Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 16, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-34960 | ||
Entity Registrant Name | GENERAL MOTORS COMPANY | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 27-0756180 | ||
Entity Address, Address Line One | 300 Renaissance Center, | ||
Entity Address, City or Town | Detroit, | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 48265 | ||
City Area Code | 313 | ||
Local Phone Number | 667-1500 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | GM | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 52.9 | ||
Entity Common Stock, Shares Outstanding | 1,154,433,287 | ||
Documents Incorporated by Reference | Portions of the registrant's definitive Proxy Statement related to the Annual Stockholders Meeting to be filed subsequently are incorporated by reference into Part III of this Form 10-K. | ||
Entity Central Index Key | 0001467858 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Abstract] | |
Auditor Location | Detroit, Michigan |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 42 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales and revenue | |||
Automotive | $ 157,658 | $ 143,975 | $ 113,590 |
GM Financial | 14,184 | 12,760 | 13,414 |
Total net sales and revenue (Note 3) | 171,842 | 156,735 | 127,004 |
Costs and expenses | |||
Total costs and expenses | 162,544 | 146,421 | 117,680 |
Operating income (loss) | 9,298 | 10,315 | 9,324 |
Interest income and other non-operating income, net (Note 19) | 1,537 | 1,432 | 3,041 |
Equity income (loss) (Note 8) | 480 | 837 | 1,301 |
Income (loss) before income taxes | 10,403 | 11,597 | 12,716 |
Income tax expense (benefit) (Note 17) | 563 | 1,888 | 2,771 |
Net income (loss) | 9,840 | 9,708 | 9,945 |
Net loss (income) attributable to noncontrolling interests | 287 | 226 | 74 |
Net income (loss) attributable to stockholders | 10,127 | 9,934 | 10,019 |
Net income (loss) attributable to common stockholders | $ 10,022 | $ 8,915 | $ 9,837 |
Earnings per share (Note 21) | |||
Basic earnings per common share (in dollars per share) | $ 7.35 | $ 6.17 | $ 6.78 |
Weighted-average common shares outstanding – basic (in shares) | 1,364 | 1,445 | 1,451 |
Diluted earnings per common share (in dollars per share) | $ 7.32 | $ 6.13 | $ 6.70 |
Weighted-average common shares outstanding – diluted (in shares) | 1,369 | 1,454 | 1,468 |
Automotive | |||
Net sales and revenue | |||
Automotive | $ 157,658 | $ 143,975 | $ 113,590 |
Costs and expenses | |||
Automotive and other cost of sales | 141,330 | 126,892 | 100,544 |
Automotive and other selling, general and administrative expense | 9,840 | 10,667 | 8,554 |
Total interest expense | 911 | 987 | 950 |
GM Financial | |||
Net sales and revenue | |||
GM Financial | 14,184 | 12,760 | 13,414 |
Costs and expenses | |||
GM Financial interest, operating and other expenses | $ 11,374 | $ 8,862 | $ 8,582 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 9,840 | $ 9,708 | $ 9,945 |
Other comprehensive income (loss), net of tax (Note 20) | |||
Foreign currency translation adjustments and other | 458 | (340) | 80 |
Defined benefit plans | (2,814) | 1,677 | 4,126 |
Other comprehensive income (loss), net of tax | (2,355) | 1,337 | 4,206 |
Comprehensive income (loss) | 7,485 | 11,045 | 14,151 |
Comprehensive loss (income) attributable to noncontrolling interests | 297 | 257 | 87 |
Comprehensive income attributable to stockholders (loss) | $ 7,781 | $ 11,303 | $ 14,238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 18,853 | $ 19,153 |
Marketable debt securities (Note 4) | 7,613 | 12,150 |
Accounts and notes receivable, net of allowance of $298 and $260 | 12,378 | 13,333 |
Inventories (Note 6) | 16,461 | 15,366 |
Other current assets (Note 4; Note 11 at VIEs) | 7,238 | 6,825 |
Total current assets | 101,618 | 100,451 |
Non-current Assets | ||
Equity in net assets of nonconsolidated affiliates (Note 8) | 10,613 | 10,176 |
Property, net (Note 9) | 50,321 | 45,248 |
Goodwill and intangible assets, net (Note 10) | 4,862 | 4,945 |
Equipment on operating leases, net (Note 7; Note 11 at VIEs) | 30,582 | 32,701 |
Deferred income taxes (Note 17) | 22,339 | 20,539 |
Other assets (Note 4; Note 11 at VIEs) | 7,686 | 9,386 |
Total non-current assets | 171,446 | 163,586 |
Total Assets | 273,064 | 264,037 |
Current Liabilities | ||
Accounts payable (principally trade) | 28,114 | 27,486 |
Accrued liabilities (Note 12) | 27,364 | 24,910 |
Total current liabilities | 94,445 | 91,173 |
Non-current Liabilities | ||
Postretirement benefits other than pensions (Note 15) | 4,345 | 4,193 |
Pensions (Note 15) | 6,680 | 5,698 |
Other liabilities (Note 12) | 16,515 | 14,767 |
Total non-current liabilities | 110,312 | 100,579 |
Total Liabilities | 204,757 | 191,752 |
Commitments and contingencies (Note 16) | ||
Noncontrolling interest - Cruise stock incentive awards (Note 20) | 118 | 357 |
Equity (Note 20) | ||
Common stock, $0.01 par value | 12 | 14 |
Additional paid-in capital | 19,130 | 26,428 |
Retained earnings | 55,391 | 49,251 |
Accumulated other comprehensive loss | (10,247) | (7,901) |
Total stockholders’ equity | 64,286 | 67,792 |
Noncontrolling interests | 3,903 | 4,135 |
Total Equity | 68,189 | 71,927 |
Total Liabilities and Equity | 273,064 | 264,037 |
Automotive | ||
Current Liabilities | ||
Short-term debt and current portion of long-term debt (Note 13) | 428 | 1,959 |
Non-current Liabilities | ||
Long-term debt (Note 13) | 15,985 | 15,885 |
GM Financial | ||
Current Assets | ||
GM Financial receivables, net of allowance of $906 and $869 (Note 5; Note 11 at VIEs) | 39,076 | 33,623 |
Non-current Assets | ||
GM Financial receivables, net of allowance of $1,438 and $1,227 (Note 5; Note 11 at VIEs) | 45,043 | 40,591 |
Current Liabilities | ||
Short-term debt and current portion of long-term debt (Note 13) | 38,540 | 36,819 |
Non-current Liabilities | ||
Long-term debt (Note 13) | $ 66,788 | $ 60,036 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Automotive | ||
Allowance for doubtful accounts and notes receivable, current | $ 298 | $ 260 |
GM Financial | ||
Allowance for doubtful accounts and notes receivable, current | 906 | 869 |
Allowance for doubtful accounts and notes receivable, noncurrent | $ 1,438 | $ 1,227 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net income (loss) | $ 9,840 | $ 9,708 | $ 9,945 |
Depreciation and impairment of Equipment on operating leases, net | 4,904 | 4,839 | 6,076 |
Depreciation, amortization and impairment charges on Property, net | 6,984 | 6,451 | 5,975 |
Foreign currency remeasurement and transaction (gains) losses | 349 | 172 | (17) |
Undistributed earnings of nonconsolidated affiliates, net | 245 | 193 | (517) |
Pension contributions and OPEB payments | (1,100) | (790) | (838) |
Pension and OPEB income, net | 90 | (1,189) | (1,605) |
Provision (benefit) for deferred taxes | (1,041) | 425 | 2,214 |
Change in other operating assets and liabilities (Note 24) | 1,822 | (2,977) | (3,366) |
Other operating activities | (1,163) | (790) | (2,679) |
Net cash provided by (used in) operating activities | 20,930 | 16,043 | 15,188 |
Cash flows from investing activities | |||
Expenditures for property | (10,970) | (9,238) | (7,509) |
Available-for-sale marketable securities, acquisitions | (4,429) | (11,837) | (8,962) |
Available-for-sale marketable securities, liquidations | 9,345 | 8,057 | 9,347 |
Purchases of finance receivables | (35,379) | (33,974) | (33,009) |
Principal collections and recoveries on finance receivables | 28,346 | 26,887 | 24,622 |
Purchases of leased vehicles | (13,640) | (11,949) | (14,602) |
Proceeds from termination of leased vehicles | 13,033 | 14,234 | 14,393 |
Other investing activities | (969) | (62) | (635) |
Net cash provided by (used in) investing activities | (14,663) | (17,882) | (16,355) |
Cash flows from financing activities | |||
Net increase (decrease) in short-term debt | (156) | 373 | 2,912 |
Proceeds from issuance of debt (original maturities greater than three months) | 50,963 | 45,813 | 45,300 |
Payments on debt (original maturities greater than three months) | (44,675) | (39,606) | (47,806) |
Payments to purchase common stock (Note 20) | (11,115) | (2,500) | 0 |
Issuance (redemption) of subsidiary stock (Note 20) | 0 | (2,121) | |
Issuance (redemption) of subsidiary stock (Note 20) | 1,736 | ||
Dividends paid | (597) | (397) | (186) |
Other financing activities | (774) | (1,178) | (212) |
Net cash provided by (used in) financing activities | (6,353) | 383 | 1,744 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 54 | (138) | (152) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (31) | (1,594) | 425 |
Cash, cash equivalents and restricted cash at beginning of period | 21,948 | 23,542 | 23,117 |
Cash, cash equivalents and restricted cash at end of period | 21,917 | 21,948 | 23,542 |
Significant Non-cash Investing and Financing Activity | |||
Non-cash property additions | $ 6,013 | $ 5,376 | $ 4,305 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Noncontrolling Interests Preferred Stock |
Balance at beginning of period at Dec. 31, 2020 | $ 49,677 | $ 14 | $ 26,542 | $ 31,962 | $ (13,488) | $ 4,647 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 9,945 | 10,019 | (74) | |||||
Other comprehensive (loss) income | 4,206 | 4,219 | (13) | |||||
Issuance (redemption) of subsidiary stock (Note 20) | $ 1,736 | $ 1,736 | ||||||
Stock based compensation | 523 | 526 | (3) | |||||
Dividends to noncontrolling interests | (186) | (186) | ||||||
Other | (86) | 1 | (7) | (41) | (39) | |||
Balance at end of period at Dec. 31, 2021 | 65,815 | 15 | 27,061 | 41,937 | (9,269) | 6,071 | ||
Balance at beginning of period at Dec. 31, 2020 | 0 | |||||||
Balance at end of period at Dec. 31, 2021 | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 9,708 | 9,934 | (226) | |||||
Other comprehensive (loss) income | 1,337 | 1,368 | (31) | |||||
Issuance (redemption) of subsidiary stock (Note 20) | $ (2,121) | (909) | $ (1,212) | |||||
Purchase of common stock | (2,500) | (1) | (1,153) | (1,347) | ||||
Stock based compensation | 294 | 299 | (5) | |||||
Cash dividends paid on common stock | (257) | (257) | ||||||
Dividends to noncontrolling interests | (140) | (12) | (127) | |||||
Other | (208) | 221 | (90) | (340) | ||||
Balance at end of period at Dec. 31, 2022 | 71,927 | 14 | 26,428 | 49,251 | (7,901) | 4,135 | ||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Stock based compensation | 299 | |||||||
Other | 59 | |||||||
Balance at end of period at Dec. 31, 2022 | 357 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 9,840 | 10,127 | (287) | |||||
Other comprehensive (loss) income | (2,355) | (2,346) | (9) | |||||
Purchase of common stock | (11,115) | (2) | (7,686) | (3,426) | ||||
Stock based compensation | 253 | 259 | (6) | |||||
Cash dividends paid on common stock | (477) | (477) | ||||||
Dividends to noncontrolling interests | (120) | (120) | ||||||
Other | 237 | 129 | (77) | 185 | ||||
Balance at end of period at Dec. 31, 2023 | 68,189 | $ 12 | $ 19,130 | $ 55,391 | $ (10,247) | $ 3,903 | ||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Stock based compensation | 24 | |||||||
Other | (263) | |||||||
Balance at end of period at Dec. 31, 2023 | $ 118 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 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 was incorporated as a Delaware corporation in 2009. We design, build and sell trucks, crossovers, cars and automobile parts and provide software-enabled services and subscriptions worldwide. Additionally, we are investing in and growing an AV business. We also provide automotive financing services through GM Financial. We analyze the results of our operations through the following segments: GMNA, 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 consolidated financial statements are prepared in conformity with U.S. GAAP. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding. Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. All intercompany balances and transactions are eliminated in consolidation. Our share of earnings or losses of nonconsolidated affiliates is included in our consolidated operating results using the equity method of accounting when we are able to exercise significant influence over the operating and financial decisions of the affiliate. Use of Estimates in the Preparation of the Financial Statements Accounting estimates are an integral part of the consolidated financial statements. These estimates require the use of judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. GM Financial The amounts presented for GM Financial are adjusted to reflect the impact on GM Financial's deferred tax positions and provision for income taxes resulting from the inclusion of GM Financial in our consolidated tax return and to eliminate the effect of transactions between GM Financial and the other members of the consolidated group. Accordingly, the amounts presented will differ from those presented by GM Financial on a stand-alone basis. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies The accounting policies that follow are utilized by our automotive, automotive financing and Cruise operations, unless otherwise indicated. Revenue Recognition Automotive Automotive net sales and revenue represents the amount of consideration to which we expect to be entitled in exchange for vehicle, parts and accessories and services and other sales. The consideration recognized represents the amount received, typically shortly after the sale to a customer, net of estimated dealer and customer sales incentives we reasonably expect to pay. Significant factors in determining our estimates of incentives include forecasted sales volume, product mix and the rate of customer acceptance of incentive programs, all of which are estimated based on historical experience and assumptions concerning future customer behavior and market conditions. Subsequent adjustments to incentive estimates are possible as facts and circumstances change over time. A portion of the consideration received is deferred for separate performance obligations, such as maintenance, services and vehicle connectivity, that will be provided to our customers at a future date. Taxes assessed by various government entities, such as sales, use and value-added taxes, collected at the time of the vehicle sale are excluded from Automotive net sales and revenue. Costs for shipping and handling activities that occur after control of the vehicle transfers to the dealer are recognized at the time of sale and presented in Automotive and other cost of sales. V e hicle, Parts and Accessories For the majority of vehicle and accessories sales, our customers obtain control and we recognize revenue when the vehicle transfers to the dealer, which typically occurs either when the vehicle is released to the carrier responsible for transporting it to a dealer or upon delivery to a dealer. Revenue, net of estimated returns, is recognized on the sale of parts upon delivery to the customer. When our customers have a right to return eligible parts and accessories, we consider the returns in our estimation of the transaction price. Typically, transfers to daily rental companies are accounted for as sales, with revenue recognized at the time of transfer. We defer revenue for remarketing obligations, record a residual value guarantee and reflect a liability for amounts expected to be paid once the remarketing services are complete at the time of sale and recognize deferred revenue in earnings upon completion of the remarketing service. Used Vehicles Proceeds from the auction of vehicles utilized by our employees are recognized in Automotive net sales and revenue upon transfer of control of the vehicle to the customer and the related vehicle carrying value is recognized in Automotive and other cost of sales. Services and Other Services and other revenue primarily consists of revenue from vehicle-related service arrangements and after-sale services such as maintenance, OnStar, Super Cruise, vehicle connectivity and extended service warranties. For those service arrangements that are bundled with a vehicle sale, a portion of the revenue from the sale is allocated to the service component and recognized as deferred revenue within Accrued liabilities or Other liabilities. We recognize revenue for bundled services and services sold separately as services are performed, typically over a period of up to eight years. Automotive Financing - GM Financial Finance charge income earned on finance receivables is recognized using the effective interest method. Fees and commissions received (including manufacturer subvention) and direct costs of originating loans are deferred and amortized over the term of the related finance receivables using the effective interest method and are removed from the consolidated balance sheets when the related finance receivables are fully charged off or paid in full. Accrual of finance charge income on retail finance receivables is generally suspended on accounts that are more than 60 days delinquent, accounts in bankruptcy and accounts in repossession. Payments received on nonaccrual loans are first applied to any fees due, then to any interest due and then any remaining amounts are applied to principal. Interest accrual generally resumes once an account has received payments bringing the delinquency to less than 60 days past due. Accrual of finance charge income on commercial finance receivables is generally suspended on accounts that are more than 90 days delinquent, upon receipt of a bankruptcy notice from a borrower, or where reasonable doubt exists about the full collectability of contractually agreed upon principal and interest. Payments received on nonaccrual loans are first applied to principal. Interest accrual resumes once an account has received payments bringing the account fully current and collection of contractual principal and interest is reasonably assured (including amounts previously charged off). Income from operating lease assets, which includes lease origination fees, net of lease origination costs, is recorded as operating lease revenue on a straight-line basis over the term of the lease agreement. Gains or losses realized upon disposition of off-lease assets including any payments received from lessees upon lease termination, are included in GM Financial interest, operating and other expenses. Advertising and Promotion Expenditures Advertising and promotion expenditures, which are expensed as incurred in Automotive and other selling, general and administrative expense, were $3.6 billion, $4.0 billion and $3.3 billion in the years ended December 31, 2023, 2022 and 2021. Research and Development Expenditures Research and development expenditures, which are expensed as incurred in Automotive and other cost of sales, were $9.9 billion, $9.8 billion and $7.9 billion in the years ended December 31, 2023, 2022 and 2021. We enter into co-development arrangements with third parties or nonconsolidated affiliates for product-related research, engineering, design and development activities. Cost sharing payments and fees related to these arrangements are presented in Automotive and other cost of sales. Cash Equivalents and Restricted Cash Cash equivalents are defined as short-term, highly-liquid investments with original maturities of 90 days or less. Certain operating agreements require us to post cash as collateral. Cash and cash equivalents subject to contractual restrictions and not readily available are classified as restricted cash. Restricted cash is invested in accordance with the terms of the underlying agreements and include amounts related to various deposits, escrows and other cash collateral. Restricted cash is included in Other current assets and Other assets in the consolidated balance sheets. Fair Value Measurements A three-level valuation hierarchy, based upon observable and unobservable inputs, is used for fair value measurements. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions based on the best evidence available. These two types of inputs create the following fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets; Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose significant inputs are observable; and Level 3 – Instruments whose significant inputs are unobservable. Marketable Debt Securities We generally classify marketable debt securities as available-for-sale. Various factors, including turnover of holdings and investment guidelines, are considered in determining the classification of securities. Available-for-sale debt securities are recorded at fair value with non-credit related unrealized gains and losses recorded in Accumulated other comprehensive loss until realized. Credit losses are recorded in Interest income and other non-operating income, net. An evaluation is made quarterly to determine if any portion of unrealized losses recorded in Accumulated other comprehensive loss needs to be reclassified. Non-credit related unrealized losses are reclassified to Interest income and other non-operating income, net if we intend to sell the security or it is more likely than not that we will be required to sell the security before the recovery of the unrealized loss. We determine realized gains and losses for all debt securities using the specific identification method and measure the fair value of our marketable debt securities using a market approach where identical or comparable prices are available and an income approach in other cases. If quoted market prices are not available, fair values of securities are determined using prices from a pricing service, pricing models, quoted prices of securities with similar characteristics or discounted cash flow models. These prices represent non-binding quotes. Our pricing service utilizes industry-standard pricing models that consider various inputs. We review our pricing service quarterly and believe the prices received from our pricing service are a reliable representation of exit prices. Accounts and Notes Receivable Accounts and notes receivable primarily consists of amounts that are due and payable from our customers for the sale of vehicles, parts and accessories. We evaluate the collectability of receivables each reporting period and record an allowance for doubtful accounts to present the net amount expected to be collected on our receivables. Additions to the allowance are charged to bad debt expense reported in Automotive and other selling, general and administrative expense and were insignificant in the years ended December 31, 2023, 2022 and 2021. GM Financial Receivables Finance receivables are carried at amortized cost, net of allowance for loan losses. Provisions for loan losses are charged to operations in amounts sufficient to maintain the allowance for loan losses at levels considered adequate to cover expected credit losses on the finance receivables. For retail finance receivables, GM Financial uses static pool modeling techniques to determine the allowance for loan losses expected over the remaining life of the receivables, which is supplemented by management judgment. The modeling techniques incorporate reasonable and supportable forecasts of economic conditions over the expected remaining life of the finance receivables. The economic forecasts incorporate factors which vary by region that GM Financial believes will have the largest impact on expected losses, including unemployment rates, interest rate spreads, disposable personal income and growth rates in gross domestic product. Commercial finance receivables are carried at amortized cost, net of allowance for loan losses and amounts held under a cash management program. GM Financial establishes the allowance for loan losses based on historical loss experience, as well as forecasted auto industry conditions, which is the economic indicator believed to have the largest impact on expected losses. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out (FIFO) basis. Net realizable value is the estimated selling price in the ordinary course of business less cost to sell, and considers general market and economic conditions, periodic reviews of current profitability of vehicles, product warranty costs and the effect of estimated sales incentives. Net realizable value for off-lease and other vehicles is current auction sales proceeds less disposal and warranty costs. Inventories are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete, with a primary focus on productive material, supplies, work in process and parts and accessories. Equipment on Operating Leases Equipment on operating leases, net primarily consists of vehicle leases to retail customers with lease terms of two group. Fair value is determined primarily using the anticipated cash flows, including estimated residual values. In our automotive finance operations, when a leased vehicle is returned or repossessed, the asset is recorded in Other assets at the lower of amortized cost or net realizable value. Upon disposition a gain or loss is recorded in GM Financial interest, operating and other expenses for any difference between the net book value of the leased asset and the proceeds from the disposition of the asset. Equity Investments When events and circumstances warrant, equity investments accounted for under the equity method of accounting are evaluated for impairment. An impairment charge is recorded whenever a decline in value of an equity investment below its carrying amount is determined to be other-than-temporary. Impairment charges related to equity method investments are recorded in Equity income. Equity investments that are not accounted for under the equity method of accounting are measured at fair value or in certain cases adjusted to fair value upon an observable price change, with changes in fair value recorded in Interest income and other non-operating income, net. Property, net Property, plant and equipment, including internal use software, is recorded at cost. The gross amount of assets under finance leases is included in property, plant and equipment. Major improvements that extend the useful life or add functionality are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. We depreciate depreciable property using the straight-line method. Leasehold improvements are amortized over the period of lease or the life of the asset, whichever is shorter. The amortization of the assets under finance leases is included in depreciation expense. Upon retirement or disposition of property, plant and equipment, the cost and related accumulated depreciation are eliminated and any resulting gain or loss is recorded in earnings. Impairment charges related to property are recorded in Automotive and other cost of sales, Automotive and other selling, general and administrative expense or GM Financial interest, operating and other expenses. Special Tools Special tools represent product-specific propulsion and non-propulsion related tools, dies, molds and other items used in the vehicle manufacturing process. Expenditures for special tools are recorded at cost and are capitalized. We amortize special tools over their estimated useful lives using the straight-line method or an accelerated amortization method based on their historical and estimated production volume. Impairment charges related to special tools are recorded in Automotive and other cost of sales. Goodwill Goodwill is not amortized but rather tested for impairment annually on October 1 and when events warrant such a review. The impairment test entails an assessment of qualitative factors to determine whether it is more likely than not that an impairment exists. If it is more likely than not that an impairment exists, then a quantitative impairment test is performed. Impairment exists when the carrying amount of a reporting unit exceeds its fair value. Intangible Assets, net Intangible assets, excluding goodwill, primarily include brand names, technology and intellectual property, customer relationships and dealer networks. Intangible assets are amortized on a straight-line or an accelerated method of amortization over their estimated useful lives. Amortization of developed technology and intellectual property is recorded in Automotive and other cost of sales. Amortization of brand names, customer relationships and our dealer networks is recorded in Automotive and other selling, general and administrative expense or GM Financial interest, operating and other expenses. Impairment charges, if any, related to intangible assets are recorded in Automotive and other selling, general and administrative expense or Automotive and other cost of sales. Valuation of Long-Lived Assets The carrying amount of long-lived assets and finite-lived intangible assets to be held and used in the business is evaluated for impairment when events and circumstances warrant. If the carrying amount of a long-lived asset group is considered impaired, a loss is recorded based on the amount by which the carrying amount exceeds fair value. Product-specific long-lived asset groups and non-product specific long-lived assets are separately tested for impairment on an asset group basis. Fair value is determined using either the market or sales comparison approach, cost approach or anticipated cash flows discounted at a rate commensurate with the risk involved. Long-lived assets to be disposed of other than by sale are considered held for use until disposition. Government Incentives and Grants We receive incentives from federal, state and local governments in different regions of the world that primarily encourage us to establish, maintain, or increase investment, employment, or production in the region. We are also entitled to certain advanced manufacturing production credits under the IRA. The benefit from both refundable and nonrefundable advanced manufacturing production credits are not accounted for or classified as an income tax credit. We account for government incentives as a reduction of expense, a reduction of the cost of the capital investment or other income based on the substance of the incentive received. Benefits are generally recorded when there is reasonable assurance of receipt or, as it relates to advance manufacturing production credits, upon the generation of the credit. Amounts are recorded in earnings as the expenses in which the incentive is meant to offset are incurred, as we meet the conditions of the grant or as the capital investment is depreciated or, as it relates to advance manufacturing production credits, upon generation of the credit. At December 31, 2023, cash incentives in Cash and cash equivalents was $717 million, cash incentives receivable in Accounts and notes receivable, net of allowance was $190 million, cash incentives credited to Property, net was $480 million, cash incentives receivable in Other assets was $269 million and deferred incentive income in Other liabilities was $341 million. In the year ended December 31, 2023, we recognized $251 million in Automotive and other cost of sales associated with incentives. Current agreements expire at various dates through 2031 and we consider the risk that any amounts recognized will be returned to be remote. Pension and OPEB Plans Attribution, Methods and Assumptions The cost of benefits provided by defined benefit pension plans is recorded in the period employees provide service. The cost of pension plan amendments that provide for benefits already earned by plan participants is amortized over the expected period of benefit which may be the duration of the applicable collective bargaining agreement specific to the plan, the expected future working lifetime or the life expectancy of the plan participants. The cost of medical, dental, legal service and life insurance benefits provided through postretirement benefit plans is recorded in the period employees provide service. The cost of postretirement plan amendments that provide for benefits already earned by plan participants is amortized over the expected period of benefit which may be the average period to full eligibility or the average life expectancy of the plan participants. An expected return on plan asset methodology is utilized to calculate future pension expense for certain significant funded benefit plans. A market-related value of plan assets methodology is also utilized that averages gains and losses on the plan assets over a period of years to determine future pension expense. The methodology recognizes 60% of the difference between the fair value of assets and the expected calculated value in the first year and 10% of that difference over each of the next four years. The discount rate assumption is established for each of the retirement-related benefit plans at their respective measurement dates. In the U.S., we use a cash flow matching approach that uses projected cash flows matched to spot rates along a high-quality corporate bond yield curve to determine the present value of cash flows to calculate a single equivalent discount rate. We apply individual annual yield curve rates to determine the service cost and interest cost for our pension and OPEB plans to more specifically link the cash flows related to service cost and interest cost to bonds maturing in their year of payment. The benefit obligation for pension plans in Canada, the United Kingdom and Germany represents 90% of the non-U.S. pension benefit obligation at December 31, 2023. The discount rates for plans in Canada, the United Kingdom and Germany are determined using a cash flow matching approach like the U.S. Plan Asset Valuation Due to the lack of timely available market information for certain investments in the asset classes described below as well as the inherent uncertainty of valuation, reported fair values may differ from fair values that would have been used had timely available market information been available. Common and Preferred Stock Common and preferred stock for which market prices are readily available at the measurement date are valued at the last reported sale price or official closing price on the primary market or exchange on which they are actively traded and are classified in Level 1. Such equity securities for which the market is not considered to be active are valued via the use of observable inputs, which may include the use of adjusted market prices last available, bids or last available sales prices and/or other observable inputs and are classified in Level 2. Common and preferred stock classified in Level 3 are privately issued securities or other issues that are valued via the use of valuation models using significant unobservable inputs that generally consider aged (stale) pricing, earnings multiples, discounted cash flows and/or other qualitative and quantitative factors. Debt Securities Valuations for debt securities are based on quotations received from independent pricing services or from dealers who make markets in such securities. Debt securities priced via pricing services that utilize matrix pricing which considers readily observable inputs such as the yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices, are classified in Level 2. Debt securities that are typically priced by dealers and pricing services via the use of proprietary pricing models which incorporate significant unobservable inputs are classified in Level 3. These inputs primarily consist of yield and credit spread assumptions, discount rates, prepayment curves, default assumptions and recovery rates. Investment Funds, Private Equity and Debt Investments and Real Estate Investments Investment funds, private equity and debt investments and real estate investments are valued based on the Net Asset Value (NAV) per Share (or its equivalent) as a practical expedient to estimate fair value due to the absence of readily available market prices. NAVs are provided by the respective investment sponsors or investment advisers and are subsequently reviewed and approved by management. In the event management concludes a reported NAV does not reflect fair value or is not determined as of the financial reporting measurement date, we will consider whether and when deemed necessary to make an adjustment at the balance sheet date. In determining whether an adjustment to the external valuation is required, we will review material factors that could affect the valuation, such as changes in the composition or performance of the underlying investments or comparable investments, overall market conditions, expected sale prices for private investments which are probable of being sold in the short-term and other economic factors that may possibly have a