Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 19, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-34960 | |
Entity Registrant Name | GENERAL MOTORS COMPANY | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-0756180 | |
Entity Address, Address Line One | 300 Renaissance Center, | |
Entity Address, City or Town | Detroit, | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48265 | |
City Area Code | 313 | |
Local Phone Number | 667-1500 | |
Entity Central Index Key | 0001467858 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | GM | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,431,307,600 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net sales and revenue | ||||
Automotive | $ 32,067 | $ 31,817 | $ 74,580 | $ 95,503 |
Total net sales and revenue (Note 3) | 35,480 | 35,473 | 84,967 | 106,411 |
Costs and expenses | ||||
Total costs and expenses | 31,056 | 33,169 | 81,100 | 100,376 |
Operating income | 4,424 | 2,304 | 3,867 | 6,035 |
Interest income and other non-operating income, net | 499 | 169 | 1,223 | 1,338 |
Equity income (Note 8) | 309 | 315 | 389 | 1,000 |
Income before income taxes | 4,905 | 2,582 | 4,656 | 7,791 |
Income tax expense (Note 16) | 887 | 271 | 1,132 | 932 |
Net income | 4,018 | 2,311 | 3,524 | 6,859 |
Net loss attributable to noncontrolling interests | 27 | 40 | 57 | 67 |
Net income attributable to stockholders | 4,045 | 2,351 | 3,581 | 6,926 |
Net income attributable to common stockholders | $ 4,005 | $ 2,313 | $ 3,446 | $ 6,813 |
Earnings per share (Note 19) | ||||
Basic earnings per common share (in dollars per share) | $ 2.80 | $ 1.62 | $ 2.41 | $ 4.79 |
Weighted-average common shares outstanding - basic (in shares) | 1,432 | 1,428 | 1,432 | 1,422 |
Diluted earnings per common share (in dollars per share) | $ 2.78 | $ 1.60 | $ 2.40 | $ 4.74 |
Weighted-average common shares outstanding - diluted (in shares) | 1,439 | 1,442 | 1,439 | 1,439 |
Dividends declared per common share (in dollars per share) | $ 0 | $ 0.38 | $ 0.38 | $ 1.14 |
Automotive [Member] | ||||
Net sales and revenue | ||||
Automotive | $ 32,067 | $ 31,817 | $ 74,580 | $ 95,503 |
Costs and expenses | ||||
Automotive and other cost of sales | 27,169 | 28,174 | 67,339 | 84,730 |
Automotive and other selling, general and administrative expense | 1,628 | 2,008 | 4,908 | 6,209 |
Automotive interest expense | 327 | 206 | 823 | 582 |
GM Financial [Member] | ||||
Net sales and revenue | ||||
Total net sales and revenue (Note 3) | 3,413 | 3,656 | 10,387 | 10,908 |
Costs and expenses | ||||
GM Financial interest, operating and other expenses | $ 2,259 | $ 2,987 | $ 8,853 | $ 9,437 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,018 | $ 2,311 | $ 3,524 | $ 6,859 |
Other comprehensive income (loss), net of tax (Note 18) | ||||
Foreign currency translation adjustments and other | 67 | (357) | (964) | (140) |
Defined benefit plans | (115) | 120 | 163 | 162 |
Other comprehensive income (loss), net of tax | (48) | (237) | (801) | 22 |
Comprehensive income | 3,970 | 2,074 | 2,723 | 6,881 |
Comprehensive loss attributable to noncontrolling interests | 21 | 50 | 59 | 87 |
Comprehensive income attributable to stockholders | $ 3,991 | $ 2,124 | $ 2,782 | $ 6,968 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 26,939 | $ 19,069 |
Marketable debt securities (Note 4) | 9,962 | 4,174 |
Accounts and notes receivable, net | 9,939 | 6,797 |
Inventories (Note 6) | 10,934 | 10,398 |
Other current assets (Note 4; Note 10 at VIEs) | 6,841 | 7,953 |
Total current assets | 89,177 | 74,992 |
Non-current Assets | ||
Equity in net assets of nonconsolidated affiliates (Note 8) | 8,046 | 8,562 |
Property, net | 36,989 | 38,750 |
Goodwill and intangible assets, net | 5,245 | 5,337 |
Equipment on operating leases, net (Note 7; Note 10 at VIEs) | 39,358 | 42,055 |
Deferred income taxes | 23,970 | 24,640 |
Other assets (Note 4; Note 10 at VIEs) | 6,695 | 7,346 |
Total non-current assets | 150,494 | 153,045 |
Total Assets | 239,671 | 228,037 |
Current Liabilities | ||
Accounts payable (principally trade) | 20,914 | 21,018 |
Accrued liabilities (Note 13) | 23,916 | 26,487 |
Total current liabilities | 80,603 | 84,905 |
Non-current Liabilities | ||
Postretirement benefits other than pensions (Note 14) | 5,746 | 5,935 |
Pensions (Note 14) | 11,097 | 12,170 |
Other liabilities (Note 13) | 12,424 | 13,146 |
Total non-current liabilities | 111,060 | 97,175 |
Total Liabilities | 191,663 | 182,080 |
Commitments and contingencies (Note 15) | ||
Equity (Note 18) | ||
Common stock, $0.01 par value | 14 | 14 |
Additional paid-in capital | 26,148 | 26,074 |
Retained earnings | 29,134 | 26,860 |
Accumulated other comprehensive loss | (11,955) | (11,156) |
Total stockholders’ equity | 43,341 | 41,792 |
Noncontrolling interests | 4,667 | 4,165 |
Total Equity | 48,008 | 45,957 |
Total Liabilities and Equity | 239,671 | 228,037 |
GM Financial [Member] | ||
Current Assets | ||
GM Financial receivables, net (Note 5; Note 10 at VIEs) | 24,562 | 26,601 |
Non-current Assets | ||
GM Financial receivables, net (Note 5; Note 10 at VIEs) | 30,191 | 26,355 |
Current Liabilities | ||
Short-term debt and current portion of long-term debt (Note 9 and Note 8 at VIEs) | 33,502 | 35,503 |
Non-current Liabilities | ||
Long-term debt (Note 9 and Note 8 at VIEs) | 55,320 | 53,435 |
Automotive [Member] | ||
Current Liabilities | ||
Short-term debt and current portion of long-term debt (Note 9 and Note 8 at VIEs) | 2,271 | 1,897 |
Non-current Liabilities | ||
Long-term debt (Note 9 and Note 8 at VIEs) | $ 26,473 | $ 12,489 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 3,524 | $ 6,859 |
Cash flows from operating activities | ||
Depreciation and impairment of Equipment on operating leases, net | 5,518 | 5,573 |
Depreciation, amortization and impairment charges on Property, net | 4,217 | 5,259 |
Foreign currency remeasurement and transaction (gains) losses | 50 | (170) |
Undistributed earnings of nonconsolidated affiliates, net | 137 | 243 |
Pension contributions and OPEB payments | (610) | (789) |
Pension and OPEB income, net | (754) | (351) |
Provision for deferred taxes | 700 | 234 |
Change in other operating assets and liabilities | (2,805) | (5,310) |
Net cash provided by operating activities | 9,977 | 11,548 |
Cash flows from investing activities | ||
Expenditures for property | (3,328) | (4,852) |
Available-for-sale marketable securities, acquisitions | (12,190) | (3,130) |
Available-for-sale marketable securities, liquidations | 7,018 | 2,587 |
Purchases of finance receivables, net | (22,294) | (19,027) |
Principal collections and recoveries on finance receivables | 14,622 | 17,088 |
Purchases of leased vehicles, net | (10,468) | (12,488) |
Proceeds from termination of leased vehicles | 9,937 | 9,983 |
Other investing activities | (116) | 148 |
Net cash used in investing activities | (16,819) | (9,691) |
Cash flows from financing activities | ||
Net increase in short-term debt | 580 | 756 |
Proceeds from issuance of debt (original maturities greater than three months) | 64,931 | 27,835 |
Payments on debt (original maturities greater than three months) | (50,659) | (29,432) |
Proceeds from issuance of subsidiary preferred stock (Note 18) | 492 | 463 |
Dividends paid | (653) | (1,792) |
Other financing activities | (532) | (175) |
Net cash provided by (used in) financing activities | 14,159 | (2,345) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (404) | (109) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 6,913 | (597) |
Cash, cash equivalents and restricted cash at beginning of period | 22,943 | 23,496 |
Cash, cash equivalents and restricted cash at end of period | 29,856 | 22,899 |
Significant Non-cash Investing and Financing Activity | ||
Non-cash property additions | $ 2,448 | $ 3,435 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Equity - USD ($) $ in Millions | Total | Impact of Adoption ASU 2016-13 [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Impact of Adoption ASU 2016-13 [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Preferred Stock [Member] |
Balance at beginning of period at Dec. 31, 2018 | $ 42,777 | $ 14 | $ 25,563 | $ 22,322 | $ (9,039) | $ 3,917 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 2,145 | 2,157 | (12) | |||||||
Other comprehensive income (loss) | 185 | 190 | (5) | |||||||
Stock based compensation | 89 | 95 | (6) | |||||||
Cash dividends paid on common stock | (539) | (539) | ||||||||
Dividends to noncontrolling interests | (18) | (18) | ||||||||
Other | (1) | 3 | 5 | (9) | ||||||
Balance at end of period at Mar. 31, 2019 | 44,638 | 14 | 25,661 | 23,939 | (8,849) | 3,873 | ||||
Balance at beginning of period at Dec. 31, 2018 | 42,777 | 14 | 25,563 | 22,322 | (9,039) | 3,917 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 6,859 | |||||||||
Other comprehensive income (loss) | 22 | |||||||||
Balance at end of period at Sep. 30, 2019 | 48,771 | 14 | 25,928 | 27,609 | (8,997) | 4,217 | ||||
Balance at beginning of period at Mar. 31, 2019 | 44,638 | 14 | 25,661 | 23,939 | (8,849) | 3,873 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 2,403 | 2,418 | (15) | |||||||
Other comprehensive income (loss) | 74 | 79 | (5) | |||||||
Issuance of subsidiary preferred stock | $ 408 | $ 408 | ||||||||
Stock based compensation | 69 | 78 | (9) | |||||||
Cash dividends paid on common stock | (540) | (540) | ||||||||
Dividends to noncontrolling interests | (23) | (23) | ||||||||
Other | 60 | 26 | (1) | 35 | ||||||
Balance at end of period at Jun. 30, 2019 | 47,089 | 14 | 25,765 | 25,807 | (8,770) | 4,273 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 2,311 | 2,351 | (40) | |||||||
Other comprehensive income (loss) | (237) | (227) | (10) | |||||||
Issuance of subsidiary preferred stock | 49 | 49 | ||||||||
Stock based compensation | 84 | 90 | (6) | |||||||
Cash dividends paid on common stock | (543) | (543) | ||||||||
Dividends to noncontrolling interests | (62) | (62) | ||||||||
Other | 80 | 73 | 0 | 7 | ||||||
Balance at end of period at Sep. 30, 2019 | 48,771 | 14 | 25,928 | 27,609 | (8,997) | 4,217 | ||||
Balance at beginning of period at Dec. 31, 2019 | 45,957 | $ (660) | 14 | 26,074 | 26,860 | $ (660) | (11,156) | 4,165 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 286 | 294 | (8) | |||||||
Other comprehensive income (loss) | (656) | (644) | (12) | |||||||
Issuance of subsidiary preferred stock | 26 | 26 | ||||||||
Purchase of common stock | (90) | (57) | (33) | |||||||
Stock based compensation | (10) | (3) | (7) | |||||||
Cash dividends paid on common stock | (545) | (545) | ||||||||
Dividends to noncontrolling interests | (4) | (4) | ||||||||
Other | 13 | 0 | (24) | 37 | ||||||
Balance at end of period at Mar. 31, 2020 | 44,317 | 14 | 26,014 | 25,885 | (11,800) | 4,204 | ||||
Balance at beginning of period at Dec. 31, 2019 | 45,957 | $ (660) | 14 | 26,074 | 26,860 | $ (660) | (11,156) | 4,165 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 3,524 | |||||||||
Other comprehensive income (loss) | (801) | |||||||||
Balance at end of period at Sep. 30, 2020 | 48,008 | 14 | 26,148 | 29,134 | (11,955) | 4,667 | ||||
Balance at beginning of period at Mar. 31, 2020 | 44,317 | 14 | 26,014 | 25,885 | (11,800) | 4,204 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | (780) | (758) | (22) | |||||||
Other comprehensive income (loss) | (97) | (101) | 4 | |||||||
Issuance of subsidiary preferred stock | 26 | 26 | ||||||||
Stock based compensation | 73 | 73 | 0 | |||||||
Dividends to noncontrolling interests | (39) | (39) | ||||||||
Other | (7) | 0 | (23) | 16 | ||||||
Balance at end of period at Jun. 30, 2020 | 43,493 | 14 | 26,087 | 25,104 | (11,901) | 4,189 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 4,018 | 4,045 | (27) | |||||||
Other comprehensive income (loss) | (48) | (54) | 6 | |||||||
Issuance of subsidiary preferred stock | $ 492 | $ 492 | ||||||||
Stock based compensation | 61 | 61 | 0 | |||||||
Other | (8) | 0 | (15) | 7 | ||||||
Balance at end of period at Sep. 30, 2020 | $ 48,008 | $ 14 | $ 26,148 | $ 29,134 | $ (11,955) | $ 4,667 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Nature of Operations and Basis of Presentation | Nature of Operations and Basis of Presentation General Motors Company (sometimes referred to in this Quarterly Report on Form 10-Q as we, our, us, ourselves, the Company, General Motors or GM) designs, builds and sells trucks, crossovers, cars and automobile parts worldwide and is investing in and growing an autonomous vehicle business. We also provide automotive financing services through General Motors Financial Company, Inc. (GM Financial). We analyze the results of our operations through the following operating segments: GM North America (GMNA), GM International Operations (GMIO), GM South America (GMSA), Cruise, and GM Financial. Our GMSA and GMIO operating segments are reported as one, combined international segment, GM International (GMI). Cruise is our global segment responsible for the development and commercialization of autonomous vehicle technology. Nonsegment operations are classified as Corporate. Corporate includes certain centrally recorded income and costs such as interest, income taxes, corporate expenditures and certain nonsegment-specific revenues and expenses. The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. GAAP pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2019 Form 10-K. Except for per share amounts or as otherwise specified, dollar amounts presented within tables are stated in millions. Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. Our share of earnings or losses of nonconsolidated affiliates is included in our consolidated operating results using the equity method of accounting when we are able to exercise significant influence over the operating and financial decisions of the affiliate. Recently Adopted Accounting Standards Effective January 1, 2020, we adopted Accounting Standards Update (ASU) 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" (ASU 2016-13), which requires entities to use a new impairment model based on current expected credit losses (CECL) rather than incurred losses. Estimated credit losses under CECL consider relevant information about past events, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets, resulting in recognition of lifetime expected credit losses at initial recognition of the related asset. We adopted ASU 2016-13 on a modified retrospective basis by recognizing an after-tax cumulative-effect adjustment to the opening balance of Retained earnings of $660 million, inclusive of $643 million related to GM Financial. The application of ASU 2016-13 increased our allowance for loan losses related to GM Financial receivables, net by $801 million and had an insignificant impact to our allowance for credit losses for Accounts and notes receivable and no adoption impact to Marketable debt securities on our condensed consolidated balance sheets. In March 2020, the Financial Accounting Standards Board issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (ASU 2020-04), which provides optional expedients and exceptions for applying U.S. GAAP if certain criteria are met to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued. We do not believe the discontinuance of LIBOR will be a significant event for our Automotive arrangements. A substantial portion of GM Financial’s indebtedness bears interest at variable interest rates, primarily based on USD-LIBOR. Effective July 1, 2020, we adopted ASU 2020-04 on a prospective basis. The adoption of, and future elections under, ASU 2020-04 are not expected to have a material impact on our condensed consolidated financial statements as the standard will ease, if warranted, the requirements for accounting for the future effects of the rate reform. We continue to monitor the impact the discontinuance of LIBOR or another reference rate will have on GM Financial's contracts, hedging relationships and other transactions. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies The information presented on Marketable Debt Securities, Accounts and Notes Receivable and GM Financial Receivables supplements the Significant Accounting Policies information presented in our 2019 Form 10-K to reflect the adoption of ASU 2016-13 that became effective January 1, 2020. See our 2019 Form 10-K for a description of our significant accounting policies in effect prior to the adoption of ASU 2016-13. Marketable Debt Securities We classify marketable debt securities as either available-for-sale or trading. Various factors, including turnover of holdings and investment guidelines, are considered in determining the classification of securities. Available-for-sale debt securities are recorded at fair value with unrealized gains, and losses that are not credit related, recorded net of applicable taxes 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 on available-for-sale debt securities is related to credit losses or whether any unrealized losses recorded in Accumulated other comprehensive loss need 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. 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 and reported in Automotive and other selling, general and administrative expense. 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. Troubled debt restructurings (TDRs) are grouped separately for purposes of measuring the allowance. The allowance for TDRs uses static pool modeling techniques like non-TDR retail finance receivables to determine the expected loss amount. The expected cash flows of the receivables are then discounted at the original weighted average effective interest rate of the pool. Factors considered when estimating the allowance for TDRs are based on an evaluation of historical and current information, which may be supplemented by management judgment. Finance charge income from loans classified as TDRs is accounted for in the same manner as other accruing loans. Cash collections on these loans are allocated according to the same payment hierarchy methodology applied to loans that are not classified as TDRs. Commercial finance receivables are carried at amortized cost, net of allowance for loan losses and any amounts held under a cash management program. GM Financial establishes the allowance for loan losses based on historical loss experience, as well as the forecast for industry vehicle sales, which is the economic indicator believed to have the largest impact on expected losses. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following table disaggregates our revenue by major source: Three Months Ended September 30, 2020 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 28,143 $ 2,513 $ — $ 30,656 $ — $ — $ — $ 30,656 Used vehicles 185 23 6 214 — — — 214 Services and other 800 199 197 1,196 26 — (25) 1,197 Automotive net sales and revenue 29,128 2,735 203 32,066 26 — (25) 32,067 Leased vehicle income — — — — — 2,354 — 2,354 Finance charge income — — — — — 999 — 999 Other income — — — — — 68 (8) 60 GM Financial net sales and revenue — — — — — 3,421 (8) 3,413 Net sales and revenue $ 29,128 $ 2,735 $ 203 $ 32,066 $ 26 $ 3,421 $ (33) $ 35,480 Three Months Ended September 30, 2019 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 26,825 $ 3,519 $ — $ 30,344 $ — $ — $ — $ 30,344 Used vehicles 345 31 — 376 — — — 376 Services and other 801 244 52 1,097 25 — (25) 1,097 Automotive net sales and revenue 27,971 3,794 52 31,817 25 — (25) 31,817 Leased vehicle income — — — — — 2,515 — 2,515 Finance charge income — — — — — 1,043 (2) 1,041 Other income — — — — — 101 (1) 100 GM Financial net sales and revenue — — — — — 3,659 (3) 3,656 Net sales and revenue $ 27,971 $ 3,794 $ 52 $ 31,817 $ 25 $ 3,659 $ (28) $ 35,473 Nine Months Ended September 30, 2020 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 63,569 $ 6,950 $ — $ 70,519 $ — $ — $ — $ 70,519 Used vehicles 683 65 16 764 — — — 764 Services and other 2,311 677 305 3,293 79 — (75) 3,297 Automotive net sales and revenue 66,563 7,692 321 74,576 79 — (75) 74,580 Leased vehicle income — — — — — 7,203 — 7,203 Finance charge income — — — — — 2,971 (1) 2,970 Other income — — — — — 231 (17) 214 GM Financial net sales and revenue — — — — — 10,405 (18) 10,387 Net sales and revenue $ 66,563 $ 7,692 $ 321 $ 74,576 $ 79 $ 10,405 $ (93) $ 84,967 Nine Months Ended September 30, 2019 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 79,763 $ 10,830 $ — $ 90,593 $ — $ — $ — $ 90,593 Used vehicles 1,549 95 — 1,644 — — — 1,644 Services and other 2,348 766 152 3,266 75 — (75) 3,266 Automotive net sales and revenue 83,660 11,691 152 95,503 75 — (75) 95,503 Leased vehicle income — — — — — 7,536 — 7,536 Finance charge income — — — — — 3,038 (6) 3,032 Other income — — — — — 344 (4) 340 GM Financial net sales and revenue — — — — — 10,918 (10) 10,908 Net sales and revenue $ 83,660 $ 11,691 $ 152 $ 95,503 $ 75 $ 10,918 $ (85) $ 106,411 Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Adjustments to sales incentives for previously recognized sales increased revenue by $340 million and $560 million in the three months ended September 30, 2020 and 2019. |
Marketable and Other Securities
Marketable and Other Securities | 9 Months Ended |
Sep. 30, 2020 | |
Marketable Securities [Abstract] | |
Marketable and Other Securities | Marketable and Other Securities The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost: Fair Value Level September 30, 2020 December 31, 2019 Cash and cash equivalents Cash and time deposits(a) $ 11,542 $ 6,828 Available-for-sale debt securities U.S. government and agencies 2 4,600 1,484 Corporate debt 2 5,517 5,863 Sovereign debt 2 2,697 2,123 Total available-for-sale debt securities – cash equivalents 12,814 9,470 Money market funds 1 2,583 2,771 Total cash and cash equivalents(b) $ 26,939 $ 19,069 Marketable debt securities U.S. government and agencies 2 $ 3,042 $ 226 Corporate debt 2 3,798 2,932 Mortgage and asset-backed 2 628 681 Sovereign debt 2 2,494 335 Total available-for-sale debt securities – marketable securities(c) $ 9,962 $ 4,174 Restricted cash Cash and cash equivalents $ 248 $ 292 Money market funds 1 2,669 3,582 Total restricted cash $ 2,917 $ 3,874 Available-for-sale debt securities included above with contractual maturities(d) Due in one year or less $ 19,357 Due between one and five years 2,791 Total available-for-sale debt securities with contractual maturities $ 22,148 ___ _______ (a) Includes $248 million designated exclusively to fund capital expenditures in GM Korea Company (GM Korea) at December 31, 2019. No amount was designated exclusively to fund GM Korea capital expenditures at September 30, 2020. (b) Includes $539 million and $2.3 billion in Cruise at September 30, 2020 and December 31, 2019. (c) Includes $1.4 billion and $266 million in Cruise at September 30, 2020 and December 31, 2019. (d) Excludes mortgage- and asset-backed securities of $628 million at September 30, 2020 as these securities are not due at a single maturity date. Proceeds from the sale of available-fo r-sale debt securities sold prior to maturity were $476 million and $535 million in the three months ended September 30, 2020 and 2019 and $1.4 billion and $1.6 billion in the nine months ended September 30, 2020 and 2019. Net unrealized gains and losses on available-for-sale debt securities were insignificant in the three and nine months ended September 30, 2020 and 2019. Cumulative unrealized gains and losses on available-for-sale debt securities were insignificant at September 30, 2020 and December 31, 2019. We liquidated our remaining shares in Lyft, Inc. (Lyft) in the six months ended June 30, 2020. We recorded an unrealized loss of $291 million and $71 million in Interest income and other non-operating income, net in the three and nine months ended September 30, 2019 . The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet to the total shown in the condensed consolidated statement of cash flows: September 30, 2020 Cash and cash equivalents $ 26,939 Restricted cash included in Other current assets 2,419 Restricted cash included in Other assets 498 Total $ 29,856 |
