Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 15, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-34960 | |
Entity Registrant Name | GENERAL MOTORS COMPANY | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-0756180 | |
Entity Address, Address Line One | 300 Renaissance Center, | |
Entity Address, City or Town | Detroit, | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48265 | |
City Area Code | 313 | |
Local Phone Number | 667-1500 | |
Entity Central Index Key | 0001467858 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | GM | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,428,784,056 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net sales and revenue | ||||
Total net sales and revenue (Note 2) | $ 35,473 | $ 35,791 | $ 106,411 | $ 108,650 |
Costs and expenses | ||||
Total costs and expenses | 33,169 | 34,181 | 100,376 | 105,034 |
Operating income | 2,304 | 1,610 | 6,035 | 3,616 |
Interest income and other non-operating income, net | 169 | 651 | 1,338 | 2,130 |
Equity income (Note 7) | 315 | 530 | 1,000 | 1,815 |
Income before income taxes | 2,582 | 2,630 | 7,791 | 7,091 |
Income tax expense (Note 14) | 271 | 100 | 932 | 1,085 |
Income from continuing operations | 2,311 | 2,530 | 6,859 | 6,006 |
Loss from discontinued operations, net of tax (Note 18) | 0 | 0 | 0 | 70 |
Net income | 2,311 | 2,530 | 6,859 | 5,936 |
Net loss attributable to noncontrolling interests | 40 | 4 | 67 | 34 |
Net income attributable to stockholders | 2,351 | 2,534 | 6,926 | 5,970 |
Net income attributable to common stockholders | $ 2,313 | $ 2,503 | $ 6,813 | $ 5,910 |
Earnings per share (Note 17) | ||||
Basic earnings per common share – continuing operations (in dollars per share) | $ 1.62 | $ 1.77 | $ 4.79 | $ 4.24 |
Basic loss per common share – discontinued operations (in dollars per share) | 0 | 0 | 0 | 0.05 |
Basic earnings per common share (in dollars per share) | $ 1.62 | $ 1.77 | $ 4.79 | $ 4.19 |
Weighted-average common shares outstanding - basic (in shares) | 1,428 | 1,412 | 1,422 | 1,410 |
Diluted earnings per common share – continuing operations (in dollars per share) | $ 1.60 | $ 1.75 | $ 4.74 | $ 4.18 |
Diluted loss per common share – discontinued operations (in dollars per share) | 0 | 0 | 0 | 0.05 |
Diluted earnings per common share (in dollars per share) | $ 1.60 | $ 1.75 | $ 4.74 | $ 4.13 |
Weighted-average common shares outstanding - diluted (in shares) | 1,442 | 1,431 | 1,439 | 1,431 |
Dividends declared per common share (in dollars per share) | $ 0.38 | $ 0.38 | $ 1.14 | $ 1.14 |
Automotive [Member] | ||||
Net sales and revenue | ||||
Automotive | $ 31,817 | $ 32,276 | $ 95,503 | $ 98,242 |
Costs and expenses | ||||
Automotive and other cost of sales | 28,174 | 28,533 | 84,730 | 88,788 |
Automotive and other selling, general and administrative expense | 2,008 | 2,584 | 6,209 | 7,172 |
Automotive interest expense | 206 | 161 | 582 | 470 |
GM Financial [Member] | ||||
Net sales and revenue | ||||
Total net sales and revenue (Note 2) | 3,656 | 3,515 | 10,908 | 10,408 |
Costs and expenses | ||||
GM Financial interest, operating and other expenses | $ 2,987 | $ 3,064 | $ 9,437 | $ 9,074 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 2,311 | $ 2,530 | $ 6,859 | $ 5,936 |
Other comprehensive income (loss), net of tax (Note 16) | ||||
Foreign currency translation adjustments and other | (357) | (209) | (140) | (503) |
Defined benefit plans | 120 | 59 | 162 | 286 |
Other comprehensive income (loss), net of tax | (237) | (150) | 22 | (217) |
Comprehensive income | 2,074 | 2,380 | 6,881 | 5,719 |
Comprehensive loss attributable to noncontrolling interests | 50 | 4 | 87 | 39 |
Comprehensive income attributable to stockholders | $ 2,124 | $ 2,384 | $ 6,968 | $ 5,758 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 20,051 | $ 20,844 |
Marketable debt securities (Note 3) | 6,725 | 5,966 |
Accounts and notes receivable, net | 6,924 | 6,549 |
Inventories (Note 5) | 11,797 | 9,816 |
Other current assets (Note 3; Note 8 at VIEs) | 7,051 | 5,268 |
Total current assets | 80,565 | 75,293 |
Non-current Assets | ||
Equity in net assets of nonconsolidated affiliates (Note 7) | 8,496 | 9,215 |
Property, net | 37,969 | 38,758 |
Goodwill and intangible assets, net | 5,408 | 5,579 |
Equipment on operating leases, net (Note 6; Note 8 at VIEs) | 42,527 | 43,559 |
Deferred income taxes | 23,783 | 24,082 |
Other assets (Note 3; Note 8 at VIEs) | 7,038 | 5,770 |
Total non-current assets | 150,964 | 152,046 |
Total Assets | 231,529 | 227,339 |
Current Liabilities | ||
Accounts payable (principally trade) | 21,406 | 22,297 |
Accrued liabilities | 28,072 | 28,049 |
Total current liabilities | 84,252 | 82,237 |
Non-current Liabilities | ||
Postretirement benefits other than pensions (Note 12) | 5,301 | 5,370 |
Pensions (Note 12) | 10,223 | 11,538 |
Other liabilities | 13,290 | 12,357 |
Total non-current liabilities | 98,506 | 102,325 |
Total Liabilities | 182,758 | 184,562 |
Commitments and contingencies (Note 13) | ||
Equity (Note 16) | ||
Common stock, $0.01 par value | 14 | 14 |
Additional paid-in capital | 25,928 | 25,563 |
Retained earnings | 27,609 | 22,322 |
Accumulated other comprehensive loss | (8,997) | (9,039) |
Total stockholders’ equity | 44,554 | 38,860 |
Noncontrolling interests | 4,217 | 3,917 |
Total Equity | 48,771 | 42,777 |
Total Liabilities and Equity | 231,529 | 227,339 |
GM Financial [Member] | ||
Current Assets | ||
GM Financial receivables, net (Note 4; Note 8 at VIEs) | 28,017 | 26,850 |
Non-current Assets | ||
GM Financial receivables, net (Note 4; Note 8 at VIEs) | 25,743 | 25,083 |
Current Liabilities | ||
Short-term debt and current portion of long-term debt (Note 9 and Note 8 at VIEs) | 31,884 | 30,956 |
Non-current Liabilities | ||
Long-term debt (Note 9 and Note 8 at VIEs) | 57,244 | 60,032 |
Automotive [Member] | ||
Current Liabilities | ||
Short-term debt and current portion of long-term debt (Note 9 and Note 8 at VIEs) | 2,890 | 935 |
Non-current Liabilities | ||
Long-term debt (Note 9 and Note 8 at VIEs) | $ 12,448 | $ 13,028 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities | ||
Income from continuing operations | $ 6,859 | $ 6,006 |
Depreciation and impairment of Equipment on operating leases, net | 5,573 | 5,633 |
Depreciation, amortization and impairment charges on Property, net | 5,259 | 4,390 |
Foreign currency remeasurement and transaction (gains) losses | (170) | 280 |
Undistributed earnings of nonconsolidated affiliates, net | 243 | 185 |
Pension contributions and OPEB payments | (789) | (1,750) |
Pension and OPEB income, net | (351) | (940) |
Provision for deferred taxes | 234 | 680 |
Change in other operating assets and liabilities | (5,310) | (5,258) |
Net cash provided by operating activities | 11,548 | 9,226 |
Cash flows from investing activities | ||
Expenditures for property | (4,852) | (6,562) |
Available-for-sale marketable securities, acquisitions | (3,130) | (2,313) |
Available-for-sale marketable securities, liquidations | 2,587 | 4,637 |
Purchases of finance receivables, net | (19,027) | (17,297) |
Principal collections and recoveries on finance receivables | 17,088 | 11,776 |
Purchases of leased vehicles, net | (12,488) | (13,051) |
Proceeds from termination of leased vehicles | 9,983 | 8,094 |
Other investing activities | 148 | (25) |
Net cash used in investing activities – continuing operations | (9,691) | (14,741) |
Net cash provided by investing activities – discontinued operations | 0 | 166 |
Net cash used in investing activities | (9,691) | (14,575) |
Cash flows from financing activities | ||
Net increase in short-term debt | 756 | 1,695 |
Proceeds from issuance of debt (original maturities greater than three months) | 27,835 | 32,801 |
Payments on debt (original maturities greater than three months) | (29,432) | (25,408) |
Proceeds from issuance of subsidiary preferred stock | 463 | 1,753 |
Dividends paid | (1,792) | (1,690) |
Other financing activities | (175) | (539) |
Net cash provided by (used in) financing activities | (2,345) | 8,612 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (109) | (253) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (597) | 3,010 |
Cash, cash equivalents and restricted cash at beginning of period | 23,496 | 17,848 |
Cash, cash equivalents and restricted cash at end of period | 22,899 | 20,858 |
Significant Non-cash Investing and Financing Activity | ||
Non-cash property additions – continuing operations | $ 3,435 | $ 4,284 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Equity - USD ($) $ in Millions | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Preferred Stock [Member] |
Balance at beginning of period at Dec. 31, 2017 | $ 36,200 | $ 14 | $ 25,371 | $ 17,627 | $ (8,011) | $ 1,199 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Adoption of accounting standards | (1,144) | (1,046) | (98) | |||||
Net income | 1,040 | 1,046 | (6) | |||||
Other comprehensive income (loss) | 27 | 28 | (1) | |||||
Purchase of common stock | (100) | (44) | (56) | |||||
Cash dividends paid on common stock | (536) | (536) | ||||||
Dividends to noncontrolling interests | (30) | (30) | ||||||
Other | 1 | 10 | (7) | (2) | ||||
Balance at end of period at Mar. 31, 2018 | 35,458 | 14 | 25,337 | 17,028 | (8,081) | 1,160 | ||
Balance at beginning of period at Dec. 31, 2017 | 36,200 | 14 | 25,371 | 17,627 | (8,011) | 1,199 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 5,936 | |||||||
Other comprehensive income (loss) | (217) | |||||||
Balance at end of period at Sep. 30, 2018 | 40,908 | 14 | 25,503 | 20,865 | (8,321) | 2,847 | ||
Balance at beginning of period at Mar. 31, 2018 | 35,458 | 14 | 25,337 | 17,028 | (8,081) | 1,160 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 2,366 | 2,390 | (24) | |||||
Other comprehensive income (loss) | (94) | (90) | (4) | |||||
Issuance of preferred stock (Note 16) | $ 1,261 | $ 1,261 | ||||||
Cash dividends paid on common stock | (535) | (535) | ||||||
Dividends to noncontrolling interests | (7) | (7) | ||||||
Other | 187 | 128 | (10) | 69 | ||||
Balance at end of period at Jun. 30, 2018 | 38,636 | 14 | 25,465 | 18,873 | (8,171) | 2,455 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 2,530 | 2,534 | (4) | |||||
Other comprehensive income (loss) | (150) | (150) | ||||||
Issuance of preferred stock (Note 16) | 492 | 492 | ||||||
Cash dividends paid on common stock | (537) | (537) | ||||||
Dividends to noncontrolling interests | (69) | (69) | ||||||
Other | 6 | 38 | (5) | (27) | ||||
Balance at end of period at Sep. 30, 2018 | 40,908 | 14 | 25,503 | 20,865 | (8,321) | 2,847 | ||
Balance at beginning of period at Dec. 31, 2018 | 42,777 | 14 | 25,563 | 22,322 | (9,039) | 3,917 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 2,145 | 2,157 | (12) | |||||
Other comprehensive income (loss) | 185 | 190 | (5) | |||||
Stock based compensation | 89 | 95 | (6) | |||||
Cash dividends paid on common stock | (539) | (539) | ||||||
Dividends to noncontrolling interests | (18) | (18) | ||||||
Other | (1) | 3 | 5 | (9) | ||||
Balance at end of period at Mar. 31, 2019 | 44,638 | 14 | 25,661 | 23,939 | (8,849) | 3,873 | ||
Balance at beginning of period at Dec. 31, 2018 | 42,777 | 14 | 25,563 | 22,322 | (9,039) | 3,917 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 6,859 | |||||||
Other comprehensive income (loss) | 22 | |||||||
Balance at end of period at Sep. 30, 2019 | 48,771 | 14 | 25,928 | 27,609 | (8,997) | 4,217 | ||
Balance at beginning of period at Mar. 31, 2019 | 44,638 | 14 | 25,661 | 23,939 | (8,849) | 3,873 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 2,403 | 2,418 | (15) | |||||
Other comprehensive income (loss) | 74 | 79 | (5) | |||||
Issuance of preferred stock (Note 16) | 408 | 408 | ||||||
Stock based compensation | 69 | 78 | (9) | |||||
Cash dividends paid on common stock | (540) | (540) | ||||||
Dividends to noncontrolling interests | (23) | (23) | ||||||
Other | 60 | 26 | (1) | 35 | ||||
Balance at end of period at Jun. 30, 2019 | 47,089 | 14 | 25,765 | 25,807 | (8,770) | 4,273 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 2,311 | 2,351 | (40) | |||||
Other comprehensive income (loss) | (237) | (227) | (10) | |||||
Issuance of preferred stock (Note 16) | $ 49 | $ 49 | ||||||
Stock based compensation | 84 | 90 | (6) | |||||
Cash dividends paid on common stock | (543) | (543) | ||||||
Dividends to noncontrolling interests | (62) | (62) | ||||||
Other | 80 | 73 | 0 | 7 | ||||
Balance at end of period at Sep. 30, 2019 | $ 48,771 | $ 14 | $ 25,928 | $ 27,609 | $ (8,997) | $ 4,217 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Nature of Operations and Basis of Presentation | Nature of Operations and Basis of Presentation General Motors Company (sometimes referred to in this Quarterly Report on Form 10-Q as we, our, us, ourselves, the Company, General Motors or GM) designs, builds and sells trucks, crossovers, cars and automobile parts worldwide and is investing in and growing an autonomous vehicle business. 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 operating segments: GM North America (GMNA), GM International Operations (GMIO), GM South America (GMSA), Cruise, and GM Financial. Our GMSA and GMIO operating segments are reported as one, combined international segment, GM International (GMI). Cruise, formerly GM Cruise, is our global segment responsible for the development and commercialization of autonomous vehicle technology. 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 and certain nonsegment-specific revenues and expenses. 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 2018 Form 10-K. Except for per share amounts or as otherwise specified, dollar amounts presented within tables are stated in millions. In the three months ended March 31, 2019 we changed the presentation of our condensed consolidated balance sheets to reclassify the current portion of Equipment on operating leases, net to Other current assets and our condensed consolidated statements of cash flows to reclassify Payments to purchase common stock to Other financing activities. We have made corresponding reclassifications to the comparable information for all periods presented. Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. Our share of earnings or losses of nonconsolidated affiliates is included in our consolidated operating results using the equity method of accounting when we are able to exercise significant influence over the operating and financial decisions of the affiliate. Recently Adopted Accounting Standards Effective January 1, 2019, we adopted Accounting Standards Update (ASU) 2016-02, "Leases" (ASU 2016-02) using the modified retrospective method, resulting in a cumulative-effect adjustment to the opening balance of Retained earnings for an insignificant amount. We recognized $1.0 billion of right of use assets and lease obligations included in Other assets, Accrued liabilities and Other liabilities on our condensed consolidated balance sheet for our existing operating lease portfolio at January 1, 2019. We elected to apply the practical expedient related to land easements, as well as the package of practical expedients permitted under the transition guidance in the new standard, which allowed us to carry forward our historical lease classification. The accounting for our finance leases and leases where we are the lessor remained substantially unchanged. The application of ASU 2016-02 had no impact on our condensed consolidated income statement or condensed consolidated statement of cash flows. The following table summarizes our minimum commitments under noncancelable operating leases having initial terms in excess of one year, primarily for property, at December 31, 2018 as disclosed in our 2018 Form 10-K: Years Ending December 31, 2019 2020 2021 2022 2023 Thereafter Total Minimum commitments(a) $ 296 $ 286 $ 247 $ 180 $ 146 $ 582 $ 1,737 Sublease income (61 ) (51 ) (44 ) (38 ) (33 ) (129 ) (356 ) Net minimum commitments $ 235 $ 235 $ 203 $ 142 $ 113 $ 453 $ 1,381 _________ (a) Certain leases contain escalation clauses and renewal or purchase options. Refer to Note 13 for information on our operating leases at September 30, 2019 . Accounting Standards Not Yet Adopted In June 2016 the Financial Accounting Standards Board issued ASU 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" (ASU 2016-13), which requires entities to use a new impairment model based on Current Expected Credit Losses (CECL) rather than incurred losses. We plan to adopt ASU 2016-13 on January 1, 2020 on a modified retrospective basis. Estimated credit losses under CECL will consider relevant information about past events, current conditions and reasonable and supportable forecasts that affect the collectibility of the reported amount, resulting in recognition of lifetime expected credit losses upon loan origination. We are currently validating and refining our process for our implementation of ASU 2016-13. Upon adoption, we expect to record an adjustment that will increase our allowance for credit losses between $700 million and $900 million , with an after-tax reduction to Retained earnings between $500 million and $700 million . The amount of the adjustment is heavily dependent on the volume, credit mix and seasoning of our loan portfolio. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following table disaggregates our revenue by major source for revenue generating segments: Three Months Ended September 30, 2019 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 26,825 $ 3,519 $ — $ 30,344 $ — $ — $ — $ 30,344 Used vehicles 345 31 — 376 — — — 376 Services and other 801 244 52 1,097 25 — (25 ) 1,097 Automotive net sales and revenue 27,971 3,794 52 31,817 25 — (25 ) 31,817 Leased vehicle income — — — — — 2,515 — 2,515 Finance charge income — — — — — 1,043 (2 ) 1,041 Other income — — — — — 101 (1 ) 100 GM Financial net sales and revenue — — — — — 3,659 (3 ) 3,656 Net sales and revenue $ 27,971 $ 3,794 $ 52 $ 31,817 $ 25 $ 3,659 $ (28 ) $ 35,473 Three Months Ended September 30, 2018 GMNA GMI Corporate Total Automotive GM Financial Eliminations Total Vehicle, parts and accessories $ 26,273 $ 4,226 $ 2 $ 30,501 $ — $ (11 ) $ 30,490 Used vehicles 582 23 — 605 — (1 ) 604 Services and other 795 333 54 1,182 — — 1,182 Automotive net sales and revenue 27,650 4,582 56 32,288 — (12 ) 32,276 Leased vehicle income — — — — 2,501 — 2,501 Finance charge income — — — — 917 (2 ) 915 Other income — — — — 100 (1 ) 99 GM Financial net sales and revenue — — — — 3,518 (3 ) 3,515 Net sales and revenue $ 27,650 $ 4,582 $ 56 $ 32,288 $ 3,518 $ (15 ) $ 35,791 Nine Months Ended September 30, 2019 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 79,763 $ 10,830 $ — $ 90,593 $ — $ — $ — $ 90,593 Used vehicles 1,549 95 — 1,644 — — — 1,644 Services and other 2,348 766 152 3,266 75 — (75 ) 3,266 Automotive net sales and revenue 83,660 11,691 152 95,503 75 — (75 ) 95,503 Leased vehicle income — — — — — 7,536 — 7,536 Finance charge income — — — — — 3,038 (6 ) 3,032 Other income — — — — — 344 (4 ) 340 GM Financial net sales and revenue — — — — — 10,918 (10 ) 10,908 Net sales and revenue $ 83,660 $ 11,691 $ 152 $ 95,503 $ 75 $ 10,918 $ (85 ) $ 106,411 Nine Months Ended September 30, 2018 GMNA GMI Corporate Total Automotive GM Financial Eliminations Total Vehicle, parts and accessories $ 79,029 $ 13,320 $ 12 $ 92,361 $ — $ (36 ) $ 92,325 Used vehicles 2,506 138 — 2,644 — (34 ) 2,610 Services and other 2,434 730 143 3,307 — — 3,307 Automotive net sales and revenue 83,969 14,188 155 98,312 — (70 ) 98,242 Leased vehicle income — — — — 7,445 — 7,445 Finance charge income — — — — 2,667 (5 ) 2,662 Other income — — — — 305 (4 ) 301 GM Financial net sales and revenue — — — — 10,417 (9 ) 10,408 Net sales and revenue $ 83,969 $ 14,188 $ 155 $ 98,312 $ 10,417 $ (79 ) $ 108,650 Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Adjustments to sales incentives for previously recognized sales increased revenue by $560 million and were insignificant in the three months ended September 30, 2019 and 2018 . Contract liabilities in our Automotive segments primarily consist of maintenance, extended warranty and other service contracts. We recognized revenue of $434 million and $1.3 billion related to contract liabilities in the three and nine months ended September 30, 2019 and $426 million and $1.2 billion in the three and nine months ended September 30, 2018 . We expect to recognize revenue of $464 million in the three months ending December 31, 2019 and $806 million , $465 million and $580 million in the years ending December 31, 2020, 2021 and thereafter related to contract liabilities at September 30, 2019 |
Marketable and Other Securities
Marketable and Other Securities | 9 Months Ended |
Sep. 30, 2019 | |
Marketable Securities [Abstract] | |