favorable or unfavorable effect on the reported external valuation. Stock Incentive Plans Our stock incentive plans include RSUs, PSUs, stock options and awards that may be settled in our stock, the stock of our subsidiaries or in cash. We measure and record compensation expense based on the fair value of GM or Cruise's common stock on the date of grant for RSUs and PSUs and the grant date fair value, determined utilizing the Black-Scholes formula or a lattice model, for stock options and PSUs. We record compensation cost for service-based RSUs, PSUs and service-based stock options on a straight-line basis over the entire vesting period, or for retirement eligible employees over the requisite service period. In March 2022, all outstanding RSUs that settle in Cruise's common stock were modified to remove the liquidity vesting condition. Prospectively, RSUs that will settle in Cruise's common stock will vest solely upon satisfaction of a service condition. Compensation cost for awards that do not have an established accounting grant date, but for which the service inception date has been established, or are settled in cash is based on the fair value of GM or Cruise's common stock at the end of each reporting period. Compensation cost is also recorded on stock issued to settle awards based on the fair value of Cruise's common stock until such time that the stock has been issued for more than six months. Product Warranty and Recall Campaigns The estimated costs related to product warranties are accrued at the time products are sold and are charged to Automotive and other cost of sales. These estimates are established using historical information on the nature, frequency and average cost of claims of each vehicle line or each model year of the vehicle line and assumptions about future activity and events. Revisions are made when necessary and are based on changes in these factors. The estimated costs related to recall campaigns are accrued when probable and estimable. In GMNA, we estimate the costs related to recall campaigns by applying a paid loss approach that considers the number of historical recall campaigns and the estimated cost for each recall campaign. The estimated costs associated with recall campaigns in other geographical regions are determined using the estimated costs of repairs and the estimated number of vehicles to be repaired. Costs associated with recall campaigns are charged to Automotive and other cost of sales. Revisions are made when necessary based on changes in these factors. Income Taxes The liability method is used in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements using the statutory tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recorded in the results of operations in the period that includes the enactment date under the law. We record Global Intangible Low Tax Income (GILTI) as a current period expense when incurred. Income tax effects are released from Accumulated other comprehensive loss using the specific-identification method. We establish valuation allowances for deferred tax assets based on a more likely than not standard. Deferred income tax assets are evaluated quarterly to determine if valuation allowances are required or should be adjusted. The ability to realize deferred tax assets depends on the ability to generate sufficient taxable income within the carryback or carryforward periods provided for in the tax law for each applicable tax jurisdiction. The assessment regarding whether a valuation allowance is required or should be adjusted also considers all available positive and negative evidence factors. It is difficult to conclude a valuation allowance is not required when there is significant objective and verifiable negative evidence, such as cumulative losses in recent years. We utilize a rolling three years of actual and current year results as the primary measure of cumulative losses in recent years. We record uncertain tax positions on the basis of a two-step process whereby we determine whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position, and for those tax positions that meet the more likely than not criteria, we recognize the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. We record interest and penalties on uncertain tax positions in Income tax expense. Foreign Currency Transactions and Translation The assets and liabilities of foreign subsidiaries that use the local currency as their functional currency are translated to U.S. Dollars based on the current exchange rate prevailing at each balance sheet date and any resulting translation adjustments are included in Accumulated other comprehensive loss. The assets and liabilities of foreign subsidiaries whose local currency is not their functional currency are remeasured from their local currency to their functional currency and then translated to U.S. Dollars. Revenues and expenses are translated into U.S. Dollars using the average exchange rates prevailing for each period presented. The financial statements of any foreign subsidiary that has been identified as having a highly inflationary economy are remeasured as if the functional currency were the U.S. Dollar. Gains and losses arising from foreign currency transactions and the effects of remeasurements discussed in the preceding paragraph are recorded in Automotive and other cost of sales and GM Financial interest, operating and other expenses unless related to Automotive debt, which are recorded in Interest income and other non-operating income, net. Foreign currency transactions and remeasurements in the years ended December 31, 2023, 2022 and 2021 were losses of $349 million, losses of $172 million and insignificant gains. Derivative Financial Instruments Derivative financial instruments are recognized as either assets or liabilities at fair value. The accounting for changes in the fair value of each derivative financial instrument depends on whether it has been designated and qualifies as an accounting hedge, as well as the type of hedging relationship identified. Cash flows for all derivative financial instruments are typically classified in cash flows from operating activities. Derivative instruments are not used for trading or speculative purposes. Automotive We utilize options, swaps and forward contracts to manage foreign currency, commodity price and interest rate risks. The change in the fair value of option, swap and forward contracts not designated as an accounting hedge is recorded in Interest income and other non-operating income, net. Certain foreign currency and commodity forward contracts have been designated and qualify as cash flow hedges. The risks being hedged are foreign currency and commodity price risks related to forecasted transactions. The change in the fair value of these forward contracts is recorded in Accumulated other comprehensive loss and will be recognized in Automotive net sales and revenue or Automotive and other cost of sales when the hedged transaction impacts earnings. Forward contracts designated as cash flow hedges are evaluated for effectiveness using regression analysis at inception and throughout the hedge period. Certain receive-fixed, pay-float interest rate swap agreements have been designated and qualify as fair value hedges of our fixed-rate debt. The risk being hedged is the risk of changes in the fair value of the hedged debt attributable to changes in the benchmark interest rate. The changes in both the fair value of the hedged debt and the hedging instrument are recorded in Automotive interest expense. When a fair value hedge is de-designated, or when the derivative is terminated prior to maturity, the fair value adjustment to the hedged debt continues to be reported as part of the carrying value of the debt and is recognized in Automotive interest expense over its remaining life. Automotive Financing - GM Financial GM Financial utilizes interest rate derivative instruments to manage interest rate risk and foreign currency derivative instruments to manage foreign currency risk. The change in fair value of the derivative instruments not designated as an accounting hedge is recorded i |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following table disaggregates our revenue by major source for revenue generating segments : Year Ended December 31, 2023 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 136,983 $ 14,424 $ 113 $ 151,520 $ — $ — $ (10) $ 151,510 Used vehicles 954 37 — 991 — — — 991 Services and other 3,508 1,487 160 5,155 102 — (100) 5,157 Automotive net sales and revenue 141,445 15,949 273 157,667 102 — (110) 157,658 Leased vehicle income — — — — — 7,266 — 7,266 Finance charge income — — — — — 6,204 (18) 6,187 Other income — — — — — 754 (23) 732 GM Financial net sales and revenue — — — — — 14,225 (41) 14,184 Net sales and revenue $ 141,445 $ 15,949 $ 273 $ 157,667 $ 102 $ 14,225 $ (151) $ 171,842 Year Ended December 31, 2022 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 124,657 $ 13,993 $ 42 $ 138,692 $ — $ — $ — $ 138,692 Used vehicles 483 33 — 516 — — — 516 Services and other 3,238 1,393 134 4,765 102 — (101) 4,766 Automotive net sales and revenue 128,378 15,420 177 143,974 102 — (101) 143,975 Leased vehicle income — — — — — 7,811 — 7,811 Finance charge income — — — — — 4,521 (2) 4,519 Other income — — — — — 435 (4) 431 GM Financial net sales and revenue — — — — — 12,766 (6) 12,760 Net sales and revenue $ 128,378 $ 15,420 $ 177 $ 143,974 $ 102 $ 12,766 $ (107) $ 156,735 Year Ended December 31, 2021 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 97,515 $ 10,956 $ 14 $ 108,485 $ — $ — $ — $ 108,485 Used vehicles 545 49 — 594 — — — 594 Services and other 3,248 1,167 90 4,505 106 — (100) 4,511 Automotive net sales and revenue 101,308 12,172 104 113,584 106 — (100) 113,590 Leased vehicle income — — — — — 9,026 — 9,026 Finance charge income — — — — — 4,103 — 4,103 Other income — — — — — 290 (5) 285 GM Financial net sales and revenue — — — — — 13,419 (5) 13,414 Net sales and revenue $ 101,308 $ 12,172 $ 104 $ 113,584 $ 106 $ 13,419 $ (105) $ 127,004 Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Adjustments to sales incentives for previously recognized sales were insignificant during the years ended December 31, 2023, 2022 and 2021. |
Marketable and Other Securities
Marketable and Other Securities | 12 Months Ended |
Dec. 31, 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 December 31, 2023 December 31, 2022 Cash and cash equivalents Cash and time deposits $ 8,977 $ 8,921 Available-for-sale debt securities U.S. government and agencies 2 211 1,012 Corporate debt 2 1,439 2,778 Sovereign debt 2 734 1,828 Total available-for-sale debt securities – cash equivalents 2,384 5,618 Money market funds 1 7,491 4,613 Total cash and cash equivalents $ 18,853 $ 19,153 Marketable debt securities U.S. government and agencies 2 $ 3,495 $ 4,357 Corporate debt 2 3,274 5,147 Mortgage and asset-backed 2 589 538 Sovereign debt 2 255 2,108 Total available-for-sale debt securities – marketable securities $ 7,613 $ 12,150 Restricted cash Cash and cash equivalents $ 277 $ 341 Money market funds 1 2,787 2,455 Total restricted cash $ 3,064 $ 2,796 Available-for-sale debt securities included above with contractual maturities(a) Due in one year or less $ 3,725 Due between one and five years 5,500 Total available-for-sale debt securities with contractual maturities $ 9,225 __________ (a) Excludes mortgage and asset-backed securities of $589 million at December 31, 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 $2.1 billion, $1.8 billion and $1.9 billion in the years ended December 31, 2023, 2022 and 2021. Available-for-sale debt securities had net unrealized gains of $196 million in the year ended December 31, 2023 and net unrealized losses of $319 million and an insignificant amount in years ended December 31, 2022 and 2021. Cumulative unrealized losses on available-for-sale debt securities were $160 million and $344 million at December 31, 2023 and 2022. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows: December 31, 2023 December 31, 2022 Cash and cash equivalents $ 18,853 $ 19,153 Restricted cash included in Other current assets 2,604 2,356 Restricted cash included in Other assets 460 440 Total $ 21,917 $ 21,948 |
GM Financial Receivables and Tr
GM Financial Receivables and Transactions | 12 Months Ended |
Dec. 31, 2023 | |
GM Financial | |
Finance Receivables [Line Items] | |
GM Financial Receivables and Transactions | GM Financial Receivables and Transactions December 31, 2023 December 31, 2022 Retail Commercial(a) Total Retail Commercial(a) Total GM Financial receivables $ 72,729 $ 13,734 $ 86,463 $ 65,322 $ 10,988 $ 76,310 Less: allowance for loan losses (2,308) (36) (2,344) (2,062) (34) (2,096) GM Financial receivables, net $ 70,421 $ 13,698 $ 84,119 $ 63,260 $ 10,954 $ 74,214 Fair value of GM Financial receivables utilizing Level 2 inputs $ 13,698 $ 10,954 Fair value of GM Financial receivables utilizing Level 3 inputs $ 70,911 $ 62,150 __________ (a) Commercial finance receivables include dealer financing of $13.3 billion and $10.6 billion, and other financing of $476 million and $362 million at December 31, 2023 and 2022. Commercial finance receivables are presented net of dealer cash management balances of $2.6 billion and $1.9 billion at December 31, 2023 and 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. Years Ended December 31, 2023 2022 2021 Allowance for loan losses at beginning of period $ 2,096 $ 1,886 $ 1,978 Provision for loan losses 826 654 248 Charge-offs (1,423) (1,138) (897) Recoveries 768 686 574 Effect of foreign currency 76 9 (17) Allowance for loan losses at end of period $ 2,344 $ 2,096 $ 1,886 The allowance for loan losses as a percentage of finance receivables was 2.7% at December 31, 2023 and 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 December 31, 2023 and 2022: Year of Origination December 31, 2023 2023 2022 2021 2020 2019 Prior Total Percent Prime – FICO score 680 and greater $ 23,940 $ 15,581 $ 9,039 $ 4,926 $ 1,076 $ 320 $ 54,882 75.5 % Near-prime – FICO score 620 to 679 3,234 2,281 1,746 906 350 129 8,647 11.9 % Sub-prime – FICO score less than 620 3,079 2,397 1,884 1,010 573 257 9,200 12.6 % Retail finance receivables, net of fees $ 30,253 $ 20,259 $ 12,670 $ 6,842 $ 2,000 $ 707 $ 72,729 100.0 % 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 $809 million and $685 million at December 31, 2023 and 2022. The following tables are consolidated summaries of the delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at December 31, 2023 and 2022: Year of Origination December 31, 2023 2023 2022 2021 2020 2019 Prior Total Percent 0-to-30 days $ 29,816 $ 19,602 $ 12,098 $ 6,533 $ 1,825 $ 599 $ 70,472 96.9 % 31-to-60 days 318 470 415 227 130 78 1,637 2.3 % Greater-than-60 days 102 168 142 76 42 29 559 0.8 % Finance receivables more than 30 days delinquent 421 637 557 302 172 107 2,196 3.0 % In repossession 17 20 14 6 3 1 61 0.1 % Finance receivables more than 30 days delinquent or in repossession 437 657 572 308 175 108 2,257 3.1 % Retail finance receivables, net of fees $ 30,253 $ 20,259 $ 12,670 $ 6,842 $ 2,000 $ 707 $ 72,729 100.0 % 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 financing, primarily for dealer inventory purchases, and other financing, which includes loans to commercial vehicle upfitters. For dealer financing, 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. The credit risk associated with other financing is limited due to the structure of the business relationships. GM Financial's dealer 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 dealer credit risk profile by dealer risk rating at December 31, 2023 and 2022: Year of Origination(a) December 31, 2023 Dealer Risk Rating Revolving 2023 2022 2021 2020 2019 Prior Total Percent I $ 11,513 $ 279 $ 403 $ 297 $ 301 $ 75 $ 11 $ 12,879 97.1 % II 182 — 2 2 — — — 187 1.4 % III 152 1 15 12 — 11 — 192 1.4 % IV — — — — — — — — — % Balance at end of period $ 11,846 $ 281 $ 421 $ 311 $ 301 $ 86 $ 11 $ 13,257 100.0 % __________ (a) Floorplan advances comprise 99.7% of the total revolving balance. Dealer term loans are presented by year of origination. Year of Origination(a) December 31, 2022 Dealer Risk Rating Revolving 2022 2021 2020 2019 2018 Prior Total Percent I $ 9,130 $ 438 $ 356 $ 360 $ 91 $ 38 $ 18 $ 10,431 98.2 % II 89 — 1 — — — — 91 0.9 % III 78 15 — — 10 — — 104 1.0 % IV — — — — — — — — — % Balance at end of period $ 9,297 $ 453 $ 357 $ 360 $ 102 $ 38 $ 18 $ 10,625 100.0 % __________ (a) Floorplan advances comprise 99.0% of the total revolving balance. Dealer term loans are presented by year of origination. There were no commercial finance receivables on nonaccrual status at December 31, 2023 and 2022. Transactions with GM Financial The following tables show transactions between our Automotive segments and GM Financial. These amounts are presented in GM Financial's consolidated balance sheets and statements of income. December 31, 2023 December 31, 2022 Consolidated Balance Sheets(a) Commercial finance receivables, net due from GM consolidated dealers $ 164 $ 187 Receivables due from Cruise $ 353 $ 113 Subvention receivable(b) $ 508 $ 469 Commercial loan funding payable $ 55 $ 105 Years Ended December 31, 2023 2022 2021 Consolidated Statements of Income Interest subvention earned on finance receivables $ 1,234 $ 984 $ 820 Leased vehicle subvention earned $ 1,537 $ 1,916 $ 2,702 __________ (a) All balance sheet amounts are eliminated upon consolidation. (b) Our Automotive segments made cash payments to GM Financial for subvention of $3.5 billion, $2.4 billion and $3.3 billion in the years ended December 31, 2023, 2022 and 2021. GM Financial's Board of Directors declared and paid dividends of $1.8 billion, $1.7 billion and $3.5 billion on its common stock in the years ended December 31, 2023, 2022 and 2021. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories December 31, 2023 December 31, 2022 Total productive material, supplies and work in process $ 7,422 $ 8,014 Finished product, including service parts 9,039 7,353 Total inventories $ 16,461 $ 15,366 At December 31, 2023, inventories are reflected net of allowances totaling $2.2 billion, of which $1.9 billion is EV-related, to remeasure inventory on-hand to net realizable value. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Abstract] | |
Operating Leases | Operating Leases Operating Leases Our portfolio of leases primarily consists of real estate office space, manufacturing and warehousing facilities, land and equipment. Certain leases contain escalation clauses and renewal or purchase options, and generally our leases have no residual value guarantees or material covenants. We exclude leases with a term of one year or less from our balance sheet, and do not separate non-lease components from our real estate leases. Rent expense under operating leases was $346 million, $317 million and $294 million in the years ended December 31, 2023, 2022 and 2021. Variable lease costs were insignificant in the years ended December 31, 2023, 2022 and 2021. At December 31, 2023 and 2022, operating lease right of use assets operating lease liabilities non-current operating lease liabilities (used in) operating activities were $359 million, $314 million and $301 million in the years ended December 31, 2023, 2022 and 2021. Lease agreements that have not yet commenced were $597 million at December 31, 2023. Equipment on Operating Leases Equipment on operating leases primarily consists of leases to retail customers of GM Financial. December 31, 2023 December 31, 2022 Equipment on operating leases $ 37,921 $ 40,919 Less: accumulated depreciation (7,338) (8,218) Equipment on operating leases, net $ 30,582 $ 32,701 At December 31, 2023, the estimated residual value of our leased assets at the end of the lease term was $22.7 billion. Depreciation expense related to Equipment on operating leases, net was $4.9 billion, $4.8 billion and $6.1 billion in the years ended December 31, 2023, 2022 and 2021. The following table summarizes lease payments due to GM Financial on leases to retail customers: Years Ending December 31, 2024 2025 2026 2027 2028 Thereafter Total Lease receipts under operating leases $ 4,817 $ 3,117 $ 1,265 $ 132 $ 3 $ — $ 9,334 |
Equity In Net Assets Of Noncons
Equity In Net Assets Of Nonconsolidated Affiliates | 12 Months Ended |
Dec. 31, 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. Years Ended December 31, 2023 2022 2021 Automotive China joint ventures equity income (loss) $ 446 $ 677 $ 1,098 Other joint ventures equity income (loss)(a) 327 159 203 Total Equity income (loss) $ 773 $ 837 $ 1,301 __________ (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 EVs. Equity earnings related to Ultium Cells Holdings LLC were $293 million in the year ended December 31, 2023. Investments in Nonconsolidated Affiliates December 31, 2023 December 31, 2022 Automotive China joint ventures carrying amount $ 6,373 $ 6,714 Ultium Cells Holdings LLC carrying amount 2,268 1,463 Other investments carrying amount 1,972 1,998 Total equity in net assets of nonconsolidated affiliates $ 10,613 $ 10,176 The carrying amount of our investments in certain joint ventures exceeded our share of the underlying net assets by $4.2 billion and $4.3 billion at December 31, 2023 and 2022 primarily due to goodwill from the application of fresh-start reporting and the purchase of additional interests in nonconsolidated affiliates. The following table summarizes our direct ownership interests in our China JVs: December 31, 2023 December 31, 2022 Automotive China JVs SAIC General Motors Corp., Ltd. (SGM) 50 % 50 % Pan Asia Technical Automotive Center Co., Ltd. 50 % 50 % SAIC General Motors Sales Co., Ltd. (SGMS) 49 % 49 % SAIC GM Wuling Automobile Co., Ltd. (SGMW) 44 % 44 % Shanghai OnStar Telematics Co., Ltd. (Shanghai OnStar) 40 % 40 % SAIC GM (Shenyang) Norsom Motors Co., Ltd. (SGM Norsom) 25 % 25 % SAIC GM Dong Yue Motors Co., Ltd. (SGM DY) 25 % 25 % SAIC GM Dong Yue Powertrain Co., Ltd. (SGM DYPT) 25 % 25 % Other joint ventures SAIC-GMAC Automotive Finance Company Limited (SAIC-GMAC) 35 % 35 % SAIC-GMF Leasing Co., Ltd. 35 % 35 % SGM is a joint venture we established with Shanghai Automotive Industry Corporation (SAIC) (50%). SGM has interests in three other joint ventures in China: SGM Norsom, SGM DY and SGM DYPT. These three joint ventures are jointly held by SGM (50%), SAIC (25%) and ourselves. These four joint ventures are engaged in the production, import and sale of a range of products under the Buick, Chevrolet and Cadillac brands. SGM also has interests in Shanghai OnStar (20%), SAIC-GMAC (20%) and SAIC-GMF Leasing Co., Ltd. (20%). Shanghai Automotive Group Finance Company Ltd., a subsidiary of SAIC, owns 45% of SAIC-GMAC. SAIC Financial Holdings Company, a subsidiary of SAIC, owns 45% of SAIC-GMF Leasing Co., Ltd. Summarized Financial Data of Nonconsolidated Affiliates December 31, 2023 December 31, 2022 Automotive China JVs Others Total Automotive China JVs Others Total Summarized Balance Sheet Data Current assets $ 15,963 $ 17,435 $ 33,398 $ 17,735 $ 17,405 $ 35,140 Non-current assets 11,585 11,535 23,120 12,428 10,826 23,254 Total assets $ 27,548 $ 28,970 $ 56,518 $ 30,163 $ 28,231 $ 58,394 Current liabilities $ 22,104 $ 15,308 $ 37,412 $ 23,267 $ 17,498 $ 40,765 Non-current liabilities 1,070 4,174 5,244 1,167 3,184 4,351 Total liabilities $ 23,174 $ 19,482 $ 42,656 $ 24,434 $ 20,682 $ 45,116 Noncontrolling interests $ 868 $ — $ 868 $ 904 $ — $ 904 Years Ended December 31, 2023 2022 2021 Summarized Operating Data Automotive China JVs' net sales $ 31,435 $ 35,857 $ 42,776 Others' net sales 4,311 2,029 2,017 Total net sales $ 35,746 $ 37,886 $ 44,793 Automotive China JVs' net income $ 1,122 $ 1,407 $ 2,109 Others' net income 771 426 587 Total net income $ 1,893 $ 1,833 $ 2,696 Transactions with Nonconsolidated Affiliates Our nonconsolidated affiliates are involved in various aspects of the development, production and marketing of trucks, crossovers, cars and automobile parts. We enter into transactions with certain nonconsolidated affiliates to purchase and sell component parts and vehicles. The following tables summarize transactions with and balances related to our nonconsolidated affiliates: Years Ended December 31, 2023 2022 2021 Automotive sales and revenue $ 209 $ 218 $ 227 Automotive purchases, net $ 2,766 $ 2,637 $ 1,551 Dividends received $ 1,018 $ 1,030 $ 783 Operating cash flows $ (941) $ (1,133) $ (616) December 31, 2023 December 31, 2022 Accounts and notes receivable, net $ 589 $ 1,089 Accounts payable $ 806 $ 942 Undistributed earnings $ 1,719 $ 1,918 |
Property
Property | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment, Net [Abstract] | |
Property | Property Estimated Useful Lives in Years December 31, 2023 December 31, 2022 Land $ 1,293 $ 1,307 Buildings and improvements 5-40 13,256 11,461 Machinery and equipment 3-27 37,074 33,413 Special tools 1-13 26,086 24,775 Construction in progress 8,135 7,340 Total property 85,845 78,295 Less: accumulated depreciation (35,524) (33,047) Total property, net $ 50,321 $ 45,248 The amount of capitalized software included in Property, net was $2.2 billion and $1.8 billion at December 31, 2023 and 2022. The amount of interest capitalized and excluded from Automotive interest expense related to Property, net was insignificant in the years ended December 31, 2023, 2022 and 2021. Years Ended December 31, 2023 2022 2021 Depreciation and amortization expense $ 6,719 $ 6,297 $ 5,829 Impairment charges $ 115 $ 12 $ — Capitalized software amortization expense(a) $ 705 $ 614 $ 515 __________ (a) Included in Depreciation and amortization expense. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill of $1.9 billion consisted of $1.3 billion in GM Financial at December 31, 2023 and 2022, and $573 million and $571 million in Cruise at December 31, 2023 and 2022. In the three months ended December 31, 2023, we performed a goodwill impairment test for Cruise and determined that the goodwill was not impaired. December 31, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Technology and intellectual property $ 749 $ 517 $ 231 $ 767 $ 564 $ 203 Brands 4,293 1,768 2,526 4,294 1,658 2,636 Dealer network, customer relationships and other 968 784 184 960 765 195 Total intangible assets $ 6,010 $ 3,069 $ 2,941 $ 6,021 $ 2,987 $ 3,034 Our amortization expense related to intangible assets was $114 million, $139 million and $141 million in the years ended December 31, 2023, 2022 and 2021. Amortization expense related to intangible assets is estimated to be approximately $159 million in each of the next five years. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [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 consolidated financial statements, they are separate legal entities and their assets are legally owned by them and are not available to GM Financial's creditors or creditors of GM Financial's other subsidiaries. The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs: December 31, 2023 December 31, 2022 Restricted cash – current $ 2,398 $ 2,176 Restricted cash – non-current $ 367 $ 360 GM Financial receivables, net of fees – current $ 22,990 $ 19,896 GM Financial receivables, net of fees – non-current $ 23,535 $ 18,748 GM Financial equipment on operating leases, net $ 15,794 $ 18,456 GM Financial short-term debt and current portion of long-term debt $ 22,088 $ 21,643 GM Financial long-term debt $ 23,210 $ 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 $2.4 billion and $1.6 billion and liabilities were insignificant related to our nonconsolidated VIEs at December 31, 2023 and 2022. Our maximum exposure to loss as a result of our involvement with these VIEs was $3.5 billion and $3.3 billion, inclusive of $0.8 billion and $1.4 billion in committed capital contributions to Ultium Cells Holdings LLC at December 31, 2023 and 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. |
Accrued and Other Liabilities
Accrued and Other Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued and Other Liabilities | Accrued and Other Liabilities December 31, 2023 December 31, 2022 Accrued liabilities Dealer and customer allowances, claims and discounts $ 6,065 $ 4,813 Deferred revenue 2,802 2,489 Product warranty and related liabilities 3,285 3,042 Payrolls and employee benefits excluding postemployment benefits 3,099 3,298 Other 12,113 11,268 Total accrued liabilities $ 27,364 $ 24,910 Other liabilities Deferred revenue $ 5,019 $ 3,552 Product warranty and related liabilities 6,011 5,488 Operating lease liabilities 907 967 Employee benefits excluding postemployment benefits 518 512 Postemployment benefits including facility idling reserves 151 507 Other 3,909 3,740 Total other liabilities $ 16,515 $ 14,767 Years Ended December 31, 2023 2022 2021 Product Warranty and Related Liabilities Warranty balance at beginning of period $ 8,530 $ 9,774 $ 8,242 Warranties issued and assumed in period – recall campaigns 864 651 2,820 Warranties issued and assumed in period – product warranty 2,418 1,943 1,665 Payments (4,009) (4,097) (3,249) Adjustments to pre-existing warranties 1,462 297 315 Effect of foreign currency and other 31 (37) (19) Warranty balance at end of period 9,295 8,530 9,774 Less: Supplier recoveries balance at end of period(a) 646 1,184 2,039 Warranty balance, net of supplier recoveries at end of period $ 8,649 $ 7,345 $ 7,735 __________ (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. Years Ended December 31, 2023 2022 2021 Product warranty expense, net of recoveries Warranties issued and assumed in period $ 3,282 $ 2,593 $ 4,485 Supplier recoveries accrued in period 3 (261) (2,175) Adjustments and other 1,493 260 296 Warranty expense, net of supplier recoveries $ 4,778 $ 2,592 $ 2,606 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Automotive The following table presents debt in our automotive operations: December 31, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 134 $ 132 $ 124 $ 123 Unsecured debt(a) 15,842 15,911 17,340 16,323 Finance lease liabilities 437 447 381 381 Total automotive debt(b) $ 16,413 $ 16,490 $ 17,844 $ 16,828 Fair value utilizing Level 1 inputs $ 15,457 $ 15,971 Fair value utilizing Level 2 inputs $ 1,033 $ 857 Available under credit facility agreements(c) $ 16,446 $ 15,095 Weighted-average interest rate on outstanding short-term debt(d) 16.2 % 6.1 % Weighted-average interest rate on outstanding long-term debt(d) 5.8 % 5.8 % __________ (a) Primarily consist of senior notes. (b) Includes net discount and debt issuance costs of $527 million and $525 million at December 31, 2023 and 2022. (c) Excludes our 364-day, $2.0 billion facility designated for exclusive use by GM Financial. (d) Inc ludes 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 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 we terminated on November 24, 2023. In November 2023, the Company entered an unsecured 364-day delayed draw term loan credit agreement that permits the Company to borrow up to $3.0 billion in the form of four term loans during an availability period that ends June 28, 2024. Amounts drawn and repaid may not be reborrowed and the final maturity date for any loans outstanding under the delayed draw credit agreement is November 27, 2024. GM Financial The following table presents debt of GM Financial: December 31, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 45,243 $ 44,971 $ 42,131 $ 41,467 Unsecured debt 60,084 59,651 54,723 52,270 Total GM Financial debt $ 105,327 $ 104,622 $ 96,854 $ 93,738 Fair value utilizing Level 2 inputs $ 102,262 $ 91,545 Fair value utilizing Level 3 inputs $ 2,360 $ 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 11 for additional information on GM Financial's involvement with VIEs. GM Financial is required to hold certain funds in restricted cash accounts to provide additional collateral for borrowings under certain secured credit facilities. The weighted-average interest rate on secured debt was 5.32% at December 31, 2023. The revolving credit facilities have maturity dates ranging from 2024 to 2029 and securitization notes payable have maturity dates ranging from 2024 to 2036. At the end of the revolving period, if not renewed, the debt of revolving credit facilities will amortize over a defined period. In the year ended December 31, 2023, GM Financial renewed revolving credit facilities with total borrowing capacity of $20.8 billion and issued $23.6 billion in aggregate principal amount of securitization notes payable with an initial weighted-average interest rate of 5.60% and maturity dates ranging from 2023 to 2036. Unsecured debt consists of senior notes, credit facilities and other unsecured debt. Senior notes outstanding at December 31, 2023 have maturity dates ranging from 2024 to 2034 and have a weighted-average interest rate of 3.82%. In the year ended December 31, 2023, GM Financial issued $11.4 billion in aggregate principal amount of senior notes with an initial weighted-average interest rate of 5.70% and maturity dates ranging from 2026 to 2034. Unsecured credit facilities and other unsecured debt have original maturities of up to five years. The weighted-average interest rate on these credit facilities and other unsecured debt was 7.82% at December 31, 2023. Years Ended December 31, 2023 2022 2021 Automotive interest expense $ 911 $ 987 $ 950 Automotive Financing - GM Financial interest expense 4,685 2,881 2,546 Total interest expense $ 5,596 $ 3,868 $ 3,496 The following table summarizes contractual maturities including finance leases at December 31, 2023: Automotive Automotive Financing Total 2024 $ 428 $ 38,637 $ 39,065 2025 2,644 22,971 25,615 2026 93 15,049 15,142 2027 1,826 8,770 10,596 2028 831 7,164 7,995 Thereafter 11,082 13,999 25,081 $ 16,905 $ 106,590 $ 123,494 Compliance with Debt Covenants Several of our loan facilities, including our revolving credit facilities, require compliance with certain financial and operational covenants as well as regular reporting to lenders, including providing certain subsidiary financial statements. Certain of GM Financial’s secured debt agreements also contain various covenants, including maintaining portfolio performance ratios as well as limits on deferment levels. GM Financial’s unsecured debt obligations contain covenants including limitations on GM Financial's ability to incur certain liens. Failure to meet certain of these requirements may result in a covenant violation or an event of default depending on the terms of the agreement. An event of default may allow lenders to declare amounts outstanding under these agreements immediately due and payable, to enforce their interests against collateral pledged under these agreements or restrict our ability or GM Financial's ability to obtain additional borrowings. No technical defaults or covenant violations existed at December 31, 2023. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 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 December 31, 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 $ 18,379 $ 75 $ 238 $ 19,950 $ — $ 821 Cash flow hedges Interest rate swaps 2 2,381 17 16 1,434 34 1 Foreign currency swaps(b) 2 8,003 144 311 6,852 — 586 Derivatives not designated as hedges(a) Interest rate contracts 2 134,683 1,573 1,997 113,975 2,268 1,984 Total derivative financial instruments(c) $ 163,446 $ 1,809 $ 2,563 $ 142,212 $ 2,302 $ 3,392 __________ (a) The gains/losses included in our consolidated income statements and statements of comprehensive income for the years ended December 31, 2023 , 2022 and 2021 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities. (b) The effect of foreign currency cash flow hedges in the consolidated statements of comprehensive income include gains of $139 million, losses of $529 million and losses of $352 million recognized in Accumulated other comprehensive loss and gains of $92 million, losses of $578 million and losses of $409 million reclassified from Accumulated other comprehensive loss into income for the years ended December 31, 2023, 2022 and 2021. (c) GM Financial held $457 million and $553 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted $1.2 billion and $1.5 billion of collateral to counterparties available for netting against GM Financial's liability positions at December 31, 2023 and 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 consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships: December 31, 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 $ 3,508 $ (8) $ 3,048 $ 2 Long-term unsecured debt 30,043 1,037 25,271 779 GM Financial unsecured debt $ 33,551 $ 1,029 $ 28,319 $ 781 __________ (a) Includes $872 million and an insignificant amount of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at December 31, 2023 and 2022. |
