Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 13, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-34960 | |
Entity Registrant Name | GENERAL MOTORS COMPANY | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-0756180 | |
Entity Address, Address Line One | 300 Renaissance Center, | |
Entity Address, City or Town | Detroit, | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48265 | |
City Area Code | 313 | |
Local Phone Number | 667-1500 | |
Entity Central Index Key | 0001467858 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | GM | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,458,022,912 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales and revenue | ||
Automotive | $ 32,824 | $ 29,067 |
GM Financial | 3,155 | 3,407 |
Total net sales and revenue (Note 3) | 35,979 | 32,474 |
Costs and expenses | ||
Total costs and expenses | 33,783 | 29,197 |
Operating income (loss) | 2,196 | 3,277 |
Interest income and other non-operating income, net | 517 | 799 |
Equity income (loss) (Note 8) | 292 | 365 |
Income (loss) before income taxes | 2,779 | 4,191 |
Income tax expense (benefit) (Note 15) | (28) | 1,177 |
Net income (loss) | 2,807 | 3,014 |
Net loss (income) attributable to noncontrolling interests | 131 | 8 |
Net income (loss) attributable to stockholders | 2,939 | 3,022 |
Net income (loss) attributable to common stockholders | $ 1,987 | $ 2,976 |
Earnings per share (Note 17) | ||
Basic earnings per common share (in dollars per share) | $ 1.36 | $ 2.06 |
Weighted-average common shares outstanding - basic (in shares) | 1,458 | 1,447 |
Diluted earnings per common share (in dollars per share) | $ 1.35 | $ 2.03 |
Weighted-average common shares outstanding - diluted (in shares) | 1,470 | 1,464 |
Automotive | ||
Net sales and revenue | ||
Automotive | $ 32,824 | $ 29,067 |
Costs and expenses | ||
Automotive and other cost of sales | 29,353 | 25,115 |
Automotive and other selling, general and administrative expense | 2,504 | 1,803 |
Automotive interest expense | 226 | 250 |
GM Financial | ||
Net sales and revenue | ||
GM Financial | 3,155 | 3,407 |
Costs and expenses | ||
GM Financial interest, operating and other expenses | $ 1,926 | $ 2,279 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 2,807 | $ 3,014 |
Other comprehensive income (loss), net of tax (Note 16) | ||
Foreign currency translation adjustments and other | 340 | (5) |
Defined benefit plans | 103 | 160 |
Other comprehensive income (loss), net of tax | 442 | 155 |
Comprehensive income (loss) | 3,250 | 3,169 |
Comprehensive income (loss) attributable to noncontrolling interests | 145 | 15 |
Comprehensive income (loss) attributable to stockholders | $ 3,394 | $ 3,184 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 16,349 | $ 20,067 |
Marketable debt securities (Note 4) | 9,907 | 8,609 |
Accounts and notes receivable, net of allowance of $205 and $192 | 11,946 | 7,394 |
Inventories (Note 6) | 14,838 | 12,988 |
Other current assets (Note 4; Note 9 at VIEs) | 7,113 | 6,396 |
Total current assets | 88,594 | 82,103 |
Non-current Assets | ||
Equity in net assets of nonconsolidated affiliates (Note 8) | 10,402 | 9,677 |
Property, net | 41,708 | 41,115 |
Goodwill and intangible assets, net | 5,058 | 5,087 |
Equipment on operating leases, net (Note 7; Note 9 at VIEs) | 36,581 | 37,929 |
Deferred income taxes | 21,287 | 21,152 |
Other assets (Note 4; Note 9 at VIEs) | 11,454 | 11,488 |
Total non-current assets | 162,898 | 162,615 |
Total Assets | 251,492 | 244,718 |
Current Liabilities | ||
Accounts payable (principally trade) | 25,240 | 20,391 |
Accrued liabilities | 21,277 | 20,297 |
Total current liabilities | 79,555 | 74,408 |
Non-current Liabilities | ||
Postretirement benefits other than pensions (Note 13) | 5,722 | 5,743 |
Pensions (Note 13) | 7,782 | 8,008 |
Other liabilities | 14,601 | 15,085 |
Total non-current liabilities | 104,873 | 104,495 |
Total Liabilities | 184,429 | 178,903 |
Commitments and contingencies (Note 14) | ||
Noncontrolling Interest - Cruise Stock Incentive Awards (Note 18) | 289 | 0 |
Equity (Note 16) | ||
Common stock, $0.01 par value | 15 | 15 |
Additional paid-in capital | 27,015 | 27,061 |
Retained earnings | 43,879 | 41,937 |
Accumulated other comprehensive loss | (8,814) | (9,269) |
Total stockholders’ equity | 62,095 | 59,744 |
Noncontrolling interests | 4,679 | 6,071 |
Total Equity | 66,774 | 65,815 |
Total Liabilities and Equity | 251,492 | 244,718 |
GM Financial | ||
Current Assets | ||
GM Financial receivables, net of allowance of $761 and $703 (Note 5; Note 9 at VIEs) | 28,440 | 26,649 |
Non-current Assets | ||
GM Financial receivables, net of allowance of $1,167 and $1,183 (Note 5; Note 9 at VIEs) | 36,408 | 36,167 |
Current Liabilities | ||
Short-term debt and current portion of long-term debt (Note 9 and Note 8 at VIEs) | 32,300 | 33,257 |
Non-current Liabilities | ||
Long-term debt (Note 9 and Note 8 at VIEs) | 60,613 | 59,304 |
Automotive | ||
Current Liabilities | ||
Short-term debt and current portion of long-term debt (Note 9 and Note 8 at VIEs) | 737 | 463 |
Non-current Liabilities | ||
Long-term debt (Note 9 and Note 8 at VIEs) | $ 16,155 | $ 16,355 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Automotive | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 205 | $ 192 |
GM Financial | ||
Accounts Receivable, Allowance for Credit Loss, Current | 761 | 703 |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | $ 1,167 | $ 1,183 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Cash Flows [Abstract] | ||
Net income (loss) | $ 2,807 | $ 3,014 |
Cash flows from operating activities | ||
Depreciation and impairment of Equipment on operating leases, net | 1,223 | 1,653 |
Depreciation, amortization and impairment charges on Property, net | 1,668 | 1,362 |
Foreign currency remeasurement and transaction (gains) losses | 56 | (73) |
Undistributed (earnings) loss of nonconsolidated affiliates, net | (274) | (349) |
Pension contributions and OPEB payments | (213) | (222) |
Pension and OPEB income, net | (300) | (397) |
Provision (benefit) for deferred taxes | (81) | 1,085 |
Change in other operating assets and liabilities | (2,784) | (4,807) |
Net cash provided by (used in) operating activities | 2,104 | 1,266 |
Cash flows from investing activities | ||
Expenditures for property | (1,661) | (878) |
Available-for-sale marketable securities, acquisitions | (3,451) | (2,366) |
Available-for-sale marketable securities, liquidations | 1,960 | 3,632 |
Purchases of finance receivables, net | (8,189) | (8,173) |
Principal collections and recoveries on finance receivables | 6,845 | 6,085 |
Purchases of leased vehicles, net | (2,990) | (6,113) |
Proceeds from termination of leased vehicles | 3,732 | 4,919 |
Other investing activities | (154) | (90) |
Net cash provided by (used in) investing activities | (3,909) | (2,984) |
Cash flows from financing activities | ||
Net increase (decrease) in short-term debt | 722 | 1,543 |
Proceeds from issuance of debt (original maturities greater than three months) | 10,685 | 13,350 |
Payments on debt (original maturities greater than three months) | (10,827) | (12,702) |
Issuance (redemptions) of subsidiary preferred stock (Note 16) | (2,124) | |
Issuance (redemptions) of subsidiary preferred stock (Note 16) | 1,537 | |
Dividends paid | (73) | (76) |
Other financing activities | (235) | (35) |
Net cash provided by (used in) financing activities | (1,852) | 3,617 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 93 | (140) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (3,564) | 1,759 |
Cash, cash equivalents and restricted cash at beginning of period | 23,542 | 23,117 |
Cash, cash equivalents and restricted cash at end of period | 19,978 | 24,876 |
Significant Non-cash Investing and Financing Activity | ||
Non-cash property additions | $ 1,931 | $ 1,710 |
Condensed Consolidated Statem_3
Condensed 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, 2020 | $ 0 | |||||||
Balance at end of period at Mar. 31, 2021 | 0 | |||||||
Balance at beginning of period at Dec. 31, 2020 | 49,677 | $ 14 | $ 26,542 | $ 31,962 | $ (13,488) | $ 4,647 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 3,014 | 3,022 | (8) | |||||
Other comprehensive income (loss) | 155 | 162 | (7) | |||||
Issuance (redemption) of subsidiary preferred stock (Note 16) | $ 1,537 | $ 1,537 | ||||||
Stock based compensation | 132 | 132 | ||||||
Dividends to noncontrolling interests | (61) | (61) | ||||||
Other | (11) | (7) | 4 | (8) | ||||
Balance at end of period at Mar. 31, 2021 | 54,443 | 14 | 26,667 | 34,988 | (13,326) | 6,100 | ||
Balance at beginning of period at Dec. 31, 2021 | 0 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Stock based compensation | 289 | |||||||
Balance at end of period at Mar. 31, 2022 | 289 | |||||||
Balance at beginning of period at Dec. 31, 2021 | 65,815 | 15 | 27,061 | 41,937 | (9,269) | 6,071 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 2,807 | 2,939 | (131) | |||||
Other comprehensive income (loss) | 442 | 456 | (13) | |||||
Issuance (redemption) of subsidiary preferred stock (Note 16) | $ (2,124) | (909) | $ (1,215) | |||||
Stock based compensation | (32) | (31) | (1) | |||||
Dividends to noncontrolling interests | (14) | (12) | (1) | |||||
Other | (120) | (15) | (74) | (31) | ||||
Balance at end of period at Mar. 31, 2022 | $ 66,774 | $ 15 | $ 27,015 | $ 43,879 | $ (8,814) | $ 4,679 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Nature of Operations and Basis of Presentation | Nature of Operations and Basis of Presentation General Motors Company (sometimes referred to in this Quarterly Report on Form 10-Q as we, our, us, ourselves, the Company, General Motors or GM) designs, builds and sells trucks, crossovers, cars and automobile parts and provides software-enabled services and subscriptions worldwide. Additionally, we are investing in and growing an autonomous vehicle (AV) business. We also provide automotive financing services through General Motors Financial Company, Inc. (GM Financial). We analyze the results of our operations through the following segments: GM North America (GMNA), GM International (GMI), Cruise, and GM Financial. Cruise is our global segment responsible for the development and commercialization of AV technology. Nonsegment operations are classified as Corporate. Corporate includes certain centrally recorded income and costs such as interest, income taxes, corporate expenditures and certain nonsegment-specific revenues and expenses. The condensed consolidated financial statements are prepared in conformity with U.S. GAAP pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2021 Form 10-K. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding. Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. All intercompany balances and transactions are eliminated in consolidation. 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. GM Financial The amounts presented for GM Financial are adjusted to reflect the impact on GM Financial's deferred tax positions and provision for income taxes resulting from the inclusion of GM Financial in our consolidated tax return 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 | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies The information presented on Stock Incentive Plans updates our Significant Accounting Policies information presented in our 2021 Form 10-K to reflect the effect of modifications made to Cruise stock incentive awards during the three months ended March 31, 2022. Refer to Note 18 to our condensed consolidated financial statements for additional information on the modifications made. Stock Incentive Plans Our stock incentive plans include Restricted Stock Units (RSUs), Restricted Stock Awards (RSAs), Performance Stock Units (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. 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. In March 2022, all outstanding RSUs that settle in Cruise’s common stock were modified to remove the liquidity vesting condition. Prospectively, RSUs that will settle in Cruise’s common stock will solely vest upon satisfaction of a service condition. 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 generally on the fair value of GM or Cruise's common stock at the end of each reporting period. Compensation cost is also recorded on stock issued to settle awards based on the fair value of Cruise's common stock until such time that the stock has been issued for more than six months. 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. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following table disaggregates our revenue by major source: Three Months Ended March 31, 2022 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 28,572 $ 3,014 $ 5 $ 31,591 $ — $ — $ — $ 31,591 Used vehicles 75 5 — 80 — — — 80 Services and other 809 295 48 1,152 26 — (25) 1,153 Automotive net sales and revenue 29,456 3,313 53 32,823 26 — (25) 32,824 Leased vehicle income — — — — — 2,066 — 2,066 Finance charge income — — — — — 1,010 — 1,010 Other income — — — — — 80 (1) 79 GM Financial net sales and revenue — — — — — 3,156 (1) 3,155 Net sales and revenue $ 29,456 $ 3,313 $ 53 $ 32,823 $ 26 $ 3,156 $ (26) $ 35,979 Three Months Ended March 31, 2021 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 24,920 $ 2,801 $ — $ 27,721 $ — $ — $ — $ 27,721 Used vehicles 228 13 — 241 — — — 241 Services and other 809 272 19 1,100 30 — (25) 1,105 Automotive net sales and revenue 25,957 3,086 19 29,062 30 — (25) 29,067 Leased vehicle income — — — — — 2,321 — 2,321 Finance charge income — — — — — 1,016 — 1,016 Other income — — — — — 70 — 70 GM Financial net sales and revenue — — — — — 3,407 — 3,407 Net sales and revenue $ 25,957 $ 3,086 $ 19 $ 29,062 $ 30 $ 3,407 $ (25) $ 32,474 Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Adjustments to sales incentives for previously recognized sales increased revenue by an insignificant amount in the three months ended March 31, 2022 and 2021. |
Marketable and Other Securities
Marketable and Other Securities | 3 Months Ended |
Mar. 31, 2022 | |
Marketable Securities [Abstract] | |
Marketable and Other Securities | Marketable and Other Securities The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost: Fair Value Level March 31, 2022 December 31, 2021 Cash and cash equivalents Cash and time deposits $ 6,979 $ 7,881 Available-for-sale debt securities U.S. government and agencies 2 630 722 Corporate debt 2 4,439 5,321 Sovereign debt 2 1,186 2,105 Total available-for-sale debt securities – cash equivalents 6,255 8,148 Money market funds 1 3,114 4,038 Total cash and cash equivalents(a) $ 16,349 $ 20,067 Marketable debt securities U.S. government and agencies 2 $ 2,844 $ 2,071 Corporate debt 2 3,630 3,396 Mortgage and asset-backed 2 600 575 Sovereign debt 2 2,833 2,567 Total available-for-sale debt securities – marketable securities(b) $ 9,907 $ 8,609 Restricted cash Cash and cash equivalents $ 374 $ 466 Money market funds 1 3,255 3,009 Total restricted cash $ 3,629 $ 3,475 Available-for-sale debt securities included above with contractual maturities(c) Due in one year or less $ 10,681 Due between one and five years 4,831 Total available-for-sale debt securities with contractual maturities $ 15,512 __________ (a) Includes $2.6 billion and $1.6 billion in Cruise at March 31, 2022 and December 31, 2021. (b) Includes $1.5 billion in Cruise at March 31, 2022 and December 31, 2021. (c) Excludes mortgage and asset-backed securities of $600 million at March 31, 2022 as these securities are not due at a single maturity date. Proceeds from the sale of available-for-sale debt securities sold prior to maturity were $464 million and $504 million in the three months ended March 31, 2022 and 2021. Net unrealized gains and losses on available-for-sale debt securities were insignificant in the three months ended March 31, 2022 and 2021. Cumulative unrealized gains and losses on available-for-sale debt securities were insignificant at March 31, 2022 and December 31, 2021. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total shown in the condensed consolidated statement of cash flows: March 31, 2022 Cash and cash equivalents $ 16,349 Restricted cash included in Other current assets 3,127 Restricted cash included in Other assets 503 Total $ 19,978 |
