-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FBzmLbD5lebfpCq6Ol0X9RbRxtbfxG/c5rKRKp0FxO6UOJX4aJTYlpzKCi0zKMAf e6G5dGw/7RjGb04Bt5V69g== 0000040730-99-000045.txt : 19990510 0000040730-99-000045.hdr.sgml : 19990510 ACCESSION NUMBER: 0000040730-99-000045 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990412 ITEM INFORMATION: FILED AS OF DATE: 19990507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL MOTORS CORP CENTRAL INDEX KEY: 0000040730 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 380572515 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-00143 FILM NUMBER: 99613733 BUSINESS ADDRESS: STREET 1: 100 RENAISSANCE CTR CITY: DETROIT STATE: MI ZIP: 48265-1000 BUSINESS PHONE: 3135565000 MAIL ADDRESS: STREET 1: 3044 W GRAND BOULEVARD CITY: DETROIT STATE: MI ZIP: 48202-3091 8-K 1 RESTATED QUARTERLY FINANCIALS SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549-1004 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) April 12, 1999 -------------- GENERAL MOTORS CORPORATION ----------------------------------------------------- (Exact name of registrant as specified in its charter) STATE OF DELAWARE 1-143 38-0572515 - ---------------------------- ----------------------- ------------------- (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification No.) 100 Renaissance Center, Detroit, Michigan 48265-1000 3044 West Grand Boulevard, Detroit, Michigan 48202-3091 - -------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (313)-556-5000 -------------- - 1 - ITEM 5. OTHER EVENTS On April 12, 1999 General Motors Corporation (GM) announced that the GM Board of Directors approved the complete separation of Delphi from GM by means of a tax-free spin-off. GM's consolidated financial statements for the three years in the period ended December 31, 1998 and the related Management's Discussion and Analysis of Financial Condition and Results of Operations have been restated to reflect Delphi as discontinued operations and were filed on April 15, 1999 and April 21, 1999, respectively, on Current Reports on Form 8-K dated April 12, 1999. Included as part of this Form 8-K are the following restated financial statements on a quarterly basis: Consolidated Statements of Income for 1998 and 1997; Consolidated Balance Sheets for 1998; and Condensed Consolidated Statements of Cash Flows for 1998. Also included is a summary of Net Income (Loss) by segment prepared on a quarterly basis for 1998 and 1997. The disaggregated financial results for GMA have been prepared using a management approach, which is consistent with the basis and manner in which GM management internally disaggregates financial information for the purposes of assisting in making internal operating decisions. In this regard, certain common expenses were allocated among regions less precisely than would be required for standalone financial information prepared in accordance with generally accepted accounting principles (GAAP) and certain expenses (primarily certain U.S. taxes related to non-U.S. operations) were included in the Automotive, Electronics and Other Operations' Other segment. The financial results represent the historical information used by management for internal decision making purposes; therefore, other data prepared to represent the way in which the business will operate in the future, or data prepared on a GAAP basis, may be materially different. All amounts included in this Form 8-K are in millions except per share amounts. * * * * * - 2 - GENERAL MOTORS CORPORATION CONSOLIDATED STATEMENTS OF INCOME For the Three Months Ended -------------------------------- For the Twelve Mar 31, Jun 30, Sep 30, Dec 31, Months Ended 1998 1998 1998 1988 Dec 31, 1998 ------- ------- -------- ------- ------------ (Unaudited) ---------------------------------- Manufactured products sales and revenues $34,893 $31,845 $28,464 $39,074 $134,276 Financing revenues 3,310 3,420 3,360 3,495 13,585 Other income 1,821 2,007 1,701 2,055 7,584 ------- ------- ------- ------- -------- Total net sales and revenues 40,024 37,272 33,525 44,624 155,445 ------ ------ ------ ------ ------- Cost of sales and other operating charges, exclusive of items listed below 29,605 27,724 25,278 31,935 114,542 Selling, general and administrative expenses 3,510 4,102 3,809 4,446 15,867 Depreciation and amortization expense 2,707 2,648 2,674 3,118 11,147 Interest expense 1,570 1,691 1,690 1,678 6,629 Other expenses 549 596 