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 Equity (Unaudited)
|
||
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
||
|
Notes to Condensed Consolidated Financial Statements
|
||
|
Note 1.
|
Nature of Operations and Basis of Presentation
|
|
|
Note 2.
|
Marketable Securities
|
|
|
Note 3.
|
GM Financial Receivables, net
|
|
|
Note 4.
|
Inventories
|
|
|
Note 5.
|
Equity in Net Assets of Nonconsolidated Affiliates
|
|
|
Note 6.
|
Variable Interest Entities
|
|
|
Note 7.
|
Short-Term and Long-Term Debt
|
|
|
Note 8.
|
Product Warranty and Related Liabilities
|
|
|
Note 9.
|
Pensions and Other Postretirement Benefits
|
|
|
Note 10.
|
Commitments and Contingencies
|
|
|
Note 11.
|
Income Taxes
|
|
|
Note 12.
|
Restructuring and Other Initiatives
|
|
|
Note 13.
|
Stockholders' Equity
|
|
|
Note 14.
|
Earnings Per Share
|
|
|
Note 15.
|
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, 2014
|
|
March 31, 2013
|
||||
Net sales and revenue
|
|
|
|
||||
Automotive
|
$
|
36,315
|
|
|
$
|
36,344
|
|
GM Financial
|
1,093
|
|
|
540
|
|
||
Total net sales and revenue
|
37,408
|
|
|
36,884
|
|
||
Costs and expenses
|
|
|
|
||||
Automotive cost of sales (Note 8)
|
34,127
|
|
|
32,617
|
|
||
GM Financial operating and other expenses
|
875
|
|
|
356
|
|
||
Automotive selling, general and administrative expense
|
2,941
|
|
|
2,952
|
|
||
Total costs and expenses
|
37,943
|
|
|
35,925
|
|
||
Operating income (loss)
|
(535
|
)
|
|
959
|
|
||
Automotive interest expense
|
103
|
|
|
91
|
|
||
Interest income and other non-operating income, net
|
89
|
|
|
171
|
|
||
Equity income (Note 5)
|
605
|
|
|
555
|
|
||
Income before income taxes
|
56
|
|
|
1,594
|
|
||
Income tax expense (benefit) (Note 11)
|
(224
|
)
|
|
409
|
|
||
Net income
|
280
|
|
|
1,185
|
|
||
Net income attributable to noncontrolling interests
|
(67
|
)
|
|
(10
|
)
|
||
Net income attributable to stockholders
|
$
|
213
|
|
|
$
|
1,175
|
|
|
|
|
|
||||
Net income attributable to common stockholders
|
$
|
125
|
|
|
$
|
865
|
|
|
|
|
|
||||
Earnings per share (Note 14)
|
|
|
|
||||
Basic
|
|
|
|
||||
Basic earnings per common share
|
$
|
0.08
|
|
|
$
|
0.63
|
|
Weighted-average common shares outstanding
|
1,587
|
|
|
1,372
|
|
||
Diluted
|
|
|
|
||||
Diluted earnings per common share
|
$
|
0.06
|
|
|
$
|
0.58
|
|
Weighted-average common shares outstanding
|
1,691
|
|
|
1,507
|
|
||
|
|
|
|
||||
Dividends declared per common share
|
$
|
0.30
|
|
|
$
|
—
|
|
|
Three Months Ended
|
||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||
Net income
|
$
|
280
|
|
|
$
|
1,185
|
|
Other comprehensive income (loss), net of tax (Note 13)
|
|
|
|
||||
Foreign currency translation adjustments
|
(98
|
)
|
|
263
|
|
||
Unrealized gains (losses) on securities, net
|
3
|
|
|
(13
|
)
|
||
Defined benefit plans, net
|
67
|
|
|
183
|
|
||
Other comprehensive income (loss), net of tax
|
(28
|
)
|
|
433
|
|
||
Comprehensive income
|
252
|
|
|
1,618
|
|
||
Comprehensive income attributable to noncontrolling interests
|
(64
|
)
|
|
(2
|
)
|
||
Comprehensive income attributable to stockholders
|
$
|
188
|
|
|
$
|
1,616
|
|
|
March 31, 2014
|
|
December 31, 2013
|
||||
ASSETS
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
19,426
|
|
|
$
|
20,021
|
|
Marketable securities (Note 2)
|
8,716
|
|
|
8,972
|
|
||
Restricted cash and marketable securities (Note 2)
|
1,288
|
|
|
1,247
|
|
||
Accounts and notes receivable (net of allowance of $344 and $344)
|
11,734
|
|
|
8,535
|
|
||
GM Financial receivables, net (Note 3)(including receivables at VIEs of $10,158 and $10,001; Note 6)
|
15,055
|
|
|
14,278
|
|
||
Inventories (Note 4)
|
14,837
|
|
|
14,039
|
|
||
Equipment on operating leases, net
|
3,432
|
|
|
2,398
|
|
||
Deferred income taxes
|
10,590
|
|
|
10,349
|
|
||
Other current assets
|
1,747
|
|
|
1,662
|
|
||
Total current assets
|
86,825
|
|
|
81,501
|
|
||
Non-current Assets
|
|
|
|
||||
Restricted cash and marketable securities (Note 2)
|
906
|
|
|
829
|
|
||
GM Financial receivables, net (Note 3)(including receivables at VIEs of $11,197 and $11,216; Note 6)
|
14,866
|
|
|
14,354
|
|
||
Equity in net assets of nonconsolidated affiliates (Note 5)
|
8,747
|
|
|
8,094
|
|
||
Property, net
|
26,367
|
|
|
25,867
|
|
||
Goodwill
|
1,563
|
|
|
1,560
|
|
||
Intangible assets, net
|
5,442
|
|
|
5,668
|
|
||
GM Financial equipment on operating leases, net (including assets at VIEs of $2,679 and $1,803; Note 6)
|
3,726
|
|
|
3,383
|
|
||
Deferred income taxes
|
22,840
|
|
|
22,736
|
|
||
Other assets
|
2,324
|
|
|
2,352
|
|
||
Total non-current assets
|
86,781
|
|
|
84,843
|
|
||
Total Assets
|
$
|
173,606
|
|
|
$
|
166,344
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current Liabilities
|
|
|
|
||||
Accounts payable (principally trade)
|
$
|
27,715
|
|
|
$
|
23,621
|
|
Short-term debt and current portion of long-term debt (Note 7)
|
|
|
|
||||
Automotive (including certain debt at VIEs of $193 and $219; Note 6)
|
522
|
|
|
564
|
|
||
GM Financial (including certain debt at VIEs of $10,204 and $10,088; Note 6)
|
14,327
|
|
|
13,594
|
|
||
Accrued liabilities
|
26,658
|
|
|
24,633
|
|
||
Total current liabilities
|
69,222
|
|
|
62,412
|
|
||
Non-current Liabilities
|
|
|
|
||||
Long-term debt (Note 7)
|
|
|
|
||||
Automotive (including certain debt at VIEs of $24 and $23; Note 6)
|
6,687
|
|
|
6,573
|
|
||
GM Financial (including certain debt at VIEs of $10,241 and $9,330; Note 6)
|
16,231
|
|
|
15,452
|
|
||
Postretirement benefits other than pensions (Note 9)
|
5,814
|
|
|
5,897
|
|
||
Pensions (Note 9)
|
19,171
|
|
|
19,483
|
|
||
Other liabilities and deferred income taxes
|
13,641
|
|
|
13,353
|
|
||
Total non-current liabilities
|
61,544
|
|
|
60,758
|
|
||
Total Liabilities
|
130,766
|
|
|
123,170
|
|
||
Commitments and contingencies (Note 10)
|
|
|
|
|
|
||
Equity (Note 13)
|
|
|
|
||||
Series A preferred stock, $0.01 par value
|
3,109
|
|
|
3,109
|
|
||
Common stock, $0.01 par value
|
16
|
|
|
15
|
|
||
Additional paid-in capital
|
28,778
|
|
|
28,780
|
|
||
Retained earnings
|
13,457
|
|
|
13,816
|
|
||
Accumulated other comprehensive loss
|
(3,138
|
)
|
|
(3,113
|
)
|
||
Total stockholders’ equity
|
42,222
|
|
|
42,607
|
|
||
Noncontrolling interests
|
618
|
|
|
567
|
|
||
Total Equity
|
42,840
|
|
|
43,174
|
|
||
Total Liabilities and Equity
|
$
|
173,606
|
|
|
$
|
166,344
|
|
|
Series A Preferred Stock
|
|
Series B Preferred Stock
|
|
Common Stockholders’
|
|
Noncontrolling Interests
|
|
Total Equity
|
||||||||||||||||||||||
Common Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
||||||||||||||||||||||||
Balance at December 31, 2012
|
$
|
5,536
|
|
|
$
|
4,855
