Segment Reporting

We analyze the results of our business through our five segments: GMNA, GME, GMIO, GMSA and GM Financial. Each segment has a manager responsible for executing our strategies. Our automotive manufacturing operations are integrated within the segments, benefit from broad-based trade agreements and are subject to regulatory requirements, such as Corporate Average Fuel Economy regulations. While not all vehicles within a segment are individually profitable on a fully loaded cost basis, those vehicles are needed in our product mix in order to attract customers to dealer showrooms and to maintain sales volumes for other, more profitable vehicles. Because of these factors, we do not manage our business on an individual brand or vehicle basis. The chief operating decision maker evaluates the operating results and performance of our automotive segments through Income (loss) before interest and income taxes, as adjusted for additional amounts, which are presented net of noncontrolling interests, and evaluates GM Financial through income before income taxes.

Substantially all of the cars, trucks and parts produced are marketed through retail dealers in North America, and through distributors and dealers outside of North America, the substantial majority of which are independently owned.

In addition to the products sold to dealers for consumer retail sales, cars and trucks are also sold to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies and governments. Sales to fleet customers are completed through the network of dealers and in some cases sold directly to fleet customers. Retail and fleet customers can obtain a wide range of aftersale vehicle services and products through the dealer network, such as maintenance, light repairs, collision repairs, vehicle accessories and extended service warranties.

GMNA primarily meets the demands of customers in North America with vehicles developed, manufactured and/or marketed under the following four brands:



• Buick	• Cadillac	• Chevrolet	• GMC

The demands of customers outside of North America are primarily met with vehicles developed, manufactured and/or marketed under the following brands:



• Buick	• Chevrolet	• GMC	• Opel
• Cadillac	• Daewoo	• Holden	• Vauxhall

At March 31, 2012 we also had equity ownership stakes directly or indirectly in entities through various regional subsidiaries, including GM Korea, SGM, SGMW, FAW-GM and HKJV. These companies design, manufacture and market vehicles under the following brands:



• Alpheon	• Buick	• Chevrolet	• Jiefang
• Baojun	• Cadillac	• Daewoo	• Wuling

Nonsegment operations are classified as Corporate. Corporate includes investments in Ally Financial, certain centrally recorded income and costs, such as interest, income taxes and corporate expenditures and certain nonsegment specific revenues and expenses.

In 2012 we recorded loss on extinguishment of debt within Corporate for segment reporting purposes. Previously gains and losses on extinguishment of debt were recorded within the applicable automotive segments. This change is consistent with how management currently views the results of our operations.

All intersegment balances and transactions have been eliminated in consolidation.

The following tables summarize key financial information by segment (dollars in millions):



	GMNA		GME			GMIO			GMSA		Corporate			Eliminations			Total Automotive			GM Financial		Eliminations			Total
At and For the Three Months Ended March 31, 2012
Sales
External customers	$	23,175	$	5,255		$	5,016		$	3,867	$	15		$	—		$	37,328		$	—	$	—		$	37,328
GM Financial revenue	—		—			—			—		—			—			—			431		—			431
Intersegment	1,001		258			1,044			72		—			(2,375		)	—			—		—			—
Total net sales and revenue	$	24,176	$	5,513		$	6,060		$	3,939	$	15		$	(2,375	)	$	37,328		$	431	$	—		$	37,759

Income (loss) before automotive interest and income taxes-adjusted	$	1,691	$	(256	)	$	529		$	83	$	(19	)	$	(27	)	$	2,001		$	181	$	—		$	2,182
Adjustments(a)	$	—	$	(590	)	$	(22	)	$	—	—			$	—		$	(612	)	—		$	—		(612		)
Corporate interest income											89									—					89
Automotive interest expense											110									—					110
Loss on extinguishment of debt											18									—					18
Income (loss) before income taxes											(58		)							181					1,531
Income tax expense											142									74					216
Net income (loss) attributable to stockholders											$	(200	)							$	107				$	1,315

Equity in net assets of nonconsolidated affiliates	$	63	$	51		$	6,676		$	3	$	—		$	—		$	6,793		$	—	$	—		$	6,793
Total assets	$	87,593	$	17,000		$	23,222		$	12,086	$	31,354		$	(34,275	)	$	136,980		$	13,656	$	(442	)	$	150,194
Expenditures for property	$	1,032	$	365		$	295		$	280	$	18		$	—		$	1,990		$	4	$	—		$	1,994
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets	$	888	$	280		$	129		$	118	$	12		$	—		$	1,427		$	43	$	(2	)	$	1,468
Equity income, net of tax	$	2	$	—		$	421		$	—	$	—		$	—		$	423		$	—	$	—		$	423

Significant non-cash charges not classified as adjustments in(a)
Impairment charges related to long-lived assets	$	24	$	—		$	6		$	1	$	—		$	—		$	31		$	—	$	—		$	31
Impairment charges related to equipment on operating leases	20		35			—			—		—			—			55			—		—			55
Total significant non-cash charges	$	44	$	35		$	6		$	1	$	—		$	—		$	86		$	—	$	—		$	86

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(a)	Consists of Goodwill impairment charges of $590 million in GME and $22 million in GMIO.



	GMNA		GME			GMIO			GMSA		Corporate			Eliminations			Total Automotive		GM Financial		Eliminations		Total
For the Three Months Ended March 31, 2011
Sales
External customers	$	21,283	$	6,262		$	4,492		$	3,846	$	16		$	—		$	35,899	$	—	$	—	$	35,899
GM Financial revenue	—		—			—			—		—			—			—		295		—		295
Intersegment(a)	827		608			716			50		—			(2,201		)	—		—		—		—
Total net sales and revenue	$	22,110	$	6,870		$	5,208		$	3,896	$	16		$	(2,201	)	$	35,899	$	295	$	—	$	36,194

Income (loss) before automotive interest and income taxes-adjusted	$	1,253	$	5		$	586		$	90	$	(20	)	$	(2	)	$	1,912	$	130	$	—	$	2,042
Adjustments(b)	$	1,645	$	(395	)	$	(106	)	$	—	339			$	—		$	1,483	—		$	—	1,483
Corporate interest income											127								—				127
Automotive interest expense											149								—				149
Income before income taxes											297								130				3,503
Income tax expense											66								71				137
Net income attributable to stockholders											$	231							$	59			$	3,366

Expenditures for property	$	581	$	237		$	295		$	189	$	20		$	—		$	1,322	$	—	$	—	$	1,322
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets	$	977	$	340		$	116		$	116	$	13		$	—		$	1,562	$	14	$	—	$	1,576
Equity income, net of tax and gain on disposal of investments	$	1,729	$	—		$	415		$	—	$	—		$	—		$	2,144	$	—	$	—	$	2,144
Significant non-cash charges not classified as adjustments in(b)
Impairment charges related to long-lived assets	$	23	$	—		$	2		$	1	$	—		$	—		$	26	$	—	$	—	$	26
Impairment charges related to equipment on operating leases	15		24			—			—		—			—			39		—		—		39
Total significant non-cash charges	$	38	$	24		$	2		$	1	$	—		$	—		$	65	$	—	$	—	$	65

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(a)	Presentation of intersegment sales has been adjusted to conform to the current presentation.


(b)	Consists of the gain on sale of our New Delphi Class A Membership Interests of $1.6 billion in GMNA, Goodwill impairment charges of $395 million in GME, charges related to HKJV of $106 million in GMIO and a gain on the sale of Ally Financial preferred stock of $339 million in Corporate.