R | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
STATE OF DELAWARE | 27-0756180 |
(State or other jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
300 Renaissance Center, Detroit, Michigan | 48265-3000 |
(Address of Principal Executive Offices) | (Zip Code) |
Page | |||
PART I - Financial Information | |||
Item 1. | Condensed Consolidated Financial Statements | ||
Condensed Consolidated Income Statements (Unaudited) | |||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) | |||
Condensed Consolidated Balance Sheets (Unaudited) | |||
Condensed Consolidated Statements of Equity (Unaudited) | |||
Condensed Consolidated Statements of Cash Flows (Unaudited) | |||
Notes to Condensed Consolidated Financial Statements | |||
Note 1. | Nature of Operations | ||
Note 2. | Basis of Presentation and Recent Accounting Standards | ||
Note 3. | Acquisition of Businesses | ||
Note 4. | Marketable Securities | ||
Note 5. | GM Financial Receivables, net | ||
Note 6. | Inventories | ||
Note 7. | Equity in Net Assets of Nonconsolidated Affiliates | ||
Note 8. | Goodwill | ||
Note 9. | Intangible Assets, net | ||
Note 10. | Variable Interest Entities | ||
Note 11. | Depreciation, Amortization and Impairment Charges | ||
Note 12. | Debt | ||
Note 13. | Product Warranty Liability | ||
Note 14. | Pensions and Other Postretirement Benefits | ||
Note 15. | Derivative Financial Instruments and Risk Management | ||
Note 16. | Commitments and Contingencies | ||
Note 17. | Income Taxes | ||
Note 18. | Restructuring and Other Initiatives | ||
Note 19. | Stockholders' Equity | ||
Note 20. | Earnings Per Share | ||
Note 21. | Stock Incentive Plans | ||
Note 22. | Segment Reporting | ||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | ||
Item 4. | Controls and Procedures | ||
PART II - Other Information | |||
Item 1. | Legal Proceedings | ||
Item 1A. | Risk Factors | ||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | ||
Item 6. | Exhibits | ||
Signature |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Net sales and revenue | |||||||||||||||
Automotive | $ | 38,240 | $ | 37,127 | $ | 74,584 | $ | 74,455 | |||||||
GM Financial | 835 | 487 | 1,375 | 918 | |||||||||||
Total | 39,075 | 37,614 | 75,959 | 75,373 | |||||||||||
Costs and expenses | |||||||||||||||
Automotive cost of sales | 33,824 | 32,678 | 66,441 | 65,588 | |||||||||||
GM Financial operating and other expenses | 575 | 268 | 931 | 516 | |||||||||||
Automotive selling, general and administrative expense | 2,925 | 2,847 | 5,877 | 5,835 | |||||||||||
Goodwill impairment charges (Note 8) | — | — | — | 617 | |||||||||||
Total costs and expenses | 37,324 | 35,793 | 73,249 | 72,556 | |||||||||||
Operating income | 1,751 | 1,821 | 2,710 | 2,817 | |||||||||||
Automotive interest expense | 61 | 118 | 152 | 228 | |||||||||||
Interest income and other non-operating income, net | 251 | 139 | 422 | 414 | |||||||||||
Loss on extinguishment of debt (Note 12) | 240 | — | 240 | 18 | |||||||||||
Income before income taxes and equity income | 1,701 | 1,842 | 2,740 | 2,985 | |||||||||||
Income tax expense (Note 17) | 742 | 241 | 1,151 | 457 | |||||||||||
Equity income, net of tax (Note 7) | 429 | 300 | 984 | 723 | |||||||||||
Net income | 1,388 | 1,901 | 2,573 | 3,251 | |||||||||||
Net (income) loss attributable to noncontrolling interests | 26 | (55 | ) | 16 | (90 | ) | |||||||||
Net income attributable to stockholders | $ | 1,414 | $ | 1,846 | $ | 2,589 | $ | 3,161 | |||||||
Net income attributable to common stockholders | $ | 1,200 | $ | 1,487 | $ | 2,160 | $ | 2,491 | |||||||
Earnings per share (Note 20) | |||||||||||||||
Basic | |||||||||||||||
Basic earnings per common share | $ | 0.87 | $ | 0.95 | $ | 1.57 | $ | 1.59 | |||||||
Weighted-average common shares outstanding | 1,376 | 1,569 | 1,374 | 1,571 | |||||||||||
Diluted | |||||||||||||||
Diluted earnings per common share | $ | 0.75 | $ | 0.90 | $ | 1.37 | $ | 1.49 | |||||||
Weighted-average common shares outstanding | 1,677 | 1,671 | 1,668 | 1,681 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Net income | $ | 1,388 | $ | 1,901 | $ | 2,573 | $ | 3,251 | |||||||
Other comprehensive income (loss), net of tax | |||||||||||||||
Foreign currency translation adjustments | (506 | ) | (115 | ) | (243 | ) | (52 | ) | |||||||
Cash flow hedging losses, net | — | (2 | ) | — | (2 | ) | |||||||||
Unrealized losses on securities, net | (5 | ) | (136 | ) | (18 | ) | (140 | ) | |||||||
Defined benefit plans, net | 79 | 15 | 262 | 58 | |||||||||||
Other comprehensive income (loss), net of tax | (432 | ) | (238 | ) | 1 | (136 | ) | ||||||||
Comprehensive income | 956 | 1,663 | 2,574 | 3,115 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | 29 | (44 | ) | 27 | (88 | ) | |||||||||
Comprehensive income attributable to stockholders | $ | 985 | $ | 1,619 | $ | 2,601 | $ | 3,027 |
June 30, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 19,697 | $ | 18,422 | |||
Marketable securities (Note 4) | 6,258 | 8,988 | |||||
Restricted cash and marketable securities (Note 4) | 1,067 | 686 | |||||
Accounts and notes receivable (net of allowance of $305 and $311) | 11,119 | 10,395 | |||||
GM Financial receivables, net (including receivables transferred to SPEs of $8,726 and $3,444; Note 5) | 10,865 | 4,044 | |||||
Inventories (Note 6) | 14,777 | 14,714 | |||||
Equipment on operating leases, net | 2,492 | 1,782 | |||||
Deferred income taxes | 9,771 | 9,429 | |||||
Other current assets | 1,699 | 1,536 | |||||
Total current assets | 77,745 | 69,996 | |||||
Non-current Assets | |||||||
Restricted cash and marketable securities (Note 4) | 726 | 682 | |||||
GM Financial receivables, net (including receivables transferred to SPEs of $10,283 and $6,458; Note 5) | 11,453 | 6,954 | |||||
Equity in net assets of nonconsolidated affiliates (Note 7) | 7,463 | 6,883 | |||||
Property, net | 25,351 | 24,196 | |||||
Goodwill (Note 8) | 1,993 | 1,973 | |||||
Intangible assets, net (Note 9) | 6,598 | 6,809 | |||||
GM Financial equipment on operating leases, net (including assets transferred to SPEs of $663 and $540) | 2,575 | 1,649 | |||||
Deferred income taxes | 26,608 | 27,922 | |||||
Other assets | 2,598 | 2,358 | |||||
Total non-current assets | 85,365 | 79,426 | |||||
Total Assets | $ | 163,110 | $ | 149,422 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable (principally trade) | $ | 26,820 | $ | 25,166 | |||
Short-term debt and current portion of long-term debt (Note 12) | |||||||
Automotive (including certain debt at VIEs of $244 and $228; Note 10) | 699 | 1,748 | |||||
GM Financial (including certain debt at VIEs of $7,865 and $3,770; Note 10) | 9,262 | 3,770 | |||||
Accrued liabilities | 23,240 | 23,308 | |||||
Total current liabilities | 60,021 | 53,992 | |||||
Non-current Liabilities | |||||||
Long-term debt (Note 12) | |||||||
Automotive (including certain debt at VIEs of $23 and $122; Note 10) | 3,263 | 3,424 | |||||
GM Financial (including certain debt at VIEs of $9,206 and $5,608; Note 10) | 13,524 | 7,108 | |||||
Postretirement benefits other than pensions (Note 14) | 7,165 | 7,309 | |||||
Pensions (Note 14) | 26,661 | 27,420 | |||||
Other liabilities and deferred income taxes | 13,472 | 13,169 | |||||
Total non-current liabilities | 64,085 | 58,430 | |||||
Total Liabilities | 124,106 | 112,422 | |||||
Commitments and contingencies (Note 16) | |||||||
Equity (Note 19) | |||||||
Preferred stock, $0.01 par value | |||||||
Series A | 5,536 | 5,536 | |||||
Series B | 4,855 | 4,855 | |||||
Common stock, $0.01 par value | 14 | 14 | |||||
Additional paid-in capital | 23,818 | 23,834 | |||||
Retained earnings | 12,191 | 10,057 | |||||
Accumulated other comprehensive loss | (8,040 | ) | (8,052 | ) | |||
Total stockholders’ equity | 38,374 | 36,244 | |||||
Noncontrolling interests | 630 | 756 | |||||
Total Equity | 39,004 | 37,000 | |||||
Total Liabilities and Equity | $ | 163,110 | $ | 149,422 |
Series A Preferred Stock | Series B Preferred Stock | Common Stockholders’ | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 5,536 | $ | 4,855 | $ | 16 | $ | 26,391 | $ | 7,183 | $ | (5,861 | ) | $ | 871 | $ | 38,991 | ||||||||||||||
Net income | — | — | — | — | 3,161 | — | 90 | 3,251 | |||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (134 | ) | (2 | ) | (136 | ) | ||||||||||||||||||||
Exercise of common stock warrants | — | — | — | 3 | — | — | — | 3 | |||||||||||||||||||||||
Stock based compensation | — | — | — | 5 | — | — | — | 5 | |||||||||||||||||||||||
Cumulative dividends and cash dividends paid on Series A Preferred Stock and cumulative dividends on Series B Preferred Stock | — | — | — | — | (455 | ) | — | — | (455 | ) | |||||||||||||||||||||
Dividends declared or paid to noncontrolling interests | — | — | — | — | — | — | (37 | ) | (37 | ) | |||||||||||||||||||||
Other | — | — | — | — | — | — | (12 | ) | (12 | ) | |||||||||||||||||||||
Balance at June 30, 2012 | $ | 5,536 | $ | 4,855 | $ | 16 | $ | 26,399 | $ | 9,889 | $ | (5,995 | ) | $ | 910 | $ | 41,610 | ||||||||||||||
Balance at December 31, 2012 | $ | 5,536 | $ | 4,855 | $ | 14 | $ | 23,834 | $ | 10,057 | $ | (8,052 | ) | $ | 756 | $ | 37,000 | ||||||||||||||
Net income (loss) | — | — | — | — | 2,589 | — | (16 | ) | 2,573 | ||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | 12 | (11 | ) | 1 | ||||||||||||||||||||||
Exercise of common stock warrants | — | — | — | 2 | — | — | — | 2 | |||||||||||||||||||||||
Stock based compensation | — | — | — | (32 | ) | — | — | — | (32 | ) | |||||||||||||||||||||
Cumulative dividends and cash dividends paid on Series A Preferred Stock and cumulative dividends on Series B Preferred Stock | — | — | — | — | (455 | ) | — | — | (455 | ) | |||||||||||||||||||||
Dividends declared or paid to noncontrolling interests | — | — | — | — | — | — | (52 | ) | (52 | ) | |||||||||||||||||||||
Other | — | — | — | 14 | — | — | (47 | ) | (33 | ) | |||||||||||||||||||||
Balance at June 30, 2013 | $ | 5,536 | $ | 4,855 | $ | 14 | $ | 23,818 | $ | 12,191 | $ | (8,040 | ) | $ | 630 | $ | 39,004 |
Six Months Ended | |||||||
June 30, 2013 | June 30, 2012 | ||||||
Net cash provided by operating activities | $ | 5,712 | $ | 6,441 | |||
Cash flows from investing activities | |||||||
Expenditures for property | (3,833 | ) | (4,059 | ) | |||
Available-for-sale marketable securities, acquisitions | (1,841 | ) | (2,928 | ) | |||
Trading marketable securities, acquisitions | (2,967 | ) | (3,997 | ) | |||
Available-for-sale marketable securities, liquidations | 2,387 | 7,592 | |||||
Trading marketable securities, liquidations | 4,921 | 3,625 | |||||
Acquisition of companies, net of cash acquired | (2,111 | ) | 54 | ||||
Proceeds from sale of business units/investments, net of cash disposed | (81 | ) | 3 | ||||
Increase in restricted cash and marketable securities | (477 | ) | (275 | ) | |||
Decrease in restricted cash and marketable securities | 553 | 724 | |||||
Purchases and funding of finance receivables | (10,023 | ) | (2,874 | ) | |||
Principal collections and recoveries on finance receivables | 8,788 | 2,040 | |||||
Purchases of leased vehicles, net | (1,126 | ) | (610 | ) | |||
Proceeds from termination of leased vehicles | 84 | 20 | |||||
Other investing activities | (75 | ) | (140 | ) | |||
Net cash used in investing activities | (5,801 | ) | (825 | ) | |||
Cash flows from financing activities | |||||||
Net increase (decrease) in short-term debt | 98 | (156 | ) | ||||
Proceeds from issuance of debt (original maturities greater than three months) | 11,417 | 5,278 | |||||
Payments on debt (original maturities greater than three months) | (9,075 | ) | (4,077 | ) | |||
Dividends paid | (474 | ) | (459 | ) | |||
Other financing activities | (113 | ) | (20 | ) | |||
Net cash provided by financing activities | 1,853 | 566 | |||||
Effect of exchange rate changes on cash and cash equivalents | (489 | ) | (69 | ) | |||
Net increase in cash and cash equivalents | 1,275 | 6,113 | |||||
Cash and cash equivalents at beginning of period | 18,422 | 16,071 | |||||
Cash and cash equivalents at end of period | $ | 19,697 | $ | 22,184 | |||
Supplemental cash flow information: | |||||||
Non-cash property additions | $ | 3,457 | $ | 3,737 |
Cash | $ | 440 | |
Restricted cash | 525 | ||
Finance receivables | 10,981 | ||
Other assets, including identifiable intangible assets | 247 | ||
Secured and unsecured debt | (8,910 | ) | |
Other liabilities | (722 | ) | |
Identifiable net assets acquired | 2,561 | ||
Goodwill resulting from the acquisition | 57 | ||
Aggregate consideration | $ | 2,618 |
Certain Ally Operations Amounts Included in Results | Pro Forma-Combined | ||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | |||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Total net sales and revenue | $ | 248 | $ | 37,874 | $ | 76,200 | $ | 75,911 | |||||||
Net income attributable to stockholders | $ | 54 | $ | 1,932 | $ | 2,629 | $ | 3,286 |
June 30, 2013 | December 31, 2012 | ||||||||||||||||
Fair Value Level | Fair Value | Fair Value | |||||||||||||||
Cost | Cost | ||||||||||||||||
Cash and cash equivalents | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
U.S. government and agencies | 2 | $ | 1,923 | $ | 1,923 | $ | 4,190 | $ | 4,190 | ||||||||
Certificates of deposit | 2 | 384 | 384 | 120 | 120 | ||||||||||||
Money market funds | 1 | 1,806 | 1,806 | 1,799 | 1,799 | ||||||||||||
Corporate debt | 2 | 6,112 | 6,112 | 3,102 | 3,102 | ||||||||||||
Total available-for-sale securities | $ | 10,225 | 10,225 | $ | 9,211 | 9,211 | |||||||||||
Trading securities | |||||||||||||||||
Sovereign debt | 2 | — | 1,408 | ||||||||||||||
Total trading securities | — | 1,408 | |||||||||||||||
Total marketable securities classified as cash equivalents | 10,225 | 10,619 | |||||||||||||||
Cash, cash equivalents and time deposits | 9,472 | 7,803 | |||||||||||||||
Total cash and cash equivalents | $ | 19,697 | $ | 18,422 | |||||||||||||
Marketable securities - current | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
U.S. government and agencies | 2 | $ | 1,354 | $ | 1,354 | $ | 1,231 | $ | 1,231 | ||||||||
Sovereign debt | 2 | 22 | 22 | 30 | 30 | ||||||||||||
Certificates of deposit | 2 | — | — | 10 | 10 | ||||||||||||
Corporate debt | 2 | 1,781 | 1,778 | 2,313 | 2,318 | ||||||||||||
Security interest in GM Korea mandatorily redeemable preferred shares | 2 | 21 | 21 | 142 | 177 | ||||||||||||
Equity | 1 | — | — | — | 21 | ||||||||||||
Total available-for-sale securities | $ | 3,178 | 3,175 | $ | 3,726 | 3,787 | |||||||||||
Trading securities | |||||||||||||||||
Sovereign debt | 2 | 3,083 | 5,201 | ||||||||||||||
Total trading securities | 3,083 | 5,201 | |||||||||||||||
Total marketable securities - current | 6,258 | 8,988 | |||||||||||||||
Marketable securities - non-current | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Investment in Peugeot S.A. | 1 | $ | 179 | 204 | $ | 179 | 179 | ||||||||||
Total marketable securities - non-current | $ | 179 | 204 | $ | 179 | 179 | |||||||||||
Total marketable securities | $ | 6,462 | $ | 9,167 | |||||||||||||
Restricted cash and marketable securities | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Money market funds | 1 | $ | 912 | $ | 912 | $ | 933 | $ | 933 | ||||||||
Sovereign debt | 2 | 19 | 20 | 23 | 24 | ||||||||||||
Other | 2 | 13 | 13 | 175 | 175 | ||||||||||||
Total marketable securities classified as restricted cash and marketable securities | $ | 944 | 945 | $ | 1,131 | 1,132 | |||||||||||
Restricted cash and cash equivalents and time deposits | 848 | 236 | |||||||||||||||
Total restricted cash and marketable securities | $ | 1,793 | $ | 1,368 |
Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 9,871 | $ | 9,873 | |||
Due after one year through five years | 1,757 | 1,754 | |||||
Total contractual maturities of available-for-sale securities | $ | 11,628 | $ | 11,627 |
June 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
Consumer | Commercial | Total | Consumer | Commercial | Total | ||||||||||||||||||
Pre-acquisition finance receivables, outstanding amount | $ | 2,737 | $ | — | $ | 2,737 | $ | 2,162 | $ | — | $ | 2,162 | |||||||||||
Pre-acquisition finance receivables, carrying amount | $ | 2,551 | $ | — | $ | 2,551 | $ | 1,958 | $ | — | $ | 1,958 | |||||||||||
Post-acquisition finance receivables, net of fees | 15,880 | 4,334 | 20,214 | 8,831 | 560 | 9,391 | |||||||||||||||||
