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.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | ☒ | Smaller reporting company | Emerging growth company |
Page | ||||||||
PART I | ||||||||
Item 1. | Condensed Consolidated Financial Statements | |||||||
Condensed Consolidated Balance Sheets (Unaudited) | ||||||||
Condensed Consolidated Statements of Income (Unaudited) | ||||||||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) | ||||||||
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) | ||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||
Notes to Condensed Consolidated Financial Statements | ||||||||
Note 1. Summary of Significant Accounting Policies | ||||||||
Note 2. Related Party Transactions | ||||||||
Note 3. Finance Receivables | ||||||||
Note 4. Leased Vehicles | ||||||||
Note 5. Equity in Net Assets of Nonconsolidated Affiliates | ||||||||
Note 6. Debt | ||||||||
Note 7. Variable Interest Entities and Other Transfers of Finance Receivables | ||||||||
Note 8. Derivative Financial Instruments and Hedging Activities | ||||||||
Note 9. Commitments and Contingencies | ||||||||
Note 10. Shareholders' Equity | ||||||||
Note 11. Income Taxes | ||||||||
Note 12. Segment Reporting | ||||||||
Note 13. Regulatory Capital and Other Regulatory Matters | ||||||||
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 6. | Exhibits | |||||||
Signature |
September 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Note 7 VIEs) | |||||||||||
Goodwill | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Liabilities | |||||||||||
$ | $ | ||||||||||
Deferred income | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Common stock, $ | |||||||||||
Preferred stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive income (loss) | ( | ( | |||||||||
Retained earnings | |||||||||||
Total shareholders' equity | |||||||||||
Total liabilities and shareholders' equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Finance charge income | $ | $ | $ | $ | |||||||||||||||||||
Leased vehicle income | |||||||||||||||||||||||
Other income | |||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Leased vehicle expenses | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Total costs and expenses | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||
Less: cumulative dividends on preferred stock | |||||||||||||||||||||||
Net income (loss) attributable to common shareholder | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | |||||||||||||||||||
Unrealized gain (loss) on hedges, net of income tax (expense) benefit of $ | ( | ||||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | ( | |||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ( | ( | ||||||||||||||||||||
Comprehensive income (loss) | $ | $ | $ | $ |
Common Stock | Preferred Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total Shareholders' Equity | ||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Balance at March 31, 2021 | ( | ||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
— | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Balance at June 30, 2021 | ( | ||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Balance at January 1, 2022 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at March 31, 2022 | ( | ||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
— | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Balance at June 30, 2022 | ( | ||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | ( | $ | $ |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities | |||||||||||
Net income (loss) | $ | $ | |||||||||
Depreciation and amortization | |||||||||||
Accretion and amortization of loan and leasing fees | ( | ( | |||||||||
Undistributed earnings of nonconsolidated affiliates, net | ( | ( | |||||||||
Provision for loan losses | |||||||||||
Deferred income taxes | |||||||||||
Stock-based compensation expense | |||||||||||
Gain on termination of leased vehicles | ( | ( | |||||||||
Loss on extinguishment of debt | |||||||||||
Other operating activities | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Other assets | ( | ||||||||||
Other liabilities | ( | ||||||||||
Related party payables | ( | ||||||||||
Net cash provided by (used in) operating activities | |||||||||||
Cash flows from investing activities | |||||||||||
Purchases of retail finance receivables, net | ( | ( | |||||||||
Principal collections and recoveries on retail finance receivables | |||||||||||
Net collections (funding) of commercial finance receivables | ( | ||||||||||
Purchases of leased vehicles, net | ( | ( | |||||||||
Proceeds from termination of leased vehicles | |||||||||||
Capital contribution to nonconsolidated affiliates | ( | ||||||||||
Other investing activities | ( | ( | |||||||||
Net cash provided by (used in) investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Net change in debt (original maturities less than three months) | |||||||||||
Borrowings and issuances of secured debt | |||||||||||
Payments on secured debt | ( | ( | |||||||||
Borrowings and issuances of unsecured debt | |||||||||||
Payments on unsecured debt | ( | ( | |||||||||
Extinguishment of debt | ( | ||||||||||
Debt issuance costs | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ||||||||||
Effect of foreign exchange rate changes on 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 | $ | $ |
September 30, 2022 | |||||
Cash and cash equivalents | $ | ||||
Restricted cash included in other assets | |||||
Total | $ |
Balance Sheet Data | September 30, 2022 | December 31, 2021 | |||||||||
Commercial finance receivables, net due from dealers consolidated by GM | $ | $ | |||||||||
Cruise receivables | $ | $ | |||||||||
Subvention receivable | $ | $ | |||||||||
Commercial loan funding payable | $ | $ | |||||||||
Taxes payable | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Income Statement Data | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Interest subvention earned on retail finance receivables(a) | $ | $ | $ | $ | |||||||||||||||||||
Interest subvention earned on commercial finance receivables(a) | $ | $ | $ | $ | |||||||||||||||||||
Leased vehicle subvention earned(b) | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Retail finance receivables | |||||||||||
Retail finance receivables, net of fees(a) | $ | $ | |||||||||
Less: allowance for loan losses | ( | ( | |||||||||
Total retail finance receivables, net | |||||||||||
Commercial finance receivables | |||||||||||
Commercial finance receivables, net of fees(b) | |||||||||||
Less: allowance for loan losses | ( | ( | |||||||||
Total commercial finance receivables, net | |||||||||||
Total finance receivables, net | $ | $ | |||||||||
Fair value utilizing Level 2 inputs | $ | $ | |||||||||
Fair value utilizing Level 3 inputs | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Allowance for retail loan losses beginning balance | $ | $ | $ | $ | |||||||||||||||||||
Provision for loan losses | |||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | |||||||||||||||||||
Recoveries | |||||||||||||||||||||||
Foreign currency translation | ( | ( | ( | ||||||||||||||||||||
Allowance for retail loan losses ending balance | $ | $ | $ | $ |
Year of Origination | September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 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, net of fees | $ | $ | $ | $ | $ | $ | $ | % |
Year of Origination | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 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, net of fees | $ | $ | $ | $ | $ | $ | $ | % |
Year of Origination | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | Percent | Total | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||
0 - 30 days | $ | $ | $ | $ | $ | $ | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||
31 - 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, net of fees | $ | $ | $ | $ | $ | $ | $ | % | $ | % |
Year of Origination | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | Percent | ||||||||||||||||||||||||||||||||||||||||