GM Financial Receivables and Tr
GM Financial Receivables and Transactions | 3 Months Ended |
Mar. 31, 2022 | |
GM Financial | |
Finance Receivables [Line Items] | |
GM Financial Receivables and Transactions | GM Financial Receivables and Transactions March 31, 2022 December 31, 2021 Retail Commercial(a) Total Retail Commercial(a) Total GM Financial receivables, net of fees $ 59,503 $ 7,274 $ 66,776 $ 58,093 $ 6,609 $ 64,702 Less: allowance for loan losses (1,884) (44) (1,928) (1,839) (47) (1,886) GM Financial receivables, net $ 57,618 $ 7,230 $ 64,848 $ 56,254 $ 6,562 $ 62,816 Fair value of GM Financial receivables utilizing Level 2 inputs $ 7,230 $ 6,562 Fair value of GM Financial receivables utilizing Level 3 inputs $ 57,774 $ 57,613 __________ (a) Net of dealer cash management balances of $1.2 billion and $1.0 billion at March 31, 2022 and December 31, 2021. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on its floorplan line by making principal payments to GM Financial in advance. Three Months Ended March 31, 2022 March 31, 2021 Allowance for loan losses at beginning of period $ 1,886 $ 1,978 Provision for loan losses 122 (26) Charge-offs (275) (253) Recoveries 177 150 Effect of foreign currency 18 (14) Allowance for loan losses at end of period $ 1,928 $ 1,835 Retail Finance Receivables GM Financial's retail finance receivable portfolio includes loans made to consumers and businesses to finance the purchase of vehicles for personal and commercial use. The following tables are consolidated summaries of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the retail finance receivables portfolio at March 31, 2022 and December 31, 2021: Year of Origination March 31, 2022 2022 2021 2020 2019 2018 Prior Total Percent Prime – FICO score 680 and greater $ 6,019 $ 17,792 $ 11,121 $ 3,540 $ 1,912 $ 655 $ 41,039 69.0 % Near-prime – FICO score 620 to 679 856 3,569 2,153 1,089 553 274 8,494 14.3 % Sub-prime – FICO score less than 620 929 3,720 2,258 1,563 831 669 9,970 16.8 % Retail finance receivables, net of fees $ 7,804 $ 25,081 $ 15,531 $ 6,192 $ 3,296 $ 1,599 $ 59,503 100.0 % Year of Origination December 31, 2021 2021 2020 2019 2018 2017 Prior Total Percent Prime – FICO score 680 and greater $ 19,729 $ 12,408 $ 4,078 $ 2,298 $ 763 $ 143 $ 39,419 67.9 % Near-prime – FICO score 620 to 679 3,856 2,388 1,229 648 274 84 8,479 14.6 % Sub-prime – FICO score less than 620 4,053 2,528 1,777 972 570 295 10,195 17.5 % Retail finance receivables, net of fees $ 27,638 $ 17,324 $ 7,084 $ 3,918 $ 1,607 $ 522 $ 58,093 100.0 % GM Financial reviews the ongoing credit quality of retail finance receivables based on customer payment activity. A retail account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date the payment was contractually due. Retail finance receivables are collateralized by vehicle titles and, subject to local laws, GM Financial generally has the right to repossess the vehicle in the event the customer defaults on the payment terms of the contract. The accrual of finance charge income had been suspended on delinquent retail finance receivables with contractual amounts due of $527 million and $602 million at March 31, 2022 and December 31, 2021. The following tables are consolidated summaries of the delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at March 31, 2022 and December 31, 2021, as well as summary totals for March 31, 2021: Year of Origination March 31, 2022 March 31, 2021 2022 2021 2020 2019 2018 Prior Total Percent Total Percent 0-to-30 days $ 7,788 $ 24,672 $ 15,197 $ 5,934 $ 3,139 $ 1,448 $ 58,179 97.8 % $ 52,367 98.1 % 31-to-60 days 15 298 246 192 119 113 983 1.7 % 741 1.4 % Greater-than-60 days — 95 79 59 34 34 302 0.5 % 257 0.5 % Finance receivables more than 30 days delinquent 15 393 325 251 153 148 1,285 2.2 % 998 1.9 % In repossession — 16 9 7 3 3 39 0.1 % 32 — % Finance receivables more than 30 days delinquent or in repossession 15 409 334 258 157 150 1,324 2.2 % 1,030 1.9 % Retail finance receivables, net of fees $ 7,804 $ 25,081 $ 15,531 $ 6,192 $ 3,296 $ 1,599 $ 59,503 100.0 % $ 53,397 100.0 % Year of Origination December 31, 2021 2021 2020 2019 2018 2017 Prior Total Percent 0-to-30 days $ 27,270 $ 16,945 $ 6,772 $ 3,721 $ 1,478 $ 440 $ 56,626 97.5 % 31-to-60 days 273 276 230 147 97 60 1,083 1.8 % Greater-than-60 days 83 93 76 46 30 21 349 0.6 % Finance receivables more than 30 days delinquent 356 369 306 193 127 81 1,432 2.4 % In repossession 12 10 6 4 2 1 35 0.1 % Finance receivables more than 30 days delinquent or in repossession 368 379 312 197 129 82 1,467 2.5 % Retail finance receivables, net of fees $ 27,638 $ 17,324 $ 7,084 $ 3,918 $ 1,607 $ 522 $ 58,093 100.0 % The outstanding amortized cost of retail finance receivables that are considered TDRs was $1.9 billion at March 31, 2022, including $183 million in nonaccrual loans. Commercial Finance Receivables GM Financial's commercial finance receivables consist of dealer financings, primarily for inventory purchases. Proprietary models are used to assign a risk rating to each dealer. GM Financial performs periodic credit reviews of each dealership and adjusts the dealership's risk rating, if necessary. There were no commercial finance receivables on nonaccrual status at March 31, 2022. GM Financial's commercial risk model and risk rating categories are as follows: Rating Description I Performing accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments. II Performing accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring. III Non-Performing accounts with inadequate paying capacity for current obligations and have the distinct possibility of creating a loss if deficiencies are not corrected. IV Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that make collection of liquidation in full highly questionable or improbable. Dealers with III and IV risk ratings are subject to additional monitoring and restrictions on funding, including suspension of lines of credit and liquidation of assets. The following tables summarize the credit risk profile by dealer risk rating of commercial finance receivables at March 31, 2022 and December 31, 2021: Year of Origination March 31, 2022 Revolving 2022 2021 2020 2019 2018 Prior Total Percent I $ 5,834 $ 129 $ 412 $ 398 $ 102 $ 44 $ 56 $ 6,974 95.9 % II 204 — 4 16 13 — 3 240 3.3 % III 58 — — — 1 — 1 60 0.8 % IV — — — — — — — — — % Commercial finance receivables, net of fees $ 6,095 $ 129 $ 416 $ 413 $ 115 $ 44 $ 60 $ 7,274 100.0 % Year of Origination December 31, 2021 Revolving 2021 2020 2019 2018 2017 Prior Total Percent I $ 5,210 $ 420 $ 396 $ 120 $ 50 $ 50 $ 10 $ 6,256 94.7 % II 207 3 16 12 — 3 — 241 3.6 % III 81 8 15 2 — 2 4 112 1.7 % IV — — — — — — — — — % Commercial finance receivables, net of fees $ 5,498 $ 431 $ 427 $ 134 $ 50 $ 55 $ 14 $ 6,609 100.0 % Floorplan advances comprise 94% of the total revolving balance at March 31, 2022 and December 31, 2021. Dealer term loans are presented by year of origination. Transactions with GM Financial The following table shows transactions between our Automotive segments and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income. March 31, 2022 December 31, 2021 Condensed Consolidated Balance Sheets(a) Commercial finance receivables, net due from GM consolidated dealers $ 122 $ 163 Subvention receivable(b) $ 357 $ 282 Commercial loan funding payable $ 41 $ 26 Three Months Ended March 31, 2022 March 31, 2021 Condensed Consolidated Statements of Income Interest subvention earned on finance receivables $ 221 $ 188 Leased vehicle subvention earned $ 547 $ 721 __________ (a) All balance sheet amounts are eliminated upon consolidation. (b) Our Automotive segments made cash payments to GM Financial for subvention of $439 million and $1.0 billion in the three months ended March 31, 2022 and 2021. GM Financial's Board of Directors declared and paid dividends of $600 million on its common stock in the three months ended March 31, 2021. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories March 31, 2022 December 31, 2021 Total productive material, supplies and work in process $ 8,695 $ 8,240 Finished product, including service parts 6,143 4,748 Total inventories $ 14,838 $ 12,988 |
Equipment on Operating Leases
Equipment on Operating Leases | 3 Months Ended |
Mar. 31, 2022 | |
Vehicles | |
Lessor, Lease, Description [Line Items] | |
Equipment on Operating Leases | Equipment on Operating Leases Equipment on operating leases consists of leases to retail customers of GM Financial. March 31, 2022 December 31, 2021 Equipment on operating leases $ 45,669 $ 47,423 Less: accumulated depreciation (9,088) (9,494) Equipment on operating leases, net $ 36,581 $ 37,929 The estimated residual value of our leased assets at the end of the lease term was $28.1 billion and $29.1 billion at March 31, 2022 and December 31, 2021. Depreciation expense related to Equipment on operating leases, net was $1.2 billion and $1.7 billion in the three months ended March 31, 2022 and 2021. The following table summarizes lease payments due to GM Financial on leases to retail customers: Year Ending December 31, 2022 2023 2024 2025 2026 Thereafter Total Lease receipts under operating leases $ 4,167 $ 3,790 $ 1,546 $ 213 $ 4 $ — $ 9,721 |
Equity In Net Assets of Noncons
Equity In Net Assets of Nonconsolidated Affiliates | 3 Months Ended |
Mar. 31, 2022 | |
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. Three Months Ended March 31, 2022 March 31, 2021 Automotive China equity income (loss) $ 234 $ 308 Other joint ventures equity income (loss) 59 57 Total Equity income (loss) $ 292 $ 365 There have been no significant ownership changes in our Automotive China joint ventures (Automotive China JVs) since December 31, 2021. Three Months Ended March 31, 2022 March 31, 2021 Summarized Operating Data of Automotive China JVs Automotive China JVs' net sales $ 8,992 $ 9,875 Automotive China JVs' net income (loss) $ 505 $ 586 Dividends declared but not paid from our nonconsolidated affiliates were insignificant at March 31, 2022 and December 31, 2021. Dividends received from our nonconsolidated affiliates were insignificant in the three months ended March 31, 2022 and 2021. Undistributed earnings from our nonconsolidated affiliates were $2.4 billion and $2.1 billion at March 31, 2022 and December 31, 2021. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2022 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities Consolidated VIEs Automotive Financing – GM Financial 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 of the VIEs serve as the sole source of repayment for the debt issued by these entities. Investors in the notes issued by the VIEs do not have recourse to 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 to provide additional financial support to these SPEs. While these subsidiaries are included in GM Financial's condensed consolidated financial statements, they are separate legal entities and the finance receivables, lease-related assets and cash held by them are legally owned by them and are not available to GM Financial's creditors or creditors of GM Financial's other subsidiaries. The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs: March 31, 2022 December 31, 2021 Restricted cash – current $ 2,546 $ 2,291 Restricted cash – non-current $ 407 $ 449 GM Financial receivables, net of fees – current $ 14,518 $ 15,344 GM Financial receivables, net of fees – non-current $ 15,799 $ 16,518 GM Financial equipment on operating leases, net $ 16,148 $ 16,143 GM Financial short-term debt and current portion of long-term debt $ 18,210 $ 19,876 GM Financial long-term debt $ 19,079 $ 19,401 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 loan losses expected over the remaining life of the finance receivables. Nonconsolidated VIEs Automotive Nonconsolidated VIEs principally include automotive related operating entities to which we provided financial support to ensure that our supply needs for production are met or are not disrupted. Our variable interests in these nonconsolidated VIEs include equity investments, accounts and loans receivable, committed financial support and other off-balance sheet arrangements. The carrying amounts of assets were approximately $1.0 billion and liabilities were insignificant related to our nonconsolidated VIEs at March 31, 2022. The carrying amounts of assets were approximately $850 million and liabilities were insignificant related to our nonconsolidated VIEs at December 31, 2021. Our maximum exposure to loss as a result of our involvement with these VIEs was approximately $2.1 billion, inclusive of approximately $1.0 billion and $1.2 billion in committed capital contributions to Ultium Cells LLC, at March 31, 2022 and December 31, 2021. We currently lack the power through voting or similar rights to direct the activities of these entities that most significantly affect their economic performance. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Automotive The following table presents debt in our automotive operations: March 31, 2022 December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 165 $ 176 $ 192 $ 212 Unsecured debt(a) 16,404 17,821 16,277 19,995 Finance lease liabilities 324 328 349 362 Total automotive debt(b) $ 16,893 $ 18,325 $ 16,818 $ 20,569 Fair value utilizing Level 1 inputs $ 16,815 $ 19,085 Fair value utilizing Level 2 inputs $ 1,509 $ 1,484 Available under credit facility agreements(c) $ 15,188 $ 15,208 Weighted-average interest rate on outstanding short-term debt(d) 12.1 % 9.8 % Weighted-average interest rate on outstanding long-term debt(d) 5.7 % 5.8 % __________ (a) Primarily consists of senior notes. (b) Includes net discount and debt issuance costs of $540 million and $512 million at March 31, 2022 and December 31, 2021. (c) Excludes our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial. (d) Includes coupon rates on debt denominated in various foreign currencies and interest free loans. GM Financial The following table presents debt of GM Financial: March 31, 2022 December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 37,362 $ 37,002 $ 39,338 $ 39,401 Unsecured debt 55,552 54,648 53,223 54,357 Total GM Financial debt $ 92,913 $ 91,649 $ 92,561 $ 93,758 Fair value utilizing Level 2 inputs $ 89,810 $ 92,250 Fair value utilizing Level 3 inputs $ 1,839 $ 1,508 Secured debt consists of revolving credit facilities and securitization notes payable. Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 9 to our condensed consolidated financial statements for additional information on GM Financial's involvement with VIEs. In the three months ended March 31, 2022, GM Financial renewed revolving credit facilities with total borrowing capacity of $1.9 billion and issued $5.2 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 1.74% and maturity dates ranging from 2023 to 2029. Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the three months ended March 31, 2022, GM Financial issued $3.7 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 2.40% and maturity dates ranging from 2024 to 2032. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 December 31, 2021 Derivatives not designated as hedges(a) Foreign currency 2 $ 4,377 $ 4,228 Commodity 2 1,668 1,549 Stellantis warrants(b) 2 44 45 Total derivative financial instruments $ 6,090 $ 5,822 __________ (a) The fair value of these derivative instruments at March 31, 2022 and December 31, 2021 and the gains/losses included in our condensed consolidated income statements for the three months ended March 31, 2022 and 2021 were insignificant, unless otherwise noted. (b) Our 39.7 million warrants in Stellantis N.V. (Stellantis) may be exercised at any time, in one or more tranches, from August 2022 through July 2026. Upon exercise, the warrants will convert into 69.2 million common shares of Stellantis. The fair value of these warrants, located in Other assets, was $1.2 billion and $1.4 billion at March 31, 2022 and December 31, 2021. We recorded a loss in Interest income and other non-operating income, net of $197 million and a gain of $210 million in the three months ended March 31, 2022 and 2021. We estimate the fair value of the Stellantis warrants using a Black-Scholes formula. The significant inputs to the model include the Stellantis stock price and the estimated dividend yield. We are entitled to receive any dividends declared by Stellantis through the conversion date upon exercise of the warrants. GM Financial The following table presents the gross fair value amounts of GM Financial's derivative financial instruments and the associated notional amounts: Fair Value Level March 31, 2022 December 31, 2021 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Derivatives designated as hedges(a) Fair value hedges Interest rate swaps 2 $ 19,310 $ 11 $ 345 $ 15,058 $ 74 $ 88 Foreign currency swaps 2 — — — 682 — 59 Cash flow hedges Interest rate swaps 2 709 17 4 611 12 4 Foreign currency swaps 2 7,945 79 221 7,419 85 201 Derivatives not designated as hedges(a) Interest rate contracts 2 108,709 1,245 797 110,053 846 339 Foreign currency contracts 2 — — — 148 — — Total derivative financial instruments(b) $ 136,674 $ 1,353 $ 1,368 $ 133,971 $ 1,017 $ 691 __________ (a) The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three months ended March 31, 2022 and 2021 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) GM Financial held $323 million and $376 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted $432 million and an insignificant amount of collateral to counterparties available for netting against GM Financial's liability positions at March 31, 2022 and December 31, 2021. The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including quoted prices of similar instruments and foreign exchange and interest rate forward curves. The following amounts were recorded in the condensed consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships: March 31, 2022 December 31, 2021 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) Short-term unsecured debt $ 1,503 $ 8 $ 1,338 $ (1) Long-term unsecured debt 24,654 146 23,626 (225) GM Financial unsecured debt $ 26,157 $ 153 $ 24,964 $ (226) __________ (a) Includes $196 million and $246 million of unamortized gains remaining on hedged items for which hedge accounting has been discontinued at March 31, 2022 and December 31, 2021. |
