QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||||||||||||||||||||||||||
| -3000 | ||||||||||||||||||||||||||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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. | Revenue | ||||||||||
Note 3. | Marketable and Other Securities | ||||||||||
Note 4. | GM Financial Receivables and Transactions | ||||||||||
Note 5. | Inventories | ||||||||||
Note 6. | Equipment on Operating Leases | ||||||||||
Note 7. | Equity in Net Assets of Nonconsolidated Affiliates | ||||||||||
Note 8. | Variable Interest Entities | ||||||||||
Note 9. | Debt | ||||||||||
Note 10. | Derivative Financial Instruments | ||||||||||
Note 11. | Product Warranty and Related Liabilities | ||||||||||
Note 12. | Pensions and Other Postretirement Benefits | ||||||||||
Note 13. | Commitments and Contingencies | ||||||||||
Note 14. | Income Taxes | ||||||||||
Note 15. | Restructuring and Other Initiatives | ||||||||||
Note 16. | Stockholders' Equity and Noncontrolling Interests | ||||||||||
Note 17. | Earnings Per Share | ||||||||||
Note 18. | 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 5. | |||||||||||
Item 6. | Exhibits | ||||||||||
Signature |
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Net sales and revenue | |||||||||||
Automotive | $ | $ | |||||||||
GM Financial | |||||||||||
Total net sales and revenue (Note 2) | |||||||||||
Costs and expenses | |||||||||||
Automotive and other cost of sales | |||||||||||
GM Financial interest, operating and other expenses | |||||||||||
Automotive and other selling, general and administrative expense | |||||||||||
Total costs and expenses | |||||||||||
Operating income (loss) | |||||||||||
Automotive interest expense | |||||||||||
Interest income and other non-operating income, net | |||||||||||
Equity income (loss) (Note 7) | ( | ||||||||||
Income (loss) before income taxes | |||||||||||
Income tax expense (benefit) (Note 14) | |||||||||||
Net income (loss) | |||||||||||
Net loss (income) attributable to noncontrolling interests | |||||||||||
Net income (loss) attributable to stockholders | $ | $ | |||||||||
Net income (loss) attributable to common stockholders | $ | $ | |||||||||
Earnings per share (Note 17) | |||||||||||
Basic earnings per common share | $ | $ | |||||||||
Weighted-average common shares outstanding – basic | |||||||||||
Diluted earnings per common share | $ | $ | |||||||||
Weighted-average common shares outstanding – diluted | |||||||||||
Dividends declared per common share | $ | $ | |||||||||
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Net income (loss) | $ | $ | |||||||||
Other comprehensive income (loss), net of tax (Note 16) | |||||||||||
Foreign currency translation adjustments and other | ( | ||||||||||
Defined benefit plans | ( | ||||||||||
Other comprehensive income (loss), net of tax | ( | ||||||||||
Comprehensive income (loss) | |||||||||||
Comprehensive loss (income) attributable to noncontrolling interests | |||||||||||
Comprehensive income (loss) attributable to stockholders | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Marketable debt securities (Note 3) | |||||||||||
Accounts and notes receivable, net of allowance of $ | |||||||||||
GM Financial receivables, net of allowance of $ | |||||||||||
Inventories (Note 5) | |||||||||||
Other current assets (Note 3; Note 8 at VIEs) | |||||||||||
Total current assets | |||||||||||
Non-current Assets | |||||||||||
GM Financial receivables, net of allowance of $ | |||||||||||
Equity in net assets of nonconsolidated affiliates (Note 7) | |||||||||||
Property, net | |||||||||||
Goodwill and intangible assets, net | |||||||||||
Equipment on operating leases, net (Note 6; Note 8 at VIEs) | |||||||||||
Deferred income taxes | |||||||||||
Other assets (Note 3; Note 8 at VIEs) | |||||||||||
Total non-current assets | |||||||||||
Total Assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts payable (principally trade) | $ | $ | |||||||||
Short-term debt and current portion of long-term debt (Note 9) | |||||||||||
Automotive | |||||||||||
GM Financial (Note 8 at VIEs) | |||||||||||
Accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Non-current Liabilities | |||||||||||
Long-term debt (Note 9) | |||||||||||
Automotive | |||||||||||
GM Financial (Note 8 at VIEs) | |||||||||||
Postretirement benefits other than pensions (Note 12) | |||||||||||
Pensions (Note 12) | |||||||||||
Other liabilities | |||||||||||
Total non-current liabilities | |||||||||||
Total Liabilities | |||||||||||
Commitments and contingencies (Note 13) | |||||||||||
Noncontrolling interest - Cruise stock incentive awards | |||||||||||
Equity (Note 16) | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Noncontrolling interests | |||||||||||
Total Equity | |||||||||||
Total Liabilities and Equity | $ | $ |
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Cash flows from operating activities | |||||||||||
Net income (loss) | $ | $ | |||||||||
Depreciation and impairment of Equipment on operating leases, net | |||||||||||
Depreciation, amortization and impairment charges on Property, net | |||||||||||
Foreign currency remeasurement and transaction (gains) losses | ( | ||||||||||
Undistributed earnings of nonconsolidated affiliates, net | ( | ||||||||||
Pension contributions and OPEB payments | ( | ( | |||||||||
Pension and OPEB income, net | ( | ||||||||||
Provision (benefit) for deferred taxes | |||||||||||
Change in other operating assets and liabilities | ( | ( | |||||||||
Net cash provided by (used in) operating activities | |||||||||||
Cash flows from investing activities | |||||||||||
Expenditures for property | ( | ( | |||||||||
Available-for-sale marketable securities, acquisitions | ( | ( | |||||||||
Available-for-sale marketable securities, liquidations | |||||||||||
Purchases of finance receivables | ( | ( | |||||||||
Principal collections and recoveries on finance receivables | |||||||||||
Purchases of leased vehicles | ( | ( | |||||||||
Proceeds from termination of leased vehicles | |||||||||||
Other investing activities | ( | ( | |||||||||
Net cash provided by (used in) investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Net increase (decrease) in short-term debt | ( | ( | |||||||||
Proceeds from issuance of debt (original maturities greater than three months) | |||||||||||
Payments on debt (original maturities greater than three months) | ( | ( | |||||||||
Payments to purchase common stock | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Other financing activities | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ( | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||||||
Significant Non-cash Investing and Financing Activity | |||||||||||
Non-cash property additions | $ | $ | |||||||||
Common Stockholders’ | Noncontrolling Interests | Total Equity (Permanent Equity) | Noncontrolling Interest Cruise Stock Incentive Awards (Temporary Equity) | ||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||
Purchase of common stock | — | ( | ( | — | — | ( | — | ||||||||||||||||||||||||||||||||||
Stock based compensation | — | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||||
Cash dividends paid on common stock | — | — | ( | — | — | ( | — | ||||||||||||||||||||||||||||||||||
Other | — | — | ( | ||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Balance at January 1, 2024 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | ( | ( | ( | — | ||||||||||||||||||||||||||||||||||
Purchase of common stock | — | ( | — | — | ( | — | |||||||||||||||||||||||||||||||||||
Stock based compensation | — | ( | — | — | |||||||||||||||||||||||||||||||||||||
Cash dividends paid on common stock | — | — | ( | — | — | ( | — | ||||||||||||||||||||||||||||||||||
Other | — | ( | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
GMNA | GMI | Corporate | Total Automotive | Cruise | GM Financial | Eliminations/Reclassifications | Total | ||||||||||||||||||||||||||||||||||||||||
Vehicle, parts and accessories | $ | $ | $ | $ | $ | — | $ | — | $ | $ | |||||||||||||||||||||||||||||||||||||
Used vehicles | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Services and other | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Automotive net sales and revenue | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Leased vehicle income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Finance charge income | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
Other income | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
GM Financial net sales and revenue | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
Net sales and revenue | $ | $ | $ | $ | $ | $ | $ | ( | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
GMNA | GMI | Corporate | Total Automotive | Cruise | GM Financial | Eliminations/Reclassifications | Total | ||||||||||||||||||||||||||||||||||||||||
Vehicle, parts and accessories | $ | $ | $ | $ | $ | — | $ | — | $ | $ | |||||||||||||||||||||||||||||||||||||
Used vehicles | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Services and other | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Automotive net sales and revenue | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Leased vehicle income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Finance charge income | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
Other income | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
GM Financial net sales and revenue | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
Net sales and revenue | $ | $ | $ | $ | $ | $ | $ | ( | $ |
Fair Value Level | March 31, 2024 | December 31, 2023 | |||||||||||||||
Cash and cash equivalents | |||||||||||||||||
Cash and time deposits | $ | $ | |||||||||||||||
Available-for-sale debt securities | |||||||||||||||||
U.S. government and agencies | 2 | ||||||||||||||||
Corporate debt | 2 | ||||||||||||||||
Sovereign debt | 2 | ||||||||||||||||
Total available-for-sale debt securities – cash equivalents | |||||||||||||||||
Money market funds | 1 | ||||||||||||||||
Total cash and cash equivalents | $ | $ | |||||||||||||||
Marketable debt securities | |||||||||||||||||
U.S. government and agencies | 2 | $ | $ | ||||||||||||||
Corporate debt and other | 2 | ||||||||||||||||
Mortgage and asset-backed | 2 | ||||||||||||||||
Total available-for-sale debt securities – marketable securities | $ | $ | |||||||||||||||
Restricted cash | |||||||||||||||||
Cash and cash equivalents | $ | $ | |||||||||||||||
Money market funds | 1 | ||||||||||||||||
Total restricted cash | $ | $ | |||||||||||||||
Available-for-sale debt securities included above with contractual maturities(a) | |||||||||||||||||
Due in one year or less | $ | ||||||||||||||||
Due between one and five years | |||||||||||||||||
Total available-for-sale debt securities with contractual maturities | $ |
March 31, 2024 | |||||
Cash and cash equivalents | $ | ||||
Restricted cash included in Other current assets | |||||
Restricted cash included in Other assets | |||||
Total | $ |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
Retail | Commercial(a) | Total | Retail | Commercial(a) | Total | ||||||||||||||||||||||||||||||
GM Financial receivables | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Less: allowance for loan losses | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
GM Financial receivables, net | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Fair value of GM Financial receivables utilizing Level 2 inputs | $ | $ | |||||||||||||||||||||||||||||||||
Fair value of GM Financial receivables utilizing Level 3 inputs | $ | $ |
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Allowance for loan losses at beginning of period | $ | $ | |||||||||
Provision for loan losses | |||||||||||
Charge-offs | ( | ( | |||||||||
Recoveries | |||||||||||
Effect of foreign currency and other | ( | ||||||||||
Allowance for loan losses at end of period | $ | $ |
Year of Origination | March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | Percent | ||||||||||||||||||||||||||||||||||||||||
Prime – FICO score 680 and greater | $ | $ | $ | $ | $ | $ | $ | % | |||||||||||||||||||||||||||||||||||||||
Near-prime – FICO score 620 to 679 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Sub-prime – FICO score less than 620 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Retail finance receivables | $ | $ | $ | $ | $ | $ | $ | % |
Year of Origination | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | Percent | ||||||||||||||||||||||||||||||||||||||||
Prime – FICO score 680 and greater | $ | $ | $ | $ | $ | $ | $ | % | |||||||||||||||||||||||||||||||||||||||
Near-prime – FICO score 620 to 679 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Sub-prime – FICO score less than 620 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Retail finance receivables | $ | $ | $ | $ | $ | $ | $ | % |
Year of Origination | March 31, 2024 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | Percent | Total | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||
0-to-30 days | $ | $ | $ | $ | $ | $ | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||