Marketable and Other Securities | Marketable and Other Securities The following table summarizes the fair value of cash equivalents and marketable debt securities which approximates cost: Fair Value Level September 30, 2019 December 31, 2018 Cash and cash equivalents Cash and time deposits(a) $ 8,388 $ 7,254 Available-for-sale debt securities U.S. government and agencies 2 1,846 4,656 Corporate debt 2 5,923 3,791 Sovereign debt 2 1,435 1,976 Total available-for-sale debt securities – cash equivalents 9,204 10,423 Money market funds 1 2,459 3,167 Total cash and cash equivalents(b) $ 20,051 $ 20,844 Marketable debt securities U.S. government and agencies 2 $ 1,770 $ 1,230 Corporate debt 2 3,716 3,478 Mortgage and asset-backed 2 807 695 Sovereign debt 2 432 563 Total available-for-sale debt securities – marketable securities(c) $ 6,725 $ 5,966 Restricted cash Cash and cash equivalents $ 282 $ 260 Money market funds 1 2,566 2,392 Total restricted cash $ 2,848 $ 2,652 Available-for-sale debt securities included above with contractual maturities(d) Due in one year or less $ 10,708 Due between one and five years 4,414 Total available-for-sale debt securities with contractual maturities $ 15,122 __________ (a) Includes $481 million and $ 616 million that is designated exclusively to fund capital expenditures in GM Korea Company (GM Korea) at September 30, 2019 and December 31, 2018. (b) Includes $2.2 billion and $2.3 billion in Cruise at September 30, 2019 and December 31, 2018. (c) Includes $586 million in Cruise at September 30, 2019 . (d) Excludes mortgage- and asset-backed securities. Proceeds from the sale of available-for-sale debt investments sold prior to maturity were $535 million and $1.7 billion in the three months ended September 30, 2019 and 2018 and $1.6 billion and $3.6 billion in the nine months ended September 30, 2019 and 2018. Net unrealized gains and losses on available-for-sale debt securities were insignificant in the three and nine months ended September 30, 2019 and 2018 . Cumulative unrealized gains and losses on available-for-sale debt securities were insignificant at September 30, 2019 and December 31, 2018 . Our remaining investment in Lyft, Inc. (Lyft) was measured at fair value at September 30, 2019 using Lyft’s quoted market price, a Level 1 input. The restrictions on selling or transferring the investment expired on August 19, 2019 and the fair value measurement no longer reflects a discount for the lack of marketability, a Level 3 input . The fair value of this investment was $679 million , included in Other current assets, and $884 million , included in Other assets, at September 30, 2019 and December 31, 2018. We recorded an unrealized loss of $291 million and $71 million in Interest income and other non-operating income, net in the three and nine months ended September 30, 2019 and an unrealized gain of $142 million in the nine months ended September 30, 2018 . Refer to Item 3. Quantitative and Qualitative Disclosures About Market Risk for exposure to equity price market risk. 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, 2019 Cash and cash equivalents $ 20,051 Restricted cash included in Other current assets 2,300 Restricted cash included in Other assets 548 Total $ 22,899 |
GM Financial Receivables and Tr
GM Financial Receivables and Transactions | 9 Months Ended |
Sep. 30, 2019 | |
GM Financial [Member] | |
Finance Receivables [Line Items] | |
GM Financial Receivables and Transactions | GM Financial Receivables and Transactions September 30, 2019 December 31, 2018 Retail Commercial(a) Total Retail Commercial(a) Total Finance receivables, collectively evaluated for impairment, net of fees $ 39,507 $ 12,756 $ 52,263 $ 38,220 $ 12,235 $ 50,455 Finance receivables, individually evaluated for impairment, net of fees(b) 2,390 40 2,430 2,348 41 2,389 GM Financial receivables 41,897 12,796 54,693 40,568 12,276 52,844 Less: allowance for loan losses(b) (856 ) (77 ) (933 ) (844 ) (67 ) (911 ) GM Financial receivables, net $ 41,041 $ 12,719 $ 53,760 $ 39,724 $ 12,209 $ 51,933 Fair value of GM Financial receivables utilizing Level 2 inputs $ 12,719 $ 12,209 Fair value of GM Financial receivables utilizing Level 3 inputs $ 41,557 $ 39,430 __________ (a) Net of dealer cash management balances of $1.2 billion and $922 million at September 30, 2019 and December 31, 2018 . Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on its floorplan line by making principal payments to GM Financial in advance. (b) Retail finance receivables individually evaluated for impairment, net of fees are classified as troubled debt restructurings. The allowance for loan losses included $337 million and $321 million of specific allowances on these receivables at September 30, 2019 and December 31, 2018. Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Allowance for loan losses at beginning of period $ 957 $ 873 $ 911 $ 942 Provision for loan losses 150 180 504 444 Charge-offs (300 ) (285 ) (888 ) (878 ) Recoveries 134 130 411 398 Effect of foreign currency (8 ) 2 (5 ) (6 ) Allowance for loan losses at end of period $ 933 $ 900 $ 933 $ 900 The allowance for loan losses on retail and commercial finance receivables included a collective allowance of $585 million and $586 million and a specific allowance of $348 million and $325 million at September 30, 2019 and December 31, 2018 . Refer to Note 1 for expected impact of adoption of ASU 2016-13. 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 score 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. At September 30, 2019 and December 31, 2018 , 24% and 25% of retail finance receivables were from consumers with sub-prime credit scores, which are defined as a FICO score 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 the payment was contractually due. The accrual of finance charge income had been suspended on delinquent retail finance receivables with contractual amounts due of $853 million and $888 million at September 30, 2019 and December 31, 2018 . 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, 2019 September 30, 2018 Amount Percent of Contractual Amount Due Amount Percent of Contractual Amount Due 31-to-60 days delinquent $ 1,252 3.0 % $ 1,302 3.5 % Greater-than-60 days delinquent 514 1.2 % 498 1.3 % Total finance receivables more than 30 days delinquent 1,766 4.2 % 1,800 4.8 % In repossession 48 0.1 % 53 0.1 % Total finance receivables more than 30 days delinquent or in repossession $ 1,814 4.3 % $ 1,853 4.9 % Commercial Finance Receivables Our commercial finance receivables consist of dealer financings, primarily for inventory purchases. Proprietary models are used to assign a risk rating to each dealer. We perform periodic credit reviews of each dealership and adjust the dealership's risk rating, if necessary. Dealers in Group VI are subject to additional restrictions on funding, including suspension of lines of credit and liquidation of assets. The commercial finance receivables on non-accrual status were insignificant at September 30, 2019 and December 31, 2018 . The following table summarizes the credit risk profile by dealer risk rating of the commercial finance receivables: September 30, 2019 December 31, 2018 Group I – Dealers with superior financial metrics $ 1,924 $ 2,192 Group II – Dealers with strong financial metrics 5,273 4,399 Group III – Dealers with fair financial metrics 3,994 4,064 Group IV – Dealers with weak financial metrics 1,199 1,116 Group V – Dealers warranting special mention due to elevated risks 332 422 Group VI – Dealers with loans classified as substandard, doubtful or impaired 74 83 $ 12,796 $ 12,276 Transactions with GM Financial The following table shows transactions between our Automotive segments and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income. September 30, 2019 December 31, 2018 Condensed Consolidated Balance Sheets(a) Commercial finance receivables, net due from GM consolidated dealers $ 502 $ 445 Finance receivables from GM subsidiaries $ 70 $ 134 Subvention receivable(b) $ 692 $ 727 Commercial loan funding payable $ 61 $ 61 Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Condensed Consolidated Statements of Income Interest subvention earned on finance receivables $ 153 $ 142 $ 448 $ 409 Leased vehicle subvention earned $ 814 $ 827 $ 2,467 $ 2,438 __________ (a) All balance sheet amounts are eliminated upon consolidation. (b) Cash paid by Automotive segments to GM Financial for subvention was $1.0 billion and $1.1 billion for the three months ended September 30, 2019 and 2018 and $3.1 billion and $2.8 billion for the nine months ended September 30, 2019 and 2018 . GM Financial's Board of Directors declared a $400 million dividend on its common stock on October 24, 2019, which we received on October 25, 2019. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories September 30, 2019 December 31, 2018 Total productive material, supplies and work in process $ 5,313 $ 4,274 Finished product, including service parts 6,484 5,542 Total inventories $ 11,797 $ 9,816 |
Equipment on Operating Leases
Equipment on Operating Leases | 9 Months Ended |
Sep. 30, 2019 | |
Vehicles [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Equipment on Operating Leases | Equipment on Operating Leases Equipment on operating leases primarily consists of leases to retail customers of GM Financial. The current portion of net equipment on operating leases is included in Other current assets. September 30, 2019 December 31, 2018 Equipment on operating leases $ 53,935 $ 55,282 Less: accumulated depreciation (11,276 ) (11,476 ) Equipment on operating leases, net $ 42,659 $ 43,806 Depreciation expense related to Equipment on operating leases, net was $1.8 billion and $1.9 billion in the three months ended September 30, 2019 and 2018 and $5.6 billion in the nine months ended September 30, 2019 and 2018 . The following table summarizes lease payments due to GM Financial on leases to retail customers: Year Ending December 31, 2019 2020 2021 2022 2023 Thereafter Total Lease receipts under operating leases $ 1,852 $ 5,996 $ 3,471 $ 1,084 $ 79 $ 3 $ 12,485 |
Equity In Net Assets of Noncons
Equity In Net Assets of Nonconsolidated Affiliates | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Automotive China equity income $ 282 $ 485 $ 893 $ 1,674 Other joint ventures equity income 33 45 107 141 Total Equity income $ 315 $ 530 $ 1,000 $ 1,815 There have been no significant ownership changes in our Automotive China joint ventures (Automotive China JVs) since December 31, 2018 . Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Summarized Operating Data of Automotive China JVs Automotive China JVs' net sales $ 9,695 $ 11,461 $ 28,843 $ 37,781 Automotive China JVs' net income $ 455 $ 999 $ 1,721 $ 3,370 Dividends declared but not paid from our nonconsolidated affiliates were $580 million and an insignificant amount at September 30, 2019 and December 31, 2018 . Dividends received from our nonconsolidated affiliates were $303 million and insignificant in the three months ended September 30, 2019 and 2018 and $1.2 billion and $2.0 billion in the nine months ended September 30, 2019 and 2018 . Undistributed earnings from our nonconsolidated affiliates were $2.1 billion and $2.3 billion at September 30, 2019 and December 31, 2018 . |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2019 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities GM Financial uses special purpose entities (SPEs) that are considered VIEs to issue variable funding notes to third party bank-sponsored warehouse facilities or asset-backed securities to investors in securitization transactions. The debt issued by these VIEs is backed by finance receivables and leasing related assets transferred to the VIEs (Securitized Assets). GM Financial determined that it is the primary beneficiary of the SPEs because the servicing responsibilities for the Securitized Assets give GM Financial the power to direct the activities that most significantly impact the performance of the VIEs and the variable interests in the VIEs give GM Financial the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The assets 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, 2019 December 31, 2018 Restricted cash – current $ 2,106 $ 1,876 Restricted cash – non-current $ 478 $ 504 GM Financial receivables, net of fees – current $ 19,401 $ 18,304 GM Financial receivables, net of fees – non-current $ 13,036 $ 14,008 GM Financial equipment on operating leases, net $ 17,603 $ 21,781 GM Financial short-term debt and current portion of long-term debt $ 21,116 $ 21,087 GM Financial long-term debt $ 17,786 $ 21,417 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. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Automotive The following table presents debt in our automotive operations: September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Automotive debt $ 14,993 $ 16,018 $ 13,435 $ 12,700 Finance lease liabilities 345 571 528 831 Total automotive debt $ 15,338 $ 16,589 $ 13,963 $ 13,531 Fair value utilizing Level 1 inputs $ 13,335 $ 11,693 Fair value utilizing Level 2 inputs $ 3,254 $ 1,838 Finance lease assets in Property, net were $370 million at September 30, 2019 . Finance lease costs were insignificant and $128 million in the three and nine months ended September 30, 2019 . Finance lease right of use assets obtained in exchange for lease obligations were $140 million in the nine months ended September 30, 2019 . Undiscounted future lease obligations related to finance leases are $108 million in the three months ending December 31, 2019, $196 million in aggregate for the years 2020 to 2023 and $372 million thereafter, with imputed interest of $331 million at September 30, 2019 . The weighted-average discount rate on finance leases was 10.5% and the weighted-average remaining lease term was 12.0 years at September 30, 2019 . In January 2019 we executed a new three -year committed unsecured revolving credit facility with an initial borrowing capacity of $3.0 billion , reducing to $2.0 billion in July 2020. The facility is being used to fund costs related to transformation activities announced in November 2018 and to provide additional financial flexibility. In the nine months ended September 30, 2019 we borrowed $700 million against this facility to support transformation-related disbursements. In April 2019 we renewed our 364 - day $2.0 billion credit facility for an additional 364 -day term. This facility has been allocated for exclusive use by GM Financial since April 2018. GM Financial The following table presents debt of GM Financial: September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 39,029 $ 39,265 $ 42,835 $ 42,835 Unsecured debt 50,099 50,954 48,153 47,556 Total GM Financial debt $ 89,128 $ 90,219 $ 90,988 $ 90,391 Fair value utilizing Level 2 inputs $ 88,388 $ 88,305 Fair value utilizing Level 3 inputs $ 1,831 $ 2,086 Secured debt consists of revolving credit facilities and securitization notes payable. Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 8 for additional information on GM Financial's involvement with VIEs. In the nine months ended September 30, 2019 , GM Financial entered into new or renewed credit facilities with a total net additional borrowing capacity of $225 million, which had substantially the same terms as existing debt, and GM Financial issued $14.2 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 2.83% and maturity dates ranging from 2022 to 2026 . Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the nine months ended September 30, 2019 , GM Financial issued $6.5 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 3.65% and maturity dates ranging from 2021 to 2029 . The principal amount outstanding of GM Financial's commercial paper in the U.S. was $1.0 billion and $1.2 billion at September 30, 2019 and December 31, 2018. 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, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Automotive The following table presents the notional amounts of derivative financial instruments in our automotive operations: Fair Value Level September 30, 2019 December 31, 2018 Derivatives not designated as hedges(a) Foreign currency 2 $ 5,251 $ 2,710 Commodity 2 758 658 PSA warrants(b) 2 43 45 Total derivative financial instruments $ 6,052 $ 3,413 __________ (a) The fair value of these derivative instruments at September 30, 2019 and December 31, 2018 and the gains/losses included in our condensed consolidated income statements for the three and nine months ended September 30, 2019 and 2018 were insignificant, unless otherwise noted. (b) The fair value of the warrants issued by Peugeot, S.A. (PSA Group), included in Other assets was $1.0 billion and $827 million at September 30, 2019 and December 31, 2018 . We recorded gains in Interest income and other non-operating income, net of $51 million and $171 million in the three months ended September 30, 2019 and 2018 and $222 million and $324 million in the nine months ended September 30, 2019 and 2018 . We estimate the fair value of the PSA warrants using a Black-Scholes formula. The significant inputs to the model include the PSA stock price and the estimated dividend yield. We are entitled to receive any dividends declared by PSA through the conversion date upon exercise of the warrants. GM Financial The following table presents the notional amounts of GM Financial's derivative financial instruments: Fair Value Level September 30, 2019 December 31, 2018 Derivatives designated as hedges(a) Fair value hedges – interest rate swaps(b) 2 $ 10,702 $ 9,533 Fair value hedges – foreign currency swaps(b) 2 1,744 1,829 Cash flow hedges Interest rate swaps 2 553 768 Foreign currency swaps(c) 2 4,269 2,075 Derivatives not designated as hedges(a) Interest rate contracts(d) 2 86,848 99,666 Total derivative financial instruments(e) $ 104,116 $ 113,871 __________ (a) The fair value of these derivative instruments at September 30, 2019 and December 31, 2018 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, 2019 and 2018 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities. (b) The fair value of these derivative instruments located in Other assets was $384 million and insignificant at September 30, 2019 and December 31, 2018 . The fair value of these derivative instruments located in Other liabilities was insignificant and $291 million at September 30, 2019 and December 31, 2018 . (c) The fair value of these derivative instruments located in Other liabilities was $241 million and insignificant at September 30, 2019 and December 31, 2018 . (d) The fair value of these derivative instruments located in Other assets was $302 million and $372 million at September 30, 2019 and December 31, 2018 . The fair value of these derivative instruments located in Other liabilities was $384 million and $520 million at September 30, 2019 and December 31, 2018 . (e) GM Financial held $258 million and insignificant amounts of collateral from counterparties available for netting against GM Financial's asset positions, and posted insignificant amounts and $451 million of collateral to counterparties available for netting against GM Financial's liability positions at September 30, 2019 and December 31, 2018 . The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including quoted prices of similar instruments and foreign exchange and interest rate forward curves. The following amounts were recorded in the condensed consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships: September 30, 2019 December 31, 2018 Carrying Amount of Hedged Items Cumulative Amount of Fair Value Hedging Adjustments(a) Carrying Amount of Hedged Items Cumulative Amount of Fair Value Hedging Adjustments(a) GM Financial long-term debt $ 20,453 $ (135 ) $ 17,923 $ 459 __________ (a) Includes $131 million and $247 million of amortization remaining on hedged items for which hedge accounting has been discontinued at September 30, 2019 and December 31, 2018 . |
Product Warranty and Related Li
Product Warranty and Related Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty and Related Liabilities | Product Warranty and Related Liabilities Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Warranty balance at beginning of period $ 7,439 $ 7,990 $ 7,590 $ 8,332 Warranties issued and assumed in period – recall campaigns 357 101 609 515 Warranties issued and assumed in period – product warranty 500 542 1,556 1,599 Payments (754 ) (723 ) (2,214 ) (2,175 ) Adjustments to pre-existing warranties 101 (209 ) 79 (426 ) Effect of foreign currency and other (34 ) (8 ) (11 ) (152 ) Warranty balance at end of period $ 7,609 $ 7,693 $ 7,609 $ 7,693 We estimate our reasonably possible loss in excess of amounts accrued for recall campaigns to be insignificant at September 30, 2019 . 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, 2019 | |
Retirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 99 $ 38 $ 4 $ 83 $ 33 $ 5 Interest cost 566 148 54 513 112 49 Expected return on plan assets (871 ) (240 ) — (972 ) (201 ) — Amortization of prior service cost (credit) (1 ) 2 (3 ) (1 ) 1 (4 ) Amortization of net actuarial losses 2 31 7 2 35 14 Curtailments, settlements and other — 119 — — 18 — Net periodic pension and OPEB (income) expense $ (205 ) $ 98 $ 62 $ (375 ) $ (2 ) $ 64 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 295 $ 102 $ 12 $ 248 $ 138 $ 15 Interest cost 1,698 386 163 1,538 349 147 Expected return on plan assets (2,610 ) (627 ) — (2,917 ) (621 ) — Amortization of prior service cost (credit) (3 ) 4 (10 ) (3 ) 3 (11 ) Amortization of net actuarial losses 8 90 22 7 109 40 Curtailments, settlements and other — 119 — — 18 — Net periodic pension and OPEB (income) expense $ (612 ) $ 74 $ 187 $ (1,127 ) $ (4 ) $ 191 The curtailment and other charges recorded were primarily due to remeasurement of the General Motors Canada Company hourly pension plan as a result of transformation activities in the three and nine months ended September 30, 2019. Refer to Note 15 for additional information on transformation-related charges. The non-service cost components of net periodic pension and other postretirement benefits (OPEB) income of $125 million and $401 million in the three months ended September 30, 2019 and 2018 and $587 million and $1.2 billion in the nine months ended September 30, 2019 and 2018 are presented in Interest income and other non-operating income, net. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation-Related Liability and Tax Administrative Matters In the normal course of our business, we are named from time to time as a defendant in various legal actions, including arbitrations, class actions and other litigation. We identify below the material individual proceedings and investigations where we believe a material loss is reasonably possible or probable. We accrue for matters when we believe that losses are probable and can be reasonably estimated. At September 30, 2019 and December 31, 2018 , we had accruals of $1.4 billion and $1.3 billion in Accrued liabilities and Other liabilities. In many matters, it is inherently difficult to determine whether loss is probable or reasonably possible or to estimate the size or range of the possible loss. Accordingly, adverse outcomes from such proceedings could exceed the amounts accrued by an amount that could be material to our results of operations or cash flows in any particular reporting period. 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. Economic-Loss Claims We are aware of over 100 putative class actions pending against GM in U.S. and Canadian courts alleging that consumers who purchased or leased vehicles manufactured by GM or Motors Liquidation Company (MLC), formerly known as General Motors Corporation, had been economically harmed by one or more of the 2014 recalls 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. Many of the pending U.S. economic-loss claims have been transferred to, and consolidated in, a single federal court, the U.S. District Court for the Southern District of New York (Southern District). These plaintiffs have asserted economic-loss claims under federal and state laws, including claims relating to recalled vehicles manufactured by GM and claims asserting successor liability relating to certain recalled vehicles manufactured by MLC. In August 2017, the Southern District 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 December 2017, the Southern District granted GM's motion and dismissed the plaintiffs' successor liability claims in an additional state, but found that there are genuine issues of material fact that prevent summary judgment for GM in eight other states. In January 2018, GM moved for reconsideration of certain portions of the Southern District's December 2017 summary judgment ruling. That motion was granted in April 2018, dismissing plaintiffs' successor liability claims in any state where New York law applies. In September 2018, the Southern District granted our motion to dismiss claims for lost personal time (in 41 out of 47 jurisdictions) and certain unjust enrichment claims, but denied our motion to dismiss plaintiffs’ economic loss claims in 27 jurisdictions under the "manifest defect" rule. Significant summary judgment, class certification, and expert evidentiary motions remain at issue. In August 2019, the Southern District granted our motion for summary judgment on plaintiffs’ economic loss “benefit of the bargain” damage claims (Southern District’s August 2019 Opinion). The Southern District held that plaintiffs’ conjoint analysis-based damages model failed to establish that plaintiffs suffered difference-in-value damages and without such evidence, plaintiffs’ difference-in-value damage claims fail under the laws of all three bellwether states: California, Missouri and Texas. As a result, the Southern District adjourned the January 2020 bellwether trial date. Later in August 2019, the bellwether plaintiffs filed a motion requesting that the Southern District reconsider its summary judgment decision or allow an interlocutory appeal if reconsideration is denied. GM filed its opposition to plaintiffs’ motion in October 2019. In September 2019, GM filed an updated motion for summary judgment on plaintiffs’ remaining economic loss claims that were not addressed in the Southern District’s August 2019 Opinion and renewed its evidentiary motion seeking to strike the opinions of plaintiff’s expert on plaintiffs’ alleged “lost time” damages associated with having the recall repairs performed. Personal Injury Claims We also are 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 the 2014 recalls (personal injury cases). In general, these cases seek recovery for purported compensatory damages, punitive damages and/or other relief. Since 2016, several bellwether trials of personal injury cases have taken place in the Southern District and in a Texas state court, which is administering a Texas state multi-district litigation. None of these trials resulted in a finding of liability against GM. Appellate Litigation Regarding Successor Liability Ignition Switch Claims In 2016, the United States Court of Appeals for the Second Circuit held that the 2009 order of the United States Bankruptcy Court for the Southern District of New York (Bankruptcy Court) approving the sale of substantially all of the assets of MLC to GM free and clear of, among other things, claims asserting successor liability for obligations owed by MLC could not be enforced to bar claims against GM asserted by either plaintiffs who purchased used vehicles after the sale or against purchasers who asserted claims relating to the ignition switch defect, including pre-sale personal injury claims and economic-loss claims. Contingently Issuable Shares Under the Amended and Restated Master Sale and Purchase Agreement between GM and MLC, GM may be obligated to issue additional shares (Adjustment Shares) of our common stock if allowed general unsecured claims against the MLC GUC Trust (GUC Trust), as estimated by the Bankruptcy Court, exceed $35.0 billion . The maximum number of Adjustment Shares issuable is 30 million shares (subject to adjustment to take into account stock dividends, stock splits and other transactions), which amounts to approximately $1.1 billion based on the GM share price as of October 15, 2019 . The GUC Trust stated in public filings that allowed general unsecured claims were approximately $31.9 billion at June 30, 2019 . In 2016 and 2017, certain personal injury and economic-loss plaintiffs filed motions in the Bankruptcy Court seeking authority to file late claims against the GUC Trust. In May 2018, the GUC Trust filed motions seeking the Bankruptcy Court’s approval of a proposed settlement with certain personal injury and economic-loss plaintiffs, approval of a notice relating to that proposed settlement and estimation of alleged personal injury and economic-loss late claims for the purpose of obtaining an order requiring GM to issue the maximum number of Adjustment Shares. GM vigorously contested each of these motions. In September 2018, the Bankruptcy Court denied without prejudice the GUC Trust’s motions described above, finding that the settling parties first need to obtain class certification with respect to the economic loss late claims. In February 2019, the GUC Trust and certain plaintiffs filed a motion with the Bankruptcy Court requesting approval of a new settlement to obtain the maximum number of Adjustment Shares. In March 2019, we asserted several legal objections to this new settlement. In September 2019, the GUC Trust advised the Bankruptcy Court that it was formally terminating the February 2019 proposed class settlement with plaintiffs because it was no longer viable given the Southern District’s August 2019 Opinion and further briefing was moot. Government Matters 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. GM is cooperating with all reasonable pending requests for information. Any existing governmental matters or investigations could in the future result in the imposition of damages, fines, civil consent orders, civil and criminal penalties or other remedies. The total amount accrued for the 2014 recalls at September 30, 2019 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 to the extent that such matters are probable and can be reasonably estimated. 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 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 GM Korea is party to litigation with current and former hourly employees in the appellate court and Incheon District Court in Incheon, Korea. The group actions, which in the 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 Korean regulations. In 2012, the Seoul High Court (an intermediate-level appellate court) affirmed a decision in one of these group actions 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 (Korean Supreme Court). In 2014, the Korean Supreme Court largely agreed with GM’s legal arguments and remanded the case to the Seoul High Court for consideration consistent with earlier Korean 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. In 2015, on reconsideration, the Seoul High Court held in GM Korea’s favor, after which the plaintiffs appealed to the Korean Supreme Court. The Korean Supreme Court has not yet rendered a decision. We estimate our reasonably possible loss in excess of amounts accrued to be approximately $570 million at September 30, 2019 . 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 or the legal or regulatory frameworks change. GM Korea is also party to litigation with current and former salaried employees over allegations relating to Ordinary Wages regulation and whether to include fixed bonuses in the calculation of Ordinary Wages. In 2017, the Seoul High Court held that certain workers are not barred from filing retroactive wage claims. GM Korea appealed this ruling to the Korean Supreme Court. The Korean Supreme Court has not yet rendered a decision. We estimate our reasonably possible loss in excess of amounts accrued to be approximately $160 million at September 30, 2019 . 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 or the legal or regulatory frameworks change. GM Korea is also party to litigation with current and former subcontract workers over allegations that they are entitled to the same wages and benefits provided to full-time employees, and to be hired as full-time employees. In May 2018, the Korean labor authorities issued an adverse administrative order finding that GM Korea must hire certain current subcontract workers as full-time employees. GM Korea appealed that order. At September 30, 2019 , our accrual covering certain asserted claims and claims that we believe are probable of assertion and for which liability is probable was approximately $170 million , which was substantially consistent with prior period amounts. We estimate the reasonably possible loss in excess of amounts accrued for other current subcontract workers who may assert similar claims to be approximately $130 million at September 30, 2019 . We are currently unable to estimate any possible loss or range of loss that may result from additional claims that may be asserted by former subcontract workers. GM Brazil Indirect Tax Claim In February and April 2019, the Superior Judicial Court of Brazil rendered favorable decisions on a case brought by GM Brazil challenging whether a certain state value-added tax should be included in the calculation of federal gross receipts taxes. The decisions will allow the Company the right to recover, through offset of federal tax liabilities, amounts collected by the government from August 2001 to December 2014. As a result of the favorable decisions, we recorded pre-tax recoveries of $857 million and $380 million in Automotive and other cost of sales in the three months ended March 31, 2019 and June 30, 2019. In August 2019, the Superior Judicial Court of Brazil rendered a favorable decision on another GM Brazil case, granting GM Brazil the right to recover tax amounts collected by the government from January 2015 to February 2017. We recorded pre-tax recoveries of $123 million in Automotive and other cost of sales in the three months ended September 30, 2019. Timing on realization of these recoveries is dependent upon the timing of administrative approvals and generation of federal tax liabilities eligible for offset. The Brazilian IRS request for a Motion of Clarification on this matter has been scheduled to be determined by the Brazilian Supreme Court as early as December 2019. In addition, we expect third parties to make claims on some or all of the pre-tax recoveries, which GM intends to defend against. Other Litigation-Related Liability and Tax Administrative Matters Various other legal actions, including class actions, governmental investigations, claims and proceedings are pending against us or our related companies or joint ventures, including matters arising out of alleged product defects; employment-related matters; product and workplace safety, vehicle emissions and fuel economy regulations; product warranties; financial services; dealer, supplier and other contractual relationships; government regulations relating to competition issues; tax-related matters not subject to the provision of Accounting Standards Codification 740, Income Taxes (indirect tax-related matters); product design, manufacture and performance; consumer protection laws; and environmental protection laws, including laws regulating air emissions, water discharges, waste management and environmental remediation from stationary sources. There are several putative class actions pending against GM in federal courts in the U.S., the Provincial Courts in Canada and Israel alleging that various vehicles sold, including model year 2011-2016 Duramax Diesel Chevrolet Silverado and GMC Sierra vehicles, violate federal, state and foreign emission standards. GM has also faced a series of additional lawsuits based primarily on allegations in the Duramax suit, including putative shareholder class actions claiming violations of federal securities law and a shareholder demand lawsuit. The securities lawsuits have been voluntarily dismissed by the plaintiffs in those actions. At this 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 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 $500 million at September 30, 2019 . 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, 2019 . 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 $900 million at September 30, 2019 . Takata Matters In May 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 phased-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. Although we do not believe there is a safety defect at this time in any unrecalled GM vehicles within scope of the Takata DIRs, in cooperation with NHTSA we have filed Preliminary DIRs covering certain of our GMT900 vehicles, which are full-size pickup trucks and sport utility vehicles (SUVs). We have also filed petitions for inconsequentiality with respect to the vehicles subject to those Preliminary DIRs. NHTSA has consolidated our petitions and will rule on them at the same time. While these petitions have been pending, we have provided NHTSA with the results of our long-term studies and the studies performed by third-party experts, all of which form 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. We believe these vehicles are currently performing as designed and our inflator aging studies and field data 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 $1.2 billion . GM has recalled certain vehicles sold outside of the U.S. to replace Takata inflators in those vehicles. There are significant differences in vehicle and inflator design between the relevant vehicles sold internationally and those sold in the U.S. We continue to gather and analyze evidence about these inflators and to share our findings with regulators. Additional recalls, if any, could be material to our results of operations and cash flows. We continue to monitor the international situation. Through October 15, 2019 we are aware of five putative class actions filed against GM in federal court in the U.S., one putative class action in Mexico, one putative class action in Israel and three 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. Product Liability We recorded liabilities of $547 million and $531 million in Accrued liabilities and Other liabilities at September 30, 2019 and December 31, 2018 for the expected cost of all known product liability claims, plus an estimate of the expected cost for product liability claims that have already been incurred and are expected to be filed in the future for which we are self-insured. It is reasonably possible that our accruals for product liability claims may increase in future periods in material amounts, although we cannot estimate a reasonable range of incremental loss based on currently available information. Other than claims relating to the ignition switch recalls discussed above, we believe that any judgment against us involving our and MLC products for actual damages will be adequately covered by our recorded accruals and, where applicable, excess liability insurance coverage. Guarantees We enter into indemnification agreements for liability claims involving products manufactured primarily by certain joint ventures. These guarantees terminate in years ranging from 2019 to 2024 or upon the occurrence of specific events or are ongoing. We believe that the related potential costs incurred are adequately covered by our recorded accruals, which are insignificant. The maximum future undiscounted payments mainly based on vehicles sold to date were $2.7 billion and $2.4 billion for these guarantees at September 30, 2019 and December 31, 2018 , the majority of which relates to the indemnification agreements. We provide payment guarantees on commercial loans outstanding with third parties such as dealers. In some instances, certain assets of the party or our payables to the party whose debt or performance we have guaranteed may offset, to some degree, the amount of any potential future payments. We are also exposed to residual value guarantees associated with certain sales to rental car companies. We periodically enter into agreements that incorporate indemnification provisions in the normal course of business. It is not possible to estimate our maximum exposure under these indemnifications or guarantees due to the conditional nature of these obligations. Insignificant amounts have been recorded for such obligations as the majority of them are not probable or estimable at this time and the fair value of the guarantees at issuance was insignificant. Refer to Note 18 for additional information on our indemnification obligations to PSA Group under the Master Agreement (the Agreement) between GM and PSA Group. Operating Leases Our portfolio of leases primarily consists of real estate office space, manufacturing and warehousing facilities, land and equipment. Certain leases contain escalation clauses and renewal or purchase options, and generally our leases have no residual value guarantees or material covenants. We exclude leases with a term of one year or less from our balance sheet, and do not separate non-lease components from our real estate leases. Rent expense under operating leases was $84 million and $266 million in the three and nine months ended September 30, 2019 . Variable lease costs were insignificant in the three and nine months ended September 30, 2019 . At September 30, 2019 operating lease right of use assets in Other assets were $1.2 billion , operating lease liabilities in Accrued liabilities were $243 million and non-current operating lease liabilities in Other liabilities were $1.0 billion . Operating lease right of use assets obtained in exchange for lease obligations were $470 million in the nine months ended September 30, 2019 . Our undiscounted future lease obligations related to operating leases having initial terms in excess of one year are $67 million for the three months ending December 31, 2019 and $270 million , $246 million , $178 million , $166 million and $582 million for the years 2020, 2021, 2022, 2023 and thereafter, with imputed interest of $217 million at September 30, 2019 . The weighted average discount rate was 4.2% and the weighted-average remaining lease term was 7.3 years at September 30, 2019 . Payments for operating leases included in Net cash provided by (used in) operating activities were $271 million in the nine months ended September 30, 2019 . Lease agreements that have not yet commenced were insignificant at September 30, 2019. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
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 2009 to 2018 with various significant tax jurisdictions. In the three months ended September 30, 2019 Income tax expense of $271 million was primarily due to tax expense attributable to entities included in our effective tax rate calculation, partially offset by U.S. tax benefits from foreign activity. In the three months ended September 30, 2018 Income tax expense of $100 million was primarily due to tax expense attributable to entities included in our effective tax rate calculation, partially offset by a $157 million tax change related to U.S. tax reform. In the nine months ended September 30, 2019 Income tax expense of $932 million was primarily due to tax expense attributable to entities included in our effective tax rate calculation, partially offset by U.S. tax benefits from foreign activity, tax settlements, and a release of valuation allowance. In the nine months ended September 30, 2018 Income tax expense of $1.1 billion was primarily due to tax expense attributable to entities included in our effective tax rate calculation, partially offset by a $157 million tax change related to U.S. tax reform. At September 30, 2019 we had $23.1 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. |
Restructuring and Other Initiat
Restructuring and Other Initiatives | 9 Months Ended |
Sep. 30, 2019 | |
