ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||
-3000 | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Page | |||
PART I | |||
Item 1. | Business | ||
Item 1A. | Risk Factors | ||
Item 1B. | Unresolved Staff Comments | ||
Item 2. | Properties | ||
Item 3. | Legal Proceedings | ||
Item 4. | Mine Safety Disclosures | ||
PART II | |||
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | ||
Item 6. | Selected Financial Data | ||
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | ||
Item 8. | Financial Statements and Supplementary Data | ||
Consolidated Income Statements | |||
Consolidated Statements of Comprehensive Income | |||
Consolidated Balance Sheets | |||
Consolidated Statements of Cash Flows | |||
Consolidated Statements of Equity | |||
Notes to Consolidated Financial Statements | |||
Note 1. | Nature of Operations and Basis of Presentation | ||
Note 2. | Significant Accounting Policies | ||
Note 3. | Revenue | ||
Note 4. | Marketable and Other Securities | ||
Note 5. | GM Financial Receivables and Transactions | ||
Note 6. | Inventories | ||
Note 7. | Equipment on Operating Leases | ||
Note 8. | Equity in Net Assets of Nonconsolidated Affiliates | ||
Note 9. | Property | ||
Note 10. | Goodwill and Intangible Assets | ||
Note 11. | Variable Interest Entities | ||
Note 12. | Accrued and Other Liabilities | ||
Note 13. | Debt | ||
Note 14. | Derivative Financial Instruments | ||
Note 15. | Pensions and Other Postretirement Benefits | ||
Note 16. | Commitments and Contingencies | ||
Note 17. | Income Taxes | ||
Note 18. | Restructuring and Other Initiatives | ||
Note 19. | Interest Income and Other Non-Operating Income | ||
Note 20. | Stockholders’ Equity and Noncontrolling Interests | ||
Note 21. | Earnings Per Share | ||
Note 22. | Discontinued Operations | ||
Note 23. | Stock Incentive Plans | ||
Note 24. | Supplementary Quarterly Financial Information (Unaudited) | ||
Note 25. | Segment Reporting |
Page | |||
Note 26. | Supplemental Information for the Consolidated Statements of Cash Flows | ||
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | ||
Item 9A. | Controls and Procedures | ||
Item 9B. | Other Information | ||
PART III | |||
Item 10. | Directors, Executive Officers and Corporate Governance | ||
Item 11. | Executive Compensation | ||
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | ||
Item 13. | Certain Relationships and Related Transactions, and Director Independence | ||
Item 14. | Principal Accounting Fees and Services | ||
PART IV | |||
Item 15. | Exhibits | ||
Item 16. | Form 10-K Summary | ||
Signatures |
Years Ended December 31, | |||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||
GMNA | 3,214 | 76.4 | % | 3,555 | 75.5 | % | 3,511 | 73.5 | % | ||||||||
GMI | 995 | 23.6 | % | 1,152 | 24.5 | % | 1,267 | 26.5 | % | ||||||||
Total | 4,209 | 100.0 | % | 4,707 | 100.0 | % | 4,778 | 100.0 | % | ||||||||
Discontinued operations | — | — | 696 |
Years Ended December 31, | ||||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||
Industry | GM | Market Share | Industry | GM | Market Share | Industry | GM | Market Share | ||||||||||||||||||
North America | ||||||||||||||||||||||||||
United States | 17,533 | 2,887 | 16.5 | % | 17,721 | 2,954 | 16.7 | % | 17,570 | 3,002 | 17.1 | % | ||||||||||||||
Other | 3,642 | 480 | 13.2 | % | 3,839 | 536 | 14.0 | % | 3,980 | 574 | 14.4 | % | ||||||||||||||
Total North America | 21,175 | 3,367 | 15.9 | % | 21,560 | 3,490 | 16.2 | % | 21,550 | 3,576 | 16.6 | % | ||||||||||||||
Asia/Pacific, Middle East and Africa | ||||||||||||||||||||||||||
