Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 24, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
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 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | GM | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 54.7 | ||
Entity Common Stock, Shares Outstanding | 1,429,002,063 | ||
Documents Incorporated by Reference | Portions of the registrant's definitive Proxy Statement related to the Annual Stockholders Meeting to be filed subsequently are incorporated by reference into Part III of this Form 10-K. | ||
Entity Central Index Key | 0001467858 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Income Statements
Consolidated Income Statements - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net sales and revenue | |||
Automotive | $ 122,697 | $ 133,045 | |
Total net sales and revenue (Note 3) | 137,237 | 147,049 | $ 145,588 |
Costs and expenses | |||
Automotive and other cost of sales | 110,651 | 120,656 | 116,229 |
Automotive and other selling, general and administrative expense | 8,491 | 9,650 | 9,570 |
Total costs and expenses | 131,756 | 142,604 | 136,927 |
Operating income | 5,481 | 4,445 | 8,661 |
Automotive interest expense | 782 | 655 | 575 |
Interest income and other non-operating income, net (Note 19) | 1,469 | 2,596 | 1,645 |
Equity income (Note 8) | 1,268 | 2,163 | 2,132 |
Income before income taxes | 7,436 | 8,549 | 11,863 |
Income tax expense (Note 17) | 769 | 474 | 11,533 |
Income from continuing operations | 6,667 | 8,075 | 330 |
Loss from discontinued operations, net of tax (Note 22) | 0 | 70 | 4,212 |
Net income (loss) | 6,667 | 8,005 | (3,882) |
Net loss attributable to noncontrolling interests | 65 | 9 | 18 |
Net income (loss) attributable to stockholders | 6,732 | 8,014 | (3,864) |
Net income (loss) attributable to common stockholders | $ 6,581 | $ 7,916 | $ (3,880) |
Earnings per share (Note 21) | |||
Basic earnings per common share – continuing operations (in dollars per share) | $ 4.62 | $ 5.66 | $ 0.23 |
Basic loss per common share – discontinued operations (in dollars per share) | 0 | 0.05 | 2.88 |
Basic earnings (loss) per common share (in dollars per share) | $ 4.62 | $ 5.61 | $ (2.65) |
Weighted-average common shares outstanding – basic (in shares) | 1,424 | 1,411 | 1,465 |
Diluted earnings per common share – continuing operations (in dollars per share) | $ 4.57 | $ 5.58 | $ 0.22 |
Diluted loss per common share – discontinued operations (in dollars per share) | 0 | 0.05 | 2.82 |
Diluted earnings (loss) per common share (in dollars per share) | $ 4.57 | $ 5.53 | $ (2.60) |
Weighted-average common shares outstanding – diluted (in shares) | 1,439 | 1,431 | 1,492 |
Automotive | |||
Net sales and revenue | |||
Automotive | $ 122,697 | $ 133,045 | $ 133,449 |
GM Financial | |||
Net sales and revenue | |||
Total net sales and revenue (Note 3) | 14,540 | 14,004 | 12,139 |
Costs and expenses | |||
GM Financial interest, operating and other expenses | $ 12,614 | $ 12,298 | $ 11,128 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 6,667 | $ 8,005 | $ (3,882) |
Other comprehensive income (loss), net of tax (Note 20) | |||
Foreign currency translation adjustments and other | (6) | (715) | 747 |
Defined benefit plans | (2,122) | (221) | 570 |
Other comprehensive income (loss), net of tax | (2,128) | (936) | 1,317 |
Comprehensive income (loss) | 4,539 | 7,069 | (2,565) |
Comprehensive loss attributable to noncontrolling interests | 76 | 15 | 20 |
Comprehensive income (loss) attributable to stockholders | $ 4,615 | $ 7,084 | $ (2,545) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 19,069 | $ 20,844 |
Marketable debt securities (Note 4) | 4,174 | 5,966 |
Accounts and notes receivable (net of allowance of $201 and $211) | 6,797 | 6,549 |
Inventories (Note 6) | 10,398 | 9,816 |
Other current assets (Note 4; Note 11 at VIEs) | 7,953 | 5,268 |
Total current assets | 74,992 | 75,293 |
Non-current Assets | ||
Equity in net assets of nonconsolidated affiliates (Note 8) | 8,562 | 9,215 |
Property, net (Note 9) | 38,750 | 38,758 |
Goodwill and intangible assets, net (Note 10) | 5,337 | 5,579 |
Equipment on operating leases, net (Note 7; Note 11 at VIEs) | 42,055 | 43,559 |
Deferred income taxes (Note 17) | 24,640 | 24,082 |
Other assets (Note 4; Note 11 at VIEs) | 7,346 | 5,770 |
Total non-current assets | 153,045 | 152,046 |
Total Assets | 228,037 | 227,339 |
Current Liabilities | ||
Accounts payable (principally trade) | 21,018 | 22,297 |
Accrued liabilities (Note 12) | 26,487 | 28,049 |
Total current liabilities | 84,905 | 82,237 |
Non-current Liabilities | ||
Postretirement benefits other than pensions (Note 15) | 5,935 | 5,370 |
Pensions (Note 15) | 12,170 | 11,538 |
Other liabilities (Note 12) | 13,146 | 12,357 |
Total non-current liabilities | 97,175 | 102,325 |
Total Liabilities | 182,080 | 184,562 |
Commitments and contingencies (Note 16) | ||
Equity (Note 20) | ||
Common stock, $0.01 par value | 14 | 14 |
Additional paid-in capital | 26,074 | 25,563 |
Retained earnings | 26,860 | 22,322 |
Accumulated other comprehensive loss | (11,156) | (9,039) |
Total stockholders’ equity | 41,792 | 38,860 |
Noncontrolling interests | 4,165 | 3,917 |
Total Equity | 45,957 | 42,777 |
Total Liabilities and Equity | 228,037 | 227,339 |
GM Financial | ||
Current Assets | ||
GM Financial receivables, net (Note 5; Note 11 at VIEs) | 26,601 | 26,850 |
Non-current Assets | ||
GM Financial receivables, net (Note 5; Note 11 at VIEs) | 26,355 | 25,083 |
Current Liabilities | ||
Short-term debt and current portion of long-term debt (Note 13) | 35,503 | 30,956 |
Non-current Liabilities | ||
Long-term debt (Note 13) | 53,435 | 60,032 |
Automotive | ||
Current Liabilities | ||
Short-term debt and current portion of long-term debt (Note 13) | 1,897 | 935 |
Non-current Liabilities | ||
Long-term debt (Note 13) | $ 12,489 | $ 13,028 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Automotive | ||
Allowance for doubtful accounts and notes receivable | $ 201 | $ 211 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Income from continuing operations | $ 6,667 | $ 8,075 | $ 330 |
Depreciation and impairment of Equipment on operating leases, net | 7,332 | 7,604 | 6,805 |
Depreciation, amortization and impairment charges on Property, net | 6,786 | 6,065 | 5,456 |
Foreign currency remeasurement and transaction (gains) losses | (85) | 168 | 52 |
Undistributed earnings of nonconsolidated affiliates, net | 585 | (141) | (132) |
Pension contributions and OPEB payments | (985) | (2,069) | (1,636) |
Pension and OPEB income, net | (484) | (1,280) | (934) |
Provision (benefit) for deferred taxes | (133) | (112) | 10,880 |
Change in other operating assets and liabilities (Note 26) | (3,789) | (1,376) | (3,015) |
Other operating activities | (873) | (1,678) | (468) |
Net cash provided by operating activities – continuing operations | 15,021 | 15,256 | 17,338 |
Net cash used in operating activities – discontinued operations | 0 | 0 | (10) |
Net cash provided by operating activities | 15,021 | 15,256 | 17,328 |
Cash flows from investing activities | |||
Expenditures for property | (7,592) | (8,761) | (8,453) |
Available-for-sale marketable securities, acquisitions | (4,075) | (2,820) | (5,503) |
Available-for-sale marketable securities, liquidations | 6,265 | 5,108 | 9,007 |
Purchases of finance receivables, net | (24,538) | (25,671) | (19,325) |
Principal collections and recoveries on finance receivables | 22,005 | 17,048 | 12,578 |
Purchases of leased vehicles, net | (16,404) | (16,736) | (19,180) |
Proceeds from termination of leased vehicles | 13,302 | 10,864 | 6,667 |
Other investing activities | 138 | 39 | 137 |
Net cash used in investing activities – continuing operations | (10,899) | (20,929) | (24,072) |
Net cash provided by (used in) investing activities – discontinued operations (Note 22) | 0 | 166 | (3,500) |
Net cash used in investing activities | (10,899) | (20,763) | (27,572) |
Cash flows from financing activities | |||
Net increase (decrease) in short-term debt | (312) | 1,186 | (140) |
Proceeds from issuance of debt (original maturities greater than three months) | 36,937 | 43,801 | 52,187 |
Payments on debt (original maturities greater than three months) | (39,156) | (33,323) | (33,592) |
Payments to purchase common stock | 0 | (190) | (4,492) |
Proceeds from issuance of subsidiary preferred and common stock (Note 20) | 457 | 2,862 | 985 |
Dividends paid | (2,350) | (2,242) | (2,233) |
Other financing activities | (253) | (640) | (305) |
Net cash provided by financing activities – continuing operations | (4,677) | 11,454 | 12,410 |
Net cash provided by financing activities – discontinued operations | 0 | 0 | 174 |
Net cash provided by (used in) financing activities | (4,677) | 11,454 | 12,584 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2 | (299) | 348 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (553) | 5,648 | 2,688 |
Cash, cash equivalents and restricted cash at beginning of period | 23,496 | 17,848 | 15,160 |
Cash, cash equivalents and restricted cash at end of period | 22,943 | 23,496 | 17,848 |
Continuing Operations | |||
Cash flows from financing activities | |||
Cash, cash equivalents and restricted cash at beginning of period | 23,496 | 17,848 | |
Cash, cash equivalents and restricted cash at end of period | 22,943 | 23,496 | 17,848 |
Significant Non-cash Investing and Financing Activity | |||
Non-cash property additions – continuing operations | 2,837 | 3,813 | 3,996 |
Discontinued Operations | |||
Significant Non-cash Investing and Financing Activity | |||
Non-cash proceeds on sale of discontinued operations (Note 22) | $ 0 | $ 0 | $ 808 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Noncontrolling InterestsPreferred Stock |
Balance at beginning of period at Dec. 31, 2016 | $ 44,075 | $ 15 | $ 26,983 | $ 26,168 | $ (9,330) | $ 239 | ||
Net income (loss) | (3,882) | (3,864) | (18) | |||||
Other comprehensive income (loss) | 1,317 | 1,319 | (2) | |||||
Issuance of subsidiary preferred and common stock (Note 20) | $ 985 | $ 985 | ||||||
Purchase of common stock | (4,492) | (1) | (2,063) | (2,428) | ||||
Exercise of common stock warrants | 43 | 43 | ||||||
Stock based compensation | 434 | 468 | (34) | |||||
Cash dividends paid on common stock | (2,215) | (2,215) | ||||||
Dividends to noncontrolling interests | (18) | (18) | ||||||
Other | (47) | (60) | 13 | |||||
Balance at end of period at Dec. 31, 2017 | 36,200 | 14 | 25,371 | 17,627 | (8,011) | 1,199 | ||
Net income (loss) | 8,005 | 8,014 | (9) | |||||
Adoption of accounting standards | (1,144) | (1,046) | (98) | |||||
Other comprehensive income (loss) | (936) | (930) | (6) | |||||
Issuance of subsidiary preferred and common stock (Note 20) | 2,862 | 2,862 | ||||||
Purchase of common stock | (190) | (91) | (99) | |||||
Stock based compensation | 287 | 287 | ||||||
Cash dividends paid on common stock | (2,144) | (2,144) | ||||||
Dividends to noncontrolling interests | (169) | (169) | ||||||
Other | 6 | (4) | (30) | 40 | ||||
Balance at end of period at Dec. 31, 2018 | 42,777 | 14 | 25,563 | 22,322 | (9,039) | 3,917 | ||
Net income (loss) | 6,667 | 6,732 | (65) | |||||
Other comprehensive income (loss) | (2,128) | (2,117) | (11) | |||||
Issuance of subsidiary preferred and common stock (Note 20) | $ 457 | $ 457 | ||||||
Purchase of common stock | 0 | |||||||
Stock based compensation | 375 | 409 | (34) | |||||
Cash dividends paid on common stock | (2,165) | (2,165) | ||||||
Dividends to noncontrolling interests | (166) | (166) | ||||||
Other | 140 | 102 | 5 | 33 | ||||
Balance at end of period at Dec. 31, 2019 | $ 45,957 | $ 14 | $ 26,074 | $ 26,860 | $ (11,156) | $ 4,165 |
Nature Of Operations and Basis
Nature Of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 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 was incorporated as a Delaware corporation in 2009. We design, build and sell trucks, crossovers, cars and automobile parts worldwide and are investing in and growing an autonomous vehicle business. We also provide automotive financing services through GM Financial. We analyze the results of our continuing operations through the following operating segments: 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, 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. On July 31, 2017 we closed the sale of the Opel/Vauxhall Business to PSA Group. On October 31, 2017 we closed the sale of the Fincos to Banque PSA Finance S.A. and BNP Paribas Personal Finance S.A. The European Business is presented as discontinued operations in our consolidated financial statements for all periods presented. Unless otherwise indicated, information in this report relates to our continuing operations. Refer to Note 22 for additional information on our discontinued operations. In 2019 we changed the presentation of our consolidated balance sheets to reclassify the current portion of Equipment on operating leases, net to Other current assets. We have made corresponding reclassifications to the comparable information for all periods presented. Principles of Consolidation The consolidated financial statements are prepared in conformity with U.S. GAAP. All intercompany balances and transactions have been eliminated in consolidation. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions. 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. Use of Estimates in the Preparation of the Financial Statements Accounting estimates are an integral part of the consolidated financial statements. These estimates require the use of judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. GM Financial The amounts presented for GM Financial have been adjusted to include the effect of our tax attributes on GM Financial's deferred tax positions and provision for income taxes, which are not applicable to GM Financial on a stand-alone basis, and to eliminate the effect of transactions between GM Financial and the other members of the consolidated group. Accordingly, the amounts presented will differ from those presented by GM Financial on a stand-alone basis. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies The accounting policies that follow are utilized by our automotive, automotive financing and Cruise operations, unless otherwise indicated. Revenue Recognition We adopted Accounting Standards Update (ASU) 2014-09 "Revenue from Contracts with Customers" on January 1, 2018, which requires us to recognize revenue when a customer obtains control rather than when we have transferred substantially all risks and rewards of a good or service, by applying the modified retrospective method to all noncompleted contracts as of the date of adoption. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The following accounting policies became effective on January 1, 2018: Automotive Automotive net sales and revenue represents the amount of consideration to which we expect to be entitled in exchange for vehicle, parts and accessories and services and other sales. The consideration recognized represents the amount received, typically shortly after the sale to a customer, net of estimated dealer and customer sales incentives we reasonably expect to pay. Significant factors in determining our estimates of incentives include forecasted sales volume, product mix, and the rate of customer acceptance of incentive programs, all of which are estimated based on historical experience and assumptions concerning future customer behavior and market conditions. Subsequent adjustments to incentive estimates are possible as facts and circumstances change over time. A portion of the consideration received is deferred for separate performance obligations, such as maintenance and vehicle connectivity, that will be provided to our customers at a future date. Taxes assessed by various government entities, such as sales, use and value-added taxes, collected at the time of the vehicle sale are excluded from Automotive net sales and revenue. Costs for shipping and handling activities that occur after control of the vehicle transfers to the dealer are recognized at the time of sale and presented in Automotive and other cost of sales. V e hicle, Parts and Accessories For the majority of vehicle and accessories sales our customers obtain control and we recognize revenue when the vehicle transfers to the dealer, which generally occurs when the vehicle is released to the carrier responsible for transporting it to a dealer. Revenue, net of estimated returns, is recognized on the sale of parts upon delivery to the customer. When our customers have a right to return eligible parts and accessories, we consider the returns in our estimation of the transaction price. Certain transfers to daily rental companies are accounted for as sales, with revenue recognized at the time of transfer. At the time of transfer, we defer revenue for remarketing obligations, record a residual value guarantee and reflect a deposit liability for amounts expected to be returned once the remarketing services are complete. Deferred revenue is recognized in earnings upon completion of the remarketing service. Transfers that occurred prior to January 1, 2018 and future transfers containing a substantive repurchase obligation are accounted for as operating leases and rental income is recognized over the estimated term of the lease. Our total exposure to vehicle repurchase obligations would be reduced to the extent vehicles are able to be resold to a third party. Used Vehicles Proceeds from the auction of vehicles returned from daily rental car companies and vehicles utilized by our employees are recognized in Automotive net sales and revenue upon transfer of control of the vehicle to the customer and the related vehicle carrying value is recognized in Automotive and other cost of sales. Services and Other Services and other revenue primarily consists of revenue from vehicle-related service arrangements and after-sale services such as maintenance, vehicle connectivity and extended service warranties. For those service arrangements that are bundled with a vehicle sale, a portion of the revenue from the sale is allocated to the service component and recognized as deferred revenue within Accrued liabilities or Other liabilities. We recognize revenue for bundled services and services sold separately as services are performed, typically over a period of less than three years . Automotive Financing - GM Financial Finance charge income earned on receivables is recognized using the effective interest method. Fees and commissions (including incentive payments) received and direct costs of originating loans are deferred and amortized over the term of the related finance receivables using the effective interest method and are removed from the consolidated balance sheets when the related finance receivables are fully charged off or paid in full. Accrual of finance charge income on retail finance receivables is generally suspended on accounts that are more than 60 days delinquent, accounts in bankruptcy and accounts in repossession. Payments received on nonaccrual loans are first applied to any fees due, then to any interest due and then any remaining amounts are applied to principal. Interest accrual generally resumes once an account has received payments bringing the delinquency to less than 60 days past due. Accrual of finance charge income on commercial finance receivables is generally suspended on accounts that are more than 90 days delinquent, upon receipt of a bankruptcy notice from a borrower, or where reasonable doubt exists about the full collectability of contractually agreed upon principal and interest. Payments received on nonaccrual loans are first applied to principal. Interest accrual resumes once an account has received payments bringing the account fully current and collection of contractual principal and interest is reasonably assured (including amounts previously charged off). Income from operating lease assets, which includes lease origination fees, net of lease origination costs, is recorded as operating lease revenue on a straight-line basis over the term of the lease agreement. Advertising and Promotion Expenditures Advertising and promotion expenditures, which are expensed as incurred in Automotive and other selling, general and administrative expense, were $3.7 billion , $4.0 billion and $4.3 billion in the years ended December 31, 2019, 2018 and 2017. Research and Development Expenditures Research and development expenditures, which are expensed as incurred in Automotive and other cost of sales, were $6.8 billion , $7.8 billion and $7.3 billion in the years ended December 31, 2019, 2018 and 2017. We enter into cost sharing arrangements with third parties or nonconsolidated affiliates for product-related research, engineering, design and development activities. Cost sharing payments and fees related to these arrangements are presented in Automotive and other cost of sales. Cash Equivalents and Restricted Cash Cash equivalents are defined as short-term, highly-liquid investments with original maturities of 90 days or less. We are required to post cash as collateral as part of certain agreements that we enter into as part of our operations. Cash and cash equivalents subject to contractual restrictions and not readily available are classified as restricted cash. Restricted cash is invested in accordance with the terms of the underlying agreements and include amounts related to various deposits, escrows and other cash collateral. Restricted cash is included in Other current assets and Other assets in the consolidated balance sheets. Fair Value Measurements A three-level valuation hierarchy, based upon observable and unobservable inputs, is used for fair value measurements. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions based on the best evidence available. These two types of inputs create the following fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets; Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose significant inputs are observable; and Level 3 – Instruments whose significant inputs are unobservable. Marketable Debt Securities We classify marketable debt securities as either available-for-sale or trading. Various factors, including turnover of holdings and investment guidelines, are considered in determining the classification of securities. Available-for-sale debt securities are recorded at fair value with unrealized gains and losses recorded net of related income taxes in Accumulated other comprehensive loss until realized. Trading debt securities are recorded at fair value with changes in fair value recorded in Interest income and other non-operating income, net. We determine realized gains and losses for all debt securities using the specific identification method. We measure the fair value of our marketable debt securities using a market approach where identical or comparable prices are available and an income approach in other cases. If quoted market prices are not available, fair values of securities are determined using prices from a pricing service, pricing models, quoted prices of securities with similar characteristics or discounted cash flow models. These prices represent non-binding quotes. Our pricing service utilizes industry-standard pricing models that consider various inputs. We conduct an annual review of our pricing service and believe the prices received from our pricing service are a reliable representation of exit prices. An evaluation is made quarterly to determine if unrealized losses related to non-trading investments in debt securities are other-than-temporary. Factors considered include the length of time and extent to which the fair value has been below cost, the financial condition and near-term prospects of the issuer and the intent to sell or likelihood to be forced to sell the debt security before any anticipated recovery. Accounts and Notes Receivable Accounts and notes receivable primarily consists of amounts that are due and payable from our customers for the sale of vehicles, parts, and accessories. We evaluate the collectability of receivables each reporting period and record an allowance for doubtful accounts representing our estimate of probable losses. Additions to the allowance are charged to bad debt expense reported in Automotive and other selling, general and administrative expense and were insignificant in the years ended December 31, 2019 , 2018 and 2017 . GM Financial Receivables Finance receivables are carried at amortized cost, net of allowance for loan losses. GM Financial uses forecasting models to determine the collective allowance for loan losses based on factors including historical delinquency migration to loss, probability of default and loss given default. The loss confirmation period is a key assumption within the models and represents the average amount of time from when a loss event first occurs to when the receivable is charged off. GM Financial also considers an evaluation of overall portfolio credit quality based on various indicators. Retail finance receivables that become classified as troubled debt restructurings (TDRs) are separately assessed for impairment. A specific allowance is estimated based on the present value of the expected future cash flows of the receivables discounted at the original weighted average effective interest rate. Finance charge income from loans classified as TDRs is accounted for in the same manner as other accruing loans. Cash collections on these loans are allocated according to the same payment hierarchy methodology applied to loans that are not classified as TDRs. Retail finance receivables are generally charged off in the month in which the account becomes 120 days contractually delinquent if GM Financial has not yet recorded a repossession charge-off. A repossession charge-off generally represents the difference between the estimated net sales proceeds and the unpaid balance of the contract, including accrued interest. Inventories Inventories are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less cost to sell, and considers general market and economic conditions, periodic reviews of current profitability of vehicles, product warranty costs and the effect of estimated sales incentives. Net realizable value for off-lease and other vehicles is current auction sales proceeds less disposal and warranty costs. Productive material, supplies, work in process and service parts are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete. Equipment on Operating Leases Equipment on operating leases, net consists of vehicle leases to retail customers with lease terms of two to five years and vehicle sales to rental car companies that are expected to be repurchased in an average of seven months. We are exposed to changes in the residual values of these assets. The residual values represent estimates of the values of the leased vehicles at the end of the lease contracts and are determined based on forecasted auction proceeds when there is a reliable basis to make such a determination. Realization of the residual values is dependent on the future ability to market the vehicles under prevailing market conditions. The estimate of the residual value is evaluated over the life of the arrangement and adjustments may be made to the extent the expected value of the vehicle changes. Adjustments may be in the form of revisions to the depreciation rate or recognition of an impairment charge. A lease vehicle asset group is determined to be impaired if an impairment indicator exists and the expected future cash flows, which include estimated residual values, are lower than the carrying amount of the vehicle asset group. If the carrying amount is considered impaired an impairment charge is recorded for the amount by which the carrying amount exceeds fair value of the vehicle asset group. Fair value is determined primarily using the anticipated cash flows, including estimated residual values. In our automotive operations when a vehicle that is accounted for as a lease is returned the asset is reclassified from Equipment on operating leases, net to Inventories at the lower of cost or net realizable value. Upon disposition, proceeds are recorded in Automotive net sales and revenue and costs are recorded in Automotive and other cost of sales. In our automotive finance operations when a leased vehicle is returned or repossessed the asset is recorded in Other assets at the lower of amortized cost or net realizable value. Upon disposition a gain or loss is recorded in GM Financial interest, operating and other expenses for any difference between the net book value of the leased asset and the proceeds from the disposition of the asset. Equity Investments When events and circumstances warrant, equity investments accounted for under the equity method of accounting are evaluated for impairment. An impairment charge is recorded whenever a decline in value of an equity investment below its carrying amount is determined to be other-than-temporary. Impairment charges related to equity method investments are recorded in Equity income. Equity investments that are not accounted for under the equity method of accounting are measured at fair value with changes in fair value recorded in Interest income and other non-operating income, net. Property, net Property, plant and equipment, including internal use software, is recorded at cost. Major improvements that extend the useful life or add functionality are capitalized. The gross amount of assets under finance leases, prior to 2019, capital leases, is included in property, plant and equipment. Expenditures for repairs and maintenance are charged to expense as incurred. We depreciate depreciable property using the straight-line method. Leasehold improvements are amortized over the period of lease or the life of the asset, whichever is shorter. The amortization of the assets under finance leases, prior to 2019, capital leases, is included in depreciation expense. Upon retirement or disposition of property, plant and equipment, the cost and related accumulated depreciation are eliminated and any resulting gain or loss is recorded in earnings. Impairment charges related to property are recorded in Automotive and other cost of sales, Automotive and other selling, general and administrative expense or GM Financial interest, operating and other expenses. Special Tools Special tools represent product-specific propulsion and non-propulsion related tools, dies, molds and other items used in the vehicle manufacturing process. Expenditures for special tools are recorded at cost and are capitalized. We amortize special tools over their estimated useful lives using the straight-line method or an accelerated amortization method based on their historical and estimated production volume. Impairment charges related to special tools are recorded in Automotive and other cost of sales. Goodwill Goodwill is not amortized but rather tested for impairment annually on October 1 or when events occur or circumstances change that would trigger such a review. The impairment test entails an assessment of qualitative factors to determine whether it is more likely than not that an impairment exists. If it is more likely than not that an impairment exists, then a quantitative impairment test is performed. Impairment exists when the carrying amount of a reporting unit exceeds its fair value. Intangible Assets, net Intangible assets, excluding goodwill, primarily include brand names, technology and intellectual property, customer relationships and dealer networks. Intangible assets are amortized on a straight-line or an accelerated method of amortization over their estimated useful lives. An accelerated amortization method reflecting the pattern in which the asset will be consumed is utilized if that pattern can be reliably determined. We consider the period of expected cash flows and underlying data used to measure the fair value of the intangible assets when selecting a useful life. Amortization of developed technology and intellectual property is recorded in Automotive and other cost of sales. Amortization of brand names, customer relationships and our dealer networks is recorded in Automotive and other selling, general and administrative expense or GM Financial interest, operating and other expenses. Impairment charges, if any, related to intangible assets are recorded in Automotive and other selling, general and administrative expense or Automotive and other cost of sales. Valuation of Long-Lived Assets The carrying amount of long-lived assets and finite-lived intangible assets to be held and used in the business is evaluated for impairment when events and circumstances warrant. If the carrying amount of a long-lived asset group is considered impaired, a loss is recorded based on the amount by which the carrying amount exceeds fair value. Product-specific long-lived asset groups and non-product specific long-lived assets are separately tested for impairment on an asset group basis. Fair value is determined using either the market or sales comparison approach, cost approach or anticipated cash flows discounted at a rate commensurate with the risk involved. Long-lived assets to be disposed of other than by sale are considered held for use until disposition. Pension and OPEB Plans Attribution, Methods and Assumptions The cost of benefits provided by defined benefit pension plans is recorded in the period employees provide service. The cost of pension plan amendments that provide for benefits already earned by plan participants is amortized over the expected period of benefit which may be the duration of the applicable collective bargaining agreement specific to the plan, the expected future working lifetime or the life expectancy of the plan participants. The cost of medical, dental, legal service and life insurance benefits provided through postretirement benefit plans is recorded in the period employees provide service. The cost of postretirement plan amendments that provide for benefits already earned by plan participants is amortized over the expected period of benefit which may be the average period to full eligibility or the average life expectancy of the plan participants. An expected return on plan asset methodology is utilized to calculate future pension expense for certain significant funded benefit plans. A market-related value of plan assets methodology is also utilized that averages gains and losses on the plan assets over a period of years to determine future pension expense. The methodology recognizes 60% of the difference between the fair value of assets and the expected calculated value in the first year and 10% of that difference over each of the next four years . The discount rate assumption is established for each of the retirement-related benefit plans at their respective measurement dates. In the U.S. we use a cash flow matching approach that uses projected cash flows matched to spot rates along a high-quality corporate bond yield curve to determine the present value of cash flows to calculate a single equivalent discount rate. We apply individual annual yield curve rates to determine the service cost and interest cost for our pension and OPEB plans to more specifically link the cash flows related to service cost and interest cost to bonds maturing in their year of payment. The benefit obligation for pension plans in Canada, the U.K. and Germany represents 93% of the non-U.S. pension benefit obligation at December 31, 2019 . The discount rates for plans in Canada, the U.K. and Germany are determined using a cash flow matching approach like the U.S. Plan Asset Valuation Due to the lack of timely available market information for certain investments in the asset classes described below as well as the inherent uncertainty of valuation, reported fair values may differ from fair values that would have been used had timely available market information been available. Common and Preferred Stock Common and preferred stock for which market prices are readily available at the measurement date are valued at the last reported sale price or official closing price on the primary market or exchange on which they are actively traded and are classified in Level 1. Such equity securities for which the market is not considered to be active are valued via the use of observable inputs, which may include the use of adjusted market prices last available, bids or last available sales prices and/or other observable inputs and are classified in Level 2. Common and preferred stock classified in Level 3 are privately issued securities or other issues that are valued via the use of valuation models using significant unobservable inputs that generally consider aged (stale) pricing, earnings multiples, discounted cash flows and/or other qualitative and quantitative factors. Debt Securities Valuations for debt securities are based on quotations received from independent pricing services or from dealers who make markets in such securities. Debt securities priced via pricing services that utilize matrix pricing which considers readily observable inputs such as the yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices, are classified in Level 2. Debt securities that are typically priced by dealers and pricing services via the use of proprietary pricing models which incorporate significant unobservable inputs are classified in Level 3. These inputs primarily consist of yield and credit spread assumptions, discount rates, prepayment curves, default assumptions and recovery rates. Investment Funds, Private Equity and Debt Investments and Real Estate Investments Investment funds, private equity and debt investments and real estate investments are valued based on the Net Asset Value (NAV) per Share (or its equivalent) as a practical expedient to estimate fair value due to the absence of readily available market prices. NAV's are provided by the respective investment sponsors or investment advisers and are subsequently reviewed and approved by management. In the event management concludes a reported NAV does not reflect fair value or is not determined as of the financial reporting measurement date, we will consider whether and when deemed necessary to make an adjustment at the balance sheet date. In determining whether an adjustment to the external valuation is required, we will review material factors that could affect the valuation, such as changes in the composition or performance of the underlying investments or comparable investments, overall market conditions, expected sale prices for private investments which are probable of being sold in the short-term and other economic factors that may possibly have a favorable or unfavorable effect on the reported external valuation. Stock Incentive Plans Our stock incentive plans include RSUs, RSAs, PSUs, stock options and awards that may be settled in our stock, the stock of our subsidiaries or in cash. We measure and record compensation expense based on the fair value of GM or Cruise's common stock on the date of grant for RSUs, RSAs and PSUs and the grant date fair value, determined utilizing a lattice model or the Black-Scholes formula, for stock options and PSUs. RSUs granted in stock of Cruise vest upon satisfaction of both a service condition and a liquidity condition, defined as a change in control transaction or the consummation of an initial public offering. Compensation cost for awards that do not have an established accounting grant date, but for which the service inception date has been established, or are settled in cash is based on the fair value of GM or Cruise's common stock at the end of each reporting period. We record compensation cost for service-based RSUs, RSAs, PSUs and service-based stock options on a straight-line basis over the entire vesting period, or for retirement eligible employees over the requisite service period. Compensation costs for RSUs granted in stock of Cruise will be recorded when the liquidity condition described above is met. We use the graded