0 - 30 days | $ | $ | $ | $ | $ | $ | $ | % | |||||||||||||||||||||||||||||||||||||||
31 - 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, net of fees | $ | $ | $ | $ | $ | $ | $ | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Number of loans classified as TDRs during the period | |||||||||||||||||||||||
Outstanding amortized cost of loans classified as TDRs during the period | $ | $ | $ | $ |
Dealer Risk 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 that 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 or liquidation in full highly questionable or improbable. |
Year of Origination | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dealer Risk Rating | Revolving | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | Percent | |||||||||||||||||||||||||||||||||||||||||||||||
I | $ | $ | $ | $ | $ | $ | $ | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||
II | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ | % |
Year of Origination | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dealer Risk Rating | Revolving | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | Percent | |||||||||||||||||||||||||||||||||||||||||||||||
I | $ | $ | $ | $ | $ | $ | $ | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||
II | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | $ | $ | % |
September 30, 2022 | December 31, 2021 | ||||||||||
Leased vehicles | $ | $ | |||||||||
Manufacturer subvention | ( | ( | |||||||||
Net capitalized cost | |||||||||||
Less: accumulated depreciation | ( | ( | |||||||||
Leased vehicles, net | $ | $ |
Years Ending December 31, | |||||||||||||||||||||||||||||||||||||||||
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
Lease payments under operating leases | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Summarized Operating Data | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Finance charge income | $ | $ | $ | $ | |||||||||||||||||||
Income before income taxes | $ | $ | $ | $ | |||||||||||||||||||
Net income | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Secured debt | |||||||||||||||||||||||
Revolving credit facilities | $ | $ | $ | $ | |||||||||||||||||||
Securitization notes payable | |||||||||||||||||||||||
Total secured debt | |||||||||||||||||||||||
Unsecured debt | |||||||||||||||||||||||
Senior notes | |||||||||||||||||||||||
Credit facilities | |||||||||||||||||||||||
Other unsecured debt | |||||||||||||||||||||||
Total unsecured debt | |||||||||||||||||||||||
Total secured and unsecured debt | $ | $ | $ | $ | |||||||||||||||||||
Fair value utilizing Level 2 inputs | $ | $ | |||||||||||||||||||||
Fair value utilizing Level 3 inputs | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Restricted cash(a) | $ | $ | |||||||||
Finance receivables, net of fees | $ | $ | |||||||||
Lease related assets | $ | $ | |||||||||
Secured debt | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Notional | Fair Value of Assets | Fair Value of Liabilities | Notional | Fair Value of Assets | Fair Value of Liabilities | ||||||||||||||||||||||||||||||
Derivatives designated as hedges | |||||||||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Foreign currency swaps | |||||||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||||||||||||||
Foreign currency swaps | |||||||||||||||||||||||||||||||||||
Derivatives not designated as hedges | |||||||||||||||||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||||||||||||||
Foreign currency contracts | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Carrying Amount of Hedged Items | Cumulative Amount of Fair Value Hedging Adjustments(a) | ||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||
Unsecured debt | $ | $ | $ | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Interest Expense(a) | Operating Expenses(b) | Interest Expense(a) | Operating Expenses(b) | Interest Expense(a) | Operating Expenses(b) | Interest Expense(a) | Operating Expenses(b) | ||||||||||||||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Hedged items - interest rate swaps | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Interest rate swaps | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Hedged items - foreign currency swaps(c) | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Hedged items - foreign currency swaps(c) | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency swaps | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||||||||||||||||||||||||||
Total income (loss) recognized | $ | ( | $ | $ | $ | $ | $ | $ | ( | $ |
Gains (Losses) Recognized In Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||
Foreign currency swaps | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||
Interest rate swaps | ( | ||||||||||||||||||||||
Foreign currency swaps | ( | ( | ( | ( | |||||||||||||||||||
Total | $ | ( | $ | ( | $ | ( | $ | ( |
(Gains) Losses Reclassified From Accumulated Other Comprehensive Income (Loss) Into Income (Loss) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||
Foreign currency swaps | $ | $ | $ | $ | |||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||
Interest rate swaps | ( | ( | |||||||||||||||||||||
Foreign currency swaps | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Common Stock | |||||||||||
Number of shares authorized | |||||||||||
Number of shares issued and outstanding |
September 30, 2022 | December 31, 2021 | ||||||||||
Preferred Stock | |||||||||||
Number of shares authorized | |||||||||||
Number of shares issued and outstanding | |||||||||||
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series A (Series A Preferred Stock) | |||||||||||
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series B (Series B Preferred Stock) | |||||||||||
Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series C (Series C Preferred Stock) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Unrealized gain (loss) on hedges | |||||||||||||||||||||||
Beginning balance | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Change in value of hedges, net of tax | ( | ||||||||||||||||||||||
Ending balance | ( | ( | |||||||||||||||||||||
Defined benefit plans | |||||||||||||||||||||||
Beginning balance | |||||||||||||||||||||||
Unrealized gain (loss) on subsidiary pension, net of tax | |||||||||||||||||||||||
Ending balance | |||||||||||||||||||||||
Foreign currency translation adjustment | |||||||||||||||||||||||
Beginning balance | ( | ( | ( | ( | |||||||||||||||||||
Translation gain (loss), net of tax | ( | ( | ( | ( | |||||||||||||||||||
Ending balance | ( | ( | ( | ( | |||||||||||||||||||
Total accumulated other comprehensive income (loss) | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Leased vehicle expenses | |||||||||||||||||||||||||||||||||||
Provision for loan losses | |||||||||||||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||||||||
Equity income | |||||||||||||||||||||||||||||||||||
Income before income taxes | $ | $ | $ | $ | $ | $ |
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Leased vehicle expenses | |||||||||||||||||||||||||||||||||||
Provision for loan losses | |||||||||||||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||||||||
Equity income | |||||||||||||||||||||||||||||||||||
Income before income taxes | $ | $ | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
North America | International | Total | North America | International | Total | ||||||||||||||||||||||||||||||
Finance receivables, net | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Leased vehicles, net | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ |
Four Quarters Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Net income attributable to common shareholder | $ | 3,269 | $ | 3,538 | |||||||
Average equity | $ | 14,871 | $ | 13,974 | |||||||
Less: average preferred equity | (1,969) | (1,969) | |||||||||
Average common equity | 12,902 | 12,005 | |||||||||
Less: average goodwill | (1,171) | (1,171) | |||||||||
Average tangible common equity | $ | 11,731 | $ | 10,834 | |||||||