|
|
|
$
|
14
|
|
|
$
|
23,834
|
|
|
$
|
10,057
|
|
|
$
|
(8,052
|
)
|
|
$
|
756
|
|
|
$
|
37,000
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,175
|
|
|
—
|
|
|
10
|
|
|
1,185
|
|
||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
441
|
|
|
(8
|
)
|
|
433
|
|
||||||||
Exercise of common stock warrants
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||||
Stock based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
||||||||
Cash dividends paid on Series A Preferred Stock and cumulative dividends on Series B Preferred Stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(215
|
)
|
|
—
|
|
|
—
|
|
|
(215
|
)
|
||||||||
Dividends declared or paid to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
(15
|
)
|
||||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
||||||||
Balance at March 31, 2013
|
$
|
5,536
|
|
|
$
|
4,855
|
|
|
$
|
14
|
|
|
$
|
23,776
|
|
|
$
|
11,017
|
|
|
$
|
(7,611
|
)
|
|
$
|
748
|
|
|
$
|
38,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at December 31, 2013
|
$
|
3,109
|
|
|
|
|
$
|
15
|
|
|
$
|
28,780
|
|
|
$
|
13,816
|
|
|
$
|
(3,113
|
)
|
|
$
|
567
|
|
|
$
|
43,174
|
|
||
Net income
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
213
|
|
|
—
|
|
|
67
|
|
|
280
|
|
|||||||||
Other comprehensive loss
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
|
(3
|
)
|
|
(28
|
)
|
|||||||||
Exercise of common stock warrants
|
—
|
|
|
|
|
1
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|||||||||
Stock based compensation
|
—
|
|
|
|
|
—
|
|
|
(11
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|||||||||
Cash dividends paid on Common Stock
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
(481
|
)
|
|
—
|
|
|
—
|
|
|
(481
|
)
|
|||||||||
Cash dividends paid on Series A Preferred Stock
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
(88
|
)
|
|
—
|
|
|
—
|
|
|
(88
|
)
|
|||||||||
Dividends declared or paid to noncontrolling interests
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
(30
|
)
|
|||||||||
Other
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
17
|
|
|||||||||
Balance at March 31, 2014
|
$
|
3,109
|
|
|
|
|
$
|
16
|
|
|
$
|
28,778
|
|
|
$
|
13,457
|
|
|
$
|
(3,138
|
)
|
|
$
|
618
|
|
|
$
|
42,840
|
|
|
Three Months Ended
|
||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||
Net cash provided by operating activities
|
$
|
1,976
|
|
|
$
|
819
|
|
Cash flows from investing activities
|
|
|
|
||||
Expenditures for property
|
(1,759
|
)
|
|
(1,940
|
)
|
||
Available-for-sale marketable securities, acquisitions
|
(891
|
)
|
|
(564
|
)
|
||
Trading marketable securities, acquisitions
|
(302
|
)
|
|
(1,773
|
)
|
||
Available-for-sale marketable securities, liquidations
|
1,055
|
|
|
985
|
|
||
Trading marketable securities, liquidations
|
332
|
|
|
3,727
|
|
||
Proceeds from sale of business units/investments, net of cash disposed
|
—
|
|
|
(82
|
)
|
||
Increase in restricted cash and marketable securities
|
(281
|
)
|
|
(174
|
)
|
||
Decrease in restricted cash and marketable securities
|
159
|
|
|
188
|
|
||
Purchases of finance receivables
|
(3,300
|
)
|
|
(1,609
|
)
|
||
Principal collections and recoveries on finance receivables
|
2,639
|
|
|
1,096
|
|
||
Purchases of leased vehicles, net
|
(620
|
)
|
|
(478
|
)
|
||
Proceeds from termination of leased vehicles
|
123
|
|
|
37
|
|
||
Other investing activities
|
8
|
|
|
77
|
|
||
Net cash used in investing activities
|
(2,837
|
)
|
|
(510
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Net increase in short-term debt
|
384
|
|
|
550
|
|
||
Proceeds from issuance of debt (original maturities greater than three months)
|
5,683
|
|
|
3,042
|
|
||
Payments on debt (original maturities greater than three months)
|
(4,764
|
)
|
|
(1,184
|
)
|
||
Dividends paid
|
(571
|
)
|
|
(218
|
)
|
||
Other financing activities
|
(14
|
)
|
|
(23
|
)
|
||
Net cash provided by financing activities
|
718
|
|
|
2,167
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(452
|
)
|
|
(255
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
(595
|
)
|
|
2,221
|
|
||
Cash and cash equivalents at beginning of period
|
20,021
|
|
|
18,422
|
|
||
Cash and cash equivalents at end of period
|
$
|
19,426
|
|
|
$
|
20,643
|
|
Supplemental cash flow information:
|
|
|
|
||||
Non-cash property additions
|
$
|
1,485
|
|
|
$
|
1,673
|
|
|
|
|
March 31, 2014
|
|
December 31, 2013
|
||||||||||||
|
Fair Value Level
|
|
|
|
Fair Value
|
|
|
|
Fair Value
|
||||||||
|
|
Cost
|
|
|
Cost
|
|
|||||||||||
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. government and agencies
|
2
|
|
$
|
1,744
|
|
|
$
|
1,744
|
|
|
$
|
1,437
|
|
|
$
|
1,437
|
|
Sovereign debt
|
2
|
|
330
|
|
|
330
|
|
|
515
|
|
|
515
|
|
||||
Money market funds
|
1
|
|
1,144
|
|
|
1,144
|
|
|
1,262
|
|
|
1,262
|
|
||||
Corporate debt
|
2
|
|
7,582
|
|
|
7,582
|
|
|
7,598
|
|
|
7,598
|
|
||||
Total available-for-sale securities
|
|
|
$
|
10,800
|
|
|
10,800
|
|
|
$
|
10,812
|
|
|
10,812
|
|
||
Trading securities - corporate debt
|
2
|
|
|
|
51
|
|
|
|
|
25
|
|
||||||
Total marketable securities classified as cash equivalents
|
|
|
|
|
10,851
|
|
|
|
|
10,837
|
|
||||||
Cash, cash equivalents and time deposits
|
|
|
|
|
8,575
|
|
|
|
|
9,184
|
|
||||||
Total cash and cash equivalents
|
|
|
|
|
$
|
19,426
|
|
|
|
|
$
|
20,021
|
|
||||
Marketable securities
|
|
|
|
|
|
|
|
|
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. government and agencies
|
2
|
|
$
|
5,132
|
|
|
$
|
5,133
|
|
|
$
|
5,343
|
|
|
$
|
5,344
|
|
Corporate debt
|
2
|
|
1,891
|
|
|
1,895
|
|
|
1,867
|
|
|
1,869
|
|
||||
Sovereign debt
|
2
|
|
42
|
|
|
42
|
|
|
22
|
|
|
22
|
|
||||
Total available-for-sale securities
|
|
|
$
|
7,065
|
|
|
7,070
|
|
|
$
|
7,232
|
|
|
7,235
|
|
||
Trading securities - sovereign debt
|
2
|
|
|
|
1,646
|
|
|
|
|
1,737
|
|
||||||
Total marketable securities
|
|
|
|
|
$
|
8,716
|
|
|
|
|
$
|
8,972
|
|
||||
Restricted cash and marketable securities
|
|
|
|
|
|
|
|
|
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
1
|
|
$
|
1,353
|
|
|
$
|
1,353
|
|
|
$
|
897
|
|
|
$
|
897
|
|
Other
|
2
|
|
22
|
|
|
23
|
|
|
34
|
|
|
35
|
|
||||
Total marketable securities classified as restricted cash and marketable securities
|
|
|
$
|
1,375
|
|
|
1,376
|
|
|
$
|
931
|
|
|
932
|
|
||
Restricted cash and cash equivalents and time deposits
|
|
|
|
|
818
|
|
|
|
|
1,144
|
|
||||||
Total restricted cash and marketable securities
|
|
|
|
|
$
|
2,194
|
|
|
|
|
$
|
2,076
|
|
|
Amortized Cost
|
|
Fair Value
|
||||
Due in one year or less
|
$
|
14,864
|
|
|
$
|
14,866
|
|
Due after one year through five years
|
1,879
|
|
|
1,883
|
|
||
