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Share Name | Share Symbol | Market | Type |
---|---|---|---|
General Motors Company | NYSE:GM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.19 | 0.43% | 44.86 | 45.545 | 44.505 | 45.03 | 10,046,012 | 01:00:00 |
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
STATE OF DELAWARE
|
27-0756180
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
|
300 Renaissance Center, Detroit, Michigan
|
48265-3000
|
(Address of principal executive offices)
|
(Zip Code)
|
|
|
|
Page
|
PART I
|
|||
Item 1.
|
Condensed Consolidated Financial Statements
|
||
|
Condensed Consolidated Income Statements (Unaudited)
|
||
|
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
|
||
|
Condensed Consolidated Balance Sheets (Unaudited)
|
||
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
||
|
Condensed Consolidated Statements of Equity (Unaudited)
|
||
|
Notes to Condensed Consolidated Financial Statements
|
||
|
Note 1.
|
Nature of Operations and Basis of Presentation
|
|
|
Note 2.
|
Significant Accounting Policies
|
|
|
Note 3.
|
Revenue
|
|
|
Note 4.
|
Marketable and Other Securities
|
|
|
Note 5.
|
GM Financial Receivables
|
|
|
Note 6.
|
Inventories
|
|
|
Note 7.
|
Equipment on Operating Leases
|
|
|
Note 8.
|
Equity in Net Assets of Nonconsolidated Affiliates
|
|
|
Note 9.
|
Variable Interest Entities
|
|
|
Note 10.
|
Automotive and GM Financial Debt
|
|
|
Note 11.
|
Derivative Financial Instruments
|
|
|
Note 12.
|
Product Warranty and Related Liabilities
|
|
|
Note 13.
|
Pensions and Other Postretirement Benefits
|
|
|
Note 14.
|
Commitments and Contingencies
|
|
|
Note 15.
|
Income Taxes
|
|
|
Note 16.
|
Restructuring and Other Initiatives
|
|
|
Note 17.
|
Stockholders' Equity and Noncontrolling Interests
|
|
|
Note 18.
|
Earnings Per Share
|
|
|
Note 19.
|
Discontinued Operations
|
|
|
Note 20.
|
Segment Reporting
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
||
Item 4.
|
Controls and Procedures
|
||
PART II
|
|||
Item 1.
|
Legal Proceedings
|
||
Item 1A.
|
Risk Factors
|
||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
||
Item 6.
|
Exhibits
|
||
Signature
|
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Net sales and revenue
|
|
|
|
||||
Automotive
|
$
|
32,691
|
|
|
$
|
34,519
|
|
GM Financial
|
3,408
|
|
|
2,747
|
|
||
Total net sales and revenue (Note 3)
|
36,099
|
|
|
37,266
|
|
||
Costs and expenses
|
|
|
|
||||
Automotive cost of sales
|
30,184
|
|
|
29,761
|
|
||
GM Financial interest, operating and other expenses
|
3,014
|
|
|
2,566
|
|
||
Automotive selling, general and administrative expense
|
2,372
|
|
|
2,356
|
|
||
Total costs and expenses
|
35,570
|
|
|
34,683
|
|
||
Operating income
|
529
|
|
|
2,583
|
|
||
Automotive interest expense
|
150
|
|
|
147
|
|
||
Interest income and other non-operating income, net
|
549
|
|
|
482
|
|
||
Equity income (Note 8)
|
648
|
|
|
555
|
|
||
Income before income taxes
|
1,576
|
|
|
3,473
|
|
||
Income tax expense (Note 15)
|
466
|
|
|
787
|
|
||
Income from continuing operations
|
1,110
|
|
|
2,686
|
|
||
Loss from discontinued operations, net of tax (Note 19)
|
70
|
|
|
69
|
|
||
Net income
|
1,040
|
|
|
2,617
|
|
||
Net (income) loss attributable to noncontrolling interests
|
6
|
|
|
(9
|
)
|
||
Net income attributable to stockholders
|
$
|
1,046
|
|
|
$
|
2,608
|
|
|
|
|
|
||||
Net income attributable to common stockholders
|
$
|
1,032
|
|
|
$
|
2,608
|
|
|
|
|
|
||||
Earnings per share (Note 18)
|
|
|
|
||||
Basic earnings per common share – continuing operations
|
$
|
0.78
|
|
|
$
|
1.78
|
|
Basic loss per common share – discontinued operations
|
$
|
0.05
|
|
|
$
|
0.05
|
|
Basic earnings per common share
|
$
|
0.73
|
|
|
$
|
1.73
|
|
Weighted-average common shares outstanding – basic
|
1,408
|
|
|
1,505
|
|
||
|
|
|
|
||||
Diluted earnings per common share
–
continuing operations
|
$
|
0.77
|
|
|
$
|
1.75
|
|
Diluted loss per common share – discontinued operations
|
$
|
0.05
|
|
|
$
|
0.05
|
|
Diluted earnings per common share
|
$
|
0.72
|
|
|
$
|
1.70
|
|
Weighted-average common shares outstanding – diluted
|
1,430
|
|
|
1,532
|
|
||
|
|
|
|
||||
Dividends declared per common share
|
$
|
0.38
|
|
|
$
|
0.38
|
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Net income
|
$
|
1,040
|
|
|
$
|
2,617
|
|
Other comprehensive income, net of tax (Note 17)
|
|
|
|
||||
Foreign currency translation adjustments and other
|
34
|
|
|
108
|
|
||
Defined benefit plans
|
(7
|
)
|
|
(29
|
)
|
||
Other comprehensive income, net of tax
|
27
|
|
|
79
|
|
||
Comprehensive income
|
1,067
|
|
|
2,696
|
|
||
Comprehensive (income) loss attributable to noncontrolling interests
|
7
|
|
|
(8
|
)
|
||
Comprehensive income attributable to stockholders
|
$
|
1,074
|
|
|
$
|
2,688
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
ASSETS
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
14,256
|
|
|
$
|
15,512
|
|
Marketable securities (Note 4)
|
7,110
|
|
|
8,313
|
|
||
Accounts and notes receivable, net
|
10,769
|
|
|
8,164
|
|
||
GM Financial receivables, net (Note 5; Note 9 at VIEs)
|
21,157
|
|
|
20,521
|
|
||
Inventories (Note 6)
|
11,461
|
|
|
10,663
|
|
||
Equipment on operating leases, net (Note 7)
|
789
|
|
|
1,106
|
|
||
Other current assets (Note 4; Note 9 at VIEs)
|
5,893
|
|
|
4,465
|
|
||
Total current assets
|
71,435
|
|
|
68,744
|
|
||
Non-current Assets
|
|
|
|
||||
GM Financial receivables, net (Note 5; Note 9 at VIEs)
|
22,146
|
|
|
21,208
|
|
||
Equity in net assets of nonconsolidated affiliates (Note 8)
|
9,883
|
|
|
9,073
|
|
||
Property, net
|
37,321
|
|
|
36,253
|
|
||
Goodwill and intangible assets, net
|
5,790
|
|
|
5,849
|
|
||
Equipment on operating leases, net (Note 7; Note 9 at VIEs)
|
43,444
|
|
|
42,882
|
|
||
Deferred income taxes
|
23,538
|
|
|
23,544
|
|
||
Other assets (Note 4; Note 9 at VIEs)
|
5,169
|
|
|
4,929
|
|
||
Total non-current assets
|
147,291
|
|
|
143,738
|
|
||
Total Assets
|
$
|
218,726
|
|
|
$
|
212,482
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY
|
|
|
|
||||
Current Liabilities
|
|
|
|
||||
Accounts payable (principally trade)
|
$
|
26,039
|
|
|
$
|
23,929
|
|
Short-term debt and current portion of long-term debt (Note 10)
|
|
|
|
|
|
||
Automotive
|
4,341
|
|
|
2,515
|
|
||
GM Financial (Note 9 at VIEs)
|
25,006
|
|
|
24,450
|
|
||
Accrued liabilities
|
27,330
|
|
|
25,996
|
|
||
Total current liabilities
|
82,716
|
|
|
76,890
|
|
||
Non-current Liabilities
|
|
|
|
||||
Long-term debt (Note 10)
|
|
|
|
|
|
||
Automotive
|
10,957
|
|
|
10,987
|
|
||
GM Financial (Note 9 at VIEs)
|
58,514
|
|
|
56,267
|
|
||
Postretirement benefits other than pensions (Note 13)
|
5,927
|
|
|
5,998
|
|
||
Pensions (Note 13)
|
13,209
|
|
|
13,746
|
|
||
Other liabilities
|
11,945
|
|
|
12,394
|
|
||
Total non-current liabilities
|
100,552