GM Financial Receivables and Tr
GM Financial Receivables and Transactions | 9 Months Ended |
Sep. 30, 2020 | |
GM Financial [Member] | |
Finance Receivables [Line Items] | |
GM Financial Receivables and Transactions | GM Financial Receivables and Transactions September 30, 2020 December 31, 2019 Retail Commercial(a) Total Retail Commercial(a) Total GM Financial receivables, net of fees $ 48,694 $ 8,062 $ 56,756 $ 42,229 $ 11,671 $ 53,900 Less: allowance for loan losses (1,936) (67) (2,003) (866) (78) (944) GM Financial receivables, net $ 46,758 $ 7,995 $ 54,753 $ 41,363 $ 11,593 $ 52,956 Fair value of GM Financial receivables utilizing Level 2 inputs $ 7,995 $ 11,593 Fair value of GM Financial receivables utilizing Level 3 inputs $ 48,972 $ 41,973 __________ (a) Net of dealer cash management balances of $1.4 billion and $1.2 billion at September 30, 2020 and December 31, 2019. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on its floorplan line by making principal payments to GM Financial in advance. Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Allowance for loan losses at beginning of period $ 2,111 $ 957 $ 944 $ 911 Impact of adoption ASU 2016-13 — — 801 — Provision for loan losses 31 150 824 504 Charge-offs (282) (300) (895) (888) Recoveries 136 134 383 411 Effect of foreign currency 7 (8) (54) (5) Allowance for loan losses at end of period $ 2,003 $ 933 $ 2,003 $ 933 GM Financial's forecast for recovery rates improved during the three months ended September 30, 2020, resulting in decreased provision for loan losses. In the nine months ended September 30, 2020, the provision for loan losses increased primarily due to increased expected charge-offs and decreased expected recoveries as a result of the economic impact of the novel strain of the coronavirus (COVID-19) pandemic. 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. A summary of the amortized cost of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the retail finance receivables portfolio at September 30, 2020 is as follows: Year of Origination September 30, 2020 December 31, 2019 2020 2019 2018 2017 2016 2015 Prior Total Percent Total Percent Prime – FICO score 680 and greater $ 14,746 $ 8,064 $ 5,295 $ 2,348 $ 744 $ 177 $ 5 $ 31,379 64.4 % $ 25,400 60.1 % Near-prime – FICO score 620 to 679 2,725 2,293 1,392 712 280 103 15 7,520 15.5 % 6,862 16.3 % Sub-prime – FICO score less than 620 2,701 2,922 1,785 1,265 707 311 104 9,795 20.1 % 9,967 23.6 % Retail finance receivables, net of fees $ 20,172 $ 13,279 $ 8,472 $ 4,325 $ 1,731 $ 591 $ 124 $ 48,694 100.0 % $ 42,229 100.0 % 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 $742 million and $875 million at September 30, 2020 and December 31, 2019. The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at September 30, 2020: Year of Origination September 30, 2020 September 30, 2019 2020 2019 2018 2017 2016 2015 Prior Total Percent Total(a) Percent Current $ 19,962 $ 12,848 $ 8,142 $ 4,083 $ 1,580 $ 513 $ 93 $ 47,221 97.0 % 31-to-60 days 147 294 227 167 102 53 19 1,009 2.1 % $ 1,252 3.0 % Greater-than-60 days 57 122 92 69 45 23 11 419 0.8 % 514 1.2 % Finance receivables more than 30 days delinquent 204 416 319 236 147 76 30 1,428 2.9 % 1,766 4.2 % In repossession 6 15 11 6 4 2 1 45 0.1 % 48 0.1 % Finance receivables more than 30 days delinquent or in repossession 210 431 330 242 151 78 31 1,473 3.0 % $ 1,814 4.3 % Retail finance receivables, net of fees $ 20,172 $ 13,279 $ 8,472 $ 4,325 $ 1,731 $ 591 $ 124 $ 48,694 100.0 % __________ (a) Represents the contractual amounts of delinquent retail finance receivables, which is not significantly different than the outstanding amortized cost for such receivables. The outstanding amortized cost of retail finance receivables that are considered TDRs was $2.3 billion at September 30, 2020, including $317 million in nonaccrual loans. Commercial Finance Receivables GM Financial's commercial finance receivables consist of dealer financings, primarily for inventory purchases. Proprietary models are used to assign a risk rating to each dealer. GM Financial performs periodic credit reviews of each dealership and adjusts the dealership's risk rating, if necessary. The commercial finance receivables on nonaccrual status were insignificant at September 30, 2020. Prior to January 1, 2020, GM Financial estimated the allowance for loan losses based on an analysis of the experience of comparable commercial lenders. Effective January 1, 2020, GM Financial establishes the allowance for loan losses based on historical loss experience for the consolidated portfolio, in addition to forecast for industry vehicle sales. The updated 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 table summarizes the credit risk profile by dealer risk rating of commercial finance receivables at September 30, 2020: Year of Origination(a) September 30, 2020 Revolving 2020 2019 2018 2017 2016 2015 Prior Total Percent I $ 6,468 $ 355 $ 177 $ 73 $ 98 $ 93 $ 38 $ — $ 7,302 90.6 % II 411 1 7 3 3 13 13 22 473 5.9 % III 227 — 9 29 2 11 1 — 279 3.4 % IV 4 — — — — — 4 — 8 0.1 % Commercial finance receivables, net of fees $ 7,110 $ 356 $ 193 $ 105 $ 103 $ 117 $ 56 $ 22 $ 8,062 100.0 % __________ (a) Floorplan advances comprise 98% of the total revolving balance. Dealer term loans are presented by year of origination. Transactions with GM Financial The following table shows transactions between our Automotive segments and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income. September 30, 2020 December 31, 2019 Condensed Consolidated Balance Sheets(a) Commercial finance receivables, net due from GM consolidated dealers $ 399 $ 478 Subvention receivable(b) $ 566 $ 676 Commercial loan funding payable $ 75 $ 74 Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Condensed Consolidated Statements of Income Interest subvention earned on finance receivables $ 178 $ 153 $ 496 $ 448 Leased vehicle subvention earned $ 749 $ 814 $ 2,319 $ 2,467 __________ (a) All balance sheet amounts are eliminated upon consolidation. (b) Cash paid by Automotive segments to GM Financial for subvention was $943 million and $1.0 billion i n the three months ended September 30, 2020 and 2019 a nd $3.0 billion and $3.1 billion in the nine months ended September 30, 2020 and 2019. GM Financial's Board of Directors declared and paid dividends of $800 million on its common stock in the nine months ended September 30, 2020. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories September 30, 2020 December 31, 2019 Total productive material, supplies and work in process $ 5,311 $ 4,713 Finished product, including service parts 5,623 5,685 Total inventories $ 10,934 $ 10,398 |
Equipment on Operating Leases
Equipment on Operating Leases | 9 Months Ended |
Sep. 30, 2020 | |
Vehicles [Member] | |
Lessor, Lease, Description [Line Items] | |
Equipment on Operating Leases | Equipment on Operating Leases Equipment on operating leases primarily consists of leases to retail customers of GM Financial. The current portion of net equipment on operating leases is included in Other current assets. September 30, 2020 December 31, 2019 Equipment on operating leases $ 49,993 $ 53,081 Less: accumulated depreciation (10,635) (10,989) Equipment on operating leases, net $ 39,358 $ 42,092 Depreciation expense related to Equipment on operating leases, net was $1.8 billion in the three months ended September 30, 2020 and 2019, and was $5.5 billion and $5.6 billion in the nine months ended September 30, 2020 and 2019. The following table summarizes lease payments due to GM Financial on leases to retail customers: Year Ending December 31, 2020 2021 2022 2023 2024 Thereafter Total Lease receipts under operating leases $ 1,714 $ 5,548 $ 3,108 $ 865 $ 52 $ 1 $ 11,288 |
Equity In Net Assets of Noncons
Equity In Net Assets of Nonconsolidated Affiliates | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity in Net Assets of Nonconsolidated Affiliates | Equity in Net Assets of Nonconsolidated Affiliates Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Automotive China equity income $ 262 $ 282 $ 264 $ 893 Other joint ventures equity income 47 33 125 107 Total Equity income $ 309 $ 315 $ 389 $ 1,000 There have been no significant ownership changes in our Automotive China joint ventures (Automotive China JVs) since December 31, 2019. Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Summarized Operating Data of Automotive China JVs Automotive China JVs' net sales $ 11,029 $ 9,695 $ 24,589 $ 28,843 Automotive China JVs' net income $ 535 $ 455 $ 749 $ 1,721 Dividends declared but not paid from our nonconsolidated affiliates were $651 million and an insignificant amount at September 30, 2020 and December 31, 2019. Dividends received from our nonconsolidated affiliates were $526 million in t he nine months ended September 30, 2020 and $303 million and $1.2 billion in the three and nine months ended September 30, 2019. Undistributed earnings from our nonconsolidated affiliates we re $2.0 billion and $2.1 billion at September 30, 2020 and December 31, 2019. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The fair value of GM Financial's North America reporting unit at March 31, 2020 was determined based on valuation techniques using the best available information, primarily discounted cash flow projections. We make significant assumptions and estimates about the extent and timing of future cash flows. There can be no assurance that anticipated financial results will be achieved. Under multiple scenarios, including fully weighting the downside cash flow scenario, the estimated fair value of GM Financial's North America reporting unit at March 31, 2020 exceeded its carrying amount. Since March 31, 2020, we noted no further material deterioration in our economic performance or outlook that would indicate further testing of goodwill impairment was warranted. Future goodwill impairment could be recognized should economic uncertainty continue, thereby resulting in a prolonged economic slowdown and a corresponding decline in the fair value of our reporting units |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2020 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities GM Financial uses special purpose entities (SPEs) that are considered VIEs to issue variable funding notes to third party, bank-sponsored warehouse facilities or asset-backed securities to investors in securitization transactions. The debt issued by these VIEs is backed by finance receivables and leasing-related assets transferred to the VIEs (Securitized Assets). GM Financial determined that it is the primary beneficiary of the SPEs because the servicing responsibilities for the Securitized Assets give GM Financial the power to direct the activities that most significantly impact the performance of the VIEs and the variable interests in the VIEs give GM Financial the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The assets of the VIEs serve as the sole source of repayment for the debt issued by these entities. Investors in the notes issued by the VIEs do not have recourse to GM Financial or its other assets, with the exception of customary representation and warranty repurchase provisions and indemnities that GM Financial provides as the servicer. GM Financial is not required to provide additional financial support to these SPEs. While these subsidiaries are included in GM Financial's condensed consolidated financial statements, they are separate legal entities and their assets are legally owned by them and are not available to GM Financial's creditors. The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs: September 30, 2020 December 31, 2019 Restricted cash – current $ 2,316 $ 2,202 Restricted cash – non-current $ 409 $ 441 GM Financial receivables, net of fees – current $ 15,188 $ 19,081 GM Financial receivables, net of fees – non-current $ 13,291 $ 15,921 GM Financial equipment on operating leases, net $ 16,594 $ 14,464 GM Financial short-term debt and current portion of long-term debt $ 18,729 $ 23,952 GM Financial long-term debt $ 16,746 $ 15,819 GM Financial recognizes finance charge, leased vehicle and fee income on the Securitized Assets and interest expense on the secured debt issued in a securitization transaction and records a provision for loan losses to recognize probable loan losses inherent in the finance receivables. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Automotive The following table presents debt in our automotive operations: September 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 191 $ 190 $ 167 $ 165 Unsecured debt 28,194 30,961 13,909 15,247 Finance lease liabilities 359 383 310 516 Total automotive debt(a) $ 28,744 $ 31,534 $ 14,386 $ 15,928 Fair value utilizing Level 1 inputs $ 18,294 $ 13,628 Fair value utilizing Level 2 inputs $ 13,240 $ 2,300 Available under credit facility agreements(b) $ 7,585 $ 17,285 Weighted-average interest rate on outstanding short-term debt(c) 3.4 % 4.9 % Weighted-average interest rate on outstanding long-term debt(c) 3.9 % 5.4 % __________ (a) Includes net discount and debt issuance costs of $512 million and $540 million at September 30, 2020 and December 31, 2019. (b) Excludes our 364-day, $2.0 billion facility designated for exclusive use by GM Financial. (c) Includes coupon rates on debt denominated in various foreign currencies and interest free loans. Unsecured debt primarily consists of revolving credit facilities and senior note s. In March 2020, we borrowed: (1) $3.4 billion against our three-year, $4.0 billion facility; (2) $2.0 billion against our three-year, $3.0 billion facility, which reduced to $2.0 billion in May 2020 (three-year, $2.0 billion transformation facility); and (3) $10.5 billion against our five-year, $10.5 billion facility, with maturity dates ranging from 2021 to 2023. In September 2020, we repaid $3.2 billion of the three-year, $4.0 billion facility and repaid in full the three-year, $2.0 billion transformation facility. In October 2020, we repaid $3.9 billion of our five-year, $10.5 billion facility. In April 2020, we renewed our 364-day, $2.0 billion facility designated for exclusive use by GM Financial for an additional 364-day term and extended $3.6 billion of the three-year, $4.0 billion facility for an additional year expiring in April 2022. The remaining portion will expire in April 2021, unless extended. As part of the extension of the three-year, $4.0 billion facility, we have agreed not to execute any share repurchases until we no longer have outstanding borrowings under the revolving credit facilities, except for the three-year, $2.0 billion transformation facility. In addition, we are restricted from paying dividends on our common shares if outstanding borrowings under the revolving credit facilities exceed $5.0 billion, with the exception of the three-year, $2.0 billion transformation facility. In May 2020, we issued $4.0 billion in aggregate principal amount of senior unsecured notes with a weighted average interest rate of 6.11% and maturity dates ranging from 2023 to 2027. The notes are governed by a sixth supplemental indenture and the same base indenture that governs our existing notes, which contains terms and covenants customary for these types of securities, including a limitation on the amount of certain secured debt we may incur. The net proceeds from the issuance of these senior unsecured notes provide additional financial flexibility and will be used for general corporate purposes. In May 2020, we also entered into a new unsecured 364-day, $2.0 billion revolving credit facility as an additional source of available liquidity. In August 2020, we repaid $500 million of our floating rate senior unsecured debt upon maturity. GM Financial The following table presents debt of GM Financial: September 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 35,671 $ 36,108 $ 39,959 $ 40,160 Unsecured debt 53,151 54,226 48,979 50,239 Total GM Financial debt $ 88,822 $ 90,334 $ 88,938 $ 90,399 Fair value utilizing Level 2 inputs $ 88,768 $ 88,481 Fair value utilizing Level 3 inputs $ 1,566 $ 1,918 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 10 for additional information on GM Financial's involvement with VIEs. GM Financial is required to hold certain funds in restricted cash accounts to provide additional collateral for borrowings under certain secured credit facilities. The weighted-average interest rate on secured debt was 2.22% at September 30, 2020. The revolving credit facilities have maturity dates ranging from 2020 to 2026 and securitization notes payable have maturity dates ranging from 2021 to 2028. At the end of the revolving period, if not renewed, the debt of revolving credit facilities will amortize over a defined period. In the nine months ended September 30, 2020, GM Financial renewed revolving credit facilities with total borrowing capacity of $17.3 billion and issued $16.6 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 1.33% and maturity dates ranging from 2021 to 2028. Unsecured debt consists of senior notes, credit facilities and other unsecured debt. Senior notes outstanding at September 30, 2020 have maturity dates ranging from 2020 to 2030 and have a weighted-average interest rate of 3.27%. In the nine months ended September 30, 2020, GM Financial issued $8.4 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 3.08% and maturity dates ranging from 2023 to 2030. Unsecured credit facilities and other unsecured debt have original maturities of up to four years. The weighted-average interest rate on these credit facilities and other unsecured debt was 2.46% at September 30, 2020. Contractual Maturities The following table summarizes contractual maturities including finance leases at September 30, 2020: Automotive Automotive Financing Total 2020 (October 1, 2020 to December 31, 2020) $ 526 $ 10,569 $ 11,095 2021 1,783 27,835 29,618 2022 113 17,198 17,311 2023(a) 13,002 12,255 25,257 2024 71 6,966 7,037 2025 2,558 6,307 8,865 Thereafter 11,203 7,233 18,436 $ 29,256 $ 88,363 $ 117,619 __________ (a) $3.9 billion of the Automotive amount shown has been repaid on our five-year, $10.5 billion facility in October 2020. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Automotive The following table presents the notional amounts of derivative financial instruments in our automotive operations: Fair Value Level September 30, 2020 December 31, 2019 Derivatives not designated as hedges(a) Foreign currency 2 $ 2,830 $ 5,075 Commodity 2 291 806 PSA warrants(b) 2 47 45 Total derivative financial instruments $ 3,168 $ 5,926 __________ (a) The fair value of these derivative instruments at September 30, 2020 and December 31, 2019 and the gains/losses included in our condensed consolidated income statements for the three and nine months ended September 30, 2020 and 2019 were insignificant, unless otherwise noted. (b) The fair value of the warrants issued by Peugeot, S.A. (PSA Group) included in Other assets was $735 million and $964 million at September 30, 2020 and December 31, 2019. We recorded gains in Interest income and other non-operating income, net of $76 million and $51 million in the three months ended September 30, 2020 and 2019 and losses of $227 million and gains of $222 million in the nine months ended September 30, 2020 and 2019. We estimate the fair value of the PSA warrants using a Black-Scholes formula. The significant inputs to the model include the PSA Group stock price and the estimated dividend yield. We are entitled to receive any dividends declared by PSA Group through the conversion date upon exercise of the warrants. GM Financial The following table presents the gross fair value amounts of GM Financial's derivative financial instruments and the associated notional amounts: Fair Value Level September 30, 2020 December 31, 2019 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 $ 10,050 $ 496 $ 2 $ 9,458 $ 234 $ 23 Foreign currency swaps 2 1,876 77 39 1,796 22 71 Cash flow hedges Interest rate swaps 2 914 — 28 590 — 6 Foreign currency swaps 2 5,365 98 138 4,429 40 119 Derivatives not designated as hedges(a) Interest rate contracts 2 110,059 1,023 692 92,400 340 300 Total derivative financial instruments(b) $ 128,264 $ 1,694 $ 899 $ 108,673 $ 636 $ 519 __________ (a) The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three and nine months ended September 30, 2020 and 2019 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities. (b) GM Financial held $779 million and $210 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted $195 million and an insignificant amount of collateral to counterparties available for netting against GM Financial's liability positions at September 30, 2020 and December 31, 2019. The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including quoted prices of similar instruments and foreign exchange and interest rate forward curves. The following amounts were recorded in the condensed consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships: September 30, 2020 December 31, 2019 Carrying Amount of Hedged Items Cumulative Amount of Fair Value Hedging Adjustments(a) Carrying Amount of Hedged Items Cumulative Amount of Fair Value Hedging Adjustments(a) GM Financial unsecured debt $ 24,275 $ (713) $ 20,397 $ (77) __________ (a) Includes $197 million of unamortized gains and an insignificant amount of amortization remaining on hedged items for which hedge accounting has been discontinued at September 30, 2020 and December 31, 2019. |
Accrued and Other Liabilities