Total available-for-sale securities with contractual maturities
|
$
|
16,743
|
|
|
$
|
16,749
|
|
|
March 31, 2014
|
|
December 31, 2013
|
||||||||||||||||||||
|
Consumer
|
|
Commercial
|
|
Total
|
|
Consumer
|
|
Commercial
|
|
Total
|
||||||||||||
Pre-acquisition finance receivables, outstanding amount
|
$
|
1,028
|
|
|
$
|
—
|
|
|
$
|
1,028
|
|
|
$
|
1,294
|
|
|
$
|
—
|
|
|
$
|
1,294
|
|
Pre-acquisition finance receivables, carrying amount
|
$
|
930
|
|
|
$
|
—
|
|
|
$
|
930
|
|
|
$
|
1,174
|
|
|
$
|
—
|
|
|
$
|
1,174
|
|
Post-acquisition finance receivables, net of fees
|
23,094
|
|
|
6,483
|
|
|
29,577
|
|
|
21,956
|
|
|
6,050
|
|
|
28,006
|
|
||||||
Finance receivables
|
24,024
|
|
|
6,483
|
|
|
30,507
|
|
|
23,130
|
|
|
6,050
|
|
|
29,180
|
|
||||||
Less: allowance for loan losses
|
(537
|
)
|
|
(49
|
)
|
|
(586
|
)
|
|
(497
|
)
|
|
(51
|
)
|
|
(548
|
)
|
||||||
GM Financial receivables, net
|
$
|
23,487
|
|
|
$
|
6,434
|
|
|
$
|
29,921
|
|
|
$
|
22,633
|
|
|
$
|
5,999
|
|
|
$
|
28,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair value of GM Financial receivables, net
|
|
|
|
|
$
|
30,397
|
|
|
|
|
|
|
$
|
28,668
|
|
|
|
|
|
|
Three Months Ended
|
||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||
Balance at beginning of period
|
$
|
548
|
|
|
$
|
351
|
|
Provision for loan losses
|
135
|
|
|
94
|
|
||
Charge-offs
|
(224
|
)
|
|
(132
|
)
|
||
Recoveries
|
127
|
|
|
80
|
|
||
Balance at end of period
|
$
|
586
|
|
|
$
|
393
|
|
|
March 31, 2014
|
|
March 31, 2013
|
||||||||||
|
Amount
|
|
Percent of Contractual Amount Due
|
|
Amount
|
|
Percent of Contractual Amount Due
|
||||||
Delinquent contracts
|
|
|
|
|
|
|
|
||||||
31-to-60 days
|
$
|
717
|
|
|
3.1
|
%
|
|
$
|
477
|
|
|
4.3
|
%
|
Greater-than-60 days
|
336
|
|
|
1.4
|
%
|
|
169
|
|
|
1.5
|
%
|
||
Total finance receivables more than 30 days delinquent
|
1,053
|
|
|
4.5
|
%
|
|
646
|
|
|
5.8
|
%
|
||
In repossession
|
38
|
|
|
0.1
|
%
|
|
32
|
|
|
0.3
|
%
|
||
Total finance receivables more than 30 days delinquent or in repossession
|
$
|
1,091
|
|
|
4.6
|
%
|
|
$
|
678
|
|
|
6.1
|
%
|
|
March 31, 2014
|
|
December 31, 2013
|
||||
Outstanding recorded investment
|
$
|
864
|
|
|
$
|
767
|
|
Less: allowance for loan losses
|
(104
|
)
|
|
(103
|
)
|
||
Outstanding recorded investment, net of allowance
|
$
|
760
|
|
|
$
|
664
|
|
|
|
|
|
||||
Unpaid principal balance
|
$
|
880
|
|
|
$
|
779
|
|
|
March 31, 2014
|
|
December 31, 2013
|
||||
Group I - Dealers with strong to superior financial metrics
|
$
|
570
|
|
|
$
|
549
|
|
Group II - Dealers with fair to favorable financial metrics
|
1,524
|
|
|
1,460
|
|
||
Group III - Dealers with marginal to weak financial metrics
|
2,210
|
|
|
1,982
|
|
||
Group IV - Dealers with poor financial metrics
|
1,517
|
|
|
1,462
|
|
||
Group V - Dealers warranting special mention due to potential weaknesses
|
443
|
|
|
385
|
|
||
Group VI - Dealers with loans classified as substandard, doubtful or impaired
|
219
|
|
|
212
|
|
||
|
$
|
6,483
|
|
|
$
|
6,050
|
|
|
March 31, 2014
|
|
December 31, 2013
|
||||
Productive material, supplies and work in process
|
$
|
6,442
|
|
|
$
|
5,872
|
|
Finished product, including service parts
|
8,395
|
|
|
8,167
|
|
||
Total inventories
|
$
|
14,837
|
|
|
$
|
14,039
|
|
|
Three Months Ended
|
||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||
China JVs
|
$
|
595
|
|
|
$
|
548
|
|
Others
|
10
|
|
|
7
|
|
||
Total equity income
|
$
|
605
|
|
|
$
|
555
|
|
|
Three Months Ended
|
||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||
Results of operations
|
|
|
|
||||
Automotive sales and revenue
|
$
|
783
|
|
|
$
|
594
|
|
Automotive purchases, net
|
$
|
105
|
|
|
$
|
179
|
|
Cash flows
|
|
|
|
||||
Operating
|
$
|
541
|
|
|
$
|
401
|
|
|
March 31, 2014
|
|
December 31, 2013
|
||||
Financial position
|
|
|
|
||||
Accounts and notes receivable, net
|
$
|
850
|
|
|
$
|
756
|
|
Accounts payable
|
$
|
154
|
|
|
$
|
183
|
|
|
March 31, 2014
|
|
December 31, 2013
|
||||
Total assets(a)
|
$
|
567
|
|
|
$
|
564
|
|
Total liabilities(b)
|
$
|
392
|
|
|
$
|
395
|
|
(a)
|
Composed primarily of Cash and cash equivalents, Accounts and notes receivable, net, Inventories and Property, net.
|
(b)
|
Composed primarily of Accounts payable (principally trade) and Accrued liabilities.
|
|
Three Months Ended
|
||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||
Total net sales and revenue
|
$
|
312
|
|
|
$
|
236
|
|
Net income
|
$
|
27
|
|
|
$
|
18
|
|
|
March 31, 2014
|
|
December 31, 2013
|
||||
Restricted cash
|
$
|
1,676
|
|
|
$
|
1,523
|
|
Securitized Assets
|
$
|
24,651
|
|
|
$
|
23,584
|
|
Securitization notes payable and other credit facilities
|
$
|
20,445
|
|
|
$
|
19,448
|
|
|
March 31, 2014
|
|
December 31, 2013
|
||||
Total assets(a)
|
$
|
188
|
|
|
$
|
169
|
|
Total liabilities(b)
|
$
|
971
|
|
|
$
|
838
|
|
Off-balance sheet arrangements(c)
|
$
|
90
|
|
|
$
|
115
|
|
(a)
|
Composed primarily of Equity in net assets of nonconsolidated affiliates.
|
(b)
|
Composed primarily of Accrued liabilities.
|
(c)
|
Composed of commitments and other liquidity arrangements.
|
|
March 31, 2014
|
|
December 31, 2013
|
||||
Carrying amount
|
$
|
7,209
|
|
|
$
|
7,137
|
|
Fair value
|
$
|
7,001
|
|
|
$
|
6,837
|
|
|
March 31, 2014
|
|
December 31, 2013
|
||||||||||||
|
Carrying Amount
|
|
Fair Value(a)
|
|
Carrying Amount
|
|
Fair Value(a)
|
||||||||
Secured
|
|
|
|
|
|
|
|
||||||||
Revolving credit facilities
|
$
|
8,983
|
|
|
$
|
8,961
|
|
|
$
|
9,000
|
|
|
$
|
8,995
|
|
Securitization notes payable(b)
|
14,403
|
|
|
14,521
|
|
|
13,073
|
|
|
13,175
|
|
||||
Total secured
|
23,386
|
|
|
23,482
|
|
|
22,073
|
|
|
22,170
|
|
||||
Unsecured
|
|
|
|
|
|
|
|
||||||||
Senior notes
|
4,000
|
|
|
4,153
|
|
|
4,000
|
|
|
4,106
|
|
||||
Bank lines and other unsecured debt
|
3,172
|
|
|
3,164
|
|
|
2,973
|
|
|
2,972
|
|
||||
Total unsecured
|
7,172
|
|
|
7,317
|
|
|
6,973
|
|
|
7,078
|
|
||||
Total GM Financial debt
|
$
|
30,558
|
|
|
$
|
30,799
|
|
|
$
|
29,046
|
|
|
$
|
29,248
|
|
(a)
|
The fair value of debt included
$25.2 billion
and
$23.0 billion
measured utilizing Level 2 inputs and
$5.6 billion
and
$6.2 billion
measured utilizing Level 3 inputs at March 31, 2014 and December 31, 2013. For revolving credit facilities with variable interest rates and maturities of one year or less, the carrying amount is considered to be a reasonable estimate of fair value. The fair value of other secured debt and the unsecured debt is based on quoted market prices, when available. If quoted market prices are not available, the market value is estimated by discounting future net cash flows expected to be paid using current risk-adjusted rates.
