Segment Reporting

We report segment information consistent with the way the chief operating decision maker evaluates the operating results and performance of the Company. As a result of the growing importance of our autonomous vehicle operations, we moved these operations from Corporate to GM Cruise and began presenting GM Cruise as a new reportable segment in the three months ended June 30, 2018. Our GMNA, GMI and GM Financial segments were not significantly impacted. All periods presented have been recast to reflect the changes.

We analyze the results of our business through the following segments: GMNA, GMI, GM Cruise 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 and GM Cruise through earnings before interest and taxes (EBIT)-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. 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. GM Cruise is our global segment designed to build, grow and invest in our autonomous ride-sharing vehicle business, and includes autonomous vehicle-related engineering and other costs.

Our automotive operations' interest income and interest expense, Maven, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures 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), PSA warrants, 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 September 30, 2018
	GMNA		GMI		Corporate			Eliminations			Total Automotive			GM Cruise			GM Financial		Eliminations			Total
Net sales and revenue	$	27,650	$	4,582	$	56					$	32,288		$	—		$	3,518	$	(15	)	$	35,791
Earnings (loss) before interest and taxes-adjusted	$	2,825	$	139	$	(94	)				$	2,870		$	(214	)	$	498	$	(1	)	$	3,153
Adjustments(a)	$	—	$	—	$	(440	)				$	(440	)	$	—		$	—	$	—		(440		)
Automotive interest income																						82
Automotive interest expense																						(161		)
Net (loss) attributable to noncontrolling interests																						(4		)
Income before income taxes																						2,630
Income tax expense																						(100		)
Income from continuing operations																						2,530
Loss from discontinued operations, net of tax																						—
Net loss attributable to noncontrolling interests																						4
Net income attributable to stockholders																						$	2,534

Equity in net assets of nonconsolidated affiliates	$	77	$	7,770	$	—		$	—		$	7,847		$	—		$	1,308	$	—		$	9,155
Goodwill and intangibles	$	2,674	$	939	$	2		$	—		$	3,615		$	679		$	1,357	$	—		$	5,651
Total assets	$	110,245	$	25,780	$	28,194		$	(45,323	)	$	118,896		$	2,567		$	105,658	$	(1,410	)	$	225,711
Depreciation and amortization	$	1,251	$	136	$	12		$	—		$	1,399		$	2		$	1,904	$	—		$	3,305
Impairment charges	$	—	$	2	$	6		$	—		$	8		$	—		$	—	$	—		$	8
Equity income	$	2	$	484	$	—		$	—		$	486		$	—		$	44	$	—		$	530

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(a)	Consists of charges for ignition switch related legal matters.



	At and For the Three Months Ended September 30, 2017
	GMNA		GMI		Corporate			Eliminations			Total Automotive		GM Cruise			GM Financial		Eliminations			Total
Net sales and revenue	$	24,819	$	5,576	$	80					$	30,475	$	—		$	3,161	$	(13	)	$	33,623
Earnings (loss) before interest and taxes-adjusted	$	2,068	$	389	$	(77	)				$	2,380	$	(165	)	$	310	$	(2	)	$	2,523
Adjustments	$	—	$	—	$	—					$	—	$	—		$	—	$	—		—
Automotive interest income																					59
Automotive interest expense																					(151		)
Net (loss) attributable to noncontrolling interests																					(1		)
Income before income taxes																					2,430
Income tax expense																					(2,316		)
Income from continuing operations																					114
Loss from discontinued operations, net of tax																					(3,096		)
Net loss attributable to noncontrolling interests																					1
Net loss attributable to stockholders																					$	(2,981	)

Equity in net assets of nonconsolidated affiliates	$	82	$	7,619	$	—		$	—		$	7,701	$	—		$	1,119	$	—		$	8,820
Goodwill and intangibles	$	2,871	$	980	$	12		$	—		$	3,863	$	620		$	1,371	$	—		$	5,854
Total assets(a)	$	109,934	$	27,832	$	25,797		$	(39,731	)	$	123,832	$	564		$	106,142	$	(1,036	)	$	229,502
Depreciation and amortization	$	1,210	$	166	$	11		$	—		$	1,387	$	—		$	1,743	$	—		$	3,130
Impairment charges	$	10	$	7	$	—		$	—		$	17	$	—		$	—	$	—		$	17
Equity income	$	2	$	457	$	—		$	—		$	459	$	—		$	41	$	—		$	500

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



	At and For the Nine Months Ended September 30, 2018
	GMNA		GMI			Corporate			Eliminations		Total Automotive			GM Cruise			GM Financial		Eliminations			Total
Net sales and revenue	$	83,969	$	14,188		$	155				$	98,312		$	—		$	10,417	$	(79	)	$	108,650
Earnings (loss) before interest and taxes-adjusted	$	7,728	$	471		$	(187	)			$	8,012		$	(534	)	$	1,477	$	—		$	8,955
Adjustments(a)	$	—	$	(1,138	)	$	(440	)			$	(1,578	)	$	—		$	—	$	—		(1,578		)
Automotive interest income																						218
Automotive interest expense																						(470		)
Net (loss) attributable to noncontrolling interests																						(34		)
Income before income taxes																						7,091
Income tax expense																						(1,085		)
Income from continuing operations																						6,006
Loss from discontinued operations, net of tax																						(70		)
Net loss attributable to noncontrolling interests																						34
Net income attributable to stockholders																						$	5,970

Depreciation and amortization	$	3,474	$	426		$	36		$	—	$	3,936		$	5		$	5,560	$	—		$	9,501
Impairment charges	$	53	$	463		$	6		$	—	$	522		$	—		$	—	$	—		$	522
Equity income	$	7	$	1,667		$	—		$	—	$	1,674		$	—		$	141	$	—		$	1,815

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(a)	Consists of charges of $1.1 billion related to restructuring actions in Korea in GMI, which is net of noncontrolling interest, and charges of $440 million for ignition switch related legal matters in Corporate.



	At and For the Nine Months Ended September 30, 2017
	GMNA		GMI			Corporate			Eliminations			Total Automotive			GM Cruise			GM Financial		Eliminations			Total
Net sales and revenue	$	82,594	$	16,226		$	306					$	99,126		$	—		$	8,899	$	(152	)	$	107,873
Earnings (loss) before interest and taxes-adjusted	$	9,014	$	884		$	(574	)				$	9,324		$	(455	)	$	895	$	(5	)	$	9,759
Adjustments(a)	$	—	$	(540	)	$	(114	)				$	(654	)	$	—		$	—	$	—		(654		)
Automotive interest income																							184
Automotive interest expense																							(430		)
Net income attributable to noncontrolling interests																							11
Income before income taxes																							8,870
Income tax expense																							(3,637		)
Income from continuing operations																							5,233
Loss from discontinued operations, net of tax																							(3,935		)
Net (income) attributable to noncontrolling interests																							(11		)
Net income attributable to stockholders																							$	1,287

Depreciation and amortization	$	3,499	$	535		$	22		$	(1	)	$	4,055		$	1		$	4,757	$	—		$	8,813
Impairment charges	$	59	$	207		$	5		$	—		$	271		$	—		$	—	$	—		$	271
Equity income	$	8	$	1,448		$	—		$	—		$	1,456		$	—		$	129	$	—		$	1,585

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(a)	Consists of charges of $460 million related to restructuring actions in India and South Africa in GMI, charges of $80 million associated with the deconsolidation of Venezuela in GMI and charges of $114 million for ignition switch related legal matters in Corporate.