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.
|
Discontinued Operations
|
|
|
Note 3.
|
Marketable Securities
|
|
|
Note 4.
|
GM Financial Receivables
|
|
|
Note 5.
|
Inventories
|
|
|
Note 6.
|
Equipment on Operating Leases
|
|
|
Note 7.
|
Equity in Net Assets of Nonconsolidated Affiliates
|
|
|
Note 8.
|
Variable Interest Entities
|
|
|
Note 9.
|
Automotive and GM Financial Debt
|
|
|
Note 10.
|
Derivative Financial Instruments
|
|
|
Note 11.
|
Product Warranty and Related Liabilities
|
|
|
Note 12.
|
Pensions and Other Postretirement Benefits
|
|
|
Note 13.
|
Commitments and Contingencies
|
|
|
Note 14.
|
Income Taxes
|
|
|
Note 15.
|
Restructuring and Other Initiatives
|
|
|
Note 16.
|
Stockholders' Equity
|
|
|
Note 17.
|
Earnings Per Share
|
|
|
Note 18.
|
Acquisition of Business
|
|
|
Note 19.
|
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
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
Net sales and revenue
|
|
|
|
|
|
|
|
||||||||
Automotive
|
$
|
33,998
|
|
|
$
|
35,246
|
|
|
$
|
68,517
|
|
|
$
|
66,332
|
|
GM Financial
|
2,986
|
|
|
2,137
|
|
|
5,733
|
|
|
4,067
|
|
||||
Total net sales and revenue
|
36,984
|
|
|
37,383
|
|
|
74,250
|
|
|
70,399
|
|
||||
Costs and expenses
|
|
|
|
|
|
|
|
||||||||
Automotive cost of sales
|
29,212
|
|
|
29,941
|
|
|
58,650
|
|
|
56,622
|
|
||||
GM Financial interest, operating and other expenses
|
2,675
|
|
|
1,962
|
|
|
5,241
|
|
|
3,736
|
|
||||
Automotive selling, general and administrative expense
|
2,479
|
|
|
2,508
|
|
|
4,837
|
|
|
4,978
|
|
||||
Total costs and expenses
|
34,366
|
|
|
34,411
|
|
|
68,728
|
|
|
65,336
|
|
||||
Operating income
|
2,618
|
|
|
2,972
|
|
|
5,522
|
|
|
5,063
|
|
||||
Automotive interest expense
|
132
|
|
|
144
|
|
|
279
|
|
|
268
|
|
||||
Interest income and other non-operating income (loss), net
|
(49
|
)
|
|
133
|
|
|
112
|
|
|
186
|
|
||||
Equity income (Note 7)
|
530
|
|
|
660
|
|
|
1,085
|
|
|
1,220
|
|
||||
Income before income taxes
|
2,967
|
|
|
3,621
|
|
|
6,440
|
|
|
6,201
|
|
||||
Income tax expense (Note 14)
|
534
|
|
|
877
|
|
|
1,321
|
|
|
1,534
|
|
||||
Income from continuing operations
|
2,433
|
|
|
2,744
|
|
|
5,119
|
|
|
4,667
|
|
||||
Income (loss) from discontinued operations, net of tax (Note 2)
|
(770
|
)
|
|
106
|
|
|
(839
|
)
|
|
114
|
|
||||
Net income
|
1,663
|
|
|
2,850
|
|
|
4,280
|
|
|
4,781
|
|
||||
Net (income) loss attributable to noncontrolling interests
|
(3
|
)
|
|
16
|
|
|
(12
|
)
|
|
38
|
|
||||
Net income attributable to common stockholders
|
$
|
1,660
|
|
|
$
|
2,866
|
|
|
$
|
4,268
|
|
|
$
|
4,819
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share (Note 17)
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share
–
continuing operations
|
$
|
1.62
|
|
|
$
|
1.78
|
|
|
$
|
3.40
|
|
|
$
|
3.05
|
|
Basic earnings (loss) per common share – discontinued operations
|
$
|
(0.51
|
)
|
|
$
|
0.07
|
|
|
$
|
(0.56
|
)
|
|
$
|
0.07
|
|
Basic earnings per common share
|
$
|
1.11
|
|
|
$
|
1.85
|
|
|
$
|
2.84
|
|
|
$
|
3.12
|
|
Weighted-average common shares outstanding – basic
|
1,497
|
|
|
1,548
|
|
|
1,501
|
|
|
1,547
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per common share
–
continuing operations
|
$
|
1.60
|
|
|
$
|
1.74
|
|
|
$
|
3.35
|
|
|
$
|
2.98
|
|
Diluted earnings (loss) per common share – discontinued operations
|
$
|
(0.51
|
)
|
|
$
|
0.07
|
|
|
$
|
(0.55
|
)
|
|
$
|
0.07
|
|
Diluted earnings per common share
|
$
|
1.09
|
|
|
$
|
1.81
|
|
|
$
|
2.80
|
|
|
$
|
3.05
|
|
Weighted-average common shares outstanding – diluted
|
1,519
|
|
|
1,581
|
|
|
1,525
|
|
|
1,580
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share
|
$
|
0.38
|
|
|
$
|
0.38
|
|
|
$
|
0.76
|
|
|
$
|
0.76
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
Net income
|
$
|
1,663
|
|
|
$
|
2,850
|
|
|
$
|
4,280
|
|
|
$
|
4,781
|
|
Other comprehensive income (loss), net of tax (Note 16)
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments and other
|
93
|
|
|
(19
|
)
|
|
201
|
|
|
65
|
|
||||
Defined benefit plans
|
(211
|
)
|
|
171
|
|
|
(240
|
)
|
|
49
|
|
||||
Other comprehensive income (loss), net of tax
|
(118
|
)
|
|
152
|
|
|
(39
|
)
|
|
114
|
|
||||
Comprehensive income
|
1,545
|
|
|
3,002
|
|
|
4,241
|
|
|
4,895
|
|
||||
Comprehensive (income) loss attributable to noncontrolling interests
|
(4
|
)
|
|
13
|
|
|
(12
|
)
|
|
55
|
|
||||
Comprehensive income attributable to common stockholders
|
$
|
1,541
|
|
|
$
|
3,015
|
|
|
$
|
4,229
|
|
|
$
|
4,950
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
ASSETS
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
16,598
|
|
|
$
|
12,574
|
|
Marketable securities (Note 3)
|
9,133
|
|
|
11,841
|
|
||
Accounts and notes receivable, net
|
9,796
|
|
|
8,700
|
|
||
GM Financial receivables, net (Note 4; Note 8 at VIEs)
|
19,296
|
|
|
16,127
|
|
||
Inventories (Note 5)
|
11,289
|
|
|
11,040
|
|
||
Equipment on operating leases, net (Note 6)
|
1,883
|
|
|
1,110
|
|
||
Other current assets (Note 8 at VIEs)
|
4,324
|
|
|
3,633
|
|
||
Current assets held for sale (Note 2)
|
12,762
|
|
|
11,178
|
|
||
Total current assets
|
85,081
|
|
|
76,203
|
|
||
Non-current Assets
|
|
|
|
||||
GM Financial receivables, net (Note 4; Note 8 at VIEs)
|
20,137
|
|
|
17,001
|
|
||
Equity in net assets of nonconsolidated affiliates (Note 7)
|
8,248
|
|
|
8,996
|
|
||
Property, net
|
34,301
|
|
|
32,603
|
|
||
Goodwill and intangible assets, net
|
5,989
|
|
|
6,149
|
|
||
GM Financial equipment on operating leases, net (Note 6; Note 8 at VIEs)
|
39,725
|
|
|
34,342
|
|
||
Deferred income taxes
|
32,425
|
|
|
33,172
|
|
||
Other assets (Note 8 at VIEs)
|
3,994
|
|
|
3,849
|
|
||
Non-current assets held for sale (Note 2)
|
10,400
|
|
|
9,375
|
|
||
Total non-current assets
|
155,219
|
|
|
145,487
|
|
||
Total Assets
|
$
|
240,300
|
|
|
$
|
221,690
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current Liabilities
|
|
|
|
||||
Accounts payable (principally trade)
|
$
|
23,404
|
|
|
$
|
23,333
|
|
Short-term debt and current portion of long-term debt (Note 9)
|
|
|
|
||||
Automotive
|
1,066
|
|
|
1,060
|
|
||
GM Financial (Note 8 at VIEs)
|
28,942
|
|
|
22,737
|
|
||
Accrued liabilities
|
26,601
|
|
|
25,893
|
|
||
Current liabilities held for sale (Note 2)
|
14,293
|
|
|
12,158
|
|
||
Total current liabilities
|
94,306
|
|
|
85,181
|
|
||
Non-current Liabilities
|
|
|
|
||||
Long-term debt (Note 9)
|
|
|
|
||||
Automotive
|
9,544
|
|
|
9,500
|
|
||
GM Financial (Note 8 at VIEs)
|
49,537
|
|
|
41,826
|
|
||
Postretirement benefits other than pensions (Note 12)
|
5,750
|
|
|
5,803
|
|
||
Pensions (Note 12)
|
14,777
|
|
|
15,264
|
|
||
Other liabilities
|
12,438
|
|
|
12,415
|
|
||
Non-current liabilities held for sale (Note 2)
|
8,223
|
|
|
7,626
|
|
||
Total non-current liabilities
|
100,269
|
|
|
92,434
|
|
||
Total Liabilities
|
194,575
|
|
|
177,615
|
|
||
Commitments and contingencies (Note 13)
|
|
|
|
|
|
||
Equity (Note 16)
|
|
|
|
||||
Common stock, $0.01 par value
|
15
|
|
|
15
|
|
||
Additional paid-in capital
|
26,328
|
|
|
26,983
|
|
||
Retained earnings
|
28,547
|
|
|
26,168
|
|
||
Accumulated other comprehensive loss
|
(9,369
|
)
|
|
(9,330
|
)
|
||
Total stockholders’ equity
|
45,521
|
|
|
43,836
|
|
||
Noncontrolling interests
|
204
|
|
|
239
|
|
||
Total Equity
|
45,725
|
|
|
44,075
|
|
||
Total Liabilities and Equity
|
$
|
240,300
|
|
|
$
|
221,690
|
|
|
Six Months Ended
|
||||||
|
June 30, 2017
|
|
June 30, 2016
|
||||
Cash flows from operating activities
|
|
|
|
||||
Income from continuing operations
|
$
|
5,119
|
|
|
$
|
4,667
|
|
Depreciation, amortization and impairment charges
|
5,937
|
|
|
4,591
|
|
||
Foreign currency remeasurement and transaction losses
|
105
|
|
|
142
|
|
||
Undistributed earnings of nonconsolidated affiliates, net
|
487
|
|
|
893
|
|
||
Pension contributions and OPEB payments
|
(753
|
)
|
|
(2,778
|
)
|
||
Pension and OPEB income, net
|
(405
|
)
|
|
(406
|
)
|
||
Provision for deferred taxes
|
1,303
|
|
|
1,437
|
|
||
Change in other operating assets and liabilities
|
(4,365
|
)
|
|
(3,046
|
)
|
||
Net cash provided by operating activities
–
continuing operations
|
7,428
|
|
|
5,500
|
|
||
Net cash provided by operating activities
–
discontinued operations
|
131
|
|
|
519
|
|
||
Net cash provided by operating activities
|
7,559
|
|
|
6,019
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Expenditures for property
|
(4,186
|
)
|
|
(4,032
|
)
|
||
Available-for-sale marketable securities, acquisitions
|
(2,149
|
)
|
|
(2,278
|
)
|
||
Trading marketable securities, acquisitions
|
—
|
|
|
(203
|
)
|
||
Available-for-sale marketable securities, liquidations
|
4,872
|
|
|
5,337
|
|
||
Trading marketable securities, liquidations
|
—
|
|
|
813
|
|
||
