-----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, KFm93UKcjmQ6bUlUHbUZ0Rz0mriuWCj46w4GJZYz1shPJx4ZQ5fSR7Y8257f219K DXNCHCxq0yJWBt27kxBeBg== 0000040730-99-000008.txt : 19990128 0000040730-99-000008.hdr.sgml : 19990128 ACCESSION NUMBER: 0000040730-99-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990127 ITEM INFORMATION: FILED AS OF DATE: 19990127 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: 99514061 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 FINANCIAL STATEMENTS 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) January 27, 1999 ------------------ GENERAL MOTORS CORPORATION ----------------------------------------------------- (Exact name of registrant as specified in its charter) STATE OF DELAWARE 1-143 38-0572515 - ---------------------------- ---------------- ------------------ (State or other jurisdicti (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 January 27, 1999, General Motors Corporation ("GM") released its consolidated balance sheets and consolidated statements of cash flows for analytical purposes only. These financial statements did not include related financial statement footnotes and certain other financial information that will be filed with the Securities and Exchange Commission as part of GM's Annual Report on Form 10-K. - 2 - CONSOLIDATED BALANCE SHEETS December 31, ------------ AUTOMOTIVE, ELECTRONICS AND OTHER OPERATIONS 1998 1997 ---- ---- (Dollars in Millions) ASSETS Cash and cash equivalents $10,723 $10,685 Marketable securities 407 3,826 -------- ------- Total cash and marketable securities 11,130 14,511 Accounts and notes receivable (less allowances) 5,599 5,440 Inventories (less allowances) 12,207 12,102 Equipment on operating leases (less accumulated depreciation) 4,954 4,677 Deferred income taxes and other current assets 10,473 6,278 Net receivable from Financing and Insurance Operations - 319 Total current assets 44,363 43,327 Equity in net assets of nonconsolidated affiliates 1,317 1,407 Property - net 37,187 33,914 Intangible assets - net 10,222 10,752 Deferred income taxes 17,780 20,721 Other assets 14,769 13,547 ------ ------ Total Automotive, Electronics and Other Operations assets $125,638 $123,668 ======== ======== LIABILITIES AND GM INVESTMENT Accounts payable (principally trade) $13,479 $12,461 Loans payable 1,526 656 Accrued expenses 31,985 33,254 Net payable to Financing and Insurance Operations 816 - -------- -------- Total current liabilities 47,806 46,371 Long-term debt 7,217 5,695 Postretirement benefits other than pensions 38,076 38,388 Pensions 6,590 4,271 Other liabilities and deferred income taxes 20,267 19,294 ------ ------ Total Automotive, Electronics and Other Operations liabilities 119,956 114,019 Minority interests 615 695 GM investment in Automotive, Electronics and Other Operations 5,067 8,954 ----- ----- Total Automotive, Electronics and Other Operations liabilities and GM investment $125,638 $123,668 ======== ======== December 31, ------------ FINANCING AND INSURANCE OPERATIONS 1998 1997 ---- ---- (Dollars in Millions) ASSETS Cash and cash equivalents $146 $577 Investments in securities 8,748 7,896 Finance receivables - net 70,436 58,289 Investment in leases and other receivables 31,887 28,135 Other assets 19,718 13,187 Net receivable from Automotive, Electronic and Other Operations 816 - ------- ------- Total Financing and Insurance Operations assets $131,751 $108,084 ======= ======= LIABILITIES AND GM INVESTMENT Accounts payable $6,492 $3,321 Debt 105,409 86,676 Deferred income taxes and other liabilities 9,661 8,962 Net payable to Automotive, Electronics and Other Operations - 319 ------- ------- Total Financing and Insurance Operations liabilities 121,562 99,278 Minority interests 52 32 GM investment in Financing and Insurance Operations 10,137 8,774 ------ ----- Total Financing and Insurance Operations liabilities and GM investment $131,751 $108,084 ======== ======== - 3 - CONSOLIDATED