493 678 2,316 -------- -------- -------- -------- -------- Total costs and expenses 37,941 36,761 33,944 41,855 150,501 ------ ------ ------ ------ ------- Income (loss) from continuing operations before income taxes and minority interests 2,083 511 (419) 2,769 4,944 Income tax expense (credit) 695 159 (144) 926 1,636 Minority interests (10) - (1) (9) (20) Losses of nonconsolidated associates (10) (46) (33) (150) (239) -------- -------- -------- -------- -------- Income (loss) from continuing operations 1,368 306 (309) 1,684 3,049 Income (loss) from discontinued operations 236 83 (500) 88 (93) -------- -------- -------- -------- -------- Net income (loss) 1,604 389 (809) 1,772 2,956 -------- -------- -------- -------- -------- Dividends on preference stocks 16 16 16 15 63 ------ ---- ---- ------ ------ Earnings (loss) on common stocks $1,588 $373 $(825) $1,757 $2,893 ===== === === ===== ===== Basic earnings (loss) per share attributable to common stocks $1-2/3 par value common stock Continuing operations $1.96 $0.41 $(0.52) $2.51 $4.40 Discontinued operations 0.35 0.13 (0.76) 0.13 (0.14) ---- ---- ---- ---- ---- Earnings (loss) per share attributable to $1-2/3 par value $2.31 $0.54 $(1.28) $2.64 $4.26 ==== ==== ==== ==== ==== Earnings per share attributable to Class H $0.13 $0.14 $0.11 $0.30 $0.68 ==== ==== ==== ==== ==== Diluted earnings (loss) per share attributable to common stocks $1-2/3 par value common stock Continuing operations $1.93 $0.40 $(0.52) $2.48 $4.32 Discontinued operations 0.34 0.12 (0.76) 0.13 (0.14) ---- ---- ---- ---- ---- Earnings (loss) per share attributable to $1-2/3 par value $2.27 $0.52 $(1.28) $2.61 $4.18 ==== ==== ==== ==== ==== Earnings per share attributable to Class H $0.13 $0.14 $0.11 $0.30 $0.68 ==== ==== ==== ==== ==== - 3 - GENERAL MOTORS CORPORATION CONSOLIDATED STATEMENTS OF INCOME - Concluded For the Three Months Ended -------------------------------- For the Twelve Mar 31, Jun 30, Sep 30, Dec 31, Months Ended 1998 1998 1998 1988 Dec 31, 1998 ------- ------- -------- ------- ------------ (Unaudited) ---------------------------------- Automotive, Electronics and Other Operations Manufactured products sales and revenues $34,893 $31,845 $28,464 $39,074 $134,276 Other income 677 826 547 835 2,885 ------- ------- -------- ------- -------- Total net sales and revenues 35,570 32,671 29,011 39,909 137,161 ------ ------ ------ ------ ------- Cost of sales and other operating charges, exclusive of items listed below 29,605 27,724 25,278 31,935 114,542 Selling, general and administrative expenses 2,569 3,086 2,794 3,399 11,848 Depreciation and amortization expense 1,483 1,444 1,472 1,828 6,227 ------- ------- -------- ------- -------- Total operating costs and expenses 33,657 32,254 29,544 37,162 132,617 ------ ------ ------ ------ ------- Interest expense 195 277 114 200 786 Other expenses 190 186 131 285 792 Net(income) expense from transactions with Financing and Insurance Operations (18) 6 129 (35) 82 ------ --- ----- ------ ------ Income (loss) from continuing operations before income taxes and minority interests 1,546 (52) (907) 2,297 2,884 Income tax expense (credit) 528 (6) (281) 777 1,018 Minority interests (4) 4 5 (5) - Losses of nonconsolidated associates (10) (46) (33) (150) (239) ------ --- ----- ------ ------ Income (loss) from continuing operations 1,004 (88) (654) 1,365 1,627 Income (loss) from discontinued operations 236 83 (500) 88 (93) ------ --- ----- ------ ------ Net income (loss) - Automotive, Electronics and Other Operations $1,240 $(5) $(1,154) $1,453 $1,534 ===== = ===== ===== ===== Financing and Insurance Operations Financing revenues $3,310 $3,420 $3,360 $3,495 $13,585 Insurance, mortgage and other income 1,144 1,181 1,154 1,220 4,699 ----- ----- ----- ----- ------- Total revenues and other income 4,454 4,601 4,514 4,715 18,284 ----- ----- ----- ----- ------ Interest expense 1,375 1,414 1,576 1,478 5,843 Depreciation and amortization expense 1,224 1,204 1,202 1,290 4,920 Operating and other expenses 941 1,016 1,015 1,047 4,019 Provisions for financing losses 101 128 94 140 463 Insurance losses and loss adjustment expenses 258 282 268 253 1,061 ----- ----- ----- ----- ------- Total costs and expenses 3,899 4,044 4,155 4,208 16,306 Net expense (income) from transactions with Automotive, Electronics and Other Operations 18 (6) (129) 35 (82) ---- ---- --- ---- ------ Income before income taxes 537 563 488 472 2,060 