Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 10, 2010
GENERAL MOTORS COMPANY
(Exact Name of Registrant as Specified in its Charter)
| 000-53930 | DELAWARE | 27-0756180 | ||
| (Commission File Number) |
(State or other jurisdiction of incorporation) |
(I.R.S. Employer Identification No.) |
| 300 Renaissance Center, Detroit, Michigan | 48265-3000 | |
| (Address of Principal Executive Offices) | (Zip Code) |
(313) 556-5000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17-CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Table of Contents
| ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS | |||
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS | |||
| SIGNATURES | ||||
| INDEX TO EXHIBITS | ||||
News Release Dated November 10, 2010 and Financial Statements
Table of Contents
| ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
On November 10, 2010, a news release was issued on the subject of third quarter 2010 consolidated earnings for General Motors Company (GM). The news release did not include certain financial statements, related footnotes and certain other financial information that will be filed with the Securities and Exchange Commission as part of GM’s Quarterly Report on Form 10-Q. The news release and financial statements are incorporated as Exhibit 99.1.
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
EXHIBITS
| Exhibit |
Description |
Method of Filing | ||
| Exhibit 99.1 | News Release Dated November 10, 2010 and Financial Statements | Attached as Exhibit | ||
Table of Contents
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GENERAL MOTORS COMPANY (Registrant) | ||||||
| Date: November 10, 2010 | By: | /S/ NICK S. CYPRUS | ||||
| Nick S. Cyprus Vice President, Controller and Chief Accounting Officer | ||||||
Exhibit 99.1
For Release: November 10, 2010, 7:30 a.m. ET
GM Announces Third Quarter 2010 Results
GM achieves third consecutive quarter of profitability and positive cash flow
Net income of $2.0 billion, earnings per share of $1.20
DETROIT, Mich. – General Motors Company today announced that for the third quarter ending September 30, 2010, the company generated:
| • | Revenue of $34.1 billion |
| • | Net income attributable to common stockholders of $2.0 billion |
| • | Earnings per share on a fully diluted basis and adjusted for 3-1 stock split of $1.20 |
| • | Earnings before interest and tax (EBIT) of $2.3 billion |
| • | Net cash flow from operating activities of $2.6 billion |
| • | Free cash flow of $1.4 billion |
“As demonstrated by our third consecutive quarter of profitability and positive cash flow, these results continue our significant progress,” said Chris Liddell, vice chairman and chief financial officer.
GM North America had EBIT in the third quarter 2010 of $2.1 billion, up from $1.6 billion in the second quarter. GM Europe had a loss before interest and taxes of $0.6 billion, down from a loss of $0.2 billion in the second quarter. GM International Operations posted EBIT of $0.6 billion, down from $0.7 billion in the second quarter.
Net cash flow from operating activities was $2.6 billion and after adjusting for capital expenditures of $1.2 billion, free cash flow was $1.4 billion.
GM expects to also report positive EBIT for the fourth quarter, albeit at a significantly lower run rate than each of the first three quarters, and profitable year-end results for calendar year 2010.
# # #
About General Motors
General Motors, one of the world’s largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 208,000 people in every major region of the world and does business in more than 120 countries. GM and its strategic partners produce cars and trucks in 31 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang, Opel, Vauxhall and Wuling. GM’s largest national market is China, followed by the United States, Brazil, Germany, the United Kingdom, Canada, and Italy. GM’s OnStar subsidiary is the industry leader in vehicle safety, security and information services. General Motors acquired operations from General Motors Corporation on July 10, 2009, and references to prior periods in this and other press materials refer to operations of the old General Motors Corporation. More information on the new General Motors can be found at www.gm.com.
Forward-Looking Statements
In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planning significant investment in new technology; our ability to realize successful vehicle applications of new technology; and our ability to continue to attract new customers, particularly for our new products.
GM’s most recent annual report on Form 10-K and quarterly report on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.
Contacts:
Reneé Rashid-Merem
Office 313-665-3128
Cell 313-701-8560
renee.rashid-merem@gm.com
Randy Arickx
Office 313-667-0006
Cell 313-268-7070
randy.c.arickx@gm.com
Exhibit 1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The accompanying tables and charts for securities analysts include earnings before interest and taxes (EBIT), adjusted EBIT and free cash flow which are not prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP) and have not been audited or reviewed by GM’s independent auditors. EBIT, adjusted EBIT and free cash flow are considered non-GAAP financial measures.
