Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 14, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-34960 | |
Entity Registrant Name | GENERAL MOTORS COMPANY | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-0756180 | |
Entity Address, Address Line One | 300 Renaissance Center, | |
Entity Address, City or Town | Detroit, | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48265 | |
City Area Code | 313 | |
Local Phone Number | 667-1500 | |
Entity Central Index Key | 0001467858 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | GM | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,390,123,499 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net sales and revenue | ||
Automotive | $ 36,646 | $ 32,824 |
GM Financial | 3,339 | 3,155 |
Total net sales and revenue (Note 2) | 39,985 | 35,979 |
Costs and expenses | ||
Total costs and expenses | 37,407 | 33,783 |
Operating income (loss) | 2,578 | 2,196 |
Interest income and other non-operating income, net | 409 | 517 |
Equity income (loss) (Note 7) | 21 | 292 |
Income (loss) before income taxes | 2,775 | 2,779 |
Income tax expense (benefit) (Note 14) | 428 | (28) |
Net income (loss) | 2,346 | 2,807 |
Net loss (income) attributable to noncontrolling interests | 49 | 131 |
Net income (loss) attributable to stockholders | 2,395 | 2,939 |
Net income (loss) attributable to common stockholders | $ 2,369 | $ 1,987 |
Earnings per share (Note 17) | ||
Basic earnings per common share (in dollars per share) | $ 1.70 | $ 1.36 |
Weighted-average common shares outstanding - basic (in shares) | 1,396 | 1,458 |
Diluted earnings per common share (in dollars per share) | $ 1.69 | $ 1.35 |
Weighted-average common shares outstanding - diluted (in shares) | 1,402 | 1,470 |
Dividends declared per common share (in dollars per share) | $ 0.09 | $ 0 |
Automotive | ||
Net sales and revenue | ||
Automotive | $ 36,646 | $ 32,824 |
Costs and expenses | ||
Automotive and other cost of sales | 32,247 | 29,353 |
Automotive and other selling, general and administrative expense | 2,547 | 2,504 |
Automotive interest expense | 234 | 226 |
GM Financial | ||
Net sales and revenue | ||
GM Financial | 3,339 | 3,155 |
Costs and expenses | ||
GM Financial interest, operating and other expenses | $ 2,612 | $ 1,926 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 2,346 | $ 2,807 |
Other comprehensive income (loss), net of tax (Note 16) | ||
Foreign currency translation adjustments and other | 148 | 340 |
Defined benefit plans | (35) | 103 |
Other comprehensive income (loss), net of tax | 113 | 442 |
Comprehensive income (loss) | 2,460 | 3,250 |
Comprehensive income (loss) attributable to noncontrolling interests | 58 | 145 |
Comprehensive income (loss) attributable to stockholders | $ 2,518 | $ 3,394 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 18,227 | $ 19,153 |
Marketable debt securities (Note 3) | 9,981 | 12,150 |
Accounts and notes receivable, net of allowance of $261 and $260 | 13,702 | 13,333 |
Inventories (Note 5) | 17,758 | 15,366 |
Other current assets (Note 3; Note 8 at VIEs) | 6,881 | 6,825 |
Total current assets | 98,832 | 100,451 |
Non-current Assets | ||
Equity in net assets of nonconsolidated affiliates (Note 7) | 10,542 | 10,176 |
Property, net | 46,895 | 45,248 |
Goodwill and intangible assets, net | 4,968 | 4,945 |
Equipment on operating leases, net (Note 6; Note 8 at VIEs) | 31,848 | 32,701 |
Deferred income taxes | 20,676 | 20,539 |
Other assets (Note 3; Note 8 at VIEs) | 9,661 | 9,386 |
Total non-current assets | 168,173 | 163,586 |
Total Assets | 267,004 | 264,037 |
Current Liabilities | ||
Accounts payable (principally trade) | 28,931 | 27,486 |
Accrued liabilities | 24,244 | 24,910 |
Total current liabilities | 90,185 | 91,173 |
Non-current Liabilities | ||
Postretirement benefits other than pensions (Note 12) | 4,162 | 4,193 |
Pensions (Note 12) | 5,697 | 5,698 |
Other liabilities | 15,318 | 14,767 |
Total non-current liabilities | 102,588 | 100,579 |
Total Liabilities | 192,773 | 191,752 |
Commitments and contingencies (Note 13) | ||
Noncontrolling interest - Cruise stock incentive awards | 271 | 357 |
Equity (Note 16) | ||
Common stock, $0.01 par value | 14 | 14 |
Additional paid-in capital | 26,323 | 26,428 |
Retained earnings | 51,318 | 49,251 |
Accumulated other comprehensive loss | (7,778) | (7,901) |
Total stockholders’ equity | 69,877 | 67,792 |
Noncontrolling interests | 4,084 | 4,135 |
Total Equity | 73,961 | 71,927 |
Total Liabilities and Equity | 267,004 | 264,037 |
GM Financial | ||
Current Assets | ||
GM Financial receivables, net of allowance of $801 and $869 (Note 4; Note 8 at VIEs) | 32,283 | 33,623 |
Non-current Assets | ||
GM Financial receivables, net of allowance of $1,351 and $1,227 (Note 4; Note 8 at VIEs) | 43,582 | 40,591 |
Current Liabilities | ||
Short-term debt and current portion of long-term debt (Note 9 and Note 8 at VIEs) | 36,585 | 36,819 |
Non-current Liabilities | ||
Long-term debt (Note 9 and Note 8 at VIEs) | 61,482 | 60,036 |
Automotive | ||
Current Liabilities | ||
Short-term debt and current portion of long-term debt (Note 9 and Note 8 at VIEs) | 425 | 1,959 |
Non-current Liabilities | ||
Long-term debt (Note 9 and Note 8 at VIEs) | $ 15,929 | $ 15,885 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Automotive | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 261 | $ 260 |
GM Financial | ||
Accounts Receivable, Allowance for Credit Loss, Current | 801 | 869 |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | $ 1,351 | $ 1,227 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net income (loss) | $ 2,346 | $ 2,807 |
Cash flows from operating activities | ||
Depreciation and impairment of Equipment on operating leases, net | 1,241 | 1,223 |
Depreciation, amortization and impairment charges on Property, net | 1,571 | 1,668 |
Foreign currency remeasurement and transaction (gains) losses | 135 | 56 |
Undistributed earnings of nonconsolidated affiliates, net | (61) | (274) |
Pension contributions and OPEB payments | (236) | (213) |
Pension and OPEB income, net | (20) | (300) |
Provision (benefit) for deferred taxes | 46 | (81) |
Change in other operating assets and liabilities | (1,936) | (2,784) |
Net cash provided by (used in) operating activities | 3,086 | 2,104 |
Cash flows from investing activities | ||
Expenditures for property | (2,431) | (1,661) |
Available-for-sale marketable securities, acquisitions | (643) | (3,451) |
Available-for-sale marketable securities, liquidations | 2,947 | 1,960 |
Purchases of finance receivables, net | (8,963) | (8,189) |
Principal collections and recoveries on finance receivables | 7,282 | 6,845 |
Purchases of leased vehicles, net | (3,154) | (2,990) |
Proceeds from termination of leased vehicles | 3,264 | 3,732 |
Other investing activities | (563) | (154) |
Net cash provided by (used in) investing activities | (2,262) | (3,909) |
Cash flows from financing activities | ||
Net increase (decrease) in short-term debt | (167) | 722 |
Proceeds from issuance of debt (original maturities greater than three months) | 11,487 | 10,685 |
Payments on debt (original maturities greater than three months) | (12,127) | (10,827) |
Payments to purchase common stock | (369) | 0 |
Issuance (redemption) of subsidiary stock (Note 16) | 0 | (2,124) |
Dividends paid | (185) | (73) |
Other financing activities | (324) | (235) |
Net cash provided by (used in) financing activities | (1,685) | (1,852) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 54 | 93 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (807) | (3,564) |
Cash, cash equivalents and restricted cash at beginning of period | 21,948 | 23,542 |
Cash, cash equivalents and restricted cash at end of period | 21,141 | 19,978 |
Significant Non-cash Investing and Financing Activity | ||
Non-cash property additions | $ 3,041 | $ 1,931 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Equity - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Noncontrolling Interests Preferred Stock |
Balance at beginning of period at Dec. 31, 2021 | $ 65,815 | $ 15 | $ 27,061 | $ 41,937 | $ (9,269) | $ 6,071 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 2,807 | 2,939 | (131) | |||||
Other comprehensive income (loss) | 442 | 456 | (13) | |||||
Issuance (redemption) of subsidiary stock (Note 16) | $ (2,124) | (909) | $ (1,215) | |||||
Stock based compensation | (32) | (31) | (1) | |||||
Dividends to noncontrolling interests | (14) | (12) | (1) | |||||
Other | (120) | (15) | (74) | (31) | ||||
Balance at end of period at Mar. 31, 2022 | 66,774 | 15 | 27,015 | 43,879 | (8,814) | 4,679 | ||
Balance at beginning of period at Dec. 31, 2021 | 0 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Stock based compensation | 289 | |||||||
Other | 0 | |||||||
Balance at end of period at Mar. 31, 2022 | 289 | |||||||
Balance at beginning of period at Dec. 31, 2022 | 71,927 | 14 | 26,428 | 49,251 | (7,901) | 4,135 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 2,346 | 2,395 | (49) | |||||
Other comprehensive income (loss) | 113 | 123 | (9) | |||||
Purchase of common stock | (369) | (168) | (201) | |||||
Stock based compensation | (35) | (34) | (2) | |||||
Cash dividends paid on common stock | (126) | (126) | ||||||
Other | 103 | 97 | 0 | 7 | ||||
Balance at end of period at Mar. 31, 2023 | 73,961 | $ 14 | $ 26,323 | $ 51,318 | $ (7,778) | $ 4,084 | ||
Balance at beginning of period at Dec. 31, 2022 | 357 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Stock based compensation | 7 | |||||||
Other | (93) | |||||||
Balance at end of period at Mar. 31, 2023 | $ 271 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Nature of Operations and Basis of Presentation | Nature of Operations and Basis of Presentation General Motors Company (sometimes referred to in this Quarterly Report on Form 10-Q as we, our, us, ourselves, the Company, General Motors or GM) designs, builds and sells trucks, crossovers, cars and automobile parts and provides software-enabled services and subscriptions worldwide. Additionally, we are investing in and growing an autonomous vehicle (AV) business. We also provide automotive financing services through General Motors Financial Company, Inc. (GM Financial). We analyze the results of our operations through the following segments: GM North America (GMNA), GM International (GMI), Cruise, and GM Financial. Cruise is our global segment responsible for the development and commercialization of AV technology. Nonsegment operations are classified as Corporate. Corporate includes certain centrally recorded income and costs such as interest, income taxes, corporate expenditures and certain nonsegment-specific revenues and expenses. The condensed consolidated financial statements are prepared in conformity with U.S. GAAP pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2022 Form 10-K. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding. Throughout this report, we refer to General Motors Company and its consolidated subsidiaries in a simplified manner and on a collective basis, using words like "we," "our," "us" and "the Company." This drafting style is suggested by the SEC and is not meant to indicate that General Motors Company, the publicly traded parent company, or any particular subsidiary of the parent company, owns or operates any particular asset, business or property. The operations and businesses described in this report are owned and operated by distinct subsidiaries of General Motors Company. Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. All intercompany balances and transactions are eliminated in consolidation. Our share of earnings or losses of nonconsolidated affiliates is included in our consolidated operating results using the equity method of accounting when we are able to exercise significant influence over the operating and financial decisions of the affiliate. GM Financial The amounts presented for GM Financial are adjusted to reflect the impact on GM Financial's deferred tax positions and provision for income taxes resulting from the inclusion of GM Financial in our consolidated tax return and to eliminate the effect of transactions between GM Financial and the other members of the consolidated group. Accordingly, the amounts presented will differ from those presented by GM Financial on a stand-alone basis. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following table disaggregates our revenue by major source: Three Months Ended March 31, 2023 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 31,876 $ 3,342 $ 9 $ 35,227 $ — $ — $ — $ 35,227 Used vehicles 175 5 — 180 — — — 180 Services and other 837 380 22 1,239 25 — (25) 1,239 Automotive net sales and revenue 32,889 3,727 31 36,646 25 — (25) 36,646 Leased vehicle income — — — — — 1,818 — 1,818 Finance charge income — — — — — 1,368 (3) 1,366 Other income — — — — — 156 (1) 155 GM Financial net sales and revenue — — — — — 3,343 (4) 3,339 Net sales and revenue $ 32,889 $ 3,727 $ 31 $ 36,646 $ 25 $ 3,343 $ (29) $ 39,985 Three Months Ended March 31, 2022 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 28,572 $ 3,014 $ 5 $ 31,591 $ — $ — $ — $ 31,591 Used vehicles 75 5 — 80 — — — 80 Services and other 809 295 48 1,152 26 — (25) 1,153 Automotive net sales and revenue 29,456 3,313 53 32,823 26 — (25) 32,824 Leased vehicle income — — — — — 2,066 — 2,066 Finance charge income — — — — — 1,010 — 1,010 Other income — — — — — 80 (1) 79 GM Financial net sales and revenue — — — — — 3,156 (1) 3,155 Net sales and revenue $ 29,456 $ 3,313 $ 53 $ 32,823 $ 26 $ 3,156 $ (26) $ 35,979 Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Adjustments to sales incentives for previously recognized sales increased revenue by an insignificant amount in the three months ended March 31, 2023 and 2022. |
Marketable and Other Securities
Marketable and Other Securities | 3 Months Ended |
Mar. 31, 2023 | |
Marketable Securities [Abstract] | |
Marketable and Other Securities | Marketable and Other Securities The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost: Fair Value Level March 31, 2023 December 31, 2022 Cash and cash equivalents Cash and time deposits $ 9,521 $ 8,921 Available-for-sale debt securities U.S. government and agencies 2 126 1,012 Corporate debt 2 1,712 2,778 Sovereign debt 2 823 1,828 Total available-for-sale debt securities – cash equivalents 2,661 5,618 Money market funds 1 6,045 4,613 Total cash and cash equivalents(a) $ 18,227 $ 19,153 Marketable debt securities U.S. government and agencies 2 $ 4,174 $ 4,357 Corporate debt 2 4,375 5,147 Mortgage and asset-backed 2 552 538 Sovereign debt 2 880 2,108 Total available-for-sale debt securities – marketable securities(b) $ 9,981 $ 12,150 Restricted cash Cash and cash equivalents $ 335 $ 341 Money market funds 1 2,579 2,455 Total restricted cash $ 2,914 $ 2,796 Available-for-sale debt securities included above with contractual maturities(c) Due in one year or less $ 6,079 Due between one and five years 5,901 Total available-for-sale debt securities with contractual maturities $ 11,979 __________ (a) Includes $1.9 billion and $1.5 billion in Cruise at March 31, 2023 and December 31, 2022. (b) Includes $612 million and $1.4 billion in Cruise at March 31, 2023 and December 31, 2022. (c) Excludes mortgage and asset-backed securities of $552 million at March 31, 2023 as these securities are not due at a single maturity date. Proceeds from the sale of available-for-sale debt securities sold prior to maturity were $380 million and $464 million in the three months ended March 31, 2023 and 2022. Net unrealized gains and losses on available-for-sale debt securities were insignificant in the three months ended March 31, 2023 and 2022. Cumulative unrealized losses on available-for-sale debt securities were $275 million and $344 million at March 31, 2023 and December 31, 2022. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total shown in the condensed consolidated statement of cash flows: March 31, 2023 Cash and cash equivalents $ 18,227 Restricted cash included in Other current assets 2,467 Restricted cash included in Other assets 447 Total $ 21,141 |
GM Financial Receivables and Tr
GM Financial Receivables and Transactions | 3 Months Ended |
Mar. 31, 2023 | |
GM Financial | |
Finance Receivables [Line Items] | |
