Guarantor Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2014

Guarantor Consolidating Financial Statements [abstract]

Condensed Balance Sheet

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONSOLIDATING BALANCE SHEET

December 31, 2014

(in millions)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	—		$	2,266		$	708		$	—		$	2,974
Finance receivables, net	—			2,401			30,599			—			33,000
Leased vehicles, net	—			—			7,060			—			7,060
Restricted cash	—			17			2,054			—			2,071
Goodwill	1,095			—			149			—			1,244
Property and equipment, net	—			23			149			—			172
Deferred income taxes	28			—			601			(288		)	341
Related party receivables	—			11			373			—			384
Other assets	94			18			366			—			478
Due from affiliates	6,787			—			400			(7,187		)	—
Investment in affiliates	7,685			4,059			—			(11,744		)	—
Total assets	$	15,689		$	8,795		$	42,459		$	(19,219	)	$	47,724
Liabilities and Shareholder's Equity
Liabilities:
Secured debt	—			—			25,214			—			25,214
Unsecured debt	7,500			—			4,717			—			12,217
Accounts payable and accrued expenses	78			156			768			—			1,002
Deferred income	—			—			392			—			392
Deferred taxes liabilities	—			288			20			(288		)	20
Taxes payable	79			—			155			—			234
Related party taxes payable	636			—			—						636
Related party payable	—			—			433			—			433
Other liabilities	3			12			169			—			184
Due to affiliates	—			4,164			3,023			(7,187		)	—
Total liabilities	8,296			4,620			34,891			(7,475		)	40,332
Shareholder's equity:
Common stock	—			—			690			(690		)	—
Additional paid-in capital	5,799			79			4,064			(4,143		)	5,799
Accumulated other comprehensive income	(432		)	(64		)	(410		)	473			(433		)
Retained earnings	2,026			4,160			3,224			(7,384		)	2,026
Total shareholder's equity	7,393			4,175			7,568			(11,744		)	7,392
Total liabilities and shareholder's equity	$	15,689		$	8,795		$	42,459		$	(19,219	)	$	47,724

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONSOLIDATING BALANCE SHEET

December 31, 2013

(in millions)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	—		$	395		$	679		$	—		$	1,074
Finance receivables, net	—			612			28,670			—			29,282
Leased vehicles, net	—			—			3,383			—			3,383
Restricted cash	—			20			1,938			—			1,958
Goodwill	1,095			—			145			—			1,240
Property and equipment, net	—			5			127			—			132
Deferred income taxes	1			—			358			—			359
Related party receivables	29			—			100			—			129
Other assets	74			5			358			(4		)	433
Due from affiliates	3,754			863			—			(4,617		)	—
Investment in affiliates	6,994			3,565			—			(10,559		)	—
Total assets	$	11,947		$	5,465		$	35,758		$	(15,180	)	$	37,990
Liabilities and Shareholder's Equity
Liabilities:
Secured debt	—			—			22,073			—			22,073
Unsecured debt	4,000			—			2,973			—			6,973
Accounts payable and accrued expenses	101			133			716			(4		)	946
Deferred income	—			—			168			—			168
Deferred taxes liabilities	(28		)	161			(46		)	—			87
Taxes payable	83			—			204			—			287
Related party taxes payable	643			—			1			(1		)	643
Related party payable	—			—			368			—			368
Other liabilities	—			14			146			—			160
Due to affiliates	863			1,474			2,280			(4,617		)	—
Total liabilities	5,662			1,782			28,883			(4,622		)	31,705
Shareholder's equity:
Common stock	—			—			532			(532		)	—
Additional paid-in capital	4,785			79			3,833			(3,912		)	4,785
Accumulated other comprehensive income (loss)	11			(8		)	24			(16		)	11
Retained earnings	1,489			3,612			2,486			(6,098		)	1,489
Total shareholder's equity	6,285			3,683			6,875			(10,558		)	6,285
Total liabilities and shareholder's equity	$	11,947		$	5,465		$	35,758		$	(15,180	)	$	37,990

Condensed Income Statement

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONSOLIDATING STATEMENT OF INCOME

