GM Announces First Full-Year Results as New Company
DETROIT, February 24, 2011 /PRNewswire/ --
GM achieves four consecutive quarters of profitability
Calendar year net income of $4.7 billion,
earnings per share of $2.89 on a diluted basis
Calendar year earnings before interest and
tax (EBIT) adjusted of $7.0 billion
Material Weakness in Financial Reporting Eliminated
General Motors Company (NYSE: GM) today announced its calendar year 2010 results marked by $4.7 billion of net income attributable to common stockholders for its first full year of operations.
Revenue for the calendar year was $135.6 billion. Automotive cash flow from operating activities was $6.6 billion and automotive free cash flow was $2.4 billion, both reflecting the impact of a $4.0 billion voluntary cash contribution to the company's U.S. pension plans.
"Last year was one of foundation building," said Dan Akerson, chairman and chief executive officer. "Particularly pleasing was that we demonstrated GM's ability to achieve sustainable profitability near the bottom of the U.S. industry cycle, with four consecutive profitable quarters."
GM generated the following results:
Fourth Calendar
Quarter '10 Year '10
Revenue (bils.) $36.9 $135.6
Net income attributable to common
stockholders (bils.) $0.5 $4.7
-Adjustments and loss on
preferred, included above
(bils.) $(0.4) $(0.2)
Earnings per share on a fully
diluted basis ($/share) $0.31 $2.89
-Adjustments and loss on
preferred, included above
($/share) $(0.21) $(0.14)
-------------------------- ------ ------
Earnings before interest and tax
(EBIT) adj. (bils.) $1.0 $7.0
-------------------------------- ---- ----
Automotive net cash flow from
operating activities (bils.) $(1.7) $6.6
Automotive free cash flow (bils.) $(2.8) $2.4
-Contribution to U.S. pension
plans, included above (bils.) $(4.0) $(4.0)
Fourth quarter net income attributable to common stockholders of $0.5 billion includes net charges of $0.4 billion, or a $0.21 reduction to fully diluted earnings per share, as a result of the previously disclosed $0.7 billion loss on the purchase of U.S. Treasury (UST) preferred shares, partially offset by the impact of EBIT adjustments. The company had approximately $0.3 billion in favorable EBIT adjustments including the previously disclosed $0.2 billion gain associated with the repayment of the VEBA Note, and $0.1 billion of cumulative gains on the sale of Nexteer and the purchase of the Strasbourg, France facility.
GM North America (GMNA) had EBIT in the fourth quarter 2010 of $0.8 billion, up from a loss of $3.4 billion in the fourth quarter 2009. GM Europe (GME) had a loss before interest and taxes of $0.6 billion, an improvement from a loss of $0.8 billion in the same quarter a year ago. GM International Operations (GMIO) had EBIT of $0.3 billion, down from $0.4 billion in fourth quarter 2009. GM South America (GMSA) had EBIT of $0.2 billion for the fourth quarter, compared with $0.3 billion in the same quarter a year ago. GM began reporting GMSA results as an operating segment in the fourth quarter, and has revised the segment reporting for prior periods.
Automotive net cash flow from operating activities for the fourth quarter was $(1.7) billion, which reflects a $4.0 billion voluntary cash contribution to the U.S. pension plans. After deducting $1.1 billion of capital expenditures, automotive free cash flow was $(2.8) billion.
As a result of GM's 2010 financial performance, the company will pay profit sharing to approximately 45,000 eligible GM U.S. hourly employees, and approximately 3,000 eligible GM Components Holdings (GMCH) employees. The average payout per employee will be approximately $4,300 for GM employees and $3,200 for GMCH employees.
In addition, GM announced today that after assessing remediation actions that it put in place to address the company's material weakness regarding the financial reporting process, the management team and Audit Committee of the Board of Directors concluded that the material weakness no longer exists as of December 31, 2010.
"Our focus for 2011 is to build on our progress and continue to generate momentum in the marketplace. We expect our first quarter will be a strong start," said Chris Liddell, vice chairman and chief financial officer.