Return on average common equity | 25.3 | % | 29.5 | % | |||||||
Return on average tangible common equity | 27.9 | % | 32.7 | % |
Average Earning Assets | Three Months Ended September 30, | 2022 vs. 2021 | |||||||||||||||||||||
2022 | 2021 | Amount | Percentage | ||||||||||||||||||||
Average retail finance receivables | $ | 62,549 | $ | 57,216 | $ | 5,333 | 9.3 | % | |||||||||||||||
Average commercial finance receivables | 8,200 | 4,994 | 3,206 | 64.2 | % | ||||||||||||||||||
Average finance receivables | 70,749 | 62,210 | 8,539 | 13.7 | % | ||||||||||||||||||
Average leased vehicles, net | 34,581 | 40,255 | (5,674) | (14.1) | % | ||||||||||||||||||
Average earning assets | $ | 105,330 | $ | 102,465 | $ | 2,865 | 2.8 | % | |||||||||||||||
Retail finance receivables purchased | $ | 9,396 | $ | 7,800 | $ | 1,596 | 20.5 | % | |||||||||||||||
Leased vehicles purchased | $ | 3,503 | $ | 3,849 | $ | (346) | (9.0) | % | |||||||||||||||
Revenue | Three Months Ended September 30, | 2022 vs. 2021 | |||||||||||||||||||||
2022 | 2021 | Amount | Percentage | ||||||||||||||||||||
Finance charge income | |||||||||||||||||||||||
Retail finance receivables | $ | 1,041 | $ | 990 | $ | 51 | 5.2 | % | |||||||||||||||
Commercial finance receivables | $ | 117 | $ | 45 | $ | 72 | 160.0 | % | |||||||||||||||
Leased vehicle income | $ | 1,912 | $ | 2,246 | $ | (334) | (14.9) | % | |||||||||||||||
Other income | $ | 118 | $ | 73 | $ | 45 | 61.6 | % | |||||||||||||||
Equity income | $ | 44 | $ | 53 | $ | (9) | (17.0) | % | |||||||||||||||
Effective yield - retail finance receivables | 6.6 | % | 6.9 | % | |||||||||||||||||||
Effective yield - commercial finance receivables | 5.7 | % | 3.6 | % |
Costs and Expenses | Three Months Ended September 30, | 2022 vs. 2021 | |||||||||||||||||||||
2022 | 2021 | Amount | Percentage | ||||||||||||||||||||
Operating expenses | $ | 436 | $ | 381 | $ | 55 | 14.4 | % | |||||||||||||||
Leased vehicle expenses | $ | 939 | $ | 1,088 | $ | (149) | (13.7) | % | |||||||||||||||
Provision for loan losses | $ | 180 | $ | 141 | $ | 39 | 27.7 | % | |||||||||||||||
Interest expense | $ | 764 | $ | 704 | $ | 60 | 8.5 | % | |||||||||||||||
Average debt outstanding | $ | 93,656 | $ | 94,675 | $ | (1,019) | (1.1) | % | |||||||||||||||
Effective rate of interest on debt | 3.2 | % | 3.0 | % |
Average Earning Assets | Nine Months Ended September 30, | 2022 vs. 2021 | |||||||||||||||||||||
2022 | 2021 | Amount | Percentage | ||||||||||||||||||||
Average retail finance receivables | $ | 60,614 | $ | 54,962 | $ | 5,652 | 10.3 | % | |||||||||||||||
Average commercial finance receivables | 7,655 | 6,436 | 1,219 | 18.9 | % | ||||||||||||||||||
Average finance receivables | 68,269 | 61,398 | 6,871 | 11.2 | % | ||||||||||||||||||
Average leased vehicles, net | 35,943 | 40,266 | (4,324) | (10.7) | % | ||||||||||||||||||
Average earning assets | $ | 104,212 | $ | 101,664 | $ | 2,548 | 2.5 | % | |||||||||||||||
Retail finance receivables purchased | $ | 26,431 | $ | 25,163 | $ | 1,268 | 5.0 | % | |||||||||||||||
Leased vehicles purchased | $ | 10,915 | $ | 15,482 | $ | (4,567) | (29.5) | % | |||||||||||||||
Revenue | Nine Months Ended September 30, | 2022 vs. 2021 | |||||||||||||||||||||
2022 | 2021 | Amount | Percentage | ||||||||||||||||||||
Finance charge income | |||||||||||||||||||||||
Retail finance receivables | $ | 2,963 | $ | 2,913 | $ | 50 | 1.7 | % | |||||||||||||||
Commercial finance receivables | $ | 267 | $ | 174 | $ | 93 | 53.4 | % | |||||||||||||||
Leased vehicle income | $ | 5,967 | $ | 6,871 | $ | (904) | (13.2) | % | |||||||||||||||
Other income | $ | 292 | $ | 229 | $ | 63 | 27.5 | % | |||||||||||||||
Equity income | $ | 148 | $ | 157 | $ | (9) | (5.7) | % | |||||||||||||||
Effective yield - retail finance receivables | 6.5 | % | 7.1 | % | |||||||||||||||||||
Effective yield - commercial finance receivables | 4.7 | % | 3.6 | % |
Costs and Expenses | Nine Months Ended September 30, | 2022 vs. 2021 | |||||||||||||||||||||
2022 | 2021 | Amount | Percentage | ||||||||||||||||||||
Operating expenses | $ | 1,202 | $ | 1,170 | $ | 32 | 2.7 | % | |||||||||||||||
Leased vehicle expenses | $ | 2,650 | $ | 3,157 | $ | (507) | (16.1) | % | |||||||||||||||
Provision for loan losses | $ | 500 | $ | 174 | $ | 326 | 187.4 | % | |||||||||||||||
Interest expense | $ | 1,984 | $ | 1,987 | $ | (3) | (0.2) | % | |||||||||||||||
Average debt outstanding | $ | 93,137 | $ | 94,419 | $ | (1,282) | (1.4) | % | |||||||||||||||
Effective rate of interest on debt | 2.8 | % | 2.8 | % |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||||||||
Prime - FICO Score 680 and greater | $ | 45,543 | 71.8 | % | $ | 39,419 | 67.9 | % | |||||||||||||||
Near-prime - FICO Score 620 to 679 | 8,331 | 13.1 | 8,479 | 14.6 | |||||||||||||||||||
Sub-prime - FICO Score less than 620 | 9,587 | 15.1 | 10,195 | 17.5 | |||||||||||||||||||
Retail finance receivables, net of fees | 63,461 | 100.0 | % | 58,093 | 100.0 | % | |||||||||||||||||
Less: allowance for loan losses | (2,044) | (1,839) | |||||||||||||||||||||
Retail finance receivables, net | $ | 61,416 | $ | 56,254 | |||||||||||||||||||
Number of outstanding contracts | 2,907,976 | 2,861,963 | |||||||||||||||||||||
Average amount of outstanding contracts (in dollars)(a) | $ | 21,823 | $ | 20,298 | |||||||||||||||||||
Allowance for loan losses as a percentage of retail finance receivables, net of fees | 3.2 | % | 3.2 | % |
September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | ||||||||||||||||||||
31 - 60 days | $ | 1,185 | 1.9 | % | $ | 989 | 1.7 | % | |||||||||||||||
Greater than 60 days | 394 | 0.6 | 315 | 0.5 | |||||||||||||||||||
Total finance receivables more than 30 days delinquent | 1,579 | 2.5 | 1,304 | 2.2 | |||||||||||||||||||
In repossession | 46 | 0.1 | 34 | 0.1 | |||||||||||||||||||
Total finance receivables more than 30 days delinquent or in repossession | $ | 1,625 | 2.6 | % | $ | 1,338 | 2.3 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Charge-offs | $ | 289 | $ | 207 | $ | 811 | $ | 664 | |||||||||||||||
Less: recoveries | (171) | (133) | (510) | (426) | |||||||||||||||||||
Net charge-offs | $ | 118 | $ | 74 | $ | 301 | $ | 238 | |||||||||||||||
Net charge-offs as an annualized percentage of average retail finance receivables | 0.7 | % | 0.5 | % | 0.7 | % | 0.6 | % |
Commercial Finance Receivables | September 30, 2022 | December 31, 2021 | |||||||||
Commercial finance receivables, net of fees | $ | 9,471 | $ | 6,772 | |||||||
Less: allowance for loan losses | (42) | (47) | |||||||||
Commercial finance receivables, net | $ | 9,429 | $ | 6,725 | |||||||
Number of dealers | 2,391 | 2,305 | |||||||||
Average carrying amount per dealer | $ | 4 | $ | 3 | |||||||
Allowance for loan losses as a percentage of commercial finance receivables, net of fees | 0.4 | % | 0.7 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Operating leases purchased | 80 | 88 | 250 | 357 | |||||||||||||||||||
Operating leases terminated | 140 | 127 | 442 | 426 | |||||||||||||||||||
Operating leased vehicles returned(a) | 4 | 6 | 8 | 96 | |||||||||||||||||||
Percentage of leased vehicles returned(b) | 3 | % | 5 | % | 2 | % | 23 | % |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Residual Value | Units | Percentage of Units | Residual Value | Units | Percentage of Units | ||||||||||||||||||||||||||||||
Crossovers | $ | 14,791 | 770 | 67.4 | % | $ | 16,696 | 897 | 67.3 | % | |||||||||||||||||||||||||
Trucks | 7,155 | 237 | 20.8 | 7,886 | 264 | 19.8 | |||||||||||||||||||||||||||||
SUVs | 2,666 | 68 | 5.9 | 3,104 | 80 | 5.9 | |||||||||||||||||||||||||||||
Cars | 1,041 | 67 | 5.9 | 1,430 | 93 | 7.0 | |||||||||||||||||||||||||||||
Total | $ | 25,654 | 1,141 | 100.0 | % | $ | 29,116 | 1,334 | 100.0 | % |
Liquidity | September 30, 2022 | December 31, 2021 | |||||||||
Cash and cash equivalents(a) | $ | 4,079 | $ | 3,948 | |||||||
Borrowing capacity on unpledged eligible assets | 20,757 | 19,283 | |||||||||
Borrowing capacity on committed unsecured lines of credit | 512 | 518 | |||||||||