Product Warranty and Related Li
Product Warranty and Related Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Product Warranty and Related Liabilities | Product Warranty and Related Liabilities Three Months Ended March 31, 2022 March 31, 2021 Product Warranty and Related Liabilities Warranty balance at beginning of period $ 9,774 $ 8,242 Warranties issued and assumed in period – recall campaigns 132 120 Warranties issued and assumed in period – product warranty 461 443 Payments (1,077) (733) Adjustments to pre-existing warranties (5) 11 Effect of foreign currency and other 17 (6) Warranty balance at end of period 9,302 8,077 Less: Supplier recoveries balance at end of period(a) 2,025 193 Warranty balance, net of supplier recoveries at end of period $ 7,277 $ 7,884 __________ (a) The current portion of supplier recoveries is recorded in Accounts and notes receivable, net of allowance and the non-current portion is recorded in Other assets. Three Months Ended March 31, 2022 March 31, 2021 Product warranty expense, net of recoveries Warranties issued and assumed in period $ 593 $ 563 Supplier recoveries accrued in period (57) (72) Adjustments and other 12 5 Warranty expense, net of supplier recoveries $ 548 $ 496 We estimate our reasonably possible loss in excess of amounts accrued for recall campaigns to be insignificant at March 31, 2022. Refer to Note 14 to our condensed consolidated financial statements for more details. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 58 $ 35 $ 4 $ 65 $ 38 $ 4 Interest cost 323 76 37 269 59 31 Expected return on plan assets (750) (139) — (795) (152) — Amortization of prior service cost (credit) (1) 1 (1) (1) 1 (2) Amortization of net actuarial losses 5 35 17 7 54 25 Net periodic pension and OPEB (income) expense $ (365) $ 8 $ 57 $ (455) $ — $ 58 The non-service cost components of net periodic pension and other postretirement benefits (OPEB) income of $376 million and $483 million in the three months ended March 31, 2022 and 2021 are presented in Interest income and other non-operating income, net. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021, we had accruals of $1.4 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. GM Korea Wage Litigation GM Korea Company (GM Korea) is 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 and September 2020, the Korean labor authorities issued adverse administrative orders finding that GM Korea must hire certain current subcontract workers as full-time employees. GM Korea appealed the May 2018 and September 2020 orders. In June 2020, the Seoul High Court (an intermediate-level appellate court) ruled against GM Korea in one of the subcontract worker claims. GM Korea has appealed this decision to the Supreme Court of the Republic of Korea. At March 31, 2022, our accrual covering certain asserted claims and claims that we believe are probable of assertion and for which liability is probable was approximately $287 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 $109 million at March 31, 2022. 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. 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 ar e several putat ive class actions pending against GM in federal courts in the U.S. and in the Provincial Courts in Canada alleging that various vehicles sold, including model year 2011-2016 Duramax Diesel Chevrolet Silverado and GMC Sierra vehicles, violate federal, state and foreign emission standards. We are unable to estimate any reasonably possible loss or range of loss that may result from these actions. GM has also faced a series of additional lawsuits in the U.S. based on these allegations, including a shareholder demand lawsuit that remains pending. 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. Beyond the class action litigations disclosed, we have several other class action litigations pending at any given time. Historically, relatively few classes have been certified in these types of cases. Therefore, we will generally only disclose specific class actions if a class is certified and we believe there is a reasonably possible material exposure to the Company. 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 March 31, 2022. 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 $950 million at March 31, 2022. Takata Matters In November 2020, the National Highway Traffic Safety Administration (NHTSA) directed that we replace the airbag inflators in our GMT900 vehicles, which are full-size pickup trucks and sport utility vehicles (SUVs), and we decided not to contest NHTSA's decision. While we have already begun the process of executing the recall, given the number of vehicles in this population, the recall will take several years to be completed. Accordingly, in the year ended December 31, 2020, we recorded a warranty accrual of $1.1 billion for the expected costs of complying with the recall remedy, and we believe the currently accrued amount remains reasonable. GM has recalled certain vehicles sold outside of the U.S. to replace Takata Corporation (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. Any additional recalls relating to these inflators could be material to our results of operations and cash flows. There are several putative class actions that have been filed against GM, including in the federal courts in the U.S., in the Provincial Courts in Canada, and in Mexico, arising out of allegations that airbag inflators manufactured by Takata are defective. At this stage of these proceedings, we are unable to provide an estimate of the amounts or range of possible loss. Chevrolet Bolt Recall In July 2021, we initiated a voluntary recall for certain 2017-2019 model year Chevrolet Bolt EVs due to the risk that two manufacturing defects present in the same battery cell could cause a high voltage battery fire in certain of these vehicles. Accordingly, in the three months ended June 30, 2021, we recorded a warranty accrual of $812 million. After further investigation into the manufacturing processes at our battery supplier, LG Energy Solutions (LG), and disassembling battery packs, we determined that the risk of battery cell defects was not confined to the initial recall population. As a result, in August 2021, we expanded the recall to include all 2017-2022 model year Chevrolet Bolt EV and Electric Utility Vehicles (EUVs) and recorded an additional warranty accrual of $1.2 billion in the three months ended September 30, 2021. In October 2021, we reached an agreement with LG, under which LG will reimburse GM for costs and expenses associated with the recall. As a result, in the three months ended September 30, 2021, we recognized a receivable of $1.9 billion, which substantially offsets the warranty charges we recognized in connection with the recall. These charges reflect our current best estimate for the cost of the recall remedy. The actual costs of the recall and GM's associated recovery from LG could be higher or lower. For 2017-2019 model year vehicles, the recall remedy will be to replace the high voltage battery modules in these vehicles with new modules. For 2020-2022 model year vehicles, the recall remedy will be to replace any defective high voltage battery modules in these vehicles with new modules. In addition, putative class actions have been filed against GM in federal courts in the U.S. and in the Provincial Courts in Canada alleging that the batteries contained in the Bolt EVs and EUVs included in the recall population are defective. At this stage of these proceedings, we are unable to provide an estimate of the amounts or range of possible loss. Opel/Vauxhall Sale In 2017, we sold the Opel and Vauxhall businesses and certain other assets in Europe (the Opel/Vauxhall Business) to PSA Group (now Stellantis) under a Master Agreement (the Agreement). We also sold the European financing subsidiaries and branches to Banque PSA Finance S.A. and BNP Paribas Personal Finance S.A. 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. Our wholly owned subsidiary (the Seller) agreed to indemnify Stellantis 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. Currently, various consumer lawsuits have been filed against the Seller and Stellantis in Germany, the United Kingdom, and the Netherlands alleging that Opel and Vauxhall vehicles sold by the Seller violated applicable emissions standards. We are unable to estimate any reasonably possible loss or range of loss that may result from these actions either directly or through an indemnification claim from Stellantis. The Company entered into a guarantee for the benefit of Stellantis, pursuant to which the Company agreed to guarantee the Seller's obligation to indemnify Stellantis. Certain of these indemnification obligations are subject to time limitations, thresholds and/or caps as to the amount of required payments. Patent Royalty Matters Several owners of patents are seeking past royalties from various automotive manufacturers, including GM, for the use of certain technologies. As of December 31, 2021, we had accrued approximately $300 million relating to these matters. We have resolved substantially all of these matters and, accordingly, have reduced our total accrual by $100 million as of March 31, 2022. We currently anticipate no material reasonably possible loss in excess of amounts accrued. Product Liability We recorded liabilities of $600 million and $587 million in Accrued liabilities and Other liabilities at March 31, 2022 and December 31, 2021 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. We believe that any judgment against us involving our 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 2022 to 2026 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 $3.3 billion and $3.1 billion for these guarantees at March 31, 2022 and December 31, 2021, 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 p eriodically enter into agreements that incorporate indemnification provisions in the normal course of business. It is not possible to e |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes In the three months ended March 31, 2022, GM entered into a Share Purchase Agreement with SoftBank Vision Fund (AIV M2) L.P. (SoftBank), pursuant to which GM acquired SoftBank’s equity ownership stake in GM Cruise Holdings LLC (Cruise Holdings) and separately, made an additional $1.35 billion investment in Cruise in place of SoftBank. As a result, GM’s ownership in Cruise increased above the 80% threshold which allowed for inclusion of Cruise in our U.S. Federal consolidated income tax return and the release of a valuation allowance of $482 million against certain Cruise deferred tax assets. Refer to Note 16 to our condensed consolidated financial statements for additional information regarding the Share Purchase Agreement with SoftBank. In the three months ended March 31, 2022, income tax benefit of $28 million was primarily due to tax expense attributable to entities included in our effective tax rate calculation offset by the release of a valuation allowance against certain Cruise deferred tax assets that are considered realizable due to the reconsolidation of Cruise for U.S. tax purposes. The effective tax rate is lower than the applicable statutory tax rate primarily due to tax benefit related to the release of the Cruise valuation allowance. In the three months ended March 31, 2021, Income tax expense of $1.2 billion was primarily due to tax expense attributable to entities included in our effective tax rate calculation and the establishment of a valuation allowance against Cruise deferred tax assets that were considered no longer realizable. At March 31, 2022, we had $20.4 billion of net deferred tax assets consisting of net operating losses and income tax credits, capitalized research expenditures and other timing differences that are available to offset future income tax liabilities, partially offset by valuation allowances. |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity and Noncontrolling Interests | Stockholders' Equity and Noncontrolling InterestsWe have 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance. We had no shares of preferred stock issued and outstanding at March 31, 2022 and December 31, 2021. We had 1.5 billion shares of common stock issued and outstanding at March 31, 2022 and December 31, 2021. Cruise Preferred Shares In 2021, Cruise Holdings issued $2.7 billion of Class G Preferred Shares (Cruise Class G Preferred Shares) to Microsoft Corporation (Microsoft), Walmart Inc. (Walmart) and other investors, including $1.0 billion to General Motors Holdings LLC. All proceeds related to the Cruise Class G Preferred Shares are designated exclusively for working capital and general corporate purposes of Cruise Holdings. In addition, we, Cruise Holdings and Microsoft entered into a long-term strategic relationship to accelerate the commercialization of self-driving vehicles with Microsoft being the preferred public cloud provider. The Cruise Class G Preferred Shares participate pari passu with holders of Cruise Holdings common stock and Class F Preferred Shares (Cruise Class F Preferred Shares) in any dividends declared. The Cruise Class G and Cruise Class F Preferred Shares convert into the class of shares to be issued to the public in an initial public offering (IPO) at specified exchange ratios. No covenants or other events of default exist that can trigger redemption of the Cruise Class G and Cruise Class F Preferred Shares. The Cruise Class G and 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, and are classified as noncontrolling interests in our condensed consolidated financial statements. In March 2022, under the Share Purchase Agreement, we acquired SoftBank’s Cruise Class A-1, Class F and Class G Preferred Shares for $2.1 billion and made an additional $1.35 billion investment in Cruise in place of SoftBank. SoftBank no longer has an ownership interest in or has any rights with respect to Cruise. Net income attributable to shareholders and transfers to the noncontrolling interest in Cruise was $2.0 billion, which includes the $909 million decrease in retained earnings for the redemption of Cruise preferred shares. The following table summarizes the significant components of Accumulated other comprehensive loss: Three Months Ended March 31, 2022 March 31, 2021 Foreign Currency Translation Adjustments Balance at beginning of period $ (2,653) $ (2,735) Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b) 397 (24) Balance at end of period $ (2,256) $ (2,759) Defined Benefit Plans Balance at beginning of period $ (6,528) $ (10,654) Other comprehensive income (loss) before reclassification adjustment, net of tax(b) 52 86 Reclassification adjustment, net of tax(b) 51 74 Other comprehensive income (loss), net of tax(b) 103 160 Balance at end of period(c) $ (6,425) $ (10,494) __________ (a) The noncontrolling interests and reclassification adjustment were insignificant in the three months ended March 31, 2022 and 2021. (b) The income tax effect was insignificant in the three months ended March 31, 2022 and 2021. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Three Months Ended March 31, 2022 March 31, 2021 Basic earnings per share Net income (loss) attributable to stockholders $ 2,939 $ 3,022 Less: cumulative dividends on subsidiary preferred stock(a) (952) (46) Net income (loss) attributable to common stockholders $ 1,987 $ 2,976 Weighted-average common shares outstanding 1,458 1,447 Basic earnings per common share $ 1.36 $ 2.06 Diluted earnings per share Net income (loss) attributable to common stockholders – diluted $ 1,987 $ 2,976 Weighted-average common shares outstanding – basic 1,458 1,447 Dilutive effect of awards under stock incentive plans 12 17 Weighted-average common shares outstanding – diluted 1,470 1,464 Diluted earnings per common share $ 1.35 $ 2.03 Potentially dilutive securities(b) 6 2 __________ (a) Includes a $909 million deemed dividend related to the redemption of Cruise preferred shares from SoftBank in the three months ended March 31, 2022. (b) Potentially dilutive securities attributable to outstanding stock options at March 31, 2022 and 2021 and RSUs at March 31, 2022, were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect. |