Total finance receivables | 18,431 | 4,334 | 22,765 | 10,789 | 560 | 11,349 | |||||||||||||||||
Less: allowance for loan losses | (423 | ) | (24 | ) | (447 | ) | (345 | ) | (6 | ) | (351 | ) | |||||||||||
Total GM Financial receivables, net | $ | 18,008 | $ | 4,310 | $ | 22,318 | $ | 10,444 | $ | 554 | $ | 10,998 |
Three Months Ended | |||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | ||||||||||||||||||||||
Consumer | Commercial | Total | Consumer | Commercial | Total | ||||||||||||||||||
Pre-acquisition finance receivables, outstanding amount, beginning of period | $ | 1,759 | $ | — | $ | 1,759 | $ | 3,675 | $ | — | $ | 3,675 | |||||||||||
Pre-acquisition finance receivables, carrying amount, beginning of period | $ | 1,580 | $ | — | $ | 1,580 | $ | 3,358 | $ | — | $ | 3,358 | |||||||||||
Post-acquisition finance receivables, net of fees, beginning of period | 9,432 | 836 | 10,268 | 6,326 | — | 6,326 | |||||||||||||||||
Ally Financial international operations acquisition | 6,991 | 3,290 | 10,281 | ||||||||||||||||||||
Loans funded or purchased | 2,468 | 5,138 | 7,606 | 1,489 | 174 | 1,663 | |||||||||||||||||
Charge-offs | (116 | ) | — | (116 | ) | (53 | ) | — | (53 | ) | |||||||||||||
Principal collections and other | (1,870 | ) | (4,906 | ) | (6,776 | ) | (932 | ) | (46 | ) | (978 | ) | |||||||||||
Change in carrying amount adjustment | (1 | ) | — | (1 | ) | (37 | ) | — | (37 | ) | |||||||||||||
Effect of foreign currency | (53 | ) | (24 | ) | (77 | ) | — | — | — | ||||||||||||||
Balance at end of period | $ | 18,431 | $ | 4,334 | $ | 22,765 | $ | 10,151 | $ | 128 | $ | 10,279 |
Six Months Ended | |||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | ||||||||||||||||||||||
Consumer | Commercial | Total | Consumer | Commercial | Total | ||||||||||||||||||
Pre-acquisition finance receivables, outstanding amount, beginning of period | $ | 2,162 | $ | — | $ | 2,162 | $ | 4,366 | $ | — | $ | 4,366 | |||||||||||
Pre-acquisition finance receivables, carrying amount, beginning of period | $ | 1,958 | $ | — | $ | 1,958 | $ | 4,027 | $ | — | $ | 4,027 | |||||||||||
Post-acquisition finance receivables, net of fees, beginning of period | 8,831 | 560 | 9,391 | 5,314 | — | 5,314 | |||||||||||||||||
Ally Financial international operations acquisition | 6,991 | 3,290 | 10,281 | ||||||||||||||||||||
Loans funded or purchased | 3,827 | 6,136 | 9,963 | 2,885 | 174 | 3,059 | |||||||||||||||||
Charge-offs | (248 | ) | — | (248 | ) | (104 | ) | — | (104 | ) | |||||||||||||
Principal collections and other | (2,845 | ) | (5,628 | ) | (8,473 | ) | (1,852 | ) | (46 | ) | (1,898 | ) | |||||||||||
Change in carrying amount adjustment | (30 | ) | — | (30 | ) | (119 | ) | — | (119 | ) | |||||||||||||
Effect of foreign currency | (53 | ) | (24 | ) | (77 | ) | — | — | — | ||||||||||||||
Balance at end of period | $ | 18,431 | $ | 4,334 | $ | 22,765 | $ | 10,151 | $ | 128 | $ | 10,279 |
June 30, 2013 | December 31, 2012 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
GM Financial receivables, net | $ | 22,318 | $ | 22,459 | $ | 10,998 | $ | 11,313 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Balance at beginning of period | $ | 371 | $ | 768 | $ | 404 | $ | 737 | |||||||
Ally Financial international operations acquisition | 249 | — | 249 | — | |||||||||||
Accretion of accretable yield | (132 | ) | (143 | ) | (213 | ) | (279 | ) | |||||||
Transfer from non-accretable difference | 6 | 3 | 54 | 170 | |||||||||||
Effect of foreign currency | (12 | ) | — | (12 | ) | — | |||||||||
Balance at end of period | $ | 482 | $ | 628 | $ | 482 | $ | 628 |
Three Months Ended(a) | Six Months Ended(a) | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Balance at beginning of period | $ | 393 | $ | 208 | $ | 351 | $ | 179 | |||||||
Provision for loan losses | 100 | 62 | 194 | 110 | |||||||||||
Charge-offs | (116 | ) | (53 | ) | (248 | ) | (104 | ) | |||||||
Recoveries | 70 | 32 | 150 | 64 | |||||||||||
Balance at end of period | $ | 447 | $ | 249 | $ | 447 | $ | 249 |
(a) | The balances and activity of the allowance for commercial loan losses included in the amounts at and for the three and six months ended June 30, 2013 and 2012 were insignificant. |
June 30, 2013 | December 31, 2012 | ||||||||||||
Amount | % | Amount | % | ||||||||||
FICO Score less than 540 | $ | 3,338 | 29.3 | % | $ | 3,011 | 27.4 | % | |||||
FICO Score 540 to 599 | 5,301 | 46.6 | % | 5,014 | 45.6 | % | |||||||
FICO Score 600 to 659 | 2,397 | 21.1 | % | 2,513 | 22.9 | % | |||||||
FICO Score 660 and greater | 343 | 3.0 | % | 455 | 4.1 | % | |||||||
Balance at end of period | $ | 11,379 | 100.0 | % | $ | 10,993 | 100.0 | % |
June 30, 2013 | December 31, 2012 | ||||||
Group I - Dealers with strong to superior financial metrics | $ | 240 | $ | 99 | |||
Group II - Dealers with fair to favorable financial metrics | 881 | 278 | |||||
Group III - Dealers with marginal to weak financial metrics | 2,017 | 171 | |||||
Group IV - Dealers with poor financial metrics | 780 | 12 | |||||
Group V - Dealers warranting special mention due to potential weaknesses | 415 | ||||||
Group VI - Dealers with loans classified as impaired | 1 | ||||||
$ | 4,334 | $ | 560 |
June 30, 2013 | June 30, 2012 | ||||||||||||
Amount | Percent of Contractual Amount Due | Amount | Percent of Contractual Amount Due | ||||||||||
Delinquent contracts | |||||||||||||
31-to-60 days | $ | 645 | 3.4 | % | $ | 428 | 4.1 | % | |||||
Greater-than-60 days | 253 | 1.4 | % | 158 | 1.5 | % | |||||||
Total finance receivables more than 30 days delinquent | 898 | 4.8 | % | 586 | 5.6 | % | |||||||
In repossession | 35 | 0.2 | % | 25 | 0.3 | % | |||||||
Total finance receivables more than 30 days delinquent or in repossession | $ | 933 | 5.0 | % | $ | 611 | 5.9 | % |
June 30, 2013 | December 31, 2012 | ||||||
Outstanding recorded investment | $ | 471 | $ | 228 | |||
Less: allowance for loan losses | (71 | ) | (32 | ) | |||
Outstanding recorded investment, net of allowance | $ | 400 | $ | 196 | |||
Unpaid principal balance | $ | 479 | $ | 232 |
June 30, 2013 | December 31, 2012 | ||||||
Productive material, supplies and work in process | $ | 6,326 | $ | 6,560 | |||
Finished product, including service parts | 8,451 | 8,154 | |||||
Total inventories | $ | 14,777 | $ | 14,714 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
China joint ventures (China JVs) | $ | 418 | $ | 331 | $ | 966 | $ | 750 | |||||||
Others | 11 | (31 | ) | 18 | (27 | ) | |||||||||
Total equity income, net of tax | $ | 429 | $ | 300 | $ | 984 | $ | 723 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Results of operations | |||||||||||||||
Automotive sales and revenue | $ | 707 | $ | 722 | $ | 1,301 | $ | 1,305 | |||||||
Automotive purchases, net | $ | 196 | $ | 174 | $ | 375 | $ | 309 | |||||||
Interest income and other non-operating income, net | $ | 6 | $ | 148 | $ | 7 | $ | 163 |
June 30, 2013 | December 31, 2012 | ||||||
Financial position | |||||||
Accounts and notes receivable, net | $ | 671 | $ | 1,668 | |||
Accounts and notes payable | $ | 223 | $ | 167 | |||
Deferred revenue and customer deposits | $ | 37 | $ | 46 |
Six Months Ended | |||||||
June 30, 2013 | June 30, 2012 | ||||||
Cash flows | |||||||
Operating | $ | 2,432 | $ | 2,391 | |||
Investing | $ | (7 | ) | $ | (37 | ) |
GMNA | GME | GMIO | GMSA | Total Automotive | GM Financial | Total | |||||||||||||||||||||
Balance at January 1, 2013 | $ | — | $ | — | $ | 549 | $ | 146 | $ | 695 | $ | 1,278 | $ | 1,973 | |||||||||||||
Goodwill from business combinations(a) | — | — | — | 10 | 10 | 57 | 67 | ||||||||||||||||||||
Effect of foreign currency translation and other | — | — | (35 | ) | (12 | ) | (47 | ) | — | (47 | ) | ||||||||||||||||
Balance at June 30, 2013 | $ | — | $ | — | $ | 514 | $ | 144 | $ | 658 | $ | 1,335 | $ | 1,993 | |||||||||||||
Accumulated impairment charges at June 30, 2013 and December 31, 2012 | $ | (26,399 | ) | $ | (3,072 | ) | $ | (426 | ) | $ | — | $ | (29,897 | ) | $ | — | $ | (29,897 | ) |
(a) | Refer to Note 3 for additional information concerning the acquisition of certain Ally Financial international operations. |
June 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Technology and intellectual property | $ | 8,428 | $ | 6,932 | $ | 1,496 | $ | 7,775 | $ | 6,320 | $ | 1,455 | |||||||||||
Brands | 4,455 | 494 | 3,961 | 4,464 | 431 | 4,033 | |||||||||||||||||
Dealer network and customer relationships | 1,355 | 366 | 989 | 1,375 | 327 | 1,048 | |||||||||||||||||
Favorable contracts and other | 379 | 323 | 56 | 384 | 286 | 98 | |||||||||||||||||
Total amortizing intangible assets | 14,617 | 8,115 | 6,502 | 13,998 | 7,364 | 6,634 | |||||||||||||||||
Nonamortizing in process research and development | 96 | 96 | 175 | 175 | |||||||||||||||||||
Total intangible assets | $ | 14,713 | $ | 8,115 | $ | 6,598 | $ | 14,173 | $ | 7,364 | $ | 6,809 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Amortization expense related to intangible assets | $ | 394 | $ | 392 | $ | 778 | $ | 790 |
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||
Estimated amortization expense | $ | 625 | $ | 323 | $ | 323 | $ | 320 | $ | 318 |
June 30, 2013 | December 31, 2012 | ||||||
Restricted cash | $ | 1,397 | $ | 744 | |||
Securitized assets | $ | 20,227 | $ | 10,442 | |||
Securitization notes payable and other credit facilities | $ | 17,071 | $ | 9,378 |
June 30, 2013 | December 31, 2012 | ||||||||||||||
Carrying Amount | Maximum Exposure to Loss | Carrying Amount | Maximum Exposure to Loss | ||||||||||||
Assets | |||||||||||||||
Accounts and notes receivable, net | $ | 56 | $ | 56 | $ | 234 | $ | 234 | |||||||
Equity in net assets of nonconsolidated affiliates | 104 | 100 | 117 | 113 | |||||||||||
Total assets | $ | 160 | $ | 156 | $ | 351 | $ | 347 | |||||||
Liabilities | |||||||||||||||
Accounts payable (principally trade) | $ | 11 | $ | 48 | |||||||||||
Short-term debt and current portion of long-term debt | 107 | 863 | |||||||||||||
Accrued liabilities | 773 | 878 | |||||||||||||
Other liabilities | 51 | 69 | |||||||||||||
Total liabilities | $ | 942 | $ | 1,858 | |||||||||||
Off-balance sheet(a) | |||||||||||||||
Loan commitments | $ | — | $ | 15 | |||||||||||
Other liquidity arrangements(b) | 197 | 17 | |||||||||||||
Total off-balance sheet arrangements | $ | 197 | $ | 32 |
(a) | Refer to Note 16 for additional information on our maximum exposure to loss under agreements with Ally Financial. |
(b) | The amount at June 30, 2013 includes contractual commitments under an agreement with a supplier that became a VIE in January 2013. |
June 30, 2013 | December 31, 2012 | ||||||
Carrying amount | $ | 397 | $ | 399 | |||
Fair value | $ | 1,322 | $ | 1,268 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Depreciation and amortization of long-lived assets | $ | 966 | $ | 925 | $ | 1,870 | $ | 1,817 | |||||||
Impairment charges of long-lived assets | $ | 17 | $ | 23 | $ | 36 | $ | 54 | |||||||
Depreciation of equipment on operating leases | $ | 139 | $ | 105 | $ | 250 | $ | 197 | |||||||
Impairment charges of equipment on operating leases | $ | 62 | $ | 75 | $ | 109 | $ | 130 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Fair value measures | $ | 530 | $ | 1,067 | $ | 949 | $ | 1,915 |
Three Months Ended | Six Months Ended | ||||||||||||||||||
Valuation Technique | Significant Unobservable Input | June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||||
Impaired equipment on operating leases | Cash flow | Estimated net revenue | $ | 543 | $ | 1,094 | $ | 971 | $ | 1,961 | |||||||||
Estimated costs | $ | 605 | $ | 1,169 | $ | 1,080 | $ | 2,091 |
June 30, 2013 | December 31, 2012 | ||||||
Carrying amount | $ | 3,962 | $ | 5,172 | |||
Fair value(a) | $ | 3,607 | $ | 5,298 |
(a) | The fair value of debt included $2.4 billion and $4.1 billion measured utilizing Level 2 inputs at June 30, 2013 and December 31, 2012. The fair value of debt included $1.2 billion measured utilizing Level 3 inputs at June 30, 2013 and December 31, 2012. |
June 30, 2013 | December 31, 2012 | |||||||||||||||
Carrying Amount | Fair Value(a) | Carrying Amount | Fair Value(a) | |||||||||||||
Secured | ||||||||||||||||
Revolving credit facilities | $ | 5,452 | $ | 5,452 | $ | 354 | $ | 354 | ||||||||
Securitization notes payable(b) | 12,096 | 12,153 | 9,024 | 9,171 | ||||||||||||
Total secured | 17,548 | 17,605 | 9,378 | 9,525 | ||||||||||||
Unsecured | ||||||||||||||||
Bank lines and credit facilities | 1,238 | 1,238 | — | — | ||||||||||||
Senior notes | 4,000 | 3,994 | 1,500 | 1,620 | ||||||||||||
Total unsecured | 5,238 | 5,232 | 1,500 | 1,620 | ||||||||||||
Total GM Financial debt | $ | 22,786 | $ | 22,837 | $ | 10,878 | $ | 11,145 |
(a) | For revolving credit facilities with variable interest rates and maturities of one year or less, the carrying amount is considered to be a reasonable estimate of fair value. The fair value of other secured debt and the unsecured debt is based on quoted market prices, when available. If quoted market prices are not available, the market value is estimated by discounting future net cash flows expected to be paid using current risk-adjusted rates. |
(b) | Includes a private securitization that GM Financial used observable and unobservable inputs to estimate fair value. Unobservable inputs are related to the structuring of the debt into various classes, which is based on public securitizations issued during the same time frame. |
Payments Due by Period | ||||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | Thereafter | Total | ||||||||||||||||||||||
Secured Debt | $ | 5,808 | $ | 4,933 | $ | 3,518 | $ | 2,173 | $ | 1,016 | $ | 146 | $ | 17,594 | ||||||||||||||
Unsecured Debt | 819 | 253 | 139 | 1,027 | 1,000 | 2,000 | 5,238 | |||||||||||||||||||||
Interest | 277 | 387 | 277 | 198 | 134 | 195 | 1,468 | |||||||||||||||||||||
$ | 6,904 | $ | 5,573 | $ | 3,934 | $ | 3,398 | $ | 2,150 | $ | 2,341 | $ | 24,300 |
Six Months Ended | |||||||
June 30, 2013 | June 30, 2012 | ||||||
Balance at beginning of period | $ | 7,204 | $ | 6,600 | |||
Warranties issued and assumed in period | 1,600 | 1,675 | |||||
Payments | (1,570 | ) | (1,758 | ) | |||
Adjustments to pre-existing warranties | (4 | ) | 339 | ||||
Effect of foreign currency translation and other | (137 | ) | (19 | ) | |||
Balance at end of period | $ | 7,093 | $ | 6,837 |
Three Months Ended June 30, 2013 | Three Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||
Service cost | $ | 99 | $ | 94 | $ | 6 | $ | 4 | $ | 161 | $ | 106 | $ | 7 | $ | 3 | |||||||||||||||
Interest cost | 709 | 252 | 55 | 14 | 1,080 | 276 | 58 | 16 | |||||||||||||||||||||||
Expected return on plan assets | (890 | ) | (205 | ) | — | — | (1,333 | ) | (218 | ) | — | — | |||||||||||||||||||
Amortization of prior service cost (credit) | (1 | ) | 5 | (30 | ) | (3 | ) | (1 | ) | — | (29 | ) | (3 | ) | |||||||||||||||||
Recognized net actuarial loss | 1 | 51 | 23 | 1 | 1 | 9 | 13 | 2 | |||||||||||||||||||||||
Curtailments, settlements and other (gains) losses | (37 | ) | (1 | ) | — | — | (2 | ) | 14 | — | — | ||||||||||||||||||||
Net periodic pension and OPEB (income) expense | $ | (119 | ) | $ | 196 | $ | 54 | $ | 16 | $ | (94 | ) | $ | 187 | $ | 49 | $ | 18 |
Six Months Ended June 30, 2013 | Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | ||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||
Service cost | $ | 198 | $ | 193 | $ | 13 | $ | 7 | $ | 321 | $ | 198 | $ | 12 | $ | 8 | |||||||||||||||
Interest cost | 1,418 | 506 | 110 | 28 | 2,160 | 553 | 117 | 32 | |||||||||||||||||||||||
Expected return on plan assets | (1,781 | ) | (414 | ) | — | — | (2,665 | ) | (435 | ) | — | — | |||||||||||||||||||
Amortization of prior service cost (credit) | (2 | ) | 10 | (59 | ) | (7 | ) | (1 | ) | — | (58 | ) | (5 | ) | |||||||||||||||||
Recognized net actuarial loss | 3 | 100 | 46 | 3 | 1 | 17 | 26 | 3 | |||||||||||||||||||||||
Curtailments, settlements and other (gains) losses | 5 | 3 | — | — | (23 | ) | 42 | — | — | ||||||||||||||||||||||
Net periodic pension and OPEB (income) expense | $ | (159 | ) | $ | 398 | $ | 110 | $ | 31 | $ | (207 | ) | $ | 375 | $ | 97 | $ | 38 |
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||||||||||||
Notional | Current(a) | Non-Current(b) | Total | Level 2 | Level 3 | Current(c) | Non-Current(d) | Total | Level 2 | ||||||||||||||||||||||||||||||