Borrowing capacity on the Junior Subordinated Revolving Credit Facility | 1,000 | 1,000 | |||||||||
Borrowing capacity on the GM Revolving 364-Day Credit Facility | 2,000 | 2,000 | |||||||||
Available liquidity | $ | 28,348 | $ | 26,749 |
Cash Flow | Nine Months Ended September 30, | 2022 vs. 2021 | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 3,829 | $ | 5,629 | $ | (1,800) | |||||||||||
Net cash provided by (used in) investing activities | $ | (6,726) | $ | (3,243) | $ | (3,483) | |||||||||||
Net cash provided by (used in) financing activities | $ | 2,408 | $ | (1,568) | $ | 3,976 |
Facility Type | Facility Amount | Advances Outstanding | ||||||||||||
Revolving retail asset-secured facilities(a) | $ | 22,088 | $ | 3,805 | ||||||||||
Revolving commercial asset-secured facilities(b) | 3,927 | — | ||||||||||||
Total secured | 26,015 | 3,805 | ||||||||||||
Unsecured committed facilities | 591 | 79 | ||||||||||||
Unsecured uncommitted facilities(c) | 1,283 | 1,283 | ||||||||||||
Total unsecured | 1,874 | 1,362 | ||||||||||||
Junior Subordinated Revolving Credit Facility | 1,000 | — | ||||||||||||
GM Revolving 364-Day Credit Facility | 2,000 | — | ||||||||||||
Total | $ | 30,889 | $ | 5,167 |
Year of Transaction | Maturity Date (a) | Original Note Issuance (b) | Note Balance At September 30, 2022 | |||||||||||||||||||||||
2018 | March 2024 | - | September 2026 | $ | 4,352 | $ | 488 | |||||||||||||||||||
2019 | April 2024 | - | July 2027 | $ | 9,386 | 1,944 | ||||||||||||||||||||
2020 | August 2023 | - | August 2028 | $ | 19,784 | 6,661 | ||||||||||||||||||||
2021 | December 2022 | - | June 2034 | $ | 23,263 | 12,496 | ||||||||||||||||||||
2022 | October 2023 | - | February 2030 | $ | 17,957 | 15,403 | ||||||||||||||||||||
Total active securitizations | 36,993 | |||||||||||||||||||||||||
Debt issuance costs | (64) | |||||||||||||||||||||||||
Total | $ | 36,929 |
2022 | 2023 | 2024 | 2025 and Thereafter | ||||||||||||||||||||
Encumbered assets | $ | 8,018 | $ | 33,005 | $ | 47,905 | $ | 55,632 | |||||||||||||||
Unencumbered assets | 17,740 | 32,761 | 44,899 | 64,179 | |||||||||||||||||||
Total assets | 25,757 | 65,767 | 92,803 | 119,811 | |||||||||||||||||||
Secured debt | 5,880 | 24,205 | 35,132 | 40,799 | |||||||||||||||||||
Unsecured debt | 6,571 | 15,659 | 23,966 | 54,039 | |||||||||||||||||||
Total debt(a) | 12,451 | 39,864 | 59,098 | 94,838 | |||||||||||||||||||
Net excess liquidity | $ | 13,306 | $ | 25,903 | $ | 33,705 | $ | 24,973 |
Incorporated by Reference | ||||||||||||||
Incorporated by Reference | ||||||||||||||
Filed Herewith | ||||||||||||||
Filed Herewith | ||||||||||||||
Furnished Herewith | ||||||||||||||
101 | The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Shareholders' Equity, (v) the Condensed Consolidated Statements of Cash Flows, 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 September 30, 2022, formatted as iXBRL and contained in Exhibit 101 | Filed Herewith |
General Motors Financial Company, Inc. | |||||||||||||||||
(Registrant) | |||||||||||||||||
Date: | October 25, 2022 | By: | /S/ SUSAN B. SHEFFIELD | ||||||||||||||
Susan B. Sheffield | |||||||||||||||||
Executive Vice President and | |||||||||||||||||
Chief Financial Officer |
/s/ Daniel E. Berce | ||||||||
Daniel E. Berce | ||||||||
President and Chief Executive Officer |
/s/ Susan B. Sheffield | ||||||||
Susan B. Sheffield | ||||||||
Executive Vice President and Chief Financial Officer |
/s/ Daniel E. Berce | ||||||||
Daniel E. Berce | ||||||||
President and Chief Executive Officer |
/s/ Susan B. Sheffield | ||||||||
Susan B. Sheffield | ||||||||
Executive Vice President and Chief Financial Officer |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 2,086 | $ 1,886 |
Common stock par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Condensed Consolidated Statements of Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Revenue | ||||
Finance charge income | $ 1,158 | $ 1,035 | $ 3,230 | $ 3,087 |
Leased vehicle income | 1,912 | 2,246 | 5,967 | 6,871 |
Other income | 118 | 73 | 292 | 229 |
Total revenue | 3,187 | 3,354 | 9,489 | 10,187 |
Costs and expenses | ||||
Operating expenses | 436 | 381 | 1,202 | 1,170 |
Leased vehicle expenses | 939 | 1,088 | 2,650 | 3,157 |
Provision for loan losses (Note 3) | 180 | 141 | 500 | 174 |
Interest expense | 764 | 704 | 1,984 | 1,987 |
Total costs and expenses | 2,320 | 2,314 | 6,336 | 6,488 |
Equity income (Note 5) | 44 | 53 | 148 | 157 |
Income before income taxes | 911 | 1,093 | 3,301 | 3,856 |
Income tax provision (Note 11) | 223 | 271 | 822 | 976 |
Net income (loss) | 688 | 822 | 2,479 | 2,880 |
Less: cumulative dividends on preferred stock | 30 | 30 | 89 | 89 |
Net income (loss) attributable to common shareholder | $ 659 | $ 792 | $ 2,390 | $ 2,791 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 688 | $ 822 | $ 2,479 | $ 2,880 |
Other comprehensive income (loss), net of tax (Note 10) | ||||
Unrealized gain (loss) on hedges, net of income tax (expense) benefit of $—, $(3),$(37),$(18) | (1) | 8 | 114 | 50 |
Foreign currency translation adjustment | (175) | (105) | (244) | (44) |
Other comprehensive income (loss), net of tax | (176) | (97) | (130) | 6 |
Comprehensive income (loss) | $ 512 | $ 725 | $ 2,349 | $ 2,886 |
Condensed Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Income Statement [Abstract] | ||||
Change in value of cash flow hedges, tax (expense) benefit | $ 0 | $ (3) | $ (37) | $ (18) |
Summary of Significant Accounting Policies |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include our accounts and the accounts of our consolidated subsidiaries, including certain special purpose entities (SPEs) utilized in secured financing transactions, which are considered variable interest entities (VIEs). All intercompany transactions and accounts have been eliminated in consolidation. The consolidated financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles (GAAP) in the U.S. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the Securities and Exchange Commission on February 2, 2022 (2021 Form 10-K). Except as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding. The condensed consolidated financial statements at September 30, 2022, and for the three and nine months ended September 30, 2022 and 2021, are unaudited and, in management’s opinion, 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. The results for interim periods are not necessarily indicative of results for a full year. The condensed consolidated balance sheet at December 31, 2021 was derived from audited annual financial statements. Segment Information We are the wholly-owned captive finance subsidiary of General Motors Company (GM). We offer substantially similar products and services throughout many different regions, subject to local regulations and market conditions. We evaluate our business in two operating segments: North America (the North America Segment) and International (the International Segment). Our North America Segment includes operations in the U.S. and Canada. Our International Segment includes operations in Brazil, Chile, Colombia, Mexico and Peru, as well as our equity investments in joint ventures in China. Accounting Standards Not Yet Adopted In March 2022, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures" (ASU 2022-02), which eliminates the accounting guidance for troubled debt restructurings (TDRs) by creditors that have adopted ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." We adopted ASU 2016-13 on January 1, 2020. ASU 2022-02 enhances disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, ASU 2022-02 amends the guidance on vintage disclosures to require entities to disclose current-period gross write-offs by year of origination. For entities that have adopted ASU 2016-13, ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted if an entity has adopted ASU 2016-13. The adoption of ASU 2022-02 is not expected to have a material impact on our consolidated financial statements.