vesting method to record compensation cost for stock options with market conditions over the lesser of the vesting period or the time period an employee becomes eligible to retain the award at retirement. Product Warranty and Recall Campaigns The estimated costs related to product warranties are accrued at the time products are sold and are charged to Automotive and other cost of sales. These estimates are established using historical information on the nature, frequency and average cost of claims of each vehicle line or each model year of the vehicle line and assumptions about future activity and events. Revisions are made when necessary and are based on changes in these factors. The estimated costs related to recall campaigns are accrued when probable and estimable, which is generally at the time of vehicle sale. In GMNA, we estimate the costs related to recall campaigns by applying a paid loss approach that considers the number of historical recall campaigns and the estimated cost for each recall campaign. The estimated costs associated with recall campaigns in other geographical regions are determined using the estimated costs of repairs and the estimated number of vehicles to be repaired. Costs associated with recall campaigns are charged to Automotive and other cost of sales. Revisions are made when necessary based on changes in these factors. Income Taxes The liability method is used in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements using the statutory tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recorded in the results of operations in the period that includes the enactment date under the law. Deferred income tax assets are evaluated quarterly to determine if valuation allowances are required or should be adjusted. We establish valuation allowances for deferred tax assets based on a more likely than not standard. The ability to realize deferred tax assets depends on the ability to generate sufficient taxable income within the carryback or carryforward periods provided for in the tax law for each applicable tax jurisdiction. The assessment regarding whether a valuation allowance is required or should be adjusted also considers all available positive and negative evidence factors. It is difficult to conclude a valuation allowance is not required when there is significant objective and verifiable negative evidence, such as cumulative losses in recent years. We utilize a rolling three years of actual and current year results as the primary measure of cumulative losses in recent years. Income tax expense (benefit) for the year is allocated between continuing operations and other categories of income such as Other comprehensive income (loss). In periods in which there is a pre-tax loss from continuing operations and pre-tax income in another income category, the tax benefit allocated to continuing operations is determined by taking into account the pre-tax income of other categories. We record Global Intangible Low Tax Income (GILTI) as a current period expense when incurred. We record uncertain tax positions on the basis of a two-step process whereby we determine whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position, and for those tax positions that meet the more likely than not criteria, we recognize the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. We record interest and penalties on uncertain tax positions in Income tax expense (benefit). Foreign Currency Transactions and Translation The assets and liabilities of foreign subsidiaries that use the local currency as their functional currency are translated to U.S. Dollars based on the current exchange rate prevailing at each balance sheet date and any resulting translation adjustments are included in Accumulated other comprehensive loss. The assets and liabilities of foreign subsidiaries whose local currency is not their functional currency are remeasured from their local currency to their functional currency and then translated to U.S. Dollars. Revenues and expenses are translated into U.S. Dollars using the average exchange rates prevailing for each period presented. The financial statements of any foreign subsidiary that has been identified as having a highly inflationary economy are remeasured as if the functional currency were the U.S. Dollar. Gains and losses arising from foreign currency transactions and the effects of remeasurements discussed in the preceding paragraph are recorded in Automotive and other cost of sales and GM Financial interest, operating and other expenses unless related to Automotive debt, which are recorded in Interest income and other non-operating income, net. Foreign currency transaction and remeasurement gains were $85 million and losses were $168 million and $52 million in the years ended December 31, 2019, 2018 and 2017. Derivative Financial Instruments Derivative financial instruments are recognized as either assets or liabilities at fair value. The accounting for changes in the fair value of each derivative financial instrument depends on whether it has been designated and qualifies as an accounting hedge, as well as the type of hedging relationship identified. Derivative instruments are not used for trading or speculative purposes. Automotive We utilize options, swaps and forward contracts to manage foreign currency and commodity price risk. The change in fair value of option and forward contracts not designated as hedges is recorded in Interest income and other non-operating income, net. Cash flows for all derivative financial instruments are classified in cash flows from operating activities. We estimate the fair value of the PSA warrants using a Black-Scholes formula. The significant inputs to the model include the PSA st |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following table disaggregates our revenue by major source for revenue generating segments : Year Ended December 31, 2019 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 101,346 $ 14,931 $ — $ 116,277 $ — $ — $ — $ 116,277 Used vehicles 1,896 123 — 2,019 — — — 2,019 Services and other 3,124 1,057 220 4,401 100 — (100 ) 4,401 Automotive net sales and revenue 106,366 16,111 220 122,697 100 — (100 ) 122,697 Leased vehicle income — — — — — 10,032 — 10,032 Finance charge income — — — — — 4,071 (7 ) 4,064 Other income — — — — — 451 (7 ) 444 GM Financial net sales and revenue — — — — — 14,554 (14 ) 14,540 Net sales and revenue $ 106,366 $ 16,111 $ 220 $ 122,697 $ 100 $ 14,554 $ (114 ) $ 137,237 Year Ended December 31, 2018 GMNA GMI Corporate Total Automotive GM Financial Eliminations Total Vehicle, parts and accessories $ 107,217 $ 17,980 $ 20 $ 125,217 $ — $ (62 ) $ 125,155 Used vehicles 3,215 175 — 3,390 — (36 ) 3,354 Services and other 3,360 993 183 4,536 — — 4,536 Automotive net sales and revenue 113,792 19,148 203 133,143 — (98 ) 133,045 Leased vehicle income — — — — 9,963 — 9,963 Finance charge income — — — — 3,629 (8 ) 3,621 Other income — — — — 424 (4 ) 420 GM Financial net sales and revenue — — — — 14,016 (12 ) 14,004 Net sales and revenue $ 113,792 $ 19,148 $ 203 $ 133,143 $ 14,016 $ (110 ) $ 147,049 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 were insignificant during the years ended December 31, 2019 and 2018. Contract liabilities in our Automotive segments primarily consist of maintenance, extended warranty and other service contracts. We recognized revenue of $1.5 billion and $1.4 billion related to contract liabilities during the years ended December 31, 2019 and 2018. We expect to recognize revenue of $1.1 billion , $487 million and $658 million in the years ending December 31, 2020, 2021 and thereafter related to contract liabilities as of December 31, 2019 |
Marketable and Other Securities
Marketable and Other Securities | 12 Months Ended |
Dec. 31, 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 and equity securities, which approximates cost: Fair Value Level December 31, 2019 December 31, 2018 Cash and cash equivalents Cash and time deposits(a) $ 6,828 $ 7,254 Available-for-sale debt securities U.S. government and agencies 2 1,484 4,656 Corporate debt 2 5,863 3,791 Sovereign debt 2 2,123 1,976 Total available-for-sale debt securities – cash equivalents 9,470 10,423 Money market funds 1 2,771 3,167 Total cash and cash equivalents(b) $ 19,069 $ 20,844 Marketable debt securities U.S. government and agencies 2 $ 226 $ 1,230 Corporate debt 2 2,932 3,478 Mortgage and asset-backed 2 681 695 Sovereign debt 2 335 563 Total available-for-sale debt securities – marketable securities(c) $ 4,174 $ 5,966 Restricted cash Cash and cash equivalents $ 292 $ 260 Money market funds 1 3,582 2,392 Total restricted cash $ 3,874 $ 2,652 Available-for-sale debt securities included above with contractual maturities(d) Due in one year or less $ 10,213 Due between one and five years 2,750 Total available-for-sale debt securities with contractual maturities $ 12,963 __________ (a) Includes $248 million and $616 million that is designated exclusively to fund capital expenditures in GM Korea at December 31, 2019 and 2018. Refer to Note 20 for additional information. (b) Includes $2.3 billion in Cruise at December 31, 2019 and 2018. Refer to Note 20 for additional information. (c) Includes $266 million in Cruise at December 31, 2019. (d) Excludes mortgage- and asset-backed securities of $681 million at December 31, 2019 as these securities are not due at a single maturity date. Proceeds from the sale of available-for-sale debt investments sold prior to maturity were $4.5 billion , $4.3 billion and $5.6 billion in the years ended December 31, 2019 , 2018 and 2017 . Net unrealized gains and losses on available-for-sale debt securities were insignificant in the years ended December 31, 2019 , 2018 and 2017 . Cumulative unrealized gains and losses on available-for-sale debt securities were insignificant at December 31, 2019 and 2018 . Our remaining investment in Lyft was measured at fair value at December 31, 2019 using Lyft’s quoted market price, a Level 1 input. Prior to Lyft's initial public offering, our investment in Lyft was measured at fair value using Level 3 inputs at December 31, 2018. The fair value of this investment was $535 million included in Other current assets and $884 million included in Other assets at December 31, 2019 and 2018 . We recorded an insignificant unrealized loss and an unrealized gain of $142 million in Interest income and other non-operating income, net in the years ended December 31, 2019 and 2018 . The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows: December 31, 2019 December 31, 2018 Cash and cash equivalents $ 19,069 $ 20,844 Restricted cash included in Other current assets 3,352 2,083 Restricted cash included in Other assets 522 569 Total $ 22,943 $ 23,496 |
GM Financial Receivables and Tr
GM Financial Receivables and Transactions | 12 Months Ended |
Dec. 31, 2019 | |
GM Financial | |
Finance Receivables [Line Items] | |
GM Financial Receivables and Transactions | GM Financial Receivables and Transactions December 31, 2019 December 31, 2018 Retail Commercial(a) Total Retail Commercial(a) Total Finance receivables, collectively evaluated for impairment, net of fees $ 39,851 $ 11,595 $ 51,446 $ 38,220 $ 12,235 $ 50,455 Finance receivables, individually evaluated for impairment, net of fees(b) 2,378 76 2,454 2,348 41 2,389 GM Financial receivables 42,229 11,671 53,900 40,568 12,276 52,844 Less: allowance for loan losses (866 ) (78 ) (944 ) (844 ) (67 ) (911 ) GM Financial receivables, net $ 41,363 $ 11,593 $ 52,956 $ 39,724 $ 12,209 $ 51,933 Fair value of GM Financial receivables utilizing Level 2 inputs $ 11,593 $ 12,209 Fair value of GM Financial receivables utilizing Level 3 inputs $ 41,973 $ 39,430 __________ (a) Net of dealer cash management balances of $1.2 billion and $922 million at December 31, 2019 and 2018. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on their floorplan line by making principal payments to GM Financial in advance. (b) The allowance for loan losses included $330 million and $321 million of specific allowances on retail receivables at December 31, 2019 and 2018. Years Ended December 31, 2019 2018 2017 Allowance for loan losses at beginning of period $ 911 $ 942 $ 805 Provision for loan losses 726 642 757 Charge-offs (1,246 ) (1,199 ) (1,173 ) Recoveries 551 536 552 Effect of foreign currency 2 (10 ) 1 Allowance for loan losses at end of period $ 944 $ 911 $ 942 The allowance for loan losses on retail and commercial finance receivables included a collective allowance of $596 million , $586 million and $611 million and a specific allowance of $348 million , $325 million and $331 million at December 31, 2019 , 2018 and 2017 . Refer to Note 2 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 December 31, 2019 and 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. We purchase retail finance contracts from automobile dealers without recourse, and accordingly, the dealer has no liability to GM Financial if the consumer defaults on the contract. Finance receivables are collateralized by vehicle titles and GM Financial has the right to repossess the vehicle in the event the consumer defaults on the payment terms of the contract. 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 $875 million and $888 million at December 31, 2019 and 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: December 31, 2019 December 31, 2018 Amount Percent of Contractual Amount Due Amount Percent of Contractual Amount Due 31-to-60 days delinquent $ 1,354 3.2 % $ 1,349 3.3 % Greater-than-60 days delinquent 542 1.3 % 547 1.4 % Total finance receivables more than 30 days delinquent 1,896 4.5 % 1,896 4.7 % In repossession 44 0.1 % 44 0.1 % Total finance receivables more than 30 days delinquent or in repossession $ 1,940 4.6 % $ 1,940 4.8 % 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 nonaccrual status were insignificant at December 31, 2019 and 2018 . The following table summarizes the credit risk profile by dealer risk rating of the commercial finance receivables: December 31, 2019 December 31, 2018 Group I – Dealers with superior financial metrics $ 1,942 $ 2,192 Group II – Dealers with strong financial metrics 4,552 4,399 Group III – Dealers with fair financial metrics 3,711 4,064 Group IV – Dealers with weak financial metrics 968 1,116 Group V – Dealers warranting special mention due to elevated risks 370 422 Group VI – Dealers with loans classified as substandard, doubtful or impaired 128 83 $ 11,671 $ 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 consolidated balance sheets and statements of income. All balance sheet amounts in the table below are eliminated. December 31, 2019 December 31, 2018 Consolidated Balance Sheets(a) Commercial finance receivables, net due from GM consolidated dealers $ 478 $ 445 Direct-financing lease receivables from GM subsidiaries $ 39 $ 134 Subvention receivable(b) $ 676 $ 727 Commercial loan funding payable $ 74 $ 61 Years Ended December 31, 2019 2018 2017 Consolidated Statements of Income Interest subvention earned on finance receivables $ 588 $ 554 $ 492 Leased vehicle subvention earned $ 3,273 $ 3,274 $ 3,046 __________ (a) All balance sheet amounts are eliminated upon consolidation. (b) Our Automotive segments made cash payments to GM Financial for subvention of $4.1 billion , $3.8 billion , and $4.3 billion in the years ended December 31, 2019 , 2018 and 2017. GM Financial's Board of Directors declared and paid dividends of $400 million and $375 million on its common stock in October 2019 and 2018. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories December 31, 2019 December 31, 2018 Total productive material, supplies and work in process $ 4,713 $ 4,274 Finished product, including service parts 5,685 5,542 Total inventories $ 10,398 $ 9,816 |
Equipment on Operating Leases
Equipment on Operating Leases | 12 Months Ended |
Dec. 31, 2019 | |
Vehicles | |
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. December 31, 2019 December 31, 2018 Equipment on operating leases $ 53,081 $ 55,282 Less: accumulated depreciation (10,989 ) (11,476 ) Equipment on operating leases, net $ 42,092 $ 43,806 At December 31, 2019 , the estimated residual value of our leased assets at the end of the lease term was $30.4 billion . Depreciation expense related to Equipment on operating leases, net was $7.3 billion , $7.5 billion and $6.7 billion in the years ended December 31, 2019 , 2018 and 2017 . The following table summarizes lease payments due to GM Financial on leases to retail customers: Years Ending December 31, 2020 2021 2022 2023 2024 Total Lease receipts under operating leases $ 6,517 $ 4,080 $ 1,607 $ 137 $ 4 $ 12,345 |
Equity In Net Assets Of Noncons
Equity In Net Assets Of Nonconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity in Net Assets of Nonconsolidated Affiliates | Equity in Net Assets of Nonconsolidated Affiliates Nonconsolidated affiliates are entities in which we maintain an equity ownership interest and for which we use the equity method of accounting due to our ability to exert significant influence over decisions relating to their operating and financial affairs. Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as Equity income. Years Ended December 31, 2019 2018 2017 Automotive China equity income $ 1,132 $ 1,981 $ 1,976 Other joint ventures equity income 136 182 156 Total Equity income $ 1,268 $ 2,163 $ 2,132 Investments in Nonconsolidated Affiliates December 31, 2019 December 31, 2018 Automotive China carrying amount $ 7,044 $ 7,779 Other investments carrying amount 1,518 1,436 Total equity in net assets of nonconsolidated affiliates $ 8,562 $ 9,215 The carrying amount of our investments in certain joint ventures exceeded our share of the underlying net assets by $4.2 billion and $4.4 billion at December 31, 2019 and 2018 primarily due to goodwill from the application of fresh-start reporting and the purchase of additional interests in nonconsolidated affiliates. The following table summarizes our direct ownership interests in our China JVs: December 31, 2019 December 31, 2018 Automotive China JVs SAIC General Motors Corp., Ltd. (SGM) 50 % 50 % Pan Asia Technical Automotive Center Co., Ltd. 50 % 50 % SAIC General Motors Sales Co., Ltd. 49 % 49 % SAIC GM Wuling Automobile Co., Ltd. (SGMW) 44 % 44 % Shanghai OnStar Telematics Co., Ltd. (Shanghai OnStar) 40 % 40 % SAIC GM (Shenyang) Norsom Motors Co., Ltd. (SGM Norsom) 25 % 25 % SAIC GM Dong Yue Motors Co., Ltd. (SGM DY) 25 % 25 % SAIC GM Dong Yue Powertrain Co., Ltd. (SGM DYPT) 25 % 25 % FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM)(a) — % 50 % Other joint ventures SAIC-GMAC Automotive Finance Company Limited (SAIC-GMAC) 35 % 35 % SAIC-GMF Leasing Co., Ltd. 35 % 35 % ________ (a) In 2019, we divested our joint venture FAW-GM. SGM is a joint venture we established with Shanghai Automotive Industry Corporation (SAIC) ( 50% ). SGM has interests in three other joint ventures in China: SGM Norsom, SGM DY and SGM DYPT. These three joint ventures are jointly held by SGM ( 50% ), SAIC ( 25% ) and ourselves. These four joint ventures are engaged in the production, import and sale of a range of products under the Buick, Chevrolet and Cadillac brands. SGM also has interests in Shanghai OnStar ( 20% ), SAIC-GMAC ( 20% ) and SAIC-GMF Leasing Co., Ltd. ( 20% ). Shanghai Automotive Group Finance Company Ltd., a subsidiary of SAIC, owns 45% of SAIC-GMAC. SAIC Financial Holdings Company, a subsidiary of SAIC, owns 45% of SAIC-GMF Leasing Co., Ltd. Summarized Financial Data of Nonconsolidated Affiliates December 31, 2019 December 31, 2018 Automotive China JVs Others Total Automotive China JVs Others Total Summarized Balance Sheet Data Current assets $ 14,035 $ 13,319 $ 27,354 $ 16,506 $ 16,234 $ 32,740 Non-current assets 14,484 6,680 21,164 14,012 3,870 17,882 Total assets $ 28,519 $ 19,999 $ 48,518 $ 30,518 $ 20,104 $ 50,622 Current liabilities $ 21,256 $ 11,588 $ 32,844 $ 21,574 $ 13,985 $ 35,559 Non-current liabilities 968 5,017 5,985 1,689 2,826 4,515 Total liabilities $ 22,224 $ 16,605 $ 38,829 $ 23,263 $ 16,811 $ 40,074 Noncontrolling interests $ 847 $ 1 $ 848 $ 865 $ 1 $ 866 Years Ended December 31, 2019 2018 2017 Summarized Operating Data Automotive China JVs' net sales $ 39,123 $ 50,316 $ 50,065 Others' net sales 1,815 1,721 2,542 Total net sales $ 40,938 $ 52,037 $ 52,607 Automotive China JVs' net income $ 2,258 $ 3,992 $ 3,984 Others' net income 477 536 648 Total net income $ 2,735 $ 4,528 $ 4,632 Transactions with Nonconsolidated Affiliates Our nonconsolidated affiliates are involved in various aspects of the development, production and marketing of trucks, crossovers, cars and automobile parts. We enter into transactions with certain nonconsolidated affiliates to purchase and sell component parts and vehicles. The following tables summarize transactions with and balances related to our nonconsolidated affiliates: Years Ended December 31, 2019 2018 2017 Automotive sales and revenue $ 199 $ 406 $ 923 Automotive purchases, net $ 1,065 $ 1,155 $ 674 Dividends received $ 1,852 $ 2,022 $ 2,000 Operating cash flows $ 913 $ 657 $ 2,321 December 31, 2019 December 31, 2018 Accounts and notes receivable, net $ 1,007 $ 979 Accounts payable $ 369 $ 163 Undistributed earnings $ 2,118 $ 2,331 |
Property
Property | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment, Net [Abstract] | |
Property | Property Estimated Useful Lives in Years December 31, 2019 December 31, 2018 Land $ 1,302 $ 1,349 Buildings and improvements 5-40 9,705 9,173 Machinery and equipment 3-27 29,814 26,453 Special tools 1-13 23,586 23,828 Construction in progress 3,042 4,680 Total property 67,449 65,483 Less: accumulated depreciation (28,699 ) (26,725 ) Total property, net $ 38,750 $ 38,758 The amount of capitalized software included in Property, net was $1.3 billion and $1.1 billion at December 31, 2019 and 2018 . The amount of interest capitalized and excluded from Automotive interest expense related to Property, net was insignificant in the years ended December 31, 2019 , 2018 and 2017 . Years Ended December 31, 2019 2018 2017 Depreciation and amortization expense $ 6,541 $ 5,347 $ 4,966 Impairment charges $ 7 $ 466 $ 199 Capitalized software amortization expense(a) $ 452 $ 424 $ 459 __________ (a) Included in depreciation and amortization expense. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill of $1.9 billion consisted of $1.4 billion recorded in GM Financial and $504 million included in Cruise at December 31, 2019 and 2018 . December 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Technology and intellectual property $ 734 $ 533 $ 201 $ 734 $ 457 $ 277 Brands 4,298 1,285 3,013 4,299 1,165 3,134 Dealer network, customer relationships and other 966 702 264 968 661 307 Total intangible assets $ 5,998 $ 2,520 $ 3,478 $ 6,001 $ 2,283 $ 3,718 Our amortization expense related to intangible assets was $202 million , $247 million , and $278 million in the years ended December 31, 2019 , 2018 and 2017 . Amortization expense related to intangible assets is estimated to be approximately $160 million in each of the next five years. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 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 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: December 31, 2019 December 31, 2018 Restricted cash – current $ 2,202 $ 1,876 Restricted cash – non-current $ 441 $ 504 GM Financial receivables, net of fees – current $ 19,081 $ 18,304 GM Financial receivables, net of fees – non-current $ 15,921 $ 14,008 GM Financial equipment on operating leases, net $ 14,464 $ 21,781 GM Financial short-term debt and current portion of long-term debt $ 23,952 $ 21,087 GM Financial long-term debt $ 15,819 $ 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. |
Accrued and Other Liabilities
Accrued and Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued and Other Liabilities | Accrued and Other Liabilities December 31, 2019 December 31, 2018 Accrued liabilities Dealer and customer allowances, claims and discounts $ 10,402 $ 11,611 Deferred revenue 3,234 3,504 Product warranty and related liabilities 2,987 2,788 Payrolls and employee benefits excluding postemployment benefits 1,969 2,233 Other 7,895 7,913 Total accrued liabilities $ 26,487 $ 28,049 Other liabilities Deferred revenue $ 2,962 $ 2,959 Product warranty and related liabilities 4,811 4,802 Operating lease liabilities 1,010 — Employee benefits excluding postemployment benefits 704 658 Postemployment benefits including facility idling reserves 633 875 Other 3,026 3,063 Total other liabilities $ 13,146 $ 12,357 Years Ended December 31, 2019 2018 2017 Product Warranty and Related Liabilities Warranty balance at beginning of period $ 7,590 $ 8,332 $ 9,069 Warranties issued and assumed in period – recall campaigns 745 665 678 Warranties issued and assumed in period – product warranty 2,001 2,143 2,123 Payments (3,012 ) (2,903 ) (3,129 ) Adjustments to pre-existing warranties 455 (464 ) (495 ) Effect of foreign currency and other 19 (183 ) 86 Warranty balance at end of period $ 7,798 $ 7,590 $ 8,332 We estimate our reasonably possible loss in excess of amounts accrued for recall campaigns to be insignificant at December 31, 2019. Refer to Note 16 for reasonably possible losses on Takata matters. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Automotive The following table presents debt in our automotive operations: December 31, 2019 December 31, 2018 Secured debt $ 167 $ 143 Unsecured debt 13,909 13,292 Finance lease liabilities 310 528 Total automotive debt(a) $ 14,386 $ 13,963 Fair value utilizing Level 1 inputs $ 13,628 $ 11,693 Fair value utilizing Level 2 inputs 2,300 1,838 Fair value of automotive debt $ 15,928 $ 13,531 Available under credit facility agreements $ 17,285 $ 14,167 Weighted-average interest rate on outstanding short-term debt(b) 4.9 % 6.6 % Weighted-average interest rate on outstanding long-term debt(b) 5.4 % 5.2 % __________ (a) Includes net discount and debt issuance costs of $540 million and $499 million at December 31, 2019 and 2018 . (b) Includes coupon rates on debt denominated in various foreign currencies and interest free loans. Finance lease assets in Property, net were $327 million at December 31, 2019 . Finance lease costs were $170 million in the year ended December 31, 2019 . Finance lease right of use assets obtained in exchange for lease obligations were $196 million in the year ended December 31, 2019. Undiscounted future lease obligations related to finance leases are $129 million for the year 2020, $156 million in aggregate for the years 2021 to 2024 and $354 million thereafter, with imputed interest of $329 million at December 31, 2019 . The weighted-average discount rate on finance leases was 10.9% and the weighted-average remaining lease term was 13.7 years at December 31, 2019 . Payments for finance leases included in Net cash provided by (used in) financing activities were $183 million at December 31, 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 provides additional financial flexibility and was used in 2019 to fund transformation activities announced in November 2018 for $700 million , which we repaid in full in 2019. 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: December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 39,959 $ 40,160 $ 42,835 $ 42,835 Unsecured debt 48,979 50,239 48,153 47,556 Total GM Financial debt $ 88,938 $ 90,399 $ 90,988 $ 90,391 Fair value utilizing Level 2 inputs $ 88,481 $ 88,305 Fair value utilizing Level 3 inputs $ 1,918 $ 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 Securitized Assets. Refer to Note 11 for additional information on GM Financial's involvement with VIEs. GM Financial is required to hold certain funds in restricted cash accounts to provide additional collateral for borrowings under certain secured credit facilities. The weighted-average interest rate on secured debt was 2.95% at December 31, 2019 . The revolving credit facilities have maturity dates ranging from 2020 to 2025 and securitization notes payable have maturity dates ranging from 2020 to 2027 . At the end of the revolving period, if not renewed, the debt of revolving credit facilities will amortize over a defined period. In the year ended December 31, 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 $16.2 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 2.75% and maturity dates ranging from 2022 to 2027 . Unsecured debt consists of senior notes, credit facilities and other unsecured debt. Senior notes outstanding at December 31, 2019 are due beginning in 2020 through 2029 and have a weighted-average interest rate of 3.42% . In the year ended December 31, 2019 GM Financial issued $6.9 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 3.63% and maturity dates ranging from 2021 to 2029 . In January 2020 GM Financial issued $1.25 billion in senior notes with an interest rate of 2.90% due in 2025. 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. Unsecured credit facilities and other unsecured debt have original maturities of up to four years . The weighted-average interest rate on these credit facilities and other unsecured debt was 4.73% at December 31, 2019 . Years Ended December 31, 2019 2018 2017 Automotive interest expense $ 782 $ 655 $ 575 Automotive Financing - GM Financial interest expense 3,641 3,225 2,566 Total interest expense $ 4,423 $ 3,880 $ 3,141 The following table summarizes contractual maturities including finance leases at December 31, 2019 : Automotive Automotive Financing(a) Total 2020 $ 1,912 $ 35,587 $ 37,499 2021 535 20,690 21,225 2022 70 11,763 11,833 2023 1,546 7,038 8,584 2024 48 5,795 5,843 Thereafter 10,807 8,160 18,967 $ 14,918 $ 89,033 $ 103,951 ________ (a) Secured debt, credit facilities and other unsecured debt are based on expected payoff date. Senior notes principal amounts are based on maturity. Compliance with Debt Covenants Several of our loan facilities, including our revolving credit facilities, require compliance with certain financial and operational covenants as well as regular reporting to lenders, including providing certain subsidiary financial statements. Certain of GM Financial’s secured debt agreements also contain various covenants, including maintaining portfolio performance ratios as well as limits on deferment levels. GM Financial’s unsecured debt obligations contain covenants including limitations on GM Financial's ability to incur certain liens. Failure to meet certain of these requirements may result in a covenant violation or an event of default depending on the terms of the agreement. An event of default may allow lenders to declare amounts outstanding under these agreements immediately due and payable, to enforce their interests against collateral pledged under these agreements or restrict our ability or GM Financial's ability to obtain additional borrowings. No technical defaults or covenant violations existed at December 31, 2019 . |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 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 December 31, 2019 December 31, 2018 Derivatives not designated as hedges(a) Foreign currency 2 $ 5,075 $ 2,710 Commodity 2 806 658 PSA Warrants(b) 2 45 45 Total derivative financial instruments $ 5,926 $ 3,413 __________ (a) The fair value of these derivative instruments at December 31, 2019 and 2018 and the gains/losses included in our consolidated income statements for the years ended December 31, 2019 , 2018 and 2017 were insignificant, unless otherwise noted. (b) The fair value of the PSA warrants located in Other assets was $964 million and $827 million at December 31, 2019 and 2018 . We recorded gains in Interest income and other non-operating income, net of $154 million and $116 million for the years ended December 31, 2019 and 2018 , and an insignificant amount for the year ended December 31, 2017 . GM Financial The following table presents the notional amounts of GM Financial's derivative financial instruments: Fair Value Level December 31, 2019 December 31, 2018 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Derivatives designated as hedges(a) Fair value hedges Interest rate swaps(b) 2 $ 9,458 $ 234 $ 23 $ 9,533 $ 42 $ 231 Foreign currency swaps 2 1,796 22 71 1,829 37 60 Cash flow hedges Interest rate swaps 2 590 — 6 768 8 — Foreign currency swaps 2 4,429 40 119 2,075 43 58 Derivatives not designated as hedges(a) Interest rate contracts 2 92,400 340 300 99,666 372 520 Total derivative financial instruments(c) $ 108,673 $ 636 $ 519 $ 113,871 $ 502 $ 869 __________ (a) The gains/losses included in our consolidated income statements and statements of comprehensive income for the years ended December 31, 2019 , 2018 and 2017 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 gains included in GM Financial interest, operating, and other expenses were $355 million and an insignificant amount for the years ended December 31, 2019 and 2018. (c) GM Financial held $210 million and an insignificant amount of collateral from counterparties available for netting against GM Financial's asset positions, and posted an insignificant amount and $451 million of collateral to counterparties available for netting against GM Financial's liability positions at December 31, 2019 and 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 consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships: December 31, 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(b) $ 20,397 $ (77 ) $ 17,923 $ 459 __________ (a) Includes an insignificant amount and $247 million of amortization remaining on hedged items for which hedge accounting has been discontinued at December 31, 2019 and 2018 . (b) The gains/losses for hedged items – interest rate swaps included in GM Financial interest, operating, and other expenses were a loss of $569 million and an insignificant amount for the years ended December 31, 2019 and 2018. |
Pensions And Other Postretireme
Pensions And Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits Employee Pension and Other Postretirement Benefit Plans Defined Benefit Pension Plans Defined benefit pension plans covering eligible U.S. hourly employees (hired prior to October 2007) and Canadian hourly employees (hired prior to October 2016) generally provide benefits of negotiated, stated amounts for each year of service and supplemental benefits for employees who retire with 30 years of service before normal retirement age. The benefits provided by the defined benefit pension plans covering eligible U.S. (hired prior to January 1, 2001) and Canadian salaried employees and employees in certain other non-U.S. locations are generally based on years of service and compensation history. Accrual of defined pension benefits ceased in 2012 for U.S. and Canadian salaried employees. There is also an unfunded nonqualified pension plan primarily covering U.S. executives for service prior to January 1, 2007 and it is based on an “excess plan” for service after that date. The funding policy for qualified defined benefit pension plans is to contribute annually not less than the minimum required by applicable laws and regulations or to directly pay benefit payments where appropriate. In the year ended December 31, 2019 all legal funding requirements were met. The following table summarizes contributions made to the defined benefit pension plans: Years Ended December 31, 2019 2018 2017 U.S. hourly and salaried $ 83 $ 76 $ 77 Non-U.S. 532 1,624 1,153 Total $ 615 $ 1,700 $ 1,230 We expect to contribute approximately $70 million to our U.S. non-qualified plans and approximately $500 million to our non-U.S. pension plans in 2020 . Based on our current assumptions, over the next five years we expect no significant mandatory contributions to our U.S. qualified pension plans and mandatory contributions totaling $368 million to our U.K. and Canada pension plans. Other Postretirement Benefit Plans Certain hourly and salaried defined benefit plans provide postretirement medical, dental, legal service and life insurance to eligible U.S. and Canadian retirees and their eligible dependents. Certain other non-U.S. subsidiaries have postretirement benefit plans, although most non-U.S. employees are covered by government sponsored or administered programs. We made contributions to the U.S. OPEB plans of $326 million , $325 million and $323 million in the years ended December 31, 2019 , 2018 and 2017 . Plan participants' contributions were insignificant in the years ended December 31, 2019 , 2018 and 2017 . Defined Contribution Plans We have defined contribution plans for eligible U.S. salaried and hourly employees that provide discretionary matching contributions. Contributions are also made to certain non-U.S. defined contribution plans. We made contributions to our defined contribution plans of $537 million , $617 million and $650 million in the years ended December 31, 2019 , 2018 and 2017 . Significant Plan Amendments, Benefit Modifications and Related Events Other Remeasurements The SOA issued mortality improvement tables in the three months ended December 31, 2019 . We determined our current mortality improvement assumptions are appropriate to measure our December 31, 2019 U.S. pension and OPEB plans obligations. In 2018 we reviewed our mortality experience and updated our base mortality assumptions in the U.S. This change in assumption decreased the December 31, 2018 U.S. pension and OPEB plans' obligations by $264 million . Pension and OPEB Obligations and Plan Assets Year Ended December 31, 2019 Year Ended December 31, 2018 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligations Beginning benefit obligation $ 61,190 $ 19,904 $ 5,744 $ 68,450 $ 22,789 $ 6,374 Service cost 179 120 17 209 149 20 Interest cost 2,264 456 220 2,050 464 195 Actuarial (gains) losses 6,444 1,653 641 (4,449 ) (272 ) (389 ) Benefits paid (4,753 ) (1,234 ) (395 ) (4,898 ) (1,595 ) (388 ) Foreign currency translation adjustments — 561 54 — (1,452 ) (106 ) Curtailments, settlements and other (640 ) (62 ) 23 (172 ) (179 ) 38 Ending benefit obligation 64,684 21,398 6,304 61,190 19,904 5,744 Change in plan assets Beginning fair value of plan assets 56,102 13,528 — 62,639 14,495 — Actual return on plan assets 8,454 1,669 — (1,419 ) 301 — Employer contributions 83 532 370 76 1,624 369 Benefits paid (4,753 ) (1,234 ) (395 ) (4,898 ) (1,595 ) (388 ) Foreign currency translation adjustments — 668 — — (1,106 ) — Settlements and other (647 ) (202 ) 25 (296 ) (191 ) 19 Ending fair value of plan assets 59,239 14,961 — 56,102 13,528 — Ending funded status $ (5,445 ) $ (6,437 ) $ (6,304 ) $ (5,088 ) $ (6,376 ) $ (5,744 ) Amounts recorded in the consolidated balance sheets Non-current assets $ — $ 698 $ — $ — $ 496 $ — Current liabilities (68 ) (342 ) (369 ) (73 ) (349 ) (374 ) Non-current liabilities (5,377 ) (6,793 ) (5,935 ) (5,015 ) (6,523 ) (5,370 ) Net amount recorded $ (5,445 ) $ (6,437 ) $ (6,304 ) $ (5,088 ) $ (6,376 ) $ (5,744 ) Amounts recorded in Accumulated other comprehensive loss Net actuarial loss $ (1,980 ) $ (4,688 ) $ (1,364 ) $ (752 ) $ (3,983 ) $ (752 ) Net prior service (cost) credit 14 (78 ) 27 19 (64 ) 34 Total recorded in Accumulated other comprehensive loss $ (1,966 ) $ (4,766 ) $ (1,337 ) $ (733 ) $ (4,047 ) $ (718 ) The following table summarizes the total accumulated benefit obligations (ABO), the ABO and fair value of plan assets for defined benefit pension plans with ABO in excess of plan assets, and the PBO and fair value of plan assets for defined benefit pension plans with PBO in excess of plan assets: December 31, 2019 December 31, 2018 U.S. Non-U.S. U.S. Non-U.S. ABO $ 64,669 $ 21,319 $ 61,177 $ 19,822 Plans with ABO in excess of plan assets ABO $ 64,669 $ 10,996 $ 61,177 $ 10,289 Fair value of plan assets $ 59,239 $ 3,940 $ 56,102 $ 3,485 Plans with PBO in excess of plan assets PBO $ 64,684 $ 11,079 $ 61,190 $ 10,356 Fair value of plan assets $ 59,239 $ 3,940 $ 56,102 $ 3,485 The following table summarizes the components of net periodic pension and OPEB expense along