Pensions And Other Postretireme
Pensions And Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits Employee Pension and Other Postretirement Benefit Plans Defined Benefit Pension Plans Defined benefit pension plans covering eligible U.S. hourly employees (hired prior to October 2007) and Canadian hourly employees (hired prior to October 2016) generally provide benefits of negotiated, stated amounts for each year of service and supplemental benefits for employees who retire with 30 years of service before normal retirement age. The benefits provided by the defined benefit pension plans covering eligible U.S. (hired prior to January 1, 2001) and Canadian salaried employees and employees in certain other non-U.S. locations are generally based on years of service and compensation history. Accrual of defined pension benefits ceased in 2012 for U.S. and Canadian salaried employees. There is also an unfunded nonqualified pension plan primarily covering U.S. executives for service prior to January 1, 2007 and it is based on an “excess plan” for service after that date. The funding policy for qualified defined benefit pension plans is to contribute annually not less than the minimum required by applicable laws and regulations or to directly pay benefit payments where appropriate. In the year ended December 31, 2023, all legal funding requirements were met. The following table summarizes contributions made to the defined benefit pension plans: Years Ended December 31, 2023 2022 2021 U.S. hourly and salaried $ 357 $ 71 $ 67 Non-U.S. 395 332 371 Total $ 753 $ 403 $ 438 We expect to make insignificant contributions to our U.S. pension plans and up to $700 million in contributions to our non-U.S. pension plans in 2024. Other Postretirement Benefit Plans Certain hourly and salaried defined benefit plans provide postretirement medical, dental, legal service and life insurance to eligible U.S. and Canadian retirees and their eligible dependents. Certain other non-U.S. subsidiaries have postretirement benefit plans, although most non-U.S. employees are covered by government sponsored or administered programs. We made contributions to the U.S. OPEB plans of $295 million, $335 million and $351 million in the years ended December 31, 2023, 2022 and 2021. Plan participants' contributions were insignificant in the years ended December 31, 2023, 2022 and 2021. Defined Contribution Plans We have defined contribution plans for eligible U.S. salaried and hourly employees that provide discretionary matching contributions. Contributions are also made to certain non-U.S. defined contribution plans. We made contributions to our defined contribution plans of $742 million, $724 million and $606 million in the years ended December 31, 2023, 2022 and 2021. Significant Plan Amendments, Benefit Modifications and Related Events Other Remeasurements As part of our collective bargaining agreement with the UAW in 2023 we amended the U.S. Hourly Pension Plan to increase the monthly basic benefit by $5.00 a month for active plan members and to provide an annual contribution of $500 to eligible retirees and surviving spouses for the duration of the contract. These changes increased our pension obligation by $791 million. Pension and OPEB Obligations and Plan Assets Year Ended December 31, 2023 Year Ended December 31, 2022 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligations Beginning benefit obligation $ 44,817 $ 12,582 $ 4,543 $ 60,208 $ 18,314 $ 6,124 Service cost 103 161 9 161 146 16 Interest cost 2,273 551 236 1,292 293 148 Amendments 795 17 — — — — Actuarial (gains) losses 1,185 453 204 (12,010) (3,797) (1,289) Benefits paid (4,186) (1,001) (371) (4,239) (955) (410) Foreign currency translation adjustments — 453 32 — (1,361) (69) Curtailments, settlements and other (506) (76) 48 (595) (58) 23 Ending benefit obligation 44,481 13,140 4,701 44,817 12,582 4,543 Change in plan assets Beginning fair value of plan assets 44,901 9,530 — 59,921 13,521 — Actual return on plan assets 1,829 640 — (10,258) (2,257) — Employer contributions 357 395 348 71 332 387 Benefits paid (4,186) (1,001) (371) (4,239) (955) (410) Foreign currency translation adjustments — 354 — — (1,024) — Settlements and other (614) (99) 23 (594) (87) 23 Ending fair value of plan assets 42,287 9,819 — 44,901 9,530 — Ending funded status $ (2,194) $ (3,321) $ (4,701) $ 84 $ (3,052) $ (4,543) Amounts recorded in the consolidated balance sheets Non-current assets $ — $ 1,557 $ — $ 1,557 $ 1,552 $ — Current liabilities (62) (330) (356) (62) (316) (350) Non-current liabilities (2,132) (4,548) (4,345) (1,411) (4,288) (4,193) Net amount recorded $ (2,194) $ (3,321) $ (4,701) $ 84 $ (3,052) $ (4,543) Amounts recorded in Accumulated other comprehensive loss Net actuarial loss $ (3,372) $ (2,560) $ (332) $ (1,186) $ (2,157) $ (86) Net prior service (cost) credit (793) (74) 8 5 (56) 10 Total recorded in Accumulated other comprehensive loss $ (4,165) $ (2,634) $ (324) $ (1,181) $ (2,213) $ (76) In the year ended December 31 2023, the actuarial loss included in the benefit obligations was primarily due to a decrease in the discount rates. In the year ended December 31 2022, the actuarial gain included in the benefit obligations was primarily due to an increase in the discount rates. The following table summarizes the total accumulated benefit obligations (ABO), the ABO and fair value of plan assets for defined benefit pension plans with ABO in excess of plan assets, and the projected benefit obligation (PBO) and fair value of plan assets for defined benefit pension plans with PBO in excess of plan assets: December 31, 2023 December 31, 2022 U.S. Non-U.S. U.S. Non-U.S. ABO $ 44,464 $ 13,050 $ 44,798 $ 12,505 Plans with ABO in excess of plan assets ABO $ 44,464 $ 4,863 $ 5,668 $ 4,739 Fair value of plan assets $ 42,287 $ 74 $ 4,214 $ 211 Plans with PBO in excess of plan assets PBO $ 44,481 $ 4,953 $ 5,687 $ 4,815 Fair value of plan assets $ 42,287 $ 74 $ 4,214 $ 211 The following table summarizes the components of net periodic pension and OPEB expense along with the assumptions used to determine benefit obligations: Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Components of expense Service cost $ 173 $ 173 $ 9 $ 233 $ 157 $ 16 $ 260 $ 121 $ 18 Interest cost 2,273 551 236 1,292 293 148 1,074 236 123 Expected return on plan assets (2,922) (573) — (3,000) (534) — (3,178) (610) — Amortization of net actuarial (gains) losses — 32 (23) 18 133 67 26 212 97 Curtailments, settlements and other 126 33 2 (17) 10 (5) 15 7 (6) Net periodic pension and OPEB (income) expense $ (350) $ 216 $ 224 $ (1,474) $ 59 $ 226 $ (1,803) $ (34) $ 232 Weighted-average assumptions used to determine benefit obligations(a) Discount rate 5.12 % 4.41 % 5.13 % 5.47 % 4.85 % 5.51 % 2.78 % 2.13 % 2.97 % Weighted-average assumptions used to determine net expense(a) Discount rate 5.37 % 5.33 % 5.48 % 2.34 % 2.98 % 2.84 % 1.86 % 2.38 % 2.24 % Expected rate of return on plan assets 6.30 % 5.65 % N/A 5.38 % 4.39 % N/A 5.63 % 4.67 % N/A __________ (a) The rate of compensation increase and the cash balance interest crediting rates do not have a significant effect on our U.S. pension and OPEB plans. The non-service cost components of the net periodic pension and OPEB income are presented in Interest income and other non-operating income, net. Refer to Note 19 for additional information. U.S. pension plan service cost, which includes administrative expenses and Pension Benefit Guarantee Corporation premiums, were insignificant for the years ended December 31, 2023, 2022 and 2021. Weighted-average assumptions used to determine net expense are determined at the beginning of the period and updated for remeasurements. Non-U.S. pension plan administrative expenses included in service cost were insignificant in the years ended December 31, 2023, 2022 and 2021. Assumptions Investment Strategies and Long-Term Rate of Return Detailed periodic studies are conducted by our internal asset management group as well as outside actuaries and are used to determine the long-term strategic mix among asset classes, risk mitigation strategies and the expected long-term ROA assumptions for the U.S. pension plans. The U.S. study includes a review of alternative asset allocation and risk mitigation strategies, anticipated future long-term performance and risk of the individual asset classes that comprise the plans' asset mix. Similar studies are performed for the significant non-U.S. pension plans with the assistance of outside actuaries and asset managers. While the studies incorporate data from recent plan performance and historical returns, the expected rate of return on plan assets represents our estimate of long-term prospective rates of return. We continue to pursue various options to fund and to manage risk in our pension plans, including continued changes to the pension asset portfolio mix to manage funded status volatility. The strategic asset mix and risk mitigation strategies for the plans are tailored specifically for each plan. Individual plans have distinct liabilities, liquidity needs and regulatory requirements. Consequently, there are different investment policies set by individual plan fiduciaries. Although investment policies and risk mitigation strategies may differ among plans, each investment strategy is considered to be appropriate in the context of the specific factors affecting each plan. In setting new strategic asset mixes, consideration is given to the likelihood that the selected asset mixes will effectively fund the projected pension plan liabilities, while aligning with the risk tolerance of the plans' fiduciaries. The strategic asset mixes for U.S. defined benefit pension plans are increasingly designed to satisfy the competing objectives of improving funded positions (market value of assets equal to or greater than the present value of the liabilities) and mitigating the possibility of a deterioration in funded status. Derivatives may be used to provide cost effective solutions for rebalancing investment portfolios, increasing or decreasing exposure to various asset classes and for mitigating risks, primarily interest rate, equity and currency risks. Equity and fixed income managers are permitted to utilize derivatives as efficient substitutes for traditional securities. Interest rate derivatives may be used to adjust portfolio duration to align with a plan's targeted investment policy and equity derivatives may be used to protect equity positions from downside market losses. Alternative investment managers are permitted to employ leverage, including through the use of derivatives, which may alter economic exposure. In December 2023, an investment policy study was completed for the U.S. pension plans. As a result, the weighted-average long-term rate of ROA remains unchanged at 6.3% at December 31, 2023 and 2022. The expected long-term rate of return on plan assets used in determining pension expense for non-U.S. plans is determined in a similar manner to the U.S. plans. Target Allocation Percentages The following table summarizes the target allocations by asset category for U.S. and non-U.S. defined benefit pension plans: December 31, 2023 December 31, 2022 U.S. Non-U.S. U.S. Non-U.S. Equity 11 % 10 % 8 % 10 % Debt 60 % 75 % 69 % 75 % Other(a) 29 % 15 % 23 % 15 % Total 100 % 100 % 100 % 100 % __________ (a) Primarily includes private equity, real estate and absolute return strategies, which mainly consist of hedge funds. Assets and Fair Value Measurements The following tables summarize the fair value of U.S. and non-U.S. defined benefit pension plan assets by asset class: December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total U.S. Pension Plan Assets Common and preferred stocks $ 850 $ — $ — $ 850 $ 1,222 $ — $ 3 $ 1,225 Government and agency debt securities(a) — 9,822 — 9,822 — 9,606 — 9,606 Corporate and other debt securities — 20,957 3 20,960 — 21,816 — 21,816 Other investments, net(b) 545 (269) 328 604 125 60 254 439 Net plan assets subject to leveling $ 1,395 $ 30,510 $ 331 32,236 $ 1,347 $ 31,482 $ 257 33,086 Plan assets measured at net asset value Investment funds 5,322 5,124 Private equity and debt investments 2,864 3,936 Real estate investments 2,976 3,491 Total plan assets measured at net asset value 11,162 12,551 Other plan assets (liabilities), net(c) (1,111) (736) Net plan assets $ 42,287 $ 44,901 December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Non-U.S. Pension Plan Assets Common and preferred stocks $ 160 $ — $ — $ 160 $ 143 $ — $ — $ 143 Government and agency debt securities(a) — 2,310 — 2,310 — 2,185 — 2,185 Corporate and other debt securities — 2,738 7 2,745 — 2,570 1 2,571 Other investments, net(b)(d) (4) (55) 43 (16) 24 (70) 84 38 Net plan assets subject to leveling $ 156 $ 4,993 $ 50 5,199 $ 167 $ 4,685 $ 85 4,937 Plan assets measured at net asset value Investment funds 3,265 3,124 Private equity and debt investments 431 483 Real estate investments 781 878 Total plan assets measured at net asset value 4,477 4,485 Other plan assets (liabilities), net(c) 143 108 Net plan assets $ 9,819 $ 9,530 __________ (a) Includes U.S. and sovereign government and agency issues. (b) Includes net derivative assets (liabilities). (c) Cash held by the plans, net of amounts receivable/payable for unsettled security transactions and payables for investment manager fees, custody fees and other expenses. (d) Level 2 Other investments, net includes Canadian repurchase agreements of approximately $137 million and $150 million at December 31, 2023 and 2022. The activity attributable to U.S. and non-U.S. Level 3 defined benefit pension plan investments was insignificant in the years ended December 31, 2023 and 2022. Investment Fund Strategies Investment funds include hedge funds, funds of hedge funds, equity funds and fixed income funds. Hedge funds and funds of hedge funds managers typically seek to achieve their objectives by allocating capital across a broad array of funds and/or investment managers. Equity funds invest in U.S. common and preferred stocks as well as similar equity securities issued by companies incorporated, listed or domiciled in developed and/or emerging market countries. Fixed income funds include investments in high quality funds and, to a lesser extent, high yield funds. High quality fixed income funds invest in government securities, investment-grade corporate bonds and mortgage and asset-backed securities. High yield fixed income funds invest in high yield fixed income securities issued by corporations, which are rated below investment grade. Other investment funds also included in this category primarily represent multi-strategy funds that invest in broadly diversified portfolios of equity, fixed income and derivative instruments. Private equity and debt investments primarily consist of investments in private equity and debt funds. These investments provide exposure to and benefit from long-term equity investments in private companies, including leveraged buy-outs, venture capital and distressed debt strategies. Real estate investments include funds that invest in entities that are primarily engaged in the ownership, acquisition, development, financing, sale and/or management of income-producing real estate properties, both commercial and residential. These funds typically seek long-term growth of capital and current income that is above average relative to public equity funds. Significant Concentrations of Risk The assets of the pension plans include certain investment funds, private equity and debt investments and real estate investments. Investment managers may be unable to quickly sell or redeem some or all of these investments at an amount close or equal to fair value in order to meet a plan's liquidity requirements or to respond to specific events such as deterioration in the creditworthiness of any particular issuer or counterparty. Illiquid investments held by the plans are generally long-term investments that complement the long-term nature of pension obligations and are not used to fund benefit payments when currently due. Plan management monitors liquidity risk on an ongoing basis and has procedures in place that are designed to maintain flexibility in addressing plan-specific, broader industry and market liquidity events. The pension plans may invest in financial instruments denominated in foreign currencies and may be exposed to risks that the foreign currency exchange rates might change in a manner that has an adverse effect on the value of the foreign currency denominated assets or liabilities. Forward currency contracts may be used to manage and mitigate foreign currency risk. The pension plans may invest in debt securities for which any change in the relevant interest rates for particular securities might result in an investment manager being unable to secure similar returns upon the maturity or the sale of securities. In addition, changes to prevailing interest rates or changes in expectations of future interest rates might result in an increase or decrease in the fair value of the securities held. Interest rate swaps and other financial derivative instruments may be used to manage interest rate risk. Benefit Payments Benefits for most U.S. pension plans and certain non-U.S. pension plans are paid out of plan assets rather than our Cash and cash equivalents. The following table summarizes net benefit payments expected to be paid in the future, which include assumptions related to estimated future employee service: Pension Benefits Global OPEB Plans U.S. Plans Non-U.S. Plans 2024 $ 4,405 $ 1,071 $ 365 2025 $ 4,213 $ 955 $ 361 2026 $ 4,110 $ 929 $ 357 2027 $ 3,995 $ 909 $ 353 2028 $ 3,846 $ 892 $ 350 2029–2033 $ 16,966 $ 4,225 $ 1,699 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 December 31, 2023 and 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 possible 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 claims. Although GM Korea has appealed these decisions to the Korea Supreme Court, GM Korea has since hired certain of its subcontract workers as full-time employees. At December 31, 2023, our accrual covering certain asserted claims and claims that we believe are probable of assertion and for which liability is probable was approximately $147 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 $86 million at December 31, 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; 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 are several putative 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 a certified class action proceeding involving three states. We do not believe that the verdict is supported by the evidence and plan to appeal. 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 Sixth Circuit has agreed to hear our appeal of this class certification order. 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 year ended December 31, 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 year ended December 31, 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 EPA and other regulators regarding potential adjustments to certain prior year GHG and CAFE accounting balances. Based on progress made in these discussions, in the year ended December 31, 2023, we accrued $289 million. Through December 31, 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 $1.9 billion at December 31, 2023. Takata Matters In November 2020, NHTSA directed that we replace the Takata Corporation (Takata) airbag inflators in our GMT900 vehicles, which are full-size pickup trucks and SUVs, and we decided not to contest NHTSA's decision. While we have already begun the process of executing the recall, given the number of vehicles in this population, the recall will take several years to be completed. Accordingly, in the year ended December 31, 2020, we recorded a warranty accrual of $1.1 billion for the expected costs of complying with the recall remedy. In the year ended December 31, 2023, we reduced our accrual by an insignificant amount based on the actual costs incurred to-date. At December 31, 2023, our remaining accrual for these matters was $609 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. Plaintiffs have appealed this decision. In August 2023, the U.S. court granted class certification as to a Louisiana claim, but denied certification as to seven other states. 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. The administrative record for NHTSA’s investigation closed on December 18, 2023, and we are waiting for NHTSA to issue its final decision. As indicated in GM's filed comment in the record, we do not believe that further GM vehicle recalls are necessary or appropriate at this time. 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. 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 Chevrolet Bolt Electric Utility Vehicles (EUVs). LG Electronics, Inc. (LGE) and LGES (collectively, LG), have agreed to reimburse GM for certain costs and expenses associated with the recall. The commercial negotiations with LG also resolved other commercial matters associated with our Ultium Cells Holdings LLC joint venture with LGES. Accordingly, through December 31, 2023, we have accrued a total of $2.6 billion and recognized receivables totaling $1.6 billion in connection with these matters. At December 31, 2023, our remaining accrual for these matters was $0.6 billion. 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. 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/Vauxhall Business to PSA Group (now Stellantis) under a Master Agreement (the Agreement). We also sold the European financing subsidiaries and branches to Banque PSA Finance S.A. and BNP Paribas Personal Finance S.A. Although the sale reduced our new vehicle presence in Europe, we may still be impacted by actions taken by regulators related to vehicles sold before the sale. 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 $615 million and $561 million in Accrued liabilities and Other liabilities at December 31, 2023 and 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 2024 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 $3.5 billion and $3.1 billion for these guarantees at December 31, 2023 and 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 periodically enter into agreements that incorporate indemnification provisions in the normal course of business. It is not possible to estimate our maximum exposure under these indemnifications or guarantees due to the conditional nature of these obligations. Insignificant amounts have been recorded for such obligations as the majority of them are not probable or estimable at this time and the fair value of the guarantees at issuance was insignificant. Refer to the Opel/Vauxhall Sale section of this note for additional information on our indemnification obligations to Stellantis under the Agreement. Credit Cards Credit card programs offer rebates that can be applied primarily against the purchase or lease of our vehicles. At December 31, 2023 and 2022, our redemption liability was insignificant, our deferred revenue was $384 million and $353 million, and qualified cardholders had rebates available, net of deferred program revenue, of $1.2 billion and $1.1 billion. Our redemption liability and deferred revenue are recorded in Accrued liabilities and Other liabilities. 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 $1.3 billion and $852 million at December 31, 2023 and 2022, which are recorded in Accounts payable |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Years Ended December 31, 2023 2022 2021 U.S. income (loss) $ 6,388 $ 9,454 $ 9,513 Non-U.S. income (loss) 3,535 1,306 1,902 Income (loss) before income taxes and equity income (loss) $ 9,924 $ 10,760 $ 11,415 Years Ended December 31, 2023 2022 2021 Current income tax expense (benefit) U.S. federal $ 240 $ 389 $ 20 U.S. state and local 490 368 142 Non-U.S. 874 707 395 Total current income tax expense (benefit) 1,605 1,464 557 Deferred income tax expense (benefit) U.S. federal (120) 263 1,699 U.S. state and local (43) 109 229 Non-U.S. (878) 53 286 Total deferred income tax expense (benefit) (1,041) 425 2,214 Total income tax expense (benefit) $ 563 $ 1,888 $ 2,771 The Non-U.S. deferred income tax benefit in the year ended December 31, 2023 relates primarily to the release of a valuation allowance in Korea. Provisions are made for estimated U.S. and non-U.S. income taxes which may be incurred on the reversal of our basis differences in investments in foreign subsidiaries and corporate joint ventures not deemed to be indefinitely reinvested. Taxes have not been provided on basis differences in investments primarily as a result of earnings in foreign subsidiaries which are deemed indefinitely reinvested of $4.3 billion and $3.5 billion at December 31, 2023 and 2022. We have indefinitely reinvested basis differences related to investments in non-consolidated China JVs of $3.4 billion at December 31, 2023 and 2022 as a result of fresh-start reporting. Quantification of the deferred tax liability, if any, associated with indefinitely reinvested basis differences is not practicable. Years Ended December 31, 2023 2022 2021 Income tax expense at U.S. federal statutory income tax rate $ 2,084 $ 2,260 $ 2,397 State and local tax expense (benefit) 348 388 301 Non-U.S. income taxed at other than the U.S. federal statutory tax rate 203 32 36 U.S. tax impact on Non-U.S. income and activities (62) 5 129 Change in valuation allowances (1,061) (392) 665 Change in tax laws 25 78 (93) General business credits and manufacturing incentives (966) (829) (492) Settlements of prior year tax matters 23 — 11 Realization of basis differences in affiliates — 209 (295) Foreign currency remeasurement (62) 36 28 Other adjustments 31 102 84 Total income tax expense (benefit) $ 563 $ 1,888 $ 2,771 Deferred Income Tax Assets and Liabilities Deferred income tax assets and liabilities at December 31, 2023 and 2022 reflect the effect of temporary differences between amounts of assets, liabilities and equity for financial reporting purposes and the bases of such assets, liabilities and equity as measured based on tax laws, as well as tax loss and tax credit carryforwards. The following table summarizes the components of temporary differences and carryforwards that give rise to deferred tax assets and liabilities: December 31, 2023 December 31, 2022 Deferred tax assets Postretirement benefits other than pensions $ 1,119 $ 1,120 Pension and other employee benefit plans 1,522 997 Warranties, dealer and customer allowances, claims and discounts 3,684 4,341 U.S. capitalized research expenditures 9,879 8,851 U.S. operating loss and tax credit carryforwards(a) 6,033 5,861 Non-U.S. operating loss and tax credit carryforwards(b) 6,204 6,296 Miscellaneous 5,121 2,773 Total deferred tax assets before valuation allowances 33,562 30,240 Less: valuation allowances (6,979) (7,744) Total deferred tax assets 26,583 22,495 Deferred tax liabilities Property, plant and equipment 4,233 1,957 Intangible assets 699 707 Total deferred tax liabilities 4,932 2,664 Net deferred tax assets $ 21,651 $ 19,832 __________ (a) At December 31, 2023, U.S. operating loss deferred tax assets were $404 million, where $129 million can be carried forward indefinitely and $275 million will expire by 2041, if not utilized. At December 31, 2023, U.S. tax credit carryforwards were $5.6 billion, where $405 million can be carried forward indefinitely and $5.2 billion will expire by 2043, if not utilized. (b) At December 31, 2023, Non-U.S. operating loss deferred tax assets were $6.1 billion, where $5.2 billion can be carried forward indefinitely and $876 million will expire by 2039 if not utilized. At December 31, 2023, Non-U.S. tax credit carryforwards were $135 million, where $109 million can be carried forward indefinitely and $26 million will expire by 2042, if not utilized. Valuation Allowances As a result of improving profitability in the Korean operating business evidenced by cumulative earnings in recent years and the completion of our near-and long-term business plans in the three months ended December 31, 2023 that forecast continuing profitability, we determined that it was more likely than not that future earnings will be sufficient to realize the deferred tax assets in Korea. Accordingly, we released Korea's $870 million valuation allowance resulting in an income tax benefit. During the years ended December 31, 2023 and 2022, valuation allowances against deferred tax assets of $7.0 billion and $7.7 billion were comprised of cumulative losses, credits and other timing differences, primarily in Germany, Spain, the U.S. and Brazil. Uncertain Tax Positions The following table summarizes activity of the total amounts of unrecognized tax benefits: Years Ended December 31, 2023 2022 2021 Balance at beginning of period $ 520 $ 634 $ 1,086 Additions to current year tax positions 45 12 22 Additions to prior years' tax positions 72 14 46 Reductions to prior years' tax positions (15) (98) (473) Reductions in tax positions due to lapse of statutory limitations (19) (20) (17) Settlements (18) (10) (26) Other — (12) (4) Balance at end of period $ 585 $ 520 $ 634 At December 31, 2023 and 2022, there were $386 million and $356 million of unrecognized tax benefits that if recognized would favorably affect our effective tax rate in the future. In the years ended December 31, 2023, 2022 and 2021, income tax related interest and penalties were insignificant. At December 31, 2023 and 2022, liabilities for income tax related interest and penalties were insignificant. At December 31, 2023, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits in the next twelve months. Other Matters |
Restructuring And Other Initiat
Restructuring And Other Initiatives | 12 Months Ended |
Dec. 31, 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: Years Ended December 31, 2023 2022 2021 Balance at beginning of period $ 520 $ 285 $ 352 Additions, interest accretion and other 1,831 522 216 Payments (1,597) (275) (278) Revisions to estimates and effect of foreign currency 25 (12) (5) Balance at end of period $ 779 $ 520 $ 285 In the years ended December 31, 2023 and 2022, restructuring and other initiatives included strategic activities in GMNA related to Buick dealerships. We recorded charges of $569 million in the year ended December 31, 2023, which are included in the table above, and incurred $674 million in net cash outflows resulting from these dealer restructurings, in addition to the charges of $511 million and net cash outflows of $120 million in the year ended December 31, 2022. The remaining $286 million is expected to be paid by the end of 2024. In March 2023, we announced a VSP to accelerate attrition related to the cost reduction program announced in January 2023. We recorded charges in GMNA of $1.0 billion in the year ended December 31, 2023, primarily related to employee separation charges of $905 million, which are reflected in the table above, and non-cash pension curtailment and settlement charges of approximately $130 million, not reflected in the table above. We incurred $820 million of cash outflows resulting from the VSP. We expect remaining cash outflows related to these activities of approximately $85 million to be complete during 2024. In October 2023, Cruise voluntarily paused all of its driverless, supervised and manual AV operations in the U.S. while it examines its processes, systems and tools. In conjunction with these actions, Cruise recorded charges before noncontrolling interest of $529 million in the year ended December 31, 2023, primarily related to supplier related charges of $212 million and employee separation charges of $67 million, both of which are included in the table above. Additionally, Cruise recorded non-cash restructuring charges of $250 million primarily related to impairments, which are not reflected in the table above. We expect the associated cashflows related to these activities to be substantially complete by the end of 2024. At December 31, 2023, the net book value of Cruise's long-lived assets, inclusive of goodwill and intangibles, was $1.4 billion which may be subject to future impairments depending on future progress toward commercialization of the Cruise AV operations. |
Interest Income and Other Non-O