|
|
|
99,392
|
|
||
Total Liabilities
|
183,268
|
|
|
176,282
|
|
||
Commitments and contingencies (Note 14)
|
|
|
|
|
|
||
Equity (Note 17)
|
|
|
|
||||
Common stock, $0.01 par value
|
14
|
|
|
14
|
|
||
Additional paid-in capital
|
25,337
|
|
|
25,371
|
|
||
Retained earnings
|
17,028
|
|
|
17,627
|
|
||
Accumulated other comprehensive loss
|
(8,081
|
)
|
|
(8,011
|
)
|
||
Total stockholders’ equity
|
34,298
|
|
|
35,001
|
|
||
Noncontrolling interests
|
1,160
|
|
|
1,199
|
|
||
Total Equity
|
35,458
|
|
|
36,200
|
|
||
Total Liabilities and Equity
|
$
|
218,726
|
|
|
$
|
212,482
|
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Cash flows from operating activities
|
|
|
|
||||
Income from continuing operations
|
$
|
1,110
|
|
|
$
|
2,686
|
|
Depreciation, amortization and impairment charges
|
3,581
|
|
|
2,743
|
|
||
Foreign currency remeasurement and transaction losses
|
243
|
|
|
144
|
|
||
Undistributed earnings of nonconsolidated affiliates, net
|
(648
|
)
|
|
(555
|
)
|
||
Pension contributions and OPEB payments
|
(400
|
)
|
|
(382
|
)
|
||
Pension and OPEB income, net
|
(300
|
)
|
|
(200
|
)
|
||
Provision for deferred taxes
|
365
|
|
|
1,036
|
|
||
Change in other operating assets and liabilities
|
(3,503
|
)
|
|
(3,674
|
)
|
||
Net cash provided by operating activities
–
continuing operations
|
448
|
|
|
1,798
|
|
||
Net cash provided by operating activities
–
discontinued operations
|
—
|
|
|
243
|
|
||
Net cash provided by operating activities
|
448
|
|
|
2,041
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Expenditures for property
|
(2,272
|
)
|
|
(1,730
|
)
|
||
Available-for-sale marketable securities, acquisitions
|
(914
|
)
|
|
(1,316
|
)
|
||
Available-for-sale marketable securities, liquidations
|
2,062
|
|
|
2,914
|
|
||
Purchases of finance receivables, net
|
(4,925
|
)
|
|
(5,402
|
)
|
||
Principal collections and recoveries on finance receivables
|
3,478
|
|
|
2,808
|
|
||
Purchases of leased vehicles, net
|
(4,496
|
)
|
|
(4,727
|
)
|
||
Proceeds from termination of leased vehicles
|
2,379
|
|
|
1,079
|
|
||
Other investing activities
|
(40
|
)
|
|
1
|
|
||
Net cash used in investing activities – continuing operations
|
(4,728
|
)
|
|
(6,373
|
)
|
||
Net cash provided by (used in) investing activities – discontinued operations (Note 19)
|
166
|
|
|
(432
|
)
|
||
Net cash used in investing activities
|
(4,562
|
)
|
|
(6,805
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Net increase (decrease) in short-term debt
|
120
|
|
|
(360
|
)
|
||
Proceeds from issuance of debt (original maturities greater than three months)
|
11,334
|
|
|
11,280
|
|
||
Payments on debt (original maturities greater than three months)
|
(6,832
|
)
|
|
(5,141
|
)
|
||
Payments to purchase common stock
|
(100
|
)
|
|
—
|
|
||
Dividends paid
|
(566
|
)
|
|
(573
|
)
|
||
Other financing activities
|
(187
|
)
|
|
(144
|
)
|
||
Net cash provided by financing activities – continuing operations
|
3,769
|
|
|
5,062
|
|
||
Net cash used in financing activities – discontinued operations
|
—
|
|
|
(15
|
)
|
||
Net cash provided by financing activities
|
3,769
|
|
|
5,047
|
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
44
|
|
|
103
|
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
(301
|
)
|
|
386
|
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
17,848
|
|
|
15,160
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
17,547
|
|
|
$
|
15,546
|
|
|
|
|
|
||||
Cash, cash equivalents and restricted cash – continuing operations at end of period (Note 4)
|
$
|
17,547
|
|
|
$
|
14,955
|
|
Cash, cash equivalents and restricted cash – discontinued operations at end of period
|
$
|
—
|
|
|
$
|
591
|
|
Significant Non-cash Investing and Financing Activity
|
|
|
|
||||
Non-cash property additions – continuing operations
|
$
|
2,675
|
|
|
$
|
1,981
|
|
Non-cash property additions – discontinued operations
|
$
|
—
|
|
|
$
|
288
|
|
|
Common Stockholders’
|
|
Noncontrolling Interests
|
|
Total Equity
|
||||||||||||||||||
Common Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
||||||||||||||||
Balance at January 1, 2017
|
$
|
15
|
|
|
$
|
26,983
|
|
|
$
|
26,168
|
|
|
$
|
(9,330
|
)
|
|
$
|
239
|
|
|
$
|
44,075
|
|
Net income
|
—
|
|
|
—
|
|
|
2,608
|
|
|
—
|
|
|
9
|
|
|
2,617
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
80
|
|
|
(1
|
)
|
|
79
|
|
||||||
Exercise of common stock warrants
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||
Stock based compensation
|
—
|
|
|
24
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
16
|
|
||||||
Cash dividends paid on common stock
|
—
|
|
|
—
|
|
|
(573
|
)
|
|
—
|
|
|
—
|
|
|
(573
|
)
|
||||||
Other
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(4
|
)
|
||||||
Balance at March 31, 2017
|
$
|
15
|
|
|
$
|
27,012
|
|
|
$
|
28,195
|
|
|
$
|
(9,250
|
)
|
|
$
|
242
|
|
|
$
|
46,214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at January 1, 2018
|
$
|
14
|
|
|
$
|
25,371
|
|
|
$
|
17,627
|
|
|
$
|
(8,011
|
)
|
|
$
|
1,199
|
|
|
$
|
36,200
|
|
Adoption of accounting standards (Note 1)
|
—
|
|
|
—
|
|
|
(1,046
|
)
|
|
(98
|
)
|
|
—
|
|
|
(1,144
|
)
|
||||||
Net income
|
—
|
|
|
—
|
|
|
1,046
|
|
|
—
|
|
|
(6
|
)
|
|
1,040
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
(1
|
)
|
|
27
|
|
||||||
Purchase of common stock
|
—
|
|
|
(44
|
)
|
|
(56
|
)
|
|
—
|
|
|
—
|
|
|
(100
|
)
|
||||||
Cash dividends paid on common stock
|
—
|
|
|
—
|
|
|
(536
|
)
|
|
—
|
|
|
—
|
|
|
(536
|
)
|
||||||
Dividends to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
(30
|
)
|
||||||
Other
|
—
|
|
|
10
|
|
|
(7
|
)
|
|
—
|
|
|
(2
|
)
|
|
1
|
|
||||||
Balance at March 31, 2018
|
$
|
14
|
|
|
$
|
25,337
|
|
|
$
|
17,028
|
|
|
$
|
(8,081
|
)
|
|
$
|
1,160
|
|
|
$
|
35,458
|
|
|
Three Months Ended March 31, 2018
|
||||||||||
|
As Reported
|
|
Balances without Adoption of ASC 606
|
|
Effect of Change
|
||||||
Income Statement
|
|
|
|
|
|
||||||
Automotive net sales and revenue
|
$
|
32,691
|
|
|
$
|
31,558
|
|
|
$
|
1,133
|
|
Automotive cost of sales
|
$
|
30,184
|
|
|
$
|
29,465
|
|
|
$
|
719
|
|
Income before income taxes
|
$
|
1,576
|
|
|
$
|
1,131
|
|
|
$
|
445
|
|
Net income attributable to stockholders
|
$
|
1,046
|
|
|
$
|
702
|
|
|
$
|
344
|
|
|
March 31, 2018
|
||||||||||
|
As Reported
|
|
Balances without Adoption of ASC 606
|
|
Effect of Change
|
||||||
Balance Sheet
|
|
|
|
|
|
||||||
Equipment on operating leases, net
|
$
|
789
|
|
|
$
|
1,495
|
|
|
$
|
(706
|
)
|
Deferred income taxes
|
$
|
23,538
|
|
|
$
|
23,195
|
|
|
$
|
343
|
|
Accrued liabilities
|
$
|
27,330
|
|
|
$
|
26,113
|
|
|
$
|
1,217
|
|
Other liabilities
|
$
|
11,945
|
|
|
$
|
12,191
|
|
|
$
|
(246
|
)
|
Retained earnings
|
$
|
17,028
|
|
|
$
|
18,019
|
|
|
$
|
(991
|
)
|
|
December 31, 2017
|
|
Adjustment due to ASU 2014-09
|
|
