Guarantor Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2015

Guarantor Consolidating Financial Statements [abstract]

Condensed Consolidating Balance Sheet

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2015

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	—		$	1,444		$	677		$	—		$	2,121
Finance receivables, net	—			3,845			28,625			—			32,470
Leased vehicles, net	—			—			8,939			—			8,939
Restricted cash	—			13			1,836			—			1,849
Goodwill	1,095			—			148			—			1,243
Equity in net assets of non-consolidated affiliates	—			—			929			—			929
Property and equipment, net				31			145						176
Deferred income taxes	59			—			764			(540		)	283
Related party receivables	—			18			419			—			437
Other assets	107			170			622			—			899
Due from affiliates	8,346			—			—			(8,346		)	—
Investment in affiliates	8,138			3,559			—			(11,697		)	—
Total assets	$	17,745		$	9,080		$	43,104		$	(20,583	)	$	49,346
Liabilities and Shareholder's Equity
Liabilities:
Secured debt	$	—		$	—		$	24,693		$	—		$	24,693
Unsecured debt	9,744			—			4,688			—			14,432
Accounts payable and accrued expenses	85			166			719			—			970
Deferred income	—			—			546			—			546
Deferred income taxes	—			584			4			(540		)	48
Taxes payable	75			—			130			—			205
Related party taxes payable	636			—			—			—			636
Related party payables	—			—			450			—			450
Other liabilities	2			11			150			—			163
Due to affiliates	—			4,054			4,292			(8,346		)	—
Total liabilities	10,542			4,815			35,672			(8,886		)	42,143
Shareholder's equity:
Common stock	—			—			688			(688		)	—
Additional paid-in capital	5,805			79			4,054			(4,133		)	5,805
Accumulated other comprehensive loss	(779		)	(122		)	(754		)	876			(779		)
Retained earnings	2,177			4,308			3,444			(7,752		)	2,177
Total shareholder's equity	7,203			4,265			7,432			(11,697		)	7,203
Total liabilities and shareholder's equity	$	17,745		$	9,080		$	43,104		$	(20,583	)	$	49,346

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
Taxes payable	79			—			155			—			234
Related party taxes payable	636			—			—			—			636
Related party payables	—			—			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 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 March 31, 2015

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors			Eliminations			Consolidated
Revenue
Finance charge income	$	—		$	80		$	774		$	—		$	854
Leased vehicle income	—			—			431			—			431
Other income	7			108			45			(91		)	69
	7			188			1,250			(91		)	1,354
Costs and expenses
Salaries and benefits	—			89			76			—			165
Other operating expenses	54			(3		)	154			(64		)	141
Total operating expenses	54			86			230			(64		)	306
Leased vehicle expenses	—			—			327			—			327
Provision for loan losses	—			74			81			—			155
Interest expense	94			(2		)	315			(27		)	380
Total costs and expenses	148			158			953			(91		)	1,168
Equity income	238			129			28			(367		)	28
Income before income taxes	97			159			325			(367		)	214
Income tax (benefit) provision	(53		)	11			106			—			64
Net income	$	150		$	148		$	219		$	(367	)	$	150
Comprehensive income	$	(196	)	$	90		$	(125	)	$	35		$	(196	)

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Three Months Ended March 31, 2014

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor		Non- Guarantors		Eliminations			Consolidated
Revenue
Finance charge income	$	—		$	30	$	800	$	—		$	830
Leased vehicle income	—			—		200		—			200
Other income	20			127		38		(118		)	67
	20			157		1,038		(118		)	1,097
Costs and expenses
Salaries and benefits	—			53		83		—			136
Other operating expenses	1			33		161		(62		)	133
Total operating expenses	1			86		244		(62		)	269
Leased vehicle expenses	—			—		156		—			156
Provision for loan losses	—			60		75		—			135
Interest expense	55			11		305		(56		)	315
Total costs and expenses	56			157		780		(118		)	875
Equity income(a)	170			116		—		(286		)	—
Income before income taxes	134			116		258		(286		)	222
Income tax (benefit) provision	(11		)	—		88		—			77
Net income	$	145		$	116	$	170	$	(286	)	$	145
Comprehensive income	$	150		$	96	$	175	$	(271	)	$	150