GM Financial Receivables and Transactions | GM Financial Receivables and Transactions March 31, 2023 December 31, 2022 Retail Commercial(a) Total Retail Commercial(a) Total GM Financial receivables, net of fees $ 67,704 $ 10,313 $ 78,017 $ 65,322 $ 10,988 $ 76,310 Less: allowance for loan losses (2,123) (29) (2,152) (2,062) (34) (2,096) GM Financial receivables, net $ 65,581 $ 10,283 $ 75,865 $ 63,260 $ 10,954 $ 74,214 Fair value of GM Financial receivables utilizing Level 2 inputs $ 10,283 $ 10,954 Fair value of GM Financial receivables utilizing Level 3 inputs $ 65,165 $ 62,150 __________ (a) Net of dealer cash management balances of $2.2 billion and $1.9 billion at March 31, 2023 and December 31, 2022. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on its floorplan line by making principal payments to GM Financial in advance. Three Months Ended March 31, 2023 March 31, 2022 Allowance for loan losses at beginning of period $ 2,096 $ 1,886 Provision for loan losses 131 122 Charge-offs (322) (275) Recoveries 187 177 Effect of foreign currency and other 61 18 Allowance for loan losses at end of period $ 2,152 $ 1,928 Retail Finance Receivables GM Financial's retail finance receivable portfolio includes loans made to consumers and businesses to finance the purchase of vehicles for personal and commercial use. The following tables are consolidated summaries of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the retail finance receivables portfolio at March 31, 2023 and December 31, 2022: Year of Origination March 31, 2023 2023 2022 2021 2020 2019 Prior Total Percent Prime – FICO score 680 and greater $ 6,996 $ 20,633 $ 12,223 $ 7,149 $ 1,915 $ 914 $ 49,829 73.6 % Near-prime – FICO score 620 to 679 832 3,012 2,389 1,345 599 322 8,498 12.6 % Sub-prime – FICO score less than 620 835 3,054 2,525 1,443 916 603 9,377 13.8 % Retail finance receivables, net of fees $ 8,663 $ 26,699 $ 17,138 $ 9,936 $ 3,429 $ 1,839 $ 67,704 100.0 % Year of Origination December 31, 2022 2022 2021 2020 2019 2018 Prior Total Percent Prime – FICO score 680 and greater $ 22,677 $ 13,399 $ 7,991 $ 2,254 $ 1,019 $ 205 $ 47,543 72.8 % Near-prime – FICO score 620 to 679 3,202 2,601 1,487 688 310 104 8,392 12.8 % Sub-prime – FICO score less than 620 3,211 2,746 1,604 1,051 496 280 9,388 14.4 % Retail finance receivables, net of fees $ 29,090 $ 18,745 $ 11,081 $ 3,992 $ 1,824 $ 589 $ 65,322 100.0 % GM Financial reviews the ongoing credit quality of retail finance receivables based on customer payment activity. A retail account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date the payment was contractually due. Retail finance receivables are collateralized by vehicle titles and, subject to local laws, GM Financial generally has the right to repossess the vehicle in the event the customer defaults on the payment terms of the contract. The accrual of finance charge income had been suspended on delinquent retail finance receivables with contractual amounts due of $585 million and $685 million at March 31, 2023 and December 31, 2022. The following tables are consolidated summaries of the amortized cost of retail finance receivables by delinquency status, for each vintage of the portfolio at March 31, 2023 and December 31, 2022, as well as summary totals for March 31, 2022: Year of Origination March 31, 2023 March 31, 2022 2023 2022 2021 2020 2019 Prior Total Percent Total Percent 0-to-30 days $ 8,646 $ 26,262 $ 16,648 $ 9,640 $ 3,236 $ 1,676 $ 66,109 97.6 % $ 58,179 97.8 % 31-to-60 days 17 316 363 222 146 124 1,188 1.8 % 983 1.7 % Greater-than-60 days 1 104 112 68 43 36 363 0.5 % 302 0.5 % Finance receivables more than 30 days delinquent 17 420 475 290 190 160 1,551 2.3 % 1,285 2.2 % In repossession — 17 15 6 3 2 44 0.1 % 39 0.1 % Finance receivables more than 30 days delinquent or in repossession 17 437 489 296 193 162 1,595 2.4 % 1,324 2.2 % Retail finance receivables, net of fees $ 8,663 $ 26,699 $ 17,138 $ 9,936 $ 3,429 $ 1,839 $ 67,704 100.0 % $ 59,503 100.0 % Year of Origination December 31, 2022 2022 2021 2020 2019 2018 Prior Total Percent 0-to-30 days $ 28,676 $ 18,128 $ 10,702 $ 3,743 $ 1,685 $ 493 $ 63,426 97.1 % 31-to-60 days 310 452 275 184 103 69 1,393 2.1 % Greater-than-60 days 93 150 98 62 35 26 465 0.7 % Finance receivables more than 30 days delinquent 403 603 373 246 138 95 1,857 2.8 % In repossession 11 14 6 4 2 1 39 0.1 % Finance receivables more than 30 days delinquent or in repossession 414 617 380 249 140 96 1,896 2.9 % Retail finance receivables, net of fees $ 29,090 $ 18,745 $ 11,081 $ 3,992 $ 1,824 $ 589 $ 65,322 100.0 % Commercial Finance Receivables GM Financial's commercial finance receivables consist of dealer financings, primarily for inventory purchases. Proprietary models are used to assign a risk rating to each dealer. GM Financial performs periodic credit reviews of each dealership and adjusts the dealership's risk rating, if necessary. There were no commercial finance receivables on nonaccrual status at March 31, 2023. GM Financial's commercial risk model and risk rating categories are as follows: Rating Description I Performing accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments. II Performing accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring. III Non-Performing accounts with inadequate paying capacity for current obligations and have the distinct possibility of creating a loss if deficiencies are not corrected. IV Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that make collection of liquidation in full highly questionable or improbable. Dealers with III and IV risk ratings are subject to additional monitoring and restrictions on funding, including suspension of lines of credit and liquidation of assets. The following tables summarize the credit risk profile by dealer risk rating of commercial finance receivables at March 31, 2023 and December 31, 2022: Year of Origination(a) March 31, 2023 Revolving 2023 2022 2021 2020 2019 Prior Total Percent I $ 8,823 $ 71 $ 435 $ 336 $ 338 $ 87 $ 42 $ 10,133 98.3 % II 94 — — 1 — — — 96 0.9 % III 59 — 15 — — 10 — 84 0.8 % IV — — — — — — — — — % Commercial finance receivables, net of fees $ 8,976 $ 71 $ 450 $ 338 $ 338 $ 97 $ 42 $ 10,313 100.0 % __________ (a) Floorplan advances comprise 96% of the total revolving balance. Dealer term loans are presented by year of origination. Year of Origination(a) December 31, 2022 Revolving 2022 2021 2020 2019 2018 Prior Total Percent I $ 9,493 $ 438 $ 356 $ 360 $ 91 $ 38 $ 18 $ 10,794 98.2 % II 89 — 1 — — — — 91 0.8 % III 78 15 — — 10 — — 104 0.9 % IV — — — — — — — — — % Commercial finance receivables, net of fees $ 9,660 $ 453 $ 357 $ 360 $ 102 $ 38 $ 18 $ 10,988 100.0 % __________ (a) Floorplan advances comprise 97% of the total revolving balance. Dealer term loans are presented by year of origination. Transactions with GM Financial The following table shows transactions between our Automotive segments and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income. March 31, 2023 December 31, 2022 Condensed Consolidated Balance Sheets(a) Commercial finance receivables, net due from GM consolidated dealers $ 163 $ 187 Receivables from Cruise $ 151 $ 113 Subvention receivable(b) $ 594 $ 469 Commercial loan funding payable $ 72 $ 105 Three Months Ended March 31, 2023 March 31, 2022 Condensed Consolidated Statements of Income Interest subvention earned on finance receivables $ 279 $ 221 Leased vehicle subvention earned $ 393 $ 547 __________ (a) All balance sheet amounts are eliminated upon consolidation. (b) Our Automotive segments made cash payments to GM Financial for subvention of $749 million and $439 million in the three months ended March 31, 2023 and 2022. GM Financial's Board of Directors declared and paid dividends of $450 million on its common stock in the three months ended March 31, 2023. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories March 31, 2023 December 31, 2022 Total productive material, supplies and work in process $ 8,822 $ 8,014 Finished product, including service parts 8,935 7,353 Total inventories $ 17,758 $ 15,366 |
Equipment on Operating Leases
Equipment on Operating Leases | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Abstract] | |
Equipment on Operating Leases | Equipment on Operating Leases Equipment on operating leases consists of leases to retail customers of GM Financial. March 31, 2023 December 31, 2022 Equipment on operating leases $ 39,991 $ 40,919 Less: accumulated depreciation (8,143) (8,218) Equipment on operating leases, net $ 31,848 $ 32,701 The estimated residual value of our leased assets at the end of the lease term was $24.1 billion and $24.7 billion at March 31, 2023 and December 31, 2022. Depreciation expense related to Equipment on operating leases, net was $1.2 billion in the three months ended March 31, 2023 and 2022. The following table summarizes lease payments due to GM Financial on leases to retail customers: Year Ending December 31, 2023 2024 2025 2026 2027 Thereafter Total Lease receipts under operating leases $ 3,807 $ 3,293 $ 1,505 $ 243 $ 8 $ — $ 8,855 |
Equity In Net Assets of Noncons
Equity In Net Assets of Nonconsolidated Affiliates | 3 Months Ended |
Mar. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity in Net Assets of Nonconsolidated Affiliates | Equity in Net Assets of Nonconsolidated Affiliates Nonconsolidated affiliates are entities in which we maintain an equity ownership interest and for which we use the equity method of accounting due to our ability to exert significant influence over decisions relating to their operating and financial affairs. Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as Equity income (loss) or Automotive and other cost of sales. Three Months Ended March 31, 2023 March 31, 2022 Automotive China equity income (loss) $ 83 $ 234 Other joint ventures equity income (loss)(a) (8) 59 Total Equity income (loss) $ 75 $ 292 __________ (a) Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our electric vehicles (EVs). In the three months ended March 31, 2023, equity earnings related to Ultium Cells Holdings LLC were insignificant. There have been no significant ownership changes in our Automotive China joint ventures (Automotive China JVs) since December 31, 2022. Three Months Ended March 31, 2023 March 31, 2022 Summarized Operating Data of Automotive China JVs Automotive China JVs' net sales $ 5,833 $ 8,992 Automotive China JVs' net income (loss) $ 123 $ 505 |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2023 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities Consolidated VIEs Automotive Financing – GM Financial GM Financial uses special purpose entities (SPEs) that are considered VIEs to issue variable funding notes to third party, bank-sponsored warehouse facilities or asset-backed securities to investors in securitization transactions. The debt issued by these VIEs is backed by finance receivables and leasing-related assets transferred to the VIEs (Securitized Assets). GM Financial determined that it is the primary beneficiary of the SPEs because the servicing responsibilities for the Securitized Assets give GM Financial the power to direct the activities that most significantly impact the performance of the VIEs and the variable interests in the VIEs give GM Financial the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The assets of the VIEs serve as the sole source of repayment for the debt issued by these entities. Investors in the notes issued by the VIEs do not have recourse to GM Financial or its other assets, with the exception of customary representation and warranty repurchase provisions and indemnities that GM Financial provides as the servicer. GM Financial is not required to provide additional financial support to these SPEs. While these subsidiaries are included in GM Financial's condensed consolidated financial statements, they are separate legal entities and the finance receivables, lease-related assets and cash held by them are legally owned by them and are not available to GM Financial's creditors or creditors of GM Financial's other subsidiaries. The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs: March 31, 2023 December 31, 2022 Restricted cash – current $ 2,271 $ 2,176 Restricted cash – non-current $ 367 $ 360 GM Financial receivables, net of fees – current $ 17,968 $ 19,896 GM Financial receivables, net of fees – non-current $ 20,031 $ 18,748 GM Financial equipment on operating leases, net $ 16,414 $ 18,456 GM Financial short-term debt and current portion of long-term debt $ 19,903 $ 21,643 GM Financial long-term debt $ 21,410 $ 20,545 GM Financial recognizes finance charge, leased vehicle and fee income on the Securitized Assets and interest expense on the secured debt issued in a securitization transaction and records a provision for loan losses to recognize loan losses expected over the remaining life of the finance receivables. Nonconsolidated VIEs Automotive Nonconsolidated VIEs principally include automotive related operating entities to which we provided financial support to ensure that our supply needs for production are met or are not disrupted. Our variable interests in these nonconsolidated VIEs include equity investments, accounts and loans receivable, committed financial support and other off-balance sheet arrangements. The carrying amounts of assets were approximately $1.9 billion and $1.6 billion and liabilities were insignificant related to our nonconsolidated VIEs at March 31, 2023 and December 31, 2022. Our maximum exposure to loss as a result of our involvement with these VIEs was approximately $3.3 billion, inclusive of approximately $1.2 billion and $1.4 billion in committed capital contributions to Ultium Cells Holdings LLC, at March 31, 2023 and December 31, 2022. Our maximum exposure to loss, and required capital contributions, could vary depending on Ultium Cells Holdings LLC's requirements and access to capital. We currently lack the power through voting or similar rights to direct the activities of these entities that most significantly affect their economic performance. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Automotive The following table presents debt in our automotive operations: March 31, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 134 $ 134 $ 124 $ 123 Unsecured debt(a) 15,799 15,171 17,340 16,323 Finance lease liabilities 421 429 381 381 Total automotive debt(b) $ 16,354 $ 15,734 $ 17,844 $ 16,828 Fair value utilizing Level 1 inputs $ 14,837 $ 15,971 Fair value utilizing Level 2 inputs $ 897 $ 857 Available under credit facility agreements(c) $ 13,526 $ 15,095 Weighted-average interest rate on outstanding short-term debt(d) 9.5 % 6.1 % Weighted-average interest rate on outstanding long-term debt(d) 5.8 % 5.8 % __________ (a) Primarily consists of senior notes. (b) Includes net discount and debt issuance costs of $531 million and $525 million at March 31, 2023 and December 31, 2022. (c) Excludes our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial. (d) Includes coupon rates on debt denominated in various foreign currencies and interest free loans. In March 2023, we redeemed our $1.5 billion, 4.875% senior unsecured notes with a maturity date of October 2023 and recorded an insignificant loss. Also, in March 2023, we renewed and reduced the total borrowing capacity of our five-year, $11.2 billion facility to $10.0 billion, which now matures March 31, 2028. We also renewed and reduced the total borrowing capacity of our three-year, $4.3 billion facility to $4.1 billion, which now matures March 31, 2026, and renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 30, 2024. The renewed credit facilities are based on Term Secured Overnight Financing Rate (Term SOFR) whereas the previous credit facilities were based on the London Interbank Offered Rate (LIBOR). GM Financial The following table presents debt of GM Financial: March 31, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 41,253 $ 40,773 $ 42,131 $ 41,467 Unsecured debt 56,814 55,009 54,723 52,270 Total GM Financial debt $ 98,067 $ 95,782 $ 96,854 $ 93,738 Fair value utilizing Level 2 inputs $ 93,799 $ 91,545 Fair value utilizing Level 3 inputs $ 1,983 $ 2,192 Secured debt consists of revolving credit facilities and securitization notes payable. Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 8 to our condensed consolidated financial statements for additional information on GM Financial's involvement with VIEs. In the three months ended March 31, 2023, GM Financial renewed revolving credit facilities with total borrowing capacity of $1.8 billion and issued $5.1 billion in aggregate principal amount of securitization notes payable with an initial weighted-average interest rate of 5.25% and maturity dates ranging from 2027 to 2032. Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the three months ended March 31, 2023, GM Financial issued $3.2 billion in aggregate principal amount of senior notes with an initial weighted-average interest rate of 5.41% and maturity dates ranging from 2026 to 2033. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Automotive The following table presents the notional amounts of derivative financial instruments in our automotive operations: Fair Value Level March 31, 2023 December 31, 2022 Derivatives not designated as hedges(a) Foreign currency 2 $ 3,176 $ 4,072 Commodity 2 901 1,075 Total derivative financial instruments $ 4,077 $ 5,148 __________ (a) The fair value of these derivative instruments at March 31, 2023 and December 31, 2022 and the gains/losses included in our condensed consolidated income statements for the three months ended March 31, 2023 and 2022 were insignificant, unless otherwise noted. GM Financial The following table presents the gross fair value amounts of GM Financial's derivative financial instruments and the associated notional amounts: Fair Value Level March 31, 2023 December 31, 2022 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Derivatives designated as hedges(a) Fair value hedges Interest rate swaps 2 $ 16,559 $ 8 $ 334 $ 19,950 $ — $ 821 Cash flow hedges Interest rate swaps 2 1,637 33 3 1,434 34 1 Foreign currency swaps(b) 2 8,013 3 497 6,852 — 586 Derivatives not designated as hedges(a) Interest rate contracts 2 114,353 1,924 2,073 113,975 2,268 1,984 Total derivative financial instruments(c) $ 140,562 $ 1,968 $ 2,907 $ 142,212 $ 2,302 $ 3,392 __________ (a) The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three months ended March 31, 2023 and 2022 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities. (b) The effect of foreign currency cash flow hedges in the consolidated statements of comprehensive income include an insignificant gain and an insignificant loss recognized in Accumulated other comprehensive loss, and an insignificant gain and a $149 million loss reclassified from Accumulated other comprehensive loss into income for the three months ended March 31, 2023 and 2022. (c) GM Financial held $480 million and $553 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted $1.2 billion and $1.5 billion of collateral to counterparties available for netting against GM Financial's liability positions at March 31, 2023 and December 31, 2022. The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including quoted prices of similar instruments and foreign exchange and interest rate forward curves. The following amounts were recorded in the condensed consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships: March 31, 2023 December 31, 2022 Carrying Amount of Hedged Items Cumulative Amount of Fair Value Hedging Adjustments(a) Carrying Amount of Hedged Items Cumulative Amount of Fair Value Hedging Adjustments(a) Short-term unsecured debt $ 3,712 $ (12) $ 3,048 $ 2 Long-term unsecured debt 25,545 764 25,271 779 GM Financial unsecured debt $ 29,257 $ 752 $ 28,319 $ 781 __________ (a) Includes $470 million of unamortized losses and an insignificant amount remaining on hedged items for which hedge accounting has been discontinued at March 31, 2023 and December 31, 2022. |
