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) April 12, 1999
--------------
GENERAL MOTORS CORPORATION
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
STATE OF DELAWARE 1-143 38-0572515
- ---------------------------- ----------------------- -------------------
(State or other jurisdiction (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
- -------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (313)-556-5000
--------------
- 1 -
ITEM 5. OTHER EVENTS
On April 12, 1999 General Motors Corporation (GM) announced that the GM
Board of Directors approved the complete separation of Delphi from GM by means
of a tax-free spin-off. GM's consolidated financial statements for the three
years in the period ended December 31, 1998 and the related Management's
Discussion and Analysis of Financial Condition and Results of Operations have
been restated to reflect Delphi as discontinued operations and were filed on
April 15, 1999 and April 21, 1999, respectively, on Current Reports on Form 8-K
dated April 12, 1999.
Included as part of this Form 8-K are the following restated financial
statements on a quarterly basis: Consolidated Statements of Income for 1998 and
1997; Consolidated Balance Sheets for 1998; and Condensed Consolidated
Statements of Cash Flows for 1998.
Also included is a summary of Net Income (Loss) by segment prepared on a
quarterly basis for 1998 and 1997. The disaggregated financial results for GMA
have been prepared using a management approach, which is consistent with the
basis and manner in which GM management internally disaggregates financial
information for the purposes of assisting in making internal operating
decisions. In this regard, certain common expenses were allocated among regions
less precisely than would be required for standalone financial information
prepared in accordance with generally accepted accounting principles (GAAP) and
certain expenses (primarily certain U.S. taxes related to non-U.S. operations)
were included in the Automotive, Electronics and Other Operations' Other
segment. The financial results represent the historical information used by
management for internal decision making purposes; therefore, other data prepared
to represent the way in which the business will operate in the future, or data
prepared on a GAAP basis, may be materially different.
All amounts included in this Form 8-K are in millions except per share
amounts.
* * * * *
- 2 -
GENERAL MOTORS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months Ended
-------------------------------- For the Twelve
Mar 31, Jun 30, Sep 30, Dec 31, Months Ended
1998 1998 1998 1988 Dec 31, 1998
------- ------- -------- ------- ------------
(Unaudited)
----------------------------------
Manufactured products sales
and revenues $34,893 $31,845 $28,464 $39,074 $134,276
Financing revenues 3,310 3,420 3,360 3,495 13,585
Other income 1,821 2,007 1,701 2,055 7,584
------- ------- ------- ------- --------
Total net sales and revenues 40,024 37,272 33,525 44,624 155,445
------ ------ ------ ------ -------
Cost of sales and other operating
charges, exclusive of items
listed below 29,605 27,724 25,278 31,935 114,542
Selling, general and
administrative expenses 3,510 4,102 3,809 4,446 15,867
Depreciation and amortization
expense 2,707 2,648 2,674 3,118 11,147
Interest expense 1,570 1,691 1,690 1,678 6,629
Other expenses 549 596 493 678 2,316
-------- -------- -------- -------- --------
Total costs and expenses 37,941 36,761 33,944 41,855 150,501
------ ------ ------ ------ -------
Income (loss) from continuing
operations before income
taxes and minority interests 2,083 511 (419) 2,769 4,944
Income tax expense (credit) 695 159 (144) 926 1,636
Minority interests (10) - (1) (9) (20)
Losses of nonconsolidated
associates (10) (46) (33) (150) (239)
-------- -------- -------- -------- --------
Income (loss) from continuing
operations 1,368 306 (309) 1,684 3,049
Income (loss) from discontinued
operations 236 83 (500) 88 (93)
-------- -------- -------- -------- --------