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Related Party Transactions | Related Party Transactions We offer loan and lease finance products through GM-franchised dealers to customers purchasing new vehicles manufactured by GM and certain used vehicles and make commercial loans directly to GM-franchised dealers and their affiliates. We also offer commercial loans to dealers that are consolidated by GM and those balances are included in finance receivables, net. Under subvention programs, GM makes cash payments to us for offering incentivized rates and structures on retail loan and lease finance products. In addition, GM makes cash payments to us to cover interest payments on certain commercial loans we make to GM-franchised dealers. We received subvention payments from GM of $732 million and $828 million for the three months ended September 30, 2022 and 2021, and $1.7 billion and $2.9 billion for the nine months ended September 30, 2022 and 2021. Subvention due from GM is recorded as a related party receivables. Amounts due to GM for commercial finance receivables originated but not yet funded are recorded as a related party payable. Cruise is the GM global segment responsible for the development and commercialization of autonomous vehicle technology. We have a multi-year credit agreement with Cruise whereby we may provide advances to Cruise up to an aggregate of $5.0 billion, over time, through 2024, to fund the purchase of autonomous vehicles from GM. Amounts due from Cruise are included in finance receivables, net. We are included in GM's consolidated U.S. federal income tax returns and certain U.S. state returns, and we are obligated to pay GM for our share of tax liabilities. During the nine months ended September 30, 2022, we made payments of $508 million to GM for state and federal income taxes related to the years 2020 through 2022. Amounts owed to GM for income taxes are recorded as a related party payable. The following tables present related party transactions:
_________________ (a)Included in finance charge income. (b)Included as a reduction to leased vehicle expenses. Under the support agreement with GM (the Support Agreement), if our earning assets leverage ratio at the end of any calendar quarter exceeds the applicable threshold set in the Support Agreement, we may require GM to provide funding sufficient to bring our earning assets leverage ratio within the applicable threshold. In determining our earning assets leverage ratio (net earning assets divided by adjusted equity) under the Support Agreement, net earning assets means our finance receivables, net, plus leased vehicles, net, and adjusted equity means our equity, net of goodwill and inclusive of outstanding junior subordinated debt, as each may be adjusted for derivative accounting from time to time. Additionally, the Support Agreement provides that GM will own all of our outstanding voting shares as long as we have any unsecured debt securities outstanding. GM also agrees to certain provisions in the Support Agreement intended to ensure we maintain adequate access to liquidity. Pursuant to these provisions, GM provides us with a $1.0 billion junior subordinated unsecured intercompany revolving credit facility, and GM will use commercially reasonable efforts to ensure that we will continue to be designated as a subsidiary borrower under GM's corporate revolving credit facilities. We have access, subject to available capacity, to $15.5 billion of GM's unsecured revolving credit facilities consisting of a three-year, $4.3 billion facility and a five-year, $11.2 billion facility. We also have exclusive access to GM's $2.0 billion 364-day revolving credit facility (GM Revolving 364-day Credit Facility). We had no borrowings outstanding under any of the GM revolving credit facilities at September 30, 2022 and December 31, 2021. In April 2022, GM renewed the GM Revolving 364-Day Credit Facility, which now matures on April 4, 2023.
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Finance Receivables |
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Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Receivables | Finance Receivables
________________ (a) Net of unearned income, unamortized premiums and discounts, and deferred fees and costs. (b) Net of dealer cash management balances of $1.5 billion and $1.0 billion at September 30, 2022 and December 31, 2021. Rollforward of Allowance for Retail Loan Losses A summary of the activity in the allowance for retail loan losses is as follows:
Retail Credit Quality Our retail finance receivables 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 amortized cost of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the portfolio at September 30, 2022 and December 31, 2021:
We review the ongoing credit quality of our 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, we generally have the right to repossess the vehicle in the event the customer defaults on the payment terms of the contract. 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 September 30, 2022 and December 31, 2021, as well as summary totals for September 30, 2021:
The accrual of finance charge income had been suspended on retail finance receivables with contractual amounts due of $618 million and $602 million at September 30, 2022 and December 31, 2021. Accrual of finance charge income on retail finance receivables is generally suspended on accounts that are more than 60 days delinquent, accounts in bankruptcy and accounts in repossession. Impaired Retail Finance Receivables - TDRs The outstanding amortized cost of retail finance receivables that are considered TDRs were $2.0 billion at September 30, 2022 and $1.9 billion at December 31, 2021, including nonaccrual loans of $217 million at September 30, 2022 and $219 million at December 31, 2021. For definition and additional information on TDRs, see Note 1 in our 2021 Form 10-K. Additional TDR activity is presented below:
The unpaid principal balances, net of recoveries, of loans charged off during the reporting period and were within 12 months of being modified as a TDR were insignificant for the three and nine months ended September 30, 2022 and 2021. Commercial Credit Quality Our commercial finance receivables consist of dealer financings, primarily for dealer inventory purchases. Proprietary models are used to assign a risk rating to each dealer. We perform periodic credit reviews of each dealership and adjust the dealership's risk rating, if necessary. Our commercial 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 credit risk profile by dealer risk rating of commercial finance receivables at September 30, 2022 and December 31, 2021:
Floorplan advances comprise 94% of the total revolving balances at September 30, 2022 and December 31, 2021. Dealer term loans are presented by year of origination. At September 30, 2022 and December 31, 2021, substantially all of our commercial finance receivables were current with respect to payment status, and activity in the allowance for commercial loan losses was insignificant for the three and nine months ended September 30, 2022 and 2021. There were no commercial finance receivables on nonaccrual status and none were classified as TDRs at September 30, 2022 and December 31, 2021.
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Leased Vehicles |
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Lessor Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leased Vehicles | Leased Vehicles
Depreciation expense related to leased vehicles, net was $1.2 billion and $1.6 billion for the three months ended September 30, 2022 and 2021 and $3.6 billion and $4.8 billion for the nine months ended September 30, 2022 and 2021. The following table summarizes minimum rental payments due to us as lessor under operating leases at September 30, 2022:
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Equity in Net Assets of Non-consolidated Affiliates |
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Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in Net Assets of Non-consolidated Affiliates | Equity in Net Assets of Nonconsolidated Affiliates We use the equity method to account for our equity interest in joint ventures. The income of these joint ventures is not consolidated into our financial statements; rather, our proportionate share of the earnings is reflected as equity income. There have been no ownership changes in our joint ventures since December 31, 2021. The following table presents certain aggregated operating data of our joint ventures:
In June 2022, we received the remaining dividend payment of $26 million from SAIC-GMAC Automotive Finance Company Limited declared in 2021, and reinvested it in SAIC-GMF Leasing Co. Ltd. At September 30, 2022 and December 31, 2021, we had undistributed earnings of $889 million and $740 million related to our nonconsolidated affiliates.