Product Warranty and Related Li
Product Warranty and Related Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Product Warranty and Related Liabilities | Product Warranty and Related Liabilities Three Months Ended March 31, 2023 March 31, 2022 Product Warranty and Related Liabilities Warranty balance at beginning of period $ 8,530 $ 9,774 Warranties issued and assumed in period – recall campaigns 236 132 Warranties issued and assumed in period – product warranty 490 461 Payments (1,058) (1,077) Adjustments to pre-existing warranties 279 (5) Effect of foreign currency and other 5 17 Warranty balance at end of period 8,482 9,302 Less: Supplier recoveries balance at end of period(a) 1,157 2,025 Warranty balance, net of supplier recoveries at end of period $ 7,325 $ 7,277 __________ (a) The current portion of supplier recoveries is recorded in Accounts and notes receivable, net of allowance and the non-current portion is recorded in Other assets. Three Months Ended March 31, 2023 March 31, 2022 Product Warranty Expense, Net of Recoveries Warranties issued and assumed in period $ 726 $ 593 Supplier recoveries accrued in period (44) (57) Adjustments and other 284 12 Warranty expense, net of supplier recoveries $ 966 $ 548 We estimate our reasonably possible loss in excess of amounts accrued for recall campaigns to be insignificant at March 31, 2023. Refer to Note 13 to our condensed consolidated financial statements for more details. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 44 $ 42 $ 2 $ 58 $ 35 $ 4 Interest cost 568 161 59 323 76 37 Expected return on plan assets (730) (168) — (750) (139) — Amortization of prior service cost (credit) (1) 1 — (1) 1 (1) Amortization of net actuarial (gains) losses — 8 (6) 5 35 17 Net periodic pension and OPEB (income) expense $ (119) $ 44 $ 55 $ (365) $ 8 $ 57 The non-service cost components of net periodic pension and other postretirement benefits (OPEB) income of $86 million and $376 million in the three months ended March 31, 2023 and 2022 are presented in Interest income and other non-operating income, net. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation-Related Liability and Tax Administrative Matters In the normal course of our business, we are named from time to time as a defendant in various legal actions, including arbitrations, class actions and other litigation. We identify below the material individual proceedings and investigations where we believe a material loss is reasonably possible or probable. We accrue for matters when we believe that losses are probable and can be reasonably estimated. At March 31, 2023 and December 31, 2022, we had accruals of $1.1 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, while we believe that appropriate accruals have been established for losses that are probable and can be reasonably estimated, it is possible that adverse outcomes from such proceedings could exceed the amounts accrued by an amount that could be material to our results of operations or cash flows in any particular reporting period. GM Korea Subcontract Workers Litigation GM Korea Company (GM Korea) is party to litigation with current and former subcontract workers over allegations that they are entitled to the same wages and benefits provided to full-time employees, and to be hired as full-time employees. In May 2018 and September 2020, the Korean labor authorities issued adverse administrative orders finding that GM Korea must hire certain current subcontract workers as full-time employees. GM Korea appealed the May 2018 and September 2020 orders. Since June 2020, the Seoul High Court (an intermediate-level appellate court) ruled against GM Korea in eight subcontract worker cases. Although GM Korea has appealed these decisions to the Supreme Court of the Republic of Korea (Korea Supreme Court), GM Korea has since hired certain of its subcontract workers as full-time employees. At March 31, 2023, our accrual covering certain asserted claims and claims that we believe are probable of assertion and for which liability is probable was approximately $261 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 $94 million at March 31, 2023. We are currently unable to estimate any reasonably possible material loss or range of loss that may result from additional claims that may be asserted by former subcontract workers. Other Litigation-Related Liability and Tax Administrative Matters Various other legal actions, including class actions, governmental investigations, claims and proceedings are pending against us or our related companies or joint ventures, including, but not limited to, matters arising out of alleged product defects; employment-related matters; product and workplace safety, vehicle emissions and fuel economy regulations; product warranties; financial services; dealer, supplier and other contractual relationships; government regulations relating to competition issues; tax-related matters not subject to the provision of Accounting Standards Codification 740, "Income Taxes" (indirect tax-related matters); product design, manufacture and performance; consumer protection laws; and environmental protection laws, including laws regulating air emissions, water discharges, waste management and environmental remediation from stationary sources. We also from time to time receive subpoenas and other inquiries or requests for information from agencies or other representatives of U.S. federal, state and foreign governments on a variety of issues. There ar e several putat ive class actions pending against GM in 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 currently unable to estimate any reasonably possible material loss or range of loss that may result from these actions. GM has also faced a series of additional lawsuits in the U.S. based on these allegations, including a shareholder demand lawsuit that remains pending. There are several putative class actions and one certified class action pending against GM in federal courts in the U.S. alleging that various 2011-2014 model year vehicles are defective because they excessively consume oil. While many of these proceedings have been dismissed or have been settled for insignificant amounts, several remain outstanding, and in October 2022, we received an adverse jury verdict in the certified class action proceeding involving three states. We do not believe that the verdict is supported by the evidence and plan to pursue post-trial motions and, if necessary, appeal. We are currently unable to estimate any reasonably possible material loss or range of loss that may result from the putative class action proceedings and have previously accrued an immaterial amount related to the certified class action proceeding. There is one putative class action and one certified class action pending against GM in federal court in the U.S. alleging that various 2015-2022 model year vehicles are defective because they are equipped with faulty 8-speed transmissions. In March 2023, the judge overseeing the class action concerning 2015-2019 model year vehicles certified 26 state subclasses. The putative class action concerning 2020-2022 model year vehicles is pending in front of a different judge that has not yet addressed class certification. We are currently unable to estimate any reasonably possible material loss or range of loss that may result from these proceedings. There is a class action pending against GM in federal court in the U.S., and a putative class action in provincial court in Canada, alleging that 2011-2016 model year Duramax Diesel Chevrolet Silverado and GMC Sierra vehicles are equipped with defective fuel pumps that are prone to failure. In March 2023, the federal court certified seven state subclasses. We are currently unable to estimate any reasonably possible material loss or range of loss that may result from these proceedings. Beyond the class action litigations disclosed, we have several other class action litigations pending at any given time. Historically, relatively few classes have been certified in these types of cases. Therefore, we will generally only disclose specific class actions if a class is certified and we believe there is a reasonably possible material exposure to the Company. We are currently in discussions with the Environmental Protection Agency regarding potential adjustments to our balance of greenhouse gas credits. Depending on the outcome of those discussions, it is reasonably possible that the costs associated with these matters could be material, but we are unable to provide an estimate of the cost at this time. Indirect tax-related matters are being litigated globally pertaining to value added taxes, customs, duties, sales, property taxes and other non-income tax-related tax exposures. The various non-U.S. labor-related matters include claims from current and former employees related to alleged unpaid wage, benefit, severance and other compensation matters. Certain administrative proceedings are indirect tax-related and may require that we deposit funds in escrow or provide an alternative form of security. Some of the matters may involve compensatory, punitive or other treble damage claims, environmental remediation programs or sanctions that, if granted, could require us to pay damages or make other expenditures in amounts that could not be reasonably estimated at March 31, 2023. For indirect tax-related matters, we estimate our reasonably possible loss in excess of amounts accrued to be up to approximately $950 million at March 31, 2023. Takata Matters In November 2020, the National Highway Traffic Safety Administration (NHTSA) directed that we replace the Takata Corporation (Takata) airbag inflators in our GMT900 vehicles, which are full-size pickup trucks and sport utility vehicles (SUVs), and we decided not to contest NHTSA's decision. While we have already begun the process of executing the recall, given the number of vehicles in this population, the recall will take several years to be completed. Accordingly, in the year ended December 31, 2020, we recorded a warranty accrual of $1.1 billion for the expected costs of complying with the recall remedy, and we believe the currently accrued amount remains reasonable. GM has recalled certain vehicles sold outside of the U.S. to replace Takata inflators in those vehicles. There are significant differences in vehicle and inflator design between the relevant vehicles sold internationally and those sold in the U.S. We continue to gather and analyze evidence about these inflators and to share our findings with regulators. Any additional recalls relating to these inflators could be material to our results of operations and cash flows. There are several putative class actions that have been filed against GM, including in the federal courts in the U.S., in the Provincial Courts in Canada, and in Mexico, arising out of allegations that airbag inflators manufactured by Takata are defective. In March 2023, a federal court overseeing a putative class action against GM issued a final judgment in favor of GM on all claims in eight states at issue in that proceeding. At this stage of these proceedings, we are unable to provide an estimate of the amounts or range of reasonably possible material loss. Chevrolet Bolt Recall In July 2021, we initiated a voluntary recall for certain 2017-2019 model year Chevrolet Bolt EVs due to the risk that two manufacturing defects present in the same battery cell could cause a high voltage battery fire in certain of these vehicles. Accordingly, in the three months ended June 30, 2021, we recorded a warranty accrual of $812 million. After further investigation into the manufacturing processes at our battery supplier, LG Energy Solution (LG), and disassembling battery packs, we determined that the risk of battery cell defects was not confined to the initial recall population. As a result, in August 2021, we expanded the recall to include all 2017-2022 model year Chevrolet Bolt EV and Electric Utility Vehicles (EUVs) and recorded an additional warranty accrual of $1.2 billion in the three months ended September 30, 2021. In October 2021, we reached an agreement with LG, under which LG will reimburse GM for costs and expenses associated with the recall. As a result, in the three months ended September 30, 2021, we recognized a receivable of $1.9 billion, which substantially offsets the warranty charges we recognized in connection with the recall. These charges reflect our current best estimate for the cost of the recall remedy. The actual costs of the recall and GM's associated recovery from LG could be materially higher or lower. For 2017-2019 model year vehicles, the recall remedy will be to replace the high voltage battery modules in these vehicles with new modules. For 2020-2022 model year vehicles, the recall remedy will be to replace any defective high voltage battery modules in these vehicles with new modules. In addition, putative class actions have been filed against GM in federal courts in the U.S. and in the Provincial Courts in Canada alleging that the batteries contained in the Bolt EVs and EUVs included in the recall population are defective. At this stage of these proceedings, we are unable to provide an estimate of the amounts or range of reasonably possible material loss. Opel/Vauxhall Sale In 2017, we sold the Opel and Vauxhall businesses and certain other assets in Europe (the Opel/Vauxhall Business) to PSA Group, now Stellantis N.V. (Stellantis), under a Master Agreement (the Agreement). We also sold the European financing subsidiaries and branches to Banque PSA Finance S.A. and BNP Paribas Personal Finance S.A. Although the sale reduced our new vehicle presence in Europe, we may still be impacted by actions taken by regulators related to vehicles sold before the sale. General Motors Holdings LLC agreed, on behalf of our wholly owned subsidiary (the Seller), to indemnify Stellantis for certain losses resulting from any inaccuracy of the representations and warranties or breaches of our covenants included in the Agreement and for certain other liabilities, including costs related to certain emissions claims, product liabilities and recalls. We are unable to estimate any reasonably possible material loss or range of loss that may result from these actions either directly or through an indemnification claim from Stellantis. Certain of these indemnification obligations are subject to time limitations, thresholds and/or caps as to the amount of required payments. Currently, various consumer lawsuits have been filed against the Seller and Stellantis in Germany, the United Kingdom and the Netherlands alleging that Opel and Vauxhall vehicles sold by the Seller violated applicable emissions standards. In addition, we indemnified Stellantis for an immaterial amount for certain recalls that Stellantis has conducted or will conduct, including recalls in certain geographic locations that Stellantis intends to conduct related to Takata inflators in legacy Opel vehicles. We may in the future be required to further indemnify Stellantis relating to its Takata recalls, but we believe such further indemnification to be remote at this time. Product Liability We recorded liabilities of $570 million and $561 million in Accrued liabilities and Other liabilities at March 31, 2023 and December 31, 2022 for the expected cost of all known product liability claims, plus an estimate of the expected cost for product liability claims that have already been incurred and are expected to be filed in the future for which we are self-insured. It is reasonably possible that our accruals for product liability claims may increase in future periods in material amounts, although we cannot estimate a reasonable range of incremental loss based on currently available information. We believe that any judgment against us involving our products for actual damages will be adequately covered by our recorded accruals and, where applicable, excess liability insurance coverage. Guarantees We enter into indemnification agreements for liability claims involving products manufactured primarily by certain joint ventures. These guarantees terminate in years ranging from 2023 to 2028, or upon the occurrence of specific events or are ongoing. We believe that the related potential costs incurred are adequately covered by our recorded accruals, which are insignificant. The maximum future undiscounted payments mainly based on royalties received associated with vehicles sold to date were $3.2 billion and $3.1 billion for these guarantees at March 31, 2023 and December 31, 2022, the majority of which relates to the indemnification agreements. We provide payment guarantees on commercial loans outstanding with third parties such as dealers. In some instances, certain assets of the party or our payables to the party whose debt or performance we have guaranteed may offset, to some degree, the amount of any potential future payments. We are also exposed to residual value guarantees associated with certain sales to rental car companies. We p eriodically enter into agreements that incorporate indemnification provisions in the normal course of business. It is not possible to estimate our maximum exposure under these indemnifications or guarantees due to the conditional nature of these obligations. Insignificant amounts have been recorded for such obligations as the majority of them are not probable or estimable at this time and the fair value of the guarantees at issuance was insignificant. Refer to the Opel/Vauxhall Sale section of this note for additional information on our indemnification obligations to Stellantis under the Agreement. Supplier Finance Programs Third-party finance providers offer certain suppliers the option for payment in advance of their invoice due date through financing programs that we established. We retain our obligation to the participating suppliers, and we make payments directly to the third-party finance providers on the original invoice due date pursuant to the original invoice terms. There are no assets pledged as security or other forms of guarantees provided for committed payments. Our outstanding eligible balances under our supplier finance programs are $1.1 billion and $852 million at March 31, 2023 and December 31, 2022, which are recorded in Accounts payable (principally trade). |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes In the three months ended March 31, 2023, Income tax expense of $428 million was primarily due to tax expense attributable to entities included in our effective tax rate calculation. In the three months ended March 31, 2022, Income tax benefit of $28 million was primarily due to tax expense attributable to entities included in our effective tax rate calculation, offset by the release of a valuation allowance against certain Cruise deferred tax assets that were considered realizable due to the reconsolidation of Cruise for U.S. tax purposes. |