31-to-60 days | % | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater-than-60 days | % | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance receivables more than 30 days delinquent | % | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In repossession | % | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance receivables more than 30 days delinquent or in repossession | % | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail finance receivables | $ | $ | $ | $ | $ | $ | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Year of Origination | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | Percent | ||||||||||||||||||||||||||||||||||||||||
0-to-30 days | $ | $ | $ | $ | $ | $ | $ | % | |||||||||||||||||||||||||||||||||||||||
31-to-60 days | % | ||||||||||||||||||||||||||||||||||||||||||||||
Greater-than-60 days | % | ||||||||||||||||||||||||||||||||||||||||||||||
Finance receivables more than 30 days delinquent | % | ||||||||||||||||||||||||||||||||||||||||||||||
In repossession | % | ||||||||||||||||||||||||||||||||||||||||||||||
Finance receivables more than 30 days delinquent or in repossession | % | ||||||||||||||||||||||||||||||||||||||||||||||
Retail finance receivables | $ | $ | $ | $ | $ | $ | $ | % |
Rating | Description | |||||||
I | Performing accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments. | |||||||
II | Performing accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring. | |||||||
III | Non-Performing accounts with inadequate paying capacity for current obligations and have the distinct possibility of creating a loss if deficiencies are not corrected. | |||||||
IV | Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that make collection of liquidation in full highly questionable or improbable. |
Year of Origination(a) | March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dealer Risk Rating | Revolving | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | Percent | ||||||||||||||||||||||||||||||||||||||||||||
I | $ | $ | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
II | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
III | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
IV | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ | % |
Year of Origination(a) | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dealer Risk Rating | Revolving | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | Percent | ||||||||||||||||||||||||||||||||||||||||||||
I | $ | $ | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
II | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
III | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
IV | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ | % |
March 31, 2024 | December 31, 2023 | ||||||||||
Condensed Consolidated Balance Sheets(a) | |||||||||||
Commercial finance receivables due from GM consolidated dealers | $ | $ | |||||||||
Commercial finance receivables due from Cruise | $ | $ | |||||||||
Subvention receivable from GM(b) | $ | $ | |||||||||
Commercial loan funding payable to GM | $ | $ |
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Condensed Consolidated Statements of Income | |||||||||||
Interest subvention earned on finance receivables | $ | $ | |||||||||
Leased vehicle subvention earned | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Total productive material, supplies and work in process | $ | $ | |||||||||
Finished product, including service parts | |||||||||||
Total inventories | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Equipment on operating leases | $ | $ | |||||||||
Less: accumulated depreciation | ( | ( | |||||||||
Equipment on operating leases, net | $ | $ |
Year Ending December 31, | |||||||||||||||||||||||||||||||||||||||||
2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
Lease receipts under operating leases | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Automotive China joint ventures equity income (loss) | $ | ( | $ | ||||||||
Ultium Cells Holding LLC and other joint ventures equity income (loss)(a) | ( | ||||||||||
Total Equity income (loss) | $ | $ |
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Summarized Operating Data of Automotive China JVs | |||||||||||
Automotive China JVs' net sales | $ | $ | |||||||||
Automotive China JVs' net income (loss) | $ | ( | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Restricted cash – current | $ | $ | |||||||||
Restricted cash – non-current | $ | $ | |||||||||
GM Financial receivables – current | $ | $ | |||||||||
GM Financial receivables – non-current | $ | $ | |||||||||
GM Financial equipment on operating leases, net | $ | $ | |||||||||
GM Financial short-term debt and current portion of long-term debt | $ | $ | |||||||||
GM Financial long-term debt | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Secured debt | $ | $ | $ | $ | |||||||||||||||||||
Unsecured debt(a) | |||||||||||||||||||||||
Finance lease liabilities | |||||||||||||||||||||||
Total automotive debt(b) | $ | $ | $ | $ | |||||||||||||||||||
Fair value utilizing Level 1 inputs | $ | $ | |||||||||||||||||||||
Fair value utilizing Level 2 inputs | $ | $ | |||||||||||||||||||||
Available under credit facility agreements(c) | $ | $ | |||||||||||||||||||||
Weighted-average interest rate on outstanding short-term debt(d) | % | % | |||||||||||||||||||||
Weighted-average interest rate on outstanding long-term debt(d) | % | % |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Secured debt | $ | $ | $ | $ | |||||||||||||||||||
Unsecured debt | |||||||||||||||||||||||
Total GM Financial debt | $ | $ | $ | $ | |||||||||||||||||||
Fair value utilizing Level 2 inputs | $ | $ | |||||||||||||||||||||
Fair value utilizing Level 3 inputs | $ | $ |
Fair Value Level | March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||||
Notional | Fair Value of Assets | Fair Value of Liabilities | Notional | Fair Value of Assets | Fair Value of Liabilities | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedges(a) | |||||||||||||||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 2 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 2 | ||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps(b) | 2 | ||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedges(a) | |||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 2 | ||||||||||||||||||||||||||||||||||||||||
Foreign currency contracts | 2 | ||||||||||||||||||||||||||||||||||||||||
Total derivative financial instruments(c) | $ | $ | $ | $ | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Carrying Amount of Hedged Items | Cumulative Amount of Fair Value Hedging Adjustments(a) | Carrying Amount of Hedged Items | Cumulative Amount of Fair Value Hedging Adjustments(a) | ||||||||||||||||||||
Short-term unsecured debt | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Long-term unsecured debt | |||||||||||||||||||||||
GM Financial unsecured debt | $ | $ | $ | $ |
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Product Warranty and Related Liabilities | |||||||||||
Warranty balance at beginning of period | $ | $ | |||||||||
Warranties issued and assumed in period – recall campaigns | |||||||||||
Warranties issued and assumed in period – product warranty | |||||||||||
Payments | ( | ( | |||||||||
Adjustments to pre-existing warranties | |||||||||||
Effect of foreign currency and other | ( | ||||||||||
Warranty balance at end of period | |||||||||||
Less: Supplier recoveries balance at end of period(a) | |||||||||||
Warranty balance, net of supplier recoveries at end of period | $ | $ | |||||||||
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Product Warranty Expense, Net of Recoveries | |||||||||||
Warranties issued and assumed in period | $ | $ | |||||||||
Supplier recoveries accrued in period | ( | ( | |||||||||
Adjustments and other | |||||||||||
Warranty expense, net of supplier recoveries | $ | $ |
Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||
Pension Benefits | Global OPEB Plans | Pension Benefits | Global OPEB Plans | ||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | ( | ||||||||||||||||||||||||||||||||||
Amortization of net actuarial (gains) losses | ( | ||||||||||||||||||||||||||||||||||
Net periodic pension and OPEB (income) expense | $ | ( | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Balance at beginning of period | $ | $ | |||||||||
Additions, interest accretion and other | |||||||||||
Payments | ( | ( | |||||||||
Revisions to estimates and effect of foreign currency | ( | ||||||||||
Balance at end of period | $ | $ |
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Foreign Currency Translation Adjustments | |||||||||||
Balance at beginning of period | $ | ( | $ | ( | |||||||
Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b)(c) | ( | ||||||||||
Balance at end of period | $ | ( | $ | ( | |||||||
Defined Benefit Plans | |||||||||||
Balance at beginning of period | $ | ( | $ | ( | |||||||
Other comprehensive income (loss) before reclassification adjustment, net of tax(c) | ( | ||||||||||
Reclassification adjustment, net of tax(c) | |||||||||||
Other comprehensive income (loss), net of tax(c) | ( | ||||||||||
Balance at end of period(d) | $ | ( | $ | ( | |||||||
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Basic earnings per share | |||||||||||
Net income (loss) attributable to stockholders | $ | $ | |||||||||
Less: cumulative dividends on subsidiary preferred stock(a) | ( | ( | |||||||||
Net income (loss) attributable to common stockholders | $ | $ | |||||||||
Weighted-average common shares outstanding | |||||||||||
Basic earnings per common share | $ | $ | |||||||||
Diluted earnings per share | |||||||||||
Net income (loss) attributable to common stockholders – diluted | $ | $ | |||||||||
Weighted-average common shares outstanding – basic | |||||||||||
Dilutive effect of awards under stock incentive plans | |||||||||||
Weighted-average common shares outstanding – diluted | |||||||||||
Diluted earnings per common share | $ | $ | |||||||||
Potentially dilutive securities(b) |
At and For the Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
GMNA | GMI | Corporate | Eliminations | Total Automotive | Cruise | GM Financial | Eliminations/Reclassifications | Total | |||||||||||||||||||||||||||||||||||||||||||||
Net sales and revenue | $ | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) before interest and taxes-adjusted | $ | $ | ( | $ | ( | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||
Adjustments(a) | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||
Automotive interest income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive interest expense | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to stockholders | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net assets of nonconsolidated affiliates | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill and intangibles | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Impairment charges | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Equity income (loss)(b) | $ | $ | ( | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
At and For the Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
GMNA | GMI | Corporate | Eliminations | Total Automotive | Cruise | GM Financial | Eliminations/Reclassifications | Total | |||||||||||||||||||||||||||||||||||||||||||||
Net sales and revenue | $ | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) before interest and taxes-adjusted | $ | $ | $ | ( | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
Adjustments(a) | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||
Automotive interest income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive interest expense | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to stockholders | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net assets of nonconsolidated affiliates | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill and intangibles | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Impairment charges | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Equity income (loss)(b) | $ | ( | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Year Ending December 31, 2024 | |||||
Net income attributable to stockholders | $ 10.1-11.5 | ||||
Income tax expense | 2.2-2.8 | ||||
Automotive interest expense, net | 0.1 | ||||
Adjustments(a) | 0.1 | ||||
EBIT-adjusted | $ 12.5-14.5 |
Year Ending December 31, 2024 | |||||
Diluted earnings per common share | $ 8.94-9.94 | ||||
Adjustments(a) | 0.06 | ||||
EPS-diluted-adjusted | $ 9.00-10.00 |
Three Months Ended | |||||||||||||||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||||||||||||||
GMNA | 792 | 88.4 | % | 723 | 83.7 | % | |||||||||||||||||
GMI | 104 | 11.6 | % | 141 | 16.3 | % | |||||||||||||||||
Total | 895 | 100.0 | % | 864 | 100.0 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||||||||||||||||||||||||||
Industry | GM | Market Share | Industry | GM | Market Share | ||||||||||||||||||||||||||||||
North America | |||||||||||||||||||||||||||||||||||
United States | 3,860 | 594 | 15.4 | % | 3,682 | 603 | 16.4 | % | |||||||||||||||||||||||||||
Other | 892 | 115 | 12.9 | % | 793 | 103 | 13.0 | % | |||||||||||||||||||||||||||