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt
Secured Debt Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 7 for further information. During the nine months ended September 30, 2022, we renewed credit facilities with a total borrowing capacity of $18.3 billion, and we issued $18.0 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 2.85% and maturity dates ranging from 2023 to 2030. Unsecured Debt During the nine months ended September 30, 2022, we issued $7.7 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 3.39% and maturity dates ranging from 2024 to 2032. General Motors Financial Company, Inc. is the sole guarantor of its subsidiaries' unsecured debt obligations for which a guarantee is provided. Compliance with Debt Covenants Several of our revolving credit facilities require compliance with certain financial and operational covenants as well as regular reporting to lenders, including providing certain subsidiary financial statements. Certain of our secured debt agreements also contain various covenants, including maintaining portfolio performance ratios as well as limits on deferment levels. Our unsecured debt obligations contain covenants including limitations on our ability to incur certain liens. At September 30, 2022, we were in compliance with these debt covenants.
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Variable Interest Entities and Other Transfers of Finance Receivables |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities and Other Transfers of Finance Receivables | Variable Interest Entities and Other Transfers of Finance Receivables Securitizations and Credit Facilities The following table summarizes the assets and liabilities related to our consolidated VIEs:
_______________ (a) Included in other assets. We use 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. We determined that we are the primary beneficiary of the VIEs because our servicing responsibilities give us the power to direct the activities that most significantly impact the performance of the VIEs and our variable interests in the VIEs give us the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The respective 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 us or our other assets, with the exception of customary representation and warranty repurchase provisions and indemnities that we provide as the servicer. We are not required, and do not currently intend, to provide any additional financial support to these VIEs. While these subsidiaries are included in our condensed consolidated financial statements, these subsidiaries are separate legal entities and the finance receivables, lease-related assets and cash held by these subsidiaries are legally owned by them and are not available to our creditors or creditors of our other subsidiaries. Other Transfers of Finance Receivables Under certain debt agreements, we transfer finance receivables to entities that we do not control through majority voting interest or through contractual arrangements. These transfers do not meet the criteria to be considered sales under GAAP; therefore, the finance receivables and the related debt are included in our condensed consolidated financial statements, similar to the treatment of finance receivables and related debt of our consolidated VIEs. Any collections received on the transferred receivables are available only for the repayment of the related debt. At September 30, 2022 and December 31, 2021, $167 million and $500 million in finance receivables had been transferred in secured funding arrangements to third-party banks, relating to $84 million and $125 million in secured debt outstanding.
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Derivative Financial Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities We are exposed to certain risks arising from both our business operations and economic conditions. We manage economic risks, including interest rate risk, primarily by managing the amount, sources, and duration of our assets and liabilities and by using derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our borrowings. Certain of our foreign operations expose us to fluctuations of foreign interest rates and exchange rates. We primarily finance our earning assets with debt in the same currency to minimize the impact to earnings from our exposure to fluctuations in exchange rates. When we use a different currency, these fluctuations may impact the value of our cash receipts and payments in terms of our functional currency. We enter into derivative financial instruments to protect the value or fix the amount of certain assets and liabilities in terms of the relevant functional currency. The table below presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts:
The gross amounts of the fair value of our derivative instruments that are classified as assets or liabilities are included in other assets or other liabilities, respectively. 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. All our derivatives are categorized within Level 2 of the fair value hierarchy. 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. We primarily enter into derivative instruments through AmeriCredit Financial Services, Inc. (AFSI); however, our SPEs may also be parties to derivative instruments. Agreements between AFSI and its derivative counterparties include rights of setoff for positions with offsetting values or for collateral held or posted. At September 30, 2022 and December 31, 2021, the fair value of derivative instruments that are classified as assets or liabilities available for offset was $1.4 billion and $505 million. At September 30, 2022 and December 31, 2021, we held $471 million and $376 million of collateral from counterparties that was available for netting against our asset positions. At September 30, 2022 and December 31, 2021, we had $1.4 billion and $45 million of collateral posted to counterparties that was available for netting against our liability positions. The following amounts were recorded in the condensed consolidated balance sheet related to items designated and qualifying as hedged items in fair value hedging relationships:
_________________ (a)Includes $55 million and $246 million of unamortized gains remaining on hedged items for which hedge accounting has been discontinued at September 30, 2022 and December 31, 2021. The table below presents the effect of our derivative financial instruments in the condensed consolidated statements of income:
_________________ (a)Total interest expense was $764 million and $704 million for the three months ended September 30, 2022 and 2021, and $2.0 billion for the nine months ended September 30, 2022 and 2021. (b)Total operating expenses were $436 million and $381 million for the three months ended September 30, 2022 and 2021, and $1.2 billion for the nine months ended September 30, 2022 and 2021. (c)Transaction activity recorded in operating expenses related to foreign currency-denominated loans. The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income:
All amounts reclassified from accumulated other comprehensive income (loss) were recorded to interest expense. During the next 12 months, we estimate an insignificant amount of losses will be reclassified into pre-tax earnings from derivatives designated for hedge accounting.
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings We are subject to various pending and potential legal and regulatory proceedings in the ordinary course of business, including litigation, arbitration, claims, investigations, examinations, subpoenas and enforcement proceedings. Some litigation against us could take the form of class actions. The outcome of these proceedings is inherently uncertain, and thus we cannot confidently predict how or when proceedings will be resolved. An adverse outcome in one or more of these proceedings could result in substantial damages, settlements, fines, penalties, diminished income or reputational harm. In accordance with the current accounting standards for loss contingencies, we establish reserves for legal matters when it is probable that a loss associated with the matter has been incurred and the amount of the loss can be reasonably estimated. The actual costs of resolving legal matters may be higher or lower than any amounts reserved for these matters. At September 30, 2022, we estimated our reasonably possible legal exposure for unfavorable outcomes is approximately $169 million, and we have accrued $145 million. Other Administrative Tax Matters We accrue non-income tax liabilities for contingencies when management believes that a loss is probable and the amounts can be reasonably estimated, while contingent gains are recognized only when realized. In the event any losses are sustained in excess of accruals, they will be charged against income at that time. In evaluating indirect tax matters, we take into consideration factors such as our historical experience with matters of similar nature, specific facts and circumstances, and the likelihood of prevailing. We reevaluate and update our accruals as matters progress over time, where there is a reasonable possibility that losses exceeding amounts already recognized may be incurred. Our estimate of the additional range of loss is up to $64 million at September 30, 2022.
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Shareholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Shareholders' Equity
During the nine months ended September 30, 2022 and 2021, our Board of Directors declared and paid dividends of $1.0 billion and $1.8 billion on our common stock to General Motors Holdings LLC.