Income tax expense 167 165 137 149 618 Minority interests (6) (4) (6) (4) (20) ---- ----- ----- ----- ------ Net income - Financing and Insurance Operations $364 $394 $345 $319 $1,422 === === === === ===== The above is supplemental consolidating information. - 4 - GENERAL MOTORS CORPORATION CONSOLIDATED STATEMENTS OF INCOME For the Three Months Ended -------------------------------- For the Twelve Mar 31, Jun 30, Sep 30, Dec 31, Months Ended 1997 1997 1997 1997 Dec 31, 1997 ------- ------- -------- ------- ------------ (Unaudited) ---------------------------------- Manufactured products sales and revenues $36,104 $38,302 $35,800 $37,937 $148,143 Financing revenues 3,197 3,204 3,162 3,199 12,762 Other income 1,545 2,179 1,628 6,323 11,675 ------- ------- ------- ------- -------- Total net sales and revenues 40,846 43,685 40,590 47,459 172,580 ------ ------ ------ ------ ------- Cost of sales and other operating charges, exclusive of items listed below 30,812 32,715 30,875 33,823 128,225 Selling, general and administrative expenses 3,257 3,639 3,552 4,329 14,777 Depreciation and amortization expense 2,858 2,904 2,813 6,071 14,646 Interest expense 1,367 1,466 1,450 1,600 5,883 Other expenses 219 295 355 611 1,480 ------- ------- ------- ------- -------- Total costs and expenses 38,513 41,019 39,045 46,434 165,011 ------ ------ ------ ------ ------- Income from continuing operations before income taxes and minority interests 2,333 2,666 1,545 1,025 7,569 Income tax expense (credit) 852 947 524 (1,298) 1,025 Minority interests 19 12 1 12 44 Earnings (losses) of nonconsolidated associates 9 (6) (31) (77) (105) ------- ------- ------- ------- ------- Income from continuing operations 1,509 1,725 991 2,258 6,483 Income (loss) from discontinued operations 287 373 76 (521) 215 ------- ------- ------- ------- -------- Net income 1,796 2,098 1,067 1,737 6,698 ------- ------- ------- ------- -------- Premium on exchange of preference stocks - - 26 - 26 Dividends on preference stocks 20 20 16 16 72 ------ ------ ------ ------ ------- Earnings on common stocks $1,776 $2,078 $1,025 $1,721 $6,600 ===== ===== ===== ===== ===== Basic earnings (loss) per share attributable to common stocks $1-2/3 par value common stock Continuing operations $1.94 $2.20 $1.27 $3.14 $8.52 Discontinued operations 0.36 0.48 0.08 (0.78) 0.18 ---- ---- ---- ---- ---- Earnings per share attributable to $1-2/3 par value $2.30 $2.68 $1.35 $2.36 $8.70 ==== ==== ==== ==== ==== Class H Continuing operations $0.38 $1.11 $0.43 $0.39 $2.30 Discontinued operations 0.21 0.24 0.17 0.24 0.87 ---- ---- ---- ---- ---- Earnings per share attributable to Class H (prior to its recapitalization on December 17, 1997) $0.59 $1.35 $0.60 $0.63 $3.17 ==== ==== ==== ==== ==== Earnings per share attributable to Class H (subsequent to its recapitalization on December 17, 1997) $ - $ - $ - $0.02 $0.02 === === === ==== ==== Diluted earnings per share attributable to common stock $1-2/3 par value common stock Continuing operations $1.93 $2.19 $1.26 $3.10 $8.45 Discontinued operations 0.35 0.48 0.08 (0.77) 0.17 ---- ---- ---- ---- ---- Earnings per share attributable to $1-2/3 par value $2.28 $2.67 $1.34 $2.33 $8.62 ==== ==== ==== ==== ==== Class H Continuing operations $0.38 $1.11 $0.43 $0.39 $2.30 Discontinued operations 0.21 0.24 0.17 0.24 0.87 ---- ---- ---- ---- ---- Earnings per share attributable to Class H (prior to its recapitalization on December 17, 1997) $0.59 $1.35 $0.60 $0.63 $3.17 ==== ==== ==== ==== ==== Earnings per share attributable to Class H (subsequent to its recapitalization on December 17, 1997) $ - $ - $ - $0.02 $0.02 === === === ==== ==== - 5 - GENERAL MOTORS CORPORATION CONSOLIDATED STATEMENTS OF INCOME - Concluded For the Three Months Ended -------------------------------- For the Twelve Mar 31, Jun 30, Sep 30, Dec 31, Months Ended 1997 1997 1997 1997 Dec 31, 1997 ------- ------- -------- ------- ------------ (Unaudited) ---------------------------------- Automotive, Electronics and Other Operations Manufactured products sales and revenues $36,104 $38,302 $35,800 $37,937 $148,143 Other income 687 1,336 692 5,237 7,952 ------- ------- -------- ------- -------- Total net sales and revenues 36,791 39,638 36,492 43,174 156,095 ------ ------ ------ ------ ------- Cost of sales and other operating charges, exclusive of items listed below 30,812 32,715 30,875 33,823 128,225 Selling, general and administrative expenses 