þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
STATE OF DELAWARE | 27-0756180 |
(State or other jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
300 Renaissance Center, Detroit, Michigan | 48265-3000 |
(Address of Principal Executive Offices) | (Zip Code) |
Page | |||
Item 1. | |||
Note 1. | |||
Note 2. | |||
Note 3. | |||
Note 4. | |||
Note 5. | |||
Note 6. | |||
Note 7. | |||
Note 8. | |||
Note 9. | |||
Note 10. | |||
Note 11. | |||
Note 12. | |||
Note 13. | |||
Note 14. | |||
Note 15. | |||
Note 16. | |||
Note 17. | |||
Note 18. | |||
Note 19. | |||
Note 20. | |||
Note 21. | |||
Note 22. | |||
Note 23. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 1. | |||
Item 1A. | |||
Item 6. | |||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||
Net sales and revenue | |||||||||||||||
Automotive sales and revenue | $ | 37,062 | $ | 36,328 | $ | 111,517 | $ | 111,270 | |||||||
GM Financial revenue | 514 | 391 | 1,432 | 1,016 | |||||||||||
Total net sales and revenue | 37,576 | 36,719 | 112,949 | 112,286 | |||||||||||
Costs and expenses | |||||||||||||||
Automotive cost of sales | 32,735 | 31,734 | 98,323 | 97,212 | |||||||||||
GM Financial operating and other expenses | 311 | 212 | 827 | 563 | |||||||||||
Automotive selling, general and administrative expense | 2,832 | 2,942 | 8,647 | 8,860 | |||||||||||
Other automotive expenses, net | 17 | 25 | 37 | 50 | |||||||||||
Goodwill impairment charges | 78 | — | 695 | 395 | |||||||||||
Total costs and expenses | 35,973 | 34,913 | 108,529 | 107,080 | |||||||||||
Operating income | 1,603 | 1,806 | 4,420 | 5,206 | |||||||||||
Automotive interest expense | 128 | 101 | 356 | 405 | |||||||||||
Interest income and other non-operating income, net | 318 | 152 | 732 | 1,064 | |||||||||||
Loss on extinguishment of debt | — | 35 | 18 | 45 | |||||||||||
Income before income taxes and equity income | 1,793 | 1,822 | 4,778 | 5,820 | |||||||||||
Income tax expense | 357 | 107 | 814 | 183 | |||||||||||
Equity income, net of tax and gain on investments | 418 | 377 | 1,141 | 2,903 | |||||||||||
Net income | 1,854 | 2,092 | 5,105 | 8,540 | |||||||||||
Net (income) loss attributable to noncontrolling interests | (21 | ) | 15 | (111 | ) | (75 | ) | ||||||||
Net income attributable to stockholders | $ | 1,833 | $ | 2,107 | $ | 4,994 | $ | 8,465 | |||||||
Net income attributable to common stockholders | $ | 1,476 | $ | 1,726 | $ | 3,967 | $ | 7,113 | |||||||
Earnings per share | |||||||||||||||
Basic | |||||||||||||||
Basic earnings per common share | $ | 0.94 | $ | 1.10 | $ | 2.53 | $ | 4.67 | |||||||
Weighted-average common shares outstanding | 1,570 | 1,562 | 1,570 | 1,524 | |||||||||||
Diluted | |||||||||||||||
Diluted earnings per common share | $ | 0.89 | $ | 1.03 | $ | 2.38 | $ | 4.30 | |||||||
Weighted-average common shares outstanding | 1,663 | 1,682 | 1,675 | 1,668 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||
Net income | $ | 1,854 | $ | 2,092 | $ | 5,105 | $ | 8,540 | |||||||
Other comprehensive income (loss), net of tax | |||||||||||||||
Foreign currency translation adjustments | 7 | (446 | ) | (45 | ) | (330 | ) | ||||||||
Cash flow hedging gains (losses), net | — | — | (2 | ) | 23 | ||||||||||
Unrealized losses on securities | (11 | ) | (8 | ) | (151 | ) | (3 | ) | |||||||
Defined benefit plans, net | (715 | ) | 271 | (657 | ) | 469 | |||||||||
Other comprehensive income (loss), net of tax | (719 | ) | (183 | ) | (855 | ) | 159 | ||||||||
Comprehensive income | 1,135 | 1,909 | 4,250 | 8,699 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | (31 | ) | 39 | (119 | ) | (66 | ) | ||||||||
Comprehensive income attributable to stockholders | $ | 1,104 | $ | 1,948 | $ | 4,131 | $ | 8,633 |
September 30, 2012 | December 31, 2011 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 23,320 | $ | 16,071 | |||
Marketable securities | 10,411 | 16,148 | |||||
Restricted cash and marketable securities | 863 | 1,005 | |||||
Accounts and notes receivable (net of allowance of $304 and $331) | 13,015 | 9,964 | |||||
GM Financial finance receivables, net (including gross consumer finance receivables transferred to SPEs of $3,481 and $3,295) | 3,744 | 3,251 | |||||
Inventories | 15,672 | 14,324 | |||||
Equipment on operating leases, net | 2,972 | 2,464 | |||||
Other current assets and deferred income taxes | 2,110 | 1,696 | |||||
Total current assets | 72,107 | 64,923 | |||||
Non-current Assets | |||||||
Restricted cash and marketable securities | 786 | 1,228 | |||||
GM Financial finance receivables, net (including gross consumer finance receivables transferred to SPEs of $6,657 and $5,773) | 6,855 | 5,911 | |||||
Equity in net assets of nonconsolidated affiliates | 7,519 | 6,790 | |||||
Property, net | 26,578 | 23,005 | |||||
Goodwill | 28,408 | 29,019 | |||||
Intangible assets, net | 8,904 | 10,014 | |||||
GM Financial equipment on operating leases, net (including assets transferred to SPEs of $584 and $274) | 1,521 | 785 | |||||
Other assets and deferred income taxes | 2,778 | 2,928 | |||||
Total non-current assets | 83,349 | 79,680 | |||||
Total Assets | $ | 155,456 | $ | 144,603 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable (principally trade) | $ | 26,313 | $ | 24,551 | |||
Short-term debt and current portion of long-term debt | |||||||
Automotive (including certain debt at VIEs of $227 and $171; Note 11) | 2,277 | 1,682 | |||||
GM Financial | 4,001 | 4,118 | |||||
Accrued liabilities (including derivative liabilities at VIEs of $13 and $44; Note 11) | 25,032 | 22,875 | |||||
Total current liabilities | 57,623 | 53,226 | |||||
Non-current Liabilities | |||||||
Long-term debt | |||||||
Automotive (including certain debt at VIEs of $123 and $7; Note 11) | 3,314 | 3,613 | |||||
GM Financial | 7,061 | 4,420 | |||||
Postretirement benefits other than pensions | 6,755 | 6,836 | |||||
Pensions | 25,317 | 25,075 | |||||
Other liabilities and deferred income taxes | 12,757 | 12,442 | |||||
Total non-current liabilities | 55,204 | 52,386 | |||||
Total Liabilities | 112,827 | 105,612 | |||||
Commitments and contingencies (Note 17) | |||||||
Equity | |||||||
Preferred stock, $0.01 par value, 2,000,000,000 shares authorized: | |||||||
Series A (276,101,695 shares issued and outstanding (each with a $25.00 liquidation preference) at September 30, 2012 and December 31, 2011) | 5,536 | 5,536 | |||||
Series B (100,000,000 shares issued and outstanding (each with a $50.00 liquidation preference) at September 30, 2012 and December 31, 2011) | 4,855 | 4,855 | |||||
Common stock, $0.01 par value (5,000,000,000 shares authorized and 1,565,979,895 shares and 1,564,727,289 shares issued and outstanding at September 30, 2012 and December 31, 2011) | 16 | 16 | |||||
Capital surplus (principally additional paid-in capital) | 26,443 | 26,391 | |||||
Retained earnings | 11,533 | 7,183 | |||||
Accumulated other comprehensive loss | (6,724 | ) | (5,861 | ) | |||
Total stockholders’ equity | 41,659 | 38,120 | |||||
Noncontrolling interests | 970 | 871 | |||||
Total Equity | 42,629 | 38,991 | |||||
Total Liabilities and Equity | $ | 155,456 | $ | 144,603 |
Series A Preferred Stock | Series B Preferred Stock | Common Stockholders’ | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||
Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||
Balance December 31, 2010 | $ | 5,536 | $ | 4,855 | $ | 15 | $ | 24,257 | $ | 266 | $ | 1,251 | $ | 979 | $ | 37,159 | |||||||||||||||
Effect of adoption of amendments in ASU 2010-28 regarding goodwill impairment (Note 9) | — | — | — | — | (1,466 | ) | — | — | (1,466 | ) | |||||||||||||||||||||
Net income | — | — | — | — | 8,465 | — | 75 | 8,540 | |||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | 168 | (9 | ) | 159 | ||||||||||||||||||||||
Purchase of noncontrolling interest shares | — | — | — | 41 | — | (7 | ) | (134 | ) | (100 | ) | ||||||||||||||||||||
Exercise of common stock warrants | — | — | — | 9 | — | — | — | 9 | |||||||||||||||||||||||
Stock based compensation | — | — | — | 160 | — | — | — | 160 | |||||||||||||||||||||||
Pension plan stock contribution (Note 15) | — | — | 1 | 1,863 | — | — | — | 1,864 | |||||||||||||||||||||||
Cumulative dividends on Series A and Series B Preferred Stock | — | — | — | — | (670 | ) | — | — | (670 | ) | |||||||||||||||||||||
Dividends declared or paid to noncontrolling interests | — | — | — | — | — | — | (32 | ) | (32 | ) | |||||||||||||||||||||
Deconsolidation of noncontrolling interest shares | — | — | — | — | — | — | (9 | ) | (9 | ) | |||||||||||||||||||||
Other | — | — | — | — | — | — | 2 | 2 | |||||||||||||||||||||||
Balance September 30, 2011 | $ | 5,536 | $ | 4,855 | $ | 16 | $ | 26,330 | $ | 6,595 | $ | 1,412 | $ | 872 | $ | 45,616 | |||||||||||||||
Balance December 31, 2011 | $ | 5,536 | $ | 4,855 | $ | 16 | $ | 26,391 | $ | 7,183 | $ | (5,861 | ) | $ | 871 | $ | 38,991 | ||||||||||||||
Net income | — | — | — | — | 4,994 | — | 111 | 5,105 | |||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | (863 | ) | 8 | (855 | ) | |||||||||||||||||||||
Exercise of common stock warrants | — | — | — | 4 | — | — | — | 4 | |||||||||||||||||||||||
Stock based compensation | — | — | — | 48 | — | — | — | 48 | |||||||||||||||||||||||
Cash dividends paid on Series A Preferred Stock and cumulative dividends on Series B Preferred Stock | — | — | — | — | (644 | ) | — | — | (644 | ) | |||||||||||||||||||||
Dividends declared or paid to noncontrolling interest | — | — | — | — | — | — | (38 | ) | (38 | ) | |||||||||||||||||||||
Other | — | — | — | — | — | — | 18 | 18 | |||||||||||||||||||||||
Balance September 30, 2012 | $ | 5,536 | $ | 4,855 | $ | 16 | $ | 26,443 | $ | 11,533 | $ | (6,724 | ) | $ | 970 | $ | 42,629 |
Nine Months Ended | |||||||
September 30, 2012 | September 30, 2011 | ||||||
Net cash provided by operating activities | $ | 9,824 | $ | 6,724 | |||
Cash flows from investing activities | |||||||
Expenditures for property | (6,004 | ) | (4,071 | ) | |||
Available-for-sale marketable securities, acquisitions | (3,818 | ) | (16,349 | ) | |||
Trading marketable securities, acquisitions | (4,867 | ) | (514 | ) | |||
Available-for-sale marketable securities, liquidations | 8,923 | 10,351 | |||||
Trading marketable securities, liquidations | 5,313 | 380 | |||||
Acquisition of companies, net of cash acquired | (34 | ) | (25 | ) | |||
Operating leases, liquidations | 36 | 39 | |||||
Proceeds from sale of business units/investments, net | 18 | 4,810 | |||||
Increase in restricted cash and marketable securities | (506 | ) | (644 | ) | |||
Decrease in restricted cash and marketable securities | 1,096 | 992 | |||||
Purchases and originations of finance receivables | (4,941 | ) | (3,786 | ) | |||
Principal collections and recoveries on finance receivables | 3,349 | 2,817 | |||||
Purchases of leased vehicles, net | (837 | ) | (578 | ) | |||
Decrease (increase) in notes receivable | (2,038 | ) | 7 | ||||
Other investing activities | 29 | 67 | |||||
Net cash used in investing activities | (4,281 | ) | (6,504 | ) | |||
Cash flows from financing activities | |||||||
Net increase (decrease) in short-term debt | (221 | ) | 169 | ||||
Proceeds from issuance of debt (original maturities greater than three months) | 7,930 | 7,049 | |||||
Payments on debt (original maturities greater than three months) | (5,267 | ) | (7,064 | ) | |||
Payments to acquire noncontrolling interest | — | (100 | ) | ||||
Dividends paid | (679 | ) | (649 | ) | |||
Other financing activities | (40 | ) | (61 | ) | |||
Net cash provided by (used in) financing activities | 1,723 | (656 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (17 | ) | (216 | ) | |||
Net increase (decrease) in cash and cash equivalents | 7,249 | (652 | ) | ||||
Cash and cash equivalents at beginning of period | 16,071 | 21,256 | |||||
Cash and cash equivalents at end of period | $ | 23,320 | $ | 20,604 |
Nine Months Ended | |||||||
September 30, 2012 | September 30, 2011 | ||||||
Non-cash property additions | $ | 3,861 | $ | 3,324 |
Nine Months Ended | |||||||
September 30, 2012 | September 30, 2011 | ||||||
Contribution of common stock to U.S. hourly and salaried pension plans | $ | — | $ | 1,864 |
September 1, 2012 | |||
Consideration | |||
Fair value of our previously held investment | $ | 74 | |
Consideration paid for SAIC's portion of the promissory note | 150 | ||
Settlement of written put option | (94 | ) | |
Total consideration | $ | 130 | |
Fair value of the noncontrolling interest | $ | 21 | |
Assets acquired and liabilities assumed | |||
Cash | $ | 17 | |
Accounts receivable | 124 | ||
Inventory | 132 | ||
Other current assets | 13 | ||
Property | 385 | ||
Goodwill | 61 | ||
Other non-current assets | 59 | ||
Current liabilities | (483 | ) | |
Non-current liabilities | (157 | ) | |
$ | 151 |
March 1, 2012 | |||
Cash | $ | 79 | |
Other assets | 11 | ||
Liabilities | (11 | ) | |
Bargain purchase gain | (50 | ) | |
Consideration paid | $ | 29 |
September 30, 2012 | |||||||||||||||||||||||||||
Unrealized | Fair Value | Fair Value Measurements on a Recurring Basis | |||||||||||||||||||||||||
Cost | Gains | Losses | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||
U.S. government and agencies | $ | 9,983 | $ | — | $ | — | $ | 9,983 | $ | — | $ | 9,983 | $ | — | |||||||||||||
Certificates of deposit | 760 | — | — | 760 | — | 760 | — | ||||||||||||||||||||
Money market funds | 2,289 | — | — | 2,289 | 2,289 | — | — | ||||||||||||||||||||
Corporate debt | 3,345 | — | — | 3,345 | — | 3,345 | — | ||||||||||||||||||||
Total available-for-sale securities | $ | 16,377 | $ | — | $ | — | 16,377 | 2,289 | 14,088 | — | |||||||||||||||||
Trading securities(a) | |||||||||||||||||||||||||||
Sovereign debt | 824 | — | 824 | — | |||||||||||||||||||||||
Total trading securities | 824 | — | 824 | — | |||||||||||||||||||||||
Total marketable securities classified as cash equivalents | 17,201 | $ | 2,289 | $ | 14,912 | $ | — | ||||||||||||||||||||
Cash, time deposits, and other cash equivalents | 6,119 | ||||||||||||||||||||||||||
Total cash and cash equivalents | $ | 23,320 | |||||||||||||||||||||||||
Marketable securities - current | |||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||
U.S. government and agencies | $ | 1,079 | $ | — | $ | — | $ | 1,079 | $ | — | $ | 1,079 | $ | — | |||||||||||||
Sovereign debt | 67 | — | — | 67 | — | 67 | — | ||||||||||||||||||||
Certificates of deposit | 13 | — | — | 13 | — | 13 | — | ||||||||||||||||||||
Corporate debt(b) | 3,362 | 45 | 1 | 3,406 | — | 3,406 | — | ||||||||||||||||||||
Total available-for-sale securities | $ | 4,521 | $ | 45 | $ | 1 | 4,565 | — | 4,565 | — | |||||||||||||||||
Trading securities(a) | |||||||||||||||||||||||||||
Sovereign debt | 5,846 | — | 5,846 | — | |||||||||||||||||||||||
Total trading securities | 5,846 | — | 5,846 | — | |||||||||||||||||||||||
Total marketable securities - current | 10,411 | — | 10,411 | — | |||||||||||||||||||||||
Marketable securities - non-current | |||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||
Equity(c) | $ | 404 | $ | — | $ | 207 | 197 | 197 | — | — | |||||||||||||||||
Total marketable securities - non-current | $ | 404 | $ | — | $ | 207 | 197 | 197 | — | — | |||||||||||||||||
Total marketable securities | $ | 10,608 | $ | 197 | $ | 10,411 | $ | — | |||||||||||||||||||
Restricted cash and marketable securities | |||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||
Money market funds | $ | 1,018 | $ | — | $ | — | $ | 1,018 | $ | 1,018 | $ | — | $ | — | |||||||||||||
Sovereign debt | 23 | — | — | 23 | — | 23 | — | ||||||||||||||||||||
Other | 173 | — | — | 173 | — | 173 | — | ||||||||||||||||||||
Total marketable securities classified as restricted cash and marketable securities | $ | 1,214 | $ | — | $ | — | 1,214 | $ | 1,018 | $ | 196 | $ | — | ||||||||||||||
Restricted cash, time deposits, and other restricted cash equivalents | 435 | ||||||||||||||||||||||||||
Total restricted cash and marketable securities | $ | 1,649 |
(a) | Net unrealized gains (losses) on trading securities were $187 million and $(124) million in the three months ended September 30, 2012 and 2011 and $128 million and $(127) million in the nine months ended September 30, 2012 and 2011. Unrealized gains (losses) are primarily related to remeasurement of Canadian Dollar (CAD) denominated securities. |
(b) | Includes security interest in the mandatorily redeemable preferred shares issued by GM Korea. |
(c) | Represents our seven percent ownership in PSA acquired in connection with our agreement with PSA to create a long-term and strategic alliance. The investment is recorded in Other assets and deferred income taxes. |
December 31, 2011 | |||||||||||||||||||||||||||
Unrealized | Fair Value | Fair Value Measurements on a Recurring Basis | |||||||||||||||||||||||||
Cost | Gains | Losses | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||
U.S. government and agencies | $ | 239 | $ | — | $ | — | $ | 239 | $ | — | $ | 239 | $ | — | |||||||||||||
Sovereign debt | 490 | — | — | 490 | — | 490 | — | ||||||||||||||||||||
Certificates of deposit | 2,028 | — | — | 2,028 | — | 2,028 | — | ||||||||||||||||||||
Money market funds | 1,794 | — | — | 1,794 | 1,794 | — | — | ||||||||||||||||||||
Corporate debt | 5,112 | — | — | 5,112 | — | 5,112 | — | ||||||||||||||||||||
Total available-for-sale securities | $ | 9,663 | $ | — | $ | — | 9,663 | 1,794 | 7,869 | — | |||||||||||||||||
Trading securities | |||||||||||||||||||||||||||
Sovereign debt | 497 | — | 497 | — | |||||||||||||||||||||||
Total trading securities | 497 | — | 497 | — | |||||||||||||||||||||||
Total marketable securities classified as cash equivalents | 10,160 | $ | 1,794 | $ | 8,366 | $ | — | ||||||||||||||||||||
Cash, time deposits, and other cash equivalents | 5,911 | ||||||||||||||||||||||||||
Total cash and cash equivalents | $ | 16,071 | |||||||||||||||||||||||||
Marketable securities - current | |||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||
U.S. government and agencies | $ | 5,214 | $ | 2 | $ | — | $ | 5,216 | $ | — | $ | 5,216 | $ | — | |||||||||||||
Sovereign debt | 143 | — | — | 143 | — | 143 | — | ||||||||||||||||||||
Certificates of deposit | 178 | — | — | 178 | — | 178 | — | ||||||||||||||||||||
Corporate debt | 4,566 | 3 | 4 | 4,565 | — | 4,565 | — | ||||||||||||||||||||
Total available-for-sale securities | $ | 10,101 | $ | 5 | $ | 4 | 10,102 | — | 10,102 | — | |||||||||||||||||
Trading securities | |||||||||||||||||||||||||||
Equity | 34 | 34 | — | — | |||||||||||||||||||||||
Sovereign debt | 5,936 | — | 5,936 | — | |||||||||||||||||||||||
Other debt | 76 | — | 76 | — | |||||||||||||||||||||||
Total trading securities | 6,046 | 34 | 6,012 | — | |||||||||||||||||||||||
Total marketable securities - current | $ | 16,148 | $ | 34 | $ | 16,114 | $ | — | |||||||||||||||||||
Restricted cash and marketable securities | |||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||
Money market funds | $ | 1,363 | $ | — | $ | — | $ | 1,363 | $ | 1,363 | $ | — | $ | — | |||||||||||||
Sovereign debt | 15 | — | — | 15 | — | 15 | — | ||||||||||||||||||||
Other | 161 | 3 | — | 164 | — | 164 | — | ||||||||||||||||||||
Total marketable securities classified as restricted cash and marketable securities | $ | 1,539 | $ | 3 | $ | — | 1,542 | $ | 1,363 | $ | 179 | $ | — | ||||||||||||||
Restricted cash, time deposits, and other restricted cash equivalents | 691 | ||||||||||||||||||||||||||
Total restricted cash and marketable securities | $ | 2,233 |
September 30, 2012 | December 31, 2011 | ||||||
Classification of Restricted cash and marketable securities | |||||||
Current | $ | 863 | $ | 1,005 | |||
Non-current | 786 | 1,228 | |||||
Total restricted cash and marketable securities | $ | 1,649 | $ | 2,233 |
Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 17,124 | $ | 17,162 | |||
Due after one year through five years | 1,520 | 1,526 | |||||
Total contractual maturities of available-for-sale securities | $ | 18,644 | $ | 18,688 |
September 30, 2012 | December 31, 2011 | ||||||
Current | $ | 3,744 | $ | 3,251 | |||
Non-current | 6,855 | 5,911 | |||||
Total GM Financial finance receivables, net | $ | 10,599 | $ | 9,162 |
September 30, 2012 | December 31, 2011 | ||||||
Pre-acquisition consumer finance receivables, outstanding balance | $ | 2,597 | $ | 4,366 | |||
Pre-acquisition consumer finance receivables, carrying amount | $ | 2,350 | $ | 4,027 | |||
Post-acquisition finance receivables, net of fees(a) | 8,540 | 5,314 | |||||
Total finance receivables | 10,890 | 9,341 | |||||
Less: allowance for loan losses on post-acquisition finance receivables | (291 | ) | (179 | ) | |||
Total GM Financial finance receivables, net | $ | 10,599 | $ | 9,162 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||
