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Guarantor Condensed Consolidating Financial Statements
6 Months Ended
Jun. 30, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Guarantor Condensed Consolidating Financial Statements
Guarantor Condensed Consolidating Financial Statements
The payment of principal and interest on senior notes issued by our top-tier holding company is currently guaranteed solely by AFSI (the Guarantor) and none of our other subsidiaries (the Non-Guarantor Subsidiaries). The Guarantor is a 100% owned consolidated subsidiary and is unconditionally liable for the obligations represented by the senior notes.  The Guarantor’s guarantee may be released only upon customary circumstances, the terms of which vary by issuance.  Customary circumstances include the sale or disposition of all of the Guarantor’s assets or capital stock, the achievement of investment grade rating of the senior notes and legal or covenant defeasance.
The condensed consolidating financial statements present consolidating financial data for (i) General Motors Financial Company, Inc. (on a parent-only basis), (ii) the Guarantor, (iii) the combined Non-Guarantor Subsidiaries and (iv) the parent company and our subsidiaries on a consolidated basis at June 30, 2017 and December 31, 2016, and for the three and six months ended June 30, 2017 and 2016 (after the elimination of intercompany balances and transactions).
Investments in subsidiaries are accounted for by the parent company using the equity method for purposes of this presentation. Results of operations of subsidiaries are therefore reflected in the parent company's investment accounts and earnings. The principal elimination entries set forth below eliminate investments in subsidiaries and intercompany balances and transactions.
CONDENSED CONSOLIDATING BALANCE SHEET
June 30, 2017
(Unaudited)
 
General
Motors
Financial
Company, Inc.
 
Guarantor
 
Non-
Guarantors
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$

 
$
4,686

 
$
515

 
$

 
$
5,201

Finance receivables, net

 
9,023

 
30,859

 

 
39,882

Leased vehicles, net

 

 
39,725

 

 
39,725

Goodwill
1,095

 

 
103

 

 
1,198

Equity in net assets of non-consolidated affiliate

 

 
1,056

 

 
1,056

Related party receivables

 
56

 
327

 

 
383

Other assets
774

 
983

 
3,676

 
(1,056
)
 
4,377

Assets held for sale

 

 
11,694

 
(5
)
 
11,689

Due from affiliates
33,781

 
19,949

 

 
(53,730
)
 

Investment in affiliates
9,774

 
5,826

 

 
(15,600
)
 

Total assets
$
45,424

 
$
40,523

 
$
87,955

 
$
(70,391
)
 
$
103,511

LIABILITIES AND SHAREHOLDER'S EQUITY
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
Secured debt
$

 
$

 
$
39,114

 
$
(286
)
 
$
38,828

Unsecured debt
35,829

 

 
3,822

 

 
39,651

Deferred income

 

 
2,830

 

 
2,830

Related party payables
1

 

 
272

 

 
273

Other liabilities
438

 
694

 
1,939

 
(770
)
 
2,301

Liabilities held for sale

 

 
10,475

 
(3
)
 
10,472

Due to affiliates

 
33,601

 
20,131

 
(53,732
)
 

Total liabilities
36,268

 
34,295

 
78,583

 
(54,791
)
 
94,355

Shareholder's equity
 
 
 
 
 
 
 
 
 
Common stock

 

 
698

 
(698
)
 

Additional paid-in capital
6,518

 
79

 
4,200

 
(4,279
)
 
6,518

Accumulated other comprehensive loss
(1,052
)
 
(137
)
 
(1,013
)
 
1,150

 
(1,052
)
Retained earnings
3,690

 
6,286

 
5,487

 
(11,773
)
 
3,690

Total shareholder's equity
9,156

 
6,228

 
9,372

 
(15,600
)
 
9,156

Total liabilities and shareholder's equity
$
45,424

 
$
40,523

 
$
87,955

 
$
(70,391
)
 
$
103,511












CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2016
(Unaudited)
 
General
Motors
Financial
Company, Inc.
 
