Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 29, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | GM | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 36.1 | ||
Entity Common Stock, Shares Outstanding | 1,440,912,820 | ||
Documents Incorporated by Reference | Portions of the registrant's definitive Proxy Statement related to the Annual Stockholders Meeting to be filed subsequently are incorporated by reference into Part III of this Form 10-K. | ||
Entity Central Index Key | 0001467858 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Income Statements
Consolidated Income Statements - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales and revenue | |||
Automotive | $ 108,673 | $ 122,697 | $ 133,045 |
Total net sales and revenue (Note 3) | 122,485 | 137,237 | 147,049 |
Costs and expenses | |||
Automotive and other cost of sales | 97,539 | 110,651 | 120,656 |
Automotive and other selling, general and administrative expense | 7,038 | 8,491 | 9,650 |
Total costs and expenses | 115,851 | 131,756 | 142,604 |
Operating income | 6,634 | 5,481 | 4,445 |
Total interest expense | 4,121 | 4,423 | 3,880 |
Interest income and other non-operating income, net (Note 19) | 1,885 | 1,469 | 2,596 |
Equity income (Note 8) | 674 | 1,268 | 2,163 |
Income before income taxes | 8,095 | 7,436 | 8,549 |
Income tax expense (Note 17) | 1,774 | 769 | 474 |
Income from continuing operations | 6,321 | 6,667 | 8,075 |
Loss from discontinued operations, net of tax (Note 22) | 0 | 0 | 70 |
Net income | 6,321 | 6,667 | 8,005 |
Net loss attributable to noncontrolling interests | 106 | 65 | 9 |
Net income attributable to stockholders | 6,427 | 6,732 | 8,014 |
Net income attributable to common stockholders | $ 6,247 | $ 6,581 | $ 7,916 |
Earnings per share (Note 21) | |||
Basic earnings per common share – continuing operations (in dollars per share) | $ 4.36 | $ 4.62 | $ 5.66 |
Basic loss per common share – discontinued operations (in dollars per share) | 0 | 0 | 0.05 |
Basic earnings per common share (in dollars per share) | $ 4.36 | $ 4.62 | $ 5.61 |
Weighted-average common shares outstanding – basic (in shares) | 1,433 | 1,424 | 1,411 |
Diluted earnings per common share – continuing operations (in dollars per share) | $ 4.33 | $ 4.57 | $ 5.58 |
Diluted loss per common share – discontinued operations (in dollars per share) | 0 | 0 | 0.05 |
Diluted earnings per common share (in dollars per share) | $ 4.33 | $ 4.57 | $ 5.53 |
Weighted-average common shares outstanding – diluted (in shares) | 1,442 | 1,439 | 1,431 |
Automotive | |||
Net sales and revenue | |||
Automotive | $ 108,673 | $ 122,697 | $ 133,045 |
Costs and expenses | |||
Total interest expense | 1,098 | 782 | 655 |
GM Financial | |||
Net sales and revenue | |||
Total net sales and revenue (Note 3) | 13,812 | 14,540 | 14,004 |
Costs and expenses | |||
GM Financial interest, operating and other expenses | $ 11,274 | $ 12,614 | $ 12,298 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 6,321 | $ 6,667 | $ 8,005 |
Other comprehensive income, net of tax (Note 20) | |||
Foreign currency translation adjustments and other | (523) | (6) | (715) |
Defined benefit plans | (1,795) | (2,122) | (221) |
Other comprehensive loss, net of tax | (2,318) | (2,128) | (936) |
Comprehensive income | 4,003 | 4,539 | 7,069 |
Comprehensive loss attributable to noncontrolling interests | 92 | 76 | 15 |
Comprehensive income attributable to stockholders | $ 4,095 | $ 4,615 | $ 7,084 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 19,992 | $ 19,069 |
Marketable debt securities (Note 4) | 9,046 | 4,174 |
Accounts and notes receivable (net of allowance of $224 and $201) | 8,035 | 6,797 |
Inventories (Note 6) | 10,235 | 10,398 |
Other current assets (Note 4; Note 11 at VIEs) | 7,407 | 7,953 |
Total current assets | 80,924 | 74,992 |
Non-current Assets | ||
Equity in net assets of nonconsolidated affiliates (Note 8) | 8,406 | 8,562 |
Property, net (Note 9) | 37,632 | 38,750 |
Goodwill and intangible assets, net (Note 10) | 5,230 | 5,337 |
Equipment on operating leases, net (Note 7; Note 11 at VIEs) | 39,819 | 42,055 |
Deferred income taxes (Note 17) | 24,136 | 24,640 |
Other assets (Note 4; Note 11 at VIEs) | 7,264 | 7,346 |
Total non-current assets | 154,270 | 153,045 |
Total Assets | 235,194 | 228,037 |
Current Liabilities | ||
Accounts payable (principally trade) | 19,928 | 21,018 |
Accrued liabilities (Note 12) | 23,069 | 26,487 |
Total current liabilities | 79,910 | 84,905 |
Non-current Liabilities | ||
Postretirement benefits other than pensions (Note 15) | 6,277 | 5,935 |
Pensions (Note 15) | 12,902 | 12,170 |
Other liabilities (Note 12) | 13,447 | 13,146 |
Total non-current liabilities | 105,607 | 97,175 |
Total Liabilities | 185,517 | 182,080 |
Commitments and contingencies (Note 16) | ||
Equity (Note 20) | ||
Common stock, $0.01 par value | 14 | 14 |
Additional paid-in capital | 26,542 | 26,074 |
Retained earnings | 31,962 | 26,860 |
Accumulated other comprehensive loss | (13,488) | (11,156) |
Total stockholders’ equity | 45,030 | 41,792 |
Noncontrolling interests | 4,647 | 4,165 |
Total Equity | 49,677 | 45,957 |
Total Liabilities and Equity | 235,194 | 228,037 |
GM Financial | ||
Current Assets | ||
GM Financial receivables, net (Note 5; Note 11 at VIEs) | 26,209 | 26,601 |
Non-current Assets | ||
GM Financial receivables, net (Note 5; Note 11 at VIEs) | 31,783 | 26,355 |
Current Liabilities | ||
Short-term debt and current portion of long-term debt (Note 13) | 35,637 | 35,503 |
Non-current Liabilities | ||
Long-term debt (Note 13) | 56,788 | 53,435 |
Automotive | ||
Current Liabilities | ||
Short-term debt and current portion of long-term debt (Note 13) | 1,276 | 1,897 |
Non-current Liabilities | ||
Long-term debt (Note 13) | $ 16,193 | $ 12,489 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Automotive | ||
Allowance for doubtful accounts and notes receivable | $ 224 | $ 201 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Income from continuing operations | $ 6,321 | $ 6,667 | $ 8,075 |
Depreciation and impairment of Equipment on operating leases, net | 7,178 | 7,332 | 7,604 |
Depreciation, amortization and impairment charges on Property, net | 5,637 | 6,786 | 6,065 |
Foreign currency remeasurement and transaction (gains) losses | 203 | (85) | 168 |
Undistributed earnings of nonconsolidated affiliates, net | 524 | 585 | (141) |
Pension contributions and OPEB payments | (851) | (985) | (2,069) |
Pension and OPEB income, net | (765) | (484) | (1,280) |
Provision (benefit) for deferred taxes | 925 | (133) | (112) |
Change in other operating assets and liabilities (Note 25) | (399) | (3,789) | (1,376) |
Other operating activities | (2,103) | (873) | (1,678) |
Net cash provided by operating activities | 16,670 | 15,021 | 15,256 |
Cash flows from investing activities | |||
Expenditures for property | (5,300) | (7,592) | (8,761) |
Available-for-sale marketable securities, acquisitions | (16,204) | (4,075) | (2,820) |
Available-for-sale marketable securities, liquidations | 11,941 | 6,265 | 5,108 |
Purchases of finance receivables, net | (30,090) | (24,538) | (25,671) |
Principal collections and recoveries on finance receivables | 19,726 | 22,005 | 17,048 |
Purchases of leased vehicles, net | (15,233) | (16,404) | (16,736) |
Proceeds from termination of leased vehicles | 13,399 | 13,302 | 10,864 |
Other investing activities | (65) | 138 | 39 |
Net cash used in investing activities – continuing operations | (21,826) | (10,899) | (20,929) |
Net cash provided by investing activities – discontinued operations (Note 22) | 0 | 0 | 166 |
Net cash used in investing activities | (21,826) | (10,899) | (20,763) |
Cash flows from financing activities | |||
Net increase (decrease) in short-term debt | 277 | (312) | 1,186 |
Proceeds from issuance of debt (original maturities greater than three months) | 78,527 | 36,937 | 43,801 |
Payments on debt (original maturities greater than three months) | (72,663) | (39,156) | (33,323) |
Proceeds from issuance of subsidiary preferred and common stock (Note 20) | 492 | 457 | 2,862 |
Dividends paid | (669) | (2,350) | (2,242) |
Other financing activities | (412) | (253) | (830) |
Net cash provided by (used in) financing activities | 5,552 | (4,677) | 11,454 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (222) | 2 | (299) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 174 | (553) | 5,648 |
Cash, cash equivalents and restricted cash at beginning of period | 22,943 | 23,496 | 17,848 |
Cash, cash equivalents and restricted cash at end of period | 23,117 | 22,943 | 23,496 |
Continuing Operations | |||
Significant Non-cash Investing and Financing Activity | |||
Non-cash property additions – continuing operations | $ 2,300 | $ 2,837 | $ 3,813 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interests | Noncontrolling InterestsPreferred Stock |
Balance at beginning of period at Dec. 31, 2017 | $ 36,200 | $ (1,144) | $ 14 | $ 25,371 | $ 17,627 | $ (1,046) | $ (8,011) | $ (98) | $ 1,199 | ||
Net income | 8,005 | 8,014 | (9) | ||||||||
Other comprehensive income (loss) | (936) | (930) | (6) | ||||||||
Purchase of common stock | (190) | 0 | (91) | (99) | |||||||
Issuance of subsidiary preferred stock (Note 20) | $ 2,862 | $ 2,862 | |||||||||
Stock based compensation | 287 | 287 | 0 | ||||||||
Cash dividends paid on common stock | (2,144) | (2,144) | |||||||||
Dividends to noncontrolling interests | (169) | (169) | |||||||||
Other | 6 | (4) | 30 | 40 | |||||||
Balance at end of period at Dec. 31, 2018 | 42,777 | 14 | 25,563 | 22,322 | (9,039) | 3,917 | |||||
Net income | 6,667 | 6,732 | (65) | ||||||||
Other comprehensive income (loss) | (2,128) | (2,117) | (11) | ||||||||
Issuance of subsidiary preferred stock (Note 20) | 457 | 457 | |||||||||
Stock based compensation | 375 | 409 | (34) | ||||||||
Cash dividends paid on common stock | (2,165) | (2,165) | |||||||||
Dividends to noncontrolling interests | (166) | (166) | |||||||||
Other | 140 | 102 | 5 | 33 | |||||||
Balance at end of period at Dec. 31, 2019 | 45,957 | $ (660) | 14 | 26,074 | 26,860 | $ (660) | (11,156) | 4,165 | |||
Net income | 6,321 | 6,427 | (106) | ||||||||
Other comprehensive income (loss) | (2,318) | (2,332) | 14 | ||||||||
Purchase of common stock | (90) | (57) | (33) | ||||||||
Issuance of subsidiary preferred stock (Note 20) | $ 544 | $ 544 | |||||||||
Stock based compensation | 515 | 525 | (10) | ||||||||
Cash dividends paid on common stock | (545) | (545) | |||||||||
Dividends to noncontrolling interests | (46) | (46) | |||||||||
Other | (1) | 0 | (77) | 76 | |||||||
Balance at end of period at Dec. 31, 2020 | $ 49,677 | $ 14 | $ 26,542 | $ 31,962 | $ (13,488) | $ 4,647 |
Nature Of Operations and Basis
Nature Of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 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 was incorporated as a Delaware corporation in 2009. We design, build and sell trucks, crossovers, cars and automobile parts worldwide and are investing in and growing an autonomous vehicle business. We also provide automotive financing services through GM Financial. We analyze the results of our continuing operations through the following segments: GMNA, GMI, Cruise and GM Financial. 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 consolidated financial statements are prepared in conformity with U.S. GAAP. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions. Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Our share of earnings or losses of nonconsolidated affiliates is included in our consolidated operating results using the equity method of accounting when we are able to exercise significant influence over the operating and financial decisions of the affiliate. Use of Estimates in the Preparation of the Financial Statements Accounting estimates are an integral part of the consolidated financial statements. These estimates require the use of judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. GM Financial The amounts presented for GM Financial have been adjusted to include the effect of our tax attributes on GM Financial's deferred tax positions and provision for income taxes, which are not applicable to GM Financial on a stand-alone basis, and to eliminate the effect of transactions between GM Financial and the other members of the consolidated group. Accordingly, the amounts presented will differ from those presented by GM Financial on a stand-alone basis. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies The accounting policies that follow are utilized by our automotive, automotive financing and Cruise operations, unless otherwise indicated. We adopted Accounting Standards Update (ASU) 2016-13 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" (ASU 2016-13) on January 1, 2020 on a modified retrospective basis. As such, the comparative information in prior periods was not restated and continues to be reported under the accounting standards in effect for those periods. The accounting policies that follow for Marketable Debt Securities, Accounts and Notes Receivable and GM Financial Receivables that were affected by the adoption of ASU 2016-13 became effective on January 1, 2020. Revenue Recognition Automotive Automotive net sales and revenue represents the amount of consideration to which we expect to be entitled in exchange for vehicle, parts and accessories and services and other sales. The consideration recognized represents the amount received, typically shortly after the sale to a customer, net of estimated dealer and customer sales incentives we reasonably expect to pay. Significant factors in determining our estimates of incentives include forecasted sales volume, product mix and the rate of customer acceptance of incentive programs, all of which are estimated based on historical experience and assumptions concerning future customer behavior and market conditions. Subsequent adjustments to incentive estimates are possible as facts and circumstances change over time. A portion of the consideration received is deferred for separate performance obligations, such as maintenance and vehicle connectivity, that will be provided to our customers at a future date. Taxes assessed by various government entities, such as sales, use and value-added taxes, collected at the time of the vehicle sale are excluded from Automotive net sales and revenue. Costs for shipping and handling activities that occur after control of the vehicle transfers to the dealer are recognized at the time of sale and presented in Automotive and other cost of sales. V e hicle, Parts and Accessories For the majority of vehicle and accessories sales, our customers obtain control and we recognize revenue when the vehicle transfers to the dealer, which generally occurs when the vehicle is released to the carrier responsible for transporting it to a dealer. Revenue, net of estimated returns, is recognized on the sale of parts upon delivery to the customer. When our customers have a right to return eligible parts and accessories, we consider the returns in our estimation of the transaction price. Transfers to daily rental companies are accounted for as sales, with revenue recognized at the time of transfer. We defer revenue for remarketing obligations, record a residual value guarantee and reflect a liability for amounts expected to be paid once the remarketing services are complete at the time of certain transfers and recognize deferred revenue in earnings upon completion of the remarketing service. Transfers containing a substantive repurchase obligation are accounted for as operating leases and rental income is recognized over the estimated term of the lease. Our total exposure to vehicle repurchase obligations is reduced to the extent vehicles are able to be resold to a third party. Used Vehicles Proceeds from the auction of vehicles returned from daily rental car companies and vehicles utilized by our employees are recognized in Automotive net sales and revenue upon transfer of control of the vehicle to the customer and the related vehicle carrying value is recognized in Automotive and other cost of sales. Services and Other Services and other revenue primarily consists of revenue from vehicle-related service arrangements and after-sale services such as maintenance, OnStar, vehicle connectivity and extended service warranties. For those service arrangements that are bundled with a vehicle sale, a portion of the revenue from the sale is allocated to the service component and recognized as deferred revenue within Accrued liabilities or Other liabilities. We recognize revenue for bundled services and services sold separately as services are performed, typically over a period of up to seven years. Automotive Financing - GM Financial Finance charge income earned on finance receivables is recognized using the effective interest method. Fees and commissions received (including incentive payments) and direct costs of originating loans are deferred and amortized over the term of the related finance receivables using the effective interest method and are removed from the consolidated balance sheets when the related finance receivables are fully charged off or paid in full. Accrual of finance charge income on retail finance receivables is generally suspended on accounts that are more than 60 days delinquent, accounts in bankruptcy and accounts in repossession. Payments received on nonaccrual loans are first applied to any fees due, then to any interest due and then any remaining amounts are applied to principal. Interest accrual generally resumes once an account has received payments bringing the delinquency to less than 60 days past due. Accrual of finance charge income on commercial finance receivables is generally suspended on accounts that are more than 90 days delinquent, upon receipt of a bankruptcy notice from a borrower, or where reasonable doubt exists about the full collectability of contractually agreed upon principal and interest. Payments received on nonaccrual loans are first applied to principal. Interest accrual resumes once an account has received payments bringing the account fully current and collection of contractual principal and interest is reasonably assured (including amounts previously charged off). Income from operating lease assets, which includes lease origination fees, net of lease origination costs, is recorded as operating lease revenue on a straight-line basis over the term of the lease agreement. Gains or losses realized upon disposition of off-lease assets including any payments received from lessees upon lease termination, are included in GM Financial interest, operating and other. Advertising and Promotion Expenditures Advertising and promotion expenditures, which are expensed as incurred in Automotive and other selling, general and administrative expense, were $2.7 billion, $3.7 billion and $4.0 billion in the years ended December 31, 2020, 2019 and 2018. Research and Development Expenditures Research and development expenditures, which are expensed as incurred in Automotive and other cost of sales, were $6.2 billion, $6.8 billion and $7.8 billion in the years ended December 31, 2020, 2019 and 2018. We enter into cost sharing arrangements with third parties or nonconsolidated affiliates for product-related research, engineering, design and development activities. Cost sharing payments and fees related to these arrangements are presented in Automotive and other cost of sales. Cash Equivalents and Restricted Cash Cash equivalents are defined as short-term, highly-liquid investments with original maturities of 90 days or less. Certain operating agreements require us to post cash as collateral. Cash and cash equivalents subject to contractual restrictions and not readily available are classified as restricted cash. Restricted cash is invested in accordance with the terms of the underlying agreements and include amounts related to various deposits, escrows and other cash collateral. Restricted cash is included in Other current assets and Other assets in the consolidated balance sheets. Fair Value Measurements A three-level valuation hierarchy, based upon observable and unobservable inputs, is used for fair value measurements. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions based on the best evidence available. These two types of inputs create the following fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets; Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose significant inputs are observable; and Level 3 – Instruments whose significant inputs are unobservable. Marketable Debt Securities We generally classify marketable debt securities as available-for-sale. Various factors, including turnover of holdings and investment guidelines, are considered in determining the classification of securities. Available-for-sale debt securities are recorded at fair value with non-credit related unrealized gains and losses recorded in Accumulated other comprehensive loss until realized. 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. Credit losses are recorded in Interest income and other non-operating income, net. An evaluation is made quarterly to determine if any portion of unrealized losses recorded in Accumulated other comprehensive loss needs to be reclassified. We determine realized gains and losses for all debt securities using the specific identification method and measure the fair value of our marketable debt securities using a market approach where identical or comparable prices are available and an income approach in other cases. If quoted market prices are not available, fair values of securities are determined using prices from a pricing service, pricing models, quoted prices of securities with similar characteristics or discounted cash flow models. These prices represent non-binding quotes. Our pricing service utilizes industry-standard pricing models that consider various inputs. We conduct an annual review of our pricing service and believe the prices received from our pricing service are a reliable representation of exit prices. Accounts and Notes Receivable Accounts and notes receivable primarily consists of amounts that are due and payable from our customers for the sale of vehicles, parts, and accessories. We evaluate the collectability of receivables each reporting period and record an allowance for doubtful accounts to present the net amount expected to be collected on our receivables. Additions to the allowance are charged to bad debt expense reported in Automotive and other selling, general and administrative expense and were insignificant in the years ended December 31, 2020, 2019 and 2018. 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 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. Inventories Inventories are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less cost to sell, and considers general market and economic conditions, periodic reviews of current profitability of vehicles, product warranty costs and the effect of estimated sales incentives. Net realizable value for off-lease and other vehicles is current auction sales proceeds less disposal and warranty costs. Productive material, supplies, work in process and service parts are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete. Equipment on Operating Leases Equipment on operating leases, net consists of vehicle leases to retail customers with lease terms of two Equity Investments When events and circumstances warrant, equity investments accounted for under the equity method of accounting are evaluated for impairment. An impairment charge is recorded whenever a decline in value of an equity investment below its carrying amount is determined to be other-than-temporary. Impairment charges related to equity method investments are recorded in Equity income. Equity investments that are not accounted for under the equity method of accounting are measured at fair value with changes in fair value recorded in Interest income and other non-operating income, net. Property, net Property, plant and equipment, including internal use software, is recorded at cost. Major improvements that extend the useful life or add functionality are capitalized. The gross amount of assets under finance leases is included in property, plant and equipment. Expenditures for repairs and maintenance are charged to expense as incurred. We depreciate depreciable property using the straight-line method. Leasehold improvements are amortized over the period of lease or the life of the asset, whichever is shorter. The amortization of the assets under finance leases is included in depreciation expense. Upon retirement or disposition of property, plant and equipment, the cost and related accumulated depreciation are eliminated and any resulting gain or loss is recorded in earnings. Impairment charges related to property are recorded in Automotive and other cost of sales, Automotive and other selling, general and administrative expense or GM Financial interest, operating and other expenses. Special Tools Special tools represent product-specific propulsion and non-propulsion related tools, dies, molds and other items used in the vehicle manufacturing process. Expenditures for special tools are recorded at cost and are capitalized. We amortize special tools over their estimated useful lives using the straight-line method or an accelerated amortization method based on their historical and estimated production volume. Impairment charges related to special tools are recorded in Automotive and other cost of sales. Goodwill Goodwill is not amortized but rather tested for impairment annually on October 1 and when events warrant such a review. The impairment test entails an assessment of qualitative factors to determine whether it is more likely than not that an impairment exists. If it is more likely than not that an impairment exists, then a quantitative impairment test is performed. Impairment exists when the carrying amount of a reporting unit exceeds its fair value. Intangible Assets, net Intangible assets, excluding goodwill, primarily include brand names, technology and intellectual property, customer relationships and dealer networks. Intangible assets are amortized on a straight-line or an accelerated method of amortization over their estimated useful lives. An accelerated amortization method reflecting the pattern in which the asset will be consumed is utilized if that pattern can be reliably determined. We consider the period of expected cash flows and underlying data used to measure the fair value of the intangible assets when selecting a useful life. Amortization of developed technology and intellectual property is recorded in Automotive and other cost of sales. Amortization of brand names, customer relationships and our dealer networks is recorded in Automotive and other selling, general and administrative expense or GM Financial interest, operating and other expenses. Impairment charges, if any, related to intangible assets are recorded in Automotive and other selling, general and administrative expense or Automotive and other cost of sales. Valuation of Long-Lived Assets The carrying amount of long-lived assets and finite-lived intangible assets to be held and used in the business is evaluated for impairment when events and circumstances warrant. If the carrying amount of a long-lived asset group is considered impaired, a loss is recorded based on the amount by which the carrying amount exceeds fair value. Product-specific long-lived asset groups and non-product specific long-lived assets are separately tested for impairment on an asset group basis. Fair value is determined using either the market or sales comparison approach, cost approach or anticipated cash flows discounted at a rate commensurate with the risk involved. Long-lived assets to be disposed of other than by sale are considered held for use until disposition. Pension and OPEB Plans Attribution, Methods and Assumptions The cost of benefits provided by defined benefit pension plans is recorded in the period employees provide service. The cost of pension plan amendments that provide for benefits already earned by plan participants is amortized over the expected period of benefit which may be the duration of the applicable collective bargaining agreement specific to the plan, the expected future working lifetime or the life expectancy of the plan participants. The cost of medical, dental, legal service and life insurance benefits provided through postretirement benefit plans is recorded in the period employees provide service. The cost of postretirement plan amendments that provide for benefits already earned by plan participants is amortized over the expected period of benefit which may be the average period to full eligibility or the average life expectancy of the plan participants. An expected return on plan asset methodology is utilized to calculate future pension expense for certain significant funded benefit plans. A market-related value of plan assets methodology is also utilized that averages gains and losses on the plan assets over a period of years to determine future pension expense. The methodology recognizes 60% of the difference between the fair value of assets and the expected calculated value in the first year and 10% of that difference over each of the next four years. The discount rate assumption is established for each of the retirement-related benefit plans at their respective measurement dates. In the U.S. we use a cash flow matching approach that uses projected cash flows matched to spot rates along a high-quality corporate bond yield curve to determine the present value of cash flows to calculate a single equivalent discount rate. We apply individual annual yield curve rates to determine the service cost and interest cost for our pension and OPEB plans to more specifically link the cash flows related to service cost and interest cost to bonds maturing in their year of payment. The benefit obligation for pension plans in Canada, the U.K. and Germany represents 93% of the non-U.S. pension benefit obligation at December 31, 2020. The discount rates for plans in Canada, the U.K. and Germany are determined using a cash flow matching approach like the U.S. Plan Asset Valuation Due to the lack of timely available market information for certain investments in the asset classes described below as well as the inherent uncertainty of valuation, reported fair values may differ from fair values that would have been used had timely available market information been available. Common and Preferred Stock Common and preferred stock for which market prices are readily available at the measurement date are valued at the last reported sale price or official closing price on the primary market or exchange on which they are actively traded and are classified in Level 1. Such equity securities for which the market is not considered to be active are valued via the use of observable inputs, which may include the use of adjusted market prices last available, bids or last available sales prices and/or other observable inputs and are classified in Level 2. Common and preferred stock classified in Level 3 are privately issued securities or other issues that are valued via the use of valuation models using significant unobservable inputs that generally consider aged (stale) pricing, earnings multiples, discounted cash flows and/or other qualitative and quantitative factors. Debt Securities Valuations for debt securities are based on quotations received from independent pricing services or from dealers who make markets in such securities. Debt securities priced via pricing services that utilize matrix pricing which considers readily observable inputs such as the yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices, are classified in Level 2. Debt securities that are typically priced by dealers and pricing services via the use of proprietary pricing models which incorporate significant unobservable inputs are classified in Level 3. These inputs primarily consist of yield and credit spread assumptions, discount rates, prepayment curves, default assumptions and recovery rates. Investment Funds, Private Equity and Debt Investments and Real Estate Investments Investment funds, private equity and debt investments and real estate investments are valued based on the Net Asset Value (NAV) per Share (or its equivalent) as a practical expedient to estimate fair value due to the absence of readily available market prices. NAV's are provided by the respective investment sponsors or investment advisers and are subsequently reviewed and approved by management. In the event management concludes a reported NAV does not reflect fair value or is not determined as of the financial reporting measurement date, we will consider whether and when deemed necessary to make an adjustment at the balance sheet date. In determining whether an adjustment to the external valuation is required, we will review material factors that could affect the valuation, such as changes in the composition or performance of the underlying investments or comparable investments, overall market conditions, expected sale prices for private investments which are probable of being sold in the short-term and other economic factors that may possibly have a favorable or unfavorable effect on the reported external valuation. Stock Incentive Plans Our stock incentive plans include RSUs, Restricted Stock Awards (RSAs), PSUs, stock options and awards that may be settled in our stock, the stock of our subsidiaries or in cash. We measure and record compensation expense based on the fair value of GM or Cruise's common stock on the date of grant for RSUs, RSAs and PSUs and the grant date fair value, determined utilizing a lattice model or the Black-Scholes formula, for stock options and PSUs. We record compensation cost for service-based RSUs, RSAs, PSUs and service-based stock options on a straight-line basis over the entire vesting period, or for retirement eligible employees over the requisite service period. RSUs granted in stock of Cruise vest upon satisfaction of both a service condition and a liquidity condition, defined as a change in control transaction or the consummation of an initial public offering. Compensation costs for RSUs granted in stock of Cruise will be recorded when the liquidity condition is met. Compensation cost for awards that do not have an established accounting grant date, but for which the service inception date has been established, or are settled in cash is based on the fair value of GM or Cruise's common stock at the end of each reporting period. We use the graded vesting method to record compensation cost for stock options with market conditions over the lesser of the vesting period or the time period an employee becomes eligible to retain the award at retirement. Product Warranty and Recall Campaigns The estimated costs related to product warranties are accrued at the time products are sold and are charged to Automotive and other cost of sales. These estimates are established using historical information on the nature, frequency and average cost of claims of each vehicle line or each model year of the vehicle line and assumptions about future activity and events. Revisions are made when necessary and are based on changes in these factors. The estimated costs related to recall campaigns are accrued when probable and estimable, which is generally at the time of vehicle sale. In GMNA, we estimate the costs related to recall campaigns by applying a paid loss approach that considers the number of historical recall campaigns and the estimated cost for each recall campaign. The estimated costs associated with recall campaigns in other geographical regions are determined using the estimated costs of repairs and the estimated number of vehicles to be repaired. Costs associated with recall campaigns are charged to Automotive and other cost of sales. Revisions are made when necessary based on changes in these factors. Income Taxes The liability method is used in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements using the statutory tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recorded in the results of operations in the period that includes the enactment date under the law. We establish valuation allowances for deferred tax assets based on a more likely than not standard. Deferred income tax assets are evaluated quarterly to determine if valuation allowances are required or should be adjusted. The ability to realize deferred tax assets depends on the ability to generate sufficient taxable income within the carryback or carryforward periods provided for in the tax law for each applicable tax jurisdiction. The assessment regarding whether a valuation allowance is required or should be adjusted also considers all available positive and negative evidence factors. It is difficult to conclude a valuation allowance is not required when there is significant objective and verifiable negative evidence, such as cumulative losses in recent years. We utilize a rolling three years of actual and current year results as the primary measure of cumulative losses in recent years. Income tax expense (benefit) for the year is allocated between continuing operations and other categories of income such as Other comprehensive income (loss). In periods in which there is a pre-tax loss from continuing operations and pre-tax income in another income category, the tax benefit allocated to continuing operations is determined by taking into account the pre-tax income