About General Motors
General Motors, one of the world's largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 202,000 people in every major region of the world and does business in more than 120 countries. GM and its strategic partners produce cars and trucks in 30 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang, Opel, Vauxhall and Wuling. GM's largest national market is China, followed by the United States, Brazil, Germany, the United Kingdom, Canada, and Italy. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. More information on the new General Motors can be found at www.gm.com.
Forward-Looking Statements
In this press release and in related comments by our management, our use of the words "expect," "anticipate," "possible," "potential," "target," "believe," "commit," "intend," "continue," "may," "would," "could," "should," "project," "projected," "positioned" or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planning significant investment in new technology; our ability to realize successful vehicle applications of new technology; and our ability to continue to attract new customers, particularly for our new products.
GM's most recent annual report on Form 10-K and quarterly report on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.
Exhibit 1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The accompanying tables and charts for securities analysts include earnings before interest and taxes (EBIT), EBIT adjusted and Automotive free cash flow which are not prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP) and have not been audited or reviewed by GM's independent auditors. EBIT, EBIT adjusted and Automotive free cash flow are considered non-GAAP financial measures.
Management believes these non-GAAP financial measures provide meaningful supplemental information regarding GM's operating results because they exclude amounts that management does not consider part of operating results when assessing and measuring the operational and financial performance of the organization. Management believes these measures allow it to readily view operating trends, perform analytical comparisons and benchmark performance among geographic regions. Accordingly, GM believes these non-GAAP financial measures are useful in allowing for greater transparency of GM's core operations and they are therefore used by management in its financial and operational decision-making.
While management believes that these non-GAAP financial measures provide useful information, they are not operating measures under U.S. GAAP and there are limitations associated with their use. GM's calculation of these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences between companies in their method of calculation. As a result, the use of these non-GAAP financial measures has limitations and should not be considered in isolation from, or as a substitute for, other measures such as Net income or Net income attributable to common stockholders. Due to these limitations, these non-GAAP financial measures are used as a supplement to U.S. GAAP measures.
The following table summarizes the reconciliation of EBIT to its most comparable U.S. GAAP measure (dollars in millions):
Successor
Three Three
Year Months Months
Ended Ended Ended
December 31, December 31, September 30,
2010 2010 2010
--------- --------- ----------
Operating
segments
GMNA(a) $5,748 $813 $2,125
GME(a)(b) (1,764) (568) (559)
GMIO(a)(b) 2,262 334 516
GMSA(a)(b) 818 195 163
GM Financial(c) 129 129 -
--- --- ---
Total operating
Segments 7,193 903 2,245
Corporate and
eliminations(b) 284 442 30
--- --- ---
EBIT(c) 7,477 1,345 2,275
Interest income 465 136 125
Automotive interest
Expense 1,098 248 263
Income tax expense
(benefit) 672 (173) (25)
--- ---- ---
Net income (loss)
attributable to
stockholders 6,172 1,406 2,162
Less:
Cumulative
dividends on and
charge related to
purchase of
preferred stock 1,504 896 203
----- --- ---
Net income
attributable to
common stockholders $4,668 $510 $1,959
====== ==== ======
Successor
Three Three Three
Months Months Months
Ended Ended Ended
June 30, March 31, December 31,
2010 2010 2009
----- ----- -----
Operating
segments
GMNA(a) $1,592 $1,218 $(3,443)
GME(a)(b) (160) (477) (799)
GMIO(a)(b) 504 908 428
GMSA(a)(b) 195 265 291
GM Financial(c) - - -
--- --- ---
Total operating
Segments 2,131 1,914 (3,523)
Corporate and
eliminations(b) (98) (90) (523)
--- --- ----
EBIT(c) 2,033 1,824 (4,046)
Interest income 114 90 75
Automotive interest
expense 250 337 329
Income tax expense
(benefit) 361 509 (861)
--- --- ----
Net income (loss)
attributable to
stockholders 1,536 1,068 (3,439)
Less:
Cumulative
dividends on and
charge related
to purchase
of preferred
stock 202 203 81
--- --- ---
Net income
attributable to
common
stockholders $1,334 $865 $(3,520)
====== ==== =======
(a) Interest and income taxes are recorded centrally in Corporate;
therefore, there are no reconciling items for GM's automotive
operating segments between EBIT and Net income (loss) attributable
to stockholders.
