First quarter reported net loss of
Results reflect continuation of global economic downturn and lower industry-wide sales volume
Losses partially offset by strong structural cost reduction due to aggressive restructuring efforts
First Quarter 2009 2008 O/(U) 2008 Revenue (bils.): $22.4 $42.4 $(20.0) Reported automotive EBIT (bils.): $(5.2) $0.5 $(5.7) Adjusted automotive EBIT (bils.): $(3.9) $0.8 $(4.7) Reported net income (bils.): $(6.0) $(3.3) $(2.7) Adjusted net income (bils.): $(5.9) $(0.4) $(5.5) Reported earnings per share (dollars): $(9.78) $(5.80) $(3.98) Adjusted operating cash flow (bils.): $(10.2) $(3.1) $(7.1)
"Our first quarter results underscore the importance of executing GM's revised Viability Plan, which goes further and faster to lower our break-even point," said
GM posted a reported net loss of
The reported results for the first quarter of 2009 include special items and charges netting to a loss of
GM's revenue for the first quarter of 2009 was
Beginning in the first quarter of 2009 and reflected in this release, GM will report its automotive operations and regional results on an earnings-before-interest-and-taxes (EBIT) basis, with interest expense and income tax reported in the corporate sector.
GM Automotive Operations
GM recorded an adjusted automotive EBIT loss of
GM's automotive results in the first quarter of 2009 were driven by a revenue decline in all regions, due in part to a depressed global industry. In addition, GM's results were impacted by unfavorable foreign currency exchange and mark-to-market commodity hedging versus the year-ago quarter. However, these losses were partially offset by a significant structural cost improvement of
Demonstrating its commitment to product and technology excellence, GM launched several new vehicles in the first quarter, including the fuel-efficient Chevrolet Cruze in China. In
GMNA First Quarter 2009 2008 '09 O/(U) '08 Revenue (bils.) $12.3 $24.5 $(12.2) Reported EBIT (bils.) $(3.2) $(.4) $(2.8) Adjusted EBIT (bils.) $(2.8) $(.2) $(2.6) GMNA Market Share 17.9% 21.7% (3.8) p.p.
GMNA revenue for the first quarter 2009 was
GME First Quarter 2009 2008 '09 O/(U) '08 Revenue (bils.) $5.3 $9.9 $(4.6) Reported EBIT (bils.) $(2.0) $0.1 $(2.1) Adjusted EBIT (bils.) $(1.2) $0.2 $(1.4) GME Market Share 8.9% 9.6% (0.7) p.p
GM
GMAP First Quarter 2009 2008 '09 O/(U) '08 Revenue (bils.) $2.4 $5.3 $(2.9) Reported EBIT (mils.) $(21) $310 $(331) Adjusted EBIT (mils.) $(21) $310 $(331) GMAP Market Share 8.0% 6.9% 1.1 p.p.
GM sales in China were up 17 percent, driven by strong SAIC-GM-Wuling performance and aggressive government stimulus. This helped fuel overall regional sales and market share increases. However, sales decreased in most countries across the region excluding China, driving down production volumes, which impacted GMAP revenue. In addition, GM Daewoo revenue dropped as export volumes declined significantly across its major export markets.
GMLAAM First Quarter 2009 2008 '09 O/(U) '08 Revenue (bils.) $3.4 $4.8 $(1.4) Reported EBIT (mils.) $16 $500 $(484) Adjusted EBIT (mils.) $42 $500 $(458) GMLAAM Market Share 16.9% 17.6% (0.7) p.p.
GM
GMAC
On a standalone basis, GMAC reported a net loss of
GMAC's results were primarily attributable to continued pressure in mortgage operations, weaker credit performance on both auto and mortgage assets, mark-to-market adjustments, and an original issue discount related to its fourth quarter debt exchange. The losses were partially offset by profitable performance in its insurance business and gains on debt extinguishment transactions.
