þ
|
ANNUAL 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)
|
Title of each class
|
Name of each exchange on which registered
|
Common Stock
|
New York Stock Exchange
|
Warrants (expiring July 10, 2019)
|
New York Stock Exchange
|
|
|
|
Page
|
PART I
|
|||
Item 1.
|
Business
|
||
Item 1A.
|
Risk Factors
|
||
Item 1B.
|
Unresolved Staff Comments
|
||
Item 2.
|
Properties
|
||
Item 3.
|
Legal Proceedings
|
||
Item 4.
|
Mine Safety Disclosures
|
||
PART II
|
|||
Item 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
||
Item 6.
|
Selected Financial Data
|
||
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
||
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
||
Item 8.
|
Financial Statements and Supplementary Data
|
||
|
Consolidated Income Statements
|
||
|
Consolidated Statements of Comprehensive Income
|
||
|
Consolidated Balance Sheets
|
||
|
Consolidated Statements of Cash Flows
|
||
|
Consolidated Statements of Equity
|
||
|
Notes to Consolidated Financial Statements
|
||
|
Note 1.
|
Nature of Operations and Basis of Presentation
|
|
|
Note 2.
|
Significant Accounting Policies
|
|
|
Note 3.
|
Discontinued Operations
|
|
|
Note 4.
|
Marketable Securities
|
|
|
Note 5.
|
GM Financial Receivables
|
|
|
Note 6.
|
Inventories
|
|
|
Note 7.
|
Equipment on Operating Leases
|
|
|
Note 8.
|
Equity in Net Assets of Nonconsolidated Affiliates
|
|
|
Note 9.
|
Property
|
|
|
Note 10.
|
Acquisition of Business
|
|
|
Note 11.
|
Goodwill and Intangible Assets
|
|
|
Note 12.
|
Variable Interest Entities
|
|
|
Note 13.
|
Accrued and Other Liabilities
|
|
|
Note 14.
|
Automotive and GM Financial Debt
|
|
|
Note 15.
|
Derivative Financial Instruments
|
|
|
Note 16.
|
Pensions and Other Postretirement Benefits
|
|
|
Note 17.
|
Commitments and Contingencies
|
|
|
Note 18.
|
Income Taxes
|
|
|
Note 19.
|
Restructuring and Other Initiatives
|
|
|
Note 20.
|
Stockholders’ Equity and Noncontrolling Interests
|
|
|
Note 21.
|
Earnings Per Share
|
|
|
Note 22.
|
Stock Incentive Plans
|
|
|
Note 23.
|
Supplementary Quarterly Financial Information (Unaudited)
|
|
|
Note 24.
|
Segment Reporting
|
|
|
Note 25.
|
Supplemental Information for the Consolidated Statements of Cash Flows
|
|
|
|
Page
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
||
Item 9A.
|
Controls and Procedures
|
||
Item 9B.
|
Other Information
|
||
PART III
|
|||
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
||
Item 11.
|
Executive Compensation
|
||
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
||
Item 13.
|
Certain Relationships and Related Transactions and Director Independence
|
||
Item 14.
|
Principal Accountant Fees and Services
|
||
PART IV
|
|||
Item 15.
|
Exhibits
|
||
Item 16.
|
Form 10-K Summary
|
||
Signatures
|
|
|
Years Ended December 31,
|
||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||||||||
GMNA(a)
|
3,511
|
|
|
73.5
|
%
|
|
3,958
|
|
|
75.9
|
%
|
|
3,558
|
|
|
72.2
|
%
|
GMI(b)
|
1,267
|
|
|
26.5
|
%
|
|
1,255
|
|
|
24.1
|
%
|
|
1,372
|
|
|
27.8
|
%
|
Total
|
4,778
|
|
|
100.0
|
%
|
|
5,213
|
|
|
100.0
|
%
|
|
4,930
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Discontinued operations
|
696
|
|
|
|
|
1,199
|
|
|
|
|
1,140
|
|
|
|
(a)
|
Wholesale vehicle sales related to transactions with the European Business were insignificant for the years ended December 31, 2017, 2016 and 2015.
|
(b)
|
Wholesale vehicle sales include
131
,
128
and 181 vehicles related to the transactions with the European Business for the years ended December 31, 2017, 2016 and 2015.
|
|
Years Ended December 31,
|
|||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||||||||
|
Industry
|
|
GM
|
|
Market Share
|
|
Industry
|
|
GM
|
|
Market Share
|
|
Industry
|
|
GM
|
|
Market Share
|
|||||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
United States
|
17,567
|
|
|
3,002
|
|
|
17.1
|
%
|
|
17,886
|
|
|
3,043
|
|
|
17.0
|
%
|
|
17,864
|
|
|
3,082
|
|
|
17.3
|
%
|
Other
|
3,981
|
|
|
574
|
|
|
14.4
|
%
|
|
3,993
|
|
|
587
|
|
|
14.7
|
%
|
|
3,666
|
|
|
530
|
|
|
14.5
|
%
|
Total North America(a)
|
21,548
|
|
|
3,576
|
|
|
16.6
|
%
|
|
21,879
|
|
|
3,630
|
|
|
16.6
|
%
|
|
21,530
|
|
|
3,612
|
|
|
16.8
|
%
|
Asia/Pacific, Middle East and Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
China(b)
|
28,250
|
|
|
4,041
|
|
|
14.3
|
%
|
|
28,274
|
|
|
3,914
|
|
|
13.8
|
%
|
|
25,050
|
|
|
3,730
|
|
|
14.9
|
%
|
Other(c)
|
21,067
|
|
|
629
|
|
|
3.0
|
%
|
|
20,599
|
|
|
720
|
|
|
3.5
|
%
|
|
21,391
|
|
|
899
|
|
|
4.2
|
%
|
Total Asia/Pacific, Middle East and Africa(a)
|
49,317
|
|
|
4,670
|
|
|
9.5
|
%
|
|
48,873
|
|
|
4,634
|
|
|
9.5
|
%
|
|
46,441
|
|
|
4,629
|
|
|
10.0
|
%
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Brazil
|
2,239
|
|
|
394
|
|
|
17.6
|
%
|
|
2,050
|
|
|
346
|
|
|
16.9
|
%
|
|
2,568
|
|
|
388
|
|
|
15.1
|
%
|
Other
|
1,927
|
|
|
275
|
|
|
14.3
|
%
|
|
1,623
|
|
|
237
|
|
|
14.6
|
%
|
|
1,619
|
|
|
257
|
|
|
15.9
|
%
|
Total South America(a)
|
4,166
|
|
|
669
|
|
|
16.1
|
%
|
|
3,673
|
|
|
583
|
|
|
15.9
|
%
|
|
4,187
|
|
|
645
|
|
|
15.4
|
%
|
Total in GM markets
|
75,031
|
|
|
8,915
|
|
|
11.9
|
%
|
|
74,425
|
|
|
8,847
|
|
|
11.9
|
%
|
|
72,158
|
|
|
8,886
|
|
|
12.3
|
%
|
Total Europe
|
19,149
|
|
|
685
|
|
|
3.6
|
%
|
|
18,620
|
|
|
1,161
|
|
|
6.2
|
%
|
|
17,463
|
|
|
1,099
|
|
|
6.3
|
%
|
Total Worldwide(d)
|
94,180
|
|
|
9,600
|
|
|
10.2
|
%
|
|
93,045
|
|
|
10,008
|
|
|
10.8
|
%
|
|
89,621
|
|
|
9,985
|
|
|
11.1
|
%
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cars
|
6,145
|
|
|
709
|
|
|
11.5
|
%
|
|
6,897
|
|
|
890
|
|
|
12.9
|
%
|
|
7,475
|
|
|
931
|
|
|
12.5
|
%
|
Trucks
|
5,039
|
|
|
1,328
|
|
|
26.4
|
%
|
|
4,911
|
|
|
1,325
|
|
|
27.0
|
%
|
|
4,675
|
|
|
1,274
|
|
|
27.2
|
%
|
Crossovers
|
6,383
|
|
|
965
|
|
|
15.1
|
%
|
|
6,078
|
|
|
828
|
|
|
13.6
|
%
|
|
5,714
|
|
|
877
|
|
|
15.4
|
%
|
Total United States
|
17,567
|
|
|
3,002
|
|
|
17.1
|
%
|
|
17,886
|
|
|
3,043
|
|
|
17.0
|
%
|
|
17,864
|
|
|
3,082
|
|
|
17.3
|
%
|
China(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGMS
|
|
|
|
1,906
|
|
|
|
|
|
|
|
|
1,806
|
|
|
|
|
|
|
|
|
1,711
|
|
|
|
|
SGMW and FAW-GM
|
|
|
|
2,135
|
|
|
|
|
|
|
|
|
2,108
|
|
|
|
|
|
|
|
|
2,019
|
|
|
|
|
Total China
|
28,250
|
|
|
4,041
|
|
|
14.3
|
%
|
|
28,274
|
|
|
3,914
|
|
|
13.8
|
%
|
|
25,050
|
|
|
3,730
|
|
|
14.9
|
%
|
(a)
|
Sales of Opel/Vauxhall outside of Europe were insignificant in the
years ended
December 31, 2017
,
2016
and 2015.
|
(b)
|
Our China sales include the Automotive China JVs SAIC General Motors Sales Co., Ltd. (SGMS), SAIC GM Wuling Automobile Co., Ltd. (SGMW) and FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM).
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 years ended December 31, 2016 and 2015
wholesale volumes were used for Industry, GM and Market Share.
Our retail sales in China were
3,871
and 3,613 in the years ended December 31,
2016
and
2015
.
|
(c)
|
Includes Industry and GM sales in India and South Africa. As of December 31, 2017 we have ceased sales of Chevrolet for the domestic markets in India and South Africa.
|
(d)
|
We do
not currently export vehicles to Cuba, Iran, North Korea, Sudan or Syria
.
Accordingly these countries are excluded from industry sales data and corresponding calculation of
market share
.
|
|
Years Ended December 31,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
GMNA
|
691
|
|
|
707
|
|
|
795
|
|
GMI
|
541
|
|
|
527
|
|
|
468
|
|
Total fleet sales
|
1,232
|
|
|
1,234
|
|
|
1,263
|
|
|
|
|
|
|
|
|
|
|
Fleet sales as a percentage of total retail vehicle sales
|
13.8
|
%
|
|
13.9
|
%
|
|
14.2
|
%
|
|
Years Ended December 31,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Daily rental sales
|
282
|
|
|
327
|
|
|
400
|
|
Other fleet sales
|
296
|
|
|
269
|
|
|
278
|
|
Total fleet sales
|
578
|
|
|
596
|
|
|
678
|
|
|
December 31, 2017
|
|
GMNA
|
124
|
|
GMI
|
47
|
|
GM Financial
|
9
|
|
Total Worldwide
|
180
|
|
|
|
|
U.S. - Salaried
|
52
|
|
U.S. - Hourly
|
51
|
|
Name (Age)
|
|
Present GM Position (Effective Date)
|
|
Positions Held During the Past Five Years (Effective Date)
|
Mary T. Barra (56)
|
|
Chairman and Chief Executive Officer (2016)
|
|
Chief Executive Officer and Member of the Board of Directors (2014)
Executive Vice President, Global Product Development, Purchasing & Supply Chain (2013)
|
Daniel Ammann (45)
|
|
President (2014)
|
|
Executive Vice President and Chief Financial Officer (2013)
|
Alan S. Batey (54)
|
|
Executive Vice President and President, North America (2014)
|
|
Senior Vice President, Global Chevrolet and Brand Chief and U.S. Sales and Marketing (2013)
|
Alicia Boler-Davis (48)
|
|
Executive Vice President, Global Manufacturing (2016)
|
|
Senior Vice President, Global Connected Customer Experience (2014)
Vice President, Global Quality and U.S. Customer Experience (2012)
|
Carel Johannes de Nysschen (57)
|
|
Executive Vice President and President, Cadillac (2014)
|
|
Infiniti Motor Company, President (2012)
|
Barry L. Engle (54)
|
|
Executive Vice President and President, GM International (2018)
|
|
Executive Vice President and President, South America (2015)
Agility Fuel Systems, CEO (2011)
|
Craig B. Glidden (60)
|
|
Executive Vice President and General Counsel (2015)
|
|
LyondellBasell, Executive Vice President and Chief Legal Officer (2009)
|
Mark L. Reuss (54)
|
|
Executive Vice President, Global Product Development, Purchasing & Supply Chain (2014)
|
|
Executive Vice President and President, North America (2013)
|
Charles K. Stevens III (58)
|
|
Executive Vice President and Chief Financial Officer (2014)
|
|
Chief Financial Officer, GM North America (2010)
Interim Chief Financial Officer, GM South America (2011)
|
Matthew Tsien (57)
|
|
Executive Vice President and President, GM China (2014)
|
|
GM Consolidated International Operations Vice President, Planning, Program Management & Strategic Alliances China (2012)
|
Thomas S. Timko (49)
|
|
Vice President, Global Business Solutions and Chief Accounting Officer (2017)
|
|
Vice President, Controller and Chief Accounting Officer (2013)
|
|
Total Number of Shares Purchased(a)
|
|
Weighted 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
|
||||
October 1, 2017 through October 31, 2017
|
16,530,750
|
|
|
$
|
44.72
|
|
|
16,381,375
|
|
|
$4.3 billion
|
November 1, 2017 through November 30, 2017
|
18,779,333
|
|
|
$
|
43.53
|
|
|
16,141,363
|
|
|
$3.6 billion
|
December 1, 2017 through December 31, 2017
|
1,631,403
|
|
|
$
|
42.97
|
|
|
1,550,706
|
|
|
$3.5 billion
|
Total
|
36,941,486
|
|
|
$
|
44.04
|
|
|
34,073,444
|
|
|
|
(a)
|
Shares purchased include authorized shares that were a part of our stock repurchase plan. In addition, shares purchased consist of shares retained by us for the payment of the exercise price upon the exercise of warrants and shares delivered by employees or directors to us for the payment of taxes resulting from issuance of common stock upon the vesting of Restricted Stock Units (RSUs), Performance Stock Units (PSUs) and Restricted Stock Awards (RSAs) relating to compensation plans. In June 2017 our shareholders approved the 2017 Long Term Incentive Plan which authorizes awards of stock options, stock appreciation rights, RSAs, RSUs, PSUs or other stock-based awards to selected employees, consultants, advisors, and non-employee Directors of the Company. Refer to
Note 22
to our consolidated financial statements for additional details on employee stock incentive plans and
Note 20
to our consolidated financial statements for additional details on warrants outstanding.
|
(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.
|
|
At and for the Years Ended December 31,
|
||||||||||||||||||
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||
Income Statement Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total net sales and revenue
|
$
|
145,588
|
|
|
$
|
149,184
|
|
|
$
|
135,725
|
|
|
$
|
137,958
|
|
|
$
|
138,792
|
|
Income from continuing operations(a)(b)
|
$
|
330
|
|
|
$
|
9,269
|
|
|
$
|
9,590
|
|
|
$
|
4,525
|
|
|
$
|
5,960
|
|
Basic earnings per common share – continuing operations(a)(b)
|
$
|
0.23
|
|
|
$
|
6.12
|
|
|
$
|
6.09
|
|
|
$
|
2.06
|
|
|
$
|
3.16
|
|
Diluted earnings per common share – continuing operations(a)(b)
|
$
|
0.22
|
|
|
$
|
6.00
|
|
|
$
|
5.89
|
|
|
$
|
1.95
|
|
|
$
|
2.76
|
|
Dividends declared per common share
|
$
|
1.52
|
|
|
$
|
1.52
|
|
|
$
|
1.38
|
|
|
$
|
1.20
|
|
|
$
|
—
|
|
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets(c)
|
$
|
212,482
|
|
|
$
|
221,690
|
|
|
$
|
194,338
|
|
|
$
|
177,311
|
|
|
$
|
166,231
|
|
Automotive notes and loans payable
|
$
|
13,502
|
|
|
$
|
10,560
|
|
|
$
|
8,535
|
|
|
$
|
9,084
|
|
|
$
|
6,815
|
|
GM Financial notes and loans payable
|
$
|
80,717
|
|
|
$
|
64,563
|
|
|
$
|
45,479
|
|
|
$
|
29,304
|
|
|
$
|
22,174
|
|
Total equity
|
$
|
36,200
|
|
|
$
|
44,075
|
|
|
$
|
40,323
|
|
|
$
|
36,024
|
|
|
$
|
43,174
|
|
(a)
|
In the year ended December 31, 2017 we recorded tax expense of $7.3 billion related to U.S. tax reform legislation, $2.3 billion related to the establishment of a valuation allowance against deferred tax assets that will no longer be realizable as a result of the sale of the Opel/Vauxhall Business, and charges of
$460 million
related to restructuring actions in India and South Africa. In the year ended December 31, 2015 we recorded the reversal of deferred tax asset valuation allowances of
$3.9 billion
in Europe and recorded charges related to the Ignition Switch Recall Compensation Program (Compensation Program) and for various legal matters of approximately
$1.6 billion
. In the year ended December 31, 2014 we recorded charges of approximately $2.8 billion in Automotive cost of sales related to recall campaigns and courtesy transportation, a catch-up adjustment of
$0.9 billion
related to the change in estimate for recall campaigns and a charge of
$0.4 billion
related to the Compensation Program.
|
(b)
|
In December 2014 we redeemed all of the remaining shares of our Series A Preferred Stock for
$3.9 billion,
which reduced Income from continuing operations by
$0.8 billion
. In September 2013 we purchased
120 million
shares of our Series A Preferred Stock held by the UAW Retiree Medical Benefits Trust (New VEBA) for
$3.2 billion
, which reduced Income from continuing operations by
$0.8 billion
.
|
(c)
|
Total assets includes assets held for sale of $20.6 billion, $20.0 billion, $17.8 billion, and $16.1 billion at December 31, 2016 through 2013, respectively.
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income (loss) attributable to stockholders
|
$
|
(3,864
|
)
|
|
$
|
9,427
|
|
|
$
|
9,687
|
|
(Income) loss from discontinued operations, net of tax
|
4,212
|
|
|
1
|
|
|
(25
|
)
|
|||
Income tax expense (benefit)
|
11,533
|
|
|
2,739
|
|
|
(1,219
|
)
|
|||
Gain on extinguishment of debt
|
—
|
|
|
—
|
|
|
(449
|
)
|
|||
Automotive interest expense
|
575
|
|
|
563
|
|
|
423
|
|
|||
Automotive interest income
|
(266
|
)
|
|
(182
|
)
|
|
(167
|
)
|
|||
Adjustments
|
|
|
|
|
|
||||||
GMI restructuring(a)
|
460
|
|
|
—
|
|
|
297
|
|
|||
Venezuela-related matters(b)
|
80
|
|
|
—
|
|
|
720
|
|
|||
Ignition switch recall and related legal matters(c)
|
114
|
|
|
300
|
|
|
1,785
|
|
|||
Russia exit costs(d)
|
—
|
|
|
—
|
|
|
438
|
|
|||
Other
|
—
|
|
|
—
|
|
|
(41
|
)
|
|||
Total adjustments
|
654
|
|
|
300
|
|
|
3,199
|
|
|||
EBIT-adjusted
|
$
|
12,844
|
|
|
$
|
12,848
|
|
|
$
|
11,449
|
|
(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
, South Africa, and Thailand.
|
(b)
|
In the year ended December 31, 2017 this
adjustment was excluded because we ceased operations and terminated employment relationships in Venezuela.
In the year ended December 31, 2015 this adjustment was excluded because of the devaluation of the Venezuela Bolivar Fuerte (BsF) and our inability to transact to obtain U.S. Dollars.
|
(c)
|
These adjustments were excluded because of the unique events associated with the ignition switch recall. These events included the creation of the
Compensation Program,
as well as various investigations, inquiries and complaints from constituents.
|
(d)
|
These adjustments were excluded because of our decision to exit the Russia market in 2015. The Russia exit costs primarily consisted of sales incentives, dealer restructuring and other contract cancellation costs and asset impairments.
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||
|
Amount
|
|
Per Share
|
|
Amount
|
|
Per Share
|
|
Amount
|
|
Per Share
|
||||||||||||
Diluted earnings (loss) per common share
|
$
|
(3,880
|
)
|
|
$
|
(2.60
|
)
|
|
$
|
9,427
|
|
|
$
|
6.00
|
|
|
$
|
9,686
|
|
|
$
|
5.91
|
|
Diluted (earnings) loss per common share – discontinued operations
|
4,212
|
|
|
2.82
|
|
|
1
|
|
|
—
|
|
|
(25
|
)
|
|
(0.02
|
)
|
||||||
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gain on extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(449
|
)
|
|
(0.27
|
)
|
||||||
All other adjustments(a)
|
654
|
|
|
0.44
|
|
|
300
|
|
|
0.19
|
|
|
3,199
|
|
|
1.95
|
|
||||||
Total adjustments
|
654
|
|
|
0.44
|
|
|
300
|
|
|
0.19
|
|
|
2,750
|
|
|
1.68
|
|
||||||
Tax effect on adjustments(b)
|
(208
|
)
|
|
(0.14
|
)
|
|
(114
|
)
|
|
(0.07
|
)
|
|
(201
|
)
|
|
(0.13
|
)
|
||||||
Tax adjustments(c)
|
9,099
|
|
|
6.10
|
|
|
—
|
|
|
—
|
|
|
(4,001
|
)
|
|
(2.44
|
)
|
||||||
EPS-diluted-adjusted
|
$
|
9,877
|
|
|
$
|
6.62
|
|
|
$
|
9,614
|
|
|
$
|
6.12
|
|
|
$
|
8,209
|
|
|
$
|
5.00
|
|
(a)
|
Refer to the reconciliation of Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted
within this section of MD&A
for adjustment details.
|
(b)
|
The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
|
(c)
|
In the year ended December 31, 2017 these adjustments
consist of the tax expense of $7.3 billion related to U.S. tax reform legislation and the establishment of a valuation allowance against deferred tax assets of $2.3 billion that will no longer be realizable as a result of the sale of the Opel/Vauxhall Business, partially offset by tax benefits related to tax settlements.
