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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from              to

Commission file number 001-34960

coverpagea01.jpg
GENERAL MOTORS COMPANY
(Exact name of registrant as specified in its charter)
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)

(313) 667-1500
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
GM
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer    Accelerated filer   Non-accelerated filer    Smaller reporting company  Emerging growth company   
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No  
As of July 15, 2019 there were 1,427,729,248 shares of common stock outstanding.






INDEX
 
 
 
Page
PART I
Item 1.
Condensed Consolidated Financial Statements
 
Condensed Consolidated Income Statements (Unaudited)
 
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 
Condensed Consolidated Balance Sheets (Unaudited)
 
Condensed Consolidated Statements of Cash Flows (Unaudited)
 
Condensed Consolidated Statements of Equity (Unaudited)
 
Notes to Condensed Consolidated Financial Statements
 
Note 1.
Nature of Operations and Basis of Presentation
 
Note 2.
Revenue
 
Note 3.
Marketable and Other Securities
 
Note 4.
GM Financial Receivables and Transactions
 
Note 5.
Inventories
 
Note 6.
Equipment on Operating Leases
 
Note 7.
Equity in Net Assets of Nonconsolidated Affiliates
 
Note 8.
Variable Interest Entities
 
Note 9.
Automotive and GM Financial Debt
 
Note 10.
Derivative Financial Instruments
 
Note 11.
Product Warranty and Related Liabilities
 
Note 12.
Pensions and Other Postretirement Benefits
 
Note 13.
Commitments and Contingencies
 
Note 14.
Income Taxes
 
Note 15.
Restructuring and Other Initiatives
 
Note 16.
Stockholders' Equity and Noncontrolling Interests
 
Note 17.
Earnings Per Share
 
Note 18.
Discontinued Operations
 
Note 19.
Segment Reporting
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Item 4.
Controls and Procedures
PART II
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.
Exhibits
Signature
 






Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES



PART I

Item 1. Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited)
 
Three Months Ended
 
Six Months Ended
 
June 30, 2019

June 30, 2018
 
June 30, 2019
 
June 30, 2018
Net sales and revenue
 
 
 
 
 
 
 
Automotive
$
32,425

 
$
33,275

 
$
63,686


$
65,966

GM Financial
3,635

 
3,485

 
7,252


6,893

Total net sales and revenue (Note 2)
36,060

 
36,760

 
70,938


72,859

Costs and expenses
 
 
 
 
 
 
 
Automotive and other cost of sales
28,327

 
30,071

 
56,556


60,255

GM Financial interest, operating and other expenses
3,144

 
2,996

 
6,450


6,010

Automotive and other selling, general and administrative expense
2,102

 
2,216

 
4,201


4,588

Total costs and expenses
33,573

 
35,283

 
67,207


70,853

Operating income
2,487

 
1,477

 
3,731


2,006

Automotive interest expense
195

 
159

 
376


309

Interest income and other non-operating income, net
364

 
930

 
1,169


1,479

Equity income (Note 7)
271

 
637

 
685


1,285

Income before income taxes
2,927

 
2,885

 
5,209


4,461

Income tax expense (Note 14)
524

 
519

 
661


985

Income from continuing operations
2,403

 
2,366

 
4,548


3,476

Loss from discontinued operations, net of tax (Note 18)

 

 


70

Net income
2,403

 
2,366

 
4,548


3,406

Net loss attributable to noncontrolling interests
15


24


27


30

Net income attributable to stockholders
$
2,418

 
$
2,390

 
$
4,575


$
3,436

 
 
 
 
 





Net income attributable to common stockholders
$
2,381

 
$
2,375

 
$
4,500


$
3,407

 
 
 
 
 
 
 
 
Earnings per share (Note 17)
 
 
 
 
 
 
 
Basic earnings per common share – continuing operations
$
1.68

 
$
1.68

 
$
3.17


$
2.47

Basic loss per common share – discontinued operations
$

 
$

 
$


$
0.05

 
 
 
 
 
 
 
 
Basic earnings per common share
$
1.68

 
$
1.68

 
$
3.17


$
2.42

Weighted-average common shares outstanding – basic
1,420

 
1,410

 
1,419


1,409

 
 
 
 
 
 
 
 
Diluted earnings per common share – continuing operations
$
1.66

 
$
1.66

 
$
3.13


$
2.43

Diluted loss per common share – discontinued operations
$

 
$

 
$


$
0.05

 
 
 
 
 
 
 
 