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 reduce other costs to improve the utilization of remaining facilities. To the extent these programs involve voluntary separations, a liability is generally recorded at the time offers to employees are accepted. To the extent these programs provide separation benefits in accordance with pre-existing agreements, a liability is recorded once the amount is probable and reasonably estimable. If employees are involuntarily terminated, a liability is generally recorded at the communication date. Related charges are recorded in Automotive and other cost of sales and Automotive and other selling, general and administrative expense. The following table summarizes the reserves and charges related to restructuring and other initiatives, including postemployment benefit reserves and charges: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Balance at beginning of period $ 919 $ 274 $ 1,122 $ 227 Additions, interest accretion and other 211 8 499 600 Payments (162 ) (72 ) (645 ) (567 ) Revisions to estimates and effect of foreign currency (30 ) (3 ) (38 ) (53 ) Balance at end of period $ 938 $ 207 $ 938 $ 207 In the three and nine months ended September 30, 2019 restructuring and other initiatives primarily included actions related to our announced transformation activities, which includes the unallocation of products to certain manufacturing facilities and other employee separation programs. We recorded charges of $390 million , primarily in GMNA, in the three months ended September 30, 2019 consisting of $209 million , primarily in pension curtailment and other charges, which are not reflected in the table above, and $181 million , primarily in supplier-related charges, reflected in the table above. We recorded charges of $1.5 billion , primarily in GMNA, in the nine months ended September 30, 2019 consisting of $1.1 billion primarily in non-cash accelerated depreciation and pension curtailment and other charges, not reflected in the table above, and $421 million primarily in supplier-related charges, which are reflected in the table above. These programs have a total cost since inception of $2.9 billion and we expect to incur additional restructuring and other charges in the three months ending December 31, 2019 that range from $100 million to $300 million , primarily related to employee-related separation charges and accelerated depreciation. We incurred $645 million in cash outflows resulting from these restructuring actions, primarily for employee separation payments and supplier-related payments, in the nine months ended September 30, 2019 . We expect additional cash outflows related to these activities of approximately $900 million to be substantially complete by the end of 2020. In the nine months ended September 30, 2018 restructuring and other initiatives primarily included the closure of a facility and other restructuring actions in Korea. We recorded charges of $1.0 billion related to Korea in GMI, net of noncontrolling interests in the nine months ended September 30, 2018 . These charges consisted of $537 million in non-cash asset impairments and other charges, not reflected in the table above, and $495 million in employee separation charges, which are reflected in the table above, in the nine months ended September 30, 2018 . We incurred $748 million in cash outflows in the nine months ended September 30, 2018 and $775 million in cash outflows in the year ended December 31, 2018 resulting from these Korea restructuring actions primarily for employee separations and statutory pension payments. These programs were substantially complete at December 31, 2018. |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity and Noncontrolling Interests | Stockholders' Equity and Noncontrolling Interests We had 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance, and no shares of preferred stock and 1.4 billion shares of common stock issued and outstanding at September 30, 2019 and December 31, 2018 . Warrants At December 31, 2018 we had 15 million warrants outstanding that we issued in July 2009. The warrants were exercisable at any time prior to July 10, 2019 at an exercise price of $18.33 per share. Outstanding warrants expired on July 10, 2019. In September 2018 GM Financial issued $500 million of Fixed-to-Floating Rate Cumulative Perpetual Stock, Series B, $0.01 par value, with liquidation preference of $1,000 per share. The preferred stock is classified as noncontrolling interests on our condensed consolidated financial statements. Dividends are paid semi-annually and began March 30, 2019 at a fixed rate of 6.50% . Cruise Preferred Shares In May 2019, GM Cruise Holdings LLC (Cruise Holdings), our subsidiary, entered into a Purchase Agreement with SoftBank Vision Fund (AIV M2), L.P. (The Vision Fund), General Motors Holdings LLC, Honda Motor Co., Ltd. (Honda), and certain other investors pursuant to which Cruise Holdings received $1.1 billion in exchange for issuing Class F Preferred Shares (Cruise Class F Preferred Shares), including $687 million from General Motors Holdings LLC. In July 2019, regulatory approval was received resulting in an additional insignificant amount received from, and Cruise Class F Preferred Shares issued to, The Vision Fund in August 2019. Total proceeds from the issuance of Cruise Class F Preferred Shares were $1.2 billion , representing approximately 6.6% of the fully diluted equity of Cruise Holdings. All proceeds related to the Cruise Class F Preferred Shares are designated exclusively for working capital and general corporate purposes of Cruise. The Cruise Class F Preferred Shares participate pari passu with holders of Cruise Holdings common stock in any dividends declared. The Cruise Class F Preferred Shares have the right to vote on the election of one director, who is elected by the vote of a majority of the Cruise Holdings common stock and the Cruise Class F Preferred Shares. Prior to an initial public offering, the holders of Cruise Class F Preferred Shares are restricted from transferring the Cruise Class F Preferred Shares until May 7, 2023. The Cruise Class F Preferred Shares only convert into common stock of Cruise Holdings at specified exchange ratios upon occurrence of an initial public offering. No covenants or other events of default that can trigger redemption of the Class F Preferred Shares exist. The Cruise Class F Preferred Shares are entitled to receive the greater of their carrying value or a pro-rata share of any proceeds or distributions upon the occurrence of a merger, sale, liquidation or dissolution of Cruise Holdings. The Cruise Class F Preferred Shares are classified as noncontrolling interests in our condensed consolidated financial statements. At September 30, 2019, external investors held 17.3% of the fully diluted equity in Cruise Holdings. In June 2018, Cruise Holdings issued $900 million of convertible preferred shares (Cruise Preferred Shares) to an affiliate of The Vision Fund, which subsequently assigned such shares to The Vision Fund. Immediately prior to the issuance of the Cruise Preferred Shares, we invested $1.1 billion in Cruise Holdings. When Cruise's autonomous vehicles are ready for commercial deployment, The Vision Fund is obligated to purchase additional Cruise Preferred Shares for $1.35 billion . All proceeds are designated exclusively for working capital and general corporate purposes of Cruise. Dividends are cumulative and accrue at an annual rate of 7% and are payable quarterly in cash or in-kind, at Cruise's discretion. The Cruise Preferred Shares are also entitled to participate in Cruise dividends above a defined threshold. Prior to an initial public offering, The Vision Fund is restricted from transferring the Cruise Preferred Shares until June 28, 2025. The Cruise Preferred Shares are classified as noncontrolling interests in our condensed consolidated financial statements. GM Korea Preferred Shares In May 2018, the Korea Development Bank (KDB) agreed to purchase approximately $750 million of GM Korea’s Class B Preferred Shares from GM Korea (GM Korea Preferred Shares), $361 million of which was received in June 2018 with the remainder received in the three months ended December 31, 2018. Dividends on the GM Korea Preferred Shares are cumulative and accrue at an annual rate of 1% . GM Korea can call the preferred shares at their original issue price six years from the date of issuance and once called, the preferred shares can be converted into common shares of GM Korea at the option of the holder. The KDB investment can only be used for purposes of funding capital expenditures in GM Korea. The GM Korea Preferred Shares are classified as noncontrolling interests in our condensed consolidated financial statements. In conjunction with the GM Korea Preferred Share issuance we agreed to provide GM Korea future funding, if needed, not to exceed $2.8 billion through December 31, 2027, inclusive of $2.0 billion of planned capital expenditures through 2027. The following table summarizes the significant components of Accumulated other comprehensive loss: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Foreign Currency Translation Adjustments Balance at beginning of period $ (2,078 ) $ (1,826 ) $ (2,250 ) $ (1,606 ) Other comprehensive loss and noncontrolling interests, net of reclassification adjustment, tax and impact of adoption of accounting standards(a)(b)(c) (341 ) (215 ) (169 ) (435 ) Balance at end of period $ (2,419 ) $ (2,041 ) $ (2,419 ) $ (2,041 ) Defined Benefit Plans Balance at beginning of period $ (6,695 ) $ (6,290 ) $ (6,737 ) $ (6,398 ) Other comprehensive income (loss) before reclassification adjustment, net of tax and impact of adoption of accounting standards(b)(c) 80 (4 ) 51 16 Reclassification adjustment, net of tax(b) 40 63 111 151 Other comprehensive income, net of tax and impact of adoption of accounting standards(b)(c) 120 59 162 167 Balance at end of period(d) $ (6,575 ) $ (6,231 ) $ (6,575 ) $ (6,231 ) __________ (a) The noncontrolling interests and reclassification adjustment were insignificant in the three and nine months ended September 30, 2019 and 2018 . (b) The income tax effect was insignificant in the three and nine months ended September 30, 2019 and 2018 . (c) Refer to our 2018 Form 10-K for additional information on adoption of accounting standards in 2018 . (d) Primarily consists of unamortized actuarial loss on our defined benefit plans. Refer to the critical accounting estimates section of our 2018 Form 10-K for additional information. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Basic earnings per share Income from continuing operations(a) $ 2,351 $ 2,534 $ 6,926 $ 6,040 Less: cumulative dividends on subsidiary preferred stock (38 ) (31 ) (113 ) (60 ) Income from continuing operations attributable to common stockholders 2,313 2,503 6,813 5,980 Loss from discontinued operations, net of tax — — — 70 Net income attributable to common stockholders $ 2,313 $ 2,503 $ 6,813 $ 5,910 Weighted-average common shares outstanding 1,428 1,412 1,422 1,410 Basic earnings per common share – continuing operations $ 1.62 $ 1.77 $ 4.79 $ 4.24 Basic loss per common share – discontinued operations $ — $ — $ — $ 0.05 Basic earnings per common share $ 1.62 $ 1.77 $ 4.79 $ 4.19 Diluted earnings per share Income from continuing operations attributable to common stockholders – diluted(a) $ 2,313 $ 2,503 $ 6,813 $ 5,980 Loss from discontinued operations, net of tax – diluted $ — $ — $ — $ 70 Net income attributable to common stockholders – diluted $ 2,313 $ 2,503 $ 6,813 $ 5,910 Weighted-average common shares outstanding – basic 1,428 1,412 1,422 1,410 Dilutive effect of warrants and awards under stock incentive plans 14 19 17 21 Weighted-average common shares outstanding – diluted 1,442 1,431 1,439 1,431 Diluted earnings per common share – continuing operations $ 1.60 $ 1.75 $ 4.74 $ 4.18 Diluted loss per common share – discontinued operations $ — $ — $ — $ 0.05 Diluted earnings per common share $ 1.60 $ 1.75 $ 4.74 $ 4.13 Potentially dilutive securities(b) 7 4 7 4 __________ (a) Net of Net loss attributable to noncontrolling interests. (b) Potentially dilutive securities attributable to outstanding stock options and Restricted Stock Units (RSUs) were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On July 31, 2017 we closed the sale of the Opel and Vauxhall businesses and certain other assets in Europe (the Opel/Vauxhall Business) to PSA Group. On October 31, 2017 we closed the sale of the European financing subsidiaries and branches (the Fincos, and together with the Opel/Vauxhall Business, the European Business) to Banque PSA Finance S.A. and BNP Paribas Personal Finance S.A. Our wholly owned subsidiary (the Seller) 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 certain emissions and product liabilities. The Company entered into a guarantee for the benefit of PSA Group and pursuant to which the Company agreed to guarantee the Seller's obligation to indemnify PSA Group. Certain of these indemnification obligations are subject to time limitations, thresholds and/or caps as to the amount of required payments. Although the sale reduced our new vehicle presence in Europe, we may still be impacted by actions taken by regulators related to vehicles sold before the sale. In Germany, the Kraftfahrt-Bundesamt (KBA) issued an order in October 2018, which would convert Opel’s existing voluntary recall of certain vehicles into a mandatory recall for allegedly failing to comply with certain emissions regulations. In addition, at the KBA's request, the German authorities re-opened a separate criminal investigation that had previously been closed with no action. Opel is challenging the mandatory recall order of the KBA in court on the grounds that the emission control systems contained in the subject vehicles have at all times complied with the regulations in place when the vehicles were manufactured, tested, approved and sold. In 2017 and 2018, Opel initiated a voluntarily recall/service campaign for many of these vehicles and such voluntary actions remain ongoing while Opel’s challenge of the mandatory recall remains pending. Opel’s voluntary recall and service actions have been undertaken at its own expense, and this expense should not be transferred to the Seller because it was accounted for at the time of the sale. However, the Seller may be obligated to indemnify PSA Group for certain additional expenses resulting from any mandatory recall that might be ordered to be implemented, as well as related potential litigation costs, settlements, judgments and potential fines. We are unable to estimate any reasonably possible loss or range of loss that may result from this matter. We continue to purchase from and supply to PSA Group certain vehicles, parts and engineering services for a period of time following closing. The following table summarizes transactions with the Opel/Vauxhall Business: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Net sales and revenue(a) $ 140 $ 339 $ 1,008 $ 1,507 Purchases and expenses(a) $ 243 $ 297 $ 648 $ 1,134 Cash payments(b) $ 762 $ 1,483 Cash receipts(b) $ 1,223 $ 1,926 __________ (a) Included in Income from continuing operations. (b) Included in Net cash provided by operating activities . |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We analyze the results of our business through the following reportable segments: GMNA, GMI, Cruise and GM Financial. The chief operating decision maker evaluates the operating results and performance of our automotive segments and Cruise through earnings before interest and taxes (EBIT)-adjusted, which is presented net of noncontrolling interests. The chief operating decision maker evaluates GM Financial through earnings before income taxes (EBT)-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment. Each segment has a manager responsible for executing our strategic initiatives. While not all vehicles within a segment are individually profitable 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 trucks, crossovers, cars and automobile parts produced are marketed through retail dealers in North America and through distributors and dealers outside of North America, the substantial majority of which are independently owned. In addition to the products sold to dealers for consumer retail sales, trucks, crossovers and cars are also sold to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies and governments. Fleet sales are completed through the dealer network and in some cases directly with fleet customers. Retail and fleet customers can obtain a wide range of after-sale vehicle services and products through the dealer network, such as maintenance, light repairs, collision repairs, vehicle accessories and extended service warranties. GMNA meets the demands of customers in North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet and GMC brands. GMI primarily meets the demands of customers outside North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet, GMC, and Holden brands. We also have equity ownership stakes in entities that meet the demands of customers in other countries, primarily China, with vehicles developed, manufactured and/or marketed under the Baojun, Buick, Cadillac, Chevrolet, Jiefang and Wuling brands. Cruise, formerly GM Cruise, is our global segment responsible for the development and commercialization of autonomous vehicle technology, and includes autonomous vehicle-related engineering and other costs. Our automotive interest income and interest expense, Maven, legacy costs from the Opel/Vauxhall Business ( primarily pension costs ), corporate expenditures and certain nonsegment-specific revenues and expenses are recorded centrally in Corporate. Corporate assets primarily consist of cash and cash equivalents, marketable debt securities, our investment in Lyft, PSA warrants, 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. The following tables summarize key financial information by segment: At and For the Three Months Ended September 30, 2019 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 27,971 $ 3,794 $ 52 $ 31,817 $ 25 $ 3,659 $ (28 ) $ 35,473 Earnings (loss) before interest and taxes-adjusted $ 3,023 $ (65 ) $ (451 ) $ 2,507 $ (251 ) $ 711 $ (1 ) $ 2,966 Adjustments(a) $ (359 ) $ 92 $ — $ (267 ) $ — $ — $ — (267 ) Automotive interest income 129 Automotive interest expense (206 ) Net (loss) attributable to noncontrolling interests (40 ) Income before income taxes 2,582 Income tax expense (271 ) Income from continuing operations 2,311 Loss from discontinued operations, net of tax — Net loss attributable to noncontrolling interests 40 Net income attributable to stockholders $ 2,351 Equity in net assets of nonconsolidated affiliates $ 85 $ 7,024 $ 6 $ — $ 7,115 $ — $ 1,381 $ — $ 8,496 Goodwill and intangibles $ 2,488 $ 896 $ 1 $ — $ 3,385 $ 670 $ 1,353 $ — $ 5,408 Total assets $ 115,995 $ 25,562 $ 34,309 $ (56,381 ) $ 119,485 $ 4,406 $ 109,099 $ (1,461 ) $ 231,529 Depreciation and amortization $ 1,325 $ 133 $ 11 $ — $ 1,469 $ 7 $ 1,832 $ — $ 3,308 Impairment charges $ — $ 1 $ — $ — $ 1 $ — $ — $ — $ 1 Equity income (loss) $ 3 $ 279 $ (6 ) $ — $ 276 $ — $ 39 $ — $ 315 __________ (a) Consists of restructuring and other charges related to transformation activities of $390 million , primarily in GMNA and a benefit of $123 million related to the retrospective recoveries of indirect taxes in Brazil in GMI. At and For the Three Months Ended September 30, 2018 GMNA GMI Corporate Eliminations Total Cruise GM Eliminations Total Net sales and revenue $ 27,650 $ 4,582 $ 56 $ 32,288 $ — $ 3,518 $ (15 ) $ 35,791 Earnings (loss) before interest and taxes-adjusted $ 2,825 $ 139 $ (94 ) $ 2,870 $ (214 ) $ 498 $ (1 ) $ 3,153 Adjustments(a) $ — $ — $ (440 ) $ (440 ) $ — $ — $ — (440 ) Automotive interest income 82 Automotive interest expense (161 ) Net (loss) attributable to noncontrolling interests (4 ) Income before income taxes 2,630 Income tax expense (100 ) Income from continuing operations 2,530 Loss from discontinued operations, net of tax — Net loss attributable to noncontrolling interests 4 Net income attributable to stockholders $ 2,534 Equity in net assets of nonconsolidated affiliates $ 77 $ 7,770 $ — $ — $ 7,847 $ — $ 1,308 $ — $ 9,155 Goodwill and intangibles $ 2,674 $ 939 $ 2 $ — $ 3,615 $ 679 $ 1,357 $ — $ 5,651 Total assets $ 110,245 $ 25,780 $ 28,194 $ (45,323 ) $ 118,896 $ 2,567 $ 105,658 $ (1,410 ) $ 225,711 Depreciation and amortization $ 1,251 $ 136 $ 12 $ — $ 1,399 $ 2 $ 1,904 $ — $ 3,305 Impairment charges $ — $ 2 $ 6 $ — $ 8 $ — $ — $ — $ 8 Equity income $ 2 $ 484 $ — $ — $ 486 $ — $ 44 $ — $ 530 __________ (a) Consists of charges for ignition switch-related legal matters. At and For the Nine Months Ended September 30, 2019 GMNA GMI Corporate Eliminations Total Cruise GM Eliminations/Reclassifications Total Net sales and revenue $ 83,660 $ 11,691 $ 152 $ 95,503 $ 75 $ 10,918 $ (85 ) $ 106,411 Earnings (loss) before interest and taxes-adjusted $ 7,941 $ (82 ) $ (461 ) $ 7,398 $ (699 ) $ 1,606 $ (17 ) $ 8,288 Adjustments(a) $ (1,478 ) $ 1,299 $ (2 ) $ (181 ) $ — $ — $ — (181 ) Automotive interest income 333 Automotive interest expense (582 ) Net (loss) attributable to noncontrolling interests (67 ) Income before income taxes 7,791 Income tax expense (932 ) Income from continuing operations 6,859 Loss from discontinued operations, net of tax — Net loss attributable to noncontrolling interests 67 Net income attributable to stockholders $ 6,926 Depreciation and amortization $ 4,803 $ 379 $ 36 $ — $ 5,218 $ 16 $ 5,579 $ — $ 10,813 Impairment charges $ 15 $ 4 $ — $ — $ 19 $ — $ — $ — $ 19 Equity income (loss) $ 7 $ 886 $ (19 ) $ — $ 874 $ — $ 126 $ — $ 1,000 __________ (a) Consists of restructuring and other charges related to transformation activities of $1.5 billion , primarily in GMNA and a benefit of $1.4 billion related to the retrospective recoveries of indirect taxes in Brazil in GMI. At and For the Nine Months Ended September 30, 2018 GMNA GMI Corporate Eliminations Total Cruise GM Eliminations Total Net sales and revenue $ 83,969 $ 14,188 $ 155 $ 98,312 $ — $ 10,417 $ (79 ) $ 108,650 Earnings (loss) before interest and taxes-adjusted $ 7,728 $ 471 $ (187 ) $ 8,012 $ (534 ) $ 1,477 $ — $ 8,955 Adjustments(a) $ — $ (1,138 ) $ (440 ) $ (1,578 ) $ — $ — $ — (1,578 ) Automotive interest income 218 Automotive interest expense (470 ) Net (loss) attributable to noncontrolling interests (34 ) Income before income taxes 7,091 Income tax expense (1,085 ) Income from continuing operations 6,006 Loss from discontinued operations, net of tax (70 ) Net loss attributable to noncontrolling interests 34 Net income attributable to stockholders $ 5,970 Depreciation and amortization $ 3,474 $ 426 $ 36 $ — $ 3,936 $ 5 $ 5,560 $ — $ 9,501 Impairment charges $ 53 $ 463 $ 6 $ — $ 522 $ — $ — $ — $ 522 Equity income $ 7 $ 1,667 $ — $ — $ 1,674 $ — $ 141 $ — $ 1,815 __________ (a) Consists of charges of $1.1 billion related to restructuring actions in Korea in GMI, which is net of noncontrolling interest, and charges of $440 million for ignition switch-related legal matters in Corporate. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On October 25, 2019 we entered into a new collectively bargained labor agreement (Labor Agreement) with the International Union, United Automobile, Aerospace and Agriculture Implement Workers of America (UAW). The Labor Agreement, which has a term of four years , covers the wages, hours, benefits and other terms and conditions of employment for our UAW-represented employees. Among other provisions, the key terms of the Labor Agreement include lump sum payments to eligible employees and wage increases for eligible employees. Severance incentive programs will be offered to qualified employees based on employee interest, eligibility and management approval. We will make additional manufacturing investments of approximately $7.7 billion to create or retain more than 9,000 UAW jobs during the period of the Labor Agreement. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