Pre-acquisition consumer finance receivables, carrying amount, beginning of period | $ | 2,811 | $ | 5,471 | $ | 4,027 | $ | 7,299 | |||||||
Post-acquisition finance receivables, beginning of period | 7,468 | 3,223 | 5,314 | 924 | |||||||||||
Loans originated or purchased(a) | 1,888 | 1,358 | 4,947 | 3,845 | |||||||||||
Charge-offs | (82 | ) | (21 | ) | (186 | ) | (29 | ) | |||||||
Principal collections and other(b) | (1,170 | ) | (877 | ) | (3,068 | ) | (2,588 | ) | |||||||
Change in carrying amount adjustment on the pre-acquisition finance receivables | (25 | ) | (85 | ) | (144 | ) | (382 | ) | |||||||
Balance at end of period | $ | 10,890 | $ | 9,069 | $ | 10,890 | $ | 9,069 |
September 30, 2012 | December 31, 2011 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
GM Financial finance receivables, net | $ | 10,599 | $ | 10,957 | $ | 9,162 | $ | 9,386 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||
Balance at beginning of period | $ | 628 | $ | 1,072 | $ | 737 | $ | 1,201 | |||||||
Accretion of accretable yield | (123 | ) | (192 | ) | (402 | ) | (575 | ) | |||||||
Transfer from non-accretable discount | — | 7 | 170 | 261 | |||||||||||
Balance at end of period | $ | 505 | $ | 887 | $ | 505 | $ | 887 |
September 30, 2012 | December 31, 2011 | ||||||
Current | $ | 220 | $ | 136 | |||
Non-current | 71 | 43 | |||||
Total allowance for post-acquisition loan losses | $ | 291 | $ | 179 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||
Balance at beginning of period | $ | 249 | $ | 108 | $ | 179 | $ | 26 | |||||||
Provision for loan losses | 78 | 51 | 188 | 135 | |||||||||||
Charge-offs | (82 | ) | (21 | ) | (186 | ) | (29 | ) | |||||||
Recoveries | 46 | 13 | 110 | 19 | |||||||||||
Balance at end of period | $ | 291 | $ | 151 | $ | 291 | $ | 151 |
September 30, 2012 | December 31, 2011 | ||||||
FICO score less than 540 | $ | 2,874 | $ | 2,133 | |||
FICO score 540 to 599 | 4,890 | 4,167 | |||||
FICO score 600 to 659 | 2,569 | 2,624 | |||||
FICO score greater than 660 | 520 | 756 | |||||
Balance at end of period(a) | $ | 10,853 | $ | 9,680 |
(a) | Composed of the sum of pre-acquisition consumer finance receivables - outstanding balance and post-acquisition consumer finance receivables, net of fees. |
September 30, 2012 | September 30, 2011 | ||||||||||||
Amount | Percent of Contractual Amount Due | Amount | Percent of Contractual Amount Due | ||||||||||
Delinquent contracts | |||||||||||||
31-to-60 days | $ | 561 | 5.2 | % | $ | 441 | 4.7 | % | |||||
Greater-than-60 days | 204 | 1.9 | % | 165 | 1.7 | % | |||||||
Total finance receivables more than 30 days delinquent | 765 | 7.1 | % | 606 | 6.4 | % | |||||||
In repossession | 38 | 0.3 | % | 34 | 0.4 | % | |||||||
Total finance receivables more than 30 days delinquent or in repossession | $ | 803 | 7.4 | % | $ | 640 | 6.8 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||
Receivables securitized | $ | 1,372 | $ | 955 | $ | 5,721 | $ | 3,873 | |||||||
Net proceeds from securitization | $ | 1,300 | $ | 900 | $ | 5,400 | $ | 3,650 | |||||||
Servicing fees | |||||||||||||||
Variable interest entities | $ | 60 | $ | 50 | $ | 178 | $ | 148 | |||||||
Net distributions from trusts | |||||||||||||||
Variable interest entities | $ | 267 | $ | 203 | $ | 1,183 | $ | 637 |
September 30, 2012 | December 31, 2011 | ||||||
Productive material, supplies and work in process | $ | 7,241 | $ | 6,486 | |||
Finished product, including service parts | 8,431 | 7,838 | |||||
Total inventories | $ | 15,672 | $ | 14,324 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||
China JVs | $ | 371 | $ | 387 | $ | 1,121 | $ | 1,215 | |||||||
New Delphi (including gain on disposition) | 1,727 | ||||||||||||||
Others (including gain on acquisition of HKJV) | 47 | (10 | ) | 20 | (39 | ) | |||||||||
Total equity income, net of tax and gain on investments | $ | 418 | $ | 377 | $ | 1,141 | $ | 2,903 |
September 30, 2012 | September 30, 2011 | ||||
Shanghai General Motors Co., Ltd. (SGM) | 50 | % | 49 | % | |
Shanghai GM Norsom Motor Co., Ltd. (SGM Norsom) | 25 | % | 25 | % | |
Shanghai GM Dong Yue Motors Co., Ltd. (SGM DY) | 25 | % | 25 | % | |
Shanghai GM Dong Yue Powertrain (SGM DYPT) | 25 | % | 25 | % | |
SAIC-GM-Wuling Automobile Co., Ltd. (SGMW) | 44 | % | 44 | % | |
FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM) | 50 | % | 50 | % | |
Pan Asia Technical Automotive Center Co., Ltd. | 50 | % | 50 | % | |
Shanghai OnStar Telematics Co., Ltd. (Shanghai OnStar) | 40 | % | 40 | % | |
Shanghai Chengxin Used Car Operation and Management Co., Ltd. (Shanghai Chengxin Used Car) | 33 | % | 33 | % | |
SAIC General Motors Sales Co., Ltd. (SGMS) | 49 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||
Results of operations | |||||||||||||||
Automotive sales and revenue | $ | 568 | $ | 757 | $ | 1,873 | $ | 2,444 | |||||||
Automotive purchases, net | $ | 98 | $ | 31 | $ | 407 | $ | 861 | |||||||
Automotive selling, general and administrative expense | $ | (6 | ) | $ | 2 | $ | (3 | ) | $ | 8 | |||||
Automotive interest expense | $ | 4 | $ | 5 | $ | 16 | $ | 15 | |||||||
Interest income and other non-operating income (expense), net | $ | 11 | $ | 15 | $ | 174 | $ | 26 |
September 30, 2012 | December 31, 2011 | ||||||
Financial position | |||||||
Accounts and notes receivable, net | $ | 353 | $ | 1,785 | |||
Accounts and notes payable | $ | 212 | $ | 342 | |||
Deferred revenue and customer deposits | $ | 44 | $ | 150 |
Nine Months Ended | |||||||
September 30, 2012 | September 30, 2011 | ||||||
Cash flows | |||||||
Operating | $ | 3,030 | $ | 2,761 | |||
Investing | $ | (38 | ) | $ | (1 | ) |
GMNA | GME | GMIO | GMSA | Total Automotive | GM Financial | Total | |||||||||||||||||||||
Balance at January 1, 2012 | $ | 26,399 | $ | 581 | $ | 610 | $ | 151 | $ | 27,741 | $ | 1,278 | $ | 29,019 | |||||||||||||
Impairment charges | — | (590 | ) | (105 | ) | — | (695 | ) | — | (695 | ) | ||||||||||||||||
Goodwill from business combinations (a) | — | — | 61 | — | 61 | — | 61 | ||||||||||||||||||||
Effect of foreign currency translation and other | — | 9 | 19 | (6 | ) | 22 | 1 | 23 | |||||||||||||||||||
Balance at September 30, 2012 | $ | 26,399 | $ | — | $ | 585 | $ | 145 | $ | 27,129 | $ | 1,279 | $ | 28,408 | |||||||||||||
Accumulated impairment charges at December 31, 2011 | $ | — | $ | (2,482 | ) | $ | (270 | ) | $ | — | $ | (2,752 | ) | $ | — | $ | (2,752 | ) | |||||||||
Accumulated impairment charges at September 30, 2012 | $ | — | $ | (3,072 | ) | $ | (375 | ) | $ | — | $ | (3,447 | ) | $ | — | $ | (3,447 | ) |
(a) | Refer to Note 3 for additional information concerning the acquisition of HKJV. |
2012 | |||||||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Total Automotive | GM Financial | Total | |||||||||||||||||||||
Three months ended September 30 | $ | — | $ | — | $ | 78 | $ | — | $ | 78 | $ | — | $ | 78 | |||||||||||||
Nine months ended September 30 | $ | — | $ | 590 | $ | 105 | $ | — | $ | 695 | $ | — | $ | 695 |
2011 | |||||||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Total Automotive | GM Financial | Total | |||||||||||||||||||||
Effect of Adoption of ASU 2010-28(a) | $ | — | $ | 1,466 | $ | — | $ | — | $ | 1,466 | $ | — | $ | 1,466 | |||||||||||||
Three months ended September 30 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Nine months ended September 30 | $ | — | $ | 395 | $ | — | $ | — | $ | 395 | $ | — | $ | 395 |
(a) | Impairment charges were recorded as a cumulative-effect adjustment to beginning Retained earnings upon the adoption of ASU 2010-28 in the three months ended March 31, 2011. |
Industry Volumes(a)(b) | Market Share(a)(b) | ||||||||||||||||||
Goodwill(c) | WACC | Long-Term Growth Rates | 2011/2012 | 2015/2016 | 2011/2012 | 2015/2016 | |||||||||||||
GME - At January 1, 2011 | $ | 3,053 | 17.0 | % | 0.5 | % | 18.4 | 22.0 | 6.6 | % | 7.4 | % | |||||||
GME - At March 31, 2011 | $ | 1,661 | 16.5 | % | 0.5 | % | 18.4 | 22.0 | 6.6 | % | 7.4 | % | |||||||
GME - At March 31, 2012 | $ | 594 | 17.5 | % | 0.5 | % | 19.1 | 21.9 | 6.2 | % | 6.3 | % | |||||||
GM Korea - At March 31, 2012 | $ | 564 | 14.8 | % | 3.0 | % | 81.0 | 97.1 | 1.4 | % | 1.1 | % | |||||||
GM Korea - At June 30, 2012 | $ | 523 | 14.8 | % | 3.0 | % | 81.0 | 97.1 | 1.4 | % | 1.1 | % | |||||||
GM Korea - At September 30, 2012 | $ | 540 | 14.5 | % | 3.0 | % | 82.1 | 99.8 | 1.2 | % | 1.2 | % |
(a) | Industry forecast volumes and market share for GM Korea are based on global industry volumes because GM Korea exports vehicles globally. |
(b) | GME forecast volumes at January 1, 2011 and March 31, 2011 are 2011 through 2015 and GME forecast volumes at March 31, 2012 are 2012 through 2016. GM Korea forecast volumes at March 31, 2012 and June 30, 2012 are 2012 through 2015, and GM Korea forecast volumes at September 30, 2012 are 2012 through 2016. |
(c) | Represents the balance of Goodwill evaluated for impairment under the Step 2 analysis. |
September 30, 2012 | December 31, 2011 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Technology and intellectual property | $ | 7,761 | $ | 6,005 | $ | 1,756 | $ | 7,751 | $ | 5,081 | $ | 2,670 | |||||||||||
Brands | 5,413 | 487 | 4,926 | 5,410 | 374 | 5,036 | |||||||||||||||||
Dealer network and customer relationships | 2,166 | 409 | 1,757 | 2,138 | 322 | 1,816 | |||||||||||||||||
Favorable contracts | 551 | 261 | 290 | 514 | 200 | 314 | |||||||||||||||||
Other | 17 | 17 | — | 17 | 14 | 3 | |||||||||||||||||
Total amortizing intangible assets | 15,908 | 7,179 | 8,729 | 15,830 | 5,991 | 9,839 | |||||||||||||||||
Nonamortizing in process research and development | 175 | 175 | 175 | 175 | |||||||||||||||||||
Total intangible assets | $ | 16,083 | $ | 7,179 | $ | 8,904 | $ | 16,005 | $ | 5,991 | $ | 10,014 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||
Amortization expense related to intangible assets | $ | 389 | $ | 430 | $ | 1,179 | $ | 1,396 |
2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||||
Estimated amortization expense | $ | 1,229 | $ | 612 | $ | 314 | $ | 315 | $ | 312 |
September 30, 2012 | December 31, 2011 | ||||||
HKJV(a) | |||||||
Short-term debt | $ | 118 | |||||
Long-term debt | $ | 120 | |||||
GM Korea | |||||||
Short-term debt | $ | 109 | $ | 171 | |||
Current derivative | $ | 13 | $ | 44 | |||
Long-term debt | $ | 3 | $ | 7 |
(a) | Consolidated effective September 1, 2012. Refer to Notes 3 and 8 for additional information on the acquisition of HKJV. |
September 30, 2012 | December 31, 2011 | ||||||||||||||
Carrying Amount | Maximum Exposure to Loss | Carrying Amount | Maximum Exposure to Loss | ||||||||||||
Assets | |||||||||||||||
Accounts and notes receivable, net | $ | 8 | $ | 8 | $ | 1 | $ | 1 | |||||||
Equity in net assets of nonconsolidated affiliates | 117 | 113 | 190 | 186 | |||||||||||
Other assets | 1 | 1 | 1 | 1 | |||||||||||
Total assets | $ | 126 | $ | 122 | $ | 192 | $ | 188 | |||||||
Liabilities | |||||||||||||||
Other liabilities | $ | 56 | $ | 198 | |||||||||||
Off-balance sheet | |||||||||||||||
Loan commitments | $ | 15 | $ | 15 | |||||||||||
Other liquidity arrangements(a) | 5 | 220 | |||||||||||||
Total off-balance sheet arrangements | $ | 20 | $ | 235 |
(a) | Amounts at December 31, 2011 represented additional contingent future capital funding requirements related primarily to HKJV. |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||
Depreciation and amortization of long-lived assets | $ | 994 | $ | 832 | $ | 2,811 | $ | 2,711 | |||||||
Impairment charges of long-lived assets(a) | $ | 7 | $ | 18 | $ | 61 | $ | 62 | |||||||
Depreciation of equipment on operating leases | $ | 124 | $ | 178 | $ | 321 | $ | 386 | |||||||
Impairment charges of equipment on operating leases | $ | 27 | $ | 13 | $ | 157 | $ | 126 |
(a) | The fair value of related assets was determined to be $0 in the three months ended September 30, 2012 and 2011 and $0 in the nine months ended September 30, 2012 and 2011 measured utilizing Level 3 inputs. Fair value measurements of long-lived assets utilized projected cash flows discounted at a rate commensurate with the perceived business risks related to the assets involved. |
Fair Value Measurements on a Nonrecurring Basis (a) | |||||||||||||||
Fair Value Measures | Level 1 | Level 2 | Level 3 | ||||||||||||
Three months ended September 30, 2012 | $ | 720 | $ | — | $ | — | $ | 720 | |||||||
Three months ended September 30, 2011 | $ | 777 | $ | — | $ | — | $ | 777 | |||||||
Nine months ended September 30, 2012 | $ | 2,266 | $ | — | $ | — | $ | 2,266 | |||||||
Nine months ended September 30, 2011 | $ | 2,226 | $ | — | $ | — | $ | 2,226 |
(a) | The carrying amount of the related assets at September 30, 2012 and 2011 may no longer equal the fair value as the fair value presented is |
Three Months Ended | Nine Months Ended | ||||||||||
Valuation Technique | Significant Unobservable Input | September 30, 2012 | September 30, 2012 | ||||||||
Impaired equipment on operating leases | Cash flow | Estimated net revenue | $ | 735 | $ | 2,320 | |||||
Estimated costs | $ | 762 | $ | 2,477 |
September 30, 2012 | December 31, 2011 | ||||||
Carrying amount | $ | 5,591 | $ | 5,295 | |||
Fair value(a) | $ | 6,011 | $ | 5,467 |
(a) | The fair value of debt included $4.8 billion and $4.4 billion measured utilizing Level 2 inputs at September 30, 2012 and December 31, 2011. The fair value of debt included $1.2 billion and $1.1 billion measured utilizing Level 3 inputs at September 30, 2012 and December 31, 2011. |
September 30, 2012 | December 31, 2011 | ||||||
Short-term debt and current portion of long-term debt | $ | 4,001 | $ | 4,118 | |||
Long-term debt | 7,061 | 4,420 | |||||
Total GM Financial debt | $ | 11,062 | $ | 8,538 |
September 30, 2012 | December 31, 2011 | ||||||||||||||||
Level | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
Credit facilities | |||||||||||||||||
Medium-term note facility | 3 | $ | 182 | $ | 182 | $ | 294 | $ | 294 | ||||||||
Syndicated warehouse facility | 2 | — | — | 621 | 621 | ||||||||||||
Lease warehouse facilities | 2 | 375 | 375 | 181 | 181 | ||||||||||||
Bank funding facility | 3 | — | — | 3 | 3 | ||||||||||||
Total credit facilities | 557 | 557 | 1,099 | 1,099 | |||||||||||||
Securitization notes payable | |||||||||||||||||
Securitization notes payable | 1 | 8,450 | 8,585 | 6,938 | 6,946 | ||||||||||||
Private securitization 2012-PP1 | 3 | 555 | 568 | ||||||||||||||
Total securitization notes payable | 9,005 | 9,153 | 6,938 | 6,946 | |||||||||||||
Senior notes and convertible senior notes | 2 | 1,500 | 1,580 | 501 | 511 | ||||||||||||
Total GM Financial debt | $ | 11,062 | $ | 11,290 | $ | 8,538 | $ | 8,556 |
Facility Amount | Advances Outstanding | Assets Pledged | Restricted Cash Pledged(a) | ||||||||||||
Syndicated warehouse facility(b) | $ | 2,500 | $ | — | $ | — | $ | — | |||||||
U.S. lease warehouse facility(c) | $ | 600 | — | — | — | ||||||||||
Canada lease warehouse facility(d) | $ | 813 | 375 | 584 | 3 | ||||||||||
Medium-term note facility(e) | 182 | 201 | 84 | ||||||||||||
$ | 557 | $ | 785 | $ | 87 |
(a) | These amounts do not include cash collected on finance receivables pledged of $32 million which is included in Restricted cash and marketable securities. |
(b) | In May 2012 GM Financial increased the syndicated warehouse facility amount from $2.0 billion to $2.5 billion and extended the maturity date to May 2013. |
(c) | In January 2012 GM Financial extended the maturity date of the U.S. lease warehouse facility to January 2013. Borrowings on the facility are collateralized by leased assets. |
(d) | In July 2012 GM Financial increased the Canada lease warehouse facility from CAD $600 million to CAD $800 million and extended the maturity date to July 2013. Borrowings in the facility are collateralized by leased assets. The facility amount represents CAD $800 million at September 30, 2012 and the advances outstanding amount represents CAD $368 million at September 30, 2012. |
(e) | In October 2012 this facility was paid in full and subsequently terminated. |
September 30, 2012 | December 31, 2011 | |||||||||||||||||||
Year of Transactions | Maturity Dates(a) | Original Note Amounts | Original Weighted- Average Interest Rates | Total Receivables Pledged | Note Balance | Note Balance | ||||||||||||||
2006 | January 2014 | $ | 1,200 | 5.4% | $ | — | $ | — | $ | 63 | ||||||||||
2007 | April 2014 - March 2016 | $ | 1,000 - 1,500 | 5.3% - 5.5% | — | — | 794 | |||||||||||||
2008 | October 2014 - April 2015 | $ | 500 - 750 | 6.0% - 10.5% | 282 | 104 | 171 | |||||||||||||
2009 | January 2016 - July 2017 | $ | 227 - 725 | 2.7% - 7.5% | 251 | 188 | 298 | |||||||||||||
2010 | July 2017 - April 2018 | $ | 200 - 850 | 2.2% - 3.8% | 1,394 | 1,235 | 1,756 | |||||||||||||
2011 | July 2018 - March 2019 | $ | 800 - 1,000 | 2.4% - 2.9% | 3,037 | 2,798 | 3,813 | |||||||||||||
2012 | June 2019 - February 2020 | $ | 800 - 1,300 | 1.5% - 2.9% | 4,974 | 4,663 | ||||||||||||||
$ | 9,938 | 8,988 | 6,895 | |||||||||||||||||
Purchase accounting premium | 17 | 43 | ||||||||||||||||||
Total securitization notes payable | $ | 9,005 | $ | 6,938 |
(a) | Maturity dates represent final legal maturity of securitization notes payable. Securitization notes payable are expected to be paid based on amortization of the finance receivables pledged to the trusts. |
Nine Months Ended | |||||||
September 30, 2012 | September 30, 2011 | ||||||
Balance at beginning of period | $ | 6,600 | $ | 6,789 | |||
Warranties issued and assumed in period | 2,594 | 2,290 | |||||
Payments | (2,583 | ) | (2,862 | ) | |||
Adjustments to pre-existing warranties | 510 | 468 | |||||
Effect of foreign currency translation | 47 | (52 | ) | ||||
Balance at end of period | $ | 7,168 | $ | 6,633 |
Three Months Ended September 30, 2012 | Three Months Ended September 30, 2011 | ||||||||||||||||||||||||||||||
U.S. Plans Pension Benefits | Non-U.S. Plans Pension Benefits | U.S. Plans Other Benefits | Non-U.S. Plans Other Benefits | U.S. Plans Pension Benefits | Non-U.S. Plans Pension Benefits | U.S. Plans Other Benefits | Non-U.S. Plans Other Benefits | ||||||||||||||||||||||||
Service cost | $ | 164 | $ | 104 | $ | 5 | $ | 5 | $ | 158 | $ | 129 | $ | 5 | $ | 8 | |||||||||||||||
Interest cost | 1,031 | 277 | 59 | 15 | 1,229 | 308 | 66 | 54 | |||||||||||||||||||||||
Expected return on plan assets | (1,281 | ) | (218 | ) | — | — | (1,673 | ) | (233 | ) | — | — | |||||||||||||||||||
Amortization of prior service credit | — | — | (29 | ) | (4 | ) | (1 | ) | (1 | ) | (10 | ) | (2 | ) | |||||||||||||||||
Recognized net actuarial loss | — | 9 | 13 | 2 | — | — | 2 | — | |||||||||||||||||||||||
Curtailments, settlements and other losses | 54 | 8 | — | 11 | — | 3 | — | — | |||||||||||||||||||||||
Net periodic pension and OPEB (income) expense | $ | (32 | ) | $ | 180 | $ | 48 | $ | 29 | $ | (287 | ) | $ | 206 | $ | 63 | $ | 60 |
Nine Months Ended September 30, 2012 | Nine Months Ended September 30, 2011 | ||||||||||||||||||||||||||||||
U.S. Plans Pension Benefits | Non-U.S. Plans Pension Benefits | U.S. Plans Other Benefits | Non-U.S. Plans Other Benefits | U.S. Plans Pension Benefits | Non-U.S. Plans Pension Benefits | U.S. Plans Other Benefits | Non-U.S. Plans Other Benefits | ||||||||||||||||||||||||
Service cost | $ | 485 | $ | 302 | $ | 17 | $ | 13 | $ | 473 | $ | 321 | $ | 18 | $ | 25 | |||||||||||||||
Interest cost | 3,191 | 830 | 176 | 47 | 3,686 | 922 | 201 | 159 | |||||||||||||||||||||||
Expected return on plan assets | (3,946 | ) | (653 | ) | — | — | (5,019 | ) | (700 | ) | — | — | |||||||||||||||||||
Amortization of prior service credit | (1 | ) | — | (87 | ) | (9 | ) | (1 | ) | (2 | ) | (10 | ) | (7 | ) | ||||||||||||||||
Recognized net actuarial loss | 1 | 26 | 39 | 5 | — | 1 | 4 | — | |||||||||||||||||||||||
Curtailments, settlements and other (gains) losses | 31 | 50 | — | 11 | (23 | ) | (13 | ) | — | — | |||||||||||||||||||||
Net periodic pension and OPEB (income) expense | $ | (239 | ) | $ | 555 | $ | 145 | $ | 67 | $ | (884 | ) | $ | 529 | $ | 213 | $ | 177 |
September 30, 2012 | |||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||
Notional | Current(a) | Non-Current(b) | Current(c) | Non-Current(d) | |||||||||||||||
Foreign currency | $ | 6,834 | $ | 78 | $ | — | $ | 14 | $ | — | |||||||||
Commodity | 2,282 | 20 | 5 | 6 | — | ||||||||||||||
Embedded | 1,229 | 7 | 23 | — | 1 | ||||||||||||||
Total | $ | 10,345 | $ | 105 | $ | 28 | $ | 20 | $ | 1 | |||||||||
December 31, 2011 | |||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||
Notional | Current(a) | Non-Current(b) | Current(c) | Non-Current(d) | |||||||||||||||
Foreign currency | $ | 6,507 | $ | 64 | $ | — | $ | 46 | $ | — | |||||||||
Commodity | 2,566 | 9 | — | 10 | 5 | ||||||||||||||
Embedded | 1,461 | 28 | 124 | 1 | 5 | ||||||||||||||