In the year ended December 31, 2015 these adjustments primarily consist of the tax benefit related to the valuation allowance reversal in Europe. These adjustments were excluded because impacts of tax legislation and valuation allowances are not considered part of our core operations.
|
|
Years Ended December 31,
|
|||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||||||||||||||
|
Income before income taxes
|
|
Income tax expense
|
|
Effective tax rate
|
|
Income before income taxes
|
|
Income tax expense
|
|
Effective tax rate
|
|
Income before income taxes
|
|
Income tax expense (benefit)
|
|
Effective tax rate
|
|||||||||||||||
Effective tax rate
|
$
|
11,863
|
|
|
$
|
11,533
|
|
|
97.2
|
%
|
|
$
|
12,008
|
|
|
$
|
2,739
|
|
|
22.8
|
%
|
|
$
|
8,371
|
|
|
$
|
(1,219
|
)
|
|
(14.6
|
)%
|
Adjustments(a)
|
654
|
|
|
208
|
|
|
|
|
300
|
|
|
114
|
|
|
|
|
2,750
|
|
|
201
|
|
|
|
|||||||||
Tax adjustments(b)
|
|
|
(9,099
|
)
|
|
|
|
|
|
—
|
|
|
|
|
|
|
4,001
|
|
|
|
||||||||||||
ETR-adjusted
|
$
|
12,517
|
|
|
$
|
2,642
|
|
|
21.1
|
%
|
|
$
|
12,308
|
|
|
$
|
2,853
|
|
|
23.2
|
%
|
|
$
|
11,121
|
|
|
$
|
2,983
|
|
|
26.8
|
%
|
(a)
|
Refer to the reconciliation of Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted within this section of MD&A for adjustment details.
|
(b)
|
Refer to the reconciliation of diluted earnings (loss) per common share under U.S. GAAP to EPS-diluted-adjusted within
this section of MD&A for adjustment details.
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income (loss) attributable to stockholders
|
$
|
(3.9
|
)
|
|
$
|
9.4
|
|
|
$
|
9.7
|
|
Average equity
|
$
|
42.2
|
|
|
$
|
43.6
|
|
|
$
|
37.0
|
|
ROE
|
(9.2
|
)%
|
|
21.6
|
%
|
|
26.2
|
%
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
EBIT-adjusted(a)
|
$
|
12.8
|
|
|
$
|
12.8
|
|
|
$
|
11.4
|
|
Average equity
|
$
|
42.2
|
|
|
$
|
43.6
|
|
|
$
|
37.0
|
|
Add: Average automotive debt and interest liabilities (excluding capital leases)
|
11.6
|
|
|
9.9
|
|
|
8.0
|
|
|||
Add: Average automotive net pension & OPEB liability
|
21.0
|
|
|
22.0
|
|
|
25.8
|
|
|||
Less: Average automotive net income tax asset
|
(29.3
|
)
|
|
(32.8
|
)
|
|
(33.0
|
)
|
|||
ROIC-adjusted average net assets
|
$
|
45.5
|
|
|
$
|
42.7
|
|
|
$
|
37.8
|
|
ROIC-adjusted
|
28.2
|
%
|
|
30.1
|
%
|
|
30.3
|
%
|
(a)
|
Refer to the reconciliation of Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted within this section of MD&A.
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||
|
Residual Value
|
|
Units
|
|
Percentage
|
|
Residual Value
|
|
Units
|
|
Percentage
|
||||||||
Cars
|
$
|
5,701
|
|
|
450
|
|
|
27.2
|
%
|
|
$
|
5,240
|
|
|
420
|
|
|
31.7
|
%
|
Trucks
|
7,173
|
|
|
285
|
|
|
17.3
|
%
|
|
5,231
|
|
|
224
|
|
|
16.9
|
%
|
||
Crossovers
|
13,723
|
|
|
818
|
|
|
49.5
|
%
|
|
10,349
|
|
|
604
|
|
|
45.7
|
%
|
||
SUVs
|
3,809
|
|
|
99
|
|
|
6.0
|
%
|
|
2,791
|
|
|
75
|
|
|
5.7
|
%
|
||
Total
|
$
|
30,406
|
|
|
1,652
|
|
|
100.0
|
%
|
|
$
|
23,611
|
|
|
1,323
|
|
|
100.0
|
%
|
|
Years Ended December 31,
|
|
Favorable/ (Unfavorable)
|
|
|
|
|
Variance Due To
|
|||||||||||||||||||||||
2017
|
|
2016
|
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Other
|
|||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||
GMNA
|
$
|
111,345
|
|
|
$
|
119,113
|
|
|
$
|
(7,768
|
)
|
|
(6.5
|
)%
|
|
|
$
|
(12.2
|
)
|
|
$
|
3.5
|
|
|
$
|
0.6
|
|
|
$
|
0.3
|
|
GMI
|
21,920
|
|
|
20,943
|
|
|
977
|
|
|
4.7
|
%
|
|
|
$
|
0.2
|
|
|
$
|
0.2
|
|
|
$
|
0.6
|
|
|
$
|
—
|
|
|||
Corporate
|
342
|
|
|
149
|
|
|
193
|
|
|
n.m.
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0.2
|
|
||||||
Automotive
|
133,607
|
|
|
140,205
|
|
|
(6,598
|
)
|
|
(4.7
|
)%
|
|
|
$
|
(12.0
|
)
|
|
$
|
3.7
|
|
|
$
|
1.3
|
|
|
$
|
0.5
|
|
|||
GM Financial
|
12,151
|
|
|
8,983
|
|
|
3,168
|
|
|
35.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3.2
|
|
||||||
Eliminations
|
(170
|
)
|
|
(4
|
)
|
|
(166
|
)
|
|
n.m.
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.2
|
)
|
||||||
Total net sales and revenue
|
$
|
145,588
|
|
|
$
|
149,184
|
|
|
$
|
(3,596
|
)
|
|
(2.4
|
)%
|
|
|
$
|
(12.0
|
)
|
|
$
|
3.7
|
|
|
$
|
1.3
|
|
|
$
|
3.5
|
|
|
Years Ended December 31,
|
|
Favorable/ (Unfavorable)
|
|
|
|
|
Variance Due To
|
|||||||||||||||||||||||
2016
|
|
2015
|
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Other
|
|||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||
GMNA
|
$
|
119,113
|
|
|
$
|
106,744
|
|
|
$
|
12,369
|
|
|
11.6
|
%
|
|
|
$
|
10.8
|
|
|
$
|
0.7
|
|
|
$
|
1.7
|
|
|
$
|
(0.8
|
)
|
GMI
|
20,943
|
|
|
22,970
|
|
|
(2,027
|
)
|
|
(8.8
|
)%
|
|
|
$
|
(1.7
|
)
|
|
$
|
0.2
|
|
|
$
|
1.2
|
|
|
$
|
(1.7
|
)
|
|||
Corporate
|
149
|
|
|
150
|
|
|
(1
|
)
|
|
(0.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
—
|
|
||||||
Automotive
|
140,205
|
|
|
129,864
|
|
|
10,341
|
|
|
8.0
|
%
|
|
|
$
|
9.1
|
|
|
$
|
0.9
|
|
|
$
|
2.9
|
|
|
$
|
(2.5
|
)
|
|||
GM Financial
|
8,983
|
|
|
5,867
|
|
|
3,116
|
|
|
53.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3.1
|
|
||||||
Eliminations
|
(4
|
)
|
|
(6
|
)
|
|
2
|
|
|
33.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
—
|
|
||||||
Total net sales and revenue
|
$
|
149,184
|
|
|
$
|
135,725
|
|
|
$
|
13,459
|
|
|
9.9
|
%
|
|
|
$
|
9.1
|
|
|
$
|
0.9
|
|
|
$
|
2.9
|
|
|
$
|
0.7
|
|
|
Years Ended December 31,
|
|
Favorable/ (Unfavorable)
|
|
|
|
|
Variance Due To
|
|||||||||||||||||||||||
|
2017
|
|
2016
|
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Cost
|
|
Other
|
||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||
GMNA
|
$
|
92,765
|
|
|
$
|
99,690
|
|
|
$
|
6,925
|
|
|
6.9
|
%
|
|
|
$
|
8.7
|
|
|
$
|
(2.7
|
)
|
|
$
|
1.2
|
|
|
$
|
(0.3
|
)
|
GMI
|
21,449
|
|
|
20,426
|
|
|
(1,023
|
)
|
|
(5.0
|
)%
|
|
|
$
|
(0.1
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(0.3
|
)
|
|||
Corporate
|
818
|
|
|
387
|
|
|
(431
|
)
|
|
n.m.
|
|
|
|
|
|
|
$
|
—
|
|
|
$
|
(0.6
|
)
|
|
$
|
0.2
|
|
||||
Eliminations
|
(163
|
)
|
|
(4
|
)
|
|
159
|
|
|
n.m.
|
|
|
|
|
|
|
|
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|||||
Total automotive cost of sales
|
$
|
114,869
|
|
|
$
|
120,499
|
|
|
$
|
5,630
|
|
|
4.7
|
%
|
|
|
$
|
8.6
|
|
|
$
|
(3.1
|
)
|
|
$
|
0.6
|
|
|
$
|
(0.4
|
)
|
|
Years Ended December 31,
|
|
Favorable/ (Unfavorable)
|
|
|
|
|
Variance Due To
|
|||||||||||||||||||||||
|
2016
|
|
2015
|
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Cost
|
|
Other
|
||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||
GMNA
|
$
|
99,690
|
|
|
$
|
88,880
|
|
|
$
|
(10,810
|
)
|
|
(12.2
|
)%
|
|
|
$
|
(7.6
|
)
|
|
$
|
(1.9
|
)
|
|
$
|
(1.7
|
)
|
|
$
|
0.4
|
|
GMI
|
20,426
|
|
|
23,694
|
|
|
3,268
|
|
|
13.8
|
%
|
|
|
$
|
1.4
|
|
|
$
|
(0.6
|
)
|
|
$
|
0.9
|
|
|
$
|
1.6
|
|
|||
Corporate
|
387
|
|
|
426
|
|
|
39
|
|
|
9.2
|
%
|
|
|
|
|
|
|
|
|
$
|
(0.1
|
)
|
|
$
|
0.1
|
|
|||||
Eliminations
|
(4
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
(20.0
|
)%
|
|
|
|
|
|
|
|
|
$
|
—
|
|
|
|
|
||||||
Total automotive cost of sales
|
$
|
120,499
|
|
|
$
|
112,995
|
|
|
$
|
(7,504
|
)
|
|
(6.6
|
)%
|
|
|
$
|
(6.2
|
)
|
|
$
|
(2.6
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31,
|
|
Year Ended
2017 vs. 2016 Change
|
|
Year Ended
2016 vs. 2015 Change
|
||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
Favorable/ (Unfavorable)
|
|
%
|
|
Favorable/ (Unfavorable)
|
|
%
|
||||||||||||
Automotive selling, general and administrative expense
|
$
|
9,575
|
|
|
$
|
10,354
|
|
|
$
|
11,888
|
|
|
$
|
779
|
|
|
7.5
|
%
|
|
$
|
1,534
|
|
|
12.9
|
%
|
|
Years Ended December 31,
|
|
Year Ended
2017 vs. 2016 Change
|
|
Year Ended
2016 vs. 2015 Change
|
||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
Favorable/ (Unfavorable)
|
|
%
|
|
Favorable/ (Unfavorable)
|
|
%
|
||||||||||
Income tax expense (benefit)
|
$
|
11,533
|
|
|
$
|
2,739
|
|
|
$
|
(1,219
|
)
|
|
$
|
(8,794
|
)
|
|
n.m.
|
|
$
|
(3,958
|
)
|
|
n.m.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31,
|
|
Year Ended
2017 vs. 2016 Change
|
|
Year Ended
2016 vs. 2015 Change
|
||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
Favorable/ (Unfavorable)
|
|
%
|
|
Favorable/ (Unfavorable)
|
|
%
|
||||||||||
Income (loss) from discontinued operations, net of tax
|
$
|
(4,212
|
)
|
|
$
|
(1
|
)
|
|
$
|
25
|
|
|
$
|
(4,211
|
)
|
|
n.m.
|
|
$
|
(26
|
)
|
|
n.m.
|
|
Years Ended December 31,
|
|
Favorable/ (Unfavorable)
|
|
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Cost
|
|
Other
|
||||||||||||||||||
|
|
|
|
|
|
|
(Dollars in billions)
|
||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
111,345
|
|
|
$
|
119,113
|
|
|
$
|
(7,768
|
)
|
|
(6.5
|
)%
|
|
|
$
|
(12.2
|
)
|
|
$
|
3.5
|
|
|
$
|
0.6
|
|
|
|
|
|
$
|
0.3
|
|
|
EBIT-adjusted
|
$
|
11,889
|
|
|
$
|
12,388
|
|
|
$
|
(499
|
)
|
|
(4.0
|
)%
|
|
|
$
|
(3.5
|
)
|
|
$
|
0.9
|
|
|
$
|
0.6
|
|
|
$
|
1.8
|
|
|
$
|
(0.3
|
)
|
EBIT-adjusted margin
|
10.7
|
%
|
|
10.4
|
%
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Wholesale vehicle sales
|
3,511
|
|
|
3,958
|
|
|
(447
|
)
|
|
(11.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31,
|
|
Favorable/ (Unfavorable)
|
|
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||
|
2016
|
|
2015
|
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Cost
|
|
Other
|
||||||||||||||||||
|
|
|
|
|
|
|
(Dollars in billions)
|
||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
119,113
|
|
|
$
|
106,744
|
|
|
$
|
12,369
|
|
|
11.6
|
%
|
|
|
$
|
10.8
|
|
|
$
|
0.7
|
|
|
$
|
1.7
|
|
|
|
|
|
$
|
(0.8
|
)
|
|
EBIT-adjusted
|
$
|
12,388
|
|
|
$
|
11,354
|
|
|
$
|
1,034
|
|
|
9.1
|
%
|
|
|
$
|
3.2
|
|
|
$
|
(1.2
|
)
|
|
$
|
1.7
|
|
|
$
|
(2.2
|
)
|
|
$
|
(0.4
|
)
|
EBIT-adjusted margin
|
10.4
|
%
|
|
10.6
|
%
|
|
(0.2
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Wholesale vehicle sales
|
3,958
|
|
|
3,558
|
|
|
400
|
|
|
11.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31,
|
|
Favorable/ (Unfavorable)
|
|
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Cost
|
|
Other
|
||||||||||||||||||
|
|
|
|
|
|
|
(Dollars in billions)
|
||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
21,920
|
|
|
$
|
20,943
|
|
|
$
|
977
|
|
|
4.7
|
%
|
|
|
$
|
0.2
|
|
|
$
|
0.2
|
|
|
$
|
0.6
|
|
|
|
|
$
|
—
|
|
||
EBIT-adjusted
|
$
|
1,300
|
|
|
$
|
767
|
|
|
$
|
533
|
|
|
69.5
|
%
|
|
|
$
|
—
|
|
|
$
|
(0.3
|
)
|
|
$
|
0.6
|
|
|
$
|
0.3
|
|
|
$
|
(0.2
|
)
|
EBIT-adjusted margin
|
5.9
|
%
|
|
3.7
|
%
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Equity income — Automotive China
|
$
|
1,976
|
|
|
$
|
1,973
|
|
|
$
|
3
|
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EBIT (loss)-adjusted — excluding Equity income
|
$
|
(676
|
)
|
|
$
|
(1,206
|
)
|
|
$
|
530
|
|
|
43.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Wholesale vehicle sales
|
1,267
|
|
|
1,255
|
|
|
12
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31,
|
|
Favorable/ (Unfavorable)
|
|
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||
|
2016
|
|
2015
|
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Cost
|
|
Other
|
||||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
20,943
|
|
|
$
|
22,970
|
|
|
$
|
(2,027
|
)
|
|
(8.8
|
)%
|
|
|
$
|
(1.7
|
)
|
|
$
|
0.2
|
|
|
$
|
1.2
|
|
|
|
|
$
|
(1.7
|
)
|
||
EBIT-adjusted
|
$
|
767
|
|
|
$
|
665
|
|
|
$
|
102
|
|
|
15.3
|
%
|
|
|
$
|
(0.3
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
1.1
|
|
|
$
|
0.5
|
|
|
$
|
(0.7
|
)
|
EBIT-adjusted margin
|
3.7
|
%
|
|
2.9
|
%
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity income — Automotive China
|
$
|
1,973
|
|
|
$
|
2,057
|
|
|
$
|
(84
|
)
|
|
(4.1
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EBIT (loss)-adjusted —excluding Equity income
|
$
|
(1,206
|
)
|
|
$
|
(1,392
|
)
|
|
$
|
186
|
|
|
13.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Wholesale vehicle sales
|
1,255
|
|
|
1,372
|
|
|
(117
|
)
|
|
(8.5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Wholesale vehicles including vehicles exported to markets outside of China
|
4,140
|
|
|
4,013
|
|
|
3,794
|
|
|||
Total net sales and revenue
|
$
|
50,065
|
|
|
$
|
47,150
|
|
|
$
|
44,959
|
|
Net income
|
$
|
3,984
|
|
|
$
|
4,117
|
|
|
$
|
4,290
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Cash and cash equivalents
|
$
|
9,202
|
|
|
$
|
8,197
|
|
Debt
|
$
|
381
|
|
|
$
|
246
|
|
|
Years Ended December 31,
|
|
2017 vs. 2016 Change
|
|
2016 vs. 2015 Change
|
||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
Amount
|
|
%
|
|
Amount
|
|
%
|
||||||||||||
Total revenue
|
$
|
12,151
|
|
|
$
|
8,983
|
|
|
$
|
5,867
|
|
|
$
|
3,168
|
|
|
35.3
|
%
|
|
$
|
3,116
|
|
|
53.1
|
%
|
Provision for loan losses
|
$
|
757
|
|
|
$
|
644
|
|
|
$
|
603
|
|
|
$
|
113
|
|
|
17.5
|
%
|
|
$
|
41
|
|
|
6.8
|
%
|
Earnings before income taxes-adjusted
|
$
|
1,196
|
|
|
$
|
763
|
|
|
$
|
679
|
|
|
$
|
433
|
|
|
56.7
|
%
|
|
$
|
84
|
|
|
12.4
|
%
|
|
(Dollars in billions)
|
||||||||||||||||||||||||
Average debt outstanding
|
$
|
74.9
|
|
|
$
|
54.8
|
|
|
$
|
36.2
|
|
|
$
|
20.1
|
|
|
36.7
|
%
|
|
$
|
18.6
|
|
|
51.4
|
%
|
Effective rate of interest paid
|
3.4
|
%
|
|
3.6
|
%
|
|
4.0
|
%
|
|
(0.2
|
)%
|
|
|
|
|
(0.4
|
)%
|
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Cash and cash equivalents
|
$
|
11.2
|
|
|
$
|
9.8
|
|
Marketable securities
|
8.3
|
|
|
11.8
|
|
||
Available liquidity(a)
|
19.6
|
|
|
21.6
|
|
||
Available under credit facilities(b)
|
14.1
|
|
|
14.2
|
|
||
Total automotive available liquidity(a)
|
$
|
33.6
|
|
|
$
|
35.8
|
|
(a)
|
Amounts do not add due to rounding.
|
(b)
|
Excludes outstanding letters of credit of
$0.2 billion
at
December 31, 2016
under our primary credit facilities which were transferred to PSA Group at closing.
|
|
Year Ended December 31, 2017
|
||
Operating cash flow
|
$
|
13.9
|
|
Capital expenditures
|
(8.4
|
)
|
|
Dividends paid and payments to purchase common stock
|
(6.7
|
)
|
|
Net cash used in investing activities
–
discontinued operations(a)
|
(3.6
|
)
|
|
Issuance of senior unsecured notes
|
3.0
|
|
|
Other non-operating
|
(0.4
|
)
|
|
Total change in automotive available liquidity
|
$
|
(2.2
|
)
|
(a)
|
Consists primarily of payments to PSA Group, or one or more pension funding vehicles, of
$3.4 billion
for the assumed net underfunded pension liabilities in connection with the sale of the Opel/Vauxhall Business, which includes pension funding payments for active employees and the de-risking premium payment of
$455 million
, partially offset by proceeds.