Stock Incentive Plans
Stock Incentive Plans | 3 Months Ended |
Mar. 31, 2022 | |
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). Total compensation expense related to the above awards was $77 million and $64 million in the three months ended March 31, 2022 and 2021. At March 31, 2022, the total unrecognized compensation expense for nonvested equity awards granted was $547 million. This expense is expected to be recorded over a weighted-average period of 1.9 years. Cruise Stock Incentive Awards Cruise granted RSUs and stock options that will settle in common shares of Cruise Holdings in the three months ended March 31, 2022 and 2021. In March 2022, Cruise modified its RSUs that settle in Cruise common stock to remove the liquidity vesting condition such that all granted RSU awards vest solely upon satisfaction of a service condition. The service condition for the majority of these awards is satisfied over four years. Upon modification, 31 million RSUs whose service condition was previously met became immediately vested, thereby resulting in the immediate recognition of compensation expense. In addition, at Cruise's election, GM intends to conduct quarterly tender offers whereby, holders of Cruise Holdings common stock issued to settle vested awards can tender their shares generally at the fair value of Cruise’s common stock, which triggered the immediate recognition of incremental compensation expense associated with the stock options. The planned tenders results in certain awards to be classified as liabilities and other awards to be presented in temporary equity. 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. Stock options vest ratably over four Cruise Restricted Stock Units Cruise Stock Options Shares (in millions) Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Term in Years Shares (in millions) Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Term in Years Units outstanding at January 1, 2022 66.2 $ 18.82 8.1 23.8 $ 7.07 2.0 Granted 28.7 $ 27.49 2.9 $ 15.77 Settled or exercised — $ — — $ — Forfeited or expired (2.9) $ 23.67 — $ — Units outstanding at March 31, 2022(a) 92.0 $ 29.00 1.1 26.7 $ 18.88 2.0 __________ (a) Weighted average fair values include the impact of the remeasurement triggered by the modification. Post modification, certain awards are liability-awards resulting in ongoing remeasurement based on changes to the awards fair value. Our weighted-average assumptions used to value Cruise stock options are a dividend yield of 0.00% and 0.00%, expected volatility of 57.3% and 55.0%, a risk-free interest rate of 2.47% and 0.78% and an expected option life of 6.57 and 6.25 years for options issued during the three months ended March 31, 2022 and 2021. The expected volatility is based on the historical volatility of comparable public company data as Cruise Holdings is not publicly traded and therefore, does not have any trading history of its common stock. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We analyze the results of our business through the following reportable segments: GMNA, GMI, Cruise and GM Financial. The chief operating decision-maker evaluates the operating results and performance of our automotive segments and Cruise through earnings before interest and income taxes (EBIT)-adjusted, which is presented net of noncontrolling interests. The chief operating decision-maker evaluates GM Financial through earnings before income taxes (EBT)-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment. Each segment has a manager responsible for executing our strategic initiatives. While not all vehicles within a segment are individually profitable on a fully allocated cost basis, those vehicles attract customers to dealer showrooms and help maintain sales volumes for other, more profitable vehicles and contribute towards meeting required fuel efficiency standards. As a result of these and other factors, we do not manage our business on an individual brand or vehicle basis. Substantially all of the trucks, crossovers, cars and automobile parts produced are marketed through retail dealers in North America and through distributors and dealers outside of North America, the substantial majority of which are independently owned. In addition to the products sold to dealers for consumer retail sales, trucks, crossovers and cars are also sold to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies and governments. Fleet sales are completed through the dealer network and in some cases directly with fleet customers. Retail and fleet customers can obtain a wide range of after-sale vehicle services and products through the dealer network, such as maintenance, light repairs, collision repairs, vehicle accessories and extended service warranties. GMNA meets the demands of customers in North America and GMI primarily meets the demands of customers outside North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet and GMC 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 is our global segment responsible for the development and commercialization of AV technology, and includes AV-related engineering and other costs. We provide automotive financing services through our GM Financial segment. Our automotive interest income and interest expense, 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, Stellantis warrants and intersegment balances. All intersegment balances and transactions have been eliminated in consolidation. The following tables summarize key financial information by segment: At and For the Three Months Ended March 31, 2022 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 29,456 $ 3,313 $ 53 $ 32,823 $ 26 $ 3,156 $ (26) $ 35,979 Earnings (loss) before interest and taxes-adjusted $ 3,141 $ 328 $ (387) $ 3,082 $ (325) $ 1,284 $ 4 $ 4,044 Adjustments(a) $ 100 $ — $ — $ 100 $ (1,057) $ — $ — (957) Automotive interest income 50 Automotive interest expense (226) Net income (loss) attributable to noncontrolling interests (131) Income (loss) before income taxes 2,779 Income tax benefit (expense) 28 Net income (loss) 2,807 Net loss (income) attributable to noncontrolling interests 131 Net income (loss) attributable to stockholders $ 2,939 Equity in net assets of nonconsolidated affiliates $ 1,217 $ 7,406 $ — $ — $ 8,623 $ — $ 1,779 $ — $ 10,402 Goodwill and intangibles $ 2,213 $ 765 $ — $ — $ 2,978 $ 733 $ 1,346 $ — $ 5,058 Total assets $ 126,454 $ 24,612 $ 35,696 $ (55,702) $ 131,060 $ 6,310 $ 115,312 $ (1,190) $ 251,492 Depreciation and amortization $ 1,504 $ 134 $ 5 $ — $ 1,643 $ 12 $ 1,236 $ — $ 2,891 Impairment charges $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity income (loss) $ 6 $ 232 $ — $ — $ 238 $ — $ 54 $ — $ 292 __________ (a) Consists of the resolution of substantially all potential royalty matters, accrued in the prior period, with respect to past-year vehicle sales in GMNA; and charges related to the one-time modification of Cruise stock incentive awards. At and For the Three Months Ended March 31, 2021 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 25,957 $ 3,086 $ 19 $ 29,062 $ 30 $ 3,407 $ (25) $ 32,474 Earnings (loss) before interest and taxes-adjusted $ 3,134 $ 308 $ 30 $ 3,472 $ (229) $ 1,182 $ (8) $ 4,417 Adjustments $ — $ — $ — $ — $ — $ — $ — — Automotive interest income 32 Automotive interest expense (250) Net income (loss) attributable to noncontrolling interests (8) Income (loss) before income taxes 4,191 Income tax benefit (expense) (1,177) Net income (loss) 3,014 Net loss (income) attributable to noncontrolling interests 8 Net income (loss) attributable to stockholders $ 3,022 Equity in net assets of nonconsolidated affiliates $ 355 $ 6,994 $ — $ — $ 7,349 $ — $ 1,630 $ — $ 8,979 Goodwill and intangibles $ 2,320 $ 796 $ — $ — $ 3,116 $ 730 $ 1,339 $ — $ 5,185 Total assets $ 113,926 $ 22,798 $ 36,271 $ (53,147) $ 119,848 $ 5,324 $ 114,597 $ (1,358) $ 238,411 Depreciation and amortization $ 1,198 $ 132 $ 6 $ — $ 1,336 $ 11 $ 1,668 $ — $ 3,015 Impairment charges $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity income (loss) $ 4 $ 307 $ — $ — $ 311 $ — $ 54 $ — $ 365 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Basis of Accounting | General Motors Company (sometimes referred to in this Quarterly Report on Form 10-Q as we, our, us, ourselves, the Company, General Motors or GM) designs, builds and sells trucks, crossovers, cars and automobile parts and provides software-enabled services and subscriptions worldwide. Additionally, we are investing in and growing an autonomous vehicle (AV) business. We also provide automotive financing services through General Motors Financial Company, Inc. (GM Financial). We analyze the results of our operations through the following segments: GM North America (GMNA), GM International (GMI), Cruise, and GM Financial. Cruise is our global segment responsible for the development and commercialization of AV technology. Nonsegment operations are classified as Corporate. Corporate includes certain centrally recorded income and costs such as interest, income taxes, corporate expenditures and certain nonsegment-specific revenues and expenses. The condensed consolidated financial statements are prepared in conformity with U.S. GAAP pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2021 Form 10-K. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding. |
Principles of Consolidation | Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. All intercompany balances and transactions are eliminated in consolidation. 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. |
GM Financial | GM Financial The amounts presented for GM Financial are adjusted to reflect the impact on GM Financial's deferred tax positions and provision for income taxes resulting from the inclusion of GM Financial in our consolidated tax return 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. |
Stock Incentive Plans | Stock Incentive Plans Our stock incentive plans include Restricted Stock Units (RSUs), Restricted Stock Awards (RSAs), Performance Stock Units (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. 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. In March 2022, all outstanding RSUs that settle in Cruise’s common stock were modified to remove the liquidity vesting condition. Prospectively, RSUs that will settle in Cruise’s common stock will solely vest upon satisfaction of a service condition. 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 generally on the fair value of GM or Cruise's common stock at the end of each reporting period. Compensation cost is also recorded on stock issued to settle awards based on the fair value of Cruise's common stock until such time that the stock has been issued for more than six months. 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. |
Accounting Standards Not Yet Adopted | Accounting Standards Not Yet Adopted In March 2022, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2022-02 "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures" (ASU 2022-02), which eliminates the accounting guidance for troubled debt restructurings (TDRs) by creditors that have adopted ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" and enhances certain disclosure requirements. The adoption of ASU 2022-02 is expected to be insignificant. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue by Major Source | The following table disaggregates our revenue by major source: Three Months Ended March 31, 2022 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 28,572 $ 3,014 $ 5 $ 31,591 $ — $ — $ — $ 31,591 Used vehicles 75 5 — 80 — — — 80 Services and other 809 295 48 1,152 26 — (25) 1,153 Automotive net sales and revenue 29,456 3,313 53 32,823 26 — (25) 32,824 Leased vehicle income — — — — — 2,066 — 2,066 Finance charge income — — — — — 1,010 — 1,010 Other income — — — — — 80 (1) 79 GM Financial net sales and revenue — — — — — 3,156 (1) 3,155 Net sales and revenue $ 29,456 $ 3,313 $ 53 $ 32,823 $ 26 $ 3,156 $ (26) $ 35,979 Three Months Ended March 31, 2021 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 24,920 $ 2,801 $ — $ 27,721 $ — $ — $ — $ 27,721 Used vehicles 228 13 — 241 — — — 241 Services and other 809 272 19 1,100 30 — (25) 1,105 Automotive net sales and revenue 25,957 3,086 19 29,062 30 — (25) 29,067 Leased vehicle income — — — — — 2,321 — 2,321 Finance charge income — — — — — 1,016 — 1,016 Other income — — — — — 70 — 70 GM Financial net sales and revenue — — — — — 3,407 — 3,407 Net sales and revenue $ 25,957 $ 3,086 $ 19 $ 29,062 $ 30 $ 3,407 $ (25) $ 32,474 |
Marketable and Other Securiti_2
Marketable and Other Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Marketable Securities [Abstract] | |
Schedule of Fair Value of Cash Equivalents and Marketable Securities | The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost: Fair Value Level March 31, 2022 December 31, 2021 Cash and cash equivalents Cash and time deposits $ 6,979 $ 7,881 Available-for-sale debt securities U.S. government and agencies 2 630 722 Corporate debt 2 4,439 5,321 Sovereign debt 2 1,186 2,105 Total available-for-sale debt securities – cash equivalents 6,255 8,148 Money market funds 1 3,114 4,038 Total cash and cash equivalents(a) $ 16,349 $ 20,067 Marketable debt securities U.S. government and agencies 2 $ 2,844 $ 2,071 Corporate debt 2 3,630 3,396 Mortgage and asset-backed 2 600 575 Sovereign debt 2 2,833 2,567 Total available-for-sale debt securities – marketable securities(b) $ 9,907 $ 8,609 Restricted cash Cash and cash equivalents $ 374 $ 466 Money market funds 1 3,255 3,009 Total restricted cash $ 3,629 $ 3,475 Available-for-sale debt securities included above with contractual maturities(c) Due in one year or less $ 10,681 Due between one and five years 4,831 Total available-for-sale debt securities with contractual maturities $ 15,512 __________ (a) Includes $2.6 billion and $1.6 billion in Cruise at March 31, 2022 and December 31, 2021. (b) Includes $1.5 billion in Cruise at March 31, 2022 and December 31, 2021. |