Management believes these non-GAAP financial measures provide meaningful supplemental information regarding GM’s operating results because they exclude amounts that management does not consider part of operating results when assessing and measuring the operational and financial performance of the organization. Management believes these measures allow it to readily view operating trends, perform analytical comparisons, benchmark performance among geographic regions and assess whether GM’s plan to return to sustained profitability is on target. Accordingly, GM believes these non-GAAP financial measures are useful in allowing for greater transparency of GM’s core operations and they are therefore used by management in its financial and operational decision-making.
While management believes that these non-GAAP financial measures provide useful information, they are not operating measures under U.S. GAAP and there are limitations associated with their use. GM’s calculation of these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP financial measures has limitations and should not be considered in isolation from, or as a substitute for, other measures such as Net income or Net income attributable to common stockholders. Due to these limitations, these non-GAAP financial measures are used as a supplement to U.S. GAAP measures.
The following table summarizes the reconciliation of EBIT to its most comparable U.S. GAAP measure (dollars in millions):
| Successor | ||||||||||||||||
| Three Months Ended September 30, 2010 |
Nine Months Ended September 30, 2010 |
Three Months Ended June 30, 2010 |
Three Months Ended March 31, 2010 |
|||||||||||||
| Operating segments |
||||||||||||||||
| GMNA(a) |
$ | 2,125 | $ | 4,935 | $ | 1,592 | $ | 1,218 | ||||||||
| GME(a)(b) |
(559 | ) | (1,196 | ) | (160 | ) | (477 | ) | ||||||||
| GMIO(a)(b) |
646 | 2,484 | 672 | 1,166 | ||||||||||||
| Total operating segments |
2,212 | 6,223 | 2,104 | 1,907 | ||||||||||||
| Corporate and eliminations(b) |
63 | (91 | ) | (71 | ) | (83 | ) | |||||||||
| EBIT |
2,275 | 6,132 | 2,033 | 1,824 | ||||||||||||
| Interest income |
125 | 329 | 114 | 90 | ||||||||||||
| Interest expense |
263 | 850 | 250 | 337 | ||||||||||||
| Income tax expense (benefit) |
(25 | ) | 845 | 361 | 509 | |||||||||||
| Net income attributable to stockholders |
2,162 | 4,766 | 1,536 | 1,068 | ||||||||||||
| Less: Cumulative dividends on preferred stock |
203 | 608 | 202 | 203 | ||||||||||||
| Net income attributable to common stockholders |
$ | 1,959 | $ | 4,158 | $ | 1,334 | $ | 865 | ||||||||
| (a) | Interest and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GM’s operating segments between EBIT and Net income attributable to stockholders. |
| (b) | In the three months ended June 30, 2010 GM changed its managerial reporting structure so that certain entities geographically located within Russia and Uzbekistan were transferred from GM’s GME segment to GM’s GMIO segment. GM has revised the segment presentation for all periods presented. |
Note: A three-for-one stock split was approved by GM’s stockholders and effected on November 1, 2010. All applicable Successor share, per share and related information on or subsequent to July 10, 2009 has been adjusted retroactively to give the effect of the three-for-one split. Additionally, GM’s stockholders approved amendments to its Certificate of Incorporation on November 1, 2010 to increase the number of shares of common stock that GM is authorized to issue from 2,500,000,000 shares to 5,000,000,000 shares and to increase the number of preferred shares that GM is authorized to issue from 1,000,000,000 shares to 2,000,000,000 shares.