of other categories. We record Global Intangible Low Tax Income (GILTI) as a current period expense when incurred. We record uncertain tax positions on the basis of a two-step process whereby we determine whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position, and for those tax positions that meet the more likely than not criteria, we recognize the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. We record interest and penalties on uncertain tax positions in Income tax expense (benefit). Foreign Currency Transactions and Translation The assets and liabilities of foreign subsidiaries that use the local currency as their functional currency are translated to U.S. Dollars based on the current exchange rate prevailing at each balance sheet date and any resulting translation adjustments are included in Accumulated other comprehensive loss. The assets and liabilities of foreign subsidiaries whose local currency is not their functional currency are remeasured from their local currency to their functional currency and then translated to U.S. Dollars. Revenues and expenses are translated into U.S. Dollars using the average exchange rates prevailing for each period presented. The financial statements of any foreign subsidiary that has been identified as having a highly inflationary economy are remeasured as if the functional currency were the U.S. Dollar. Gains and losses arising from foreign currency transactions and the effects of remeasurements discussed in the preceding paragraph are recorded in Automotive and other cost of sales and GM Financial interest, operating and other expenses unless related to Automotive debt, which are recorded in Interest income and other non-operating income, net. Foreign currency transaction and remeasurement losses were $203 million, gains of $85 million and losses of $168 million in the years ended December 31, 2020, 2019 and 2018. Derivative Financial Instruments Derivative financial instruments are recognized as either assets or liabilities at fair value. The accounting for changes in the fair value of each derivative financial instrument depends on whether it has been designated and qualifies as an accounting hedge, as well as the type of hedging relationship identified. Derivative instruments are not used for trading or speculative purposes. Automotive We utilize options, swaps and forward contracts to manage foreign currency and commodity price risk. The change in fair value of option and forward contracts not designated as hedges is recorded in Interest income and other non-operating income, net. Cash flows for all derivative financial instruments are classified in cash flows from operating activities. We estimate the fair value of the PSA warrants using a Black-Scholes formula. The significant inputs to the model include the PSA stock price and the estimated dividend yield. We are entitled to receive any dividends declared by PSA through the conversion date upon exercise of the warrants. Gains or losses as a result of the change in the fair value of the PSA warrants are recorded in Interest income and other non-operating income, net. Automotive Financing - GM Financial GM Financial utilizes interest rate derivative instruments to manage interest rate risk and foreign currency derivative instruments to manage foreign currency risk. The change in fair value of the derivative instruments not designated as hedges is recorded in GM Financial interest, operating and other expenses. Cash flows for all derivative financial instruments are classified in cash flows from operating activities. Certain interest rate and foreign currency swap agreements have been designated as fair value hedges. The risk being hedged is the risk of changes in the fair value of the hedged debt attributable to changes in the benchmark interest rate or the risk of changes in fair value attributable to changes in foreign currency exchange rates. If the swap has been designated as a fair value hedge, the changes in the fair value of the hedged item are recorded in GM Financial interest, operating and other expenses. The change in fair value of the related hedge is also recorded in GM Financial interest, operating and other expenses. Certain interest rate swap and foreign currency swap agreements have been designated as cash flow hedges. The risk being hedged is the interest rate |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following table disaggregates our revenue by major source for revenue generating segments : Year Ended December 31, 2020 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 92,749 $ 10,593 $ 1 $ 103,343 $ — $ — $ — $ 103,343 Used vehicles 875 115 20 1,010 — — — 1,010 Services and other 3,109 878 329 4,316 103 — (99) 4,320 Automotive net sales and revenue 96,733 11,586 350 108,669 103 — (99) 108,673 Leased vehicle income — — — — — 9,530 — 9,530 Finance charge income — — — — — 3,996 (1) 3,995 Other income — — — — — 305 (18) 287 GM Financial net sales and revenue — — — — — 13,831 (19) 13,812 Net sales and revenue $ 96,733 $ 11,586 $ 350 $ 108,669 $ 103 $ 13,831 $ (118) $ 122,485 Year Ended December 31, 2019 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 101,346 $ 14,931 $ — $ 116,277 $ — $ — $ — $ 116,277 Used vehicles 1,896 123 — 2,019 — — — 2,019 Services and other 3,124 1,057 220 4,401 100 — (100) 4,401 Automotive net sales and revenue 106,366 16,111 220 122,697 100 — (100) 122,697 Leased vehicle income — — — — — 10,032 — 10,032 Finance charge income — — — — — 4,071 (7) 4,064 Other income — — — — — 451 (7) 444 GM Financial net sales and revenue — — — — — 14,554 (14) 14,540 Net sales and revenue $ 106,366 $ 16,111 $ 220 $ 122,697 $ 100 $ 14,554 $ (114) $ 137,237 Year Ended December 31, 2018 GMNA GMI Corporate Total Automotive GM Financial Eliminations Total Vehicle, parts and accessories $ 107,217 $ 17,980 $ 20 $ 125,217 $ — $ (62) $ 125,155 Used vehicles 3,215 175 — 3,390 — (36) 3,354 Services and other 3,360 993 183 4,536 — — 4,536 Automotive net sales and revenue 113,792 19,148 203 133,143 — (98) 133,045 Leased vehicle income — — — — 9,963 — 9,963 Finance charge income — — — — 3,629 (8) 3,621 Other income — — — — 424 (4) 420 GM Financial net sales and revenue — — — — 14,016 (12) 14,004 Net sales and revenue $ 113,792 $ 19,148 $ 203 $ 133,143 $ 14,016 $ (110) $ 147,049 Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Adjustments to sales incentives for previously recognized sales were insignificant during the years ended December 31, 2020, 2019 and 2018. |
Marketable and Other Securities
Marketable and Other Securities | 12 Months Ended |
Dec. 31, 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 December 31, 2020 December 31, 2019 Cash and cash equivalents Cash and time deposits(a) $ 8,010 $ 6,828 Available-for-sale debt securities U.S. government and agencies 2 1,370 1,484 Corporate debt 2 3,476 5,863 Sovereign debt 2 2,051 2,123 Total available-for-sale debt securities – cash equivalents 6,897 9,470 Money market funds 1 5,085 2,771 Total cash and cash equivalents(b) $ 19,992 $ 19,069 Marketable debt securities U.S. government and agencies 2 $ 1,771 $ 226 Corporate debt 2 3,630 2,932 Mortgage and asset-backed 2 632 681 Sovereign debt 2 3,013 335 Total available-for-sale debt securities – marketable securities(c) $ 9,046 $ 4,174 Restricted cash Cash and cash equivalents $ 269 $ 292 Money market funds 1 2,856 3,582 Total restricted cash $ 3,125 $ 3,874 Available-for-sale debt securities included above with contractual maturities(d) Due in one year or less $ 12,533 Due between one and five years 2,778 Total available-for-sale debt securities with contractual maturities $ 15,311 __________ (a) Include s $248 million that is 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 December 31, 2020. (b) Includes $761 million and $2.3 billion in Cruise at December 31, 2020 and 2019. (c) Includes $943 million and $266 million in Cruise at December 31, 2020 and 2019. (d) Excludes mortgage- and asset-backed securities of $632 million at December 31, 2020 as these securities are not due at a single maturity date. Proceeds from the sale of available-for-sale debt securities sold prior to maturity were $1.9 billion, $4.5 billion and $4.3 billion in the years ended December 31, 2020, 2019 and 2018. Net unrealized gains and losses on available-for-sale debt securities were insignificant in the years ended December 31, 2020, 2019 and 2018. Cumulative unrealized gains and losses on available-for-sale debt securities were insignificant at December 31, 2020 and 2019. We liquidated our remaining shares in Lyft in the six months ended June 30, 2020. We recorded an insignificant unrealized loss in the years ended December 31, 2020 and 2019, and an unrealized gain of $142 million in Interest income and other non-operating income, net in the year ended December 31, 2018. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows: December 31, 2020 December 31, 2019 Cash and cash equivalents $ 19,992 $ 19,069 Restricted cash included in Other current assets 2,581 3,352 Restricted cash included in Other assets 544 522 Total $ 23,117 $ 22,943 |
GM Financial Receivables and Tr
GM Financial Receivables and Transactions | 12 Months Ended |
Dec. 31, 2020 | |
GM Financial | |
Finance Receivables [Line Items] | |
GM Financial Receivables and Transactions | GM Financial Receivables and Transactions December 31, 2020 December 31, 2019 Retail Commercial(a) Total Retail Commercial(a) Total GM Financial receivables $ 51,288 $ 8,682 $ 59,970 $ 42,229 $ 11,671 $ 53,900 Less: allowance for loan losses (1,915) (63) (1,978) (866) (78) (944) GM Financial receivables, net $ 49,373 $ 8,619 $ 57,992 $ 41,363 $ 11,593 $ 52,956 Fair value of GM Financial receivables utilizing Level 2 inputs $ 8,619 $ 11,593 Fair value of GM Financial receivables utilizing Level 3 inputs $ 51,645 $ 41,973 __________ (a) Net of dealer cash management balances of $1.4 billion and $1.2 billion at December 31, 2020 and 2019. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on their floorplan line by making principal payments to GM Financial in advance. Years Ended December 31, 2020 2019 2018 Allowance for loan losses at beginning of period $ 944 $ 911 $ 942 Impact of adoption ASU 2016-13 (Note 2) 801 — — Provision for loan losses 881 726 642 Charge-offs (1,169) (1,246) (1,199) Recoveries 542 551 536 Effect of foreign currency (21) 2 (10) Allowance for loan losses at end of period $ 1,978 $ 944 $ 911 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 December 31, 2020 is as follows: Year of Origination December 31, 2020 December 31, 2019 2020 2019 2018 2017 2016 Prior Total Percent Total Percent Prime – FICO score 680 and greater $ 18,685 $ 7,033 $ 4,491 $ 1,917 $ 555 $ 119 $ 32,800 64.0 % $ 25,400 60.1 % Near-prime – FICO score 620 to 679 3,695 2,097 1,232 603 225 83 7,935 15.4 % 6,862 16.3 % Sub-prime – FICO score less than 620 3,803 2,920 1,740 1,173 610 307 10,553 20.6 % 9,967 23.6 % Retail finance receivables, net of fees $ 26,183 $ 12,050 $ 7,463 $ 3,693 $ 1,390 $ 509 $ 51,288 100.0 % $ 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 $714 million and $875 million at December 31, 2020 and 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 December 31, 2020: Year of Origination December 31, 2020 December 31, 2019 2020 2019 2018 2017 2016 Prior Total Percent Total(a) Percent 0-to-30 days $ 25,894 $ 11,591 $ 7,131 $ 3,454 $ 1,249 $ 421 $ 49,740 97.0 % 31-to-60 days 210 325 235 170 102 61 1,103 2.1 % $ 1,354 3.2 % Greater-than-60 days 72 123 90 64 37 26 412 0.8 % 542 1.3 % Finance receivables more than 30 days delinquent 282 448 325 234 139 87 1,515 2.9 % 1,896 4.5 % In repossession 7 11 7 5 2 1 33 0.1 % 44 0.1 % Finance receivables more than 30 days delinquent or in repossession 289 459 332 239 141 88 1,548 3.0 % $ 1,940 4.6 % Retail finance receivables, net of fees $ 26,183 $ 12,050 $ 7,463 $ 3,693 $ 1,390 $ 509 $ 51,288 100.0 % __________ (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 $2.2 billion at December 31, 2020, including $301 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 December 31, 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 December 31, 2020: Year of Origination(a) December 31, 2020 Revolving 2020 2019 2018 2017 2016 Prior Total Percent I $ 6,968 $ 510 $ 159 $ 63 $ 95 $ 43 $ 19 $ 7,857 90.5 % II 491 2 18 2 3 18 34 568 6.5 % III 203 — 8 29 2 11 — 253 2.9 % IV — — — — — — 4 4 0.1 % Commercial finance receivables, net of fees $ 7,662 $ 512 $ 185 $ 94 $ 100 $ 72 $ 57 $ 8,682 100.0 % _________ (a) Floorplan advances comprise 97% of the total revolving balance. Dealer term loans are presented by year of origination. Transactions with GM Financial The following table shows transactions between our Automotive segments and GM Financial. These amounts are presented in GM Financial's consolidated balance sheets and statements of income. December 31, 2020 December 31, 2019 Consolidated Balance Sheets(a) Commercial finance receivables, net due from GM consolidated dealers $ 398 $ 478 Subvention receivable(b) $ 642 $ 676 Commercial loan funding payable $ 23 $ 74 Years Ended December 31, 2020 2019 2018 Consolidated Statements of Income Interest subvention earned on finance receivables $ 679 $ 588 $ 554 Leased vehicle subvention earned $ 3,042 $ 3,273 $ 3,274 __________ (a) All balance sheet amounts are eliminated upon consolidation. (b) Our Automotive segments made cash payments to GM Financial for subvention of $3.9 billion, $4.1 billion, and $3.8 billion in the years ended December 31, 2020, 2019 and 2018. GM Financial's Board of Directors declared and paid dividends of $800 million, $400 million and $375 million on its common stock in the years ended December 31, 2020, 2019 and 2018. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories December 31, 2020 December 31, 2019 Total productive material, supplies and work in process $ 5,117 $ 4,713 Finished product, including service parts 5,118 5,685 Total inventories $ 10,235 $ 10,398 |
Equipment on Operating Leases
Equipment on Operating Leases | 12 Months Ended |
Dec. 31, 2020 | |
Vehicles | |
Property Subject to or Available for Operating Lease [Line Items] | |
Equipment on Operating Leases | Equipment on Operating Leases Equipment on operating leases primarily consists of leases to retail customers of GM Financial. The current portion of net equipment on operating leases is included in Other current assets. December 31, 2020 December 31, 2019 Equipment on operating leases $ 50,000 $ 53,081 Less: accumulated depreciation (10,181) (10,989) Equipment on operating leases, net $ 39,819 $ 42,092 At December 31, 2020, the estimated residual value of our leased assets at the end of the lease term was $29.2 billion. Depreciation expense related to Equipment on operating leases, net was $7.2 billion, $7.3 billion and $7.5 billion in the years ended December 31, 2020, 2019 and 2018. The following table summarizes lease payments due to GM Financial on leases to retail customers: Years Ending December 31, 2021 2022 2023 2024 2025 Thereafter Total Lease receipts under operating leases $ 6,142 $ 3,783 $ 1,441 $ 112 $ 2 $ — $ 11,480 |
Equity In Net Assets Of Noncons
Equity In Net Assets Of Nonconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity in Net Assets of Nonconsolidated Affiliates | Equity in Net Assets of Nonconsolidated Affiliates Nonconsolidated affiliates are entities in which we maintain an equity ownership interest and for which we use the equity method of accounting due to our ability to exert significant influence over decisions relating to their operating and financial affairs. Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as Equity income. Years Ended December 31, 2020 2019 2018 Automotive China equity income $ 512 $ 1,132 $ 1,981 Other joint ventures equity income 162 136 182 Total Equity income $ 674 $ 1,268 $ 2,163 Investments in Nonconsolidated Affiliates December 31, 2020 December 31, 2019 Automotive China carrying amount $ 6,599 $ 7,044 Other investments carrying amount 1,807 1,518 Total equity in net assets of nonconsolidated affiliates $ 8,406 $ 8,562 The carrying amount of our investments in certain joint ventures exceeded our share of the underlying net assets by $4.2 billion at December 31, 2020 and 2019 primarily due to goodwill from the application of fresh-start reporting and the purchase of additional interests in nonconsolidated affiliates. The following table summarizes our direct ownership interests in our China JVs: December 31, 2020 December 31, 2019 Automotive China JVs SAIC General Motors Corp., Ltd. (SGM) 50 % 50 % Pan Asia Technical Automotive Center Co., Ltd. 50 % 50 % SAIC General Motors Sales Co., Ltd. 49 % 49 % SAIC GM Wuling Automobile Co., Ltd. (SGMW) 44 % 44 % Shanghai OnStar Telematics Co., Ltd. (Shanghai OnStar) 40 % 40 % SAIC GM (Shenyang) Norsom Motors Co., Ltd. (SGM Norsom) 25 % 25 % SAIC GM Dong Yue Motors Co., Ltd. (SGM DY) 25 % 25 % SAIC GM Dong Yue Powertrain Co., Ltd. (SGM DYPT) 25 % 25 % Other joint ventures SAIC-GMAC Automotive Finance Company Limited (SAIC-GMAC) 35 % 35 % SAIC-GMF Leasing Co., Ltd. 35 % 35 % SGM is a joint venture we established with Shanghai Automotive Industry Corporation (SAIC) (50%). SGM has interests in three other joint ventures in China: SGM Norsom, SGM DY and SGM DYPT. These three joint ventures are jointly held by SGM (50%), SAIC (25%) and ourselves. These four joint ventures are engaged in the production, import and sale of a range of products under the Buick, Chevrolet and Cadillac brands. SGM also has interests in Shanghai OnStar (20%), SAIC-GMAC (20%) and SAIC-GMF Leasing Co., Ltd. (20%). Shanghai Automotive Group Finance Company Ltd., a subsidiary of SAIC, owns 45% of SAIC-GMAC. SAIC Financial Holdings Company, a subsidiary of SAIC, owns 45% of SAIC-GMF Leasing Co., Ltd. Summarized Financial Data of Nonconsolidated Affiliates December 31, 2020 December 31, 2019 Automotive China JVs Others Total Automotive China JVs Others Total Summarized Balance Sheet Data Current assets $ 17,604 $ 16,844 $ 34,448 $ 14,035 $ 13,319 $ 27,354 Non-current assets 14,875 8,634 23,509 14,484 6,680 21,164 Total assets $ 32,479 $ 25,478 $ 57,957 $ 28,519 $ 19,999 $ 48,518 Current liabilities $ 25,633 $ 14,808 $ 40,441 $ 21,256 $ 11,588 $ 32,844 Non-current liabilities 1,163 6,654 7,817 968 5,017 5,985 Total liabilities $ 26,796 $ 21,462 $ 48,258 $ 22,224 $ 16,605 $ 38,829 Noncontrolling interests $ 824 $ 1 $ 825 $ 847 $ 1 $ 848 Years Ended December 31, 2020 2019 2018 Summarized Operating Data Automotive China JVs' net sales $ 38,736 $ 39,123 $ 50,316 Others' net sales 1,850 1,815 1,721 Total net sales $ 40,586 $ 40,938 $ 52,037 Automotive China JVs' net income $ 1,239 $ 2,258 $ 3,992 Others' net income 436 477 536 Total net income $ 1,675 $ 2,735 $ 4,528 Transactions with Nonconsolidated Affiliates Our nonconsolidated affiliates are involved in various aspects of the development, production and marketing of trucks, crossovers, cars and automobile parts. We enter into transactions with certain nonconsolidated affiliates to purchase and sell component parts and vehicles. The following tables summarize transactions with and balances related to our nonconsolidated affiliates: Years Ended December 31, 2020 2019 2018 Automotive sales and revenue $ 235 $ 199 $ 406 Automotive purchases, net $ 165 $ 1,065 $ 1,155 Dividends received $ 1,198 $ 1,852 $ 2,022 Operating cash flows $ 1,473 $ 913 $ 657 December 31, 2020 December 31, 2019 Accounts and notes receivable, net $ 954 $ 1,007 Accounts payable $ 494 $ 369 Undistributed earnings $ 1,594 $ 2,118 |
Property
Property | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment, Net [Abstract] | |
Property | Property Estimated Useful Lives in Years December 31, 2020 December 31, 2019 Land $ 1,339 $ 1,302 Buildings and improvements 5-40 9,671 9,705 Machinery and equipment 3-27 30,013 29,814 Special tools 1-13 20,851 23,586 Construction in progress 3,581 3,042 Total property 65,455 67,449 Less: accumulated depreciation (27,823) (28,699) Total property, net $ 37,632 $ 38,750 The amount of capitalized software included in Property, net was $1.3 billion at December 31, 2020 and 2019. The amount of interest capitalized and excluded from Automotive interest expense related to Property, net was insignificant in the years ended December 31, 2020, 2019 and 2018. Years Ended December 31, 2020 2019 2018 Depreciation and amortization expense $ 5,354 $ 6,541 $ 5,347 Impairment charges $ 86 $ 7 $ 466 Capitalized software amortization expense(a) $ 457 $ 452 $ 424 __________ (a) Included in depreciation and amortization expense. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill of $1.9 billion consisted of $1.3 billion and $1.4 billion recorded in GM Financial, primarily related to its North America reporting unit, and $567 million and $504 million included in Cruise at December 31, 2020 and 2019. The COVID-19 pandemic has caused material disruption to businesses, resulting in an economic slowdown. The economic and social uncertainty resulting from the COVID-19 pandemic indicated that it was more likely than not that a goodwill impairment existed at March 31, 2020 for GM Financial's North America reporting unit. Therefore, at March 31, 2020, we performed an event-driven goodwill impairment test for GM Financial's North America reporting unit and determined no goodwill impairment existed. 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 our goodwill impairment analysis at March 31, 2020, we performed a qualitative assessment of goodwill impairment by evaluating our economic performance, outlook and other events and circumstances and noted no indicators that would warrant further quantitative testing of goodwill impairment. December 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Technology and intellectual property $ 762 $ 542 $ 220 $ 734 $ 533 $ 201 Brands 4,300 1,444 2,856 4,298 1,285 3,013 Dealer network, customer relationships and other 981 737 244 966 702 264 Total intangible assets $ 6,043 $ 2,723 $ 3,320 $ 5,998 $ 2,520 $ 3,478 Our amortization expense related to intangible assets was $144 million, $202 million , and $247 million in the years ended December 31, 2020, 2019 and 2018. Amortization expense related to intangible assets is estimated to be approximately $160 million in each of the next five years. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities Consolidated VIEs Automotive Financing - GM Financial GM Financial uses special purpose entities (SPEs) that are considered VIEs to issue variable funding notes to third party bank-sponsored warehouse facilities or asset-backed securities to investors in securitization transactions. The debt issued by these VIEs is backed by finance receivables and leasing-related assets transferred to the VIEs (Securitized Assets). GM Financial determined that it is the primary beneficiary of the SPEs because the servicing responsibilities for the Securitized Assets give GM Financial the power to direct the activities that most significantly impact the performance of the VIEs and the variable interests in the VIEs give GM Financial the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The assets of the VIEs serve as the sole source of repayment for the debt issued by these entities. Investors in the notes issued by the VIEs do not have recourse to GM Financial or its other assets, with the exception of customary representation and warranty repurchase provisions and indemnities that GM Financial provides as the servicer. GM Financial is not required to provide additional financial support to these SPEs. While these subsidiaries are included in GM Financial's consolidated financial statements, they are separate legal entities and their assets are legally owned by them and are not available to GM Financial's creditors. The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs: December 31, 2020 December 31, 2019 Restricted cash – current $ 2,190 $ 2,202 Restricted cash – non-current $ 449 $ 441 GM Financial receivables, net of fees – current $ 17,211 $ 19,081 GM Financial receivables, net of fees – non-current $ 15,107 $ 15,921 GM Financial equipment on operating leases, net $ 16,322 $ 14,464 GM Financial short-term debt and current portion of long-term debt $ 20,450 $ 23,952 GM Financial long-term debt $ 18,974 $ 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 loan losses expected over the remaining life of the finance receivables. Nonconsolidated VIEs Automotive Nonconsolidated VIEs principally include automotive related operating entities to which we provided financial support to ensure that our supply needs for production are met or are not disrupted. Our variable interests in these nonconsolidated VIEs include equity investments, accounts and loans receivable, committed financial support and other off-balance sheet arrangements. The carrying amounts of assets and liabilities related to our nonconsolidated VIEs were insignificant at December 31, 2020 and 2019. Our maximum exposure to loss as a result of our involvement with these VIEs was $1.2 billion, inclusive of $776 million in committed capital contributions to Ultium Cells LLC at December 31, 2020, and an insignificant amount at December 31, 2019. We currently lack the power through voting or similar rights to direct the activities of these entities that most significantly affect their economic performance. |
Accrued and Other Liabilities
Accrued and Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued and Other Liabilities | Accrued and Other Liabilities December 31, 2020 December 31, 2019 Accrued liabilities Dealer and customer allowances, claims and discounts $ 7,300 $ 10,402 Deferred revenue 3,132 3,234 Product warranty and related liabilities 3,048 2,987 Payrolls and employee benefits excluding postemployment benefits 1,864 1,969 Other 7,725 7,895 Total accrued liabilities $ 23,069 $ 26,487 Other liabilities Deferred revenue $ 2,715 $ 2,962 Product warranty and related liabilities 5,193 4,811 Operating lease liabilities 969 1,010 Employee benefits excluding postemployment benefits 822 704 Postemployment benefits including facility idling reserves 739 633 Other 3,009 3,026 Total other liabilities $ 13,447 $ 13,146 Years Ended December 31, 2020 2019 2018 Product Warranty and Related Liabilities Warranty balance at beginning of period $ 7,798 $ 7,590 $ 8,332 Warranties issued and assumed in period – recall campaigns 1,628 745 665 Warranties issued and assumed in period – product warranty 1,773 2,001 2,143 Payments (2,986) (3,012) (2,903) Adjustments to pre-existing warranties 41 455 (464) Effect of foreign currency and other (12) 19 (183) Warranty balance at end of period $ 8,242 $ 7,798 $ 7,590 In the three months ended December 31, 2020, we recorded an accrual of $1.1 billion, which represents our current estimate of the expected costs of complying with the recall related to the Takata passenger-side inflators in certain GMT900 vehicles, which are full-size pickup trucks and SUVs. This accrual is reflected in Warranties issued and assumed in period – recall campaigns in the table above. Refer to Note 16 for additional information on Takata matters. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Automotive The following table presents debt in our automotive operations: December 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 303 $ 332 $ 167 $ 165 Unsecured debt 16,929 20,988 13,909 15,247 Finance lease liabilities 237 256 310 516 Total automotive debt(a) $ 17,469 $ 21,576 $ 14,386 $ 15,928 Fair value utilizing Level 1 inputs $ 19,826 $ 13,628 Fair value utilizing Level 2 inputs $ 1,750 $ 2,300 Available under credit facility agreements(b) $ 18,222 $ 17,285 Weighted-average interest rate on outstanding short-term debt(c) 3.8 % 4.9 % Weighted-average interest rate on outstanding long-term debt(c) 5.6 % 5.4 % __________ (a) Includes net discount and debt issuance costs of $540 million at December 31, 2020 and 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 notes. 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. We repaid all amounts drawn under the revolving credit facilities as of December 31, 2020. We did not have any borrowings against our revolving credit facilities at December 31, 2019. In April 2020, we renewed our 364-day, $2.0 billion facility dedicated 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 agreed not to execute any share repurchases while we have any 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 to 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 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: December 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 39,982 $ 40,380 $ 39,959 $ 40,160 Unsecured debt 52,443 54,568 48,979 50,239 Total GM Financial debt $ 92,425 $ 94,948 $ 88,938 $ 90,399 Fair value utilizing Level 2 inputs $ 92,922 $ 88,481 Fair value utilizing Level 3 inputs $ 2,026 $ 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 11 for additional information on GM Financial's involvement with VIEs. GM Financial is required to hold certain funds in restricted cash accounts to provide additional collateral for borrowings under certain secured credit facilities. The weighted-average interest rate on secured debt was 1.89% at December 31, 2020. The revolving credit facilities have maturity dates ranging from 2021 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 year ended December 31, 2020, GM Financial renewed revolving credit facilities with total borrowing capacity of $21.1 billion and issued $24.6 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 1.17% and maturity dates ranging from 2021 to 2028. Unsecured debt consists of senior notes, credit facilities and other unsecured debt. Senior notes outstanding at December 31, 2020 have maturity dates ranging from 2021 to 2030 and have a weighted-average interest rate of 3.25%. In the year ended December 31, 2020, GM Financial issued $9.2 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 2.93% and maturity dates ranging from 2023 to 2030. In January 2021, GM Financial issued $2.5 billion in senior notes with a weighted average interest rate of 1.69% and maturity dates ranging from 2026 to 2031. In January 2021, GM Financial issued CAD $500 million in senior notes with an interest rate of 1.75% due in 2026. 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 2.47% at December 31, 2020. Years Ended December 31, 2020 2019 2018 Automotive interest expense $ 1,098 $ 782 $ 655 Automotive Financing - GM Financial interest expense 3,023 3,641 3,225 Total interest expense $ 4,121 $ 4,423 $ 3,880 The following table summarizes contractual maturities including finance leases at December 31, 2020: Automotive Automotive Financing Total 2021 $ 1,276 $ 35,742 $ 37,018 2022 137 19,312 19,449 2023 2,593 15,267 17,860 2024 86 7,808 7,894 2025 2,578 6,609 9,187 Thereafter 11,339 7,277 18,616 $ 18,009 $ 92,015 $ 110,024 Compliance with Debt Covenants Several of our loan facilities, including our revolving credit facilities, require compliance with certain financial and operational covenants as well as regular reporting to lenders, including providing certain subsidiary financial statements. Certain of GM Financial’s secured debt agreements also contain various covenants, including maintaining portfolio performance ratios as well as limits on deferment levels. GM Financial’s unsecured debt obligations contain covenants including limitations on GM Financial's ability to incur certain liens. Failure to meet certain of these requirements may result in a covenant violation or an event of default depending on the terms of the agreement. An event of default may allow lenders to declare amounts outstanding under these agreements immediately due and payable, to enforce their interests against collateral pledged under these agreements or restrict our ability or GM Financial's ability to obtain additional borrowings. No technical defaults or covenant violations existed at December 31, 2020. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 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 December 31, 2020 December 31, 2019 Derivatives not designated as hedges(a) Foreign currency 2 $ 2,195 $ 5,075 Commodity 2 341 806 PSA Warrants(b) 2 49 45 Total derivative financial instruments $ 2,585 $ 5,926 __________ (a) The fair value of these derivative instruments at December 31, 2020 and 2019 and the gains/losses included in our consolidated income statements for the years ended December 31, 2020, 2019 and 2018 were insignificant, unless otherwise noted. (b) The fair value of the PSA warrants located in Other assets was $1.1 billion and $964 million at December 31, 2020 and 2019. We recorded gains in Interest income and other non-operating income, net of $139 million, $154 million and $116 million for the years ended December 31, 2020, 2019 and 2018. As a result of the merger of PSA Group and Fiat Chrysler Automobiles N.V. on January 16, 2021, our 39.7 million warrants in PSA Group will convert into 69.2 million common shares of Stellantis N.V. upon exercise. These warrants will continue to be governed by the same terms and conditions that were applicable prior to the merger. 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 December 31, 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 $ 10,064 $ 463 $ 13 $ 9,458 $ 234 $ 23 Foreign currency swaps 2 1,958 128 9 1,796 22 71 Cash flow hedges Interest rate swaps 2 921 — 27 590 — 6 Foreign currency swaps 2 5,626 278 47 4,429 40 119 Derivatives not designated as hedges(a) Interest rate contracts 2 110,997 954 576 92,400 340 300 Total derivative financial instruments(b) $ 129,566 $ 1,823 $ 672 $ 108,673 $ 636 $ 519 __________ (a) The gains/losses included in our consolidated income statements and statements of comprehensive income for the years ended December 31, 2020 , 2019 and 2018 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 $728 million and $210 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted an insignificant amount of collateral to counterparties available for netting against GM Financial's liability positions at December 31, 2020 and 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 consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships: December 31, 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) Short-term unsecured debt $ 4,858 $ (69) $ 996 $ 4 Long-term unsecured debt 18,457 (670) 19,401 (81) GM Financial unsecured debt $ 23,315 $ (739) $ 20,397 $ (77) __________ |
Pensions And Other Postretireme
