XML 26 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equity in Net Assets of Non-consolidated Affiliates
 12 Months Ended
Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]  
Equity in Net Assets of Non-consolidated Affiliates
Equity in Net Assets of Non-consolidated Affiliates
We use the equity method to account for our equity interest in joint ventures. The income of these joint ventures is not consolidated into our financial statements; rather, our proportionate share of the earnings is reflected as equity income.
In August 2018, we made a $51 million capital investment representing a 35% equity interest in the newly-formed joint venture SAIC-GMF Leasing Co. Ltd., which was established to conduct auto leasing operations in China.
The following table presents certain aggregated financial data of our joint ventures:
Summarized Balance Sheet Data
December 31, 2018
 
December 31, 2017
Finance receivables, net
$
16,555

 
$
13,459

Total assets
$
19,368

 
$
16,198

Debt
$
13,618

 
$
9,349

Total liabilities
$
16,439

 
$
13,807

 
Years Ended December 31,
Summarized Operating Data
2018
 
2017
 
2016
Finance charge income
$
1,246

 
$
1,053

 
$
940

Provision for loan losses
$
21

 
$
(6
)
 
$
18

Interest expense
$
523

 
$
337

 
$
257

Income before income taxes
$
696

 
$
661

 
$
570

Net income
$
522

 
$
496

 
$
428


The following table summarizes our direct ownership interests in joint ventures:
Joint Ventures
December 31, 2018
 
December 31, 2017
SAIC-GMAC Automotive Finance Company Limited (SAIC–GMAC)
35
%
 
35
%
SAIC-GMF Leasing Co. Ltd.
35
%
 
—


There were no dividends received from SAIC-GMAC in 2018 or 2017. We received dividends from SAIC-GMAC of $129 million in 2016. At December 31, 2018 and 2017, we had undistributed earnings of $498 million and $315 million related to SAIC-GMAC.