Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 12, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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, $0.01 par value | |
Trading Symbol | GM | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,369,481,206 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net sales and revenue | ||||
Automotive | $ 40,498 | $ 38,703 | $ 118,398 | $ 104,141 |
GM Financial | 3,633 | 3,185 | 10,465 | 9,486 |
Total net sales and revenue (Note 2) | 44,131 | 41,889 | 128,863 | 113,627 |
Costs and expenses | ||||
Total costs and expenses | 41,118 | 38,497 | 120,483 | 105,922 |
Operating income (loss) | 3,013 | 3,392 | 8,380 | 7,704 |
Interest income and other non-operating income, net | 453 | 598 | 1,219 | 1,410 |
Equity income (loss) (Note 7) | 227 | 367 | 357 | 615 |
Income (loss) before income taxes | 3,464 | 4,097 | 9,267 | 9,009 |
Income tax expense (benefit) (Note 14) | 470 | 845 | 1,421 | 1,308 |
Net income (loss) | 2,994 | 3,252 | 7,846 | 7,701 |
Net loss (income) attributable to noncontrolling interests | 70 | 53 | 179 | 234 |
Net income (loss) attributable to stockholders | 3,064 | 3,305 | 8,026 | 7,935 |
Net income (loss) attributable to common stockholders | $ 3,038 | $ 3,278 | $ 7,946 | $ 6,931 |
Earnings per share (Note 17) | ||||
Basic earnings per common share (in dollars per share) | $ 2.21 | $ 2.26 | $ 5.74 | $ 4.76 |
Weighted-average common shares outstanding - basic (in shares) | 1,372 | 1,448 | 1,384 | 1,455 |
Diluted earnings per common share (in dollars per share) | $ 2.20 | $ 2.25 | $ 5.72 | $ 4.73 |
Weighted-average common shares outstanding - diluted (in shares) | 1,378 | 1,457 | 1,390 | 1,464 |
Dividends declared per common share (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.27 | $ 0.09 |
Automotive | ||||
Net sales and revenue | ||||
Automotive | $ 40,498 | $ 38,703 | $ 118,398 | $ 104,141 |
Costs and expenses | ||||
Automotive and other cost of sales | 35,842 | 33,700 | 104,721 | 92,314 |
Automotive and other selling, general and administrative expense | 2,344 | 2,477 | 7,449 | 7,274 |
Automotive interest expense | 229 | 259 | 689 | 719 |
GM Financial | ||||
Net sales and revenue | ||||
GM Financial | 3,633 | 3,185 | 10,465 | 9,486 |
Costs and expenses | ||||
GM Financial interest, operating and other expenses | $ 2,933 | $ 2,320 | $ 8,313 | $ 6,335 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 2,994 | $ 3,252 | $ 7,846 | $ 7,701 |
Other comprehensive income (loss), net of tax (Note 16) | ||||
Foreign currency translation adjustments and other | (42) | (736) | (25) | (746) |
Defined benefit plans | 77 | 282 | (1) | 660 |
Other comprehensive income (loss), net of tax | 35 | (454) | (26) | (86) |
Comprehensive income (loss) | 3,028 | 2,798 | 7,820 | 7,616 |
Comprehensive loss (income) attributable to noncontrolling interests | 71 | 70 | 189 | 276 |
Comprehensive income (loss) attributable to stockholders | $ 3,099 | $ 2,868 | $ 8,009 | $ 7,891 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 25,224 | $ 19,153 |
Marketable debt securities (Note 3) | 9,651 | 12,150 |
Accounts and notes receivable, net of allowance of $275 and $260 | 13,923 | 13,333 |
Inventories (Note 5) | 17,740 | 15,366 |
Other current assets (Note 3; Note 8 at VIEs) | 7,959 | 6,825 |
Total current assets | 110,721 | 100,451 |
Non-current Assets | ||
Equity in net assets of nonconsolidated affiliates (Note 7) | 10,549 | 10,176 |
Property, net | 49,399 | 45,248 |
Goodwill and intangible assets, net | 4,907 | 4,945 |
Equipment on operating leases, net (Note 6; Note 8 at VIEs) | 31,061 | 32,701 |
Deferred income taxes | 20,289 | 20,539 |
Other assets (Note 3; Note 8 at VIEs) | 9,793 | 9,386 |
Total non-current assets | 170,984 | 163,586 |
Total Assets | 281,705 | 264,037 |
Current Liabilities | ||
Accounts payable (principally trade) | 30,387 | 27,486 |
Accrued liabilities | 27,782 | 24,910 |
Total current liabilities | 96,820 | 91,173 |
Non-current Liabilities | ||
Postretirement benefits other than pensions (Note 12) | 4,090 | 4,193 |
Pensions (Note 12) | 5,528 | 5,698 |
Other liabilities | 16,320 | 14,767 |
Total non-current liabilities | 106,158 | 100,579 |
Total Liabilities | 202,978 | 191,752 |
Commitments and contingencies (Note 13) | ||
Noncontrolling interest - Cruise stock incentive awards | 323 | 357 |
Equity (Note 16) | ||
Common stock, $0.01 par value | 14 | 14 |
Additional paid-in capital | 26,058 | 26,428 |
Retained earnings | 56,322 | 49,251 |
Accumulated other comprehensive loss | (7,918) | (7,901) |
Total stockholders’ equity | 74,475 | 67,792 |
Noncontrolling interests | 3,929 | 4,135 |
Total Equity | 78,404 | 71,927 |
Total Liabilities and Equity | 281,705 | 264,037 |
GM Financial | ||
Current Assets | ||
GM Financial receivables, net of allowance of $856 and $869 (Note 4; Note 8 at VIEs) | 36,224 | 33,623 |
Non-current Assets | ||
GM Financial receivables, net of allowance of $1,402 and $1,227 (Note 4; Note 8 at VIEs) | 44,987 | 40,591 |
Current Liabilities | ||
Short-term debt and current portion of long-term debt (Note 9 and Note 8 at VIEs) | 38,256 | 36,819 |
Non-current Liabilities | ||
Long-term debt (Note 9 and Note 8 at VIEs) | 64,259 | 60,036 |
Automotive | ||
Current Liabilities | ||
Short-term debt and current portion of long-term debt (Note 9 and Note 8 at VIEs) | 396 | 1,959 |
Non-current Liabilities | ||
Long-term debt (Note 9 and Note 8 at VIEs) | $ 15,962 | $ 15,885 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Automotive | ||
Accounts receivable, allowance for credit loss, current | $ 275 | $ 260 |
GM Financial | ||
Accounts receivable, allowance for credit loss, current | 856 | 869 |
Accounts receivable, allowance for credit loss, noncurrent | $ 1,402 | $ 1,227 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||
Net income (loss) | $ 7,846 | $ 7,701 |
Depreciation and impairment of Equipment on operating leases, net | 3,697 | 3,628 |
Depreciation, amortization and impairment charges on Property, net | 5,041 | 4,892 |
Foreign currency remeasurement and transaction (gains) losses | 114 | 26 |
Undistributed earnings of nonconsolidated affiliates, net | (34) | (124) |
Pension contributions and OPEB payments | (676) | (586) |
Pension and OPEB income, net | (64) | (901) |
Provision (benefit) for deferred taxes | 235 | 504 |
Change in other operating assets and liabilities | 1,114 | (4,722) |
Net cash provided by (used in) operating activities | 17,273 | 10,419 |
Cash flows from investing activities | ||
Expenditures for property | (7,264) | (5,933) |
Available-for-sale marketable securities, acquisitions | (3,989) | (7,450) |
Available-for-sale marketable securities, liquidations | 6,675 | 6,145 |
Purchases of finance receivables, net | (27,180) | (26,444) |
Principal collections and recoveries on finance receivables | 21,135 | 20,522 |
Purchases of leased vehicles, net | (10,247) | (9,062) |
Proceeds from termination of leased vehicles | 9,860 | 11,052 |
Other investing activities | (1,091) | 198 |
Net cash provided by (used in) investing activities | (12,100) | (10,971) |
Cash flows from financing activities | ||
Net increase (decrease) in short-term debt | (48) | 1,208 |
Proceeds from issuance of debt (original maturities greater than three months) | 37,357 | 36,053 |
Payments on debt (original maturities greater than three months) | (33,269) | (31,649) |
Payments to purchase common stock | (1,119) | (1,500) |
Issuance (redemption) of subsidiary stock (Note 16) | 0 | (2,121) |
Dividends paid | (493) | (270) |
Other financing activities | (602) | (1,022) |
Net cash provided by (used in) financing activities | 1,826 | 699 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 31 | (190) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 7,030 | (43) |
Cash, cash equivalents and restricted cash at beginning of period | 21,948 | 23,542 |
Cash, cash equivalents and restricted cash at end of period | 28,978 | 23,499 |
Significant Non-cash Investing and Financing Activity | ||
Non-cash property additions | $ 7,018 | $ 5,011 |
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 Interests Preferred Stock |
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 | $ (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 ending of period at Mar. 31, 2022 | 66,774 | 15 | 27,015 | 43,879 | (8,814) | 4,679 | ||
Balance at beginning of period at Dec. 31, 2021 | 0 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Stock based compensation | 289 | |||||||
Other | 0 | |||||||
Balance at ending 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) | 7,701 | |||||||
Other comprehensive income (loss) | (86) | |||||||
Cash dividends paid on common stock | (130) | |||||||
Balance at ending of period at Sep. 30, 2022 | 69,540 | 14 | 26,657 | 47,910 | (9,313) | 4,271 | ||
Balance at beginning of period at Dec. 31, 2021 | 0 | |||||||
Balance at ending of period at Sep. 30, 2022 | 228 | |||||||
Balance at beginning of period at Mar. 31, 2022 | 66,774 | 15 | 27,015 | 43,879 | (8,814) | 4,679 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 1,642 | 1,692 | (50) | |||||
Other comprehensive income (loss) | (74) | (62) | (12) | |||||
Issuance (redemption) of subsidiary preferred stock | (3) | 0 | (3) | |||||
Stock based compensation | 93 | 93 | 0 | |||||
Dividends to noncontrolling interests | (50) | 0 | (50) | |||||
Other | (122) | 153 | (17) | (258) | ||||
Balance at ending of period at Jun. 30, 2022 | 68,260 | 15 | 27,261 | 45,554 | (8,876) | 4,306 | ||
Balance at beginning of period at Mar. 31, 2022 | 289 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Stock based compensation | 0 | |||||||
Other | (174) | |||||||
Balance at ending of period at Jun. 30, 2022 | 115 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 3,252 | 3,305 | (53) | |||||
Other comprehensive income (loss) | (454) | (437) | (17) | |||||
Issuance (redemption) of subsidiary preferred stock | $ 6 | 0 | $ 6 | |||||
Purchase of common stock | (1,500) | (682) | (817) | |||||
Stock based compensation | 92 | 94 | (2) | |||||
Cash dividends paid on common stock | (130) | (130) | ||||||
Other | 14 | (15) | 0 | 29 | ||||
Balance at ending of period at Sep. 30, 2022 | 69,540 | 14 | 26,657 | 47,910 | (9,313) | 4,271 | ||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Stock based compensation | 5 | |||||||
Other | 109 | |||||||
Balance at ending of period at Sep. 30, 2022 | 228 | |||||||
Balance at beginning of period at Dec. 31, 2022 | 71,927 | 14 | 26,428 | 49,251 | (7,901) | 4,135 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 2,346 | 2,395 | (49) | |||||
Other comprehensive income (loss) | 113 | 123 | (9) | |||||
Purchase of common stock | (369) | (168) | (201) | |||||
Stock based compensation | (35) | (34) | (2) | |||||
Cash dividends paid on common stock | (126) | (126) | ||||||
Other | 103 | 97 | 0 | 7 | ||||
Balance at ending of period at Mar. 31, 2023 | 73,961 | 14 | 26,323 | 51,318 | (7,778) | 4,084 | ||
Balance at beginning of period at Dec. 31, 2022 | 357 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Stock based compensation | 7 | |||||||
Other | (93) | |||||||
Balance at ending of period at Mar. 31, 2023 | 271 | |||||||
Balance at beginning of period at Dec. 31, 2022 | 71,927 | 14 | 26,428 | 49,251 | (7,901) | 4,135 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 7,846 | |||||||
Other comprehensive income (loss) | (26) | |||||||
Cash dividends paid on common stock | (373) | |||||||
Balance at ending of period at Sep. 30, 2023 | 78,404 | 14 | 26,058 | 56,322 | (7,918) | 3,929 | ||
Balance at beginning of period at Dec. 31, 2022 | 357 | |||||||
Balance at ending of period at Sep. 30, 2023 | 323 | |||||||
Balance at beginning of period at Mar. 31, 2023 | 73,961 | 14 | 26,323 | 51,318 | (7,778) | 4,084 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 2,507 | 2,566 | (59) | |||||
Other comprehensive income (loss) | (174) | (174) | 0 | |||||
Purchase of common stock | (500) | (261) | (239) | |||||
Stock based compensation | 86 | 88 | (1) | |||||
Cash dividends paid on common stock | (124) | (124) | ||||||
Dividends to noncontrolling interests | (61) | (61) | ||||||
Other | (8) | (72) | (3) | 67 | ||||
Balance at ending of period at Jun. 30, 2023 | 75,685 | 14 | 26,078 | 53,517 | (7,953) | 4,030 | ||
Balance at beginning of period at Mar. 31, 2023 | 271 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Stock based compensation | 9 | |||||||
Other | 7 | |||||||
Balance at ending of period at Jun. 30, 2023 | 287 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 2,994 | 3,064 | (70) | |||||
Other comprehensive income (loss) | 35 | 35 | 0 | |||||
Purchase of common stock | (250) | (118) | (132) | |||||
Stock based compensation | 97 | 98 | (2) | |||||
Cash dividends paid on common stock | (123) | (123) | ||||||
Other | (33) | 0 | (2) | (31) | ||||
Balance at ending of period at Sep. 30, 2023 | 78,404 | $ 14 | $ 26,058 | $ 56,322 | $ (7,918) | $ 3,929 | ||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Stock based compensation | 5 | |||||||
Other | 32 | |||||||
Balance at ending of period at Sep. 30, 2023 | $ 323 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
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. Corporate includes certain centrally recorded income and costs such as interest, income taxes, corporate expenditures and certain revenues and expenses that are not part of a reportable segment. 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 2022 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. Throughout this report, we refer to General Motors Company and its consolidated subsidiaries in a simplified manner and on a collective basis, using words like "we," "our," "us" and "the Company." This drafting style is suggested by the SEC and is not meant to indicate that General Motors Company, the publicly traded parent company, or any particular subsidiary of the parent company, owns or operates any particular asset, business or property. The operations and businesses described in this report are owned and operated by distinct subsidiaries of General Motors Company. 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 returns and to eliminate the effect of transactions between GM Financial and the other members of the consolidated group. Accordingly, the amounts presented will differ from those presented by GM Financial on a stand-alone basis. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following table disaggregates our revenue by major source: Three Months Ended September 30, 2023 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 34,893 $ 3,913 $ 17 $ 38,823 $ — $ — $ (5) $ 38,818 Used vehicles 310 12 — 322 — — — 322 Services and other 903 405 50 1,358 25 — (25) 1,359 Automotive net sales and revenue 36,106 4,330 67 40,503 25 — (30) 40,498 Leased vehicle income — — — — — 1,820 — 1,820 Finance charge income — — — — — 1,621 (5) 1,616 Other income — — — — — 200 (3) 197 GM Financial net sales and revenue — — — — — 3,641 (8) 3,633 Net sales and revenue $ 36,106 $ 4,330 $ 67 $ 40,503 $ 25 $ 3,641 $ (38) $ 44,131 Three Months Ended September 30, 2022 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 33,749 $ 3,613 $ 1 $ 37,363 $ — $ — $ — $ 37,363 Used vehicles 143 12 — 155 — — — 155 Services and other 799 355 31 1,185 25 — (25) 1,185 Automotive net sales and revenue 34,691 3,980 32 38,703 25 — (25) 38,703 Leased vehicle income — — — — — 1,912 — 1,912 Finance charge income — — — — — 1,158 — 1,157 Other income — — — — — 118 (1) 117 GM Financial net sales and revenue — — — — — 3,187 (2) 3,185 Net sales and revenue $ 34,691 $ 3,980 $ 32 $ 38,703 $ 25 $ 3,187 $ (27) $ 41,889 Nine Months Ended September 30, 2023 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 102,868 $ 10,876 $ 67 $ 113,811 $ — $ — $ (6) $ 113,805 Used vehicles 741 22 — 763 — — — 763 Services and other 2,605 1,113 110 3,828 76 — (75) 3,829 Automotive net sales and revenue 106,214 12,011 177 118,403 76 — (81) 118,398 Leased vehicle income — — — — — 5,458 — 5,458 Finance charge income — — — — — 4,480 (11) 4,469 Other income — — — — — 544 (6) 538 GM Financial net sales and revenue — — — — — 10,482 (17) 10,465 Net sales and revenue $ 106,214 $ 12,011 $ 177 $ 118,403 $ 76 $ 10,482 $ (98) $ 128,863 Nine Months Ended September 30, 2022 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 90,147 $ 10,092 $ 28 $ 100,267 $ — $ — $ — $ 100,267 Used vehicles 355 23 — 378 — — — 378 Services and other 2,405 985 104 3,494 76 — (75) 3,495 Automotive net sales and revenue 92,907 11,100 132 104,140 76 — (75) 104,141 Leased vehicle income — — — — — 5,967 — 5,967 Finance charge income — — — — — 3,230 — 3,229 Other income — — — — — 293 (3) 290 GM Financial net sales and revenue — — — — — 9,489 (3) 9,486 Net sales and revenue $ 92,907 $ 11,100 $ 132 $ 104,140 $ 76 $ 9,489 $ (79) $ 113,627 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 September 30, 2023 and 2022. |
Marketable and Other Securities
Marketable and Other Securities | 9 Months Ended |
Sep. 30, 2023 | |
Marketable Securities [Abstract] | |
Marketable and Other Securities | Marketable and Other Securities The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost: Fair Value Level September 30, 2023 December 31, 2022 Cash and cash equivalents Cash and time deposits $ 9,813 $ 8,921 Available-for-sale debt securities U.S. government and agencies 2 2,191 1,012 Corporate debt 2 5,962 2,778 Sovereign debt 2 2,876 1,828 Total available-for-sale debt securities – cash equivalents 11,029 5,618 Money market funds 1 4,382 4,613 Total cash and cash equivalents(a) $ 25,224 $ 19,153 Marketable debt securities U.S. government and agencies 2 $ 3,767 $ 4,357 Corporate debt 2 3,890 5,147 Mortgage and asset-backed 2 617 538 Sovereign debt 2 1,376 2,108 Total available-for-sale debt securities – marketable securities(b) $ 9,651 $ 12,150 Restricted cash Cash and cash equivalents $ 316 $ 341 Money market funds 1 3,438 2,455 Total restricted cash $ 3,754 $ 2,796 Available-for-sale debt securities included above with contractual maturities(c) Due in one year or less $ 14,426 Due between one and five years 5,482 Total available-for-sale debt securities with contractual maturities $ 19,907 __________ (a) Includes $1.5 billion in Cruise at September 30, 2023 and December 31, 2022. (b) Includes $192 million and $1.4 billion in Cruise at September 30, 2023 and December 31, 2022. (c) Excludes mortgage and asset-backed securities of $617 million at September 30, 2023 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 $454 million and $441 million in the three months ended September 30, 2023 and 2022 and $1.5 billion and $1.4 billion in the nine months ended September 30, 2023 and 2022. Net unrealized gains and losses on available-for-sale debt securities were insignificant in the three months ended September 30, 2023 and 2022. Net unrealized gains on available-for-sale debt securities were insignificant in the nine months ended September 30, 2023 and net unrealized losses on available-for-sale debt securities were $367 million in the nine months ended September 30, 2022. Cumulative unrealized losses on available-for-sale debt securities were $293 million and $344 million at September 30, 2023 and December 31, 2022. 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: September 30, 2023 Cash and cash equivalents $ 25,224 Restricted cash included in Other current assets 3,279 Restricted cash included in Other assets 475 Total $ 28,978 |