with the assumptions used to determine benefit obligations: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Components of expense Service cost $ 393 $ 132 $ 17 $ 330 $ 163 $ 20 $ 315 $ 199 $ 19 Interest cost 2,264 456 220 2,050 464 195 2,145 473 202 Expected return on plan assets (3,483 ) (786 ) — (3,890 ) (825 ) — (3,677 ) (750 ) — Amortization of net actuarial (gains) losses 11 122 30 10 144 54 (6 ) 157 23 Curtailments, settlements and other 21 142 (23 ) (19 ) 43 (19 ) (37 ) 8 (5 ) Net periodic pension and OPEB (income) expense $ (794 ) $ 66 $ 244 $ (1,519 ) $ (11 ) $ 250 $ (1,260 ) $ 87 $ 239 Weighted-average assumptions used to determine benefit obligations(a) Discount rate 3.20 % 2.16 % 3.24 % 4.22 % 2.86 % 4.19 % 3.53 % 2.66 % 3.52 % Weighted-average assumptions used to determine net expense(a) Discount rate 3.92 % 3.36 % 4.07 % 3.19 % 2.99 % 3.29 % 3.35 % 2.94 % 3.39 % Expected rate of return on plan assets 6.37 % 5.76 % N/A 6.61 % 6.09 % N/A 6.23 % 5.82 % N/A _________ (a) The rate of compensation increase does not have a significant effect on our U.S. pension and OPEB plans. The non-service cost components of the net periodic pension and OPEB income are presented in Interest income and other non-operating income, net. Refer to Note 19 for additional information. U.S. pension plan service cost includes administrative expenses and Pension Benefit Guarantee Corporation premiums of $214 million and $121 million for the years ended December 31, 2019 and 2018 . Weighted-average assumptions used to determine net expense are determined at the beginning of the period and updated for remeasurements. Non-U.S. pension plan administrative expenses included in service cost were insignificant in the years ended December 31, 2019 and 2018 . Estimated amounts to be amortized from Accumulated other comprehensive loss into net periodic benefit cost in the year ending December 31, 2020 based on December 31, 2019 plan measurements are $258 million , primarily consisting of amortization of the net actuarial loss in the non-U.S. pension plans. Assumptions Investment Strategies and Long-Term Rate of Return Detailed periodic studies are conducted by our internal asset management group as well as outside actuaries and are used to determine the long-term strategic mix among asset classes, risk mitigation strategies and the expected long-term return on asset assumptions for the U.S. pension plans. The U.S. study includes a review of alternative asset allocation and risk mitigation strategies, anticipated future long-term performance and risk of the individual asset classes that comprise the plans' asset mix. Similar studies are performed for the significant non-U.S. pension plans with the assistance of outside actuaries and asset managers. While the studies incorporate data from recent plan performance and historical returns, the expected rate of return on plan assets represents our estimate of long-term prospective rates of return. We continue to pursue various options to fund and de-risk our pension plans, including continued changes to the pension asset portfolio mix to reduce funded status volatility. The strategic asset mix and risk mitigation strategies for the plans are tailored specifically for each plan. Individual plans have distinct liabilities, liquidity needs and regulatory requirements. Consequently there are different investment policies set by individual plan fiduciaries. Although investment policies and risk mitigation strategies may differ among plans, each investment strategy is considered to be appropriate in the context of the specific factors affecting each plan. In setting new strategic asset mixes, consideration is given to the likelihood that the selected asset mixes will effectively fund the projected pension plan liabilities, while aligning with the risk tolerance of the plans' fiduciaries. The strategic asset mixes for U.S. defined benefit pension plans are increasingly designed to satisfy the competing objectives of improving funded positions (market value of assets equal to or greater than the present value of the liabilities) and mitigating the possibility of a deterioration in funded status. Derivatives may be used to provide cost effective solutions for rebalancing investment portfolios, increasing or decreasing exposure to various asset classes and for mitigating risks, primarily interest rate, equity and currency risks. Equity and fixed income managers are permitted to utilize derivatives as efficient substitutes for traditional securities. Interest rate derivatives may be used to adjust portfolio duration to align with a plan's targeted investment policy and equity derivatives may be used to protect equity positions from downside market losses. Alternative investment managers are permitted to employ leverage, including through the use of derivatives, which may alter economic exposure. In December 2019 , an investment policy study was completed for the U.S. pension plans. As a result of changes to our capital market assumptions, the weighted-average long-term rate of return on assets decreased from 6.4% at December 31, 2018 to 5.9% at December 31, 2019 . The expected long-term rate of return on plan assets used in determining pension expense for non-U.S. plans is determined in a similar manner to the U.S. plans. Target Allocation Percentages The following table summarizes the target allocations by asset category for U.S. and non-U.S. defined benefit pension plans: December 31, 2019 December 31, 2018 U.S. Non-U.S. U.S. Non-U.S. Equity 12 % 14 % 12 % 14 % Debt 64 % 67 % 64 % 66 % Other(a) 24 % 19 % 24 % 20 % Total 100 % 100 % 100 % 100 % __________ (a) Primarily includes private equity, real estate and absolute return strategies which mainly consist of hedge funds. Assets and Fair Value Measurements The following tables summarize the fair value of U.S. and non-U.S. defined benefit pension plan assets by asset class: December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total U.S. Pension Plan Assets Common and preferred stocks $ 6,232 $ 19 $ 1 $ 6,252 $ 4,914 $ 18 $ 2 $ 4,934 Government and agency debt securities(a) — 13,843 — 13,843 — 12,077 — 12,077 Corporate and other debt securities — 24,809 — 24,809 — 24,645 — 24,645 Other investments, net(b) (47 ) 25 401 379 350 80 371 801 Net plan assets subject to leveling $ 6,185 $ 38,696 $ 402 45,283 $ 5,264 $ 36,820 $ 373 42,457 Plan assets measured at net asset value Investment funds 7,031 6,465 Private equity and debt investments 2,951 3,021 Real estate investments 3,484 3,504 Total plan assets measured at net asset value 13,466 12,990 Other plan assets, net(c) 490 655 Net plan assets $ 59,239 $ 56,102 December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Non-U.S. Pension Plan Assets Common and preferred stocks $ 489 $ 1 $ — $ 490 $ 441 $ 1 $ 5 $ 447 Government and agency debt securities(a) — 3,927 — 3,927 — 3,640 — 3,640 Corporate and other debt securities — 3,230 — 3,230 — 2,589 1 2,590 Other investments, net(b)(d) (5 ) (107 ) 248 136 59 128 242 429 Net plan assets subject to leveling $ 484 $ 7,051 $ 248 7,783 $ 500 $ 6,358 $ 248 7,106 Plan assets measured at net asset value Investment funds 5,608 5,081 Private equity and debt investments 511 526 Real estate investments 982 980 Total plan assets measured at net asset value 7,101 6,587 Other plan assets (liabilities), net(c) 77 (165 ) Net plan assets $ 14,961 $ 13,528 __________ (a) Includes U.S. and sovereign government and agency issues. (b) Includes net derivative assets (liabilities). (c) Cash held by the plans, net of amounts receivable/payable for unsettled security transactions and payables for investment manager fees, custody fees and other expenses. (d) Level 2 Other investments, net includes Canadian reverse repurchase agreements. The activity attributable to U.S. and non-U.S. Level 3 defined benefit pension plan investments was insignificant in the years ended December 31, 2019 and 2018 . Investment Fund Strategies Investment funds include hedge funds, funds of hedge funds, equity funds and fixed income funds. Hedge funds and funds of hedge funds managers typically seek to achieve their objectives by allocating capital across a broad array of funds and/or investment managers. Equity funds invest in U.S. common and preferred stocks as well as similar equity securities issued by companies incorporated, listed or domiciled in developed and/or emerging market countries. Fixed income funds include investments in high quality funds and, to a lesser extent, high yield funds. High quality fixed income funds invest in government securities, investment-grade corporate bonds and mortgage and asset-backed securities. High yield fixed income funds invest in high yield fixed income securities issued by corporations which are rated below investment grade. Other investment funds also included in this category primarily represent multi-strategy funds that invest in broadly diversified portfolios of equity, fixed income and derivative instruments. Private equity and debt investments primarily consist of investments in private equity and debt funds. These investments provide exposure to and benefit from long-term equity investments in private companies, including leveraged buy-outs, venture capital and distressed debt strategies. Real estate investments include funds that invest in entities which are primarily engaged in the ownership, acquisition, development, financing, sale and/or management of income-producing real estate properties, both commercial and residential. These funds typically seek long-term growth of capital and current income that is above average relative to public equity funds. Significant Concentrations of Risk The assets of the pension plans include certain investment funds, private equity and debt investments and real estate investments. Investment managers may be unable to quickly sell or redeem some or all of these investments at an amount close or equal to fair value in order to meet a plan's liquidity requirements or to respond to specific events such as deterioration in the creditworthiness of any particular issuer or counterparty. Illiquid investments held by the plans are generally long-term investments that complement the long-term nature of pension obligations and are not used to fund benefit payments when currently due. Plan management monitors liquidity risk on an ongoing basis and has procedures in place that are designed to maintain flexibility in addressing plan-specific, broader industry and market liquidity events. The pension plans may invest in financial instruments denominated in foreign currencies and may be exposed to risks that the foreign currency exchange rates might change in a manner that has an adverse effect on the value of the foreign currency denominated assets or liabilities. Forward currency contracts may be used to manage and mitigate foreign currency risk. The pension plans may invest in debt securities for which any change in the relevant interest rates for particular securities might result in an investment manager being unable to secure similar returns upon the maturity or the sale of securities. In addition changes to prevailing interest rates or changes in expectations of future interest rates might result in an increase or decrease in the fair value of the securities held. Interest rate swaps and other financial derivative instruments may be used to manage interest rate risk. Benefit Payments Benefits for most U.S. pension plans and certain non-U.S. pension plans are paid out of plan assets rather than our Cash and cash equivalents. The following table summarizes net benefit payments expected to be paid in the future, which include assumptions related to estimated future employee service: Pension Benefits Global OPEB Plans U.S. Plans Non-U.S. Plans 2020 $ 4,942 $ 1,529 $ 372 2021 $ 4,755 $ 1,201 $ 369 2022 $ 4,631 $ 1,164 $ 365 2023 $ 4,515 $ 1,130 $ 360 2024 $ 4,407 $ 1,104 $ 357 2025 - 2029 $ 20,257 $ 5,166 $ 1,755 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 December 31, 2019 and 2018 , we had accruals of $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. Appellate Litigation Regarding Successor Liability Ignition Switch Claims In 2016, the U.S. Court of Appeals for the Second Circuit held that the 2009 order of the 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. 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 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 (the 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. 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. In December 2019, the Southern District denied plaintiffs' motion for reconsideration of the August 2019 Opinion, but granted the plaintiffs' motion for certification of an interlocutory appeal. Plaintiffs filed their petition requesting interlocutory review with the Second Circuit Court of Appeals, and GM filed its opposition in January 2020. 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. Contingently Issuable Shares Under the Amended and Restated Master Sale and Purchase Agreement between GM and MLC, GM may be obligated to issue Adjustment Shares of our common stock if allowed general unsecured claims against the 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 $1.0 billion based on the GM share price as of January 24, 2020 . The GUC Trust stated in public filings that allowed general unsecured claims were approximately $32.1 billion as of September 30, 2019. In February 2019, the GUC Trust and certain personal injury and economic-loss plaintiffs filed a motion with the Bankruptcy Court requesting approval of a settlement to obtain the maximum number of Adjustment Shares. 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 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 December 31, 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 $600 million at December 31, 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 $170 million at December 31, 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 December 31, 2019 , our accrual covering certain asserted claims and claims that we believe are probable of assertion and for which liability is probable was approximately $180 million . We estimate the reasonably possible loss in excess of amounts accrued for other current subcontract workers who may assert similar claims to be approximately $110 million at December 31, 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 During the year ended December 31, 2019, the Superior Judicial Court of Brazil rendered favorable decisions on three cases brought by GM Brazil, each 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 February 2017. As a result of the favorable decisions, we recorded pre-tax recoveries of $1.4 billion in Automotive and other cost of sales in the year ended December 31, 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 has filed a Motion of Clarification on this matter with the Brazilian Supreme Court, which could be decided as early as April 2020. 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., in the Provincial Courts in Canada and in 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. We are unable to estimate any reasonably possible loss or range of loss that may result from these actions. 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. 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 December 31, 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 $800 million at December 31, 2019 . Takata Matters In May 2016, NHTSA issued an amended consent order requiring Takata to file 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 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. There are several putative class actions that have been filed against GM in federal courts in the U.S., in the Provincial Courts in Canada, Mexico and Israel 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 $544 million and $531 million in Accrued liabilities and Other liabilities at December 31, 2019 and 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 General Motors Corporation 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 2020 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 $2.6 billion and $2.4 billion for these guarantees at December 31, 2019 and 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 22 for additional information on our indemnification obligations to PSA Group under the Master Agreement (the Agreement). Credit Cards Credit card programs offer rebates that can be applied primarily against the purchase or lease of our vehicles. At December 31, 2019 and 2018 , our redemption liability was insignificant, our deferred revenue was $253 million and $247 million , and qualified cardholders had rebates available, net of deferred program revenue, of $1.4 billion . Our redemption liability and deferred revenue are recorded in Accrued liabilities and Other liabilities. 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 $354 million in the year ended December 31, 2019. Prior to adoption of ASU 2016-02, rent expense under operating leases was $300 million and $284 million in the years ended December 31, 2018 and 2017. Variable lease costs were insignificant in the year ended December 31, 2019 . At December 31, 2019 , operating lease right of use assets in Other assets were $1.1 billion , operating lease liabilities in Accrued liabilities were $239 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 $497 million in the year ended December 31, 2019 . Our undiscounted future lease obligations related to operating leases having initial terms in excess of one year are $269 million , $247 million , $179 million , $167 million , $130 million and $464 million for the years 2020, 2021, 2022, 2023, 2024 and thereafter, with imputed interest of $207 million as of December 31, 2019 . The weighted average discount rate was 4.2% and the weighted-average remaining lease term was 7.2 years at December 31, 2019 . Payments for operating leases included in Net cash provided by (used in) operating activities were $337 million in the year ended December 31, 2019 . Lease agreements that have not yet commenced were insignificant at December 31, 2019. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Years Ended December 31, 2019 2018 2017 U.S. income $ 3,826 $ 4,433 $ 8,399 Non-U.S. income 2,342 1,953 1,332 Income before income taxes and equity income $ 6,168 $ 6,386 $ 9,731 Years Ended December 31, 2019 2018 2017 Current income tax expense (benefit) U.S. federal $ 42 $ (104 ) $ 18 U.S. state and local 102 113 83 Non-U.S. 758 577 552 Total current income tax expense 902 586 653 Deferred income tax expense (benefit) U.S. federal (145 ) (578 ) 7,831 U.S. state and local 3 250 (187 ) Non-U.S. 9 216 3,236 Total deferred income tax expense (benefit) (133 ) (112 ) 10,880 Total income tax expense $ 769 $ 474 $ 11,533 Provisions are made for estimated U.S. and non-U.S. income taxes which may be incurred on the reversal of our basis differences in investments in foreign subsidiaries and corporate joint ventures not deemed to be indefinitely reinvested. Taxes have not been provided on basis differences in investments primarily as a result of earnings in foreign subsidiaries which are deemed indefinitely reinvested of $3.2 billion and $2.9 billion at December 31, 2019 and 2018 . Additional basis differences related to investments in nonconsolidated China JVs exist of $4.1 billion at December 31, 2019 and 2018 as a result of fresh-start reporting. Quantification of the deferred tax liability, if any, associated with indefinitely reinvested basis differences is not practicable. Years Ended December 31, 2019 2018 2017 Income tax expense at U.S. federal statutory income tax rate $ 1,295 $ 1,341 $ 3,406 State and local tax expense (benefit) 117 282 (76 ) Non-U.S. income taxed at other than the U.S. federal statutory tax rate 166 90 (145 ) U.S. tax impact on Non-U.S. income and activities (197 ) (822 ) (941 ) Change in valuation allowances (233 ) 1,695 2,712 Change in tax laws (122 ) (134 ) 7,194 General business credits and manufacturing incentives (420 ) (695 ) (428 ) Capital loss expiration — 107 — Settlements of prior year tax matters — (188 ) (256 ) Realization of basis differences in affiliates — (59 ) — German statutory approval of net operating losses — (990 ) — Foreign currency remeasurement 74 19 23 Other adjustments 89 (172 ) 44 Total income tax expense $ 769 $ 474 $ 11,533 Deferred Income Tax Assets and Liabilities Deferred income tax assets and liabilities at December 31, 2019 and 2018 reflect the effect of temporary differences between amounts of assets, liabilities and equity for financial reporting purposes and the bases of such assets, liabilities and equity as measured based on tax laws, as well as tax loss and tax credit carryforwards. The following table summarizes the components of temporary differences and carryforwards that give rise to deferred tax assets and liabilities: December 31, 2019 December 31, 2018 Deferred tax assets Postretirement benefits other than pensions $ 1,695 $ 1,584 Pension and other employee benefit plans 2,968 3,020 Warranties, dealer and customer allowances, claims and discounts 6,299 6,307 U.S. capitalized research expenditures 6,035 5,176 U.S. operating loss and tax credit carryforwards(a) 8,686 8,591 Non-U.S. operating loss and tax credit carryforwards(b) 6,731 6,393 Miscellaneous 1,965 2,034 Total deferred tax assets before valuation allowances 34,379 33,105 Less: valuation allowances (8,135 ) (7,976 ) Total deferred tax assets 26,244 25,129 Deferred tax liabilities Property, plant and equipment 1,565 1,098 Intangible assets 763 729 Total deferred tax liabilities 2,328 1,827 Net deferred tax assets $ 23,916 $ 23,302 _________ (a) At December 31, 2019 U.S. operating loss and tax credit carryforwards of $8.7 billion expire by 2039 if not utilized. (b) At December 31, 2019 Non-U.S. operating loss and tax credit carryforwards of $1.3 billion expire by 2039 if not utilized and the remaining balance of $5.4 billion may be carried forward indefinitely. Valuation Allowances During the years ended December 31, 2019 and 2018, valuation allowances against deferred tax assets of $8.1 billion and $8.0 billion were comprised of cumulative losses, credits and other timing differences, primarily in Germany, Spain and South Korea. We have $3.3 billion of net operating loss carryforwards in Germany that, as a result of reorganizations that took place in 2008 and 2009 and then existing German Law, were not previously recorded as deferred tax assets. In 2018 a favorable European court decision was statutorily approved in Germany enabling use of those loss carryforwards, and deferred tax assets totaling $1.0 billion were established for the loss carryforwards. Offsetting valuation allowances were also established as the deferred tax assets are not more likely than not to be realized. Uncertain Tax Positions The following table summarizes activity of the total amounts of unrecognized tax benefits: Years Ended December 31, 2019 2018 2017 Balance at beginning of period $ 1,341 $ 1,557 $ 1,182 Additions to current year tax positions 18 292 160 Additions to prior years' tax positions 13 264 448 Reductions to prior years' tax positions (501 ) (244 ) (195 ) Reductions in tax positions due to lapse of statutory limitations (8 ) (38 ) (44 ) Settlements (93 ) (450 ) (11 ) Other 5 (40 ) 17 Balance at end of period $ 775 $ 1,341 $ 1,557 At December 31, 2019 and 2018 there were $539 million and $991 million of unrecognized tax benefits that if recognized would favorably affect our effective tax rate in the future. In the years ended December 31, 2019 , 2018 and 2017 income tax related interest and penalties were insignificant. At December 31, 2019 and 2018 we had liabilities of $117 million and $116 million for income tax related interest and penalties. At December 31, 2019 it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits in the next twelve months. Other Matters Income tax returns are filed in multiple jurisdictions and are subject to examination by taxing authorities throughout the world. We have open tax years from 2009 to 2019 with various significant tax jurisdictions. Tax authorities may have the ability to review and adjust net operating loss or tax credit carryforwards that were generated prior to these periods if utilized in an open tax year. These open years contain matters that could be subject to differing interpretations of applicable tax laws and regulations as they relate to the amount, character, timing or inclusion of revenue and expenses or the sustainability of income tax credits for a given audit cycle. The U.S. Tax Cuts and Jobs Act of 2017 (the Tax Act) was signed into law on December 22, 2017. The Tax Act changed many aspects of U.S. corporate income taxation and included reduction of the corporate income tax rate from 35% to 21% , implementation of a territorial tax system and imposition of a tax on deemed repatriated earnings of foreign subsidiaries. We recognized the tax effects of the Tax Act in the year ended December 31, 2017 and recorded $7.3 billion in tax expense. The tax expense primarily relates to the remeasurement of deferred tax assets to the 21% tax rate. We applied the guidance in SAB 118 when accounting for the enactment-date effects of the Tax Act in 2017 and 2018. During the year ended December 31, 2018 we reduced our year ended December 31, 2017 estimated tax expense of $7.3 billion to $7.1 billion , primarily related to the remeasurement of deferred tax assets to the 21% tax rate. |
Restructuring And Other Initiat
Restructuring And Other Initiatives | 12 Months Ended |
Dec. 31, 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: Years Ended December 31, 2019 2018 2017 Balance at beginning of period $ 1,122 $ 227 $ 268 Additions, interest accretion and other 629 1,637 330 Payments (1,101 ) (600 ) (315 ) Revisions to estimates and effect of foreign currency (86 ) (142 ) (56 ) Balance at end of period $ 564 $ 1,122 $ 227 In the year ended December 31, 2019 , restructuring and other initiatives primarily included actions related to our announced transformation activities, which include unallocation of products to certain manufacturing facilities and other employee separation programs. We recorded charges of $1.8 billion , primarily in GMNA, in the year ended December 31, 2019 consisting of $1.3 billion primarily in non-cash accelerated depreciation and pension curtailment and other charges, not reflected in the table above, and $535 million primarily in supplier-related charges and employee-related separation charges, which are reflected in the table above. We recorded charges of $1.3 billion , primarily in GMNA, in the year ended December 31, 2018 consisting of $1.0 billion in employee separations and other charges, which are reflected in the table above, and $301 million primarily in non-cash accelerated depreciation, not reflected in the table above. These programs have a total cost since inception of $3.1 billion and were complete at December 31, 2019. We incurred $1.1 billion in cash outflows resulting from these restructuring actions, primarily for employee separation payments and supplier-related payments in the year ended December 31, 2019. We expect additional cash outflows related to these activities of approximately $400 million to be substantially complete by the end of 2020. In the year ended December 31, 2018, restructuring and other initiatives in GMI primarily included the closure of a facility and other restructuring actions in Korea and employee separation programs. We recorded charges of $1.0 billion related to Korea, net of noncontrolling interests. 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. We incurred $775 million in cash outflows resulting from these Korea restructuring actions, primarily for employee separations and statutory pension payments in the year ended December 31, 2018. These programs were substantially complete at December 31, 2018. In the year ended December 31, 2017, restructuring and other initiatives primarily included restructuring actions announced in the three months ended June 30, 2017 in GMI. These actions primarily related to the withdrawal of Chevrolet from the Indian and South African markets at the end of 2017 and the transition of our South Africa manufacturing operations to Isuzu Motors. We continue to manufacture vehicles in India for sale to certain export markets. We recorded charges of $460 million in GMI primarily consisting of $297 million of asset impairments, sales incentives, inventory provisions and other charges, not reflected in the table above, and $163 million of dealer restructurings, employee separations and other contract cancellation costs, which are reflected in the table above. We completed these programs in GMI in 2017. Other GMI restructuring programs reflected in the table above include separation and other programs in Australia, Korea and India and the withdrawal of the Chevrolet brand from Europe. Collectively, these programs had a total cost of $892 million since inception in 2013 through the completion of the programs in the year ended December 31, 2017. |
Interest Income and Other Non-O
Interest Income and Other Non-Operating Income | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Interest Income and Other Non-Operating Income | Interest Income and Other Non-Operating Income Years Ended December 31, 2019 2018 2017 Non-service pension and OPEB income $ 797 $ 1,665 $ 1,316 Interest income 429 335 266 Licensing agreements income 165 296 74 Revaluation of investments 80 258 (56 ) Other (2 ) 42 45 Total interest income and other non-operating income, net $ 1,469 $ 2,596 $ 1,645 |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity and Noncontrolling Interests | Stockholders’ Equity and Noncontrolling Interests Preferred and Common Stock We have 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance. At December 31, 2019 and 2018 we had no shares of preferred stock and 1.4 billion shares of common stock issued and outstanding. Common Stock Holders of our common stock are entitled to dividends at the sole discretion of our Board of Directors. Our dividends declared per common share were $1.52 and our total dividends paid on common stock were $2.2 billion , $2.1 billion and $2.2 billion for the years ended December 31, 2019, 2018 and 2017. Holders of common stock are entitled to one vote per share on all matters submitted to our stockholders for a vote. The liquidation rights of holders of our common stock are secondary to the payment or provision for payment of all our debts and liabilities and to holders of our preferred stock, if any such shares are then outstanding. In the year ended December 31, 2019 , we did not purchase shares of our outstanding common stock. In the years ended December 31, 2018 and 2017, we purchased three million and 120 million shares of our outstanding common stock for $100 million and $4.5 billion as part of the common stock repurchase program announced in March 2015, which our Board of Directors increased and extended in January 2016 and January 2017. Warrants At December 31, 2018 we had 15 million warrants outstanding that we issued in July 2009. The warrants have expired but were exercisable at any time prior to July 10, 2019 at an exercise price of $18.33 per share. GM Financial Preferred Stock In September 2018 GM Financial issued $500 million of Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series B, $0.01 par value, with a liquidation preference of $1,000 per share. The preferred stock is classified as noncontrolling interests in our consolidated financial statements. Dividends are paid semi-annually when declared, which started March 30, 2019 at a fixed rate of 6.50% . In September 2017 GM Financial issued $1.0 billion of Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series A, $0.01 par value, with a liquidation preference of $1,000 per share. The preferred stock is classified as noncontrolling interests in our consolidated financial statements. Dividends are paid semi-annually when declared, which started March 30, 2018 at a fixed rate of 5.75% . Cruise Preferred Shares In 2019 Cruise Holdings entered into a Purchase Agreement with The Vision Fund, General Motors Holdings LLC, Honda and certain other investors pursuant to which Cruise Holdings received $1.2 billion , including $687 million from General Motors Holdings LLC, in exchange for issuing Cruise Class F Preferred Shares, representing approximately 6.6% of the fully diluted equity in 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 consolidated financial statements. At December 31, 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 7.0% 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 consolidated financial statements. Cruise Common Shares In October 2018, Cruise Holdings entered into a Purchase Agreement with Honda, pursuant to which Honda invested $750 million in Cruise Holdings in exchange for Class E Common Shares, representing 5.7% of the fully diluted equity of Cruise Holdings at closing. In addition, Honda agreed to contribute approximately $2.0 billion primarily in the form of a long-term annual fee to Cruise Holdings for certain rights to use Cruise Holdings' trade names and trademarks and the exclusive right to partner with Cruise Holdings to develop, deploy, and maintain a foreign market. The remaining contribution or funding will come in the form of shared development costs for a shared autonomous vehicle that Honda, General Motors Holdings LLC and Cruise Holdings will jointly develop for deployment onto Cruise's autonomous vehicle network. All proceeds are designated exclusively for working capital and general corporate purposes of Cruise. At the later of October 3, 2025 or the termination of the commercial agreements between Cruise Holdings and Honda, Cruise Holdings can call all, but not less than all of the Class E Common Shares at an amount equal to the then fair value of Cruise Holdings. The Class E Common Shares are classified as noncontrolling interests in our consolidated financial statements. GM Korea Preferred Shares In the year ended December 31, 2018, the Korea Development Bank (KDB) purchased $720 million of GM Korea's Class B Preferred Shares (GM Korea Preferred Shares). Dividends on the GM Korea Preferred Shares are cumulative and accrue at an annual rate of 1.0% . 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 GM Korea Preferred Shares are classified as noncontrolling interests in our consolidated financial statements. The KDB investment proceeds can only be used for purposes of funding capital expenditures in GM Korea. 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: Years Ended December 31, 2019 2018 2017 Foreign Currency Translation Adjustments Balance at beginning of period $ (2,250 ) $ (1,606 ) $ (2,355 ) Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment, net of tax and impact of adoption of accounting standards(a)(b) (56 ) (664 ) 560 Reclassification adjustment, net of tax(a) 28 20 189 Other comprehensive income (loss), net of tax(a) (28 ) (644 ) 749 Balance at end of period $ (2,278 ) $ (2,250 ) $ (1,606 ) Defined Benefit Plans Balance at beginning of period $ (6,737 ) $ (6,398 ) $ (6,968 ) Other comprehensive loss and noncontrolling interests before reclassification adjustment, net of impact of adoption of accounting standards(b) (2,769 ) (580 ) (798 ) Tax benefit 463 100 98 Other comprehensive loss and noncontrolling interests before reclassification adjustment, net of tax and impact of adoption of accounting standards(b) (2,306 ) (480 ) (700 ) Reclassification adjustment, net of tax(a)(c) 184 141 1,270 Other comprehensive income (loss), net of tax (2,122 ) (339 ) 570 Balance at end of period(d) $ (8,859 ) $ (6,737 ) $ (6,398 ) __________ (a) The income tax effect was insignificant in the years ended December 31, 2019 , 2018 and 2017 . (b) The noncontrolling interests are insignificant in the years ended December 31, 2019 , 2018 and 2017 . (c) $1.2 billion is included in the loss on sale of the Opel/Vauxhall Business in the year ended December 31, 2017. An insignificant amount is included in the computation of periodic pension and OPEB (income) expense in the year ended December 31, 2017 . (d) Primarily consists of unamortized actuarial loss on our defined benefit plans. Refer to the critical accounting estimates section of our MD&A for additional information. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic and diluted earnings (loss) per share are computed by dividing Net income (loss) attributable to common stockholders by the weighted-average common shares outstanding in the period. Diluted earnings (loss) per share is computed by giving effect to all potentially dilutive securities that are outstanding. Years Ended December 31, 2019 2018 2017 Basic earnings per share Income from continuing operations(a) $ 6,732 $ 8,084 $ 348 Less: cumulative dividends on subsidiary preferred stock (151 ) (98 ) (16 ) Income from continuing operations attributable to common stockholders 6,581 7,986 332 Loss from discontinued operations, net of tax — 70 4,212 Net income (loss) attributable to common stockholders $ 6,581 $ 7,916 $ (3,880 ) Weighted-average common shares outstanding 1,424 1,411 1,465 Basic earnings per common share – continuing operations $ 4.62 $ 5.66 $ 0.23 Basic loss per common share – discontinued operations $ — $ 0.05 $ 2.88 Basic earnings (loss) per common share $ 4.62 $ 5.61 $ (2.65 ) Diluted earnings per share Income from continuing operations attributable to common stockholders – diluted(a) $ 6,581 $ 7,986 $ 332 Loss from discontinued operations, net of tax – diluted $ — $ 70 $ 4,212 Net income (loss) attributable to common stockholders – diluted $ 6,581 $ 7,916 $ (3,880 ) Weighted-average common shares outstanding – basic 1,424 1,411 1,465 Dilutive effect of warrants and awards under stock incentive plans 15 20 27 Weighted-average common shares outstanding – diluted 1,439 1,431 1,492 Diluted earnings per common share – continuing operations $ 4.57 $ 5.58 $ 0.22 Diluted loss per common share – discontinued operations $ — $ 0.05 $ 2.82 Diluted earnings (loss) per common share $ 4.57 $ 5.53 $ (2.60 ) Potentially dilutive securities(b) 7 9 — __________ (a) Net of Net loss attributable to noncontrolling interests. (b) Potentially dilutive securities attributable to outstanding stock options were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On July 31, 2017, we closed the sale of our Opel/Vauxhall Business to PSA Group. On October 31, 2017, we closed the sale of the Fincos to Banque PSA Finance S.A. and BNP Paribas Personal Finance S.A. The net consideration paid at closing for the European Business was $2.5 billion , inclusive of $808 million in warrants in PSA Group. The total charge from the sale of the European Business during the year ended December 31, 2017 was $6.2 billion , net of tax, of which $3.9 billion was recorded in Loss from discontinued operations, net of tax, and $2.3 billion was recorded in Income tax expense. PSA Group assumed approximately $3.1 billion of net underfunded pension liabilities primarily with respect to active employees of the Opel/Vauxhall Business, and during the year ended December 31, 2017 our wholly-owned subsidiary (the Seller) made payments to PSA Group, or one or more pension funding vehicles, of $3.4 billion in respect of these assumed liabilities. 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 November 2019, which converted a voluntary recall initiated by Opel in 2017 and 2018 into a mandatory recall for allegedly failing to comply with certain emissions regulations. However, because the overwhelming majority of vehicles have already received KBA-approved software calibration updates pursuant to the voluntary recall, the number of vehicles subject to the mandatory recall is insignificant. The Seller may also be obligated to indemnify PSA Group or otherwise absorb costs and expenses resulting from the foregoing as well as certain related potential litigation costs, settlements, judgments and potential fines. In addition, at the KBA's request, the German authorities re-opened a separate criminal investigation related to this matter that had previously been closed with no action. 