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 2018 Form 10-K. Except for per share amounts or as otherwise specified, dollar amounts presented within tables are stated in millions. In the three months ended March 31, 2019 we changed the presentation of our condensed consolidated balance sheets to reclassify the current portion of Equipment on operating leases, net to Other current assets and our condensed consolidated statements of cash flows to reclassify Payments to purchase common stock to Other financing activities. We have made corresponding reclassifications to the comparable information for all periods presented. |
Principles of Consolidation | Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. Our share of earnings or losses of nonconsolidated affiliates is included in our consolidated operating results using the equity method of accounting when we are able to exercise significant influence over the operating and financial decisions of the affiliate. |
Recently Adopted Accounting Standards and Accounting Standards Not Yet Adopted | Recently Adopted Accounting Standards Effective January 1, 2019, we adopted Accounting Standards Update (ASU) 2016-02, "Leases" (ASU 2016-02) using the modified retrospective method, resulting in a cumulative-effect adjustment to the opening balance of Retained earnings for an insignificant amount. We recognized $1.0 billion of right of use assets and lease obligations included in Other assets, Accrued liabilities and Other liabilities on our condensed consolidated balance sheet for our existing operating lease portfolio at January 1, 2019. We elected to apply the practical expedient related to land easements, as well as the package of practical expedients permitted under the transition guidance in the new standard, which allowed us to carry forward our historical lease classification. The accounting for our finance leases and leases where we are the lessor remained substantially unchanged. The application of ASU 2016-02 had no impact on our condensed consolidated income statement or condensed consolidated statement of cash flows. The following table summarizes our minimum commitments under noncancelable operating leases having initial terms in excess of one year, primarily for property, at December 31, 2018 as disclosed in our 2018 Form 10-K: Years Ending December 31, 2019 2020 2021 2022 2023 Thereafter Total Minimum commitments(a) $ 296 $ 286 $ 247 $ 180 $ 146 $ 582 $ 1,737 Sublease income (61 ) (51 ) (44 ) (38 ) (33 ) (129 ) (356 ) Net minimum commitments $ 235 $ 235 $ 203 $ 142 $ 113 $ 453 $ 1,381 _________ (a) Certain leases contain escalation clauses and renewal or purchase options. Refer to Note 13 for information on our operating leases at September 30, 2019 . Accounting Standards Not Yet Adopted In June 2016 the Financial Accounting Standards Board issued ASU 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" (ASU 2016-13), which requires entities to use a new impairment model based on Current Expected Credit Losses (CECL) rather than incurred losses. We plan to adopt ASU 2016-13 on January 1, 2020 on a modified retrospective basis. Estimated credit losses under CECL will consider relevant information about past events, current conditions and reasonable and supportable forecasts that affect the collectibility of the reported amount, resulting in recognition of lifetime expected credit losses upon loan origination. We are currently validating and refining our process for our implementation of ASU 2016-13. Upon adoption, we expect to record an adjustment that will increase our allowance for credit losses between $700 million and $900 million , with an after-tax reduction to Retained earnings between $500 million and $700 million . The amount of the adjustment is heavily dependent on the volume, credit mix and seasoning of our loan portfolio. |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Schedule of Future Minimum Commitments for Operating Leases | The following table summarizes our minimum commitments under noncancelable operating leases having initial terms in excess of one year, primarily for property, at December 31, 2018 as disclosed in our 2018 Form 10-K: Years Ending December 31, 2019 2020 2021 2022 2023 Thereafter Total Minimum commitments(a) $ 296 $ 286 $ 247 $ 180 $ 146 $ 582 $ 1,737 Sublease income (61 ) (51 ) (44 ) (38 ) (33 ) (129 ) (356 ) Net minimum commitments $ 235 $ 235 $ 203 $ 142 $ 113 $ 453 $ 1,381 _________ (a) Certain leases contain escalation clauses and renewal or purchase options. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue by Major Source | The following table disaggregates our revenue by major source for revenue generating segments: Three Months Ended September 30, 2019 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 26,825 $ 3,519 $ — $ 30,344 $ — $ — $ — $ 30,344 Used vehicles 345 31 — 376 — — — 376 Services and other 801 244 52 1,097 25 — (25 ) 1,097 Automotive net sales and revenue 27,971 3,794 52 31,817 25 — (25 ) 31,817 Leased vehicle income — — — — — 2,515 — 2,515 Finance charge income — — — — — 1,043 (2 ) 1,041 Other income — — — — — 101 (1 ) 100 GM Financial net sales and revenue — — — — — 3,659 (3 ) 3,656 Net sales and revenue $ 27,971 $ 3,794 $ 52 $ 31,817 $ 25 $ 3,659 $ (28 ) $ 35,473 Three Months Ended September 30, 2018 GMNA GMI Corporate Total Automotive GM Financial Eliminations Total Vehicle, parts and accessories $ 26,273 $ 4,226 $ 2 $ 30,501 $ — $ (11 ) $ 30,490 Used vehicles 582 23 — 605 — (1 ) 604 Services and other 795 333 54 1,182 — — 1,182 Automotive net sales and revenue 27,650 4,582 56 32,288 — (12 ) 32,276 Leased vehicle income — — — — 2,501 — 2,501 Finance charge income — — — — 917 (2 ) 915 Other income — — — — 100 (1 ) 99 GM Financial net sales and revenue — — — — 3,518 (3 ) 3,515 Net sales and revenue $ 27,650 $ 4,582 $ 56 $ 32,288 $ 3,518 $ (15 ) $ 35,791 Nine Months Ended September 30, 2019 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 79,763 $ 10,830 $ — $ 90,593 $ — $ — $ — $ 90,593 Used vehicles 1,549 95 — 1,644 — — — 1,644 Services and other 2,348 766 152 3,266 75 — (75 ) 3,266 Automotive net sales and revenue 83,660 11,691 152 95,503 75 — (75 ) 95,503 Leased vehicle income — — — — — 7,536 — 7,536 Finance charge income — — — — — 3,038 (6 ) 3,032 Other income — — — — — 344 (4 ) 340 GM Financial net sales and revenue — — — — — 10,918 (10 ) 10,908 Net sales and revenue $ 83,660 $ 11,691 $ 152 $ 95,503 $ 75 $ 10,918 $ (85 ) $ 106,411 Nine Months Ended September 30, 2018 GMNA GMI Corporate Total Automotive GM Financial Eliminations Total Vehicle, parts and accessories $ 79,029 $ 13,320 $ 12 $ 92,361 $ — $ (36 ) $ 92,325 Used vehicles 2,506 138 — 2,644 — (34 ) 2,610 Services and other 2,434 730 143 3,307 — — 3,307 Automotive net sales and revenue 83,969 14,188 155 98,312 — (70 ) 98,242 Leased vehicle income — — — — 7,445 — 7,445 Finance charge income — — — — 2,667 (5 ) 2,662 Other income — — — — 305 (4 ) 301 GM Financial net sales and revenue — — — — 10,417 (9 ) 10,408 Net sales and revenue $ 83,969 $ 14,188 $ 155 $ 98,312 $ 10,417 $ (79 ) $ 108,650 |
Marketable and Other Securiti_2
Marketable and Other Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Marketable Securities [Abstract] | |
Schedule of Fair Value of Cash Equivalents and Marketable Securities | The following table summarizes the fair value of cash equivalents and marketable debt securities which approximates cost: Fair Value Level September 30, 2019 December 31, 2018 Cash and cash equivalents Cash and time deposits(a) $ 8,388 $ 7,254 Available-for-sale debt securities U.S. government and agencies 2 1,846 4,656 Corporate debt 2 5,923 3,791 Sovereign debt 2 1,435 1,976 Total available-for-sale debt securities – cash equivalents 9,204 10,423 Money market funds 1 2,459 3,167 Total cash and cash equivalents(b) $ 20,051 $ 20,844 Marketable debt securities U.S. government and agencies 2 $ 1,770 $ 1,230 Corporate debt 2 3,716 3,478 Mortgage and asset-backed 2 807 695 Sovereign debt 2 432 563 Total available-for-sale debt securities – marketable securities(c) $ 6,725 $ 5,966 Restricted cash Cash and cash equivalents $ 282 $ 260 Money market funds 1 2,566 2,392 Total restricted cash $ 2,848 $ 2,652 Available-for-sale debt securities included above with contractual maturities(d) Due in one year or less $ 10,708 Due between one and five years 4,414 Total available-for-sale debt securities with contractual maturities $ 15,122 __________ (a) Includes $481 million and $ 616 million that is designated exclusively to fund capital expenditures in GM Korea Company (GM Korea) at September 30, 2019 and December 31, 2018. (b) Includes $2.2 billion and $2.3 billion in Cruise at September 30, 2019 and December 31, 2018. (c) Includes $586 million in Cruise at September 30, 2019 . (d) Excludes mortgage- and asset-backed securities. |
Investments Classified by Contractual Maturity Date | The following table summarizes the fair value of cash equivalents and marketable debt securities which approximates cost: Fair Value Level September 30, 2019 December 31, 2018 Cash and cash equivalents Cash and time deposits(a) $ 8,388 $ 7,254 Available-for-sale debt securities U.S. government and agencies 2 1,846 4,656 Corporate debt 2 5,923 3,791 Sovereign debt 2 1,435 1,976 Total available-for-sale debt securities – cash equivalents 9,204 10,423 Money market funds 1 2,459 3,167 Total cash and cash equivalents(b) $ 20,051 $ 20,844 Marketable debt securities U.S. government and agencies 2 $ 1,770 $ 1,230 Corporate debt 2 3,716 3,478 Mortgage and asset-backed 2 807 695 Sovereign debt 2 432 563 Total available-for-sale debt securities – marketable securities(c) $ 6,725 $ 5,966 Restricted cash Cash and cash equivalents $ 282 $ 260 Money market funds 1 2,566 2,392 Total restricted cash $ 2,848 $ 2,652 Available-for-sale debt securities included above with contractual maturities(d) Due in one year or less $ 10,708 Due between one and five years 4,414 Total available-for-sale debt securities with contractual maturities $ 15,122 __________ (a) Includes $481 million and $ 616 million that is designated exclusively to fund capital expenditures in GM Korea Company (GM Korea) at September 30, 2019 and December 31, 2018. (b) Includes $2.2 billion and $2.3 billion in Cruise at September 30, 2019 and December 31, 2018. (c) Includes $586 million in Cruise at September 30, 2019 . (d) 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, 2019 Cash and cash equivalents $ 20,051 Restricted cash included in Other current assets 2,300 Restricted cash included in Other assets 548 Total $ 22,899 |
GM Financial Receivables and _2
GM Financial Receivables and Transactions (Tables) - GM Financial [Member] | 9 Months Ended |
Sep. 30, 2019 | |
Finance Receivables [Line Items] | |
GM Financial Receivables | September 30, 2019 December 31, 2018 Retail Commercial(a) Total Retail Commercial(a) Total Finance receivables, collectively evaluated for impairment, net of fees $ 39,507 $ 12,756 $ 52,263 $ 38,220 $ 12,235 $ 50,455 Finance receivables, individually evaluated for impairment, net of fees(b) 2,390 40 2,430 2,348 41 2,389 GM Financial receivables 41,897 12,796 54,693 40,568 12,276 52,844 Less: allowance for loan losses(b) (856 ) (77 ) (933 ) (844 ) (67 ) (911 ) GM Financial receivables, net $ 41,041 $ 12,719 $ 53,760 $ 39,724 $ 12,209 $ 51,933 Fair value of GM Financial receivables utilizing Level 2 inputs $ 12,719 $ 12,209 Fair value of GM Financial receivables utilizing Level 3 inputs $ 41,557 $ 39,430 __________ (a) Net of dealer cash management balances of $1.2 billion and $922 million at September 30, 2019 and December 31, 2018 . Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on its floorplan line by making principal payments to GM Financial in advance. (b) Retail finance receivables individually evaluated for impairment, net of fees are classified as troubled debt restructurings. The allowance for loan losses included $337 million and $321 million of specific allowances on these receivables at September 30, 2019 and December 31, 2018. |
Allowance for Loan Losses | Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Allowance for loan losses at beginning of period $ 957 $ 873 $ 911 $ 942 Provision for loan losses 150 180 504 444 Charge-offs (300 ) (285 ) (888 ) (878 ) Recoveries 134 130 411 398 Effect of foreign currency (8 ) 2 (5 ) (6 ) Allowance for loan losses at end of period $ 933 $ 900 $ 933 $ 900 |
Intercompany Transactions | The following table shows transactions between our Automotive segments and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income. September 30, 2019 December 31, 2018 Condensed Consolidated Balance Sheets(a) Commercial finance receivables, net due from GM consolidated dealers $ 502 $ 445 Finance receivables from GM subsidiaries $ 70 $ 134 Subvention receivable(b) $ 692 $ 727 Commercial loan funding payable $ 61 $ 61 Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Condensed Consolidated Statements of Income Interest subvention earned on finance receivables $ 153 $ 142 $ 448 $ 409 Leased vehicle subvention earned $ 814 $ 827 $ 2,467 $ 2,438 __________ (a) All balance sheet amounts are eliminated upon consolidation. (b) Cash paid by Automotive segments to GM Financial for subvention was $1.0 billion and $1.1 billion for the three months ended September 30, 2019 and 2018 and $3.1 billion and $2.8 billion for the nine months ended September 30, 2019 and 2018 . |
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, 2019 September 30, 2018 Amount Percent of Contractual Amount Due Amount Percent of Contractual Amount Due 31-to-60 days delinquent $ 1,252 3.0 % $ 1,302 3.5 % Greater-than-60 days delinquent 514 1.2 % 498 1.3 % Total finance receivables more than 30 days delinquent 1,766 4.2 % 1,800 4.8 % In repossession 48 0.1 % 53 0.1 % Total finance receivables more than 30 days delinquent or in repossession $ 1,814 4.3 % $ 1,853 4.9 % |
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 the commercial finance receivables: September 30, 2019 December 31, 2018 Group I – Dealers with superior financial metrics $ 1,924 $ 2,192 Group II – Dealers with strong financial metrics 5,273 4,399 Group III – Dealers with fair financial metrics 3,994 4,064 Group IV – Dealers with weak financial metrics 1,199 1,116 Group V – Dealers warranting special mention due to elevated risks 332 422 Group VI – Dealers with loans classified as substandard, doubtful or impaired 74 83 $ 12,796 $ 12,276 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | September 30, 2019 December 31, 2018 Total productive material, supplies and work in process $ 5,313 $ 4,274 Finished product, including service parts 6,484 5,542 Total inventories $ 11,797 $ 9,816 |
Equipment on Operating Leases (
Equipment on Operating Leases (Tables) - Vehicles [Member] | 9 Months Ended |
Sep. 30, 2019 | |
Property Subject to or Available for Operating Lease [Line Items] | |
Schedule of Property Subject to or Available for Operating Lease | September 30, 2019 December 31, 2018 Equipment on operating leases $ 53,935 $ 55,282 Less: accumulated depreciation (11,276 ) (11,476 ) Equipment on operating leases, net $ 42,659 $ 43,806 |
GM Financial [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Schedule of Future Rental Payments Receivable for Operating Leases | The following table summarizes lease payments due to GM Financial on leases to retail customers: Year Ending December 31, 2019 2020 2021 2022 2023 Thereafter Total Lease receipts under operating leases $ 1,852 $ 5,996 $ 3,471 $ 1,084 $ 79 $ 3 $ 12,485 |
Equity In Net Assets of Nonco_2
Equity In Net Assets of Nonconsolidated Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Income | Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Automotive China equity income $ 282 $ 485 $ 893 $ 1,674 Other joint ventures equity income 33 45 107 141 Total Equity income $ 315 $ 530 $ 1,000 $ 1,815 |
Summarized Financial Data for Nonconsolidated Affiliates | Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Summarized Operating Data of Automotive China JVs Automotive China JVs' net sales $ 9,695 $ 11,461 $ 28,843 $ 37,781 Automotive China JVs' net income $ 455 $ 999 $ 1,721 $ 3,370 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 December 31, 2018 Restricted cash – current $ 2,106 $ 1,876 Restricted cash – non-current $ 478 $ 504 GM Financial receivables, net of fees – current $ 19,401 $ 18,304 GM Financial receivables, net of fees – non-current $ 13,036 $ 14,008 GM Financial equipment on operating leases, net $ 17,603 $ 21,781 GM Financial short-term debt and current portion of long-term debt $ 21,116 $ 21,087 GM Financial long-term debt $ 17,786 $ 21,417 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Automotive [Member] | |
Debt Instrument [Line Items] | |
Debt carrying amount and fair value | The following table presents debt in our automotive operations: September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Automotive debt $ 14,993 $ 16,018 $ 13,435 $ 12,700 Finance lease liabilities 345 571 528 831 Total automotive debt $ 15,338 $ 16,589 $ 13,963 $ 13,531 Fair value utilizing Level 1 inputs $ 13,335 $ 11,693 Fair value utilizing Level 2 inputs $ 3,254 $ 1,838 |
GM Financial [Member] | |
Debt Instrument [Line Items] | |
Debt carrying amount and fair value | The following table presents debt of GM Financial: September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 39,029 $ 39,265 $ 42,835 $ 42,835 Unsecured debt 50,099 50,954 48,153 47,556 Total GM Financial debt $ 89,128 $ 90,219 $ 90,988 $ 90,391 Fair value utilizing Level 2 inputs $ 88,388 $ 88,305 Fair value utilizing Level 3 inputs $ 1,831 $ 2,086 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative [Line Items] | |
Schedule of Cumulative Basis Adjustments for Fair Value Hedges | The following amounts were recorded in the condensed consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships: September 30, 2019 December 31, 2018 Carrying Amount of Hedged Items Cumulative Amount of Fair Value Hedging Adjustments(a) Carrying Amount of Hedged Items Cumulative Amount of Fair Value Hedging Adjustments(a) GM Financial long-term debt $ 20,453 $ (135 ) $ 17,923 $ 459 __________ (a) Includes $131 million and $247 million of amortization remaining on hedged items for which hedge accounting has been discontinued at September 30, 2019 and December 31, 2018 . |
Automotive [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts for Derivative Financial Instruments | The following table presents the notional amounts of derivative financial instruments in our automotive operations: Fair Value Level September 30, 2019 December 31, 2018 Derivatives not designated as hedges(a) Foreign currency 2 $ 5,251 $ 2,710 Commodity 2 758 658 PSA warrants(b) 2 43 45 Total derivative financial instruments $ 6,052 $ 3,413 __________ (a) The fair value of these derivative instruments at September 30, 2019 and December 31, 2018 and the gains/losses included in our condensed consolidated income statements for the three and nine months ended September 30, 2019 and 2018 were insignificant, unless otherwise noted. (b) The fair value of the warrants issued by Peugeot, S.A. (PSA Group), included in Other assets was $1.0 billion and $827 million at September 30, 2019 and December 31, 2018 . We recorded gains in Interest income and other non-operating income, net of $51 million and $171 million in the three months ended September 30, 2019 and 2018 and $222 million and $324 million in the nine months ended September 30, 2019 and 2018 . |
GM Financial [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts for Derivative Financial Instruments | The following table presents the notional amounts of GM Financial's derivative financial instruments: Fair Value Level September 30, 2019 December 31, 2018 Derivatives designated as hedges(a) Fair value hedges – interest rate swaps(b) 2 $ 10,702 $ 9,533 Fair value hedges – foreign currency swaps(b) 2 1,744 1,829 Cash flow hedges Interest rate swaps 2 553 768 Foreign currency swaps(c) 2 4,269 2,075 Derivatives not designated as hedges(a) Interest rate contracts(d) 2 86,848 99,666 Total derivative financial instruments(e) $ 104,116 $ 113,871 __________ (a) The fair value of these derivative instruments at September 30, 2019 and December 31, 2018 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, 2019 and 2018 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities. (b) The fair value of these derivative instruments located in Other assets was $384 million and insignificant at September 30, 2019 and December 31, 2018 . The fair value of these derivative instruments located in Other liabilities was insignificant and $291 million at September 30, 2019 and December 31, 2018 . (c) The fair value of these derivative instruments located in Other liabilities was $241 million and insignificant at September 30, 2019 and December 31, 2018 . (d) The fair value of these derivative instruments located in Other assets was $302 million and $372 million at September 30, 2019 and December 31, 2018 . The fair value of these derivative instruments located in Other liabilities was $384 million and $520 million at September 30, 2019 and December 31, 2018 . (e) GM Financial held $258 million and insignificant amounts of collateral from counterparties available for netting against GM Financial's asset positions, and posted insignificant amounts and $451 million of collateral to counterparties available for netting against GM Financial's liability positions at September 30, 2019 and December 31, 2018 . |