Interest Income and Other Non-Operating Income | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Interest Income and Other Non-Operating Income | Interest Income and Other Non-Operating Income Years Ended December 31, 2023 2022 2021 Non-service pension and OPEB income (loss) $ 184 $ 1,512 $ 1,909 Interest income 1,109 460 146 Licensing agreements income 172 238 195 Revaluation of investments (77) (236) 571 Other 149 (542) 220 Total interest income and other non-operating income, net $ 1,537 $ 1,432 $ 3,041 In the year ended December 31, 2022, we shut down our Russia business and recorded a $657 million charge, included in Other in the table above, to write off our net investment and release accumulated translation losses into earnings. |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity and Noncontrolling Interests | Stockholders’ Equity and Noncontrolling Interests We 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 December 31, 2023 and 2022. We had 1.2 billion and 1.4 billion shares of common stock issued and outstanding at December 31, 2023 and 2022. Common Stock Holders of our common stock are entitled to dividends at the sole discretion of our Board of Directors. Our dividends declared per common share were $0.36 and $0.18 and our total dividends paid on common stock were $477 million and $257 million for the years ended December 31, 2023 and 2022. Dividends were not declared or paid on our common stock for the year ended December 31, 2021. Holders of common stock are entitled to one vote per share on all matters submitted to our stockholders for a vote. The liquidation rights of holders of our common stock are secondary to the payment or provision for payment of all our debts and liabilities and to holders of our preferred stock, if any such shares are then outstanding. In November 2023, our Board of Directors increased the capacity under our share repurchase program by $10.0 billion to an aggregate of $11.4 billion and we entered into the ASR Agreements to repurchase an aggregate amount of $10.0 billion of our common stock under the authorized share repurchase program. On December 1, 2023, we advanced the $10.0 billion and received approximately 215 million shares of our common stock with a value of $6.8 billion, which were immediately retired. The final number of shares to ultimately be purchased will be based on the average of the daily volume-weighted average prices of our common stock during the term of the ASR Agreements, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreements. Upon final settlement, we may receive additional shares of common stock, or, under certain circumstances, we may be required to deliver shares of common stock or to make a cash payment, at our election. The final settlement of the transactions contemplated under the ASR Agreements is scheduled to occur no later than the three months ending December 31, 2024. Because of our ability to settle in shares, the $3.2 billion prepaid forward contract was classified as a reduction to Additional paid-in capital within the consolidated statement of equity. In the year ended December 31, 2023, we purchased approximately 245 million shares of our outstanding common stock for $7.9 billion, including the initial delivery under the ASR Agreements of approximately 215 million shares at a value of $6.8 billion. In the year ended December 31, 2022, we purchased approximately 64 million shares of our outstanding common stock for $2.5 billion. In the year ended December 31, 2021, we did not purchase any shares of our outstanding common stock. Shares are immediately retired upon purchase and the amount of the purchase price over par is allocated on a pro-rata basis, subject to the availability of paid-in capital calculated on a per-share basis, between Additional paid-in capital and Retained earnings. Cruise Preferred Shares In 2021, Cruise Holdings issued $2.7 billion of Class G Preferred Shares (Cruise Class G Preferred Shares) to Microsoft Corporation (Microsoft), Walmart Inc. (Walmart) and other investors, including $1.0 billion to General Motors Holdings LLC. All proceeds related to the Cruise Class G Preferred Shares are designated exclusively for working capital and general corporate purposes of Cruise Holdings. In addition, we, Cruise Holdings and Microsoft entered into a long-term strategic relationship to accelerate the commercialization of self-driving vehicles with Microsoft being the preferred public cloud provider. The Cruise Class G Preferred Shares participate pari passu with holders of Cruise Holdings common stock and Class F Preferred Shares (Cruise Class F Preferred Shares) in any dividends declared. The Cruise Class G and Cruise Class F Preferred Shares convert into the class of shares to be issued to the public in an initial public offering (IPO) at specified exchange ratios. No covenants or other events of default exist that can trigger redemption of the Cruise Class G and Cruise Class F Preferred Shares. The Cruise Class G and Cruise Class F Preferred Shares are entitled to receive the greater of their carrying value or a pro-rata share of any proceeds or distributions upon the occurrence of a merger, sale, liquidation or dissolution of Cruise Holdings, and are classified as noncontrolling interests in our consolidated financial statements. In March 2022, under the Share Purchase Agreement, we acquired SoftBank’s Cruise Class A-1, Class F and Class G Preferred Shares for $2.1 billion and made an additional $1.35 billion investment in Cruise in place of SoftBank. SoftBank no longer has an ownership interest in or has any rights with respect to Cruise. Cruise Common Shares During the years ended December 31, 2023 and 2022, Cruise Holdings issued approximately $0.4 billion and $0.8 billion of Class B Common Shares to net settle vested awards under Cruise's 2018 Employee Incentive Plan and issued approximately $0.2 billion and $0.5 billion of Class B Common Shares, primarily to us, to fund the payment of statutory tax withholding obligations resulting from the settlement or exercise of vested awards. GM conducted quarterly tender offers and paid approximately $0.3 billion and $0.6 billion in cash to purchase tendered Cruise Class B Common Shares during the years ended December 31, 2023 and 2022. The Class B Common Shares are classified as noncontrolling interests in our consolidated financial statements except for certain shares that are liability classified that have a recorded value of approximately $42 million and $60 million at December 31, 2023 and 2022. Refer to Note 22 for additional information on Cruise stock incentive awards. During the years ended December 31, 2023 and 2022, the effect on the equity attributable to us for changes in our ownership interest in Cruise was insignificant. For the year ended December 31, 2023, net income attributable to shareholders and transfers to the noncontrolling interest in Cruise and other subsidiaries was $10.3 billion. For the year ended December 31, 2022, net income attributable to shareholders and transfers to the noncontrolling interest in Cruise and other subsidiaries was $9.2 billion, which included a $0.7 billion decrease in equity attributable to us, mainly due to the redemption of Cruise preferred shares. The following table summarizes the significant components of Accumulated other comprehensi ve loss: Years Ended December 31, 2023 2022 2021 Foreign Currency Translation Adjustments Balance at beginning of period $ (2,776) $ (2,654) $ (2,735) Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b)(c) 319 (123) 81 Balance at end of period $ (2,457) $ (2,776) $ (2,654) Defined Benefit Plans Balance at beginning of period $ (4,851) $ (6,528) $ (10,654) Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment(a) (3,706) 1,487 4,714 Tax benefit (expense) 838 2 (906) Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment, net of tax(a) (2,868) 1,488 3,808 Reclassification adjustment, net of tax(c) 54 188 318 Other comprehensive income (loss), net of tax (2,814) 1,677 4,126 Balance at end of period(d) $ (7,665) $ (4,851) $ (6,528) __________ (a) The noncontrolling interests wer e insignificant in the years ended December 31, 2023, 2022 and 2021. (b) The reclassification adjustment was insignificant in the years ended December 31, 2023, 2022 and 2021. (c) The income tax effect was insignificant in the years ended December 31, 2023, 2022 and 2021. (d) Primarily consists of unamortized actuarial loss on our defined benefit plans. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per share are computed by dividing Net income attributable to common stockholders by the weighted-average common shares outstanding in the period. Diluted earnings per share is computed by giving effect to all potentially dilutive securities that are outstanding. Years Ended December 31, 2023 2022 2021 Basic earnings per share Net income (loss) attributable to stockholders $ 10,127 $ 9,934 $ 10,019 Less: cumulative dividends on subsidiary preferred stock(a) (106) (1,019) (182) Net income (loss) attributable to common stockholders $ 10,022 $ 8,915 $ 9,837 Weighted-average common shares outstanding 1,364 1,445 1,451 Basic earnings per common share $ 7.35 $ 6.17 $ 6.78 Diluted earnings per share Net income (loss) attributable to common stockholders – diluted $ 10,022 $ 8,915 $ 9,837 Weighted-average common shares outstanding – basic 1,364 1,445 1,451 Dilutive effect of warrants and awards under stock incentive plans 6 10 17 Weighted-average common shares outstanding – diluted 1,369 1,454 1,468 Diluted earnings per common share $ 7.32 $ 6.13 $ 6.70 Potentially dilutive securities(b) 23 10 2 __________ (a) Includes a $909 million deemed dividend related to the redemption of Cruise preferred shares from SoftBank and an insignificant amount in participating securities income from a subsidiary for the year ended December 31, 2022. (b) Potentially dilutive securities attributable to outstanding stock options at December 31, 2023, 2022 and 2021 and RSUs at December 31, 2023 and 2022, were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect. |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans GM Stock Incentive Awards We grant to certain employees RSUs, PSUs and stock options (collectively, stock incentive awards) under our 2020 LTIP and prior to the 2020 LTIP, under our 2017 and 2014 LTIP. The 2020 LTIP was approved by stockholders in June 2020. Any new awards granted after the approval of the 2020 LTIP in June 2020 will be issued under the 2020 LTIP. To the extent any shares remain available for issuance under the 2017 LTIP and/or the 2014 LTIP, such shares will only be used to settle outstanding awards that were previously granted under such plans prior to June 2020. Shares awarded under the plans are subject to forfeiture if the participant leaves the company for reasons other than those permitted under the plans such as retirement, death or disability. RSU awards granted either cliff vest or ratably vest generally over a three-year service period, as defined in the terms of each award. PSU awards vest at the end of a three-year performance period, based on performance criteria determined by the Executive Compensation Committee of the Board of Directors at the time of award. The number of shares earned may equal, exceed or be less than the targeted number of shares depending on whether the performance criteria are met, surpassed or not met. Stock options expire 10 years from the grant date. Our performance-based stock options vest ratably over 55 months based on the performance of our common stock relative to that of a specified peer group. Our service-based stock options vest ratably over three years. Shares (in millions) Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Term in Years Units outstanding at January 1, 2023 34.1 $ 27.62 0.8 Granted 14.3 $ 33.54 Settled (5.8) $ 38.66 Forfeited or expired (2.7) $ 36.55 Units outstanding at December 31, 2023(a) 39.9 $ 27.53 0.9 __________ (a) Includes the target amount of PSUs. Our weighted-average assumptions used to value our stock options are a dividend yield of 1.90%, 1.60% and 1.67%, expected volatility of 34.0%, 41.0% and 47.8%, a risk-free interest rate of 3.70%, 1.88% and 0.76%, and an expected option life of 6.00 years for options issued during the years ended December 31, 2023, 2022 and 2021. The expected volatility is based on the average of the implied volatility of publicly traded options for our common stock. Total compensation expense related to the above awards was $340 million, $419 million and $391 million in the years ended December 31, 2023, 2022 and 2021. At December 31, 2023, the total unrecognized compensation expense for nonvested equity awards granted was $249 million. This expense is expected to be recorded over a weighted-average period of 1.4 years. The total fair value of stock incentive awards vested was $425 million, $307 million and $258 million in the years ended December 31, 2023, 2022 and 2021. Cruise Stock Incentive Awards Cruise granted RSUs that will settle in common shares of Cruise Holdings in the years ended December 31, 2023, 2022 and 2021. Stock options were granted in common shares of Cruise Holdings in the years ended December 31, 2022 and 2021. These awards were granted under Cruise's 2018 Employee Incentive Plan approved by Cruise Holdings' Board of Directors in August 2018. Shares awarded under the plan are subject to forfeiture if the participant leaves the company for reasons other than those permitted under the plan. In March 2022, Cruise modified its RSUs that settle in Cruise Class B Common Shares to remove the liquidity vesting condition such that all granted RSU awards vest solely upon satisfaction of a service condition. The service condition for the majority of these awards is satisfied over four years. Upon modification, 31 million RSUs whose service condition was previously met became immediately vested, thereby resulting in the immediate recognition of compensation expense. Subsequent to the modification, holders of Cruise Class B Common Shares issued to settle vested awards could tender their shares generally at the fair value of Cruise’s common stock. The ability to tender the Class B Common Shares results in certain awards to be classified as liabilities and other awards to be presented in temporary equity. Stock options vest ratably over four Total compensation expense related to Cruise Holdings' share-based awards was $0.4 billion, $1.6 billion and an insignificant amount for the years ended December 31, 2023, 2022 and 2021. Compensation expense for the year ended December 31, 2022, when excluding the compensation expense for the period April 1, 2022 through December 31, 2022, primarily represents the impact of the modification to outstanding awards. GM conducted quarterly tender offers and paid approximately $0.3 billion and $0.6 billion in cash to settle tendered Cruise Class B Common Shares during the years ended December 31, 2023 and 2022. No cash was paid to settle share-based awards for the three months ended March 31, 2022. Total unrecognized compensation expense for Cruise Holdings’ nonvested share-based awards granted was $0.7 billion at December 31, 2023. The expense related to share-based awards is expected to be recorded over a weighted-average period of 2.9 years. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 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 EBIT-adjusted, which is presented net of noncontrolling interests. The chief operating decision-maker evaluates GM Financial through EBT-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment. Each segment has a manager responsible for executing our strategic initiatives. While not all vehicles within a segment are individually profitable on a fully allocated cost basis, those vehicles attract customers to dealer showrooms and help maintain sales volumes for other, more profitable vehicles and contribute towards meeting required fuel efficiency standards. As a result of these and other factors, we do not manage our business on an individual brand or vehicle basis. Substantially all of the trucks, crossovers, cars and automobile parts produced are marketed through retail dealers in North America and through distributors and dealers outside of North America, the substantial majority of which are independently owned. In addition to the products sold to dealers for consumer retail sales, trucks, crossovers and cars are also sold to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies and governments. Fleet sales are completed through the dealer network and in some cases directly with fleet customers. Retail and fleet customers can obtain a wide range of after-sale vehicle services and products through the dealer network, such as maintenance, light repairs, collision repairs, vehicle accessories and extended service warranties. GMNA meets the demands of customers in North America 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 Year Ended December 31, 2023 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 141,445 $ 15,949 $ 273 $ 157,667 $ 102 $ 14,225 $ (151) $ 171,842 Earnings (loss) before interest and taxes-adjusted $ 12,306 $ 1,210 $ (1,413) $ 12,103 $ (2,695) $ 2,985 $ (35) $ 12,357 Adjustments(a) $ (1,604) $ 217 $ — $ (1,387) $ (478) $ — $ — (1,865) Automotive interest income 1,109 Automotive interest expense (911) Net income (loss) attributable to noncontrolling interests (287) Income (loss) before income taxes 10,403 Income tax benefit (expense) (563) Net income (loss) 9,840 Net loss (income) attributable to noncontrolling interests 287 Net income (loss) attributable to stockholders $ 10,127 Equity in net assets of nonconsolidated affiliates $ 2,595 $ 6,348 $ — $ — $ 8,943 $ — $ 1,670 $ — $ 10,613 Goodwill and intangibles $ 2,083 $ 710 $ — $ — $ 2,793 $ 715 $ 1,354 $ — $ 4,862 Total assets $ 155,908 $ 26,225 $ 41,271 $ (82,858) $ 140,546 $ 4,555 $ 130,780 $ (2,817) $ 273,064 Expenditures for property $ 10,147 $ 522 $ 15 $ — $ 10,684 $ 63 $ 24 $ 198 $ 10,970 Depreciation and amortization $ 6,146 $ 589 $ 21 $ — $ 6,755 $ 38 $ 4,944 $ — $ 11,737 Impairment charges $ — $ — $ — $ — $ — $ 209 $ — $ — $ 209 Equity income (loss)(b) $ 196 $ 440 $ — $ — $ 635 $ — $ 138 $ — $ 773 __________ (a) Consists of charges related to the VSP and strategic activities related to Buick dealerships in GMNA; the gain associated with India asset sales and the partial resolution of Korean subcontractor matters in GMI; and charges related to Cruise restructuring. (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. Equity earnings related to Ultium Cells Holdings LLC were $293 million in the year ended December 31, 2023. At and For the Year Ended December 31, 2022 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 128,378 $ 15,420 $ 177 $ 143,974 $ 102 $ 12,766 $ (107) $ 156,735 Earnings (loss) before interest and taxes-adjusted $ 12,988 $ 1,143 $ (1,846) $ 12,286 $ (1,890) $ 4,076 $ 2 $ 14,474 Adjustments(a) $ (411) $ (657) $ — $ (1,068) $ (1,057) $ — $ — (2,125) Automotive interest income 460 Automotive interest expense (987) Net income (loss) attributable to noncontrolling interests (226) Income (loss) before income taxes 11,597 Income tax benefit (expense) (1,888) Net income (loss) 9,708 Net loss (income) attributable to noncontrolling interests 226 Net income (loss) attributable to stockholders $ 9,934 Equity in net assets of nonconsolidated affiliates $ 1,820 $ 6,691 $ — $ — $ 8,511 $ — $ 1,665 $ — $ 10,176 Goodwill and intangibles $ 2,134 $ 740 $ 4 $ — $ 2,877 $ 727 $ 1,341 $ — $ 4,945 Total assets $ 157,250 $ 24,808 $ 60,518 $ (104,157) $ 138,419 $ 5,510 $ 121,544 $ (1,436) $ 264,037 Expenditures for property $ 8,280 $ 706 $ 20 $ — $ 9,007 $ 197 $ 44 $ (10) $ 9,238 Depreciation and amortization $ 5,800 $ 513 $ 21 $ — $ 6,335 $ 53 $ 4,888 $ — $ 11,276 Impairment charges $ 11 $ 1 $ — $ — $ 12 $ — $ — $ — $ 12 Equity income (loss) $ (9) $ 672 $ — $ — $ 663 $ — $ 173 $ — $ 837 __________ (a) Consists of charges for strategic activities related to Buick dealerships and the resolution of substantially all royalty matters accrued with respect to past-year vehicle sales in GMNA; charges related to the shutdown of our Russia business in GMI; and charges related to the one-time modification of Cruise stock incentive awards. At and For the Year Ended December 31, 2021 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 101,308 $ 12,172 $ 104 $ 113,584 $ 106 $ 13,419 $ (105) $ 127,004 Earnings (loss) before interest and taxes-adjusted $ 10,318 $ 827 $ (680) $ 10,465 $ (1,196) $ 5,036 $ (10) $ 14,295 Adjustments(a) $ (425) $ (276) $ — $ (701) $ — $ — $ — (701) Automotive interest income 146 Automotive interest expense (950) Net income (loss) attributable to noncontrolling interests (74) Income (loss) before income taxes 12,716 Income tax benefit (expense) (2,771) Net income (loss) 9,945 Net loss (income) attributable to noncontrolling interests 74 Net income (loss) attributable to stockholders $ 10,019 Equity in net assets of nonconsolidated affiliates $ 827 $ 7,133 $ — $ — $ 7,960 $ — $ 1,717 $ — $ 9,677 Goodwill and intangibles $ 2,240 $ 772 $ — $ — $ 3,012 $ 736 $ 1,339 $ — $ 5,087 Total assets $ 121,735 $ 22,876 $ 40,492 $ (56,936) $ 128,167 $ 4,489 $ 113,207 $ (1,145) $ 244,718 Expenditures for property $ 6,576 $ 783 $ 30 $ — $ 7,389 $ 89 $ 26 $ 5 $ 7,509 Depreciation and amortization $ 5,298 $ 542 $ 21 $ — $ 5,861 $ 52 $ 6,134 $ — $ 12,047 Impairment charges $ — $ — $ — $ — $ — $ 4 $ — $ — $ 4 Equity income (loss) $ 8 $ 1,092 $ — $ — $ 1,100 $ — $ 201 $ — $ 1,301 __________ (a) Consists of royalties accrued with respect to past-year vehicle sales and charges for strategic activities related to Cadillac dealerships in GMNA; and a settlement with certain third parties relating to retrospective recoveries of indirect taxes and an adjustment related to the unique events associated with Korea Supreme Court decisions related to our salaried workers in GMI. Automotive revenue is attributed to geographic areas based on the country of sale. GM Financial revenue is attributed to the geographic area where the financing is originated. The following table summarizes information concerning principal geographic areas: At and For the Years Ended December 31, 2023 2022 2021 Net Sales and Revenue Long-Lived Assets Net Sales and Revenue Long-Lived Assets Net Sales and Revenue Long-Lived Assets Automotive U.S. $ 127,472 $ 34,142 $ 116,798 $ 30,201 $ 92,771 $ 27,192 Non-U.S. 30,186 16,054 27,177 14,907 20,819 13,771 GM Financial U.S. 12,133 27,397 11,035 29,411 11,712 34,452 Non-U.S. 2,051 3,309 1,725 3,431 1,702 3,629 Total consolidated $ 171,842 $ 80,903 $ 156,735 $ 77,950 $ 127,004 $ 79,044 No individual country other than the U.S. represented more than 10% of our total net sales and revenue or long-lived assets, other than Mexico, whose long-lived assets were approximately 12%, 11% and 10% of our total long-lived assets at December 31, 2023, 2022 and 2021. |
Supplemental Information for th
Supplemental Information for the Consolidated Statements of Cash Flows | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Information for the Consolidated Statements of Cash Flows | Supplemental Information for the Consolidated Statements of Cash Flows The following table summarizes the sources (uses) of cash provided by Change in other operating assets and liabilities and Cash paid for income taxes and interest: Change in other operating assets and liabilities Years Ended December 31, 2023 2022 2021 Accounts receivable $ 1,183 $ (4,483) $ 493 Wholesale receivables funded by GM Financial, net (2,982) (5,000) 2,854 Inventories (757) (2,581) (3,155) Change in other assets (685) (248) (1,418) Accounts payable (398) 6,144 (1,166) Income taxes payable (121) 273 (95) Accrued and other liabilities 5,582 2,918 (879) Total $ 1,822 $ (2,977) $ (3,366) Cash paid for income taxes and interest Cash paid for income taxes, net $ 1,726 $ 1,191 $ 652 Cash paid for interest (net of amounts capitalized) – Automotive $ 863 $ 933 $ 884 Cash paid for interest (net of amounts capitalized) – GM Financial 4,652 2,673 2,519 Total cash paid for interest (net of amounts capitalized) $ 5,515 $ 3,606 $ 3,403 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income (loss) attributable to stockholders | $ 10,127 | $ 9,934 | $ 10,019 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
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. |
Use of Estimates in the Preparation of the Financial Statements | Use of Estimates in the Preparation of the Financial Statements |
GM Financial | GM Financial The amounts presented for GM Financial are adjusted to reflect the impact on GM Financial's deferred tax positions and provision for income taxes resulting from the inclusion of GM Financial in our consolidated tax return and to eliminate the effect of transactions between GM Financial and the other members of the consolidated group. Accordingly, the amounts presented will differ from those presented by GM Financial on a stand-alone basis. |
Revenue Recognition | Revenue Recognition Automotive Automotive net sales and revenue represents the amount of consideration to which we expect to be entitled in exchange for vehicle, parts and accessories and services and other sales. The consideration recognized represents the amount received, typically shortly after the sale to a customer, net of estimated dealer and customer sales incentives we reasonably expect to pay. Significant factors in determining our estimates of incentives include forecasted sales volume, product mix and the rate of customer acceptance of incentive programs, all of which are estimated based on historical experience and assumptions concerning future customer behavior and market conditions. Subsequent adjustments to incentive estimates are possible as facts and circumstances change over time. A portion of the consideration received is deferred for separate performance obligations, such as maintenance, services and vehicle connectivity, that will be provided to our customers at a future date. Taxes assessed by various government entities, such as sales, use and value-added taxes, collected at the time of the vehicle sale are excluded from Automotive net sales and revenue. Costs for shipping and handling activities that occur after control of the vehicle transfers to the dealer are recognized at the time of sale and presented in Automotive and other cost of sales. V e hicle, Parts and Accessories For the majority of vehicle and accessories sales, our customers obtain control and we recognize revenue when the vehicle transfers to the dealer, which typically occurs either when the vehicle is released to the carrier responsible for transporting it to a dealer or upon delivery to a dealer. Revenue, net of estimated returns, is recognized on the sale of parts upon delivery to the customer. When our customers have a right to return eligible parts and accessories, we consider the returns in our estimation of the transaction price. Typically, transfers to daily rental companies are accounted for as sales, with revenue recognized at the time of transfer. We defer revenue for remarketing obligations, record a residual value guarantee and reflect a liability for amounts expected to be paid once the remarketing services are complete at the time of sale and recognize deferred revenue in earnings upon completion of the remarketing service. Used Vehicles Proceeds from the auction of vehicles utilized by our employees are recognized in Automotive net sales and revenue upon transfer of control of the vehicle to the customer and the related vehicle carrying value is recognized in Automotive and other cost of sales. Services and Other Services and other revenue primarily consists of revenue from vehicle-related service arrangements and after-sale services such as maintenance, OnStar, Super Cruise, vehicle connectivity and extended service warranties. For those service arrangements that are bundled with a vehicle sale, a portion of the revenue from the sale is allocated to the service component and recognized as deferred revenue within Accrued liabilities or Other liabilities. We recognize revenue for bundled services and services sold separately as services are performed, typically over a period of up to eight years. Automotive Financing - GM Financial Finance charge income earned on finance receivables is recognized using the effective interest method. Fees and commissions received (including manufacturer subvention) and direct costs of originating loans are deferred and amortized over the term of the related finance receivables using the effective interest method and are removed from the consolidated balance sheets when the related finance receivables are fully charged off or paid in full. Accrual of finance charge income on retail finance receivables is generally suspended on accounts that are more than 60 days delinquent, accounts in bankruptcy and accounts in repossession. Payments received on nonaccrual loans are first applied to any fees due, then to any interest due and then any remaining amounts are applied to principal. Interest accrual generally resumes once an account has received payments bringing the delinquency to less than 60 days past due. Accrual of finance charge income on commercial finance receivables is generally suspended on accounts that are more than 90 days delinquent, upon receipt of a bankruptcy notice from a borrower, or where reasonable doubt exists about the full collectability of contractually agreed upon principal and interest. Payments received on nonaccrual loans are first applied to principal. Interest accrual resumes once an account has received payments bringing the account fully current and collection of contractual principal and interest is reasonably assured (including amounts previously charged off). Income from operating lease assets, which includes lease origination fees, net of lease origination costs, is recorded as operating lease revenue on a straight-line basis over the term of the lease agreement. Gains or losses realized upon disposition of off-lease assets including any payments received from lessees upon lease termination, are included in GM Financial interest, operating and other expenses. |
Advertising and Promotion Expenditures | Advertising and Promotion Expenditures Advertising and promotion expenditures, which are expensed as incurred in Automotive and other selling, general and administrative expense, were $3.6 billion, $4.0 billion and $3.3 billion in the years ended December 31, 2023, 2022 and 2021. |
Research and Development Expenditures | Research and Development Expenditures |
Cash Equivalents and Restricted Cash | Cash Equivalents and Restricted Cash Cash equivalents are defined as short-term, highly-liquid investments with original maturities of 90 days or less. Certain operating agreements require us to post cash as collateral. Cash and cash equivalents subject to contractual restrictions and not readily available are classified as restricted cash. Restricted cash is invested in accordance with the terms of the underlying agreements and include amounts related to various deposits, escrows and other cash collateral. Restricted cash is included in Other current assets and Other assets in the consolidated balance sheets. |
Fair Value Measurements | Fair Value Measurements A three-level valuation hierarchy, based upon observable and unobservable inputs, is used for fair value measurements. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions based on the best evidence available. These two types of inputs create the following fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets; Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose significant inputs are observable; and Level 3 – Instruments whose significant inputs are unobservable. |
Marketable Debt Securities | Marketable Debt Securities We generally classify marketable debt securities as available-for-sale. Various factors, including turnover of holdings and investment guidelines, are considered in determining the classification of securities. Available-for-sale debt securities are recorded at fair value with non-credit related unrealized gains and losses recorded in Accumulated other comprehensive loss until realized. Credit losses are recorded in Interest income and other non-operating income, net. An evaluation is made quarterly to determine if any portion of unrealized losses recorded in Accumulated other comprehensive loss needs to be reclassified. Non-credit related unrealized losses are reclassified to Interest income and other non-operating income, net if we intend to sell the security or it is more likely than not that we will be required to sell the security before the recovery of the unrealized loss. We determine realized gains and losses for all debt securities using the specific identification method and measure the fair value of our marketable debt securities using a market approach where identical or comparable prices are available and an income approach in other cases. If quoted market prices are not available, fair values of securities are determined using prices from a pricing service, pricing models, quoted prices of securities with similar characteristics or discounted cash flow models. These prices represent non-binding quotes. Our pricing service utilizes industry-standard pricing models that consider various inputs. We review our pricing service quarterly and believe the prices received from our pricing service are a reliable representation of exit prices. |
Accounts and Notes Receivable | Accounts and Notes Receivable Accounts and notes receivable primarily consists of amounts that are due and payable from our customers for the sale of vehicles, parts and accessories. We evaluate the collectability of receivables each reporting period and record an allowance for doubtful accounts to present the net amount expected to be collected on our receivables. Additions to the allowance are charged to bad debt expense reported in Automotive and other selling, general and administrative expense and were insignificant in the years ended December 31, 2023, 2022 and 2021. |
GM Financial Receivables | GM Financial Receivables Finance receivables are carried at amortized cost, net of allowance for loan losses. Provisions for loan losses are charged to operations in amounts sufficient to maintain the allowance for loan losses at levels considered adequate to cover expected credit losses on the finance receivables. For retail finance receivables, GM Financial uses static pool modeling techniques to determine the allowance for loan losses expected over the remaining life of the receivables, which is supplemented by management judgment. The modeling techniques incorporate reasonable and supportable forecasts of economic conditions over the expected remaining life of the finance receivables. The economic forecasts incorporate factors which vary by region that GM Financial believes will have the largest impact on expected losses, including unemployment rates, interest rate spreads, disposable personal income and growth rates in gross domestic product. Commercial finance receivables are carried at amortized cost, net of allowance for loan losses and amounts held under a cash management program. GM Financial establishes the allowance for loan losses based on historical loss experience, as well as forecasted auto industry conditions, which is the economic indicator believed to have the largest impact on expected losses. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out (FIFO) basis. Net realizable value is the estimated selling price in the ordinary course of business less cost to sell, and considers general market and economic conditions, periodic reviews of current profitability of vehicles, product warranty costs and the effect of estimated sales incentives. Net realizable value for off-lease and other vehicles is current auction sales proceeds less disposal and warranty costs. Inventories are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete, with a primary focus on productive material, supplies, work in process and parts and accessories. |
Equipment on Operating Leases | Equipment on Operating Leases Equipment on operating leases, net primarily consists of vehicle leases to retail customers with lease terms of two group. Fair value is determined primarily using the anticipated cash flows, including estimated residual values. In our automotive finance operations, when a leased vehicle is returned or repossessed, the asset is recorded in Other assets at the lower of amortized cost or net realizable value. Upon disposition a gain or loss is recorded in GM Financial interest, operating and other expenses for any difference between the net book value of the leased asset and the proceeds from the disposition of the asset. |
Equity Investments | Equity Investments When events and circumstances warrant, equity investments accounted for under the equity method of accounting are evaluated for impairment. An impairment charge is recorded whenever a decline in value of an equity investment below its carrying amount is determined to be other-than-temporary. Impairment charges related to equity method investments are recorded in Equity income. Equity investments that are not accounted for under the equity method of accounting are measured at fair value or in certain cases adjusted to fair value upon an observable price change, with changes in fair value recorded in Interest income and other non-operating income, net. |
Property, net and Special Tools | Property, net Property, plant and equipment, including internal use software, is recorded at cost. The gross amount of assets under finance leases is included in property, plant and equipment. Major improvements that extend the useful life or add functionality are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. We depreciate depreciable property using the straight-line method. Leasehold improvements are amortized over the period of lease or the life of the asset, whichever is shorter. The amortization of the assets under finance leases is included in depreciation expense. Upon retirement or disposition of property, plant and equipment, the cost and related accumulated depreciation are eliminated and any resulting gain or loss is recorded in earnings. Impairment charges related to property are recorded in Automotive and other cost of sales, Automotive and other selling, general and administrative expense or GM Financial interest, operating and other expenses. Special Tools Special tools represent product-specific propulsion and non-propulsion related tools, dies, molds and other items used in the vehicle manufacturing process. Expenditures for special tools are recorded at cost and are capitalized. We amortize special tools over their estimated useful lives using the straight-line method or an accelerated amortization method based on their historical and estimated production volume. Impairment charges related to special tools are recorded in Automotive and other cost of sales. |
Goodwill | Goodwill |
Intangible Assets, net | Intangible Assets, net Intangible assets, excluding goodwill, primarily include brand names, technology and intellectual property, customer relationships and dealer networks. Intangible assets are amortized on a straight-line or an accelerated method of amortization over their estimated useful lives. Amortization of developed technology and intellectual property is recorded in Automotive and other cost of sales. Amortization of brand names, customer relationships and our dealer networks is recorded in Automotive and other selling, general and administrative expense or GM Financial interest, operating and other expenses. Impairment charges, if any, related to intangible assets are recorded in Automotive and other selling, general and administrative expense or Automotive and other cost of sales. |
Valuation of Long-Lived Assets | Valuation of Long-Lived Assets The carrying amount of long-lived assets and finite-lived intangible assets to be held and used in the business is evaluated for impairment when events and circumstances warrant. If the carrying amount of a long-lived asset group is considered impaired, a loss is recorded based on the amount by which the carrying amount exceeds fair value. Product-specific long-lived asset groups and non-product specific long-lived assets are separately tested for impairment on an asset group basis. Fair value is determined using either the market or sales comparison approach, cost approach or anticipated cash flows discounted at a rate commensurate with the risk involved. Long-lived assets to be disposed of other than by sale are considered held for use until disposition. |