Total North America | 4,752 | 709 | 14.9 | % | 4,475 | 707 | 15.8 | % | |||||||||||||||||||||||||||
Asia/Pacific, Middle East and Africa | |||||||||||||||||||||||||||||||||||
China(a) | 5,617 | 441 | 7.9 | % | 5,103 | 462 | 9.1 | % | |||||||||||||||||||||||||||
Other | 5,500 | 113 | 2.0 | % | 5,543 | 108 | 1.9 | % | |||||||||||||||||||||||||||
Total Asia/Pacific, Middle East and Africa | 11,117 | 554 | 5.0 | % | 10,646 | 570 | 5.4 | % | |||||||||||||||||||||||||||
South America | |||||||||||||||||||||||||||||||||||
Brazil | 514 | 57 | 11.1 | % | 471 | 71 | 15.1 | % | |||||||||||||||||||||||||||
Other | 308 | 27 | 8.8 | % | 382 | 35 | 9.1 | % | |||||||||||||||||||||||||||
Total South America | 823 | 84 | 10.2 | % | 854 | 106 | 12.4 | % | |||||||||||||||||||||||||||
Total in GM markets | 16,692 | 1,347 | 8.1 | % | 15,974 | 1,382 | 8.7 | % | |||||||||||||||||||||||||||
Total Europe | 4,294 | — | — | % | 4,089 | — | — | % | |||||||||||||||||||||||||||
Total Worldwide(b) | 20,986 | 1,348 | 6.4 | % | 20,063 | 1,383 | 6.9 | % | |||||||||||||||||||||||||||
United States | |||||||||||||||||||||||||||||||||||
Cars | 728 | 50 | 6.8 | % | 707 | 61 | 8.6 | % | |||||||||||||||||||||||||||
Trucks | 936 | 291 | 31.1 | % | 996 | 297 | 29.8 | % | |||||||||||||||||||||||||||
Crossovers | 2,196 | 253 | 11.5 | % | 1,979 | 246 | 12.4 | % | |||||||||||||||||||||||||||
Total United States | 3,860 | 594 | 15.4 | % | 3,682 | 603 | 16.4 | % | |||||||||||||||||||||||||||
China(a) | |||||||||||||||||||||||||||||||||||
SGMS | 155 | 173 | |||||||||||||||||||||||||||||||||
SGMW | 287 | 289 | |||||||||||||||||||||||||||||||||
Total China | 5,617 | 441 | 7.9 | % | 5,103 | 462 | 9.1 | % | |||||||||||||||||||||||||||
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
GMNA | 141 | 177 | |||||||||
GMI | 68 | 90 | |||||||||
Total fleet sales | 209 | 267 | |||||||||
Fleet sales as a percentage of total vehicle sales | 15.5 | % | 19.3 | % |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
Residual Value | Units | Percentage | Residual Value | Units | Percentage | ||||||||||||||||||||||||||||||
Crossovers | $ | 12,659 | 632 | 67.6 | % | $ | 12,830 | 648 | 67.5 | % | |||||||||||||||||||||||||
Trucks | 6,885 | 209 | 22.3 | % | 6,793 | 210 | 21.9 | % | |||||||||||||||||||||||||||
SUVs | 2,189 | 55 | 5.9 | % | 2,304 | 58 | 6.0 | % | |||||||||||||||||||||||||||
Cars | 671 | 39 | 4.2 | % | 734 | 44 | 4.6 | % | |||||||||||||||||||||||||||
Total | $ | 22,404 | 934 | 100.0 | % | $ | 22,661 | 960 | 100.0 | % |
Three Months Ended | Favorable/ (Unfavorable) | % | Variance Due To | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | March 31, 2023 | Volume | Mix | Price | Other | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in billions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
GMNA | $ | 36,099 | $ | 32,889 | $ | 3,210 | 9.8 | % | $ | 2.8 | $ | 0.2 | $ | (0.2) | $ | 0.4 | ||||||||||||||||||||||||||||||||||
GMI | 3,082 | 3,727 | (645) | (17.3) | % | $ | (0.8) | $ | 0.2 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Corporate | 32 | 31 | 1 | 3.2 | % | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||
Automotive | 39,212 | 36,646 | 2,566 | 7.0 | % | $ | 2.0 | $ | 0.4 | $ | (0.2) | $ | 0.3 | |||||||||||||||||||||||||||||||||||||
Cruise | 25 | 25 | — | — | % | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||
GM Financial | 3,811 | 3,343 | 468 | 14.0 | % | $ | 0.5 | |||||||||||||||||||||||||||||||||||||||||||
Eliminations/reclassifications | (34) | (29) | (5) | (17.2) | % | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 43,014 | $ | 39,985 | $ | 3,029 | 7.6 | % | $ | 2.0 | $ | 0.4 | $ | (0.2) | $ | 0.8 | ||||||||||||||||||||||||||||||||||
Three Months Ended | Favorable/ (Unfavorable) | % | Variance Due To | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | March 31, 2023 | Volume | Mix | Cost | Other | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in billions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
GMNA | $ | 30,766 | $ | 28,421 | $ | (2,345) | (8.3) | % | $ | (1.9) | $ | (0.8) | $ | 0.4 | $ | — | ||||||||||||||||||||||||||||||||||
GMI | 2,803 | 3,235 | 432 | 13.4 | % | $ | 0.6 | $ | (0.1) | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Corporate | 28 | 60 | 32 | 53.3 | % | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Cruise | 400 | 532 | 132 | 24.8 | % | $ | — | $ | 0.1 | |||||||||||||||||||||||||||||||||||||||||
Eliminations | — | (1) | (1) | n.m. | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Total automotive and other cost of sales | $ | 33,996 | $ | 32,247 | $ | (1,749) | (5.4) | % | $ | (1.3) | $ | (1.0) | $ | 0.5 | $ | — | ||||||||||||||||||||||||||||||||||
Three Months Ended | Favorable/ (Unfavorable) | ||||||||||||||||||||||
March 31, 2024 | March 31, 2023 | % | |||||||||||||||||||||
Automotive and other selling, general and administrative expense | $ | 2,175 | $ | 2,547 | $ | 372 | 14.6 | % |
Three Months Ended | Favorable/ (Unfavorable) | ||||||||||||||||||||||
March 31, 2024 | March 31, 2023 | % | |||||||||||||||||||||
Interest income and other non-operating income, net | $ | 302 | $ | 409 | $ | (107) | (26.2) | % |
Three Months Ended | Favorable/ (Unfavorable) | ||||||||||||||||||||||
March 31, 2024 | March 31, 2023 | % | |||||||||||||||||||||
Income tax expense | $ | 762 | $ | 428 | $ | (334) | (78.0) | % |
Three Months Ended | Favorable/ (Unfavorable) | % | Variance Due To | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | March 31, 2023 | Volume | Mix | Price | Cost | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in billions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 36,099 | $ | 32,889 | $ | 3,210 | 9.8 | % | $ | 2.8 | $ | 0.2 | $ | (0.2) | $ | 0.4 | ||||||||||||||||||||||||||||||||||||||||
EBIT-adjusted | $ | 3,840 | $ | 3,576 | $ | 264 | 7.4 | % | $ | 0.9 | $ | (0.6) | $ | (0.2) | $ | 0.1 | $ | 0.1 | ||||||||||||||||||||||||||||||||||||||
EBIT-adjusted margin | 10.6 | % | 10.9 | % | (0.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Vehicles in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale vehicle sales | 792 | 723 | 69 | 9.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Favorable/ (Unfavorable) | Variance Due To | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | March 31, 2023 | % | Volume | Mix | Price | Cost | Other | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in billions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 3,082 | $ | 3,727 | $ | (645) | (17.3) | % | $ | (0.8) | $ | 0.2 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||
EBIT (loss)-adjusted | $ | (10) | $ | 347 | $ | (357) | n.m. | $ | (0.2) | $ | 0.1 | $ | — | $ | (0.1) | $ | (0.2) | |||||||||||||||||||||||||||||||||||||||
EBIT (loss)-adjusted margin | (0.3) | % | 9.3 | % | (9.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity income (loss) — Automotive China | $ | (106) | $ | 83 | $ | (189) | n.m. | |||||||||||||||||||||||||||||||||||||||||||||||||
EBIT-adjusted — excluding Equity income (loss) | $ | 96 | $ | 264 | $ | (168) | (63.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
(Vehicles in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale vehicle sales | 104 | 141 | (37) | (26.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Wholesale vehicle sales, including vehicles exported to markets outside of China | 322 | 392 | |||||||||
Total net sales and revenue | $ | 4,111 | $ | 5,833 | |||||||
Net income (loss) | $ | (228) | $ | 123 |
Three Months Ended | Favorable/ (Unfavorable) | % | |||||||||||||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||||||||||||||
Total net sales and revenue(a) | $ | 25 | $ | 25 | $ | — | — | % | |||||||||||||||
EBIT (loss)-adjusted | $ | (442) | $ | (561) | $ | 119 | 21.2 | % |
Three Months Ended | Increase/ (Decrease) | % | |||||||||||||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||||||||||||||
Total revenue | $ | 3,811 | $ | 3,343 | $ | 468 | 14.0 | % | |||||||||||||||
Provision for loan losses | $ | 204 | $ | 131 | $ | 73 | 55.7 | % | |||||||||||||||
EBT-adjusted | $ | 737 | $ | 771 | $ | (34) | (4.4) | % | |||||||||||||||
Average debt outstanding (dollars in billions) | $ | 105.3 | $ | 96.9 | $ | 8.4 | 8.7 | % | |||||||||||||||
Effective rate of interest paid | 5.3 | % | 4.2 | % | 1.1 | % |
March 31, 2024 | December 31, 2023 | ||||||||||
Automotive cash and cash equivalents | $ | 11.9 | $ | 12.2 | |||||||
Marketable debt securities | 7.8 | 7.6 | |||||||||
Automotive cash, cash equivalents and marketable debt securities | 19.7 | 19.8 | |||||||||
Available under credit facilities(a) | 13.5 | 16.4 | |||||||||
Total Automotive available liquidity | $ | 33.3 | $ | 36.3 |
Three Months Ended March 31, 2024 | |||||
Operating cash flow | $ | 3.6 | |||
Capital expenditures | (2.7) | ||||
Dividends paid and payments to purchase common stock | (0.4) | ||||
Investment in Ultium Cells Holdings LLC | (0.2) | ||||
Decrease in available credit facilities | (2.9) | ||||
Other non-operating | (0.3) | ||||
Total change in automotive available liquidity | $ | (3.0) |
Three Months Ended | Change | ||||||||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||||||||
Operating Activities | |||||||||||||||||
Net income | $ | 2.8 | $ | 2.2 | $ | 0.6 | |||||||||||
Depreciation, amortization and impairment charges | 1.5 | 1.6 | (0.1) | ||||||||||||||
Pension and OPEB activities | (0.2) | (0.3) | 0.1 | ||||||||||||||
Working capital | (1.5) | (2.1) | 0.6 | ||||||||||||||
Accrued and other liabilities and income taxes | 0.3 | 0.6 | (0.3) | ||||||||||||||
Other(a) | 0.7 | 0.2 | 0.5 | ||||||||||||||
Net automotive cash provided by (used in) operating activities(b) | $ | 3.6 | $ | 2.2 | $ | 1.4 |
Three Months Ended | Change | ||||||||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||||||||
Investing Activities | |||||||||||||||||
Capital expenditures | $ | (2.7) | $ | (2.4) | $ | (0.3) | |||||||||||
Acquisitions and liquidations of marketable securities, net | (0.2) | 1.5 | (1.7) | ||||||||||||||
Other(a) | (0.3) | (0.7) | 0.4 | ||||||||||||||
Net automotive cash provided by (used in) investing activities | $ | (3.3) | $ | (1.6) | $ | (1.7) |
Three Months Ended | Change | ||||||||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||||||||
Financing Activities | |||||||||||||||||
Net proceeds (payments) from short-term debt | $ | — | $ | (1.5) | $ | 1.5 | |||||||||||
Other(a) | (0.5) | (0.7) | 0.2 | ||||||||||||||
Net automotive cash provided by (used in) financing activities | $ | (0.5) | $ | (2.3) | $ | 1.8 |
Three Months Ended March 31, 2024 | |||||
Operating cash flow | $ | (0.7) | |||
Other non-operating | 0.1 | ||||
Total change in Cruise available liquidity | $ | (0.6) |
Three Months Ended | Change | ||||||||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | (0.7) | $ | (0.5) | $ | (0.2) | |||||||||||
Net cash provided by (used in) investing activities | $ | — | $ | 0.8 | $ | (0.8) | |||||||||||
Net cash provided by (used in) financing activities | $ | — | $ | 0.1 | $ | — |
March 31, 2024 | December 31, 2023 | ||||||||||
Cash and cash equivalents | $ | 5.0 | $ | 5.3 | |||||||
Borrowing capacity on unpledged eligible assets | 25.4 | 21.9 | |||||||||
Borrowing capacity on committed unsecured lines of credit | 0.7 | 0.7 | |||||||||
Borrowing capacity on revolving credit facility, exclusive to GM Financial | 2.0 | 2.0 | |||||||||
Total GM Financial available liquidity | $ | 33.1 | $ | 29.9 |
Three Months Ended | Change | ||||||||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1.6 | $ | 1.7 | $ | (0.1) | |||||||||||
Net cash provided by (used in) investing activities(a) | $ | (1.6) | $ | (1.5) | $ | (0.1) | |||||||||||
Net cash provided by (used in) financing activities(b) | $ | 0.4 | $ | 0.2 | $ | 0.2 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to stockholders | $ | 2,980 | $ | 2,395 | $ | 2,102 | $ | 1,999 | $ | 3,064 | $ | 3,305 | $ | 2,566 | $ | 1,692 | |||||||||||||||||||||||||||||||
Income tax expense (benefit) | 762 | 428 | (857) | 580 | 470 | 845 | 522 | 490 | |||||||||||||||||||||||||||||||||||||||
Automotive interest expense | 219 | 234 | 222 | 267 | 229 | 259 | 226 | 234 | |||||||||||||||||||||||||||||||||||||||
Automotive interest income | (186) | (229) | (308) | (215) | (322) | (122) | (251) | (73) | |||||||||||||||||||||||||||||||||||||||
Adjustments | |||||||||||||||||||||||||||||||||||||||||||||||
Buick dealer strategy(a) | 96 | 99 | 131 | 511 | 93 | — | 246 | — | |||||||||||||||||||||||||||||||||||||||
Voluntary separation program(b) | — | 875 | 130 | — | 30 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cruise restructuring(c) | — | — | 478 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
GM Korea wage litigation(d) | — | — | (30) | — | — | — | (76) | — | |||||||||||||||||||||||||||||||||||||||
India asset sales(e) | — | — | (111) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Russia exit(f) | — | — | — | 657 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total adjustments | 96 | 974 | 598 | 1,168 | 123 | — | 170 | — | |||||||||||||||||||||||||||||||||||||||
EBIT-adjusted | $ | 3,871 | $ | 3,803 | $ | 1,757 | $ | 3,799 | $ | 3,564 | $ | 4,287 | $ | 3,234 | $ | 2,343 |
Three Months Ended | |||||||||||||||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||||||||||||||