Total | $ | 10,534 | $ | 101 | $ | 124 | $ | 57 | $ | 10 |
(a) | Recorded in Other current assets and deferred income taxes. |
(b) | Recorded in Other assets and deferred income taxes. |
(c) | Recorded in Accrued liabilities. |
(d) | Recorded in Other liabilities and deferred income taxes. |
September 30, 2012 | December 31, 2011 | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Foreign currency | $ | — | $ | 78 | $ | — | $ | 78 | $ | — | $ | 64 | $ | — | $ | 64 | |||||||||||||||
Commodity | — | 14 | 11 | 25 | — | 9 | — | 9 | |||||||||||||||||||||||
Embedded | — | 3 | 27 | 30 | — | 4 | 148 | 152 | |||||||||||||||||||||||
Total | $ | — | $ | 95 | $ | 38 | $ | 133 | $ | — | $ | 77 | $ | 148 | $ | 225 | |||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Foreign currency | $ | — | $ | 14 | $ | — | $ | 14 | $ | — | $ | 46 | $ | — | $ | 46 | |||||||||||||||
Commodity | — | 6 | — | 6 | — | 5 | 10 | 15 | |||||||||||||||||||||||
Embedded | — | 1 | — | 1 | — | 6 | — | 6 | |||||||||||||||||||||||
Total | $ | — | $ | 21 | $ | — | $ | 21 | $ | — | $ | 57 | $ | 10 | $ | 67 |
Valuation Technique | Significant Unobservable Input | Metric | ||||
Commodity | Discounted cash flow | Coal forward price per ton in Euro(a) | €100.21 | |||
Heavy fuel oil forward price per ton in Euro(a) | €590.84 | |||||
Supplier nonperformance risk (average) | 2.86% | |||||
Embedded | Discounted cash flow | Average Euro/TRY forward exchange rate(b) | €2.72 | |||
Volume commitment and vehicle mix in Euro(c) | €913 million |
(a) | Forward prices are estimated to be equivalents of the spot price as published by a governmental agency. |
(b) | Calculated by adjusting market forward rates for the spread between current market and Turkish central bank spot prices. |
(c) | Volume commitment is spread evenly on a monthly basis and vehicle mix is pursuant to management forecasts. |
Three Months Ended September 30, 2012 | Three Months Ended September 30, 2011 | ||||||||||||||||||||||
Embedded | Commodity | Total | Embedded | Commodity | Total | ||||||||||||||||||
Balance at beginning of period | $ | 48 | $ | 8 | $ | 56 | $ | 145 | $ | — | $ | 145 | |||||||||||
Total realized/unrealized gains (losses)(a) | |||||||||||||||||||||||
Included in earnings | (17 | ) | 4 | (13 | ) | — | — | — | |||||||||||||||
Included in OCI | — | — | — | (7 | ) | — | (7 | ) | |||||||||||||||
Settlements | (4 | ) | (1 | ) | (5 | ) | — | — | — | ||||||||||||||
Balance at end of period | $ | 27 | $ | 11 | $ | 38 | $ | 138 | $ | — | $ | 138 | |||||||||||
Amount of total gains (losses) in the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | $ | (16 | ) | $ | 4 | $ | (12 | ) | $ | — | $ | — | $ | — |
Nine Months Ended September 30, 2012 | Nine Months Ended September 30, 2011 | ||||||||||||||||||||||
Embedded | Commodity | Total | Embedded | Commodity | Total | ||||||||||||||||||
Balance at beginning of period | $ | 148 | $ | (10 | ) | $ | 138 | $ | — | $ | — | $ | — | ||||||||||
Total realized/unrealized gains (losses)(a) | |||||||||||||||||||||||
Included in earnings | (103 | ) | 1 | (102 | ) | 140 | — | 140 | |||||||||||||||
Included in OCI | (2 | ) | (1 | ) | (3 | ) | (2 | ) | — | (2 | ) | ||||||||||||
Settlements | (16 | ) | (3 | ) | (19 | ) | — | — | — | ||||||||||||||
Issuances | — | 24 | 24 | — | — | — | |||||||||||||||||
Balance at end of period | $ | 27 | $ | 11 | $ | 38 | $ | 138 | $ | — | $ | 138 | |||||||||||
Amount of total gains (losses) in the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | $ | (100 | ) | $ | 2 | $ | (98 | ) | $ | 140 | $ | — | $ | 140 |
(a) | Realized and unrealized gains (losses) are recorded in Interest income and other non-operating income, net and foreign currency translation gains (losses) are recorded in Accumulated other comprehensive loss. |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||
Foreign currency | $ | 12 | $ | (77 | ) | $ | 20 | $ | (52 | ) | |||||
Commodity | 5 | (28 | ) | (21 | ) | (73 | ) | ||||||||
Embedded | (13 | ) | (3 | ) | (101 | ) | 143 | ||||||||
Warrants | — | — | — | 4 | |||||||||||
Total gains (losses) recorded in earnings | $ | 4 | $ | (108 | ) | $ | (102 | ) | $ | 22 |
September 30, 2012 | December 31, 2011 | ||||||||||||||
Liability Recorded | Maximum Liability(a) | Liability Recorded | Maximum Liability(a) | ||||||||||||
Guarantees(b) | |||||||||||||||
Operating leases | $ | — | $ | 9 | $ | — | $ | 26 | |||||||
Ally Financial commercial loans | $ | 4 | $ | 9 | $ | — | $ | 24 | |||||||
Third party commercial loans and other obligations | $ | 75 | $ | 302 | $ | 7 | $ | 210 | |||||||
Other product-related claims | $ | 53 | $ | 1,123 | $ | 53 | $ | 838 |
(a) | Calculated as future undiscounted payments. |
(b) | Excludes residual support and risk sharing programs and vehicle repurchase obligations related to Ally Financial. |
September 30, 2012 | December 31, 2011 | ||||||
Liability Recorded | Liability Recorded | ||||||
Environmental liability(a) | $ | 167 | $ | 169 | |||
Product liability | $ | 597 | $ | 514 | |||
Other litigation-related liability and tax administrative matters(b) | $ | 1,256 | $ | 1,196 |
(a) | Includes $33 million and $34 million recorded in Accrued liabilities at September 30, 2012 and December 31, 2011 and the remainder was recorded in Other liabilities and deferred income taxes. |
(b) | Consists primarily of indirect tax-related litigation as well as various non-U.S. labor related matters. |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||
GMNA | $ | 21 | $ | 9 | $ | 48 | $ | 30 | |||||||
GME | (7 | ) | 5 | 42 | 8 | ||||||||||
GMIO | — | 37 | 5 | 43 | |||||||||||
GMSA | 30 | — | 30 | — | |||||||||||
Total contract cancellations | $ | 44 | $ | 51 | $ | 125 | $ | 81 |
GMNA | GME | GMIO | GMSA | Total | |||||||||||||||
Balance at January 1, 2012 | $ | 884 | $ | 687 | $ | 1 | $ | 12 | $ | 1,584 | |||||||||
Additions | 97 | 9 | 4 | 2 | 112 | ||||||||||||||
Interest accretion and other | 3 | 22 | (1 | ) | — | 24 | |||||||||||||
Payments | (86 | ) | (192 | ) | — | (8 | ) | (286 | ) | ||||||||||
Revisions to estimates | (12 | ) | (2 | ) | — | — | (14 | ) | |||||||||||
Effect of foreign currency | 8 | 16 | — | — | 24 | ||||||||||||||
Balance at March 31, 2012 | 894 | 540 | 4 | 6 | 1,444 | ||||||||||||||
Additions | 13 | 38 | 27 | 73 | 151 | ||||||||||||||
Interest accretion and other | 3 | 18 | — | — | 21 | ||||||||||||||
Payments | (123 | ) | (43 | ) | (5 | ) | (13 | ) | (184 | ) | |||||||||
Revisions to estimates | — | (7 | ) | — | — | (7 | ) | ||||||||||||
Effect of foreign currency | (8 | ) | (26 | ) | — | 1 | (33 | ) | |||||||||||
Balance at June 30, 2012 | 779 | 520 | 26 | 67 | 1,392 | ||||||||||||||
Additions | 6 | 39 | 4 | 14 | 63 | ||||||||||||||
Interest accretion and other | 3 | 14 | — | — | 17 | ||||||||||||||
Payments | (42 | ) | (47 | ) | (15 | ) | (23 | ) | (127 | ) | |||||||||
Revisions to estimates | (63 | ) | (6 | ) | (1 | ) | — | (70 | ) | ||||||||||
Effect of foreign currency | 15 | 8 | 1 | — | 24 | ||||||||||||||
Balance at September 30, 2012(a) | $ | 698 | $ | 528 | $ | 15 | $ | 58 | $ | 1,299 |
GMNA | GME | GMIO | GMSA | Total | |||||||||||||||
Balance at January 1, 2011 | $ | 1,135 | $ | 664 | $ | 3 | $ | — | $ | 1,802 | |||||||||
Additions | 26 | 33 | — | 1 | 60 | ||||||||||||||
Interest accretion and other | 7 | 24 | — | — | 31 | ||||||||||||||
Payments | (129 | ) | (205 | ) | (2 | ) | (1 | ) | (337 | ) | |||||||||
Revisions to estimates | 7 | — | — | — | 7 | ||||||||||||||
Effect of foreign currency | 16 | 34 | — | — | 50 | ||||||||||||||
Balance at March 31, 2011 | 1,062 | 550 | 1 | — | 1,613 | ||||||||||||||
Additions | 8 | 62 | — | 1 | 71 | ||||||||||||||
Interest accretion and other | 6 | 16 | — | — | 22 | ||||||||||||||
Payments | (109 | ) | (76 | ) | — | (1 | ) | (186 | ) | ||||||||||
Revisions to estimates | (8 | ) | — | — | — | (8 | ) | ||||||||||||
Effect of foreign currency | (1 | ) | 11 | — | — | 10 | |||||||||||||
Balance at June 30, 2011 | 958 | 563 | 1 | — | 1,522 | ||||||||||||||
Additions | 19 | 81 | — | 1 | 101 | ||||||||||||||
Interest accretion and other | 5 | 25 | — | — | 30 | ||||||||||||||
Payments | (66 | ) | (70 | ) | — | (1 | ) | (137 | ) | ||||||||||
Revisions to estimates | 71 | — | — | — | 71 | ||||||||||||||
Effect of foreign currency | (30 | ) | (29 | ) | — | — | (59 | ) | |||||||||||
Balance at September 30, 2011(a) | $ | 957 | $ | 570 | $ | 1 | $ | — | $ | 1,528 |
(a) | The remaining cash payments related to these reserves for restructuring and other initiatives, including temporary layoff benefits of $364 million and $398 million at September 30, 2012 and September 30, 2011 for GMNA, primarily relate to postemployment benefits. |
2012 | 2011 | ||||||
Balance at January 1 | $ | 25 | $ | 144 | |||
Revisions to estimates | — | (6 | ) | ||||
Payments | (3 | ) | (80 | ) | |||
Balance at March 31 | 22 | 58 | |||||
Revisions to estimates | (4 | ) | (1 | ) | |||
Payments | (1 | ) | (24 | ) | |||
Balance at June 30 | 17 | 33 | |||||
Revisions to estimates | (1 | ) | (1 | ) | |||
Payments | (2 | ) | (4 | ) | |||
Balance at September 30 | $ | 14 | $ | 28 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||
Basic earnings per share | |||||||||||||||
Net income attributable to stockholders(a) | $ | 1,833 | $ | 2,107 | $ | 4,994 | $ | 8,465 | |||||||
Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(b) | (357 | ) | (381 | ) | (1,027 | ) | (1,352 | ) | |||||||
Net income attributable to common stockholders | $ | 1,476 | $ | 1,726 | $ | 3,967 | $ | 7,113 | |||||||
Weighted-average common shares outstanding - basic | 1,570 | 1,562 | 1,570 | 1,524 | |||||||||||
Basic earnings per common share | $ | 0.94 | $ | 1.10 | $ | 2.53 | $ | 4.67 | |||||||
Diluted earnings per share | |||||||||||||||
Net income attributable to stockholders(a) | $ | 1,833 | $ | 2,107 | $ | 4,994 | $ | 8,465 | |||||||
Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(c) | (350 | ) | (371 | ) | (1,005 | ) | (1,295 | ) | |||||||
Net income attributable to common stockholders | $ | 1,483 | $ | 1,736 | $ | 3,989 | $ | 7,170 | |||||||
Weighted-average shares outstanding - diluted | |||||||||||||||
Weighted-average common shares outstanding - basic | 1,570 | 1,562 | 1,570 | 1,524 | |||||||||||
Dilutive effect of warrants | 88 | 119 | 101 | 142 | |||||||||||
Dilutive effect of restricted stock units (RSUs) | 5 | 1 | 4 | 2 | |||||||||||
Weighted-average common shares outstanding - diluted | 1,663 | 1,682 | 1,675 | 1,668 | |||||||||||
Diluted earnings per common share | $ | 0.89 | $ | 1.03 | $ | 2.38 | $ | 4.30 |
(a) | Includes earned but undistributed dividends of $26 million on our Series A Preferred Stock and $20 million on our Series B Preferred Stock in the three and nine months ended September 30, 2012 and 2011. |
(b) | Includes cumulative dividends on preferred stock of $215 million and earnings of $142 million that have been allocated to the Series B Preferred Stock holders in the three months ended September 30, 2012 and cumulative dividends on preferred stock of $215 million and earnings of $166 million that have been allocated to the Series B Preferred Stock holders in the three months ended September 30, 2011. Includes cumulative dividends on preferred stock of $644 million and earnings of $383 million that have been allocated to the Series B Preferred Stock holders in the nine months ended September 30, 2012 and cumulative dividends on preferred stock of $644 million and earnings of $708 million allocated to the Series B Preferred Stock holders in the nine months ended September 30, 2011. |
(c) | Includes cumulative dividends on preferred stock of $215 million and earnings of $135 million that have been allocated to the Series B Preferred Stock holders in the three months ended September 30, 2012 and cumulative dividends on preferred stock of $215 million and earnings of $156 million that have been allocated to the Series B Preferred Stock holders in the three months ended September 30, 2011. Includes cumulative dividends on preferred stock of $644 million and earnings of $361 million that have been allocated to the Series B Preferred Stock holders in the nine months ended September 30, 2012 and cumulative dividends on preferred stock of $644 million and earnings of $651 million that have been allocated to the Series B Preferred Stock holders in the nine months ended September 30, 2011. |
Shares | Weighted- Average Grant Date Fair Value | Weighted-Average Remaining Contractual Term | ||||||
RSUs outstanding at January 1, 2012 | 22.5 | $ | 23.01 | 1.1 | ||||
Granted | 8.6 | $ | 24.94 | |||||
Settled | (2.4 | ) | $ | 29.93 | ||||
Forfeited or expired | (1.1 | ) | $ | 24.62 | ||||
RSUs outstanding at September 30, 2012 | 27.6 | $ | 22.93 | 0.9 | ||||
RSUs unvested and expected to vest at September 30, 2012 | 17.3 | $ | 23.55 | 1.3 | ||||
RSUs vested and payable at September 30, 2012 | 9.9 | $ | 21.71 | — |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||
Compensation expense | $ | 79 | $ | 50 | $ | 206 | $ | 163 |
September 30, 2012 | December 31, 2011 | ||||||
Residual support(a) | |||||||
Receivables (liabilities) recorded | $ | (82 | ) | $ | 6 | ||
Maximum obligation | $ | 87 | $ | 40 | |||
Risk sharing(a) | |||||||
Liabilities recorded | $ | 2 | $ | 66 | |||
Maximum obligation | $ | 4 | $ | 88 | |||
Vehicle repurchase obligations(b) | |||||||
Maximum obligations | $ | 20,771 | $ | 19,779 | |||
Fair value of guarantee | $ | 16 | $ | 17 |
(a) | Represents receivables and liabilities recorded and maximum obligations for agreements entered into prior to December 31, 2008. Agreements entered into after December 31, 2008 have not included residual support or risk sharing programs. In the nine months ended September 30, 2012 and 2011 favorable adjustments to our residual support and risk sharing liabilities of $77 million and $443 million were recorded in the U.S. due to increases in estimated and actual residual values at contract termination. |
(b) | The maximum potential amount of future payments required to be made to Ally Financial under this guarantee is based on the repurchase |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||
U.S. marketing incentives and lease residual payments | $ | 509 | $ | 192 | $ | 1,320 | $ | 1,162 | |||||||
Exclusivity fee income | $ | 16 | $ | 25 | $ | 54 | $ | 71 |
September 30, 2012 | December 31, 2011 | ||||||
Assets | |||||||
Accounts and notes receivable, net(a) | $ | 259 | $ | 243 | |||
Liabilities | |||||||
Accounts payable(b) | $ | 29 | $ | 59 | |||
Short-term debt and current portion of long-term debt(c) | $ | 933 | $ | 1,068 | |||
Accrued liabilities and other liabilities(d) | $ | 766 | $ | 650 | |||
Long-term debt(e) | $ | 4 | $ | 8 | |||
Other non-current liabilities(f) | $ | 23 | $ | 35 |
(a) | Represents wholesale settlements due from Ally Financial and receivables for exclusivity fees and royalties. |
(b) | Represents amounts billed to us and payable related to incentive programs. |
(c) | Represents wholesale financing, sales of receivable transactions and the short-term portion of term loans provided to certain dealerships which we own or in which we have an equity interest. |
(d) | Represents accruals for marketing incentives on vehicles which are sold, or anticipated to be sold, to customers or dealers and financed by Ally Financial in North America. This includes the estimated amount of residual and rate support accrued, capitalized cost reduction incentives and amounts owed under lease pull-ahead programs. |
(e) | Represents the long-term portion of term loans from Ally Financial to certain consolidated dealerships. |
(f) | Represents the long-term portion of liabilities for marketing incentives on vehicles financed by Ally Financial. |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||
Total net sales and revenue (decrease)(a) | $ | (530 | ) | $ | (335 | ) | $ | (1,815 | ) | $ | (952 | ) | |||
Automotive cost of sales and other automotive expenses(b) | $ | 4 | $ | 4 | $ | 11 | $ | 12 | |||||||
Interest income and other non-operating income, net(c) | $ | 30 | $ | 30 | $ | 72 | $ | 115 | |||||||
Automotive interest expense(d) | $ | 15 | $ | 16 | $ | 23 | $ | 53 |
(a) | Represents marketing incentives on vehicles which were sold, or anticipated to be sold, to customers or dealers and financed by Ally Financial. This includes the estimated amount of residual and rate support accrued, capitalized cost reduction incentives and costs under lease pull-ahead programs. This amount is offset by net sales for vehicles sold to Ally Financial for employee and governmental lease programs and third party resale purposes. |
(b) | Represents cost of sales on the sale of vehicles to Ally Financial for employee and governmental lease programs and third party resale purposes. |
(c) | Represents income on investments in Ally Financial preferred stock (through March 31, 2011) and exclusivity and royalty fee income. Included in this amount is rental income related to Ally Financial's primary executive and administrative offices located in the Renaissance Center in Detroit, Michigan. The lease agreement expires in November 2016. |
(d) | Represents interest incurred on notes payable and wholesale settlements. In January 2012 we received $21 million from Ally Financial as |
September 30, 2012 | December 31, 2011 | ||||||
Carrying amount | $ | 404 | $ | 403 | |||
Fair value | $ | 930 | $ | 403 |
• Buick | • Cadillac | • Chevrolet | • GMC |
• Buick | • Chevrolet | • Holden | • Vauxhall |
• Cadillac | • GMC | • Opel |
• Alpheon | • Buick | • Chevrolet | • Wuling |
• Baojun | • Cadillac | • Jiefang |
At and For the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Sales | |||||||||||||||||||||||||||||||||||||||
External customers | $ | 22,347 | $ | 4,702 | $ | 5,722 | $ | 4,275 | $ | 16 | $ | — | $ | 37,062 | $ | — | $ | — | $ | 37,062 | |||||||||||||||||||
GM Financial revenue | — | — | — | — | — | — | — | 514 | — | 514 | |||||||||||||||||||||||||||||
Intersegment | 997 | 361 | 1,023 | 66 | — | (2,447 | ) | — | — | — | — | ||||||||||||||||||||||||||||
Total net sales and revenue | $ | 23,344 | $ | 5,063 | $ | 6,745 | $ | 4,341 | $ | 16 | $ | (2,447 | ) | $ | 37,062 | $ | 514 | $ | — | $ | 37,576 | ||||||||||||||||||
Income (loss) before automotive interest and income taxes-adjusted | $ | 1,822 | $ | (478 | ) | $ | 689 | $ | 114 | $ | (50 | ) | $ | — | $ | 2,097 | $ | 200 | $ | (1 | ) | $ | 2,296 | ||||||||||||||||
Adjustments(a) | $ | — | $ | — | $ | (62 | ) | $ | — | — | $ | — | $ | (62 | ) | — | $ | — | (62 | ) | |||||||||||||||||||
Corporate interest income | 84 | 84 | |||||||||||||||||||||||||||||||||||||
Automotive interest expense | 128 | 128 | |||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (94 | ) | 200 | 2,190 | |||||||||||||||||||||||||||||||||||
Income tax expense | 286 | 71 | 357 | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to stockholders | $ | (380 | ) | $ | 129 | $ | 1,833 | ||||||||||||||||||||||||||||||||
Equity in net assets of nonconsolidated affiliates | $ | 67 | $ | 50 | $ | 7,399 | $ | 3 | $ | — | $ | — | $ | 7,519 | $ | — | $ | — | $ | 7,519 | |||||||||||||||||||
Total assets | $ | 81,642 | $ | 14,951 | $ | 24,929 | $ | 11,776 | $ | 22,904 | $ | (16,429 | ) | $ | 139,773 | $ | 16,332 | $ | (649 | ) | $ | 155,456 | |||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 941 | $ | 253 | $ | 163 | $ | 117 | $ | 11 | $ | — | $ | 1,485 | $ | 59 | $ | (3 | ) | $ | 1,541 | ||||||||||||||||||
Equity income, net of tax and gain on investments | $ | 3 | $ | — | $ | 414 | $ | 1 | $ | — | $ | — | $ | 418 | $ | — | $ | — | $ | 418 | |||||||||||||||||||
Significant non-cash charges not classified as adjustments | |||||||||||||||||||||||||||||||||||||||
Impairment charges related to long-lived assets | $ | 4 | $ | — | $ | 3 | $ | — | $ | — | $ | — | $ | 7 | $ | — | $ | — | $ | 7 | |||||||||||||||||||
Impairment charges related to equipment on operating leases | 4 | 23 | — | — | — | — | 27 | — | — | 27 | |||||||||||||||||||||||||||||
Total significant non-cash charges | $ | 8 | $ | 23 | $ | 3 | $ | — | $ | — | $ | — | $ | 34 | $ | — | $ | — | $ | 34 |
(a) | Consists of Goodwill impairment charges of $62 million in GMIO, which is presented net of noncontrolling interests. |
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Sales | |||||||||||||||||||||||||||||||||||||||
External customers | $ | 67,075 | $ | 15,489 | $ | 16,653 | $ | 12,259 | $ | 41 | $ | — | $ | 111,517 | $ | — | $ | — | $ | 111,517 | |||||||||||||||||||
GM Financial revenue | — | — | — | — | — | — | — | 1,432 | — | 1,432 | |||||||||||||||||||||||||||||
Intersegment | 3,345 | 981 | 3,097 | 200 | — | (7,624 | ) | (1 | ) | — | 1 | — | |||||||||||||||||||||||||||
