The General Motors Company Analysis

The General Motors Company Analysis General Motors Company was formed in 2009 originally as a Delaware limited liability company, Vehicle Acquisition Holdings LLC and subsequently converted to a Delaware corporation, NGMCO, Inc. The conversion followed the acquisition on July 10, 2009 of a substantial part of all assets while assuming certain liabilities of General Motors Corporation through a 363 Sale under the Bankruptcy Code and subsequent change of name to General Motors Company (General Motors, 2012). As a result of the 363 Sale and other recent restructuring and cost savings initiatives, GM 2012 has improved its financial position and level of operational flexibility as compared to when Old GM operated the business. They commenced operations upon completion of the 363 Sale with a total amount of debt and other liabilities at July 10, 2009 that was $92.7 billion less than Old GMs total amount of debt and other liabilities at July 9, 2009. They reached a competitive labour agreement with their unions, restructured their dealer network and reduced and refocused their brand strategy in the U.S. to their four brands (General Motors, 2011). In November and December of 2010 they consummated a public offering of 550 million shares of their common stock and 100 million shares of Series B Preferred Stock and listed both of these securities on the New York Stock Exchange and the common stock on the Toronto Stock Exchange (General Motors, 2012). Today, General Motors Company is a brand new company with 100 years of history. They remain one of the worlds largest automotive companies with operations in 120 countries and more than 200,000 employees around the world. In 2010, they sold 8.39 million vehicles, more than three-quarters of which were sold outside the U.S. (General Motors, 2011). Small Business Units (SBUs) within GM General Motors Company is divided into five segments, namely GM North America (GMNA), GM Europe (GME), GM International Operations (GMIO), GM South America (GMSA) and GM Financial (General Motors, 2012). Each of these segments can be considered as a Strategic Business Units (SBU). Automotive Business GM product range includes a global vehicle portfolio of cars, crossovers and trucks. GM is committed to leadership in vehicle design, quality, reliability, telematics and infotainment and safety, as well as to developing key energy efficiency, energy diversity and advanced propulsion technologies, including electric vehicles with range extending capabilities such as the Chevrolet Volt. Their business is diversified across products and geographic markets. They meet the local sales and service needs of their retail and fleet customers with a global network of independent dealers. Of their total 2011 vehicle sales volume, 72.3% was generated outside the U.S., including 43.4% from emerging markets, such as Brazil, Russia, India and China (collectively BRIC), which have recently experienced the industrys highest volume growth. Their automotive business is organized into four geographically-based segments (GM North America (GMNA), GM Europe (GME), GM International Operations (GMIO), GM Sou th America (GMSA)) (General Motors, 2012). GMNA, with sales, manufacturing and distribution operations in the U.S., Canada and Mexico, and sales and distribution operations in Central America and the Caribbean, represented 32.4% of their vehicle sales volume in 2011 and had the largest market share in this market at 18.4% (General Motors, 2012). GME has sales, manufacturing and distribution operations across Western and Central Europe. GMEs vehicle sales volume, which in addition to Western and Central Europe, includes Eastern Europe (including Russia and the other members of the Commonwealth of Independent States among others), represented 19.2% of their vehicle sales volume in 2011. In 2011 they had the number four market share in this market at 8.8%. GMIO distributes Chevrolet brand vehicles which, when sold in Europe, are included in GME vehicle sales volume and market share data (General Motors, 2012). GMIO has sales, manufacturing and distribution operations in Asia-Pacific, Eastern Europe, Africa and the Middle East. Vehicle sales volume, which includes Asia-Pacific, Africa and the Middle East, is their largest segment by vehicle sales volume representing 36.6% of global vehicle sales volume including sales through their joint ventures in 2011. In 2011, GMIO had the number two market share for this market at 9.5% and the number one market share in China overall deriving 77.1% of its vehicle sales volume from China (General Motors, 2012). GMSA, with sales, manufacturing and distribution operations in Brazil, Argentina, Colombia, Ecuador and Venezuela as well as sales and distribution operations in Bolivia, Chile, Paraguay, Peru and Uruguay represented 11.8% of their vehicle sales volume in 2011. In 2011 they had the largest market share for this market at 18.8% and the number three market share in Brazil. GMSA derived 59.4% of its vehicle sales volume from Brazil (General Motors, 2012). Automotive Financing GM Financial specializes in purchasing retail automobile instalment sales contracts originated by GM and non-GM franchised and selected independent dealers in sale of used and new automobiles. GM Financial also offers lease products through GM dealerships in connection with the sale of used and new automobiles that target customers with sub-prime and prime credit bureau scores. GM Financial primarily generates revenue and cash flows through the purchase, retention, subsequent securitization and servicing of finance receivables. To fund the acquisition of receivables prior to securitization, this financial arm uses available cash and borrowings under its credit facilities. GM Financial earns finance charge income on finance receivables and pays interest expense on borrowings under its credit facilities. Periodically it transfers receivables to securitization trusts that issue asset-backed securities to investors. The securitization trusts are special purpose entities (SPEs) that are a lso variable interest entities that meet the requirements to be consolidated in the financial statements (General Motors, 2012). Current Business Strategies at GM Generic Strategy GM uses differentiation focus strategy, as its competitive strategy. In Britain, you can buy a Vauxhall, a Chevrolet, a Saab, a Cadillac or a Hummer. On the Continent, you can trade in the Vauxhall for an Opel. In China, perhaps youd prefer a Buick, in Dubai a GMC. How about a Holden? Well, youll have to travel to Australia or New Zealand but they are all General Motors brands. Rather than focusing on one product, GM wants its consumers to be able to choose from a variety. Chevrolets are being marketed to entry-level car buyers, particularly in Eastern and Central Europe. Opels and Vauxhalls are for middle market consumers with a progressive take on new technology, Cadillacs have proved popular with wealthy buyers in Russia and Hummers are for people who like Hummers, wherever they happen to be (Pfanner, 2008). Chapter 7 Strategy directions Their vision is to design, build and sell the worlds best vehicles. The primary elements of their strategy to achieve this vision are to: Deliver a product portfolio of the worlds best vehicles, allowing them to maximize sales under any market conditions. Sell their vehicles globally by targeting developed markets, which are projected to have increases in vehicle demand as the global economy recovers, and further strengthening their position in high growth emerging markets. Improve revenue realization and maintain a competitive cost structure to allow them to remain profitable at lower industry volumes and across the lifecycle of their product portfolio and maintain a strong balance sheet by reducing financial leverage given the high operating leverage of their business model (General Motors, 2012). Product development Product development strategy is defined as; developing new products or modifying existing products so they appear new, and offering those products to current or new markets. There is nothing simple about the process. It requires keen attention to competitors and customer needs now and in the future, the ability to finance prototypes and manufacturing processes