Adjustment due to ASU 2016-01, ASU 2017-12 and ASU 2018-02
|
|
January 1, 2018
|
||||||||
Deferred income taxes
|
$
|
23,544
|
|
|
$
|
444
|
|
|
$
|
(63
|
)
|
|
$
|
23,925
|
|
Other assets
|
$
|
4,929
|
|
|
$
|
195
|
|
|
$
|
242
|
|
|
$
|
5,366
|
|
GM Financial short-term debt and current portion of long-term debt
|
$
|
24,450
|
|
|
$
|
—
|
|
|
$
|
(13
|
)
|
|
$
|
24,437
|
|
Accrued liabilities
|
$
|
25,996
|
|
|
$
|
2,328
|
|
|
$
|
—
|
|
|
$
|
28,324
|
|
Other liabilities
|
$
|
12,394
|
|
|
$
|
(235
|
)
|
|
$
|
—
|
|
|
$
|
12,159
|
|
Retained earnings
|
$
|
17,627
|
|
|
$
|
(1,336
|
)
|
|
$
|
290
|
|
|
$
|
16,581
|
|
Accumulated other comprehensive loss
|
$
|
(8,011
|
)
|
|
$
|
—
|
|
|
$
|
(98
|
)
|
|
$
|
(8,109
|
)
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||||||||
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Total Automotive
|
|
GM Financial
|
|
Eliminations
|
|
Total
|
||||||||||||||
Vehicle, parts and accessories
|
$
|
25,882
|
|
|
$
|
4,605
|
|
|
$
|
9
|
|
|
$
|
30,496
|
|
|
$
|
—
|
|
|
$
|
(7
|
)
|
|
$
|
30,489
|
|
Used vehicles
|
1,155
|
|
|
47
|
|
|
—
|
|
|
1,202
|
|
|
—
|
|
|
(17
|
)
|
|
1,185
|
|
|||||||
Services and other
|
781
|
|
|
196
|
|
|
40
|
|
|
1,017
|
|
|
—
|
|
|
—
|
|
|
1,017
|
|
|||||||
Automotive net sales and revenue
|
27,818
|
|
|
4,848
|
|
|
49
|
|
|
32,715
|
|
|
—
|
|
|
(24
|
)
|
|
32,691
|
|
|||||||
Leased vehicle income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,447
|
|
|
—
|
|
|
2,447
|
|
|||||||
Finance charge income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
866
|
|
|
(2
|
)
|
|
864
|
|
|||||||
Other income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98
|
|
|
(1
|
)
|
|
97
|
|
|||||||
GM Financial net sales and revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,411
|
|
|
(3
|
)
|
|
3,408
|
|
|||||||
Net sales and revenue
|
$
|
27,818
|
|
|
$
|
4,848
|
|
|
$
|
49
|
|
|
$
|
32,715
|
|
|
$
|
3,411
|
|
|
$
|
(27
|
)
|
|
$
|
36,099
|
|
|
Fair Value Level
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Cash and cash equivalents
|
|
|
|
|
|
|
|||
Cash and time deposits
|
|
|
$
|
8,405
|
|
|
$
|
6,962
|
|
Available-for-sale debt securities
|
|
|
|
|
|
|
|||
U.S. government and agencies
|
2
|
|
—
|
|
|
750
|
|
||
Corporate debt
|
2
|
|
2,374
|
|
|
3,032
|
|
||
Sovereign debt
|
2
|
|
337
|
|
|
1,954
|
|
||
Total available-for-sale debt securities – cash equivalents
|
|
|
2,711
|
|
|
5,736
|
|
||
Money market funds
|
1
|
|
3,140
|
|
|
2,814
|
|
||
Total cash and cash equivalents
|
|
|
$
|
14,256
|
|
|
$
|
15,512
|
|
Marketable debt securities
|
|
|
|
|
|
|
|||
U.S. government and agencies
|
2
|
|
$
|
2,272
|
|
|
$
|
3,310
|
|
Corporate debt
|
2
|
|
3,362
|
|
|
3,665
|
|
||
Mortgage and asset-backed
|
2
|
|
642
|
|
|
635
|
|
||
Sovereign debt
|
2
|
|
834
|
|
|
703
|
|
||
Total available-for-sale debt securities – marketable securities
|
|
|
$
|
7,110
|
|
|
$
|
8,313
|
|
Restricted cash
|
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
|
$
|
232
|
|
|
$
|
219
|
|
Money market funds
|
1
|
|
3,059
|
|
|
2,117
|
|
||
Total restricted cash
|
|
|
$
|
3,291
|
|
|
$
|
2,336
|
|
|
|
|
|
|
|
||||
Available-for-sale debt securities included above with contractual maturities(a)
|
|
|
|
|
|||||
Due in one year or less
|
|
|
$
|
4,494
|
|
|
|
||
Due between one and five years
|
|
|
4,685
|
|
|
|
|||
Total available-for-sale debt securities with contractual maturities
|
|
|
$
|
9,179
|
|
|
|
(a)
|
Excludes mortgage and asset-backed securities.
|
|
March 31, 2018
|
||
Cash and cash equivalents
|
$
|
14,256
|
|
Restricted cash included in Other current assets
|
2,713
|
|
|
Restricted cash included in Other assets
|
578
|
|
|
Total
|
$
|
17,547
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
Retail
|
|
Commercial
|
|
Total
|
|
Retail
|
|
Commercial
|
|
Total
|
||||||||||||
Finance receivables, collectively evaluated for impairment, net of fees
|
$
|
32,020
|
|
|
$
|
9,973
|
|
|
$
|
41,993
|
|
|
$
|
30,486
|
|
|
$
|
9,935
|
|
|
$
|
40,421
|
|
Finance receivables, individually evaluated for impairment, net of fees
|
2,199
|
|
|
23
|
|
|
2,222
|
|
|
2,228
|
|
|
22
|
|
|
2,250
|
|
||||||
GM Financial receivables
|
34,219
|
|
|
9,996
|
|
|
44,215
|
|
|
32,714
|
|
|
9,957
|
|
|
42,671
|
|
||||||
Less: allowance for loan losses
|
(858
|
)
|
|
(54
|
)
|
|
(912
|
)
|
|
(889
|
)
|
|
(53
|
)
|
|
(942
|
)
|
||||||
GM Financial receivables, net
|
$
|
33,361
|
|
|
$
|
9,942
|
|
|
$
|
43,303
|
|
|
$
|
31,825
|
|
|
$
|
9,904
|
|
|
$
|
41,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fair value of GM Financial receivables
|
|
|
|
|
|
|
$
|
43,035
|
|
|
|
|
|
|
|
|
$
|
41,735
|
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Allowance for loan losses at beginning of period
|
$
|
942
|
|
|
$
|
805
|
|
Provision for loan losses
|
136
|
|
|
211
|
|
||
Charge-offs
|
(295
|
)
|
|
(298
|
)
|
||
Recoveries
|
123
|
|
|
143
|
|
||
Effect of foreign currency
|
6
|
|
|
6
|
|
||
Allowance for loan losses at end of period
|
$
|
912
|
|
|
$
|
867
|
|
|
March 31, 2018
|
|
March 31, 2017
|
||||||||||
|
Amount
|
|
Percent of Contractual Amount Due
|
|
Amount
|
|
Percent of Contractual Amount Due
|
||||||
31-to-60 days delinquent
|
$
|
1,265
|
|
|
3.7
|
%
|
|
$
|
995
|
|
|
3.4
|
%
|
Greater-than-60 days delinquent
|
605
|
|
|
1.7
|
%
|
|
430
|
|
|
1.4
|
%
|
||
Total finance receivables more than 30 days delinquent
|
1,870
|
|
|
5.4
|
%
|
|
1,425
|
|
|
4.8
|
%
|
||
In repossession
|
53
|
|
|
0.2
|
%
|
|
46
|
|
|
0.2
|
%
|
||
Total finance receivables more than 30 days delinquent or in repossession
|
$
|
1,923
|
|
|
5.6
|
%
|
|
$
|
1,471
|
|
|
5.0
|
%
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Group I
|
– Dealers with superior financial metrics
|
$
|
1,784
|
|
|
$
|
1,915
|
|
Group II
|
– Dealers with strong financial metrics
|
3,670
|
|
|
3,465
|
|
||
Group III
|
– Dealers with fair financial metrics
|
3,161
|
|
|
3,239
|
|
||
Group IV
|
– Dealers with weak financial metrics
|
1,048
|
|
|
997
|
|
||
Group V
|
– Dealers warranting special mention due to elevated risks
|
268
|
|
|
260
|
|
||
Group VI
|
– Dealers with loans classified as substandard, doubtful or impaired
|
65
|
|
|
81
|
|
||
|
|
$
|
9,996
|
|
|
$
|
9,957
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Total productive material, supplies and work in process
|
$
|
4,736
|
|
|
$
|
4,203
|
|
Finished product, including service parts
|
6,725
|
|
|
6,460
|
|
||
Total inventories
|
$
|
11,461
|
|
|
$
|
10,663
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Equipment on operating leases
|
$
|
54,759
|
|
|
$
|
53,947
|
|
Less: accumulated depreciation
|
(10,526
|
)
|
|
(9,959
|
)
|
||
Equipment on operating leases, net(a)
|
$
|
44,233
|
|
|
$
|
43,988
|
|
(a)
|
Includes
$43.4 billion
and
$42.9 billion
of GM Financial equipment on operating leases, net at
March 31, 2018
and
December 31, 2017
.