Total net sales and revenue | $ | 70,420 | $ | 16,470 | $ | 19,750 | $ | 12,459 | $ | 41 | $ | (7,624 | ) | $ | 111,516 | $ | 1,432 | $ | 1 | $ | 112,949 | ||||||||||||||||||
Income (loss) before automotive interest and income taxes-adjusted | $ | 5,478 | $ | (1,095 | ) | $ | 1,775 | $ | 178 | $ | (305 | ) | $ | (31 | ) | $ | 6,000 | $ | 598 | $ | (1 | ) | $ | 6,597 | |||||||||||||||
Adjustments(a) | $ | — | $ | (590 | ) | $ | (84 | ) | $ | — | — | $ | — | $ | (674 | ) | — | $ | — | (674 | ) | ||||||||||||||||||
Corporate interest income | 259 | 259 | |||||||||||||||||||||||||||||||||||||
Automotive interest expense | 356 | 356 | |||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 18 | — | 18 | ||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (420 | ) | 598 | 5,808 | |||||||||||||||||||||||||||||||||||
Income tax expense | 560 | 254 | 814 | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to stockholders | $ | (980 | ) | $ | 344 | $ | 4,994 | ||||||||||||||||||||||||||||||||
Expenditures for property | $ | 3,497 | $ | 813 | $ | 883 | $ | 765 | $ | 39 | $ | (4 | ) | $ | 5,993 | $ | 11 | $ | — | $ | 6,004 | ||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 2,723 | $ | 828 | $ | 441 | $ | 352 | $ | 37 | $ | (1 | ) | $ | 4,380 | $ | 156 | $ | (7 | ) | $ | 4,529 | |||||||||||||||||
Equity income, net of tax and gain on investments | $ | 7 | $ | — | $ | 1,133 | $ | 1 | $ | — | $ | — | $ | 1,141 | $ | — | $ | — | $ | 1,141 | |||||||||||||||||||
Significant non-cash charges not classified as adjustments in (a) | |||||||||||||||||||||||||||||||||||||||
Impairment charges related to long-lived assets | $ | 49 | $ | — | $ | 11 | $ | 1 | $ | — | $ | — | $ | 61 | $ | — | $ | — | $ | 61 | |||||||||||||||||||
Impairment charges related to equipment on operating leases | 38 | 119 | — | — | — | — | 157 | — | — | 157 | |||||||||||||||||||||||||||||
Total significant non-cash charges | $ | 87 | $ | 119 | $ | 11 | $ | 1 | $ | — | $ | — | $ | 218 | $ | — | $ | — | $ | 218 |
(a) | Consists of Goodwill impairment charges of $590 million in GME and $84 million in GMIO, which is presented net of noncontrolling interests. |
For the Three Months Ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Sales | |||||||||||||||||||||||||||||||||||||||
External customers | $ | 21,002 | $ | 5,813 | $ | 5,140 | $ | 4,353 | $ | 20 | $ | — | $ | 36,328 | $ | — | $ | — | $ | 36,328 | |||||||||||||||||||
GM Financial revenue | — | — | — | — | — | — | — | 391 | — | 391 | |||||||||||||||||||||||||||||
Intersegment(a) | 882 | 338 | 976 | 65 | — | (2,261 | ) | — | — | — | — | ||||||||||||||||||||||||||||
Total net sales and revenue | $ | 21,884 | $ | 6,151 | $ | 6,116 | $ | 4,418 | $ | 20 | $ | (2,261 | ) | $ | 36,328 | $ | 391 | $ | — | $ | 36,719 | ||||||||||||||||||
Income (loss) before automotive interest and income taxes-adjusted | $ | 2,195 | $ | (292 | ) | $ | 365 | $ | (44 | ) | $ | (183 | ) | $ | (16 | ) | $ | 2,025 | $ | 178 | $ | — | $ | 2,203 | |||||||||||||||
Adjustments | $ | — | $ | — | $ | — | $ | — | — | $ | — | $ | — | — | $ | — | — | ||||||||||||||||||||||
Corporate interest income | 112 | 112 | |||||||||||||||||||||||||||||||||||||
Automotive interest expense | 101 | 101 | |||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (172 | ) | 178 | 2,214 | |||||||||||||||||||||||||||||||||||
Income tax expense | 37 | 70 | 107 | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to stockholders | $ | (209 | ) | $ | 108 | $ | 2,107 | ||||||||||||||||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 882 | $ | 329 | $ | 115 | $ | 110 | $ | 11 | $ | — | $ | 1,447 | $ | 24 | $ | — | $ | 1,471 | |||||||||||||||||||
Equity income, net of tax and gain on investments | $ | 1 | $ | — | $ | 376 | $ | — | $ | — | $ | — | $ | 377 | $ | — | $ | — | $ | 377 | |||||||||||||||||||
Significant non-cash charges not classified as adjustments | |||||||||||||||||||||||||||||||||||||||
Impairment charges related to long-lived assets | $ | 16 | $ | — | $ | 1 | $ | 1 | $ | — | $ | — | $ | 18 | $ | — | $ | — | $ | 18 | |||||||||||||||||||
Impairment charges related to equipment on operating leases | 1 | 12 | — | — | — | — | 13 | — | — | 13 | |||||||||||||||||||||||||||||
Total significant non-cash charges | $ | 17 | $ | 12 | $ | 1 | $ | 1 | $ | — | $ | — | $ | 31 | $ | — | $ | — | $ | 31 |
(a) | Presentation of intersegment sales has been adjusted to conform to the current presentation. |
For the Nine Months Ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Sales | |||||||||||||||||||||||||||||||||||||||
External customers | $ | 64,382 | $ | 19,203 | $ | 15,137 | $ | 12,498 | $ | 50 | $ | — | $ | 111,270 | $ | — | $ | — | $ | 111,270 | |||||||||||||||||||
GM Financial revenue | — | — | — | — | — | — | — | 1,016 | — | 1,016 | |||||||||||||||||||||||||||||
Intersegment(a) | 2,740 | 1,277 | 2,589 | 179 | — | (6,785 | ) | — | — | — | — | ||||||||||||||||||||||||||||
Total net sales and revenue | $ | 67,122 | $ | 20,480 | $ | 17,726 | $ | 12,677 | $ | 50 | $ | (6,785 | ) | $ | 111,270 | $ | 1,016 | $ | — | $ | 112,286 | ||||||||||||||||||
Income (loss) before automotive interest and income taxes-adjusted | $ | 5,697 | $ | (185 | ) | $ | 1,524 | $ | 103 | $ | (341 | ) | $ | (43 | ) | $ | 6,755 | $ | 452 | $ | — | $ | 7,207 | ||||||||||||||||
Adjustments(b) | $ | 1,645 | $ | (395 | ) | $ | (106 | ) | $ | — | 339 | $ | — | $ | 1,483 | — | $ | — | 1,483 | ||||||||||||||||||||
Corporate interest income | 363 | 363 | |||||||||||||||||||||||||||||||||||||
Automotive interest expense | 405 | 405 | |||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (44 | ) | 452 | 8,648 | |||||||||||||||||||||||||||||||||||
Income tax expense | 59 | 124 | 183 | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to stockholders | $ | (103 | ) | $ | 328 | $ | 8,465 | ||||||||||||||||||||||||||||||||
Expenditures for property | $ | 2,209 | $ | 676 | $ | 649 | $ | 518 | $ | 22 | $ | (9 | ) | $ | 4,065 | $ | 6 | $ | — | $ | 4,071 | ||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 2,849 | $ | 1,043 | $ | 354 | $ | 341 | $ | 37 | $ | — | $ | 4,624 | $ | 57 | $ | — | $ | 4,681 | |||||||||||||||||||
Equity income, net of tax and gain on investments | $ | 1,733 | $ | — | $ | 1,170 | $ | — | $ | — | $ | — | $ | 2,903 | $ | — | $ | — | $ | 2,903 | |||||||||||||||||||
Significant non-cash charges not classified as adjustments in (b) | |||||||||||||||||||||||||||||||||||||||
Impairment charges related to long-lived assets | $ | 56 | $ | — | $ | 3 | $ | 3 | $ | — | $ | — | $ | 62 | $ | — | $ | — | $ | 62 | |||||||||||||||||||
Impairment charges related to equipment on operating leases | 61 | 65 | — | — | — | — | 126 | — | — | 126 | |||||||||||||||||||||||||||||
Total significant non-cash charges | $ | 117 | $ | 65 | $ | 3 | $ | 3 | $ | — | $ | — | $ | 188 | $ | — | $ | — | $ | 188 |
(a) | Presentation of intersegment sales has been adjusted to conform to the current presentation. |
(b) | Consists of the gain on sale of our New Delphi Class A Membership Interests of $1.6 billion in GMNA, Goodwill impairment charges of $395 million in GME, charges related to HKJV of $106 million in GMIO and a gain on the sale of Ally Financial preferred stock of $339 million in Corporate. |
• | GMNA, with sales, manufacturing and distribution operations in the U.S., Canada and Mexico and sales and distribution |
• | GME has sales, manufacturing and distribution operations across Western and Central Europe. GME's vehicle sales volume, which in addition to Western and Central Europe, includes Eastern Europe (including Russia and the other members of the Commonwealth of Independent States among others) represented 17.8% of our vehicle sales volume in the nine months ended September 30, 2012. In the nine months ended September 30, 2012 we estimate we had the number four market share in this market at 8.5%. GMIO distributes Chevrolet brand vehicles which, when sold in Europe, are included in GME vehicle sales volume and market share data. |
• | GMIO has sales, manufacturing and distribution operations in Asia-Pacific, Eastern Europe (including Russia and the other members of the Commonwealth of Independent States among others), Africa and the Middle East. GMIO is our largest segment by vehicle sales volume. GMIO represented 38.1% of our global vehicle sales volume, including sales through our joint ventures, in the nine months ended September 30, 2012. In the nine months ended September 30, 2012 we estimate we had the number two market share in this market at 9.3% and the number one market share in China. In the nine months ended September 30, 2012 GMIO derived 78.6% of its vehicle sales volume from China. GMIO records the financial results of Chevrolet brand vehicles that it distributes and sells in Europe. |
• | GMSA, with sales, manufacturing, distribution and financing operations in Brazil, Argentina, Colombia, Ecuador and Venezuela as well as sales and distribution operations in Bolivia, Chile, Paraguay, Peru and Uruguay, represented 11.3% of our vehicle sales volume in the nine months ended September 30, 2012. In the nine months ended September 30, 2012 we estimate we had the number two market share in this market at 18.1%. We had the number three market share in Brazil. In the nine months ended September 30, 2012 GMSA derived 60.2% of its vehicle sales volume from Brazil. |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||
Total wholesale vehicles(a) | 692 | 627 | 2,144 | 1,910 | |||||||||||
Market share(b) | 14.4 | % | 14.1 | % | 14.5 | % | 13.7 | % | |||||||
Total net sales and revenue | $ | 7,945 | $ | 7,730 | $ | 24,215 | $ | 22,918 | |||||||
Net income | $ | 769 | $ | 813 | $ | 2,363 | $ | 2,567 |
(a) | Including vehicles exported to markets outside of China. |
(b) | Market share for China market. |
September 30, 2012 | December 31, 2011 | ||||||
Cash and cash equivalents | $ | 4,815 | $ | 4,679 | |||
Debt | $ | 99 | $ | 106 |
• | Lump-sum payments of Canadian Dollar (CAD) $3,000 to certain CAW employees were made in October 2012 and additional lump-sum payments of CAD $2,000 will be paid annually in December of 2013, 2014, and 2015. The-lump sum payments will be amortized over the four year agreement. |
• | Hourly employees who retire on or after January 1, 2013 will be offered a new lump-sum distribution option at retirement in the defined benefit pension plan and new hires will be covered by a hybrid defined benefit/defined contribution pension plan. The lump-sum payment option had an insignificant effect on the defined benefit pension plan and will be recognized in the year-end plan remeasurement. |
• | Due to the expected closure of the Oshawa Consolidation Plant in June 2014, impacted employees will be eligible for a voluntary separation incentive program in accordance with the existing collective bargaining agreement that provides cash and a car voucher. This may range up to $0.1 billion and will be included in our restructuring liability, net of existing liabilities, upon irrevocable acceptance by both parties. |
• | We plan to make total manufacturing program investments of $0.7 billion during the life of the agreement subject to market conditions and demand. |
Three Months Ended September 30, 2012 | Three Months Ended September 30, 2011 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Consolidated | Automotive | GM Financial | Eliminations | Consolidated | ||||||||||||||||||||||||
Net sales and revenue | |||||||||||||||||||||||||||||||
Automotive sales and revenue | $ | 37,062 | $ | — | $ | — | $ | 37,062 | $ | 36,328 | $ | — | $ | — | $ | 36,328 | |||||||||||||||
GM Financial revenue | — | 514 | — | 514 | — | 391 | — | 391 | |||||||||||||||||||||||
Total net sales and revenue | 37,062 | 514 | — | 37,576 | 36,328 | 391 | — | 36,719 | |||||||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||||||||||
Automotive cost of sales | 32,731 | — | 4 | 32,735 | 31,733 | — | 1 | 31,734 | |||||||||||||||||||||||
GM Financial operating expenses | — | 105 | — | 105 | — | 88 | — | 88 | |||||||||||||||||||||||
GM Financial interest expense | — | 75 | — | 75 | — | 56 | — | 56 | |||||||||||||||||||||||
GM Financial other expenses | — | 134 | (3 | ) | 131 | — | 69 | (1 | ) | 68 | |||||||||||||||||||||
Automotive selling, general and administrative expense | 2,832 | — | — | 2,832 | 2,942 | — | — | 2,942 | |||||||||||||||||||||||
Other automotive expenses, net | 17 | — | — | 17 | 25 | — | — | 25 | |||||||||||||||||||||||
Goodwill impairment charges | 78 | — | — | 78 | — | — | — | — | |||||||||||||||||||||||
Total costs and expenses | 35,658 | 314 | 1 | 35,973 | 34,700 | 213 | — | 34,913 | |||||||||||||||||||||||
Operating income | 1,404 | 200 | (1 | ) | 1,603 | 1,628 | 178 | — | 1,806 | ||||||||||||||||||||||
Automotive interest expense | 128 | — | — | 128 | 101 | — | — | 101 | |||||||||||||||||||||||
Interest income and other non-operating income, net | 318 | — | — | 318 | 152 | — | — | 152 | |||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | 35 | — | — | 35 | |||||||||||||||||||||||
Income before income taxes and equity income | 1,594 | 200 | (1 | ) | 1,793 | 1,644 | 178 | — | 1,822 | ||||||||||||||||||||||
Income tax expense | 286 | 71 | — | 357 | 37 | 70 | — | 107 | |||||||||||||||||||||||
Equity income, net of tax and gain on investments | 418 | — | — | 418 | 377 | — | — | 377 | |||||||||||||||||||||||
Net income | 1,726 | 129 | (1 | ) | 1,854 | 1,984 | 108 | — | 2,092 | ||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (21 | ) | — | — | (21 | ) | 15 | — | — | 15 | |||||||||||||||||||||
Net income attributable to stockholders | $ | 1,705 | $ | 129 | $ | (1 | ) | $ | 1,833 | $ | 1,999 | $ | 108 | $ | — | $ | 2,107 |
Nine Months Ended September 30, 2012 | Nine Months Ended September 30, 2011 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Consolidated | Automotive | GM Financial | Eliminations | Consolidated | ||||||||||||||||||||||||
Net sales and revenue | |||||||||||||||||||||||||||||||
Automotive sales and revenue | $ | 111,516 | $ | — | $ | 1 | $ | 111,517 | $ | 111,270 | $ | — | $ | — | $ | 111,270 | |||||||||||||||
GM Financial revenue | — | 1,432 | — | 1,432 | — | 1,016 | — | 1,016 | |||||||||||||||||||||||
Total net sales and revenue | 111,516 | 1,432 | 1 | 112,949 | 111,270 | 1,016 | — | 112,286 | |||||||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||||||||||
Automotive cost of sales | 98,314 | — | 9 | 98,323 | 97,211 | — | 1 | 97,212 | |||||||||||||||||||||||
GM Financial operating expenses | — | 296 | — | 296 | — | 250 | — | 250 | |||||||||||||||||||||||
GM Financial interest expense | — | 202 | — | 202 | — | 140 | — | 140 | |||||||||||||||||||||||
GM Financial other expenses | — | 336 | (7 | ) | 329 | — | 174 | (1 | ) | 173 | |||||||||||||||||||||
Automotive selling, general and administrative expense | 8,647 | — | — | 8,647 | 8,860 | — | — | 8,860 | |||||||||||||||||||||||
Other automotive expenses, net | 37 | — | — | 37 | 50 | — | — | 50 | |||||||||||||||||||||||
Goodwill impairment charges | 695 | — | — | 695 | 395 | — | — | 395 | |||||||||||||||||||||||
Total costs and expenses | 107,693 | 834 | 2 | 108,529 | 106,516 | 564 | — | 107,080 | |||||||||||||||||||||||
Operating income | 3,823 | 598 | (1 | ) | 4,420 | 4,754 | 452 | — | 5,206 | ||||||||||||||||||||||
Automotive interest expense | 356 | — | — | 356 | 405 | — | — | 405 | |||||||||||||||||||||||
Interest income and other non-operating income, net | 732 | — | — | 732 | 1,064 | — | — | 1,064 | |||||||||||||||||||||||
Loss on extinguishment of debt | 18 | — | — | 18 | 45 | — | — | 45 | |||||||||||||||||||||||
Income before income taxes and equity income | 4,181 | 598 | (1 | ) | 4,778 | 5,368 | 452 | — | 5,820 | ||||||||||||||||||||||
Income tax expense | 560 | 254 | — | 814 | 59 | 124 | — | 183 | |||||||||||||||||||||||
Equity income, net of tax and gain on investments | 1,141 | — | — | 1,141 | 2,903 | — | — | 2,903 | |||||||||||||||||||||||
Net income | 4,762 | 344 | (1 | ) | 5,105 | 8,212 | 328 | — | 8,540 | ||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (111 | ) | — | — | (111 | ) | (75 | ) | — | — | (75 | ) | |||||||||||||||||||
Net income attributable to stockholders | $ | 4,651 | $ | 344 | $ | (1 | ) | $ | 4,994 | $ | 8,137 | $ | 328 | $ | — | $ | 8,465 |
Three Months Ended | Nine Months Ended | ||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||
GMNA | |||||||||
Cars | 316 | 267 | 965 | 860 | |||||
Trucks | 447 | 473 | 1,497 | 1,490 | |||||
Total GMNA | 763 | 740 | 2,462 | 2,350 | |||||
GME | 196 | 270 | 718 | 940 | |||||
GMIO | |||||||||
Consolidated entities | 282 | 253 | 866 | 820 | |||||
Joint ventures | |||||||||
SGMW | 323 | 300 | 1,082 | 903 | |||||
Shanghai General Motors Co., Ltd. | 344 | 309 | 948 | 892 | |||||
FAW-GM | 11 | 12 | 39 | 37 | |||||
Other | 96 | 94 | 283 | 285 | |||||
Total GMIO | 1,056 | 968 | 3,218 | 2,937 | |||||
GMSA | 222 | 243 | 656 | 721 | |||||
Worldwide | 2,237 | 2,221 | 7,054 | 6,948 |
Vehicle Sales(a)(b)(c) Three Months Ended September 30, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Industry | GM | GM as a % of Industry | Industry | GM | GM as a % of Industry | ||||||||||||
GMNA | |||||||||||||||||
United States | 3,704 | 652 | 17.6 | % | 3,256 | 641 | 19.7 | % | |||||||||
Canada | 451 | 59 | 13.1 | % | 426 | 62 | 14.6 | % | |||||||||
Mexico | 250 | 45 | 18.1 | % | 226 | 40 | 17.9 | % | |||||||||
Other | 75 | 3 | 3.4 | % | 66 | 3 | 3.8 | % | |||||||||
Total GMNA | 4,480 | 759 | 16.9 | % | 3,974 | 746 | 18.8 | % | |||||||||
GME | |||||||||||||||||
United Kingdom | 642 | 74 | 11.6 | % | 602 | 72 | 11.9 | % | |||||||||
Germany | 799 | 59 | 7.4 | % | 861 | 74 | 8.6 | % | |||||||||
Italy | 298 | 22 | 7.3 | % | 390 | 30 | 7.7 | % | |||||||||
Russia | 802 | 80 | 10.0 | % | 704 | 64 | 9.1 | % | |||||||||
Uzbekistan | 33 | 33 | 99.2 | % | 31 | 29 | 95.4 | % | |||||||||
France | 472 | 19 | 4.0 | % | 536 | 23 | 4.4 | % | |||||||||
Spain | 169 | 15 | 8.8 | % | 208 | 17 | 8.1 | % | |||||||||
Other | 1,235 | 80 | 6.5 | % | 1,344 | 102 | 7.6 | % | |||||||||
Total GME | 4,450 | 382 | 8.6 | % | 4,676 | 412 | 8.8 | % | |||||||||
GMIO | |||||||||||||||||
China(d) | 4,614 | 665 | 14.4 | % | 4,313 | 619 | 14.4 | % | |||||||||
Australia | 275 | 29 | 10.7 | % | 256 | 33 | 13.0 | % | |||||||||
South Korea | 358 | 33 | 9.2 | % | 395 | 36 | 9.2 | % | |||||||||
Middle East Operations | 303 | 32 | 10.7 | % | 275 | 36 | 12.9 | % | |||||||||
India(d) | 805 | 22 | 2.7 | % | 790 | 29 | 3.6 | % | |||||||||
Egypt | 52 | 14 | 27.5 | % | 52 | 13 | 26.0 | % | |||||||||
Other | 2,733 | 61 | 2.2 | % | 2,347 | 44 | 1.9 | % | |||||||||
Total GMIO | 9,141 | 857 | 9.4 | % | 8,428 | 811 | 9.6 | % | |||||||||
GMSA | |||||||||||||||||
Brazil | 1,072 | 183 | 17.1 | % | 945 | 161 | 17.1 | % | |||||||||
Argentina | 215 | 33 | 15.5 | % | 238 | 39 | 16.6 | % | |||||||||
Colombia | 74 | 20 | 27.3 | % | 84 | 28 | 32.8 | % | |||||||||
Venezuela | 32 | 12 | 38.4 | % | 32 | 11 | 34.8 | % | |||||||||
Other | 182 | 34 | 18.6 | % | 180 | 38 | 20.9 | % | |||||||||
Total GMSA | 1,576 | 283 | 17.9 | % | 1,480 | 277 | 18.7 | % | |||||||||
Total Worldwide | 19,646 | 2,281 | 11.6 | % | 18,558 | 2,245 | 12.1 | % |
Vehicle Sales(a)(b)(c) Nine Months Ended September 30, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Industry | GM | GM as a % of Industry | Industry | GM | GM as a % of Industry | ||||||||||||
GMNA | |||||||||||||||||
United States | 11,130 | 1,968 | 17.7 | % | 9,709 | 1,902 | 19.6 | % | |||||||||
Canada | 1,337 | 176 | 13.2 | % | 1,249 | 187 | 15.0 | % | |||||||||
Mexico | 729 | 132 | 18.1 | % | 654 | 117 | 17.9 | % | |||||||||
Other | 221 | 8 | 3.5 | % | 198 | 7 | 3.6 | % | |||||||||
Total GMNA | 13,417 | 2,284 | 17.0 | % | 11,810 | 2,214 | 18.7 | % | |||||||||
GME | |||||||||||||||||
United Kingdom | 1,847 | 212 | 11.5 | % | 1,786 | 225 | 12.6 | % | |||||||||
Germany | 2,591 | 199 | 7.7 | % | 2,644 | 227 | 8.6 | % | |||||||||
Italy | 1,182 | 90 | 7.6 | % | 1,516 | 119 | 7.8 | % | |||||||||
Russia | 2,249 | 217 | 9.6 | % | 1,970 | 177 | 9.0 | % | |||||||||
Uzbekistan | 86 | 83 | 95.5 | % | 88 | 84 | 95.2 | % | |||||||||
France | 1,755 | 80 | 4.6 | % | 2,013 | 97 | 4.8 | % | |||||||||
Spain | 624 | 55 | 8.8 | % | 717 | 63 | 8.8 | % | |||||||||
Other | 4,171 | 299 | 7.2 | % | 4,478 | 342 | 7.6 | % | |||||||||
Total GME | 14,505 | 1,235 | 8.5 | % | 15,213 | 1,333 | 8.8 | % | |||||||||
GMIO | |||||||||||||||||
China(d) | 14,367 | 2,082 | 14.5 | % | 13,732 | 1,893 | 13.8 | % | |||||||||
Australia | 823 | 86 | 10.4 | % | 752 | 96 | 12.8 | % | |||||||||
South Korea | 1,115 | 105 | 9.4 | % | 1,186 | 106 | 8.9 | % | |||||||||
Middle East Operations | 950 | 97 | 10.2 | % | 825 | 101 | 12.3 | % | |||||||||
India(d) | 2,694 | 71 | 2.6 | % | 2,472 | 84 | 3.4 | % | |||||||||
