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Guarantor Condensed Consolidating Financial Statements
3 Months Ended
Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Guarantor Condensed Consolidating Financial Statements
Guarantor Condensed Consolidating Financial Statements
The payment of principal and interest on senior notes issued by our top-tier holding company is currently guaranteed solely by AFSI (the Guarantor) and none of our other subsidiaries (the Non-Guarantor Subsidiaries). The Guarantor is a 100% owned consolidated subsidiary and is unconditionally liable for the obligations represented by the senior notes.  The Guarantor’s guarantee may be released only upon customary circumstances, the terms of which vary by issuance.  Customary circumstances include the sale or disposition of all of the Guarantor’s assets or capital stock, the achievement of investment grade rating of the senior notes and legal or covenant defeasance.
The condensed consolidating financial statements present consolidating financial data for (i) General Motors Financial Company, Inc. (on a parent-only basis), (ii) the Guarantor, (iii) the combined Non-Guarantor Subsidiaries and (iv) the parent company and our subsidiaries on a consolidated basis at March 31, 2017 and December 31, 2016, and for the three months ended March 31, 2017 and 2016 (after the elimination of intercompany balances and transactions).
Investments in subsidiaries are accounted for by the parent company using the equity method for purposes of this presentation. Results of operations of subsidiaries are therefore reflected in the parent company's investment accounts and earnings. The principal elimination entries set forth below eliminate investments in subsidiaries and intercompany balances and transactions.



CONDENSED CONSOLIDATING BALANCE SHEET
March 31, 2017
(Unaudited)
 
General
Motors
Financial
Company,
Inc.
 
Guarantor
 
Non-
Guarantors
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$

 
$
2,040

 
$
654

 
$

 
$
2,694

Finance receivables, net

 
7,516

 
39,394

 

 
46,910

Leased vehicles, net

 

 
37,302

 

 
37,302

Goodwill
1,095

 

 
105

 

 
1,200

Equity in net assets of non-consolidated affiliates

 

 
998

 

 
998

Property and equipment, net

 
163

 
128

 

 
291

Deferred income taxes
613

 
75

 
284

 
(688
)
 
284

Related party receivables

 
73

 
544

 

 
617

Other assets
3

 
746

 
3,743

 
(248
)
 
4,244

Due from affiliates
26,778

 
15,992

 

 
(42,770
)
 

Investment in affiliates
9,401

 
5,971

 

 
(15,372
)
 

Total assets
$
37,890

 
$
32,576

 
$
83,152

 
$
(59,078
)
 
$
94,540

LIABILITIES AND SHAREHOLDER'S EQUITY
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
Secured debt
$

 
$

 
$
42,827

 
$
(248
)
 
$
42,579

Unsecured debt
28,573

 

 
8,797

 

 
37,370

Accounts payable and accrued expenses
261

 
330

 
910

 

 
1,501

Deferred income

 

 
2,588

 

 
2,588

Deferred income taxes

 

 
947

 
(688
)
 
259

Related party payables
1

 

 
447

 

 
448

Other liabilities
63

 
476

 
264

 

 
803

Due to affiliates

 
25,977

 
16,793

 
(42,770
)
 

Total liabilities
28,898

 
26,783

 
73,573

 
(43,706
)
 
85,548

Shareholder's equity
 
 
 
 
 
 
 
 
 
Common stock

 

 
698

 
(698
)
 

Additional paid-in capital
6,512

 
79

 
4,652

 
(4,731
)
 
6,512

Accumulated other comprehensive loss
(1,148
)
 
(157
)
 
(1,123
)
 
1,280

 
(1,148
)
Retained earnings
3,628

 
5,871

 
5,352

 
(11,223
)
 
3,628

Total shareholder's equity
8,992

 
5,793

 
9,579

 
(15,372
)
 
8,992

Total liabilities and shareholder's equity
$
37,890

 
$
32,576

 
$
83,152

 
$
(59,078
)
 
$
94,540













CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2016
(Unaudited)
 
General
Motors
Financial
Company,
Inc.
 
Guarantor
 
Non-
Guarantors
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$

 
$
2,284

 
$
917

 
$

 
$
3,201

Finance receivables, net

 
4,969

 
38,221

 

 
43,190

Leased vehicles, net

 

 
34,526

 

 
34,526

Goodwill
1,095

 

 
101

 

 
1,196

Equity in net assets of non-consolidated affiliates

 

 
944

 

 
944

Property and equipment, net

 
152

 
127

 

 
279

Deferred income taxes
502

 
89

 
274

 
(591
)
 
274

Related party receivables

 
25

 
485

 

 
510

Other assets
4

 
643

 
3,167

 
(169
)
 
3,645

Due from affiliates
24,548

 
16,065

 

 
(40,613
)
 

Investment in affiliates
8,986

 
6,445

 

 
(15,431
)
 