|
|
Year Ending December 31,
|
||||||||||||||||||
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
||||||||||
Minimum rental receipts under operating leases
|
$
|
5,241
|
|
|
$
|
5,064
|
|
|
$
|
2,336
|
|
|
$
|
346
|
|
|
$
|
19
|
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Automotive China equity income
|
$
|
597
|
|
|
$
|
504
|
|
Other joint ventures equity income
|
51
|
|
|
51
|
|
||
Total Equity income
|
$
|
648
|
|
|
$
|
555
|
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Summarized Operating Data of Automotive China JVs
|
|
|
|
||||
Automotive China JVs' net sales
|
$
|
13,719
|
|
|
$
|
11,201
|
|
Automotive China JVs' net income
|
$
|
1,177
|
|
|
$
|
1,046
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Restricted cash – current
|
$
|
2,027
|
|
|
$
|
1,740
|
|
Restricted cash – non-current
|
$
|
512
|
|
|
$
|
527
|
|
GM Financial receivables, net of fees – current
|
$
|
15,069
|
|
|
$
|
15,141
|
|
GM Financial receivables, net of fees – non-current
|
$
|
12,750
|
|
|
$
|
12,944
|
|
GM Financial equipment on operating leases, net
|
$
|
20,525
|
|
|
$
|
22,222
|
|
GM Financial short-term debt and current portion of long-term debt
|
$
|
17,674
|
|
|
$
|
18,972
|
|
GM Financial long-term debt
|
$
|
21,352
|
|
|
$
|
20,356
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
||||||||
Total automotive debt
|
$
|
15,298
|
|
|
$
|
16,141
|
|
|
$
|
13,502
|
|
|
$
|
15,088
|
|
Fair value utilizing Level 1 inputs
|
|
|
$
|
12,484
|
|
|
|
|
$
|
13,202
|
|
||||
Fair value utilizing Level 2 inputs
|
|
|
$
|
3,657
|
|
|
|
|
$
|
1,886
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
||||||||
Secured debt
|
$
|
39,441
|
|
|
$
|
39,395
|
|
|
$
|
39,887
|
|
|
$
|
39,948
|
|
Unsecured debt
|
44,079
|
|
|
44,738
|
|
|
40,830
|
|
|
41,989
|
|
||||
Total GM Financial debt
|
$
|
83,520
|
|
|
$
|
84,133
|
|
|
$
|
80,717
|
|
|
$
|
81,937
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fair value utilizing Level 2 inputs
|
|
|
$
|
81,931
|
|
|
|
|
|
$
|
79,623
|
|
|||
Fair value utilizing Level 3 inputs
|
|
|
$
|
2,202
|
|
|
|
|
|
$
|
2,314
|
|
|
Fair Value Level
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Derivatives not designated as hedges(a)
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
||||
Foreign currency
|
2
|
|
$
|
2,984
|
|
|
$
|
2,834
|
|
Commodity
|
2
|
|
418
|
|
|
606
|
|
||
PSA warrants(b)
|
2
|
|
49
|
|
|
48
|
|
||
Total assets
|
|
|
$
|
3,451
|
|
|
$
|
3,488
|
|
Liabilities
|
|
|
|
|
|
|
|
||
Foreign currency
|
2
|
|
$
|
2,102
|
|
|
$
|
1,188
|
|
(a)
|
The fair value of these derivative instruments at
March 31, 2018
and
December 31, 2017
and the gains/losses included in our condensed consolidated income statements for the
three
months ended
March 31, 2018
and
2017
were insignificant, unless otherwise noted.
|
(b)
|
The fair value of the PSA warrants located in Other assets was
$909 million
and
$764 million
at
March 31, 2018
and
December 31, 2017
.
|
|
Fair Value Level
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Derivatives designated as hedges(a)
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
||||
Fair value hedges – interest rate contracts
|
2
|
|
$
|
833
|
|
|
$
|
1,250
|
|
Cash flow hedges
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
2
|
|
1,794
|
|
|
2,177
|
|
||
Foreign currency
|
2
|
|
1,413
|
|
|
1,574
|
|
||
Total cash flow hedges
|
|
|
3,207
|
|
|
3,751
|
|
||
Total assets
|
|
|
$
|
4,040
|
|
|
$
|
5,001
|
|
Liabilities
|
|
|
|
|
|
|
|
||
Fair value hedges – interest rate contracts(b)(c)
|
2
|
|
$
|
8,947
|
|
|
$
|
9,860
|
|
Cash flow hedges – foreign currency
|
2
|
|
815
|
|
|
—
|
|
||
Total liabilities
|
|
|
$
|
9,762
|
|
|
$
|
9,860
|
|
Derivatives not designated as hedges(a)
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
||||
Interest rate contracts(d)
|
2
|
|
$
|
51,310
|
|
|
$
|
55,581
|
|
Foreign currency
|
2
|
|
1,230
|
|
|
1,201
|
|
||
Total assets
|
|
|
$
|
52,540
|
|
|
$
|
56,782
|
|
Liabilities
|
|
|
|
|
|
||||
Interest rate contracts(c)(e)
|
2
|
|
$
|
39,896
|
|
|
$
|
26,357
|
|
Foreign currency
|
2
|
|
738
|
|
|
—
|
|
||
Total liabilities
|
|
|
$
|
40,634
|
|
|
$
|
26,357
|
|
(a)
|
The fair value of these derivative instruments at
March 31, 2018
and
December 31, 2017
and the gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the
three
months ended
March 31, 2018
and 2017 were insignificant, unless otherwise noted.
|
(b)
|
The fair value of these derivative instruments located in Other liabilities was
$396 million
and
$290 million
at
March 31, 2018
and
December 31, 2017
.
|
(c)
|
Amounts accrued for interest payments in a net receivable position are included in Other assets.
|
(d)
|
The fair value of these derivative instruments located in Other assets was
$464 million
and
$329 million
at
March 31, 2018
and
December 31, 2017
.
|
(e)
|
The fair value of these derivative instruments located in Other liabilities was
$514 million
and
$207 million
at
March 31, 2018
and
December 31, 2017
.
|
|
March 31, 2018
|
||||||
|
Carrying Amount of Hedged Items
|
|
Cumulative Amount of Fair Value Hedging Adjustments(a)
|
||||
GM Financial long-term debt
|
$
|
13,672
|
|
|
$
|
602
|
|
(a)
|
Includes
$163 million
of hedging adjustments remaining on hedged items for which hedge accounting has been discontinued.
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Warranty balance at beginning of period
|
$
|
8,332
|
|
|
$
|
9,069
|
|
Warranties issued and assumed in period
–
recall campaigns
|
183
|
|
|
163
|
|
||
Warranties issued and assumed in period
–
product warranty
|
521
|
|
|
566
|
|
||
Payments
|
(735
|
)
|
|
(809
|
)
|
||
Adjustments to pre-existing warranties
|
(82
|
)
|
|
40
|
|
||
Effect of foreign currency and other
|
(86
|
)
|
|
34
|
|
||
Warranty balance at end of period
|
$
|
8,133
|
|
|
$
|
9,063
|
|
|
Three Months Ended March 31, 2018
|
|
Three Months Ended March 31, 2017
|
||||||||||||||||||||
|
Pension Benefits
|
|
Global OPEB Plans
|
|
Pension Benefits
|
|
Global OPEB Plans
|
||||||||||||||||
|
U.S.
|
|
Non-U.S.
|
|
|
U.S.
|
|
Non-U.S.
|
|
||||||||||||||
Service cost
|
$
|
83
|
|
|
$
|
66
|
|
|
$
|
5
|
|
|
$
|
79
|
|
|
$
|
46
|
|
|
$
|
4
|
|
Interest cost
|
513
|
|
|
120
|
|
|
50
|
|
|
536
|
|
|
125
|
|
|
49
|
|
||||||
Expected return on plan assets
|
(973
|
)
|
|
(212
|
)
|
|
—
|
|
|
(919
|
)
|
|
(171
|
)
|
|
—
|
|
||||||
Amortization of prior service cost (credit)
|
(1
|
)
|
|
1
|
|
|
(4
|
)
|
|
(1
|
)
|
|
1
|
|
|
(3
|
)
|
||||||
Amortization of net actuarial (gains) losses
|
2
|
|
|
37
|
|
|
13
|
|
|
(1
|
)
|
|
47
|
|
|
8
|
|
||||||
Net periodic pension and OPEB (income) expense
|
$
|
(376
|
)
|
|
$
|
12
|
|
|
$
|
64
|
|
|
$
|
(306
|
)
|
|
$
|
48
|
|
|
$
|
58
|
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Balance at beginning of period
|
$
|
227
|
|
|
$
|
268
|
|
Additions, interest accretion and other
|
455
|
|
|
40
|
|
||
Payments
|
(37
|
)
|
|
(22
|
)
|
||
Revisions to estimates and effect of foreign currency
|
(12
|
)
|
|
10
|
|
||
Balance at end of period
|
$
|
633
|
|
|
$
|
296
|
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Foreign Currency Translation Adjustments
|
|
|
|
||||
Balance at beginning of period
|
$
|
(1,606
|
)
|
|
$
|
(2,355
|
)
|
Other comprehensive income and noncontrolling interests, net of reclassification adjustment, tax and impact of adoption of accounting standards(a)(b)(c)(d)
|
108
|
|
|
91
|
|
||
Balance at end of period
|
$
|
(1,498
|
)
|
|
$
|
(2,264
|
)
|
|
|
|
|
||||
Defined Benefit Plans
|
|
|
|
||||
Balance at beginning of period
|
$
|
(6,398
|
)
|
|
$
|
(6,968
|
)
|
Other comprehensive loss before reclassification adjustment, net of tax and impact of adoption of accounting standards(c)(d)
|
(170
|
)
|
|
(77
|
)
|
||
Reclassification adjustment, net of tax(c)
|
44
|
|
|
48
|
|
||
Other comprehensive loss, net of tax and impact of adoption of accounting standards(c)(d)
|
(126
|
)
|
|
(29
|
)
|
||
Balance at end of period
|
$
|
(6,524
|
)
|
|
$
|
(6,997
|
)
|
(a)
|
The noncontrolling interests were insignificant in the three months ended
March 31, 2018
and
2017
.
|
(b)
|
The reclassification adjustment was insignificant in the three months ended
March 31, 2018
and
2017
.
|
(c)
|
The income tax effect was insignificant in the three months ended
March 31, 2018
and
2017
.
|
(d)
|
Refer to
Note 1
for additional information on adoption of accounting standards.