and a creative marketing and communications plan (Nielsen, 2012). GM uses product development as its corporate strategy by maintaining a broad portfolio of vehicles so that they are positioned to meet global consumer preferences through the following ways: Concentrate their design, engineering and marketing resources on fewer brands and architectures. Increase the volume of vehicles produced from common global architectures to more than 50% of total volumes in 2015 from less than 17% today. They expect that this initiative will result in greater investment per architecture and brand and will increase product development and manufacturing flexibility, allowing maintenance of a steady schedule of important new product launches in the future. The four brand strategy in the U.S. will continue to enable GM to allocate higher marketing expenditures per brand (General Motors, 2012). Develop products across vehicle segments in GM global markets: To develop vehicles in each of the key segments of the global markets in which GM competes. For example, in September 2010 the Chevrolet Cruze was introduced into the U.S. small car segment, an important and growing segment where historically GM had been under represented (General Motors, 2012). Continued investment in a portfolio of technologies: Continue to invest in technologies that support energy diversity and energy efficiency as well as in safety, telematics and infotainment technology. Commitment to advanced propulsion technologies and intention to offer a portfolio of fuel efficient alternatives that use energy sources such as petroleum, bio-fuels, hydrogen and electricity, including the new Chevrolet Volt thus increasing fuel efficiency of GM vehicles with internal combustion engines (General Motors, 2012). This will be achieved through features such as cylinder deactivation, direct injection, variable valve timing, turbocharging with engine downsizing and six speed transmissions. GM expects for example the Chevrolet Cruze Eco to be capable of achieving an estimated 40 mpg on the highway with a traditional internal combustion engine. GM will expand their telematics and infotainment offerings and, as a result of the OnStar service and their partnerships with compani es such as Google, are positioned to deliver safety, security, navigation and connectivity systems and features (General Motors, 2012). GM Diversity Strategy At GM to serve a diverse global market with unique segments they view diversity as a business imperative that should be leveraged on to produce cars that match the different demands in the Market. In their diversity Strategy they focus on five areas (General Motors, 2012); they have customers all over the world and so are dealerships distributed to ensure customer tastes are reflected in GM products (General Motors, 2012). They also have an inclusive workplace environment of choice which allows employees to perform at their peak; including training of staff on diversity as a cultural and business imperative. Through the GM Foundation support to communities is given with an emphasis on diverse sectors; Health, Education, Human rights. Suppliers; through growth of diverse and competitive supply base are also thus included. Through its dealer development network whose mission is to provide a profitable dealer network across all brands that reflects the diversity of the American Market consistent with the US Government designation of the underrepresented groups by supporting: GM Women retail network whose purpose is to attract and develop women dealer. National Candidate Program which purposes to prepare women and minority potential candidates to become GM dealer owners and operators through training (General Motors, 2012) Vertical integration Vertical integration is the process through which a firm owns its upstream suppliers and its downstream buyers. This can have a significant impact on a business units position in its industry with respect to cost, differentiation and other strategic issues, the vertical scope of the firm is an important consideration in corporate strategy. Expansion of activities downstream is referred to as forward integration and expansion upstream is referred to as backward integration (Quick MBA, 2010). GM expands its activities downstream. For the automotive industry, forward integration woul be into retail, repairs and servicing and this is exactly what GM is doing.GM enters into contracts with each authorized dealer agreeing to sell to the dealer one or more specified product lines at wholesale prices and granting the dealer the right to sell those vehicles to retail customers from an approved location. Their dealers often offer more than one GM brand at a single dealership in a number of their markets in order to enhance dealer profitability. Authorized dealers offer parts, accessories, service and repairs for GM vehicles in the product lines that they sell using GM parts and accessories. The dealers are authorized to service GM vehicles under their limited warranty program and those repairs are to be made only with GM parts. The dealers generally provide their customers access to credit or lease financing, vehicle insurance and extended service contracts provided by GM Financia l, Ally Financial, Inc. (Ally Financial) and other financial institutions (United States Securities and Exchange Commission, 2011). The quality of GM dealerships and their relationship with their dealers and distributors are critical to their success as dealers maintain the primary sales and service interface with the end consumer of their products. In addition to the terms of their contracts with their dealers they are regulated by various country and state franchise laws that may replace those contractual terms and impose specific regulatory requirements and standards for initiating dealer network changes, pursuing terminations for cause and other contractual matters (United States Securities and Exchange Commission, 2011). Chapter 8; 8.6, 8.7 Sell GM vehicles globally by continuing to compete in the largest and fastest growing markets globally. They intend to do this by broadening GMNA product portfolio, launching thirteen new vehicles in GMNA across the four brands in 2011 and 2012, primarily in the growing car and crossover segments, where, in some cases, GM is under-represented, and an additional twenty nine new vehicles between 2013 and 2014. GM believes that it has achieved a more balanced portfolio in the U.S. market, where they maintained a sales volume mix of 36% from cars, 38% from trucks and 26% from crossovers in 2010 compared to 51% from trucks in 2006. COMPETITIVE DRIVERS Refresh GMEs vehicle portfolio to improve product quality and product perception in Europe, by the start of 2012, GM plans to have 80% of the Opel/Vauxhall carlines volume refreshed such that the model stylings are less than three years old. Four product launches were scheduled for 2011. As part of the planned rejuvenation of Chevrolets portfolio, which increasingly supplements the Opel/Vauxhall brands throughout Europe, the entire Chevrolet lineup is to be moved to new global architectures (General Motors, 2012). COMPETITIVE DRIVERS Increase sales in GMIO, particularly in China to execute growth strategies in countries where GM already holds strong positions, such as China, and to improve market share in other important markets, including South Korea, South Africa, Russia, India and the ASEAN region. GM aims to launch 70 new vehicles throughout GMIO through 2012 (General Motors, 2012). To enhance and strengthen the GMIO product portfolio three strategies were to be employed: leveraging GM global architectures; pursuing local and regional solutions to meet specific market requirements; and expanding joint venture partner collaboration opportunities. Increase sales in GMSA, particularly in Brazil, GM was to launch 40 new vehicles throughout GMSA through 2011. To strengthen GMSA product portfolio GM had three strategies: leverage on global architectures; pursuing local and regional solutions to meet specific market requirements; and expanding joint venture partner collaboration opportunities (General Motors, 2012). COST DRIVERS; CSD Ensure competitive financing is available to dealers and customers by maintaining multiple financing programs and arrangements