Accrued and Other Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued and Other Liabilities | Accrued and Other Liabilities September 30, 2020 December 31, 2019 Accrued liabilities Dealer and customer allowances, claims and discounts $ 7,924 $ 10,402 Deferred revenue 3,054 3,234 Product warranty and related liabilities 2,654 2,987 Payrolls and employee benefits excluding postemployment benefits 2,011 1,969 Other 8,273 7,895 Total accrued liabilities $ 23,916 $ 26,487 Other liabilities Deferred revenue $ 2,635 $ 2,962 Product warranty and related liabilities 4,501 4,811 Operating lease liabilities 951 1,010 Employee benefits excluding postemployment benefits 907 704 Postemployment benefits including facility idling reserves 617 633 Other 2,813 3,026 Total other liabilities $ 12,424 $ 13,146 Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Product Warranty and Related Liabilities Warranty balance at beginning of period $ 7,040 $ 7,439 $ 7,798 $ 7,590 Warranties issued and assumed in period – recall campaigns 249 357 407 609 Warranties issued and assumed in period – product warranty 523 500 1,241 1,556 Payments (727) (754) (2,260) (2,214) Adjustments to pre-existing warranties 53 101 33 79 Effect of foreign currency and other 17 (34) (64) (11) Warranty balance at end of period $ 7,155 $ 7,609 $ 7,155 $ 7,609 We estimate our reasonably possible loss in excess of amounts accrued for recall campaigns to b e insignificant a t September 30, 2020. Refer to Note 15 for reasonably possible losses on Takata Corporation (Takata) matters. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 63 $ 41 $ 5 $ 99 $ 38 $ 4 Interest cost 429 92 43 566 148 54 Expected return on plan assets (816) (174) — (871) (240) — Amortization of prior service cost (credit) (1) 2 (1) (1) 2 (3) Amortization of net actuarial losses 4 44 18 2 31 7 Curtailments, settlements and other — 15 — — 119 — Net periodic pension and OPEB (income) expense $ (321) $ 20 $ 65 $ (205) $ 98 $ 62 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 188 $ 107 $ 14 $ 295 $ 102 $ 12 Interest cost 1,287 271 130 1,698 386 163 Expected return on plan assets (2,449) (507) — (2,610) (627) — Amortization of prior service cost (credit) (3) 5 (5) (3) 4 (10) Amortization of net actuarial losses 12 126 55 8 90 22 Curtailments, settlements and other — 15 — — 119 — Net periodic pension and OPEB (income) expense $ (965) $ 17 $ 194 $ (612) $ 74 $ 187 The curtailment and other charges in the three and nine months ended September 30, 2019 were primarily due to remeasurement of the General Motors Canada Company hourly pension plan as a result of transformation activities. Refer to Note 17 for additional information on transformation-related charges. The non-service cost components of net periodic pension and other postretirement benefits (OPEB) income of $322 million and $125 million in the three months ended September 30, 2020 and 2019 an d $996 million and $587 million in the nine months ended September 30, 2020 and 2019 are presented in Interest income and other non-operating income, net. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation-Related Liability and Tax Administrative Matters In the normal course of our business, we are named from time to time as a defendant in various legal actions, including arbitrations, class actions and other litigation. We identify below the material individual proceedings and investigations where we believe a material loss is reasonably possible or probable. We accrue for matters when we believe that losses are probable and can be reasonably estimated. At September 30, 2020 and December 31, 2019, we had accruals of $1.2 billion and $1.3 billion in Accrued liabilities and Other liabilities. In many matters, it is inherently difficult to determine whether loss is probable or reasonably possible or to estimate the size or range of the possible loss. Accordingly, adverse outcomes from such proceedings could exceed the amounts accrued by an amount that could be material to our results of operations or cash flows in any particular reporting period. Proceedings Related to Ignition Switch Recall and Other Recalls In 2014 we announced various recalls relating to safety and other matters. Those recalls included recalls to repair ignition switches that could, under certain circumstances, unintentionally move from the “run” position to the “accessory” or “off” position with a corresponding loss of power, which could in turn prevent airbags from deploying in the event of a crash. Appellate Litigation Regarding Successor Liability Ignition Switch Claims In 2016, the U.S. Court of Appeals for the Second Circuit held that the 2009 order of the United States Bankruptcy Court for the Southern District of New York (Bankruptcy Court) approving the sale of substantially all of the assets of Motors Liquidation Company (MLC), formerly known as General Motors Corporation, to GM free and clear of, among other things, claims asserting successor liability for obligations owed by MLC could not be enforced to bar claims against GM asserted by either plaintiffs who purchased used vehicles after the sale or against purchasers who asserted claims relating to the ignition switch defect, including pre-sale personal injury claims and economic-loss claims. Economic-Loss Claims We are aware of ove r 100 p utative class actions that were filed against GM in U.S. and Canadian courts alleging that consumers who purchased or leased vehicles manufactured by GM or MLC had been economically harmed by one or more of the 2014 recalls and/or the underlying vehicle conditions associated with those recalls (economic-loss cases). In general, these economic-loss cases seek recovery for purported compensatory damages, such as alleged benefit-of-the-bargain damages or damages related to alleged diminution in value of the vehicles, as well as punitive damages, injunctive relief and other relief. Many of the pending U.S. economic-loss claims have been transferred to, and consolidated in, a single federal court, the U.S. District Court for the Southern District of New York (Southern District). These plaintiffs have asserted economic-loss claims under federal and state laws, including claims relating to recalled vehicles manufactured by GM and claims asserting successor liability relating to certain recalled vehicles manufactured by MLC. In August 2017, the Southern District granted our motion to dismiss the successor liability claims of plaintiffs in seven of the sixteen states at issue on the motion and called for additional briefing to decide whether plaintiffs' claims can proceed in the other nine states. In December 2017, the Southern District granted GM's motion and dismissed the plaintiffs' successor liability claims in an additional state, but found that there are genuine issues of material fact that prevent summary judgment for GM in eight other states. In January 2018, GM moved for reconsideration of certain portions of the Southern District's December 2017 summary judgment ruling. That motion was granted in April 2018, dismissing plaintiffs' successor liability claims in any state where New York law applies. In September 2018, the Southern District granted our motion to dismiss claims for lost personal time (in 41 out of 47 jurisdictions) and certain unjust enrichment claims, but denied our motion to dismiss plaintiffs’ economic loss claims in 27 jurisdictions under the "manifest defect" rule. In August 2019, the Southern District granted our motion for summary judgment on plaintiffs’ economic loss “benefit of the bargain” damage claims (the August 2019 Opinion). The Southern District held that plaintiffs’ conjoint analysis-based damages model failed to establish that plaintiffs suffered difference-in-value damages and without such evidence, plaintiffs’ difference-in-value damage claims fail under the laws of all three bellwether states: California, Missouri and Texas. Later in August 2019, the bellwether plaintiffs filed a motion requesting that the Southern District reconsider its summary judgment decision or allow an interlocutory appeal if reconsideration is denied. In December 2019, the Southern District denied plaintiffs' motion for reconsideration of the August 2019 Opinion, but granted the plaintiffs' motion for certification of an interlocutory appeal. On April 1, 2020, the Second Circuit Court of Appeals (the Second Circuit) granted the bellwether plaintiffs' petition seeking leave to appeal the August 2019 Opinion. On April 15, 2020, the bellwether plaintiffs and GM filed a Stipulation to withdraw the appeal from the Second Circuit based on the class settlement agreement described below. Pursuant to the Stipulation, the bellwether plaintiffs can reinstate the appeal no later than April 2021. The Second Circuit endorsed the Stipulation by order on April 16, 2020. In September 2019, GM filed an updated motion for summary judgment on plaintiffs’ remaining economic loss claims that were not addressed in the Southern District’s August 2019 Opinion and renewed its evidentiary motion seeking to strike the opinions of plaintiff’s expert on plaintiffs’ alleged “lost time” damages associated with having the recall repairs performed. In March 2020, GM, plaintiffs and the MLC GUC Trust (GUC Trust) reached a settlement agreement (Class Settlement Agreement) to resolve on a national basis the economic loss claims of the proposed settlement class and proposed sub-classes, consisting of consumers who purchased or leased GM vehicles covered by the seven 2014 safety recalls at issue in the Southern District and the Bankruptcy Court. The proposed Class Settlement Agreement provides a common fund of approximately $120 million for settlement class members, of which GM will fund approximately $70 million and the GUC Trust will fund the remaining $50 million. GM will also pay attorneys’ fees and costs that may be awarded by the Southern District to plaintiffs’ counsel up to a maximum of $35 million. In April 2020, the Avoidance Action Trust (AAT), GM and plaintiffs reached a tentative settlement under which the AAT will pay an insignificant amount and will be added as a settling party to the Class Settlement Agreement. During April and May 2020, the Southern District entered orders granting preliminary approval of the Class Settlement Agreement. The deadline for class members to object to or opt-out of the Class Settlement Agreement was October 2020. The final fairness hearing is set for December 2020. Contingently Issuable Shares Under the Amended and Restated Master Sale and Purchase Agreement between GM and MLC, GM was obligated to issue additional shares (Adjustment Shares) of our common stock if allowed general unsecured claims against the GUC Trust, as estimated by the Bankruptcy Court, exceed $35.0 billion. In March 2020, in conjunction with the Class Settlement Agreement, the GUC Trust filed a motion in the Bankruptcy Court seeking approval to enter into and take actions necessary to execute the Class Settlement Agreement, and seeking Bankruptcy Court authorization permitting the GUC Trust to distribute $300 million of GUC Trust assets to its unitholders and entry into a mutual release agreement with GM that would release GM from any and all claims, including any that would require GM to issue any Adjustment Shares. Bankruptcy Court approval of the GUC Trust motion is a condition precedent to preliminary approval of the Class Settlement Agreement by the Southern District. In April 2020, the Bankruptcy Court entered an order approving the GUC Trust's motion in its entirety. In May 2020, the approval and the mutual release agreement became binding and enforceable and GM was fully released from its potential Adjustment Shares obligation. Personal Injury Claims We also are aware of several hundred actions pending in various courts in the U.S. and Canada alleging injury or death as a result of defects that may be the subject of the 2014 recalls (personal injury cases). In general, these cases seek recovery for purported compensatory damages, punitive damages and/or other relief. Since 2016, several bellwether trials of personal injury cases have taken place in the Southern District and in a Texas state court, which is administering a Texas state multi-district litigation. None of these trials resulted in a finding of liability against GM. Government Matters In connection with the 2014 recalls, we have from time to time received subpoenas and other requests for information related to investigations by agencies or other representatives of U.S. federal, state and the Canadian governments. GM is cooperating with all reasonable pending requests for information. Any existing governmental matters or investigations could in the future result in the imposition of damages, fines, civil consent orders, civil and criminal penalties or other remedies. The total amount accrued for the 2014 recalls at September 30, 2020 reflects amounts for a combination of settled but unpaid matters, and for the remaining unsettled investigations, claims and/or lawsuits relating to the ignition switch recalls and other related recalls to the extent that such matters are probable and can be reasonably estimated. The amounts accrued for those unsettled investigations, claims, and/or lawsuits represent a combination of our best single point estimates where determinable and, where no such single point estimate is determinable, our estimate of the low end of the range of probable loss with regard to such matters, if that is determinable. We will continue to consider resolution of pending matters involving ignition switch recalls and other recalls where it makes sense to do so. GM Korea Wage Litigation GM Korea is party to litigation with current and former hourly employees in the appellate court and Incheon District Court in Incheon, Korea. The group actions, which in the aggregate involve more than 10,000 employees, allege that GM Korea failed to include bonuses and certain allowances in its calculation of Ordinary Wages due under Korean regulations. In 2012, the Seoul High Court (an intermediate-level appellate court) affirmed a decision in one of these group actions involving five GM Korea employees which was contrary to GM Korea's position. GM Korea appealed to the Supreme Court of the Republic of Korea (Korean Supreme Court). In 2014, the Korean Supreme Court largely agreed with GM Korea’s legal arguments and remanded the case to the Seoul High Court for consideration consistent with earlier Korean Supreme Court precedent holding that while fixed bonuses should be included in the calculation of Ordinary Wages, claims for retroactive application of this rule would be barred under certain circumstances. In 2015, on reconsideration, the Seoul High Court held in GM Korea’s favor, after which the plaintiffs appealed to the Korean Supreme Court. In July 2020, the Korean Supreme Court held in GM Korea's favor. In light of this decision, we believe the probability that we will incur a material loss is remote and we estimate our loss in excess of amounts accrued is insignificant at September 30, 2020. GM Korea is also party to litigation with current and former salaried employees over allegations relating to Ordinary Wages regulation and whether to include fixed bonuses in the calculation of Ordinary Wages. In 2017, the Seoul High Court held that certain workers are not barred from filing retroactive wage claims. GM Korea appealed this ruling to the Korean Supreme Court. The Korean Supreme Court has not yet rendered a decision. We estimate our reasonably possible loss in excess of amounts accrued to be approximate ly $170 million at September 30, 2020. Both the scope of claims asserted and GM Korea's assessment of any or all of the individual claim elements may change if new information becomes available or the legal or regulatory frameworks change. GM Korea is also party to litigation with current and former subcontract workers over allegations that they are entitled to the same wages and benefits provided to full-time employees, and to be hired as full-time employees. In May 2018 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 order and plans to appeal the September 2020 order. In June 2020, the Seoul High Court ruled against GM Korea in one of the subcontract workers claims. GM Korea has appealed this decision to the Korean Supreme Court. At September 30, 2020, our accrual covering certain asserted claims and claims that we believe are probable of assertion and for which liability is probable was approximately $210 million. We estimate the reasonably possible loss in excess of amounts accrued for other current subcontract workers who may assert similar claims to be approximately $110 million at September 30, 2020. We are currently unable to estimate any possible loss or range of loss that may result from additional claims that may be asserted by former subcontract workers. GM Brazil Indirect Tax Claim In 2019, the Superior Court of Brazil rendered favorable decisions on three cases brought by GM Brazil challenging whether a certain state value-added tax should be included in the calculation of federal gross receipt s taxes. Those decisions granted the Company the right to recover, through offset of federal tax liabilities, certain amounts collected by the government between August 2001 and February 2017. As a result, GM Brazil recorded pre-tax recoveries of $123 million in the three months ended September 30, 2019 and $1.4 billion in pre-tax recoveries in the nine months ended September 30, 2019 and the year ended December 31, 2019, i n Automotive and other cost of sales. Realization of these recoveries depends on the timing of administrative approvals and generation of federal tax liabilities eligible for offset. The Brazilian IRS has filed a Motion of Clarification on this matter with the Brazilian Supreme Court, which motion is awaiting decision. In addition, we expect third parties to make claims on some or all of the pre-tax recoveries, against which GM intends to defend. Other Litigation-Related Liability and Tax Administrative Matters Various other legal actions, including class actions, governmental investigations, claims and proceedings are pending against us or our related companies or joint ventures, including matters arising out of alleged product defects; employment-related matters; product and workplace safety, vehicle emissions and fuel economy regulations; product warranties; financial services; dealer, supplier and other contractual relationships; government regulations relating to competition issues; tax-related matters not subject to the provision of Accounting Standards Codification 740, Income Taxes (indirect tax-related matters); product design, manufacture and performance; consumer protection laws; and environmental protection laws, including laws regulating air emissions, water discharges, waste management and environmental remediation from stationary sources. There ar e several putat ive class actions pending against GM in federal courts in the U.S., in the Provincial Courts in Canada and in Israel alleging that various vehicles sold, including model year 2011-2016 Duramax Diesel Chevrolet Silverado and GMC Sierra vehicles, violate federal, state and foreign emission standards. We are unable to estimate any reasonably possible loss or range of loss that may result from these actions. GM has also faced a series of additional lawsuits in the U.S. based on these allegations, including putative shareholder class actions claiming violations of federal securities law and a shareholder demand lawsuit. The securities lawsuits have been voluntarily dismissed by the plaintiffs in those actions. We believe that appropriate accruals have been established for losses that are probable and can be reasonably estimated. It is possible that the resolution of one or more of these matters could exceed the amounts accrued in an amount that could be material to our results of operations. We also from time to time receive subpoenas and other inquiries or requests for information from agencies or other representatives of U.S. federal, state and foreign governments on a variety of issues. Indirect tax-related matters are being litigated globally pertaining to value added taxes, customs, duties, sales, property taxes and other non-income tax related tax exposures. The various non-U.S. labor-related matters include claims from current and former employees related to alleged unpaid wage, benefit, severance and other compensation matters. Certain administrative proceedings are indirect tax-related and may require that we deposit funds in escrow or provide an alternative form of security. Some of the matters may involve compensatory, punitive or other treble damage claims, environmental remediation programs or sanctions that, if granted, could require us to pay damages or make other expenditures in amounts that could not b e reasonably estimated at September 30, 2020. We believe that appropriate accruals have been established for losses that are probable and can be reasonably estimated . For indirect tax-related matters we estimate our reasonably possible loss in excess of amounts accrued to be up to approximately $750 million at September 30, 2020. Takata Matters In May 2016, the National Highway Traffic Safety Administration (NHTSA) issued an amended consent order requiring Takata to file defect information reports (DIRs) for previously unrecalled front airbag inflators that contain phased-stabilized ammonium nitrate-based propellant without a moisture absorbing desiccant on a multi-year, risk-based schedule through 2019 impacting tens of millions of vehicles produced by numerous automotive manufacturers. NHTSA concluded that the likely root cause of the rupturing of the airbag inflators is a function of time, temperature cycling and environmental moisture. Although we do not believe there is a safety defect at this time in any unrecalled GM vehicles within scope of the Takata DIRs, in cooperation with NHTSA we have filed Preliminary DIRs covering certain of our GMT900 vehicles, which are full-size pickup trucks and sport utility vehicles (SUVs). We have also filed petitions for inconsequentiality with respect to the vehicles subject to those Preliminary DIRs. NHTSA has consolidated our petitions and will rule on them at the same time. While these petitions have been pending, we have provided NHTSA with the results of our long-term studies and the studies performed by third-party experts, all of which form the basis for our determination that the inflators in these vehicles do not present an unreasonable risk to safety and that no repair should ultimately be required. Accordingly, no warranty provision has been made for any repair associated with our vehicles subject to the Preliminary DIRs and amended consent order. However, in the event we are ultimately obligated to repair the vehicles subject to current or future Takata DIRs under the amended consent order in the U.S., we estimate a reasonably possible impact to GM of approximately $1.2 billion. GM has recalled certain vehicles sold outside of the U.S. to replace Takata inflators in those vehicles. There are significant differences in vehicle and inflator design between the relevant vehicles sold internationally and those sold in the U.S. We continue to gather and analyze evidence about these inflators and to share our findings with regulators. Additional