 

 
28,195

 
15,903

 
10,265

 

 
26,168

Accumulated other comprehensive loss
(8,102
)
 
(1,148
)
 

 
(9,250
)
 
(8,091
)
 
(1,239
)
 

 
(9,330
)
Total stockholders’ equity
36,643

 
9,329

 

 
45,972

 
34,809

 
9,027

 

 
43,836

Noncontrolling interests
242

 

 

 
242

 
239

 

 

 
239

Total Equity
36,885

 
9,329

 

 
46,214

 
35,048

 
9,027

 

 
44,075

Total Liabilities and Equity
$
137,641

 
$
94,684

 
$
(1,532
)
 
$
230,793

 
$
135,055

 
$
87,947

 
$
(1,312
)
 
$
221,690

_________
(a)
Eliminations include Automotive accounts receivable of $445 million offset by GM Financial accounts payable, GM Financial accounts receivable of $473 million offset by Automotive accounts payable and GM Financial notes receivable of $175 million offset by loans to Automotive at March 31, 2017 and Automotive accounts receivable of $396 million offset by GM Financial accounts payable, GM Financial accounts receivable of $373 million offset by Automotive accounts payable and GM Financial notes receivable of $137 million offset by loans to Automotive at December 31, 2016.
(b)
Eliminations include GM Financial receivables of $339 million and $401 million offset by loans to Automotive at March 31, 2017 and December 31, 2016.
(c)
Eliminations include GM Financial long term notes receivable of $96 million offset by Automotive long term debt of $96 million at March 31, 2017.








12




General Motors Company and Subsidiaries
Combining Cash Flow Information
(In millions) (Unaudited)
 
Three Months Ended March 31, 2017
 
Three Months Ended March 31, 2016
 
Automotive
 
GM Financial
 
Reclassification/Eliminations
 
Combined
 
Automotive
 
GM Financial
 
Reclassification
 
Combined
Cash flows from operating activities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
2,412

 
$
205

 
$

 
$
2,617

 
$
1,765

 
$
166

 
$

 
$
1,931

Depreciation, amortization and impairment charges
1,444

 
1,439

 

 
2,883

 
1,362

 
930

 

 
2,292

Foreign currency remeasurement and transaction losses
136

 
10

 

 
146

 
160

 
2

 

 
162

Undistributed earnings of nonconsolidated affiliates, net
(508
)
 
(47
)
 

 
(555
)
 
(510
)
 
(9
)
 

 
(519
)
Pension contributions and OPEB payments
(386
)
 
(1
)
 

 
(387
)
 
(1,921
)
 
(1
)
 

 
(1,922
)
Pension and OPEB (income) expense, net
(147
)
 
1

 

 
(146
)
 
(152
)
 
1

 

 
(151
)
Provision for deferred taxes
865

 
49

 

 
914

 
706

 
25

 

 
731

Change in other operating assets and liabilities(a)(b)
(2,418
)
 
(258
)
 
(755
)
 
(3,431
)
 
(2,075
)
 
41

 
(598
)
 
(2,632
)
Net cash provided by (used in) operating activities
1,398

 
1,398

 
(755
)
 
2,041

 
(665
)
 
1,155

 
(598
)
 
(108
)
Cash flows from investing activities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenditures for property
(1,981
)
 
(24
)
 

 
(2,005
)
 
(2,265
)
 
(20
)
 

 
(2,285
)
Available-for-sale marketable securities, acquisitions
(1,316
)
 

 

 
(1,316
)
 
(1,773
)
 

 

 
(1,773
)
Trading marketable securities, acquisitions

 

 

 

 
(104
)
 

 

 
(104
)
Available-for-sale marketable securities, liquidations
2,914

 

 

 
2,914

 
3,272

 

 

 
3,272

Trading marketable securities, liquidations

 

 

 

 
291

 

 

 
291

Acquisition of companies/investments, net of cash acquired

 

 

 

 
(516
)
 

 

 
(516
)
Purchases of finance receivables, net(a)(b)

 
(7,070
)
 
755

 
(6,315
)
 

 
(4,759
)
 
598

 
(4,161
)
Principal collections and recoveries on finance receivables(b)

 
3,595

 
(2
)
 
3,593

 

 
3,271

 

 
3,271

Purchases of leased vehicles, net

 
(4,760
)
 

 
(4,760
)
 

 
(5,111
)
 

 
(5,111
)
Proceeds from termination of leased vehicles

 
1,082

 

 
1,082

 

 
481

 

 
481

Other investing activities
2

 

 

 
2

 
1

 
(6
)
 

 
(5
)
Net cash provided by (used in) investing activities
(381
)
 
(7,177
)
 
753

 
(6,805
)
 
(1,094
)
 
(6,144
)
 
598

 
(6,640
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in short-term debt
4

 
(268
)
 

 
(264
)
 
(19
)
 
757

 

 
738

Proceeds from issuance of debt (original maturities greater than three months)
260

 
11,329

 

 
11,589

 
2,049

 
10,185

 

 
12,234

Payments on debt (original maturities greater than three months)(b)
(184
)
 
(5,379
)
 
2

 
(5,561
)
 
(58
)
 
(5,492
)
 

 
(5,550
)
Payments to purchase common stock

 

 

 

 
(300
)
 

 

 
(300
)
Dividends paid
(573
)
 

 

 
(573
)
 
(588
)
 

 

 
(588
)
Other financing activities
(117
)
 
(27
)
 

 
(144
)
 
(81
)
 
(26
)
 

 
(107
)
Net cash provided by (used in) financing activities
(610
)
 
5,655

 
2

 
5,047

 
1,003

 
5,424

 

 
6,427

Effect of exchange rate changes on cash, cash equivalents and restricted cash
66

 
37

 

 
103

 
93

 
59

 

 
152

Net transactions with Automotive/GM Financial(c)
(112
)
 
112

 

 

 
474

 
(474
)
 

 

Net increase (decrease) in cash, cash equivalents and restricted cash
361

 
25

 

 
386

 
(189
)
 
20

 

 
(169
)
Cash, cash equivalents and restricted cash at beginning of period
9,858

 
5,302

 

 
15,160

 
12,390

 
4,942

 

 
17,332

Cash, cash equivalents and restricted cash at end of period
$
10,219

 
$
5,327

 
$

 
$
15,546

 
$
12,201

 
$
4,962

 
$

 
$
17,163

_________
(a)
Reclassification of purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.
(b)
Eliminations of $131 million of Automotive operating assets, $129 million GM Financial finance receivables and $2 million of Automotive payments on debt.
(c)
Amounts loaned from GM Financial to Automotive for commercial loans to dealers we consolidate.

13