Investments Classified by Contractual Maturity Date | The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost: Fair Value Level March 31, 2022 December 31, 2021 Cash and cash equivalents Cash and time deposits $ 6,979 $ 7,881 Available-for-sale debt securities U.S. government and agencies 2 630 722 Corporate debt 2 4,439 5,321 Sovereign debt 2 1,186 2,105 Total available-for-sale debt securities – cash equivalents 6,255 8,148 Money market funds 1 3,114 4,038 Total cash and cash equivalents(a) $ 16,349 $ 20,067 Marketable debt securities U.S. government and agencies 2 $ 2,844 $ 2,071 Corporate debt 2 3,630 3,396 Mortgage and asset-backed 2 600 575 Sovereign debt 2 2,833 2,567 Total available-for-sale debt securities – marketable securities(b) $ 9,907 $ 8,609 Restricted cash Cash and cash equivalents $ 374 $ 466 Money market funds 1 3,255 3,009 Total restricted cash $ 3,629 $ 3,475 Available-for-sale debt securities included above with contractual maturities(c) Due in one year or less $ 10,681 Due between one and five years 4,831 Total available-for-sale debt securities with contractual maturities $ 15,512 __________ (a) Includes $2.6 billion and $1.6 billion in Cruise at March 31, 2022 and December 31, 2021. (b) Includes $1.5 billion in Cruise at March 31, 2022 and December 31, 2021. |
Reconciliation of Cash, Cash Equivalents and Restricted Cash from Balance Sheet to Statements of Cash Flows | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total shown in the condensed consolidated statement of cash flows: March 31, 2022 Cash and cash equivalents $ 16,349 Restricted cash included in Other current assets 3,127 Restricted cash included in Other assets 503 Total $ 19,978 |
GM Financial Receivables and _2
GM Financial Receivables and Transactions (Tables) - GM Financial | 3 Months Ended |
Mar. 31, 2022 | |
Finance Receivables [Line Items] | |
GM Financial Receivables | March 31, 2022 December 31, 2021 Retail Commercial(a) Total Retail Commercial(a) Total GM Financial receivables, net of fees $ 59,503 $ 7,274 $ 66,776 $ 58,093 $ 6,609 $ 64,702 Less: allowance for loan losses (1,884) (44) (1,928) (1,839) (47) (1,886) GM Financial receivables, net $ 57,618 $ 7,230 $ 64,848 $ 56,254 $ 6,562 $ 62,816 Fair value of GM Financial receivables utilizing Level 2 inputs $ 7,230 $ 6,562 Fair value of GM Financial receivables utilizing Level 3 inputs $ 57,774 $ 57,613 __________ (a) Net of dealer cash management balances of $1.2 billion and $1.0 billion at March 31, 2022 and December 31, 2021. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on its floorplan line by making principal payments to GM Financial in advance. |
Allowance for Loan Losses | Three Months Ended March 31, 2022 March 31, 2021 Allowance for loan losses at beginning of period $ 1,886 $ 1,978 Provision for loan losses 122 (26) Charge-offs (275) (253) Recoveries 177 150 Effect of foreign currency 18 (14) Allowance for loan losses at end of period $ 1,928 $ 1,835 |
Intercompany Transactions | The following table shows transactions between our Automotive segments and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income. March 31, 2022 December 31, 2021 Condensed Consolidated Balance Sheets(a) Commercial finance receivables, net due from GM consolidated dealers $ 122 $ 163 Subvention receivable(b) $ 357 $ 282 Commercial loan funding payable $ 41 $ 26 Three Months Ended March 31, 2022 March 31, 2021 Condensed Consolidated Statements of Income Interest subvention earned on finance receivables $ 221 $ 188 Leased vehicle subvention earned $ 547 $ 721 __________ (a) All balance sheet amounts are eliminated upon consolidation. (b) Our Automotive segments made cash payments to GM Financial for subvention of $439 million and $1.0 billion in the three months ended March 31, 2022 and 2021. GM Financial's Board of Directors declared and paid dividends of $600 million on its common stock in the three months ended March 31, 2021. |
Retail Finance Receivables | |
Finance Receivables [Line Items] | |
Finance Receivables Credit Quality | The following tables are consolidated summaries of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the retail finance receivables portfolio at March 31, 2022 and December 31, 2021: Year of Origination March 31, 2022 2022 2021 2020 2019 2018 Prior Total Percent Prime – FICO score 680 and greater $ 6,019 $ 17,792 $ 11,121 $ 3,540 $ 1,912 $ 655 $ 41,039 69.0 % Near-prime – FICO score 620 to 679 856 3,569 2,153 1,089 553 274 8,494 14.3 % Sub-prime – FICO score less than 620 929 3,720 2,258 1,563 831 669 9,970 16.8 % Retail finance receivables, net of fees $ 7,804 $ 25,081 $ 15,531 $ 6,192 $ 3,296 $ 1,599 $ 59,503 100.0 % Year of Origination December 31, 2021 2021 2020 2019 2018 2017 Prior Total Percent Prime – FICO score 680 and greater $ 19,729 $ 12,408 $ 4,078 $ 2,298 $ 763 $ 143 $ 39,419 67.9 % Near-prime – FICO score 620 to 679 3,856 2,388 1,229 648 274 84 8,479 14.6 % Sub-prime – FICO score less than 620 4,053 2,528 1,777 972 570 295 10,195 17.5 % Retail finance receivables, net of fees $ 27,638 $ 17,324 $ 7,084 $ 3,918 $ 1,607 $ 522 $ 58,093 100.0 % |
Retail Finance Receivables Delinquency | The following tables are consolidated summaries of the delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at March 31, 2022 and December 31, 2021, as well as summary totals for March 31, 2021: Year of Origination March 31, 2022 March 31, 2021 2022 2021 2020 2019 2018 Prior Total Percent Total Percent 0-to-30 days $ 7,788 $ 24,672 $ 15,197 $ 5,934 $ 3,139 $ 1,448 $ 58,179 97.8 % $ 52,367 98.1 % 31-to-60 days 15 298 246 192 119 113 983 1.7 % 741 1.4 % Greater-than-60 days — 95 79 59 34 34 302 0.5 % 257 0.5 % Finance receivables more than 30 days delinquent 15 393 325 251 153 148 1,285 2.2 % 998 1.9 % In repossession — 16 9 7 3 3 39 0.1 % 32 — % Finance receivables more than 30 days delinquent or in repossession 15 409 334 258 157 150 1,324 2.2 % 1,030 1.9 % Retail finance receivables, net of fees $ 7,804 $ 25,081 $ 15,531 $ 6,192 $ 3,296 $ 1,599 $ 59,503 100.0 % $ 53,397 100.0 % Year of Origination December 31, 2021 2021 2020 2019 2018 2017 Prior Total Percent 0-to-30 days $ 27,270 $ 16,945 $ 6,772 $ 3,721 $ 1,478 $ 440 $ 56,626 97.5 % 31-to-60 days 273 276 230 147 97 60 1,083 1.8 % Greater-than-60 days 83 93 76 46 30 21 349 0.6 % Finance receivables more than 30 days delinquent 356 369 306 193 127 81 1,432 2.4 % In repossession 12 10 6 4 2 1 35 0.1 % Finance receivables more than 30 days delinquent or in repossession 368 379 312 197 129 82 1,467 2.5 % Retail finance receivables, net of fees $ 27,638 $ 17,324 $ 7,084 $ 3,918 $ 1,607 $ 522 $ 58,093 100.0 % |
Commercial Finance Receivables | |
Finance Receivables [Line Items] | |
Finance Receivables Credit Quality | The following tables summarize the credit risk profile by dealer risk rating of commercial finance receivables at March 31, 2022 and December 31, 2021: Year of Origination March 31, 2022 Revolving 2022 2021 2020 2019 2018 Prior Total Percent I $ 5,834 $ 129 $ 412 $ 398 $ 102 $ 44 $ 56 $ 6,974 95.9 % II 204 — 4 16 13 — 3 240 3.3 % III 58 — — — 1 — 1 60 0.8 % IV — — — — — — — — — % Commercial finance receivables, net of fees $ 6,095 $ 129 $ 416 $ 413 $ 115 $ 44 $ 60 $ 7,274 100.0 % Year of Origination December 31, 2021 Revolving 2021 2020 2019 2018 2017 Prior Total Percent I $ 5,210 $ 420 $ 396 $ 120 $ 50 $ 50 $ 10 $ 6,256 94.7 % II 207 3 16 12 — 3 — 241 3.6 % III 81 8 15 2 — 2 4 112 1.7 % IV — — — — — — — — — % Commercial finance receivables, net of fees $ 5,498 $ 431 $ 427 $ 134 $ 50 $ 55 $ 14 $ 6,609 100.0 % Floorplan advances comprise 94% of the total revolving balance at March 31, 2022 and December 31, 2021. Dealer term loans are presented by year of origination. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | March 31, 2022 December 31, 2021 Total productive material, supplies and work in process $ 8,695 $ 8,240 Finished product, including service parts 6,143 4,748 Total inventories $ 14,838 $ 12,988 |
Equipment on Operating Leases (
Equipment on Operating Leases (Tables) - Vehicles | 3 Months Ended |
Mar. 31, 2022 | |
Lessor, Lease, Description [Line Items] | |
Schedule of Property Subject to or Available for Operating Lease | March 31, 2022 December 31, 2021 Equipment on operating leases $ 45,669 $ 47,423 Less: accumulated depreciation (9,088) (9,494) Equipment on operating leases, net $ 36,581 $ 37,929 |
GM Financial | |
Lessor, Lease, Description [Line Items] | |
Schedule of Future Rental Payments Receivable for Operating Leases | The following table summarizes lease payments due to GM Financial on leases to retail customers: Year Ending December 31, 2022 2023 2024 2025 2026 Thereafter Total Lease receipts under operating leases $ 4,167 $ 3,790 $ 1,546 $ 213 $ 4 $ — $ 9,721 |
Equity In Net Assets of Nonco_2
Equity In Net Assets of Nonconsolidated Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Income | Three Months Ended March 31, 2022 March 31, 2021 Automotive China equity income (loss) $ 234 $ 308 Other joint ventures equity income (loss) 59 57 Total Equity income (loss) $ 292 $ 365 |
Summarized Financial Data for Nonconsolidated Affiliates | Three Months Ended March 31, 2022 March 31, 2021 Summarized Operating Data of Automotive China JVs Automotive China JVs' net sales $ 8,992 $ 9,875 Automotive China JVs' net income (loss) $ 505 $ 586 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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: March 31, 2022 December 31, 2021 Restricted cash – current $ 2,546 $ 2,291 Restricted cash – non-current $ 407 $ 449 GM Financial receivables, net of fees – current $ 14,518 $ 15,344 GM Financial receivables, net of fees – non-current $ 15,799 $ 16,518 GM Financial equipment on operating leases, net $ 16,148 $ 16,143 GM Financial short-term debt and current portion of long-term debt $ 18,210 $ 19,876 GM Financial long-term debt $ 19,079 $ 19,401 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Automotive | |
Debt Instrument [Line Items] | |
Debt carrying amount and fair value | The following table presents debt in our automotive operations: March 31, 2022 December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 165 $ 176 $ 192 $ 212 Unsecured debt(a) 16,404 17,821 16,277 19,995 Finance lease liabilities 324 328 349 362 Total automotive debt(b) $ 16,893 $ 18,325 $ 16,818 $ 20,569 Fair value utilizing Level 1 inputs $ 16,815 $ 19,085 Fair value utilizing Level 2 inputs $ 1,509 $ 1,484 Available under credit facility agreements(c) $ 15,188 $ 15,208 Weighted-average interest rate on outstanding short-term debt(d) 12.1 % 9.8 % Weighted-average interest rate on outstanding long-term debt(d) 5.7 % 5.8 % __________ (a) Primarily consists of senior notes. (b) Includes net discount and debt issuance costs of $540 million and $512 million at March 31, 2022 and December 31, 2021. (c) Excludes our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial. (d) Includes coupon rates on debt denominated in various foreign currencies and interest free loans. |
GM Financial | |
Debt Instrument [Line Items] | |
Debt carrying amount and fair value | The following table presents debt of GM Financial: March 31, 2022 December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 37,362 $ 37,002 $ 39,338 $ 39,401 Unsecured debt 55,552 54,648 53,223 54,357 Total GM Financial debt $ 92,913 $ 91,649 $ 92,561 $ 93,758 Fair value utilizing Level 2 inputs $ 89,810 $ 92,250 Fair value utilizing Level 3 inputs $ 1,839 $ 1,508 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative [Line Items] | |
Schedule of Cumulative Basis Adjustments for Fair Value Hedges | The following amounts were recorded in the condensed consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships: March 31, 2022 December 31, 2021 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) Short-term unsecured debt $ 1,503 $ 8 $ 1,338 $ (1) Long-term unsecured debt 24,654 146 23,626 (225) GM Financial unsecured debt $ 26,157 $ 153 $ 24,964 $ (226) __________ (a) Includes $196 million and $246 million of unamortized gains remaining on hedged items for which hedge accounting has been discontinued at March 31, 2022 and December 31, 2021. |
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 March 31, 2022 December 31, 2021 Derivatives not designated as hedges(a) Foreign currency 2 $ 4,377 $ 4,228 Commodity 2 1,668 1,549 Stellantis warrants(b) 2 44 45 Total derivative financial instruments $ 6,090 $ 5,822 __________ (a) The fair value of these derivative instruments at March 31, 2022 and December 31, 2021 and the gains/losses included in our condensed consolidated income statements for the three months ended March 31, 2022 and 2021 were insignificant, unless otherwise noted. (b) Our 39.7 million warrants in Stellantis N.V. (Stellantis) may be exercised at any time, in one or more tranches, from August 2022 through July 2026. Upon exercise, the warrants will convert into 69.2 million common shares of Stellantis. The fair value of these warrants, located in Other assets, was $1.2 billion and $1.4 billion at March 31, 2022 and December 31, 2021. We recorded a loss in Interest income and other non-operating income, net of $197 million and a gain of $210 million in the three months ended March 31, 2022 and 2021. |
GM Financial | |
Derivative [Line Items] | |
Schedule of Notional Amounts for Derivative Financial Instruments | The following table presents the gross fair value amounts of GM Financial's derivative financial instruments and the associated notional amounts: Fair Value Level March 31, 2022 December 31, 2021 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Derivatives designated as hedges(a) Fair value hedges Interest rate swaps 2 $ 19,310 $ 11 $ 345 $ 15,058 $ 74 $ 88 Foreign currency swaps 2 — — — 682 — 59 Cash flow hedges Interest rate swaps 2 709 17 4 611 12 4 Foreign currency swaps 2 7,945 79 221 7,419 85 201 Derivatives not designated as hedges(a) Interest rate contracts 2 108,709 1,245 797 110,053 846 339 Foreign currency contracts 2 — — — 148 — — Total derivative financial instruments(b) $ 136,674 $ 1,353 $ 1,368 $ 133,971 $ 1,017 $ 691 __________ (a) The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three months ended March 31, 2022 and 2021 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) GM Financial held $323 million and $376 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted $432 million and an insignificant amount of collateral to counterparties available for netting against GM Financial's liability positions at March 31, 2022 and December 31, 2021. |
Product Warranty and Related _2
Product Warranty and Related Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Policy, Product Warranty and Recall Campaigns | Three Months Ended March 31, 2022 March 31, 2021 Product Warranty and Related Liabilities Warranty balance at beginning of period $ 9,774 $ 8,242 Warranties issued and assumed in period – recall campaigns 132 120 Warranties issued and assumed in period – product warranty 461 443 Payments (1,077) (733) Adjustments to pre-existing warranties (5) 11 Effect of foreign currency and other 17 (6) Warranty balance at end of period 9,302 8,077 Less: Supplier recoveries balance at end of period(a) 2,025 193 Warranty balance, net of supplier recoveries at end of period $ 7,277 $ 7,884 __________ (a) The current portion of supplier recoveries is recorded in Accounts and notes receivable, net of allowance and the non-current portion is recorded in Other assets. Three Months Ended March 31, 2022 March 31, 2021 Product warranty expense, net of recoveries Warranties issued and assumed in period $ 593 $ 563 Supplier recoveries accrued in period (57) (72) Adjustments and other 12 5 Warranty expense, net of supplier recoveries $ 548 $ 496 |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Pension and OPEB (Income) Expense | Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 58 $ 35 $ 4 $ 65 $ 38 $ 4 Interest cost 323 76 37 269 59 31 Expected return on plan assets (750) (139) — (795) (152) — Amortization of prior service cost (credit) (1) 1 (1) (1) 1 (2) Amortization of net actuarial losses 5 35 17 7 54 25 Net periodic pension and OPEB (income) expense $ (365) $ 8 $ 57 $ (455) $ — $ 58 |
Stockholders' Equity and Nonc_2
