2014 Q4 Form 10-K Financial Statement

#000146785815000036 Filed on February 04, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2013 Q4 2013 Q3
Revenue $39.62B $40.49B $38.98B
YoY Change -2.14% 3.0% 3.74%
Cost Of Revenue $35.24B $36.21B $33.17B
YoY Change -2.69% -14.38% 1.32%
Gross Profit $4.382B $4.275B $5.817B
YoY Change 2.5% -236.36% 34.43%
Gross Profit Margin 11.06% 10.56% 14.92%
Selling, General & Admin $2.953B $3.629B $2.876B
YoY Change -18.63% -32.13% 0.95%
% of Gross Profit 67.39% 84.89% 49.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.238B
YoY Change
% of Gross Profit 165.18%
Operating Expenses $2.953B $3.629B $2.876B
YoY Change -18.63% -32.13% 0.95%
Operating Profit $1.429B $646.0M $2.256B
YoY Change 121.21% -107.62% 40.74%
Interest Expense $779.0M $996.0M $65.00M
YoY Change -21.79% -35.41% -49.22%
% of Operating Profit 54.51% 154.18% 2.88%
Other Income/Expense, Net -$82.00M
YoY Change -125.79%
Pretax Income $2.288B $1.187B $2.547B
YoY Change 92.75% -103.55% 42.05%
Income Tax $279.0M $134.0M $842.0M
% Of Pretax Income 12.19% 11.29% 33.06%
Net Earnings $1.987B $1.040B $1.717B
YoY Change 91.06% -12.9% -6.33%
Net Earnings / Revenue 5.02% 2.57% 4.4%
Basic Earnings Per Share $0.69 $0.64 $0.50
Diluted Earnings Per Share $0.66 $0.57 $0.45
COMMON SHARES
Basic Shares Outstanding 1.607B shares 1.386B shares
Diluted Shares Outstanding 1.681B shares

Balance Sheet

Concept 2014 Q4 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.18B $28.99B $28.98B
YoY Change -2.82% 5.09% -14.59%
Cash & Equivalents $18.95B $20.02B $20.36B
Short-Term Investments $9.222B $8.972B $8.624B
Other Short-Term Assets $1.540B $1.662B $1.774B
YoY Change -7.34% 8.2% -15.92%
Inventory $13.64B $14.04B $15.36B
Prepaid Expenses
Receivables $9.078B $8.535B $22.08B
Other Receivables $16.53B $14.28B $0.00
Total Short-Term Assets $83.63B $81.50B $81.16B
YoY Change 2.61% 16.44% 12.56%
LONG-TERM ASSETS
Property, Plant & Equipment $27.74B $25.87B $26.25B
YoY Change 7.25% 6.91% -1.25%
Goodwill $1.427B $1.560B $1.953B
YoY Change -8.53% -20.93% -93.13%
Intangibles $4.983B $5.668B $6.364B
YoY Change -12.09% -16.76% -28.53%
Long-Term Investments $8.350B $8.094B $7.897B
YoY Change 3.16% 17.59% 5.03%
Other Assets $1.957B $2.352B $2.896B
YoY Change -16.79% -0.25% 4.25%
Total Long-Term Assets $93.88B $84.84B $87.38B
YoY Change 10.65% 6.82% 4.83%
TOTAL ASSETS
Total Short-Term Assets $83.63B $81.50B $81.16B
Total Long-Term Assets $93.88B $84.84B $87.38B
Total Assets $177.3B $166.2B $168.5B
YoY Change 6.67% 11.25% 8.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.53B $23.62B $27.24B
YoY Change -4.62% -6.14% 3.53%
Accrued Expenses $28.18B $24.63B $23.88B
YoY Change 14.42% 5.68% -4.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $1.786B
YoY Change -100.0% -21.56%
Long-Term Debt Due $14.94B $14.16B $9.653B
YoY Change 5.55% 240.17% 141.26%
Total Short-Term Liabilities $65.66B $62.41B $62.56B
YoY Change 5.2% 15.59% 8.57%
LONG-TERM LIABILITIES
Long-Term Debt $31.72B $22.03B $20.68B
YoY Change 44.02% 109.12% 99.36%
Other Long-Term Liabilities $14.08B $13.35B $14.05B
YoY Change 5.46% 1.4% 10.1%
Total Long-Term Liabilities $75.82B $60.76B $68.62B
YoY Change 24.79% 3.98% 24.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.66B $62.41B $62.56B
Total Long-Term Liabilities $75.82B $60.76B $68.62B
Total Liabilities $141.5B $123.2B $131.2B
YoY Change 14.86% 9.56% 16.26%
SHAREHOLDERS EQUITY
Retained Earnings $14.58B $13.82B $12.90B
YoY Change 5.51% 37.38% 11.88%
Common Stock $16.00M $15.00M $14.00M
YoY Change 6.67% 7.14% -12.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.46B $42.61B $36.78B
YoY Change
Total Liabilities & Shareholders Equity $177.5B $166.3B $168.5B
YoY Change 6.71% 11.32% 8.42%