Year Ended December 31, 2014

(in millions)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors		Eliminations			Consolidated
Revenue
Finance charge income	$	—		$	194		$	3,281	$	—		$	3,475
Leased vehicle income	—			—			1,090		—			1,090
Other income	68			432			178		(389		)	289
	68			626			4,549		(389		)	4,854
Costs and expenses
Salaries and benefits	—			249			365		—			614
Other operating expenses	159			(17		)	657		(251		)	548
Total operating expenses	159			232			1,022		(251		)	1,162
Leased vehicle expenses	—			—			847		—			847
Provision for loan losses	—			334			270		—			604
Interest expense	232			23			1,309		(138		)	1,426
	391			589			3,448		(389		)	4,039
Loss (income) before income taxes and equity in income of affiliates	(323		)	37			1,101		—			815
Income tax (benefit) provision	(103		)	12			369		—			278
(Loss) income before equity in income of affiliates	(220		)	25			732		—			537
Equity in income of affiliates, net of tax	757			523			—		(1,280		)	—
Net income	$	537		$	548		$	732	$	(1,280	)	$	537
Comprehensive income	$	93		$	491		$	298	$	(789	)	$	93

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONSOLIDATING STATEMENT OF INCOME

Year Ended December 31, 2013

(in millions)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors		Eliminations			Consolidated
Revenue
Finance charge income	$	—		$	140		$	2,423	$	—		$	2,563
Leased vehicle income	—			—			595		—			595
Other income	56			433			105		(408		)	186
	56			573			3,123		(408		)	3,344
Costs and expenses
Salaries and benefits	—			216			232		—			448
Other operating expenses	(100		)	228			441		(247		)	322
Total operating expenses	(100		)	444			673		(247		)	770
Leased vehicle expenses	—			—			453		—			453
Provision for loan losses	—			239			236		—			475
Interest expense	180			37			665		(161		)	721
Acquisition and integration expenses	—			—			42		—			42
	80			720			2,069		(408		)	2,461
Loss (income) before income taxes and equity in income of affiliates	(24		)	(147		)	1,054		—			883
Income tax (benefit) provision	(6		)	(42		)	365		—			317
(Loss) income before equity in income of affiliates	(18		)	(105		)	689		—			566
Equity in income of affiliates, net of tax(a)	584			551			—		(1,135		)	—
Net income	$	566		$	446		$	689	$	(1,135	)	$	566
Comprehensive income	$	580		$	449		$	700	$	(1,149	)	$	580

________________

(a) Equity in income of affiliates has been reclassified from revenue to present the amount after the income tax provision.

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONSOLIDATING STATEMENT OF INCOME

Year Ended December 31, 2012

(in millions)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors		Eliminations			Consolidated
Revenue
Finance charge income	$	—		$	150		$	1,444	$	—		$	1,594
Leased vehicle income	—			—			289		—			289
Other income	45			194			250		(412		)	77
	45			344			1,983		(412		)	1,960
Costs and expenses
Salaries and benefits	—			201			97		—			298
Other operating expenses	15			(115		)	200		—			100
Total operating expenses	15			86			297		—			398
Leased vehicle expenses	—			—			211		—			211
Provision for loan losses	—			231			73		—			304
Interest expense	67			166			462		(412		)	283
Acquisition and integration expenses	—			—			20		—			20
	82			483			1,063		(412		)	1,216
Loss (income) before income taxes and equity in income of affiliates	(37		)	(139		)	920		—			744
Income tax (benefit) provision	(11		)	(41		)	333		—			281
(Loss) income before equity in income of affiliates	(26		)	(98		)	587		—			463
Equity in income of affiliates, net of tax(a)	489			599			—		(1,088		)	—
Net income	$	463		$	501		$	587	$	(1,088	)	$	463
Comprehensive income	$	467		$	501		$	593	$	(1,094	)	$	467

________________

(a) Equity in income of affiliates has been reclassified from revenue to present the amount after the income tax provision.