(b) In the year ended December 31, 2010 GM changed its managerial and
financial reporting structure so that certain entities
geographically located within Russia and Uzbekistan were
transferred from GM's GME segment to GM's GMIO segment and certain
entities geographically located in Brazil, Argentina, Colombia,
Ecuador, Venezuela, Bolivia, Chile, Paraguay, Peru and Uruguay
were transferred from GM's GMIO segment to GM's newly created GMSA
segment. GM has retrospectively revised the segment presentation
for all periods presented.
(c) GM Financial amounts represent income before income taxes.
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following tables summarize the reconciliation of EBIT adjusted to EBIT and Automotive free cash flow to Automotive Net cash provided by (used in) operating activities (dollars in millions):
Successor
Three Three
Year Months Months
Ended Ended Ended
December 31, December 31, September 30,
2010 (a) 2010 (a) 2010
---------- ------------ ---------
EBIT adjusted $7,030 $1,021 $2,275
Adjustments 447 324 -
--- --- ---
EBIT $7,477 $1,345 $2,275
====== ====== ======
Automotive
Free cash flow $2,389 $(2,818) $1,363
Capital
expenditures 4,200 1,088 1,261
----- ----- -----
Net cash
provided by
(used in)
operating
activities $6,589 $(1,730) $2,624
====== ======= ======
Successor
Three Three Three
Months Months Months
Ended Ended Ended
June 30, March 31, December 31,
2010 2010 2009
--------- ---------- -------------
EBIT adjusted $2,033 $1,701 $(954)
Adjustments - 123 (3,092)
--- --- ------
EBIT $2,033 $1,824 $(4,046)
====== ====== =======
Automotive
Free cash flow $2,834 $1,010 $(2,919)
Capital
expenditures 1,011 840 1,033
----- --- -----
Net cash
provided by
(used in)
operating
activities $3,845 $1,850 $(1,886)
====== ====== =======
(a) GM Financial amounts included in EBIT and EBIT adjusted represent
income before income taxes.
Adjustments
In the three months ended December 31, 2010 Adjustments included the following:
- Gain of $198 million on the extinguishment of the VEBA Notes;
- Gain of $66 million related to the acquisition of General Motors
Strasbourg S.A.S; and
- Gain of $60 million related to the sale of Nexteer, a manufacturer of
steering components and half-shafts, to Pacific Century Motors.
In the three months ended March 31, 2010 Adjustments included a gain of $123 million as a result of the sale of Saab Automobile AB to Spyker Cars NV.
In the three months ended December 31, 2009 Adjustments included the following:
- Settlement loss of $2.6 billion related to the termination of GM's UAW
hourly retiree medical plan and Mitigation Plan, under which GM
agreed that an independent VEBA would be formed to pay certain
healthcare costs of UAW hourly retirees and their beneficiaries;
- Impairment charge of $270 million related to GM's investment in Ally
Financial common stock;
- Charges of $150 million related to the settlement of existing Delphi
obligations upon consummation of the Delphi Master Disposition
Agreement and GM's agreement to fund the wind-down costs of certain
Delphi facilities; and
- Loss on extinguishment of debt of $101 million related to the
repayment of secured long-term debt of $400 million (in connection
with the purchase of the remaining noncontrolling interest in CAMI
Automotive, Inc.).