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: Years Ended December 31, 2019 2018 2017 Net sales and revenue(a) $ 1,129 $ 1,939 $ 853 Purchases and expenses(a) $ 825 $ 1,422 $ 218 Cash payments(b) $ 975 $ 1,849 $ 242 Cash receipts(b) $ 1,408 $ 2,310 $ 1,161 __________ (a) Included in Income from continuing operations. (b) Included in Net cash provided by operating activities – continuing operations. The following table summarizes the results of the European Business operations: Years Ended December 31, 2019 2018 2017 Automotive net sales and revenue $ — $ — $ 11,257 GM Financial net sales and revenue — — 466 Total net sales and revenue — — 11,723 Automotive and other cost of sales — — 11,049 GM Financial interest, operating and other expenses — — 342 Automotive and other selling, general, and administrative expense — — 813 Other expense items — — (72 ) Loss from discontinued operations before taxes — — 553 Loss on sale of discontinued operations before taxes(a)(b) — 70 2,176 Total loss from discontinued operations before taxes — 70 2,729 Income tax expense(b)(c) — — 1,483 Loss from discontinued operations, net of tax $ — $ 70 $ 4,212 __________ (a) Includes contract cancellation charges associated with the disposal for the year ended December 31, 2017. (b) Total loss on sale of discontinued operations, net of tax was $3.9 billion for the year ended December 31, 2017. (c) Includes $2.0 billion of deferred tax assets that transferred to PSA Group in the year ended December 31, 2017. |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans GM Stock Incentive Awards We grant to certain employees RSUs, RSAs, PSUs and stock options (collectively, stock incentive awards) under our 2016 Equity Incentive Plan and 2017 Long-Term Incentive Plan (LTIP) and prior to the 2017 LTIP, under our 2014 LTIP. The 2017 LTIP was approved by stockholders in June 2017 and replaced the 2014 LTIP. Shares awarded under the plans are subject to forfeiture if the participant leaves the company for reasons other than those permitted under the plans such as retirement, death or disability. RSU awards granted either cliff vest or ratably vest generally over a three-year service period, as defined in the terms of each award. PSU awards vest at the end of a three-year performance period, based on performance criteria determined by the Executive Compensation Committee of the Board of Directors at the time of award. The number of shares earned may equal, exceed or be less than the targeted number of shares depending on whether the performance criteria are met, surpassed or not met. Stock options expire 10 years from the grant date. Our performance-based stock options vest ratably over 55 months based on the performance of our common stock relative to that of a specified peer group. Our service-based stock options vest ratably over 19 months to three years . In connection with our acquisition of Cruise Automation, Inc. in May 2016, RSAs and PSUs in common shares of GM were granted to employees of Cruise Holdings. The RSAs vest ratably, generally over a three -year service period. The PSUs are contingent upon achievement of specific technology and commercialization milestones. Shares (in millions) Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Term in Years Units outstanding at January 1, 2019 48.1 $ 19.81 1.3 Granted 8.9 $ 27.89 Settled (11.6 ) $ 28.78 Forfeited or expired (3.9 ) $ 30.87 Units outstanding at December 31, 2019(a) 41.5 $ 19.17 0.9 __________ (a) Includes the target amount of PSUs. Our weighted-average assumptions used to value our stock options are a dividend yield of 3.90% , 3.69% and 4.43% , expected volatility of 28.0% , 28.0% and 25.0% , a risk-free interest rate of 2.62% , 2.73% and 1.97% , and an expected option life of 6.00 , 5.98 and 5.84 years for options issued during the years ended December 31, 2019 , 2018 and 2017. Total compensation expense related to the above awards was $456 million , $316 million and $585 million in the years ended December 31, 2019 , 2018 and 2017 . At December 31, 2019 , the total unrecognized compensation expense for nonvested equity awards granted was $182 million . This expense is expected to be recorded over a weighted-average period of 1.1 years. The total fair value of stock incentive awards vested was $287 million , $317 million and $421 million in the years ended December 31, 2019 , 2018 and 2017 . Cruise Stock Incentive Awards In addition to the awards noted above, stock options and RSUs were granted to Cruise employees in common shares of Cruise Holdings in the years ended December 31, 2019 and 2018. These awards were granted under the 2018 Employee Incentive Plan approved by Cruise Holdings' Board of Directors in August 2018. Shares awarded under the plan are subject to forfeiture if the participant leaves the company for reasons other than those permitted under the plan. There were no awards granted in Cruise common shares for the year ended December 31, 2017. Stock options vest ratably over four to 10 years , as defined in the terms of each award. Stock options expire 10 years from the grant date. RSU awards granted vest upon the satisfaction of both a service condition and a liquidity condition. The service condition for the majority of these awards is satisfied over four years . The liquidity condition is satisfied upon the earlier of the date of a change in control transaction or the consummation of an initial public offering. Total compensation expense related to Cruise Holdings’ share-based awards was insignificant for the years ended December 31, 2019 and 2018 . No share-based compensation expense had been recognized for the RSUs because the liquidity condition described above was not met at December 31, 2019 and 2018 . Total unrecognized compensation expense for Cruise Holdings’ nonvested equity awards granted was $680 million at December 31, 2019 , which was primarily comprised of the RSUs for which the liquidity condition had not been met. Total units outstanding were 70.1 million at December 31, 2019. The expense related to stock options is expected to be recorded over a weighted-average period of 7.9 years . The timing of the expense related to RSUs will depend upon the date of the satisfaction of the liquidity condition. |
Supplementary Quarterly Financi
Supplementary Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplementary Quarterly Financial Information (Unaudited) | Supplementary Quarterly Financial Information (Unaudited) The following tables summarize supplementary quarterly financial information: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2019 Total net sales and revenue $ 34,878 $ 36,060 $ 35,473 $ 30,826 Automotive and other gross margin(a) $ 3,032 $ 4,098 $ 3,643 $ 1,273 Income (loss) from continuing operations $ 2,145 $ 2,403 $ 2,311 $ (192 ) Net income (loss) attributable to stockholders $ 2,157 $ 2,418 $ 2,351 $ (194 ) Basic earnings (loss) per common share – continuing operations $ 1.50 $ 1.68 $ 1.62 $ (0.16 ) Diluted earnings (loss) per common share – continuing operations $ 1.48 $ 1.66 $ 1.60 $ (0.16 ) __________ (a) Includes our Cruise segment. In the three months ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019 we recorded pre-tax charges of $790 million , $361 million , $390 million and $267 million related to transformation activities including accelerated depreciation, supplier-related charges and other charges. In the three months ended March 31, 2019, June 30, 2019 and September 30, 2019, we recorded pre-tax benefits of $857 million , $380 million and $123 million related to the retrospective recoveries of indirect taxes in Brazil. In the three months ended September 30, 2019 and December 31, 2019, we estimate that the lost vehicle production volumes and parts sales due to the UAW strike had an unfavorable pre-tax impact on our Income from continuing operations. In the three months ended December 31, 2019 we recorded a pre-tax charge of $164 million related to the divestiture in our joint venture FAW-GM. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2018 Total net sales and revenue $ 36,099 $ 36,760 $ 35,791 $ 38,399 Automotive and other gross margin(a) $ 2,507 $ 3,204 $ 3,743 $ 2,935 Income from continuing operations $ 1,110 $ 2,366 $ 2,530 $ 2,069 Loss from discontinued operations, net of tax $ 70 $ — $ — $ — Net income attributable to stockholders $ 1,046 $ 2,390 $ 2,534 $ 2,044 Basic earnings per common share – continuing operations $ 0.78 $ 1.68 $ 1.77 $ 1.42 Basic loss per common share – discontinued operations $ 0.05 $ — $ — $ — Diluted earnings per common share – continuing operations $ 0.77 $ 1.66 $ 1.75 $ 1.40 Diluted loss per common share – discontinued operations $ 0.05 $ — $ — $ — __________ (a) Includes our Cruise segment. In the three months ended March 31, 2018 and June 30, 2018, we collectively recorded pre-tax charges of $1.1 billion related to the closure of a facility and other restructuring actions in Korea. In the three months ended September 30, 2018 we recorded pre-tax charges of $440 million for ignition switch related legal matters. In the three months ended December 31, 2018 we recorded pre-tax charges of $1.3 billion related to transformation activities including employee separation, accelerated depreciation and other charges; and a non-recurring tax benefit of $1.0 billion related to foreign earnings. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 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. As discussed in Note 1, the European Business is presented as discontinued operations and is excluded from our segment results for all periods presented. The European Business was previously reported as our GM Europe segment and part of GM Financial. The chief operating decision maker evaluates the operating results and performance of our automotive segments and Cruise through EBIT-adjusted, which is presented net of noncontrolling interests. The chief operating decision maker evaluates GM Financial through 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 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 Year Ended December 31, 2019 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 106,366 $ 16,111 $ 220 $ 122,697 $ 100 $ 14,554 $ (114 ) $ 137,237 Earnings (loss) before interest and taxes-adjusted $ 8,204 $ (202 ) $ (691 ) $ 7,311 $ (1,004 ) $ 2,104 $ (18 ) $ 8,393 Adjustments(a) $ (1,618 ) $ 1,081 $ (2 ) $ (539 ) $ — $ — $ — (539 ) Automotive interest income 429 Automotive interest expense (782 ) Net (loss) attributable to noncontrolling interests (65 ) Income before income taxes 7,436 Income tax expense (769 ) Income from continuing operations 6,667 Loss from discontinued operations, net of tax — Net loss attributable to noncontrolling interests 65 Net income attributable to stockholders $ 6,732 Equity in net assets of nonconsolidated affiliates $ 84 $ 7,023 $ — $ — $ 7,107 $ — $ 1,455 $ — $ 8,562 Goodwill and intangibles $ 2,459 $ 888 $ 1 $ — $ 3,348 $ 634 $ 1,355 $ — $ 5,337 Total assets $ 109,290 $ 24,969 $ 32,365 $ (50,244 ) $ 116,380 $ 4,230 $ 108,881 $ (1,454 ) $ 228,037 Expenditures for property $ 6,305 $ 1,096 $ 84 $ — $ 7,485 $ 60 $ 47 $ — $ 7,592 Depreciation and amortization $ 6,112 $ 533 $ 46 $ (2 ) $ 6,689 $ 21 $ 7,350 $ — $ 14,060 Impairment charges $ 15 $ 7 $ — $ — $ 22 $ 36 $ — $ — $ 58 Equity income $ 8 $ 1,123 $ (29 ) $ — $ 1,102 $ — $ 166 $ — $ 1,268 __________ (a) Consists of restructuring and other charges related to transformation activities of $1.6 billion in GMNA and $115 million in GMI; a benefit of $1.4 billion related to the retrospective recoveries of indirect taxes in Brazil; partially offset by losses of $164 million related to the FAW-GM divestiture in GMI. At and For the Year Ended December 31, 2018 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations Total Net sales and revenue $ 113,792 $ 19,148 $ 203 $ 133,143 $ — $ 14,016 $ (110 ) $ 147,049 Earnings (loss) before interest and taxes-adjusted $ 10,769 $ 423 $ (570 ) $ 10,622 $ (728 ) $ 1,893 $ (4 ) $ 11,783 Adjustments(a) $ (1,236 ) $ (1,212 ) $ (457 ) $ (2,905 ) $ — $ — $ — (2,905 ) Automotive interest income 335 Automotive interest expense (655 ) Net (loss) attributable to noncontrolling interests (9 ) Income before income taxes 8,549 Income tax expense (474 ) Income from continuing operations 8,075 Loss from discontinued operations, net of tax (70 ) Net loss attributable to noncontrolling interests 9 Net income attributable to stockholders $ 8,014 Equity in net assets of nonconsolidated affiliates $ 75 $ 7,761 $ 24 $ — $ 7,860 $ — $ 1,355 $ — $ 9,215 Goodwill and intangibles $ 2,623 $ 928 $ 1 $ — $ 3,552 $ 671 $ 1,356 $ — $ 5,579 Total assets $ 109,763 $ 24,911 $ 31,694 $ (50,690 ) $ 115,678 $ 3,195 $ 109,953 $ (1,487 ) $ 227,339 Expenditures for property $ 7,784 $ 883 $ 21 $ (2 ) $ 8,686 $ 15 $ 60 $ — $ 8,761 Depreciation and amortization $ 4,995 $ 562 $ 50 $ (3 ) $ 5,604 $ 7 $ 7,531 $ — $ 13,142 Impairment charges $ 55 $ 466 $ 6 $ — $ 527 $ — $ — $ — $ 527 Equity income $ 8 $ 1,972 $ — $ — $ 1,980 $ — $ 183 $ — $ 2,163 __________ (a) Consists of restructuring and other charges related to transformation activities of $1.2 billion in GMNA; charges of $1.2 billion related to restructuring actions in Korea and other countries in GMI; and of $440 million for ignition switch-related legal matters and other insignificant charges in Corporate. At and For the Year Ended December 31, 2017 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations Total Net sales and revenue $ 111,345 $ 21,920 $ 342 $ 133,607 $ — $ 12,151 $ (170 ) $ 145,588 Earnings (loss) before interest and taxes-adjusted $ 11,889 $ 1,300 $ (921 ) $ 12,268 $ (613 ) $ 1,196 $ (7 ) $ 12,844 Adjustments(a) $ — $ (540 ) $ (114 ) $ (654 ) $ — $ — $ — (654 ) Automotive interest income 266 Automotive interest expense (575 ) Net (loss) attributable to noncontrolling interests (18 ) Income before income taxes 11,863 Income tax expense (11,533 ) Income from continuing operations 330 Loss from discontinued operations, net of tax (4,212 ) Net loss attributable to noncontrolling interests 18 Net loss attributable to stockholders $ (3,864 ) Equity in net assets of nonconsolidated affiliates $ 68 $ 7,818 $ — $ — $ 7,886 $ — $ 1,187 $ — $ 9,073 Goodwill and intangibles $ 2,819 $ 973 $ 11 $ — $ 3,803 $ 679 $ 1,367 $ — $ 5,849 Total assets $ 99,874 $ 27,712 $ 30,573 $ (42,750 ) $ 115,409 $ 666 $ 97,251 $ (844 ) $ 212,482 Expenditures for property $ 7,704 $ 607 $ 14 $ — $ 8,325 $ 34 $ 94 $ — $ 8,453 Depreciation and amortization $ 4,654 $ 708 $ 32 $ (1 ) $ 5,393 $ 1 $ 6,573 $ — $ 11,967 Impairment charges $ 78 $ 211 $ 5 $ — $ 294 $ — $ — $ — $ 294 Equity income $ 8 $ 1,951 $ — $ — $ 1,959 $ — $ 173 $ — $ 2,132 __________ (a) Consists of charges of $460 million related to restructuring actions in India and South Africa in GMI; charges of $80 million associated with the deconsolidation of Venezuela in GMI and charges of $114 million for ignition switch-related legal matters in Corporate. Automotive revenue is attributed to geographic areas based on the country of sale. GM Financial revenue is attributed to the geographic area where the financing is originated. The following table summarizes information concerning principal geographic areas: At and For the Years Ended December 31, 2019 2018 2017 Net Sales and Revenue Long-Lived Assets Net Sales and Revenue Long-Lived Assets Net Sales and Revenue Long-Lived Assets Automotive U.S. $ 97,887 $ 25,401 $ 104,413 $ 25,625 $ 100,674 $ 24,473 Non-U.S. 24,810 13,190 28,632 13,263 32,775 12,715 GM Financial U.S. 12,727 39,509 12,169 41,334 10,489 40,674 Non-U.S. 1,813 2,772 1,835 2,476 1,650 2,467 Total consolidated $ 137,237 $ 80,872 $ 147,049 $ 82,698 $ 145,588 $ 80,329 No individual country other than the U.S. represented more than 10% of our total net sales and revenue or long-lived assets. |
Supplemental Information for th
Supplemental Information for the Consolidated Statements of Cash Flows | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Information for the Consolidated Statements of Cash Flows | Supplemental Information for the Consolidated Statements of Cash Flows The following table summarizes the sources (uses) of cash provided by Change in other operating assets and liabilities and Cash paid for income taxes and interest: Change in other operating assets and liabilities Years Ended December 31, 2019 2018 2017 Accounts receivable $ (563 ) $ 492 $ 1,402 Wholesale receivables funded by GM Financial, net 663 (2,606 ) (2,099 ) Inventories (761 ) 399 440 Automotive equipment on operating leases 274 748 (263 ) Change in other assets (1,550 ) (529 ) 108 Accounts payable (492 ) (537 ) (362 ) Income taxes payable 213 (75 ) (3 ) Accrued and other liabilities (1,573 ) 732 (2,238 ) Total $ (3,789 ) $ (1,376 ) $ (3,015 ) Cash paid for income taxes and interest Cash paid for income taxes, net $ 689 $ 660 $ 656 Cash paid for interest (net of amounts capitalized) – Automotive $ 739 $ 656 $ 501 Cash paid for interest (net of amounts capitalized) – GM Financial 3,475 2,941 2,571 Total cash paid for interest (net of amounts capitalized) $ 4,214 $ 3,597 $ 3,072 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements are prepared in conformity with U.S. GAAP. All intercompany balances and transactions have been eliminated in consolidation. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions. 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. |
Use of Estimates in the Preparation of the Financial Statements | Use of Estimates in the Preparation of the Financial Statements |
GM Financial | GM Financial The amounts presented for GM Financial have been adjusted to include the effect of our tax attributes on GM Financial's deferred tax positions and provision for income taxes, which are not applicable to GM Financial on a stand-alone basis, and to eliminate the effect of transactions between GM Financial and the other members of the consolidated group. Accordingly, the amounts presented will differ from those presented by GM Financial on a stand-alone basis. |
Revenue Recognition | Revenue Recognition We adopted Accounting Standards Update (ASU) 2014-09 "Revenue from Contracts with Customers" on January 1, 2018, which requires us to recognize revenue when a customer obtains control rather than when we have transferred substantially all risks and rewards of a good or service, by applying the modified retrospective method to all noncompleted contracts as of the date of adoption. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The following accounting policies became effective on January 1, 2018: Automotive Automotive net sales and revenue represents the amount of consideration to which we expect to be entitled in exchange for vehicle, parts and accessories and services and other sales. The consideration recognized represents the amount received, typically shortly after the sale to a customer, net of estimated dealer and customer sales incentives we reasonably expect to pay. Significant factors in determining our estimates of incentives include forecasted sales volume, product mix, and the rate of customer acceptance of incentive programs, all of which are estimated based on historical experience and assumptions concerning future customer behavior and market conditions. Subsequent adjustments to incentive estimates are possible as facts and circumstances change over time. A portion of the consideration received is deferred for separate performance obligations, such as maintenance and vehicle connectivity, that will be provided to our customers at a future date. Taxes assessed by various government entities, such as sales, use and value-added taxes, collected at the time of the vehicle sale are excluded from Automotive net sales and revenue. Costs for shipping and handling activities that occur after control of the vehicle transfers to the dealer are recognized at the time of sale and presented in Automotive and other cost of sales. V e hicle, Parts and Accessories For the majority of vehicle and accessories sales our customers obtain control and we recognize revenue when the vehicle transfers to the dealer, which generally occurs when the vehicle is released to the carrier responsible for transporting it to a dealer. Revenue, net of estimated returns, is recognized on the sale of parts upon delivery to the customer. When our customers have a right to return eligible parts and accessories, we consider the returns in our estimation of the transaction price. Certain transfers to daily rental companies are accounted for as sales, with revenue recognized at the time of transfer. At the time of transfer, we defer revenue for remarketing obligations, record a residual value guarantee and reflect a deposit liability for amounts expected to be returned once the remarketing services are complete. Deferred revenue is recognized in earnings upon completion of the remarketing service. Transfers that occurred prior to January 1, 2018 and future transfers containing a substantive repurchase obligation are accounted for as operating leases and rental income is recognized over the estimated term of the lease. Our total exposure to vehicle repurchase obligations would be reduced to the extent vehicles are able to be resold to a third party. Used Vehicles Proceeds from the auction of vehicles returned from daily rental car companies and vehicles utilized by our employees are recognized in Automotive net sales and revenue upon transfer of control of the vehicle to the customer and the related vehicle carrying value is recognized in Automotive and other cost of sales. Services and Other Services and other revenue primarily consists of revenue from vehicle-related service arrangements and after-sale services such as maintenance, vehicle connectivity and extended service warranties. For those service arrangements that are bundled with a vehicle sale, a portion of the revenue from the sale is allocated to the service component and recognized as deferred revenue within Accrued liabilities or Other liabilities. We recognize revenue for bundled services and services sold separately as services are performed, typically over a period of less than three years . Automotive Financing - GM Financial Finance charge income earned on receivables is recognized using the effective interest method. Fees and commissions (including incentive payments) received and direct costs of originating loans are deferred and amortized over the term of the related finance receivables using the effective interest method and are removed from the consolidated balance sheets when the related finance receivables are fully charged off or paid in full. Accrual of finance charge income on retail finance receivables is generally suspended on accounts that are more than 60 days delinquent, accounts in bankruptcy and accounts in repossession. Payments received on nonaccrual loans are first applied to any fees due, then to any interest due and then any remaining amounts are applied to principal. Interest accrual generally resumes once an account has received payments bringing the delinquency to less than 60 days past due. Accrual of finance charge income on commercial finance receivables is generally suspended on accounts that are more than 90 days delinquent, upon receipt of a bankruptcy notice from a borrower, or where reasonable doubt exists about the full collectability of contractually agreed upon principal and interest. Payments received on nonaccrual loans are first applied to principal. Interest accrual resumes once an account has received payments bringing the account fully current and collection of contractual principal and interest is reasonably assured (including amounts previously charged off). Income from operating lease assets, which includes lease origination fees, net of lease origination costs, is recorded as operating lease revenue on a straight-line basis over the term of the lease agreement. |
Advertising and Promotion Expenditures | Advertising and Promotion Expenditures Advertising and promotion expenditures, which are expensed as incurred in Automotive and other selling, general and administrative expense, were $3.7 billion , $4.0 billion and $4.3 billion in the years ended December 31, 2019, 2018 and 2017. |
Research and Development Expenditures | Research and Development Expenditures Research and development expenditures, which are expensed as incurred in Automotive and other cost of sales, were $6.8 billion , $7.8 billion and $7.3 billion in the years ended December 31, 2019, 2018 and 2017. We enter into cost sharing arrangements with third parties or nonconsolidated affiliates for product-related research, engineering, design and development activities. Cost sharing payments and fees related to these arrangements are presented in Automotive and other cost of sales. |
Cash Equivalents and Restricted Cash | Cash Equivalents and Restricted Cash Cash equivalents are defined as short-term, highly-liquid investments with original maturities of 90 days or less. We are required to post cash as collateral as part of certain agreements that we enter into as part of our operations. Cash and cash equivalents subject to contractual restrictions and not readily available are classified as restricted cash. Restricted cash is invested in accordance with the terms of the underlying agreements and include amounts related to various deposits, escrows and other cash collateral. Restricted cash is included in Other current assets and Other assets in the consolidated balance sheets. |
Fair Value Measurements | Fair Value Measurements A three-level valuation hierarchy, based upon observable and unobservable inputs, is used for fair value measurements. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions based on the best evidence available. These two types of inputs create the following fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets; Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose significant inputs are observable; and Level 3 – Instruments whose significant inputs are unobservable. |
Marketable Debt Securities | Marketable Debt Securities We classify marketable debt securities as either available-for-sale or trading. Various factors, including turnover of holdings and investment guidelines, are considered in determining the classification of securities. Available-for-sale debt securities are recorded at fair value with unrealized gains and losses recorded net of related income taxes in Accumulated other comprehensive loss until realized. Trading debt securities are recorded at fair value with changes in fair value recorded in Interest income and other non-operating income, net. We determine realized gains and losses for all debt securities using the specific identification method. We measure the fair value of our marketable debt securities using a market approach where identical or comparable prices are available and an income approach in other cases. If quoted market prices are not available, fair values of securities are determined using prices from a pricing service, pricing models, quoted prices of securities with similar characteristics or discounted cash flow models. These prices represent non-binding quotes. Our pricing service utilizes industry-standard pricing models that consider various inputs. We conduct an annual review of our pricing service and believe the prices received from our pricing service are a reliable representation of exit prices. An evaluation is made quarterly to determine if unrealized losses related to non-trading investments in debt securities are other-than-temporary. Factors considered include the length of time and extent to which the fair value has been below cost, the financial condition and near-term prospects of the issuer and the intent to sell or likelihood to be forced to sell the debt security before any anticipated recovery. |
Accounts and Notes Receivable | Accounts and Notes Receivable Accounts and notes receivable primarily consists of amounts that are due and payable from our customers for the sale of vehicles, parts, and accessories. We evaluate the collectability of receivables each reporting period and record an allowance for doubtful accounts representing our estimate of probable losses. Additions to the allowance are charged to bad debt expense reported in Automotive and other selling, general and administrative expense and were insignificant in the years ended December 31, 2019 , 2018 and 2017 . |
GM Finance Receivables | GM Financial Receivables Finance receivables are carried at amortized cost, net of allowance for loan losses. GM Financial uses forecasting models to determine the collective allowance for loan losses based on factors including historical delinquency migration to loss, probability of default and loss given default. The loss confirmation period is a key assumption within the models and represents the average amount of time from when a loss event first occurs to when the receivable is charged off. GM Financial also considers an evaluation of overall portfolio credit quality based on various indicators. Retail finance receivables that become classified as troubled debt restructurings (TDRs) are separately assessed for impairment. A specific allowance is estimated based on the present value of the expected future cash flows of the receivables discounted at the original weighted average effective interest rate. Finance charge income from loans classified as TDRs is accounted for in the same manner as other accruing loans. Cash collections on these loans are allocated according to the same payment hierarchy methodology applied to loans that are not classified as TDRs. Retail finance receivables are generally charged off in the month in which the account becomes 120 days contractually delinquent if GM Financial has not yet recorded a repossession charge-off. A repossession charge-off generally represents the difference between the estimated net sales proceeds and the unpaid balance of the contract, including accrued interest. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less cost to sell, and considers general market and economic conditions, periodic reviews of current profitability of vehicles, product warranty costs and the effect of estimated sales incentives. Net realizable value for off-lease and other vehicles is current auction sales proceeds less disposal and warranty costs. Productive material, supplies, work in process and service parts are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete. |
Equipment on Operating Leases | Equipment on Operating Leases Equipment on operating leases, net consists of vehicle leases to retail customers with lease terms of two to five years and vehicle sales to rental car companies that are expected to be repurchased in an average of seven months. We are exposed to changes in the residual values of these assets. The residual values represent estimates of the values of the leased vehicles at the end of the lease contracts and are determined based on forecasted auction proceeds when there is a reliable basis to make such a determination. Realization of the residual values is dependent on the future ability to market the vehicles under prevailing market conditions. The estimate of the residual value is evaluated over the life of the arrangement and adjustments may be made to the extent the expected value of the vehicle changes. Adjustments may be in the form of revisions to the depreciation rate or recognition of an impairment charge. A lease vehicle asset group is determined to be impaired if an impairment indicator exists and the expected future cash flows, which include estimated residual values, are lower than the carrying amount of the vehicle asset group. If the carrying amount is considered impaired an impairment charge is recorded for the amount by which the carrying amount exceeds fair value of the vehicle asset group. Fair value is determined primarily using the anticipated cash flows, including estimated residual values. In our automotive operations when a vehicle that is accounted for as a lease is returned the asset is reclassified from Equipment on operating leases, net to Inventories at the lower of cost or net realizable value. Upon disposition, proceeds are recorded in Automotive net sales and revenue and costs are recorded in Automotive and other cost of sales. In our automotive finance operations when a leased vehicle is returned or repossessed the asset is recorded in Other assets at the lower of amortized cost or net realizable value. Upon disposition a gain or loss is recorded in GM Financial interest, operating and other expenses for any difference between the net book value of the leased asset and the proceeds from the disposition of the asset. |
Equity Investments | Equity Investments When events and circumstances warrant, equity investments accounted for under the equity method of accounting are evaluated for impairment. An impairment charge is recorded whenever a decline in value of an equity investment below its carrying amount is determined to be other-than-temporary. Impairment charges related to equity method investments are recorded in Equity income. Equity investments that are not accounted for under the equity method of accounting are measured at fair value with changes in fair value recorded in Interest income and other non-operating income, net. |
Property, net and Special Tools | Property, net Property, plant and equipment, including internal use software, is recorded at cost. Major improvements that extend the useful life or add functionality are capitalized. The gross amount of assets under finance leases, prior to 2019, capital leases, is included in property, plant and equipment. Expenditures for repairs and maintenance are charged to expense as incurred. We depreciate depreciable property using the straight-line method. Leasehold improvements are amortized over the period of lease or the life of the asset, whichever is shorter. The amortization of the assets under finance leases, prior to 2019, capital leases, is included in depreciation expense. Upon retirement or disposition of property, plant and equipment, the cost and related accumulated depreciation are eliminated and any resulting gain or loss is recorded in earnings. Impairment charges related to property are recorded in Automotive and other cost of sales, Automotive and other selling, general and administrative expense or GM Financial interest, operating and other expenses. Special Tools Special tools represent product-specific propulsion and non-propulsion related tools, dies, molds and other items used in the vehicle manufacturing process. Expenditures for special tools are recorded at cost and are capitalized. We amortize special tools over their estimated useful lives using the straight-line method or an accelerated amortization method based on their historical and estimated production volume. Impairment charges related to special tools are recorded in Automotive and other cost of sales. |
Goodwill | Goodwill Goodwill is not amortized but rather tested for impairment annually on October 1 or when events occur or circumstances change that would trigger such a review. The impairment test entails an assessment of qualitative factors to determine whether it is more likely than not that an impairment exists. If it is more likely than not that an impairment exists, then a quantitative impairment test is performed. Impairment exists when the carrying amount of a reporting unit exceeds its fair value. |
Intangible Assets, net | Intangible Assets, net Intangible assets, excluding goodwill, primarily include brand names, technology and intellectual property, customer relationships and dealer networks. Intangible assets are amortized on a straight-line or an accelerated method of amortization over their estimated useful lives. An accelerated amortization method reflecting the pattern in which the asset will be consumed is utilized if that pattern can be reliably determined. We consider the period of expected cash flows and underlying data used to measure the fair value of the intangible assets when selecting a useful life. Amortization of developed technology and intellectual property is recorded in Automotive and other cost of sales. Amortization of brand names, customer relationships and our dealer networks is recorded in Automotive and other selling, general and administrative expense or GM Financial interest, operating and other expenses. Impairment charges, if any, related to intangible assets are recorded in Automotive and other selling, general and administrative expense or Automotive and other cost of sales. |
Valuation of Long-Lived Assets | Valuation of Long-Lived Assets The carrying amount of long-lived assets and finite-lived intangible assets to be held and used in the business is evaluated for impairment when events and circumstances warrant. If the carrying amount of a long-lived asset group is considered impaired, a loss is recorded based on the amount by which the carrying amount exceeds fair value. Product-specific long-lived asset groups and non-product specific long-lived assets are separately tested for impairment on an asset group basis. Fair value is determined using either the market or sales comparison approach, cost approach or anticipated cash flows discounted at a rate commensurate with the risk involved. Long-lived assets to be disposed of other than by sale are considered held for use until disposition. |