Condensed Cash Flow Statement

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2014

(in millions)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors			Eliminations			Consolidated
Cash flows from operating activities:
Net income	$	537		$	548		$	732		$	(1,280	)	$	537
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14			2			976			—			992
Accretion and amortization of loan and leasing fees	—			4			(367		)	—			(363		)
Amortization of carrying value adjustment	—			(4		)	(230		)	—			(234		)
Amortization of purchase accounting adjustment	—			—			33			—			33
Provision for loan losses	—			334			270			—			604
Deferred income taxes	1			127			(211		)	—			(83		)
Stock-based compensation expense	18			—			1			—			19
Other	137			(2		)	14			—			149
Equity in income of affiliates	(757		)	(523		)	—			1,280			—
Changes in assets and liabilities:
Other assets	(18		)	(14		)	(56		)	—			(88		)
Accounts payable and accrued expenses	36			(25		)	122			—			133
Taxes payable	(3		)	—			(60		)	—			(63		)
Related party payable	—			—			5			—			5
Related party taxes payable	(7		)	—			—			—			(7		)
Net cash provided by operating activities	(42		)	447			1,229			—			1,634
Cash flows from investing activities:
Purchases of consumer finance receivables, net	—			(6,797		)	(12,898		)	4,946			(14,749		)
Principal collections and recoveries on consumer finance receivables	—			(99		)	10,959			—			10,860
Proceeds from sale of consumer finance receivables, net	—			4,946			—			(4,946		)	—
Net funding of commercial finance receivables	—			(128		)	(1,770		)	—			(1,898		)
Purchases of leased vehicles, net	—			—			(4,882		)	—			(4,882		)
Proceeds from termination of leased vehicles	—			—			533			—			533
Acquisition of international operations, net of cash on hand	(46		)	—			—			—			(46		)
Purchases of property and equipment	—			(20		)	(32		)	—			(52		)
Change in restricted cash	—			3			(235		)	—			(232		)
Change in other assets	—			—			(2		)	—			(2		)
Net change in investment in affiliates	(357		)	(27		)	—			384			—
Net cash used in investing activities	(403		)	(2,122		)	(8,327		)	384			(10,468		)
Cash flows from financing activities:
Net change in debt (original maturities less than three months)	—			—			470			—			470
Borrowings and issuance of secured debt	—			—			21,080			—			21,080
Payments on secured debt	—			—			(16,890		)	—			(16,890		)
Borrowings and issuance of unsecured debt	3,500			—			3,674			—			7,174
Payments on unsecured debt	—			—			(1,889		)	—			(1,889		)
Net capital contributions from related party	996			—			382			(382		)	996
Debt issuance costs	(39		)	—			(88		)	—			(127		)
Net change in due from/due to affiliates	(4,012		)	3,546			466			—			—
Other	—			—			—			—			—
Net cash provided by (used in) financing activities	445			3,546			7,205			(382		)	10,814
Net increase (decrease) in cash and cash equivalents	—			1,871			107			2			1,980
Effect of foreign exchange rate changes on cash and cash equivalents	—			—			(78		)	(2		)	(80		)
Cash and cash equivalents at beginning of period	—			395			679			—			1,074
Cash and cash equivalents at end of period	$	—		$	2,266		$	708		$	—		$	2,974

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2013

(in millions)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors			Eliminations			Consolidated
Cash flows from operating activities:
Net income	$	566		$	446		$	689		$	(1,135	)	$	566
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8			2			535			—			545
Accretion and amortization of loan and leasing fees	—			2			(90		)	—			(88		)
Amortization of carrying value adjustment	—			(2		)	(92		)	—			(94		)
Amortization of purchase accounting adjustment	—			—			4			—			4
Provision for loan losses	—			239			236			—			475
Deferred income taxes	9			133			37			—			179
Stock-based compensation expense	9			—			—			—			9
Other	(118		)	—			(53		)	—			(171		)
Equity in income of affiliates	(584		)	(551		)	—			1,135			—
Changes in assets and liabilities:
Other assets	(71		)	22			(78		)	—			(127		)
Accounts payable and accrued expenses	73			34			88			—			195
Taxes payable	(6		)	(5		)	31			—			20
Related party payable	—			—			(39		)	—			(39		)
Related party taxes payable	84			—			—			—			84
Net cash (used in) provided by operating activities	(30		)	320			1,268			—			1,558
Cash flows from investing activities:
Purchases of consumer finance receivables, net	—			(5,134		)	(10,375		)	5,936			(9,573		)
Principal collections and recoveries on consumer finance receivables	—			(124		)	7,648			—			7,524
Proceeds from sale of consumer finance receivables, net	—			5,936			—			(5,936		)	—
Net funding of commercial finance receivables	—			39			(1,351		)	46			(1,266		)
Purchases of leased vehicles, net	—			—			(2,262		)	—			(2,262		)
Proceeds from termination of leased vehicles	—			—			217			—			217
Acquisition of international operations, net of cash on hand	(3,222		)	(863		)	607			863			(2,615		)
Purchases of property and equipment	—			(3		)	(13		)	—			(16		)
Change in restricted cash	—			(16		)	(251		)	—			(267		)
Change in other assets	—			—			3			—			3
Net change in investment in affiliates	(29		)	(818		)	—			847			—
Net cash used in investing activities	(3,251		)	(983		)	(5,777		)	1,756			(8,255		)
Cash flows from financing activities:
Borrowings and issuance of secured debt	—			—			17,378			—			17,378
Payments on secured debt	—			—			(13,222		)	—			(13,222		)
Borrowings and issuance of unsecured debt	2,500			—			2,724			—			5,224
Payments on unsecured debt	—			—			(2,699		)	—			(2,699		)
Borrowings on related party line of credit	1,100			—			—			—			1,100
Payments on related party line of credit	(1,100		)	—			—			—			(1,100		)
Repayment of debt to Ally Financial	—			—			(1,416		)	—			(1,416		)
Net capital contributions from related party	1,478			—			672			(850		)	1,300
Debt issuance costs	(30		)	—			(46		)	—			(76		)
Net change in due from/due to affiliates	(668		)	(194		)	1,771			(909		)	—
Other	1			—			1			—			2
Net cash provided by (used in) financing activities	3,281			(194		)	5,163			(1,759		)	6,491
Net increase (decrease) in cash and cash equivalents	—			(857		)	654			(3		)	(206		)
Effect of foreign exchange rate changes on cash and cash equivalents	—			—			(12		)	3			(9		)
Cash and cash equivalents at beginning of period	—			1,252			37			—			1,289
Cash and cash equivalents at end of period	$	—		$	395		$	679		$	—		$	1,074