Net income (loss) 1,604 389 (809) 1,772 2,956
-------- -------- -------- -------- --------
Dividends on preference stocks 16 16 16 15 63
------ ---- ---- ------ ------
Earnings (loss) on common
stocks $1,588 $373 $(825) $1,757 $2,893
===== === === ===== =====
Basic earnings (loss) per share
attributable to common stocks
$1-2/3 par value common stock
Continuing operations $1.96 $0.41 $(0.52) $2.51 $4.40
Discontinued operations 0.35 0.13 (0.76) 0.13 (0.14)
---- ---- ---- ---- ----
Earnings (loss) per share
attributable to $1-2/3
par value $2.31 $0.54 $(1.28) $2.64 $4.26
==== ==== ==== ==== ====
Earnings per share attributable
to Class H $0.13 $0.14 $0.11 $0.30 $0.68
==== ==== ==== ==== ====
Diluted earnings (loss) per
share attributable
to common stocks
$1-2/3 par value common stock
Continuing operations $1.93 $0.40 $(0.52) $2.48 $4.32
Discontinued operations 0.34 0.12 (0.76) 0.13 (0.14)
---- ---- ---- ---- ----
Earnings (loss) per share
attributable to
$1-2/3 par value $2.27 $0.52 $(1.28) $2.61 $4.18
==== ==== ==== ==== ====
Earnings per share attributable
to Class H $0.13 $0.14 $0.11 $0.30 $0.68
==== ==== ==== ==== ====
- 3 -
GENERAL MOTORS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME - Concluded
For the Three Months Ended
-------------------------------- For the Twelve
Mar 31, Jun 30, Sep 30, Dec 31, Months Ended
1998 1998 1998 1988 Dec 31, 1998
------- ------- -------- ------- ------------
(Unaudited)
----------------------------------
Automotive, Electronics and Other
Operations
Manufactured products sales
and revenues $34,893 $31,845 $28,464 $39,074 $134,276
Other income 677 826 547 835 2,885
------- ------- -------- ------- --------
Total net sales and revenues 35,570 32,671 29,011 39,909 137,161
------ ------ ------ ------ -------
Cost of sales and other operating
charges, exclusive of items
listed below 29,605 27,724 25,278 31,935 114,542
Selling, general and
administrative expenses 2,569 3,086 2,794 3,399 11,848
Depreciation and amortization
expense 1,483 1,444 1,472 1,828 6,227
------- ------- -------- ------- --------
Total operating costs and
expenses 33,657 32,254 29,544 37,162 132,617
------ ------ ------ ------ -------
Interest expense 195 277 114 200 786
Other expenses 190 186 131 285 792
Net(income) expense from
transactions with Financing and
Insurance Operations (18) 6 129 (35) 82
------ --- ----- ------ ------
Income (loss) from continuing
operations before income taxes
and minority interests 1,546 (52) (907) 2,297 2,884
Income tax expense (credit) 528 (6) (281) 777 1,018
Minority interests (4) 4 5 (5) -
Losses of nonconsolidated associates (10) (46) (33) (150) (239)
------ --- ----- ------ ------
Income (loss) from continuing
operations 1,004 (88) (654) 1,365 1,627
Income (loss) from discontinued
operations 236 83 (500) 88 (93)
------ --- ----- ------ ------
Net income (loss) - Automotive,
Electronics and Other
Operations $1,240 $(5) $(1,154) $1,453 $1,534
===== = ===== ===== =====
Financing and Insurance Operations
Financing revenues $3,310 $3,420 $3,360 $3,495 $13,585
Insurance, mortgage and
other income 1,144 1,181 1,154 1,220 4,699
----- ----- ----- ----- -------
Total revenues and other income 4,454 4,601 4,514 4,715 18,284
----- ----- ----- ----- ------
Interest expense 1,375 1,414 1,576 1,478 5,843
Depreciation and amortization
expense 1,224 1,204 1,202 1,290 4,920
Operating and other expenses 941 1,016 1,015 1,047 4,019
Provisions for financing losses 101 128 94 140 463
Insurance losses and loss
adjustment expenses 258 282 268 253 1,061
----- ----- ----- ----- -------
Total costs and expenses 3,899 4,044 4,155 4,208 16,306
Net expense (income) from
transactions with Automotive,
Electronics and Other Operations 18 (6) (129) 35 (82)
---- ---- --- ---- ------
Income before income taxes 537 563 488 472 2,060
Income tax expense 167 165 137 149 618
Minority interests (6) (4) (6) (4) (20)
---- ----- ----- ----- ------
Net income - Financing and
Insurance Operations $364 $394 $345 $319 $1,422
=== === === === =====
The above is supplemental consolidating information.