with third parties for the wholesale and retail customers to utilize when purchasing or leasing vehicles. Through long standing arrangements with Ally Financial and a variety of other worldwide, regional and local lenders, provide customers and dealers with access to financing alternatives. GM was to further expand the range of financing options available to its customers and dealers to help grow vehicle sales through two specific objectives: ensure certainty of availability of financing; and competitive and transparent pricing for financing, for dealers and customers. GM Financial was to offer increased availability of leasing and sub-prime financing for GM customers in the United States and Canada throughout economic cycles. Plans to use GM Financial to initiate targeted customer marketing initiatives to expand vehicle sales were also in the pipeline (Gener al Motors, 2012). Reduce breakeven levels through improved revenue realization and a competitive cost structure. In developed markets, GM was to improve its cost structure to become profitable at lower industry volumes. Capitalize on cost structure improvement and maintain reduced incentive levels in GMNA by sustaining the cost reduction and operating flexibility progress so far resulting from the North American restructuring. Current U.S. and Canadian hourly labour agreements provide the flexibility to utilize a lower tiered wage and benefit structure for new hires, part-time employees and temporary employees. GM was to increase vehicle profitability by maintaining competitive incentive levels with strengthened product portfolio and by actively managing production levels through monitoring of dealer inventory levels. The twelve months ended December 31, 2010 and based on GMNAs 2010 market share, GMNAs earnings before interest and taxes (EBIT) would have achieved breakeven at GMNA wholesale volume of approximately 2.3 million vehicles, consistent with an annual U.S. industry sales volume of approximately 9.5 to 10.0 million vehicles (General Motors, 2012). COST DRIVERS; SE Execute the Opel/Vauxhall restructuring plan. GM expected the Opel/Vauxhall restructuring plan to lower vehicle manufacturing costs. The plan included manufacturing rationalization, headcount reduction, labour cost concessions from the remaining workforce and selling, general and administrative efficiency initiatives. Specifically, GM has reached an agreement to reduce European manufacturing capacity by 20% through, among other things, the closing of Antwerp facility in Belgium and the rationalization of the powertrain operations in our Bochum and Kaiserslautern facilities in Germany. Additionally, GM had reached an agreement with the labour unions in Europe to reduce labour costs by Euro 265 million per year. The objective of the restructuring, along with the refreshed product portfolio pipeline, was to restore the profitability of the GME business. Enhance manufacturing flexibility. Primarily produce vehicles in locations where they are sold and have significant manufacturing capacity in medium- and low-cost countries, intention being to maximize capacity utilization across the production footprint to meet demand without requiring significant additional capital investment. For example, GM was able to leverage the benefit of a global architecture and start initial production for the U.S. of the Buick Regal 11 months ahead of schedule by temporarily shifting production from North America to RÃ ¼sselsheim, Germany (General Motors, 2012). Maintain a strong balance sheet. Given the businesss high operating leverage and the cyclical nature of the Motor industry, GM was to minimize on financial leverage. Excess cash was to be used to repay debt and to make discretionary contributions to the U.S. pension plans. Based on this planned reduction in financial leverage and the anticipated benefits resulting from operating strategy described above, GM would aim to attain an investment grade credit rating over the long-term (General Motors, 2012). Internationalization and Information Communication Strategy General Motors GM seeks to leverage on ICT to increase operational efficiency while generating value through saved costs.To execute this strategy, GM embraced a globally unified business model that emphasized the deployment of highly standardized engineering and manufacturing platforms that could be easily implemented and supported in any market around the world. The global, standards-based operating model would accelerate GMs move into emerging markets and generate efficiencies and cost savings through the use of common infrastructure components and processes. Among key initiatives designed to support the new unified operating model, GM invested in information technologies to more tightly integrate its manufacturing plants across the globe, control costs, and accelerate the introduction of new communications and collaboration applications. Key to this strategy was the implementation of modern standards-based network architecture called the Plant Floor Controls Network (PFCN) at mo re than 150 GM manufacturing plants worldwide (Cisco, 2010). Based on a single set of Cisco-based network designs and equipment, the PFCN solution replaced GMs aging and heavily customized legacy networks that were becoming increasingly unreliable, as well as difficult and expensive to maintain. The move to the PFCN solution enabled GM to standardize the design of each plant network and establish a single engineering team that monitors and troubleshoots network operations globally. The result: network downtime has dropped by about 70%, leading to fewer unplanned work stoppages on the plant floor. Furthermore, GM now needs two-thirds fewer network engineers and analysts to support the same number of plants (Cisco, 2010). The standardized Cisco network design also helped GM rationalize and reduce its legacy inventory of network devices and spare parts, cutting inventory carrying costs by 70%. It also allowed GM to create cost-efficient global applications that can be rolled out to plants quickly, and to automate system-management tasks like upgrades and patches. As a result, GM now spends 30% less time managing plant software. According to an analysis by Mainstay Partners, GMs investment in the Cisco-based PFCN solution will generate a return on investment (ROI) of 166% (Cisco, 2010). The full range of benefits is illustrated in Figure 1 and includes: Figure 1 What? Financial Consequence $ Million Labor Cost Saving as a result an efficient deployment of network Engineers 21.2 Labor cost saving from more efficient deployment of network operations analysts 53.9 one-off savings from faster network setups at each plant 16.4 Cost Saving from leaner inventory quantities 5.4 Reduced lost unit profit contribution from higher network uptime 76.4 Total PFCN additional benefits in the next five years (estimate) 173 (Cisco, 2010) Describe the processes through which the strategy has been developed/formed based on your findings and knowledge/experience. (i.e., is it intended as a written document (as a plan), or emergent as a pattern of decision-making/activities/behaviours. Refer to Chapter 12). Chapter 12 Evaluation of GMs intended strategy As consequence of many years of bad strategic decisions and operational troubles GM US market share has fallen to 20 percent for the first time in decades (51 percent at the peak of the company dominance) and its sales outside the United States now almost equal its domestic sales. GM has become a bureaucratic organization with immense dimensions and difficult to manage. The innovation and customer focus orientation that once served as the pillar of the organization had blurred. For many years now, GM has been producing boring and low quality cars with lack of innovation and distinctiveness creating a total disconnection between customers needs and its products (Vaccara, 2009). GM core problems were: Deficient product development (including lack of innovation) and the difficulty to develop cars that appeal to the market had created a bad reputation for its brands and the company in general. Lack of customer focus orientation and the impossibility to listen to the market voice had been impeding GM to create customer value and therefore hurting its sales in large scale. Disproportioned increase