Product Warranty and Related _2
Product Warranty and Related Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Product Warranties Disclosures [Abstract] | |
Schedule of policy, product warranty and recall campaigns | Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Warranty balance at beginning of period $ 7,439 $ 7,990 $ 7,590 $ 8,332 Warranties issued and assumed in period – recall campaigns 357 101 609 515 Warranties issued and assumed in period – product warranty 500 542 1,556 1,599 Payments (754 ) (723 ) (2,214 ) (2,175 ) Adjustments to pre-existing warranties 101 (209 ) 79 (426 ) Effect of foreign currency and other (34 ) (8 ) (11 ) (152 ) Warranty balance at end of period $ 7,609 $ 7,693 $ 7,609 $ 7,693 |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Pension and OPEB (Income) Expense | Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 99 $ 38 $ 4 $ 83 $ 33 $ 5 Interest cost 566 148 54 513 112 49 Expected return on plan assets (871 ) (240 ) — (972 ) (201 ) — Amortization of prior service cost (credit) (1 ) 2 (3 ) (1 ) 1 (4 ) Amortization of net actuarial losses 2 31 7 2 35 14 Curtailments, settlements and other — 119 — — 18 — Net periodic pension and OPEB (income) expense $ (205 ) $ 98 $ 62 $ (375 ) $ (2 ) $ 64 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 295 $ 102 $ 12 $ 248 $ 138 $ 15 Interest cost 1,698 386 163 1,538 349 147 Expected return on plan assets (2,610 ) (627 ) — (2,917 ) (621 ) — Amortization of prior service cost (credit) (3 ) 4 (10 ) (3 ) 3 (11 ) Amortization of net actuarial losses 8 90 22 7 109 40 Curtailments, settlements and other — 119 — — 18 — Net periodic pension and OPEB (income) expense $ (612 ) $ 74 $ 187 $ (1,127 ) $ (4 ) $ 191 |
Restructuring and Other Initi_2
Restructuring and Other Initiatives (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Balance at beginning of period $ 919 $ 274 $ 1,122 $ 227 Additions, interest accretion and other 211 8 499 600 Payments (162 ) (72 ) (645 ) (567 ) Revisions to estimates and effect of foreign currency (30 ) (3 ) (38 ) (53 ) Balance at end of period $ 938 $ 207 $ 938 $ 207 |
Stockholders' Equity and Nonc_2
Stockholders' Equity and Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the significant components of Accumulated other comprehensive loss: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Foreign Currency Translation Adjustments Balance at beginning of period $ (2,078 ) $ (1,826 ) $ (2,250 ) $ (1,606 ) Other comprehensive loss and noncontrolling interests, net of reclassification adjustment, tax and impact of adoption of accounting standards(a)(b)(c) (341 ) (215 ) (169 ) (435 ) Balance at end of period $ (2,419 ) $ (2,041 ) $ (2,419 ) $ (2,041 ) Defined Benefit Plans Balance at beginning of period $ (6,695 ) $ (6,290 ) $ (6,737 ) $ (6,398 ) Other comprehensive income (loss) before reclassification adjustment, net of tax and impact of adoption of accounting standards(b)(c) 80 (4 ) 51 16 Reclassification adjustment, net of tax(b) 40 63 111 151 Other comprehensive income, net of tax and impact of adoption of accounting standards(b)(c) 120 59 162 167 Balance at end of period(d) $ (6,575 ) $ (6,231 ) $ (6,575 ) $ (6,231 ) __________ (a) The noncontrolling interests and reclassification adjustment were insignificant in the three and nine months ended September 30, 2019 and 2018 . (b) The income tax effect was insignificant in the three and nine months ended September 30, 2019 and 2018 . (c) Refer to our 2018 Form 10-K for additional information on adoption of accounting standards in 2018 . (d) Primarily consists of unamortized actuarial loss on our defined benefit plans. Refer to the critical accounting estimates section of our 2018 Form 10-K for additional information. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Basic and Diluted | Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Basic earnings per share Income from continuing operations(a) $ 2,351 $ 2,534 $ 6,926 $ 6,040 Less: cumulative dividends on subsidiary preferred stock (38 ) (31 ) (113 ) (60 ) Income from continuing operations attributable to common stockholders 2,313 2,503 6,813 5,980 Loss from discontinued operations, net of tax — — — 70 Net income attributable to common stockholders $ 2,313 $ 2,503 $ 6,813 $ 5,910 Weighted-average common shares outstanding 1,428 1,412 1,422 1,410 Basic earnings per common share – continuing operations $ 1.62 $ 1.77 $ 4.79 $ 4.24 Basic loss per common share – discontinued operations $ — $ — $ — $ 0.05 Basic earnings per common share $ 1.62 $ 1.77 $ 4.79 $ 4.19 Diluted earnings per share Income from continuing operations attributable to common stockholders – diluted(a) $ 2,313 $ 2,503 $ 6,813 $ 5,980 Loss from discontinued operations, net of tax – diluted $ — $ — $ — $ 70 Net income attributable to common stockholders – diluted $ 2,313 $ 2,503 $ 6,813 $ 5,910 Weighted-average common shares outstanding – basic 1,428 1,412 1,422 1,410 Dilutive effect of warrants and awards under stock incentive plans 14 19 17 21 Weighted-average common shares outstanding – diluted 1,442 1,431 1,439 1,431 Diluted earnings per common share – continuing operations $ 1.60 $ 1.75 $ 4.74 $ 4.18 Diluted loss per common share – discontinued operations $ — $ — $ — $ 0.05 Diluted earnings per common share $ 1.60 $ 1.75 $ 4.74 $ 4.13 Potentially dilutive securities(b) 7 4 7 4 __________ (a) Net of Net loss attributable to noncontrolling interests. (b) Potentially dilutive securities attributable to outstanding stock options and Restricted Stock Units (RSUs) were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Transactions with Discontinued Operations | We continue to purchase from and supply to PSA Group certain vehicles, parts and engineering services for a period of time following closing. The following table summarizes transactions with the Opel/Vauxhall Business: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Net sales and revenue(a) $ 140 $ 339 $ 1,008 $ 1,507 Purchases and expenses(a) $ 243 $ 297 $ 648 $ 1,134 Cash payments(b) $ 762 $ 1,483 Cash receipts(b) $ 1,223 $ 1,926 __________ (a) Included in Income from continuing operations. (b) Included in Net cash provided by operating activities . |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 27,971 $ 3,794 $ 52 $ 31,817 $ 25 $ 3,659 $ (28 ) $ 35,473 Earnings (loss) before interest and taxes-adjusted $ 3,023 $ (65 ) $ (451 ) $ 2,507 $ (251 ) $ 711 $ (1 ) $ 2,966 Adjustments(a) $ (359 ) $ 92 $ — $ (267 ) $ — $ — $ — (267 ) Automotive interest income 129 Automotive interest expense (206 ) Net (loss) attributable to noncontrolling interests (40 ) Income before income taxes 2,582 Income tax expense (271 ) Income from continuing operations 2,311 Loss from discontinued operations, net of tax — Net loss attributable to noncontrolling interests 40 Net income attributable to stockholders $ 2,351 Equity in net assets of nonconsolidated affiliates $ 85 $ 7,024 $ 6 $ — $ 7,115 $ — $ 1,381 $ — $ 8,496 Goodwill and intangibles $ 2,488 $ 896 $ 1 $ — $ 3,385 $ 670 $ 1,353 $ — $ 5,408 Total assets $ 115,995 $ 25,562 $ 34,309 $ (56,381 ) $ 119,485 $ 4,406 $ 109,099 $ (1,461 ) $ 231,529 Depreciation and amortization $ 1,325 $ 133 $ 11 $ — $ 1,469 $ 7 $ 1,832 $ — $ 3,308 Impairment charges $ — $ 1 $ — $ — $ 1 $ — $ — $ — $ 1 Equity income (loss) $ 3 $ 279 $ (6 ) $ — $ 276 $ — $ 39 $ — $ 315 __________ (a) Consists of restructuring and other charges related to transformation activities of $390 million , primarily in GMNA and a benefit of $123 million related to the retrospective recoveries of indirect taxes in Brazil in GMI. At and For the Three Months Ended September 30, 2018 GMNA GMI Corporate Eliminations Total Cruise GM Eliminations Total Net sales and revenue $ 27,650 $ 4,582 $ 56 $ 32,288 $ — $ 3,518 $ (15 ) $ 35,791 Earnings (loss) before interest and taxes-adjusted $ 2,825 $ 139 $ (94 ) $ 2,870 $ (214 ) $ 498 $ (1 ) $ 3,153 Adjustments(a) $ — $ — $ (440 ) $ (440 ) $ — $ — $ — (440 ) Automotive interest income 82 Automotive interest expense (161 ) Net (loss) attributable to noncontrolling interests (4 ) Income before income taxes 2,630 Income tax expense (100 ) Income from continuing operations 2,530 Loss from discontinued operations, net of tax — Net loss attributable to noncontrolling interests 4 Net income attributable to stockholders $ 2,534 Equity in net assets of nonconsolidated affiliates $ 77 $ 7,770 $ — $ — $ 7,847 $ — $ 1,308 $ — $ 9,155 Goodwill and intangibles $ 2,674 $ 939 $ 2 $ — $ 3,615 $ 679 $ 1,357 $ — $ 5,651 Total assets $ 110,245 $ 25,780 $ 28,194 $ (45,323 ) $ 118,896 $ 2,567 $ 105,658 $ (1,410 ) $ 225,711 Depreciation and amortization $ 1,251 $ 136 $ 12 $ — $ 1,399 $ 2 $ 1,904 $ — $ 3,305 Impairment charges $ — $ 2 $ 6 $ — $ 8 $ — $ — $ — $ 8 Equity income $ 2 $ 484 $ — $ — $ 486 $ — $ 44 $ — $ 530 __________ (a) Consists of charges for ignition switch-related legal matters. At and For the Nine Months Ended September 30, 2019 GMNA GMI Corporate Eliminations Total Cruise GM Eliminations/Reclassifications Total Net sales and revenue $ 83,660 $ 11,691 $ 152 $ 95,503 $ 75 $ 10,918 $ (85 ) $ 106,411 Earnings (loss) before interest and taxes-adjusted $ 7,941 $ (82 ) $ (461 ) $ 7,398 $ (699 ) $ 1,606 $ (17 ) $ 8,288 Adjustments(a) $ (1,478 ) $ 1,299 $ (2 ) $ (181 ) $ — $ — $ — (181 ) Automotive interest income 333 Automotive interest expense (582 ) Net (loss) attributable to noncontrolling interests (67 ) Income before income taxes 7,791 Income tax expense (932 ) Income from continuing operations 6,859 Loss from discontinued operations, net of tax — Net loss attributable to noncontrolling interests 67 Net income attributable to stockholders $ 6,926 Depreciation and amortization $ 4,803 $ 379 $ 36 $ — $ 5,218 $ 16 $ 5,579 $ — $ 10,813 Impairment charges $ 15 $ 4 $ — $ — $ 19 $ — $ — $ — $ 19 Equity income (loss) $ 7 $ 886 $ (19 ) $ — $ 874 $ — $ 126 $ — $ 1,000 __________ (a) Consists of restructuring and other charges related to transformation activities of $1.5 billion , primarily in GMNA and a benefit of $1.4 billion related to the retrospective recoveries of indirect taxes in Brazil in GMI. At and For the Nine Months Ended September 30, 2018 GMNA GMI Corporate Eliminations Total Cruise GM Eliminations Total Net sales and revenue $ 83,969 $ 14,188 $ 155 $ 98,312 $ — $ 10,417 $ (79 ) $ 108,650 Earnings (loss) before interest and taxes-adjusted $ 7,728 $ 471 $ (187 ) $ 8,012 $ (534 ) $ 1,477 $ — $ 8,955 Adjustments(a) $ — $ (1,138 ) $ (440 ) $ (1,578 ) $ — $ — $ — (1,578 ) Automotive interest income 218 Automotive interest expense (470 ) Net (loss) attributable to noncontrolling interests (34 ) Income before income taxes 7,091 Income tax expense (1,085 ) Income from continuing operations 6,006 Loss from discontinued operations, net of tax (70 ) Net loss attributable to noncontrolling interests 34 Net income attributable to stockholders $ 5,970 Depreciation and amortization $ 3,474 $ 426 $ 36 $ — $ 3,936 $ 5 $ 5,560 $ — $ 9,501 Impairment charges $ 53 $ 463 $ 6 $ — $ 522 $ — $ — $ — $ 522 Equity income $ 7 $ 1,667 $ — $ — $ 1,674 $ — $ 141 $ — $ 1,815 __________ (a) Consists of charges of $1.1 billion related to restructuring actions in Korea in GMI, which is net of noncontrolling interest, and charges of $440 million for ignition switch-related legal matters in Corporate. |
Nature of Operations and Basi_4
Nature of Operations and Basis of Presentation - Narrative (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Jan. 01, 2019 | Mar. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of accounting standards | $ (1,144) | ||
Accounting Standards Update 2016-02 [Member] | Right-of-use Assets [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of accounting standards | $ 1,000 | ||
Accounting Standards Update 2016-02 [Member] | Noncancelable Operating Lease Obligations [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of accounting standards | $ 1,000 | ||
Forecast [Member] | Minimum [Member] | Accounting Standards Update 2016-13 [Member] | Credit Losses [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of accounting standards | $ 700 | ||
Forecast [Member] | Minimum [Member] | Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of accounting standards | (500) | ||
Forecast [Member] | Maximum [Member] | Accounting Standards Update 2016-13 [Member] | Credit Losses [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of accounting standards | 900 | ||
Forecast [Member] | Maximum [Member] | Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of accounting standards | $ (700) |
Nature of Operations and Basi_5
Nature of Operations and Basis of Presentation - Noncancelable Operating Leases (Details) $ in Millions | Dec. 31, 2018USD ($) |
Minimum commitments | |
2019 | $ 296 |
2020 | 286 |
2021 | 247 |
2022 | 180 |
2023 | 146 |
Thereafter | 582 |
Total | 1,737 |
Sublease income | |
2019 | (61) |
2020 | (51) |
2021 | (44) |
2022 | (38) |
2023 | (33) |
Thereafter | (129) |
Total | (356) |
Net minimum commitments | |
2019 | 235 |
2020 | 235 |
2021 | 203 |
2022 | 142 |
2023 | 113 |
Thereafter | 453 |
Total | $ 1,381 |
Revenue - Major Source (Details
Revenue - Major Source (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total net sales and revenue (Note 2) | $ 35,473 | $ 35,791 | $ 106,411 | $ 108,650 |
Operating Segments [Member] | Cruise [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 25 | 75 | ||
Total net sales and revenue (Note 2) | 25 | 0 | 75 | 0 |
Operating Segments [Member] | GM Financial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Leased vehicle income | 2,515 | 2,501 | 7,536 | 7,445 |
Finance charge income | 1,043 | 917 | 3,038 | 2,667 |
Other income | 101 | 100 | 344 | 305 |
Total net sales and revenue (Note 2) | 3,659 | 3,518 | 10,918 | 10,417 |
Eliminations/ Reclassifications [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | (25) | (12) | (75) | (70) |
Leased vehicle income | 0 | 0 | 0 | 0 |
Finance charge income | (2) | (2) | (6) | (5) |
Other income | (1) | (1) | (4) | (4) |
Total net sales and revenue (Note 2) | (28) | (15) | (85) | (79) |
Automotive [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 31,817 | 32,276 | 95,503 | 98,242 |
Automotive [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 31,817 | 32,288 | 95,503 | 98,312 |
Total net sales and revenue (Note 2) | 31,817 | 32,288 | 95,503 | 98,312 |
Automotive [Member] | Operating Segments [Member] | GMNA [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 27,971 | 27,650 | 83,660 | 83,969 |
Total net sales and revenue (Note 2) | 27,971 | 27,650 | 83,660 | 83,969 |
Automotive [Member] | Operating Segments [Member] | GMI [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 3,794 | 4,582 | 11,691 | 14,188 |
Total net sales and revenue (Note 2) | 3,794 | 4,582 | 11,691 | 14,188 |
Automotive [Member] | Corporate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 52 | 56 | 152 | 155 |
Total net sales and revenue (Note 2) | 52 | 56 | 152 | 155 |
GM Financial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Leased vehicle income | 2,515 | 2,501 | 7,536 | 7,445 |
Finance charge income | 1,041 | 915 | 3,032 | 2,662 |
Other income | 100 | 99 | 340 | 301 |
Total net sales and revenue (Note 2) | 3,656 | 3,515 | 10,908 | 10,408 |
GM Financial [Member] | Eliminations/ Reclassifications [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales and revenue (Note 2) | (3) | (3) | (10) | (9) |
Vehicles and Parts [Member] | Eliminations/ Reclassifications [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 0 | (11) | 0 | (36) |
Vehicles and Parts [Member] | Automotive [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 30,344 | 30,490 | 90,593 | 92,325 |
Vehicles and Parts [Member] | Automotive [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 30,344 | 30,501 | 90,593 | 92,361 |
Vehicles and Parts [Member] | Automotive [Member] | Operating Segments [Member] | GMNA [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 26,825 | 26,273 | 79,763 | 79,029 |
Vehicles and Parts [Member] | Automotive [Member] | Operating Segments [Member] | GMI [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 3,519 | 4,226 | 10,830 | 13,320 |
Vehicles and Parts [Member] | Automotive [Member] | Corporate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 0 | 2 | 0 | 12 |
Used Vehicles [Member] | Eliminations/ Reclassifications [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 0 | (1) | 0 | (34) |
Used Vehicles [Member] | Automotive [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 376 | 604 | 1,644 | 2,610 |
Used Vehicles [Member] | Automotive [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 376 | 605 | 1,644 | 2,644 |
Used Vehicles [Member] | Automotive [Member] | Operating Segments [Member] | GMNA [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 345 | 582 | 1,549 | 2,506 |
Used Vehicles [Member] | Automotive [Member] | Operating Segments [Member] | GMI [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 31 | 23 | 95 | 138 |
Used Vehicles [Member] | Automotive [Member] | Corporate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 0 | 0 | 0 | 0 |
Services and Other [Member] | Operating Segments [Member] | Cruise [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 25 | 75 | ||
Services and Other [Member] | Eliminations/ Reclassifications [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | (25) | 0 | (75) | 0 |
Services and Other [Member] | Automotive [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 1,097 | 1,182 | 3,266 | 3,307 |
Services and Other [Member] | Automotive [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 1,097 | 1,182 | 3,266 | 3,307 |
Services and Other [Member] | Automotive [Member] | Operating Segments [Member] | GMNA [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 801 | 795 | 2,348 | 2,434 |
Services and Other [Member] | Automotive [Member] | Operating Segments [Member] | GMI [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 244 | 333 | 766 | 730 |
Services and Other [Member] | Automotive [Member] | Corporate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | $ 52 | $ 54 | $ 152 | $ 143 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | ||||
Adjustments to sales incentives for previously recognized revenue | $ 560 | |||
Contract liabilities | $ 434 | $ 426 | $ 1,300 | $ 1,200 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Expected timing of performance obligation | 3 months | 3 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Deferred revenue expected to be recognized | $ 464 | $ 464 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Deferred revenue expected to be recognized | $ 806 | $ 806 | ||
Expected timing of performance obligation | 1 year | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Deferred revenue expected to be recognized | $ 465 | $ 465 | ||
Expected timing of performance obligation | 1 year | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Deferred revenue expected to be recognized | $ 580 | $ 580 | ||
Expected timing of performance obligation |
Marketable and Other Securiti_3
Marketable and Other Securities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Marketable Securities [Line Items] | |||||
Sale proceeds from investments classified as available-for-sale and sold prior to maturity | $ 535 | $ 1,700 | $ 1,600 | $ 3,600 | |
Lyft, Inc. [Member] | Level 1 [Member] | Other current assets [Member] | |||||
Marketable Securities [Line Items] | |||||
Fair value of equity securities | 679 | 679 | |||
Lyft, Inc. [Member] | Level 1 [Member] | Interest Income and Other Non-Operating Income [Member] | |||||
Marketable Securities [Line Items] | |||||
Unrealized gain (loss) on securities | $ (291) | $ 71 | |||
Lyft, Inc. [Member] | Level 3 [Member] | Other assets [Member] | |||||
Marketable Securities [Line Items] | |||||
Fair value of equity securities | $ 884 | ||||
Lyft, Inc. [Member] | Level 3 [Member] | Interest Income and Other Non-Operating Income [Member] | |||||
Marketable Securities [Line Items] | |||||
Unrealized gain (loss) on securities | $ 142 |
Marketable and Other Securiti_4
Marketable and Other Securities - Fair Value of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Marketable Securities [Line Items] | ||
Total cash and cash equivalents | $ 20,051 | $ 20,844 |
Cash and cash equivalents | 282 | 260 |
Total restricted cash | 2,848 | 2,652 |
Due in one year or less | 10,708 | |
Due between one and five years | 4,414 | |
Total available-for-sale debt securities with contractual maturities | 15,122 | |
Cruise [Member] | ||
Marketable Securities [Line Items] | ||
Total cash and cash equivalents | 2,200 | 2,300 |
GM Korea [Member] | ||
Marketable Securities [Line Items] | ||
Cash and time deposits | 481 | 616 |
Cash and Cash Equivalents [Member] | ||
Marketable Securities [Line Items] | ||
Cash and time deposits | 8,388 | 7,254 |
Total available-for-sale debt securities with contractual maturities | 9,204 | 10,423 |
Cash and Cash Equivalents [Member] | Level 1 [Member] | ||
Marketable Securities [Line Items] | ||
Money market funds | 2,459 | 3,167 |
Marketable Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 6,725 | 5,966 |
Marketable Debt Securities [Member] | Cruise [Member] | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 586 | |
Restricted cash - cash equivalents [Member] | ||
Marketable Securities [Line Items] | ||
Cash and cash equivalents | 548 | |
Restricted cash - cash equivalents [Member] | Level 1 [Member] | ||
Marketable Securities [Line Items] | ||
Money market funds | 2,566 | 2,392 |
U.S. government and agencies [Member] | Cash and Cash Equivalents [Member] | Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 1,846 | 4,656 |
U.S. government and agencies [Member] | Marketable Debt Securities [Member] | Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 1,770 | 1,230 |
Corporate debt [Member] | Cash and Cash Equivalents [Member] | Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 5,923 | 3,791 |
Corporate debt [Member] | Marketable Debt Securities [Member] | Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 3,716 | 3,478 |