- 4 -
GENERAL MOTORS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months Ended
-------------------------------- For the Twelve
Mar 31, Jun 30, Sep 30, Dec 31, Months Ended
1997 1997 1997 1997 Dec 31, 1997
------- ------- -------- ------- ------------
(Unaudited)
----------------------------------
Manufactured products sales
and revenues $36,104 $38,302 $35,800 $37,937 $148,143
Financing revenues 3,197 3,204 3,162 3,199 12,762
Other income 1,545 2,179 1,628 6,323 11,675
------- ------- ------- ------- --------
Total net sales and revenues 40,846 43,685 40,590 47,459 172,580
------ ------ ------ ------ -------
Cost of sales and other operating
charges, exclusive of items
listed below 30,812 32,715 30,875 33,823 128,225
Selling, general and
administrative expenses 3,257 3,639 3,552 4,329 14,777
Depreciation and amortization
expense 2,858 2,904 2,813 6,071 14,646
Interest expense 1,367 1,466 1,450 1,600 5,883
Other expenses 219 295 355 611 1,480
------- ------- ------- ------- --------
Total costs and expenses 38,513 41,019 39,045 46,434 165,011
------ ------ ------ ------ -------
Income from continuing operations
before income taxes and
minority interests 2,333 2,666 1,545 1,025 7,569
Income tax expense (credit) 852 947 524 (1,298) 1,025
Minority interests 19 12 1 12 44
Earnings (losses) of
nonconsolidated associates 9 (6) (31) (77) (105)
------- ------- ------- ------- -------
Income from continuing operations 1,509 1,725 991 2,258 6,483
Income (loss) from discontinued
operations 287 373 76 (521) 215
------- ------- ------- ------- --------
Net income 1,796 2,098 1,067 1,737 6,698
------- ------- ------- ------- --------
Premium on exchange of preference
stocks - - 26 - 26
Dividends on preference stocks 20 20 16 16 72
------ ------ ------ ------ -------
Earnings on common stocks $1,776 $2,078 $1,025 $1,721 $6,600
===== ===== ===== ===== =====
Basic earnings (loss) per share
attributable to common stocks
$1-2/3 par value common stock
Continuing operations $1.94 $2.20 $1.27 $3.14 $8.52
Discontinued operations 0.36 0.48 0.08 (0.78) 0.18
---- ---- ---- ---- ----
Earnings per share
attributable to
$1-2/3 par value $2.30 $2.68 $1.35 $2.36 $8.70
==== ==== ==== ==== ====
Class H
Continuing operations $0.38 $1.11 $0.43 $0.39 $2.30
Discontinued operations 0.21 0.24 0.17 0.24 0.87
---- ---- ---- ---- ----
Earnings per share attributable to
Class H (prior to its
recapitalization on
December 17, 1997) $0.59 $1.35 $0.60 $0.63 $3.17
==== ==== ==== ==== ====
Earnings per share attributable to
Class H (subsequent to its
recapitalization on
December 17, 1997) $ - $ - $ - $0.02 $0.02
=== === === ==== ====
Diluted earnings per share attributable
to common stock
$1-2/3 par value common stock
Continuing operations $1.93 $2.19 $1.26 $3.10 $8.45
Discontinued operations 0.35 0.48 0.08 (0.77) 0.17
---- ---- ---- ---- ----
Earnings per share
attributable to
$1-2/3 par value $2.28 $2.67 $1.34 $2.33 $8.62
==== ==== ==== ==== ====
Class H
Continuing operations $0.38 $1.11 $0.43 $0.39 $2.30
Discontinued operations 0.21 0.24 0.17 0.24 0.87
---- ---- ---- ---- ----
Earnings per share
attributable to
Class H (prior to its
recapitalization on
December 17, 1997) $0.59 $1.35 $0.60 $0.63 $3.17
==== ==== ==== ==== ====
Earnings per share
attributable to Class H
(subsequent to its
recapitalization on
December 17, 1997) $ - $ - $ - $0.02 $0.02
=== === === ==== ====
- 5 -
GENERAL MOTORS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME - Concluded
For the Three Months Ended
-------------------------------- For the Twelve
Mar 31, Jun 30, Sep 30, Dec 31, Months Ended
1997 1997 1997 1997 Dec 31, 1997
------- ------- -------- ------- ------------
(Unaudited)
----------------------------------
Automotive, Electronics and Other
Operations
Manufactured products sales
and revenues $36,104 $38,302 $35,800 $37,937 $148,143
Other income 687 1,336 692 5,237 7,952
------- ------- -------- ------- --------
Total net sales and revenues 36,791 39,638 36,492 43,174 156,095
------ ------ ------ ------ -------
Cost of sales and other operating
charges, exclusive of items
listed below 30,812 32,715 30,875 33,823 128,225
Selling, general and
administrative expenses 2,561 2,959 2,918 3,533 11,971
Depreciation and amortization
expense 1,672 1,721 1,613 4,827 9,833
------- ------- -------- ------- --------
Total operating costs
and expenses 35,045 37,395 35,406 42,183 150,029
------ ------ ------ ------ -------
Interest expense 95 148 136 254 633
Other expenses (50) 15 56 189 210
Net expense (income) from
transactions with Financing and
Insurance Operations 1 (3) (86) (13) (101)
------- ------ ------ ---- ------
Income from continuing operations
before income taxes and
minority interests 1,700 2,083 980 561 5,324
Income tax expense (credit) 593 703 280 (1,465) 111
Minority interest 19 12 10 16 57
Earnings (losses) of
nonconsolidated associates 10 (6) (32) (77) (105)
------- ------- -------- ------- --------
Income from continuing operations 1,136 1,386 678 1,965 5,165
Income (loss) from discontinued
operations 287 373 76 (521) 215
------- ------- -------- ------- --------
Net income - Automotive,
Electronics and Other
Operations $1,423 $1,759 $754 $1,444 $5,380
===== ===== === ===== =====
Financing and Insurance Operations
Financing revenues $3,197 $3,204 $3,162 $3,199 $12,762
Insurance, mortgage and
other income 858 843 936 1,086 3,723
----- ----- ----- ----- ------
Total revenues and other income 4,055 4,047 4,098 4,285 16,485
----- ----- ----- ----- ------
Interest expense 1,272 1,318 1,314 1,346 5,250
Depreciation and amortization
expense 1,186 1,183 1,200 1,244 4,813
Operating and other expenses 696 680 634 796 2,806
Provisions for financing losses 130 127 139 127 523
Insurance losses and loss
adjustment expenses 139 153 160 295 747
----- ----- ----- ----- -------
Total costs and expenses 3,423 3,461 3,447 3,808 14,139
----- ----- ----- ----- ------
Net (income) expense from
transactions with Automotive,
Electronics and Other Operations (1) 3 86 13 101
----- ----- ---- ------ ------
Income before income taxes 633 583 565 464 2,245
Income tax expense 259 244 244 167 914
Minority interests (1) - (8) (4) (13)
---- ----- ----- ----- ------
Net income - Financing and
Insurance Operations $373 $339 $313 $293 $1,318
=== === === === =====
The above is supplemental consolidating information.