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Successor
Three Three
Months Year Months
Ended Ended Ended
December 31, December 31, December 31,
2010 2010 2009
-------- --------- --------
Production Volume
(units in thousands)(a)
GMNA - Cars 240 977 235
GMNA - Trucks 463 1,832 381
--- ----- ---
Total GMNA 703 2,809 616
GME 313 1,234 256
GMIO - Consolidated Entities 265 1,016 229
GMIO - Joint Ventures(b) 747 2,729 592
--- ----- ---
Total GMIO 1,012 3,745 821
GMSA 241 926 229
--- --- ---
Total Worldwide 2,269 8,714 1,922
===== ===== =====
Combined GM
and Old GM
----------
Year Ended
December 31,
2009
---------
Production Volume (units in
thousands)(a)
GMNA - Cars 727
GMNA - Trucks 1,186
-----
Total GMNA 1,913
GME 1,106
GMIO - Consolidated Entities 752
GMIO - Joint Ventures(b) 1,925
-----
Total GMIO 2,677
GMSA 807
---
Total Worldwide 6,503
=====
(a) Production volume includes vehicles produced by certain joint
ventures.
(b) The joint venture agreements with SGMW (44%) and FAW-GM (50%)
allow for significant rights as a member as well as the
contractual right to report SGMW and FAW-GM joint venture
production in China.
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Successor
Three Three
Months Months
Ended Year Ended Ended
December 31, December 31, December 31,
2010 2010 2009
-------- -------- --------
Vehicle Sales (units in
thousands)(a)(b)(c)(d)(e)
United States
Chevrolet - Cars 133 636 133
Chevrolet - Trucks 257 930 219
Cadillac 42 147 36
Buick 41 155 30
GMC 103 335 78
Other 1 12 42
--- --- ---
Total United States 577 2,215 538
Canada, Mexico and
Other 108 410 100
--- --- ---
Total GMNA 685 2,625 637
--- ----- ---
GME
Opel/Vauxhall 297 1,178 265
Chevrolet 128 477 107
Other 1 7 6
--- --- ---
Total GME 426 1,662 378
--- ----- ---
GMIO
Chevrolet 263 914 205
Wuling 240 1,149 247
Buick 150 551 134
GM Daewoo 40 130 41
Holden 34 141 36
FAW-GM 21 88 26
GMC 10 35 8
Cadillac 6 22 3
Other 12 46 12
--- --- ---
Total GMIO(f)(g) 776 3,077 713
--- ----- ---
GMSA
Chevrolet 284 1,014 222
Other 2 11 2
--- --- ---
Total GMSA 286 1,026 224
--- ----- ---
Total Worldwide 2,173 8,390 1,952
===== ===== =====
Combined GM
and Old GM
----------
Year Ended
December 31,
2009
-------------
Vehicle Sales (units in
thousands)(a)(b)(c)(d)(e)
United States
Chevrolet - Cars 546
Chevrolet - Trucks 799
Cadillac 109
Buick 102
GMC 260
Other 269
---
Total United States 2,084
Canada, Mexico and
Other 400
---
Total GMNA 2,484
-----
GME
Opel/Vauxhall 1,209
Chevrolet 426
Other 32
---
Total GME 1,668
-----
GMIO
Chevrolet 629
Wuling 1,001
Buick 448
GM Daewoo 121
Holden 126
FAW-GM 35
GMC 36
Cadillac 11
Other 47
---
Total GMIO(f)(g) 2,453
-----
GMSA
Chevrolet 862
Other 10
---
Total GMSA 872
---
Total Worldwide 7,477
=====
(a) Includes HUMMER, Saturn and Pontiac vehicle sales data.
(b) Includes GM Saab vehicle sales data through February 2010.
(c) Vehicle sales data may include rounding differences.
(d) Certain fleet sales that are accounted for as operating leases are
included in vehicle sales at the time of delivery to the daily
rental car companies.
(e) GMNA vehicle sales primarily represent sales to the ultimate
customer. GME, GMIO and GMSA vehicle sales primarily represent
estimated sales to the ultimate customer.
(f) Includes SGM joint venture vehicle sales in China of 1.0 million
vehicles, SGMW and FAW-GM joint venture vehicle sales in China
of 1.3 million vehicles and HKJV joint venture vehicle sales in
India of 110,000 vehicles in the year ended December 31, 2010.
Combined GM and Old GM SGM joint venture vehicle sales in China
of 708,000 vehicles and combined GM and Old GM SGMW and FAW-GM
joint venture vehicle sales in China of 1.1 million vehicles in
the year ended December 31, 2009. We do not record revenue from
our joint ventures' vehicle sales.