Cash and Liquidity
Cash and marketable securities totaled
The change in liquidity reflects negative adjusted operating cash flow of
Reinventing GM
On
In addition, GM announced a number of initiatives to restructure and deleverage its balance sheet as an important part of the revised Viability Plan, including an exchange offer to its bondholders aimed at reducing its unsecured debt by at least
"This is a defining moment in the history of General Motors, and we are committed to our Plan, which we believe will lead to a stable and sustainable operating structure with a strong balance sheet," said Henderson. "Our goal is to fix this business once and for all to position ourselves to win in the long-term. That will be achieved by putting the customer first in all we do, focusing on fewer, stronger brands and developing great products that lead in design, technology, quality and fuel efficiency."
About GM
General Motors Corp. (NYSE: GM), one of the world's largest automakers, was founded in 1908, and today manufactures cars and trucks in 34 countries. With its global headquarters in
Forward-Looking Statements
This document contains "forward-looking statements." Such statements are based on the current expectations and assumptions of GM management, and as such involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those now anticipated - both in connection with the proposed exchange offers and consent solicitations, and GM's business and financial prospects -- including (without limitation) those set forth in the Prospectus Documents filed with the SEC as part of GM's Registration Statement on Form S-4 (as amended and supplemented). To better understand these risks and uncertainties, holders of notes and other readers are encouraged to read carefully the Prospectus Documents (as amended or supplemented), GM's Annual Report on Form 10-K for the fiscal year ended
Exhibit 1
General Motors Corporation and Subsidiaries
Use of Non-GAAP Financial Measures
This press release, the accompanying tables and the charts for securities analysts include the following financial measures, which are not prepared in accordance with Accounting Principles Generally Accepted in
In the three months ended
Management believes these non-GAAP financial measures provide meaningful supplemental information regarding GM's operating results because they exclude amounts that GM management does not consider part of operating results when assessing and measuring the operational and financial performance of the organization. In addition, GM has historically reported similar non-GAAP financial measures and believes that inclusion of these non-GAAP financial measures provides consistency and comparability with past earnings releases. GM management believes these measures allow it to readily view operating trends, perform analytical comparisons, benchmark performance among geographic regions and assess whether GM's plan to return to profitability is on target. Also, GM management uses adjusted net income and adjusted earnings before interest and income taxes for forecasting purposes and in determining future capital investment allocations. Accordingly, GM believes these non-GAAP financial measures are useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making.
While GM believes that these non-GAAP financial measures provide useful supplemental information, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP, do not reflect a comprehensive system of accounting and may not be comparable to similarly titled measures of other companies due to potential differences in the method of calculation between companies. Costs such as the special attrition programs and restructuring charges that are excluded from GM's non-GAAP financial measures can have a material effect on net earnings. As a result, these non-GAAP financial measures have limitations and should not be considered in isolation from, or as a substitute for, net earnings, cash flow from operations, or other measures of performance or liquidity prepared in accordance with GAAP. GM compensates for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by providing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to their most comparable GAAP financial measures that are included elsewhere in this press release.
General Motors Corporation and Subsidiaries
Use of Non-GAAP Financial Measures
Adjusted Net Income and Adjusted Earnings Before Interest and Income Taxes
Adjusted net income excludes charges for certain tax related items, gains and losses on the sale of business units and business interests, charges associated with accounting changes, restructuring, plant closure and impairment charges, charges associated with Delphi Corporation (Delphi), special attrition program charges, and other gains and losses which management excludes when assessing the internal performance of the organization.
Adjusted earnings before interest and income taxes begins with adjusted net income and is adjusted to remove any remaining interest and income tax expense or benefit.