Amount | Per Share | Amount | Per Share | ||||||||||||||||||||
Diluted earnings per common share | $ | 2,970 | $ | 2.56 | $ | 2,369 | $ | 1.69 | |||||||||||||||
Adjustments(a) | 96 | 0.08 | 974 | 0.69 | |||||||||||||||||||
Tax effect on adjustments(b) | (24) | (0.02) | (239) | (0.17) | |||||||||||||||||||
EPS-diluted-adjusted | $ | 3,042 | $ | 2.62 | $ | 3,104 | $ | 2.21 | |||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||||||||||||||||||||||||||
Income before income taxes | Income tax expense (benefit) | Effective tax rate | Income before income taxes | Income tax expense (benefit) | Effective tax rate | ||||||||||||||||||||||||||||||
Effective tax rate | $ | 3,715 | $ | 762 | 20.5 | % | $ | 2,775 | $ | 428 | 15.4 | % | |||||||||||||||||||||||
Adjustments(a) | 96 | 24 | 974 | 239 | |||||||||||||||||||||||||||||||
ETR-adjusted | $ | 3,811 | $ | 786 | 20.6 | % | $ | 3,749 | $ | 667 | 17.8 | % |
Four Quarters Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Net income attributable to stockholders | $ | 10.7 | $ | 9.4 | |||||||
Average equity(a) | $ | 71.1 | $ | 68.6 | |||||||
ROE | 15.1 | % | 13.7 | % |
Four Quarters Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
EBIT-adjusted(a) | $ | 12.4 | $ | 14.2 | |||||||
Average equity(b) | $ | 71.1 | $ | 68.6 | |||||||
Add: Average automotive debt and interest liabilities (excluding finance leases) | 16.2 | 17.4 | |||||||||
Add: Average automotive net pension & OPEB liability | 8.7 | 8.6 | |||||||||
Less: Average automotive and other net income tax asset | (21.6) | (20.9) | |||||||||
ROIC-adjusted average net assets | $ | 74.5 | $ | 73.6 | |||||||
ROIC-adjusted | 16.7 | % | 19.3 | % |
Total Number of Shares Purchased(a)(b) | Weighted Average Price Paid per Share (b)(c) | Total Number of Shares Purchased Under Announced Programs(b)(d) | Approximate Dollar Value of Shares That May Yet be Purchased Under Announced Programs(b)(d) | ||||||||||||||||||||
January 1, 2024 through January 31, 2024 | 27,360 | $ | 35.33 | — | $1.4 billion | ||||||||||||||||||
February 1, 2024 through February 29, 2024 | 996,280 | $ | 38.70 | — | $1.4 billion | ||||||||||||||||||
March 1, 2024 through March 31, 2024 | |||||||||||||||||||||||
First settlement of ASR(b) | 4,202,918 | 4,202,918 | |||||||||||||||||||||
Other shares purchased | 7,889,030 | $ | 41.96 | 7,889,030 | $1.1 billion | ||||||||||||||||||
Total | 13,115,588 | $ | 41.57 | 12,091,948 |
Exhibit Number | Exhibit Name | |||||||||||||
3.1 | Incorporated by Reference | |||||||||||||
3.2 | Incorporated by Reference | |||||||||||||
10.1* | Filed Herewith | |||||||||||||
10.2* | Filed Herewith | |||||||||||||
10.3 | Incorporated by Reference | |||||||||||||
31.1 | Filed Herewith | |||||||||||||
31.2 | Filed Herewith | |||||||||||||
32 | Furnished with this Report | |||||||||||||
101 | The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) the Condensed Consolidated Income Statements, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Equity and (vi) Notes to the Condensed Consolidated Financial Statements | Filed Herewith | ||||||||||||
104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted as Inline XBRL and contained in Exhibit 101 | Filed Herewith |
GENERAL MOTORS COMPANY (Registrant) | |||||||||||||||||
By: | /s/ CHRISTOPHER T. HATTO | ||||||||||||||||
Christopher T. Hatto, Vice President, Global Business Solutions and Chief Accounting Officer | |||||||||||||||||
Date: | April 23, 2024 |
/s/ MARY T. BARRA | |||||||||||
Mary T. Barra Chair and Chief Executive Officer | |||||||||||
Date: | April 23, 2024 |
/s/ PAUL A. JACOBSON | |||||||||||
Paul A. Jacobson Executive Vice President and Chief Financial Officer | |||||||||||
Date: | April 23, 2024 |
/s/ MARY T. BARRA | |||||||||||
Mary T. Barra Chair and Chief Executive Officer | |||||||||||
/s/ PAUL A. JACOBSON | |||||||||||
Paul A. Jacobson Executive Vice President and Chief Financial Officer | |||||||||||
Date: | April 23, 2024 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 2,953 | $ 2,346 |
Other comprehensive income (loss), net of tax (Note 16) | ||
Foreign currency translation adjustments and other | (335) | 148 |
Defined benefit plans | 76 | (35) |
Other comprehensive income (loss), net of tax | (259) | 113 |
Comprehensive income (loss) | 2,694 | 2,460 |
Comprehensive loss (income) attributable to noncontrolling interests | 73 | 58 |
Comprehensive income (loss) attributable to stockholders | $ 2,768 | $ 2,518 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Automotive | ||
Accounts receivable, allowance for credit loss, current | $ 270 | $ 298 |
GM Financial | ||
Accounts receivable, allowance for credit loss, current | 913 | 906 |
Accounts receivable, allowance for credit loss, noncurrent | $ 1,442 | $ 1,438 |
Nature of Operations and Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Nature of Operations and Basis of Presentation | Nature of Operations and Basis of Presentation General Motors Company (sometimes referred to in this Quarterly Report on Form 10-Q as we, our, us, ourselves, the Company, General Motors or GM) designs, builds and sells trucks, crossovers, cars and automobile parts and provides software-enabled services and subscriptions worldwide. Additionally, we are investing in an autonomous vehicle (AV) business. We also provide automotive financing services through General Motors Financial Company, Inc. (GM Financial). We analyze the results of our operations through the following segments: GM North America (GMNA), GM International (GMI), Cruise and GM Financial. Cruise is our global segment responsible for the development and commercialization of AV technology. Corporate includes certain centrally recorded income and costs such as interest, income taxes, corporate expenditures and certain revenues and expenses that are not part of a reportable segment. The condensed consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP) pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2023 Form 10-K. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding. Throughout this report, we refer to General Motors Company and its consolidated subsidiaries in a simplified manner and on a collective basis, using words like "we," "our," "us" and "the Company." This drafting style is suggested by the SEC and is not meant to indicate that General Motors Company, the publicly traded parent company, or any particular subsidiary of the parent company, owns or operates any particular asset, business or property. The operations and businesses described in this report are owned and operated by distinct subsidiaries of General Motors Company. Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. All intercompany balances and transactions are eliminated in consolidation. Our share of earnings or losses of nonconsolidated affiliates is included in our consolidated operating results using the equity method of accounting when we are able to exercise significant influence over the operating and financial decisions of the affiliate. GM Financial The amounts presented for GM Financial are adjusted to reflect the impact on GM Financial's deferred tax positions and provision for income taxes resulting from the inclusion of GM Financial in our consolidated tax returns and to eliminate the effect of transactions between GM Financial and the other members of the consolidated group. Accordingly, the amounts presented will differ from those presented by GM Financial on a stand-alone basis.
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Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue The following table disaggregates our revenue by major source:
Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Adjustments to sales incentives for previously recognized sales increased revenue by an insignificant amount in the three months ended March 31, 2024 and 2023. Contract liabilities in our Automotive segments primarily consist of vehicle connectivity, customer rewards programs, maintenance, extended warranty and other contracts of $5.4 billion and $5.0 billion at March 31, 2024 and December 31, 2023, which are included in Accrued liabilities and Other liabilities. We recognized revenue of $490 million and $408 million related to contract liabilities in the three months ended March 31, 2024 and 2023. We expect to recognize revenue of $1.4 billion in the nine months ending December 31, 2024 and $1.5 billion, $1.2 billion and $1.3 billion in the years ending December 31, 2025, 2026 and thereafter related to contract liabilities at March 31, 2024.
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Marketable and Other Securities |
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Marketable Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable and Other Securities | Marketable and Other Securities The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost:
__________ (a)Excludes mortgage and asset-backed securities of $578 million at March 31, 2024 as these securities are not due at a single maturity date. Proceeds from the sale of available-for-sale debt securities sold prior to maturity were $470 million and $380 million in the three months ended March 31, 2024 and 2023. Net unrealized losses and gains on available-for-sale debt securities were insignificant in the three months ended March 31, 2024 and 2023. Cumulative unrealized losses on available-for-sale debt securities were $158 million and $160 million at March 31, 2024 and December 31, 2023. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet to the total shown in the condensed consolidated statement of cash flows:
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GM Financial Receivables and Transactions |
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GM Financial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Receivables [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GM Financial Receivables and Transactions | GM Financial Receivables and Transactions
__________ (a)Commercial finance receivables include dealer financing of $13.9 billion and $13.3 billion, and other financing of $378 million and $476 million at March 31, 2024 and December 31, 2023. Commercial finance receivables are presented net of dealer cash management balances of $2.8 billion and $2.6 billion at March 31, 2024 and December 31, 2023. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on its floorplan line by making principal payments to GM Financial in advance.
The allowance for loan losses as a percentage of finance receivables was 2.7% at March 31, 2024 and December 31, 2023. Retail Finance Receivables GM Financial's retail finance receivable portfolio includes loans made to consumers and businesses to finance the purchase of vehicles for personal and commercial use. The following tables are consolidated summaries of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the retail finance receivables portfolio at March 31, 2024 and December 31, 2023:
GM Financial reviews the ongoing credit quality of retail finance receivables based on customer payment activity. A retail account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date the payment was contractually due. Retail finance receivables are collateralized by vehicle titles and, subject to local laws, GM Financial generally has the right to repossess the vehicle in the event the customer defaults on the payment terms of the contract. The accrual of finance charge income had been suspended on delinquent retail finance receivables with contractual amounts due of $721 million and $809 million at March 31, 2024 and December 31, 2023. The following tables are consolidated summaries of the delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at March 31, 2024 and December 31, 2023, as well as summary totals for March 31, 2023:
Commercial Finance Receivables GM Financial's commercial finance receivables consist of dealer financing, primarily for dealer inventory purchases, and other financing, which includes loans to commercial vehicle upfitters. For dealer financing, proprietary models are used to assign a risk rating to each dealer. GM Financial performs periodic credit reviews of each dealership and adjusts the dealership's risk rating, if necessary. The credit risk associated with other financing is limited due to the structure of the business relationships. GM Financial's dealer risk model and risk rating categories are as follows:
Dealers with III and IV risk ratings are subject to additional monitoring and restrictions on funding, including suspension of lines of credit and liquidation of assets. The following tables summarize the dealer credit risk profile by dealer risk rating at March 31, 2024 and December 31, 2023:
__________ (a)Floorplan advances comprise 99.1% of the total revolving balance. Dealer term loans are presented by year of origination.
__________ (a)Floorplan advances comprise 99.7% of the total revolving balance. Dealer term loans are presented by year of origination. Transactions with GM Financial The following tables show transactions between our Automotive segments, Cruise and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income.