Government Incentives and Grants | Government Incentives and Grants |
Pension and OPEB Plans | Pension and OPEB Plans Attribution, Methods and Assumptions The cost of benefits provided by defined benefit pension plans is recorded in the period employees provide service. The cost of pension plan amendments that provide for benefits already earned by plan participants is amortized over the expected period of benefit which may be the duration of the applicable collective bargaining agreement specific to the plan, the expected future working lifetime or the life expectancy of the plan participants. The cost of medical, dental, legal service and life insurance benefits provided through postretirement benefit plans is recorded in the period employees provide service. The cost of postretirement plan amendments that provide for benefits already earned by plan participants is amortized over the expected period of benefit which may be the average period to full eligibility or the average life expectancy of the plan participants. An expected return on plan asset methodology is utilized to calculate future pension expense for certain significant funded benefit plans. A market-related value of plan assets methodology is also utilized that averages gains and losses on the plan assets over a period of years to determine future pension expense. The methodology recognizes 60% of the difference between the fair value of assets and the expected calculated value in the first year and 10% of that difference over each of the next four years. The discount rate assumption is established for each of the retirement-related benefit plans at their respective measurement dates. In the U.S., we use a cash flow matching approach that uses projected cash flows matched to spot rates along a high-quality corporate bond yield curve to determine the present value of cash flows to calculate a single equivalent discount rate. We apply individual annual yield curve rates to determine the service cost and interest cost for our pension and OPEB plans to more specifically link the cash flows related to service cost and interest cost to bonds maturing in their year of payment. The benefit obligation for pension plans in Canada, the United Kingdom and Germany represents 90% of the non-U.S. pension benefit obligation at December 31, 2023. The discount rates for plans in Canada, the United Kingdom and Germany are determined using a cash flow matching approach like the U.S. Plan Asset Valuation Due to the lack of timely available market information for certain investments in the asset classes described below as well as the inherent uncertainty of valuation, reported fair values may differ from fair values that would have been used had timely available market information been available. Common and Preferred Stock Common and preferred stock for which market prices are readily available at the measurement date are valued at the last reported sale price or official closing price on the primary market or exchange on which they are actively traded and are classified in Level 1. Such equity securities for which the market is not considered to be active are valued via the use of observable inputs, which may include the use of adjusted market prices last available, bids or last available sales prices and/or other observable inputs and are classified in Level 2. Common and preferred stock classified in Level 3 are privately issued securities or other issues that are valued via the use of valuation models using significant unobservable inputs that generally consider aged (stale) pricing, earnings multiples, discounted cash flows and/or other qualitative and quantitative factors. Debt Securities Valuations for debt securities are based on quotations received from independent pricing services or from dealers who make markets in such securities. Debt securities priced via pricing services that utilize matrix pricing which considers readily observable inputs such as the yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices, are classified in Level 2. Debt securities that are typically priced by dealers and pricing services via the use of proprietary pricing models which incorporate significant unobservable inputs are classified in Level 3. These inputs primarily consist of yield and credit spread assumptions, discount rates, prepayment curves, default assumptions and recovery rates. Investment Funds, Private Equity and Debt Investments and Real Estate Investments Investment funds, private equity and debt investments and real estate investments are valued based on the Net Asset Value (NAV) per Share (or its equivalent) as a practical expedient to estimate fair value due to the absence of readily available market prices. NAVs are provided by the respective investment sponsors or investment advisers and are subsequently reviewed and approved by management. In the event management concludes a reported NAV does not reflect fair value or is not determined as of the financial reporting measurement date, we will consider whether and when deemed necessary to make an adjustment at the balance sheet date. In determining whether an adjustment to the external valuation is required, we will review material factors that could affect the valuation, such as changes in the composition or performance of the underlying investments or comparable investments, overall market conditions, expected sale prices for private investments which are probable of being sold in the short-term and other economic factors that may possibly have a favorable or unfavorable effect on the reported external valuation. |
Stock Incentive Plans | Stock Incentive Plans Our stock incentive plans include RSUs, PSUs, stock options and awards that may be settled in our stock, the stock of our subsidiaries or in cash. We measure and record compensation expense based on the fair value of GM or Cruise's common stock on the date of grant for RSUs and PSUs and the grant date fair value, determined utilizing the Black-Scholes formula or a lattice model, for stock options and PSUs. We record compensation cost for service-based RSUs, PSUs and service-based stock options on a straight-line basis over the entire vesting period, or for retirement eligible employees over the requisite service period. In March 2022, all outstanding RSUs that settle in Cruise's common stock were modified to remove the liquidity vesting condition. Prospectively, RSUs that will settle in Cruise's common stock will vest solely upon satisfaction of a service condition. Compensation cost for awards that do not have an established accounting grant date, but for which the service inception date has been established, or are settled in cash is based on the fair value of GM or Cruise's common stock at the end of each reporting period. Compensation cost is also recorded on stock issued to settle awards based on the fair value of Cruise's common stock until such time that the stock has been issued for more than six months. |
Product Warranty and Recall Campaigns | Product Warranty and Recall Campaigns The estimated costs related to product warranties are accrued at the time products are sold and are charged to Automotive and other cost of sales. These estimates are established using historical information on the nature, frequency and average cost of claims of each vehicle line or each model year of the vehicle line and assumptions about future activity and events. Revisions are made when necessary and are based on changes in these factors. |
Income Taxes | Income Taxes The liability method is used in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements using the statutory tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recorded in the results of operations in the period that includes the enactment date under the law. We record Global Intangible Low Tax Income (GILTI) as a current period expense when incurred. Income tax effects are released from Accumulated other comprehensive loss using the specific-identification method. We establish valuation allowances for deferred tax assets based on a more likely than not standard. Deferred income tax assets are evaluated quarterly to determine if valuation allowances are required or should be adjusted. The ability to realize deferred tax assets depends on the ability to generate sufficient taxable income within the carryback or carryforward periods provided for in the tax law for each applicable tax jurisdiction. The assessment regarding whether a valuation allowance is required or should be adjusted also considers all available positive and negative evidence factors. It is difficult to conclude a valuation allowance is not required when there is significant objective and verifiable negative evidence, such as cumulative losses in recent years. We utilize a rolling three years of actual and current year results as the primary measure of cumulative losses in recent years. |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation The assets and liabilities of foreign subsidiaries that use the local currency as their functional currency are translated to U.S. Dollars based on the current exchange rate prevailing at each balance sheet date and any resulting translation adjustments are included in Accumulated other comprehensive loss. The assets and liabilities of foreign subsidiaries whose local currency is not their functional currency are remeasured from their local currency to their functional currency and then translated to U.S. Dollars. Revenues and expenses are translated into U.S. Dollars using the average exchange rates prevailing for each period presented. The financial statements of any foreign subsidiary that has been identified as having a highly inflationary economy are remeasured as if the functional currency were the U.S. Dollar. |
Derivative Financial Instruments | Derivative Financial Instruments Derivative financial instruments are recognized as either assets or liabilities at fair value. The accounting for changes in the fair value of each derivative financial instrument depends on whether it has been designated and qualifies as an accounting hedge, as well as the type of hedging relationship identified. Cash flows for all derivative financial instruments are typically classified in cash flows from operating activities. Derivative instruments are not used for trading or speculative purposes. Automotive We utilize options, swaps and forward contracts to manage foreign currency, commodity price and interest rate risks. The change in the fair value of option, swap and forward contracts not designated as an accounting hedge is recorded in Interest income and other non-operating income, net. Certain foreign currency and commodity forward contracts have been designated and qualify as cash flow hedges. The risks being hedged are foreign currency and commodity price risks related to forecasted transactions. The change in the fair value of these forward contracts is recorded in Accumulated other comprehensive loss and will be recognized in Automotive net sales and revenue or Automotive and other cost of sales when the hedged transaction impacts earnings. Forward contracts designated as cash flow hedges are evaluated for effectiveness using regression analysis at inception and throughout the hedge period. Certain receive-fixed, pay-float interest rate swap agreements have been designated and qualify as fair value hedges of our fixed-rate debt. The risk being hedged is the risk of changes in the fair value of the hedged debt attributable to changes in the benchmark interest rate. The changes in both the fair value of the hedged debt and the hedging instrument are recorded in Automotive interest expense. When a fair value hedge is de-designated, or when the derivative is terminated prior to maturity, the fair value adjustment to the hedged debt continues to be reported as part of the carrying value of the debt and is recognized in Automotive interest expense over its remaining life. Automotive Financing - GM Financial GM Financial utilizes interest rate derivative instruments to manage interest rate risk and foreign currency derivative instruments to manage foreign currency risk. The change in fair value of the derivative instruments not designated as an accounting hedge is recorded in GM Financial interest, operating and other expenses. Certain interest rate and foreign currency swap agreements have been designated as fair value hedges. The risk being hedged is the risk of changes in the fair value of the hedged debt attributable to changes in the benchmark interest rate or the risk of changes in fair value attributable to changes in foreign currency exchange rates. If the swap has been designated as a fair value hedge, the changes in the fair value of the hedged item are recorded in GM Financial interest, operating and other expenses. The change in fair value of the related hedge is also recorded in GM Financial interest, operating and other expenses. Certain interest rate swap and foreign currency swap agreements have been designated as cash flow hedges. The risk being hedged is the interest rate and foreign currency risk related to forecasted transactions. If the contract has been designated as a cash flow hedge, the change in the fair value of the cash flow hedge is deferred in Accumulated other comprehensive loss and is recognized in GM Financial interest, operating and other expenses along with the earnings effect of the hedged item when the hedged item affects earnings. Changes in the fair value of amounts excluded from the assessment of effectiveness are recorded currently in earnings and are presented in the same income statement line as the earnings effect of the hedged item. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue by Major Source | The following table disaggregates our revenue by major source for revenue generating segments : Year Ended December 31, 2023 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 136,983 $ 14,424 $ 113 $ 151,520 $ — $ — $ (10) $ 151,510 Used vehicles 954 37 — 991 — — — 991 Services and other 3,508 1,487 160 5,155 102 — (100) 5,157 Automotive net sales and revenue 141,445 15,949 273 157,667 102 — (110) 157,658 Leased vehicle income — — — — — 7,266 — 7,266 Finance charge income — — — — — 6,204 (18) 6,187 Other income — — — — — 754 (23) 732 GM Financial net sales and revenue — — — — — 14,225 (41) 14,184 Net sales and revenue $ 141,445 $ 15,949 $ 273 $ 157,667 $ 102 $ 14,225 $ (151) $ 171,842 Year Ended December 31, 2022 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 124,657 $ 13,993 $ 42 $ 138,692 $ — $ — $ — $ 138,692 Used vehicles 483 33 — 516 — — — 516 Services and other 3,238 1,393 134 4,765 102 — (101) 4,766 Automotive net sales and revenue 128,378 15,420 177 143,974 102 — (101) 143,975 Leased vehicle income — — — — — 7,811 — 7,811 Finance charge income — — — — — 4,521 (2) 4,519 Other income — — — — — 435 (4) 431 GM Financial net sales and revenue — — — — — 12,766 (6) 12,760 Net sales and revenue $ 128,378 $ 15,420 $ 177 $ 143,974 $ 102 $ 12,766 $ (107) $ 156,735 Year Ended December 31, 2021 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 97,515 $ 10,956 $ 14 $ 108,485 $ — $ — $ — $ 108,485 Used vehicles 545 49 — 594 — — — 594 Services and other 3,248 1,167 90 4,505 106 — (100) 4,511 Automotive net sales and revenue 101,308 12,172 104 113,584 106 — (100) 113,590 Leased vehicle income — — — — — 9,026 — 9,026 Finance charge income — — — — — 4,103 — 4,103 Other income — — — — — 290 (5) 285 GM Financial net sales and revenue — — — — — 13,419 (5) 13,414 Net sales and revenue $ 101,308 $ 12,172 $ 104 $ 113,584 $ 106 $ 13,419 $ (105) $ 127,004 |
Marketable and Other Securiti_2
Marketable and Other Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Marketable Securities [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost: Fair Value Level December 31, 2023 December 31, 2022 Cash and cash equivalents Cash and time deposits $ 8,977 $ 8,921 Available-for-sale debt securities U.S. government and agencies 2 211 1,012 Corporate debt 2 1,439 2,778 Sovereign debt 2 734 1,828 Total available-for-sale debt securities – cash equivalents 2,384 5,618 Money market funds 1 7,491 4,613 Total cash and cash equivalents $ 18,853 $ 19,153 Marketable debt securities U.S. government and agencies 2 $ 3,495 $ 4,357 Corporate debt 2 3,274 5,147 Mortgage and asset-backed 2 589 538 Sovereign debt 2 255 2,108 Total available-for-sale debt securities – marketable securities $ 7,613 $ 12,150 Restricted cash Cash and cash equivalents $ 277 $ 341 Money market funds 1 2,787 2,455 Total restricted cash $ 3,064 $ 2,796 Available-for-sale debt securities included above with contractual maturities(a) Due in one year or less $ 3,725 Due between one and five years 5,500 Total available-for-sale debt securities with contractual maturities $ 9,225 __________ (a) Excludes mortgage and asset-backed securities of $589 million at December 31, 2023 as these securities are not due at a single maturity date. |
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 December 31, 2023 December 31, 2022 Cash and cash equivalents Cash and time deposits $ 8,977 $ 8,921 Available-for-sale debt securities U.S. government and agencies 2 211 1,012 Corporate debt 2 1,439 2,778 Sovereign debt 2 734 1,828 Total available-for-sale debt securities – cash equivalents 2,384 5,618 Money market funds 1 7,491 4,613 Total cash and cash equivalents $ 18,853 $ 19,153 Marketable debt securities U.S. government and agencies 2 $ 3,495 $ 4,357 Corporate debt 2 3,274 5,147 Mortgage and asset-backed 2 589 538 Sovereign debt 2 255 2,108 Total available-for-sale debt securities – marketable securities $ 7,613 $ 12,150 Restricted cash Cash and cash equivalents $ 277 $ 341 Money market funds 1 2,787 2,455 Total restricted cash $ 3,064 $ 2,796 Available-for-sale debt securities included above with contractual maturities(a) Due in one year or less $ 3,725 Due between one and five years 5,500 Total available-for-sale debt securities with contractual maturities $ 9,225 __________ (a) Excludes mortgage and asset-backed securities of $589 million at December 31, 2023 as these securities are not due at a single maturity date. |
Reconciliation of Cash, Cash Equivalents and Restricted Cash from Balance Sheet to Statement of Cash Flows | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows: December 31, 2023 December 31, 2022 Cash and cash equivalents $ 18,853 $ 19,153 Restricted cash included in Other current assets 2,604 2,356 Restricted cash included in Other assets 460 440 Total $ 21,917 $ 21,948 |
GM Financial Receivables and _2
GM Financial Receivables and Transactions (Tables) - GM Financial | 12 Months Ended |
Dec. 31, 2023 | |
Finance Receivables [Line Items] | |
GM Financial Receivables | December 31, 2023 December 31, 2022 Retail Commercial(a) Total Retail Commercial(a) Total GM Financial receivables $ 72,729 $ 13,734 $ 86,463 $ 65,322 $ 10,988 $ 76,310 Less: allowance for loan losses (2,308) (36) (2,344) (2,062) (34) (2,096) GM Financial receivables, net $ 70,421 $ 13,698 $ 84,119 $ 63,260 $ 10,954 $ 74,214 Fair value of GM Financial receivables utilizing Level 2 inputs $ 13,698 $ 10,954 Fair value of GM Financial receivables utilizing Level 3 inputs $ 70,911 $ 62,150 __________ (a) Commercial finance receivables include dealer financing of $13.3 billion and $10.6 billion, and other financing of $476 million and $362 million at December 31, 2023 and 2022. Commercial finance receivables are presented net of dealer cash management balances of $2.6 billion and $1.9 billion at December 31, 2023 and 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 | Years Ended December 31, 2023 2022 2021 Allowance for loan losses at beginning of period $ 2,096 $ 1,886 $ 1,978 Provision for loan losses 826 654 248 Charge-offs (1,423) (1,138) (897) Recoveries 768 686 574 Effect of foreign currency 76 9 (17) Allowance for loan losses at end of period $ 2,344 $ 2,096 $ 1,886 The allowance for loan losses as a percentage of finance receivables was 2.7% at December 31, 2023 and 2022. |
Intercompany Transactions | The following tables show transactions between our Automotive segments and GM Financial. These amounts are presented in GM Financial's consolidated balance sheets and statements of income. December 31, 2023 December 31, 2022 Consolidated Balance Sheets(a) Commercial finance receivables, net due from GM consolidated dealers $ 164 $ 187 Receivables due from Cruise $ 353 $ 113 Subvention receivable(b) $ 508 $ 469 Commercial loan funding payable $ 55 $ 105 Years Ended December 31, 2023 2022 2021 Consolidated Statements of Income Interest subvention earned on finance receivables $ 1,234 $ 984 $ 820 Leased vehicle subvention earned $ 1,537 $ 1,916 $ 2,702 __________ (a) All balance sheet amounts are eliminated upon consolidation. (b) Our Automotive segments made cash payments to GM Financial for subvention of $3.5 billion, $2.4 billion and $3.3 billion in the years ended December 31, 2023, 2022 and 2021. |
Retail Finance Receivables | |
Finance Receivables [Line Items] | |
Finance Receivables Credit Quality | The following tables are consolidated summaries of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the retail finance receivables portfolio at December 31, 2023 and 2022: Year of Origination December 31, 2023 2023 2022 2021 2020 2019 Prior Total Percent Prime – FICO score 680 and greater $ 23,940 $ 15,581 $ 9,039 $ 4,926 $ 1,076 $ 320 $ 54,882 75.5 % Near-prime – FICO score 620 to 679 3,234 2,281 1,746 906 350 129 8,647 11.9 % Sub-prime – FICO score less than 620 3,079 2,397 1,884 1,010 573 257 9,200 12.6 % Retail finance receivables, net of fees $ 30,253 $ 20,259 $ 12,670 $ 6,842 $ 2,000 $ 707 $ 72,729 100.0 % 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 delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at December 31, 2023 and 2022: Year of Origination December 31, 2023 2023 2022 2021 2020 2019 Prior Total Percent 0-to-30 days $ 29,816 $ 19,602 $ 12,098 $ 6,533 $ 1,825 $ 599 $ 70,472 96.9 % 31-to-60 days 318 470 415 227 130 78 1,637 2.3 % Greater-than-60 days 102 168 142 76 42 29 559 0.8 % Finance receivables more than 30 days delinquent 421 637 557 302 172 107 2,196 3.0 % In repossession 17 20 14 6 3 1 61 0.1 % Finance receivables more than 30 days delinquent or in repossession 437 657 572 308 175 108 2,257 3.1 % Retail finance receivables, net of fees $ 30,253 $ 20,259 $ 12,670 $ 6,842 $ 2,000 $ 707 $ 72,729 100.0 % 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 | GM Financial's dealer 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. Year of Origination(a) December 31, 2023 Dealer Risk Rating Revolving 2023 2022 2021 2020 2019 Prior Total Percent I $ 11,513 $ 279 $ 403 $ 297 $ 301 $ 75 $ 11 $ 12,879 97.1 % II 182 — 2 2 — — — 187 1.4 % III 152 1 15 12 — 11 — 192 1.4 % IV — — — — — — — — — % Balance at end of period $ 11,846 $ 281 $ 421 $ 311 $ 301 $ 86 $ 11 $ 13,257 100.0 % __________ (a) Floorplan advances comprise 99.7% of the total revolving balance. Dealer term loans are presented by year of origination. Year of Origination(a) December 31, 2022 Dealer Risk Rating Revolving 2022 2021 2020 2019 2018 Prior Total Percent I $ 9,130 $ 438 $ 356 $ 360 $ 91 $ 38 $ 18 $ 10,431 98.2 % II 89 — 1 — — — — 91 0.9 % III 78 15 — — 10 — — 104 1.0 % IV — — — — — — — — — % Balance at end of period $ 9,297 $ 453 $ 357 $ 360 $ 102 $ 38 $ 18 $ 10,625 100.0 % __________ (a) Floorplan advances comprise 99.0% of the total revolving balance. Dealer term loans are presented by year of origination. There were no commercial finance receivables on nonaccrual status at December 31, 2023 and 2022. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | December 31, 2023 December 31, 2022 Total productive material, supplies and work in process $ 7,422 $ 8,014 Finished product, including service parts 9,039 7,353 Total inventories $ 16,461 $ 15,366 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property Subject to or Available for Operating Lease [Line Items] | |
Schedule of Property Subject to or Available for Operating Lease | Equipment on operating leases primarily consists of leases to retail customers of GM Financial. December 31, 2023 December 31, 2022 Equipment on operating leases $ 37,921 $ 40,919 Less: accumulated depreciation (7,338) (8,218) Equipment on operating leases, net $ 30,582 $ 32,701 |
GM Financial | |
Property Subject to or Available for Operating Lease [Line Items] | |
Schedule of Future Rental Payments Receivable for Operating Leases | The following table summarizes lease payments due to GM Financial on leases to retail customers: Years Ending December 31, 2024 2025 2026 2027 2028 Thereafter Total Lease receipts under operating leases $ 4,817 $ 3,117 $ 1,265 $ 132 $ 3 $ — $ 9,334 |
Equity In Net Assets Of Nonco_2
Equity In Net Assets Of Nonconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Equity Income | Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as Equity income. Years Ended December 31, 2023 2022 2021 Automotive China joint ventures equity income (loss) $ 446 $ 677 $ 1,098 Other joint ventures equity income (loss)(a) 327 159 203 Total Equity income (loss) $ 773 $ 837 $ 1,301 __________ (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 EVs. Equity earnings related to Ultium Cells Holdings LLC were $293 million in the year ended December 31, 2023. |
Carrying Amount of Investments in Nonconsolidated Affiliates | Investments in Nonconsolidated Affiliates December 31, 2023 December 31, 2022 Automotive China joint ventures carrying amount $ 6,373 $ 6,714 Ultium Cells Holdings LLC carrying amount 2,268 1,463 Other investments carrying amount 1,972 1,998 Total equity in net assets of nonconsolidated affiliates $ 10,613 $ 10,176 |
Summarized Financial Data for Nonconsolidated Affiliates | Summarized Financial Data of Nonconsolidated Affiliates December 31, 2023 December 31, 2022 Automotive China JVs Others Total Automotive China JVs Others Total Summarized Balance Sheet Data Current assets $ 15,963 $ 17,435 $ 33,398 $ 17,735 $ 17,405 $ 35,140 Non-current assets 11,585 11,535 23,120 12,428 10,826 23,254 Total assets $ 27,548 $ 28,970 $ 56,518 $ 30,163 $ 28,231 $ 58,394 Current liabilities $ 22,104 $ 15,308 $ 37,412 $ 23,267 $ 17,498 $ 40,765 Non-current liabilities 1,070 4,174 5,244 1,167 3,184 4,351 Total liabilities $ 23,174 $ 19,482 $ 42,656 $ 24,434 $ 20,682 $ 45,116 Noncontrolling interests $ 868 $ — $ 868 $ 904 $ — $ 904 Years Ended December 31, 2023 2022 2021 Summarized Operating Data Automotive China JVs' net sales $ 31,435 $ 35,857 $ 42,776 Others' net sales 4,311 2,029 2,017 Total net sales $ 35,746 $ 37,886 $ 44,793 Automotive China JVs' net income $ 1,122 $ 1,407 $ 2,109 Others' net income 771 426 587 Total net income $ 1,893 $ 1,833 $ 2,696 |
Nonconsolidated Affiliates | |
Schedule of Equity Method Investments [Line Items] | |
Transactions with and Balances Related to Nonconsolidated Affiliates | The following tables summarize transactions with and balances related to our nonconsolidated affiliates: Years Ended December 31, 2023 2022 2021 Automotive sales and revenue $ 209 $ 218 $ 227 Automotive purchases, net $ 2,766 $ 2,637 $ 1,551 Dividends received $ 1,018 $ 1,030 $ 783 Operating cash flows $ (941) $ (1,133) $ (616) December 31, 2023 December 31, 2022 Accounts and notes receivable, net $ 589 $ 1,089 Accounts payable $ 806 $ 942 Undistributed earnings $ 1,719 $ 1,918 |
China JVs | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Equity Method Investments | The following table summarizes our direct ownership interests in our China JVs: December 31, 2023 December 31, 2022 Automotive China JVs SAIC General Motors Corp., Ltd. (SGM) 50 % 50 % Pan Asia Technical Automotive Center Co., Ltd. 50 % 50 % SAIC General Motors Sales Co., Ltd. (SGMS) 49 % 49 % SAIC GM Wuling Automobile Co., Ltd. (SGMW) 44 % 44 % Shanghai OnStar Telematics Co., Ltd. (Shanghai OnStar) 40 % 40 % SAIC GM (Shenyang) Norsom Motors Co., Ltd. (SGM Norsom) 25 % 25 % SAIC GM Dong Yue Motors Co., Ltd. (SGM DY) 25 % 25 % SAIC GM Dong Yue Powertrain Co., Ltd. (SGM DYPT) 25 % 25 % Other joint ventures SAIC-GMAC Automotive Finance Company Limited (SAIC-GMAC) 35 % 35 % SAIC-GMF Leasing Co., Ltd. 35 % 35 % |
Property (Tables)
Property (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment | Estimated Useful Lives in Years December 31, 2023 December 31, 2022 Land $ 1,293 $ 1,307 Buildings and improvements 5-40 13,256 11,461 Machinery and equipment 3-27 37,074 33,413 Special tools 1-13 26,086 24,775 Construction in progress 8,135 7,340 Total property 85,845 78,295 Less: accumulated depreciation (35,524) (33,047) Total property, net $ 50,321 $ 45,248 |
Depreciation Amortization and Impairment of Property Plant and Equipment | The amount of interest capitalized and excluded from Automotive interest expense related to Property, net was insignificant in the years ended December 31, 2023, 2022 and 2021. Years Ended December 31, 2023 2022 2021 Depreciation and amortization expense $ 6,719 $ 6,297 $ 5,829 Impairment charges $ 115 $ 12 $ — Capitalized software amortization expense(a) $ 705 $ 614 $ 515 __________ (a) Included in Depreciation and amortization expense. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Components of Intangible Assets | December 31, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Technology and intellectual property $ 749 $ 517 $ 231 $ 767 $ 564 $ 203 Brands 4,293 1,768 2,526 4,294 1,658 2,636 Dealer network, customer relationships and other 968 784 184 960 765 195 Total intangible assets $ 6,010 $ 3,069 $ 2,941 $ 6,021 $ 2,987 $ 3,034 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
GM Financial | Variable Interest Entity, Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs: December 31, 2023 December 31, 2022 Restricted cash – current $ 2,398 $ 2,176 Restricted cash – non-current $ 367 $ 360 GM Financial receivables, net of fees – current $ 22,990 $ 19,896 GM Financial receivables, net of fees – non-current $ 23,535 $ 18,748 GM Financial equipment on operating leases, net $ 15,794 $ 18,456 GM Financial short-term debt and current portion of long-term debt $ 22,088 $ 21,643 GM Financial long-term debt $ 23,210 $ 20,545 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued and Other Liabilities | December 31, 2023 December 31, 2022 Accrued liabilities Dealer and customer allowances, claims and discounts $ 6,065 $ 4,813 Deferred revenue 2,802 2,489 Product warranty and related liabilities 3,285 3,042 Payrolls and employee benefits excluding postemployment benefits 3,099 3,298 Other 12,113 11,268 Total accrued liabilities $ 27,364 $ 24,910 Other liabilities Deferred revenue $ 5,019 $ 3,552 Product warranty and related liabilities 6,011 5,488 Operating lease liabilities 907 967 Employee benefits excluding postemployment benefits 518 512 Postemployment benefits including facility idling reserves 151 507 Other 3,909 3,740 Total other liabilities $ 16,515 $ 14,767 |
Product Warranty and Related Liabilities | Years Ended December 31, 2023 2022 2021 Product Warranty and Related Liabilities Warranty balance at beginning of period $ 8,530 $ 9,774 $ 8,242 Warranties issued and assumed in period – recall campaigns 864 651 2,820 Warranties issued and assumed in period – product warranty 2,418 1,943 1,665 Payments (4,009) (4,097) (3,249) Adjustments to pre-existing warranties 1,462 297 315 Effect of foreign currency and other 31 (37) (19) Warranty balance at end of period 9,295 8,530 9,774 Less: Supplier recoveries balance at end of period(a) 646 1,184 2,039 Warranty balance, net of supplier recoveries at end of period $ 8,649 $ 7,345 $ 7,735 __________ (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. Years Ended December 31, 2023 2022 2021 Product warranty expense, net of recoveries Warranties issued and assumed in period $ 3,282 $ 2,593 $ 4,485 Supplier recoveries accrued in period 3 (261) (2,175) Adjustments and other 1,493 260 296 Warranty expense, net of supplier recoveries $ 4,778 $ 2,592 $ 2,606 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Interest expense and financing interest expense | Years Ended December 31, 2023 2022 2021 Automotive interest expense $ 911 $ 987 $ 950 Automotive Financing - GM Financial interest expense 4,685 2,881 2,546 Total interest expense $ 5,596 $ 3,868 $ 3,496 |
Schedule of maturities of long-term debt | The following table summarizes contractual maturities including finance leases at December 31, 2023: Automotive Automotive Financing Total 2024 $ 428 $ 38,637 $ 39,065 2025 2,644 22,971 25,615 2026 93 15,049 15,142 2027 1,826 8,770 10,596 2028 831 7,164 7,995 Thereafter 11,082 13,999 25,081 $ 16,905 $ 106,590 $ 123,494 |
Automotive | |
Debt carrying amount and fair value | The following table presents debt in our automotive operations: December 31, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 134 $ 132 $ 124 $ 123 Unsecured debt(a) 15,842 15,911 17,340 16,323 Finance lease liabilities 437 447 381 381 Total automotive debt(b) $ 16,413 $ 16,490 $ 17,844 $ 16,828 Fair value utilizing Level 1 inputs $ 15,457 $ 15,971 Fair value utilizing Level 2 inputs $ 1,033 $ 857 Available under credit facility agreements(c) $ 16,446 $ 15,095 Weighted-average interest rate on outstanding short-term debt(d) 16.2 % 6.1 % Weighted-average interest rate on outstanding long-term debt(d) 5.8 % 5.8 % __________ (a) Primarily consist of senior notes. (b) Includes net discount and debt issuance costs of $527 million and $525 million at December 31, 2023 and 2022. (c) Excludes our 364-day, $2.0 billion facility designated for exclusive use by GM Financial. (d) Inc ludes coupon rates on debt denominated in various foreign currencies and interest free loans. |
GM Financial | |
Debt carrying amount and fair value | The following table presents debt of GM Financial: December 31, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 45,243 $ 44,971 $ 42,131 $ 41,467 Unsecured debt 60,084 59,651 54,723 52,270 Total GM Financial debt $ 105,327 $ 104,622 $ 96,854 $ 93,738 Fair value utilizing Level 2 inputs $ 102,262 $ 91,545 Fair value utilizing Level 3 inputs $ 2,360 $ 2,192 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative [Line Items] | |
Schedule of Fair Value Hedging Instruments | The following amounts were recorded in the consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships: December 31, 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 $ 3,508 $ (8) $ 3,048 $ 2 Long-term unsecured debt 30,043 1,037 25,271 779 GM Financial unsecured debt $ 33,551 $ 1,029 $ 28,319 $ 781 __________ (a) Includes $872 million and an insignificant amount of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at December 31, 2023 and 2022. |
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 December 31, 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 $ 18,379 $ 75 $ 238 $ 19,950 $ — $ 821 Cash flow hedges Interest rate swaps 2 2,381 17 16 1,434 34 1 Foreign currency swaps(b) 2 8,003 144 311 6,852 — 586 Derivatives not designated as hedges(a) Interest rate contracts 2 134,683 1,573 1,997 113,975 2,268 1,984 Total derivative financial instruments(c) $ 163,446 $ 1,809 $ 2,563 $ 142,212 $ 2,302 $ 3,392 __________ (a) The gains/losses included in our consolidated income statements and statements of comprehensive income for the years ended December 31, 2023 , 2022 and 2021 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities. (b) The effect of foreign currency cash flow hedges in the consolidated statements of comprehensive income include gains of $139 million, losses of $529 million and losses of $352 million recognized in Accumulated other comprehensive loss and gains of $92 million, losses of $578 million and losses of $409 million reclassified from Accumulated other comprehensive loss into income for the years ended December 31, 2023, 2022 and 2021. (c) GM Financial held $457 million and $553 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted $1.2 billion and $1.5 billion of collateral to counterparties available for netting against GM Financial's liability positions at December 31, 2023 and 2022. |
Pensions And Other Postretire_2
Pensions And Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |
