Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 17, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | GENERAL MOTORS COMPANY | |
Entity Central Index Key | 1,467,858 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 1,420,407,560 | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net sales and revenue | ||||
Automotive | $ 30,466 | $ 36,530 | $ 98,983 | $ 102,862 |
GM Financial | 3,157 | 2,359 | 8,890 | 6,426 |
Total net sales and revenue | 33,623 | 38,889 | 107,873 | 109,288 |
Costs and expenses | ||||
Automotive cost of sales | 26,511 | 31,139 | 85,161 | 87,761 |
GM Financial interest, operating and other expenses | 2,892 | 2,202 | 8,133 | 5,938 |
Automotive selling, general and administrative expense | 2,304 | 2,400 | 7,141 | 7,378 |
Total costs and expenses | 31,707 | 35,741 | 100,435 | 101,077 |
Operating income | 1,916 | 3,148 | 7,438 | 8,211 |
Interest income and other non-operating income, net | 165 | 109 | 277 | 295 |
Equity income (Note 7) | 500 | 497 | 1,585 | 1,717 |
Income before income taxes | 2,430 | 3,609 | 8,870 | 9,810 |
Income tax expense (Note 14) | 2,316 | 902 | 3,637 | 2,436 |
Income from continuing operations | 114 | 2,707 | 5,233 | 7,374 |
Income (loss) from discontinued operations, net of tax (Note 2) | (3,096) | 5 | (3,935) | 119 |
Net income (loss) | (2,982) | 2,712 | 1,298 | 7,493 |
Net (income) loss attributable to noncontrolling interests | 1 | 61 | (11) | 99 |
Net income (loss) attributable to stockholders | (2,981) | 2,773 | 1,287 | 7,592 |
Net income (loss) attributable to common stockholders | $ (2,983) | $ 2,773 | $ 1,285 | $ 7,592 |
Basic | ||||
Basic earnings (loss) per common share – continuing operations (in dollars per share) | $ 0.08 | $ 1.79 | $ 3.52 | $ 4.83 |
Basic earnings (loss) per common share – discontinued operations (in dollars per share) | (2.14) | 0 | (2.65) | 0.07 |
Basic earnings (loss) per common share (in dollars per share) | $ (2.06) | $ 1.79 | $ 0.87 | $ 4.90 |
Weighted-average common shares outstanding (in shares) | 1,445 | 1,550 | 1,483 | 1,548 |
Diluted | ||||
Diluted earnings (loss) per common share – continuing operations (in dollars per share) | $ 0.08 | $ 1.76 | $ 3.46 | $ 4.73 |
Diluted earnings (loss) per common share – discontinued operations (in dollars per share) | (2.11) | 0 | (2.61) | 0.08 |
Diluted earnings (loss) per common share (in dollars per share) | $ (2.03) | $ 1.76 | $ 0.85 | $ 4.81 |
Weighted-average common shares outstanding (in shares) | 1,472 | 1,574 | 1,507 | 1,578 |
Dividends declared per common share (in dollars per share) | $ 0.38 | $ 0.38 | $ 1.14 | $ 1.14 |
Automotive [Member] | ||||
Costs and expenses | ||||
Automotive interest expense | $ 151 | $ 145 | $ 430 | $ 413 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (2,982) | $ 2,712 | $ 1,298 | $ 7,493 |
Other comprehensive income (loss), net of tax (Note 16) | ||||
Foreign currency translation adjustments and other | 371 | (92) | 572 | (27) |
Defined benefit plans | 1,213 | 30 | 973 | 79 |
Other comprehensive income (loss), net of tax | 1,584 | (62) | 1,545 | 52 |
Comprehensive income (loss) | (1,398) | 2,650 | 2,843 | 7,545 |
Comprehensive (income) loss attributable to noncontrolling interests | 3 | 75 | (9) | 130 |
Comprehensive income (loss) attributable to stockholders | $ (1,395) | $ 2,725 | $ 2,834 | $ 7,675 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 12,792 | $ 12,574 |
Marketable securities (Note 3) | 8,454 | 11,841 |
Accounts and notes receivable, net | 10,013 | 8,700 |
Inventories (Note 5) | 11,789 | 11,040 |
Equipment on operating leases, net (Note 6) | 1,632 | 1,110 |
Other current assets (Note 8 at VIEs) | 4,909 | 3,633 |
Current assets held for sale (Note 2) | 7,630 | 11,178 |
Total current assets | 76,618 | 76,203 |
Non-current Assets | ||
Equity in net assets of nonconsolidated affiliates (Note 7) | 8,820 | 8,996 |
Property, net | 35,178 | 32,603 |
Goodwill and intangible assets, net | 5,854 | 6,149 |
Equipment on operating leases, net (Note 6; Note 8 at VIEs) | 41,775 | 34,342 |
Deferred income taxes | 30,723 | 33,172 |
Other assets (Note 8 at VIEs) | 5,005 | 3,849 |
Non-current assets held for sale (Note 2) | 4,508 | 9,375 |
Total non-current assets | 152,884 | 145,487 |
Total Assets | 229,502 | 221,690 |
Current Liabilities | ||
Accounts payable (principally trade) | 23,265 | 23,333 |
Accrued liabilities | 26,603 | 25,893 |
Current liabilities held for sale (Note 2) | 6,374 | 12,158 |
Total current liabilities | 81,849 | 85,181 |
Non-current Liabilities | ||
Postretirement benefits other than pensions (Note 12) | 5,758 | 5,803 |
Pensions (Note 12) | 14,119 | 15,264 |
Other liabilities | 12,743 | 12,415 |
Non-current liabilities held for sale (Note 2) | 4,490 | 7,626 |
Total non-current liabilities | 104,176 | 92,434 |
Total Liabilities | 186,025 | 177,615 |
Commitments and contingencies (Note 13) | ||
Equity (Note 16) | ||
Common stock, $0.01 par value | 14 | 15 |
Additional paid-in capital | 25,782 | 26,983 |
Retained earnings | 24,230 | 26,168 |
Accumulated other comprehensive loss | (7,783) | (9,330) |
Total stockholders’ equity | 42,243 | 43,836 |
Noncontrolling interests | 1,234 | 239 |
Total Equity | 43,477 | 44,075 |
Total Liabilities and Equity | 229,502 | 221,690 |
GM Financial [Member] | ||
Current Assets | ||
GM Financial receivables, net (Note 4; Note 8 at VIEs) | 19,399 | 16,127 |
Non-current Assets | ||
GM Financial receivables, net (Note 4; Note 8 at VIEs) | 21,021 | 17,001 |
Current Liabilities | ||
Short-term debt and current portion of long-term debt (Note 9) | 24,480 | 22,737 |
Non-current Liabilities | ||
Long-term debt (Note 9) | 54,558 | 41,826 |
Automotive [Member] | ||
Current Liabilities | ||
Short-term debt and current portion of long-term debt (Note 9) | 1,127 | 1,060 |
Non-current Liabilities | ||
Long-term debt (Note 9) | $ 12,508 | $ 9,500 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities | ||
Income from continuing operations | $ 5,233 | $ 7,374 |
Depreciation, amortization and impairment charges | 9,084 | 7,125 |
Foreign currency remeasurement and transaction (gains) losses | (12) | 143 |
Undistributed earnings of nonconsolidated affiliates, net | 370 | 400 |
Pension contributions and OPEB payments | (1,109) | (3,097) |
Pension and OPEB income, net | (646) | (587) |
Provision for deferred taxes | 3,517 | 2,194 |
Change in other operating assets and liabilities | (6,061) | (1,271) |
Net cash provided by operating activities – continuing operations | 10,376 | 12,281 |
Net cash provided by operating activities – discontinued operations | 64 | 308 |
Net cash provided by operating activities | 10,440 | 12,589 |
Cash flows from investing activities | ||
Expenditures for property | (6,353) | (6,102) |
Available-for-sale marketable securities, acquisitions | (4,499) | (8,613) |
Trading marketable securities, acquisitions | 0 | (249) |
Available-for-sale marketable securities, liquidations | 7,901 | 8,090 |
Trading marketable securities, liquidations | 0 | 846 |
Acquisition of companies/investments, net of cash acquired | (5) | (802) |
Purchases of finance receivables, net | (15,134) | (10,389) |
Principal collections and recoveries on finance receivables | 9,363 | 7,368 |
Purchases of leased vehicles, net | (14,809) | (14,959) |
Proceeds from termination of leased vehicles | 4,649 | 1,799 |
Other investing activities | 98 | 200 |
Net cash used in investing activities – continuing operations | (18,789) | (22,811) |
Net cash used in investing activities – discontinued operations (Note 2) | (3,972) | (1,188) |
Net cash used in investing activities | (22,761) | (23,999) |
Cash flows from financing activities | ||
Net decrease in short-term debt | (374) | (289) |
Proceeds from issuance of debt (original maturities greater than three months) | 43,048 | 30,598 |
Payments on debt (original maturities greater than three months) | (26,034) | (15,294) |
Payments to purchase common stock | (2,994) | (1,501) |
Proceeds from issuance of GM Financial preferred stock | 985 | 0 |
Dividends paid | (1,701) | (1,782) |
Other financing activities | (271) | (172) |
Net cash provided by financing activities – continuing operations | 12,659 | 11,560 |
Net cash provided by financing activities – discontinued operations | 20 | 585 |
Net cash provided by financing activities | 12,679 | 12,145 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 362 | 52 |
Net increase in cash, cash equivalents and restricted cash | 720 | 787 |
Cash, cash equivalents and restricted cash at beginning of period | 15,160 | 17,332 |
Cash, cash equivalents and restricted cash at end of period | 15,880 | 18,119 |
Significant Non-cash Investing and Financing Activity | ||
Non-cash proceeds on sale of discontinued operations (Note 2) | 808 | 0 |
Continuing Operations [Member] | ||
Cash flows from financing activities | ||
Cash, cash equivalents and restricted cash at end of period | 15,315 | 17,392 |
Significant Non-cash Investing and Financing Activity | ||
Non-cash property additions | 3,833 | 3,841 |
Non-cash business acquisition – continuing operations (Note 18) | 0 | 290 |
Discontinued Operations [Member] | ||
Cash flows from financing activities | ||
Cash, cash equivalents and restricted cash at end of period | 565 | 727 |
Significant Non-cash Investing and Financing Activity | ||
Non-cash property additions | $ 0 | $ 847 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] |
Balance at beginning of period at Dec. 31, 2015 | $ 40,323 | $ 15 | $ 27,607 | $ 20,285 | $ (8,036) | $ 452 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 7,493 | 7,592 | (99) | |||
Other comprehensive income | 52 | 83 | (31) | |||
Issuance of common stock | 290 | 290 | ||||
Purchase of common stock | (1,501) | (820) | (681) | |||
Exercise of common stock warrants | 59 | 0 | 59 | |||
Stock based compensation | 89 | 105 | (16) | |||
Cash dividends paid on common stock | (1,763) | (1,763) | ||||
Dividends to noncontrolling interests | (25) | (25) | ||||
Other | (2) | 0 | (2) | |||
Balance at end of period at Sep. 30, 2016 | 45,015 | 15 | 27,241 | 25,417 | (7,953) | 295 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 2,712 | |||||
Other comprehensive income | (62) | |||||
Cash dividends paid on common stock | (585) | |||||
Balance at end of period at Sep. 30, 2016 | 45,015 | 15 | 27,241 | 25,417 | (7,953) | 295 |
Balance at beginning of period at Dec. 31, 2016 | 44,075 | 15 | 26,983 | 26,168 | (9,330) | 239 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 1,298 | 1,287 | 11 | |||
Other comprehensive income | 1,545 | 1,547 | (2) | |||
Purchase of common stock | (2,994) | (1) | (1,476) | (1,517) | ||
Exercise of common stock warrants | 42 | 42 | ||||
Issuance of GM Financial preferred stock | 985 | 985 | ||||
Stock based compensation | 268 | 293 | (25) | |||
Cash dividends paid on common stock | (1,683) | (1,683) | ||||
Dividends to noncontrolling interests | (18) | (18) | ||||
Other | (41) | (60) | 19 | |||
Balance at end of period at Sep. 30, 2017 | 43,477 | 14 | 25,782 | 24,230 | (7,783) | 1,234 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (2,982) | |||||
Other comprehensive income | 1,584 | |||||
Cash dividends paid on common stock | (546) | |||||
Balance at end of period at Sep. 30, 2017 | $ 43,477 | $ 14 | $ 25,782 | $ 24,230 | $ (7,783) | $ 1,234 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Nature of Operations and Basis of Presentation | Nature of Operations and Basis of Presentation General Motors Company (sometimes referred to in this Quarterly Report on Form 10-Q as we, our, us, ourselves, the Company, General Motors or GM) designs, builds and sells cars, trucks, crossovers and automobile parts worldwide. We also provide automotive financing services through General Motors Financial Company, Inc. (GM Financial). We analyze the results of our continuing operations through the following segments: GM North America (GMNA), GM International Operations (GMIO), GM South America (GMSA) and GM Financial. Nonsegment operations and Maven, our ride- and car-sharing business, are classified as Corporate. Corporate includes certain centrally recorded income and costs such as interest, income taxes, corporate expenditures including autonomous vehicle-related engineering costs and certain nonsegment specific revenues and expenses. On July 31, 2017 we closed the sale of the Opel and Vauxhall business and certain other assets in Europe (the Opel/Vauxhall Business) to Peugeot S.A. (PSA Group). Both the Opel/Vauxhall Business and our European financing subsidiaries and branches (the Fincos, and together with the Opel/Vauxhall Business, the European Business) are presented as discontinued operations in our condensed consolidated financial statements for all periods presented. The assets and liabilities of the Fincos are presented as held for sale as of September 30, 2017, and the assets and liabilities of the European Business are presented as held for sale as of December 31, 2016 in our condensed consolidated financial statements. Unless otherwise indicated, information in these notes to the condensed consolidated financial statements relates to our continuing operations. Refer to Note 2 for additional details regarding the disposal of the Opel/Vauxhall Business and the planned disposals of the Fincos. The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. GAAP pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2016 Form 10-K. Except for per share amounts or as otherwise specified, dollar amounts presented within tables are stated in millions. In May 2014 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09), which requires us to recognize revenue when a customer obtains control rather than when we have transferred substantially all risks and rewards of a good or service and requires expanded disclosures. ASU 2014-09, as amended, is effective for us beginning January 1, 2018. ASU 2014-09 will affect the amount and timing of certain revenue related transactions primarily resulting from the earlier recognition of certain sales incentives and fixed fee license arrangements. Upon adoption of ASU 2014-09 sales incentives will be recorded at the time of sale rather than at the later of sale or announcement and fixed fee license arrangements will be recognized when the customer is granted access to intellectual property instead of over the contract period. Certain transactions with daily rental car companies may also qualify to be accounted for as a sale as opposed to the current accounting as an operating lease. We expect to adopt the provisions of ASU 2014-09 on a modified retrospective basis through a cumulative adjustment to equity. Upon adoption of ASU 2014-09 we estimate a reduction to Equity of up to $1.0 billion . This estimate is subject to change as a result of future changes in market conditions, incentive program offerings, and dealer inventory levels. We continue to assess the overall impact the adoption of ASU 2014-09 will have on our consolidated financial statements and are continuing to test and refine our processes designed to comply with ASU 2014-09 to permit adoption by January 1, 2018. In January 2016 the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (ASU 2016-01), which requires equity investments that are not accounted for under the equity method of accounting to be measured at fair value with changes recognized in net income and which updates certain presentation and disclosure requirements. ASU 2016-01 is effective for us beginning January 1, 2018 and requires a cumulative-effect adjustment for certain items upon adoption. At September 30, 2017 the carrying value of equity investments that are not accounted for under the equity method of accounting totaled approximately $500 million and unrealized gains or losses were insignificant. We do not believe the adoption of ASU 2016-01 will be material to our consolidated financial statements. In March 2017 the FASB issued ASU 2017-07, "Compensation – Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost" (ASU 2017-07), which requires that the service cost component of net periodic pension and other postretirement benefits (OPEB) (income) expense be presented in the same income statement line item as other employee compensation costs, while the remaining components of net periodic pension and OPEB (income) expense are to be presented outside operating income. ASU 2017-07 is effective for us on a retrospective basis beginning January 1, 2018 and will result in the reclassification of non-service cost components from primarily Automotive cost of sales to Interest income and other non-operating income, net. We expect a resulting decrease to Operating income and an increase to Interest income and other non-operating income, net of approximately $1.3 billion for the year ended December 31, 2016 . In August 2017 the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities" (ASU 2017-12), which simplifies the application of hedge accounting and more closely aligns hedge accounting with companies' risk management strategies thereby making more hedging strategies eligible for hedge accounting. Unlike current guidance, ASU 2017-12 permits hedge accounting for specific risks in hedging relationships involving nonfinancial risk and interest rate risk. ASU 2017-12 is effective for us beginning January 1, 2019, with early adoption permitted. ASU 2017-12 requires a cumulative-effect adjustment for certain items upon adoption. We are currently evaluating the impact the adoption of ASU 2017-12 will have on our consolidated financial statements. The simplifications to the application of hedge accounting may result in the future expansion of our use of hedge accounting. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On March 5, 2017 we entered into a Master Agreement (the Agreement) to sell our European Business to PSA Group for net consideration with an estimated value of approximately $2.5 billion . On July 31, 2017 we closed the sale of our Opel/Vauxhall Business to PSA Group. The transfer of the Fincos is expected to close by the end of the year subject to the receipt of the necessary regulatory approvals and satisfaction of other closing conditions. The net consideration paid at closing for the Opel/Vauxhall Business was $1.4 billion , consisting of (1) $1.1 billion in cash; and (2) $808 million in warrants in PSA Group; partially offset by (3) the $478 million de-risking premium payment made to PSA Group for assuming certain underfunded pension liabilities. The warrants are not exercisable for five years and do not include any governance or voting rights with respect to PSA Group. In addition, we agreed to sell the shares of PSA Group received upon exercise of the warrants within 35 days after exercise. The net consideration to be paid for the Fincos will be 0.8 times their book value at closing, which we estimate will be approximately $1.1 billion based on exchange rates at September 30, 2017, subject to foreign currency fluctuations. The purchase price is subject to certain working capital adjustments as provided in the Agreement. The total charge from the sale of the European Business is expected to be approximately $6.3 billion , net of tax. During the three months ended September 30, 2017 the Company recorded a charge of $5.4 billion , of which $3.1 billion is recorded in Income (loss) from discontinued operations, net of tax and $2.3 billion is recorded in Income tax expense, as a result of the sale of the Opel/Vauxhall Business. The charge relates to: (1) $4.3 billion of deferred tax assets that will no longer be realizable or that transferred to PSA Group; (2) $1.5 billion related to previously deferred pension losses and payment of the de-risking premium to PSA Group for its assumption of certain underfunded pension liabilities; and (3) other net charges primarily related to contract cancellations, working capital adjustments and certain transitional services and other costs to support the separation of operations to be provided for a period of time following closing; partially offset by proceeds. During the three months ended June 30, 2017 we recognized, on a pre-tax basis, a charge of $836 million in Income (loss) from discontinued operations consisting of (1) a charge of $421 million for the cancellation of production programs resulting from the convergence of vehicle platforms between the European Business and PSA Group; (2) a disposal loss of $324 million as a result of the Fincos being classified as held for sale; and (3) other insignificant charges. We expect to record a disposal loss of approximately $300 million upon sale of the Fincos. Our wholly-owned subsidiary (the Seller) has agreed to indemnify PSA Group for certain losses resulting from any inaccuracy of the representations and warranties or breaches of our covenants included in the Agreement and for certain other liabilities, including emissions and product liabilities. The Company has entered into a guarantee for the benefit of PSA Group and pursuant to which the Company has agreed to guarantee the Seller's obligation to indemnify PSA Group for certain losses resulting from any inaccuracy of certain representations and warranties or breaches of our covenants in the Agreement and for certain other liabilities. Certain of these indemnification obligations are subject to time limitations, thresholds and/or caps as to the amount of required payments. We retained net underfunded pension liabilities of $6.8 billion owed primarily to current pensioners and former employees of the European Business with vested pension rights. PSA Group assumed approximately $3.1 billion of net underfunded pension liabilities primarily with respect to active employees of the Opel/Vauxhall Business, and during the three months ended September 30, 2017 the Seller made payments to PSA Group, or one or more pension funding