China(a) | 25,398 | 3,094 | 12.2 | % | 26,519 | 3,645 | 13.7 | % | 28,231 | 4,041 | 14.3 | % | ||||||||||||||
Other(b) | 21,503 | 584 | 2.7 | % | 22,258 | 557 | 2.5 | % | 21,288 | 629 | 3.0 | % | ||||||||||||||
Total Asia/Pacific, Middle East and Africa | 46,901 | 3,678 | 7.8 | % | 48,777 | 4,202 | 8.6 | % | 49,519 | 4,670 | 9.4 | % | ||||||||||||||
South America | ||||||||||||||||||||||||||
Brazil | 2,787 | 476 | 17.1 | % | 2,566 | 434 | 16.9 | % | 2,239 | 394 | 17.6 | % | ||||||||||||||
Other | 1,531 | 193 | 12.6 | % | 1,925 | 256 | 13.3 | % | 1,928 | 275 | 14.3 | % | ||||||||||||||
Total South America | 4,318 | 669 | 15.5 | % | 4,491 | 690 | 15.4 | % | 4,167 | 669 | 16.1 | % | ||||||||||||||
Total in GM markets | 72,394 | 7,714 | 10.7 | % | 74,828 | 8,382 | 11.2 | % | 75,236 | 8,915 | 11.8 | % | ||||||||||||||
Total Europe | 18,876 | 4 | — | % | 18,928 | 4 | — | % | 19,190 | 685 | 3.6 | % | ||||||||||||||
Total Worldwide(c) | 91,270 | 7,718 | 8.5 | % | 93,756 | 8,386 | 8.9 | % | 94,426 | 9,600 | 10.2 | % | ||||||||||||||
United States | ||||||||||||||||||||||||||
Cars | 4,842 | 389 | 8.0 | % | 5,389 | 560 | 10.4 | % | 6,145 | 709 | 11.5 | % | ||||||||||||||
Trucks(d) | 4,496 | 1,332 | 29.6 | % | 4,215 | 1,360 | 32.3 | % | 4,004 | 1,328 | 33.2 | % | ||||||||||||||
Crossovers(d) | 8,195 | 1,166 | 14.2 | % | 8,117 | 1,034 | 12.7 | % | 7,421 | 965 | 13.0 | % | ||||||||||||||
Total United States | 17,533 | 2,887 | 16.5 | % | 17,721 | 2,954 | 16.7 | % | 17,570 | 3,002 | 17.1 | % | ||||||||||||||
China(a) | ||||||||||||||||||||||||||
SGMS | 1,482 | 1,749 | 1,906 | |||||||||||||||||||||||
SGMW | 1,612 | 1,896 | 2,135 | |||||||||||||||||||||||
Total China | 25,398 | 3,094 | 12.2 | % | 26,519 | 3,645 | 13.7 | % | 28,231 | 4,041 | 14.3 | % |
(a) | Includes sales by our Automotive China Joint Ventures (Automotive China JVs): SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW). |
(b) | Includes Industry and GM sales in India and South Africa where we ceased vehicle sales for those domestic markets as of December 31, 2017. |
(c) | Cuba, Iran, North Korea, Sudan and Syria are subject to broad economic sanctions. Accordingly these countries are excluded from industry sales data and corresponding calculation of market share. |
(d) | Certain industry vehicles have been reclassified between these vehicle segments. GM vehicles were not impacted by this change. The prior period has been recast to reflect the changes. |
Years Ended December 31, | ||||||||
2019 | 2018 | 2017 | ||||||
GMNA | 741 | 740 | 691 | |||||
GMI | 498 | 478 | 541 | |||||
Total fleet sales | 1,239 | 1,218 | 1,232 | |||||
Fleet sales as a percentage of total vehicle sales | 16.1 | % | 14.5 | % | 13.8 | % |
December 31, 2019 | ||
GMNA(a) | 117 | |
GMI | 37 | |
GM Financial | 10 | |
Total Worldwide | 164 | |
U.S. - Salaried | 48 | |
U.S. - Hourly | 48 |
(a) | Includes Cruise. |
Name (Age) | Present GM Position (Effective Date) | Positions Held During the Past Five Years (Effective Date) | ||
Mary T. Barra (58) | Chairman and Chief Executive Officer (2016) | Chief Executive Officer and Member of the Board of Directors (2014) | ||
Barry L. Engle (56) | Executive Vice President and President, North America (2019) | Executive Vice President and President, The Americas (2019) Executive Vice President and President, GM International (2018) Executive Vice President and President, South America (2015) Agility Fuel Systems, Chief Executive Officer (2011) | ||
Craig B. Glidden (62) | Executive Vice President and General Counsel (2015) | LyondellBasell, Executive Vice President and Chief Legal Officer (2009) | ||