Diluted earnings per common share
$
1.66

 
$
1.66

 
$
3.13


$
2.38

Weighted-average common shares outstanding – diluted
1,438

 
1,431

 
1,437


1,430

 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.38

 
$
0.38

 
$
0.76

 
$
0.76


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions) (Unaudited)
 
Three Months Ended
 
Six Months Ended
 
June 30, 2019
 
June 30, 2018
 
June 30, 2019
 
June 30, 2018
Net income
$
2,403

 
$
2,366

 
$
4,548


$
3,406

Other comprehensive income (loss), net of tax (Note 16)
 
 
 
 
 
 
 
Foreign currency translation adjustments and other
68


(328
)

217


(294
)
Defined benefit plans
6

 
234

 
42


227

Other comprehensive income (loss), net of tax
74

 
(94
)
 
259


(67
)
Comprehensive income
2,477

 
2,272

 
4,807


3,339

Comprehensive loss attributable to noncontrolling interests
20

 
28

 
37


35

Comprehensive income attributable to stockholders
$
2,497

 
$
2,300

 
$
4,844


$
3,374




Reference should be made to the notes to condensed consolidated financial statements.

1


Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts) (Unaudited)
 
June 30, 2019
 
December 31, 2018
ASSETS
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
17,072


$
20,844

Marketable securities (Note 3)
7,049


5,966

Accounts and notes receivable, net
10,362


6,549

GM Financial receivables, net (Note 4; Note 8 at VIEs)
27,925


26,850

Inventories (Note 5)
11,447


9,816

Other current assets (Note 3; Note 8 at VIEs)
7,451


5,268

Total current assets
81,306

 
75,293

Non-current Assets
 
 
 
GM Financial receivables, net (Note 4; Note 8 at VIEs)
26,264


25,083

Equity in net assets of nonconsolidated affiliates (Note 7)
8,340


9,215

Property, net
38,188


38,758

Goodwill and intangible assets, net
5,457


5,579

Equipment on operating leases, net (Note 6; Note 8 at VIEs)
42,938


43,559

Deferred income taxes
23,987


24,082

Other assets (Note 3; Note 8 at VIEs)
7,257


5,770

Total non-current assets
152,431


152,046

Total Assets
$
233,737


$
227,339

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Current Liabilities
 
 
 
Accounts payable (principally trade)
$
22,717


$
22,297

Short-term debt and current portion of long-term debt (Note 9)
 
 
 
Automotive
2,490


935

GM Financial (Note 8 at VIEs)
30,659


30,956

Accrued liabilities
28,428


28,049

Total current liabilities
84,294


82,237

Non-current Liabilities



Long-term debt (Note 9)





Automotive
12,957


13,028

GM Financial (Note 8 at VIEs)
60,455


60,032

Postretirement benefits other than pensions (Note 12)
5,357


5,370

Pensions (Note 12)
10,791


11,538

Other liabilities
12,794


12,357

Total non-current liabilities
102,354


102,325

Total Liabilities
186,648


184,562

Commitments and contingencies (Note 13)





Equity (Note 16)



Common stock, $0.01 par value
14


14

Additional paid-in capital
25,765


25,563

Retained earnings
25,807


22,322

Accumulated other comprehensive loss
(8,770
)

(9,039
)
Total stockholders’ equity
42,816


38,860

Noncontrolling interests
4,273


3,917

Total Equity
47,089


42,777

Total Liabilities and Equity
$
233,737


$
227,339







Reference should be made to the notes to condensed consolidated financial statements.

2


Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) (Unaudited)
 
Six Months Ended
 
June 30, 2019
 
June 30, 2018
Cash flows from operating activities
 
 
 
Income from continuing operations
$
4,548


$
3,476

Depreciation and impairment of Equipment on operating leases, net
3,748


3,723

Depreciation, amortization and impairment charges on Property, net
3,775


2,987

Foreign currency remeasurement and transaction (gains) losses
(178
)

106

Undistributed earnings of nonconsolidated affiliates, net
256


710

Pension contributions and OPEB payments
(570
)

(932
)
Pension and OPEB income, net
(306
)

(627
)
Provision for deferred taxes
79


586

Change in other operating assets and liabilities
(6,357
)

(4,476
)
Net cash provided by operating activities
4,995


5,553

Cash flows from investing activities
 
 

Expenditures for property
(3,476
)

(4,351
)
Available-for-sale marketable securities, acquisitions
(2,213
)

(1,571
)
Available-for-sale marketable securities, liquidations
1,244


2,886

Purchases of finance receivables, net
(13,757
)

(10,778
)
Principal collections and recoveries on finance receivables
11,708


7,420

Purchases of leased vehicles, net
(8,189
)

