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Segment Reporting | 6 Months Ended
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Jun. 30, 2017
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting We analyze the results of our business through the following segments: GMNA, GMIO, GMSA and GM Financial. As discussed in Note 2, the European Business is presented as discontinued operations and is excluded from our segment results for all periods presented. The European Business was previously reported as our GM Europe (GME) segment and part of GM Financial. The chief operating decision maker evaluates the operating results and performance of our automotive segments through earnings before interest and income taxes-adjusted, which is presented net of noncontrolling interests. The chief operating decision maker evaluates GM Financial through earnings before income taxes-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment. Each segment has a manager responsible for executing our strategic initiatives. Our automotive manufacturing operations are integrated within the segments, benefit from broad-based trade agreements and are subject to regulatory requirements. While not all vehicles within a segment are individually profitable on a fully allocated cost basis, those vehicles attract customers to dealer showrooms and help maintain sales volumes for other, more profitable vehicles and contribute towards meeting required fuel efficiency standards. As a result of these and other factors, we do not manage our business on an individual brand or vehicle basis. Substantially all of the cars, trucks, crossovers and automobile 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, trucks and crossovers are also sold to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies and governments. Fleet sales are completed through the dealer network and in some cases directly with fleet customers. Retail and fleet customers can obtain a wide range of after-sale 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 Buick, Cadillac, Chevrolet and GMC brands. The demands of customers outside North America are primarily met with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet, GMC, Holden, and until the closing of the sale of the European Business, Opel and Vauxhall brands. We also have equity ownership stakes directly or indirectly in entities through various regional subsidiaries, primarily in Asia. These companies design, manufacture and/or market vehicles under the Baojun, Buick, Cadillac, Chevrolet, Jiefang and Wuling brands. Our automotive operations' interest income and interest expense, Maven, corporate expenditures including autonomous vehicle-related engineering and other costs and certain nonsegment specific revenues and expenses are recorded centrally in Corporate. Corporate assets consist primarily of cash and cash equivalents, marketable securities, our investment in Lyft, goodwill, intangibles, Maven vehicles, intercompany balances and the assets of the Opel/Vauxhall Business classified as held for sale. Retained net underfunded pension liabilities related to the European Business are also recorded in Corporate. All intersegment balances and transactions have been eliminated in consolidation. The following tables summarize key financial information by segment:
| At and For the Three Months Ended June 30, 2017
| GMNA |  | GMIO |  | GMSA |  | Corporate |  | Eliminations |  | Total Automotive |  | GM Financial |  | Eliminations |  | Total
Net sales and revenue | $ | 28,437 |  |  | $ | 3,215 |  |  | $ | 2,297 |  |  | $ | 52 |  |  |  |  | $ | 34,001 |  |  | $ | 2,990 |  |  | $ | (7 | ) |  | $ | 36,984 |
Earnings (loss) before interest and taxes-adjusted | $ | 3,475 |  |  | $ | 340 |  |  | $ | (23 | ) |  | $ | (464 | ) |  |  |  | $ | 3,328 |  |  | $ | 357 |  |  | $ | (3 | ) |  | $ | 3,682 |
Adjustments(a) | $ | — |  |  | $ | (460 | ) |  | $ | (80 | ) |  | $ | (114 | ) |  |  |  | $ | (654 | ) |  | $ | — |  |  | $ | — |  |  | (654 | )
Automotive interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 68 |
Automotive interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (132 | )
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,967 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (534 | )
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,433 |
(Loss) from discontinued operations, net of tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (770 | )
Net (income) attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3 | )
Net income attributable to common stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,660 |
Equity in net assets of nonconsolidated affiliates | $ | 79 |  |  | $ | 7,112 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,192 |  |  | $ | 1,056 |  |  | $ | — |  |  | $ | 8,248 |
Total assets(b) | $ | 109,312 |  |  | $ | 20,436 |  |  | $ | 7,141 |  |  | $ | 41,890 |  |  | $ | (40,585 | ) |  | $ | 138,194 |  |  | $ | 103,588 |  |  | $ | (1,482 | ) |  | $ | 240,300 |
Depreciation and amortization | $ | 1,187 |  |  | $ | 108 |  |  | $ | 70 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 1,375 |  |  | $ | 1,586 |  |  | $ | — |  |  | $ | 2,961 |
Impairment charges | $ | 34 |  |  | $ | 196 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 233 |  |  | $ | — |  |  | $ | — |  |  | $ | 233 |
Equity income | $ | 1 |  |  | $ | 487 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 488 |  |  | $ | 42 |  |  | $ | — |  |  | $ | 530 |
__________
(a) | Consists of charges of $460 million related to restructuring actions in India and South Africa in GMIO; charges of $80 million associated with the deconsolidation of Venezuela in GMSA and charges of $114 million for legal related matters related to the ignition switch recall in Corporate.