GM Financial Receivables and Tr
GM Financial Receivables and Transactions | 9 Months Ended |
Sep. 30, 2023 | |
GM Financial | |
Finance Receivables [Line Items] | |
GM Financial Receivables and Transactions | GM Financial Receivables and Transactions September 30, 2023 December 31, 2022 Retail Commercial(a) Total Retail Commercial(a) Total GM Financial receivables, net of fees $ 71,704 $ 11,765 $ 83,469 $ 65,322 $ 10,988 $ 76,310 Less: allowance for loan losses (2,224) (34) (2,258) (2,062) (34) (2,096) GM Financial receivables, net $ 69,480 $ 11,731 $ 81,211 $ 63,260 $ 10,954 $ 74,214 Fair value of GM Financial receivables utilizing Level 2 inputs $ 11,731 $ 10,954 Fair value of GM Financial receivables utilizing Level 3 inputs $ 68,690 $ 62,150 __________ (a) Net of dealer cash management balances of $2.4 billion and $1.9 billion at September 30, 2023 and December 31, 2022. 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 Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Allowance for loan losses at beginning of period $ 2,202 $ 2,027 $ 2,096 $ 1,886 Provision for loan losses 235 180 533 500 Charge-offs (366) (289) (1,012) (811) Recoveries 196 173 574 511 Effect of foreign currency and other (8) (4) 67 — Allowance for loan losses at end of period $ 2,258 $ 2,086 $ 2,258 $ 2,086 The allowance for loan losses as a percentage of finance receivables, net was 2.7% at September 30, 2023 and December 31, 2022. 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 September 30, 2023 and December 31, 2022: Year of Origination September 30, 2023 2023 2022 2021 2020 2019 Prior Total Percent Prime – FICO score 680 and greater $ 19,330 $ 17,114 $ 10,013 $ 5,602 $ 1,325 $ 467 $ 53,851 75.1 % Near-prime – FICO score 620 to 679 2,556 2,485 1,930 1,031 420 179 8,600 12.0 % Sub-prime – FICO score less than 620 2,391 2,608 2,085 1,145 676 348 9,253 12.9 % Retail finance receivables, net of fees $ 24,278 $ 22,207 $ 14,028 $ 7,777 $ 2,421 $ 994 $ 71,704 100.0 % Year of Origination December 31, 2022 2022 2021 2020 2019 2018 Prior Total Percent Prime – FICO score 680 and greater $ 22,677 $ 13,399 $ 7,991 $ 2,254 $ 1,019 $ 205 $ 47,543 72.8 % Near-prime – FICO score 620 to 679 3,202 2,601 1,487 688 310 104 8,392 12.8 % Sub-prime – FICO score less than 620 3,211 2,746 1,604 1,051 496 280 9,388 14.4 % Retail finance receivables, net of fees $ 29,090 $ 18,745 $ 11,081 $ 3,992 $ 1,824 $ 589 $ 65,322 100.0 % 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 $731 million and $685 million at September 30, 2023 and December 31, 2022. The following tables are consolidated summaries of the amortized cost of retail finance receivables by delinquency status, for each vintage of the portfolio at September 30, 2023 and December 31, 2022, as well as summary totals for September 30, 2022: Year of Origination September 30, 2023 September 30, 2022 2023 2022 2021 2020 2019 Prior Total Percent Total Percent 0-to-30 days $ 24,021 $ 21,631 $ 13,489 $ 7,478 $ 2,242 $ 873 $ 69,735 97.3 % $ 61,836 97.4 % 31-to-60 days 187 408 389 219 133 88 1,424 2.0 % 1,185 1.9 % Greater-than-60 days 59 146 135 73 43 31 488 0.7 % 394 0.6 % Finance receivables more than 30 days delinquent 246 555 524 292 175 119 1,911 2.7 % 1,579 2.5 % In repossession 11 21 14 7 4 2 58 0.1 % 46 0.1 % Finance receivables more than 30 days delinquent or in repossession 257 575 538 299 179 121 1,969 2.7 % 1,625 2.6 % Retail finance receivables, net of fees $ 24,278 $ 22,207 $ 14,028 $ 7,777 $ 2,421 $ 994 $ 71,704 100.0 % $ 63,461 100.0 % Year of Origination December 31, 2022 2022 2021 2020 2019 2018 Prior Total Percent 0-to-30 days $ 28,676 $ 18,128 $ 10,702 $ 3,743 $ 1,685 $ 493 $ 63,426 97.1 % 31-to-60 days 310 452 275 184 103 69 1,393 2.1 % Greater-than-60 days 93 150 98 62 35 26 465 0.7 % Finance receivables more than 30 days delinquent 403 603 373 246 138 95 1,857 2.8 % In repossession 11 14 6 4 2 1 39 0.1 % Finance receivables more than 30 days delinquent or in repossession 414 617 380 249 140 96 1,896 2.9 % Retail finance receivables, net of fees $ 29,090 $ 18,745 $ 11,081 $ 3,992 $ 1,824 $ 589 $ 65,322 100.0 % 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 September 30, 2023. 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 September 30, 2023 and December 31, 2022: Year of Origination(a) September 30, 2023 Revolving 2023 2022 2021 2020 2019 Prior Total Percent I $ 10,129 $ 149 $ 414 $ 308 $ 321 $ 84 $ 31 $ 11,435 97.2 % II 142 — 2 1 — — — 146 1.2 % III 150 — 16 9 — 8 — 184 1.6 % IV — — — — — — — — — % Commercial finance receivables, net of fees $ 10,421 $ 149 $ 432 $ 318 $ 322 $ 92 $ 31 $ 11,765 100.0 % __________ (a) Floorplan advances comprise 95% of the total revolving balance. Dealer term loans are presented by year of origination. Year of Origination(a) December 31, 2022 Revolving 2022 2021 2020 2019 2018 Prior Total Percent I $ 9,493 $ 438 $ 356 $ 360 $ 91 $ 38 $ 18 $ 10,794 98.2 % II 89 — 1 — — — — 91 0.8 % III 78 15 — — 10 — — 104 0.9 % IV — — — — — — — — — % Commercial finance receivables, net of fees $ 9,660 $ 453 $ 357 $ 360 $ 102 $ 38 $ 18 $ 10,988 100.0 % __________ (a) Floorplan advances comprise 97% of the total revolving balance. 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. September 30, 2023 December 31, 2022 Condensed Consolidated Balance Sheets(a) Commercial finance receivables, net due from GM consolidated dealers $ 163 $ 187 Receivables from Cruise $ 276 $ 113 Subvention receivable(b) $ 837 $ 469 Commercial loan funding payable $ 62 $ 105 Taxes payable to GM $ 412 $ 8 Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Condensed Consolidated Statements of Income Interest subvention earned on finance receivables $ 319 $ 260 $ 906 $ 715 Leased vehicle subvention earned $ 382 $ 456 $ 1,165 $ 1,503 __________ (a) All balance sheet amounts are eliminated upon consolidation. (b) Our Automotive segments made cash payments to GM Financial for subvention of $629 million and $732 million in the three months ended September 30, 2023 and 2022 and $2.3 billion and $1.7 billion in the nine months ended September 30, 2023 and 2022. GM Financial's Board of Directors declared and paid dividends of $450 million and $275 million on its common stock in the three months ended September 30, 2023 and 2022 and $1.4 billion and $1.0 billion in the nine months ended September 30, 2023 and 2022. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories September 30, 2023 December 31, 2022 Total productive material, supplies and work in process $ 8,393 $ 8,014 Finished product, including service parts 9,347 7,353 Total inventories $ 17,740 $ 15,366 |
Equipment on Operating Leases
Equipment on Operating Leases | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Abstract] | |
Equipment on Operating Leases | Equipment on Operating Leases Equipment on operating leases consists of leases to retail customers of GM Financial. September 30, 2023 December 31, 2022 Equipment on operating leases $ 38,777 $ 40,919 Less: accumulated depreciation (7,716) (8,218) Equipment on operating leases, net $ 31,061 $ 32,701 The estimated residual value of our leased assets at the end of the lease term was $23.2 billion and $24.7 billion at September 30, 2023 and December 31, 2022. Depreciation expense related to Equipment on operating leases, net was $1.2 billion in the three months ended September 30, 2023 and 2022 and $3.7 billion and $3.6 billion in the nine months ended September 30, 2023 and 2022. The following table summarizes lease payments due to GM Financial on leases to retail customers: Year Ending December 31, 2023 2024 2025 2026 2027 Thereafter Total Lease receipts under operating leases $ 1,415 $ 4,319 $ 2,554 $ 821 $ 63 $ 2 $ 9,172 |
Equity in Net Assets of Noncons
Equity in Net Assets of Nonconsolidated Affiliates | 9 Months Ended |
Sep. 30, 2023 | |
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 (loss) or Automotive and other cost of sales. Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Automotive China joint ventures equity income (loss) $ 192 $ 330 $ 353 $ 477 Other joint ventures equity income (loss)(a) 136 38 195 138 Total Equity income (loss) $ 328 $ 367 $ 548 $ 615 __________ (a) Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our electric vehicles (EVs). Equity earnings related to Ultium Cells Holdings LLC were $101 million and $191 million in the three and nine months ended September 30, 2023. There have been no significant ownership changes in our Automotive China joint ventures (Automotive China JVs) since December 31, 2022. Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Summarized Operating Data of Automotive China JVs Automotive China JVs' net sales $ 7,858 $ 10,393 $ 21,817 $ 25,467 Automotive China JVs' net income (loss) $ 485 $ 661 $ 904 $ 959 |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2023 | |
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: September 30, 2023 December 31, 2022 Restricted cash – current $ 3,092 $ 2,176 Restricted cash – non-current $ 367 $ 360 GM Financial receivables, net of fees – current $ 20,897 $ 19,896 GM Financial receivables, net of fees – non-current $ 22,912 $ 18,748 GM Financial equipment on operating leases, net $ 16,120 $ 18,456 GM Financial short-term debt and current portion of long-term debt $ 22,895 $ 21,643 GM Financial long-term debt $ 22,440 $ 20,545 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 $2.5 billion and $1.6 billion and liabilities were insignificant related to our nonconsolidated VIEs at September 30, 2023 and December 31, 2022. Our maximum exposure to loss as a result of our involvement with these VIEs was approximately $3.5 billion and $3.3 billion, inclusive of approximately $0.8 billion and $1.4 billion in committed capital contributions to Ultium Cells Holdings LLC, at September 30, 2023 and December 31, 2022. Our maximum exposure to loss, and required capital contributions, could vary depending on Ultium Cells Holdings LLC's requirements and access to capital. 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 | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Automotive The following table presents debt in our automotive operations: September 30, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 125 $ 124 $ 124 $ 123 Unsecured debt(a) 15,764 14,527 17,340 16,323 Finance lease liabilities 469 478 381 381 Total automotive debt(b) $ 16,357 $ 15,129 $ 17,844 $ 16,828 Fair value utilizing Level 1 inputs $ 14,118 $ 15,971 Fair value utilizing Level 2 inputs $ 1,011 $ 857 Available under credit facility agreements(c) $ 13,472 $ 15,095 Weighted-average interest rate on outstanding short-term debt(d) 14.2 % 6.1 % Weighted-average interest rate on outstanding long-term debt(d) 5.8 % 5.8 % __________ (a) Primarily consists of senior notes. (b) Includes net discount and debt issuance costs of $522 million and $525 million at September 30, 2023 and December 31, 2022. (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. In March 2023, we redeemed our $1.5 billion, 4.875% senior unsecured notes with a maturity date of October 2023 and recorded an insignificant loss. Also, in March 2023, we renewed and reduced the total borrowing capacity of our five-year, $11.2 billion facility to $10.0 billion, which now matures March 31, 2028. We also renewed and reduced the total borrowing capacity of our three-year, $4.3 billion facility to $4.1 billion, which now matures March 31, 2026, and renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 30, 2024. The renewed credit facilities are based on Term Secured Overnight Financing Rate (Term SOFR) whereas the previous credit facilities were based on the London Interbank Offered Rate (LIBOR). In October 2023, we entered into a new 364-day unsecured revolving credit facility with a borrowing capacity of $6.0 billion, which matures on October 1, 2024. Interest rates on obligations under this facility are based on Term SOFR. This facility contains representations, warranties and covenants, that are typical for these types of facilities. GM Financial The following table presents debt of GM Financial: September 30, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 45,271 $ 44,817 $ 42,131 $ 41,467 Unsecured debt 57,244 55,338 54,723 52,270 Total GM Financial debt $ 102,515 $ 100,155 $ 96,854 $ 93,738 Fair value utilizing Level 2 inputs $ 98,032 $ 91,545 Fair value utilizing Level 3 inputs $ 2,123 $ 2,192 Secured debt consists of revolving credit facilities and securitization notes payable. Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 8 to our condensed consolidated financial statements for additional information on GM Financial's involvement with VIEs. In the nine months ended September 30, 2023, GM Financial renewed revolving credit facilities with total borrowing capacity of $17.7 billion and issued $18.1 billion in aggregate principal amount of securitization notes payable with an initial weighted-average interest rate of 5.5% and maturity dates ranging from 2023 to 2035. Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the nine months ended September 30, 2023, GM Financial issued $8.3 billion in aggregate principal amount of senior notes with an initial weighted-average interest rate of 5.5% and maturity dates ranging from 2026 to 2033. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Automotive The following table presents the notional amounts of derivative financial instruments in our automotive operations: Fair Value Level September 30, 2023 December 31, 2022 Derivatives not designated as hedges(a) Foreign currency 2 $ 1,208 $ 4,072 Commodity 2 688 1,075 Total derivative financial instruments $ 1,895 $ 5,148 __________ (a) The fair value of these derivative instruments at September 30, 2023 and December 31, 2022 and the gains/losses included in our condensed consolidated income statements for the three and nine months ended September 30, 2023 and 2022 were insignificant, unless otherwise noted. 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 September 30, 2023 December 31, 2022 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 $ 21,820 $ — $ 827 $ 19,950 $ — $ 821 Cash flow hedges Interest rate swaps 2 1,881 27 4 1,434 34 1 Foreign currency swaps(b) 2 7,674 20 547 6,852 — 586 Derivatives not designated as hedges(a) Interest rate contracts 2 117,215 2,248 2,299 113,975 2,268 1,984 Total derivative financial instruments(c) $ 148,589 $ 2,295 $ 3,677 $ 142,212 $ 2,302 $ 3,392 __________ (a) The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three and nine months ended September 30, 2023 and 2022 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities. (b) The effect of foreign currency cash flow hedges recognized in Accumulated other comprehensive loss in the consolidated statements of comprehensive income includes losses of $154 million and $383 million for the three months ended September 30, 2023 and 2022, and losses of an insignificant amount and $832 million for the nine months ended September 30, 2023 and 2022. The effect of foreign currency cash flow hedges reclassified from Accumulated other comprehensive loss in the consolidated statements of comprehensive income into income includes losses of $226 million and $386 million for the three months ended September 30, 2023 and 2022 and losses of $129 million and $944 million for the nine months ended September 30, 2023 and 2022. (c) GM Financial held $685 million and $553 million of collateral from counterparties available for netting against GM Financial's asset positions and posted $1.7 billion and $1.5 billion of collateral to counterparties available for netting against GM Financial's liability positions at September 30, 2023 and December 31, 2022. The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including quoted prices of similar instruments and foreign exchange and interest rate forward curves. The following amounts were recorded in the condensed consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships: September 30, 2023 December 31, 2022 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 $ 2,758 $ (8) $ 3,048 $ 2 Long-term unsecured debt 26,788 1,232 25,271 779 GM Financial unsecured debt $ 29,545 $ 1,224 $ 28,319 $ 781 __________ (a) Includes $615 million and an insignificant amount of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at September 30, 2023 and December 31, 2022. |
Product Warranty and Related Li
