GM Earns $1.5 Billion In 2001- See Complete Report Here
Fourth Quarter Earnings Total $255 Million, or $0.60 Per Share
-- Market Momentum, Cost Reductions, Strong Cash Generation Are Key Drivers -- GMAC Has Seventh-Straight Year of Earnings Growth
DETROIT, Jan. 16 Market-share gains spurred by strong new product entries coupled with an intense focus on reducing costs partially offset relentless price pressures as General Motors Corp.earned $1.5 billion, or $3.23 diluted earnings per share, in calendar-year 2001 on revenues of $177.3 billion, excluding special items. That compares with earnings of $5.0 billion, or $8.58 per share, and revenues of $183.3 billion in the prior year, excluding special items. Including special items, GM had net income of $601 million, or $1.77 per share, in 2001; this compares with $4.5 billion, or $6.68 per share, in the prior year.
GM earned $255 million, or $0.60 per share, in the fourth quarter of 2001, including the approximately $97 million, or $0.14 per share, unfavorable effect of the currency devaluation in Argentina. This compares with $609 million, or $1.15 per share, in the fourth quarter of 2000, excluding special items. There were no special items in the fourth quarter of 2001. GM financial results described throughout the remainder of this release exclude special items unless otherwise noted (see Highlights).
"Our performance in 2001 was quite strong considering all of the challenges we faced, and we intend to continue building momentum throughout the coming year," said GM Chairman Jack Smith. "Our market-share gains demonstrate that GM's dedication to developing innovative new products is paying off in the marketplace. Our focus in the coming year is to build on our market success and make further improvements in our financial performance."
"We're in good shape to meet the tough competitive challenges in the year ahead," said GM President and Chief Executive Officer Rick Wagoner. "We gained momentum in the fourth quarter with our great products and the highly successful Keep America Rolling marketing campaign, ending the year with low U.S. dealer inventories. As we continue to introduce more new models this year, and intensify our focus on efficiencies and cost reductions, we're well-positioned when the economy rebounds."
Cash, marketable securities, and assets of the Voluntary Employees' Beneficiary Association (VEBA) trust invested in short-term fixed-income securities, excluding Hughes, totaled $11.5 billion at Dec. 31, 2001, compared with $11.0 billion at Sept. 30, 2001.
GM AUTOMOTIVE OPERATIONS
GM's global automotive operations earned $708 million in calendar-year 2001, compared with $3.9 billion in 2000. Fourth-quarter earnings totaled $66 million versus $393 million in the prior-year period. Wholesale volume declined approximately 8 percent in calendar-year 2001, and approximately 6 percent in the fourth quarter, compared with the same periods of 2000.
Lower sales volume and strong pricing competition affected results in North America, where GM's annual wholesale vehicle sales declined 11 percent from prior-year levels. Similar pricing pressures affected Europe, along with the shift in consumer preference toward smaller, less-profitable vehicles and unfavorable country mix. Net price retention in calendar-year 2001 was negative 1.3 percent in both North America and Europe.
Results in the Asia-Pacific region were driven by strong profitability and market leadership by Australia-based Holden. In the Latin America/Africa/Mid- East region, market share was the highest for a fourth quarter in 12 years and sales volume increased. However, pricing pressure from the supplier community, based partially on the decline in value of the Brazilian currency, and unfavorable product mix offset these gains.
GM increased its calendar-year market share in the United States for the first time since 1990, as its strong truck lineup broke the industry record for truck sales. Sales of full-size pickups were the best since 1978, and GM shattered the all-time industry sport utility vehicle (SUV) sales record, becoming the first manufacturer to sell more than one million SUVs in a calendar year. GM's share of the U.S. truck market increased 2.2 percentage points to 29.2 percent for 2001, while total vehicle share increased 0.3 percentage points, totaling 28.1 percent for the year. Particularly significant was the improved mix of retail sales as GM continued to focus its sales efforts on the more profitable retail side of the business. Retail sales increased 2.8 percentage points to 81.6 percent of all GM U.S. sales.
