Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Shareholders' Equity

Shareholders' Equity

	December 31, 2023	December 31, 2022
Common Stock
Number of shares authorized	10,000,000	10,000,000
Number of shares issued and outstanding	5,050,000	5,050,000

In 2023, 2022 and 2021, our Board of Directors declared and paid dividends of $1.8 billion, $1.7 billion and $3.5 billion on our common stock to General Motors Holdings LLC.

	December 31, 2023	December 31, 2022
Preferred Stock
Number of shares authorized	250,000,000	250,000,000
Number of shares issued and outstanding(a)
Series A	1,000,000	1,000,000
Series B	500,000	500,000
Series C	500,000	500,000

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(a)Issued at a liquidation preference of $1,000 per share.

During both 2023 and 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 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 to our Series C Preferred Stock.

In November 2023, our Board of Directors declared a dividend of $28.75 per share, $29 million in the aggregate, on our Series A Preferred Stock, a dividend of $32.50 per share, $16 million in the aggregate, on our Series B Preferred Stock, and a dividend of $28.50 per share, $14 million in the aggregate, on our Series C Preferred Stock, payable on March 30, 2024 to holders of record at March 15, 2024. Accordingly, $59 million has been set aside for the payment of these dividends.

The following table summarizes the significant components of accumulated other comprehensive income (loss):

	Years Ended December 31,
	2023		2022		2021
Unrealized gain (loss) on hedges
Beginning balance	$	(21)	$	(77)	$	(157)
Change in value of hedges, net of tax	18		55		80
Ending balance	(3)		(21)		(77)
Defined benefit plans
Beginning balance	1		1		1
Unrealized gain (loss) on subsidiary pension, net of tax	—		1		—
Ending balance	1		1		1
Foreign currency translation adjustment
Beginning balance	(1,352)		(1,197)		(1,153)
Translation gain (loss), net of tax	147		(156)		(44)
Ending balance	(1,206)		(1,352)		(1,197)
Total accumulated other comprehensive income (loss)	$	(1,208)	$	(1,373)	$	(1,273)