in healthcare and benefits costs giving in to union demands and creating a program that paid workers even when plants were not running had created financial deficiencies and affected cash flows and operations. The increasing size of its divisional organizational structure due to bureaucracy and the difficulty to manage many brands across many markets around the world had developed into a major managerial problem for the company (Vaccara, 2009). Emergent strategy On 2nd June, 2009, General Motors declared itself bankrupt in a legal filing at a federal courthouse in downtown Manhattan, kicking off the biggest industrial insolvency in US history. According to GMs bankruptcy filing, the company had assets of $82.3 billion, and liabilities of $172.8 billion. That would make GM the fourth largest U.S. bankruptcy on record, according to Bankruptcydata.com, just behind the 2002 bankruptcy of telecom WorldCom (Cark, 2009). GM used the trip into bankruptcy court to shed plants, dealerships, debt and other liabilities it could no longer afford. Emerging out of bankruptcy quickly was a new GM, made up of the four brands that GM would keep in the U.S. market; Chevrolet, Cadillac, GMC and Buick as well as many of its more successful overseas operations (Isidore, 2009). Obama said the massive reorganization of GM would leave the US government holding 60% of the companys equity. But it was necessary to preserve an iconic symbol of American business and maintain a viable US auto industry (Cark, 2009). Todays GMs business strategy is developed as a result of the failures of the Old GM and their determination not to repeat the same mistakes. Most of the current strategies are part of those imposed on the old GM when it borrowed money. Evaluate innovation/entrepreneurship practices/strategies used by the organization. Refer Chapter 9. Innovation and Entrepreneurship GMs innovation is driven by market pull. Market pull reflects a view of innovation that goes beyond invention and sees the importance of actual use. At GM, managements are making an effort to establish a direct connection with customers and giving the impression that their voice is now important for the company. It now offers a 60 day satisfaction warranty. This strategy is reflected under the slogan: If you dont love it well take it back. GM is also producing some environmentally friendly vehicles. A more environmentally conscious population seem to be very interested and this strategy seems to work fine due to the rising cost of fuel. Therefore it is extremely necessary to address issues like availability of alternative fuels and revise current infrastructure to estimate feasibility of the strategy in the long run (Vaccara, 2009). Open or closed innovation Open innovation means that valuable ideas can come from inside or outside the company and can go to market from inside or outside the company as well (Chesbrough, 2003), while closed innovation is a traditional approach to innovation where organizations rely on their own internal resources; its laboratories and marketing departments (Johnson, Whittington, Scholes, 2011). GM applies an open innovation framework. GM gathers its data from customer clinics and marketing surveys and combine this information with formalized assessments of new technology. These analyses are used to guide vehicle and feature concept studies, which are critically reviewed to determine appropriate responses to emerging market and business opportunities. A response can be that no action is taken on a particular idea if they do not think it will yield true value for the customer. But more typically, the response leads to action, which is taken along one of two paths (Howell, 2000). The first path is to get it into the product now. This route is taken if the technology is ready and getting it into a product is just a matter of final development and vehicle integration. In this case, it is targeted for a production date and becomes part of the product plan. When a technology is not yet mature, it is the responsibility of the RD Center to develop it to the point where it is ready for integration into a future product (Howell, 2000). The intent of the innovation process is to ensure that a steady stream of product and technology options is developed on the basis of the companys sense of where the market is headed. These options are potential responses that GM can use to capitalize quickly on new opportunities. The process is designed to be dynamic, with new information and ideas moving continuously through the system. Each time the company goes through an innovation cycle, they gain knowledge and discover new ways to apply it to subsequent product and technology programs (Howell, 2000). Innovators or Followers The key choice of GM managers is to be leaders and not followers. The firm is trying to get its innovation out to the market and make it first than anybody else. GM wants to become a worldwide leader automaker providing total customer value through customer-driven service, innovation, technology and competitive operations. They want to re-invent the automobile industry focusing on protecting and contributing to a cleaner world. They want to become a good place to work, a place in which every employee feels proud of its responsibilities and performance with the company. A place in which, customers and suppliers are their top priority and communications with them are fluent in every possible contact point. A place in which, distributors are proud to become part of their family and feel confident of the quality and safety of their products. Finally, they must experiment with ideas to develop new designs and innovative products and launch them accordingly, to satisfy consumer taste and a llow stockholders to realize a fair return on their investment (General Motors, 2011). Conclusion

Principles and Practises for International Management Essay

To achieve the new worldwide revenue objectives I will have to convince the senior management to increase the workforce in my department to share my responsibilities, as they are not one person’s cup of tea. I will have to ensure that this workforce consists of serious individuals who are capable of working towards the achievement of a single goal with common mindset. I will have to make sure that local people are hired in the country’s international units, as they would prove to be helpful in making the company adapt to the culture of the foreign countries. Along with them and the few employees in the company who were not born in this country, I will try to identify with the countries in which our company has spread its operations. This can be done by in depth analysis of the countries’ political, sociological, demographic and geographic features. I will also have to be well prepared to communicate effectively across different cultural barriers and languages. I would urge the senior management to master skills to effectively manage cultural diversity in workforce. It has been rightly pointed by Rue and Byars that â€Å"Achieving success in international business demands that a firm’s human resource practices be adapted to country norms. † (1992, p. 130) The company would also have to thoroughly study the international market and design its marketing strategy accordingly. In no way should the company disrespect the local culture in which it is operating. Instead, it should try to blend the local culture with its corporate identity and be always consistent in this. Guidelines for the company staff should be designed in such a way that there is no scope of inconsistency or confusion across borders. The employees should be trained, keeping in mind the trends set by the flourishing multinational companies. They should be encouraged to perform their best. The international business units should be given similar autonomy as the local units, both in crisis situation and at decision-making times. In the words of Leandri â€Å"†¦hold local operations accountable to the corporate office yet give them enough autonomy to make necessary decisions. † (2000, para. 9) By making the company adapt to the demands of international expansion and by developing my own communication skills and potential of working in diverse work environments, it will not be hard to gain the payoffs that international business offers.