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Basic earnings per share
|
|
|
|
||||
Income from continuing operations(a)
|
$
|
1,116
|
|
|
$
|
2,677
|
|
Less: cumulative dividends on GM Financial preferred stock
|
(14
|
)
|
|
—
|
|
||
Income from continuing operations attributable to common stockholders
|
1,102
|
|
|
2,677
|
|
||
Loss from discontinued operations, net of tax
|
70
|
|
|
69
|
|
||
Net income attributable to common stockholders
|
$
|
1,032
|
|
|
$
|
2,608
|
|
|
|
|
|
||||
Weighted-average common shares outstanding
|
1,408
|
|
|
1,505
|
|
||
|
|
|
|
||||
Basic earnings per common share – continuing operations
|
$
|
0.78
|
|
|
$
|
1.78
|
|
Basic loss per common share – discontinued operations
|
$
|
0.05
|
|
|
$
|
0.05
|
|
Basic earnings per common share
|
$
|
0.73
|
|
|
$
|
1.73
|
|
Diluted earnings per share
|
|
|
|
||||
Income from continuing operations attributable to common stockholders – diluted(a)
|
$
|
1,102
|
|
|
$
|
2,677
|
|
Loss from discontinued operations, net of tax – diluted
|
$
|
70
|
|
|
$
|
69
|
|
Net income attributable to common stockholders – diluted
|
$
|
1,032
|
|
|
$
|
2,608
|
|
|
|
|
|
|
|
||
Weighted-average common shares outstanding – basic
|
1,408
|
|
|
1,505
|
|
||
Dilutive effect of warrants and awards under stock incentive plans
|
22
|
|
|
27
|
|
||
Weighted-average common shares outstanding – diluted
|
1,430
|
|
|
1,532
|
|
||
|
|
|
|
|
|
||
Diluted earnings per common share – continuing operations
|
$
|
0.77
|
|
|
$
|
1.75
|
|
Diluted loss per common share – discontinued operations
|
$
|
0.05
|
|
|
$
|
0.05
|
|
Diluted earnings per common share
|
$
|
0.72
|
|
|
$
|
1.70
|
|
Potentially dilutive securities(b)
|
4
|
|
|
—
|
|
(a)
|
Net of Net (income) loss attributable to noncontrolling interests.
|
(b)
|
Potentially dilutive securities attributable to outstanding stock options and Restricted Stock Units (RSUs) were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Automotive net sales and revenue
|
$
|
—
|
|
|
$
|
4,699
|
|
GM Financial net sales and revenue
|
—
|
|
|
128
|
|
||
Total net sales and revenue
|
—
|
|
|
4,827
|
|
||
Automotive cost of sales
|
—
|
|
|
4,560
|
|
||
GM Financial interest, operating and other expenses
|
—
|
|
|
100
|
|
||
Automotive selling, general, and administrative expense
|
—
|
|
|
326
|
|
||
Other income items
|
—
|
|
|
3
|
|
||
Loss from discontinued operations before taxes
|
—
|
|
|
156
|
|
||
Loss on sale of discontinued operations before taxes
|
70
|
|
|
—
|
|
||
Total loss from discontinued operations before taxes
|
70
|
|
|
156
|
|
||
Income tax expense (benefit)
|
—
|
|
|
(87
|
)
|
||
Loss from discontinued operations, net of tax
|
$
|
70
|
|
|
$
|
69
|
|
|
At and For the Three Months Ended March 31, 2018
|
||||||||||||||||||||||||||||||
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total Automotive
|
|
GM Financial
|
|
Eliminations
|
|
Total
|
||||||||||||||||
Net sales and revenue
|
$
|
27,818
|
|
|
$
|
4,848
|
|
|
$
|
49
|
|
|
|
|
|
$
|
32,715
|
|
|
$
|
3,411
|
|
|
$
|
(27
|
)
|
|
$
|
36,099
|
|
|
Earnings (loss) before interest and taxes-adjusted
|
$
|
2,233
|
|
|
$
|
189
|
|
|
$
|
(259
|
)
|
|
|
|
|
$
|
2,163
|
|
|
$
|
443
|
|
|
$
|
4
|
|
|
$
|
2,610
|
|
|
Adjustments(a)
|
$
|
—
|
|
|
$
|
(942
|
)
|
|
$
|
—
|
|
|
|
|
|
$
|
(942
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(942
|
)
|
||
Automotive interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64
|
|
||||||||
Automotive interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(150
|
)
|
||||||||
Net (loss) attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6
|
)
|
||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,576
|
|
||||||||
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(466
|
)
|
||||||||
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,110
|
|
||||||||
(Loss) from discontinued operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(70
|
)
|
||||||||
Net loss attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
||||||||
Net income attributable to stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,046
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity in net assets of nonconsolidated affiliates
|
$
|
77
|
|
|
$
|
8,525
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,602
|
|
|
$
|
1,281
|
|
|
$
|
—
|
|
|
$
|
9,883
|
|
Total assets
|
$
|
101,247
|
|
|
$
|
28,981
|
|
|
$
|
26,902
|
|
|
$
|
(38,354
|
)
|
|
$
|
118,776
|
|
|
$
|
101,210
|
|
|
$
|
(1,260
|
)
|
|
$
|
218,726
|
|
Depreciation and amortization
|
$
|
1,109
|
|
|
$
|
153
|
|
|
$
|
12
|
|
|
$
|
—
|
|
|
$
|
1,274
|
|
|
$
|
1,823
|
|
|
$
|
—
|
|
|
$
|
3,097
|
|
Impairment charges
|
$
|
25
|
|
|
$
|
459
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
484
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
484
|
|
Equity income
|
$
|
2
|
|
|
$
|
594
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
596
|
|
|
$
|
52
|
|
|
$
|
—
|
|
|
$
|
648
|
|
(a)
|
Consists of charges related to restructuring actions in Korea in GMI.
|
|
At and For the Three Months Ended March 31, 2017
|
||||||||||||||||||||||||||||||
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total
Automotive |
|
GM
Financial |
|
Eliminations
|
|
Total
|
||||||||||||||||
Net sales and revenue
|
$
|
29,338
|
|
|
$
|
5,138
|
|
|
$
|
174
|
|
|
|
|
|
$
|
34,650
|
|
|
$
|
2,748
|
|
|
$
|
(132
|
)
|
|
$
|
37,266
|
|
|
Earnings (loss) before interest and taxes-adjusted
|
$
|
3,471
|
|
|
$
|
178
|
|
|
$
|
(323
|
)
|
|
|
|
|
$
|
3,326
|
|
|
$
|
228
|
|
|
$
|
—
|
|
|
$
|
3,554
|
|
|
Adjustments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
||
Automotive interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57
|
|
||||||||
Automotive interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(147
|
)
|
||||||||
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
|
|
||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,473
|
|
||||||||
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(787
|
)
|
||||||||
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,686
|
|
||||||||
(Loss) from discontinued operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(69
|
)
|
||||||||
Net (income) attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9
|
)
|
||||||||
Net income attributable to stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,608
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity in net assets of nonconsolidated affiliates
|
$
|
77
|
|
|
$
|
8,341
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,418
|
|
|
$
|
998
|
|
|
$
|
—
|
|
|
$
|
9,416
|
|
Total assets(a)
|
$
|
105,968
|
|
|
$
|
27,955
|
|
|
$
|
39,872
|
|
|
$
|
(36,154
|
)
|
|
$
|
137,641
|
|
|
$
|
94,684
|
|
|
$
|
(1,532
|
)
|
|
$
|
230,793
|
|
Depreciation and amortization
|
$
|
1,102
|
|
|
$
|
191
|
|
|
$
|
2
|
|
|
$
|
(1
|
)
|
|
$
|
1,294
|
|
|
$
|
1,428
|
|
|
$
|
—
|
|
|
$
|
2,722
|
|
Impairment charges
|
$
|
15
|
|
|
$
|
1
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21
|
|
Equity income
|
$
|
5
|
|
|
$
|
504
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
509
|
|
|
$
|
46
|
|
|
$
|
—
|
|
|
$
|
555
|
|
(a)
|
Assets in Corporate and GM Financial include assets classified as held for sale.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
Net income (loss) attributable to stockholders
|
$
|
1,046
|
|
|
$
|
2,608
|
|
|
$
|
(5,151
|
)
|
|
$
|
1,835
|
|
|
$
|
(2,981
|
)
|
|
$
|
2,773
|
|
|
$
|
1,660
|
|
|
$
|
2,866
|
|
(Income) loss from discontinued operations, net of tax
|
70
|
|
|
69
|
|
|
277
|
|
|
120
|
|
|
3,096
|
|
|
(5
|
)
|
|
770
|
|
|
(106
|
)
|
||||||||
Income tax expense
|
466
|
|
|
787
|
|
|
7,896
|
|
|
303
|
|
|
2,316
|
|
|
902
|
|
|
534
|
|
|
877
|
|
||||||||
Automotive interest expense
|
150
|
|
|
147
|
|
|
145
|
|
|
150
|
|
|
151
|
|
|
145
|
|
|
132
|
|
|
144
|
|
||||||||
Automotive interest income
|
(64
|
)
|
|
(57
|
)
|
|
(82
|
)
|
|
(45
|
)
|
|
(59
|
)
|
|
(43
|
)
|
|
(68
|
)
|
|
(50
|
)
|
||||||||
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
GMI restructuring(a)
|
942
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
540
|
|
|
—
|
|
||||||||
Ignition switch recall and related legal matters(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
235
|
|
|
—
|
|
|
(110
|
)
|
|
114
|
|
|
115
|
|
||||||||
Total adjustments
|
942
|
|
|
—
|
|
|
—
|
|
|
235
|
|
|
—
|
|
|
(110
|
)
|
|
654
|
|
|
115
|
|
||||||||
EBIT-adjusted
|
$
|
2,610
|
|
|
$
|
3,554
|
|
|
$
|
3,085
|
|
|
$
|
2,598
|
|
|
$
|
2,523
|
|
|
$
|
3,662
|
|
|
$
|
3,682
|
|
|
$
|
3,846
|
|
(a)
|
These adjustments were excluded because of a strategic decision to rationalize our core operations by exiting or significantly reducing our presence in various international markets to focus resources on opportunities expected to deliver higher returns. The adjustment in the three months ended March 31, 2018 primarily consists of asset impairments and employee separation costs in Korea. The adjustment in the three months ended June 30, 2017 primarily consists of asset impairments and other restructuring actions in India, South Africa and Venezuela.