vehicles, of $3.4 billion in respect of these assumed liabilities, which includes pension funding payments for active employees and the de-risking premium payment of $478 million discussed above. At closing we drew upon our three -year unsecured revolving credit facility to fund these payments. We issued debt securities, as described in Note 9, thereafter to repay the amount drawn on our credit facility. As part of the retained pension liabilities described above, we retained the United Kingdom defined benefit pension plans in existence at signing related to the Opel/Vauxhall Business, including responsibility for service cost accruals through the closing date. Those plans with active participants closed to future accrual as of July 30, 2017. Any future service cost accruals on and from the closing date will be the responsibility of PSA Group. We have agreed to purchase from and supply to PSA Group certain vehicles for a period of time following closing. During the three and nine months ended September 30, 2017 Total net sales and revenue from continuing operations include $362 million and purchases and expenses incurred by our continuing operations were insignificant related to transactions with the Opel/Vauxhall Business that would have been eliminated in consolidation prior to the sale of the Opel/Vauxhall Business. During the nine months ended September 30, 2017 cash payments were insignificant and cash receipts of $558 million were recorded in Net cash provided by operating cash flows - continuing operations related to transactions with the Opel/Vauxhall Business. The following table summarizes the results of the discontinued operations: Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Automotive net sales and revenue $ 1,553 $ 4,444 $ 11,257 $ 15,011 GM Financial net sales and revenue 147 132 414 418 Total net sales and revenue 1,700 4,576 11,671 15,429 Automotive cost of sales 1,583 4,279 11,049 14,287 GM Financial interest, operating and other expenses 99 104 301 317 Automotive selling, general, and administrative expense 134 324 813 1,011 Other income and (expense) items (74 ) 10 (72 ) 75 Loss from discontinued operations before taxes 190 121 564 111 Loss on sale of discontinued operations before taxes(a)(b) 1,150 — 1,986 — Total loss from discontinued operations before taxes 1,340 121 2,550 111 Income tax expense (benefit)(b)(c) 1,756 (126 ) 1,385 (230 ) Income (loss) from discontinued operations, net of tax $ (3,096 ) $ 5 $ (3,935 ) $ 119 __________ (a) Includes contract cancellation charges associated with the disposal in the nine months ended September 30, 2017. (b) Total loss on sale of discontinued operations, net of tax was $3.1 billion and $3.7 billion for the three and nine months ended September 30, 2017. (c) Includes $2.0 billion of deferred tax assets that transferred to PSA Group in the three and nine months ended September 30, 2017. The following table summarizes the assets and liabilities of the Fincos at September 30, 2017 and the European Business at December 31, 2016: September 30, 2017 December 31, 2016 Current Assets Cash and cash equivalents $ 242 $ 386 Accounts and notes receivable, net 65 938 GM Financial receivables, net 6,995 5,938 Inventories — 2,748 Equipment on operating leases, net — 786 Other current assets 328 382 Total current assets held for sale 7,630 11,178 Non-current Assets GM Financial receivables, net 4,308 3,723 Property, net 65 3,217 Deferred income taxes 122 1,920 Other assets 13 515 Total non-current assets held for sale 4,508 9,375 Total Assets Held for Sale $ 12,138 $ 20,553 Current Liabilities Accounts payable (principally trade) $ 178 $ 3,628 Short-term debt and current portion of long-term debt Automotive — 107 GM Financial 6,014 5,124 Accrued liabilities 182 3,299 Total current liabilities held for sale 6,374 12,158 Non-current Liabilities Long-term debt Automotive — 85 GM Financial 4,327 4,189 Pensions 126 2,687 Other liabilities 37 665 Total non-current liabilities held for sale 4,490 7,626 Total Liabilities Held for Sale $ 10,864 $ 19,784 |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2017 | |
Marketable Securities [Abstract] | |
Marketable Securities | Marketable Securities The following table summarizes the fair value of cash equivalents and marketable securities which approximates cost: Fair Value Level September 30, 2017 December 31, 2016 Cash and cash equivalents Cash, cash equivalents and time deposits $ 6,124 $ 5,692 Available-for-sale securities U.S. government and agencies 2 160 1,158 Corporate debt 2 1,770 2,524 Money market funds 1 2,983 1,801 Sovereign debt 2 1,755 1,399 Total available-for-sale securities – cash equivalents 6,668 6,882 Total cash and cash equivalents $ 12,792 $ 12,574 Marketable securities U.S. government and agencies 2 $ 3,285 $ 5,886 Corporate debt 2 3,720 3,611 Mortgage and asset-backed 2 584 197 Sovereign debt 2 865 2,147 Total available-for-sale securities – marketable securities $ 8,454 $ 11,841 Restricted cash Cash, cash equivalents and time deposits $ 199 $ 248 Available-for-sale securities, primarily money market funds 1 2,324 1,665 Total restricted cash $ 2,523 $ 1,913 Available-for-sale securities included above with contractual maturities(a) Due in one year or less $ 6,417 Due between one and five years 5,138 Total available-for-sale securities with contractual maturities $ 11,555 __________ (a) Excludes mortgage and asset-backed securities. Sales proceeds from investments classified as available-for-sale and sold prior to maturity were $3.7 billion and $1.6 billion in the three months ended September 30, 2017 and 2016 and $5.1 billion and $5.8 billion in the nine months ended September 30, 2017 and 2016 . Net unrealized gains and losses on available-for-sale securities and realized gains and losses on trading securities were insignificant in the three and nine months ended September 30, 2017 and 2016 . Cumulative unrealized gains and losses on available-for-sale securities were insignificant at September 30, 2017 and December 31, 2016 . The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet to the total shown in the condensed consolidated statement of cash flows: September 30, 2017 Cash and cash equivalents $ 12,792 Restricted cash included in Other current assets 1,940 Restricted cash included in Other assets 583 Total $ 15,315 |
GM Financial Receivables
GM Financial Receivables | 9 Months Ended |
Sep. 30, 2017 | |
GM Financial [Member] | |
Finance Receivables [Line Items] | |
GM Financial Receivables | GM Financial Receivables September 30, 2017 December 31, 2016 Retail Commercial Total Retail Commercial Total Finance receivables, collectively evaluated for impairment, net of fees $ 30,052 $ 9,119 $ 39,171 $ 24,480 $ 7,506 $ 31,986 Finance receivables, individually evaluated for impairment, net of fees 2,170 27 2,197 1,920 27 1,947 GM Financial receivables 32,222 9,146 41,368 26,400 7,533 33,933 Less: allowance for loan losses (899 ) (49 ) (948 ) (765 ) (40 ) (805 ) GM Financial receivables, net $ 31,323 $ 9,097 $ 40,420 $ 25,635 $ 7,493 $ 33,128 Fair value of GM Financial receivables $ 40,513 $ 33,181 We estimate the fair value of retail finance receivables using observable and unobservable Level 3 inputs within a cash flow model. The inputs reflect assumptions regarding expected prepayments, deferrals, delinquencies, recoveries and charge-offs of the loans within the portfolio. The cash flow model produces an estimated amortization schedule of the finance receivables. The projected cash flows are then discounted to derive the fair value of the portfolio. Macroeconomic factors could affect the credit performance of the portfolio and therefore could potentially affect the assumptions used in our cash flow model. A substantial majority of our commercial finance receivables have variable interest rates. The carrying amount, a Level 2 input, is considered to be a reasonable estimate of fair value. Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Allowance for loan losses at beginning of period $ 893 $ 828 $ 805 $ 749 Provision for loan losses 204 167 573 501 Charge-offs (287 ) (284 ) (858 ) (826 ) Recoveries 135 128 420 403 Effect of foreign currency 3 (2 ) 8 10 Allowance for loan losses at end of period $ 948 $ 837 $ 948 $ 837 The allowance for loan losses on retail and commercial finance receivables included a collective allowance of $617 million and $525 million and a specific allowance of $331 million and $280 million at September 30, 2017 and December 31, 2016 . Retail Finance Receivables We use proprietary scoring systems in the underwriting process that measure the credit quality of retail finance receivables using several factors, such as credit bureau information, consumer credit risk scores (e.g. FICO scores or its equivalent) and contract characteristics. We also consider other factors such as employment history, financial stability and capacity to pay. Subsequent to origination we review the credit quality of retail finance receivables based on customer payment activity. In North America, while we historically focused on consumers with lower than prime credit scores, we have expanded our prime lending programs. At September 30, 2017 and December 31, 2016 , 39% and 48% of the retail finance receivables in North America were from consumers with sub-prime credit scores, which are defined as FICO scores or its equivalent of less than 620 at the time of loan origination. An account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date such payment was contractually due. At September 30, 2017 and December 31, 2016 the accrual of finance charge income had been suspended on delinquent retail finance receivables with contractual amounts due of $797 million and $798 million . The following table summarizes the contractual amount of delinquent retail finance receivables, which is not significantly different than the recorded investment of the retail finance receivables: September 30, 2017 September 30, 2016 Amount Percent of Contractual Amount Due Amount Percent of Contractual Amount Due 31-to-60 days delinquent $ 1,176 3.6 % $ 1,112 4.4 % Greater-than-60 days delinquent 521 1.6 % 491 1.9 % Total finance receivables more than 30 days delinquent 1,697 5.2 % 1,603 6.3 % In repossession 55 0.2 % 57 0.2 % Total finance receivables more than 30 days delinquent or in repossession $ 1,752 5.4 % $ 1,660 6.5 % At September 30, 2017 and December 31, 2016 retail finance receivables classified as troubled debt restructurings and individually evaluated for impairment were $2.2 billion and $1.9 billion and the allowance for loan losses included $328 million and $276 million of specific allowances on these receivables. Commercial Finance Receivables Our commercial finance receivables consist of dealer financings, primarily for inventory purchases. A proprietary model is 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. Dealers in Group VI are subject to additional restrictions on funding, including suspension of lines of credit and liquidation of assets. At September 30, 2017 and December 31, 2016 the commercial finance receivables on non-accrual status were insignificant. The following table summarizes the credit risk profile by dealer risk rating of commercial finance receivables: September 30, 2017 December 31, 2016 Group I – Dealers with superior financial metrics $ 1,547 $ 1,372 Group II – Dealers with strong financial metrics 3,465 2,526 Group III – Dealers with fair financial metrics 2,913 2,598 Group IV – Dealers with weak financial metrics 881 613 Group V – Dealers warranting special mention due to elevated risks 238 334 Group VI – Dealers with loans classified as substandard, doubtful or impaired 102 90 $ 9,146 $ 7,533 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories September 30, 2017 GMNA GMIO GMSA Total Total productive material, supplies and work in process $ 3,587 $ 720 $ 649 $ 4,956 Finished product, including service parts 4,572 1,425 836 6,833 Total inventories $ 8,159 $ 2,145 $ 1,485 $ 11,789 December 31, 2016 GMNA GMIO GMSA Total Total productive material, supplies and work in process $ 3,277 $ 970 $ 761 $ 5,008 Finished product, including service parts 4,119 1,208 705 6,032 Total inventories $ 7,396 $ 2,178 $ 1,466 $ 11,040 |
Equipment on Operating Leases
Equipment on Operating Leases | 9 Months Ended |
Sep. 30, 2017 | |
Vehicles [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Operating Leases of Lessor Disclosure | Equipment on Operating Leases Equipment on operating leases consists of leases to retail customers that are recorded as operating leases and vehicle sales to daily rental car companies with a guaranteed repurchase obligation. September 30, 2017 December 31, 2016 Equipment on operating leases $ 52,632 $ 41,851 Less: accumulated depreciation (9,225 ) (6,399 ) Equipment on operating leases, net(a) $ 43,407 $ 35,452 __________ (a) Includes $41.8 billion and $34.3 billion of GM Financial equipment on operating leases, net at September 30, 2017 and December 31, 2016. Depreciation expense related to equipment on operating leases, net was $1.8 billion and $1.3 billion in the three months ended September 30, 2017 and 2016 and $4.9 billion and $3.3 billion in the nine months ended September 30, 2017 and 2016 . The following table summarizes minimum rental payments due to GM Financial on leases to retail customers: Year Ending December 31, 2017 2018 2019 2020 2021 Minimum rental receipts under operating leases $ 1,800 $ 6,256 $ 3,861 $ 1,182 $ 110 |
Equity In Net Assets of Noncons
Equity In Net Assets of Nonconsolidated Affiliates | 9 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity in Net Assets of Nonconsolidated Affiliates | Equity in Net Assets of Nonconsolidated Affiliates Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Automotive China equity income $ 459 $ 459 $ 1,472 $ 1,448 Other joint ventures equity income 41 38 113 269 Total Equity income $ 500 $ 497 $ 1,585 $ 1,717 There have been no significant ownership changes in our Automotive China joint ventures (Automotive China JVs) since December 31, 2016 . Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Summarized Operating Data of Automotive China JVs Automotive China JVs' net sales $ 12,161 $ 10,945 $ 34,177 $ 32,417 Automotive China JVs' net income $ 964 $ 956 $ 2,912 $ 3,021 Dividends received from our nonconsolidated affiliates were $382 million and an insignificant amount in the three months ended September 30, 2017 and 2016 and $2.0 billion in the nine months ended September 30, 2017 and 2016. At September 30, 2017 and December 31, 2016 we had undistributed earnings of $1.8 billion and $2.2 billion related to our nonconsolidated affiliates. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2017 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities GM Financial uses special purpose entities (SPEs) that are considered variable interest entities (VIEs) to issue variable funding notes to third party bank-sponsored warehouse facilities or asset-backed securities to investors in securitization transactions. The debt issued by these VIEs is backed by finance receivables and leasing related assets transferred to the VIEs (Securitized Assets). GM Financial determined that it is the primary beneficiary of the SPEs because the servicing responsibilities for the Securitized Assets give GM Financial the power to direct the activities that most significantly impact the performance of the VIEs and the variable interests in the VIEs give GM Financial the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The assets serve as the sole source of repayment for the debt issued by these entities. Investors in the notes issued by the VIEs do not have recourse to GM Financial or its other assets, with the exception of customary representation and warranty repurchase provisions and indemnities that GM Financial provides as the servicer. GM Financial is not required and does not currently intend to provide additional financial support to these SPEs. While these subsidiaries are included in GM Financial's condensed consolidated financial statements, they are separate legal entities and their assets are legally owned by them and are not available to GM Financial's creditors. The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs: September 30, 2017 December 31, 2016 Restricted cash – current $ 1,768 $ 1,302 Restricted cash – non-current $ 523 $ 478 GM Financial receivables, net of fees – current $ 13,782 $ 12,437 GM Financial receivables, net of fees – non-current $ 12,411 $ 11,917 GM Financial equipment on operating leases, net $ 23,751 $ 19,341 GM Financial short-term debt and current portion of long-term debt $ 19,207 $ 17,526 GM Financial long-term debt $ 20,981 $ 16,659 GM Financial recognizes finance charge, leased vehicle and fee income on the Securitized Assets and interest expense on the secured debt issued in a securitization transaction and records a provision for loan losses to recognize probable loan losses inherent in the finance receivables. |
Automotive and GM Financial Deb
Automotive and GM Financial Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Automotive and GM Financial Debt | Automotive and GM Financial Debt September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Total automotive debt $ 13,635 $ 14,798 $ 10,560 $ 11,399 Fair value utilizing Level 1 inputs $ 12,877 $ 9,515 Fair value utilizing Level 2 inputs $ 1,921 $ 1,884 The fair value of automotive debt measured utilizing Level 1 inputs was based on quoted prices in active markets for identical instruments that a market participant can access at the measurement date. The fair value of automotive debt measured utilizing Level 2 inputs was based on a discounted cash flow model using observable inputs. This model utilizes observable inputs such as contractual repayment terms and benchmark yield curves, plus a spread based on our senior unsecured notes that is intended to represent our nonperformance risk. We obtain the benchmark yield curves and yields on unsecured notes from independent sources that are widely used in the financial industry. At September 30, 2017 and December 31, 2016 the fair value of automotive d ebt exceeded its carrying amount due primarily to a decrease in bond yields compared to yields at the time of issuance. In August 2017 we issued $3.0 billion in aggregate principal amount of senior unsecured notes with an initial weighted average interest rate of 4.5% and maturity dates ranging from 2020 to 2048 . The indentures governing these notes contain terms and covenants customary of these types of securities including limitation on the amount of certain secured debt we may incur. The net proceeds from the issuance of these senior unsecured notes were used to repay the $3.0 billion drawn on our three -year unsecured revolving credit facility in the three months ended September 30, 2017 to fund the payments to PSA Group, or one or more pension funding vehicles, for the assumed net underfunded pension liabilities in connection with the sale of the Opel/Vauxhall Business as described in Note 2. September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 40,775 $ 40,889 $ 35,087 $ 35,162 Unsecured debt 38,263 39,411 29,476 30,045 Total GM Financial debt $ 79,038 $ 80,300 $ 64,563 $ 65,207 Fair value utilizing Level 2 inputs $ 78,293 $ 62,951 Fair value utilizing Level 3 inputs $ 2,007 $ 2,256 The fair value of GM Financial debt measured utilizing Level 2 inputs was based on quoted market prices for identical instruments and if unavailable, quoted market prices of similar instruments. For debt with original maturity or revolving period of eighteen months or less par value is considered to be a reasonable estimate of fair value. The fair value of GM Financial debt measured utilizing Level 3 inputs was based on the discounted future net cash flows expected to be settled using current risk-adjusted rates. Secured debt consists of revolving credit facilities and securitization notes payable. Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged Securitized Assets. Refer to Note 8 for additional information on GM Financial's involvement with VIEs. In the nine months ended September 30, 2017 we entered into new or renewed credit facilities with a total net additional borrowing capacity of $1.7 billion , which had substantially the same terms as existing debt and we issued $18.8 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 2.09% and maturity dates ranging from 2019 to 2025 . Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the nine months ended September 30, 2017 we issued $10.6 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 2.87% and maturity dates ranging from 2019 to 2027 . Each of the revolving credit facilities and the indentures governing GM Financial's notes contain terms and covenants including limitations on GM Financial's ability to incur certain liens. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Automotive The following table presents the notional amounts based on asset or liability positions of derivative financial instruments in our automotive operations: Fair Value Level September 30, 2017 December 31, 2016 Derivatives designated as hedges(a) Assets Cash flow hedges Foreign currency 2 $ — $ 803 Commodity 2 73 106 Total assets $ 73 $ 909 Derivatives not designated as hedges(a) Assets Foreign currency 2/3 $ 3,671 $ 4,483 Commodity 2 553 1,061 PSA warrants(b) 2 47 — Total assets $ 4,271 $ 5,544 Liabilities Foreign currency 2/3 $ 2,025 $ 470 Commodity 2 70 181 Total liabilities $ 2,095 $ 651 __________ (a) The fair value of these derivative instruments at September 30, 2017 and December 31, 2016 and the gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three and nine months ended September 30, 2017 and 2016 were insignificant. (b) The fair value of the PSA warrants was $903 million at September 30, 2017 . We estimate the fair value of the PSA warrants using a Black-Scholes valuation model. The significant inputs to the model include the PSA stock price and the estimated dividend yield. The estimated dividend yield is adjusted based on the terms of the Agreement. Under the terms of the Agreement we are entitled to the dividends distributed by PSA since the warrants issuance date. Gains or losses as a result of the change in the fair value of the PSA warrants are recorded in Interest income and other non-operating income, net. GM Financial The following table presents the notional amounts based on asset or liability positions of GM Financial's derivative financial instruments: Fair Value Level September 30, 2017 December 31, 2016 Derivatives designated as hedges(a) Assets Fair value hedges – interest rate swaps 2 $ 3,500 $ — Cash flow hedges Interest rate swaps 2/3 2,561 3,070 Foreign currency 2 1,356 — Total cash flow hedges 3,917 3,070 Total assets $ 7,417 $ 3,070 Liabilities Fair value hedges – interest rate swaps(b) 2 $ 7,860 $ 7,700 Cash flow hedges Interest rate swaps 2/3 — 500 Foreign currency 2 — 791 Total cash flow hedges — 1,291 Total liabilities $ 7,860 $ 8,991 Derivatives not designated as hedges(a) Assets Interest rate swaps 2/3 $ 33,218 $ 7,959 Interest rate caps and floors 2 16,810 9,698 Foreign currency 2 1,182 — Total assets $ 51,210 $ 17,657 Liabilities Interest rate swaps 2/3 $ 12,823 $ 6,170 Interest rate caps and floors 2 18,467 12,146 Total liabilities $ 31,290 $ 18,316 __________ (a) The fair value of these derivative instruments at September 30, 2017 and December 31, 2016 and the gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three and nine months ended September 30, 2017 and 2016 were insignificant. (b) The fair value of these derivative instruments was $260 million and $276 million at September 30, 2017 and December 31, 2016 . |