1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following tables summarize the reconciliation of adjusted EBIT to EBIT and free cash flow to Net cash provided by operating activities (dollars in millions):
| Successor | ||||||||||||||||
| Three Months Ended September 30, 2010 |
Nine
Months Ended September 30, 2010(a) |
Three Months Ended June 30, 2010 |
Three Months Ended March 31, 2010(a) |
|||||||||||||
| Adjusted EBIT |
$ | 2,275 | $ | 6,009 | $ | 2,033 | $ | 1,701 | ||||||||
| Adjustments |
— | 123 | — | 123 | ||||||||||||
| EBIT |
$ | 2,275 | $ | 6,132 | $ | 2,033 | $ | 1,824 | ||||||||
| Free Cash Flow(b) |
$ | 1,363 | $ | 5,207 | $ | 2,834 | $ | 1,010 | ||||||||
| Capital expenditures(b) |
1,261 | 3,112 | 1,011 | 840 | ||||||||||||
| Net cash provided by (used in) operating activities(b) |
$ | 2,624 | $ | 8,319 | $ | 3,845 | $ | 1,850 | ||||||||
| (a) | In the three months ended March 31, 2010 Adjustments included a gain of $123 million as a result of the sale of Saab Automobile AB to Spyker Cars NV. |
| (b) | In the three months ended June 30, 2010 GM identified several items which had not been properly classified in GM’s condensed consolidated statement of cash flows for the three months ended March 31, 2010. For the nine months ended September 30, 2010, GM has correctly presented these items in GM’s condensed consolidated statement of cash flows and corrected the amounts presented for the three months ended March 31, 2010. |
2
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
| Successor | Combined GM and Old GM | |||||||||||||||
| Three Months Ended September 30, 2010 |
Nine Months Ended September 30, 2010 |
Three Months Ended September 30, 2009 |
Nine Months Ended September 30, 2009 |
|||||||||||||
| Production Volume (units in thousands)(a) |
||||||||||||||||
| GMNA - Cars |
215 | 737 | 206 | 493 | ||||||||||||
| GMNA - Trucks |
492 | 1,369 | 325 | 805 | ||||||||||||
| Total GMNA |
707 | 2,106 | 531 | 1,298 | ||||||||||||
| GME |
286 | 921 | 272 | 851 | ||||||||||||
| GMIO(b)(c) |
1,111 | 3,418 | 910 | 2,433 | ||||||||||||
| Total Worldwide |
2,104 | 6,445 | 1,713 | 4,582 | ||||||||||||
| (a) | Production volume represents the number of vehicles manufactured by GM and Old GM’s assembly facilities and also includes vehicles produced by certain joint ventures. |
| (b) | Includes SGM joint venture production in China of 246,000 vehicles and 735,000 vehicles and SGMW, FAW-GM joint venture production in China and SAIC GM Investment Ltd. (HKJV) joint venture production in India of 321,000 vehicles and 1.1 million vehicles in the three and nine months ended September 30, 2010 and combined GM and Old GM SGM joint venture production in China of 191,000 vehicles and 473,000 vehicles and combined GM and Old GM SGMW and FAW-GM joint venture production in China of 290,000 vehicles and 817,000 vehicles in the three and nine months ended September 30, 2009. |
| (c) | The joint venture agreements with SGMW (34%) and FAW-GM (50%) allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture production in China. |
3
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
| Successor | Combined GM and Old GM | |||||||||||||||
| Three Months Ended September 30, 2010 |
Nine Months Ended September 30, 2010 |
Three Months Ended September 30, 2009 |
Nine Months Ended September 30, 2009 |
|||||||||||||
| Vehicle Sales (units in |
||||||||||||||||
| United States |
||||||||||||||||
| Chevrolet – Cars |
154 | 503 | 172 | 413 | ||||||||||||
| Chevrolet – Trucks |
239 | 673 | 223 | 579 | ||||||||||||
| Cadillac |
40 | 105 | 24 | 73 | ||||||||||||
| Buick |
44 | 114 | 25 | 72 | ||||||||||||
| GMC |
80 | 232 | 63 | 182 | ||||||||||||
| Other |
1 | 12 | 84 | 227 | ||||||||||||
| Total United States |
558 | 1,639 | 593 | 1,547 | ||||||||||||
| Canada, Mexico and Other |
103 | 302 | 98 | 301 | ||||||||||||
| Total GMNA(e) |
661 | 1,941 | 690 | 1,847 | ||||||||||||
| GME |
||||||||||||||||
| Opel/Vauxhall |
272 | 881 | 299 | 944 | ||||||||||||
| Chevrolet |