Acquisition of companies/investments, net of cash acquired
|
(2
|
)
|
|
(799
|
)
|
||
Purchases of finance receivables, net
|
(10,577
|
)
|
|
(6,417
|
)
|
||
Principal collections and recoveries on finance receivables
|
6,003
|
|
|
4,938
|
|
||
Purchases of leased vehicles, net
|
(9,884
|
)
|
|
(10,145
|
)
|
||
Proceeds from termination of leased vehicles
|
2,724
|
|
|
1,089
|
|
||
Other investing activities
|
64
|
|
|
213
|
|
||
Net cash used in investing activities
–
continuing operations
|
(13,135
|
)
|
|
(11,484
|
)
|
||
Net cash used in investing activities
–
discontinued operations
|
(788
|
)
|
|
(855
|
)
|
||
Net cash used in investing activities
|
(13,923
|
)
|
|
(12,339
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Net decrease in short-term debt
|
(413
|
)
|
|
(294
|
)
|
||
Proceeds from issuance of debt (original maturities greater than three months)
|
27,131
|
|
|
21,500
|
|
||
Payments on debt (original maturities greater than three months)
|
(13,331
|
)
|
|
(10,373
|
)
|
||
Payments to purchase common stock
|
(1,496
|
)
|
|
(300
|
)
|
||
Dividends paid
|
(1,145
|
)
|
|
(1,188
|
)
|
||
Other financing activities
|
(237
|
)
|
|
(168
|
)
|
||
Net cash provided by financing activities
–
continuing operations
|
10,509
|
|
|
9,177
|
|
||
Net cash provided by financing activities
–
discontinued operations
|
31
|
|
|
850
|
|
||
Net cash provided by financing activities
|
10,540
|
|
|
10,027
|
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
209
|
|
|
55
|
|
||
Net increase in cash, cash equivalents and restricted cash
|
4,385
|
|
|
3,762
|
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
15,160
|
|
|
17,332
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
19,545
|
|
|
$
|
21,094
|
|
Cash, cash equivalents and restricted cash – continuing operations at end of period (Note 3)
|
$
|
18,920
|
|
|
$
|
20,365
|
|
Cash, cash equivalents and restricted cash
–
discontinued operations at end of period
|
$
|
625
|
|
|
$
|
729
|
|
Significant Non-cash Investing and Financing Activity
|
|
|
|
||||
Non-cash property additions
–
continuing operations
|
$
|
4,086
|
|
|
$
|
4,029
|
|
Non-cash property additions
–
discontinued operations
|
$
|
482
|
|
|
$
|
553
|
|
Non-cash business acquisition
–
continuing operations (Note 18)
|
$
|
—
|
|
|
$
|
290
|
|
|
Common Stockholders’
|
|
Noncontrolling Interests
|
|
Total Equity
|
||||||||||||||||||
Common Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
||||||||||||||||
Balance at January 1, 2016
|
$
|
15
|
|
|
$
|
27,607
|
|
|
$
|
20,285
|
|
|
$
|
(8,036
|
)
|
|
$
|
452
|
|
|
$
|
40,323
|
|
Net income
|
—
|
|
|
—
|
|
|
4,819
|
|
|
—
|
|
|
(38
|
)
|
|
4,781
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
131
|
|
|
(17
|
)
|
|
114
|
|
||||||
Issuance of common stock
|
—
|
|
|
290
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
290
|
|
||||||
Purchase of common stock
|
—
|
|
|
(167
|
)
|
|
(133
|
)
|
|
—
|
|
|
—
|
|
|
(300
|
)
|
||||||
Exercise of common stock warrants
|
1
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
||||||
Stock based compensation
|
—
|
|
|
(24
|
)
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
||||||
Cash dividends paid on common stock
|
—
|
|
|
—
|
|
|
(1,178
|
)
|
|
—
|
|
|
—
|
|
|
(1,178
|
)
|
||||||
Dividends to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
(17
|
)
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
||||||
Balance at June 30, 2016
|
$
|
16
|
|
|
$
|
27,734
|
|
|
$
|
23,785
|
|
|
$
|
(7,905
|
)
|
|
$
|
373
|
|
|
$
|
44,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at January 1, 2017
|
$
|
15
|
|
|
$
|
26,983
|
|
|
$
|
26,168
|
|
|
$
|
(9,330
|
)
|
|
$
|
239
|
|
|
$
|
44,075
|
|
Net income
|
—
|
|
|
—
|
|
|
4,268
|
|
|
—
|
|
|
12
|
|
|
4,280
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
|
—
|
|
|
(39
|
)
|
||||||
Purchase of common stock
|
—
|
|
|
(760
|
)
|
|
(736
|
)
|
|
—
|
|
|
—
|
|
|
(1,496
|
)
|
||||||
Exercise of common stock warrants
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||
Stock based compensation
|
—
|
|
|
101
|
|
|
(16
|
)
|
|
—
|
|
|
—
|
|
|
85
|
|
||||||
Cash dividends paid on common stock
|
—
|
|
|
—
|
|
|
(1,137
|
)
|
|
—
|
|
|
—
|
|
|
(1,137
|
)
|
||||||
Dividends to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
(8
|
)
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
|
(39
|
)
|
||||||
Balance at June 30, 2017
|
$
|
15
|
|
|
$
|
26,328
|
|
|
$
|
28,547
|
|
|
$
|
(9,369
|
)
|
|
$
|
204
|
|
|
$
|
45,725
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
Automotive net sales and revenue
|
$
|
5,005
|
|
|
$
|
5,649
|
|
|
$
|
9,704
|
|
|
$
|
10,567
|
|
GM Financial net sales and revenue
|
139
|
|
|
146
|
|
|
267
|
|
|
286
|
|
||||
Total net sales and revenue
|
5,144
|
|
|
5,795
|
|
|
9,971
|
|
|
10,853
|
|
||||
Automotive cost of sales
|
4,906
|
|
|
5,291
|
|
|
9,466
|
|
|
10,008
|
|
||||
GM Financial interest, operating and other expenses
|
102
|
|
|
101
|
|
|
202
|
|
|
213
|
|
||||
Automotive selling, general, and administrative expense
|
353
|
|
|
339
|
|
|
679
|
|
|
687
|
|
||||
Other income and (expense) items
|
(1
|
)
|
|
36
|
|
|
2
|
|
|
65
|
|
||||
Income (loss) from discontinued operations before taxes
|
(218
|
)
|
|
100
|
|
|
(374
|
)
|
|
10
|
|
||||
Loss on sale of discontinued operations before taxes(a)
|
836
|
|
|
—
|
|
|
836
|
|
|
—
|
|
||||
Total income (loss) from discontinued operations before taxes
|
(1,054
|
)
|
|
100
|
|
|
(1,210
|
)
|
|
10
|
|
||||
Income tax benefit
|
284
|
|
|
6
|
|
|
371
|
|
|
104
|
|
||||
Income (loss) from discontinued operations, net of tax
|
$
|
(770
|
)
|
|
$
|
106
|
|
|
$
|
(839
|
)
|
|
$
|
114
|
|
(a)
|
Includes contract cancellation charges associated with the disposal.
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
288
|
|
|
$
|
386
|
|
Accounts and notes receivable, net
|
1,226
|
|
|
938
|
|
||
GM Financial receivables, net
|
6,506
|
|
|
5,938
|
|
||
Inventories
|
3,233
|
|
|
2,748
|
|
||
Equipment on operating leases, net
|
1,077
|
|
|
786
|
|
||
Other current assets
|
432
|
|
|
382
|
|
||
Total current assets held for sale
|
12,762
|
|
|
11,178
|
|
||
Non-current Assets
|
|
|
|
||||
GM Financial receivables, net
|
4,134
|
|
|
3,723
|
|
||
Property, net
|
3,743
|
|
|
3,217
|
|
||
Deferred income taxes
|
2,163
|
|
|
1,920
|
|
||
Other assets
|
360
|
|
|
515
|
|
||
Total non-current assets held for sale
|
10,400
|
|
|
9,375
|
|
||
Total Assets Held for Sale
|
$
|
23,162
|
|
|
$
|
20,553
|
|
|
|
|
|
||||
Current Liabilities
|
|
|
|
||||
Accounts payable (principally trade)
|
$
|
4,098
|
|
|
$
|
3,628
|
|
Short-term debt and current portion of long-term debt
|
|
|
|
||||
Automotive
|
95
|
|
|
107
|
|
||
GM Financial
|
5,530
|
|
|
5,124
|
|
||
Accrued liabilities
|
4,570
|
|
|
3,299
|
|
||
Total current liabilities held for sale
|
14,293
|
|
|
12,158
|
|
||
Non-current Liabilities
|
|
|
|
||||
Long-term debt
|
|
|
|
||||
Automotive
|
75
|
|
|
85
|
|
||
GM Financial
|
4,481
|
|
|
4,189
|
|
||
Pensions
|
2,882
|
|
|
2,687
|
|
||
Other liabilities
|
785
|
|
|
665
|
|
||
Total non-current liabilities held for sale
|
8,223
|
|
|
7,626
|
|
||
Total Liabilities Held for Sale
|
$
|
22,516
|
|
|
$
|
19,784
|
|
|
Fair Value Level
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Cash and cash equivalents
|
|
|
|
|
|
||||
Cash, cash equivalents and time deposits
|
|
|
$
|
6,758
|
|
|
$
|
5,692
|
|
Available-for-sale securities
|
|
|
|
|
|
||||
U.S. government and agencies
|
2
|
|
1,179
|
|
|
1,158
|
|
||
Corporate debt
|
2
|
|
2,903
|
|
|
2,524
|
|
||
Money market funds
|
1
|
|
4,117
|
|
|
1,801
|
|
||
Sovereign debt
|
2
|
|
1,641
|
|
|
1,399
|
|
||
Total available-for-sale securities – cash equivalents
|
|
|
9,840
|
|
|
6,882
|
|
||
Total cash and cash equivalents
|
|
|
$
|
16,598
|
|
|
$
|
12,574
|
|
Marketable securities
|
|
|
|
|
|
|
|||
U.S. government and agencies
|
2
|
|
$
|
4,045
|
|
|
$
|
5,886
|
|
Corporate debt
|
2
|
|
3,606
|
|
|
3,611
|
|
||
Mortgage and asset-backed
|
2
|
|
494
|
|
|
197
|
|
||
Sovereign debt
|
2
|
|
988
|
|
|
2,147
|
|
||
Total available-for-sale securities – marketable securities
|
|
|
$
|
9,133
|
|
|
$
|
11,841
|
|
Restricted cash
|
|
|
|
|
|
||||
Cash, cash equivalents and time deposits
|
|
|
$
|
207
|
|
|
$
|
248
|
|
Available-for-sale securities, primarily money market funds
|
1
|
|
2,115
|
|
|
1,665
|
|
||
Total restricted cash
|
|
|
$
|
2,322
|
|
|
$
|
1,913
|
|
|
|
|
|
|
|
||||
Available-for-sale securities included above with contractual maturities(a)
|
|
|
|
|
|
||||
Due in one year or less
|
|
|
$
|
9,002
|
|
|
|
||
Due between one and five years
|
|
|
5,360
|
|
|
|
|||
Total available-for-sale securities with contractual maturities
|
|
|
$
|
14,362
|
|
|
|
(a)
|
Excludes mortgage and asset-backed securities.