Total assets
$
35,135

 
$
30,672

 
$
78,762

 
$
(56,804
)
 
$
87,765

LIABILITIES AND SHAREHOLDER'S EQUITY
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
Secured debt
$

 
$

 
$
39,439

 
$
(169
)
 
$
39,270

Unsecured debt
26,076

 

 
8,530

 

 
34,606

Accounts payable and accrued expenses
302

 
273

 
899

 

 
1,474

Deferred income

 

 
2,365

 

 
2,365

Deferred income taxes

 

 
811

 
(591
)
 
220

Related party payables
1

 

 
399

 

 
400

Other liabilities
63

 
417

 
257

 

 
737

Due to affiliates

 
24,437

 
16,176

 
(40,613
)
 

Total liabilities
26,442

 
25,127

 
68,876

 
(41,373
)
 
79,072

Shareholder's equity
 
 
 
 
 
 
 
 
 
Common stock

 

 
698

 
(698
)
 

Additional paid-in capital
6,505

 
79

 
5,345

 
(5,424
)
 
6,505

Accumulated other comprehensive loss
(1,238
)
 
(161
)
 
(1,223
)
 
1,384

 
(1,238
)
Retained earnings
3,426

 
5,627

 
5,066

 
(10,693
)
 
3,426

Total shareholder's equity
8,693

 
5,545

 
9,886

 
(15,431
)
 
8,693

Total liabilities and shareholder's equity
$
35,135

 
$
30,672

 
$
78,762

 
$
(56,804
)
 
$
87,765








CONDENSED CONSOLIDATING STATEMENT OF INCOME
Three Months Ended March 31, 2017
(Unaudited)
 
General
Motors
Financial
Company,
Inc.
 
Guarantor
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
Finance charge income
$

 
$
95

 
$
767

 
$

 
$
862

Leased vehicle income

 

 
1,942

 

 
1,942

Other income

 
273

 
1

 
(199
)
 
75

Total revenue

 
368

 
2,710

 
(199
)
 
2,879

Costs and expenses
 
 
 
 
 
 
 
 
 
Salaries and benefits

 
163

 
66

 

 
229

Other operating expenses
7

 
44

 
222

 
(110
)
 
163

Total operating expenses
7

 
207

 
288

 
(110
)
 
392

Leased vehicle expenses

 

 
1,438

 

 
1,438

Provision for loan losses

 
73

 
144

 

 
217

Interest expense
235

 
33

 
440

 
(89
)
 
619

Total costs and expenses
242

 
313

 
2,310

 
(199
)
 
2,666

Equity income
315

 
215

 
47

 
(530
)
 
47

Income before income taxes
73

 
270

 
447

 
(530
)
 
260

Income tax (benefit) provision
(129
)
 
26

 
161

 

 
58

Net income
$
202

 
$
244

 
$
286

 
$
(530
)
 
$
202

 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
292

 
$
248

 
$
386

 
$
(634
)
 
$
292



CONDENSED CONSOLIDATING STATEMENT OF INCOME
Three Months Ended March 31, 2016
(Unaudited)
 
General
Motors
Financial
Company,
Inc.
 
Guarantor
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Revenue
 
 
 
 
 
 
 
 
 
Finance charge income
$

 
$
99

 
$
719

 
$

 
$
818

Leased vehicle income

 

 
1,184

 

 
1,184

Other income
(1
)
 
205

 
15

 
(146
)
 
73

Total revenue
(1
)
 
304

 
1,918

 
(146
)
 
2,075

Costs and expenses
 
 
 
 
 
 
 
 
 
Salaries and benefits

 
135

 
58

 

 
193

Other operating expenses
(4
)
 
68

 
170

 
(93
)
 
141

Total operating expenses
(4
)
 
203

 
228

 
(93
)
 
334

Leased vehicle expenses

 

 
893

 

 
893

Provision for loan losses

 
103

 
93

 

 
196

Interest expense
176

 
(30
)
 
370

 
(53
)
 
463

Total costs and expenses
172

 
276

 
1,584

 
(146
)
 
1,886

Equity income
255

 
168

 
36

 
(423
)
 
36

Income before income taxes
82

 
196

 
370

 
(423
)
 
225

Income tax (benefit) provision
(82
)
 
12

 
131

 

 
61

Net income
$
164

 
$
184

 
$
239

 
$
(423
)
 
$
164

 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
316

 
$
223

 
$
398

 
$
(621
)
 
$
316







CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Three Months Ended March 31, 2017
(Unaudited)
 
General
Motors
Financial
Company,
Inc.
 