|
(b)
|
These adjustments were excluded because of the unique events associated with the ignition switch recall, which included various investigations, inquiries, and complaints from constituents.
|
|
Three Months Ended
|
|
Year Ended
|
||||||||
|
March 31, 2018
|
|
March 31, 2017
|
|
December 31, 2017
|
||||||
EBIT-adjusted(a)
|
$
|
2,610
|
|
|
$
|
3,554
|
|
|
$
|
12,844
|
|
EBIT loss-adjusted – autonomous vehicle operations
|
188
|
|
|
148
|
|
|
706
|
|
|||
Core EBIT-adjusted
|
$
|
2,798
|
|
|
$
|
3,702
|
|
|
$
|
13,550
|
|
(a)
|
Refer to the reconciliation of
Net income (loss) attributable to stockholders under U.S. GAAP
to EBIT-adjusted within this section of MD&A.
|
|
Three Months Ended
|
||||||||||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||||||||||
|
Amount
|
|
Per Share
|
|
Amount
|
|
Per Share
|
||||||||
Diluted earnings per common share
|
$
|
1,032
|
|
|
$
|
0.72
|
|
|
$
|
2,608
|
|
|
$
|
1.70
|
|
Diluted loss per common share – discontinued operations
|
70
|
|
|
0.05
|
|
|
69
|
|
|
0.05
|
|
||||
Adjustment – GMI restructuring
|
942
|
|
|
0.66
|
|
|
—
|
|
|
—
|
|
||||
EPS-diluted-adjusted
|
$
|
2,044
|
|
|
$
|
1.43
|
|
|
$
|
2,677
|
|
|
$
|
1.75
|
|
|
Three Months Ended
|
||||||||||||||||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||||||||||||||||
|
Income before income taxes
|
|
Income tax expense
|
|
Effective tax rate
|
|
Income before income taxes
|
|
Income tax expense
|
|
Effective tax rate
|
||||||||||
Effective tax rate
|
$
|
1,576
|
|
|
$
|
466
|
|
|
29.6
|
%
|
|
$
|
3,473
|
|
|
$
|
787
|
|
|
22.7
|
%
|
Adjustment – GMI restructuring
|
942
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
|
||||||
ETR-adjusted
|
$
|
2,518
|
|
|
$
|
466
|
|
|
18.5
|
%
|
|
$
|
3,473
|
|
|
$
|
787
|
|
|
22.7
|
%
|
|
Four Quarters Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Net income (loss) attributable to stockholders
|
$
|
(5.4
|
)
|
|
$
|
10.1
|
|
Average equity
|
$
|
39.3
|
|
|
$
|
44.8
|
|
ROE
|
(13.8
|
)%
|
|
22.5
|
%
|
|
Four Quarters Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
EBIT-adjusted(a)
|
$
|
11.9
|
|
|
$
|
13.7
|
|
Average equity
|
$
|
39.3
|
|
|
$
|
44.8
|
|
Add: Average automotive debt and interest liabilities (excluding capital leases)
|
12.7
|
|
|
10.0
|
|
||
Add: Average automotive net pension & OPEB liability
|
20.6
|
|
|
21.5
|
|
||
Less: Average automotive net income tax asset
|
(26.9
|
)
|
|
(32.4
|
)
|
||
ROIC-adjusted average net assets
|
$
|
45.7
|
|
|
$
|
43.9
|
|
ROIC-adjusted
|
26.0
|
%
|
|
31.1
|
%
|
(a)
|
Refer to the reconciliation of Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted
within this section of MD&A.
|
|
Year Ending December 31, 2018
|
|
Diluted earnings per common share
|
$ 5.52-5.82
|
|
Diluted loss per common share – discontinued operations(a)
|
0.05
|
|
Adjustment – GMI restructuring
|
0.73
|
|
Tax effect on adjustment(b)
|
—
|
|
EPS-diluted-adjusted
|
$ 6.30-6.60
|
|
(a)
|
Refer to
Note 19
to our condensed consolidated financial statements for further details.
|
(b)
|
The tax effect of the adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction in which the adjustment relates.
|
|
|
|
Three Months Ended
|
||||||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||||||
GMNA(a)
|
893
|
|
|
77.0
|
%
|
|
940
|
|
|
75.9
|
%
|
GMI(b)
|
266
|
|
|
23.0
|
%
|
|
299
|
|
|
24.1
|
%
|
Total
|
1,159
|
|
|
100.0
|
%
|
|
1,239
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
||||
Discontinued operations
|
—
|
|
|
|
|
303
|
|
|
|
(a)
|
Wholesale vehicle sales related to transactions with the European Business were insignificant for the
three months ended
March 31, 2017
.
|
(b)
|
Wholesale vehicle sales include 48 vehicles related to transactions with the European Business for the
three months ended
March 31, 2017
.
|
|
Three Months Ended
|
||||||||||||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||||||||||||
|
Industry
|
|
GM
|
|
Market Share
|
|
Industry
|
|
GM
|
|
Market Share
|
||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
||||||
United States
|
4,202
|
|
|
716
|
|
|
17.0
|
%
|
|
4,105
|
|
|
690
|
|
|
16.8
|
%
|
Other
|
862
|
|
|
111
|
|
|
13.0
|
%
|
|
898
|
|
|
126
|
|
|
14.1
|
%
|
Total North America(a)
|
5,064
|
|
|
827
|
|
|
16.3
|
%
|
|
5,003
|
|
|
816
|
|
|
16.3
|
%
|
Asia/Pacific, Middle East and Africa
|
|
|
|
|
|
|
|
|
|
|
|
||||||
China(b)
|
6,671
|
|
|
986
|
|
|
14.8
|
%
|
|
6,177
|
|
|
913
|
|
|
14.8
|
%
|
Other(c)
|
5,558
|
|
|
115
|
|
|
2.1
|
%
|
|
5,440
|
|
|
157
|
|
|
2.9
|
%
|
Total Asia/Pacific, Middle East and Africa(a)
|
12,229
|
|
|
1,101
|
|
|
9.0
|
%
|
|
11,617
|
|
|
1,070
|
|
|
9.2
|
%
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Brazil
|
546
|
|
|
92
|
|
|
16.8
|
%
|
|
472
|
|
|
82
|
|
|
17.3
|
%
|
Other
|
537
|
|
|
75
|
|
|
14.0
|
%
|
|
467
|
|
|
66
|
|
|
14.1
|
%
|
Total South America(a)
|
1,083
|
|
|
167
|
|
|
15.5
|
%
|
|
939
|
|
|
148
|
|
|
15.7
|
%
|
Total in GM markets
|
18,376
|
|
|
2,095
|
|
|
11.4
|
%
|
|
17,559
|
|
|
2,034
|
|
|
11.6
|
%
|
Total Europe
|
5,015
|
|
|
1
|
|
|
—
|
%
|
|
5,070
|
|
|
310
|
|
|
6.1
|
%
|
Total Worldwide(d)
|
23,391
|
|
|
2,096
|
|
|
9.0
|
%
|
|
22,629
|
|
|
2,344
|
|
|
10.4
|
%
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cars
|
1,347
|
|
|
146
|
|
|
10.9
|
%
|
|
1,503
|
|
|
179
|
|
|
11.9
|
%
|
Trucks
|
1,207
|
|
|
300
|
|
|
24.8
|
%
|
|
1,157
|
|
|
292
|
|
|
25.2
|
%
|
Crossovers
|
1,648
|
|
|
270
|
|
|
16.4
|
%
|
|
1,445
|
|
|
219
|
|
|
15.1
|
%
|
Total United States
|
4,202
|
|
|
716
|
|
|
17.0
|
%
|
|
4,105
|
|
|
690
|
|
|
16.8
|
%
|
China(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGMS
|
|
|
|
457
|
|
|
|
|
|
|
|
|
386
|
|
|
|
|
SGMW and FAW-GM
|
|
|
|
529
|
|
|
|
|
|
|
|
|
527
|
|
|
|
|
Total China
|
6,671
|
|
|
986
|
|
|
14.8
|
%
|
|
6,177
|
|
|
913
|
|
|
14.8
|
%
|
(a)
|
Sales of Opel/Vauxhall outside of Europe were insignificant in the three months ended March 31, 2018 and 2017.
|
(b)
|
Our China sales include the Automotive China JVs SAIC General Motors Sales Co., Ltd. (SGMS), SAIC GM Wuling Automobile Co., Ltd. (SGMW) and FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM).