(9,122
)
Proceeds from termination of leased vehicles
6,444


5,303

Other investing activities
99


7

Net cash used in investing activities – continuing operations
(8,140
)

(10,206
)
Net cash provided by investing activities – discontinued operations


166

Net cash used in investing activities
(8,140
)

(10,040
)
Cash flows from financing activities
 
 
 
Net increase in short-term debt
936


644

Proceeds from issuance of debt (original maturities greater than three months)
20,511


23,157

Payments on debt (original maturities greater than three months)
(20,625
)

(18,840
)
Proceeds from issuance of subsidiary preferred stock
414


1,261

Dividends paid
(1,184
)

(1,104
)
Other financing activities
(264
)

(463
)
Net cash provided by (used in) financing activities
(212
)

4,655

Effect of exchange rate changes on cash, cash equivalents and restricted cash
42


(245
)
Net decrease in cash, cash equivalents and restricted cash
(3,315
)

(77
)
Cash, cash equivalents and restricted cash at beginning of period
23,496


17,848

Cash, cash equivalents and restricted cash at end of period
$
20,181


$
17,771

 
 
 
 
Significant Non-cash Investing and Financing Activity
 
 
 
Non-cash property additions – continuing operations
$
3,026

 
$
4,429














Reference should be made to the notes to condensed consolidated financial statements.

3


Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions) (Unaudited)
 
Common Stockholders’
 
Noncontrolling Interests
 
Total Equity
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Balance at January 1, 2018
$
14


$
25,371


$
17,627


$
(8,011
)

$
1,199


$
36,200

Adoption of accounting standards




(1,046
)

(98
)



(1,144
)
Net income




1,046




(6
)

1,040

Other comprehensive income






28


(1
)

27

Purchase of common stock


(44
)

(56
)





(100
)
Cash dividends paid on common stock




(536
)





(536
)
Dividends to noncontrolling interests








(30
)

(30
)
Other


10


(7
)



(2
)

1

Balance at March 31, 2018
14


25,337


17,028


(8,081
)

1,160


35,458

Net income




2,390




(24
)

2,366

Other comprehensive loss






(90
)

(4
)

(94
)
Issuance of preferred stock








1,261


1,261

Cash dividends paid on common stock




(535
)





(535
)
Dividends to noncontrolling interests








(7
)

(7
)
Other


128


(10
)



69


187

Balance at June 30, 2018
$
14


$
25,465


$
18,873


$
(8,171
)

$
2,455


$
38,636

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2019
$
14


$
25,563


$
22,322


$
(9,039
)

$
3,917


$
42,777

Net income




2,157




(12
)

2,145

Other comprehensive income






190


(5
)

185

Stock based compensation


95


(6
)





89

Cash dividends paid on common stock




(539
)





(539
)
Dividends to noncontrolling interests








(18
)

(18
)
Other


3


5




(9
)

(1
)
Balance at March 31, 2019
14


25,661


23,939


(8,849
)

3,873


44,638

Net income

 

 
2,418

 

 
(15
)
 
2,403

Other comprehensive income

 

 

 
79

 
(5
)
 
74

Issuance of preferred stock (Note 16)

 

 

 

 
408

 
408

Stock based compensation

 
78

 
(9
)
 

 

 
69

Cash dividends paid on common stock

 

 
(540
)
 

 

 
(540
)
Dividends to noncontrolling interests

 

 

 

 
(23
)
 
(23
)
Other

 
26

 
(1
)
 

 
35

 
60

Balance at June 30, 2019
$
14

 
$
25,765

 
$
25,807

 
$
(8,770
)
 
$
4,273

 
$
47,089

















Reference should be made to the notes to condensed consolidated financial statements.

4


Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Nature of Operations and Basis of Presentation
General Motors Company (sometimes referred to in this Quarterly Report on Form 10-Q as we, our, us, ourselves, the Company, General Motors or GM) designs, builds and sells trucks, crossovers, cars and automobile parts worldwide and is investing in and growing an autonomous vehicle business. We also provide automotive financing services through General Motors Financial Company, Inc. (GM Financial). We analyze the results of our continuing operations through the following operating segments: GM North America (GMNA), GM International Operations (GMIO), GM South America (GMSA), GM Cruise and GM Financial. Our GMSA and GMIO operating segments are reported as one, combined international segment, GM International (GMI). GM Cruise is our global segment responsible for the development and commercialization of autonomous vehicle technology. Nonsegment operations and Maven, our ride- and car-sharing business, are classified as Corporate. Corporate includes certain centrally recorded income and costs such as interest, income taxes, corporate expenditures and certain nonsegment-specific revenues and expenses.