Restructuring and Other Initiat
Restructuring and Other Initiatives | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Initiatives | Restructuring and Other Initiatives We have executed various restructuring and other initiatives and we may execute additional initiatives in the future, if necessary, to streamline manufacturing capacity and reduce other costs to improve the utilization of remaining facilities. To the extent these programs involve voluntary separations, a liability is generally recorded at the time offers to employees are accepted. To the extent these programs provide separation benefits in accordance with pre-existing agreements, a liability is recorded once the amount is probable and reasonably estimable. If employees are involuntarily terminated, a liability is generally recorded at the communication date. Related charges are recorded in Automotive and other cost of sales and Automotive and other selling, general and administrative expense. The following table summarizes the reserves and charges related to restructuring and other initiatives, including postemployment benefit reserves and charges: Three Months Ended March 31, 2023 March 31, 2022 Balance at beginning of period $ 520 $ 285 Additions, interest accretion and other 980 (2) Payments (51) (104) Revisions to estimates and effect of foreign currency — (9) Balance at end of period $ 1,450 $ 171 In the three months ended March 31, 2023, restructuring and other initiatives included strategic activities in GMNA related to Buick dealerships. We recorded charges of $99 million, which are included in the table above, and incurred $39 million in net cash outflows resulting from these dealer restructurings in the three months ended March 31, 2023, in addition to the charges of $511 million and net cash outflows of $120 million in the year ended December 31, 2022. The remaining $451 million is expected to be paid by the end of 2023. Additionally, on March 9, 2023, we announced a voluntary separation program (VSP) to accelerate attrition related to the cost reduction program announced in January 2023. We recorded charges in GMNA of $875 million in the three months ended March 31, 2023, primarily related to employee separation charges, which are reflected in the table above. We expect cash outflows related to these activities of approximately $875 million to be substantially complete by the end of 2023. |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity and Noncontrolling Interests | Stockholders' Equity and Noncontrolling Interests We have 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance. We had no shares of preferred stock issued and outstanding at March 31, 2023 and December 31, 2022. We had 1.4 billion shares of common stock issued and outstanding at March 31, 2023 and December 31, 2022. Common Stock Holders of our common stock are entitled to dividends at the sole discretion of our Board of Directors. Our dividends declared per common share were $0.09 and our total dividends paid on common stock were $126 million for the three months ended March 31, 2023. Dividends were not declared or paid on our common stock for the three months ended March 31, 2022. In August 2022, our Board of Directors increased the capacity under our previously announced common stock repurchase program to $5.0 billion from the $3.3 billion that remained under the program as of June 30, 2022. In the three months ended March 31, 2023, we purchased 9 million shares of our outstanding common stock for $369 million as part of the program, inclusive of an insignificant amount of excise tax related to the Inflation Reduction Act of 2022. We did not purchase shares of our outstanding common stock in the three months ended March 31, 2022. Cruise Preferred Shares In March 2022, under the Share Purchase Agreement, we acquired SoftBank Vision Fund (AIV M2) L.P.'s (together with its affiliates, SoftBank) Cruise Class A-1, Class F and Class G Preferred Shares for $2.1 billion and made an additional $1.35 billion investment in Cruise in place of SoftBank. SoftBank no longer has an ownership interest in or has any rights with respect to Cruise. Cruise Common Shares During the three months ended March 31, 2023, GM Cruise Holdings LLC (Cruise Holdings) issued $95 million of Class B Common Shares to net settle vested awards under Cruise's 2018 Employee Incentive Plan and issued $56 million of Class B Common Shares to fund the payment of statutory tax withholding obligations resulting from the settlement or exercise of vested awards. Also, GM conducted a quarterly tender offer, and paid $75 million in cash to purchase tendered Cruise Class B Common Shares during the three months ended March 31, 2023. The Class B Common Shares are classified as noncontrolling interests in our condensed consolidated financial statements except for certain shares that are liability classified that have a recorded value of approximately $60 million at both March 31, 2023 and December 31, 2022. Refer to Note 18 for additional information on Cruise stock incentive awards. During the three months ended March 31, 2023 and 2022, the effect on the equity attributable to us for changes in our ownership interest in Cruise was insignificant. For the three months ended March 31, 2023 and 2022, net income attributable to shareholders and transfers to the noncontrolling interest in Cruise and other subsidiaries was $2.4 billion and $2.0 billion, which in 2022 included a $909 million decrease in retained earnings due to the redemption of Cruise preferred shares. The following table summarizes the significant components of Accumulated other comprehensive loss: Three Months Ended March 31, 2023 March 31, 2022 Foreign Currency Translation Adjustments Balance at beginning of period $ (2,776) $ (2,653) Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b) 164 397 Balance at end of period $ (2,611) $ (2,256) Defined Benefit Plans Balance at beginning of period $ (4,851) $ (6,528) Other comprehensive income (loss) before reclassification adjustment, net of tax(b) (39) 52 Reclassification adjustment, net of tax(b) 4 51 Other comprehensive income (loss), net of tax(b) (35) 103 Balance at end of period(c) $ (4,886) $ (6,425) __________ (a) The noncontrolling interests and reclassification adjustment were insignificant in the three months ended March 31, 2023 and 2022. (b) The income tax effect was insignificant in the three months ended March 31, 2023 and 2022. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Three Months Ended March 31, 2023 March 31, 2022 Basic earnings per share Net income (loss) attributable to stockholders $ 2,395 $ 2,939 Less: cumulative dividends on subsidiary preferred stock(a) (27) (952) Net income (loss) attributable to common stockholders $ 2,369 $ 1,987 Weighted-average common shares outstanding 1,396 1,458 Basic earnings per common share $ 1.70 $ 1.36 Diluted earnings per share Net income (loss) attributable to common stockholders – diluted $ 2,369 $ 1,987 Weighted-average common shares outstanding – basic 1,396 1,458 Dilutive effect of awards under stock incentive plans 6 12 Weighted-average common shares outstanding – diluted 1,402 1,470 Diluted earnings per common share $ 1.69 $ 1.35 Potentially dilutive securities(b) 22 6 __________ (a) Includes a $909 million deemed dividend related to the redemption of Cruise preferred shares from SoftBank in the three months ended March 31, 2022. (b) Potentially dilutive securities attributable to outstanding stock options, Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) at March 31, 2023 and outstanding stock options and RSUs at March 31, 2022 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect. |
Stock Incentive Plans
Stock Incentive Plans | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans Cruise Stock Incentive Awards In March 2022, Cruise modified its RSUs that settle in Cruise common stock to remove the liquidity vesting condition such that all granted RSU awards vest solely upon satisfactions of a service condition. Total compensation expense related to Cruise Holdings' share-based awards was $103 million in the three months ended March 31, 2023 and $1.2 billion in the three months ended March 31, 2022, which in 2022 primarily represents the impact of the modification to outstanding awards. GM conducted a quarterly tender offer and paid $75 million in cash to purchase tendered Cruise Class B Common Shares during the three months ended March 31, 2023. No cash was paid to settle share-based awards in the three months ended March 31, 2022. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We analyze the results of our business through the following reportable segments: GMNA, GMI, Cruise and GM Financial. The chief operating decision-maker evaluates the operating results and performance of our automotive segments and Cruise through earnings before interest and income taxes (EBIT)-adjusted, which is presented net of noncontrolling interests. The chief operating decision-maker evaluates GM Financial through earnings before income taxes (EBT)-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment. Each segment has a manager responsible for executing our strategic initiatives. While not all vehicles within a segment are individually profitable on a fully allocated cost basis, those vehicles attract customers to dealer showrooms and help maintain sales volumes for other, more profitable vehicles and contribute towards meeting required fuel efficiency standards. As a result of these and other factors, we do not manage our business on an individual brand or vehicle basis. Substantially all of the trucks, crossovers, cars and automobile parts produced are marketed through retail dealers in North America and through distributors and dealers outside of North America, the substantial majority of which are independently owned. In addition to the products sold to dealers for consumer retail sales, trucks, crossovers and cars are also sold to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies and governments. Fleet sales are completed through the dealer network and in some cases directly with fleet customers. Retail and fleet customers can obtain a wide range of after-sale vehicle services and products through the dealer network, such as maintenance, light repairs, collision repairs, vehicle accessories and extended service warranties. GMNA meets the demands of customers in North America and GMI primarily meets the demands of customers outside North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet and GMC brands. We also have equity ownership stakes in entities that meet the demands of customers in other countries, primarily China, with vehicles developed, manufactured and/or marketed under the Baojun, Buick, Cadillac, Chevrolet and Wuling brands. Cruise is our global segment responsible for the development and commercialization of AV technology, and includes AV-related engineering and other costs. We provide automotive financing services through our GM Financial segment. Our automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain nonsegment specific revenues and expenses are recorded centrally in Corporate. Corporate assets primarily consist of cash and cash equivalents, marketable debt securities and intersegment balances. All intersegment balances and transactions have been eliminated in consolidation. The following tables summarize key financial information by segment: At and For the Three Months Ended March 31, 2023 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 32,889 $ 3,727 $ 31 $ 36,646 $ 25 $ 3,343 $ (29) $ 39,985 Earnings (loss) before interest and taxes-adjusted $ 3,576 $ 347 $ (327) $ 3,596 $ (561) $ 771 $ (3) $ 3,803 Adjustments(a) $ (974) $ — $ — $ (974) $ — $ — $ — (974) Automotive interest income 229 Automotive interest expense (234) Net income (loss) attributable to noncontrolling interests (49) Income (loss) before income taxes 2,775 Income tax benefit (expense) (428) Net income (loss) 2,346 Net loss (income) attributable to noncontrolling interests 49 Net income (loss) attributable to stockholders $ 2,395 Equity in net assets of nonconsolidated affiliates $ 2,000 $ 6,817 $ — $ — $ 8,818 $ — $ 1,725 $ — $ 10,542 Goodwill and intangibles $ 2,154 $ 732 $ 4 $ — $ 2,890 $ 728 $ 1,350 $ — $ 4,968 Total assets $ 144,903 $ 24,992 $ 40,880 $ (69,676) $ 141,098 $ 5,217 $ 122,789 $ (2,099) $ 267,004 Depreciation and amortization $ 1,428 $ 122 $ 5 $ — $ 1,555 $ 4 $ 1,251 $ — $ 2,810 Impairment charges $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity income (loss)(b) $ (46) $ 81 $ — $ — $ 34 $ — $ 41 $ — $ 75 __________ (a) Consists of charges for strategic activities related to Buick dealerships and charges related to the VSP in GMNA. (b) Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. In the three months ended March 31, 2023, equity earnings related to Ultium Cells Holdings LLC were insignificant. At and For the Three Months Ended March 31, 2022 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 29,456 $ 3,313 $ 53 $ 32,823 $ 26 $ 3,156 $ (26) $ 35,979 Earnings (loss) before interest and taxes-adjusted $ 3,141 $ 328 $ (387) $ 3,082 $ (325) $ 1,284 $ 4 $ 4,044 Adjustments(a) $ 100 $ — $ — $ 100 $ (1,057) $ — $ — (957) Automotive interest income 50 Automotive interest expense (226) Net income (loss) attributable to noncontrolling interests (131) Income (loss) before income taxes 2,779 Income tax benefit (expense) 28 Net income (loss) 2,807 Net loss (income) attributable to noncontrolling interests 131 Net income (loss) attributable to stockholders $ 2,939 Equity in net assets of nonconsolidated affiliates $ 1,217 $ 7,406 $ — $ — $ 8,623 $ — $ 1,779 $ — $ 10,402 Goodwill and intangibles $ 2,213 $ 765 $ — $ — $ 2,978 $ 733 $ 1,346 $ — $ 5,058 Total assets $ 126,454 $ 24,612 $ 35,696 $ (55,702) $ 131,060 $ 6,310 $ 115,312 $ (1,190) $ 251,492 Depreciation and amortization $ 1,504 $ 134 $ 5 $ — $ 1,643 $ 12 $ 1,236 $ — $ 2,891 Impairment charges $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity income (loss) $ 6 $ 232 $ — $ — $ 238 $ — $ 54 $ — $ 292 __________ |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Basis of Accounting | General Motors Company (sometimes referred to in this Quarterly Report on Form 10-Q as we, our, us, ourselves, the Company, General Motors or GM) designs, builds and sells trucks, crossovers, cars and automobile parts and provides software-enabled services and subscriptions worldwide. Additionally, we are investing in and growing an autonomous vehicle (AV) business. We also provide automotive financing services through General Motors Financial Company, Inc. (GM Financial). We analyze the results of our operations through the following segments: GM North America (GMNA), GM International (GMI), Cruise, and GM Financial. Cruise is our global segment responsible for the development and commercialization of AV technology. Nonsegment operations are classified as Corporate. Corporate includes certain centrally recorded income and costs such as interest, income taxes, corporate expenditures and certain nonsegment-specific revenues and expenses. The condensed consolidated financial statements are prepared in conformity with U.S. GAAP pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2022 Form 10-K. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding. Throughout this report, we refer to General Motors Company and its consolidated subsidiaries in a simplified manner and on a collective basis, using words like "we," "our," "us" and "the Company." This drafting style is suggested by the SEC and is not meant to indicate that General Motors Company, the publicly traded parent company, or any particular subsidiary of the parent company, owns or operates any particular asset, business or property. The operations and businesses described in this report are owned and operated by distinct subsidiaries of General Motors Company. |
