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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from              to

Commission file number 001-34960

gm-20200630_g1.jpg
GENERAL MOTORS COMPANY
(Exact name of registrant as specified in its charter)
Delaware27-0756180
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
300 Renaissance Center,Detroit,Michigan48265-3000
(Address of principal executive offices)(Zip Code)
(313) 667-1500
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueGMNew York Stock Exchange
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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer    Accelerated filer   Non-accelerated filer    Smaller reporting company  Emerging growth company   
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No  
As of July 15, 2020 there were 1,431,096,512 shares of common stock outstanding.



INDEX
  Page
PART I
Item 1.Condensed Consolidated Financial Statements
Condensed Consolidated Income Statements (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements of Cash Flows (Unaudited)
Condensed Consolidated Statements of Equity (Unaudited)
Notes to Condensed Consolidated Financial Statements
Note 1.Nature of Operations and Basis of Presentation
Note 2.Significant Accounting Policies
Note 3.Revenue
Note 4.Marketable and Other Securities
Note 5.GM Financial Receivables and Transactions
Note 6.Inventories
Note 7.Equipment on Operating Leases
Note 8.Equity in Net Assets of Nonconsolidated Affiliates
Note 9.Goodwill
Note 10.Variable Interest Entities
Note 11.Debt
Note 12.Derivative Financial Instruments
Note 13.Accrued and Other Liabilities
Note 14.Pensions and Other Postretirement Benefits
Note 15.Commitments and Contingencies
Note 16.Income Taxes
Note 17.Restructuring and Other Initiatives
Note 18.Stockholders' Equity and Noncontrolling Interests
Note 19.Earnings Per Share
Note 20.Segment Reporting
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
PART II
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
Signature



Table of Contents
GENERAL MOTORS COMPANY AND SUBSIDIARIES


PART I
Item 1. Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited)
 Three Months EndedSix Months Ended
 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Net sales and revenue
Automotive$13,363  $32,425  $42,513  $63,686  
GM Financial3,415  3,635  6,974  7,252  
Total net sales and revenue (Note 3)16,778  36,060  49,487  70,938  
Costs and expenses
Automotive and other cost of sales 13,444  28,327  40,170  56,556  
GM Financial interest, operating and other expenses3,238  3,144  6,594  6,450  
Automotive and other selling, general and administrative expense
1,310  2,102  3,280  4,201  
Total costs and expenses17,992  33,573  50,044  67,207  
Operating income (loss)(1,214) 2,487  (557) 3,731  
Automotive interest expense303  195  496  376  
Interest income and other non-operating income, net413  364  724  1,169  
Equity income (Note 8)
212  271  80  685  
Income (loss) before income taxes(892) 2,927  (249) 5,209  
Income tax expense (benefit) (Note 16)(112) 524  245  661  
Net income (loss)(780) 2,403  (494) 4,548  
Net loss attributable to noncontrolling interests22  15  30  27  
Net income (loss) attributable to stockholders$(758) $2,418  $(464) $4,575  
Net income (loss) attributable to common stockholders
$(806) $2,381  $(559) $4,500  
Earnings (loss) per share (Note 19)
Basic earnings (loss) per common share$(0.56) $1.68  $(0.39) $3.17  
Weighted-average common shares outstanding – basic1,432  1,420  1,432  1,419  
Diluted earnings (loss) per common share$(0.56) $1.66  $(0.39) $3.13  
Weighted-average common shares outstanding – diluted
1,432  1,438  1,432  1,437  
Dividends declared per common share$  $0.38  $0.38  $0.76  

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions) (Unaudited)
 Three Months EndedSix Months Ended
 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Net income (loss)$(780) $2,403  $(494) $4,548  
Other comprehensive income (loss), net of tax (Note 18)
Foreign currency translation adjustments and other(58) 68  (1,031) 217  
Defined benefit plans(39) 6  278  42  
Other comprehensive income (loss), net of tax(97) 74  (753) 259  
Comprehensive income (loss)(877) 2,477  (1,247) 4,807  
Comprehensive loss attributable to noncontrolling interests 18  20  38  37  
Comprehensive income (loss) attributable to stockholders$(859) $2,497  $(1,209) $4,844  

Reference should be made to the notes to condensed consolidated financial statements.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts) (Unaudited)
June 30, 2020December 31, 2019
ASSETS
Current Assets
Cash and cash equivalents$28,228  $19,069  
Marketable debt securities (Note 4)9,254  4,174  
Accounts and notes receivable, net7,946  6,797  
GM Financial receivables, net (Note 5; Note 10 at VIEs)22,851  26,601  
Inventories (Note 6)10,280  10,398  
Other current assets (Note 4; Note 10 at VIEs)8,938  7,953  
Total current assets87,497  74,992  
Non-current Assets
GM Financial receivables, net (Note 5; Note 10 at VIEs)
28,999  26,355  
Equity in net assets of nonconsolidated affiliates (Note 8)7,724  8,562  
Property, net37,066  38,750  
Goodwill and intangible assets, net5,282  5,337  
Equipment on operating leases, net (Note 7; Note 10 at VIEs)
39,601  42,055  
Deferred income taxes24,654  24,640  
Other assets (Note 4; Note 10 at VIEs)6,712  7,346  
Total non-current assets150,038  153,045  
Total Assets$237,535  $228,037  
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)$15,154  $21,018  
Short-term debt and current portion of long-term debt (Note 11)
   Automotive2,710  1,897  
GM Financial (Note 10 at VIEs)37,313  35,503  
Accrued liabilities (Note 13)22,727  26,487  
Total current liabilities77,904  84,905  
Non-current Liabilities
Long-term debt (Note 11)
   Automotive32,211  12,489  
GM Financial (Note 10 at VIEs)54,939  53,435  
Postretirement benefits other than pensions (Note 14)5,836  5,935  
Pensions (Note 14)11,249  12,170  
Other liabilities (Note 13)11,903  13,146  
Total non-current liabilities116,138  97,175  
Total Liabilities194,042  182,080  
Commitments and contingencies (Note 15)
Equity (Note 18)
Common stock, $0.01 par value
14  14  
Additional paid-in capital26,087  26,074  
Retained earnings25,104  26,860  
Accumulated other comprehensive loss(11,901) (11,156) 
Total stockholders’ equity39,304  41,792  
Noncontrolling interests4,189  4,165  
Total Equity43,493  45,957  
Total Liabilities and Equity$237,535  $228,037  