During the nine months ended September 30, 2022, we paid dividends of $58 million to holders of record of our Series A Preferred Stock, $32 million to holders of record of our Series B Preferred Stock, and $29 million to holders of record of our Series C Preferred Stock. During the nine months ended September 30, 2021, we paid dividends of $58 million to holders of record of our Series A Preferred Stock, $32 million to holders of record of our Series B Preferred Stock, and $30 million to holders of record of our Series C Preferred Stock. The following table summarizes the significant components of accumulated other comprehensive income (loss):
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Income Taxes |
9 Months Ended |
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Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We are included in GM’s consolidated U.S. federal income tax return and certain states’ income tax returns. Net operating losses and certain tax credits generated by us have been utilized by GM; however, income tax expense and deferred tax balances are presented in our financial statements as if we filed our own tax returns in each jurisdiction. Refer to Note 2 for further information on related party taxes payable. |
Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting Our chief operating decision maker evaluates the operating results and performance of our business based on our North America and International Segments. The management of each segment is responsible for executing our strategies. The following tables summarize key operating data for our operating segments:
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Regulatory Capital and Other Regulatory Matters |
9 Months Ended |
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Sep. 30, 2022 | |
Regulatory Capital and Other Regulatory Matters [Abstract] | |
Regulatory Capital and Other Regulatory Matters | Regulatory Capital and Other Regulatory MattersWe are required to comply with a wide variety of laws and regulations. Certain of our entities operate in international markets as either banks or regulated finance companies that are subject to regulatory restrictions. These regulatory restrictions, among other things, require that certain of these entities meet minimum capital requirements and may restrict dividend distributions and ownership of certain assets. We were in compliance with all regulatory capital requirements as most recently reported. Total assets of our regulated international banks and finance companies were approximately $5.3 billion and $5.1 billion at September 30, 2022 and December 31, 2021. |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include our accounts and the accounts of our consolidated subsidiaries, including certain special purpose entities (SPEs) utilized in secured financing transactions, which are considered variable interest entities (VIEs). All intercompany transactions and accounts have been eliminated in consolidation. The consolidated financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles (GAAP) in the U.S. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the Securities and Exchange Commission on February 2, 2022 (2021 Form 10-K). Except as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding. The condensed consolidated financial statements at September 30, 2022, and for the three and nine months ended September 30, 2022 and 2021, are unaudited and, in management’s opinion, 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. The results for interim periods are not necessarily indicative of results for a full year. The condensed consolidated balance sheet at December 31, 2021 was derived from audited annual financial statements.
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Segment Information | Segment Information We are the wholly-owned captive finance subsidiary of General Motors Company (GM). We offer substantially similar products and services throughout many different regions, subject to local regulations and market conditions. We evaluate our business in two operating segments: North America (the North America Segment) and International (the International Segment). Our North America Segment includes operations in the U.S. and Canada. Our International Segment includes operations in Brazil, Chile, Colombia, Mexico and Peru, as well as our equity investments in joint ventures in China. |
Accounting Standards Not Yet Adopted | Accounting Standards Not Yet Adopted In March 2022, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures" (ASU 2022-02), which eliminates the accounting guidance for troubled debt restructurings (TDRs) by creditors that have adopted ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." We adopted ASU 2016-13 on January 1, 2020. ASU 2022-02 enhances disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, ASU 2022-02 amends the guidance on vintage disclosures to require entities to disclose current-period gross write-offs by year of origination. For entities that have adopted ASU 2016-13, ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted if an entity has adopted ASU 2016-13. The adoption of ASU 2022-02 is not expected to have a material impact on our consolidated financial statements.
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Related Party Transactions (Tables) |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | The following tables present related party transactions:
_________________ (a)Included in finance charge income. (b)Included as a reduction to leased vehicle expenses.
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Finance Receivables (Tables) |
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Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Receivables, Net |
________________ (a) Net of unearned income, unamortized premiums and discounts, and deferred fees and costs. (b) Net of dealer cash management balances of $1.5 billion and $1.0 billion at September 30, 2022 and December 31, 2021.
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Allowance for Credit Losses on Financing Receivables | A summary of the activity in the allowance for retail loan losses is as follows:
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Financing Receivable Credit Quality Indicators | The following tables are consolidated summaries of the amortized cost of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the portfolio at September 30, 2022 and December 31, 2021:
Our commercial risk model and risk rating categories are as follows:
Floorplan advances comprise 94% of the total revolving balances at September 30, 2022 and December 31, 2021. Dealer term loans are presented by year of origination.
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Past Due Financing Receivables | 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 September 30, 2022 and December 31, 2021, as well as summary totals for September 30, 2021:
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Troubled Debt Restructurings on Financing Receivables | Additional TDR activity is presented below:
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Leased Vehicles (Tables) |
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Lessor Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Leased Vehicles |
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Schedule of Future Minimum Rental Payments Receivable For Operating Leases | The following table summarizes minimum rental payments due to us as lessor under operating leases at September 30, 2022:
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Equity in Net Assets of Non-consolidated Affiliates (Tables) |
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Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Data of Nonconsolidated Affiliates | The following table presents certain aggregated operating data of our joint ventures:
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt |
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Variable Interest Entities and Other Transfers of Finance Receivables (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securitization and Credit Facility VIEs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities related to our consolidated VIEs:
_______________ (a) Included in other assets.
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Derivative Financial Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | The table below presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts:
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Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following amounts were recorded in the condensed consolidated balance sheet related to items designated and qualifying as hedged items in fair value hedging relationships:
_________________ (a)Includes $55 million and $246 million of unamortized gains remaining on hedged items for which hedge accounting has been discontinued at September 30, 2022 and December 31, 2021.
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Effect of Derivative Instruments on the Condensed Consolidated Statements of Income | The table below presents the effect of our derivative financial instruments in the condensed consolidated statements of income:
_________________ (a)Total interest expense was $764 million and $704 million for the three months ended September 30, 2022 and 2021, and $2.0 billion for the nine months ended September 30, 2022 and 2021. (b)Total operating expenses were $436 million and $381 million for the three months ended September 30, 2022 and 2021, and $1.2 billion for the nine months ended September 30, 2022 and 2021. (c)Transaction activity recorded in operating expenses related to foreign currency-denominated loans. The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income:
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Shareholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Common and Preferred Stock |
During the nine months ended September 30, 2022 and 2021, our Board of Directors declared and paid dividends of $1.0 billion and $1.8 billion on our common stock to General Motors Holdings LLC.