Egypt | 141 | 38 | 26.8 | % | 129 | 34 | 26.4 | % | |||||||||
Other | 8,309 | 170 | 2.0 | % | 6,466 | 124 | 1.9 | % | |||||||||
Total GMIO | 28,399 | 2,648 | 9.3 | % | 25,562 | 2,437 | 9.5 | % | |||||||||
GMSA | |||||||||||||||||
Brazil | 2,789 | 474 | 17.0 | % | 2,682 | 465 | 17.3 | % | |||||||||
Argentina | 677 | 108 | 15.9 | % | 683 | 109 | 16.0 | % | |||||||||
Colombia | 235 | 66 | 28.0 | % | 242 | 80 | 33.1 | % | |||||||||
Venezuela | 99 | 35 | 35.4 | % | 89 | 35 | 39.6 | % | |||||||||
Other | 539 | 105 | 19.4 | % | 526 | 109 | 20.8 | % | |||||||||
Total GMSA | 4,339 | 787 | 18.1 | % | 4,224 | 799 | 18.9 | % | |||||||||
Total Worldwide | 60,660 | 6,954 | 11.5 | % | 56,809 | 6,783 | 11.9 | % |
Vehicle Sales(a)(b)(c) Three Months Ended September 30, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Industry | GM | GM as a % of Industry | Industry | GM | GM as a % of Industry | ||||||||||||
United States | |||||||||||||||||
Cars | 1,784 | 261 | 14.6 | % | 1,463 | 230 | 15.7 | % | |||||||||
Trucks | 994 | 234 | 23.5 | % | 966 | 252 | 26.1 | % | |||||||||
Crossovers | 926 | 158 | 17.0 | % | 827 | 158 | 19.1 | % | |||||||||
Total United States | 3,704 | 652 | 17.6 | % | 3,256 | 641 | 19.7 | % | |||||||||
Canada, Mexico and Other | 776 | 107 | 13.8 | % | 718 | 105 | 14.6 | % | |||||||||
Total GMNA | 4,480 | 759 | 16.9 | % | 3,974 | 746 | 18.8 | % |
Vehicle Sales(a)(b)(c) Nine Months Ended September 30, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Industry | GM | GM as a % of Industry | Industry | GM | GM as a % of Industry | ||||||||||||
United States | |||||||||||||||||
Cars | 5,503 | 813 | 14.8 | % | 4,594 | 764 | 16.6 | % | |||||||||
Trucks | 2,918 | 677 | 23.2 | % | 2,660 | 663 | 24.9 | % | |||||||||
Crossovers | 2,709 | 478 | 17.6 | % | 2,455 | 475 | 19.4 | % | |||||||||
Total United States | 11,130 | 1,968 | 17.7 | % | 9,709 | 1,902 | 19.6 | % | |||||||||
Canada, Mexico and Other | 2,286 | 316 | 13.8 | % | 2,101 | 312 | 14.8 | % | |||||||||
Total GMNA | 13,417 | 2,284 | 17.0 | % | 11,810 | 2,214 | 18.7 | % |
(a) | GMNA vehicle sales primarily represent sales to the end customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate vehicle sales. |
(b) | 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. |
(c) | Vehicle sales data may include rounding differences. |
(d) | Includes the following joint venture vehicle sales. Vehicle sales for SAIC GM Investment Limited, General Motors India Private Limited and Chevrolet Sales India Private Limited (collectively HKJV) are included through August 31, 2012. Refer to Notes 3 and 8 to our condensed consolidated financial statements for further detail on the acquisition of HKJV. |
Three Months Ended | Nine Months Ended | ||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||
Joint venture sales in China | |||||||||||
SAIC General Motors Sales Co., Ltd. | 327 | 306 | 967 | 906 | |||||||
SGMW and FAW-GM | 336 | 312 | 1,111 | 983 | |||||||
Joint venture sales in India | |||||||||||
HKJV | 15 | 29 | 64 | 84 |
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | 2012 vs. 2011 Change | 2012 vs. 2011 Change | ||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
GMNA | $ | 23,344 | $ | 21,884 | $ | 70,420 | $ | 67,122 | $ | 1,460 | 6.7 | % | $ | 3,298 | 4.9 | % | |||||||||||||
GME | 5,063 | 6,151 | 16,470 | 20,480 | (1,088 | ) | (17.7 | )% | (4,010 | ) | (19.6 | )% | |||||||||||||||||
GMIO | 6,745 | 6,116 | 19,750 | 17,726 | 629 | 10.3 | % | 2,024 | 11.4 | % | |||||||||||||||||||
GMSA | 4,341 | 4,418 | 12,459 | 12,677 | (77 | ) | (1.7 | )% | (218 | ) | (1.7 | )% | |||||||||||||||||
GM Financial | 514 | 391 | 1,432 | 1,016 | 123 | 31.5 | % | 416 | 40.9 | % | |||||||||||||||||||
Total operating segments | 40,007 | 38,960 | 120,531 | 119,021 | 1,047 | 2.7 | % | 1,510 | 1.3 | % | |||||||||||||||||||
Corporate and eliminations | (2,431 | ) | (2,241 | ) | (7,582 | ) | (6,735 | ) | (190 | ) | (8.5 | )% | (847 | ) | (12.6 | )% | |||||||||||||
Total net sales and revenue | $ | 37,576 | $ | 36,719 | $ | 112,949 | $ | 112,286 | $ | 857 | 2.3 | % | $ | 663 | 0.6 | % |
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | 2012 vs. 2011 Change | 2012 vs. 2011 Change | ||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
Automotive cost of sales | $ | 32,735 | $ | 31,734 | $ | 98,323 | $ | 97,212 | $ | 1,001 | 3.2 | % | $ | 1,111 | 1.1 | % | |||||||||||||
Automotive gross margin | $ | 4,327 | $ | 4,594 | $ | 13,194 | $ | 14,058 | $ | (267 | ) | (5.8 | )% | $ | (864 | ) | (6.1 | )% |
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | 2012 vs. 2011 Change | 2012 vs. 2011 Change | ||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
Automotive selling, general and administrative expense | $ | 2,832 | $ | 2,942 | $ | 8,647 | $ | 8,860 | $ | (110 | ) | (3.7 | )% | $ | (213 | ) | (2.4 | )% |
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | 2012 vs. 2011 Change | 2012 vs. 2011 Change | |||||||||||||||||||||||
Amount | % | Amount | % | |||||||||||||||||||||||||
Goodwill impairment charges | $ | 78 | $ | — | $ | 695 | $ | 395 | $ | 78 | n.m. | $ | 300 | 75.9 | % |
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | 2012 vs. 2011 Change | 2012 vs. 2011 Change | ||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
Interest income and other non-operating income, net | $ | 318 | $ | 152 | $ | 732 | $ | 1,064 | $ | 166 | 109.2 | % | $ | (332 | ) | (31.2 | )% |
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | 2012 vs. 2011 Change | 2012 vs. 2011 Change | ||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||
Income tax expense | $ | 357 | $ | 107 | $ | 814 | $ | 183 | $ | 250 | n.m. | $ | 631 | n.m. |
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | 2012 vs. 2011 Change | 2012 vs. 2011 Change | ||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
China JVs | $ | 371 | $ | 387 | $ | 1,121 | $ | 1,215 | $ | (16 | ) | (4.1 | )% | $ | (94 | ) | (7.7 | )% | |||||||||||
New Delphi (including gain on disposition) | 1,727 | — | — | % | (1,727 | ) | (100.0 | )% | |||||||||||||||||||||
Others | 47 | (10 | ) | 20 | (39 | ) | 57 | n.m. | 59 | n.m. | |||||||||||||||||||
Total equity income, net of tax and gain on investments | $ | 418 | $ | 377 | $ | 1,141 | $ | 2,903 | $ | 41 | 10.9 | % | $ | (1,762 | ) | (60.7 | )% |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||||||||||||||
Automotive | |||||||||||||||||||||||||||
EBIT-adjusted | |||||||||||||||||||||||||||
GMNA(a) | $ | 1,822 | 86.9 | % | $ | 2,195 | 108.4 | % | $ | 5,478 | 91.3 | % | $ | 5,697 | 84.3 | % | |||||||||||
GME(a) | (478 | ) | (22.8 | )% | (292 | ) | (14.4 | )% | (1,095 | ) | (18.3 | )% | (185 | ) | (2.7 | )% | |||||||||||
GMIO(a) | 689 | 32.9 | % | 365 | 18.0 | % | 1,775 | 29.6 | % | 1,524 | 22.6 | % | |||||||||||||||
GMSA(a) | 114 | 5.4 | % | (44 | ) | (2.2 | )% | 178 | 3.0 | % | 103 | 1.5 | % | ||||||||||||||
Corporate and eliminations | (50 | ) | (2.4 | )% | (199 | ) | (9.8 | )% | (336 | ) | (5.6 | )% | (384 | ) | (5.7 | )% | |||||||||||
Total automotive EBIT-adjusted | 2,097 | 100.0 | % | 2,025 | 100.0 | % | 6,000 | 100.0 | % | 6,755 | 100.0 | % | |||||||||||||||
Adjustments | (62 | ) | — | (674 | ) | 1,483 | |||||||||||||||||||||
Corporate interest income | 84 | 112 | 259 | 363 | |||||||||||||||||||||||
Automotive interest expense | 128 | 101 | 356 | 405 | |||||||||||||||||||||||
Loss on extinguishment of debt | — | 18 | |||||||||||||||||||||||||
Automotive Financing | |||||||||||||||||||||||||||
GM Financial income before income taxes | 200 | 178 | 598 | 452 | |||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||
Eliminations | (1 | ) | — | (1 | ) | — | |||||||||||||||||||||
Income tax expense | 357 | 107 | 814 | 183 | |||||||||||||||||||||||
Net income attributable to stockholders | $ | 1,833 | $ | 2,107 | $ | 4,994 | $ | 8,465 |
(a) | Our automotive operations interest and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for our automotive operating segments between EBIT-adjusted and Net income attributable to stockholders. |
Three Months Ended September 30, 2012 | |||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Total | ||||||||||||||||||
Goodwill impairment charges | $ | — | $ | — | $ | (62 | ) | $ | — | $ | — | $ | (62 | ) |
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Total | ||||||||||||||||||
Goodwill impairment charges | $ | — | $ | (590 | ) | $ | (84 | ) | $ | — | $ | — | $ | (674 | ) |
Nine Months Ended September 30, 2011 | |||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Total | ||||||||||||||||||
Gain on sale of our Class A Membership Interests in New Delphi | $ | 1,645 | $ | — | $ | — | $ | — | $ | — | $ | 1,645 | |||||||||||
Goodwill impairment charges | — | (395 | ) | — | — | — | (395 | ) | |||||||||||||||
Charges related to HKJV | — | — | (106 | ) | — | — | (106 | ) | |||||||||||||||
Gain on sale of Ally Financial preferred stock | — | — | — | — | 339 | 339 | |||||||||||||||||
Total adjustments | $ | 1,645 | $ | (395 | ) | $ | (106 | ) | $ | — | $ | 339 | $ | 1,483 |
September 30, 2012 | December 31, 2011 | ||||||||||||||||||||||||||||||
Automotive | GM Financial | Eliminations | Consolidated | Automotive | GM Financial | Eliminations | Consolidated | ||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 21,514 | $ | 1,806 | $ | — | $ | 23,320 | $ | 15,499 | $ | 572 | $ | — | $ | 16,071 | |||||||||||||||
Marketable securities | 10,411 | — | — | 10,411 | 16,148 | — | — | 16,148 | |||||||||||||||||||||||
Restricted cash and marketable securities | 275 | 588 | — | 863 | 206 | 799 | — | 1,005 | |||||||||||||||||||||||
Accounts and notes receivable, net | 13,097 | 36 | (118 | ) | 13,015 | 9,949 | 52 | (37 | ) | 9,964 | |||||||||||||||||||||
GM Financial finance receivables, net | — | 3,766 | (22 | ) | 3,744 | — | 3,251 | — | 3,251 | ||||||||||||||||||||||
Inventories | 15,672 | — | — | 15,672 | 14,324 | — | — | 14,324 | |||||||||||||||||||||||
Equipment on operating leases, net | 2,972 | — | — | 2,972 | 2,464 | — | — | 2,464 | |||||||||||||||||||||||
Other current assets and deferred income taxes | 2,069 | 52 | (11 | ) | 2,110 | 1,657 | 46 | (7 | ) | 1,696 | |||||||||||||||||||||
Total current assets | 66,010 | 6,248 | (151 | ) | 72,107 | 60,247 | 4,720 | (44 | ) | 64,923 | |||||||||||||||||||||
Non-current Assets | |||||||||||||||||||||||||||||||
Restricted cash and marketable securities | 505 | 281 | — | 786 | 912 | 316 | — | 1,228 | |||||||||||||||||||||||
GM Financial finance receivables, net | — | 6,855 | — | 6,855 | — | 5,911 | — | 5,911 | |||||||||||||||||||||||
Equity in net assets of nonconsolidated affiliates | 7,519 | — | — | 7,519 | 6,790 | — | — | 6,790 | |||||||||||||||||||||||
Property, net | 26,526 | 52 | — | 26,578 | 22,957 | 47 | 1 | 23,005 | |||||||||||||||||||||||
Goodwill | 27,129 | 1,279 | — | 28,408 | 27,741 | 1,278 | — | 29,019 | |||||||||||||||||||||||
Intangible assets, net | 8,904 | — | — | 8,904 | 10,013 | 1 | — | 10,014 | |||||||||||||||||||||||
GM Financial equipment on operating leases, net | — | 1,571 | (50 | ) | 1,521 | — | 809 | (24 | ) | 785 | |||||||||||||||||||||
Other assets and deferred income taxes | 3,180 | 46 | (448 | ) | 2,778 | 3,200 | 30 | (302 | ) | 2,928 | |||||||||||||||||||||
Total non-current assets | 73,763 | 10,084 | (498 | ) | 83,349 | 71,613 | 8,392 | (325 | ) | 79,680 | |||||||||||||||||||||
Total Assets | $ | 139,773 | $ | 16,332 | $ | (649 | ) | $ | 155,456 | $ | 131,860 | $ | 13,112 | $ | (369 | ) | $ | 144,603 | |||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||||||||
Accounts payable (principally trade) | $ | 26,264 | $ | 166 | $ | (117 | ) | $ | 26,313 | $ | 24,531 | $ | 58 | $ | (38 | ) | $ | 24,551 | |||||||||||||
Short-term debt and current portion of long-term debt | |||||||||||||||||||||||||||||||
Automotive | 2,299 | — | (22 | ) | 2,277 | 1,682 | — | — | 1,682 | ||||||||||||||||||||||
GM Financial | — | 4,001 | — | 4,001 | — | 4,118 | — | 4,118 | |||||||||||||||||||||||
Accrued liabilities | 24,881 | 179 | (28 | ) | 25,032 | 22,767 | 119 | (11 | ) | 22,875 | |||||||||||||||||||||
Total current liabilities | 53,444 | 4,346 | (167 | ) | 57,623 | 48,980 | 4,295 | (49 | ) | 53,226 | |||||||||||||||||||||
Non-current Liabilities | |||||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||||
Automotive | 3,314 | — | — | 3,314 | 3,613 | — | — | 3,613 | |||||||||||||||||||||||
GM Financial | — | 7,061 | — | 7,061 | — | 4,420 | — | 4,420 | |||||||||||||||||||||||
Postretirement benefits other than pensions | 6,755 | — | — | 6,755 | 6,836 | — | — | 6,836 | |||||||||||||||||||||||
Pensions | 25,317 | — | — | 25,317 | 25,075 | — | — | 25,075 | |||||||||||||||||||||||
Other liabilities and deferred income taxes | 12,643 | 595 | (481 | ) | 12,757 | 12,355 | 406 | (319 | ) | 12,442 | |||||||||||||||||||||
Total non-current liabilities | 48,029 | 7,656 | (481 | ) | 55,204 | 47,879 | 4,826 | (319 | ) | 52,386 | |||||||||||||||||||||
Total Liabilities | 101,473 | 12,002 | (648 | ) | 112,827 | 96,859 | 9,121 | (368 | ) | 105,612 | |||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||
Preferred stock, $0.01 par value, 2,000,000,000 shares authorized: | |||||||||||||||||||||||||||||||
Series A (276,101,695 shares issued and outstanding (each with a $25.00 liquidation preference) at September 30, 2012 and December 31, 2011) | 5,536 | — | — | 5,536 | 5,536 | — | — | 5,536 | |||||||||||||||||||||||
Series B (100,000,000 shares issued and outstanding (each with a $50.00 liquidation preference) at September 30, 2012 and December 31, 2011) | 4,855 | — | — | 4,855 | 4,855 | — | — | 4,855 | |||||||||||||||||||||||
Common stock, $0.01 par value (5,000,000,000 shares authorized and 1,565,979,895 shares and 1,564,727,289 shares issued and outstanding at September 30, 2012 and December 31, 2011) | 16 | — | — | 16 | 16 | — | — | 16 | |||||||||||||||||||||||
Capital surplus (principally additional paid-in capital) | 26,443 | — | — | 26,443 | 26,391 | — | — | 26,391 | |||||||||||||||||||||||
Retained earnings | 7,204 | 4,330 | (1 | ) | 11,533 | 3,186 | 3,998 | (1 | ) | 7,183 | |||||||||||||||||||||
Accumulated other comprehensive loss | (6,724 | ) | — | — | (6,724 | ) | (5,854 | ) | (7 | ) | — | (5,861 | ) | ||||||||||||||||||
Total stockholders’ equity | 37,330 | 4,330 | (1 | ) | 41,659 | 34,130 | 3,991 | (1 | ) | 38,120 | |||||||||||||||||||||
Noncontrolling interests | 970 | — | — | 970 | 871 | — | — | 871 | |||||||||||||||||||||||
Total Equity | 38,300 | 4,330 | (1 | ) | 42,629 | 35,001 | 3,991 | (1 | ) | 38,991 | |||||||||||||||||||||
Total Liabilities and Equity | $ | 139,773 | $ | 16,332 | $ | (649 | ) | $ | 155,456 | $ | 131,860 | $ | 13,112 | $ | (369 | ) | $ | 144,603 |
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | 2012 vs. 2011 Change | 2012 vs. 2011 Change | ||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
Total net sales and revenue | $ | 23,344 | $ | 21,884 | $ | 70,420 | $ | 67,122 | $ | 1,460 | 6.7 | % | $ | 3,298 | 4.9 | % | |||||||||||||
EBIT-adjusted | $ | 1,822 | $ | 2,195 | $ | 5,478 | $ | 5,697 | $ | (373 | ) | (17.0 | )% | $ | (219 | ) | (3.8 | )% |
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | 2012 vs. 2011 Change | 2012 vs. 2011 Change | ||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
Total net sales and revenue | $ | 5,063 | $ | 6,151 | $ | 16,470 | $ | 20,480 | $ | (1,088 | ) | (17.7 | )% | $ | (4,010 | ) | (19.6 | )% | |||||||||||
EBIT (loss)-adjusted | $ | (478 | ) | $ | (292 | ) | $ | (1,095 | ) | $ | (185 | ) | $ | (186 | ) | 63.7 | % | $ | (910 | ) | n.m. |
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | 2012 vs. 2011 Change | 2012 vs. 2011 Change | ||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
Total net sales and revenue | $ | 6,745 | $ | 6,116 | $ | 19,750 | $ | 17,726 | $ | 629 | 10.3 | % | $ | 2,024 | 11.4 | % | |||||||||||||
EBIT-adjusted | $ | 689 | $ | 365 | $ | 1,775 | $ | 1,524 | $ | 324 | 88.8 | % | $ | 251 | 16.5 | % |
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | 2012 vs. 2011 Change | 2012 vs. 2011 Change | ||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
Total net sales and revenue | $ | 4,341 | $ | 4,418 | $ | 12,459 | $ | 12,677 | $ | (77 | ) | (1.7 | )% | $ | (218 | ) | (1.7 | )% | |||||||||||
EBIT (loss)-adjusted | $ | 114 | $ | (44 | ) | $ | 178 | $ | 103 | $ | 158 | n.m. | $ | 75 | 72.8 | % |
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | 2012 vs. 2011 Change | 2012 vs. 2011 Change | ||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
GM Financial revenue | $ | 514 | $ | 391 | $ | 1,432 | $ | 1,016 | $ | 123 | 31.5 | % | $ | 416 | 40.9 | % | |||||||||||||
Income before income taxes | $ | 200 | $ | 178 | $ | 598 | $ | 452 | $ | 22 | 12.4 | % | $ | 146 | 32.3 | % |
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | 2012 vs. 2011 Change | 2012 vs. 2011 Change | |||||||||||||||||||||||
Amount | % | Amount | % | |||||||||||||||||||||||||
Net loss attributable to stockholders | $ | (380 | ) | $ | (209 | ) | $ | (980 | ) | $ | (103 | ) | $ | (171 | ) | 81.8 | % | $ | (877 | ) | n.m. |
Nine Months Ended September 30, 2012 | Nine Months Ended September 30, 2011 | ||||||||||||||||||||||
Automotive | GM Financial | Consolidated | Automotive | GM Financial | Consolidated | ||||||||||||||||||
Net cash provided by operating activities | 9,145 | 679 | 9,824 | 6,194 | 530 | 6,724 | |||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||
Expenditures for property | (5,993 | ) | (11 | ) | (6,004 | ) | (4,065 | ) | (6 | ) | (4,071 | ) | |||||||||||
Available-for-sale marketable securities, acquisitions | (3,818 | ) | — | (3,818 | ) | (16,349 | ) | — | (16,349 | ) | |||||||||||||
Trading marketable securities, acquisitions | (4,867 | ) | — | (4,867 | ) | (514 | ) | — | (514 | ) | |||||||||||||
Available-for-sale marketable securities, liquidations | 8,923 | — | 8,923 | 10,351 | — | 10,351 | |||||||||||||||||
Trading marketable securities, liquidations | 5,313 | — | 5,313 | 380 | — | 380 | |||||||||||||||||
Acquisition of companies, net of cash acquired | (34 | ) | — | (34 | ) | (25 | ) | — | (25 | ) | |||||||||||||
Operating leases, liquidations | 3 | 33 | 36 | 7 | 32 | 39 | |||||||||||||||||
Proceeds from sale of business units/investments, net | 18 | — | 18 | 4,810 | — | 4,810 | |||||||||||||||||
Increase in restricted cash and marketable securities | (387 | ) | (119 | ) | (506 | ) | (477 | ) | (167 | ) | (644 | ) | |||||||||||
Decrease in restricted cash and marketable securities | 730 | 366 | 1,096 | 846 | 146 | 992 | |||||||||||||||||
Purchases and originations of finance receivables | — | (4,941 | ) | (4,941 | ) | — | (3,786 | ) | (3,786 | ) | |||||||||||||
Principal collections and recoveries on finance receivables | — | 3,349 | 3,349 | — | 2,817 | 2,817 | |||||||||||||||||
Purchases of leased vehicles, net | — | (837 | ) | (837 | ) | — | (578 | ) | (578 | ) | |||||||||||||
Decrease (increase) in notes receivable | (2,038 | ) | — | (2,038 | ) | 7 | — | 7 | |||||||||||||||
Other investing activities | 29 | — | 29 | 67 | — | 67 | |||||||||||||||||
Net cash used in investing activities | (2,121 | ) | (2,160 | ) | (4,281 | ) | (4,962 | ) | (1,542 | ) | (6,504 | ) | |||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Net increase (decrease) in short-term debt | (221 | ) | — | (221 | ) | 169 | — | 169 | |||||||||||||||
Proceeds from issuance of debt (original maturities greater than three months) | 330 | 7,600 | 7,930 | 381 | 6,668 | 7,049 | |||||||||||||||||
Payments on debt (original maturities greater than three months) | (208 | ) | (5,059 | ) | (5,267 | ) | (1,376 | ) | (5,688 | ) | (7,064 | ) | |||||||||||
Payments to acquire noncontrolling interest | — | — | — | (100 | ) | — | (100 | ) | |||||||||||||||
Dividends paid | (679 | ) | — | (679 | ) | (649 | ) | — | (649 | ) | |||||||||||||
Other financing activities | 4 | (44 | ) | (40 | ) | (15 | ) | (46 | ) | (61 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (774 | ) | 2,497 | 1,723 | (1,590 | ) | 934 | (656 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (19 | ) | 2 | (17 | ) | (212 | ) | (4 | ) | (216 | ) | ||||||||||||
Net transactions with Automotive/GM Financial | (216 | ) | 216 | — | (194 | ) | 194 | — | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 6,015 | 1,234 | 7,249 | (764 | ) | 112 | (652 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | 15,499 | 572 | 16,071 | 21,061 | 195 | 21,256 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 21,514 | $ | 1,806 | $ | 23,320 | $ | 20,297 | $ | 307 | $ | 20,604 |
September 30, 2012 | December 31, 2011 | ||||||
Cash and cash equivalents | $ | 21,514 | $ | 15,499 | |||
Marketable securities | 10,080 | 16,148 | |||||
Available liquidity | 31,594 | 31,647 | |||||
Available under credit facilities | 5,919 | 5,867 | |||||