Guarantor
 
Non-
Guarantors
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$

 
$
2,284

 
$
531

 
$

 
$
2,815

Finance receivables, net

 
4,969

 
28,506

 

 
33,475

Leased vehicles, net

 

 
34,342

 

 
34,342

Goodwill
1,095

 

 
101

 

 
1,196

Equity in net assets of non-consolidated affiliate

 

 
944

 

 
944

Related party receivables

 
25

 
322

 

 
347

Other assets
506

 
884

 
3,065

 
(760
)
 
3,695

Assets held for sale

 

 
10,959

 
(8
)
 
10,951

Due from affiliates
24,548

 
16,065

 

 
(40,613
)
 

Investment in affiliates
8,986

 
6,445

 

 
(15,431
)
 

Total assets
$
35,135

 
$
30,672

 
$
78,770

 
$
(56,812
)
 
$
87,765

LIABILITIES AND SHAREHOLDER'S EQUITY
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
Secured debt
$

 
$

 
$
35,256

 
$
(169
)
 
$
35,087

Unsecured debt
26,076

 

 
3,400

 

 
29,476

Deferred income

 

 
2,355

 

 
2,355

Related party payables
1

 

 
319

 

 
320

Other liabilities
365

 
690

 
1,677

 
(591
)
 
2,141

Liabilities held for sale

 

 
9,694

 
(1
)
 
9,693

Due to affiliates

 
24,437

 
16,183

 
(40,620
)
 

Total liabilities
26,442

 
25,127

 
68,884

 
(41,381
)
 
79,072

Shareholder's equity
 
 
 
 
 
 
 
 
 
Common stock

 

 
698

 
(698
)
 

Additional paid-in capital
6,505

 
79

 
5,345

 
(5,424
)
 
6,505

Accumulated other comprehensive loss
(1,238
)
 
(161
)
 
(1,223
)
 
1,384

 
(1,238
)
Retained earnings
3,426

 
5,627

 
5,066

 
(10,693
)
 
3,426

Total shareholder's equity
8,693

 
5,545

 
9,886

 
(15,431
)
 
8,693

Total liabilities and shareholder's equity
$
35,135

 
$
30,672

 
$
78,770

 
$
(56,812
)
 
$
87,765








CONDENSED CONSOLIDATING STATEMENT OF INCOME
Three Months Ended June 30, 2017
(Unaudited)
 
General
Motors
Financial
Company, Inc.
 
Guarantor
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
Finance charge income
$

 
$
134

 
$
678

 
$

 
$
812

Leased vehicle income

 

 
2,107

 

 
2,107

Other income

 
291

 
(6
)
 
(214
)
 
71

Total revenue

 
425

 
2,779

 
(214
)
 
2,990

Costs and expenses
 
 
 
 
 
 
 
 
 
Salaries and benefits

 
159

 
39

 

 
198

Other operating expenses
99

 
(39
)
 
194

 
(119
)
 
135

Total operating expenses
99

 
120

 
233

 
(119
)
 
333

Leased vehicle expenses

 

 
1,549

 

 
1,549

Provision for loan losses

 
87

 
71

 

 
158

Interest expense
347

 
(62
)
 
445

 
(95
)
 
635

Total costs and expenses
446

 
145

 
2,298

 
(214
)
 
2,675

Equity income
275

 
276

 
41

 
(551
)
 
41

(Loss) income from continuing operations before income taxes
(171
)
 
556

 
522

 
(551
)
 
356

Income tax (benefit) provision
(233
)
 
133

 
186

 

 
86

Income from continuing operations
62

 
423

 
336

 
(551
)
 
270

Income (loss) from discontinued operations, net of tax

 
(7
)
 
(201
)
 

 
(208
)
Net income
$
62

 
$
416

 
$
135

 
$
(551
)
 
$
62

 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
158

 
$
436

 
$
245

 
$
(681
)
 
$
158



CONDENSED CONSOLIDATING STATEMENT OF INCOME
Three Months Ended June 30, 2016
(Unaudited)
 
General
Motors
Financial
Company, Inc.
 