GM also gained market share in the GM North America (GMNA), Latin America/Africa/Mid-East (GMLAAM), and Asia-Pacific (GMAP) regions, while holding share steady in GM Europe (GME). GM's global market share totaled 15.1 percent in 2001, compared with 15.0 percent in 2000. Combined sales of GM and its automotive alliance partners -- Fiat Auto, Fuji Heavy Industries (Subaru), Isuzu Motor Corp., and Suzuki Motor Corp. -- represented 23.7 percent of the global automotive market in 2001, compared with 23.3 percent in the prior year. "To translate our market success into higher profits, our global automotive operations continue to focus on improving quality and increasing productivity, and our entire company is concentrating on reducing costs," Wagoner said. "We've targeted significant reductions in material and structural costs for 2002, in addition to reducing non-product-related capital expenditures."
In the 2001 Harbour Report, GM's manufacturing operations outpaced all other multi-plant manufacturers in North America with an overall productivity improvement of nearly 8.5 percent. In addition, GM scored the biggest improvement of any automaker in the 2001 J.D. Power & Associates initial quality survey. GM not only achieved the highest quality gains, but also led all U.S. automakers and is closing the gap with the best Japanese manufacturers.
General Motors is receiving very positive reaction from the three new production vehicles and five concept cars that were unveiled to automotive journalists from around the world last week at the 2002 North American International Auto Show in Detroit. "The excitement that these vehicles generated amplifies the overall enthusiasm our products are generating in the market," Wagoner said. "We intend to build on this momentum by introducing nearly 40 new products between now and 2003, including six in the crucial entry-level market. This is continuing evidence that GM's aggressive product program, focused on great designs, excellent handling and innovation, is paying off."
GM vehicles have received more than 70 awards since the beginning of 2001, including the following highly influential citations:
- Motor Trend "SUV of the Year" -- GMC Envoy
- Motor Trend "Truck of the Year" -- Chevrolet Avalanche
- "North American Truck of the Year" -- Chevrolet TrailBlazer
- AutoWeek North American International Auto Show Awards -- Cadillac Cien and Pontiac Solstice concept cars
- "International Van of the Year" -- First Place: Opel Vivaro; Second Place: Opel Combo
- Brazilian Automotive Press Association "Popular Car of the Year" -- Chevrolet Celta; "SUV of the Year" -- Chevrolet Tracker (Vitara)
For 2001, GMAC achieved income growth for the seventh consecutive year and posted record earnings for the third-straight year. GMAC's 2001 earnings of $1.8 billion were 9.4 percent higher than during the prior year.
GMAC's fourth-quarter earnings in 2001 of $435 million were up $26 million, or more than 6 percent, from a year ago. Earnings from Financing Operations increased as higher asset levels and the positive impact from lower market interest rates more than offset weaker residual values and higher credit losses. For the quarter, Insurance Operations posted higher earnings as increases in underwriting income more than offset lower capital gains. Mortgage Operations were down slightly year-over-year but still achieved the second highest quarterly profit as strong new origination volumes kept pace with the high refinancing activity.
HUGHES
Calendar-year losses at Hughes totaled $525 million for 2001, compared with $303 million in the prior year. Hughes lost $131 million in the fourth quarter of 2001, compared with a loss of $74 million in the prior-year period, primarily because of the cost of adding DIRECTV subscribers.
Hughes revenues were up 4 percent in the fourth quarter of 2001. Total DIRECTV subscriptions increased to 12.3 million, with approximately 518,000 more subscribers than in the third quarter of 2001, an increase of 4.4 percent. Total subscriptions were up 1.5 million from year-end-2000 levels.
PROFIT SHARING, INCENTIVE COMPENSATION
Based on GM's financial results in 2001, there will be no profit-sharing payments to hourly workers in the United States. In addition, there will be no annual incentive awards for GM executives, or enhanced variable pay for eligible U.S. and Canadian salaried employees.