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What Does a Downward Shift in the Supply Curve Mean

Human Resources, Strategy And Business Ethic - 1545 Words

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Hertz Corporation Free Essays

string(239) " Earnings from equity investment in SABMiller \(344\) 3,676 Net earnings attributable to noncontrolling interests 1,224 2,421 Net earnings 2,606 1,255 Provision for income taxes 1,382 \(1 \) Net earnings attributable to Altria Group, Inc\." ALTRIA GROUP, INC. (MO) 10-Q Quarterly report pursuant to sections 13 or 15(d) Filed on 07/26/2012 Filed Period 06/30/2012 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. We will write a custom essay sample on Hertz Corporation or any similar topic only for you Order Now 20549 FORM 10-Q (Mark One) y QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2012 OR ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from o Commission File Number 1-08940 Altria Group, Inc. (Exact name of registrant as specified in its charter) Virginia 13-3260245 (State or other jurisdiction of incorporation or organization) (I. R. S. Employer Identification No. ) 6601 West Broad Street, Richmond, Virginia 23230 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code (804) 274-2200 Former name, former address and former fiscal year, if changed since last report Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ? No ? Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T ( §232. 05 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ? No ? Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of â€Å"large accelerated filer,† â€Å"accelerated filer† and â€Å"smaller reporting company† in Rule 12b-2 of the Exchange Act. Large accelerated filer ? Accelerated filer ? Non-accelerated filer ? (Do not check if a smaller reporting company) Smaller reporting company ? Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ? No ? At July 16, 2012 , there were 2,032,833,474 shares outstanding of the registrant’s common stock, par value $0. 33 1/3 per share. Table of Contents ALTRIA GROUP, INC. TABLE OF CONTENTS Page No. PART I – FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets at June 30, 2012 and December 31, 2011 3 Condensed Consolidated Statements of Earnings for the Six Months Ended June 30, 2012 and 2011 5 Three Months Ended June 30, 2012 and 2011 Condensed Consolidated Statements of Comprehensive Earnings for the Six Months Ended June 30, 2012 and 2011 7 Three Months Ended June 30, 2012 and 2011 8 Condensed Consolidated Statements of Stockholders’ Equity for the Year Ended December 31, 2011 and the Six Months Ended June 30, 2012 9 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2012 and 2011 10 Notes to Condensed Consolidated Financial Statements 12 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 61 Item 4. Controls and Procedures 99 PART II – OTHER INFORMATION Item 1. Legal Proceedings 100 Item 1A. Risk Factors 100 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 100 Item 5. Other Information 101 Item 6. Exhibits 102 Signature Signature 103 – 2- Table of Contents PART I – FINANCIAL INFORMATION Item 1. Financial Statements. Altria Group, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in millions of dollars) (Unaudited) June 30, 2012 December 31, 2011 Assets Consumer products Cash and cash equivalents $ Receivables 1,528 $ 3,270 256 268 Leaf tobacco 799 934 Other raw materials 184 170 Work in process 269 316 Inventories: Finished product 432 Other current assets 1,779 1,207 Deferred income taxes 359 1,684 1,207 468 Property, plant and equipment, at cost 607 5,143 Total current assets 7,131 4,750 2,512 2,131 Goodwill 4,728 2,619 Less accumulated depreciation 2,216 5,174 Other assets 12,098 6,486 Investment in SABMiller 5,174 12,088 Other intangible assets, net 5,509 472 1,257 31,494 33,385 3,012 Total consumer products assets 3,559 Financial services Finance assets, net Other assets 41 Total Assets $ 18 3,053 Total financial services assets 3,577 34,547 $ See notes to condensed consolidated financial statements. Continued – 3- 36,962 Table of Contents Altria Group, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Continued) (in millions of dollars, except share and per share data) (Unaudited) June 30, 2012 December 31, 2011 Liabilities Consumer products Current portion of long-term debt $ Accounts payable 600 $ 600 335 503 Marketing 581 430 Taxes, except income taxes 218 220 Accrued liabilities: Employment costs 110 225 Settlement charges 2,184 3,513 Other 1,217 1,311 Dividends payable 836 7,643 13,089 Long-term debt 841 6,081 Total current liabilities 13,089 Deferred income taxes 5,074 4,751 Accrued pension costs 1,139 1,662 Accrued postretirement health care costs 2,367 2,359 Other liabilities 606 602 28,356 30,106 1,764 Total consumer products liabilities 2,811 Financial services Deferred income taxes Other liabilities 119 3,141 30,239 33,247 33 32 935 Total liabilities 330 1,883 Total financial services liabilities 935 Contingencies (Note 11) Redeemable noncontrolling interest Stockholders’ Equity Common stock, par value $0. 33 1/3 per share (2,805,961,317 shares issued) Additional paid-in capital 5,647 Accumulated other comprehensive losses 5,674 24,334 Earnings reinvested in the business 3,583 (1,674) (1,887) Cost of repurchased stock (773,116,613 shares in 2012 and 761,542,032 shares in 2011) (24,969) (24,625) Total stockholders’ equity attributable to Altria Group, Inc. 4,273 3,680 2 3 Noncontrolling interests Total stockholders’ equity 4,275 Total Liabilities and Stockholders’ Equity $ 34,547 See notes to condensed consolidated financi al statements. – 4- 3,683 $ 36,962 Table of Contents Altria Group, Inc. and Subsidiaries Condensed Consolidated Statements of Earnings (in millions of dollars, except per share data) (Unaudited) For the Six Months Ended June 30, 2012 Net revenues $ 2011 12,134 $ 11,563 Cost of sales 3,878 3,825 Excise taxes on products 3,560 3,618 Gross profit 4,696 4,120 1,130 1,272 Marketing, administration and research costs Asset impairment and exit costs 37 3 Amortization of intangibles 10 11 3,519 2,834 Operating income Interest and other debt expense, net 586 Earnings before income taxes 572 (743) Earnings from equity investment in SABMiller (344) 3,676 Net earnings attributable to noncontrolling interests 1,224 2,421 Net earnings 2,606 1,255 Provision for income taxes 1,382 (1 ) Net earnings attributable to Altria Group, Inc. You read "Hertz Corporation" in category "Essay examples" (1) $ ,420 $ 1,381 Basic earnings per share attributable to Altria Group, Inc. $ 1. 19 $ 0. 66 Diluted earnings per share attributable to Altria Group, Inc. $ 1. 19 $ 0. 66 $ 0. 82 $ 0. 