Product Warranty and Related Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Product Warranty and Related Liabilities | Product Warranty and Related Liabilities Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Product Warranty and Related Liabilities Warranty balance at beginning of period $ 8,741 $ 8,969 $ 8,530 $ 9,774 Warranties issued and assumed in period – recall campaigns 157 168 707 490 Warranties issued and assumed in period – product warranty 693 516 1,748 1,426 Payments (1,017) (1,001) (3,044) (3,090) Adjustments to pre-existing warranties 147 78 758 150 Effect of foreign currency and other (22) (49) — (68) Warranty balance at end of period 8,699 8,682 8,699 8,682 Less: Supplier recoveries balance at end of period(a) 82 1,189 82 1,189 Warranty balance, net of supplier recoveries at end of period $ 8,616 $ 7,493 $ 8,616 $ 7,493 __________ (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 Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Product Warranty Expense, Net of Recoveries Warranties issued and assumed in period $ 850 $ 685 $ 2,455 $ 1,916 Supplier recoveries accrued in period (53) (57) 636 (196) Adjustments and other 125 29 759 82 Warranty expense, net of supplier recoveries $ 922 $ 657 $ 3,850 $ 1,802 In the nine months ended September 30, 2023, we recorded a charge to supplier recoveries of $792 million related to a settlement for Chevrolet Bolt recall costs. Refer to Note 13 to our condensed consolidated financial statements for more details on the Chevrolet Bolt recall and the associated supplier recovery. For losses that can be estimated, we estimate our reasonably possible loss in excess of amounts accrued for recall campaigns to be insignificant at September 30, 2023. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 44 $ 39 $ 3 $ 58 $ 35 $ 4 Interest cost 568 184 59 323 71 37 Expected return on plan assets (730) (192) — (750) (130) — Amortization of prior service cost (credit) (1) 1 — (1) 1 (1) Amortization of net actuarial (gains) losses — 8 (6) 5 32 17 Net periodic pension and OPEB (income) expense $ (119) $ 40 $ 56 $ (365) $ 9 $ 57 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 131 $ 123 $ 7 $ 174 $ 103 $ 12 Interest cost 1,704 521 177 969 221 111 Expected return on plan assets (2,190) (544) — (2,250) (404) — Amortization of prior service cost (credit) (2) 2 (1) (2) 3 (4) Amortization of net actuarial (gains) losses — 25 (17) 14 101 51 Net periodic pension and OPEB (income) expense $ (357) $ 127 $ 166 $ (1,095) $ 24 $ 170 The non-service cost components of net periodic pension and other postretirement benefits (OPEB) income of $86 million and $376 million in the three months ended September 30, 2023 and 2022 and $258 million and $1.1 billion in the nine months ended September 30, 2023 and 2022 are presented in Interest income and other non-operating income, net. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation-Related Liability and Tax Administrative Matters In the normal course of our business, we are named from time to time as a defendant in various legal actions, including arbitrations, class actions and other litigation. We identify below the material individual proceedings and investigations where we believe a material loss is reasonably possible or probable. We accrue for matters when we believe that losses are probable and can be reasonably estimated. At September 30, 2023 and December 31, 2022, we had accruals of $1.2 billion and $1.1 billion in Accrued liabilities and Other liabilities. In many matters, it is inherently difficult to determine whether a loss is probable or reasonably possible or to estimate the size or range of the potential loss. Some 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 cannot be reasonably estimated. Accordingly, while we believe that appropriate accruals have been established for losses that are probable and can be reasonably estimated, it is possible that 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 Subcontract Workers 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. Since June 2020, the Seoul High Court (an intermediate-level appellate court) ruled against GM Korea in eight subcontract worker cases. Although GM Korea has appealed these decisions to the Supreme Court of the Republic of Korea, GM Korea has since hired certain of its subcontract workers as full-time employees. At September 30, 2023, our accrual covering certain asserted claims and claims that we believe are probable of assertion and for which liability is probable was approximately $198 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 $88 million at September 30, 2023. We are currently unable to estimate any reasonably possible material 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, but not limited to, 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. 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. There ar e several putat ive class actions pending against GM in the U.S. and 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. In July 2023, the putative class actions pending in the U.S. were dismissed with prejudice and judgment entered in favor of GM, and plaintiffs appealed the dismissal. We are currently unable to estimate any reasonably possible material 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. There are several putative class actions and two certified class actions pending against GM in the U.S. alleging that various 2011-2014 model year vehicles are defective because they excessively consume oil. While many of these proceedings have been dismissed or have been settled for insignificant amounts, several remain outstanding, and in October 2022, we received an adverse jury verdict in the certified class action proceeding involving three states. We do not believe that the verdict is supported by the evidence and plan to appeal, if necessary. We are currently unable to estimate any reasonably possible material loss or range of loss that may result from the putative class action proceedings and have previously accrued an immaterial amount related to one of the certified class action proceedings. There is one putative class action and one certified class action pending against GM in the U.S. alleging that various 2015-2022 model year vehicles are defective because they are equipped with faulty 8-speed transmissions. In March 2023, the judge overseeing the class action concerning 2015-2019 model year vehicles certified 26 state subclasses. The putative class action concerning 2020-2022 model year vehicles is pending in front of a different judge that has not yet addressed class certification. We have similar cases pending in Canada concerning these vehicles. In the three months ended September 30, 2023, we accrued an insignificant amount in connection with these matters. We are currently unable to estimate any reasonably possible or probable material loss or range of loss that may result from these proceedings in excess of amounts accrued. There is a class action pending against GM in the U.S., and a putative class action in Canada, alleging that 2011-2016 model year Duramax Diesel Chevrolet Silverado and GMC Sierra vehicles are equipped with defective fuel pumps that are prone to failure. In March 2023, the U.S. court certified seven state subclasses. In the three months ended September 30, 2023, we accrued an insignificant amount in connection with these matters. We are currently unable to estimate any reasonably possible or probable material loss or range of loss that may result from these proceedings in excess of amounts accrued. 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. We are currently in discussions with the Environmental Protection Agency (EPA) and other regulators regarding potential adjustments to our balance of greenhouse gas (GHG) credits. Based on progress made in these discussions, in the three months ended September 30, 2023, we accrued $139 million. Through September 30, 2023, the total costs expensed in connection with these matters were $450 million, which represents our current best estimate of the probable loss related to these matters. We are currently unable to provide an estimate of any loss in excess of amounts incurred, but such loss may be material. Indirect tax-related matters are being evaluated globally pertaining to value added taxes, customs, duties, sales tax, property taxes and other non-income tax-related tax exposures. Certain administrative proceedings are indirect tax-related and may require that we deposit funds in escrow or provide an alternative form of security. For indirect tax-related matters, we estimate our reasonably possible loss in excess of amounts accrued to be up to approximately $1.8 billion at September 30, 2023. Takata Matters In November 2020, the National Highway Traffic Safety Administration (NHTSA) directed that we replace the Takata Corporation (Takata) airbag inflators in our GMT900 vehicles, which are full-size pickup trucks and sport utility vehicles (SUVs), and we did not 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. In the three months ended September 30, 2023, we reduced our accrual by an insignificant amount based on the actual costs incurred to-date. At September 30, 2023, our remaining accrual for these matters was $624 million, and we believe the currently accrued amount remains reasonable. GM has recalled certain vehicles sold outside of the U.S. to replace Takata inflators in those vehicles. There are significant differences in vehicle and inflator design between the relevant vehicles sold internationally and those sold in the U.S. We continue to gather and analyze evidence about these inflators and to share our findings with regulators. 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 U.S., Canada, and Mexico, arising out of allegations that airbag inflators manufactured by Takata are defective. In March 2023, a U.S. court overseeing one of the putative class actions issued a final judgment in favor of GM on all claims in eight states at issue in that proceeding. In August 2023, the U.S. court granted class certification as to a Louisiana claim, but denied certification as to seven other states. Both GM and plaintiffs are pursuing an appeal of the U.S. court’s rulings. At this stage of these proceedings, we are unable to provide an estimate of the amounts or range of reasonably possible material loss. ARC Matters In May 2023, we initiated a voluntary recall covering nearly one million 2014-2017 model year Buick Enclave, Chevrolet Traverse and GMC Acadia SUVs equipped with driver front airbag inflators manufactured by ARC Automotive, Inc. (ARC), and accrued an insignificant amount for the expected costs of the recall. As part of its ongoing investigation into ARC airbag inflators, on September 5, 2023, NHTSA issued an initial decision that approximately 52 million frontal driver and passenger airbag inflators manufactured by ARC and Delphi Automotive Systems LLC over a roughly 20-year period contain a safety-related defect and must be recalled. NHTSA’s initial decision is based on the occurrence of seven field ruptures involving ARC-manufactured frontal airbag inflators. We are continuing to investigate the cause of the ruptures in GM vehicles in connection with our existing recalls. We expect NHTSA to issue its final decision sometime after the administrative record for NHTSA’s investigation closes on December 4, 2023. We do not believe further GM vehicle recalls are necessary or appropriate at this time and we expect to submit appropriate comments to NHTSA to explain this position before the close of the administrative record. However, depending on the outcome of the dispute between NHTSA and ARC, and the possibility of additional recalls, the cost of which may not be fully recoverable, it is reasonably possible that the costs associated with these matters in excess of amounts accrued could be material, but we are unable to provide an estimate of the amounts or range of reasonably possible material loss at this time. There are several putative class actions that have been filed against GM, including in the U.S., Canada and Israel, arising out of allegations that airbag inflators manufactured by ARC are defective. At this stage of these proceedings, we are unable to provide an estimate of the amounts or range of reasonably possible material 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 Solution (LGES), 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 Electronics, Inc. (LGE), under which LGE agreed to 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 offset the warranty charges we recognized in connection with the recall. In the three months ended June 30, 2023, we recorded a charge of $792 million to reflect a settlement agreement with LGES and LGE (collectively, LG) whereby the parties agreed to reduce the amount of recall costs and expenses for which LG would reimburse GM. The commercial negotiations with LG also resolved other commercial matters associated with our Ultium Cells Holdings LLC joint venture with LGES. These charges reflect our current best estimate for the cost of the recall remedy, which includes non-traditional recall remedies provided by GM to enhance customer satisfaction. The actual costs of the recall could be materially 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 approximately half of the 2020-2022 model year vehicles, recently developed battery diagnostic software will be the recall remedy, with the remainder receiving new high voltage battery modules. In addition, putative class actions have been filed against GM in the U.S. and Canada alleging that the batteries contained in the Bolt EVs and EUVs included in the recall population are defective. GM has reached an agreement in principle to settle the U.S. class actions for an immaterial amount. 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 N.V. (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. General Motors Holdings LLC agreed, on behalf of our wholly owned subsidiary (the Seller), 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 costs related to certain emissions claims, product liabilities and recalls. We are unable to estimate any reasonably possible material loss or range of loss that may result from these actions either directly or through an indemnification claim from Stellantis. Certain of these indemnification obligations are subject to time limitations, thresholds and/or caps as to the amount of required payments. 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. In addition, we indemnified Stellantis for an immaterial amount for certain recalls that Stellantis has conducted or will conduct, including recalls in certain geographic locations that Stellantis intends to conduct related to Takata inflators in legacy Opel vehicles. We may in the future be required to further indemnify Stellantis relating to its Takata recalls, but we believe such further indemnification to be remote at this time. Product Liability We recorded liabilities of $596 million and $561 million in Accrued liabilities and Other liabilities at September 30, 2023 and December 31, 2022 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 2023 to 2028, 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 royalties received associated with vehicles sold to date were $3.6 billion and $3.1 billion for these guarantees at September 30, 2023 and December 31, 2022, 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 estimate our maximum exposure under these indemnifications or guarantees due to the conditional nature of these obligations. Insignificant amounts have been recorded for such obligations as the majority of them are not probable or estimable at this time and the fair value of the guarantees at issuance was insignificant. Refer to the Opel/Vauxhall Sale section of this note for additional information on our indemnification obligations to Stellantis under the Agreement. Supplier Finance Programs Third-party finance providers offer certain suppliers the option for payment in advance of their invoice due date through financing programs that we established. We retain our obligation to the participating suppliers, and we make payments directly to the third-party finance providers on the original invoice due date pursuant to the original invoice terms. There are no assets pledged as security or other forms of guarantees provided for committed payments. Our outstanding eligible balances under our supplier finance programs were $1.1 billion and $852 million at September 30, 2023 and December 31, 2022, which are recorded in Accounts payable (principally trade). |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes In the three months ended September 30, 2023, Income tax expense of $470 million was lower than the statutory tax rate primarily due to jurisdictional mix of earnings and tax expense attributable to entities included in our effective tax rate calculation. In the three months ended September 30, 2022, Income tax expense of $845 million was primarily due to tax expense attributable to entities included in our effective tax rate calculation. In the nine months ended September 30, 2023, Income tax expense of $1.4 billion was lower than the statutory tax rate primarily due to jurisdictional mix of earnings and tax expense attributable to entities included in our effective tax rate calculation. In the nine months ended September 30, 2022, Income tax expense of $1.3 billion was primarily due to tax expense attributable to entities included in our effective tax rate calculation, partially offset by the release of a valuation allowance against certain Cruise deferred tax assets that were considered realizable due to the reconsolidation of Cruise for U.S. tax purposes. |
Restructuring and Other Initiat