Changes in Benefit Obligations, Plan Assets and Funded Status | Year Ended December 31, 2023 Year Ended December 31, 2022 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligations Beginning benefit obligation $ 44,817 $ 12,582 $ 4,543 $ 60,208 $ 18,314 $ 6,124 Service cost 103 161 9 161 146 16 Interest cost 2,273 551 236 1,292 293 148 Amendments 795 17 — — — — Actuarial (gains) losses 1,185 453 204 (12,010) (3,797) (1,289) Benefits paid (4,186) (1,001) (371) (4,239) (955) (410) Foreign currency translation adjustments — 453 32 — (1,361) (69) Curtailments, settlements and other (506) (76) 48 (595) (58) 23 Ending benefit obligation 44,481 13,140 4,701 44,817 12,582 4,543 Change in plan assets Beginning fair value of plan assets 44,901 9,530 — 59,921 13,521 — Actual return on plan assets 1,829 640 — (10,258) (2,257) — Employer contributions 357 395 348 71 332 387 Benefits paid (4,186) (1,001) (371) (4,239) (955) (410) Foreign currency translation adjustments — 354 — — (1,024) — Settlements and other (614) (99) 23 (594) (87) 23 Ending fair value of plan assets 42,287 9,819 — 44,901 9,530 — Ending funded status $ (2,194) $ (3,321) $ (4,701) $ 84 $ (3,052) $ (4,543) Amounts recorded in the consolidated balance sheets Non-current assets $ — $ 1,557 $ — $ 1,557 $ 1,552 $ — Current liabilities (62) (330) (356) (62) (316) (350) Non-current liabilities (2,132) (4,548) (4,345) (1,411) (4,288) (4,193) Net amount recorded $ (2,194) $ (3,321) $ (4,701) $ 84 $ (3,052) $ (4,543) Amounts recorded in Accumulated other comprehensive loss Net actuarial loss $ (3,372) $ (2,560) $ (332) $ (1,186) $ (2,157) $ (86) Net prior service (cost) credit (793) (74) 8 5 (56) 10 Total recorded in Accumulated other comprehensive loss $ (4,165) $ (2,634) $ (324) $ (1,181) $ (2,213) $ (76) |
Schedule of amounts recorded in the consolidated balance sheets | Year Ended December 31, 2023 Year Ended December 31, 2022 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligations Beginning benefit obligation $ 44,817 $ 12,582 $ 4,543 $ 60,208 $ 18,314 $ 6,124 Service cost 103 161 9 161 146 16 Interest cost 2,273 551 236 1,292 293 148 Amendments 795 17 — — — — Actuarial (gains) losses 1,185 453 204 (12,010) (3,797) (1,289) Benefits paid (4,186) (1,001) (371) (4,239) (955) (410) Foreign currency translation adjustments — 453 32 — (1,361) (69) Curtailments, settlements and other (506) (76) 48 (595) (58) 23 Ending benefit obligation 44,481 13,140 4,701 44,817 12,582 4,543 Change in plan assets Beginning fair value of plan assets 44,901 9,530 — 59,921 13,521 — Actual return on plan assets 1,829 640 — (10,258) (2,257) — Employer contributions 357 395 348 71 332 387 Benefits paid (4,186) (1,001) (371) (4,239) (955) (410) Foreign currency translation adjustments — 354 — — (1,024) — Settlements and other (614) (99) 23 (594) (87) 23 Ending fair value of plan assets 42,287 9,819 — 44,901 9,530 — Ending funded status $ (2,194) $ (3,321) $ (4,701) $ 84 $ (3,052) $ (4,543) Amounts recorded in the consolidated balance sheets Non-current assets $ — $ 1,557 $ — $ 1,557 $ 1,552 $ — Current liabilities (62) (330) (356) (62) (316) (350) Non-current liabilities (2,132) (4,548) (4,345) (1,411) (4,288) (4,193) Net amount recorded $ (2,194) $ (3,321) $ (4,701) $ 84 $ (3,052) $ (4,543) Amounts recorded in Accumulated other comprehensive loss Net actuarial loss $ (3,372) $ (2,560) $ (332) $ (1,186) $ (2,157) $ (86) Net prior service (cost) credit (793) (74) 8 5 (56) 10 Total recorded in Accumulated other comprehensive loss $ (4,165) $ (2,634) $ (324) $ (1,181) $ (2,213) $ (76) |
Schedule of Projected Benefit Obligations in Excess of Fair Value of Plan Assets | The following table summarizes the total accumulated benefit obligations (ABO), the ABO and fair value of plan assets for defined benefit pension plans with ABO in excess of plan assets, and the projected benefit obligation (PBO) and fair value of plan assets for defined benefit pension plans with PBO in excess of plan assets: December 31, 2023 December 31, 2022 U.S. Non-U.S. U.S. Non-U.S. ABO $ 44,464 $ 13,050 $ 44,798 $ 12,505 Plans with ABO in excess of plan assets ABO $ 44,464 $ 4,863 $ 5,668 $ 4,739 Fair value of plan assets $ 42,287 $ 74 $ 4,214 $ 211 Plans with PBO in excess of plan assets PBO $ 44,481 $ 4,953 $ 5,687 $ 4,815 Fair value of plan assets $ 42,287 $ 74 $ 4,214 $ 211 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following table summarizes the total accumulated benefit obligations (ABO), the ABO and fair value of plan assets for defined benefit pension plans with ABO in excess of plan assets, and the projected benefit obligation (PBO) and fair value of plan assets for defined benefit pension plans with PBO in excess of plan assets: December 31, 2023 December 31, 2022 U.S. Non-U.S. U.S. Non-U.S. ABO $ 44,464 $ 13,050 $ 44,798 $ 12,505 Plans with ABO in excess of plan assets ABO $ 44,464 $ 4,863 $ 5,668 $ 4,739 Fair value of plan assets $ 42,287 $ 74 $ 4,214 $ 211 Plans with PBO in excess of plan assets PBO $ 44,481 $ 4,953 $ 5,687 $ 4,815 Fair value of plan assets $ 42,287 $ 74 $ 4,214 $ 211 |
Schedule of Net Periodic Pension and OPEB expense | The following table summarizes the components of net periodic pension and OPEB expense along with the assumptions used to determine benefit obligations: Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Components of expense Service cost $ 173 $ 173 $ 9 $ 233 $ 157 $ 16 $ 260 $ 121 $ 18 Interest cost 2,273 551 236 1,292 293 148 1,074 236 123 Expected return on plan assets (2,922) (573) — (3,000) (534) — (3,178) (610) — Amortization of net actuarial (gains) losses — 32 (23) 18 133 67 26 212 97 Curtailments, settlements and other 126 33 2 (17) 10 (5) 15 7 (6) Net periodic pension and OPEB (income) expense $ (350) $ 216 $ 224 $ (1,474) $ 59 $ 226 $ (1,803) $ (34) $ 232 Weighted-average assumptions used to determine benefit obligations(a) Discount rate 5.12 % 4.41 % 5.13 % 5.47 % 4.85 % 5.51 % 2.78 % 2.13 % 2.97 % Weighted-average assumptions used to determine net expense(a) Discount rate 5.37 % 5.33 % 5.48 % 2.34 % 2.98 % 2.84 % 1.86 % 2.38 % 2.24 % Expected rate of return on plan assets 6.30 % 5.65 % N/A 5.38 % 4.39 % N/A 5.63 % 4.67 % N/A __________ (a) The rate of compensation increase and the cash balance interest crediting rates do not have a significant effect on our U.S. pension and OPEB plans. |
Schedule of Assumptions Used | The following table summarizes the components of net periodic pension and OPEB expense along with the assumptions used to determine benefit obligations: Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Components of expense Service cost $ 173 $ 173 $ 9 $ 233 $ 157 $ 16 $ 260 $ 121 $ 18 Interest cost 2,273 551 236 1,292 293 148 1,074 236 123 Expected return on plan assets (2,922) (573) — (3,000) (534) — (3,178) (610) — Amortization of net actuarial (gains) losses — 32 (23) 18 133 67 26 212 97 Curtailments, settlements and other 126 33 2 (17) 10 (5) 15 7 (6) Net periodic pension and OPEB (income) expense $ (350) $ 216 $ 224 $ (1,474) $ 59 $ 226 $ (1,803) $ (34) $ 232 Weighted-average assumptions used to determine benefit obligations(a) Discount rate 5.12 % 4.41 % 5.13 % 5.47 % 4.85 % 5.51 % 2.78 % 2.13 % 2.97 % Weighted-average assumptions used to determine net expense(a) Discount rate 5.37 % 5.33 % 5.48 % 2.34 % 2.98 % 2.84 % 1.86 % 2.38 % 2.24 % Expected rate of return on plan assets 6.30 % 5.65 % N/A 5.38 % 4.39 % N/A 5.63 % 4.67 % N/A __________ (a) The rate of compensation increase and the cash balance interest crediting rates do not have a significant effect on our U.S. pension and OPEB plans. |
Schedule of Expected Net Benefit Payments | The following table summarizes net benefit payments expected to be paid in the future, which include assumptions related to estimated future employee service: Pension Benefits Global OPEB Plans U.S. Plans Non-U.S. Plans 2024 $ 4,405 $ 1,071 $ 365 2025 $ 4,213 $ 955 $ 361 2026 $ 4,110 $ 929 $ 357 2027 $ 3,995 $ 909 $ 353 2028 $ 3,846 $ 892 $ 350 2029–2033 $ 16,966 $ 4,225 $ 1,699 |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of contributions to defined benefit pension plans | The following table summarizes contributions made to the defined benefit pension plans: Years Ended December 31, 2023 2022 2021 U.S. hourly and salaried $ 357 $ 71 $ 67 Non-U.S. 395 332 371 Total $ 753 $ 403 $ 438 |
Schedules of Fair Value of Plan Assets by Asset Class and Target Allocations | The following table summarizes the target allocations by asset category for U.S. and non-U.S. defined benefit pension plans: December 31, 2023 December 31, 2022 U.S. Non-U.S. U.S. Non-U.S. Equity 11 % 10 % 8 % 10 % Debt 60 % 75 % 69 % 75 % Other(a) 29 % 15 % 23 % 15 % Total 100 % 100 % 100 % 100 % __________ (a) Primarily includes private equity, real estate and absolute return strategies, which mainly consist of hedge funds. Assets and Fair Value Measurements The following tables summarize the fair value of U.S. and non-U.S. defined benefit pension plan assets by asset class: December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total U.S. Pension Plan Assets Common and preferred stocks $ 850 $ — $ — $ 850 $ 1,222 $ — $ 3 $ 1,225 Government and agency debt securities(a) — 9,822 — 9,822 — 9,606 — 9,606 Corporate and other debt securities — 20,957 3 20,960 — 21,816 — 21,816 Other investments, net(b) 545 (269) 328 604 125 60 254 439 Net plan assets subject to leveling $ 1,395 $ 30,510 $ 331 32,236 $ 1,347 $ 31,482 $ 257 33,086 Plan assets measured at net asset value Investment funds 5,322 5,124 Private equity and debt investments 2,864 3,936 Real estate investments 2,976 3,491 Total plan assets measured at net asset value 11,162 12,551 Other plan assets (liabilities), net(c) (1,111) (736) Net plan assets $ 42,287 $ 44,901 December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Non-U.S. Pension Plan Assets Common and preferred stocks $ 160 $ — $ — $ 160 $ 143 $ — $ — $ 143 Government and agency debt securities(a) — 2,310 — 2,310 — 2,185 — 2,185 Corporate and other debt securities — 2,738 7 2,745 — 2,570 1 2,571 Other investments, net(b)(d) (4) (55) 43 (16) 24 (70) 84 38 Net plan assets subject to leveling $ 156 $ 4,993 $ 50 5,199 $ 167 $ 4,685 $ 85 4,937 Plan assets measured at net asset value Investment funds 3,265 3,124 Private equity and debt investments 431 483 Real estate investments 781 878 Total plan assets measured at net asset value 4,477 4,485 Other plan assets (liabilities), net(c) 143 108 Net plan assets $ 9,819 $ 9,530 __________ (a) Includes U.S. and sovereign government and agency issues. (b) Includes net derivative assets (liabilities). (c) Cash held by the plans, net of amounts receivable/payable for unsettled security transactions and payables for investment manager fees, custody fees and other expenses. (d) Level 2 Other investments, net includes Canadian repurchase agreements of approximately $137 million and $150 million at December 31, 2023 and 2022. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Taxes and Equity Income | Years Ended December 31, 2023 2022 2021 U.S. income (loss) $ 6,388 $ 9,454 $ 9,513 Non-U.S. income (loss) 3,535 1,306 1,902 Income (loss) before income taxes and equity income (loss) $ 9,924 $ 10,760 $ 11,415 |
Schedule of Components of Income Tax Expense (Benefit) | Years Ended December 31, 2023 2022 2021 Current income tax expense (benefit) U.S. federal $ 240 $ 389 $ 20 U.S. state and local 490 368 142 Non-U.S. 874 707 395 Total current income tax expense (benefit) 1,605 1,464 557 Deferred income tax expense (benefit) U.S. federal (120) 263 1,699 U.S. state and local (43) 109 229 Non-U.S. (878) 53 286 Total deferred income tax expense (benefit) (1,041) 425 2,214 Total income tax expense (benefit) $ 563 $ 1,888 $ 2,771 |
Schedule of Effective Income Tax Rate Reconciliation | Years Ended December 31, 2023 2022 2021 Income tax expense at U.S. federal statutory income tax rate $ 2,084 $ 2,260 $ 2,397 State and local tax expense (benefit) 348 388 301 Non-U.S. income taxed at other than the U.S. federal statutory tax rate 203 32 36 U.S. tax impact on Non-U.S. income and activities (62) 5 129 Change in valuation allowances (1,061) (392) 665 Change in tax laws 25 78 (93) General business credits and manufacturing incentives (966) (829) (492) Settlements of prior year tax matters 23 — 11 Realization of basis differences in affiliates — 209 (295) Foreign currency remeasurement (62) 36 28 Other adjustments 31 102 84 Total income tax expense (benefit) $ 563 $ 1,888 $ 2,771 |
Schedule of Deferred Tax Assets and Liabilities | The following table summarizes the components of temporary differences and carryforwards that give rise to deferred tax assets and liabilities: December 31, 2023 December 31, 2022 Deferred tax assets Postretirement benefits other than pensions $ 1,119 $ 1,120 Pension and other employee benefit plans 1,522 997 Warranties, dealer and customer allowances, claims and discounts 3,684 4,341 U.S. capitalized research expenditures 9,879 8,851 U.S. operating loss and tax credit carryforwards(a) 6,033 5,861 Non-U.S. operating loss and tax credit carryforwards(b) 6,204 6,296 Miscellaneous 5,121 2,773 Total deferred tax assets before valuation allowances 33,562 30,240 Less: valuation allowances (6,979) (7,744) Total deferred tax assets 26,583 22,495 Deferred tax liabilities Property, plant and equipment 4,233 1,957 Intangible assets 699 707 Total deferred tax liabilities 4,932 2,664 Net deferred tax assets $ 21,651 $ 19,832 __________ (a) At December 31, 2023, U.S. operating loss deferred tax assets were $404 million, where $129 million can be carried forward indefinitely and $275 million will expire by 2041, if not utilized. At December 31, 2023, U.S. tax credit carryforwards were $5.6 billion, where $405 million can be carried forward indefinitely and $5.2 billion will expire by 2043, if not utilized. (b) At December 31, 2023, Non-U.S. operating loss deferred tax assets were $6.1 billion, where $5.2 billion can be carried forward indefinitely and $876 million will expire by 2039 if not utilized. At December 31, 2023, Non-U.S. tax credit carryforwards were $135 million, where $109 million can be carried forward indefinitely and $26 million will expire by 2042, if not utilized. |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes activity of the total amounts of unrecognized tax benefits: Years Ended December 31, 2023 2022 2021 Balance at beginning of period $ 520 $ 634 $ 1,086 Additions to current year tax positions 45 12 22 Additions to prior years' tax positions 72 14 46 Reductions to prior years' tax positions (15) (98) (473) Reductions in tax positions due to lapse of statutory limitations (19) (20) (17) Settlements (18) (10) (26) Other — (12) (4) Balance at end of period $ 585 $ 520 $ 634 |
Restructuring And Other Initi_2
Restructuring And Other Initiatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The following table summarizes the reserves and charges related to restructuring and other initiatives, including postemployment benefit reserves and charges: Years Ended December 31, 2023 2022 2021 Balance at beginning of period $ 520 $ 285 $ 352 Additions, interest accretion and other 1,831 522 216 Payments (1,597) (275) (278) Revisions to estimates and effect of foreign currency 25 (12) (5) Balance at end of period $ 779 $ 520 $ 285 |
Interest Income and Other Non_2
Interest Income and Other Non-Operating Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Interest Income and Other Non-Operating Income, net | Years Ended December 31, 2023 2022 2021 Non-service pension and OPEB income (loss) $ 184 $ 1,512 $ 1,909 Interest income 1,109 460 146 Licensing agreements income 172 238 195 Revaluation of investments (77) (236) 571 Other 149 (542) 220 Total interest income and other non-operating income, net $ 1,537 $ 1,432 $ 3,041 |
Stockholders' Equity and Nonc_2
Stockholders' Equity and Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the significant components of Accumulated other comprehensi ve loss: Years Ended December 31, 2023 2022 2021 Foreign Currency Translation Adjustments Balance at beginning of period $ (2,776) $ (2,654) $ (2,735) Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b)(c) 319 (123) 81 Balance at end of period $ (2,457) $ (2,776) $ (2,654) Defined Benefit Plans Balance at beginning of period $ (4,851) $ (6,528) $ (10,654) Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment(a) (3,706) 1,487 4,714 Tax benefit (expense) 838 2 (906) Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment, net of tax(a) (2,868) 1,488 3,808 Reclassification adjustment, net of tax(c) 54 188 318 Other comprehensive income (loss), net of tax (2,814) 1,677 4,126 Balance at end of period(d) $ (7,665) $ (4,851) $ (6,528) __________ (a) The noncontrolling interests wer e insignificant in the years ended December 31, 2023, 2022 and 2021. (b) The reclassification adjustment was insignificant in the years ended December 31, 2023, 2022 and 2021. (c) The income tax effect was insignificant in the years ended December 31, 2023, 2022 and 2021. (d) Primarily consists of unamortized actuarial loss on our defined benefit plans. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Years Ended December 31, 2023 2022 2021 Basic earnings per share Net income (loss) attributable to stockholders $ 10,127 $ 9,934 $ 10,019 Less: cumulative dividends on subsidiary preferred stock(a) (106) (1,019) (182) Net income (loss) attributable to common stockholders $ 10,022 $ 8,915 $ 9,837 Weighted-average common shares outstanding 1,364 1,445 1,451 Basic earnings per common share $ 7.35 $ 6.17 $ 6.78 Diluted earnings per share Net income (loss) attributable to common stockholders – diluted $ 10,022 $ 8,915 $ 9,837 Weighted-average common shares outstanding – basic 1,364 1,445 1,451 Dilutive effect of warrants and awards under stock incentive plans 6 10 17 Weighted-average common shares outstanding – diluted 1,369 1,454 1,468 Diluted earnings per common share $ 7.32 $ 6.13 $ 6.70 Potentially dilutive securities(b) 23 10 2 __________ (a) Includes a $909 million deemed dividend related to the redemption of Cruise preferred shares from SoftBank and an insignificant amount in participating securities income from a subsidiary for the year ended December 31, 2022. (b) Potentially dilutive securities attributable to outstanding stock options at December 31, 2023, 2022 and 2021 and RSUs at December 31, 2023 and 2022, were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect. |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation Activity | Shares (in millions) Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Term in Years Units outstanding at January 1, 2023 34.1 $ 27.62 0.8 Granted 14.3 $ 33.54 Settled (5.8) $ 38.66 Forfeited or expired (2.7) $ 36.55 Units outstanding at December 31, 2023(a) 39.9 $ 27.53 0.9 __________ (a) Includes the target amount of PSUs. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables summarize key financial information by segment: At and For the Year Ended December 31, 2023 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 141,445 $ 15,949 $ 273 $ 157,667 $ 102 $ 14,225 $ (151) $ 171,842 Earnings (loss) before interest and taxes-adjusted $ 12,306 $ 1,210 $ (1,413) $ 12,103 $ (2,695) $ 2,985 $ (35) $ 12,357 Adjustments(a) $ (1,604) $ 217 $ — $ (1,387) $ (478) $ — $ — (1,865) Automotive interest income 1,109 Automotive interest expense (911) Net income (loss) attributable to noncontrolling interests (287) Income (loss) before income taxes 10,403 Income tax benefit (expense) (563) Net income (loss) 9,840 Net loss (income) attributable to noncontrolling interests 287 Net income (loss) attributable to stockholders $ 10,127 Equity in net assets of nonconsolidated affiliates $ 2,595 $ 6,348 $ — $ — $ 8,943 $ — $ 1,670 $ — $ 10,613 Goodwill and intangibles $ 2,083 $ 710 $ — $ — $ 2,793 $ 715 $ 1,354 $ — $ 4,862 Total assets $ 155,908 $ 26,225 $ 41,271 $ (82,858) $ 140,546 $ 4,555 $ 130,780 $ (2,817) $ 273,064 Expenditures for property $ 10,147 $ 522 $ 15 $ — $ 10,684 $ 63 $ 24 $ 198 $ 10,970 Depreciation and amortization $ 6,146 $ 589 $ 21 $ — $ 6,755 $ 38 $ 4,944 $ — $ 11,737 Impairment charges $ — $ — $ — $ — $ — $ 209 $ — $ — $ 209 Equity income (loss)(b) $ 196 $ 440 $ — $ — $ 635 $ — $ 138 $ — $ 773 __________ (a) Consists of charges related to the VSP and strategic activities related to Buick dealerships in GMNA; the gain associated with India asset sales and the partial resolution of Korean subcontractor matters in GMI; and charges related to Cruise restructuring. (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. Equity earnings related to Ultium Cells Holdings LLC were $293 million in the year ended December 31, 2023. At and For the Year Ended December 31, 2022 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 128,378 $ 15,420 $ 177 $ 143,974 $ 102 $ 12,766 $ (107) $ 156,735 Earnings (loss) before interest and taxes-adjusted $ 12,988 $ 1,143 $ (1,846) $ 12,286 $ (1,890) $ 4,076 $ 2 $ 14,474 Adjustments(a) $ (411) $ (657) $ — $ (1,068) $ (1,057) $ — $ — (2,125) Automotive interest income 460 Automotive interest expense (987) Net income (loss) attributable to noncontrolling interests (226) Income (loss) before income taxes 11,597 Income tax benefit (expense) (1,888) Net income (loss) 9,708 Net loss (income) attributable to noncontrolling interests 226 Net income (loss) attributable to stockholders $ 9,934 Equity in net assets of nonconsolidated affiliates $ 1,820 $ 6,691 $ — $ — $ 8,511 $ — $ 1,665 $ — $ 10,176 Goodwill and intangibles $ 2,134 $ 740 $ 4 $ — $ 2,877 $ 727 $ 1,341 $ — $ 4,945 Total assets $ 157,250 $ 24,808 $ 60,518 $ (104,157) $ 138,419 $ 5,510 $ 121,544 $ (1,436) $ 264,037 Expenditures for property $ 8,280 $ 706 $ 20 $ — $ 9,007 $ 197 $ 44 $ (10) $ 9,238 Depreciation and amortization $ 5,800 $ 513 $ 21 $ — $ 6,335 $ 53 $ 4,888 $ — $ 11,276 Impairment charges $ 11 $ 1 $ — $ — $ 12 $ — $ — $ — $ 12 Equity income (loss) $ (9) $ 672 $ — $ — $ 663 $ — $ 173 $ — $ 837 __________ (a) Consists of charges for strategic activities related to Buick dealerships and the resolution of substantially all royalty matters accrued with respect to past-year vehicle sales in GMNA; charges related to the shutdown of our Russia business in GMI; and charges related to the one-time modification of Cruise stock incentive awards. At and For the Year Ended December 31, 2021 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 101,308 $ 12,172 $ 104 $ 113,584 $ 106 $ 13,419 $ (105) $ 127,004 Earnings (loss) before interest and taxes-adjusted $ 10,318 $ 827 $ (680) $ 10,465 $ (1,196) $ 5,036 $ (10) $ 14,295 Adjustments(a) $ (425) $ (276) $ — $ (701) $ — $ — $ — (701) Automotive interest income 146 Automotive interest expense (950) Net income (loss) attributable to noncontrolling interests (74) Income (loss) before income taxes 12,716 Income tax benefit (expense) (2,771) Net income (loss) 9,945 Net loss (income) attributable to noncontrolling interests 74 Net income (loss) attributable to stockholders $ 10,019 Equity in net assets of nonconsolidated affiliates $ 827 $ 7,133 $ — $ — $ 7,960 $ — $ 1,717 $ — $ 9,677 Goodwill and intangibles $ 2,240 $ 772 $ — $ — $ 3,012 $ 736 $ 1,339 $ — $ 5,087 Total assets $ 121,735 $ 22,876 $ 40,492 $ (56,936) $ 128,167 $ 4,489 $ 113,207 $ (1,145) $ 244,718 Expenditures for property $ 6,576 $ 783 $ 30 $ — $ 7,389 $ 89 $ 26 $ 5 $ 7,509 Depreciation and amortization $ 5,298 $ 542 $ 21 $ — $ 5,861 $ 52 $ 6,134 $ — $ 12,047 Impairment charges $ — $ — $ — $ — $ — $ 4 $ — $ — $ 4 Equity income (loss) $ 8 $ 1,092 $ — $ — $ 1,100 $ — $ 201 $ — $ 1,301 __________ (a) Consists of royalties accrued with respect to past-year vehicle sales and charges for strategic activities related to Cadillac dealerships in GMNA; and a settlement with certain third parties relating to retrospective recoveries of indirect taxes and an adjustment related to the unique events associated with Korea Supreme Court decisions related to our salaried workers in GMI. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table summarizes information concerning principal geographic areas: At and For the Years Ended December 31, 2023 2022 2021 Net Sales and Revenue Long-Lived Assets Net Sales and Revenue Long-Lived Assets Net Sales and Revenue Long-Lived Assets Automotive U.S. $ 127,472 $ 34,142 $ 116,798 $ 30,201 $ 92,771 $ 27,192 Non-U.S. 30,186 16,054 27,177 14,907 20,819 13,771 GM Financial U.S. 12,133 27,397 11,035 29,411 11,712 34,452 Non-U.S. 2,051 3,309 1,725 3,431 1,702 3,629 Total consolidated $ 171,842 $ 80,903 $ 156,735 $ 77,950 $ 127,004 $ 79,044 |
Supplemental Information for _2
Supplemental Information for the Consolidated Statements of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table summarizes the sources (uses) of cash provided by Change in other operating assets and liabilities and Cash paid for income taxes and interest: Change in other operating assets and liabilities Years Ended December 31, 2023 2022 2021 Accounts receivable $ 1,183 $ (4,483) $ 493 Wholesale receivables funded by GM Financial, net (2,982) (5,000) 2,854 Inventories (757) (2,581) (3,155) Change in other assets (685) (248) (1,418) Accounts payable (398) 6,144 (1,166) Income taxes payable (121) 273 (95) Accrued and other liabilities 5,582 2,918 (879) Total $ 1,822 $ (2,977) $ (3,366) Cash paid for income taxes and interest Cash paid for income taxes, net $ 1,726 $ 1,191 $ 652 Cash paid for interest (net of amounts capitalized) – Automotive $ 863 $ 933 $ 884 Cash paid for interest (net of amounts capitalized) – GM Financial 4,652 2,673 2,519 Total cash paid for interest (net of amounts capitalized) $ 5,515 $ 3,606 $ 3,403 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |||
Revenue recognition term of separate and bundled services | 8 years | ||
Cash Equivalents [Abstract] | |||
Maximum maturity period for highly liquid securities | 90 days | ||
Pension and Other Postretirement Plans [Abstract] | |||
Percentage recognized as pension expense in the first year | 60% | ||
Percentage of pension expense recognized in each of the next four years | 10% | ||
Subsequent period over which pension expense adjustment is amortized | 4 years | ||
Income Taxes [Abstract] | |||
Number of years used for valuation allowance methodology | 3 years | ||
Minimum threshold to recognize the tax benefit for uncertain tax positions | 50% | ||
Foreign Currency Transactions and Translation [Abstract] | |||
Foreign currency remeasurement and transaction (gains) losses | $ 349 | $ 172 | $ (17) |
Canada, United Kingdom and Germany | |||
Pension and Other Postretirement Plans [Abstract] | |||
Benefit obligation for pension plans (percent) | 90% | ||
Cash and Cash Equivalents | |||
Government Assistance [Abstract] | |||
Cash incentives receivable | $ 717 | ||
Accounts Receivable, after Allowance for Credit Loss, Current | |||
Government Assistance [Abstract] | |||
Cash incentives receivable | 190 | ||
Property, Net | |||
Government Assistance [Abstract] | |||
Cash incentives receivable | 480 | ||
Other assets | |||
Government Assistance [Abstract] | |||
Cash incentives receivable | 269 | ||
Other liabilities | |||
Government Assistance [Abstract] | |||
Deferred incentive income in other liabilities | 341 | ||
Automotive Selling, General and Administrative Expense | |||
Advertising and Promotion Expenditures [Abstract] | |||
Advertising and promotion expenditures | 3,600 | 4,000 | 3,300 |
Automotive Cost of Sales | |||
Research and Development Expenditures [Abstract] | |||
Research and development expenditures | $ 9,900 | 9,800 | 7,900 |
GM Financial | Minimum | Equipment | |||
Equipment on Operating Leases, net [Abstract] | |||
Term of leasing arrangements | 2 years | ||
GM Financial | Maximum | Equipment | |||
Equipment on Operating Leases, net [Abstract] | |||
Term of leasing arrangements | 5 years | ||
GM Financial | Retail Finance Receivables | |||
Revenue Recognition [Abstract] | |||
Period past due threshold for suspending accrual of finance charge income | 60 days | ||
GM Financial | Commercial Finance Receivables | |||
Revenue Recognition [Abstract] | |||
Period past due threshold for suspending accrual of finance charge income | 90 days | ||
Automotive | |||
Government Assistance [Abstract] | |||
Automotive and other cost of sales | $ 141,330 | $ 126,892 | $ 100,544 |
Automotive | Automotive Cost of Sales | |||
Government Assistance [Abstract] | |||
Incentive income | $ 251 |
Revenue - Disaggregation (Detai
Revenue - Disaggregation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | $ 157,658 | $ 143,975 | $ 113,590 |
Leased vehicle income | 7,266 | 7,811 | 9,026 |
Finance charge income | 6,187 | 4,519 | 4,103 |
Other income | 732 | 431 | 285 |
GM Financial net sales and revenue | 14,184 | 12,760 | 13,414 |
Net sales and revenue | 171,842 | 156,735 | 127,004 |
Operating Segments | Cruise | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 102 | 102 | 106 |
Net sales and revenue | 102 | 102 | 106 |
Operating Segments | GM Financial | |||
Disaggregation of Revenue [Line Items] | |||
Leased vehicle income | 7,266 | 7,811 | 9,026 |
Finance charge income | 6,204 | 4,521 | 4,103 |
Other income | 754 | 435 | 290 |
GM Financial net sales and revenue | 14,225 | 12,766 | 13,419 |
Net sales and revenue | 14,225 | 12,766 | 13,419 |
Eliminations/ Reclassifications | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | (110) | (101) | (100) |
Leased vehicle income | 0 | 0 | 0 |
Finance charge income | (18) | (2) | 0 |
Other income | (23) | (4) | (5) |
GM Financial net sales and revenue | (41) | (6) | (5) |
Net sales and revenue | (151) | (107) | (105) |
Automotive | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 157,658 | 143,975 | 113,590 |
Automotive | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 157,667 | 143,974 | 113,584 |
Net sales and revenue | 157,667 | 143,974 | 113,584 |
Automotive | Operating Segments | GMNA | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 141,445 | 128,378 | 101,308 |
Net sales and revenue | 141,445 | 128,378 | 101,308 |
Automotive | Operating Segments | GMI | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 15,949 | 15,420 | 12,172 |
Net sales and revenue | 15,949 | 15,420 | 12,172 |
Automotive | Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 273 | 177 | 104 |
Net sales and revenue | 273 | 177 | 104 |
Vehicle, parts and accessories | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 151,510 | 138,692 | 108,485 |
Vehicle, parts and accessories | Eliminations/ Reclassifications | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | (10) | 0 | 0 |
Vehicle, parts and accessories | Automotive | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 151,520 | 138,692 | 108,485 |
Vehicle, parts and accessories | Automotive | Operating Segments | GMNA | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 136,983 | 124,657 | 97,515 |
Vehicle, parts and accessories | Automotive | Operating Segments | GMI | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 14,424 | 13,993 | 10,956 |
Vehicle, parts and accessories | Automotive | Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 113 | 42 | 14 |
Used vehicles | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 991 | 516 | 594 |
Used vehicles | Eliminations/ Reclassifications | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 0 | 0 | 0 |
Used vehicles | Automotive | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 991 | 516 | 594 |
Used vehicles | Automotive | Operating Segments | GMNA | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 954 | 483 | 545 |
Used vehicles | Automotive | Operating Segments | GMI | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 37 | 33 | 49 |
Used vehicles | Automotive | Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 0 | 0 | 0 |
Services and other | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 5,157 | 4,766 | 4,511 |
Services and other | Operating Segments | Cruise | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 102 | 102 | 106 |
Services and other | Eliminations/ Reclassifications | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | (100) | (101) | (100) |
Services and other | Automotive | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 5,155 | 4,765 | 4,505 |
Services and other | Automotive | Operating Segments | GMNA | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 3,508 | 3,238 | 3,248 |
Services and other | Automotive | Operating Segments | GMI | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 1,487 | 1,393 | 1,167 |
Services and other | Automotive | Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | $ 160 | $ 134 | $ 90 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Contract liabilities | $ 5,000 | $ 3,300 |
Deferred revenue recognized | 1,400 | $ 1,300 |
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 | $ 1,800 | |
Performance obligation, expected timing of satisfaction, period | 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 | $ 1,400 | |
Performance obligation, expected timing of satisfaction, period | 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 | $ 1,900 | |
Performance obligation, expected timing of satisfaction, period |
Marketable and Other Securiti_3
Marketable and Other Securities - Fair Value of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | $ 9,225 | |
Total cash and cash equivalents | 18,853 | $ 19,153 |
Cash and cash equivalents | 277 | 341 |
Total restricted cash | 3,064 | 2,796 |
Due in one year or less | 3,725 | |
Due between one and five years | 5,500 | |
Total available-for-sale debt securities with contractual maturities | 9,225 | |
Cash and cash equivalents | ||
Summary of Investment Holdings [Line Items] | ||
Cash and time deposits | 8,977 | 8,921 |
Total available-for-sale debt securities with contractual maturities | 2,384 | 5,618 |
Total available-for-sale debt securities with contractual maturities | 2,384 | 5,618 |
Cash and cash equivalents | Level 2 | U.S. government and agencies | ||
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 211 | 1,012 |
Total available-for-sale debt securities with contractual maturities | 211 | 1,012 |
Cash and cash equivalents | Level 2 | Corporate debt | ||
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 1,439 | 2,778 |
Total available-for-sale debt securities with contractual maturities | 1,439 | 2,778 |
Cash and cash equivalents | Level 2 | Sovereign debt | ||
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 734 | 1,828 |
Total available-for-sale debt securities with contractual maturities | 734 | 1,828 |
Cash and cash equivalents | Level 1 | ||
Summary of Investment Holdings [Line Items] | ||
Money market funds | 7,491 | 4,613 |
Marketable debt securities | ||
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 7,613 | 12,150 |
Total available-for-sale debt securities with contractual maturities | 7,613 | 12,150 |
Marketable debt securities | Level 2 | U.S. government and agencies | ||
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 3,495 | 4,357 |
Total available-for-sale debt securities with contractual maturities | 3,495 | 4,357 |
Marketable debt securities | Level 2 | Corporate debt | ||
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 3,274 | 5,147 |
Total available-for-sale debt securities with contractual maturities | 3,274 | 5,147 |
Marketable debt securities | Level 2 | Sovereign debt | ||
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 255 | 2,108 |
Total available-for-sale debt securities with contractual maturities | 255 | 2,108 |
Marketable debt securities | Level 2 | Mortgage and asset-backed | ||
Summary of Investment Holdings [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 589 | 538 |
Total available-for-sale debt securities with contractual maturities | 589 | 538 |
Restricted cash - cash equivalents | Level 1 | ||
Summary of Investment Holdings [Line Items] | ||
Money market funds | $ 2,787 | $ 2,455 |
Marketable and Other Securiti_4
Marketable and Other Securities - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Marketable Securities [Abstract] | |||
Sales proceeds from investments classified as available-for-sale and sold prior to maturity | $ 2,100 | $ 1,800 | $ 1,900 |
Net unrealized losses on available-for-sale debt securities | 196 | 319 | |
Cumulative unrealized losses on available-for-sale debt securities | $ 160 | $ 344 |
Marketable and Other Securiti_5
Marketable and Other Securities - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Marketable Securities [Abstract] | ||||
Cash and cash equivalents | $ 18,853 | $ 19,153 | ||
Restricted cash included in Other current assets | 2,604 | 2,356 | ||
Restricted cash included in Other assets | 460 | 440 | ||
Total | $ 21,917 | $ 21,948 | $ 23,542 | $ 23,117 |
GM Financial Receivables and _3
GM Financial Receivables and Transactions - Summary of Finance Receivables (Details) - GM Financial - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Finance Receivables [Line Items] | ||||
GM Financial receivables | $ 86,463 | $ 76,310 | ||
Less: allowance for loan losses | (2,344) | (2,096) | $ (1,886) | $ (1,978) |
GM Financial receivables | 84,119 | 74,214 | ||