BALANCE SHEETS - Continued December 31, ------------ GENERAL MOTORS CORPORATION AND SUBSIDIARIES 1998 1997 ---- ---- (Dollars in Millions) ASSETS Automotive, Electronics and Other Operations Cash and cash equivalents $10,723 $10,685 Marketable securities 407 3,826 ------- ------- Total cash and marketable securities 11,130 14,511 Accounts and notes receivable (less allowances) 5,599 5,440 Inventories (less allowances) 12,207 12,102 Equipment on operating leases (less accumulated depreciation) 4,954 4,677 Deferred income taxes and other current assets 10,473 6,278 Net receivable from Financing and Insurance Operations - 319 ------ ------- Total current assets 44,363 43,327 Equity in net assets of nonconsolidated affiliates 1,317 1,407 Property - net 37,187 33,914 Intangible assets - net 10,222 10,752 Deferred income taxes 17,780 20,721 Other assets 14,769 13,547 ------ ------ Total Automotive, Electronics and Other Operations assets 125,638 123,668 Financing and Insurance Operations Cash and cash equivalents 146 577 Investments in securities 8,748 7,896 Finance receivables - net 70,436 58,289 Investment in leases and other receivables 31,887 28,135 Other assets 19,718 13,187 Net receivable from Automotive, Electronics and Other Operations 816 - ------- ------- Total Financing and Insurance Operations assets 131,751 108,084 ------- ------- Total assets $257,389 $231,752 LIABILITIES AND STOCKHOLDERS' EQUITY Automotive, Electronics and Other Operations Accounts payable (principally trade) $13,479 $12,461 Loans payable 1,526 656 Accrued expenses 31,985 33,254 Net payable to Financing and Insurance Operations 816 - -------- -------- Total current liabilities 47,806 46,371 Long-term debt 7,217 5,695 Postretirement benefits other than pensions 38,076 38,388 Pensions 6,590 4,271 Other liabilities and deferred income taxes 20,267 19,294 ------ ------ Total Automotive, Electronics and Other Operations liabilities 119,956 114,019 Financing and Insurance Operations Accounts payable 6,492 3,321 Debt 105,409 86,676 Deferred income taxes and other liabilities 9,661 8,962 Net payable to Automotive, Electronics and Other Operations - 319 ------- ------ Total Financing and Insurance Operations liabilities 121,562 99,278 Minority interests 667 727 General Motors - obligated mandatorily redeemable preferred securities of subsidiary trusts holding solely junior subordinated debentures of General Motors Series D 79 79 Series G 141 143 Stockholders' equity Preference stocks 1 1 $1-2/3 par value common stock (issued, 655,008,344 and 693,456,394 shares) 1,092 1,156 Class H common stock (issued, 106,159,776 and 103,885,803 shares) 11 10 Capital surplus (principally additional paid-in capital) 12,661 15,369 Retained earnings 6,984 5,416 ----- ----- Subtotal 20,749 21,952 Accumulated foreign currency translation adjustments (1,157) (888) Net unrealized gains on securities 481 504 Minimum pension liability adjustment (5,089) (4,062) ----- ----- Accumulated other comprehensive loss (5,765) (4,446) ----- ----- Total stockholders' equity 14,984 17,506 ------- ------- Total liabilities and stockholders' equity $257,389 $231,752 ======= ======= - 4 - CONSOLIDATED STATEMENTS OF CASH FLOWS For The Years Ended December 31, -------------------------------- 1998 1997 1996 ---- ---- ---- (Dollars in Millions) AUTOMOTIVE, ELECTRONICS AND OTHER OPERATIONS Cash flows from operating activities Income from continuing operations $1,534 $5,381 $3,712 Adjustments to reconcile income from continuing operations to net cash provided by operating activities Depreciation and amortization expenses 7,281 11,803 7,145 Gain on Hughes Defense spin-off - (4,269) - Postretirement benefits other than pensions, net of payments and VEBA contributions (182) (1,451) 1,549 Pension expense, net of contributions 113 240 801 Change in other investments and miscellaneous assets 392 (1,413) 374 Change in other operating assets and liabilities 475 1,850 (272) Other (264) 684 1,222 ----- ------ ------ Net cash provided by operating activities 9,349 12,825 14,531 ----- ------ ------ Cash flows from investing activities Expenditures for property (9,339) (9,801) (9,606) Investments in other marketable securities - acquisitions (13,705) (13,167) (14,340) Investments in other marketable securities - liquidations 16,973 12,984 11,891 Operating leases - acquisitions (6,397) (5,680) (4,089) Operating leases - liquidations 5,609 3,711 3,819 Proceeds from borrowings of Hughes Defense prior to the Hughes Defense spin-off - 4,006 - Investments in companies, net of cash acquired (1,172) (1,874) (167) Special inter-company payment from EDS - - 500 Net investing activity with Financing and Insurance Operations 338 750 1,200 Other (951) 473 850 ----- ------ ----- Net cash (used in) investing activities (8,644) (8,598) (9,942) ----- ------ ----- Cash flows from financing activities Net increase (decrease) in loans payable 521 (557) (974) Increase in long-term debt 2,993 384 1,924 Decrease in long-term debt (1,486) (1,143) (871) Repurchases of common and preference stocks (3,089) (4,365) (251) Proceeds from issuing common stocks 344 614 480 Cash dividends paid to stockholders (1,389) (1,620) (1,530) ----- ----- ----- Net cash (used in) financing activities (2,106) (6,687) (1,222) ----- ----- ----- Effect of exchange rate changes on cash and cash equivalents 304 (513) (185) Net transactions with Financing and Insurance Operations 1,135 338 989 ----- --- --- Net cash provided by (used in) continuing operations 38 (2,635) 4,171 Net cash provided by discontinued operations - - 103 ----- ----- ----- Net increase (decrease) in cash and cash equivalents 38 (2,635) 4,274 Cash and cash equivalents at beginning of the year 10,685 13,320 9,046 ------ ------ ----- Cash and cash equivalents at end of the year $10,723 $10,685 $13,320 ======= ======= ======= - 5 - CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued For The Years Ended December 31, -------------------------------- 1998 1997 1996 ---- ---- ---- (Dollars in Millions) FINANCING AND INSURANCE OPERATIONS Cash flows from operating activities Income from continuing operations $1,422 $1,317 $1,241 Adjustments to reconcile income from continuing operations to net cash provided by operating activities Depreciation and amortization expenses 4,920 4,813 4,695 Postretirement benefits other than pensions, net of payments 31 26 26 Originations and purchases of mortgage loans (54,433 (30,878) (19,455) Proceeds on sales of mortgage loans 51,582 28,543 18,157 Originations and purchases of mortgage securities (2,237) (2,516) (970) Proceeds on sales of mortgage securities 849 1,449 758 Change in other investments and miscellaneous assets 846 600 (777) Change in other operating assets and liabilities 3,649 467 (271) Other 916 264 884 ------ ------ ------ Net cash provided by operating activities 7,545 4,085 4,288 ----- ----- ----- Cash flows from investing activities Expenditures for property (966) (519) (343) Investments in other marketable securities - acquisitions (21,152) (17,730) (13,091) Investments in other marketable securities - liquidations 21,688 16,295 13,075 Mortgage servicing rights - acquisitions (1,862) (479) (409) Mortgage servicing rights - liquidations 80 23 99 Finance receivables - acquisitions (155,613) (163,614) (155,477) Finance receivables - liquidations 114,662 129,615 120,253 Proceeds from sales of finance receivables 27,681 31,191 36,657 Operating leases - acquisitions (17,128) (15,393) (14,405) Operating leases - liquidations 10,389 8,718 6,688 Investments in companies, net of cash acquired - (422) - Other (167) 250 442 ------ ------ ----- Net cash (used in) investing activities (22,388) (12,065) (6,511) ------ ------- ----- Cash flows from financing activities Net increase (decrease) in loans payable 6,162 5,626 1,636 Increase in debt 21,098 14,587 14,009 Decrease in debt (11,377) (11,311) (11,939) Net