Guarantor
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
Finance charge income
$

 
$
118

 
$
580

 
$

 
$
698

Leased vehicle income

 

 
1,383

 

 
1,383

Other income

 
210

 
10

 
(163
)
 
57

Total revenue

 
328

 
1,973

 
(163
)
 
2,138

Costs and expenses
 
 
 
 
 
 
 
 
 
Salaries and benefits

 
140

 
35

 

 
175

Other operating expenses

 
53

 
166

 
(98
)
 
121

Total operating expenses

 
193

 
201

 
(98
)
 
296

Leased vehicle expenses

 

 
1,062

 

 
1,062

Provision for loan losses

 
77

 
67

 

 
144

Interest expense
265

 
(91
)
 
351

 
(65
)
 
460

Total costs and expenses
265

 
179

 
1,681

 
(163
)
 
1,962

Equity income
336

 
168

 
37

 
(504
)
 
37

Income from continuing operations before income taxes
71

 
317

 
329

 
(504
)
 
213

Income tax (benefit) provision
(118
)
 
68

 
120

 

 
70

Income from continuing operations
189

 
249

 
209

 
(504
)
 
143

Income from discontinued operations, net of tax

 

 
46

 

 
46

Net income
$
189

 
$
249

 
$
255

 
$
(504
)
 
$
189

 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
103

 
$
247

 
$
169

 
$
(416
)
 
$
103



CONDENSED CONSOLIDATING STATEMENT OF INCOME
Six Months Ended June 30, 2017
(Unaudited)
 
General
Motors
Financial
Company, Inc.
 
Guarantor
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
Finance charge income
$

 
$
229

 
$
1,335

 
$

 
$
1,564

Leased vehicle income

 

 
4,038

 

 
4,038

Other income

 
564

 
(15
)
 
(413
)
 
136

Total revenue

 
793

 
5,358

 
(413
)
 
5,738

Costs and expenses
 
 
 
 
 
 
 
 
 
Salaries and benefits

 
322

 
75

 

 
397

Other operating expenses
106

 
5

 
384

 
(229
)
 
266

Total operating expenses
106

 
327

 
459

 
(229
)
 
663

Leased vehicle expenses

 

 
2,978

 

 
2,978

Provision for loan losses

 
160

 
209

 

 
369

Interest expense
582

 
(29
)
 
862

 
(184
)
 
1,231

Total costs and expenses
688

 
458

 
4,508

 
(413
)
 
5,241

Equity income
590

 
491

 
88

 
(1,081
)
 
88

(Loss) income from continuing operations before income taxes
(98
)
 
826

 
938

 
(1,081
)
 
585

Income tax (benefit) provision
(362
)
 
159

 
339

 

 
136

Income from continuing operations
264

 
667

 
599

 
(1,081
)
 
449

Income (loss) from discontinued operations, net of tax

 
(7
)
 
(178
)
 

 
(185
)
Net income
$
264

 
$
660

 
$
421

 
$
(1,081
)
 
$
264

 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
450

 
$
684

 
$
631

 
$
(1,315
)
 
$
450



CONDENSED CONSOLIDATING STATEMENT OF INCOME
Six Months Ended June 30, 2016
(Unaudited)
 
General
Motors
Financial
Company, Inc.
 