Managerial Cash Flow
GM reports non-GAAP managerial operating cash flow in its earnings releases and charts for securities analysts. Management believes that providing managerial operating cash flow furnishes it and investors with useful information by representing the cash flow generated or consumed by its operations, including cash consumed by capital expenditures and equity investments in companies related to GM's core business and cash generated by sales of operating assets and equity investments in companies related to GM's core business, before funding non-operating-related obligations including debt maturities, dividends and other non-operating items. Management uses this non-GAAP financial measure to assess its cash flow when evaluating the performance of GM, its business units and its management teams and when making decisions to allocate resources among GM's business units.
General Motors Corporation and Subsidiaries List of Special Items (Dollars in millions, except per share amounts) (Unaudited) Three Months Ended March 31, 2009 -------------- Earnings EPS REPORTED -------- Net loss attributable to GM Common Stockholders - basic and diluted * $(5,975) $(9.78) ADJUSTMENTS ----------- Pre-Tax Adjustments: Gain on extinguishment of debt (a) $(906) Saab related (b) 822 GMAC related (c) (385) Impairments (d) 291 Restructuring/Special attrition program (e) 116 Delphi (f) 135 --- Total Adjustments $73 0.12 === ==== ADJUSTED -------- Adjusted loss attributable to GM Common Stockholders - basic and diluted * $(5,902) $(9.66) =========== =============
* See average shares outstanding .
(a) On March 4, 2009 GM entered into an agreement to amend a $1.5 billion U.S. term loan, which expires November 2013. Because the terms of the amended U.S. term loan were substantially different than the original terms, primarily due to the revised borrowing rate, the amendment was accounted for as a debt extinguishment. As a result, GM recorded the amended U.S. term loan at fair value and recorded a gain of $906 million for the extinguishment of the original loan facility. (b) On February 20, 2009, Saab Automobile AB (Saab) filed for Reorganization under a self-managed Swedish court process, which is similar to U.S. Chapter 11 bankruptcy protection. The reorganization filing resulted in the loss of control necessary for consolidation and therefore GM deconsolidated Saab on February 20, 2009. Charges of $822 million were recorded related to GM's net investment in, and advances to, Saab and other commitments and obligations, including a commitment to provide up to $150 million of debtor-in-possession financing. (c) Income of $385 million representing our proportionate share of GMAC's debt extinguishment. (d) Charges of $291 million were recorded for impairments as follows: GMNA recorded $263 million charges related to long-lived asset impairments and $28 million related to GM's equity investment in CAMI Automotive Inc.
General Motors Corporation and Subsidiaries
List of Special Items
(Dollars in millions, except per share amounts)
(Unaudited)
(e) Net charges of $116 million were recorded for various restructuring initiatives and the 2009 special attrition program. Charges and gains recorded by region are as follows: GMNA: Charges of $315 million were recorded for the 2009 Special Attrition Program. At March 31, 2009, 7,000 hourly employees participated in the program. Gains of $411 million were recorded for adjustments to the closed plant reserve for the suspension of the Job Opportunity Bank and reductions to accrued wages and benefits due to 7,000 employees participating in the 2009 Special Attrition Program. Charges of $169 million were recorded for separation programs affecting salaried employees and additional planned capacity actions affecting hourly employees in the United States and Canada. GME: Charges of $17 million were recorded for separation programs, primarily in Germany. GMLAAM: Charges of $26 million were recorded for voluntary and involuntary separation programs affecting salaried and hourly employees, primarily in South America and South Africa. (f) Charges of $135 million were recorded for advances made under the Delphi Advance Agreement. A reserve was recorded to write-off the advance as it was deemed uncollectable. No advances were outstanding at December 31, 2008.
General Motors Corporation and Subsidiaries List of Special Items (Dollars in millions, except per share amounts) (Unaudited) Three Months Ended March 31, 2008 -------------- Earnings EPS REPORTED -------- Net loss attributable to GM Common Stockholders - basic and diluted * $(3,282) $(5.80) ADJUSTMENTS ----------- Pre-Tax Adjustments: Impairment charges related to investment in GMAC LLC (a) $1,452 Delphi (b) 731 Restructuring/Special attrition program (c) 324 --- 2,507 ----- Tax Related Adjustments: Valuation allowances on deferred tax assets (d) 394 --- Total Adjustments $2,901 $5.13 ====== ===== ADJUSTED -------- Adjusted loss attributable to GM Common Stockholders - basic and diluted * $(381) $(0.67) ========== ============
* See average shares outstanding.