Pensions And Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits Employee Pension and Other Postretirement Benefit Plans Defined Benefit Pension Plans Defined benefit pension plans covering eligible U.S. hourly employees (hired prior to October 2007) and Canadian hourly employees (hired prior to October 2016) generally provide benefits of negotiated, stated amounts for each year of service and supplemental benefits for employees who retire with 30 years of service before normal retirement age. The benefits provided by the defined benefit pension plans covering eligible U.S. (hired prior to January 1, 2001) and Canadian salaried employees and employees in certain other non-U.S. locations are generally based on years of service and compensation history. Accrual of defined pension benefits ceased in 2012 for U.S. and Canadian salaried employees. There is also an unfunded nonqualified pension plan primarily covering U.S. executives for service prior to January 1, 2007 and it is based on an “excess plan” for service after that date. The funding policy for qualified defined benefit pension plans is to contribute annually not less than the minimum required by applicable laws and regulations or to directly pay benefit payments where appropriate. In the year ended December 31, 2020 all legal funding requirements were met. The following table summarizes contributions made to the defined benefit pension plans: Years Ended December 31, 2020 2019 2018 U.S. hourly and salaried $ 68 $ 83 $ 76 Non-U.S. 396 532 1,624 Total $ 464 $ 615 $ 1,700 We expect to contribute approximately $70 million to our U.S. non-qualified plans and approximately $500 million to our non-U.S. pension plans in 2021. Based on our current assumptions, over the next five years we expect no significant mandatory contributions to our U.S. qualified pension plans and mandatory contributions totaling $366 million to our U.K. and Canada pension plans. Other Postretirement Benefit Plans Certain hourly and salaried defined benefit plans provide postretirement medical, dental, legal service and life insurance to eligible U.S. and Canadian retirees and their eligible dependents. Certain other non-U.S. subsidiaries have postretirement benefit plans, although most non-U.S. employees are covered by government sponsored or administered programs. We made contributions to the U.S. OPEB plans of $343 million, $326 million and $325 million in the years ended December 31, 2020, 2019 and 2018. Plan participants' contributions were insignificant in the years ended December 31, 2020, 2019 and 2018. Defined Contribution Plans We have defined contribution plans for eligible U.S. salaried and hourly employees that provide discretionary matching contributions. Contributions are also made to certain non-U.S. defined contribution plans. We made contributions to our defined contribution plans of $573 million, $537 million and $617 million in the years ended December 31, 2020, 2019 and 2018. Significant Plan Amendments, Benefit Modifications and Related Events Other Remeasurements The SOA issued mortality improvement tables in the three months ended December 31, 2020. We incorporated these SOA mortality improvement tables into the December 31, 2020 measurement of our U.S. pension and OPEB plans' benefit obligations. The change in these assumptions decreased the December 31, 2020 U.S. pension and OPEB plans' obligations by $686 million. We incorporated the mortality improvement tables issued by the SOA in the three months ended December 31, 2018, and updated our base mortality assumptions in the U.S. This change in assumption decreased the December 31, 2018 U.S. pension and OPEB plans' obligations by $264 million. Pension and OPEB Obligations and Plan Assets Year Ended December 31, 2020 Year Ended December 31, 2019 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligations Beginning benefit obligation $ 64,684 $ 21,398 $ 6,304 $ 61,190 $ 19,904 $ 5,744 Service cost 177 133 19 179 120 17 Interest cost 1,716 362 173 2,264 456 220 Actuarial losses 4,757 1,506 551 6,444 1,653 641 Benefits paid (4,600) (1,132) (408) (4,753) (1,234) (395) Foreign currency translation adjustments — 870 (3) — 561 54 Curtailments, settlements and other (266) (2,330) 20 (640) (62) 23 Ending benefit obligation 66,468 20,807 6,656 64,684 21,398 6,304 Change in plan assets Beginning fair value of plan assets 59,239 14,961 — 56,102 13,528 — Actual return on plan assets 6,635 1,573 — 8,454 1,669 — Employer contributions 68 396 387 83 532 370 Benefits paid (4,600) (1,132) (408) (4,753) (1,234) (395) Foreign currency translation adjustments — 389 — — 668 — Settlements and other (265) (2,341) 21 (647) (202) 25 Ending fair value of plan assets 61,077 13,846 — 59,239 14,961 — Ending funded status $ (5,391) $ (6,961) $ (6,656) $ (5,445) $ (6,437) $ (6,304) Amounts recorded in the consolidated balance sheets Non-current assets $ — $ 980 $ — $ — $ 698 $ — Current liabilities (66) (364) (379) (68) (342) (369) Non-current liabilities (5,325) (7,577) (6,277) (5,377) (6,793) (5,935) Net amount recorded $ (5,391) $ (6,961) $ (6,656) $ (5,445) $ (6,437) $ (6,304) Amounts recorded in Accumulated other comprehensive loss Net actuarial loss $ (3,256) $ (5,123) $ (1,823) $ (1,980) $ (4,688) $ (1,364) Net prior service (cost) credit 11 (60) 20 14 (78) 27 Total recorded in Accumulated other comprehensive loss $ (3,245) $ (5,183) $ (1,803) $ (1,966) $ (4,766) $ (1,337) In the years ended December 31, 2020 and 2019, the actuarial losses on the benefit obligations were primarily due to decreases in discount rates for all plans. The following table summarizes the total accumulated benefit obligations (ABO), the ABO and fair value of plan assets for defined benefit pension plans with ABO in excess of plan assets, and the projected benefit obligation (PBO) and fair value of plan assets for defined benefit pension plans with PBO in excess of plan assets: December 31, 2020 December 31, 2019 U.S. Non-U.S. U.S. Non-U.S. ABO $ 66,448 $ 20,721 $ 64,669 $ 21,319 Plans with ABO in excess of plan assets ABO $ 66,448 $ 12,042 $ 64,669 $ 10,996 Fair value of plan assets $ 61,077 $ 4,185 $ 59,239 $ 3,940 Plans with PBO in excess of plan assets PBO $ 66,468 $ 12,128 $ 64,684 $ 11,079 Fair value of plan assets $ 61,077 $ 4,186 $ 59,239 $ 3,940 The following table summarizes the components of net periodic pension and OPEB expense along with the assumptions used to determine benefit obligations: Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Components of expense Service cost $ 251 $ 145 $ 19 $ 393 $ 132 $ 17 $ 330 $ 163 $ 20 Interest cost 1,716 362 173 2,264 456 220 2,050 464 195 Expected return on plan assets (3,267) (675) — (3,483) (786) — (3,890) (825) — Amortization of net actuarial losses 16 171 74 11 122 30 10 144 54 Curtailments, settlements and other 17 241 (8) 21 142 (23) (19) 43 (19) Net periodic pension and OPEB (income) expense $ (1,267) $ 244 $ 258 $ (794) $ 66 $ 244 $ (1,519) $ (11) $ 250 Weighted-average assumptions used to determine benefit obligations(a) Discount rate 2.37 % 1.62 % 2.53 % 3.20 % 2.16 % 3.24 % 4.22 % 2.86 % 4.19 % Weighted-average assumptions used to determine net expense(a) Discount rate 2.84 % 2.80 % 3.00 % 3.92 % 3.36 % 4.07 % 3.19 % 2.99 % 3.29 % Expected rate of return on plan assets 5.88 % 4.96 % N/A 6.37 % 5.76 % N/A 6.61 % 6.09 % N/A _________ (a) The rate of compensation increase and the cash balance interest crediting rates do not have a significant effect on our U.S. pension and OPEB plans. The non-service cost components of the net periodic pension and OPEB income are presented in Interest income and other non-operating income, net. Refer to Note 19 for additional information. U.S. pension plan service cost includes administrative expenses and Pension Benefit Guarantee Corporation premiums were insignificant, $214 million and $121 million for the years ended December 31, 2020, 2019 and 2018. Weighted-average assumptions used to determine net expense are determined at the beginning of the period and updated for remeasurements. Non-U.S. pension plan administrative expenses included in service cost were insignificant in the years ended December 31, 2020, 2019 and 2018. In the three months ended December 31, 2020, we completed a $1.5 billion annuity purchase for salaried retirees in Canada. This resulted in a non-operating pension settlement charge of $130 million. Assumptions Investment Strategies and Long-Term Rate of Return Detailed periodic studies are conducted by our internal asset management group as well as outside actuaries and are used to determine the long-term strategic mix among asset classes, risk mitigation strategies and the expected long-term return on asset assumptions for the U.S. pension plans. The U.S. study includes a review of alternative asset allocation and risk mitigation strategies, anticipated future long-term performance and risk of the individual asset classes that comprise the plans' asset mix. Similar studies are performed for the significant non-U.S. pension plans with the assistance of outside actuaries and asset managers. While the studies incorporate data from recent plan performance and historical returns, the expected rate of return on plan assets represents our estimate of long-term prospective rates of return. We continue to pursue various options to fund and de-risk our pension plans, including continued changes to the pension asset portfolio mix to reduce funded status volatility. The strategic asset mix and risk mitigation strategies for the plans are tailored specifically for each plan. Individual plans have distinct liabilities, liquidity needs and regulatory requirements. Consequently there are different investment policies set by individual plan fiduciaries. Although investment policies and risk mitigation strategies may differ among plans, each investment strategy is considered to be appropriate in the context of the specific factors affecting each plan. In setting new strategic asset mixes, consideration is given to the likelihood that the selected asset mixes will effectively fund the projected pension plan liabilities, while aligning with the risk tolerance of the plans' fiduciaries. The strategic asset mixes for U.S. defined benefit pension plans are increasingly designed to satisfy the competing objectives of improving funded positions (market value of assets equal to or greater than the present value of the liabilities) and mitigating the possibility of a deterioration in funded status. Derivatives may be used to provide cost effective solutions for rebalancing investment portfolios, increasing or decreasing exposure to various asset classes and for mitigating risks, primarily interest rate, equity and currency risks. Equity and fixed income managers are permitted to utilize derivatives as efficient substitutes for traditional securities. Interest rate derivatives may be used to adjust portfolio duration to align with a plan's targeted investment policy and equity derivatives may be used to protect equity positions from downside market losses. Alternative investment managers are permitted to employ leverage, including through the use of derivatives, which may alter economic exposure. In December 2020, an investment policy study was completed for the U.S. pension plans. As a result of changes to our capital market assumptions, the weighted-average long-term rate of return on assets decreased from 5.9% at December 31, 2019 to 5.6% at December 31, 2020. The expected long-term rate of return on plan assets used in determining pension expense for non-U.S. plans is determined in a similar manner to the U.S. plans. Target Allocation Percentages The following table summarizes the target allocations by asset category for U.S. and non-U.S. defined benefit pension plans: December 31, 2020 December 31, 2019 U.S. Non-U.S. U.S. Non-U.S. Equity 12 % 16 % 12 % 14 % Debt 64 % 66 % 64 % 67 % Other(a) 24 % 18 % 24 % 19 % Total 100 % 100 % 100 % 100 % __________ (a) Primarily includes private equity, real estate and absolute return strategies which mainly consist of hedge funds. Assets and Fair Value Measurements The following tables summarize the fair value of U.S. and non-U.S. defined benefit pension plan assets by asset class: December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total U.S. Pension Plan Assets Common and preferred stocks $ 7,429 $ — $ 1 $ 7,430 $ 6,232 $ 19 $ 1 $ 6,252 Government and agency debt securities(a) — 13,231 — 13,231 — 13,843 — 13,843 Corporate and other debt securities — 26,475 — 26,475 — 24,809 — 24,809 Other investments, net(b)(c) (834) (8) 427 (415) (47) 25 401 379 Net plan assets subject to leveling $ 6,595 $ 39,698 $ 428 46,721 $ 6,185 $ 38,696 $ 402 45,283 Plan assets measured at net asset value Investment funds 7,534 7,031 Private equity and debt investments 3,137 2,951 Real estate investments 3,061 3,484 Total plan assets measured at net asset value 13,732 13,466 Other plan assets, net(d) 624 490 Net plan assets $ 61,077 $ 59,239 December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Non-U.S. Pension Plan Assets Common and preferred stocks $ 572 $ — $ — $ 572 $ 489 $ 1 $ — $ 490 Government and agency debt securities(a) — 3,178 — 3,178 — 3,927 — 3,927 Corporate and other debt securities — 2,762 — 2,762 — 3,230 — 3,230 Other investments, net(b)(e) 31 (79) 127 79 (5) (107) 248 136 Net plan assets subject to leveling $ 603 $ 5,861 $ 127 6,591 $ 484 $ 7,051 $ 248 7,783 Plan assets measured at net asset value Investment funds 5,870 5,608 Private equity and debt investments 489 511 Real estate investments 917 982 Total plan assets measured at net asset value 7,276 7,101 Other plan assets (liabilities), net(d) (21) 77 Net plan assets $ 13,846 $ 14,961 __________ (a) Includes U.S. and sovereign government and agency issues. (b) Includes net derivative assets (liabilities). (c) Level 1 Other investments, net includes derivative liabilities approximating $1.0 billion related to equity option and futures contracts at December 31, 2020. (d) Cash held by the plans, net of amounts receivable/payable for unsettled security transactions and payables for investment manager fees, custody fees and other expenses. (e) Level 2 Other investments, net includes Canadian reverse repurchase agreements. The activity attributable to U.S. and non-U.S. Level 3 defined benefit pension plan investments was insignificant in the years ended December 31, 2020 and 2019. Investment Fund Strategies Investment funds include hedge funds, funds of hedge funds, equity funds and fixed income funds. Hedge funds and funds of hedge funds managers typically seek to achieve their objectives by allocating capital across a broad array of funds and/or investment managers. Equity funds invest in U.S. common and preferred stocks as well as similar equity securities issued by companies incorporated, listed or domiciled in developed and/or emerging market countries. Fixed income funds include investments in high quality funds and, to a lesser extent, high yield funds. High quality fixed income funds invest in government securities, investment-grade corporate bonds and mortgage and asset-backed securities. High yield fixed income funds invest in high yield fixed income securities issued by corporations which are rated below investment grade. Other investment funds also included in this category primarily represent multi-strategy funds that invest in broadly diversified portfolios of equity, fixed income and derivative instruments. Private equity and debt investments primarily consist of investments in private equity and debt funds. These investments provide exposure to and benefit from long-term equity investments in private companies, including leveraged buy-outs, venture capital and distressed debt strategies. Real estate investments include funds that invest in entities which are primarily engaged in the ownership, acquisition, development, financing, sale and/or management of income-producing real estate properties, both commercial and residential. These funds typically seek long-term growth of capital and current income that is above average relative to public equity funds. Significant Concentrations of Risk The assets of the pension plans include certain investment funds, private equity and debt investments and real estate investments. Investment managers may be unable to quickly sell or redeem some or all of these investments at an amount close or equal to fair value in order to meet a plan's liquidity requirements or to respond to specific events such as deterioration in the creditworthiness of any particular issuer or counterparty. Illiquid investments held by the plans are generally long-term investments that complement the long-term nature of pension obligations and are not used to fund benefit payments when currently due. Plan management monitors liquidity risk on an ongoing basis and has procedures in place that are designed to maintain flexibility in addressing plan-specific, broader industry and market liquidity events. The pension plans may invest in financial instruments denominated in foreign currencies and may be exposed to risks that the foreign currency exchange rates might change in a manner that has an adverse effect on the value of the foreign currency denominated assets or liabilities. Forward currency contracts may be used to manage and mitigate foreign currency risk. The pension plans may invest in debt securities for which any change in the relevant interest rates for particular securities might result in an investment manager being unable to secure similar returns upon the maturity or the sale of securities. In addition, changes to prevailing interest rates or changes in expectations of future interest rates might result in an increase or decrease in the fair value of the securities held. Interest rate swaps and other financial derivative instruments may be used to manage interest rate risk. Benefit Payments Benefits for most U.S. pension plans and certain non-U.S. pension plans are paid out of plan assets rather than our Cash and cash equivalents. The following table summarizes net benefit payments expected to be paid in the future, which include assumptions related to estimated future employee service: Pension Benefits Global OPEB Plans U.S. Plans Non-U.S. Plans 2021 $ 4,821 $ 1,172 $ 379 2022 $ 4,614 $ 1,070 $ 374 2023 $ 4,495 $ 1,038 $ 369 2024 $ 4,387 $ 1,015 $ 364 2025 $ 4,278 $ 1,000 $ 361 2026 - 2030 $ 19,469 $ 4,673 $ 1,761 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 December 31, 2020 and 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) to GM free and clear of, among other things, claims asserting successor liability for obligations owed by MLC could not be enforced to bar claims against GM asserted by either plaintiffs who purchased used vehicles after the sale or against purchasers who asserted claims relating to the ignition switch defect, including pre-sale personal injury claims and economic-loss claims. Economic-Loss Claims We are aware of over 100 putative class actions 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. 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. In December 2020, the Southern District conducted a final fairness hearing and issued an order granting final approval of the Class Settlement Agreement in its entirety. The order granting final approval became final, effective and binding in January 2021. The deadline for class members to file claims is April 2021. Contingently Issuable Shares Under the Amended and Restated Master Sale and Purchase Agreement between GM and MLC, GM was obligated to issue Adjustment Shares of our common stock if allowed general unsecured claims against the GUC Trust, as estimated by the Bankruptcy Court, exceed $35.0 billion. 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 less than one hundred active personal injury actions, exclusive of matters subject to settlements in principal, 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. In general, these cases seek recovery for purported compensatory damages, punitive damages and/or other relief. Since 2016, several bellwether trials of these 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 December 31, 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 December 31, 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 approximately $190 million at December 31, 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 worker claims. GM Korea has appealed this decision to the Korean Supreme Court. At December 31, 2020, our accrual covering certain asserted claims and claims that we believe are probable of assertion and for which liability is probable was approximately $240 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 $120 million at December 31, 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 $1.4 billion i n Automotive and other cost of sales in the year ended December 31, 2019. 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 are several putative class actions pending against GM in federal courts in the U.S. and in the Provincial Courts in Canada alleging that various vehicles sold, including model year 2011-2016 Duramax Diesel Chevrolet Silverado and GMC Sierra vehicles, violate federal, state and foreign emission standards. We are unable to estimate any reasonably possible loss or range of loss that may result from these actions. GM has also faced a series of additional lawsuits in the U.S. based on these allegations, including 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 be reasonably estimated at December 31, 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 December 31, 2020. Takata Matters In May 2016, 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. In cooperation with NHTSA we filed Preliminary DIRs covering certain of our GMT900 vehicles, which are full-size pickup trucks and SUVs, and petitions for inconsequentiality with respect to the vehicles subject to those Preliminary DIRs. In November 2020, NHTSA denied GM's petitions for inconsequentiality relating to the Takata passenger-side inflators in certain GMT900 vehicles. NHTSA has directed that we replace the airbag inflators in the vehicles in question, and we have decided not to contest NHTSA's decision. While we have already begun the process of executing the recall, given the number of vehicles in this population, the recall will take several years to be completed. Accordingly, in the three months ended December 31, 2020, we recorded a warranty accrual of $1.1 billion for the expected costs of complying with the recall remedy. GM has recalled certain vehicles sold outside of the U.S. to replace Takata inflators in those vehicles. There are significant differences in vehicle and inflator design between the relevant vehicles sold internationally and those sold in the U.S. We continue to gather and analyze evidence about these inflators and to share our findings with regulators. Additional recalls, if any, could be material to our results of operations and cash flows. We continue to monitor the international situation. There are several putative class actions that have been filed against GM, 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 stage of these proceedings, we are unable to provide an estimate of the amounts or range of possible loss. Product Liability We recorded liabilities of $589 million and $544 million in Accrued liabilities and Other liabilities at December 31, 2020 and 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 liability claims involving products manufactured primarily by certain joint ventures. These guarantees terminate in years ranging from 2021 to 2026 or upon the occurrence of specific events or are ongoing. We believe that the related potential costs incurred are adequately covered by our recorded accruals, which are insignificant. The maximum future undiscounted payments mainly based on vehicles sold to date were $3.1 billion and $2.6 billion for these guarantees at December 31, 2020 and 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 periodically enter into agreements that incorporate indemnification provisions in the normal course of business. It is not possible to estimate our maximum exposure under these indemnifications or guarantees due to the conditional nature of these obligations. Insignificant amounts have been recorded for such obligations as the majority of them are not probable or estimable at this time and the fair value of the guarantees at issuance was insignificant. Refer to Note 22 for additional information on our indemnification obligations to PSA Group under the Master Agreement (the Agreement). Credit Cards Credit card programs offer rebates that can be applied primarily against the purchase or lease of our vehicles. At December 31, 2020 and 2019, our redemption liability was insignificant, our deferred revenue was $252 million and $253 million, and qualified cardholders had rebates available, net of deferred program revenue, of $1.3 billion and $1.4 billion. Our redemption liability and deferred revenue are recorded in Accrued liabilities and Other liabilities. Operating Leases Our portfolio of leases primarily consists of real estate office space, manufacturing and warehousing facilities, land and equipment. Certain leases contain escalation clauses and renewal or purchase options, and generally our leases have no residual value guarantees or material covenants. We exclude leases with a term of one year or less from our balance sheet, and do not separate non-lease components from our real estate leases. Rent expense under operating leases was $317 million and $354 million in the years ended December 31, 2020 and 2019. Prior to adoption of ASU 2016-02, "Leases", rent expense under operating leases was $300 million in the year ended December 31, 2018. Variable lease costs were insignificant in the years ended December 31, 2020 and 2019. At December 31, 2020 and 2019, operating lease right of use assets in Other assets were $1.0 billion and $1.1 billion, operating lease liabilities in Accrued liabilities were $209 million and $239 million and non-current operating lease liabilities in Other liabilities were $969 million and $1.0 billion. Operating lease right of use assets obtained in exchange for lease obligations were $222 million and $497 million in the years ended December 31, 2020 and 2019. Our undiscounted future lease obligations related to operating leases having initial terms in excess of one year are $251 million, $205 million, $196 million, $151 million, $122 million and $437 million for the years 2021, 2022, 2023, 2024, 2025 and thereafter, with imputed interest of $184 million as of December 31, 2020. The weighted average discount rate was 4.0% and 4.2% and the weighted-average remaining lease term was 7.4 years and 7.2 years at December 31, 2020 and 2019. Payments for operating leases included in Net cash provided by (used in) operating activities were $309 million and $337 million in the years ended December 31, 2020 and 2019. Lease agreements that have not yet commenced were $150 million at December 31, 2020. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Years Ended December 31, 2020 2019 2018 U.S. income $ 6,881 $ 3,826 $ 4,433 Non-U.S. income 540 2,342 1,953 Income before income taxes and equity income $ 7,421 $ 6,168 $ 6,386 Years Ended December 31, 2020 2019 2018 Current income tax expense (benefit) U.S. federal $ 84 $ 42 $ (104) U.S. state and local 272 102 113 Non-U.S. 493 758 577 Total current income tax expense 849 902 586 Deferred income tax expense (benefit) U.S. federal 632 (145) (578) U.S. state and local (15) 3 250 Non-U.S. 308 9 216 Total deferred income tax expense (benefit) 925 (133) (112) Total income tax expense $ 1,774 $ 769 $ 474 Provisions are made for estimated U.S. and non-U.S. income taxes which may be incurred on the reversal of our basis differences in investments in foreign subsidiaries and corporate joint ventures not deemed to be indefinitely reinvested. Taxes have not been provided on basis differences in investments primarily as a result of earnings in foreign subsidiaries which are deemed indefinitely reinvested of $3.2 billion at December 31, 2020 and 2019. Additional basis differences related to investments in nonconsolidated China JVs exist of $4.1 billion at December 31, 2020 and 2019 as a result of fresh-start reporting. Quantification of the deferred tax liability, if any, associated with indefinitely reinvested basis differences is not practicable. Years Ended December 31, 2020 2019 2018 Income tax expense at U.S. federal statutory income tax rate $ 1,558 $ 1,295 $ 1,341 State and local tax expense 219 117 282 Non-U.S. income taxed at other than the U.S. federal statutory tax rate (1) 166 90 U.S. tax impact on Non-U.S. income and activities (160) (197) (822) Change in valuation allowances 370 (233) 1,695 Change in tax laws — (122) (134) General business credits and manufacturing incentives (366) (420) (695) Capital loss expiration — — 107 Settlements of prior year tax matters (18) — (188) Realization of basis differences in affiliates (12) — (59) German statutory approval of net operating losses — — (990) Foreign currency remeasurement (7) 74 19 Other adjustments 191 89 (172) Total income tax expense $ 1,774 $ 769 $ 474 Deferred Income Tax Assets and Liabilities Deferred income tax assets and liabilities at December 31, 2020 and 2019 reflect the effect of temporary differences between amounts of assets, liabilities and equity for financial reporting purposes and the bases of such assets, liabilities and equity as measured based on tax laws, as well as tax loss and tax credit carryforwards. The following table summarizes the components of temporary differences and carryforwards that give rise to deferred tax assets and liabilities: December 31, 2020 December 31, 2019 Deferred tax assets Postretirement benefits other than pensions $ 1,742 $ 1,695 Pension and other employee benefit plans 2,999 2,968 Warranties, dealer and customer allowances, claims and discounts 5,538 6,299 U.S. capitalized research expenditures 6,763 6,035 U.S. operating loss and tax credit carryforwards(a) 7,254 8,686 Non-U.S. operating loss and tax credit carryforwards(b) 7,216 6,731 Miscellaneous 3,479 1,965 Total deferred tax assets before valuation allowances 34,991 34,379 Less: valuation allowances (9,095) (8,135) Total deferred tax assets 25,896 26,244 Deferred tax liabilities Property, plant and equipment 1,670 1,565 Intangible assets 744 763 Total deferred tax liabilities 2,414 2,328 Net deferred tax assets $ 23,482 $ 23,916 _________ (a) At December 31, 2020, U.S. operating loss and tax credit carryforwards of $7.1 billion expire by 2040 if not utilized and the remaining balance of $137 million may be carried forward indefinitely. (b) At December 31, 2020, Non-U.S. operating loss and tax credit carryforwards of $1.3 billion expire by 2040 if not utilized and the remaining balance of $5.9 billion may be carried forward indefinitely. Valuation Allowances During the years ended December 31, 2020 and 2019, valuation allowances against deferred tax assets of $9.1 billion and $8.1 billion were comprised of cumulative losses, credits and other timing differences, primarily in Germany, Spain and South Korea. Uncertain Tax Positions The following table summarizes activity of the total amounts of unrecognized tax benefits: Years Ended December 31, 2020 2019 2018 Balance at beginning of period $ 775 $ 1,341 $ 1,557 Additions to current year tax positions 435 18 292 Additions to prior years' tax positions 26 13 264 Reductions to prior years' tax positions (132) (501) (244) Reductions in tax positions due to lapse of statutory limitations (3) (8) (38) Settlements (10) (93) (450) Other (5) 5 (40) Balance at end of period $ 1,086 $ 775 $ 1,341 At December 31, 2020 and 2019 there were $851 million and $539 million of unrecognized tax benefits that if recognized would favorably affect our effective tax rate in the future. In the years ended December 31, 2020, 2019 and 2018 income tax related interest and penalties were insignificant. At December 31, 2020 and 2019 we had liabilities of $92 million and $117 million for income tax related interest and penalties. At December 31, 2020 it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits in the next twelve months. |
Restructuring And Other Initiat
Restructuring And Other Initiatives | 12 Months Ended |
Dec. 31, 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: Years Ended December 31, 2020 2019 2018 Balance at beginning of period $ 564 $ 1,122 $ 227 Additions, interest accretion and other 565 629 1,637 Payments (678) (1,101) (600) Revisions to estimates and effect of foreign currency (99) (86) (142) Balance at end of period $ 352 $ 564 $ 1,122 In the year ended December 31, 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, the sale of our vehicle and powertrain manufacturing facilities in Thailand and the execution of a binding term sheet to sell our manufacturing facility in India. We recorded charges of $683 million in the year ended December 31, 2020, primarily consisting of $360 million in dealer restructurings, employee separations and supplier claim charges, which are reflected in the table above, and $323 million in property and intangible asset impairments, inventory provisions, sales allowances and other charges, not 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 year ended December 31, 2020. We incurred $197 million in net cash outflows resulting from these restructuring actions primarily for dealer restructuring payments and employee separation payments, which includes proceeds of $143 million from the sale of our manufacturing facilities in Thailand, in the year ended December 31, 2020. Holden and Thailand programs were substantially complete at December 31, 2020. In the year ended December 31, 2019, restructuring and other initiatives primarily included actions related to our announced transformation activities, which include unallocation of products to certain manufacturing facilities and other employee separation programs. We recorded charges of $1.8 billion, primarily in GMNA, in the year ended December 31, 2019 consisting of $1.3 billion primarily in non-cash accelerated depreciation and pension curtailment and other charges, not reflected in the table above, and $535 million primarily in supplier-related charges and employee-related separation charges, which are reflected in the table above. We recorded charges of $1.3 billion, primarily in GMNA, in the year ended December 31, 2018 consisting of $1.0 billion in employee separations and other charges, which are reflected in the table above, and $301 million primarily in non-cash accelerated depreciation, not reflected in the table above. These programs have a total cost since inception of $3.1 billion and were complete at December 31, 2019. We incurred $333 million and $1.1 billion in cash outflows resulting from these restructuring actions, primarily for employee separation payments and supplier-related payments in the years ended December 31, 2020 and 2019. The cash outflows were substantially complete at December 31, 2020. In the year ended December 31, 2018, restructuring and other initiatives in GMI primarily included the closure of a facility and other restructuring actions in Korea and employee separation programs. We recorded charges of $1.0 billion related to Korea, net of noncontrolling interests. These charges consisted of $537 million in non-cash asset impairments and other charges, not reflected in the table above, and $495 million in employee separation charges, which are reflected in the table above. We incurred $775 million in cash outflows resulting from these Korea restructuring actions, primarily for employee separations and statutory pension payments in the year ended December 31, 2018. These programs were substantially complete at December 31, 2018. |
Interest Income and Other Non-O
