General Motors Co
NYSE: GM $37.0 -1.02%
Balance Sheet
March 31, 2019 December 31, 2018
ASSETS
Current Assets
Cash and cash equivalents 17,176 20,844
Marketable securities (Note 3) 6,021 5,966
Accounts and notes receivable, net 12,116 6,549
GM Financial receivables, net (Note 4; Note 8 at VIEs) 27,230 26,850
Inventories (Note 5) 11,108 9,816
Other current assets (Note 3; Note 8 at VIEs) 6,439 5,268
Total current assets 80,090 75,293
Non-current Assets
GM Financial receivables, net (Note 4; Note 8 at VIEs) 25,448 25,083
Equity in net assets of nonconsolidated affiliates (Note 7) 8,266 9,215
Property, net 38,336 38,758
Goodwill and intangible assets, net 5,518 5,579
Equipment on operating leases, net (Note 6; Note 8 at VIEs) 43,052 43,559
Deferred income taxes 24,303 24,082
Other assets (Note 3; Note 8 at VIEs) 8,119 5,770
Total non-current assets 153,042 152,046
Total Assets 233,132 227,339
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade) 24,560 22,297
Short-term debt and current portion of long-term debt (Note 9)
Automotive 1,999 935
GM Financial (Note 8 at VIEs) 31,273 30,956
Accrued liabilities 27,471 28,049
Total current liabilities 85,303 82,237
Non-current Liabilities
Long-term debt (Note 9)
Automotive 12,954 13,028
GM Financial (Note 8 at VIEs) 60,858 60,032
Postretirement benefits other than pensions (Note 12) 5,363 5,370
Pensions (Note 12) 11,099 11,538
Other liabilities 12,917 12,357
Total non-current liabilities 103,191 102,325
Total Liabilities 188,494 184,562
Commitments and contingencies (Note 13)
Equity (Note 16)
Common stock, $0.01 par value 14 14
Additional paid-in capital 25,661 25,563
Retained earnings 23,939 22,322
Accumulated other comprehensive loss -8,849 -9,039
Total stockholders equity 40,765 38,860
Noncontrolling interests 3,873 3,917
Total Equity 44,638 42,777
Total Liabilities and Equity 233,132 227,339
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Statements of Income
Three Months Ended March 31,
2019 2018
Net sales and revenue
Automotive 31,261 32,691
GM Financial 3,617 3,408
Total net sales and revenue (Note 2) 34,878 36,099
Costs and expenses
Automotive and other cost of sales 28,229 30,184
GM Financial interest, operating and other expenses 3,306 3,014
Automotive and other selling, general and administrative expense 2,099 2,372
Total costs and expenses 33,634 35,570
Operating income 1,244 529
Automotive interest expense 181 150
Interest income and other non-operating income, net 805 549
Equity income (Note 7) 414 648
Income before income taxes 2,282 1,576
Income tax expense (Note 14) 137 466
Income from continuing operations 2,145 1,110
Loss from discontinued operations, net of tax (Note 18) 0 70
Net income 2,145 1,040
Net loss attributable to noncontrolling interests 12 6
Net income attributable to stockholders 2,157 1,046
Net income attributable to common stockholders 2,119 1,032
Earnings per share (Note 17)
Basic earnings per common share continuing operations 1.50 0.78
Basic loss per common share discontinued operations 0 0.05
Basic earnings per common share 1.50 0.73
Weighted-average common shares outstanding basic 1,417 1,408
Diluted earnings per common share continuing operations 1.48 0.77
Diluted loss per common share discontinued operations 0 0.05
Diluted earnings per common share 1.48 0.72
Weighted-average common shares outstanding diluted 1,436 1,430
Dividends declared per common share 0.38 0.38
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Cash Flows
Three Months Ended March 31,
2019 2018
Cash flows from operating activities
Income from continuing operations 2,145 1,110
Depreciation and impairment of Equipment on operating leases, net 1,897 1,859
Depreciation, amortization and impairment charges on Property, net 2,219 1,722
Foreign currency remeasurement and transaction losses 80 243
Undistributed earnings of nonconsolidated affiliates, net -413 -648
Pension contributions and OPEB payments -291 -400
Pension and OPEB income, net -149 -300
Provision (benefit) for deferred taxes -253 365
Change in other operating assets and liabilities -5,316 -3,503
Net cash provided by (used in) operating activities -81 448
Cash flows from investing activities
Expenditures for property -2,014 -2,272
Available-for-sale marketable securities, acquisitions -677 -914
Available-for-sale marketable securities, liquidations 678 2,062
Purchases of finance receivables, net -7,215 -4,925
Principal collections and recoveries on finance receivables 6,207 3,478
Purchases of leased vehicles, net -3,747 -4,496
Proceeds from termination of leased vehicles 3,059 2,379
Other investing activities -2 -40
Net cash used in investing activities continuing operations -3,711 -4,728
Net cash provided by investing activities discontinued operations 0 166
Net cash used in investing activities -3,711 -4,562
Cash flows from financing activities
Net increase in short-term debt 959 120
Proceeds from issuance of debt (original maturities greater than three months) 11,757 11,334
Payments on debt (original maturities greater than three months) -10,777 -6,832
Dividends paid -626 -566
Other financing activities -236 -287
Net cash provided by financing activities 1,077 3,769
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 44
Net decrease in cash, cash equivalents and restricted cash -2,715 -301
Cash, cash equivalents and restricted cash at beginning of period 23,496 17,848
Cash, cash equivalents and restricted cash at end of period 20,781 17,547
Significant Non-cash Investing and Financing Activity
Non-cash property additions continuing operations 1,785 2,675
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