__________ (a)All balance sheet amounts are eliminated upon consolidation. (b)Our Automotive segments made cash payments to GM Financial for subvention of $777 million and $749 million in the three months ended March 31, 2024 and 2023. GM Financial's Board of Directors declared and paid dividends of $450 million on its common stock in the three months ended March 31, 2024 and 2023.
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Inventories |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories
Inventories are reflected net of allowances totaling $2.4 billion and $2.2 billion, of which $2.0 billion and $1.9 billion are electric vehicle (EV)-related, to remeasure inventory on-hand to net realizable value at March 31, 2024 and December 31, 2023.
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Equipment on Operating Leases |
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Property, Plant, and Equipment, Lessor Asset under Operating Lease [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment on Operating Leases | Equipment on Operating Leases Equipment on operating leases consists of leases to retail customers of GM Financial.
The estimated residual value of our leased assets at the end of the lease term was $22.4 billion and $22.7 billion at March 31, 2024 and December 31, 2023. Depreciation expense related to Equipment on operating leases, net was $1.2 billion in the three months ended March 31, 2024 and 2023. The following table summarizes lease payments due to GM Financial on leases to retail customers:
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Equity in Net Assets of Nonconsolidated Affiliates |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in Net Assets of Nonconsolidated Affiliates | Equity in Net Assets of Nonconsolidated Affiliates Nonconsolidated affiliates are entities in which we maintain an equity ownership interest and for which we use the equity method of accounting due to our ability to exert significant influence over decisions relating to their operating and financial affairs. Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as Equity income (loss) or Automotive and other cost of sales.
__________ (a)Equity earnings related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution (LGES), are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. Equity earnings related to Ultium Cells Holdings LLC were $156 million and insignificant in the three months ended March 31, 2024 and 2023. There have been no significant ownership changes in our Automotive China joint ventures (Automotive China JVs) or Ultium Cells Holdings LLC since December 31, 2023.
Dividends declared but not paid from our nonconsolidated affiliates were an insignificant amount at March 31, 2024 and December 31, 2023. Dividends received from our nonconsolidated affiliates were insignificant in the three months ended March 31, 2024 and 2023. Undistributed earnings from our nonconsolidated affiliates were $1.7 billion at March 31, 2024 and December 31, 2023.
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Variable Interest Entities |
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Variable Interest Entities | Variable Interest Entities Consolidated VIEs Automotive Financing – GM Financial GM Financial uses special purpose entities (SPEs) that are considered VIEs to issue variable funding notes to third party, bank-sponsored warehouse facilities or asset-backed securities to investors in securitization transactions. The debt issued by these VIEs is backed by finance receivables and leasing-related assets transferred to the VIEs (Securitized Assets). GM Financial determined that it is the primary beneficiary of the SPEs because the servicing responsibilities for the Securitized Assets give GM Financial the power to direct the activities that most significantly impact the performance of the VIEs and the variable interests in the VIEs give GM Financial the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The assets of the VIEs serve as the sole source of repayment for the debt issued by these entities. Investors in the notes issued by the VIEs do not have recourse to GM Financial or its other assets, with the exception of customary representation and warranty repurchase provisions and indemnities that GM Financial provides as the servicer. GM Financial is not required to provide additional financial support to these SPEs. While these subsidiaries are included in GM Financial's condensed consolidated financial statements, they are separate legal entities and the finance receivables, lease-related assets and cash held by them are legally owned by them and are not available to GM Financial's creditors or creditors of GM Financial's other subsidiaries. The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs:
GM Financial recognizes finance charge, leased vehicle and fee income on the Securitized Assets and interest expense on the secured debt issued in a securitization transaction and records a provision for loan losses to recognize loan losses expected over the remaining life of the finance receivables. Nonconsolidated VIEs Automotive Nonconsolidated VIEs principally include automotive related operating entities to which we provided financial support to ensure that our supply needs for production are met or are not disrupted. Our variable interests in these nonconsolidated VIEs include equity investments, accounts and loans receivable, committed financial support and other off-balance sheet arrangements. The carrying amounts of assets were approximately $2.7 billion and $2.4 billion and liabilities were insignificant related to our nonconsolidated VIEs at March 31, 2024 and December 31, 2023. Our maximum exposure to loss as a result of our involvement with these VIEs was approximately $3.5 billion, inclusive of approximately $0.6 billion and $0.8 billion in committed capital contributions to Ultium Cells Holdings LLC, at March 31, 2024 and December 31, 2023. Our maximum exposure to loss, and required capital contributions, could vary depending on Ultium Cells Holdings LLC's requirements and access to capital. We currently lack the power through voting or similar rights to direct the activities of these entities that most significantly affect their economic performance.
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Automotive The following table presents debt in our automotive operations:
__________ (a)Primarily consists of senior notes. (b)Includes net discount and debt issuance costs of $505 million and $527 million at March 31, 2024 and December 31, 2023. (c)Excludes our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial. (d)Includes coupon rates on debt denominated in various foreign currencies and interest free loans. In March 2024, we renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 27, 2025. Interest rates on obligations under the renewed credit facility are based on Term Secured Overnight Financing Rate (SOFR). In March 2024, we terminated our unsecured 364-day delayed draw term loan credit agreement that permitted the Company to borrow up to $3.0 billion executed in November 2023, resulting in an insignificant loss. GM Financial The following table presents debt of GM Financial:
Secured debt consists of revolving credit facilities and securitization notes payable. Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 8 to our condensed consolidated financial statements for additional information on GM Financial's involvement with VIEs. In the three months ended March 31, 2024, GM Financial renewed revolving credit facilities with total borrowing capacity of $2.4 billion and issued $7.3 billion in aggregate principal amount of securitization notes payable with an initial weighted-average interest rate of 5.4% and maturity dates ranging from 2024 to 2036. Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the three months ended March 31, 2024, GM Financial issued $4.4 billion in aggregate principal amount of senior notes with an initial weighted-average interest rate of 5.3% and maturity dates ranging from 2027 to 2031.
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments The following table presents the gross fair value amounts of GM Financial's derivative financial instruments and the associated notional amounts:
__________ (a)The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three months ended March 31, 2024 and 2023 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities. (b)The effect of foreign currency cash flow hedges in the condensed consolidated statements of comprehensive income includes losses of $141 million and an insignificant gain recognized in Accumulated other comprehensive loss, and losses of $163 million and an insignificant gain reclassified from Accumulated other comprehensive loss into income for the three months ended March 31, 2024 and 2023. (c)GM Financial held $447 million and $457 million of collateral from counterparties available for netting against GM Financial's asset positions and posted $1.2 billion of collateral to counterparties available for netting against GM Financial's liability positions at March 31, 2024 and December 31, 2023. The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including quoted prices of similar instruments and foreign exchange and interest rate forward curves. The following amounts were recorded in the condensed consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships:
__________ (a)Includes $865 million and $872 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at March 31, 2024 and December 31, 2023.
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Product Warranty and Related Liabilities |
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Accrued Liabilities and Other Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranty and Related Liabilities | Product Warranty and Related Liabilities
__________ (a)The current portion of supplier recoveries is recorded in Accounts and notes receivable, net of allowance and the non-current portion is recorded in Other assets.
We estimate our reasonably possible loss in excess of amounts accrued for recall campaigns to be insignificant at March 31, 2024. Refer to Note 13 to our condensed consolidated financial statements for additional information.
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Pensions and Other Postretirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits
The non-service cost components of net periodic pension and other postretirement benefits (OPEB) income of $49 million and $86 million in the three months ended March 31, 2024 and 2023 are presented in Interest income and other non-operating income, net.
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Commitments and Contingencies |
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Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation-Related Liability and Tax Administrative Matters In the normal course of our business, we are named from time to time as a defendant in various legal actions, including arbitrations, class actions and other litigation. We identify below the material individual proceedings and investigations where we believe a material loss is reasonably possible or probable. We accrue for matters when we believe that losses are probable and can be reasonably estimated. At March 31, 2024 and December 31, 2023, we had accruals of $1.1 billion and $1.2 billion in Accrued liabilities and Other liabilities. In many matters, it is inherently difficult to determine whether a loss is probable or reasonably possible or to estimate the size or range of the potential loss. Some matters may involve compensatory, punitive or other treble damage claims, environmental remediation programs or sanctions that, if granted, could require us to pay damages or make other expenditures in amounts that cannot be reasonably estimated. Accordingly, while we believe that appropriate accruals have been established for losses that are probable and can be reasonably estimated, it is possible that adverse outcomes from such proceedings could exceed the amounts accrued by an amount that could be material to our results of operations or cash flows in any particular reporting period. GM Korea Subcontract Workers Litigation GM Korea Company (GM Korea) is party to litigation with current and former subcontract workers over allegations that they are entitled to the same wages and benefits provided to full-time employees, and to be hired as full-time employees. In May 2018 and September 2020, the Korean labor authorities issued adverse administrative orders finding that GM Korea must hire certain current subcontract workers as full-time employees. GM Korea appealed the May 2018 and September 2020 orders. Since June 2020, the Seoul High Court (an intermediate-level appellate court) ruled against GM Korea in eight subcontract worker claims. Although GM Korea has appealed these decisions to the Supreme Court of the Republic of Korea, GM Korea has since hired certain of its subcontract workers as full-time employees. At March 31, 2024, our accrual covering certain asserted claims and claims that we believe are probable of assertion and for which liability is probable was approximately $133 million. We estimate the reasonably possible loss in excess of amounts accrued for other current subcontract workers who may assert similar claims to be approximately $66 million at March 31, 2024. We are currently unable to estimate any reasonably possible material loss or range of loss that may result from additional claims that may be asserted by former subcontract workers. Other Litigation-Related Liability and Tax Administrative Matters Various other legal actions, including class actions, governmental investigations, claims and proceedings are pending against us or our related companies or joint ventures, including, but not limited to, matters arising out of alleged product defects; employment-related matters; product and workplace safety, vehicle emissions and fuel economy regulations; product warranties; financial services; dealer, supplier and other contractual relationships; competition issues; tax-related matters not subject to the provision of Accounting Standards Codification 740, "Income Taxes" (indirect tax-related matters); product design, manufacture and performance; consumer protection laws; and environmental protection laws, including laws regulating air emissions, water discharges, waste management and environmental remediation from stationary sources. We also from time to time receive subpoenas and other inquiries or requests for information from agencies or other representatives of U.S. federal, state and foreign governments on a variety of issues. There are several putative class actions pending against GM in the U.S. and Canada alleging that various vehicles sold, including model year 2011–2016 Duramax Diesel Chevrolet Silverado and GMC Sierra vehicles, violate federal, state and foreign emission standards. In July 2023, the putative class actions pending in the U.S. were dismissed with prejudice and judgment entered in favor of GM, and plaintiffs appealed the dismissal. We are currently unable to estimate any reasonably possible material loss or range of loss that may result from these actions. GM has also faced a series of additional lawsuits in the U.S. based on these allegations, including a shareholder demand lawsuit that remains pending. There are several putative class actions and three certified class actions pending against GM in the U.S. alleging that various 2011–2014 model year vehicles are defective because they excessively consume oil. While many of these proceedings have been dismissed or have been settled for insignificant amounts, several remain outstanding, and in October 2022, we received an adverse jury verdict in the certified class action proceeding involving three states. We do not believe that the verdict is supported by the evidence and plan to appeal. We are currently unable to estimate any reasonably possible material loss or range of loss that may result from the putative class action proceedings and have previously accrued an immaterial amount related to one of the certified class action proceedings. There is one putative class action and one certified class action pending against GM in the U.S. alleging that various 2015–2022 model year vehicles are defective because they are equipped with faulty 8-speed transmissions. In March 2023, the judge overseeing the class action concerning 2015–2019 model year vehicles certified 26 state subclasses. The Sixth Circuit has agreed to hear our appeal of this class certification order. The putative class action concerning 2020–2022 model year vehicles is pending in front of a different judge that has not yet addressed class certification. We have similar cases pending in Canada concerning these vehicles. We are currently unable to estimate any reasonably possible or probable material loss or range of loss that may result from these proceedings in excess of amounts accrued. There is a class action