Christopher T. Hatto (49) | Vice President, Global Business Solutions and Chief Accounting Officer (2020) | Vice President, Controller and Chief Accounting Officer (2018) Chief Financial Officer, U.S. Sales Operations (2016) Chief Financial Officer, Customer Care and Aftersales (2013) | ||
Gerald Johnson (57) | Executive Vice President, Global Manufacturing (2019) | Vice President, North America Manufacturing and Labor Relations (2017) Vice President of Operational Excellence (2014) | ||
Randall D. Mott (63) | Executive Vice President, Global Information Technology and Chief Information Officer (2019) | Senior Vice President, Global Information Technology and Chief Information Officer (2013) | ||
Douglas L. Parks (58) | Executive Vice President, Global Product Development, Purchasing and Supply Chain (2019) | Vice President, Autonomous and Electric Vehicles (2017) Vice President, Autonomous Technology and Vehicle Execution (2016) Vice President, Global Product Programs (2012) | ||
Mark L. Reuss (56) | President (2019) | Executive Vice President and President, Global Product Development Group and Cadillac (2018) Executive Vice President, Global Product Development, Purchasing & Supply Chain (2014) | ||
Dhivya Suryadevara (40) | Executive Vice President and Chief Financial Officer (2018) | Vice President, Corporate Finance (2017) Vice President, Finance and Treasurer (2015) Chief Executive Officer, GM Asset Management (2013) | ||
Matthew Tsien (59) | Executive Vice President and President, GM China (2014) |
Total Number of Shares Purchased(a) | Weighted Average Price Paid per Share | Total Number of Shares Purchased Under Announced Programs(b) | Approximate Dollar Value of Shares That May Yet be Purchased Under Announced Programs | ||||||||
October 1, 2019 through October 31, 2019 | 23,723 | $ | 36.08 | — | $3.4 billion | ||||||
November 1, 2019 through November 30, 2019 | 3,480 | $ | 37.16 | — | $3.4 billion | ||||||
December 1, 2019 through December 31, 2019 | 29,090 | $ | 36.28 | — | $3.4 billion | ||||||
Total | 56,293 | $ | 36.25 | — |
(a) | Shares purchased consist of shares delivered by employees or directors to us for the payment of taxes resulting from issuance of common stock upon the vesting of Restricted Stock Units (RSUs), Performance Stock Units (PSUs) and Restricted Stock Awards (RSAs) relating to compensation plans. In June 2017 our shareholders approved the 2017 Long Term Incentive Plan, which authorizes awards of stock options, stock appreciation rights, RSAs, RSUs, PSUs or other stock-based awards to selected employees, consultants, advisors, and non-employee Directors of the Company. Refer to Note 23 to our consolidated financial statements for additional details on employee stock incentive plans. |
(b) | In January 2017 we announced that our Board of Directors had authorized the purchase of up to an additional $5.0 billion of our common stock with no expiration date. |
At and for the Years Ended December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Income Statement Data: | |||||||||||||||||||
Total net sales and revenue | $ | 137,237 | $ | 147,049 | $ | 145,588 | $ | 149,184 | $ | 135,725 | |||||||||
Income from continuing operations(a) | $ | 6,667 | $ | 8,075 | $ | 330 | $ | 9,269 | $ | 9,590 | |||||||||
Basic earnings per common share – continuing operations(a) | $ | 4.62 | $ | 5.66 | $ | 0.23 | $ | 6.12 | $ | 6.09 | |||||||||
Diluted earnings per common share – continuing operations(a) | $ | 4.57 | $ | 5.58 | $ | 0.22 | $ | 6.00 | $ | 5.89 | |||||||||
Dividends declared per common share | $ | 1.52 | $ | 1.52 | $ | 1.52 | $ | 1.52 | $ | 1.38 | |||||||||