|
|
Years Ended December 31,
|
|
2017 vs. 2016 Change
|
|
2016 vs. 2015 Change
|
||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
|
||||||||||||
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income (loss) from continuing operations
|
$
|
(0.8
|
)
|
|
$
|
8.6
|
|
|
$
|
9.0
|
|
|
$
|
(9.4
|
)
|
|
$
|
(0.4
|
)
|
Depreciation, amortization and impairments charges
|
5.7
|
|
|
5.1
|
|
|
5.2
|
|
|
0.6
|
|
|
(0.1
|
)
|
|||||
Pension and OPEB activities
|
(2.6
|
)
|
|
(4.2
|
)
|
|
(1.5
|
)
|
|
1.6
|
|
|
(2.7
|
)
|
|||||
Working capital
|
1.8
|
|
|
2.2
|
|
|
0.3
|
|
|
(0.4
|
)
|
|
1.9
|
|
|||||
Equipment on operating leases
|
(0.3
|
)
|
|
0.8
|
|
|
0.5
|
|
|
(1.1
|
)
|
|
0.3
|
|
|||||
Accrued and other liabilities
|
(2.3
|
)
|
|
1.0
|
|
|
(1.0
|
)
|
|
(3.3
|
)
|
|
2.0
|
|
|||||
Income taxes
|
10.9
|
|
|
2.1
|
|
|
(2.0
|
)
|
|
8.8
|
|
|
4.1
|
|
|||||
GM Financial dividend
|
0.6
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|||||
Other
|
0.9
|
|
|
(1.1
|
)
|
|
0.2
|
|
|
2.0
|
|
|
(1.3
|
)
|
|||||
Net automotive cash provided by operating activities
|
$
|
13.9
|
|
|
$
|
14.5
|
|
|
$
|
10.7
|
|
|
$
|
(0.6
|
)
|
|
$
|
3.8
|
|
|
Years Ended December 31,
|
|
2017 vs. 2016 Change
|
|
2016 vs. 2015 Change
|
||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
|
||||||||||||
Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Capital expenditures
|
$
|
(8.4
|
)
|
|
$
|
(8.3
|
)
|
|
$
|
(6.7
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(1.6
|
)
|
Acquisitions and liquidations of marketable securities, net
|
3.5
|
|
|
(3.7
|
)
|
|
0.9
|
|
|
7.2
|
|
|
(4.6
|
)
|
|||||
Investment in Lyft
|
—
|
|
|
(0.5
|
)
|
|
—
|
|
|
0.5
|
|
|
(0.5
|
)
|
|||||
Acquisition of Cruise
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
0.3
|
|
|
(0.3
|
)
|
|||||
Other
|
0.2
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|||||
Net automotive cash used in investing activities
|
$
|
(4.7
|
)
|
|
$
|
(12.6
|
)
|
|
$
|
(5.8
|
)
|
|
$
|
7.9
|
|
|
$
|
(6.8
|
)
|
|
Years Ended December 31,
|
|
2017 vs. 2016 Change
|
|
2016 vs. 2015 Change
|
||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
|
||||||||||||
Financing Activities
|
|
|
|
|
|
|
|
|
|
||||||||||
Issuance of senior unsecured notes
|
$
|
3.0
|
|
|
$
|
2.0
|
|
|
$
|
—
|
|
|
$
|
1.0
|
|
|
$
|
2.0
|
|
Payments to purchase common stock
|
(4.5
|
)
|
|
(2.5
|
)
|
|
(3.5
|
)
|
|
(2.0
|
)
|
|
1.0
|
|
|||||
Dividends paid
|
(2.2
|
)
|
|
(2.3
|
)
|
|
(2.2
|
)
|
|
0.1
|
|
|
(0.1
|
)
|
|||||
Other
|
(0.5
|
)
|
|
(0.3
|
)
|
|
(0.1
|
)
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|||||
Net automotive cash used in financing activities
|
$
|
(4.2
|
)
|
|
$
|
(3.1
|
)
|
|
$
|
(5.8
|
)
|
|
$
|
(1.1
|
)
|
|
$
|
2.7
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net automotive cash provided by operating activities – continuing operations
|
$
|
13.9
|
|
|
$
|
14.5
|
|
|
$
|
10.7
|
|
Less: capital expenditures – continuing operations
|
(8.4
|
)
|
|
(8.3
|
)
|
|
(6.7
|
)
|
|||
Adjustments
|
|
|
|
|
|
||||||
Discretionary U.S. pension plan contributions
|
—
|
|
|
2.0
|
|
|
—
|
|
|||
U.K. pension plan contribution(a)
|
0.2
|
|
|
—
|
|
|
—
|
|
|||
GM Financial dividend(a)
|
(0.6
|
)
|
|
—
|
|
|
—
|
|
|||
Total adjustments
|
(0.4
|
)
|
|
2.0
|
|
|
—
|
|
|||
Adjusted automotive free cash flow – continuing operations(b)
|
5.2
|
|
|
8.2
|
|
|
4.0
|
|
|||
Net automotive cash used in operating activities – discontinued operations
|
—
|
|
|
(0.1
|
)
|
|
(0.7
|
)
|
|||
Less: capital expenditures – discontinued operations
|
(0.7
|
)
|
|
(1.1
|
)
|
|
(1.0
|
)
|
|||
Adjusted automotive free cash flow(b)
|
$
|
4.5
|
|
|
$
|
6.9
|
|
|
$
|
2.3
|
|
(a)
|
These cash flows were excluded because they resulted from the sale of the European Business.
|
(b)
|
Amounts do not add due to rounding.
|
|
Corporate
|
|
Revolving Credit Facilities
|
|
Senior Unsecured
|
|
Outlook
|
DBRS Limited
|
BBB
|
|
BBB
|
|
N/A
|
|
Stable
|
Fitch
|
BBB
|
|
BBB
|
|
BBB
|
|
Stable
|
Moody's
|
Investment Grade
|
|
Baa2
|
|
Baa3
|
|
Stable
|
S&P
|
BBB
|
|
BBB
|
|
BBB
|
|
Stable
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Cash and cash equivalents
|
$
|
4.3
|
|
|
$
|
2.8
|
|
Borrowing capacity on unpledged eligible assets
|
12.5
|
|
|
8.3
|
|
||
Borrowing capacity on committed unsecured lines of credit
|
0.1
|
|
|
0.1
|
|
||
Available liquidity
|
$
|
16.9
|
|
|
$
|
11.2
|
|
|
Years Ended December 31,
|
|
2017 vs. 2016 Change
|
|
2016 vs. 2015 Change
|
||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
|
||||||||||||
Net cash provided by operating activities
|
$
|
6.5
|
|
|
$
|
4.7
|
|
|
$
|
2.7
|
|
|
$
|
1.8
|
|
|
$
|
2.0
|
|
Net cash used in investing activities
|
$
|
(21.9
|
)
|
|
$
|
(23.7
|
)
|
|
$
|
(21.2
|
)
|
|
$
|
1.8
|
|
|
$
|
(2.5
|
)
|
Net cash provided by financing activities
|
$
|
16.1
|
|
|
$
|
19.1
|
|
|
$
|
17.9
|
|
|
$
|
(3.0
|
)
|
|
$
|
1.2
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
2018
|
|
2019-2020
|
|
2021-2022
|
|
2023 and after
|
|
Total
|
||||||||||
Automotive debt
|
$
|
2,252
|
|
|
$
|
553
|
|
|
$
|
54
|
|
|
$
|
10,423
|
|
|
$
|
13,282
|
|
Automotive Financing debt
|
24,502
|
|
|
33,185
|
|
|
13,125
|
|
|
10,477
|
|
|
81,289
|
|
|||||
Capital lease obligations
|
276
|
|
|
187
|
|
|
68
|
|
|
188
|
|
|
719
|
|
|||||
Automotive interest payments(a)
|
693
|
|
|
1,209
|
|
|
1,147
|
|
|
8,452
|
|
|
11,501
|
|
|||||
Automotive Financing interest payments(b)
|
2,373
|
|
|
2,802
|
|
|
1,319
|
|
|
1,144
|
|
|
7,638
|
|
|||||
Postretirement benefits(c)
|
243
|
|
|
268
|
|
|
3
|
|
|
—
|
|
|
514
|
|
|||||
Operating lease obligations, net
|
222
|
|
|
377
|
|
|
231
|
|
|
206
|
|
|
1,036
|
|
|||||
Other contractual commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Material
|
1,090
|
|
|
522
|
|
|
147
|
|
|
144
|
|
|
1,903
|
|
|||||
Marketing
|
840
|
|
|
441
|
|
|
54
|
|
|
31
|
|
|
1,366
|
|
|||||
Rental car repurchases
|
2,113
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,113
|
|
|||||
Other
|
1,056
|
|
|
612
|
|
|
100
|
|
|
246
|
|
|
2,014
|
|
|||||
Total contractual commitments(d)
|
$
|
35,660
|
|
|
$
|
40,156
|
|
|
$
|
16,248
|
|
|
$
|
31,311
|
|
|
$
|
123,375
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-contractual benefits(e)
|
$
|
269
|
|
|
$
|
648
|
|
|
$
|
858
|
|
|
$
|
9,696
|
|
|
$
|
11,471
|
|
(a)
|
Amounts include automotive interest payments based on contractual terms and current interest rates on our debt and capital lease obligations. Automotive interest payments based on variable interest rates were determined using the interest rate in effect at
December 31, 2017
.
|
(b)
|
GM Financial interest payments were determined using the interest rate in effect at
December 31, 2017
for floating rate debt and the contractual rates for fixed rate debt. GM Financial interest payments on floating rate tranches of the securitization notes payable were converted to a fixed rate based on the floating rate plus any expected hedge payments.
|
(c)
|
Amounts include OPEB payments under the current U.S. contractual labor agreements through 2019 and Canada labor agreements through 2021. These agreements are generally renegotiated in the year of expiration. Amounts do not include pension funding obligations, which are discussed in
Note 16
to our consolidated financial statements.
|
(d)
|
Amounts do not include future cash payments for long-term purchase obligations and other accrued expenditures (unless specifically listed in the table above) which were recorded in Accounts payable or Accrued liabilities at
December 31, 2017
.
|
(e)
|
Amounts include all expected future payments for both current and expected future service at
December 31, 2017
for OPEB obligations for salaried and hourly employees extending beyond the current North American union contract agreements, workers' compensation and extended disability benefits. Amounts do not include pension funding obligations, which are discussed in
Note 16
to our consolidated financial statements.
|
|
U.S. Plans(a)
|
|
Non-U.S. Plans(a)
|
||||
|
Effect on 2018 Pension Expense
|
|
Effect on December 31, 2017 PBO
|
|
Effect on 2018 Pension Expense
|
|
Effect on December 31, 2017 PBO
|
25 basis point decrease in discount rate
|
-$100
|
|
+$1,780
|
|
+$17
|
|
+$688
|
25 basis point increase in discount rate
|
+$90
|
|
-$1,700
|
|
-$12
|
|
-$652
|
25 basis point decrease in expected rate of return on assets
|
+$150
|
|
N/A
|
|
+$35
|
|
N/A
|
25 basis point increase in expected rate of return on assets
|
-$150
|
|
N/A
|
|
-$35
|
|
N/A
|
(a)
|
The sensitivity does not include the effects of the individual annual yield curve rates applied for the calculation of the service and interest cost.
|
|
December 31, 2017
|
|
December 31, 2016
|
||
Cars
|
450
|
|
|
420
|
|
Trucks
|
285
|
|
|
224
|
|
Crossovers
|
818
|
|
|
604
|
|
SUVs
|
99
|
|
|
75
|
|
Total
|
1,652
|
|
|
1,323
|
|
|
Years Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
Translation (gains) losses recorded in Accumulated other comprehensive loss
|
$
|
(275
|
)
|
|
$
|
176
|
|
Transaction and remeasurement losses recorded in earnings
|
$
|
43
|
|
|
$
|
225
|
|
|
Years Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
One hundred basis points instantaneous increase in interest rates
|
$
|
19.4
|
|
|
$
|
(43.9
|
)
|
One hundred basis points instantaneous decrease in interest rates(a)
|
$
|
(19.4
|
)
|
|
$
|
43.9
|
|
(a)
|
Net interest income sensitivity given a one hundred basis point decrease in interest rates requires an assumption of negative interest rates in markets where existing interest rates are below one percent.
|
|
Years Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
Translation (gains) losses recorded in Accumulated other comprehensive loss
|
$
|
(474
|
)
|
|
$
|
144
|
|
Transaction and remeasurement losses recorded in earnings
|
$
|
9
|
|
|
$
|
4
|
|
/
s
/ D
ELOITTE
& T
OUCHE
LLP
|
Detroit, Michigan
|
February 6, 2018
|
/
s
/ D
ELOITTE
& T
OUCHE
LLP
|
Detroit, Michigan
|
February 6, 2018
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net sales and revenue
|
|
|
|
|
|
||||||
Automotive
|
$
|
133,449
|
|
|
$
|
140,205
|
|
|
$
|
129,864
|
|
GM Financial
|
12,139
|
|
|
8,979
|
|
|
5,861
|
|
|||
Total net sales and revenue
|
145,588
|
|
|
149,184
|
|
|
135,725
|
|
|||
Costs and expenses
|
|
|
|
|
|
||||||
Automotive cost of sales
|
114,869
|
|
|
120,499
|
|
|
112,995
|
|
|||
GM Financial interest, operating and other expenses
|
11,128
|
|
|
8,369
|
|
|
5,304
|
|
|||
Automotive selling, general and administrative expense
|
9,575
|
|
|
10,354
|
|
|
11,888
|
|
|||
Total costs and expenses
|
135,572
|
|
|
139,222
|
|
|
130,187
|
|
|||
Operating income
|
10,016
|
|
|
9,962
|
|
|
5,538
|
|
|||
Automotive interest expense
|
575
|
|
|
563
|
|
|
423
|
|
|||
Interest income and other non-operating income, net
|
290
|
|
|
327
|
|
|
614
|
|
|||
Gain on extinguishment of debt
|
—
|
|
|
—
|
|
|
449
|
|
|||
Equity income (Note 8)
|
2,132
|
|
|
2,282
|
|
|
2,193
|
|
|||
Income before income taxes
|
11,863
|
|
|
12,008
|
|
|
8,371
|
|
|||
Income tax expense (benefit) (Note 18)
|
11,533
|
|
|
2,739
|
|
|
(1,219
|
)
|
|||
Income from continuing operations
|
330
|
|
|
9,269
|
|
|
9,590
|
|
|||
Income (loss) from discontinued operations, net of tax (Note 3)
|
(4,212
|
)
|
|
(1
|
)
|
|
25
|
|
|||
Net income (loss)
|
(3,882
|
)
|
|
9,268
|
|
|
9,615
|
|
|||
Net loss attributable to noncontrolling interests
|
18
|
|
|
159
|
|
|
72
|
|
|||
Net income (loss) attributable to stockholders
|
$
|
(3,864
|
)
|
|
$
|
9,427
|
|
|
$
|
9,687
|
|
|
|
|
|
|
|
||||||
Net income (loss) attributable to common stockholders
|
$
|
(3,880
|
)
|
|
$
|
9,427
|
|
|
$
|
9,687
|
|
|
|
|
|
|
|
||||||
Earnings per share (Note 21)
|
|
|
|
|
|
||||||
Basic earnings per common share
–
continuing operations
|
$
|
0.23
|
|
|
$
|
6.12
|
|
|
$
|
6.09
|
|
Basic earnings (loss) per common share – discontinued operations
|
$
|
(2.88
|
)
|
|
$
|
—
|
|
|
$
|
0.02
|
|
Basic earnings (loss) per common share
|
$
|
(2.65
|
)
|
|
$
|
6.12
|
|
|
$
|
6.11
|
|
Weighted-average common shares outstanding – basic
|
1,465
|
|
|
1,540
|
|
|
1,586
|
|
|||
|
|
|
|
|
|
||||||
Diluted earnings per common share
–
continuing operations
|
$
|
0.22
|
|
|
$
|
6.00
|
|
|
$
|
5.89
|
|
Diluted earnings (loss) per common share – discontinued operations
|
$
|
(2.82
|
)
|
|
$
|
—
|
|
|
$
|
0.02
|
|
Diluted earnings (loss) per common share
|
$
|
(2.60
|
)
|
|
$
|
6.00
|
|
|
$
|
5.91
|
|
Weighted-average common shares outstanding – diluted
|
1,492
|
|
|
1,570
|
|
|
1,640
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income (loss)
|
$
|
(3,882
|
)
|
|
$
|
9,268
|
|
|
$
|
9,615
|
|
Other comprehensive income (loss), net of tax (Note 20)
|
|
|
|
|
|
||||||
Foreign currency translation adjustments and other
|
747
|
|
|
(384
|
)
|
|
(955
|
)
|
|||
Defined benefit plans
|
570
|
|
|
(969
|
)
|
|
1,011
|
|
|||
Other comprehensive income (loss), net of tax
|
1,317
|
|
|
(1,353
|
)
|
|
56
|
|
|||
Comprehensive income (loss)
|
(2,565
|
)
|
|
7,915
|
|
|
9,671
|
|
|||
Comprehensive loss attributable to noncontrolling interests
|
20
|
|
|
218
|
|
|
53
|
|
|||
Comprehensive income (loss) attributable to stockholders
|
$
|
(2,545
|
)
|
|
$
|
8,133
|
|
|
$
|
9,724
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
ASSETS
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
15,512
|
|
|
$
|
12,574
|
|
Marketable securities (Note 4)
|
8,313
|
|
|
11,841
|
|
||
Accounts and notes receivable (net of allowance of $278 and $212)
|
8,164
|
|
|
8,700
|
|
||
GM Financial receivables, net (Note 5; Note 12 at VIEs)
|
20,521
|
|
|
16,127
|
|
||
Inventories (Note 6)
|
10,663
|
|
|
11,040
|
|
||
Equipment on operating leases, net (Note 7)
|
1,106
|
|
|
1,110
|
|
||
Other current assets (Note 4; Note 12 at VIEs)
|
4,465
|
|
|
3,633
|
|
||
Current assets held for sale (Note 3)
|
—
|
|
|
11,178
|
|
||
Total current assets
|
68,744
|
|
|
76,203
|
|
||
Non-current Assets
|
|
|
|
||||
GM Financial receivables, net (Note 5; Note 12 at VIEs)
|
21,208
|
|
|
17,001
|
|
||
Equity in net assets of nonconsolidated affiliates (Note 8)
|
9,073
|
|
|
8,996
|
|
||
Property, net (Note 9)
|
36,253
|
|
|
32,603
|
|
||
Goodwill and intangible assets, net (Note 11)
|
5,849
|
|
|
6,149
|
|
||
Equipment on operating leases, net (Note 7; Note 12 at VIEs)
|
42,882
|
|
|
34,342
|
|
||
Deferred income taxes (Note 18)
|
23,544
|
|
|
33,172
|
|
||
Other assets (Note 4; Note 12 at VIEs)
|
4,929
|
|
|
3,849
|
|
||
Non-current assets held for sale (Note 3)
|
—
|
|
|
9,375
|
|
||
Total non-current assets
|
143,738
|
|
|
145,487
|
|
||
Total Assets
|
$
|
212,482
|
|
|
$
|
221,690
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current Liabilities
|
|
|
|
||||
Accounts payable (principally trade)
|
$
|
23,929
|
|
|
$
|
23,333
|
|
Short-term debt and current portion of long-term debt (Note 14)
|
|
|
|
||||
Automotive
|
2,515
|
|
|
1,060
|
|
||
GM Financial (Note 12 at VIEs)
|
24,450
|
|
|
22,737
|
|
||
Accrued liabilities (Note 13)
|
25,996
|
|
|
25,893
|
|
||
Current liabilities held for sale (Note 3)
|
—
|
|
|
12,158
|
|
||
Total current liabilities
|
76,890
|
|
|
85,181
|
|
||
Non-current Liabilities
|
|
|
|
||||
Long-term debt (Note 14)
|
|
|
|
||||
Automotive
|
10,987
|
|
|
9,500
|
|
||
GM Financial (Note 12 at VIEs)
|
56,267
|
|
|
41,826
|
|
||
Postretirement benefits other than pensions (Note 16)
|
5,998
|
|
|
5,803
|
|
||
Pensions (Note 16)
|
13,746
|
|
|
15,264
|
|
||
Other liabilities (Note 13)
|
12,394
|
|
|
12,415
|
|
||
Non-current liabilities held for sale (Note 3)
|
—
|
|
|
7,626
|
|
||
Total non-current liabilities
|
99,392
|
|
|
92,434
|
|
||
Total Liabilities
|
176,282
|
|
|
177,615
|
|
||
Commitments and contingencies (Note 17)
|
|
|
|
|
|||
Equity (Note 20)
|
|
|
|
||||
Common stock, $0.01 par value
|
14
|
|
|
15
|
|
||
Additional paid-in capital
|
25,371
|
|
|
26,983
|
|
||
Retained earnings
|
17,627
|
|
|
26,168
|
|
||
Accumulated other comprehensive loss
|
(8,011
|
)
|
|
(9,330
|
)
|
||
Total stockholders’ equity
|
35,001
|
|
|
43,836
|
|
||
Noncontrolling interests
|
1,199
|
|
|
239
|
|
||
Total Equity
|
36,200
|
|
|
44,075
|
|
||
Total Liabilities and Equity
|
$
|
212,482
|
|
|
$
|
221,690
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flows from operating activities
|
|
|
|
|
|
||||||
Income from continuing operations
|
$
|
330
|
|
|
$
|
9,269
|
|
|
$
|
9,590
|
|
Depreciation, amortization and impairment charges
|
12,261
|
|
|
9,819
|
|
|
7,487
|
|
|||
Foreign currency remeasurement and transaction losses
|
52
|
|
|
229
|
|
|
806
|
|
|||
Undistributed earnings of nonconsolidated affiliates, net
|
(132
|
)
|
|
(15
|
)
|
|
(145
|
)
|
|||
Pension contributions and OPEB payments
|
(1,636
|
)
|
|
(3,454
|
)
|
|
(1,587
|
)
|
|||
Pension and OPEB (income) expense, net
|
(934
|
)
|
|
(769
|
)
|
|
83
|
|
|||
Provision (benefit) for deferred taxes
|
10,880
|
|
|
2,228
|
|
|
(2,046
|
)
|
|||
Change in other operating assets and liabilities (Note 25)
|
(3,015
|
)
|
|
580
|
|
|
(1,208
|
)
|
|||
Other operating activities
|
(468
|
)
|
|
(894
|
)
|
|
(370
|
)
|
|||
Net cash provided by operating activities – continuing operations
|
17,338
|
|
|
16,993
|
|
|
12,610
|
|
|||
Net cash used in operating activities – discontinued operations
|
(10
|
)
|
|
(386
|
)
|
|
(841
|
)
|
|||
Net cash provided by operating activities
|
17,328
|
|
|
16,607
|
|
|
11,769
|
|
|||
Cash flows from investing activities
|
|
|
|
|
|
||||||
Expenditures for property
|
(8,453
|
)
|
|
(8,384
|
)
|
|
(6,813
|
)
|
|||
Available-for-sale marketable securities, acquisitions
|
(5,503
|
)
|
|
(15,182
|
)
|
|
(8,113
|
)
|
|||
Trading marketable securities, acquisitions
|
—
|
|
|
(262
|
)
|
|
(1,250
|
)
|
|||
Available-for-sale marketable securities, liquidations
|
9,007
|
|
|
10,871
|
|
|
8,463
|
|
|||
Trading marketable securities, liquidations
|
—
|
|
|
872
|
|
|
1,758
|
|
|||
Acquisition of companies/investments, net of cash acquired
|
(41
|
)
|
|
(804
|
)
|
|
(927
|
)
|
|||
Purchases of finance receivables, net
|
(19,325
|
)
|
|
(14,378
|
)
|
|
(13,888
|
)
|
|||
Principal collections and recoveries on finance receivables
|