Total available liquidity | $ | 37,513 | $ | 37,514 |
Total Credit Facilities | Amounts Available Under Credit Facilities | ||||||||||||||
September 30, 2012 | December 31, 2011 | September 30, 2012 | December 31, 2011 | ||||||||||||
Committed | $ | 5,472 | $ | 5,338 | $ | 5,381 | $ | 5,308 | |||||||
Uncommitted | 578 | 629 | 538 | 559 | |||||||||||
Total | $ | 6,050 | $ | 5,967 | $ | 5,919 | $ | 5,867 |
Total Credit Facilities | Amounts Available Under Credit Facilities | ||||||||||||||
September 30, 2012 | December 31, 2011 | September 30, 2012 | December 31, 2011 | ||||||||||||
Secured revolving credit facility | $ | 5,000 | $ | 5,000 | $ | 5,000 | $ | 5,000 | |||||||
Other(a) | 1,050 | 967 | 919 | 867 | |||||||||||
Total | $ | 6,050 | $ | 5,967 | $ | 5,919 | $ | 5,867 |
(a) | Consists of credit facilities available at our foreign subsidiaries that are not individually significant. |
Nine Months Ended | |||||||
September 30, 2012 | September 30, 2011 | ||||||
Operating cash flow | $ | 9,145 | $ | 6,194 | |||
Less: capital expenditures | (5,993 | ) | (4,065 | ) | |||
Free cash flow | $ | 3,152 | $ | 2,129 |
Rating Agency | Corporate | Secured Revolving Credit Facility | Senior Unsecured | Outlook | ||||
DBRS Limited | BBB (low) | BBB (low) | N/A | Stable | ||||
Fitch | BB+ | BBB- | N/A | Stable | ||||
Moody's | Ba1 | Baa2 | N/A | Positive | ||||
S&P | BB+ | BBB | N/A | Stable |
September 30, 2012 | December 31, 2011 | ||||||
Cash and cash equivalents | $ | 1,806 | $ | 572 | |||
Borrowing capacity on unpledged eligible receivables | 424 | 387 | |||||
Borrowing capacity on unpledged eligible leased assets | 592 | 294 | |||||
Available liquidity | $ | 2,822 | $ | 1,253 |
September 30, 2012 | December 31, 2011 | ||||||||||||||
Facility Amount | Advances Outstanding | Facility Amount | Advances Outstanding | ||||||||||||
Syndicated warehouse facility(a) | $ | 2,500 | $ | — | $ | 2,000 | $ | 621 | |||||||
U.S. lease warehouse facility(b) | $ | 600 | — | $ | 600 | — | |||||||||
Canada lease warehouse facility(c) | $ | 813 | 375 | $ | 589 | 181 | |||||||||
Medium-term note facility(d) | 182 | 294 | |||||||||||||
Bank funding facility | — | 3 | |||||||||||||
Total | $ | 557 | $ | 1,099 |
(a) | In May 2012 GM Financial increased the syndicated warehouse facility amount from $2.0 billion to $2.5 billion and extended the maturity date to May 2013. |
(b) | In January 2012 GM Financial extended the maturity date of the U.S. lease warehouse facility to January 2013. Borrowings on the facility are collateralized by leased assets. |
(c) | In July 2012 GM Financial increased the Canada lease warehouse facility from CAD $600 million to CAD $800 million and extended the maturity date to July 2013. Borrowings in the facility are collateralized by leased assets. The facility amount represents CAD $800 million and CAD $600 million at September 30, 2012 and December 31, 2011, and the advances outstanding amount represents CAD $368 million and CAD $185 million at September 30, 2012 and December 31, 2011. |
(d) | In October 2012 this facility was paid in full and subsequently terminated. |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2011 | September 30, 2012 | September 30, 2011 | ||||||||||||
Series A Preferred Stock(a) | $ | 155 | $ | 155 | $ | 466 | $ | 466 | |||||||
Series B Preferred Stock(b) | 60 | 59 | 178 | 183 | |||||||||||
Total Preferred Stock dividends paid | $ | 215 | $ | 214 | $ | 644 | $ | 649 |
(a) | Cumulative unpaid dividends on our Series A Preferred Stock were $26 million at September 30, 2011. |
(b) | Cumulative unpaid dividends on our Series B Preferred Stock were $20 million at September 30, 2012 and 2011. |
September 30, 2012 | December 31, 2011 | ||||
GMNA | 101 | 98 | |||
GME | 38 | 39 | |||
GMIO (a) | 39 | 34 | |||
GMSA | 31 | 33 | |||
GM Financial | 4 | 3 | |||
Total worldwide | 213 | 207 | |||
U.S. - Salaried | 30 | 29 | |||
U.S. - Hourly | 50 | 48 |
(a) | Increase in GMIO includes an increase of 4,000 employees due to the acquisition of HKJV. Refer to Note 3 to our condensed consolidated financial statements for detail regarding the acquisition. |
• | Future reversals of existing taxable temporary differences; |
• | Future taxable income exclusive of reversing temporary differences and carryforwards; |
• | Taxable income in prior carryback years; and |
• | Tax-planning strategies. |
• | Nature, frequency, and severity of recent losses; |
• | Duration of statutory carryforward periods; |
• | Historical experience with tax attributes expiring unused; and |
• | Near- and medium-term financial outlook. |
• | 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 planned significant investment in new technology; |
• | Our ability to realize successful vehicle applications of new technology; |
• | Shortages of and increases or volatility in the price of oil, including as a result of political instability in the Middle East and African nations; |
• | The effect of business or liquidity difficulties for us or one or more subsidiaries on other entities in our corporate group as a result of our highly integrated and complex corporate structure and operation; |
• | Our ability to continue to attract customers, particularly for our new products, including cars and crossover vehicles; |
• | Availability of adequate financing on acceptable terms to our customers, dealers, distributors and suppliers to enable them to continue their business relationships with us; |
• | The ability of our suppliers to deliver parts, systems and components without disruption and at such times to allow us to meet production schedules; |
• | Our ability to manage the distribution channels for our products; |
• | Our ability to successfully restructure our European operations; |
• | The continued availability of both wholesale and retail financing from Ally Financial and its affiliates and other finance companies in markets in which we operate to support our ability to sell vehicles, which is dependent on those entities' ability to obtain funding and their continued willingness to provide financing; |
• | Our continued ability to develop captive financing capability, including through GM Financial; |
• | Overall strength and stability of the automotive industry, both in the U.S. and in global markets, particularly Europe; |
• | Continued economic instability or poor economic conditions in the U.S., Europe and other global markets, including the credit markets, or changes in economic conditions, commodity prices, housing prices, foreign currency exchange rates or political stability in the markets in which we operate; |
• | Significant changes in the competitive environment, including the effect of competition and excess manufacturing capacity in our markets, on our pricing policies or use of incentives and the introduction of new and improved vehicle models by our competitors; |
• | Significant changes in economic, political and market conditions in China, including the effect of competition from new market entrants, on our vehicle sales and market position in China; |
• | Changes in the existing, or the adoption of new, laws, regulations, policies or other activities of governments, agencies |
• | Costs and risks associated with litigation; |
• | Significant increases in our pension expense or projected pension contributions resulting from changes in the value of plan assets, the discount rate applied to value the pension liabilities or other assumption changes; and |
• | Changes in accounting principles, or their application or interpretation, and our ability to make estimates and the assumptions underlying the estimates, which could have an effect on earnings. |
Exhibit Number | Exhibit Name | |||
31.1 | Section 302 Certification of the Chief Executive Officer | Filed Herewith | ||
31.2 | Section 302 Certification of the Chief Financial Officer | Filed Herewith | ||
32.1 | Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished with this Report | ||
32.2 | Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished with this Report | ||
101.INS* | XBRL Instance Document | Furnished with this Report | ||
101.SCH* | XBRL Taxonomy Extension Schema Document | Furnished with this Report | ||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | Furnished with this Report | ||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | Furnished with this Report | ||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | Furnished with this Report | ||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | Furnished with this Report |
* | Submitted electronically with this Report. |
GENERAL MOTORS COMPANY (Registrant) | ||||
By: | /s/ NICK S. CYPRUS | |||
Nick S. Cyprus, Vice President, Controller and Chief Accounting Officer | ||||
Date: | October 31, 2012 |
Goodwill (Tables)
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Sep. 30, 2012
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Goodwill [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | The following tables summarize the changes in the carrying amounts of Goodwill (dollars in millions):
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Goodwill Impairment Charges [Table Text Block] | The following tables summarize the Goodwill impairment charges recorded in the three and nine months ended September 30, 2012 and 2011 (dollars in millions):
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Goodwill balances and key assumptions [Table Text Block] | The following table summarizes the Goodwill balances and key assumptions, which are unobservable, utilized for each of our reporting units that required a Step 2 analysis (dollars and industry volumes in millions):
_________
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Acquisition Of Businesses (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||
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Sep. 30, 2012
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Sep. 30, 2011
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Sep. 30, 2012
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Sep. 30, 2011
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Sep. 30, 2011
Noncontrolling Interests [Member]
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Sep. 30, 2011
Accumulated Other Comprehensive Income (loss) [Member]
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Sep. 30, 2011
Capital Surplus [Member]
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Sep. 30, 2012
HKJV [Member]
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Sep. 02, 2012
HKJV [Member]
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Mar. 31, 2012
GMAC SA [Member]
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Mar. 01, 2012
GMAC SA [Member]
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Mar. 31, 2011
GM Korea [Member]
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Mar. 31, 2011
GM Korea [Member]
Noncontrolling Interests [Member]
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Mar. 31, 2011
GM Korea [Member]
Accumulated Other Comprehensive Income (loss) [Member]
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Mar. 31, 2011
GM Korea [Member]
Capital Surplus [Member]
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Sep. 30, 2012
Class B [Member]
HKJV [Member]
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Sep. 30, 2012
Class A [Member]
HKJV [Member]
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Business Acquisition [Line Items] | |||||||||||||||||
Fair Value of Previously Held Investment | $ 74 | ||||||||||||||||
Consideration Paid for SAIC Portion of the Promissory Note | 150 | ||||||||||||||||
Settlement of Written Put Option | (94) | ||||||||||||||||
Total Consideration | 130 | ||||||||||||||||
Fair Value of the Noncontrolling Interest | 21 | ||||||||||||||||
Accounts Receivables | 124 | ||||||||||||||||
Inventory | 132 | ||||||||||||||||
Property, Plant and Equipment | 385 | ||||||||||||||||
Goodwill | 61 | ||||||||||||||||
Other Noncurrent Assets | 59 | ||||||||||||||||
Current Liabilities | (483) | ||||||||||||||||
Noncurrent Liabilities | (157) | ||||||||||||||||
Assets Acquired, Goodwill, and Liabilities Assumed, Net | 151 | ||||||||||||||||
Number of Shares Acquired | 257 | 186 | |||||||||||||||
Face Value Per Share | $ 1.17 | $ 0.6708 | |||||||||||||||
Equity Method Investment Ownership Percentage By Parent | 50.00% | ||||||||||||||||
SAIC's Ownership Percentage After the Stock Transactions | 14.00% | ||||||||||||||||
Subsidiary or Equity Method Investee Percentage Ownership after Certain Transactions | 86.00% | ||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Sep. 01, 2012 | Mar. 01, 2012 | |||||||||||||||
Post-Acquisition Investment | 125 | ||||||||||||||||
Ownership Percentage After Stock Transactions | 90.80% | 77.00% | |||||||||||||||
Percentage of Voting Interests Acquired | 100.00% | 6.90% | |||||||||||||||
Purchase Price | 29 | ||||||||||||||||
Cash and Cash Equivalents Acquired | 17 | 79 | |||||||||||||||
Other assets acquired | 13 | 11 | |||||||||||||||
Liabilities Assumed | (11) | ||||||||||||||||
Gain on Purchase of Business | (50) | ||||||||||||||||
Total Purchase Price | 100 | ||||||||||||||||
Purchase of noncontrolling interest shares | (100) | (134) | (7) | 41 | (134) | (7) | 41 | ||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 51 | ||||||||||||||||
Equity income, net of tax and gain on Investments | $ 418 | $ 377 | $ 1,141 | $ 2,903 | $ 50 |
Restructuring And Other Initiatives (Tables)
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Restructuring and Other Initiatives [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | The following tables summarize the reserves related to restructuring and other initiatives (excluding restructuring reserves related to dealer wind-down agreements) and charges by segment, including postemployment benefit reserves and charges (dollars in millions):
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Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes GMNA's restructuring reserves related to dealer wind-down agreements (dollars in millions):
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Debt Securitization Notes Payable (Details) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | |||||||||||||||||||||
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Sep. 30, 2012
2006 Transactions [Member]
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Sep. 30, 2012
2007 Transactions [Member]
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Sep. 30, 2012
2008 Transactions [Member]
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Sep. 30, 2012
2009 Transactions [Member]
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Sep. 30, 2012
2010 Transactions [Member]
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Sep. 30, 2012
2011 Transactions [Member]
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Sep. 30, 2012
2012 Transactions [Member]
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Sep. 30, 2012
GM Financial [Member]
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Dec. 31, 2011
GM Financial [Member]
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Sep. 30, 2012
GM Financial [Member]
2006 Transactions [Member]
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Dec. 31, 2011
GM Financial [Member]
2006 Transactions [Member]
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Sep. 30, 2012
GM Financial [Member]
2007 Transactions [Member]
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Dec. 31, 2011
GM Financial [Member]
2007 Transactions [Member]
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Sep. 30, 2012
GM Financial [Member]
2008 Transactions [Member]
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Dec. 31, 2011
GM Financial [Member]
2008 Transactions [Member]
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Sep. 30, 2012
GM Financial [Member]
2009 Transactions [Member]
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Dec. 31, 2011
GM Financial [Member]
2009 Transactions [Member]
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Sep. 30, 2012
GM Financial [Member]
2010 Transactions [Member]
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Dec. 31, 2011
GM Financial [Member]
2010 Transactions [Member]
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Sep. 30, 2012
GM Financial [Member]
2011 Transactions [Member]
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Dec. 31, 2011
GM Financial [Member]
2011 Transactions [Member]
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Sep. 30, 2012
GM Financial [Member]
2012 Transactions [Member]
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Securitization notes payable [Line Items] | ||||||||||||||||||||||
Total Receivables Pledged | $ 9,938 | $ 0 | $ 0 | $ 282 | $ 251 | $ 1,394 | $ 3,037 | $ 4,974 | ||||||||||||||
Secured Debt | 8,988 | 6,895 | 0 | 63 | 0 | 794 | 104 | 171 | 188 | 298 | 1,235 | 1,756 | 2,798 | 3,813 | 4,663 | |||||||
Purchase accounting premium | 17 | 43 | ||||||||||||||||||||
Securitized Notes Payable | 9,005 | 6,938 | ||||||||||||||||||||
Debt Instrument, Maturity Date Range, Start | Jan. 01, 2014 | Apr. 01, 2014 | Oct. 01, 2014 | Jan. 01, 2016 | Jul. 01, 2017 | Jul. 01, 2018 | Jun. 01, 2019 | |||||||||||||||
Debt Instrument, Maturity Date Range, End | Jan. 01, 2014 | Mar. 01, 2016 | Apr. 01, 2015 | Jul. 01, 2017 | Apr. 01, 2018 | Mar. 01, 2019 | Nov. 01, 2019 | |||||||||||||||
Original Note Amounts - Minimum | 1,200 | 1,000 | 500 | 227 | 200 | 800 | 800 | |||||||||||||||
Original Note Amounts - Maximum | $ 1,200 | $ 1,500 | $ 750 | $ 725 | $ 850 | $ 1,000 | $ 1,200 | |||||||||||||||
Original Weighted-Average Interest Rate - Minimum | 5.40% | 5.30% | 6.00% | 2.70% | 2.20% | 2.40% | 1.90% | |||||||||||||||
Original Weighted-Average Interest Rate - Maximum | 5.40% | 5.50% | 10.50% | 7.50% | 3.80% | 2.90% | 2.90% |
Derivative Financial Instruments and Risk Management (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivatives, Fair Value [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivatives by Level of Inputs [Table Text Block] | The following tables summarize information regarding marketable securities (dollars in millions):
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Automotive [Member]
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Derivatives, Fair Value [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivatives in Statement of Financial Position [Table Text Block] | The following tables summarize fair value measurements of our derivative instruments measured on a recurring basis (dollars in millions):
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Fair Value of Derivatives by Level of Inputs [Table Text Block] |
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Fair Value, Measurement Inputs, Disclosure [Table Text Block] | The following table summarizes the significant quantitative unobservable inputs and assumptions used in the fair value measurement of the derivatives at September 30, 2012:
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Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | The following table summarizes the significant quantitative unobservable inputs and assumptions used in the fair value measurement of the derivatives at September 30, 2012:
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Level 3 Rollforward [Table Text Block] | The following table summarizes the activity for our derivative investments measured using Level 3 inputs (dollars in millions):
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Gain and Loss on Derivatives [Table Text Block] | Gains (Losses) on Derivatives The following table summarizes derivative gains (losses) recorded in Interest income and other non-operating income, net (dollars in millions):
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Acquisition Of Businesses (Tables) (GMAC SA [Member])
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9 Months Ended | ||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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GMAC SA [Member]
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Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the amounts recorded in connection with the acquisition of GMAC Venezuela, which are included in our GMSA segment (dollars in millions):
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Ally Financial (Details) (USD $)
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3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||
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Sep. 30, 2012
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Sep. 30, 2011
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Sep. 30, 2012