Interest Income and Other Non-Operating Income | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Interest Income and Other Non-Operating Income | Interest Income and Other Non-Operating Income Years Ended December 31, 2020 2019 2018 Non-service pension and OPEB income $ 1,095 $ 797 $ 1,665 Interest income 241 429 335 Licensing agreements income 211 165 296 Revaluation of investments 265 80 258 Other 73 (2) 42 Total interest income and other non-operating income, net $ 1,885 $ 1,469 $ 2,596 |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity and Noncontrolling Interests | Stockholders’ Equity and Noncontrolling Interests Preferred and Common Stock We have 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance. At December 31, 2020 and 2019 we had no shares of preferred stock and 1.4 billion shares of common stock issued and outstanding. Common Stock Holders of our common stock are entitled to dividends at the sole discretion of our Board of Directors. Our dividends declared per common share were $0.38, $1.52 and $1.52 and our total dividends paid on common stock were $545 million, $2.2 billion and $2.1 billion for the years ended December 31, 2020, 2019 and 2018. Holders of common stock are entitled to one vote per share on all matters submitted to our stockholders for a vote. The liquidation rights of holders of our common stock are secondary to the payment or provision for payment of all our debts and liabilities and to holders of our preferred stock, if any such shares are then outstanding. We purchased three million shares of our outstanding common stock for $90 million and $100 million in the years ended December 31, 2020 and 2018. We did not purchase shares of our outstanding common stock in the year ended December 31, 2019. Shares repurchased were part of the common stock repurchase program announced in March 2015, which our Board of Directors increased and extended in January 2016 and January 2017. Warrants At December 31, 2018 we had 15 million warrants outstanding that we issued in July 2009. The warrants have expired but were exercisable at any time prior to July 10, 2019 at an exercise price of $18.33 per share. GM Financial Preferred Stock In September 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. Dividends will be paid semi-annually when declared starting March 30, 2021 at a fixed rate of 5.70%. The preferred stock is classified as noncontrolling interests in our consolidated financial statements. In 2018, GM Financial issued $500 million of Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series B, $0.01 par value, with a liquidation preference of $1,000 per share. Dividends are paid semi-annually when declared, which started March 30, 2019 at a fixed rate of 6.50%. The preferred stock is classified as noncontrolling interests in our consolidated financial statements. Cruise Preferred Shares In 2019, Cruise Holdings issued $1.2 billion of Cruise Class F Preferred Shares, including $687 million to General Motors Holdings LLC. All proceeds related to the Cruise Class F Preferred Shares are designated exclusively for working capital and general corporate purposes of Cruise. The Cruise Class F Preferred Shares participate pari passu with holders of Cruise Holdings common stock in any dividends declared. The Cruise Class F Preferred Shares have the right to vote on the election of one director, who is elected by the vote of a majority of the Cruise Holdings common stock and the Cruise Class F Preferred Shares. Prior to an initial public offering, the holders of Cruise Class F Preferred Shares are restricted from transferring the Cruise Class F Preferred Shares until May 7, 2023. The Cruise Class F Preferred Shares 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 entitled to receive the greater of their carrying value or a pro-rata share of any proceeds or distributions upon the occurrence of a merger, sale, liquidation, or dissolution of Cruise Holdings. The Cruise Class F Preferred Shares are classified as noncontrolling interests in our consolidated financial statements. In 2018, Cruise Holdings issued $900 million of Cruise Preferred Shares to an affiliate of The Vision Fund which subsequently assigned such shares to The Vision Fund. Immediately prior to the issuance of the Cruise Preferred Shares, we invested $1.1 billion in Cruise Holdings. When Cruise's autonomous vehicles are ready for commercial deployment, The Vision Fund is obligated to purchase additional Cruise Preferred Shares for $1.35 billion. All proceeds are designated exclusively for working capital and general corporate purposes of Cruise. Dividends are cumulative and accrue at an annual rate of 7.0% and are payable quarterly in cash or in-kind, at Cruise's discretion. The Cruise Preferred Shares are also entitled to participate in Cruise dividends above a defined threshold. Prior to an initial public offering, The Vision Fund is restricted from transferring the Cruise Preferred Shares until June 28, 2025. The Cruise Preferred Shares are classified as noncontrolling interests in our consolidated financial statements. Cruise Common Shares I n 2018, Cruise Holdings issued $750 million of Class E Common Shares to Honda. All proceeds are designated exclusively for working capital and general corporate purposes of Cruise. At the later of October 3, 2025 or the termination of the commercial agreements between Cruise Holdings and Honda, Cruise Holdings can call all, but not less than all of the Class E Common Shares at an amount equal to the then fair value of Cruise Holdings. The Class E Common Shares are classified as noncontrolling interests in our consolidated financial statements. GM Korea Preferred Shares In 2018, the Korea Development Bank (KDB) purchased $720 million of GM Korea's Class B Preferred Shares (GM Korea Preferred Shares). Dividends on the GM Korea Preferred Shares are cumulative and accrue at an annual rate of 1.0%. GM Korea can call the preferred shares at their original issue price six years from the date of issuance and once called, the preferred shares can be converted into common shares of GM Korea at the option of the holder. The GM Korea Preferred Shares are classified as noncontrolling interests in our consolidated financial statements. The KDB investment proceeds can only be used for purposes of funding capital expenditures in GM Korea. In conjunction with the GM Korea Preferred Share issuance we agreed to provide GM Korea future funding, if needed, not to exceed $2.8 billion through December 31, 2027, inclusive of $2.0 billion of planned capital expenditures through 2027. The following table summarizes the significant components of Accumulated other comprehensi ve loss: Years Ended December 31, 2020 2019 2018 Foreign Currency Translation Adjustments Balance at beginning of period $ (2,278) $ (2,250) $ (1,606) Other comprehensive loss and noncontrolling interests before reclassification adjustment, net of tax and impact of adoption of accounting standards(a)(b) (480) (56) (664) Reclassification adjustment, net of tax(a) 23 28 20 Other comprehensive loss, net of tax(a) (457) (28) (644) Balance at end of period $ (2,735) $ (2,278) $ (2,250) Defined Benefit Plans Balance at beginning of period $ (8,859) $ (6,737) $ (6,398) Other comprehensive loss and noncontrolling interests before reclassification adjustment, net of impact of adoption of accounting standards(b) (2,661) (2,769) (580) Tax benefit 444 463 100 Other comprehensive loss and noncontrolling interests before reclassification adjustment, net of tax and impact of adoption of accounting standards(b) (2,217) (2,306) (480) Reclassification adjustment, net of tax(a) 422 184 141 Other comprehensive loss, net of tax (1,795) (2,122) (339) Balance at end of period(c) $ (10,654) $ (8,859) $ (6,737) __________ (a) The income tax effect was insignificant in the years ended December 31, 2020, 2019 and 2018. (b) The noncontrolling interests are insignificant in the years ended December 31, 2020, 2019 and 2018. (c) Primarily consists of unamortized actuarial loss on our defined benefit plans. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic and diluted earnings (loss) per share are computed by dividing Net income attributable to common stockholders by the weighted-average common shares outstanding in the period. Diluted earnings (loss) per share is computed by giving effect to all potentially dilutive securities that are outstanding. Years Ended December 31, 2020 2019 2018 Basic earnings per share Income from continuing operations $ 6,427 $ 6,732 $ 8,084 Less: cumulative dividends on subsidiary preferred stock (180) (151) (98) Income from continuing operations attributable to common stockholders 6,247 6,581 7,986 Loss from discontinued operations, net of tax — — 70 Net income attributable to common stockholders $ 6,247 $ 6,581 $ 7,916 Weighted-average common shares outstanding 1,433 1,424 1,411 Basic earnings per common share – continuing operations $ 4.36 $ 4.62 $ 5.66 Basic loss per common share – discontinued operations $ — $ — $ 0.05 Basic earnings per common share $ 4.36 $ 4.62 $ 5.61 Diluted earnings per share Income from continuing operations attributable to common stockholders – diluted $ 6,247 $ 6,581 $ 7,986 Loss from discontinued operations, net of tax – diluted $ — $ — $ 70 Net income attributable to common stockholders – diluted $ 6,247 $ 6,581 $ 7,916 Weighted-average common shares outstanding – basic 1,433 1,424 1,411 Dilutive effect of warrants and awards under stock incentive plans 9 15 20 Weighted-average common shares outstanding – diluted 1,442 1,439 1,431 Diluted earnings per common share – continuing operations $ 4.33 $ 4.57 $ 5.58 Diluted loss per common share – discontinued operations $ — $ — $ 0.05 Diluted earnings per common share $ 4.33 $ 4.57 $ 5.53 Potentially dilutive securities(a) 7 7 9 __________ (a) Potentially dilutive securities attributable t |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations In 2017, we sold the Opel/Vauxhall Business to PSA Group. We also sold the Fincos 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 Agreement and for certain other liabilities, including certain emissions and product liabilities. We entered into a guarantee for the benefit of PSA Group and pursuant to which we 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. At December 31, 2020, we have accrued an insignificant amount relating to these matters. The results of the European Business operations recorded in Loss from discontinued operations, net were $70 million in the year ended December 31, 2018. There was no income or loss from discontinued operations in the years ended December 31, 2020 and 2019. 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: Years Ended December 31, 2020 2019 2018 Net sales and revenue(a) $ 144 $ 1,129 $ 1,939 Purchases and expenses(a) $ 392 $ 825 $ 1,422 Cash payments(b) $ 630 $ 975 $ 1,849 Cash receipts(b) $ 252 $ 1,408 $ 2,310 __________ (a) Included in Income from continuing operations. (b) Included in Net cash provided by operating activities. |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans GM Stock Incentive Awards We grant to certain employees RSUs, RSAs, PSUs and stock options (collectively, stock incentive awards) under our 2016 Equity Incentive Plan and 2020 Long-Term Incentive Plan (LTIP) and prior to the 2020 LTIP, under our 2017 and 2014 LTIP. The 2020 LTIP was approved by stockholders in June 2020. Any new awards granted after the approval of the 2020 LTIP in June 2020 will be issued under the 2020 LTIP. To the extent any shares remain available for issuance under the 2017 LTIP, the 2016 Equity Incentive Plan, and/or the 2014 LTIP, such shares will only be used to settle outstanding awards that were previously granted under such plans prior to June 2020. Shares awarded under the plans are subject to forfeiture if the participant leaves the company for reasons other than those permitted under the plans such as retirement, death or disability. RSU awards granted either cliff vest or ratably vest generally over a three-year service period, as defined in the terms of each award. PSU awards vest at the end of a three-year performance period, based on performance criteria determined by the Executive Compensation Committee of the Board of Directors at the time of award. The number of shares earned may equal, exceed or be less than the targeted number of shares depending on whether the performance criteria are met, surpassed or not met. Stock options expire 10 years from the grant date. Our performance-based stock options vest ratably over 55 months based on the performance of our common stock relative to that of a specified peer group. Our service-based stock options vest ratably over 19 months to three years. In connection with our acquisition of Cruise Automation, Inc. in May 2016, RSAs and PSUs in common shares of GM were granted to employees of Cruise Holdings. The RSAs vest ratably, generally over a three-year service period. The PSUs are contingent upon achievement of specific technology and commercialization milestones. Shares Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Term in Years Units outstanding at January 1, 2020 41.5 $ 19.17 0.9 Granted 13.3 $ 22.50 Settled (13.5) $ 19.31 Forfeited or expired (2.7) $ 27.23 Units outstanding at December 31, 2020(a) 38.6 $ 19.84 0.9 __________ (a) Includes the target amount of PSUs. Our weighted-average assumptions used to value our stock options are a dividend yield of 4.25%, 3.90% and 3.69%, expected volatility of 26.2%, 28.0% and 28.0%, a risk-free interest rate of 1.44%, 2.62% and 2.73%, and an expected option life of 5.97, 6.00 and 5.98 years for options issued during the years ended December 31, 2020, 2019 and 2018. The expected volatility is based on the average of the implied volatility of publicly traded options for our common stock. Total compensation expense related to the above awards was $351 million, $456 million and $316 million in the years ended December 31, 2020, 2019 and 2018. At December 31, 2020, the total unrecognized compensation expense for nonvested equity awards granted was $213 million. This expense is expected to be recorded over a weighted-average period of 1.3 years. The total fair value of stock incentive awards vested was $275 million, $287 million and $317 million in the years ended December 31, 2020, 2019 and 2018. Cruise Stock Incentive Awards In addition to the awards noted above, RSUs were granted to Cruise employees in common shares of Cruise Holdings in the years ended December 31, 2020, 2019 and 2018. Stock options were granted in common shares of Cruise Holdings in the years ended December 31, 2019 and 2018. There were no Cruise stock options granted in the year ended December 31, 2020. These awards were granted under the 2018 Employee Incentive Plan approved by Cruise Holdings' Board of Directors in August 2018. Shares awarded under the plan are subject to forfeiture if the participant leaves the company for reasons other than those permitted under the plan. Stock options vest ratably over four Total compensation expense related to Cruise Holdings’ share-based awards was insignificant for the years ended December 31, 2020, 2019 and 2018. No share-based compensation expense had been recognized for the RSUs because the liquidity condition described above was not met at December 31, 2020, 2019 and 2018. Total unrecognized compensation expense for Cruise Holdings’ nonvested equity awards granted was $863 million at December 31, 2020, which was primarily comprised of the RSUs for which the liquidity condition had not been met. Total units outstanding were 79.3 million at December 31, 2020. The expense related to stock options is expected to be recorded over a weighted-average period of 7.1 years. The timing of the expense related to RSUs will depend upon the date of the satisfaction of the liquidity condition. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 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 European Business is presented as discontinued operations and is excluded from our segment results for all periods presented. The European Business was previously reported as our GM Europe segment and part of GM Financial. The chief operating decision-maker evaluates the operating results and performance of our automotive segments and Cruise through EBIT-adjusted, which is presented net of noncontrolling interests. The chief operating decision-maker evaluates GM Financial through EBT-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment. Each segment has a manager responsible for executing our strategic initiatives. While not all vehicles within a segment are individually profitable on a fully allocated cost basis, those vehicles attract customers to dealer showrooms and help maintain sales volumes for other, more profitable vehicles and contribute towards meeting required fuel efficiency standards. As a result of these and other factors, we do not manage our business on an individual brand or vehicle basis. Substantially all of the trucks, crossovers, cars and automobile parts produced are marketed through retail dealers in North America and through distributors and dealers outside of North America, the substantial majority of which are independently owned. In addition to the products sold to dealers for consumer retail sales, trucks, crossovers and cars are also sold to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies and governments. Fleet sales are completed through the dealer network and in some cases directly with fleet customers. Retail and fleet customers can obtain a wide range of after-sale vehicle services and products through the dealer network, such as maintenance, light repairs, collision repairs, vehicle accessories and extended service warranties. GMNA meets the demands of customers in North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet and GMC brands. GMI primarily meets the demands of customers outside North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet, GMC, and Holden brands. We also have equity ownership stakes in entities that meet the demands of customers in other countries, primarily China, with vehicles developed, manufactured and/or marketed under the Baojun, Buick, Cadillac, Chevrolet and Wuling brands. Cruise 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 Year Ended December 31, 2020 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 96,733 $ 11,586 $ 350 $ 108,669 $ 103 $ 13,831 $ (118) $ 122,485 Earnings (loss) before interest and taxes-adjusted $ 9,071 $ (528) $ (634) $ 7,909 $ (887) $ 2,702 $ (14) $ 9,710 Adjustments(a) $ (99) $ (683) $ 130 $ (652) $ — $ — $ — (652) Automotive interest income 241 Automotive interest expense (1,098) Net (loss) attributable to noncontrolling interests (106) Income before income taxes 8,095 Income tax expense (1,774) Income from continuing operations 6,321 Loss from discontinued operations, net of tax — Net loss attributable to noncontrolling interests 106 Net income attributable to stockholders $ 6,427 Equity in net assets of nonconsolidated affiliates $ 242 $ 6,583 $ — $ — $ 6,825 $ — $ 1,581 $ — $ 8,406 Goodwill and intangibles $ 2,346 $ 806 $ — $ — $ 3,152 $ 735 $ 1,343 $ — $ 5,230 Total assets $ 114,137 $ 23,019 $ 39,933 $ (57,464) $ 119,625 $ 3,625 $ 113,410 $ (1,466) $ 235,194 Expenditures for property $ 4,501 $ 729 $ 21 $ — $ 5,251 $ 15 $ 34 $ — $ 5,300 Depreciation and amortization $ 4,739 $ 624 $ 25 $ — $ 5,388 $ 43 $ 7,245 $ — $ 12,676 Impairment charges $ 20 $ 99 $ — $ — $ 119 $ 20 $ — $ — $ 139 Equity income $ 17 $ 510 $ — $ — $ 527 $ — $ 147 $ — $ 674 __________ (a) Consists of restructuring charges related to Cadillac dealer strategy in GMNA; restructuring and other charges primarily in Australia, New Zealand, Thailand and India in GMI; and ignition switch-related legal matters in Corporate. At and For the Year Ended December 31, 2019 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 106,366 $ 16,111 $ 220 $ 122,697 $ 100 $ 14,554 $ (114) $ 137,237 Earnings (loss) before interest and taxes-adjusted $ 8,204 $ (202) $ (691) $ 7,311 $ (1,004) $ 2,104 $ (18) $ 8,393 Adjustments(a) $ (1,618) $ 1,081 $ (2) $ (539) $ — $ — $ — (539) Automotive interest income 429 Automotive interest expense (782) Net (loss) attributable to noncontrolling interests (65) Income before income taxes 7,436 Income tax expense (769) Income from continuing operations 6,667 Loss from discontinued operations, net of tax — Net loss attributable to noncontrolling interests 65 Net income attributable to stockholders $ 6,732 Equity in net assets of nonconsolidated affiliates $ 84 $ 7,023 $ — $ — $ 7,107 $ — $ 1,455 $ — $ 8,562 Goodwill and intangibles $ 2,459 $ 888 $ 1 $ — $ 3,348 $ 634 $ 1,355 $ — $ 5,337 Total assets $ 109,290 $ 24,969 $ 32,365 $ (50,244) $ 116,380 $ 4,230 $ 108,881 $ (1,454) $ 228,037 Expenditures for property $ 6,305 $ 1,096 $ 84 $ — $ 7,485 $ 60 $ 47 $ — $ 7,592 Depreciation and amortization $ 6,112 $ 533 $ 46 $ (2) $ 6,689 $ 21 $ 7,350 $ — $ 14,060 Impairment charges $ 15 $ 7 $ — $ — $ 22 $ 36 $ — $ — $ 58 Equity income (loss) $ 8 $ 1,123 $ (29) $ — $ 1,102 $ — $ 166 $ — $ 1,268 __________ (a) Consists of restructuring and other charges related to transformation activities of $1.6 billion in GMNA and $115 million in GMI; a benefit of $1.4 billion related to the retrospective recoveries of indirect taxes in Brazil; partially offset by losses of $164 million related to the FAW-GM divestiture in GMI. At and For the Year Ended December 31, 2018 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations Total Net sales and revenue $ 113,792 $ 19,148 $ 203 $ 133,143 $ — $ 14,016 $ (110) $ 147,049 Earnings (loss) before interest and taxes-adjusted $ 10,769 $ 423 $ (570) $ 10,622 $ (728) $ 1,893 $ (4) $ 11,783 Adjustments(a) $ (1,236) $ (1,212) $ (457) $ (2,905) $ — $ — $ — (2,905) Automotive interest income 335 Automotive interest expense (655) Net (loss) attributable to noncontrolling interests (9) Income before income taxes 8,549 Income tax expense (474) Income from continuing operations 8,075 Loss from discontinued operations, net of tax (70) Net loss attributable to noncontrolling interests 9 Net loss attributable to stockholders $ 8,014 Equity in net assets of nonconsolidated affiliates $ 75 $ 7,761 $ 24 $ — $ 7,860 $ — $ 1,355 $ — $ 9,215 Goodwill and intangibles $ 2,623 $ 928 $ 1 $ — $ 3,552 $ 671 $ 1,356 $ — $ 5,579 Total assets $ 109,763 $ 24,911 $ 31,694 $ (50,690) $ 115,678 $ 3,195 $ 109,953 $ (1,487) $ 227,339 Expenditures for property $ 7,784 $ 883 $ 21 $ (2) $ 8,686 $ 15 $ 60 $ — $ 8,761 Depreciation and amortization $ 4,995 $ 562 $ 50 $ (3) $ 5,604 $ 7 $ 7,531 $ — $ 13,142 Impairment charges $ 55 $ 466 $ 6 $ — $ 527 $ — $ — $ — $ 527 Equity income $ 8 $ 1,972 $ — $ — $ 1,980 $ — $ 183 $ — $ 2,163 __________ (a) Consists of restructuring and other charges related to transformation activities of $1.2 billion in GMNA; charges of $1.2 billion related to restructuring actions in Korea and other countries in GMI; and of $440 million for ignition switch-related legal matters and other insignificant charges in Corporate. Automotive revenue is attributed to geographic areas based on the country of sale. GM Financial revenue is attributed to the geographic area where the financing is originated. The following table summarizes information concerning principal geographic areas: At and For the Years Ended December 31, 2020 2019 2018 Net Sales and Revenue Long-Lived Assets Net Sales and Revenue Long-Lived Assets Net Sales and Revenue Long-Lived Assets Automotive U.S. $ 89,204 $ 24,932 $ 97,887 $ 25,401 $ 104,413 $ 25,625 Non-U.S. 19,469 12,516 24,810 13,190 28,632 13,263 GM Financial U.S. 12,227 36,773 12,727 39,509 12,169 41,334 Non-U.S. 1,585 3,230 1,813 2,772 1,835 2,476 Total consolidated $ 122,485 $ 77,451 $ 137,237 $ 80,872 $ 147,049 $ 82,698 No individual country other than the U.S. represented more than 10% of our total net sales and revenue or long-lived assets. |
Supplemental Information for th
Supplemental Information for the Consolidated Statements of Cash Flows | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Information for the Consolidated Statements of Cash Flows | Supplemental Information for the Consolidated Statements of Cash Flows The following table summarizes the sources (uses) of cash provided by Change in other operating assets and liabilities and Cash paid for income taxes and interest: Change in other operating assets and liabilities Years Ended December 31, 2020 2019 2018 Accounts receivable $ (1,341) $ (563) $ 492 Wholesale receivables funded by GM Financial, net 2,744 663 (2,606) Inventories (104) (761) 399 Automotive equipment on operating leases 53 274 748 Change in other assets 68 (1,550) (529) Accounts payable 42 (492) (537) Income taxes payable 130 213 (75) Accrued and other liabilities (1,991) (1,573) 732 Total $ (399) $ (3,789) $ (1,376) Cash paid for income taxes and interest Cash paid for income taxes, net $ 719 $ 689 $ 660 Cash paid for interest (net of amounts capitalized) – Automotive $ 1,011 $ 739 $ 656 Cash paid for interest (net of amounts capitalized) – GM Financial 2,947 3,475 2,941 Total cash paid for interest (net of amounts capitalized) $ 3,958 $ 4,214 $ 3,597 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventIn January 2021, Cruise Holdings issued Class G Preferred Shares in exchange for $2.2 billion from Microsoft and other investors, including $1.0 billion from General Motors Holdings LLC. As a result, Cruise Holdings has fallen below the ownership threshold required for inclusion in our U.S. consolidated income tax returns. In the three months ended March 31, 2021, we will establish a valuation allowance of approximately $350 million against deferred tax assets that may not be realizable. In addition, we, Cruise Holdings and Microsoft entered into a long-term strategic relationship to accelerate the commercialization of self-driving vehicles with Microsoft being the preferred cloud provider. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Our share of earnings or losses of nonconsolidated affiliates is included in our consolidated operating results using the equity method of accounting when we are able to exercise significant influence over the operating and financial decisions of the affiliate. |
Use of Estimates in the Preparation of the Financial Statements | Use of Estimates in the Preparation of the Financial Statements Accounting estimates are an integral part of the consolidated financial statements. These estimates require the use of judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. |
GM Financial | GM Financial The amounts presented for GM Financial have been adjusted to include the effect of our tax attributes on GM Financial's deferred tax positions and provision for income taxes, which are not applicable to GM Financial on a stand-alone basis, and to eliminate the effect of transactions between GM Financial and the other members of the consolidated group. Accordingly, the amounts presented will differ from those presented by GM Financial on a stand-alone basis. |
Revenue Recognition | Revenue Recognition Automotive Automotive net sales and revenue represents the amount of consideration to which we expect to be entitled in exchange for vehicle, parts and accessories and services and other sales. The consideration recognized represents the amount received, typically shortly after the sale to a customer, net of estimated dealer and customer sales incentives we reasonably expect to pay. Significant factors in determining our estimates of incentives include forecasted sales volume, product mix and the rate of customer acceptance of incentive programs, all of which are estimated based on historical experience and assumptions concerning future customer behavior and market conditions. Subsequent adjustments to incentive estimates are possible as facts and circumstances change over time. A portion of the consideration received is deferred for separate performance obligations, such as maintenance and vehicle connectivity, that will be provided to our customers at a future date. Taxes assessed by various government entities, such as sales, use and value-added taxes, collected at the time of the vehicle sale are excluded from Automotive net sales and revenue. Costs for shipping and handling activities that occur after control of the vehicle transfers to the dealer are recognized at the time of sale and presented in Automotive and other cost of sales. V e hicle, Parts and Accessories For the majority of vehicle and accessories sales, our customers obtain control and we recognize revenue when the vehicle transfers to the dealer, which generally occurs when the vehicle is released to the carrier responsible for transporting it to a dealer. Revenue, net of estimated returns, is recognized on the sale of parts upon delivery to the customer. When our customers have a right to return eligible parts and accessories, we consider the returns in our estimation of the transaction price. Transfers to daily rental companies are accounted for as sales, with revenue recognized at the time of transfer. We defer revenue for remarketing obligations, record a residual value guarantee and reflect a liability for amounts expected to be paid once the remarketing services are complete at the time of certain transfers and recognize deferred revenue in earnings upon completion of the remarketing service. Transfers containing a substantive repurchase obligation are accounted for as operating leases and rental income is recognized over the estimated term of the lease. Our total exposure to vehicle repurchase obligations is reduced to the extent vehicles are able to be resold to a third party. Used Vehicles Proceeds from the auction of vehicles returned from daily rental car companies and vehicles utilized by our employees are recognized in Automotive net sales and revenue upon transfer of control of the vehicle to the customer and the related vehicle carrying value is recognized in Automotive and other cost of sales. Services and Other Services and other revenue primarily consists of revenue from vehicle-related service arrangements and after-sale services such as maintenance, OnStar, vehicle connectivity and extended service warranties. For those service arrangements that are bundled with a vehicle sale, a portion of the revenue from the sale is allocated to the service component and recognized as deferred revenue within Accrued liabilities or Other liabilities. We recognize revenue for bundled services and services sold separately as services are performed, typically over a period of up to seven years. Automotive Financing - GM Financial Finance charge income earned on finance receivables is recognized using the effective interest method. Fees and commissions received (including incentive payments) and direct costs of originating loans are deferred and amortized over the term of the related finance receivables using the effective interest method and are removed from the consolidated balance sheets when the related finance receivables are fully charged off or paid in full. Accrual of finance charge income on retail finance receivables is generally suspended on accounts that are more than 60 days delinquent, accounts in bankruptcy and accounts in repossession. Payments received on nonaccrual loans are first applied to any fees due, then to any interest due and then any remaining amounts are applied to principal. Interest accrual generally resumes once an account has received payments bringing the delinquency to less than 60 days past due. Accrual of finance charge income on commercial finance receivables is generally suspended on accounts that are more than 90 days delinquent, upon receipt of a bankruptcy notice from a borrower, or where reasonable doubt exists about the full collectability of contractually agreed upon principal and interest. Payments received on nonaccrual loans are first applied to principal. Interest accrual resumes once an account has received payments bringing the account fully current and collection of contractual principal and interest is reasonably assured (including amounts previously charged off). Income from operating lease assets, which includes lease origination fees, net of lease origination costs, is recorded as operating lease revenue on a straight-line basis over the term of the lease agreement. Gains or losses realized upon disposition of off-lease assets including any payments received from lessees upon lease termination, are included in GM Financial interest, operating and other. |
Advertising and Promotion Expenditures | Advertising and Promotion Expenditures Advertising and promotion expenditures, which are expensed as incurred in Automotive and other selling, general and administrative expense, were $2.7 billion, $3.7 billion and $4.0 billion in the years ended December 31, 2020, 2019 and 2018. |
Research and Development Expenditures | Research and Development Expenditures Research and development expenditures, which are expensed as incurred in Automotive and other cost of sales, were $6.2 billion, $6.8 billion and $7.8 billion in the years ended December 31, 2020, 2019 and 2018. We enter into cost sharing arrangements with third parties or nonconsolidated affiliates for product-related research, engineering, design and development activities. Cost sharing payments and fees related to these arrangements are presented in Automotive and other cost of sales. |
Cash Equivalents and Restricted Cash | Cash Equivalents and Restricted Cash Cash equivalents are defined as short-term, highly-liquid investments with original maturities of 90 days or less. Certain operating agreements require us to post cash as collateral. Cash and cash equivalents subject to contractual restrictions and not readily available are classified as restricted cash. Restricted cash is invested in accordance with the terms of the underlying agreements and include amounts related to various deposits, escrows and other cash collateral. Restricted cash is included in Other current assets and Other assets in the consolidated balance sheets. |
Fair Value Measurements | Fair Value Measurements A three-level valuation hierarchy, based upon observable and unobservable inputs, is used for fair value measurements. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions based on the best evidence available. These two types of inputs create the following fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets; Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose significant inputs are observable; and Level 3 – Instruments whose significant inputs are unobservable. |
Marketable Debt Securities | Marketable Debt Securities We generally classify marketable debt securities as available-for-sale. Various factors, including turnover of holdings and investment guidelines, are considered in determining the classification of securities. Available-for-sale debt securities are recorded at fair value with non-credit related unrealized gains and losses recorded in Accumulated other comprehensive loss until realized. 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. Credit losses are recorded in Interest income and other non-operating income, net. An evaluation is made quarterly to determine if any portion of unrealized losses recorded in Accumulated other comprehensive loss needs to be reclassified. We determine realized gains and losses for all debt securities using the specific identification method and measure the fair value of our marketable debt securities using a market approach where identical or comparable prices are available and an income approach in other cases. If quoted market prices are not available, fair values of securities are determined using prices from a pricing service, pricing models, quoted prices of securities with similar characteristics or discounted cash flow models. These prices represent non-binding quotes. Our pricing service utilizes industry-standard pricing models that consider various inputs. We conduct an annual review of our pricing service and believe the prices received from our pricing service are a reliable representation of exit prices. |
Accounts and Notes Receivable | Accounts and Notes Receivable Accounts and notes receivable primarily consists of amounts that are due and payable from our customers for the sale of vehicles, parts, and accessories. We evaluate the collectability of receivables each reporting period and record an allowance for doubtful accounts to present the net amount expected to be collected on our receivables. Additions to the allowance are charged to bad debt expense reported in Automotive and other selling, general and administrative expense and were insignificant in the years ended December 31, 2020, 2019 and 2018. |
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 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. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less cost to sell, and considers general market and economic conditions, periodic reviews of current profitability of vehicles, product warranty costs and the effect of estimated sales incentives. Net realizable value for off-lease and other vehicles is current auction sales proceeds less disposal and warranty costs. Productive material, supplies, work in process and service parts are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete. |
Equipment on Operating Leases | Equipment on Operating Leases Equipment on operating leases, net consists of vehicle leases to retail customers with lease terms of two |
Equity Investments | Equity Investments When events and circumstances warrant, equity investments accounted for under the equity method of accounting are evaluated for impairment. An impairment charge is recorded whenever a decline in value of an equity investment below its carrying amount is determined to be other-than-temporary. Impairment charges related to equity method investments are recorded in Equity income. Equity investments that are not accounted for under the equity method of accounting are measured at fair value with changes in fair value recorded in Interest income and other non-operating income, net. |
Property, net and Special Tools | Property, net Property, plant and equipment, including internal use software, is recorded at cost. Major improvements that extend the useful life or add functionality are capitalized. The gross amount of assets under finance leases is included in property, plant and equipment. Expenditures for repairs and maintenance are charged to expense as incurred. We depreciate depreciable property using the straight-line method. Leasehold improvements are amortized over the period of lease or the life of the asset, whichever is shorter. The amortization of the assets under finance leases is included in depreciation expense. Upon retirement or disposition of property, plant and equipment, the cost and related accumulated depreciation are eliminated and any resulting gain or loss is recorded in earnings. Impairment charges related to property are recorded in Automotive and other cost of sales, Automotive and other selling, general and administrative expense or GM Financial interest, operating and other expenses. Special Tools Special tools represent product-specific propulsion and non-propulsion related tools, dies, molds and other items used in the vehicle manufacturing process. Expenditures for special tools are recorded at cost and are capitalized. We amortize special tools over their estimated useful lives using the straight-line method or an accelerated amortization method based on their historical and estimated production volume. Impairment charges related to special tools are recorded in Automotive and other cost of sales. |
Goodwill | Goodwill Goodwill is not amortized but rather tested for impairment annually on October 1 and when events warrant such a review. The impairment test entails an assessment of qualitative factors to determine whether it is more likely than not that an impairment exists. If it is more likely than not that an impairment exists, then a quantitative impairment test is performed. Impairment exists when the carrying amount of a reporting unit exceeds its fair value. |
Intangible Assets, net | Intangible Assets, net Intangible assets, excluding goodwill, primarily include brand names, technology and intellectual property, customer relationships and dealer networks. Intangible assets are amortized on a straight-line or an accelerated method of amortization over their estimated useful lives. An accelerated amortization method reflecting the pattern in which the asset will be consumed is utilized if that pattern can be reliably determined. We consider the period of expected cash flows and underlying data used to measure the fair value of the intangible assets when selecting a useful life. Amortization of developed technology and intellectual property is recorded in Automotive and other cost of sales. Amortization of brand names, customer relationships and our dealer networks is recorded in Automotive and other selling, general and administrative expense or GM Financial interest, operating and other expenses. Impairment charges, if any, related to intangible assets are recorded in Automotive and other selling, general and administrative expense or Automotive and other cost of sales. |
Valuation of Long-Lived Assets | Valuation of Long-Lived Assets The carrying amount of long-lived assets and finite-lived intangible assets to be held and used in the business is evaluated for impairment when events and circumstances warrant. If the carrying amount of a long-lived asset group is considered impaired, a loss is recorded based on the amount by which the carrying amount exceeds fair value. Product-specific long-lived asset groups and non-product specific long-lived assets are separately tested for impairment on an asset group basis. Fair value is determined using either the market or sales comparison approach, cost approach or anticipated cash flows discounted at a rate commensurate with the risk involved. Long-lived assets to be disposed of other than by sale are considered held for use until disposition. |