|
|
June 30, 2017
|
||
Cash and cash equivalents
|
$
|
16,598
|
|
Restricted cash included in Other current assets
|
1,786
|
|
|
Restricted cash included in Other assets
|
536
|
|
|
Total
|
$
|
18,920
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Retail
|
|
Commercial
|
|
Total
|
|
Retail
|
|
Commercial
|
|
Total
|
||||||||||||
Finance receivables, collectively evaluated for impairment, net of fees
|
$
|
28,971
|
|
|
$
|
9,308
|
|
|
$
|
38,279
|
|
|
$
|
24,480
|
|
|
$
|
7,506
|
|
|
$
|
31,986
|
|
Finance receivables, individually evaluated for impairment, net of fees
|
2,012
|
|
|
35
|
|
|
2,047
|
|
|
1,920
|
|
|
27
|
|
|
1,947
|
|
||||||
GM Financial receivables
|
30,983
|
|
|
9,343
|
|
|
40,326
|
|
|
26,400
|
|
|
7,533
|
|
|
33,933
|
|
||||||
Less: allowance for loan losses
|
(844
|
)
|
|
(49
|
)
|
|
(893
|
)
|
|
(765
|
)
|
|
(40
|
)
|
|
(805
|
)
|
||||||
GM Financial receivables, net
|
$
|
30,139
|
|
|
$
|
9,294
|
|
|
$
|
39,433
|
|
|
$
|
25,635
|
|
|
$
|
7,493
|
|
|
$
|
33,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair value of GM Financial receivables
|
|
|
|
|
$
|
39,477
|
|
|
|
|
|
|
$
|
33,181
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
Allowance for loan losses at beginning of period
|
$
|
867
|
|
|
$
|
808
|
|
|
$
|
805
|
|
|
$
|
749
|
|
Provision for loan losses
|
158
|
|
|
144
|
|
|
369
|
|
|
334
|
|
||||
Charge-offs
|
(273
|
)
|
|
(258
|
)
|
|
(571
|
)
|
|
(542
|
)
|
||||
Recoveries
|
142
|
|
|
130
|
|
|
285
|
|
|
275
|
|
||||
Effect of foreign currency
|
(1
|
)
|
|
4
|
|
|
5
|
|
|
12
|
|
||||
Allowance for loan losses at end of period
|
$
|
893
|
|
|
$
|
828
|
|
|
$
|
893
|
|
|
$
|
828
|
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||||
|
Amount
|
|
Percent of Contractual Amount Due
|
|
Amount
|
|
Percent of Contractual Amount Due
|
||||||
31-to-60 days delinquent
|
$
|
1,076
|
|
|
3.4
|
%
|
|
$
|
1,055
|
|
|
4.3
|
%
|
Greater-than-60 days delinquent
|
464
|
|
|
1.5
|
%
|
|
454
|
|
|
1.9
|
%
|
||
Total finance receivables more than 30 days delinquent
|
1,540
|
|
|
4.9
|
%
|
|
1,509
|
|
|
6.2
|
%
|
||
In repossession
|
43
|
|
|
0.2
|
%
|
|
47
|
|
|
0.2
|
%
|
||
Total finance receivables more than 30 days delinquent or in repossession
|
$
|
1,583
|
|
|
5.1
|
%
|
|
$
|
1,556
|
|
|
6.4
|
%
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Group I
|
– Dealers with superior financial metrics
|
$
|
1,610
|
|
|
$
|
1,372
|
|
Group II
|
– Dealers with strong financial metrics
|
3,260
|
|
|
2,526
|
|
||
Group III
|
– Dealers with fair financial metrics
|
3,180
|
|
|
2,598
|
|
||
Group IV
|
– Dealers with weak financial metrics
|
855
|
|
|
613
|
|
||
Group V
|
– Dealers warranting special mention due to elevated risks
|
328
|
|
|
334
|
|
||
Group VI
|
– Dealers with loans classified as substandard, doubtful or impaired
|
110
|
|
|
90
|
|
||
|
|
$
|
9,343
|
|
|
$
|
7,533
|
|
|
June 30, 2017
|
||||||||||||||
|
GMNA
|
|
GMIO
|
|
GMSA
|
|
Total
|
||||||||
Total productive material, supplies and work in process
|
$
|
3,534
|
|
|
$
|
873
|
|
|
$
|
700
|
|
|
$
|
5,107
|
|
Finished product, including service parts
|
3,948
|
|
|
1,434
|
|
|
800
|
|
|
6,182
|
|
||||
Total inventories
|
$
|
7,482
|
|
|
$
|
2,307
|
|
|
$
|
1,500
|
|
|
$
|
11,289
|
|
|
December 31, 2016
|
||||||||||||||
|
GMNA
|
|
GMIO
|
|
GMSA
|
|
Total
|
||||||||
Total productive material, supplies and work in process
|
$
|
3,277
|
|
|
$
|
970
|
|
|
$
|
761
|
|
|
$
|
5,008
|
|
Finished product, including service parts
|
4,119
|
|
|
1,208
|
|
|
705
|
|
|
6,032
|
|
||||
Total inventories
|
$
|
7,396
|
|
|
$
|
2,178
|
|
|
$
|
1,466
|
|
|
$
|
11,040
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Equipment on operating leases
|
$
|
2,054
|
|
|
$
|
1,197
|
|
Less: accumulated depreciation
|
(171
|
)
|
|
(87
|
)
|
||
Equipment on operating leases, net
|
$
|
1,883
|
|
|
$
|
1,110
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
Depreciation expense
|
$
|
64
|
|
|
$
|
33
|
|
|
$
|
108
|
|
|
$
|
54
|
|
Impairment charges
|
$
|
34
|
|
|
$
|
29
|
|
|
$
|
54
|
|
|
$
|
41
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
GM Financial equipment on operating leases
|
$
|
47,905
|
|
|
$
|
40,654
|
|
Less: accumulated depreciation
|
(8,180
|
)
|
|
(6,312
|
)
|
||
GM Financial equipment on operating leases, net
|
$
|
39,725
|
|
|
$
|
34,342
|
|
|
Year Ending December 31,
|
||||||||||||||||||
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
||||||||||
Minimum rental receipts under operating leases
|
$
|
3,371
|
|
|
$
|
5,599
|
|
|
$
|
3,191
|
|
|
$
|
723
|
|
|
$
|
50
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
Automotive China equity income
|
$
|
509
|
|
|
$
|
471
|
|
|
$
|
1,013
|
|
|
$
|
989
|
|
Other joint ventures equity income
|
21
|
|
|
189
|
|
|
72
|
|
|
231
|
|
||||
Total Equity income
|
$
|
530
|
|
|
$
|
660
|
|
|
$
|
1,085
|
|
|
$
|
1,220
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
Summarized Operating Data of Automotive China JVs
|
|
|
|
|
|
|
|
||||||||
Automotive China JVs' net sales
|
$
|
10,815
|
|
|
$
|
10,281
|
|
|
$
|
22,016
|
|
|
$
|
21,472
|
|
Automotive China JVs' net income
|
$
|
902
|
|
|
$
|
979
|
|
|
$
|
1,948
|
|
|
$
|
2,065
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Restricted cash – current
|
$
|
1,781
|
|
|
$
|
1,302
|
|
Restricted cash – non-current
|
$
|
480
|
|
|
$
|
478
|
|
GM Financial receivables, net of fees – current
|
$
|
14,046
|
|
|
$
|
12,437
|
|
GM Financial receivables, net of fees – non-current
|
$
|
12,585
|
|
|
$
|
11,917
|
|
GM Financial equipment on operating leases, net
|
$
|
23,257
|
|
|
$
|
19,341
|
|
GM Financial short-term debt and current portion of long-term debt
|
$
|
21,387
|
|
|
$
|
17,526
|
|
GM Financial long-term debt
|
$
|
16,785
|
|
|
$
|
16,659
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
||||||||
Total automotive debt
|
$
|
10,610
|
|
|
$
|
11,626
|
|
|
$
|
10,560
|
|
|
$
|
11,399
|
|
Fair value utilizing Level 1 inputs
|
|
|
$
|
9,679
|
|
|
|
|
$
|
9,515
|
|
||||
Fair value utilizing Level 2 inputs
|
|
|
$
|
1,947
|
|
|
|
|
$
|
1,884
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
||||||||
Secured debt
|
$
|
38,828
|
|
|
$
|
38,926
|
|
|
$
|
35,087
|
|
|
$
|
35,162
|
|
Unsecured debt
|
39,651
|
|
|
40,645
|
|
|
29,476
|
|
|
30,045
|
|
||||
Total GM Financial debt
|
$
|
78,479
|
|
|
$
|
79,571
|
|
|
$
|
64,563
|
|
|
$
|
65,207
|
|
|
|
|
|
|
|
|
|
||||||||
Fair value utilizing Level 2 inputs
|
|
|
$
|
77,695
|
|
|
|
|
$
|
62,951
|
|
||||
Fair value utilizing Level 3 inputs
|
|
|
$
|
1,876
|
|
|
|
|
$
|
2,256
|
|
|
Fair Value Level
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Derivatives designated as hedges(a)
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
||||
Net investment hedges – foreign currency
|
2
|
|
$
|
1,583
|
|
|
$
|
—
|
|
Cash flow hedges
|
|
|
|
|
|
||||
Foreign currency
|
2
|
|
—
|
|
|
803
|
|
||
Commodity
|
2
|
|
160
|
|
|
106
|
|
||
Total cash flow hedges
|
|
|
160
|
|
|
909
|
|
||
Total assets
|
|
|
$
|
1,743
|
|
|
$
|
909
|
|
Derivatives not designated as hedges(a)
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
||||
Foreign currency
|
2
|
|
$
|
4,295
|
|
|
$
|
4,483
|
|
Commodity
|
2
|
|
723
|
|
|
1,061
|
|
||
Total assets
|
|
|
$
|
5,018
|
|
|
$
|
5,544
|
|
Liabilities
|
|
|
|
|
|
||||
Foreign currency
|
2
|
|
$
|
2,173
|
|
|
$
|
470
|
|
Interest rate swaps
|
2
|
|
6,193
|
|
|
—
|
|
||
Commodity
|
2
|
|
307
|
|
|
181
|
|
||
Total liabilities
|
|
|
$
|
8,673
|
|
|
$
|
651
|
|
(a)
|
The fair value of these derivative instruments at
June 30, 2017
and
December 31, 2016
as well as the gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three and six months ended June 30, 2017 and 2016 were insignificant.
|
|
Fair Value Level
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Derivatives designated as hedges(a)
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
||||
Fair value hedges – interest rate swaps
|
2
|
|
$
|
2,500
|
|
|
$
|
—
|
|
Cash flow hedges
|
|
|
|
|
|
||||
Interest rate swaps
|
2/3
|
|
2,466
|
|
|
3,070
|
|
||
Foreign currency
|
2
|
|
855
|
|
|
—
|
|
||
Total cash flow hedges
|
|
|
3,321
|
|
|
3,070
|
|
||
Total assets
|
|
|
$
|
5,821
|
|
|
$
|
3,070
|
|
Liabilities
|
|
|
|
|
|
||||
Fair value hedges – interest rate swaps(b)
|
2
|
|
$
|
8,854
|
|
|
$
|
7,700
|
|
Cash flow hedges
|
|
|
|
|
|
||||
Interest rate swaps
|
2/3
|
|
456
|
|
|
500
|
|
||
Foreign currency
|
2
|
|
—
|
|
|
791
|
|
||
Total cash flow hedges
|
|
|
456
|
|
|
1,291
|
|
||
Total liabilities
|
|
|
$
|
9,310
|
|
|
$
|
8,991
|
|
Derivatives not designated as hedges(a)
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
||||
Interest rate swaps
|
2/3
|
|
$
|
24,881
|
|
|
$
|
7,959
|
|
Interest rate caps and floors
|
2
|
|
15,347
|
|
|
9,698
|
|
||
Foreign currency
|
2
|
|
1,141
|
|
|
—
|
|
||
Total assets
|
|
|
$
|
41,369
|
|
|
$
|
17,657
|
|
Liabilities
|
|
|
|
|
|
||||
Interest rate swaps
|
2/3
|
|
$
|
17,746
|
|
|
$
|
6,170
|
|
Interest rate caps and floors
|
2
|
|
17,714
|
|
|
12,146
|
|
||
Foreign currency
|
2
|
|
331
|
|
|
—
|
|
||
Total liabilities
|
|
|
$
|
35,791
|
|
|
$
|
18,316
|
|
(a)
|
The fair value of these derivative instruments at
June 30, 2017
and
December 31, 2016
as well as the gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three and six months ended June 30, 2017 and 2016 were insignificant.
|
(b)
|
The fair value of these derivative instruments was
$238 million
and
$276 million
at
June 30, 2017
and
December 31, 2016
.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
Warranty balance at beginning of period
|
$
|
9,063
|
|
|
$
|
8,486
|
|
|
$
|
9,069
|
|
|
$
|
8,550
|
|
Warranties issued and assumed in period
–
recall campaigns
|
191
|
|
|
178
|
|
|
354
|
|
|
321
|
|
||||
Warranties issued and assumed in period
–
product warranty
|
539
|
|
|
595
|
|
|
1,105
|
|
|
1,086
|
|
||||
Payments
|
(786
|
)
|
|
(831
|
)
|
|
(1,595
|
)
|
|
(1,663
|
)
|
||||
Adjustments to pre-existing warranties
|
(128
|
)
|
|
216
|
|
|
(88
|
)
|
|
289
|
|
||||
Effect of foreign currency and other
|
11
|
|
|
(5
|
)
|
|
45
|
|
|
56
|
|
||||
Warranty balance at end of period
|
$
|
8,890
|
|
|
$
|
8,639
|
|
|
$
|
8,890
|
|
|
$
|
8,639
|
|
|
Three Months Ended June 30, 2017
|
|
Three Months Ended June 30, 2016
|
||||||||||||||||||||
|
Pension Benefits
|
|
Global OPEB Plans
|
|
Pension Benefits
|
|
Global OPEB Plans
|
||||||||||||||||
|
U.S.