12,578
|
|
|
9,899
|
|
|
8,548
|
|
|||
Purchases of leased vehicles, net
|
(19,180
|
)
|
|
(19,495
|
)
|
|
(15,096
|
)
|
|||
Proceeds from termination of leased vehicles
|
6,667
|
|
|
2,554
|
|
|
1,095
|
|
|||
Other investing activities
|
178
|
|
|
162
|
|
|
15
|
|
|||
Net cash used in investing activities – continuing operations
|
(24,072
|
)
|
|
(34,147
|
)
|
|
(26,208
|
)
|
|||
Net cash used in investing activities – discontinued operations (Note 3)
|
(3,500
|
)
|
|
(1,496
|
)
|
|
(1,502
|
)
|
|||
Net cash used in investing activities
|
(27,572
|
)
|
|
(35,643
|
)
|
|
(27,710
|
)
|
|||
Cash flows from financing activities
|
|
|
|
|
|
||||||
Net decrease in short-term debt
|
(140
|
)
|
|
(282
|
)
|
|
(61
|
)
|
|||
Proceeds from issuance of debt (original maturities greater than three months)
|
52,187
|
|
|
42,036
|
|
|
31,547
|
|
|||
Payments on debt (original maturities greater than three months)
|
(33,592
|
)
|
|
(20,727
|
)
|
|
(13,469
|
)
|
|||
Payments to purchase common stock
|
(4,492
|
)
|
|
(2,500
|
)
|
|
(3,520
|
)
|
|||
Proceeds from issuance of GM Financial preferred stock
|
985
|
|
|
—
|
|
|
—
|
|
|||
Dividends paid
|
(2,233
|
)
|
|
(2,368
|
)
|
|
(2,242
|
)
|
|||
Other financing activities
|
(305
|
)
|
|
(163
|
)
|
|
(159
|
)
|
|||
Net cash provided by financing activities – continuing operations
|
12,410
|
|
|
15,996
|
|
|
12,096
|
|
|||
Net cash provided by financing activities – discontinued operations
|
174
|
|
|
1,081
|
|
|
1,512
|
|
|||
Net cash provided by financing activities
|
12,584
|
|
|
17,077
|
|
|
13,608
|
|
|||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
348
|
|
|
(213
|
)
|
|
(1,524
|
)
|
|||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
2,688
|
|
|
(2,172
|
)
|
|
(3,857
|
)
|
|||
Cash, cash equivalents and restricted cash at beginning of period
|
15,160
|
|
|
17,332
|
|
|
21,189
|
|
|||
Cash, cash equivalents and restricted cash at end of period
|
$
|
17,848
|
|
|
$
|
15,160
|
|
|
$
|
17,332
|
|
|
|
|
|
|
|
||||||
Cash, cash equivalents and restricted cash – continuing operations at end of period (Note 4)
|
$
|
17,848
|
|
|
$
|
14,487
|
|
|
$
|
16,588
|
|
Cash, cash equivalents and restricted cash
–
discontinued operations at end of period
|
$
|
—
|
|
|
$
|
673
|
|
|
$
|
744
|
|
Significant Non-cash Investing and Financing Activity
|
|
|
|
|
|
|
|
|
|||
Non-cash property additions – continuing operations
|
$
|
3,996
|
|
|
$
|
3,897
|
|
|
$
|
3,970
|
|
Non-cash property additions – discontinued operations
|
$
|
—
|
|
|
$
|
868
|
|
|
$
|
706
|
|
Non-cash business acquisition – continuing operations (Note 10)
|
$
|
—
|
|
|
$
|
290
|
|
|
$
|
—
|
|
Non-cash proceeds on sale of discontinued operations (Note 3)
|
$
|
808
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Common Stockholders’
|
|
Noncontrolling Interests
|
|
Total Equity
|
||||||||||||||||||
Common Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
||||||||||||||||
Balance at January 1, 2015
|
$
|
16
|
|
|
$
|
28,937
|
|
|
$
|
14,577
|
|
|
$
|
(8,073
|
)
|
|
$
|
567
|
|
|
$
|
36,024
|
|
Net income
|
—
|
|
|
—
|
|
|
9,687
|
|
|
—
|
|
|
(72
|
)
|
|
9,615
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
19
|
|
|
56
|
|
||||||
Purchase of common stock
|
(1
|
)
|
|
(1,745
|
)
|
|
(1,774
|
)
|
|
—
|
|
|
—
|
|
|
(3,520
|
)
|
||||||
Exercise of common stock warrants
|
—
|
|
|
46
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46
|
|
||||||
Stock based compensation
|
—
|
|
|
369
|
|
|
(31
|
)
|
|
—
|
|
|
—
|
|
|
338
|
|
||||||
Cash dividends paid on common stock
|
—
|
|
|
—
|
|
|
(2,174
|
)
|
|
—
|
|
|
—
|
|
|
(2,174
|
)
|
||||||
Dividends declared or paid to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(75
|
)
|
|
(75
|
)
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
13
|
|
||||||
Balance at December 31, 2015
|
15
|
|
|
27,607
|
|
|
20,285
|
|
|
(8,036
|
)
|
|
452
|
|
|
40,323
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
9,427
|
|
|
—
|
|
|
(159
|
)
|
|
9,268
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,294
|
)
|
|
(59
|
)
|
|
(1,353
|
)
|
||||||
Issuance of common stock
|
—
|
|
|
290
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
290
|
|
||||||
Purchase of common stock
|
—
|
|
|
(1,320
|
)
|
|
(1,180
|
)
|
|
—
|
|
|
—
|
|
|
(2,500
|
)
|
||||||
Exercise of common stock warrants
|
—
|
|
|
89
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
89
|
|
||||||
Stock based compensation
|
—
|
|
|
317
|
|
|
(27
|
)
|
|
—
|
|
|
—
|
|
|
290
|
|
||||||
Cash dividends paid on common stock
|
—
|
|
|
—
|
|
|
(2,337
|
)
|
|
—
|
|
|
—
|
|
|
(2,337
|
)
|
||||||
Dividends declared or paid to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(31
|
)
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36
|
|
|
36
|
|
||||||
Balance at December 31, 2016
|
15
|
|
|
26,983
|
|
|
26,168
|
|
|
(9,330
|
)
|
|
239
|
|
|
44,075
|
|
||||||
Net loss
|
—
|
|
|
—
|
|
|
(3,864
|
)
|
|
—
|
|
|
(18
|
)
|
|
(3,882
|
)
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,319
|
|
|
(2
|
)
|
|
1,317
|
|
||||||
Purchase of common stock
|
(1
|
)
|
|
(2,063
|
)
|
|
(2,428
|
)
|
|
—
|
|
|
—
|
|
|
(4,492
|
)
|
||||||
Exercise of common stock warrants
|
—
|
|
|
43
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43
|
|
||||||
Issuance of GM Financial preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
985
|
|
|
985
|
|
||||||
Stock based compensation
|
—
|
|
|
468
|
|
|
(34
|
)
|
|
—
|
|
|
—
|
|
|
434
|
|
||||||
Cash dividends paid on common stock
|
—
|
|
|
—
|
|
|
(2,215
|
)
|
|
—
|
|
|
—
|
|
|
(2,215
|
)
|
||||||
Dividends declared or paid to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
(18
|
)
|
||||||
Other
|
—
|
|
|
(60
|
)
|
|
—
|
|
|
—
|
|
|
13
|
|
|
(47
|
)
|
||||||
Balance at December 31, 2017
|
$
|
14
|
|
|
$
|
25,371
|
|
|
$
|
17,627
|
|
|
$
|
(8,011
|
)
|
|
$
|
1,199
|
|
|
$
|
36,200
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Automotive net sales and revenue
|
$
|
11,257
|
|
|
$
|
19,704
|
|
|
$
|
19,075
|
|
GM Financial net sales and revenue
|
466
|
|
|
552
|
|
|
573
|
|
|||
Total net sales and revenue
|
11,723
|
|
|
20,256
|
|
|
19,648
|
|
|||
Automotive cost of sales
|
11,049
|
|
|
18,894
|
|
|
18,343
|
|
|||
GM Financial interest, operating and other expenses
|
342
|
|
|
423
|
|
|
429
|
|
|||
Automotive selling, general, and administrative expense
|
813
|
|
|
1,356
|
|
|
1,517
|
|
|||
Other income and (expense) items
|
(72
|
)
|
|
93
|
|
|
(12
|
)
|
|||
Loss from discontinued operations before taxes
|
553
|
|
|
324
|
|
|
653
|
|
|||
Loss on sale of discontinued operations before taxes(a)(b)
|
2,176
|
|
|
—
|
|
|
—
|
|
|||
Total loss from discontinued operations before taxes
|
2,729
|
|
|
324
|
|
|
653
|
|
|||
Income tax expense (benefit)(b)(c)
|
1,483
|
|
|
(323
|
)
|
|
(678
|
)
|
|||
Income (loss) from discontinued operations, net of tax
|
$
|
(4,212
|
)
|
|
$
|
(1
|
)
|
|
$
|
25
|
|
(a)
|
Includes contract cancellation charges associated with the disposal for the
year ended December 31, 2017
.
|
(b)
|
Total loss on sale of discontinued operations, net of tax was
$3.9 billion
for the
year ended December 31, 2017
.
|
(c)
|
Includes
$2.0 billion
of deferred tax assets that transferred to PSA Group in the
year ended December 31, 2017
.
|
|
December 31, 2016
|
||
Current Assets
|
|
|
|
Cash and cash equivalents
|
$
|
386
|
|
Accounts and notes receivable, net
|
938
|
|
|
GM Financial receivables, net
|
5,938
|
|
|
Inventories
|
2,748
|
|
|
Equipment on operating leases, net
|
786
|
|
|
Other current assets
|
382
|
|
|
Total current assets held for sale
|
11,178
|
|
|
Non-current Assets
|
|
||
GM Financial receivables, net
|
3,723
|
|
|
Property, net
|
3,217
|
|
|
Deferred income taxes
|
1,920
|
|
|
Other assets
|
515
|
|
|
Total non-current assets held for sale
|
9,375
|
|
|
Total Assets Held for Sale
|
$
|
20,553
|
|
|
|
||
Current Liabilities
|
|
||
Accounts payable (principally trade)
|
$
|
3,628
|
|
Short-term debt and current portion of long-term debt
|
|
||
Automotive
|
107
|
|
|
GM Financial
|
5,124
|
|
|
Accrued liabilities
|
3,299
|
|
|
Total current liabilities held for sale
|
12,158
|
|
|
Non-current Liabilities
|
|
||
Long-term debt
|
|
||
Automotive
|
85
|
|
|
GM Financial
|
4,189
|
|
|
Pensions
|
2,687
|
|
|
Other liabilities
|
665
|
|
|
Total non-current liabilities held for sale
|
7,626
|
|
|
Total Liabilities Held for Sale
|
$
|
19,784
|
|
|
Fair Value Level
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Cash and cash equivalents
|
|
|
|
|
|
||||
Cash, cash equivalents and time deposits
|
|
|
$
|
6,962
|
|
|
$
|
5,692
|
|
Available-for-sale securities
|
|
|
|
|
|
|
|
||
U.S. government and agencies
|
2
|
|
750
|
|
|
1,158
|
|
||
Corporate debt
|
2
|
|
3,032
|
|
|
2,524
|
|
||
Money market funds
|
1
|
|
2,814
|
|
|
1,801
|
|
||
Sovereign debt
|
2
|
|
1,954
|
|
|
1,399
|
|
||
Total available-for-sale securities – cash equivalents
|
|
|
8,550
|
|
|
6,882
|
|
||
Total cash and cash equivalents
|
|
|
$
|
15,512
|
|
|
$
|
12,574
|
|
Marketable securities
|
|
|
|
|
|
|
|
||
U.S. government and agencies
|
2
|
|
$
|
3,310
|
|
|
$
|
5,886
|
|
Corporate debt
|
2
|
|
3,665
|
|
|
3,611
|
|
||
Mortgage and asset-backed
|
2
|
|
635
|
|
|
197
|
|
||
Sovereign debt
|
2
|
|
703
|
|
|
2,147
|
|
||
Total available-for-sale securities – marketable securities
|
|
|
$
|
8,313
|
|
|
$
|
11,841
|
|
Restricted cash
|
|
|
|
|
|
|
|
||
Cash, cash equivalents and time deposits
|
|
|
$
|
219
|
|
|
$
|
248
|
|
Available-for-sale securities, primarily money market funds
|
1
|
|
2,117
|
|
|
1,665
|
|
||
Total restricted cash
|
|
|
$
|
2,336
|
|
|
$
|
1,913
|
|
|
|
|
|
|
|
|
|
||
Available-for-sale securities included above with contractual maturities(a)
|
|
|
|
|
|
|
|
||
Due in one year or less
|
|
|
$
|
8,539
|
|
|
|
|
|
Due between one and five years
|
|
|
4,875
|
|
|
|
|
||
Total available-for-sale securities with contractual maturities
|
|
|
$
|
13,414
|
|
|
|
|
(a)
|
Excludes mortgage and asset-backed securities.
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Cash and cash equivalents
|
$
|
15,512
|
|
|
$
|
12,574
|
|
Restricted cash included in Other current assets
|
1,745
|
|
|
1,382
|
|
||
Restricted cash included in Other assets
|
591
|
|
|
531
|
|
||
Total
|
$
|
17,848
|
|
|
$
|
14,487
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Retail
|
|
Commercial
|
|
Total
|
|
Retail
|
|
Commercial
|
|
Total
|
||||||||||||
Finance receivables, collectively evaluated for impairment, net of fees
|
$
|
30,486
|
|
|
$
|
9,935
|
|
|
$
|
40,421
|
|
|
$
|
24,480
|
|
|
$
|
7,506
|
|
|
$
|
31,986
|
|
Finance receivables, individually evaluated for impairment, net of fees
|
2,228
|
|
|
22
|
|
|
2,250
|
|
|
1,920
|
|
|
27
|
|
|
1,947
|
|
||||||
GM Financial receivables
|
32,714
|
|
|
9,957
|
|
|
42,671
|
|
|
26,400
|
|
|
7,533
|
|
|
33,933
|
|
||||||
Less: allowance for loan losses
|
(889
|
)
|
|
(53
|
)
|
|
(942
|
)
|
|
(765
|
)
|
|
(40
|
)
|
|
(805
|
)
|
||||||
GM Financial receivables, net
|
$
|
31,825
|
|
|
$
|
9,904
|
|
|
$
|
41,729
|
|
|
$
|
25,635
|
|
|
$
|
7,493
|
|
|
$
|
33,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair value of GM Financial receivables
|
|
|
|
|
$
|
41,735
|
|
|
|
|
|
|
$
|
33,181
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Allowance for loan losses at beginning of period
|
$
|
805
|
|
|
$
|
749
|
|
|
$
|
668
|
|
Provision for loan losses
|
757
|
|
|
644
|
|
|
603
|
|
|||
Charge-offs
|
(1,173
|
)
|
|
(1,137
|
)
|
|
(969
|
)
|
|||
Recoveries
|
552
|
|
|
542
|
|
|
469
|
|
|||
Effect of foreign currency
|
1
|
|
|
7
|
|
|
(22
|
)
|
|||
Allowance for loan losses at end of period
|
$
|
942
|
|
|
$
|
805
|
|
|
$
|
749
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||
|
Amount
|
|
Percent of Contractual Amount Due
|
|
Amount
|
|
Percent of Contractual Amount Due
|
||||||
31-to-60 days delinquent
|
$
|
1,334
|
|
|
4.1
|
%
|
|
$
|
1,220
|
|
|
4.6
|
%
|
Greater-than-60 days delinquent
|
559
|
|
|
1.7
|
%
|
|
532
|
|
|
2.0
|
%
|
||
Total finance receivables more than 30 days delinquent
|
1,893
|
|
|
5.8
|
%
|
|
1,752
|
|
|
6.6
|
%
|
||
In repossession
|
27
|
|
|
—
|
%
|
|
47
|
|
|
0.2
|
%
|
||
Total finance receivables more than 30 days delinquent or in repossession
|
$
|
1,920
|
|
|
5.8
|
%
|
|
$
|
1,799
|
|
|
6.8
|
%
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Group I
|
–
Dealers with superior financial metrics
|
$
|
1,915
|
|
|
$
|
1,372
|
|
Group II
|
–
Dealers with strong financial metrics
|
3,465
|
|
|
2,526
|
|
||
Group III
|
–
Dealers with fair financial metrics
|
3,239
|
|
|
2,598
|
|
||
Group IV
|
–
Dealers with weak financial metrics
|
997
|
|
|
613
|
|
||
Group V
|
–
Dealers warranting special mention due to elevated risks
|
260
|
|
|
334
|
|
||
Group VI
|
–
Dealers with loans classified as substandard, doubtful or impaired
|
81
|
|
|
90
|
|
||
|
|
$
|
9,957
|
|
|
$
|
7,533
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Total productive material, supplies and work in process
|
$
|
4,203
|
|
|
$
|
5,008
|
|
Finished product, including service parts
|
6,460
|
|
|
6,032
|
|
||
Total inventories
|
$
|
10,663
|
|
|
$
|
11,040
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Equipment on operating leases
|
$
|
53,947
|
|
|
$
|
41,851
|
|
Less: accumulated depreciation
|
(9,959
|
)
|
|
(6,399
|
)
|
||
Equipment on operating leases, net(a)
|
$
|
43,988
|
|
|
$
|
35,452
|
|
(a)
|
Includes
$42.9 billion
and
$34.3 billion
of GM Financial equipment on operating leases, net in the years ended
December 31, 2017
and
2016
.
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
||||||||||
Minimum rental receipts under operating leases
|
$
|
6,848
|
|
|
$
|
4,530
|
|
|
$
|
1,759
|
|
|
$
|
189
|
|
|
$
|
12
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Automotive China equity income
|
$
|
1,976
|
|
|
$
|
1,973
|
|
|
$
|
2,057
|
|
Other joint ventures equity income
|
156
|
|
|
309
|
|
|
136
|
|
|||
Total Equity income
|
$
|
2,132
|
|
|
$
|
2,282
|
|
|
$
|
2,193
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Automotive China carrying amount
|
$
|
7,832
|
|
|
$
|
7,859
|
|
Other investments carrying amount
|
1,241
|
|
|
1,137
|
|
||
Total equity in net assets of nonconsolidated affiliates
|
$
|
9,073
|
|
|
$
|
8,996
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||
Automotive China JVs
|
|
|
|
||
SAIC General Motors Corp., Ltd. (SGM)
|
50
|
%
|
|
50
|
%
|
FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM)
|
50
|
%
|
|
50
|
%
|
Pan Asia Technical Automotive Center Co., Ltd.
|
50
|
%
|
|
50
|
%
|
SAIC General Motors Sales Co., Ltd.
|
49
|
%
|
|
49
|
%
|
SAIC GM Wuling Automobile Co., Ltd. (SGMW)
|
44
|
%
|
|
44
|
%
|
Shanghai OnStar Telematics Co., Ltd. (Shanghai OnStar)
|
40
|
%
|
|
40
|
%
|
SAIC GM (Shenyang) Norsom Motors Co., Ltd. (SGM Norsom)
|
25
|
%
|
|
25
|
%
|
SAIC GM Dong Yue Motors Co., Ltd. (SGM DY)
|
25
|
%
|
|
25
|
%
|
SAIC GM Dong Yue Powertrain Co., Ltd. (SGM DYPT)
|
25
|
%
|
|
25
|
%
|
Shanghai Chengxin Used Car Operation and Management Co., Ltd. (Shanghai Chengxin Used Car)
|
—
|
%
|
|
33
|
%
|
Other joint ventures
|
|
|
|
||
SAIC-GMAC
|
35
|
%
|
|
35
|
%
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Automotive China JVs
|
|
Others
|
|
Total
|
|
Automotive China JVs
|
|
Others
|
|
Total
|
||||||||||||
Summarized Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets
|
$
|
17,370
|
|
|
$
|
13,484
|
|
|
$
|
30,854
|
|
|
$
|
17,325
|
|
|
$
|
8,383
|
|
|
$
|
25,708
|
|
Non-current assets
|
14,188
|
|
|
3,409
|
|
|
17,597
|
|
|
12,712
|
|
|
5,991
|
|
|
18,703
|
|
||||||
Total assets
|
$
|
31,558
|
|
|
$
|
16,893
|
|
|
$
|
48,451
|
|
|
$
|
30,037
|
|
|
$
|
14,374
|
|
|
$
|
44,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current liabilities
|
$
|
22,642
|
|
|
$
|
12,255
|
|
|
$
|
34,897
|
|
|
$
|
21,428
|
|
|
$
|
7,277
|
|
|
$
|
28,705
|
|
Non-current liabilities
|
1,639
|
|
|
1,903
|
|
|
3,542
|
|
|
1,393
|
|
|
3,898
|
|
|
5,291
|
|
||||||
Total liabilities
|
$
|
24,281
|
|
|
$
|
14,158
|
|
|
$
|
38,439
|
|
|
$
|
22,821
|
|
|
$
|
11,175
|
|
|
$
|
33,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noncontrolling interests
|
$
|
871
|
|
|
$
|
1
|
|
|
$
|
872
|
|
|
$
|
856
|
|
|
$
|
1
|
|
|
$
|
857
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Summarized Operating Data
|
|
|
|
|
|
||||||
Automotive China JVs' net sales
|
$
|
50,065
|
|
|
$
|
47,150
|
|
|
$
|
44,959
|
|
Others' net sales
|
2,542
|
|
|
2,412
|
|
|
3,571
|
|
|||
Total net sales
|
$
|
52,607
|
|
|
$
|
49,562
|
|
|
$
|
48,530
|
|
|
|
|
|
|
|
||||||
Automotive China JVs' net income
|
$
|
3,984
|
|
|
$
|
4,117
|
|
|
$
|
4,290
|
|
Others' net income
|
648
|
|
|
378
|
|
|
435
|
|
|||
Total net income
|
$
|
4,632
|
|
|
$
|
4,495
|
|
|
$
|
4,725
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Automotive sales and revenue
|
$
|
923
|
|
|
$
|
889
|
|
|
$
|
1,745
|
|
Automotive purchases, net
|
$
|
674
|
|
|
$
|
803
|
|
|
$
|
7
|
|
Dividends received
|
$
|
2,000
|
|
|
$
|
2,120
|
|
|
$
|
2,047
|
|
Operating cash flows
|
$
|
2,321
|
|
|
$
|
2,512
|
|
|
$
|
3,853
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Accounts and notes receivable, net
|
$
|
780
|
|
|
$
|
807
|
|
Accounts payable
|
$
|
534
|
|
|
$
|
553
|
|
Undistributed earnings
|
$
|
2,184
|
|
|
$
|
2,172
|
|
|
Estimated Useful Lives in Years
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Land
|
|
|
$
|
1,647
|
|
|
$
|
1,587
|
|
Buildings and improvements
|
5-40
|
|
7,471
|
|
|
6,217
|
|
||
Machinery and equipment
|
3-27
|
|
23,915
|
|
|
21,613
|
|
||
Special tools
|
1-13
|
|
21,113
|
|
|
19,359
|
|
||
Construction in progress
|
|
|
6,188
|
|
|
4,493
|
|
||
Total property
|
|
|
60,334
|
|
|
53,269
|
|
||
Less: accumulated depreciation
|
|
|
(24,081
|
)
|
|
(20,666
|
)
|
||
Total property, net
|
|
|
$
|
36,253
|
|
|
$
|
32,603
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Depreciation and amortization expense
|
$
|
4,966
|
|
|
$
|
4,622
|
|
|
$
|
3,904
|
|
Impairment charges
|
$
|
199
|
|
|
$
|
68
|
|
|
$
|
628
|
|
Capitalized software amortization expense(a)
|
$
|
459
|
|
|
$
|
458
|
|
|
$
|
374
|
|
(a)
|
Included in depreciation and amortization expense.