Pension and OPEB Plans | Pension and OPEB Plans Attribution, Methods and Assumptions The cost of benefits provided by defined benefit pension plans is recorded in the period employees provide service. The cost of pension plan amendments that provide for benefits already earned by plan participants is amortized over the expected period of benefit which may be the duration of the applicable collective bargaining agreement specific to the plan, the expected future working lifetime or the life expectancy of the plan participants. The cost of medical, dental, legal service and life insurance benefits provided through postretirement benefit plans is recorded in the period employees provide service. The cost of postretirement plan amendments that provide for benefits already earned by plan participants is amortized over the expected period of benefit which may be the average period to full eligibility or the average life expectancy of the plan participants. An expected return on plan asset methodology is utilized to calculate future pension expense for certain significant funded benefit plans. A market-related value of plan assets methodology is also utilized that averages gains and losses on the plan assets over a period of years to determine future pension expense. The methodology recognizes 60% of the difference between the fair value of assets and the expected calculated value in the first year and 10% of that difference over each of the next four years . The discount rate assumption is established for each of the retirement-related benefit plans at their respective measurement dates. In the U.S. we use a cash flow matching approach that uses projected cash flows matched to spot rates along a high-quality corporate bond yield curve to determine the present value of cash flows to calculate a single equivalent discount rate. We apply individual annual yield curve rates to determine the service cost and interest cost for our pension and OPEB plans to more specifically link the cash flows related to service cost and interest cost to bonds maturing in their year of payment. The benefit obligation for pension plans in Canada, the U.K. and Germany represents 93% of the non-U.S. pension benefit obligation at December 31, 2019 . The discount rates for plans in Canada, the U.K. and Germany are determined using a cash flow matching approach like the U.S. Plan Asset Valuation Due to the lack of timely available market information for certain investments in the asset classes described below as well as the inherent uncertainty of valuation, reported fair values may differ from fair values that would have been used had timely available market information been available. Common and Preferred Stock Common and preferred stock for which market prices are readily available at the measurement date are valued at the last reported sale price or official closing price on the primary market or exchange on which they are actively traded and are classified in Level 1. Such equity securities for which the market is not considered to be active are valued via the use of observable inputs, which may include the use of adjusted market prices last available, bids or last available sales prices and/or other observable inputs and are classified in Level 2. Common and preferred stock classified in Level 3 are privately issued securities or other issues that are valued via the use of valuation models using significant unobservable inputs that generally consider aged (stale) pricing, earnings multiples, discounted cash flows and/or other qualitative and quantitative factors. Debt Securities Valuations for debt securities are based on quotations received from independent pricing services or from dealers who make markets in such securities. Debt securities priced via pricing services that utilize matrix pricing which considers readily observable inputs such as the yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices, are classified in Level 2. Debt securities that are typically priced by dealers and pricing services via the use of proprietary pricing models which incorporate significant unobservable inputs are classified in Level 3. These inputs primarily consist of yield and credit spread assumptions, discount rates, prepayment curves, default assumptions and recovery rates. Investment Funds, Private Equity and Debt Investments and Real Estate Investments Investment funds, private equity and debt investments and real estate investments are valued based on the Net Asset Value (NAV) per Share (or its equivalent) as a practical expedient to estimate fair value due to the absence of readily available market prices. NAV's are provided by the respective investment sponsors or investment advisers and are subsequently reviewed and approved by management. In the event management concludes a reported NAV does not reflect fair value or is not determined as of the financial reporting measurement date, we will consider whether and when deemed necessary to make an adjustment at the balance sheet date. In determining whether an adjustment to the external valuation is required, we will review material factors that could affect the valuation, such as changes in the composition or performance of the underlying investments or comparable investments, overall market conditions, expected sale prices for private investments which are probable of being sold in the short-term and other economic factors that may possibly have a favorable or unfavorable effect on the reported external valuation. |
Stock Incentive Plans | Stock Incentive Plans Our stock incentive plans include RSUs, RSAs, PSUs, stock options and awards that may be settled in our stock, the stock of our subsidiaries or in cash. We measure and record compensation expense based on the fair value of GM or Cruise's common stock on the date of grant for RSUs, RSAs and PSUs and the grant date fair value, determined utilizing a lattice model or the Black-Scholes formula, for stock options and PSUs. RSUs granted in stock of Cruise vest upon satisfaction of both a service condition and a liquidity condition, defined as a change in control transaction or the consummation of an initial public offering. Compensation cost for awards that do not have an established accounting grant date, but for which the service inception date has been established, or are settled in cash is based on the fair value of GM or Cruise's common stock at the end of each reporting period. We record compensation cost for service-based RSUs, RSAs, PSUs and service-based stock options on a straight-line basis over the entire vesting period, or for retirement eligible employees over the requisite service period. Compensation costs for RSUs granted in stock of Cruise will be recorded when the liquidity condition described above is met. We use the graded vesting method to record compensation cost for stock options with market conditions over the lesser of the vesting period or the time period an employee becomes eligible to retain the award at retirement. |
Product Warranty and Recall Campaigns | Product Warranty and Recall Campaigns The estimated costs related to product warranties are accrued at the time products are sold and are charged to Automotive and other cost of sales. These estimates are established using historical information on the nature, frequency and average cost of claims of each vehicle line or each model year of the vehicle line and assumptions about future activity and events. Revisions are made when necessary and are based on changes in these factors. The estimated costs related to recall campaigns are accrued when probable and estimable, which is generally at the time of vehicle sale. In GMNA, we estimate the costs related to recall campaigns by applying a paid loss approach that considers the number of historical recall campaigns and the estimated cost for each recall campaign. The estimated costs associated with recall campaigns in other geographical regions are determined using the estimated costs of repairs and the estimated number of vehicles to be repaired. Costs associated with recall campaigns are charged to Automotive and other cost of sales. Revisions are made when necessary based on changes in these factors. |
Income Taxes | Income Taxes The liability method is used in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements using the statutory tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recorded in the results of operations in the period that includes the enactment date under the law. Deferred income tax assets are evaluated quarterly to determine if valuation allowances are required or should be adjusted. We establish valuation allowances for deferred tax assets based on a more likely than not standard. The ability to realize deferred tax assets depends on the ability to generate sufficient taxable income within the carryback or carryforward periods provided for in the tax law for each applicable tax jurisdiction. The assessment regarding whether a valuation allowance is required or should be adjusted also considers all available positive and negative evidence factors. It is difficult to conclude a valuation allowance is not required when there is significant objective and verifiable negative evidence, such as cumulative losses in recent years. We utilize a rolling three years of actual and current year results as the primary measure of cumulative losses in recent years. Income tax expense (benefit) for the year is allocated between continuing operations and other categories of income such as Other comprehensive income (loss). In periods in which there is a pre-tax loss from continuing operations and pre-tax income in another income category, the tax benefit allocated to continuing operations is determined by taking into account the pre-tax income of other categories. We record Global Intangible Low Tax Income (GILTI) as a current period expense when incurred. We record uncertain tax positions on the basis of a two-step process whereby we determine whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position, and for those tax positions that meet the more likely than not criteria, we recognize the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. We record interest and penalties on uncertain tax positions in Income tax expense (benefit). |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation The assets and liabilities of foreign subsidiaries that use the local currency as their functional currency are translated to U.S. Dollars based on the current exchange rate prevailing at each balance sheet date and any resulting translation adjustments are included in Accumulated other comprehensive loss. The assets and liabilities of foreign subsidiaries whose local currency is not their functional currency are remeasured from their local currency to their functional currency and then translated to U.S. Dollars. Revenues and expenses are translated into U.S. Dollars using the average exchange rates prevailing for each period presented. The financial statements of any foreign subsidiary that has been identified as having a highly inflationary economy are remeasured as if the functional currency were the U.S. Dollar. Gains and losses arising from foreign currency transactions and the effects of remeasurements discussed in the preceding paragraph are recorded in Automotive and other cost of sales and GM Financial interest, operating and other expenses unless related to Automotive debt, which are recorded in Interest income and other non-operating income, net. Foreign currency transaction and remeasurement gains were $85 million and losses were $168 million and $52 million in the years ended December 31, 2019, 2018 and 2017. |
Derivative Financial Instruments | Derivative Financial Instruments Derivative financial instruments are recognized as either assets or liabilities at fair value. The accounting for changes in the fair value of each derivative financial instrument depends on whether it has been designated and qualifies as an accounting hedge, as well as the type of hedging relationship identified. Derivative instruments are not used for trading or speculative purposes. Automotive We utilize options, swaps and forward contracts to manage foreign currency and commodity price risk. The change in fair value of option and forward contracts not designated as hedges is recorded in Interest income and other non-operating income, net. Cash flows for all derivative financial instruments are classified in cash flows from operating activities. 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. Gains or losses as a result of the change in the fair value of the PSA warrants are recorded in Interest income and other non-operating income, net. Automotive Financing - GM Financial GM Financial utilizes interest rate derivative instruments to manage interest rate risk and foreign currency derivative instruments to manage foreign currency risk. The change in fair value of the derivative instruments not designated as hedges is recorded in GM Financial interest, operating and other expenses. Cash flows for all derivative financial instruments are classified in cash flows from operating activities. Certain interest rate and foreign currency swap agreements have been designated as fair value hedges. The risk being hedged is the risk of changes in the fair value of the hedged debt attributable to changes in the benchmark interest rate or the risk of changes in fair value attributable to changes in foreign currency exchange rates. If the swap has been designated as a fair value hedge, the changes in the fair value of the hedged item are recorded in GM Financial interest, operating and other expenses. The change in fair value of the related hedge is also recorded in GM Financial interest, operating and other expenses. Certain interest rate swap and foreign currency swap agreements have been designated as cash flow hedges. The risk being hedged is the interest rate and foreign currency risk related to forecasted transactions. If the contract has been designated as a cash flow hedge, the change in the fair value of the cash flow hedge is deferred in Accumulated other comprehensive loss and is recognized in GM Financial interest, operating and other expenses along with the earnings effect of the hedged item when the hedged item affects earnings. Changes in the fair value of amounts excluded from the assessment of effectiveness are recorded currently in earnings and are presented in the same income statement line as the earnings effect of the hedged item. |
Recently Adopted Accounting Standards and Accounting Standards Not Yet Adopted | Recently Adopted Accounting Standards Effective January 1, 2019, we adopted 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 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 consolidated income statement or 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 16 for information on our operating leases at December 31, 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 adopted ASU 2016-13 on January 1, 2020 on a modified retrospective basis. Upon adoption, estimated credit losses under CECL 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. The adoption impact of ASU 2016-13 will increase our allowance for credit losses by approximately $800 million , with an after-tax reduction to Retained earnings of approximately $600 million . |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | 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) | 12 Months Ended |
Dec. 31, 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 : Year Ended December 31, 2019 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 101,346 $ 14,931 $ — $ 116,277 $ — $ — $ — $ 116,277 Used vehicles 1,896 123 — 2,019 — — — 2,019 Services and other 3,124 1,057 220 4,401 100 — (100 ) 4,401 Automotive net sales and revenue 106,366 16,111 220 122,697 100 — (100 ) 122,697 Leased vehicle income — — — — — 10,032 — 10,032 Finance charge income — — — — — 4,071 (7 ) 4,064 Other income — — — — — 451 (7 ) 444 GM Financial net sales and revenue — — — — — 14,554 (14 ) 14,540 Net sales and revenue $ 106,366 $ 16,111 $ 220 $ 122,697 $ 100 $ 14,554 $ (114 ) $ 137,237 Year Ended December 31, 2018 GMNA GMI Corporate Total Automotive GM Financial Eliminations Total Vehicle, parts and accessories $ 107,217 $ 17,980 $ 20 $ 125,217 $ — $ (62 ) $ 125,155 Used vehicles 3,215 175 — 3,390 — (36 ) 3,354 Services and other 3,360 993 183 4,536 — — 4,536 Automotive net sales and revenue 113,792 19,148 203 133,143 — (98 ) 133,045 Leased vehicle income — — — — 9,963 — 9,963 Finance charge income — — — — 3,629 (8 ) 3,621 Other income — — — — 424 (4 ) 420 GM Financial net sales and revenue — — — — 14,016 (12 ) 14,004 Net sales and revenue $ 113,792 $ 19,148 $ 203 $ 133,143 $ 14,016 $ (110 ) $ 147,049 |
Marketable and Other Securiti_2
Marketable and Other Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Marketable Securities [Abstract] | |
Investments Classified by Contractual Maturity Date | The following table summarizes the fair value of cash equivalents and marketable debt and equity securities, which approximates cost: Fair Value Level December 31, 2019 December 31, 2018 Cash and cash equivalents Cash and time deposits(a) $ 6,828 $ 7,254 Available-for-sale debt securities U.S. government and agencies 2 1,484 4,656 Corporate debt 2 5,863 3,791 Sovereign debt 2 2,123 1,976 Total available-for-sale debt securities – cash equivalents 9,470 10,423 Money market funds 1 2,771 3,167 Total cash and cash equivalents(b) $ 19,069 $ 20,844 Marketable debt securities U.S. government and agencies 2 $ 226 $ 1,230 Corporate debt 2 2,932 3,478 Mortgage and asset-backed 2 681 695 Sovereign debt 2 335 563 Total available-for-sale debt securities – marketable securities(c) $ 4,174 $ 5,966 Restricted cash Cash and cash equivalents $ 292 $ 260 Money market funds 1 3,582 2,392 Total restricted cash $ 3,874 $ 2,652 Available-for-sale debt securities included above with contractual maturities(d) Due in one year or less $ 10,213 Due between one and five years 2,750 Total available-for-sale debt securities with contractual maturities $ 12,963 __________ (a) Includes $248 million and $616 million that is designated exclusively to fund capital expenditures in GM Korea at December 31, 2019 and 2018. Refer to Note 20 for additional information. (b) Includes $2.3 billion in Cruise at December 31, 2019 and 2018. Refer to Note 20 for additional information. (c) Includes $266 million in Cruise at December 31, 2019. (d) Excludes mortgage- and asset-backed securities of $681 million at December 31, 2019 as these securities are not due at a single maturity date. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes the fair value of cash equivalents and marketable debt and equity securities, which approximates cost: Fair Value Level December 31, 2019 December 31, 2018 Cash and cash equivalents Cash and time deposits(a) $ 6,828 $ 7,254 Available-for-sale debt securities U.S. government and agencies 2 1,484 4,656 Corporate debt 2 5,863 3,791 Sovereign debt 2 2,123 1,976 Total available-for-sale debt securities – cash equivalents 9,470 10,423 Money market funds 1 2,771 3,167 Total cash and cash equivalents(b) $ 19,069 $ 20,844 Marketable debt securities U.S. government and agencies 2 $ 226 $ 1,230 Corporate debt 2 2,932 3,478 Mortgage and asset-backed 2 681 695 Sovereign debt 2 335 563 Total available-for-sale debt securities – marketable securities(c) $ 4,174 $ 5,966 Restricted cash Cash and cash equivalents $ 292 $ 260 Money market funds 1 3,582 2,392 Total restricted cash $ 3,874 $ 2,652 Available-for-sale debt securities included above with contractual maturities(d) Due in one year or less $ 10,213 Due between one and five years 2,750 Total available-for-sale debt securities with contractual maturities $ 12,963 __________ (a) Includes $248 million and $616 million that is designated exclusively to fund capital expenditures in GM Korea at December 31, 2019 and 2018. Refer to Note 20 for additional information. (b) Includes $2.3 billion in Cruise at December 31, 2019 and 2018. Refer to Note 20 for additional information. (c) Includes $266 million in Cruise at December 31, 2019. (d) Excludes mortgage- and asset-backed securities of $681 million at December 31, 2019 as these securities are not due at a single maturity date. |
Schedule of Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows: December 31, 2019 December 31, 2018 Cash and cash equivalents $ 19,069 $ 20,844 Restricted cash included in Other current assets 3,352 2,083 Restricted cash included in Other assets 522 569 Total $ 22,943 $ 23,496 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows: December 31, 2019 December 31, 2018 Cash and cash equivalents $ 19,069 $ 20,844 Restricted cash included in Other current assets 3,352 2,083 Restricted cash included in Other assets 522 569 Total $ 22,943 $ 23,496 |
GM Financial Receivables and _2
GM Financial Receivables and Transactions (Tables) - GM Financial | 12 Months Ended |
Dec. 31, 2019 | |
Finance Receivables [Line Items] | |
GM Financial Receivables | December 31, 2019 December 31, 2018 Retail Commercial(a) Total Retail Commercial(a) Total Finance receivables, collectively evaluated for impairment, net of fees $ 39,851 $ 11,595 $ 51,446 $ 38,220 $ 12,235 $ 50,455 Finance receivables, individually evaluated for impairment, net of fees(b) 2,378 76 2,454 2,348 41 2,389 GM Financial receivables 42,229 11,671 53,900 40,568 12,276 52,844 Less: allowance for loan losses (866 ) (78 ) (944 ) (844 ) (67 ) (911 ) GM Financial receivables, net $ 41,363 $ 11,593 $ 52,956 $ 39,724 $ 12,209 $ 51,933 Fair value of GM Financial receivables utilizing Level 2 inputs $ 11,593 $ 12,209 Fair value of GM Financial receivables utilizing Level 3 inputs $ 41,973 $ 39,430 __________ (a) Net of dealer cash management balances of $1.2 billion and $922 million at December 31, 2019 and 2018. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on their floorplan line by making principal payments to GM Financial in advance. (b) The allowance for loan losses included $330 million and $321 million of specific allowances on retail receivables at December 31, 2019 and 2018. Years Ended December 31, 2019 2018 2017 Allowance for loan losses at beginning of period $ 911 $ 942 $ 805 Provision for loan losses 726 642 757 Charge-offs (1,246 ) (1,199 ) (1,173 ) Recoveries 551 536 552 Effect of foreign currency 2 (10 ) 1 Allowance for loan losses at end of period $ 944 $ 911 $ 942 |
Allowance for Loan Losses | Years Ended December 31, 2019 2018 2017 Allowance for loan losses at beginning of period $ 911 $ 942 $ 805 Provision for loan losses 726 642 757 Charge-offs (1,246 ) (1,199 ) (1,173 ) Recoveries 551 536 552 Effect of foreign currency 2 (10 ) 1 Allowance for loan losses at end of period $ 944 $ 911 $ 942 |
Intercompany Transactions | December 31, 2019 December 31, 2018 Consolidated Balance Sheets(a) Commercial finance receivables, net due from GM consolidated dealers $ 478 $ 445 Direct-financing lease receivables from GM subsidiaries $ 39 $ 134 Subvention receivable(b) $ 676 $ 727 Commercial loan funding payable $ 74 $ 61 Years Ended December 31, 2019 2018 2017 Consolidated Statements of Income Interest subvention earned on finance receivables $ 588 $ 554 $ 492 Leased vehicle subvention earned $ 3,273 $ 3,274 $ 3,046 __________ (a) All balance sheet amounts are eliminated upon consolidation. (b) Our Automotive segments made cash payments to GM Financial for subvention of $4.1 billion , $3.8 billion , and $4.3 billion in the years ended December 31, 2019 , 2018 and 2017. |
Retail Finance Receivables | |
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: December 31, 2019 December 31, 2018 Amount Percent of Contractual Amount Due Amount Percent of Contractual Amount Due 31-to-60 days delinquent $ 1,354 3.2 % $ 1,349 3.3 % Greater-than-60 days delinquent 542 1.3 % 547 1.4 % Total finance receivables more than 30 days delinquent 1,896 4.5 % 1,896 4.7 % In repossession 44 0.1 % 44 0.1 % Total finance receivables more than 30 days delinquent or in repossession $ 1,940 4.6 % $ 1,940 4.8 % |
Commercial Finance Receivables | |
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: December 31, 2019 December 31, 2018 Group I – Dealers with superior financial metrics $ 1,942 $ 2,192 Group II – Dealers with strong financial metrics 4,552 4,399 Group III – Dealers with fair financial metrics 3,711 4,064 Group IV – Dealers with weak financial metrics 968 1,116 Group V – Dealers warranting special mention due to elevated risks 370 422 Group VI – Dealers with loans classified as substandard, doubtful or impaired 128 83 $ 11,671 $ 12,276 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | December 31, 2019 December 31, 2018 Total productive material, supplies and work in process $ 4,713 $ 4,274 Finished product, including service parts 5,685 5,542 Total inventories $ 10,398 $ 9,816 |
Equipment on Operating Leases (
Equipment on Operating Leases (Tables) - Vehicles | 12 Months Ended |
Dec. 31, 2019 | |
Property Subject to or Available for Operating Lease [Line Items] | |
Schedule of 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. December 31, 2019 December 31, 2018 Equipment on operating leases $ 53,081 $ 55,282 Less: accumulated depreciation (10,989 ) (11,476 ) Equipment on operating leases, net $ 42,092 $ 43,806 |
GM Financial | |
Property Subject to or Available for Operating Lease [Line Items] | |
Schedule of Future Minimum Rental Payments Receivable for Operating Leases | The following table summarizes lease payments due to GM Financial on leases to retail customers: Years Ending December 31, 2020 2021 2022 2023 2024 Total Lease receipts under operating leases $ 6,517 $ 4,080 $ 1,607 $ 137 $ 4 $ 12,345 |
Equity In Net Assets Of Nonco_2
Equity In Net Assets Of Nonconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Equity Income | Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as Equity income. Years Ended December 31, 2019 2018 2017 Automotive China equity income $ 1,132 $ 1,981 $ 1,976 Other joint ventures equity income 136 182 156 Total Equity income $ 1,268 $ 2,163 $ 2,132 |
Carrying Amount of Investments in Nonconsolidated Affiliates | Investments in Nonconsolidated Affiliates December 31, 2019 December 31, 2018 Automotive China carrying amount $ 7,044 $ 7,779 Other investments carrying amount 1,518 1,436 Total equity in net assets of nonconsolidated affiliates $ 8,562 $ 9,215 |
Summarized Financial Data for Nonconsolidated Affiliates | Summarized Financial Data of Nonconsolidated Affiliates December 31, 2019 December 31, 2018 Automotive China JVs Others Total Automotive China JVs Others Total Summarized Balance Sheet Data Current assets $ 14,035 $ 13,319 $ 27,354 $ 16,506 $ 16,234 $ 32,740 Non-current assets 14,484 6,680 21,164 14,012 3,870 17,882 Total assets $ 28,519 $ 19,999 $ 48,518 $ 30,518 $ 20,104 $ 50,622 Current liabilities $ 21,256 $ 11,588 $ 32,844 $ 21,574 $ 13,985 $ 35,559 Non-current liabilities 968 5,017 5,985 1,689 2,826 4,515 Total liabilities $ 22,224 $ 16,605 $ 38,829 $ 23,263 $ 16,811 $ 40,074 Noncontrolling interests $ 847 $ 1 $ 848 $ 865 $ 1 $ 866 Years Ended December 31, 2019 2018 2017 Summarized Operating Data Automotive China JVs' net sales $ 39,123 $ 50,316 $ 50,065 Others' net sales 1,815 1,721 2,542 Total net sales $ 40,938 $ 52,037 $ 52,607 Automotive China JVs' net income $ 2,258 $ 3,992 $ 3,984 Others' net income 477 536 648 Total net income $ 2,735 $ 4,528 $ 4,632 |
Equity Method Investee [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Transactions with and Balances Related to Nonconsolidated Affiliates | The following tables summarize transactions with and balances related to our nonconsolidated affiliates: Years Ended December 31, 2019 2018 2017 Automotive sales and revenue $ 199 $ 406 $ 923 Automotive purchases, net $ 1,065 $ 1,155 $ 674 Dividends received $ 1,852 $ 2,022 $ 2,000 Operating cash flows $ 913 $ 657 $ 2,321 December 31, 2019 December 31, 2018 Accounts and notes receivable, net $ 1,007 $ 979 Accounts payable $ 369 $ 163 Undistributed earnings $ 2,118 $ 2,331 |
China JVs | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Equity Method Investments | The following table summarizes our direct ownership interests in our China JVs: December 31, 2019 December 31, 2018 Automotive China JVs SAIC General Motors Corp., Ltd. (SGM) 50 % 50 % Pan Asia Technical Automotive Center Co., Ltd. 50 % 50 % SAIC General Motors Sales Co., Ltd. 49 % 49 % SAIC GM Wuling Automobile Co., Ltd. (SGMW) 44 % 44 % Shanghai OnStar Telematics Co., Ltd. (Shanghai OnStar) 40 % 40 % SAIC GM (Shenyang) Norsom Motors Co., Ltd. (SGM Norsom) 25 % 25 % SAIC GM Dong Yue Motors Co., Ltd. (SGM DY) 25 % 25 % SAIC GM Dong Yue Powertrain Co., Ltd. (SGM DYPT) 25 % 25 % FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM)(a) — % 50 % Other joint ventures SAIC-GMAC Automotive Finance Company Limited (SAIC-GMAC) 35 % 35 % SAIC-GMF Leasing Co., Ltd. 35 % 35 % ________ (a) In 2019, we divested our joint venture FAW-GM. |
Property (Tables)
Property (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment | Estimated Useful Lives in Years December 31, 2019 December 31, 2018 Land $ 1,302 $ 1,349 Buildings and improvements 5-40 9,705 9,173 Machinery and equipment 3-27 29,814 26,453 Special tools 1-13 23,586 23,828 Construction in progress 3,042 4,680 Total property 67,449 65,483 Less: accumulated depreciation (28,699 ) (26,725 ) Total property, net $ 38,750 $ 38,758 |
Depreciation Amortization and Impairment of Property Plant and Equipment | The amount of interest capitalized and excluded from Automotive interest expense related to Property, net was insignificant in the years ended December 31, 2019 , 2018 and 2017 . Years Ended December 31, 2019 2018 2017 Depreciation and amortization expense $ 6,541 $ 5,347 $ 4,966 Impairment charges $ 7 $ 466 $ 199 Capitalized software amortization expense(a) $ 452 $ 424 $ 459 __________ (a) Included in depreciation and amortization expense. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Components of Intangible Assets | December 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Technology and intellectual property $ 734 $ 533 $ 201 $ 734 $ 457 $ 277 Brands 4,298 1,285 3,013 4,299 1,165 3,134 Dealer network, customer relationships and other 966 702 264 968 661 307 Total intangible assets $ 5,998 $ 2,520 $ 3,478 $ 6,001 $ 2,283 $ 3,718 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
GM Financial | Consolidated VIE | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs: December 31, 2019 December 31, 2018 Restricted cash – current $ 2,202 $ 1,876 Restricted cash – non-current $ 441 $ 504 GM Financial receivables, net of fees – current $ 19,081 $ 18,304 GM Financial receivables, net of fees – non-current $ 15,921 $ 14,008 GM Financial equipment on operating leases, net $ 14,464 $ 21,781 GM Financial short-term debt and current portion of long-term debt $ 23,952 $ 21,087 GM Financial long-term debt $ 15,819 $ 21,417 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued and Other Liabilities | December 31, 2019 December 31, 2018 Accrued liabilities Dealer and customer allowances, claims and discounts $ 10,402 $ 11,611 Deferred revenue 3,234 3,504 Product warranty and related liabilities 2,987 2,788 Payrolls and employee benefits excluding postemployment benefits 1,969 2,233 Other 7,895 7,913 Total accrued liabilities $ 26,487 $ 28,049 Other liabilities Deferred revenue $ 2,962 $ 2,959 Product warranty and related liabilities 4,811 4,802 Operating lease liabilities 1,010 — Employee benefits excluding postemployment benefits 704 658 Postemployment benefits including facility idling reserves 633 875 Other 3,026 3,063 Total other liabilities $ 13,146 $ 12,357 |
Product Warranty and Related Liabilities | Years Ended December 31, 2019 2018 2017 Product Warranty and Related Liabilities Warranty balance at beginning of period $ 7,590 $ 8,332 $ 9,069 Warranties issued and assumed in period – recall campaigns 745 665 678 Warranties issued and assumed in period – product warranty 2,001 2,143 2,123 Payments (3,012 ) (2,903 ) (3,129 ) Adjustments to pre-existing warranties 455 (464 ) (495 ) Effect of foreign currency and other 19 (183 ) 86 Warranty balance at end of period $ 7,798 $ 7,590 $ 8,332 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Interest expense | Years Ended December 31, 2019 2018 2017 Automotive interest expense $ 782 $ 655 $ 575 Automotive Financing - GM Financial interest expense 3,641 3,225 2,566 Total interest expense $ 4,423 $ 3,880 $ 3,141 |
Schedule of maturities of long-term debt | The following table summarizes contractual maturities including finance leases at December 31, 2019 : Automotive Automotive Financing(a) Total 2020 $ 1,912 $ 35,587 $ 37,499 2021 535 20,690 21,225 2022 70 11,763 11,833 2023 1,546 7,038 8,584 2024 48 5,795 5,843 Thereafter 10,807 8,160 18,967 $ 14,918 $ 89,033 $ 103,951 ________ (a) Secured debt, credit facilities and other unsecured debt are based on expected payoff date. Senior notes principal amounts are based on maturity. |
Automotive | |
Debt carrying amount and fair value | The following table presents debt in our automotive operations: December 31, 2019 December 31, 2018 Secured debt $ 167 $ 143 Unsecured debt 13,909 13,292 Finance lease liabilities 310 528 Total automotive debt(a) $ 14,386 $ 13,963 Fair value utilizing Level 1 inputs $ 13,628 $ 11,693 Fair value utilizing Level 2 inputs 2,300 1,838 Fair value of automotive debt $ 15,928 $ 13,531 Available under credit facility agreements $ 17,285 $ 14,167 Weighted-average interest rate on outstanding short-term debt(b) 4.9 % 6.6 % Weighted-average interest rate on outstanding long-term debt(b) 5.4 % 5.2 % __________ (a) Includes net discount and debt issuance costs of $540 million and $499 million at December 31, 2019 and 2018 . (b) Includes coupon rates on debt denominated in various foreign currencies and interest free loans. |
GM Financial | |
Debt carrying amount and fair value | The following table presents debt of GM Financial: December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 39,959 $ 40,160 $ 42,835 $ 42,835 Unsecured debt 48,979 50,239 48,153 47,556 Total GM Financial debt $ 88,938 $ 90,399 $ 90,988 $ 90,391 Fair value utilizing Level 2 inputs $ 88,481 $ 88,305 Fair value utilizing Level 3 inputs $ 1,918 $ 2,086 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Automotive | |
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 December 31, 2019 December 31, 2018 Derivatives not designated as hedges(a) Foreign currency 2 $ 5,075 $ 2,710 Commodity 2 806 658 PSA Warrants(b) 2 45 45 Total derivative financial instruments $ 5,926 $ 3,413 __________ (a) The fair value of these derivative instruments at December 31, 2019 and 2018 and the gains/losses included in our consolidated income statements for the years ended December 31, 2019 , 2018 and 2017 were insignificant, unless otherwise noted. (b) The fair value of the PSA warrants located in Other assets was $964 million and $827 million at December 31, 2019 and 2018 . We recorded gains in Interest income and other non-operating income, net of $154 million and $116 million for the years ended December 31, 2019 and 2018 , and an insignificant amount for the year ended December 31, 2017 . |
GM Financial | |
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 December 31, 2019 December 31, 2018 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Derivatives designated as hedges(a) Fair value hedges Interest rate swaps(b) 2 $ 9,458 $ 234 $ 23 $ 9,533 $ 42 $ 231 Foreign currency swaps 2 1,796 22 71 1,829 37 60 Cash flow hedges Interest rate swaps 2 590 — 6 768 8 — Foreign currency swaps 2 4,429 40 119 2,075 43 58 Derivatives not designated as hedges(a) Interest rate contracts 2 92,400 340 300 99,666 372 520 Total derivative financial instruments(c) $ 108,673 $ 636 $ 519 $ 113,871 $ 502 $ 869 __________ (a) The gains/losses included in our consolidated income statements and statements of comprehensive income for the years ended December 31, 2019 , 2018 and 2017 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 gains included in GM Financial interest, operating, and other expenses were $355 million and an insignificant amount for the years ended December 31, 2019 and 2018. (c) GM Financial held $210 million and an insignificant amount of collateral from counterparties available for netting against GM Financial's asset positions, and posted an insignificant amount and $451 million of collateral to counterparties available for netting against GM Financial's liability positions at December 31, 2019 and 2018 . |
Schedule of Fair Value Hedging Instruments | The following amounts were recorded in the consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships: December 31, 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(b) $ 20,397 $ (77 ) $ 17,923 $ 459 __________ (a) Includes an insignificant amount and $247 million of amortization remaining on hedged items for which hedge accounting has been discontinued at December 31, 2019 and 2018 . (b) The gains/losses for hedged items – interest rate swaps included in GM Financial interest, operating, and other expenses were a loss of $569 million and an insignificant amount for the years ended December 31, 2019 and 2018. |
Pensions And Other Postretire_2
Pensions And Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |
Changes in Benefit Obligations, Plan Assets and Funded Status | Year Ended December 31, 2019 Year Ended December 31, 2018 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligations Beginning benefit obligation $ 61,190 $ 19,904 $ 5,744 $ 68,450 $ 22,789 $ 6,374 Service cost 179 120 17 209 149 20 Interest cost 2,264 456 220 2,050 464 195 Actuarial (gains) losses 6,444 1,653 641 (4,449 ) (272 ) (389 ) Benefits paid (4,753 ) (1,234 ) (395 ) (4,898 ) (1,595 ) (388 ) Foreign currency translation adjustments — 561 54 — (1,452 ) (106 ) Curtailments, settlements and other (640 ) (62 ) 23 (172 ) (179 ) 38 Ending benefit obligation 64,684 21,398 6,304 61,190 19,904 5,744 Change in plan assets Beginning fair value of plan assets 56,102 13,528 — 62,639 14,495 — Actual return on plan assets 8,454 1,669 — (1,419 ) 301 — Employer contributions 83 532 370 76 1,624 369 Benefits paid (4,753 ) (1,234 ) (395 ) (4,898 ) (1,595 ) (388 ) Foreign currency translation adjustments — 668 — — (1,106 ) — Settlements and other (647 ) (202 ) 25 (296 ) (191 ) 19 Ending fair value of plan assets 59,239 14,961 — 56,102 13,528 — Ending funded status $ (5,445 ) $ (6,437 ) $ (6,304 ) $ (5,088 ) $ (6,376 ) $ (5,744 ) Amounts recorded in the consolidated balance sheets Non-current assets $ — $ 698 $ — $ — $ 496 $ — Current liabilities (68 ) (342 ) (369 ) (73 ) (349 ) (374 ) Non-current liabilities (5,377 ) (6,793 ) (5,935 ) (5,015 ) (6,523 ) (5,370 ) Net amount recorded $ (5,445 ) $ (6,437 ) $ (6,304 ) $ (5,088 ) $ (6,376 ) $ (5,744 ) Amounts recorded in Accumulated other comprehensive loss Net actuarial loss $ (1,980 ) $ (4,688 ) $ (1,364 ) $ (752 ) $ (3,983 ) $ (752 ) Net prior service (cost) credit 14 (78 ) 27 19 (64 ) 34 Total recorded in Accumulated other comprehensive loss $ (1,966 ) $ (4,766 ) $ (1,337 ) $ (733 ) $ (4,047 ) $ (718 ) |
Schedule of amounts recorded in the consolidated balance sheets | Year Ended December 31, 2019 Year Ended December 31, 2018 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligations Beginning benefit obligation $ 61,190 $ 19,904 $ 5,744 $ 68,450 $ 22,789 $ 6,374 Service cost 179 120 17 209 149 20 Interest cost 2,264 456 220 2,050 464 195 Actuarial (gains) losses 6,444 1,653 641 (4,449 ) (272 ) (389 ) Benefits paid (4,753 ) (1,234 ) (395 ) (4,898 ) (1,595 ) (388 ) Foreign currency translation adjustments — 561 54 — (1,452 ) (106 ) Curtailments, settlements and other (640 ) (62 ) 23 (172 ) (179 ) 38 Ending benefit obligation 64,684 21,398 6,304 61,190 19,904 5,744 Change in plan assets Beginning fair value of plan assets 56,102 13,528 — 62,639 14,495 — Actual return on plan assets 8,454 1,669 — (1,419 ) 301 — Employer contributions 83 532 370 76 1,624 369 Benefits paid (4,753 ) (1,234 ) (395 ) (4,898 ) (1,595 ) (388 ) Foreign currency translation adjustments — 668 — — (1,106 ) — Settlements and other (647 ) (202 ) 25 (296 ) (191 ) 19 Ending fair value of plan assets 59,239 14,961 — 56,102 13,528 — Ending funded status $ (5,445 ) $ (6,437 ) $ (6,304 ) $ (5,088 ) $ (6,376 ) $ (5,744 ) Amounts recorded in the consolidated balance sheets Non-current assets $ — $ 698 $ — $ — $ 496 $ — Current liabilities (68 ) (342 ) (369 ) (73 ) (349 ) (374 ) Non-current liabilities (5,377 ) (6,793 ) (5,935 ) (5,015 ) (6,523 ) (5,370 ) Net amount recorded $ (5,445 ) $ (6,437 ) $ (6,304 ) $ (5,088 ) $ (6,376 ) $ (5,744 ) Amounts recorded in Accumulated other comprehensive loss Net actuarial loss $ (1,980 ) $ (4,688 ) $ (1,364 ) $ (752 ) $ (3,983 ) $ (752 ) Net prior service (cost) credit 14 (78 ) 27 19 (64 ) 34 Total recorded in Accumulated other comprehensive loss $ (1,966 ) $ (4,766 ) $ (1,337 ) $ (733 ) $ (4,047 ) $ (718 ) |
Schedule of Projected Benefit Obligations in Excess of Fair Value of Plan Assets | The following table summarizes the total accumulated benefit obligations (ABO), the ABO and fair value of plan assets for defined benefit pension plans with ABO in excess of plan assets, and the PBO and fair value of plan assets for defined benefit pension plans with PBO in excess of plan assets: December 31, 2019 December 31, 2018 U.S. Non-U.S. U.S. Non-U.S. ABO $ 64,669 $ 21,319 $ 61,177 $ 19,822 Plans with ABO in excess of plan assets ABO $ 64,669 $ 10,996 $ 61,177 $ 10,289 Fair value of plan assets $ 59,239 $ 3,940 $ 56,102 $ 3,485 Plans with PBO in excess of plan assets PBO $ 64,684 $ 11,079 $ 61,190 $ 10,356 Fair value of plan assets $ 59,239 $ 3,940 $ 56,102 $ 3,485 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following table summarizes the total accumulated benefit obligations (ABO), the ABO and fair value of plan assets for defined benefit pension plans with ABO in excess of plan assets, and the PBO and fair value of plan assets for defined benefit pension plans with PBO in excess of plan assets: December 31, 2019 December 31, 2018 U.S. Non-U.S. U.S. Non-U.S. ABO $ 64,669 $ 21,319 $ 61,177 $ 19,822 Plans with ABO in excess of plan assets ABO $ 64,669 $ 10,996 $ 61,177 $ 10,289 Fair value of plan assets $ 59,239 $ 3,940 $ 56,102 $ 3,485 Plans with PBO in excess of plan assets PBO $ 64,684 $ 11,079 $ 61,190 $ 10,356 Fair value of plan assets $ 59,239 $ 3,940 $ 56,102 $ 3,485 |