- 6 -
GENERAL MOTORS CORPORATION
NET INCOME (LOSS) BY SEGMENT
For the Three Months Ended
-------------------------------- For the Twelve
Mar 31, Jun 30, Sep 30, Dec 31, Months Ended
1998 1998 1998 1988 Dec 31, 1998
------- ------- -------- ------- ------------
(Unaudited)
----------------------------------
Automotive, Electronics
and Other Operations
GM North America (GMNA) $841 $(194) $(595) $1,583 $1,635
GM Europe (GME) 99 124 50 146 419
GM Latin America/Africa/Mid-East
(GMLAAM) 53 48 (64) (212) (175)
GM Asia/Pacific (GMAP) 6 (36) - (213) (243)
Other Automotive (7) 34 (24) (5) (2)
---- --- --- ------- -------
Total GM Automotive (GMA) 992 (24) (633) 1,299 1,634
Hughes 54 56 43 119 272
Other (42) (120) (64) (53) (279)
--- ---- --- --- ----
Total Automotive, Electronics
and Other Operations 1,004 (88) (654) 1,365 1,627
Financing and Insurance Operations
GMAC 349 365 313 298 1,325
Other 15 29 32 21 97
--- ---- --- --- ----
Total Financing and Insurance
Operations 364 394 345 319 1,422
--- --- --- --- -----
Income (loss) from continuing
operations 1,368 306 (309) 1,684 3,049
Income (loss) from discontinued
operations 236 83 (500) 88 (93)
--- -- ---- -- ---
Consolidated Net Income (Loss) $1,604 $389 $(809) $1,772 $2,956
===== === === ===== =====
For the Three Months Ended
-------------------------------- For the Twelve
Mar 31, Jun 30, Sep 30, Dec 31, Months Ended
1997 1997 1997 1997 Dec 31, 1997
------- ------- -------- ------- ------------
(Unaudited)
----------------------------------
Automotive, Electronics
and Other Operations
GM North America (GMNA) $742 $509 $470 $(1,733) $(12)
GM Europe (GME) 149 312 (21) (457) (17)
GM Latin America/Africa/Mid-East
(GMLAAM) 129 181 165 192 667
GM Asia/Pacific (GMAP) 38 (6) (7) (197) (172)
Other Automotive (4) 1 1 (15) (17)
------- ----- ----- ------ ----
Total GM Automotive (GMA) 1,054 997 608 (2,210) 449
Hughes (a) 24 324 53 70 471
Other (a) (b) 58 65 17 4,105 4,245
------- ----- ----- ------ ----
Total Automotive, Electronics
and Other Operations 1,136 1,386 678 1,965 5,165
Financing and Insurance Operations
GMAC 372 338 312 279 1,301
Other 1 1 1 14 17
------- ----- ----- ------ ----
Total Financing and Insurance
Operations 373 339 313 293 1,318
------- ----- ----- ------ ----
Income from continuing operations 1,509 1,725 991 2,258 6,483
Income (loss) from discontinued
operations 287 373 76 (521) 215
------- ----- ----- ------ ----
Consolidated Net Income $1,796 $2,098 $1,067 $1,737 $6,698
===== ===== ===== ===== =====
(a) The operating results for 1997 are presented to reflect the changes to GM's
organizational structure resulting from the Hughes Transactions, which
occurred in December 1997. As such, Hughes excludes Hughes Defense and
Other Automotive, Electronics and Other Operations includes Hughes Defense.