(g) The joint venture agreements with SGMW (44%) and FAW-GM (50%)
allow for significant rights as a member as well as the
contractual right to report SGMW and FAW-GM joint venture
vehicle sales in China as part of global market share. These
entities are not consolidated for financial reporting purposes.
Income and losses related to these entities are recorded in
Equity income, net of tax.
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Successor
Three
Three Months Months
Ended Year Ended Ended
December 31, December 31, December 31,
2010 2010 2009
------------- -------- --------
Market
Share(a)(b)(c)(d)
United States -
Cars 13.2% 14.3% 15.5%
United States -
Trucks 23.9% 23.0% 24.6%
Total United States 19.1% 18.8% 20.2%
Total GMNA 18.5% 18.2% 19.2%
Total GME 9.0% 8.8% 8.2%
Total GMIO(e)(f) 8.6% 8.8% 8.9%
Total GMSA 19.6% 19.9% 19.6%
Total Worldwide 11.5% 11.4% 11.4%
U.S. Retail/Fleet Mix
% Fleet Sales -
Cars 29.6% 36.9% 34.6%
% Fleet Sales -
Trucks 19.1% 23.2% 20.5%
Total Vehicles 22.3% 28.2% 25.8%
GMNA Capacity
Utilization(g) 89.6% 89.5% 61.5%
Combined GM
and Old GM
----------
Year Ended
December 31,
2009
-------------
Market
Share(a)(b)(c)(d)
United States -
Cars 16.3%
United States -
Trucks 23.1%
Total United States 19.7%
Total GMNA 18.9%
Total GME 8.9%
Total GMIO(e)(f) 8.7%
Total GMSA 20.0%
Total Worldwide 11.6%
U.S. Retail/Fleet Mix
% Fleet Sales -
Cars 29.0%
% Fleet Sales -
Trucks 21.6%
Total Vehicles 24.7%
GMNA Capacity
Utilization(g) 48.0%
(a) Market share information is based on vehicle sales volume.
(b) Includes HUMMER, Saturn and Pontiac vehicle sales data.
(c) Includes GM Saab vehicle sales data through February 2010.
(d) GMNA vehicle sales primarily represent sales to the ultimate
customer. GME, GMIO and GMSA vehicle sales primarily represent
estimated sales to the ultimate customer.
(e) Includes SGM joint venture vehicle sales in China of 1.0 million
vehicles, SGMW and FAW-GM joint venture vehicle sales in China of
1.3 million vehicles and HKJV joint venture vehicle sales in India
of 110,000 vehicles in the year ended December 31, 2010. Combined GM
and Old GM SGM joint venture vehicle sales in China of 708,000
vehicles and combined GM and Old GM SGMW and FAW-GM joint venture
vehicle sales in China of 1.1 million vehicles in the year ended
December 31, 2009. We do not record revenue from our joint ventures'
vehicle sales.
(f) The joint venture agreements with SGMW (44%) and FAW-GM (50%) allow
for significant rights as a member as well as the contractual right
to report SGMW and FAW-GM joint venture vehicle sales in China as
part of global market share. These entities are not consolidated for
financial reporting purposes. Income and losses related to these
entities are recorded in Equity income, net of tax.
(g) Two shift rated, annualized.
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Successor
December 31, December 31,
2010 2009
--------- --------
Worldwide Employment
(thousands)
GMNA(a) 96 103
GME(b) 40 50
GMIO(c) 32 34
GMSA 31 28
GM Financial 3 -
--- ---
Total Worldwide 202 215
=== ===
U.S. - Salaried 28 26
U.S. - Hourly 49 51
(a) Decrease in GMNA primarily relates to restructuring initiatives.
(b) Decrease in GME primarily relates to the sale of Saab, employees
located within Russia and Uzbekistan transferred from our GME
segment to our GMIO segment and restructuring initiatives in
Belgium, Germany, Spain and the United Kingdom in the year ended
December 31, 2010.