118 | 351 | 103 | 320 | ||||||||||||
| Other |
1 | 6 | 6 | 26 | ||||||||||||
| Total GME(f) |
391 | 1,238 | 409 | 1,290 | ||||||||||||
| GMIO |
||||||||||||||||
| Chevrolet |
483 | 1,383 | 393 | 1,065 | ||||||||||||
| Buick |
147 | 402 | 117 | 313 | ||||||||||||
| GM Daewoo |
30 | 90 | 33 | 80 | ||||||||||||
| Holden |
34 | 107 | 31 | 91 | ||||||||||||
| Wuling |
272 | 909 | 262 | 754 | ||||||||||||
| FAW-GM |
17 | 67 | 9 | 9 | ||||||||||||
| GMC |
8 | 25 | 10 | 27 | ||||||||||||
| Cadillac |
6 | 16 | 3 | 8 | ||||||||||||
| Other |
15 | 43 | 14 | 43 | ||||||||||||
| Total GMIO(f)(g)(h) |
1,014 | 3,041 | 872 | 2,389 | ||||||||||||
| Total Worldwide(f) |
2,065 | 6,220 | 1,972 | 5,526 | ||||||||||||
| (a) | Includes HUMMER, Saturn and Pontiac vehicle sales data. |
| (b) | Includes Saab vehicle sales data through February 2010. |
| (c) | Vehicle sales data may include rounding differences. |
| (d) | Certain fleet sales that are accounted for as operating leases are included in vehicle sales at the time of delivery to the daily rental car companies. |
| (e) | Vehicle sales primarily represent sales to the ultimate customer. |
| (f) | Vehicle sales primarily represent estimated sales to the ultimate customer. |
| (g) | Includes SGM joint venture vehicle sales in China of 262,000 vehicles and 713,000 vehicles and SGMW, FAW-GM joint venture vehicle sales in China and HKJV joint venture vehicle sales in India of 313,000 vehicles and 1.0 million vehicles in the three and nine months ended September 30, 2010 and combined GM and Old GM SGM joint venture vehicle sales in China of 195,000 vehicles and 473,000 vehicles and combined GM and Old GM SGMW and FAW-GM joint venture vehicle sales in China of 271,000 vehicles and 763,000 vehicles in the three and nine months ended September 30, 2009. GM does not record revenue from their joint ventures’ vehicle sales. |
| (h) | The joint venture agreements with SGMW (34%) and FAW-GM (50%) allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture vehicle sales in China. |
4
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
| Successor | Combined GM and Old GM | |||||||||||||||
| Three Months Ended September 30, 2010 |
Nine Months Ended September 30, 2010 |
Three Months Ended September 30, 2009 |
Nine Months Ended September 30, 2009 |
|||||||||||||
| Market Share(a)(b) |
||||||||||||||||
| United States – Cars |
13.9 | % | 14.6 | % | 16.5 | % | 16.5 | % | ||||||||
| United States – Trucks |
22.4 | % | 22.6 | % | 22.8 | % | 22.6 | % | ||||||||
| Total United States |
18.3 | % | 18.7 | % | 19.4 | % | 19.5 | % | ||||||||
| Total GMNA(c) |
17.7 | % | 18.1 | % | 18.7 | % | 18.9 | % | ||||||||
| Total GME(d) |
8.9 | % | 8.7 | % | 9.0 | % | 9.1 | % | ||||||||
| Total GMIO(d)(e)(f) |
10.3 | % | 10.2 | % | 10.3 | % | 10.2 | % | ||||||||
| Total Worldwide |
11.5 | % | 11.4 | % | 11.8 | % | 11.6 | % | ||||||||
| U.S. Retail/Fleet Mix |
||||||||||||||||
| % Fleet Sales - Cars |
33.4 | % | 38.9 | % | 29.8 | % | 27.3 | % | ||||||||
| % Fleet Sales - Trucks |
21.9 | % | 24.8 | % | 21.2 | % | 22.0 | % | ||||||||
| Total Vehicles |
26.1 | % | 30.2 | % | 25.1 | % | 24.3 | % | ||||||||
| GMNA Capacity Utilization(g) |
90.1 | % | 89.5 | % | 53.3 | % | 43.4 | % | ||||||||
| (a) | Includes HUMMER, Saturn and Pontiac vehicle sales data. |
| (b) | Includes Saab vehicle sales data through February 2010. |
| (c) | Vehicle sales represent sales to the ultimate customer. |
| (d) | Vehicle sales primarily represent estimated sales to the ultimate customer. |
| (e) | Includes SGM joint venture vehicle sales in China of 262,000 vehicles and 713,000 vehicles and SGMW, FAW-GM joint venture vehicle sales in China and HKJV joint venture vehicle sales in India of 313,000 vehicles and 1.0 million vehicles in the three and nine months ended September 30, 2010 and combined GM and Old GM SGM joint venture vehicle sales in China of 195,000 vehicles and 473,000 vehicles and combined GM and Old GM SGMW and FAW-GM joint venture vehicle sales in China of 271,000 vehicles and 763,000 vehicles in the three and nine months ended September 30, 2009. GM does not record revenue from their joint ventures’ vehicle sales. |