(a) Charges to record impairments of GM's investments in Common and Preferred Membership Interests of GMAC LLC. During the period, GM determined that these investments were impaired and that such impairment was not temporary in nature. Due to the uncertainty regarding the timing of a recovery, if any, in valuation, GM reduced the carrying value of these investments to estimated fair value. (b) Charge primarily related to updated estimates reflecting the uncertainty around the nature, value and timing of GM's recoveries upon Delphi's emergence from bankruptcy. (c) Relates to various restructuring initiatives and the 2008 Special Attrition Program. Charges recorded by region are as follows: GMNA: Charges of $201 million for retirement pension and benefit incentives, pre-retirement incentives and cash buyouts related to the 2008 Special Attrition Program. GME: Charges of $123 million were recognized for separation programs primarily in Belgium, Germany and Sweden. (d) Charges of $394 million for valuation allowances on GM's net deferred tax assets in Spain and the United Kingdom.
General Motors Corporation and Subsidiaries Summary Corporate Financial Results (Dollars in millions, except per share amounts) (Unaudited) Three Months Ended March 31, --------- 2009 2008 ---- ---- REPORTED -------- Total net sales and revenue $22,431 $42,383 Net loss attributable to GM Common Stockholders $(5,975) $(3,282) Net margin (a) (26.6)% (7.7)% Loss per share, basic and diluted, attributable to GM Common Stockholders $(9.78) $(5.80) ADJUSTED -------- Total net sales and revenue $22,431 $42,383 Net loss attributable to GM Common Stockholders $(5,902) $(381) Net margin (a) (26.3)% (0.9)% Loss per share, basic and diluted, attributable to GM Common Stockholders $(9.66) $(0.67)
See reconciliation of adjusted financial results.
(a) Calculated as Net loss attributable to GM Common Stockholders/Total net sales and revenue.
General Motors Corporation and Subsidiaries Summary Corporate Financial Results (Unaudited) Three Months Ended March 31, --------- 2009 2008 ---- ---- Weighted average common shares outstanding: (Millions) Reported (GAAP) and Adjusted (Non-GAAP): Basic and diluted shares 611 566 Cash dividends per share of common stock $- $0.25 Cash & marketable securities and (Billions) readily-available assets in VEBA at March 31: Cash & marketable securities $11.6 $23.6 Readily-available assets in VEBA - 0.7 - --- Available Liquidity $11.6 $24.3 ===== ===== Depreciation and amortization: (Millions) Depreciation $1,482 $1,437 Amortization of special tools 1,036 772 Amortization of intangible assets 22 20 -- -- Total $2,540 $2,229 ====== ======
General Motors Corporation and Subsidiaries Summary Corporate Financial Results (Dollars in millions) (Unaudited) Three Months Ended March 31, 2009 and 2008 Reported Special Items Adjusted -------- ------------- -------- 2009 2008 2009 2008 2009 2008 ---- ---- ---- ---- ---- ---- Net sales and revenue: GMNA $12,319 $24,543 $- $- $12,319 $24,543 GME 5,318 9,909 - - 5,318 9,909 GMLAAM 3,446 4,763 - - 3,446 4,763 GMAP 2,429 5,296 - - 2,429 5,296 Auto Eliminations (a) (1,259) (2,567) - - (1,259) (2,567) ------- ------- - - ------- ------- Total GMA 22,253 41,944 - - 22,253 41,944 GMAC - - - - - - Corporate and Other (a) 178 439 - - 178 439 --- --- - - --- --- Total $22,431 $42,383 $- $- $22,431 $42,383 ======= ======= ======= ======= ======= =======
(a) Auto Eliminations and Corporate and Other include inter-company eliminations.