2,561 2,959 2,918 3,533 11,971 Depreciation and amortization expense 1,672 1,721 1,613 4,827 9,833 ------- ------- -------- ------- -------- Total operating costs and expenses 35,045 37,395 35,406 42,183 150,029 ------ ------ ------ ------ ------- Interest expense 95 148 136 254 633 Other expenses (50) 15 56 189 210 Net expense (income) from transactions with Financing and Insurance Operations 1 (3) (86) (13) (101) ------- ------ ------ ---- ------ Income from continuing operations before income taxes and minority interests 1,700 2,083 980 561 5,324 Income tax expense (credit) 593 703 280 (1,465) 111 Minority interest 19 12 10 16 57 Earnings (losses) of nonconsolidated associates 10 (6) (32) (77) (105) ------- ------- -------- ------- -------- Income from continuing operations 1,136 1,386 678 1,965 5,165 Income (loss) from discontinued operations 287 373 76 (521) 215 ------- ------- -------- ------- -------- Net income - Automotive, Electronics and Other Operations $1,423 $1,759 $754 $1,444 $5,380 ===== ===== === ===== ===== Financing and Insurance Operations Financing revenues $3,197 $3,204 $3,162 $3,199 $12,762 Insurance, mortgage and other income 858 843 936 1,086 3,723 ----- ----- ----- ----- ------ Total revenues and other income 4,055 4,047 4,098 4,285 16,485 ----- ----- ----- ----- ------ Interest expense 1,272 1,318 1,314 1,346 5,250 Depreciation and amortization expense 1,186 1,183 1,200 1,244 4,813 Operating and other expenses 696 680 634 796 2,806 Provisions for financing losses 130 127 139 127 523 Insurance losses and loss adjustment expenses 139 153 160 295 747 ----- ----- ----- ----- ------- Total costs and expenses 3,423 3,461 3,447 3,808 14,139 ----- ----- ----- ----- ------ Net (income) expense from transactions with Automotive, Electronics and Other Operations (1) 3 86 13 101 ----- ----- ---- ------ ------ Income before income taxes 633 583 565 464 2,245 Income tax expense 259 244 244 167 914 Minority interests (1) - (8) (4) (13) ---- ----- ----- ----- ------ Net income - Financing and Insurance Operations $373 $339 $313 $293 $1,318 === === === === ===== The above is supplemental consolidating information. - 6 - GENERAL MOTORS CORPORATION NET INCOME (LOSS) BY SEGMENT For the Three Months Ended -------------------------------- For the Twelve Mar 31, Jun 30, Sep 30, Dec 31, Months Ended 1998 1998 1998 1988 Dec 31, 1998 ------- ------- -------- ------- ------------ (Unaudited) ---------------------------------- Automotive, Electronics and Other Operations GM North America (GMNA) $841 $(194) $(595) $1,583 $1,635 GM Europe (GME) 99 124 50 146 419 GM Latin America/Africa/Mid-East (GMLAAM) 53 48 (64) (212) (175) GM Asia/Pacific (GMAP) 6 (36) - (213) (243) Other Automotive (7) 34 (24) (5) (2) ---- --- --- ------- ------- Total GM Automotive (GMA) 992 (24) (633) 1,299 1,634 Hughes 54 56 43 119 272 Other (42) (120) (64) (53) (279) --- ---- --- --- ---- Total Automotive, Electronics and Other Operations 1,004 (88) (654) 1,365 1,627 Financing and Insurance Operations GMAC 349 365 313 298 1,325 Other 15 29 32 21 97 --- ---- --- --- ---- Total Financing and Insurance Operations 364 394 345 319 1,422 --- --- --- --- ----- Income (loss) from continuing operations 1,368 306 (309) 1,684 3,049 Income (loss) from discontinued operations 236 83 (500) 88 (93) --- -- ---- -- --- Consolidated Net Income (Loss) $1,604 $389 $(809) $1,772 $2,956 ===== === === ===== ===== For the Three Months Ended -------------------------------- For the Twelve Mar 31, Jun 30, Sep 30, Dec 31, Months Ended 1997 1997 1997 1997 Dec 31, 1997 ------- ------- -------- ------- ------------ (Unaudited) ---------------------------------- Automotive, Electronics and Other Operations GM North America (GMNA) $742 $509 $470 $(1,733) $(12) GM Europe (GME) 149 312 (21) (457) (17) GM Latin America/Africa/Mid-East (GMLAAM) 129 181 165 192 667 GM Asia/Pacific (GMAP) 38 (6) (7) (197) (172) Other Automotive (4) 1 1 (15) (17) ------- ----- ----- ------ ---- Total GM Automotive (GMA) 1,054 997 608 (2,210) 449 Hughes (a) 24 324 53 70 471 Other (a) (b) 58 65 17 4,105 4,245 ------- ----- ----- ------ ---- Total Automotive, Electronics and Other Operations 1,136 1,386 678 1,965 5,165 Financing and Insurance Operations GMAC 372 338 312 279 1,301 Other 1 1 1 14 17 ------- ----- ----- ------ ---- Total Financing and Insurance Operations 373 339 313 293 1,318 ------- ----- ----- ------ ---- Income from continuing operations 1,509 1,725 991 2,258 6,483 Income (loss) from discontinued operations 287 373 76 (521) 215 ------- ----- ----- ------ ---- Consolidated Net Income $1,796 $2,098 $1,067 $1,737 $6,698 ===== ===== ===== ===== ===== (a) The operating results for 1997 are presented to reflect the changes to GM's organizational structure resulting from the Hughes Transactions, which occurred in December 1997. As such, Hughes excludes Hughes Defense and Other Automotive, Electronics and Other Operations includes Hughes Defense. (b) Other includes the $4.3 billion gain resulting from the Hughes Transactions in December 1997. - 7 - CONSOLIDATED BALANCE SHEETS