Retail Finance Receivables | ||||
Finance Receivables [Line Items] | ||||
GM Financial receivables | 72,729 | 65,322 | ||
Less: allowance for loan losses | (2,308) | (2,062) | ||
GM Financial receivables | 70,421 | 63,260 | ||
Commercial Finance Receivables | ||||
Finance Receivables [Line Items] | ||||
GM Financial receivables | 13,734 | 10,988 | ||
Less: allowance for loan losses | (36) | (34) | ||
GM Financial receivables | 13,698 | 10,954 | ||
Dealer cash management balances | 2,600 | 1,900 | ||
Commercial Finance Receivables | Dealer Financing | ||||
Finance Receivables [Line Items] | ||||
GM Financial receivables | 13,257 | 10,625 | ||
GM Financial receivables | 13,300 | 10,600 | ||
Commercial Finance Receivables | Other Financing | ||||
Finance Receivables [Line Items] | ||||
GM Financial receivables | 476 | 362 | ||
Level 2 | ||||
Finance Receivables [Line Items] | ||||
Fair value of GM Financial receivables | 13,698 | 10,954 | ||
Level 3 | ||||
Finance Receivables [Line Items] | ||||
Fair value of GM Financial receivables | $ 70,911 | $ 62,150 |
GM Financial Receivables and _4
GM Financial Receivables and Transactions - Allowance for Loan Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit loss of finance receivables, percentage | 2.70% | 2.70% | |
GM Financial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for loan losses at beginning of period | $ 2,096 | $ 1,886 | $ 1,978 |
Provision for loan losses | 826 | 654 | 248 |
Charge-offs | (1,423) | (1,138) | (897) |
Recoveries | 768 | 686 | 574 |
Effect of foreign currency | 76 | 9 | (17) |
Allowance for loan losses at end of period | $ 2,344 | $ 2,096 | $ 1,886 |
GM Financial Receivables and _5
GM Financial Receivables and Transactions - Credit Risk Profile by FICO Score (Details) - GM Financial - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
GM Financial receivables, net of fees | $ 86,463 | $ 76,310 |
Retail Finance Receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 30,253 | 29,090 |
2022 | 20,259 | 18,745 |
2021 | 12,670 | 11,081 |
2020 | 6,842 | 3,992 |
2019 | 2,000 | 1,824 |
Prior | 707 | 589 |
GM Financial receivables, net of fees | $ 72,729 | $ 65,322 |
Percent | 100% | 100% |
Retail Finance Receivables | Prime – FICO score 680 and greater | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | $ 23,940 | $ 22,677 |
2022 | 15,581 | 13,399 |
2021 | 9,039 | 7,991 |
2020 | 4,926 | 2,254 |
2019 | 1,076 | 1,019 |
Prior | 320 | 205 |
GM Financial receivables, net of fees | $ 54,882 | $ 47,543 |
Percent | 75.50% | 72.80% |
Retail Finance Receivables | Near-prime – FICO score 620 to 679 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | $ 3,234 | $ 3,202 |
2022 | 2,281 | 2,601 |
2021 | 1,746 | 1,487 |
2020 | 906 | 688 |
2019 | 350 | 310 |
Prior | 129 | 104 |
GM Financial receivables, net of fees | $ 8,647 | $ 8,392 |
Percent | 11.90% | 12.80% |
Retail Finance Receivables | Sub-prime – FICO score less than 620 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | $ 3,079 | $ 3,211 |
2022 | 2,397 | 2,746 |
2021 | 1,884 | 1,604 |
2020 | 1,010 | 1,051 |
2019 | 573 | 496 |
Prior | 257 | 280 |
GM Financial receivables, net of fees | $ 9,200 | $ 9,388 |
Percent | 12.60% | 14.40% |
GM Financial Receivables and _6
GM Financial Receivables and Transactions - Retail Finance Receivables Delinquencies (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, nonaccrual status | $ 0 | $ 0 |
GM Financial | ||
Financing Receivable, Past Due [Line Items] | ||
GM Financial receivables, net of fees | 86,463 | 76,310 |
Retail Finance Receivables | GM Financial | ||
Financing Receivable, Past Due [Line Items] | ||
Finance receivables, nonaccrual status | 809 | 685 |
2023 | 30,253 | 29,090 |
2022 | 20,259 | 18,745 |
2021 | 12,670 | 11,081 |
2020 | 6,842 | 3,992 |
2019 | 2,000 | 1,824 |
Prior | 707 | 589 |
GM Financial receivables, net of fees | $ 72,729 | $ 65,322 |
Percent | 100% | 100% |
Percent | 100% | 100% |
Retail Finance Receivables | GM Financial | Nonperforming Financial Instruments | ||
Financing Receivable, Past Due [Line Items] | ||
2023 | $ 437 | $ 414 |
2022 | 657 | 617 |
2021 | 572 | 380 |
2020 | 308 | 249 |
2019 | 175 | 140 |
Prior | 108 | 96 |
GM Financial receivables, net of fees | $ 2,257 | $ 1,896 |
Percent | 3.10% | 2.90% |
0-to-30 days | Retail Finance Receivables | GM Financial | Performing Financial Instruments | ||
Financing Receivable, Past Due [Line Items] | ||
2023 | $ 29,816 | $ 28,676 |
2022 | 19,602 | 18,128 |
2021 | 12,098 | 10,702 |
2020 | 6,533 | 3,743 |
2019 | 1,825 | 1,685 |
Prior | 599 | 493 |
GM Financial receivables, net of fees | $ 70,472 | $ 63,426 |
Percent | 96.90% | 97.10% |
31-to-60 days | Retail Finance Receivables | GM Financial | Nonperforming Financial Instruments | ||
Financing Receivable, Past Due [Line Items] | ||
2023 | $ 318 | $ 310 |
2022 | 470 | 452 |
2021 | 415 | 275 |
2020 | 227 | 184 |
2019 | 130 | 103 |
Prior | 78 | 69 |
GM Financial receivables, net of fees | $ 1,637 | $ 1,393 |
Percent | 2.30% | 2.10% |
Greater-than-60 days | Retail Finance Receivables | GM Financial | Nonperforming Financial Instruments | ||
Financing Receivable, Past Due [Line Items] | ||
2023 | $ 102 | $ 93 |
2022 | 168 | 150 |
2021 | 142 | 98 |
2020 | 76 | 62 |
2019 | 42 | 35 |
Prior | 29 | 26 |
GM Financial receivables, net of fees | $ 559 | $ 465 |
Percent | 0.80% | 0.70% |
Finance receivables more than 30 days delinquent | Retail Finance Receivables | GM Financial | Nonperforming Financial Instruments | ||
Financing Receivable, Past Due [Line Items] | ||
2023 | $ 421 | $ 403 |
2022 | 637 | 603 |
2021 | 557 | 373 |
2020 | 302 | 246 |
2019 | 172 | 138 |
Prior | 107 | 95 |
GM Financial receivables, net of fees | $ 2,196 | $ 1,857 |
Percent | 3% | 2.80% |
In repossession | Retail Finance Receivables | GM Financial | Nonperforming Financial Instruments | ||
Financing Receivable, Past Due [Line Items] | ||
2023 | $ 17 | $ 11 |
2022 | 20 | 14 |
2021 | 14 | 6 |
2020 | 6 | 4 |
2019 | 3 | 2 |
Prior | 1 | 1 |
GM Financial receivables, net of fees | $ 61 | $ 39 |
Percent | 0.10% | 0.10% |
GM Financial Receivables and _7
GM Financial Receivables and Transactions - Commercial Finance Receivables Credit Quality Indicators (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Finance receivables, nonaccrual status | $ 0 | $ 0 |
GM Financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
GM Financial receivables, net of fees | $ 86,463 | $ 76,310 |
Commercial Finance Receivables | Floorplan advances | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percent of Contractual Amount Due | 99.70% | 99% |
Commercial Finance Receivables | GM Financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
GM Financial receivables, net of fees | $ 13,734 | $ 10,988 |
Commercial Finance Receivables | GM Financial | Dealer Financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | 11,846 | 9,297 |
2023 | 281 | 453 |
2022 | 421 | 357 |
2021 | 311 | 360 |
2020 | 301 | 102 |
2019 | 86 | 38 |
Prior | 11 | 18 |
GM Financial receivables, net of fees | $ 13,257 | $ 10,625 |
Percent | 100% | 100% |
Commercial Finance Receivables | GM Financial | I | Dealer Financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 11,513 | $ 9,130 |
2023 | 279 | 438 |
2022 | 403 | 356 |
2021 | 297 | 360 |
2020 | 301 | 91 |
2019 | 75 | 38 |
Prior | 11 | 18 |
GM Financial receivables, net of fees | $ 12,879 | $ 10,431 |
Percent | 97.10% | 98.20% |
Commercial Finance Receivables | GM Financial | II | Dealer Financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 182 | $ 89 |
2023 | 0 | 0 |
2022 | 2 | 1 |
2021 | 2 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
GM Financial receivables, net of fees | $ 187 | $ 91 |
Percent | 1.40% | 0.90% |
Commercial Finance Receivables | GM Financial | III | Dealer Financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 152 | $ 78 |
2023 | 1 | 15 |
2022 | 15 | 0 |
2021 | 12 | 0 |
2020 | 0 | 10 |
2019 | 11 | 0 |
Prior | 0 | 0 |
GM Financial receivables, net of fees | $ 192 | $ 104 |
Percent | 1.40% | 1% |
Commercial Finance Receivables | GM Financial | IV | Dealer Financing | ||
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 |
GM Financial receivables, net of fees | $ 0 | $ 0 |
Percent | 0% | 0% |
GM Financial Receivables and _8
GM Financial Receivables and Transactions - Intercompany Transactions (Details) - GM Financial - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Line Items] | |||
Financing receivable | $ 84,119 | $ 74,214 | |
Common stock dividends declared and paid | 1,800 | 1,700 | $ 3,500 |
Commercial Portfolio Segment | |||
Related Party Transactions [Line Items] | |||
Financing receivable | 13,698 | 10,954 | |
Retail Finance Receivables | |||
Related Party Transactions [Line Items] | |||
Financing receivable | 70,421 | 63,260 | |
Eliminations/ Reclassifications | |||
Related Party Transactions [Line Items] | |||
Subvention receivable | 508 | 469 | |
Interest subvention earned on finance receivables | 1,234 | 984 | 820 |
Leased vehicle subvention earned | 1,537 | 1,916 | 2,702 |
Cash payments to GM Financial | 3,500 | 2,400 | $ 3,300 |
Eliminations/ Reclassifications | Cruise | |||
Related Party Transactions [Line Items] | |||
Financing receivable | 353 | 113 | |
Eliminations/ Reclassifications | Commercial Portfolio Segment | |||
Related Party Transactions [Line Items] | |||
Financing receivable | 164 | 187 | |
Commercial loan funding payable | $ 55 | $ 105 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Total productive material, supplies and work in process | $ 7,422 | $ 8,014 |
Finished product, including service parts | 9,039 | 7,353 |
Total inventories | 16,461 | $ 15,366 |
Inventory [Line Items] | ||
Inventory allowance | 2,200 | |
Electric Vehicle Inventory | ||
Inventory [Line Items] | ||
Inventory allowance | $ 1,900 |
Operating Leases (Details)
Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Rent expense | $ 346 | $ 317 | $ 294 |
Operating lease right-of-use assets | 979 | 1,100 | |
Operating lease liability | 264 | 247 | |
Operating lease liabilities | 907 | 967 | |
Operating right-of-use assets obtained in exchange for lease obligations | 225 | $ 252 | |
2023 | 294 | ||
2024 | 239 | ||
2025 | 199 | ||
2026 | 156 | ||
2027 | 135 | ||
Thereafter | 310 | ||
Imputed interest | $ 161 | ||
Weighted average discount rate | 4.30% | 4% | |
Weighted-average remaining lease term | 6 years | 6 years 8 months 12 days | |
Payments for operating leases | $ 359 | $ 314 | 301 |
Amount of lease agreements not yet commenced | $ 597 | ||
Lease receipts under operating leases | |||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities (Note 12) | Accrued liabilities (Note 12) | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets (Note 4; Note 11 at VIEs) | Other assets (Note 4; Note 11 at VIEs) | |
Equipment | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Equipment on operating leases | $ 37,921 | $ 40,919 | |
Less: accumulated depreciation | (7,338) | (8,218) | |
Equipment on operating leases, net | 30,582 | 32,701 | |
Residual value of leased assets | 22,700 | ||
Depreciation expense | 4,900 | $ 4,800 | $ 6,100 |
GM Financial | Equipment | |||
Lease receipts under operating leases | |||
2024 | 4,817 | ||
2025 | 3,117 | ||
2026 | 1,265 | ||
2027 | 132 | ||
2028 | 3 | ||
Thereafter | 0 | ||
Total | $ 9,334 |
Equity In Net Assets Of Nonco_3
Equity In Net Assets Of Nonconsolidated Affiliates (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) numberOfJointVenture | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Equity income (loss)(b) | $ 773 | $ 837 | $ 1,301 |
Equity in net assets of nonconsolidated affiliates | 10,613 | 10,176 | 9,677 |
Basis Difference | $ 4,200 | 4,300 | |
Number of joint ventures engaged in production, import and sale of products | numberOfJointVenture | 4 | ||
SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of interests in other joint ventures | numberOfJointVenture | 3 | ||
Automotive China | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity income (loss)(b) | $ 446 | 677 | 1,098 |
Equity in net assets of nonconsolidated affiliates | 6,373 | 6,714 | |
Ultium Cells Holdings LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity income (loss)(b) | 293 | ||
Equity in net assets of nonconsolidated affiliates | 2,268 | 1,463 | |
Other joint ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity income (loss)(b) | 327 | 159 | $ 203 |
Equity in net assets of nonconsolidated affiliates | $ 1,972 | $ 1,998 | |
SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50% | 50% | |
SGM | SAIC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50% | ||
PATAC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50% | 50% | |
SGMS | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 49% | 49% | |
SGMW | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 44% | 44% | |
Shanghai OnStar | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 40% | 40% | |
Shanghai OnStar | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 20% | ||
SGM Norsom | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25% | 25% | |
SGM Norsom | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50% | ||
SGM Norsom | SAIC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25% | ||
SGM DY | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25% | 25% | |
SGM DY | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50% | ||
SGM DY | SAIC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25% | ||
SGM DYPT | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25% | 25% | |
SGM DYPT | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50% | ||
SGM DYPT | SAIC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25% | ||
SAIC-GMAC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 35% | 35% | |
SAIC-GMAC | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 20% | ||
SAIC-GMAC | Shanghai Automotive Group Finance Company Ltd. | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 45% | ||
SAIC-GMF Leasing Co., Ltd. | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 35% | 35% | |
SAIC-GMF Leasing Co., Ltd. | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 20% | ||
SAIC-GMF Leasing Co., Ltd. | SAIC Financial Holdings Company | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 45% |
Equity In Net Assets Of Nonco_4
Equity In Net Assets Of Nonconsolidated Affiliates - Summarized Financial Data of NCAs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Current assets | $ 101,618 | $ 100,451 | |
Non-current assets | 171,446 | 163,586 | |
Total Assets | 273,064 | 264,037 | $ 244,718 |
Current liabilities | 94,445 | 91,173 | |
Non-current liabilities | 110,312 | 100,579 | |
Total Liabilities | 204,757 | 191,752 | |
Noncontrolling interests | 3,903 | 4,135 | |
Net sales and revenue | 171,842 | 156,735 | 127,004 |
Net income (loss) | 9,840 | 9,708 | 9,945 |
Nonconsolidated Affiliates | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 33,398 | 35,140 | |
Non-current assets | 23,120 | 23,254 | |
Total Assets | 56,518 | 58,394 | |
Current liabilities | 37,412 | 40,765 | |
Non-current liabilities | 5,244 | 4,351 | |
Total Liabilities | 42,656 | 45,116 | |
Noncontrolling interests | 868 | 904 | |
Net sales and revenue | 35,746 | 37,886 | 44,793 |
Net income (loss) | 1,893 | 1,833 | 2,696 |
Nonconsolidated Affiliates | Automotive China JVs | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 15,963 | 17,735 | |
Non-current assets | 11,585 | 12,428 | |
Total Assets | 27,548 | 30,163 | |
Current liabilities | 22,104 | 23,267 | |
Non-current liabilities | 1,070 | 1,167 | |
Total Liabilities | 23,174 | 24,434 | |
Noncontrolling interests | 868 | 904 | |
Net sales and revenue | 31,435 | 35,857 | 42,776 |
Net income (loss) | 1,122 | 1,407 | 2,109 |
Nonconsolidated Affiliates | Other joint ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 17,435 | 17,405 | |
Non-current assets | 11,535 | 10,826 | |
Total Assets | 28,970 | 28,231 | |
Current liabilities | 15,308 | 17,498 | |
Non-current liabilities | 4,174 | 3,184 | |
Total Liabilities | 19,482 | 20,682 | |
Noncontrolling interests | 0 | 0 | |
Net sales and revenue | 4,311 | 2,029 | 2,017 |
Net income (loss) | $ 771 | $ 426 | $ 587 |
Equity In Net Assets Of Nonco_5
Equity In Net Assets Of Nonconsolidated Affiliates - Transactions with NCAs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Line Items] | |||
Net sales and revenue | $ 171,842 | $ 156,735 | $ 127,004 |
Accounts and notes receivable, net | 12,378 | 13,333 | |
Accounts payable (principally trade) | 28,114 | 27,486 | |
Certain Equity Method Investee's | |||
Related Party Transactions [Line Items] | |||
Net sales and revenue | 209 | 218 | 227 |
Automotive purchases, net | 2,766 | 2,637 | 1,551 |
Dividends received | 1,018 | 1,030 | 783 |
Operating cash flows | (941) | (1,133) | $ (616) |
Accounts and notes receivable, net | 589 | 1,089 | |
Accounts payable (principally trade) | 806 | 942 | |
Undistributed earnings | $ 1,719 | $ 1,918 |
Property (Details)
Property (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total property | $ 85,845 | $ 78,295 | |
Less: accumulated depreciation | (35,524) | (33,047) | |
Total property, net | 50,321 | 45,248 | |
Depreciation, Amortization and Impairment [Abstract] | |||
Depreciation and amortization expense | 11,737 | 11,276 | $ 12,047 |
Property, Plant and Equipment | |||
Capitalized Interest and Software [Abstract] | |||
Capitalized software | 2,200 | 1,800 | |
Depreciation, Amortization and Impairment [Abstract] | |||
Depreciation and amortization expense | 6,719 | 6,297 | 5,829 |
Impairment charges | 115 | 12 | 0 |
Capitalized software amortization expense | 705 | 614 | $ 515 |
Land | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total property | 1,293 | 1,307 | |
Buildings and Improvements | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total property | $ 13,256 | 11,461 | |
Buildings and Improvements | Minimum | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Estimated Useful Life in Years | 5 years | ||
Buildings and Improvements | Maximum | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Estimated Useful Life in Years | 40 years | ||
Machinery and Equipment | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total property | $ 37,074 | 33,413 | |
Machinery and Equipment | Minimum | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Estimated Useful Life in Years | 3 years | ||
Machinery and Equipment | Maximum | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Estimated Useful Life in Years | 27 years | ||
Special Tools | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total property | $ 26,086 | 24,775 | |
Special Tools | Minimum | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Estimated Useful Life in Years | 1 year | ||
Special Tools | Maximum | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Estimated Useful Life in Years | 13 years | ||
Construction in Progress | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total property | $ 8,135 | $ 7,340 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill [Line Items] | ||
Goodwill | $ 1,900 | $ 1,900 |
GM Financial | ||
Goodwill [Line Items] | ||
Goodwill | 1,300 | 1,300 |
Cruise | ||
Goodwill [Line Items] | ||
Goodwill | $ 573 | $ 571 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 6,010 | $ 6,021 | |
Accumulated Amortization | 3,069 | 2,987 | |
Net Carrying Amount | 2,941 | 3,034 | |
Amortization expense | 114 | 139 | $ 141 |
Estimated amortization expense, 2023 | 159 | ||
Estimated amortization expense, 2024 | 159 | ||
Estimated amortization expense, 2025 | 159 | ||
Estimated amortization expense, 2026 | 159 | ||
Estimated amortization expense, 2027 | 159 | ||
Technology and intellectual property | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 749 | 767 | |
Accumulated Amortization | 517 | 564 | |
Net Carrying Amount | 231 | 203 | |
Brands | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 4,293 | 4,294 | |
Accumulated Amortization | 1,768 | 1,658 | |
Net Carrying Amount | 2,526 | 2,636 | |
Dealer network, customer relationships and other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 968 | 960 | |
Accumulated Amortization | 784 | 765 | |
Net Carrying Amount | $ 184 | $ 195 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated [Abstract] | |||
Assets | $ 273,064 | $ 264,037 | $ 244,718 |
Nonconsolidated VIE | |||
Consolidated [Abstract] | |||
Assets | 2,400 | 1,600 | |
Maximum loss exposure amount | 3,500 | 3,300 | |
Nonconsolidated VIE | Capital Commitments | Ultium Cells Holdings LLC | |||
Consolidated [Abstract] | |||
Committed capital contributions | 800 | 1,400 | |
GM Financial | |||
Consolidated [Abstract] | |||
GM Financial receivables, net of fees – current | 39,076 | 33,623 | |
GM Financial receivables, net of fees – non-current | 45,043 | 40,591 | |
GM Financial short-term debt and current portion of long-term debt | 38,540 | 36,819 | |
GM Financial long-term debt | 66,788 | 60,036 | |
GM Financial | Variable Interest Entity, Primary Beneficiary | |||
Consolidated [Abstract] | |||
Restricted cash - current | 2,398 | 2,176 | |
Restricted cash - non-current | 367 | 360 | |
GM Financial receivables, net of fees – current | 22,990 | 19,896 | |
GM Financial receivables, net of fees – non-current | 23,535 | 18,748 | |
GM Financial equipment on operating leases, net | 15,794 | 18,456 | |
GM Financial short-term debt and current portion of long-term debt | 22,088 | 21,643 | |
GM Financial long-term debt | $ 23,210 | $ 20,545 |
Accrued and Other Liabilities -
Accrued and Other Liabilities - Accrued and Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued liabilities | ||
Dealer and customer allowances, claims and discounts | $ 6,065 | $ 4,813 |
Deferred revenue | 2,802 | 2,489 |
Product warranty and related liabilities | 3,285 | 3,042 |
Payrolls and employee benefits excluding postemployment benefits | 3,099 | 3,298 |
Other | 12,113 | 11,268 |
Total accrued liabilities | 27,364 | 24,910 |
Other liabilities | ||
Deferred revenue | 5,019 | 3,552 |
Product warranty and related liabilities | 6,011 | 5,488 |
Operating lease liabilities | 907 | 967 |
Employee benefits excluding postemployment benefits | 518 | 512 |
Postemployment benefits including facility idling reserves | 151 | 507 |
Other | 3,909 | 3,740 |
Total other liabilities | $ 16,515 | $ 14,767 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Total other liabilities | Total other liabilities |
Accrued and Other Liabilities_2
Accrued and Other Liabilities - Product Warranty and Related Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Product Warranty and Related Liabilities [Roll Forward] | |||
Warranty balance at beginning of period | $ 8,530 | $ 9,774 | $ 8,242 |
Warranties issued and assumed in period – recall campaigns | 864 | 651 | 2,820 |
Warranties issued and assumed in period – product warranty | 2,418 | 1,943 | 1,665 |
Payments | (4,009) | (4,097) | (3,249) |
Adjustments to pre-existing warranties | 1,462 | 297 | 315 |
Effect of foreign currency and other | 31 | (37) | (19) |
Warranty balance at end of period | 9,295 | 8,530 | 9,774 |
Less: Supplier recoveries balance at end of period | 646 | 1,184 | 2,039 |
Warranty balance, net of supplier recoveries at end of period | 8,649 | 7,345 | 7,735 |
Standard and Extended Product Warranty [Abstract] | |||
Warranties issued and assumed in period | 3,282 | 2,593 | 4,485 |
Supplier recoveries accrued in period | 3 | (261) | (2,175) |
Adjustments and other | 1,493 | 260 | 296 |
Warranty expense, net of supplier recoveries | $ 4,778 | $ 2,592 | $ 2,606 |
Debt - Automotive and GM Financ
Debt - Automotive and GM Financial Debt (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Automotive | |||
Debt Instrument [Line Items] | |||
Finance lease liabilities | $ 437 | $ 381 | |
Carrying Amount | 16,413 | 17,844 | |
Finance lease liabilities, Fair Value | 447 | 381 | |
Fair Value | 16,490 | 16,828 | |
Available under credit facility agreements | $ 16,446 | $ 15,095 | |
Weighted-average interest rate on outstanding short-term debt | 16.20% | 6.10% | |
Weighted-average interest rate on outstanding long-term debt | 5.80% | 5.80% | |
Net discount and debt issuance costs | $ 527 | $ 525 | |
Automotive | Secured Debt | |||
Debt Instrument [Line Items] | |||
Total debt | 134 | 124 | |
Fair Value | 132 | 123 | |
Automotive | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Total debt | 15,842 | 17,340 | |
Fair Value | 15,911 | 16,323 | |
Automotive | Level 1 | |||
Debt Instrument [Line Items] | |||
Fair Value | 15,457 | 15,971 | |
Automotive | Level 2 | |||
Debt Instrument [Line Items] | |||
Fair Value | 1,033 | 857 | |
GM Financial | |||
Debt Instrument [Line Items] | |||
Total debt | 105,327 | 96,854 | |
Fair Value | 104,622 | 93,738 | |
GM Financial | Secured Debt | |||
Debt Instrument [Line Items] | |||
Total debt | 45,243 | 42,131 | |
Fair Value | 44,971 | 41,467 | |
GM Financial | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Total debt | 60,084 | 54,723 | |
Fair Value | $ 59,651 | 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 | 102,262 | 91,545 | |
GM Financial | Level 3 | |||
Debt Instrument [Line Items] | |||
Fair Value | $ 2,360 | $ 2,192 |
Debt - Secured Debt and Unsecur
Debt - Secured Debt and Unsecured Debt (Details) $ in Billions | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2023 USD ($) loan | Oct. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Feb. 28, 2023 USD ($) | Dec. 31, 2022 | |
Unsecured Debt | Delayed Draw Term Loan Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Debt term | 364 days | |||||
Aggregate borrowing capacity | $ 3 | |||||
Number of loan | loan | 4 | |||||
Automotive | ||||||
Debt Instrument [Line Items] | ||||||
Weighted-average interest rate on outstanding long-term debt | 5.80% | 5.80% | ||||
Revolving Credit Facility | GM Financial | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Weighted-average interest rate | 7.82% | |||||
Maximum | Revolving Credit Facility | GM Financial | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt term | 5 years | |||||
Senior Notes | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Amount of debt issued | $ 1.5 | |||||
Weighted-average interest rate | 4.875% | |||||
Senior Notes | GM Financial | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Amount of debt issued | $ 11.4 | |||||
Weighted-average interest rate | 5.70% | |||||
Weighted-average interest rate on outstanding long-term debt | 3.82% | |||||
Line of Credit | Unsecured Debt | Five Year Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate borrowing capacity | $ 10 | $ 11.2 | ||||
Line of Credit | Unsecured Debt | Three Year Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate borrowing capacity | $ 4.1 | $ 4.3 | ||||
Line of Credit | Unsecured Debt | $6.0 Billion Dollar Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt term | 364 days | |||||
Aggregate borrowing capacity | $ 6 | |||||
Line of Credit | GM Financial | Unsecured Debt | $2.0 Billion Dollar Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt term | 364 days | 364 days | ||||
Aggregate borrowing capacity | $ 2 | $ 2 | ||||
Line of Credit | GM Financial | Unsecured Debt | Five Year Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt term | 5 years | |||||
Line of Credit | GM Financial | Unsecured Debt | Three Year Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt term | 3 years | |||||
Line of Credit | Revolving Credit Facility | GM Financial | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Increase to maximum borrowing capacity | 20.8 | |||||
Notes Payable, Other Payables | GM Financial | Secured Debt | Securitization notes payable | ||||||
Debt Instrument [Line Items] | ||||||
Amount of debt issued | $ 23.6 | |||||
Weighted-average interest rate | 5.60% | |||||
Weighted-average interest rate on outstanding long-term debt | 5.32% |
Debt - Interest Expense and LT
Debt - Interest Expense and LT Debt Maturities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Total interest expense | $ 5,596 | $ 3,868 | $ 3,496 |
2024 | 39,065 | ||
2025 | 25,615 | ||
2026 | 15,142 | ||
2027 | 10,596 | ||
2028 | 7,995 | ||
Thereafter | 25,081 | ||
Total | 123,494 | ||
Automotive | |||
Debt Instrument [Line Items] | |||
Automotive interest expense | 911 | 987 | 950 |
2024 | 428 | ||
2025 | 2,644 | ||
2026 | 93 | ||
2027 | 1,826 | ||
2028 | 831 | ||
Thereafter | 11,082 | ||
Total | 16,905 | ||
GM Financial | |||
Debt Instrument [Line Items] | |||
Financing interest expense | 4,685 | $ 2,881 | $ 2,546 |
2024 | 38,637 | ||
2025 | 22,971 | ||
2026 | 15,049 | ||
2027 | 8,770 | ||
2028 | 7,164 | ||
Thereafter | 13,999 | ||
Total | $ 106,590 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Derivative Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
DerivativeAssetStatementOfFinancialPositionExtensibleEnumerationNotDisclosedFlag | Fair Value of Assets | Fair Value of Assets | |
DerivativeLiabilityStatementOfFinancialPositionExtensibleEnumerationNotDisclosedFlag | Fair Value of Liabilities | Fair Value of Liabilities | |
GM Financial | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 163,446 | $ 142,212 | |
Fair Value of Assets | 1,809 | 2,302 | |
Fair Value of Liabilities | 2,563 | 3,392 | |
Collateral | 457 | 553 | |
Collateral available for netting | 1,200 | 1,500 | |
GM Financial | Cash Flow Hedges | Foreign currency | |||
Derivative [Line Items] | |||
Loss recognized in AOCI | (139) | (529) | $ (352) |
(Gains) losses reclassified from AOCI | (92) | 578 | $ 409 |
GM Financial | Designated as Hedges | Fair Value Hedges | Interest rate swaps | Fair Value Level 2 | |||
Derivative [Line Items] | |||
Derivative notional amount | 18,379 | 19,950 | |
Fair Value of Assets | 75 | 0 | |
Fair Value of Liabilities | 238 | 821 | |
GM Financial | Designated as Hedges | Cash Flow Hedges | Interest rate swaps | Fair Value Level 2 | |||
Derivative [Line Items] | |||
Derivative notional amount | 2,381 | 1,434 | |
Fair Value of Assets | 17 | 34 | |
Fair Value of Liabilities | 16 | 1 | |
GM Financial | Designated as Hedges | Cash Flow Hedges | Foreign currency swaps | Fair Value Level 2 | |||
Derivative [Line Items] | |||
Derivative notional amount | 8,003 | 6,852 | |
Fair Value of Assets | 144 | 0 | |
Fair Value of Liabilities | 311 | 586 | |
GM Financial | Not Designated as Hedges | Interest rate contracts | Fair Value Level 2 | |||
Derivative [Line Items] | |||
Derivative notional amount | 134,683 | 113,975 | |
Fair Value of Assets | 1,573 | 2,268 | |
Fair Value of Liabilities | $ 1,997 | $ 1,984 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Balance Sheet Location of GM Financial Unsecured Debt (Details) - Fair Value Hedges - GM Financial - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | $ 33,551 | $ 28,319 |
Cumulative Amount of Fair Value Hedging Adjustments | 1,029 | 781 |
Cumulative fair value adjustment on discontinued hedging relationships | 872 | |
Short-term Unsecured Debt | ||
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | 3,508 | 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 | 30,043 | 25,271 |
Cumulative Amount of Fair Value Hedging Adjustments | $ 1,037 | $ 779 |
Pensions And Other Postretire_3
Pensions And Other Postretirement Benefits - Contributions and Plan Amendments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions to defined contribution plans | $ 742,000,000 | $ 724,000,000 | $ 606,000,000 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Years of service | 30 years | ||
Employer contributions | $ 753,000,000 | 403,000,000 | 438,000,000 |
Pension Plan | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 357,000,000 | 71,000,000 | 67,000,000 |
Pension Plan | Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated contributions in next fiscal year | 700,000,000 | ||
Employer contributions | 395,000,000 | 332,000,000 | 371,000,000 |
Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 348,000,000 | 387,000,000 | |
Other Postretirement Benefits Plan | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 295,000,000 | $ 335,000,000 | $ 351,000,000 |
Pension Plan and Other Postretirement Benefits Plan | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Revised monthly basic benefit | 5 | ||
Annual contribution | 500 | ||
Increase in pension obligation | $ 791,000,000 |
Pensions And Other Postretire_4
Pensions And Other Postretirement Benefits - Pensions and OPEB Obligations and Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plan | |||
Change in plan assets | |||
Employer contributions | $ 753 | $ 403 | $ 438 |
Other Postretirement Benefits Plan | |||
Change in benefit obligations | |||
Beginning benefit obligation | 4,543 | 6,124 | |
Service cost | 9 | 16 | 18 |
Interest cost | 236 | 148 | 123 |
Amendments | 0 | 0 | |
Actuarial (gains) losses | 204 | (1,289) | |
Benefits paid | (371) | (410) | |
Foreign currency translation adjustments | 32 | (69) | |
Curtailments, settlements and other | 48 | 23 | |
Ending benefit obligation | 4,701 | 4,543 | 6,124 |
Change in plan assets | |||
Beginning fair value of plan assets | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 348 | 387 | |
Benefits paid | (371) | (410) | |
Foreign currency translation adjustments | 0 | 0 | |
Settlements and other | 23 | 23 | |
Ending fair value of plan assets | 0 | 0 | 0 |
Ending funded status | (4,701) | (4,543) | |
Amounts recorded in the consolidated balance sheets | |||
Non-current assets | 0 | 0 | |
Current liabilities | (356) | (350) | |
Non-current liabilities | (4,345) | (4,193) | |
Net amount recorded | (4,701) | (4,543) | |
Amounts recorded in Accumulated other comprehensive loss | |||
Net actuarial loss | (332) | (86) | |
Net prior service (cost) credit | 8 | 10 | |
Total recorded in Accumulated other comprehensive loss | (324) | (76) | |
U.S. | Pension Plan | |||
Change in benefit obligations | |||
Beginning benefit obligation | 44,817 | 60,208 | |
Service cost | 103 | 161 | |
Interest cost | 2,273 | 1,292 | 1,074 |
Amendments | 795 | 0 | |
Actuarial (gains) losses | 1,185 | (12,010) | |
Benefits paid | (4,186) | (4,239) | |
Foreign currency translation adjustments | 0 | 0 | |
Curtailments, settlements and other | (506) | (595) | |
Ending benefit obligation | 44,481 | 44,817 | 60,208 |
Change in plan assets | |||
Beginning fair value of plan assets | 44,901 | 59,921 | |
Actual return on plan assets | 1,829 | (10,258) | |
Employer contributions | 357 | 71 | 67 |
Benefits paid | (4,186) | (4,239) | |
Foreign currency translation adjustments | 0 | 0 | |
Settlements and other | (614) | (594) | |
Ending fair value of plan assets | 42,287 | 44,901 | 59,921 |
Ending funded status | (2,194) | 84 | |
Amounts recorded in the consolidated balance sheets | |||
Non-current assets | 0 | 1,557 | |
Current liabilities | (62) | (62) | |
Non-current liabilities | (2,132) | (1,411) | |
Net amount recorded | (2,194) | 84 | |
Amounts recorded in Accumulated other comprehensive loss | |||
Net actuarial loss | (3,372) | (1,186) | |
Net prior service (cost) credit | (793) | 5 | |
Total recorded in Accumulated other comprehensive loss | (4,165) | (1,181) | |
U.S. | Other Postretirement Benefits Plan | |||
Change in plan assets | |||
Employer contributions | 295 | 335 | 351 |
Non-U.S. | Pension Plan | |||
Change in benefit obligations | |||
Beginning benefit obligation | 12,582 | 18,314 | |
Service cost | 161 | 146 | |
Interest cost | 551 | 293 | 236 |
Amendments | 17 | 0 | |
Actuarial (gains) losses | 453 | (3,797) | |
Benefits paid | (1,001) | (955) | |
Foreign currency translation adjustments | 453 | (1,361) | |
Curtailments, settlements and other | (76) | (58) | |
Ending benefit obligation | 13,140 | 12,582 | 18,314 |
Change in plan assets | |||
Beginning fair value of plan assets | 9,530 | 13,521 | |
Actual return on plan assets | 640 | (2,257) | |
Employer contributions | 395 | 332 | 371 |
Benefits paid | (1,001) | (955) | |
Foreign currency translation adjustments | 354 | (1,024) | |
Settlements and other | (99) | (87) | |
Ending fair value of plan assets | 9,819 | 9,530 | $ 13,521 |
Ending funded status | (3,321) | (3,052) | |
Amounts recorded in the consolidated balance sheets | |||
Non-current assets | 1,557 | 1,552 | |
Current liabilities | (330) | (316) | |
Non-current liabilities | (4,548) | (4,288) | |
Net amount recorded | (3,321) | (3,052) | |
Amounts recorded in Accumulated other comprehensive loss | |||
Net actuarial loss | (2,560) | (2,157) | |
Net prior service (cost) credit | (74) | (56) | |
Total recorded in Accumulated other comprehensive loss | $ (2,634) | $ (2,213) |
Pensions And Other Postretire_5
Pensions And Other Postretirement Benefits - Accumulated Benefit Obligations and Projected Benefit Obligations (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. | ||
