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Segment Reporting

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

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 June 30, 2019
	GMNA				GMI				Corporate				Eliminations				Total Automotive				GM Cruise				GM Financial				Eliminations/Reclassifications				Total
Net sales and revenue	$	28,324			$	4,047			$	54							$	32,425			$	25			$	3,639			$	(29	)		$	36,060
Earnings (loss) before interest and taxes-adjusted	$	3,022			$	(48	)		$	(216	)						$	2,758			$	(279	)		$	536			$	(3	)		$	3,012
Adjustments(a)	$	(336	)		$	357			$	(2	)						$	19			$	—			$	—			$	—			19
Automotive interest income																																	106
Automotive interest expense																																	(195		)
Net (loss) attributable to noncontrolling interests																																	(15		)
Income before income taxes																																	2,927
Income tax expense																																	(524		)
Income from continuing operations																																	2,403
Loss from discontinued operations, net of tax																																	—
Net loss attributable to noncontrolling interests																																	15
Net income attributable to stockholders																																	$	2,418
Equity in net assets of nonconsolidated affiliates	$	82			$	6,800			$	12			$	—			$	6,894			$	—			$	1,446			$	—			$	8,340
Goodwill and intangibles	$	2,520			$	908			$	1			$	—			$	3,429			$	670			$	1,358			$	—			$	5,457
Total assets	$	114,515			$	26,681			$	29,597			$	(50,446	)		$	120,347			$	4,212			$	110,711			$	(1,533	)		$	233,737
Depreciation and amortization	$	1,409			$	119			$	13			$	—			$	1,541			$	7			$	1,848			$	—			$	3,396
Impairment charges	$	8			$	3			$	—			$	—			$	11			$	—			$	—			$	—			$	11
Equity income	$	2			$	233			$	(6	)		$	—			$	229			$	—			$	42			$	—			$	271

__________

(a) Consists of restructuring and other charges related to transformation activities of $361 million, primarily in GMNA and a benefit of $380 million related to the retrospective recoveries of indirect taxes in Brazil in GMI.

	At and For the Three Months Ended June 30, 2018
	GMNA				GMI				Corporate				Eliminations				Total Automotive				GM Cruise				GM Financial				Eliminations				Total
Net sales and revenue	$	28,501			$	4,758			$	50							$	33,309			$	—			$	3,488			$	(37	)		$	36,760
Earnings (loss) before interest and taxes-adjusted	$	2,670			$	143			$	—							$	2,813			$	(154	)		$	536			$	(3	)		$	3,192
Adjustments(a)	$	—			$	(196	)		$	—							$	(196	)		$	—			$	—			$	—			(196		)
Automotive interest income																																	72
Automotive interest expense																																	(159		)
Net (loss) attributable to noncontrolling interests																																	(24		)
Income before income taxes																																	2,885
Income tax expense																																	(519		)
Income from continuing operations																																	2,366
Loss from discontinued operations, net of tax																																	—
Net loss attributable to noncontrolling interests																																	24
Net income attributable to stockholders																																	$	2,390
Equity in net assets of nonconsolidated affiliates	$	81			$	7,447			$	—			$	—			$	7,528			$	—			$	1,260			$	—			$	8,788
Goodwill and intangibles	$	2,725			$	949			$	9			$	—			$	3,683			$	679			$	1,358			$	—			$	5,720
Total assets	$	108,202			$	26,905			$	24,795			$	(45,289	)		$	114,613			$	2,684			$	102,657			$	(1,313	)		$	218,641
Depreciation and amortization	$	1,114			$	137			$	13			$	—			$	1,264			$	2			$	1,833			$	—			$	3,099
Impairment charges	$	28			$	2			$	—			$	—			$	30			$	—			$	—			$	—			$	30
Equity income	$	3			$	589			$	—			$	—			$	592			$	—			$	45			$	—			$	637

__________

(a) Consists of charges related to restructuring actions in Korea in GMI, which is net of noncontrolling interest.

	At and For the Six Months Ended June 30, 2019
	GMNA				GMI				Corporate				Eliminations				Total Automotive				GM Cruise				GM Financial				Eliminations/Reclassifications				Total
Net sales and revenue	$	55,689			$	7,897			$	100							$	63,686			$	50			$	7,259			$	(57	)		$	70,938
Earnings (loss) before interest and taxes-adjusted	$	4,918			$	(17	)		$	(10	)						$	4,891			$	(448	)		$	895			$	(16	)		$	5,322
Adjustments(a)	$	(1,119	)		$	1,207			$	(2	)						$	86			$	—			$	—			$	—			86
Automotive interest income																																	204
Automotive interest expense																																	(376		)
Net (loss) attributable to noncontrolling interests																																	(27		)
Income before income taxes																																	5,209
Income tax expense																																	(661		)
Income from continuing operations																																	4,548
Loss from discontinued operations, net of tax																																	—
Net loss attributable to noncontrolling interests																																	27
Net income attributable to stockholders																																	$	4,575
Depreciation and amortization	$	3,478			$	246			$	25			$	—			$	3,749			$	9			$	3,747			$	—			$	7,505
Impairment charges	$	15			$	3			$	—			$	—			$	18			$	—			$	—			$	—			$	18
Equity income	$	4			$	607			$	(13	)		$	—			$	598			$	—			$	87			$	—			$	685

__________

(a) Consists of restructuring and other charges related to transformation activities of $1.2 billion, primarily in GMNA and a benefit of $1.2 billion related to the retrospective recoveries of indirect taxes in Brazil in GMI.

	At and For the Six Months Ended June 30, 2018
	GMNA				GMI				Corporate				Eliminations				Total Automotive				GM Cruise				GM Financial				Eliminations				Total
Net sales and revenue	$	56,319			$	9,606			$	99							$	66,024			$	—			$	6,899			$	(64	)		$	72,859
Earnings (loss) before interest and taxes-adjusted	$	4,903			$	332			$	(93	)						$	5,142			$	(320	)		$	979			$	1			$	5,802
Adjustments(a)	$	—			$	(1,138	)		$	—							$	(1,138	)		$	—			$	—			$	—			(1,138		)
Automotive interest income																																	136
Automotive interest expense																																	(309		)
Net (loss) attributable to noncontrolling interests																																	(30		)
Income before income taxes																																	4,461
Income tax expense																																	(985		)
Income from continuing operations																																	3,476
Loss from discontinued operations, net of tax																																	(70		)
Net loss attributable to noncontrolling interests																																	30
Net income attributable to stockholders																																	$	3,436
Depreciation and amortization	$	2,223			$	290			$	24			$	—			$	2,537			$	3			$	3,656			$	—			$	6,196
Impairment charges	$	53			$	461			$	—			$	—			$	514			$	—			$	—			$	—			$	514
Equity income	$	5			$	1,183			$	—			$	—			$	1,188			$	—			$	97			$	—			$	1,285

__________

(a) Consists of charges related to restructuring actions in Korea in GMI, which is net of noncontrolling interest.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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