Balance Sheet Data: | |||||||||||||||||||
Total assets(b) | $ | 228,037 | $ | 227,339 | $ | 212,482 | $ | 221,690 | $ | 194,338 | |||||||||
Automotive notes and loans payable | $ | 14,386 | $ | 13,963 | $ | 13,502 | $ | 10,560 | $ | 8,535 | |||||||||
GM Financial notes and loans payable | $ | 88,938 | $ | 90,988 | $ | 80,717 | $ | 64,563 | $ | 45,479 | |||||||||
Total equity | $ | 45,957 | $ | 42,777 | $ | 36,200 | $ | 44,075 | $ | 40,323 |
(a) | We estimate that the lost vehicle production volumes and parts sales due to the UAW strike had an unfavorable pre-tax impact of approximately $3.6 billion on our Income from continuing operations in the year ended December 31, 2019. In the year ended December 31, 2019 we recorded: (1) pre-tax charges of $1.8 billion related to transformation activities including accelerated depreciation, supplier-related charges and other charges; and (2) a pre-tax benefit of $1.4 billion related to the retrospective recoveries of indirect taxes in Brazil. In the year ended December 31, 2018 we recorded: (1) pre-tax charges of $1.3 billion related to transformation activities including employee separation, accelerated depreciation and other charges; (2) pre-tax charges of $1.1 billion related to the closure of a facility and other restructuring actions in Korea; (3) pre-tax charges of $0.4 billion for ignition switch related legal matters; and (4) a non-recurring tax benefit of $1.0 billion related to foreign earnings. In the year ended December 31, 2017 we recorded: (1) tax expense of $7.3 billion related to U.S. tax reform legislation; (2) $2.3 billion related to the establishment of a valuation allowance against deferred tax assets that will no longer be realizable as a result of the sale of the Opel/Vauxhall Business; and (3) pre-tax charges of $0.5 billion related to restructuring actions in India and South Africa. In the year ended December 31, 2015 we recorded: (1) the reversal of deferred tax asset valuation allowances of $3.9 billion in Europe; and (2) pre-tax charges related to the Ignition Switch Recall Compensation Program and for various legal matters of approximately $1.6 billion. |
(b) | Total assets included assets held for sale of $20.6 billion and $20.0 billion at December 31, 2016 and 2015. |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net income (loss) attributable to stockholders | $ | 6,732 | $ | 8,014 | $ | (3,864 | ) | ||||
Loss from discontinued operations, net of tax | — | 70 | 4,212 | ||||||||
Income tax expense | 769 | 474 | 11,533 | ||||||||
Automotive interest expense | 782 | 655 | 575 | ||||||||
Automotive interest income | (429 | ) | (335 | ) | (266 | ) | |||||
Adjustments | |||||||||||
Transformation activities(a) | 1,735 | 1,327 | — | ||||||||
GM Brazil indirect tax recoveries(b) | (1,360 | ) | — | — | |||||||
FAW-GM divestiture(c) | 164 | — | — | ||||||||
GMI restructuring(d) | — | 1,138 | 540 | ||||||||
Ignition switch recall and related legal matters(e) | — | 440 | 114 | ||||||||
Total adjustments | 539 | 2,905 | 654 | ||||||||
EBIT-adjusted | $ | 8,393 | $ | 11,783 | $ | 12,844 |
(a) | These adjustments were excluded because of a strategic decision to accelerate our transformation for the future to strengthen our core business, capitalize on the future of personal mobility, and drive significant cost efficiencies. The adjustments primarily consist of accelerated depreciation, supplier-related charges, pension and other curtailment charges and employee-related separation charges in the year ended December 31, 2019 and primarily employee separation charges and accelerated depreciation in the year ended December 31, 2018. |