Product Warranty and Related Li
Product Warranty and Related Liabilities | 9 Months Ended |
Sep. 30, 2017 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty and Related Liabilities | Product Warranty and Related Liabilities Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Warranty balance at beginning of period $ 8,890 $ 8,639 $ 9,069 $ 8,550 Warranties issued and assumed in period – recall campaigns 173 306 527 627 Warranties issued and assumed in period – product warranty 481 631 1,586 1,717 Payments (787 ) (861 ) (2,382 ) (2,524 ) Adjustments to pre-existing warranties (317 ) 101 (405 ) 390 Effect of foreign currency and other 39 5 84 61 Warranty balance at end of period $ 8,479 $ 8,821 $ 8,479 $ 8,821 We estimate our reasonably possible loss in excess of amounts accrued for recall campaigns to be insignificant at September 30, 2017 . Refer to Note 13 for reasonably possible losses on Takata Corporation (Takata) matters. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 79 $ 45 $ 4 $ 96 $ 80 $ 4 Interest cost 536 115 51 553 127 50 Expected return on plan assets (919 ) (185 ) — (945 ) (179 ) — Amortization of prior service cost (credit) (1 ) 2 (3 ) (1 ) 4 (3 ) Amortization of net actuarial (gains) losses (2 ) 29 8 (6 ) 34 5 Net periodic pension and OPEB (income) expense $ (307 ) $ 6 $ 60 $ (303 ) $ 66 $ 56 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 237 $ 131 $ 14 $ 287 $ 195 $ 13 Interest cost 1,608 366 149 1,659 384 150 Expected return on plan assets (2,757 ) (528 ) — (2,834 ) (538 ) — Amortization of prior service cost (credit) (3 ) 4 (10 ) (3 ) 10 (10 ) Amortization of net actuarial (gains) losses (5 ) 124 24 (19 ) 104 15 Net periodic pension and OPEB (income) expense $ (920 ) $ 97 $ 177 $ (910 ) $ 155 $ 168 We made discretionary contributions to our U.S. hourly pension plan of $2.0 billion in the nine months ended September 30, 2016 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation-Related Liability and Tax Administrative Matters In the normal course of business, we are named from time to time as a defendant in various legal actions, including arbitrations, class actions and other litigation, that arise in connection with our business as a global company. We identify below the material individual proceedings and investigations in connection with which we believe a material loss is reasonably possible or probable. We accrue for matters when we believe that losses are probable and can be reasonably estimated. At September 30, 2017 and December 31, 2016 total accruals of $1.1 billion and $ 1.2 billion were recorded in Accrued liabilities and Other liabilities. In many proceedings, it is inherently difficult to determine whether any loss is probable or even reasonably possible or to estimate the size or range of the possible loss. Accordingly an adverse outcome from such proceedings could exceed the amounts accrued by an amount that could be material to our results of operations or cash flows in any particular reporting period. Proceedings Related to Ignition Switch Recall and Other Recalls In 2014 we announced various recalls relating to safety and other matters. Those recalls included recalls to repair ignition switches that could under certain circumstances unintentionally move from the “run” position to the “accessory” or “off” position with a corresponding loss of power, which could in turn prevent airbags from deploying in the event of a crash. Through October 17, 2017 we were aware of over 100 putative class actions pending against GM in various courts in the U.S. and Canada alleging that consumers who purchased or leased vehicles manufactured by GM or General Motors Corporation had been economically harmed by one or more of the recalls announced in 2014 and/or the underlying vehicle conditions associated with those recalls (economic-loss cases). In general, these economic-loss cases seek recovery for purported compensatory damages, such as alleged benefit-of-the-bargain damages or damages related to alleged diminution in value of the vehicles, as well as punitive damages, injunctive relief and other relief. There is also a civil action brought by the Arizona Attorney General relating to the recalls that seeks civil penalties and injunctive relief for alleged violations of state laws. We also were aware of several hundred actions pending in various courts in the U.S. and Canada alleging injury or death as a result of defects that may be the subject of recalls announced in 2014 (personal injury cases). In general, these personal injury cases seek recovery for purported compensatory damages, punitive damages and other relief. Since 2016, several bellwether trials have taken place in the personal injury cases in the U.S. District Court for the Southern District of New York (Southern District), which is administering a federal multi-district litigation, and in a Texas state court, which is administering a Texas state multi-district litigation (MDL). None of these trials resulted in a finding of liability against GM. An additional personal injury bellwether trial is scheduled in 2018 along with non-bellwether trials in various courts. On July 15, 2016 the Southern District granted in part and denied in part GM's motion to dismiss plaintiffs' complaint in the federal multi-district litigation seeking damages for alleged economic loss relating to the ignition switch and other recalls by GM in 2014. Among other things, the Southern District dismissed plaintiffs' claims brought under the Racketeer Influenced and Corrupt Organization Act (RICO) and rejected plaintiffs' broadest theory of damages – that plaintiffs could seek recovery for alleged reduction in the value of their vehicles due to damage to GM's reputation and brand as a result of the ignition switch matter. The Southern District granted GM's motion to dismiss with respect to certain state law claims but denied it as to other state law claims. On September 15, 2016, plaintiffs filed a Fourth Amended Consolidated Complaint amending their economic-loss claims, and GM moved to dismiss certain claims in that Complaint as well. On June 30, 2017, the Southern District issued an order granting in part and denying in part GM’s motion. In its order, among other things, the Southern District reaffirmed its dismissal of plaintiffs’ brand devaluation claim and theory of damages and dismissed the claims of any plaintiff who purchased a vehicle before GM came into existence in July 2009. With respect to plaintiffs’ claims under the laws of certain states that were at issue in the motion, the Court granted GM’s motion to dismiss with respect to certain state law claims but denied it as to other state law claims. In April 2015 the United States Bankruptcy Court for the Southern District of New York (Bankruptcy Court) issued a decision precluding claims against us based upon pre-sale accidents, claims based upon the acts or conduct by General Motors Corporation and claims asserting successor liability for obligations owed by General Motors Corporation (successor liability claims), except for claims asserting liabilities that had been expressly assumed by us in the July 2009 Sale Agreement, and claims that could be asserted against us only if they were otherwise viable and arose solely out of our own independent post-closing acts and did not in any way rely on acts or conduct by General Motors Corporation. On July 13, 2016 the United States Court of Appeals for the Second Circuit (Second Circuit) issued a decision and judgment affirming in part, reversing in part, and vacating portions of the Bankruptcy Court's decision and subsequent judgment. Among other things, the Second Circuit held that the 2009 Sale Order could not be enforced to bar claims against GM asserted by either plaintiffs who purchased used vehicles after the sale closing or against purchasers who asserted claims relating to the ignition switch defect, including pre-closing personal injury claims and economic-loss claims. The Second Circuit also vacated that portion of the Bankruptcy Court judgment enforcing the 2009 Sale Order against plaintiffs with pre-sale claims based on defects other than the ignition switch and remanded that issue to the Bankruptcy Court for further proceedings. In April 2017, the United States Supreme Court denied our petition for certiorari. Certain of these pre-sale claims were resolved through GM's Ignition Switch Recall Compensation Program (Compensation Program) and should not be the subject of additional litigation. For Plaintiffs asserting pre-sale claims related to the ignition switch defect that were not resolved by the Compensation Program, those Plaintiffs must still establish their right to assert successor liability claims and demonstrate that their claims have merit. In August 2017, the MDL court granted our motion to dismiss the successor liability claims of Plaintiffs in seven of the sixteen states at issue on the motion and called for additional briefing to decide whether Plaintiffs' claims can proceed in the other nine states. In the putative shareholder class action filed in the United States District Court for the Eastern District of Michigan (Eastern District) on behalf of purchasers of our common stock from November 17, 2010 to July 24, 2014 (Shareholder Class Action), the lead plaintiff, the New York State Teachers' Retirement System, alleged that GM and several current and former officers and employees made material misstatements and omissions relating to problems with the ignition switch and other matters in SEC filings and other public statements. On May 23, 2016 the Eastern District entered a judgment approving a class-wide settlement of the Shareholder Class Action for $300 million . One shareholder has filed an appeal of the decision approving the settlement. Three shareholder derivative actions against certain current and former GM directors and officers are pending in the Eastern District. In two of those matters that have been consolidated, the Court issued an Order on August 4, 2017 denying our motion to dismiss without prejudice and granting leave for Plaintiff to file an amended complaint. The court is still considering a motion to dismiss in the other action. Two derivative actions filed in the Circuit Court of Wayne County, Michigan, which have been consolidated, are stayed pending disposition of the federal derivative actions. In connection with the 2014 recalls, we have from time to time received subpoenas and other requests for information related to investigations by agencies or other representatives of U.S. federal, state and the Canadian governments, including the United States Attorney’s Office for the Southern District of New York (the U.S. Attorney's Office). Ongoing matters or investigations as of September 30, 2017 , included litigation initiated by the Arizona Attorney General, litigation initiated by the Orange County District Attorney, and investigations by 49 state attorneys general, and an inquiry from the U.S. General Services Administration which has subsequently been closed in light of our obligations under the Deferred Prosecution Agreement (DPA). Investigations into consumer protection claims by 49 state attorneys general and the litigation initiated by the Orange County District Attorney have been resolved. We believe we are cooperating fully with all reasonable pending requests for information. Such matters could in the future result in the imposition of damages, fines, civil consent orders, civil and criminal penalties or other remedies. With regard to the investigation by the U.S. Attorney's Office, on September 16, 2015, we entered into the DPA with the U.S. Attorney's Office regarding its investigation of the events leading up to certain recalls regarding faulty ignition switches. Pursuant to the DPA we have paid the United States $900 million as a financial penalty, and we agreed to retain an independent monitor to review and assess our policies, practices or procedures related to statements about motor vehicle safety, the provision of information to those responsible for recall decisions, recall processes and addressing known defects in certified pre-owned vehicles. In addition, the U.S. Attorney's Office agreed to recommend to the Southern District that prosecution of GM on a two-count information filed in the Southern District be deferred for three years. The U.S. Attorney's Office also agreed that if we are in compliance with all of our obligations under the DPA, the U.S. Attorney's Office will, within 30 days after the expiration of the period of deferral (including any extensions thereto), seek dismissal with prejudice of the two-count information filed against GM. For a further description of the terms and conditions of the DPA refer to Note 15 of our 2016 Form 10-K. The total amount accrued for ignition switch and the various other related recalls at September 30, 2017 reflects amounts for a combination of settled but unpaid matters, and for the remaining unsettled investigations, claims and/or lawsuits relating to the ignition switch recalls and other related recalls. The amounts accrued for those unsettled investigations, claims, and/or lawsuits represent a combination of our best single point estimates where determinable and, where no such single point estimate is determinable, our estimate of the low end of the range of probable loss with regard to such matters, if that is determinable. We believe it is probable that we will incur additional liabilities beyond what has already been accrued for at least a portion of the remaining matters, whether through settlement or judgment; however, we are currently unable to estimate an overall amount or range of loss because these matters involve significant uncertainties, including the legal theory or the nature of the investigations, claims and/or lawsuits, the complexity of the facts, the lack of documentation available to us with respect to particular cases or groups of cases, the results of any investigation or litigation and the timing of resolution of the investigation or litigations, including any appeals, further proceedings regarding interpretation and application of the Second Circuit's July 13, 2016 decision and certain common law doctrines, and further proceedings following the Southern District's July 15, 2016 decision and its June 30, 2017 decision on GM's motion to dismiss the Fourth Amended and Consolidated Complaint. We will continue to consider resolution of pending matters involving ignition switch recalls and other recalls where it makes sense to do so. GM Korea Wage Litigation Commencing on or about September 29, 2010 current and former hourly employees of GM Korea Company (GM Korea) filed eight separate group actions in the Incheon District Court in Incheon, Korea. The cases, which in aggregate involve more than 10,000 employees, allege that GM Korea failed to include bonuses and certain allowances in its calculation of Ordinary Wages due under the Presidential Decree of the Korean Labor Standards Act. On November 23, 2012 the Seoul High Court (an intermediate level appellate court) affirmed a decision of the Incheon District Court in a case involving five GM Korea employees which was contrary to GM Korea's position. GM Korea appealed to the Supreme Court of the Republic of Korea (Supreme Court). On May 29, 2014 the Supreme Court remanded the case to the Seoul High Court for consideration consistent with earlier Supreme Court precedent holding that while fixed bonuses should be included in the calculation of Ordinary Wages, claims for retroactive application of this rule would be barred under certain circumstances. On reconsideration, the Seoul High Court held in GM Korea’s favor on October 30, 2015, after which the plaintiffs appealed to the Supreme Court. In July 2014 GM Korea and its labor union also agreed to include bonuses and certain allowances in Ordinary Wages retroactive to March 1, 2014. Therefore our accrual related to these cases was reclassified from a contingent liability to the Pensions liability. We estimate our reasonably possible loss in excess of amounts accrued to be approximately $547 million at September 30, 2017 , which relates to periods before March 1, 2014. We are also party to litigation with current and former salaried employees over allegations relating to Ordinary Wages regulation. On November 26 and 27, 2015 the Supreme Court remanded two salary cases to the Seoul High Court for a review of the merits. On September 1, 2017, the Seoul High Court issued a ruling concerning those two salary cases and another salaried worker case. Among other things, the Seoul High Court held that there was no agreement between GM Korea and its salaried workers regarding whether to include fixed bonuses in the calculation of Ordinary Wages. As a result, the workers are not barred from filing retroactive wage claims. On September 13, 2017, GM Korea appealed this ruling to the Supreme Court. At September 30, 2017 the reasonably possible loss for salary cases in excess of amounts accrued was approximately $169 million . Both the scope of claims asserted and GM Korea's assessment of any or all of the individual claim elements may change if new information becomes available. These cases are currently pending before various courts in Korea. GM Brazil Indirect Tax Claim In March 2017 the Supreme Court of Brazil issued a decision concluding that a certain state value added tax should not be included in the calculation of federal gross receipts taxes. The decision reduces GM Brazil’s gross receipts tax prospectively and, potentially, retrospectively. The retrospective right to recover is under judicial review and we do not expect resolution during 2017. If the Supreme Court of Brazil grants retrospective recovery we estimate potential recoveries of up to $1.5 billion . However, given the remaining uncertainty regarding the ultimate judicial resolution of this matter we are unable to assess the likelihood of any favorable outcome at this time. We have not recorded any amounts relating to the retrospective nature of this matter. Other Litigation-Related Liability and Tax Administrative Matters Various other legal actions, governmental investigations, claims and proceedings are pending against us or our related companies or joint ventures, including matters arising out of alleged product defects; employment-related matters; product and workplace safety, vehicle emissions, including CO 2 and nitrogen oxide, fuel economy, and related government regulations; product warranties; financial services; dealer, supplier and other contractual relationships; government regulations relating to payments to foreign companies; government regulations relating to competition issues; tax-related matters not subject to the provision of Accounting Standards Codification (ASC) 740, Income Taxes (indirect tax-related matters); product design, manufacture and performance; consumer protection laws; and environmental protection laws, including laws regulating air emissions, water discharges, waste management and environmental remediation. There are several putative class actions pending against GM in federal courts in the U.S. and in the Provincial Courts in Canada alleging that various vehicles sold including model year 2011-2016 Duramax Diesel Chevrolet Silverado and GMC Sierra vehicles, violate federal and state emission standards. GM also faces a series of additional lawsuits based primarily on allegations in the Duramax suit, including putative shareholder class actions claiming violations of federal securities law. At this early stage of these proceedings, we are unable to provide an evaluation of the likelihood that a loss will be incurred or an estimate of the amounts or range of possible loss. We believe that appropriate accruals have been established for losses that are probable and can be reasonably estimated. It is possible that the