|
(b)
|
Includes private securitizations that GM Financial used observable and unobservable inputs to estimate fair value. Unobservable inputs are related to the structuring of the debt into various classes, which is based on public securitizations issued during the same time frame. Observable inputs are used by obtaining active prices based on the securitization debt issued during the same time frame. These observable inputs are then used to create expected market prices (unobservable inputs), which are then applied to the debt classes in order to estimate fair value which would approximate market value.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||
Balance at beginning of period
|
$
|
7,601
|
|
|
$
|
7,633
|
|
Warranties issued and assumed in period - recall campaigns and courtesy transportation
|
1,386
|
|
|
154
|
|
||
Warranties issued and assumed in period - policy and warranty
|
634
|
|
|
705
|
|
||
Payments
|
(769
|
)
|
|
(824
|
)
|
||
Adjustments to pre-existing warranties
|
(3
|
)
|
|
(32
|
)
|
||
Effect of foreign currency and other
|
(11
|
)
|
|
(65
|
)
|
||
Balance at end of period
|
$
|
8,838
|
|
|
$
|
7,571
|
|
|
Three Months Ended March 31, 2014
|
|
Three Months Ended March 31, 2013
|
||||||||||||||||||||||||||||
|
Pension Benefits
|
|
Other Benefits
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||||||||
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||||||||||
Service cost
|
$
|
95
|
|
|
$
|
93
|
|
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
99
|
|
|
$
|
99
|
|
|
$
|
7
|
|
|
$
|
3
|
|
Interest cost
|
765
|
|
|
262
|
|
|
55
|
|
|
13
|
|
|
709
|
|
|
254
|
|
|
55
|
|
|
14
|
|
||||||||
Expected return on plan assets
|
(978
|
)
|
|
(219
|
)
|
|
—
|
|
|
—
|
|
|
(891
|
)
|
|
(209
|
)
|
|
—
|
|
|
—
|
|
||||||||
Amortization of prior service cost (credit)
|
(1
|
)
|
|
5
|
|
|
(1
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
5
|
|
|
(29
|
)
|
|
(4
|
)
|
||||||||
Amortization of net actuarial (gains) losses
|
(23
|
)
|
|
39
|
|
|
3
|
|
|
(1
|
)
|
|
2
|
|
|
49
|
|
|
23
|
|
|
2
|
|
||||||||
Curtailments, settlements and other (gains) losses
|
(2
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
4
|
|
|
—
|
|
|
—
|
|
||||||||
Net periodic pension and OPEB (income) expense
|
$
|
(144
|
)
|
|
$
|
182
|
|
|
$
|
60
|
|
|
$
|
11
|
|
|
$
|
(40
|
)
|
|
$
|
202
|
|
|
$
|
56
|
|
|
$
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2014
|
|
December 31, 2013
|
||||||||||||
|
Liability Recorded
|
|
Maximum Liability(a)
|
|
Liability Recorded
|
|
Maximum Liability(a)
|
||||||||
Guarantees
|
|
|
|
|
|
|
|
||||||||
Third party commercial loans and other obligations(b)
|
$
|
21
|
|
|
$
|
9,395
|
|
|
$
|
51
|
|
|
$
|
15,616
|
|
Other product-related claims
|
$
|
57
|
|
|
$
|
1,348
|
|
|
$
|
54
|
|
|
$
|
1,317
|
|
(a)
|
Calculated as future undiscounted payments.
|
(b)
|
Includes liabilities recorded of
$6 million
and
$10 million
and maximum liabilities of
$9.2 billion
and
$15.3 billion
related to Ally Financial repurchase obligations at
March 31, 2014
and
December 31, 2013
.
|
|
Liability Recorded
|
||||||
|
March 31, 2014
|
|
December 31, 2013
|
||||
Other litigation-related liability and tax administrative matters
|
$
|
1,290
|
|
|
$
|
1,227
|
|
Product liability
|
$
|
702
|
|
|
$
|
690
|
|
Environmental liability
|
$
|
151
|
|
|
$
|
154
|
|
|
GMNA
|
|
GME
|
|
GMIO
|
|
GMSA
|
|
Total
|
||||||||||
Balance at January 1, 2014
|
$
|
497
|
|
|
$
|
503
|
|
|
$
|
333
|
|
|
$
|
16
|
|
|
$
|
1,349
|
|
Additions, interest accretion and other
|
10
|
|
|
191
|
|
|
48
|
|
|
49
|
|
|
298
|
|
|||||
Payments
|
(30
|
)
|
|
(106
|
)
|
|
(21
|
)
|
|
(51
|
)
|
|
(208
|
)
|
|||||
Revisions to estimates
|
—
|
|
|
2
|
|
|
(4
|
)
|
|
—
|
|
|
(2
|
)
|
|||||
Effect of foreign currency
|
(6
|
)
|
|
—
|
|
|
2
|
|
|
(1
|
)
|
|
(5
|
)
|
|||||
Balance at March 31, 2014(a)
|
$
|
471
|
|
|
$
|
590
|
|
|
$
|
358
|
|
|
$
|
13
|
|
|
$
|
1,432
|
|
|
GMNA
|
|
GME
|
|
GMIO
|
|
GMSA
|
|
Total
|
||||||||||
Balance at January 1, 2013
|
$
|
653
|
|
|
$
|
590
|
|
|
$
|
39
|
|
|
$
|
38
|
|
|
$
|
1,320
|
|
Additions, interest accretion and other
|
27
|
|
|
35
|
|
|
2
|
|
|
22
|
|
|
86
|
|
|||||
Payments
|
(58
|
)
|
|
(116
|
)
|
|
(26
|
)
|
|
(12
|
)
|
|
(212
|
)
|
|||||
Revisions to estimates
|
13
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
12
|
|
|||||
Effect of foreign currency
|
(6
|
)
|
|
(14
|
)
|
|
—
|
|
|
1
|
|
|
(19
|
)
|
|||||
Balance at March 31, 2013(a)
|
$
|
629
|
|
|
$
|
495
|
|
|
$
|
14
|
|
|
$
|
49
|
|
|
$
|
1,187
|
|
(a)
|
The remaining cash payments related to these reserves for restructuring and other initiatives, including temporary layoff benefits of
$352 million
and
$349 million
at
March 31, 2014
and
2013
for GMNA, primarily relate to postemployment benefits.
|
|
Three Months Ended
|
||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||
Common stock
|
$
|
481
|
|
|
$
|
—
|
|
Series A Preferred Stock(a)
|
$
|
88
|
|
|
$
|
155
|
|
Series B Preferred Stock(b)
|
|
|
$
|
60
|
|
(a)
|
In September 2013 we purchased
120 million
shares (or
43.5%
of the total shares outstanding) of our Series A Preferred Stock.
|
(b)
|
On December 1, 2013 all outstanding shares of our Series B Preferred Stock were converted into shares of our common stock.
|
|
Three Months Ended
|
||||||||||||||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||||||||||||||||||
|
Pre-Tax Amount
|
|
Tax Expense (Benefit)
|
|
Net Amount
|
|
Pre-Tax Amount
|
|
Tax Expense (Benefit)
|
|
Net Amount
|
||||||||||||
Foreign Currency Translation Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at beginning of period
|
$
|
(592
|
)
|
|
$
|
22
|
|
|
$
|
(614
|
)
|
|
$
|
112
|
|
|
$
|
11
|
|
|
$
|
101
|
|
Other comprehensive income (loss)
|
(104
|
)
|
|
(6
|
)
|
|
(98
|
)
|
|
263
|
|
|
—
|
|
|
263
|
|
||||||
Other comprehensive income attributable to noncontrolling interests
|
3
|
|
|
—
|
|
|
3
|
|
|
8
|
|
|
—
|
|
|
8
|
|
||||||
Balance at end of period
|
$
|
(693
|
)
|
|
$
|
16
|
|
|
$
|
(709
|
)
|
|
$
|
383
|
|
|
$
|
11
|
|
|
$
|
372
|
|
Unrealized Gains on Securities, Net
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at beginning of period
|
$
|
11
|
|
|
$
|
9
|
|
|
$
|
2
|
|
|
$
|
63
|
|
|
$
|
22
|
|
|
$
|
41
|
|
Other comprehensive income before reclassification adjustment
|
6
|
|
|
2
|
|
|
4
|
|
|
3
|
|
|
(3
|
)
|
|
6
|
|
||||||
Reclassification adjustment
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
(19
|
)
|
|
—
|
|
|
(19
|
)
|
||||||
Other comprehensive income (loss)
|
5
|
|
|
2
|
|
|
3
|
|
|
(16
|
)
|
|
(3
|
)
|
|
(13
|
)
|
||||||
Balance at end of period
|
$
|
16
|
|
|
$
|
11
|
|
|
$
|
5
|
|
|
$
|
47
|
|
|
$
|
19
|
|
|
$
|
28
|
|
Defined Benefit Plans, Net
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at beginning of period
|
$
|
935
|
|
|
$
|
3,436
|
|
|
$
|
(2,501
|
)
|
|
$
|
(7,794
|
)
|
|
$
|
400
|
|
|
$
|
(8,194
|
)
|
Other comprehensive loss before reclassification adjustment - prior service cost or credit
|
2
|
|
|
7
|
|
|
(5
|
)
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
||||||
Other comprehensive income before reclassification adjustment - actuarial gains or losses
|
10
|
|
|
(18
|
)
|
|
28
|
|
|
152
|
|
|
11
|
|
|
141
|
|
||||||
Reclassification adjustment - prior service cost or credit(a)
|
22
|
|
|
7
|
|
|
15
|
|
|
(29
|
)
|
|
(11
|
)
|
|
(18
|
)
|
||||||
Reclassification adjustment - actuarial gains or losses(a)
|
24
|
|
|
(5
|
)
|
|
29
|
|
|
76
|
|
|
13
|
|
|
63
|
|
||||||
Other comprehensive income
|
58
|
|
|
(9
|
)
|
|
67
|
|
|
196
|
|
|
13
|
|
|
183
|
|
||||||
Balance at end of period
|
$
|
993
|
|
|
$
|
3,427
|
|
|
$
|
(2,434
|
)
|
|
$
|
(7,598
|
)
|
|
$
|
413
|
|
|
$
|
(8,011
|
)
|
Accumulated Other Comprehensive Loss
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at beginning of period
|
$
|
354
|
|
|
$
|
3,467
|
|
|
$
|
(3,113
|
)
|
|
$
|
(7,619
|
)
|
|
$
|
433
|
|
|
$
|
(8,052
|
)
|
Other comprehensive income (loss) before reclassification adjustment
|
(86
|
)
|
|
(15
|
)
|
|
(71
|
)
|
|
415
|
|
|
8
|
|
|
407
|
|
||||||
Reclassification adjustment
|
45
|
|
|
2
|
|
|
43
|
|
|
28
|
|
|
2
|
|
|
26
|
|
||||||
Other comprehensive income (loss)
|
(41
|
)
|
|
(13
|
)
|
|
(28
|
)
|
|
443
|
|
|
10
|
|
|
433
|
|
||||||
Other comprehensive income attributable to noncontrolling interests
|
3
|
|
|
—
|
|
|
3
|
|
|
8
|
|
|
—
|
|
|
8
|
|
||||||
Balance at end of period
|
$
|
316
|
|
|
$
|
3,454
|
|
|
$
|
(3,138
|
)
|
|
$
|
(7,168
|
)
|
|
$
|
443
|
|
|
$
|
(7,611
|
)
|
(a)
|
Included in the computation of net periodic pension and OPEB (income) expense. Refer to
Note 9
for additional information.