Schedule of Net Periodic Pension and OPEB expense | The following table summarizes the components of net periodic pension and OPEB expense along with the assumptions used to determine benefit obligations: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Components of expense Service cost $ 393 $ 132 $ 17 $ 330 $ 163 $ 20 $ 315 $ 199 $ 19 Interest cost 2,264 456 220 2,050 464 195 2,145 473 202 Expected return on plan assets (3,483 ) (786 ) — (3,890 ) (825 ) — (3,677 ) (750 ) — Amortization of net actuarial (gains) losses 11 122 30 10 144 54 (6 ) 157 23 Curtailments, settlements and other 21 142 (23 ) (19 ) 43 (19 ) (37 ) 8 (5 ) Net periodic pension and OPEB (income) expense $ (794 ) $ 66 $ 244 $ (1,519 ) $ (11 ) $ 250 $ (1,260 ) $ 87 $ 239 Weighted-average assumptions used to determine benefit obligations(a) Discount rate 3.20 % 2.16 % 3.24 % 4.22 % 2.86 % 4.19 % 3.53 % 2.66 % 3.52 % Weighted-average assumptions used to determine net expense(a) Discount rate 3.92 % 3.36 % 4.07 % 3.19 % 2.99 % 3.29 % 3.35 % 2.94 % 3.39 % Expected rate of return on plan assets 6.37 % 5.76 % N/A 6.61 % 6.09 % N/A 6.23 % 5.82 % N/A _________ (a) The rate of compensation increase does not have a significant effect on our U.S. pension and OPEB plans. |
Schedule of Assumptions Used | The following table summarizes the components of net periodic pension and OPEB expense along with the assumptions used to determine benefit obligations: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Components of expense Service cost $ 393 $ 132 $ 17 $ 330 $ 163 $ 20 $ 315 $ 199 $ 19 Interest cost 2,264 456 220 2,050 464 195 2,145 473 202 Expected return on plan assets (3,483 ) (786 ) — (3,890 ) (825 ) — (3,677 ) (750 ) — Amortization of net actuarial (gains) losses 11 122 30 10 144 54 (6 ) 157 23 Curtailments, settlements and other 21 142 (23 ) (19 ) 43 (19 ) (37 ) 8 (5 ) Net periodic pension and OPEB (income) expense $ (794 ) $ 66 $ 244 $ (1,519 ) $ (11 ) $ 250 $ (1,260 ) $ 87 $ 239 Weighted-average assumptions used to determine benefit obligations(a) Discount rate 3.20 % 2.16 % 3.24 % 4.22 % 2.86 % 4.19 % 3.53 % 2.66 % 3.52 % Weighted-average assumptions used to determine net expense(a) Discount rate 3.92 % 3.36 % 4.07 % 3.19 % 2.99 % 3.29 % 3.35 % 2.94 % 3.39 % Expected rate of return on plan assets 6.37 % 5.76 % N/A 6.61 % 6.09 % N/A 6.23 % 5.82 % N/A _________ (a) The rate of compensation increase does not have a significant effect on our U.S. pension and OPEB plans. |
Schedule of Expected Net Benefit Payments | The following table summarizes net benefit payments expected to be paid in the future, which include assumptions related to estimated future employee service: Pension Benefits Global OPEB Plans U.S. Plans Non-U.S. Plans 2020 $ 4,942 $ 1,529 $ 372 2021 $ 4,755 $ 1,201 $ 369 2022 $ 4,631 $ 1,164 $ 365 2023 $ 4,515 $ 1,130 $ 360 2024 $ 4,407 $ 1,104 $ 357 2025 - 2029 $ 20,257 $ 5,166 $ 1,755 |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of contributions to defined benefit pension plans | The following table summarizes contributions made to the defined benefit pension plans: Years Ended December 31, 2019 2018 2017 U.S. hourly and salaried $ 83 $ 76 $ 77 Non-U.S. 532 1,624 1,153 Total $ 615 $ 1,700 $ 1,230 |
Schedules of Fair Value of Plan Assets by Asset Class and Target Allocations | The following table summarizes the target allocations by asset category for U.S. and non-U.S. defined benefit pension plans: December 31, 2019 December 31, 2018 U.S. Non-U.S. U.S. Non-U.S. Equity 12 % 14 % 12 % 14 % Debt 64 % 67 % 64 % 66 % Other(a) 24 % 19 % 24 % 20 % Total 100 % 100 % 100 % 100 % __________ (a) Primarily includes private equity, real estate and absolute return strategies which mainly consist of hedge funds. Assets and Fair Value Measurements The following tables summarize the fair value of U.S. and non-U.S. defined benefit pension plan assets by asset class: December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total U.S. Pension Plan Assets Common and preferred stocks $ 6,232 $ 19 $ 1 $ 6,252 $ 4,914 $ 18 $ 2 $ 4,934 Government and agency debt securities(a) — 13,843 — 13,843 — 12,077 — 12,077 Corporate and other debt securities — 24,809 — 24,809 — 24,645 — 24,645 Other investments, net(b) (47 ) 25 401 379 350 80 371 801 Net plan assets subject to leveling $ 6,185 $ 38,696 $ 402 45,283 $ 5,264 $ 36,820 $ 373 42,457 Plan assets measured at net asset value Investment funds 7,031 6,465 Private equity and debt investments 2,951 3,021 Real estate investments 3,484 3,504 Total plan assets measured at net asset value 13,466 12,990 Other plan assets, net(c) 490 655 Net plan assets $ 59,239 $ 56,102 December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Non-U.S. Pension Plan Assets Common and preferred stocks $ 489 $ 1 $ — $ 490 $ 441 $ 1 $ 5 $ 447 Government and agency debt securities(a) — 3,927 — 3,927 — 3,640 — 3,640 Corporate and other debt securities — 3,230 — 3,230 — 2,589 1 2,590 Other investments, net(b)(d) (5 ) (107 ) 248 136 59 128 242 429 Net plan assets subject to leveling $ 484 $ 7,051 $ 248 7,783 $ 500 $ 6,358 $ 248 7,106 Plan assets measured at net asset value Investment funds 5,608 5,081 Private equity and debt investments 511 526 Real estate investments 982 980 Total plan assets measured at net asset value 7,101 6,587 Other plan assets (liabilities), net(c) 77 (165 ) Net plan assets $ 14,961 $ 13,528 __________ (a) Includes U.S. and sovereign government and agency issues. (b) Includes net derivative assets (liabilities). (c) Cash held by the plans, net of amounts receivable/payable for unsettled security transactions and payables for investment manager fees, custody fees and other expenses. (d) Level 2 Other investments, net includes Canadian reverse repurchase agreements. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Taxes and Equity Income | Years Ended December 31, 2019 2018 2017 U.S. income $ 3,826 $ 4,433 $ 8,399 Non-U.S. income 2,342 1,953 1,332 Income before income taxes and equity income $ 6,168 $ 6,386 $ 9,731 |
Schedule of Components of Income Tax Expense (Benefit) | Years Ended December 31, 2019 2018 2017 Current income tax expense (benefit) U.S. federal $ 42 $ (104 ) $ 18 U.S. state and local 102 113 83 Non-U.S. 758 577 552 Total current income tax expense 902 586 653 Deferred income tax expense (benefit) U.S. federal (145 ) (578 ) 7,831 U.S. state and local 3 250 (187 ) Non-U.S. 9 216 3,236 Total deferred income tax expense (benefit) (133 ) (112 ) 10,880 Total income tax expense $ 769 $ 474 $ 11,533 |
Schedule of Effective Income Tax Rate Reconciliation | Years Ended December 31, 2019 2018 2017 Income tax expense at U.S. federal statutory income tax rate $ 1,295 $ 1,341 $ 3,406 State and local tax expense (benefit) 117 282 (76 ) Non-U.S. income taxed at other than the U.S. federal statutory tax rate 166 90 (145 ) U.S. tax impact on Non-U.S. income and activities (197 ) (822 ) (941 ) Change in valuation allowances (233 ) 1,695 2,712 Change in tax laws (122 ) (134 ) 7,194 General business credits and manufacturing incentives (420 ) (695 ) (428 ) Capital loss expiration — 107 — Settlements of prior year tax matters — (188 ) (256 ) Realization of basis differences in affiliates — (59 ) — German statutory approval of net operating losses — (990 ) — Foreign currency remeasurement 74 19 23 Other adjustments 89 (172 ) 44 Total income tax expense $ 769 $ 474 $ 11,533 |
Schedule of Deferred Tax Assets and Liabilities | The following table summarizes the components of temporary differences and carryforwards that give rise to deferred tax assets and liabilities: December 31, 2019 December 31, 2018 Deferred tax assets Postretirement benefits other than pensions $ 1,695 $ 1,584 Pension and other employee benefit plans 2,968 3,020 Warranties, dealer and customer allowances, claims and discounts 6,299 6,307 U.S. capitalized research expenditures 6,035 5,176 U.S. operating loss and tax credit carryforwards(a) 8,686 8,591 Non-U.S. operating loss and tax credit carryforwards(b) 6,731 6,393 Miscellaneous 1,965 2,034 Total deferred tax assets before valuation allowances 34,379 33,105 Less: valuation allowances (8,135 ) (7,976 ) Total deferred tax assets 26,244 25,129 Deferred tax liabilities Property, plant and equipment 1,565 1,098 Intangible assets 763 729 Total deferred tax liabilities 2,328 1,827 Net deferred tax assets $ 23,916 $ 23,302 _________ (a) At December 31, 2019 U.S. operating loss and tax credit carryforwards of $8.7 billion expire by 2039 if not utilized. (b) At December 31, 2019 Non-U.S. operating loss and tax credit carryforwards of $1.3 billion expire by 2039 if not utilized and the remaining balance of $5.4 billion may be carried forward indefinitely. |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes activity of the total amounts of unrecognized tax benefits: Years Ended December 31, 2019 2018 2017 Balance at beginning of period $ 1,341 $ 1,557 $ 1,182 Additions to current year tax positions 18 292 160 Additions to prior years' tax positions 13 264 448 Reductions to prior years' tax positions (501 ) (244 ) (195 ) Reductions in tax positions due to lapse of statutory limitations (8 ) (38 ) (44 ) Settlements (93 ) (450 ) (11 ) Other 5 (40 ) 17 Balance at end of period $ 775 $ 1,341 $ 1,557 |
Restructuring And Other Initi_2
Restructuring And Other Initiatives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The following table summarizes the reserves and charges related to restructuring and other initiatives, including postemployment benefit reserves and charges: Years Ended December 31, 2019 2018 2017 Balance at beginning of period $ 1,122 $ 227 $ 268 Additions, interest accretion and other 629 1,637 330 Payments (1,101 ) (600 ) (315 ) Revisions to estimates and effect of foreign currency (86 ) (142 ) (56 ) Balance at end of period $ 564 $ 1,122 $ 227 |
Interest Income and Other Non_2
Interest Income and Other Non-Operating Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of Interest Income and Other Non-Operating Income, net | Years Ended December 31, 2019 2018 2017 Non-service pension and OPEB income $ 797 $ 1,665 $ 1,316 Interest income 429 335 266 Licensing agreements income 165 296 74 Revaluation of investments 80 258 (56 ) Other (2 ) 42 45 Total interest income and other non-operating income, net $ 1,469 $ 2,596 $ 1,645 |
Stockholders' Equity and Nonc_2
Stockholders' Equity and Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the significant components of Accumulated other comprehensive loss: Years Ended December 31, 2019 2018 2017 Foreign Currency Translation Adjustments Balance at beginning of period $ (2,250 ) $ (1,606 ) $ (2,355 ) Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment, net of tax and impact of adoption of accounting standards(a)(b) (56 ) (664 ) 560 Reclassification adjustment, net of tax(a) 28 20 189 Other comprehensive income (loss), net of tax(a) (28 ) (644 ) 749 Balance at end of period $ (2,278 ) $ (2,250 ) $ (1,606 ) Defined Benefit Plans Balance at beginning of period $ (6,737 ) $ (6,398 ) $ (6,968 ) Other comprehensive loss and noncontrolling interests before reclassification adjustment, net of impact of adoption of accounting standards(b) (2,769 ) (580 ) (798 ) Tax benefit 463 100 98 Other comprehensive loss and noncontrolling interests before reclassification adjustment, net of tax and impact of adoption of accounting standards(b) (2,306 ) (480 ) (700 ) Reclassification adjustment, net of tax(a)(c) 184 141 1,270 Other comprehensive income (loss), net of tax (2,122 ) (339 ) 570 Balance at end of period(d) $ (8,859 ) $ (6,737 ) $ (6,398 ) __________ (a) The income tax effect was insignificant in the years ended December 31, 2019 , 2018 and 2017 . (b) The noncontrolling interests are insignificant in the years ended December 31, 2019 , 2018 and 2017 . (c) $1.2 billion is included in the loss on sale of the Opel/Vauxhall Business in the year ended December 31, 2017. An insignificant amount is included in the computation of periodic pension and OPEB (income) expense in the year ended December 31, 2017 . (d) Primarily consists of unamortized actuarial loss on our defined benefit plans. Refer to the critical accounting estimates section of our MD&A for additional information. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Years Ended December 31, 2019 2018 2017 Basic earnings per share Income from continuing operations(a) $ 6,732 $ 8,084 $ 348 Less: cumulative dividends on subsidiary preferred stock (151 ) (98 ) (16 ) Income from continuing operations attributable to common stockholders 6,581 7,986 332 Loss from discontinued operations, net of tax — 70 4,212 Net income (loss) attributable to common stockholders $ 6,581 $ 7,916 $ (3,880 ) Weighted-average common shares outstanding 1,424 1,411 1,465 Basic earnings per common share – continuing operations $ 4.62 $ 5.66 $ 0.23 Basic loss per common share – discontinued operations $ — $ 0.05 $ 2.88 Basic earnings (loss) per common share $ 4.62 $ 5.61 $ (2.65 ) Diluted earnings per share Income from continuing operations attributable to common stockholders – diluted(a) $ 6,581 $ 7,986 $ 332 Loss from discontinued operations, net of tax – diluted $ — $ 70 $ 4,212 Net income (loss) attributable to common stockholders – diluted $ 6,581 $ 7,916 $ (3,880 ) Weighted-average common shares outstanding – basic 1,424 1,411 1,465 Dilutive effect of warrants and awards under stock incentive plans 15 20 27 Weighted-average common shares outstanding – diluted 1,439 1,431 1,492 Diluted earnings per common share – continuing operations $ 4.57 $ 5.58 $ 0.22 Diluted loss per common share – discontinued operations $ — $ 0.05 $ 2.82 Diluted earnings (loss) per common share $ 4.57 $ 5.53 $ (2.60 ) Potentially dilutive securities(b) 7 9 — __________ (a) Net of Net loss attributable to noncontrolling interests. (b) Potentially dilutive securities attributable to outstanding stock options were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including 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: Years Ended December 31, 2019 2018 2017 Net sales and revenue(a) $ 1,129 $ 1,939 $ 853 Purchases and expenses(a) $ 825 $ 1,422 $ 218 Cash payments(b) $ 975 $ 1,849 $ 242 Cash receipts(b) $ 1,408 $ 2,310 $ 1,161 __________ (a) Included in Income from continuing operations. (b) Included in Net cash provided by operating activities – continuing operations. The following table summarizes the results of the European Business operations: Years Ended December 31, 2019 2018 2017 Automotive net sales and revenue $ — $ — $ 11,257 GM Financial net sales and revenue — — 466 Total net sales and revenue — — 11,723 Automotive and other cost of sales — — 11,049 GM Financial interest, operating and other expenses — — 342 Automotive and other selling, general, and administrative expense — — 813 Other expense items — — (72 ) Loss from discontinued operations before taxes — — 553 Loss on sale of discontinued operations before taxes(a)(b) — 70 2,176 Total loss from discontinued operations before taxes — 70 2,729 Income tax expense(b)(c) — — 1,483 Loss from discontinued operations, net of tax $ — $ 70 $ 4,212 __________ (a) Includes contract cancellation charges associated with the disposal for the year ended December 31, 2017. (b) Total loss on sale of discontinued operations, net of tax was $3.9 billion for the year ended December 31, 2017. (c) Includes $2.0 billion of deferred tax assets that transferred to PSA Group in the year ended December 31, 2017. |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation Activity | Shares (in millions) Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Term in Years Units outstanding at January 1, 2019 48.1 $ 19.81 1.3 Granted 8.9 $ 27.89 Settled (11.6 ) $ 28.78 Forfeited or expired (3.9 ) $ 30.87 Units outstanding at December 31, 2019(a) 41.5 $ 19.17 0.9 __________ (a) Includes the target amount of PSUs. |
Supplementary Quarterly Finan_2
Supplementary Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following tables summarize supplementary quarterly financial information: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2019 Total net sales and revenue $ 34,878 $ 36,060 $ 35,473 $ 30,826 Automotive and other gross margin(a) $ 3,032 $ 4,098 $ 3,643 $ 1,273 Income (loss) from continuing operations $ 2,145 $ 2,403 $ 2,311 $ (192 ) Net income (loss) attributable to stockholders $ 2,157 $ 2,418 $ 2,351 $ (194 ) Basic earnings (loss) per common share – continuing operations $ 1.50 $ 1.68 $ 1.62 $ (0.16 ) Diluted earnings (loss) per common share – continuing operations $ 1.48 $ 1.66 $ 1.60 $ (0.16 ) __________ (a) Includes our Cruise segment. In the three months ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019 we recorded pre-tax charges of $790 million , $361 million , $390 million and $267 million related to transformation activities including accelerated depreciation, supplier-related charges and other charges. In the three months ended March 31, 2019, June 30, 2019 and September 30, 2019, we recorded pre-tax benefits of $857 million , $380 million and $123 million related to the retrospective recoveries of indirect taxes in Brazil. In the three months ended September 30, 2019 and December 31, 2019, we estimate that the lost vehicle production volumes and parts sales due to the UAW strike had an unfavorable pre-tax impact on our Income from continuing operations. In the three months ended December 31, 2019 we recorded a pre-tax charge of $164 million related to the divestiture in our joint venture FAW-GM. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2018 Total net sales and revenue $ 36,099 $ 36,760 $ 35,791 $ 38,399 Automotive and other gross margin(a) $ 2,507 $ 3,204 $ 3,743 $ 2,935 Income from continuing operations $ 1,110 $ 2,366 $ 2,530 $ 2,069 Loss from discontinued operations, net of tax $ 70 $ — $ — $ — Net income attributable to stockholders $ 1,046 $ 2,390 $ 2,534 $ 2,044 Basic earnings per common share – continuing operations $ 0.78 $ 1.68 $ 1.77 $ 1.42 Basic loss per common share – discontinued operations $ 0.05 $ — $ — $ — Diluted earnings per common share – continuing operations $ 0.77 $ 1.66 $ 1.75 $ 1.40 Diluted loss per common share – discontinued operations $ 0.05 $ — $ — $ — __________ (a) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables summarize key financial information by segment: At and For the Year Ended December 31, 2019 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 106,366 $ 16,111 $ 220 $ 122,697 $ 100 $ 14,554 $ (114 ) $ 137,237 Earnings (loss) before interest and taxes-adjusted $ 8,204 $ (202 ) $ (691 ) $ 7,311 $ (1,004 ) $ 2,104 $ (18 ) $ 8,393 Adjustments(a) $ (1,618 ) $ 1,081 $ (2 ) $ (539 ) $ — $ — $ — (539 ) Automotive interest income 429 Automotive interest expense (782 ) Net (loss) attributable to noncontrolling interests (65 ) Income before income taxes 7,436 Income tax expense (769 ) Income from continuing operations 6,667 Loss from discontinued operations, net of tax — Net loss attributable to noncontrolling interests 65 Net income attributable to stockholders $ 6,732 Equity in net assets of nonconsolidated affiliates $ 84 $ 7,023 $ — $ — $ 7,107 $ — $ 1,455 $ — $ 8,562 Goodwill and intangibles $ 2,459 $ 888 $ 1 $ — $ 3,348 $ 634 $ 1,355 $ — $ 5,337 Total assets $ 109,290 $ 24,969 $ 32,365 $ (50,244 ) $ 116,380 $ 4,230 $ 108,881 $ (1,454 ) $ 228,037 Expenditures for property $ 6,305 $ 1,096 $ 84 $ — $ 7,485 $ 60 $ 47 $ — $ 7,592 Depreciation and amortization $ 6,112 $ 533 $ 46 $ (2 ) $ 6,689 $ 21 $ 7,350 $ — $ 14,060 Impairment charges $ 15 $ 7 $ — $ — $ 22 $ 36 $ — $ — $ 58 Equity income $ 8 $ 1,123 $ (29 ) $ — $ 1,102 $ — $ 166 $ — $ 1,268 __________ (a) Consists of restructuring and other charges related to transformation activities of $1.6 billion in GMNA and $115 million in GMI; a benefit of $1.4 billion related to the retrospective recoveries of indirect taxes in Brazil; partially offset by losses of $164 million related to the FAW-GM divestiture in GMI. At and For the Year Ended December 31, 2018 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations Total Net sales and revenue $ 113,792 $ 19,148 $ 203 $ 133,143 $ — $ 14,016 $ (110 ) $ 147,049 Earnings (loss) before interest and taxes-adjusted $ 10,769 $ 423 $ (570 ) $ 10,622 $ (728 ) $ 1,893 $ (4 ) $ 11,783 Adjustments(a) $ (1,236 ) $ (1,212 ) $ (457 ) $ (2,905 ) $ — $ — $ — (2,905 ) Automotive interest income 335 Automotive interest expense (655 ) Net (loss) attributable to noncontrolling interests (9 ) Income before income taxes 8,549 Income tax expense (474 ) Income from continuing operations 8,075 Loss from discontinued operations, net of tax (70 ) Net loss attributable to noncontrolling interests 9 Net income attributable to stockholders $ 8,014 Equity in net assets of nonconsolidated affiliates $ 75 $ 7,761 $ 24 $ — $ 7,860 $ — $ 1,355 $ — $ 9,215 Goodwill and intangibles $ 2,623 $ 928 $ 1 $ — $ 3,552 $ 671 $ 1,356 $ — $ 5,579 Total assets $ 109,763 $ 24,911 $ 31,694 $ (50,690 ) $ 115,678 $ 3,195 $ 109,953 $ (1,487 ) $ 227,339 Expenditures for property $ 7,784 $ 883 $ 21 $ (2 ) $ 8,686 $ 15 $ 60 $ — $ 8,761 Depreciation and amortization $ 4,995 $ 562 $ 50 $ (3 ) $ 5,604 $ 7 $ 7,531 $ — $ 13,142 Impairment charges $ 55 $ 466 $ 6 $ — $ 527 $ — $ — $ — $ 527 Equity income $ 8 $ 1,972 $ — $ — $ 1,980 $ — $ 183 $ — $ 2,163 __________ (a) Consists of restructuring and other charges related to transformation activities of $1.2 billion in GMNA; charges of $1.2 billion related to restructuring actions in Korea and other countries in GMI; and of $440 million for ignition switch-related legal matters and other insignificant charges in Corporate. At and For the Year Ended December 31, 2017 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations Total Net sales and revenue $ 111,345 $ 21,920 $ 342 $ 133,607 $ — $ 12,151 $ (170 ) $ 145,588 Earnings (loss) before interest and taxes-adjusted $ 11,889 $ 1,300 $ (921 ) $ 12,268 $ (613 ) $ 1,196 $ (7 ) $ 12,844 Adjustments(a) $ — $ (540 ) $ (114 ) $ (654 ) $ — $ — $ — (654 ) Automotive interest income 266 Automotive interest expense (575 ) Net (loss) attributable to noncontrolling interests (18 ) Income before income taxes 11,863 Income tax expense (11,533 ) Income from continuing operations 330 Loss from discontinued operations, net of tax (4,212 ) Net loss attributable to noncontrolling interests 18 Net loss attributable to stockholders $ (3,864 ) Equity in net assets of nonconsolidated affiliates $ 68 $ 7,818 $ — $ — $ 7,886 $ — $ 1,187 $ — $ 9,073 Goodwill and intangibles $ 2,819 $ 973 $ 11 $ — $ 3,803 $ 679 $ 1,367 $ — $ 5,849 Total assets $ 99,874 $ 27,712 $ 30,573 $ (42,750 ) $ 115,409 $ 666 $ 97,251 $ (844 ) $ 212,482 Expenditures for property $ 7,704 $ 607 $ 14 $ — $ 8,325 $ 34 $ 94 $ — $ 8,453 Depreciation and amortization $ 4,654 $ 708 $ 32 $ (1 ) $ 5,393 $ 1 $ 6,573 $ — $ 11,967 Impairment charges $ 78 $ 211 $ 5 $ — $ 294 $ — $ — $ — $ 294 Equity income $ 8 $ 1,951 $ — $ — $ 1,959 $ — $ 173 $ — $ 2,132 __________ (a) Consists of charges of $460 million related to restructuring actions in India and South Africa in GMI; charges of $80 million associated with the deconsolidation of Venezuela in GMI and charges of $114 million for ignition switch-related legal matters in Corporate. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table summarizes information concerning principal geographic areas: At and For the Years Ended December 31, 2019 2018 2017 Net Sales and Revenue Long-Lived Assets Net Sales and Revenue Long-Lived Assets Net Sales and Revenue Long-Lived Assets Automotive U.S. $ 97,887 $ 25,401 $ 104,413 $ 25,625 $ 100,674 $ 24,473 Non-U.S. 24,810 13,190 28,632 13,263 32,775 12,715 GM Financial U.S. 12,727 39,509 12,169 41,334 10,489 40,674 Non-U.S. 1,813 2,772 1,835 2,476 1,650 2,467 Total consolidated $ 137,237 $ 80,872 $ 147,049 $ 82,698 $ 145,588 $ 80,329 |
Supplemental Information for _2
Supplemental Information for the Consolidated Statements of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table summarizes the sources (uses) of cash provided by Change in other operating assets and liabilities and Cash paid for income taxes and interest: Change in other operating assets and liabilities Years Ended December 31, 2019 2018 2017 Accounts receivable $ (563 ) $ 492 $ 1,402 Wholesale receivables funded by GM Financial, net 663 (2,606 ) (2,099 ) Inventories (761 ) 399 440 Automotive equipment on operating leases 274 748 (263 ) Change in other assets (1,550 ) (529 ) 108 Accounts payable (492 ) (537 ) (362 ) Income taxes payable 213 (75 ) (3 ) Accrued and other liabilities (1,573 ) 732 (2,238 ) Total $ (3,789 ) $ (1,376 ) $ (3,015 ) Cash paid for income taxes and interest Cash paid for income taxes, net $ 689 $ 660 $ 656 Cash paid for interest (net of amounts capitalized) – Automotive $ 739 $ 656 $ 501 Cash paid for interest (net of amounts capitalized) – GM Financial 3,475 2,941 2,571 Total cash paid for interest (net of amounts capitalized) $ 4,214 $ 3,597 $ 3,072 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Revenue Recognition [Abstract] | |||||
Revenue recognition term of separate and bundled services | 3 years | ||||
Cash Equivalents [Abstract] | |||||
Maximum maturity period for highly liquid securities | 90 days | ||||
Pension and Other Postretirement Plans [Abstract] | |||||
Percentage recognized as pension expense in the first year | 60.00% | ||||
Percentage of pension expense recognized in each of the next four years | 10.00% | ||||
Subsequent period over which pension expense adjustment is amortized | 4 years | ||||
Percentage of non-US pension benefit obligations related to Canada, United Kingdom and Germany | 93.00% | ||||
Income Taxes [Abstract] | |||||
Number of years used for valuation allowance methodology | 3 years | ||||
Minimum threshold to recognize the tax benefit for uncertain tax positions | 50.00% | ||||
Foreign Currency Transactions and Translation [Abstract] | |||||
Foreign currency transaction and remeasurement losses | $ (85) | $ 168 | $ 52 | ||
Recently Adopted Accounting Standards and Accounting Standards Not Yet Adopted [Abstract] | |||||
Adoption of accounting standards | (1,144) | ||||
Automotive Selling, General and Administrative Expense | |||||
Advertising and Promotion Expenditures [Abstract] | |||||
Advertising and promotion expenditures | 3,700 | 4,000 | 4,300 | ||
Automotive Cost of Sales | |||||
Research and Development Expenditures [Abstract] | |||||
Research and development expenditures | $ 6,800 | $ 7,800 | $ 7,300 | ||
GM Financial | Minimum | Vehicles | |||||
Equipment on Operating Leases, net [Abstract] | |||||
Term of leasing arrangements | 2 years | ||||
GM Financial | Maximum | Vehicles | |||||
Equipment on Operating Leases, net [Abstract] | |||||
Term of leasing arrangements | 5 years | ||||
GM Financial | Retail Finance Receivables | |||||
Revenue Recognition [Abstract] | |||||
Period past due threshold for suspending accrual of finance charge income | 60 days | ||||
Finance Receivables [Abstract] | |||||
Period past due threshold for charge off of finance receivables | 120 days | ||||
GM Financial | Commercial Finance Receivables | |||||
Revenue Recognition [Abstract] | |||||
Period past due threshold for suspending accrual of finance charge income | 90 days | ||||
Automotive | Vehicles | |||||
Equipment on Operating Leases, net [Abstract] | |||||
Term of leasing arrangements | 7 months | ||||
Noncancelable Operating Lease Assets | Accounting Standards Update 2016-02 | |||||
Recently Adopted Accounting Standards and Accounting Standards Not Yet Adopted [Abstract] | |||||
Adoption of accounting standards | $ 1,000 | ||||
Noncancelable Operating Lease Obligations | Accounting Standards Update 2016-02 | |||||
Recently Adopted Accounting Standards and Accounting Standards Not Yet Adopted [Abstract] | |||||
Adoption of accounting standards | $ 1,000 | ||||
Forecast | Financing Receivable, Allowance for Credit Loss | Accounting Standards Update 2016-13 | |||||
Recently Adopted Accounting Standards and Accounting Standards Not Yet Adopted [Abstract] | |||||
Adoption of accounting standards | $ 800 | ||||
Forecast | Retained Earnings | Accounting Standards Update 2016-13 | |||||
Recently Adopted Accounting Standards and Accounting Standards Not Yet Adopted [Abstract] | |||||
Adoption of accounting standards | $ (600) |
Significant Accounting Polici_5
Significant Accounting Policies - 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) |
Totals | (356) |
Net minimum commitments | |
2019 | 235 |
2020 | 235 |
2021 | 203 |
2022 | 142 |
2023 | 113 |
Thereafter | 453 |
Totals | $ 1,381 |
Revenue - Disaggregation (Detai
Revenue - Disaggregation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | $ 122,697 | $ 133,045 | |||||||||
Leased vehicle income | 10,032 | 9,963 | |||||||||
Finance charge income | 4,064 | 3,621 | |||||||||
Other income | 444 | 420 | |||||||||
GM Financial net sales and revenue | 14,540 | 14,004 | |||||||||
Total net sales and revenue | $ 30,826 | $ 35,473 | $ 36,060 | $ 34,878 | $ 38,399 | $ 35,791 | $ 36,760 | $ 36,099 | 137,237 | 147,049 | $ 145,588 |
Operating Segments | Cruise | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 100 | ||||||||||
Total net sales and revenue | 100 | 0 | 0 | ||||||||
Operating Segments | GM Financial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Leased vehicle income | 10,032 | 9,963 | |||||||||
Finance charge income | 4,071 | 3,629 | |||||||||
Other income | 451 | 424 | |||||||||
GM Financial net sales and revenue | 14,554 | 14,016 | |||||||||
Total net sales and revenue | 14,554 | 14,016 | 12,151 | ||||||||
Eliminations/ Reclassifications | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | (100) | (98) | |||||||||
Leased vehicle income | 0 | 0 | |||||||||
Finance charge income | (7) | (8) | |||||||||
Other income | (7) | (4) | |||||||||
GM Financial net sales and revenue | (14) | (12) | |||||||||
Total net sales and revenue | (114) | (110) | (170) | ||||||||
Automotive | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 122,697 | 133,045 | 133,449 | ||||||||
Automotive | Operating Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 122,697 | 133,143 | |||||||||
Total net sales and revenue | 122,697 | 133,143 | 133,607 | ||||||||
Automotive | Operating Segments | GMNA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 106,366 | 113,792 | |||||||||
Total net sales and revenue | 106,366 | 113,792 | 111,345 | ||||||||
Automotive | Operating Segments | GMI | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 16,111 | 19,148 | |||||||||
Total net sales and revenue | 16,111 | 19,148 | 21,920 | ||||||||
Automotive | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 220 | 203 | |||||||||
Total net sales and revenue | 220 | 203 | $ 342 | ||||||||
Vehicle, parts and accessories | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 116,277 | 125,155 | |||||||||
Vehicle, parts and accessories | Eliminations/ Reclassifications | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 0 | (62) | |||||||||
Vehicle, parts and accessories | Automotive | Operating Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 116,277 | 125,217 | |||||||||
Vehicle, parts and accessories | Automotive | Operating Segments | GMNA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 101,346 | 107,217 | |||||||||
Vehicle, parts and accessories | Automotive | Operating Segments | GMI | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 14,931 | 17,980 | |||||||||
Vehicle, parts and accessories | Automotive | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 0 | 20 | |||||||||
Used vehicles | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 2,019 | 3,354 | |||||||||
Used vehicles | Eliminations/ Reclassifications | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 0 | (36) | |||||||||
Used vehicles | Automotive | Operating Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 2,019 | 3,390 | |||||||||
Used vehicles | Automotive | Operating Segments | GMNA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 1,896 | 3,215 | |||||||||
Used vehicles | Automotive | Operating Segments | GMI | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 123 | 175 | |||||||||
Used vehicles | Automotive | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 0 | 0 | |||||||||
Services and other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 4,401 | 4,536 | |||||||||
Services and other | Operating Segments | Cruise | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 100 | ||||||||||
Services and other | Eliminations/ Reclassifications | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | (100) | 0 | |||||||||
Services and other | Automotive | Operating Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 4,401 | 4,536 | |||||||||
Services and other | Automotive | Operating Segments | GMNA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 3,124 | 3,360 | |||||||||
Services and other | Automotive | Operating Segments | GMI | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | 1,057 | 993 | |||||||||
Services and other | Automotive | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Automotive net sales and revenue | $ 220 | $ 183 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Contract liabilities | $ 1,500 | $ 1,400 |
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 | $ 1,100 | |
Performance obligation, expected timing of satisfaction, period | 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 | $ 487 | |
Performance obligation, expected timing of satisfaction, period | 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 | $ 658 | |
Performance obligation, expected timing of satisfaction, period |
Marketable and Other Securiti_3
Marketable and Other Securities - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Marketable Securities [Line Items] | |||
Sales proceeds from investments classified as available-for-sale and sold prior to maturity | $ 4,500 | $ 4,300 | $ 5,600 |
Lyft, Inc. | Level 3 | Interest Income and Other Non-Operating Income | |||
Marketable Securities [Line Items] | |||
Unrealized gain (loss) on securities | 142 | ||
Other current assets | Lyft, Inc. | Level 1 | |||
Marketable Securities [Line Items] | |||
Fair value of equity securities | $ 535 | ||
Other assets | Lyft, Inc. | Level 3 | |||
Marketable Securities [Line Items] | |||
Fair value of equity securities | $ 884 |
Marketable and Other Securiti_4
Marketable and Other Securities - Fair Value of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Marketable Securities [Line Items] | ||
Total cash and cash equivalents | $ 19,069 | $ 20,844 |
Cash and cash equivalents | 292 | 260 |
Total restricted cash | 3,874 | 2,652 |
Due in one year or less | 10,213 | |
Due between one and five years | 2,750 | |
Total available-for-sale debt securities with contractual maturities | 12,963 | |
GM Korea | ||
Marketable Securities [Line Items] | ||
Cash and time deposits | 248 | 616 |
Cruise | ||
Marketable Securities [Line Items] | ||
Total cash and cash equivalents | 2,300 | 2,300 |
Cash And Cash Equivalents | ||
Marketable Securities [Line Items] | ||
Cash and time deposits | 6,828 | 7,254 |
Total available-for-sale debt securities with contractual maturities | 9,470 | 10,423 |
Cash And Cash Equivalents | Level 2 | U.S. government and agencies | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 1,484 | 4,656 |
Cash And Cash Equivalents | Level 2 | Corporate Debt | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 5,863 | 3,791 |
Cash And Cash Equivalents | Level 2 | Sovereign Debt | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 2,123 | 1,976 |
Cash And Cash Equivalents | Level 1 | ||
Marketable Securities [Line Items] | ||
Money market funds | 2,771 | 3,167 |
Marketable Securities | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 4,174 | 5,966 |
Marketable Securities | Cruise | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 266 | |
Marketable Securities | Level 2 | U.S. government and agencies | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 226 | 1,230 |
Marketable Securities | Level 2 | Corporate Debt | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 2,932 | 3,478 |
Marketable Securities | Level 2 | Sovereign Debt | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 335 | 563 |
Marketable Securities | Level 2 | Mortgage and asset-backed | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 681 | 695 |
Restricted cash - cash equivalents | Level 1 | ||
Marketable Securities [Line Items] | ||
Money market funds | $ 3,582 | $ 2,392 |
Marketable and Other Securiti_5
Marketable and Other Securities - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Marketable Securities [Abstract] | ||||
Cash and cash equivalents | $ 19,069 | $ 20,844 | ||
Restricted cash included in Other current assets | 3,352 | 2,083 | ||
Restricted cash included in Other assets | 522 | 569 | ||
Total | $ 22,943 | $ 23,496 | $ 17,848 | $ 15,160 |
GM Financial Receivables and _3
GM Financial Receivables and Transactions - Summary of Finance Receivables (Details) - GM Financial - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Finance Receivables [Line Items] | ||||
Finance receivables, collectively evaluated for impairment, net of fees | $ 51,446 | $ 50,455 | ||
Finance receivables, individually evaluated for impairment, net of fees | 2,454 | 2,389 | ||
GM Financial receivables | 53,900 | 52,844 | ||
Less: allowance for loan losses | (944) | (911) | $ (942) | $ (805) |
GM Financial receivables, net | 52,956 | 51,933 | ||
Specific allowance | 348 | 325 | $ 331 | |
Commercial Finance Receivables | ||||
Finance Receivables [Line Items] | ||||
Finance receivables, collectively evaluated for impairment, net of fees | 11,595 | 12,235 | ||
Finance receivables, individually evaluated for impairment, net of fees | 76 | 41 | ||
GM Financial receivables | 11,671 | 12,276 | ||
Less: allowance for loan losses | (78) | (67) | ||
GM Financial receivables, net | 11,593 | 12,209 | ||
Dealer cash management balances | 1,200 | 922 | ||
Retail Finance Receivables | ||||
Finance Receivables [Line Items] | ||||
Finance receivables, collectively evaluated for impairment, net of fees | 39,851 | 38,220 | ||
Finance receivables, individually evaluated for impairment, net of fees | 2,378 | 2,348 | ||
GM Financial receivables | 42,229 | 40,568 | ||
Less: allowance for loan losses | (866) | (844) | ||
GM Financial receivables, net | 41,363 | 39,724 | ||
Specific allowance | 330 | 321 | ||
Level 2 | ||||
Finance Receivables [Line Items] | ||||
Fair value of GM Financial receivables | 11,593 | 12,209 | ||
Level 3 | ||||
Finance Receivables [Line Items] | ||||
Fair value of GM Financial receivables | $ 41,973 | $ 39,430 |
GM Financial Receivables and _4
GM Financial Receivables and Transactions - Allowance for Loan Losses (Details) - GM Financial - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for loan losses at beginning of period | $ 911 | $ 942 | $ 805 |
Provision for loan losses | 726 | 642 | 757 |
Charge-offs | (1,246) | (1,199) | (1,173) |
Recoveries | 551 | 536 | 552 |
Effect of foreign currency | 2 | (10) | 1 |
Allowance for loan losses at end of period | 944 | 911 | 942 |
Collective allowance | 596 | 586 | 611 |
Specific allowance | $ 348 | $ 325 | $ 331 |
GM Financial Receivables and _5
GM Financial Receivables and Transactions - Retail Finance Receivables Delinquencies (Details) - GM Financial $ in Millions | Dec. 31, 2019USD ($)score | Dec. 31, 2018USD ($)score | Dec. 31, 2017USD ($) |
Delinquent Contracts includes Repossessions [Abstract] | |||
Finance receivables, individually evaluated for impairment, net of fees | $ 2,454 | $ 2,389 | |
Allowance for loan losses | $ 348 | $ 325 | $ 331 |
Retail Finance Receivables | |||
Financing Receivable, Past Due [Line Items] | |||
Percentage of Sub-prime Loans | 24.00% | 25.00% | |
Sub-prime FICO Score | score | 620 | 620 | |