Guarantor
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
Finance charge income
$

 
$
217

 
$
1,172

 
$

 
$
1,389

Leased vehicle income

 

 
2,562

 

 
2,562

Other income
(1
)
 
415

 
13

 
(309
)
 
118

Total revenue
(1
)
 
632

 
3,747

 
(309
)
 
4,069

Costs and expenses
 
 
 
 
 
 
 
 
 
Salaries and benefits

 
275

 
66

 

 
341

Other operating expenses
(4
)
 
121

 
302

 
(191
)
 
228

Total operating expenses
(4
)
 
396

 
368

 
(191
)
 
569

Leased vehicle expenses

 

 
1,951

 

 
1,951

Provision for loan losses

 
180

 
154

 

 
334

Interest expense
441

 
(121
)
 
680

 
(118
)
 
882

Total costs and expenses
437

 
455

 
3,153

 
(309
)
 
3,736

Equity income
591

 
336

 
73

 
(927
)
 
73

Income from continuing operations before income taxes
153

 
513

 
667

 
(927
)
 
406

Income tax (benefit) provision
(200
)
 
80

 
245

 

 
125

Income from continuing operations
353

 
433

 
422

 
(927
)
 
281

Income from discontinued operations, net of tax

 

 
72

 

 
72

Net income
$
353

 
$
433

 
$
494

 
$
(927
)
 
$
353

 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
419

 
$
470

 
$
567

 
$
(1,037
)
 
$
419






CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2017
(Unaudited)
 
General
Motors
Financial
Company, Inc.
 
Guarantor
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net cash (used in) provided by operating activities - continuing operations
$
(360
)
 
$
386

 
$
3,117

 
$

 
$
3,143

Net cash (used in) provided by operating activities - discontinued operations

 
(7
)
 
183

 

 
176

Net cash (used in) provided by operating activities
(360
)
 
379

 
3,300

 

 
3,319

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Purchases of retail finance receivables, net

 
(10,315
)
 
(7,139
)
 
6,756

 
(10,698
)
Principal collections and recoveries on retail finance receivables

 
1,167

 
4,853

 

 
6,020

Proceeds from transfer of retail finance receivables, net

 
5,521

 
1,235

 
(6,756
)
 

Net funding of commercial finance receivables

 
(605
)
 
(1,156
)
 

 
(1,761
)
Purchases of leased vehicles, net

 

 
(9,884
)
 

 
(9,884
)
Proceeds from termination of leased vehicles

 

 
2,724

 

 
2,724

Other investing activities

 
(157
)
 
(7
)
 
117

 
(47
)
Net change in due from affiliates
(9,232
)
 
(3,885
)
 

 
13,117

 

Net change in investment in affiliates
12

 
1,134

 

 
(1,146
)
 

Net cash used in investing activities - continuing operations
(9,220
)
 
(7,140
)
 
(9,374
)
 
12,088

 
(13,646
)
Net cash used in investing activities - discontinued operations

 

 
(364
)
 

 
(364
)
Net cash used in investing activities
(9,220
)
 
(7,140
)
 
(9,738
)
 
12,088

 
(14,010
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Net change in debt (original maturities less than three months)
30

 

 
(381
)
 

 
(351
)
Borrowings and issuance of secured debt

 

 
15,787

 
(117
)
 
15,670

Payments on secured debt

 

 
(11,690
)
 

 
(11,690
)
Borrowings and issuance of unsecured debt
9,588

 

 
1,445

 

 
11,033

Payments on unsecured debt

 

 
(1,201
)
 

 
(1,201
)
Debt issuance costs
(38
)
 

 
(57
)
 

 
(95
)
Net capital contributions

 

 
(1,146
)
 
1,146

 

Net change in due to affiliates

 
9,163

 
3,954

 
(13,117
)
 

Net cash provided by financing activities - continuing operations
9,580

 
9,163

 
6,711

 
(12,088
)
 
13,366

Net cash provided by financing activities - discontinued operations

 

 
65

 

 
65

Net cash provided by financing activities
9,580

 
9,163

 
6,776

 
(12,088
)
 
13,431

Net increase in cash, cash equivalents and restricted cash

 
2,402

 
338

 

 
2,740

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

 

 
78

 

 
78

Cash, cash equivalents and restricted cash at beginning of period

 
2,284

 
3,018

 

 
5,302

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

 
$
4,686

 
$
3,434

 
$

 
$
8,120

Cash, cash equivalents and restricted cash from continuing operations at end of period
$

 
$
4,686

 
$
2,811

 
$

 
$
7,497

Cash, cash equivalents and restricted cash from discontinued operations at end of period
$

 
$

 
$
623

 
$

 
$
623

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidating balance sheet:
 
General
Motors
Financial
Company, Inc.
 