recalls, if any, could be material to our results of operations and cash flows. We continue to monitor the international situation. T here are several putative class actions that have been filed against GM, including in the federal courts in the U.S., in the Provincial Courts in Canada, and in Mexico and Israel, arising out of allegations that airbag inflators manufactured by Takata are defective. At this early stage of these proceedings, we are unable to provide an evaluation of the likelihood that a loss will be incurred or an estimate of the amounts or range of possible loss. Opel/Vauxhall Sale In 2017 we sold the Opel and Vauxhall businesses and certain other assets in Europe (the Opel/Vauxhall Business) to PSA Group. We also sold the European financing subsidiaries and branches (the Fincos, and together with the Opel/Vauxhall Business, the European Business) to Banque PSA Finance S.A. and BNP Paribas Personal Finance S.A. Our wholly owned subsidiary (the Seller) agreed to indemnify PSA Group for certain losses resulting from any inaccuracy of the representations and warranties or breaches of our covenants included in the Master Agreement (the Agreement) and for certain other liabilities, including certain emissions and product liabilities. The Company entered into a guarantee for the benefit of PSA Group and pursuant to which the Company agreed to guarantee the Seller's obligation to indemnify PSA Group. Certain of these indemnification obligations are subject to time limitations, thresholds and/or caps as to the amount of required payments. Although the sale reduced our new vehicle presence in Europe, we may still be impacted by actions taken by regulators related to vehicles sold before the sale. In Germany, the Kraftfahrt-Bundesamt (KBA) issued an order in November 2019, which converted a voluntary recall initiated by Opel in 2017 and 2018 into a mandatory recall for allegedly failing to comply with certain emissions regulations. However, because the overwhelming majority of vehicles have already received KBA-approved software calibration updates pursuant to the voluntary recall, the number of vehicles subject to the mandatory recall is insignificant. The Seller may also be obligated to indemnify PSA Group or otherwise absorb costs and expenses resulting from the foregoing as well as certain related potential litigation costs, settlements, judgments and potential fines. In addition, at the KBA's request, the German authorities re-opened a separate criminal investigation related to this matter that had previously been closed with no action. We are unable to estimate any reasonably possible loss or range of loss that may result from this matter. Transactions with PSA We continue to purchase from and supply to PSA Group certain vehicles, parts and engineering services for a period of time following the sale. The following table summarizes transactions with the Opel/Vauxhall Business: Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Net sales and revenue(a) $ 33 $ 140 $ 94 $ 1,008 Purchases and expenses(a) $ 74 $ 243 $ 278 $ 648 Cash payments(b) $ 564 $ 762 Cash receipts(b) $ 212 $ 1,223 __________ (a) Included in Net income. (b) Included in Net cash provided by operating activities. Product Liability We recorded liabilitie s of $591 million an d $544 million in Accrued liabilities and Other liabilities at September 30, 2020 and December 31, 2019 for the expected cost of all known product liability claims, plus an estimate of the expected cost for product liability claims that have already been incurred and are expected to be filed in the future for which we are self-insured. It is reasonably possible that our accruals for product liability claims may increase in future periods in material amounts, although we cannot estimate a reasonable range of incremental loss based on currently available information. Other than claims relating to the ignition switch recalls discussed above, we believe that any judgment against us involving our and MLC products for actual damages will be adequately covered by our recorded accruals and, where applicable, excess liability insurance coverage. Guarantees We enter into indemnification agreements for liabili ty claims involving products manufactured primarily by certain joint ventures. These guarantees terminate in years ranging from 2020 to 2025 or upon the occurrence of specific events or are ongoing. We believe that the related potential costs incurred are adequately covered by our recorded accruals, which are insignificant. The maximum future undiscounted payments mainly based on vehicles sold to date were $3.2 billion and $2.6 billion for these guarantees at September 30, 2020 and December 31, 2019, the majority of which relates to the indemnification agreements. We provide payment guarantees on commercial loans outstanding with third parties such as dealers. In some instances, certain assets of the party or our payables to the party whose debt or performance we have guaranteed may offset, to some degree, the amount of any potential future payments. We are also exposed to residual value guarantees associated with certain sales to rental car companies. We p eriodically enter into agreements that incorporate indemnification provisions in the normal course of business. It is not possible to estimate our maximum exposure under these indemnifications or guarantees due to the conditional nature of these obligations . Insignificant amounts have been recorded for such obligations as the majority of them are not probable or estimable at this time and the fair value of the guarantees at issuance was insignificant. R efer to the Opel/Vauxhall Sale section of this note for additional information on our indemnification obligations to PSA Group under the Agreement. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For interim income tax reporting, we estimate our annual effective tax rate and apply it to our year-to-date ordinary income (loss). Tax jurisdictions with a projected or year-to-date loss for which a tax benefit cannot be realized are excluded. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. We have open tax years from 2011 to 2019 with various significant tax jurisdictions. In the three months ended September 30, 2020, Income tax expense of $887 million was primarily due to tax expense attributable to entities included in our effective tax rate calculation . In the three months ended September 30, 2019, Income tax expense of $271 million was primarily due to tax expense attributable to entities included in our effective tax rate calculation, partially offset by U.S. tax benefits from foreign activity. In the nine months ended September 30, 2020, Income tax expense of $1.1 billion was primarily due to tax expense attributable to entities included in our effective tax rate calculation and the establishment of a valuation allowance against deferred tax assets . In the nine months ended September 30, 2019, Income tax expense of $932 million was primarily due to tax expense attributable to entities included in our effective tax rate calculation, partially offset by U.S. tax benefits from foreign activity, tax settlements and a release of valuation allowance. At September 30, 2020, we ha d $23.4 billion of net deferred tax assets consisting of net operating losses and income tax credits, capitalized research expenditures and other timing differences that are available to offset future income tax liabilities, partially offset by valuation allowances. |
Restructuring and Other Initiat
Restructuring and Other Initiatives | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Initiatives | Restructuring and Other Initiatives We have executed various restructuring and other initiatives and we may execute additional initiatives in the future, if necessary, to streamline manufacturing capacity and reduce other costs to improve the utilization of remaining facilities. To the extent these programs involve voluntary separations, a liability is generally recorded at the time offers to employees are accepted. To the extent these programs provide separation benefits in accordance with pre-existing agreements, a liability is recorded once the amount is probable and reasonably estimable. If employees are involuntarily terminated, a liability is generally recorded at the communication date. Related charges are recorded in Automotive and other cost of sales and Automotive and other selling, general and administrative expense. The following table summarizes the reserves and charges related to restructuring and other initiatives, including postemployment benefit reserves and charges: Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Balance at beginning of period $ 480 $ 919 $ 564 $ 1,122 Additions, interest accretion and other 80 211 334 499 Payments (185) (162) (523) (645) Revisions to estimates and effect of foreign currency (32) (30) (32) (38) Balance at end of period $ 343 $ 938 $ 343 $ 938 In the three and nine months ended September 30, 2020, restructuring and other initiatives primarily included actions in GMI related to the wind-down of Holden sales, design and engineering operations in Australia and New Zealand and the execution of definitive agreements to sell our vehicle and powertrain manufacturing facilities in Thailand. We recorded charges of $76 million in the three months ended September 30, 2020, primarily for supplier claims. We recorded charges of $657 million in the nine months ended September 30, 2020, primarily consisting of $367 million in property and intangible asset impairments, inventory provisions, sales allowances and other charges, not reflected in the table above, and $290 million in dealer restructurings and employee separation charges, which are reflected in the table above. We also recorded a $236 million charge to Income tax expense due to the establishment of a valuation allowance against deferred tax assets in Australia and New Zealand in the nine months ended September 30, 2020. We incurred $222 million in net cash outflows resulting from these restructuring actions, primarily for dealer restructuring payments and employee separation payments in the nine months ended September 30, 2020. We expect to incur additional restructuring and other charges of an insignificant amount and additional net cash outflows of approximately $40 million, which includes expected proceeds of approximately $140 million from the sale of our manufacturing facility in Thailand, to be substantially complete by the end of 2020. In the three and nine months ended September 30, 2019, restructuring and other initiatives primarily included actions related to our announced transformation activities, which includes the unallocation of products to certain manufacturing facilities and other employee separation programs. We recorded charges of $390 million, primarily in GMNA, in the three months ended September 30, 2019 consisting of $209 million primarily in pension curtailment and other charges, which are not reflected in the table above, and $181 million primarily in supplier-related charges, reflected in the table above. We recorded charges of $1.5 billion, primarily in GMNA, in the nine months ended September 30, 2019 consisting of $1.1 billion primarily in non-cash accelerated depreciation and pension curtailment and other charges, not reflected in the table above, and $421 million primarily in supplier-related charges, which are reflected in the table above. These programs had a total cost since inception of $3.1 billion and were complete at December 31, 2019. We incurred $314 million and $645 million in cash outflows resulting from these restructuring actions in the nine months ended September 30, 2020 and 2019 and $1.4 billion in cash outflows since program inception, primarily for employee separation payments and supplier-related payments. We expect additional cash outflows related to these activities of approximately $100 million. |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2020 | |
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 and 1.4 billion shares of common stock issued and outstanding at September 30, 2020 and December 31, 2019. GM Financial Preferred Stoc k In September 2020, GM Financial issued $500 million of Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series C, $0.01 par value, with a liquidation preference of $1,000 per share. The preferred stock is classified as noncontrolling interests in our condensed consolidated financial statements. Dividends will be paid semi-annually when declared starting March 30, 2021 at a fixed rate of 5.70%. Cruise Preferred Shares In May 2019, GM Cruise Holdings LLC (Cruise Holdings) issued $1.1 billion of Cruise Class F Preferred Shares, including $687 million of Cruise Class F Preferred Shares to General Motors Holdings LLC. In August 2019, an additional insignificant amount of Cruise Class F Preferred Shares were issued to SoftBank Vision Fund (AIV M2), L.P. (The Vision Fund). All proceeds from these issuances are designated exclusively for working capital and general corporate purposes of Cruise. The Cruise Class F Preferred Shares convert into common stock of Cruise Holdings, at specified exchange ratios, upon occurrence of an initial public offering. The Cruise Class F Preferred Shares are classified as noncontrolling interests in our condensed consolidated financial statements. The following table summarizes the significant components of Accumulated other comprehensive loss: Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Foreign Currency Translation Adjustments Balance at beginning of period $ (3,192) $ (2,078) $ (2,277) $ (2,250) Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b) 49 (341) (866) (169) Balance at end of period $ (3,143) $ (2,419) $ (3,143) $ (2,419) Defined Benefit Plans Balance at beginning of period $ (8,579) $ (6,695) $ (8,857) $ (6,737) Other comprehensive income (loss) before reclassification adjustment, net of tax(b) (177) 80 (11) 51 Reclassification adjustment, net of tax(b) 62 40 174 111 Other comprehensive income (loss), net of tax(b) (115) 120 163 162 Balance at end of period(c) $ (8,694) $ (6,575) $ (8,694) $ (6,575) __________ (a) The noncontrolling interests and reclassification adj ustment were insignificant in the three and nine months ended September 30, 2020 and 2019. (b) The income tax effect was insignificant in the three and nine months ended September 30, 2020 and 2019. (c) Primarily consists of unamortized actuarial loss on ou r defined benefit plans. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Basic earnings per share Net income attributable to stockholders $ 4,045 $ 2,351 $ 3,581 $ 6,926 Less: cumulative dividends on subsidiary preferred stock (40) (38) (135) (113) Net income attributable to common stockholders $ 4,005 $ 2,313 $ 3,446 $ 6,813 Weighted-average common shares outstanding 1,432 1,428 1,432 1,422 Basic earnings per common share $ 2.80 $ 1.62 $ 2.41 $ 4.79 Diluted earnings per share Net income attributable to common stockholders – diluted $ 4,005 $ 2,313 $ 3,446 $ 6,813 Weighted-average common shares outstanding – basic 1,432 1,428 1,432 1,422 Dilutive effect of awards under stock incentive plans 7 14 7 17 Weighted-average common shares outstanding – diluted 1,439 1,442 1,439 1,439 Diluted earnings per common share $ 2.78 $ 1.60 $ 2.40 $ 4.74 Potentially dilutive securities(a) 31 7 31 7 __________ |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We analyze the results of our business through the following reportable segments: GMNA, GMI, Cruise and GM Financial. The chief operating decision maker evaluates the operating results and performance of our automotive segments and Cruise through earnings before interest and income taxes (EBIT)-adjusted, which is presented net of noncontrolling interests. The chief operating decision maker evaluates GM Financial through earnings before income taxes (EBT)-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment. Each segment has a manager responsible for executing our strategic initiatives. While not all vehicles within a segment are individually profitable on a fully allocated cost basis, those vehicles attract customers to dealer showrooms and help maintain sales volumes for other, more profitable vehicles and contribute towards meeting required fuel efficiency standards. As a result of these and other factors, we do not manage our business on an individual brand or vehicle basis. Substantially all of the trucks, crossovers, cars and automobile parts produced are marketed through retail dealers in North America and through distributors and dealers outside of North America, the substantial majority of which are independently owned. In addition to the products sold to dealers for consumer retail sales, trucks, crossovers and cars are also sold to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies and governments. Fleet sales are completed through the dealer network and in some cases directly with fleet customers. Retail and fleet customers can obtain a wide range of after-sale vehicle services and products through the dealer network, such as maintenance, light repairs, collision repairs, vehicle accessories and extended service warranties. GMNA meets the demands of customers in North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet and GMC brands. GMI primarily meets the demands of customers outside North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet, GMC and Holden brands. We also have equity ownership stakes in entities that meet the demands of customers in other countries, primarily China, with vehicles developed, manufactured and/or marketed under the Baojun, Buick, Cadillac, Chevrolet and Wuling brands. Cruise is our global segment responsible for the development and commercialization of autonomous vehicle technology, and includes autonomous vehicle-related engineering and other costs. Our automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain nonsegment-specific revenues and expenses are recorded centrally in Corporate. Corporate assets primarily consist of cash and cash equivalents, marketable debt securities, PSA warrants and intercompany balances. Retained net underfunded pension liabilities related to the European Business are also recorded in Corporate. All intersegment balances and transactions have been eliminated in consolidation. The following tables summarize key financial information by segment: At and For the Three Months Ended September 30, 2020 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 29,128 $ 2,735 $ 203 $ 32,066 $ 26 $ 3,421 $ (33) $ 35,480 Earnings (loss) before interest and taxes-adjusted $ 4,366 $ 10 $ (87) $ 4,289 $ (204) $ 1,207 $ (8) $ 5,284 Adjustments(a) $ — $ (76) $ — $ (76) $ — $ — $ — (76) Automotive interest income 51 Automotive interest expense (327) Net (loss) attributable to noncontrolling interests (27) Income before income taxes 4,905 Income tax expense (887) Net income 4,018 Net loss attributable to noncontrolling interests 27 Net income attributable to stockholders $ 4,045 Equity in net assets of nonconsolidated affiliates $ 187 $ 6,374 $ — $ — $ 6,561 $ — $ 1,485 $ — $ 8,046 Goodwill and intangibles $ 2,372 $ 811 $ 1 $ — $ 3,184 $ 724 $ 1,337 $ — $ 5,245 Total assets $ 111,426 $ 22,365 $ 45,059 $ (50,609) $ 128,241 $ 3,815 $ 108,926 $ (1,311) $ 239,671 Depreciation and amortization $ 1,182 $ 146 $ 5 $ — $ 1,333 $ 11 $ 1,814 $ — $ 3,158 Impairment charges $ — $ 4 $ — $ — $ 4 $ — $ — $ — $ 4 Equity income $ 4 $ 259 $ — $ — $ 263 $ — $ 46 $ — $ 309 __________ (a) Consists of restructuring and other charges primarily in Thailand. At and For the Three Months Ended September 30, 2019 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 27,971 $ 3,794 $ 52 $ 31,817 $ 25 $ 3,659 $ (28) $ 35,473 Earnings (loss) before interest and taxes-adjusted $ 3,023 $ (65) $ (451) $ 2,507 $ (251) $ 711 $ (1) $ 2,966 Adjustments(a) $ (359) $ 92 $ — $ (267) $ — $ — $ — (267) Automotive interest income 129 Automotive interest expense (206) Net (loss) attributable to noncontrolling interests (40) Income before income taxes 2,582 Income tax expense (271) Net income 2,311 Net loss attributable to noncontrolling interests 40 Net income attributable to stockholders $ 2,351 Equity in net assets of nonconsolidated affiliates $ 85 $ 7,024 $ 6 $ — $ 7,115 $ — $ 1,381 $ — $ 8,496 Goodwill and intangibles $ 2,488 $ 896 $ 1 $ — $ 3,385 $ 670 $ 1,353 $ — $ 5,408 Total assets $ 115,995 $ 25,562 $ 34,309 $ (56,381) $ 119,485 $ 4,406 $ 109,099 $ (1,461) $ 231,529 Depreciation and amortization $ 1,325 $ 133 $ 11 $ — $ 1,469 $ 7 $ 1,832 $ — $ 3,308 Impairment charges $ — $ 1 $ — $ — $ 1 $ — $ — $ — $ 1 Equity income (loss) $ 3 $ 279 $ (6) $ — $ 276 $ — $ 39 $ — $ 315 __________ (a) Consists of restructuring and other charges related to transformation activities of $390 million, primarily in GMNA and a benefit of $123 million related to the retrospective recoveries of indirect taxes in Brazil in GMI. At and For the Nine Months Ended September 30, 2020 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 66,563 $ 7,692 $ 321 $ 74,576 $ 79 $ 10,405 $ (93) $ 84,967 Earnings (loss) before interest and taxes-adjusted $ 6,459 $ (811) $ (680) $ 4,968 $ (627) $ 1,663 $ (6) $ 5,998 Adjustments(a) $ — $ (657) $ — $ (657) $ — $ — $ — (657) Automotive interest income 195 Automotive interest expense (823) Net (loss) attributable to noncontrolling interests (57) Income before income taxes 4,656 Income tax expense (1,132) Net income 3,524 Net loss attributable to noncontrolling interests 57 Net income attributable to stockholders $ 3,581 Depreciation and amortization $ 3,536 $ 461 $ 20 $ — $ 4,017 $ 30 $ 5,567 $ — $ 9,614 Impairment charges $ 20 $ 101 $ — $ — $ 121 $ — $ — $ — $ 121 Equity income $ 15 $ 261 $ — $ — $ 276 $ — $ 113 $ — $ 389 __________ (a) Consists of restructuring and other charges primarily in Australia, Thailand and New Zealand. At and For the Nine Months Ended September 30, 2019 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 83,660 $ 11,691 $ 152 $ 95,503 $ 75 $ 10,918 $ (85) $ 106,411 Earnings (loss) before interest and taxes-adjusted $ 7,941 $ (82) $ (461) $ 7,398 $ (699) $ 1,606 $ (17) $ 8,288 Adjustments(a) $ (1,478) $ 1,299 $ (2) $ (181) $ — $ — $ — (181) Automotive interest income 333 Automotive interest expense (582) Net (loss) attributable to noncontrolling interests (67) Income before income taxes 7,791 Income tax expense (932) Net income 6,859 Net loss attributable to noncontrolling interests 67 Net income attributable to stockholders $ 6,926 Depreciation and amortization $ 4,803 $ 379 $ 36 $ — $ 5,218 $ 16 $ 5,579 $ — $ 10,813 Impairment charges $ 15 $ 4 $ — $ — $ 19 $ — $ — $ — $ 19 Equity income (loss) $ 7 $ 886 $ (19) $ — $ 874 $ — $ 126 $ — $ 1,000 _________ (a) Consists of restructuring and other charges related to transformation activities of $1.5 billion, primarily in GMNA and a benefit of $1.4 billion related to the retrospective recoveries of indirect taxes in Brazil in GMI. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Basis of Accounting | The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. GAAP pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2019 Form 10-K. Except for per share amounts or as otherwise specified, dollar amounts presented within tables are stated in millions. |