(b) Other includes the $4.3 billion gain resulting from the Hughes Transactions
in December 1997.
- 7 -
<PAGE>
<TABLE>
CONSOLIDATED BALANCE SHEETS
<CAPTION>
(Unaudited)(Unaudited) (Unaudited)
Mar 31, Jun 30, Sep 30, Dec 31,
1998 1998 1988 1988
---- ---- ---- ----
GENERAL MOTORS CORPORATION AND SUBSIDIARIES (Dollars in Millions)
ASSETS
Automotive, Electronics and Other Operations
<S> <C> <C> <C> <C>
Cash and cash equivalents $10,030 $7,569 $6,888 $9,728
Marketable securities 2,386 463 420 402
------- ------ ------ -------
Total cash and marketable securities 12,416 8,032 7,308 10,130
Accounts and notes receivable (less allowances) 4,426 3,845 5,258 4,750
Inventories (less allowances) 11,149 11,317 11,062 10,437
Net assets of discontinued operations 219 359 - 77
Equipment on operating leases
(less accumulated depreciation) 4,554 4,754 4,797 4,954
Deferred income taxes and other current assets 6,125 5,841 5,994 10,051
Net receivable from Financing and
Insurance Operations 840 - - -
------- ------ ------ -------
Total current assets 39,729 34,148 34,419 40,399
Equity in net assets of nonconsolidated
associates 936 1,098 1,100 950
Property - net 29,903 30,451 31,652 32,222
Intangible assets - net 10,639 11,330 11,342 9,994
Deferred income taxes 18,172 17,883 18,124 14,967
Other assets 15,379 15,085 14,912 16,062
-------- -------- -------- --------
Total Automotive, Electronics and
Other Operations assets 114,758 109,995 111,549 114,594
Financing and Insurance Operations
Cash and cash equivalents 483 164 93 146
Investments in securities 7,815 7,932 8,248 8,748
Finance receivables - net 62,748 59,875 62,460 70,436
Investment in leases and other receivables 30,935 32,130 33,220 32,798
Other assets 12,794 12,688 13,868 18,807
Net receivable from Automotive, Electronics
and Other Operations - 1,154 186 816
------- ------ ------ -------
Total Financing and Insurance
Operations assets 114,775 113,943 118,075 131,751
------- ------- ------- -------
Total assets $229,533 $223,938 $229,624 $246,345
======= ======= ======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive, Electronics and Other Operations
Accounts payable (principally trade) $12,721 $10,311 $12,437 $13,542
Loans payable 1,276 1,907 1,950 1,204
Accrued expenses 31,424 29,239 29,599 30,548
Net payable to Financing and Insurance
Operations - 1,154 186 816
------- ------ ------ -------
Total current liabilities 45,421 42,611 44,172 46,110
Long-term debt 5,796 6,935 6,817 7,118
Postretirement benefits other than
pensions 34,027 32,925 33,479 33,503
Pensions 3,341 2,925 3,782 4,410
Net liabilities of discontinued operations - - 2 -
Other liabilities and deferred income taxes 17,805 17,794 17,729 17,807
-------- -------- -------- --------
Total Automotive, Electronics and
Other Operations liabilities 106,390 103,190 105,981 108,948
Financing and Insurance Operations
Accounts payable 3,501 3,982 3,784 4,148
Debt 91,500 91,081 94,991 107,753
Deferred income taxes and other liabilities 9,520 9,174 9,399 9,661
Net payable to Automotive, Electronics
and Other Operations 840 - - -
------- ------ ------ -------
Total Financing and Insurance
Operations liabilities 105,361 104,237 108,174 121,562
Minority interests 678 510 531 563
General Motors - obligated mandatorily
redeemable preferred securities of
subsidiary trusts holding solely
junior subordinated debentures
of General Motors
Series D 79 79 79 79
Series G 143 143 142 141
Stockholders' equity
Preference stocks 1 1 1 1
$1-2/3 par value common stock 1,116 1,092 1,092 1,092
Class H common stock 10 11 11 11
Capital surplus (principally additional
paid-in capital) 13,786 12,773 12,769 12,661
Retained earnings 6,664 6,706 5,554 6,984
------- ------- ------- -------
Subtotal 21,577 20,583 19,427 20,749
Accumulated foreign currency
translation adjustments (1,172) (1,249) (1,060) (1,089)
Net unrealized gains on securities 539 507 412 481
Minimum pension liability adjustment (4,062) (4,062) (4,062) (5,089)
----- ----- ----- -----
Accumulated other comprehensive loss (4,695) (4,804) (4,710) (5,697)