pending against GM in the U.S., and a putative class action in Canada, alleging that 2011–2016 model year Duramax Diesel Chevrolet Silverado and GMC Sierra vehicles are equipped with defective fuel pumps that are prone to failure. In March 2023, the U.S. court certified seven state subclasses. In the three months ended March 31, 2024, we reached an agreement in principle to settle this matter on terms consistent with our accrual. Beyond the class action litigations disclosed, we have several other class action litigations pending at any given time. Historically, relatively few classes have been certified in these types of cases. Therefore, we will generally only disclose specific class actions if a class is certified and we believe there is a reasonably possible material exposure to the Company. We are currently in discussions with the Environmental Protection Agency (EPA) and other regulators regarding potential adjustments to certain prior year greenhouse gas (GHG) and Corporate Average Fuel Economy (CAFE) accounting balances. Based on progress made in these discussions, in the three months ended March 31, 2024, we accrued an insignificant amount, which brought the total costs expensed in connection with these matters to approximately $490 million through March 31, 2024. We currently expect to resolve these matters on terms generally consistent with our accrual. Indirect tax-related matters are being evaluated globally pertaining to value added taxes, customs, duties, sales tax, property taxes and other non-income tax-related tax exposures. Certain administrative proceedings are indirect tax-related and may require that we deposit funds in escrow or provide an alternative form of security. For indirect tax-related matters, we estimate our reasonably possible loss in excess of amounts accrued to be up to approximately $2.1 billion at March 31, 2024. Takata Matters In November 2020, the National Highway Traffic Safety Administration (NHTSA) directed that we replace the Takata Corporation (Takata) airbag inflators in our GMT900 vehicles, which are full-size pickup trucks and sport utility vehicles (SUVs), and we decided not to contest NHTSA's decision. While we have already begun the process of executing the recall, given the number of vehicles in this population, the recall will take several years to be completed. Accordingly, in the year ended December 31, 2020, we recorded a warranty accrual of $1.1 billion for the expected costs of complying with the recall remedy. At March 31, 2024, our remaining accrual for these matters was $594 million, and we believe the currently accrued amount remains reasonable. GM has recalled certain vehicles sold outside of the U.S. to replace Takata inflators in those vehicles. There are significant differences in vehicle and inflator design between the relevant vehicles sold internationally and those sold in the U.S. We continue to gather and analyze evidence about these inflators and to share our findings with regulators. Any additional recalls relating to these inflators could be material to our results of operations and cash flows. There are several putative class actions that have been filed against GM, including in the U.S. and Canada, arising out of allegations that airbag inflators manufactured by Takata are defective. In March 2023, a U.S. court overseeing one of the putative class actions issued a final judgment in favor of GM on all claims in eight states at issue in that proceeding. Plaintiffs have appealed this decision. In August 2023, the U.S. court granted class certification as to a Louisiana claim, but denied certification as to seven other states. At this stage of these proceedings, we are unable to provide an estimate of the amounts or range of reasonably possible material loss. ARC Matters In May 2023, we initiated a voluntary recall covering nearly one million 2014–2017 model year Buick Enclave, Chevrolet Traverse and GMC Acadia SUVs equipped with driver front airbag inflators manufactured by ARC Automotive, Inc. (ARC), and accrued an insignificant amount for the expected costs of the recall. As part of its ongoing investigation into ARC airbag inflators, on September 5, 2023, NHTSA issued an initial decision that approximately 52 million frontal driver and passenger airbag inflators manufactured by ARC and Delphi Automotive Systems LLC over a roughly 20-year period contain a safety-related defect and must be recalled. NHTSA’s initial decision is based on the occurrence of seven field ruptures involving ARC-manufactured frontal airbag inflators. We are continuing to investigate the cause of the ruptures in GM vehicles in connection with our existing recalls. The administrative record for NHTSA’s investigation closed on December 18, 2023, and we are waiting for NHTSA to issue its final decision. As indicated in GM's filed comment in the record, we do not believe that further GM vehicle recalls are necessary or appropriate at this time. However, depending on the outcome of the dispute between NHTSA and ARC, and the possibility of additional recalls, the cost of which may not be fully recoverable, it is reasonably possible that the costs associated with these matters in excess of amounts accrued could be material, but we are unable to provide an estimate of the amounts or range of reasonably possible material loss at this time. There are several putative class actions that have been filed against GM, including in the U.S., Canada and Israel, arising out of allegations that airbag inflators manufactured by ARC are defective. At this stage of these proceedings, we are unable to provide an estimate of the amounts or range of reasonably possible material loss. Chevrolet Bolt Recall In July 2021, we initiated a voluntary recall for certain 2017–2019 model year Chevrolet Bolt EVs due to the risk that two manufacturing defects present in the same battery cell could cause a high voltage battery fire in certain of these vehicles. After further investigation into the manufacturing processes at our battery supplier, LGES, and disassembling battery packs, we determined that the risk of battery cell defects was not confined to the initial recall population. As a result, in August 2021, we expanded the recall to include all 2017–2022 model year Chevrolet Bolt EV and Chevrolet Bolt Electric Utility Vehicles (EUVs). LG Electronics, Inc. (LGE) and LGES (collectively, LG), have agreed to reimburse GM for certain costs and expenses associated with the recall. The commercial negotiations with LG also resolved other commercial matters associated with our Ultium Cells Holdings LLC joint venture with LGES. Accordingly, as of December 31, 2023, we had accrued a total of $2.6 billion and recognized receivables totaling $1.6 billion in connection with these matters. At March 31, 2024, our remaining accrual for these matters was $0.5 billion. These charges reflect our current best estimate for the cost of the recall remedy, which includes non-traditional recall remedies provided by GM to enhance customer satisfaction. The actual costs of the recall could be materially higher or lower. In addition, putative class actions have been filed against GM in the U.S. and Canada alleging that the batteries contained in the Bolt EVs and EUVs included in the recall population are defective. GM has reached an agreement in principle to settle the U.S. class actions for an immaterial amount. Opel/Vauxhall Sale In 2017, we sold the Opel and Vauxhall businesses and certain other assets in Europe (the Opel/Vauxhall Business) to PSA Group, now Stellantis N.V. (Stellantis), under a Master Agreement (the Agreement). We also sold the European financing subsidiaries and branches to Banque PSA Finance S.A. and BNP Paribas Personal Finance S.A. Although the sale reduced our new vehicle presence in Europe, we may still be impacted by actions taken by regulators related to vehicles sold before the sale. General Motors Holdings LLC agreed, on behalf of our wholly owned subsidiary (the Seller), to indemnify Stellantis for certain losses resulting from any inaccuracy of the representations and warranties or breaches of our covenants included in the Agreement and for certain other liabilities, including costs related to certain emissions claims, product liabilities and recalls. We are unable to estimate any reasonably possible material loss or range of loss that may result from these actions either directly or through an indemnification claim from Stellantis. Certain of these indemnification obligations are subject to time limitations, thresholds and/or caps as to the amount of required payments. Currently, various consumer lawsuits have been filed against the Seller and Stellantis in Germany, the United Kingdom (UK), Austria and the Netherlands alleging that Opel and Vauxhall vehicles sold by the Seller violated applicable emissions standards. In addition, we indemnified Stellantis for an immaterial amount for certain recalls that Stellantis has conducted or will conduct, including recalls in certain geographic locations that Stellantis intends to conduct related to Takata inflators in legacy Opel vehicles. We may in the future be required to further indemnify Stellantis relating to its Takata recalls, but we believe such further indemnification to be remote at this time. European Commission and UK Competition and Markets Authority Matter In March 2022, the European Commission and UK Competition and Markets Authority (CMA) conducted inspections at the premises of, and sent out formal requests for information to several companies and associations active in the automotive sector. The investigations concern conduct related to coordination regarding the collection, treatment and recovery of end-of-life cars and vans (ELVs), which are considered waste. GM was not the subject of the inspections but has since received requests for information related to activities conducted by Opel, a former subsidiary business we sold to Stellantis in 2017. GM has replied to the European Commission’s and CMA’s requests for information. The inspections and requests for information are preliminary investigatory steps and do not prejudge the outcome of the investigations. If an infringement is established as to Opel’s conduct, there are a range of possible outcomes, including a fine, which could be material. We cannot currently predict the outcome or what remedies, if any, may be required. Product Liability We recorded liabilities of $636 million and $615 million in Accrued liabilities and Other liabilities at March 31, 2024 and December 31, 2023, for the expected cost of all known product liability claims, plus an estimate of the expected cost for product liability claims that have already been incurred and are expected to be filed in the future for which we are self-insured. It is reasonably possible that our accruals for product liability claims may increase in future periods in material amounts, although we cannot estimate a reasonable range of incremental loss based on currently available information. We believe that any judgment against us involving our products for actual damages will be adequately covered by our recorded accruals and, where applicable, excess liability insurance coverage. Guarantees We enter into indemnification agreements for liability claims involving products manufactured primarily by certain joint ventures. These guarantees terminate in years ranging from 2024 to 2029, or upon the occurrence of specific events or are ongoing. We believe that the related potential costs incurred are adequately covered by our recorded accruals, which are insignificant. The maximum future undiscounted payments mainly based on royalties received associated with vehicles sold to date were $3.5 billion for these guarantees at March 31, 2024 and December 31, 2023, the majority of which relates to the indemnification agreements. We provide payment guarantees on commercial loans outstanding with third parties such as dealers. In some instances, certain assets of the party or our payables to the party whose debt or performance we have guaranteed may offset, to some degree, the amount of any potential future payments. We are also exposed to residual value guarantees associated with certain sales to rental car companies. We periodically enter into agreements that incorporate indemnification provisions in the normal course of business. It is not possible to estimate our maximum exposure under these indemnifications or guarantees due to the conditional nature of these obligations. Insignificant amounts have been recorded for such obligations as the majority of them are not probable or estimable at this time and the fair value of the guarantees at issuance was insignificant. Refer to the Opel/Vauxhall Sale section of this note for additional information on our indemnification obligations to Stellantis under the Agreement. Supplier Finance Programs Third-party finance providers offer certain suppliers the option for payment in advance of their invoice due date through financing programs that we established. We retain our obligation to the participating suppliers, and we make payments directly to the third-party finance providers on the original invoice due date pursuant to the original invoice terms. There are no assets pledged as security or other forms of guarantees provided for committed payments. Our outstanding eligible balances under our supplier finance programs were $1.3 billion at March 31, 2024 and December 31, 2023, which are recorded in (principally trade).
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Income Taxes |
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Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesIn the three months ended March 31, 2024 and 2023, Income tax expense of $762 million and $428 million was primarily due to tax expense attributable to entities included in our effective tax rate calculation. |
Restructuring and Other Initiatives |
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Restructuring and Other Initiatives | Restructuring and Other Initiatives We have executed various restructuring and other initiatives and we may execute additional initiatives in the future, if necessary, to streamline manufacturing capacity and reduce other costs to improve the utilization of remaining facilities. To the extent these programs involve voluntary separations, a liability is generally recorded at the time offers to employees are accepted. To the extent these programs provide separation benefits in accordance with pre-existing agreements, a liability is recorded once the amount is probable and reasonably estimable. If employees are involuntarily terminated, a liability is generally recorded at the communication date. Related charges are recorded in Automotive and other cost of sales and Automotive and other selling, general and administrative expense. The following table summarizes the reserves and charges related to restructuring and other initiatives, including postemployment benefit reserves and charges:
In the three months ended March 31, 2024, restructuring and other initiatives included strategic activities in GMNA related to Buick dealerships. We recorded charges of $96 million in the three months ended March 31, 2024, which are included in the table above, and incurred $162 million in net cash outflows resulting from these dealer restructurings. Cumulatively, we have incurred charges of approximately $1.2 billion and net cash outflows of $956 million related to this initiative. The remaining $220 million is expected to be paid by the end of 2024. In March 2023, we announced a voluntary separation program (VSP) to accelerate attrition related to the cost reduction program announced in January 2023. We recorded charges in GMNA of $1.0 billion in the year ended December 31, 2023, primarily related to employee separation charges of $905 million, which are reflected in the table above, and non-cash pension curtailment and settlement charges of approximately $130 million, not reflected in the table above. As of March 31, 2024, we have incurred $878 million of cash outflows resulting from the VSP. This program was substantially complete at March 31, 2024. In October 2023, Cruise voluntarily paused all of its driverless, supervised and manual AV operations in the U.S. while it examines its processes, systems and tools. In conjunction with these actions, Cruise recorded charges before noncontrolling interest of $529 million in the year ended December 31, 2023, primarily related to supplier related charges of $212 million and employee separation charges of $67 million, both of which are included in the table above. Additionally, Cruise recorded non-cash restructuring charges of $250 million primarily related to impairments, which are not reflected in the table above. As of March 31, 2024, we have incurred $70 million of cash outflows resulting from these restructuring activities. We expect the remaining cash outflows related to these activities of approximately $209 million to be complete by the end of 2024.