financing activity with Automotive, Electronics and Other (338) (750) (1,200) ------ ------ ------ Net cash provided by financing activities 15,545 8,152 2,506 ------ ----- ----- Effect of exchange rate changes on cash and cash equivalents 2 - - Net transactions with Automotive, Electronics and Other Operations (1,135) (338) (989) ----- ---- --- Net (decrease) in cash and cash equivalents (431) (166) (706) Cash and cash equivalents at beginning of the year 577 743 1,449 --- --- ----- Cash and cash equivalents at end of the year $146 $577 $743 ==== ==== ==== - 6 - CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued For The Years Ended December 31, --------------------------------- 1998 1997 1996 ---- ---- ---- (Dollars in Millions) GENERAL MOTORS CORPORATION AND SUBSIDIARIES Cash flows from operating activities Income from continuing operations $2,956 $6,698 $4,953 Adjustments to reconcile income from continuing operations to net cash provided by operating activities Depreciation and amortization expenses 12,201 16,616 11,840 Gain on Hughes Defense spin-off - (4,269) - Postretirement benefits other than pensions, net of payments and VEBA contributions (151) (1,425) 1,575 Pension expense, net of contributions 113 240 801 Originations and purchases of mortgage loans (54,433) (30,878) (19,455) Proceeds on sales of mortgage loans 51,582 28,543 18,157 Originations and purchases o mortgage securities (2,237) (2,516) (970) Proceeds on sales of mortgage securities 849 1,449 758 Change in other investments and miscellaneous assets 1,238 (813) (403) Change in other operating assets and liabilities 4,124 2,317 (543) Other 652 948 2,106 ------ ------- ------ Net cash provided by operating activities 16,894 16,910 18,819 ------ ------ ------ Cash flows from investing activities Expenditures for property (10,305) (10,320) (9,949) Investments in other marketable securities - acquisitions (34,857) (30,897) (27,431) Investments in other marketable securities - liquidations 38,661 29,279 24,966 Mortgage servicing rights - acquisitions (1,862) (479) (409) Mortgage servicing rights - liquidations 80 23 99 Finance receivables - acquisitions (155,613) (163,614) (155,477) Finance receivables - liquidations 114,662 129,615 120,253 Proceeds from sales of finance receivables 27,681 31,191 36,657 Operating leases - acquisitions (23,525) (21,073) (18,494) Operating leases - liquidations 15,998 12,429 10,507 Proceeds from borrowings of Hughes Defense prior to the Hughes Defense spin-off - 4,006 - Investments in companies, net of cash acquired (1,172) (2,296) (167) Special inter-company payment from EDS - - 500 Other (1,118) 723 1,292 ------ ------- ------ Net cash (used in) investing activities (31,370) (21,413) (17,653) ------ ------ ------ Cash flows from financing activities Net increase (decrease) in loans payable 6,683 5,069 662 Increase in long-term debt 24,091 14,971 15,933 Decrease in long-term debt (12,863) (12,454) (12,810) Repurchases of common and preference stocks (3,089) (4,365) (251) Proceeds from issuing common stocks 344 614 480 Cash dividends paid to stockholders (1,389) (1,620) (1,530) ----- ----- ----- Net cash provided by financing activities 13,777 2,215 2,484 ------ ----- ----- Effect of exchange rate changes on cash and cash equivalents 306 (513) (185) Net cash (used in) provided by continuing operations (393) (2,801) 3,465 Net cash provided by discontinued operations - - 103 ------ ------ ----- Net (decrease) increase in cash and cash equivalents (393) (2,801) 3,568 Cash and cash equivalents at beginning of the year 11,262 14,063 10,495 ------ ------ ------ Cash and cash equivalents at end of the year $10,869 $11,262 $14,063 ======= ======= ======= - 7 - 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 January 27, 1999 ---------------- By s/Peter R. Bible ------------------------------- (Peter R. Bible, Chief Accounting Officer) - 8 - -----END PRIVACY-ENHANCED MESSAGE-----