| (f) | The joint venture agreements with SGMW (34%) and FAW-GM (50%) allows for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture vehicle sales in China as part of global market share. These entities are not consolidated for financial reporting purposes. Income and losses related to these entities are recorded in Equity income (loss), net of tax. |
| (g) | Two shift rated, annualized. |
| Successor | ||||||||
| September 30, 2010 | December 31, 2009 | |||||||
| Worldwide Employment (thousands) |
||||||||
| GMNA(a) |
106 | 103 | ||||||
| GME(b) |
41 | 50 | ||||||
| GMIO(c) |
62 | 62 | ||||||
| Total Worldwide |
209 | 215 | ||||||
| United States — Salaried |
26 | 26 | ||||||
| United States — Hourly |
53 | 51 | ||||||
| (a) | GM acquired AmeriCredit Corp. effective October 1, 2010, which was subsequently renamed General Motors Financial Company, Inc. (GM Financial). At September 30, 2010 GM Financial employed 3,000 employees in the United States and Canada. These employees were excluded from GM amounts because the date of acquisition was subsequent to September 30, 2010. |
| (b) | Decrease in GME primarily relates to the sale of Saab, employees located within Russia and Uzbekistan transferred from GM’s GME segment to GM’s GMIO segment and restructuring initiatives in Germany, Spain, and the United Kingdom. |
| (c) | GMIO includes a reduction of 2,400 employees due to the sale of GM’s India Operations. |
| Successor | Predecessor | |||||||||||||||||||||||
| Three Months Ended September 30, 2010 |
Nine Months Ended September 30, 2010 |
July 10, 2009 Through September 30, 2009 |
July 1, 2009 Through July 9, 2009 |
January 1, 2009 Through July 9, 2009 |
||||||||||||||||||||
| Worldwide Payroll (billions) |
$ | 3.2 | $ | 9.3 | $ | 2.9 | $ | 0.3 | $ | 6.2 | ||||||||||||||
5
General Motors Company and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share amounts)
(Unaudited)
| Successor | Predecessor | |||||||||||||||||||||||
| Three Months Ended September 30, 2010 |
Nine Months Ended September 30, 2010 |
July 10, 2009 Through September 30, 2009 |
July 1, 2009 Through July 9, 2009 |
January 1, 2009 Through July 9, 2009 |
||||||||||||||||||||
| Net sales and revenue |
$ | 34,060 | $ | 98,710 | $ | 25,147 | $ | 1,637 | $ | 47,115 | ||||||||||||||
| Costs and expenses |
||||||||||||||||||||||||
| Cost of sales |
29,468 | 85,818 | 23,554 | 1,819 | 55,814 | |||||||||||||||||||
| Selling, general and administrative expense |
2,710 | 8,017 | 2,636 | 728 | 6,161 | |||||||||||||||||||
| Other expenses (income), net |
30 | 115 | (40 | ) | 81 | 1,235 | ||||||||||||||||||
| Total costs and expenses |
32,208 | 93,950 | 26,150 | 2,628 | 63,210 | |||||||||||||||||||
| Operating income (loss) |
1,852 | 4,760 | (1,003 | ) | (991 | ) | (16,095 | ) | ||||||||||||||||
| Equity in income of and disposition of interest in Ally Financial |
— | — | — | — | 1,380 | |||||||||||||||||||
| Interest expense |
(263 | ) | (850 | ) | (365 | ) | (823 | ) | (5,428 | ) | ||||||||||||||
| Interest income and other non-operating income, net |
258 | 802 | 454 | 19 | 852 | |||||||||||||||||||
| Loss on extinguishment of debt |
— | (1 | ) | — | — | (1,088 | ) | |||||||||||||||||
| Reorganization gains, net |
— | — | — | 129,312 | 128,155 | |||||||||||||||||||
| Income (loss) before income taxes and equity income |
1,847 | 4,711 | (914 | ) | 127,517 | 107,776 | ||||||||||||||||||
| Income tax expense (benefit) |
(25 | ) | 845 | (139 | ) | (607 | ) | (1,166 | ) | |||||||||||||||
| Equity income, net of tax |
351 | 1,165 | 204 | 15 | 61 | |||||||||||||||||||
| Net income (loss) |
2,223 | 5,031 | (571 | ) | 128,139 | 109,003 | ||||||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interests |
61 | 265 | 287 | 141 | (115 | ) | ||||||||||||||||||
| Net income (loss) attributable to stockholders |