Stockholders' Equity and Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the significant components of Accumulated other comprehensive loss: Three Months Ended March 31, 2022 March 31, 2021 Foreign Currency Translation Adjustments Balance at beginning of period $ (2,653) $ (2,735) Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b) 397 (24) Balance at end of period $ (2,256) $ (2,759) Defined Benefit Plans Balance at beginning of period $ (6,528) $ (10,654) Other comprehensive income (loss) before reclassification adjustment, net of tax(b) 52 86 Reclassification adjustment, net of tax(b) 51 74 Other comprehensive income (loss), net of tax(b) 103 160 Balance at end of period(c) $ (6,425) $ (10,494) __________ (a) The noncontrolling interests and reclassification adjustment were insignificant in the three months ended March 31, 2022 and 2021. (b) The income tax effect was insignificant in the three months ended March 31, 2022 and 2021. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Basic and Diluted | Three Months Ended March 31, 2022 March 31, 2021 Basic earnings per share Net income (loss) attributable to stockholders $ 2,939 $ 3,022 Less: cumulative dividends on subsidiary preferred stock(a) (952) (46) Net income (loss) attributable to common stockholders $ 1,987 $ 2,976 Weighted-average common shares outstanding 1,458 1,447 Basic earnings per common share $ 1.36 $ 2.06 Diluted earnings per share Net income (loss) attributable to common stockholders – diluted $ 1,987 $ 2,976 Weighted-average common shares outstanding – basic 1,458 1,447 Dilutive effect of awards under stock incentive plans 12 17 Weighted-average common shares outstanding – diluted 1,470 1,464 Diluted earnings per common share $ 1.35 $ 2.03 Potentially dilutive securities(b) 6 2 __________ (a) Includes a $909 million deemed dividend related to the redemption of Cruise preferred shares from SoftBank in the three months ended March 31, 2022. (b) Potentially dilutive securities attributable to outstanding stock options at March 31, 2022 and 2021 and RSUs at March 31, 2022, were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect. |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation Activity | Cruise Restricted Stock Units Cruise Stock Options Shares (in millions) Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Term in Years Shares (in millions) Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Term in Years Units outstanding at January 1, 2022 66.2 $ 18.82 8.1 23.8 $ 7.07 2.0 Granted 28.7 $ 27.49 2.9 $ 15.77 Settled or exercised — $ — — $ — Forfeited or expired (2.9) $ 23.67 — $ — Units outstanding at March 31, 2022(a) 92.0 $ 29.00 1.1 26.7 $ 18.88 2.0 __________ (a) Weighted average fair values include the impact of the remeasurement triggered by the modification. Post modification, certain awards are liability-awards resulting in ongoing remeasurement based on changes to the awards fair value. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables summarize key financial information by segment: At and For the Three Months Ended March 31, 2022 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 29,456 $ 3,313 $ 53 $ 32,823 $ 26 $ 3,156 $ (26) $ 35,979 Earnings (loss) before interest and taxes-adjusted $ 3,141 $ 328 $ (387) $ 3,082 $ (325) $ 1,284 $ 4 $ 4,044 Adjustments(a) $ 100 $ — $ — $ 100 $ (1,057) $ — $ — (957) Automotive interest income 50 Automotive interest expense (226) Net income (loss) attributable to noncontrolling interests (131) Income (loss) before income taxes 2,779 Income tax benefit (expense) 28 Net income (loss) 2,807 Net loss (income) attributable to noncontrolling interests 131 Net income (loss) attributable to stockholders $ 2,939 Equity in net assets of nonconsolidated affiliates $ 1,217 $ 7,406 $ — $ — $ 8,623 $ — $ 1,779 $ — $ 10,402 Goodwill and intangibles $ 2,213 $ 765 $ — $ — $ 2,978 $ 733 $ 1,346 $ — $ 5,058 Total assets $ 126,454 $ 24,612 $ 35,696 $ (55,702) $ 131,060 $ 6,310 $ 115,312 $ (1,190) $ 251,492 Depreciation and amortization $ 1,504 $ 134 $ 5 $ — $ 1,643 $ 12 $ 1,236 $ — $ 2,891 Impairment charges $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity income (loss) $ 6 $ 232 $ — $ — $ 238 $ — $ 54 $ — $ 292 __________ (a) Consists of the resolution of substantially all potential royalty matters, accrued in the prior period, with respect to past-year vehicle sales in GMNA; and charges related to the one-time modification of Cruise stock incentive awards. At and For the Three Months Ended March 31, 2021 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 25,957 $ 3,086 $ 19 $ 29,062 $ 30 $ 3,407 $ (25) $ 32,474 Earnings (loss) before interest and taxes-adjusted $ 3,134 $ 308 $ 30 $ 3,472 $ (229) $ 1,182 $ (8) $ 4,417 Adjustments $ — $ — $ — $ — $ — $ — $ — — Automotive interest income 32 Automotive interest expense (250) Net income (loss) attributable to noncontrolling interests (8) Income (loss) before income taxes 4,191 Income tax benefit (expense) (1,177) Net income (loss) 3,014 Net loss (income) attributable to noncontrolling interests 8 Net income (loss) attributable to stockholders $ 3,022 Equity in net assets of nonconsolidated affiliates $ 355 $ 6,994 $ — $ — $ 7,349 $ — $ 1,630 $ — $ 8,979 Goodwill and intangibles $ 2,320 $ 796 $ — $ — $ 3,116 $ 730 $ 1,339 $ — $ 5,185 Total assets $ 113,926 $ 22,798 $ 36,271 $ (53,147) $ 119,848 $ 5,324 $ 114,597 $ (1,358) $ 238,411 Depreciation and amortization $ 1,198 $ 132 $ 6 $ — $ 1,336 $ 11 $ 1,668 $ — $ 3,015 Impairment charges $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity income (loss) $ 4 $ 307 $ — $ — $ 311 $ — $ 54 $ — $ 365 |
Revenue - Major Source (Details
Revenue - Major Source (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | $ 32,824 | $ 29,067 |
Leased vehicle income | 2,066 | 2,321 |
Finance charge income | 1,010 | 1,016 |
Other income | 79 | 70 |
GM Financial net sales and revenue | 3,155 | 3,407 |
Net sales and revenue | 35,979 | 32,474 |
Operating Segments | Cruise | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 26 | 30 |
Net sales and revenue | 26 | 30 |
Operating Segments | GM Financial | ||
Disaggregation of Revenue [Line Items] | ||
Leased vehicle income | 2,066 | 2,321 |
Finance charge income | 1,010 | 1,016 |
Other income | 80 | 70 |
GM Financial net sales and revenue | 3,156 | 3,407 |
Net sales and revenue | 3,156 | 3,407 |
Eliminations/ Reclassifications | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | (25) | (25) |
Leased vehicle income | 0 | 0 |
Finance charge income | 0 | 0 |
Other income | (1) | 0 |
GM Financial net sales and revenue | (1) | 0 |
Net sales and revenue | (26) | (25) |
Automotive | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 32,824 | 29,067 |
Automotive | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 32,823 | 29,062 |
Net sales and revenue | 32,823 | 29,062 |
Automotive | Operating Segments | GMNA | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 29,456 | 25,957 |
Net sales and revenue | 29,456 | 25,957 |
Automotive | Operating Segments | GMI | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 3,313 | 3,086 |
Net sales and revenue | 3,313 | 3,086 |
Automotive | Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 53 | 19 |
Net sales and revenue | 53 | 19 |
Vehicle, parts and accessories | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 31,591 | 27,721 |
Vehicle, parts and accessories | Eliminations/ Reclassifications | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 0 | 0 |
Vehicle, parts and accessories | Automotive | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 31,591 | 27,721 |
Vehicle, parts and accessories | Automotive | Operating Segments | GMNA | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 28,572 | 24,920 |
Vehicle, parts and accessories | Automotive | Operating Segments | GMI | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 3,014 | 2,801 |
Vehicle, parts and accessories | Automotive | Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 5 | 0 |
Used vehicles | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 80 | 241 |
Used vehicles | Eliminations/ Reclassifications | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 0 | 0 |
Used vehicles | Automotive | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 80 | 241 |
Used vehicles | Automotive | Operating Segments | GMNA | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 75 | 228 |
Used vehicles | Automotive | Operating Segments | GMI | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 5 | 13 |
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 | 1,153 | 1,105 |
Services and other | Operating Segments | Cruise | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 26 | 30 |
Services and other | Eliminations/ Reclassifications | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | (25) | (25) |
Services and other | Automotive | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 1,152 | 1,100 |
Services and other | Automotive | Operating Segments | GMNA | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 809 | 809 |
Services and other | Automotive | Operating Segments | GMI | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 295 | 272 |
Services and other | Automotive | Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | $ 48 | $ 19 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Contract liabilities | $ 2,800 | $ 2,500 | |
Deferred revenue recognized | 444 | $ 395 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Deferred revenue expected to be recognized | $ 1,100 | ||
Expected timing of performance obligation | 9 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Deferred revenue expected to be recognized | $ 577 | ||
Expected timing of performance obligation | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Deferred revenue expected to be recognized | $ 354 | ||
Expected timing of performance obligation | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Deferred revenue expected to be recognized | $ 731 | ||
Expected timing of performance obligation |
Marketable and Other Securiti_3
Marketable and Other Securities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Marketable Securities [Abstract] | ||
Sale proceeds from investments classified as available-for-sale and sold prior to maturity | $ 464 | $ 504 |
Marketable and Other Securiti_4
Marketable and Other Securities - Fair Value of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | $ 15,512 | |
Total cash and cash equivalents | 16,349 | $ 20,067 |
Cash and cash equivalents | 374 | 466 |
Total restricted cash | 3,629 | 3,475 |
Due in one year or less | 10,681 | |
Due between one and five years | 4,831 | |
Total available-for-sale debt securities with contractual maturities | 15,512 | |
Cruise | ||
Marketable Securities [Line Items] | ||
Total cash and cash equivalents | 2,600 | 1,600 |
Cash and cash equivalents | ||
Marketable Securities [Line Items] | ||
Cash and time deposits | 6,979 | 7,881 |
Total available-for-sale debt securities with contractual maturities | 6,255 | 8,148 |
Total available-for-sale debt securities with contractual maturities | 6,255 | 8,148 |
Cash and cash equivalents | Level 1 | ||
Marketable Securities [Line Items] | ||
Money market funds | 3,114 | 4,038 |
Marketable debt securities | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 9,907 | 8,609 |
Total available-for-sale debt securities with contractual maturities | 9,907 | 8,609 |
Marketable debt securities | Cruise | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 1,500 | 1,500 |
Total available-for-sale debt securities with contractual maturities | 1,500 | 1,500 |
Other current assets | Level 1 | ||
Marketable Securities [Line Items] | ||
Money market funds | 3,255 | 3,009 |
U.S. government and agencies | Cash and cash equivalents | Level 2 | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 630 | 722 |
Total available-for-sale debt securities with contractual maturities | 630 | 722 |
U.S. government and agencies | Marketable debt securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 2,844 | 2,071 |
Total available-for-sale debt securities with contractual maturities | 2,844 | 2,071 |
Corporate debt | Cash and cash equivalents | Level 2 | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 4,439 | 5,321 |
Total available-for-sale debt securities with contractual maturities | 4,439 | 5,321 |
Corporate debt | Marketable debt securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 3,630 | 3,396 |
Total available-for-sale debt securities with contractual maturities | 3,630 | 3,396 |
Mortgage and asset-backed | Marketable debt securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 600 | 575 |
Total available-for-sale debt securities with contractual maturities | 600 | 575 |
Sovereign debt | Cash and cash equivalents | Level 2 | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 1,186 | 2,105 |
Total available-for-sale debt securities with contractual maturities | 1,186 | 2,105 |
Sovereign debt | Marketable debt securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 2,833 | 2,567 |
Total available-for-sale debt securities with contractual maturities | $ 2,833 | $ 2,567 |
Marketable and Other Securiti_5
Marketable and Other Securities - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Marketable Securities [Abstract] | ||||
Cash and cash equivalents | $ 16,349 | $ 20,067 | ||
Restricted cash included in Other current assets | 3,127 | |||
Restricted cash included in Other assets | 503 | |||
Total | $ 19,978 | $ 23,542 | $ 24,876 | $ 23,117 |
GM Financial Receivables and _3
GM Financial Receivables and Transactions - Summary of Finance Receivables (Details) - GM Financial - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Finance Receivables [Line Items] | ||||
GM Financial receivables, net of fees | $ 66,776 | $ 64,702 | ||
Less: allowance for loan losses | (1,928) | (1,886) | $ (1,835) | $ (1,978) |
GM Financial receivables, net | 64,848 | 62,816 | ||
Retail Finance Receivables | ||||
Finance Receivables [Line Items] | ||||
GM Financial receivables, net of fees | 59,503 | 58,093 | $ 53,397 | |
Less: allowance for loan losses | (1,884) | (1,839) | ||
GM Financial receivables, net | 57,618 | 56,254 | ||
Commercial Finance Receivables | ||||
Finance Receivables [Line Items] | ||||
GM Financial receivables, net of fees | 7,274 | 6,609 | ||
Less: allowance for loan losses | (44) | (47) | ||
GM Financial receivables, net | 7,230 | 6,562 | ||
Dealer cash management balance | 1,200 | 1,000 | ||
Level 2 | ||||
Finance Receivables [Line Items] | ||||
Fair value of GM Financial receivables | 7,230 | 6,562 | ||
Level 3 | ||||
Finance Receivables [Line Items] | ||||
Fair value of GM Financial receivables | $ 57,774 | $ 57,613 |
GM Financial Receivables and _4
GM Financial Receivables and Transactions - Allowance for Loan Losses (Details) - GM Financial - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses at beginning of period | $ 1,886 | $ 1,978 |
Provision for loan losses | 122 | (26) |
Charge-offs | (275) | (253) |
Recoveries | 177 | 150 |
Effect of foreign currency | 18 | (14) |
Allowance for loan losses at end of period | $ 1,928 | $ 1,835 |
GM Financial Receivables and _5
GM Financial Receivables and Transactions - Credit Risk Profile by FICO Score (Details) - GM Financial - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
GM Financial receivables, net of fees | $ 66,776 | $ 64,702 | |
Retail Finance Receivables | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2022 | 7,804 | 27,638 | |
2021 | 25,081 | 17,324 | |
2020 | 15,531 | 7,084 | |
2019 | 6,192 | 3,918 | |
2018 | 3,296 | 1,607 | |
Prior | 1,599 | 522 | |
GM Financial receivables, net of fees | $ 59,503 | $ 58,093 | $ 53,397 |
Percent | 100.00% | 100.00% | |
Retail Finance Receivables | Prime – FICO score 680 and greater | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2022 | $ 6,019 | $ 19,729 | |
2021 | 17,792 | 12,408 | |
2020 | 11,121 | 4,078 | |
2019 | 3,540 | 2,298 | |
2018 | 1,912 | 763 | |
Prior | 655 | 143 | |
GM Financial receivables, net of fees | $ 41,039 | $ 39,419 | |
Percent | 69.00% | 67.90% | |
Retail Finance Receivables | Near-prime – FICO score 620 to 679 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2022 | $ 856 | $ 3,856 | |
2021 | 3,569 | 2,388 | |
2020 | 2,153 | 1,229 | |
2019 | 1,089 | 648 | |
2018 | 553 | 274 | |
Prior | 274 | 84 | |
GM Financial receivables, net of fees | $ 8,494 | $ 8,479 | |
Percent | 14.30% | 14.60% | |
Retail Finance Receivables | Sub-prime – FICO score less than 620 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2022 | $ 929 | $ 4,053 | |
2021 | 3,720 | 2,528 | |
2020 | 2,258 | 1,777 | |
2019 | 1,563 | 972 | |
2018 | 831 | 570 | |