(Unaudited)(Unaudited) (Unaudited) Mar 31, Jun 30, Sep 30, Dec 31, 1998 1998 1988 1988 ---- ---- ---- ---- GENERAL MOTORS CORPORATION AND SUBSIDIARIES (Dollars in Millions) ASSETS Automotive, Electronics and Other Operations Cash and cash equivalents $10,030 $7,569 $6,888 $9,728 Marketable securities 2,386 463 420 402 ------- ------ ------ ------- Total cash and marketable securities 12,416 8,032 7,308 10,130 Accounts and notes receivable (less allowances) 4,426 3,845 5,258 4,750 Inventories (less allowances) 11,149 11,317 11,062 10,437 Net assets of discontinued operations 219 359 - 77 Equipment on operating leases (less accumulated depreciation) 4,554 4,754 4,797 4,954 Deferred income taxes and other current assets 6,125 5,841 5,994 10,051 Net receivable from Financing and Insurance Operations 840 - - - ------- ------ ------ ------- Total current assets 39,729 34,148 34,419 40,399 Equity in net assets of nonconsolidated associates 936 1,098 1,100 950 Property - net 29,903 30,451 31,652 32,222 Intangible assets - net 10,639 11,330 11,342 9,994 Deferred income taxes 18,172 17,883 18,124 14,967 Other assets 15,379 15,085 14,912 16,062 -------- -------- -------- -------- Total Automotive, Electronics and Other Operations assets 114,758 109,995 111,549 114,594 Financing and Insurance Operations Cash and cash equivalents 483 164 93 146 Investments in securities 7,815 7,932 8,248 8,748 Finance receivables - net 62,748 59,875 62,460 70,436 Investment in leases and other receivables 30,935 32,130 33,220 32,798 Other assets 12,794 12,688 13,868 18,807 Net receivable from Automotive, Electronics and Other Operations - 1,154 186 816 ------- ------ ------ ------- Total Financing and Insurance Operations assets 114,775 113,943 118,075 131,751 ------- ------- ------- ------- Total assets $229,533 $223,938 $229,624 $246,345 ======= ======= ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Automotive, Electronics and Other Operations Accounts payable (principally trade) $12,721 $10,311 $12,437 $13,542 Loans payable 1,276 1,907 1,950 1,204 Accrued expenses 31,424 29,239 29,599 30,548 Net payable to Financing and Insurance Operations - 1,154 186 816 ------- ------ ------ ------- Total current liabilities 45,421 42,611 44,172 46,110 Long-term debt 5,796 6,935 6,817 7,118 Postretirement benefits other than pensions 34,027 32,925 33,479 33,503 Pensions 3,341 2,925 3,782 4,410 Net liabilities of discontinued operations - - 2 - Other liabilities and deferred income taxes 17,805 17,794 17,729 17,807 -------- -------- -------- -------- Total Automotive, Electronics and Other Operations liabilities 106,390 103,190 105,981 108,948 Financing and Insurance Operations Accounts payable 3,501 3,982 3,784 4,148 Debt 91,500 91,081 94,991 107,753 Deferred income taxes and other liabilities 9,520 9,174 9,399 9,661 Net payable to Automotive, Electronics and Other Operations 840 - - - ------- ------ ------ ------- Total Financing and Insurance Operations liabilities 105,361 104,237 108,174 121,562 Minority interests 678 510 531 563 General Motors - obligated mandatorily redeemable preferred securities of subsidiary trusts holding solely junior subordinated debentures of General Motors Series D 79 79 79 79 Series G 143 143 142 141 Stockholders' equity Preference stocks 1 1 1 1 $1-2/3 par value common stock 1,116 1,092 1,092 1,092 Class H common stock 10 11 11 11 Capital surplus (principally additional paid-in capital) 13,786 12,773 12,769 12,661 Retained earnings 6,664 6,706 5,554 6,984 ------- ------- ------- ------- Subtotal 21,577 20,583 19,427 20,749 Accumulated foreign currency translation adjustments (1,172) (1,249) (1,060) (1,089) Net unrealized gains on securities 539 507 412 481 Minimum pension liability adjustment (4,062) (4,062) (4,062) (5,089) ----- ----- ----- ----- Accumulated other comprehensive loss (4,695) (4,804) (4,710) (5,697) ----- ----- ----- ----- Total stockholders' equity 16,882 15,779 14,717 15,052 -------- -------- -------- -------- Total liabilities and stockholders' equity $229,533 $223,938 $229,624 $246,345 ======= ======= ======= =======