Pension and OPEB Plans | Pension and OPEB Plans Attribution, Methods and Assumptions The cost of benefits provided by defined benefit pension plans is recorded in the period employees provide service. The cost of pension plan amendments that provide for benefits already earned by plan participants is amortized over the expected period of benefit which may be the duration of the applicable collective bargaining agreement specific to the plan, the expected future working lifetime or the life expectancy of the plan participants. The cost of medical, dental, legal service and life insurance benefits provided through postretirement benefit plans is recorded in the period employees provide service. The cost of postretirement plan amendments that provide for benefits already earned by plan participants is amortized over the expected period of benefit which may be the average period to full eligibility or the average life expectancy of the plan participants. An expected return on plan asset methodology is utilized to calculate future pension expense for certain significant funded benefit plans. A market-related value of plan assets methodology is also utilized that averages gains and losses on the plan assets over a period of years to determine future pension expense. The methodology recognizes 60% of the difference between the fair value of assets and the expected calculated value in the first year and 10% of that difference over each of the next four years. The discount rate assumption is established for each of the retirement-related benefit plans at their respective measurement dates. In the U.S. we use a cash flow matching approach that uses projected cash flows matched to spot rates along a high-quality corporate bond yield curve to determine the present value of cash flows to calculate a single equivalent discount rate. We apply individual annual yield curve rates to determine the service cost and interest cost for our pension and OPEB plans to more specifically link the cash flows related to service cost and interest cost to bonds maturing in their year of payment. The benefit obligation for pension plans in Canada, the U.K. and Germany represents 93% of the non-U.S. pension benefit obligation at December 31, 2020. The discount rates for plans in Canada, the U.K. and Germany are determined using a cash flow matching approach like the U.S. Plan Asset Valuation Due to the lack of timely available market information for certain investments in the asset classes described below as well as the inherent uncertainty of valuation, reported fair values may differ from fair values that would have been used had timely available market information been available. Common and Preferred Stock Common and preferred stock for which market prices are readily available at the measurement date are valued at the last reported sale price or official closing price on the primary market or exchange on which they are actively traded and are classified in Level 1. Such equity securities for which the market is not considered to be active are valued via the use of observable inputs, which may include the use of adjusted market prices last available, bids or last available sales prices and/or other observable inputs and are classified in Level 2. Common and preferred stock classified in Level 3 are privately issued securities or other issues that are valued via the use of valuation models using significant unobservable inputs that generally consider aged (stale) pricing, earnings multiples, discounted cash flows and/or other qualitative and quantitative factors. Debt Securities Valuations for debt securities are based on quotations received from independent pricing services or from dealers who make markets in such securities. Debt securities priced via pricing services that utilize matrix pricing which considers readily observable inputs such as the yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices, are classified in Level 2. Debt securities that are typically priced by dealers and pricing services via the use of proprietary pricing models which incorporate significant unobservable inputs are classified in Level 3. These inputs primarily consist of yield and credit spread assumptions, discount rates, prepayment curves, default assumptions and recovery rates. Investment Funds, Private Equity and Debt Investments and Real Estate Investments Investment funds, private equity and debt investments and real estate investments are valued based on the Net Asset Value (NAV) per Share (or its equivalent) as a practical expedient to estimate fair value due to the absence of readily available market prices. NAV's are provided by the respective investment sponsors or investment advisers and are subsequently reviewed and approved by management. In the event management concludes a reported NAV does not reflect fair value or is not determined as of the financial reporting measurement date, we will consider whether and when deemed necessary to make an adjustment at the balance sheet date. In determining whether an adjustment to the external valuation is required, we will review material factors that could affect the valuation, such as changes in the composition or performance of the underlying investments or comparable investments, overall market conditions, expected sale prices for private investments which are probable of being sold in the short-term and other economic factors that may possibly have a favorable or unfavorable effect on the reported external valuation. |
Stock Incentive Plans | Stock Incentive Plans Our stock incentive plans include RSUs, Restricted Stock Awards (RSAs), PSUs, stock options and awards that may be settled in our stock, the stock of our subsidiaries or in cash. We measure and record compensation expense based on the fair value of GM or Cruise's common stock on the date of grant for RSUs, RSAs and PSUs and the grant date fair value, determined utilizing a lattice model or the Black-Scholes formula, for stock options and PSUs. We record compensation cost for service-based RSUs, RSAs, PSUs and service-based stock options on a straight-line basis over the entire vesting period, or for retirement eligible employees over the requisite service period. RSUs granted in stock of Cruise vest upon satisfaction of both a service condition and a liquidity condition, defined as a change in control transaction or the consummation of an initial public offering. Compensation costs for RSUs granted in stock of Cruise will be recorded when the liquidity condition is met. Compensation cost for awards that do not have an established accounting grant date, but for which the service inception date has been established, or are settled in cash is based on the fair value of GM or Cruise's common stock at the end of each reporting period. We use the graded vesting method to record compensation cost for stock options with market conditions over the lesser of the vesting period or the time period an employee becomes eligible to retain the award at retirement. |
Product Warranty and Recall Campaigns | Product Warranty and Recall Campaigns The estimated costs related to product warranties are accrued at the time products are sold and are charged to Automotive and other cost of sales. These estimates are established using historical information on the nature, frequency and average cost of claims of each vehicle line or each model year of the vehicle line and assumptions about future activity and events. Revisions are made when necessary and are based on changes in these factors. |
Income Taxes | Income Taxes The liability method is used in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements using the statutory tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recorded in the results of operations in the period that includes the enactment date under the law. We establish valuation allowances for deferred tax assets based on a more likely than not standard. Deferred income tax assets are evaluated quarterly to determine if valuation allowances are required or should be adjusted. The ability to realize deferred tax assets depends on the ability to generate sufficient taxable income within the carryback or carryforward periods provided for in the tax law for each applicable tax jurisdiction. The assessment regarding whether a valuation allowance is required or should be adjusted also considers all available positive and negative evidence factors. It is difficult to conclude a valuation allowance is not required when there is significant objective and verifiable negative evidence, such as cumulative losses in recent years. We utilize a rolling three years of actual and current year results as the primary measure of cumulative losses in recent years. |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation The assets and liabilities of foreign subsidiaries that use the local currency as their functional currency are translated to U.S. Dollars based on the current exchange rate prevailing at each balance sheet date and any resulting translation adjustments are included in Accumulated other comprehensive loss. The assets and liabilities of foreign subsidiaries whose local currency is not their functional currency are remeasured from their local currency to their functional currency and then translated to U.S. Dollars. Revenues and expenses are translated into U.S. Dollars using the average exchange rates prevailing for each period presented. The financial statements of any foreign subsidiary that has been identified as having a highly inflationary economy are remeasured as if the functional currency were the U.S. Dollar. Gains and losses arising from foreign currency transactions and the effects of remeasurements discussed in the preceding paragraph are recorded in Automotive and other cost of sales and GM Financial interest, operating and other expenses unless related to Automotive debt, which are recorded in Interest income and other non-operating income, net. Foreign currency transaction and remeasurement losses were $203 million, gains of $85 million and losses of $168 million in the years ended December 31, 2020, 2019 and 2018. |
Derivative Financial Instruments | Derivative Financial Instruments Derivative financial instruments are recognized as either assets or liabilities at fair value. The accounting for changes in the fair value of each derivative financial instrument depends on whether it has been designated and qualifies as an accounting hedge, as well as the type of hedging relationship identified. Derivative instruments are not used for trading or speculative purposes. Automotive We utilize options, swaps and forward contracts to manage foreign currency and commodity price risk. The change in fair value of option and forward contracts not designated as hedges is recorded in Interest income and other non-operating income, net. Cash flows for all derivative financial instruments are classified in cash flows from operating activities. We estimate the fair value of the PSA warrants using a Black-Scholes formula. The significant inputs to the model include the PSA stock price and the estimated dividend yield. We are entitled to receive any dividends declared by PSA through the conversion date upon exercise of the warrants. Gains or losses as a result of the change in the fair value of the PSA warrants are recorded in Interest income and other non-operating income, net. Automotive Financing - GM Financial GM Financial utilizes interest rate derivative instruments to manage interest rate risk and foreign currency derivative instruments to manage foreign currency risk. The change in fair value of the derivative instruments not designated as hedges is recorded in GM Financial interest, operating and other expenses. Cash flows for all derivative financial instruments are classified in cash flows from operating activities. Certain interest rate and foreign currency swap agreements have been designated as fair value hedges. The risk being hedged is the risk of changes in the fair value of the hedged debt attributable to changes in the benchmark interest rate or the risk of changes in fair value attributable to changes in foreign currency exchange rates. If the swap has been designated as a fair value hedge, the changes in the fair value of the hedged item are recorded in GM Financial interest, operating and other expenses. The change in fair value of the related hedge is also recorded in GM Financial interest, operating and other expenses. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Effective January 1, 2020, we adopted 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 consolidated balance sheets. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue by Major Source | The following table disaggregates our revenue by major source for revenue generating segments : Year Ended December 31, 2020 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 92,749 $ 10,593 $ 1 $ 103,343 $ — $ — $ — $ 103,343 Used vehicles 875 115 20 1,010 — — — 1,010 Services and other 3,109 878 329 4,316 103 — (99) 4,320 Automotive net sales and revenue 96,733 11,586 350 108,669 103 — (99) 108,673 Leased vehicle income — — — — — 9,530 — 9,530 Finance charge income — — — — — 3,996 (1) 3,995 Other income — — — — — 305 (18) 287 GM Financial net sales and revenue — — — — — 13,831 (19) 13,812 Net sales and revenue $ 96,733 $ 11,586 $ 350 $ 108,669 $ 103 $ 13,831 $ (118) $ 122,485 Year Ended December 31, 2019 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 101,346 $ 14,931 $ — $ 116,277 $ — $ — $ — $ 116,277 Used vehicles 1,896 123 — 2,019 — — — 2,019 Services and other 3,124 1,057 220 4,401 100 — (100) 4,401 Automotive net sales and revenue 106,366 16,111 220 122,697 100 — (100) 122,697 Leased vehicle income — — — — — 10,032 — 10,032 Finance charge income — — — — — 4,071 (7) 4,064 Other income — — — — — 451 (7) 444 GM Financial net sales and revenue — — — — — 14,554 (14) 14,540 Net sales and revenue $ 106,366 $ 16,111 $ 220 $ 122,697 $ 100 $ 14,554 $ (114) $ 137,237 Year Ended December 31, 2018 GMNA GMI Corporate Total Automotive GM Financial Eliminations Total Vehicle, parts and accessories $ 107,217 $ 17,980 $ 20 $ 125,217 $ — $ (62) $ 125,155 Used vehicles 3,215 175 — 3,390 — (36) 3,354 Services and other 3,360 993 183 4,536 — — 4,536 Automotive net sales and revenue 113,792 19,148 203 133,143 — (98) 133,045 Leased vehicle income — — — — 9,963 — 9,963 Finance charge income — — — — 3,629 (8) 3,621 Other income — — — — 424 (4) 420 GM Financial net sales and revenue — — — — 14,016 (12) 14,004 Net sales and revenue $ 113,792 $ 19,148 $ 203 $ 133,143 $ 14,016 $ (110) $ 147,049 |
Marketable and Other Securiti_2
Marketable and Other Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Marketable Securities [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost: Fair Value Level December 31, 2020 December 31, 2019 Cash and cash equivalents Cash and time deposits(a) $ 8,010 $ 6,828 Available-for-sale debt securities U.S. government and agencies 2 1,370 1,484 Corporate debt 2 3,476 5,863 Sovereign debt 2 2,051 2,123 Total available-for-sale debt securities – cash equivalents 6,897 9,470 Money market funds 1 5,085 2,771 Total cash and cash equivalents(b) $ 19,992 $ 19,069 Marketable debt securities U.S. government and agencies 2 $ 1,771 $ 226 Corporate debt 2 3,630 2,932 Mortgage and asset-backed 2 632 681 Sovereign debt 2 3,013 335 Total available-for-sale debt securities – marketable securities(c) $ 9,046 $ 4,174 Restricted cash Cash and cash equivalents $ 269 $ 292 Money market funds 1 2,856 3,582 Total restricted cash $ 3,125 $ 3,874 Available-for-sale debt securities included above with contractual maturities(d) Due in one year or less $ 12,533 Due between one and five years 2,778 Total available-for-sale debt securities with contractual maturities $ 15,311 __________ (a) Include s $248 million that is 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 December 31, 2020. (b) Includes $761 million and $2.3 billion in Cruise at December 31, 2020 and 2019. (c) Includes $943 million and $266 million in Cruise at December 31, 2020 and 2019. (d) Excludes mortgage- and asset-backed securities of $632 million at December 31, 2020 as these securities are not due at a single maturity date. |
Investments Classified by Contractual Maturity Date | The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost: Fair Value Level December 31, 2020 December 31, 2019 Cash and cash equivalents Cash and time deposits(a) $ 8,010 $ 6,828 Available-for-sale debt securities U.S. government and agencies 2 1,370 1,484 Corporate debt 2 3,476 5,863 Sovereign debt 2 2,051 2,123 Total available-for-sale debt securities – cash equivalents 6,897 9,470 Money market funds 1 5,085 2,771 Total cash and cash equivalents(b) $ 19,992 $ 19,069 Marketable debt securities U.S. government and agencies 2 $ 1,771 $ 226 Corporate debt 2 3,630 2,932 Mortgage and asset-backed 2 632 681 Sovereign debt 2 3,013 335 Total available-for-sale debt securities – marketable securities(c) $ 9,046 $ 4,174 Restricted cash Cash and cash equivalents $ 269 $ 292 Money market funds 1 2,856 3,582 Total restricted cash $ 3,125 $ 3,874 Available-for-sale debt securities included above with contractual maturities(d) Due in one year or less $ 12,533 Due between one and five years 2,778 Total available-for-sale debt securities with contractual maturities $ 15,311 __________ (a) Include s $248 million that is 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 December 31, 2020. (b) Includes $761 million and $2.3 billion in Cruise at December 31, 2020 and 2019. (c) Includes $943 million and $266 million in Cruise at December 31, 2020 and 2019. |
Reconciliation of Cash, Cash Equivalents and Restricted Cash from Balance Sheet to Statement of Cash Flows | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows: December 31, 2020 December 31, 2019 Cash and cash equivalents $ 19,992 $ 19,069 Restricted cash included in Other current assets 2,581 3,352 Restricted cash included in Other assets 544 522 Total $ 23,117 $ 22,943 |
GM Financial Receivables and _2
GM Financial Receivables and Transactions (Tables) - GM Financial | 12 Months Ended |
Dec. 31, 2020 | |
Finance Receivables [Line Items] | |
GM Financial Receivables | December 31, 2020 December 31, 2019 Retail Commercial(a) Total Retail Commercial(a) Total GM Financial receivables $ 51,288 $ 8,682 $ 59,970 $ 42,229 $ 11,671 $ 53,900 Less: allowance for loan losses (1,915) (63) (1,978) (866) (78) (944) GM Financial receivables, net $ 49,373 $ 8,619 $ 57,992 $ 41,363 $ 11,593 $ 52,956 Fair value of GM Financial receivables utilizing Level 2 inputs $ 8,619 $ 11,593 Fair value of GM Financial receivables utilizing Level 3 inputs $ 51,645 $ 41,973 __________ (a) Net of dealer cash management balances of $1.4 billion and $1.2 billion at December 31, 2020 and 2019. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on their floorplan line by making principal payments to GM Financial in advance. |
Allowance for Loan Losses | Years Ended December 31, 2020 2019 2018 Allowance for loan losses at beginning of period $ 944 $ 911 $ 942 Impact of adoption ASU 2016-13 (Note 2) 801 — — Provision for loan losses 881 726 642 Charge-offs (1,169) (1,246) (1,199) Recoveries 542 551 536 Effect of foreign currency (21) 2 (10) Allowance for loan losses at end of period $ 1,978 $ 944 $ 911 |
Intercompany Transactions | December 31, 2020 December 31, 2019 Consolidated Balance Sheets(a) Commercial finance receivables, net due from GM consolidated dealers $ 398 $ 478 Subvention receivable(b) $ 642 $ 676 Commercial loan funding payable $ 23 $ 74 Years Ended December 31, 2020 2019 2018 Consolidated Statements of Income Interest subvention earned on finance receivables $ 679 $ 588 $ 554 Leased vehicle subvention earned $ 3,042 $ 3,273 $ 3,274 __________ (a) All balance sheet amounts are eliminated upon consolidation. (b) Our Automotive segments made cash payments to GM Financial for subvention of $3.9 billion, $4.1 billion, and $3.8 billion in the years ended December 31, 2020, 2019 and 2018. |
Retail Finance Receivables | |
Finance Receivables [Line Items] | |
Commercial 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 December 31, 2020 is as follows: Year of Origination December 31, 2020 December 31, 2019 2020 2019 2018 2017 2016 Prior Total Percent Total Percent Prime – FICO score 680 and greater $ 18,685 $ 7,033 $ 4,491 $ 1,917 $ 555 $ 119 $ 32,800 64.0 % $ 25,400 60.1 % Near-prime – FICO score 620 to 679 3,695 2,097 1,232 603 225 83 7,935 15.4 % 6,862 16.3 % Sub-prime – FICO score less than 620 3,803 2,920 1,740 1,173 610 307 10,553 20.6 % 9,967 23.6 % Retail finance receivables, net of fees $ 26,183 $ 12,050 $ 7,463 $ 3,693 $ 1,390 $ 509 $ 51,288 100.0 % $ 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 December 31, 2020: Year of Origination December 31, 2020 December 31, 2019 2020 2019 2018 2017 2016 Prior Total Percent Total(a) Percent 0-to-30 days $ 25,894 $ 11,591 $ 7,131 $ 3,454 $ 1,249 $ 421 $ 49,740 97.0 % 31-to-60 days 210 325 235 170 102 61 1,103 2.1 % $ 1,354 3.2 % Greater-than-60 days 72 123 90 64 37 26 412 0.8 % 542 1.3 % Finance receivables more than 30 days delinquent 282 448 325 234 139 87 1,515 2.9 % 1,896 4.5 % In repossession 7 11 7 5 2 1 33 0.1 % 44 0.1 % Finance receivables more than 30 days delinquent or in repossession 289 459 332 239 141 88 1,548 3.0 % $ 1,940 4.6 % Retail finance receivables, net of fees $ 26,183 $ 12,050 $ 7,463 $ 3,693 $ 1,390 $ 509 $ 51,288 100.0 % __________ (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 | |
Finance Receivables [Line Items] | |
Commercial Finance Receivables Credit Quality | 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. Year of Origination(a) December 31, 2020 Revolving 2020 2019 2018 2017 2016 Prior Total Percent I $ 6,968 $ 510 $ 159 $ 63 $ 95 $ 43 $ 19 $ 7,857 90.5 % II 491 2 18 2 3 18 34 568 6.5 % III 203 — 8 29 2 11 — 253 2.9 % IV — — — — — — 4 4 0.1 % Commercial finance receivables, net of fees $ 7,662 $ 512 $ 185 $ 94 $ 100 $ 72 $ 57 $ 8,682 100.0 % _________ (a) Floorplan advances comprise 97% of the total revolving balance. Dealer term loans are presented by year of origination. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | December 31, 2020 December 31, 2019 Total productive material, supplies and work in process $ 5,117 $ 4,713 Finished product, including service parts 5,118 5,685 Total inventories $ 10,235 $ 10,398 |
Equipment on Operating Leases (
Equipment on Operating Leases (Tables) - Vehicles | 12 Months Ended |
Dec. 31, 2020 | |
Property Subject to or Available for Operating Lease [Line Items] | |
Schedule of Property Subject to or Available for Operating Lease | Equipment on operating leases primarily consists of leases to retail customers of GM Financial. The current portion of net equipment on operating leases is included in Other current assets. December 31, 2020 December 31, 2019 Equipment on operating leases $ 50,000 $ 53,081 Less: accumulated depreciation (10,181) (10,989) Equipment on operating leases, net $ 39,819 $ 42,092 |
GM Financial | |
Property Subject to or Available for Operating Lease [Line Items] | |
Schedule of Future Rental Payments Receivable for Operating Leases | The following table summarizes lease payments due to GM Financial on leases to retail customers: Years Ending December 31, 2021 2022 2023 2024 2025 Thereafter Total Lease receipts under operating leases $ 6,142 $ 3,783 $ 1,441 $ 112 $ 2 $ — $ 11,480 |
Equity In Net Assets Of Nonco_2
Equity In Net Assets Of Nonconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Equity Income | Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as Equity income. Years Ended December 31, 2020 2019 2018 Automotive China equity income $ 512 $ 1,132 $ 1,981 Other joint ventures equity income 162 136 182 Total Equity income $ 674 $ 1,268 $ 2,163 |
Carrying Amount of Investments in Nonconsolidated Affiliates | Investments in Nonconsolidated Affiliates December 31, 2020 December 31, 2019 Automotive China carrying amount $ 6,599 $ 7,044 Other investments carrying amount 1,807 1,518 Total equity in net assets of nonconsolidated affiliates $ 8,406 $ 8,562 |
Summarized Financial Data for Nonconsolidated Affiliates | Summarized Financial Data of Nonconsolidated Affiliates December 31, 2020 December 31, 2019 Automotive China JVs Others Total Automotive China JVs Others Total Summarized Balance Sheet Data Current assets $ 17,604 $ 16,844 $ 34,448 $ 14,035 $ 13,319 $ 27,354 Non-current assets 14,875 8,634 23,509 14,484 6,680 21,164 Total assets $ 32,479 $ 25,478 $ 57,957 $ 28,519 $ 19,999 $ 48,518 Current liabilities $ 25,633 $ 14,808 $ 40,441 $ 21,256 $ 11,588 $ 32,844 Non-current liabilities 1,163 6,654 7,817 968 5,017 5,985 Total liabilities $ 26,796 $ 21,462 $ 48,258 $ 22,224 $ 16,605 $ 38,829 Noncontrolling interests $ 824 $ 1 $ 825 $ 847 $ 1 $ 848 Years Ended December 31, 2020 2019 2018 Summarized Operating Data Automotive China JVs' net sales $ 38,736 $ 39,123 $ 50,316 Others' net sales 1,850 1,815 1,721 Total net sales $ 40,586 $ 40,938 $ 52,037 Automotive China JVs' net income $ 1,239 $ 2,258 $ 3,992 Others' net income 436 477 536 Total net income $ 1,675 $ 2,735 $ 4,528 |
Nonconsolidated Affiliates | |
Schedule of Equity Method Investments [Line Items] | |
Transactions with and Balances Related to Nonconsolidated Affiliates | The following tables summarize transactions with and balances related to our nonconsolidated affiliates: Years Ended December 31, 2020 2019 2018 Automotive sales and revenue $ 235 $ 199 $ 406 Automotive purchases, net $ 165 $ 1,065 $ 1,155 Dividends received $ 1,198 $ 1,852 $ 2,022 Operating cash flows $ 1,473 $ 913 $ 657 December 31, 2020 December 31, 2019 Accounts and notes receivable, net $ 954 $ 1,007 Accounts payable $ 494 $ 369 Undistributed earnings $ 1,594 $ 2,118 |
China JVs | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Equity Method Investments | The following table summarizes our direct ownership interests in our China JVs: December 31, 2020 December 31, 2019 Automotive China JVs SAIC General Motors Corp., Ltd. (SGM) 50 % 50 % Pan Asia Technical Automotive Center Co., Ltd. 50 % 50 % SAIC General Motors Sales Co., Ltd. 49 % 49 % SAIC GM Wuling Automobile Co., Ltd. (SGMW) 44 % 44 % Shanghai OnStar Telematics Co., Ltd. (Shanghai OnStar) 40 % 40 % SAIC GM (Shenyang) Norsom Motors Co., Ltd. (SGM Norsom) 25 % 25 % SAIC GM Dong Yue Motors Co., Ltd. (SGM DY) 25 % 25 % SAIC GM Dong Yue Powertrain Co., Ltd. (SGM DYPT) 25 % 25 % Other joint ventures SAIC-GMAC Automotive Finance Company Limited (SAIC-GMAC) 35 % 35 % SAIC-GMF Leasing Co., Ltd. 35 % 35 % |
Property (Tables)
Property (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment | Estimated Useful Lives in Years December 31, 2020 December 31, 2019 Land $ 1,339 $ 1,302 Buildings and improvements 5-40 9,671 9,705 Machinery and equipment 3-27 30,013 29,814 Special tools 1-13 20,851 23,586 Construction in progress 3,581 3,042 Total property 65,455 67,449 Less: accumulated depreciation (27,823) (28,699) Total property, net $ 37,632 $ 38,750 |
Depreciation Amortization and Impairment of Property Plant and Equipment | The amount of interest capitalized and excluded from Automotive interest expense related to Property, net was insignificant in the years ended December 31, 2020, 2019 and 2018. Years Ended December 31, 2020 2019 2018 Depreciation and amortization expense $ 5,354 $ 6,541 $ 5,347 Impairment charges $ 86 $ 7 $ 466 Capitalized software amortization expense(a) $ 457 $ 452 $ 424 __________ (a) Included in depreciation and amortization expense. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Components of Intangible Assets | December 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Technology and intellectual property $ 762 $ 542 $ 220 $ 734 $ 533 $ 201 Brands 4,300 1,444 2,856 4,298 1,285 3,013 Dealer network, customer relationships and other 981 737 244 966 702 264 Total intangible assets $ 6,043 $ 2,723 $ 3,320 $ 5,998 $ 2,520 $ 3,478 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
GM Financial | Variable Interest Entity, Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs: December 31, 2020 December 31, 2019 Restricted cash – current $ 2,190 $ 2,202 Restricted cash – non-current $ 449 $ 441 GM Financial receivables, net of fees – current $ 17,211 $ 19,081 GM Financial receivables, net of fees – non-current $ 15,107 $ 15,921 GM Financial equipment on operating leases, net $ 16,322 $ 14,464 GM Financial short-term debt and current portion of long-term debt $ 20,450 $ 23,952 GM Financial long-term debt $ 18,974 $ 15,819 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued and Other Liabilities | December 31, 2020 December 31, 2019 Accrued liabilities Dealer and customer allowances, claims and discounts $ 7,300 $ 10,402 Deferred revenue 3,132 3,234 Product warranty and related liabilities 3,048 2,987 Payrolls and employee benefits excluding postemployment benefits 1,864 1,969 Other 7,725 7,895 Total accrued liabilities $ 23,069 $ 26,487 Other liabilities Deferred revenue $ 2,715 $ 2,962 Product warranty and related liabilities 5,193 4,811 Operating lease liabilities 969 1,010 Employee benefits excluding postemployment benefits 822 704 Postemployment benefits including facility idling reserves 739 633 Other 3,009 3,026 Total other liabilities $ 13,447 $ 13,146 |
Product Warranty and Related Liabilities | Years Ended December 31, 2020 2019 2018 Product Warranty and Related Liabilities Warranty balance at beginning of period $ 7,798 $ 7,590 $ 8,332 Warranties issued and assumed in period – recall campaigns 1,628 745 665 Warranties issued and assumed in period – product warranty 1,773 2,001 2,143 Payments (2,986) (3,012) (2,903) Adjustments to pre-existing warranties 41 455 (464) Effect of foreign currency and other (12) 19 (183) Warranty balance at end of period $ 8,242 $ 7,798 $ 7,590 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Interest expense | Years Ended December 31, 2020 2019 2018 Automotive interest expense $ 1,098 $ 782 $ 655 Automotive Financing - GM Financial interest expense 3,023 3,641 3,225 Total interest expense $ 4,121 $ 4,423 $ 3,880 |
Schedule of maturities of long-term debt | The following table summarizes contractual maturities including finance leases at December 31, 2020: Automotive Automotive Financing Total 2021 $ 1,276 $ 35,742 $ 37,018 2022 137 19,312 19,449 2023 2,593 15,267 17,860 2024 86 7,808 7,894 2025 2,578 6,609 9,187 Thereafter 11,339 7,277 18,616 $ 18,009 $ 92,015 $ 110,024 |
Automotive | |
Debt carrying amount and fair value | The following table presents debt in our automotive operations: December 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 303 $ 332 $ 167 $ 165 Unsecured debt 16,929 20,988 13,909 15,247 Finance lease liabilities 237 256 310 516 Total automotive debt(a) $ 17,469 $ 21,576 $ 14,386 $ 15,928 Fair value utilizing Level 1 inputs $ 19,826 $ 13,628 Fair value utilizing Level 2 inputs $ 1,750 $ 2,300 Available under credit facility agreements(b) $ 18,222 $ 17,285 Weighted-average interest rate on outstanding short-term debt(c) 3.8 % 4.9 % Weighted-average interest rate on outstanding long-term debt(c) 5.6 % 5.4 % __________ (a) Includes net discount and debt issuance costs of $540 million at December 31, 2020 and 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 | |
Debt carrying amount and fair value | The following table presents debt of GM Financial: December 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 39,982 $ 40,380 $ 39,959 $ 40,160 Unsecured debt 52,443 54,568 48,979 50,239 Total GM Financial debt $ 92,425 $ 94,948 $ 88,938 $ 90,399 Fair value utilizing Level 2 inputs $ 92,922 $ 88,481 Fair value utilizing Level 3 inputs $ 2,026 $ 1,918 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Automotive | |
Derivative [Line Items] | |
Schedule of Notional Amounts for Derivative Financial Instruments | The following table presents the notional amounts of derivative financial instruments in our automotive operations: Fair Value Level December 31, 2020 December 31, 2019 Derivatives not designated as hedges(a) Foreign currency 2 $ 2,195 $ 5,075 Commodity 2 341 806 PSA Warrants(b) 2 49 45 Total derivative financial instruments $ 2,585 $ 5,926 __________ (a) The fair value of these derivative instruments at December 31, 2020 and 2019 and the gains/losses included in our consolidated income statements for the years ended December 31, 2020, 2019 and 2018 were insignificant, unless otherwise noted. |
GM Financial | |
Derivative [Line Items] | |
Schedule of Notional Amounts for Derivative Financial Instruments | The following table presents the gross fair value amounts of GM Financial's derivative financial instruments and the associated notional amounts: Fair Value Level December 31, 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 $ 10,064 $ 463 $ 13 $ 9,458 $ 234 $ 23 Foreign currency swaps 2 1,958 128 9 1,796 22 71 Cash flow hedges Interest rate swaps 2 921 — 27 590 — 6 Foreign currency swaps 2 5,626 278 47 4,429 40 119 Derivatives not designated as hedges(a) Interest rate contracts 2 110,997 954 576 92,400 340 300 Total derivative financial instruments(b) $ 129,566 $ 1,823 $ 672 $ 108,673 $ 636 $ 519 __________ (a) The gains/losses included in our consolidated income statements and statements of comprehensive income for the years ended December 31, 2020 , 2019 and 2018 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 $728 million and $210 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted an insignificant amount |
Schedule of Fair Value Hedging Instruments | The following amounts were recorded in the consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships: December 31, 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) Short-term unsecured debt $ 4,858 $ (69) $ 996 $ 4 Long-term unsecured debt 18,457 (670) 19,401 (81) GM Financial unsecured debt $ 23,315 $ (739) $ 20,397 $ (77) __________ |
Pensions And Other Postretire_2
Pensions And Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |
Changes in Benefit Obligations, Plan Assets and Funded Status | Year Ended December 31, 2020 Year Ended December 31, 2019 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligations Beginning benefit obligation $ 64,684 $ 21,398 $ 6,304 $ 61,190 $ 19,904 $ 5,744 Service cost 177 133 19 179 120 17 Interest cost 1,716 362 173 2,264 456 220 Actuarial losses 4,757 1,506 551 6,444 1,653 641 Benefits paid (4,600) (1,132) (408) (4,753) (1,234) (395) Foreign currency translation adjustments — 870 (3) — 561 54 Curtailments, settlements and other (266) (2,330) 20 (640) (62) 23 Ending benefit obligation 66,468 20,807 6,656 64,684 21,398 6,304 Change in plan assets Beginning fair value of plan assets 59,239 14,961 — 56,102 13,528 — Actual return on plan assets 6,635 1,573 — 8,454 1,669 — Employer contributions 68 396 387 83 532 370 Benefits paid (4,600) (1,132) (408) (4,753) (1,234) (395) Foreign currency translation adjustments — 389 — — 668 — Settlements and other (265) (2,341) 21 (647) (202) 25 Ending fair value of plan assets 61,077 13,846 — 59,239 14,961 — Ending funded status $ (5,391) $ (6,961) $ (6,656) $ (5,445) $ (6,437) $ (6,304) Amounts recorded in the consolidated balance sheets Non-current assets $ — $ 980 $ — $ — $ 698 $ — Current liabilities (66) (364) (379) (68) (342) (369) Non-current liabilities (5,325) (7,577) (6,277) (5,377) (6,793) (5,935) Net amount recorded $ (5,391) $ (6,961) $ (6,656) $ (5,445) $ (6,437) $ (6,304) Amounts recorded in Accumulated other comprehensive loss Net actuarial loss $ (3,256) $ (5,123) $ (1,823) $ (1,980) $ (4,688) $ (1,364) Net prior service (cost) credit 11 (60) 20 14 (78) 27 Total recorded in Accumulated other comprehensive loss $ (3,245) $ (5,183) $ (1,803) $ (1,966) $ (4,766) $ (1,337) |
Schedule of amounts recorded in the consolidated balance sheets | Year Ended December 31, 2020 Year Ended December 31, 2019 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligations Beginning benefit obligation $ 64,684 $ 21,398 $ 6,304 $ 61,190 $ 19,904 $ 5,744 Service cost 177 133 19 179 120 17 Interest cost 1,716 362 173 2,264 456 220 Actuarial losses 4,757 1,506 551 6,444 1,653 641 Benefits paid (4,600) (1,132) (408) (4,753) (1,234) (395) Foreign currency translation adjustments — 870 (3) — 561 54 Curtailments, settlements and other (266) (2,330) 20 (640) (62) 23 Ending benefit obligation 66,468 20,807 6,656 64,684 21,398 6,304 Change in plan assets Beginning fair value of plan assets 59,239 14,961 — 56,102 13,528 — Actual return on plan assets 6,635 1,573 — 8,454 1,669 — Employer contributions 68 396 387 83 532 370 Benefits paid (4,600) (1,132) (408) (4,753) (1,234) (395) Foreign currency translation adjustments — 389 — — 668 — Settlements and other (265) (2,341) 21 (647) (202) 25 Ending fair value of plan assets 61,077 13,846 — 59,239 14,961 — Ending funded status $ (5,391) $ (6,961) $ (6,656) $ (5,445) $ (6,437) $ (6,304) Amounts recorded in the consolidated balance sheets Non-current assets $ — $ 980 $ — $ — $ 698 $ — Current liabilities (66) (364) (379) (68) (342) (369) Non-current liabilities (5,325) (7,577) (6,277) (5,377) (6,793) (5,935) Net amount recorded $ (5,391) $ (6,961) $ (6,656) $ (5,445) $ (6,437) $ (6,304) Amounts recorded in Accumulated other comprehensive loss Net actuarial loss $ (3,256) $ (5,123) $ (1,823) $ (1,980) $ (4,688) $ (1,364) Net prior service (cost) credit 11 (60) 20 14 (78) 27 Total recorded in Accumulated other comprehensive loss $ (3,245) $ (5,183) $ (1,803) $ (1,966) $ (4,766) $ (1,337) |