Mortgage and asset-backed [Member] | Marketable Debt Securities [Member] | Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 807 | 695 |
Sovereign debt [Member] | Cash and Cash Equivalents [Member] | Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 1,435 | 1,976 |
Sovereign debt [Member] | Marketable Debt Securities [Member] | Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | $ 432 | $ 563 |
Marketable and Other Securiti_5
Marketable and Other Securities - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Marketable Securities [Line Items] | ||||
Cash and cash equivalents | $ 20,051 | $ 20,844 | ||
Restricted cash | 282 | 260 | ||
Total | 22,899 | $ 23,496 | $ 20,858 | $ 17,848 |
Other current assets [Member] | ||||
Marketable Securities [Line Items] | ||||
Restricted cash | 2,300 | |||
Other assets [Member] | ||||
Marketable Securities [Line Items] | ||||
Restricted cash | $ 548 |
GM Financial Receivables and _3
GM Financial Receivables and Transactions - Summary of Finance Receivables (Details) - GM Financial [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Finance Receivables [Line Items] | ||||||
Finance receivables, collectively evaluated for impairment, net of fees | $ 52,263 | $ 50,455 | ||||
Finance receivables, individually evaluated for impairment, net of fees | 2,430 | 2,389 | ||||
GM Financial receivables | 54,693 | 52,844 | ||||
Less: allowance for loan losses | (933) | $ (957) | (911) | $ (900) | $ (873) | $ (942) |
GM Financial receivables, net | 53,760 | 51,933 | ||||
Specific allowance | 348 | 325 | ||||
Retail Finance Receivables [Member] | ||||||
Finance Receivables [Line Items] | ||||||
Finance receivables, collectively evaluated for impairment, net of fees | 39,507 | 38,220 | ||||
Finance receivables, individually evaluated for impairment, net of fees | 2,390 | 2,348 | ||||
GM Financial receivables | 41,897 | 40,568 | ||||
Less: allowance for loan losses | (856) | (844) | ||||
GM Financial receivables, net | 41,041 | 39,724 | ||||
Specific allowance | 337 | 321 | ||||
Commercial Finance Receivables [Member] | ||||||
Finance Receivables [Line Items] | ||||||
Finance receivables, collectively evaluated for impairment, net of fees | 12,756 | 12,235 | ||||
Finance receivables, individually evaluated for impairment, net of fees | 40 | 41 | ||||
GM Financial receivables | 12,796 | 12,276 | ||||
Less: allowance for loan losses | (77) | (67) | ||||
GM Financial receivables, net | 12,719 | 12,209 | ||||
Dealer cash management balance | 1,200 | 922 | ||||
Level 2 [Member] | ||||||
Finance Receivables [Line Items] | ||||||
Fair value of GM Financial receivables | 12,719 | 12,209 | ||||
Level 3 [Member] | ||||||
Finance Receivables [Line Items] | ||||||
Fair value of GM Financial receivables | $ 41,557 | $ 39,430 |
GM Financial Receivables and _4
GM Financial Receivables and Transactions - Allowance for Loan Losses (Details) - GM Financial [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for loan losses at beginning of period | $ 957 | $ 873 | $ 911 | $ 942 | |
Provision for loan losses | 150 | 180 | 504 | 444 | |
Charge-offs | (300) | (285) | (888) | (878) | |
Recoveries | 134 | 130 | 411 | 398 | |
Effect of foreign currency | (8) | 2 | (5) | (6) | |
Allowance for loan losses at end of period | 933 | $ 900 | 933 | $ 900 | |
Collective allowance | 585 | 585 | $ 586 | ||
Specific allowance | $ 348 | $ 348 | $ 325 |
GM Financial Receivables and _5
GM Financial Receivables and Transactions - Retail Finance Receivables Delinquencies and TDRs (Details) - GM Financial [Member] $ in Millions | Sep. 30, 2019USD ($)score | Dec. 31, 2018USD ($)score |
Delinquent Contracts [Abstract] | ||
Finance receivables, individually evaluated for impairment, net of fees | $ 2,430 | $ 2,389 |
Allowance for loan losses - TDRs | $ 348 | $ 325 |
Retail Finance Receivables [Member] | ||
Financing Receivable, Recorded Investment, Additional Information [Abstract] | ||
Percentage of receivables with sub-prime credit scores | 24.00% | 25.00% |
Sub-prime FICO score | score | 620 | 620 |
Retail finance receivables, nonaccrual status | $ 853 | $ 888 |
Delinquent Contracts [Abstract] | ||
Past Due Amount | $ 1,814 | $ 1,853 |
Percent of Contractual Amount Due | 4.30% | 4.90% |
Finance receivables, individually evaluated for impairment, net of fees | $ 2,390 | $ 2,348 |
Allowance for loan losses - TDRs | 337 | 321 |
31-to-60 days delinquent [Member] | Retail Finance Receivables [Member] | ||
Delinquent Contracts [Abstract] | ||
Past Due Amount | $ 1,252 | $ 1,302 |
Percent of Contractual Amount Due | 3.00% | 3.50% |
Greater-than-60 days delinquent [Member] | Retail Finance Receivables [Member] | ||
Delinquent Contracts [Abstract] | ||
Past Due Amount | $ 514 | $ 498 |
Percent of Contractual Amount Due | 1.20% | 1.30% |
Total finance receivables more than 30 days delinquent [Member] | Retail Finance Receivables [Member] | ||
Delinquent Contracts [Abstract] | ||
Past Due Amount | $ 1,766 | $ 1,800 |
Percent of Contractual Amount Due | 4.20% | 4.80% |
In repossession [Member] | Retail Finance Receivables [Member] | ||
Delinquent Contracts [Abstract] | ||
Past Due Amount | $ 48 | $ 53 |
Percent of Contractual Amount Due | 0.10% | 0.10% |
GM Financial Receivables and _6
GM Financial Receivables and Transactions - Commercial Finance Receivables Credit Quality Indicators (Details) - GM Financial [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
GM Financial receivables | $ 54,693 | $ 52,844 |
Commercial Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
GM Financial receivables | 12,796 | 12,276 |
Commercial Finance Receivables [Member] | Group I - Dealers with superior financial metrics [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
GM Financial receivables | 1,924 | 2,192 |
Commercial Finance Receivables [Member] | Group II - Dealers with strong financial metrics [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
GM Financial receivables | 5,273 | 4,399 |
Commercial Finance Receivables [Member] | Group III - Dealers with fair financial metrics [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
GM Financial receivables | 3,994 | 4,064 |
Commercial Finance Receivables [Member] | Group IV - Dealers with weak financial metrics [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
GM Financial receivables | 1,199 | 1,116 |
Commercial Finance Receivables [Member] | Group V - Dealers warranting special mention due to potential weaknesses [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
GM Financial receivables | 332 | 422 |
Commercial Finance Receivables [Member] | Group VI - Dealers with loans classified as substandard, doubtful or impaired [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
GM Financial receivables | $ 74 | $ 83 |
GM Financial Receivables and _7
GM Financial Receivables and Transactions - Intercompany Transactions (Details) - USD ($) $ in Millions | Oct. 24, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 |
GM Financial [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Financing receivable, net | $ 53,760 | $ 53,760 | $ 51,933 | |||
GM Financial [Member] | Subsequent Event [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Common stock dividends declared | $ 400 | |||||
GM Financial [Member] | Commercial Finance Receivables [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Financing receivable, net | 12,719 | 12,719 | 12,209 | |||
GM Financial [Member] | Retail Finance Receivables [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Financing receivable, net | 41,041 | 41,041 | 39,724 | |||
Intersegment Eliminations [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Cash payments to GM Financial | 1,000 | $ 1,100 | 3,100 | $ 2,800 | ||
Intersegment Eliminations [Member] | GM Financial [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Subvention receivable | 692 | 692 | 727 | |||
Interest subvention earned on finance receivables | 153 | 142 | 448 | 409 | ||
Leased vehicle subvention earned | 814 | $ 827 | 2,467 | $ 2,438 | ||
Intersegment Eliminations [Member] | GM Financial [Member] | Commercial Finance Receivables [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Financing receivable, net | 502 | 502 | 445 | |||
Commercial loan funding payable | 61 | 61 | 61 | |||
Intersegment Eliminations [Member] | GM Financial [Member] | Retail Finance Receivables [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Financing receivable, net | $ 70 | $ 70 | $ 134 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Total productive material, supplies and work in process | $ 5,313 | $ 4,274 |
Finished product, including service parts | 6,484 | 5,542 |
Total inventories | $ 11,797 | $ 9,816 |
Equipment on Operating Leases_2
Equipment on Operating Leases (Details) - Vehicles [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Property Subject to or Available for Operating Lease [Line Items] | |||||
Equipment on operating leases | $ 53,935 | $ 53,935 | $ 55,282 | ||
Less: accumulated depreciation | (11,276) | (11,276) | (11,476) | ||
Equipment on operating leases, net | 42,659 | 42,659 | $ 43,806 | ||
Depreciation expense | 1,800 | $ 1,900 | 5,600 | $ 5,600 | |
GM Financial [Member] | |||||
Lessor Operating Lease Payments to be Received | |||||
2019 | 1,852 | 1,852 | |||
2020 | 5,996 | 5,996 | |||
2021 | 3,471 | 3,471 | |||
2022 | 1,084 | 1,084 | |||
2023 | 79 | 79 | |||
Thereafter | 3 | 3 | |||
Total | $ 12,485 | $ 12,485 |
Equity In Net Assets of Nonco_3
Equity In Net Assets of Nonconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity income | $ 315 | $ 530 | $ 1,000 | $ 1,815 | |
Equity Method Investee [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Dividends declared but not paid | 580 | 580 | |||
Dividends received | 303 | 1,200 | 2,000 | ||
Undistributed earnings | 2,100 | 2,100 | $ 2,300 | ||
Automotive China JVs equity income [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity income | 282 | 485 | $ 893 | 1,674 | |
Change in ownership percentage | 0.00% | ||||
Net sales | 9,695 | 11,461 | $ 28,843 | 37,781 | |
Net income | 455 | 999 | 1,721 | 3,370 | |
Other joint ventures equity income [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity income | $ 33 | $ 45 | $ 107 | $ 141 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
GM Financial equipment on operating leases, net | $ 37,969 | $ 38,758 |
GM Financial [Member] | ||
Variable Interest Entity [Line Items] | ||
GM Financial receivables, net of fees – current | 28,017 | 26,850 |
GM Financial receivables, net of fees – non-current | 25,743 | 25,083 |
GM Financial short-term debt and current portion of long-term debt | 31,884 | 30,956 |
GM Financial long-term debt | 57,244 | 60,032 |
Consolidated VIE [Member] | GM Financial [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted cash – current | 2,106 | 1,876 |
Restricted cash – non-current | 478 | 504 |
GM Financial receivables, net of fees – current | 19,401 | 18,304 |
GM Financial receivables, net of fees – non-current | 13,036 | 14,008 |
GM Financial equipment on operating leases, net | 21,781 | |
GM Financial short-term debt and current portion of long-term debt | 21,116 | 21,087 |
GM Financial long-term debt | 17,786 | $ 21,417 |
Consolidated VIE [Member] | GM Financial [Member] | Equipment Leased to Other Party [Member] | ||
Variable Interest Entity [Line Items] | ||
GM Financial equipment on operating leases, net | $ 17,603 |
Debt - Carrying Amount and Fair
Debt - Carrying Amount and Fair Value of Debt (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Apr. 30, 2019 | Jan. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Automotive [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 14,993 | $ 13,435 | ||
Long-term Debt, Fair Value | 16,018 | 12,700 | ||
Finance lease liabilities | 345 | 528 | ||
Finance lease liabilities, Fair Value | 571 | 831 | ||
Carrying Amount | 15,338 | 13,963 | ||
Fair Value | 16,589 | 13,531 | ||
Automotive [Member] | Level 1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Fair Value | 13,335 | 11,693 | ||
Automotive [Member] | Level 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Fair Value | 3,254 | 1,838 | ||
GM Financial [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | 89,128 | 90,988 | ||
Fair Value | 90,219 | 90,391 | ||
GM Financial [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | 39,029 | 42,835 | ||
Fair Value | 39,265 | 42,835 | ||
GM Financial [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | 50,099 | 48,153 | ||
Fair Value | 50,954 | 47,556 | ||
GM Financial [Member] | Level 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Fair Value | 88,388 | 88,305 | ||
GM Financial [Member] | Level 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Fair Value | $ 1,831 | $ 2,086 | ||
Line of Credit [Member] | GM Financial [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 364 days | |||
Line of Credit [Member] | Three-Year Revolving Credit Facility January 2019 [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 3 years |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||||
Apr. 30, 2019 | Jan. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Jul. 31, 2020 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||||||
Finance lease assets | $ 370 | |||||
Finance lease costs | 128 | |||||
Finance lease right of use asset obtained in exchange for lease obligations | 140 | |||||
Finance lease payments for the remainder of the year | 108 | |||||
Years 2020 to 2023 | 196 | |||||
Thereafter | 372 | |||||
Imputed interest | $ 331 | |||||
Finance lease weighted-average discount rate | 10.50% | |||||
Finance leas weighted average remaining lease term | 12 years | |||||
Proceeds from issuance of debt (original maturities greater than three months) | $ 27,835 | $ 32,801 | ||||
Unsecured Debt [Member] | Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of debt (original maturities greater than three months) | 700 | |||||
Unsecured Debt [Member] | Line of Credit [Member] | Three-Year Revolving Credit Facility January 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt term | 3 years | |||||
Aggregate borrowing capacity | $ 3,000 | |||||
GM Financial [Member] | Secured Debt [Member] | Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Net additional borrowing capacity, net | 225 | |||||
GM Financial [Member] | Secured Debt [Member] | Notes Payable, Other Payables [Member] | Securitization notes payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 14,200 | |||||
Weighted average interest rate (percent) | 2.83% | |||||
GM Financial [Member] | Unsecured Debt [Member] | Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt term | 364 days | |||||
Aggregate borrowing capacity | $ 2,000 | |||||
Debt renewal term | 364 days | |||||
GM Financial [Member] | Unsecured Debt [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 6,500 | |||||
Weighted average interest rate (percent) | 3.65% | |||||
U.S. [Member] | GM Financial [Member] | Unsecured Debt [Member] | Commercial Paper [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amounts borrowed under revolving credit facility | $ 1,000 | $ 1,200 | ||||
Forecast [Member] | Unsecured Debt [Member] | Line of Credit [Member] | Three-Year Revolving Credit Facility January 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate borrowing capacity | $ 2,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Notional Amounts for Derivative Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Automotive [Member] | Not Designated as Hedges [Member] | |||||
Derivative [Line Items] | |||||
Notional amount, derivative financial instruments | $ 6,052 | $ 6,052 | $ 3,413 | ||
Automotive [Member] | Not Designated as Hedges [Member] | PSA Group [Member] | Interest Income and Other Non-Operating Income, Net [Member] | |||||
Derivative [Line Items] | |||||
Gains on derivative instruments | 51 | $ 171 | 222 | $ 324 | |
Automotive [Member] | Not Designated as Hedges [Member] | Fair Value Level 2 [Member] | PSA Group [Member] | Other assets [Member] | |||||
Derivative [Line Items] | |||||
Fair value of derivative instruments | 1,000 | 1,000 | 827 | ||
Automotive [Member] | Not Designated as Hedges [Member] | Foreign Currency [Member] | Fair Value Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Notional amount, derivative financial instruments | 5,251 | 5,251 | 2,710 | ||
Automotive [Member] | Not Designated as Hedges [Member] | Commodity [Member] | Fair Value Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Notional amount, derivative financial instruments | 758 | 758 | 658 | ||
Automotive [Member] | Not Designated as Hedges [Member] | PSA Warrants [Member] | Fair Value Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Notional amount, derivative financial instruments | 43 | 43 | 45 | ||
GM Financial [Member] | |||||
Derivative [Line Items] | |||||
Notional amount, derivative financial instruments | 104,116 | 104,116 | 113,871 | ||
Collateral | 258 | 258 | |||
Collateral available for netting | 451 | ||||
GM Financial [Member] | Designated as Hedges [Member] | Fair Value Hedges [Member] | Interest Rate Swap [Member] | Fair Value Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Notional amount, derivative financial instruments | 10,702 | 10,702 | 9,533 | ||
GM Financial [Member] | Designated as Hedges [Member] | Fair Value Hedges [Member] | Interest Rate Swap [Member] | Fair Value Level 2 [Member] | Other liabilities [Member] | |||||
Derivative [Line Items] | |||||
Fair value of derivative instruments | (291) | ||||
GM Financial [Member] | Designated as Hedges [Member] | Fair Value Hedges [Member] | Interest Rate Swap [Member] | Fair Value Level 2 [Member] | Other assets [Member] | |||||
Derivative [Line Items] | |||||
Fair value of derivative instruments | 384 | 384 | |||
GM Financial [Member] | Designated as Hedges [Member] | Fair Value Hedges [Member] | Foreign Currency Swaps [Member] | Fair Value Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Notional amount, derivative financial instruments | 1,744 | 1,744 | 1,829 | ||
GM Financial [Member] | Designated as Hedges [Member] | Cash Flow Hedges [Member] | Interest Rate Swap [Member] | Fair Value Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Notional amount, derivative financial instruments | 553 | 553 | 768 | ||
GM Financial [Member] | Designated as Hedges [Member] | Cash Flow Hedges [Member] | Foreign Currency Swaps [Member] | Fair Value Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Notional amount, derivative financial instruments | 4,269 | 4,269 | 2,075 | ||
GM Financial [Member] | Not Designated as Hedges [Member] | Foreign Currency Swaps [Member] | Fair Value Level 2 [Member] | Other liabilities [Member] | |||||
Derivative [Line Items] | |||||
Fair value of derivative instruments | (241) | (241) | |||
GM Financial [Member] | Not Designated as Hedges [Member] | Interest Rate Contract [Member] | Fair Value Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Notional amount, derivative financial instruments | 86,848 | 86,848 | 99,666 | ||
GM Financial [Member] | Not Designated as Hedges [Member] | Interest Rate Contract [Member] | Fair Value Level 2 [Member] | Other liabilities [Member] | |||||
Derivative [Line Items] | |||||
Fair value of derivative instruments | (384) | (384) | (520) | ||
GM Financial [Member] | Not Designated as Hedges [Member] | Interest Rate Contract [Member] | Fair Value Level 2 [Member] | Other assets [Member] | |||||
Derivative [Line Items] | |||||
Fair value of derivative instruments | $ 302 | $ 302 | $ 372 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Balance Sheet Location of Cumulative Basis Adjustments (Details) - Fair Value Hedges [Member] - Long-term Debt [Member] - GM Financial [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | $ 20,453 | $ 17,923 |
Cumulative Amount of Fair Value Hedging Adjustments on Hedging Relationships | (135) | 459 |
Cumulative fair value adjustment on discontinued hedging relationships | $ 131 | $ 247 |
Product Warranty and Related _3
Product Warranty and Related Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Product Warranty and Related Liabilities [Roll Forward] | ||||
Warranty balance at beginning of period | $ 7,439 | $ 7,990 | $ 7,590 | $ 8,332 |
Warranties issued and assumed in period – recall campaigns | 357 | 101 | 609 | 515 |
Warranties issued and assumed in period – product warranty | 500 | 542 | 1,556 | 1,599 |
Payments | (754) | (723) | (2,214) | (2,175) |
Adjustments to pre-existing warranties | 101 | (209) | 79 | (426) |
Effect of foreign currency and other | (34) | (8) | (11) | (152) |
Warranty balance at end of period | $ 7,609 | $ 7,693 | $ 7,609 | $ 7,693 |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Non-service cost components of net periodic pension and OPEB income | $ 125 | $ 401 | $ 587 | $ 1,200 |
Global OPEB Plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Service cost | 4 | 5 | 12 | 15 |
Interest cost | 54 | 49 | 163 | 147 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit) | (3) | (4) | (10) | (11) |
Amortization of net actuarial losses | 7 | 14 | 22 | 40 |
Curtailments, settlements and other | 0 | 0 | 0 | 0 |
Net periodic pension and OPEB (income) expense | 62 | 64 | 187 | 191 |
U.S. [Member] | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Service cost including administrative expenses | 99 | 83 | 295 | 248 |
Interest cost | 566 | 513 | 1,698 | 1,538 |
Expected return on plan assets | (871) | (972) | (2,610) | (2,917) |
Amortization of prior service cost (credit) | (1) | (1) | (3) | (3) |
Amortization of net actuarial losses | 2 | 2 | 8 | 7 |
Curtailments, settlements and other | 0 | 0 | 0 | 0 |
Net periodic pension and OPEB (income) expense | (205) | (375) | (612) | (1,127) |
Non-U.S. [Member] | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Service cost | 38 | 33 | 102 | 138 |
Interest cost | 148 | 112 | 386 | 349 |
Expected return on plan assets | (240) | (201) | (627) | (621) |
Amortization of prior service cost (credit) | 2 | 1 | 4 | 3 |
Amortization of net actuarial losses | 31 | 35 | 90 | 109 |
Curtailments, settlements and other | 119 | 18 | 119 | 18 |