June 30, 2013 | $ | 9,129 | $ | 70 | $ | 51 | $ | 121 | $ | 56 | $ | 65 | $ | 10 | $ | 1 | $ | 11 | $ | 11 | |||||||||||||||||||
December 31, 2012 | $ | 10,751 | $ | 144 | $ | 22 | $ | 166 | $ | 129 | $ | 37 | $ | 26 | $ | 1 | $ | 27 | $ | 27 |
(a) | Recorded in Other current assets. |
(b) | Recorded in Other assets. |
(c) | Recorded in Accrued liabilities. |
(d) | Recorded in Other liabilities and deferred income taxes. |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Total gains (losses) recorded in earnings | $ | 39 | $ | (41 | ) | $ | 14 | $ | (106 | ) |
June 30, 2013 | December 31, 2012 | ||||||||||||||
Liability Recorded | Maximum Liability(a) | Liability Recorded | Maximum Liability(a) | ||||||||||||
Guarantees | |||||||||||||||
Third party commercial loans and other obligations(b) | $ | 83 | $ | 17,126 | $ | 168 | $ | 22,496 | |||||||
Other product-related claims | $ | 52 | $ | 1,164 | $ | 51 | $ | 1,040 |
(a) | Calculated as future undiscounted payments. |
(b) | Includes liabilities recorded of $10 million and $15 million and maximum liabilities of $16.1 billion and $22.1 billion related to Ally Financial repurchase obligations at June 30, 2013 and December 31, 2012. |
June 30, 2013 | December 31, 2012 | ||||||
Liability Recorded | Liability Recorded | ||||||
Other litigation-related liability and tax administrative matters | $ | 1,811 | $ | 1,728 | |||
Product liability | $ | 642 | $ | 601 | |||
Environmental liability | $ | 156 | $ | 166 |
GMNA | GME | GMIO | GMSA | Total | |||||||||||||||
Balance at January 1, 2013 | $ | 653 | $ | 590 | $ | 39 | $ | 38 | $ | 1,320 | |||||||||
Additions, interest accretion and other | 27 | 35 | 2 | 22 | 86 | ||||||||||||||
Payments | (58 | ) | (116 | ) | (26 | ) | (12 | ) | (212 | ) | |||||||||
Revisions to estimates | 13 | — | (1 | ) | — | 12 | |||||||||||||
Effect of foreign currency | (6 | ) | (14 | ) | — | 1 | (19 | ) | |||||||||||
Balance at March 31, 2013 | 629 | 495 | 14 | 49 | 1,187 | ||||||||||||||
Additions, interest accretion and other | 12 | 31 | 15 | 12 | 70 | ||||||||||||||
Payments | (56 | ) | (80 | ) | (13 | ) | (34 | ) | (183 | ) | |||||||||
Revisions to estimates | (16 | ) | (2 | ) | — | — | (18 | ) | |||||||||||
Effect of foreign currency | (10 | ) | 6 | (1 | ) | (2 | ) | (7 | ) | ||||||||||
Balance at June 30, 2013(a) | $ | 559 | $ | 450 | $ | 15 | $ | 25 | $ | 1,049 |
GMNA | GME | GMIO | GMSA | Total | |||||||||||||||
Balance at January 1, 2012 | $ | 884 | $ | 687 | $ | 1 | $ | 12 | $ | 1,584 | |||||||||
Additions, interest accretion and other | 100 | 31 | 3 | 2 | 136 | ||||||||||||||
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, interest accretion and other | 16 | 56 | 27 | 73 | 172 | ||||||||||||||
Payments | (123 | ) | (43 | ) | (5 | ) | (13 | ) | (184 | ) | |||||||||
Revisions to estimates | — | (7 | ) | — | — | (7 | ) | ||||||||||||
Effect of foreign currency | (8 | ) | (26 | ) | — | 1 | (33 | ) | |||||||||||
Balance at June 30, 2012(a) | $ | 779 | $ | 520 | $ | 26 | $ | 67 | $ | 1,392 |
(a) | The remaining cash payments related to these reserves for restructuring and other initiatives, including temporary layoff benefits of $346 million and $363 million at June 30, 2013 and 2012 for GMNA, primarily relate to postemployment benefits. |
Pre-Tax Amount | Tax Expense (Benefit) | Net Amount | |||||||||
Foreign Currency Translation Adjustments | |||||||||||
Balance at January 1, 2013 | $ | 112 | $ | 11 | $ | 101 | |||||
Other comprehensive loss | (292 | ) | (49 | ) | (243 | ) | |||||
Other comprehensive loss attributable to noncontrolling interests | 11 | — | 11 | ||||||||
Balance at June 30, 2013 | $ | (169 | ) | $ | (38 | ) | $ | (131 | ) | ||
Unrealized Gains (Losses) on Securities, Net | |||||||||||
Balance at January 1, 2013 | $ | 63 | $ | 22 | $ | 41 | |||||
Other comprehensive loss | (34 | ) | (16 | ) | (18 | ) | |||||
Balance at June 30, 2013 | $ | 29 | $ | 6 | $ | 23 | |||||
Defined Benefit Plans, Net | |||||||||||
Balance at January 1, 2013 | $ | (7,794 | ) | $ | 400 | $ | (8,194 | ) | |||
Other comprehensive income before reclassification adjustment | 186 | 15 | 171 | ||||||||
Reclassification adjustment - prior service credit(a) | (58 | ) | (23 | ) | (35 | ) | |||||
Reclassification adjustment - actuarial loss(a) | 152 | 26 | 126 | ||||||||
Other comprehensive income | 280 | 18 | 262 | ||||||||
Balance at June 30, 2013 | $ | (7,514 | ) | $ | 418 | $ | (7,932 | ) | |||
Accumulated Other Comprehensive Loss | |||||||||||
Balance at January 1, 2013 | $ | (7,619 | ) | $ | 433 | $ | (8,052 | ) | |||
Other comprehensive loss before reclassification adjustment | (109 | ) | (43 | ) | (66 | ) | |||||
Reclassification adjustment | 63 | (4 | ) | 67 | |||||||
Other comprehensive income (loss) | (46 | ) | (47 | ) | 1 | ||||||
Other comprehensive loss attributable to noncontrolling interests | 11 | — | 11 | ||||||||
Balance at June 30, 2013 | $ | (7,654 | ) | $ | 386 | $ | (8,040 | ) |
(a) | Included in the computation of net periodic pension and OPEB cost. Refer to Note 14 for additional information. |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Basic earnings per share | |||||||||||||||
Net income attributable to stockholders | $ | 1,414 | $ | 1,846 | $ | 2,589 | $ | 3,161 | |||||||
Less: cumulative dividends on preferred stock(a) | (214 | ) | (214 | ) | (429 | ) | (429 | ) | |||||||
Less: undistributed earnings allocated to Series B Preferred Stock participating security | (145 | ) | (241 | ) | |||||||||||
Net income attributable to common stockholders | $ | 1,200 | $ | 1,487 | $ | 2,160 | $ | 2,491 | |||||||
Weighted-average common shares outstanding - basic | 1,376 | 1,569 | 1,374 | 1,571 | |||||||||||
Basic earnings per common share | $ | 0.87 | $ | 0.95 | $ | 1.57 | $ | 1.59 | |||||||
Diluted earnings per share | |||||||||||||||
Net income attributable to stockholders | $ | 1,414 | $ | 1,846 | $ | 2,589 | $ | 3,161 | |||||||
Add: preferred dividends to holders of Series B Preferred Stock | 60 | 118 | |||||||||||||
Less: cumulative dividends on preferred stock(a) | (214 | ) | (214 | ) | (429 | ) | (429 | ) | |||||||
Less: undistributed earnings allocated to Series B Preferred Stock participating security | (136 | ) | (226 | ) | |||||||||||
Net income attributable to common stockholders | $ | 1,260 | $ | 1,496 | $ | 2,278 | $ | 2,506 | |||||||
Weighted-average shares outstanding - diluted | |||||||||||||||
Weighted-average common shares outstanding - basic | 1,376 | 1,569 | 1,374 | 1,571 | |||||||||||
Dilutive effect of warrants | 147 | 98 | 140 | 106 | |||||||||||
Dilutive effect of conversion of Series B Preferred Stock | 151 | 151 | |||||||||||||
Dilutive effect of restricted stock units (RSUs) | 3 | 4 | 3 | 4 | |||||||||||
Weighted-average common shares outstanding - diluted | 1,677 | 1,671 | 1,668 | 1,681 | |||||||||||
Diluted earnings per common share | $ | 0.75 | $ | 0.90 | $ | 1.37 | $ | 1.49 |
(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 six months ended June 30, 2013 and 2012. |
Shares | Weighted- Average Grant Date Fair Value | Weighted-Average Remaining Contractual Term in Years | ||||||
RSUs outstanding at January 1, 2013 | 26.9 | $ | 23.06 | 0.7 | ||||
Granted | 8.0 | $ | 28.10 | |||||
Settled | (14.6 | ) | $ | 20.55 | ||||
Forfeited or expired | (0.6 | ) | $ | 26.53 | ||||
RSUs outstanding at June 30, 2013 | 19.7 | $ | 26.86 | 1.5 | ||||
RSUs unvested and expected to vest at June 30, 2013 | 11.9 | $ | 27.79 | 2.1 | ||||
RSUs vested and payable at June 30, 2013 | 6.7 | $ | 25.12 | — |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Compensation expense | $ | 77 | $ | 55 | $ | 141 | $ | 127 | |||||||
Income tax benefit | $ | 25 | $ | — | $ | 45 | $ | — |
• 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 June 30, 2013 | |||||||||||||||||||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Sales | |||||||||||||||||||||||||||||||||||||||
External customers | $ | 23,489 | $ | 5,154 | $ | 5,250 | $ | 4,308 | $ | 39 | $ | — | $ | 38,240 | $ | — | $ | — | $ | 38,240 | |||||||||||||||||||
GM Financial revenue | — | — | — | — | — | — | — | 836 | (1 | ) | 835 | ||||||||||||||||||||||||||||
Intersegment | 6 | — | — | — | — | — | 6 | — | (6 | ) | — | ||||||||||||||||||||||||||||
Total net sales and revenue | $ | 23,495 | $ | 5,154 | $ | 5,250 | $ | 4,308 | $ | 39 | $ | — | $ | 38,246 | $ | 836 | $ | (7 | ) | $ | 39,075 | ||||||||||||||||||
Income (loss) before interest and taxes-adjusted | $ | 1,976 | $ | (110 | ) | $ | 228 | $ | 54 | $ | (126 | ) | $ | — | $ | 2,022 | $ | 254 | $ | — | $ | 2,276 | |||||||||||||||||
Adjustments(a) | $ | 37 | $ | — | $ | 67 | $ | — | — | $ | — | $ | 104 | — | $ | — | 104 | ||||||||||||||||||||||
Corporate interest income | 81 | $ | (4 | ) | 77 | ||||||||||||||||||||||||||||||||||
Automotive interest expense | 63 | $ | (2 | ) | 61 | ||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 240 | — | 240 | ||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (348 | ) | 254 | 2,156 | |||||||||||||||||||||||||||||||||||
Income tax expense | 662 | 80 | 742 | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to stockholders | $ | (1,010 | ) | $ | 174 | $ | 1,414 | ||||||||||||||||||||||||||||||||
Total assets | $ | 90,733 | $ | 11,285 | $ | 25,775 | $ | 11,839 | $ | 21,711 | $ | (27,172 | ) | $ | 134,171 | $ | 30,786 | $ | (1,847 | ) | $ | 163,110 |
(a) | Consists of the acquisition of GM Korea preferred shares of $67 million in GMIO and pension settlement credits of $37 million in GMNA. |
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Total Automotive | GM Financial | Eliminations | Total | |||||||||||||||||||||||||||
Sales | |||||||||||||||||||||||||||||||||||
External customers | $ | 46,468 | $ | 9,972 | $ | 10,070 | $ | 7,999 | $ | 75 | $ | 74,584 | $ | — | $ | — | $ | 74,584 | |||||||||||||||||
GM Financial revenue | — | — | — | — | — | — | 1,376 | (1 | ) | 1,375 | |||||||||||||||||||||||||
Intersegment | 6 | — | — | — | — | 6 | — | (6 | ) | — | |||||||||||||||||||||||||
Total net sales and revenue | $ | 46,474 | $ | 9,972 | $ | 10,070 | $ | 7,999 | $ | 75 | $ | 74,590 | $ | 1,376 | $ | (7 | ) | $ | 75,959 | ||||||||||||||||
Income (loss) before interest and taxes-adjusted | $ | 3,390 | $ | (285 | ) | $ | 723 | $ | 16 | $ | (236 | ) | $ | 3,608 | $ | 434 | $ | — | $ | 4,042 | |||||||||||||||
Adjustments(a) | $ | (1 | ) | $ | 1 | $ | 91 | $ | (157 | ) | — | $ | (66 | ) | — | $ | — | (66 | ) | ||||||||||||||||
Corporate interest income | 160 | $ | (4 | ) | 156 | ||||||||||||||||||||||||||||||
Automotive interest expense | 154 | $ | (2 | ) | 152 | ||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 240 | — | 240 | ||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (470 | ) | 434 | 3,740 | |||||||||||||||||||||||||||||||
Income tax expense | 1,004 | 147 | 1,151 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to stockholders | $ | (1,474 | ) | $ | 287 | $ | 2,589 |
(a) | Consists of Venezuela currency devaluation of $162 million in GMSA and the acquisition of GM Korea preferred shares of $67 million and net pension settlement charges and income related to various insurance recoveries, net, of $29 million. |
For the Three Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Total Automotive | GM Financial | Eliminations | Total | |||||||||||||||||||||||||||
Sales | |||||||||||||||||||||||||||||||||||
External customers | $ | 21,553 | $ | 5,532 | $ | 5,915 | $ | 4,117 | $ | 10 | $ | 37,127 | $ | — | $ | — | $ | 37,127 | |||||||||||||||||
GM Financial revenue | — | — | — | — | — | — | 487 | — | 487 | ||||||||||||||||||||||||||
Intersegment | (1 | ) | — | — | — | — | (1 | ) | — | 1 | — | ||||||||||||||||||||||||
Total net sales and revenue | $ | 21,552 | $ | 5,532 | $ | 5,915 | $ | 4,117 | $ | 10 | $ | 37,126 | $ | 487 | $ | 1 | $ | 37,614 | |||||||||||||||||
Income (loss) before interest and taxes-adjusted | $ | 1,891 | $ | (394 | ) | $ | 627 | $ | 16 | $ | (238 | ) | $ | 1,902 | $ | 217 | $ | — | $ | 2,119 | |||||||||||||||
Corporate interest income | 86 | 86 | |||||||||||||||||||||||||||||||||
Automotive interest expense | 118 | 118 | |||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (270 | ) | 217 | 2,087 | |||||||||||||||||||||||||||||||
Income tax expense | 132 | 109 | 241 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to stockholders | $ | (402 | ) | $ | 108 | $ | 1,846 |
For the Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Total Automotive | GM Financial | Eliminations | Total | |||||||||||||||||||||||||||
Sales | |||||||||||||||||||||||||||||||||||
External customers | $ | 44,728 | $ | 10,787 | $ | 10,931 | $ | 7,984 | $ | 25 | $ | 74,455 | $ | — | $ | — | $ | 74,455 | |||||||||||||||||
GM Financial revenue | — | — | — | — | — | — | 918 | — | 918 | ||||||||||||||||||||||||||
Intersegment | (1 | ) | — | — | — | — | (1 | ) | — | 1 | — | ||||||||||||||||||||||||
Total net sales and revenue | $ | 44,727 | $ | 10,787 | $ | 10,931 | $ | 7,984 | $ | 25 | $ | 74,454 | $ | 918 | $ | 1 | $ | 75,373 | |||||||||||||||||
Income (loss) before interest and taxes-adjusted | $ | 3,533 | $ | (688 | ) | $ | 1,148 | $ | 169 | $ | (259 | ) | $ | 3,903 | $ | 398 | $ | — | $ | 4,301 | |||||||||||||||
Adjustments(a) | $ | — | $ | (590 | ) | $ | (22 | ) | $ | — | — | $ | (612 | ) | — | $ | — | (612 | ) | ||||||||||||||||
Corporate interest income | 175 | 175 | |||||||||||||||||||||||||||||||||
Automotive interest expense | 228 | 228 | |||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 18 | — | 18 | ||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (330 | ) | 398 | 3,618 | |||||||||||||||||||||||||||||||
Income tax expense | 274 | 183 | 457 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to stockholders | $ | (604 | ) | $ | 215 | $ | 3,161 |
(a) | Consists of Goodwill impairment charges of $590 million in GME and $22 million in GMIO, which is presented net of noncontrolling interests. |
• | GM North America (GMNA) has sales, manufacturing and distribution operations in the U.S., Canada and Mexico and sales and distribution operations in Central America and the Caribbean. GMNA represented 51.5% of our wholesale vehicle sales volume in the six months ended June 30, 2013 and we had the largest market share, based upon retail vehicle sales, in North America at 17.2%. |
• | GM Europe (GME) has sales, manufacturing and distribution operations across Western and Central Europe. GME's wholesale 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 16.5% of our wholesale vehicle sales volume in the six months ended June 30, 2013. In the six months ended June 30, 2013 we estimate we had the number four market share, based upon retail vehicle sales, in Europe at 8.4%. GM International Operations (GMIO) distributes Chevrolet brand vehicles in Europe. These vehicles are reported within market share for Europe, but wholesale vehicle sales volume is recorded by GMIO. |
• | GMIO has sales, manufacturing and distribution operations in Asia/Pacific, the Middle East, Africa and Eastern Europe (including Russia and the other members of the Commonwealth of Independent States among others). GMIO represented 16.0% of our wholesale vehicle sales volume in the six months ended June 30, 2013. The Asia/Pacific, Middle East and Africa region is our largest region by retail vehicle sales volume and represented 39.5% of our global retail vehicle sales volume in the six months ended June 30, 2013. In the six months ended June 30, 2013 we estimate we had the number two market share, based upon retail vehicle sales, in Asia/Pacific, Middle East and Africa at 9.4%. In the six months ended June |
• | GM South America (GMSA) has sales, manufacturing, distribution and/or financing operations in Brazil, Argentina, Colombia, Ecuador and Venezuela as well as sales and distribution operations in Bolivia, Chile, Paraguay, Peru and Uruguay. GMSA represented 16.0% of our wholesale vehicle sales volume in the six months ended June 30, 2013. In the six months ended June 30, 2013 GMSA derived 64.8% of its wholesale vehicle sales volume from Brazil. In the six months ended June 30, 2013 we estimate we had the number one market share, based upon retail vehicle sales, in South America at 17.2% and the number three market share, based upon retail vehicle sales, in Brazil at 17.0%. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||||||||||