|
|
Non-U.S.
|
|
|
U.S.
|
|
Non-U.S.
|
|
||||||||||||||
Service cost
|
$
|
79
|
|
|
$
|
40
|
|
|
$
|
6
|
|
|
$
|
96
|
|
|
$
|
59
|
|
|
$
|
4
|
|
Interest cost
|
536
|
|
|
126
|
|
|
49
|
|
|
553
|
|
|
126
|
|
|
50
|
|
||||||
Expected return on plan assets
|
(919
|
)
|
|
(172
|
)
|
|
—
|
|
|
(944
|
)
|
|
(177
|
)
|
|
—
|
|
||||||
Amortization of prior service cost (credit)
|
(1
|
)
|
|
1
|
|
|
(4
|
)
|
|
(1
|
)
|
|
3
|
|
|
(3
|
)
|
||||||
Amortization of net actuarial (gains) losses
|
(2
|
)
|
|
48
|
|
|
8
|
|
|
(7
|
)
|
|
35
|
|
|
5
|
|
||||||
Net periodic pension and OPEB (income) expense
|
$
|
(307
|
)
|
|
$
|
43
|
|
|
$
|
59
|
|
|
$
|
(303
|
)
|
|
$
|
46
|
|
|
$
|
56
|
|
|
Six Months Ended June 30, 2017
|
|
Six Months Ended June 30, 2016
|
||||||||||||||||||||
|
Pension Benefits
|
|
Global OPEB Plans
|
|
Pension Benefits
|
|
Global OPEB Plans
|
||||||||||||||||
|
U.S.
|
|
Non-U.S.
|
|
|
U.S.
|
|
Non-U.S.
|
|
||||||||||||||
Service cost
|
$
|
158
|
|
|
$
|
86
|
|
|
$
|
10
|
|
|
$
|
191
|
|
|
$
|
115
|
|
|
$
|
9
|
|
Interest cost
|
1,072
|
|
|
251
|
|
|
98
|
|
|
1,106
|
|
|
257
|
|
|
100
|
|
||||||
Expected return on plan assets
|
(1,838
|
)
|
|
(343
|
)
|
|
—
|
|
|
(1,889
|
)
|
|
(359
|
)
|
|
—
|
|
||||||
Amortization of prior service cost (credit)
|
(2
|
)
|
|
2
|
|
|
(7
|
)
|
|
(2
|
)
|
|
6
|
|
|
(7
|
)
|
||||||
Amortization of net actuarial (gains) losses
|
(3
|
)
|
|
95
|
|
|
16
|
|
|
(13
|
)
|
|
70
|
|
|
10
|
|
||||||
Net periodic pension and OPEB (income) expense
|
$
|
(613
|
)
|
|
$
|
91
|
|
|
$
|
117
|
|
|
$
|
(607
|
)
|
|
$
|
89
|
|
|
$
|
112
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
Balance at beginning of period
|
$
|
296
|
|
|
$
|
606
|
|
|
$
|
268
|
|
|
$
|
383
|
|
Additions, interest accretion and other
|
250
|
|
|
40
|
|
|
290
|
|
|
340
|
|
||||
Payments
|
(53
|
)
|
|
(311
|
)
|
|
(75
|
)
|
|
(405
|
)
|
||||
Revisions to estimates and effect of foreign currency
|
—
|
|
|
(2
|
)
|
|
10
|
|
|
15
|
|
||||
Balance at end of period
|
$
|
493
|
|
|
$
|
333
|
|
|
$
|
493
|
|
|
$
|
333
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
Foreign Currency Translation Adjustments
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
(2,264
|
)
|
|
$
|
(1,949
|
)
|
|
$
|
(2,355
|
)
|
|
$
|
(2,034
|
)
|
Other comprehensive income (loss) net of reclassification adjustment, noncontrolling interests and tax(a)(b)
|
102
|
|
|
(10
|
)
|
|
193
|
|
|
75
|
|
||||
Balance at end of period
|
$
|
(2,162
|
)
|
|
$
|
(1,959
|
)
|
|
$
|
(2,162
|
)
|
|
$
|
(1,959
|
)
|
Defined Benefit Plans
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
(6,997
|
)
|
|
$
|
(6,121
|
)
|
|
$
|
(6,968
|
)
|
|
$
|
(5,999
|
)
|
Other comprehensive income (loss) before reclassification adjustment, net of tax(a)
|
(266
|
)
|
|
133
|
|
|
(343
|
)
|
|
(15
|
)
|
||||
Reclassification adjustment, net of tax(a)(c)
|
55
|
|
|
38
|
|
|
103
|
|
|
64
|
|
||||
Other comprehensive income (loss), net of tax(a)
|
(211
|
)
|
|
171
|
|
|
(240
|
)
|
|
49
|
|
||||
Balance at end of period(d)
|
$
|
(7,208
|
)
|
|
$
|
(5,950
|
)
|
|
$
|
(7,208
|
)
|
|
$
|
(5,950
|
)
|
(a)
|
The income tax effect was insignificant in the three and six months ended
June 30, 2017
and
2016
.
|
(b)
|
The reclassification adjustments and noncontrolling interests were insignificant in the three and six months ended
June 30, 2017
and
2016
.
|
(c)
|
Included in the computation of net periodic pension and OPEB (income) expense. Refer to
Note 12
for additional information.
|
(d)
|
Refer to Note 2 for deferred pension costs to be recognized upon closing of the Agreement.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
Basic earnings per share
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations(a)
|
$
|
2,430
|
|
|
$
|
2,760
|
|
|
$
|
5,107
|
|
|
$
|
4,705
|
|
Income (loss) from discontinued operations, net of tax
|
(770
|
)
|
|
106
|
|
|
(839
|
)
|
|
114
|
|
||||
Net income attributable to common stockholders
|
$
|
1,660
|
|
|
$
|
2,866
|
|
|
$
|
4,268
|
|
|
$
|
4,819
|
|
Weighted-average common shares outstanding
|
1,497
|
|
|
1,548
|
|
|
1,501
|
|
|
1,547
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share – continuing operations
|
$
|
1.62
|
|
|
$
|
1.78
|
|
|
$
|
3.40
|
|
|
$
|
3.05
|
|
Basic earnings (loss) per common share – discontinued operations
|
$
|
(0.51
|
)
|
|
$
|
0.07
|
|
|
$
|
(0.56
|
)
|
|
$
|
0.07
|
|
Basic earnings per common share
|
$
|
1.11
|
|
|
$
|
1.85
|
|
|
$
|
2.84
|
|
|
$
|
3.12
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations – diluted(a)
|
$
|
2,430
|
|
|
$
|
2,759
|
|
|
$
|
5,107
|
|
|
$
|
4,703
|
|
Income (loss) from discontinued operations, net of tax – diluted
|
(770
|
)
|
|
106
|
|
|
(839
|
)
|
|
114
|
|
||||
Net income attributable to common stockholders – diluted
|
$
|
1,660
|
|
|
$
|
2,865
|
|
|
$
|
4,268
|
|
|
$
|
4,817
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding – basic
|
1,497
|
|
|
1,548
|
|
|
1,501
|
|
|
1,547
|
|
||||
Dilutive effect of warrants and awards under stock incentive plans
|
22
|
|
|
33
|
|
|
24
|
|
|
33
|
|
||||
Weighted-average common shares outstanding – diluted
|
1,519
|
|
|
1,581
|
|
|
1,525
|
|
|
1,580
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per common share – continuing operations
|
$
|
1.60
|
|
|
$
|
1.74
|
|
|
$
|
3.35
|
|
|
$
|
2.98
|
|
Diluted earnings (loss) per common share – discontinued operations
|
$
|
(0.51
|
)
|
|
$
|
0.07
|
|
|
$
|
(0.55
|
)
|
|
$
|
0.07
|
|
Diluted earnings per common share
|
$
|
1.09
|
|
|
$
|
1.81
|
|
|
$
|
2.80
|
|
|
$
|
3.05
|
|
Potentially dilutive securities(b)
|
6
|
|
|
26
|
|
|
6
|
|
|
26
|
|
(a)
|
Net of Net (income) loss attributable to noncontrolling interests.
|
(b)
|
Potentially dilutive securities attributable to outstanding stock options were excluded from the computation of diluted earnings per share because the securities would have had an antidilutive effect.
|
|
At and For the Three Months Ended June 30, 2017
|
||||||||||||||||||||||||||||||||||
|
GMNA
|
|
GMIO
|
|
GMSA
|
|
Corporate
|
|
Eliminations
|
|
Total Automotive
|
|
GM Financial
|
|
Eliminations
|
|
Total
|
||||||||||||||||||
Net sales and revenue
|
$
|
28,437
|
|
|
$
|
3,215
|
|
|
$
|
2,297
|
|
|
$
|
52
|
|
|
|
|
$
|
34,001
|
|
|
$
|
2,990
|
|
|
$
|
(7
|
)
|
|
$
|
36,984
|
|
||
Earnings (loss) before interest and taxes-adjusted
|
$
|
3,475
|
|
|
$
|
340
|
|
|
$
|
(23
|
)
|
|
$
|
(464
|
)
|
|
|
|
$
|
3,328
|
|
|
$
|
357
|
|
|
$
|
(3
|
)
|
|
$
|
3,682
|
|
||
Adjustments(a)
|
$
|
—
|
|
|
$
|
(460
|
)
|
|
$
|
(80
|
)
|
|
$
|
(114
|
)
|
|
|
|
$
|
(654
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(654
|
)
|
|||
Automotive interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68
|
|
|||||||||||||||||
Automotive interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(132
|
)
|
|||||||||||||||||
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|||||||||||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,967
|
|
|||||||||||||||||
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(534
|
)
|
|||||||||||||||||
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,433
|
|
|||||||||||||||||
(Loss) from discontinued operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(770
|
)
|
|||||||||||||||||
Net (income) attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3
|
)
|
|||||||||||||||||
Net income attributable to common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,660
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Equity in net assets of nonconsolidated affiliates
|
$
|
79
|
|
|
$
|
7,112
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,192
|
|
|
$
|
1,056
|
|
|
$
|
—
|
|
|
$
|
8,248
|
|
Total assets(b)
|
$
|
109,312
|
|
|
$
|
20,436
|
|
|
$
|
7,141
|
|
|
$
|
41,890
|
|
|
$
|
(40,585
|
)
|
|
$
|
138,194
|
|
|
$
|
103,588
|
|
|
$
|
(1,482
|
)
|
|
$
|
240,300
|
|
Depreciation and amortization
|
$
|
1,187
|
|
|
$
|
108
|
|
|
$
|
70
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
1,375
|
|
|
$
|
1,586
|
|
|
$
|
—
|
|
|
$
|
2,961
|
|
Impairment charges
|
$
|
34
|
|
|
$
|
196
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
233
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
233
|
|
Equity income
|
$
|
1
|
|
|
$
|
487
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
488
|
|
|
$
|
42
|
|
|
$
|
—
|
|
|
$
|
530
|
|
(a)
|
Consists of charges of
$460 million
related to restructuring actions in India and South Africa in GMIO; charges of
$80 million
associated with the deconsolidation of Venezuela in GMSA and charges of
$114 million
for legal related matters related to the ignition switch recall in Corporate.
