SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report
(Date of earliest event reported) January 27, 1999
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GENERAL MOTORS CORPORATION
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(Exact name of registrant as specified in its charter)
STATE OF DELAWARE 1-143 38-0572515
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(State or other jurisdicti (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
100 Renaissance Center, Detroit, Michigan 48265-1000
3044 West Grand Boulevard, Detroit, Michigan 48202-3091
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (313)-556-5000
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ITEM 5. OTHER EVENTS
On January 27, 1999, General Motors Corporation ("GM") released its
consolidated balance sheets and consolidated statements of cash flows for
analytical purposes only. These financial statements did not include related
financial statement footnotes and certain other financial information that will
be filed with the Securities and Exchange Commission as part of GM's Annual
Report on Form 10-K.
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CONSOLIDATED BALANCE SHEETS
December 31,
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AUTOMOTIVE, ELECTRONICS AND OTHER OPERATIONS 1998 1997
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(Dollars in Millions)
ASSETS
Cash and cash equivalents $10,723 $10,685
Marketable securities 407 3,826
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Total cash and marketable securities 11,130 14,511
Accounts and notes receivable (less allowances) 5,599 5,440
Inventories (less allowances) 12,207 12,102
Equipment on operating leases (less accumulated
depreciation) 4,954 4,677
Deferred income taxes and other current assets 10,473 6,278
Net receivable from Financing and Insurance Operations - 319
Total current assets 44,363 43,327
Equity in net assets of nonconsolidated affiliates 1,317 1,407
Property - net 37,187 33,914
Intangible assets - net 10,222 10,752
Deferred income taxes 17,780 20,721
Other assets 14,769 13,547
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Total Automotive, Electronics and Other
Operations assets $125,638 $123,668
======== ========
LIABILITIES AND GM INVESTMENT
Accounts payable (principally trade) $13,479 $12,461
Loans payable 1,526 656
Accrued expenses 31,985 33,254
Net payable to Financing and Insurance Operations 816 -
-------- --------
Total current liabilities 47,806 46,371
Long-term debt 7,217 5,695
Postretirement benefits other than pensions 38,076 38,388
Pensions 6,590 4,271
Other liabilities and deferred income taxes 20,267 19,294
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Total Automotive, Electronics and Other
Operations liabilities 119,956 114,019
Minority interests 615 695
GM investment in Automotive, Electronics and
Other Operations 5,067 8,954
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Total Automotive, Electronics and Other
Operations liabilities and GM investment $125,638 $123,668
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December 31,
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FINANCING AND INSURANCE OPERATIONS 1998 1997
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(Dollars in Millions)
ASSETS
Cash and cash equivalents $146 $577
Investments in securities 8,748 7,896
Finance receivables - net 70,436 58,289
Investment in leases and other receivables 31,887 28,135
Other assets 19,718 13,187
Net receivable from Automotive, Electronic
and Other Operations 816 -
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Total Financing and Insurance Operations assets $131,751 $108,084
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LIABILITIES AND GM INVESTMENT
Accounts payable $6,492 $3,321
Debt 105,409 86,676
Deferred income taxes and other liabilities 9,661 8,962
Net payable to Automotive, Electronics and
Other Operations - 319
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Total Financing and Insurance Operations liabilities 121,562 99,278
Minority interests 52 32
GM investment in Financing and Insurance Operations 10,137 8,774
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Total Financing and Insurance Operations
liabilities and GM investment $131,751 $108,084
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CONSOLIDATED BALANCE SHEETS - Continued
December 31,
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GENERAL MOTORS CORPORATION AND SUBSIDIARIES 1998 1997
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(Dollars in Millions)
ASSETS
Automotive, Electronics and Other Operations
Cash and cash equivalents $10,723 $10,685
Marketable securities 407 3,826
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Total cash and marketable securities 11,130 14,511
Accounts and notes receivable (less allowances) 5,599 5,440
Inventories (less allowances) 12,207 12,102
Equipment on operating leases (less accumulated
depreciation) 4,954 4,677
Deferred income taxes and other current assets 10,473 6,278
Net receivable from Financing and Insurance Operations - 319
------ -------
Total current assets 44,363 43,327
Equity in net assets of nonconsolidated affiliates 1,317 1,407
Property - net 37,187 33,914
Intangible assets - net 10,222 10,752
Deferred income taxes 17,780 20,721
Other assets 14,769 13,547
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Total Automotive, Electronics and Other
Operations assets 125,638 123,668
Financing and Insurance Operations
Cash and cash equivalents 146 577
Investments in securities 8,748 7,896
Finance receivables - net 70,436 58,289
Investment in leases and other receivables 31,887 28,135
Other assets 19,718 13,187
Net receivable from Automotive, Electronics
and Other Operations 816 -
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Total Financing and Insurance Operations assets 131,751 108,084
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Total assets $257,389 $231,752