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Stockholders' Equity and Noncontrolling Interests |
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Stockholders' Equity and Noncontrolling Interests | Stockholders' Equity and Noncontrolling Interests We have 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance. We had no shares of preferred stock issued and outstanding at March 31, 2024 and December 31, 2023. We had 1.1 billion and 1.2 billion shares of common stock issued and outstanding at March 31, 2024 and December 31, 2023. Common Stock Holders of our common stock are entitled to dividends at the sole discretion of our Board of Directors. Our total dividends paid on common stock were $139 million and $126 million for the three months ended March 31, 2024 and 2023. In November 2023, our Board of Directors increased the capacity under the share repurchase program by $10.0 billion to an aggregate of $11.4 billion and approved an accelerated share repurchase (ASR) program to repurchase an aggregate amount of $10.0 billion of our common stock. In December 2023, pursuant to the agreements entered into in connection with the ASR (collectively, the ASR Agreements), we advanced $10.0 billion and received approximately 215 million shares of our common stock with a value of $6.8 billion, which were immediately retired. In March 2024, upon the first settlement of the transactions contemplated under the ASR Agreements, we received approximately 4 million additional shares, which were immediately retired. The final number of shares ultimately to be purchased will be based on the average of the daily volume-weighted average prices of our common stock during the term of the ASR Agreements, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreements. Upon final settlement, we may receive additional shares of common stock, or, under certain circumstances, we may be required to deliver shares of common stock or to make a cash payment, at our election. The final settlement of the transactions contemplated under the ASR Agreements in connection with the ASR program is expected to occur no later than the three months ending December 31, 2024. In the three months ended March 31, 2024, in addition to shares received under the ASR program, we purchased approximately 8 million shares of our outstanding common stock for $331 million, including an insignificant amount related to purchases initiated in March 2024 that settled in April 2024, as part of the share repurchase program. In the three months ended March 31, 2023, we purchased 9 million shares of our outstanding common stock for $369 million. Cruise Common Shares During the three months ended March 31, 2024 and 2023, GM Cruise Holdings LLC (Cruise Holdings) issued an insignificant amount of Class B Common Shares to net settle vested awards under Cruise's 2018 Employee Incentive Plan and to fund the payment of statutory tax withholding obligations resulting from the settlement or exercise of vested awards. The Class B Common Shares are classified as noncontrolling interests in our condensed consolidated financial statements except for certain shares that are liability classified that have an insignificant recorded value at March 31, 2024 and December 31, 2023. The following table summarizes the significant components of Accumulated other comprehensive loss:
__________ (a)The noncontrolling interests were insignificant in the three months ended March 31, 2024 and 2023. (b)The reclassification adjustment was insignificant in the three months ended March 31, 2024 and 2023. (c)The income tax effect was insignificant in the three months ended March 31, 2024 and 2023. (d)Primarily consists of unamortized actuarial loss on our defined benefit plans. Refer to Note 2. Significant Accounting Policies of our 2023 Form 10-K for additional information.
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Earnings Per Share |
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Earnings Per Share | Earnings Per Share
__________ (a)Includes an insignificant amount in participating securities income from a subsidiary for the three months ended March 31, 2024. (b)Potentially dilutive securities attributable to outstanding stock options, Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) at March 31, 2024 and 2023 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting We analyze the results of our business through the following reportable segments: GMNA, GMI, Cruise and GM Financial. The chief operating decision-maker evaluates the operating results and performance of our automotive segments and Cruise through earnings before interest and income taxes (EBIT)-adjusted, which is presented net of noncontrolling interests. The chief operating decision-maker evaluates GM Financial through earnings before income taxes (EBT)-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment. Each segment has a manager responsible for executing our strategic initiatives. While not all vehicles within a segment are individually profitable, those vehicles attract customers to dealer showrooms and help maintain sales volumes for other, more profitable vehicles and contribute towards our commitment to an all-electric future and meeting required fuel efficiency standards. As a result of these and other factors, we do not manage our business on an individual brand or vehicle basis. Substantially all of the trucks, crossovers, cars and automobile parts produced are marketed through retail dealers in North America and through distributors and dealers outside of North America, the substantial majority of which are independently owned. In addition to the products sold to dealers for consumer retail sales, trucks, crossovers and cars are also sold to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies and governments. Fleet sales are completed through the dealer network and in some cases directly with fleet customers. Retail and fleet customers can obtain a wide range of after-sale vehicle services and products through the dealer network, such as maintenance, light repairs, collision repairs, vehicle accessories and extended service warranties. GMNA meets the demands of customers in North America and GMI primarily meets the demands of customers outside North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet and GMC brands. We also have equity ownership stakes in entities that meet the demands of customers in other countries, primarily China, with vehicles developed, manufactured and/or marketed under the Baojun, Buick, Cadillac, Chevrolet and Wuling brands. Cruise is our global segment responsible for the development and commercialization of AV technology, and includes AV-related engineering and other costs. We provide automotive financing services through our GM Financial segment. Our automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate. Corporate assets primarily consist of cash and cash equivalents, marketable debt securities and intersegment balances. All intersegment balances and transactions have been eliminated in consolidation. The following tables summarize key financial information by segment:
__________ (a) Consists of charges for strategic activities related to Buick dealerships in GMNA. (b) Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. In the three months ended March 31, 2024, equity earnings related to Ultium Cells Holdings LLC were $156 million.
__________ (a) Consists of charges for strategic activities related to Buick dealerships and charges related to the VSP in GMNA. (b) Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. In the three months ended March 31, 2023, equity earnings related to Ultium Cells Holdings LLC were insignificant.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net income (loss) attributable to stockholders | $ 2,980 | $ 2,395 |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024
shares
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Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the three months ended March 31, 2024, the following directors or officers of the Company adopted a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K: (1) on February 23, 2024, Julian Blissett, Executive Vice President and President, GM China, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 48,741 shares of GM common stock and up to 104,488 shares of GM common stock issuable upon exercise of vested options between May 28, 2024 and February 14, 2025, subject to certain conditions; (2) on February 26, 2024, Mary Barra, Chair and Chief Executive Officer, adopted trading plans intended to satisfy Rule 10b5-1(c) to sell up to 900,000 shares of GM common stock and up to 1,066,269 shares of GM common stock issuable upon exercise of vested options between May 28, 2024 and February 14, 2025, subject to certain conditions; and (3) on February 27, 2024, Mark Reuss, President, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 200,000 shares of GM common stock and up to 122,283 shares of GM common stock issuable upon exercise of vested options between May 28, 2024 and February 14, 2025, subject to certain conditions.
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Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Julian Blissett [Member] | |
Trading Arrangements, by Individual | |
Name | Julian Blissett |
Title | Executive Vice President and President, GM China |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | February 23, 2024 |
Arrangement Duration | 262 days |
Mary Barra [Member] | |
Trading Arrangements, by Individual | |
Name | Mary Barra |
Title | Chair and Chief Executive Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | February 26, 2024 |
Arrangement Duration | 262 days |
Mark Reuss [Member] | |
Trading Arrangements, by Individual | |
Name | Mark Reuss |
Title | President |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | February 27, 2024 |
Arrangement Duration | 262 days |
Julian Blissett Rule Trading Arrangement Common Stock [Member] | Julian Blissett [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 48,741 |
Julian Blissett Rule Trading Arrangement Exercise Of Vested Stock Options [Member] | Julian Blissett [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 104,488 |
Mary Barra Rule Trading Arrangement Common Stock [Member] | Mary Barra [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 900,000 |
Mary Barra Rule Trading Arrangement Exercise Of Vested Stock Options [Member] | Mary Barra [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 1,066,269 |
Mark Reuss Rule Trading Arrangement Common Stock [Member] | Mark Reuss [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 200,000 |
Mark Reuss Rule Trading Arrangement Exercise Of Vested Stock Options [Member] | Mark Reuss [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 122,283 |
Nature of Operations and Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Basis of Accounting | General Motors Company (sometimes referred to in this Quarterly Report on Form 10-Q as we, our, us, ourselves, the Company, General Motors or GM) designs, builds and sells trucks, crossovers, cars and automobile parts and provides software-enabled services and subscriptions worldwide. Additionally, we are investing in an autonomous vehicle (AV) business. We also provide automotive financing services through General Motors Financial Company, Inc. (GM Financial). We analyze the results of our operations through the following segments: GM North America (GMNA), GM International (GMI), Cruise and GM Financial. Cruise is our global segment responsible for the development and commercialization of AV technology. Corporate includes certain centrally recorded income and costs such as interest, income taxes, corporate expenditures and certain revenues and expenses that are not part of a reportable segment. The condensed consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP) pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2023 Form 10-K. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding. Throughout this report, we refer to General Motors Company and its consolidated subsidiaries in a simplified manner and on a collective basis, using words like "we," "our," "us" and "the Company." This drafting style is suggested by the SEC and is not meant to indicate that General Motors Company, the publicly traded parent company, or any particular subsidiary of the parent company, owns or operates any particular asset, business or property. The operations and businesses described in this report are owned and operated by distinct subsidiaries of General Motors Company.
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Principles of Consolidation | Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. All intercompany balances and transactions are eliminated in consolidation. Our share of earnings or losses of nonconsolidated affiliates is included in our consolidated operating results using the equity method of accounting when we are able to exercise significant influence over the operating and financial decisions of the affiliate.
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GM Financial | GM Financial The amounts presented for GM Financial are adjusted to reflect the impact on GM Financial's deferred tax positions and provision for income taxes resulting from the inclusion of GM Financial in our consolidated tax returns and to eliminate the effect of transactions between GM Financial and the other members of the consolidated group. Accordingly, the amounts presented will differ from those presented by GM Financial on a stand-alone basis.
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Revenue (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue by Major Source | The following table disaggregates our revenue by major source:
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Marketable and Other Securities (Tables) |
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Marketable Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Cash Equivalents and Marketable Securities | The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost:
__________ (a)Excludes mortgage and asset-backed securities of $578 million at March 31, 2024 as these securities are not due at a single maturity date.
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Investments Classified by Contractual Maturity Date | The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost:
__________ (a)Excludes mortgage and asset-backed securities of $578 million at March 31, 2024 as these securities are not due at a single maturity date.
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Reconciliation of Cash, Cash Equivalents and Restricted Cash from Balance Sheet to Statements of Cash Flows | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet to the total shown in the condensed consolidated statement of cash flows:
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GM Financial Receivables and Transactions (Tables) - GM Financial |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Finance Receivables [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GM Financial Receivables |
__________ (a)Commercial finance receivables include dealer financing of $13.9 billion and $13.3 billion, and other financing of $378 million and $476 million at March 31, 2024 and December 31, 2023. Commercial finance receivables are presented net of dealer cash management balances of $2.8 billion and $2.6 billion at March 31, 2024 and December 31, 2023. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on its floorplan line by making principal payments to GM Financial in advance.
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Allowance for Loan Losses |
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Intercompany Transactions | The following tables show transactions between our Automotive segments, Cruise and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income.
__________ (a)All balance sheet amounts are eliminated upon consolidation. (b)Our Automotive segments made cash payments to GM Financial for subvention of $777 million and $749 million in the three months ended March 31, 2024 and 2023.
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Retail Finance Receivables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Receivables [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Receivables Credit Quality | The following tables are consolidated summaries of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the retail finance receivables portfolio at March 31, 2024 and December 31, 2023:
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Retail Finance Receivables Delinquency | The following tables are consolidated summaries of the delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at March 31, 2024 and December 31, 2023, as well as summary totals for March 31, 2023:
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Commercial Finance Receivables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Receivables [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Receivables Credit Quality | The following tables summarize the dealer credit risk profile by dealer risk rating at March 31, 2024 and December 31, 2023:
__________ (a)Floorplan advances comprise 99.1% of the total revolving balance. Dealer term loans are presented by year of origination.
