General Motors 2015 Annual Report Download - page 41
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Table of Contents
liquidations of marketable securities, net was due primarily to the rebalancing of our investment portfolio between marketable securities and cash and cash
equivalents as part of liquidity management in the normal course of business.
Issuance of senior unsecured notes $ —
$ 2.5
$ 4.5
$ (2.5)
$ (2.0)
Prepayment of Canadian Health Care Trust (HCT) notes (principal) —
—
(1.1)
—
1.1
Early redemption of GM Korea preferred stock —
—
(0.7)
—
0.7
Redemption and purchase of Series A Preferred Stock —
(3.9)
(3.2)
3.9
(0.7)
Payments to purchase common stock (3.5)
(0.2)
—
(3.3)
(0.2)
Dividends paid (excluding charge related to redemption and purchase
of Series A Preferred Stock) (2.2)
(2.4)
(0.9)
0.2
(1.5)
Other (0.1)
(0.1)
—
—
(0.1)
Cash flows from financing activities $ (5.8)
$ (4.1)
$ (1.4)
$ (1.7)
$ (2.7)
In the year ended December 31, 2015 the change in Cash flows from financing activities was due primarily to the purchase of common stock as part of the
common stock repurchase program. In the year ended December 31, 2014 the change in Dividends paid was due primarily to payment for common stock
dividends.
Adjusted Free Cash Flow
The following table summarizes automotive adjusted free cash flow (dollars in billions):
Net cash provided by operating activities $ 10.0
$ 10.1
$ 11.0
Less: capital expenditures (7.8)
(7.0)
(7.5)
Adjustments —
—
0.2
Adjusted free cash flow $ 2.2
$ 3.1
$ 3.7
Adjustments to free cash flow included: (1) pension contributions related to the previously announced annuitization of the U.S. salaried pension plan in
August 2014 and March 2013 of $0.1 billion; and (2) accrued interest on the prepayment of the HCT notes of $0.2 billion in October 2013.
Status of Credit Ratings
We receive ratings from four independent credit rating agencies: DBRS Limited, Fitch Ratings (Fitch), Moody's Investor Service (Moody's) and Standard &
Poor's (S&P). All four credit rating agencies currently rate our corporate credit at investment grade. The following table summarizes our credit ratings at
January 27, 2016:
DBRS Limited BBB (low)
BBB (low)
N/A
Positive
Fitch BBB-
BBB-
BBB-
Stable
Moody's Investment Grade
Baa3
Ba1
Stable
S&P BBB-
BBB-
BBB-
Stable
Rating actions taken by each of the credit rating agencies from January 1, 2015 through January 27, 2016 were as follows:
Fitch: Upgraded our corporate rating, revolving credit facilities rating and senior unsecured rating to an investment grade rating of BBB- from BB+ and
revised their outlook to Stable from Positive in June 2015.
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