Schedule of Projected Benefit Obligations in Excess of Fair Value of Plan Assets | The following table summarizes the total accumulated benefit obligations (ABO), the ABO and fair value of plan assets for defined benefit pension plans with ABO in excess of plan assets, and the projected benefit obligation (PBO) and fair value of plan assets for defined benefit pension plans with PBO in excess of plan assets: December 31, 2020 December 31, 2019 U.S. Non-U.S. U.S. Non-U.S. ABO $ 66,448 $ 20,721 $ 64,669 $ 21,319 Plans with ABO in excess of plan assets ABO $ 66,448 $ 12,042 $ 64,669 $ 10,996 Fair value of plan assets $ 61,077 $ 4,185 $ 59,239 $ 3,940 Plans with PBO in excess of plan assets PBO $ 66,468 $ 12,128 $ 64,684 $ 11,079 Fair value of plan assets $ 61,077 $ 4,186 $ 59,239 $ 3,940 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following table summarizes the total accumulated benefit obligations (ABO), the ABO and fair value of plan assets for defined benefit pension plans with ABO in excess of plan assets, and the projected benefit obligation (PBO) and fair value of plan assets for defined benefit pension plans with PBO in excess of plan assets: December 31, 2020 December 31, 2019 U.S. Non-U.S. U.S. Non-U.S. ABO $ 66,448 $ 20,721 $ 64,669 $ 21,319 Plans with ABO in excess of plan assets ABO $ 66,448 $ 12,042 $ 64,669 $ 10,996 Fair value of plan assets $ 61,077 $ 4,185 $ 59,239 $ 3,940 Plans with PBO in excess of plan assets PBO $ 66,468 $ 12,128 $ 64,684 $ 11,079 Fair value of plan assets $ 61,077 $ 4,186 $ 59,239 $ 3,940 |
Schedule of Net Periodic Pension and OPEB expense | The following table summarizes the components of net periodic pension and OPEB expense along with the assumptions used to determine benefit obligations: Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Components of expense Service cost $ 251 $ 145 $ 19 $ 393 $ 132 $ 17 $ 330 $ 163 $ 20 Interest cost 1,716 362 173 2,264 456 220 2,050 464 195 Expected return on plan assets (3,267) (675) — (3,483) (786) — (3,890) (825) — Amortization of net actuarial losses 16 171 74 11 122 30 10 144 54 Curtailments, settlements and other 17 241 (8) 21 142 (23) (19) 43 (19) Net periodic pension and OPEB (income) expense $ (1,267) $ 244 $ 258 $ (794) $ 66 $ 244 $ (1,519) $ (11) $ 250 Weighted-average assumptions used to determine benefit obligations(a) Discount rate 2.37 % 1.62 % 2.53 % 3.20 % 2.16 % 3.24 % 4.22 % 2.86 % 4.19 % Weighted-average assumptions used to determine net expense(a) Discount rate 2.84 % 2.80 % 3.00 % 3.92 % 3.36 % 4.07 % 3.19 % 2.99 % 3.29 % Expected rate of return on plan assets 5.88 % 4.96 % N/A 6.37 % 5.76 % N/A 6.61 % 6.09 % N/A _________ (a) The rate of compensation increase and the cash balance interest crediting rates do not have a significant effect on our U.S. pension and OPEB plans. |
Schedule of Assumptions Used | The following table summarizes the components of net periodic pension and OPEB expense along with the assumptions used to determine benefit obligations: Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Components of expense Service cost $ 251 $ 145 $ 19 $ 393 $ 132 $ 17 $ 330 $ 163 $ 20 Interest cost 1,716 362 173 2,264 456 220 2,050 464 195 Expected return on plan assets (3,267) (675) — (3,483) (786) — (3,890) (825) — Amortization of net actuarial losses 16 171 74 11 122 30 10 144 54 Curtailments, settlements and other 17 241 (8) 21 142 (23) (19) 43 (19) Net periodic pension and OPEB (income) expense $ (1,267) $ 244 $ 258 $ (794) $ 66 $ 244 $ (1,519) $ (11) $ 250 Weighted-average assumptions used to determine benefit obligations(a) Discount rate 2.37 % 1.62 % 2.53 % 3.20 % 2.16 % 3.24 % 4.22 % 2.86 % 4.19 % Weighted-average assumptions used to determine net expense(a) Discount rate 2.84 % 2.80 % 3.00 % 3.92 % 3.36 % 4.07 % 3.19 % 2.99 % 3.29 % Expected rate of return on plan assets 5.88 % 4.96 % N/A 6.37 % 5.76 % N/A 6.61 % 6.09 % N/A _________ (a) The rate of compensation increase and the cash balance interest crediting rates do not have a significant effect on our U.S. pension and OPEB plans. |
Schedule of Expected Net Benefit Payments | The following table summarizes net benefit payments expected to be paid in the future, which include assumptions related to estimated future employee service: Pension Benefits Global OPEB Plans U.S. Plans Non-U.S. Plans 2021 $ 4,821 $ 1,172 $ 379 2022 $ 4,614 $ 1,070 $ 374 2023 $ 4,495 $ 1,038 $ 369 2024 $ 4,387 $ 1,015 $ 364 2025 $ 4,278 $ 1,000 $ 361 2026 - 2030 $ 19,469 $ 4,673 $ 1,761 |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of contributions to defined benefit pension plans | The following table summarizes contributions made to the defined benefit pension plans: Years Ended December 31, 2020 2019 2018 U.S. hourly and salaried $ 68 $ 83 $ 76 Non-U.S. 396 532 1,624 Total $ 464 $ 615 $ 1,700 |
Schedules of Fair Value of Plan Assets by Asset Class and Target Allocations | The following table summarizes the target allocations by asset category for U.S. and non-U.S. defined benefit pension plans: December 31, 2020 December 31, 2019 U.S. Non-U.S. U.S. Non-U.S. Equity 12 % 16 % 12 % 14 % Debt 64 % 66 % 64 % 67 % Other(a) 24 % 18 % 24 % 19 % Total 100 % 100 % 100 % 100 % __________ (a) Primarily includes private equity, real estate and absolute return strategies which mainly consist of hedge funds. Assets and Fair Value Measurements The following tables summarize the fair value of U.S. and non-U.S. defined benefit pension plan assets by asset class: December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total U.S. Pension Plan Assets Common and preferred stocks $ 7,429 $ — $ 1 $ 7,430 $ 6,232 $ 19 $ 1 $ 6,252 Government and agency debt securities(a) — 13,231 — 13,231 — 13,843 — 13,843 Corporate and other debt securities — 26,475 — 26,475 — 24,809 — 24,809 Other investments, net(b)(c) (834) (8) 427 (415) (47) 25 401 379 Net plan assets subject to leveling $ 6,595 $ 39,698 $ 428 46,721 $ 6,185 $ 38,696 $ 402 45,283 Plan assets measured at net asset value Investment funds 7,534 7,031 Private equity and debt investments 3,137 2,951 Real estate investments 3,061 3,484 Total plan assets measured at net asset value 13,732 13,466 Other plan assets, net(d) 624 490 Net plan assets $ 61,077 $ 59,239 December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Non-U.S. Pension Plan Assets Common and preferred stocks $ 572 $ — $ — $ 572 $ 489 $ 1 $ — $ 490 Government and agency debt securities(a) — 3,178 — 3,178 — 3,927 — 3,927 Corporate and other debt securities — 2,762 — 2,762 — 3,230 — 3,230 Other investments, net(b)(e) 31 (79) 127 79 (5) (107) 248 136 Net plan assets subject to leveling $ 603 $ 5,861 $ 127 6,591 $ 484 $ 7,051 $ 248 7,783 Plan assets measured at net asset value Investment funds 5,870 5,608 Private equity and debt investments 489 511 Real estate investments 917 982 Total plan assets measured at net asset value 7,276 7,101 Other plan assets (liabilities), net(d) (21) 77 Net plan assets $ 13,846 $ 14,961 __________ (a) Includes U.S. and sovereign government and agency issues. (b) Includes net derivative assets (liabilities). (c) Level 1 Other investments, net includes derivative liabilities approximating $1.0 billion related to equity option and futures contracts at December 31, 2020. (d) Cash held by the plans, net of amounts receivable/payable for unsettled security transactions and payables for investment manager fees, custody fees and other expenses. (e) Level 2 Other investments, net includes Canadian reverse repurchase agreements. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Taxes and Equity Income | Years Ended December 31, 2020 2019 2018 U.S. income $ 6,881 $ 3,826 $ 4,433 Non-U.S. income 540 2,342 1,953 Income before income taxes and equity income $ 7,421 $ 6,168 $ 6,386 |
Schedule of Components of Income Tax Expense (Benefit) | Years Ended December 31, 2020 2019 2018 Current income tax expense (benefit) U.S. federal $ 84 $ 42 $ (104) U.S. state and local 272 102 113 Non-U.S. 493 758 577 Total current income tax expense 849 902 586 Deferred income tax expense (benefit) U.S. federal 632 (145) (578) U.S. state and local (15) 3 250 Non-U.S. 308 9 216 Total deferred income tax expense (benefit) 925 (133) (112) Total income tax expense $ 1,774 $ 769 $ 474 |
Schedule of Effective Income Tax Rate Reconciliation | Years Ended December 31, 2020 2019 2018 Income tax expense at U.S. federal statutory income tax rate $ 1,558 $ 1,295 $ 1,341 State and local tax expense 219 117 282 Non-U.S. income taxed at other than the U.S. federal statutory tax rate (1) 166 90 U.S. tax impact on Non-U.S. income and activities (160) (197) (822) Change in valuation allowances 370 (233) 1,695 Change in tax laws — (122) (134) General business credits and manufacturing incentives (366) (420) (695) Capital loss expiration — — 107 Settlements of prior year tax matters (18) — (188) Realization of basis differences in affiliates (12) — (59) German statutory approval of net operating losses — — (990) Foreign currency remeasurement (7) 74 19 Other adjustments 191 89 (172) Total income tax expense $ 1,774 $ 769 $ 474 |
Schedule of Deferred Tax Assets and Liabilities | The following table summarizes the components of temporary differences and carryforwards that give rise to deferred tax assets and liabilities: December 31, 2020 December 31, 2019 Deferred tax assets Postretirement benefits other than pensions $ 1,742 $ 1,695 Pension and other employee benefit plans 2,999 2,968 Warranties, dealer and customer allowances, claims and discounts 5,538 6,299 U.S. capitalized research expenditures 6,763 6,035 U.S. operating loss and tax credit carryforwards(a) 7,254 8,686 Non-U.S. operating loss and tax credit carryforwards(b) 7,216 6,731 Miscellaneous 3,479 1,965 Total deferred tax assets before valuation allowances 34,991 34,379 Less: valuation allowances (9,095) (8,135) Total deferred tax assets 25,896 26,244 Deferred tax liabilities Property, plant and equipment 1,670 1,565 Intangible assets 744 763 Total deferred tax liabilities 2,414 2,328 Net deferred tax assets $ 23,482 $ 23,916 _________ (a) At December 31, 2020, U.S. operating loss and tax credit carryforwards of $7.1 billion expire by 2040 if not utilized and the remaining balance of $137 million may be carried forward indefinitely. (b) At December 31, 2020, Non-U.S. operating loss and tax credit carryforwards of $1.3 billion expire by 2040 if not utilized and the remaining balance of $5.9 billion may be carried forward indefinitely. |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes activity of the total amounts of unrecognized tax benefits: Years Ended December 31, 2020 2019 2018 Balance at beginning of period $ 775 $ 1,341 $ 1,557 Additions to current year tax positions 435 18 292 Additions to prior years' tax positions 26 13 264 Reductions to prior years' tax positions (132) (501) (244) Reductions in tax positions due to lapse of statutory limitations (3) (8) (38) Settlements (10) (93) (450) Other (5) 5 (40) Balance at end of period $ 1,086 $ 775 $ 1,341 |
Restructuring And Other Initi_2
Restructuring And Other Initiatives (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The following table summarizes the reserves and charges related to restructuring and other initiatives, including postemployment benefit reserves and charges: Years Ended December 31, 2020 2019 2018 Balance at beginning of period $ 564 $ 1,122 $ 227 Additions, interest accretion and other 565 629 1,637 Payments (678) (1,101) (600) Revisions to estimates and effect of foreign currency (99) (86) (142) Balance at end of period $ 352 $ 564 $ 1,122 |
Interest Income and Other Non_2
Interest Income and Other Non-Operating Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of Interest Income and Other Non-Operating Income, net | Years Ended December 31, 2020 2019 2018 Non-service pension and OPEB income $ 1,095 $ 797 $ 1,665 Interest income 241 429 335 Licensing agreements income 211 165 296 Revaluation of investments 265 80 258 Other 73 (2) 42 Total interest income and other non-operating income, net $ 1,885 $ 1,469 $ 2,596 |
Stockholders' Equity and Nonc_2
Stockholders' Equity and Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the significant components of Accumulated other comprehensi ve loss: Years Ended December 31, 2020 2019 2018 Foreign Currency Translation Adjustments Balance at beginning of period $ (2,278) $ (2,250) $ (1,606) Other comprehensive loss and noncontrolling interests before reclassification adjustment, net of tax and impact of adoption of accounting standards(a)(b) (480) (56) (664) Reclassification adjustment, net of tax(a) 23 28 20 Other comprehensive loss, net of tax(a) (457) (28) (644) Balance at end of period $ (2,735) $ (2,278) $ (2,250) Defined Benefit Plans Balance at beginning of period $ (8,859) $ (6,737) $ (6,398) Other comprehensive loss and noncontrolling interests before reclassification adjustment, net of impact of adoption of accounting standards(b) (2,661) (2,769) (580) Tax benefit 444 463 100 Other comprehensive loss and noncontrolling interests before reclassification adjustment, net of tax and impact of adoption of accounting standards(b) (2,217) (2,306) (480) Reclassification adjustment, net of tax(a) 422 184 141 Other comprehensive loss, net of tax (1,795) (2,122) (339) Balance at end of period(c) $ (10,654) $ (8,859) $ (6,737) __________ (a) The income tax effect was insignificant in the years ended December 31, 2020, 2019 and 2018. (b) The noncontrolling interests are insignificant in the years ended December 31, 2020, 2019 and 2018. (c) Primarily consists of unamortized actuarial loss on our defined benefit plans. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Years Ended December 31, 2020 2019 2018 Basic earnings per share Income from continuing operations $ 6,427 $ 6,732 $ 8,084 Less: cumulative dividends on subsidiary preferred stock (180) (151) (98) Income from continuing operations attributable to common stockholders 6,247 6,581 7,986 Loss from discontinued operations, net of tax — — 70 Net income attributable to common stockholders $ 6,247 $ 6,581 $ 7,916 Weighted-average common shares outstanding 1,433 1,424 1,411 Basic earnings per common share – continuing operations $ 4.36 $ 4.62 $ 5.66 Basic loss per common share – discontinued operations $ — $ — $ 0.05 Basic earnings per common share $ 4.36 $ 4.62 $ 5.61 Diluted earnings per share Income from continuing operations attributable to common stockholders – diluted $ 6,247 $ 6,581 $ 7,986 Loss from discontinued operations, net of tax – diluted $ — $ — $ 70 Net income attributable to common stockholders – diluted $ 6,247 $ 6,581 $ 7,916 Weighted-average common shares outstanding – basic 1,433 1,424 1,411 Dilutive effect of warrants and awards under stock incentive plans 9 15 20 Weighted-average common shares outstanding – diluted 1,442 1,439 1,431 Diluted earnings per common share – continuing operations $ 4.33 $ 4.57 $ 5.58 Diluted loss per common share – discontinued operations $ — $ — $ 0.05 Diluted earnings per common share $ 4.33 $ 4.57 $ 5.53 Potentially dilutive securities(a) 7 7 9 __________ (a) Potentially dilutive securities attributable t |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | We continue to purchase from and supply to PSA Group certain vehicles, parts and engineering services for a period of time following the sale. The following table summarizes transactions with the Opel/Vauxhall Business: Years Ended December 31, 2020 2019 2018 Net sales and revenue(a) $ 144 $ 1,129 $ 1,939 Purchases and expenses(a) $ 392 $ 825 $ 1,422 Cash payments(b) $ 630 $ 975 $ 1,849 Cash receipts(b) $ 252 $ 1,408 $ 2,310 __________ (a) Included in Income from continuing operations. (b) Included in Net cash provided by operating activities. |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation Activity | Shares Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Term in Years Units outstanding at January 1, 2020 41.5 $ 19.17 0.9 Granted 13.3 $ 22.50 Settled (13.5) $ 19.31 Forfeited or expired (2.7) $ 27.23 Units outstanding at December 31, 2020(a) 38.6 $ 19.84 0.9 __________ (a) Includes the target amount of PSUs. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables summarize key financial information by segment: At and For the Year Ended December 31, 2020 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 96,733 $ 11,586 $ 350 $ 108,669 $ 103 $ 13,831 $ (118) $ 122,485 Earnings (loss) before interest and taxes-adjusted $ 9,071 $ (528) $ (634) $ 7,909 $ (887) $ 2,702 $ (14) $ 9,710 Adjustments(a) $ (99) $ (683) $ 130 $ (652) $ — $ — $ — (652) Automotive interest income 241 Automotive interest expense (1,098) Net (loss) attributable to noncontrolling interests (106) Income before income taxes 8,095 Income tax expense (1,774) Income from continuing operations 6,321 Loss from discontinued operations, net of tax — Net loss attributable to noncontrolling interests 106 Net income attributable to stockholders $ 6,427 Equity in net assets of nonconsolidated affiliates $ 242 $ 6,583 $ — $ — $ 6,825 $ — $ 1,581 $ — $ 8,406 Goodwill and intangibles $ 2,346 $ 806 $ — $ — $ 3,152 $ 735 $ 1,343 $ — $ 5,230 Total assets $ 114,137 $ 23,019 $ 39,933 $ (57,464) $ 119,625 $ 3,625 $ 113,410 $ (1,466) $ 235,194 Expenditures for property $ 4,501 $ 729 $ 21 $ — $ 5,251 $ 15 $ 34 $ — $ 5,300 Depreciation and amortization $ 4,739 $ 624 $ 25 $ — $ 5,388 $ 43 $ 7,245 $ — $ 12,676 Impairment charges $ 20 $ 99 $ — $ — $ 119 $ 20 $ — $ — $ 139 Equity income $ 17 $ 510 $ — $ — $ 527 $ — $ 147 $ — $ 674 __________ (a) Consists of restructuring charges related to Cadillac dealer strategy in GMNA; restructuring and other charges primarily in Australia, New Zealand, Thailand and India in GMI; and ignition switch-related legal matters in Corporate. At and For the Year Ended December 31, 2019 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 106,366 $ 16,111 $ 220 $ 122,697 $ 100 $ 14,554 $ (114) $ 137,237 Earnings (loss) before interest and taxes-adjusted $ 8,204 $ (202) $ (691) $ 7,311 $ (1,004) $ 2,104 $ (18) $ 8,393 Adjustments(a) $ (1,618) $ 1,081 $ (2) $ (539) $ — $ — $ — (539) Automotive interest income 429 Automotive interest expense (782) Net (loss) attributable to noncontrolling interests (65) Income before income taxes 7,436 Income tax expense (769) Income from continuing operations 6,667 Loss from discontinued operations, net of tax — Net loss attributable to noncontrolling interests 65 Net income attributable to stockholders $ 6,732 Equity in net assets of nonconsolidated affiliates $ 84 $ 7,023 $ — $ — $ 7,107 $ — $ 1,455 $ — $ 8,562 Goodwill and intangibles $ 2,459 $ 888 $ 1 $ — $ 3,348 $ 634 $ 1,355 $ — $ 5,337 Total assets $ 109,290 $ 24,969 $ 32,365 $ (50,244) $ 116,380 $ 4,230 $ 108,881 $ (1,454) $ 228,037 Expenditures for property $ 6,305 $ 1,096 $ 84 $ — $ 7,485 $ 60 $ 47 $ — $ 7,592 Depreciation and amortization $ 6,112 $ 533 $ 46 $ (2) $ 6,689 $ 21 $ 7,350 $ — $ 14,060 Impairment charges $ 15 $ 7 $ — $ — $ 22 $ 36 $ — $ — $ 58 Equity income (loss) $ 8 $ 1,123 $ (29) $ — $ 1,102 $ — $ 166 $ — $ 1,268 __________ (a) Consists of restructuring and other charges related to transformation activities of $1.6 billion in GMNA and $115 million in GMI; a benefit of $1.4 billion related to the retrospective recoveries of indirect taxes in Brazil; partially offset by losses of $164 million related to the FAW-GM divestiture in GMI. At and For the Year Ended December 31, 2018 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations Total Net sales and revenue $ 113,792 $ 19,148 $ 203 $ 133,143 $ — $ 14,016 $ (110) $ 147,049 Earnings (loss) before interest and taxes-adjusted $ 10,769 $ 423 $ (570) $ 10,622 $ (728) $ 1,893 $ (4) $ 11,783 Adjustments(a) $ (1,236) $ (1,212) $ (457) $ (2,905) $ — $ — $ — (2,905) Automotive interest income 335 Automotive interest expense (655) Net (loss) attributable to noncontrolling interests (9) Income before income taxes 8,549 Income tax expense (474) Income from continuing operations 8,075 Loss from discontinued operations, net of tax (70) Net loss attributable to noncontrolling interests 9 Net loss attributable to stockholders $ 8,014 Equity in net assets of nonconsolidated affiliates $ 75 $ 7,761 $ 24 $ — $ 7,860 $ — $ 1,355 $ — $ 9,215 Goodwill and intangibles $ 2,623 $ 928 $ 1 $ — $ 3,552 $ 671 $ 1,356 $ — $ 5,579 Total assets $ 109,763 $ 24,911 $ 31,694 $ (50,690) $ 115,678 $ 3,195 $ 109,953 $ (1,487) $ 227,339 Expenditures for property $ 7,784 $ 883 $ 21 $ (2) $ 8,686 $ 15 $ 60 $ — $ 8,761 Depreciation and amortization $ 4,995 $ 562 $ 50 $ (3) $ 5,604 $ 7 $ 7,531 $ — $ 13,142 Impairment charges $ 55 $ 466 $ 6 $ — $ 527 $ — $ — $ — $ 527 Equity income $ 8 $ 1,972 $ — $ — $ 1,980 $ — $ 183 $ — $ 2,163 __________ |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table summarizes information concerning principal geographic areas: At and For the Years Ended December 31, 2020 2019 2018 Net Sales and Revenue Long-Lived Assets Net Sales and Revenue Long-Lived Assets Net Sales and Revenue Long-Lived Assets Automotive U.S. $ 89,204 $ 24,932 $ 97,887 $ 25,401 $ 104,413 $ 25,625 Non-U.S. 19,469 12,516 24,810 13,190 28,632 13,263 GM Financial U.S. 12,227 36,773 12,727 39,509 12,169 41,334 Non-U.S. 1,585 3,230 1,813 2,772 1,835 2,476 Total consolidated $ 122,485 $ 77,451 $ 137,237 $ 80,872 $ 147,049 $ 82,698 |
Supplemental Information for _2
Supplemental Information for the Consolidated Statements of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table summarizes the sources (uses) of cash provided by Change in other operating assets and liabilities and Cash paid for income taxes and interest: Change in other operating assets and liabilities Years Ended December 31, 2020 2019 2018 Accounts receivable $ (1,341) $ (563) $ 492 Wholesale receivables funded by GM Financial, net 2,744 663 (2,606) Inventories (104) (761) 399 Automotive equipment on operating leases 53 274 748 Change in other assets 68 (1,550) (529) Accounts payable 42 (492) (537) Income taxes payable 130 213 (75) Accrued and other liabilities (1,991) (1,573) 732 Total $ (399) $ (3,789) $ (1,376) Cash paid for income taxes and interest Cash paid for income taxes, net $ 719 $ 689 $ 660 Cash paid for interest (net of amounts capitalized) – Automotive $ 1,011 $ 739 $ 656 Cash paid for interest (net of amounts capitalized) – GM Financial 2,947 3,475 2,941 Total cash paid for interest (net of amounts capitalized) $ 3,958 $ 4,214 $ 3,597 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue Recognition [Abstract] | ||||
Revenue recognition term of separate and bundled services | 7 years | |||
Cash Equivalents [Abstract] | ||||
Maximum maturity period for highly liquid securities | 90 days | |||
Pension and Other Postretirement Plans [Abstract] | ||||
Percentage recognized as pension expense in the first year | 60.00% | |||
Percentage of pension expense recognized in each of the next four years | 10.00% | |||
Subsequent period over which pension expense adjustment is amortized | 4 years | |||
Percentage of non-US pension benefit obligations related to Canada, United Kingdom and Germany | 93.00% | |||
Income Taxes [Abstract] | ||||
Number of years used for valuation allowance methodology | 3 years | |||
Minimum threshold to recognize the tax benefit for uncertain tax positions | 50.00% | |||
Foreign Currency Transactions and Translation [Abstract] | ||||
Foreign currency remeasurement and transaction (gains) losses | $ 203 | $ (85) | $ 168 | |
Recently Adopted Accounting Standards and Accounting Standards Not Yet Adopted [Abstract] | ||||
Stockholders' equity | (49,677) | (45,957) | (42,777) | $ (36,200) |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Recently Adopted Accounting Standards and Accounting Standards Not Yet Adopted [Abstract] | ||||
Stockholders' equity | 660 | $ 1,144 | ||
Automotive Selling, General and Administrative Expense | ||||
Advertising and Promotion Expenditures [Abstract] | ||||
Advertising and promotion expenditures | 2,700 | 3,700 | 4,000 | |
Automotive Cost of Sales | ||||
Research and Development Expenditures [Abstract] | ||||
Research and development expenditures | $ 6,200 | 6,800 | $ 7,800 | |
GM Financial | Minimum | Vehicles | ||||
Equipment on Operating Leases, net [Abstract] | ||||
Term of leasing arrangements | 2 years | |||
GM Financial | Maximum | Vehicles | ||||
Equipment on Operating Leases, net [Abstract] | ||||
Term of leasing arrangements | 5 years | |||
GM Financial | Retail Finance Receivables | ||||
Revenue Recognition [Abstract] | ||||
Period past due threshold for suspending accrual of finance charge income | 60 days | |||
GM Financial | Commercial Finance Receivables | ||||
Revenue Recognition [Abstract] | ||||
Period past due threshold for suspending accrual of finance charge income | 90 days | |||
Automotive | Vehicles | ||||
Equipment on Operating Leases, net [Abstract] | ||||
Term of leasing arrangements | 7 months | |||
Financing Receivable, Allowance for Credit Loss | Accounting Standards Update 2016-13 | GM Financial | Cumulative Effect, Period of Adoption, Adjustment | ||||
Recently Adopted Accounting Standards and Accounting Standards Not Yet Adopted [Abstract] | ||||
Stockholders' equity | 801 | |||
Retained Earnings | Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | ||||
Recently Adopted Accounting Standards and Accounting Standards Not Yet Adopted [Abstract] | ||||
Stockholders' equity | 660 | |||
Retained Earnings | Accounting Standards Update 2016-13 | GM Financial | Cumulative Effect, Period of Adoption, Adjustment | ||||
Recently Adopted Accounting Standards and Accounting Standards Not Yet Adopted [Abstract] | ||||
Stockholders' equity | $ 643 |
Revenue - Disaggregation (Detai
Revenue - Disaggregation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | $ 108,673 | $ 122,697 | $ 133,045 |
Leased vehicle income | 9,530 | 10,032 | 9,963 |
Finance charge income | 3,995 | 4,064 | 3,621 |
Other income | 287 | 444 | 420 |
GM Financial net sales and revenue | 13,812 | 14,540 | 14,004 |
Net sales and revenue | 122,485 | 137,237 | 147,049 |
Operating Segments | Cruise | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 103 | 100 | |
Net sales and revenue | 103 | 100 | 0 |
Operating Segments | GM Financial | |||
Disaggregation of Revenue [Line Items] | |||
Leased vehicle income | 9,530 | 10,032 | 9,963 |
Finance charge income | 3,996 | 4,071 | 3,629 |
Other income | 305 | 451 | 424 |
GM Financial net sales and revenue | 13,831 | 14,554 | 14,016 |
Net sales and revenue | 13,831 | 14,554 | 14,016 |
Eliminations/ Reclassifications | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | (99) | (100) | (98) |
Leased vehicle income | 0 | 0 | 0 |
Finance charge income | (1) | (7) | (8) |
Other income | (18) | (7) | (4) |
GM Financial net sales and revenue | (19) | (14) | (12) |
Net sales and revenue | (118) | (114) | (110) |
Automotive | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 108,673 | 122,697 | 133,045 |
Automotive | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 108,669 | 122,697 | 133,143 |
Net sales and revenue | 108,669 | 122,697 | 133,143 |
Automotive | Operating Segments | GMNA | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 96,733 | 106,366 | 113,792 |
Net sales and revenue | 96,733 | 106,366 | 113,792 |
Automotive | Operating Segments | GMI | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 11,586 | 16,111 | 19,148 |
Net sales and revenue | 11,586 | 16,111 | 19,148 |
Automotive | Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 350 | 220 | 203 |
Net sales and revenue | 350 | 220 | 203 |
Vehicle, parts and accessories | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 103,343 | 116,277 | 125,155 |
Vehicle, parts and accessories | Eliminations/ Reclassifications | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 0 | 0 | (62) |
Vehicle, parts and accessories | Automotive | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 103,343 | 116,277 | 125,217 |
Vehicle, parts and accessories | Automotive | Operating Segments | GMNA | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 92,749 | 101,346 | 107,217 |
Vehicle, parts and accessories | Automotive | Operating Segments | GMI | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 10,593 | 14,931 | 17,980 |
Vehicle, parts and accessories | Automotive | Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 1 | 0 | 20 |
Used vehicles | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 1,010 | 2,019 | 3,354 |
Used vehicles | Eliminations/ Reclassifications | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 0 | 0 | (36) |
Used vehicles | Automotive | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 1,010 | 2,019 | 3,390 |
Used vehicles | Automotive | Operating Segments | GMNA | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 875 | 1,896 | 3,215 |
Used vehicles | Automotive | Operating Segments | GMI | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 115 | 123 | 175 |
Used vehicles | Automotive | Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 20 | 0 | 0 |
Services and other | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 4,320 | 4,401 | 4,536 |
Services and other | Operating Segments | Cruise | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 103 | 100 | |
Services and other | Eliminations/ Reclassifications | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | (99) | (100) | 0 |
Services and other | Automotive | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 4,316 | 4,401 | 4,536 |
Services and other | Automotive | Operating Segments | GMNA | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 3,109 | 3,124 | 3,360 |
Services and other | Automotive | Operating Segments | GMI | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | 878 | 1,057 | 993 |
Services and other | Automotive | Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Automotive net sales and revenue | $ 329 | $ 220 | $ 183 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Contract liabilities | $ 2,400 | $ 2,200 |
Deferred revenue recognized | 1,100 | $ 1,500 |
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 | $ 1,200 | |
Performance obligation, expected timing of satisfaction, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Deferred revenue expected to be recognized | $ 503 | |
Performance obligation, expected timing of satisfaction, period | 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 | $ 759 | |
Performance obligation, expected timing of satisfaction, period |
Marketable and Other Securiti_3
Marketable and Other Securities - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Marketable Securities [Line Items] | |||
Sales proceeds from investments classified as available-for-sale and sold prior to maturity | $ 1,900 | $ 4,500 | $ 4,300 |
Lyft, Inc. | Interest Income and Other Non-Operating Income | |||
Marketable Securities [Line Items] | |||
Unrealized gain (loss) on securities | $ 142 |
Marketable and Other Securiti_4
Marketable and Other Securities - Fair Value of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Marketable Securities [Line Items] | ||
Total cash and cash equivalents | $ 19,992 | $ 19,069 |
Cash and cash equivalents | 269 | 292 |
Total restricted cash | 3,125 | 3,874 |
Due in one year or less | 12,533 | |
Due between one and five years | 2,778 | |
Total available-for-sale debt securities with contractual maturities | 15,311 | |
GM Korea | ||
Marketable Securities [Line Items] | ||
Cash and time deposits | 0 | 248 |
Cruise | ||
Marketable Securities [Line Items] | ||
Total cash and cash equivalents | 761 | 2,300 |
Cash and cash equivalents | ||
Marketable Securities [Line Items] | ||
Cash and time deposits | 8,010 | 6,828 |
Total available-for-sale debt securities with contractual maturities | 6,897 | 9,470 |
Cash and cash equivalents | Level 2 | U.S. government and agencies | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 1,370 | 1,484 |
Cash and cash equivalents | Level 2 | Corporate debt | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 3,476 | 5,863 |
Cash and cash equivalents | Level 2 | Sovereign debt | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 2,051 | 2,123 |
Cash and cash equivalents | Level 1 | ||
Marketable Securities [Line Items] | ||
Money market funds | 5,085 | 2,771 |
Marketable debt securities | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 9,046 | 4,174 |
Marketable debt securities | Cruise | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 943 | 266 |
Marketable debt securities | Level 2 | U.S. government and agencies | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 1,771 | 226 |
Marketable debt securities | Level 2 | Corporate debt | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 3,630 | 2,932 |
Marketable debt securities | Level 2 | Sovereign debt | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 3,013 | 335 |
Marketable debt securities | Level 2 | Mortgage and asset-backed | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 632 | 681 |
Restricted cash - cash equivalents | Level 1 | ||
Marketable Securities [Line Items] | ||
Money market funds | $ 2,856 | $ 3,582 |
Marketable and Other Securiti_5
Marketable and Other Securities - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Marketable Securities [Abstract] | ||||
Cash and cash equivalents | $ 19,992 | $ 19,069 | ||
Restricted cash included in Other current assets | 2,581 | 3,352 | ||
Restricted cash included in Other assets | 544 | 522 | ||
Total | $ 23,117 | $ 22,943 | $ 23,496 | $ 17,848 |
GM Financial Receivables and _3
GM Financial Receivables and Transactions - Summary of Finance Receivables (Details) - GM Financial - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Finance Receivables [Line Items] | ||||
GM Financial receivables | $ 59,970 | $ 53,900 | ||
Less: allowance for loan losses | (1,978) | (944) | $ (911) | $ (942) |
GM Financial receivables, net | 57,992 | 52,956 | ||
Commercial Finance Receivables | ||||
Finance Receivables [Line Items] | ||||
GM Financial receivables | 8,682 | 11,671 | ||
Less: allowance for loan losses | (63) | (78) | ||
GM Financial receivables, net | 8,619 | 11,593 | ||
Dealer cash management balances | 1,400 | 1,200 | ||
Retail Finance Receivables | ||||
Finance Receivables [Line Items] | ||||
GM Financial receivables | 51,288 | 42,229 | ||
Less: allowance for loan losses | (1,915) | (866) | ||
GM Financial receivables, net | 49,373 | 41,363 | ||
Level 2 | ||||
Finance Receivables [Line Items] | ||||
Fair value of GM Financial receivables | 8,619 | 11,593 | ||
Level 3 | ||||
Finance Receivables [Line Items] | ||||
Fair value of GM Financial receivables | $ 51,645 | $ 41,973 |
GM Financial Receivables and _4
GM Financial Receivables and Transactions - Allowance for Loan Losses (Details) - GM Financial - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for loan losses at beginning of period | $ 944 | $ 911 | $ 942 |
Provision for loan losses | 881 | 726 | 642 |
Charge-offs | (1,169) | (1,246) | (1,199) |
Recoveries | 542 | 551 | 536 |
Effect of foreign currency | (21) | 2 | (10) |
Allowance for loan losses at end of period | 1,978 | 944 | $ 911 |
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | |||
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 - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
GM Financial receivables, net of fees | $ 59,970 | $ 53,900 |
Retail Finance Receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 26,183 | |
2019 | 12,050 | |
2018 | 7,463 | |
2017 | 3,693 | |
2016 | 1,390 | |
Prior | 509 | |
GM Financial receivables, net of fees | $ 51,288 | $ 42,229 |
Percent | 100.00% | 100.00% |
Retail Finance Receivables | Prime – FICO score 680 and greater | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | $ 18,685 | |
2019 | 7,033 | |
2018 | 4,491 | |
2017 | 1,917 | |
2016 | 555 | |
Prior | 119 | |
GM Financial receivables, net of fees | $ 32,800 | $ 25,400 |
Percent | 64.00% | 60.10% |
Retail Finance Receivables | Near-prime – FICO score 620 to 679 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | $ 3,695 | |
2019 | 2,097 | |
2018 | 1,232 | |
2017 | 603 | |
2016 | 225 | |
Prior | 83 | |
GM Financial receivables, net of fees | $ 7,935 | $ 6,862 |
Percent | 15.40% | 16.30% |
Retail Finance Receivables | Sub-prime – FICO score less than 620 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | $ 3,803 | |
2019 | 2,920 | |
2018 | 1,740 | |
2017 | 1,173 | |
2016 | 610 | |
Prior | 307 | |
GM Financial receivables, net of fees | $ 10,553 | $ 9,967 |
Percent | 20.60% | 23.60% |
GM Financial Receivables and _6
GM Financial Receivables and Transactions - Retail Finance Receivables Delinquencies (Details) - Retail Finance Receivables - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
TDR's | $ 2,200 | |
Nonaccrual loans | 301 | |
GM Financial | ||
Financing Receivable, Past Due [Line Items] | ||
Retail finance receivables, nonaccrual status | 714 | $ 875 |
2020 | 26,183 | |
2019 | 12,050 | |
2018 | 7,463 | |
2017 | 3,693 | |
2016 | 1,390 | |
Prior | $ 509 | |
Total | $ 1,940 | |
Percent | 100.00% | 100.00% |
Percent | 4.60% | |
Percent | 100.00% | |
GM Financial | Nonperforming Financial Instruments | ||
Financing Receivable, Past Due [Line Items] | ||
2020 | $ 289 | |
2019 | 459 | |
2018 | 332 | |
2017 | 239 | |
2016 | 141 | |
Prior | 88 | |
Total | $ 1,548 | |
Percent | 3.00% | |
0-to-30 days | GM Financial | Performing Financial Instruments | ||
Financing Receivable, Past Due [Line Items] | ||
2020 | $ 25,894 | |
2019 | 11,591 | |
2018 | 7,131 | |
2017 | 3,454 | |
2016 | 1,249 | |
Prior | 421 | |
Total, Not Past Due | $ 49,740 | |
Percent | 97.00% | |
31-to-60 days | GM Financial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 1,354 | |