resolution of one or more of these matters could exceed the amounts accrued in an amount that could be material to our results of operations. We also from time to time receive subpoenas and other inquiries or requests for information from agencies or other representatives of U.S. federal, state and foreign governments on a variety of issues. Indirect tax-related matters are being litigated globally pertaining to value added taxes, customs, duties, sales, property taxes and other non-income tax related tax exposures. The various non-U.S. labor-related matters include claims from current and former employees related to alleged unpaid wage, benefit, severance and other compensation matters. Certain South American administrative proceedings are indirect tax-related and may require that we deposit funds in escrow or provide an alternative form of security which may range from $200 million to $600 million at September 30, 2017 . Some of the matters may involve compensatory, punitive or other treble damage claims, environmental remediation programs or sanctions that, if granted, could require us to pay damages or make other expenditures in amounts that could not be reasonably estimated at September 30, 2017 . We believe that appropriate accruals have been established for losses that are probable and can be reasonably estimated. For indirect tax-related matters we estimate our reasonably possible loss in excess of amounts accrued to be up to approximately $1.0 billion at September 30, 2017 . Takata Matters On May 4, 2016 the National Highway Traffic Safety Administration (NHTSA) issued an amended consent order requiring Takata to file defect information reports (DIRs) for previously unrecalled front airbag inflators that contain phase-stabilized ammonium nitrate-based propellant without a moisture absorbing desiccant on a multi-year, risk-based schedule through 2019 impacting tens of millions of vehicles produced by numerous automotive manufacturers. NHTSA concluded that the likely root cause of the rupturing of the airbag inflators is a function of time, temperature cycling and environmental moisture. On May 16, 2016 Takata issued its first DIR in connection with the amended consent order, and on January 3, 2017, Takata issued its second set of DIRs. Although we do not believe there is a safety defect at this time in any unrecalled GM vehicles within the scope of the Takata DIRs, in cooperation with NHTSA we filed Preliminary DIRs on May 27, 2016, updated as of June 13, 2016, covering 2.5 million of certain of our GMT900 vehicles, which are full-size pick-up trucks and sport utility vehicles (SUVs). On November 15, 2016 we filed a petition for inconsequentiality and request for deferral of determination regarding those GMT900 vehicles. On November 28, 2016 NHTSA granted GM's deferral request in connection with this petition. The deferral provided GM until August 31, 2017 to present evidence and analysis that our vehicles do not pose an unreasonable risk to motor vehicle safety. Takata filed a second set of equipment DIRs on January 3, 2017 and we filed a second set of Preliminary DIRs for certain GMT900 vehicles on January 10, 2017. These January 2017 DIRs are consistent with GM’s May 2016 DIRs. On the same day, we also filed a second petition for inconsequentiality and deferral of decision with respect to the vehicles subject to our January 2017 DIRs. On January 18, 2017, NHTSA consolidated our first and second petitions for inconsequentiality and will rule on both at the same time. On August 25, 2017, we filed a supplemental brief in support of our petitions that provided NHTSA with the results of our long-term study and testing and the basis for our determination that the inflators in these vehicles do not present an unreasonable risk to safety and that no repair should ultimately be required. In our brief, we requested that NHTSA grant our petitions or, in the alternative, grant an additional deferral period to provide time for further testing. We believe these vehicles are currently performing as designed and ongoing testing continues to support the belief that the vehicles' unique design and integration mitigates against inflator propellant degradation and rupture risk. For example, the airbag inflators used in the vehicles are a variant engineered specifically for our vehicles, and include features such as greater venting, unique propellant wafer configurations, and machined steel end caps. The inflators are packaged in the instrument panel in such a way as to minimize exposure to moisture from the climate control system. Also, these vehicles have features that minimize the maximum temperature to which the inflator will be exposed, such as larger interior volumes and standard solar absorbing windshields and side glass. Accordingly, no warranty provision has been made for any repair associated with our vehicles subject to the Preliminary DIRs and amended consent order. However, in the event we are ultimately obligated to repair the vehicles subject to current or future Takata DIRs under the amended consent order in the U.S., we estimate a reasonably possible impact to GM of approximately $1.0 billion . GM is engaged in discussions with regulators outside the U.S. with respect to Takata inflators. There are differences in vehicle and inflator design between the relevant vehicles sold internationally and those sold in the U.S. We continue to gather and analyze evidence about these inflators and to share our findings with regulators. We were required to recall certain vehicles outside of the U.S. in the three months ended September 30, 2017 to replace Takata inflators in these vehicles. Additional recalls, if any, could be material to our results of operations and cash flows. We continue to monitor the international situation. Through October 17, 2017 we were aware of two putative class actions pending against GM in federal court in the U.S., one putative class action in Mexico and four putative class actions pending in various Provincial Courts in Canada arising out of allegations that airbag inflators manufactured by Takata are defective. At this early stage of these proceedings, we are unable to provide an evaluation of the likelihood that a loss will be incurred or an estimate of the amounts or range of possible loss. On August 16, 2017, the bankruptcy court hearing the Takata bankruptcy entered an order staying all Takata related litigation against automotive manufacturers, including GM, until November 16, 2017. Product Liability With respect to product liability claims (other than claims relating to the ignition switch recalls discussed above) involving GM and General Motors Corporation products, we believe that any judgment against us for actual damages will be adequately covered by our recorded accruals and, where applicable, excess liability insurance coverage. In addition we indemnify dealers for certain product liability related claims, including claims related to products sold by General Motors Corporation's dealers. At September 30, 2017 and December 31, 2016 liabilities of $615 million and $656 million were recorded in Accrued liabilities and Other liabilities for the expected cost of all known product liability claims plus an estimate of the expected cost for product liability claims that have already been incurred and are expected to be filed in the future for which we are self-insured. In light of vehicle recalls in recent years it is reasonably possible that our accruals for product liability claims may increase in future periods in material amounts, although we cannot estimate a reasonable range of incremental loss based on currently available information. Guarantees We enter into indemnification agreements for liability claims involving products manufactured primarily by certain joint ventures. We also provide vehicle repurchase guarantees and payment guarantees on commercial loans outstanding with third parties such as dealers. These guarantees terminate in years ranging from 2017 to 2032 or upon the occurrence of specific events or are ongoing. We believe that the related potential costs incurred are adequately covered and our recorded accruals are insignificant. The maximum liability, calculated as future undiscounted payments, was $5.2 billion and $4.3 billion for these guarantees at September 30, 2017 and December 31, 2016 , the majority of which relate to the indemnification agreements. In some instances certain assets of the party whose debt or performance we have guaranteed may offset, to some degree, the amount of certain guarantees. Our payables to the party whose debt or performance we have guaranteed may also reduce the amount of certain guarantees. If vehicles are required to be repurchased under vehicle repurchase obligations, the total exposure would be reduced to the extent vehicles are able to be resold to another dealer. We periodically enter into agreements that incorporate indemnification provisions in the normal course of business. It is not possible to estimate our maximum exposure under these indemnifications or guarantees due to the conditional nature of these obligations. Insignificant amounts have been recorded for such obligations as the majority of them are not probable or estimable at this time and the fair value of the guarantees at issuance was insignificant. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For interim income tax reporting we estimate our annual effective tax rate and apply it to our year to date ordinary income (loss). Tax jurisdictions with a projected or year to date loss for which a tax benefit cannot be realized are excluded. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. We have open tax years from 2007 to 2016 with various significant tax jurisdictions. In the three months ended September 30, 2017 Income tax expense of $2.3 billion primarily resulted from tax expense attributable to entities included in our effective tax rate calculation of $583 million including tax benefits from foreign dividends and $2.3 billion related to the establishment of a valuation allowance on deferred tax assets that will no longer be realizable as a result of the sale of the Opel/Vauxhall Business as described in Note 2, partially offset by tax benefits related to tax settlements. In the three months ended September 30, 2016 Income tax expense of $902 million primarily resulted from tax expense attributable to entities included in our effective tax rate calculation of $1.3 billion , partially offset by tax benefits related to foreign currency losses. In the nine months ended September 30, 2017 Income tax expense of $3.6 billion primarily resulted from tax expense attributable to entities included in our effective tax rate calculation of $2.1 billion including tax benefits from foreign dividends and $2.3 billion related to the establishment of a valuation allowance on deferred tax assets that will no longer be realizable as a result of the sale of the Opel/Vauxhall Business as described in Note 2, partially offset by tax benefits related to tax settlements. In the nine months ended September 30, 2016 Income tax expense of $2.4 billion primarily resulted from tax expense attributable to entities included in our effective tax rate calculation of $3.4 billion , partially offset by tax benefits related to foreign currency losses, tax settlements and deductions taken for stock investments in non-U.S. affiliates. At September 30, 2017 we had $30.1 billion of net deferred tax assets consisting of net operating losses and income tax credits, capitalized research expenditures and other timing differences that are available to offset future income tax liabilities, partially offset by valuation allowances. The net operating losses and income tax credits include U.S. operating loss and tax credit carryforward deferred tax assets of $9.6 billion that expire by 2037 if not utilized; and Non-U.S. operating loss and tax credit carryforward deferred tax assets of $4.9 billion of which $946 million expire by 2037 if not utilized and $4.0 billion can be carried forward indefinitely. |
Restructuring and Other Initiat
Restructuring and Other Initiatives | 9 Months Ended |
Sep. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Initiatives | Restructuring and Other Initiatives We have executed various restructuring and other initiatives and we may execute additional initiatives in the future, if necessary, to streamline manufacturing capacity and other costs to improve the utilization of remaining facilities. To the extent these programs involve voluntary separations, no liabilities are generally recorded until offers to employees are accepted. If employees are involuntarily terminated, a liability is generally recorded at the communication date. Related charges are recorded in Automotive cost of sales and Automotive selling, general and administrative expense. The following table summarizes the reserves and charges related to restructuring and other initiatives, including postemployment benefit reserves and charges: Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Balance at beginning of period $ 493 $ 333 $ 268 $ 383 Additions, interest accretion and other 43 29 333 369 Payments (75 ) (24 ) (150 ) (429 ) Revisions to estimates and effect of foreign currency (7 ) (30 ) 3 (15 ) Balance at end of period $ 454 $ 308 $ 454 $ 308 In the nine months ended September 30, 2017 , restructuring and other initiatives primarily include restructuring actions announced in the three months ended June 30, 2017 in GMIO. These actions related primarily to the withdrawal of Chevrolet from the Indian and South African markets by the end of 2017 and the transition of our South Africa manufacturing operations to Isuzu Motors. We intend to continue manufacturing vehicles in India for sale to certain export markets. We recorded charges of $460 million in GMIO primarily consisting of $297 million of asset impairments, sales incentives, inventory provisions and other charges, not reflected in the table above, and $163 million of dealer restructurings, employee separations and other contract cancellation costs, which are reflected in the table above and insignificant costs for separation and other programs in GMNA and GMSA. We expect to complete these programs in 2017. Other GMIO restructuring programs reflected in the table above include separation and other programs in Australia, Korea and India and the withdrawal of the Chevrolet brand from Europe. Collectively these programs had a total cost since inception in 2013 of $883 million . We expect to complete these programs in 2017 and incur insignificant additional restructuring and other charges. In the nine months ended September 30, 2016 restructuring and other initiatives related primarily to charges of $240 million in the three months ended March 31, 2016 in GMNA related to the cash severance incentive program to qualified U.S. hourly employees under our 2015 labor agreement with the International Union, United Automobile, Aerospace and Agriculture Implement Workers of America (UAW) and insignificant costs for separation and other programs in Australia, Korea and India and the withdrawal of the Chevrolet brand from Europe. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity and Noncontrolling Interests At September 30, 2017 and December 31, 2016 we had 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance. At September 30, 2017 and December 31, 2016 we had 1.4 billion and 1.5 billion shares of common stock issued and outstanding. In the nine months ended September 30, 2017 and 2016 we purchased 86 million and 48 million shares of our outstanding common stock for $3.0 billion and $1.5 billion as part of the common stock repurchase program announced in March 2015, which our Board of Directors increased and extended in January 2016 and January 2017. Our total dividends paid on common stock were $546 million and $585 million in the three months ended September 30, 2017 and 2016 and $1.7 billion and $1.8 billion in the nine months ended September 30, 2017 and 2016 . In September 2017 GM Financial issued $1.0 billion of Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series A, $0.01 par value, with a liquidation preference of $1,000 per share. The preferred stock is classified as noncontrolling interests on our condensed consolidated financial statements. Dividends will be paid semi-annually when declared starting March 30, 2018 at a fixed rate of 5.75% or approximately $58 million annually for the first 10 years after issuance, after which, if not called, dividends will be paid based on a floating rate. The following table summarizes the significant components of Accumulated other comprehensive loss: Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Foreign Currency Translation Adjustments Balance at beginning of period $ (2,162 ) $ (1,959 ) $ (2,355 ) $ (2,034 ) Other comprehensive income (loss) net of reclassification adjustment, noncontrolling interests and tax(a)(b) 370 (70 ) 563 5 Balance at end of period $ (1,792 ) $ (2,029 ) $ (1,792 ) $ (2,029 ) Defined Benefit Plans Balance at beginning of period $ (7,208 ) $ (5,950 ) $ (6,968 ) $ (5,999 ) Other comprehensive income (loss) before reclassification adjustment, net of tax(a) 87 (3 ) (256 ) (18 ) Reclassification adjustment, net of tax(a)(c) 1,126 33 1,229 97 Other comprehensive income, net of tax(a) 1,213 30 973 79 Balance at end of period $ (5,995 ) $ (5,920 ) $ (5,995 ) $ (5,920 ) __________ (a) The income tax effect was insignificant in the three and nine months ended September 30, 2017 and 2016 . (b) The reclassification adjustments and noncontrolling interests were insignificant in the three and nine months ended September 30, 2017 and 2016 . (c) $1.2 billion is included in the loss on sale of the Opel/Vauxhall Business in the three and nine months ended September 30, 2017. An insignificant amount is included in the computation of periodic pension and OPEB (income) expense in the three and nine months ended September 30, 2017 and 2016. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Basic earnings per share Income from continuing operations(a) $ 115 $ 2,768 $ 5,222 $ 7,473 Less: cumulative dividends on GM Financial preferred stock (2 ) — (2 ) — Income from continuing operations attributable to common stockholders 113 2,768 5,220 7,473 Income (loss) from discontinued operations, net of tax (3,096 ) 5 (3,935 ) 119 Net income (loss) attributable to common stockholders $ (2,983 ) $ 2,773 $ 1,285 $ 7,592 Weighted-average common shares outstanding 1,445 1,550 1,483 1,548 Basic earnings per common share – continuing operations $ 0.08 $ 1.79 $ 3.52 $ 4.83 Basic earnings (loss) per common share – discontinued operations $ (2.14 ) $ — $ (2.65 ) $ 0.07 Basic earnings (loss) per common share $ (2.06 ) $ 1.79 $ 0.87 $ 4.90 Diluted earnings per share Income from continuing operations attributable to common stockholders – diluted(a) $ 113 $ 2,768 $ 5,220 $ 7,472 Income (loss) from discontinued operations, net of tax – diluted $ (3,096 ) $ 5 $ (3,935 ) $ 119 Net income (loss) attributable to common stockholders – diluted $ (2,983 ) $ 2,773 $ 1,285 $ 7,591 Weighted-average common shares outstanding – basic 1,445 1,550 1,483 1,548 Dilutive effect of warrants and awards under stock incentive plans 27 24 24 30 Weighted-average common shares outstanding – diluted 1,472 1,574 1,507 1,578 Diluted earnings per common share – continuing operations $ 0.08 $ 1.76 $ 3.46 $ 4.73 Diluted earnings (loss) per common share – discontinued operations $ (2.11 ) $ — $ (2.61 ) $ 0.08 Diluted earnings (loss) per common share $ (2.03 ) $ 1.76 $ 0.85 $ 4.81 Potentially dilutive securities(b) 6 26 6 26 __________ (a) Net of Net (income) loss attributable to noncontrolling interests. (b) Potentially dilutive securities attributable to outstanding stock options were excluded from the computation of diluted earnings per share because the securities would have had an antidilutive effect. |
Acquisition of Business