We use estimated vehicle registrations data as the basis for calculating industry volume and market share in China.
|
(c)
|
Includes Industry and GM sales in India and South Africa. As of December 31, 2017 we have ceased sales of Chevrolet for the domestic markets in India and South Africa.
|
(d)
|
We do
not currently export vehicles to Cuba, Iran, North Korea, Sudan or Syria. Accordingly these countries are excluded from industry sales data and corresponding calculation of
market share
.
|
|
Three Months Ended
|
||||
|
March 31, 2018
|
|
March 31, 2017
|
||
GMNA
|
188
|
|
|
168
|
|
GMI
|
75
|
|
|
89
|
|
Total fleet sales
|
263
|
|
|
257
|
|
|
|
|
|
|
|
Fleet sales as a percentage of total retail vehicle sales
|
12.6
|
%
|
|
12.6
|
%
|
|
Three Months Ended
|
||||
|
March 31, 2018
|
|
March 31, 2017
|
||
Daily rental sales
|
79
|
|
|
72
|
|
Other fleet sales
|
85
|
|
|
71
|
|
Total fleet sales
|
164
|
|
|
143
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||||
|
Residual Value
|
|
Units
|
|
Percentage
|
|
Residual Value
|
|
Units
|
|
Percentage
|
||||||||
Cars
|
$
|
5,518
|
|
|
430
|
|
|
25.6
|
%
|
|
$
|
5,701
|
|
|
450
|
|
|
27.2
|
%
|
Trucks
|
7,317
|
|
|
292
|
|
|
17.4
|
%
|
|
7,173
|
|
|
285
|
|
|
17.3
|
%
|
||
Crossovers
|
14,201
|
|
|
852
|
|
|
50.8
|
%
|
|
13,723
|
|
|
818
|
|
|
49.5
|
%
|
||
SUVs
|
3,939
|
|
|
103
|
|
|
6.2
|
%
|
|
3,809
|
|
|
99
|
|
|
6.0
|
%
|
||
Total
|
$
|
30,975
|
|
|
1,677
|
|
|
100.0
|
%
|
|
$
|
30,406
|
|
|
1,652
|
|
|
100.0
|
%
|
|
Three Months Ended
|
|
Favorable/ (Unfavorable)
|
|
%
|
|
|
Variance Due To
|
|||||||||||||||||||||||
March 31, 2018
|
|
March 31, 2017
|
|
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Other
|
||||||||||||||||||
|
|
|
|
|
|
|
(Dollars in billions)
|
||||||||||||||||||||||||
GMNA
|
$
|
27,818
|
|
|
$
|
29,338
|
|
|
$
|
(1,520
|
)
|
|
(5.2
|
)%
|
|
|
$
|
(1.3
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
0.3
|
|
|
$
|
0.2
|
|
GMI
|
4,848
|
|
|
5,138
|
|
|
(290
|
)
|
|
(5.6
|
)%
|
|
|
$
|
(0.5
|
)
|
|
$
|
0.2
|
|
|
$
|
0.1
|
|
|
$
|
(0.1
|
)
|
|||
Corporate
|
49
|
|
|
174
|
|
|
(125
|
)
|
|
(71.8
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.1
|
)
|
||||||
Automotive
|
32,715
|
|
|
34,650
|
|
|
(1,935
|
)
|
|
(5.6
|
)%
|
|
|
$
|
(1.8
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
0.4
|
|
|
$
|
—
|
|
|||
GM Financial
|
3,411
|
|
|
2,748
|
|
|
663
|
|
|
24.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0.7
|
|
||||||
Eliminations
|
(27
|
)
|
|
(132
|
)
|
|
105
|
|
|
79.5
|
%
|
|
|
|
|
|
$
|
—
|
|
|
|
|
|
$
|
0.1
|
|
|||||
Total net sales and revenue
|
$
|
36,099
|
|
|
$
|
37,266
|
|
|
$
|
(1,167
|
)
|
|
(3.1
|
)%
|
|
|
$
|
(1.8
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
0.4
|
|
|
$
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Favorable/ (Unfavorable)
|
|
%
|
|
|
Variance Due To
|
|||||||||||||||||||||||
|
March 31, 2018
|
|
March 31, 2017
|
|
|
|
|
Volume
|
|
Mix
|
|
Cost
|
|
Other
|
|||||||||||||||||
|
|
|
|
|
|
|
(Dollars in billions)
|
||||||||||||||||||||||||
GMNA
|
$
|
24,294
|
|
|
$
|
24,534
|
|
|
$
|
240
|
|
|
1.0
|
%
|
|
|
$
|
0.9
|
|
|
$
|
0.1
|
|
|
$
|
(0.6
|
)
|
|
$
|
(0.2
|
)
|
GMI
|
5,772
|
|
|
5,083
|
|
|
(689
|
)
|
|
(13.6
|
)%
|
|
|
$
|
0.4
|
|
|
$
|
—
|
|
|
$
|
(1.0
|
)
|
|
$
|
(0.1
|
)
|
|||
Corporate
|
143
|
|
|
276
|
|
|
133
|
|
|
48.2
|
%
|
|
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|||||
Eliminations
|
(25
|
)
|
|
(132
|
)
|
|
(107
|
)
|
|
(81.1
|
)%
|
|
|
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
|
|
|
||||||
Total automotive cost of sales
|
$
|
30,184
|
|
|
$
|
29,761
|
|
|
$
|
(423
|
)
|
|
(1.4
|
)%
|
|
|
$
|
1.3
|
|
|
$
|
0.1
|
|
|
$
|
(1.6
|
)
|
|
$
|
(0.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Favorable/ (Unfavorable)
|
|
|
|||||||||
|
March 31, 2018
|
|
March 31, 2017
|
|
|
%
|
||||||||
Income tax expense
|
$
|
466
|
|
|
$
|
787
|
|
|
$
|
321
|
|
|
40.8
|
%
|
|
Three Months Ended
|
|
Favorable / (Unfavorable)
|
|
%
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||
|
March 31, 2018
|
|
March 31, 2017
|
|
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Cost
|
|
Other
|
|||||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
27,818
|
|
|
$
|
29,338
|
|
|
$
|
(1,520
|
)
|
|
(5.2
|
)%
|
|
|
$
|
(1.3
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
0.3
|
|
|
|
|
$
|
0.2
|
|
||
EBIT-adjusted
|
$
|
2,233
|
|
|
$
|
3,471
|
|
|
$
|
(1,238
|
)
|
|
(35.7
|
)%
|
|
|
$
|
(0.4
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
0.3
|
|
|
$
|
(0.5
|
)
|
|
$
|
(0.1
|
)
|
EBIT-adjusted margin
|
8.0
|
%
|
|
11.8
|
%
|
|
(3.8
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Wholesale vehicle sales
|
893
|
|
|
940
|
|
|
(47
|
)
|
|
(5.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Favorable / (Unfavorable)
|
|
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||
|
March 31, 2018
|
|
March 31, 2017
|
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Cost
|
|
Other
|
||||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
4,848
|
|
|
$
|
5,138
|
|
|
$
|
(290
|
)
|
|
(5.6
|
)%
|
|
|
$
|
(0.5
|
)
|
|
$
|
0.2
|
|
|
$
|
0.1
|
|
|
|
|
$
|
(0.1
|
)
|
||
EBIT-adjusted
|
$
|
189
|
|
|
$
|
178
|
|
|
$
|
11
|
|
|
6.2
|
%
|
|
|
$
|
(0.1
|
)
|
|
$
|
0.2
|
|
|
$
|
0.1
|
|
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
EBIT-adjusted margin
|
3.9
|
%
|
|
3.5
|
%
|
|
0.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity income — Automotive China
|
$
|
597
|
|
|
$
|
504
|
|
|
$
|
93
|
|
|
18.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EBIT (loss)-adjusted — excluding Equity income
|
$
|
(408
|
)
|
|
$
|
(326
|
)
|
|
$
|
(82
|
)
|
|
(25.2
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Wholesale vehicle sales
|
266
|
|
|
299
|
|
|
(33
|
)
|
|
(11.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Wholesale vehicles including vehicles exported to markets outside of China
|
1,066
|
|
|
992
|
|
||
Total net sales and revenue
|
$
|
13,719
|
|
|
$
|
11,201
|
|
Net income
|
$
|
1,177
|
|
|
$
|
1,046
|
|
|
Three Months Ended
|
|
Increase/ (Decrease)
|
|
%
|
|||||||||
|
March 31, 2018
|
|
March 31, 2017
|
|
|
|||||||||
Total revenue
|
$
|
3,411
|
|
|
$
|
2,748
|
|
|
$
|
663
|
|
|
24.1
|
%
|
Provision for loan losses
|
$
|
136
|
|
|
$
|
211
|
|
|
$
|
(75
|
)
|
|
(35.5
|
)%
|
Earnings before income taxes-adjusted
|
$
|
443
|
|
|
$
|
228
|
|
|
$
|
215
|
|
|
94.3
|
%
|
|
(Dollars in billions)
|
|||||||||||||
Average debt outstanding
|
$
|
81.5
|
|
|
$
|
67.0
|
|
|
$
|
14.5
|
|
|
21.6
|
%
|
Effective rate of interest paid
|
3.6
|
%
|
|
3.6
|
%
|
|
—
|
%
|
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Cash and cash equivalents
|
$
|
10.1
|
|
|
$
|
11.2
|
|
Marketable securities
|
7.1
|
|
|
8.3
|
|
||
Available liquidity(a)
|
17.2
|
|
|
19.6
|
|
||
Available under credit facilities
|
14.1
|
|
|
14.1
|
|
||
Total automotive available liquidity(a)
|
$
|
31.3
|
|
|
$
|
33.6
|
|
(a)
|
Amounts do not add due to rounding.