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive, Electronics and Other Operations
Accounts payable (principally trade) $13,479 $12,461
Loans payable 1,526 656
Accrued expenses 31,985 33,254
Net payable to Financing and Insurance Operations 816 -
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Total current liabilities 47,806 46,371
Long-term debt 7,217 5,695
Postretirement benefits other than pensions 38,076 38,388
Pensions 6,590 4,271
Other liabilities and deferred income taxes 20,267 19,294
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Total Automotive, Electronics and Other
Operations liabilities 119,956 114,019
Financing and Insurance Operations
Accounts payable 6,492 3,321
Debt 105,409 86,676
Deferred income taxes and other liabilities 9,661 8,962
Net payable to Automotive, Electronics and
Other Operations - 319
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Total Financing and Insurance Operations liabilities 121,562 99,278
Minority interests 667 727
General Motors - obligated mandatorily redeemable
preferred securities of subsidiary trusts holding
solely junior subordinated debentures of General Motors
Series D 79 79
Series G 141 143
Stockholders' equity
Preference stocks 1 1
$1-2/3 par value common stock (issued, 655,008,344
and 693,456,394 shares) 1,092 1,156
Class H common stock (issued, 106,159,776
and 103,885,803 shares) 11 10
Capital surplus (principally additional paid-in capital) 12,661 15,369
Retained earnings 6,984 5,416
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Subtotal 20,749 21,952
Accumulated foreign currency translation adjustments (1,157) (888)
Net unrealized gains on securities 481 504
Minimum pension liability adjustment (5,089) (4,062)
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Accumulated other comprehensive loss (5,765) (4,446)
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Total stockholders' equity 14,984 17,506
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Total liabilities and stockholders' equity $257,389 $231,752
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<PAGE>
CONSOLIDATED STATEMENTS OF CASH FLOWS
For The Years Ended December 31,
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1998 1997 1996
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(Dollars in Millions)
AUTOMOTIVE, ELECTRONICS AND OTHER OPERATIONS
Cash flows from operating activities
Income from continuing operations $1,534 $5,381 $3,712
Adjustments to reconcile income from
continuing operations to net cash
provided by operating activities
Depreciation and amortization
expenses 7,281 11,803 7,145
Gain on Hughes Defense spin-off - (4,269) -
Postretirement benefits other
than pensions, net of payments
and VEBA contributions (182) (1,451) 1,549
Pension expense, net of
contributions 113 240 801
Change in other investments and
miscellaneous assets 392 (1,413) 374
Change in other operating assets
and liabilities 475 1,850 (272)
Other (264) 684 1,222
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Net cash provided by operating
activities 9,349 12,825 14,531
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Cash flows from investing activities
Expenditures for property (9,339) (9,801) (9,606)
Investments in other marketable
securities - acquisitions (13,705) (13,167) (14,340)
Investments in other marketable
securities - liquidations 16,973 12,984 11,891
Operating leases - acquisitions (6,397) (5,680) (4,089)
Operating leases - liquidations 5,609 3,711 3,819
Proceeds from borrowings of Hughes
Defense prior to the Hughes
Defense spin-off - 4,006 -
Investments in companies, net
of cash acquired (1,172) (1,874) (167)
Special inter-company payment
from EDS - - 500
Net investing activity with
Financing and Insurance Operations 338 750 1,200
Other (951) 473 850
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Net cash (used in) investing
activities (8,644) (8,598) (9,942)
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Cash flows from financing activities
Net increase (decrease) in loans
payable 521 (557) (974)
Increase in long-term debt 2,993 384 1,924
Decrease in long-term debt (1,486) (1,143) (871)
Repurchases of common and
preference stocks (3,089) (4,365) (251)
Proceeds from issuing common stocks 344 614 480
Cash dividends paid to stockholders (1,389) (1,620) (1,530)
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Net cash (used in) financing
activities (2,106) (6,687) (1,222)
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Effect of exchange rate changes
on cash and cash equivalents 304 (513) (185)
Net transactions with Financing and
Insurance Operations 1,135 338 989
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Net cash provided by (used in)
continuing operations 38 (2,635) 4,171
Net cash provided by discontinued
operations - - 103
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Net increase (decrease) in cash
and cash equivalents 38 (2,635) 4,274
Cash and cash equivalents at
beginning of the year 10,685 13,320 9,046
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Cash and cash equivalents at
end of the year $10,723 $10,685 $13,320
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CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued
For The Years Ended December 31,
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1998 1997 1996
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(Dollars in Millions)
FINANCING AND INSURANCE OPERATIONS
Cash flows from operating activities
Income from continuing operations $1,422 $1,317 $1,241
Adjustments to reconcile income from
continuing operations to net cash
provided by operating activities
Depreciation and amortization
expenses 4,920 4,813 4,695
Postretirement benefits other
than pensions, net of payments 31 26 26
Originations and purchases of
mortgage loans (54,433 (30,878) (19,455)
Proceeds on sales of mortgage
loans 51,582 28,543 18,157
Originations and purchases of