Acquisition of Business | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisition of Business | Acquisition of Business On May 12, 2016 we acquired all of the outstanding capital stock of Cruise Automation Inc., an autonomous vehicle technology company, to further accelerate our development of autonomous vehicles. The deal consideration at closing was $581 million , of which $291 million was paid in cash and approximately $290 million was paid through the issuance of new common stock. The fair value of the common stock issued was determined based on the closing price of our common stock on May 12, 2016. In conjunction with the acquisition, we entered into other agreements that will result in future costs contingent upon the continued employment of key individuals and additional performance-based awards contingent upon the achievement of specific technology and commercialization milestones. Of the total consideration, $130 million was allocated to intangible assets, primarily in-process research and development with an indefinite life until fully developed and commercialized, $39 million was allocated to deferred tax liabilities, net of other assets, and $490 million was allocated to non-tax-deductible goodwill in Corporate primarily related to the synergies expected to arise as a result of the acquisition. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We analyze the results of our business through the following segments: GMNA, GMIO, GMSA and GM Financial. As discussed in Note 2, the European Business is presented as discontinued operations and is excluded from our segment results for all periods presented. The European Business was previously reported as our GM Europe (GME) segment and part of GM Financial. The chief operating decision maker evaluates the operating results and performance of our automotive segments through earnings before interest and income taxes-adjusted, which is presented net of noncontrolling interests. The chief operating decision maker evaluates GM Financial through earnings before income taxes-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment. Each segment has a manager responsible for executing our strategic initiatives. Our automotive manufacturing operations are integrated within the segments, benefit from broad-based trade agreements and are subject to regulatory requirements. While not all vehicles within a segment are individually profitable on a fully allocated cost basis, those vehicles attract customers to dealer showrooms and help maintain sales volumes for other, more profitable vehicles and contribute towards meeting required fuel efficiency standards. As a result of these and other factors, we do not manage our business on an individual brand or vehicle basis. Substantially all of the cars, trucks, crossovers and automobile parts produced are marketed through retail dealers in North America and through distributors and dealers outside of North America, the substantial majority of which are independently owned. In addition to the products sold to dealers for consumer retail sales, cars, trucks and crossovers are also sold to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies and governments. Fleet sales are completed through the dealer network and in some cases directly with fleet customers. Retail and fleet customers can obtain a wide range of after-sale vehicle services and products through the dealer network, such as maintenance, light repairs, collision repairs, vehicle accessories and extended service warranties. GMNA primarily meets the demands of customers in North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet and GMC brands. The demands of customers outside North America are primarily met with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet, GMC, and Holden brands. We also have equity ownership stakes directly or indirectly in entities through various regional subsidiaries, primarily in Asia. These companies design, manufacture and/or market vehicles under the Baojun, Buick, Cadillac, Chevrolet, Jiefang and Wuling brands. Our automotive operations' interest income and interest expense, Maven, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures including autonomous vehicle-related engineering and other costs and certain nonsegment specific revenues and expenses are recorded centrally in Corporate. Corporate assets consist primarily of cash and cash equivalents, marketable securities, our investment in Lyft, goodwill, intangibles, Maven vehicles and intercompany balances. Retained net underfunded pension liabilities related to the European Business are also recorded in Corporate. All intersegment balances and transactions have been eliminated in consolidation. Beginning in the three months ended December 31, 2017, we intend to change our reportable segments as a result of planned changes in our organizational structure and the evolution of our business resulting from the sale of the Opel/Vauxhall Business and the various strategic actions taken in the GMIO region. As a result, our GMSA and GMIO segments will be reported as one, combined reportable international segment, GM International (GMI). Our GMNA and GM Financial segments will not be impacted. The following tables summarize key financial information by segment: At and For the Three Months Ended September 30, 2017 GMNA GMIO GMSA Corporate Eliminations Total Automotive GM Financial Eliminations Total Net sales and revenue $ 24,819 $ 3,007 $ 2,569 $ 80 $ 30,475 $ 3,161 $ (13 ) $ 33,623 Earnings (loss) before interest and taxes-adjusted $ 2,068 $ 337 $ 52 $ (242 ) $ 2,215 $ 310 $ (2 ) $ 2,523 Automotive interest income 59 Automotive interest expense (151 ) Net (loss) attributable to noncontrolling interests (1 ) Income before income taxes 2,430 Income tax expense (2,316 ) Income from continuing operations 114 Loss from discontinued operations, net of tax (3,096 ) Net loss attributable to noncontrolling interests 1 Net loss attributable to stockholders $ (2,981 ) Equity in net assets of nonconsolidated affiliates $ 82 $ 7,618 $ 1 $ — $ — $ 7,701 $ 1,119 $ — $ 8,820 Total assets(a) $ 109,885 $ 20,551 $ 7,617 $ 26,410 $ (40,067 ) $ 124,396 $ 106,142 $ (1,036 ) $ 229,502 Depreciation and amortization $ 1,210 $ 101 $ 65 $ 11 $ — $ 1,387 $ 1,743 $ — $ 3,130 Impairment charges $ 10 $ 7 $ — $ — $ — $ 17 $ — $ — $ 17 Equity income $ 2 $ 457 $ — $ — $ — $ 459 $ 41 $ — $ 500 __________ (a) Assets in GM Financial include assets classified as held for sale. At and For the Three Months Ended September 30, 2016 GMNA GMIO GMSA Corporate Eliminations Total Automotive GM Financial Eliminations Total Net sales and revenue $ 31,085 $ 3,376 $ 2,029 $ 40 $ 36,530 $ 2,360 $ (1 ) $ 38,889 Earnings (loss) before interest and taxes-adjusted $ 3,579 $ 220 $ (118 ) $ (212 ) $ 3,469 $ 193 $ — $ 3,662 Adjustments(a) $ — $ — $ — $ 110 $ 110 $ — $ — 110 Automotive interest income 43 Automotive interest expense (145 ) Net (loss) attributable to noncontrolling interests (61 ) Income before income taxes 3,609 Income tax expense (902 ) Income from continuing operations 2,707 Income from discontinued operations, net of tax 5 Net loss attributable to noncontrolling interests 61 Net income attributable to stockholders $ 2,773 Equity in net assets of nonconsolidated affiliates $ 74 $ 7,629 $ 2 $ — $ — $ 7,705 $ 940 $ — $ 8,645 Total assets(b) $ 101,846 $ 20,679 $ 7,662 $ 38,535 $ (31,339 ) $ 137,383 $ 82,200 $ (2,007 ) $ 217,576 Depreciation and amortization $ 1,088 $ 116 $ 75 $ 2 $ (1 ) $ 1,280 $ 1,249 $ — $ 2,529 Impairment charges $ 3 $ 2 $ — $ — $ — $ 5 $ — $ — $ 5 Equity income $ 3 $ 459 $ — $ — $ — $ 462 $ 35 $ — $ 497 __________ (a) Consists of a net benefit of $110 million for legal related matters related to the ignition switch recall. (b) Assets in Corporate and GM Financial include assets classified as held for sale. At and For the Nine Months Ended September 30, 2017 GMNA GMIO GMSA Corporate Eliminations Total GM Eliminations Total Net sales and revenue $ 82,594 $ 9,400 $ 6,826 $ 306 $ 99,126 $ 8,899 $ (152 ) $ 107,873 Earnings (loss) before interest and taxes-adjusted $ 9,014 $ 974 $ (90 ) $ (1,029 ) $ 8,869 $ 895 $ (5 ) $ 9,759 Adjustments(a) $ — $ (460 ) $ (80 ) $ (114 ) $ (654 ) $ — $ — (654 ) Automotive interest income 184 Automotive interest expense (430 ) Net income attributable to noncontrolling interests 11 Income before income taxes 8,870 Income tax expense (3,637 ) Income from continuing operations 5,233 Loss from discontinued operations, net of tax (3,935 ) Net (income) attributable to noncontrolling interests (11 ) Net income attributable to stockholders $ 1,287 Depreciation and amortization $ 3,499 $ 327 $ 208 $ 23 $ (1 ) $ 4,056 $ 4,757 $ — $ 8,813 Impairment charges $ 59 $ 204 $ 3 $ 5 $ — $ 271 $ — $ — $ 271 Equity income $ 8 $ 1,448 $ — $ — $ — $ 1,456 $ 129 $ — $ 1,585 __________ (a) Consists of charges of $460 million related to restructuring actions in India and South Africa in GMIO; charges of $80 million associated with the deconsolidation of Venezuela in GMSA and charges of $114 million for legal related matters related to the ignition switch recall in Corporate. At and For the Nine Months Ended September 30, 2016 GMNA GMIO GMSA Corporate Eliminations Total Automotive GM Financial Eliminations Total Net sales and revenue $ 87,815 $ 9,923 $ 5,011 $ 113 $ 102,862 $ 6,429 $ (3 ) $ 109,288 Earnings (loss) before interest and taxes-adjusted $ 9,708 $ 844 $ (300 ) $ (602 ) $ 9,650 $ 600 $ — $ 10,250 Adjustments(a) $ — $ — $ — $ (65 ) $ (65 ) $ — $ — (65 ) Automotive interest income 137 Automotive interest expense (413 ) Net (loss) attributable to noncontrolling interests (99 ) Income before income taxes 9,810 Income tax expense (2,436 ) Income from continuing operations 7,374 Income from discontinued operations, net of tax 119 Net loss attributable to noncontrolling interests 99 Net income attributable to stockholders $ 7,592 Depreciation and amortization $ 3,185 $ 330 $ 202 $ 12 $ (3 ) $ 3,726 $ 3,290 $ — $ 7,016 Impairment charges $ 44 $ 65 $ — $ — $ — $ 109 $ — $ — $ 109 Equity income $ 162 $ 1,446 $ — $ — $ — $ 1,608 $ 109 $ — $ 1,717 __________ (a) Consists of a net charge of $65 million for legal related matters related to the ignition switch recall. * * * * * * * |
Nature of Operations and Basi27
Nature of Operations and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Basis of Accounting | The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. GAAP pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2016 Form 10-K. Except for per share amounts or as otherwise specified, dollar amounts presented within tables are stated in millions. |
Accounting Standards | In May 2014 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09), which requires us to recognize revenue when a customer obtains control rather than when we have transferred substantially all risks and rewards of a good or service and requires expanded disclosures. ASU 2014-09, as amended, is effective for us beginning January 1, 2018. ASU 2014-09 will affect the amount and timing of certain revenue related transactions primarily resulting from the earlier recognition of certain sales incentives and fixed fee license arrangements. Upon adoption of ASU 2014-09 sales incentives will be recorded at the time of sale rather than at the later of sale or announcement and fixed fee license arrangements will be recognized when the customer is granted access to intellectual property instead of over the contract period. Certain transactions with daily rental car companies may also qualify to be accounted for as a sale as opposed to the current accounting as an operating lease. We expect to adopt the provisions of ASU 2014-09 on a modified retrospective basis through a cumulative adjustment to equity. Upon adoption of ASU 2014-09 we estimate a reduction to Equity of up to $1.0 billion . This estimate is subject to change as a result of future changes in market conditions, incentive program offerings, and dealer inventory levels. We continue to assess the overall impact the adoption of ASU 2014-09 will have on our consolidated financial statements and are continuing to test and refine our processes designed to comply with ASU 2014-09 to permit adoption by January 1, 2018. In January 2016 the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (ASU 2016-01), which requires equity investments that are not accounted for under the equity method of accounting to be measured at fair value with changes recognized in net income and which updates certain presentation and disclosure requirements. ASU 2016-01 is effective for us beginning January 1, 2018 and requires a cumulative-effect adjustment for certain items upon adoption. At September 30, 2017 the carrying value of equity investments that are not accounted for under the equity method of accounting totaled approximately $500 million and unrealized gains or losses were insignificant. We do not believe the adoption of ASU 2016-01 will be material to our consolidated financial statements. In March 2017 the FASB issued ASU 2017-07, "Compensation – Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost" (ASU 2017-07), which requires that the service cost component of net periodic pension and other postretirement benefits (OPEB) (income) expense be presented in the same income statement line item as other employee compensation costs, while the remaining components of net periodic pension and OPEB (income) expense are to be presented outside operating income. ASU 2017-07 is effective for us on a retrospective basis beginning January 1, 2018 and will result in the reclassification of non-service cost components from primarily Automotive cost of sales to Interest income and other non-operating income, net. We expect a resulting decrease to Operating income and an increase to Interest income and other non-operating income, net of approximately $1.3 billion for the year ended December 31, 2016 . In August 2017 the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities" (ASU 2017-12), which simplifies the application of hedge accounting and more closely aligns hedge accounting with companies' risk management strategies thereby making more hedging strategies eligible for hedge accounting. Unlike current guidance, ASU 2017-12 permits hedge accounting for specific risks in hedging relationships involving nonfinancial risk and interest rate risk. ASU 2017-12 is effective for us beginning January 1, 2019, with early adoption permitted. ASU 2017-12 requires a cumulative-effect adjustment for certain items upon adoption. We are currently evaluating the impact the adoption of ASU 2017-12 will have on our consolidated financial statements. The simplifications to the application of hedge accounting may result in the future expansion of our use of hedge accounting. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table summarizes the results of the discontinued operations: Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Automotive net sales and revenue $ 1,553 $ 4,444 $ 11,257 $ 15,011 GM Financial net sales and revenue 147 132 414 418 Total net sales and revenue 1,700 4,576 11,671 15,429 Automotive cost of sales 1,583 4,279 11,049 14,287 GM Financial interest, operating and other expenses 99 104 301 317 Automotive selling, general, and administrative expense 134 324 813 1,011 Other income and (expense) items (74 ) 10 (72 ) 75 Loss from discontinued operations before taxes 190 121 564 111 Loss on sale of discontinued operations before taxes(a)(b) 1,150 — 1,986 — Total loss from discontinued operations before taxes 1,340 121 2,550 111 Income tax expense (benefit)(b)(c) 1,756 (126 ) 1,385 (230 ) Income (loss) from discontinued operations, net of tax $ (3,096 ) $ 5 $ (3,935 ) $ 119 __________ (a) Includes contract cancellation charges associated with the disposal in the nine months ended September 30, 2017. (b) Total loss on sale of discontinued operations, net of tax was $3.1 billion and $3.7 billion for the three and nine months ended September 30, 2017. (c) Includes $2.0 billion of deferred tax assets that transferred to PSA Group in the three and nine months ended September 30, 2017. The following table summarizes the assets and liabilities of the Fincos at September 30, 2017 and the European Business at December 31, 2016: September 30, 2017 December 31, 2016 Current Assets Cash and cash equivalents $ 242 $ 386 Accounts and notes receivable, net 65 938 GM Financial receivables, net 6,995 5,938 Inventories — 2,748 Equipment on operating leases, net — 786 Other current assets 328 382 Total current assets held for sale 7,630 11,178 Non-current Assets GM Financial receivables, net 4,308 3,723 Property, net 65 3,217 Deferred income taxes 122 1,920 Other assets 13 515 Total non-current assets held for sale 4,508 9,375 Total Assets Held for Sale $ 12,138 $ 20,553 Current Liabilities Accounts payable (principally trade) $ 178 $ 3,628 Short-term debt and current portion of long-term debt Automotive — 107 GM Financial 6,014 5,124 Accrued liabilities 182 3,299 Total current liabilities held for sale 6,374 12,158 Non-current Liabilities Long-term debt Automotive — 85 GM Financial 4,327 4,189 Pensions 126 2,687 Other liabilities 37 665 Total non-current liabilities held for sale 4,490 7,626 Total Liabilities Held for Sale $ 10,864 $ 19,784 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Marketable Securities [Abstract] | |
Available-for-sale Securities | The following table summarizes the fair value of cash equivalents and marketable securities which approximates cost: Fair Value Level September 30, 2017 December 31, 2016 Cash and cash equivalents Cash, cash equivalents and time deposits $ 6,124 $ 5,692 Available-for-sale securities U.S. government and agencies 2 160 1,158 Corporate debt 2 1,770 2,524 Money market funds 1 2,983 1,801 Sovereign debt 2 1,755 1,399 Total available-for-sale securities – cash equivalents 6,668 6,882 Total cash and cash equivalents $ 12,792 $ 12,574 Marketable securities U.S. government and agencies 2 $ 3,285 $ 5,886 Corporate debt 2 3,720 3,611 Mortgage and asset-backed 2 584 197 Sovereign debt 2 865 2,147 Total available-for-sale securities – marketable securities $ 8,454 $ 11,841 Restricted cash Cash, cash equivalents and time deposits $ 199 $ 248 Available-for-sale securities, primarily money market funds 1 2,324 1,665 Total restricted cash $ 2,523 $ 1,913 Available-for-sale securities included above with contractual maturities(a) Due in one year or less $ 6,417 Due between one and five years 5,138 Total available-for-sale securities with contractual maturities $ 11,555 __________ (a) Excludes mortgage and asset-backed securities. |
Schedule of Fair Value of Cash Equivalents and Marketable Securities | The following table summarizes the fair value of cash equivalents and marketable securities which approximates cost: Fair Value Level September 30, 2017 December 31, 2016 Cash and cash equivalents Cash, cash equivalents and time deposits $ 6,124 $ 5,692 Available-for-sale securities U.S. government and agencies 2 160 1,158 Corporate debt 2 1,770 2,524 Money market funds 1 2,983 1,801 Sovereign debt 2 1,755 1,399 Total available-for-sale securities – cash equivalents 6,668 6,882 Total cash and cash equivalents $ 12,792 $ 12,574 Marketable securities U.S. government and agencies 2 $ 3,285 $ 5,886 Corporate debt 2 3,720 3,611 Mortgage and asset-backed 2 584 197 Sovereign debt 2 865 2,147 Total available-for-sale securities – marketable securities $ 8,454 $ 11,841 Restricted cash Cash, cash equivalents and time deposits $ 199 $ 248 Available-for-sale securities, primarily money market funds 1 2,324 1,665 Total restricted cash $ 2,523 $ 1,913 Available-for-sale securities included above with contractual maturities(a) Due in one year or less $ 6,417 Due between one and five years 5,138 Total available-for-sale securities with contractual maturities $ 11,555 __________ (a) Excludes mortgage and asset-backed securities. |
Investments Classified by Contractual Maturity Date | The following table summarizes the fair value of cash equivalents and marketable securities which approximates cost: Fair Value Level September 30, 2017 December 31, 2016 Cash and cash equivalents Cash, cash equivalents and time deposits $ 6,124 $ 5,692 Available-for-sale securities U.S. government and agencies 2 160 1,158 Corporate debt 2 1,770 2,524 Money market funds 1 2,983 1,801 Sovereign debt 2 1,755 1,399 Total available-for-sale securities – cash equivalents 6,668 6,882 Total cash and cash equivalents $ 12,792 $ 12,574 Marketable securities U.S. government and agencies 2 $ 3,285 $ 5,886 Corporate debt 2 3,720 3,611 Mortgage and asset-backed 2 584 197 Sovereign debt 2 865 2,147 Total available-for-sale securities – marketable securities $ 8,454 $ 11,841 Restricted cash Cash, cash equivalents and time deposits $ 199 $ 248 Available-for-sale securities, primarily money market funds 1 2,324 1,665 Total restricted cash $ 2,523 $ 1,913 Available-for-sale securities included above with contractual maturities(a) Due in one year or less $ 6,417 Due between one and five years 5,138 Total available-for-sale securities with contractual maturities $ 11,555 __________ (a) Excludes mortgage and asset-backed securities. |
Reconciliation of Cash, Cash Equivalents and Restricted Cash from Balance Sheet to Statements of Cash Flows | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet to the total shown in the condensed consolidated statement of cash flows: September 30, 2017 Cash and cash equivalents $ 12,792 Restricted cash included in Other current assets 1,940 Restricted cash included in Other assets 583 Total $ 15,315 |
GM Financial Receivables (Table
GM Financial Receivables (Tables) - GM Financial [Member] | 9 Months Ended |
Sep. 30, 2017 | |
Finance Receivables [Line Items] | |
GM Financial Receivables | September 30, 2017 December 31, 2016 Retail Commercial Total Retail Commercial Total Finance receivables, collectively evaluated for impairment, net of fees $ 30,052 $ 9,119 $ 39,171 $ 24,480 $ 7,506 $ 31,986 Finance receivables, individually evaluated for impairment, net of fees 2,170 27 2,197 1,920 27 1,947 GM Financial receivables 32,222 9,146 41,368 26,400 7,533 33,933 Less: allowance for loan losses (899 ) (49 ) (948 ) (765 ) (40 ) (805 ) GM Financial receivables, net $ 31,323 $ 9,097 $ 40,420 $ 25,635 $ 7,493 $ 33,128 Fair value of GM Financial receivables $ 40,513 $ 33,181 |
Allowance for Loan Losses | The carrying amount, a Level 2 input, is considered to be a reasonable estimate of fair value. Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Allowance for loan losses at beginning of period $ 893 $ 828 $ 805 $ 749 Provision for loan losses 204 167 573 501 Charge-offs (287 ) (284 ) (858 ) (826 ) Recoveries 135 128 420 403 Effect of foreign currency 3 (2 ) 8 10 Allowance for loan losses at end of period $ 948 $ 837 $ 948 $ 837 |
Retail Finance Receivables [Member] | |
Finance Receivables [Line Items] | |
Retail Finance Receivables Delinquency | The following table summarizes the contractual amount of delinquent retail finance receivables, which is not significantly different than the recorded investment of the retail finance receivables: September 30, 2017 September 30, 2016 Amount Percent of Contractual Amount Due Amount Percent of Contractual Amount Due 31-to-60 days delinquent $ 1,176 3.6 % $ 1,112 4.4 % Greater-than-60 days delinquent 521 1.6 % 491 1.9 % Total finance receivables more than 30 days delinquent 1,697 5.2 % 1,603 6.3 % In repossession 55 0.2 % 57 0.2 % Total finance receivables more than 30 days delinquent or in repossession $ 1,752 5.4 % $ 1,660 6.5 % |
Commercial Finance Receivables [Member] | |