Retail finance receivables, nonaccrual status | $ 875 | $ 888 | |
Delinquent Contracts includes Repossessions [Abstract] | |||
Amount | $ 1,940 | $ 1,940 | |
Percent of Contractual Amount Due | 4.60% | 4.80% | |
Finance receivables, individually evaluated for impairment, net of fees | $ 2,378 | $ 2,348 | |
Allowance for loan losses | 330 | 321 | |
31 to 60 Days Delinquent | Retail Finance Receivables | |||
Delinquent Contracts includes Repossessions [Abstract] | |||
Amount | $ 1,354 | $ 1,349 | |
Percent of Contractual Amount Due | 3.20% | 3.30% | |
Greater than 60 Days Delinquent | Retail Finance Receivables | |||
Delinquent Contracts includes Repossessions [Abstract] | |||
Amount | $ 542 | $ 547 | |
Percent of Contractual Amount Due | 1.30% | 1.40% | |
Total finance receivables more than 30 Days Delinquent | Retail Finance Receivables | |||
Delinquent Contracts includes Repossessions [Abstract] | |||
Amount | $ 1,896 | $ 1,896 | |
Percent of Contractual Amount Due | 4.50% | 4.70% | |
In Repossession | Retail Finance Receivables | |||
Delinquent Contracts includes Repossessions [Abstract] | |||
Amount | $ 44 | $ 44 | |
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 - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Finance Receivables | $ 53,900 | $ 52,844 |
Commercial Finance Receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Finance Receivables | 11,671 | 12,276 |
Commercial Finance Receivables | Group I Dealers | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Finance Receivables | 1,942 | 2,192 |
Commercial Finance Receivables | Group II Dealers | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Finance Receivables | 4,552 | 4,399 |
Commercial Finance Receivables | Group III Dealers | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Finance Receivables | 3,711 | 4,064 |
Commercial Finance Receivables | Group IV Dealers | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Finance Receivables | 968 | 1,116 |
Commercial Finance Receivables | Group V Dealers | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Finance Receivables | 370 | 422 |
Commercial Finance Receivables | Group VI Dealers | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Finance Receivables | $ 128 | $ 83 |
GM Financial Receivables and _7
GM Financial Receivables and Transactions - Intercompany Transactions (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2019 | Oct. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
GM Financial | |||||
Related Party Transactions [Line Items] | |||||
Financing receivable, net | $ 52,956 | $ 51,933 | |||
Common stock dividends declared | $ 400 | $ 375 | |||
GM Financial | Commercial Portfolio Segment | |||||
Related Party Transactions [Line Items] | |||||
Financing receivable, net | 11,593 | 12,209 | |||
GM Financial | Retail Finance Receivables | |||||
Related Party Transactions [Line Items] | |||||
Financing receivable, net | 41,363 | 39,724 | |||
Eliminations/ Reclassifications | |||||
Related Party Transactions [Line Items] | |||||
Cash payments to GM Financial | 4,100 | 3,800 | $ 4,300 | ||
Eliminations/ Reclassifications | GM Financial | |||||
Related Party Transactions [Line Items] | |||||
Subvention receivable | 676 | 727 | |||
Interest subvention earned on finance receivables | 588 | 554 | 492 | ||
Leased vehicle subvention earned | 3,273 | 3,274 | $ 3,046 | ||
Eliminations/ Reclassifications | GM Financial | Commercial Portfolio Segment | |||||
Related Party Transactions [Line Items] | |||||
Financing receivable, net | 478 | 445 | |||
Commercial loan funding payable | 74 | 61 | |||
Eliminations/ Reclassifications | GM Financial | Retail Finance Receivables | |||||
Related Party Transactions [Line Items] | |||||
Financing receivable, net | $ 39 | $ 134 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Total productive material, supplies and work in process | $ 4,713 | $ 4,274 |
Finished product, including service parts | 5,685 | 5,542 |
Total inventories | $ 10,398 | $ 9,816 |
Equipment on Operating Leases_2
Equipment on Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Residual value of leased assets | $ 30,400 | ||
Vehicles | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Equipment on operating leases | 53,081 | $ 55,282 | |
Less: accumulated depreciation | (10,989) | (11,476) | |
Equipment on operating leases, net | 42,092 | 43,806 | |
Depreciation expense | 7,300 | $ 7,500 | $ 6,700 |
Vehicles | GM Financial | |||
Lease receipts under operating leases | |||
2020 | 6,517 | ||
2021 | 4,080 | ||
2022 | 1,607 | ||
2023 | 137 | ||
2024 | 4 | ||
Total | $ 12,345 |
Equity In Net Assets Of Nonco_3
Equity In Net Assets Of Nonconsolidated Affiliates (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)joint_venture | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Equity income | $ 1,268 | $ 2,163 | $ 2,132 |
Equity in net assets of nonconsolidated affiliates | 8,562 | 9,215 | 9,073 |
Basis Difference | $ 4,200 | 4,400 | |
Number of joint ventures engaged in production, import and sale of products | joint_venture | 4 | ||
SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of interests in other joint ventures | joint_venture | 3 | ||
Automotive China | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity income | $ 1,132 | 1,981 | 1,976 |
Equity in net assets of nonconsolidated affiliates | 7,044 | 7,779 | |
Other joint ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity income | 136 | 182 | $ 156 |
Equity in net assets of nonconsolidated affiliates | $ 1,518 | $ 1,436 | |
SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50.00% | 50.00% | |
SGM | SAIC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50.00% | ||
FAW-GM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 0.00% | 50.00% | |
PATAC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50.00% | 50.00% | |
SGMS | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 49.00% | 49.00% | |
SGMW | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 44.00% | 44.00% | |
Shanghai OnStar | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 40.00% | 40.00% | |
Shanghai OnStar | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 20.00% | ||
SGM Norsom | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25.00% | 25.00% | |
SGM Norsom | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50.00% | ||
SGM Norsom | SAIC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25.00% | ||
SGM DY | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25.00% | 25.00% | |
SGM DY | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50.00% | ||
SGM DY | SAIC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25.00% | ||
SGM DYPT | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25.00% | 25.00% | |
SGM DYPT | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50.00% | ||
SGM DYPT | SAIC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25.00% | ||
SAIC-GMAC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 35.00% | 35.00% | |
SAIC-GMAC | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 20.00% | ||
SAIC-GMAC | Shanghai Automotive Group Finance Company Ltd. | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 45.00% | ||
SAIC-GMF Leasing Co., Ltd. | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 35.00% | 35.00% | |
SAIC-GMF Leasing Co., Ltd. | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 20.00% | ||
SAIC-GMF Leasing Co., Ltd. | SAIC Financial Holdings Company | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 45.00% | ||
SGM Norsom, SGM DY and SGM DYPT | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50.00% | ||
SGM Norsom, SGM DY and SGM DYPT | SAIC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25.00% |
Equity In Net Assets Of Nonco_4
Equity In Net Assets Of Nonconsolidated Affiliates - Summarized Financial Data of NCAs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Current assets | $ 27,354 | $ 32,740 | |
Non-current assets | 21,164 | 17,882 | |
Total assets | 48,518 | 50,622 | |
Current liabilities | 32,844 | 35,559 | |
Non-current liabilities | 5,985 | 4,515 | |
Total liabilities | 38,829 | 40,074 | |
Noncontrolling interests | 848 | 866 | |
Net sales | 40,938 | 52,037 | $ 52,607 |
Net Income | 2,735 | 4,528 | 4,632 |
Automotive China JVs [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 14,035 | 16,506 | |
Non-current assets | 14,484 | 14,012 | |
Total assets | 28,519 | 30,518 | |
Current liabilities | 21,256 | 21,574 | |
Non-current liabilities | 968 | 1,689 | |
Total liabilities | 22,224 | 23,263 | |
Noncontrolling interests | 847 | 865 | |
Net sales | 39,123 | 50,316 | 50,065 |
Net Income | 2,258 | 3,992 | 3,984 |
Other joint ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 13,319 | 16,234 | |
Non-current assets | 6,680 | 3,870 | |
Total assets | 19,999 | 20,104 | |
Current liabilities | 11,588 | 13,985 | |
Non-current liabilities | 5,017 | 2,826 | |
Total liabilities | 16,605 | 16,811 | |
Noncontrolling interests | 1 | 1 | |
Net sales | 1,815 | 1,721 | 2,542 |
Net Income | $ 477 | $ 536 | $ 648 |
Equity In Net Assets Of Nonco_5
Equity In Net Assets Of Nonconsolidated Affiliates - Transactions with NCAs (Details) - Nonconsolidated Affiliates [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions [Line Items] | |||
Automotive sales and revenue | $ 199 | $ 406 | $ 923 |
Automotive purchases, net | 1,065 | 1,155 | 674 |
Dividends received | 1,852 | 2,022 | 2,000 |
Operating cash flows | 913 | 657 | $ 2,321 |
Accounts and notes receivable, net | 1,007 | 979 | |
Accounts payable | 369 | 163 | |
Undistributed earnings | $ 2,118 | $ 2,331 |
Property (Details)
Property (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total property | $ 67,449 | $ 65,483 | |
Less: accumulated depreciation | (28,699) | (26,725) | |
Total property, net | 38,750 | 38,758 | |
Depreciation, Amortization and Impairment [Abstract] | |||
Depreciation and amortization expense | 14,060 | 13,142 | $ 11,967 |
Property, Plant and Equipment | |||
Capitalized Interest and Software [Abstract] | |||
Capitalized Software, Net | 1,300 | 1,100 | |
Depreciation, Amortization and Impairment [Abstract] | |||
Depreciation and amortization expense | 6,541 | 5,347 | 4,966 |
Impairment charges | 7 | 466 | 199 |
Capitalized software amortization expense | 452 | 424 | $ 459 |
Land | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total property | 1,302 | 1,349 | |
Buildings and Improvements | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total property | $ 9,705 | 9,173 | |
Buildings and Improvements | Minimum | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Estimated Useful Life in Years | 5 years | ||
Buildings and Improvements | Maximum | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Estimated Useful Life in Years | 40 years | ||
Machinery and Equipment | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total property | $ 29,814 | 26,453 | |
Machinery and Equipment | Minimum | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Estimated Useful Life in Years | 3 years | ||
Machinery and Equipment | Maximum | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Estimated Useful Life in Years | 27 years | ||
Special Tools | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total property | $ 23,586 | 23,828 | |
Special Tools | Minimum | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Estimated Useful Life in Years | 1 year | ||
Special Tools | Maximum | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Estimated Useful Life in Years | 13 years | ||
Construction in Progress | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total property | $ 3,042 | $ 4,680 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | ||
Goodwill | $ 1,900 | $ 1,900 |
GM Financial | ||
Goodwill [Line Items] | ||
Goodwill | 1,400 | 1,400 |
Cruise | ||
Goodwill [Line Items] | ||
Goodwill | $ 504 | $ 504 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 5,998 | $ 6,001 | |
Accumulated Amortization | 2,520 | 2,283 | |
Net Carrying Amount | 3,478 | 3,718 | |
Amortization expense | 202 | 247 | $ 278 |
Estimated amortization expense, 2020 | 160 | ||
Estimated amortization expense, 2021 | 160 | ||
Estimated amortization expense, 2022 | 160 | ||
Estimated amortization expense, 2023 | 160 | ||
Estimated amortization expense, 2024 | 160 | ||
Technology and intellectual property | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 734 | 734 | |
Accumulated Amortization | 533 | 457 | |
Net Carrying Amount | 201 | 277 | |
Brands | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 4,298 | 4,299 | |
Accumulated Amortization | 1,285 | 1,165 | |
Net Carrying Amount | 3,013 | 3,134 | |
Dealer network, customer relationships and other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 966 | 968 | |
Accumulated Amortization | 702 | 661 | |
Net Carrying Amount | $ 264 | $ 307 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Consolidated [Abstract] | ||
Property, net (Note 9) | $ 38,750 | $ 38,758 |
GM Financial | ||
Consolidated [Abstract] | ||
GM Financial receivables, net of fees - current | 26,601 | 26,850 |
GM Financial receivables, net of fees - non-current | 26,355 | 25,083 |
GM Financial short-term debt and current portion of long-term debt | 35,503 | 30,956 |
GM Financial long-term debt | 53,435 | 60,032 |
Consolidated VIE | GM Financial | ||
Consolidated [Abstract] | ||
Restricted cash - current | 2,202 | 1,876 |
Restricted cash - non-current | 441 | 504 |
GM Financial receivables, net of fees - current | 19,081 | 18,304 |
GM Financial receivables, net of fees - non-current | 15,921 | 14,008 |
GM Financial equipment on operating leases, net | 21,781 | |
GM Financial short-term debt and current portion of long-term debt | 23,952 | 21,087 |
GM Financial long-term debt | 15,819 | $ 21,417 |
Equipment Leased to Other Party | Consolidated VIE | GM Financial | ||
Consolidated [Abstract] | ||
Property, net (Note 9) | $ 14,464 |
Accrued and Other Liabilities -
Accrued and Other Liabilities - Accrued and Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued liabilities | ||
Dealer and customer allowances, claims and discounts | $ 10,402 | $ 11,611 |
Deferred revenue | 3,234 | 3,504 |
Product warranty and related liabilities | 2,987 | 2,788 |
Payrolls and employee benefits excluding postemployment benefits | 1,969 | 2,233 |
Other | 7,895 | 7,913 |
Total accrued liabilities | 26,487 | 28,049 |
Other liabilities | ||
Deferred revenue | 2,962 | 2,959 |
Product warranty and related liabilities | 4,811 | 4,802 |
Operating lease liabilities | 1,010 | 0 |
Employee benefits excluding postemployment benefits | 704 | 658 |
Postemployment benefits including facility idling reserves | 633 | 875 |
Other | 3,026 | 3,063 |
Total other liabilities | $ 13,146 | $ 12,357 |
Accrued and Other Liabilities_2
Accrued and Other Liabilities - Product Warranty and Related Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Product Warranty and Related Liabilities [Roll Forward] | |||
Warranty balance at beginning of period | $ 7,590 | $ 8,332 | $ 9,069 |
Warranties issued and assumed in period – recall campaigns | 745 | 665 | 678 |
Warranties issued and assumed in period – product warranty | 2,001 | 2,143 | 2,123 |
Payments | (3,012) | (2,903) | (3,129) |
Adjustments to pre-existing warranties | 455 | (464) | (495) |
Effect of foreign currency and other | 19 | (183) | 86 |
Warranty balance at end of period | $ 7,798 | $ 7,590 | $ 8,332 |
Debt - Automotive and GM Financ
Debt - Automotive and GM Financial Debt (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Automotive | ||
Debt Instrument [Line Items] | ||
Total debt | $ 14,386 | $ 13,963 |
Fair value of debt | 15,928 | 13,531 |
Available under credit facility agreements | $ 17,285 | $ 14,167 |
Weighted-average interest rate on outstanding short-term debt | 4.90% | 6.60% |
Weighted-average interest rate on outstanding long-term debt | 5.40% | 5.20% |
Net discount and debt issuance costs | $ 540 | $ 499 |
Automotive | Secured Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 167 | 143 |
Automotive | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 13,909 | 13,292 |
Automotive | Level 1 | ||
Debt Instrument [Line Items] | ||
Fair value of debt | 13,628 | 11,693 |
Automotive | Level 2 | ||
Debt Instrument [Line Items] | ||
Fair value of debt | 2,300 | 1,838 |
GM Financial | ||
Debt Instrument [Line Items] | ||
Total debt | 88,938 | 90,988 |
Fair value of debt | 90,399 | 90,391 |
GM Financial | Secured Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 39,959 | 42,835 |
Fair value of debt | 40,160 | 42,835 |
GM Financial | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 48,979 | 48,153 |
Fair value of debt | 50,239 | 47,556 |
GM Financial | Level 2 | ||
Debt Instrument [Line Items] | ||
Fair value of debt | 88,481 | 88,305 |
GM Financial | Level 3 | ||
Debt Instrument [Line Items] | ||
Fair value of debt | 1,918 | 2,086 |
Finance Lease Liabilities | Automotive | ||
Debt Instrument [Line Items] | ||
Total debt | $ 310 | $ 528 |
Debt - Secured Debt and Unsecur
Debt - Secured Debt and Unsecured Debt (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Apr. 30, 2019 | Jan. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 31, 2020 | Jan. 31, 2020 | |
Debt Instrument [Line Items] | |||||||
Finance lease assets | $ 327,000,000 | ||||||
Finance lease costs | 170,000,000 | ||||||
Finance lease right of use assets obtained in exchange for lease obligations | 196,000,000 | ||||||
Finance lease payments for 2020 | 129,000,000 | ||||||
Finance lease payments for years 2021 to 2024 | 156,000,000 | ||||||
Finance lease payments thereafter | 354,000,000 | ||||||
Imputed interest | $ 329,000,000 | ||||||
Weighted-average discount rate on finance leases | 10.90% | ||||||
Weighted-average remaining lease term | 13 years 8 months 12 days | ||||||
Payments for finance leases | $ 183,000,000 | ||||||
Proceeds from issuance of debt (original maturities greater than three months) | $ 36,937,000,000 | $ 43,801,000,000 | $ 52,187,000,000 | ||||
Automotive | |||||||
Debt Instrument [Line Items] | |||||||
Weighted-average interest rate on outstanding long-term debt | 5.40% | 5.20% | |||||
Revolving Credit Facility | GM Financial | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Weighted-average interest rate | 4.73% | ||||||
Maximum | Revolving Credit Facility | GM Financial | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt term | 4 years | ||||||
Line of Credit | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate borrowing capacity | $ 3,000,000,000 | ||||||
Proceeds from issuance of debt (original maturities greater than three months) | $ 700,000,000 | ||||||
Line of Credit | GM Financial | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate borrowing capacity | $ 2,000,000,000 | ||||||
Debt term | 364 days | ||||||
Debt renewal term | 364 days | ||||||
Line of Credit | Three-Year Revolving Credit Facility January 2019 | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt term | 3 years | ||||||
Line of Credit | Revolving Credit Facility | GM Financial | Secured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Increase to maximum borrowing capacity | 225,000,000 | ||||||
Senior Notes | GM Financial | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Amount of debt issued | $ 6,900,000,000 | ||||||
Weighted-average interest rate | 3.63% | ||||||
Weighted-average interest rate on outstanding long-term debt | 3.42% | ||||||
Senior Notes | GM Financial | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Amount of debt issued | $ 1,250,000,000 | ||||||
Stated interest rate | 2.90% | ||||||
Notes Payable, Other Payables | GM Financial | Secured Debt | Securitization notes payable | |||||||
Debt Instrument [Line Items] | |||||||
Amount of debt issued | $ 16,200,000,000 | ||||||
Weighted-average interest rate | 2.75% | ||||||
Weighted-average interest rate on outstanding long-term debt | 2.95% | ||||||
Forecast | Line of Credit | Three-Year Revolving Credit Facility January 2019 | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate borrowing capacity | $ 2,000,000,000 |
Debt - Interest Expense and LT
Debt - Interest Expense and LT Debt Maturities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Total interest expense | $ 4,423 | $ 3,880 | $ 3,141 |
2020 | 37,499 | ||
2021 | 21,225 | ||
2022 | 11,833 | ||
2023 | 8,584 | ||
2024 | 5,843 | ||
Thereafter | 18,967 | ||
Total | 103,951 | ||
Automotive | |||
Debt Instrument [Line Items] | |||
Total interest expense | 782 | 655 | 575 |
2020 | 1,912 | ||
2021 | 535 | ||
2022 | 70 | ||
2023 | 1,546 | ||
2024 | 48 | ||
Thereafter | 10,807 | ||
Total | 14,918 | ||
Finance lease obligations | 14,386 | 13,963 | |
GM Financial | |||
Debt Instrument [Line Items] | |||
Financing interest expense | 3,641 | 3,225 | $ 2,566 |
2020 | 35,587 | ||
2021 | 20,690 | ||
2022 | 11,763 | ||
2023 | 7,038 | ||
2024 | 5,795 | ||
Thereafter | 8,160 | ||
Total | 89,033 | ||
Finance lease obligations | $ 88,938 | $ 90,988 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Derivative Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Automotive | Not Designated as Hedges | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 5,926 | $ 3,413 |
Automotive | Not Designated as Hedges | Foreign Currency | Fair Value Level 2 | ||
Derivative [Line Items] | ||
Derivative notional amount | 5,075 | 2,710 |
Automotive | Not Designated as Hedges | Commodity | Fair Value Level 2 | ||
Derivative [Line Items] | ||
Derivative notional amount | 806 | 658 |
Automotive | Not Designated as Hedges | PSA Warrants | Fair Value Level 2 | ||
Derivative [Line Items] | ||
Derivative notional amount | 45 | 45 |
Automotive | Not Designated as Hedges | Fair Value Hedges | PSA Warrants | Fair Value Level 2 | ||
Derivative [Line Items] | ||
Fair Value of Assets | 964 | 827 |
GM Financial | ||
Derivative [Line Items] | ||
Derivative notional amount | 108,673 | 113,871 |
Fair Value of Assets | 636 | 502 |
Fair Value of Liabilities | 519 | 869 |
Collateral | 210 | |
Collateral available for netting | 451 | |
GM Financial | Designated as Hedges | Cash Flow Hedges | Interest Rate Swap | Fair Value Level 2 | ||
Derivative [Line Items] | ||
Derivative notional amount | 590 | 768 |
Fair Value of Assets | 0 | 8 |
Fair Value of Liabilities | 6 | 0 |
GM Financial | Designated as Hedges | Cash Flow Hedges | Foreign Currency Swaps | Fair Value Level 2 | ||
Derivative [Line Items] | ||
Derivative notional amount | 4,429 | 2,075 |
Fair Value of Assets | 40 | 43 |
Fair Value of Liabilities | 119 | 58 |
GM Financial | Designated as Hedges | Fair Value Hedges | Interest Rate Swap | Fair Value Level 2 | ||
Derivative [Line Items] | ||
Derivative notional amount | 9,458 | 9,533 |
Fair Value of Assets | 234 | 42 |
Fair Value of Liabilities | 23 | 231 |
Gain on derivative instruments | 355 | |
GM Financial | Designated as Hedges | Fair Value Hedges | Foreign Currency Swaps | Fair Value Level 2 | ||
Derivative [Line Items] | ||
Derivative notional amount | 1,796 | 1,829 |
Fair Value of Assets | 22 | 37 |
Fair Value of Liabilities | 71 | 60 |
GM Financial | Not Designated as Hedges | Interest Rate Contract | Fair Value Level 2 | ||
Derivative [Line Items] | ||
Derivative notional amount | 92,400 | 99,666 |
Fair Value of Assets | 340 | 372 |
Fair Value of Liabilities | 300 | 520 |
Long-term Debt | GM Financial | Fair Value Hedges | Interest Rate Swap | ||
Derivative [Line Items] | ||
Gain on derivative instruments | (569) | |
PSA Group | Nonoperating Income (Expense) | Automotive | Not Designated as Hedges | ||
Derivative [Line Items] | ||
Gain on derivative instruments | $ 154 | $ 116 |
Pensions And Other Postretire_3
Pensions And Other Postretirement Benefits - Contributions and Plan Amendments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan [Abstract] | |||
Employer contributions to defined contribution plans | $ 537 | $ 617 | $ 650 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Years of service | 30 years | ||
Employer contributions | $ 615 | 1,700 | 1,230 |
Pension Plan | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 83 | 76 | 77 |
Pension Plan | U.S. | Nonqualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated contributions in next fiscal year | $ 70 | ||
Pension Plan | U.S. | Qualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Period of time for which there are no mandatory contributions for qualified plans | 5 years | ||
Mandatory contributions over the next five years | $ 0 | ||
Pension Plan | Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 532 | 1,624 | 1,153 |
Estimated contributions in next fiscal year | 500 | ||
Pension Plan | Canada and United Kingdom | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Mandatory contributions over the next five years | 368 | ||
Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 370 | 369 | |
Other Postretirement Benefits Plan | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 326 | 325 | $ 323 |
Pension Plan and Other Postretirement Benefits Plan | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Remeasurement decrease due to mortality assumptions | $ 264 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Balance Sheet Location of Cumulative Basis Adjustments (Details) - Fair Value Hedges - Long-term Debt - GM Financial - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | $ 20,397 | $ 17,923 |
Cumulative Amount of Fair Value Hedging Adjustments | (77) | 459 |
Cumulative fair value adjustment on discontinued hedging relationships | $ 247 | |
Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Loss on derivative instruments | $ 569 |
Pensions And Other Postretire_4
Pensions And Other Postretirement Benefits - Pensions and OPEB Obligations and Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan | |||
Change in plan assets | |||
Employer contributions | $ 615 | $ 1,700 | $ 1,230 |
Other Postretirement Benefits Plan | |||
Change in benefit obligations | |||
Beginning benefit obligation | 5,744 | 6,374 | |
Service cost | 17 | 20 | 19 |
Interest cost | 220 | 195 | 202 |
Actuarial (gains) losses | 641 | (389) | |
Benefits paid | (395) | (388) | |
Foreign currency translation adjustments | 54 | (106) | |
Curtailments, settlements and other | 23 | 38 | |
Ending benefit obligation | 6,304 | 5,744 | 6,374 |
Change in plan assets | |||
Beginning fair value of plan assets | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 370 | 369 | |
Benefits paid | (395) | (388) | |
Foreign currency translation adjustments | 0 | 0 | |
Settlements and other | 25 | 19 | |
Ending fair value of plan assets | 0 | 0 | 0 |
Ending funded status | (6,304) | (5,744) | |
Amounts recorded in the consolidated balance sheets | |||
Non-current assets | 0 | 0 | |
Current liabilities | (369) | (374) | |
Non-current liabilities | (5,935) | (5,370) | |
Net amount recorded | (6,304) | (5,744) | |
Amounts recorded in Accumulated other comprehensive loss | |||
Net actuarial loss | (1,364) | (752) | |
Net prior service (cost) credit | 27 | 34 | |
Total recorded in Accumulated other comprehensive loss | (1,337) | (718) | |
U.S. | Pension Plan | |||
Change in benefit obligations | |||
Beginning benefit obligation | 61,190 | 68,450 | |
Service cost | 179 | 209 | |
Interest cost | 2,264 | 2,050 | 2,145 |
Actuarial (gains) losses | 6,444 | (4,449) | |
Benefits paid | (4,753) | (4,898) | |
Foreign currency translation adjustments | 0 | 0 | |
Curtailments, settlements and other | (640) | (172) | |
Ending benefit obligation | 64,684 | 61,190 | 68,450 |
Change in plan assets | |||
Beginning fair value of plan assets | 56,102 | 62,639 | |
Actual return on plan assets | 8,454 | (1,419) | |
Employer contributions | 83 | 76 | 77 |
Benefits paid | (4,753) | (4,898) | |
Foreign currency translation adjustments | 0 | 0 | |
Settlements and other | (647) | (296) | |
Ending fair value of plan assets | 59,239 | 56,102 | 62,639 |
Ending funded status | (5,445) | (5,088) | |
Amounts recorded in the consolidated balance sheets | |||
Non-current assets | 0 | 0 | |
Current liabilities | (68) | (73) | |
Non-current liabilities | (5,377) | (5,015) | |
Net amount recorded | (5,445) | (5,088) | |
Amounts recorded in Accumulated other comprehensive loss | |||
Net actuarial loss | (1,980) | (752) | |
Net prior service (cost) credit | 14 | 19 | |
Total recorded in Accumulated other comprehensive loss | (1,966) | (733) | |
U.S. | Other Postretirement Benefits Plan | |||
Change in plan assets | |||
Employer contributions | 326 | 325 | 323 |
Non-U.S. | Pension Plan | |||
Change in benefit obligations | |||
Beginning benefit obligation | 19,904 | 22,789 | |
Service cost | 120 | 149 | |
Interest cost | 456 | 464 | 473 |
Actuarial (gains) losses | 1,653 | (272) | |
Benefits paid | (1,234) | (1,595) | |
Foreign currency translation adjustments | 561 | (1,452) | |
Curtailments, settlements and other | (62) | (179) | |
Ending benefit obligation | 21,398 | 19,904 | 22,789 |
Change in plan assets | |||
Beginning fair value of plan assets | 13,528 | 14,495 | |
Actual return on plan assets | 1,669 | 301 | |
Employer contributions | 532 | 1,624 | 1,153 |
Benefits paid | (1,234) | (1,595) | |
Foreign currency translation adjustments | 668 | (1,106) | |
Settlements and other | (202) | (191) | |
Ending fair value of plan assets | 14,961 | 13,528 | $ 14,495 |
Ending funded status | (6,437) | (6,376) | |
Amounts recorded in the consolidated balance sheets | |||
Non-current assets | 698 | 496 | |
Current liabilities | (342) | (349) | |
Non-current liabilities | (6,793) | (6,523) | |
Net amount recorded | (6,437) | (6,376) | |
Amounts recorded in Accumulated other comprehensive loss | |||
Net actuarial loss | (4,688) | (3,983) | |
Net prior service (cost) credit | (78) | (64) | |
Total recorded in Accumulated other comprehensive loss | $ (4,766) | $ (4,047) |
Pensions And Other Postretire_5
Pensions And Other Postretirement Benefits - Accumulated Benefit Obligations and Projected Benefit Obligations (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. | ||
ABO and PBO [Line Items] | ||
ABO | $ 64,669 | $ 61,177 |
Plans with ABO in Excess of Plan Assets [Abstract] | ||
ABO | 64,669 | 61,177 |
Fair Value of Plan Assets | 59,239 | 56,102 |
Plans with PBO in Excess of Plan Assets [Abstract] | ||
PBO | 64,684 | 61,190 |
Fair Value of Plan Assets | 59,239 | 56,102 |
Non-U.S. | ||
ABO and PBO [Line Items] | ||
ABO | 21,319 | 19,822 |
Plans with ABO in Excess of Plan Assets [Abstract] | ||
ABO | 10,996 | 10,289 |
Fair Value of Plan Assets | 3,940 | 3,485 |
Plans with PBO in Excess of Plan Assets [Abstract] | ||
PBO | 11,079 | 10,356 |
Fair Value of Plan Assets | $ 3,940 | $ 3,485 |
Pensions And Other Postretire_6
Pensions And Other Postretirement Benefits - Components of Expense and Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted-average assumptions used to determine net expense(a) | |||
Administrative expenses and Pension Benefit Guarantee Corporation premiums | $ 214 | $ 121 | |
Amounts to be amortized from accumulated other comprehensive loss into net periodic benefit cost, next fiscal year | 258 | ||
Other Postretirement Benefits Plan | |||
Components of expense | |||
Service cost | 17 | 20 | $ 19 |
Interest cost | 220 | 195 | 202 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net actuarial (gains) losses | 30 | 54 | 23 |
Curtailments, settlements and other | (23) | (19) | (5) |
Net periodic pension and OPEB (income) expense | $ 244 | $ 250 | $ 239 |
Weighted-average assumptions used to determine benefit obligations(a) | |||
Discount rate | 3.24% | 4.19% | 3.52% |
Weighted-average assumptions used to determine net expense(a) | |||
Discount rate | 4.07% | 3.29% | 3.39% |
U.S. | Pension Plan | |||
Components of expense | |||
Service cost | $ 393 | $ 330 | $ 315 |
Service cost | 179 | 209 | |
Interest cost | 2,264 | 2,050 | 2,145 |
Expected return on plan assets | (3,483) | (3,890) | (3,677) |
Amortization of net actuarial (gains) losses | 11 | 10 | (6) |
Curtailments, settlements and other | 21 | (19) | (37) |
Net periodic pension and OPEB (income) expense | $ (794) | $ (1,519) | $ (1,260) |
Weighted-average assumptions used to determine benefit obligations(a) | |||
Discount rate | 3.20% | 4.22% | 3.53% |
Weighted-average assumptions used to determine net expense(a) | |||
Discount rate | 3.92% | 3.19% | 3.35% |
Expected rate of return on plan assets | 6.37% | 6.61% | 6.23% |
U.S. | Pension Plan | Plan | |||
Weighted-average assumptions used to determine net expense(a) | |||
Expected rate of return on plan assets | 5.90% | 6.40% | |
Non-U.S. | Pension Plan | |||
Components of expense | |||
Service cost | $ 132 | $ 163 | $ 199 |
Service cost | 120 | 149 | |
Interest cost | 456 | 464 | 473 |
Expected return on plan assets | (786) | (825) | (750) |
Amortization of net actuarial (gains) losses | 122 | 144 | 157 |
Curtailments, settlements and other | 142 | 43 | 8 |
Net periodic pension and OPEB (income) expense | $ 66 | $ (11) | $ 87 |
Weighted-average assumptions used to determine benefit obligations(a) | |||
Discount rate | 2.16% | 2.86% | 2.66% |
Weighted-average assumptions used to determine net expense(a) | |||
Discount rate | 3.36% | 2.99% | 2.94% |
Expected rate of return on plan assets | 5.76% | 6.09% | 5.82% |
Pensions And Other Postretire_7
Pensions And Other Postretirement Benefits - Target Allocation tables (Details) - Pension Plan | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 100.00% | 100.00% |
U.S. | Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 12.00% | 12.00% |
U.S. | Corporate and other debt securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 64.00% | 64.00% |
U.S. | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 24.00% | 24.00% |
Non-U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 100.00% | 100.00% |
Non-U.S. | Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 14.00% | 14.00% |
Non-U.S. | Corporate and other debt securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 67.00% | 66.00% |
Non-U.S. | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 19.00% | 20.00% |
Pensions And Other Postretire_8
Pensions And Other Postretirement Benefits - Assets and Fair Value Measurements (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | $ 45,283 | $ 42,457 | |
Plan assets measured at net asset value | 13,466 | 12,990 | |
Other plan assets (liabilities), net | 490 | 655 | |
Net plan assets | 59,239 | 56,102 | $ 62,639 |
U.S. | Common and preferred stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 6,252 | 4,934 | |
U.S. | Government and agency debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 13,843 | 12,077 | |
U.S. | Corporate and other debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 24,809 | 24,645 | |
U.S. | Other investments, net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 379 | 801 | |
U.S. | Investment funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at net asset value | 7,031 | 6,465 | |
U.S. | Private equity and debt investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at net asset value | 2,951 | 3,021 | |
U.S. | Real estate investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at net asset value | 3,484 | 3,504 | |
U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 6,185 | 5,264 | |
U.S. | Level 1 | Common and preferred stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 6,232 | 4,914 | |
U.S. | Level 1 | Government and agency debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
U.S. | Level 1 | Corporate and other debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
U.S. | Level 1 | Other investments, net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | (47) | 350 | |
U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 38,696 | 36,820 | |
U.S. | Level 2 | Common and preferred stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 19 | 18 | |
U.S. | Level 2 | Government and agency debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 13,843 | 12,077 | |
U.S. | Level 2 | Corporate and other debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 24,809 | 24,645 | |
U.S. | Level 2 | Other investments, net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 25 | 80 | |
U.S. | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 402 | 373 | |
U.S. | Level 3 | Common and preferred stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 1 | 2 | |
U.S. | Level 3 | Government and agency debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
U.S. | Level 3 | Corporate and other debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
U.S. | Level 3 | Other investments, net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 401 | 371 | |
Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 7,783 | 7,106 | |
Plan assets measured at net asset value | 7,101 | 6,587 | |
Other plan assets (liabilities), net | 77 | (165) | |
Net plan assets | 14,961 | 13,528 | $ 14,495 |
Non-U.S. | Common and preferred stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 490 | 447 | |
Non-U.S. | Government and agency debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 3,927 | 3,640 | |
Non-U.S. | Corporate and other debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 3,230 | 2,590 | |
Non-U.S. | Other investments, net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 136 | 429 | |
Non-U.S. | Investment funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at net asset value | 5,608 | 5,081 | |
Non-U.S. | Private equity and debt investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at net asset value | 511 | 526 | |
Non-U.S. | Real estate investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at net asset value | 982 | 980 | |
Non-U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 484 | 500 | |
Non-U.S. | Level 1 | Common and preferred stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 489 | 441 | |
Non-U.S. | Level 1 | Government and agency debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
Non-U.S. | Level 1 | Corporate and other debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
Non-U.S. | Level 1 | Other investments, net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | (5) | 59 | |
Non-U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 7,051 | 6,358 | |
Non-U.S. | Level 2 | Common and preferred stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 1 | 1 | |
Non-U.S. | Level 2 | Government and agency debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 3,927 | 3,640 | |
Non-U.S. | Level 2 | Corporate and other debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 3,230 | 2,589 | |
Non-U.S. | Level 2 | Other investments, net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | (107) | 128 | |
Non-U.S. | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 248 | 248 | |
Non-U.S. | Level 3 | Common and preferred stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 5 | |
Non-U.S. | Level 3 | Government and agency debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
Non-U.S. | Level 3 | Corporate and other debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 1 | |
Non-U.S. | Level 3 | Other investments, net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | $ 248 | $ 242 |
Pensions And Other Postretire_9
Pensions And Other Postretirement Benefits - Pension Benefit Payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Other Postretirement Benefits Plan | |
Defined Benefit Plan, Expected Future Benefit Payments [Abstract] | |
2020 | $ 372 |
2021 | 369 |
2022 | 365 |
2023 | 360 |
2024 | 357 |
2025 - 2028 | 1,755 |
U.S. | Pension Plan | |
Defined Benefit Plan, Expected Future Benefit Payments [Abstract] | |
2020 | 4,942 |
2021 | 4,755 |
2022 | 4,631 |
2023 | 4,515 |
2024 | 4,407 |
2025 - 2028 | 20,257 |
Non-U.S. | Pension Plan | |
Defined Benefit Plan, Expected Future Benefit Payments [Abstract] | |
2020 | 1,529 |
2021 | 1,201 |
2022 | 1,164 |
2023 | 1,130 |
2024 | 1,104 |
2025 - 2028 | $ 5,166 |
Commitments and Contingencies -
Commitments and Contingencies - Ignition Switch Recall (Details) | 1 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2018jurisdiction | Dec. 31, 2019USD ($)actioncaseemployeeshares | Dec. 31, 2012employee | Jan. 24, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017state | Aug. 31, 2017state | |