LOOKING AHEAD
GM has forecast total U.S. industry vehicle sales to be in the range of 15.0 million to 15.5 million units, and industry sales in Europe of approximately 18.5 million units. Sales in the Latin America/Africa/Mid-East and Asia-Pacific regions are expected to be relatively flat compared with 2001. U.S. dealer inventories are lean at less than 1 million units, and first-quarter North American production is expected to increase 7 percent over the first quarter of 2001. Net price retention in the first quarter is expected to be consistent with the prior guidance for the calendar year at approximately negative 1 percent. Based on these factors and considering the high-degree of economic uncertainty, GM's earnings target for the 2002 calendar year, excluding Hughes, remains at $3.00 per share, and first-quarter earnings are now expected to be approximately $1.00 per share. Including Hughes, the targets are approximately $2.60 per share for the calendar year, and $0.90 per share for the first quarter.
In this press release and related comments by General Motors management, our use of the words "outlook," "expect," "anticipate," "estimate," "forecast," "project," "likely," "objective," "plan," "designed," "goal" and similar expressions is intended to identify forward looking statements. While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, actual results may differ materially due to numerous important factors that are described in GM's most recent report on SEC Form 10-K (at page II-10,11) which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. Such factors include, among others, the following: changes in economic conditions, currency exchange rates or political stability; shortages of fuel, labor strikes or work stoppages; market acceptance of the corporation's new products; significant changes in the competitive environment; changes in laws, regulations and tax rates; and the ability of the corporation to achieve reductions in cost and employment levels to realize production efficiencies and implement capital expenditures at levels and times planned by management.
General Motors Corporation
List of Special Items - After Tax
(dollars in millions)
Year to Date 2001
----------------------------------------
Other
GMNA GME GMLAAM GMAP Hughes ACO
---- --- ------ ---- ------ -----
Reported Net Income (Loss) $1,270 $(765) $(81) $(57) $(618) $(916)
Ste. Therese Charge (A) 194 - - - - -
Raytheon Settlement (B) - - - - - 474
Gain on Sale of Thomson (C) - - - - (67) -
SkyPerfecTV! Writedown (D) - - - - 133 -
Severance Charge (E) - - - - 40 -
DirecTV Japan Adjustment (F) - - - - (21) -
Isuzu Restructuring (G) - - - 133 - -
SFAS 133 (H) 14 (2) 1 1 8 -
----- --- --- --- --- ---
Adjusted Net Income (Loss) $1,478 $(767) $(80) $77 $(525) $(442)
===== === == == === ===
Total Other Total Diluted
ACO GMAC FIO GM EPS
----- ------ ----- ----- -------
Reported Net Income (Loss) $(1,167) $1,786 $(18) $601 $1.77
Ste. Therese Charge (A) 194 - - 194 0.35
Raytheon Settlement (B) 474 - - 474 0.85
Gain on Sale of Thomson (C) (67) - - (67) (0.04)
SkyPerfecTV! Writedown (D) 133 - - 133 0.08
Severance Charge (E) 40 - - 40 0.02
DirecTV Japan Adjustment (F) (21) - - (21) (0.01)
Isuzu Restructuring (G) 133 - - 133 0.24
SFAS 133 (H) 22 (34) - (12) (0.03)
--- ----- -- ----- ----
Adjusted Net Income (Loss) $(259) $1,752 $(18) $1,475 $3.23
=== ===== == ===== ====
A) The Ste. Therese Charge relates to the previously announced
closing of the Ste. Therese, Quebec assembly plant.
B) The Raytheon Settlement relates to Hughes' settlement with
the Raytheon Company on a purchase price adjustment related
to Raytheon's 1997 merger with Hughes Defense.
C) The Gain on Sale of Thomson relates to Hughes' sale of 4.1
million shares of Thomson Multimedia common stock.