Net periodic pension and OPEB (income) expense | $ 98 | $ (2) | $ 74 | $ (4) |
Commitments and Contingencies -
Commitments and Contingencies - Litigation-Related Liability and Tax Administrative Matters (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018jurisdiction | Sep. 30, 2019USD ($)actionshares | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2019USD ($)actionemployeeshares | Oct. 15, 2019USD ($) | Dec. 31, 2018USD ($)state | Aug. 31, 2017state | |
Indirect Tax Matters [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimate of possible loss | $ 900,000,000 | $ 900,000,000 | ||||||
Ignition Switch Recall Litigations - Economic-loss cases [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of filed claims | action | 100 | 100 | ||||||
Ignition Switch Recall Litigations - Economic-loss cases [Member] | Pending Litigation [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of jurisdictions | jurisdiction | 27 | |||||||
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 | 8 | 9 | ||||||
Ignition Switch Recall Litigations - Lost Personal Time and Certain Unjust Enrichment Claims [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of jurisdictions | jurisdiction | 47 | |||||||
Ignition Switch Recall Litigations - Lost Personal Time and Certain Unjust Enrichment Claims [Member] | Granted Motion to Dismiss [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of jurisdictions | jurisdiction | 41 | |||||||
Korea Wage Litigation - Hourly [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of plaintiffs | employee | 10,000 | |||||||
Number of employees in the case | employee | 5 | |||||||
Estimate of possible loss | $ 570,000,000 | $ 570,000,000 | ||||||
Korea Wage Litigation - Salaried [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimate of possible loss | 160,000,000 | 160,000,000 | ||||||
Korea Wage Litigation - Former Subcontract Workers [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimate of possible loss | 130,000,000 | 130,000,000 | ||||||
Probable loss accrual | 170,000,000 | 170,000,000 | ||||||
GM Brazil Indirect Tax Claim [Member] | Brazil [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Favorable settlement amount | 123,000,000 | $ 380,000,000 | $ 857,000,000 | |||||
Accrued liabilities and Other liabilities [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimated litigation liability | 1,400,000,000 | 1,400,000,000 | $ 1,300,000,000 | |||||
Amended and Restated Master Sale and Purchase Agreement [Member] | Ignition Switch Recall Litigations - Contingently Issuable Shares [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Allowed general unsecured claims amount | $ 35,000,000,000 | $ 35,000,000,000 | ||||||
Contingently issuable shares (in shares) | shares | 30,000,000 | 30,000,000 | ||||||
Amount of allowed general unsecured claims | $ 31,900,000,000 | |||||||
Amended and Restated Master Sale and Purchase Agreement [Member] | Ignition Switch Recall Litigations - Contingently Issuable Shares [Member] | Subsequent Event [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Value of contingently issuable shares | $ 1,100,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Other Contingencies (Details) | Oct. 15, 2019action | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Loss Contingencies [Line Items] | |||
Maximum liability, guarantees | $ 2,700,000,000 | $ 2,400,000,000 | |
Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Indirect tax-related escrow deposit | 200,000,000 | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Indirect tax-related escrow deposit | 500,000,000 | ||
Accrued Liabilities, Current and Other Liabilities, Noncurrent [Member] | |||
Loss Contingencies [Line Items] | |||
Product liability | 547,000,000 | $ 531,000,000 | |
Takata DIR [Member] | |||
Loss Contingencies [Line Items] | |||
Warranty provision related to DIR's | 0 | ||
Estimate of maximum possible loss | $ 1,200,000,000 | ||
Takata DIR [Member] | U.S. [Member] | Subsequent Event [Member] | |||
Loss Contingencies [Line Items] | |||
Number of pending claims | action | 5 | ||
Takata DIR [Member] | Mexico [Member] | Subsequent Event [Member] | |||
Loss Contingencies [Line Items] | |||
Number of pending claims | action | 1 | ||
Takata DIR [Member] | Israel [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 | 3 |
Commitments and Contingencies_3
Commitments and Contingencies - Operating Leases (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Long-term Purchase Commitment [Line Items] | ||
Rent expense | $ 84 | $ 266 |
Operating lease right of use asset obtained in exchange for lease liability | 470 | |
Operating lease payments for the remainder of 2019 | 67 | 67 |
2020 | 270 | 270 |
2021 | 246 | 246 |
2022 | 178 | 178 |
2023 | 166 | 166 |
Thereafter | 582 | 582 |
Imputed interest | $ 217 | $ 217 |
Weighted average discount rate | 4.20% | 4.20% |
Operating lease weighted-average remaining lease term | 7 years 3 months 18 days | 7 years 3 months 18 days |
Operating lease payments | $ 271 | |
Other assets [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Operating lease right-of-use assets | $ 1,200 | 1,200 |
Accrued Liabilities [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Current operating lease liability | 243 | 243 |
Other liabilities [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Noncurrent operating lease liability | $ 1,000 | $ 1,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 271 | $ 100 | $ 932 | $ 1,085 |
Tax changes from U.S. tax reform | $ 157 | $ 157 | ||
Net deferred tax assets | $ 23,100 | $ 23,100 |
Restructuring and Other Initi_3
Restructuring and Other Initiatives (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2019 | |
Restructuring Reserve [Roll Forward] | |||||||
Balance at beginning of period | $ 919 | $ 274 | $ 1,122 | $ 227 | $ 227 | ||
Additions, interest accretion and other | 211 | 8 | 499 | 600 | |||
Payments | (162) | (72) | (645) | (567) | |||
Revisions to estimates and effect of foreign currency | (30) | (3) | (38) | (53) | |||
Balance at end of period | 938 | $ 207 | 938 | 207 | 1,122 | ||
Unallocation of Products to Certain Manufacturing Facilities And Other Employee Separation Programs [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Payments | (645) | ||||||
Cost since inception | 2,900 | 2,900 | |||||
GMNA [Member] | Unallocation of Products to Certain Manufacturing Facilities And Other Employee Separation Programs [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Pre-tax restructuring charges | 390 | 1,500 | |||||
GMNA [Member] | Pension Curtailment and Other Charges [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Pre-tax restructuring charges | 209 | ||||||
GMNA [Member] | Supplier-related Charges [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Pre-tax restructuring charges | $ 181 | 421 | |||||
GMNA [Member] | Non-cash Accelerated Depreciation [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Pre-tax restructuring charges | $ 1,100 | ||||||
GMI [Member] | Korea [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Pre-tax restructuring charges | 1,000 | ||||||
GMI [Member] | Korea [Member] | Non-cash Asset Impairments [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Pre-tax restructuring charges | 537 | ||||||
GMI [Member] | Korea [Member] | Employee Separation Charges [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Pre-tax restructuring charges | 495 | ||||||
GMI [Member] | Korea [Member] | Employee Severance and Statutory Pension Payments [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Payments | $ (748) | $ (775) | |||||
Forecast [Member] | Unallocation of Products to Certain Manufacturing Facilities And Other Employee Separation Programs [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Expected amount of cash flows | $ 900 | ||||||
Forecast [Member] | Minimum [Member] | Unallocation of Products to Certain Manufacturing Facilities And Other Employee Separation Programs [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Expected costs | $ 100 | ||||||
Forecast [Member] | Maximum [Member] | Unallocation of Products to Certain Manufacturing Facilities And Other Employee Separation Programs [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Expected costs | $ 300 |
Stockholders' Equity and Nonc_3
Stockholders' Equity and Noncontrolling Interests - Preferred and Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |||||||||||
Aug. 31, 2019 | May 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2027 | Dec. 31, 2018 | May 31, 2018 | |
Stockholders' Equity Note [Abstract] | |||||||||||||
Preferred stock shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 | |||||||||||
Common stock shares authorized (in shares) | 5,000,000,000 | 5,000,000,000 | |||||||||||
Preferred stock shares outstanding (in shares) | 0 | 0 | |||||||||||
Common stock shares issued (in shares) | 1,400,000,000 | 1,400,000,000 | |||||||||||
Common stock shares outstanding (in shares) | 1,400,000,000 | 1,400,000,000 | |||||||||||
Warrants outstanding (in shares) | 15,000,000 | ||||||||||||
Exercise price of warrants (in dollars per share) | $ 18.33 | ||||||||||||
Total dividends paid on common stock | $ 543 | $ 540 | $ 539 | $ 537 | $ 535 | $ 536 | |||||||
Class of Stock [Line Items] | |||||||||||||
Guarantees - maximum liability | $ 2,700 | $ 2,400 | |||||||||||
GM Cruise Holdings LLC [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Ownership percentage of external investors | 17.30% | ||||||||||||
GM Cruise Holdings LLC [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Investment in subsidiaries | $ 1,100 | ||||||||||||
GM Korea [Member] | Financial Guarantee [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Guarantees - maximum liability | $ 2,800 | 2,800 | |||||||||||
GM Korea [Member] | Forecast [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Planned capital expenditures | $ 2,000 | ||||||||||||
Series F Preferred Stock [Member] | GM Cruise Holdings LLC [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Proceeds from issuance of preferred stock | $ 1,200 | $ 1,100 | |||||||||||
Ownership interest | 6.60% | ||||||||||||
Investment in subsidiaries | $ 687 | ||||||||||||
Convertible Preferred Stock [Member] | GM Cruise Holdings LLC [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Proceeds from issuance of preferred stock | $ 900 | ||||||||||||
Annual dividend rate | 7.00% | ||||||||||||
The Vision Fund [Member] | Convertible Preferred Stock [Member] | GM Cruise Holdings LLC [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Additional purchase amount | 1,350 | 1,350 | |||||||||||
Korea Development Bank [Member] | Class B Preferred Shares [Member] | GM Korea [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Proceeds from issuance of preferred stock | $ 361 | ||||||||||||
Annual dividend rate | 1.00% | ||||||||||||
Preferred stock purchase arrangement | $ 750 | ||||||||||||
Period to call preferred shares | 6 years | ||||||||||||
GM Financial [Member] | Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series B [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred stock issued | $ 500 | $ 500 | |||||||||||
Preferred stock par value (in usd per share) | $ 0.01 | $ 0.01 | |||||||||||
Preferred stock liquidation preference (in usd per share) | $ 1,000 | $ 1,000 | |||||||||||
Annual dividend rate | 6.50% |
Stockholders' Equity and Nonc_4
Stockholders' Equity and Noncontrolling Interests - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | $ 47,089 | $ 44,638 | $ 42,777 | $ 38,636 | $ 35,458 | $ 36,200 | $ 42,777 | $ 36,200 |
Other comprehensive income (loss), net of tax | (237) | 74 | 185 | (150) | (94) | 27 | 22 | (217) |
Balance at end of period | 48,771 | 47,089 | 44,638 | 40,908 | 38,636 | 35,458 | 48,771 | 40,908 |
Foreign currency translation adjustments [Member] | ||||||||
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | (2,078) | (2,250) | (1,826) | (1,606) | (2,250) | (1,606) | ||
Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment, tax and impact of adoption of accounting standards | (341) | (215) | (169) | (435) | ||||
Balance at end of period | (2,419) | (2,078) | (2,041) | (1,826) | (2,419) | (2,041) | ||
Defined benefit plans [Member] | ||||||||
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | (6,695) | $ (6,737) | (6,290) | $ (6,398) | (6,737) | (6,398) | ||
Other comprehensive income (loss) before reclassification adjustment, net of tax and impact of adoption of accounting standards | 80 | (4) | 51 | 16 | ||||
Reclassification adjustment, net of tax | 40 | 63 | 111 | 151 | ||||
Other comprehensive income (loss), net of tax | 120 | 59 | 162 | 167 | ||||
Balance at end of period | $ (6,575) | $ (6,695) | $ (6,231) | $ (6,290) | $ (6,575) | $ (6,231) |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Basic | ||||
Income from continuing operations | $ 2,351 | $ 2,534 | $ 6,926 | $ 6,040 |
Less: cumulative dividends on subsidiary preferred stock | (38) | (31) | (113) | (60) |
Income from continuing operations attributable to common stockholders | 2,313 | 2,503 | 6,813 | 5,980 |
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 70 |
Net income attributable to common stockholders | $ 2,313 | $ 2,503 | $ 6,813 | $ 5,910 |
Weighted-average common shares outstanding - basic (in shares) | 1,428 | 1,412 | 1,422 | 1,410 |
Basic earnings per common share – continuing operations (in dollars per share) | $ 1.62 | $ 1.77 | $ 4.79 | $ 4.24 |
Basic loss per common share – discontinued operations (in dollars per share) | 0 | 0 | 0 | 0.05 |
Basic earnings per common share (in dollars per share) | $ 1.62 | $ 1.77 | $ 4.79 | $ 4.19 |
Diluted | ||||
Income from continuing operations attributable to common stockholders – diluted | $ 2,313 | $ 2,503 | $ 6,813 | $ 5,980 |
Loss from discontinued operations, net of tax – diluted | 0 | 0 | 0 | 70 |
Net income attributable to common stockholders – diluted | $ 2,313 | $ 2,503 | $ 6,813 | $ 5,910 |
Weighted-average common shares outstanding - basic (in shares) | 1,428 | 1,412 | 1,422 | 1,410 |
Dilutive effect of warrants and awards under stock incentive plans (in shares) | 14 | 19 | 17 | 21 |
Weighted-average common shares outstanding - diluted (in shares) | 1,442 | 1,431 | 1,439 | 1,431 |
Diluted earnings per common share – continuing operations (in dollars per share) | $ 1.60 | $ 1.75 | $ 4.74 | $ 4.18 |
Diluted loss per common share – discontinued operations (in dollars per share) | 0 | 0 | 0 | 0.05 |
Diluted earnings per common share (in dollars per share) | $ 1.60 | $ 1.75 | $ 4.74 | $ 4.13 |
Potentially dilutive securities (in shares) | 7 | 4 | 7 | 4 |
Discontinued Operations (Detail
Discontinued Operations (Details) - Discontinued Operations [Member] - Opel/Vauxhall Business [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales and revenue | $ 140 | $ 339 | $ 1,008 | $ 1,507 |
Purchases and expenses | $ 243 | $ 297 | 648 | 1,134 |
Discontinued Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash payments | 762 | 1,483 | ||
Cash receipts | $ 1,223 | $ 1,926 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||
Net sales and revenue | $ 35,473 | $ 35,791 | $ 106,411 | $ 108,650 | |||
Earnings (loss) before interest and taxes-adjusted | 2,966 | 3,153 | 8,288 | 8,955 | |||
Adjustments | (267) | (440) | (181) | (1,578) | |||
Net income (loss) attributable to noncontrolling interests | (40) | (4) | (67) | (34) | |||
Income before income taxes | 2,582 | 2,630 | 7,791 | 7,091 | |||
Income tax benefit (expense) | (271) | (100) | (932) | (1,085) | |||
Income from continuing operations | 2,311 | 2,530 | 6,859 | 6,006 | |||
(Loss) from discontinued operations, net of tax | 0 | 0 | 0 | (70) | |||
Net income attributable to stockholders | 2,351 | 2,534 | 6,926 | 5,970 | |||
Equity in net assets of nonconsolidated affiliates | 8,496 | 9,155 | 8,496 | 9,155 | $ 9,215 | ||
Goodwill and intangible assets, net | 5,408 | 5,651 | 5,408 | 5,651 | 5,579 | ||
Total assets | 231,529 | 225,711 | 231,529 | 225,711 | $ 227,339 | ||
Depreciation and amortization | 3,308 | 3,305 | 10,813 | 9,501 | |||
Impairment charges | 1 | 8 | 19 | 522 | |||
Equity income | 315 | 530 | 1,000 | 1,815 | |||
Brazil [Member] | GM Brazil Indirect Tax Claim [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Favorable settlement amount | 123 | $ 380 | $ 857 | ||||
Automotive [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Automotive interest income | 129 | 82 | 333 | 218 | |||
Automotive interest expense | (206) | (161) | (582) | (470) | |||
GMNA [Member] | Transformation Activities [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Pre-tax restructuring costs | 390 | 1,500 | |||||
GMI [Member] | Brazil [Member] | GM Brazil Indirect Tax Claim [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Favorable settlement amount | 123 | 1,400 | |||||
GMI [Member] | Separation Programs In Korea [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Pre-tax restructuring costs | 1,100 | ||||||
Operating Segments [Member] | Automotive [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales and revenue | 31,817 | 32,288 | 95,503 | 98,312 | |||
Earnings (loss) before interest and taxes-adjusted | 2,507 | 2,870 | 7,398 | 8,012 | |||
Adjustments | (267) | (440) | (181) | (1,578) | |||
Equity in net assets of nonconsolidated affiliates | 7,115 | 7,847 | 7,115 | 7,847 | |||
Goodwill and intangible assets, net | 3,385 | 3,615 | 3,385 | 3,615 | |||
Total assets | 119,485 | 118,896 | 119,485 | 118,896 | |||
Depreciation and amortization | 1,469 | 1,399 | 5,218 | 3,936 | |||
Impairment charges | 1 | 8 | 19 | 522 | |||
Equity income | 276 | 486 | 874 | 1,674 | |||
Operating Segments [Member] | GMNA [Member] | Automotive [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales and revenue | 27,971 | 27,650 | 83,660 | 83,969 | |||
Earnings (loss) before interest and taxes-adjusted | 3,023 | 2,825 | 7,941 | 7,728 | |||
Adjustments | (359) | 0 | (1,478) | 0 | |||
Equity in net assets of nonconsolidated affiliates | 85 | 77 | 85 | 77 | |||
Goodwill and intangible assets, net | 2,488 | 2,674 | 2,488 | 2,674 | |||
Total assets | 115,995 | 110,245 | 115,995 | 110,245 | |||
Depreciation and amortization | 1,325 | 1,251 | 4,803 | 3,474 | |||
Impairment charges | 0 | 0 | 15 | 53 | |||
Equity income | 3 | 2 | 7 | 7 | |||
Operating Segments [Member] | GMI [Member] | Automotive [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales and revenue | 3,794 | 4,582 | 11,691 | 14,188 | |||
Earnings (loss) before interest and taxes-adjusted | (65) | 139 | (82) | 471 | |||
Adjustments | 92 | 0 | 1,299 | (1,138) | |||
Equity in net assets of nonconsolidated affiliates | 7,024 | 7,770 | 7,024 | 7,770 | |||
Goodwill and intangible assets, net | 896 | 939 | 896 | 939 | |||
Total assets | 25,562 | 25,780 | 25,562 | 25,780 | |||
Depreciation and amortization | 133 | 136 | 379 | 426 | |||
Impairment charges | 1 | 2 | 4 | 463 | |||
Equity income | 279 | 484 | 886 | 1,667 | |||
Operating Segments [Member] | Cruise [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales and revenue | 25 | 0 | 75 | 0 | |||
Earnings (loss) before interest and taxes-adjusted | (251) | (214) | (699) | (534) | |||
Adjustments | 0 | 0 | 0 | 0 | |||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 | 0 | |||
Goodwill and intangible assets, net | 670 | 679 | 670 | 679 | |||
Total assets | 4,406 | 2,567 | 4,406 | 2,567 | |||
Depreciation and amortization | 7 | 2 | 16 | 5 | |||
Impairment charges | 0 | 0 | 0 | 0 | |||
Equity income | 0 | 0 | 0 | 0 | |||
Operating Segments [Member] | GM Financial [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales and revenue | 3,659 | 3,518 | 10,918 | 10,417 | |||
Earnings (loss) before interest and taxes-adjusted | 711 | 498 | 1,606 | 1,477 | |||
Adjustments | 0 | 0 | 0 | 0 | |||
Equity in net assets of nonconsolidated affiliates | 1,381 | 1,308 | 1,381 | 1,308 | |||
Goodwill and intangible assets, net | 1,353 | 1,357 | 1,353 | 1,357 | |||
Total assets | 109,099 | 105,658 | 109,099 | 105,658 | |||
Depreciation and amortization | 1,832 | 1,904 | 5,579 | 5,560 | |||
Impairment charges | 0 | 0 | 0 | 0 | |||
Equity income | 39 | 44 | 126 | 141 | |||
Corporate [Member] | Ignition Switch Recall Litigations [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Charges for legal related matters | 440 | ||||||
Corporate [Member] | Automotive [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales and revenue | 52 | 56 | 152 | 155 | |||
Earnings (loss) before interest and taxes-adjusted | (451) | (94) | (461) | (187) | |||
Adjustments | 0 | (440) | (2) | (440) | |||
Equity in net assets of nonconsolidated affiliates | 6 | 0 | 6 | 0 | |||
Goodwill and intangible assets, net | 1 | 2 | 1 | 2 | |||
Total assets | 34,309 | 28,194 | 34,309 | 28,194 | |||
Depreciation and amortization | 11 | 12 | 36 | 36 | |||
Impairment charges | 0 | 6 | 0 | 6 | |||
Equity income | (6) | 0 | (19) | 0 | |||
Eliminations [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales and revenue | (28) | (15) | (85) | (79) | |||
Earnings (loss) before interest and taxes-adjusted | (1) | (1) | (17) | 0 | |||
Adjustments | 0 | 0 | 0 | 0 | |||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 | 0 | |||
Goodwill and intangible assets, net | 0 | 0 | 0 | 0 | |||
Total assets | (1,461) | (1,410) | (1,461) | (1,410) | |||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||
Impairment charges | 0 | 0 | 0 | 0 | |||
Equity income | 0 | 0 | 0 | 0 | |||
Eliminations [Member] | Automotive [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 | 0 | |||
Goodwill and intangible assets, net | 0 | 0 | 0 | 0 | |||
Total assets | (56,381) | (45,323) | (56,381) | (45,323) | |||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||
Impairment charges | 0 | 0 | 0 | 0 | |||
Equity income | $ 0 | $ 0 | $ 0 | $ 0 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] job in Thousands, $ in Billions | Oct. 25, 2019USD ($)job |
Subsequent Event [Line Items] | |
Term of labor agreement | 4 years |
Number of jobs created or retained | job | 9 |
Capital Addition Purchase Commitments [Member] | |
Subsequent Event [Line Items] | |
Additional manufacturing investments | $ | $ 7.7 |