General Motors Corporation and Subsidiaries Summary Corporate Financial Results (Dollars in millions) (Unaudited) Three Months Ended March 31, 2009 and 2008 Reported Special Items Adjusted -------- ------------- -------- 2009 2008 2009 2008 2009 2008 ---- ---- ---- ---- ---- ---- Equity income (loss), net of tax: GMNA $(59) $(20) $28 $- $(31) $(20) GME (2) 13 - - (2) 13 GMLAAM 2 5 - - 2 5 GMAP 107 134 - - 107 134 Auto Eliminations (a) - - - - - - - - - - - - Total GMA 48 132 28 - 76 132 GMAC - - - - - - Corporate and Other (a) - - - - - - - - - - - - Total $48 $132 $28 $- $76 $132 === ==== === === === ==== Net income attributable to noncontrolling interests: GMNA $(16) $3 $- $- $(16) $3 GME (13) (7) - - (13) (7) GMLAAM (4) (6) - - (4) (6) GMAP (41) (50) - - (41) (50) Auto Eliminations (a) - - - - - - - - - - - - Total GMA (74) (60) - - (74) (60) GMAC - - - - - - Corporate and Other (a) (2) (13) - - (2) (13) --- ---- - - --- ---- Total $(76) $(73) $- $- $(76) $(73) ===== ===== ======= ==== ===== =====
(a) Auto Eliminations and Corporate and Other include inter-company eliminations.
General Motors Corporation and Subsidiaries Summary Corporate Financial Results (Dollars in millions) (Unaudited) Three Months Ended March 31, 2009 and 2008 Earnings (loss) Before Reported Special Items Adjusted interest -------- ------------- -------- and taxes (a): 2009 2008 2009 2008 2009 2008 ---- ---- ---- ---- ---- ---- GMNA $(3,216) $(449) $452 $201 $(2,764) $(248) GME (1,989) 118 751 123 (1,238) 241 GMLAAM 16 500 26 - 42 500 GMAP (21) 310 - - (21) 310 Auto Eliminations (b) 54 5 - - 54 5 Total GMA EBIT (5,156) 484 1,229 324 (3,927) 808 GMAC (500) (1,612) (385) 1,310 (885) (302) Corporate & Other (c) (433) (1,501) (771) 873 (1,204) (628) Total EBT (6,089) (2,629) 73 2,507 (6,016) (122) Income tax expense (benefit): (114) 653 - (394) (114) 259 Net loss attributable to GM Common Stockholders $(5,975) $(3,282) $73 $2,901 $(5,902) $(381)
(a) Defined here as Operating income (loss) before interest and income taxes and after equity income and net income attributable to noncontrolling interests. (b) Auto Eliminations include inter-company eliminations. (c) Corporate and Other include inter-company eliminations, total interest income and total interest expense.
General Motors Corporation and Subsidiaries Summary Corporate Financial Results (Dollars in billions) (Unaudited) Three Months Ended March 31, --------- 2009 2008 ---- ---- Adjusted Operating Cash Flow: Total pre-tax earnings (loss) (a) $(6.1) $(2.6) Depreciation, amortization and impairments 2.5 2.2 Capital expenditures (1.6) (1.9) Change in receivables, payables and inventory (1.9) (2.2) Pension and OPEB expense (net of payments) (0.5) (0.7) Accrued expenses and other (2.6) 2.1 ----- --- Total Adjusted Operating Cash Flow $(10.2) $(3.1) ======= ====== GAAP to Adjusted Operating Cash Flow: Net cash used in operating activities (GAAP) (b) $(9.4) $(1.6) Capital expenditures (1.6) (1.9) Restructuring costs 0.5 0.3 Delphi restructuring costs 0.3 - Other - 0.1 - --- Total Adjusted Operating Cash Flow $(10.2) $(3.1) ======= ======
(a) Defined here as Operating income (loss) before income taxes and after equity income and net income attributable to noncontrolling interests. (b) Operating cash flow from operations.