GMNA | 809 | 49.7 | % | 760 | 47.2 | % | 1,638 | 51.5 | % | 1,608 | 50.1 | % | |||||||||||
GME | 276 | 16.9 | % | 290 | 18.0 | % | 525 | 16.5 | % | 556 | 17.4 | % | |||||||||||
GMIO | 268 | 16.4 | % | 295 | 18.3 | % | 511 | 16.0 | % | 538 | 16.8 | % | |||||||||||
GMSA | 278 | 17.0 | % | 265 | 16.5 | % | 511 | 16.0 | % | 502 | 15.7 | % | |||||||||||
Worldwide | 1,631 | 100.0 | % | 1,610 | 100.0 | % | 3,185 | 100.0 | % | 3,204 | 100.0 | % |
Vehicle Sales(a)(b)(c) Three Months Ended | Vehicle Sales(a)(b)(c) Six Months Ended | ||||||||||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||||||||||||||||||||||
Industry | GM | GM as a % of Industry | Industry | GM | GM as a % of Industry | Industry | GM | GM as a % of Industry | Industry | GM | GM as a % of Industry | ||||||||||||||||||||||||
North America | |||||||||||||||||||||||||||||||||||
United States | 4,207 | 755 | 18.0 | % | 3,885 | 707 | 18.2 | % | 7,960 | 1,420 | 17.8 | % | 7,427 | 1,316 | 17.7 | % | |||||||||||||||||||
Other | 888 | 125 | 14.1 | % | 829 | 113 | 13.6 | % | 1,581 | 221 | 14.0 | % | 1,515 | 209 | 13.8 | % | |||||||||||||||||||
Total North America | 5,094 | 880 | 17.3 | % | 4,714 | 820 | 17.4 | % | 9,542 | 1,642 | 17.2 | % | 8,942 | 1,524 | 17.0 | % | |||||||||||||||||||
Europe | |||||||||||||||||||||||||||||||||||
United Kingdom | 636 | 74 | 11.7 | % | 565 | 68 | 12.0 | % | 1,321 | 155 | 11.7 | % | 1,205 | 138 | 11.5 | % | |||||||||||||||||||
Germany | 907 | 70 | 7.7 | % | 943 | 76 | 8.1 | % | 1,644 | 124 | 7.6 | % | 1,792 | 140 | 7.8 | % | |||||||||||||||||||
Russia | 731 | 64 | 8.8 | % | 817 | 80 | 9.8 | % | 1,362 | 121 | 8.9 | % | 1,447 | 136 | 9.4 | % | |||||||||||||||||||
Other | 2,734 | 216 | 7.9 | % | 2,858 | 231 | 8.1 | % | 5,195 | 398 | 7.7 | % | 5,612 | 438 | 7.8 | % | |||||||||||||||||||
Total Europe | 5,008 | 425 | 8.5 | % | 5,184 | 455 | 8.8 | % | 9,522 | 797 | 8.4 | % | 10,055 | 853 | 8.5 | % | |||||||||||||||||||
Asia/Pacific, Middle East and Africa | |||||||||||||||||||||||||||||||||||
China(d) | 5,404 | 751 | 13.9 | % | 4,846 | 672 | 13.9 | % | 10,822 | 1,567 | 14.5 | % | 9,741 | 1,417 | 14.5 | % | |||||||||||||||||||
Other(d) | 4,554 | 174 | 3.8 | % | 4,552 | 190 | 4.2 | % | 9,588 | 350 | 3.6 | % | 9,557 | 374 | 3.9 | % | |||||||||||||||||||
Total Asia/Pacific, Middle East and Africa | 9,958 | 925 | 9.3 | % | 9,398 | 862 | 9.2 | % | 20,411 | 1,917 | 9.4 | % | 19,297 | 1,791 | 9.3 | % | |||||||||||||||||||
South America | |||||||||||||||||||||||||||||||||||
Brazil | 968 | 164 | 17.0 | % | 898 | 154 | 17.1 | % | 1,799 | 305 | 17.0 | % | 1,717 | 291 | 16.9 | % | |||||||||||||||||||
Other | 560 | 97 | 17.4 | % | 504 | 100 | 19.9 | % | 1,092 | 191 | 17.5 | % | 1,042 | 211 | 20.2 | % | |||||||||||||||||||
Total South America | 1,529 | 262 | 17.1 | % | 1,403 | 254 | 18.1 | % | 2,891 | 497 | 17.2 | % | 2,759 | 502 | 18.2 | % | |||||||||||||||||||
Total Worldwide | 21,589 | 2,492 | 11.5 | % | 20,699 | 2,392 | 11.6 | % | 42,365 | 4,853 | 11.5 | % | 41,053 | 4,670 | 11.4 | % | |||||||||||||||||||
United States | |||||||||||||||||||||||||||||||||||
Cars | 2,032 | 299 | 14.7 | % | 1,927 | 296 | 15.4 | % | 3,887 | 556 | 14.3 | % | 3,719 | 552 | 14.8 | % | |||||||||||||||||||
Trucks | 1,119 | 267 | 23.8 | % | 1,009 | 236 | 23.4 | % | 2,062 | 495 | 24.0 | % | 1,924 | 444 | 23.1 | % | |||||||||||||||||||
Crossovers | 1,055 | 190 | 18.0 | % | 950 | 176 | 18.5 | % | 2,011 | 370 | 18.4 | % | 1,783 | 320 | 17.9 | % | |||||||||||||||||||
Total United States | 4,207 | 755 | 18.0 | % | 3,885 | 707 | 18.2 | % | 7,960 | 1,420 | 17.8 | % | 7,427 | 1,316 | 17.7 | % |
(a) | North America vehicle sales primarily represent sales to the end customer. Europe, Asia/Pacific, Middle East and Africa and South America 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. |
Three Months Ended | Six Months Ended | ||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||
Joint venture sales in China | |||||||||||
SGMS | 361 | 302 | 743 | 640 | |||||||
SGMW and FAW-GM | 389 | 368 | 822 | 775 | |||||||
Joint venture sales in India | |||||||||||
HKJV | 21 | 49 |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | 2013 vs. 2012 Change | 2013 vs. 2012 Change | ||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
Automotive sales and revenue | $ | 38,240 | $ | 37,127 | $ | 74,584 | $ | 74,455 | $ | 1,113 | 3.0 | % | $ | 129 | 0.2 | % | |||||||||||||
GM Financial | 835 | 487 | 1,375 | 918 | 348 | 71.5 | % | 457 | 49.8 | % | |||||||||||||||||||
Total net sales and revenue | $ | 39,075 | $ | 37,614 | $ | 75,959 | $ | 75,373 | $ | 1,461 | 3.9 | % | $ | 586 | 0.8 | % |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | 2013 vs. 2012 Change | 2013 vs. 2012 Change | ||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
Automotive cost of sales | $ | 33,824 | $ | 32,678 | $ | 66,441 | $ | 65,588 | $ | 1,146 | 3.5 | % | $ | 853 | 1.3 | % | |||||||||||||
Automotive gross margin | $ | 4,416 | $ | 4,449 | $ | 8,143 | $ | 8,867 | $ | (33 | ) | (0.7 | )% | $ | (724 | ) | (8.2 | )% |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | 2013 vs. 2012 Change | 2013 vs. 2012 Change | ||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
Automotive selling, general and administrative expense | $ | 2,925 | $ | 2,847 | $ | 5,877 | $ | 5,835 | $ | 78 | 2.7 | % | $ | 42 | 0.7 | % |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | 2013 vs. 2012 Change | 2013 vs. 2012 Change | ||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
Goodwill impairment charges | $ | — | $ | — | $ | — | $ | 617 | $ | — | — | % | $ | (617 | ) | (100.0 | )% |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | 2013 vs. 2012 Change | 2013 vs. 2012 Change | ||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
Interest income and other non-operating income, net | $ | 251 | $ | 139 | $ | 422 | $ | 414 | $ | 112 | 80.6 | % | $ | 8 | 1.9 | % |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | 2013 vs. 2012 Change | 2013 vs. 2012 Change | |||||||||||||||||||||||
Amount | % | Amount | % | |||||||||||||||||||||||||
Income tax expense | $ | 742 | $ | 241 | $ | 1,151 | $ | 457 | $ | 501 | n.m. | $ | 694 | 151.9 | % |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | 2013 vs. 2012 Change | 2013 vs. 2012 Change | ||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
China joint ventures (China JVs) | $ | 418 | $ | 331 | $ | 966 | $ | 750 | $ | 87 | 26.3 | % | $ | 216 | 28.8 | % | |||||||||||||
Others | 11 | (31 | ) | 18 | (27 | ) | 42 | n.m. | 45 | n.m. | |||||||||||||||||||
Total equity income, net of tax | $ | 429 | $ | 300 | $ | 984 | $ | 723 | $ | 129 | 43.0 | % | $ | 261 | 36.1 | % |
Three Months Ended | Variance Due To | ||||||||||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | Favorable / (Unfavorable) | % | Volume | Mix | Price | Other | Total | |||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in billions) | ||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 23,495 | $ | 21,552 | $ | 1,943 | 9.0 | % | $ | 1.2 | $ | 0.2 | $ | 0.3 | $ | 0.2 | $ | 1.9 | |||||||||||||||||
EBIT-adjusted | $ | 1,976 | $ | 1,891 | $ | 85 | 4.5 | % | $ | 0.4 | $ | (0.2 | ) | $ | 0.3 | $ | (0.4 | ) | $ | 0.1 |
Six Months Ended | Variance Due To | ||||||||||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | Favorable / (Unfavorable) | % | Volume | Mix | Price | Other | Total | |||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in billions) | ||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 46,474 | $ | 44,727 | $ | 1,747 | 3.9 | % | $ | 0.7 | $ | 0.7 | $ | 0.1 | $ | 0.2 | $ | 1.7 | |||||||||||||||||
EBIT-adjusted | $ | 3,390 | $ | 3,533 | $ | (143 | ) | (4.0 | )% | $ | 0.2 | $ | (0.2 | ) | $ | 0.1 | $ | (0.2 | ) | $ | (0.1 | ) |
Three Months Ended | Variance Due To | ||||||||||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | Favorable / (Unfavorable) | % | Volume | Mix | Price | Other | Total | |||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in billions) | ||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 5,154 | $ | 5,532 | $ | (378 | ) | (6.8 | )% | $ | (0.2 | ) | $ | (0.1 | ) | $ | (0.1 | ) | $ | — | $ | (0.4 | ) | ||||||||||||
EBIT (loss)-adjusted | $ | (110 | ) | $ | (394 | ) | $ | 284 | 72.1 | % | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.1 | ) | $ | 0.6 | $ | 0.3 |
Six Months Ended | Variance Due To | ||||||||||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | Favorable / (Unfavorable) | % | Volume | Mix | Price | Other | Total | |||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in billions) | ||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 9,972 | $ | 10,787 | $ | (815 | ) | (7.6 | )% | $ | (0.6 | ) | $ | (0.1 | ) | $ | (0.1 | ) | $ | — | $ | (0.8 | ) | ||||||||||||
EBIT (loss)-adjusted | $ | (285 | ) | $ | (688 | ) | $ | 403 | 58.6 | % | $ | (0.1 | ) | $ | (0.2 | ) | $ | (0.1 | ) | $ | 0.8 | $ | 0.4 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Total wholesale vehicles(a) | 772 | 696 | 1,613 | 1,452 | |||||||||||
Market share(b) | 13.9 | % | 13.8 | % | 14.5 | % | 14.5 | % | |||||||
Total net sales and revenue | $ | 9,248 | $ | 7,577 | $ | 18,993 | $ | 16,270 | |||||||
Net income | $ | 872 | $ | 707 | $ | 2,016 | $ | 1,594 |
(a) | Including vehicles exported to markets outside of China. |
(b) | Market share for China market. |
June 30, 2013 | December 31, 2012 | ||||||
Cash and cash equivalents | $ | 5,175 | $ | 5,522 | |||
Debt | $ | 133 | $ | 123 |
Three Months Ended | Variance Due To | ||||||||||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | Favorable / (Unfavorable) | % | Volume | Mix | Price | Other | Total | |||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in billions) | ||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 5,250 | $ | 5,915 | $ | (665 | ) | (11.2 | )% | $ | (0.5 | ) | $ | — | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.7 | ) | ||||||||||||
EBIT-adjusted | $ | 228 | $ | 627 | $ | (399 | ) | (63.6 | )% | $ | (0.1 | ) | $ | (0.2 | ) | $ | (0.1 | ) | $ | — | $ | (0.4 | ) |
Six Months Ended | Variance Due To | ||||||||||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | Favorable / (Unfavorable) | % | Volume | Mix | Price | Other | Total | |||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in billions) | ||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 10,070 | $ | 10,931 | $ | (861 | ) | (7.9 | )% | $ | (0.5 | ) | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.2 | ) | $ | (0.9 | ) | |||||||||||
EBIT-adjusted | $ | 723 | $ | 1,148 | $ | (425 | ) | (37.0 | )% | $ | (0.1 | ) | $ | (0.3 | ) | $ | (0.1 | ) | $ | 0.1 | $ | (0.4 | ) |
Three Months Ended | Variance Due To | ||||||||||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | Favorable / (Unfavorable) | % | Volume | Mix | Price | Other | Total | |||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in billions) | ||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 4,308 | $ | 4,117 | $ | 191 | 4.6 | % | $ | 0.2 | $ | 0.1 | $ | 0.2 | $ | (0.3 | ) | $ | 0.2 | ||||||||||||||||
EBIT-adjusted | $ | 54 | $ | 16 | $ | 38 | n.m. | $ | — | $ | — | $ | 0.2 | $ | (0.2 | ) | $ | — |
Six Months Ended | Variance Due To | ||||||||||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | Favorable / (Unfavorable) | % | Volume | Mix | Price | Other | Total | |||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in billions) | ||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 7,999 | $ | 7,984 | $ | 15 | 0.2 | % | $ | 0.1 | $ | 0.3 | $ | 0.3 | $ | (0.7 | ) | $ | — | ||||||||||||||||
EBIT-adjusted | $ | 16 | $ | 169 | $ | (153 | ) | (90.5 | )% | $ | — | $ | — | $ | 0.3 | $ | (0.5 | ) | $ | (0.2 | ) |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | 2013 vs. 2012 Change | 2013 vs. 2012 Change | ||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
GM Financial revenue | $ | 836 | $ | 487 | $ | 1,376 | $ | 918 | $ | 349 | 71.7 | % | $ | 458 | 49.9 | % | |||||||||||||
Income before income taxes | $ | 254 | $ | 217 | $ | 434 | $ | 398 | $ | 37 | 17.1 | % | $ | 36 | 9.0 | % |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | 2013 vs. 2012 Change | 2013 vs. 2012 Change | ||||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||||||||
Net loss attributable to stockholders | $ | (1,010 | ) | $ | (402 | ) | $ | (1,474 | ) | $ | (604 | ) | $ | (608 | ) | 151.2 | % | $ | (870 | ) | 144.0 | % |
June 30, 2013 | December 31, 2012 | ||||||
Cash and cash equivalents | $ | 17,940 | $ | 17,133 | |||
Marketable securities | 6,258 | 8,988 | |||||
Available liquidity | 24,198 | 26,121 | |||||
Available under credit facilities | 10,611 | 11,119 | |||||
Total available liquidity | $ | 34,809 | $ | 37,240 |
Six Months Ended | |||||||
June 30, 2013 | June 30, 2012 | ||||||
Net cash provided by operating activities | $ | 4,998 | $ | 6,032 | |||
Net cash provided by (used in) investing activities | $ | (1,252 | ) | $ | 474 | ||
Net cash used in financing activities | $ | (1,135 | ) | $ | (545 | ) |
Six Months Ended | |||||||
June 30, 2013 | June 30, 2012 | ||||||
Operating cash flow | $ | 4,998 | $ | 6,032 | |||
Less: capital expenditures | (3,829 | ) | (4,052 | ) | |||
Free cash flow | 1,169 | 1,980 | |||||
Adjustments for voluntary management actions | 71 | — | |||||
Adjusted free cash flow | $ | 1,240 | $ | 1,980 |
June 30, 2013 | December 31, 2012 | ||||||
Cash and cash equivalents | $ | 1,757 | $ | 1,289 | |||
Borrowing capacity on committed secured credit facilities | 1,648 | 1,349 | |||||
Borrowing capacity on committed unsecured credit facilities | 76 | — | |||||
Available liquidity | $ | 3,481 | $ | 2,638 |
Six Months Ended | |||||||
June 30, 2013 | June 30, 2012 | ||||||
Net cash provided by operating activities | $ | 714 | $ | 409 | |||
Net cash used in investing activities | $ | (4,549 | ) | $ | (1,299 | ) | |
Net cash provided by financing activities | $ | 2,988 | $ | 1,111 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||||||||||||||
Automotive | |||||||||||||||||||||||||||
EBIT-adjusted | |||||||||||||||||||||||||||
GMNA | $ | 1,976 | 97.6 | % | $ | 1,891 | 99.4 | % | $ | 3,390 | 94.0 | % | $ | 3,533 | 90.5 | % | |||||||||||
GME | (110 | ) | (5.4 | )% | (394 | ) | (20.7 | )% | (285 | ) | (7.9 | )% | (688 | ) | (17.6 | )% | |||||||||||
GMIO | 228 | 11.3 | % | 627 | 33.0 | % | 723 | 20.0 | % | 1,148 | 29.4 | % | |||||||||||||||
GMSA | 54 | 2.7 | % | 16 | 0.8 | % | 16 | 0.4 | % | 169 | 4.3 | % | |||||||||||||||
Corporate | (126 | ) | (6.2 | )% | (238 | ) | (12.5 | )% | (236 | ) | (6.5 | )% | (259 | ) | (6.6 | )% | |||||||||||
Total automotive EBIT-adjusted | 2,022 | 100.0 | % | 1,902 | 100.0 | % | 3,608 | 100.0 | % | 3,903 | 100.0 | % | |||||||||||||||
Adjustments | 104 | — | (66 | ) | (612 | ) | |||||||||||||||||||||
Corporate interest income | 77 | 86 | 156 | 175 | |||||||||||||||||||||||
Automotive interest expense | 61 | 118 | 152 | 228 | |||||||||||||||||||||||
Loss on extinguishment of debt | 240 | — | 240 | 18 | |||||||||||||||||||||||
Automotive Financing | |||||||||||||||||||||||||||
GM Financial income before income taxes | 254 | 217 | 434 | 398 | |||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||
Income tax expense | 742 | 241 | 1,151 | 457 | |||||||||||||||||||||||
Net income attributable to stockholders | $ | 1,414 | $ | 1,846 | $ | 2,589 | $ | 3,161 |
• | 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 including as required to fund our planned significant investment in new technology; |
• | Our ability to realize successful vehicle applications of new technology; |
• | Shortages of and increases or volatility in the price of oil, including as a result of political instability in the Middle East and African nations; |
• | Our ability to continue to attract customers, particularly for our new products, including cars and crossover vehicles; |
• | Availability of adequate financing on acceptable terms to our customers, dealers, distributors and suppliers to enable them to continue their business relationships with us; |
• | The ability of our suppliers to deliver parts, systems and components without disruption and at such times to allow us to meet production schedules; |
• | Our ability to manage the distribution channels for our products; |
• | Our ability to successfully restructure our European operations; |