Cashflow Statement

Concept 2014 Q4 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income $1.987B $1.040B $1.717B
YoY Change 91.06% -12.9% -6.33%
Depreciation, Depletion And Amortization $7.238B
YoY Change
Cash From Operating Activities $3.167B $3.058B $3.860B
YoY Change 3.56% 291.55% 14.1%
INVESTING ACTIVITIES
Capital Expenditures -$3.609B -$2.306B -$2.554B
YoY Change 56.5% 1.27% 17.59%
Acquisitions
YoY Change
Other Investing Activities -$325.0M -$1.467B -$2.234B
YoY Change -77.85% -148.05% 73.99%
Cash From Investing Activities -$3.934B -$3.773B -$4.788B
YoY Change 4.27% -586.21% 38.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.315B 412.0M 1.466B
YoY Change 461.89% -106.37% 26.71%
NET CHANGE
Cash From Operating Activities 3.167B 3.058B 3.860B
Cash From Investing Activities -3.934B -3.773B -4.788B
Cash From Financing Activities 2.315B 412.0M 1.466B
Net Change In Cash 1.548B -303.0M 538.0M
YoY Change -610.89% -93.83% -50.37%
FREE CASH FLOW
Cash From Operating Activities $3.167B $3.058B $3.860B
Capital Expenditures -$3.609B -$2.306B -$2.554B
Free Cash Flow $6.776B $5.364B $6.414B
YoY Change 26.32% 75.41% 15.46%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates in the Preparation of the Financial Statements </font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounting estimates are an integral part of the consolidated financial statements. These estimates require the use of judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates actual results could differ from the original estimates, requiring adjustments to these balances in future periods. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Change in Accounting Estimate</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We historically accrued estimated costs related to recall campaigns in GMNA when they are probable and reasonably estimable, which typically occurs once it is determined a specific recall campaign is needed and announced. During the three months ended June 30, 2014, following the significant increase in the number of vehicles subject to recall in GMNA, the results of our ongoing comprehensive safety review, additional engineering analysis, the creation of a new Global Product Integrity organization, the appointment of a new Global Vice President of Vehicle Safety responsible for the safety development of our vehicle systems and our overall commitment to customer satisfaction, we accumulated sufficient historical data in GMNA to support the use of an actuarial-based estimation technique for recall campaigns. As such we now accrue at the time of vehicle sale in GMNA the costs for recall campaigns. Based on expanded historical data, we recorded a catch-up adjustment of </font><font style="font-family:inherit;font-size:10pt;">$874 million</font><font style="font-family:inherit;font-size:10pt;"> in Automotive cost of sales in the three months ended June 30, 2014 to adjust the estimate for recall costs for previously sold vehicles. In other geographical regions the historical claims data did not support the application of an actuarial-based model; therefore, recall campaigns are accrued when probable and reasonably estimable, which typically occurs once it is determined a specific recall campaign is needed and announced.</font></div></div>

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