Restructuring and Other Initiatives | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Initiatives | Restructuring and Other Initiatives We have executed various restructuring and other initiatives and we may execute additional initiatives in the future, if necessary, to streamline manufacturing capacity and reduce other costs to improve the utilization of remaining facilities. To the extent these programs involve voluntary separations, a liability is generally recorded at the time offers to employees are accepted. To the extent these programs provide separation benefits in accordance with pre-existing agreements, a liability is recorded once the amount is probable and reasonably estimable. If employees are involuntarily terminated, a liability is generally recorded at the communication date. Related charges are recorded in Automotive and other cost of sales and Automotive and other selling, general and administrative expense. The following table summarizes the reserves and charges related to restructuring and other initiatives, including postemployment benefit reserves and charges: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Balance at beginning of period $ 1,151 $ 152 $ 520 $ 285 Additions, interest accretion and other 161 7 1,396 11 Payments (661) (22) (1,266) (144) Revisions to estimates and effect of foreign currency (2) (9) — (23) Balance at end of period $ 650 $ 129 $ 650 $ 129 In the three and nine months ended September 30, 2023, restructuring and other initiatives included strategic activities in GMNA related to Buick dealerships. We recorded charges of $93 million and $438 million in the three and nine months ended September 30, 2023, which are included in the table above, and incurred $461 million in net cash outflows resulting from these dealer restructurings in the nine months ended September 30, 2023, in addition to the charges of $511 million and net cash outflows of $120 million in the year ended December 31, 2022. The remaining $368 million is expected to be substantially paid by the end of 2023. Additionally, on March 9, 2023, we announced a voluntary separation program (VSP) to accelerate attrition related to the cost reduction program announced in January 2023. We recorded charges in GMNA of $30 million and $905 million in the three and nine months ended September 30, 2023, primarily related to employee separation charges, which are reflected in the table above. We incurred $767 million of cash outflows resulting from the VSP in the nine months ended September 30, 2023. We expect remaining cash outflows related to these activities of approximately $138 million to be substantially complete by the end of 2023. |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 and December 31, 2022. We had 1.4 billion shares of common stock issued and outstanding at September 30, 2023 and December 31, 2022. Common Stock Holders of our common stock are entitled to dividends at the sole discretion of our Board of Directors. Our total dividends paid on common stock were $123 million and $373 million for the three and nine months ended September 30, 2023 and $130 million for the three and nine months ended September 30, 2022. In August 2022, our Board of Directors increased the capacity under our previously announced common stock repurchase program to $5.0 billion from the $3.3 billion that remained under the program as of June 30, 2022. In the nine months ended September 30, 2023 and 2022, we purchased 30 million and 38 million shares of our outstanding common stock for $1.1 billion and $1.5 billion as part of the program. Cruise Preferred Shares In March 2022, under the Share Purchase Agreement, we acquired SoftBank Vision Fund (AIV M2) L.P.'s (together with its affiliates, SoftBank) 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. Cruise Common Shares During the three and nine months ended September 30, 2023, GM Cruise Holdings LLC (Cruise Holdings) issued $104 million and $278 million of Class B Common Shares to net settle vested awards under Cruise's 2018 Employee Incentive Plan and issued $57 million and $156 million of Class B Common Shares to fund the payment of statutory tax withholding obligations resulting from the settlement or exercise of vested awards. Also, GM conducted quarterly tender offers and paid $70 million and $206 million in cash to purchase tendered Cruise Class B Common Shares during the three and nine months ended September 30, 2023. The Class B Common Shares are classified as noncontrolling interests in our condensed consolidated financial statements except for certain shares that are liability classified that have a recorded value of $93 million and $60 million at September 30, 2023 and December 31, 2022. Refer to Note 18 for additional information on Cruise stock incentive awards. During the three months ended September 30, 2023 and 2022, the effect on the equity attributable to us for changes in our ownership interest in Cruise was insignificant. For the nine months ended September 30, 2023 and 2022, net income attributable to shareholders and transfers to the noncontrolling interest in Cruise and other subsidiaries was $8.0 billion and $7.1 billion, which for the nine months ended September 30, 2022, included a $820 million decrease in retained earnings primarily due to the redemption of Cruise preferred shares. The following table summarizes the significant components of Accumulated other comprehensive loss: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Foreign Currency Translation Adjustments Balance at beginning of period $ (2,693) $ (2,557) $ (2,776) $ (2,653) Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b) (129) (645) (47) (550) Balance at end of period $ (2,822) $ (3,202) $ (2,822) $ (3,202) Defined Benefit Plans Balance at beginning of period $ (4,930) $ (6,150) $ (4,851) $ (6,528) Other comprehensive income (loss) before reclassification adjustment, net of tax(b) 70 235 (14) 514 Reclassification adjustment, net of tax(b) 7 47 13 146 Other comprehensive income (loss), net of tax(b) 77 282 (1) 660 Balance at end of period(c) $ (4,853) $ (5,868) $ (4,853) $ (5,868) __________ (a) The noncontrolling interests and reclassification adjustments were insignificant in the three and nine months ended September 30, 2023 and 2022. (b) The income tax effect was insignificant in the three and nine months ended September 30, 2023 and 2022. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Basic earnings per share Net income (loss) attributable to stockholders $ 3,064 $ 3,305 $ 8,026 $ 7,935 Less: cumulative dividends on subsidiary preferred stock(a) (26) (26) (80) (1,004) Net income (loss) attributable to common stockholders $ 3,038 $ 3,278 $ 7,946 $ 6,931 Weighted-average common shares outstanding 1,372 1,448 1,384 1,455 Basic earnings per common share $ 2.21 $ 2.26 $ 5.74 $ 4.76 Diluted earnings per share Net income (loss) attributable to common stockholders – diluted $ 3,038 $ 3,278 $ 7,946 $ 6,931 Weighted-average common shares outstanding – basic 1,372 1,448 1,384 1,455 Dilutive effect of awards under stock incentive plans 6 9 6 9 Weighted-average common shares outstanding – diluted 1,378 1,457 1,390 1,464 Diluted earnings per common share $ 2.20 $ 2.25 $ 5.72 $ 4.73 Potentially dilutive securities(b) 14 10 14 10 __________ (a) Includes a $909 million deemed dividend related to the redemption of Cruise preferred shares from SoftBank in the nine months ended September 30, 2022. (b) Potentially dilutive securities attributable to outstanding stock options and Restricted Stock Units (RSUs) at September 30, 2023 and 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 | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans Cruise Stock Incentive Awards 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 satisfactions of a service condition. Total compensation expense related to Cruise Holdings' share-based awards was $199 million and $150 million in the three months ended September 30, 2023 and 2022 and $476 million and $1.5 billion in the nine months ended September 30, 2023 and 2022. Compensation expense for the nine months ended September 30, 2022, when excluding the compensation expense in the period April 1, 2022 through September 30, 2022, primarily represents the impact of the modification to outstanding awards. GM conducted quarterly tender offers and paid $206 million and $327 million in cash to purchase tendered Cruise Class B Common Shares during the nine months ended September 30, 2023 and 2022. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2023 | |
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 revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate. Corporate assets primarily consist of cash and cash equivalents, marketable debt securities 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 September 30, 2023 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 36,106 $ 4,330 $ 67 $ 40,503 $ 25 $ 3,641 $ (38) $ 44,131 Earnings (loss) before interest and taxes-adjusted $ 3,526 $ 357 $ (322) $ 3,561 $ (732) $ 741 $ (7) $ 3,564 Adjustments(a) $ (123) $ — $ — $ (123) $ — $ — $ — (123) Automotive interest income 322 Automotive interest expense (229) Net income (loss) attributable to noncontrolling interests (70) Income (loss) before income taxes 3,464 Income tax benefit (expense) (470) Net income (loss) 2,994 Net loss (income) attributable to noncontrolling interests 70 Net income (loss) attributable to stockholders $ 3,064 Equity in net assets of nonconsolidated affiliates $ 2,603 $ 6,256 $ — $ — $ 8,859 $ — $ 1,691 $ — $ 10,549 Goodwill and intangibles $ 2,112 $ 716 $ 4 $ — $ 2,832 $ 723 $ 1,352 $ — $ 4,907 Total assets $ 155,556 $ 24,444 $ 47,964 $ (77,461) $ 150,504 $ 4,888 $ 128,962 $ (2,649) $ 281,705 Depreciation and amortization $ 1,585 $ 158 $ 5 $ — $ 1,749 $ 12 $ 1,231 $ — $ 2,992 Impairment charges $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity income (loss)(b) $ 105 $ 190 $ — $ — $ 295 $ — $ 33 $ — $ 328 __________ (a) Consists of charges for strategic activities related to Buick dealerships and charges related to the VSP in GMNA. (b) Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. In the three months ended September 30, 2023, equity earnings related to Ultium Cells Holdings LLC were $101 million. At and For the Three Months Ended September 30, 2022 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 34,691 $ 3,980 $ 32 $ 38,703 $ 25 $ 3,187 $ (27) $ 41,889 Earnings (loss) before interest and taxes-adjusted $ 3,894 $ 334 $ (352) $ 3,876 $ (497) $ 911 $ (2) $ 4,287 Adjustments $ — $ — $ — $ — $ — $ — $ — — Automotive interest income 122 Automotive interest expense (259) Net income (loss) attributable to noncontrolling interests (53) Income (loss) before income taxes 4,097 Income tax benefit (expense) (845) Net income (loss) 3,252 Net loss (income) attributable to noncontrolling interests 53 Net income (loss) attributable to stockholders $ 3,305 Equity in net assets of nonconsolidated affiliates $ 1,641 $ 6,564 $ — $ — $ 8,205 $ — $ 1,705 $ — $ 9,910 Goodwill and intangibles $ 2,160 $ 744 $ 4 $ — $ 2,908 $ 721 $ 1,339 $ — $ 4,968 Total assets $ 134,823 $ 23,756 $ 38,693 $ (59,941) $ 137,331 $ 5,669 $ 118,917 $ (1,388) $ 260,529 Depreciation and amortization $ 1,419 $ 124 $ 5 $ — $ 1,548 $ 15 $ 1,212 $ — $ 2,774 Impairment charges $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity income (loss) $ (6) $ 329 $ — $ — $ 323 $ — $ 44 $ — $ 367 At and For the Nine Months Ended September 30, 2023 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 106,214 $ 12,011 $ 177 $ 118,403 $ 76 $ 10,482 $ (98) $ 128,863 Earnings (loss) before interest and taxes-adjusted $ 10,295 $ 940 $ (996) $ 10,240 $ (1,904) $ 2,278 $ (13) $ 10,601 Adjustments(a) $ (1,343) $ 76 $ — $ (1,267) $ — $ — $ — (1,267) Automotive interest income 801 Automotive interest expense (689) Net income (loss) attributable to noncontrolling interests (179) Income (loss) before income taxes 9,267 Income tax benefit (expense) (1,421) Net income (loss) 7,846 Net loss (income) attributable to noncontrolling interests 179 Net income (loss) attributable to stockholders $ 8,026 Depreciation and amortization $ 4,544 $ 424 $ 15 $ — $ 4,984 $ 27 $ 3,727 $ — $ 8,738 Impairment charges $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity income (loss)(b) $ 89 $ 348 $ — $ — $ 437 $ — $ 111 $ — $ 548 __________ (a) Consists of charges for strategic activities related to Buick dealerships and charges related to the VSP in GMNA and the partial resolution of Korean subcontractor matters in GMI. (b) Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. In the nine months ended September 30, 2023, equity earnings related to Ultium Cells Holdings LLC were $191 million. At and For the Nine Months Ended September 30, 2022 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 92,907 $ 11,100 $ 132 $ 104,140 $ 76 $ 9,489 $ (79) $ 113,627 Earnings (loss) before interest and taxes-adjusted $ 9,334 $ 871 $ (1,470) $ 8,735 $ (1,365) $ 3,301 $ 4 $ 10,675 Adjustments(a) $ 100 $ — $ — $ 100 $ (1,057) $ — $ — (957) Automotive interest income 245 Automotive interest expense (719) Net income (loss) attributable to noncontrolling interests (234) Income (loss) before income taxes 9,009 Income tax benefit (expense) (1,308) Net income (loss) 7,701 Net loss (income) attributable to noncontrolling interests 234 Net income (loss) attributable to stockholders $ 7,935 Depreciation and amortization $ 4,399 $ 389 $ 16 $ — $ 4,804 $ 39 $ 3,666 $ — $ 8,509 Impairment charges $ 11 $ — $ — $ — $ 11 $ — $ — $ — $ 11 Equity income (loss) $ (6) $ 472 $ — $ — $ 467 $ — $ 148 $ — $ 615 __________ (a) Consists of the resolution of substantially all royalty matters accrued with respect to past-year vehicle sales in GMNA; and charges related to the one-time modification of Cruise stock incentive awards. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income (loss) attributable to stockholders | $ 3,064 | $ 3,305 | $ 8,026 | $ 7,935 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 shares | Sep. 30, 2023 shares | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | During the three months ended September 30, 2023, the following directors or officers of the Company adopted a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K: (1) on August 11, 2023, Christopher Hatto, Vice President, Global Business Solutions and Chief Accounting Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 29,397 shares of GM common stock and the exercise of vested stock options and the associated sale of up to 50,293 shares of GM common stock between November 15, 2023 and April 12, 2024, subject to certain conditions; (2) on August 28, 2023, Craig Glidden, Executive Vice President, Legal, Policy, Cybersecurity, and Corporate Secretary, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 154,294 shares of GM common stock and the exercise of vested stock options and the associated sale of up to 244,147 shares of GM common stock between November 30, 2023 and July 26, 2024, subject to certain conditions; and (3) on August 31, 2023, Gerald Johnson, Executive Vice President, Global Manufacturing and Sustainability, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 42,312 shares of GM common stock and the exercise of vested stock options and the associated sale of up to 171,277 shares of GM common stock between December 1, 2023 and July 26, 2024, subject to certain conditions. | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Christopher Hatto [Member] | ||
Trading Arrangements, by Individual | ||
Name | Christopher Hatto | |
Title | Vice President, Global Business Solutions and Chief Accounting Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | August 11, 2023 | |
Arrangement Duration | 149 days | |
Craig Glidden [Member] | ||
Trading Arrangements, by Individual | ||
Name | Craig Glidden | |
Title | Executive Vice President, Legal, Policy, Cybersecurity, and Corporate Secretary | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | August 28, 2023 | |
Arrangement Duration | 239 days | |
Gerald Johnson [Member] | ||
Trading Arrangements, by Individual | ||
Name | Gerald Johnson | |
Title | Executive Vice President, Global Manufacturing and Sustainability | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | August 31, 2023 | |
Arrangement Duration | 238 days | |
Christopher Hatto Rule Trading Arrangement, Common Stock [Member] | Christopher Hatto [Member] | ||
Trading Arrangements, by Individual | ||
Aggregate Available | 29,397 | 29,397 |
Christopher Hatto Trading Arrangement, Exercise Of Vested Stock Options [Member] | Christopher Hatto [Member] | ||
Trading Arrangements, by Individual | ||
Aggregate Available | 50,293 | 50,293 |
Craig Glidden Rule Trading Arrangement, Common Stock [Member] | Craig Glidden [Member] | ||
Trading Arrangements, by Individual | ||
Aggregate Available | 154,294 | 154,294 |
Craig Glidden Trading Arrangement, Exercise Of Vested Stock Options [Member] | Craig Glidden [Member] | ||
Trading Arrangements, by Individual | ||
Aggregate Available | 244,147 | 244,147 |
Gerald Johnson Rule Trading Arrangement, Common Stock [Member] | Gerald Johnson [Member] | ||
Trading Arrangements, by Individual | ||
Aggregate Available | 42,312 | 42,312 |
Gerald Johnson Trading Arrangement, Exercise Of Vested Stock Options [Member] | Gerald Johnson [Member] | ||
Trading Arrangements, by Individual | ||
Aggregate Available | 171,277 | 171,277 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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. Corporate includes certain centrally recorded income and costs such as interest, income taxes, corporate expenditures and certain revenues and expenses that are not part of a reportable segment. 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 2022 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. Throughout this report, we refer to General Motors Company and its consolidated subsidiaries in a simplified manner and on a collective basis, using words like "we," "our," "us" and "the Company." This drafting style is suggested by the SEC and is not meant to indicate that General Motors Company, the publicly traded parent company, or any particular subsidiary of the parent company, owns or operates any particular asset, business or property. The operations and businesses described in this report are owned and operated by distinct subsidiaries of General Motors Company. |
