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 reportable 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 reportable segments: GMNA, GMI, GM Cruise and 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 (EBT)-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 trucks, crossovers, cars 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, trucks, crossovers and cars 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 responsible for the development and commercialization of autonomous vehicle technology, 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, 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 March 31, 2019
	GMNA			GMI		Corporate			Eliminations			Total Automotive		GM Cruise			GM Financial		Eliminations/Reclassifications			Total
Net sales and revenue	$	27,365		$	3,850	$	46					$	31,261	$	25		$	3,620	$	(28	)	$	34,878
Earnings (loss) before interest and taxes-adjusted	$	1,896		$	31	$	206					$	2,133	$	(169	)	$	359	$	(13	)	$	2,310
Adjustments(a)	$	(783	)	$	850	$	—					$	67	$	—		$	—	$	—		67
Automotive interest income																						98
Automotive interest expense																						(181		)
Net (loss) attributable to noncontrolling interests																						(12		)
Income before income taxes																						2,282
Income tax expense																						(137		)
Income from continuing operations																						2,145
Net loss attributable to noncontrolling interests																						12
Net income attributable to stockholders																						$	2,157

Equity in net assets of nonconsolidated affiliates	$	80		$	6,739	$	18		$	—		$	6,837	$	—		$	1,429	$	—		$	8,266
Goodwill and intangibles	$	2,572		$	918	$	1		$	—		$	3,491	$	670		$	1,357	$	—		$	5,518
Total assets	$	112,455		$	27,580	$	27,937		$	(47,899	)	$	120,073	$	3,228		$	111,220	$	(1,389	)	$	233,132
Depreciation and amortization	$	2,069		$	127	$	12		$	—		$	2,208	$	2		$	1,899	$	—		$	4,109
Impairment charges	$	7		$	—	$	—		$	—		$	7	$	—		$	—	$	—		$	7
Equity income	$	2		$	374	$	(7	)	$	—		$	369	$	—		$	45	$	—		$	414

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(a)	Consists of restructuring and other charges related to transformation activities of $790 million, primarily in GMNA and a benefit of $857 million related to the retrospective recoveries of indirect taxes in Brazil in GMI.



	At and For the Three Months Ended March 31, 2018
	GMNA		GMI			Corporate			Eliminations			Total Automotive			GM Cruise			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		$	(93	)				$	2,329		$	(166	)	$	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
Goodwill and intangibles	$	2,768	$	964		$	10		$	—		$	3,742		$	679		$	1,369	$	—		$	5,790
Total assets	$	101,265	$	28,981		$	26,204		$	(38,354	)	$	118,096		$	680		$	101,210	$	(1,260	)	$	218,726
Depreciation and amortization	$	1,109	$	153		$	11		$	—		$	1,273		$	1		$	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.