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Analysis of Income Taxes
- Income Tax Expense (Benefit)
- Effective Income Tax Rate (EITR)
- Components of Deferred Tax Assets and Liabilities
- Adjustments to Financial Statements: Removal of Deferred Taxes
- Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
- Adjusted Current Ratio
- Adjusted Net Profit Margin
- Adjusted Total Asset Turnover
- Adjusted Financial Leverage
- Adjusted Return on Equity (ROE)
- Adjusted Return on Assets (ROA)
Income Tax Expense (Benefit)
General Motors Co., income tax expense (benefit), continuing operations
US$ in millions
Based on: 10-K (filing date: 2020-02-05), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-07), 10-K (filing date: 2016-02-03).
Item | Description | The company |
---|---|---|
Current income tax expense | Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. | General Motors Co.’s current income tax expense decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level. |
Deferred income tax expense (benefit) | Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. | General Motors Co.’s deferred income tax expense (benefit) decreased from 2017 to 2018 and from 2018 to 2019. |
Income tax expense (benefit) | Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | General Motors Co.’s income tax expense (benefit) decreased from 2017 to 2018 but then slightly increased from 2018 to 2019. |
Effective Income Tax Rate (EITR)
General Motors Co., effective income tax rate (EITR) reconciliation
Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
---|---|---|---|---|---|---|
U.S. federal statutory income tax rate | ||||||
Effective income tax rate, before change in tax laws | ||||||
Effective income tax rate |
Based on: 10-K (filing date: 2020-02-05), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-07), 10-K (filing date: 2016-02-03).
Item | Description | The company |
---|---|---|
Effective income tax rate, before change in tax laws | Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | General Motors Co.’s effective income tax rate, before change in tax laws decreased from 2017 to 2018 but then slightly increased from 2018 to 2019. |
Components of Deferred Tax Assets and Liabilities
General Motors Co., components of deferred tax assets and liabilities
US$ in millions
Based on: 10-K (filing date: 2020-02-05), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-07), 10-K (filing date: 2016-02-03).
Item | Description | The company |
---|---|---|
Deferred tax assets before valuation allowances | Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | General Motors Co.’s deferred tax assets before valuation allowances increased from 2017 to 2018 and from 2018 to 2019. |
Deferred tax assets | Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | General Motors Co.’s deferred tax assets increased from 2017 to 2018 and from 2018 to 2019. |
Net deferred tax assets (liabilities) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. | General Motors Co.’s net deferred tax assets (liabilities) increased from 2017 to 2018 and from 2018 to 2019. |
Adjustments to Financial Statements: Removal of Deferred Taxes
General Motors Co., adjustments to financial statements
US$ in millions
Based on: 10-K (filing date: 2020-02-05), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-07), 10-K (filing date: 2016-02-03).
General Motors Co., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
General Motors Co., adjusted financial ratios
Based on: 10-K (filing date: 2020-02-05), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-07), 10-K (filing date: 2016-02-03).
Financial ratio | Description | The company |
---|---|---|
Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. | General Motors Co.’s adjusted current ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019. |
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | General Motors Co.’s adjusted net profit margin ratio improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019 not reaching 2017 level. |
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | General Motors Co.’s adjusted total asset turnover ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
General Motors Co.’s adjusted financial leverage ratio decreased from 2017 to 2018 and from 2018 to 2019. |
Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | General Motors Co.’s adjusted ROE deteriorated from 2017 to 2018 and from 2018 to 2019. |
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | General Motors Co.’s adjusted ROA improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019. |
General Motors Co., Financial Ratios: Reported vs. Adjusted
Adjusted Current Ratio
Based on: 10-K (filing date: 2020-02-05), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-07), 10-K (filing date: 2016-02-03).
2019 Calculations
1 Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= ÷ =
Liquidity ratio | Description | The company |
---|---|---|
Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. | General Motors Co.’s adjusted current ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019. |
Adjusted Net Profit Margin
Based on: 10-K (filing date: 2020-02-05), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-07), 10-K (filing date: 2016-02-03).
2019 Calculations
1 Net profit margin = 100 × Net income (loss) attributable to stockholders ÷ Automotive net sales and revenue
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to stockholders ÷ Automotive net sales and revenue
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | General Motors Co.’s adjusted net profit margin ratio improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019 not reaching 2017 level. |
Adjusted Total Asset Turnover
Based on: 10-K (filing date: 2020-02-05), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-07), 10-K (filing date: 2016-02-03).
2019 Calculations
1 Total asset turnover = Automotive net sales and revenue ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Automotive net sales and revenue ÷ Adjusted total assets
= ÷ =
Activity ratio | Description | The company |
---|---|---|
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | General Motors Co.’s adjusted total asset turnover ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
Adjusted Financial Leverage
Based on: 10-K (filing date: 2020-02-05), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-07), 10-K (filing date: 2016-02-03).
2019 Calculations
1 Financial leverage = Total assets ÷ Stockholders’ equity
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= ÷ =
Solvency ratio | Description | The company |
---|---|---|
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
General Motors Co.’s adjusted financial leverage ratio decreased from 2017 to 2018 and from 2018 to 2019. |
Adjusted Return on Equity (ROE)
Based on: 10-K (filing date: 2020-02-05), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-07), 10-K (filing date: 2016-02-03).
2019 Calculations
1 ROE = 100 × Net income (loss) attributable to stockholders ÷ Stockholders’ equity
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net income (loss) attributable to stockholders ÷ Adjusted stockholders’ equity
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | General Motors Co.’s adjusted ROE deteriorated from 2017 to 2018 and from 2018 to 2019. |
Adjusted Return on Assets (ROA)
Based on: 10-K (filing date: 2020-02-05), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-07), 10-K (filing date: 2016-02-03).
2019 Calculations
1 ROA = 100 × Net income (loss) attributable to stockholders ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net income (loss) attributable to stockholders ÷ Adjusted total assets
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | General Motors Co.’s adjusted ROA improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019. |