(b) | Assets in Corporate and GM Financial include assets classified as held for sale.
| At and For the Three Months Ended June 30, 2016
| GMNA |  | GMIO |  | GMSA |  | Corporate |  | Eliminations |  | Total Automotive |  | GM Financial |  | Eliminations |  | Total
Net sales and revenue | $ | 30,222 |  |  | $ | 3,342 |  |  | $ | 1,639 |  |  | $ | 43 |  |  |  |  | $ | 35,246 |  |  | $ | 2,138 |  |  | $ | (1 | ) |  | $ | 37,383 |
Earnings (loss) before interest and taxes-adjusted | $ | 3,745 |  |  | $ | 190 |  |  | $ | (118 | ) |  | $ | (185 | ) |  |  |  | $ | 3,632 |  |  | $ | 214 |  |  | $ | — |  |  | $ | 3,846 |
Adjustments(a) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (115 | ) |  |  |  | $ | (115 | ) |  | $ | — |  |  | $ | — |  |  | (115 | )
Automotive interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 50 |
Automotive interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (144 | )
Net (loss) attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (16 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,621 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (877 | )
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,744 |
Income from discontinued operations, net of tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 106 |
Net loss attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16 |
Net income attributable to common stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,866 |
Equity in net assets of nonconsolidated affiliates | $ | 73 |  |  | $ | 7,244 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,319 |  |  | $ | 879 |  |  | $ | — |  |  | $ | 8,198 |
Total assets(b) | $ | 98,173 |  |  | $ | 21,562 |  |  | $ | 7,676 |  |  | $ | 34,928 |  |  | $ | (27,863 | ) |  | $ | 134,476 |  |  | $ | 77,724 |  |  | $ | (1,751 | ) |  | $ | 210,449 |
Depreciation and amortization | $ | 1,073 |  |  | $ | 106 |  |  | $ | 70 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 1,254 |  |  | $ | 1,117 |  |  | $ | — |  |  | $ | 2,371 |
Impairment charges | $ | 30 |  |  | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 61 |  |  | $ | — |  |  | $ | — |  |  | $ | 61 |
Equity income | $ | 153 |  |  | $ | 469 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 622 |  |  | $ | 38 |  |  | $ | — |  |  | $ | 660 |
__________
(a) | Charges of $115 million for legal related matters related to the ignition switch recall.
(b) | Assets in Corporate and GM Financial include assets classified as held for sale.
| At and For the Six Months Ended June 30, 2017
| GMNA |  | GMIO |  | GMSA |  | Corporate |  | Eliminations |  | Total Automotive |  | GM Financial |  | Eliminations |  | Total
Net sales and revenue | $ | 57,775 |  |  | $ | 6,393 |  |  | $ | 4,257 |  |  | $ | 226 |  |  |  |  | $ | 68,651 |  |  | $ | 5,738 |  |  | $ | (139 | ) |  | $ | 74,250 |
Earnings (loss) before interest and taxes-adjusted | $ | 6,946 |  |  | $ | 637 |  |  | $ | (142 | ) |  | $ | (787 | ) |  |  |  | $ | 6,654 |  |  | $ | 585 |  |  | $ | (3 | ) |  | $ | 7,236 |
Adjustments(a) | $ | — |  |  | $ | (460 | ) |  | $ | (80 | ) |  | $ | (114 | ) |  |  |  | $ | (654 | ) |  | $ | — |  |  | $ | — |  |  | (654 | )
Automotive interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 125 |
Automotive interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (279 | )
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,440 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,321 | )
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,119 |
(Loss) from discontinued operations, net of tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (839 | )
Net (income) attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12 | )
Net income attributable to common stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,268 |
Depreciation and amortization | $ | 2,289 |  |  | $ | 226 |  |  | $ | 143 |  |  | $ | 12 |  |  | $ | (1 | ) |  | $ | 2,669 |  |  | $ | 3,014 |  |  | $ | — |  |  | $ | 5,683 |
Impairment charges | $ | 49 |  |  | $ | 197 |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 254 |  |  | $ | — |  |  | $ | — |  |  | $ | 254 |
Equity income | $ | 6 |  |  | $ | 991 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 997 |  |  | $ | 88 |  |  | $ | — |  |  | $ | 1,085 |
__________
(a) | Consists of charges of $460 million related to restructuring actions in India and South Africa in GMIO; charges of $80 million associated with the deconsolidation of Venezuela in GMSA and charges of $114 million for legal related matters related to the ignition switch recall in Corporate.
| At and For the Six Months Ended June 30, 2016
| GMNA |  | GMIO |  | GMSA |  | Corporate |  | Eliminations |  | Total Automotive |  | GM Financial |  | Eliminations |  | Total
Net sales and revenue | $ | 56,730 |  |  | $ | 6,547 |  |  | $ | 2,982 |  |  | $ | 73 |  |  |  |  | $ | 66,332 |  |  | $ | 4,069 |  |  | $ | (2 | ) |  | $ | 70,399 |
Earnings (loss) before interest and taxes-adjusted | $ | 6,129 |  |  | $ | 624 |  |  | $ | (182 | ) |  | $ | (390 | ) |  |  |  | $ | 6,181 |  |  | $ | 407 |  |  | $ | — |  |  | $ | 6,588 |
Adjustments(a) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (175 | ) |  |  |  | $ | (175 | ) |  | $ | — |  |  | $ | — |  |  | (175 | )
Automotive interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 94 |
Automotive interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (268 | )
Net (loss) attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (38 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,201 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,534 | )
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,667 |
Income from discontinued operations, net of tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 114 |
Net loss attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 38 |
Net income attributable to common stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,819 |
Depreciation and amortization | $ | 2,097 |  |  | $ | 214 |  |  | $ | 127 |  |  | $ | 10 |  |  | $ | (2 | ) |  | $ | 2,446 |  |  | $ | 2,041 |  |  | $ | — |  |  | $ | 4,487 |
Impairment charges | $ | 41 |  |  | $ | 63 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 104 |  |  | $ | — |  |  | $ | — |  |  | $ | 104 |
Equity income | $ | 159 |  |  | $ | 987 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,146 |  |  | $ | 74 |  |  | $ | — |  |  | $ | 1,220 |
__________
(a) | Charges of $175 million for legal related matters related to the ignition switch recall.
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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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