(c) GMIO reflects a reduction of 2,400 employees due to the sale of GM
India in the year ended December 31, 2010.
Successor Predecessor
July 10, January 1,
2009 2009
Year Ended Through Through
December 31, December 31, July 9,
2010 2009 2009
------------- ------------- ------------
Worldwide Payroll
(billions) $14.0 $6.2 $6.2
General Motors Company and Subsidiaries
Consolidated Statements of Operations
(In millions, except per share amounts)
(Unaudited)
Successor
July 10,
Year 2009
Ended Through
December 31, December 31,
2010 2009
---- ----
Net sales and revenue
Automotive sales $135,142 $57,329
GM Financial and other
revenue 281 -
Other automotive revenue 169 145
--- ---
Total net sales and
revenue 135,592 57,474
------- ------
Costs and expenses
Automotive cost of sales 118,792 56,381
GM Financial operating
expenses and other 152 -
Automotive selling,
general and
administrative expense 11,446 6,006
Other automotive expenses,
net 118 15
--- ---
Total costs and expenses 130,508 62,402
------- ------
Operating income (loss) 5,084 (4,928)
Equity in income (loss) of
and disposition of
interest in Ally
Financial - -
Automotive interest
expense (1,098) (694)
Interest income and other
non-operating income,
net 1,555 440
Gain (loss) on
extinguishment of debt 196 (101)
Reorganization gains, net - -
--- ---
Income (loss) before
income taxes and equity
income 5,737 (5,283)
Income tax expense
(benefit) 672 (1,000)
Equity income, net of tax 1,438 497
----- ---
Net income (loss) 6,503 (3,786)
Net (income) loss
attributable to
noncontrolling interests (331) (511)
---- ----
Net income (loss)
attributable to
stockholders 6,172 (4,297)
Less: Cumulative dividends
on and charge related to
purchase of 1,504 131
preferred stock ----- ---
Net income (loss)
attributable to common
stockholders $4,668 $(4,428)
====== =======
Earnings (loss) per share
Basic
Net income (loss)
attributable to common
stockholders $3.11 $(3.58)
Weighted-average common
shares outstanding 1,500 1,238
Diluted
Net income (loss)
attributable to common
stockholders $2.89 $(3.58)
Weighted-average common
shares outstanding 1,624 1,238
Cash dividends per common
share $- $-
Predecessor
January 1,
2009 Year
Through Ended
July 9, December 31,
2009 2008
---- ----
Net sales and revenue
Automotive sales $46,787 $147,732
GM Financial and other
revenue - -
Other automotive revenue 328 1,247
--- -----
Total net sales and revenue 47,115 148,979
------ -------
Costs and expenses
Automotive cost of sales 55,814 149,257
GM Financial operating
expenses and other - -
Automotive selling, general
and administrative expense 6,161 14,253
Other automotive expenses,
net 1,235 6,699
----- -----
Total costs and expenses 63,210 170,209
------ -------
Operating income (loss) (16,095) (21,230)
Equity in income (loss) of
and disposition of
interest in Ally Financial 1,380 (6,183)
Automotive interest expense (5,428) (2,525)
Interest income and other
non-operating income, net 852 424
Gain (loss) on
extinguishment of debt (1,088) 43
Reorganization gains, net 128,155 -
------- ---
Income (loss) before income
taxes and equity income 107,776 (29,471)
Income tax expense
(benefit) (1,166) 1,766
Equity income, net of tax 61 186
--- ---
Net income (loss) 109,003 (31,051)
Net (income) loss
attributable to
noncontrolling interests 115 108
--- ---
Net income (loss)
attributable to
stockholders 109,118 (30,943)
Less: Cumulative dividends
on and charge related to
purchase of - -
preferred stock --- ---
Net income (loss)
attributable to common
stockholders $109,118 $(30,943)
======== ========
Earnings (loss) per share
Basic
Net income (loss)
attributable to common
stockholders $178.63 $(53.47)
Weighted-average common
shares outstanding 611 579
Diluted
Net income (loss)
attributable to common