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2012

(in millions)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors			Eliminations			Consolidated
Cash flows from operating activities:
Net income	$	463		$	501		$	587		$	(1,088	)	$	463
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3			2			250			—			255
Accretion and amortization of loan and leasing fees	—			—			(53		)	—			(53		)
Amortization of carrying value adjustment	—			—			(11		)	—			(11		)
Amortization of purchase accounting adjustment	—			—			(32		)	—			(32		)
Provision for loan losses	—			231			73			—			304
Deferred income taxes	(10		)	78			(65		)	—			3
Stock-based compensation expense	4			—			—			—			4
Other	—			2			(13		)	—			(11		)
Equity in income of affiliates	(489		)	(599		)	—			1,088			—
Changes in assets and liabilities:
Other assets	3			(4		)	3			—			2
Accounts payable and accrued expenses	3			32			13			—			48
Taxes payable	11			(1		)	(2		)	—			8
Intercompany taxes payable	258			—			—			—			258
Net cash provided by operating activities	246			242			750			—			1,238
Cash flows from investing activities:
Purchases of consumer finance receivables, net	—			(5,556		)	(4,888		)	4,888			(5,556		)
Principal collections and recoveries on consumer finance receivables	—			(1		)	4,008			—			4,007
Proceeds from sale of consumer finance receivables, net	—			4,888			—			(4,888		)	—
Net funding of commercial finance receivables	—			(557		)	—			—			(557		)
Purchases of leased vehicles, net	—			—			(1,077		)	—			(1,077		)
Proceeds from termination of leased vehicles	—			—			55			—			55
Purchases of property and equipment	—			(2		)	(11		)	—			(13		)
Change in restricted cash	—			—			312			—			312
Change in other assets	(45		)	31			3			—			(11		)
Net change in investment in affiliates	—			2,738			—			(2,738		)	—
Net cash (used in) provided by investing activities	(45		)	1,541			(1,598		)	(2,738		)	(2,840		)
Cash flows from financing activities:
Borrowings and issuance of secured debt	—			—			7,600			—			7,600
Payments on secured debt	—			—			(6,233		)	—			(6,233		)
Borrowings and issuance of unsecured debt	1,000			—			—			—			1,000
Debt issuance costs	(12		)	—			(36		)	—			(48		)
Retirement of debt	(1		)	—			—			—			(1		)
Net capital contribution to related party	—			—			(2,745		)	2,745			—
Net change in due from/due to affiliates	(1,188		)	(1,032		)	2,220			—			—
Net cash (used in) provided by financing activities	(201		)	(1,032		)	806			2,745			2,318
Net increase (decrease) in cash and cash equivalents	—			751			(42		)	7			716
Effect of foreign exchange rate changes on cash and cash equivalents	—			—			8			(7		)	1
Cash and cash equivalents at beginning of period	—			501			71			—			572
Cash and cash equivalents at end of period	$	—		$	1,252		$	37		$	—		$	1,289