Prior | 669 | 295 | |
GM Financial receivables, net of fees | $ 9,970 | $ 10,195 | |
Percent | 16.80% | 17.50% |
GM Financial Receivables and _6
GM Financial Receivables and Transactions - Retail Finance Receivables Delinquencies and TDRs (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
GM Financial receivables, net of fees | $ 66,776 | $ 64,702 | |
Retail Finance Receivables | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
TDR's | 1,900 | ||
TDR's-Nonaccrual loans | 183 | ||
Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due [Line Items] | |||
Finance receivables, nonaccrual status | 527 | 602 | |
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2022 | 7,804 | 27,638 | |
2021 | 25,081 | 17,324 | |
2020 | 15,531 | 7,084 | |
2019 | 6,192 | 3,918 | |
2018 | 3,296 | 1,607 | |
Prior | 1,599 | 522 | |
GM Financial receivables, net of fees | $ 59,503 | $ 58,093 | $ 53,397 |
Percent | 100.00% | 100.00% | |
Financing Receivable, including Past Due, Percent | 100.00% | 100.00% | 100.00% |
Commercial Finance Receivables | |||
Financing Receivable, Past Due [Line Items] | |||
Finance receivables, nonaccrual status | $ 0 | ||
Commercial Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2022 | 129 | $ 431 | |
2021 | 416 | 427 | |
2020 | 413 | 134 | |
2019 | 115 | 50 | |
2018 | 44 | 55 | |
Prior | 60 | 14 | |
GM Financial receivables, net of fees | $ 7,274 | $ 6,609 | |
Percent | 100.00% | 100.00% | |
31-to-60 days | Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
GM Financial receivables, net of fees | $ 741 | ||
Percent of Contractual Amount Due | 1.40% | ||
Greater-than-60 days | Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
GM Financial receivables, net of fees | $ 257 | ||
Percent of Contractual Amount Due | 0.50% | ||
Finance receivables more than 30 days delinquent | Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
GM Financial receivables, net of fees | $ 998 | ||
Percent of Contractual Amount Due | 1.90% | ||
In repossession | Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
GM Financial receivables, net of fees | $ 32 | ||
Percent of Contractual Amount Due | 0.00% | ||
Finance receivables more than 30 days delinquent or in repossession | Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
GM Financial receivables, net of fees | $ 1,030 | ||
Percent of Contractual Amount Due | 1.90% | ||
Performing Financial Instruments | 0-to-30 days | Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2022 | $ 7,788 | $ 27,270 | |
2021 | 24,672 | 16,945 | |
2020 | 15,197 | 6,772 | |
2019 | 5,934 | 3,721 | |
2018 | 3,139 | 1,478 | |
Prior | 1,448 | 440 | |
GM Financial receivables, net of fees | $ 58,179 | $ 56,626 | $ 52,367 |
Percent | 97.80% | 97.50% | 98.10% |
Nonperforming Financial Instruments | 31-to-60 days | Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2022 | $ 15 | $ 273 | |
2021 | 298 | 276 | |
2020 | 246 | 230 | |
2019 | 192 | 147 | |
2018 | 119 | 97 | |
Prior | 113 | 60 | |
GM Financial receivables, net of fees | $ 983 | $ 1,083 | |
Percent of Contractual Amount Due | 1.70% | 1.80% | |
Nonperforming Financial Instruments | Greater-than-60 days | Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2022 | $ 0 | $ 83 | |
2021 | 95 | 93 | |
2020 | 79 | 76 | |
2019 | 59 | 46 | |
2018 | 34 | 30 | |
Prior | 34 | 21 | |
GM Financial receivables, net of fees | $ 302 | $ 349 | |
Percent of Contractual Amount Due | 0.50% | 0.60% | |
Nonperforming Financial Instruments | Finance receivables more than 30 days delinquent | Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2022 | $ 15 | $ 356 | |
2021 | 393 | 369 | |
2020 | 325 | 306 | |
2019 | 251 | 193 | |
2018 | 153 | 127 | |
Prior | 148 | 81 | |
GM Financial receivables, net of fees | $ 1,285 | $ 1,432 | |
Percent of Contractual Amount Due | 2.20% | 2.40% | |
Nonperforming Financial Instruments | In repossession | Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2022 | $ 0 | $ 12 | |
2021 | 16 | 10 | |
2020 | 9 | 6 | |
2019 | 7 | 4 | |
2018 | 3 | 2 | |
Prior | 3 | 1 | |
GM Financial receivables, net of fees | $ 39 | $ 35 | |
Percent of Contractual Amount Due | 0.10% | 0.10% | |
Nonperforming Financial Instruments | Finance receivables more than 30 days delinquent or in repossession | Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2022 | $ 15 | $ 368 | |
2021 | 409 | 379 | |
2020 | 334 | 312 | |
2019 | 258 | 197 | |
2018 | 157 | 129 | |
Prior | 150 | 82 | |
GM Financial receivables, net of fees | $ 1,324 | $ 1,467 | |
Percent of Contractual Amount Due | 2.20% | 2.50% |
GM Financial Receivables and _7
GM Financial Receivables and Transactions - Commercial Finance Receivables Credit Quality Indicators (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
GM Financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
GM Financial receivables, net of fees | $ 66,776 | $ 64,702 |
Commercial Finance Receivables | GM Financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | 6,095 | 5,498 |
2022 | 129 | 431 |
2021 | 416 | 427 |
2020 | 413 | 134 |
2019 | 115 | 50 |
2018 | 44 | 55 |
Prior | 60 | 14 |
GM Financial receivables, net of fees | $ 7,274 | $ 6,609 |
Percent | 100.00% | 100.00% |
Commercial Finance Receivables | GM Financial | Group I - Performing accounts with strong to acceptable financial metrics | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 5,834 | $ 5,210 |
2022 | 129 | 420 |
2021 | 412 | 396 |
2020 | 398 | 120 |
2019 | 102 | 50 |
2018 | 44 | 50 |
Prior | 56 | 10 |
GM Financial receivables, net of fees | $ 6,974 | $ 6,256 |
Percent | 95.90% | 94.70% |
Commercial Finance Receivables | GM Financial | Group II - Performing accounts experiencing potential weakness in financial metrics | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 204 | $ 207 |
2022 | 0 | 3 |
2021 | 4 | 16 |
2020 | 16 | 12 |
2019 | 13 | 0 |
2018 | 0 | 3 |
Prior | 3 | 0 |
GM Financial receivables, net of fees | $ 240 | $ 241 |
Percent | 3.30% | 3.60% |
Commercial Finance Receivables | GM Financial | Group III - Non-Performing accounts with inadequate paying capacity for current obligations | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 58 | $ 81 |
2022 | 0 | 8 |
2021 | 0 | 15 |
2020 | 0 | 2 |
2019 | 1 | 0 |
2018 | 0 | 2 |
Prior | 1 | 4 |
GM Financial receivables, net of fees | $ 60 | $ 112 |
Percent | 0.80% | 1.70% |
Commercial Finance Receivables | GM Financial | Group IV - Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 0 | $ 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
GM Financial receivables, net of fees | $ 0 | $ 0 |
Percent | 0.00% | 0.00% |
Floorplan Advances | Commercial Finance Receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percent of revolving balance | 94.00% | 94.00% |
GM Financial Receivables and _8
GM Financial Receivables and Transactions - Intercompany Transactions (Details) - GM Financial - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Financing receivable, net | $ 64,848 | $ 62,816 | |
Common stock dividends declared and paid | $ 600 | ||
Commercial Finance Receivables | |||
Related Party Transaction [Line Items] | |||
Financing receivable, net | 7,230 | 6,562 | |
Intersegment Eliminations | |||
Related Party Transaction [Line Items] | |||
Subvention receivable | 357 | 282 | |
Interest subvention earned on finance receivables | 221 | 188 | |
Leased vehicle subvention earned | 547 | 721 | |
Cash payments | 439 | $ 1,000 | |
Intersegment Eliminations | Commercial Finance Receivables | |||
Related Party Transaction [Line Items] | |||
Financing receivable, net | 122 | 163 | |
Commercial loan funding payable | $ 41 | $ 26 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Total productive material, supplies and work in process | $ 8,695 | $ 8,240 |
Finished product, including service parts | 6,143 | 4,748 |
Total inventories | $ 14,838 | $ 12,988 |
Equipment on Operating Leases_2
Equipment on Operating Leases (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Lessor, Lease, Description [Line Items] | |||
Residual value of leased asset | $ 28,100 | $ 29,100 | |
Vehicles | |||
Lessor, Lease, Description [Line Items] | |||
Equipment on operating leases | 45,669 | 47,423 | |
Less: accumulated depreciation | (9,088) | (9,494) | |
Equipment on operating leases, net | 36,581 | $ 37,929 | |
Depreciation expense | 1,200 | $ 1,700 | |
Vehicles | GM Financial | |||
Lessor Operating Lease Payments to be Received | |||
2022 | 4,167 | ||
2023 | 3,790 | ||
2024 | 1,546 | ||
2025 | 213 | ||
2026 | 4 | ||
Thereafter | 0 | ||
Total | $ 9,721 |
Equity In Net Assets of Nonco_3
Equity In Net Assets of Nonconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity income (loss) | $ 292 | $ 365 | |
Net sales and revenue | 35,979 | 32,474 | |
Net income (loss) | 2,807 | 3,014 | |
Equity Method Investee | |||
Schedule of Equity Method Investments [Line Items] | |||
Undistributed earnings | 2,400 | $ 2,100 | |
Automotive China JVs equity income | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity income (loss) | 234 | 308 | |
Change in ownership percentage | 0.00% | ||
Net sales and revenue | 8,992 | 9,875 | |
Net income (loss) | 505 | 586 | |
Other joint ventures equity income | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity income (loss) | $ 59 | $ 57 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
Consolidated [Abstract] | |||
Total assets | $ 251,492 | $ 244,718 | $ 238,411 |
GM Financial | |||
Consolidated [Abstract] | |||
GM Financial receivables, net of fees – current | 28,440 | 26,649 | |
GM Financial receivables, net of fees – non-current | 36,408 | 36,167 | |
GM Financial short-term debt and current portion of long-term debt | 32,300 | 33,257 | |
GM Financial long-term debt | 60,613 | 59,304 | |
Consolidated VIE | GM Financial | |||
Consolidated [Abstract] | |||
Restricted cash – current | 2,546 | 2,291 | |
Restricted cash – non-current | 407 | 449 | |
GM Financial receivables, net of fees – current | 14,518 | 15,344 | |
GM Financial receivables, net of fees – non-current | 15,799 | 16,518 | |
GM Financial equipment on operating leases, net | 16,148 | 16,143 | |
GM Financial short-term debt and current portion of long-term debt | 18,210 | 19,876 | |
GM Financial long-term debt | 19,079 | 19,401 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Consolidated [Abstract] | |||
Total assets | 1,000 | 850 | |
Maximum loss exposure amount | 2,100 | 2,100 | |
Variable Interest Entity, Not Primary Beneficiary | Ultium Cells LLC | Capital Addition Purchase Commitments | |||
Consolidated [Abstract] | |||
Committed capital contributions | $ 1,000 | $ 1,200 |
Debt - Carrying Amount and Fair
Debt - Carrying Amount and Fair Value of Debt (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Automotive | ||
Debt Instrument [Line Items] | ||
Finance lease liabilities | $ 324 | $ 349 |
Finance lease liabilities, Fair Value | 328 | 362 |
Carrying Amount | 16,893 | 16,818 |
Fair Value | 18,325 | 20,569 |
Available under credit facility agreements | $ 15,188 | $ 15,208 |
Weighted-average interest rate on outstanding short-term debt | 12.10% | 9.80% |
Weighted-average interest rate on outstanding long-term debt | 5.70% | 5.80% |
Net discount and debt issuance costs | $ 540 | $ 512 |
Automotive | Secured Debt | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 165 | 192 |
Fair Value | 176 | 212 |
Automotive | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 16,404 | 16,277 |
Fair Value | 17,821 | 19,995 |
Automotive | Level 1 | ||
Debt Instrument [Line Items] | ||
Fair Value | 16,815 | 19,085 |
Automotive | Level 2 | ||
Debt Instrument [Line Items] | ||
Fair Value | 1,509 | 1,484 |
GM Financial | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 92,913 | 92,561 |
Fair Value | 91,649 | 93,758 |
GM Financial | Secured Debt | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 37,362 | 39,338 |
Fair Value | 37,002 | 39,401 |
GM Financial | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 55,552 | 53,223 |
Fair Value | $ 54,648 | 54,357 |
GM Financial | Unsecured Debt | Line of Credit | $2.0 Billion Dollar Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt term | 364 days | |
Aggregate borrowing capacity | $ 2,000 | |
GM Financial | Level 2 | ||
Debt Instrument [Line Items] | ||
Fair Value | 89,810 | 92,250 |
GM Financial | Level 3 | ||
Debt Instrument [Line Items] | ||
Fair Value | $ 1,839 | $ 1,508 |
Debt - Narrative (Details)
Debt - Narrative (Details) - GM Financial - USD ($) $ in Billions | 1 Months Ended | 3 Months Ended |
Apr. 27, 2022 | Mar. 31, 2022 | |
Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Aggregate borrowing capacity | $ 1.9 | |
Unsecured Debt | Line of Credit | $2.0 Billion Dollar Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt term | 364 days | |
Aggregate borrowing capacity | $ 2 | |
Unsecured Debt | Line of Credit | $2.0 Billion Dollar Revolving Credit Facility | Subsequent Event | ||
Debt Instrument [Line Items] | ||
Debt term | 364 days | |
Aggregate borrowing capacity | $ 2 | |
Unsecured Debt | Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 3.7 | |
Weighted average interest rate (percent) | 2.40% | |
Secured Debt | Notes Payable, Other Payables | Securitization notes payable | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 5.2 | |
Weighted average interest rate (percent) | 1.74% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Notional Amounts for Derivative Financial Instruments (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Jan. 16, 2021 | |
Automotive | Stellantis warrants, formerly known as PSA warrants | Stellantis N.V. | ||||
Derivative [Line Items] | ||||
Warrants outstanding (in shares) | 39.7 | |||
Automotive | Stellantis warrants, formerly known as PSA warrants | Stellantis N.V. | Common Stock | ||||
Derivative [Line Items] | ||||
Number of shares called by warrants | 69.2 | |||
Automotive | Not Designated as Hedges | ||||
Derivative [Line Items] | ||||
Notional | $ 6,090 | $ 5,822 | ||
Automotive | Not Designated as Hedges | PSA Group | Interest Income and Other Non-Operating Income, Net | ||||
Derivative [Line Items] | ||||
Gains (losses) on derivative instruments | 197 | $ 210 | ||
Automotive | Not Designated as Hedges | Foreign currency | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Notional | 4,377 | 4,228 | ||
Automotive | Not Designated as Hedges | Commodity | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Notional | 1,668 | 1,549 | ||
Automotive | Not Designated as Hedges | Stellantis warrants, formerly known as PSA warrants | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Notional | 44 | 45 | ||
Automotive | Not Designated as Hedges | Fair Value Hedges | Stellantis warrants, formerly known as PSA warrants | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Fair Value of Assets | 1,200 | 1,400 | ||
GM Financial | ||||
Derivative [Line Items] | ||||
Notional | 136,674 | 133,971 | ||
Fair Value of Assets | 1,353 | 1,017 | ||
Fair Value of Liabilities | 1,368 | 691 | ||
Collateral | 323 | 376 | ||
Collateral available for netting | 432 | |||
GM Financial | Designated as Hedges | Fair Value Hedges | Interest rate swaps | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Notional | 19,310 | 15,058 | ||
Fair Value of Assets | 11 | 74 | ||
Fair Value of Liabilities | 345 | 88 | ||
GM Financial | Designated as Hedges | Fair Value Hedges | Foreign currency swaps | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Notional | 0 | 682 | ||
Fair Value of Assets | 0 | 0 | ||
Fair Value of Liabilities | 0 | 59 | ||
GM Financial | Designated as Hedges | Cash Flow Hedges | Interest rate swaps | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Notional | 709 | 611 | ||
Fair Value of Assets | 17 | 12 | ||
Fair Value of Liabilities | 4 | 4 | ||
GM Financial | Designated as Hedges | Cash Flow Hedges | Foreign currency swaps | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Notional | 7,945 | 7,419 | ||
Fair Value of Assets | 79 | 85 | ||
Fair Value of Liabilities | 221 | 201 | ||
GM Financial | Not Designated as Hedges | Foreign currency | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Notional | 0 | 148 | ||
Fair Value of Assets | 0 | 0 | ||
Fair Value of Liabilities | 0 | 0 | ||
GM Financial | Not Designated as Hedges | Interest rate contracts | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Notional | 108,709 | 110,053 | ||