Principles of Consolidation | Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. All intercompany balances and transactions are eliminated in consolidation. Our share of earnings or losses of nonconsolidated affiliates is included in our consolidated operating results using the equity method of accounting when we are able to exercise significant influence over the operating and financial decisions of the affiliate. |
GM Financial | GM Financial The amounts presented for GM Financial are adjusted to reflect the impact on GM Financial's deferred tax positions and provision for income taxes resulting from the inclusion of GM Financial in our consolidated tax return and to eliminate the effect of transactions between GM Financial and the other members of the consolidated group. Accordingly, the amounts presented will differ from those presented by GM Financial on a stand-alone basis. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue by Major Source | The following table disaggregates our revenue by major source: Three Months Ended March 31, 2023 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Vehicle, parts and accessories $ 31,876 $ 3,342 $ 9 $ 35,227 $ — $ — $ — $ 35,227 Used vehicles 175 5 — 180 — — — 180 Services and other 837 380 22 1,239 25 — (25) 1,239 Automotive net sales and revenue 32,889 3,727 31 36,646 25 — (25) 36,646 Leased vehicle income — — — — — 1,818 — 1,818 Finance charge income — — — — — 1,368 (3) 1,366 Other income — — — — — 156 (1) 155 GM Financial net sales and revenue — — — — — 3,343 (4) 3,339 Net sales and revenue $ 32,889 $ 3,727 $ 31 $ 36,646 $ 25 $ 3,343 $ (29) $ 39,985 Three Months Ended March 31, 2022 GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total Vehicle, parts and accessories $ 28,572 $ 3,014 $ 5 $ 31,591 $ — $ — $ — $ 31,591 Used vehicles 75 5 — 80 — — — 80 Services and other 809 295 48 1,152 26 — (25) 1,153 Automotive net sales and revenue 29,456 3,313 53 32,823 26 — (25) 32,824 Leased vehicle income — — — — — 2,066 — 2,066 Finance charge income — — — — — 1,010 — 1,010 Other income — — — — — 80 (1) 79 GM Financial net sales and revenue — — — — — 3,156 (1) 3,155 Net sales and revenue $ 29,456 $ 3,313 $ 53 $ 32,823 $ 26 $ 3,156 $ (26) $ 35,979 |
Marketable and Other Securiti_2
Marketable and Other Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Marketable Securities [Abstract] | |
Schedule of Fair Value of Cash Equivalents and Marketable Securities | The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost: Fair Value Level March 31, 2023 December 31, 2022 Cash and cash equivalents Cash and time deposits $ 9,521 $ 8,921 Available-for-sale debt securities U.S. government and agencies 2 126 1,012 Corporate debt 2 1,712 2,778 Sovereign debt 2 823 1,828 Total available-for-sale debt securities – cash equivalents 2,661 5,618 Money market funds 1 6,045 4,613 Total cash and cash equivalents(a) $ 18,227 $ 19,153 Marketable debt securities U.S. government and agencies 2 $ 4,174 $ 4,357 Corporate debt 2 4,375 5,147 Mortgage and asset-backed 2 552 538 Sovereign debt 2 880 2,108 Total available-for-sale debt securities – marketable securities(b) $ 9,981 $ 12,150 Restricted cash Cash and cash equivalents $ 335 $ 341 Money market funds 1 2,579 2,455 Total restricted cash $ 2,914 $ 2,796 Available-for-sale debt securities included above with contractual maturities(c) Due in one year or less $ 6,079 Due between one and five years 5,901 Total available-for-sale debt securities with contractual maturities $ 11,979 __________ (a) Includes $1.9 billion and $1.5 billion in Cruise at March 31, 2023 and December 31, 2022. (b) Includes $612 million and $1.4 billion in Cruise at March 31, 2023 and December 31, 2022. |
Investments Classified by Contractual Maturity Date | The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost: Fair Value Level March 31, 2023 December 31, 2022 Cash and cash equivalents Cash and time deposits $ 9,521 $ 8,921 Available-for-sale debt securities U.S. government and agencies 2 126 1,012 Corporate debt 2 1,712 2,778 Sovereign debt 2 823 1,828 Total available-for-sale debt securities – cash equivalents 2,661 5,618 Money market funds 1 6,045 4,613 Total cash and cash equivalents(a) $ 18,227 $ 19,153 Marketable debt securities U.S. government and agencies 2 $ 4,174 $ 4,357 Corporate debt 2 4,375 5,147 Mortgage and asset-backed 2 552 538 Sovereign debt 2 880 2,108 Total available-for-sale debt securities – marketable securities(b) $ 9,981 $ 12,150 Restricted cash Cash and cash equivalents $ 335 $ 341 Money market funds 1 2,579 2,455 Total restricted cash $ 2,914 $ 2,796 Available-for-sale debt securities included above with contractual maturities(c) Due in one year or less $ 6,079 Due between one and five years 5,901 Total available-for-sale debt securities with contractual maturities $ 11,979 __________ (a) Includes $1.9 billion and $1.5 billion in Cruise at March 31, 2023 and December 31, 2022. (b) Includes $612 million and $1.4 billion in Cruise at March 31, 2023 and December 31, 2022. |
Reconciliation of Cash, Cash Equivalents and Restricted Cash from Balance Sheet to Statements of Cash Flows | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total shown in the condensed consolidated statement of cash flows: March 31, 2023 Cash and cash equivalents $ 18,227 Restricted cash included in Other current assets 2,467 Restricted cash included in Other assets 447 Total $ 21,141 |
GM Financial Receivables and _2
GM Financial Receivables and Transactions (Tables) - GM Financial | 3 Months Ended |
Mar. 31, 2023 | |
Finance Receivables [Line Items] | |
GM Financial Receivables | March 31, 2023 December 31, 2022 Retail Commercial(a) Total Retail Commercial(a) Total GM Financial receivables, net of fees $ 67,704 $ 10,313 $ 78,017 $ 65,322 $ 10,988 $ 76,310 Less: allowance for loan losses (2,123) (29) (2,152) (2,062) (34) (2,096) GM Financial receivables, net $ 65,581 $ 10,283 $ 75,865 $ 63,260 $ 10,954 $ 74,214 Fair value of GM Financial receivables utilizing Level 2 inputs $ 10,283 $ 10,954 Fair value of GM Financial receivables utilizing Level 3 inputs $ 65,165 $ 62,150 __________ (a) Net of dealer cash management balances of $2.2 billion and $1.9 billion at March 31, 2023 and December 31, 2022. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on its floorplan line by making principal payments to GM Financial in advance. |
Allowance for Loan Losses | Three Months Ended March 31, 2023 March 31, 2022 Allowance for loan losses at beginning of period $ 2,096 $ 1,886 Provision for loan losses 131 122 Charge-offs (322) (275) Recoveries 187 177 Effect of foreign currency and other 61 18 Allowance for loan losses at end of period $ 2,152 $ 1,928 |
Intercompany Transactions | The following table shows transactions between our Automotive segments and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income. March 31, 2023 December 31, 2022 Condensed Consolidated Balance Sheets(a) Commercial finance receivables, net due from GM consolidated dealers $ 163 $ 187 Receivables from Cruise $ 151 $ 113 Subvention receivable(b) $ 594 $ 469 Commercial loan funding payable $ 72 $ 105 Three Months Ended March 31, 2023 March 31, 2022 Condensed Consolidated Statements of Income Interest subvention earned on finance receivables $ 279 $ 221 Leased vehicle subvention earned $ 393 $ 547 __________ (a) All balance sheet amounts are eliminated upon consolidation. (b) Our Automotive segments made cash payments to GM Financial for subvention of $749 million and $439 million in the three months ended March 31, 2023 and 2022. |
Retail Finance Receivables | |
Finance Receivables [Line Items] | |
Finance Receivables Credit Quality | The following tables are consolidated summaries of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the retail finance receivables portfolio at March 31, 2023 and December 31, 2022: Year of Origination March 31, 2023 2023 2022 2021 2020 2019 Prior Total Percent Prime – FICO score 680 and greater $ 6,996 $ 20,633 $ 12,223 $ 7,149 $ 1,915 $ 914 $ 49,829 73.6 % Near-prime – FICO score 620 to 679 832 3,012 2,389 1,345 599 322 8,498 12.6 % Sub-prime – FICO score less than 620 835 3,054 2,525 1,443 916 603 9,377 13.8 % Retail finance receivables, net of fees $ 8,663 $ 26,699 $ 17,138 $ 9,936 $ 3,429 $ 1,839 $ 67,704 100.0 % Year of Origination December 31, 2022 2022 2021 2020 2019 2018 Prior Total Percent Prime – FICO score 680 and greater $ 22,677 $ 13,399 $ 7,991 $ 2,254 $ 1,019 $ 205 $ 47,543 72.8 % Near-prime – FICO score 620 to 679 3,202 2,601 1,487 688 310 104 8,392 12.8 % Sub-prime – FICO score less than 620 3,211 2,746 1,604 1,051 496 280 9,388 14.4 % Retail finance receivables, net of fees $ 29,090 $ 18,745 $ 11,081 $ 3,992 $ 1,824 $ 589 $ 65,322 100.0 % |
Retail Finance Receivables Delinquency | The following tables are consolidated summaries of the amortized cost of retail finance receivables by delinquency status, for each vintage of the portfolio at March 31, 2023 and December 31, 2022, as well as summary totals for March 31, 2022: Year of Origination March 31, 2023 March 31, 2022 2023 2022 2021 2020 2019 Prior Total Percent Total Percent 0-to-30 days $ 8,646 $ 26,262 $ 16,648 $ 9,640 $ 3,236 $ 1,676 $ 66,109 97.6 % $ 58,179 97.8 % 31-to-60 days 17 316 363 222 146 124 1,188 1.8 % 983 1.7 % Greater-than-60 days 1 104 112 68 43 36 363 0.5 % 302 0.5 % Finance receivables more than 30 days delinquent 17 420 475 290 190 160 1,551 2.3 % 1,285 2.2 % In repossession — 17 15 6 3 2 44 0.1 % 39 0.1 % Finance receivables more than 30 days delinquent or in repossession 17 437 489 296 193 162 1,595 2.4 % 1,324 2.2 % Retail finance receivables, net of fees $ 8,663 $ 26,699 $ 17,138 $ 9,936 $ 3,429 $ 1,839 $ 67,704 100.0 % $ 59,503 100.0 % Year of Origination December 31, 2022 2022 2021 2020 2019 2018 Prior Total Percent 0-to-30 days $ 28,676 $ 18,128 $ 10,702 $ 3,743 $ 1,685 $ 493 $ 63,426 97.1 % 31-to-60 days 310 452 275 184 103 69 1,393 2.1 % Greater-than-60 days 93 150 98 62 35 26 465 0.7 % Finance receivables more than 30 days delinquent 403 603 373 246 138 95 1,857 2.8 % In repossession 11 14 6 4 2 1 39 0.1 % Finance receivables more than 30 days delinquent or in repossession 414 617 380 249 140 96 1,896 2.9 % Retail finance receivables, net of fees $ 29,090 $ 18,745 $ 11,081 $ 3,992 $ 1,824 $ 589 $ 65,322 100.0 % |
Commercial Finance Receivables | |
Finance Receivables [Line Items] | |
Finance Receivables Credit Quality | The following tables summarize the credit risk profile by dealer risk rating of commercial finance receivables at March 31, 2023 and December 31, 2022: Year of Origination(a) March 31, 2023 Revolving 2023 2022 2021 2020 2019 Prior Total Percent I $ 8,823 $ 71 $ 435 $ 336 $ 338 $ 87 $ 42 $ 10,133 98.3 % II 94 — — 1 — — — 96 0.9 % III 59 — 15 — — 10 — 84 0.8 % IV — — — — — — — — — % Commercial finance receivables, net of fees $ 8,976 $ 71 $ 450 $ 338 $ 338 $ 97 $ 42 $ 10,313 100.0 % __________ (a) Floorplan advances comprise 96% of the total revolving balance. Dealer term loans are presented by year of origination. Year of Origination(a) December 31, 2022 Revolving 2022 2021 2020 2019 2018 Prior Total Percent I $ 9,493 $ 438 $ 356 $ 360 $ 91 $ 38 $ 18 $ 10,794 98.2 % II 89 — 1 — — — — 91 0.8 % III 78 15 — — 10 — — 104 0.9 % IV — — — — — — — — — % Commercial finance receivables, net of fees $ 9,660 $ 453 $ 357 $ 360 $ 102 $ 38 $ 18 $ 10,988 100.0 % __________ (a) Floorplan advances comprise 97% of the total revolving balance. Dealer term loans are presented by year of origination. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | March 31, 2023 December 31, 2022 Total productive material, supplies and work in process $ 8,822 $ 8,014 Finished product, including service parts 8,935 7,353 Total inventories $ 17,758 $ 15,366 |
Equipment on Operating Leases (
Equipment on Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Lessor, Lease, Description [Line Items] | |
Schedule of Property Subject to or Available for Operating Lease | Equipment on operating leases consists of leases to retail customers of GM Financial. March 31, 2023 December 31, 2022 Equipment on operating leases $ 39,991 $ 40,919 Less: accumulated depreciation (8,143) (8,218) Equipment on operating leases, net $ 31,848 $ 32,701 |
GM Financial | |
Lessor, Lease, Description [Line Items] | |
Schedule of Future Rental Payments Receivable for Operating Leases | The following table summarizes lease payments due to GM Financial on leases to retail customers: Year Ending December 31, 2023 2024 2025 2026 2027 Thereafter Total Lease receipts under operating leases $ 3,807 $ 3,293 $ 1,505 $ 243 $ 8 $ — $ 8,855 |
Equity In Net Assets of Nonco_2
Equity In Net Assets of Nonconsolidated Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Income | Three Months Ended March 31, 2023 March 31, 2022 Automotive China equity income (loss) $ 83 $ 234 Other joint ventures equity income (loss)(a) (8) 59 Total Equity income (loss) $ 75 $ 292 __________ (a) Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our electric vehicles (EVs). In the three months ended March 31, 2023, equity earnings related to Ultium Cells Holdings LLC were insignificant. |
Summarized Financial Data for Nonconsolidated Affiliates | Three Months Ended March 31, 2023 March 31, 2022 Summarized Operating Data of Automotive China JVs Automotive China JVs' net sales $ 5,833 $ 8,992 Automotive China JVs' net income (loss) $ 123 $ 505 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
GM Financial | Consolidated VIE | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs: March 31, 2023 December 31, 2022 Restricted cash – current $ 2,271 $ 2,176 Restricted cash – non-current $ 367 $ 360 GM Financial receivables, net of fees – current $ 17,968 $ 19,896 GM Financial receivables, net of fees – non-current $ 20,031 $ 18,748 GM Financial equipment on operating leases, net $ 16,414 $ 18,456 GM Financial short-term debt and current portion of long-term debt $ 19,903 $ 21,643 GM Financial long-term debt $ 21,410 $ 20,545 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Automotive | |
Debt Instrument [Line Items] | |
Debt carrying amount and fair value | The following table presents debt in our automotive operations: March 31, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 134 $ 134 $ 124 $ 123 Unsecured debt(a) 15,799 15,171 17,340 16,323 Finance lease liabilities 421 429 381 381 Total automotive debt(b) $ 16,354 $ 15,734 $ 17,844 $ 16,828 Fair value utilizing Level 1 inputs $ 14,837 $ 15,971 Fair value utilizing Level 2 inputs $ 897 $ 857 Available under credit facility agreements(c) $ 13,526 $ 15,095 Weighted-average interest rate on outstanding short-term debt(d) 9.5 % 6.1 % Weighted-average interest rate on outstanding long-term debt(d) 5.8 % 5.8 % __________ (a) Primarily consists of senior notes. (b) Includes net discount and debt issuance costs of $531 million and $525 million at March 31, 2023 and December 31, 2022. (c) Excludes our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial. (d) Includes coupon rates on debt denominated in various foreign currencies and interest free loans. |
GM Financial | |
Debt Instrument [Line Items] | |
Debt carrying amount and fair value | The following table presents debt of GM Financial: March 31, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Secured debt $ 41,253 $ 40,773 $ 42,131 $ 41,467 Unsecured debt 56,814 55,009 54,723 52,270 Total GM Financial debt $ 98,067 $ 95,782 $ 96,854 $ 93,738 Fair value utilizing Level 2 inputs $ 93,799 $ 91,545 Fair value utilizing Level 3 inputs $ 1,983 $ 2,192 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative [Line Items] | |
Schedule of Cumulative Basis Adjustments for Fair Value Hedges | The following amounts were recorded in the condensed consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships: March 31, 2023 December 31, 2022 Carrying Amount of Hedged Items Cumulative Amount of Fair Value Hedging Adjustments(a) Carrying Amount of Hedged Items Cumulative Amount of Fair Value Hedging Adjustments(a) Short-term unsecured debt $ 3,712 $ (12) $ 3,048 $ 2 Long-term unsecured debt 25,545 764 25,271 779 GM Financial unsecured debt $ 29,257 $ 752 $ 28,319 $ 781 __________ (a) Includes $470 million of unamortized losses and an insignificant amount remaining on hedged items for which hedge accounting has been discontinued at March 31, 2023 and December 31, 2022. |
Automotive | |
Derivative [Line Items] | |
Schedule of Notional Amounts for Derivative Financial Instruments | The following table presents the notional amounts of derivative financial instruments in our automotive operations: Fair Value Level March 31, 2023 December 31, 2022 Derivatives not designated as hedges(a) Foreign currency 2 $ 3,176 $ 4,072 Commodity 2 901 1,075 Total derivative financial instruments $ 4,077 $ 5,148 __________ (a) The fair value of these derivative instruments at March 31, 2023 and December 31, 2022 and the gains/losses included in our condensed consolidated income statements for the three months ended March 31, 2023 and 2022 were insignificant, unless otherwise noted. |