Ignition Switch Recall Litigations - July 2009 Sale Order | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of states | state | 16 | |||||||
Ignition Switch Recall Litigations - Lost Personal Time and Certain Unjust Enrichment Claims | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of jurisdictions | jurisdiction | 47 | |||||||
Ignition Switch Recall Litigations - Contingently Issuable Shares | Amended and Restated Master Sale and Purchase Agreement | ||||||||
Loss Contingencies [Line Items] | ||||||||
Allowed general unsecured claims amount | $ 35,000,000,000 | |||||||
Contingently issuable shares (in shares) | shares | 30,000,000 | |||||||
Amount of allowed general unsecured claims | $ 32,100,000,000 | |||||||
Korea Wage Litigation - Hourly | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of plaintiffs | employee | 10,000 | |||||||
Number of employees in the case | employee | 5 | |||||||
Reasonably possible loss | $ 600,000,000 | |||||||
Korea Wage Litigation - Salaried | ||||||||
Loss Contingencies [Line Items] | ||||||||
Reasonably possible loss | 170,000,000 | |||||||
Korea Wage Litigation - Former Subcontract Workers | ||||||||
Loss Contingencies [Line Items] | ||||||||
Reasonably possible loss | $ 110,000,000 | |||||||
U.S. and Canada | Ignition Switch Recall Litigations - Economic Damage | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of pending claims | action | 100 | |||||||
Foreign Tax Authority | Brazil | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of claims settled | case | 3 | |||||||
Estimated potential recovery from taxing authority | $ 1,400,000,000 | |||||||
Subsequent Event | Ignition Switch Recall Litigations - Contingently Issuable Shares | Amended and Restated Master Sale and Purchase Agreement | ||||||||
Loss Contingencies [Line Items] | ||||||||
Value of contingently issuable shares | $ 1,000,000,000 | |||||||
Granted Motion to Dismiss | Ignition Switch Recall Litigations - July 2009 Sale Order | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of states | state | 7 | |||||||
Granted Motion to Dismiss | Ignition Switch Recall Litigations - Lost Personal Time and Certain Unjust Enrichment Claims | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of jurisdictions | jurisdiction | 41 | |||||||
Pending Litigation | Ignition Switch Recall Litigations - Economic Damage | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of jurisdictions | jurisdiction | 27 | |||||||
Pending Litigation | Ignition Switch Recall Litigations - July 2009 Sale Order | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of states | state | 8 | 9 | ||||||
Accrued liabilities and Other liabilities | ||||||||
Loss Contingencies [Line Items] | ||||||||
Litigation-related liability and tax administrative matters | $ 1,300,000,000 | $ 1,300,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Other Litigation and Loss Contingencies (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
Maximum liability, guarantees | $ 2,600,000,000 | $ 2,400,000,000 |
Rebates available | 1,400,000,000 | |
Indirect Tax Matters | ||
Loss Contingencies [Line Items] | ||
Reasonably possible loss | 800,000,000 | |
Takata DIR | ||
Loss Contingencies [Line Items] | ||
Warranty provision | 0 | |
Estimate of possible loss | 1,200,000,000 | |
Accrued liabilities and Other liabilities | ||
Loss Contingencies [Line Items] | ||
Product liability | 544,000,000 | 531,000,000 |
Credit card program deferred revenue | 253,000,000 | 247,000,000 |
Litigation-related liability and tax administrative matters | 1,300,000,000 | $ 1,300,000,000 |
Korea Wage Litigation - Former Subcontract Workers | ||
Loss Contingencies [Line Items] | ||
Reasonably possible loss | 110,000,000 | |
Warranty provision | $ 180,000,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Noncancelable Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee, Lease, Description [Line Items] | |||
Rent expense | $ 354 | $ 300 | $ 284 |
Operating lease liabilities | 1,010 | $ 0 | |
Operating right-of-use assets obtained in exchange for lease obligations | 497 | ||
2020 | 269 | ||
2021 | 247 | ||
2022 | 179 | ||
2023 | 167 | ||
2024 | 130 | ||
Thereafter | 464 | ||
Imputed interest | $ 207 | ||
Weighted average discount rate | 4.20% | ||
Weighted-average remaining lease term | 7 years 2 months 12 days | ||
Payments for operating leases | $ 337 | ||
Other assets | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | 1,100 | ||
Accrued liabilities | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease liability | 239 | ||
Other liabilities | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease liabilities | $ 1,000 |
Income Taxes - Pre-tax Income a
Income Taxes - Pre-tax Income and Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||
Income before income taxes and equity income | $ 6,168 | $ 6,386 | $ 9,731 |
Current income tax expense (benefit) | |||
U.S. federal | 42 | (104) | 18 |
U.S. state and local | 102 | 113 | 83 |
Non-U.S. | 758 | 577 | 552 |
Total current income tax expense | 902 | 586 | 653 |
Deferred income tax expense (benefit) | |||
U.S. federal | (145) | (578) | 7,831 |
U.S. state and local | 3 | 250 | (187) |
Non-U.S. | 9 | 216 | 3,236 |
Total deferred income tax expense (benefit) | (133) | (112) | 10,880 |
Total income tax expense | 769 | 474 | 11,533 |
Basis differences from reinvested earnings | 3,200 | 2,900 | |
China JVs | |||
Deferred income tax expense (benefit) | |||
Additional basis differences | 4,100 | 4,100 | |
U.S. | |||
Income Tax Contingency [Line Items] | |||
Income before income taxes and equity income | 3,826 | 4,433 | 8,399 |
Non-U.S. | |||
Income Tax Contingency [Line Items] | |||
Income before income taxes and equity income | $ 2,342 | $ 1,953 | $ 1,332 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income tax expense at U.S. federal statutory income tax rate | $ 1,295 | $ 1,341 | $ 3,406 |
State and local tax expense (benefit) | 117 | 282 | (76) |
Non-U.S. income taxed at other than the U.S. federal statutory tax rate | 166 | 90 | (145) |
U.S. tax impact on Non-U.S. income and activities | (197) | (822) | (941) |
Change in valuation allowances | (233) | 1,695 | 2,712 |
Change in tax laws | (122) | (134) | 7,194 |
General business credits and manufacturing incentives | (420) | (695) | (428) |
Capital loss expiration | 0 | 107 | 0 |
Settlements of prior year tax matters | 0 | (188) | (256) |
Realization of basis differences in affiliates | 0 | (59) | 0 |
Foreign currency remeasurement | 74 | 19 | 23 |
Other adjustments | 89 | (172) | 44 |
Total income tax expense | 769 | 474 | 11,533 |
Germany | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Change in tax laws | $ 0 | $ (990) | $ 0 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets | ||
Postretirement benefits other than pensions | $ 1,695 | $ 1,584 |
Pension and other employee benefit plans | 2,968 | 3,020 |
Warranties, dealer and customer allowances, claims and discounts | 6,299 | 6,307 |
Miscellaneous | 1,965 | 2,034 |
Total deferred tax assets before valuation allowances | 34,379 | 33,105 |
Less: valuation allowances | (8,135) | (7,976) |
Total deferred tax assets | 26,244 | 25,129 |
Deferred tax liabilities | ||
Property, plant and equipment | 1,565 | 1,098 |
Intangible assets | 763 | 729 |
Total deferred tax liabilities | 2,328 | 1,827 |
Net deferred tax assets | 23,916 | 23,302 |
U.S. | ||
Deferred tax assets | ||
U.S. capitalized research expenditures | 6,035 | 5,176 |
Operating loss and tax credit carryforwards | 8,686 | 8,591 |
Deferred tax liabilities | ||
Operating loss and tax credit carryforwards subject to expiration | 8,700 | |
Non-U.S. | ||
Deferred tax assets | ||
Operating loss and tax credit carryforwards | 6,731 | 6,393 |
Deferred tax liabilities | ||
Operating loss and tax credit carryforwards subject to expiration | 1,300 | |
Operating loss and tax credit carryforwards not subject to expiration | 5,400 | |
Germany, Spain and South Korea | ||
Deferred tax assets | ||
Less: valuation allowances | $ (8,100) | $ (8,000) |
Income Taxes - Uncertain Tax Po
Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of period | $ 1,341 | $ 1,557 | $ 1,182 |
Additions to current year tax positions | 18 | 292 | 160 |
Additions to prior years' tax positions | 13 | 264 | 448 |
Reductions to prior years' tax positions | (501) | (244) | (195) |
Reductions in tax positions due to lapse of statutory limitations | (8) | (38) | (44) |
Settlements | (93) | (450) | (11) |
Other | 5 | (40) | 17 |
Balance at end of period | 775 | 1,341 | 1,557 |
Unrecognized tax benefit that would favorably affect effective tax rate | 539 | 991 | |
Income tax related interest and penalties accrual | 117 | 116 | |
Operating Loss Carryforwards [Line Items] | |||
Tax expense related to tax reform legislation | 7,300 | ||
Tax expense related to tax reform legislation, updated | $ 7,100 | ||
Germany | Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 3,300 | ||
Deferred tax assets | $ 1,000 |
Restructuring And Other Initi_3
Restructuring And Other Initiatives (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | $ 564 | $ 1,122 | $ 227 | $ 268 |
Additions, interest accretion and other | 629 | 1,637 | 330 | |
Payments | (1,101) | (600) | (315) | |
Revisions to estimates and effect of foreign currency | (86) | (142) | (56) | |
Balance at end of period | 564 | 1,122 | 227 | |
GMI | Separation Programs in South Africa and India | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges and other charges | 460 | |||
GMI | Separation Programs in Australia, Korea, South Africa, India and Chevrolet Europe | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring cost incurred to date | 892 | |||
Unallocation of Products to Certain Manufacturing Facilities And Other Employee Separation Programs | ||||
Restructuring Reserve [Roll Forward] | ||||
Payments | (1,100) | |||
Restructuring cost incurred to date | 3,100 | |||
Unallocation of Products to Certain Manufacturing Facilities And Other Employee Separation Programs | GMNA | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges and other charges | 1,800 | 1,300 | ||
Employee Severance | GMNA | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges and other charges | 1,000 | |||
Non-cash Accelerated Depreciation | GMNA | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges and other charges | 1,300 | 301 | ||
Supplier Related Charges and Employee Separation Charges | GMNA | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges and other charges | $ 535 | |||
Facility closing | GMI | Gunsan Korea Plant | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges and other charges | 1,000 | |||
Severance Costs | 495 | |||
Non-cash Asset Impairments and Other Charges | GMI | Gunsan Korea Plant | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges and other charges | 537 | |||
Employee Severance and Statutory Pension Payments | GMI | Gunsan Korea Plant | ||||
Restructuring Reserve [Roll Forward] | ||||
Payments | $ (775) | |||
Asset Impairments, Sales Incentives, Inventory Provisions and Other Restructuring Costs | GMI | Separation Programs in South Africa and India | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges and other charges | 297 | |||
Dealer Restructuring, Employee Severance and Contract Termination Costs | GMI | Separation Programs in South Africa and India | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges and other charges | $ 163 | |||
Forecast | Unallocation of Products to Certain Manufacturing Facilities And Other Employee Separation Programs | GMNA | ||||
Restructuring Reserve [Roll Forward] | ||||
Expected amount of cash flows | $ 400 |
Interest Income and Other Non_3
Interest Income and Other Non-Operating Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |||
Non-service pension and OPEB income | $ 797 | $ 1,665 | $ 1,316 |
Interest income | 429 | 335 | 266 |
Licensing agreements income | 165 | 296 | 74 |
Revaluation of investments | 80 | 258 | (56) |
Other | (2) | 42 | 45 |
Total interest income and other non-operating income, net | $ 1,469 | $ 2,596 | $ 1,645 |
Stockholders' Equity and Nonc_3
Stockholders' Equity and Noncontrolling Interests - Preferred and Common Stock (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2018USD ($) | Sep. 30, 2018USD ($)$ / shares | Jun. 30, 2018USD ($) | Sep. 30, 2017USD ($)$ / shares | Dec. 31, 2019USD ($)Votes$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2027USD ($) | |
Class of Stock [Line Items] | ||||||||
Preferred stock shares authorized | shares | 2,000,000,000 | |||||||
Common stock shares authorized | shares | 5,000,000,000 | |||||||
Preferred stock shares outstanding | shares | 0 | 0 | ||||||
Common stock number of shares issued | shares | 1,400,000,000 | 1,400,000,000 | ||||||
Common stock shares outstanding | shares | 1,400,000,000 | 1,400,000,000 | ||||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 1.52 | $ 1.52 | $ 1.52 | |||||
Cash dividends paid on common stock | $ 2,165 | $ 2,144 | $ 2,215 | |||||
Number of votes per share | Votes | 1 | |||||||
Common shares purchased during period | shares | 0 | 3,000,000,000,000 | 120,000,000 | |||||
Amount of common stock purchased during period | $ 0 | $ 190 | $ 4,492 | |||||
Guarantees - maximum liability | 2,600 | $ 2,400 | ||||||
GM Cruise | ||||||||
Class of Stock [Line Items] | ||||||||
Investment amount | $ 1,100 | |||||||
GM Cruise | Series F Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Proceeds from issuance of preferred stock | 1,200 | |||||||
Investment amount | $ 687 | |||||||
Ownership Percentage | 6.60% | |||||||
GM Cruise | Convertible Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Annual dividend rate | 7.00% | |||||||
Proceeds from issuance of preferred stock | $ 900 | |||||||
GM Cruise | SoftBank Vision Fund (AIV M2), L.P. | Convertible Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Additional purchase amount | $ 1,350 | |||||||
GM Cruise | Honda Motor Co., Ltd | Common Class E | ||||||||
Class of Stock [Line Items] | ||||||||
Proceeds from issuance of common stock | $ 750 | |||||||
Agreed upon future contributions | $ 2,000 | |||||||
GM Korea | Korea Development Bank | Class B Preferred Shares | ||||||||
Class of Stock [Line Items] | ||||||||
Annual dividend rate | 1.00% | |||||||
Proceeds from issuance of preferred stock | $ 720 | |||||||
Period to call preferred shares | 6 years | |||||||
Financial Guarantee | GM Korea | ||||||||
Class of Stock [Line Items] | ||||||||
Guarantees - maximum liability | $ 2,800 | |||||||
Forecast | GM Korea | ||||||||
Class of Stock [Line Items] | ||||||||
Planned capital expenditures | $ 2,000 | |||||||
GM Financial | Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series B | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock issued | $ 500 | |||||||
Preferred stock par value (in dollars per share) | $ / shares | $ 0.01 | |||||||
Liquidation preference of preferred stock per share (in dollars per share) | $ / shares | $ 1,000 | |||||||
Annual dividend rate | 6.50% | |||||||
GM Financial | Series A Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock issued | $ 1,000 | |||||||
Preferred stock par value (in dollars per share) | $ / shares | $ 0.01 | |||||||
Liquidation preference of preferred stock per share (in dollars per share) | $ / shares | $ 1,000 | |||||||
Annual dividend rate | 5.75% | |||||||
GM | ||||||||
Class of Stock [Line Items] | ||||||||
Amount of common stock purchased during period | $ 100 | |||||||
GM Cruise | ||||||||
Class of Stock [Line Items] | ||||||||
Ownership interest | 17.30% | |||||||
GM Cruise | Honda Motor Co., Ltd | Common Class E | ||||||||
Class of Stock [Line Items] | ||||||||
Ownership interest | 5.70% |
Stockholders' Equity and Nonc_4
Stockholders' Equity and Noncontrolling Interests - Warrants (Details) - $ / shares shares in Millions | Jul. 10, 2019 | Dec. 31, 2018 |
Class of Warrant or Right [Line Items] | ||
Outstanding warrants (in shares) | 15 | |
Second Tranche of Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Exercise price (in dollars per share) | $ 18.33 |
Stockholders' Equity and Nonc_5
Stockholders' Equity and Noncontrolling Interests - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 42,777 | $ 36,200 | $ 44,075 |
Other comprehensive income (loss), net of tax | (2,128) | (936) | 1,317 |
Balance at end of period | 45,957 | 42,777 | 36,200 |
Discontinued Operations | Opel/Vauxhall Business [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Reclassification adjustment, net of tax | 1,200 | ||
Foreign currency translation adjustments [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (2,250) | (1,606) | (2,355) |
Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment, net of tax and impact of adoption of accounting standards | (56) | (664) | 560 |
Reclassification adjustment, net of tax | 28 | 20 | 189 |
Other comprehensive income (loss), net of tax | (28) | (644) | 749 |
Balance at end of period | (2,278) | (2,250) | (1,606) |
Defined benefit plans attributable [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (6,737) | (6,398) | (6,968) |
Other comprehensive loss and noncontrolling interests before reclassification adjustment, net of impact of adoption of accounting standards | (2,769) | (580) | (798) |
Tax benefit | 463 | 100 | 98 |
Other comprehensive income (loss) before reclassification adjustment, net of tax | (2,306) | (480) | (700) |
Reclassification adjustment, net of tax | 184 | 141 | 1,270 |
Other comprehensive income (loss), net of tax | (2,122) | (339) | 570 |
Balance at end of period | $ (8,859) | $ (6,737) | $ (6,398) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic Earnings per Common Share | |||||||||||
Income from continuing operations | $ 6,732 | $ 8,084 | $ 348 | ||||||||
Less: cumulative dividends on subsidiary preferred stock | (151) | (98) | (16) | ||||||||
Income from continuing operations attributable to common stockholders | 6,581 | 7,986 | 332 | ||||||||
Loss from discontinued operations, net of tax | 0 | 70 | 4,212 | ||||||||
Net income (loss) attributable to common stockholders | $ 6,581 | $ 7,916 | $ (3,880) | ||||||||
Weighted-average common shares outstanding - basic (in shares) | 1,424 | 1,411 | 1,465 | ||||||||
Basic earnings per common share – continuing operations (in dollars per share) | $ (0.16) | $ 1.62 | $ 1.68 | $ 1.50 | $ 1.42 | $ 1.77 | $ 1.68 | $ 0.78 | $ 4.62 | $ 5.66 | $ 0.23 |
Basic loss per common share – discontinued operations (in dollars per share) | 0 | 0 | 0 | 0.05 | 0 | 0.05 | 2.88 | ||||
Basic earnings (loss) per common share (in dollars per share) | $ 4.62 | $ 5.61 | $ (2.65) | ||||||||
Diluted earnings per share | |||||||||||
Income from continuing operations attributable to common stockholders – diluted | $ 6,581 | $ 7,986 | $ 332 | ||||||||
Loss from discontinued operations, net of tax – diluted | 0 | 70 | 4,212 | ||||||||
Net income (loss) attributable to common stockholders – diluted | $ 6,581 | $ 7,916 | $ (3,880) | ||||||||
Weighted-average common shares outstanding - basic (in shares) | 1,424 | 1,411 | 1,465 | ||||||||
Dilutive effect of warrants and awards under stock incentive plans (in shares) | 15 | 20 | 27 | ||||||||
Weighted-average common shares outstanding – diluted (in shares) | 1,439 | 1,431 | 1,492 | ||||||||
Diluted earnings per common share – continuing operations (in dollars per share) | $ (0.16) | $ 1.60 | $ 1.66 | $ 1.48 | 1.40 | 1.75 | 1.66 | 0.77 | $ 4.57 | $ 5.58 | $ 0.22 |
Diluted loss per common share – discontinued operations (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0.05 | 0 | 0.05 | 2.82 | ||||
Diluted earnings (loss) per common share (in dollars per share) | $ 4.57 | $ 5.53 | $ (2.60) | ||||||||
Potentially dilutive securities (in shares) | 7 | 9 | 0 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Millions | Oct. 31, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Loss from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ 70 | $ 0 | $ 70 | $ 4,212 | ||
Opel/Vauxhall Business and Fincos [Member] | Discontinued Operations | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Net consideration for transferred business | $ 2,500 | ||||||||
Charge at closing | 6,200 | ||||||||
Loss from discontinued operations, net of tax | 3,900 | 0 | 70 | 4,212 | |||||
Income tax expense (benefit) | $ 0 | $ 0 | 1,483 | ||||||
Opel/Vauxhall Business [Member] | Discontinued Operations | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Underfunded pension liabilities of current employees transferred to PSA Group | 3,100 | ||||||||
Payment to PSA Group at closing for assumed underfunded pension liabilities | $ 3,400 | ||||||||
Warrants received | $ 808 | ||||||||
Income tax expense (benefit) | $ 2,300 |
Discontinued Operations - Finan
Discontinued Operations - Financial Information about Discontinued Operations (Details) - USD ($) $ in Millions | Oct. 31, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ 70 | $ 0 | $ 70 | $ 4,212 | |
Discontinued Operations | Opel/Vauxhall Business and Fincos [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Automotive net sales and revenue | 0 | 0 | 11,257 | |||||
GM Financial net sales and revenue | 0 | 0 | 466 | |||||
Total net sales and revenue | 0 | 0 | 11,723 | |||||
Automotive and other cost of sales | 0 | 0 | 11,049 | |||||
GM Financial interest, operating and other expenses | 0 | 0 | 342 | |||||
Automotive and other selling, general, and administrative expense | 0 | 0 | 813 | |||||
Other expense items | 0 | 0 | (72) | |||||
Loss from discontinued operations before taxes | 0 | 0 | 553 | |||||
Loss on sale of discontinued operations before taxes | 0 | 70 | 2,176 | |||||
Total loss from discontinued operations before taxes | 0 | 70 | 2,729 | |||||
Income tax expense (benefit) | 0 | 0 | 1,483 | |||||
Loss from discontinued operations, net of tax | $ 3,900 | 0 | 70 | 4,212 | ||||
Disposal loss | 3,900 | |||||||
Discontinued Operations | Opel/Vauxhall Business [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Net sales and revenue | 1,129 | 1,939 | 853 | |||||
Purchases and expenses | 825 | 1,422 | 218 | |||||
Income tax expense (benefit) | $ 2,300 | |||||||
Amount of deferred tax assets transferred | 2,000 | |||||||
Discontinued Operations | Discontinued Operations | Opel/Vauxhall Business [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Cash payments | 975 | 1,849 | 242 | |||||
Cash receipts | $ 1,408 | $ 2,310 | $ 1,161 |
Stock Incentive Plans (Details)
Stock Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Stock Incentive Awards Units Outstanding (Roll Forward) | ||||
Units outstanding at beginning of period (in shares) | 48,100,000 | |||
Granted (in shares) | 8,900,000 | |||
Settled (in shares) | (11,600,000) | |||
Forfeited or expired (in shares) | (3,900,000) | |||
Units outstanding at end of period (in shares) | 41,500,000 | 48,100,000 | ||
Stock Incentive Awards Weighted Average Grant Date Fair Value (Per Share) [Roll Forward] | ||||
Weighted-average grant date fair value, Units outstanding at beginning of period (in dollars per share) | $ 19.81 | |||
Weighted-average grant date fair value, granted (in dollars per share) | 27.89 | |||
Weighted-average grant date fair value, settled (in dollars per share) | 28.78 | |||
Weighted-average grant date fair value, forfeited or expired (in dollars per share) | 30.87 | |||
Weighted-average grant date fair value, Units outstanding at end of period (in dollars per share) | $ 19.81 | $ 19.81 | $ 19.17 | |
Remaining Contractual Term [Abstract] | ||||
Weighted Average Remaining Contractual Terms in years, Outstanding | 10 months 24 days | 1 year 3 months 18 days | ||
Compensation expense | $ 456 | $ 316 | $ 585 | |
Weighted-average period for total unrecognized compensation expense for nonvested equity awards | 1 year 1 month 6 days | |||
Unrecognized compensation expense | $ 182 | |||
Fair value of stock incentive awards vested | $ 287 | $ 317 | $ 421 | |
Restricted Stock Units (RSUs) | ||||
Stock Incentive Plans Narratives [Abstract] | ||||
Service period | 3 years | |||
Performance Share Units (PSUs) | ||||
Stock Incentive Plans Narratives [Abstract] | ||||
Performance period | 3 years | |||
Stock options | ||||
Stock Incentive Plans Narratives [Abstract] | ||||
Expiration period | 10 years | |||
Remaining Contractual Term [Abstract] | ||||
Dividend yield | 3.90% | 3.69% | 4.43% | |
Expected volatility | 28.00% | 28.00% | 25.00% | |
Risk-free interest rate | 2.62% | 2.73% | 1.97% | |
Expected option life | 6 years | 5 years 11 months 23 days | 5 years 10 months 2 days | |
Performance-based Employee Stock Options | ||||
Stock Incentive Plans Narratives [Abstract] | ||||
Service period | 55 months | |||
Service-based Employee Stock Options | Minimum | ||||
Stock Incentive Plans Narratives [Abstract] | ||||
Service period | 19 months | |||
Service-based Employee Stock Options | Maximum | ||||
Stock Incentive Plans Narratives [Abstract] | ||||
Service period | 3 years | |||
Restricted Stock Awards (RSAs) | ||||
Stock Incentive Plans Narratives [Abstract] | ||||
Service period | 3 years | |||
Cruise Stock Incentive Awards | ||||
Stock Incentive Awards Units Outstanding (Roll Forward) | ||||
Granted (in shares) | 0 | |||
Cruise Stock Incentive Awards | Restricted Stock Units (RSUs) | Maximum | ||||
Stock Incentive Plans Narratives [Abstract] | ||||
Service period | 4 years | |||
Cruise Stock Incentive Awards | Stock options | ||||
Stock Incentive Plans Narratives [Abstract] | ||||
Expiration period | 10 years | |||
Cruise Stock Incentive Awards | Stock options | Minimum | ||||
Stock Incentive Plans Narratives [Abstract] | ||||
Service period | 4 years | |||
Cruise Stock Incentive Awards | Stock options | Maximum | ||||
Stock Incentive Plans Narratives [Abstract] | ||||
Service period | 10 years | |||
Cruise Stock Incentive Awards | Stock options and RSUs | ||||
Remaining Contractual Term [Abstract] | ||||
Weighted-average period for total unrecognized compensation expense for nonvested equity awards | 7 years 10 months 24 days | |||
Unrecognized compensation expense | $ 680 | |||
Total units outstanding (in shares) | 70,100,000 |
Supplementary Quarterly Finan_3
Supplementary Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | ||||||||||||
Total net sales and revenue | $ 30,826 | $ 35,473 | $ 36,060 | $ 34,878 | $ 38,399 | $ 35,791 | $ 36,760 | $ 36,099 | $ 137,237 | $ 147,049 | $ 145,588 | |
Income from continuing operations | (192) | 2,311 | 2,403 | 2,145 | 2,069 | 2,530 | 2,366 | 1,110 | 6,667 | 8,075 | 330 | |
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 70 | 0 | 70 | 4,212 | |||||
Net income attributable to stockholders | $ (194) | $ 2,351 | $ 2,418 | $ 2,157 | $ 2,044 | $ 2,534 | $ 2,390 | $ 1,046 | $ 6,732 | $ 8,014 | $ (3,864) | |
Basic earnings (loss) per common share – continuing operations (in dollars per share) | $ (0.16) | $ 1.62 | $ 1.68 | $ 1.50 | $ 1.42 | $ 1.77 | $ 1.68 | $ 0.78 | $ 4.62 | $ 5.66 | $ 0.23 | |
Basic loss per common share – discontinued operations (in dollars per share) | 0 | 0 | 0 | 0.05 | 0 | 0.05 | 2.88 | |||||
Diluted earnings (loss) per common share – continuing operations (in dollars per share) | $ (0.16) | $ 1.60 | $ 1.66 | $ 1.48 | 1.40 | 1.75 | 1.66 | 0.77 | 4.57 | 5.58 | 0.22 | |
Diluted loss per common share – discontinued operations (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0.05 | $ 0 | $ 0.05 | $ 2.82 | |||||
Non-recurring tax benefit | $ 122 | $ 134 | $ (7,194) | |||||||||
FAW-GM | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Loss on sale of discontinued operations before taxes | $ 164 | 164 | ||||||||||
Automotive | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Automotive and other gross margin | 1,273 | $ 3,643 | $ 4,098 | $ 3,032 | $ 2,935 | $ 3,743 | $ 3,204 | $ 2,507 | ||||
Facility closing | Korea | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring charges and other charges | $ 1,100 | |||||||||||
Ignition Switch Recall Litigations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Ignition switch related legal matters | $ 440 | |||||||||||
Transformation Activities | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring charges and other charges | $ 267 | 390 | 361 | 790 | 1,300 | |||||||
Foreign Tax Authority | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Non-recurring tax benefit | $ 1,000 | |||||||||||
GMI | GM Brazil Indirect Tax Claim | Brazil | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Estimated potential recovery from taxing authority | $ 123 | $ 380 | $ 857 | 1,400 | ||||||||
GMI | Transformation Activities | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring charges and other charges | $ 115 |
Segment Reporting - Summary of
Segment Reporting - Summary of key financial information by segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Total net sales and revenue | $ 30,826 | $ 35,473 | $ 36,060 | $ 34,878 | $ 38,399 | $ 35,791 | $ 36,760 | $ 36,099 | $ 137,237 | $ 147,049 | $ 145,588 |
Earnings (loss) before interest and taxes-adjusted | 8,393 | 11,783 | 12,844 | ||||||||
Adjustments | (539) | (2,905) | (654) | ||||||||
Automotive interest expense | (4,423) | (3,880) | (3,141) | ||||||||
Net loss attributable to noncontrolling interests | (65) | (9) | (18) | ||||||||
Income before income taxes | 7,436 | 8,549 | 11,863 | ||||||||
Income tax (expense) | (769) | (474) | (11,533) | ||||||||
Income from continuing operations | (192) | 2,311 | 2,403 | 2,145 | 2,069 | 2,530 | 2,366 | 1,110 | 6,667 | 8,075 | 330 |
Loss from discontinued operations, net of tax | 0 | 0 | 0 | (70) | 0 | (70) | (4,212) | ||||
Net income attributable to stockholders | (194) | 2,351 | 2,418 | 2,157 | 2,044 | 2,534 | $ 2,390 | $ 1,046 | 6,732 | 8,014 | (3,864) |
Equity in net assets of nonconsolidated affiliates | 8,562 | 9,215 | 8,562 | 9,215 | 9,073 | ||||||
Goodwill and intangible assets, net | 5,337 | 5,579 | 5,337 | 5,579 | 5,849 | ||||||
Total Assets | 228,037 | 227,339 | 228,037 | 227,339 | 212,482 | ||||||
Expenditures for property | 7,592 | 8,761 | 8,453 | ||||||||
Depreciation and amortization | 14,060 | 13,142 | 11,967 | ||||||||
Impairment charges | 58 | 527 | 294 | ||||||||
Equity income | 1,268 | 2,163 | 2,132 | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | FAW-GM | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Loss on sale of discontinued operations before taxes | 164 | 164 | |||||||||
Transformation Activities | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Restructuring charges and other charges | 267 | 390 | 361 | 790 | 1,300 | ||||||
Ignition Switch Recall Litigations | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Ignition switch related legal matters | $ 440 | ||||||||||
GMNA | Transformation Activities | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Restructuring charges and other charges | 1,600 | 1,200 | |||||||||
GMI | Transformation Activities | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Restructuring charges and other charges | 115 | ||||||||||
GMI | Separation Programs in Korea | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Restructuring charges and other charges | 1,200 | ||||||||||
GMI | Brazil | GM Brazil Indirect Tax Claim | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Estimated potential recovery from taxing authority | $ 123 | $ 380 | $ 857 | 1,400 | |||||||
GMI | Separation Programs in South Africa and India | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Restructuring charges and other charges | 460 | ||||||||||
GMI | Separation Programs in Venezuela | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Deconsolidation loss | 80 | ||||||||||
Operating Segments | Cruise | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Total net sales and revenue | 100 | 0 | 0 | ||||||||
Earnings (loss) before interest and taxes-adjusted | (1,004) | (728) | (613) | ||||||||
Adjustments | 0 | 0 | |||||||||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 | 0 | 0 | ||||||
Goodwill and intangible assets, net | 634 | 671 | 634 | 671 | 679 | ||||||
Total Assets | 4,230 | 3,195 | 4,230 | 3,195 | 666 | ||||||
Expenditures for property | 60 | 15 | 34 | ||||||||
Depreciation and amortization | 21 | 7 | 1 | ||||||||
Impairment charges | 36 | 0 | 0 | ||||||||
Equity income | 0 | 0 | 0 | ||||||||
Operating Segments | GM Financial | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Total net sales and revenue | 14,554 | 14,016 | 12,151 | ||||||||
Earnings (loss) before interest and taxes-adjusted | 2,104 | 1,893 | 1,196 | ||||||||
Adjustments | 0 | 0 | 0 | ||||||||
Equity in net assets of nonconsolidated affiliates | 1,455 | 1,355 | 1,455 | 1,355 | 1,187 | ||||||
Goodwill and intangible assets, net | 1,355 | 1,356 | 1,355 | 1,356 | 1,367 | ||||||
Total Assets | 108,881 | 109,953 | 108,881 | 109,953 | 97,251 | ||||||
Expenditures for property | 47 | 60 | 94 | ||||||||
Depreciation and amortization | 7,350 | 7,531 | 6,573 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Equity income | 166 | 183 | 173 | ||||||||
Eliminations/ Reclassifications | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Total net sales and revenue | (114) | (110) | (170) | ||||||||
Earnings (loss) before interest and taxes-adjusted | (18) | (4) | (7) | ||||||||
Adjustments | 0 | 0 | 0 | ||||||||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 | 0 | 0 | ||||||
Goodwill and intangible assets, net | 0 | 0 | 0 | 0 | 0 | ||||||
Total Assets | (1,454) | (1,487) | (1,454) | (1,487) | (844) | ||||||
Expenditures for property | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Equity income | 0 | 0 | 0 | ||||||||
Automotive | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Automotive interest income | 429 | 335 | 266 | ||||||||
Automotive interest expense | (782) | (655) | (575) | ||||||||
Automotive | Operating Segments | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Total net sales and revenue | 122,697 | 133,143 | 133,607 | ||||||||
Earnings (loss) before interest and taxes-adjusted | 7,311 | 10,622 | 12,268 | ||||||||
Adjustments | (539) | (2,905) | (654) | ||||||||
Equity in net assets of nonconsolidated affiliates | 7,107 | 7,860 | 7,107 | 7,860 | 7,886 | ||||||
Goodwill and intangible assets, net | 3,348 | 3,552 | 3,348 | 3,552 | 3,803 | ||||||
Total Assets | 116,380 | 115,678 | 116,380 | 115,678 | 115,409 | ||||||
Expenditures for property | 7,485 | 8,686 | 8,325 | ||||||||
Depreciation and amortization | 6,689 | 5,604 | 5,393 | ||||||||
Impairment charges | 22 | 527 | 294 | ||||||||
Equity income | 1,102 | 1,980 | 1,959 | ||||||||
Automotive | Operating Segments | GMNA | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Total net sales and revenue | 106,366 | 113,792 | 111,345 | ||||||||
Earnings (loss) before interest and taxes-adjusted | 8,204 | 10,769 | 11,889 | ||||||||
Adjustments | (1,618) | (1,236) | 0 | ||||||||
Equity in net assets of nonconsolidated affiliates | 84 | 75 | 84 | 75 | 68 | ||||||
Goodwill and intangible assets, net | 2,459 | 2,623 | 2,459 | 2,623 | 2,819 | ||||||
Total Assets | 109,290 | 109,763 | 109,290 | 109,763 | 99,874 | ||||||
Expenditures for property | 6,305 | 7,784 | 7,704 | ||||||||
Depreciation and amortization | 6,112 | 4,995 | 4,654 | ||||||||
Impairment charges | 15 | 55 | 78 | ||||||||
Equity income | 8 | 8 | 8 | ||||||||
Automotive | Operating Segments | GMI | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Total net sales and revenue | 16,111 | 19,148 | 21,920 | ||||||||
Earnings (loss) before interest and taxes-adjusted | (202) | 423 | 1,300 | ||||||||
Adjustments | 1,081 | (1,212) | (540) | ||||||||
Equity in net assets of nonconsolidated affiliates | 7,023 | 7,761 | 7,023 | 7,761 | 7,818 | ||||||
Goodwill and intangible assets, net | 888 | 928 | 888 | 928 | 973 | ||||||
Total Assets | 24,969 | 24,911 | 24,969 | 24,911 | 27,712 | ||||||
Expenditures for property | 1,096 | 883 | 607 | ||||||||
Depreciation and amortization | 533 | 562 | 708 | ||||||||
Impairment charges | 7 | 466 | 211 | ||||||||
Equity income | 1,123 | 1,972 | 1,951 | ||||||||
Automotive | Corporate | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Total net sales and revenue | 220 | 203 | 342 | ||||||||
Earnings (loss) before interest and taxes-adjusted | (691) | (570) | (921) | ||||||||
Adjustments | (2) | (457) | (114) | ||||||||
Equity in net assets of nonconsolidated affiliates | 0 | 24 | 0 | 24 | 0 | ||||||
Goodwill and intangible assets, net | 1 | 1 | 1 | 1 | 11 | ||||||
Total Assets | 32,365 | 31,694 | 32,365 | 31,694 | 30,573 | ||||||
Expenditures for property | 84 | 21 | 14 | ||||||||
Depreciation and amortization | 46 | 50 | 32 | ||||||||
Impairment charges | 0 | 6 | 5 | ||||||||
Equity income | (29) | 0 | 0 | ||||||||
Automotive | Corporate | Ignition Switch Recall Litigations | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Ignition switch related legal matters | 440 | 114 | |||||||||
Automotive | Eliminations/ Reclassifications | |||||||||||
Revenue and others for Reportable Segment [Abstract] | |||||||||||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 | 0 | 0 | ||||||
Goodwill and intangible assets, net | 0 | 0 | 0 | 0 | 0 | ||||||
Total Assets | $ (50,244) | $ (50,690) | (50,244) | (50,690) | (42,750) | ||||||
Expenditures for property | 0 | (2) | 0 | ||||||||
Depreciation and amortization | (2) | (3) | (1) | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Equity income | $ 0 | $ 0 | $ 0 |
Segment Reporting - Revenues an
Segment Reporting - Revenues and long-lived assets by geographic region (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Automotive net sales and revenue | $ 122,697 | $ 133,045 | |||||||||
GM Financial net sales and revenue | 14,540 | 14,004 | |||||||||
Total net sales and revenue | $ 30,826 | $ 35,473 | $ 36,060 | $ 34,878 | $ 38,399 | $ 35,791 | $ 36,760 | $ 36,099 | 137,237 | 147,049 | $ 145,588 |
Long-Lived Assets | 80,872 | 82,698 | 80,872 | 82,698 | 80,329 | ||||||
Automotive | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Automotive net sales and revenue | 122,697 | 133,045 | 133,449 | ||||||||
Automotive | U.S. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Automotive net sales and revenue | 97,887 | 104,413 | 100,674 | ||||||||
Long-Lived Assets | 25,401 | 25,625 | 25,401 | 25,625 | 24,473 | ||||||
Automotive | Non-U.S. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Automotive net sales and revenue | 24,810 | 28,632 | 32,775 | ||||||||
Long-Lived Assets | 13,190 | 13,263 | 13,190 | 13,263 | 12,715 | ||||||
GM Financial | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total net sales and revenue | 14,540 | 14,004 | 12,139 | ||||||||
GM Financial | U.S. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
GM Financial net sales and revenue | 12,727 | 12,169 | 10,489 | ||||||||
Long-Lived Assets | 39,509 | 41,334 | 39,509 | 41,334 | 40,674 | ||||||
GM Financial | Non-U.S. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
GM Financial net sales and revenue | 1,813 | 1,835 | 1,650 | ||||||||
Long-Lived Assets | $ 2,772 | $ 2,476 | $ 2,772 | $ 2,476 | $ 2,467 |
Supplemental Information for _3
Supplemental Information for the Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts receivable | $ (563) | $ 492 | $ 1,402 |
Wholesale receivables funded by GM Financial, net | 663 | (2,606) | (2,099) |
Inventories | (761) | 399 | 440 |
Automotive equipment on operating leases | 274 | 748 | (263) |
Change in other assets | (1,550) | (529) | 108 |
Accounts payable | (492) | (537) | (362) |
Income taxes payable | 213 | (75) | (3) |
Accrued and other liabilities | (1,573) | 732 | (2,238) |
Total | (3,789) | (1,376) | (3,015) |
Cash paid for income taxes and interest | |||
Cash paid for income taxes, net | 689 | 660 | 656 |
Cash Paid for Interest (net of amounts capitalized) | 4,214 | 3,597 | 3,072 |
Automotive | |||
Cash paid for income taxes and interest | |||
Cash Paid for Interest (net of amounts capitalized) | 739 | 656 | 501 |
GM Financial | |||
Cash paid for income taxes and interest | |||
Cash Paid for Interest (net of amounts capitalized) | $ 3,475 | $ 2,941 | $ 2,571 |