• | The continued availability of both wholesale and retail financing from Ally Financial and its affiliates and other finance companies in markets in which we operate to support our ability to sell vehicles, which is dependent on those entities' ability to obtain funding and their continued willingness to provide financing; |
• | Our continued ability to develop captive financing capability, including GM Financial; |
• | GM Financial's ability to successfully integrate certain Ally Financial international operations; |
• | Overall strength and stability of the automotive industry, both in the U.S. and in global markets, particularly Europe; |
• | Continued economic instability or poor economic conditions in the U.S., Europe and other global markets, including the credit markets, or changes in economic conditions, commodity prices, housing prices, foreign currency exchange rates or political stability in the markets in which we operate; |
• | Significant changes in the competitive environment, including the effect of competition and excess manufacturing capacity in our markets, on our pricing policies or use of incentives and the introduction of new and improved vehicle models by our competitors; |
• | Significant changes in economic, political and market conditions in China, including the effect of competition from new market entrants, on our vehicle sales and market position in China; |
• | Changes in the existing, or the adoption of new, laws, regulations, policies or other activities of governments, agencies and similar organizations, including where such actions may affect the production, licensing, distribution or sale of our products, the cost thereof or applicable tax rates; |
• | Costs and risks associated with litigation; |
• | Significant increases in our pension expense or projected pension contributions resulting from changes in the value of plan assets, the discount rate applied to value the pension liabilities or other assumption changes; and |
• | Changes in accounting principles, or their application or interpretation, and our ability to make estimates and the assumptions underlying the estimates, which could have an effect on earnings. |
Total Number of Shares Purchased(a) | Average Price Paid per Share | Total Number of Shares Purchased Under the Program | Approximate Dollar Value of Shares That May Yet be Purchased Under the Program | |||||||
April 1, 2013 through April 30, 2013 | 20,685 | $ | 28.36 | N/A | N/A | |||||
May 1, 2013 through May 31, 2013 | 2,477 | $ | 31.07 | N/A | N/A | |||||
June 1, 2013 through June 30, 2013 | 3,876,069 | $ | 34.07 | N/A | N/A | |||||
Total | 3,899,231 | $ | 34.04 |
(a) | Represents shares of common stock delivered by employees or directors back to us for the payment of taxes resulting from issuance of common stock upon the vesting of Restricted Stock Units and Restricted Stock Awards relating to compensation plans and shares of common stock retained by us for the payment of the exercise price upon the exercise of warrants. Refer to Note 21 to our condensed consolidated financial statements for additional details on employee stock incentive plans and Note 24 to our consolidated financial statements in our 2012 Form 10-K for additional details on warrants issued. |
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 | Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished with this Report | ||
101.INS* | XBRL Instance Document | Furnished with this Report | ||
101.SCH* | XBRL Taxonomy Extension Schema Document | Furnished with this Report | ||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | Furnished with this Report | ||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | Furnished with this Report | ||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | Furnished with this Report | ||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | Furnished with this Report |
* | Submitted electronically with this Report. |
GENERAL MOTORS COMPANY (Registrant) | ||||
By: | /s/ THOMAS S. TIMKO | |||
Thomas S. Timko, Vice President, Controller and Chief Accounting Officer | ||||
Date: | July 25, 2013 |
Segment Reporting (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
Jun. 30, 2013
Automotive [Member]
|
Jun. 30, 2012
Automotive [Member]
|
Jun. 30, 2013
Automotive [Member]
|
Jun. 30, 2012
Automotive [Member]
|
Jun. 30, 2013
GM Financial [Member]
|
Jun. 30, 2012
GM Financial [Member]
|
Jun. 30, 2013
GM Financial [Member]
|
Jun. 30, 2012
GM Financial [Member]
|
Jun. 30, 2013
Corporate Elimination [Member]
|
Jun. 30, 2012
Corporate Elimination [Member]
|
Jun. 30, 2013
Corporate Elimination [Member]
|
Jun. 30, 2012
Corporate Elimination [Member]
|
Jun. 30, 2013
GMNA [Member]
Automotive [Member]
|
Jun. 30, 2012
GMNA [Member]
Automotive [Member]
|
Jun. 30, 2013
GMNA [Member]
Automotive [Member]
|
Jun. 30, 2012
GMNA [Member]
Automotive [Member]
|
Jun. 30, 2013
GME [Member]
Automotive [Member]
|
Jun. 30, 2012
GME [Member]
Automotive [Member]
|
Mar. 31, 2012
GME [Member]
Automotive [Member]
|
Jun. 30, 2013
GME [Member]
Automotive [Member]
|
Jun. 30, 2012
GME [Member]
Automotive [Member]
|
Jun. 30, 2013
GMIO [Member]
Automotive [Member]
|
Jun. 30, 2012
GMIO [Member]
Automotive [Member]
|
Jun. 30, 2013
GMIO [Member]
Automotive [Member]
|
Jun. 30, 2012
GMIO [Member]
Automotive [Member]
|
Jun. 30, 2013
GMSA [Member]
Automotive [Member]
|
Jun. 30, 2012
GMSA [Member]
Automotive [Member]
|
Jun. 30, 2013
GMSA [Member]
Automotive [Member]
|
Jun. 30, 2012
GMSA [Member]
Automotive [Member]
|
Jun. 30, 2013
Corporate [Member]
Automotive [Member]
|
Jun. 30, 2012
Corporate [Member]
Automotive [Member]
|
Jun. 30, 2013
Corporate [Member]
Automotive [Member]
|
Jun. 30, 2012
Corporate [Member]
Automotive [Member]
|
Jun. 30, 2013
Intersegment Elimination [Member]
Automotive [Member]
|
Jun. 30, 2012
Net of noncontrolling interest [Member]
GMIO [Member]
Automotive [Member]
|
|
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||
External customers | $ 38,240 | $ 37,127 | $ 74,584 | $ 74,455 | $ 38,240 | $ 37,127 | $ 74,584 | $ 74,455 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 23,489 | $ 21,553 | $ 46,468 | $ 44,728 | $ 5,154 | $ 5,532 | $ 9,972 | $ 10,787 | $ 5,250 | $ 5,915 | $ 10,070 | $ 10,931 | $ 4,308 | $ 4,117 | $ 7,999 | $ 7,984 | $ 39 | $ 10 | $ 75 | $ 25 | $ 0 | |||
GM Financial revenue | 835 | 487 | 1,375 | 918 | 0 | 0 | 0 | 0 | 836 | 487 | 1,376 | 918 | (1) | 0 | (1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Segment Reporting Information, Intersegment Revenue | 0 | 0 | 0 | 0 | 6 | (1) | 6 | (1) | 0 | 0 | 0 | 0 | (6) | 1 | (6) | 1 | 6 | (1) | 6 | (1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total net sales and revenue | 39,075 | 37,614 | 75,959 | 75,373 | 38,246 | 37,126 | 74,590 | 74,454 | 836 | 487 | 1,376 | 918 | (7) | 1 | (7) | 1 | 23,495 | 21,552 | 46,474 | 44,727 | 5,154 | 5,532 | 9,972 | 10,787 | 5,250 | 5,915 | 10,070 | 10,931 | 4,308 | 4,117 | 7,999 | 7,984 | 39 | 10 | 75 | 25 | 0 | |||
Income (loss) before automotive interest and income taxes-adjusted | 2,276 | 2,119 | 4,042 | 4,301 | 2,022 | 1,902 | 3,608 | 3,903 | 254 | 217 | 434 | 398 | 0 | 0 | 0 | 0 | 1,976 | 1,891 | 3,390 | 3,533 | (110) | (394) | (285) | (688) | 228 | 627 | 723 | 1,148 | 54 | 16 | 16 | 169 | (126) | (238) | (236) | (259) | 0 | |||
Adjustments | 104 | (66) | (612) | 104 | (66) | (612) | 0 | 0 | 0 | 0 | 0 | 0 | 37 | (1) | 0 | 0 | 1 | (590) | 67 | 91 | (22) | 0 | (157) | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Corporate interest income | 77 | 86 | 156 | 175 | (4) | (4) | 81 | 86 | 160 | 175 | ||||||||||||||||||||||||||||||
Automotive interest expense | 61 | 118 | 152 | 228 | (2) | (2) | 63 | 118 | 154 | 228 | ||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 240 | 0 | 240 | 18 | 18 | 0 | 0 | 0 | 240 | 240 | 18 | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 2,156 | 2,087 | 3,740 | 3,618 | 254 | 217 | 434 | 398 | (348) | (270) | (470) | (330) | ||||||||||||||||||||||||||||
Income tax expense | 742 | 241 | 1,151 | 457 | 80 | 109 | 147 | 183 | 662 | 132 | 1,004 | 274 | ||||||||||||||||||||||||||||
Net income attributable to stockholders | 1,414 | 1,846 | 2,589 | 3,161 | 174 | 108 | 287 | 215 | (1,010) | (402) | (1,474) | (604) | ||||||||||||||||||||||||||||
Total Assets | 163,110 | 163,110 | 149,422 | 134,171 | 134,171 | 30,786 | 30,786 | (1,847) | (1,847) | 90,733 | 90,733 | 11,285 | 11,285 | 25,775 | 25,775 | 11,839 | 11,839 | 21,711 | 21,711 | (27,172) | ||||||||||||||||||||
Net adjustments for pension settlement charges and various insurance recoveries | 29 | |||||||||||||||||||||||||||||||||||||||
Charge for Foreign Currency Devaluation | 162 | |||||||||||||||||||||||||||||||||||||||
Goodwill impairment charges | 0 | 0 | 0 | 617 | 590 | 590 | 22 | |||||||||||||||||||||||||||||||||
Preferred Stock, Redemption Amount | 67 | 67 | ||||||||||||||||||||||||||||||||||||||
Curtailments, settlements and other losses | $ 37 | |||||||||||||||||||||||||||||||||||||||
Number of Reportable Segments | 5 |
Variable Interest Entities Variable Interest Entities
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities [Text Block] | Variable Interest Entities Consolidated VIEs Automotive Variable interest entities (VIEs) that we do not control through a majority voting interest that are consolidated because we are the primary beneficiary include certain vehicle assembling, manufacturing and selling venture arrangements, the most significant of which is GM Egypt. At June 30, 2013 and December 31, 2012: (1) Total assets of these VIEs were $538 million and $436 million, which were composed of Cash and cash equivalents, Accounts and notes receivable, net, Inventories and Property, net; and (2) Total liabilities were $367 million and $254 million, which were composed of Accounts payable (principally trade) and Accrued liabilities. In the three months ended June 30, 2013 and 2012 Total net sales and revenue recorded by these VIEs were $250 million and $226 million and Net income was $17 million and $10 million. In the six months ended June 30, 2013 and 2012 Total net sales and revenue recorded by these VIEs were $496 million and $462 million and Net income was $37 million and $7 million. These amounts are stated prior to intercompany eliminations. Liabilities recognized as a result of consolidating VIEs generally do not represent claims against us or our other subsidiaries and assets recognized generally are for the benefit of the VIEs' operations and cannot be used to satisfy our obligations. GM Korea and HKJV are non-wholly owned consolidated subsidiaries that we control through a majority voting interest. They are also VIEs because in the future they may require additional subordinated financial support. The combined creditors of GM Korea's and HKJV's short-term debt of $244 million and $228 million, current derivative liabilities of $0 and $18 million and long-term debt of $23 million and $122 million at June 30, 2013 and December 31, 2012 do not have recourse to our general credit. Automotive Financing - GM Financial GM Financial uses special purpose entities (SPEs) that are considered VIEs to issue variable funding notes to third party bank-sponsored warehouse facilities and that issue asset-backed securities to investors in securitization transactions. The debt issued by these VIEs is backed by the cash flows related to finance receivables and leasing related assets transferred by GM Financial to the VIEs (Securitized Assets). GM Financial holds variable interests in the VIEs that could potentially be significant to the VIEs. GM Financial determined that they are the primary beneficiary of the SPEs because (1) the servicing responsibilities for the Securitized Assets give them the power to direct the activities that most significantly impact the performance of the VIEs and (2) the variable interests in the VIEs give them the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The assets and liabilities of the VIEs are included in GM Financial's condensed consolidated balance sheets. The amounts are stated prior to intercompany eliminations. The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs (dollars in millions):
Restricted cash represents collections from the underlying securitized assets and certain reserve accounts held as credit enhancement for securitizations held by GM Financial for the benefit of the noteholders. Except for the acquisition accounting adjustments, GM Financial recognizes finance charge income, leased vehicle income and other income on the Securitized Assets and interest expense on the secured debt issued by the SPEs. GM Financial also maintains an allowance for credit losses on the Securitized Assets. Cash pledged to support the secured borrowings is deposited to a restricted cash account and recorded as restricted cash, which is invested in highly liquid securities with original maturities of 90 days or less. The assets of the VIEs and the restricted cash held by GM Financial serve as the sole source of repayment for the asset-backed securities issued by these entities. Investors in the notes issued by the VIEs do not have recourse to GM Financial or their other assets, with the exception of customary representation and warranty repurchase provisions and indemnities that GM Financial provides as the servicer. GM Financial is not required and does not currently intend to provide additional financial support to these SPEs. While these subsidiaries are included in our condensed consolidated financial statements, these subsidiaries are separate legal entities and their assets are legally owned by them and are not available to GM Financial's creditors. Nonconsolidated VIEs Automotive VIEs that are not consolidated include certain vehicle assembling, manufacturing and selling venture arrangements and other automotive related entities to which we provided financial support including HKJV prior to September 2012 and Ally Financial. We concluded these entities are VIEs because they do not have sufficient equity at risk or may require additional subordinated financial support. We currently lack the power through voting or similar rights to direct those activities of these entities that most significantly affect their economic performance. Our variable interests in these nonconsolidated VIEs include accounts and notes receivable, equity in net assets, guarantees and financial support, some of which were provided to certain current or previously divested suppliers in order to ensure that supply needs for production were not disrupted due to a supplier's liquidity concerns or possible shutdowns. The following table summarizes the amounts recorded for nonconsolidated VIEs and the related off-balance sheet guarantees and maximum exposure to loss (dollars in millions):
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Fair Value of Ally Financial Common Stock At June 30, 2013 and December 31, 2012 we held a 9.9% common equity ownership in Ally Financial. Our entire equity ownership is held indirectly through an independent trust which has the sole authority to vote the shares and is required to dispose of all Ally Financial common stock by December 24, 2013. We estimated the fair value of Ally Financial common stock using a market approach that applies the average price to tangible book value multiples of comparable companies to the consolidated Ally Financial tangible book value. The significant inputs used in our fair value analyses included Ally Financial's financial statements, financial statements and price to tangible book value multiples of comparable companies in the banking and finance industry, and the effects of certain Ally Financial shareholder rights. The measurement of Ally Financial common stock is a Level 3 fair value measurement. The following table summarizes the carrying amount and estimated fair value of Ally Financial common stock (dollars in millions):
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Marketable Securities Contractual Maturity Table (Details) (USD $)
In Millions, unless otherwise specified |
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Contractual Maturity Table [Abstract] | ||||
Trading Securities, Unrealized Holding Loss | $ 109 | $ 111 | $ 132 | $ 61 |
Due in one year or less, amortized cost | 9,871 | 9,871 | ||
Due in one year or less, fair value | 9,873 | 9,873 | ||
Due after one year through five years, amortized cost | 1,757 | 1,757 | ||