stockholders $178.55 $(53.47)
Weighted-average common
shares outstanding 611 579
Cash dividends per common
share $- $0.50
General Motors Company and Subsidiaries
Consolidated Balance Sheets
(In millions, except share amounts)
(Unaudited)
Successor
December 31, December 31,
ASSETS 2010 2009
---- ----
Automotive Current Assets
Cash and cash equivalents $21,061 $22,679
Marketable securities 5,555 134
----- ---
Total cash, cash equivalents and marketable
securities 26,616 22,813
Restricted cash and marketable securities 1,240 13,917
Accounts and notes receivable (net of
allowance of $252 and $250) 8,699 7,518
Inventories 12,125 10,107
Assets held for sale - 388
Equipment on operating leases, net 2,568 2,727
Other current assets and deferred income
taxes 1,805 1,777
----- -----
Total current assets 53,053 59,247
Automotive Non-current Assets
Restricted cash and marketable securities 1,160 1,489
Equity in net assets of nonconsolidated
affiliates 8,529 7,936
Property, net 19,235 18,687
Goodwill 30,513 30,672
Intangible assets, net 11,882 14,547
Deferred income taxes 308 564
Assets held for sale - 530
Other assets 3,286 2,623
----- -----
Total non-current assets 74,913 77,048
------ ------
Total Automotive Assets 127,966 136,295
GM Financial Assets
Finance receivables (including finance
receivables transferred to special purpose
entities of $7,156 at December 31, 2010) 8,197 -
Restricted cash 1,090 -
Goodwill 1,265 -
Other assets 380 -
--- ---
Total GM Financial Assets 10,932 -
------ ---
Total Assets $138,898 $136,295
======== ========
LIABILITIES AND EQUITY
Automotive Current Liabilities
Accounts payable (principally trade) $21,497 $18,725
Short-term debt and current portion of long-
term debt (including debt at GM Daewoo of
$70 at December 31, 2010) 1,616 10,221
Liabilities held for sale - 355
Postretirement benefits other than pensions 625 846
Accrued liabilities (including derivative
liabilities at GM Daewoo of $111 at December
31, 2010) 23,419 22,288
------ ------
Total current liabilities 47,157 52,435
Automotive Non-current Liabilities
Long-term debt (including debt at GM Daewoo
of $835 at December 31, 2010) 3,014 5,562
Liabilities held for sale - 270
Postretirement benefits other than pensions 9,294 8,708
Pensions 21,894 27,086
Other liabilities and deferred income taxes 13,021 13,279
------ ------
Total non-current liabilities 47,223 54,905
------ ------
Total Automotive Liabilities 94,380 107,340
GM Financial Liabilities
Securitization notes payable 6,128 -
Credit facilities 832 -
Other liabilities 399 -
--- ---
Total GM Financial Liabilities 7,359 -
----- ---
Total Liabilities 101,739 107,340
Commitments and contingencies
Preferred stock Series A, $0.01 par value
(2,000,000,000 shares authorized and
360,000,000 shares issued - 6,998
and outstanding (each with a $25.00
liquidation preference) at December 31,
2009)
Equity
Preferred stock, $0.01 par value,
2,000,000,000 shares authorized:
Series A (276,101,695 shares issued and
outstanding (each with a $25.00 liquidation
preference) at December 31, 2010) 5,536 -
Series B (100,000,000 shares issued and
outstanding (each with a $50.00 liquidation
preference) at December 31, 2010) 4,855 -
Common stock, $0.01 par value (5,000,000,000
shares authorized and 1,500,136,998 shares
and 15 15
1,500,000,000 shares issued and outstanding
at December 31, 2010 and 2009)
Capital surplus (principally additional paid-
in capital) 24,257 24,040
Retained earnings (accumulated deficit) 266 (4,394)
Accumulated other comprehensive income 1,251 1,588
----- -----
Total stockholders' equity 36,180 21,249
Noncontrolling interests 979 708
--- ---
Total equity 37,159 21,957
------ ------
Total Liabilities and Equity $138,898 $136,295
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