- 8 - CONSOLIDATED BALANCE SHEETS - Concluded
(Unaudited) (Unaudited) (Unaudited) Mar 31, Jun 30, Sep 30, Dec 31, 1998 1998 1988 1988 ---- ---- ---- ---- GENERAL MOTORS CORPORATION AND SUBSIDIARIES (Dollars in Millions) ASSETS Cash and cash equivalents $10,030 $7,569 $6,888 $9,728 Marketable securities 2,386 463 420 402 ------- ------ ------ -------- Total cash and marketable securities 12,416 8,032 7,308 10,130 Accounts and notes receivable (less allowances) 4,426 3,845 5,258 4,750 Inventories (less allowances) 11,149 11,317 11,062 10,437 Net assets of discontinued operations 219 359 - 77 Equipment on operating leases (less accumulated depreciation) 4,554 4,754 4,797 4,954 Deferred income taxes and other current assets 6,125 5,841 5,994 10,051 Net receivable from Financing and Insurance Operations 840 - - - ------- ------ ------ -------- Total current assets 39,729 34,148 34,419 40,399 Equity in net assets of nonconsolidated associates 936 1,098 1,100 950 Property - net 29,903 30,451 31,652 32,222 Intangible assets - net 10,639 11,330 11,342 9,994 Deferred income taxes 18,172 17,883 18,124 14,967 Other assets 15,379 15,085 14,912 16,062 ------- ------ ------ -------- Total Automotive, Electronics and Other Operations assets $114,758 $109,995 $111,549 $114,594 ======== ======== ======== ======== LIABILITIES AND GM INVESTMENT Accounts payable (principally trade) $12,721 $10,311 $12,437 $13,542 Loans payable 1,276 1,907 1,950 1,204 Accrued expenses 31,424 29,239 29,599 30,548 Net payable to Financing and Insurance Operations - 1,154 186 816 ------- ------ ------ -------- Total current liabilities 45,421 42,611 44,172 46,110 Long-term debt 5,796 6,935 6,817 7,118 Postretirement benefits other than pensions 34,027 32,925 33,479 33,503 Pensions 3,341 2,925 3,782 4,410 Net liabilities of discontinued operations - - 2 - Other liabilities and deferred income taxes 17,805 17,794 17,729 17,807 -------- -------- -------- -------- Total Automotive, Electronics and Other Operations liabilities 106,390 103,190 105,981 108,948 Minority interests 636 467 484 511 GM investment in Automotive, Electronics and Other Operations 7,732 6,338 5,084 5,135 -------- -------- -------- -------- Total Automotive, Electronics and Other Operations liabilities and GM investment $114,758 $109,995 $111,549 $114,594 ======= ======= ======= ======= (Unaudited) (Unaudited) (Unaudited) Mar 31, Jun 30, Sep 30, Dec 31, 1998 1998 1988 1988 ---- ---- ---- ---- FINANCING AND INSURANCE OPERATIONS (Dollars in Millions) ASSETS Cash and cash equivalents $483 $164 $93 $146 Investments in securities 7,815 7,932 8,248 8,748 Finance receivables - net 62,748 59,875 62,460 70,436 Investment in leases and other receivables 30,935 32,130 33,220 32,798 Other assets 12,794 12,688 13,868 18,807 Net receivable from Automotive, Electronics and Other Operations - 1,154 186 816 -------- -------- -------- -------- Total Financing and Insurance Operations assets $114,775 $113,943 $118,075 $131,751 ======== ======== ======== ======== LIABILITIES AND GM INVESTMENT Accounts payable $3,501 $3,982 $3,784 $4,148 Debt 91,500 91,081 94,991 107,753 Deferred income taxes and other liabilities 9,520 9,174 9,399 9,661 Net payable to Automotive, Electronic and Other Operations 840 - - - -------- -------- -------- -------- Total Financing and Insurance Operations liabilities 105,361 104,237 108,174 121,562 Minority interests 42 43 47 52 GM investment in Financing and Insurance Operations 9,372 9,663 9,854 10,137 -------- -------- -------- -------- Total Financing and Insurance Operations liabilities and GM investment $114,775 $113,943 $118,075 $131,751 ======== ======== ======== ========