Due after one year through five years, fair value | 1,754 | 1,754 | ||
Total contractual maturities of available-for-sale securities, amortized cost | 11,628 | 11,628 | ||
Total contractual maturities of available-for-sale securities, fair value | 11,627 | 11,627 | ||
Proceeds from Sale and Maturity of Marketable Securities [Abstract] | ||||
Available-for-sale Securities, Sale Proceeds | $ 1,300 | $ 551 | $ 1,700 | $ 978 |
Acquisition Of Businesses
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Jun. 30, 2013
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Acquisition And Disposals Of Businesses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of Businesses [Text Block] | Acquisition of Businesses Acquisition of Certain Ally Financial International Operations In November 2012 GM Financial entered into a definitive agreement with Ally Financial to acquire 100% of the outstanding equity interests in the top level holding companies of its automotive finance and financial services operations in Europe and Latin America and a separate agreement to acquire Ally Financial’s non-controlling equity interest in GMAC-SAIC Automotive Finance Company Limited (GMAC-SAIC), which conducts automotive finance and other financial services in China. On April 1, 2013 GM Financial completed the acquisition of Ally Financial's European and Latin American automotive finance operations except for France, Portugal and Brazil; and on June 1, 2013 completed the acquisition of Ally Financial's automotive finance operations in France and Portugal. The aggregate consideration for these acquisitions was $2.6 billion, subject to certain closing adjustments, of which $65 million is contingent upon closing the acquisition of Ally Financial's Brazilian automotive finance operations described below. Acquisition-related costs were insignificant. In addition GM Financial repaid loans of $1.4 billion that were assumed as part of the acquisitions. GM Financial recorded the fair value of the assets acquired and liabilities assumed on the acquisition dates. GM Financial's acquisition of Ally Financial's Brazilian automotive finance operations and the equity interest in GMAC-SAIC are subject to certain regulatory and other approvals and are expected to close in 2013 or early 2014 or as soon as practical thereafter. GM Financial expects to pay approximately $1.5 billion to close these acquisitions subject to certain closing adjustments. The following table summarizes the aggregate consideration and the assets acquired and liabilities assumed at the acquisition dates before eliminations for net intercompany receivables of approximately $300 million (dollars in millions):
The fair value of finance receivables was determined using a discounted cash flow approach. The contractual cash flows were adjusted for estimated prepayments, defaults, recoveries, finance charge income and servicing costs and discounted using a discount rate commensurate with risks and maturity inherent in the finance contracts. The contractually required payments receivable, cash flows expected to be collected and fair value for finance receivables acquired with deteriorated credit quality at the acquisition date were $2.0 billion, $1.8 billion and $1.6 billion. The contractually required payments receivable, cash flows not expected to be collected and fair value for other acquired finance receivables were $10.1 billion, $130 million and $9.4 billion. The fair value of secured and unsecured debt was determined using quoted market prices when available and a discounted cash flow approach when not available. We recorded goodwill in the amount of $57 million for the excess of the aggregate consideration over the fair value of the individual assets acquired and liabilities assumed and such amount is primarily attributed to the value of the incremental GM Financial business expected. The recorded goodwill is subject to further adjustment, pending the closing of the acquisition of the remaining international operations as well as any potential adjustments resulting from the finalization of closing balance sheet audits. Valuations and assumptions pertaining to income taxes are subject to change as additional information is obtained during the measurement period. All of the goodwill was assigned to the GM Financial segment and will be assigned to reporting units, which will be determined pending completion of the remaining acquisitions. The goodwill is not tax deductible. The results of the acquired European and Latin American automotive finance operations are included in GM Financial's results beginning April 1, 2013 and the results of the acquired operations in France and Portugal are included in GM Financial's results beginning June 1, 2013. The following table summarizes the actual amounts of revenue and earnings included in our condensed consolidated financial statements as well as certain pro forma revenue and earnings of the combined entity had these acquisitions occurred as of January 1, 2012, without consideration of historical transactions between the acquired operations and us, as it is impracticable to obtain such information (dollars in millions):
Acquisition of SAIC GM Investment Limited In September 2012 we obtained control of SAIC GM Investment Limited, the holding company of General Motors India Private Limited and Chevrolet Sales India Private Limited (collectively HKJV) through a series of transactions that resulted in us owning a 90.8% interest and we consolidated HKJV effective September 1, 2012. Acquisition of GMAC South America LLC In March 2012 we acquired from Ally Financial for cash of $29 million 100% of the outstanding equity interests of GMAC South America LLC whose only asset is GMAC de Venezuela CA (GMAC Venezuela) comprising the business and operations of Ally Financial in Venezuela. This acquisition provides us with a captive finance offering in Venezuela which we believe is important in maintaining market position and will provide continued sources of financing for our Venezuela dealers and customers. We recorded the fair value of the assets acquired and liabilities assumed as of March 1, 2012, the date we obtained control, and have included GMAC Venezuela's results of operations and cash flows from that date forward. |
Income Taxes
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Jun. 30, 2013
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Income Tax Expense (Benefit) [Abstract] | |
Income Taxes [Text Block] | 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). Tax jurisdictions with a projected or year to date loss for which a tax benefit cannot be realized are excluded. The tax effects 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. In the three months ended June 30, 2013 and 2012 income tax expense of $742 million and $241 million primarily resulted from tax expense attributable to entities included in our effective tax rate calculation. In the six months ended June 30, 2013 and 2012 income tax expense of $1.2 billion and $457 million primarily resulted from tax expense attributable to entities included in our effective tax rate calculation, partially offset by the U.S. research credit legislated in the three months ended March 31, 2013. The income tax expense increased in the three and six months ended June 30, 2013 due primarily to U.S. and Canada entities having full valuation allowances on deferred tax assets in 2012, which also caused the effective tax rate in the three and six months ended June 30, 2012 to be lower than the applicable statutory tax rate. We have open tax years from 2005 to 2012 with various significant tax jurisdictions. In April 2013 we settled a previously disclosed Mexican income tax matter covering the years 2002, 2003 and 2004 for $36 million. |
Product Warranty Liability (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | |
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Jun. 30, 2013
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Jun. 30, 2012
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Product Warranties Disclosures [Abstract] | ||
Balance at beginning of period | $ 7,204 | $ 6,600 |
Warranties issued and assumed in period | 1,600 | 1,675 |
Payments | (1,570) | (1,758) |
Adjustments to pre-existing warranties | (4) | 339 |
Effect of foreign currency translation and other | (137) | (19) |
Balance at end of period | $ 7,093 | $ 6,837 |
GM Financial Finance Receivables, Net Allowance for Loan Losses (Details) (GM Financial [Member], USD $)
In Millions, unless otherwise specified |
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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GM Financial [Member]
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Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | $ 393 | $ 208 | $ 351 | $ 179 |
Provision for loan losses | 100 | 62 | 194 | 110 |
Charge-offs | (116) | (53) | (248) | (104) |
Recoveries | 70 | 32 | 150 | 64 |
Balance at end of period | $ 447 | $ 249 | $ 447 | $ 249 |
Depreciation, Amortization and Impairment Charges
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Property, net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, Amortization and Impaiment Charges [Text Block] | Depreciation, Amortization and Impairment Charges 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):
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):
Impairment of vehicles leased to daily rental car companies with guaranteed repurchase obligations is determined to exist if the expected cash flows are lower than the carrying amount of the vehicle. We have multiple, distinct portfolios of vehicles leased to rental car companies and may have multiple impairments within a period. Expected cash flows include all estimated net revenue and costs associated with the sale to daily rental car companies through disposal at auction. The fair value measurements are determined, reviewed and approved on a monthly basis by personnel with appropriate knowledge of transactions with daily rental car companies and auction transactions. The carrying amount of the related assets at June 30, 2013 and 2012 may no longer equal the fair value as the fair value presented is as of the date the impairment charge was recorded during the period presented. 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):
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Stock Incentive Plans (Tables)
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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):
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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):
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Variable Interest Entities (Tables)
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Jun. 30, 2013
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Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securitizations and Cash Flows from SPEs used for Securitizations [Table Text Block] | The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs (dollars in millions):
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Schedule of Variable Interest Entities [Table Text Block] | The following table summarizes the amounts recorded for nonconsolidated VIEs and the related off-balance sheet guarantees and maximum exposure to loss (dollars in millions):
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Equity investment in investee [Table Text Block] | The following table summarizes the carrying amount and estimated fair value of Ally Financial common stock (dollars in millions):
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Earnings Per Share
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | Earnings Per Share Basic and diluted earnings per share are computed by dividing Net income attributable to common stockholders by the weighted-average common shares outstanding in the period. Diluted earnings per share is computed by giving effect to all potentially dilutive securities that are outstanding. The following table summarizes basic and diluted earnings per share (in millions, except for per share amounts):
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Our Series B Preferred Stock is a participating security and requires the application of the more dilutive of the two-class or if-converted method to calculate earnings per share when the applicable market value of our common stock is below or above the range of $33.00 to $39.60 per common share. We are required to use the if-converted method to calculate earnings per share when the applicable market value of our common stock is within this range. The applicable market value of our common stock is the average closing prices over the 40 consecutive trading day period ending on the third trading day immediately preceding the reporting period end date. Under the two-class method, undistributed earnings are allocated to common stock and the Series B Preferred Stock according to their respective participation rights in undistributed earnings, as if all the earnings for the period had been distributed, resulting in a lower basic and diluted earnings per share amount. The calculation of the applicable market value at the date of our financial statements will apply to the current quarter and the year to date periods presented, irrespective of the applicable market value computed during the prior quarters of the current year. Our calculation of earnings per share will vary from period to period depending on whether the two-class or if-converted method is required. In the three and six months ended June 30, 2013 the applicable market value of our common stock was within the range of $33.00 to $39.60 per common share and, as such, we applied the if-converted method for purposes of calculating diluted earnings per share. The dilutive effect of the Series B Preferred Stock was determined by assuming conversion of the securities at the beginning of the period resulting in an increase to the weighted-average common shares outstanding and an increase to Net income attributable to common stockholders from adding the accumulated dividends on our Series B Preferred Stock. The impact on diluted earnings per share is an increase of $0.03 and $0.08 for the three and six months ended June 30, 2013 using the if-converted as compared to the two-class method. In the three and six months ended June 30, 2012 we were required to use the two-class method for calculating basic and diluted earnings per share because the applicable market value of our common stock was below $33.00 per common share. In the three and six months ended June 30, 2013 and 2012 warrants to purchase 46 million shares were not included in the computation of diluted earnings per share because the warrants' exercise price was greater than the average market price of the common shares. |
Stockholders' Equity
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity [Text Block] | Stockholders' Equity Preferred and Common Stock We have 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance. We had 276 million shares of Series A preferred stock, 100 million shares of Series B preferred stock and 1.4 billion shares of common stock issued and outstanding at June 30, 2013 and December 31, 2012. Accumulated Other Comprehensive Loss The following table summarizes the components of Accumulated other comprehensive loss (dollars in millions):
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Stockholders' Equity (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss [Table Text Block] | The following table summarizes the components of Accumulated other comprehensive loss (dollars in millions):
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Inventories (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] | The following table summarizes the components of Inventories (dollars in millions):
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Debt (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Automotive [Member]
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Debt carrying amount and fair value [Table Text Block] | The following table summarizes the carrying amount and fair value of debt (dollars in millions):
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GM Financial [Member]