|
|
|
|
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||||||||
Technology and intellectual property
|
$
|
8,092
|
|
|
$
|
7,735
|
|
|
$
|
357
|
|
|
$
|
8,399
|
|
|
$
|
7,940
|
|
|
$
|
459
|
|
Brands
|
4,302
|
|
|
1,044
|
|
|
3,258
|
|
|
4,311
|
|
|
921
|
|
|
3,390
|
|
||||||
Dealer network, customer relationships and other
|
1,310
|
|
|
933
|
|
|
377
|
|
|
1,356
|
|
|
912
|
|
|
444
|
|
||||||
Total intangible assets
|
$
|
13,704
|
|
|
$
|
9,712
|
|
|
$
|
3,992
|
|
|
$
|
14,066
|
|
|
$
|
9,773
|
|
|
$
|
4,293
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Restricted cash
–
current
|
$
|
1,740
|
|
|
$
|
1,302
|
|
Restricted cash
–
non-current
|
$
|
527
|
|
|
$
|
478
|
|
GM Financial receivables, net of fees
–
current
|
$
|
15,141
|
|
|
$
|
12,437
|
|
GM Financial receivables, net of fees
–
non-current
|
$
|
12,944
|
|
|
$
|
11,917
|
|
GM Financial equipment on operating leases, net
|
$
|
22,222
|
|
|
$
|
19,341
|
|
GM Financial short-term debt and current portion of long-term debt
|
$
|
18,972
|
|
|
$
|
17,526
|
|
GM Financial long-term debt
|
$
|
20,356
|
|
|
$
|
16,659
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Accrued liabilities
|
|
|
|
||||
Dealer and customer allowances, claims and discounts
|
$
|
8,523
|
|
|
$
|
8,847
|
|
Deposits primarily from rental car companies
|
2,113
|
|
|
2,023
|
|
||
Deferred revenue
|
3,400
|
|
|
2,695
|
|
||
Product warranty and related liabilities
|
2,994
|
|
|
3,236
|
|
||
Payrolls and employee benefits excluding postemployment benefits
|
2,594
|
|
|
2,915
|
|
||
Other
|
6,372
|
|
|
6,177
|
|
||
Total accrued liabilities
|
$
|
25,996
|
|
|
$
|
25,893
|
|
Other liabilities
|
|
|
|
|
|
||
Deferred revenue
|
$
|
2,887
|
|
|
$
|
2,285
|
|
Product warranty and related liabilities
|
5,338
|
|
|
5,833
|
|
||
Employee benefits excluding postemployment benefits
|
680
|
|
|
899
|
|
||
Postemployment benefits including facility idling reserves
|
574
|
|
|
757
|
|
||
Other
|
2,915
|
|
|
2,641
|
|
||
Total other liabilities
|
$
|
12,394
|
|
|
$
|
12,415
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Product Warranty and Related Liabilities
|
|
|
|
|
|
||||||
Warranty balance at beginning of period
|
$
|
9,069
|
|
|
$
|
8,550
|
|
|
$
|
8,871
|
|
Warranties issued and assumed in period – recall campaigns
|
678
|
|
|
899
|
|
|
878
|
|
|||
Warranties issued and assumed in period – product warranty
|
2,123
|
|
|
2,338
|
|
|
2,108
|
|
|||
Payments
|
(3,129
|
)
|
|
(3,375
|
)
|
|
(3,670
|
)
|
|||
Adjustments to pre-existing warranties
|
(495
|
)
|
|
636
|
|
|
578
|
|
|||
Effect of foreign currency and other
|
86
|
|
|
21
|
|
|
(215
|
)
|
|||
Warranty balance at end of period
|
$
|
8,332
|
|
|
$
|
9,069
|
|
|
$
|
8,550
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Secured debt
|
$
|
204
|
|
|
$
|
108
|
|
Unsecured debt
|
12,579
|
|
|
9,742
|
|
||
Capital leases
|
719
|
|
|
710
|
|
||
Total automotive debt(a)
|
$
|
13,502
|
|
|
$
|
10,560
|
|
|
|
|
|
|
|
||
Fair value utilizing Level 1 inputs
|
$
|
13,202
|
|
|
$
|
9,515
|
|
Fair value utilizing Level 2 inputs
|
1,886
|
|
|
1,884
|
|
||
Fair value of automotive debt
|
$
|
15,088
|
|
|
$
|
11,399
|
|
|
|
|
|
||||
Available under credit facility agreements
|
$
|
14,067
|
|
|
$
|
14,181
|
|
Interest rate range on outstanding debt(b)
|
0.0-21.8%
|
|
|
0.0-18.0%
|
|
||
Weighted-average interest rate on outstanding short-term debt(b)
|
4.7
|
%
|
|
10.7
|
%
|
||
Weighted-average interest rate on outstanding long-term debt(b)
|
5.2
|
%
|
|
5.2
|
%
|
(a)
|
Includes net discount and debt issuance costs of
$499 million
and
$491 million
at
December 31, 2017
and
2016
.
|
(b)
|
Includes coupon rates on debt denominated in various foreign currencies and interest free loans and the impact of reclassification of
$1.5 billion
of senior unsecured notes from long-term to short-term in the
year ended December 31, 2017
.
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
||||||||
Secured debt
|
$
|
39,887
|
|
|
$
|
39,948
|
|
|
$
|
35,087
|
|
|
$
|
35,162
|
|
Unsecured debt
|
40,830
|
|
|
41,989
|
|
|
29,476
|
|
|
30,045
|
|
||||
Total GM Financial debt
|
$
|
80,717
|
|
|
$
|
81,937
|
|
|
$
|
64,563
|
|
|
$
|
65,207
|
|
|
|
|
|
|
|
|
|
||||||||
Fair value utilizing Level 2 inputs
|
|
|
$
|
79,623
|
|
|
|
|
$
|
62,951
|
|
||||
Fair value utilizing Level 3 inputs
|
|
|
$
|
2,314
|
|
|
|
|
$
|
2,256
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Automotive interest expense
|
$
|
575
|
|
|
$
|
563
|
|
|
$
|
423
|
|
Automotive Financing - GM Financial interest expense
|
2,566
|
|
|
1,972
|
|
|
1,460
|
|
|||
Total interest expense
|
$
|
3,141
|
|
|
$
|
2,535
|
|
|
$
|
1,883
|
|
|
Automotive
|
|
Automotive Financing(a)
|
|
Total
|
||||||
2018
|
$
|
2,528
|
|
|
$
|
24,502
|
|
|
$
|
27,030
|
|
2019
|
154
|
|
|
18,489
|
|
|
18,643
|
|
|||
2020
|
586
|
|
|
14,696
|
|
|
15,282
|
|
|||
2021
|
59
|
|
|
7,802
|
|
|
7,861
|
|
|||
2022
|
63
|
|
|
5,323
|
|
|
5,386
|
|
|||
Thereafter
|
10,611
|
|
|
10,477
|
|
|
21,088
|
|
|||
|
$
|
14,001
|
|
|
$
|
81,289
|
|
|
$
|
95,290
|
|
(a)
|
Secured debt, credit facilities and other unsecured debt are based on expected payoff date. Senior notes principal amounts are based on maturity.
|
|
Fair Value Level
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Derivatives designated as hedges(a)
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
||||
Cash flow hedges
|
|
|
|
|
|
||||
Foreign currency
|
2
|
|
$
|
—
|
|
|
$
|
803
|
|
Commodity
|
2
|
|
—
|
|
|
106
|
|
||
Total assets
|
|
|
$
|
—
|
|
|
$
|
909
|
|
Derivatives not designated as hedges(a)
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
||||
Foreign currency
|
2/3
|
|
$
|
2,834
|
|
|
$
|
4,483
|
|
Commodity
|
2
|
|
606
|
|
|
1,061
|
|
||
PSA Warrants(b)
|
2
|
|
48
|
|
|
—
|
|
||
Total assets
|
|
|
$
|
3,488
|
|
|
$
|
5,544
|
|
Liabilities
|
|
|
|
|
|
||||
Foreign currency
|
2/3
|
|
$
|
1,188
|
|
|
$
|
470
|
|
Commodity
|
2
|
|
—
|
|
|
181
|
|
||
Total liabilities
|
|
|
$
|
1,188
|
|
|
$
|
651
|
|
(a)
|
The fair value of these derivative instruments at
December 31, 2017
and 2016 and the gains/losses included in our consolidated income statements and statements of comprehensive income for the years ended
December 31, 2017
,
2016
and 2015 were insignificant.
|
(b)
|
The fair value of the PSA warrants was
$764 million
at
December 31, 2017
.
|
|
Fair Value Level
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Derivatives designated as hedges(a)
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
||||
Fair value hedges – interest rate swaps
|
2
|
|
$
|
1,250
|
|
|
$
|
—
|
|
Cash flow hedges
|
|
|
|
|
|
||||
Interest rate swaps
|
2/3
|
|
2,177
|
|
|
3,070
|
|
||
Foreign currency
|
2
|
|
1,574
|
|
|
—
|
|
||
Total cash flow hedges
|
|
|
3,751
|
|
|
3,070
|
|
||
Total assets
|
|
|
$
|
5,001
|
|
|
$
|
3,070
|
|
Liabilities
|
|
|
|
|
|
||||
Fair value hedges – interest rate swaps(b)
|
2
|
|
$
|
9,860
|
|
|
$
|
7,700
|
|
Cash flow hedges
|
|
|
|
|
|
||||
Interest rate swaps
|
2/3
|
|
—
|
|
|
500
|
|
||
Foreign currency
|
2
|
|
—
|
|
|
791
|
|
||
Total cash flow hedges
|
|
|
—
|
|
|
1,291
|
|
||
Total liabilities
|
|
|
$
|
9,860
|
|
|
$
|
8,991
|
|
Derivatives not designated as hedges(a)
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
||||
Interest rate swaps(c)
|
2/3
|
|
$
|
38,741
|
|
|
$
|
7,959
|
|
Interest rate caps and floors
|
2
|
|
16,840
|
|
|
9,698
|
|
||
Foreign currency
|
2
|
|
1,201
|
|
|
—
|
|
||
Total assets
|
|
|
$
|
56,782
|
|
|
$
|
17,657
|
|
Liabilities
|
|
|
|
|
|
||||
Interest rate swaps
|
2/3
|
|
$
|
8,404
|
|
|
$
|
6,170
|
|
Interest rate caps and floors
|
2
|
|
17,953
|
|
|
12,146
|
|
||
Total liabilities
|
|
|
$
|
26,357
|
|
|
$
|
18,316
|
|
(a)
|
The fair value of these derivative instruments at
December 31, 2017
and 2016 and the gains/losses included in our consolidated income statements and statements of comprehensive income for the years ended
December 31, 2017
,
2016
and 2015 were insignificant.
|
(b)
|
The fair value of these derivative instruments was
$290 million
and
$276 million
at
December 31, 2017
and 2016.
|
(c)
|
The fair value of these derivative instruments was
$260 million
and insignificant at December 31, 2017 and 2016.
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
U.S. hourly and salaried
|
$
|
77
|
|
|
$
|
2,054
|
|
|
$
|
95
|
|
Non-U.S.
|
1,153
|
|
|
1,022
|
|
|
1,108
|
|
|||
Total
|
$
|
1,230
|
|
|
$
|
3,076
|
|
|
$
|
1,203
|
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||||||||||||||||
|
Pension Benefits
|
|
Global OPEB Plans
|
|
Pension Benefits
|
|
Global OPEB Plans
|
||||||||||||||||
|
U.S.
|
|
Non-U.S.
|
|
|
U.S.
|
|
Non-U.S.
|
|
||||||||||||||
Change in benefit obligations
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning benefit obligation
|
$
|
68,827
|
|
|
$
|
21,156
|
|
|
$
|
6,180
|
|
|
$
|
71,486
|
|
|
$
|
21,008
|
|
|
$
|
6,066
|
|
Service cost
|
203
|
|
|
180
|
|
|
19
|
|
|
220
|
|
|
255
|
|
|
18
|
|
||||||
Interest cost
|
2,145
|
|
|
473
|
|
|
202
|
|
|
2,212
|
|
|
527
|
|
|
201
|
|
||||||
Actuarial losses
|
2,885
|
|
|
561
|
|
|
311
|
|
|
416
|
|
|
1,328
|
|
|
230
|
|
||||||
Benefits paid
|
(5,067
|
)
|
|
(1,369
|
)
|
|
(426
|
)
|
|
(5,507
|
)
|
|
(1,458
|
)
|
|
(400
|
)
|
||||||
Foreign currency translation adjustments
|
—
|
|
|
1,953
|
|
|
78
|
|
|
—
|
|
|
(445
|
)
|
|
45
|
|
||||||
Curtailments, settlements and other
|
(543
|
)
|
|
(165
|
)
|
|
10
|
|
|
—
|
|
|
(59
|
)
|
|
20
|
|
||||||
Ending benefit obligation
|
68,450
|
|
|
22,789
|
|
|
6,374
|
|
|
68,827
|
|
|
21,156
|
|
|
6,180
|
|
||||||
Change in plan assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Beginning fair value of plan assets
|
61,622
|
|
|
12,799
|
|
|
—
|
|
|
61,072
|
|
|
12,794
|
|
|
—
|
|
||||||
Actual return on plan assets
|
6,549
|
|
|
1,025
|
|
|
—
|
|
|
4,004
|
|
|
750
|
|
|
—
|
|
||||||
Employer contributions
|
77
|
|
|
1,153
|
|
|
406
|
|
|
2,054
|
|
|
1,022
|
|
|
378
|
|
||||||
Benefits paid
|
(5,067
|
)
|
|
(1,369
|
)
|
|
(426
|
)
|
|
(5,507
|
)
|
|
(1,458
|
)
|
|
(400
|
)
|
||||||
Foreign currency translation adjustments
|
—
|
|
|
1,007
|
|
|
—
|
|
|
—
|
|
|
(229
|
)
|
|
—
|
|
||||||
Settlements and other
|
(542
|
)
|
|
(120
|
)
|
|
20
|
|
|
(1
|
)
|
|
(80
|
)
|
|
22
|
|
||||||
Ending fair value of plan assets
|
62,639
|
|
|
14,495
|
|
|
—
|
|
|
61,622
|
|
|
12,799
|
|
|
—
|
|
||||||
Ending funded status
|
$
|
(5,811
|
)
|
|
$
|
(8,294
|
)
|
|
$
|
(6,374
|
)
|
|
$
|
(7,205
|
)
|
|
$
|
(8,357
|
)
|
|
$
|
(6,180
|
)
|
Amounts recorded in the consolidated balance sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Non-current assets
|
$
|
—
|
|
|
$
|
67
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
91
|
|
|
$
|
—
|
|
Current liabilities
|
(71
|
)
|
|
(355
|
)
|
|
(376
|
)
|
|
(73
|
)
|
|
(316
|
)
|
|
(377
|
)
|
||||||
Non-current liabilities
|
(5,740
|
)
|
|
(8,006
|
)
|
|
(5,998
|
)
|
|
(7,132
|
)
|
|
(8,132
|
)
|
|
(5,803
|
)
|
||||||
Net amount recorded
|
$
|
(5,811
|
)
|
|
$
|
(8,294
|
)
|
|
$
|
(6,374
|
)
|
|
$
|
(7,205
|
)
|
|
$
|
(8,357
|
)
|
|
$
|
(6,180
|
)
|
Amounts recorded in Accumulated other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net actuarial gain (loss)
|
$
|
114
|
|
|
$
|
(4,163
|
)
|
|
$
|
(1,186
|
)
|
|
$
|
55
|
|
|
$
|
(3,852
|
)
|
|
$
|
(901
|
)
|
Net prior service (cost) credit
|
23
|
|
|
(26
|
)
|
|
55
|
|
|
27
|
|
|
(30
|
)
|
|
54
|
|
||||||
Total recorded in Accumulated other comprehensive loss
|
$
|
137
|
|
|
$
|
(4,189
|
)
|
|
$
|
(1,131
|
)
|
|
$
|
82
|
|
|
$
|
(3,882
|
)
|
|
$
|
(847
|
)
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
U.S.
|
|
Non-U.S.
|
|
U.S.
|
|
Non-U.S.
|
||||||||
ABO
|
$
|
68,437
|
|
|
$
|
22,650
|
|
|
$
|
68,813
|
|
|
$
|
20,836
|
|
Plans with ABO in excess of plan assets
|
|
|
|
|
|
|
|
||||||||
ABO
|
$
|
68,437
|
|
|
$
|
21,679
|
|
|
$
|
68,813
|
|
|
$
|
20,172
|
|
Fair value of plan assets
|
$
|
62,639
|
|
|
$
|
13,408
|
|
|
$
|
61,622
|
|
|
$
|
12,046
|
|
Plans with PBO in excess of plan assets
|
|
|
|
|
|
|
|
||||||||
PBO
|
$
|
68,450
|
|
|
$
|
21,822
|
|
|
$
|
68,827
|
|
|
$
|
20,458
|
|
Fair value of plan assets
|
$
|
62,639
|
|
|
$
|
13,411
|
|
|
$
|
61,622
|
|
|
$
|
12,009
|
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
|
Year Ended December 31, 2015
|
||||||||||||||||||||||||||||||
|
Pension Benefits
|
|
Global OPEB Plans
|
|
Pension Benefits
|
|
Global OPEB Plans
|
|
Pension Benefits
|
|
Global OPEB Plans
|
||||||||||||||||||||||||
|
U.S.
|
|
Non-U.S.
|
|
|
U.S.
|
|
Non-U.S.
|
|
|
U.S.
|
|
Non-U.S.
|
|
|||||||||||||||||||||
Components of expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Service cost
|
$
|
315
|
|
|
$
|
199
|
|
|
$
|
19
|
|
|
$
|
381
|
|
|
$
|
273
|
|
|
$
|
18
|
|
|
$
|
406
|
|
|
$
|
306
|
|
|
$
|
24
|
|
Interest cost
|
2,145
|
|
|
473
|
|
|
202
|
|
|
2,212
|
|
|
527
|
|
|
201
|
|
|
2,754
|
|
|
689
|
|
|
238
|
|
|||||||||
Expected return on plan assets
|
(3,677
|
)
|
|
(750
|
)
|
|
—
|
|
|
(3,778
|
)
|
|
(733
|
)
|
|
—
|
|
|
(3,896
|
)
|
|
(794
|
)
|
|
—
|
|
|||||||||
Amortization of net actuarial (gains) losses
|
(6
|
)
|
|
157
|
|
|
23
|
|
|
(25
|
)
|
|
137
|
|
|
19
|
|
|
8
|
|
|
188
|
|
|
37
|
|
|||||||||
Curtailments, settlements and other(a)
|
(37
|
)
|
|
8
|
|
|
(5
|
)
|
|
(4
|
)
|
|
16
|
|
|
(13
|
)
|
|
(4
|
)
|
|
141
|
|
|
(14
|
)
|
|||||||||
Net periodic pension and OPEB (income) expense
|
$
|
(1,260
|
)
|
|
$
|
87
|
|
|
$
|
239
|
|
|
$
|
(1,214
|
)
|
|
$
|
220
|
|
|
$
|
225
|
|
|
$
|
(732
|
)
|
|
$
|
530
|
|
|
$
|
285
|
|
Weighted-average assumptions used to determine benefit obligations(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Discount rate
|
3.53
|
%
|
|
2.66
|
%
|
|
3.52
|
%
|
|
3.92
|
%
|
|
2.88
|
%
|
|
3.93
|
%
|
|
4.06
|
%
|
|
3.36
|
%
|
|
4.13
|
%
|
|||||||||
Weighted-average assumptions used to determine net expense(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Discount rate
|
3.35
|
%
|
|
2.94
|
%
|
|
3.39
|
%
|
|
3.36
|
%
|
|
3.14
|
%
|
|
3.49
|
%
|
|
3.73
|
%
|
|
3.30
|
%
|
|
3.83
|
%
|
|||||||||
Expected rate of return on plan assets
|
6.23
|
%
|
|
5.82
|
%
|
|
N/A
|
|
|
6.33
|
%
|
|
6.07
|
%
|
|
N/A
|
|
|
6.38
|
%
|
|
6.32
|
%
|
|
N/A
|
|
(a)
|
The curtailment charges recorded in the year ended December 31, 2015 were due primarily to the GM Canada hourly pension plan that was remeasured as a result of a voluntary separation program.
|
(b)
|
The rate of compensation increase does not have a significant effect on our U.S. pension and OPEB plans.
|
|
|
|
|
|
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||
|
U.S.
|
|
Non-U.S.
|
|
U.S.
|
|
Non-U.S.
|
||||
Equity
|
15
|
%
|
|
18
|
%
|
|
15
|
%
|
|
21
|
%
|
Debt
|
61
|
%
|
|
56
|
%
|
|
61
|
%
|
|
51
|
%
|
Other(a)
|
24
|
%
|
|
26
|
%
|
|
24
|
%
|
|
28
|
%
|
Total
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
(a)
|
Primarily includes private equity, real estate and absolute return strategies which mainly consist of hedge funds.