________________

(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

Three Months Ended March 31, 2015

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors			Eliminations			Consolidated
Net cash (used in) provided by operating activities	$	(62	)	$	368		$	239		$	—		$	545
Cash flows from investing activities:
Purchases of consumer finance receivables, net	—			(2,283		)	(2,278		)	496			(4,065		)
Principal collections and recoveries on consumer finance receivables	—			120			2,694			—			2,814
Proceeds from sale of consumer finance receivables, net	—			496			—			(496		)	—
Net (collections) funding of commercial finance receivables	—			150			(96		)	—			54
Purchases of leased vehicles, net	—			—			(2,319		)	—			(2,319		)
Proceeds from termination of leased vehicles	—			—			185			—			185
Acquisition of equity interest	(513		)	(536		)	—			—			(1,049		)
Purchases of property and equipment	—			(8		)	(9		)	—			(17		)
Change in restricted cash	—			4			(158		)	—			(154		)
Change in other assets	—			—			6			—			6
Net change in investment in affiliates	(48		)	571			—			(523		)	—
Net cash used in investing activities	(561		)	(1,486		)	(1,975		)	(523		)	(4,545		)
Cash flows from financing activities:
Net change in debt (original maturities less than three months)	—			—			198			—			198
Borrowings and issuance of secured debt	—			—			2,889			—			2,889
Payments on secured debt	—			—			(2,748		)	—			(2,748		)
Borrowings and issuance of unsecured debt	2,250			—			1,008			—			3,258
Payments on unsecured debt	—			—			(308		)	—			(308		)
Net capital contributions	—			—			(523		)	523			—
Debt issuance costs	(20		)	—			(21		)	—			(41		)
Net change in due from/due to affiliates	(1,607		)	296			1,311			—			—
Net cash provided by financing activities	623			296			1,806			523			3,248
Net (decrease) increase in cash and cash equivalents	—			(822		)	70			—			(752		)
Effect of foreign exchange rate changes on cash and cash equivalents	—			—			(101		)	—			(101		)
Cash and cash equivalents at beginning of period	—			2,266			708			—			2,974
Cash and cash equivalents at end of period	$	—		$	1,444		$	677		$	—		$	2,121

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Three Months Ended March 31, 2014

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors			Eliminations			Consolidated
Net cash provided by operating activities	$	175		$	57		$	154		$	—		$	386
Cash flows from investing activities:
Purchases of consumer finance receivables, net	—			(1,363		)	(2,838		)	$	881		(3,320		)
Principal collections and recoveries on consumer finance receivables	—			(33		)	2,650			—			2,617
Proceeds from sale of consumer finance receivables, net	—			881			—			(881		)	—
Net funding of commercial finance receivables	—			(152		)	(103		)	—			(255		)
Purchases of leased vehicles, net	—			—			(628		)	—			(628		)
Proceeds from termination of leased vehicles	—			—			123			—			123
Purchases of property and equipment	—			—			(7		)	—			(7		)
Change in restricted cash	—			3			(150		)	—			(147		)
Net change in investment in affiliates	—			640			—			(640		)	—
Net cash used in investing activities	—			(24		)	(953		)	(640		)	(1,617		)
Cash flows from financing activities:
Net change in debt (original maturities less than three months)	—			—			451			—			451
Borrowings and issuance of secured debt	—			—			5,070			—			5,070
Payments on secured debt	—			—			(4,238		)	—			(4,238		)
Borrowings and issuance of unsecured debt	—			—			390			—			390
Payments on unsecured debt	—			—			(330		)	—			(330		)
Net capital contributions	(45		)	—			(595		)	640			—
Debt issuance costs	—			—			(23		)	—			(23		)
Net change in due from/due to affiliates	(130		)	112			18			—			—
Net cash (used in) provided by financing activities	(175		)	112			743			640			1,320
Net increase (decrease) in cash and cash equivalents	—			145			(56		)	—			89
Effect of foreign exchange rate changes on cash and cash equivalents	—			—			(1		)	—			(1		)
Cash and cash equivalents at beginning of period	—			395			679			—			1,074
Cash and cash equivalents at end of period	$	—		$	540		$	622		$	—		$	1,162