|
(b)
|
Assets in Corporate and GM Financial include assets classified as held for sale.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At and For the Three Months Ended June 30, 2016
|
||||||||||||||||||||||||||||||||||
|
GMNA
|
|
GMIO
|
|
GMSA
|
|
Corporate
|
|
Eliminations
|
|
Total
Automotive
|
|
GM
Financial
|
|
Eliminations
|
|
Total
|
||||||||||||||||||
Net sales and revenue
|
$
|
30,222
|
|
|
$
|
3,342
|
|
|
$
|
1,639
|
|
|
$
|
43
|
|
|
|
|
$
|
35,246
|
|
|
$
|
2,138
|
|
|
$
|
(1
|
)
|
|
$
|
37,383
|
|
||
Earnings (loss) before interest and taxes-adjusted
|
$
|
3,745
|
|
|
$
|
190
|
|
|
$
|
(118
|
)
|
|
$
|
(185
|
)
|
|
|
|
$
|
3,632
|
|
|
$
|
214
|
|
|
$
|
—
|
|
|
$
|
3,846
|
|
||
Adjustments(a)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(115
|
)
|
|
|
|
$
|
(115
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(115
|
)
|
|||
Automotive interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50
|
|
|||||||||||||||||
Automotive interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(144
|
)
|
|||||||||||||||||
Net (loss) attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16
|
)
|
|||||||||||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,621
|
|
|||||||||||||||||
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(877
|
)
|
|||||||||||||||||
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,744
|
|
|||||||||||||||||
Income from discontinued operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
106
|
|
|||||||||||||||||
Net loss attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16
|
|
|||||||||||||||||
Net income attributable to common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,866
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Equity in net assets of nonconsolidated affiliates
|
$
|
73
|
|
|
$
|
7,244
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,319
|
|
|
$
|
879
|
|
|
$
|
—
|
|
|
$
|
8,198
|
|
Total assets(b)
|
$
|
98,173
|
|
|
$
|
21,562
|
|
|
$
|
7,676
|
|
|
$
|
34,928
|
|
|
$
|
(27,863
|
)
|
|
$
|
134,476
|
|
|
$
|
77,724
|
|
|
$
|
(1,751
|
)
|
|
$
|
210,449
|
|
Depreciation and amortization
|
$
|
1,073
|
|
|
$
|
106
|
|
|
$
|
70
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
1,254
|
|
|
$
|
1,117
|
|
|
$
|
—
|
|
|
$
|
2,371
|
|
Impairment charges
|
$
|
30
|
|
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
61
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
61
|
|
Equity income
|
$
|
153
|
|
|
$
|
469
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
622
|
|
|
$
|
38
|
|
|
$
|
—
|
|
|
$
|
660
|
|
(a)
|
Charges of
$115 million
for legal related matters related to the ignition switch recall.
|
(b)
|
Assets in Corporate and GM Financial include assets classified as held for sale.
|
|
At and For the Six Months Ended June 30, 2017
|
||||||||||||||||||||||||||||||||||
|
GMNA
|
|
GMIO
|
|
GMSA
|
|
Corporate
|
|
Eliminations
|
|
Total
Automotive |
|
GM
Financial |
|
Eliminations
|
|
Total
|
||||||||||||||||||
Net sales and revenue
|
$
|
57,775
|
|
|
$
|
6,393
|
|
|
$
|
4,257
|
|
|
$
|
226
|
|
|
|
|
$
|
68,651
|
|
|
$
|
5,738
|
|
|
$
|
(139
|
)
|
|
$
|
74,250
|
|
||
Earnings (loss) before interest and taxes-adjusted
|
$
|
6,946
|
|
|
$
|
637
|
|
|
$
|
(142
|
)
|
|
$
|
(787
|
)
|
|
|
|
$
|
6,654
|
|
|
$
|
585
|
|
|
$
|
(3
|
)
|
|
$
|
7,236
|
|
||
Adjustments(a)
|
$
|
—
|
|
|
$
|
(460
|
)
|
|
$
|
(80
|
)
|
|
$
|
(114
|
)
|
|
|
|
$
|
(654
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(654
|
)
|
|||
Automotive interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125
|
|
|||||||||||||||||
Automotive interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(279
|
)
|
|||||||||||||||||
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|||||||||||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,440
|
|
|||||||||||||||||
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,321
|
)
|
|||||||||||||||||
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,119
|
|
|||||||||||||||||
(Loss) from discontinued operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(839
|
)
|
|||||||||||||||||
Net (income) attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12
|
)
|
|||||||||||||||||
Net income attributable to common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,268
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Depreciation and amortization
|
$
|
2,289
|
|
|
$
|
226
|
|
|
$
|
143
|
|
|
$
|
12
|
|
|
$
|
(1
|
)
|
|
$
|
2,669
|
|
|
$
|
3,014
|
|
|
$
|
—
|
|
|
$
|
5,683
|
|
Impairment charges
|
$
|
49
|
|
|
$
|
197
|
|
|
$
|
3
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
254
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
254
|
|
Equity income
|
$
|
6
|
|
|
$
|
991
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
997
|
|
|
$
|
88
|
|
|
$
|
—
|
|
|
$
|
1,085
|
|
(a)
|
Consists of charges of
$460 million
related to restructuring actions in India and South Africa in GMIO; charges of
$80 million
associated with the deconsolidation of Venezuela in GMSA and charges of
$114 million
for legal related matters related to the ignition switch recall in Corporate.
|
|
At and For the Six Months Ended June 30, 2016
|
||||||||||||||||||||||||||||||||||
|
GMNA
|
|
GMIO
|
|
GMSA
|
|
Corporate
|
|
Eliminations
|
|
Total
Automotive
|
|
GM
Financial
|
|
Eliminations
|
|
Total
|
||||||||||||||||||
Net sales and revenue
|
$
|
56,730
|
|
|
$
|
6,547
|
|
|
$
|
2,982
|
|
|
$
|
73
|
|
|
|
|
$
|
66,332
|
|
|
$
|
4,069
|
|
|
$
|
(2
|
)
|
|
$
|
70,399
|
|
||
Earnings (loss) before interest and taxes-adjusted
|
$
|
6,129
|
|
|
$
|
624
|
|
|
$
|
(182
|
)
|
|
$
|
(390
|
)
|
|
|
|
$
|
6,181
|
|
|
$
|
407
|
|
|
$
|
—
|
|
|
$
|
6,588
|
|
||
Adjustments(a)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(175
|
)
|
|
|
|
$
|
(175
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(175
|
)
|
|||
Automotive interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
94
|
|
|||||||||||||||||
Automotive interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(268
|
)
|
|||||||||||||||||
Net (loss) attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(38
|
)
|
|||||||||||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,201
|
|
|||||||||||||||||
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,534
|
)
|
|||||||||||||||||
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,667
|
|
|||||||||||||||||
Income from discontinued operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
114
|
|
|||||||||||||||||
Net loss attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38
|
|
|||||||||||||||||
Net income attributable to common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,819
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Depreciation and amortization
|
$
|
2,097
|
|
|
$
|
214
|
|
|
$
|
127
|
|
|
$
|
10
|
|
|
$
|
(2
|
)
|
|
$
|
2,446
|
|
|
$
|
2,041
|
|
|
$
|
—
|
|
|
$
|
4,487
|
|
Impairment charges
|
$
|
41
|
|
|
$
|
63
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
104
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
104
|
|
Equity income
|
$
|
159
|
|
|
$
|
987
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,146
|
|
|
$
|
74
|
|
|
$
|
—
|
|
|
$
|
1,220
|
|
(a)
|
Charges of
$175 million
for legal related matters related to the ignition switch recall.
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||
Net income attributable to common stockholders
|
$
|
1,660
|
|
|
$
|
2,866
|
|
|
$
|
2,608
|
|
|
$
|
1,953
|
|
|
$
|
1,835
|
|
|
$
|
6,266
|
|
|
$
|
2,773
|
|
|
$
|
1,359
|
|
(Income) loss from discontinued operations, net of tax
|
770
|
|
|
(106
|
)
|
|
69
|
|
|
(8
|
)
|
|
120
|
|
|
230
|
|
|
(5
|
)
|
|
(123
|
)
|
||||||||
Income tax expense (benefit)
|
534
|
|
|
877
|
|
|
787
|
|
|
657
|
|
|
303
|
|
|
(3,139
|
)
|
|
902
|
|
|
502
|
|
||||||||
Gain on extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(449
|
)
|
|
—
|
|
|
—
|
|
||||||||
Automotive interest expense
|
132
|
|
|
144
|
|
|
147
|
|
|
124
|
|
|
150
|
|
|
109
|
|
|
145
|
|
|
107
|
|
||||||||
Automotive interest income
|
(68
|
)
|
|
(50
|
)
|
|
(57
|
)
|
|
(44
|
)
|
|
(45
|
)
|
|
(40
|
)
|
|
(43
|
)
|
|
(37
|
)
|
||||||||
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
GMIO restructuring(a)
|
460
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Venezuela deconsolidation(b)
|
80
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Ignition switch recall and related legal matters(c)
|
114
|
|
|
115
|
|
|
—
|
|
|
60
|
|
|
235
|
|
|
60
|
|
|
(110
|
)
|
|
1,500
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
—
|
|
||||||||
Total adjustments
|
654
|
|
|
115
|
|
|
—
|
|
|
60
|
|
|
235
|
|
|
42
|
|
|
(110
|
)
|
|
1,500
|
|
||||||||
EBIT-adjusted
|
$
|
3,682
|
|
|
$
|
3,846
|
|
|
$
|
3,554
|
|
|
$
|
2,742
|
|
|
$
|
2,598
|
|
|
$
|
3,019
|
|
|
$
|
3,662
|
|
|
$
|
3,308
|
|
(a)
|
This adjustment was 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 primarily consists of asset impairments, sales incentives, inventory provisions, dealer restructuring, employee separations and other contract cancellation costs in India and South Africa.
|
(b)
|
This adjustment was excluded because we ceased operations and terminated employment relationships in Venezuela due to causes beyond our control, which included adverse political and economic conditions, including the seizure of our manufacturing facility.
|
(c)
|
These adjustments were excluded because of the unique events associated with the ignition switch recall. These events included the creation of the ignition switch recall compensation program, as well as various investigations, inquiries, and complaints from various constituents.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||||||||||||||||||
|
Amount
|
|
Per Share
|
|
Amount
|
|
Per Share
|
|
Amount
|
|
Per Share
|
|
Amount
|
|
Per Share
|
||||||||||||||||
Diluted earnings per common share
|
$
|
1,660
|
|
|
$
|
1.09
|
|
|
$
|
2,865
|
|
|
$
|
1.81
|
|
|
$
|
4,268
|
|
|
$
|
2.80
|
|
|
$
|
4,817
|
|
|
$
|
3.05
|
|
Diluted (earnings) loss per common share – discontinued operations
|
770
|
|
|
0.51
|
|
|
(106
|
)
|
|
(0.07
|
)
|
|
839
|
|
|
0.55
|
|
|
(114
|
)
|
|
(0.07
|
)
|
||||||||
Adjustments(a)
|
654
|
|
|
0.43
|
|
|
115
|
|
|
0.08
|
|
|
654
|
|
|
0.43
|
|
|
175
|
|
|
0.11
|
|
||||||||
Tax effect on adjustments(b)
|
(208
|
)
|
|
(0.14
|
)
|
|
(43
|
)
|
|
(0.03
|
)
|
|
(208
|
)
|
|
(0.14
|
)
|
|
(66
|
)
|
|
(0.04
|
)
|
||||||||
EPS-diluted-adjusted
|
$
|
2,876
|
|
|
$
|
1.89
|
|
|
$
|
2,831
|
|
|
$
|
1.79
|
|
|
$
|
5,553
|
|
|
$
|
3.64
|
|
|
$
|
4,812
|
|
|
$
|
3.05
|
|
(a)
|
Refer to the reconciliation of Net income attributable to common stockholders under U.S. GAAP to EBIT-adjusted within this section of MD&A for the details of each individual adjustment.
|
(b)
|
The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction in which the adjustment relates.
