Segment Reporting

9 Months Ended

Sep. 30, 2019

We analyze the results of our business through the following reportable segments: GMNA, GMI, Cruise and GM Financial. The chief operating decision maker evaluates the operating results and performance of our automotive segments and 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. Cruise, formerly 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 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 primarily consist of cash and cash equivalents, marketable debt 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 September 30, 2019
	GMNA			GMI			Corporate			Eliminations			Total Automotive			Cruise			GM Financial		Eliminations/Reclassifications			Total
Net sales and revenue	$	27,971		$	3,794		$	52					$	31,817		$	25		$	3,659	$	(28	)	$	35,473
Earnings (loss) before interest and taxes-adjusted	$	3,023		$	(65	)	$	(451	)				$	2,507		$	(251	)	$	711	$	(1	)	$	2,966
Adjustments(a)	$	(359	)	$	92		$	—					$	(267	)	$	—		$	—	$	—		(267		)
Automotive interest income																								129
Automotive interest expense																								(206		)
Net (loss) attributable to noncontrolling interests																								(40		)
Income before income taxes																								2,582
Income tax expense																								(271		)
Income from continuing operations																								2,311
Loss from discontinued operations, net of tax																								—
Net loss attributable to noncontrolling interests																								40
Net income attributable to stockholders																								$	2,351

Equity in net assets of nonconsolidated affiliates	$	85		$	7,024		$	6		$	—		$	7,115		$	—		$	1,381	$	—		$	8,496
Goodwill and intangibles	$	2,488		$	896		$	1		$	—		$	3,385		$	670		$	1,353	$	—		$	5,408
Total assets	$	115,995		$	25,562		$	34,309		$	(56,381	)	$	119,485		$	4,406		$	109,099	$	(1,461	)	$	231,529
Depreciation and amortization	$	1,325		$	133		$	11		$	—		$	1,469		$	7		$	1,832	$	—		$	3,308
Impairment charges	$	—		$	1		$	—		$	—		$	1		$	—		$	—	$	—		$	1
Equity income (loss)	$	3		$	279		$	(6	)	$	—		$	276		$	—		$	39	$	—		$	315

__________


(a)	Consists of restructuring and other charges related to transformation activities of $390 million, primarily in GMNA and a benefit of $123 million related to the retrospective recoveries of indirect taxes in Brazil in GMI.



	At and For the Three Months Ended September 30, 2018
	GMNA		GMI		Corporate			Eliminations			Total Automotive			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

__________


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



	At and For the Nine Months Ended September 30, 2019
	GMNA			GMI			Corporate			Eliminations		Total Automotive			Cruise			GM Financial		Eliminations/Reclassifications			Total
Net sales and revenue	$	83,660		$	11,691		$	152				$	95,503		$	75		$	10,918	$	(85	)	$	106,411
Earnings (loss) before interest and taxes-adjusted	$	7,941		$	(82	)	$	(461	)			$	7,398		$	(699	)	$	1,606	$	(17	)	$	8,288
Adjustments(a)	$	(1,478	)	$	1,299		$	(2	)			$	(181	)	$	—		$	—	$	—		(181		)
Automotive interest income																							333
Automotive interest expense																							(582		)
Net (loss) attributable to noncontrolling interests																							(67		)
Income before income taxes																							7,791
Income tax expense																							(932		)
Income from continuing operations																							6,859
Loss from discontinued operations, net of tax																							—
Net loss attributable to noncontrolling interests																							67
Net income attributable to stockholders																							$	6,926

Depreciation and amortization	$	4,803		$	379		$	36		$	—	$	5,218		$	16		$	5,579	$	—		$	10,813
Impairment charges	$	15		$	4		$	—		$	—	$	19		$	—		$	—	$	—		$	19
Equity income (loss)	$	7		$	886		$	(19	)	$	—	$	874		$	—		$	126	$	—		$	1,000

__________


(a)	Consists of restructuring and other charges related to transformation activities of $1.5 billion, primarily in GMNA and a benefit of $1.4 billion related to the retrospective recoveries of indirect taxes in Brazil in GMI.



	At and For the Nine Months Ended September 30, 2018
	GMNA		GMI			Corporate			Eliminations		Total Automotive			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

__________


(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.