D) The SkyPerfecTV! Writedown relates to Hughes' non-cash charge
from the revaluation of its investment.
E) The Severance Charge relates to Hughes' 10% company-wide
workforce reduction in the U.S.
F) The DirecTV Japan Adjustment relates to a favorable adjustment
to the expected costs associated with the shutdown of Hughes'
DirecTV Japan business.
G) The Isuzu Restructuring charges include General Motors'
portion of severance payments and asset impairments that were
part of the second quarter restructuring of its affiliate
Isuzu Motors Ltd.
H) The SFAS 133 adjustment represents the net impact during
the first quarter 2001 from initially adopting SFAS No. 133,
Accounting for Derivatives and Hedging Activities.
General Motors Corporation
List of Special Items - After Tax
(dollars in millions)
Year to Date 2000
----------------------------------------
Other
GMNA GME GMLAAM GMAP Hughes ACO
---- --- ------ ---- ------ -----
Reported Net Income (Loss) $3,174 $(676) $26 $(233) $829 $(281)
Phase-out of Oldsmobile (I) 939 - - - - -
Postemployment Benefits (J) 294 - - - - -
Capacity Reduction (K) - 419 - - - -
Satellite Businesses Gain (L) - - - - (1,132) -
----- --- -- --- ----- ---
Adjusted Net Income (Loss) $4,407 $(257) $26 $(233) $(303)$(281)
===== === == === ===== ===
Total Other Total Diluted
ACO GMAC FIO GM EPS
----- ------ ----- ----- -------
Reported Net Income (Loss) $2,839 $1,602 $11 $4,452 $6.68
Phase-out of Oldsmobile (I) 939 - - 939 1.59
Postemployment Benefits (J) 294 - - 294 0.50
Capacity Reduction (K) 419 - - 419 0.71
Satellite Businesses Gain (L) (1,132) - - (1,132) (0.90)
----- ----- -- ----- ----
Adjusted Net Income (Loss) $3,359 $1,602 $11 $4,972 $8.58
===== ===== == ===== ====
I) The Phase-out of Oldsmobile relates to the costs associated
with GM's decision in the fourth quarter of 2000 to phase-out
the Oldsmobile division as the current model lineup product
lifecycles come to an end, or when the models are no longer
economically viable.
J) The Postemployment Benefits charge relates to postemployment
costs for termination and other postemployment benefits
associated with four North American manufacturing facilities
slated for conversion and capacity reduction (Oklahoma City,
Oklahoma; Delta Engine, Lansing, Michigan; Springhill,
Tennessee; and Wilmington, Delaware).
K) The Capacity Reduction adjustment relates to costs associated
with the reduction in production capacity, including the
restructuring of Vauxhall Motors Limited's manufacturing
operations in the U.K.
L) The Satellite Businesses Gain relates to the sale of Hughes'
satellite systems manufacturing businesses to The Boeing Company.
General Motors Corporation
List of Special Items - After Tax
(dollars in millions)
Fourth Quarter 2000
----------------------------------------
Other
GMNA GME GMLAAM GMAP Hughes ACO
---- --- ------ ---- ------ -----
Reported Net Income (Loss) $(254) $(882) $(16) $(107) $1,058 $(119)
Phase-out of Oldsmobile (I) 939 - - - - -
Postemployment Benefits (J) 294 - - - - -
Capacity Reduction (K) - 419 - - - -
Satellite Businesses Gain (L) - - - - (1,132) -
--- --- -- --- ----- ---
Adjusted Net Income (Loss) $979 $(463) $(16) $(107) $(74)$(119)
=== === == === ===== ===
Total Other Total Diluted
ACO GMAC FIO GM EPS
----- ------ ----- ----- -------
Reported Net Income (Loss) $(320) $409 $ - $89 $(1.16)
Phase-out of Oldsmobile (I) 939 - - 939 1.68
Postemployment Benefits (J) 294 - - 294 0.53
Capacity Reduction (K) 419 - - 419 0.75
Satellite Businesses Gain (L) (1,132) - - (1,132) (0.65)
----- --- -- ----- ----
Adjusted Net Income (Loss) $200 $409 $ - $609 $1.15
===== === == ===== ====
See footnotes (I) - (L).