Principles of Consolidation | Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. Our share of earnings or losses of nonconsolidated affiliates is included in our consolidated operating results using the equity method of accounting when we are able to exercise significant influence over the operating and financial decisions of the affiliate. |
Recently Adopted Accounting Standards and Accounting Standards Not Yet Adopted | Recently Adopted Accounting Standards Effective January 1, 2020, we adopted Accounting Standards Update (ASU) 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" (ASU 2016-13), which requires entities to use a new impairment model based on current expected credit losses (CECL) rather than incurred losses. Estimated credit losses under CECL consider relevant information about past events, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets, resulting in recognition of lifetime expected credit losses at initial recognition of the related asset. We adopted ASU 2016-13 on a modified retrospective basis by recognizing an after-tax cumulative-effect adjustment to the opening balance of Retained earnings of $660 million, inclusive of $643 million related to GM Financial. The application of ASU 2016-13 increased our allowance for loan losses related to GM Financial receivables, net by $801 million and had an insignificant impact to our allowance for credit losses for Accounts and notes receivable and no adoption impact to Marketable debt securities on our condensed consolidated balance sheets. In March 2020, the Financial Accounting Standards Board issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (ASU 2020-04), which provides optional expedients and exceptions for applying U.S. GAAP if certain criteria are met to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued. We do not believe the discontinuance of LIBOR will be a significant event for our Automotive arrangements. A substantial portion of GM Financial’s indebtedness bears interest at variable interest rates, primarily based on USD-LIBOR. Effective July 1, 2020, we adopted ASU 2020-04 on a prospective basis. The adoption of, and future elections under, ASU 2020-04 are not expected to have a material impact on our condensed consolidated financial statements as the standard will ease, if warranted, the requirements for accounting for the future effects of the rate reform. We continue to monitor the impact the discontinuance of LIBOR or another reference rate will have on GM Financial's contracts, hedging relationships and other transactions. |
Marketable Debt Securities | Marketable Debt Securities We classify marketable debt securities as either available-for-sale or trading. Various factors, including turnover of holdings and investment guidelines, are considered in determining the classification of securities. Available-for-sale debt securities are recorded at fair value with unrealized gains, and losses that are not credit related, recorded net of applicable taxes 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 on available-for-sale debt securities is related to credit losses or whether any unrealized losses recorded in Accumulated other comprehensive loss need 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. |
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 and reported in Automotive and other selling, general and administrative expense. |
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. Troubled debt restructurings (TDRs) are grouped separately for purposes of measuring the allowance. The allowance for TDRs uses static pool modeling techniques like non-TDR retail finance receivables to determine the expected loss amount. The expected cash flows of the receivables are then discounted at the original weighted average effective interest rate of the pool. Factors considered when estimating the allowance for TDRs are based on an evaluation of historical and current information, which may be supplemented by management judgment. Finance charge income from loans classified as TDRs is accounted for in the same manner as other accruing loans. Cash collections on these loans are allocated according to the same payment hierarchy methodology applied to loans that are not classified as TDRs. Commercial finance receivables are carried at amortized cost, net of allowance for loan losses and any amounts held under a cash management program. GM Financial establishes the allowance for loan losses based on historical loss experience, as well as the forecast for industry vehicle sales, which is the economic indicator believed to have the largest impact on expected losses. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue by Major Source | The following table disaggregates our revenue by major source: Three Months Ended September 30, 2020 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 28,143 $ 2,513 $ — $ 30,656 $ — $ — $ — $ 30,656 Used vehicles 185 23 6 214 — — — 214 Services and other 800 199 197 1,196 26 — (25) 1,197 Automotive net sales and revenue 29,128 2,735 203 32,066 26 — (25) 32,067 Leased vehicle income — — — — — 2,354 — 2,354 Finance charge income — — — — — 999 — 999 Other income — — — — — 68 (8) 60 GM Financial net sales and revenue — — — — — 3,421 (8) 3,413 Net sales and revenue $ 29,128 $ 2,735 $ 203 $ 32,066 $ 26 $ 3,421 $ (33) $ 35,480 Three Months Ended September 30, 2019 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 26,825 $ 3,519 $ — $ 30,344 $ — $ — $ — $ 30,344 Used vehicles 345 31 — 376 — — — 376 Services and other 801 244 52 1,097 25 — (25) 1,097 Automotive net sales and revenue 27,971 3,794 52 31,817 25 — (25) 31,817 Leased vehicle income — — — — — 2,515 — 2,515 Finance charge income — — — — — 1,043 (2) 1,041 Other income — — — — — 101 (1) 100 GM Financial net sales and revenue — — — — — 3,659 (3) 3,656 Net sales and revenue $ 27,971 $ 3,794 $ 52 $ 31,817 $ 25 $ 3,659 $ (28) $ 35,473 Nine Months Ended September 30, 2020 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 63,569 $ 6,950 $ — $ 70,519 $ — $ — $ — $ 70,519 Used vehicles 683 65 16 764 — — — 764 Services and other 2,311 677 305 3,293 79 — (75) 3,297 Automotive net sales and revenue 66,563 7,692 321 74,576 79 — (75) 74,580 Leased vehicle income — — — — — 7,203 — 7,203 Finance charge income — — — — — 2,971 (1) 2,970 Other income — — — — — 231 (17) 214 GM Financial net sales and revenue — — — — — 10,405 (18) 10,387 Net sales and revenue $ 66,563 $ 7,692 $ 321 $ 74,576 $ 79 $ 10,405 $ (93) $ 84,967 Nine Months Ended September 30, 2019 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 79,763 $ 10,830 $ — $ 90,593 $ — $ — $ — $ 90,593 Used vehicles 1,549 95 — 1,644 — — — 1,644 Services and other 2,348 766 152 3,266 75 — (75) 3,266 Automotive net sales and revenue 83,660 11,691 152 95,503 75 — (75) 95,503 Leased vehicle income — — — — — 7,536 — 7,536 Finance charge income — — — — — 3,038 (6) 3,032 Other income — — — — — 344 (4) 340 GM Financial net sales and revenue — — — — — 10,918 (10) 10,908 Net sales and revenue $ 83,660 $ 11,691 $ 152 $ 95,503 $ 75 $ 10,918 $ (85) $ 106,411 |
Marketable and Other Securiti_2
Marketable and Other Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Marketable Securities [Abstract] | |
Schedule of Fair Value of Cash Equivalents and Marketable Securities | The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost: Fair Value Level September 30, 2020 December 31, 2019 Cash and cash equivalents Cash and time deposits(a) $ 11,542 $ 6,828 Available-for-sale debt securities U.S. government and agencies 2 4,600 1,484 Corporate debt 2 5,517 5,863 Sovereign debt 2 2,697 2,123 Total available-for-sale debt securities – cash equivalents 12,814 9,470 Money market funds 1 2,583 2,771 Total cash and cash equivalents(b) $ 26,939 $ 19,069 Marketable debt securities U.S. government and agencies 2 $ 3,042 $ 226 Corporate debt 2 3,798 2,932 Mortgage and asset-backed 2 628 681 Sovereign debt 2 2,494 335 Total available-for-sale debt securities – marketable securities(c) $ 9,962 $ 4,174 Restricted cash Cash and cash equivalents $ 248 $ 292 Money market funds 1 2,669 3,582 Total restricted cash $ 2,917 $ 3,874 Available-for-sale debt securities included above with contractual maturities(d) Due in one year or less $ 19,357 Due between one and five years 2,791 Total available-for-sale debt securities with contractual maturities $ 22,148 ___ _______ (a) Includes $248 million designated exclusively to fund capital expenditures in GM Korea Company (GM Korea) at December 31, 2019. No amount was designated exclusively to fund GM Korea capital expenditures at September 30, 2020. (b) Includes $539 million and $2.3 billion in Cruise at September 30, 2020 and December 31, 2019. (c) Includes $1.4 billion and $266 million in Cruise at September 30, 2020 and December 31, 2019. (d) Excludes mortgage- and asset-backed securities of $628 million at September 30, 2020 as these securities are not due at a single maturity |
Investments Classified by Contractual Maturity Date | The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost: Fair Value Level September 30, 2020 December 31, 2019 Cash and cash equivalents Cash and time deposits(a) $ 11,542 $ 6,828 Available-for-sale debt securities U.S. government and agencies 2 4,600 1,484 Corporate debt 2 5,517 5,863 Sovereign debt 2 2,697 2,123 Total available-for-sale debt securities – cash equivalents 12,814 9,470 Money market funds 1 2,583 2,771 Total cash and cash equivalents(b) $ 26,939 $ 19,069 Marketable debt securities U.S. government and agencies 2 $ 3,042 $ 226 Corporate debt 2 3,798 2,932 Mortgage and asset-backed 2 628 681 Sovereign debt 2 2,494 335 Total available-for-sale debt securities – marketable securities(c) $ 9,962 $ 4,174 Restricted cash Cash and cash equivalents $ 248 $ 292 Money market funds 1 2,669 3,582 Total restricted cash $ 2,917 $ 3,874 Available-for-sale debt securities included above with contractual maturities(d) Due in one year or less $ 19,357 Due between one and five years 2,791 Total available-for-sale debt securities with contractual maturities $ 22,148 ___ _______ (a) Includes $248 million designated exclusively to fund capital expenditures in GM Korea Company (GM Korea) at December 31, 2019. No amount was designated exclusively to fund GM Korea capital expenditures at September 30, 2020. (b) Includes $539 million and $2.3 billion in Cruise at September 30, 2020 and December 31, 2019. (c) Includes $1.4 billion and $266 million in Cruise at September 30, 2020 and December 31, 2019. (d) Excludes mortgage- and asset-backed securities of $628 million at September 30, 2020 as these securities are not due at a single maturity |
Reconciliation of Cash, Cash Equivalents and Restricted Cash from Balance Sheet to Statements of Cash Flows | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet to the total shown in the condensed consolidated statement of cash flows: September 30, 2020 Cash and cash equivalents $ 26,939 Restricted cash included in Other current assets 2,419 Restricted cash included in Other assets 498 Total $ 29,856 |
GM Financial Receivables and _2
GM Financial Receivables and Transactions (Tables) - GM Financial [Member] | 9 Months Ended |
Sep. 30, 2020 | |
Finance Receivables [Line Items] | |
GM Financial Receivables | September 30, 2020 December 31, 2019 Retail Commercial(a) Total Retail Commercial(a) Total GM Financial receivables, net of fees $ 48,694 $ 8,062 $ 56,756 $ 42,229 $ 11,671 $ 53,900 Less: allowance for loan losses (1,936) (67) (2,003) (866) (78) (944) GM Financial receivables, net $ 46,758 $ 7,995 $ 54,753 $ 41,363 $ 11,593 $ 52,956 Fair value of GM Financial receivables utilizing Level 2 inputs $ 7,995 $ 11,593 Fair value of GM Financial receivables utilizing Level 3 inputs $ 48,972 $ 41,973 __________ (a) Net of dealer cash management balances of $1.4 billion and $1.2 billion at September 30, 2020 and December 31, 2019. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on its floorplan line by making principal payments to GM Financial in advance. |
Allowance for Loan Losses | Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Allowance for loan losses at beginning of period $ 2,111 $ 957 $ 944 $ 911 Impact of adoption ASU 2016-13 — — 801 — Provision for loan losses 31 150 824 504 Charge-offs (282) (300) (895) (888) Recoveries 136 134 383 411 Effect of foreign currency 7 (8) (54) (5) Allowance for loan losses at end of period $ 2,003 $ 933 $ 2,003 $ 933 |
Intercompany Transactions | The following table shows transactions between our Automotive segments and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income. September 30, 2020 December 31, 2019 Condensed Consolidated Balance Sheets(a) Commercial finance receivables, net due from GM consolidated dealers $ 399 $ 478 Subvention receivable(b) $ 566 $ 676 Commercial loan funding payable $ 75 $ 74 Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Condensed Consolidated Statements of Income Interest subvention earned on finance receivables $ 178 $ 153 $ 496 $ 448 Leased vehicle subvention earned $ 749 $ 814 $ 2,319 $ 2,467 __________ (a) All balance sheet amounts are eliminated upon consolidation. (b) Cash paid by Automotive segments to GM Financial for subvention was $943 million and $1.0 billion i n the three months ended September 30, 2020 and 2019 a nd $3.0 billion and $3.1 billion in the nine months ended September 30, 2020 and 2019. |
Retail Finance Receivables [Member] | |
Finance Receivables [Line Items] | |
Finance Receivables Credit Quality | A summary of the amortized cost of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the retail finance receivables portfolio at September 30, 2020 is as follows: Year of Origination September 30, 2020 December 31, 2019 2020 2019 2018 2017 2016 2015 Prior Total Percent Total Percent Prime – FICO score 680 and greater $ 14,746 $ 8,064 $ 5,295 $ 2,348 $ 744 $ 177 $ 5 $ 31,379 64.4 % $ 25,400 60.1 % Near-prime – FICO score 620 to 679 2,725 2,293 1,392 712 280 103 15 7,520 15.5 % 6,862 16.3 % Sub-prime – FICO score less than 620 2,701 2,922 1,785 1,265 707 311 104 9,795 20.1 % 9,967 23.6 % Retail finance receivables, net of fees $ 20,172 $ 13,279 $ 8,472 $ 4,325 $ 1,731 $ 591 $ 124 $ 48,694 100.0 % $ 42,229 100.0 % |
Retail Finance Receivables Delinquency | The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at September 30, 2020: Year of Origination September 30, 2020 September 30, 2019 2020 2019 2018 2017 2016 2015 Prior Total Percent Total(a) Percent Current $ 19,962 $ 12,848 $ 8,142 $ 4,083 $ 1,580 $ 513 $ 93 $ 47,221 97.0 % 31-to-60 days 147 294 227 167 102 53 19 1,009 2.1 % $ 1,252 3.0 % Greater-than-60 days 57 122 92 69 45 23 11 419 0.8 % 514 1.2 % Finance receivables more than 30 days delinquent 204 416 319 236 147 76 30 1,428 2.9 % 1,766 4.2 % In repossession 6 15 11 6 4 2 1 45 0.1 % 48 0.1 % Finance receivables more than 30 days delinquent or in repossession 210 431 330 242 151 78 31 1,473 3.0 % $ 1,814 4.3 % Retail finance receivables, net of fees $ 20,172 $ 13,279 $ 8,472 $ 4,325 $ 1,731 $ 591 $ 124 $ 48,694 100.0 % __________ (a) Represents the contractual amounts of delinquent retail finance receivables, which is not significantly different than the outstanding amortized cost for such receivables. |
Commercial Finance Receivables [Member] | |
Finance Receivables [Line Items] | |
Finance Receivables Credit Quality | The following table summarizes the credit risk profile by dealer risk rating of commercial finance receivables at September 30, 2020: Year of Origination(a) September 30, 2020 Revolving 2020 2019 2018 2017 2016 2015 Prior Total Percent I $ 6,468 $ 355 $ 177 $ 73 $ 98 $ 93 $ 38 $ — $ 7,302 90.6 % II 411 1 7 3 3 13 13 22 473 5.9 % III 227 — 9 29 2 11 1 — 279 3.4 % IV 4 — — — — — 4 — 8 0.1 % Commercial finance receivables, net of fees $ 7,110 $ 356 $ 193 $ 105 $ 103 $ 117 $ 56 $ 22 $ 8,062 100.0 % __________ (a) Floorplan advances comprise 98% of the total revolving balance. Dealer term loans are presented by year of origination. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | September 30, 2020 December 31, 2019 Total productive material, supplies and work in process $ 5,311 $ 4,713 Finished product, including service parts 5,623 5,685 Total inventories $ 10,934 $ 10,398 |
Equipment on Operating Leases (
Equipment on Operating Leases (Tables) - Vehicles [Member] | 9 Months Ended |
Sep. 30, 2020 | |
Lessor, Lease, Description [Line Items] | |
Schedule of Property Subject to or Available for Operating Lease | September 30, 2020 December 31, 2019 Equipment on operating leases $ 49,993 $ 53,081 Less: accumulated depreciation (10,635) (10,989) Equipment on operating leases, net $ 39,358 $ 42,092 |
GM Financial [Member] | |
Lessor, Lease, Description [Line Items] | |
Schedule of Future Rental Payments Receivable for Operating Leases | The following table summarizes lease payments due to GM Financial on leases to retail customers: Year Ending December 31, 2020 2021 2022 2023 2024 Thereafter Total Lease receipts under operating leases $ 1,714 $ 5,548 $ 3,108 $ 865 $ 52 $ 1 $ 11,288 |
Equity In Net Assets of Nonco_2
Equity In Net Assets of Nonconsolidated Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Income | Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Automotive China equity income $ 262 $ 282 $ 264 $ 893 Other joint ventures equity income 47 33 125 107 Total Equity income $ 309 $ 315 $ 389 $ 1,000 |
Summarized Financial Data for Nonconsolidated Affiliates | Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Summarized Operating Data of Automotive China JVs Automotive China JVs' net sales $ 11,029 $ 9,695 $ 24,589 $ 28,843 Automotive China JVs' net income $ 535 $ 455 $ 749 $ 1,721 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
GM Financial [Member] | Consolidated VIE [Member] | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs: September 30, 2020 December 31, 2019 Restricted cash – current $ 2,316 $ 2,202 Restricted cash – non-current $ 409 $ 441 GM Financial receivables, net of fees – current $ 15,188 $ 19,081 GM Financial receivables, net of fees – non-current $ 13,291 $ 15,921 GM Financial equipment on operating leases, net $ 16,594 $ 14,464 GM Financial short-term debt and current portion of long-term debt $ 18,729 $ 23,952 GM Financial long-term debt $ 16,746 $ 15,819 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Instrument [Line Items] | |
Schedule of maturities of long-term debt | The following table summarizes contractual maturities including finance leases at September 30, 2020: Automotive Automotive Financing Total 2020 (October 1, 2020 to December 31, 2020) $ 526 $ 10,569 $ 11,095 2021 1,783 27,835 29,618 2022 113 17,198 17,311 2023(a) 13,002 12,255 25,257 2024 71 6,966 7,037 2025 2,558 6,307 8,865 Thereafter 11,203 7,233 18,436 $ 29,256 $ 88,363 $ 117,619 __________ (a) $3.9 billion of the Automotive amount shown has been repaid on our five-year, $10.5 billion facility in October 2020. |
Automotive [Member] | |
Debt Instrument [Line Items] | |
Debt carrying amount and fair value | The following table presents debt in our automotive operations: September 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 191 $ 190 $ 167 $ 165 Unsecured debt 28,194 30,961 13,909 15,247 Finance lease liabilities 359 383 310 516 Total automotive debt(a) $ 28,744 $ 31,534 $ 14,386 $ 15,928 Fair value utilizing Level 1 inputs $ 18,294 $ 13,628 Fair value utilizing Level 2 inputs $ 13,240 $ 2,300 Available under credit facility agreements(b) $ 7,585 $ 17,285 Weighted-average interest rate on outstanding short-term debt(c) 3.4 % 4.9 % Weighted-average interest rate on outstanding long-term debt(c) 3.9 % 5.4 % __________ (a) Includes net discount and debt issuance costs of $512 million and $540 million at September 30, 2020 and December 31, 2019. (b) Excludes our 364-day, $2.0 billion facility designated for exclusive use by GM Financial. (c) Includes coupon rates on debt denominated in various foreign currencies and interest free loans. |
GM Financial [Member] | |
Debt Instrument [Line Items] | |
Debt carrying amount and fair value | The following table presents debt of GM Financial: September 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 35,671 $ 36,108 $ 39,959 $ 40,160 Unsecured debt 53,151 54,226 48,979 50,239 Total GM Financial debt $ 88,822 $ 90,334 $ 88,938 $ 90,399 Fair value utilizing Level 2 inputs $ 88,768 $ 88,481 Fair value utilizing Level 3 inputs $ 1,566 $ 1,918 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative [Line Items] | |
Schedule of Cumulative Basis Adjustments for Fair Value Hedges | The following amounts were recorded in the condensed consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships: September 30, 2020 December 31, 2019 Carrying Amount of Hedged Items Cumulative Amount of Fair Value Hedging Adjustments(a) Carrying Amount of Hedged Items Cumulative Amount of Fair Value Hedging Adjustments(a) GM Financial unsecured debt $ 24,275 $ (713) $ 20,397 $ (77) __________ (a) Includes $197 million of unamortized gains and an insignificant amount of amortization remaining on hedged items for which hedge accounting has been discontinued at September 30, 2020 and December 31, 2019. |
Automotive [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts for Derivative Financial Instruments | The following table presents the notional amounts of derivative financial instruments in our automotive operations: Fair Value Level September 30, 2020 December 31, 2019 Derivatives not designated as hedges(a) Foreign currency 2 $ 2,830 $ 5,075 Commodity 2 291 806 PSA warrants(b) 2 47 45 Total derivative financial instruments $ 3,168 $ 5,926 __________ (a) The fair value of these derivative instruments at September 30, 2020 and December 31, 2019 and the gains/losses included in our condensed consolidated income statements for the three and nine months ended September 30, 2020 and 2019 were insignificant, unless otherwise noted. (b) The fair value of the warrants issued by Peugeot, S.A. (PSA Group) included in Other assets was $735 million and $964 million at September 30, 2020 and December 31, 2019. We recorded gains in Interest income and other non-operating income, net of $76 million and $51 million in the three months ended September 30, 2020 and 2019 and losses of $227 million and gains of $222 million in the nine months ended September 30, 2020 and 2019. |
GM Financial [Member] | |
Derivative [Line Items] | |