Finance Receivables [Line Items] | |
Commercial Finance Receivables Credit Quality | The following table summarizes the credit risk profile by dealer risk rating of commercial finance receivables: September 30, 2017 December 31, 2016 Group I – Dealers with superior financial metrics $ 1,547 $ 1,372 Group II – Dealers with strong financial metrics 3,465 2,526 Group III – Dealers with fair financial metrics 2,913 2,598 Group IV – Dealers with weak financial metrics 881 613 Group V – Dealers warranting special mention due to elevated risks 238 334 Group VI – Dealers with loans classified as substandard, doubtful or impaired 102 90 $ 9,146 $ 7,533 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | September 30, 2017 GMNA GMIO GMSA Total Total productive material, supplies and work in process $ 3,587 $ 720 $ 649 $ 4,956 Finished product, including service parts 4,572 1,425 836 6,833 Total inventories $ 8,159 $ 2,145 $ 1,485 $ 11,789 December 31, 2016 GMNA GMIO GMSA Total Total productive material, supplies and work in process $ 3,277 $ 970 $ 761 $ 5,008 Finished product, including service parts 4,119 1,208 705 6,032 Total inventories $ 7,396 $ 2,178 $ 1,466 $ 11,040 |
Equipment on Operating Leases (
Equipment on Operating Leases (Tables) - Vehicles [Member] | 9 Months Ended |
Sep. 30, 2017 | |
Property Subject to or Available for Operating Lease [Line Items] | |
Schedule of Property Subject to or Available for Operating Lease | September 30, 2017 December 31, 2016 Equipment on operating leases $ 52,632 $ 41,851 Less: accumulated depreciation (9,225 ) (6,399 ) Equipment on operating leases, net(a) $ 43,407 $ 35,452 __________ (a) Includes $41.8 billion and $34.3 billion of GM Financial equipment on operating leases, net at September 30, 2017 and December 31, 2016. |
GM Financial [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Schedule of Future Minimum Rental Payments Receivable for Operating Leases | The following table summarizes minimum rental payments due to GM Financial on leases to retail customers: Year Ending December 31, 2017 2018 2019 2020 2021 Minimum rental receipts under operating leases $ 1,800 $ 6,256 $ 3,861 $ 1,182 $ 110 |
Equity In Net Assets of Nonco33
Equity In Net Assets of Nonconsolidated Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Income | Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Automotive China equity income $ 459 $ 459 $ 1,472 $ 1,448 Other joint ventures equity income 41 38 113 269 Total Equity income $ 500 $ 497 $ 1,585 $ 1,717 |
Summarized Financial Data of Nonconsolidated Affiliates | Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Summarized Operating Data of Automotive China JVs Automotive China JVs' net sales $ 12,161 $ 10,945 $ 34,177 $ 32,417 Automotive China JVs' net income $ 964 $ 956 $ 2,912 $ 3,021 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
GM Financial [Member] | Consolidated VIE [Member] | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs: September 30, 2017 December 31, 2016 Restricted cash – current $ 1,768 $ 1,302 Restricted cash – non-current $ 523 $ 478 GM Financial receivables, net of fees – current $ 13,782 $ 12,437 GM Financial receivables, net of fees – non-current $ 12,411 $ 11,917 GM Financial equipment on operating leases, net $ 23,751 $ 19,341 GM Financial short-term debt and current portion of long-term debt $ 19,207 $ 17,526 GM Financial long-term debt $ 20,981 $ 16,659 |
Automotive and GM Financial D35
Automotive and GM Financial Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Automotive [Member] | |
Debt Instrument [Line Items] | |
Debt carrying amount and fair value | September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Total automotive debt $ 13,635 $ 14,798 $ 10,560 $ 11,399 Fair value utilizing Level 1 inputs $ 12,877 $ 9,515 Fair value utilizing Level 2 inputs $ 1,921 $ 1,884 |
GM Financial [Member] | |
Debt Instrument [Line Items] | |
Debt carrying amount and fair value | September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 40,775 $ 40,889 $ 35,087 $ 35,162 Unsecured debt 38,263 39,411 29,476 30,045 Total GM Financial debt $ 79,038 $ 80,300 $ 64,563 $ 65,207 Fair value utilizing Level 2 inputs $ 78,293 $ 62,951 Fair value utilizing Level 3 inputs $ 2,007 $ 2,256 |
Derivative Financial Instrume36
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Automotive [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts for Derivative Financial Instruments | The following table presents the notional amounts based on asset or liability positions of derivative financial instruments in our automotive operations: Fair Value Level September 30, 2017 December 31, 2016 Derivatives designated as hedges(a) Assets Cash flow hedges Foreign currency 2 $ — $ 803 Commodity 2 73 106 Total assets $ 73 $ 909 Derivatives not designated as hedges(a) Assets Foreign currency 2/3 $ 3,671 $ 4,483 Commodity 2 553 1,061 PSA warrants(b) 2 47 — Total assets $ 4,271 $ 5,544 Liabilities Foreign currency 2/3 $ 2,025 $ 470 Commodity 2 70 181 Total liabilities $ 2,095 $ 651 __________ (a) The fair value of these derivative instruments at September 30, 2017 and December 31, 2016 and the gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three and nine months ended September 30, 2017 and 2016 were insignificant. (b) The fair value of the PSA warrants was $903 million at September 30, 2017 . |
GM Financial [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts for Derivative Financial Instruments | The following table presents the notional amounts based on asset or liability positions of GM Financial's derivative financial instruments: Fair Value Level September 30, 2017 December 31, 2016 Derivatives designated as hedges(a) Assets Fair value hedges – interest rate swaps 2 $ 3,500 $ — Cash flow hedges Interest rate swaps 2/3 2,561 3,070 Foreign currency 2 1,356 — Total cash flow hedges 3,917 3,070 Total assets $ 7,417 $ 3,070 Liabilities Fair value hedges – interest rate swaps(b) 2 $ 7,860 $ 7,700 Cash flow hedges Interest rate swaps 2/3 — 500 Foreign currency 2 — 791 Total cash flow hedges — 1,291 Total liabilities $ 7,860 $ 8,991 Derivatives not designated as hedges(a) Assets Interest rate swaps 2/3 $ 33,218 $ 7,959 Interest rate caps and floors 2 16,810 9,698 Foreign currency 2 1,182 — Total assets $ 51,210 $ 17,657 Liabilities Interest rate swaps 2/3 $ 12,823 $ 6,170 Interest rate caps and floors 2 18,467 12,146 Total liabilities $ 31,290 $ 18,316 __________ (a) The fair value of these derivative instruments at September 30, 2017 and December 31, 2016 and the gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three and nine months ended September 30, 2017 and 2016 were insignificant. (b) The fair value of these derivative instruments was $260 million and $276 million at September 30, 2017 and December 31, 2016 . |
Product Warranty and Related 37
Product Warranty and Related Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Product Warranties Disclosures [Abstract] | |
Schedule of policy, product warranty, recall campaigns and courtesy transportation | Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Warranty balance at beginning of period $ 8,890 $ 8,639 $ 9,069 $ 8,550 Warranties issued and assumed in period – recall campaigns 173 306 527 627 Warranties issued and assumed in period – product warranty 481 631 1,586 1,717 Payments (787 ) (861 ) (2,382 ) (2,524 ) Adjustments to pre-existing warranties (317 ) 101 (405 ) 390 Effect of foreign currency and other 39 5 84 61 Warranty balance at end of period $ 8,479 $ 8,821 $ 8,479 $ 8,821 |
Pensions and Other Postretire38
Pensions and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Pension and OPEB (Income) Expense | Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 79 $ 45 $ 4 $ 96 $ 80 $ 4 Interest cost 536 115 51 553 127 50 Expected return on plan assets (919 ) (185 ) — (945 ) (179 ) — Amortization of prior service cost (credit) (1 ) 2 (3 ) (1 ) 4 (3 ) Amortization of net actuarial (gains) losses (2 ) 29 8 (6 ) 34 5 Net periodic pension and OPEB (income) expense $ (307 ) $ 6 $ 60 $ (303 ) $ 66 $ 56 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 237 $ 131 $ 14 $ 287 $ 195 $ 13 Interest cost 1,608 366 149 1,659 384 150 Expected return on plan assets (2,757 ) (528 ) — (2,834 ) (538 ) — Amortization of prior service cost (credit) (3 ) 4 (10 ) (3 ) 10 (10 ) Amortization of net actuarial (gains) losses (5 ) 124 24 (19 ) 104 15 Net periodic pension and OPEB (income) expense $ (920 ) $ 97 $ 177 $ (910 ) $ 155 $ 168 |
Restructuring and Other Initi39
Restructuring and Other Initiatives (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserves and Charges | The following table summarizes the reserves and charges related to restructuring and other initiatives, including postemployment benefit reserves and charges: Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Balance at beginning of period $ 493 $ 333 $ 268 $ 383 Additions, interest accretion and other 43 29 333 369 Payments (75 ) (24 ) (150 ) (429 ) Revisions to estimates and effect of foreign currency (7 ) (30 ) 3 (15 ) Balance at end of period $ 454 $ 308 $ 454 $ 308 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Foreign Currency Translation Adjustments Balance at beginning of period $ (2,162 ) $ (1,959 ) $ (2,355 ) $ (2,034 ) Other comprehensive income (loss) net of reclassification adjustment, noncontrolling interests and tax(a)(b) 370 (70 ) 563 5 Balance at end of period $ (1,792 ) $ (2,029 ) $ (1,792 ) $ (2,029 ) Defined Benefit Plans Balance at beginning of period $ (7,208 ) $ (5,950 ) $ (6,968 ) $ (5,999 ) Other comprehensive income (loss) before reclassification adjustment, net of tax(a) 87 (3 ) (256 ) (18 ) Reclassification adjustment, net of tax(a)(c) 1,126 33 1,229 97 Other comprehensive income, net of tax(a) 1,213 30 973 79 Balance at end of period $ (5,995 ) $ (5,920 ) $ (5,995 ) $ (5,920 ) __________ (a) The income tax effect was insignificant in the three and nine months ended September 30, 2017 and 2016 . (b) The reclassification adjustments and noncontrolling interests were insignificant in the three and nine months ended September 30, 2017 and 2016 . (c) $1.2 billion is included in the loss on sale of the Opel/Vauxhall Business in the three and nine months ended September 30, 2017. An insignificant amount is included in the computation of periodic pension and OPEB (income) expense in the three and nine months ended September 30, 2017 and 2016. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Diluted | Three Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Basic earnings per share Income from continuing operations(a) $ 115 $ 2,768 $ 5,222 $ 7,473 Less: cumulative dividends on GM Financial preferred stock (2 ) — (2 ) — Income from continuing operations attributable to common stockholders 113 2,768 5,220 7,473 Income (loss) from discontinued operations, net of tax (3,096 ) 5 (3,935 ) 119 Net income (loss) attributable to common stockholders $ (2,983 ) $ 2,773 $ 1,285 $ 7,592 Weighted-average common shares outstanding 1,445 1,550 1,483 1,548 Basic earnings per common share – continuing operations $ 0.08 $ 1.79 $ 3.52 $ 4.83 Basic earnings (loss) per common share – discontinued operations $ (2.14 ) $ — $ (2.65 ) $ 0.07 Basic earnings (loss) per common share $ (2.06 ) $ 1.79 $ 0.87 $ 4.90 Diluted earnings per share Income from continuing operations attributable to common stockholders – diluted(a) $ 113 $ 2,768 $ 5,220 $ 7,472 Income (loss) from discontinued operations, net of tax – diluted $ (3,096 ) $ 5 $ (3,935 ) $ 119 Net income (loss) attributable to common stockholders – diluted $ (2,983 ) $ 2,773 $ 1,285 $ 7,591 Weighted-average common shares outstanding – basic 1,445 1,550 1,483 1,548 Dilutive effect of warrants and awards under stock incentive plans 27 24 24 30 Weighted-average common shares outstanding – diluted 1,472 1,574 1,507 1,578 Diluted earnings per common share – continuing operations $ 0.08 $ 1.76 $ 3.46 $ 4.73 Diluted earnings (loss) per common share – discontinued operations $ (2.11 ) $ — $ (2.61 ) $ 0.08 Diluted earnings (loss) per common share $ (2.03 ) $ 1.76 $ 0.85 $ 4.81 Potentially dilutive securities(b) 6 26 6 26 __________ (a) Net of Net (income) loss attributable to noncontrolling interests. (b) Potentially dilutive securities attributable to outstanding stock options were excluded from the computation of diluted earnings per share because the securities would have had an antidilutive effect. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables summarize key financial information by segment: At and For the Three Months Ended September 30, 2017 GMNA GMIO GMSA Corporate Eliminations Total Automotive GM Financial Eliminations Total Net sales and revenue $ 24,819 $ 3,007 $ 2,569 $ 80 $ 30,475 $ 3,161 $ (13 ) $ 33,623 Earnings (loss) before interest and taxes-adjusted $ 2,068 $ 337 $ 52 $ (242 ) $ 2,215 $ 310 $ (2 ) $ 2,523 Automotive interest income 59 Automotive interest expense (151 ) Net (loss) attributable to noncontrolling interests (1 ) Income before income taxes 2,430 Income tax expense (2,316 ) Income from continuing operations 114 Loss from discontinued operations, net of tax (3,096 ) Net loss attributable to noncontrolling interests 1 Net loss attributable to stockholders $ (2,981 ) Equity in net assets of nonconsolidated affiliates $ 82 $ 7,618 $ 1 $ — $ — $ 7,701 $ 1,119 $ — $ 8,820 Total assets(a) $ 109,885 $ 20,551 $ 7,617 $ 26,410 $ (40,067 ) $ 124,396 $ 106,142 $ (1,036 ) $ 229,502 Depreciation and amortization $ 1,210 $ 101 $ 65 $ 11 $ — $ 1,387 $ 1,743 $ — $ 3,130 Impairment charges $ 10 $ 7 $ — $ — $ — $ 17 $ — $ — $ 17 Equity income $ 2 $ 457 $ — $ — $ — $ 459 $ 41 $ — $ 500 __________ (a) Assets in GM Financial include assets classified as held for sale. At and For the Three Months Ended September 30, 2016 GMNA GMIO GMSA Corporate Eliminations Total Automotive GM Financial Eliminations Total Net sales and revenue $ 31,085 $ 3,376 $ 2,029 $ 40 $ 36,530 $ 2,360 $ (1 ) $ 38,889 Earnings (loss) before interest and taxes-adjusted $ 3,579 $ 220 $ (118 ) $ (212 ) $ 3,469 $ 193 $ — $ 3,662 Adjustments(a) $ — $ — $ — $ 110 $ 110 $ — $ — 110 Automotive interest income 43 Automotive interest expense (145 ) Net (loss) attributable to noncontrolling interests (61 ) Income before income taxes 3,609 Income tax expense (902 ) Income from continuing operations 2,707 Income from discontinued operations, net of tax 5 Net loss attributable to noncontrolling interests 61 Net income attributable to stockholders $ 2,773 Equity in net assets of nonconsolidated affiliates $ 74 $ 7,629 $ 2 $ — $ — $ 7,705 $ 940 $ — $ 8,645 Total assets(b) $ 101,846 $ 20,679 $ 7,662 $ 38,535 $ (31,339 ) $ 137,383 $ 82,200 $ (2,007 ) $ 217,576 Depreciation and amortization $ 1,088 $ 116 $ 75 $ 2 $ (1 ) $ 1,280 $ 1,249 $ — $ 2,529 Impairment charges $ 3 $ 2 $ — $ — $ — $ 5 $ — $ — $ 5 Equity income $ 3 $ 459 $ — $ — $ — $ 462 $ 35 $ — $ 497 __________ (a) Consists of a net benefit of $110 million for legal related matters related to the ignition switch recall. (b) Assets in Corporate and GM Financial include assets classified as held for sale. At and For the Nine Months Ended September 30, 2017 GMNA GMIO GMSA Corporate Eliminations Total GM Eliminations Total Net sales and revenue $ 82,594 $ 9,400 $ 6,826 $ 306 $ 99,126 $ 8,899 $ (152 ) $ 107,873 Earnings (loss) before interest and taxes-adjusted $ 9,014 $ 974 $ (90 ) $ (1,029 ) $ 8,869 $ 895 $ (5 ) $ 9,759 Adjustments(a) $ — $ (460 ) $ (80 ) $ (114 ) $ (654 ) $ — $ — (654 ) Automotive interest income 184 Automotive interest expense (430 ) Net income attributable to noncontrolling interests 11 Income before income taxes 8,870 Income tax expense (3,637 ) Income from continuing operations 5,233 Loss from discontinued operations, net of tax (3,935 ) Net (income) attributable to noncontrolling interests (11 ) Net income attributable to stockholders $ 1,287 Depreciation and amortization $ 3,499 $ 327 $ 208 $ 23 $ (1 ) $ 4,056 $ 4,757 $ — $ 8,813 Impairment charges $ 59 $ 204 $ 3 $ 5 $ — $ 271 $ — $ — $ 271 Equity income $ 8 $ 1,448 $ — $ — $ — $ 1,456 $ 129 $ — $ 1,585 __________ (a) Consists of charges of $460 million related to restructuring actions in India and South Africa in GMIO; charges of $80 million associated with the deconsolidation of Venezuela in GMSA and charges of $114 million for legal related matters related to the ignition switch recall in Corporate. At and For the Nine Months Ended September 30, 2016 GMNA GMIO GMSA Corporate Eliminations Total Automotive GM Financial Eliminations Total Net sales and revenue $ 87,815 $ 9,923 $ 5,011 $ 113 $ 102,862 $ 6,429 $ (3 ) $ 109,288 Earnings (loss) before interest and taxes-adjusted $ 9,708 $ 844 $ (300 ) $ (602 ) $ 9,650 $ 600 $ — $ 10,250 Adjustments(a) $ — $ — $ — $ (65 ) $ (65 ) $ — $ — (65 ) Automotive interest income 137 Automotive interest expense (413 ) Net (loss) attributable to noncontrolling interests (99 ) Income before income taxes 9,810 Income tax expense (2,436 ) Income from continuing operations 7,374 Income from discontinued operations, net of tax 119 Net loss attributable to noncontrolling interests 99 Net income attributable to stockholders $ 7,592 Depreciation and amortization $ 3,185 $ 330 $ 202 $ 12 $ (3 ) $ 3,726 $ 3,290 $ — $ 7,016 Impairment charges $ 44 $ 65 $ — $ — $ — $ 109 $ — $ — $ 109 Equity income $ 162 $ 1,446 $ — $ — $ — $ 1,608 $ 109 $ — $ 1,717 __________ (a) Consists of a net charge of $65 million for legal related matters related to the ignition switch recall. |
Nature of Operations and Basi43
Nature of Operations and Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Jan. 01, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Interest income and other non-operating income, net | $ 165 | $ 109 | $ 277 | $ 295 | ||
Decrease to Operating income | (1,916) | $ (3,148) | (7,438) | $ (8,211) | ||
Accounting Standards Update 2014-09 [Member] | Maximum [Member] | Forecast [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative Effect on Retained Earnings, Net of Tax | $ 1,000 | |||||
Accounting Standards Update 2016-01 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Equity investments not accounted for under the equity method of accounting | $ 500 | $ 500 | ||||
Accounting Standards Update 2017-07 [Member] | Pro Forma [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Interest income and other non-operating income, net | $ 1,300 | |||||
Decrease to Operating income | $ 1,300 |
Discontinued Operations Narrati
Discontinued Operations Narrative (Details) $ in Millions | Jul. 31, 2017USD ($)day | Mar. 05, 2017USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Income (loss) from discontinued operations, net of tax | $ (3,096) | $ 5 | $ (3,935) | $ 119 | |||||
Line of Credit [Member] | Revolving Credit Facility [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Debt term | 3 years | ||||||||
Opel/Vauxhall Business and Fincos [Member] | Discontinued Operations [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Estimated net consideration for transferred business | $ 2,500 | ||||||||
Disposal loss | 3,100 | $ 3,700 | |||||||
Income (loss) from discontinued operations, net of tax | (3,096) | 5 | (3,935) | 119 | |||||
Income tax expense (benefit) | 1,756 | (126) | 1,385 | (230) | |||||
Loss on sale of discontinued operations before taxes | 1,150 | $ 836 | $ 0 | 1,986 | $ 0 | ||||
Underfunded pension liabilities of retired and former employees retained by GM | $ 6,800 | ||||||||
Opel/Vauxhall Business and Fincos [Member] | Discontinued Operations [Member] | Forecast [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Charge at closing | $ 6,300 | ||||||||
Opel/Vauxhall Business [Member] | Discontinued Operations [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Estimated net consideration for transferred business | 1,400 | ||||||||
Cash received from sale | 1,100 | ||||||||
Warrants received | 808 | ||||||||
De-risking premium payment | $ 478 | ||||||||
Warrant vesting period | 5 years | ||||||||
Threshold to sell the warrants after exercise (in days) | day | 35 | ||||||||
Charge at closing | 5,396 | ||||||||
De-risking premium payment and deferred pension losses | $ 1,500 | ||||||||
Income (loss) from discontinued operations, net of tax | (3,096) | ||||||||
Income tax expense (benefit) | 2,300 | ||||||||
Charge for deferred tax assets no longer realizable upon transfer | 4,300 | ||||||||
Other costs and charges | 421 | ||||||||
Underfunded pension liabilities of current employees transferred to PSA Group | 3,100 | ||||||||
Payment to PSA Group at closing for assumed underfunded pension liabilities | $ 3,400 | ||||||||
Total net sales and revenue transactions with discontinued operations | $ 362 | 362 | |||||||
Fincos [Member] | Discontinued Operations [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Estimated net consideration for transferred business | $ 1,100 | ||||||||
Percent of book value received | 80.00% | ||||||||
Fincos [Member] | Discontinued Operations, Held-for-sale [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Disposal loss | $ 324 | ||||||||
Fincos [Member] | Discontinued Operations, Held-for-sale [Member] | Forecast [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Disposal loss | $ 300 | ||||||||
Discontinued Operations [Member] | Opel/Vauxhall Business [Member] | Discontinued Operations [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Cash receipts provided by operating activities | $ 558 |
Discontinued Operations Financi
Discontinued Operations Financial Information about Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income (loss) from discontinued operations, net of tax | $ (3,096) | $ 5 | $ (3,935) | $ 119 | |
Discontinued Operations [Member] | Opel/Vauxhall Business and Fincos [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Automotive net sales and revenue | 1,553 | 4,444 | 11,257 | 15,011 | |