|
|
Three Months Ended
|
||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||
Basic earnings per share
|
|
|
|
||||
Net income attributable to stockholders
|
$
|
213
|
|
|
$
|
1,175
|
|
Less: cumulative dividends on preferred stock(a)
|
(88
|
)
|
|
(215
|
)
|
||
Less: undistributed earnings allocated to Series B Preferred Stock participating security
|
|
|
|
(95
|
)
|
||
Net income attributable to common stockholders
|
$
|
125
|
|
|
$
|
865
|
|
|
|
|
|
||||
Weighted-average common shares outstanding - basic
|
1,587
|
|
|
1,372
|
|
||
Basic earnings per common share
|
$
|
0.08
|
|
|
$
|
0.63
|
|
Diluted earnings per share
|
|
|
|
||||
Net income attributable to stockholders
|
$
|
213
|
|
|
$
|
1,175
|
|
Less: cumulative dividends on preferred stock(a)
|
(88
|
)
|
|
(215
|
)
|
||
Less: undistributed earnings allocated to Series B Preferred Stock participating security
|
|
|
|
(87
|
)
|
||
Less: earnings adjustment for dilutive stock compensation rights
|
(17
|
)
|
|
—
|
|
||
Net income attributable to common stockholders
|
$
|
108
|
|
|
$
|
873
|
|
Weighted-average common shares outstanding - diluted
|
|
|
|
||||
Weighted-average common shares outstanding - basic
|
1,587
|
|
|
1,372
|
|
||
Dilutive effect of warrants
|
97
|
|
|
134
|
|
||
Dilutive effect of restricted stock units (RSUs)
|
7
|
|
|
1
|
|
||
Weighted-average common shares outstanding - diluted
|
1,691
|
|
|
1,507
|
|
||
|
|
|
|
||||
Diluted earnings per common share
|
$
|
0.06
|
|
|
$
|
0.58
|
|
(a)
|
Includes earned but undeclared dividends of
$15 million
and
$26 million
on our Series A Preferred Stock in the three months ended March 31, 2014 and 2013 and
$20 million
on our Series B Preferred Stock in the three months ended March 31, 2013.
|
• Buick
|
• Cadillac
|
• Chevrolet
|
• GMC
|
• Buick
|
• Chevrolet
|
• Holden
|
• Vauxhall
|
• Cadillac
|
• GMC
|
• Opel
|
|
• Alpheon
|
• Buick
|
• Chevrolet
|
• Wuling
|
• Baojun
|
• Cadillac
|
• Jiefang
|
|
|
At and For the Three Months Ended March 31, 2014
|
||||||||||||||||||||||||||||||||||||||
|
GMNA
|
|
GME
|
|
GMIO
|
|
GMSA
|
|
Corporate
|
|
Eliminations
|
|
Total Automotive
|
|
GM Financial
|
|
Eliminations
|
|
Total
|
||||||||||||||||||||
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
External customers
|
$
|
24,404
|
|
|
$
|
5,620
|
|
|
$
|
3,230
|
|
|
$
|
3,025
|
|
|
$
|
36
|
|
|
|
|
$
|
36,315
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36,315
|
|
||
GM Financial revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
1,097
|
|
|
(4
|
)
|
|
1,093
|
|
|||||||||||
Total net sales and revenue
|
$
|
24,404
|
|
|
$
|
5,620
|
|
|
$
|
3,230
|
|
|
$
|
3,025
|
|
|
$
|
36
|
|
|
|
|
$
|
36,315
|
|
|
$
|
1,097
|
|
|
$
|
(4
|
)
|
|
$
|
37,408
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Income (loss) before interest and taxes-adjusted
|
$
|
557
|
|
|
$
|
(284
|
)
|
|
$
|
252
|
|
|
$
|
(156
|
)
|
|
$
|
(123
|
)
|
|
|
|
$
|
246
|
|
|
$
|
221
|
|
|
$
|
(1
|
)
|
|
$
|
466
|
|
||
Adjustments(a)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(9
|
)
|
|
$
|
(419
|
)
|
|
$
|
—
|
|
|
|
|
$
|
(428
|
)
|
|
$
|
1
|
|
|
$
|
—
|
|
|
(427
|
)
|
|||
Corporate interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53
|
|
|||||||||||||||||||
Automotive interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(103
|
)
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67
|
|
|||||||||||||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
56
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total assets
|
$
|
94,538
|
|
|
$
|
12,339
|
|
|
$
|
22,885
|
|
|
$
|
11,136
|
|
|
$
|
28,377
|
|
|
$
|
(33,668
|
)
|
|
$
|
135,607
|
|
|
$
|
40,079
|
|
|
$
|
(2,080
|
)
|
|
$
|
173,606
|
|
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets
|
$
|
1,092
|
|
|
$
|
109
|
|
|
$
|
114
|
|
|
$
|
101
|
|
|
$
|
16
|
|
|
$
|
(1
|
)
|
|
$
|
1,431
|
|
|
$
|
176
|
|
|
$
|
—
|
|
|
$
|
1,607
|
|
(a)
|
Consists of Venezuela currency devaluation of
$419 million
in GMSA and other of
$8 million
.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At and For the Three Months Ended March 31, 2013
|
||||||||||||||||||||||||||||||||||||||
|
GMNA
|
|
GME
|
|
GMIO
|
|
GMSA
|
|
Corporate
|
|
Eliminations
|
|
Total Automotive
|
|
GM Financial
|
|
Eliminations
|
|
Total
|
||||||||||||||||||||
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
External customers
|
$
|
22,979
|
|
|
$
|
5,272
|
|
|
$
|
4,366
|
|
|
$
|
3,691
|
|
|
$
|
36
|
|
|
|
|
$
|
36,344
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36,344
|
|
||
GM Financial revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
540
|
|
|
—
|
|
|
540
|
|
|||||||||||
Total net sales and revenue
|
$
|
22,979
|
|
|
$
|
5,272
|
|
|
$
|
4,366
|
|
|
$
|
3,691
|
|
|
$
|
36
|
|
|
|
|
$
|
36,344
|
|
|
$
|
540
|
|
|
$
|
—
|
|
|
$
|
36,884
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Income (loss) before interest and taxes-adjusted
|
$
|
1,414
|
|
|
$
|
(152
|
)
|
|
$
|
472
|
|
|
$
|
(38
|
)
|
|
$
|
(110
|
)
|
|
|
|
$
|
1,586
|
|
|
$
|
180
|
|
|
$
|
—
|
|
|
$
|
1,766
|
|
||
Adjustments(a)
|
$
|
(38
|
)
|
|
$
|
1
|
|
|
$
|
24
|
|
|
$
|
(157
|
)
|
|
$
|
—
|
|
|
|
|
$
|
(170
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(170
|
)
|
|||
Corporate interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79
|
|
|||||||||||||||||||
Automotive interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(91
|
)
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|||||||||||||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,594
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total assets
|
$
|
89,474
|
|
|
$
|
10,910
|
|
|
$
|
24,805
|
|
|
$
|
12,067
|
|
|
$
|
19,218
|
|
|
$
|
(20,856
|
)
|
|
$
|
135,618
|
|
|
$
|
18,924
|
|
|
$
|
(767
|
)
|
|
$
|
153,775
|
|
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets
|
$
|
926
|
|
|
$
|
115
|
|
|
$
|
198
|
|
|
$
|
130
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
1,385
|
|
|
$
|
84
|
|
|
$
|
(4
|
)
|
|
$
|
1,465
|
|
(a)
|
Consists of Venezuela currency devaluation of
$162 million
in GMSA and other of
$8 million
.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||||||||||||
|
Industry
|
|
GM
|
|
GM as a % of Industry
|
|
Industry
|
|
GM
|
|
GM as a % of Industry
|
||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
||||||
United States
|
3,814
|
|
|
650
|
|
|
17.0
|
%
|
|
3,757
|
|
|
665
|
|
|
17.7
|
%
|
Other
|
702
|
|
|
95
|
|
|
13.6
|
%
|
|
728
|
|
|
96
|
|
|
13.3
|
%
|
Total North America
|
4,516
|
|
|
745
|
|
|
16.5
|
%
|
|
4,485
|
|
|
761
|
|
|
17.0
|
%
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
||||||
United Kingdom
|
777
|
|
|
85
|
|
|
11.0
|
%
|
|
685
|
|
|
80
|
|
|
11.7
|
%
|
Germany
|
782
|
|
|
57
|
|
|
7.2
|
%
|
|
737
|
|
|
54
|
|
|
7.3
|
%
|
Russia
|
606
|
|
|
54
|
|
|
8.8
|
%
|
|
630
|
|
|
57
|
|
|
9.0
|
%
|
Other
|
2,483
|
|
|
142
|
|
|
5.7
|
%
|
|
2,369
|
|
|
144
|
|
|
6.1
|
%
|
Total Europe
|
4,648
|
|
|
338
|
|
|
7.3
|
%
|
|
4,421
|
|
|
335
|
|
|
7.6
|
%
|