Schedule of Notional Amounts for Derivative Financial Instruments | The following table presents the gross fair value amounts of GM Financial's derivative financial instruments and the associated notional amounts: Fair Value Level September 30, 2020 December 31, 2019 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 $ 10,050 $ 496 $ 2 $ 9,458 $ 234 $ 23 Foreign currency swaps 2 1,876 77 39 1,796 22 71 Cash flow hedges Interest rate swaps 2 914 — 28 590 — 6 Foreign currency swaps 2 5,365 98 138 4,429 40 119 Derivatives not designated as hedges(a) Interest rate contracts 2 110,059 1,023 692 92,400 340 300 Total derivative financial instruments(b) $ 128,264 $ 1,694 $ 899 $ 108,673 $ 636 $ 519 __________ (a) The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three and nine months ended September 30, 2020 and 2019 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities. (b) GM Financial held $779 million and $210 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted $195 million and an insignificant amount of collateral to counterparties available for netting against GM Financial's liability positions at September 30, 2020 and December 31, 2019. |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued and other liabilities | September 30, 2020 December 31, 2019 Accrued liabilities Dealer and customer allowances, claims and discounts $ 7,924 $ 10,402 Deferred revenue 3,054 3,234 Product warranty and related liabilities 2,654 2,987 Payrolls and employee benefits excluding postemployment benefits 2,011 1,969 Other 8,273 7,895 Total accrued liabilities $ 23,916 $ 26,487 Other liabilities Deferred revenue $ 2,635 $ 2,962 Product warranty and related liabilities 4,501 4,811 Operating lease liabilities 951 1,010 Employee benefits excluding postemployment benefits 907 704 Postemployment benefits including facility idling reserves 617 633 Other 2,813 3,026 Total other liabilities $ 12,424 $ 13,146 |
Schedule of policy, product warranty and recall campaigns | Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Product Warranty and Related Liabilities Warranty balance at beginning of period $ 7,040 $ 7,439 $ 7,798 $ 7,590 Warranties issued and assumed in period – recall campaigns 249 357 407 609 Warranties issued and assumed in period – product warranty 523 500 1,241 1,556 Payments (727) (754) (2,260) (2,214) Adjustments to pre-existing warranties 53 101 33 79 Effect of foreign currency and other 17 (34) (64) (11) Warranty balance at end of period $ 7,155 $ 7,609 $ 7,155 $ 7,609 |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Pension and OPEB (Income) Expense | Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 63 $ 41 $ 5 $ 99 $ 38 $ 4 Interest cost 429 92 43 566 148 54 Expected return on plan assets (816) (174) — (871) (240) — Amortization of prior service cost (credit) (1) 2 (1) (1) 2 (3) Amortization of net actuarial losses 4 44 18 2 31 7 Curtailments, settlements and other — 15 — — 119 — Net periodic pension and OPEB (income) expense $ (321) $ 20 $ 65 $ (205) $ 98 $ 62 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 188 $ 107 $ 14 $ 295 $ 102 $ 12 Interest cost 1,287 271 130 1,698 386 163 Expected return on plan assets (2,449) (507) — (2,610) (627) — Amortization of prior service cost (credit) (3) 5 (5) (3) 4 (10) Amortization of net actuarial losses 12 126 55 8 90 22 Curtailments, settlements and other — 15 — — 119 — Net periodic pension and OPEB (income) expense $ (965) $ 17 $ 194 $ (612) $ 74 $ 187 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Transactions with PSA | The following table summarizes transactions with the Opel/Vauxhall Business: Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Net sales and revenue(a) $ 33 $ 140 $ 94 $ 1,008 Purchases and expenses(a) $ 74 $ 243 $ 278 $ 648 Cash payments(b) $ 564 $ 762 Cash receipts(b) $ 212 $ 1,223 __________ (a) Included in Net income. (b) Included in Net cash provided by operating activities. |
Restructuring and Other Initi_2
Restructuring and Other Initiatives (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserves and Charges | The following table summarizes the reserves and charges related to restructuring and other initiatives, including postemployment benefit reserves and charges: Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Balance at beginning of period $ 480 $ 919 $ 564 $ 1,122 Additions, interest accretion and other 80 211 334 499 Payments (185) (162) (523) (645) Revisions to estimates and effect of foreign currency (32) (30) (32) (38) Balance at end of period $ 343 $ 938 $ 343 $ 938 |
Stockholders' Equity and Nonc_2
Stockholders' Equity and Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the significant components of Accumulated other comprehensive loss: Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Foreign Currency Translation Adjustments Balance at beginning of period $ (3,192) $ (2,078) $ (2,277) $ (2,250) Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b) 49 (341) (866) (169) Balance at end of period $ (3,143) $ (2,419) $ (3,143) $ (2,419) Defined Benefit Plans Balance at beginning of period $ (8,579) $ (6,695) $ (8,857) $ (6,737) Other comprehensive income (loss) before reclassification adjustment, net of tax(b) (177) 80 (11) 51 Reclassification adjustment, net of tax(b) 62 40 174 111 Other comprehensive income (loss), net of tax(b) (115) 120 163 162 Balance at end of period(c) $ (8,694) $ (6,575) $ (8,694) $ (6,575) __________ (a) The noncontrolling interests and reclassification adj ustment were insignificant in the three and nine months ended September 30, 2020 and 2019. (b) The income tax effect was insignificant in the three and nine months ended September 30, 2020 and 2019. (c) Primarily consists of unamortized actuarial loss on ou r defined benefit plans. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Basic and Diluted | Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Basic earnings per share Net income attributable to stockholders $ 4,045 $ 2,351 $ 3,581 $ 6,926 Less: cumulative dividends on subsidiary preferred stock (40) (38) (135) (113) Net income attributable to common stockholders $ 4,005 $ 2,313 $ 3,446 $ 6,813 Weighted-average common shares outstanding 1,432 1,428 1,432 1,422 Basic earnings per common share $ 2.80 $ 1.62 $ 2.41 $ 4.79 Diluted earnings per share Net income attributable to common stockholders – diluted $ 4,005 $ 2,313 $ 3,446 $ 6,813 Weighted-average common shares outstanding – basic 1,432 1,428 1,432 1,422 Dilutive effect of awards under stock incentive plans 7 14 7 17 Weighted-average common shares outstanding – diluted 1,439 1,442 1,439 1,439 Diluted earnings per common share $ 2.78 $ 1.60 $ 2.40 $ 4.74 Potentially dilutive securities(a) 31 7 31 7 __________ |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables summarize key financial information by segment: At and For the Three Months Ended September 30, 2020 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 29,128 $ 2,735 $ 203 $ 32,066 $ 26 $ 3,421 $ (33) $ 35,480 Earnings (loss) before interest and taxes-adjusted $ 4,366 $ 10 $ (87) $ 4,289 $ (204) $ 1,207 $ (8) $ 5,284 Adjustments(a) $ — $ (76) $ — $ (76) $ — $ — $ — (76) Automotive interest income 51 Automotive interest expense (327) Net (loss) attributable to noncontrolling interests (27) Income before income taxes 4,905 Income tax expense (887) Net income 4,018 Net loss attributable to noncontrolling interests 27 Net income attributable to stockholders $ 4,045 Equity in net assets of nonconsolidated affiliates $ 187 $ 6,374 $ — $ — $ 6,561 $ — $ 1,485 $ — $ 8,046 Goodwill and intangibles $ 2,372 $ 811 $ 1 $ — $ 3,184 $ 724 $ 1,337 $ — $ 5,245 Total assets $ 111,426 $ 22,365 $ 45,059 $ (50,609) $ 128,241 $ 3,815 $ 108,926 $ (1,311) $ 239,671 Depreciation and amortization $ 1,182 $ 146 $ 5 $ — $ 1,333 $ 11 $ 1,814 $ — $ 3,158 Impairment charges $ — $ 4 $ — $ — $ 4 $ — $ — $ — $ 4 Equity income $ 4 $ 259 $ — $ — $ 263 $ — $ 46 $ — $ 309 __________ (a) Consists of restructuring and other charges primarily in Thailand. At and For the Three Months Ended September 30, 2019 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 27,971 $ 3,794 $ 52 $ 31,817 $ 25 $ 3,659 $ (28) $ 35,473 Earnings (loss) before interest and taxes-adjusted $ 3,023 $ (65) $ (451) $ 2,507 $ (251) $ 711 $ (1) $ 2,966 Adjustments(a) $ (359) $ 92 $ — $ (267) $ — $ — $ — (267) Automotive interest income 129 Automotive interest expense (206) Net (loss) attributable to noncontrolling interests (40) Income before income taxes 2,582 Income tax expense (271) Net income 2,311 Net loss attributable to noncontrolling interests 40 Net income attributable to stockholders $ 2,351 Equity in net assets of nonconsolidated affiliates $ 85 $ 7,024 $ 6 $ — $ 7,115 $ — $ 1,381 $ — $ 8,496 Goodwill and intangibles $ 2,488 $ 896 $ 1 $ — $ 3,385 $ 670 $ 1,353 $ — $ 5,408 Total assets $ 115,995 $ 25,562 $ 34,309 $ (56,381) $ 119,485 $ 4,406 $ 109,099 $ (1,461) $ 231,529 Depreciation and amortization $ 1,325 $ 133 $ 11 $ — $ 1,469 $ 7 $ 1,832 $ — $ 3,308 Impairment charges $ — $ 1 $ — $ — $ 1 $ — $ — $ — $ 1 Equity income (loss) $ 3 $ 279 $ (6) $ — $ 276 $ — $ 39 $ — $ 315 __________ (a) Consists of restructuring and other charges related to transformation activities of $390 million, primarily in GMNA and a benefit of $123 million related to the retrospective recoveries of indirect taxes in Brazil in GMI. At and For the Nine Months Ended September 30, 2020 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 66,563 $ 7,692 $ 321 $ 74,576 $ 79 $ 10,405 $ (93) $ 84,967 Earnings (loss) before interest and taxes-adjusted $ 6,459 $ (811) $ (680) $ 4,968 $ (627) $ 1,663 $ (6) $ 5,998 Adjustments(a) $ — $ (657) $ — $ (657) $ — $ — $ — (657) Automotive interest income 195 Automotive interest expense (823) Net (loss) attributable to noncontrolling interests (57) Income before income taxes 4,656 Income tax expense (1,132) Net income 3,524 Net loss attributable to noncontrolling interests 57 Net income attributable to stockholders $ 3,581 Depreciation and amortization $ 3,536 $ 461 $ 20 $ — $ 4,017 $ 30 $ 5,567 $ — $ 9,614 Impairment charges $ 20 $ 101 $ — $ — $ 121 $ — $ — $ — $ 121 Equity income $ 15 $ 261 $ — $ — $ 276 $ — $ 113 $ — $ 389 __________ (a) Consists of restructuring and other charges primarily in Australia, Thailand and New Zealand. At and For the Nine Months Ended September 30, 2019 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 83,660 $ 11,691 $ 152 $ 95,503 $ 75 $ 10,918 $ (85) $ 106,411 Earnings (loss) before interest and taxes-adjusted $ 7,941 $ (82) $ (461) $ 7,398 $ (699) $ 1,606 $ (17) $ 8,288 Adjustments(a) $ (1,478) $ 1,299 $ (2) $ (181) $ — $ — $ — (181) Automotive interest income 333 Automotive interest expense (582) Net (loss) attributable to noncontrolling interests (67) Income before income taxes 7,791 Income tax expense (932) Net income 6,859 Net loss attributable to noncontrolling interests 67 Net income attributable to stockholders $ 6,926 Depreciation and amortization $ 4,803 $ 379 $ 36 $ — $ 5,218 $ 16 $ 5,579 $ — $ 10,813 Impairment charges $ 15 $ 4 $ — $ — $ 19 $ — $ — $ — $ 19 Equity income (loss) $ 7 $ 886 $ (19) $ — $ 874 $ — $ 126 $ — $ 1,000 _________ (a) Consists of restructuring and other charges related to transformation activities of $1.5 billion, primarily in GMNA and a benefit of $1.4 billion related to the retrospective recoveries of indirect taxes in Brazil in GMI. |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Stockholders' equity | $ 48,008 | $ 43,493 | $ 44,317 | $ 45,957 | $ 48,771 | $ 47,089 | $ 44,638 | $ 42,777 | |
Impact of Adoption ASU 2016-13 [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Stockholders' equity | $ (660) | ||||||||
Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | Impact of Adoption ASU 2016-13 [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Stockholders' equity | $ (660) | ||||||||
GM Financial [Member] | Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | Impact of Adoption ASU 2016-13 [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Stockholders' equity | (643) | ||||||||
GM Financial [Member] | Accounting Standards Update 2016-13 [Member] | Credit Losses [Member] | Impact of Adoption ASU 2016-13 [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Stockholders' equity | $ (801) |
Revenue - Major Source (Details
Revenue - Major Source (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | $ 32,067 | $ 31,817 | $ 74,580 | $ 95,503 |
Leased vehicle income | 2,354 | 2,515 | 7,203 | 7,536 |
Finance charge income | 999 | 1,041 | 2,970 | 3,032 |
Other income | 60 | 100 | 214 | 340 |
GM Financial net sales and revenue | 3,413 | 3,656 | 10,387 | 10,908 |
Net sales and revenue | 35,480 | 35,473 | 84,967 | 106,411 |
Operating Segments [Member] | Cruise [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 26 | 25 | 79 | 75 |
Net sales and revenue | 26 | 25 | 79 | 75 |
Operating Segments [Member] | GM Financial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Leased vehicle income | 2,354 | 2,515 | 7,203 | 7,536 |
Finance charge income | 999 | 1,043 | 2,971 | 3,038 |
Other income | 68 | 101 | 231 | 344 |
GM Financial net sales and revenue | 3,421 | 3,659 | 10,405 | 10,918 |
Net sales and revenue | 3,421 | 3,659 | 10,405 | 10,918 |
Eliminations/ Reclassifications [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | (25) | (25) | (75) | (75) |
Leased vehicle income | 0 | 0 | 0 | 0 |
Finance charge income | 0 | (2) | (1) | (6) |
Other income | (8) | (1) | (17) | (4) |
GM Financial net sales and revenue | (8) | (3) | (18) | (10) |
Net sales and revenue | (33) | (28) | (93) | (85) |
Automotive [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 32,067 | 31,817 | 74,580 | 95,503 |
Automotive [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 32,066 | 31,817 | 74,576 | 95,503 |
Net sales and revenue | 32,066 | 31,817 | 74,576 | 95,503 |
Automotive [Member] | Operating Segments [Member] | GMNA [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 29,128 | 27,971 | 66,563 | 83,660 |
Net sales and revenue | 29,128 | 27,971 | 66,563 | 83,660 |
Automotive [Member] | Operating Segments [Member] | GMI [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 2,735 | 3,794 | 7,692 | 11,691 |
Net sales and revenue | 2,735 | 3,794 | 7,692 | 11,691 |
Automotive [Member] | Corporate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 203 | 52 | 321 | 152 |
Net sales and revenue | 203 | 52 | 321 | 152 |
Vehicles and Parts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 30,656 | 30,344 | 70,519 | 90,593 |
Vehicles and Parts [Member] | Eliminations/ Reclassifications [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 0 | 0 | 0 | 0 |
Vehicles and Parts [Member] | Automotive [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 30,656 | 30,344 | 70,519 | 90,593 |
Vehicles and Parts [Member] | Automotive [Member] | Operating Segments [Member] | GMNA [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 28,143 | 26,825 | 63,569 | 79,763 |
Vehicles and Parts [Member] | Automotive [Member] | Operating Segments [Member] | GMI [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 2,513 | 3,519 | 6,950 | 10,830 |
Vehicles and Parts [Member] | Automotive [Member] | Corporate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 0 | 0 | 0 | 0 |
Used Vehicles [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 214 | 376 | 764 | 1,644 |
Used Vehicles [Member] | Eliminations/ Reclassifications [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 0 | 0 | 0 | 0 |
Used Vehicles [Member] | Automotive [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 214 | 376 | 764 | 1,644 |
Used Vehicles [Member] | Automotive [Member] | Operating Segments [Member] | GMNA [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 185 | 345 | 683 | 1,549 |
Used Vehicles [Member] | Automotive [Member] | Operating Segments [Member] | GMI [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 23 | 31 | 65 | 95 |
Used Vehicles [Member] | Automotive [Member] | Corporate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 6 | 0 | 16 | 0 |
Services and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 1,197 | 1,097 | 3,297 | 3,266 |
Services and Other [Member] | Operating Segments [Member] | Cruise [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 26 | 25 | 79 | 75 |
Services and Other [Member] | Eliminations/ Reclassifications [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | (25) | (25) | (75) | (75) |
Services and Other [Member] | Automotive [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 1,196 | 1,097 | 3,293 | 3,266 |
Services and Other [Member] | Automotive [Member] | Operating Segments [Member] | GMNA [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 800 | 801 | 2,311 | 2,348 |
Services and Other [Member] | Automotive [Member] | Operating Segments [Member] | GMI [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | 199 | 244 | 677 | 766 |
Services and Other [Member] | Automotive [Member] | Corporate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Automotive net sales and revenue | $ 197 | $ 52 | $ 305 | $ 152 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |||||
Adjustments to sales incentives | $ 340 | $ 560 | |||
Contract liabilities | 2,300 | $ 2,300 | $ 2,200 | ||
Deferred revenue recognized | 245 | $ 434 | 872 | $ 1,300 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Deferred revenue expected to be recognized | $ 387 | $ 387 | |||
Expected timing of performance obligation | 3 months | 3 months | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Deferred revenue expected to be recognized | $ 839 | $ 839 | |||
Expected timing of performance obligation | 1 year | 1 year | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Deferred revenue expected to be recognized | $ 414 | $ 414 | |||
Expected timing of performance obligation | 1 year | 1 year | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Deferred revenue expected to be recognized | $ 617 | $ 617 | |||
Expected timing of performance obligation |
Marketable and Other Securiti_3
Marketable and Other Securities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Marketable Securities [Line Items] | ||||
Sale proceeds from investments classified as available-for-sale and sold prior to maturity | $ 476 | $ 535 | $ 1,400 | $ 1,600 |
Lyft, Inc. [Member] | Interest Income and Other Non-Operating Income [Member] | Other current assets [Member] | ||||
Marketable Securities [Line Items] | ||||
Unrealized gain (loss) on securities | $ (291) | $ (71) |
Marketable and Other Securiti_4
Marketable and Other Securities - Fair Value of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | $ 22,148 | |
Total cash and cash equivalents | 26,939 | $ 19,069 |
Cash and cash equivalents | 248 | 292 |
Total restricted cash | 2,917 | 3,874 |
Due in one year or less | 19,357 | |
Due between one and five years | 2,791 | |
Total available-for-sale debt securities with contractual maturities | 22,148 | |
Cruise [Member] | ||
Marketable Securities [Line Items] | ||
Total cash and cash equivalents | 539 | 2,300 |
GM Korea [Member] | ||
Marketable Securities [Line Items] | ||
Cash and time deposits | 0 | 248 |
Cash and cash equivalents [Member] | ||
Marketable Securities [Line Items] | ||
Cash and time deposits | 11,542 | 6,828 |
Total available-for-sale debt securities with contractual maturities | 12,814 | 9,470 |
Total available-for-sale debt securities with contractual maturities | 12,814 | 9,470 |
Cash and cash equivalents [Member] | Level 1 [Member] | ||
Marketable Securities [Line Items] | ||
Money market funds | 2,583 | 2,771 |
Marketable debt securities [Member] | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 9,962 | 4,174 |
Total available-for-sale debt securities with contractual maturities | 9,962 | 4,174 |
Marketable debt securities [Member] | Cruise [Member] | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 1,400 | 266 |
Total available-for-sale debt securities with contractual maturities | 1,400 | 266 |
Other current assets [Member] | Level 1 [Member] | ||
Marketable Securities [Line Items] | ||
Money market funds | 2,669 | 3,582 |
U.S. government and agencies [Member] | Cash and cash equivalents [Member] | Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 4,600 | 1,484 |
Total available-for-sale debt securities with contractual maturities | 4,600 | 1,484 |
U.S. government and agencies [Member] | Marketable debt securities [Member] | Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 3,042 | 226 |
Total available-for-sale debt securities with contractual maturities | 3,042 | 226 |
Corporate debt [Member] | Cash and cash equivalents [Member] | Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 5,517 | 5,863 |
Total available-for-sale debt securities with contractual maturities | 5,517 | 5,863 |
Corporate debt [Member] | Marketable debt securities [Member] | Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 3,798 | 2,932 |
Total available-for-sale debt securities with contractual maturities | 3,798 | 2,932 |
Mortgage and asset-backed [Member] | Marketable debt securities [Member] | Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 628 | 681 |
Total available-for-sale debt securities with contractual maturities | 628 | 681 |
Sovereign debt [Member] | Cash and cash equivalents [Member] | Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 2,697 | 2,123 |
Total available-for-sale debt securities with contractual maturities | 2,697 | 2,123 |
Sovereign debt [Member] | Marketable debt securities [Member] | Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 2,494 | 335 |
Total available-for-sale debt securities with contractual maturities | $ 2,494 | $ 335 |
Marketable and Other Securiti_5
Marketable and Other Securities - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Marketable Securities [Abstract] | ||||
Cash and cash equivalents | $ 26,939 | $ 19,069 | ||
Restricted cash included in Other current assets | 2,419 | |||
Restricted cash included in Other assets | 498 | |||
Total | $ 29,856 | $ 22,943 | $ 22,899 | $ 23,496 |
GM Financial Receivables and _3
GM Financial Receivables and Transactions - Summary of Finance Receivables (Details) - GM Financial [Member] - USD ($) $ in Millions | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Finance Receivables [Line Items] | ||||||
GM Financial receivables, net of fees | $ 56,756 | $ 53,900 | ||||
Less: allowance for loan losses | (2,003) | $ (2,111) | (944) | $ (933) | $ (957) | $ (911) |
GM Financial receivables, net | 54,753 | 52,956 | ||||
Retail Finance Receivables [Member] | ||||||
Finance Receivables [Line Items] | ||||||
GM Financial receivables, net of fees | 48,694 | 42,229 | ||||
Less: allowance for loan losses | (1,936) | (866) | ||||
GM Financial receivables, net | 46,758 | 41,363 | ||||
Commercial Finance Receivables [Member] | ||||||
Finance Receivables [Line Items] | ||||||
GM Financial receivables, net of fees | 8,062 | 11,671 | ||||
Less: allowance for loan losses | (67) | (78) | ||||
GM Financial receivables, net | 7,995 | 11,593 | ||||
Dealer cash management balance | 1,400 | 1,200 | ||||
Level 2 [Member] | ||||||
Finance Receivables [Line Items] | ||||||
Fair value of GM Financial receivables | 7,995 | 11,593 | ||||
Level 3 [Member] | ||||||
Finance Receivables [Line Items] | ||||||