GM Financial | |
Derivative [Line Items] | |
Schedule of Notional Amounts for Derivative Financial Instruments | The following table presents the gross fair value amounts of GM Financial's derivative financial instruments and the associated notional amounts: Fair Value Level March 31, 2023 December 31, 2022 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Derivatives designated as hedges(a) Fair value hedges Interest rate swaps 2 $ 16,559 $ 8 $ 334 $ 19,950 $ — $ 821 Cash flow hedges Interest rate swaps 2 1,637 33 3 1,434 34 1 Foreign currency swaps(b) 2 8,013 3 497 6,852 — 586 Derivatives not designated as hedges(a) Interest rate contracts 2 114,353 1,924 2,073 113,975 2,268 1,984 Total derivative financial instruments(c) $ 140,562 $ 1,968 $ 2,907 $ 142,212 $ 2,302 $ 3,392 __________ (a) The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three months ended March 31, 2023 and 2022 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities. (b) The effect of foreign currency cash flow hedges in the consolidated statements of comprehensive income include an insignificant gain and an insignificant loss recognized in Accumulated other comprehensive loss, and an insignificant gain and a $149 million loss reclassified from Accumulated other comprehensive loss into income for the three months ended March 31, 2023 and 2022. (c) GM Financial held $480 million and $553 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted $1.2 billion and $1.5 billion of collateral to counterparties available for netting against GM Financial's liability positions at March 31, 2023 and December 31, 2022. |
Product Warranty and Related _2
Product Warranty and Related Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Policy, Product Warranty and Recall Campaigns | Three Months Ended March 31, 2023 March 31, 2022 Product Warranty and Related Liabilities Warranty balance at beginning of period $ 8,530 $ 9,774 Warranties issued and assumed in period – recall campaigns 236 132 Warranties issued and assumed in period – product warranty 490 461 Payments (1,058) (1,077) Adjustments to pre-existing warranties 279 (5) Effect of foreign currency and other 5 17 Warranty balance at end of period 8,482 9,302 Less: Supplier recoveries balance at end of period(a) 1,157 2,025 Warranty balance, net of supplier recoveries at end of period $ 7,325 $ 7,277 __________ (a) The current portion of supplier recoveries is recorded in Accounts and notes receivable, net of allowance and the non-current portion is recorded in Other assets. Three Months Ended March 31, 2023 March 31, 2022 Product Warranty Expense, Net of Recoveries Warranties issued and assumed in period $ 726 $ 593 Supplier recoveries accrued in period (44) (57) Adjustments and other 284 12 Warranty expense, net of supplier recoveries $ 966 $ 548 |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Pension and OPEB (Income) Expense | Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans U.S. Non-U.S. U.S. Non-U.S. Service cost $ 44 $ 42 $ 2 $ 58 $ 35 $ 4 Interest cost 568 161 59 323 76 37 Expected return on plan assets (730) (168) — (750) (139) — Amortization of prior service cost (credit) (1) 1 — (1) 1 (1) Amortization of net actuarial (gains) losses — 8 (6) 5 35 17 Net periodic pension and OPEB (income) expense $ (119) $ 44 $ 55 $ (365) $ 8 $ 57 |
Restructuring and Other Initi_2
Restructuring and Other Initiatives (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserves and Charges | The following table summarizes the reserves and charges related to restructuring and other initiatives, including postemployment benefit reserves and charges: Three Months Ended March 31, 2023 March 31, 2022 Balance at beginning of period $ 520 $ 285 Additions, interest accretion and other 980 (2) Payments (51) (104) Revisions to estimates and effect of foreign currency — (9) Balance at end of period $ 1,450 $ 171 |
Stockholders' Equity and Nonc_2
Stockholders' Equity and Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the significant components of Accumulated other comprehensive loss: Three Months Ended March 31, 2023 March 31, 2022 Foreign Currency Translation Adjustments Balance at beginning of period $ (2,776) $ (2,653) Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b) 164 397 Balance at end of period $ (2,611) $ (2,256) Defined Benefit Plans Balance at beginning of period $ (4,851) $ (6,528) Other comprehensive income (loss) before reclassification adjustment, net of tax(b) (39) 52 Reclassification adjustment, net of tax(b) 4 51 Other comprehensive income (loss), net of tax(b) (35) 103 Balance at end of period(c) $ (4,886) $ (6,425) __________ (a) The noncontrolling interests and reclassification adjustment were insignificant in the three months ended March 31, 2023 and 2022. (b) The income tax effect was insignificant in the three months ended March 31, 2023 and 2022. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Basic and Diluted | Three Months Ended March 31, 2023 March 31, 2022 Basic earnings per share Net income (loss) attributable to stockholders $ 2,395 $ 2,939 Less: cumulative dividends on subsidiary preferred stock(a) (27) (952) Net income (loss) attributable to common stockholders $ 2,369 $ 1,987 Weighted-average common shares outstanding 1,396 1,458 Basic earnings per common share $ 1.70 $ 1.36 Diluted earnings per share Net income (loss) attributable to common stockholders – diluted $ 2,369 $ 1,987 Weighted-average common shares outstanding – basic 1,396 1,458 Dilutive effect of awards under stock incentive plans 6 12 Weighted-average common shares outstanding – diluted 1,402 1,470 Diluted earnings per common share $ 1.69 $ 1.35 Potentially dilutive securities(b) 22 6 __________ (a) Includes a $909 million deemed dividend related to the redemption of Cruise preferred shares from SoftBank in the three months ended March 31, 2022. (b) Potentially dilutive securities attributable to outstanding stock options, Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) at March 31, 2023 and outstanding stock options and RSUs at March 31, 2022 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables summarize key financial information by segment: At and For the Three Months Ended March 31, 2023 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 32,889 $ 3,727 $ 31 $ 36,646 $ 25 $ 3,343 $ (29) $ 39,985 Earnings (loss) before interest and taxes-adjusted $ 3,576 $ 347 $ (327) $ 3,596 $ (561) $ 771 $ (3) $ 3,803 Adjustments(a) $ (974) $ — $ — $ (974) $ — $ — $ — (974) Automotive interest income 229 Automotive interest expense (234) Net income (loss) attributable to noncontrolling interests (49) Income (loss) before income taxes 2,775 Income tax benefit (expense) (428) Net income (loss) 2,346 Net loss (income) attributable to noncontrolling interests 49 Net income (loss) attributable to stockholders $ 2,395 Equity in net assets of nonconsolidated affiliates $ 2,000 $ 6,817 $ — $ — $ 8,818 $ — $ 1,725 $ — $ 10,542 Goodwill and intangibles $ 2,154 $ 732 $ 4 $ — $ 2,890 $ 728 $ 1,350 $ — $ 4,968 Total assets $ 144,903 $ 24,992 $ 40,880 $ (69,676) $ 141,098 $ 5,217 $ 122,789 $ (2,099) $ 267,004 Depreciation and amortization $ 1,428 $ 122 $ 5 $ — $ 1,555 $ 4 $ 1,251 $ — $ 2,810 Impairment charges $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity income (loss)(b) $ (46) $ 81 $ — $ — $ 34 $ — $ 41 $ — $ 75 __________ (a) Consists of charges for strategic activities related to Buick dealerships and charges related to the VSP in GMNA. (b) Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. In the three months ended March 31, 2023, equity earnings related to Ultium Cells Holdings LLC were insignificant. At and For the Three Months Ended March 31, 2022 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total Net sales and revenue $ 29,456 $ 3,313 $ 53 $ 32,823 $ 26 $ 3,156 $ (26) $ 35,979 Earnings (loss) before interest and taxes-adjusted $ 3,141 $ 328 $ (387) $ 3,082 $ (325) $ 1,284 $ 4 $ 4,044 Adjustments(a) $ 100 $ — $ — $ 100 $ (1,057) $ — $ — (957) Automotive interest income 50 Automotive interest expense (226) Net income (loss) attributable to noncontrolling interests (131) Income (loss) before income taxes 2,779 Income tax benefit (expense) 28 Net income (loss) 2,807 Net loss (income) attributable to noncontrolling interests 131 Net income (loss) attributable to stockholders $ 2,939 Equity in net assets of nonconsolidated affiliates $ 1,217 $ 7,406 $ — $ — $ 8,623 $ — $ 1,779 $ — $ 10,402 Goodwill and intangibles $ 2,213 $ 765 $ — $ — $ 2,978 $ 733 $ 1,346 $ — $ 5,058 Total assets $ 126,454 $ 24,612 $ 35,696 $ (55,702) $ 131,060 $ 6,310 $ 115,312 $ (1,190) $ 251,492 Depreciation and amortization $ 1,504 $ 134 $ 5 $ — $ 1,643 $ 12 $ 1,236 $ — $ 2,891 Impairment charges $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity income (loss) $ 6 $ 232 $ — $ — $ 238 $ — $ 54 $ — $ 292 __________ |
Revenue - Major Source (Details
Revenue - Major Source (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | $ 36,646 | $ 32,824 |
Leased vehicle income | 1,818 | 2,066 |
Finance charge income | 1,366 | 1,010 |
Other income | 155 | 79 |
GM Financial net sales and revenue | 3,339 | 3,155 |
Net sales and revenue | 39,985 | 35,979 |
Operating Segments | Cruise | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 25 | 26 |
Net sales and revenue | 25 | 26 |
Operating Segments | GM Financial | ||
Disaggregation of Revenue [Line Items] | ||
Leased vehicle income | 1,818 | 2,066 |
Finance charge income | 1,368 | 1,010 |
Other income | 156 | 80 |
GM Financial net sales and revenue | 3,343 | 3,156 |
Net sales and revenue | 3,343 | 3,156 |
Eliminations/ Reclassifications | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | (25) | (25) |
Leased vehicle income | 0 | 0 |
Finance charge income | (3) | 0 |
Other income | (1) | (1) |
GM Financial net sales and revenue | (4) | (1) |
Net sales and revenue | (29) | (26) |
Automotive | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 36,646 | 32,824 |
Automotive | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 36,646 | 32,823 |
Net sales and revenue | 36,646 | 32,823 |
Automotive | Operating Segments | GMNA | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 32,889 | 29,456 |
Net sales and revenue | 32,889 | 29,456 |
Automotive | Operating Segments | GMI | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 3,727 | 3,313 |
Net sales and revenue | 3,727 | 3,313 |
Automotive | Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 31 | 53 |
Net sales and revenue | 31 | 53 |
Vehicle, parts and accessories | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 35,227 | 31,591 |
Vehicle, parts and accessories | Eliminations/ Reclassifications | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 0 | 0 |
Vehicle, parts and accessories | Automotive | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 35,227 | 31,591 |
Vehicle, parts and accessories | Automotive | Operating Segments | GMNA | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 31,876 | 28,572 |
Vehicle, parts and accessories | Automotive | Operating Segments | GMI | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 3,342 | 3,014 |
Vehicle, parts and accessories | Automotive | Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 9 | 5 |
Used vehicles | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 180 | 80 |
Used vehicles | Eliminations/ Reclassifications | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 0 | 0 |
Used vehicles | Automotive | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 180 | 80 |
Used vehicles | Automotive | Operating Segments | GMNA | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 175 | 75 |
Used vehicles | Automotive | Operating Segments | GMI | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 5 | 5 |
Used vehicles | Automotive | Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 0 | 0 |
Services and other | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 1,239 | 1,153 |
Services and other | Operating Segments | Cruise | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 25 | 26 |
Services and other | Eliminations/ Reclassifications | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | (25) | (25) |
Services and other | Automotive | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 1,239 | 1,152 |
Services and other | Automotive | Operating Segments | GMNA | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 837 | 809 |
Services and other | Automotive | Operating Segments | GMI | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | 380 | 295 |
Services and other | Automotive | Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Automotive net sales and revenue | $ 22 | $ 48 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |||
Contract liabilities | $ 4,000 | $ 3,300 | |
Deferred revenue recognized | 408 | $ 444 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Deferred revenue expected to be recognized | $ 1,200 | ||
Expected timing of performance obligation | 9 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Deferred revenue expected to be recognized | $ 989 | ||
Expected timing of performance obligation | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Deferred revenue expected to be recognized | $ 750 | ||
Expected timing of performance obligation | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Deferred revenue expected to be recognized | $ 1,100 | ||
Expected timing of performance obligation |
Marketable and Other Securiti_3
Marketable and Other Securities - Fair Value of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | $ 11,979 | |
Total cash and cash equivalents | 18,227 | $ 19,153 |
Cash and cash equivalents | 335 | 341 |
Total restricted cash | 2,914 | 2,796 |
Due in one year or less | 6,079 | |
Due between one and five years | 5,901 | |
Total available-for-sale debt securities with contractual maturities | 11,979 | |
Cruise | ||
Marketable Securities [Line Items] | ||
Total cash and cash equivalents | 1,900 | 1,500 |
Cash and cash equivalents | ||
Marketable Securities [Line Items] | ||
Cash and time deposits | 9,521 | 8,921 |
Total available-for-sale debt securities with contractual maturities | 2,661 | 5,618 |
Total available-for-sale debt securities with contractual maturities | 2,661 | 5,618 |
Cash and cash equivalents | Level 1 | ||
Marketable Securities [Line Items] | ||
Money market funds | 6,045 | 4,613 |
Marketable debt securities | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 9,981 | 12,150 |
Total available-for-sale debt securities with contractual maturities | 9,981 | 12,150 |
Marketable debt securities | Cruise | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 612 | 1,400 |
Total available-for-sale debt securities with contractual maturities | 612 | 1,400 |
Other current assets | Level 1 | ||
Marketable Securities [Line Items] | ||
Money market funds | 2,579 | 2,455 |
U.S. government and agencies | Cash and cash equivalents | Level 2 | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 126 | 1,012 |
Total available-for-sale debt securities with contractual maturities | 126 | 1,012 |
U.S. government and agencies | Marketable debt securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 4,174 | 4,357 |
Total available-for-sale debt securities with contractual maturities | 4,174 | 4,357 |
Corporate debt | Cash and cash equivalents | Level 2 | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 1,712 | 2,778 |
Total available-for-sale debt securities with contractual maturities | 1,712 | 2,778 |
Corporate debt | Marketable debt securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 4,375 | 5,147 |
Total available-for-sale debt securities with contractual maturities | 4,375 | 5,147 |
Mortgage and asset-backed | Marketable debt securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 552 | 538 |
Total available-for-sale debt securities with contractual maturities | 552 | 538 |
Sovereign debt | Cash and cash equivalents | Level 2 | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 823 | 1,828 |
Total available-for-sale debt securities with contractual maturities | 823 | 1,828 |
Sovereign debt | Marketable debt securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Total available-for-sale debt securities with contractual maturities | 880 | 2,108 |
Total available-for-sale debt securities with contractual maturities | $ 880 | $ 2,108 |
Marketable and Other Securiti_4
Marketable and Other Securities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Marketable Securities [Abstract] | |||
Sale proceeds from investments classified as available-for-sale and sold prior to maturity | $ 380 | $ 464 | |
Cumulative unrealized losses on available-for-sale debt securities | $ 275 | $ 344 |
Marketable and Other Securiti_5
Marketable and Other Securities - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Marketable Securities [Abstract] | ||||
Cash and cash equivalents | $ 18,227 | $ 19,153 | ||
Restricted cash included in Other current assets | 2,467 | |||
Restricted cash included in Other assets | 447 | |||
Total | $ 21,141 | $ 21,948 | $ 19,978 | $ 23,542 |
GM Financial Receivables and _3
GM Financial Receivables and Transactions - Summary of Finance Receivables (Details) - GM Financial - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Finance Receivables [Line Items] | ||||
GM Financial receivables, net of fees | $ 78,017 | $ 76,310 | ||
Less: allowance for loan losses | (2,152) | (2,096) | $ (1,928) | $ (1,886) |
