Guarantor Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2015

Guarantor Consolidating Financial Statements [abstract]

Condensed Consolidating Balance Sheet

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

September 30, 2015

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	—		$	834		$	768		$	—		$	1,602
Finance receivables, net	—			3,621			31,453			—			35,074
Leased vehicles, net	—			—			16,915			—			16,915
Restricted cash	—			36			1,892			—			1,928
Goodwill	1,095			—			148			—			1,243
Equity in net assets of non-consolidated affiliates	—			—			978			—			978
Property and equipment, net	—			43			164			—			207
Deferred income taxes	137			—			288			(189		)	236
Related party receivables	—			23			566			—			589
Other assets	122			32			620			—			774
Due from affiliates	12,942			—			—			(12,942		)	—
Investment in affiliates	8,398			7,070			—			(15,468		)	—
Total assets	$	22,694		$	11,659		$	53,792		$	(28,599	)	$	59,546
Liabilities and Shareholder's Equity
Liabilities
Secured debt	$	—		$	—		$	28,284		$	—		$	28,284
Unsecured debt	14,440			—			5,535			—			19,975
Accounts payable and accrued expenses	127			205			762			—			1,094
Deferred income	—			—			1,205			—			1,205
Deferred income taxes	—			267			6			(189		)	84
Related party taxes payable	649			—			—			—			649
Related party payables	—			—			527			—			527
Other liabilities	74			11			239			—			324
Due to affiliates	—			6,632			6,310			(12,942		)	—
Total liabilities	15,290			7,115			42,868			(13,131		)	52,142
Shareholder's equity
Common stock	—			—			690			(690		)	—
Additional paid-in capital	5,819			79			7,238			(7,317		)	5,819
Accumulated other comprehensive loss	(956		)	(154		)	(937		)	1,091			(956		)
Retained earnings	2,541			4,619			3,933			(8,552		)	2,541
Total shareholder's equity	7,404			4,544			10,924			(15,468		)	7,404
Total liabilities and shareholder's equity	$	22,694		$	11,659		$	53,792		$	(28,599	)	$	59,546

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2014

(In millions)

(Unaudited)

	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	7,684			4,059			—			(11,743		)	—
Total assets	$	15,688		$	8,795		$	42,459		$	(19,218	)	$	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 income taxes	—			288			20			(288		)	20
Related party taxes payable	636			—			—			—			636
Related party payables	—			—			433			—			433
Other liabilities	82			12			324			—			418
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 loss	(433		)	(64		)	(410		)	474			(433		)
Retained earnings	2,026			4,160			3,224			(7,384		)	2,026
Total shareholder's equity	7,392			4,175			7,568			(11,743		)	7,392
Total liabilities and shareholder's equity	$	15,688		$	8,795		$	42,459		$	(19,218	)	$	47,724

Condensed Consolidating Statement of Income

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Three Months Ended September 30, 2015

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor		Non- Guarantors			Eliminations			Consolidated
Revenue
Finance charge income	$	—		$	114	$	728		$	—		$	842
Leased vehicle income	—			—		797			—			797
Other income	2			137		33			(104		)	68
Total revenue	2			251		1,558			(104		)	1,707
Costs and expenses
Salaries and benefits	—			79		106			—			185
Other operating expenses	21			25		150			(61		)	135
Total operating expenses	21			104		256			(61		)	320
Leased vehicle expenses	—			—		629			—			629
Provision for loan losses	—			112		32			—			144
Interest expense	134			—		321			(43		)	412
Total costs and expenses	155			216		1,238			(104		)	1,505
Equity income	255			167		29			(422		)	29
Income before income taxes	102			202		349			(422		)	231
Income tax (benefit) provision	(77		)	15		114			—			52
Net income	$	179		$	187	$	235		$	(422	)	$	179
Comprehensive (loss) income	$	(103	)	$	141	$	(47	)	$	(94	)	$	(103	)

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Three Months Ended September 30, 2014