__________ (a)Floorplan advances comprise 99.7% of the total revolving balance. Dealer term loans are presented by year of origination.
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Inventories |
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Equipment on Operating Leases (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessor, Lease, Description [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property Subject to Available for Operating Lease | Equipment on operating leases consists of leases to retail customers of GM Financial.
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GM Financial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessor, Lease, Description [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Rental Payments Receivable for Operating Leases | The following table summarizes lease payments due to GM Financial on leases to retail customers:
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Equity in Net Assets of Nonconsolidated Affiliates (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Equity Income |
__________ (a)Equity earnings related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution (LGES), are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. Equity earnings related to Ultium Cells Holdings LLC were $156 million and insignificant in the three months ended March 31, 2024 and 2023.
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Summary of Financial Data for Nonconsolidated Affiliates |
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Variable Interest Entities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GM Financial | Consolidated VIE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs:
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt Carrying Amount and Fair Value | The following table presents debt in our automotive operations:
__________ (a)Primarily consists of senior notes. (b)Includes net discount and debt issuance costs of $505 million and $527 million at March 31, 2024 and December 31, 2023. (c)Excludes our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial. (d)Includes coupon rates on debt denominated in various foreign currencies and interest free loans.
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GM Financial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt Carrying Amount and Fair Value | The following table presents debt of GM Financial:
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Derivative Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cumulative Basis Adjustments for Fair Value Hedges | The following amounts were recorded in the condensed consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships:
__________ (a)Includes $865 million and $872 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at March 31, 2024 and December 31, 2023.
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GM Financial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts for Derivative Financial Instruments | The following table presents the gross fair value amounts of GM Financial's derivative financial instruments and the associated notional amounts:
__________ (a)The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three months ended March 31, 2024 and 2023 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities. (b)The effect of foreign currency cash flow hedges in the condensed consolidated statements of comprehensive income includes losses of $141 million and an insignificant gain recognized in Accumulated other comprehensive loss, and losses of $163 million and an insignificant gain reclassified from Accumulated other comprehensive loss into income for the three months ended March 31, 2024 and 2023. (c)GM Financial held $447 million and $457 million of collateral from counterparties available for netting against GM Financial's asset positions and posted $1.2 billion of collateral to counterparties available for netting against GM Financial's liability positions at March 31, 2024 and December 31, 2023.
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Product Warranty and Related Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities and Other Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Policy, Product Warranty and Recall Campaigns |
__________ (a)The current portion of supplier recoveries is recorded in Accounts and notes receivable, net of allowance and the non-current portion is recorded in Other assets.
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Pensions and Other Postretirement Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Pension and OPEB (Income) Expense |
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Restructuring and Other Initiatives (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserves and Charges | The following table summarizes the reserves and charges related to restructuring and other initiatives, including postemployment benefit reserves and charges:
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Stockholders' Equity and Noncontrolling Interests (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the significant components of Accumulated other comprehensive loss:
__________ (a)The noncontrolling interests were insignificant in the three months ended March 31, 2024 and 2023. (b)The reclassification adjustment was insignificant in the three months ended March 31, 2024 and 2023. (c)The income tax effect was insignificant in the three months ended March 31, 2024 and 2023. (d)Primarily consists of unamortized actuarial loss on our defined benefit plans. Refer to Note 2. Significant Accounting Policies of our 2023 Form 10-K for additional information.
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share Basic and Diluted |
__________ (a)Includes an insignificant amount in participating securities income from a subsidiary for the three months ended March 31, 2024. (b)Potentially dilutive securities attributable to outstanding stock options, Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) at March 31, 2024 and 2023 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.
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Segment Reporting (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables summarize key financial information by segment:
__________ (a) Consists of charges for strategic activities related to Buick dealerships in GMNA. (b) Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. In the three months ended March 31, 2024, equity earnings related to Ultium Cells Holdings LLC were $156 million.
__________ (a) Consists of charges for strategic activities related to Buick dealerships and charges related to the VSP in GMNA. (b) Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. In the three months ended March 31, 2023, equity earnings related to Ultium Cells Holdings LLC were insignificant.
|
Marketable and Other Securities - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Marketable Securities [Abstract] | |||
Sale proceeds from investments classified as available-for-sale and sold prior to maturity | $ 470 | $ 380 | |
Cumulative unrealized losses on available-for-sale debt securities | $ 158 | $ 160 |
Marketable and Other Securities - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Marketable Securities [Abstract] | ||||
Cash and cash equivalents | $ 17,635 | $ 18,853 | ||
Restricted cash included in Other current assets | 3,260 | |||
Restricted cash included in Other assets | 483 | |||
Total | $ 21,378 | $ 21,917 | $ 21,141 | $ 21,948 |
GM Financial Receivables and Transactions - Allowance for Loan Losses (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit loss of finance receivables, percentage | 2.70% | 2.70% | |
GM Financial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for loan losses at beginning of period | $ 2,344 | $ 2,096 | |
Provision for loan losses | 204 | 131 | |
Charge-offs | (405) | (322) | |
Recoveries | 213 | 187 | |
Effect of foreign currency and other | (1) | 61 | |
Allowance for loan losses at end of period | $ 2,355 | $ 2,152 |
GM Financial Receivables and Transactions - Intercompany Transactions (Details) - GM Financial - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Related Party Transaction [Line Items] | |||
Financing receivable, net | $ 85,193 | $ 84,119 | |
Common stock dividends declared and paid | 450 | $ 450 | |
Eliminations | |||
Related Party Transaction [Line Items] | |||
Subvention receivable from GM | 600 | 508 | |
Interest subvention earned on finance receivables | 335 | 279 | |
Leased vehicle subvention earned | 364 | 393 | |
Cash payments | 777 | $ 749 | |
Commercial Finance Receivables | |||
Related Party Transaction [Line Items] | |||
Financing receivable, net | 14,282 | 13,698 | |
Commercial Finance Receivables | Eliminations | |||
Related Party Transaction [Line Items] | |||
Financing receivable, net | 183 | 164 | |
Commercial loan funding payable to GM | 179 | 55 | |
Commercial Finance Receivables | Eliminations | Cruise | |||
Related Party Transaction [Line Items] | |||
Financing receivable, net | $ 395 | $ 353 |
Inventories (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Total productive material, supplies and work in process | $ 7,384 | $ 7,422 |
Finished product, including service parts | 10,149 | 9,039 |
Total inventories | 17,533 | 16,461 |
Inventory [Line Items] | ||
Inventory allowance | 2,400 | 2,200 |
Electric Vehicle Inventory | ||
Inventory [Line Items] | ||
Inventory allowance | $ 2,000 | $ 1,900 |
Equipment on Operating Leases (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Lessor, Lease, Description [Line Items] | |||
Equipment on operating leases | $ 37,119 | $ 37,921 | |
Less: accumulated depreciation | (7,013) | (7,338) | |
Equipment on operating leases, net | 30,106 | 30,582 | |
Residual value of leased asset | 22,400 | $ 22,700 | |
Depreciation expense | 1,200 | $ 1,200 | |
GM Financial | |||
Lessor Operating Lease Payments to be Received | |||
2024 | 3,793 | ||
2025 | 3,651 | ||
2026 | 1,758 | ||
2027 | 253 | ||
2028 | 9 | ||
Thereafter | 1 | ||
Total | $ 9,464 |
Debt - Narrative (Details) $ in Billions |
1 Months Ended | 3 Months Ended |
---|---|---|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2024
USD ($)
|
|
Unsecured Debt | Delayed Draw Term Loan Credit Agreement | ||
Debt Instrument [Line Items] | ||
Debt term | 364 days | |
Aggregate borrowing capacity | $ 3.0 | $ 3.0 |
GM Financial | Unsecured Debt | Line of Credit | $2.0 Billion Dollar Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt term | 364 days | 364 days |
Aggregate borrowing capacity | $ 2.0 | $ 2.0 |
GM Financial | Unsecured Debt | Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 4.4 | $ 4.4 |
Weighted average interest rate (percent) | 5.30% | 5.30% |
GM Financial | Secured Debt | Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Increase to maximum borrowing capacity | $ 2.4 | |
GM Financial | Secured Debt | Notes Payable, Other Payables | Securitization Notes Payable | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 7.3 | $ 7.3 |
Weighted average interest rate (percent) | 5.40% | 5.40% |
Derivative Financial Instruments - Balance Sheet Location of GM Financial Unsecured Debt (Details) - Fair Value Hedges - GM Financial - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | $ 34,433 | $ 33,551 |
Cumulative Amount of Fair Value Hedging Adjustments | 1,158 | 1,029 |
Cumulative fair value adjustment on discontinued hedging relationships | 865 | 872 |
Short-term unsecured debt | ||
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | 4,283 | 3,508 |
Cumulative Amount of Fair Value Hedging Adjustments | (33) | (8) |
Long-term unsecured debt | ||
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | 30,150 | 30,043 |
Cumulative Amount of Fair Value Hedging Adjustments | $ 1,191 | $ 1,037 |
Product Warranty and Related Liabilities (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Product Warranty and Related Liabilities [Roll Forward] | ||
Warranty balance at beginning of period | $ 9,295 | $ 8,530 |
Warranties issued and assumed in period – recall campaigns | 266 | 236 |
Warranties issued and assumed in period – product warranty | 668 | 490 |
Payments | (1,024) | (1,058) |
Adjustments to pre-existing warranties | 174 | 279 |
Effect of foreign currency and other | (24) | 5 |
Warranty balance at end of period | 9,356 | 8,482 |
Less: Supplier recoveries balance at end of period | 630 | 1,157 |
Warranty balance, net of supplier recoveries at end of period | 8,726 | 7,325 |
Product Warranty Expense, Net of Recoveries | ||
Warranties issued and assumed in period | 934 | 726 |
Supplier recoveries accrued in period | (58) | (44) |
Adjustments and other | 150 | 284 |
Warranty expense, net of supplier recoveries | 1,026 | 966 |
Loss Contingencies [Line Items] | ||
Supplier recoveries accrued in period | $ 58 | $ 44 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ 762 | $ 428 |
Restructuring and Other Initiatives - Schedule of Restructuring Reserves and Charges (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve, Beginning Balance | $ 779 | $ 520 |
Additions, interest accretion and other | 114 | 980 |
Payments | (325) | (51) |
Revisions to estimates and effect of foreign currency | (3) | 0 |
Restructuring Reserve, Ending Balance | $ 565 | $ 1,450 |
Stockholders' Equity and Noncontrolling Interests - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ 68,189 | $ 71,927 |
Other comprehensive income (loss), net of tax | (259) | 113 |
Balance at ending of period | 70,426 | 73,961 |
Foreign Currency Translation Adjustments | ||
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (2,457) | (2,776) |
Other comprehensive income (loss), net of tax | (293) | 164 |
Balance at ending of period | (2,750) | (2,611) |
Defined Benefit Plans | ||
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (7,665) | (4,851) |
Other comprehensive income (loss), net of tax | 76 | (35) |
Other comprehensive income (loss) before reclassification adjustment, net of tax | 51 | (39) |
Reclassification adjustment, net of tax | 25 | 4 |
Balance at ending of period | $ (7,589) | $ (4,886) |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Basic | ||
Net income (loss) attributable to stockholders | $ 2,980 | $ 2,395 |
Less: cumulative dividends on subsidiary preferred stock | (9) | (27) |
Net income (loss) attributable to common stockholders | $ 2,970 | $ 2,369 |
Weighted-average common shares outstanding - basic (in shares) | 1,155 | 1,396 |
Basic earnings per common share (in dollars per share) | $ 2.57 | $ 1.70 |
Diluted | ||
Net income (loss) attributable to common stockholders – diluted | $ 2,970 | $ 2,369 |
Weighted-average common shares outstanding - basic (in shares) | 1,155 | 1,396 |
Dilutive effect of awards under stock incentive plans (in shares) | 7 | 6 |
Weighted-average common shares outstanding - diluted (in shares) | 1,162 | 1,402 |
Diluted earnings per common share (in dollars per share) | $ 2.56 | $ 1.69 |
Potentially dilutive securities (in shares) | 17 | 22 |
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