Guarantor Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2015

Guarantor Consolidating Financial Statements [abstract]

Condensed Consolidating Balance Sheet

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2015

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	—		$	1,161		$	909		$	—		$	2,070
Finance receivables, net	—			4,152			30,233			—			34,385
Leased vehicles, net	—			—			12,904			—			12,904
Restricted cash	—			30			1,826			—			1,856
Goodwill	1,095			—			148			—			1,243
Equity in net assets of non-consolidated affiliates	—			—			978			—			978
Property and equipment, net	—			35			167			—			202
Deferred income taxes	97			—			388			(202		)	283
Related party receivables	—			22			566			—			588
Other assets	118			61			642			—			821
Due from affiliates	10,754			—			—			(10,754		)	—
Investment in affiliates	8,424			4,660			—			(13,084		)	—
Total assets	$	20,488		$	10,121		$	48,761		$	(24,040	)	$	55,330
Liabilities and Shareholder's Equity
Liabilities
Secured debt	$	—		$	—		$	26,617		$	—		$	26,617
Unsecured debt	12,141			—			5,572			—			17,713
Accounts payable and accrued expenses	130			205			803			—			1,138
Deferred income	—			—			844			—			844
Deferred income taxes	—			267			5			(202		)	70
Related party taxes payable	636			—			—			—			636
Related party payables	—			—			429			—			429
Other liabilities	72			24			284			—			380
Due to affiliates	6			5,221			5,527			(10,754		)	—
Total liabilities	12,985			5,717			40,081			(10,956		)	47,827
Shareholder's equity
Common stock	—			—			690			(690		)	—
Additional paid-in capital	5,815			79			4,948			(5,027		)	5,815
Accumulated other comprehensive loss	(674		)	(108		)	(655		)	763			(674		)
Retained earnings	2,362			4,433			3,697			(8,130		)	2,362
Total shareholder's equity	7,503			4,404			8,680			(13,084		)	7,503
Total liabilities and shareholder's equity	$	20,488		$	10,121		$	48,761		$	(24,040	)	$	55,330

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 June 30, 2015

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors		Eliminations			Consolidated
Revenue
Finance charge income	$	—		$	100		$	748	$	—		$	848
Leased vehicle income	—			—			599		—			599
Other income	4			118			40		(94		)	68
Total revenue	4			218			1,387		(94		)	1,515
Costs and expenses
Salaries and benefits	—			77			104		—			181
Other operating expenses	(19		)	73			149		(65		)	138
Total operating expenses	(19		)	150			253		(65		)	319
Leased vehicle expenses	—			—			467		—			467
Provision for loan losses	—			116			25		—			141
Interest expense	114			3			303		(29		)	391
Total costs and expenses	95			269			1,048		(94		)	1,318
Equity income	223			156			28		(379		)	28
Income before income taxes	132			105			367		(379		)	225
Income tax (benefit) provision	(54		)	(20		)	113		—			39
Net income	$	186		$	125		$	254	$	(379	)	$	186
Comprehensive income	$	291		$	139		$	353	$	(492	)	$	291

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Three Months Ended June 30, 2014

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors		Eliminations			Consolidated
Revenue
Finance charge income	$	—		$	39		$	843	$	—		$	882
Leased vehicle income	—			—			238		—			238
Other income	20			104			42		(95		)	71
Total revenue	20			143			1,123		(95		)	1,191
Costs and expenses
Salaries and benefits	—			63			91		—			154
Other operating expenses	(6		)	41			153		(62		)	126
Total operating expenses	(6		)	104			244		(62		)	280
Leased vehicle expenses	—			—			179		—			179
Provision for loan losses	—			75			38		—			113
Interest expense	44			8			335		(33		)	354
Total costs and expenses	38			187			796		(95		)	926
Equity income(a)	189			153			—		(342		)	—
Income before income taxes	171			109			327		(342		)	265
Income tax (benefit) provision	(4		)	(16		)	110		—			90
Net income	$	175		$	125		$	217	$	(342	)	$	175
Comprehensive income	$	224		$	148		$	267	$	(415	)	$	224

________________

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

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Six Months Ended June 30, 2015

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors		Eliminations			Consolidated
Revenue
Finance charge income	$	—		$	180		$	1,522	$	—		$	1,702
Leased vehicle income	—			—			1,030		—			1,030
Other income	11			226			85		(185		)	137
Total revenue	11			406			2,637		(185		)	2,869
Costs and expenses
Salaries and benefits	—			166			180		—			346
Other operating expenses	35			70			303		(129		)	279
Total operating expenses	35			236			483		(129		)	625
Leased vehicle expenses	—			—			794		—			794
Provision for loan losses	—			190			106		—			296
Interest expense	208			1			618		(56		)	771
Total costs and expenses	243			427			2,001		(185		)	2,486
Equity income	461			285			56		(746		)	56
Income before income taxes	229			264			692		(746		)	439
Income tax (benefit) provision	(107		)	(9		)	219		—			103
Net income	$	336		$	273		$	473	$	(746	)	$	336
Comprehensive income	$	95		$	229		$	228	$	(457	)	$	95

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Six Months Ended June 30, 2014