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 returns and to eliminate the effect of transactions between GM Financial and the other members of the consolidated group. Accordingly, the amounts presented will differ from those presented by GM Financial on a stand-alone basis. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue by Major Source | The following table disaggregates our revenue by major source: Three Months Ended September 30, 2023 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 34,893 $ 3,913 $ 17 $ 38,823 $ — $ — $ (5) $ 38,818 Used vehicles 310 12 — 322 — — — 322 Services and other 903 405 50 1,358 25 — (25) 1,359 Automotive net sales and revenue 36,106 4,330 67 40,503 25 — (30) 40,498 Leased vehicle income — — — — — 1,820 — 1,820 Finance charge income — — — — — 1,621 (5) 1,616 Other income — — — — — 200 (3) 197 GM Financial net sales and revenue — — — — — 3,641 (8) 3,633 Net sales and revenue $ 36,106 $ 4,330 $ 67 $ 40,503 $ 25 $ 3,641 $ (38) $ 44,131 Three Months Ended September 30, 2022 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 33,749 $ 3,613 $ 1 $ 37,363 $ — $ — $ — $ 37,363 Used vehicles 143 12 — 155 — — — 155 Services and other 799 355 31 1,185 25 — (25) 1,185 Automotive net sales and revenue 34,691 3,980 32 38,703 25 — (25) 38,703 Leased vehicle income — — — — — 1,912 — 1,912 Finance charge income — — — — — 1,158 — 1,157 Other income — — — — — 118 (1) 117 GM Financial net sales and revenue — — — — — 3,187 (2) 3,185 Net sales and revenue $ 34,691 $ 3,980 $ 32 $ 38,703 $ 25 $ 3,187 $ (27) $ 41,889 Nine Months Ended September 30, 2023 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 102,868 $ 10,876 $ 67 $ 113,811 $ — $ — $ (6) $ 113,805 Used vehicles 741 22 — 763 — — — 763 Services and other 2,605 1,113 110 3,828 76 — (75) 3,829 Automotive net sales and revenue 106,214 12,011 177 118,403 76 — (81) 118,398 Leased vehicle income — — — — — 5,458 — 5,458 Finance charge income — — — — — 4,480 (11) 4,469 Other income — — — — — 544 (6) 538 GM Financial net sales and revenue — — — — — 10,482 (17) 10,465 Net sales and revenue $ 106,214 $ 12,011 $ 177 $ 118,403 $ 76 $ 10,482 $ (98) $ 128,863 Nine Months Ended September 30, 2022 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 90,147 $ 10,092 $ 28 $ 100,267 $ — $ — $ — $ 100,267 Used vehicles 355 23 — 378 — — — 378 Services and other 2,405 985 104 3,494 76 — (75) 3,495 Automotive net sales and revenue 92,907 11,100 132 104,140 76 — (75) 104,141 Leased vehicle income — — — — — 5,967 — 5,967 Finance charge income — — — — — 3,230 — 3,229 Other income — — — — — 293 (3) 290 GM Financial net sales and revenue — — — — — 9,489 (3) 9,486 Net sales and revenue $ 92,907 $ 11,100 $ 132 $ 104,140 $ 76 $ 9,489 $ (79) $ 113,627 |
Marketable and Other Securiti_2
Marketable and Other Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Marketable Securities [Abstract] | |
Schedule of Fair Value of Cash Equivalents and Marketable Securities | The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost: Fair Value Level September 30, 2023 December 31, 2022 Cash and cash equivalents Cash and time deposits $ 9,813 $ 8,921 Available-for-sale debt securities U.S. government and agencies 2 2,191 1,012 Corporate debt 2 5,962 2,778 Sovereign debt 2 2,876 1,828 Total available-for-sale debt securities – cash equivalents 11,029 5,618 Money market funds 1 4,382 4,613 Total cash and cash equivalents(a) $ 25,224 $ 19,153 Marketable debt securities U.S. government and agencies 2 $ 3,767 $ 4,357 Corporate debt 2 3,890 5,147 Mortgage and asset-backed 2 617 538 Sovereign debt 2 1,376 2,108 Total available-for-sale debt securities – marketable securities(b) $ 9,651 $ 12,150 Restricted cash Cash and cash equivalents $ 316 $ 341 Money market funds 1 3,438 2,455 Total restricted cash $ 3,754 $ 2,796 Available-for-sale debt securities included above with contractual maturities(c) Due in one year or less $ 14,426 Due between one and five years 5,482 Total available-for-sale debt securities with contractual maturities $ 19,907 __________ (a) Includes $1.5 billion in Cruise at September 30, 2023 and December 31, 2022. (b) Includes $192 million and $1.4 billion in Cruise at September 30, 2023 and December 31, 2022. |
Investments Classified by Contractual Maturity Date | The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost: Fair Value Level September 30, 2023 December 31, 2022 Cash and cash equivalents Cash and time deposits $ 9,813 $ 8,921 Available-for-sale debt securities U.S. government and agencies 2 2,191 1,012 Corporate debt 2 5,962 2,778 Sovereign debt 2 2,876 1,828 Total available-for-sale debt securities – cash equivalents 11,029 5,618 Money market funds 1 4,382 4,613 Total cash and cash equivalents(a) $ 25,224 $ 19,153 Marketable debt securities U.S. government and agencies 2 $ 3,767 $ 4,357 Corporate debt 2 3,890 5,147 Mortgage and asset-backed 2 617 538 Sovereign debt 2 1,376 2,108 Total available-for-sale debt securities – marketable securities(b) $ 9,651 $ 12,150 Restricted cash Cash and cash equivalents $ 316 $ 341 Money market funds 1 3,438 2,455 Total restricted cash $ 3,754 $ 2,796 Available-for-sale debt securities included above with contractual maturities(c) Due in one year or less $ 14,426 Due between one and five years 5,482 Total available-for-sale debt securities with contractual maturities $ 19,907 __________ (a) Includes $1.5 billion in Cruise at September 30, 2023 and December 31, 2022. (b) Includes $192 million and $1.4 billion in Cruise at September 30, 2023 and December 31, 2022. |
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: September 30, 2023 Cash and cash equivalents $ 25,224 Restricted cash included in Other current assets 3,279 Restricted cash included in Other assets 475 Total $ 28,978 |
GM Financial Receivables and _2
GM Financial Receivables and Transactions (Tables) - GM Financial | 9 Months Ended |
Sep. 30, 2023 | |
Finance Receivables [Line Items] | |
GM Financial Receivables | September 30, 2023 December 31, 2022 Retail Commercial(a) Total Retail Commercial(a) Total GM Financial receivables, net of fees $ 71,704 $ 11,765 $ 83,469 $ 65,322 $ 10,988 $ 76,310 Less: allowance for loan losses (2,224) (34) (2,258) (2,062) (34) (2,096) GM Financial receivables, net $ 69,480 $ 11,731 $ 81,211 $ 63,260 $ 10,954 $ 74,214 Fair value of GM Financial receivables utilizing Level 2 inputs $ 11,731 $ 10,954 Fair value of GM Financial receivables utilizing Level 3 inputs $ 68,690 $ 62,150 __________ (a) Net of dealer cash management balances of $2.4 billion and $1.9 billion at September 30, 2023 and December 31, 2022. 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 Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Allowance for loan losses at beginning of period $ 2,202 $ 2,027 $ 2,096 $ 1,886 Provision for loan losses 235 180 533 500 Charge-offs (366) (289) (1,012) (811) Recoveries 196 173 574 511 Effect of foreign currency and other (8) (4) 67 — Allowance for loan losses at end of period $ 2,258 $ 2,086 $ 2,258 $ 2,086 |
Intercompany Transactions | The following table shows transactions between our Automotive segments and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income. September 30, 2023 December 31, 2022 Condensed Consolidated Balance Sheets(a) Commercial finance receivables, net due from GM consolidated dealers $ 163 $ 187 Receivables from Cruise $ 276 $ 113 Subvention receivable(b) $ 837 $ 469 Commercial loan funding payable $ 62 $ 105 Taxes payable to GM $ 412 $ 8 Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Condensed Consolidated Statements of Income Interest subvention earned on finance receivables $ 319 $ 260 $ 906 $ 715 Leased vehicle subvention earned $ 382 $ 456 $ 1,165 $ 1,503 __________ (a) All balance sheet amounts are eliminated upon consolidation. |
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 September 30, 2023 and December 31, 2022: Year of Origination September 30, 2023 2023 2022 2021 2020 2019 Prior Total Percent Prime – FICO score 680 and greater $ 19,330 $ 17,114 $ 10,013 $ 5,602 $ 1,325 $ 467 $ 53,851 75.1 % Near-prime – FICO score 620 to 679 2,556 2,485 1,930 1,031 420 179 8,600 12.0 % Sub-prime – FICO score less than 620 2,391 2,608 2,085 1,145 676 348 9,253 12.9 % Retail finance receivables, net of fees $ 24,278 $ 22,207 $ 14,028 $ 7,777 $ 2,421 $ 994 $ 71,704 100.0 % Year of Origination December 31, 2022 2022 2021 2020 2019 2018 Prior Total Percent Prime – FICO score 680 and greater $ 22,677 $ 13,399 $ 7,991 $ 2,254 $ 1,019 $ 205 $ 47,543 72.8 % Near-prime – FICO score 620 to 679 3,202 2,601 1,487 688 310 104 8,392 12.8 % Sub-prime – FICO score less than 620 3,211 2,746 1,604 1,051 496 280 9,388 14.4 % Retail finance receivables, net of fees $ 29,090 $ 18,745 $ 11,081 $ 3,992 $ 1,824 $ 589 $ 65,322 100.0 % |
Retail Finance Receivables Delinquency | The following tables are consolidated summaries of the amortized cost of retail finance receivables by delinquency status, for each vintage of the portfolio at September 30, 2023 and December 31, 2022, as well as summary totals for September 30, 2022: Year of Origination September 30, 2023 September 30, 2022 2023 2022 2021 2020 2019 Prior Total Percent Total Percent 0-to-30 days $ 24,021 $ 21,631 $ 13,489 $ 7,478 $ 2,242 $ 873 $ 69,735 97.3 % $ 61,836 97.4 % 31-to-60 days 187 408 389 219 133 88 1,424 2.0 % 1,185 1.9 % Greater-than-60 days 59 146 135 73 43 31 488 0.7 % 394 0.6 % Finance receivables more than 30 days delinquent 246 555 524 292 175 119 1,911 2.7 % 1,579 2.5 % In repossession 11 21 14 7 4 2 58 0.1 % 46 0.1 % Finance receivables more than 30 days delinquent or in repossession 257 575 538 299 179 121 1,969 2.7 % 1,625 2.6 % Retail finance receivables, net of fees $ 24,278 $ 22,207 $ 14,028 $ 7,777 $ 2,421 $ 994 $ 71,704 100.0 % $ 63,461 100.0 % Year of Origination December 31, 2022 2022 2021 2020 2019 2018 Prior Total Percent 0-to-30 days $ 28,676 $ 18,128 $ 10,702 $ 3,743 $ 1,685 $ 493 $ 63,426 97.1 % 31-to-60 days 310 452 275 184 103 69 1,393 2.1 % Greater-than-60 days 93 150 98 62 35 26 465 0.7 % Finance receivables more than 30 days delinquent 403 603 373 246 138 95 1,857 2.8 % In repossession 11 14 6 4 2 1 39 0.1 % Finance receivables more than 30 days delinquent or in repossession 414 617 380 249 140 96 1,896 2.9 % Retail finance receivables, net of fees $ 29,090 $ 18,745 $ 11,081 $ 3,992 $ 1,824 $ 589 $ 65,322 100.0 % |
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 September 30, 2023 and December 31, 2022: Year of Origination(a) September 30, 2023 Revolving 2023 2022 2021 2020 2019 Prior Total Percent I $ 10,129 $ 149 $ 414 $ 308 $ 321 $ 84 $ 31 $ 11,435 97.2 % II 142 — 2 1 — — — 146 1.2 % III 150 — 16 9 — 8 — 184 1.6 % IV — — — — — — — — — % Commercial finance receivables, net of fees $ 10,421 $ 149 $ 432 $ 318 $ 322 $ 92 $ 31 $ 11,765 100.0 % __________ (a) Floorplan advances comprise 95% of the total revolving balance. Dealer term loans are presented by year of origination. Year of Origination(a) December 31, 2022 Revolving 2022 2021 2020 2019 2018 Prior Total Percent I $ 9,493 $ 438 $ 356 $ 360 $ 91 $ 38 $ 18 $ 10,794 98.2 % II 89 — 1 — — — — 91 0.8 % III 78 15 — — 10 — — 104 0.9 % IV — — — — — — — — — % Commercial finance receivables, net of fees $ 9,660 $ 453 $ 357 $ 360 $ 102 $ 38 $ 18 $ 10,988 100.0 % __________ (a) Floorplan advances comprise 97% of the total revolving balance. Dealer term loans are presented by year of origination. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | September 30, 2023 December 31, 2022 Total productive material, supplies and work in process $ 8,393 $ 8,014 Finished product, including service parts 9,347 7,353 Total inventories $ 17,740 $ 15,366 |
Equipment on Operating Leases (
Equipment on Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Lessor, Lease, Description [Line Items] | |
Schedule of Property Subject to Available for Operating Lease | Equipment on operating leases consists of leases to retail customers of GM Financial. September 30, 2023 December 31, 2022 Equipment on operating leases $ 38,777 $ 40,919 Less: accumulated depreciation (7,716) (8,218) Equipment on operating leases, net $ 31,061 $ 32,701 |
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, 2023 2024 2025 2026 2027 Thereafter Total Lease receipts under operating leases $ 1,415 $ 4,319 $ 2,554 $ 821 $ 63 $ 2 $ 9,172 |
Equity in Net Assets of Nonco_2
Equity in Net Assets of Nonconsolidated Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Equity Income | Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Automotive China joint ventures equity income (loss) $ 192 $ 330 $ 353 $ 477 Other joint ventures equity income (loss)(a) 136 38 195 138 Total Equity income (loss) $ 328 $ 367 $ 548 $ 615 __________ (a) Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our electric vehicles (EVs). Equity earnings related to Ultium Cells Holdings LLC were $101 million and $191 million in the three and nine months ended September 30, 2023. |
Summary of Financial Data for Nonconsolidated Affiliates | Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Summarized Operating Data of Automotive China JVs Automotive China JVs' net sales $ 7,858 $ 10,393 $ 21,817 $ 25,467 Automotive China JVs' net income (loss) $ 485 $ 661 $ 904 $ 959 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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: September 30, 2023 December 31, 2022 Restricted cash – current $ 3,092 $ 2,176 Restricted cash – non-current $ 367 $ 360 GM Financial receivables, net of fees – current $ 20,897 $ 19,896 GM Financial receivables, net of fees – non-current $ 22,912 $ 18,748 GM Financial equipment on operating leases, net $ 16,120 $ 18,456 GM Financial short-term debt and current portion of long-term debt $ 22,895 $ 21,643 GM Financial long-term debt $ 22,440 $ 20,545 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Automotive | |
Debt Instrument [Line Items] | |
Schedule of Debt Carrying Amount and Fair Value | The following table presents debt in our automotive operations: September 30, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 125 $ 124 $ 124 $ 123 Unsecured debt(a) 15,764 14,527 17,340 16,323 Finance lease liabilities 469 478 381 381 Total automotive debt(b) $ 16,357 $ 15,129 $ 17,844 $ 16,828 Fair value utilizing Level 1 inputs $ 14,118 $ 15,971 Fair value utilizing Level 2 inputs $ 1,011 $ 857 Available under credit facility agreements(c) $ 13,472 $ 15,095 Weighted-average interest rate on outstanding short-term debt(d) 14.2 % 6.1 % Weighted-average interest rate on outstanding long-term debt(d) 5.8 % 5.8 % __________ (a) Primarily consists of senior notes. (b) Includes net discount and debt issuance costs of $522 million and $525 million at September 30, 2023 and December 31, 2022. (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] | |
Schedule of Debt Carrying Amount and Fair Value | The following table presents debt of GM Financial: September 30, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 45,271 $ 44,817 $ 42,131 $ 41,467 Unsecured debt 57,244 55,338 54,723 52,270 Total GM Financial debt $ 102,515 $ 100,155 $ 96,854 $ 93,738 Fair value utilizing Level 2 inputs $ 98,032 $ 91,545 Fair value utilizing Level 3 inputs $ 2,123 $ 2,192 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative [Line Items] | |
Schedule of Cumulative Basis Adjustments for Fair Value Hedges | The following amounts were recorded in the condensed consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships: September 30, 2023 December 31, 2022 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 $ 2,758 $ (8) $ 3,048 $ 2 Long-term unsecured debt 26,788 1,232 25,271 779 GM Financial unsecured debt $ 29,545 $ 1,224 $ 28,319 $ 781 __________ (a) Includes $615 million and an insignificant amount of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at September 30, 2023 and December 31, 2022. |
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 September 30, 2023 December 31, 2022 Derivatives not designated as hedges(a) Foreign currency 2 $ 1,208 $ 4,072 Commodity 2 688 1,075 Total derivative financial instruments $ 1,895 $ 5,148 __________ (a) The fair value of these derivative instruments at September 30, 2023 and December 31, 2022 and the gains/losses included in our condensed consolidated income statements for the three and nine months ended September 30, 2023 and 2022 were insignificant, unless otherwise noted. |
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 September 30, 2023 December 31, 2022 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 $ 21,820 $ — $ 827 $ 19,950 $ — $ 821 Cash flow hedges Interest rate swaps 2 1,881 27 4 1,434 34 1 Foreign currency swaps(b) 2 7,674 20 547 6,852 — 586 Derivatives not designated as hedges(a) Interest rate contracts 2 117,215 2,248 2,299 113,975 2,268 1,984 Total derivative financial instruments(c) $ 148,589 $ 2,295 $ 3,677 $ 142,212 $ 2,302 $ 3,392 __________ (a) The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three and nine months ended September 30, 2023 and 2022 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities. (b) The effect of foreign currency cash flow hedges recognized in Accumulated other comprehensive loss in the consolidated statements of comprehensive income includes losses of $154 million and $383 million for the three months ended September 30, 2023 and 2022, and losses of an insignificant amount and $832 million for the nine months ended September 30, 2023 and 2022. The effect of foreign currency cash flow hedges reclassified from Accumulated other comprehensive loss in the consolidated statements of comprehensive income into income includes losses of $226 million and $386 million for the three months ended September 30, 2023 and 2022 and losses of $129 million and $944 million for the nine months ended September 30, 2023 and 2022. (c) GM Financial held $685 million and $553 million of collateral from counterparties available for netting against GM Financial's asset positions and posted $1.7 billion and $1.5 billion of collateral to counterparties available for netting against GM Financial's liability positions at September 30, 2023 and December 31, 2022. |
Product Warranty and Related _2
Product Warranty and Related Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Policy, Product Warranty and Recall Campaigns | Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Product Warranty and Related Liabilities Warranty balance at beginning of period $ 8,741 $ 8,969 $ 8,530 $ 9,774 Warranties issued and assumed in period – recall campaigns 157 168 707 490 Warranties issued and assumed in period – product warranty 693 516 1,748 1,426 Payments (1,017) (1,001) (3,044) (3,090) Adjustments to pre-existing warranties 147 78 758 150 Effect of foreign currency and other (22) (49) — (68) Warranty balance at end of period 8,699 8,682 8,699 8,682 Less: Supplier recoveries balance at end of period(a) 82 1,189 82 1,189 Warranty balance, net of supplier recoveries at end of period $ 8,616 $ 7,493 $ 8,616 $ 7,493 __________ (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 Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Product Warranty Expense, Net of Recoveries Warranties issued and assumed in period $ 850 $ 685 $ 2,455 $ 1,916 Supplier recoveries accrued in period (53) (57) 636 (196) Adjustments and other 125 29 759 82 Warranty expense, net of supplier recoveries $ 922 $ 657 $ 3,850 $ 1,802 |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Pension and OPEB (Income) Expense | Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 44 $ 39 $ 3 $ 58 $ 35 $ 4 Interest cost 568 184 59 323 71 37 Expected return on plan assets (730) (192) — (750) (130) — Amortization of prior service cost (credit) (1) 1 — (1) 1 (1) Amortization of net actuarial (gains) losses — 8 (6) 5 32 17 Net periodic pension and OPEB (income) expense $ (119) $ 40 $ 56 $ (365) $ 9 $ 57 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 131 $ 123 $ 7 $ 174 $ 103 $ 12 Interest cost 1,704 521 177 969 221 111 Expected return on plan assets (2,190) (544) — (2,250) (404) — Amortization of prior service cost (credit) (2) 2 (1) (2) 3 (4) Amortization of net actuarial (gains) losses — 25 (17) 14 101 51 Net periodic pension and OPEB (income) expense $ (357) $ 127 $ 166 $ (1,095) $ 24 $ 170 |