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Sep. 30, 2011
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Dec. 31, 2011
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Sep. 30, 2012
Ally Financial [Member]
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Mar. 31, 2012
Ally Financial [Member]
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Sep. 30, 2011
Ally Financial [Member]
|
Sep. 30, 2012
Ally Financial [Member]
|
Sep. 30, 2011
Ally Financial [Member]
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Dec. 31, 2011
Ally Financial [Member]
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Dec. 31, 2011
Common Stock [Member]
Ally Financial [Member]
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Sep. 30, 2012
Common Stock [Member]
Ally Financial [Member]
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Mar. 31, 2011
Preferred Stock [Member]
Ally Financial [Member]
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Sep. 30, 2012
Residual support [Member]
Ally Financial [Member]
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Dec. 31, 2011
Residual support [Member]
Ally Financial [Member]
|
Sep. 30, 2012
Risk sharing [Member]
Ally Financial [Member]
|
Dec. 31, 2011
Risk sharing [Member]
Ally Financial [Member]
|
Sep. 30, 2012
Vehicle repurchase obligations [Member]
Ally Financial [Member]
|
Dec. 31, 2011
Vehicle repurchase obligations [Member]
Ally Financial [Member]
|
|
Summary of Financial Statement Effects and Maximum Obligations [Abstract] | ||||||||||||||||||||
Market Incentive Programs, Liabilities(recievables) Recorded | $ 82,000,000 | $ (6,000,000) | $ 2,000,000 | $ 66,000,000 | ||||||||||||||||
Market Incentive Programs, Maximum Obligation | 87,000,000 | 40,000,000 | 4,000,000 | 88,000,000 | ||||||||||||||||
Vehicle Repurchase, Maximum obligations | 20,771,000,000 | 19,779,000,000 | ||||||||||||||||||
Vehicle Repurchase, Fair value of guarantee | 16,000,000 | 17,000,000 | ||||||||||||||||||
Favorable Adjustments to Residual and Risk Sharing Liabilities | 77,000,000 | 443,000,000 | ||||||||||||||||||
Marketing Incentive Program Payments and Fee Income [Abstract] | ||||||||||||||||||||
U.S. Marketing incentives and operating lease residual payments | 509,000,000 | 192,000,000 | 1,320,000,000 | 1,162,000,000 | ||||||||||||||||
Exclusivity fee income | 16,000,000 | 25,000,000 | 54,000,000 | 71,000,000 | ||||||||||||||||
Summary of Balance Sheet Effects [Abstract] | ||||||||||||||||||||
Accounts and Notes Receivable, Net | 259,000,000 | 259,000,000 | 243,000,000 | |||||||||||||||||
Accounts Payable | 29,000,000 | 29,000,000 | 59,000,000 | |||||||||||||||||
Short-term debt and current portion of long-term debt | 933,000,000 | 933,000,000 | 1,068,000,000 | |||||||||||||||||
Accrued Liabilities and other liabilities | 766,000,000 | 766,000,000 | 650,000,000 | |||||||||||||||||
Long-term Debt | 4,000,000 | 4,000,000 | 8,000,000 | |||||||||||||||||
Other Liabilities, Noncurrent | 12,757,000,000 | 12,757,000,000 | 12,442,000,000 | 23,000,000 | 23,000,000 | 35,000,000 | ||||||||||||||
Summary of Income Statement Effects [Abstract] | ||||||||||||||||||||
Total Net Sales And Revenue | 37,062,000,000 | 36,328,000,000 | 111,517,000,000 | 111,270,000,000 | (530,000,000) | (335,000,000) | (1,815,000,000) | (952,000,000) | ||||||||||||
Automotive cost of sales and other automotive expenses | 4,000,000 | 4,000,000 | 11,000,000 | 12,000,000 | ||||||||||||||||
Interest income and other non-operating income, net | 318,000,000 | 152,000,000 | 732,000,000 | 1,064,000,000 | 30,000,000 | 30,000,000 | 72,000,000 | 115,000,000 | ||||||||||||
Automotive interest expense | 128,000,000 | 101,000,000 | 356,000,000 | 405,000,000 | 15,000,000 | (21,000,000) | 16,000,000 | 23,000,000 | 53,000,000 | |||||||||||
Investment in Ally Financial [Abstract] | ||||||||||||||||||||
Total common equity ownership in investee | 9.90% | 9.90% | 9.90% | |||||||||||||||||
Impairment charge on Ally Financial common stock | 555,000,000 | |||||||||||||||||||
Carrying amount of investment Ally Financial common stock | 403,000,000 | 404,000,000 | ||||||||||||||||||
Fair Value of investment in Ally Financial common stock | 403,000,000 | 930,000,000 | ||||||||||||||||||
Proceeds from Sale of Ally Financial Preferred Stock | 1,000,000,000 | |||||||||||||||||||
Gain on sale of Ally Financial preferred stock | $ 339,000,000 |
Derivative Financial Instruments and Risk Management (Details)
Share data in Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
Automotive [Member]
USD ($)
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Sep. 30, 2011
Automotive [Member]
USD ($)
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Mar. 31, 2011
Automotive [Member]
USD ($)
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Sep. 30, 2012
Automotive [Member]
USD ($)
|
Sep. 30, 2011
Automotive [Member]
USD ($)
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Dec. 31, 2011
Automotive [Member]
USD ($)
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Sep. 30, 2012
Automotive [Member]
Level 1 [Member]
USD ($)
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Dec. 31, 2011
Automotive [Member]
Level 1 [Member]
USD ($)
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Sep. 30, 2012
Automotive [Member]
Level 2 [Member]
USD ($)
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Dec. 31, 2011
Automotive [Member]
Level 2 [Member]
USD ($)
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Sep. 30, 2012
Automotive [Member]
Level 3 [Member]
USD ($)
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Sep. 30, 2011
Automotive [Member]
Level 3 [Member]
USD ($)
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Sep. 30, 2012
Automotive [Member]
Level 3 [Member]
USD ($)
|
Sep. 30, 2011
Automotive [Member]
Level 3 [Member]
USD ($)
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Dec. 31, 2011
Automotive [Member]
Level 3 [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Foreign Exchange Contract [Member]
USD ($)
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Sep. 30, 2011
Automotive [Member]
Foreign Exchange Contract [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Foreign Exchange Contract [Member]
USD ($)
|
Sep. 30, 2011
Automotive [Member]
Foreign Exchange Contract [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Foreign Exchange Contract [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Foreign Exchange Contract [Member]
Level 1 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Foreign Exchange Contract [Member]
Level 1 [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Foreign Exchange Contract [Member]
Level 2 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Foreign Exchange Contract [Member]
Level 2 [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Foreign Exchange Contract [Member]
Level 3 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Foreign Exchange Contract [Member]
Level 3 [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Commodity Contract [Member]
USD ($)
|
Sep. 30, 2011
Automotive [Member]
Commodity Contract [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Commodity Contract [Member]
USD ($)
|
Sep. 30, 2011
Automotive [Member]
Commodity Contract [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Commodity Contract [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Commodity Contract [Member]
Level 1 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Commodity Contract [Member]
Level 1 [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Commodity Contract [Member]
Level 2 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Commodity Contract [Member]
Level 2 [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Commodity Contract [Member]
Level 3 [Member]
USD ($)
|
Sep. 30, 2011
Automotive [Member]
Commodity Contract [Member]
Level 3 [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Commodity Contract [Member]
Level 3 [Member]
USD ($)
|
Sep. 30, 2011
Automotive [Member]
Commodity Contract [Member]
Level 3 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Commodity Contract [Member]
Level 3 [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
USD ($)
|
Sep. 30, 2011
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
USD ($)
|
Sep. 30, 2011
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Level 1 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Level 1 [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Level 2 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Level 2 [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Level 3 [Member]
USD ($)
|
Sep. 30, 2011
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Level 3 [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Level 3 [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Level 3 [Member]
EUR (€)
|
Sep. 30, 2011
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Level 3 [Member]
USD ($)
|
Dec. 31, 2011
Automotive [Member]
Embedded Derivative Financial Instruments [Member]
Level 3 [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Warrant [Member]
USD ($)
|
Sep. 30, 2011
Automotive [Member]
Warrant [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Warrant [Member]
USD ($)
|
Sep. 30, 2011
Automotive [Member]
Warrant [Member]
USD ($)
|
Sep. 30, 2012
Automotive [Member]
Coal [Member]
Commodity Contract [Member]
Level 3 [Member]
|
Sep. 30, 2012
Automotive [Member]
Heavy Fuel Oil [Member]
Commodity Contract [Member]
Level 3 [Member]
|
Sep. 30, 2012
Automotive [Member]
Euro/Turkish Lira Exchange Rate [Member]
Embedded Derivative Financial Instruments [Member]
Level 3 [Member]
EUR (€)
|
Sep. 30, 2012
GM Financial [Member]
USD ($)
|
Dec. 31, 2011
GM Financial [Member]
USD ($)
|
|
Derivatives, Fair Value [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount of Derivatives | $ 10,345,000,000 | $ 10,345,000,000 | $ 10,534,000,000 | $ 6,834,000,000 | $ 6,834,000,000 | $ 6,507,000,000 | $ 2,282,000,000 | $ 2,282,000,000 | $ 2,566,000,000 | $ 1,229,000,000 | $ 1,229,000,000 | $ 1,461,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets, Current | 105,000,000 | 105,000,000 | 101,000,000 | 78,000,000 | 78,000,000 | 64,000,000 | 20,000,000 | 20,000,000 | 9,000,000 | 7,000,000 | 7,000,000 | 28,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets, Noncurrent | 28,000,000 | 28,000,000 | 124,000,000 | 0 | 0 | 0 | 5,000,000 | 5,000,000 | 0 | 23,000,000 | 23,000,000 | 124,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Liabilities, Current | 20,000,000 | 20,000,000 | 57,000,000 | 14,000,000 | 14,000,000 | 46,000,000 | 6,000,000 | 6,000,000 | 10,000,000 | 0 | 0 | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | 1,000,000 | 1,000,000 | 10,000,000 | 0 | 0 | 0 | 0 | 0 | 5,000,000 | 1,000,000 | 1,000,000 | 5,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Asset, Fair Value | 133,000,000 | 133,000,000 | 225,000,000 | 0 | 0 | 95,000,000 | 77,000,000 | 38,000,000 | 38,000,000 | 148,000,000 | 78,000,000 | 78,000,000 | 64,000,000 | 0 | 0 | 78,000,000 | 64,000,000 | 0 | 0 | 25,000,000 | 25,000,000 | 9,000,000 | 0 | 0 | 14,000,000 | 9,000,000 | 11,000,000 | 11,000,000 | 0 | 30,000,000 | 30,000,000 | 152,000,000 | 0 | 0 | 3,000,000 | 4,000,000 | 27,000,000 | 27,000,000 | 148,000,000 | |||||||||||||||||||||||||
Derivative Liability, Fair Value | 21,000,000 | 21,000,000 | 67,000,000 | 0 | 0 | 21,000,000 | 57,000,000 | 0 | 0 | 10,000,000 | 14,000,000 | 14,000,000 | 46,000,000 | 0 | 0 | 14,000,000 | 46,000,000 | 0 | 0 | 6,000,000 | 6,000,000 | 15,000,000 | 0 | 0 | 6,000,000 | 5,000,000 | 0 | 0 | 10,000,000 | 1,000,000 | 1,000,000 | 6,000,000 | 0 | 0 | 1,000,000 | 6,000,000 | 0 | 0 | 0 | |||||||||||||||||||||||||
Fair value of Derivatives Unobservable Inputs [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward Contract Price | 100.21 | 590.84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplier nonperformance risk | 2.86% | 2.86% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward Exchange Rate | 2.72 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume commitment and vehicle mix | 913,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivatives, Unobservable Input Reconciliation [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Beginning of Period | 56,000,000 | 145,000,000 | 138,000,000 | 0 | 8,000,000 | 0 | (10,000,000) | 0 | 48,000,000 | 145,000,000 | 148,000,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized Unrealized Gain (Loss) Included in Earnings | (13,000,000) | 0 | (102,000,000) | 140,000,000 | 4,000,000 | 0 | 1,000,000 | 0 | (17,000,000) | 0 | (103,000,000) | 140,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized Unrealized Gain (Loss) Included in Other Comprehensive Income | 0 | (7,000,000) | (3,000,000) | (2,000,000) | 0 | 0 | (1,000,000) | 0 | 0 | (7,000,000) | (2,000,000) | (2,000,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements | (5,000,000) | 0 | (19,000,000) | 0 | (1,000,000) | 0 | (3,000,000) | 0 | (4,000,000) | 0 | (16,000,000) | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances | 24,000,000 | 0 | 24,000,000 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at End of Period | 38,000,000 | 138,000,000 | 38,000,000 | 138,000,000 | 11,000,000 | 0 | 11,000,000 | 0 | 27,000,000 | 138,000,000 | 27,000,000 | 138,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Derivative [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains and (losses) in earnings attributable to the change in unrealized gains or (losses) relating to assets still held at the reporting date | (12,000,000) | 0 | (98,000,000) | 140,000,000 | 4,000,000 | 0 | 2,000,000 | 0 | (16,000,000) | 0 | (100,000,000) | 140,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) Recorded in Other Nonoperating Income (Expense) | 4,000,000 | (108,000,000) | (102,000,000) | 22,000,000 | 12,000,000 | (77,000,000) | 20,000,000 | (52,000,000) | 5,000,000 | (28,000,000) | (21,000,000) | (73,000,000) | (13,000,000) | (3,000,000) | (101,000,000) | 143,000,000 | 0 | 0 | 0 | 4,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Other Derivatives [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common stock shares warrants are called for | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price for warrants | 2.76 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Warrant Exercises | 48,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GM Financial Derivatives [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Asset, Notional Amount | 1,500,000,000 | 2,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Liability, Notional Amount | $ 1,500,000,000 | $ 2,000,000,000 |
GM Financial Finance Receivables, Net Accretable Yield (Details) (GM Financial [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
GM Financial [Member]
|
||||
Accretable Yield [Line Items] | ||||
Accretable Yield, Beginning Balance | $ 628 | $ 1,072 | $ 737 | $ 1,201 |
Accretion of Accretable Yield | (123) | (192) | (402) | (575) |
Transfer from Non-accretable Discount | 0 | 7 | 170 | 261 |
Accretable Yield, Ending Balance | $ 505 | $ 887 | $ 505 | $ 887 |
Restructuring And Other Initiatives (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Sep. 30, 2012
GMNA [Member]
|
Jun. 30, 2012
GMNA [Member]
|
Mar. 31, 2012
GMNA [Member]
|
Sep. 30, 2011
GMNA [Member]
|
Jun. 30, 2011
GMNA [Member]
|
Mar. 31, 2011
GMNA [Member]
|
Sep. 30, 2012
GMNA [Member]
|
Sep. 30, 2012
GME [Member]
|
Jun. 30, 2012
GME [Member]
|
Mar. 31, 2012
GME [Member]
|
Sep. 30, 2011
GME [Member]
|
Jun. 30, 2011
GME [Member]
|
Mar. 31, 2011
GME [Member]
|
Sep. 30, 2012
GMIO [Member]
|
Jun. 30, 2012
GMIO [Member]
|
Mar. 31, 2012
GMIO [Member]
|
Sep. 30, 2011
GMIO [Member]
|
Jun. 30, 2011
GMIO [Member]
|
Mar. 31, 2011
GMIO [Member]
|
Sep. 30, 2012
GMSA [Member]
|
Jun. 30, 2012
GMSA [Member]
|
Mar. 31, 2012
GMSA [Member]
|
Sep. 30, 2011
GMSA [Member]
|
Jun. 30, 2011
GMSA [Member]
|
Mar. 31, 2011
GMSA [Member]
|
Sep. 30, 2012
Dealer Wind-Down [Member]
GMNA [Member]
|
Jun. 30, 2012
Dealer Wind-Down [Member]
GMNA [Member]
|
Mar. 31, 2012
Dealer Wind-Down [Member]
GMNA [Member]
|
Sep. 30, 2011
Dealer Wind-Down [Member]
GMNA [Member]
|
Jun. 30, 2011
Dealer Wind-Down [Member]
GMNA [Member]
|
Mar. 31, 2011
Dealer Wind-Down [Member]
GMNA [Member]
|
Sep. 30, 2012
Voluntary Separation Program in Korea [Member]
GMIO [Member]
|
Jun. 30, 2012
2012 Canada Auto Workers Union Labor Agreement [Member]
GMNA [Member]
|
Sep. 30, 2011
2011 UAW Labor Agreement [Member]
GMNA [Member]
|
Sep. 30, 2012
2011 UAW Labor Agreement [Member]
GMNA [Member]
|
Sep. 30, 2011
2011 UAW Labor Agreement [Member]
GMNA [Member]
|
Mar. 31, 2012
2011 UAW Labor Agreement [Member]
GMNA [Member]
employees
|
Sep. 30, 2012
Germany Separation Program [Member]
GME [Member]
employees
|
Sep. 30, 2011
Germany Separation Program [Member]
GME [Member]
|
Jun. 30, 2012
Germany Separation Program [Member]
GME [Member]
|
Sep. 30, 2012
Germany Separation Program [Member]
GME [Member]
employees
|
Sep. 30, 2011
Germany Separation Program [Member]
GME [Member]
|
Sep. 30, 2012
Separation Program in Brazil [Member]
GMSA [Member]
|
|
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Reserve, Accrual Adjustment | $ (70) | $ (7) | $ (14) | $ 71 | $ (8) | $ 7 | $ (63) | $ 0 | $ (12) | $ 71 | $ (8) | $ 7 | $ (6) | $ (7) | $ (2) | $ 0 | $ 0 | $ 0 | $ (1) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (1) | $ (4) | $ 0 | $ (1) | $ (1) | $ (6) | |||||||||||||
Restructuring Reserve [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Reserve Beginning Balance | 1,392 | 1,444 | 1,584 | 1,522 | 1,613 | 1,802 | 779 | 894 | 884 | 958 | 1,062 | 1,135 | 884 | 520 | 540 | 687 | 563 | 550 | 664 | 26 | 4 | 1 | 1 | 1 | 3 | 67 | 6 | 12 | 0 | 0 | 0 | 17 | 22 | 25 | 33 | 58 | 144 | ||||||||||||
Additions | 63 | 151 | 112 | 101 | 71 | 60 | 6 | 13 | 97 | 19 | 8 | 26 | 39 | 38 | 9 | 81 | 62 | 33 | 4 | 27 | 4 | 0 | 0 | 0 | 14 | 73 | 2 | 1 | 1 | 1 | 23 | 90 | 84 | ||||||||||||||||
Interest accretion and other | 17 | 21 | 24 | 30 | 22 | 31 | 3 | 3 | 3 | 5 | 6 | 7 | 14 | 18 | 22 | 25 | 16 | 24 | 0 | 0 | (1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Payments | (127) | (184) | (286) | (137) | (186) | (337) | (42) | (123) | (86) | (66) | (109) | (129) | (47) | (43) | (192) | (70) | (76) | (205) | (15) | (5) | 0 | 0 | 0 | (2) | (23) | (13) | (8) | (1) | (1) | (1) | (2) | (1) | (3) | (4) | (24) | (80) | |||||||||||||
Effect of foreign currency | 24 | (33) | 24 | (59) | 10 | 50 | 15 | (8) | 8 | (30) | (1) | 16 | 8 | (26) | 16 | (29) | 11 | 34 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Restructuring Reserve Ending Balance | 1,299 | 1,392 | 1,444 | 1,528 | 1,522 | 1,613 | 698 | 779 | 894 | 957 | 958 | 1,062 | 698 | 528 | 520 | 540 | 570 | 563 | 550 | 15 | 26 | 4 | 1 | 1 | 1 | 58 | 67 | 6 | 0 | 0 | 0 | 14 | 17 | 22 | 28 | 33 | 58 | ||||||||||||
Remaining Payments Including Temporary Layoffs Benefits | 364 | 398 | 364 | ||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Reserve, Period Decrease | 54 | (50) | (95) | (141) | (106) | (241) | |||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities, Completion Date | 53 | 140 | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of Skilled Hourly Employees | 1,400 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Cost of Separation Programs | 99 | 313 | |||||||||||||||||||||||||||||||||||||||||||||||
Additional Cost Expected to Incurr | $ 70 | $ 100 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of Employees Affected | 154 | 1,900 | 1,900 | ||||||||||||||||||||||||||||||||||||||||||||||
Number Of Additional Employees Affected | 350 | 350 |
Earnings Per Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Mar. 31, 2011
US Pension Plans [Member]
|
Sep. 30, 2012
Series A Preferred Stock [Member]
|
Sep. 30, 2011
Series A Preferred Stock [Member]
|
Sep. 30, 2012
Series A Preferred Stock [Member]
|
Sep. 30, 2011
Series A Preferred Stock [Member]
|
Sep. 30, 2012
Series B Preferred Stock [Member]
|
Sep. 30, 2011
Series B Preferred Stock [Member]
|
Sep. 30, 2012
Series B Preferred Stock [Member]
|
Sep. 30, 2011
Series B Preferred Stock [Member]
|
Sep. 30, 2012
Earnings Per Share, Basic [Member]
|
Sep. 30, 2011
Earnings Per Share, Basic [Member]
|
Sep. 30, 2012
Earnings Per Share, Basic [Member]
|
Sep. 30, 2011
Earnings Per Share, Basic [Member]
|
Sep. 30, 2012
Earnings Per Share, Basic [Member]
Series B Preferred Stock [Member]
|
Sep. 30, 2011
Earnings Per Share, Basic [Member]
Series B Preferred Stock [Member]
|
Sep. 30, 2012
Earnings Per Share, Basic [Member]
Series B Preferred Stock [Member]
|
Sep. 30, 2011
Earnings Per Share, Basic [Member]
Series B Preferred Stock [Member]
|
Sep. 30, 2012
Earnings Per Share, Diluted [Member]
|
Sep. 30, 2011
Earnings Per Share, Diluted [Member]
|
Sep. 30, 2012
Earnings Per Share, Diluted [Member]