Fair Value of Assets | 1,245 | 846 | ||
Fair Value of Liabilities | $ 797 | $ 339 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Balance Sheet Location of GM Financial Unsecured Debt (Details) - Fair Value Hedges - GM Financial - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | $ 26,157 | $ 24,964 |
Cumulative Amount of Fair Value Hedging Adjustments on Hedging Relationships | 153 | (226) |
Short-term unsecured debt | ||
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | 1,503 | 1,338 |
Cumulative Amount of Fair Value Hedging Adjustments on Hedging Relationships | 8 | (1) |
Long-term unsecured debt | ||
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | 24,654 | 23,626 |
Cumulative Amount of Fair Value Hedging Adjustments on Hedging Relationships | 146 | (225) |
Cumulative fair value adjustment on discontinued hedging relationships | $ 196 | $ 246 |
Product Warranty and Related _3
Product Warranty and Related Liabilities - Product Warranty and Other Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Product Warranty and Related Liabilities [Roll Forward] | ||
Warranty balance at beginning of period | $ 9,774 | $ 8,242 |
Warranties issued and assumed in period – recall campaigns | 132 | 120 |
Warranties issued and assumed in period – product warranty | 461 | 443 |
Payments | (1,077) | (733) |
Adjustments to pre-existing warranties | (5) | 11 |
Effect of foreign currency and other | 17 | (6) |
Warranty balance at end of period | 9,302 | 8,077 |
Less: Supplier recoveries balance at end of period | 2,025 | 193 |
Warranty balance, net of supplier recoveries at end of period | 7,277 | 7,884 |
Product warranty expense, net of recoveries | ||
Warranties issued and assumed in period | 593 | 563 |
Supplier recoveries accrued in period | (57) | (72) |
Adjustments and other | 12 | 5 |
Warranty expense, net of supplier recoveries | $ 548 | $ 496 |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Non-service cost components of net periodic pension and OPEB income | $ 376 | $ 483 |
Global OPEB Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Service cost | 4 | 4 |
Interest cost | 37 | 31 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (credit) | (1) | (2) |
Amortization of net actuarial losses | 17 | 25 |
Net periodic pension and OPEB (income) expense | 57 | 58 |
U.S. | Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Service cost | 58 | 65 |
Interest cost | 323 | 269 |
Expected return on plan assets | (750) | (795) |
Amortization of prior service cost (credit) | (1) | (1) |
Amortization of net actuarial losses | 5 | 7 |
Net periodic pension and OPEB (income) expense | (365) | (455) |
Non-U.S. | Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Service cost | 35 | 38 |
Interest cost | 76 | 59 |
Expected return on plan assets | (139) | (152) |
Amortization of prior service cost (credit) | 1 | 1 |
Amortization of net actuarial losses | 35 | 54 |
Net periodic pension and OPEB (income) expense | $ 8 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2022USD ($) | Jul. 31, 2021defect | Jun. 30, 2021USD ($) | |
Loss Contingencies [Line Items] | ||||||
Maximum liability, guarantees | $ 3,100 | $ 3,300 | ||||
Accrued Liabilities, Current and Other Liabilities, Noncurrent | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated litigation liability | 1,400 | 1,400 | ||||
Product liability | 587 | 600 | ||||
Indirect Tax Matters | ||||||
Loss Contingencies [Line Items] | ||||||
Estimate of possible loss | 950 | |||||
Chevrolet Bolt EV Recall | ||||||
Loss Contingencies [Line Items] | ||||||
Probable loss accrual | $ 1,200 | $ 812 | ||||
Number of manufacturing defects | defect | 2 | |||||
Chevrolet Bolt EV Recall | LG | ||||||
Loss Contingencies [Line Items] | ||||||
Amount awarded to other party | $ 1,900 | |||||
Patent Royalty Matters | ||||||
Loss Contingencies [Line Items] | ||||||
Probable loss accrual | 100 | |||||
Increase in accrual during period | $ 300 | |||||
Korea Wage Litigation - Former Subcontract Workers | ||||||
Loss Contingencies [Line Items] | ||||||
Probable loss accrual | 287 | |||||
Estimate of possible loss | $ 109 | |||||
Takata Passenger-side Airbags | ||||||
Loss Contingencies [Line Items] | ||||||
Increase in product warranty accrual | $ 1,100 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Examination [Line Items] | |||
Income tax expense (benefit) | $ (28) | $ 1,177 | |
Net deferred tax assets | $ 20,400 | $ 20,400 | |
GM Cruise Holdings LLC | |||
Income Tax Examination [Line Items] | |||
Payments to acquire additional investment | 1,350 | ||
Release of valuation allowance | $ 482 |
Stockholders' Equity and Nonc_3
Stockholders' Equity and Noncontrolling Interests - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||
Preferred stock shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | |
Common stock shares authorized (in shares) | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | |
Preferred stock shares outstanding (in shares) | 0 | 0 | 0 | |
Preferred stock shares issued (in shares) | 0 | 0 | 0 | |
Common stock shares issued (in shares) | 1,500,000,000 | 1,500,000,000 | 1,500,000,000 | |
Common stock shares outstanding (in shares) | 1,500,000,000 | 1,500,000,000 | 1,500,000,000 | |
Deemed dividends on subsidiary preferred stock | $ (952) | $ (46) | ||
GM Cruise Holdings LLC | ||||
Class of Stock [Line Items] | ||||
Payments to acquire additional investment | $ 1,350 | |||
GM Cruise Holdings LLC | ||||
Class of Stock [Line Items] | ||||
Payments to acquire additional investment | 1,350 | |||
Net income attributable to shareholders and transfers to the noncontrolling interests | 2,000 | |||
Series G Preferred Stock | Microsoft, General Motors Holdings LLC and Other Investors | GM Cruise Holdings LLC | ||||
Class of Stock [Line Items] | ||||
Proceeds from sale of stock | $ 2,700 | |||
Series G Preferred Stock | General Motors Holdings LLC | GM Cruise Holdings LLC | ||||
Class of Stock [Line Items] | ||||
Proceeds from sale of stock | $ 1,000 | |||
Cruise Class A-1, Class F and Class G Preferred Shares | SoftBank | GM Cruise Holdings LLC | ||||
Class of Stock [Line Items] | ||||
Payments for repurchase of equity | $ 2,100 | |||
Cruise Preferred Shares | ||||
Class of Stock [Line Items] | ||||
Deemed dividends on subsidiary preferred stock | $ 909 |
Stockholders' Equity and Nonc_4
Stockholders' Equity and Noncontrolling Interests - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ 65,815 | $ 49,677 |
Other comprehensive income (loss), net of tax | 442 | 155 |
Balance at end of period | 66,774 | 54,443 |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (2,653) | (2,735) |
Other comprehensive income (loss), net of tax | 397 | (24) |
Balance at end of period | (2,256) | (2,759) |
Defined benefit plans | ||
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (6,528) | (10,654) |
Other comprehensive income (loss) before reclassification adjustment, net of tax | 52 | 86 |
Reclassification adjustment, net of tax | 51 | 74 |
Other comprehensive income (loss), net of tax | 103 | 160 |
Balance at end of period | $ (6,425) | $ (10,494) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Basic | ||
Net income attributable to stockholders | $ 2,939 | $ 3,022 |
Less: cumulative dividends on subsidiary preferred stock(a) | (952) | (46) |
Net income (loss) attributable to common stockholders | $ 1,987 | $ 2,976 |
Weighted-average common shares outstanding - basic (in shares) | 1,458 | 1,447 |
Basic earnings per common share (in dollars per share) | $ 1.36 | $ 2.06 |
Diluted | ||
Net income attributable to common stockholders – diluted | $ 1,987 | $ 2,976 |
Weighted-average common shares outstanding - basic (in shares) | 1,458 | 1,447 |
Dilutive effect of warrants and awards under stock incentive plans (in shares) | 12 | 17 |
Weighted-average common shares outstanding - diluted (in shares) | 1,470 | 1,464 |
Diluted earnings per common share (in dollars per share) | $ 1.35 | $ 2.03 |
Potentially dilutive securities (in shares) | 6 | 2 |
Cruise Preferred Shares | ||
Basic | ||
Less: cumulative dividends on subsidiary preferred stock(a) | $ 909 |
Stock Incentive Plans - Narrati
Stock Incentive Plans - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Stock Incentive Plans Narratives [Abstract] | |||||
Compensation expense | $ 77 | $ 64 | |||
Unrecognized compensation expense | $ 547 | $ 547 | |||
Weighted-average period for total unrecognized compensation expense for nonvested equity awards | 1 year 10 months 24 days | ||||
Cruise Stock Incentive Awards | Stock options | |||||
Stock Incentive Plans Narratives [Abstract] | |||||
Expiration period | 10 years | ||||
Dividend yield | 0.00% | 0.00% | |||
Expected volatility rate | 57.30% | 55.00% | |||
Risk-free interest rate | 2.47% | 0.78% | |||
Expected option life | 6 years 6 months 25 days | 6 years 3 months | |||
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 | Restricted Stock Units (RSUs) | |||||
Stock Incentive Plans Narratives [Abstract] | |||||
Numbers of awards that vested immediately | 31 | ||||
Total units outstanding (in shares) | 92 | 92 | 66.2 | ||
Cruise Stock Incentive Awards | Restricted Stock Units (RSUs) | Forecast | |||||
Stock Incentive Plans Narratives [Abstract] | |||||
Number of shares vested and expected to be settled | 31 | ||||
Cruise Stock Incentive Awards | Restricted Stock Units (RSUs) | Maximum | |||||
Stock Incentive Plans Narratives [Abstract] | |||||
Service period | 4 years | ||||
Cruise Stock Incentive Awards | Stock options and RSUs | |||||
Stock Incentive Plans Narratives [Abstract] | |||||
Compensation expense | $ 1,200 | ||||
Unrecognized compensation expense | $ 1,900 | $ 1,900 | |||
Weighted-average period for total unrecognized compensation expense for nonvested equity awards | 2 years | ||||
Total units outstanding (in shares) | 119 | 119 |
Stock Incentive Plans - Stock O
Stock Incentive Plans - Stock Option Activity (Details) - Cruise Stock Incentive Awards - $ / shares shares in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Units (RSUs) | ||
Shares | ||
Units outstanding, Beginning balance (in shares) | 66.2 | |
Granted (in shares) | 28.7 | |
Settled (in shares) | 0 | |
Forfeited or expired (in shares) | (2.9) | |
Units outstanding, Ending balance (in shares) | 92 | 66.2 |
Weighted-Average Grant Date Fair Value | ||
Weighted average grant date fair value, Beginning balance (in dollars per share) | $ 18.82 | |
Weighted average grant fate fair value, Granted (in dollars per share) | 27.49 | |
Weighted average grant date fair value, Settled (in dollars per share) | 0 | |
Weighted average grant date fair value, Forfeited or expired (in dollars per share) | 23.67 | |
Weighted average grant date fair value, Ending balance (in dollars per share) | $ 29 | $ 18.82 |
Weighted-Average Remaining Contractual Term in Years | 1 year 1 month 6 days | 8 years 1 month 6 days |
Stock options | ||
Shares | ||
Beginning balance, Units outstanding (in shares) | 23.8 | |
Granted (in shares) | 2.9 | |
Settled (in shares) | 0 | |
Forfeited or expired (in shares) | 0 | |
Ending balance, Units outstanding (in shares) | 26.7 | 23.8 |
Weighted-Average Grant Date Fair Value | ||
Weighted average exercise price, Beginning balance (in dollars per share) | $ 7.07 | |
Weighted average exercise price, Granted (in dollars per share) | 15.77 | |
Weighted average exercise price, Settled (in dollars per share) | 0 | |
Weighted average exercise price, Forfeited or expired (in dollars per share) | 0 | |
Weighted average exercise price, Ending balance (in dollars per share) | $ 18.88 | $ 7.07 |
Weighted-Average Remaining Contractual Term in Years | 2 years | 2 years |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net sales and revenue | $ 35,979 | $ 32,474 | |
Earnings (loss) before interest and taxes-adjusted | 4,044 | 4,417 | |
Adjustments | (957) | 0 | |
Net income (loss) attributable to noncontrolling interests | (131) | (8) | |
Income (loss) before income taxes | 2,779 | 4,191 | |
Income tax benefit (expense) | 28 | (1,177) | |
Net income (loss) | 2,807 | 3,014 | |
Net income (loss) attributable to stockholders | 2,939 | 3,022 | |
Equity in net assets of nonconsolidated affiliates | 10,402 | 8,979 | $ 9,677 |
Goodwill and intangible assets, net | 5,058 | 5,185 | 5,087 |
Total assets | 251,492 | 238,411 | $ 244,718 |
Depreciation and amortization | 2,891 | 3,015 | |
Impairment charges | 0 | 0 | |
Equity income (loss) | 292 | 365 | |
Automotive | |||
Segment Reporting Information [Line Items] | |||
Automotive interest income | 50 | 32 | |
Automotive interest expense | (226) | (250) | |
Operating Segments | Automotive | |||
Segment Reporting Information [Line Items] | |||
Net sales and revenue | 32,823 | 29,062 | |
Earnings (loss) before interest and taxes-adjusted | 3,082 | 3,472 | |
Adjustments | 100 | 0 | |
Equity in net assets of nonconsolidated affiliates | 8,623 | 7,349 | |
Goodwill and intangible assets, net | 2,978 | 3,116 | |
Total assets | 131,060 | 119,848 | |
Depreciation and amortization | 1,643 | 1,336 | |
Impairment charges | 0 | 0 | |
Equity income (loss) | 238 | 311 | |
Operating Segments | GMNA | Automotive | |||
Segment Reporting Information [Line Items] | |||
Net sales and revenue | 29,456 | 25,957 | |
Earnings (loss) before interest and taxes-adjusted | 3,141 | 3,134 | |
Adjustments | 100 | 0 | |
Equity in net assets of nonconsolidated affiliates | 1,217 | 355 | |
Goodwill and intangible assets, net | 2,213 | 2,320 | |
Total assets | 126,454 | 113,926 | |
Depreciation and amortization | 1,504 | 1,198 | |
Impairment charges | 0 | 0 | |
Equity income (loss) | 6 | 4 | |
Operating Segments | GMI | Automotive | |||
Segment Reporting Information [Line Items] | |||
Net sales and revenue | 3,313 | 3,086 | |
Earnings (loss) before interest and taxes-adjusted | 328 | 308 | |
Adjustments | 0 | 0 | |
Equity in net assets of nonconsolidated affiliates | 7,406 | 6,994 | |
Goodwill and intangible assets, net | 765 | 796 | |
Total assets | 24,612 | 22,798 | |
Depreciation and amortization | 134 | 132 | |
Impairment charges | 0 | 0 | |
Equity income (loss) | 232 | 307 | |
Operating Segments | Cruise | |||
Segment Reporting Information [Line Items] | |||
Net sales and revenue | 26 | 30 | |
Earnings (loss) before interest and taxes-adjusted | (325) | (229) | |
Adjustments | (1,057) | 0 | |
Equity in net assets of nonconsolidated affiliates | 0 | 0 | |
Goodwill and intangible assets, net | 733 | 730 | |
Total assets | 6,310 | 5,324 | |
Depreciation and amortization | 12 | 11 | |
Impairment charges | 0 | 0 | |
Equity income (loss) | 0 | 0 | |
Operating Segments | GM Financial | |||
Segment Reporting Information [Line Items] | |||
Net sales and revenue | 3,156 | 3,407 | |
Earnings (loss) before interest and taxes-adjusted | 1,284 | 1,182 | |
Adjustments | 0 | 0 | |
Equity in net assets of nonconsolidated affiliates | 1,779 | 1,630 | |
Goodwill and intangible assets, net | 1,346 | 1,339 | |
Total assets | 115,312 | 114,597 | |
Depreciation and amortization | 1,236 | 1,668 | |
Impairment charges | 0 | 0 | |
Equity income (loss) | 54 | 54 | |
Corporate | Automotive | |||
Segment Reporting Information [Line Items] | |||
Net sales and revenue | 53 | 19 | |
Earnings (loss) before interest and taxes-adjusted | (387) | 30 | |
Adjustments | 0 | 0 | |
Equity in net assets of nonconsolidated affiliates | 0 | 0 | |
Goodwill and intangible assets, net | 0 | 0 | |
Total assets | 35,696 | 36,271 | |
Depreciation and amortization | 5 | 6 | |
Impairment charges | 0 | 0 | |
Equity income (loss) | 0 | 0 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Net sales and revenue | (26) | (25) | |
Earnings (loss) before interest and taxes-adjusted | 4 | (8) | |
Adjustments | 0 | 0 | |
Equity in net assets of nonconsolidated affiliates | 0 | 0 | |
Goodwill and intangible assets, net | 0 | 0 | |
Total assets | (1,190) | (1,358) | |
Depreciation and amortization | 0 | 0 | |
Impairment charges | 0 | 0 | |
Equity income (loss) | 0 | 0 | |
Eliminations | Automotive | |||
Segment Reporting Information [Line Items] | |||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | |
Goodwill and intangible assets, net | 0 | 0 | |
Total assets | (55,702) | (53,147) | |
Depreciation and amortization | 0 | 0 | |
Impairment charges | 0 | 0 | |
Equity income (loss) | $ 0 | $ 0 |