Percent | 3.20% | |
31-to-60 days | GM Financial | Nonperforming Financial Instruments | ||
Financing Receivable, Past Due [Line Items] | ||
2020 | $ 210 | |
2019 | 325 | |
2018 | 235 | |
2017 | 170 | |
2016 | 102 | |
Prior | 61 | |
Total | $ 1,103 | |
Percent | 2.10% | |
Greater-than-60 days | GM Financial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 542 | |
Percent | 1.30% | |
Greater-than-60 days | GM Financial | Nonperforming Financial Instruments | ||
Financing Receivable, Past Due [Line Items] | ||
2020 | $ 72 | |
2019 | 123 | |
2018 | 90 | |
2017 | 64 | |
2016 | 37 | |
Prior | 26 | |
Total | $ 412 | |
Percent | 0.80% | |
Finance receivables more than 30 days delinquent | GM Financial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 1,896 | |
Percent | 4.50% | |
Finance receivables more than 30 days delinquent | GM Financial | Nonperforming Financial Instruments | ||
Financing Receivable, Past Due [Line Items] | ||
2020 | $ 282 | |
2019 | 448 | |
2018 | 325 | |
2017 | 234 | |
2016 | 139 | |
Prior | 87 | |
Total | $ 1,515 | |
Percent | 2.90% | |
In repossession | GM Financial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 44 | |
Percent | 0.10% | |
In repossession | GM Financial | Nonperforming Financial Instruments | ||
Financing Receivable, Past Due [Line Items] | ||
2020 | $ 7 | |
2019 | 11 | |
2018 | 7 | |
2017 | 5 | |
2016 | 2 | |
Prior | 1 | |
Total | $ 33 | |
Percent | 0.10% |
GM Financial Receivables and _7
GM Financial Receivables and Transactions - Commercial Finance Receivables Credit Quality Indicators (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
GM Financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
GM Financial receivables, net of fees | $ 59,970 | $ 53,900 |
Commercial Finance Receivables | Floorplan advances | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percent of Contractual Amount Due | 97.00% | |
Commercial Finance Receivables | GM Financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 7,662 | |
2020 | 512 | |
2019 | 185 | |
2018 | 94 | |
2017 | 100 | |
2016 | 72 | |
Prior | 57 | |
GM Financial receivables, net of fees | $ 8,682 | $ 11,671 |
Percent | 100.00% | |
Commercial Finance Receivables | GM Financial | I | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 6,968 | |
2020 | 510 | |
2019 | 159 | |
2018 | 63 | |
2017 | 95 | |
2016 | 43 | |
Prior | 19 | |
GM Financial receivables, net of fees | $ 7,857 | |
Percent | 90.50% | |
Commercial Finance Receivables | GM Financial | II | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 491 | |
2020 | 2 | |
2019 | 18 | |
2018 | 2 | |
2017 | 3 | |
2016 | 18 | |
Prior | 34 | |
GM Financial receivables, net of fees | $ 568 | |
Percent | 6.50% | |
Commercial Finance Receivables | GM Financial | III | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 203 | |
2020 | 0 | |
2019 | 8 | |
2018 | 29 | |
2017 | 2 | |
2016 | 11 | |
Prior | 0 | |
GM Financial receivables, net of fees | $ 253 | |
Percent | 2.90% | |
Commercial Finance Receivables | GM Financial | IV | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 4 | |
GM Financial receivables, net of fees | $ 4 | |
Percent | 0.10% |
GM Financial Receivables and _8
GM Financial Receivables and Transactions - Intercompany Transactions (Details) - GM Financial - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions [Line Items] | |||
Financing receivable, net | $ 57,992 | $ 52,956 | |
Common stock dividends declared | 800 | 400 | $ 375 |
Commercial Portfolio Segment | |||
Related Party Transactions [Line Items] | |||
Financing receivable, net | 8,619 | 11,593 | |
Eliminations/ Reclassifications | |||
Related Party Transactions [Line Items] | |||
Subvention receivable | 642 | 676 | |
Interest subvention earned on finance receivables | 679 | 588 | 554 |
Leased vehicle subvention earned | 3,042 | 3,273 | 3,274 |
Cash payments to GM Financial | 3,900 | 4,100 | $ 3,800 |
Eliminations/ Reclassifications | Commercial Portfolio Segment | |||
Related Party Transactions [Line Items] | |||
Financing receivable, net | 398 | 478 | |
Commercial loan funding payable | $ 23 | $ 74 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Total productive material, supplies and work in process | $ 5,117 | $ 4,713 |
Finished product, including service parts | 5,118 | 5,685 |
Total inventories | $ 10,235 | $ 10,398 |
Equipment on Operating Leases_2
Equipment on Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Residual value of leased assets | $ 29,200 | ||
Vehicles | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Equipment on operating leases | 50,000 | $ 53,081 | |
Less: accumulated depreciation | (10,181) | (10,989) | |
Equipment on operating leases, net | 39,819 | 42,092 | |
Depreciation expense | 7,200 | $ 7,300 | $ 7,500 |
Vehicles | GM Financial | |||
Lease receipts under operating leases | |||
2021 | 6,142 | ||
2022 | 3,783 | ||
2023 | 1,441 | ||
2024 | 112 | ||
2025 | 2 | ||
Thereafter | 0 | ||
Total | $ 11,480 |
Equity In Net Assets Of Nonco_3
Equity In Net Assets Of Nonconsolidated Affiliates (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)joint_venture | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Equity income | $ 674 | $ 1,268 | $ 2,163 |
Equity in net assets of nonconsolidated affiliates | 8,406 | 8,562 | 9,215 |
Basis Difference | $ 4,200 | 4,200 | |
Number of joint ventures engaged in production, import and sale of products | joint_venture | 4 | ||
SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of interests in other joint ventures | joint_venture | 3 | ||
Automotive China | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity income | $ 512 | 1,132 | 1,981 |
Equity in net assets of nonconsolidated affiliates | 6,599 | 7,044 | |
Other joint ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity income | 162 | 136 | $ 182 |
Equity in net assets of nonconsolidated affiliates | $ 1,807 | $ 1,518 | |
SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50.00% | 50.00% | |
SGM | SAIC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50.00% | ||
PATAC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50.00% | 50.00% | |
SGMS | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 49.00% | 49.00% | |
SGMW | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 44.00% | 44.00% | |
Shanghai OnStar | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 40.00% | 40.00% | |
Shanghai OnStar | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 20.00% | ||
SGM Norsom | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25.00% | 25.00% | |
SGM Norsom | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50.00% | ||
SGM Norsom | SAIC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25.00% | ||
SGM DY | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25.00% | 25.00% | |
SGM DY | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50.00% | ||
SGM DY | SAIC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25.00% | ||
SGM DYPT | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25.00% | 25.00% | |
SGM DYPT | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50.00% | ||
SGM DYPT | SAIC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 25.00% | ||
SAIC-GMAC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 35.00% | 35.00% | |
SAIC-GMAC | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 20.00% | ||
SAIC-GMAC | Shanghai Automotive Group Finance Company Ltd. | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 45.00% | ||
SAIC-GMF Leasing Co., Ltd. | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 35.00% | 35.00% | |
SAIC-GMF Leasing Co., Ltd. | SGM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 20.00% | ||
SAIC-GMF Leasing Co., Ltd. | SAIC Financial Holdings Company | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Percentage | 45.00% |
Equity In Net Assets Of Nonco_4
Equity In Net Assets Of Nonconsolidated Affiliates - Summarized Financial Data of NCAs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Current assets | $ 80,924 | $ 74,992 | |
Non-current assets | 154,270 | 153,045 | |
Total Assets | 235,194 | 228,037 | $ 227,339 |
Current liabilities | 79,910 | 84,905 | |
Non-current liabilities | 105,607 | 97,175 | |
Total Liabilities | 185,517 | 182,080 | |
Noncontrolling interests | 4,647 | 4,165 | |
Net sales and revenue | 122,485 | 137,237 | 147,049 |
Net income | 6,321 | 6,667 | 8,005 |
Nonconsolidated Affiliates | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 34,448 | 27,354 | |
Non-current assets | 23,509 | 21,164 | |
Total Assets | 57,957 | 48,518 | |
Current liabilities | 40,441 | 32,844 | |
Non-current liabilities | 7,817 | 5,985 | |
Total Liabilities | 48,258 | 38,829 | |
Noncontrolling interests | 825 | 848 | |
Net sales and revenue | 40,586 | 40,938 | 52,037 |
Net income | 1,675 | 2,735 | 4,528 |
Nonconsolidated Affiliates | Automotive China JVs | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 17,604 | 14,035 | |
Non-current assets | 14,875 | 14,484 | |
Total Assets | 32,479 | 28,519 | |
Current liabilities | 25,633 | 21,256 | |
Non-current liabilities | 1,163 | 968 | |
Total Liabilities | 26,796 | 22,224 | |
Noncontrolling interests | 824 | 847 | |
Net sales and revenue | 38,736 | 39,123 | 50,316 |
Net income | 1,239 | 2,258 | 3,992 |
Nonconsolidated Affiliates | Other joint ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 16,844 | 13,319 | |
Non-current assets | 8,634 | 6,680 | |
Total Assets | 25,478 | 19,999 | |
Current liabilities | 14,808 | 11,588 | |
Non-current liabilities | 6,654 | 5,017 | |
Total Liabilities | 21,462 | 16,605 | |
Noncontrolling interests | 1 | 1 | |
Net sales and revenue | 1,850 | 1,815 | 1,721 |
Net income | $ 436 | $ 477 | $ 536 |
Equity In Net Assets Of Nonco_5
Equity In Net Assets Of Nonconsolidated Affiliates - Transactions with NCAs (Details) - Nonconsolidated Affiliates - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions [Line Items] | |||
Automotive sales and revenue | $ 235 | $ 199 | $ 406 |
Automotive purchases, net | 165 | 1,065 | 1,155 |
Dividends received | 1,198 | 1,852 | 2,022 |
Operating cash flows | 1,473 | 913 | $ 657 |
Accounts and notes receivable, net | 954 | 1,007 | |
Accounts payable | 494 | 369 | |
Undistributed earnings | $ 1,594 | $ 2,118 |
Property (Details)
Property (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total property | $ 65,455 | $ 67,449 | |
Less: accumulated depreciation | (27,823) | (28,699) | |
Total property, net | 37,632 | 38,750 | |
Depreciation, Amortization and Impairment [Abstract] | |||
Depreciation and amortization expense | 12,676 | 14,060 | $ 13,142 |
Property, Plant and Equipment | |||
Capitalized Interest and Software [Abstract] | |||
Capitalized software | 1,300 | 1,300 | |
Depreciation, Amortization and Impairment [Abstract] | |||
Depreciation and amortization expense | 5,354 | 6,541 | 5,347 |
Impairment charges | 86 | 7 | 466 |
Capitalized software amortization expense | 457 | 452 | $ 424 |
Land | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total property | 1,339 | 1,302 | |
Buildings and Improvements | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total property | $ 9,671 | 9,705 | |
Buildings and Improvements | Minimum | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Estimated Useful Life in Years | 5 years | ||
Buildings and Improvements | Maximum | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Estimated Useful Life in Years | 40 years | ||
Machinery and Equipment | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total property | $ 30,013 | 29,814 | |
Machinery and Equipment | Minimum | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Estimated Useful Life in Years | 3 years | ||
Machinery and Equipment | Maximum | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Estimated Useful Life in Years | 27 years | ||
Special Tools | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total property | $ 20,851 | 23,586 | |
Special Tools | Minimum | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Estimated Useful Life in Years | 1 year | ||
Special Tools | Maximum | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Estimated Useful Life in Years | 13 years | ||
Construction in Progress | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total property | $ 3,581 | $ 3,042 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill [Line Items] | ||
Goodwill | $ 1,900 | $ 1,900 |
GM Financial | ||
Goodwill [Line Items] | ||
Goodwill | 1,300 | 1,400 |
Cruise | ||
Goodwill [Line Items] | ||
Goodwill | $ 567 | $ 504 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 6,043 | $ 5,998 | |
Accumulated Amortization | 2,723 | 2,520 | |
Net Carrying Amount | 3,320 | 3,478 | |
Amortization expense | 144 | 202 | $ 247 |
Estimated amortization expense, 2021 | 160 | ||
Estimated amortization expense, 2022 | 160 | ||
Estimated amortization expense, 2023 | 160 | ||
Estimated amortization expense, 2024 | 160 | ||
Estimated amortization expense, 2025 | 160 | ||
Technology and intellectual property | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 762 | 734 | |
Accumulated Amortization | 542 | 533 | |
Net Carrying Amount | 220 | 201 | |
Brands | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 4,300 | 4,298 | |
Accumulated Amortization | 1,444 | 1,285 | |
Net Carrying Amount | 2,856 | 3,013 | |
Dealer network, customer relationships and other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 981 | 966 | |
Accumulated Amortization | 737 | 702 | |
Net Carrying Amount | $ 244 | $ 264 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated [Abstract] | ||
Property, net (Note 9) | $ 37,632 | $ 38,750 |
Nonconsolidated VIE | ||
Consolidated [Abstract] | ||
Maximum loss exposure amount | 1,200 | |
Nonconsolidated VIE | Capital Commitments | Ultium Cells LLC | ||
Consolidated [Abstract] | ||
Committed capital contributions | 776 | |
GM Financial | ||
Consolidated [Abstract] | ||
GM Financial receivables, net (Note 5; Note 11 at VIEs) | 26,209 | 26,601 |
GM Financial receivables, net of fees - non-current | 31,783 | 26,355 |
GM Financial short-term debt and current portion of long-term debt | 35,637 | 35,503 |
GM Financial long-term debt | 56,788 | 53,435 |
GM Financial | Variable Interest Entity, Primary Beneficiary | ||
Consolidated [Abstract] | ||
Restricted cash - current | 2,190 | 2,202 |
Restricted cash - non-current | 449 | 441 |
GM Financial receivables, net (Note 5; Note 11 at VIEs) | 17,211 | 19,081 |
GM Financial receivables, net of fees - non-current | 15,107 | 15,921 |
GM Financial short-term debt and current portion of long-term debt | 20,450 | 23,952 |
GM Financial long-term debt | 18,974 | 15,819 |
Equipment Leased to Other Party | GM Financial | Variable Interest Entity, Primary Beneficiary | ||
Consolidated [Abstract] | ||
Property, net (Note 9) | $ 16,322 | $ 14,464 |
Accrued and Other Liabilities -
Accrued and Other Liabilities - Accrued and Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued liabilities | ||
Dealer and customer allowances, claims and discounts | $ 7,300 | $ 10,402 |
Deferred revenue | 3,132 | 3,234 |
Product warranty and related liabilities | 3,048 | 2,987 |
Payrolls and employee benefits excluding postemployment benefits | 1,864 | 1,969 |
Other | 7,725 | 7,895 |
Total accrued liabilities | 23,069 | 26,487 |
Other liabilities | ||
Deferred revenue | 2,715 | 2,962 |
Product warranty and related liabilities | 5,193 | 4,811 |
Operating lease liabilities | 969 | 1,010 |
Employee benefits excluding postemployment benefits | 822 | 704 |
Postemployment benefits including facility idling reserves | 739 | 633 |
Other | 3,009 | 3,026 |
Total other liabilities | $ 13,447 | $ 13,146 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Accrued and Other Liabilities_2
Accrued and Other Liabilities - Product Warranty and Related Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Product Warranty and Related Liabilities [Roll Forward] | ||||
Warranty balance at beginning of period | $ 7,798 | $ 7,590 | $ 8,332 | |
Warranties issued and assumed in period – recall campaigns | 1,628 | 745 | 665 | |
Warranties issued and assumed in period – product warranty | 1,773 | 2,001 | 2,143 | |
Payments | (2,986) | (3,012) | (2,903) | |
Adjustments to pre-existing warranties | 41 | 455 | (464) | |
Effect of foreign currency and other | (12) | 19 | (183) | |
Warranty balance at end of period | $ 8,242 | $ 8,242 | $ 7,798 | $ 7,590 |
Takata Passenger-side Airbags | ||||
Loss Contingencies [Line Items] | ||||
Increase in product warranty accrual | $ 1,100 |
Debt - Automotive and GM Financ
Debt - Automotive and GM Financial Debt (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Automotive | ||
Debt Instrument [Line Items] | ||
Finance lease liabilities | $ 237 | $ 310 |
Carrying Amount | 17,469 | 14,386 |
Finance lease liabilities, Fair Value | 256 | 516 |
Fair Value | 21,576 | 15,928 |
Available under credit facility agreements(b) | $ 18,222 | $ 17,285 |
Weighted-average interest rate on outstanding short-term debt | 3.80% | 4.90% |
Weighted-average interest rate on outstanding long-term debt | 5.60% | 5.40% |
Net discount and debt issuance costs | $ 540 | $ 540 |
Automotive | Secured Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 303 | 167 |
Fair Value | 332 | 165 |
Automotive | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 16,929 | 13,909 |
Fair Value | 20,988 | 15,247 |
Automotive | Level 1 | ||
Debt Instrument [Line Items] | ||
Fair Value | 19,826 | 13,628 |
Automotive | Level 2 | ||
Debt Instrument [Line Items] | ||
Fair Value | 1,750 | 2,300 |
GM Financial | ||
Debt Instrument [Line Items] | ||
Total debt | 92,425 | 88,938 |
Fair Value | 94,948 | 90,399 |
GM Financial | Secured Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 39,982 | 39,959 |
Fair Value | 40,380 | 40,160 |
GM Financial | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 52,443 | 48,979 |
Fair Value | 54,568 | 50,239 |
GM Financial | Level 2 | ||
Debt Instrument [Line Items] | ||
Fair Value | 92,922 | 88,481 |
GM Financial | Level 3 | ||
Debt Instrument [Line Items] | ||
Fair Value | $ 2,026 | $ 1,918 |
Debt - Secured Debt and Unsecur
Debt - Secured Debt and Unsecured Debt (Details) $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2020USD ($) | May 31, 2020USD ($) | Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Jan. 31, 2021USD ($) | Jan. 31, 2021CAD ($) | Dec. 31, 2019 | |
Automotive | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted-average interest rate on outstanding long-term debt | 5.60% | 5.40% | ||||||
Revolving Credit Facility | GM Financial | Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted-average interest rate | 2.47% | |||||||
Maximum | Revolving Credit Facility | GM Financial | Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt term | 4 years | |||||||
Line of Credit | Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds borrowed | $ 2,000 | |||||||
Debt term | 3 years | 3 years | ||||||
Aggregate borrowing capacity | $ 2,000 | $ 3,000 | ||||||
Dividend restriction covenant, amount outstanding | $ 5,000 | |||||||
Line of Credit | Unsecured Debt | Three Year Revolving Credit Facility April 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds borrowed | 3,400 | |||||||
Debt term | 3 years | 3 years | ||||||
Aggregate borrowing capacity | $ 4,000 | $ 4,000 | ||||||
Line of Credit | Unsecured Debt | Five Year Revolving Credit Facility Due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds borrowed | $ 10,500 | |||||||
Debt term | 5 years | |||||||
Aggregate borrowing capacity | $ 10,500 | |||||||
Line of Credit | Unsecured Debt | Three Year Revolving Credit Facility April 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate borrowing capacity | $ 3,600 | |||||||
Line of Credit | GM Financial | Unsecured Debt | Two Billion Dollar Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt term | 364 days | 364 days | 364 days | |||||
Aggregate borrowing capacity | $ 2,000 | $ 2,000 | $ 2,000 | |||||
Line of Credit | Revolving Credit Facility | GM Financial | Secured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Increase to maximum borrowing capacity | 21,100 | |||||||
Senior Notes | Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of debt issued | $ 4,000 | |||||||
Weighted-average interest rate | 6.11% | |||||||
Senior Notes | Unsecured Debt | Floating Rate Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 500 | |||||||
Senior Notes | GM Financial | Senior Notes Due 2031 | Subsequent Event | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of debt issued | $ 2,500 | |||||||
Weighted-average interest rate | 1.69% | 1.69% | ||||||
Senior Notes | GM Financial | CAD Senior Notes Due 2026 | Subsequent Event | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of debt issued | $ 500 | |||||||
Weighted-average interest rate | 1.75% | 1.75% | ||||||
Senior Notes | GM Financial | Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of debt issued | $ 9,200 | |||||||
Weighted-average interest rate | 2.93% | |||||||
Weighted-average interest rate on outstanding long-term debt | 3.25% | |||||||
Notes Payable, Other Payables | GM Financial | Secured Debt | Securitization notes payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of debt issued | $ 24,600 | |||||||
Weighted-average interest rate | 1.17% | |||||||
Weighted-average interest rate on outstanding long-term debt | 1.89% |
Debt - Interest Expense and LT
Debt - Interest Expense and LT Debt Maturities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Total interest expense | $ 4,121 | $ 4,423 | $ 3,880 |
2021 | 37,018 | ||
2022 | 19,449 | ||
2023 | 17,860 | ||
2024 | 7,894 | ||
2025 | 9,187 | ||
Thereafter | 18,616 | ||
Total | 110,024 | ||
Automotive | |||
Debt Instrument [Line Items] | |||
Total interest expense | 1,098 | 782 | 655 |
2021 | 1,276 | ||
2022 | 137 | ||
2023 | 2,593 | ||
2024 | 86 | ||
2025 | 2,578 | ||
Thereafter | 11,339 | ||
Total | 18,009 | ||
GM Financial | |||
Debt Instrument [Line Items] | |||
Financing interest expense | 3,023 | $ 3,641 | $ 3,225 |
2021 | 35,742 | ||
2022 | 19,312 | ||
2023 | 15,267 | ||
2024 | 7,808 | ||
2025 | 6,609 | ||
Thereafter | 7,277 | ||
Total | $ 92,015 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Derivative Financial Instruments (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 16, 2021 | |
Derivative [Line Items] | ||||
Outstanding warrants (in shares) | 15 | |||
Automotive | Not Designated as Hedges | ||||
Derivative [Line Items] | ||||
Derivative notional amount | $ 2,585 | $ 5,926 | ||
Automotive | Not Designated as Hedges | Foreign Currency | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Derivative notional amount | 2,195 | 5,075 | ||
Automotive | Not Designated as Hedges | Commodity | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Derivative notional amount | 341 | 806 | ||
Automotive | Not Designated as Hedges | PSA Warrants | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Derivative notional amount | 49 | 45 | ||
Automotive | Not Designated as Hedges | Fair Value Hedges | PSA Warrants | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Fair Value of Assets | 1,100 | 964 | ||
GM Financial | ||||
Derivative [Line Items] | ||||
Derivative notional amount | 129,566 | 108,673 | ||
Fair Value of Assets | 1,823 | 636 | ||
Fair Value of Liabilities | 672 | 519 | ||
Collateral | 728 | 210 | ||
GM Financial | Designated as Hedges | Cash Flow Hedges | Interest Rate Swap | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Derivative notional amount | 921 | 590 | ||
Fair Value of Assets | 0 | 0 | ||
Fair Value of Liabilities | 27 | 6 | ||
GM Financial | Designated as Hedges | Cash Flow Hedges | Foreign Currency Swaps | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Derivative notional amount | 5,626 | 4,429 | ||
Fair Value of Assets | 278 | 40 | ||
Fair Value of Liabilities | 47 | 119 | ||
GM Financial | Designated as Hedges | Fair Value Hedges | Interest Rate Swap | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Derivative notional amount | 10,064 | 9,458 | ||
Fair Value of Assets | 463 | 234 | ||
Fair Value of Liabilities | 13 | 23 | ||
GM Financial | Designated as Hedges | Fair Value Hedges | Foreign Currency Swaps | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Derivative notional amount | 1,958 | 1,796 | ||
Fair Value of Assets | 128 | 22 | ||
Fair Value of Liabilities | 9 | 71 | ||
GM Financial | Not Designated as Hedges | Interest Rate Contract | Fair Value Level 2 | ||||
Derivative [Line Items] | ||||
Derivative notional amount | 110,997 | 92,400 | ||
Fair Value of Assets | 954 | 340 | ||
Fair Value of Liabilities | 576 | 300 | ||
PSA Group | Subsequent Event | ||||
Derivative [Line Items] | ||||
Outstanding warrants (in shares) | 39.7 | |||
PSA Group | Nonoperating Income (Expense) | Automotive | Not Designated as Hedges | ||||
Derivative [Line Items] | ||||
Gain on derivative instruments | $ 139 | $ 154 | $ 116 | |
Stellantis N.V. | Subsequent Event | ||||
Derivative [Line Items] | ||||
Outstanding warrants (in shares) | 69.2 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Balance Sheet Location of Cumulative Basis Adjustments (Details) - Fair Value Hedges - GM Financial - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | $ 23,315 | $ 20,397 |
Cumulative Amount of Fair Value Hedging Adjustments | (739) | (77) |
Short-term Debt | ||
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | 4,858 | 996 |
Cumulative Amount of Fair Value Hedging Adjustments | (69) | 4 |
Long-term Debt | ||
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | 18,457 | 19,401 |
Cumulative Amount of Fair Value Hedging Adjustments | (670) | $ (81) |
Cumulative fair value adjustment on discontinued hedging relationships | $ 200 |
Pensions And Other Postretire_3
Pensions And Other Postretirement Benefits - Contributions and Plan Amendments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions to defined contribution plans | $ 573 | $ 537 | $ 617 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Years of service | 30 years | ||
Employer contributions | $ 464 | 615 | 1,700 |
Pension Plan | Qualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Period of time for which there are no mandatory contributions for qualified plans | 5 years | ||
Pension Plan | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 68 | 83 | 76 |
Pension Plan | U.S. | Nonqualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated contributions in next fiscal year | 70 | ||
Pension Plan | U.S. | Qualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Mandatory contributions over the next five years | 0 | ||
Pension Plan | Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 396 | 532 | 1,624 |
Estimated contributions in next fiscal year | 500 | ||
Pension Plan | Canada and United Kingdom | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Mandatory contributions over the next five years | 366 | ||
Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 387 | 370 | |
Other Postretirement Benefits Plan | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 343 | $ 326 | 325 |
Pension Plan and Other Postretirement Benefits Plan | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Remeasurement decrease due to mortality assumptions | $ 686 | $ 264 |
Pensions And Other Postretire_4
Pensions And Other Postretirement Benefits - Pensions and OPEB Obligations and Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plan | |||
Change in plan assets | |||
Employer contributions | $ 464 | $ 615 | $ 1,700 |
Other Postretirement Benefits Plan | |||
Change in benefit obligations | |||
Beginning benefit obligation | 6,304 | 5,744 | |
Service cost | 19 | 17 | 20 |
Interest cost | 173 | 220 | 195 |
Actuarial losses | 551 | 641 | |
Benefits paid | (408) | (395) | |
Foreign currency translation adjustments | (3) | 54 | |
Curtailments, settlements and other | 20 | 23 | |
Ending benefit obligation | 6,656 | 6,304 | 5,744 |
Change in plan assets | |||
Beginning fair value of plan assets | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 387 | 370 | |
Benefits paid | (408) | (395) | |
Foreign currency translation adjustments | 0 | 0 | |
Settlements and other | 21 | 25 | |
Ending fair value of plan assets | 0 | 0 | 0 |
Ending funded status | (6,656) | (6,304) | |
Amounts recorded in the consolidated balance sheets | |||
Non-current assets | 0 | 0 | |
Current liabilities | (379) | (369) | |
Non-current liabilities | (6,277) | (5,935) | |
Net amount recorded | (6,656) | (6,304) | |
Amounts recorded in Accumulated other comprehensive loss | |||
Net actuarial loss | (1,823) | (1,364) | |
Net prior service (cost) credit | 20 | 27 | |
Total recorded in Accumulated other comprehensive loss | (1,803) | (1,337) | |
U.S. | Pension Plan | |||
Change in benefit obligations | |||
Beginning benefit obligation | 64,684 | 61,190 | |
Service cost | 177 | 179 | |
Interest cost | 1,716 | 2,264 | 2,050 |
Actuarial losses | 4,757 | 6,444 | |
Benefits paid | (4,600) | (4,753) | |
Foreign currency translation adjustments | 0 | 0 | |
Curtailments, settlements and other | (266) | (640) | |
Ending benefit obligation | 66,468 | 64,684 | 61,190 |
Change in plan assets | |||
Beginning fair value of plan assets | 59,239 | 56,102 | |
Actual return on plan assets | 6,635 | 8,454 | |
Employer contributions | 68 | 83 | 76 |
Benefits paid | (4,600) | (4,753) | |
Foreign currency translation adjustments | 0 | 0 | |
Settlements and other | (265) | (647) | |
Ending fair value of plan assets | 61,077 | 59,239 | 56,102 |
Ending funded status | (5,391) | (5,445) | |
Amounts recorded in the consolidated balance sheets | |||
Non-current assets | 0 | 0 | |
Current liabilities | (66) | (68) | |
Non-current liabilities | (5,325) | (5,377) | |
Net amount recorded | (5,391) | (5,445) | |
Amounts recorded in Accumulated other comprehensive loss | |||
Net actuarial loss | (3,256) | (1,980) | |
Net prior service (cost) credit | 11 | 14 | |
Total recorded in Accumulated other comprehensive loss | (3,245) | (1,966) | |
U.S. | Other Postretirement Benefits Plan | |||
Change in plan assets | |||
Employer contributions | 343 | 326 | 325 |
Non-U.S. | Pension Plan | |||
Change in benefit obligations | |||
Beginning benefit obligation | 21,398 | 19,904 | |
Service cost | 133 | 120 | |
Interest cost | 362 | 456 | 464 |
Actuarial losses | 1,506 | 1,653 | |
Benefits paid | (1,132) | (1,234) | |
Foreign currency translation adjustments | 870 | 561 | |
Curtailments, settlements and other | (2,330) | (62) | |
Ending benefit obligation | 20,807 | 21,398 | 19,904 |
Change in plan assets | |||
Beginning fair value of plan assets | 14,961 | 13,528 | |
Actual return on plan assets | 1,573 | 1,669 | |
Employer contributions | 396 | 532 | 1,624 |
Benefits paid | (1,132) | (1,234) | |
Foreign currency translation adjustments | 389 | 668 | |
Settlements and other | (2,341) | (202) | |
Ending fair value of plan assets | 13,846 | 14,961 | $ 13,528 |
Ending funded status | (6,961) | (6,437) | |
Amounts recorded in the consolidated balance sheets | |||
Non-current assets | 980 | 698 | |
Current liabilities | (364) | (342) | |
Non-current liabilities | (7,577) | (6,793) | |
Net amount recorded | (6,961) | (6,437) | |
Amounts recorded in Accumulated other comprehensive loss | |||
Net actuarial loss | (5,123) | (4,688) | |
Net prior service (cost) credit | (60) | (78) | |
Total recorded in Accumulated other comprehensive loss | $ (5,183) | $ (4,766) |
Pensions And Other Postretire_5
Pensions And Other Postretirement Benefits - Accumulated Benefit Obligations and Projected Benefit Obligations (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
U.S. | ||
ABO and PBO [Line Items] | ||
ABO | $ 66,448 | $ 64,669 |
Plans with ABO in Excess of Plan Assets [Abstract] | ||
ABO | 66,448 | 64,669 |
Fair Value of Plan Assets | 61,077 | 59,239 |
Plans with PBO in Excess of Plan Assets [Abstract] | ||
PBO | 66,468 | 64,684 |
Fair Value of Plan Assets | 61,077 | 59,239 |
Non-U.S. | ||
ABO and PBO [Line Items] | ||
ABO | 20,721 | 21,319 |
Plans with ABO in Excess of Plan Assets [Abstract] | ||
ABO | 12,042 | 10,996 |
Fair Value of Plan Assets | 4,185 | 3,940 |
Plans with PBO in Excess of Plan Assets [Abstract] | ||
PBO | 12,128 | 11,079 |
Fair Value of Plan Assets | $ 4,186 | $ 3,940 |
Pensions And Other Postretire_6
Pensions And Other Postretirement Benefits - Components of Expense and Assumptions (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Postretirement Benefits Plan | ||||
Components of expense | ||||
Service cost | $ 19 | $ 17 | $ 20 | |
Interest cost | 173 | 220 | 195 | |
Expected return on plan assets | 0 | 0 | 0 | |
Amortization of net actuarial losses | 74 | 30 | 54 | |
Curtailments, settlements and other | (8) | (23) | (19) | |
Net periodic pension and OPEB (income) expense | $ 258 | $ 244 | $ 250 | |
Weighted-average assumptions used to determine benefit obligations(a) | ||||
Discount rate | 2.53% | 2.53% | 3.24% | 4.19% |
Weighted-average assumptions used to determine net expense(a) | ||||
Discount rate | 3.00% | 4.07% | 3.29% | |
U.S. | Pension Plan | ||||
Components of expense | ||||
Service cost | $ 251 | $ 393 | $ 330 | |
Service cost | 177 | 179 | ||
Interest cost | 1,716 | 2,264 | 2,050 | |
Expected return on plan assets | (3,267) | (3,483) | (3,890) | |
Amortization of net actuarial losses | 16 | 11 | 10 | |
Curtailments, settlements and other | 17 | 21 | (19) | |
Net periodic pension and OPEB (income) expense | $ (1,267) | $ (794) | $ (1,519) | |
Weighted-average assumptions used to determine benefit obligations(a) | ||||
Discount rate | 2.37% | 2.37% | 3.20% | 4.22% |
Weighted-average assumptions used to determine net expense(a) | ||||
Discount rate | 2.84% | 3.92% | 3.19% | |
Expected rate of return on plan assets | 5.88% | 6.37% | 6.61% | |
Administrative expenses and Pension Benefit Guarantee Corporation premiums | $ 214 | $ 121 | ||
U.S. | Pension Plan | Plan | ||||
Weighted-average assumptions used to determine net expense(a) | ||||
Expected rate of return on plan assets | 5.60% | 5.90% | ||
Non-U.S. | Pension Plan | ||||
Components of expense | ||||
Service cost | $ 145 | $ 132 | 163 | |
Service cost | 133 | 120 | ||
Interest cost | 362 | 456 | 464 | |
Expected return on plan assets | (675) | (786) | (825) | |
Amortization of net actuarial losses | 171 | 122 | 144 | |
Curtailments, settlements and other | 241 | 142 | 43 | |
Net periodic pension and OPEB (income) expense | $ 244 | $ 66 | $ (11) | |
Weighted-average assumptions used to determine benefit obligations(a) | ||||
Discount rate | 1.62% | 1.62% | 2.16% | 2.86% |
Weighted-average assumptions used to determine net expense(a) | ||||
Discount rate | 2.80% | 3.36% | 2.99% | |
Expected rate of return on plan assets | 4.96% | 5.76% | 6.09% | |
Canada | Pension Plan | ||||
Weighted-average assumptions used to determine net expense(a) | ||||
Payment for annuity purchase | $ 1,500 | |||
Non-operating pension settlement charge | $ 130 |
Pensions And Other Postretire_7
Pensions And Other Postretirement Benefits - Target Allocation tables (Details) - Pension Plan | Dec. 31, 2020 | Dec. 31, 2019 |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 100.00% | 100.00% |
U.S. | Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 12.00% | 12.00% |
U.S. | Corporate and other debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 64.00% | 64.00% |
U.S. | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 24.00% | 24.00% |
Non-U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 100.00% | 100.00% |
Non-U.S. | Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 16.00% | 14.00% |
Non-U.S. | Corporate and other debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 66.00% | 67.00% |
Non-U.S. | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 18.00% | 19.00% |
Pensions And Other Postretire_8
Pensions And Other Postretirement Benefits - Assets and Fair Value Measurements (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | $ 46,721 | $ 45,283 | |
Plan assets measured at net asset value | 13,732 | 13,466 | |
Other plan assets (liabilities), net | 624 | 490 | |
Net plan assets | 61,077 | 59,239 | $ 56,102 |
U.S. | Common and preferred stocks | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 7,430 | 6,252 | |
U.S. | Government and agency debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 13,231 | 13,843 | |
U.S. | Corporate and other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 26,475 | 24,809 | |
U.S. | Other investments, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | (415) | 379 | |
U.S. | Investment funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at net asset value | 7,534 | 7,031 | |
U.S. | Private equity and debt investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at net asset value | 3,137 | 2,951 | |
U.S. | Real estate investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at net asset value | 3,061 | 3,484 | |
U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 6,595 | 6,185 | |
U.S. | Level 1 | Common and preferred stocks | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 7,429 | 6,232 | |
U.S. | Level 1 | Government and agency debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
U.S. | Level 1 | Corporate and other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
U.S. | Level 1 | Other investments, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | (834) | (47) | |
U.S. | Level 1 | Equity options and futures contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net derivative liability | 1,000 | ||
U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 39,698 | 38,696 | |