Guarantor
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Net cash (used in) provided by operating activities
$
(273
)
 
$
103

 
$
1,586

 
$

 
$
1,416

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Purchases of retail finance receivables, net

 
(4,920
)
 
(3,850
)
 
2,369

 
(6,401
)
Principal collections and recoveries on retail finance receivables

 
450

 
3,145

 

 
3,595

Proceeds from transfer of retail finance receivables, net

 
2,095

 
274

 
(2,369
)
 

Net funding of commercial finance receivables

 
(194
)
 
(347
)
 

 
(541
)
Purchases of leased vehicles, net

 

 
(4,794
)
 

 
(4,794
)
Proceeds from termination of leased vehicles

 

 
1,082

 

 
1,082

Purchases of property and equipment

 
(19
)
 
(5
)
 

 
(24
)
Other investing activities

 
(79
)
 


 
79

 

Net change in due from affiliates
(2,230
)
 
80

 

 
2,150

 

Net change in investment in affiliates

 
694

 

 
(694
)
 

Net cash used in investing activities
(2,230
)
 
(1,893
)
 
(4,495
)
 
1,535

 
(7,083
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Net change in debt (original maturities less than three months)
17

 

 
(285
)
 

 
(268
)
Borrowings and issuance of secured debt

 

 
8,440

 
(79
)
 
8,361

Payments on secured debt

 

 
(4,805
)
 

 
(4,805
)
Borrowings and issuance of unsecured debt
2,497

 

 
471

 

 
2,968

Payments on unsecured debt

 

 
(574
)
 

 
(574
)
Debt issuance costs
(11
)
 

 
(16
)
 

 
(27
)
Net capital contributions

 

 
(694
)
 
694

 

Net change in due to affiliates

 
1,546

 
604

 
(2,150
)
 

Net cash provided by financing activities
2,503

 
1,546

 
3,141

 
(1,535
)
 
5,655

Net increase (decrease) in cash, cash equivalents and restricted cash

 
(244
)
 
232

 

 
(12
)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash

 

 
37

 

 
37

Cash, cash equivalents and restricted cash at beginning of period

 
2,284

 
3,018

 

 
5,302

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

 
$
2,040

 
$
3,287

 
$

 
$
5,327

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidating balance sheet:
 
General
Motors
Financial
Company, Inc.
 
Guarantor
 
Non-
Guarantors
 
Eliminations
 
Consolidated
Cash and cash equivalents
$

 
$
2,040

 
$
654

 
$

 
$
2,694

Restricted cash included in other assets

 

 
2,633

 

 
2,633

Total
$

 
$
2,040

 
$
3,287

 
$

 
$
5,327


CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Three Months Ended March 31, 2016
(Unaudited) 
 
General
Motors
Financial
Company,
Inc.
 
Guarantor
 
Non-
Guarantors
 
Eliminations
 
Consolidated
 Net cash (used in) provided by operating activities
$
(144
)
 
$
(537
)
 
$
1,839

 
$

 
$
1,158

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Purchases of retail finance receivables, net

 
(4,466
)
 
(4,388
)
 
4,689

 
(4,165
)
Principal collections and recoveries on retail finance receivables

 
359

 
2,912

 

 
3,271

Proceeds from transfer of retail finance receivables, net

 
2,866

 
1,823

 
(4,689
)
 

Net funding of commercial finance receivables

 
(227
)
 
(797
)
 

 
(1,024
)
Purchases of leased vehicles, net

 

 
(5,158
)
 

 
(5,158
)
Proceeds from termination of leased vehicles

 

 
481

 

 
481

Purchases of property and equipment

 
(15
)
 
(5
)
 

 
(20
)
Other investing activities

 
(60
)
 
1

 
60

 
1

Net change in due from affiliates
(2,587
)
 
(1,208
)
 

 
3,795

 

Net change in investment in affiliates

 
336

 

 
(336
)
 

Net cash used in investing activities
(2,587
)
 
(2,415
)
 
(5,131
)
 
3,519

 
(6,614
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Net change in debt (original maturities less than three months)

 

 
757

 

 
757

Borrowings and issuance of secured debt

 

 
7,114

 
(60
)
 
7,054

Payments on secured debt

 

 
(5,251
)
 

 
(5,251
)
Borrowings and issuance of unsecured debt
2,744

 

 
387

 

 
3,131

Payments on unsecured debt

 

 
(241
)
 

 
(241
)
Debt issuance costs
(13
)
 

 
(13
)
 

 
(26
)
Net capital contributions

 

 
(336
)
 
336

 

Net change in due to affiliates

 
2,732

 
1,063

 
(3,795
)
 

Net cash provided by financing activities
2,731

 
2,732

 
3,480

 
(3,519
)
 
5,424

Net increase (decrease) in cash, cash equivalents, and restricted cash

 
(220
)
 
188

 

 
(32
)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash

 

 
58

 

 
58

Cash, cash equivalents and restricted cash at beginning of period

 
2,319

 
2,683

 

 
5,002

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

 
$
2,099

 
$
2,929

 
$

 
$
5,028