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Schedule of Maturities of Long-term Debt [Table Text Block] | The following table summarizes the expected scheduled principal and interest payments under our contractual debt obligations at June 30, 2013 (dollars in millions):
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Debt carrying amount and fair value [Table Text Block] | The following table summarizes the carrying amount and fair value of debt (dollars in millions):
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Segment Reporting (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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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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Acquisition Of Businesses (Tables) (Ally International Operations - Europe and Latin America except Brazil [Member])
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Ally International Operations - Europe and Latin America except Brazil [Member]
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Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the aggregate consideration and the assets acquired and liabilities assumed at the acquisition dates before eliminations for net intercompany receivables of approximately $300 million (dollars in millions):
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Business Acquisition, Pro Forma Information [Table Text Block] | The following table summarizes the actual amounts of revenue and earnings included in our condensed consolidated financial statements as well as certain pro forma revenue and earnings of the combined entity had these acquisitions occurred as of January 1, 2012, without consideration of historical transactions between the acquired operations and us, as it is impracticable to obtain such information (dollars in millions):
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Variable Interest Entities (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
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Consolidated VIE [Abstract] | |||||
Revenue, Net | $ 38,240 | $ 37,127 | $ 74,584 | $ 74,455 | |
Net income | 1,388 | 1,901 | 2,573 | 3,251 | |
GM Financial [Member]
|
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Variable Interest Entity [Line Items] | |||||
Secured Debt | 17,548 | 17,548 | 9,378 | ||
GM Financial [Member] | Variable Interest Entity, Primary Beneficiary [Member]
|
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Variable Interest Entity [Line Items] | |||||
Restricted cash | 1,397 | 1,397 | 744 | ||
Securitized Assets | 20,227 | 20,227 | 10,442 | ||
Secured Debt | 17,071 | 17,071 | 9,378 | ||
Automotive [Member] | Consolidated VIE [Member]
|
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Consolidated VIE [Abstract] | |||||
Total Assets | 538 | 538 | 436 | ||
Total Liabilities | 367 | 367 | 254 | ||
Revenue, Net | 250 | 226 | 496 | 462 | |
Net income | 17 | 10 | 37 | 7 | |
Automotive [Member] | Nonconsolidated VIEs [Member]
|
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Non-consolidated VIE [Abstract] | |||||
Carrying Amount of Assets | 160 | 160 | 351 | ||
Carrying Amount of Liabilities | 942 | 942 | 1,858 | ||
Maximum Exposure to Loss | 156 | 156 | 347 | ||
Loan Commitments [Member] | Automotive [Member] | Nonconsolidated VIEs [Member]
|
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Non-consolidated VIE [Abstract] | |||||
Maximum Exposure to Loss | 0 | 0 | 15 | ||
Other Liquidity Arrangements [Member] | Automotive [Member] | Nonconsolidated VIEs [Member]
|
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Non-consolidated VIE [Abstract] | |||||
Maximum Exposure to Loss | 197 | 197 | 17 | ||
Total Off-Balance Sheet Arrangements [Member] | Automotive [Member] | Nonconsolidated VIEs [Member]
|
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Non-consolidated VIE [Abstract] | |||||
Maximum Exposure to Loss | 197 | 197 | 32 | ||
Accounts Payable [Member] | Automotive [Member] | Nonconsolidated VIEs [Member]
|
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Non-consolidated VIE [Abstract] | |||||
Carrying Amount of Liabilities | 11 | 11 | 48 | ||
Short-term Debt [Member] | Automotive [Member] | Nonconsolidated VIEs [Member]
|
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Non-consolidated VIE [Abstract] | |||||
Carrying Amount of Liabilities | 107 | 107 | 863 | ||
Accrued Liabilities [Member] | Automotive [Member] | Nonconsolidated VIEs [Member]
|
|||||
Non-consolidated VIE [Abstract] | |||||
Carrying Amount of Liabilities | 773 | 773 | 878 | ||
Other Liabilities [Member] | Automotive [Member] | Nonconsolidated VIEs [Member]
|
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Non-consolidated VIE [Abstract] | |||||
Carrying Amount of Liabilities | 51 | 51 | 69 | ||
Accounts and Notes Receivable [Member] | Automotive [Member] | Nonconsolidated VIEs [Member]
|
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Non-consolidated VIE [Abstract] | |||||
Carrying Amount of Assets | 56 | 56 | 234 | ||
Maximum Exposure to Loss | 56 | 56 | 234 | ||
Equity Method Investments [Member] | Automotive [Member] | Nonconsolidated VIEs [Member]
|
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Non-consolidated VIE [Abstract] | |||||
Carrying Amount of Assets | 104 | 104 | 117 | ||
Maximum Exposure to Loss | 100 | 100 | 113 | ||
Short-term Debt [Member] | Automotive [Member] | Consolidated VIE [Member]
|
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Consolidated VIE [Abstract] | |||||
Non-Recourse Debt | 244 | 244 | 228 | ||
Current Derivative [Member] | Automotive [Member] | Consolidated VIE [Member]
|
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Consolidated VIE [Abstract] | |||||
Non-Recourse Debt | 0 | 0 | 18 | ||
Long-term Debt [Member] | Automotive [Member] | Consolidated VIE [Member]
|
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Consolidated VIE [Abstract] | |||||
Non-Recourse Debt | 23 | 23 | 122 | ||
Common Stock [Member] | Ally Financial [Member] | Automotive [Member]
|
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Non-consolidated VIE [Abstract] | |||||
Cost Method Investee Ownership Percent | 9.90% | 9.90% | 9.90% | ||
Investment in Ally Financial [Abstract] | |||||
Carrying Amount | 397 | 397 | 399 | ||
Fair Value | 1,322 | 1,322 | 1,268 | ||
Short-term Debt [Member] | GM Financial [Member] | Variable Interest Entity, Primary Beneficiary [Member]
|
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Variable Interest Entity [Line Items] | |||||
Secured Debt | 7,865 | 7,865 | 3,770 | ||
Short-term Debt [Member] | Automotive [Member] | Variable Interest Entity, Primary Beneficiary [Member]
|
|||||
Consolidated VIE [Abstract] | |||||
Non-Recourse Debt | $ 244 | $ 244 | $ 228 |
Restructuring and Other Initiatives (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||
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Jun. 30, 2013
|
Mar. 31, 2013
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Jun. 30, 2013
GMNA [Member]
|
Mar. 31, 2013
GMNA [Member]
|
Jun. 30, 2012
GMNA [Member]
|
Mar. 31, 2012
GMNA [Member]
|
Jun. 30, 2013
GMNA [Member]
Oshawa Consolidated Plant Closing [Member]
|
Mar. 31, 2012
GMNA [Member]
2011 UAW Labor Agreement [Member]
|
Jun. 30, 2013
GME [Member]
|
Mar. 31, 2013
GME [Member]
|
Jun. 30, 2012
GME [Member]
|
Mar. 31, 2012
GME [Member]
|
Jun. 30, 2013
GME [Member]
Germany and United Kingdom Separation Programs [Member]
|
Jun. 30, 2012
GME [Member]
Germany Separation Program
|
Jun. 30, 2013
GMIO [Member]
|
Mar. 31, 2013
GMIO [Member]
|
Jun. 30, 2012
GMIO [Member]
|
Mar. 31, 2012
GMIO [Member]
|
Jun. 30, 2013
GMIO [Member]
Korea and Australia Separation Programs [Member]
|
Jun. 30, 2013
GMSA [Member]
|
Mar. 31, 2013
GMSA [Member]
|
Jun. 30, 2012
GMSA [Member]
|
Mar. 31, 2012
GMSA [Member]
|
Jun. 30, 2013
GMSA [Member]
Separation Program in Brazil [Member]
|
|
Restructuring Reserve [Roll Forward] | ||||||||||||||||||||||||||
Beginning Balance | $ 1,187 | $ 1,320 | $ 1,444 | $ 1,584 | $ 629 | $ 653 | $ 894 | $ 884 | $ 495 | $ 590 | $ 540 | $ 687 | $ 14 | $ 39 | $ 4 | $ 1 | $ 49 | $ 38 | $ 6 | $ 12 | ||||||
Additions, interest accretion and other | 70 | 86 | 172 | 136 | 12 | 27 | 16 | 100 | 31 | 35 | 56 | 31 | 15 | 2 | 27 | 3 | 12 | 22 | 73 | 2 | ||||||
Payments | (183) | (212) | (184) | (286) | (56) | (58) | (123) | (86) | (80) | (116) | (43) | (192) | (13) | (26) | (5) | 0 | (34) | (12) | (13) | (8) | ||||||
Revisions to Estimates | (18) | 12 | (7) | (14) | (16) | 13 | 0 | (12) | (2) | 0 | (7) | (2) | 0 | (1) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Effect of Foreign Currency | (7) | (19) | (33) | 24 | (10) | (6) | (8) | 8 | 6 | (14) | (26) | 16 | (1) | 0 | 0 | 0 | (2) | 1 | 1 | 0 | ||||||
Ending Balance | 1,049 | 1,187 | 1,392 | 1,444 | 559 | 629 | 779 | 894 | 450 | 495 | 520 | 540 | 15 | 14 | 26 | 4 | 25 | 49 | 67 | 6 | ||||||
Remaining Payments Including Temporary Layoffs Benefits | 346 | 363 | ||||||||||||||||||||||||
Restructuring and Related Cost, Expected Cost | 70 | 140 | ||||||||||||||||||||||||
Restructuring and Related Cost, Cost Incurred to Date | $ 99 | $ 93 | $ 313 | $ 48 | $ 92 | |||||||||||||||||||||
Number of Employees Affected | 1,400 | 625 | 1,900 | 400 | ||||||||||||||||||||||
Number Of Additional Employees Affected | 540 |
Intangible Assets, Net (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | 1 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
Jun. 30, 2013
Technology and Intellectual Property [Member]
|
Dec. 31, 2012
Technology and Intellectual Property [Member]
|
Jun. 30, 2013
Brands [Member]
|
Dec. 31, 2012
Brands [Member]
|
Jun. 30, 2013
Dealer Network and Customer Relationships [Member]
|
Dec. 31, 2012
Dealer Network and Customer Relationships [Member]
|
Jun. 30, 2013
Favorable contracts [Member]
|
Dec. 31, 2012
Favorable contracts [Member]
|
May 31, 2013
PSA Technology and Intellectual Property [Member]
|
Mar. 31, 2013
PSA Technology and Intellectual Property [Member]
|
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Intangible Assets [Line Items] | |||||||||||||||
Gross Carrying Amount | $ 14,617 | $ 14,617 | $ 13,998 | $ 8,428 | $ 7,775 | $ 4,455 | $ 4,464 | $ 1,355 | $ 1,375 | $ 379 | $ 384 | ||||
Accumulated Amortization | 8,115 | 8,115 | 7,364 | 6,932 | 6,320 | 494 | 431 | 366 | 327 | 323 | 286 | ||||
Net Carrying Amount | 6,502 | 6,502 | 6,634 | 1,496 | 1,455 | 3,961 | 4,033 | 989 | 1,048 | 56 | 98 | ||||
Non amortizing in process research and development | 96 | 96 | 175 | ||||||||||||
Total Intangible Assets, Gross | 14,713 | 14,713 | 14,173 | ||||||||||||
Total Intangible Assets, Net | 6,598 | 6,598 | 6,809 | ||||||||||||
Amortization Expense Related to Intangible Assets | 394 | 392 | 778 | 790 | |||||||||||
Purchase Obligation - Acquired Finite-Lived Intagible Asset | 642 | ||||||||||||||
Payments to acquire intangible assets | 201 | ||||||||||||||
Acquired Finite-lived Intangible Asset, Amount | 594 | ||||||||||||||
Estimated Amortization Expense [Abstract] | |||||||||||||||
2014 | 625 | 625 | |||||||||||||
2015 | 323 | 323 | |||||||||||||
2016 | 323 | 323 | |||||||||||||
2017 | 320 | 320 | |||||||||||||
2018 | $ 318 | $ 318 |
Derivative Financial Instruments and Risk Management (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Derivatives, Fair Value [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table summarizes information regarding marketable securities (dollars in millions):
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Automotive [Member]
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Derivatives, Fair Value [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table summarizes fair value measurements of our derivative instruments measured on a recurring basis (dollars in millions):
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Gains (Losses) on Derivatives [Table Text Block] | The following table summarizes derivative gains (losses) recorded in Interest income and other non-operating income, net (dollars in millions):
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Derivative Financial Instruments and Risk Management (Details) (USD $)
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3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
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Automotive [Member]
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|||||
Derivatives, Fair Value [Line Items] | |||||
Collateral for Derivatives | $ 0 | $ 0 | $ 0 | ||
Derivative, Notional Amount | 9,129,000,000 | 9,129,000,000 | 10,751,000,000 | ||
Derivative Assets, Current | 70,000,000 | 70,000,000 | 144,000,000 | ||
Derivative Assets, Noncurrent | 51,000,000 | 51,000,000 | 22,000,000 | ||
Derivative Asset, Fair Value, Gross Asset | 121,000,000 | 121,000,000 | 166,000,000 | ||
Derivative Liabilities, Current | 10,000,000 | 10,000,000 | 26,000,000 | ||
Derivative Liabilities, Noncurrent | 1,000,000 | 1,000,000 | 1,000,000 | ||
Derivative Liability, Fair Value, Gross Liability | 11,000,000 | 11,000,000 | 27,000,000 | ||
Gains (Losses) on Derivative [Abstract] | |||||
Gains (Losses) Recorded in Interest income and other non-operating income, net | 39,000,000 | (41,000,000) | 14,000,000 | (106,000,000) | |
Automotive [Member] | Level 2 [Member]
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|||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 56,000,000 | 56,000,000 | 129,000,000 | ||
Derivative Liability, Fair Value, Gross Liability | 11,000,000 | 11,000,000 | 27,000,000 | ||
Automotive [Member] | Level 3 [Member]
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|||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 65,000,000 | 56,000,000 | 65,000,000 | 56,000,000 | 37,000,000 |
Realized/Unrealized Gain (Loss) Included in Earnings | 45,000,000 | (49,000,000) | 34,000,000 | (88,000,000) | |
GM Financial [Member]
|
|||||
GM Financial Derivatives [Abstract] | |||||
Derivative Asset, Notional Amount | 4,700,000,000 | 4,700,000,000 | 775,000,000 | ||
Derivative Liability, Notional Amount | 4,800,000,000 | 4,800,000,000 | 775,000,000 | ||
Loans Provided to Aquired Ally Entities | 1,500,000,000 | 1,500,000,000 | |||
GM Financial [Member] | Foreign Exchange Contract [Member]
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GM Financial Derivatives [Abstract] | |||||
Derivative Asset, Notional Amount | 2,000,000,000 | 2,000,000,000 | |||
Derivative Liability, Notional Amount | $ 1,500,000,000 | $ 1,500,000,000 |
Restructuring and Other Initiatives
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Jun. 30, 2013
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Restructuring and Other Initiatives [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other Initiatives [Text Block] | Restructuring and Other Initiatives We have previously executed various restructuring and other initiatives, and we plan to execute additional initiatives in the future, if necessary, in order to align manufacturing capacity and other costs with prevailing global automotive production and to improve the utilization of remaining facilities. To the extent these programs involve voluntary separations, no liabilities are generally recorded until offers to employees are accepted. If employees are involuntarily terminated, a liability is generally recorded at the communication date. Related charges are recorded in Automotive cost of sales and Automotive selling, general and administrative expense. The following tables summarize the reserves related to restructuring and other initiatives and charges by segment, including postemployment benefit reserves and charges (dollars in millions):