|
|
Four Quarters Ended
|
||||||
|
June 30, 2017
|
|
June 30, 2016
|
||||
Net income attributable to common stockholders
|
$
|
8.9
|
|
|
$
|
12.4
|
|
Average equity
|
$
|
45.1
|
|
|
$
|
40.2
|
|
ROE
|
19.7
|
%
|
|
31.0
|
%
|
|
Four Quarters Ended
|
||||||
|
June 30, 2017
|
|
June 30, 2016
|
||||
EBIT-adjusted(a)
|
$
|
13.5
|
|
|
$
|
12.9
|
|
Average equity
|
$
|
45.1
|
|
|
$
|
40.2
|
|
Add: Average automotive debt and interest liabilities (excluding capital leases)
|
10.0
|
|
|
8.9
|
|
||
Add: Average automotive net pension & OPEB liability
|
21.5
|
|
|
23.8
|
|
||
Less: Average automotive net income tax asset
|
(32.2
|
)
|
|
(33.2
|
)
|
||
ROIC-adjusted average net assets
|
$
|
44.4
|
|
|
$
|
39.7
|
|
ROIC-adjusted
|
30.4
|
%
|
|
32.5
|
%
|
(a)
|
Refer to the reconciliation of Net income attributable to common stockholders under U.S GAAP to EBIT-adjusted within this section of MD&A.
|
|
Year Ending December 31, 2017
|
|
Diluted earnings per common share
|
$ 1.60-2.43
|
|
Diluted loss per common share – discontinued operations(a)(b)
|
2.46-2.79
|
|
Adjustments(c)
|
0.43
|
|
Tax effect on adjustments(d)
|
(0.14
|
)
|
Tax adjustment(b)(e)
|
1.32
|
|
EPS-diluted-adjusted
|
$ 6.00-6.50
|
|
(a)
|
Refer to Overview - PSA Group Transaction for additional details of the components of the charge expected to be recognized upon the sale of the European Business.
|
(b)
|
These estimates are subject to interest rate and foreign currency fluctuations and are based on the estimated closing dates for the Opel/Vauxhall Business and the Fincos.
|
(c)
|
Refer to the reconciliation of Net income attributable to common stockholders under U.S GAAP to EBIT-adjusted within the Non-GAAP Measures section of this MD&A.
|
(d)
|
The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction in which the adjustment relates.
|
(e)
|
This adjustment primarily consists of the tax provision related to the establishment of valuation allowances, as the deferred tax assets will no longer be realizable upon sale of our European Business to PSA Group.
|
|
Year Ending December 31, 2017
|
||
Net automotive cash provided by operating activities – continuing operations
|
$
|
15
|
|
Less: expected capital expenditures
|
(8
|
)
|
|
Adjusted automotive free cash flow – continuing operations
|
7
|
|
|
Net automotive cash provided by operating activities – discontinued operations
|
—
|
|
|
Less: expected capital expenditures – discontinued operations
|
(1
|
)
|
|
Adjusted automotive free cash flow
|
$
|
6
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||||||||||
GMNA
|
894
|
|
|
73.7
|
%
|
|
1,004
|
|
|
76.5
|
%
|
|
1,834
|
|
|
74.8
|
%
|
|
1,878
|
|
|
76.2
|
%
|
GMIO
|
155
|
|
|
12.8
|
%
|
|
175
|
|
|
13.4
|
%
|
|
316
|
|
|
12.9
|
%
|
|
340
|
|
|
13.8
|
%
|
GMSA
|
164
|
|
|
13.5
|
%
|
|
133
|
|
|
10.1
|
%
|
|
302
|
|
|
12.3
|
%
|
|
247
|
|
|
10.0
|
%
|
Total
|
1,213
|
|
|
100.0
|
%
|
|
1,312
|
|
|
100.0
|
%
|
|
2,452
|
|
|
100.0
|
%
|
|
2,465
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Discontinued operations
|
303
|
|
|
|
|
335
|
|
|
|
|
606
|
|
|
|
|
636
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||||||||||||||||||||||
|
Industry
|
|
GM
|
|
Market Share
|
|
Industry
|
|
GM
|
|
Market Share
|
|
Industry
|
|
GM
|
|
Market Share
|
|
Industry
|
|
GM
|
|
Market Share
|
||||||||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
United States
|
4,499
|
|
|
725
|
|
|
16.1
|
%
|
|
4,630
|
|
|
755
|
|
|
16.3
|
%
|
|
8,605
|
|
|
1,414
|
|
|
16.4
|
%
|
|
8,811
|
|
|
1,439
|
|
|
16.3
|
%
|
Other
|
1,087
|
|
|
154
|
|
|
14.2
|
%
|
|
1,073
|
|
|
155
|
|
|
14.4
|
%
|
|
1,984
|
|
|
281
|
|
|
14.1
|
%
|
|
1,921
|
|
|
270
|
|
|
14.1
|
%
|
Total North America(c)
|
5,586
|
|
|
879
|
|
|
15.7
|
%
|
|
5,703
|
|
|
910
|
|
|
16.0
|
%
|
|
10,589
|
|
|
1,695
|
|
|
16.0
|
%
|
|
10,732
|
|
|
1,709
|
|
|
15.9
|
%
|
Asia/Pacific, Middle East and Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
China(a)
|
6,121
|
|
|
852
|
|
|
13.9
|
%
|
|
6,384
|
|
|
839
|
|
|
13.1
|
%
|
|
12,301
|
|
|
1,766
|
|
|
14.4
|
%
|
|
12,997
|
|
|
1,815
|
|
|
14.0
|
%
|
Other(d)
|
5,097
|
|
|
163
|
|
|
3.2
|
%
|
|
5,019
|
|
|
187
|
|
|
3.7
|
%
|
|
10,547
|
|
|
318
|
|
|
3.0
|
%
|
|
10,299
|
|
|
356
|
|
|
3.5
|
%
|
Total Asia/Pacific, Middle East and Africa(c)
|
11,218
|
|
|
1,015
|
|
|
9.0
|
%
|
|
11,403
|
|
|
1,026
|
|
|
9.0
|
%
|
|
22,848
|
|
|
2,084
|
|
|
9.1
|
%
|
|
23,296
|
|
|
2,171
|
|
|
9.3
|
%
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Brazil
|
547
|
|
|
94
|
|
|
17.2
|
%
|
|
502
|
|
|
82
|
|
|
16.3
|
%
|
|
1,019
|
|
|
176
|
|
|
17.2
|
%
|
|
983
|
|
|
158
|
|
|
16.0
|
%
|
Other
|
463
|
|
|
66
|
|
|
14.4
|
%
|
|
392
|
|
|
54
|
|
|
13.9
|
%
|
|
930
|
|
|
132
|
|
|
14.2
|
%
|
|
765
|
|
|
111
|
|
|
14.6
|
%
|
Total South America(c)
|
1,010
|
|
|
160
|
|
|
15.9
|
%
|
|
894
|
|
|
136
|
|
|
15.2
|
%
|
|
1,949
|
|
|
308
|
|
|
15.8
|
%
|
|
1,748
|
|
|
269
|
|
|
15.4
|
%
|
Total in GM markets
|
17,814
|
|
|
2,054
|
|
|
11.5
|
%
|
|
18,000
|
|
|
2,072
|
|
|
11.5
|
%
|
|
35,386
|
|
|
4,087
|
|
|
11.5
|
%
|
|
35,776
|
|
|
4,149
|
|
|
11.6
|
%
|
Total Europe
|
5,092
|
|
|
289
|
|
|
5.7
|
%
|
|
5,099
|
|
|
318
|
|
|
6.2
|
%
|
|
10,152
|
|
|
599
|
|
|
5.9
|
%
|
|
9,760
|
|
|
619
|
|
|
6.3
|
%
|
Total Worldwide(b)
|
22,906
|
|
|
2,343
|
|
|
10.2
|
%
|
|
23,099
|
|
|
2,390
|
|
|
10.3
|
%
|
|
45,538
|
|
|
4,686
|
|
|
10.3
|
%
|
|
45,536
|
|
|
4,768
|
|
|
10.5
|
%
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cars
|
1,632
|
|
|
184
|
|
|
11.2
|
%
|
|
1,836
|
|
|
233
|
|
|
12.7
|
%
|
|
3,135
|
|
|
362
|
|
|
11.6
|
%
|
|
3,528
|
|
|
445
|
|
|
12.6
|
%
|
Trucks
|
1,267
|
|
|
310
|
|
|
24.4
|
%
|
|
1,251
|
|
|
327
|
|
|
26.2
|
%
|
|
2,424
|
|
|
601
|
|
|
24.8
|
%
|
|
2,371
|
|
|
610
|
|
|
25.7
|
%
|
Crossovers
|
1,600
|
|
|
231
|
|
|
14.5
|
%
|
|
1,543
|
|
|
195
|
|
|
12.6
|
%
|
|
3,046
|
|
|
451
|
|
|
14.8
|
%
|
|
2,912
|
|
|
384
|
|
|
13.2
|
%
|
Total United States
|
4,499
|
|
|
725
|
|
|
16.1
|
%
|
|
4,630
|
|
|
755
|
|
|
16.3
|
%
|
|
8,605
|
|
|
1,414
|
|
|
16.4
|
%
|
|
8,811
|
|
|
1,439
|
|
|
16.3
|
%
|
China(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SGMS
|
|
|
424
|
|
|
|
|
|
|
398
|
|
|
|
|
|
|
810
|
|
|
|
|
|
|
810
|
|
|
|
||||||||
SGMW and FAW-GM
|
|
|
428
|
|
|
|
|
|
|
441
|
|
|
|
|
|
|
956
|
|
|
|
|
|
|
1,005
|
|
|
|
||||||||
Total China
|
6,121
|
|
|
852
|
|
|
13.9
|
%
|
|
6,384
|
|
|
839
|
|
|
13.1
|
%
|
|
12,301
|
|
|
1,766
|
|
|
14.4
|
%
|
|
12,997
|
|
|
1,815
|
|
|
14.0
|
%
|
(a)
|
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). In the three months ended March 31, 2017, we began using estimated vehicle registrations data as the basis for calculating industry volume and market share in China. In the
three
and
six months ended June 30, 2016
, wholesale volumes were used for Industry, GM and Market Share. Our retail sales in China were 847 and 1,810 in the
three
and
six months ended June 30, 2016
.
|
(b)
|
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.
|
(c)
|
Sales of Opel/Vauxhall outside of Europe were insignificant in the three and six months ended June 30, 2017 and 2016.
|
(d)
|
Includes Industry and GM sales in India and South Africa. We intend to phase out sales of Chevrolet in the Indian and South African markets by the end of 2017.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||
GMNA
|
173
|
|
|
186
|
|
|
341
|
|
|
382
|
|
GMIO
|
69
|
|
|
77
|
|
|
123
|
|
|
128
|
|
GMSA
|
38
|
|
|
40
|
|
|
73
|
|
|
65
|
|
Total fleet sales
|
280
|
|
|
303
|
|
|
537
|
|
|
575
|
|
|
|
|
|
|
|
|
|
||||
Fleet sales as a percentage of total retail vehicle sales
|
13.6
|
%
|
|
14.6
|
%
|
|
13.1
|
%
|
|
13.9
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||
Daily rental sales
|
46
|
|
|
71
|
|
|
118
|
|
|
149
|
|
Other fleet sales
|
93
|
|
|
84
|
|
|
163
|
|
|
153
|
|
Total fleet sales
|
139
|
|
|
155
|
|
|
281
|
|
|
302
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||||||
|
Residual Value
|
|
Units
|
|
Percentage
|
|
Residual Value
|
|
Units
|
|
Percentage
|
||||||||
Cars
|
$
|
5,814
|
|
|
459
|
|
|
29.9
|
%
|
|
$
|
5,240
|
|
|
420
|
|
|
31.7
|
%
|
Trucks
|
6,136
|
|
|
256
|
|
|
16.7
|
%
|
|
5,231
|
|
|
224
|
|
|
16.9
|
%
|
||
Crossovers
|
12,383
|
|
|
732
|
|
|
47.7
|
%
|
|
10,349
|
|
|
604
|
|
|
45.7
|
%
|
||
SUVs
|
3,262
|
|
|
88
|
|
|
5.7
|
%
|
|
2,791
|
|
|
75
|
|
|
5.7
|
%
|
||
Total
|
$
|
27,595
|
|
|
1,535
|
|
|
100.0
|
%
|
|
$
|
23,611
|
|
|
1,323
|
|
|
100.0
|
%
|
|
Three Months Ended
|
|
Favorable/ (Unfavorable)
|
|
%
|
|
|
Variance Due To
|
|||||||||||||||||||||||
June 30, 2017
|
|
June 30, 2016
|
|
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Other
|
||||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||
GMNA
|
$
|
28,437
|
|
|
$
|
30,222
|
|
|
$
|
(1,785
|
)
|
|
(5.9
|
)%
|
|
|
$
|
(3.0
|
)
|
|
$
|
1.3
|
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
GMIO
|
3,215
|
|
|
3,342
|
|
|
(127
|
)
|
|
(3.8
|
)%
|
|
|
$
|
(0.3
|
)
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|||
GMSA
|
2,297
|
|
|
1,639
|
|
|
658
|
|
|
40.1
|
%
|
|
|
$
|
0.3
|
|
|
$
|
0.2
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|||
Corporate
|
52
|
|
|
43
|
|
|
9
|
|
|
20.9
|
%
|
|
|
|
|
|
|
|
|
$
|
—
|
|
|||||||||
Automotive
|
34,001
|
|
|
35,246
|
|
|
(1,245
|
)
|
|
(3.5
|
)%
|
|
|
$
|
(3.0
|
)
|
|
$
|
1.6
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|||
GM Financial
|
2,990
|
|
|
2,138
|
|
|
852
|
|
|
39.9
|
%
|
|
|
|
|
|
|
|
|
$
|
0.9
|
|
|||||||||
Eliminations
|
(7
|
)
|
|
(1
|
)
|
|
(6
|
)
|
|
n.m.