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors			Eliminations			Consolidated
Revenue
Finance charge income	$	—		$	48		$	835		$	—		$	883
Leased vehicle income	—			—			297			—			297
Other income	18			115			46			(98		)	81
Total revenue	18			163			1,178			(98		)	1,261
Costs and expenses
Salaries and benefits	—			64			94			—			158
Other operating expenses	117			(75		)	160			(63		)	139
Total operating expenses	117			(11		)	254			(63		)	297
Leased vehicle expenses	—			—			228			—			228
Provision for loan losses	—			97			63			—			160
Interest expense	56			8			339			(35		)	368
Total costs and expenses	173			94			884			(98		)	1,053
Equity income(a)	242			139			—			(381		)	—
Income before income taxes	87			208			294			(381		)	208
Income tax (benefit) provision	(71		)	27			94			—			50
Net income	$	158		$	181		$	200		$	(381	)	$	158
Comprehensive (loss) income	$	(114	)	$	148		$	(71	)	$	(77	)	$	(114	)

________________

(a) Equity income has been reclassified from revenue as previously presented.

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Nine Months Ended September 30, 2015

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors		Eliminations			Consolidated
Revenue
Finance charge income	$	—		$	294	—	$	2,250	$	—		$	2,544
Leased vehicle income	—			—			1,827		—			1,827
Other income	13			363			118		(289		)	205
Total revenue	13			657			4,195		(289		)	4,576
Costs and expenses
Salaries and benefits	—			245			286		—			531
Other operating expenses	56			95			453		(190		)	414
Total operating expenses	56			340			739		(190		)	945
Leased vehicle expenses	—			—			1,423		—			1,423
Provision for loan losses	—			302			138		—			440
Interest expense	342			1			939		(99		)	1,183
Total costs and expenses	398			643			3,239		(289		)	3,991
Equity income	716			452			85		(1,168		)	85
Income before income taxes	331			466			1,041		(1,168		)	670
Income tax (benefit) provision	(184		)	6			333		—			155
Net income	$	515		$	460		$	708	$	(1,168	)	$	515
Comprehensive (loss) income	$	(8	)	$	370		$	181	$	(551	)	$	(8	)

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Nine Months Ended September 30, 2014

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors		Eliminations			Consolidated
Revenue
Finance charge income	$	—		$	117		$	2,478	$	—		$	2,595
Leased vehicle income	—			—			735		—			735
Other income	58			346			126		(311		)	219
Total revenue	58			463			3,339		(311		)	3,549
Costs and expenses
Salaries and benefits	—			180			268		—			448
Other operating expenses	112			(1		)	474		(187		)	398
Total operating expenses	112			179			742		(187		)	846
Leased vehicle expenses	—			—			563		—			563
Provision for loan losses	—			232			176		—			408
Interest expense	155			27			979		(124		)	1,037
Total costs and expenses	267			438			2,460		(311		)	2,854
Equity income(a)	601			408			—		(1,009		)	—
Income before income taxes	392			433			879		(1,009		)	695
Income tax (benefit) provision	(86		)	11			292		—			217
Net income	$	478		$	422		$	587	$	(1,009	)	$	478
Comprehensive income	$	260		$	392		$	371	$	(763	)	$	260

_______________

(a) Equity income has been reclassified from revenue as previously presented.

Condensed Consolidating Statement of Cash Flows

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Nine Months Ended September 30, 2015