________
Three and Six Months Ended June 30, 2013 GMNA recorded charges, interest accretion and other and revisions to estimates primarily related to cash severance incentive programs for skilled trade U.S. hourly employees. Due to the expected closure of the Oshawa Consolidated Plant in August 2014, impacted employees will be eligible for a voluntary restructuring separation incentive program in accordance with the existing collective bargaining agreement that provides cash and a car voucher. This may range up to $70 million and will be included in our restructuring liability, net of existing liabilities, upon irrevocable acceptance by both parties. GME recorded charges, interest accretion and other and revisions to estimates for previously announced separation and early retirement programs. Through June 30, 2013 the active separation programs related to Germany and the United Kingdom had a total cost of $93 million and had affected a total of 625 employees. We expect to complete these programs in 2013 and incur an additional $140 million, which will affect an additional 540 employees. GMIO recorded charges, interest accretion and other and revisions to estimates for previously announced separation programs in Korea and Australia. Through June 30, 2013 the active separation programs related to Korea and Australia had a total cost of $48 million and had affected a total of 400 employees. GMSA recorded charges for active separation programs. Through June 30, 2013 the active separation programs related to Brazil had a total cost of $92 million. Three and Six Months Ended June 30, 2012 GMNA recorded charges, interest accretion and other and revisions to estimates primarily related to our 2011 UAW labor agreement that included cash severance incentive programs which were completed at March 31, 2012 for skilled trade U.S. hourly employees. A total of 1,400 skilled trade U.S. hourly employees participated in these programs at a total cost of $99 million and was recorded upon irrevocable acceptances by both parties. Substantially all of the program cost was recorded in the three months ended March 31, 2012. GME recorded charges, interest accretion and other and revisions to estimates primarily related to previously announced separation and early retirement programs in Germany. Through June 30, 2012 the separation programs had a total cost of $313 million and affected a total of 1,900 employees. In the three months ended June 30, 2012 GMIO recorded charges and interest accretion and other for previously announced separation programs in Korea. In the three months ended June 30, 2012 GMSA recorded charges for employee separation costs related to a separation program in Brazil. |
Nature of Operations
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6 Months Ended |
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Jun. 30, 2013
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Nature of Operations [Abstract] | |
Nature Of Operations [Text Block] | Nature of Operations General Motors Company is sometimes referred to in this Quarterly Report on Form 10-Q as “we,” “our,” “us,” “ourselves,” the “Company,” “General Motors,” or “GM.” General Motors Corporation is sometimes referred to in this Quarterly Report on Form 10-Q, for the periods on or before July 9, 2009, as “Old GM.” Old GM was renamed Motors Liquidation Company (MLC), which was dissolved on December 15, 2011 and transferred its remaining assets and liabilities to the Motors Liquidation Company GUC Trust (GUC Trust). We design, build and sell cars, trucks and automobile parts worldwide. We also provide automotive financing services through General Motors Financial Company, Inc. (GM Financial). We analyze the results of our business through our five segments: GM North America (GMNA), GM Europe (GME), GM International Operations (GMIO), GM South America (GMSA) and GM Financial. Nonsegment operations are classified as Corporate. Corporate includes investments in Ally Financial, Inc. (Ally Financial), certain centrally recorded income and costs, such as interest, income taxes and corporate expenditures and certain nonsegment specific revenues and expenses. |
Marketable Securities
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Marketable Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities [Text Block] | Marketable Securities We measure the fair value of our marketable securities using a market approach where identical or comparable prices are available and an income approach in other cases. We obtain the majority of the prices used in this valuation from a pricing service. Our pricing service utilizes industry standard pricing models that consider various inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads and benchmark securities as well as other relevant economic measures. We conduct an annual review of valuations provided by our pricing service, which includes discussion and analysis of the inputs used by the pricing service to provide prices for the types of securities we hold. These inputs include prices for comparable securities, bid/ask quotes, interest rate yields and prepayment spreads. Based on our review we believe the prices received from our pricing service are a reliable representation of exit prices. The following table summarizes information regarding marketable securities (dollars in millions):
Sales proceeds from investments classified as available-for-sale and sold prior to maturity were $1.3 billion and $551 million in the three months ended June 30, 2013 and 2012 and $1.7 billion and $978 million in the six months ended June 30, 2013 and 2012. The following table summarizes the amortized cost and the fair value of investments classified as available-for-sale by contractual maturity at June 30, 2013 (dollars in millions):
Cumulative net unrealized gains on available-for-sale securities were $23 million and $62 million at June 30, 2013 and December 31, 2012. Net unrealized losses on trading securities were $109 million and $111 million in the three months ended June 30, 2013 and 2012 and $132 million and $61 million in the six months ended June 30, 2013 and 2012. Unrealized losses on trading securities are primarily related to the remeasurement of Canadian Dollar (CAD) denominated securities. |
Basis of Presentation And Recent Accounting Standards
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Jun. 30, 2013
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Basis of Presentation and Recent Accounting Standards [Abstract] | |
Basis of Presentation and Recent Accounting Standards [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, 2012 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. Recently Adopted Accounting Principles On January 1, 2013 we adopted Accounting Standards Update (ASU) 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." This ASU does not change current requirements for reporting net income or other comprehensive income in financial statements; rather, it requires certain disclosures of the amount of reclassifications of items from other comprehensive income to net income by component. The related disclosures are presented in Note 19. |
Product Warranty Liability (Tables)
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Product Warranty Liability [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | The following table summarizes activity for policy, product warranty, recall campaigns and certified used vehicle warranty liabilities (dollars in millions):
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Stock Incentive Plans Stock Incentive Plans
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Stock Incentive Plans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Incentive Plans [Text Block] | Stock Incentive Plans Long-Term Incentive Plan We granted 7 million RSUs valued at the grant date fair value of our common stock in the six months ended June 30, 2013 and 2012. Substantially all of these awards vest over a three-year service period, as defined in the terms of each award. Our policy is to issue new shares upon settlement of RSUs. The 2013 awards granted to the Top 25 highest compensated employees will settle on the second and third anniversary dates of grant in 25% increments consistent with the terms of the 2009 Long-Term Incentive Plan. The awards for the Next 75 highest compensated employees will settle on the second and third anniversary dates of grant. The awards to the non-Top 100 highest compensated employees will settle on the first, second and third anniversary dates of grant. Vesting and subsequent settlement will generally occur based upon employment at the end of each specified service period. The 2012 awards granted to the Top 25 highest compensated employees will settle on the second and third anniversary dates of grant in 25% increments consistent with the terms of the 2009 Long-Term Incentive Plan. The awards for the non-Top 25 highest compensated employees will vest and settle on the second and third anniversary dates of grant. Vesting and subsequent settlement will generally occur based upon employment at the end of each specified service period. Salary Stock Plan In the six months ended June 30, 2013 and 2012 a portion of each participant's salary accrued on each salary payment date converted to RSUs on a quarterly basis. In March 2012 we amended the plan to provide for cash settlement of awards and reclassified $97 million from Additional paid-in capital to Accrued liabilities and Other liabilities and deferred income taxes. Prior to this amendment it was our policy to issue new shares upon settlement of these awards. In June 2013 we amended the plan to provide for cash or share settlement of awards based on election by the participant. The liability for these awards continues to be remeasured to fair value at the end of each reporting period. RSUs The following table summarizes information about the RSUs under our stock incentive plans (RSUs in millions):
The following table summarizes compensation expense recorded for our stock incentive plans (dollars in millions):
At June 30, 2013 the total unrecognized compensation expense for nonvested equity awards was $262 million. This expense is expected to be recorded over a weighted-average period of 2.1 years. The total fair value of RSUs that vested in the six months ended June 30, 2013 and 2012 was $239 million and $82 million. In the six months ended June 30, 2013 total payments of $61 million were made to settle 2.2 million RSUs under stock incentive plans. Payments made in the six months ended June 30, 2012 were insignificant. |
Marketable Securities (Tables)
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Marketable Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Securities (and Certain Trading Assets) [Table Text Block] | The following table summarizes information regarding marketable securities (dollars in millions):
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Available-for-sale Securities [Table Text Block] | The following table summarizes information regarding marketable securities (dollars in millions):
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table summarizes information regarding marketable securities (dollars in millions):
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Investments Classified by Contractual Maturity Date [Table Text Block] | The following table summarizes the amortized cost and the fair value of investments classified as available-for-sale by contractual maturity at June 30, 2013 (dollars in millions):
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Income Taxes (Details) (USD $)
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Income Tax Examination [Line Items] | |||||||
Income tax expense | $ 742 | $ 241 | $ 1,151 | $ 457 | |||
Open tax years | 2005 | 2012 | |||||
Income Tax Matter Settlements | $ 36 |
Intangible Assets, Net (Tables)
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Jun. 30, 2013
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Intangible Assets, net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class [Table Text Block] | The following table summarizes the components of Intangible assets, net (dollars in millions):
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Schedule of Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | The following table summarizes amortization expense related to intangible assets (dollars in millions):
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table summarizes estimated amortization expense related to intangible assets in each of the next five years (dollars in millions):
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Commitments And Contingencies (Details)
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6 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
USD ($)
|
Dec. 31, 2012
USD ($)
|
Jun. 30, 2013
Korean Labor [Member]
USD ($)
|
Jun. 30, 2013
Korean Labor [Member]
KRW
|
Jun. 30, 2013
Canadian Dealer Litigation [Member]
CAD
|
Jun. 30, 2013
Canadian Dealer Litigation [Member]
USD ($)
|
Jun. 30, 2013
UAW Lawsuit [Member]
USD ($)
|
Jun. 30, 2013
Nova Scotia Claims Litigation [Member]
USD ($)
|
Jun. 30, 2013
Nova Scotia Claims Litigation [Member]
CAD
|
Jun. 30, 2013
Nova Scotia Claims Litigation [Member]
GBP (£)
|
Jun. 30, 2013
GME [Member]
USD ($)
|
Jun. 30, 2013
GME [Member]
EUR (€)
|
Dec. 31, 2012
GME [Member]
USD ($)
|
Jun. 30, 2013
Third party comercial loans and other obligations [Member]
USD ($)
|
Dec. 31, 2012
Third party comercial loans and other obligations [Member]
USD ($)
|
Jun. 30, 2013
Guarantees of Product Related Claims [Member]
USD ($)
|
Dec. 31, 2012
Guarantees of Product Related Claims [Member]
USD ($)
|
Jun. 30, 2013
Minimum [Member]
USD ($)
|
Jun. 30, 2013
Maximum [Member]
USD ($)
|
Jun. 30, 2013
Vehicle repurchase obligations [Member]
Ally Financial [Member]
USD ($)
|
Dec. 31, 2012
Vehicle repurchase obligations [Member]
Ally Financial [Member]
USD ($)
|
Oct. 31, 2012
Brazil [Member]
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Guarantees [Abstract] | ||||||||||||||||||||||
Liability Recorded | $ 83,000,000 | $ 168,000,000 | $ 52,000,000 | $ 51,000,000 | $ 10,000,000 | $ 15,000,000 | ||||||||||||||||
Maximum Liability | 17,126,000,000 | 22,496,000,000 | 1,164,000,000 | 1,040,000,000 | 16,100,000,000 | 22,100,000,000 | ||||||||||||||||
Other contingencies [Abstract] | ||||||||||||||||||||||
Other Litigation Liability | 1,811,000,000 | 1,728,000,000 | 710,000,000 | 811,000,000,000 | 0 | |||||||||||||||||
Product Liability | 642,000,000 | 601,000,000 | ||||||||||||||||||||
Environmental Liability | 156,000,000 | 166,000,000 | ||||||||||||||||||||
Other Litigation-Related Liability and Tax Administrative Matters [Abstract] | ||||||||||||||||||||||
Indirect Tax-Related Escrow Deposit | 500,000,000 | 600,000,000 | ||||||||||||||||||||
Number of Employees Involved in Litigation | 10,000 | 10,000 | ||||||||||||||||||||
Dealers in Purported Class | 200 | |||||||||||||||||||||
Litigation Claims | 750,000,000 | 450,000,000 | ||||||||||||||||||||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 135,000,000 | 154,000,000,000 | ||||||||||||||||||||
Dealers in Defined Class That Will Not Participate in Class Action | 29 | |||||||||||||||||||||
Estimate of Possible Loss | 450,000,000 | |||||||||||||||||||||
Number of Claims Asserted | 0 | 0 | 0 | |||||||||||||||||||
Notes Payable | 600,000,000 | |||||||||||||||||||||
Number of Intercompany Loans | 2 | 2 | 2 | |||||||||||||||||||
Loans Payable | 1,300,000,000 | |||||||||||||||||||||
Intercompany Loans Payable Amount After Compromised in Bankruptcy | 399,000,000 | |||||||||||||||||||||
Estimated Maximum Possible Loss | 887,000,000 | 935,000,000 | ||||||||||||||||||||
Increase in Excise Tax Rate | 30.00% | |||||||||||||||||||||
Environmental Liability [Abstract] | ||||||||||||||||||||||
Environmental Remediation Years of Cost to Incur, Min | 5 years | |||||||||||||||||||||
Environmental Remediation Years of Cost to Incur, Max | 30 years | |||||||||||||||||||||
Environmental Remediation Losses, Low Estimate | 120,000,000 | |||||||||||||||||||||
Environmental Remediation Losses, High Estimate | 240,000,000 | |||||||||||||||||||||
GME Planned Spending Guarantee [Abstract] | ||||||||||||||||||||||
Planned Spending Guarantee - Euro | 265,000,000 | |||||||||||||||||||||
Inventory Pledged as Collateral | $ 179,000,000 | $ 186,000,000 |
GM Financial Finance Receivables, Net Accretable Yield (Details) (GM Financial [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
GM Financial [Member]
|
||||
Accretable Yield [Line Items] | ||||
Balance at beginning of period | $ 371 | $ 768 | $ 404 | $ 737 |
Ally Financial international operations acquisition | 249 | 0 | 249 | 0 |
Accretion of accretable yield | (132) | (143) | (213) | (279) |
Transfer from non-accretable difference | 6 | 3 | 54 | 170 |
Effect of foreign currency | (12) | 0 | (12) | 0 |
Balance at end of period | $ 482 | $ 628 | $ 482 | $ 628 |
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