Asia/Pacific, Middle East and Africa
|
|
|
|
|
|
|
|
|
|
|
|
||||||
China
|
6,052
|
|
|
919
|
|
|
15.2
|
%
|
|
5,418
|
|
|
816
|
|
|
15.1
|
%
|
Other
|
5,198
|
|
|
203
|
|
|
3.9
|
%
|
|
5,136
|
|
|
214
|
|
|
4.2
|
%
|
Total Asia/Pacific, Middle East and Africa
|
11,250
|
|
|
1,122
|
|
|
10.0
|
%
|
|
10,554
|
|
|
1,030
|
|
|
9.8
|
%
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Brazil
|
813
|
|
|
137
|
|
|
16.8
|
%
|
|
830
|
|
|
141
|
|
|
17.0
|
%
|
Other
|
480
|
|
|
74
|
|
|
15.4
|
%
|
|
532
|
|
|
94
|
|
|
17.6
|
%
|
Total South America
|
1,293
|
|
|
211
|
|
|
16.3
|
%
|
|
1,362
|
|
|
235
|
|
|
17.2
|
%
|
Total Worldwide
|
21,707
|
|
|
2,416
|
|
|
11.1
|
%
|
|
20,822
|
|
|
2,361
|
|
|
11.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
United States
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cars
|
1,787
|
|
|
265
|
|
|
14.8
|
%
|
|
1,858
|
|
|
257
|
|
|
13.8
|
%
|
Trucks
|
1,012
|
|
|
207
|
|
|
20.4
|
%
|
|
943
|
|
|
228
|
|
|
24.2
|
%
|
Crossovers
|
1,015
|
|
|
178
|
|
|
17.5
|
%
|
|
956
|
|
|
180
|
|
|
18.8
|
%
|
Total United States
|
3,814
|
|
|
650
|
|
|
17.0
|
%
|
|
3,757
|
|
|
665
|
|
|
17.7
|
%
|
|
Three Months Ended
|
||||
|
March 31, 2014
|
|
March 31, 2013
|
||
SAIC General Motors Sales Co., Ltd.
|
422
|
|
|
382
|
|
SGMW and FAW-GM
|
497
|
|
|
434
|
|
|
Three Months Ended
|
|
Three Months Ended 2014 vs. 2013
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||||
March 31, 2014
|
|
March 31, 2013
|
|
Favorable/ (Unfavorable)
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Other
|
|
Total
|
||||||||||||||||||
|
(Dollars in millions)
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||||||
Automotive
|
$
|
36,315
|
|
|
$
|
36,344
|
|
|
$
|
(29
|
)
|
|
(0.1
|
)%
|
|
|
$
|
(1.6
|
)
|
|
$
|
0.4
|
|
|
$
|
1.8
|
|
|
$
|
(0.7
|
)
|
|
$
|
(0.1
|
)
|
GM Financial
|
1,093
|
|
|
540
|
|
|
553
|
|
|
102.4
|
%
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
0.6
|
|
||||||||
Total net sales and revenue
|
$
|
37,408
|
|
|
$
|
36,884
|
|
|
$
|
524
|
|
|
1.4
|
%
|
|
|
$
|
(1.6
|
)
|
|
$
|
0.4
|
|
|
$
|
1.8
|
|
|
$
|
(0.1
|
)
|
|
$
|
0.5
|
|
|
Three Months Ended
|
|
Three Months Ended 2014 vs. 2013
|
|
|
Variance Due To
|
|||||||||||||||||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
|
Favorable/ (Unfavorable)
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Other
|
|
Total
|
|||||||||||||||
|
(Dollars in millions)
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||
Automotive cost of sales
|
$
|
34,127
|
|
|
$
|
32,617
|
|
|
$
|
(1,510
|
)
|
|
(4.6
|
)%
|
|
|
$
|
1.2
|
|
|
$
|
(0.7
|
)
|
|
$
|
(2.0
|
)
|
|
$
|
(1.5
|
)
|
Automotive gross margin
|
$
|
2,188
|
|
|
$
|
3,727
|
|
|
$
|
(1,539
|
)
|
|
(41.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Three Months Ended 2014 vs. 2013
|
|||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
Favorable/ (Unfavorable)
|
|
%
|
||||||||
GM Financial operating and other expenses
|
$
|
875
|
|
|
$
|
356
|
|
|
$
|
(519
|
)
|
|
(145.8
|
)%
|
|
Three Months Ended
|
|
Three Months Ended 2014 vs. 2013
|
|||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
|
Favorable/ (Unfavorable)
|
|
%
|
|||||||
Automotive selling, general and administrative expense
|
$
|
2,941
|
|
|
$
|
2,952
|
|
|
$
|
11
|
|
|
0.4
|
%
|
|
Three Months Ended
|
|
Three Months Ended 2014 vs. 2013
|
|||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
|
Favorable/ (Unfavorable)
|
|
%
|
|||||||
Automotive interest expense
|
$
|
103
|
|
|
$
|
91
|
|
|
$
|
(12
|
)
|
|
(13.2
|
)%
|
|
Three Months Ended
|
|
Three Months Ended 2014 vs. 2013
|
|||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
|
Favorable/ (Unfavorable)
|
|
%
|
|||||||
Interest income and other non-operating income, net
|
$
|
89
|
|
|
$
|
171
|
|
|
$
|
(82
|
)
|
|
(48.0
|
)%
|
|
Three Months Ended
|
|
Three Months Ended 2014 vs. 2013
|
|||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
|
Favorable/ (Unfavorable)
|
|
%
|
|||||||
China JVs
|
$
|
595
|
|
|
$
|
548
|
|
|
$
|
47
|
|
|
8.6
|
%
|
Others
|
10
|
|
|
7
|
|
|
3
|
|
|
42.9
|
%
|
|||
Total equity income
|
$
|
605
|
|
|
$
|
555
|
|
|
$
|
50
|
|
|
9.0
|
%
|
|
Three Months Ended
|
|
Three Months Ended 2014 vs. 2013
|
||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
|
Favorable/ (Unfavorable)
|
|
%
|
||||||
Income tax expense (benefit)
|
$
|
(224
|
)
|
|
$
|
409
|
|
|
$
|
633
|
|
|
n.m.
|
|
Three Months Ended
|
||||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||||||||
Automotive
|
|
|
|
|
|
|
|
||||||
EBIT-adjusted
|
|
|
|
|
|
|
|
||||||
GMNA
|
$
|
557
|
|
|
226.4
|
%
|
|
$
|
1,414
|
|
|
89.2
|
%
|
GME
|
(284
|
)
|
|
(115.4
|
)%
|
|
(152
|
)
|
|
(9.6
|
)%
|
||
GMIO
|
252
|
|
|
102.4
|
%
|
|
472
|
|
|
29.8
|
%
|
||
GMSA
|
(156
|
)
|
|
(63.4
|
)%
|
|
(38
|
)
|
|
(2.4
|
)%
|
||
Corporate
|
(123
|
)
|
|
(50.0
|
)%
|
|
(110
|
)
|
|
(7.0
|
)%
|
||
Total automotive EBIT-adjusted
|
246
|
|
|
100.0
|
%
|
|
1,586
|
|
|
100.0
|
%
|
||
Adjustments
|
(428
|
)
|
|
|
|
(170
|
)
|
|
|
||||
Corporate interest income
|
53
|
|
|
|
|
79
|
|
|
|
||||
Automotive interest expense
|
(103
|
)
|
|
|
|
(91
|
)
|
|
|
||||
Net income attributable to noncontrolling interests
|
67
|
|
|
|
|
10
|
|
|
|
||||
Automotive Financing
|
|
|
|
|
|
|
|
||||||
GM Financial income before income taxes-adjusted
|
221
|
|
|
|
|
180
|
|
|
|
||||
Adjustments
|
1
|
|
|
|
|
—
|
|
|
|
||||
Consolidated
|
|
|
|
|
|
|
|
||||||
Eliminations
|
(1
|
)
|
|
|
|
—
|
|
|
|
||||
Income before income taxes
|
$
|
56
|
|
|
|
|
$
|
1,594
|
|
|
|
|
Three Months Ended
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
|
Favorable / (Unfavorable)
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Other
|
|
Total
|
|||||||||||||||||
|
(Dollars in millions)
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
24,404
|
|
|
$
|
22,979
|
|
|
$
|
1,425
|
|
|
6.2
|
%
|
|
|
$
|
(0.5
|
)
|
|
$
|
0.2
|
|
|
$
|
1.7
|
|
|
$
|
—
|
|
|
$
|
1.4
|
|
EBIT-adjusted
|
$
|
557
|
|
|
$
|
1,414
|
|
|
$
|
(857
|
)
|
|
(60.6
|
)%
|
|
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
1.7
|
|
|
$
|
(2.4
|
)
|
|
$
|
(0.9
|
)
|
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Wholesale vehicle sales
|
807
|
|
829
|
|
|
(22
|
)
|
|
(2.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
•
|
Approximately 1.9 million vehicles were recalled to replace either the power steering motor, the steering column, the power steering motor control unit or a combination of the steering column and the power steering motor control unit as the electric power steering could fail under certain circumstances — model years 2004–2006, 2008–2009 Chevrolet Malibu, model years 2004–2006 Malibu Maxx, model years 2006–2010 HHR, model years 2005–2010 Cobalt, model years 2008–2009 Saturn Aura, model years 2003–2007 ION, model years 2007–2010 Pontiac G5, model years 2005–2006, 2008–2009 G6 and model years 2005–2006 Pursuit and G4. We recorded approximately
$340 million
in Automotive cost of sales to repair these vehicles.