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Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the significant components of accumulated other comprehensive income (loss):
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Segment Reporting (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables summarize key operating data for our operating segments:
|
Summary of Significant Accounting Policies - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2022
segment
| |
Accounting Policies [Abstract] | |
Number of operating segments | 2 |
Finance Receivables - Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Retail Finance Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 618 | $ 602 |
Troubled debt restructurings | 2,000 | 1,900 |
TDR - nonaccrual loans | 217 | 219 |
Commercial Finance Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Troubled debt restructurings | $ 0 | $ 0 |
Finance Receivables - Allowance for Loan Losses (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for retail loan losses beginning balance | $ 1,886 | |||
Provision for loan losses | $ 180 | $ 141 | 500 | $ 174 |
Allowance for retail loan losses ending balance | 2,086 | 2,086 | ||
Retail Finance Receivables | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for retail loan losses beginning balance | 1,987 | 1,805 | 1,839 | 1,915 |
Provision for loan losses | 179 | 146 | 506 | 200 |
Charge-offs | (289) | (207) | (811) | (664) |
Recoveries | 171 | 133 | 510 | 426 |
Foreign currency translation | (4) | (14) | 0 | (14) |
Allowance for retail loan losses ending balance | $ 2,044 | $ 1,863 | $ 2,044 | $ 1,863 |
Finance Receivables - Credit Risk Profile by FICO Score (Details) - Retail Finance Receivables - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
---|---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2022 | $ 23,037 | $ 27,638 | |
2021 | 20,449 | 17,324 | |
2020 | 12,296 | 7,084 | |
2019 | 4,601 | 3,918 | |
2018 | 2,238 | 1,607 | |
Prior | 840 | 522 | |
Total | $ 63,461 | $ 58,093 | $ 57,424 |
Percent of portfolio | 100.00% | 100.00% | |
Prime - FICO Score 680 and greater | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2022 | $ 17,901 | $ 19,729 | |
2021 | 14,587 | 12,408 | |
2020 | 8,858 | 4,078 | |
2019 | 2,614 | 2,298 | |
2018 | 1,272 | 763 | |
Prior | 311 | 143 | |
Total | $ 45,543 | $ 39,419 | |
Percent of portfolio | 71.80% | 67.90% | |
Near-prime - FICO Score 620 to 679 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2022 | $ 2,521 | $ 3,856 | |
2021 | 2,843 | 2,388 | |
2020 | 1,653 | 1,229 | |
2019 | 792 | 648 | |
2018 | 375 | 274 | |
Prior | 147 | 84 | |
Total | $ 8,331 | $ 8,479 | |
Percent of portfolio | 13.10% | 14.60% | |
Sub-prime - FICO Score less than 620 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2022 | $ 2,615 | $ 4,053 | |
2021 | 3,019 | 2,528 | |
2020 | 1,785 | 1,777 | |
2019 | 1,195 | 972 | |
2018 | 591 | 570 | |
Prior | 382 | 295 | |
Total | $ 9,587 | $ 10,195 | |
Percent of portfolio | 15.10% | 17.50% |
Finance Receivables - Troubled Debt Restructurings (Details) - Retail Finance Receivables $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022
USD ($)
loan
|
Sep. 30, 2021
USD ($)
loan
|
Sep. 30, 2022
USD ($)
loan
|
Sep. 30, 2021
USD ($)
loan
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loans classified as TDRs during the period | loan | 16,745 | 12,807 | 41,871 | 33,227 |
Outstanding amortized cost of loans classified as TDRs during the period | $ | $ 354 | $ 250 | $ 870 | $ 667 |
Leased Vehicles - Summary of Leased Vehicles (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Lessor Disclosure [Abstract] | |||||
Leased vehicles | $ 47,637 | $ 47,637 | $ 54,821 | ||
Manufacturer subvention | (5,555) | (5,555) | (7,398) | ||
Net capitalized cost | 42,082 | 42,082 | 47,423 | ||
Less: accumulated depreciation | (8,305) | (8,305) | (9,494) | ||
Leased vehicles, net | 33,778 | 33,778 | $ 37,929 | ||
Depreciation expense | $ 1,200 | $ 1,600 | $ 3,600 | $ 4,800 |
Leased Vehicles - Minimum Rental Payments (Details) $ in Millions |
Sep. 30, 2022
USD ($)
|
---|---|
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2022 | $ 1,396 |
2023 | 4,515 |
2024 | 2,373 |
2025 | 696 |
2026 | 56 |
Thereafter | 1 |
Total | $ 9,037 |
Equity in Net Assets of Non-consolidated Affiliates (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2022 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Noncontrolling Interest [Line Items] | ||||||
Finance charge income | $ 1,158 | $ 1,035 | $ 3,230 | $ 3,087 | ||
Income before income taxes | 911 | 1,093 | 3,301 | 3,856 | ||
Net income | 44 | 53 | 148 | 157 | ||
Remaining dividend payment | 1,144 | 1,920 | ||||
Joint Ventures | ||||||
Noncontrolling Interest [Line Items] | ||||||
Finance charge income | 391 | 406 | 1,266 | 1,254 | ||
Income before income taxes | 168 | 205 | 564 | 599 | ||
Net income | 126 | $ 154 | 424 | $ 450 | ||
Undistributed earnings | $ 889 | $ 889 | $ 740 | |||
SAIC-GMAC | ||||||
Noncontrolling Interest [Line Items] | ||||||
Cash dividends received | $ 26 |
Debt - Narrative (Details) $ in Billions |
Sep. 30, 2022
USD ($)
|
---|---|
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Renewed borrowing capacity | $ 18.3 |
Secured Debt | Securitization Notes Payable with Maturity Dates from 2023 to 2030 | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 18.0 |
Weighted average interest rate | 2.85% |
Unsecured Senior Notes | Senior Notes with Maturity Dates from 2024 to 2032 | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 7.7 |
Weighted average interest rate | 3.39% |
Variable Interest Entities and Other Transfers of Finance Receivables (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Restricted cash | $ 2,605 | |
Finance receivables, net of fees | 70,845 | $ 62,979 |
Lease related assets | 33,778 | 37,929 |
Secured debt | 40,733 | 39,338 |
Securitization and Credit Facility VIEs | ||
Variable Interest Entity [Line Items] | ||
Restricted cash | 2,486 | 2,740 |
Finance receivables, net of fees | 36,003 | 31,940 |
Lease related assets | 17,143 | 16,143 |
Secured debt | 40,714 | 39,277 |
Transferred to secured funding arrangements | 167 | 500 |
Secured debt outstanding | $ 84 | $ 125 |
Derivative Financial Instruments and Hedging Activities - Balance Sheet (Details) - Derivatives designated as hedges - Fair value hedges - Unsecured Debt - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | $ 28,299 | $ 24,964 |
Cumulative Amount of Fair Value Hedging Adjustments | 801 | (226) |
Discontinued hedge cumulative amount of fair value hedging adjustments | $ 55 | $ 246 |
Commitments and Contingencies (Details) $ in Millions |
Sep. 30, 2022
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Estimate of possible loss | $ 169 |
Loss accrual | 145 |
Indirect tax contingency | $ 64 |
Shareholders' Equity - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Class of Stock [Line Items] | ||||
Common stock dividends declared and paid | $ 1,000 | $ 1,800 | ||
Preferred stock dividends declared and paid | $ 59 | $ 59 | ||
Series A Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared and paid | 58 | 58 | ||
Series B Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared and paid | 32 | 32 | ||
Series C Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared and paid | $ 29 | $ 30 |
Shareholders' Equity - Summary of Common and Preferred Stock (Details) - shares |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Class of Stock [Line Items] | ||
Common stock shares authorized | 10,000,000 | 10,000,000 |
Common stock shares issued | 5,050,000 | 5,050,000 |
Common stock shares outstanding | 5,050,000 | 5,050,000 |
Preferred stock shares authorized | 250,000,000 | 250,000,000 |
Fixed-to-Floating Rate Cumulative Preferred Stock Series A | ||
Class of Stock [Line Items] | ||
Preferred stock shares issued | 1,000,000 | 1,000,000 |
Preferred stock shares outstanding | 1,000,000 | 1,000,000 |
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series B | ||
Class of Stock [Line Items] | ||
Preferred stock shares issued | 500,000 | 500,000 |
Preferred stock shares outstanding | 500,000 | 500,000 |
Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series C | ||
Class of Stock [Line Items] | ||
Preferred stock shares issued | 500,000 | 500,000 |
Preferred stock shares outstanding | 500,000 | 500,000 |
Segment Reporting - Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Finance receivables, net of fees | $ 70,845 | $ 62,979 |
Leased vehicles, net (Note 4; Note 7 VIEs) | 33,778 | 37,929 |
Total assets | 119,811 | 113,786 |
North America Segment | ||
Segment Reporting Information [Line Items] | ||
Finance receivables, net of fees | 66,420 | 58,883 |
Leased vehicles, net (Note 4; Note 7 VIEs) | 33,558 | 37,741 |
Total assets | 112,375 | 106,572 |
International Segment | ||
Segment Reporting Information [Line Items] | ||
Finance receivables, net of fees | 4,425 | 4,096 |
Leased vehicles, net (Note 4; Note 7 VIEs) | 219 | 188 |
Total assets | $ 7,436 | $ 7,214 |
Regulatory Capital and Other Regulatory Matters (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Capital Requirements on Foreign Financial Institutions [Line Items] | ||
Assets | $ 119,811 | $ 113,786 |
International Regulated Bank And Finance Companies | ||
Capital Requirements on Foreign Financial Institutions [Line Items] | ||
Assets | $ 5,300 | $ 5,100 |
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