General Motors 2015 Annual Report Download - page 31
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Table of Contents
Automotive selling, general and
administrative expense $ 13,405
$ 12,158
$ 12,382
$ (1,247)
(10.3)%
$ 224
1.8%
In the year ended December 31, 2015 Automotive selling, general and administrative expense increased due primarily to: (1) charges for various
settlements and legal matters related to the Ignition Switch Recall of $1.6 billion; (2) increased advertising expense of $0.2 billion; (3) an increase in
employee related costs of $0.1 billion; and (4) costs related to the change in our business model in Russia of $0.1 billion; partially offset by (5) favorable net
foreign currency effect of $0.7 billion due primarily to the weakening of the Euro and Brazilian Real against the U.S. Dollar; and (6) decreased expense
related to the Ignition Switch Recall compensation program of $0.2 billion.
In the year ended December 31, 2014 Automotive selling, general and administrative expense decreased due primarily to: (1) decreased expenses of $0.7
billion related to the withdrawal of the Chevrolet brand from Europe, including dealer restructuring costs and intangible asset impairment charges in 2013,
coupled with cost reductions in 2014; and (2) favorable advertising expense in GMNA due primarily to reduced media spend of $0.2 billion; partially offset
by (3) expense related to the Ignition Switch Recall compensation program of $0.4 billion; and (4) legal and other costs related to the Ignition Switch Recall
of $0.4 billion.
Income tax expense (benefit) $ (1,897)
$ 228
$ 2,127
$ 2,125
n.m.
$ 1,899
89.3%
________
n.m. = not meaningful
In the year ended December 31, 2015 Income tax expense decreased due primarily to: (1) the income tax benefit from the release of GME's valuation
allowances of $3.9 billion; partially offset by (2) an increase in income tax expense of $1.8 billion due primarily to an increase in pre-tax income.
In the year ended December 31, 2014 Income tax expense decreased due primarily to: (1) a decrease in pre-tax income; (2) a reduction in pre-tax losses in
jurisdictions with full valuation allowances; and (3) other tax expense favorable items.
Refer to Note 16 to our consolidated financial statements for additional information related to our income tax expense (benefit).
Total net sales and revenue $ 106,622
$ 101,199
$ 5,423
5.4%
$ 6.8
$ 1.0
$ (1.1)
$ (1.2)
EBIT-adjusted $ 11,026
$ 6,603
$ 4,423
67.0%
$ 2.1
$ 0.5
$ (1.1)
$ 3.0
Wholesale vehicle sales 3,558
3,320
238
7.2%
28