Fair value of GM Financial receivables | $ 48,972 | $ 41,973 |
GM Financial Receivables and _4
GM Financial Receivables and Transactions - Allowance for Loan Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||
GM Financial [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for loan losses at beginning of period | $ 2,111 | $ 957 | $ 944 | $ 911 | $ 911 |
Provision for loan losses | 31 | 150 | 824 | 504 | |
Charge-offs | (282) | (300) | (895) | (888) | |
Recoveries | 136 | 134 | 383 | 411 | |
Effect of foreign currency | 7 | (8) | (54) | (5) | |
Allowance for loan losses at end of period | $ 2,003 | $ 933 | 2,003 | $ 933 | 944 |
GM Financial [Member] | Impact of Adoption ASU 2016-13 [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for loan losses at beginning of period | $ 801 | ||||
Allowance for loan losses at end of period | $ 801 |
GM Financial Receivables and _5
GM Financial Receivables and Transactions - Credit Risk Profile by FICO Score (Details) - GM Financial [Member] - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
GM Financial receivables, net of fees | $ 56,756 | $ 53,900 |
Retail Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 20,172 | |
2019 | 13,279 | |
2018 | 8,472 | |
2017 | 4,325 | |
2016 | 1,731 | |
2015 | 591 | |
Prior | 124 | |
GM Financial receivables, net of fees | $ 48,694 | $ 42,229 |
Percent | 100.00% | 100.00% |
Retail Finance Receivables [Member] | Prime - FICO score 680 and greater [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | $ 14,746 | |
2019 | 8,064 | |
2018 | 5,295 | |
2017 | 2,348 | |
2016 | 744 | |
2015 | 177 | |
Prior | 5 | |
GM Financial receivables, net of fees | $ 31,379 | $ 25,400 |
Percent | 64.40% | 60.10% |
Retail Finance Receivables [Member] | Near-prime - FICO score 620 to 679 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | $ 2,725 | |
2019 | 2,293 | |
2018 | 1,392 | |
2017 | 712 | |
2016 | 280 | |
2015 | 103 | |
Prior | 15 | |
GM Financial receivables, net of fees | $ 7,520 | $ 6,862 |
Percent | 15.50% | 16.30% |
Retail Finance Receivables [Member] | Sub-prime - FICO score less than 620 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | $ 2,701 | |
2019 | 2,922 | |
2018 | 1,785 | |
2017 | 1,265 | |
2016 | 707 | |
2015 | 311 | |
Prior | 104 | |
GM Financial receivables, net of fees | $ 9,795 | $ 9,967 |
Percent | 20.10% | 23.60% |
GM Financial Receivables and _6
GM Financial Receivables and Transactions - Retail Finance Receivables Delinquencies and TDRs (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
GM Financial [Member] | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
GM Financial receivables, net of fees | $ 56,756 | $ 53,900 | |
Retail Finance Receivables [Member] | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
TDR's | 2,300 | ||
Nonaccrual loans | 317 | ||
Retail Finance Receivables [Member] | GM Financial [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Retail finance receivables, nonaccrual status | 742 | 875 | |
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2020 | 20,172 | ||
2019 | 13,279 | ||
2018 | 8,472 | ||
2017 | 4,325 | ||
2016 | 1,731 | ||
2015 | 591 | ||
Prior | 124 | ||
Past Due Amount | $ 1,814 | ||
GM Financial receivables, net of fees | $ 48,694 | $ 42,229 | |
Percent | 100.00% | 100.00% | |
Percent of Contractual Amount Due | 4.30% | ||
Financing Receivable, including Past Due, Percent | 100.00% | ||
31-to-60 days delinquent [Member] | Retail Finance Receivables [Member] | GM Financial [Member] | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
Past Due Amount | $ 1,252 | ||
Percent of Contractual Amount Due | 3.00% | ||
Greater-than-60 days delinquent [Member] | Retail Finance Receivables [Member] | GM Financial [Member] | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
Past Due Amount | $ 514 | ||
Percent of Contractual Amount Due | 1.20% | ||
Total finance receivables more than 30 days delinquent [Member] | Retail Finance Receivables [Member] | GM Financial [Member] | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
Past Due Amount | $ 1,766 | ||
Percent of Contractual Amount Due | 4.20% | ||
In repossession [Member] | Retail Finance Receivables [Member] | GM Financial [Member] | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
Past Due Amount | $ 48 | ||
Percent of Contractual Amount Due | 0.10% | ||
Performing Financial Instruments [Member] | Current [Member] | Retail Finance Receivables [Member] | GM Financial [Member] | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2020 | $ 19,962 | ||
2019 | 12,848 | ||
2018 | 8,142 | ||
2017 | 4,083 | ||
2016 | 1,580 | ||
2015 | 513 | ||
Prior | 93 | ||
Total, Not Past Due | $ 47,221 | ||
Percent | 97.00% | ||
Nonperforming Financial Instruments [Member] | Retail Finance Receivables [Member] | GM Financial [Member] | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2020 | $ 210 | ||
2019 | 431 | ||
2018 | 330 | ||
2017 | 242 | ||
2016 | 151 | ||
2015 | 78 | ||
Prior | 31 | ||
Past Due Amount | $ 1,473 | ||
Percent of Contractual Amount Due | 3.00% | ||
Nonperforming Financial Instruments [Member] | 31-to-60 days delinquent [Member] | Retail Finance Receivables [Member] | GM Financial [Member] | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2020 | $ 147 | ||
2019 | 294 | ||
2018 | 227 | ||
2017 | 167 | ||
2016 | 102 | ||
2015 | 53 | ||
Prior | 19 | ||
Past Due Amount | $ 1,009 | ||
Percent of Contractual Amount Due | 2.10% | ||
Nonperforming Financial Instruments [Member] | Greater-than-60 days delinquent [Member] | Retail Finance Receivables [Member] | GM Financial [Member] | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2020 | $ 57 | ||
2019 | 122 | ||
2018 | 92 | ||
2017 | 69 | ||
2016 | 45 | ||
2015 | 23 | ||
Prior | 11 | ||
Past Due Amount | $ 419 | ||
Percent of Contractual Amount Due | 0.80% | ||
Nonperforming Financial Instruments [Member] | Total finance receivables more than 30 days delinquent [Member] | Retail Finance Receivables [Member] | GM Financial [Member] | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2020 | $ 204 | ||
2019 | 416 | ||
2018 | 319 | ||
2017 | 236 | ||
2016 | 147 | ||
2015 | 76 | ||
Prior | 30 | ||
Past Due Amount | $ 1,428 | ||
Percent of Contractual Amount Due | 2.90% | ||
Nonperforming Financial Instruments [Member] | In repossession [Member] | Retail Finance Receivables [Member] | GM Financial [Member] | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2020 | $ 6 | ||
2019 | 15 | ||
2018 | 11 | ||
2017 | 6 | ||
2016 | 4 | ||
2015 | 2 | ||
Prior | 1 | ||
Past Due Amount | $ 45 | ||
Percent of Contractual Amount Due | 0.10% |
GM Financial Receivables and _7
GM Financial Receivables and Transactions - Commercial Finance Receivables Credit Quality Indicators (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
GM Financial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
GM Financial receivables, net of fees | $ 56,756 | $ 53,900 |
Commercial Finance Receivables [Member] | GM Financial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | 7,110 | |
2020 | 356 | |
2019 | 193 | |
2018 | 105 | |
2017 | 103 | |
2016 | 117 | |
2015 | 56 | |
Prior | 22 | |
GM Financial receivables, net of fees | $ 8,062 | $ 11,671 |
Percent | 100.00% | |
Commercial Finance Receivables [Member] | GM Financial [Member] | Group I - Performing accounts with strong to acceptable financial metrics [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 6,468 | |
2020 | 355 | |
2019 | 177 | |
2018 | 73 | |
2017 | 98 | |
2016 | 93 | |
2015 | 38 | |
Prior | 0 | |
GM Financial receivables, net of fees | $ 7,302 | |
Percent | 90.60% | |
Commercial Finance Receivables [Member] | GM Financial [Member] | Group II - Performing accounts experiencing potential weakness in financial metrics [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 411 | |
2020 | 1 | |
2019 | 7 | |
2018 | 3 | |
2017 | 3 | |
2016 | 13 | |
2015 | 13 | |
Prior | 22 | |
GM Financial receivables, net of fees | $ 473 | |
Percent | 5.90% | |
Commercial Finance Receivables [Member] | GM Financial [Member] | Group III - Non-Performing accounts with inadequate paying capacity for current obligations [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 227 | |
2020 | 0 | |
2019 | 9 | |
2018 | 29 | |
2017 | 2 | |
2016 | 11 | |
2015 | 1 | |
Prior | 0 | |
GM Financial receivables, net of fees | $ 279 | |
Percent | 3.40% | |
Commercial Finance Receivables [Member] | GM Financial [Member] | Group IV - Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 4 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
2015 | 4 | |
Prior | 0 | |
GM Financial receivables, net of fees | $ 8 | |
Percent | 0.10% | |
Floorplan Advances [Member] | Commercial Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percent of revolving balance | 98.00% |
GM Financial Receivables and _8
GM Financial Receivables and Transactions - Intercompany Transactions (Details) - GM Financial [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||||
Financing receivable, net | $ 54,753 | $ 54,753 | $ 52,956 | ||
Common stock dividends declared and paid | 800 | ||||
Commercial Finance Receivables [Member] | |||||
Related Party Transaction [Line Items] | |||||
Financing receivable, net | 7,995 | 7,995 | 11,593 | ||
Intersegment Eliminations [Member] | |||||
Related Party Transaction [Line Items] | |||||
Subvention receivable | 566 | 566 | 676 | ||
Interest subvention earned on finance receivables | 178 | $ 153 | 496 | $ 448 | |
Leased vehicle subvention earned | 749 | 814 | 2,319 | 2,467 | |
Cash payments | 943 | $ 1,000 | 3,000 | $ 3,100 | |
Intersegment Eliminations [Member] | Commercial Finance Receivables [Member] | |||||
Related Party Transaction [Line Items] | |||||
Financing receivable, net | 399 | 399 | 478 | ||
Commercial loan funding payable | $ 75 | $ 75 | $ 74 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Total productive material, supplies and work in process | $ 5,311 | $ 4,713 |
Finished product, including service parts | 5,623 | 5,685 |
Total inventories | $ 10,934 | $ 10,398 |
Equipment on Operating Leases_2
Equipment on Operating Leases (Details) - Vehicles [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Lessor, Lease, Description [Line Items] | |||||
Equipment on operating leases | $ 49,993 | $ 49,993 | $ 53,081 | ||
Less: accumulated depreciation | (10,635) | (10,635) | (10,989) | ||
Equipment on operating leases, net | 39,358 | 39,358 | $ 42,092 | ||
Depreciation expense | 1,800 | $ 1,800 | 5,500 | $ 5,600 | |
GM Financial [Member] | |||||
Lessor Operating Lease Payments to be Received | |||||
2020 | 1,714 | 1,714 | |||
2021 | 5,548 | 5,548 | |||
2022 | 3,108 | 3,108 | |||
2023 | 865 | 865 | |||
2024 | 52 | 52 | |||
Thereafter | 1 | 1 | |||
Total | $ 11,288 | $ 11,288 |
Equity In Net Assets of Nonco_3
Equity In Net Assets of Nonconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity income (loss) | $ 309 | $ 315 | $ 389 | $ 1,000 | |||||
Net sales and revenue | 35,480 | 35,473 | 84,967 | 106,411 | |||||
Net income | 4,018 | $ (780) | $ 286 | 2,311 | $ 2,403 | $ 2,145 | 3,524 | 6,859 | |
Distributions received | 303 | 526 | 1,200 | ||||||
Equity Method Investee [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Dividends declared but not paid | 651 | 651 | |||||||
Undistributed earnings | 2,000 | 2,000 | $ 2,100 | ||||||
Automotive China JVs equity income [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity income (loss) | 262 | 282 | $ 264 | 893 | |||||
Change in ownership percentage | 0.00% | ||||||||
Net sales and revenue | 11,029 | 9,695 | $ 24,589 | 28,843 | |||||
Net income | 535 | 455 | 749 | 1,721 | |||||
Other joint ventures equity income [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity income (loss) | $ 47 | $ 33 | $ 125 | $ 107 |
Goodwill (Details)
Goodwill (Details) $ in Billions | Sep. 30, 2020USD ($) |
Goodwill [Line Items] | |
Goodwill | $ 1.9 |
GM Financial [Member] | North America Reporting Unit [Member] | |
Goodwill [Line Items] | |
Goodwill | $ 1.3 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
GM Financial equipment on operating leases, net | $ 36,989 | $ 38,750 |
GM Financial [Member] | ||
Variable Interest Entity [Line Items] | ||
GM Financial receivables, net of fees – current | 24,562 | 26,601 |
GM Financial receivables, net of fees – non-current | 30,191 | 26,355 |
GM Financial short-term debt and current portion of long-term debt | 33,502 | 35,503 |
GM Financial long-term debt | 55,320 | 53,435 |
Consolidated VIE [Member] | GM Financial [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted cash – current | 2,316 | 2,202 |
Restricted cash – non-current | 409 | 441 |
GM Financial receivables, net of fees – current | 15,188 | 19,081 |
GM Financial receivables, net of fees – non-current | 13,291 | 15,921 |
GM Financial short-term debt and current portion of long-term debt | 18,729 | 23,952 |
GM Financial long-term debt | 16,746 | 15,819 |
Consolidated VIE [Member] | GM Financial [Member] | Equipment Leased to Other Party [Member] | ||
Variable Interest Entity [Line Items] | ||
GM Financial equipment on operating leases, net | $ 16,594 | $ 14,464 |
Debt - Carrying Amount and Fair
Debt - Carrying Amount and Fair Value of Debt (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||
May 31, 2020 | Apr. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Unsecured Debt [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt term | 3 years | 3 years | ||
Aggregate borrowing capacity | $ 2,000 | $ 3,000 | ||
Automotive [Member] | ||||
Debt Instrument [Line Items] | ||||
Finance lease liabilities | $ 359 | $ 310 | ||
Finance lease liabilities, Fair Value | 383 | 516 | ||
Carrying Amount | 28,744 | 14,386 | ||
Fair Value | 31,534 | 15,928 | ||
Available under credit facility agreements(b) | $ 7,585,000 | $ 17,285,000 | ||
Weighted-average interest rate on outstanding short-term debt | 3.40% | 4.90% | ||
Weighted-average interest rate on outstanding long-term debt | 3.90% | 5.40% | ||
Net discount and debt issuance costs | $ 512 | $ 540 | ||
Automotive [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | 191 | 167 | ||
Fair Value | 190 | 165 | ||
Automotive [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | 28,194 | 13,909 | ||
Fair Value | 30,961 | 15,247 | ||
Automotive [Member] | Level 1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Fair Value | 18,294 | 13,628 | ||
Automotive [Member] | Level 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Fair Value | 13,240 | 2,300 | ||
GM Financial [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | 88,822 | 88,938 | ||
Fair Value | 90,334 | 90,399 | ||
GM Financial [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate borrowing capacity | 17,300 | |||
GM Financial [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | 35,671 | 39,959 | ||
Fair Value | 36,108 | 40,160 | ||
GM Financial [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying Amount | 53,151 | 48,979 | ||
Fair Value | $ 54,226 | 50,239 | ||
GM Financial [Member] | Unsecured Debt [Member] | Line of Credit [Member] | $2.0 Billion Dollar Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt term | 364 days | 364 days | 364 days | |
Aggregate borrowing capacity | $ 2,000 | $ 2,000 | $ 2,000 | |
GM Financial [Member] | Level 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Fair Value | 88,768 | 88,481 | ||
GM Financial [Member] | Level 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Fair Value | $ 1,566 | $ 1,918 |
Debt - Interest Expense and LT
Debt - Interest Expense and LT Debt Maturities (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |||
Oct. 31, 2020 | Sep. 30, 2020 | May 31, 2020 | Apr. 30, 2020 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | |||||
2020 (October 1, 2020 to December 31, 2020) | $ 11,095 | $ 11,095 | |||
2021 | 29,618 | 29,618 | |||
2022 | 17,311 | 17,311 | |||
2023 | 25,257 | 25,257 | |||
2024 | 7,037 | 7,037 | |||
2025 | 8,865 | 8,865 | |||
Thereafter | 18,436 | 18,436 | |||
Total | 117,619 | $ 117,619 | |||
Unsecured Debt [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of lines of credit | 2,000 | ||||
Debt term | 3 years | 3 years | |||
Aggregate borrowing capacity | $ 2,000 | $ 3,000 | |||
Unsecured Debt [Member] | Five Year Revolving Credit Facility Due 2023 [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt term | 5 years | ||||
Aggregate borrowing capacity | 10,500 | $ 10,500 | |||
Unsecured Debt [Member] | Five Year Revolving Credit Facility Due 2023 [Member] | Line of Credit [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of lines of credit | $ 3,900 | ||||
Debt term | 5 years | ||||
Aggregate borrowing capacity | $ 10,500 | ||||
Automotive [Member] | |||||
Debt Instrument [Line Items] | |||||
2020 (October 1, 2020 to December 31, 2020) | 526 | 526 | |||
2021 | 1,783 | 1,783 | |||
2022 | 113 | 113 | |||
2023 | 13,002 | 13,002 | |||
2024 | 71 | 71 | |||
2025 | 2,558 | 2,558 | |||
Thereafter | 11,203 | 11,203 | |||
Total | 29,256 | 29,256 | |||
GM Financial [Member] | |||||
Debt Instrument [Line Items] | |||||
2020 (October 1, 2020 to December 31, 2020) | 10,569 | 10,569 | |||
2021 | 27,835 | 27,835 | |||
2022 | 17,198 | 17,198 | |||
2023 | 12,255 | 12,255 | |||
2024 | 6,966 | 6,966 | |||
2025 | 6,307 | 6,307 | |||
Thereafter | 7,233 | 7,233 | |||
Total | 88,363 | 88,363 | |||
GM Financial [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate borrowing capacity | $ 17,300 | $ 17,300 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||||
Oct. 31, 2020 | Sep. 30, 2020 | Aug. 31, 2020 | May 31, 2020 | Apr. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | |
Unsecured Debt [Member] | Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds borrowed | $ 2,000,000,000 | ||||||
Debt term | 3 years | 3 years | |||||
Aggregate borrowing capacity | $ 2,000,000,000 | $ 3,000,000,000 | |||||
Repayments of lines of credit | $ 2,000,000,000 | ||||||
Dividend restriction covenant, amount outstanding | 5,000,000,000 | $ 5,000,000,000 | |||||
Unsecured Debt [Member] | Line of Credit [Member] | Three Year Revolving Credit Facility April 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate borrowing capacity | $ 3,600,000,000 | ||||||
Unsecured Debt [Member] | Line of Credit [Member] | Five Year Revolving Credit Facility Due 2023 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds borrowed | 10,500,000,000 | ||||||
Debt term | 5 years | ||||||
Aggregate borrowing capacity | $ 10,500,000,000 | $ 10,500,000,000 | |||||
Unsecured Debt [Member] | Line of Credit [Member] | Five Year Revolving Credit Facility Due 2023 [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt term | 5 years | ||||||
Aggregate borrowing capacity | $ 10,500,000,000 | ||||||
Repayments of lines of credit | $ 3,900,000,000 | ||||||
Unsecured Debt [Member] | Line of Credit [Member] | Three Year Revolving Credit Facility April 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds borrowed | $ 3,400,000,000 | ||||||
Debt term | 3 years | 3 years | 3 years | ||||
Aggregate borrowing capacity | $ 4,000,000,000 | $ 4,000,000,000 | $ 4,000,000,000 | ||||
Repayments of lines of credit | 3,200,000,000 | ||||||
Unsecured Debt [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 4,000,000,000 | ||||||
Weighted average interest rate (percent) | 6.11% | ||||||
Unsecured Debt [Member] | Senior Notes [Member] | Floating Rate Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of debt | $ 500,000,000 | ||||||
GM Financial [Member] | Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate borrowing capacity | $ 17,300,000,000 | $ 17,300,000,000 | |||||
GM Financial [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Weighted average interest rate (percent) | 2.46% | 2.46% | |||||
GM Financial [Member] | Unsecured Debt [Member] | Line of Credit [Member] | $2.0 Billion Dollar Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt term | 364 days | 364 days | 364 days | ||||
Aggregate borrowing capacity | $ 2,000,000,000 | $ 2,000,000,000 | $ 2,000,000,000 | $ 2,000,000,000 | |||
GM Financial [Member] | Unsecured Debt [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 8,400,000,000 | $ 8,400,000,000 | |||||
Weighted average interest rate (percent) | 3.08% | 3.08% | |||||
Weighted-average interest rate on outstanding long-term debt | 3.27% | 3.27% | |||||
GM Financial [Member] | Secured Debt [Member] | Notes Payable, Other Payables [Member] | Securitization notes payable [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 16,600,000,000 | $ 16,600,000,000 | |||||
Weighted average interest rate (percent) | 1.33% | 1.33% | |||||
Weighted-average interest rate on outstanding long-term debt | 2.22% | 2.22% | |||||
Maximum [Member] | GM Financial [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt term | 4 years |
Derivative Financial Instrume_3
Derivative Financial Instruments - Notional Amounts for Derivative Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Automotive [Member] | Not Designated as Hedges [Member] | |||||
Derivative [Line Items] | |||||
Notional | $ 3,168 | $ 3,168 | $ 5,926 | ||
Automotive [Member] | Not Designated as Hedges [Member] | PSA Group [Member] | Interest Income and Other Non-Operating Income, Net [Member] | |||||
Derivative [Line Items] | |||||
Gains (losses) on derivative instruments | 76 | $ 51 | (227) | $ 222 | |
Automotive [Member] | Not Designated as Hedges [Member] | Fair Value Level 2 [Member] | PSA Group [Member] | Other assets [Member] | |||||
Derivative [Line Items] | |||||
Fair value of derivative instruments | 735 | 735 | 964 | ||
Automotive [Member] | Not Designated as Hedges [Member] | Foreign Currency [Member] | Fair Value Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Notional | 2,830 | 2,830 | 5,075 | ||
Automotive [Member] | Not Designated as Hedges [Member] | Commodity [Member] | Fair Value Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Notional | 291 | 291 | 806 | ||
Automotive [Member] | Not Designated as Hedges [Member] | PSA Warrants [Member] | Fair Value Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Notional | 47 | 47 | 45 | ||
GM Financial [Member] | |||||
Derivative [Line Items] | |||||
Notional | 128,264 | 128,264 | 108,673 | ||
Fair Value of Assets | 1,694 | 1,694 | 636 | ||
Fair Value of Liabilities | 899 | 899 | 519 | ||
Collateral | 779 | 779 | 210 | ||
Collateral available for netting | 195 | 195 | |||
GM Financial [Member] | Designated as Hedges [Member] | Fair Value Hedges [Member] | Interest Rate Swap [Member] | Fair Value Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Notional | 10,050 | 10,050 | 9,458 | ||
Fair Value of Assets | 496 | 496 | 234 | ||
Fair Value of Liabilities | 2 | 2 | 23 | ||
GM Financial [Member] | Designated as Hedges [Member] | Fair Value Hedges [Member] | Foreign Currency Swaps [Member] | Fair Value Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Notional | 1,876 | 1,876 | 1,796 | ||
Fair Value of Assets | 77 | 77 | 22 | ||
Fair Value of Liabilities | 39 | 39 | 71 | ||
GM Financial [Member] | Designated as Hedges [Member] | Cash Flow Hedges [Member] | Interest Rate Swap [Member] | Fair Value Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Notional | 914 | 914 | 590 | ||
