Segment Reporting

We analyze the results of our business through the following segments: GMNA, GMI and GM Financial. As discussed in Note 1, 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 meets the demands of customers in North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet and GMC brands. GMI primarily meets the demands of customers outside North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet, GMC, and Holden brands. We also have equity ownership stakes in entities that meet the demands of customers in other countries, primarily China, with vehicles developed, manufactured and/or marketed under the Baojun, Buick, Cadillac, Chevrolet, Jiefang and Wuling brands.

Our automotive operations' interest income and interest expense, Maven, legacy costs from the Opel/Vauxhall Business (primarily pension costs), 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, Inc. (Lyft), goodwill, intangibles, Maven vehicles and intercompany balances. 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 March 31, 2018
	GMNA		GMI			Corporate			Eliminations			Total Automotive			GM Financial		Eliminations			Total
Net sales and revenue	$	27,818	$	4,848		$	49					$	32,715		$	3,411	$	(27	)	$	36,099
Earnings (loss) before interest and taxes-adjusted	$	2,233	$	189		$	(259	)				$	2,163		$	443	$	4		$	2,610
Adjustments(a)	$	—	$	(942	)	$	—					$	(942	)	$	—	$	—		(942		)
Automotive interest income																				64
Automotive interest expense																				(150		)
Net (loss) attributable to noncontrolling interests																				(6		)
Income before income taxes																				1,576
Income tax expense																				(466		)
Income from continuing operations																				1,110
(Loss) from discontinued operations, net of tax																				(70		)
Net loss attributable to noncontrolling interests																				6
Net income attributable to stockholders																				$	1,046

Equity in net assets of nonconsolidated affiliates	$	77	$	8,525		$	—		$	—		$	8,602		$	1,281	$	—		$	9,883
Total assets	$	101,247	$	28,981		$	26,902		$	(38,354	)	$	118,776		$	101,210	$	(1,260	)	$	218,726
Depreciation and amortization	$	1,109	$	153		$	12		$	—		$	1,274		$	1,823	$	—		$	3,097
Impairment charges	$	25	$	459		$	—		$	—		$	484		$	—	$	—		$	484
Equity income	$	2	$	594		$	—		$	—		$	596		$	52	$	—		$	648

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(a)	Consists of charges related to restructuring actions in Korea in GMI.



	At and For the Three Months Ended March 31, 2017
	GMNA		GMI		Corporate			Eliminations			Total Automotive		GM Financial		Eliminations			Total
Net sales and revenue	$	29,338	$	5,138	$	174					$	34,650	$	2,748	$	(132	)	$	37,266
Earnings (loss) before interest and taxes-adjusted	$	3,471	$	178	$	(323	)				$	3,326	$	228	$	—		$	3,554
Adjustments	$	—	$	—	$	—					$	—	$	—	$	—		—
Automotive interest income																		57
Automotive interest expense																		(147		)
Net income attributable to noncontrolling interests																		9
Income before income taxes																		3,473
Income tax expense																		(787		)
Income from continuing operations																		2,686
(Loss) from discontinued operations, net of tax																		(69		)
Net (income) attributable to noncontrolling interests																		(9		)
Net income attributable to stockholders																		$	2,608

Equity in net assets of nonconsolidated affiliates	$	77	$	8,341	$	—		$	—		$	8,418	$	998	$	—		$	9,416
Total assets(a)	$	105,968	$	27,955	$	39,872		$	(36,154	)	$	137,641	$	94,684	$	(1,532	)	$	230,793
Depreciation and amortization	$	1,102	$	191	$	2		$	(1	)	$	1,294	$	1,428	$	—		$	2,722
Impairment charges	$	15	$	1	$	5		$	—		$	21	$	—	$	—		$	21
Equity income	$	5	$	504	$	—		$	—		$	509	$	46	$	—		$	555

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(a)	Assets in Corporate and GM Financial include assets classified as held for sale.

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