Restructuring and Other Initi_2
Restructuring and Other Initiatives (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserves and Charges | The following table summarizes the reserves and charges related to restructuring and other initiatives, including postemployment benefit reserves and charges: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Balance at beginning of period $ 1,151 $ 152 $ 520 $ 285 Additions, interest accretion and other 161 7 1,396 11 Payments (661) (22) (1,266) (144) Revisions to estimates and effect of foreign currency (2) (9) — (23) Balance at end of period $ 650 $ 129 $ 650 $ 129 |
Stockholders' Equity and Nonc_2
Stockholders' Equity and Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the significant components of Accumulated other comprehensive loss: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Foreign Currency Translation Adjustments Balance at beginning of period $ (2,693) $ (2,557) $ (2,776) $ (2,653) Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b) (129) (645) (47) (550) Balance at end of period $ (2,822) $ (3,202) $ (2,822) $ (3,202) Defined Benefit Plans Balance at beginning of period $ (4,930) $ (6,150) $ (4,851) $ (6,528) Other comprehensive income (loss) before reclassification adjustment, net of tax(b) 70 235 (14) 514 Reclassification adjustment, net of tax(b) 7 47 13 146 Other comprehensive income (loss), net of tax(b) 77 282 (1) 660 Balance at end of period(c) $ (4,853) $ (5,868) $ (4,853) $ (5,868) __________ (a) The noncontrolling interests and reclassification adjustments were insignificant in the three and nine months ended September 30, 2023 and 2022. (b) The income tax effect was insignificant in the three and nine months ended September 30, 2023 and 2022. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Basic and Diluted | Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Basic earnings per share Net income (loss) attributable to stockholders $ 3,064 $ 3,305 $ 8,026 $ 7,935 Less: cumulative dividends on subsidiary preferred stock(a) (26) (26) (80) (1,004) Net income (loss) attributable to common stockholders $ 3,038 $ 3,278 $ 7,946 $ 6,931 Weighted-average common shares outstanding 1,372 1,448 1,384 1,455 Basic earnings per common share $ 2.21 $ 2.26 $ 5.74 $ 4.76 Diluted earnings per share Net income (loss) attributable to common stockholders – diluted $ 3,038 $ 3,278 $ 7,946 $ 6,931 Weighted-average common shares outstanding – basic 1,372 1,448 1,384 1,455 Dilutive effect of awards under stock incentive plans 6 9 6 9 Weighted-average common shares outstanding – diluted 1,378 1,457 1,390 1,464 Diluted earnings per common share $ 2.20 $ 2.25 $ 5.72 $ 4.73 Potentially dilutive securities(b) 14 10 14 10 __________ (a) Includes a $909 million deemed dividend related to the redemption of Cruise preferred shares from SoftBank in the nine months ended September 30, 2022. (b) Potentially dilutive securities attributable to outstanding stock options and Restricted Stock Units (RSUs) at September 30, 2023 and 2022 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables summarize key financial information by segment: At and For the Three Months Ended September 30, 2023 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 36,106 $ 4,330 $ 67 $ 40,503 $ 25 $ 3,641 $ (38) $ 44,131 Earnings (loss) before interest and taxes-adjusted $ 3,526 $ 357 $ (322) $ 3,561 $ (732) $ 741 $ (7) $ 3,564 Adjustments(a) $ (123) $ — $ — $ (123) $ — $ — $ — (123) Automotive interest income 322 Automotive interest expense (229) Net income (loss) attributable to noncontrolling interests (70) Income (loss) before income taxes 3,464 Income tax benefit (expense) (470) Net income (loss) 2,994 Net loss (income) attributable to noncontrolling interests 70 Net income (loss) attributable to stockholders $ 3,064 Equity in net assets of nonconsolidated affiliates $ 2,603 $ 6,256 $ — $ — $ 8,859 $ — $ 1,691 $ — $ 10,549 Goodwill and intangibles $ 2,112 $ 716 $ 4 $ — $ 2,832 $ 723 $ 1,352 $ — $ 4,907 Total assets $ 155,556 $ 24,444 $ 47,964 $ (77,461) $ 150,504 $ 4,888 $ 128,962 $ (2,649) $ 281,705 Depreciation and amortization $ 1,585 $ 158 $ 5 $ — $ 1,749 $ 12 $ 1,231 $ — $ 2,992 Impairment charges $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity income (loss)(b) $ 105 $ 190 $ — $ — $ 295 $ — $ 33 $ — $ 328 __________ (a) Consists of charges for strategic activities related to Buick dealerships and charges related to the VSP in GMNA. (b) Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. In the three months ended September 30, 2023, equity earnings related to Ultium Cells Holdings LLC were $101 million. At and For the Three Months Ended September 30, 2022 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 34,691 $ 3,980 $ 32 $ 38,703 $ 25 $ 3,187 $ (27) $ 41,889 Earnings (loss) before interest and taxes-adjusted $ 3,894 $ 334 $ (352) $ 3,876 $ (497) $ 911 $ (2) $ 4,287 Adjustments $ — $ — $ — $ — $ — $ — $ — — Automotive interest income 122 Automotive interest expense (259) Net income (loss) attributable to noncontrolling interests (53) Income (loss) before income taxes 4,097 Income tax benefit (expense) (845) Net income (loss) 3,252 Net loss (income) attributable to noncontrolling interests 53 Net income (loss) attributable to stockholders $ 3,305 Equity in net assets of nonconsolidated affiliates $ 1,641 $ 6,564 $ — $ — $ 8,205 $ — $ 1,705 $ — $ 9,910 Goodwill and intangibles $ 2,160 $ 744 $ 4 $ — $ 2,908 $ 721 $ 1,339 $ — $ 4,968 Total assets $ 134,823 $ 23,756 $ 38,693 $ (59,941) $ 137,331 $ 5,669 $ 118,917 $ (1,388) $ 260,529 Depreciation and amortization $ 1,419 $ 124 $ 5 $ — $ 1,548 $ 15 $ 1,212 $ — $ 2,774 Impairment charges $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity income (loss) $ (6) $ 329 $ — $ — $ 323 $ — $ 44 $ — $ 367 At and For the Nine Months Ended September 30, 2023 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 106,214 $ 12,011 $ 177 $ 118,403 $ 76 $ 10,482 $ (98) $ 128,863 Earnings (loss) before interest and taxes-adjusted $ 10,295 $ 940 $ (996) $ 10,240 $ (1,904) $ 2,278 $ (13) $ 10,601 Adjustments(a) $ (1,343) $ 76 $ — $ (1,267) $ — $ — $ — (1,267) Automotive interest income 801 Automotive interest expense (689) Net income (loss) attributable to noncontrolling interests (179) Income (loss) before income taxes 9,267 Income tax benefit (expense) (1,421) Net income (loss) 7,846 Net loss (income) attributable to noncontrolling interests 179 Net income (loss) attributable to stockholders $ 8,026 Depreciation and amortization $ 4,544 $ 424 $ 15 $ — $ 4,984 $ 27 $ 3,727 $ — $ 8,738 Impairment charges $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity income (loss)(b) $ 89 $ 348 $ — $ — $ 437 $ — $ 111 $ — $ 548 __________ (a) Consists of charges for strategic activities related to Buick dealerships and charges related to the VSP in GMNA and the partial resolution of Korean subcontractor matters in GMI. (b) Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. In the nine months ended September 30, 2023, equity earnings related to Ultium Cells Holdings LLC were $191 million. At and For the Nine Months Ended September 30, 2022 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 92,907 $ 11,100 $ 132 $ 104,140 $ 76 $ 9,489 $ (79) $ 113,627 Earnings (loss) before interest and taxes-adjusted $ 9,334 $ 871 $ (1,470) $ 8,735 $ (1,365) $ 3,301 $ 4 $ 10,675 Adjustments(a) $ 100 $ — $ — $ 100 $ (1,057) $ — $ — (957) Automotive interest income 245 Automotive interest expense (719) Net income (loss) attributable to noncontrolling interests (234) Income (loss) before income taxes 9,009 Income tax benefit (expense) (1,308) Net income (loss) 7,701 Net loss (income) attributable to noncontrolling interests 234 Net income (loss) attributable to stockholders $ 7,935 Depreciation and amortization $ 4,399 $ 389 $ 16 $ — $ 4,804 $ 39 $ 3,666 $ — $ 8,509 Impairment charges $ 11 $ — $ — $ — $ 11 $ — $ — $ — $ 11 Equity income (loss) $ (6) $ 472 $ — $ — $ 467 $ — $ 148 $ — $ 615 __________ (a) Consists of the resolution of substantially all royalty matters accrued with respect to past-year vehicle sales in GMNA; and charges related to the one-time modification of Cruise stock incentive awards. |
Revenue - Major Source (Details
Revenue - Major Source (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | $ 40,498 | $ 38,703 | $ 118,398 | $ 104,141 |
Leased vehicle income | 1,820 | 1,912 | 5,458 | 5,967 |
Finance charge income | 1,616 | 1,157 | 4,469 | 3,229 |
Other income | 197 | 117 | 538 | 290 |
GM Financial net sales and revenue | 3,633 | 3,185 | 10,465 | 9,486 |
Net sales and revenue | 44,131 | 41,889 | 128,863 | 113,627 |
Operating Segments | Cruise | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 25 | 25 | 76 | 76 |
Net sales and revenue | 25 | 25 | 76 | 76 |
Operating Segments | GM Financial | ||||
Disaggregation of Revenue [Line Items] | ||||
Leased vehicle income | 1,820 | 1,912 | 5,458 | 5,967 |
Finance charge income | 1,621 | 1,158 | 4,480 | 3,230 |
Other income | 200 | 118 | 544 | 293 |
GM Financial net sales and revenue | 3,641 | 3,187 | 10,482 | 9,489 |
Net sales and revenue | 3,641 | 3,187 | 10,482 | 9,489 |
Eliminations/ Reclassifications | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | (30) | (25) | (81) | (75) |
Leased vehicle income | 0 | 0 | 0 | |
Finance charge income | (5) | (11) | 0 | |
Other income | (3) | (1) | (6) | (3) |
GM Financial net sales and revenue | (8) | (2) | (17) | (3) |
Net sales and revenue | (38) | (27) | (98) | (79) |
Automotive | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 40,498 | 38,703 | 118,398 | 104,141 |
Automotive | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 40,503 | 38,703 | 118,403 | 104,140 |
Net sales and revenue | 40,503 | 38,703 | 118,403 | 104,140 |
Automotive | Operating Segments | GMNA | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 36,106 | 34,691 | 106,214 | 92,907 |
Net sales and revenue | 36,106 | 34,691 | 106,214 | 92,907 |
Automotive | Operating Segments | GMI | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 4,330 | 3,980 | 12,011 | 11,100 |
Net sales and revenue | 4,330 | 3,980 | 12,011 | 11,100 |
Automotive | Corporate | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 67 | 32 | 177 | 132 |
Net sales and revenue | 67 | 32 | 177 | 132 |
Vehicle, parts and accessories | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 38,818 | 37,363 | 113,805 | 100,267 |
Vehicle, parts and accessories | Eliminations/ Reclassifications | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | (5) | 0 | (6) | 0 |
Vehicle, parts and accessories | Automotive | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 38,823 | 37,363 | 113,811 | 100,267 |
Vehicle, parts and accessories | Automotive | Operating Segments | GMNA | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 34,893 | 33,749 | 102,868 | 90,147 |
Vehicle, parts and accessories | Automotive | Operating Segments | GMI | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 3,913 | 3,613 | 10,876 | 10,092 |
Vehicle, parts and accessories | Automotive | Corporate | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 17 | 1 | 67 | 28 |
Used vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 322 | 155 | 763 | 378 |
Used vehicles | Eliminations/ Reclassifications | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 0 | 0 | 0 | 0 |
Used vehicles | Automotive | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 322 | 155 | 763 | 378 |
Used vehicles | Automotive | Operating Segments | GMNA | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 310 | 143 | 741 | 355 |
Used vehicles | Automotive | Operating Segments | GMI | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 12 | 12 | 22 | 23 |
Used vehicles | Automotive | Corporate | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 0 | 0 | 0 | 0 |
Services and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 1,359 | 1,185 | 3,829 | 3,495 |
Services and other | Operating Segments | Cruise | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 25 | 25 | 76 | 76 |
Services and other | Eliminations/ Reclassifications | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | (25) | (25) | (75) | (75) |
Services and other | Automotive | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 1,358 | 1,185 | 3,828 | 3,494 |
Services and other | Automotive | Operating Segments | GMNA | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 903 | 799 | 2,605 | 2,405 |
Services and other | Automotive | Operating Segments | GMI | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 405 | 355 | 1,113 | 985 |
Services and other | Automotive | Corporate | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | $ 50 | $ 31 | $ 110 | $ 104 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |||||
Contract liabilities | $ 4,800 | $ 4,800 | $ 3,300 | ||
Deferred revenue recognized | 284 | $ 256 | 1,100 | $ 982 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Deferred revenue expected to be recognized | $ 555 | $ 555 | |||
Expected timing of performance obligation | 3 months | 3 months | |||
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 | $ 1,500 | $ 1,500 | |||
Expected timing of performance obligation | 1 year | 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 | $ 1,200 | $ 1,200 | |||
Expected timing of performance obligation | 1 year | 1 year | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Deferred revenue expected to be recognized | $ 1,600 | $ 1,600 | |||
Expected timing of performance obligation |
Marketable and Other Securiti_3
Marketable and Other Securities - Fair Value of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | $ 19,907 | |
Total cash and cash equivalents | 25,224 | $ 19,153 |
Cash and cash equivalents | 316 | 341 |
Total restricted cash | 3,754 | 2,796 |
Due in one year or less | 14,426 | |
Due between one and five years | 5,482 | |
Total available-for-sale debt securities with contractual maturities | 19,907 | |
Cruise | ||
Summary of Investment Holdings [Line Items] | ||
Total cash and cash equivalents | 1,500 | 1,500 |
Cash and cash equivalents | ||
Summary of Investment Holdings [Line Items] | ||
Cash and time deposits | 9,813 | 8,921 |
Total available-for-sale debt securities with contractual maturities | 11,029 | 5,618 |
Total available-for-sale debt securities with contractual maturities | 11,029 | 5,618 |
Cash and cash equivalents | Level 1 | ||
Summary of Investment Holdings [Line Items] | ||
Money market funds | 4,382 | 4,613 |
Marketable debt securities | ||
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 9,651 | 12,150 |
Total available-for-sale debt securities with contractual maturities | 9,651 | 12,150 |
Marketable debt securities | Cruise | ||
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 192 | 1,400 |
Total available-for-sale debt securities with contractual maturities | 192 | 1,400 |
Other Current Assets | Level 1 | ||
Summary of Investment Holdings [Line Items] | ||
Money market funds | 3,438 | 2,455 |
U.S. government and agencies | Cash and cash equivalents | Level 2 | ||
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 2,191 | 1,012 |
Total available-for-sale debt securities with contractual maturities | 2,191 | 1,012 |
U.S. government and agencies | Marketable debt securities | Level 2 | ||
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 3,767 | 4,357 |
Total available-for-sale debt securities with contractual maturities | 3,767 | 4,357 |
Corporate debt | Cash and cash equivalents | Level 2 | ||
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 5,962 | 2,778 |
Total available-for-sale debt securities with contractual maturities | 5,962 | 2,778 |
Corporate debt | Marketable debt securities | Level 2 | ||
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 3,890 | 5,147 |
Total available-for-sale debt securities with contractual maturities | 3,890 | 5,147 |
Mortgage and asset-backed | Marketable debt securities | Level 2 | ||
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 617 | 538 |
Total available-for-sale debt securities with contractual maturities | 617 | 538 |
Sovereign debt | Cash and cash equivalents | Level 2 | ||
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 2,876 | 1,828 |
Total available-for-sale debt securities with contractual maturities | 2,876 | 1,828 |
Sovereign debt | Marketable debt securities | Level 2 | ||
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 1,376 | 2,108 |
Total available-for-sale debt securities with contractual maturities | $ 1,376 | $ 2,108 |
Marketable and Other Securiti_4
Marketable and Other Securities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Marketable Securities [Abstract] | |||||
Sale proceeds from investments classified as available-for-sale and sold prior to maturity | $ 454 | $ 441 | $ 1,500 | $ 1,400 | |
Net unrealized losses on available-for-sale debt securities | $ 367 | ||||
Cumulative unrealized losses on available-for-sale debt securities | $ 293 | $ 293 | $ 344 |
Marketable and Other Securiti_5
Marketable and Other Securities - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Marketable Securities [Abstract] | ||||
Cash and cash equivalents | $ 25,224 | $ 19,153 | ||
Restricted cash included in Other current assets | 3,279 | |||
Restricted cash included in Other assets | 475 | |||
Total | $ 28,978 | $ 21,948 | $ 23,499 | $ 23,542 |
GM Financial Receivables and _3
GM Financial Receivables and Transactions - Summary of Finance Receivables (Details) - GM Financial - USD ($) $ in Millions | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Finance Receivables [Line Items] | ||||||