|
Sep. 30, 2011
Earnings Per Share, Diluted [Member]
|
Sep. 30, 2012
Earnings Per Share, Diluted [Member]
MLC [Member]
|
Sep. 30, 2012
Earnings Per Share, Diluted [Member]
Series B Preferred Stock [Member]
|
Sep. 30, 2011
Earnings Per Share, Diluted [Member]
Series B Preferred Stock [Member]
|
Sep. 30, 2012
Earnings Per Share, Diluted [Member]
Series B Preferred Stock [Member]
|
Sep. 30, 2011
Earnings Per Share, Diluted [Member]
Series B Preferred Stock [Member]
|
|
Earnings (Loss) Per Share [Line Items] | ||||||||||||||||||||||||||||||
Net income attributable to stockholders | $ 1,833 | $ 2,107 | $ 4,994 | $ 8,465 | ||||||||||||||||||||||||||
Less: cumulative dividends on and undistributed earnings allocated to Series B Preferred Stock participating security | (357) | (381) | (1,027) | (1,352) | (350) | (371) | (1,005) | (1,295) | ||||||||||||||||||||||
Net income (loss) attributable to common stockholders | 1,476 | 1,726 | 3,967 | 7,113 | ||||||||||||||||||||||||||
Basic earnings per common share | $ 0.94 | $ 1.10 | $ 2.53 | $ 4.67 | ||||||||||||||||||||||||||
Net income (loss) attibutable to common stockholders | 1,483 | 1,736 | 3,989 | 7,170 | ||||||||||||||||||||||||||
Weighted-average common shares outstanding - basic | 1,570 | 1,562 | 1,570 | 1,524 | ||||||||||||||||||||||||||
Dilutive effect of warrants | 88 | 119 | 101 | 142 | 88 | 119 | 101 | 142 | ||||||||||||||||||||||
Divlutive effect of restricted stock units | 5 | 1 | 4 | 2 | ||||||||||||||||||||||||||
Weighted-average common shares outstanding - diluted | 1,663 | 1,682 | 1,675 | 1,668 | ||||||||||||||||||||||||||
Diluted earnings per common share | $ 0.89 | $ 1.03 | $ 2.38 | $ 4.30 | ||||||||||||||||||||||||||
Earned but Undistributed Dividends | 26 | 26 | 26 | 26 | 20 | 20 | 20 | 20 | ||||||||||||||||||||||
Dividends Allocated to Series B Preferred Stock | 215 | 215 | 644 | 644 | 215 | 215 | 644 | 644 | ||||||||||||||||||||||
Earnings Allocated to Series B Preferred Stock | $ 142 | $ 166 | $ 383 | $ 708 | $ 135 | $ 156 | $ 361 | $ 651 | ||||||||||||||||||||||
Preferred Stock Assumed Converted | 152 | 152 | ||||||||||||||||||||||||||||
Warrants Outstanding | 313 | 313 | 313 | 313 | 272 | |||||||||||||||||||||||||
Warrants Excluded from EPS | 46 | 46 | ||||||||||||||||||||||||||||
Unvested RSUs outstanding | 16 | 14 | 16 | 14 | ||||||||||||||||||||||||||
Lower share price boundary for two class method | $ 33.00 | |||||||||||||||||||||||||||||
Stock issued during period, shares, employee benefit | 61 |
Product Warranty Liability (Details) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Product Warranties Disclosures [Abstract] | ||
Balance at beginning of period | $ 6,600 | $ 6,789 |
Warranties issued and assumed in period | 2,594 | 2,290 |
Payments | (2,583) | (2,862) |
Adjustment to pre-existing warranties | 510 | 468 |
Effects of foreign currency translation | 47 | (52) |
Balance at end of period | $ 7,168 | $ 6,633 |
Income Taxes
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Income Tax Expense (Benefit) [Abstract] | |
Income Taxes | Income Taxes For interim income tax reporting we estimate our annual effective tax rate and apply it to our year to date ordinary income (loss). The tax effect of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. Tax jurisdictions with a projected or year to date loss for which a tax benefit cannot be realized are excluded. In interim periods income tax expense is composed of two key elements: (1) the amount necessary to appropriately state the year to date estimated tax expense of entities included in our effective tax rate calculation, which is calculated as the difference between the amount currently estimated for the year to date period and the amount previously recorded in prior interim periods; and (2) the tax effect of unusual or infrequent items that occur in the period. In the three months ended September 30, 2012 income tax expense of $357 million primarily resulted from tax expense attributable to entities included in our effective tax rate calculation. The recorded effective tax rate is lower than the applicable statutory tax rate due primarily to income earned in jurisdictions for which a full valuation allowance is recorded. In the three months ended September 30, 2011 the income tax expense of $107 million primarily resulted from tax expense attributable to entities included in our effective tax rate calculation partially offset by a tax benefit attributable to previously unrecognized tax benefits in various jurisdictions. This benefit includes reductions in interest expense associated with these previously unrecognized tax benefits. In the nine months ended September 30, 2012 income tax expense of $814 million primarily resulted from tax expense attributable to entities included in our effective tax rate calculation. The recorded effective tax rate is lower than the applicable statutory tax rate due primarily to income earned in jurisdictions for which a full valuation allowance is recorded. In the nine months ended September 30, 2011 income tax expense of $183 million primarily resulted from tax expense attributable to entities included in our effective tax rate calculation partially offset by tax benefits attributable to previously unrecognized tax benefits in various jurisdictions. This benefit includes reductions in interest expense and valuation allowances associated with these previously unrecognized tax benefits. After many years of significant North American operating losses, our U.S. and Canadian operations have experienced profitability in 2010, 2011 and through the first nine months of 2012. To the extent positive evidence trends continue and our final plans for 2013 and future longer-term forecasts show sustained profitability, our conclusion regarding the need for full valuation allowances could change leading to the reversal of a significant portion of our valuation allowances in the fourth quarter of 2012. This will result in a significant benefit to earnings. At September 30, 2012 deferred tax asset valuation allowances for the U.S. and Canada were $35.6 billion and $3.2 billion. We file income tax returns in many jurisdictions and are subject to examination by taxing authorities throughout the world. We have open tax years from 2002 to 2011 with various significant tax jurisdictions. These open years contain matters that could be subject to differing interpretations of applicable tax laws and regulations as they relate to the amount, character, timing or inclusion of revenue and expenses or the sustainability of income tax credits for a given audit cycle. In addition the global nature of our operations means that transfer pricing disputes may arise. In March 2012 a Mexican income tax audit covering the 2004 tax year was concluded and an assessment, adjusted for inflation, of $135 million including tax, interest and penalties was issued. The total 2002, 2003 and 2004 assessments, adjusted for inflation, at September 30, 2012 including tax, interest and penalties is $309 million. We believe we have adequate reserves established. Payment of any assessment is suspended during the proceedings through U.S. and Mexican competent authorities. In May 2012 a Brazilian income tax assessment was issued related to the 2007 tax year totaling $180 million including tax, interest and penalties. We believe we have adequate reserves established. Proceedings may require that we deposit escrow funds in the future. At September 30, 2012 it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits in the next 12 months. |
Stock Incentive Plans (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Incentive Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Stock Units Activity [Table Text Block] | The following table summarizes information about the RSUs under our stock incentive plans (RSUs in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compensation Cost for Stock Incentive Plans [Table Text Block] | The following table summarizes compensation expense recorded for our stock incentive plans (dollars in millions):
|
Depreciation, Amortization and Impairment Charges (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
|
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Property, net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation Amortization And Impairment Charges [Table Text Block] | The following table summarizes depreciation, amortization and impairment charges related to Property, net, Equipment on operating leases, net and GM Financial equipment on operating leases, net (dollars in millions):
__________
|
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Fair Value, Equipment on Operating Leases [Table Text Block] | The following table summarizes equipment on operating leases to daily rental car companies measured at fair value utilizing Level 3 inputs on a nonrecurring basis (dollars in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Inputs, Equipment on Operating Leases [Table Text Block] | The following table summarizes the significant quantitative unobservable inputs and assumptions used in the fair value measurement of Equipment on operating leases, net (dollars in millions):
|
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Income Tax Examination [Line Items] | ||||
Income tax expense | $ 357 | $ 107 | $ 814 | $ 183 |
Mexico 2004 [Member]
|
||||
Income Tax Examination [Line Items] | ||||
Foreign tax assessment | 135 | 135 | ||
Mexico [Member]
|
||||
Income Tax Examination [Line Items] | ||||
Foreign tax assessment | 309 | 309 | ||
Brazil [Member]
|
||||
Income Tax Examination [Line Items] | ||||
Foreign tax assessment | $ 180 | $ 180 | ||
Period Start [Member]
|
||||
Income Tax Examination [Line Items] | ||||
Open tax years | 2002 | |||
Period End [Member]
|
||||
Income Tax Examination [Line Items] | ||||
Open tax years | 2011 |
Inventories (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] | The following table summarizes the components of Inventories (dollars in millions):
|
Segment Reporting (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables summarize key financial information by segment (dollars in millions):
__________
__________
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Variable Interest Entities (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||
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Sep. 30, 2012
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Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
Automotive [Member]
|
Dec. 31, 2011
Automotive [Member]
|
Sep. 30, 2012
Automotive [Member]
Consolidated VIE [Member]
|
Sep. 30, 2011
Automotive [Member]
Consolidated VIE [Member]
|
Sep. 30, 2012
Automotive [Member]
Consolidated VIE [Member]
|
Sep. 30, 2011
Automotive [Member]
Consolidated VIE [Member]
|
Dec. 31, 2011
Automotive [Member]
Consolidated VIE [Member]
|
Sep. 30, 2012
Accounts and Notes Receivable [Member]
Automotive [Member]
Nonconsolidated VIE [Member]
|
Dec. 31, 2011
Accounts and Notes Receivable [Member]
Automotive [Member]
Nonconsolidated VIE [Member]
|
Sep. 30, 2012
Equity In Net Assets Of Nonconsolidated Affiliates [Member]
Automotive [Member]
Nonconsolidated VIE [Member]
|
Dec. 31, 2011
Equity In Net Assets Of Nonconsolidated Affiliates [Member]
Automotive [Member]
Nonconsolidated VIE [Member]
|
Sep. 30, 2012
Other Assets [Member]
Automotive [Member]
Nonconsolidated VIE [Member]
|
Dec. 31, 2011
Other Assets [Member]
Automotive [Member]
Nonconsolidated VIE [Member]
|
Sep. 30, 2012
Total Assets [Member]
Automotive [Member]
Nonconsolidated VIE [Member]
|
Dec. 31, 2011
Total Assets [Member]
Automotive [Member]
Nonconsolidated VIE [Member]
|
Sep. 30, 2012
Other Liabilities [Member]
Automotive [Member]
Nonconsolidated VIE [Member]
|
Dec. 31, 2011
Other Liabilities [Member]
Automotive [Member]
Nonconsolidated VIE [Member]
|
Sep. 30, 2012
Loan Commitments [Member]
Automotive [Member]
Nonconsolidated VIE [Member]
|
Dec. 31, 2011
Loan Commitments [Member]
Automotive [Member]
Nonconsolidated VIE [Member]
|
Sep. 30, 2012
Other Liquidity Arrangements [Member]
Automotive [Member]
Nonconsolidated VIE [Member]
|
Dec. 31, 2011
Other Liquidity Arrangements [Member]
Automotive [Member]
Nonconsolidated VIE [Member]
|
Sep. 30, 2012
Total Off-Balance Sheet Arrangements [Member]
Automotive [Member]
Nonconsolidated VIE [Member]
|
Dec. 31, 2011
Total Off-Balance Sheet Arrangements [Member]
Automotive [Member]
Nonconsolidated VIE [Member]
|
Dec. 31, 2012
Short-term Debt [Member]
Automotive [Member]
Consolidated VIE [Member]
GM Korea [Member]
|
Sep. 30, 2012
Short-term Debt [Member]
Automotive [Member]
Consolidated VIE [Member]
GM Korea [Member]
|
Sep. 30, 2012
Short-term Debt [Member]
Automotive [Member]
Consolidated VIE [Member]
HKJV [Member]
|
Dec. 31, 2012
Derivative [Member]
Automotive [Member]
Consolidated VIE [Member]
GM Korea [Member]
|
Sep. 30, 2012
Derivative [Member]
Automotive [Member]
Consolidated VIE [Member]
GM Korea [Member]
|
Dec. 31, 2012
Long-term Debt [Member]
Automotive [Member]
Consolidated VIE [Member]
GM Korea [Member]
|
Sep. 30, 2012
Long-term Debt [Member]
Automotive [Member]
Consolidated VIE [Member]
GM Korea [Member]
|
Sep. 30, 2012
Long-term Debt [Member]
Automotive [Member]
Consolidated VIE [Member]
HKJV [Member]
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Consolidated VIE [Abstract] | |||||||||||||||||||||||||||||||||||
Total Assets | $ 458 | $ 458 | $ 463 | ||||||||||||||||||||||||||||||||
Total Liabilities | 261 | 261 | 298 | ||||||||||||||||||||||||||||||||
Total Net Sales And Revenue | 37,062 | 36,328 | 111,517 | 111,270 | 284 | 171 | 746 | 508 | |||||||||||||||||||||||||||
Net income | 1,854 | 2,092 | 5,105 | 8,540 | 25 | 12 | 32 | 41 | |||||||||||||||||||||||||||
Nonrecourse Debt | 171 | 109 | 118 | 44 | 13 | 7 | 3 | 120 | |||||||||||||||||||||||||||
Non-Recourse Current Derivative Liabilities | 13 | 44 | |||||||||||||||||||||||||||||||||
Non-consolidated VIE [Abstract] | |||||||||||||||||||||||||||||||||||
Carrying Amount, Assets | 8 | 1 | 117 | 190 | 1 | 1 | 126 | 192 | |||||||||||||||||||||||||||
Maximum Exposure To Loss | 8 | 1 | 113 | 186 | 1 | 1 | 122 | 188 | 15 | 15 | 5 | 220 | 20 | 235 | |||||||||||||||||||||
Carrying Amount, Liabilities | $ 56 | $ 198 |
Securitizations (Details) (GM Financial [Member], USD $)
|
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2012
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Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Dec. 31, 2011
|
|
Securtizations [Line Items] | |||||
Finance Receivables Transferred to Securitization SPEs | $ 9,900,000,000 | $ 9,900,000,000 | $ 7,900,000,000 | ||
Receivables securitized | 1,372,000,000 | 955,000,000 | 5,721,000,000 | 3,873,000,000 | |
Net proceeds from securitizations | 1,300,000,000 | 900,000,000 | 5,400,000,000 | 3,650,000,000 | |
Servicing fees | 60,000,000 | 50,000,000 | 178,000,000 | 148,000,000 | |
Net distributions from Trusts | 267,000,000 | 203,000,000 | 1,183,000,000 | 637,000,000 | |
Canadaian Subsidiary [Member]
|
|||||
Securtizations [Line Items] | |||||
Leased Assets Serviced by Canadian Subsidiary | $ 700,000,000 | $ 700,000,000 | $ 1,000,000,000 |
Commitments And Contingencies (Tables)
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Sep. 30, 2012
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Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitment and contingencies [Table Text Block] | The following tables summarize information related to commitments and contingencies (dollars in millions):
__________
__________
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Contract Cancellations [Table Text Block] | The following table summarizes contract cancellation charges (adjustments) primarily related to the cancellation of product programs (dollars in millions):
|
Basis of Presentation And Recent Accounting Standards
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
|
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Basis Of Presentation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation [Text Block] | Basis of Presentation and Recent Accounting Standards The accompanying condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements include all adjustments, composed of normal recurring adjustments, considered necessary by management to fairly state our results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2011 (2011 Form 10-K) as filed with the SEC. Use of Estimates in the Preparation of the Financial Statements The condensed consolidated financial statements are prepared in conformity with U.S. GAAP, which requires the use of estimates, judgments and assumptions that affect the amounts of assets and liabilities at the reporting date and the amounts of revenue and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates actual results could differ from the original estimates, requiring adjustments to these balances in future periods. Change in Presentation of Financial Statements In 2012 we changed the presentation of our condensed consolidated balance sheet, condensed consolidated statements of cash flows and certain notes to the condensed consolidated financial statements to classify the assets and liabilities of GM Financial as current or non-current and to combine line items which were either of a related nature or not individually material. We have made corresponding reclassifications to the comparable information for all periods presented. Venezuelan Exchange Regulations Our Venezuelan subsidiaries utilize the U.S. Dollar as their functional currency because of the hyperinflationary status of the Venezuelan economy. The Venezuelan government has introduced foreign exchange control regulations which make it more difficult to convert Bolivar Fuerte (BsF) to U.S. Dollars. These regulations affect our Venezuelan subsidiaries' ability to pay non-BsF denominated obligations that do not qualify to be processed by the Venezuela currency exchange agency at the official exchange rates. The aggregate net assets of our Venezuelan subsidiaries at September 30, 2012 and December 31, 2011 were $742 million and $438 million. At September 30, 2012 and December 31, 2011 other consolidated entities have receivables from our Venezuelan subsidiaries of $413 million and $380 million. The total amounts pending government approval for settlement at September 30, 2012 and December 31, 2011 were BsF 2.3 billion (equivalent to $545 million) and BsF 2.3 billion (equivalent to $535 million), for which some requests have been pending from 2007. Significant Non-Cash Activity Investing Cash Flows The following table summarizes the amounts of non-cash property additions that have been excluded from Expenditures for property within the investing activities section of the condensed consolidated statements of cash flows because no cash has been expended (dollars in millions):
Financing Cash Flows The following table summarizes the amounts of common stock contributed to our U.S. hourly and salaried pension plans. These amounts are excluded from the financing activities section of the condensed consolidated statements of cash flows because no cash has been expended (dollars in millions):
Refer to Note 15 for additional information on the common stock contributed to our U.S. hourly and salaried pension plans. Recently Adopted Accounting Principles In 2012 we adopted the provisions of Accounting Standards Update (ASU) 2011-05, “Presentation of Comprehensive Income” (ASU 2011-05) that requires presentation of all non-owner changes in equity in one continuous statement of comprehensive income or in two separate but consecutive statements. We elected to provide a separate statement of comprehensive income for all periods presented. The amendments in this update do not change the items that must be reported in other comprehensive income (OCI) or when an OCI item must be reclassified to net income. The adoption of ASU 2011-05 did not affect our condensed consolidated statements of financial position, results of operations and cash flows. ASU 2011-05 was modified in December 2011 by the issuance of ASU 2011-12, “Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.” This update indefinitely defers certain provisions of ASU 2011-05 that require the disclosure of the amount of reclassifications of items from OCI to net income by component of net income and by component of OCI. |
Inventories (Details) (USD $)
In Millions, unless otherwise specified |
Sep. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Inventory Disclosure [Abstract] | ||
Productive material, supplies and work in process | $ 7,241 | $ 6,486 |
Finished product, including service parts | 8,431 | 7,838 |
Total inventories | $ 15,672 | $ 14,324 |