GM Financial receivables, net | 75,865 | 74,214 | ||
Retail Finance Receivables | ||||
Finance Receivables [Line Items] | ||||
GM Financial receivables, net of fees | 67,704 | 65,322 | $ 59,503 | |
Less: allowance for loan losses | (2,123) | (2,062) | ||
GM Financial receivables, net | 65,581 | 63,260 | ||
Commercial Finance Receivables | ||||
Finance Receivables [Line Items] | ||||
GM Financial receivables, net of fees | 10,313 | 10,988 | ||
Less: allowance for loan losses | (29) | (34) | ||
GM Financial receivables, net | 10,283 | 10,954 | ||
Dealer cash management balance | 2,200 | 1,900 | ||
Level 2 | ||||
Finance Receivables [Line Items] | ||||
Fair value of GM Financial receivables | 10,283 | 10,954 | ||
Level 3 | ||||
Finance Receivables [Line Items] | ||||
Fair value of GM Financial receivables | $ 65,165 | $ 62,150 |
GM Financial Receivables and _4
GM Financial Receivables and Transactions - Allowance for Loan Losses (Details) - GM Financial - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses at beginning of period | $ 2,096 | $ 1,886 |
Provision for loan losses | 131 | 122 |
Charge-offs | (322) | (275) |
Recoveries | 187 | 177 |
Effect of foreign currency and other | 61 | 18 |
Allowance for loan losses at end of period | $ 2,152 | $ 1,928 |
GM Financial Receivables and _5
GM Financial Receivables and Transactions - Credit Risk Profile by FICO Score (Details) - GM Financial - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
GM Financial receivables, net of fees | $ 78,017 | $ 76,310 | |
Retail Finance Receivables | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 8,663 | 29,090 | |
2022 | 26,699 | 18,745 | |
2021 | 17,138 | 11,081 | |
2020 | 9,936 | 3,992 | |
2019 | 3,429 | 1,824 | |
Prior | 1,839 | 589 | |
GM Financial receivables, net of fees | $ 67,704 | $ 65,322 | $ 59,503 |
Percent | 100% | 100% | |
Financing Receivable, including Past Due, Percent | 100% | 100% | 100% |
Retail Finance Receivables | Performing Financial Instruments | 0-to-30 days | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | $ 8,646 | $ 28,676 | |
2022 | 26,262 | 18,128 | |
2021 | 16,648 | 10,702 | |
2020 | 9,640 | 3,743 | |
2019 | 3,236 | 1,685 | |
Prior | 1,676 | 493 | |
GM Financial receivables, net of fees | $ 66,109 | $ 63,426 | $ 58,179 |
Percent | 97.60% | 97.10% | 97.80% |
Retail Finance Receivables | Nonperforming Financial Instruments | 31-to-60 days | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | $ 17 | $ 310 | |
2022 | 316 | 452 | |
2021 | 363 | 275 | |
2020 | 222 | 184 | |
2019 | 146 | 103 | |
Prior | 124 | 69 | |
GM Financial receivables, net of fees | $ 1,188 | $ 1,393 | $ 983 |
Percent of Contractual Amount Due | 1.80% | 2.10% | 1.70% |
Retail Finance Receivables | Nonperforming Financial Instruments | Greater-than-60 days | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | $ 1 | $ 93 | |
2022 | 104 | 150 | |
2021 | 112 | 98 | |
2020 | 68 | 62 | |
2019 | 43 | 35 | |
Prior | 36 | 26 | |
GM Financial receivables, net of fees | $ 363 | $ 465 | $ 302 |
Percent of Contractual Amount Due | 0.50% | 0.70% | 0.50% |
Retail Finance Receivables | Nonperforming Financial Instruments | Finance receivables more than 30 days delinquent | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | $ 17 | $ 403 | |
2022 | 420 | 603 | |
2021 | 475 | 373 | |
2020 | 290 | 246 | |
2019 | 190 | 138 | |
Prior | 160 | 95 | |
GM Financial receivables, net of fees | $ 1,551 | $ 1,857 | $ 1,285 |
Percent of Contractual Amount Due | 2.30% | 2.80% | 2.20% |
Retail Finance Receivables | Nonperforming Financial Instruments | In repossession | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | $ 0 | $ 11 | |
2022 | 17 | 14 | |
2021 | 15 | 6 | |
2020 | 6 | 4 | |
2019 | 3 | 2 | |
Prior | 2 | 1 | |
GM Financial receivables, net of fees | $ 44 | $ 39 | $ 39 |
Percent of Contractual Amount Due | 0.10% | 0.10% | 0.10% |
Retail Finance Receivables | Nonperforming Financial Instruments | Finance receivables more than 30 days delinquent or in repossession | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | $ 17 | $ 414 | |
2022 | 437 | 617 | |
2021 | 489 | 380 | |
2020 | 296 | 249 | |
2019 | 193 | 140 | |
Prior | 162 | 96 | |
GM Financial receivables, net of fees | $ 1,595 | $ 1,896 | $ 1,324 |
Percent of Contractual Amount Due | 2.40% | 2.90% | 2.20% |
Retail Finance Receivables | Prime – FICO score 680 and greater | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | $ 6,996 | $ 22,677 | |
2022 | 20,633 | 13,399 | |
2021 | 12,223 | 7,991 | |
2020 | 7,149 | 2,254 | |
2019 | 1,915 | 1,019 | |
Prior | 914 | 205 | |
GM Financial receivables, net of fees | $ 49,829 | $ 47,543 | |
Percent | 73.60% | 72.80% | |
Retail Finance Receivables | Near-prime – FICO score 620 to 679 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | $ 832 | $ 3,202 | |
2022 | 3,012 | 2,601 | |
2021 | 2,389 | 1,487 | |
2020 | 1,345 | 688 | |
2019 | 599 | 310 | |
Prior | 322 | 104 | |
GM Financial receivables, net of fees | $ 8,498 | $ 8,392 | |
Percent | 12.60% | 12.80% | |
Retail Finance Receivables | Sub-prime – FICO score less than 620 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | $ 835 | $ 3,211 | |
2022 | 3,054 | 2,746 | |
2021 | 2,525 | 1,604 | |
2020 | 1,443 | 1,051 | |
2019 | 916 | 496 | |
Prior | 603 | 280 | |
GM Financial receivables, net of fees | $ 9,377 | $ 9,388 | |
Percent | 13.80% | 14.40% |
GM Financial Receivables and _6
GM Financial Receivables and Transactions - Retail Finance Receivables Delinquencies and TDRs (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
GM Financial receivables, net of fees | $ 78,017 | $ 76,310 | |
Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due [Line Items] | |||
Finance receivables, nonaccrual status | 585 | 685 | |
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2023 | 8,663 | 29,090 | |
2022 | 26,699 | 18,745 | |
2021 | 17,138 | 11,081 | |
2020 | 9,936 | 3,992 | |
2019 | 3,429 | 1,824 | |
Prior | 1,839 | 589 | |
GM Financial receivables, net of fees | $ 67,704 | $ 65,322 | $ 59,503 |
Percent | 100% | 100% | |
Financing Receivable, including Past Due, Percent | 100% | 100% | 100% |
Commercial Finance Receivables | |||
Financing Receivable, Past Due [Line Items] | |||
Finance receivables, nonaccrual status | $ 0 | ||
Commercial Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2023 | 71 | $ 453 | |
2022 | 450 | 357 | |
2021 | 338 | 360 | |
2020 | 338 | 102 | |
2019 | 97 | 38 | |
Prior | 42 | 18 | |
GM Financial receivables, net of fees | $ 10,313 | $ 10,988 | |
Percent | 100% | 100% | |
Performing Financial Instruments | 0-to-30 days | Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2023 | $ 8,646 | $ 28,676 | |
2022 | 26,262 | 18,128 | |
2021 | 16,648 | 10,702 | |
2020 | 9,640 | 3,743 | |
2019 | 3,236 | 1,685 | |
Prior | 1,676 | 493 | |
GM Financial receivables, net of fees | $ 66,109 | $ 63,426 | $ 58,179 |
Percent | 97.60% | 97.10% | 97.80% |
Nonperforming Financial Instruments | 31-to-60 days | Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2023 | $ 17 | $ 310 | |
2022 | 316 | 452 | |
2021 | 363 | 275 | |
2020 | 222 | 184 | |
2019 | 146 | 103 | |
Prior | 124 | 69 | |
GM Financial receivables, net of fees | $ 1,188 | $ 1,393 | $ 983 |
Percent of Contractual Amount Due | 1.80% | 2.10% | 1.70% |
Nonperforming Financial Instruments | Greater-than-60 days | Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2023 | $ 1 | $ 93 | |
2022 | 104 | 150 | |
2021 | 112 | 98 | |
2020 | 68 | 62 | |
2019 | 43 | 35 | |
Prior | 36 | 26 | |
GM Financial receivables, net of fees | $ 363 | $ 465 | $ 302 |
Percent of Contractual Amount Due | 0.50% | 0.70% | 0.50% |
Nonperforming Financial Instruments | Finance receivables more than 30 days delinquent | Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2023 | $ 17 | $ 403 | |
2022 | 420 | 603 | |
2021 | 475 | 373 | |
2020 | 290 | 246 | |
2019 | 190 | 138 | |
Prior | 160 | 95 | |
GM Financial receivables, net of fees | $ 1,551 | $ 1,857 | $ 1,285 |
Percent of Contractual Amount Due | 2.30% | 2.80% | 2.20% |
Nonperforming Financial Instruments | In repossession | Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2023 | $ 0 | $ 11 | |
2022 | 17 | 14 | |
2021 | 15 | 6 | |
2020 | 6 | 4 | |
2019 | 3 | 2 | |
Prior | 2 | 1 | |
GM Financial receivables, net of fees | $ 44 | $ 39 | $ 39 |
Percent of Contractual Amount Due | 0.10% | 0.10% | 0.10% |
Nonperforming Financial Instruments | Finance receivables more than 30 days delinquent or in repossession | Retail Finance Receivables | GM Financial | |||
Financing Receivable, Past Due and Not Past Due [Abstract] | |||
2023 | $ 17 | $ 414 | |
2022 | 437 | 617 | |
2021 | 489 | 380 | |
2020 | 296 | 249 | |
2019 | 193 | 140 | |
Prior | 162 | 96 | |
GM Financial receivables, net of fees | $ 1,595 | $ 1,896 | $ 1,324 |
Percent of Contractual Amount Due | 2.40% | 2.90% | 2.20% |
GM Financial Receivables and _7
GM Financial Receivables and Transactions - Commercial Finance Receivables Credit Quality Indicators (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
GM Financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
GM Financial receivables, net of fees | $ 78,017 | $ 76,310 |
Commercial Finance Receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Finance receivables, nonaccrual status | 0 | |
Commercial Finance Receivables | GM Financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | 8,976 | 9,660 |
2023 | 71 | 453 |
2022 | 450 | 357 |
2021 | 338 | 360 |
2020 | 338 | 102 |
2019 | 97 | 38 |
Prior | 42 | 18 |
GM Financial receivables, net of fees | $ 10,313 | $ 10,988 |
Percent | 100% | 100% |
Commercial Finance Receivables | GM Financial | Group I - Performing accounts with strong to acceptable financial metrics | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 8,823 | $ 9,493 |
2023 | 71 | 438 |
2022 | 435 | 356 |
2021 | 336 | 360 |
2020 | 338 | 91 |
2019 | 87 | 38 |
Prior | 42 | 18 |
GM Financial receivables, net of fees | $ 10,133 | $ 10,794 |
Percent | 98.30% | 98.20% |
Commercial Finance Receivables | GM Financial | Group II - Performing accounts experiencing potential weakness in financial metrics | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 94 | $ 89 |
2023 | 0 | 0 |
2022 | 0 | 1 |
2021 | 1 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
GM Financial receivables, net of fees | $ 96 | $ 91 |
Percent | 0.90% | 0.80% |
Commercial Finance Receivables | GM Financial | Group III - Non-Performing accounts with inadequate paying capacity for current obligations | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 59 | $ 78 |
2023 | 0 | 15 |
2022 | 15 | 0 |
2021 | 0 | 0 |
2020 | 0 | 10 |
2019 | 10 | 0 |
Prior | 0 | 0 |
GM Financial receivables, net of fees | $ 84 | $ 104 |
Percent | 0.80% | 0.90% |
Commercial Finance Receivables | GM Financial | Group IV - Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving | $ 0 | $ 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
GM Financial receivables, net of fees | $ 0 | $ 0 |
Percent | 0% | 0% |
Floorplan Advances | Commercial Finance Receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percent of revolving balance | 96% | 97% |
GM Financial Receivables and _8
GM Financial Receivables and Transactions - Intercompany Transactions (Details) - GM Financial - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Commercial finance receivables, net due from GM consolidated dealers | $ 75,865 | $ 74,214 | |
Common stock dividends declared and paid | 450 | ||
Eliminations | |||
Related Party Transaction [Line Items] | |||
Subvention receivable | 594 | 469 | |
Interest subvention earned on finance receivables | 279 | $ 221 | |
Leased vehicle subvention earned | 393 | 547 | |
Cash payments | 749 | $ 439 | |
Retail Finance Receivables | |||
Related Party Transaction [Line Items] | |||
Commercial finance receivables, net due from GM consolidated dealers | 65,581 | 63,260 | |
Retail Finance Receivables | Eliminations | |||
Related Party Transaction [Line Items] | |||
Commercial finance receivables, net due from GM consolidated dealers | 151 | 113 | |
Commercial Finance Receivables | |||
Related Party Transaction [Line Items] | |||
Commercial finance receivables, net due from GM consolidated dealers | 10,283 | 10,954 | |
Commercial Finance Receivables | Eliminations | |||
Related Party Transaction [Line Items] | |||
Commercial finance receivables, net due from GM consolidated dealers | 163 | 187 | |
Commercial loan funding payable | $ 72 | $ 105 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Total productive material, supplies and work in process | $ 8,822 | $ 8,014 |
Finished product, including service parts | 8,935 | 7,353 |
Total inventories | $ 17,758 | $ 15,366 |
Equipment on Operating Leases_2
Equipment on Operating Leases (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Lessor, Lease, Description [Line Items] | |||
Equipment on operating leases | $ 39,991 | $ 40,919 | |
Less: accumulated depreciation | (8,143) | (8,218) | |
Equipment on operating leases, net | 31,848 | 32,701 | |
Residual value of leased asset | 24,100 | $ 24,700 | |
Depreciation expense | 1,200 | $ 1,200 | |
GM Financial | |||
Lessor Operating Lease Payments to be Received | |||
2023 | 3,807 | ||
2024 | 3,293 | ||
2025 | 1,505 | ||
2026 | 243 | ||
2027 | 8 | ||
Thereafter | 0 | ||
Total | $ 8,855 |
Equity In Net Assets of Nonco_3
Equity In Net Assets of Nonconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity income (loss) | $ 75 | $ 292 | |
Net sales and revenue | 39,985 | 35,979 | |
Net income (loss) | 2,346 | 2,807 | |
Automotive China JVs equity income | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity income (loss) | $ 83 | 234 | |
Change in ownership percentage | 0% | ||
Other joint ventures equity income | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity income (loss) | $ (8) | 59 | |
Automotive China JVs equity income | |||
Schedule of Equity Method Investments [Line Items] | |||
Net sales and revenue | 5,833 | 8,992 | |
Net income (loss) | 123 | $ 505 | |
Equity Method Investee | |||
Schedule of Equity Method Investments [Line Items] | |||
Undistributed earnings | $ 2,000 | $ 1,900 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Consolidated [Abstract] | |||
Total assets | $ 267,004 | $ 264,037 | $ 251,492 |
GM Financial | |||
Consolidated [Abstract] | |||
GM Financial receivables, net of fees – current | 32,283 | 33,623 | |
GM Financial receivables, net of fees – non-current | 43,582 | 40,591 | |
GM Financial short-term debt and current portion of long-term debt | 36,585 | 36,819 | |
GM Financial long-term debt | 61,482 | 60,036 | |
Consolidated VIE | GM Financial | |||
Consolidated [Abstract] | |||
Restricted cash – current | 2,271 | 2,176 | |
Restricted cash – non-current | 367 | 360 | |
GM Financial receivables, net of fees – current | 17,968 | 19,896 | |
GM Financial receivables, net of fees – non-current | 20,031 | 18,748 | |
GM Financial equipment on operating leases, net | 16,414 | 18,456 | |
GM Financial short-term debt and current portion of long-term debt | 19,903 | 21,643 | |
GM Financial long-term debt | 21,410 | 20,545 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Consolidated [Abstract] | |||
Total assets | 1,900 | 1,600 | |
Maximum loss exposure amount | 3,300 | 3,300 | |
Variable Interest Entity, Not Primary Beneficiary | Ultium Cells LLC | Capital Addition Purchase Commitments | |||
Consolidated [Abstract] | |||
Committed capital contributions | $ 1,200 | $ 1,400 |
Debt - Carrying Amount and Fair
Debt - Carrying Amount and Fair Value of Debt (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Automotive | |||
Debt Instrument [Line Items] | |||
Finance lease liabilities | $ 421 | $ 421 | $ 381 |
Finance lease liabilities, Fair Value | 429 | 429 | 381 |
Carrying Amount | 16,354 | 16,354 | 17,844 |
Fair Value | 15,734 | 15,734 | 16,828 |
Available under credit facility agreements | $ 13,526 | $ 13,526 | $ 15,095 |
Weighted-average interest rate on outstanding short-term debt | 9.50% | 9.50% | 6.10% |
Weighted-average interest rate on outstanding long-term debt | 5.80% | 5.80% | 5.80% |
Net discount and debt issuance costs | $ 531 | $ 531 | $ 525 |
Automotive | Secured Debt | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 134 | 134 | 124 |
Fair Value | 134 | 134 | 123 |
Automotive | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 15,799 | 15,799 | 17,340 |
Fair Value | 15,171 | 15,171 | 16,323 |
Automotive | Level 1 | |||
Debt Instrument [Line Items] | |||
Fair Value | 14,837 | 14,837 | 15,971 |
Automotive | Level 2 | |||
Debt Instrument [Line Items] | |||
Fair Value | 897 | 897 | 857 |
GM Financial | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 98,067 | 98,067 | 96,854 |
Fair Value | 95,782 | 95,782 | 93,738 |
GM Financial | Secured Debt | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 41,253 | 41,253 | 42,131 |
Fair Value | 40,773 | 40,773 | 41,467 |
GM Financial | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 56,814 | 56,814 | 54,723 |
Fair Value | $ 55,009 | $ 55,009 | 52,270 |
GM Financial | Unsecured Debt | Line of Credit | $2.0 Billion Dollar Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt term | 364 days | 364 days | |
Aggregate borrowing capacity | $ 2,000 | $ 2,000 | |
GM Financial | Level 2 | |||
Debt Instrument [Line Items] | |||
Fair Value | 93,799 | 93,799 | 91,545 |
GM Financial | Level 3 | |||
Debt Instrument [Line Items] | |||
Fair Value | $ 1,983 | $ 1,983 | $ 2,192 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2023 | Feb. 28, 2023 | |
Unsecured Debt | Line of Credit | Five Year Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Aggregate borrowing capacity | $ 10,000 | $ 10,000 | $ 11,200 |