mortgage securities (2,237) (2,516) (970)
Proceeds on sales of mortgage
securities 849 1,449 758
Change in other investments and
miscellaneous assets 846 600 (777)
Change in other operating assets
and liabilities 3,649 467 (271)
Other 916 264 884
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Net cash provided by operating
activities 7,545 4,085 4,288
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Cash flows from investing activities
Expenditures for property (966) (519) (343)
Investments in other marketable
securities - acquisitions (21,152) (17,730) (13,091)
Investments in other marketable
securities - liquidations 21,688 16,295 13,075
Mortgage servicing rights -
acquisitions (1,862) (479) (409)
Mortgage servicing rights -
liquidations 80 23 99
Finance receivables - acquisitions (155,613) (163,614) (155,477)
Finance receivables - liquidations 114,662 129,615 120,253
Proceeds from sales of finance
receivables 27,681 31,191 36,657
Operating leases - acquisitions (17,128) (15,393) (14,405)
Operating leases - liquidations 10,389 8,718 6,688
Investments in companies, net of
cash acquired - (422) -
Other (167) 250 442
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Net cash (used in) investing
activities (22,388) (12,065) (6,511)
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Cash flows from financing activities
Net increase (decrease) in
loans payable 6,162 5,626 1,636
Increase in debt 21,098 14,587 14,009
Decrease in debt (11,377) (11,311) (11,939)
Net financing activity with
Automotive, Electronics
and Other (338) (750) (1,200)
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Net cash provided by financing
activities 15,545 8,152 2,506
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Effect of exchange rate changes
on cash and cash equivalents 2 - -
Net transactions with Automotive,
Electronics and Other Operations (1,135) (338) (989)
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Net (decrease) in cash
and cash equivalents (431) (166) (706)
Cash and cash equivalents at
beginning of the year 577 743 1,449
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Cash and cash equivalents at
end of the year $146 $577 $743
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CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued
For The Years Ended December 31,
---------------------------------
1998 1997 1996
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(Dollars in Millions)
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
Cash flows from operating activities
Income from continuing operations $2,956 $6,698 $4,953
Adjustments to reconcile income
from continuing operations to net
cash provided by operating activities
Depreciation and amortization
expenses 12,201 16,616 11,840
Gain on Hughes Defense spin-off - (4,269) -
Postretirement benefits other
than pensions, net of payments
and VEBA contributions (151) (1,425) 1,575
Pension expense, net of contributions 113 240 801
Originations and purchases of
mortgage loans (54,433) (30,878) (19,455)
Proceeds on sales of mortgage
loans 51,582 28,543 18,157
Originations and purchases o
mortgage securities (2,237) (2,516) (970)
Proceeds on sales of mortgage
securities 849 1,449 758
Change in other investments and
miscellaneous assets 1,238 (813) (403)
Change in other operating assets
and liabilities 4,124 2,317 (543)
Other 652 948 2,106
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Net cash provided by operating
activities 16,894 16,910 18,819
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Cash flows from investing activities
Expenditures for property (10,305) (10,320) (9,949)
Investments in other marketable
securities - acquisitions (34,857) (30,897) (27,431)
Investments in other marketable
securities - liquidations 38,661 29,279 24,966
Mortgage servicing rights -
acquisitions (1,862) (479) (409)
Mortgage servicing rights -
liquidations 80 23 99
Finance receivables - acquisitions (155,613) (163,614) (155,477)
Finance receivables - liquidations 114,662 129,615 120,253
Proceeds from sales of finance
receivables 27,681 31,191 36,657
Operating leases - acquisitions (23,525) (21,073) (18,494)
Operating leases - liquidations 15,998 12,429 10,507
Proceeds from borrowings of Hughes
Defense prior to the Hughes
Defense spin-off - 4,006 -
Investments in companies, net of
cash acquired (1,172) (2,296) (167)
Special inter-company payment from EDS - - 500
Other (1,118) 723 1,292
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Net cash (used in) investing
activities (31,370) (21,413) (17,653)
------ ------ ------
Cash flows from financing activities
Net increase (decrease) in loans
payable 6,683 5,069 662
Increase in long-term debt 24,091 14,971 15,933
Decrease in long-term debt (12,863) (12,454) (12,810)
Repurchases of common and preference
stocks (3,089) (4,365) (251)
Proceeds from issuing common stocks 344 614 480
Cash dividends paid to stockholders (1,389) (1,620) (1,530)
----- ----- -----
Net cash provided by financing
activities 13,777 2,215 2,484
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Effect of exchange rate changes
on cash and cash equivalents 306 (513) (185)
Net cash (used in) provided by
continuing operations (393) (2,801) 3,465
Net cash provided by discontinued
operations - - 103
------ ------ -----
Net (decrease) increase in cash
and cash equivalents (393) (2,801) 3,568
Cash and cash equivalents at
beginning of the year 11,262 14,063 10,495
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Cash and cash equivalents at
end of the year $10,869 $11,262 $14,063
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MOTORS CORPORATION
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(Registrant)
Date January 27, 1999
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By
s/Peter R. Bible
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(Peter R. Bible,
Chief Accounting Officer)
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