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors		Eliminations			Consolidated
Revenue
Finance charge income	$	—		$	69		$	1,643	$	—		$	1,712
Leased vehicle income	—			—			438		—			438
Other income	40			231			80		(213		)	138
Total revenue	40			300			2,161		(213		)	2,288
Costs and expenses
Salaries and benefits	—			116			174		—			290
Other operating expenses	(5		)	74			314		(124		)	259
Total operating expenses	(5		)	190			488		(124		)	549
Leased vehicle expenses	—			—			335		—			335
Provision for loan losses	—			135			113		—			248
Interest expense	99			19			640		(89		)	669
Total costs and expenses	94			344			1,576		(213		)	1,801
Equity income(a)	359			269			—		(628		)	—
Income before income taxes	305			225			585		(628		)	487
Income tax (benefit) provision	(15		)	(16		)	198		—			167
Net income	$	320		$	241		$	387	$	(628	)	$	320
Comprehensive income	$	374		$	244		$	442	$	(686	)	$	374

_______________

(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

Six Months Ended June 30, 2015

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors			Eliminations			Consolidated
Net cash provided by operating activities	$	(102	)	$	150		$	1,217		$	—		$	1,265
Cash flows from investing activities:
Purchases of consumer finance receivables, net	—			(4,923		)	(6,062		)	2,619			(8,366		)
Principal collections and recoveries on consumer finance receivables	—			246			5,470			—			5,716
Proceeds from sale of consumer finance receivables, net	—			2,619			—			(2,619		)	—
Net funding of commercial finance receivables	—			139			(176		)	—			(37		)
Purchases of leased vehicles, net	—			—			(6,724		)	—			(6,724		)
Proceeds from termination of leased vehicles	—			—			468			—			468
Acquisition of international operations	(513		)	(536		)	—			—			(1,049		)
Disposition of equity interest	—			125			—			—			125
Purchases of property and equipment	—			(12		)	(32		)	—			(44		)
Change in restricted cash	—			(13		)	(127		)	—			(140		)
Change in other assets	—			—			17			—			17
Net change in investment in affiliates	(6		)	(355		)	—			361			—
Net cash used in investing activities	(519		)	(2,710		)	(7,166		)	361			(10,034		)
Cash flows from financing activities:
Net change in debt (original maturities less than three months)	—			—			(150		)	—			(150		)
Borrowings and issuance of secured debt	—			—			9,791			—			9,791
Payments on secured debt	—			—			(7,406		)	—			(7,406		)
Borrowings and issuance of unsecured debt	4,640			—			2,057			—			6,697
Payments on unsecured debt	—			—			(871		)	—			(871		)
Net capital contributions	—			—			361			(361		)	—
Debt issuance costs	(36		)	—			(65		)	—			(101		)
Net change in due from/due to affiliates	(3,983		)	1,455			2,528			—			—
Net cash provided by financing activities	621			1,455			6,245			(361		)	7,960
Net increase in cash and cash equivalents	—			(1,105		)	296			—			(809		)
Effect of foreign exchange rate changes on cash and cash equivalents	—			—			(95		)	—			(95		)
Cash and cash equivalents at beginning of period	—			2,266			708			—			2,974
Cash and cash equivalents at end of period	$	—		$	1,161		$	909		$	—		$	2,070

GENERAL MOTORS FINANCIAL COMPANY, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Six Months Ended June 30, 2014

(In millions)

(Unaudited)

	General Motors Financial Company, Inc.			Guarantor			Non- Guarantors			Eliminations			Consolidated
Net cash provided by operating activities	$	205		$	141		$	500		$	—		$	846
Cash flows from investing activities:
Purchases of consumer finance receivables, net	—			(2,924		)	(6,546		)	2,643			(6,827		)
Principal collections and recoveries on consumer finance receivables	—			(100		)	5,400			—			5,300
Proceeds from sale of consumer finance receivables, net	—			2,643			—			(2,643		)	—
Net funding of commercial finance receivables	—			256			(495		)	—			(239		)
Purchases of leased vehicles, net	—			—			(1,856		)	—			(1,856		)
Proceeds from termination of leased vehicles	—			—			264			—			264
Acquisition of international operations	(46		)	—			—			—			(46		)
Purchases of property and equipment	—			(2		)	(13		)	—			(15		)
Change in restricted cash	—			(9		)	(227		)	—			(236		)
Change in other assets	—			—			(2		)	—			(2		)
Net change in investment in affiliates	(5		)	243			—			(238		)	—
Net cash (used in) provided by investing activities	(51		)	107			(3,475		)	(238		)	(3,657		)
Cash flows from financing activities:
Net change in debt (original maturities less than three months)	—			—			278			—			278
Borrowings and issuance of secured debt	—			—			10,722			—			10,722
Payments on secured debt	—			—			(8,445		)	—			(8,445		)
Borrowings and issuance of unsecured debt	—			—			1,472			—			1,472
Payments on unsecured debt	—			—			(838		)	—			(838		)
Net capital contributions	26			—			(264		)	238			—
Debt issuance costs	—			—			(49		)	—			(49		)
Net change in due from/due to affiliates	(180		)	56			124			—			—
Net cash (used in) provided by financing activities	(154		)	56			3,000			238			3,140
Net increase in cash and cash equivalents	—			304			25			—			329
Effect of foreign exchange rate changes on cash and cash equivalents	—			—			9			—			9
Cash and cash equivalents at beginning of period	—			395			679			—			1,074
Cash and cash equivalents at end of period	$	—		$	699		$	713		$	—		$	1,412