General Motors Corporation and Subsidiaries Operating Statistics (Unaudited) Three Months Ended March 31, --------- 2009 2008 Worldwide Production Volume: (Units in thousands) -------------------- GMNA - Cars 116 360 GMNA - Trucks 255 525 --- --- Total GMNA 371 885 GME 267 493 GMLAAM 185 243 GMAP (b) 507 612 --- --- Total Worldwide (a) 1,330 2,233 ===== ===== Vehicle Unit Deliveries: Chevrolet - Cars 93 181 Chevrolet - Trucks 154 299 Pontiac 41 72 GMC 54 104 Buick 21 38 Saturn 20 48 Cadillac 24 47 Other 6 17 - -- Total United States 413 806 Canada, Mexico and Other 88 141 -- --- Total GMNA 501 947 GME 405 571 GMLAAM 274 324 GMAP (b) 436 411 --- --- Total Worldwide (a) 1,616 2,253 ===== =====
(a) Total Worldwide may include rounding differences. (b) Under a contractual agreement with SGMW, GM also reports Wuling China vehicle sales in China as part of GM's global market share. Wuling China vehicle first quarter Worldwide Production Volume included in GM's global vehicle sales and market share data was of 237 thousand vehicles and 172 thousand vehicles in 2009 and 2008, respectively. Wuling China Vehicle Unit Sales in China were 231 thousand vehicles and 173 thousand vehicles in 2009 and 2008, respectively. Consistent with industry practice, vehicle sales information includes estimates of industry sales in certain countries where public reporting is not legally required or otherwise available on a consistent basis.
General Motors Corporation and Subsidiaries Operating Statistics (Unaudited) Three Months Ended March 31, --------- Market Share: 2009 2008 ---- ---- United States - Cars 15.3% 19.1% United States - Trucks 21.4% 24.9% Total United States 18.4% 22.1% Total GMNA 17.9% 21.7% Total GME 8.9% 9.6% Total GMLAAM 16.9% 17.6% Total GMAP (a) 8.0% 6.9% Total Worldwide 11.2% 12.4% U.S. Retail/Fleet Mix: % Fleet Sales - Cars 19.9% 33.5% % Fleet Sales - Trucks 15.2% 21.9% Total Vehicles 17.1% 26.7% GMNA Capacity Utilization (b) 36.6% 76.3%
(a) Under a contractual agreement with SGMW, GM also reports Wuling China vehicle sales in China as part of GM's global market share. (b) Two shift rated, annualized.
General Motors Corporation and Subsidiaries Operating Statistics (Unaudited) Three Months Ended March 31, --------- 2009 2008 ---- ---- GMAC's share of GM retail sales (U.S. only) Total consumer volume (retail and lease) as % of retail 19% 45% SmartLease as % of retail 0% 19% Worldwide Employment at March 31: (Thousands) ----------- United States - Hourly 61 76 United States - Salaried 27 32 -- -- Total United States 88 108 Canada, Mexico and Other 24 28 -- -- GMNA 112 136 GME 55 58 GMLAAM 33 35 GMAP 33 35 Corporate and other 2 2 - - Total Worldwide 235 266 === === (Billions) ---------- Worldwide Payroll $2.9 $4.3
General Motors Corporation and Subsidiaries Condensed Consolidated Statements of Operations (Dollars in millions, except per share amounts) (Unaudited) Three Months Ended March 31, --------- 2009 2008 ---- ---- Net sales and revenue Automotive sales $22,232 $41,944 Other revenue 199 439 --- --- Total net sales and revenue 22,431 42,383 ------ ------ Costs and expenses Cost of sales 24,611 38,152 Selling, general and administrative expense 2,497 3,699 Other expenses 985 1,121 --- ----- Total costs and expenses 28,093 42,972 ------ ------ Operating loss (5,662) (589) Equity in loss of GMAC LLC (500) (1,612) Interest expense (1,230) (805) Interest income and other non-operating income, net 425 318 Gain on extinguishment of