76 Per share data: Dividends declared See notes to condensed consolidated financial statements. – 5- Altria Group, Inc. and Subsidiaries Condensed Conso lidated Statements of Earnings (in millions of dollars, except per share data) (Unaudited) For the Three Months Ended June 30, 2012 Net revenues $ 2011 6,487 $ 5,920 Cost of sales 2,086 2,030 Excise taxes on products 1,907 1,918 Gross profit 2,494 1,972 596 671 16 1 Marketing, administration and research costs Asset impairment and exit costs Amortization of intangibles 5 Earnings from equity investment in SABMiller 1,295 293 Interest and other debt expense, net 5 1,877 Operating income 294 (223) Earnings before income taxes (155) 1,807 581 Net earnings 712 1,226 Provision for income taxes 1,156 444 Net earnings attributable to noncontrolling interests (1 ) Net earnings attributable to Altria Group, Inc. — $ 1,225 $ 444 Basic earnings per share attributable to Altria Group, Inc. $ 0. 60 $ 0. 21 Diluted earnings per share attributable to Altria Group, Inc. $ 0. 60 $ 0. 21 0. 41 $ 0. 38 Per share data: Dividends declared See notes to condensed consolidated financial statements. – 6- Table of Contents Altria Group, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Earnings (in millions of dollars) (Unaudited) For the Six Months Ended June 30, 2012 Net earnings $ 2,421 2011 $ 1,382 Other comprehensive earnings, ne t of deferred income taxes: Currency translation adjustments — 1 61 64 154 135 Benefit plans: Amounts reclassified to net earnings SABMiller: Ownership share of SABMiller’s other comprehensive earnings before reclassifications to net earnings Amounts reclassified to net earnings (2 ) 5 152 205 2,634 Comprehensive earnings Comprehensive earnings attributable to noncontrolling interests 140 213 Other comprehensive earnings, net of deferred income taxes 1,587 (1) Comprehensive earnings attributable to Altria Group, Inc. See notes to condensed consolidated financial statements. – 7- $ 2,633 (1) $ 1,586 Table of Contents Altria Group, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Earnings (in millions of dollars) (Unaudited) For the Three Months Ended June 30, 2012 Net earnings $ 2011 1,226 $ 444 Other comprehensive earnings, net of deferred income taxes: Currency translation adjustments — 1 39 32 (23) 78 (5) 1 Benefit plans: Amounts reclassified to net earnings SABMiller: Ownership share of SABMiller’s other comprehensive (losses) earnings before reclassifications to net earnings Amounts reclassified to net earnings (28) 112 1,237 Comprehensive earnings Comprehensive earnings attributable to noncontrolling interests 79 11 Other comprehensive earnings, net of deferred income taxes 556 (1) Comprehensive earnings attributable to Altria Group, Inc. See notes to condensed consolidated financial statements. 8- $ 1,236 — $ 556 Table of Contents Altria Group, Inc. and Subsidiaries Condensed Consolidated Statements of Stockholders’ Equity for the Year Ended December 31, 2011 and the Six Months Ended June 30, 2012 (in millions of dollars, except per share data) (Unaudited) Attributable to Altria Group, Inc. Common Stock (1) Earnings Reinvested in the Busine ss Accumulated Other Comprehensive Losses Cost of Repurchased Stock Non-controlling Interests Total Stockholders’ Equity $ 935 Balances, December 31, 2010 Additional Paid-in Capital $ 5,751 $ 23,459 $ $ (23,469) $ $ (1,484) 3 5,195 — — 3,390 — — 1 Other comprehensive losses, net of deferred income tax benefit — — — (403) — — (403) Exercise of stock options and other stock award activity — (77) — — 171 — 94 Cash dividends declared ($1. 58 per share) — — — — (3,266) Repurchases of common stock — — — — — (1,327) Other — — — — Net earnings Balances, December 31, 2011 (3,266) — — (1) 935 5,674 23,583 3 3,683 — — 2,420 — — — 2,420 Other comprehensive earnings, net of deferred income taxes — — — 213 — — 213 Exercise of stock options and other stock award activity — (27) — — 16 — (11) Cash dividends declared ($0. 82 per share) — — — — — (1,669) Repurchases of common stock — — (360) — (360) Balances, June 30, 2012 (1) ( 1,669) — — — — $ 935 $ 5,647 $ 24,334 — $ (1,674) (24,625) (1) Net earnings (1) Other (1,887) (1,327) 3,391 — $ (24,969) (1) $ 2 (1) $ 4,275 Net earnings attributable to noncontrolling interests for the six months ended June 30, 2012 and for the year ended December 31, 2011 exclude $1 million and $2 million, respectively, due to the redeemable noncontrolling interest related to Stag’s Leap Wine Cellars, which is reported in the mezzanine equity section in the condensed consolidated balance sheets at June 30, 2012 and December 31, 2011 , respectively. See Note 11. See notes to condensed consolidated financial statements. – 9- Table of Contents Altria Group, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (in millions of dollars) (Unaudited) For the Six Months Ended June 30, 2012 2011 Cash Provided by (Used In) Operating Activities Net earnings (loss) – Consumer products $ 2,311 – Financial services 110 Net earnings $ 1,962 (580) 2,421 1,382 Depreciation and amortization 113 121 Deferred income tax provision 299 132 (743) (344) (34) (24) (456) — Adjustments to reconcile net earnings to operating cash flows: Consumer products Earnings from equity investment in SABMiller Asset impairment and exit costs, net of cash paid IRS payment related to LILO and SILO transactions Cash effects of changes: Receivables, net 2 Inventories (12) 95 Accrued liabilities and other current assets (94) (251) Income taxes 130 (64) Accounts payable 5 58 Accrued settlement charges 58 (1,329) (1,398) Pension plan contributions (514) (209) Pension provisions and postretirement, net 85 122 Other 90 121 Financial services Deferred income tax benefit (1,270) PMCC leveraged lease charges 7 Decrease to allowance for losses 10) Other liabilities (income taxes) 1,437 Other (529) 490 — 505 (21) See notes to condensed consolidated financial statements. Continued – 10- 23 (85) Net cash (used in) provided by operating activities 479 Table of Contents Altria Group, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Continued) (in millions of dollars) (Unaudited) For the Six Months Ended June 30, 2012 2011 Cash Provided by (Used In) Investing Activities Consumer products Capital expenditures $ Other (39) $ (3) (40) 1 Financial services Proceeds from finance assets 552 129 510 0 — Net cash provided by investing activities 1,494 Cash Provided by (Used In) Financing Activities Consumer products Long-term debt issued Repurchases of common stock (360) (575) (1,674) Dividends paid on common stock (1,589) Issuances of common stock — 29 Financing fees and debt issuance costs — (23) (133) (155) (2,167) (819) Other Net cash used in financing activities Cash and cash equivalents: Decrease (1,742) Balance at beginning of period (250) 3,270 Balance at end of period $ 1,528 See notes to condensed consolidated financial statements. – 11 – 2,314 $ 2,064 Table of Contents Note 1. Background and Basis of Presentation: Background At June 30, 2012, Altria Group, Inc. ‘s direct and indirect wholly-owned subsidiaries included Philip Morris USA Inc. (â€Å"PM USA†), which is engaged in the manufacture and sale of cigarettes and certain smokeless products in the United States; John Middleton Co. (â€Å"Middleton†), which is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco, and is a wholly-owned subsidiary of PM USA; and UST LLC (â€Å"UST†), which through its direct and indirect wholly-owned subsidiaries including U. S. Smokeless Tobacco Company LLC (â€Å"USSTC†) and Ste. Michelle Wine Estates Ltd. (â€Å"Ste. Michelle†), is engaged in the manufacture and sale of smokeless products and wine. Philip Morris Capital Corporation (â€Å"PMCC†), another wholly-owned subsidiary of Altria Group, Inc. , maintains a portfolio of leveraged and direct finance leases. In addition, Altria Group, Inc. held an approximate 27. 