GM Financial receivables, net of fees | $ 83,469 | $ 76,310 | ||||
Less: allowance for loan losses | (2,258) | $ (2,202) | (2,096) | $ (2,086) | $ (2,027) | $ (1,886) |
GM Financial receivables, net | 81,211 | 74,214 | ||||
Retail Finance Receivables | ||||||
Finance Receivables [Line Items] | ||||||
GM Financial receivables, net of fees | 71,704 | 65,322 | $ 63,461 | |||
Less: allowance for loan losses | (2,224) | (2,062) | ||||
GM Financial receivables, net | 69,480 | 63,260 | ||||
Commercial Finance Receivables | ||||||
Finance Receivables [Line Items] | ||||||
GM Financial receivables, net of fees | 11,765 | 10,988 | ||||
Less: allowance for loan losses | (34) | (34) | ||||
GM Financial receivables, net | 11,731 | 10,954 | ||||
Dealer cash management balance | 2,400 | 1,900 | ||||
Level 2 | ||||||
Finance Receivables [Line Items] | ||||||
Fair value of GM Financial receivables | 11,731 | 10,954 | ||||
Level 3 | ||||||
Finance Receivables [Line Items] | ||||||
Fair value of GM Financial receivables | $ 68,690 | $ 62,150 |
GM Financial Receivables and _4
GM Financial Receivables and Transactions - Allowance for Loan Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit loss of finance receivables, percentage | 2.70% | 2.70% | 2.70% | ||
GM Financial | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for loan losses at beginning of period | $ 2,202 | $ 2,027 | $ 2,096 | $ 1,886 | |
Provision for loan losses | 235 | 180 | 533 | 500 | |
Charge-offs | (366) | (289) | (1,012) | (811) | |
Recoveries | 196 | 173 | 574 | 511 | |
Effect of foreign currency and other | (8) | (4) | 67 | 0 | |
Allowance for loan losses at end of period | $ 2,258 | $ 2,086 | $ 2,258 | $ 2,086 |
GM Financial Receivables and _5
GM Financial Receivables and Transactions - Credit Risk Profile by FICO Score (Details) - GM Financial - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | $ 83,469 | $ 76,310 | |
Retail Finance Receivables | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 24,278 | 29,090 | |
2022 | 22,207 | 18,745 | |
2021 | 14,028 | 11,081 | |
2020 | 7,777 | 3,992 | |
2019 | 2,421 | 1,824 | |
Prior | 994 | 589 | |
Total | $ 71,704 | $ 65,322 | $ 63,461 |
Percent | 100% | 100% | |
Retail Finance Receivables | Prime – FICO score 680 and greater | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | $ 19,330 | $ 22,677 | |
2022 | 17,114 | 13,399 | |
2021 | 10,013 | 7,991 | |
2020 | 5,602 | 2,254 | |
2019 | 1,325 | 1,019 | |
Prior | 467 | 205 | |
Total | $ 53,851 | $ 47,543 | |
Percent | 75.10% | 72.80% | |
Retail Finance Receivables | Near-prime – FICO score 620 to 679 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | $ 2,556 | $ 3,202 | |
2022 | 2,485 | 2,601 | |
2021 | 1,930 | 1,487 | |
2020 | 1,031 | 688 | |
2019 | 420 | 310 | |
Prior | 179 | 104 | |
Total | $ 8,600 | $ 8,392 | |
Percent | 12% | 12.80% | |
Retail Finance Receivables | Sub-prime – FICO score less than 620 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | $ 2,391 | $ 3,211 | |
2022 | 2,608 | 2,746 | |
2021 | 2,085 | 1,604 | |
2020 | 1,145 | 1,051 | |
2019 | 676 | 496 | |
Prior | 348 | 280 | |
Total | $ 9,253 | $ 9,388 | |
Percent | 12.90% | 14.40% |
GM Financial Receivables and _6
GM Financial Receivables and Transactions - Retail Finance Receivables Delinquencies (Details) - GM Financial - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
Total | $ 83,469 | $ 76,310 | |
Retail Finance Receivables | |||
Financing Receivable, Past Due [Line Items] | |||
Finance receivables, nonaccrual status | 731 | 685 | |
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2023 | 24,278 | 29,090 | |
2022 | 22,207 | 18,745 | |
2021 | 14,028 | 11,081 | |
2020 | 7,777 | 3,992 | |
2019 | 2,421 | 1,824 | |
Prior | 994 | 589 | |
Total | $ 71,704 | $ 65,322 | $ 63,461 |
Percent | 100% | 100% | |
Total, percent | 100% | 100% | 100% |
Performing Financial Instruments | 0-to-30 days | Retail Finance Receivables | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2023 | $ 24,021 | $ 28,676 | |
2022 | 21,631 | 18,128 | |
2021 | 13,489 | 10,702 | |
2020 | 7,478 | 3,743 | |
2019 | 2,242 | 1,685 | |
Prior | 873 | 493 | |
Total | $ 69,735 | $ 63,426 | $ 61,836 |
Percent | 97.30% | 97.10% | 97.40% |
Nonperforming Financial Instruments | 31-to-60 days | Retail Finance Receivables | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2023 | $ 187 | $ 310 | |
2022 | 408 | 452 | |
2021 | 389 | 275 | |
2020 | 219 | 184 | |
2019 | 133 | 103 | |
Prior | 88 | 69 | |
Total | $ 1,424 | $ 1,393 | $ 1,185 |
Percent of contractual amount due | 2% | 2.10% | 1.90% |
Nonperforming Financial Instruments | Greater-than-60 days | Retail Finance Receivables | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2023 | $ 59 | $ 93 | |
2022 | 146 | 150 | |
2021 | 135 | 98 | |
2020 | 73 | 62 | |
2019 | 43 | 35 | |
Prior | 31 | 26 | |
Total | $ 488 | $ 465 | $ 394 |
Percent of contractual amount due | 0.70% | 0.70% | 0.60% |
Nonperforming Financial Instruments | Finance receivables more than 30 days delinquent | Retail Finance Receivables | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2023 | $ 246 | $ 403 | |
2022 | 555 | 603 | |
2021 | 524 | 373 | |
2020 | 292 | 246 | |
2019 | 175 | 138 | |
Prior | 119 | 95 | |
Total | $ 1,911 | $ 1,857 | $ 1,579 |
Percent of contractual amount due | 2.70% | 2.80% | 2.50% |
Nonperforming Financial Instruments | In repossession | Retail Finance Receivables | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2023 | $ 11 | $ 11 | |
2022 | 21 | 14 | |
2021 | 14 | 6 | |
2020 | 7 | 4 | |
2019 | 4 | 2 | |
Prior | 2 | 1 | |
Total | $ 58 | $ 39 | $ 46 |
Percent of contractual amount due | 0.10% | 0.10% | 0.10% |
Nonperforming Financial Instruments | Finance receivables more than 30 days delinquent or in repossession | Retail Finance Receivables | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2023 | $ 257 | $ 414 | |
2022 | 575 | 617 | |
2021 | 538 | 380 | |
2020 | 299 | 249 | |
2019 | 179 | 140 | |
Prior | 121 | 96 | |
Total | $ 1,969 | $ 1,896 | $ 1,625 |
Percent of contractual amount due | 2.70% | 2.90% | 2.60% |
GM Financial Receivables and _7
GM Financial Receivables and Transactions - Commercial Finance Receivables Credit Quality Indicators (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
GM Financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 83,469 | $ 76,310 |
Commercial Finance Receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Finance receivables, nonaccrual status | 0 | |
Commercial Finance Receivables | GM Financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | 10,421 | 9,660 |
2023 | 149 | 453 |
2022 | 432 | 357 |
2021 | 318 | 360 |
2020 | 322 | 102 |
2019 | 92 | 38 |
Prior | 31 | 18 |
Total | $ 11,765 | $ 10,988 |
Percent | 100% | 100% |
Commercial Finance Receivables | GM Financial | Group I - Performing accounts with strong to acceptable financial metrics | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 10,129 | $ 9,493 |
2023 | 149 | 438 |
2022 | 414 | 356 |
2021 | 308 | 360 |
2020 | 321 | 91 |
2019 | 84 | 38 |
Prior | 31 | 18 |
Total | $ 11,435 | $ 10,794 |
Percent | 97.20% | 98.20% |
Commercial Finance Receivables | GM Financial | Group II - Performing accounts experiencing potential weakness in financial metrics | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 142 | $ 89 |
2023 | 0 | 0 |
2022 | 2 | 1 |
2021 | 1 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Total | $ 146 | $ 91 |
Percent | 1.20% | 0.80% |
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 | $ 150 | $ 78 |
2023 | 0 | 15 |
2022 | 16 | 0 |
2021 | 9 | 0 |
2020 | 0 | 10 |
2019 | 8 | 0 |
Prior | 0 | 0 |
Total | $ 184 | $ 104 |
Percent | 1.60% | 0.90% |
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 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Total | $ 0 | $ 0 |
Percent | 0% | 0% |
Floorplan Advances | Commercial Finance Receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percent of revolving balance | 95% | 97% |
GM Financial Receivables and _8
GM Financial Receivables and Transactions - Intercompany Transactions (Details) - GM Financial - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Financing receivable, net | $ 81,211 | $ 81,211 | $ 74,214 | ||
Common stock dividends declared and paid | 450 | $ 275 | 1,400 | $ 1,000 | |
Eliminations | |||||
Related Party Transaction [Line Items] | |||||
Subvention receivable | 837 | 837 | 469 | ||
Taxes payable to GM | 412 | 412 | 8 | ||
Interest subvention earned on finance receivables | 319 | 260 | 906 | 715 | |
Leased vehicle subvention earned | 382 | 456 | 1,165 | 1,503 | |
Cash payments | 629 | $ 732 | 2,300 | $ 1,700 | |
Commercial Finance Receivables | |||||
Related Party Transaction [Line Items] | |||||
Financing receivable, net | 11,731 | 11,731 | 10,954 | ||
Commercial Finance Receivables | Eliminations | |||||
Related Party Transaction [Line Items] | |||||
Financing receivable, net | 163 | 163 | 187 | ||
Commercial loan funding payable | 62 | 62 | 105 | ||
Retail Finance Receivables | |||||
Related Party Transaction [Line Items] | |||||
Financing receivable, net | 69,480 | 69,480 | 63,260 | ||
Retail Finance Receivables | Eliminations | |||||
Related Party Transaction [Line Items] | |||||
Financing receivable, net | $ 276 | $ 276 | $ 113 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Total productive material, supplies and work in process | $ 8,393 | $ 8,014 |
Finished product, including service parts | 9,347 | 7,353 |
Total inventories | $ 17,740 | $ 15,366 |
Equipment on Operating Leases_2
Equipment on Operating Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Lessor, Lease, Description [Line Items] | |||||
Equipment on operating leases | $ 38,777 | $ 38,777 | $ 40,919 | ||
Less: accumulated depreciation | (7,716) | (7,716) | (8,218) | ||
Equipment on operating leases, net | 31,061 | 31,061 | 32,701 | ||
Residual value of leased asset | 23,200 | 23,200 | $ 24,700 | ||
Depreciation expense | 1,200 | $ 1,200 | 3,700 | $ 3,600 | |
GM Financial | |||||
Lessor Operating Lease Payments to be Received | |||||
2023 | 1,415 | 1,415 | |||
2024 | 4,319 | 4,319 | |||
2025 | 2,554 | 2,554 | |||
2026 | 821 | 821 | |||
2027 | 63 | 63 | |||
Thereafter | 2 | 2 | |||
Total | $ 9,172 | $ 9,172 |
Equity in Net Assets of Nonco_3
Equity in Net Assets of Nonconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity income (loss) | $ 328 | $ 367 | $ 548 | $ 615 | |||||
Net sales and revenue | 44,131 | 41,889 | 128,863 | 113,627 | |||||
Net income (loss) | 2,994 | $ 2,507 | $ 2,346 | 3,252 | $ 1,642 | $ 2,807 | 7,846 | 7,701 | |
Dividends declared | 260 | ||||||||
Distributions received | 101 | 435 | 514 | 491 | |||||
Equity Method Investee | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Undistributed earnings | 2,000 | 2,000 | $ 1,900 | ||||||
Automotive China JVs equity income | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Net sales and revenue | 7,858 | 10,393 | 21,817 | 25,467 | |||||
Net income (loss) | 485 | 661 | 904 | 959 | |||||
Automotive China JVs equity income | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity income (loss) | 192 | 330 | $ 353 | 477 | |||||
Change in ownership percentage | 0% | ||||||||
Other joint ventures equity income | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity income (loss) | 136 | $ 38 | $ 195 | $ 138 | |||||
Ultium Cells Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity income (loss) | $ 101 | $ 191 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Consolidated [Abstract] | |||
Total assets | $ 281,705 | $ 264,037 | $ 260,529 |
GM Financial | |||
Consolidated [Abstract] | |||
GM Financial receivables, net of fees – current | 36,224 | 33,623 | |
GM Financial receivables, net of fees – non-current | 44,987 | 40,591 | |
GM Financial short-term debt and current portion of long-term debt | 38,256 | 36,819 | |
GM Financial long-term debt | 64,259 | 60,036 | |
Consolidated VIE | GM Financial | |||
Consolidated [Abstract] | |||
Restricted cash – current | 3,092 | 2,176 | |
Restricted cash – non-current | 367 | 360 | |
GM Financial receivables, net of fees – current | 20,897 | 19,896 | |
GM Financial receivables, net of fees – non-current | 22,912 | 18,748 | |
GM Financial equipment on operating leases, net | 16,120 | 18,456 | |
GM Financial short-term debt and current portion of long-term debt | 22,895 | 21,643 | |
GM Financial long-term debt | 22,440 | 20,545 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Consolidated [Abstract] | |||
Total assets | 2,500 | 1,600 | |
Maximum loss exposure amount | 3,500 | 3,300 | |
Variable Interest Entity, Not Primary Beneficiary | Ultium Cells LLC | Capital Addition Purchase Commitments | |||
Consolidated [Abstract] | |||
Committed capital contributions | $ 800 | $ 1,400 |
Debt - Schedule of Debt Carryin
Debt - Schedule of Debt Carrying Amount and Fair Value (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |
Mar. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Automotive | |||
Debt Instrument [Line Items] | |||
Finance lease liabilities | $ 469 | $ 381 | |
Finance lease liabilities, Fair Value | 478 | 381 | |
Carrying Amount | 16,357 | 17,844 | |
Fair Value | 15,129 | 16,828 | |
Available under credit facility agreements | $ 13,472 | $ 15,095 | |
Weighted-average interest rate on outstanding short-term debt | 14.20% | 6.10% | |
Weighted-average interest rate on outstanding long-term debt | 5.80% | 5.80% | |
Net discount and debt issuance costs | $ 522 | $ 525 | |
Automotive | Secured Debt | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 125 | 124 | |
Fair Value | 124 | 123 | |
Automotive | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 15,764 | 17,340 | |
Fair Value | 14,527 | 16,323 | |
Automotive | Level 1 | |||
Debt Instrument [Line Items] | |||
Fair Value | 14,118 | 15,971 | |
Automotive | Level 2 | |||
Debt Instrument [Line Items] | |||
Fair Value | 1,011 | 857 | |
GM Financial | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 102,515 | 96,854 | |
Fair Value | 100,155 | 93,738 | |
GM Financial | Secured Debt | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 45,271 | 42,131 | |
Fair Value | 44,817 | 41,467 | |
GM Financial | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 57,244 | 54,723 | |
Fair Value | $ 55,338 | 52,270 | |
GM Financial | Unsecured Debt | Line of Credit | $2.0 Billion Dollar Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt term | 364 days | 364 days | |
Aggregate borrowing capacity | $ 2,000 | $ 2,000 | |
GM Financial | Level 2 | |||
Debt Instrument [Line Items] | |||
Fair Value | 98,032 | 91,545 | |
GM Financial | Level 3 | |||
Debt Instrument [Line Items] | |||
Fair Value | $ 2,123 | $ 2,192 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Billions | 1 Months Ended | 9 Months Ended | ||
Oct. 24, 2023 | Mar. 31, 2023 | Sep. 30, 2023 | Feb. 28, 2023 | |
Unsecured Debt | Line of Credit | Five Year Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Aggregate borrowing capacity | $ 10 | $ 11.2 | ||
Unsecured Debt | Line of Credit | Three Year Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Aggregate borrowing capacity | 4.1 | $ 4.3 | ||
Unsecured Debt | Line of Credit | $6.0 Billion Dollar Revolving Credit Facility | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Debt term | 364 days | |||
Aggregate borrowing capacity | $ 6 | |||
Unsecured Debt | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 1.5 | |||
Weighted average interest rate (percent) | 4.875% | |||
GM Financial | Unsecured Debt | Line of Credit | Five Year Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt term | 5 years | |||
GM Financial | Unsecured Debt | Line of Credit | Three Year Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt term | 3 years | |||
GM Financial | Unsecured Debt | Line of Credit | $2.0 Billion Dollar Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt term | 364 days | 364 days | ||
Aggregate borrowing capacity | $ 2 | $ 2 | ||
GM Financial | Unsecured Debt | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 8.3 | |||
Weighted average interest rate (percent) | 5.50% | |||
GM Financial | Secured Debt | Line of Credit | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Increase to maximum borrowing capacity | $ 17.7 | |||
GM Financial | Secured Debt | Notes Payable, Other Payables | Securitization Notes Payable | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 18.1 | |||
Weighted average interest rate (percent) | 5.50% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Notional Amounts for Derivative Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Automotive | Not Designated as Hedges | |||||
Derivative [Line Items] | |||||
Notional | $ 1,895 | $ 1,895 | $ 5,148 | ||
Automotive | Not Designated as Hedges | Foreign currency | Fair Value Level 2 | |||||
Derivative [Line Items] | |||||
Notional | 1,208 | 1,208 | 4,072 | ||
Automotive | Not Designated as Hedges | Commodity | Fair Value Level 2 | |||||
Derivative [Line Items] | |||||
Notional | 688 | 688 | 1,075 | ||
GM Financial | |||||
Derivative [Line Items] | |||||
Notional | 148,589 | 148,589 | 142,212 | ||
Fair Value of Assets | 2,295 | 2,295 | 2,302 | ||
Fair Value of Liabilities | 3,677 | 3,677 | 3,392 | ||
Collateral | 685 | 685 | 553 | ||
Collateral available for netting | 1,700 | 1,700 | 1,500 | ||
GM Financial | Cash Flow Hedges | Foreign currency | |||||
Derivative [Line Items] | |||||
Loss recognized in AOCI | 154 | $ 383 | $ 832 | ||
Loss on AOCI reclassification | 226 | $ 386 | 129 | $ 944 | |
GM Financial | Not Designated as Hedges | Interest rate contracts | Fair Value Level 2 | |||||
Derivative [Line Items] | |||||
Notional | 117,215 | 117,215 | 113,975 | ||
Fair Value of Assets | 2,248 | 2,248 | 2,268 | ||
Fair Value of Liabilities | 2,299 | 2,299 | 1,984 | ||
GM Financial | Designated as Hedges | Fair Value Hedges | Interest rate swaps | Fair Value Level 2 | |||||
Derivative [Line Items] | |||||
Notional | 21,820 | 21,820 | 19,950 | ||
Fair Value of Assets | 0 | 0 | 0 | ||
Fair Value of Liabilities | 827 | 827 | 821 | ||
GM Financial | Designated as Hedges | Cash Flow Hedges | Interest rate swaps | Fair Value Level 2 | |||||
Derivative [Line Items] | |||||
Notional | 1,881 | 1,881 | 1,434 | ||
Fair Value of Assets | 27 | 27 | 34 | ||
Fair Value of Liabilities | 4 | 4 | 1 | ||
GM Financial | Designated as Hedges | Cash Flow Hedges | Foreign currency swaps | Fair Value Level 2 | |||||