The above is supplemental consolidating information. - 9 - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Unaudited) Three Months Ended Six Months Ended March 31, 1998 June 30, 1998 -------------- ------------- (Dollars in Millions) GENERAL MOTORS CORPORATION AND SUBSIDIARIES Net cash provided by operating activities $5,324 $4,390 Cash flows from investing activities Expenditures for property (1,996) (3,827) Investments in other marketable securities - acquisitions (5,545) (12,969) Investments in other marketable securities - liquidations 7,141 16,766 Mortgage servicing rights - acquisitions (153) (742) Mortgage servicing rights - liquidations 29 7 Finance receivables - acquisitions (41,800) (78,491) Finance receivables - liquidations 32,556 58,991 Proceeds from sales of finance receivables 5,143 17,356 Operating leases - acquisitions (5,127) (12,379) Operating leases - liquidations 3,462 7,556 Investments in companies, net of cash acquired (211) (409) Other (711) (185) ------ ------ Net cash used in investing activities (7,212) (8,326) ----- ----- Cash flows from financing activities Net increase in loans payable 2,019 2,464 Increase in long-term debt 6,428 11,019 Decrease in long-term debt (4,143) (7,591) Repurchases of common and preference stocks (1,911) (3,071) Proceeds from issuing common stocks 233 343 Cash dividends paid to stockholders (357) (702) ----- ------ Net cash provided by financing activities 2,269 2,462 ----- ----- Effect of exchange rate changes on cash and cash equivalents (85) (67) --- --- Net cash provided by (used in) continuing operations 296 (1,541) Net cash used in discontinued operations (56) (999) --- ---- Net increase (decrease) in cash and cash equivalents 240 (2,540) Cash and cash equivalents at beginning of the period 10,273 10,273 ------ ------ Cash and cash equivalents at end of the period $10,513 $7,733 ======= ====== - 10 - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued (Unaudited) Nine Months Ended Twelve Months Ended September 30, 1998 December 31, 1998 ------------------ ----------------- (Dollars in Millions) GENERAL MOTORS CORPORATION AND SUBSIDIARIES Net cash provided by operating activities $6,507 $14,343 Cash flows from investing activities Expenditures for property (5,921) (8,231) Investments in other marketable securities - acquisitions (22,717) (34,162) Investments in other marketable securities - liquidations 26,501 37,960 Mortgage servicing rights - acquisitions (897) (1,862) Mortgage servicing rights - liquidations 67 80 Finance receivables - acquisitions (112,962) (155,613) Finance receivables - liquidations 86,709 114,662 Proceeds from sales of finance receivables 21,922 27,681 Operating leases - acquisitions (18,281) (23,525) Operating leases - liquidations 11,717 15,386 Investments in companies, net of cash acquired (417) (1,144) Other (430) (1,131) ------ ------ Net cash used in investing activities (14,709) (29,899) ------ ------ Cash flows from financing activities Net increase in loans payable 3,402 8,186 Increase in long-term debt 16,620 24,035 Decrease in long-term debt (10,860) (12,869) Repurchases of common and preference stocks (3,071) (3,089) Proceeds from issuing common stocks 343 343 Cash dividends paid to stockholders (1,045) (1,388) ----- ------- Net cash provided by financing activities 5,389 15,218 ----- ------ Effect of exchange rate changes on cash and cash equivalents 271 317 ----- ------ Net cash used in continuing operations (2,542) (21) Net cash used in discontinued operations (750) (378) ---- ---- Net decrease in cash and cash equivalents (3,292) (399) Cash and cash equivalents at beginning of the period 10,273 10,273 ------ ------ Cash and cash equivalents at end of the period $6,981 $9,874 ====== ====== - 11 - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued
(Unaudited) (Unaudited) Three Months Ended Six Months Ended March 31, 1998 June 30, 1998 ----------------------- ----------------------- Automotive, Financing Automotive, Financing Electronics and Electronics and and Other Insurance and Other Insurance --------- --------- --------- --------- (Dollars in Millions) Net cash provided by operating activities $3,014 $2,310 $368 $4,022 Cash flows from investing activities Expenditures for property (1,967) (29) (3,753) (74) Investments in other marketable securities - acquisitions (2,007) (3,538) (4,466) (8,503) Investments in other marketable securities - liquidations 3,281 3,860 7,815 8,951 Mortgage servicing rights - acquisitions - (153) - (742) Mortgage servicing rights - liquidations - 29 - 7 Finance receivables - acquisitions - (41,800) - (78,491) Finance receivables - liquidations - 32,556 - 58,991 Proceeds from sales of finance receivables - 5,143 - 17,356 Operating leases - acquisitions (1,413) (3,714) (3,042) (9,337) Operating leases - liquidations 1,384 2,078 2,815 4,741 Investments in companies, net of cash