----- ----- ----- -----
Total stockholders' equity 16,882 15,779 14,717 15,052
-------- -------- -------- --------
Total liabilities and stockholders' equity $229,533 $223,938 $229,624 $246,345
======= ======= ======= =======
</TABLE>
- 8 -
<TABLE>
CONSOLIDATED BALANCE SHEETS - Concluded
<CAPTION>
(Unaudited) (Unaudited) (Unaudited)
Mar 31, Jun 30, Sep 30, Dec 31,
1998 1998 1988 1988
---- ---- ---- ----
GENERAL MOTORS CORPORATION AND SUBSIDIARIES (Dollars in Millions)
ASSETS
<S> <C> <C> <C> <C>
Cash and cash equivalents $10,030 $7,569 $6,888 $9,728
Marketable securities 2,386 463 420 402
------- ------ ------ --------
Total cash and marketable securities 12,416 8,032 7,308 10,130
Accounts and notes receivable (less allowances) 4,426 3,845 5,258 4,750
Inventories (less allowances) 11,149 11,317 11,062 10,437
Net assets of discontinued operations 219 359 - 77
Equipment on operating leases
(less accumulated depreciation) 4,554 4,754 4,797 4,954
Deferred income taxes and other current assets 6,125 5,841 5,994 10,051
Net receivable from Financing and
Insurance Operations 840 - - -
------- ------ ------ --------
Total current assets 39,729 34,148 34,419 40,399
Equity in net assets of nonconsolidated
associates 936 1,098 1,100 950
Property - net 29,903 30,451 31,652 32,222
Intangible assets - net 10,639 11,330 11,342 9,994
Deferred income taxes 18,172 17,883 18,124 14,967
Other assets 15,379 15,085 14,912 16,062
------- ------ ------ --------
Total Automotive, Electronics and
Other Operations assets $114,758 $109,995 $111,549 $114,594
======== ======== ======== ========
LIABILITIES AND GM INVESTMENT
Accounts payable (principally trade) $12,721 $10,311 $12,437 $13,542
Loans payable 1,276 1,907 1,950 1,204
Accrued expenses 31,424 29,239 29,599 30,548
Net payable to Financing and
Insurance Operations - 1,154 186 816
------- ------ ------ --------
Total current liabilities 45,421 42,611 44,172 46,110
Long-term debt 5,796 6,935 6,817 7,118
Postretirement benefits other than
pensions 34,027 32,925 33,479 33,503
Pensions 3,341 2,925 3,782 4,410
Net liabilities of discontinued operations - - 2 -
Other liabilities and deferred income taxes 17,805 17,794 17,729 17,807
-------- -------- -------- --------
Total Automotive, Electronics and
Other Operations liabilities 106,390 103,190 105,981 108,948
Minority interests 636 467 484 511
GM investment in Automotive, Electronics
and Other Operations 7,732 6,338 5,084 5,135
-------- -------- -------- --------
Total Automotive, Electronics and
Other Operations liabilities
and GM investment $114,758 $109,995 $111,549 $114,594
======= ======= ======= =======
(Unaudited) (Unaudited) (Unaudited)
Mar 31, Jun 30, Sep 30, Dec 31,
1998 1998 1988 1988
---- ---- ---- ----
FINANCING AND INSURANCE OPERATIONS (Dollars in Millions)
ASSETS
Cash and cash equivalents $483 $164 $93 $146
Investments in securities 7,815 7,932 8,248 8,748
Finance receivables - net 62,748 59,875 62,460 70,436
Investment in leases and other receivables 30,935 32,130 33,220 32,798
Other assets 12,794 12,688 13,868 18,807
Net receivable from Automotive,
Electronics and Other Operations - 1,154 186 816
-------- -------- -------- --------
Total Financing and Insurance
Operations assets $114,775 $113,943 $118,075 $131,751
======== ======== ======== ========
LIABILITIES AND GM INVESTMENT
Accounts payable $3,501 $3,982 $3,784 $4,148
Debt 91,500 91,081 94,991 107,753
Deferred income taxes and other liabilities 9,520 9,174 9,399 9,661
Net payable to Automotive, Electronic
and Other Operations 840 - - -
-------- -------- -------- --------
Total Financing and Insurance
Operations liabilities 105,361 104,237 108,174 121,562
Minority interests 42 43 47 52
GM investment in Financing and
Insurance Operations 9,372 9,663 9,854 10,137
-------- -------- -------- --------
Total Financing and Insurance
Operations liabilities and GM investment $114,775 $113,943 $118,075 $131,751
======== ======== ======== ========
</TABLE>
The above is supplemental consolidating information.
