General Motors 2013 Annual Report Download - page 122

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Note 24. Supplementary Quarterly Financial Information (Unaudited)
The following tables summarize supplementary quarterly financial information (dollars in millions, except per share amounts):
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
2013
Total net sales and revenue ............................................. $ 36,884 $ 39,075 $ 38,983 $ 40,485
Automotive gross margin .............................................. $ 3,727 $ 4,416 $ 4,954 $ 4,070
Net income ......................................................... $ 1,185 $ 1,388 $ 1,705 $ 1,053
Net income attributable to stockholders ................................... $ 1,175 $ 1,414 $ 1,717 $ 1,040
Earnings per share, basic .............................................. $ 0.63 $ 0.87 $ 0.50 $ 0.64
Earnings per share, diluted ............................................. $ 0.58 $ 0.75 $ 0.45 $ 0.57
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
2012
Total net sales and revenue ............................................. $ 37,759 $ 37,614 $ 37,576 $ 39,307
Automotive gross margin .............................................. $ 4,418 $ 4,449 $ 4,327 $ (3,135)
Net income ......................................................... $ 1,350 $ 1,901 $ 1,854 $ 1,031
Net income attributable to stockholders ................................... $ 1,315 $ 1,846 $ 1,833 $ 1,194
Earnings per share, basic .............................................. $ 0.64 $ 0.95 $ 0.94 $ 0.58
Earnings per share, diluted ............................................. $ 0.60 $ 0.90 $ 0.89 $ 0.54
Prior to the three months ended June 30, 2013 we used the two-class method for calculating earnings per share because Series B
Preferred Stock was a participating security.
The three months ended December 31, 2013 included the following on a pre-tax (except tax matters) and pre-noncontrolling
interests basis:
• Benefit from the release of GM Korea wage litigation accruals of $846 million in GMIO.
• Property and intangible asset impairment charges of $805 million at Holden and GM India in GMIO.
• Charges of $745 million related to our plans to cease mainstream distribution of Chevrolet brand in Europe in GMIO.
• Gain on sale of equity investment in Ally Financial of $483 million in Corporate.
• Goodwill impairment charges of $481 million in GMIO.
• Tax benefit of $473 million from remeasurement of uncertain tax position in Corporate.
• Gain on sale of equity investment in PSA of $152 million in GME.
The three months ended March 31, 2013 included the following on a pre-tax and pre-noncontrolling interests basis:
• Charge of $162 million in GMSA for the Venezuela currency devaluation.
The three months ended December 31, 2012 included the following on a pre-tax and pre-noncontrolling interests basis:
• Deferred tax asset valuation allowance release of $36.3 billion in the U.S. and Canada.
• Goodwill impairment charges of $26.5 billion in GMNA and GMIO.
• Property, plant and equipment impairment charges of $3.7 billion in GME.
• Pension settlement charge of $2.6 billion in GMNA.
120
2013 ANNUAL REPORT