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
U.S. Pension Plan Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Common and preferred stocks
|
$
|
8,892
|
|
|
$
|
17
|
|
|
$
|
2
|
|
|
$
|
8,911
|
|
|
$
|
8,288
|
|
|
$
|
35
|
|
|
$
|
3
|
|
|
$
|
8,326
|
|
Government and agency debt securities(a)
|
—
|
|
|
12,116
|
|
|
—
|
|
|
12,116
|
|
|
—
|
|
|
11,374
|
|
|
—
|
|
|
11,374
|
|
||||||||
Corporate and other debt securities
|
—
|
|
|
26,122
|
|
|
—
|
|
|
26,122
|
|
|
—
|
|
|
25,452
|
|
|
—
|
|
|
25,452
|
|
||||||||
Other investments, net
|
552
|
|
|
119
|
|
|
395
|
|
|
1,066
|
|
|
486
|
|
|
288
|
|
|
403
|
|
|
1,177
|
|
||||||||
Net plan assets subject to leveling
|
$
|
9,444
|
|
|
$
|
38,374
|
|
|
$
|
397
|
|
|
48,215
|
|
|
$
|
8,774
|
|
|
$
|
37,149
|
|
|
$
|
406
|
|
|
46,329
|
|
||
Plan assets measured at net asset value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investment funds
|
|
|
|
|
|
|
|
|
|
6,632
|
|
|
|
|
|
|
|
|
|
|
|
6,509
|
|
||||||||
Private equity and debt investments
|
|
|
|
|
|
|
|
|
|
3,539
|
|
|
|
|
|
|
|
|
|
|
|
4,012
|
|
||||||||
Real estate investments
|
|
|
|
|
|
|
|
|
|
3,351
|
|
|
|
|
|
|
|
|
|
|
|
3,634
|
|
||||||||
Total plan assets measured at net asset value
|
|
|
|
|
|
|
|
|
|
13,522
|
|
|
|
|
|
|
|
|
|
|
|
14,155
|
|
||||||||
Other plan assets, net(b)
|
|
|
|
|
|
|
|
|
|
902
|
|
|
|
|
|
|
|
|
|
|
|
1,138
|
|
||||||||
Net plan assets
|
|
|
|
|
|
|
|
|
|
$
|
62,639
|
|
|
|
|
|
|
|
|
|
|
|
$
|
61,622
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Non-U.S. Pension Plan Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Common and preferred stocks
|
$
|
578
|
|
|
$
|
1
|
|
|
$
|
6
|
|
|
$
|
585
|
|
|
$
|
978
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
981
|
|
Government and agency debt securities(a)
|
—
|
|
|
3,853
|
|
|
—
|
|
|
3,853
|
|
|
—
|
|
|
3,221
|
|
|
—
|
|
|
3,221
|
|
||||||||
Corporate and other debt securities
|
—
|
|
|
2,566
|
|
|
—
|
|
|
2,566
|
|
|
—
|
|
|
2,040
|
|
|
3
|
|
|
2,043
|
|
||||||||
Other investments, net
|
23
|
|
|
149
|
|
|
438
|
|
|
610
|
|
|
37
|
|
|
153
|
|
|
429
|
|
|
619
|
|
||||||||
Net plan assets subject to leveling
|
$
|
601
|
|
|
$
|
6,569
|
|
|
$
|
444
|
|
|
7,614
|
|
|
$
|
1,015
|
|
|
$
|
5,417
|
|
|
$
|
432
|
|
|
6,864
|
|
||
Plan assets measured at net asset value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investment funds
|
|
|
|
|
|
|
|
|
|
5,346
|
|
|
|
|
|
|
|
|
|
|
|
4,428
|
|
||||||||
Private equity and debt investments
|
|
|
|
|
|
|
|
|
|
570
|
|
|
|
|
|
|
|
|
|
|
|
546
|
|
||||||||
Real estate investments
|
|
|
|
|
|
|
|
|
|
1,097
|
|
|
|
|
|
|
|
|
|
|
|
1,092
|
|
||||||||
Total plan assets measured at net asset value
|
|
|
|
|
|
|
|
|
|
7,013
|
|
|
|
|
|
|
|
|
|
|
|
6,066
|
|
||||||||
Other plan assets (liabilities), net(b)
|
|
|
|
|
|
|
|
|
|
(132
|
)
|
|
|
|
|
|
|
|
|
|
|
(131
|
)
|
||||||||
Net plan assets
|
|
|
|
|
|
|
|
|
|
$
|
14,495
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,799
|
|
(a)
|
Includes U.S. and sovereign government and agency issues.
|
(b)
|
Cash held by the plans, net of amounts receivable/payable for unsettled security transactions and payables for investment manager fees, custody fees and other expenses.
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
||||||||||||
Minimum commitments(a)
|
$
|
284
|
|
|
$
|
268
|
|
|
$
|
222
|
|
|
$
|
189
|
|
|
$
|
123
|
|
|
$
|
372
|
|
Sublease income
|
(62
|
)
|
|
(63
|
)
|
|
(50
|
)
|
|
(43
|
)
|
|
(38
|
)
|
|
(166
|
)
|
||||||
Net minimum commitments
|
$
|
222
|
|
|
$
|
205
|
|
|
$
|
172
|
|
|
$
|
146
|
|
|
$
|
85
|
|
|
$
|
206
|
|
(a)
|
Certain leases contain escalation clauses and renewal or purchase options.
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
U.S. income
|
$
|
8,399
|
|
|
$
|
9,989
|
|
|
$
|
6,994
|
|
Non-U.S. income (loss)
|
1,332
|
|
|
(263
|
)
|
|
(816
|
)
|
|||
Income before income taxes and equity income
|
$
|
9,731
|
|
|
$
|
9,726
|
|
|
$
|
6,178
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Current income tax expense (benefit)
|
|
|
|
|
|
||||||
U.S. federal
|
$
|
18
|
|
|
$
|
(126
|
)
|
|
$
|
5
|
|
U.S. state and local
|
83
|
|
|
65
|
|
|
5
|
|
|||
Non-U.S.
|
552
|
|
|
572
|
|
|
817
|
|
|||
Total current income tax expense
|
653
|
|
|
511
|
|
|
827
|
|
|||
Deferred income tax expense (benefit)
|
|
|
|
|
|
|
|
|
|||
U.S. federal
|
7,831
|
|
|
1,865
|
|
|
1,735
|
|
|||
U.S. state and local
|
(187
|
)
|
|
264
|
|
|
243
|
|
|||
Non-U.S.
|
3,236
|
|
|
99
|
|
|
(4,024
|
)
|
|||
Total deferred income tax expense (benefit)
|
10,880
|
|
|
2,228
|
|
|
(2,046
|
)
|
|||
Total income tax expense (benefit)
|
$
|
11,533
|
|
|
$
|
2,739
|
|
|
$
|
(1,219
|
)
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Income tax expense at U.S. federal statutory income tax rate
|
$
|
3,406
|
|
|
$
|
3,404
|
|
|
$
|
2,162
|
|
State and local tax expense
|
(76
|
)
|
|
190
|
|
|
173
|
|
|||
Non-U.S. income taxed at other than 35%
|
(145
|
)
|
|
(61
|
)
|
|
37
|
|
|||
U.S. tax on Non-U.S. income
|
(941
|
)
|
|
(894
|
)
|
|
(151
|
)
|
|||
Change in valuation allowances
|
2,712
|
|
|
237
|
|
|
(3,554
|
)
|
|||
Change in tax laws
|
7,194
|
|
|
147
|
|
|
29
|
|
|||
Research and manufacturing incentives
|
(313
|
)
|
|
(266
|
)
|
|
(367
|
)
|
|||
Settlements of prior year tax matters
|
(256
|
)
|
|
(46
|
)
|
|
—
|
|
|||
Realization of basis differences in affiliates
|
—
|
|
|
(94
|
)
|
|
—
|
|
|||
Foreign currency remeasurement
|
23
|
|
|
(2
|
)
|
|
209
|
|
|||
Financial penalty under the DPA(a)
|
—
|
|
|
—
|
|
|
315
|
|
|||
Other adjustments
|
(71
|
)
|
|
124
|
|
|
(72
|
)
|
|||
Total income tax expense (benefit)
|
$
|
11,533
|
|
|
$
|
2,739
|
|
|
$
|
(1,219
|
)
|
(a)
|
Refer to
Note 17
for additional information on the DPA.
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Deferred tax assets
|
|
|
|
||||
Postretirement benefits other than pensions
|
$
|
1,948
|
|
|
$
|
2,720
|
|
Pension and other employee benefit plans
|
3,285
|
|
|
5,141
|
|
||
Warranties, dealer and customer allowances, claims and discounts
|
5,675
|
|
|
8,074
|
|
||
Property, plant and equipment
|
—
|
|
|
397
|
|
||
U.S. capitalized research expenditures
|
4,413
|
|
|
6,127
|
|
||
U.S. operating loss and tax credit carryforwards(a)
|
8,578
|
|
|
8,987
|
|
||
Non-U.S. operating loss and tax credit carryforwards(b)
|
5,103
|
|
|
4,406
|
|
||
Miscellaneous
|
1,697
|
|
|
1,733
|
|
||
Total deferred tax assets before valuation allowances
|
30,699
|
|
|
37,585
|
|
||
Less: valuation allowances
|
(6,690
|
)
|
|
(3,908
|
)
|
||
Total deferred tax assets
|
24,009
|
|
|
33,677
|
|
||
Deferred tax liabilities
|
|
|
|
|
|
||
Property, plant and equipment
|
418
|
|
|
—
|
|
||
Intangible assets
|
735
|
|
|
1,027
|
|
||
Total deferred tax liabilities
|
1,153
|
|
|
1,027
|
|
||
Net deferred tax assets
|
$
|
22,856
|
|
|
$
|
32,650
|
|
(a)
|
At
December 31, 2017
U.S. operating loss and tax credit carryforwards of
$8.6 billion
expire by
2037
if not utilized.
|
(b)
|
At
December 31, 2017
Non-U.S. operating loss and tax credit carryforwards of
$925 million
expire by
2037
if not utilized and the remaining balance of
$4.2 billion
may be carried forward indefinitely.
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Beginning balance
|
$
|
1,182
|
|
|
$
|
1,337
|
|
|
$
|
1,705
|
|
Additions to current year tax positions
|
160
|
|
|
49
|
|
|
53
|
|
|||
Additions to prior years' tax positions
|
448
|
|
|
96
|
|
|
114
|
|
|||
Reductions to prior years' tax positions
|
(195
|
)
|
|
(192
|
)
|
|
(349
|
)
|
|||
Reductions in tax positions due to lapse of statutory limitations
|
(44
|
)
|
|
(103
|
)
|
|
(119
|
)
|
|||
Settlements
|
(11
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|||
Other
|
17
|
|
|
(4
|
)
|
|
(64
|
)
|
|||
Ending balance
|
$
|
1,557
|
|
|
$
|
1,182
|
|
|
$
|
1,337
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Balance at beginning of period
|
$
|
268
|
|
|
$
|
383
|
|
|
$
|
627
|
|
Additions, interest accretion and other
|
330
|
|
|
412
|
|
|
545
|
|
|||
Payments
|
(315
|
)
|
|
(490
|
)
|
|
(360
|
)
|
|||
Revisions to estimates and effect of foreign currency
|
(56
|
)
|
|
(37
|
)
|
|
(429
|
)
|
|||
Balance at end of period
|
$
|
227
|
|
|
$
|
268
|
|
|
$
|
383
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Foreign Currency Translation Adjustments
|
|
|
|
|
|
|
|
|
|||
Balance at beginning of period
|
$
|
(2,355
|
)
|
|
$
|
(2,034
|
)
|
|
$
|
(1,064
|
)
|
Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment, net of tax(a)(b)
|
560
|
|
|
(317
|
)
|
|
(1,168
|
)
|
|||
Reclassification adjustment, net of tax(a)(c)
|
189
|
|
|
(4
|
)
|
|
198
|
|
|||
Other comprehensive income (loss), net of tax(a)
|
749
|
|
|
(321
|
)
|
|
(970
|
)
|
|||
Balance at end of period
|
$
|
(1,606
|
)
|
|
$
|
(2,355
|
)
|
|
$
|
(2,034
|
)
|
Defined Benefit Plans
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
(6,968
|
)
|
|
$
|
(5,999
|
)
|
|
$
|
(7,006
|
)
|
Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment(b)
|
(798
|
)
|
|
(1,546
|
)
|
|
813
|
|
|||
Tax expense (benefit)
|
(98
|
)
|
|
(459
|
)
|
|
41
|
|
|||
Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment, net of tax(b)
|
(700
|
)
|
|
(1,087
|
)
|
|
772
|
|
|||
Reclassification adjustment, net of tax(a)(d)
|
1,270
|
|
|
118
|
|
|
235
|
|
|||
Other comprehensive income (loss), net of tax
|
570
|
|
|
(969
|
)
|
|
1,007
|
|
|||
Balance at end of period
|
$
|
(6,398
|
)
|
|
$
|
(6,968
|
)
|
|
$
|
(5,999
|
)
|
(a)
|
The income tax effect was insignificant in the years ended
December 31, 2017
,
2016
and
2015
.
|
(b)
|
The noncontrolling interests are insignificant in the years ended December 31, 2017, 2016 and 2015.
|
(c)
|
The reclassification adjustment for the year ended December 31, 2015 is related to the exit of Russia and is included in Automotive cost of sales.
|
(
d)
|
$1.2 billion
is included in the loss on sale of the Opel/Vauxhall Business in the year ended December 31, 2017. An insignificant amount is included in the computation of periodic pension and OPEB (income) expense in the years ended December 31, 2017, 2016 and 2015.
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Basic earnings per share
|
|
|
|
|
|
||||||
Income from continuing operations(a)
|
$
|
348
|
|
|
$
|
9,428
|
|
|
$
|
9,662
|
|
Less: cumulative dividends on GM Financial preferred stock
|
(16
|
)
|
|
—
|
|
|
—
|
|
|||
Income from continuing operations attributable to common stockholders
|
332
|
|
|
9,428
|
|
|
9,662
|
|
|||
Income (loss) from discontinued operations, net of tax
|
(4,212
|
)
|
|
(1
|
)
|
|
25
|
|
|||
Net income (loss) attributable to common stockholders
|
$
|
(3,880
|
)
|
|
$
|
9,427
|
|
|
$
|
9,687
|
|
|
|
|
|
|
|
||||||
Weighted-average common shares outstanding
|
1,465
|
|
|
1,540
|
|
|
1,586
|
|
|||
|
|
|
|
|
|
||||||
Basic earnings per common share – continuing operations
|
$
|
0.23
|
|
|
$
|
6.12
|
|
|
$
|
6.09
|
|
Basic earnings (loss) per common share – discontinued operations
|
$
|
(2.88
|
)
|
|
$
|
—
|
|
|
$
|
0.02
|
|
Basic earnings (loss) per common share
|
$
|
(2.65
|
)
|
|
$
|
6.12
|
|
|
$
|
6.11
|
|
Diluted earnings per share
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common stockholders – diluted(a)
|
$
|
332
|
|
|
$
|
9,428
|
|
|
$
|
9,661
|
|
Income (loss) from discontinued operations, net of tax – diluted
|
$
|
(4,212
|
)
|
|
$
|
(1
|
)
|
|
$
|
25
|
|
Net income (loss) attributable to common stockholders – diluted
|
$
|
(3,880
|
)
|
|
$
|
9,427
|
|
|
$
|
9,686
|
|
|
|
|
|
|
|
|
|
|
|||
Weighted-average common shares outstanding – basic
|
1,465
|
|
|
1,540
|
|
|
1,586
|
|
|||
Dilutive effect of warrants and awards under stock incentive plans
|
27
|
|
|
30
|
|
|
54
|
|
|||
Weighted-average common shares outstanding – diluted
|
1,492
|
|
|
1,570
|
|
|
1,640
|
|
|||
|
|
|
|
|
|
|
|
|
|||
Diluted earnings per common share – continuing operations
|
$
|
0.22
|
|
|
$
|
6.00
|
|
|
$
|
5.89
|
|
Diluted earnings (loss) per common share – discontinued operations
|
$
|
(2.82
|
)
|
|
$
|
—
|
|
|
$
|
0.02
|
|
Diluted earnings (loss) per common share
|
$
|
(2.60
|
)
|
|
$
|
6.00
|
|
|
$
|
5.91
|
|
|
|
|
|
|
|
||||||
Potentially dilutive securities(b)
|
—
|
|
|
—
|
|
|
72
|
|
(a)
|
Net of Net (income) loss attributable to noncontrolling interests.
|
(b)
|
Potentially dilutive securities attributable to outstanding warrants and stock options were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect.
|
|
Stock Incentive Awards(a)
|
|||||||
|
Shares
|
|
Weighted-Average Grant Date Fair Value
|
|
Weighted-Average Remaining Contractual Term in Years
|
|||
Units outstanding at January 1, 2017
|
55.1
|
|
|
$
|
19.77
|
|
|
2.5
|
Granted
|
16.7
|
|
|
$
|
26.75
|
|
|
|
Settled
|
(16.3
|
)
|
|
$
|
24.65
|
|
|
|
Forfeited or expired
|
(2.6
|
)
|
|
$
|
26.67
|
|
|
|
Units outstanding at December 31, 2017
|
52.9
|
|
|
$
|
21.75
|
|
|
2.0
|
(a)
|
Includes the target amount of PSUs.
|
|
1st Quarter
|
|
2nd Quarter
|
|
3rd Quarter
|
|
4th Quarter
|
||||||||
2017
|
|
|
|
|
|
|
|
||||||||
Total net sales and revenue
|
$
|
37,266
|
|
|
$
|
36,984
|
|
|
$
|
33,623
|
|
|
$
|
37,715
|
|
Automotive gross margin
|
$
|
5,081
|
|
|
$
|
4,786
|
|
|
$
|
3,955
|
|
|
$
|
4,758
|
|
Income (loss) from continuing operations
|
$
|
2,686
|
|
|
$
|
2,433
|
|
|
$
|
114
|
|
|
$
|
(4,903
|
)
|
(Loss) from discontinued operations, net of tax
|
$
|
(69
|
)
|
|
$
|
(770
|
)
|
|
$
|
(3,096
|
)
|
|
$
|
(277
|
)
|
Net income (loss) attributable to stockholders
|
$
|
2,608
|
|
|
$
|
1,660
|
|
|
$
|
(2,981
|
)
|
|
$
|
(5,151
|
)
|
Basic earnings (loss) per common share – continuing operations
|
$
|
1.78
|
|
|
$
|
1.62
|
|
|
$
|
0.08
|
|
|
$
|
(3.46
|
)
|
Basic (loss) per common share – discontinued operations
|
$
|
(0.05
|
)
|
|
$
|
(0.51
|
)
|
|
$
|
(2.14
|
)
|
|
$
|
(0.19
|
)
|
Diluted earnings (loss) per common share – continuing operations
|
$
|
1.75
|
|
|
$
|
1.60
|
|
|
$
|
0.08
|
|
|
$
|
(3.46
|
)
|
Diluted (loss) per common share – discontinued operations
|
$
|
(0.05
|
)
|
|
$
|
(0.51
|
)
|
|
$
|
(2.11
|
)
|
|
$
|
(0.19
|
)
|
|
1st Quarter
|
|
2nd Quarter
|
|
3rd Quarter
|
|
4th Quarter
|
||||||||
2016
|
|
|
|
|
|
|
|
||||||||
Total net sales and revenue
|
$
|
33,016
|
|
|
$
|
37,383
|
|
|
$
|
38,889
|
|
|
$
|
39,896
|
|
Automotive gross margin
|
$
|
4,405
|
|
|
$
|
5,305
|
|
|
$
|
5,391
|
|
|
$
|
4,605
|
|
Income from continuing operations
|
$
|
1,923
|
|
|
$
|
2,744
|
|
|
$
|
2,707
|
|
|
$
|
1,895
|
|
Income (loss) from discontinued operations, net of tax
|
$
|
8
|
|
|
$
|
106
|
|
|
$
|
5
|
|
|
$
|
(120
|
)
|
Net income attributable to stockholders
|
$
|
1,953
|
|
|
$
|
2,866
|
|
|
$
|
2,773
|
|
|
$
|
1,835
|
|
Basic earnings per common share – continuing operations
|
$
|
1.25
|
|
|
$
|
1.78
|
|
|
$
|
1.79
|
|
|
$
|
1.29
|
|
Basic earnings (loss) per common share – discontinued operations
|
$
|
0.01
|
|
|
$
|
0.07
|
|
|
$
|
—
|
|
|
$
|
(0.08
|
)
|
Diluted earnings per common share – continuing operations
|
$
|
1.23
|
|
|
$
|
1.74
|
|
|
$
|
1.76
|
|
|
$
|
1.27
|
|
Diluted earnings (loss) per common share – discontinued operations
|
$
|
0.01
|
|
|
$
|
0.07
|
|
|
$
|
—
|
|
|
$
|
(0.08
|
)
|
|
At and For the Year Ended December 31, 2017
|
||||||||||||||||||||||||||||||
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total Automotive
|
|
GM Financial
|
|
Eliminations
|
|
Total
|
||||||||||||||||
Net sales and revenue
|
$
|
111,345
|
|
|
$
|
21,920
|
|
|
$
|
342
|
|
|
|
|
|
$
|
133,607
|
|
|
$
|
12,151
|
|
|
$
|
(170
|
)
|
|
$
|
145,588
|
|
|
Earnings (loss) before interest and taxes-adjusted
|
$
|
11,889
|
|
|
$
|
1,300
|
|
|
$
|
(1,534
|
)
|
|
|
|
|
$
|
11,655
|
|
|
$
|
1,196
|
|
|
$
|
(7
|
)
|
|
$
|
12,844
|
|
|
Adjustments(a)
|
$
|
—
|
|
|
$
|
(540
|
)
|
|
$
|
(114
|
)
|
|
|
|
|
$
|
(654
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(654
|
)
|
||
Automotive interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
266
|
|
||||||||
Automotive interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(575
|
)
|
||||||||
Net (loss) attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(18
|
)
|
||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,863
|
|
||||||||
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,533
|
)
|
||||||||
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
330
|
|
||||||||
Loss from discontinued operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,212
|
)
|
||||||||
Net loss attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18
|
|
||||||||
Net loss attributable to stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(3,864
|
)
|
|||||||
Equity in net assets of nonconsolidated affiliates
|
$
|
68
|
|
|
$
|
7,818
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,886
|
|
|
$
|
1,187
|
|
|
$
|
—
|
|
|
$
|
9,073
|
|
Total assets
|
$
|
99,846
|
|
|
$
|
27,712
|
|
|
$
|
31,267
|
|
|
$
|
(42,750
|
)
|
|
$
|
116,075
|
|
|
$
|
97,251
|
|
|
$
|
(844
|
)
|
|
$
|
212,482
|
|
Expenditures for property
|
$
|
7,704
|
|
|
$
|
607
|
|
|
$
|
48
|
|
|
$
|
—
|
|
|
$
|
8,359
|
|
|
$
|
94
|
|
|
$
|
—
|
|
|
$
|
8,453
|
|
Depreciation and amortization
|
$
|
4,654
|
|
|
$
|
708
|
|
|
$
|
33
|
|
|
$
|
(1
|
)
|
|
$
|
5,394
|
|
|
$
|
6,573
|
|
|
$
|
—
|
|
|
$
|
11,967
|
|
Impairment charges
|
$
|
78
|
|
|
$
|
211
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
294
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
294
|
|
Equity income
|
$
|
8
|
|
|
$
|
1,951
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,959
|
|
|
$
|
173
|
|
|
$
|
—
|
|
|
$
|
2,132
|
|
(a)
|
Consists of charges of
$460 million
related to restructuring actions in India and South Africa in GMI; charges of
$80 million
associated with the deconsolidation of Venezuela in GMI and charges of
$114 million
for legal related matters related to the ignition switch recall in Corporate.