acquired (211) - (409) - Net investing activity with Financing and Insurance Operations 75 - 150 - Other (236) (475) (1,049) 864 ---- ---- ------ --- Net cash used in investing activities (1,094) (6,043) (1,939) (6,237) ------ ------ ------ ------ Cash flows from financing activities Net increase in loans payable 835 1,184 898 1,566 Increase in long-term debt 913 5,515 2,648 8,371 Decrease in long-term debt (635) (3,508) (1,079) (6,512) Net financing activity with Automotive, Electronics and Other Operations - (75) - (150) Repurchases of common and preference stocks (1,911) - (3,071) - Proceeds from issuing common stocks 233 - 343 - Cash dividends paid to stockholders (357) - (702) - ----- ----- --- ----- Net cash (used in) provided by financing activities (922) 3,116 (963) 3,275 ----- ----- --- ----- Effect of exchange rate changes on cash and cash equivalents (87) 2 (67) - Net transactions with Automotive/ Financing Operations (521) 521 1,473 (1,473) ----- ----- --- ----- Net cash provided by (used in) continuing operations 390 (94) (1,128) (413) Net cash used in discontinued operations (56) - (999) - ----- ----- --- ----- Net increase (decrease) in cash and cash equivalents 334 (94) (2,127) (413) Cash and cash equivalents at beginning of the period 9,696 577 9,696 577 ----- ----- --- ----- Cash and cash equivalents at end of the period $10,030 $483 $7,569 $164 ====== === ===== ===
The above is supplemental consolidating information. - 12 - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Concluded
(Unaudited) Nine Months Ended Twelve Months Ended September 30, 1998 December 31, 1998 ----------------------- ---------------------- Automotive, Financing Automotive, Financing Electronics and Electronics and and Other Insurance and Other Insurance --------- --------- --------- --------- (Dollars in Millions) Net cash provided by operating activities $2,778 $3,729 $8,743 $5,600 Cash flows from investing activities Expenditures for property (5,813) (108) (7,952) (279) Investments in other marketable securities - acquisitions (8,022) (14,695) (13,010) (21,152) Investments in other marketable securities - liquidations 11,255 15,246 16,272 21,688 Mortgage servicing rights - acquisitions - (897) - (1,862) Mortgage servicing rights - liquidations - 67 - 80 Finance receivables - acquisitions - (112,962) - (155,613) Finance receivables - liquidations - 86,709 - 114,662 Proceeds from sales of finance receivables - 21,922 - 27,681 Operating leases - acquisitions (4,382) (13,899) (6,397) (17,128) Operating leases - liquidations 4,092 7,625 5,609 9,777 Investments in companies, net of cash acquired (417) - (971) (173) Net investing activity with Financing and Insurance Operations 238 - 338 - Other (1,198) 768 (889) (242) ------ --- ---- ---- Net cash used in investing activities (4,247) (10,224) (7,000) (22,561) ------ ------- ------ ------- Cash flows from financing activities Net increase (decrease) in loans payable 961 2,441 (94) 8,280 Increase in long-term debt 2,689 13,931 2,937 21,098 Decrease in long-term debt (1,243) (9,617) (1,492) (11,377) Net financing activity with Automotive, Electronics and Other Operations - (238) - (338) Repurchases of common and preference stocks (3,071) - (3,089) - Proceeds from issuing common stocks 343 - 343 - Cash dividends paid to stockholders (1,045) - (1,388) - ----- ------ ----- ------ Net cash (used in) provided by financing activities (1,366) 6,517 (2,783) 17,663 ------ ----- ------ ------ Effect of exchange rate changes on cash and cash equivalents 272 (1) 315 2 Net transactions with Automotive/ Financing Operations 505 (505) 1,135 (1,135) ------ ----- ------ ------ Net cash (used in) provided by continuing operations (2,058) (484) 410 (431) Net cash used in discontinued operations (750) - (378) - ----- --- ----- --- Net (decrease) increase in cash and cash equivalents (2,808) (484) 32 (431) ----- --- ----- --- Cash and cash equivalents at beginning of the period 9,696 577 9,696 577 ----- --- ----- --- Cash and cash equivalents at end of the period $6,888 $93 $9,728 $146 ===== == ===== ===
The above is supplemental consolidating information. - 13 - SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GENERAL MOTORS CORPORATION -------------------------- (Registrant) Date May 7, 1999 ----------- By s/Peter R. Bible ------------------------------- (Peter R. Bible, Chief Accounting Officer) - 14 - -----END PRIVACY-ENHANCED MESSAGE-----