General Motors 2014 Annual Report Download - page 28

GENERAL MOTORS COMPANY AND SUBSIDIARIES
Selected Financial Data
Selected financial data is summarized in the following table (dollars in millions except per share amounts):
At and for the Years Ended December 31,
2014 2013 2012 2011 2010
Income Statement Data:
Total net sales and revenue ................................. $ 155,929 $ 155,427 $ 152,256 $ 150,276 $ 135,592
Income from continuing operations (a) ........................ $ 4,018 $ 5,331 $ 6,136 $ 9,287 $ 6,503
Net income attributable to stockholders ....................... $ 3,949 $ 5,346 $ 6,188 $ 9,190 $ 6,172
Net income attributable to common stockholders (b) ............. $ 2,804 $ 3,770 $ 4,859 $ 7,585 $ 4,668
Basic earnings per common share (c) ......................... $ 1.75 $ 2.71 $ 3.10 $ 4.94 $ 3.11
Diluted earnings per common share (c) ........................ $ 1.65 $ 2.38 $ 2.92 $ 4.58 $ 2.89
Dividends declared per common share ........................ $ 1.20 $ — $ — $ — $ —
Balance Sheet Data:
Total assets (d) ........................................... $ 177,677 $ 166,344 $ 149,422 $ 144,603 $ 138,898
Automotive notes and loans payable .......................... $ 9,410 $ 7,137 $ 5,172 $ 5,295 $ 4,630
GM Financial notes and loans payable (d) ..................... $ 37,431 $ 29,046 $ 10,878 $ 8,538 $ 7,032
Series A Preferred Stock (b) ................................ $ — $ 3,109 $ 5,536 $ 5,536 $ 5,536
Series B Preferred Stock (e) ................................. $ — $ 4,855 $ 4,855 $ 4,855
Equity (f) ............................................... $ 36,024 $ 43,174 $ 37,000 $ 38,991 $ 37,159
(a) In the year ended December 31, 2014 we recorded charges of approximately $2.9 billion in Automotive cost of sales related to recall campaigns
and courtesy transportation, a catch-up adjustment of $0.9 billion recorded in the three months ended June 30, 2014 related to the change in
estimate for recall campaigns and a charge of $0.4 billion related to the ignition switch recall compensation program. In the year ended
December 31, 2012 we recorded Goodwill impairment charges of $27.1 billion, the reversal of deferred tax valuation allowances of $36.3
billion in the U.S. and Canada, pension settlement charges of $2.7 billion and General Motors Europe (GME) long-lived asset impairment
charges of $5.5 billion.
(b) In December 2014 we redeemed all of the remaining shares of our Series A Preferred Stock for $3.9 billion, which reduced Net income
attributable to common stockholders by $0.8 billion. In September 2013 we purchased 120 million shares of our Series A Preferred Stock held
by the UAW Retiree Medical Benefits Trust (New VEBA) for $3.2 billion, which reduced Net income attributable to common stockholders by
$0.8 billion.
(c) In the years ended December 31, 2012 and 2011 we used the two-class method for calculating earnings per share as the Series B Preferred Stock
was a participating security. Refer to Note 22 to our consolidated financial statements for additional detail.
(d) General Motors Financial Company, Inc. (GM Financial) acquired Ally Financial Inc.’s (Ally Financial) international operations in Europe and
Latin America in the year ended December 31, 2013.
(e) In December 2013 all of our Series B Preferred Stock automatically converted into 137 million shares of our common stock.
(f) In December 2012 we purchased 200 million shares of our common stock for a total of $5.5 billion, which directly reduced stockholder’s equity
by $5.1 billion and we recorded a charge to earnings of $0.4 billion.
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