(b) | This adjustment was excluded because of the unique events associated with decisions rendered by the Superior Judicial Court of Brazil resulting in retrospective recoveries of indirect taxes. |
(c) | This adjustment was excluded because we divested our joint venture FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM), as a result of a strategic decision by both shareholders, allowing us to focus our resources on opportunities expected to deliver higher returns. |
(d) | These adjustments were excluded because of a strategic decision to rationalize our core operations by exiting or significantly reducing our presence in various international markets to focus resources on opportunities expected to deliver higher returns. The adjustments primarily consist of employee separation charges, asset impairments and supplier claims in the year ended December 31, 2018, all in Korea. The adjustment in the year ended December 31, 2017 primarily consists of asset impairments and other restructuring actions in India, South Africa and Venezuela. |
(e) | These adjustments were excluded because of the unique events associated with the ignition switch recall, which included various investigations, inquiries and complaints from constituents. |
Years Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||
Amount | Per Share | Amount | Per Share | Amount | Per Share | ||||||||||||||||||
Diluted earnings (loss) per common share | $ | 6,581 | $ | 4.57 | $ | 7,916 | $ | 5.53 | $ | (3,880 | ) | $ | (2.60 | ) | |||||||||
Diluted loss per common share – discontinued operations | — | — | 70 | 0.05 | 4,212 | 2.82 | |||||||||||||||||
Adjustments(a) | 539 | 0.38 | 2,905 | 2.03 | 654 | 0.44 | |||||||||||||||||
Tax effect on adjustments(b) | (188 | ) | (0.13 | ) | (416 | ) | (0.29 | ) | (208 | ) | (0.14 | ) | |||||||||||
Tax adjustments(c) | — | — | (1,111 | ) | (0.78 | ) | 9,099 | 6.10 | |||||||||||||||
EPS-diluted-adjusted | $ | 6,932 | $ | 4.82 | $ | 9,364 | $ | 6.54 | $ | 9,877 | $ | 6.62 |
(a) | Refer to the reconciliation of Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted within this section of the MD&A for adjustment details. |
(b) | The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates. |
(c) | In the year ended December 31, 2018, the adjustment consists of: (1) a non-recurring tax benefit related to foreign earnings; and (2) tax effects related to U.S. tax reform legislation. In the year ended December 31, 2017, the adjustment consisted of the tax expense of $7.3 billion related to U.S. tax reform legislation and the establishment of a valuation allowance against deferred tax assets of $2.3 billion that are no longer realizable as a result of the sale of the Opel/Vauxhall Business, partially offset by tax benefits related to tax settlements. These adjustments were excluded because impacts of tax legislation and valuation allowances are not considered part of our core operations. |
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||
Income before income taxes | Income tax expense | Effective tax rate | Income before income taxes | Income tax expense | Effective tax rate | Income before income taxes | Income tax expense | Effective tax rate | ||||||||||||||||||||||||
Effective tax rate | $ | 7,436 | $ | 769 | 10.3 | % | $ | 8,549 | $ | 474 | 5.5 | % | $ | 11,863 | $ | 11,533 | 97.2 | % | ||||||||||||||
Adjustments(a) | 545 | 188 | 2,946 | 416 | $ | 654 | 208 | |||||||||||||||||||||||||
Tax adjustments(b) | — | 1,111 | (9,099 | ) | ||||||||||||||||||||||||||||