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors			Eliminations			Consolidated
Net cash provided by operating activities	$	(184	)	$	314		$	2,037		$	—		$	2,167
Cash flows from investing activities:
Purchases of consumer finance receivables, net	—			(8,100		)	(10,993		)	5,994			(13,099		)
Principal collections and recoveries on consumer finance receivables	—			414			8,304			—			8,718
Proceeds from sale of consumer finance receivables, net	—			5,994			—			(5,994		)	—
Net funding of commercial finance receivables	—			172			(351		)	—			(179		)
Purchases of leased vehicles, net	—			—			(11,258		)	—			(11,258		)
Proceeds from termination of leased vehicles	—			—			662			—			662
Acquisition of international operations	(513		)	(536		)	—			—			(1,049		)
Disposition of equity interest	—			125			—			—			125
Purchases of property and equipment	—			(22		)	(42		)	—			(64		)
Change in restricted cash	—			(20		)	(216		)	—			(236		)
Change in other assets	—			—			24			—			24
Net change in investment in affiliates	(6		)	(2,644		)	—			2,650			—
Net cash used in investing activities	(519		)	(4,617		)	(13,870		)	2,650			(16,356		)
Cash flows from financing activities:
Net change in debt (original maturities less than three months)	—			—			539			—			539
Borrowings and issuance of secured debt	—			—			15,095			—			15,095
Payments on secured debt	—			—			(10,903		)	—			(10,903		)
Borrowings and issuance of unsecured debt	6,939			—			2,620			—			9,559
Payments on unsecured debt	—			—			(1,195		)	—			(1,195		)
Net capital contributions	—			—			2,650			(2,650		)	—
Debt issuance costs	(47		)	—			(77		)	—			(124		)
Net change in due from/due to affiliates	(6,189		)	2,871			3,318			—			—
Net cash provided by financing activities	703			2,871			12,047			(2,650		)	12,971
Net increase in cash and cash equivalents	—			(1,432		)	214			—			(1,218		)
Effect of foreign exchange rate changes on cash and cash equivalents	—			—			(154		)	—			(154		)
Cash and cash equivalents at beginning of period	—			2,266			708			—			2,974
Cash and cash equivalents at end of period	$	—		$	834		$	768		$	—		$	1,602

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Nine Months Ended September 30, 2014

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors			Eliminations			Consolidated
Net cash provided by operating activities	$	255		$	233		$	912		$	—		$	1,400
Cash flows from investing activities:
Purchases of consumer finance receivables, net	—			(4,872		)	(9,297		)	3,319			(10,850		)
Principal collections and recoveries on consumer finance receivables	—			(109		)	8,233			—			8,124
Proceeds from sale of consumer finance receivables, net	—			3,319			—			(3,319		)	—
Net funding of commercial finance receivables	—			160			(568		)	—			(408		)
Purchases of leased vehicles, net	—			—			(3,227		)	—			(3,227		)
Proceeds from termination of leased vehicles	—			—			395			—			395
Acquisition of international operations	(46		)	—			—			—			(46		)
Purchases of property and equipment	—			(4		)	(33		)	—			(37		)
Change in restricted cash	—			1			(188		)	—			(187		)
Change in other assets	—			—			(2		)	—			(2		)
Net change in investment in affiliates	—			546			—			(546		)	—
Net cash (used in) provided by investing activities	(46		)	(959		)	(4,687		)	(546		)	(6,238		)
Cash flows from financing activities:
Net change in debt (original maturities less than three months)	—			—			(913		)	—			(913		)
Borrowings and issuance of secured debt	—			—			15,847			—			15,847
Payments on secured debt	—			—			(13,568		)	—			(13,568		)
Borrowings and issuance of unsecured debt	3,500			—			1,903			—			5,403
Payments on unsecured debt	—			—			(1,339		)	—			(1,339		)
Net capital contributions	26			—			(572		)	546			—
Debt issuance costs	(39		)	—			(68		)	—			(107		)
Net change in due from/due to affiliates	(3,696		)	1,140			2,556			—			—
Net cash (used in) provided by financing activities	(209		)	1,140			3,846			546			5,323
Net increase in cash and cash equivalents	—			414			71			—			485
Effect of foreign exchange rate changes on cash and cash equivalents	—			—			(42		)	—			(42		)
Cash and cash equivalents at beginning of period	—			395			679			—			1,074
Cash and cash equivalents at end of period	$	—		$	809		$	708		$	—		$	1,517