|
•
|
Approximately 1.3 million vehicles were recalled that are prone to non-deployment of the side impact restraints if vehicles are not serviced when the Service Air Bag warning light is illuminated — model years 2008–2013 Buick Enclave and GMC Acadia, model years 2009–2013 Chevrolet Traverse and model years 2008–2010 Saturn Outlook. We recorded approximately
$185 million
in Automotive cost of sales to repair these vehicles.
|
•
|
Approximately 1.2 million vehicles were recalled for other matters — certain model years 2009–2014 Chevrolet Express and GMC Savana, model years 2011–2014 Chevrolet Cruze, model year 2014 Chevrolet Silverado 1500 and GMC Sierra 1500 and model year 2015 Chevrolet Suburban, Tahoe, GMC Yukon and Cadillac Escalade. We recorded approximately
$70 million
in Automotive cost of sales to repair these vehicles.
|
|
Three Months Ended
|
||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||
Balance at beginning of period
|
$
|
761
|
|
|
$
|
851
|
|
Additions
|
1,333
|
|
|
115
|
|
||
Payments
|
(110
|
)
|
|
(115
|
)
|
||
Adjustments to prior periods
|
(19
|
)
|
|
11
|
|
||
Balance at end of period
|
$
|
1,965
|
|
|
$
|
862
|
|
|
Three Months Ended
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
|
Favorable / (Unfavorable)
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Other
|
|
Total
|
|||||||||||||||||
|
(Dollars in millions)
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
5,620
|
|
|
$
|
5,272
|
|
|
$
|
348
|
|
|
6.6
|
%
|
|
|
$
|
0.3
|
|
|
$
|
0.1
|
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
0.3
|
|
EBIT (loss)-adjusted
|
$
|
(284
|
)
|
|
$
|
(152
|
)
|
|
$
|
(132
|
)
|
|
(86.8
|
)%
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Wholesale vehicle sales
|
291
|
|
275
|
|
|
16
|
|
|
5.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||
Total wholesale vehicles(a)
|
934
|
|
|
841
|
|
||
Market share in China
|
15.2
|
%
|
|
15.1
|
%
|
||
Total net sales and revenue
|
$
|
11,107
|
|
|
$
|
9,745
|
|
Net income
|
$
|
1,239
|
|
|
$
|
1,144
|
|
(a)
|
Including vehicles exported to markets outside of China.
|
|
March 31, 2014
|
|
December 31, 2013
|
||||
Cash and cash equivalents
|
$
|
8,071
|
|
|
$
|
6,606
|
|
Debt
|
$
|
155
|
|
|
$
|
151
|
|
|
Three Months Ended
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
|
Favorable / (Unfavorable)
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Other
|
|
Total
|
|||||||||||||||||
|
(Dollars in millions)
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
3,230
|
|
|
$
|
4,366
|
|
|
$
|
(1,136
|
)
|
|
(26.0
|
)%
|
|
|
$
|
(0.9
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.2
|
)
|
|
$
|
(1.1
|
)
|
EBIT-adjusted
|
$
|
252
|
|
|
$
|
472
|
|
|
$
|
(220
|
)
|
|
(46.6
|
)%
|
|
|
$
|
(0.2
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
|
$
|
0.2
|
|
|
$
|
(0.2
|
)
|
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Wholesale vehicle sales
|
162
|
|
217
|
|
|
(55
|
)
|
|
(25.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
|
Favorable / (Unfavorable)
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Other
|
|
Total
|
|||||||||||||||||
|
(Dollars in millions)
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
3,025
|
|
|
$
|
3,691
|
|
|
$
|
(666
|
)
|
|
(18.0
|
)%
|
|
|
$
|
(0.4
|
)
|
|
$
|
0.1
|
|
|
$
|
0.2
|
|
|
$
|
(0.6
|
)
|
|
$
|
(0.7
|
)
|
EBIT (loss)-adjusted
|
$
|
(156
|
)
|
|
$
|
(38
|
)
|
|
$
|
(118
|
)
|
|
n.m.
|
|
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
0.2
|
|
|
$
|
(0.2
|
)
|
|
$
|
(0.1
|
)
|
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Wholesale vehicle sales
|
208
|
|
233
|
|
|
(25
|
)
|
|
(10.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Three Months Ended 2014 vs. 2013
|
|||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
|
Increase/ (Decrease)
|
|
%
|
|||||||
|
(Dollars in millions)
|
|||||||||||||
GM Financial revenue
|
$
|
1,097
|
|
|
$
|
540
|
|
|
$
|
557
|
|
|
103.1
|
%
|
Provision for loan losses
|
$
|
135
|
|
|
$
|
94
|
|
|
$
|
41
|
|
|
43.6
|
%
|
Income before income taxes-adjusted
|
$
|
221
|
|
|
$
|
180
|
|
|
$
|
41
|
|
|
22.8
|
%
|
|
(Dollars in billions)
|
|||||||||||||
Average debt outstanding
|
$
|
29.3
|
|
|
$
|
11.2
|
|
|
$
|
18.1
|
|
|
161.6
|
%
|
Effective rate of interest paid
|
4.4
|
%
|
|
3.0
|
%
|
|
1.4
|
%
|
|
|
|
|
Three Months Ended
|
|
Three Months Ended 2014 vs. 2013
|
|||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
|
Favorable/ (Unfavorable)
|
|
%
|
|||||||
EBIT (loss)-adjusted
|
$
|
(123
|
)
|
|
$
|
(110
|
)
|
|
$
|
(13
|
)
|
|
11.8
|
%
|
|
March 31, 2014
|
|
December 31, 2013
|
||||
Cash and cash equivalents
|
$
|
18.3
|
|
|
$
|
18.9
|
|
Marketable securities
|
8.7
|
|
|
9.0
|
|
||
Available liquidity
|
27.0
|
|
|
27.9
|
|
||
Available under credit facilities
|
10.4
|
|
|
10.4
|
|
||
Total available liquidity
|
$
|
37.4
|
|
|
$
|
38.3
|
|
|
Three Months Ended March 31, 2014
|
||
Operating cash flow
|
$
|
2.0
|
|
Capital expenditures
|
(1.8
|
)
|
|
Dividends paid
|
(0.6
|
)
|
|
Effect of foreign currency
|
(0.5
|
)
|
|
Total change in available liquidity
|
$
|
(0.9
|
)
|
|
Three Months Ended
|
||||||
Operating Activities
|
March 31, 2014
|
|
March 31, 2013
|
||||
Net income
|
$
|
0.1
|
|
|
$
|
1.1
|
|
Depreciation, amortization and impairments
|
1.4
|
|
|
1.4
|
|
||
Pension and OPEB activities
|
(0.2
|
)
|
|
(0.2
|
)
|
||
Working capital
|
0.4
|
|
|
(1.0
|
)
|
||
Other
|
0.3
|
|
|
(0.8
|
)
|
||
Cash flows from operating activities
|
$
|
2.0
|
|
|
$
|
0.5
|
|
|
Three Months Ended
|
||||||
Investing Activities
|
March 31, 2014
|
|
March 31, 2013
|
||||
Capital expenditures
|
$
|
(1.8
|
)
|
|
$
|
(1.9
|
)
|
Liquidations of marketable securities, net
|
0.2
|
|
|
2.4
|
|
||
Other
|
0.1
|
|
|
—
|
|
||
Cash flows from investing activities
|
$
|
(1.5
|
)
|
|
$
|
0.5
|
|
|
Three Months Ended
|
||||||
Financing Activities
|
March 31, 2014
|
|
March 31, 2013
|
||||
Dividends paid
|
$
|
(0.6
|
)
|
|
$
|
(0.2
|
)
|
Cash flows from financing activities
|
$
|
(0.6
|
)
|
|
$
|
(0.2
|
)
|
|
Three Months Ended
|
||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||
Operating cash flow
|
$
|
2.0
|
|
|
$
|
0.5
|
|
Less: capital expenditures
|
(1.8
|
)
|
|
(1.9
|
)
|
||
Free cash flow
|
0.2
|
|
|
(1.4
|
)
|
||
Adjustments
|
—
|
|
|
0.1
|
|
||
Adjusted free cash flow
|
$
|
0.2
|
|
|
$
|
(1.3
|
)
|
|
March 31, 2014
|
|
December 31, 2013
|
||||
Cash and cash equivalents
|
$
|
1.2
|
|
|
$
|
1.1
|
|
Borrowing capacity on unpledged eligible assets
|
1.4
|
|
|
1.6
|
|
||
Borrowing capacity on committed unsecured lines of credit
|
0.6
|
|
|
0.6
|
|
||
Available liquidity
|
$
|
3.2
|
|
|
$
|
3.3
|
|
|
Three Months Ended
|
|
Three Months Ended 2014 vs. 2013
|
|||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
|
Amount
|
|
%
|
|||||||
Net cash provided by operating activities
|
$
|
0.4
|
|
|
$
|
0.3
|
|
|
$
|
0.1
|
|
|
36.2
|
%
|
Net cash used in investing activities
|
$
|
(1.7
|
)
|
|
$
|
(1.0
|
)
|
|
$
|
(0.7
|
)
|
|
64.9
|
%
|
Net cash provided by financing activities
|
$
|
1.3
|
|
|
$
|
2.4
|
|
|
$
|
(1.1
|
)
|
|
(44.3
|
)%
|
•
|
Our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications;
|
•
|
Our ability to maintain quality control over our vehicles and avoid material vehicle recalls and the cost and effect on our reputation and products;
|
•
|
Our ability to maintain adequate liquidity and financing sources including as required to fund our planned significant investment in new technology;