GM Financial net sales and revenue | 147 | 132 | 414 | 418 | |
Total net sales and revenue | 1,700 | 4,576 | 11,671 | 15,429 | |
Automotive cost of sales | 1,583 | 4,279 | 11,049 | 14,287 | |
GM Financial interest, operating and other expenses | 99 | 104 | 301 | 317 | |
Automotive selling, general, and administrative expense | 134 | 324 | 813 | 1,011 | |
Other income and (expense) items | (74) | 10 | (72) | 75 | |
Loss from discontinued operations before taxes | 190 | 121 | 564 | 111 | |
Loss on sale of discontinued operations before taxes | 1,150 | $ 836 | 0 | 1,986 | 0 |
Total loss from discontinued operations before taxes | 1,340 | 121 | 2,550 | 111 | |
Income tax expense (benefit) | 1,756 | (126) | 1,385 | (230) | |
Income (loss) from discontinued operations, net of tax | (3,096) | $ 5 | (3,935) | $ 119 | |
Disposal loss | 3,100 | 3,700 | |||
Amount of deferred tax assets transferred | $ 2,000 | ||||
Discontinued Operations [Member] | Opel/Vauxhall Business [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income tax expense (benefit) | 2,300 | ||||
Income (loss) from discontinued operations, net of tax | (3,096) | ||||
Amount of deferred tax assets transferred | $ 2,000 |
Discontinued Operations Finan46
Discontinued Operations Financial Information for Assets and Liabilities of Businesses Held for Sale (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Total current assets held for sale | $ 7,630 | $ 11,178 |
Non-current Assets | ||
Total non-current assets held for sale | 4,508 | 9,375 |
Current Liabilities | ||
Total current liabilities held for sale | 6,374 | 12,158 |
Non-current Liabilities | ||
Total non-current liabilities held for sale | 4,490 | 7,626 |
Opel/Vauxhall Business and Fincos [Member] | Held-for-sale [Member] | ||
Current Assets | ||
Cash and cash equivalents | 386 | |
Accounts and notes receivable, net | 938 | |
Inventories | 2,748 | |
Equipment on operating leases, net | 786 | |
Other current assets | 382 | |
Total current assets held for sale | 11,178 | |
Non-current Assets | ||
Property, net | 3,217 | |
Deferred income taxes | 1,920 | |
Other assets | 515 | |
Total non-current assets held for sale | 9,375 | |
Total Assets Held for Sale | 20,553 | |
Current Liabilities | ||
Accounts payable (principally trade) | 3,628 | |
Accrued liabilities | 3,299 | |
Total current liabilities held for sale | 12,158 | |
Non-current Liabilities | ||
Pensions | 2,687 | |
Other liabilities | 665 | |
Total non-current liabilities held for sale | 7,626 | |
Total Liabilities Held for Sale | 19,784 | |
Opel/Vauxhall Business and Fincos [Member] | Held-for-sale [Member] | Automotive [Member] | ||
Current Liabilities | ||
Short-term debt and current portion of long-term debt | 107 | |
Non-current Liabilities | ||
Long-term debt | 85 | |
Opel/Vauxhall Business and Fincos [Member] | Held-for-sale [Member] | GM Financial [Member] | ||
Current Assets | ||
GM Financial receivables, net | 5,938 | |
Non-current Assets | ||
GM Financial receivables, net | 3,723 | |
Current Liabilities | ||
Short-term debt and current portion of long-term debt | 5,124 | |
Non-current Liabilities | ||
Long-term debt | $ 4,189 | |
Fincos [Member] | Held-for-sale [Member] | ||
Current Assets | ||
Cash and cash equivalents | 242 | |
Accounts and notes receivable, net | 65 | |
Inventories | 0 | |
Equipment on operating leases, net | 0 | |
Other current assets | 328 | |
Total current assets held for sale | 7,630 | |
Non-current Assets | ||
Property, net | 65 | |
Deferred income taxes | 122 | |
Other assets | 13 | |
Total non-current assets held for sale | 4,508 | |
Total Assets Held for Sale | 12,138 | |
Current Liabilities | ||
Accounts payable (principally trade) | 178 | |
Accrued liabilities | 182 | |
Total current liabilities held for sale | 6,374 | |
Non-current Liabilities | ||
Pensions | 126 | |
Other liabilities | 37 | |
Total non-current liabilities held for sale | 4,490 | |
Total Liabilities Held for Sale | 10,864 | |
Fincos [Member] | Held-for-sale [Member] | Automotive [Member] | ||
Current Liabilities | ||
Short-term debt and current portion of long-term debt | 0 | |
Non-current Liabilities | ||
Long-term debt | 0 | |
Fincos [Member] | Held-for-sale [Member] | GM Financial [Member] | ||
Current Assets | ||
GM Financial receivables, net | 6,995 | |
Non-current Assets | ||
GM Financial receivables, net | 4,308 | |
Current Liabilities | ||
Short-term debt and current portion of long-term debt | 6,014 | |
Non-current Liabilities | ||
Long-term debt | $ 4,327 |
Marketable Securities Fair Valu
Marketable Securities Fair Value of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Marketable Securities [Line Items] | |||||
Total cash and cash equivalents | $ 12,792 | $ 12,792 | $ 12,574 | ||
Total restricted cash | 2,523 | 2,523 | 1,913 | ||
Due in one year or less | 6,417 | 6,417 | |||
Due between one and five years | 5,138 | 5,138 | |||
Total available-for-sale securities with contractual maturities | 11,555 | 11,555 | |||
Sale proceeds from investments classified as available-for-sale and sold prior to maturity | 3,700 | $ 1,600 | 5,100 | $ 5,800 | |
Cash and Cash Equivalents [Member] | |||||
Marketable Securities [Line Items] | |||||
Cash, cash equivalents and time deposits | 6,124 | 6,124 | 5,692 | ||
Available-for-sale securities | 6,668 | 6,668 | 6,882 | ||
Cash and Cash Equivalents [Member] | Level 2 [Member] | U.S. government and agencies [Member] | |||||
Marketable Securities [Line Items] | |||||
Available-for-sale securities | 160 | 160 | 1,158 | ||
Cash and Cash Equivalents [Member] | Level 2 [Member] | Corporate debt [Member] | |||||
Marketable Securities [Line Items] | |||||
Available-for-sale securities | 1,770 | 1,770 | 2,524 | ||
Cash and Cash Equivalents [Member] | Level 2 [Member] | Sovereign debt [Member] | |||||
Marketable Securities [Line Items] | |||||
Available-for-sale securities | 1,755 | 1,755 | 1,399 | ||
Cash and Cash Equivalents [Member] | Level 1 [Member] | Money market funds [Member] | |||||
Marketable Securities [Line Items] | |||||
Available-for-sale securities | 2,983 | 2,983 | 1,801 | ||
Marketable Securities [Member] | |||||
Marketable Securities [Line Items] | |||||
Available-for-sale securities | 8,454 | 8,454 | 11,841 | ||
Marketable Securities [Member] | Level 2 [Member] | U.S. government and agencies [Member] | |||||
Marketable Securities [Line Items] | |||||
Available-for-sale securities | 3,285 | 3,285 | 5,886 | ||
Marketable Securities [Member] | Level 2 [Member] | Corporate debt [Member] | |||||
Marketable Securities [Line Items] | |||||
Available-for-sale securities | 3,720 | 3,720 | 3,611 | ||
Marketable Securities [Member] | Level 2 [Member] | Mortgage and asset-backed [Member] | |||||
Marketable Securities [Line Items] | |||||
Available-for-sale securities | 584 | 584 | 197 | ||
Marketable Securities [Member] | Level 2 [Member] | Sovereign debt [Member] | |||||
Marketable Securities [Line Items] | |||||
Available-for-sale securities | 865 | 865 | 2,147 | ||
Other Current Assets and Other Assets [Member] | |||||
Marketable Securities [Line Items] | |||||
Cash, cash equivalents and time deposits | 199 | 199 | 248 | ||
Other Current Assets and Other Assets [Member] | Level 1 [Member] | |||||
Marketable Securities [Line Items] | |||||
Available-for-sale securities | 2,324 | 2,324 | 1,665 | ||
Other Current Assets and Other Assets [Member] | Level 1 [Member] | Money market funds [Member] | |||||
Marketable Securities [Line Items] | |||||
Available-for-sale securities | $ 2,324 | $ 2,324 | $ 1,665 |
Marketable Securities Reconcili
Marketable Securities Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Marketable Securities [Line Items] | ||
Cash and cash equivalents | $ 12,792 | $ 12,574 |
Restricted cash | 2,523 | $ 1,913 |
Total | 15,315 | |
Other current assets [Member] | ||
Marketable Securities [Line Items] | ||
Restricted cash | 1,940 | |
Other assets [Member] | ||
Marketable Securities [Line Items] | ||
Restricted cash | $ 583 |
GM Financial Receivables Summar
GM Financial Receivables Summary of Finance Receivables (Details) - GM Financial [Member] - USD ($) $ in Millions | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Finance Receivables [Line Items] | ||||||
Finance receivables, collectively evaluated for impairment, net of fees | $ 39,171 | $ 31,986 | ||||
Finance receivables, individually evaluated for impairment, net of fees | 2,197 | 1,947 | ||||
GM Financial receivables | 41,368 | 33,933 | ||||
Less: allowance for loan losses | (948) | $ (893) | (805) | $ (837) | $ (828) | $ (749) |
GM Financial receivables, net | 40,420 | 33,128 | ||||
Fair value of GM Financial receivables | 40,513 | 33,181 | ||||
Retail Finance Receivables [Member] | ||||||
Finance Receivables [Line Items] | ||||||
Finance receivables, collectively evaluated for impairment, net of fees | 30,052 | 24,480 | ||||
Finance receivables, individually evaluated for impairment, net of fees | 2,170 | 1,920 | ||||
GM Financial receivables | 32,222 | 26,400 | ||||
Less: allowance for loan losses | (899) | (765) | ||||
GM Financial receivables, net | 31,323 | 25,635 | ||||
Commercial Finance Receivables [Member] | ||||||
Finance Receivables [Line Items] | ||||||
Finance receivables, collectively evaluated for impairment, net of fees | 9,119 | 7,506 | ||||
Finance receivables, individually evaluated for impairment, net of fees | 27 | 27 | ||||
GM Financial receivables | 9,146 | 7,533 | ||||
Less: allowance for loan losses | (49) | (40) | ||||
GM Financial receivables, net | $ 9,097 | $ 7,493 |
GM Financial Receivables Allowa
GM Financial Receivables Allowance for Loan Losses (Details) - GM Financial [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for loan losses at beginning of period | $ 893 | $ 828 | $ 805 | $ 749 | |
Provision for loan losses | 204 | 167 | 573 | 501 | |
Charge-offs | (287) | (284) | (858) | (826) | |
Recoveries | 135 | 128 | 420 | 403 | |
Effect of foreign currency | 3 | (2) | 8 | 10 | |
Allowance for loan losses at end of period | 948 | $ 837 | 948 | $ 837 | |
Collective allowance | 617 | 617 | $ 525 | ||
Specific allowance | $ 331 | $ 331 | $ 280 |
GM Financial Receivables Retail
GM Financial Receivables Retail Finance Receivables Delinquencies and TDRs (Details) - GM Financial [Member] - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Delinquent Contracts [Abstract] | |||
Allowance for loan losses - TDRs | $ 331 | $ 280 | |
Retail Finance Receivables [Member] | |||
Financing Receivable, Recorded Investment, Additional Information [Abstract] | |||
Retail finance receivables, nonaccrual status | 797 | 798 | |
Delinquent Contracts [Abstract] | |||
Past Due Amount | $ 1,752 | $ 1,660 | |
Percent of Contractual Amount Due | 5.40% | 6.50% | |
Finance receivables classified as TDRs | $ 2,200 | 1,900 | |
Allowance for loan losses - TDRs | 328 | $ 276 | |
31-to-60 days delinquent [Member] | Retail Finance Receivables [Member] | |||
Delinquent Contracts [Abstract] | |||
Past Due Amount | $ 1,176 | $ 1,112 | |
Percent of Contractual Amount Due | 3.60% | 4.40% | |
Greater-than-60 days delinquent [Member] | Retail Finance Receivables [Member] | |||
Delinquent Contracts [Abstract] | |||
Past Due Amount | $ 521 | $ 491 | |
Percent of Contractual Amount Due | 1.60% | 1.90% | |
Total finance receivables more than 30 days delinquent [Member] | Retail Finance Receivables [Member] | |||
Delinquent Contracts [Abstract] | |||
Past Due Amount | $ 1,697 | $ 1,603 | |
Percent of Contractual Amount Due | 5.20% | 6.30% | |
In repossession [Member] | Retail Finance Receivables [Member] | |||
Delinquent Contracts [Abstract] | |||
Past Due Amount | $ 55 | $ 57 | |
Percent of Contractual Amount Due | 0.20% | 0.20% | |
North America [Member] | Retail Finance Receivables [Member] | |||
Financing Receivable, Recorded Investment, Additional Information [Abstract] | |||
Percentage of receivables with sub-prime credit scores | 39.00% | 48.00% | |
Sub-prime FICO score | 620 | 620 |
GM Financial Receivables Commer
GM Financial Receivables Commercial Finance Receivables Credit Quality Indicators (Details) - GM Financial [Member] - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
GM Financial receivables | $ 41,368 | $ 33,933 |
Commercial Finance Receivables [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
GM Financial receivables | 9,146 | 7,533 |
Commercial Finance Receivables [Member] | Group I - Dealers with superior financial metrics [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
GM Financial receivables | 1,547 | 1,372 |
Commercial Finance Receivables [Member] | Group II - Dealers with strong financial metrics [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
GM Financial receivables | 3,465 | 2,526 |
Commercial Finance Receivables [Member] | Group III - Dealers with fair financial metrics [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
GM Financial receivables | 2,913 | 2,598 |
Commercial Finance Receivables [Member] | Group IV - Dealers with weak financial metrics [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
GM Financial receivables | 881 | 613 |
Commercial Finance Receivables [Member] | Group V - Dealers warranting special mention due to potential weaknesses [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
GM Financial receivables | 238 | 334 |
Commercial Finance Receivables [Member] | Group VI - Dealers with loans classified as substandard, doubtful or impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
GM Financial receivables | $ 102 | $ 90 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Inventory [Line Items] | ||
Total productive material, supplies and work in process | $ 4,956 | $ 5,008 |
Finished product, including service parts | 6,833 | 6,032 |
Total inventories | 11,789 | 11,040 |
GMNA [Member] | ||
Inventory [Line Items] | ||
Total productive material, supplies and work in process | 3,587 | 3,277 |
Finished product, including service parts | 4,572 | 4,119 |
Total inventories | 8,159 | 7,396 |
GMIO [Member] | ||
Inventory [Line Items] | ||
Total productive material, supplies and work in process | 720 | 970 |
Finished product, including service parts | 1,425 | 1,208 |
Total inventories | 2,145 | 2,178 |
GMSA [Member] | ||
Inventory [Line Items] | ||
Total productive material, supplies and work in process | 649 | 761 |
Finished product, including service parts | 836 | 705 |
Total inventories | $ 1,485 | $ 1,466 |
Equipment on Operating Leases54
Equipment on Operating Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Property Subject to or Available for Operating Lease [Line Items] | |||||
Equipment on operating leases, net | $ 41,775 | $ 41,775 | $ 34,342 | ||
Vehicles [Member] | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Equipment on operating leases | 52,632 | 52,632 | 41,851 | ||
Less: accumulated depreciation | (9,225) | (9,225) | (6,399) | ||
Equipment on operating leases, net | 43,407 | 43,407 | 35,452 | ||
Depreciation expense | 1,800 | $ 1,300 | 4,900 | $ 3,300 | |
Vehicles [Member] | GM Financial [Member] | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Equipment on operating leases, net | 41,775 | 41,775 | $ 34,342 | ||
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||||
2,017 | 1,800 | 1,800 | |||
2,018 | 6,256 | 6,256 | |||
2,019 | 3,861 | 3,861 | |||
2,020 | 1,182 | 1,182 | |||
2,021 | $ 110 | $ 110 |
Equity In Net Assets of Nonco55
Equity In Net Assets of Nonconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity income | $ 500 | $ 497 | $ 1,585 | $ 1,717 | |
Equity Method Investee [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Dividends received | 382 | 2,000 | 2,000 | ||
Undistributed earnings | 1,800 | 1,800 | $ 2,200 | ||
Automotive China JVs equity income [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity income | 459 | 459 | $ 1,472 | 1,448 | |
Change in ownership percentage | 0.00% | ||||
Automotive China JVs' net sales | 12,161 | 10,945 | $ 34,177 | 32,417 | |
Automotive China JVs' net income | 964 | 956 | 2,912 | 3,021 | |
Other joint ventures equity income [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity income | $ 41 | $ 38 | $ 113 | $ 269 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Variable Interest Entity [Line Items] | ||
GM Financial equipment on operating leases, net | $ 41,775 | $ 34,342 |
GM Financial [Member] | ||
Variable Interest Entity [Line Items] | ||
GM Financial receivables, net of fees – current | 19,399 | 16,127 |
GM Financial receivables, net of fees – non-current | 21,021 | 17,001 |
GM Financial short-term debt and current portion of long-term debt | 24,480 | 22,737 |
GM Financial long-term debt | 54,558 | 41,826 |
Consolidated VIE [Member] | GM Financial [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted cash – current | 1,768 | 1,302 |
Restricted cash – non-current | 523 | 478 |
GM Financial receivables, net of fees – current | 13,782 | 12,437 |
GM Financial receivables, net of fees – non-current | 12,411 | 11,917 |
GM Financial equipment on operating leases, net | 23,751 | 19,341 |
GM Financial short-term debt and current portion of long-term debt | 19,207 | 17,526 |
GM Financial long-term debt | $ 20,981 | $ 16,659 |
Automotive and GM Financial D57
Automotive and GM Financial Debt (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Automotive [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 13,635 | $ 10,560 |
Fair Value | 14,798 | 11,399 |
Automotive [Member] | Level 1 [Member] | ||
Debt Instrument [Line Items] | ||
Fair Value | 12,877 | 9,515 |
Automotive [Member] | Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Fair Value | 1,921 | 1,884 |
GM Financial [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 79,038 | 64,563 |
Fair Value | 80,300 | 65,207 |
GM Financial [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 40,775 | 35,087 |
Fair Value | 40,889 | 35,162 |
GM Financial [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 38,263 | 29,476 |
Fair Value | 39,411 | 30,045 |
GM Financial [Member] | Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Fair Value | 78,293 | 62,951 |
GM Financial [Member] | Level 3 [Member] | ||
Debt Instrument [Line Items] | ||
Fair Value | $ 2,007 | $ 2,256 |
Automotive and GM Financial D58
Automotive and GM Financial Debt Narrative (Details) - USD ($) $ in Billions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2017 | Aug. 31, 2017 | |
Estimate of Fair Value Measurement [Member] | |||
Debt Instrument [Line Items] | |||
Debt term | 18 months | ||
Automotive [Member] | Unsecured Debt [Member] | Securitization Notes Payable [Member] | Securitization notes payable [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 4.50% | ||
Automotive [Member] | Unsecured Debt [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 3 | ||
Automotive [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Repayments on lines of credit | $ 3 | ||
Debt term | 3 years | ||
GM Financial [Member] | Secured Debt [Member] | Securitization Notes Payable [Member] | Securitization notes payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 18.8 | $ 18.8 | |
Weighted average interest rate (percent) | 2.09% | 2.09% | |
GM Financial [Member] | Secured Debt [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facilities entered, total net additional borrowing capacity | $ 1.7 | ||
GM Financial [Member] | Unsecured Debt [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 10.6 | $ 10.6 | |
Weighted average interest rate (percent) | 2.87% | 2.87% |
Derivative Financial Instrume59
Derivative Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Not Designated as Hedges [Member] | PSA Warrants [Member] | ||
Derivative [Line Items] | ||
Notional amount, derivative asset | $ 47 | $ 0 |
Automotive [Member] | Designated as Hedges [Member] | ||
Derivative [Line Items] | ||
Notional amount, derivative asset | 73 | 909 |
Automotive [Member] | Designated as Hedges [Member] | Cash Flow Hedges [Member] | Foreign Currency [Member] | Fair Value Level 2 [Member] | ||
Derivative [Line Items] | ||
Notional amount, derivative asset | 0 | 803 |
Automotive [Member] | Designated as Hedges [Member] | Cash Flow Hedges [Member] | Commodity [Member] | Fair Value Level 2 [Member] | ||
Derivative [Line Items] | ||
Notional amount, derivative asset | 73 | 106 |
Automotive [Member] | Designated as Hedges [Member] | Fair Value Hedges [Member] | Fair Value Level 2 [Member] | PSA Group [Member] | ||
Derivative [Line Items] | ||
Derivative Asset | 903 | |
Automotive [Member] | Not Designated as Hedges [Member] | ||
Derivative [Line Items] | ||
Notional amount, derivative asset | 4,271 | 5,544 |
Notional amount, derivative liability | 2,095 | 651 |
Automotive [Member] | Not Designated as Hedges [Member] | Foreign Currency [Member] | Fair Value Level 2 [Member] | ||
Derivative [Line Items] | ||
Notional amount, derivative asset | 3,671 | 4,483 |
Notional amount, derivative liability | 2,025 | 470 |
Automotive [Member] | Not Designated as Hedges [Member] | Commodity [Member] | Fair Value Level 2 [Member] | ||
Derivative [Line Items] | ||
Notional amount, derivative asset | 553 | 1,061 |
Notional amount, derivative liability | 70 | 181 |
GM Financial [Member] | Designated as Hedges [Member] | ||
Derivative [Line Items] | ||
Notional amount, derivative asset | 7,417 | 3,070 |
Notional amount, derivative liability | 7,860 | 8,991 |
GM Financial [Member] | Designated as Hedges [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Notional amount, derivative asset | 3,917 | 3,070 |
Notional amount, derivative liability | 0 | 1,291 |
GM Financial [Member] | Designated as Hedges [Member] | Cash Flow Hedges [Member] | Foreign Currency [Member] | Fair Value Level 2 [Member] | ||
Derivative [Line Items] | ||
Notional amount, derivative asset | 1,356 | 0 |
Notional amount, derivative liability | 0 | 791 |