Reference should be made to the notes to condensed consolidated financial statements.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) (Unaudited)
Six Months Ended
June 30, 2020June 30, 2019
Cash flows from operating activities
Net income (loss)$(494) $4,548  
Depreciation and impairment of Equipment on operating leases, net3,759  3,748  
Depreciation, amortization and impairment charges on Property, net2,814  3,775  
Foreign currency remeasurement and transaction gains(63) (178) 
Undistributed earnings of nonconsolidated affiliates, net446  256  
Pension contributions and OPEB payments(327) (570) 
Pension and OPEB income, net(518) (306) 
Provision (benefit) for deferred taxes(24) 79  
Change in other operating assets and liabilities(6,847) (6,357) 
Net cash provided by (used in) operating activities(1,254) 4,995  
Cash flows from investing activities
Expenditures for property(2,336) (3,476) 
Available-for-sale marketable securities, acquisitions(7,656) (2,213) 
Available-for-sale marketable securities, liquidations3,694  1,244  
Purchases of finance receivables, net(14,929) (13,757) 
Principal collections and recoveries on finance receivables9,563  11,708  
Purchases of leased vehicles, net(6,054) (8,189) 
Proceeds from termination of leased vehicles5,537  6,444  
Other investing activities(155) 99  
Net cash used in investing activities(12,336) (8,140) 
Cash flows from financing activities
Net increase in short-term debt846  936  
Proceeds from issuance of debt (original maturities greater than three months)
53,465  20,511  
Payments on debt (original maturities greater than three months)
(29,512) (20,625) 
Proceeds from issuance of subsidiary preferred stock  414  
Dividends paid(592) (1,184) 
Other financing activities(491) (264) 
Net cash provided by (used in) financing activities23,716  (212) 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(429) 42  
Net increase (decrease) in cash, cash equivalents and restricted cash9,697  (3,315) 
Cash, cash equivalents and restricted cash at beginning of period
22,943  23,496  
Cash, cash equivalents and restricted cash at end of period
$32,640  $20,181  
Significant Non-cash Investing and Financing Activity
Non-cash property additions
$1,773  $3,026  

Reference should be made to the notes to condensed consolidated financial statements.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions) (Unaudited)
Common Stockholders’Noncontrolling InterestsTotal Equity
Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Loss
Balance at January 1, 2019$14  $25,563  $22,322  $(9,039) $3,917  $42,777  
Net income—  —  2,157  —  (12) 2,145  
Other comprehensive income—  —  —  190  (5) 185  
Stock based compensation—  95  (6) —  —  89  
Cash dividends paid on common stock—  —  (539) —  —  (539) 
Dividends to noncontrolling interests—  —  —  —  (18) (18) 
Other—  3  5  —  (9) (1) 
Balance at March 31, 201914  25,661  23,939  (8,849) 3,873  44,638  
Net income—  —  2,418  —  (15) 2,403  
Other comprehensive income—  —  —  79  (5) 74  
Issuance of subsidiary preferred stock (Note 18)—  —  —  —  408  408  
Stock based compensation—  78  (9) —  —  69  
Cash dividends paid on common stock—  —  (540) —  —  (540) 
Dividends to noncontrolling interests—  —  —  —  (23) (23) 
Other—  26  (1) —  35  60  
Balance at June 30, 2019$14  $25,765  $25,807  $(8,770) $4,273  $47,089  
Balance at January 1, 2020$14  $26,074  $26,860  $(11,156) $4,165  $45,957  
Adoption of accounting standards (Note 1)—  —  (660) —  —  (660) 
Net income—  —  294  —  (8) 286  
Other comprehensive loss—  —  —  (644) (12) (656) 
Issuance of subsidiary preferred stock—  —  —  —  26  26  
Purchase of common stock—  (57) (33) —  —  (90) 
Stock based compensation—  (3) (7) —  —  (10) 
Cash dividends paid on common stock—  —  (545) —  —  (545) 
Dividends to noncontrolling interests—  —  —  —  (4) (4) 
Other—    (24) —  37  13  
Balance at March 31, 202014  26,014  25,885  (11,800) 4,204  44,317  
Net loss—  —  (758) —  (22) (780) 
Other comprehensive loss—  —  —  (101) 4  (97) 
Issuance of subsidiary preferred stock—  —  —  —  26  26  
Stock based compensation—  73