|
•
|
Our ability to realize successful vehicle applications of new technology;
|
•
|
Shortages of and increases or volatility in the price of oil, including as a result of political instability in the Middle East and African nations;
|
•
|
Our ability to continue to attract customers, particularly for our new products, including cars and crossover vehicles;
|
•
|
Availability of adequate financing on acceptable terms to our customers, dealers, distributors and suppliers to enable them to continue their business relationships with us;
|
•
|
The ability of our suppliers to deliver parts, systems and components without disruption and at such times to allow us to meet production schedules;
|
•
|
Our ability to manage the distribution channels for our products;
|
•
|
Our ability to successfully restructure our European and consolidated international operations;
|
•
|
The continued availability of both wholesale and retail financing from Ally Financial and its affiliates and other finance companies in markets in which we operate to support our ability to sell vehicles, which is dependent on those entities' ability to obtain funding and their continued willingness to provide financing;
|
•
|
Our continued ability to develop captive financing capability, including GM Financial;
|
•
|
GM Financial's ability to successfully integrate certain Ally Financial international operations;
|
•
|
Overall strength and stability of the automotive industry, both in the U.S. and in global markets, particularly Europe;
|
•
|
Continued economic instability or poor economic conditions in the U.S., Europe and other global markets, including the credit markets, or changes in economic conditions, commodity prices, housing prices, foreign currency exchange rates or political stability in the markets in which we operate;
|
•
|
Significant changes in the competitive environment, including the effect of competition and excess manufacturing capacity in our markets, on our pricing policies or use of incentives and the introduction of new and improved vehicle models by our competitors;
|
•
|
Significant changes in economic, political and market conditions in China, including the effect of competition from new market entrants, on our vehicle sales and market position in China;
|
•
|
Changes in the existing, or the adoption of new, laws, regulations, policies or other activities of governments, agencies and similar organizations particularly laws, regulations and policies relating to vehicle safety including recalls, and including where such actions may affect the production, licensing, distribution or sale of our products, the cost thereof or applicable tax rates;
|
•
|
Costs and risks associated with litigation and government investigations including those related to our recent recalls;
|
•
|
Significant increases in our pension expense or projected pension contributions resulting from changes in the value of plan assets, the discount rate applied to value the pension liabilities or other assumption changes; and
|
•
|
Changes in accounting principles, or their application or interpretation, and our ability to make estimates and the assumptions underlying the estimates, which could have an effect on earnings.
|
|
Total Number of Shares Purchased(a)
|
|
Average Price Paid per Share
|
|
Total Number of Shares
Purchased Under the Program
|
|
Approximate Dollar Value of Shares That
May Yet be Purchased Under the Program
|
|||
January 1, 2014 through January 31, 2014
|
34,209,607
|
|
|
$
|
40.43
|
|
|
N/A
|
|
N/A
|
February 1, 2014 through February 28, 2014
|
2,470,411
|
|
|
$
|
37.86
|
|
|
N/A
|
|
N/A
|
March 1, 2014 through March 31, 2014
|
4,041,033
|
|
|
$
|
35.60
|
|
|
N/A
|
|
N/A
|
Total
|
40,721,051
|
|
|
$
|
39.80
|
|
|
|
|
|
(a)
|
Represents shares of common stock retained by us for the payment of the exercise price upon the exercise of warrants and shares of common stock delivered by employees or directors back to us for the payment of taxes resulting from issuance of common stock upon the vesting of RSUs and Restricted Stock Awards relating to compensation plans. Refer to Notes 21 and 23 to our consolidated financial statements in our 2013 Form 10-K for additional details on warrants issued and employee stock incentive plans.
|
Exhibit
Number
|
|
Exhibit Name
|
|
|
10.1
|
|
Amendment to Warrant Agreements between General Motors Company and U.S. Bank National Association amending exhibits 10.21, 10.22 and 10.23 to the Annual Report on Form 10-K of General Motors Company filed February 6, 2014
|
|
Filed Herewith
|
12
|
|
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends for the Quarter Ended March 31, 2014
|
|
Filed Herewith
|
31.1
|
|
Section 302 Certification of the Chief Executive Officer
|
|
Filed Herewith
|
31.2
|
|
Section 302 Certification of the Chief Financial Officer
|
|
Filed Herewith
|
32
|
|
Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Furnished with this Report
|
101.INS*
|
|
XBRL Instance Document
|
|
Furnished with this Report
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document
|
|
Furnished with this Report
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
Furnished with this Report
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Furnished with this Report
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
Furnished with this Report
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Furnished with this Report
|
*
|
Submitted electronically with this Report.
|
|
|
GENERAL MOTORS COMPANY (Registrant)
|
|
|
|
|
By:
|
/s/ THOMAS S. TIMKO
|
|
|
|
|
Thomas S. Timko, Vice President, Controller and Chief Accounting Officer
|
|
Date:
|
April 24, 2014
|
|
|
|
1.
|
The definition of “Settlement Date” in section 1.01 will read in its entirety:
|
2.
|
Section 6.01 will read in its entirety:
|
|
General Motors Company
|
||
|
By:
|
/s/ JAMES A. DAVLIN
|
|
|
Name:
|
James A. Davlin
|
|
|
Title:
|
Treasurer
|
|
|
U.S. Bank National Association, as Warrant Agent
|
||
|
By:
|
/s/ KAREN R. BEARD
|
|
|
Name:
|
Karen R. Beard
|
|
|
Title:
|
Vice President
|
|
|
Three Months Ended
|
||
March 31, 2014
|
|||
Loss from continuing operations before income taxes and equity income
|
$
|
(549
|
)
|
Fixed charges excluding capitalized interest
|
442
|
|
|
Amortization of capitalized interest
|
5
|
|
|
Losses available for fixed charges
|
$
|
(102
|
)
|
|
|
||
Interest and related charges on debt
|
$
|
411
|
|
Portion of rentals deemed to be interest
|
31
|
|
|
Interest capitalized in period
|
13
|
|
|
Total fixed charges
|
455
|
|
|
Preferred stock dividends
|
88
|
|
|
Combined fixed charges and preferred stock dividends
|
$
|
543
|
|
|
|
||
Ratio of earnings to fixed charges
|
(a)
|
|
|
Ratio of earnings to combined fixed charges and preferred stock dividends
|
(a)
|
|
(a)
|
Earnings in the three months ended March 31, 2014 were inadequate to cover combined fixed charges and preferred stock dividends by $0.6 billion.
|
|
|
/s/ MARY T. BARRA
|
|
|
|
Mary T. Barra
Chief Executive Officer
|
|
Date:
|
April 24, 2014
|
|
|
|
|
/s/ CHARLES K. STEVENS III
|
|
|
|
Charles K. Stevens III
Executive Vice President and Chief Financial Officer |
|
Date:
|
April 24, 2014
|
|
|
|
|
/s/ MARY T. BARRA
|
|
|
|
Mary T. Barra
Chief Executive Officer
|
|
|
|
|
|
|
|
/s/ CHARLES K. STEVENS III
|
|
|
|
Charles K. Stevens III
Executive Vice President and Chief Financial Officer |
|
Date:
|
April 24, 2014
|
|
|