GM Financial [Member] | Designated as Hedges [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Fair Value Level 2/3 [Member] | ||
Derivative [Line Items] | ||
Notional amount, derivative asset | 2,561 | 3,070 |
Notional amount, derivative liability | 0 | 500 |
GM Financial [Member] | Designated as Hedges [Member] | Fair Value Hedges [Member] | Interest Rate Swaps [Member] | Fair Value Level 2 [Member] | ||
Derivative [Line Items] | ||
Notional amount, derivative asset | 3,500 | 0 |
Notional amount, derivative liability | 7,860 | 7,700 |
Fair value of derivative liabilities | 260 | 276 |
GM Financial [Member] | Not Designated as Hedges [Member] | ||
Derivative [Line Items] | ||
Notional amount, derivative asset | 51,210 | 17,657 |
Notional amount, derivative liability | 31,290 | 18,316 |
GM Financial [Member] | Not Designated as Hedges [Member] | Foreign Currency [Member] | Fair Value Level 2 [Member] | ||
Derivative [Line Items] | ||
Notional amount, derivative asset | 1,182 | 0 |
GM Financial [Member] | Not Designated as Hedges [Member] | Interest Rate Swaps [Member] | Fair Value Level 2/3 [Member] | ||
Derivative [Line Items] | ||
Notional amount, derivative asset | 33,218 | 7,959 |
Notional amount, derivative liability | 12,823 | 6,170 |
GM Financial [Member] | Not Designated as Hedges [Member] | Interest Rate Caps and Floors [Member] | Fair Value Level 2 [Member] | ||
Derivative [Line Items] | ||
Notional amount, derivative asset | 16,810 | 9,698 |
Notional amount, derivative liability | $ 18,467 | $ 12,146 |
Product Warranty and Related 60
Product Warranty and Related Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Product Warranty and Related Liabilities [Roll Forward] | ||||
Warranty balance at beginning of period | $ 8,890 | $ 8,639 | $ 9,069 | $ 8,550 |
Warranties issued and assumed in period – recall campaigns | 173 | 306 | 527 | 627 |
Warranties issued and assumed in period – product warranty | 481 | 631 | 1,586 | 1,717 |
Payments | (787) | (861) | (2,382) | (2,524) |
Adjustments to pre-existing warranties | (317) | 101 | (405) | 390 |
Effect of foreign currency and other | 39 | 5 | 84 | 61 |
Warranty balance at end of period | $ 8,479 | $ 8,821 | $ 8,479 | $ 8,821 |
Pensions and Other Postretire61
Pensions and Other Postretirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Global OPEB Plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Service cost | $ 4 | $ 4 | $ 14 | $ 13 |
Interest cost | 51 | 50 | 149 | 150 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit) | (3) | (3) | (10) | (10) |
Amortization of net actuarial (gains) losses | 8 | 5 | 24 | 15 |
Net periodic pension and OPEB (income) expense | 60 | 56 | 177 | 168 |
U.S. [Member] | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Service cost including administrative expenses | 79 | 96 | 237 | 287 |
Interest cost | 536 | 553 | 1,608 | 1,659 |
Expected return on plan assets | (919) | (945) | (2,757) | (2,834) |
Amortization of prior service cost (credit) | (1) | (1) | (3) | (3) |
Amortization of net actuarial (gains) losses | (2) | (6) | (5) | (19) |
Net periodic pension and OPEB (income) expense | (307) | (303) | (920) | (910) |
U.S. [Member] | U.S. Hourly Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Discretionary employer contributions | 2,000 | |||
Non-U.S. [Member] | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Service cost | 45 | 80 | 131 | 195 |
Interest cost | 115 | 127 | 366 | 384 |
Expected return on plan assets | (185) | (179) | (528) | (538) |
Amortization of prior service cost (credit) | 2 | 4 | 4 | 10 |
Amortization of net actuarial (gains) losses | 29 | 34 | 124 | 104 |
Net periodic pension and OPEB (income) expense | $ 6 | $ 66 | $ 97 | $ 155 |
Commitments and Contingencies L
Commitments and Contingencies Litigation-Related Liability and Tax Administrative Matters (Details) $ in Millions | May 23, 2016USD ($) | Sep. 16, 2015USD ($) | Nov. 23, 2012employee | Sep. 29, 2010actionemployee | Aug. 31, 2017state | Sep. 30, 2017USD ($)attorney_generalcaseshareholder | Oct. 17, 2017action | Sep. 01, 2017case | Aug. 04, 2017case | Dec. 31, 2016USD ($) | Nov. 27, 2015case | Nov. 26, 2015case |
Minimum [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Indirect tax-related escrow deposit | $ 200 | |||||||||||
Maximum [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Indirect tax-related escrow deposit | 600 | |||||||||||
Indirect Tax Matters [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible loss | 1,000 | |||||||||||
BRAZIL [Member] | Foreign Tax Authority [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimated potential recovery | $ 1,500 | |||||||||||
Ignition Switch Recall Litigations [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of state attorneys general | attorney_general | 49 | |||||||||||
Ignition Switch Recall Litigations - July 2009 Sale Order [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of states | state | 16 | |||||||||||
Ignition Switch Recall Litigations - July 2009 Sale Order [Member] | Granted Motion to Dismiss [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of states | state | 7 | |||||||||||
Ignition Switch Recall Litigations - July 2009 Sale Order [Member] | Pending Litigation [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of states | state | 9 | |||||||||||
Ignition Switch Recall Litigations - Shareholder Derivative Action [Member] | Eastern District of Michigan [Member] | Consolidated Litigation [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of pending claims | case | 3 | |||||||||||
Ignition Switch Recall Litigations - Shareholder Derivative Action [Member] | Eastern District of Michigan [Member] | Consolidated Litigation with Denied Dismissal [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of pending claims | case | 2 | |||||||||||
Ignition Switch Recall Litigations - Shareholder Derivative Action [Member] | Wayne County, Michigan [Member] | Consolidated Litigation [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of pending claims | case | 2 | |||||||||||
Ignition Switch Recall Litigations - Shareholder Class Action [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Litigation settlement amount | $ 300 | |||||||||||
Number of shareholders filing an appeal | shareholder | 1 | |||||||||||
Ignition Switch Recall Litigations - Investigation by the Office [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Damages paid | $ 900 | |||||||||||
Prosecution deferral period | 3 years | |||||||||||
Period after the expiration of the period of deferral | 30 days | |||||||||||
Korea Wage Litigation - Hourly [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of group actions filed | action | 8 | |||||||||||
Number of plaintiffs | employee | 10,000 | |||||||||||
Number of employees in the case | employee | 5 | |||||||||||
Estimate of possible loss | $ 547 | |||||||||||
Korea Wage Litigation - Salaried [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible loss | 169 | |||||||||||
Number of claims remanded | case | 1 | 1 | ||||||||||
Korea Wage Litigation - Salaried (Nov. 26, 2015) [Member] | Judicial Ruling [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of claims remanded | case | 1 | |||||||||||
Korea Wage Litigation - Salaried (Nov. 27, 2015) [Member] | Judicial Ruling [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of claims remanded | case | 1 | |||||||||||
Accrued liabilities and Other liabilities [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimated litigation liability | $ 1,100 | $ 1,200 | ||||||||||
Subsequent Event [Member] | Ignition Switch Recall Litigations - Economic-loss cases [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of pending claims | action | 100 |
Commitments and Contingencies O
Commitments and Contingencies Other Contingencies (Details) vehicle in Millions | Jun. 13, 2016vehicle | Oct. 17, 2017action | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Loss Contingencies [Line Items] | ||||
Maximum liability, guarantees | $ 5,200,000,000 | $ 4,300,000,000 | ||
Accrued Liabilities, Current and Other Liabilities, Noncurrent [Member] | ||||
Loss Contingencies [Line Items] | ||||
Product liability | 615,000,000 | $ 656,000,000 | ||
Takata DIR [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of vehicles subject to defect information reports | vehicle | 2.5 | |||
Warranty provision | 0 | |||
Estimate of maximum possible loss | $ 1,000,000,000 | |||
Takata DIR [Member] | U.S. [Member] | Subsequent Event [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of pending claims | action | 2 | |||
Takata DIR [Member] | MEXICO [Member] | Subsequent Event [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of pending claims | action | 1 | |||
Takata DIR [Member] | CANADA [Member] | Subsequent Event [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of pending claims | action | 4 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating Loss Carryforwards [Line Items] | ||||
Income tax expense | $ 2,316 | $ 902 | $ 3,637 | $ 2,436 |
Tax expense, entities included in effective tax rate calculation | 583 | $ 1,300 | 2,100 | $ 3,400 |
Tax expense from change in deferred tax asset valuation allowance | 2,300 | 2,300 | ||
Net deferred tax assets | 30,100 | 30,100 | ||
U.S. [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss and tax credit carryforwards subject to expiration | 9,600 | 9,600 | ||
Non-US [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss and tax credit carryforwards subject to expiration | 946 | 946 | ||
Operating loss and tax credit carryforward deferred tax assets | 4,900 | 4,900 | ||
Operating loss and tax credit carryforwards not subject to expiration | $ 4,000 | $ 4,000 |
Restructuring and Other Initi65
Restructuring and Other Initiatives (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | $ 493 | $ 333 | $ 268 | $ 383 |
Additions, interest accretion and other | 43 | 29 | 333 | 369 |
Payments | (75) | (24) | (150) | (429) |
Revisions to estimates and effect of foreign currency | (7) | (30) | 3 | (15) |
Balance at end of period | 454 | 308 | 454 | 308 |
GMIO [Member] | Separation Programs In South Africa And India [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Pre-tax restructuring costs | 460 | |||
GMIO [Member] | Separation Programs In South Africa And India [Member] | Asset Impairments, Sales Incentives, Inventory Provisions and Other Restructuring Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Pre-tax restructuring costs | 297 | |||
GMIO [Member] | Separation Programs In South Africa And India [Member] | Dealer Restructuring, Employee Severance and Contract Termination Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Pre-tax restructuring costs | 163 | |||
GMIO [Member] | Separation Programs in Australia, Korea and Chevrolet Europe [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Total cost incurred to date | $ 883 | $ 883 | ||
GMNA [Member] | Cash Severance Incentive Programs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Additions, interest accretion and other | $ 240 | $ 240 |
Stockholders' Equity Preferred
Stockholders' Equity Preferred and Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | ||||||
Preferred stock shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ||
Common stock shares authorized (in shares) | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | ||
Common stock shares issued (in shares) | 1,400,000,000 | 1,400,000,000 | 1,400,000,000 | 1,500,000,000 | ||
Common stock shares outstanding (in shares) | 1,400,000,000 | 1,400,000,000 | 1,400,000,000 | 1,500,000,000 | ||
Common stock shares purchased (in shares) | 86,000,000 | 48,000,000 | ||||
Common stock shares purchased amount | $ 3,000 | $ 1,500 | ||||
Total dividends paid on common stock | $ 546 | $ 585 | 1,683 | $ 1,763 | ||
Class of Stock [Line Items] | ||||||
Issuance of GM Financial preferred stock | $ 985 | |||||
GM Financial [Member] | Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of GM Financial preferred stock | $ 1,000 | |||||
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||
Liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | $ 1,000 | |||
Preferred stock dividend rate | 5.75% | |||||
Annual dividend payment amount | $ 58 | |||||
Term of fixed rate dividend payments | 10 years |
Stockholders' Equity Accumulate
Stockholders' Equity Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 44,075 | $ 40,323 | ||
Other comprehensive income (loss), net of tax | $ 1,584 | $ (62) | 1,545 | 52 |
Balance at end of period | 43,477 | 45,015 | 43,477 | 45,015 |
Foreign currency translation adjustments [Member] | ||||
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (2,162) | (1,959) | (2,355) | (2,034) |
Other comprehensive income (loss) net of reclassification adjustment, noncontrolling interests and tax | 370 | (70) | 563 | 5 |
Balance at end of period | (1,792) | (2,029) | (1,792) | (2,029) |
Defined benefit plans [Member] | ||||
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (7,208) | (5,950) | (6,968) | (5,999) |
Other comprehensive income (loss) before reclassification adjustment, net of tax | 87 | (3) | (256) | (18) |
Reclassification adjustment, net of tax | 1,126 | 33 | 1,229 | 97 |
Other comprehensive income (loss), net of tax | 1,213 | 30 | 973 | 79 |
Balance at end of period | (5,995) | $ (5,920) | (5,995) | $ (5,920) |
Defined benefit plans [Member] | Discontinued Operations [Member] | Opel/Vauxhall Business [Member] | ||||
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||
Reclassification adjustment, net of tax | $ 1,200 | $ 1,200 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Basic | ||||
Income from continuing operations | $ 115 | $ 2,768 | $ 5,222 | $ 7,473 |
Less: cumulative dividends on GM Financial preferred stock | (2) | 0 | (2) | 0 |
Income from continuing operations attributable to common stockholders | 113 | 2,768 | 5,220 | 7,473 |
Income (loss) from discontinued operations, net of tax | (3,096) | 5 | (3,935) | 119 |
Net income (loss) attributable to common stockholders | $ (2,983) | $ 2,773 | $ 1,285 | $ 7,592 |
Weighted-average common shares outstanding - basic (in shares) | 1,445 | 1,550 | 1,483 | 1,548 |
Basic earnings (loss) per common share – continuing operations (in dollars per share) | $ 0.08 | $ 1.79 | $ 3.52 | $ 4.83 |
Basic earnings (loss) per common share – discontinued operations (in dollars per share) | (2.14) | 0 | (2.65) | 0.07 |
Basic earnings (loss) per common share (in dollars per share) | $ (2.06) | $ 1.79 | $ 0.87 | $ 4.90 |
Diluted | ||||
Income (loss) from continuing operations – diluted | $ 113 | $ 2,768 | $ 5,220 | $ 7,472 |
Income (loss) from discontinued operations, net of tax – diluted | (3,096) | 5 | (3,935) | 119 |
Net income (loss) attributable to common stockholders – diluted | $ (2,983) | $ 2,773 | $ 1,285 | $ 7,591 |
Dilutive effect of warrants and awards under stock incentive plans | 27 | 24 | 24 | 30 |
Weighted-average common shares outstanding - diluted (in shares) | 1,472 | 1,574 | 1,507 | 1,578 |
Diluted earnings (loss) per common share – continuing operations (in dollars per share) | $ 0.08 | $ 1.76 | $ 3.46 | $ 4.73 |
Diluted earnings (loss) per common share – discontinued operations (in dollars per share) | (2.11) | 0 | (2.61) | 0.08 |
Diluted earnings (loss) per common share (in dollars per share) | $ (2.03) | $ 1.76 | $ 0.85 | $ 4.81 |
Potentially dilutive securities (in shares) | 6 | 26 | 6 | 26 |
Acquisition of Business (Detail
Acquisition of Business (Details) - Cruise Automation [Member] $ in Millions | May 12, 2016USD ($) |
Business Acquisition [Line Items] | |
Consideration transferred | $ 581 |
Cash payments to acquire businesses | 291 |
Corporate [Member] | |
Business Acquisition [Line Items] | |
Intangible assets | 130 |
Deferred tax liabilities | 39 |
Goodwill resulting from the acquisition | 490 |
Common Stock [Member] | |
Business Acquisition [Line Items] | |
Issuance of new common stock | $ 290 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Net sales and revenue | $ 33,623 | $ 38,889 | $ 107,873 | $ 109,288 | |
Earnings (loss) before automotive interest and taxes-adjusted | 2,523 | 3,662 | 9,759 | 10,250 | |
Adjustments | 110 | (654) | (65) | ||
Net income (loss) attributable to noncontrolling interests | (1) | (61) | 11 | (99) | |
Income before income taxes | 2,430 | 3,609 | 8,870 | 9,810 | |
Income tax expense | (2,316) | (902) | (3,637) | (2,436) | |
Income from continuing operations | 114 | 2,707 | 5,233 | 7,374 | |
Income (loss) from discontinued operations, net of tax (Note 2) | (3,096) | 5 | (3,935) | 119 | |
Net income (loss) attributable to stockholders | (2,981) | 2,773 | 1,287 | 7,592 | |
Equity in net assets of nonconsolidated affiliates | 8,820 | 8,645 | 8,820 | 8,645 | $ 8,996 |
Total assets | 229,502 | 217,576 | 229,502 | 217,576 | $ 221,690 |
Depreciation and amortization | 3,130 | 2,529 | 8,813 | 7,016 | |
Impairment charges | 17 | 5 | 271 | 109 | |
Equity income | 500 | 497 | 1,585 | 1,717 | |
Automotive [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Automotive interest income | 59 | 43 | 184 | 137 | |
Automotive interest expense | (151) | (145) | (430) | (413) | |
GMIO [Member] | Separation Programs In South Africa And India [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Pre-tax restructuring costs | 460 | ||||
GMSA [Member] | Separation Programs In Venezuela [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Deconsolidation loss | 80 | ||||
Group [Member] | Operating Segments [Member] | Automotive [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales and revenue | 30,475 | 36,530 | 99,126 | 102,862 | |
Earnings (loss) before automotive interest and taxes-adjusted | 2,215 | 3,469 | 8,869 | 9,650 | |
Adjustments | 110 | (654) | (65) | ||
Equity in net assets of nonconsolidated affiliates | 7,701 | 7,705 | 7,701 | 7,705 | |
Total assets | 124,396 | 137,383 | 124,396 | 137,383 | |
Depreciation and amortization | 1,387 | 1,280 | 4,056 | 3,726 | |
Impairment charges | 17 | 5 | 271 | 109 | |
Equity income | 459 | 462 | 1,456 | 1,608 | |
Group [Member] | Operating Segments [Member] | GMNA [Member] | Automotive [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales and revenue | 24,819 | 31,085 | 82,594 | 87,815 | |
Earnings (loss) before automotive interest and taxes-adjusted | 2,068 | 3,579 | 9,014 | 9,708 | |
Adjustments | 0 | 0 | 0 | ||
Equity in net assets of nonconsolidated affiliates | 82 | 74 | 82 | 74 | |
Total assets | 109,885 | 101,846 | 109,885 | 101,846 | |
Depreciation and amortization | 1,210 | 1,088 | 3,499 | 3,185 | |
Impairment charges | 10 | 3 | 59 | 44 | |
Equity income | 2 | 3 | 8 | 162 | |
Group [Member] | Operating Segments [Member] | GMIO [Member] | Automotive [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales and revenue | 3,007 | 3,376 | 9,400 | 9,923 | |
Earnings (loss) before automotive interest and taxes-adjusted | 337 | 220 | 974 | 844 | |
Adjustments | 0 | (460) | 0 | ||
Equity in net assets of nonconsolidated affiliates | 7,618 | 7,629 | 7,618 | 7,629 | |
Total assets | 20,551 | 20,679 | 20,551 | 20,679 | |
Depreciation and amortization | 101 | 116 | 327 | 330 | |
Impairment charges | 7 | 2 | 204 | 65 | |
Equity income | 457 | 459 | 1,448 | 1,446 | |
Group [Member] | Operating Segments [Member] | GMSA [Member] | Automotive [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales and revenue | 2,569 | 2,029 | 6,826 | 5,011 | |
Earnings (loss) before automotive interest and taxes-adjusted | 52 | (118) | (90) | (300) | |
Adjustments | 0 | (80) | 0 | ||
Equity in net assets of nonconsolidated affiliates | 1 | 2 | 1 | 2 | |
Total assets | 7,617 | 7,662 | 7,617 | 7,662 | |
Depreciation and amortization | 65 | 75 | 208 | 202 | |
Impairment charges | 0 | 0 | 3 | 0 | |
Equity income | 0 | 0 | 0 | 0 | |
Group [Member] | Operating Segments [Member] | GM Financial [Member] | GM Financial [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales and revenue | 3,161 | 2,360 | 8,899 | 6,429 | |
Earnings (loss) before automotive interest and taxes-adjusted | 310 | 193 | 895 | 600 | |
Adjustments | 0 | 0 | 0 | ||
Equity in net assets of nonconsolidated affiliates | 1,119 | 940 | 1,119 | 940 | |
Total assets | 106,142 | 82,200 | 106,142 | 82,200 | |
Depreciation and amortization | 1,743 | 1,249 | 4,757 | 3,290 | |
Impairment charges | 0 | 0 | 0 | 0 | |
Equity income | 41 | 35 | 129 | 109 | |
Group [Member] | Corporate [Member] | Automotive [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales and revenue | 80 | 40 | 306 | 113 | |
Earnings (loss) before automotive interest and taxes-adjusted | (242) | (212) | (1,029) | (602) | |
Adjustments | 110 | (114) | (65) | ||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 | 0 | |
Total assets | 26,410 | 38,535 | 26,410 | 38,535 | |
Depreciation and amortization | 11 | 2 | 23 | 12 | |
Impairment charges | 0 | 0 | 5 | 0 | |
Equity income | 0 | 0 | 0 | 0 | |
Group [Member] | Corporate [Member] | Automotive [Member] | Ignition Switch Recall Litigations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Charges for legal related matters | 110 | 114 | 65 | ||
Group [Member] | Eliminations [Member] | Automotive [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 | 0 | |
Total assets | (40,067) | (31,339) | (40,067) | (31,339) | |
Depreciation and amortization | 0 | (1) | (1) | (3) | |
Impairment charges | 0 | 0 | 0 | 0 | |
Equity income | 0 | 0 | 0 | 0 | |
Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales and revenue | (13) | (1) | (152) | (3) | |
Earnings (loss) before automotive interest and taxes-adjusted | (2) | 0 | (5) | 0 | |
Adjustments | 0 | 0 | 0 | ||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 | 0 | |
Total assets | (1,036) | (2,007) | (1,036) | (2,007) | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Impairment charges | 0 | 0 | 0 | 0 | |
Equity income | $ 0 | $ 0 | $ 0 | $ 0 |