U.S. | Level 2 | Common and preferred stocks | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 19 | |
U.S. | Level 2 | Government and agency debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 13,231 | 13,843 | |
U.S. | Level 2 | Corporate and other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 26,475 | 24,809 | |
U.S. | Level 2 | Other investments, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | (8) | 25 | |
U.S. | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 428 | 402 | |
U.S. | Level 3 | Common and preferred stocks | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 1 | 1 | |
U.S. | Level 3 | Government and agency debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
U.S. | Level 3 | Corporate and other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
U.S. | Level 3 | Other investments, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 427 | 401 | |
Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 6,591 | 7,783 | |
Plan assets measured at net asset value | 7,276 | 7,101 | |
Other plan assets (liabilities), net | (21) | 77 | |
Net plan assets | 13,846 | 14,961 | $ 13,528 |
Non-U.S. | Common and preferred stocks | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 572 | 490 | |
Non-U.S. | Government and agency debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 3,178 | 3,927 | |
Non-U.S. | Corporate and other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 2,762 | 3,230 | |
Non-U.S. | Other investments, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 79 | 136 | |
Non-U.S. | Investment funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at net asset value | 5,870 | 5,608 | |
Non-U.S. | Private equity and debt investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at net asset value | 489 | 511 | |
Non-U.S. | Real estate investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at net asset value | 917 | 982 | |
Non-U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 603 | 484 | |
Non-U.S. | Level 1 | Common and preferred stocks | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 572 | 489 | |
Non-U.S. | Level 1 | Government and agency debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
Non-U.S. | Level 1 | Corporate and other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
Non-U.S. | Level 1 | Other investments, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 31 | (5) | |
Non-U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 5,861 | 7,051 | |
Non-U.S. | Level 2 | Common and preferred stocks | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 1 | |
Non-U.S. | Level 2 | Government and agency debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 3,178 | 3,927 | |
Non-U.S. | Level 2 | Corporate and other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 2,762 | 3,230 | |
Non-U.S. | Level 2 | Other investments, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | (79) | (107) | |
Non-U.S. | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 127 | 248 | |
Non-U.S. | Level 3 | Common and preferred stocks | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
Non-U.S. | Level 3 | Government and agency debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
Non-U.S. | Level 3 | Corporate and other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | 0 | 0 | |
Non-U.S. | Level 3 | Other investments, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net plan assets subject to leveling | $ 127 | $ 248 |
Pensions And Other Postretire_9
Pensions And Other Postretirement Benefits - Pension Benefit Payments (Details) $ in Millions | Dec. 31, 2020USD ($) |
Other Postretirement Benefits Plan | |
Defined Benefit Plan, Expected Future Benefit Payments [Abstract] | |
2021 | $ 379 |
2022 | 374 |
2023 | 369 |
2024 | 364 |
2025 | 361 |
2026 - 2030 | 1,761 |
U.S. | Pension Plan | |
Defined Benefit Plan, Expected Future Benefit Payments [Abstract] | |
2021 | 4,821 |
2022 | 4,614 |
2023 | 4,495 |
2024 | 4,387 |
2025 | 4,278 |
2026 - 2030 | 19,469 |
Non-U.S. | Pension Plan | |
Defined Benefit Plan, Expected Future Benefit Payments [Abstract] | |
2021 | 1,172 |
2022 | 1,070 |
2023 | 1,038 |
2024 | 1,015 |
2025 | 1,000 |
2026 - 2030 | $ 4,673 |
Commitments and Contingencies -
Commitments and Contingencies - Litigation-Related Liability and Tax Administrative Matters (Details) | 1 Months Ended | 3 Months Ended | 10 Months Ended | 12 Months Ended | |||
Sep. 30, 2018jurisdiction | Dec. 31, 2020USD ($)action | Dec. 31, 2020USD ($)recallaction | Dec. 31, 2020USD ($)employeeaction | Dec. 31, 2019USD ($) | Dec. 31, 2017state | Aug. 31, 2017state | |
Indirect Tax Matters | |||||||
Loss Contingencies [Line Items] | |||||||
Reasonably possible loss | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | ||||
Ignition Switch Recall Litigations - Economic Damage | Pending Litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Number of jurisdictions | jurisdiction | 27 | ||||||
Ignition Switch Recall Litigations - Economic Damage | Proposed Settlement | |||||||
Loss Contingencies [Line Items] | |||||||
Number of safety recalls | recall | 7 | ||||||
Amount awarded to other party | $ 120,000,000 | ||||||
Ignition Switch Recall Litigations - Economic Damage | Proposed Settlement | Maximum | |||||||
Loss Contingencies [Line Items] | |||||||
Attorneys' fees and costs | $ 35,000,000 | ||||||
Ignition Switch Recall Litigations - Economic Damage | U.S. and Canada | |||||||
Loss Contingencies [Line Items] | |||||||
Number of filed claims | action | 100 | 100 | 100 | ||||
Ignition Switch Recall Litigations - Lost Personal Time and Certain Unjust Enrichment Claims | |||||||
Loss Contingencies [Line Items] | |||||||
Number of jurisdictions | jurisdiction | 47 | ||||||
Ignition Switch Recall Litigations - Lost Personal Time and Certain Unjust Enrichment Claims | Granted Motion to Dismiss | |||||||
Loss Contingencies [Line Items] | |||||||
Number of jurisdictions | jurisdiction | 41 | ||||||
Ignition Switch Recall Litigations - July 2009 Sale Order | |||||||
Loss Contingencies [Line Items] | |||||||
Number of states | state | 16 | ||||||
Ignition Switch Recall Litigations - July 2009 Sale Order | Granted Motion to Dismiss | |||||||
Loss Contingencies [Line Items] | |||||||
Number of states | state | 7 | ||||||
Ignition Switch Recall Litigations - July 2009 Sale Order | Pending Litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Number of states | state | 8 | 9 | |||||
Korea Wage Litigation - Hourly | |||||||
Loss Contingencies [Line Items] | |||||||
Number of plaintiffs | employee | 10,000 | ||||||
Number of employees in the case | employee | 5 | ||||||
Korea Wage Litigation - Salaried | |||||||
Loss Contingencies [Line Items] | |||||||
Reasonably possible loss | $ 190,000,000 | $ 190,000,000 | $ 190,000,000 | ||||
Korea Wage Litigation - Former Subcontract Workers | |||||||
Loss Contingencies [Line Items] | |||||||
Reasonably possible loss | 120,000,000 | 120,000,000 | 120,000,000 | ||||
Takata Passenger-side Airbags | |||||||
Loss Contingencies [Line Items] | |||||||
Increase in product warranty accrual | 1,100,000,000 | ||||||
Amended and Restated Master Sale and Purchase Agreement | Ignition Switch Recall Litigations - Contingently Issuable Shares | |||||||
Loss Contingencies [Line Items] | |||||||
Allowed general unsecured claims amount | 35,000,000,000 | 35,000,000,000 | 35,000,000,000 | ||||
Foreign Tax Authority | Brazil | |||||||
Loss Contingencies [Line Items] | |||||||
Estimated potential recovery from taxing authority | $ 1,400,000,000 | ||||||
MLC GUC Trust | Ignition Switch Recall Litigations - Economic Damage | Proposed Settlement | |||||||
Loss Contingencies [Line Items] | |||||||
Amount awarded to other party | 50,000,000 | ||||||
MLC GUC Trust | Ignition Switch Recall Litigations - Contingently Issuable Shares | Proposed Settlement | |||||||
Loss Contingencies [Line Items] | |||||||
Amount petitioned to be distributed to unitholders | $ 300,000,000 | 300,000,000 | $ 300,000,000 | ||||
GM | Ignition Switch Recall Litigations - Economic Damage | Proposed Settlement | |||||||
Loss Contingencies [Line Items] | |||||||
Amount awarded to other party | $ 70,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Other Litigation and Loss Contingencies (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||
Maximum liability, guarantees | $ 3,100 | $ 2,600 |
Rebates available | 1,300 | 1,300 |
Indirect Tax Matters | ||
Loss Contingencies [Line Items] | ||
Reasonably possible loss | 750 | |
Accrued liabilities and Other liabilities | ||
Loss Contingencies [Line Items] | ||
Product liability | 589 | 544 |
Credit card program deferred revenue | 252 | 253 |
Litigation-related liability and tax administrative matters | 1,200 | $ 1,300 |
Korea Wage Litigation - Former Subcontract Workers | ||
Loss Contingencies [Line Items] | ||
Reasonably possible loss | 120 | |
Warranty provision | $ 240 |
Commitments and Contingencies_3
Commitments and Contingencies - Noncancelable Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Rent expense | $ 317 | $ 354 | $ 300 |
Operating lease liabilities | 969 | 1,010 | |
Operating right-of-use assets obtained in exchange for lease obligations | 222 | $ 497 | |
2021 | 251 | ||
2022 | 205 | ||
2023 | 196 | ||
2024 | 151 | ||
2025 | 122 | ||
Thereafter | 437 | ||
Imputed interest | $ 184 | ||
Weighted average discount rate | 4.00% | 4.20% | |
Weighted-average remaining lease term | 7 years 4 months 24 days | 7 years 2 months 12 days | |
Payments for operating leases | $ 309 | $ 337 | |
Amount of lease agreements not yet commenced | 150 | ||
Other assets | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | 1,000 | 1,100 | |
Accrued liabilities | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease liability | 209 | 239 | |
Other liabilities | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease liabilities | $ 969 | $ 1,000 |
Income Taxes - Pre-tax Income a
Income Taxes - Pre-tax Income and Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||
Income before income taxes and equity income | $ 7,421 | $ 6,168 | $ 6,386 |
Current income tax expense (benefit) | |||
U.S. federal | 84 | 42 | (104) |
U.S. state and local | 272 | 102 | 113 |
Non-U.S. | 493 | 758 | 577 |
Total current income tax expense | 849 | 902 | 586 |
Deferred income tax expense (benefit) | |||
U.S. federal | 632 | (145) | (578) |
U.S. state and local | (15) | 3 | 250 |
Non-U.S. | 308 | 9 | 216 |
Total deferred income tax expense (benefit) | 925 | (133) | (112) |
Total income tax expense | 1,774 | 769 | 474 |
Basis differences from reinvested earnings | 3,200 | 3,200 | |
China JVs | |||
Deferred income tax expense (benefit) | |||
Additional basis differences | 4,100 | 4,100 | |
U.S. | |||
Income Tax Contingency [Line Items] | |||
Income before income taxes and equity income | 6,881 | 3,826 | 4,433 |
Non-U.S. | |||
Income Tax Contingency [Line Items] | |||
Income before income taxes and equity income | $ 540 | $ 2,342 | $ 1,953 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income tax expense at U.S. federal statutory income tax rate | $ 1,558 | $ 1,295 | $ 1,341 |
State and local tax expense | 219 | 117 | 282 |
Non-U.S. income taxed at other than the U.S. federal statutory tax rate | (1) | 166 | 90 |
U.S. tax impact on Non-U.S. income and activities | (160) | (197) | (822) |
Change in valuation allowances | 370 | (233) | 1,695 |
Change in tax laws | 0 | (122) | (134) |
General business credits and manufacturing incentives | (366) | (420) | (695) |
Capital loss expiration | 0 | 0 | 107 |
Settlements of prior year tax matters | (18) | 0 | (188) |
Realization of basis differences in affiliates | (12) | 0 | (59) |
Foreign currency remeasurement | (7) | 74 | 19 |
Other adjustments | 191 | 89 | (172) |
Total income tax expense | 1,774 | 769 | 474 |
Germany | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Change in tax laws | $ 0 | $ 0 | $ (990) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets | ||
Postretirement benefits other than pensions | $ 1,742 | $ 1,695 |
Pension and other employee benefit plans | 2,999 | 2,968 |
Warranties, dealer and customer allowances, claims and discounts | 5,538 | 6,299 |
Miscellaneous | 3,479 | 1,965 |
Total deferred tax assets before valuation allowances | 34,991 | 34,379 |
Less: valuation allowances | (9,095) | (8,135) |
Total deferred tax assets | 25,896 | 26,244 |
Deferred tax liabilities | ||
Property, plant and equipment | 1,670 | 1,565 |
Intangible assets | 744 | 763 |
Total deferred tax liabilities | 2,414 | 2,328 |
Net deferred tax assets | 23,482 | 23,916 |
U.S. | ||
Deferred tax assets | ||
U.S. capitalized research expenditures | 6,763 | 6,035 |
Operating loss and tax credit carryforwards | 7,254 | 8,686 |
Deferred tax liabilities | ||
Operating loss and tax credit carryforwards subject to expiration | 7,100 | |
Operating loss and tax credit carryforwards not subject to expiration | 137 | |
Non-U.S. | ||
Deferred tax assets | ||
Operating loss and tax credit carryforwards | 7,216 | 6,731 |
Deferred tax liabilities | ||
Operating loss and tax credit carryforwards subject to expiration | 1,300 | |
Operating loss and tax credit carryforwards not subject to expiration | 5,900 | |
Germany, Spain and South Korea | ||
Deferred tax assets | ||
Less: valuation allowances | $ (9,100) | $ (8,100) |
Income Taxes - Uncertain Tax Po
Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of period | $ 775 | $ 1,341 | $ 1,557 |
Additions to current year tax positions | 435 | 18 | 292 |
Additions to prior years' tax positions | 26 | 13 | 264 |
Reductions to prior years' tax positions | (132) | (501) | (244) |
Reductions in tax positions due to lapse of statutory limitations | (3) | (8) | (38) |
Settlements | (10) | (93) | (450) |
Other | (5) | 5 | (40) |
Balance at end of period | 1,086 | 775 | $ 1,341 |
Unrecognized tax benefit that would favorably affect effective tax rate | 851 | 539 | |
Income tax related interest and penalties accrual | $ 92 | $ 117 |
Restructuring And Other Initi_3
Restructuring And Other Initiatives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | $ 564 | $ 1,122 | $ 227 |
Additions, interest accretion and other | 565 | 629 | 1,637 |
Payments | (678) | (1,101) | (600) |
Revisions to estimates and effect of foreign currency | (99) | (86) | (142) |
Balance at end of period | 352 | 564 | 1,122 |
Change in valuation allowances | 370 | (233) | 1,695 |
GMI | Australia, New Zealand, Thailand and India | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges and other charges | 683 | ||
GMI | Thailand | |||
Restructuring Reserve [Roll Forward] | |||
Proceeds from sale of business | 143 | ||
GMI | Australia and New Zealand | |||
Restructuring Reserve [Roll Forward] | |||
Change in valuation allowances | 236 | ||
Unallocation of Products to Certain Manufacturing Facilities And Other Employee Separation Programs | |||
Restructuring Reserve [Roll Forward] | |||
Payments | (333) | (1,100) | |
Restructuring cost incurred to date | 3,100 | ||
Unallocation of Products to Certain Manufacturing Facilities And Other Employee Separation Programs | GMNA | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges and other charges | 1,800 | 1,300 | |
Dealer Restructurings, Employee Separations and Supplier Claim Charges | GMI | Australia, New Zealand, Thailand and India | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges and other charges | 360 | ||
Asset Impairments, Sales Allowances, Inventory Provisions and Other Charges | GMI | Australia, New Zealand, Thailand and India | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges and other charges | 323 | ||
Dealer Restructuring and Employee Separation Payments | GMI | Australia, New Zealand, Thailand and India | |||
Restructuring Reserve [Roll Forward] | |||
Payments | $ (197) | ||
Employee Severance | GMNA | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges and other charges | 1,000 | ||
Non-cash Accelerated Depreciation | GMNA | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges and other charges | 1,300 | 301 | |
Supplier Related Charges and Employee Separation Charges | GMNA | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges and other charges | $ 535 | ||
Facility closing | GMI | Gunsan Korea Plant | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges and other charges | 1,000 | ||
Severance Costs | 495 | ||
Non-cash Asset Impairments and Other Charges | GMI | Gunsan Korea Plant | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges and other charges | 537 | ||
Employee Severance and Statutory Pension Payments | GMI | Gunsan Korea Plant | |||
Restructuring Reserve [Roll Forward] | |||
Payments | $ (775) |
Interest Income and Other Non_3
Interest Income and Other Non-Operating Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |||
Non-service pension and OPEB income | $ 1,095 | $ 797 | $ 1,665 |
Interest income | 241 | 429 | 335 |
Licensing agreements income | 211 | 165 | 296 |
Revaluation of investments | 265 | 80 | 258 |
Other | 73 | (2) | 42 |
Total interest income and other non-operating income, net | $ 1,885 | $ 1,469 | $ 2,596 |
Stockholders' Equity and Nonc_3
Stockholders' Equity and Noncontrolling Interests - Preferred and Common Stock (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020USD ($)$ / shares | Sep. 30, 2017 | Dec. 31, 2020USD ($)Votes$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Jun. 30, 2018USD ($)$ / shares | |
Class of Stock [Line Items] | ||||||
Preferred stock shares authorized | shares | 2,000,000,000 | |||||
Common stock shares authorized | shares | 5,000,000,000 | |||||
Preferred stock shares outstanding | shares | 0 | 0 | ||||
Common stock number of shares issued | shares | 1,400,000,000 | 1,400,000,000 | ||||
Common stock shares outstanding | shares | 1,400,000,000 | 1,400,000,000 | ||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.38 | $ 1.52 | $ 1.52 | |||
Cash dividends paid on common stock | $ 545 | $ 2,165 | $ 2,144 | |||
Number of votes per share | Votes | 1 | |||||
Common shares purchased during period | shares | 3,000,000 | |||||
Amount of common stock purchased during period | $ 90 | $ 190 | ||||
Outstanding warrants (in shares) | shares | 15,000,000 | |||||
Guarantees - maximum liability | 3,100 | 2,600 | ||||
Second Tranche of Warrants | ||||||
Class of Stock [Line Items] | ||||||
Exercise price (in dollars per share) | $ / shares | $ 18.33 | |||||
GM Cruise | ||||||
Class of Stock [Line Items] | ||||||
Investment amount | $ 1,100 | |||||
GM Cruise | Series F Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from issuance of preferred stock | 1,200 | |||||
Investment amount | $ 687 | |||||
GM Cruise | Convertible Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Annual dividend rate | 7.00% | |||||
Proceeds from issuance of preferred stock | $ 900 | |||||
GM Cruise | SoftBank Vision Fund (AIV M2), L.P. | Convertible Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Additional purchase amount | 1,350 | |||||
GM Cruise | Honda Motor Co., Ltd | Common Class E | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from issuance of common stock | 750 | |||||
GM Korea | ||||||
Class of Stock [Line Items] | ||||||
Planned capital expenditures | $ 2,000 | |||||
GM Korea | Korea Development Bank | Class B Preferred Shares | ||||||
Class of Stock [Line Items] | ||||||
Annual dividend rate | 1.00% | |||||
Proceeds from issuance of preferred stock | $ 720 | |||||
Financial Guarantee | GM Korea | ||||||
Class of Stock [Line Items] | ||||||
Guarantees - maximum liability | 2,800 | |||||
GM Financial | Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series B | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock issued | $ 500 | |||||
Preferred stock par value (in dollars per share) | $ / shares | $ 0.01 | |||||
Liquidation preference of preferred stock per share (in dollars per share) | $ / shares | $ 1,000 | |||||
Annual dividend rate | 5.70% | |||||
GM Financial | Series A Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock issued | $ 500 | |||||
Preferred stock par value (in dollars per share) | $ / shares | $ 0.01 | |||||
Liquidation preference of preferred stock per share (in dollars per share) | $ / shares | $ 1,000 | |||||
Annual dividend rate | 6.50% | |||||
GM | ||||||
Class of Stock [Line Items] | ||||||
Amount of common stock purchased during period | $ 90 | $ 100 |
Stockholders' Equity and Nonc_4
Stockholders' Equity and Noncontrolling Interests - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 45,957 | $ 42,777 | $ 36,200 |
Other comprehensive loss, net of tax | (2,318) | (2,128) | (936) |
Balance at end of period | 49,677 | 45,957 | 42,777 |
Foreign currency translation adjustments [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (2,278) | (2,250) | (1,606) |
Other comprehensive loss and noncontrolling interests before reclassification adjustment, net of tax and impact of adoption of accounting standards | (480) | (56) | (664) |
Reclassification adjustment, net of tax | 23 | 28 | 20 |
Other comprehensive loss, net of tax | (457) | (28) | (644) |
Balance at end of period | (2,735) | (2,278) | (2,250) |
Defined benefit plans attributable [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (8,859) | (6,737) | (6,398) |
Other comprehensive loss and noncontrolling interests before reclassification adjustment, net of impact of adoption of accounting standards | (2,661) | (2,769) | (580) |
Tax benefit | 444 | 463 | 100 |
Other comprehensive loss before reclassification adjustment, net of tax and impact of adoption of accounting standards | (2,217) | (2,306) | (480) |
Reclassification adjustment, net of tax | 422 | 184 | 141 |
Other comprehensive loss, net of tax | (1,795) | (2,122) | (339) |
Balance at end of period | $ (10,654) | $ (8,859) | $ (6,737) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic Earnings per Common Share | |||
Income from continuing operations | $ 6,427 | $ 6,732 | $ 8,084 |
Less: cumulative dividends on subsidiary preferred stock | (180) | (151) | (98) |
Income from continuing operations attributable to common stockholders | 6,247 | 6,581 | 7,986 |
Loss from discontinued operations, net of tax | 0 | 0 | 70 |
Net income attributable to common stockholders | $ 6,247 | $ 6,581 | $ 7,916 |
Weighted-average common shares outstanding - basic (in shares) | 1,433 | 1,424 | 1,411 |
Basic earnings per common share – continuing operations (in dollars per share) | $ 4.36 | $ 4.62 | $ 5.66 |
Basic loss per common share – discontinued operations (in dollars per share) | 0 | 0 | 0.05 |
Basic earnings per common share (in dollars per share) | $ 4.36 | $ 4.62 | $ 5.61 |
Diluted earnings per share | |||
Income from continuing operations attributable to common stockholders – diluted | $ 6,247 | $ 6,581 | $ 7,986 |
Loss from discontinued operations, net of tax – diluted | 0 | 0 | 70 |
Net income attributable to common stockholders – diluted | $ 6,247 | $ 6,581 | $ 7,916 |
Weighted-average common shares outstanding - basic (in shares) | 1,433 | 1,424 | 1,411 |
Dilutive effect of warrants and awards under stock incentive plans (in shares) | 9 | 15 | 20 |
Weighted-average common shares outstanding – diluted (in shares) | 1,442 | 1,439 | 1,431 |
Diluted earnings per common share – continuing operations (in dollars per share) | $ 4.33 | $ 4.57 | $ 5.58 |
Diluted loss per common share – discontinued operations (in dollars per share) | 0 | 0 | 0.05 |
Diluted earnings per common share (in dollars per share) | $ 4.33 | $ 4.57 | $ 5.53 |
Potentially dilutive securities (in shares) | 7 | 7 | 9 |
Discontinued Operations - Finan
Discontinued Operations - Financial Information about Discontinued Operations (Details) - Discontinued Operations - Opel/Vauxhall Business - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss from discontinued operations | $ 0 | $ 0 | $ 70 |
Net sales and revenue | 144 | 1,129 | 1,939 |
Purchases and expenses | 392 | 825 | 1,422 |
Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash payments | 630 | 975 | 1,849 |
Cash receipts | $ 252 | $ 1,408 | $ 2,310 |
Stock Incentive Plans (Details)
Stock Incentive Plans (Details) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | |
Stock Incentive Awards Units Outstanding (Roll Forward) | |||
Units outstanding at beginning of period (in shares) | 41.5 | ||
Granted (in shares) | 13.3 | ||
Settled (in shares) | (13.5) | ||
Forfeited or expired (in shares) | (2.7) | ||
Units outstanding at end of period (in shares) | 38.6 | 41.5 | |
Stock Incentive Awards Weighted Average Grant Date Fair Value (Per Share) [Roll Forward] | |||
Weighted-average grant date fair value, Units outstanding at beginning of period (in dollars per share) | $ 19.17 | ||
Weighted-average grant date fair value, granted (in dollars per share) | 22.50 | ||
Weighted-average grant date fair value, settled (in dollars per share) | 19.31 | ||
Weighted-average grant date fair value, forfeited or expired (in dollars per share) | 27.23 | ||
Weighted-average grant date fair value, Units outstanding at end of period (in dollars per share) | $ 19.17 | $ 19.17 | $ 19.84 |
Remaining Contractual Term [Abstract] | |||
Weighted Average Remaining Contractual Terms in years, Outstanding | 10 months 24 days | 10 months 24 days |
Stock Incentive Plans - Narrati
Stock Incentive Plans - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Incentive Plans Narratives [Abstract] | |||
Unrecognized compensation expense | $ 213 | ||
Compensation expense | $ 351 | $ 456 | $ 316 |
Weighted-average period for total unrecognized compensation expense for nonvested equity awards | 1 year 3 months 18 days | ||
Fair value of stock incentive awards vested | $ 275 | $ 287 | $ 317 |
Performance Share Units (PSUs) | |||
Stock Incentive Plans Narratives [Abstract] | |||
Performance period | 3 years | ||
Stock options | |||
Stock Incentive Plans Narratives [Abstract] | |||
Expiration period | 10 years | ||
Dividend yield | 4.25% | 3.90% | 3.69% |
Expected volatility rate | 26.20% | 28.00% | 28.00% |
Risk-free interest rate | 1.44% | 2.62% | 2.73% |
Expected option life | 5 years 11 months 19 days | 6 years | 5 years 11 months 23 days |
Performance-based Employee Stock Options | |||
Stock Incentive Plans Narratives [Abstract] | |||
Service period | 55 months | ||
Service-based Employee Stock Options | Minimum | |||
Stock Incentive Plans Narratives [Abstract] | |||
Service period | 19 months | ||
Service-based Employee Stock Options | Maximum | |||
Stock Incentive Plans Narratives [Abstract] | |||
Service period | 3 years | ||
Restricted Stock Awards (RSAs) | |||
Stock Incentive Plans Narratives [Abstract] | |||
Service period | 3 years | ||
Restricted Stock Units (RSUs) | |||
Stock Incentive Plans Narratives [Abstract] | |||
Service period | 3 years | ||
Cruise Stock Incentive Awards | |||
Stock Incentive Plans Narratives [Abstract] | |||
Unrecognized compensation expense | $ 863 | ||
Cruise Stock Incentive Awards | Stock options | |||
Stock Incentive Plans Narratives [Abstract] | |||
Expiration period | 10 years | ||
Granted (in shares) | 0 | ||
Cruise Stock Incentive Awards | Stock options | Minimum | |||
Stock Incentive Plans Narratives [Abstract] | |||
Service period | 4 years | ||
Cruise Stock Incentive Awards | Stock options | Maximum | |||
Stock Incentive Plans Narratives [Abstract] | |||
Service period | 10 years | ||
Cruise Stock Incentive Awards | Stock options and RSUs | |||
Stock Incentive Plans Narratives [Abstract] | |||
Weighted-average period for total unrecognized compensation expense for nonvested equity awards | 7 years 1 month 6 days | ||
Total units outstanding (in shares) | 79.3 | ||
Cruise Stock Incentive Awards | Restricted Stock Units (RSUs) | |||
Stock Incentive Plans Narratives [Abstract] | |||
Unrecognized compensation expense | $ 0 | $ 0 | $ 0 |
Cruise Stock Incentive Awards | Restricted Stock Units (RSUs) | Maximum | |||
Stock Incentive Plans Narratives [Abstract] | |||
Service period | 4 years |
Segment Reporting - Summary of
Segment Reporting - Summary of key financial information by segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue and others for Reportable Segment [Abstract] | |||
Net sales and revenue | $ 122,485 | $ 137,237 | $ 147,049 |
Earnings (loss) before interest and taxes-adjusted | 9,710 | 8,393 | 11,783 |
Adjustments | (652) | (539) | (2,905) |
Automotive interest expense | (4,121) | (4,423) | (3,880) |
Net loss attributable to noncontrolling interests | (106) | (65) | (9) |
Income before income taxes | 8,095 | 7,436 | 8,549 |
Income tax (expense) | (1,774) | (769) | (474) |
Income from continuing operations | 6,321 | 6,667 | 8,075 |
Loss from discontinued operations, net of tax | 0 | 0 | (70) |
Net income attributable to stockholders | 6,427 | 6,732 | 8,014 |
Equity in net assets of nonconsolidated affiliates | 8,406 | 8,562 | 9,215 |
Goodwill and intangible assets, net | 5,230 | 5,337 | 5,579 |
Total Assets | 235,194 | 228,037 | 227,339 |
Expenditures for property | 5,300 | 7,592 | 8,761 |
Depreciation and amortization | 12,676 | 14,060 | 13,142 |
Impairment charges | 139 | 58 | 527 |
Equity income | 674 | 1,268 | 2,163 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | FAW-GM | |||
Revenue and others for Reportable Segment [Abstract] | |||
Loss on sale of discontinued operations before taxes | (164) | ||
GMNA | Transformation Activities | |||
Revenue and others for Reportable Segment [Abstract] | |||
Restructuring charges and other charges | 1,600 | 1,200 | |
GMI | Transformation Activities | |||
Revenue and others for Reportable Segment [Abstract] | |||
Restructuring charges and other charges | 115 | ||
GMI | Separation Programs in Korea | |||
Revenue and others for Reportable Segment [Abstract] | |||
Deconsolidation loss | 1,200 | ||
GMI | Brazil | GM Brazil Indirect Tax Claim | |||
Revenue and others for Reportable Segment [Abstract] | |||
Estimated potential recovery from taxing authority | 1,400 | ||
Operating Segments | Cruise | |||
Revenue and others for Reportable Segment [Abstract] | |||
Net sales and revenue | 103 | 100 | 0 |
Earnings (loss) before interest and taxes-adjusted | (887) | (1,004) | (728) |
Adjustments | 0 | 0 | 0 |
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 |
Goodwill and intangible assets, net | 735 | 634 | 671 |
Total Assets | 3,625 | 4,230 | 3,195 |
Expenditures for property | 15 | 60 | 15 |
Depreciation and amortization | 43 | 21 | 7 |
Impairment charges | 20 | 36 | 0 |
Equity income | 0 | 0 | 0 |
Operating Segments | GM Financial | |||
Revenue and others for Reportable Segment [Abstract] | |||
Net sales and revenue | 13,831 | 14,554 | 14,016 |
Earnings (loss) before interest and taxes-adjusted | 2,702 | 2,104 | 1,893 |
Adjustments | 0 | 0 | 0 |
Equity in net assets of nonconsolidated affiliates | 1,581 | 1,455 | 1,355 |
Goodwill and intangible assets, net | 1,343 | 1,355 | 1,356 |
Total Assets | 113,410 | 108,881 | 109,953 |
Expenditures for property | 34 | 47 | 60 |
Depreciation and amortization | 7,245 | 7,350 | 7,531 |
Impairment charges | 0 | 0 | 0 |
Equity income | 147 | 166 | 183 |
Eliminations/ Reclassifications | |||
Revenue and others for Reportable Segment [Abstract] | |||
Net sales and revenue | (118) | (114) | (110) |
Earnings (loss) before interest and taxes-adjusted | (14) | (18) | (4) |
Adjustments | 0 | 0 | 0 |
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 |
Goodwill and intangible assets, net | 0 | 0 | 0 |
Total Assets | (1,466) | (1,454) | (1,487) |
Expenditures for property | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Impairment charges | 0 | 0 | 0 |
Equity income | 0 | 0 | 0 |
Automotive | |||
Revenue and others for Reportable Segment [Abstract] | |||
Automotive interest income | 241 | 429 | 335 |
Automotive interest expense | (1,098) | (782) | (655) |
Automotive | Operating Segments | |||
Revenue and others for Reportable Segment [Abstract] | |||
Net sales and revenue | 108,669 | 122,697 | 133,143 |
Earnings (loss) before interest and taxes-adjusted | 7,909 | 7,311 | 10,622 |
Adjustments | (652) | (539) | (2,905) |
Equity in net assets of nonconsolidated affiliates | 6,825 | 7,107 | 7,860 |
Goodwill and intangible assets, net | 3,152 | 3,348 | 3,552 |
Total Assets | 119,625 | 116,380 | 115,678 |
Expenditures for property | 5,251 | 7,485 | 8,686 |
Depreciation and amortization | 5,388 | 6,689 | 5,604 |
Impairment charges | 119 | 22 | 527 |
Equity income | 527 | 1,102 | 1,980 |
Automotive | Operating Segments | GMNA | |||
Revenue and others for Reportable Segment [Abstract] | |||
Net sales and revenue | 96,733 | 106,366 | 113,792 |
Earnings (loss) before interest and taxes-adjusted | 9,071 | 8,204 | 10,769 |
Adjustments | (99) | (1,618) | (1,236) |
Equity in net assets of nonconsolidated affiliates | 242 | 84 | 75 |
Goodwill and intangible assets, net | 2,346 | 2,459 | 2,623 |
Total Assets | 114,137 | 109,290 | 109,763 |
Expenditures for property | 4,501 | 6,305 | 7,784 |
Depreciation and amortization | 4,739 | 6,112 | 4,995 |
Impairment charges | 20 | 15 | 55 |
Equity income | 17 | 8 | 8 |
Automotive | Operating Segments | GMI | |||
Revenue and others for Reportable Segment [Abstract] | |||
Net sales and revenue | 11,586 | 16,111 | 19,148 |
Earnings (loss) before interest and taxes-adjusted | (528) | (202) | 423 |
Adjustments | (683) | 1,081 | (1,212) |
Equity in net assets of nonconsolidated affiliates | 6,583 | 7,023 | 7,761 |
Goodwill and intangible assets, net | 806 | 888 | 928 |
Total Assets | 23,019 | 24,969 | 24,911 |
Expenditures for property | 729 | 1,096 | 883 |
Depreciation and amortization | 624 | 533 | 562 |
Impairment charges | 99 | 7 | 466 |
Equity income | 510 | 1,123 | 1,972 |
Automotive | Corporate | |||
Revenue and others for Reportable Segment [Abstract] | |||
Net sales and revenue | 350 | 220 | 203 |
Earnings (loss) before interest and taxes-adjusted | (634) | (691) | (570) |
Adjustments | 130 | (2) | (457) |
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 24 |
Goodwill and intangible assets, net | 0 | 1 | 1 |
Total Assets | 39,933 | 32,365 | 31,694 |
Expenditures for property | 21 | 84 | 21 |
Depreciation and amortization | 25 | 46 | 50 |
Impairment charges | 0 | 0 | 6 |
Equity income | 0 | (29) | 0 |
Automotive | Corporate | Ignition Switch Recall Litigations | |||
Revenue and others for Reportable Segment [Abstract] | |||
Ignition switch related legal matters | 440 | ||
Automotive | Eliminations/ Reclassifications | |||
Revenue and others for Reportable Segment [Abstract] | |||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | 0 |
Goodwill and intangible assets, net | 0 | 0 | 0 |
Total Assets | (57,464) | (50,244) | (50,690) |
Expenditures for property | 0 | 0 | (2) |
Depreciation and amortization | 0 | (2) | (3) |
Impairment charges | 0 | 0 | 0 |
Equity income | $ 0 | $ 0 | $ 0 |
Segment Reporting - Revenues an
Segment Reporting - Revenues and long-lived assets by geographic region (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
GM Financial net sales and revenue | $ 13,812 | $ 14,540 | $ 14,004 |
Net Sales and Revenue | 122,485 | 137,237 | 147,049 |
Long-Lived Assets | 77,451 | 80,872 | 82,698 |
Automotive | U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Automotive net sales and revenue | 89,204 | 97,887 | 104,413 |
Long-Lived Assets | 24,932 | 25,401 | 25,625 |
Automotive | Non-U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Automotive net sales and revenue | 19,469 | 24,810 | 28,632 |
Long-Lived Assets | 12,516 | 13,190 | 13,263 |
GM Financial | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales and Revenue | 13,812 | 14,540 | 14,004 |
GM Financial | U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
GM Financial net sales and revenue | 12,227 | 12,727 | 12,169 |
Long-Lived Assets | 36,773 | 39,509 | 41,334 |
GM Financial | Non-U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
GM Financial net sales and revenue | 1,585 | 1,813 | 1,835 |
Long-Lived Assets | $ 3,230 | $ 2,772 | $ 2,476 |
Supplemental Information for _3
Supplemental Information for the Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts receivable | $ (1,341) | $ (563) | $ 492 |
Wholesale receivables funded by GM Financial, net | 2,744 | 663 | (2,606) |
Inventories | (104) | (761) | 399 |
Automotive equipment on operating leases | 53 | 274 | 748 |
Change in other assets | 68 | (1,550) | (529) |
Accounts payable | 42 | (492) | (537) |
Income taxes payable | 130 | 213 | (75) |
Accrued and other liabilities | (1,991) | (1,573) | 732 |
Total | (399) | (3,789) | (1,376) |
Cash paid for income taxes and interest | |||
Cash paid for income taxes, net | 719 | 689 | 660 |
Cash Paid for Interest (net of amounts capitalized) | 3,958 | 4,214 | 3,597 |
Automotive | |||
Cash paid for income taxes and interest | |||
Cash Paid for Interest (net of amounts capitalized) | 1,011 | 739 | 656 |
GM Financial | |||
Cash paid for income taxes and interest | |||
Cash Paid for Interest (net of amounts capitalized) | $ 2,947 | $ 3,475 | $ 2,941 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Jan. 31, 2021 | Feb. 10, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Subsequent Event [Line Items] | ||||
Deferred tax assets valuation allowance | $ 9,095 | $ 8,135 | ||
Subsequent Event | GM Cruise | ||||
Subsequent Event [Line Items] | ||||
Deferred tax assets valuation allowance | $ 350 | |||
Subsequent Event | Series G Preferred Shares | GM Cruise | Microsoft and other investors | ||||
Subsequent Event [Line Items] | ||||
Proceeds from sale of stock | $ 2,200 | |||
Subsequent Event | Series G Preferred Shares | GM Cruise | General Motors Holdings LLC | ||||
Subsequent Event [Line Items] | ||||
Proceeds from sale of stock | $ 1,000 |