|
|
|
|
|
|
|
|
|
|
$
|
—
|
|
|||||||||
Total net sales and revenue
|
$
|
36,984
|
|
|
$
|
37,383
|
|
|
$
|
(399
|
)
|
|
(1.1
|
)%
|
|
|
$
|
(3.0
|
)
|
|
$
|
1.6
|
|
|
$
|
0.1
|
|
|
$
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Six Months Ended
|
|
Favorable/ (Unfavorable)
|
|
%
|
|
|
Variance Due To
|
|||||||||||||||||||||||
June 30, 2017
|
|
June 30, 2016
|
|
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Other
|
||||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||
GMNA
|
$
|
57,775
|
|
|
$
|
56,730
|
|
|
$
|
1,045
|
|
|
1.8
|
%
|
|
|
$
|
(1.2
|
)
|
|
$
|
1.8
|
|
|
$
|
0.5
|
|
|
$
|
—
|
|
GMIO
|
6,393
|
|
|
6,547
|
|
|
(154
|
)
|
|
(2.4
|
)%
|
|
|
$
|
(0.4
|
)
|
|
$
|
—
|
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|||
GMSA
|
4,257
|
|
|
2,982
|
|
|
1,275
|
|
|
42.8
|
%
|
|
|
$
|
0.6
|
|
|
$
|
0.3
|
|
|
$
|
0.1
|
|
|
$
|
0.2
|
|
|||
Corporate
|
226
|
|
|
73
|
|
|
153
|
|
|
n.m.
|
|
|
|
|
|
|
|
|
|
$
|
0.2
|
|
|||||||||
Automotive
|
68,651
|
|
|
66,332
|
|
|
2,319
|
|
|
3.5
|
%
|
|
|
$
|
(1.0
|
)
|
|
$
|
2.2
|
|
|
$
|
0.8
|
|
|
$
|
0.4
|
|
|||
GM Financial
|
5,738
|
|
|
4,069
|
|
|
1,669
|
|
|
41.0
|
%
|
|
|
|
|
|
|
|
|
$
|
1.7
|
|
|||||||||
Eliminations
|
(139
|
)
|
|
(2
|
)
|
|
(137
|
)
|
|
n.m.
|
|
|
|
|
|
|
|
|
|
$
|
(0.1
|
)
|
|||||||||
Total net sales and revenue
|
$
|
74,250
|
|
|
$
|
70,399
|
|
|
$
|
3,851
|
|
|
5.5
|
%
|
|
|
$
|
(1.0
|
)
|
|
$
|
2.2
|
|
|
$
|
0.8
|
|
|
$
|
1.9
|
|
|
Three Months Ended
|
|
Favorable/ (Unfavorable)
|
|
%
|
|
|
Variance Due To
|
|||||||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
|
|
|
Volume
|
|
Mix
|
|
Cost
|
|
Other
|
|||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||
GMNA
|
$
|
23,343
|
|
|
$
|
24,904
|
|
|
$
|
1,561
|
|
|
6.3
|
%
|
|
|
$
|
2.1
|
|
|
$
|
(0.8
|
)
|
|
$
|
0.4
|
|
|
$
|
(0.1
|
)
|
GMIO
|
3,538
|
|
|
3,349
|
|
|
(189
|
)
|
|
(5.6
|
)%
|
|
|
$
|
0.3
|
|
|
$
|
(0.1
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
0.1
|
|
|||
GMSA
|
2,157
|
|
|
1,596
|
|
|
(561
|
)
|
|
(35.2
|
)%
|
|
|
$
|
(0.3
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|||
Corporate
|
178
|
|
|
93
|
|
|
(85
|
)
|
|
n.m.
|
|
|
|
|
|
|
|
$
|
(0.2
|
)
|
|
$
|
0.1
|
|
|||||||
Eliminations
|
(4
|
)
|
|
(1
|
)
|
|
3
|
|
|
n.m.
|
|
|
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|||||||
Total automotive cost of sales
|
$
|
29,212
|
|
|
$
|
29,941
|
|
|
$
|
729
|
|
|
2.4
|
%
|
|
|
$
|
2.1
|
|
|
$
|
(1.1
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
—
|
|
|
Six Months Ended
|
|
Favorable/ (Unfavorable)
|
|
%
|
|
|
Variance Due To
|
|||||||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
|
|
|
Volume
|
|
Mix
|
|
Cost
|
|
Other
|
|||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||
GMNA
|
$
|
47,528
|
|
|
$
|
47,288
|
|
|
$
|
(240
|
)
|
|
(0.5
|
)%
|
|
|
$
|
0.9
|
|
|
$
|
(1.7
|
)
|
|
$
|
0.7
|
|
|
$
|
(0.2
|
)
|
GMIO
|
6,699
|
|
|
6,398
|
|
|
(301
|
)
|
|
(4.7
|
)%
|
|
|
$
|
0.3
|
|
|
$
|
(0.2
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
—
|
|
|||
GMSA
|
4,072
|
|
|
2,880
|
|
|
(1,192
|
)
|
|
(41.4
|
)%
|
|
|
$
|
(0.5
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(0.2
|
)
|
|||
Corporate
|
487
|
|
|
58
|
|
|
(429
|
)
|
|
n.m.
|
|
|
|
|
|
|
|
$
|
(0.5
|
)
|
|
$
|
—
|
|
|||||||
Eliminations
|
(136
|
)
|
|
(2
|
)
|
|
134
|
|
|
n.m.
|
|
|
|
|
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|||||||
Total automotive cost of sales
|
$
|
58,650
|
|
|
$
|
56,622
|
|
|
$
|
(2,028
|
)
|
|
(3.6
|
)%
|
|
|
$
|
0.7
|
|
|
$
|
(2.3
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(0.3
|
)
|
|
Three Months Ended
|
|
Favorable/ (Unfavorable)
|
|
|
|
|
Six Months Ended
|
|
Favorable/ (Unfavorable)
|
|
|
||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
|
%
|
|
|
June 30, 2017
|
|
June 30, 2016
|
|
|
%
|
||||||||||||||||
Automotive selling, general and administrative expense
|
$
|
2,479
|
|
|
$
|
2,508
|
|
|
$
|
29
|
|
|
1.2
|
%
|
|
|
$
|
4,837
|
|
|
$
|
4,978
|
|
|
$
|
141
|
|
|
2.8
|
%
|
|
Three Months Ended
|
Favorable/ (Unfavorable)
|
|
|
|
|
Six Months Ended
|
|
Favorable/ (Unfavorable)
|
|
|
|||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
|
%
|
|
|
June 30, 2017
|
|
June 30, 2016
|
|
|
%
|
||||||||||||||||
Income tax expense
|
$
|
534
|
|
|
$
|
877
|
|
|
$
|
343
|
|
|
39.1
|
%
|
|
|
$
|
1,321
|
|
|
$
|
1,534
|
|
|
$
|
213
|
|
|
13.9
|
%
|
|
Three Months Ended
|
|
Favorable / (Unfavorable)
|
|
|
|
|
Six Months Ended
|
|
Favorable / (Unfavorable)
|
|
|
||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
|
%
|
|
|
June 30, 2017
|
|
June 30, 2016
|
|
|
%
|
||||||||||||||
Income (loss) from discontinued operations, net of tax
|
$
|
(770
|
)
|
|
$
|
106
|
|
|
$
|
(876
|
)
|
|
n.m.
|
|
|
$
|
(839
|
)
|
|
$
|
114
|
|
|
$
|
(953
|
)
|
|
n.m.