0% economic and voting interest in SABMiller plc (â€Å"SABMiller†) at June 30, 2012, which is accounted for under the equity method of accounting. Altria Group, Inc. s access to the operating cash flows of its wholly-owned subsidiaries consists of cash received from the payment of dividends and distributions, and the payment of interest on intercompany loans by its subsidiaries. In addition, Altria Group, Inc. receives cash dividends on its interest in SABMiller if and when SABMiller pays such dividends. At June 30, 2012, Altria Group, Inc. ‘s principal w holly-owned subsidiaries were not limited by long-term debt or other agreements in their ability to pay cash dividends or make other distributions with respect to their common stock. Share Repurchases In October 2011, Altria Group, Inc. ‘s Board of Directors authorized a $1. 0 billion share repurchase program, which Altria Group, Inc. intends to complete by the end of 2012 . During the six and three months ended June 30, 2012, Altria Group, Inc. repurchased 11. 9 million shares (aggregate cost of approximately $360 million , and $30. 16 average price per share) and 2. 0 million shares (aggregate cost of approximately $66 million , and $32. 37 average price per share), respectively. As of June 30, 2012 , Altria Group, Inc. had repurchased a total of 23. million shares of its common stock under this program at an aggregate cost of approximately $688 million , and an average price of $29. 01 per share. The timing of share repurchases under this program depends upon marketplace conditions and other factors, and the program remains subject to the discretion of Altria Group, Inc. ‘s Board of Directors. Basis of Presentation The interim condensed consolidate d financial statements of Altria Group, Inc. are unaudited. It is the opinion of Altria Group, Inc. ‘s management that all adjustments necessary for a fair statement of the interim results presented have been reflected therein. All such adjustments were of a normal recurring nature. Net revenues and net earnings for any interim period are not necessarily indicative of results that may be expected for the entire year. These statements should be read in conjunction with the consolidated financial statements and related notes, which appear in Altria Group, Inc. ‘s Annual Report to Shareholders and which are incorporated by reference into Altria Group, Inc. ‘s Annual Report on Form 10-K for the year ended December 31, 2011. Balance sheet accounts are segregated by two broad types of businesses. Consumer products assets and liabilities are classified as either current or noncurrent, whereas financial services assets and liabilities are unclassified, in accordance with respective industry practices. During the second quarter of 2012, Altria Group, Inc. determined that it had not recorded in its financial statements for the three months ended March 31, 2012, its share of non-cash gains from its equity investment in SABMiller, relating to SABMiller’s strategic alliance transactions with Anadolu Efes and Castel that were closed during the first quarter of 2012. Because Altria Group, Inc. did not record these gains, it understated by $342 million, $222 million and $0. 11 earnings from equity investment in SABMiller, net earnings/comprehensive earnings, and diluted earnings per share attributable to Altria Group, Inc. , respectively, for the three months ended March 31, 2012. Additionally, Altria Group, Inc. understated its investment in SABMiller, long-term liability for deferred income taxes and total stockholders’ equity by $342 million, $120 million and $222 million, respectively, at March 31, 2012. There was no impact on net cash flows from operating, investing or financing activities for the three months ended March 31, 2012. Altria Group, Inc. assessed the materiality of – 12- Table of Contents Altria Group, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements (Unaudited) these understatements in accordance with the Securities and Exchange Commission’s (â€Å"SEC†) Staff Accounting Bulletin No. 99 â€Å"Materiality† and determined that the impact was not material to Altria Group, Inc. ‘s financial statements as of and for the three months ended March 31, 2012. Accordingly, Altria Group, Inc. has determined that it is appropriate to revise its first quarter 2012 financial statements and has reflected this revision in the financial statements as of and for the six months ended June 30, 2012. Financial results for the three months ended March 31, 2012 reported in future filings will reflect this revision. Altria Group, Inc. ‘s chief operating decision maker has been evaluating the operating results of the former cigarettes and cigars segments as a single smokeable products segment since January 1, 2012. The combination of these two formerly separate segments is related to the restructuring associated with the cost reduction program announced in October 2011 (the â€Å"2011 Cost Reduction Program†). Also, in connection with the 2011 Cost Reduction Program, effective January 1, 2012, Middleton became a wholly-owned subsidiary of PM USA, reflecting management’s goal to achieve efficiencies in the management of these businesses. Effective with the first quarter of 2012, Altria Group, Inc. ‘s reportable segments are smokeable products, smokeless products, wine and financial services. For further discussion on the 2011 Cost Reduction Program, see Note 2. Asset Impairment, Exit, Implementation and Integration Costs. Effective January 1, 2012, Altria Group, Inc. adopted new authoritative guidance that eliminated the option of presenting components of other comprehensive earnings as part of the statement of stockholders’ equity. With the adoption of this guidance, Altria Group, Inc. is reporting other comprehensive earnings in separate statements immediately following the statements of earnings. Note 2. Asset Impairment, Exit, Implementation and Integration Costs: Pre-tax asset impairment, exit and implementation costs for the six and three months ended June 30, 2012 consisted of the following: For The Six Months Ended June 30, 2012 Asset Impairment and Exit Costs For The Three Months Ended June 30, 2012 Implementation (Gain) Costs Total Asset Impairment and Exit Costs Implementation Costs Total (in millions) Smokeable products $ 23 $ (12) $ 11 $ 16 $ 9 $ 25 Smokeless products 14 5 19 — — — General corporate — (1) (1 ) — — — Total $ 37 How to cite Hertz Corporation, Essay examples