The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. GAAP 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, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, 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 audited consolidated financial statements and notes thereto included in our 2018 Form 10-K. Except for per share amounts or as otherwise specified, dollar amounts presented within tables are stated in millions. In the three months ended March 31, 2019 we changed the presentation of our condensed consolidated balance sheets to reclassify the current portion of Equipment on operating leases, net to Other current assets and our condensed consolidated statements of cash flows to reclassify Payments to purchase common stock to Other financing activities. We have made corresponding reclassifications to the comparable information for all periods presented.

Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. Our share of earnings or losses of nonconsolidated affiliates is included in our consolidated operating results using the equity method of accounting when we are able to exercise significant influence over the operating and financial decisions of the affiliate.

Recently Adopted Accounting Standards

Effective January 1, 2019, we adopted Accounting Standards Update (ASU) 2016-02, "Leases" (ASU 2016-02) using the modified retrospective method, resulting in a cumulative-effect adjustment to the opening balance of Retained earnings for an insignificant amount. We recognized $1.0 billion of right of use assets and lease obligations included in Other assets, Accrued liabilities and Other liabilities on our condensed consolidated balance sheet for our existing operating lease portfolio at January 1, 2019. We elected to apply the practical expedient related to land easements, as well as the package of practical expedients permitted under the transition guidance in the new standard, which allowed us to carry forward our historical lease classification. The accounting for our finance leases and leases where we are the lessor remained substantially unchanged. The application of ASU 2016-02 had no impact on our condensed consolidated income statement or condensed consolidated statement of cash flows.

The following table summarizes our minimum commitments under noncancelable operating leases having initial terms in excess of one year, primarily for property, at December 31, 2018 as disclosed in our 2018 Form 10-K:
 
Years Ending December 31,
 
2019
 
2020
 
2021
 
2022
 
2023
 
Thereafter
 
Total
Minimum commitments(a)
$
296

 
$
286

 
$
247

 
$
180

 
$
146

 
$
582

 
$
1,737

Sublease income
(61
)
 
(51
)
 
(44
)
 
(38
)
 
(33
)
 
(129
)
 
(356
)
Net minimum commitments
$
235

 
$
235

 
$
203

 
$
142

 
$
113

 
$
453

 
$
1,381

_________
(a)
Certain leases contain escalation clauses and renewal or purchase options.

Refer to Note 13 for information on our operating leases at June 30, 2019.


5


Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Accounting Standards Not Yet Adopted

In June 2016 the Financial Accounting Standards Board issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" (ASU 2016-13), which requires entities to use a new impairment model based on Current Expected Credit Losses (CECL) rather than incurred losses. We plan to adopt ASU 2016-13 on January 1, 2020 on a modified retrospective basis, which will result in an increase to our allowance for credit losses and a decrease to Retained earnings as of the adoption date. Estimated credit losses under CECL will consider relevant information about past events, current conditions and reasonable and supportable forecasts that affect the collectibility of the reported amount, resulting in recognition of lifetime expected credit losses upon loan origination. We are currently testing and refining our process to calculate credit losses in accordance with ASU 2016-13 that, once completed, will determine the impact on our condensed consolidated financial statements at the date of adoption. We expect to be substantially complete with our implementation efforts before December 31, 2019.
                                                                                                                                                                                                
Note 2. Revenue
The following table disaggregates our revenue by major source for revenue generating segments:
 
Three Months Ended June 30, 2019
 
GMNA
 
GMI
 
Corporate
 
Total Automotive
 
GM Cruise
 
GM Financial
 
Eliminations/Reclassifications
 
Total
Vehicle, parts and accessories
$
26,976


$
3,744


$


$
30,720


$

 
$


$


$
30,720

Used vehicles
577

 
29

 

 
606

 

 

 

 
606

Services and other
771


274


54


1,099


25

 


(25
)

1,099

Automotive net sales and revenue
28,324


4,047


54


32,425


25

 


(25
)

32,425

Leased vehicle income

 

 

 

 

 
2,512

 

 
2,512

Finance charge income

 

 

 

 

 
1,008

 
(2
)
 
1,006

Other income

 

 

 

 

 
119

 
(2
)
 
117

GM Financial net sales and revenue









 
3,639


(4
)

3,635

Net sales and revenue
$
28,324


$
4,047


$
54


$
32,425


$
25

 
$
3,639


$
(29
)

$
36,060


Three Months Ended June 30, 2018

GMNA

GMI

Corporate

Total Automotive

GM Financial

Eliminations

Total
Vehicle, parts and accessories
$