General Motors Corporation
Adjusted Corporate Financial Results
Fourth Quarter Year to Date
-------------- --------------
2001(1) 2000(1) 2001(1) 2000(1)
---- ---- ---- ----
Total net sales and
revenues ($Mil's) $45,950 $45,001 $177,268 $183,292
Consolidated net
income ($Mil's) $255 $609 $1,475 $4,972
Net margin from
consolidated net income 0.6% 1.4% 0.8% 2.7%
GM $1-2/3 par value
earnings per share
Basic EPS $0.61 $1.16 $3.26 $8.72
Diluted EPS $0.60 $1.15 $3.23 $8.58
GM Class H
earnings per share
Basic EPS $(0.12) $(0.08) $(0.48) $(0.31)
Diluted EPS $(0.12) $(0.08) $(0.48) $(0.31)
Earnings attributable to
GM $1-2/3 par value ($Mil's)
Consolidated net income $255 $609 $1,475 $4,972
Preferred dividends (23) (27) (99) (110)
Losses attributable
to GM Class H 105 66 419 210
--- --- ----- -----
Total earnings attributable
to GM $1-2/3 par value $337 $648 $1,795 $5,072
=== === ===== =====
GM $1-2/3 par value average
shares outstanding (Mil's)
Basic shares 556 559 551 582
Diluted shares 559 564 556 591
Cash dividends per share
of common stocks
GM $1-2/3 par value $0.50 $0.50 $2.00 $2.00
GM Class H - - - -
Book value per share of
common stocks at Dec. 31
GM $1-2/3 par value $24.79 $39.36
GM Class H $4.96 $7.87
Total cash at Dec. 31,
excluding Hughes($Bil's) (2) $11.5 $11.8
Automotive, Communications Services,
and Other Operations ($Mil's)
Depreciation $1,092 $1,404 $4,383 $4,368
Amortization of special
tools 613 901 2,360 2,753
Amortization of intangible
assets 70 99 308 308
----- ----- ----- -----
Total $1,775 $2,404 $7,051 $7,429
===== ===== ===== =====
See footnotes.
General Motors Corporation
Adjusted Segment Financial Results
Fourth Quarter Year to Date
-------------- --------------
2001(1) 2000(1) 2001(1) 2000(1)
---- ---- ---- ----
(dollars in millions)
Total net sales and revenues
GMNA $27,446 $27,434 $106,938 $113,418
GME 6,084 6,043 23,700 25,358
GMLAAM 1,387 1,431 5,833 5,713
GMAP 1,063 1,001 4,201 3,606
------ ------ ------- -------
Total GMA 35,980 35,909 140,672 148,095
Hughes 2,285 2,188 8,318 8,654
Other 1,034 523 2,501 2,538
------ ------ ------- -------
Total ACO 39,299 38,620 151,491 159,287
GMAC 6,565 6,218 25,480 23,661
Other Financing 86 163 297 344
------ ------ ------- -------
Total FIO 6,651 6,381 25,777 24,005
------ ------ ------- -------
Consolidated net sales
and revenues $45,950 $45,001 $177,268 $183,292
====== ====== ======= =======
Pre-tax income (loss)
GMNA $528 $1,380 $2,051 $6,448
GME (345) (637) (1,092) (275)
GMLAAM (150) (78) (79) (155)
GMAP (17) (47) 27 (21)
--- --- ----- -----
Total GMA 16 618 907 5,997
Hughes (3) (213) (121) (786) (541)
Other (135) (147) (537) (307)
--- --- ----- -----
Total ACO (332) 350 (416) 5,149
GMAC 730 658 2,872 2,579
Other Financing (24) (9) (58) 4
--- --- ----- -----
Total FIO 706 649 2,814 2,583
--- --- ----- -----
Consolidated pre-tax
income $374 $999 $2,398 $7,732
=== === ===== =====
Net income (loss)
GMNA $392 $979 $1,478 $4,407
GME (240) (463) (767) (257)
GMLAAM (111) (16) (80) 26
GMAP 25 (107) 77 (233)
--- --- ----- -----
Total GMA 66 393 708 3,943
Hughes (3)(4) (131) (74) (525) (303)
Other (120) (119) (442) (281)
--- --- ----- -----
Total ACO (185) 200 (259) 3,359
GMAC 435 409 1,752 1,602
Other Financing 5 - (18) 11
--- --- ----- -----
Total FIO 440 409 1,734 1,613
--- --- ----- -----
Consolidated net income $255 $609 $1,475 $4,972
=== === ===== =====
See footnotes.