Unsecured Debt | Line of Credit | Three Year Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Aggregate borrowing capacity | 4,100 | 4,100 | $ 4,300 |
Unsecured Debt | Senior Notes | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 1,500 | $ 1,500 | |
Weighted average interest rate (percent) | 4.875% | 4.875% | |
GM Financial | Unsecured Debt | Line of Credit | Five Year Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt term | 5 years | ||
GM Financial | Unsecured Debt | Line of Credit | Three Year Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt term | 3 years | ||
GM Financial | Unsecured Debt | Line of Credit | $2.0 Billion Dollar Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt term | 364 days | 364 days | |
Aggregate borrowing capacity | $ 2,000 | $ 2,000 | |
GM Financial | Unsecured Debt | Senior Notes | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 3,200 | $ 3,200 | |
Weighted average interest rate (percent) | 5.41% | 5.41% | |
GM Financial | Secured Debt | Line of Credit | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Increase to maximum borrowing capacity | $ 1,800 | ||
GM Financial | Secured Debt | Notes Payable, Other Payables | Securitization notes payable | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 5,100 | $ 5,100 | |
Weighted average interest rate (percent) | 5.25% | 5.25% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Notional Amounts for Derivative Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Automotive | Not Designated as Hedges | ||
Derivative [Line Items] | ||
Notional | $ 4,077 | $ 5,148 |
Automotive | Not Designated as Hedges | Foreign currency | Fair Value Level 2 | ||
Derivative [Line Items] | ||
Notional | 3,176 | 4,072 |
Automotive | Not Designated as Hedges | Commodity | Fair Value Level 2 | ||
Derivative [Line Items] | ||
Notional | 901 | 1,075 |
GM Financial | ||
Derivative [Line Items] | ||
Notional | 140,562 | 142,212 |
Fair Value of Assets | 1,968 | 2,302 |
Fair Value of Liabilities | 2,907 | 3,392 |
Collateral | 480 | 553 |
Collateral available for netting | 1,200 | 1,500 |
GM Financial | Cash Flow Hedges | Foreign currency | ||
Derivative [Line Items] | ||
Loss on AOCI reclassification | 149 | |
GM Financial | Not Designated as Hedges | Interest rate contracts | Fair Value Level 2 | ||
Derivative [Line Items] | ||
Notional | 114,353 | 113,975 |
Fair Value of Assets | 1,924 | 2,268 |
Fair Value of Liabilities | 2,073 | 1,984 |
GM Financial | Designated as Hedges | Fair Value Hedges | Interest rate swaps | Fair Value Level 2 | ||
Derivative [Line Items] | ||
Notional | 16,559 | 19,950 |
Fair Value of Assets | 8 | 0 |
Fair Value of Liabilities | 334 | 821 |
GM Financial | Designated as Hedges | Cash Flow Hedges | Interest rate swaps | Fair Value Level 2 | ||
Derivative [Line Items] | ||
Notional | 1,637 | 1,434 |
Fair Value of Assets | 33 | 34 |
Fair Value of Liabilities | 3 | 1 |
GM Financial | Designated as Hedges | Cash Flow Hedges | Foreign currency swaps | Fair Value Level 2 | ||
Derivative [Line Items] | ||
Notional | 8,013 | 6,852 |
Fair Value of Assets | 3 | 0 |
Fair Value of Liabilities | $ 497 | $ 586 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Balance Sheet Location of GM Financial Unsecured Debt (Details) - Fair Value Hedges - GM Financial - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | $ 29,257 | $ 28,319 |
Cumulative Amount of Fair Value Hedging Adjustments on Hedging Relationships | 752 | 781 |
Cumulative fair value adjustment on discontinued hedging relationships | 470 | 470 |
Short-term unsecured debt | ||
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | 3,712 | 3,048 |
Cumulative Amount of Fair Value Hedging Adjustments on Hedging Relationships | (12) | 2 |
Long-term unsecured debt | ||
Derivatives, Fair Value [Line Items] | ||
Carrying Amount of Hedged Items | 25,545 | 25,271 |
Cumulative Amount of Fair Value Hedging Adjustments on Hedging Relationships | $ 764 | $ 779 |
Product Warranty and Related _3
Product Warranty and Related Liabilities - Product Warranty and Other Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Product Warranty and Related Liabilities [Roll Forward] | ||
Warranty balance at beginning of period | $ 8,530 | $ 9,774 |
Warranties issued and assumed in period – recall campaigns | 236 | 132 |
Warranties issued and assumed in period – product warranty | 490 | 461 |
Payments | (1,058) | (1,077) |
Adjustments to pre-existing warranties | 279 | (5) |
Effect of foreign currency and other | 5 | 17 |
Warranty balance at end of period | 8,482 | 9,302 |
Less: Supplier recoveries balance at end of period | 1,157 | 2,025 |
Warranty balance, net of supplier recoveries at end of period | 7,325 | 7,277 |
Product Warranty Expense, Net of Recoveries | ||
Warranties issued and assumed in period | 726 | 593 |
Supplier recoveries accrued in period | (44) | (57) |
Adjustments and other | 284 | 12 |
Warranty expense, net of supplier recoveries | $ 966 | $ 548 |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Non-service cost components of net periodic pension and OPEB income | $ 86 | $ 376 |
Global OPEB Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Service cost | 2 | 4 |
Interest cost | 59 | 37 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (credit) | 0 | (1) |
Amortization of net actuarial (gains) losses | (6) | 17 |
Net periodic pension and OPEB (income) expense | 55 | 57 |
U.S. | Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Service cost | 44 | 58 |
Interest cost | 568 | 323 |
Expected return on plan assets | (730) | (750) |
Amortization of prior service cost (credit) | (1) | (1) |
Amortization of net actuarial (gains) losses | 0 | 5 |
Net periodic pension and OPEB (income) expense | (119) | (365) |
Non-U.S. | Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Service cost | 42 | 35 |
Interest cost | 161 | 76 |
Expected return on plan assets | (168) | (139) |
Amortization of prior service cost (credit) | 1 | 1 |
Amortization of net actuarial (gains) losses | 8 | 35 |
Net periodic pension and OPEB (income) expense | $ 44 | $ 8 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jul. 31, 2021 defect | Jun. 30, 2021 USD ($) | |
Loss Contingencies [Line Items] | ||||||
Maximum liability, guarantees | $ 3,200 | $ 3,100 | ||||
Supplier finance obligation | 1,100 | 852 | ||||
Accrued Liabilities, Current and Other Liabilities, Noncurrent | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated litigation liability | 1,100 | 1,100 | ||||
Product liability | 570 | $ 561 | ||||
Indirect Tax Matters | ||||||
Loss Contingencies [Line Items] | ||||||
Estimate of possible loss | 950 | |||||
Chevrolet Bolt EV Recall | ||||||
Loss Contingencies [Line Items] | ||||||
Probable loss accrual | $ 1,200 | $ 812 | ||||
Number of manufacturing defects | defect | 2 | |||||
Chevrolet Bolt EV Recall | LG | ||||||
Loss Contingencies [Line Items] | ||||||
Amount awarded to other party | $ 1,900 | |||||
Takata Passenger-side Airbags | ||||||
Loss Contingencies [Line Items] | ||||||
Increase in product warranty accrual | $ 1,100 | |||||
GM Korea Subcontract Workers Litigation | ||||||
Loss Contingencies [Line Items] | ||||||
Probable loss accrual | 261 | |||||
Estimate of possible loss | $ 94 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Examination [Line Items] | ||
Income tax expense (benefit) (Note 14) | $ 428 | $ (28) |
Restructuring and Other Initi_3
Restructuring and Other Initiatives (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Beginning Balance | $ 520 | $ 285 | $ 1,450 | $ 285 |
Additions, interest accretion and other | 980 | (2) | ||
Payments | (51) | (104) | ||
Revisions to estimates and effect of foreign currency | 0 | (9) | ||
Restructuring Reserve, Ending Balance | 1,450 | $ 171 | 520 | |
GMNA | ||||
Restructuring Reserve [Roll Forward] | ||||
Pre-tax restructuring costs | 99 | 511 | ||
GMNA | Dealer Restructuring and Employee Separation Payments | ||||
Restructuring Reserve [Roll Forward] | ||||
Payments | (39) | $ (120) | ||
GMNA | Dealer Restructuring and Employee Separation Payments | Forecast | ||||
Restructuring Reserve [Roll Forward] | ||||
Payments | (451) | |||
GMNA | Voluntary Separation Program | ||||
Restructuring Reserve [Roll Forward] | ||||
Pre-tax restructuring costs | $ 875 | |||
GMNA | Voluntary Separation Program | Forecast | ||||
Restructuring Reserve [Roll Forward] | ||||
Payments | $ (875) |
Stockholders' Equity and Nonc_3
Stockholders' Equity and Noncontrolling Interests - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Aug. 31, 2022 | Jun. 30, 2022 | |
Class of Stock [Line Items] | ||||||
Preferred stock shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 | ||||
Common stock shares authorized (in shares) | 5,000,000,000 | 5,000,000,000 | ||||
Preferred stock shares outstanding (in shares) | 0 | 0 | ||||
Preferred stock shares issued (in shares) | 0 | 0 | ||||
Common stock shares issued (in shares) | 1,400,000,000 | 1,400,000,000 | ||||
Dividends declared per common share (in dollars per share) | $ 0.09 | $ 0 | ||||
Cash dividends paid on common stock | $ 126 | |||||
Common stock shares outstanding (in shares) | 1,400,000,000 | 1,400,000,000 | ||||
Purchase of common stock | $ 369 | |||||
Common Stock Repurchase Program | ||||||
Class of Stock [Line Items] | ||||||
Increased capacity under common stock repurchase plan | $ 5,000 | |||||
Remaining authorized repurchase amount | $ 3,300 | |||||
Common stock shares repurchased during period | 9,000,000 | |||||
Purchase of common stock | $ 369 | |||||
Cruise Stock Incentive Awards | ||||||
Class of Stock [Line Items] | ||||||
Cash used to settle awards | 75 | $ 0 | ||||
GM Cruise Holdings LLC | ||||||
Class of Stock [Line Items] | ||||||
Payments to acquire additional investment | $ 1,350 | |||||
GM Cruise Holdings LLC | ||||||
Class of Stock [Line Items] | ||||||
Net income attributable to shareholders and transfers to the noncontrolling interests | 2,400 | 2,000 | ||||
Cruise Class A-1, Class F and Class G Preferred Shares | SoftBank | GM Cruise Holdings LLC | ||||||
Class of Stock [Line Items] | ||||||
Payments for repurchase of equity | $ 2,100 | |||||
Cruise Preferred Shares | ||||||
Class of Stock [Line Items] | ||||||
Decrease in equity due to preferred stock redemption | $ 909 | |||||
Common Class B | ||||||
Class of Stock [Line Items] | ||||||
Recorded value of vested awards | 60 | $ 60 | ||||
Common Class B | Cruise Stock Incentive Awards | ||||||
Class of Stock [Line Items] | ||||||
Cash used to settle awards | 75 | |||||
Common Class B | GM Cruise Holdings LLC | ||||||
Class of Stock [Line Items] | ||||||
Amount of stock issued during period | 95 | |||||
Payments for statutory tax withholdings | $ 56 |
Stockholders' Equity and Nonc_4
Stockholders' Equity and Noncontrolling Interests - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ 71,927 | $ 65,815 |
Other comprehensive income (loss), net of tax | 113 | 442 |
Balance at end of period | 73,961 | 66,774 |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (2,776) | (2,653) |
Other comprehensive income (loss), net of tax | 164 | 397 |
Balance at end of period | (2,611) | (2,256) |
Defined benefit plans | ||
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (4,851) | (6,528) |
Other comprehensive income (loss) before reclassification adjustment, net of tax | (39) | 52 |
Reclassification adjustment, net of tax | 4 | 51 |
Other comprehensive income (loss), net of tax | (35) | 103 |
Balance at end of period | $ (4,886) | $ (6,425) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Basic | ||
Net income attributable to stockholders | $ 2,395 | $ 2,939 |
Less: cumulative dividends on subsidiary preferred stock | (27) | (952) |
Net income (loss) attributable to common stockholders | $ 2,369 | $ 1,987 |
Weighted-average common shares outstanding - basic (in shares) | 1,396 | 1,458 |
Basic earnings per common share (in dollars per share) | $ 1.70 | $ 1.36 |
Diluted | ||
Net income attributable to common stockholders – diluted | $ 2,369 | $ 1,987 |
Weighted-average common shares outstanding - basic (in shares) | 1,396 | 1,458 |
Dilutive effect of warrants and awards under stock incentive plans (in shares) | 6 | 12 |
Weighted-average common shares outstanding - diluted (in shares) | 1,402 | 1,470 |
Diluted earnings per common share (in dollars per share) | $ 1.69 | $ 1.35 |
Potentially dilutive securities (in shares) | 22 | 6 |
Cruise Preferred Shares | ||
Basic | ||
Less: cumulative dividends on subsidiary preferred stock | $ 909 |
Stock Incentive Plans - Narrati
Stock Incentive Plans - Narrative (Details) - Cruise Stock Incentive Awards - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Stock Incentive Plans Narratives [Abstract] | ||
Cash used to settle awards | $ 75 | $ 0 |
Stock options and RSUs | ||
Stock Incentive Plans Narratives [Abstract] | ||
Compensation expense | $ 103 | $ 1,200 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Net sales and revenue | $ 39,985 | $ 35,979 | |
Earnings (loss) before interest and taxes-adjusted | 3,803 | 4,044 | |
Adjustments | (974) | (957) | |
Net income (loss) attributable to noncontrolling interests | (49) | (131) | |
Income (loss) before income taxes | 2,775 | 2,779 | |
Income tax benefit (expense) | (428) | 28 | |
Net income (loss) | 2,346 | 2,807 | |
Net income (loss) attributable to stockholders | 2,395 | 2,939 | |
Equity in net assets of nonconsolidated affiliates | 10,542 | 10,402 | $ 10,176 |
Goodwill and intangible assets, net | 4,968 | 5,058 | 4,945 |
Total assets | 267,004 | 251,492 | $ 264,037 |
Depreciation and amortization | 2,810 | 2,891 | |
Impairment charges | 0 | 0 | |
Equity income (loss) | 75 | 292 | |
Automotive | |||
Segment Reporting Information [Line Items] | |||
Automotive interest income | 229 | 50 | |
Automotive interest expense | (234) | (226) | |
Operating Segments | Automotive | |||
Segment Reporting Information [Line Items] | |||
Net sales and revenue | 36,646 | 32,823 | |
Earnings (loss) before interest and taxes-adjusted | 3,596 | 3,082 | |
Adjustments | (974) | 100 | |
Equity in net assets of nonconsolidated affiliates | 8,818 | 8,623 | |
Goodwill and intangible assets, net | 2,890 | 2,978 | |
Total assets | 141,098 | 131,060 | |
Depreciation and amortization | 1,555 | 1,643 | |
Impairment charges | 0 | 0 | |
Equity income (loss) | 34 | 238 | |
Operating Segments | GMNA | Automotive | |||
Segment Reporting Information [Line Items] | |||
Net sales and revenue | 32,889 | 29,456 | |
Earnings (loss) before interest and taxes-adjusted | 3,576 | 3,141 | |
Adjustments | (974) | 100 | |
Equity in net assets of nonconsolidated affiliates | 2,000 | 1,217 | |
Goodwill and intangible assets, net | 2,154 | 2,213 | |
Total assets | 144,903 | 126,454 | |
Depreciation and amortization | 1,428 | 1,504 | |
Impairment charges | 0 | 0 | |
Equity income (loss) | (46) | 6 | |
Operating Segments | GMI | Automotive | |||
Segment Reporting Information [Line Items] | |||
Net sales and revenue | 3,727 | 3,313 | |
Earnings (loss) before interest and taxes-adjusted | 347 | 328 | |
Adjustments | 0 | 0 | |
Equity in net assets of nonconsolidated affiliates | 6,817 | 7,406 | |
Goodwill and intangible assets, net | 732 | 765 | |
Total assets | 24,992 | 24,612 | |
Depreciation and amortization | 122 | 134 | |
Impairment charges | 0 | 0 | |
Equity income (loss) | 81 | 232 | |
Operating Segments | Cruise | |||
Segment Reporting Information [Line Items] | |||
Net sales and revenue | 25 | 26 | |
Earnings (loss) before interest and taxes-adjusted | (561) | (325) | |
Adjustments | 0 | (1,057) | |
Equity in net assets of nonconsolidated affiliates | 0 | 0 | |
Goodwill and intangible assets, net | 728 | 733 | |
Total assets | 5,217 | 6,310 | |
Depreciation and amortization | 4 | 12 | |
Impairment charges | 0 | 0 | |
Equity income (loss) | 0 | 0 | |
Operating Segments | GM Financial | |||
Segment Reporting Information [Line Items] | |||
Net sales and revenue | 3,343 | 3,156 | |
Earnings (loss) before interest and taxes-adjusted | 771 | 1,284 | |
Adjustments | 0 | 0 | |
Equity in net assets of nonconsolidated affiliates | 1,725 | 1,779 | |
Goodwill and intangible assets, net | 1,350 | 1,346 | |
Total assets | 122,789 | 115,312 | |
Depreciation and amortization | 1,251 | 1,236 | |
Impairment charges | 0 | 0 | |
Equity income (loss) | 41 | 54 | |
Corporate | Automotive | |||
Segment Reporting Information [Line Items] | |||
Net sales and revenue | 31 | 53 | |
Earnings (loss) before interest and taxes-adjusted | (327) | (387) | |
Adjustments | 0 | 0 | |
Equity in net assets of nonconsolidated affiliates | 0 | 0 | |
Goodwill and intangible assets, net | 4 | 0 | |
Total assets | 40,880 | 35,696 | |
Depreciation and amortization | 5 | 5 | |
Impairment charges | 0 | 0 | |
Equity income (loss) | 0 | 0 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Net sales and revenue | (29) | (26) | |
Earnings (loss) before interest and taxes-adjusted | (3) | 4 | |
Adjustments | 0 | 0 | |
Equity in net assets of nonconsolidated affiliates | 0 | 0 | |
Goodwill and intangible assets, net | 0 | 0 | |
Total assets | (2,099) | (1,190) | |
Depreciation and amortization | 0 | 0 | |
Impairment charges | 0 | 0 | |
Equity income (loss) | 0 | 0 | |
Eliminations | Automotive | |||
Segment Reporting Information [Line Items] | |||
Equity in net assets of nonconsolidated affiliates | 0 | 0 | |
Goodwill and intangible assets, net | 0 | 0 | |
Total assets | (69,676) | (55,702) | |
Depreciation and amortization | 0 | 0 | |
Impairment charges | 0 | 0 | |
Equity income (loss) | $ 0 | $ 0 |