|
|
At and For the Year Ended December 31, 2016
|
||||||||||||||||||||||||||||||
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total Automotive
|
|
GM Financial
|
|
Eliminations
|
|
Total
|
||||||||||||||||
Net sales and revenue
|
$
|
119,113
|
|
|
$
|
20,943
|
|
|
$
|
149
|
|
|
|
|
|
$
|
140,205
|
|
|
$
|
8,983
|
|
|
$
|
(4
|
)
|
|
$
|
149,184
|
|
|
Earnings (loss) before interest and taxes-adjusted
|
$
|
12,388
|
|
|
$
|
767
|
|
|
$
|
(1,073
|
)
|
|
|
|
|
$
|
12,082
|
|
|
$
|
763
|
|
|
$
|
3
|
|
|
$
|
12,848
|
|
|
Adjustments(a)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(300
|
)
|
|
|
|
|
$
|
(300
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(300
|
)
|
||
Automotive interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
182
|
|
||||||||
Automotive interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(563
|
)
|
||||||||
Net (loss) attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(159
|
)
|
||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,008
|
|
||||||||
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,739
|
)
|
||||||||
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,269
|
|
||||||||
Loss from discontinued operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
||||||||
Net loss attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
159
|
|
||||||||
Net income attributable to stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,427
|
|
|||||||
Equity in net assets of nonconsolidated affiliates
|
$
|
74
|
|
|
$
|
7,978
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,052
|
|
|
$
|
944
|
|
|
$
|
—
|
|
|
$
|
8,996
|
|
Total assets(b)
|
$
|
103,879
|
|
|
$
|
27,273
|
|
|
$
|
39,042
|
|
|
$
|
(35,139
|
)
|
|
$
|
135,055
|
|
|
$
|
87,947
|
|
|
$
|
(1,312
|
)
|
|
$
|
221,690
|
|
Expenditures for property
|
$
|
7,338
|
|
|
$
|
943
|
|
|
$
|
12
|
|
|
$
|
(2
|
)
|
|
$
|
8,291
|
|
|
$
|
93
|
|
|
$
|
—
|
|
|
$
|
8,384
|
|
Depreciation and amortization
|
$
|
4,292
|
|
|
$
|
702
|
|
|
$
|
19
|
|
|
$
|
(5
|
)
|
|
$
|
5,008
|
|
|
$
|
4,678
|
|
|
$
|
—
|
|
|
$
|
9,686
|
|
Impairment charges
|
$
|
65
|
|
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
133
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
133
|
|
Equity income
|
$
|
159
|
|
|
$
|
1,971
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,130
|
|
|
$
|
152
|
|
|
$
|
—
|
|
|
$
|
2,282
|
|
(a)
|
Consists of a net charge of
$300 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 Year Ended December 31, 2015
|
||||||||||||||||||||||||||||||
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total Automotive
|
|
GM Financial
|
|
Eliminations
|
|
Total
|
||||||||||||||||
Net sales and revenue
|
$
|
106,744
|
|
|
$
|
22,970
|
|
|
$
|
150
|
|
|
|
|
|
$
|
129,864
|
|
|
$
|
5,867
|
|
|
$
|
(6
|
)
|
|
$
|
135,725
|
|
|
Earnings (loss) before interest and taxes-adjusted
|
$
|
11,354
|
|
|
$
|
665
|
|
|
$
|
(1,248
|
)
|
|
|
|
|
$
|
10,771
|
|
|
$
|
679
|
|
|
$
|
(1
|
)
|
|
$
|
11,449
|
|
|
Adjustments(a)
|
$
|
47
|
|
|
$
|
(1,461
|
)
|
|
$
|
(1,785
|
)
|
|
|
|
|
$
|
(3,199
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(3,199
|
)
|
||
Automotive interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
167
|
|
||||||||||
Automotive interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(423
|
)
|
||||||||||
Gain on extinguishment of debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
449
|
|
||||||||||
Net (loss) attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(72
|
)
|
||||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,371
|
|
||||||||||
Income tax benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,219
|
|
||||||||
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,590
|
|
||||||||
Income from discontinued operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25
|
|
||||||||
Net loss attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72
|
|
||||||||
Net income attributable to stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,687
|
|
|||||||
Equity in net assets of nonconsolidated affiliates
|
$
|
94
|
|
|
$
|
8,115
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,209
|
|
|
$
|
986
|
|
|
$
|
—
|
|
|
$
|
9,195
|
|
Total assets(b)
|
$
|
92,651
|
|
|
$
|
27,351
|
|
|
$
|
31,335
|
|
|
$
|
(21,916
|
)
|
|
$
|
129,421
|
|
|
$
|
66,081
|
|
|
$
|
(1,164
|
)
|
|
$
|
194,338
|
|
Expenditures for property
|
$
|
5,697
|
|
|
$
|
982
|
|
|
$
|
66
|
|
|
$
|
(5
|
)
|
|
$
|
6,740
|
|
|
$
|
73
|
|
|
$
|
—
|
|
|
$
|
6,813
|
|
Depreciation and amortization
|
$
|
3,755
|
|
|
$
|
707
|
|
|
$
|
16
|
|
|
$
|
(3
|
)
|
|
$
|
4,475
|
|
|
$
|
2,278
|
|
|
$
|
—
|
|
|
$
|
6,753
|
|
Impairment charges
|
$
|
370
|
|
|
$
|
364
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
734
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
734
|
|
Equity income
|
$
|
20
|
|
|
$
|
2,057
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,077
|
|
|
$
|
116
|
|
|
$
|
—
|
|
|
$
|
2,193
|
|
(a)
|
Consists primarily of costs related to the Russia exit of
$438 million
in GMI, which is net of noncontrolling interests; asset impairment charges of $
297 million
related to our Thailand subsidiaries in GMI; Venezuela currency devaluation and asset impairment charges of
$720 million
in GMI; charges related to the ignition switch recall including the Compensation Program of
$195 million
and various settlements and legal related matters of approximately
$1.6 billion
in Corporate; and other of
$41 million
.
|
(b)
|
Assets in Corporate and GM Financial include assets classified as held for sale.
|
|
At and For the Years Ended December 31,
|
||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||
|
Net Sales and Revenue
|
|
Long-Lived Assets
|
|
Net Sales and Revenue
|
|
Long-Lived Assets
|
|
Net Sales and Revenue
|
|
Long-Lived Assets
|
||||||||||||
Automotive
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S.
|
$
|
100,674
|
|
|
$
|
24,473
|
|
|
$
|
110,661
|
|
|
$
|
22,241
|
|
|
$
|
100,082
|
|
|
$
|
21,091
|
|
Non-U.S.
|
32,775
|
|
|
12,715
|
|
|
29,544
|
|
|
11,258
|
|
|
29,782
|
|
|
9,649
|
|
||||||
GM Financial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S.
|
10,489
|
|
|
40,674
|
|
|
7,462
|
|
|
32,506
|
|
|
4,357
|
|
|
18,501
|
|
||||||
Non-U.S.
|
1,650
|
|
|
2,467
|
|
|
1,517
|
|
|
2,050
|
|
|
1,504
|
|
|
1,749
|
|
||||||
Total consolidated
|
$
|
145,588
|
|
|
$
|
80,329
|
|
|
$
|
149,184
|
|
|
$
|
68,055
|
|
|
$
|
135,725
|
|
|
$
|
50,990
|
|
|
Years Ended December 31,
|
||||||||||
2017
|
|
2016
|
|
2015
|
|||||||
Accounts receivable
|
$
|
1,402
|
|
|
$
|
(1,249
|
)
|
|
$
|
(16
|
)
|
Wholesale receivables funded by GM Financial, net
|
(2,099
|
)
|
|
(2,184
|
)
|
|
(820
|
)
|
|||
Inventories
|
440
|
|
|
(75
|
)
|
|
(1,209
|
)
|
|||
Automotive equipment on operating leases
|
(263
|
)
|
|
785
|
|
|
520
|
|
|||
Change in other assets
|
108
|
|
|
(939
|
)
|
|
(572
|
)
|
|||
Accounts payable
|
(362
|
)
|
|
3,195
|
|
|
1,658
|
|
|||
Income taxes payable
|
(3
|
)
|
|
(162
|
)
|
|
88
|
|
|||
Accrued and other liabilities
|
(2,238
|
)
|
|
1,209
|
|
|
(857
|
)
|
|||
Total
|
$
|
(3,015
|
)
|
|
$
|
580
|
|
|
$
|
(1,208
|
)
|
Cash paid for income taxes and interest
|
|
|
|
|
|
|
|
|
|||
Cash paid for income taxes
|
$
|
656
|
|
|
$
|
676
|
|
|
$
|
740
|
|
Cash paid for interest (net of amounts capitalized) – Automotive
|
$
|
501
|
|
|
$
|
460
|
|
|
$
|
333
|
|
Cash paid for interest (net of amounts capitalized) – GM Financial
|
2,571
|
|
|
1,761
|
|
|
1,204
|
|
|||
Total cash paid for interest (net of amounts capitalized)
|
$
|
3,072
|
|
|
$
|
2,221
|
|
|
$
|
1,537
|
|
/s/ MARY T. BARRA
|
|
/s/ CHARLES K. STEVENS III
|
Mary T. Barra
Chairman and Chief Executive Officer
|
|
Charles K. Stevens III
Executive Vice President and Chief Financial Officer
|
February 6, 2018
|
|
February 6, 2018
|
(a)
|
1. All Financial Statements and Supplemental Information
|
(b)
|
Exhibits
|
Exhibit Number
|
|
Exhibit Name
|
|
|
1.1
|
|
|
Incorporated by Reference
|
|
2.1
|
|
|
Incorporated by Reference
|
|
3.1
|
|
|
Incorporated by Reference
|
|
3.2
|
|
|
Incorporated by Reference
|
|
3.3
|
|
|
|
Incorporated by Reference
|
3.4
|
|
|
|
Incorporated by Reference
|
4.1
|
|
|
Incorporated by Reference
|
|
4.2
|
|
|
|
Incorporated by Reference
|
4.3
|
|
|
Incorporated by Reference
|
|
4.4
|
|
|
|
Incorporated by Reference
|
4.5
|
|
|
|
Incorporated by Reference
|
4.6
|
|
|
|
Incorporated by Reference
|
10.1
|
|
|
Incorporated by Reference
|
|
10.2*
|
|
|
Incorporated by Reference
|
Exhibit Number
|
|
Exhibit Name
|
|
|
10.3*
|
|
|
Incorporated by Reference
|
|
10.4*
|
|
|
Incorporated by Reference
|
|
10.5*
|
|
|
Incorporated by Reference
|
|
10.6*
|
|
|
Incorporated by Reference
|
|
10.7*
|
|
|
Incorporated by Reference
|
|
10.8*
|
|
|
|
Incorporated by Reference
|
10.9*
|
|
|
|
Incorporated by Reference
|
10.10*
|
|
|
|
Incorporated by Reference
|
10.11*
|
|
|
|
Incorporated by Reference
|
10.12*
|
|
|
|
Incorporated by Reference
|
10.13*
|
|
|
Incorporated by Reference
|
|
10.14*
|
|
|
Incorporated by Reference
|
|
10.15*
|
|
|
Incorporated by Reference
|
|
10.16
|
|
|
Incorporated by Reference
|
|
10.17†
|
|
|
Incorporated by Reference
|
|
10.18†
|
|
|
Incorporated by Reference
|
|
10.19†
|
|
|
Incorporated by Reference
|
|
10.20
|
|
|
Incorporated by Reference
|
|
10.21*
|
|
|
Incorporated by Reference
|
Exhibit Number
|
|
Exhibit Name
|
|
|
10.22*
|
|
|
Incorporated by Reference
|
|
10.23*
|
|
|
Incorporated by Reference
|
|
10.24*
|
|
|
Incorporated by Reference
|
|
10.25*
|
|
|
|
Filed Herewith
|
10.26*
|
|
|
|
Incorporated by Reference
|
10.27*
|
|
|
|
Incorporated by Reference
|
10.28*
|
|
|
|
Incorporated by Reference
|
10.29
|
|
|
Incorporated by Reference
|
|
10.30
|
|
|
|
Incorporated by Reference
|
10.31
|
|
|
Filed Herewith
|
|
12
|
|
|
Filed Herewith
|
|
16.1
|
|
|
|
Incorporated by Reference
|
21
|
|
|
Filed Herewith
|
|
23.1
|
|
|
Filed Herewith
|
|
24
|
|
|
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
|
†
|
Certain confidential portions have been omitted pursuant to a granted request for confidential treatment, which has been separately filed with the SEC.
|
*
|
Management contracts and compensatory plans and arrangements required to be filed as exhibits pursuant to Item 15(b) of this Report.
|
**
|
The Company agrees to furnish supplementally a copy of any omitted exhibit or schedule to the SEC upon request.
|
|
|
GENERAL MOTORS COMPANY (Registrant)
|
|
|
|
|
By:
|
/s/ MARY T. BARRA
|
|
|
|
|
Mary T. Barra
Chairman and Chief Executive Officer |
|
Date:
|
February 6, 2018
|
|
|
|
Signature
|
|
Title
|
|
|
|
/s/ MARY T. BARRA
|
|
Chairman and Chief Executive Officer
|
Mary T. Barra
|
|
|
|
|
|
/s/ CHARLES K. STEVENS III
|
|
Executive Vice President and Chief Financial Officer
|
Charles K. Stevens III
|
|
|
|
|
|
/s/ THOMAS S. TIMKO
|
|
Vice President, Global Business Solutions and Chief Accounting Officer
|
Thomas S. Timko
|
|
|
|
|
|
/s/ THEODORE M. SOLSO*
|
|
Lead Director
|
Theodore M. Solso
|
|
|
|
|
|
/s/ LINDA R. GOODEN*
|
|
Director
|
Linda R. Gooden
|
|
|
|
|
|
/s/ JOSEPH JIMENEZ*
|
|
Director
|
Joseph Jimenez
|
|
|
|
|
|
/s/ JANE L. MENDILLO*
|
|
Director
|
Jane L. Mendillo
|
|
|
|
|
|
/s/ ADMIRAL MICHAEL G. MULLEN, USN (ret.)*
|
|
Director
|
Admiral Michael G. Mullen, USN (ret.)
|
|
|
|
|
|
/s/ JAMES J. MULVA*
|
|
Director
|
James J. Mulva
|
|
|
|
|
|
/s/ PATRICIA F. RUSSO*
|
|
Director
|
Patricia F. Russo
|
|
|
|
|
|
/s/ THOMAS M. SCHOEWE*
|
|
Director
|
Thomas M. Schoewe
|
|
|
|
|
|
/s/ CAROL M. STEPHENSON*
|
|
Director
|
Carol M. Stephenson
|
|
|
*By:
|
/s/ RICK HANSEN
|
|
|
Rick Hansen
|
|
|
Attorney-in-Fact
|
|
|
(i)
|
Subject to the terms of the Plan as otherwise in effect, the minimum Award payable to each Participant as determined under this Section 7 of the Plan in respect of the fiscal year in which the Change in Control occurs shall be the greatest of:
|
|
a.
|
The Award or other annual bonus paid or payable to the Participant in respect of the fiscal year prior to the year in which the Change in Control occurs;
|
|
b.
|
The amount that would be payable to the Participant if the Company achieved the Target Award for such fiscal year; or
|
|
c.
|
The Award amount that would be payable to the Participant based on the Company’s actual performance and achievement of applicable Performance Measures for such fiscal year through the date of the Change in Control.
|
|
(ii)
|
If a Change in Control occurs following the completion of a fiscal year, but before Awards are paid under the Plan for that fiscal year, the Participant will be eligible to receive the Award for that fiscal year based on actual performance as determined by the Company, subject to the terms of the Plan as otherwise in effect.
|
1.
|
Notwithstanding anything to the contrary in Section 10.1(b)(iv) of the Agreement, the Second Closing shall take place on October 30, 2017 and, as a result, the Second Closing Date shall be the expiry of October 31, 2017 at 24:00 hours CET;
|
2.
|
any action (including any foreign exchange risk hedging transaction or the incurrence of any indebtedness by GMAC Banque S.A. used to pay for any of the Fincos Shares) or omission by GMAC Banque S.A., or by any Finco at the direction or request of the Buyer or the Financial Partner and/or any of their respective Affiliates (other than any such action taken with the prior written consent of General Motors) from (and including) completion of the capital increases reserved for BNP Paribas Personal Finance SA, on the one hand, and Banque PSA Finance SA, on the other hand (the “
Capital Increases
”), until the expiry of October 31, 2017, 24:00 hours CET, shall not be taken into account to calculate the Fincos Book Value and shall have no impact on the Fincos Purchase Price. For the avoidance of doubt, the Capital Increases shall not be taken into account to calculate the Fincos Book Value and shall have no impact on the Fincos Purchase Price;
|
3.
|
the Pension Plans listed on
Exhibit A
to this Amendment No. 3 are added to the corresponding section of Exhibit E to the Agreement;
|
4.
|
the Parties acknowledge and agree that no Fincos were transferred at the First Closing, and therefore (i) there shall be no Third Estimated Pension Closing Payment Amount and (ii) the Final Pension
|
5.
|
in accordance with Section 6.9(b)(i) of the Agreement,
Exhibit B
to this Amendment No. 3 sets forth a list, by country and by Pension Plan, of the jointly determined Agreed Pension Vehicles for the Finco Pension Plans and the relevant portion of the Buyer Restricted Fourth Pension Closing Amount allocated to the respective Finco Pension Plan for which such Agreed Pension Vehicle is established;
|
6.
|
in accordance with Section 6.9(b)(i) of the Agreement, the Agreed Pension Vehicles List shall include the Agreed Pension Vehicles set forth in
Exhibit 6.9(b)(i)
to the Agreement and
Exhibit B
to this Amendment No. 3; it being understood that, for the avoidance of doubt, Sections 6.9(b)(ii) - (x) and Section 6.9(d) of the Agreement apply accordingly for any Agreed Pension Vehicles for the Finco Pension Plans;
|
7.
|
to the extent that Agreed Pension Vehicles listed in
Exhibit B
to this Amendment No. 3 have not been established by the Second Closing Date, as contemplated by the first sentence of Section 6.9(b) of the Agreement, General Motors shall place the relevant portion of the Buyer Restricted Fourth Pension Closing Amount into the escrow account established by that certain escrow deed by and among Deutsche Bank AG, as escrow agent, General Motors, Banque PSA Finance S.A. and BNP Paribas Personal Finance (the “
Finco Pension Escrow Account Agreement
”, a copy of which forms part of the Amendment No. 3 Reference Deed to which reference is hereby made)) for which, for the avoidance of doubt, Sections 6.9(b)(i) - (x) and Section 6.9(d) of the Agreement shall apply mutatis mutandis and
with each reference therein to the Pension Escrow Account Agreement read as also including the Finco Pension Escrow Account Agreement. For the avoidance of doubt, Sections 10.3(b) and (c) of the Agreement are, with respect to the relevant portions of the Buyer Restricted Fourth Pension Closing Amount, subject to the provisions of Section 6.9(f) of the Agreement. For the avoidance of doubt, the amount of cash placed in the escrow account established by the Finco Pension Escrow Account Agreement by or on behalf of General Motors (including any cash amounts released from the escrow account to the Fincos in accordance with the Finco Pension Escrow Account Agreement) shall not be taken into account to calculate the Fincos Book Value and shall have no impact on the Fincos Purchase Price;
|
8.
|
for the avoidance of doubt, if, upon termination of the escrow account established by the Finco Pension Escrow Account Agreement, residual amounts are transferred to GMAC Banque S.A., such amounts shall be used exclusively for the purpose described in Section 6.9(d) of the Agreement;
|
9.
|
notwithstanding Section 10.3(b)(ii) of the Agreement (i) on the Second Closing, General Motors shall pay or cause to be paid the excess of the Fourth Estimated Pension Closing Payment Amount over the Buyer Restricted Fourth Pension Closing Payment Amount (calculated based on the Fourth Estimated Pension Closing Payment Amount), as applicable, to GMAC Banque S.A. by wire transfer of immediately available funds and (ii) such excess payment by General Motors shall be treated as a reduction of the Fincos Purchase Price; provided, however, that this sentence shall not reduce any amounts to be paid to General Motors or its Affiliates at the Second Closing (including as a result of
|
10.
|
the Parties hereby agree and acknowledge that upon receipt of any funds by GMAC Banque S.A. for an Agreed Pension Vehicle to be funded by another Finco from the escrow account established by the Finco Pension Escrow Account Agreement, Buyer shall cause such funds to be contributed to such other Finco that has established the relevant Agreed Pension Vehicle, and Buyer shall procure that such other Finco shall, upon receipt, promptly deposit such funds into the relevant Agreed Pension Vehicle. Buyer hereby agrees that if a Finco receives funds from the Escrow Agent directly, Buyer shall cause such Finco to deposit such funds into the relevant Agreed Pension Vehicle;
|
11.
|
the Parties hereby agree and acknowledge that General Motors shall, pursuant to Section 10.3(c) of the Agreement, before the Second Closing Date, cause the payment of the Buyer Restricted Fourth Pension Closing Amount in respect of the German APVs to be made by debt incurred by the relevant Fincos (namely Opel Bank GmbH, GMF Germany Holdings GmbH, Opel Leasing GmbH, GM Financial GmbH and General Motors Financial International BV), the proceeds of which shall be transferred to the relevant German APV; provided, that the difference between the absolute amounts of (i) the Fincos Purchase Price and (ii) the portion or the full amount (as applicable) of the Fourth Pension Closing Payment Amount to be paid directly by General Motors, shall be the same as compared to the difference which would have resulted from the direct funding by General Motors of the German APVs on behalf of the Fincos pursuant to Section 10.3(c);
|
12.