- 9 -
<PAGE>
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (Unaudited)
Three Months Ended Six Months Ended
March 31, 1998 June 30, 1998
-------------- -------------
(Dollars in Millions)
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
Net cash provided by operating activities $5,324 $4,390
Cash flows from investing activities
Expenditures for property (1,996) (3,827)
Investments in other marketable securities
- acquisitions (5,545) (12,969)
Investments in other marketable securities
- liquidations 7,141 16,766
Mortgage servicing rights - acquisitions (153) (742)
Mortgage servicing rights - liquidations 29 7
Finance receivables - acquisitions (41,800) (78,491)
Finance receivables - liquidations 32,556 58,991
Proceeds from sales of finance receivables 5,143 17,356
Operating leases - acquisitions (5,127) (12,379)
Operating leases - liquidations 3,462 7,556
Investments in companies, net of cash acquired (211) (409)
Other (711) (185)
------ ------
Net cash used in investing activities (7,212) (8,326)
----- -----
Cash flows from financing activities
Net increase in loans payable 2,019 2,464
Increase in long-term debt 6,428 11,019
Decrease in long-term debt (4,143) (7,591)
Repurchases of common and preference stocks (1,911) (3,071)
Proceeds from issuing common stocks 233 343
Cash dividends paid to stockholders (357) (702)
----- ------
Net cash provided by financing activities 2,269 2,462
----- -----
Effect of exchange rate changes on cash and
cash equivalents (85) (67)
--- ---
Net cash provided by (used in)
continuing operations 296 (1,541)
Net cash used in discontinued operations (56) (999)
--- ----
Net increase (decrease) in cash
and cash equivalents 240 (2,540)
Cash and cash equivalents at beginning
of the period 10,273 10,273
------ ------
Cash and cash equivalents at end
of the period $10,513 $7,733
======= ======
- 10 -
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued
(Unaudited)
Nine Months Ended Twelve Months Ended
September 30, 1998 December 31, 1998
------------------ -----------------
(Dollars in Millions)
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
Net cash provided by operating activities $6,507 $14,343
Cash flows from investing activities
Expenditures for property (5,921) (8,231)
Investments in other marketable securities
- acquisitions (22,717) (34,162)
Investments in other marketable securities
- liquidations 26,501 37,960
Mortgage servicing rights - acquisitions (897) (1,862)
Mortgage servicing rights - liquidations 67 80
Finance receivables - acquisitions (112,962) (155,613)
Finance receivables - liquidations 86,709 114,662
Proceeds from sales of finance receivables 21,922 27,681
Operating leases - acquisitions (18,281) (23,525)
Operating leases - liquidations 11,717 15,386
Investments in companies, net of cash acquired (417) (1,144)
Other (430) (1,131)
------ ------
Net cash used in investing activities (14,709) (29,899)
------ ------
Cash flows from financing activities
Net increase in loans payable 3,402 8,186
Increase in long-term debt 16,620 24,035
Decrease in long-term debt (10,860) (12,869)
Repurchases of common and preference stocks (3,071) (3,089)
Proceeds from issuing common stocks 343 343
Cash dividends paid to stockholders (1,045) (1,388)
----- -------
Net cash provided by financing activities 5,389 15,218
----- ------
Effect of exchange rate changes on cash and
cash equivalents 271 317
----- ------
Net cash used in continuing operations (2,542) (21)
Net cash used in discontinued operations (750) (378)
---- ----
Net decrease in cash and cash equivalents (3,292) (399)
Cash and cash equivalents at beginning
of the period 10,273 10,273
------ ------
Cash and cash equivalents at end
of the period $6,981 $9,874
====== ======
- 11 -
<TABLE>
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued
<CAPTION>
(Unaudited) (Unaudited)
Three Months Ended Six Months Ended
March 31, 1998 June 30, 1998
----------------------- -----------------------
Automotive, Financing Automotive, Financing
Electronics and Electronics and
and Other Insurance and Other Insurance
--------- --------- --------- ---------
(Dollars in Millions)
<S> <C> <C> <C> <C>
Net cash provided by operating activities $3,014 $2,310 $368 $4,022
Cash flows from investing activities
Expenditures for property (1,967) (29) (3,753) (74)
Investments in other marketable
securities - acquisitions (2,007) (3,538) (4,466) (8,503)
Investments in other marketable
securities - liquidations 3,281 3,860 7,815 8,951
Mortgage servicing rights - acquisitions - (153) - (742)
Mortgage servicing rights - liquidations - 29 - 7
Finance receivables - acquisitions - (41,800) - (78,491)
Finance receivables - liquidations - 32,556 - 58,991