Guarantor
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Cash and cash equivalents
$

 
$
4,686

 
$
515

 
$

 
$
5,201

Restricted cash included in other assets

 

 
2,296

 

 
2,296

Total
$

 
$
4,686

 
$
2,811

 
$

 
$
7,497

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2016
(Unaudited) 
 
General
Motors
Financial
Company, Inc.
 
Guarantor
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net cash (used in) provided by operating activities - continuing operations
$
(218
)
 
$
(151
)
 
$
2,619

 
$

 
$
2,250

Net cash provided by operating activities - discontinued operations

 

 
368

 

 
368

Net cash (used in) provided by operating activities
(218
)
 
(151
)
 
2,987

 

 
2,618

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Purchases of retail finance receivables, net

 
(8,110
)
 
(6,491
)
 
8,190

 
(6,411
)
Principal collections and recoveries on retail finance receivables

 
780

 
4,158

 

 
4,938

Proceeds from transfer of retail finance receivables, net

 
5,250

 
2,940

 
(8,190
)
 

Net funding of commercial finance receivables

 
(124
)
 
(399
)
 

 
(523
)
Purchases of leased vehicles, net

 

 
(10,138
)
 

 
(10,138
)
Proceeds from termination of leased vehicles

 

 
1,089

 

 
1,089

Other investing activities

 
(174
)
 
(5
)
 
139

 
(40
)
Net change in due from affiliates
(4,503
)
 
(2,958
)
 

 
7,461

 

Net change in investment in affiliates
6

 
723

 

 
(729
)
 

Net cash used in investing activities - continuing operations
(4,497
)
 
(4,613
)
 
(8,846
)
 
6,871

 
(11,085
)
Net cash used in investing activities - discontinued operations

 

 
(1,136
)
 

 
(1,136
)
Net cash used in investing activities
(4,497
)
 
(4,613
)
 
(9,982
)
 
6,871

 
(12,221
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Net change in debt (original maturities less than three months)

 

 
(320
)
 

 
(320
)
Borrowings and issuance of secured debt

 

 
13,204

 
(139
)
 
13,065

Payments on secured debt

 

 
(8,468
)
 

 
(8,468
)
Borrowings and issuance of unsecured debt
5,740

 

 
647

 

 
6,387

Payments on unsecured debt
(1,000
)
 

 
(758
)
 

 
(1,758
)
Debt issuance costs
(25
)
 

 
(53
)
 

 
(78
)
Net capital contributions

 

 
(729
)
 
729

 

Net change in due to affiliates

 
4,668

 
2,793

 
(7,461
)
 

Net cash provided by financing activities - continuing operations
4,715

 
4,668

 
6,316

 
(6,871
)
 
8,828

Net cash provided by financing activities - discontinued operations

 

 
850

 

 
850

Net cash provided by financing activities
4,715

 
4,668

 
7,166

 
(6,871
)
 
9,678

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

 
(96
)
 
171

 

 
75

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

 

 
35

 

 
35

Cash, cash equivalents and restricted cash at beginning of period

 
2,319

 
2,683

 

 
5,002

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

 
$
2,223

 
$
2,889

 
$

 
$
5,112

Cash, cash equivalents and restricted cash from continuing operations at end of period
$

 
$
2,223

 
$
2,162

 
$

 
$
4,385

Cash, cash equivalents and restricted cash from discontinued operations at end of period
$

 
$

 
$
727

 
$

 
$
727