General Motors Corporation
Supplementary Adjusted Segment Financial Results
Fourth Quarter Year to Date
-------------- --------------
2001(1) 2000(1) 2001(1) 2000(1)
---- ---- ---- ----
(dollars in millions)
Income tax expense (benefit)
GMNA $150 $365 $537 $1,969
GME (72) (173) (284) (9)
GMLAAM (38) (48) (17) (122)
GMAP 17 (4) 24 17
-- --- --- -----
Total GMA $57 $140 $260 $1,855
== === === =====
Equity income (loss) and
minority interests
GMNA $14 $(36) $(36) $(72)
GME 33 1 41 9
GMLAAM 1 14 (18) 59
GMAP 59 (64) 74 (195)
--- -- -- ---
Total GMA $107 $(85) $61 $(199)
=== == == ===
Effective income tax rate
GMNA 28.4% 26.4% 26.2% 30.5%
GME 20.9% 27.2% 26.0% 3.3%
GMLAAM 25.3% 61.5% 21.5% 78.7%
GMAP (100.0%) 8.5% 88.9% (81.0%)
Total ACO (6) 31.0% 17.0% 31.0% 31.0%
Net margins
GMNA 1.4% 3.6% 1.4% 3.9%
GME (3.9%) (7.7%) (3.2%) (1.0%)
GMLAAM (8.0%) (1.1%) (1.4%) 0.5%
GMAP 2.4% (10.7%) 1.8% (6.5%)
Total GMA 0.2% 1.1% 0.5% 2.7%
Hughes (3)(4) (5.7%) (3.4%) (6.3%) (3.5%)
Total ACO (0.5%) 0.5% (0.2%) 2.1%
GMAC 6.6% 6.6% 6.9% 6.8%
Consolidated net income 0.6% 1.4% 0.8% 2.7%
See footnotes.