Proceeds from sales of finance receivables - 5,143 - 17,356
Operating leases - acquisitions (1,413) (3,714) (3,042) (9,337)
Operating leases - liquidations 1,384 2,078 2,815 4,741
Investments in companies, net of
cash acquired (211) - (409) -
Net investing activity with Financing and
Insurance Operations 75 - 150 -
Other (236) (475) (1,049) 864
---- ---- ------ ---
Net cash used in investing activities (1,094) (6,043) (1,939) (6,237)
------ ------ ------ ------
Cash flows from financing activities
Net increase in loans payable 835 1,184 898 1,566
Increase in long-term debt 913 5,515 2,648 8,371
Decrease in long-term debt (635) (3,508) (1,079) (6,512)
Net financing activity with
Automotive, Electronics
and Other Operations - (75) - (150)
Repurchases of common and preference stocks (1,911) - (3,071) -
Proceeds from issuing common stocks 233 - 343 -
Cash dividends paid to stockholders (357) - (702) -
----- ----- --- -----
Net cash (used in) provided by
financing activities (922) 3,116 (963) 3,275
----- ----- --- -----
Effect of exchange rate changes on cash and
cash equivalents (87) 2 (67) -
Net transactions with Automotive/
Financing Operations (521) 521 1,473 (1,473)
----- ----- --- -----
Net cash provided by (used in)
continuing operations 390 (94) (1,128) (413)
Net cash used in discontinued operations (56) - (999) -
----- ----- --- -----
Net increase (decrease) in cash
and cash equivalents 334 (94) (2,127) (413)
Cash and cash equivalents at
beginning of the period 9,696 577 9,696 577
----- ----- --- -----
Cash and cash equivalents at
end of the period $10,030 $483 $7,569 $164
====== === ===== ===
</TABLE>
The above is supplemental consolidating information.
- 12 -
<TABLE>
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Concluded
<CAPTION>
(Unaudited)
Nine Months Ended Twelve Months Ended
September 30, 1998 December 31, 1998
----------------------- ----------------------
Automotive, Financing Automotive, Financing
Electronics and Electronics and
and Other Insurance and Other Insurance
--------- --------- --------- ---------
(Dollars in Millions)
<S> <C> <C> <C> <C>
Net cash provided by operating activities $2,778 $3,729 $8,743 $5,600
Cash flows from investing activities
Expenditures for property (5,813) (108) (7,952) (279)
Investments in other marketable securities
- acquisitions (8,022) (14,695) (13,010) (21,152)
Investments in other marketable securities
- liquidations 11,255 15,246 16,272 21,688
Mortgage servicing rights - acquisitions - (897) - (1,862)
Mortgage servicing rights - liquidations - 67 - 80
Finance receivables - acquisitions - (112,962) - (155,613)
Finance receivables - liquidations - 86,709 - 114,662
Proceeds from sales of finance receivables - 21,922 - 27,681
Operating leases - acquisitions (4,382) (13,899) (6,397) (17,128)
Operating leases - liquidations 4,092 7,625 5,609 9,777
Investments in companies, net of
cash acquired (417) - (971) (173)
Net investing activity with Financing and
Insurance Operations 238 - 338 -
Other (1,198) 768 (889) (242)
------ --- ---- ----
Net cash used in investing activities (4,247) (10,224) (7,000) (22,561)
------ ------- ------ -------
Cash flows from financing activities
Net increase (decrease) in loans payable 961 2,441 (94) 8,280
Increase in long-term debt 2,689 13,931 2,937 21,098
Decrease in long-term debt (1,243) (9,617) (1,492) (11,377)
Net financing activity with
Automotive, Electronics
and Other Operations - (238) - (338)
Repurchases of common and preference stocks (3,071) - (3,089) -
Proceeds from issuing common stocks 343 - 343 -
Cash dividends paid to stockholders (1,045) - (1,388) -
----- ------ ----- ------
Net cash (used in) provided by
financing activities (1,366) 6,517 (2,783) 17,663
------ ----- ------ ------
Effect of exchange rate changes on cash and
cash equivalents 272 (1) 315 2
Net transactions with Automotive/
Financing Operations 505 (505) 1,135 (1,135)
------ ----- ------ ------
Net cash (used in) provided by
continuing operations (2,058) (484) 410 (431)
Net cash used in discontinued operations (750) - (378) -
----- --- ----- ---
Net (decrease) increase in cash
and cash equivalents (2,808) (484) 32 (431)
----- --- ----- ---
Cash and cash equivalents at
beginning of the period 9,696 577 9,696 577
----- --- ----- ---
Cash and cash equivalents at
end of the period $6,888 $93 $9,728 $146
===== == ===== ===
</TABLE>
The above is supplemental consolidating information.
- 13 -
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
--------------------------
(Registrant)
Date May 7, 1999
-----------
By
s/Peter R. Bible
-------------------------------
(Peter R. Bible,
Chief Accounting Officer)
- 14 -