debt 906 - --- - Loss before income taxes and equity income (6,061) (2,688) Income tax expense (benefit) (114) 653 Equity income, net of tax 48 132 -- --- Net loss (5,899) (3,209) Less: Net income attributable to noncontrolling interests (76) (73) ---- ---- Net loss attributable to GM Common Stockholders $(5,975) $(3,282) ============ ============ Loss per share, basic and diluted, attributable to GM Common Stockholders $(9.78) $(5.80) ============ ============ Weighted average common shares outstanding, basic and diluted (millions) 611 566 === === Cash dividends per share $- $0.25 ========= =====
General Motors Corporation and Subsidiaries Condensed Consolidated Balance Sheets (Dollars in millions) (Unaudited) March 31, December 31, March 31, 2009 2008 2008 ---- ---- ---- ASSETS Current Assets Cash and cash equivalents $11,448 $14,053 $21,601 Marketable securities 132 141 2,043 --- --- ----- Total cash and marketable securities 11,580 14,194 23,644 Accounts and notes receivable, net 7,567 7,918 10,471 Inventories 11,606 13,195 17,321 Equipment on operating leases, net 3,430 5,142 7,094 Other current assets and deferred income taxes 2,593 3,146 4,142 ----- ----- ----- Total current assets 36,776 43,595 62,672 Non-Current Assets Equity in net assets of nonconsolidated affiliates 2,447 2,146 7,322 Property, net 37,625 39,665 43,294 Goodwill and intangible assets, net 242 265 1,093 Deferred income taxes 89 98 915 Prepaid pension 106 109 20,593 Equipment on operating leases, net 375 442 3,035 Other assets 4,630 4,719 6,784 ----- ----- ----- Total non-current assets 45,514 47,444 83,036 ------ ------ ------ Total Assets $82,290 $91,039 $145,708 ======= ======= ======== LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable (principally trade) $18,253 $22,259 $29,817 Short-term debt and current portion of long-term debt 25,556 16,920 8,532 Accrued expenses 36,989 36,429 34,806 ------ ------ ------ Total current liabilities 80,798 75,608 73,155 Non-Current Liabilities Long-term debt 28,846 29,018 34,757 Postretirement benefits other than pensions 22,503 28,919 46,994 Pensions 24,476 25,178 11,624 Other liabilities and deferred income taxes 16,187 17,392 18,554 ------ ------ ------ Total non-current liabilities 92,012 100,507 111,929 ------ ------- ------- Total Liabilities 172,810 176,115 185,084 Commitments and contingencies Stockholders' Deficit Preferred stock, no par value, 6,000,000 shares authorized, no shares issued and outstanding - - - Preference stock, $0.10 par value, authorized 100,000,000 shares, no shares issued and outstanding - - - Common stock, $1 2/3 par value (2,000,000,000 shares authorized, 800,937,541 and 1,018 1,017 944 610,505,273 shares issued and outstanding at March 31, 2009, respectively, 800,937,541 and 610,483,231 shares issued and outstanding at December 31, 2008, respectively, and 756,637,541 and 566,100,839 shares issued and outstanding at March 31, 2008, respectively) Capital surplus (principally additional paid-in capital) 16,489 16,489 16,108 Accumulated deficit (76,703) (70,727) (42,912) Accumulated other comprehensive loss (31,946) (32,339) (14,490) -------- -------- -------- Total GM stockholders' deficit (91,142) (85,560) (40,350) Noncontrolling interests 622 484 974 --- --- --- Total stockholders' deficit (90,520) (85,076) (39,376) -------- -------- -------- Total Liabilities and Stockholders' Deficit $82,290 $91,039 $145,708 =========== ========== =========
SOURCE General Motors Corporation