Derivative [Line Items] | |||||
Notional | 7,674 | 7,674 | 6,852 | ||
Fair Value of Assets | 20 | 20 | 0 | ||
Fair Value of Liabilities | $ 547 | $ 547 | $ 586 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Balance Sheet Location of GM Financial Unsecured Debt (Details) - Fair Value Hedges - GM Financial - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | $ 29,545 | $ 28,319 |
Cumulative Amount of Fair Value Hedging Adjustments | 1,224 | 781 |
Cumulative fair value adjustment on discontinued hedging relationships | 615 | |
Short-term unsecured debt | ||
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | 2,758 | 3,048 |
Cumulative Amount of Fair Value Hedging Adjustments | (8) | 2 |
Long-term unsecured debt | ||
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | 26,788 | 25,271 |
Cumulative Amount of Fair Value Hedging Adjustments | $ 1,232 | $ 779 |
Product Warranty and Related _3
Product Warranty and Related Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Product Warranty and Related Liabilities [Roll Forward] | |||||
Warranty balance at beginning of period | $ 8,741 | $ 8,969 | $ 8,530 | $ 9,774 | |
Warranties issued and assumed in period – recall campaigns | 157 | 168 | 707 | 490 | |
Warranties issued and assumed in period – product warranty | 693 | 516 | 1,748 | 1,426 | |
Payments | (1,017) | (1,001) | (3,044) | (3,090) | |
Adjustments to pre-existing warranties | 147 | 78 | 758 | 150 | |
Effect of foreign currency and other | (22) | (49) | 0 | (68) | |
Warranty balance at end of period | 8,699 | $ 8,741 | 8,682 | 8,699 | 8,682 |
Less: Supplier recoveries balance at end of period | 82 | 1,189 | 82 | 1,189 | |
Warranty balance, net of supplier recoveries at end of period | 8,616 | 7,493 | 8,616 | 7,493 | |
Product Warranty Expense, Net of Recoveries | |||||
Warranties issued and assumed in period | 850 | 685 | 2,455 | 1,916 | |
Supplier recoveries accrued in period | (53) | (57) | 636 | (196) | |
Adjustments and other | 125 | 29 | 759 | 82 | |
Warranty expense, net of supplier recoveries | 922 | 657 | 3,850 | 1,802 | |
Loss Contingencies [Line Items] | |||||
Supplier recoveries accrued in period | $ 53 | $ 57 | (636) | $ 196 | |
Chevrolet Bolt EV Recall | |||||
Product Warranty Expense, Net of Recoveries | |||||
Supplier recoveries accrued in period | (792) | (792) | |||
Loss Contingencies [Line Items] | |||||
Supplier recoveries accrued in period | $ 792 | $ 792 |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Non-service cost components of net periodic pension and OPEB income | $ 86 | $ 376 | $ 258 | $ 1,100 |
Global OPEB Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Service cost | 3 | 4 | 7 | 12 |
Interest cost | 59 | 37 | 177 | 111 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit) | 0 | (1) | (1) | (4) |
Amortization of net actuarial (gains) losses | (6) | 17 | (17) | 51 |
Net periodic pension and OPEB (income) expense | 56 | 57 | 166 | 170 |
U.S. | Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Service cost | 44 | 58 | 131 | 174 |
Interest cost | 568 | 323 | 1,704 | 969 |
Expected return on plan assets | (730) | (750) | (2,190) | (2,250) |
Amortization of prior service cost (credit) | (1) | (1) | (2) | (2) |
Amortization of net actuarial (gains) losses | 0 | 5 | 0 | 14 |
Net periodic pension and OPEB (income) expense | (119) | (365) | (357) | (1,095) |
Non-U.S. | Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Service cost | 39 | 35 | 123 | 103 |
Interest cost | 184 | 71 | 521 | 221 |
Expected return on plan assets | (192) | (130) | (544) | (404) |
Amortization of prior service cost (credit) | 1 | 1 | 2 | 3 |
Amortization of net actuarial (gains) losses | 8 | 32 | 25 | 101 |
Net periodic pension and OPEB (income) expense | $ 40 | $ 9 | $ 127 | $ 24 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
May 31, 2023 numberOfMotorVehicle | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2020 USD ($) | Sep. 05, 2023 airbagInflator | Dec. 31, 2022 USD ($) | Jul. 31, 2021 defect | Jun. 30, 2021 USD ($) | |
Loss Contingencies [Line Items] | ||||||||||||
Number of vehicles recalled | numberOfMotorVehicle | 1,000,000,000,000 | |||||||||||
Number of defect airbag inflators | airbagInflator | 52,000,000 | |||||||||||
Period of defect airbag inflators | 20 years | |||||||||||
Supplier recoveries accrued in period | $ 53 | $ 57 | $ (636) | $ 196 | ||||||||
Maximum liability, guarantees | 3,600 | 3,600 | $ 3,100 | |||||||||
Supplier finance obligation | 1,100 | 1,100 | 852 | |||||||||
Environmental Protection Agency | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Probable loss accrual | 450 | 450 | ||||||||||
Increase (decrease) in accrual | 139 | |||||||||||
Indirect Tax Matters | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible loss | 1,800 | 1,800 | ||||||||||
Takata Passenger-side Airbags | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Probable loss accrual | 624 | 624 | ||||||||||
Chevrolet Bolt EV Recall | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Probable loss accrual | $ 1,200 | $ 812 | ||||||||||
Number of manufacturing defects | defect | 2 | |||||||||||
Supplier recoveries accrued in period | $ 792 | 792 | ||||||||||
Chevrolet Bolt EV Recall | LG | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Amount awarded to other party | $ 1,900 | |||||||||||
GM Korea Subcontract Workers Litigation | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Probable loss accrual | 198 | 198 | ||||||||||
Estimate of possible loss | 88 | 88 | ||||||||||
Takata Passenger-side Airbags | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Increase in product warranty accrual | $ 1,100 | |||||||||||
Accrued Liabilities, Current and Other Liabilities, Noncurrent | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimated litigation liability | 1,200 | 1,200 | 1,100 | |||||||||
Product liability | $ 596 | $ 596 | $ 561 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 470 | $ 845 | $ 1,421 | $ 1,308 |
Restructuring and Other Initi_3
Restructuring and Other Initiatives (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Reserve, Beginning Balance | $ 650 | $ 1,151 | $ 152 | $ 520 | $ 285 | $ 285 |
Additions, interest accretion and other | 161 | 7 | 1,396 | 11 | ||
Payments | (661) | (22) | (1,266) | (144) | ||
Revisions to estimates and effect of foreign currency | (2) | (9) | 0 | (23) | ||
Restructuring Reserve, Ending Balance | 650 | $ 129 | 650 | $ 129 | 520 | |
GMNA | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Pre-tax restructuring costs | 93 | 438 | 511 | |||
GMNA | Dealer Restructuring and Employee Separation Payments | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Payments | (461) | $ (120) | ||||
GMNA | Dealer Restructuring and Employee Separation Payments | Forecast | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Payments | (368) | |||||
GMNA | Voluntary Separation Program | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Pre-tax restructuring costs | $ 30 | 905 | ||||
GMNA | Voluntary Separation Program | Forecast | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Payments | $ (138) | |||||
VSP | Dealer Restructuring and Employee Separation Payments | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Payments | $ (767) |
Stockholders' Equity and Nonc_3
Stockholders' Equity and Noncontrolling Interests - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Mar. 31, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Aug. 31, 2022 | Jun. 30, 2022 | |
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) | 1,400,000,000 | 1,400,000,000 | 1,400,000,000 | |||||||
Common stock shares outstanding (in shares) | 1,400,000,000 | 1,400,000,000 | 1,400,000,000 | |||||||
Cash dividends paid on common stock | $ 123 | $ 124 | $ 126 | $ 130 | $ 373 | $ 130 | ||||
Purchase of common stock | 250 | $ 500 | $ 369 | $ 1,500 | ||||||
Cruise Stock Incentive Awards | ||||||||||
Class of Stock [Line Items] | ||||||||||
Cash used to settle awards | 206 | 327 | ||||||||
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] | ||||||||||
Net income attributable to shareholders and transfers to the noncontrolling interests | 8,000 | 7,100 | ||||||||
Common Class B | ||||||||||
Class of Stock [Line Items] | ||||||||||
Recorded value of vested awards | 93 | 93 | $ 60 | |||||||
Common Class B | Cruise Stock Incentive Awards | ||||||||||
Class of Stock [Line Items] | ||||||||||
Cash used to settle awards | 70 | 206 | ||||||||
Common Class B | GM Cruise Holdings LLC | ||||||||||
Class of Stock [Line Items] | ||||||||||
Amount of stock issued during period | 104 | 278 | ||||||||
Payments for statutory tax withholdings | $ 57 | $ 156 | ||||||||
Cruise Preferred Shares | ||||||||||
Class of Stock [Line Items] | ||||||||||
Decrease in equity due to preferred stock redemption | $ 820 | |||||||||
SoftBank | Cruise Class A-1, Class F and Class G Preferred Shares | GM Cruise Holdings LLC | ||||||||||
Class of Stock [Line Items] | ||||||||||
Payments for repurchase of equity | $ 2,100 | |||||||||
Common Stock Repurchase Program | ||||||||||
Class of Stock [Line Items] | ||||||||||
Increased capacity under common stock repurchase plan | $ 5,000 | |||||||||
Remaining authorized repurchase amount | $ 3,300 | |||||||||
Common stock shares repurchased during period | 30,000,000 | 38,000,000 | ||||||||
Purchase of common stock | $ 1,100 | $ 1,500 |
Stockholders' Equity and Nonc_4
Stockholders' Equity and Noncontrolling Interests - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | $ 75,685 | $ 73,961 | $ 71,927 | $ 68,260 | $ 66,774 | $ 65,815 | $ 71,927 | $ 65,815 |
Other comprehensive income (loss), net of tax | 35 | (174) | 113 | (454) | (74) | 442 | (26) | (86) |
Balance at ending of period | 78,404 | 75,685 | 73,961 | 69,540 | 68,260 | 66,774 | 78,404 | 69,540 |
Foreign Currency Translation Adjustments | ||||||||
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | (2,693) | (2,776) | (2,557) | (2,653) | (2,776) | (2,653) | ||
Other comprehensive income (loss), net of tax | (129) | (645) | (47) | (550) | ||||
Balance at ending of period | (2,822) | (2,693) | (3,202) | (2,557) | (2,822) | (3,202) | ||
Defined Benefit Plans | ||||||||
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | (4,930) | $ (4,851) | (6,150) | $ (6,528) | (4,851) | (6,528) | ||
Other comprehensive income (loss), net of tax | 77 | 282 | (1) | 660 | ||||
Other comprehensive income (loss) before reclassification adjustment, net of tax | 70 | 235 | (14) | 514 | ||||
Reclassification adjustment, net of tax | 7 | 47 | 13 | 146 | ||||
Balance at ending of period | $ (4,853) | $ (4,930) | $ (5,868) | $ (6,150) | $ (4,853) | $ (5,868) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic | ||||
Net income (loss) attributable to stockholders | $ 3,064 | $ 3,305 | $ 8,026 | $ 7,935 |
Less: cumulative dividends on subsidiary preferred stock | (26) | (26) | (80) | (1,004) |
Net income (loss) attributable to common stockholders | $ 3,038 | $ 3,278 | $ 7,946 | $ 6,931 |
Weighted-average common shares outstanding - basic (in shares) | 1,372 | 1,448 | 1,384 | 1,455 |
Basic earnings per common share (in dollars per share) | $ 2.21 | $ 2.26 | $ 5.74 | $ 4.76 |
Diluted | ||||
Net income (loss) attributable to common stockholders – diluted | $ 3,038 | $ 3,278 | $ 7,946 | $ 6,931 |
Weighted-average common shares outstanding - basic (in shares) | 1,372 | 1,448 | 1,384 | 1,455 |
Dilutive effect of awards under stock incentive plans (in shares) | 6 | 9 | 6 | 9 |
Weighted-average common shares outstanding - diluted (in shares) | 1,378 | 1,457 | 1,390 | 1,464 |
Diluted earnings per common share (in dollars per share) | $ 2.20 | $ 2.25 | $ 5.72 | $ 4.73 |
Potentially dilutive securities (in shares) | 14 | 10 | 14 | 10 |
Cruise Preferred Shares | ||||
Basic | ||||
Less: cumulative dividends on subsidiary preferred stock | $ 909 |
Stock Incentive Plans (Details)
Stock Incentive Plans (Details) - Cruise Stock Incentive Awards - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stock Incentive Plans Narratives [Abstract] | ||||
Cash used to settle awards | $ 206 | $ 327 | ||
Stock Options and RSUs | ||||
Stock Incentive Plans Narratives [Abstract] | ||||
Compensation expense | $ 199 | $ 150 | $ 476 | $ 1,500 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||||||
Net sales and revenue | $ 44,131 | $ 41,889 | $ 128,863 | $ 113,627 | |||||
Earnings (loss) before interest and taxes-adjusted | 3,564 | 4,287 | 10,601 | 10,675 | |||||
Adjustments | (123) | 0 | (1,267) | (957) | |||||
Net income (loss) attributable to noncontrolling interest | (70) | (53) | (179) | (234) | |||||
Income (loss) before income taxes | 3,464 | 4,097 | 9,267 | 9,009 | |||||
Income tax benefit (expense) | (470) | (845) | (1,421) | (1,308) | |||||
Net income (loss) | 2,994 | $ 2,507 | $ 2,346 | 3,252 | $ 1,642 | $ 2,807 | 7,846 | 7,701 | |
Net income (loss) attributable to stockholders | 3,064 | 3,305 | 8,026 | 7,935 | |||||
Equity in net assets of nonconsolidated affiliates | 10,549 | 9,910 | 10,549 | 9,910 | $ 10,176 | ||||
Goodwill and intangibles | 4,907 | 4,968 | 4,907 | 4,968 | 4,945 | ||||
Total assets | 281,705 | 260,529 | 281,705 | 260,529 | $ 264,037 | ||||
Depreciation and amortization | 2,992 | 2,774 | 8,738 | 8,509 | |||||
Impairment charges | 0 | 0 | 0 | 11 | |||||
Equity income (loss) | 328 | 367 | 548 | 615 | |||||
Ultium Cells Holdings LLC | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Equity income (loss) | 101 | 191 | |||||||
Automotive | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Automotive interest income | 322 | 122 | 801 | 245 | |||||
Automotive interest expense | (229) | (259) | (689) | (719) | |||||
Operating Segments | Automotive | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales and revenue | 40,503 | 38,703 | 118,403 | 104,140 | |||||
Earnings (loss) before interest and taxes-adjusted | 3,561 | 3,876 | 10,240 | 8,735 | |||||
Adjustments | (123) | 0 | (1,267) | 100 | |||||
Equity in net assets of nonconsolidated affiliates | 8,859 | 8,205 | 8,859 | 8,205 | |||||
Goodwill and intangibles | 2,832 | 2,908 | 2,832 | 2,908 | |||||
Total assets | 150,504 | 137,331 | 150,504 | 137,331 | |||||
Depreciation and amortization | 1,749 | 1,548 | 4,984 | 4,804 | |||||
Impairment charges | 0 | 0 | 0 | 11 | |||||
Equity income (loss) | 295 | 323 | 437 | 467 | |||||
Operating Segments | GMNA | Automotive | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales and revenue | 36,106 | 34,691 | 106,214 | 92,907 | |||||
Earnings (loss) before interest and taxes-adjusted | 3,526 | 3,894 | 10,295 | 9,334 | |||||
Adjustments | (123) | 0 | (1,343) | 100 | |||||
Equity in net assets of nonconsolidated affiliates | 2,603 | 1,641 | 2,603 | 1,641 | |||||
Goodwill and intangibles | 2,112 | 2,160 | 2,112 | 2,160 | |||||
Total assets | 155,556 | 134,823 | 155,556 | 134,823 | |||||
Depreciation and amortization | 1,585 | 1,419 | 4,544 | 4,399 | |||||
Impairment charges | 0 | 0 | 0 | 11 | |||||
Equity income (loss) | 105 | (6) | 89 | (6) | |||||
Operating Segments | GMI | Automotive | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales and revenue | 4,330 | 3,980 | 12,011 | 11,100 | |||||
Earnings (loss) before interest and taxes-adjusted | 357 | 334 | 940 | 871 | |||||
Adjustments | 0 | 0 | 76 | 0 | |||||
Equity in net assets of nonconsolidated affiliates | 6,256 | 6,564 | 6,256 | 6,564 | |||||
Goodwill and intangibles | 716 | 744 | 716 | 744 | |||||
Total assets | 24,444 | 23,756 | 24,444 | 23,756 | |||||
Depreciation and amortization | 158 | 124 | 424 | 389 | |||||
Impairment charges | 0 | 0 | 0 | 0 | |||||
Equity income (loss) | 190 | 329 | 348 | 472 | |||||
Operating Segments | Cruise | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales and revenue | 25 | 25 | 76 | 76 | |||||
Earnings (loss) before interest and taxes-adjusted | (732) | (497) | (1,904) | (1,365) | |||||
Adjustments | 0 | 0 | 0 | (1,057) | |||||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 | 0 | |||||
Goodwill and intangibles | 723 | 721 | 723 | 721 | |||||
Total assets | 4,888 | 5,669 | 4,888 | 5,669 | |||||
Depreciation and amortization | 12 | 15 | 27 | 39 | |||||
Impairment charges | 0 | 0 | 0 | 0 | |||||
Equity income (loss) | 0 | 0 | 0 | 0 | |||||
Operating Segments | GM Financial | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales and revenue | 3,641 | 3,187 | 10,482 | 9,489 | |||||
Earnings (loss) before interest and taxes-adjusted | 741 | 911 | 2,278 | 3,301 | |||||
Adjustments | 0 | 0 | 0 | 0 | |||||
Equity in net assets of nonconsolidated affiliates | 1,691 | 1,705 | 1,691 | 1,705 | |||||
Goodwill and intangibles | 1,352 | 1,339 | 1,352 | 1,339 | |||||
Total assets | 128,962 | 118,917 | 128,962 | 118,917 | |||||
Depreciation and amortization | 1,231 | 1,212 | 3,727 | 3,666 | |||||
Impairment charges | 0 | 0 | 0 | 0 | |||||
Equity income (loss) | 33 | 44 | 111 | 148 | |||||
Corporate | Automotive | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales and revenue | 67 | 32 | 177 | 132 | |||||
Earnings (loss) before interest and taxes-adjusted | (322) | (352) | (996) | (1,470) | |||||
Adjustments | 0 | 0 | 0 | 0 | |||||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 | 0 | |||||
Goodwill and intangibles | 4 | 4 | 4 | 4 | |||||
Total assets | 47,964 | 38,693 | 47,964 | 38,693 | |||||
Depreciation and amortization | 5 | 5 | 15 | 16 | |||||
Impairment charges | 0 | 0 | 0 | 0 | |||||
Equity income (loss) | 0 | 0 | 0 | 0 | |||||
Eliminations | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales and revenue | (38) | (27) | (98) | (79) | |||||
Earnings (loss) before interest and taxes-adjusted | (7) | (2) | (13) | 4 | |||||
Adjustments | 0 | 0 | 0 | 0 | |||||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 | 0 | |||||
Goodwill and intangibles | 0 | 0 | 0 | 0 | |||||
Total assets | (2,649) | (1,388) | (2,649) | (1,388) | |||||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||||
Impairment charges | 0 | 0 | 0 | 0 | |||||
Equity income (loss) | 0 | 0 | 0 | 0 | |||||
Eliminations | Automotive | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 | 0 | |||||
Goodwill and intangibles | 0 | 0 | 0 | 0 | |||||
Total assets | (77,461) | (59,941) | (77,461) | (59,941) | |||||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||||
Impairment charges | 0 | 0 | 0 | 0 | |||||
Equity income (loss) | $ 0 | $ 0 | $ 0 | $ 0 |