ABO and PBO [Line Items] | ||
ABO | $ 44,464 | $ 44,798 |
Plans with ABO in Excess of Plan Assets [Abstract] | ||
ABO | 44,464 | 5,668 |
Fair Value of Plan Assets | 42,287 | 4,214 |
Plans with PBO in Excess of Plan Assets [Abstract] | ||
PBO | 44,481 | 5,687 |
Fair Value of Plan Assets | 42,287 | 4,214 |
Non-U.S. | ||
ABO and PBO [Line Items] | ||
ABO | 13,050 | 12,505 |
Plans with ABO in Excess of Plan Assets [Abstract] | ||
ABO | 4,863 | 4,739 |
Fair Value of Plan Assets | 74 | 211 |
Plans with PBO in Excess of Plan Assets [Abstract] | ||
PBO | 4,953 | 4,815 |
Fair Value of Plan Assets | $ 74 | $ 211 |
Pensions And Other Postretire_6
Pensions And Other Postretirement Benefits - Components of Expense and Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Postretirement Benefits Plan | |||
Components of expense | |||
Service cost | $ 9 | $ 16 | $ 18 |
Interest cost | 236 | 148 | 123 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net actuarial (gains) losses | (23) | 67 | 97 |
Curtailments, settlements and other | 2 | (5) | (6) |
Net periodic pension and OPEB (income) expense | $ 224 | $ 226 | $ 232 |
Weighted-average assumptions used to determine benefit obligations(a) | |||
Discount rate | 5.13% | 5.51% | 2.97% |
Weighted-average assumptions used to determine net expense(a) | |||
Discount rate | 5.48% | 2.84% | 2.24% |
U.S. | Pension Plan | |||
Components of expense | |||
Service cost | $ 173 | $ 233 | $ 260 |
Service cost | 103 | 161 | |
Interest cost | 2,273 | 1,292 | 1,074 |
Expected return on plan assets | (2,922) | (3,000) | (3,178) |
Amortization of net actuarial (gains) losses | 0 | 18 | 26 |
Curtailments, settlements and other | 126 | (17) | 15 |
Net periodic pension and OPEB (income) expense | $ (350) | $ (1,474) | $ (1,803) |
Weighted-average assumptions used to determine benefit obligations(a) | |||
Discount rate | 5.12% | 5.47% | 2.78% |
Weighted-average assumptions used to determine net expense(a) | |||
Discount rate | 5.37% | 2.34% | 1.86% |
Expected rate of return on plan assets | 6.30% | 5.38% | 5.63% |
U.S. | Pension Plan | Plan | |||
Weighted-average assumptions used to determine net expense(a) | |||
Expected rate of return on plan assets | 6.30% | 6.30% | |
Non-U.S. | Pension Plan | |||
Components of expense | |||
Service cost | $ 173 | $ 157 | $ 121 |
Service cost | 161 | 146 | |
Interest cost | 551 | 293 | 236 |
Expected return on plan assets | (573) | (534) | (610) |
Amortization of net actuarial (gains) losses | 32 | 133 | 212 |
Curtailments, settlements and other | 33 | 10 | 7 |
Net periodic pension and OPEB (income) expense | $ 216 | $ 59 | $ (34) |
Weighted-average assumptions used to determine benefit obligations(a) | |||
Discount rate | 4.41% | 4.85% | 2.13% |
Weighted-average assumptions used to determine net expense(a) | |||
Discount rate | 5.33% | 2.98% | 2.38% |
Expected rate of return on plan assets | 5.65% | 4.39% | 4.67% |
Pensions And Other Postretire_7
Pensions And Other Postretirement Benefits - Target Allocation tables (Details) - Pension Plan | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 100% | 100% |
U.S. | Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 11% | 8% |
U.S. | Corporate and other debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 60% | 69% |
U.S. | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 29% | 23% |
Non-U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 100% | 100% |
Non-U.S. | Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 10% | 10% |
Non-U.S. | Corporate and other debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 75% | 75% |
Non-U.S. | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 15% | 15% |
Pensions And Other Postretire_8
Pensions And Other Postretirement Benefits - Assets and Fair Value Measurements (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | $ 32,236 | $ 33,086 | |
Plan assets measured at net asset value | 11,162 | 12,551 | |
Other plan assets (liabilities), net | (1,111) | (736) | |
Net plan assets | 42,287 | 44,901 | $ 59,921 |
U.S. | Common and preferred stocks | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 850 | 1,225 | |
U.S. | Government and agency debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 9,822 | 9,606 | |
U.S. | Corporate and other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 20,960 | 21,816 | |
U.S. | Other investments, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 604 | 439 | |
U.S. | Investment funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at net asset value | 5,322 | 5,124 | |
U.S. | Private equity and debt investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at net asset value | 2,864 | 3,936 | |
U.S. | Real estate investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at net asset value | 2,976 | 3,491 | |
U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 1,395 | 1,347 | |
U.S. | Level 1 | Common and preferred stocks | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 850 | 1,222 | |
U.S. | Level 1 | Government and agency debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
U.S. | Level 1 | Corporate and other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
U.S. | Level 1 | Other investments, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 545 | 125 | |
U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 30,510 | 31,482 | |
U.S. | Level 2 | Common and preferred stocks | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
U.S. | Level 2 | Government and agency debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 9,822 | 9,606 | |
U.S. | Level 2 | Corporate and other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 20,957 | 21,816 | |
U.S. | Level 2 | Other investments, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | (269) | 60 | |
U.S. | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 331 | 257 | |
U.S. | Level 3 | Common and preferred stocks | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 3 | |
U.S. | Level 3 | Government and agency debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
U.S. | Level 3 | Corporate and other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 3 | 0 | |
U.S. | Level 3 | Other investments, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 328 | 254 | |
Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 5,199 | 4,937 | |
Plan assets measured at net asset value | 4,477 | 4,485 | |
Other plan assets (liabilities), net | 143 | 108 | |
Net plan assets | 9,819 | 9,530 | $ 13,521 |
Non-U.S. | Common and preferred stocks | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 160 | 143 | |
Non-U.S. | Government and agency debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 2,310 | 2,185 | |
Non-U.S. | Corporate and other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 2,745 | 2,571 | |
Non-U.S. | Other investments, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | (16) | 38 | |
Non-U.S. | Investment funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at net asset value | 3,265 | 3,124 | |
Non-U.S. | Private equity and debt investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at net asset value | 431 | 483 | |
Non-U.S. | Real estate investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at net asset value | 781 | 878 | |
Non-U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 156 | 167 | |
Non-U.S. | Level 1 | Common and preferred stocks | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 160 | 143 | |
Non-U.S. | Level 1 | Government and agency debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
Non-U.S. | Level 1 | Corporate and other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
Non-U.S. | Level 1 | Other investments, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | (4) | 24 | |
Non-U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 4,993 | 4,685 | |
Non-U.S. | Level 2 | Common and preferred stocks | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
Non-U.S. | Level 2 | Government and agency debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 2,310 | 2,185 | |
Non-U.S. | Level 2 | Corporate and other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 2,738 | 2,570 | |
Non-U.S. | Level 2 | Other investments, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | (55) | (70) | |
Non-U.S. | Level 2 | Canadian repurchase agreements | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 137 | 150 | |
Non-U.S. | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 50 | 85 | |
Non-U.S. | Level 3 | Common and preferred stocks | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
Non-U.S. | Level 3 | Government and agency debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
Non-U.S. | Level 3 | Corporate and other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 7 | 1 | |
Non-U.S. | Level 3 | Other investments, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | $ 43 | $ 84 |
Pensions And Other Postretire_9
Pensions And Other Postretirement Benefits - Pension Benefit Payments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Other Postretirement Benefits Plan | |
Defined Benefit Plan, Expected Future Benefit Payments [Abstract] | |
2024 | $ 365 |
2025 | 361 |
2026 | 357 |
2027 | 353 |
2028 | 350 |
2029–2033 | 1,699 |
U.S. | Pension Plan | |
Defined Benefit Plan, Expected Future Benefit Payments [Abstract] | |
2024 | 4,405 |
2025 | 4,213 |
2026 | 4,110 |
2027 | 3,995 |
2028 | 3,846 |
2029–2033 | 16,966 |
Non-U.S. | Pension Plan | |
Defined Benefit Plan, Expected Future Benefit Payments [Abstract] | |
2024 | 1,071 |
2025 | 955 |
2026 | 929 |
2027 | 909 |
2028 | 892 |
2029–2033 | $ 4,225 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
May 31, 2023 numberOfMotorVehicle | Dec. 31, 2023 USD ($) numberOfClassAction plaintiff | Dec. 31, 2020 USD ($) | Sep. 05, 2023 airbagInflator | Mar. 31, 2023 numberOfClassAction | Dec. 31, 2022 USD ($) | Jul. 31, 2021 defect | |
Loss Contingencies [Line Items] | |||||||
Maximum liability, guarantees | $ 3,500 | $ 3,100 | |||||
Rebates available | 1,200 | 1,100 | |||||
Supplier finance obligation | $ 1,300 | $ 852 | |||||
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] | Accounts payable (principally trade) | Accounts payable (principally trade) | |||||
Indirect Tax Matters | |||||||
Loss Contingencies [Line Items] | |||||||
Reasonably possible loss | $ 1,900 | ||||||
ARC Matters | |||||||
Loss Contingencies [Line Items] | |||||||
Number of vehicles recalled | numberOfMotorVehicle | 1,000,000 | ||||||
Number of defect airbag inflators | airbagInflator | 52,000,000 | ||||||
Period of defect airbag inflators | 20 years | ||||||
Chevrolet Bolt EV Recall | |||||||
Loss Contingencies [Line Items] | |||||||
Warranty provision | $ 2,600 | ||||||
Number of manufacturing defect | defect | 2 | ||||||
Remaining accrual amount | 600 | ||||||
Chevrolet Bolt EV Recall | LG Electronics, Inc. | |||||||
Loss Contingencies [Line Items] | |||||||
Amount awarded to other party | 1,600 | ||||||
Takata Passenger-side Airbags | |||||||
Loss Contingencies [Line Items] | |||||||
Number of putative class actions pending | numberOfClassAction | 1 | ||||||
Warranty provision | 609 | ||||||
Environmental Protection Agency | |||||||
Loss Contingencies [Line Items] | |||||||
Warranty provision | 450 | ||||||
Increase (decrease) in accrual | 289 | ||||||
Accrued liabilities and Other liabilities | |||||||
Loss Contingencies [Line Items] | |||||||
Litigation-related liability and tax administrative matters | 1,200 | $ 1,100 | |||||
Product liability | 615 | 561 | |||||
Credit card program deferred revenue | $ 384 | $ 353 | |||||
Takata Passenger-side Airbags | |||||||
Loss Contingencies [Line Items] | |||||||
Increase in product warranty accrual | $ 1,100 | ||||||
Korea Wage Litigation - Former Subcontract Workers | |||||||
Loss Contingencies [Line Items] | |||||||
Number of plaintiffs | plaintiff | 8 | ||||||
Warranty provision | $ 147 | ||||||
Reasonably possible loss | $ 86 | ||||||
Excessive Oil Consumption | |||||||
Loss Contingencies [Line Items] | |||||||
Number of certified class actions pending | numberOfClassAction | 2 | ||||||
Faulty 8- Speed Transmissions | |||||||
Loss Contingencies [Line Items] | |||||||
Number of certified class actions pending | numberOfClassAction | 1 | ||||||
Number of putative class actions pending | numberOfClassAction | 1 |
Income Taxes - Pre-tax Income a
Income Taxes - Pre-tax Income and Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | |||
Income (loss) before income taxes and equity income (loss) | $ 9,924 | $ 10,760 | $ 11,415 |
Current income tax expense (benefit) | |||
U.S. federal | 240 | 389 | 20 |
U.S. state and local | 490 | 368 | 142 |
Non-U.S. | 874 | 707 | 395 |
Total current income tax expense (benefit) | 1,605 | 1,464 | 557 |
Deferred income tax expense (benefit) | |||
U.S. federal | (120) | 263 | 1,699 |
U.S. state and local | (43) | 109 | 229 |
Non-U.S. | (878) | 53 | 286 |
Total deferred income tax expense (benefit) | (1,041) | 425 | 2,214 |
Total income tax expense (benefit) | 563 | 1,888 | 2,771 |
Basis differences from reinvested earnings | 4,300 | 3,500 | |
Valuation allowance reversed | 870 | ||
China JVs | |||
Deferred income tax expense (benefit) | |||
Additional basis differences | 3,400 | 3,400 | |
U.S. | |||
Income Tax Contingency [Line Items] | |||
Income (loss) before income taxes and equity income (loss) | 6,388 | 9,454 | 9,513 |
Non-U.S. | |||
Income Tax Contingency [Line Items] | |||
Income (loss) before income taxes and equity income (loss) | 3,535 | 1,306 | 1,902 |
Deferred income tax expense (benefit) | |||
Total deferred income tax expense (benefit) | $ (1,041) | $ 425 | $ 2,214 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income tax expense at U.S. federal statutory income tax rate | $ 2,084 | $ 2,260 | $ 2,397 |
State and local tax expense (benefit) | 348 | 388 | 301 |
Non-U.S. income taxed at other than the U.S. federal statutory tax rate | 203 | 32 | 36 |
U.S. tax impact on Non-U.S. income and activities | (62) | 5 | 129 |
Change in valuation allowances | (1,061) | (392) | 665 |
Change in tax laws | 25 | 78 | (93) |
General business credits and manufacturing incentives | (966) | (829) | (492) |
Settlements of prior year tax matters | 23 | 0 | 11 |
Realization of basis differences in affiliates | 0 | 209 | (295) |
Foreign currency remeasurement | (62) | 36 | 28 |
Other adjustments | 31 | 102 | 84 |
Total income tax expense (benefit) | $ 563 | $ 1,888 | $ 2,771 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets | ||
Postretirement benefits other than pensions | $ 1,119 | $ 1,120 |
Pension and other employee benefit plans | 1,522 | 997 |
Warranties, dealer and customer allowances, claims and discounts | 3,684 | 4,341 |
Miscellaneous | 5,121 | 2,773 |
Total deferred tax assets before valuation allowances | 33,562 | 30,240 |
Less: valuation allowances | (6,979) | (7,744) |
Total deferred tax assets | 26,583 | 22,495 |
Deferred tax liabilities | ||
Property, plant and equipment | 4,233 | 1,957 |
Intangible assets | 699 | 707 |
Total deferred tax liabilities | 4,932 | 2,664 |
Net deferred tax assets | 21,651 | 19,832 |
Domestic Tax Authority | ||
Deferred tax liabilities | ||
Operating loss carryforwards | 404 | |
Operating loss carryforwards, not subject to expiration | 129 | |
Tax credit carryforwards | 5,600 | |
Tax credit carryforwards indefinitely | 405 | |
Domestic Tax Authority | Tax Year 2042 | ||
Deferred tax liabilities | ||
Operating loss carryforwards, subject to expiration | 275 | |
Tax credit carryforwards, subject to expiration | 5,200 | |
Foreign Tax Authority | ||
Deferred tax liabilities | ||
Operating loss carryforwards | 6,100 | |
Operating loss carryforwards, not subject to expiration | 5,200 | |
Tax credit carryforwards | 135 | |
Tax credit carryforwards indefinitely | 109 | |
Foreign Tax Authority | Tax Year 2042 | ||
Deferred tax liabilities | ||
Operating loss carryforwards, subject to expiration | 876 | |
Tax credit carryforwards, subject to expiration | 26 | |
U.S. | ||
Deferred tax assets | ||
U.S. capitalized research expenditures | 9,879 | 8,851 |
Operating loss and tax credit carryforwards | 6,033 | 5,861 |
Non-U.S. | ||
Deferred tax assets | ||
Operating loss and tax credit carryforwards | 6,204 | 6,296 |
Germany, Spain, South Korea, United States and Brazil | ||
Deferred tax assets | ||
Less: valuation allowances | $ (7,000) | $ (7,700) |
Income Taxes - Uncertain Tax Po
Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of period | $ 520 | $ 634 | $ 1,086 |
Additions to current year tax positions | 45 | 12 | 22 |
Additions to prior years' tax positions | 72 | 14 | 46 |
Reductions to prior years' tax positions | (15) | (98) | (473) |
Reductions in tax positions due to lapse of statutory limitations | (19) | (20) | (17) |
Settlements | (18) | (10) | (26) |
Other | 0 | (12) | (4) |
Balance at end of period | 585 | 520 | $ 634 |
Unrecognized tax benefit that would favorably affect effective tax rate | $ 386 | $ 356 |
Restructuring And Other Initi_3
Restructuring And Other Initiatives (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | $ 779 | $ 520 | $ 285 | $ 352 |
Additions, interest accretion and other | 1,831 | 522 | 216 | |
Payments | (1,597) | (275) | (278) | |
Revisions to estimates and effect of foreign currency | 25 | (12) | (5) | |
Balance at end of period | 779 | 520 | 285 | |
Restructuring payments | 1,597 | 275 | 278 | |
Long-lived assets | 80,903 | 77,950 | $ 79,044 | |
GMNA | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges and other charges | 569 | 511 | ||
Cruise | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges and other charges | 529 | |||
Employee separation charges | 67 | |||
Non-cash pension curtailment and settlement charges | 250 | |||
Business exit costs | 212 | |||
Long-lived assets | 1,400 | |||
Dealer Restructuring and Employee Separation Payments | GMNA | ||||
Restructuring Reserve [Roll Forward] | ||||
Payments | (674) | (120) | ||
Restructuring payments | 674 | $ 120 | ||
Dealer Restructuring and Employee Separation Payments | GMNA | Forecast | ||||
Restructuring Reserve [Roll Forward] | ||||
Payments | (286) | |||
Restructuring payments | 286 | |||
Voluntary Separation Program | GMNA | ||||
Restructuring Reserve [Roll Forward] | ||||
Payments | (820) | |||
Restructuring charges and other charges | 1,000 | |||
Restructuring payments | 820 | |||
Employee separation charges | 905 | |||
Non-cash pension curtailment and settlement charges | $ 130 | |||
Voluntary Separation Program | GMNA | Forecast | ||||
Restructuring Reserve [Roll Forward] | ||||
Payments | (85) | |||
Restructuring payments | $ 85 |
Interest Income and Other Non_3
Interest Income and Other Non-Operating Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |||
Non-service pension and OPEB income (loss) | $ 184 | $ 1,512 | $ 1,909 |
Interest income | 1,109 | 460 | 146 |
Licensing agreements income | 172 | 238 | 195 |
Revaluation of investments | (77) | (236) | 571 |
Other | 149 | (542) | 220 |
Total interest income and other non-operating income, net | 1,537 | $ 1,432 | $ 3,041 |
Russia | |||
Restructuring Cost and Reserve [Line Items] | |||
Business exit costs | $ 657 |
Stockholders' Equity and Nonc_3
Stockholders' Equity and Noncontrolling Interests - Preferred and Common Stock (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Dec. 01, 2023 USD ($) shares | Mar. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) vote $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | Nov. 30, 2023 USD ($) | |
Class of Stock [Line Items] | |||||||
Preferred stock shares authorized (in shares) | shares | 2,000,000,000 | ||||||
Common stock shares authorized (in shares) | shares | 5,000,000,000 | ||||||
Preferred stock shares outstanding (in shares) | shares | 0 | 0 | |||||
Common stock number of shares issued (in shares) | shares | 1,200,000,000 | 1,400,000,000 | |||||
Common stock shares outstanding (in shares) | shares | 1,200,000,000 | 1,400,000,000 | |||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.36 | $ 0.18 | |||||
Cash dividends paid on common stock | $ 477 | $ 257 | |||||
Number of votes per share | vote | 1 | ||||||
Common shares purchased during period (in shares) | shares | 0 | ||||||
Amount of common stock purchased during period | $ 11,115 | 2,500 | |||||
Cruise Stock Incentive Awards | |||||||
Class of Stock [Line Items] | |||||||
Cash used to settle awards | $ 0 | $ 300 | $ 600 | ||||
Common Stock Repurchase Program | |||||||
Class of Stock [Line Items] | |||||||
Increased capacity under common stock repurchase plan | $ 10,000 | ||||||
Remaining authorized repurchase amount | $ 11,400 | ||||||
Common shares purchased during period (in shares) | shares | 215,000,000 | 245,000,000 | 64,000,000 | ||||
Amount of common stock purchased during period | $ 6,800 | $ 7,900 | $ 2,500 | ||||
Reduction in additional paid in capital | 3,200 | ||||||
Common Class B | |||||||
Class of Stock [Line Items] | |||||||
Recorded value of vested awards | 42 | 60 | |||||
Common Class B | Cruise Stock Incentive Awards | |||||||
Class of Stock [Line Items] | |||||||
Cash used to settle awards | 300 | 600 | |||||
Cruise Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Decrease in equity due to preferred stock redemption | 700 | ||||||
GM Cruise | |||||||
Class of Stock [Line Items] | |||||||
Net income attributable to shareholders and transfers to the noncontrolling interests | 10,300 | 9,200 | |||||
GM Cruise | Series G Preferred Shares | Microsoft and other investors | |||||||
Class of Stock [Line Items] | |||||||
Proceeds from sale of stock | $ 2,700 | ||||||
GM Cruise | Series G Preferred Shares | General Motors Holdings LLC | |||||||
Class of Stock [Line Items] | |||||||
Proceeds from sale of stock | $ 1,000 | ||||||
GM Cruise | Cruise Class A-1, Class F and Class G Preferred Shares | SoftBank | |||||||
Class of Stock [Line Items] | |||||||
Payments for repurchase of equity | $ 2,100 | ||||||
GM Cruise | Common Class B | |||||||
Class of Stock [Line Items] | |||||||
Amount of stock issued during period | 400 | 800 | |||||
Payments for statutory tax withholdings | $ 200 | $ 500 | |||||
GM Cruise | |||||||
Class of Stock [Line Items] | |||||||
Payments to acquire additional investment | $ 1,350 |
Stockholders' Equity and Nonc_4
Stockholders' Equity and Noncontrolling Interests - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 71,927 | $ 65,815 | $ 49,677 |
Other comprehensive income (loss), net of tax | (2,355) | 1,337 | 4,206 |
Balance at end of period | 68,189 | 71,927 | 65,815 |
Foreign Currency Translation Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (2,776) | (2,654) | (2,735) |
Other comprehensive income (loss), net of tax | 319 | (123) | 81 |
Balance at end of period | (2,457) | (2,776) | (2,654) |
Defined Benefit Plans | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (4,851) | (6,528) | (10,654) |
Other comprehensive loss and noncontrolling interests before reclassification adjustment | (3,706) | 1,487 | 4,714 |
Tax benefit (expense) | 838 | 2 | (906) |
Other comprehensive loss and noncontrolling interests before reclassification adjustment, net of tax | (2,868) | 1,488 | 3,808 |
Reclassification adjustment, net of tax | 54 | 188 | 318 |
Other comprehensive income (loss), net of tax | (2,814) | 1,677 | 4,126 |
Balance at end of period | $ (7,665) | $ (4,851) | $ (6,528) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic Earnings per Common Share | |||
Net income (loss) attributable to stockholders | $ 10,127 | $ 9,934 | $ 10,019 |
Less: cumulative dividends on subsidiary preferred stock | (106) | (1,019) | (182) |
Net income (loss) attributable to common stockholders | $ 10,022 | $ 8,915 | $ 9,837 |
Weighted-average common shares outstanding - basic (in shares) | 1,364 | 1,445 | 1,451 |
Basic earnings per common share (in dollars per share) | $ 7.35 | $ 6.17 | $ 6.78 |
Diluted earnings per share | |||
Net income (loss) attributable to common stockholders – diluted | $ 10,022 | $ 8,915 | $ 9,837 |
Weighted-average common shares outstanding - basic (in shares) | 1,364 | 1,445 | 1,451 |
Dilutive effect of warrants and awards under stock incentive plans (in shares) | 6 | 10 | 17 |
Weighted-average common shares outstanding – diluted (in shares) | 1,369 | 1,454 | 1,468 |
Diluted earnings per common share (in dollars per share) | $ 7.32 | $ 6.13 | $ 6.70 |
Potentially dilutive securities (in shares) | 23 | 10 | 2 |
Cruise Preferred Shares | |||
Basic Earnings per Common Share | |||
Less: cumulative dividends on subsidiary preferred stock | $ 909 |
Stock Incentive Plans (Details)
Stock Incentive Plans (Details) - $ / shares shares in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Stock Incentive Awards Units Outstanding (Roll Forward) | ||
Units outstanding at beginning of period (in shares) | 34.1 | |
Granted (in shares) | 14.3 | |
Settled (in shares) | (5.8) | |
Forfeited or expired (in shares) | (2.7) | |
Units outstanding at end of period (in shares) | 39.9 | 34.1 |
Stock Incentive Awards Weighted Average Grant Date Fair Value (Per Share) [Roll Forward] | ||
Weighted-average grant date fair value, Units outstanding at beginning of period (in dollars per share) | $ 27.62 | |
Weighted-average grant date fair value, granted (in dollars per share) | 33.54 | |
Weighted-average grant date fair value, settled (in dollars per share) | 38.66 | |
Weighted-average grant date fair value, forfeited or expired (in dollars per share) | 36.55 | |
Weighted-average grant date fair value, Units outstanding at end of period (in dollars per share) | $ 27.53 | $ 27.62 |
Remaining Contractual Term [Abstract] | ||
Weighted Average Remaining Contractual Terms in years, Outstanding | 10 months 24 days | 9 months 18 days |
Stock Incentive Plans - Narrati
Stock Incentive Plans - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Incentive Plans Narratives [Abstract] | |||||
Compensation expense | $ 340 | $ 419 | $ 391 | ||
Unrecognized compensation expense | $ 249 | ||||
Weighted-average period for total unrecognized compensation expense for nonvested equity awards | 1 year 4 months 24 days | ||||
Fair value of stock incentive awards vested | $ 425 | $ 307 | $ 258 | ||
Performance Share Units (PSUs) | |||||
Stock Incentive Plans Narratives [Abstract] | |||||
Performance period | 3 years | ||||
Stock options | |||||
Stock Incentive Plans Narratives [Abstract] | |||||
Expiration period | 10 years | ||||
Dividend yield | 1.90% | 1.60% | 1.67% | ||
Expected volatility rate | 34% | 41% | 47.80% | ||
Risk-free interest rate | 3.70% | 1.88% | 0.76% | ||
Expected option life | 6 years | 6 years | 6 years | ||
Performance-based Employee Stock Options | |||||
Stock Incentive Plans Narratives [Abstract] | |||||
Service period | 55 months | ||||
Service-based Employee Stock Options | Maximum | |||||
Stock Incentive Plans Narratives [Abstract] | |||||
Service period | 3 years | ||||
Restricted Stock Units (RSUs) | |||||
Stock Incentive Plans Narratives [Abstract] | |||||
Service period | 3 years | ||||
Cruise Stock Incentive Awards | |||||
Stock Incentive Plans Narratives [Abstract] | |||||
Cash used to settle awards | $ 0 | $ 300 | $ 600 | ||
Cruise Stock Incentive Awards | Stock options | |||||
Stock Incentive Plans Narratives [Abstract] | |||||
Expiration period | 10 years | ||||
Numbers of options forfeited (in shares) | 14.6 | ||||
Numbers of options vested (in shares) | 9.8 | ||||
Weighted-average remaining contractual term | 2 years 9 months 18 days | ||||
Cruise Stock Incentive Awards | Stock options | Minimum | |||||
Stock Incentive Plans Narratives [Abstract] | |||||
Service period | 4 years | ||||
Cruise Stock Incentive Awards | Stock options | Maximum | |||||
Stock Incentive Plans Narratives [Abstract] | |||||
Service period | 10 years | ||||
Cruise Stock Incentive Awards | Stock options and RSUs | |||||
Stock Incentive Plans Narratives [Abstract] | |||||
Compensation expense | $ 400 | $ 1,600 | |||
Weighted-average period for total unrecognized compensation expense for nonvested equity awards | 2 years 10 months 24 days | ||||
Cruise Stock Incentive Awards | Restricted Stock Units (RSUs) | |||||
Stock Incentive Plans Narratives [Abstract] | |||||
Unrecognized compensation expense | $ 700 | ||||
Numbers of awards that vested immediately (in shares) | 31 | ||||
Cruise Stock Incentive Awards | Restricted Stock Units (RSUs) | Maximum | |||||
Stock Incentive Plans Narratives [Abstract] | |||||
Service period | 4 years |
Segment Reporting - Summary of
Segment Reporting - Summary of key financial information by segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue and others for Reportable Segment [Abstract] | |||
Net sales and revenue | $ 171,842 | $ 156,735 | $ 127,004 |
Earnings (loss) before interest and taxes-adjusted | 12,357 | 14,474 | 14,295 |
Adjustments | (1,865) | (2,125) | (701) |
Net (income) loss attributable to noncontrolling interests | (287) | (226) | (74) |
Income (loss) before income taxes | 10,403 | 11,597 | 12,716 |
Income tax benefit (expense) | (563) | (1,888) | (2,771) |
Net income (loss) | 9,840 | 9,708 | 9,945 |
Net income (loss) attributable to stockholders | 10,127 | 9,934 | 10,019 |
Equity in net assets of nonconsolidated affiliates | 10,613 | 10,176 | 9,677 |
Goodwill and intangible assets, net | 4,862 | 4,945 | 5,087 |
Total Assets | 273,064 | 264,037 | 244,718 |
Expenditures for property | 10,970 | 9,238 | 7,509 |
Depreciation and amortization | 11,737 | 11,276 | 12,047 |
Impairment charges | 209 | 12 | 4 |
Equity income (loss)(b) | 773 | 837 | 1,301 |
Ultium Cells Holdings L L C | |||
Revenue and others for Reportable Segment [Abstract] | |||
Equity income (loss)(b) | 293 | ||
Operating Segments | Cruise | |||
Revenue and others for Reportable Segment [Abstract] | |||
Net sales and revenue | 102 | 102 | 106 |
Earnings (loss) before interest and taxes-adjusted | (2,695) | (1,890) | (1,196) |
Adjustments | (478) | (1,057) | 0 |
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 |
Goodwill and intangible assets, net | 715 | 727 | 736 |
Total Assets | 4,555 | 5,510 | 4,489 |
Expenditures for property | 63 | 197 | 89 |
Depreciation and amortization | 38 | 53 | 52 |
Impairment charges | 209 | 0 | 4 |
Equity income (loss)(b) | 0 | 0 | 0 |
Operating Segments | GM Financial | |||
Revenue and others for Reportable Segment [Abstract] | |||
Net sales and revenue | 14,225 | 12,766 | 13,419 |
Earnings (loss) before interest and taxes-adjusted | 2,985 | 4,076 | 5,036 |
Adjustments | 0 | 0 | 0 |
Equity in net assets of nonconsolidated affiliates | 1,670 | 1,665 | 1,717 |
Goodwill and intangible assets, net | 1,354 | 1,341 | 1,339 |
Total Assets | 130,780 | 121,544 | 113,207 |
Expenditures for property | 24 | 44 | 26 |
Depreciation and amortization | 4,944 | 4,888 | 6,134 |
Impairment charges | 0 | 0 | 0 |
Equity income (loss)(b) | 138 | 173 | 201 |
Eliminations/ Reclassifications | |||
Revenue and others for Reportable Segment [Abstract] | |||
Net sales and revenue | (151) | (107) | (105) |
Earnings (loss) before interest and taxes-adjusted | (35) | 2 | (10) |
Adjustments | 0 | 0 | 0 |
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 |
Goodwill and intangible assets, net | 0 | 0 | 0 |
Total Assets | (2,817) | (1,436) | (1,145) |
Expenditures for property | 198 | (10) | 5 |
Depreciation and amortization | 0 | 0 | 0 |
Impairment charges | 0 | 0 | 0 |
Equity income (loss)(b) | 0 | 0 | 0 |
Automotive | |||
Revenue and others for Reportable Segment [Abstract] | |||
Automotive interest income | 1,109 | 460 | 146 |
Automotive interest expense | (911) | (987) | (950) |
Automotive | Operating Segments | |||
Revenue and others for Reportable Segment [Abstract] | |||
Net sales and revenue | 157,667 | 143,974 | 113,584 |
Earnings (loss) before interest and taxes-adjusted | 12,103 | 12,286 | 10,465 |
Adjustments | (1,387) | (1,068) | (701) |
Equity in net assets of nonconsolidated affiliates | 8,943 | 8,511 | 7,960 |
Goodwill and intangible assets, net | 2,793 | 2,877 | 3,012 |
Total Assets | 140,546 | 138,419 | 128,167 |
Expenditures for property | 10,684 | 9,007 | 7,389 |
Depreciation and amortization | 6,755 | 6,335 | 5,861 |
Impairment charges | 0 | 12 | 0 |
Equity income (loss)(b) | 635 | 663 | 1,100 |
Automotive | Operating Segments | GMNA | |||
Revenue and others for Reportable Segment [Abstract] | |||
Net sales and revenue | 141,445 | 128,378 | 101,308 |
Earnings (loss) before interest and taxes-adjusted | 12,306 | 12,988 | 10,318 |
Adjustments | (1,604) | (411) | (425) |
Equity in net assets of nonconsolidated affiliates | 2,595 | 1,820 | 827 |
Goodwill and intangible assets, net | 2,083 | 2,134 | 2,240 |
Total Assets | 155,908 | 157,250 | 121,735 |
Expenditures for property | 10,147 | 8,280 | 6,576 |
Depreciation and amortization | 6,146 | 5,800 | 5,298 |
Impairment charges | 0 | 11 | 0 |
Equity income (loss)(b) | 196 | (9) | 8 |
Automotive | Operating Segments | GMI | |||
Revenue and others for Reportable Segment [Abstract] | |||
Net sales and revenue | 15,949 | 15,420 | 12,172 |
Earnings (loss) before interest and taxes-adjusted | 1,210 | 1,143 | 827 |
Adjustments | 217 | (657) | (276) |
Equity in net assets of nonconsolidated affiliates | 6,348 | 6,691 | 7,133 |
Goodwill and intangible assets, net | 710 | 740 | 772 |
Total Assets | 26,225 | 24,808 | 22,876 |
Expenditures for property | 522 | 706 | 783 |
Depreciation and amortization | 589 | 513 | 542 |
Impairment charges | 0 | 1 | 0 |
Equity income (loss)(b) | 440 | 672 | 1,092 |
Automotive | Corporate | |||
Revenue and others for Reportable Segment [Abstract] | |||
Net sales and revenue | 273 | 177 | 104 |
Earnings (loss) before interest and taxes-adjusted | (1,413) | (1,846) | (680) |
Adjustments | 0 | 0 | 0 |
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 |
Goodwill and intangible assets, net | 0 | 4 | 0 |
Total Assets | 41,271 | 60,518 | 40,492 |
Expenditures for property | 15 | 20 | 30 |
Depreciation and amortization | 21 | 21 | 21 |
Impairment charges | 0 | 0 | 0 |
Equity income (loss)(b) | 0 | 0 | 0 |
Automotive | Eliminations/ Reclassifications | |||
Revenue and others for Reportable Segment [Abstract] | |||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 |
Goodwill and intangible assets, net | 0 | 0 | 0 |
Total Assets | (82,858) | (104,157) | (56,936) |
Expenditures for property | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Impairment charges | 0 | 0 | 0 |
Equity income (loss)(b) | $ 0 | $ 0 | $ 0 |
Segment Reporting - Revenues an
Segment Reporting - Revenues and long-lived assets by geographic region (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
GM Financial | $ 14,184 | $ 12,760 | $ 13,414 |
Net Sales and Revenue | 171,842 | 156,735 | 127,004 |
Long-lived assets | $ 80,903 | $ 77,950 | $ 79,044 |
MEXICO | Assets, Total | Geographic Concentration Risk | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk, percentage | 12% | 11% | 10% |
Automotive | U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Automotive net sales and revenue | $ 127,472 | $ 116,798 | $ 92,771 |
Long-lived assets | 34,142 | 30,201 | 27,192 |
Automotive | Non-U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Automotive net sales and revenue | 30,186 | 27,177 | 20,819 |
Long-lived assets | 16,054 | 14,907 | 13,771 |
GM Financial | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
GM Financial | 14,184 | 12,760 | 13,414 |
GM Financial | U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
GM Financial | 12,133 | 11,035 | 11,712 |
Long-lived assets | 27,397 | 29,411 | 34,452 |
GM Financial | Non-U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
GM Financial | 2,051 | 1,725 | 1,702 |
Long-lived assets | $ 3,309 | $ 3,431 | $ 3,629 |
Supplemental Information for _3
Supplemental Information for the Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts receivable | $ 1,183 | $ (4,483) | $ 493 |
Wholesale receivables funded by GM Financial, net | (2,982) | (5,000) | 2,854 |
Inventories | (757) | (2,581) | (3,155) |
Change in other assets | (685) | (248) | (1,418) |
Accounts payable | (398) | 6,144 | (1,166) |
Income taxes payable | (121) | 273 | (95) |
Accrued and other liabilities | 5,582 | 2,918 | (879) |
Total | 1,822 | (2,977) | (3,366) |
Cash paid for income taxes and interest | |||
Cash paid for income taxes, net | 1,726 | 1,191 | 652 |
Cash Paid for Interest (net of amounts capitalized) | 5,515 | 3,606 | 3,403 |
Automotive | |||
Cash paid for income taxes and interest | |||
Cash Paid for Interest (net of amounts capitalized) | 863 | 933 | 884 |
GM Financial | |||
Cash paid for income taxes and interest | |||
Cash Paid for Interest (net of amounts capitalized) | $ 4,652 | $ 2,673 | $ 2,519 |