|
|
Three Months Ended
|
|
Favorable / (Unfavorable)
|
|
%
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Cost
|
|
Other
|
|||||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
28,437
|
|
|
$
|
30,222
|
|
|
$
|
(1,785
|
)
|
|
(5.9
|
)%
|
|
|
$
|
(3.0
|
)
|
|
$
|
1.3
|
|
|
$
|
(0.1
|
)
|
|
|
|
$
|
—
|
|
||
EBIT-adjusted
|
$
|
3,475
|
|
|
$
|
3,745
|
|
|
$
|
(270
|
)
|
|
(7.2
|
)%
|
|
|
$
|
(0.9
|
)
|
|
$
|
0.5
|
|
|
$
|
(0.1
|
)
|
|
$
|
0.6
|
|
|
$
|
(0.4
|
)
|
EBIT-adjusted margin
|
12.2
|
%
|
|
12.4
|
%
|
|
(0.2
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Wholesale vehicle sales
|
894
|
|
|
1,004
|
|
|
(110
|
)
|
|
(11.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Six Months Ended
|
|
Favorable / (Unfavorable)
|
|
%
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Cost
|
|
Other
|
|||||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
57,775
|
|
|
$
|
56,730
|
|
|
$
|
1,045
|
|
|
1.8
|
%
|
|
|
$
|
(1.2
|
)
|
|
$
|
1.8
|
|
|
$
|
0.5
|
|
|
|
|
$
|
—
|
|
||
EBIT-adjusted
|
$
|
6,946
|
|
|
$
|
6,129
|
|
|
$
|
817
|
|
|
13.3
|
%
|
|
|
$
|
(0.3
|
)
|
|
$
|
0.1
|
|
|
$
|
0.5
|
|
|
$
|
1.0
|
|
|
$
|
(0.4
|
)
|
EBIT-adjusted margin
|
12.0
|
%
|
|
10.8
|
%
|
|
1.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Wholesale vehicle sales
|
1,834
|
|
1,878
|
|
|
(44
|
)
|
|
(2.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Favorable / (Unfavorable)
|
|
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Cost
|
|
Other
|
||||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
3,215
|
|
|
$
|
3,342
|
|
|
$
|
(127
|
)
|
|
(3.8
|
)%
|
|
|
$
|
(0.3
|
)
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
|
|
$
|
—
|
|
||
EBIT-adjusted
|
$
|
340
|
|
|
$
|
190
|
|
|
$
|
150
|
|
|
78.9
|
%
|
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
EBIT-adjusted margin
|
10.6
|
%
|
|
5.7
|
%
|
|
4.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity income – Automotive China
|
$
|
509
|
|
|
$
|
471
|
|
|
$
|
38
|
|
|
8.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EBIT (loss)-adjusted – excluding Equity income
|
$
|
(169
|
)
|
|
$
|
(281
|
)
|
|
$
|
112
|
|
|
39.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Wholesale vehicle sales
|
155
|
|
|
175
|
|
|
(20
|
)
|
|
(11.4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Favorable / (Unfavorable)
|
|
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Cost
|
|
Other
|
||||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
6,393
|
|
|
$
|
6,547
|
|
|
$
|
(154
|
)
|
|
(2.4
|
)%
|
|
|
$
|
(0.4
|
)
|
|
$
|
—
|
|
|
$
|
0.2
|
|
|
|
|
$
|
—
|
|
||
EBIT-adjusted
|
$
|
637
|
|
|
$
|
624
|
|
|
$
|
13
|
|
|
2.1
|
%
|
|
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
EBIT-adjusted margin
|
10.0
|
%
|
|
9.5
|
%
|
|
0.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity income – Automotive China
|
$
|
1,013
|
|
|
$
|
989
|
|
|
$
|
24
|
|
|
2.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EBIT (loss)-adjusted – excluding Equity income
|
$
|
(376
|
)
|
|
$
|
(365
|
)
|
|
$
|
(11
|
)
|
|
(3.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Wholesale vehicle sales
|
316
|
|
340
|
|
|
(24
|
)
|
|
(7.1
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
Wholesale vehicles including vehicles exported to markets outside of China
|
887
|
|
|
861
|
|
|
|
1,879
|
|
|
1,847
|
|
||||
Total net sales and revenue
|
$
|
10,815
|
|
|
$
|
10,281
|
|
|
|
$
|
22,016
|
|
|
$
|
21,472
|
|
Net income
|
$
|
902
|
|
|
$
|
979
|
|
|
|
$
|
1,948
|
|
|
$
|
2,065
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Cash and cash equivalents
|
$
|
6,392
|
|
|
$
|
8,197
|
|
Debt
|
$
|
310
|
|
|
$
|
246
|
|
|
Three Months Ended
|
|
Favorable / (Unfavorable)
|
|
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Cost
|
|
Other
|
||||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
2,297
|
|
|
$
|
1,639
|
|
|
$
|
658
|
|
|
40.1
|
%
|
|
|
$
|
0.3
|
|
|
$
|
0.2
|
|
|
$
|
0.1
|
|
|
|
|
$
|
—
|
|
||
EBIT (loss)-adjusted
|
$
|
(23
|
)
|
|
$
|
(118
|
)
|
|
$
|
95
|
|
|
80.5
|
%
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
EBIT (loss)-adjusted margin
|
(1.0
|
)%
|
|
(7.2
|
)%
|
|
6.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Wholesale vehicle sales
|
164
|
|
|
133
|
|
|
31
|
|
|
23.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Increase / (Decrease)
|
|
%
|
|
|
Six Months Ended
|
|
Increase/ (Decrease)
|
|
%
|
||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
|
|
|
June 30, 2017
|
|
June 30, 2016
|
|
|
||||||||||||||||||
Total revenue
|
$
|
2,990
|
|
|
$
|
2,138
|
|
|
$
|
852
|
|
|
39.9
|
%
|
|
|
$
|
5,738
|
|
|
$
|
4,069
|
|
|
$
|
1,669
|
|
|
41.0
|
%
|
Provision for loan losses
|
$
|
158
|
|
|
$
|
144
|
|
|
$
|
14
|
|
|
9.7
|
%
|
|
|
$
|
369
|
|
|
$
|
334
|
|
|
$
|
35
|
|
|
10.5
|
%
|
Earnings before income taxes-adjusted
|
$
|
357
|
|
|
$
|
214
|
|
|
$
|
143
|
|
|
66.8
|
%
|
|
|
$
|
585
|
|
|
$
|
407
|
|
|
$
|
178
|
|
|
43.7
|
%
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||||||
Average debt outstanding
|
$
|
73.7
|
|
|
$
|
52.7
|
|
|
$
|
21.0
|
|
|
39.8
|
%
|
|
|
$
|
70.4
|
|
|
$
|
50.1
|
|
|
$
|
20.3
|
|
|
40.5
|
%
|
Effective rate of interest paid
|
3.5
|
%
|
|
3.5
|
%
|
|
—
|
%
|
|
|
|
|
|
3.5
|
%
|
|
3.5
|
%
|
|
—
|
%
|
|
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Cash and cash equivalents
|
$
|
11.4
|
|
|
$
|
9.8
|
|
Marketable securities
|
9.1
|
|
|
11.8
|
|
||
Available liquidity
|
20.5
|
|
|
21.6
|
|
||
Available under credit facilities(a)
|
14.1
|
|
|
14.2
|
|
||
Total automotive available liquidity
|
$
|
34.6
|
|
|
$
|
35.8
|
|
(a)
|
Includes outstanding letters of credit of
$0.2 billion
at
June 30, 2017
and
December 31, 2016
under our primary credit facilities to be transferred to PSA Group at closing.
|
|
Six Months Ended June 30, 2017
|
||
Operating cash flow
|
$
|
6.2
|
|
Capital expenditures
|
(4.1
|
)
|
|
Dividends paid and payments to purchase common stock
|
(2.6
|
)
|
|
Other non-operating
|
(0.7
|
)
|
|
Total change in automotive available liquidity
|
$
|
(1.2
|
)
|
|
Six Months Ended
|
|
Change
|
||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
|||||||
Operating Activities
|
|
|
|
|
|
||||||
Income from continuing operations
|
$
|
4.7
|
|
|
$
|
4.3
|
|
|
$
|
0.4
|
|
Depreciation, amortization and impairment charges
|
2.9
|
|
|
2.6
|
|
|
0.3
|
|
|||
Pension and OPEB activities
|
(1.2
|
)
|
|
(3.2
|
)
|
|
2.0
|
|
|||
Working capital
|
(1.5
|
)
|
|
(0.3
|
)
|
|
(1.2
|
)
|
|||
Equipment on operating leases
|
(0.9
|
)
|
|
0.4
|
|
|
(1.3
|
)
|
|||
Accrued and other liabilities
|
—
|
|
|
(1.2
|
)
|
|
1.2
|
|
|||
Income taxes
|
0.8
|
|
|
1.0
|
|
|
(0.2
|
)
|
|||
Undistributed earnings of nonconsolidated affiliates, net
|
0.6
|
|
|
0.8
|
|
|
(0.2
|
)
|
|||
Other
|
0.8
|
|
|
(0.7
|
)
|
|
1.5
|
|
|||
Net automotive cash provided by operating activities
|
$
|
6.2
|
|
|
$
|
3.7
|
|
|
$
|
2.5
|
|
|
Six Months Ended
|
|
Change
|
||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
|||||||
Investing Activities
|
|
|
|
|
|
||||||
Capital expenditures
|
$
|
(4.1
|
)
|
|
$
|
(4.0
|
)
|
|
$
|
(0.1
|
)
|
Acquisitions and liquidations of marketable securities, net
|
2.7
|
|
|
3.7
|
|
|
(1.0
|
)
|
|||
Investment in Lyft
|
—
|
|
|
(0.5
|
)
|
|
0.5
|
|
|||
Acquisition of Cruise
|
—
|
|
|
(0.3
|
)
|
|
0.3
|
|
|||
Other
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|||
Net automotive cash used in investing activities
|
$
|
(1.3
|
)
|
|
$
|
(1.0
|
)
|
|
$
|
(0.3
|
)
|
|
Six Months Ended
|
|
Change
|
||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
|||||||
Financing Activities
|
|
|
|
|
|
||||||
Issuance of senior unsecured notes
|
$
|
—
|
|
|
$
|
2.0
|
|
|
$
|
(2.0
|
)
|
Dividends paid and payments to purchase common stock
|
(2.6
|
)
|
|
(1.5
|
)
|
|
(1.1
|
)
|
|||
Other
|
(0.3
|
)
|
|
(0.2
|
)
|
|
(0.1
|
)
|
|||
Net automotive cash provided by (used in) financing activities
|
$
|
(2.9
|
)
|
|
$
|
0.3
|
|
|
$
|
(3.2
|
)
|
|
Six Months Ended
|
||||||
|
June 30, 2017
|
|
June 30, 2016
|
||||
Net automotive cash provided by operating activities – continuing operations
|
$
|
6.2
|
|
|
$
|
3.7
|
|
Less: capital expenditures
|
(4.1
|
)
|
|
(4.0
|
)
|
||
Adjustment – discretionary pension plan contributions
|
—
|
|
|
2.0
|
|
||
Adjusted automotive free cash flow – continuing operations(a)
|
2.0
|
|
|
1.7
|
|
||
Net automotive cash provided by operating activities – discontinued operations
|
0.1
|
|
|
0.6
|
|
||
Less: capital expenditures – discontinued operations
|
(0.5
|
)
|
|
(0.6
|
)
|
||
Adjusted automotive free cash flow
|
$
|
1.6
|
|
|
$
|
1.7
|
|
(a)
|
Amounts may not add due to rounding.
|
|
|
|
|
|
|
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Cash and cash equivalents
|
$
|
5.2
|
|
|
$
|
2.8
|
|
Borrowing capacity on unpledged eligible assets
|
10.7
|
|
|
8.3
|
|
||
Borrowing capacity on committed unsecured lines of credit
|
0.1
|
|
|
0.1
|
|
||
Total GM Financial available liquidity
|
$
|
16.0
|
|
|
$
|
11.2
|
|
|
Six Months Ended
|
|
Change
|
||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
|||||||
Net cash provided by operating activities
|
$
|
3.2
|
|
|
$
|
2.3
|
|
|
$
|
0.9
|
|
Net cash used in investing activities
|
$
|
(13.7
|
)
|
|
$
|
(11.0
|
)
|
|
$
|
(2.7
|
)
|
Net cash provided by financing activities
|
$
|
13.4
|
|
|
$
|
8.8
|
|
|
$
|
4.6
|
|
|
Total Number of Shares Purchased(a)
|
|
Average Price Paid per Share
|
|
Total Number of Shares
Purchased Under Announced Programs(b)
|
|
Approximate Dollar Value of Shares That
May Yet be Purchased Under Announced Programs
|
||||
April 1, 2017 through April 30, 2017
|
73,453
|
|
|
$
|
35.31
|
|
|
—
|
|
|
$8.0 billion
|
May 1, 2017 through May 31, 2017
|
22,053,646
|
|
|
$
|
33.41
|
|
|
22,043,708
|
|
|
$7.2 billion
|
June 1, 2017 through June 30, 2017
|
22,681,844
|
|
|
$
|
34.37
|
|
|
22,121,456
|
|
|
$6.5 billion
|
Total
|
44,808,943
|
|
|
$
|
33.90
|
|
|
44,165,164
|
|
|
|
(a)
|
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 Restricted Stock Units (RSUs) and Restricted Stock Awards relating to compensation plans. Refer to our 2016 Form 10-K for additional details on warrants outstanding and employee stock incentive plans. In June 2017 our shareholders approved the 2017 Long Term Incentive Plan (LTIP) which authorizes awards of stock options, stock appreciation rights, restricted stock, RSUs, performance awards or other stock-based awards to selected employees, consultants, advisors, and non-employee Directors of the Company.
|
(b)
|
In January 2017 we announced that our Board of Directors had authorized the purchase of up to an additional $5 billion of our common stock with no expiration date.
|
Exhibit Number
|
|
Exhibit Name
|
|
|
10.1
|
|
Form of Non-Qualified Stock Option Award Agreement under the General Motors Company 2017 Long-Term Incentive Plan (incorporated herein by reference to Exhibit 10.3 to the Current Report on Form 8-K of General Motors Company filed June 12, 2017)
|
|
Incorporated by Reference
|
10.2
|
|
General Motors Company 2017 Short-Term Incentive Plan (incorporated herein by reference to Appendix A to the General Motors Company Definitive Proxy Statement on Schedule 14A filed April 13, 2017)
|
|
Incorporated by Reference
|
10.3
|
|
General Motors Company 2017 Long-Term Incentive Plan (incorporated herein by reference to Exhibit 4.1 to the Registration Statement on Form S-8 of General Motors Company filed June 16, 2017)
|
|
Incorporated by Reference
|
10.4
|
|
|
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, Controller, Chief Accounting Officer and Global Business Services
|
|
Date:
|
July 25, 2017
|
|
|
|
|
|
/s/ MARY T. BARRA
|
|
|
|
Mary T. Barra
Chairman & Chief Executive Officer
|
|
Date:
|
July 25, 2017
|
|
|
|
|
/s/ CHARLES K. STEVENS III
|
|
|
|
Charles K. Stevens III
Executive Vice President and Chief Financial Officer |
|
Date:
|
July 25, 2017
|
|
|
|
|
/s/ MARY T. BARRA
|
|
|
|
Mary T. Barra
Chairman & Chief Executive Officer
|
|
|
|
|
|
|
|
/s/ CHARLES K. STEVENS III
|
|
|
|
Charles K. Stevens III
Executive Vice President and Chief Financial Officer |
|
Date:
|
July 25, 2017
|
|
|