ETR-adjusted | $ | 7,981 | $ | 957 | 12.0 | % | $ | 11,495 | $ | 2,001 | 17.4 | % | $ | 12,517 | $ | 2,642 | 21.1 | % |
(a) | Refer to the reconciliation of Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted within this section of the MD&A for adjustment details. Net income attributable to noncontrolling interests for these adjustments is included in the years ended December 31, 2019 and 2018. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates. |
(b) | Refer to the reconciliation of diluted earnings (loss) per common share under U.S. GAAP to EPS-diluted-adjusted within this section of the MD&A for adjustment details. |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net income (loss) attributable to stockholders | $ | 6.7 | $ | 8.0 | $ | (3.9 | ) | ||||
Average equity(a) | $ | 43.7 | $ | 37.4 | $ | 42.2 | |||||
ROE | 15.4 | % | 21.4 | % | (9.2 | )% |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
EBIT-adjusted(a) | $ | 8.4 | $ | 11.8 | $ | 12.8 | |||||
Average equity(b) | $ | 43.7 | $ | 37.4 | $ | 42.2 | |||||
Add: Average automotive debt and interest liabilities (excluding finance leases) | 14.9 | 14.4 | 11.6 | ||||||||
Add: Average automotive net pension & OPEB liability | 16.7 | 18.3 | 21.0 | ||||||||
Less: Average automotive net income tax asset | (23.5 | ) | (22.7 | ) | (29.3 | ) | |||||
ROIC-adjusted average net assets | $ | 51.8 | $ | 47.4 | $ | 45.5 | |||||
ROIC-adjusted | 16.2 | % | 24.9 | % | 28.2 | % |
(a) | Refer to the reconciliation of Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted within this section of the MD&A. |
• | Lump sum ratification bonus payments to eligible employees of $11,000 and eligible temporary employees of $4,500 in November 2019 totaling $0.5 billion; |
• | Lump sum payments, equivalent to 4% of qualified earnings, to eligible employees in November 2019 and October 2021, totaling approximately $0.2 billion; |
• | Lump sum payments of $1,000 to be made annually to eligible employees in June 2020 through June 2023, totaling approximately $0.2 billion; |
• | Gross wage increases of 3% in 2020 and 2022 for eligible employees, totaling approximately $0.4 billion during the four-year agreement; |
• | Detroit Hamtramck Assembly facility will remain open and receive a new product allocation. Lordstown Assembly, Baltimore Transmission and Warren Transmission facilities will close; |
• | Cash severance incentive programs to qualified employees based on employee interest, eligibility and management approval; and |
• | Additional manufacturing investments of approximately $7.7 billion to create or retain more than 9,000 UAW jobs during the period of the Labor Agreement. |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||
Residual Value | Units | Percentage | Residual Value | Units | Percentage | ||||||||||||||
Crossovers | $ | 15,950 | 972 | 60.5 | % | $ | 15,057 | 917 | 53.8 | % | |||||||||
Trucks | 7,256 | 288 | 18.0 | % | 7,299 | 296 | 17.4 | % | |||||||||||
SUVs | 3,917 | 108 | 6.7 | % | 4,160 | 111 | 6.5 | % | |||||||||||
Cars | 3,276 | 238 | 14.8 | % | 4,884 | 379 | 22.3 | % | |||||||||||
Total | $ | 30,399 | 1,606 | 100.0 | % | $ | 31,400 | 1,703 | 100.0 | % |
Years Ended December 31, | Favorable/ (Unfavorable) | Variance Due To | |||||||||||||||||||||||||||||
2019 | 2018 | % | Volume | Mix | Price | Other | |||||||||||||||||||||||||
(Dollars in billions) | |||||||||||||||||||||||||||||||
GMNA | $ | 106,366 | $ | 113,792 | $ | (7,426 | ) | (6.5 | )% | $ | (10.0 | ) | $ | 1.7 | $ | 1.3 | $ | (0.5 | ) | ||||||||||||
GMI | 16,111 | 19,148 | (3,037 | ) | (15.9 | )% | $ | (2.2 | ) | $ | (0.3 | ) | $ | 0.5 | $ | (1.1 | ) | ||||||||||||||