|
|
Three Months Ended March 31, 2018
|
||
Operating cash flow
|
$
|
(1.2
|
)
|
Capital expenditures
|
(2.3
|
)
|
|
Dividends paid and payments to purchase common stock
|
(0.6
|
)
|
|
Issuance of unsecured note payable to SGM
|
1.3
|
|
|
Other non-operating
|
0.5
|
|
|
Total change in automotive available liquidity
|
$
|
(2.3
|
)
|
|
Three Months Ended
|
|
Change
|
||||||||
|
March 31, 2018
|
|
March 31, 2017
|
|
|||||||
Operating Activities
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations
|
$
|
0.7
|
|
|
$
|
2.5
|
|
|
$
|
(1.8
|
)
|
Depreciation, amortization and impairment charges
|
1.8
|
|
|
1.3
|
|
|
0.5
|
|
|||
Pension and OPEB activities
|
(0.7
|
)
|
|
(0.6
|
)
|
|
(0.1
|
)
|
|||
Working capital
|
(2.0
|
)
|
|
(1.0
|
)
|
|
(1.0
|
)
|
|||
Equipment on operating leases, net
|
0.3
|
|
|
(0.3
|
)
|
|
0.6
|
|
|||
Accrued and other liabilities
|
(1.1
|
)
|
|
(1.6
|
)
|
|
0.5
|
|
|||
Income taxes
|
0.4
|
|
|
0.7
|
|
|
(0.3
|
)
|
|||
Undistributed earnings of nonconsolidated affiliates, net
|
(0.6
|
)
|
|
(0.5
|
)
|
|
(0.1
|
)
|
|||
Other
|
0.0
|
|
|
0.6
|
|
|
(0.6
|
)
|
|||
Net automotive cash provided by (used in) operating activities
|
$
|
(1.2
|
)
|
|
$
|
1.1
|
|
|
$
|
(2.3
|
)
|
|
Three Months Ended
|
|
Change
|
||||||||
|
March 31, 2018
|
|
March 31, 2017
|
|
|||||||
Investing Activities
|
|
|
|
|
|
||||||
Capital expenditures
|
$
|
(2.3
|
)
|
|
$
|
(1.7
|
)
|
|
$
|
(0.6
|
)
|
Acquisitions and liquidations of marketable securities, net
|
1.1
|
|
|
1.6
|
|
|
(0.5
|
)
|
|||
Other
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|||
Net automotive cash used in investing activities
|
$
|
(1.1
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(1.0
|
)
|
|
Three Months Ended
|
|
Change
|
||||||||
|
March 31, 2018
|
|
March 31, 2017
|
|
|||||||
Financing Activities
|
|
|
|
|
|
||||||
Dividends paid and payments to purchase common stock
|
$
|
(0.6
|
)
|
|
$
|
(0.6
|
)
|
|
$
|
—
|
|
Issuance of unsecured note payable to SGM
|
1.3
|
|
|
—
|
|
|
1.3
|
|
|||
Other
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|||
Net automotive cash provided by (used in) financing activities
|
$
|
1.0
|
|
|
$
|
(0.6
|
)
|
|
$
|
1.6
|
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Net automotive cash provided by (used in) operating activities – continuing operations
|
$
|
(1.2
|
)
|
|
$
|
1.1
|
|
Less: capital expenditures – continuing operations
|
(2.3
|
)
|
|
(1.7
|
)
|
||
Adjusted automotive free cash flow – continuing operations
|
(3.5
|
)
|
|
(0.6
|
)
|
||
Net automotive cash provided by operating activities – discontinued operations
|
—
|
|
|
0.3
|
|
||
Less: capital expenditures – discontinued operations
|
—
|
|
|
(0.3
|
)
|
||
Adjusted automotive free cash flow
|
$
|
(3.5
|
)
|
|
$
|
(0.6
|
)
|
|
Three Months Ended
|
|
Year Ended
|
||||||||
|
March 31, 2018
|
|
March 31, 2017
|
|
December 31, 2017
|
||||||
Adjusted automotive free cash flow – continuing operations(a)
|
$
|
(3.5
|
)
|
|
$
|
(0.6
|
)
|
|
$
|
5.2
|
|
Net automotive cash used in operating activities – autonomous vehicle operations
|
0.2
|
|
|
0.1
|
|
|
0.5
|
|
|||
Capital expenditures – autonomous vehicle operations
|
—
|
|
|
—
|
|
|
—
|
|
|||
Core adjusted automotive free cash flow
|
$
|
(3.3
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
5.7
|
|
(a)
|
Refer to the reconciliation of Adjusted automotive free cash flow within this section of MD&A.
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Cash and cash equivalents
|
$
|
4.2
|
|
|
$
|
4.3
|
|
Borrowing capacity on unpledged eligible assets
|
14.1
|
|
|
12.5
|
|
||
Borrowing capacity on committed unsecured lines of credit
|
0.1
|
|
|
0.1
|
|
||
Total GM Financial available liquidity
|
$
|
18.4
|
|
|
$
|
16.9
|
|
|
Three Months Ended
|
|
Change
|
||||||||
|
March 31, 2018
|
|
March 31, 2017
|
|
|||||||
Net cash provided by operating activities
|
$
|
1.7
|
|
|
$
|
1.3
|
|
|
$
|
0.4
|
|
Net cash used in investing activities
|
$
|
(3.6
|
)
|
|
$
|
(6.9
|
)
|
|
$
|
3.3
|
|
Net cash provided by financing activities
|
$
|
2.8
|
|
|
$
|
5.7
|
|
|
$
|
(2.9
|
)
|
|
Total Number of Shares Purchased(a)
|
|
Weighted Average Price Paid per Share
|
|
Total Number of Shares
Purchased Under Announced Programs |
|
Approximate Dollar Value of Shares That
May Yet be Purchased Under Announced Programs
|
||||
January 1, 2018 through January 31, 2018
|
113,532
|
|
|
$
|
43.75
|
|
|
—
|
|
|
$3.5 billion
|
February 1, 2018 through February 28, 2018
|
6,554,595
|
|
|
$
|
40.86
|
|
|
2,518,257
|
|
|
$3.4 billion
|
March 1, 2018 through March 31, 2018
|
660,232
|
|
|
$
|
41.05
|
|
|
—
|
|
|
$3.4 billion
|
Total
|
7,328,359
|
|
|
$
|
40.92
|
|
|
2,518,257
|
|
|
|
(a)
|
Shares purchased include authorized shares that were a part of our stock repurchase plan. In addition, shares purchased consist of shares retained by us for the payment of the exercise price upon the exercise of warrants and shares delivered by employees or directors to us for the payment of taxes resulting from issuance of common stock upon the vesting of RSUs, Performance Stock Units (PSUs) and Restricted Stock Awards relating to compensation plans. Refer to our 2017 Form 10-K for additional details on warrants outstanding and employee stock incentive plans.
|
Exhibit Number
|
|
Exhibit Name
|
|
|
10.1
|
|
|
Filed Herewith
|
|
10.2
|
|
|
Filed Herewith
|
|
31.1
|
|
|
Filed Herewith
|
|
31.2
|
|
|
Filed Herewith
|
|
32
|
|
|
Furnished with this Report
|
|
101.INS
|
|
XBRL Instance Document
|
|
Filed Herewith
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
Filed Herewith
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
Filed Herewith
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Filed Herewith
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
Filed Herewith
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Filed Herewith
|
|
|
|
GENERAL MOTORS COMPANY (Registrant)
|
|
|
|
|
|
By:
|
/s/ THOMAS S. TIMKO
|
|
|
|
|
|
Thomas S. Timko, Vice President, Global Business Solutions and Chief Accounting Officer
|
|
Date:
|
April 26, 2018
|
|
|
|
|
1 Year General Motors Chart |
1 Month General Motors Chart |
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