General Motors Corporation
Operating Statistics
Fourth Quarter Year to Date
-------------- --------------
2001 2000 2001 2000
---- ---- ---- ----
(units in thousands)
Worldwide Wholesale Sales
United States - Cars 501 597 2,054 2,514
United States - Trucks 644 611 2,433 2,517
----- ----- ----- -----
Total United States 1,145 1,208 4,487 5,031
Canada, Mexico, and Other 167 174 649 744
----- ----- ----- -----
Total GMNA 1,312 1,382 5,136 5,775
GME 401 445 1,760 1,879
GMLAAM 166 164 666 634
GMAP 100 113 460 458
----- ----- ----- -----
Total Worldwide 1,979 2,104 8,022 8,746
===== ===== ===== =====
Vehicle Unit Deliveries
Chevrolet - Cars 193 185 830 891
Chevrolet - Trucks 539 383 1,860 1,725
Pontiac 115 127 533 613
GMC 163 117 555 529
Buick 105 83 406 405
Oldsmobile 44 65 234 289
Saturn 61 55 261 272
Cadillac 47 41 172 189
Other 14 11 53 40
----- ----- ----- -----
Total United States 1,281 1,067 4,904 4,953
Canada, Mexico, and Other 172 167 686 707
----- ----- ----- -----
Total GMNA 1,453 1,234 5,590 5,660
GME 383 396 1,801 1,856
GMLAAM 166 164 663 605
GMAP 124 128 506 476
----- ----- ----- -----
Total Worldwide 2,126 1,922 8,560 8,597
===== ===== ===== =====
Market Share
United States - Cars 25.8% 27.8% 26.9% 28.6%
United States - Trucks 31.4% 26.9% 29.2% 27.0%
Total United States 28.9% 27.3% 28.1% 27.8%
Total North America 28.1% 26.9% 27.6% 27.5%
Total Europe 8.7% 9.0% 9.2% 9.2%
Latin America (5) 23.4% 20.9% 22.4% 20.5%
Asia and Pacific 4.0% 4.1% 3.9% 3.7%
Total Worldwide 15.7% 14.7% 15.1% 15.0%
U.S. Retail/Fleet Mix
% Fleet Sales - Cars 14.8% 26.5% 25.7% 27.3%
% Fleet Sales - Trucks 7.5% 12.4% 12.1% 14.8%
Total Vehicles 10.4% 19.3% 18.4% 21.2%
Retail Lease as % of Retail Sales
Total Smartlease
and Smartbuy 4.3% 14.0% 11.9% 21.8%
Days Supply of Inventory
at December 31
United States - Cars 93 109
United States - Trucks 75 127
Capacity Utilization
U.S. and Canada
(2 shift rated) 81.7% 86.8% 79.0% 89.4%
GMNA Net Price (1.5%) (1.7%) (1.3%) (0.7%)
See footnotes.
General Motors Corporation
Operating Statistics
Fourth Quarter Year to Date
-------------- --------------
2001 2000 2001 2000
---- ---- ---- ----
GMAC's U.S. Cost of Borrowing 4.76% 6.81% 5.51% 6.64%
Current Debt Spreads Over
U.S. Treasuries
2 Year 195 bp 125 bp
5 Year 215 bp 200 bp
10 Year 225 bp 235 bp
Worldwide Employment
at Dec. 31, Excluding
Contract (in 000's)
United States Hourly 126 133
United States Salary 42 44
--- ---
Total United States 168 177
Canada, Mexico, and Other 34 35
--- ---
GMNA 202 212
GME 73 89
GMLAAM 23 24
GMAP 11 11
Hughes 12 11
GMAC 28 29
Other 13 12
--- ---
Total 362 388
=== ===
Worldwide Payrolls ($Bil's) $4.8 $5.1 $19.8 $21.6
Footnotes:
---------
(1) Adjusted amounts represent the reported amounts less the effects
of special items. Special items for year to date 2001 and 2000
are detailed on a previous page. Special items for fourth quarter
2000 are detailed on a previous page. There are no special
items in the fourth quarter of 2001. The 2001 amounts include
the $97 million pre-tax and after-tax charge ($0.14 EPS) resulting
from the currency devaluation in Argentina (GMLAAM $53 million;
Hughes $29 million; GMAC $15 million).
(2) Represents total cash for Automotive, Communications Services, and
Other Operations, excluding Hughes, which includes cash and
marketable securities, as well as approximately $3.0 billion
invested in short-term fixed income securities of the Corporation's
Voluntary Employees' Beneficiary Association Trust.
(3) Excludes the effects of purchase accounting adjustments related to
General Motors' acquisition of Hughes in 1985.
(4) Excludes Hughes Series A Preferred Stock dividends payable to
General Motors.
(5) Latin America excludes the Middle East and Africa.
(6) Excludes the effect of the currency devaluation in Argentina in
2001 and Hughes' disposal of DirecTV Japan in 2000.
&#