2,162 | 4,766 | (858 | ) | 127,998 | 109,118 | ||||||||||||||||||
| Less: Cumulative dividends on preferred stock |
203 | 608 | 50 | — | — | |||||||||||||||||||
| Net income (loss) attributable to common stockholders |
$ | 1,959 | $ | 4,158 | $ | (908 | ) | $ | 127,998 | $ | 109,118 | |||||||||||||
| Earnings (loss) per share |
||||||||||||||||||||||||
| Basic |
||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders |
$ | 1.31 | $ | 2.77 | $ | (0.73 | ) | $ | 209.49 | $ | 178.63 | |||||||||||||
| Weighted-average common shares outstanding |
1,500 | 1,500 | 1,238 | 611 | 611 | |||||||||||||||||||
| Diluted |
||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders |
$ | 1.20 | $ | 2.62 | $ | (0.73 | ) | $ | 209.38 | $ | 178.55 | |||||||||||||
| Weighted-average common shares outstanding |
1,630 | 1,588 | 1,238 | 611 | 611 | |||||||||||||||||||
6
General Motors Company and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions, except share amounts)
(Unaudited)
| Successor | ||||||||
| September 30, 2010 | December 31, 2009 | |||||||
| ASSETS | ||||||||
| Current Assets |
||||||||
| Cash and cash equivalents |
$ | 27,466 | $ | 22,679 | ||||
| Marketable securities |
6,010 | 134 | ||||||
| Total cash, cash equivalents and marketable securities |
33,476 | 22,813 | ||||||
| Restricted cash and marketable securities |
1,323 | 13,917 | ||||||
| Accounts and notes receivable (net of allowance of $279 and $250) |
8,725 | 7,518 | ||||||
| Inventories |
13,044 | 10,107 | ||||||
| Assets held for sale |
— | 388 | ||||||
| Equipment on operating leases, net |
2,942 | 2,727 | ||||||
| Other current assets and deferred income taxes |
2,074 | 1,777 | ||||||
| Total current assets |
61,584 | 59,247 | ||||||
| Non-Current Assets |
||||||||
| Equity in net assets of nonconsolidated affiliates |
8,691 | 7,936 | ||||||
| Assets held for sale |
— | 530 | ||||||
| Property, net |
19,116 | 18,687 | ||||||
| Goodwill |
30,556 | 30,672 | ||||||
| Intangible assets, net |
12,454 | 14,547 | ||||||
| Other assets |
4,837 | 4,676 | ||||||
| Total non-current assets |
75,654 | 77,048 | ||||||
| Total Assets |
$ | 137,238 | $ | 136,295 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current Liabilities |
||||||||
| Accounts payable (principally trade) |
$ | 22,137 | $ | 18,725 | ||||
| Short-term debt and current portion of long-term debt (including debt at GM Daewoo of $1,072 at September 30, 2010) |
5,621 | 10,221 | ||||||
| Liabilities held for sale |
— | 355 | ||||||
| Accrued expenses (including derivative liabilities at GM Daewoo of $217 at September 30, 2010) |
24,811 | 23,134 | ||||||
| Total current liabilities |
52,569 | 52,435 | ||||||
| Non-Current Liabilities |
||||||||
| Long-term debt (including debt at GM Daewoo of $798 at September 30, 2010) |
2,945 | 5,562 | ||||||
| Liabilities held for sale |
— | 270 | ||||||
| Postretirement benefits other than pensions |
8,721 | 8,708 | ||||||
| Pensions |
28,965 | 27,086 | ||||||
| Other liabilities and deferred income taxes |
13,322 | 13,279 | ||||||
| Total non-current liabilities |
53,953 | 54,905 | ||||||
| Total Liabilities |
106,522 | 107,340 | ||||||
| Commitments and contingencies |
||||||||
| Preferred stock, $0.01 par value (2,000,000,000 shares authorized, 360,000,000 shares issued and outstanding (each with a $25.00 liquidation preference) at September 30, 2010 and December 31, 2009) |
6,998 | 6,998 | ||||||
| Equity |
||||||||
| Common stock, $0.01 par value (5,000,000,000 shares authorized, 1,500,000,000 shares issued and outstanding at September 30, 2010 and December 31, 2009) |
15 | 15 | ||||||
| Capital surplus (principally additional paid-in capital) |
24,041 | 24,040 | ||||||
| Accumulated deficit |
(236 | ) | (4,394 | ) | ||||
| Accumulated other comprehensive income (loss) |
(1,073 | ) | 1,588 | |||||
| Total stockholders’ equity |
22,747 | 21,249 | ||||||
| Noncontrolling interests |
971 | 708 | ||||||
| Total equity |
23,718 | 21,957 | ||||||
| Total Liabilities and Equity |
$ | 137,238 | $ | 136,295 | ||||
7