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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