Billy Elliot Nationalism and Class Structure Essay Example For Students

Billy Elliot Nationalism and Class Structure Essay The year is 1984. Eleven-year-old Billy lives in a poor and white-dominated working class society in the northeastern part of England. He lives together with his father Jack, older brother Tony and his senile grandmother. It is miners strike and the father having major issues supporting the family. Despite that he pays for Billys boxing class. The local ballet class shares the same facilities as the boxing group and one day Billy becomes curious. The ballet teacher challenge Billy to take part of the class and she discovers his talent. Billy avoid telling his father about the ballet class because it will make him upset. It is a movie about a young persons courage to question the rules of society and the bravery to stand out. Billy is born into a working class family where the men since generations been working in the miners. The work as miners has always been a natural part of their macho identity. This identity threatening when major parts of cole mines all over Britain needs to shut down. The society they live in is a man-dominated and the womens is almost non-existed. The ballet class is allowed to use one corner of the boxing studio, like an parenthesis. Britains conservative thought shines through the movie characters standpoints and the way of living. Comments like only gays dance ? give examples of how the conservative thinking characterize contemporary Britain. The author of Contemporary Britain describe Britain as a white-dominated society where the citizen lives close to their neighbors cause of the high level of inhabitants. McCormick, 2007: 48) The movie reflects what McCormick describes well. Views from Billys hometown are showed in the movie several times. We may behold densely build-up homes where the families live close to each other. Billy Elliot is a fictitious story that partly been inspired by real stories and persons. The scriptwriter Lee Hall has used some of his own experiences and memories from his growth in Newcastle during the miners strike in the 80th. The fact that he got inspired from his own experiences gives the story a fair impression. The director Stephen Daldry has succeeded to highlight the contrast of the miners reality and how Billy defies the old fashioned Englands gender perspective in order to pursue his dream. It was once typical for people to be born, to live, to work and to die in the same city, town or village, witch would likely have been where their parents and grandparents before them had lived. ? (McCormick, 2007: 51) The poor working class society as the movie portrait reflects the picture I get of Britain in Contemporary Britain. In the scene where Billy and his father are on their way to the audition at The Royal Ballet school, the father tells Billy he has never traveled farther than to the next village. When Billy asks why he has never been to London, the father replies Well, there is no mines in London. ? He is born into the working societys suburbans, where he shall live and die. Contemporary Britain describes how Britain these days has a complex society system where it is hard to generalize the classes. (McCormick, 2007: 64) On the other hand I believe the movie expresses the differences between classes in society. Mrs. Wilkinson works as a dance teacher in Everington and becomes Billys teacher. She represents the British middle class during that period of time. She lives in a more respectable part of town with her family, while the Elliots lives in a working class neighborhood. It is easy to tell the differences between the two classes. I can tell from their different environments but also from their different conditions in life like for example the economical opportunities. Billy is born into a mine working family and is expected to follow the family tradition. .u9e6d676481a5983e9602ef38f9421cc5 , .u9e6d676481a5983e9602ef38f9421cc5 .postImageUrl , .u9e6d676481a5983e9602ef38f9421cc5 .centered-text-area { min-height: 80px; position: relative; } .u9e6d676481a5983e9602ef38f9421cc5 , .u9e6d676481a5983e9602ef38f9421cc5:hover , .u9e6d676481a5983e9602ef38f9421cc5:visited , .u9e6d676481a5983e9602ef38f9421cc5:active { border:0!important; } .u9e6d676481a5983e9602ef38f9421cc5 .clearfix:after { content: ""; display: table; clear: both; } .u9e6d676481a5983e9602ef38f9421cc5 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u9e6d676481a5983e9602ef38f9421cc5:active , .u9e6d676481a5983e9602ef38f9421cc5:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u9e6d676481a5983e9602ef38f9421cc5 .centered-text-area { width: 100%; position: relative ; } .u9e6d676481a5983e9602ef38f9421cc5 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u9e6d676481a5983e9602ef38f9421cc5 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u9e6d676481a5983e9602ef38f9421cc5 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u9e6d676481a5983e9602ef38f9421cc5:hover .ctaButton { background-color: #34495E!important; } .u9e6d676481a5983e9602ef38f9421cc5 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u9e6d676481a5983e9602ef38f9421cc5 .u9e6d676481a5983e9602ef38f9421cc5-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u9e6d676481a5983e9602ef38f9421cc5:after { content: ""; display: block; clear: both; } READ: Blaxploitation EssayMr. s Wilkinson has on the other hand more opportunities in her life. She smokes, drives her own car and decides her own life â€Å" even though it is not accepted by the society at the time. At this time of period the womens are expected to take care of their duties in the kitchen and nothing else. Mrs. Wilkinson seems to be aware of the differences between her and Billy when speaking of classes, but probably not aware of the limitations that comes with being born into a lower class then herself. The differences between the two are a major theme throughout the entire movie and reflect how life was in England during this time of period. Billy and Mrs. Wilkinsons different classes bring different conditions in their lives. Billy is born into a role hard to change, while Mrs. Wilkinson has the opportunity to decide for herself. The director manages to picture the reality in a convincing way and their both lifestyles are highlighted. Billy Elliot and Contemporary Britain portraits the former Britain in equal way, as well the environment as the conservative society. Bibliography: Billy Elliot movie