|
for the avoidance of doubt, any deferred tax asset relating to the pension liabilities related to the Fincos allocated to the (i) Agreed Pension Vehicles or (ii) Pension Funds, shall be excluded from the assets of such Agreed Pension Vehicles or Pension Funds, as applicable, and shall be included for purposes of calculating the Fincos Book Value. In the event that (i) any pre-Second Closing payments that relate to the pension liabilities related to the Fincos and that have been paid to the Agreed Pension Vehicles or the Pension Funds, or (ii) any payments related to the Fourth Pension Closing Payment Amount paid to the Agreed Pension Vehicles or Pension Funds of the Fincos are lower than the amount of pension liabilities in the Closing Accounts (before such funding of the Agreed Pension Vehicles or Pension Funds and the off-setting against the pension liabilities thereby), and either (i) or (ii) triggers a loss of, or a reduction in the amount of, any deferred tax asset included for the purposes of calculating the Fincos Book Value, then the Fincos Purchase Price shall be reduced to the extent of such loss or reduction;
|
13.
|
For the avoidance of doubt, claims for cash payments to be made by AOAG to the relevant Finco or by the relevant Finco to AOAG pursuant to the profit and loss profit agreement (in accordance with Section 8.3(b)(i) of the Agreement) shall not be taken into account in the Fincos Book Value;
|
14.
|
the Reorganization Transaction described in
Exhibit 6.4(a)(ii)
-Item 13 to the Agreement is hereby amended as follows:
|
◦
|
References to “GMCC” throughout the Agreement are changed, as the case may be, in such a way that they shall refer to Opel Finance BVBA following its conversion into a Belgian entity.
|
◦
|
Item 7 of the Direct Share Transfers table in
Exhibit 4.4(a)
to the Agreement is amended to read as follows:
|
#
|
Target Group Company
|
Jurisdiction
|
Seller
|
Number of Shares/Partnership Interest Held by Respective Seller
|
Percentage Ownership Held by Respective Seller
|
Entity Type
|
7.
|
GMAC Banque S.A.
|
France
|
GM Financial Company, Inc.
|
212,893 (increased to 212,978 as of the Second Closing to reflect purchases from minority shareholders)
|
99.09% (increased to 99.13% as of the Second Closing to reflect purchases from minority shareholders)
|
Finco
|
◦
|
Item 12 of the Direct Share Transfers table in
Exhibit 4.4(a)
to the Agreement is amended to read as follows:
|
#
|
Target Group Company
|
Jurisdiction
|
Seller
|
Number of Shares/Partnership Interest Held by Respective Seller
|
Percentage Ownership Held by Respective Seller
|
Entity Type
|
12.
|
Opel Finance BVBA
14
|
Belgium
|
GM Financial Company, Inc.
|
999
|
99.9%
|
Finco
|
◦
|
New line item no. 50 is added to the Indirect Share Transfers table in
Exhibit 4.4(a)
to the Agreement:
|
#
|
Target Group Company
|
Jurisdiction
|
Shareholder/Partner
|
Number of Shares/Partnership Interest Held by Respective Shareholder/Partner
|
Percentage Owned
|
Entity Type
|
50.
|
Opel Finance BVBA
|
Belgium
|
GMF Europe Holdco Limited
|
1
|
0.1%
|
Finco
|
◦
|
In
Exhibit 4.4(d)
“Branches of Target Group Companies” to the Agreement, the references in line item no. 2 and line item no. 4 to “GMAC Continental Corporation” are changed in such a way that they refer to Opel Finance BVBA. Footnote 19 is changed to read: “Pursuant to item 13 of
Exhibit 6.4(a)(ii)
and as part of the Reorganization Transactions related to GMAC Continental Corporation (name changing to Opel Finance BVBA), General Motors
|
◦
|
Item 9 of the Direct Share Transfers table in
Exhibit 4.4(a)
to the Agreement is amended to read as follows:
|
◦
|
Item 34 of the Indirect Share Transfers table in
Exhibit 4.4(a)
to the Agreement is amended to read as follows:
|
Indirect Share Transfers
|
||||||
#
|
Target Group Company
|
Jurisdiction
|
Shareholder/Partner
|
Number of Shares/Partnership Interest Held by Respective Shareholder/Partner
|
Percentage Owned
|
Entity Type
|
34.
|
GM Financial Real Estate GmbH & Co. KG
|
Germany
|
Opel Leasing GmbH
(General Partner)
|
Capital contribution (
Gesellschafterkonto
) of EUR 9,400
|
94%
|
Finco
|
15.
|
A new line item no. 16 is added to the Reorganization Transactions in
Exhibit 6.4(a)(ii)
to the Agreement:
|
Transaction
|
Description
|
16
|
GMAC Continental Corporation will sell its 0.0002% interest in GMAC Servicios SAS to GM Financial Colombia Holdings LLC (a Sellers’ Retained Group Company).
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Income from continuing operations before income taxes and equity income
|
$
|
9,731
|
|
|
$
|
9,726
|
|
|
$
|
6,178
|
|
|
$
|
3,477
|
|
|
$
|
6,654
|
|
Fixed charges excluding capitalized interest
|
3,210
|
|
|
2,617
|
|
|
1,982
|
|
|
1,662
|
|
|
1,015
|
|
|||||
Amortization of capitalized interest
|
37
|
|
|
29
|
|
|
24
|
|
|
21
|
|
|
17
|
|
|||||
Dividends from nonconsolidated affiliates
|
2,000
|
|
|
2,132
|
|
|
2,127
|
|
|
1,827
|
|
|
661
|
|
|||||
Earnings available for fixed charges
|
$
|
14,978
|
|
|
$
|
14,504
|
|
|
$
|
10,311
|
|
|
$
|
6,987
|
|
|
$
|
8,347
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and related charges on debt(a)
|
$
|
3,121
|
|
|
$
|
2,533
|
|
|
$
|
1,883
|
|
|
$
|
1,550
|
|
|
$
|
896
|
|
Portion of rentals deemed to be interest
|
90
|
|
|
84
|
|
|
99
|
|
|
112
|
|
|
120
|
|
|||||
Interest capitalized in period
|
180
|
|
|
126
|
|
|
93
|
|
|
68
|
|
|
66
|
|
|||||
Preference security dividend requirements(b)
|
576
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|||||
Total fixed charges
|
3,967
|
|
|
2,743
|
|
|
2,075
|
|
|
1,730
|
|
|
1,082
|
|
|||||
Preferred stock dividends grossed up to a pre-tax basis
|
|
|
|
|
|
|
1,281
|
|
|
2,528
|
|
||||||||
Combined fixed charges and preferred stock dividends
|
$
|
3,967
|
|
|
$
|
2,743
|
|
|
$
|
2,075
|
|
|
$
|
3,011
|
|
|
$
|
3,610
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges
|
3.78
|
|
|
5.29
|
|
|
4.97
|
|
|
4.04
|
|
|
7.72
|
|
|||||
Ratio of earnings to combined fixed charges and preferred stock dividends
|
|
|
|
|
|
|
2.32
|
|
|
2.31
|
|
Company Name
|
State or Sovereign Power of Incorporation
|
2140879 Ontario Inc.
|
Canada
|
ACAR Leasing Ltd.
|
Delaware
|
ACF Investment Corp.
|
Delaware
|
Adam Opel GmbH
|
Germany
|
AFS SenSub Corp.
|
Nevada
|
AmeriCredit Consumer Loan Company, Inc.
|
Nevada
|
AmeriCredit Financial Services, Inc.
|
Delaware
|
AmeriCredit Funding Corp. XI
|
Delaware
|
AmeriCredit Syndicated Warehouse Trust
|
Delaware
|
Annunciata Corporation
|
Delaware
|
APGO Trust
|
Delaware
|
Argonaut Holdings LLC
|
Delaware
|
Banco GMAC S.A.
|
Brazil
|
BOCO (Proprietary) Limited
|
South Africa
|
Boco Trust
|
South Africa
|
Cadillac Europe GmbH
|
Switzerland
|
Carve-Out Ownership Cooperative LLC
|
Delaware
|
Chevrolet Sales (Thailand) Limited
|
Thailand
|
Chevrolet Sales India Private Ltd.
|
India
|
Chevrolet Sociedad Anonima de Ahorro para Fines Determinados
|
Argentina
|
CHEVYPLAN S.A. Sociedad Administradora de Planes de Autofinanciamiento Comercial
|
Colombia
|
CHEVYPLAN, CA
|
Venezuela
|
Controladora General Motors, S.A. de C.V.
|
Mexico
|
DCJ1 LLC
|
Delaware
|
Dealership Liquidations, Inc.
|
Delaware
|
Delphi Energy and Engine Management Systems UK Overseas Corporation
|
Delaware
|
DMAX, Ltd.
|
Ohio
|
FAW-GM Light Duty Commercial Vehicle Co., Ltd.
|
China
|
General Motors - Colmotores S.A.
|
Colombia
|
General Motors (China) Investment Company Limited
|
China
|
General Motors (Thailand) Limited
|
Thailand
|
General Motors Advisory Services LLC
|
Uzbekistan
|
General Motors Africa and Middle East FZE
|
United Arab Emirates
|
General Motors Asia Pacific Holdings, LLC
|
Delaware
|
General Motors Asia, Inc.
|
Delaware
|
General Motors Asset Management Corporation
|
Delaware
|
General Motors Australia Ltd.
|
Australia
|
General Motors Auto LLC
|
Russian Federation
|
General Motors Automobiles Philippines, Inc.
|
Philippines
|
General Motors Automotive Holdings, S.L.
|
Spain
|
General Motors Belgique Automobile NV
|
Belgium
|
General Motors Chile Industria Automotriz Limitada
|
Chile
|
Company Name
|
State or Sovereign Power of Incorporation
|
General Motors China LLC
|
Delaware
|
General Motors Daewoo Auto and Technology CIS LLC
|
Russian Federation
|
General Motors de Argentina S.r.l.
|
Argentina
|
General Motors de Mexico, S. de R.L. de C.V.
|
Mexico
|
General Motors del Ecuador S.A.
|
Ecuador
|
General Motors do Brasil Ltda.
|
Brazil
|
General Motors Egypt, S.A.E.
|
Egypt
|
General Motors Europe Limited
|
England and Wales
|
General Motors Financial Chile Limitada
|
Chile
|
General Motors Financial Chile S.A.
|
Chile
|
General Motors Financial Company, Inc.
|
Texas
|
General Motors Financial of Canada, Ltd.
|
Canada
|
General Motors Global Service Operations, Inc.
|
Delaware
|
General Motors Holden Australia Ltd.
|
Australia
|
General Motors Holden Australia NSC Ltd.
|
Australia
|
General Motors Holdings LLC
|
Delaware
|
General Motors India Private Limited
|
India
|
General Motors International Holdings LLC
|
Delaware
|
General Motors International Operations Pte. Ltd.
|
Singapore
|
General Motors International Services Company SAS
|
Colombia
|
General Motors International Services LLC
|
Delaware
|
General Motors Investment Management Corporation
|
Delaware
|
General Motors Investment Participacoes Ltda.
|
Brazil
|
General Motors Investments Pty. Ltd.
|
Australia
|
General Motors Israel Ltd.
|
Israel
|
General Motors IT Services (Ireland) Limited
|
Ireland
|
General Motors Japan Limited
|
Japan
|
General Motors Limited
|
England
|
General Motors LLC
|
Delaware
|
General Motors New Zealand Pensions Limited
|
New Zealand
|
General Motors of Canada Company
|
Canada
|
General Motors Overseas Commercial Vehicle Corporation
|
Delaware
|
General Motors Overseas Corporation
|
Delaware
|
General Motors Overseas Distribution LLC
|
Delaware
|
General Motors Peru S.A.
|
Peru
|
General Motors Powertrain (Thailand) Limited
|
Thailand
|
General Motors Research Corporation
|
Delaware
|
General Motors South Africa (Pty) Limited
|
South Africa
|
General Motors Taiwan Ltd.
|
Taiwan
|
General Motors Technical Centre India Private Limited
|
India
|
General Motors Treasury Center, LLC
|
Delaware
|
General Motors Uruguay S.A.
|
Uruguay
|
Company Name
|
State or Sovereign Power of Incorporation
|
General Motors Venezolana, C.A.
|
Venezuela
|
General Motors Ventures LLC
|
Delaware
|
General Motors Vietnam Company Ltd.
|
Vietnam
|
General Motors Warehousing and Trading (Shanghai) Co. Ltd.
|
China
|
General Motors-Holden's Sales Pty. Limited
|
Australia
|
Global Services Detroit LLC
|
Delaware
|
Global Tooling Service Company Europe Limited
|
England and Wales
|
GM (UK) Pension Trustees Limited
|
England
|
GM Administradora de Bens Ltda.
|
Brazil
|
GM Auslandsprojekte GmbH
|
Germany
|
GM Canada Holdings LLC
|
Delaware
|
GM Canada Limited Partnership
|
Canada
|
GM CME Holdings C.V.
|
Netherlands
|
GM Components Holdings, LLC
|
Delaware
|
GM Cruise LLC
|
Delaware
|
GM Defense LLC
|
Delaware
|
GM Eurometals, Inc.
|
Delaware
|
GM Europe Treasury Company AB
|
Sweden
|
GM Finance Co. Holdings LLC
|
Delaware
|
GM Financial Canada Leasing Ltd.
|
Canada
|
GM Financial Consumer Discount Company
|
Pennsylvania
|
GM Financial de Mexico, S.A. de C.V. SOFOM E.R.
|
Mexico
|
GM Financial del Peru S.A.C
|
Peru
|
GM Financial Holdings LLC
|
Delaware
|
GM Financial Mexico Holdings LLC
|
Delaware
|
GM Global Business Services Philippines, Inc.
|
Philippines
|
GM Global Technology Operations LLC
|
Delaware
|
GM Global Tooling Company LLC
|
Delaware
|
GM Holden Ltd.
|
Australia
|
GM Holdings U.K. No.1 Limited
|
England and Wales
|
GM Inversiones Santiago Limitada
|
Chile
|
GM Investment Trustees Limited
|
England
|
GM Korea Company
|
Korea, Republic of
|
GM Korea Ltd.
|
Korea, Republic of
|
GM LAAM Holdings, LLC
|
Delaware
|
GM Mexico Holdings B.V.
|
Netherlands
|
GM Personnel Services, Inc.
|
Delaware
|
GM Plats (Proprietary) Limited
|
South Africa
|
GM PSA Purchasing Services S.A.
|
Belgium
|
GM Regional Holdings LLC
|
Delaware
|
GM Retirees Pension Trustees Limited
|
England
|
GM Subsystems Manufacturing, LLC
|
Delaware
|
Company Name
|
State or Sovereign Power of Incorporation
|
GMAC Administradora de Consorcios Ltda.
|
Brazil
|
GMAC de Venezuela, C.A.
|
Venezuela
|
GMAC Prestadora de Servicios de Mao de Obra Ltda.
|
Brazil
|
GMAC Servicios S.A.S.
|
Colombia
|
GMACI Corretora de Seguros Ltda
|
Brazil
|
GMAM Real Estate I, LLC
|
Delaware
|
GMCH&SP Private Equity II L.P.
|
Canada
|
GM-DI Leasing LLC
|
Delaware
|
GMF Australia Pty Ltd
|
Australia
|
GMF Europe LLP
|
England and Wales
|
GMF Floorplan Owner Revolving Trust
|
Delaware
|
GMF Funding Corp.
|
Delaware
|
GMF Global Assignment LLC
|
Delaware
|
GMF International LLC
|
Delaware
|
GMF Leasing LLC
|
Delaware
|
GMF Leasing Warehousing Trust
|
Delaware
|
GMF Wholesale Receivables LLC
|
Delaware
|
GMGP Holdings LLC
|
Delaware
|
Grand Pointe Holdings, Inc.
|
Michigan
|
Grand Pointe Park Condominium Association
|
Michigan
|
Holden New Zealand Limited
|
New Zealand
|
IBC Pension Trustees Limited
|
England
|
Lease Ownership Cooperative LLC
|
Delaware
|
Lidlington Engineering Company, Ltd.
|
Delaware
|
Limited Liability Company "General Motors CIS"
|
Russian Federation
|
Maven Drive LLC
|
Delaware
|
Maven Leasing Ltd.
|
Delaware
|
Millbrook Pension Management Limited
|
England
|
Monetization of Carve-Out, LLC
|
Delaware
|
Motors Holding LLC
|
Delaware
|
Multi-Use Lease Entity Trust
|
Delaware
|
North American New Cars LLC
|
Delaware
|
Omnibus BB Transportes, S. A.
|
Ecuador
|
OnStar Connected Services Srl
|
Romania
|
OnStar de Mexico S. de R.L. de C.V.
|
Mexico
|
OnStar Europe Ltd.
|
England and Wales
|
OnStar Global Services Corporation
|
Delaware
|
OnStar, LLC
|
Delaware
|
P.T. G M AutoWorld Indonesia
|
Indonesia
|
P.T. General Motors Indonesia
|
Indonesia
|
Pan Asia Technical Automotive Center Company, Ltd.
|
China
|
PIMS Co.
|
Delaware
|
Company Name
|
State or Sovereign Power of Incorporation
|
Private Auto Lease Trust
|
Delaware
|
PT. General Motors Indonesia Manufacturing
|
Indonesia
|
Riverfront Holdings III, Inc.
|
Delaware
|
Riverfront Holdings Phase II, Inc.
|
Delaware
|
Riverfront Holdings, Inc.
|
Delaware
|
SAIC General Motors Corporation Limited
|
China
|
SAIC General Motors Investment Limited
|
Hong Kong
|
SAIC General Motors Sales Company Limited
|
China
|
SAIC GM (Shenyang) Norsom Motors Co., Ltd.
|
China
|
SAIC GM Dong Yue Motors Company Limited
|
China
|
SAIC GM Dong Yue Powertrain Company Limited
|
China
|
SAIC GM Wuling Automobile Company Limited
|
China
|
SAIC Motor Insurance Sales Company Limited
|
China
|
SAIC-GMAC Automotive Finance Company Limited
|
China
|
Servicios GMAC S.A. de C.V.
|
Mexico
|
Shanghai OnStar Telematics Co. Ltd.
|
China
|
Strobe, Inc.
|
Delaware and
California
|
Vehicle Asset Universal Leasing Trust
|
Delaware
|
WRE, Inc.
|
Michigan
|
Zona Franca Industrial Colmotores SAS
|
Colombia
|
/
s
/ D
ELOITTE
& T
OUCHE
LLP
|
Detroit, Michigan
|
February 6, 2018
|
SEC Report(s) on
|
|
Covering
|
||
|
|
|
||
Annual Report on Form 10-K
|
|
Year Ended December 31, 2017
|
|
|
|
/s/ JANE L. MENDILLO
|
|
|
|
|
Jane L. Mendillo
|
|
|
|
|
|
|
|
|
|
December 12, 2017
|
|
|
|
|
Date
|
SEC Report(s) on
|
|
Covering
|
||
|
|
|
||
Annual Report on Form 10-K
|
|
Year Ended December 31, 2017
|
|
|
|
/s/ LINDA R. GOODEN
|
|
|
|
|
Linda R. Gooden
|
|
|
|
|
|
|
|
|
|
December 13, 2017
|
|
|
|
|
Date
|
SEC Report(s) on
|
|
Covering
|
||
|
|
|
||
Annual Report on Form 10-K
|
|
Year Ended December 31, 2017
|
|
|
|
/s/ JOSEPH JIMENEZ
|
|
|
|
|
Joseph Jimenez
|
|
|
|
|
|
|
|
|
|
December 20, 2017
|
|
|
|
|
Date
|
SEC Report(s) on
|
|
Covering
|
||
|
|
|
||
Annual Report on Form 10-K
|
|
Year Ended December 31, 2017
|
|
|
|
/s/ ADMIRAL MICHAEL G. MULLEN, USN (ret.)
|
|
|
|
|
Admiral Michael G. Mullen, USN (ret.)
|
|
|
|
|
|
|
|
|
|
December 13, 2017
|
|
|
|
|
Date
|
SEC Report(s) on
|
|
Covering
|
||
|
|
|
||
Annual Report on Form 10-K
|
|
Year Ended December 31, 2017
|
|
|
|
/s/ JAMES J. MULVA
|
|
|
|
|
James J. Mulva
|
|
|
|
|
|
|
|
|
|
December 13, 2017
|
|
|
|
|
Date
|
SEC Report(s) on
|
|
Covering
|
||
|
|
|
||
Annual Report on Form 10-K
|
|
Year Ended December 31, 2017
|
|
|
|
/s/ PATRICIA F. RUSSO
|
|
|
|
|
Patricia F. Russo
|
|
|
|
|
|
|
|
|
|
December 13, 2017
|
|
|
|
|
Date
|
SEC Report(s) on
|
|
Covering
|
||
|
|
|
||
Annual Report on Form 10-K
|
|
Year Ended December 31, 2017
|
|
|
|
/s/ THOMAS M. SCHOEWE
|
|
|
|
|
Thomas M. Schoewe
|
|
|
|
|
|
|
|
|
|
December 13, 2017
|
|
|
|
|
Date
|
SEC Report(s) on
|
|
Covering
|
||
|
|
|
||
Annual Report on Form 10-K
|
|
Year Ended December 31, 2017
|
|
|
|
/s/ CAROL M. STEPHENSON
|
|
|
|
|
Carol M. Stephenson
|
|
|
|
|
|
|
|
|
|
December 13, 2017
|
|
|
|
|
Date
|
SEC Report(s) on
|
|
Covering
|
||
|
|
|
||
Annual Report on Form 10-K
|
|
Year Ended December 31, 2017
|
|
|
|
/s/ THEODORE M. SOLSO
|
|
|
|
|
Theodore M. Solso
|
|
|
|
|
|
|
|
|
|
December 13, 2017
|
|
|
|
|
Date
|
|
|
/s/ MARY T. BARRA
|
|
|
|
Mary T. Barra
Chairman and Chief Executive Officer |
|
Date:
|
February 6, 2018
|
|
|
|
|
/s/ CHARLES K. STEVENS III
|
|
|
|
Charles K. Stevens III
Executive Vice President and Chief Financial Officer |
|
Date:
|
February 6, 2018
|
|
|
|
|
/s/ MARY T. BARRA
|
|
|
|
Mary T. Barra
Chairman and Chief Executive Officer |
|
|
|
|
|
|
|
/s/ CHARLES K. STEVENS III
|
|
|
|
Charles K. Stevens III
Executive Vice President and Chief Financial Officer |
|
Date:
|
February 6, 2018
|
|
|