Fair Value of Assets | 0 | 0 | 0 | ||
Fair Value of Liabilities | 28 | 28 | 6 | ||
GM Financial [Member] | Designated as Hedges [Member] | Cash Flow Hedges [Member] | Foreign Currency Swaps [Member] | Fair Value Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Notional | 5,365 | 5,365 | 4,429 | ||
Fair Value of Assets | 98 | 98 | 40 | ||
Fair Value of Liabilities | 138 | 138 | 119 | ||
GM Financial [Member] | Not Designated as Hedges [Member] | Interest Rate Contract [Member] | Fair Value Level 2 [Member] | |||||
Derivative [Line Items] | |||||
Notional | 110,059 | 110,059 | 92,400 | ||
Fair Value of Assets | 1,023 | 1,023 | 340 | ||
Fair Value of Liabilities | $ 692 | $ 692 | $ 300 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Balance Sheet Location of GM Financial Unsecured Debt (Details) - Fair Value Hedges [Member] - Long-term Debt [Member] - GM Financial [Member] - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | $ 24,275 | $ 20,397 |
Cumulative Amount of Fair Value Hedging Adjustments on Hedging Relationships | (713) | $ (77) |
Cumulative fair value adjustment on discontinued hedging relationships | $ 197 |
Accrued and Other Liabilities -
Accrued and Other Liabilities - Accrued and Other Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Accrued liabilities | ||
Dealer and customer allowances, claims and discounts | $ 7,924 | $ 10,402 |
Deferred revenue | 3,054 | 3,234 |
Product warranty and related liabilities | 2,654 | 2,987 |
Payrolls and employee benefits excluding postemployment benefits | 2,011 | 1,969 |
Other | 8,273 | 7,895 |
Total accrued liabilities | 23,916 | 26,487 |
Other liabilities | ||
Deferred revenue | 2,635 | 2,962 |
Product warranty and related liabilities | 4,501 | 4,811 |
Operating lease liabilities | 951 | 1,010 |
Employee benefits excluding postemployment benefits | 907 | 704 |
Postemployment benefits including facility idling reserves | 617 | 633 |
Other | 2,813 | 3,026 |
Total other liabilities | $ 12,424 | $ 13,146 |
Accrued and Other Liabilities_2
Accrued and Other Liabilities - Product Warranty and Other Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Product Warranty and Related Liabilities [Roll Forward] | ||||
Warranty balance at beginning of period | $ 7,040 | $ 7,439 | $ 7,798 | $ 7,590 |
Warranties issued and assumed in period – recall campaigns | 249 | 357 | 407 | 609 |
Warranties issued and assumed in period – product warranty | 523 | 500 | 1,241 | 1,556 |
Payments | (727) | (754) | (2,260) | (2,214) |
Adjustments to pre-existing warranties | 53 | 101 | 33 | 79 |
Effect of foreign currency and other | 17 | (34) | (64) | (11) |
Warranty balance at end of period | $ 7,155 | $ 7,609 | $ 7,155 | $ 7,609 |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Non-service cost components of net periodic pension and OPEB income | $ 322 | $ 125 | $ 996 | $ 587 |
Global OPEB Plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Service cost | 5 | 4 | 14 | 12 |
Interest cost | 43 | 54 | 130 | 163 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit) | (1) | (3) | (5) | (10) |
Amortization of net actuarial losses | 18 | 7 | 55 | 22 |
Curtailments, settlements and other | 0 | 0 | 0 | 0 |
Net periodic pension and OPEB (income) expense | 65 | 62 | 194 | 187 |
U.S. [Member] | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Service cost | 63 | 99 | 188 | 295 |
Interest cost | 429 | 566 | 1,287 | 1,698 |
Expected return on plan assets | (816) | (871) | (2,449) | (2,610) |
Amortization of prior service cost (credit) | (1) | (1) | (3) | (3) |
Amortization of net actuarial losses | 4 | 2 | 12 | 8 |
Curtailments, settlements and other | 0 | 0 | 0 | 0 |
Net periodic pension and OPEB (income) expense | (321) | (205) | (965) | (612) |
Non-U.S. [Member] | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Service cost | 41 | 38 | 107 | 102 |
Interest cost | 92 | 148 | 271 | 386 |
Expected return on plan assets | (174) | (240) | (507) | (627) |
Amortization of prior service cost (credit) | 2 | 2 | 5 | 4 |
Amortization of net actuarial losses | 44 | 31 | 126 | 90 |
Curtailments, settlements and other | 15 | 119 | 15 | 119 |
Net periodic pension and OPEB (income) expense | $ 20 | $ 98 | $ 17 | $ 74 |
Commitments and Contingencies -
Commitments and Contingencies - Litigation-Related Liability and Tax Administrative Matters (Details) | 1 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018jurisdiction | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)recallaction | Sep. 30, 2020USD ($)employeeaction | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)case | Apr. 30, 2018state | Aug. 31, 2017state | |
Loss Contingencies [Line Items] | ||||||||
Estimated litigation liability | $ 1,200,000,000 | $ 1,200,000,000 | $ 1,300,000,000 | |||||
Indirect Tax Matters [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimate of possible loss | $ 750,000,000 | $ 750,000,000 | ||||||
Ignition Switch Recall Litigations - Economic-loss cases [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of filed claims | action | 100 | 100 | ||||||
Ignition Switch Recall Litigations - Economic-loss cases [Member] | Pending Litigation [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of jurisdictions | jurisdiction | 27 | |||||||
Ignition Switch Recall Litigations - Economic-loss cases [Member] | Proposed Settlement [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of safety recalls | recall | 7 | |||||||
Amount awarded to other party | $ 120,000,000 | |||||||
Ignition Switch Recall Litigations - Economic-loss cases [Member] | Proposed Settlement [Member] | Maximum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Attorneys' fees and costs | 35,000,000 | |||||||
Ignition Switch Recall Litigations - 2009 Sales Order [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of states | state | 16 | |||||||
Ignition Switch Recall Litigations - 2009 Sales Order [Member] | Granted Motion to Dismiss [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of states | state | 7 | |||||||
Ignition Switch Recall Litigations - 2009 Sales Order [Member] | Pending Litigation [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of states | state | 8 | 9 | ||||||
Ignition Switch Recall Litigations - Lost Personal Time and Certain Unjust Enrichment Claims [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of jurisdictions | jurisdiction | 47 | |||||||
Ignition Switch Recall Litigations - Lost Personal Time and Certain Unjust Enrichment Claims [Member] | Granted Motion to Dismiss [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of jurisdictions | jurisdiction | 41 | |||||||
Korea Wage Litigation - Hourly [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of plaintiffs | employee | 10,000 | |||||||
Number of employees in the case | employee | 5 | |||||||
Korea Wage Litigation - Salaried [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimate of possible loss | 170,000,000 | $ 170,000,000 | ||||||
Korea Wage Litigation - Former Subcontract Workers [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimate of possible loss | 110,000,000 | 110,000,000 | ||||||
Probable loss accrual | 210,000,000 | 210,000,000 | ||||||
GM Brazil Indirect Tax Claim [Member] | Brazil [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Recoveries of indirect taxes | $ 123,000,000 | |||||||
Amended and Restated Master Sale and Purchase Agreement [Member] | Ignition Switch Recall Litigations - Contingently Issuable Shares [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Allowed general unsecured claims amount | 35,000,000,000 | 35,000,000,000 | ||||||
Foreign Tax Authority [Member] | Brazil [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of rendered favorable decisions | case | 3 | |||||||
Recoveries of indirect taxes | $ 1,400,000,000 | $ 1,400,000,000 | ||||||
MLC GUC Trust [Member] | Ignition Switch Recall Litigations - Economic-loss cases [Member] | Proposed Settlement [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Amount awarded to other party | 50,000,000 | |||||||
MLC GUC Trust [Member] | Ignition Switch Recall Litigations - Contingently Issuable Shares [Member] | Proposed Settlement [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Amount petitioned to be distributed to unitholders | 300,000,000 | $ 300,000,000 | ||||||
GM [Member] | Ignition Switch Recall Litigations - Economic-loss cases [Member] | Proposed Settlement [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Amount awarded to other party | $ 70,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Transactions with PSA (Details) - Affiliated Entity [Member] - PSA Group [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales and revenue | $ 33 | $ 140 | $ 94 | $ 1,008 |
Purchases and expenses | 74 | 243 | 278 | 648 |
Cash payments | 564 | 762 | ||
Cash receipts | $ 212 | $ 1,223 |
Commitments and Contingencies_3
Commitments and Contingencies - Other Contingencies (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||
Maximum liability, guarantees | $ 3,200,000,000 | $ 2,600,000,000 |
Accrued Liabilities, Current and Other Liabilities, Noncurrent [Member] | ||
Loss Contingencies [Line Items] | ||
Product liability | 591,000,000 | $ 544,000,000 |
Takata DIR [Member] | ||
Loss Contingencies [Line Items] | ||
Warranty provision related to DIR's | 0 | |
Estimate of maximum possible loss | $ 1,200,000,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 887 | $ 271 | $ 1,132 | $ 932 |
Net deferred tax assets | $ 23,400 | $ 23,400 |
Restructuring and Other Initi_3
Restructuring and Other Initiatives (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 21 Months Ended | ||||
Dec. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | |
Restructuring Reserve [Roll Forward] | |||||||
Balance at beginning of period | $ 343 | $ 480 | $ 919 | $ 564 | $ 1,122 | $ 1,122 | |
Additions, interest accretion and other | 80 | 211 | 334 | 499 | |||
Payments | (185) | (162) | (523) | (645) | |||
Revisions to estimates and effect of foreign currency | (32) | (30) | (32) | (38) | |||
Balance at end of period | 343 | 938 | 343 | 938 | 343 | ||
GMI [Member] | Australia, New Zealand and Thailand [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Pre-tax restructuring charges | 657 | ||||||
GMI [Member] | Australia, New Zealand and Thailand [Member] | Supplier Claims [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Pre-tax restructuring charges | $ 76 | ||||||
GMI [Member] | Australia, New Zealand and Thailand [Member] | Asset Impairments, Sales Allowances, Inventory Provisions and Other Charges [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Pre-tax restructuring charges | 367 | ||||||
GMI [Member] | Australia, New Zealand and Thailand [Member] | Dealer Restructuring and Employee Separation Payments [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Payments | (222) | ||||||
Pre-tax restructuring charges | 290 | ||||||
GMI [Member] | Australia and New Zealand [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Valuation allowance against deferred tax assets | 236 | ||||||
GMNA [Member] | Unallocation of Products to Certain Manufacturing Facilities And Other Employee Separation Programs [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Pre-tax restructuring charges | 390 | 1,500 | |||||
Cost since inception | $ 3,100 | ||||||
GMNA [Member] | Pension Curtailment and Other Charges [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Pre-tax restructuring charges | 209 | ||||||
GMNA [Member] | Supplier-related Charges [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Pre-tax restructuring charges | $ 181 | 421 | |||||
GMNA [Member] | Employee Severance and Statutory Pension Payments [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Payments | $ (314) | (645) | |||||
GMNA [Member] | Non-cash Accelerated Depreciation, Pension Curtailment and Other Charges [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Pre-tax restructuring charges | $ 1,100 | ||||||
GMNA [Member] | Employee Severance and Supplier-related Payments [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Payments | $ (1,400) | ||||||
Forecast [Member] | GMI [Member] | Australia, New Zealand and Thailand [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Expected amount of cash flows | (40) | ||||||
Forecast [Member] | GMI [Member] | Thailand [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Proceeds from sale of business | 140 | ||||||
Forecast [Member] | GMNA [Member] | Unallocation of Products to Certain Manufacturing Facilities And Other Employee Separation Programs [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Expected amount of cash flows | $ (100) |
Stockholders' Equity and Nonc_3
Stockholders' Equity and Noncontrolling Interests - Preferred and Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | May 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |||||
Preferred stock shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ||
Common stock shares authorized (in shares) | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | ||
Preferred stock shares outstanding (in shares) | 0 | 0 | 0 | ||
Common stock shares issued (in shares) | 1,400,000,000 | 1,400,000,000 | 1,400,000,000 | ||
Common stock shares outstanding (in shares) | 1,400,000,000 | 1,400,000,000 | 1,400,000,000 | ||
Class of Stock [Line Items] | |||||
Proceeds from issuance of subsidiary preferred stock (Note 18) | $ 492 | $ 463 | |||
Series F Preferred Stock [Member] | GM Cruise Holdings LLC [Member] | |||||
Class of Stock [Line Items] | |||||
Proceeds from issuance of preferred stock | $ 1,100 | ||||
Investment in subsidiaries | $ 687 | ||||
Series C Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Proceeds from issuance of subsidiary preferred stock (Note 18) | $ 500 | ||||
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Preferred stock liquidation preference (in usd per share) | $ 1,000 | $ 1,000 | |||
Preferred stock dividend rate | 5.70% |
Stockholders' Equity and Nonc_4
Stockholders' Equity and Noncontrolling Interests - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | $ 43,493 | $ 44,317 | $ 45,957 | $ 47,089 | $ 44,638 | $ 42,777 | $ 45,957 | $ 42,777 |
Other comprehensive income (loss), net of tax | (48) | (97) | (656) | (237) | 74 | 185 | (801) | 22 |
Balance at end of period | 48,008 | 43,493 | 44,317 | 48,771 | 47,089 | 44,638 | 48,008 | 48,771 |
Foreign currency translation adjustments [Member] | ||||||||
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | (3,192) | (2,277) | (2,078) | (2,250) | (2,277) | (2,250) | ||
Other comprehensive income (loss), net of tax | 49 | (341) | (866) | (169) | ||||
Balance at end of period | (3,143) | (3,192) | (2,419) | (2,078) | (3,143) | (2,419) | ||
Defined benefit plans [Member] | ||||||||
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | (8,579) | $ (8,857) | (6,695) | $ (6,737) | (8,857) | (6,737) | ||
Other comprehensive income (loss) before reclassification adjustment, net of tax and impact of adoption of accounting standards | (177) | 80 | (11) | 51 | ||||
Reclassification adjustment, net of tax | 62 | 40 | 174 | 111 | ||||
Other comprehensive income (loss), net of tax | (115) | 120 | 163 | 162 | ||||
Balance at end of period | $ (8,694) | $ (8,579) | $ (6,575) | $ (6,695) | $ (8,694) | $ (6,575) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Basic | ||||
Net income attributable to stockholders | $ 4,045 | $ 2,351 | $ 3,581 | $ 6,926 |
Less: cumulative dividends on subsidiary preferred stock | (40) | (38) | (135) | (113) |
Net income attributable to common stockholders | $ 4,005 | $ 2,313 | $ 3,446 | $ 6,813 |
Weighted-average common shares outstanding - basic (in shares) | 1,432 | 1,428 | 1,432 | 1,422 |
Basic earnings per common share (in dollars per share) | $ 2.80 | $ 1.62 | $ 2.41 | $ 4.79 |
Diluted | ||||
Net income attributable to common stockholders – diluted | $ 4,005 | $ 2,313 | $ 3,446 | $ 6,813 |
Weighted-average common shares outstanding - basic (in shares) | 1,432 | 1,428 | 1,432 | 1,422 |
Dilutive effect of warrants and awards under stock incentive plans (in shares) | 7 | 14 | 7 | 17 |
Weighted-average common shares outstanding - diluted (in shares) | 1,439 | 1,442 | 1,439 | 1,439 |
Diluted earnings per common share (in dollars per share) | $ 2.78 | $ 1.60 | $ 2.40 | $ 4.74 |
Potentially dilutive securities (in shares) | 31 | 7 | 31 | 7 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||
Net sales and revenue | $ 35,480 | $ 35,473 | $ 84,967 | $ 106,411 | |||||
Earnings (loss) before interest and taxes-adjusted | 5,284 | 2,966 | 5,998 | 8,288 | |||||
Adjustments | (76) | (267) | (657) | (181) | |||||
Net income (loss) attributable to noncontrolling interests | (27) | (40) | (57) | (67) | |||||
Income before income taxes | 4,905 | 2,582 | 4,656 | 7,791 | |||||
Income tax benefit (expense) | (887) | (271) | (1,132) | (932) | |||||
Net income | 4,018 | $ (780) | $ 286 | 2,311 | $ 2,403 | $ 2,145 | 3,524 | 6,859 | |
Net income attributable to stockholders | 4,045 | 2,351 | 3,581 | 6,926 | |||||
Equity in net assets of nonconsolidated affiliates | 8,046 | 8,496 | 8,046 | 8,496 | $ 8,562 | ||||
Goodwill and intangible assets, net | 5,245 | 5,408 | 5,245 | 5,408 | 5,337 | ||||
Total assets | 239,671 | 231,529 | 239,671 | 231,529 | $ 228,037 | ||||
Depreciation and amortization | 3,158 | 3,308 | 9,614 | 10,813 | |||||
Impairment charges | 4 | 1 | 121 | 19 | |||||
Equity income (loss) | 309 | 315 | 389 | 1,000 | |||||
Brazil [Member] | GM Brazil Indirect Tax Claim [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Recoveries of indirect taxes | 123 | ||||||||
Automotive [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Automotive interest income | 51 | 129 | 195 | 333 | |||||
Automotive interest expense | (327) | (206) | (823) | (582) | |||||
GMNA [Member] | Transformation Activities [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Pre-tax restructuring costs | 390 | 1,500 | |||||||
GMI [Member] | Brazil [Member] | GM Brazil Indirect Tax Claim [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Recoveries of indirect taxes | 123 | 1,400 | |||||||
Operating Segments [Member] | Automotive [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales and revenue | 32,066 | 31,817 | 74,576 | 95,503 | |||||
Earnings (loss) before interest and taxes-adjusted | 4,289 | 2,507 | 4,968 | 7,398 | |||||
Adjustments | (76) | (267) | (657) | (181) | |||||
Equity in net assets of nonconsolidated affiliates | 6,561 | 7,115 | 6,561 | 7,115 | |||||
Goodwill and intangible assets, net | 3,184 | 3,385 | 3,184 | 3,385 | |||||
Total assets | 128,241 | 119,485 | 128,241 | 119,485 | |||||
Depreciation and amortization | 1,333 | 1,469 | 4,017 | 5,218 | |||||
Impairment charges | 4 | 1 | 121 | 19 | |||||
Equity income (loss) | 263 | 276 | 276 | 874 | |||||
Operating Segments [Member] | GMNA [Member] | Automotive [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales and revenue | 29,128 | 27,971 | 66,563 | 83,660 | |||||
Earnings (loss) before interest and taxes-adjusted | 4,366 | 3,023 | 6,459 | 7,941 | |||||
Adjustments | 0 | (359) | 0 | (1,478) | |||||
Equity in net assets of nonconsolidated affiliates | 187 | 85 | 187 | 85 | |||||
Goodwill and intangible assets, net | 2,372 | 2,488 | 2,372 | 2,488 | |||||
Total assets | 111,426 | 115,995 | 111,426 | 115,995 | |||||
Depreciation and amortization | 1,182 | 1,325 | 3,536 | 4,803 | |||||
Impairment charges | 0 | 0 | 20 | 15 | |||||
Equity income (loss) | 4 | 3 | 15 | 7 | |||||
Operating Segments [Member] | GMI [Member] | Automotive [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales and revenue | 2,735 | 3,794 | 7,692 | 11,691 | |||||
Earnings (loss) before interest and taxes-adjusted | 10 | (65) | (811) | (82) | |||||
Adjustments | (76) | 92 | (657) | 1,299 | |||||
Equity in net assets of nonconsolidated affiliates | 6,374 | 7,024 | 6,374 | 7,024 | |||||
Goodwill and intangible assets, net | 811 | 896 | 811 | 896 | |||||
Total assets | 22,365 | 25,562 | 22,365 | 25,562 | |||||
Depreciation and amortization | 146 | 133 | 461 | 379 | |||||
Impairment charges | 4 | 1 | 101 | 4 | |||||
Equity income (loss) | 259 | 279 | 261 | 886 | |||||
Operating Segments [Member] | Cruise [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales and revenue | 26 | 25 | 79 | 75 | |||||
Earnings (loss) before interest and taxes-adjusted | (204) | (251) | (627) | (699) | |||||
Adjustments | 0 | 0 | 0 | 0 | |||||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 | 0 | |||||
Goodwill and intangible assets, net | 724 | 670 | 724 | 670 | |||||
Total assets | 3,815 | 4,406 | 3,815 | 4,406 | |||||
Depreciation and amortization | 11 | 7 | 30 | 16 | |||||
Impairment charges | 0 | 0 | 0 | 0 | |||||
Equity income (loss) | 0 | 0 | 0 | 0 | |||||
Operating Segments [Member] | GM Financial [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales and revenue | 3,421 | 3,659 | 10,405 | 10,918 | |||||
Earnings (loss) before interest and taxes-adjusted | 1,207 | 711 | 1,663 | 1,606 | |||||
Adjustments | 0 | 0 | 0 | 0 | |||||
Equity in net assets of nonconsolidated affiliates | 1,485 | 1,381 | 1,485 | 1,381 | |||||
Goodwill and intangible assets, net | 1,337 | 1,353 | 1,337 | 1,353 | |||||
Total assets | 108,926 | 109,099 | 108,926 | 109,099 | |||||
Depreciation and amortization | 1,814 | 1,832 | 5,567 | 5,579 | |||||
Impairment charges | 0 | 0 | 0 | 0 | |||||
Equity income (loss) | 46 | 39 | 113 | 126 | |||||
Corporate [Member] | Automotive [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales and revenue | 203 | 52 | 321 | 152 | |||||
Earnings (loss) before interest and taxes-adjusted | (87) | (451) | (680) | (461) | |||||
Adjustments | 0 | 0 | 0 | (2) | |||||
Equity in net assets of nonconsolidated affiliates | 0 | 6 | 0 | 6 | |||||
Goodwill and intangible assets, net | 1 | 1 | 1 | 1 | |||||
Total assets | 45,059 | 34,309 | 45,059 | 34,309 | |||||
Depreciation and amortization | 5 | 11 | 20 | 36 | |||||
Impairment charges | 0 | 0 | 0 | 0 | |||||
Equity income (loss) | 0 | (6) | 0 | (19) | |||||
Eliminations [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales and revenue | (33) | (28) | (93) | (85) | |||||
Earnings (loss) before interest and taxes-adjusted | (8) | (1) | (6) | (17) | |||||
Adjustments | 0 | 0 | 0 | 0 | |||||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 | 0 | |||||
Goodwill and intangible assets, net | 0 | 0 | 0 | 0 | |||||
Total assets | (1,311) | (1,461) | (1,311) | (1,461) | |||||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||||
Impairment charges | 0 | 0 | 0 | 0 | |||||
Equity income (loss) | 0 | 0 | 0 | 0 | |||||
Eliminations [Member] | Automotive [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 | 0 | |||||
Goodwill and intangible assets, net | 0 | 0 | 0 | 0 | |||||
Total assets | (50,609) | (56,381) | (50,609) | (56,381) | |||||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||||
Impairment charges | 0 | 0 | 0 | 0 | |||||
Equity income (loss) | $ 0 | $ 0 | $ 0 | $ 0 |