Corporate | 220 | 203 | 17 | 8.4 | % | $ | — | ||||||||||||||||||||||||
Automotive | 122,697 | 133,143 | (10,446 | ) | (7.8 | )% | $ | (12.2 | ) | $ | 1.5 | $ | 1.9 | $ | (1.6 | ) | |||||||||||||||
Cruise | 100 | — | 100 | n.m. | $ | 0.1 | |||||||||||||||||||||||||
GM Financial | 14,554 | 14,016 | 538 | 3.8 | % | $ | 0.5 | ||||||||||||||||||||||||
Eliminations/Reclassifications | (114 | ) | (110 | ) | (4 | ) | (3.6 | )% | $ | 0.1 | $ | (0.1 | ) | ||||||||||||||||||
Total net sales and revenue | $ | 137,237 | $ | 147,049 | $ | (9,812 | ) | (6.7 | )% | $ | (12.2 | ) | $ | 1.5 | $ | 1.9 | $ | (1.0 | ) |
Years Ended December 31, | Favorable/ (Unfavorable) | Variance Due To | |||||||||||||||||||||||||||||
2019 | 2018 | % | Volume | Mix | Cost | Other | |||||||||||||||||||||||||
(Dollars in billions) | |||||||||||||||||||||||||||||||
GMNA | $ | 94,582 | $ | 99,445 | $ | 4,863 | 4.9 | % | $ | 7.2 | $ | (1.7 | ) | $ | (1.0 | ) | $ | 0.3 | |||||||||||||
GMI | 14,967 | 20,418 | 5,451 | 26.7 | % | $ | 1.9 | $ | — | $ | 2.9 | $ | 0.6 | ||||||||||||||||||
Corporate | 81 | 178 | 97 | 54.5 | % | $ | — | $ | — | $ | 0.1 | ||||||||||||||||||||
Cruise | 1,026 | 715 | (311 | ) | (43.5 | )% | $ | (0.3 | ) | ||||||||||||||||||||||
Eliminations | (5 | ) | (100 | ) | (95 | ) | (95.0 | )% | $ | — | $ | — | |||||||||||||||||||
Total automotive and other cost of sales | $ | 110,651 | $ | 120,656 | $ | 10,005 | 8.3 | % | $ | 9.1 | $ | (1.8 | ) | $ | 1.6 | $ | 1.1 |
Years Ended December 31, | Year Ended 2019 vs. 2018 Change | |||||||||||||||||
2019 | 2018 | 2017 | Favorable/ (Unfavorable) | % | ||||||||||||||
Automotive and other selling, general and administrative expense | $ | 8,491 | $ | 9,650 | $ | 9,570 | $ | 1,159 | 12.0 | % |
Years Ended December 31, | Year Ended 2019 vs. 2018 Change | |||||||||||||||||
2019 | 2018 | 2017 | Favorable/ (Unfavorable) | % | ||||||||||||||
Interest income and other non-operating income, net | $ | 1,469 | $ | 2,596 | $ | 1,645 | $ | (1,127 | ) | (43.4 | )% |
Years Ended December 31, | Year Ended 2019 vs. 2018 Change | |||||||||||||||||
2019 | 2018 | 2017 | Favorable/ (Unfavorable) | % | ||||||||||||||
Gains (losses) related to Lyft | $ | (74 | ) | $ | 142 | $ | — | $ | (216 | ) | n.m. | |||||||
Gains (losses) related to PSA warrants | 154 | 116 | (56 | ) | 38 | 32.8 | % | |||||||||||
Total gains (losses) on investments | $ | 80 | $ | 258 | $ | (56 | ) | $ | (178 | ) | (69.0 | )% |
Years Ended December 31, | Year Ended 2019 vs. 2018 Change | |||||||||||||||||
2019 | 2018 | 2017 | Favorable/ (Unfavorable) | % | ||||||||||||||
Income tax expense | $ | 769 | $ | 474 | $ | 11,533 | $ | (295 | ) | (62.2 | )% |
Years Ended December 31, | Favorable/ (Unfavorable) | Variance Due To | |||||||||||||||||||||||||||||||||
2019 | 2018 | % | Volume | Mix | Price | Cost | Other | ||||||||||||||||||||||||||||
(Dollars in billions) | |||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 106,366 | $ | 113,792 | $ | (7,426 | ) | (6.5 | )% | $ | (10.0 | ) | $ | 1.7 | $ | 1.3 | $ | (0.5 | ) | ||||||||||||||||
EBIT-adjusted | $ | 8,204 | $ | 10,769 | $ | (2,565 | ) | (23.8 | )% | $ | (2.8 | ) | $ | — | $ | 1.3 | $ | (1.2 | ) | $ | — | ||||||||||||||
EBIT-adjusted margin | 7.7 | % | 9.5 | % | (1.8 | )% | |||||||||||||||||||||||||||||
(Vehicles in thousands) | |||||||||||||||||||||||||||||||||||
Wholesale vehicle sales | 3,214 | 3,555 | (341 | ) | (9.6 | )% |
Years Ended December 31, | Favorable/ (Unfavorable) | Variance Due To | |||||||||||||||||||||||||||||||||
2019 | 2018 | % | Volume | Mix | Price | Cost | Other | ||||||||||||||||||||||||||||
(Dollars in billions) | |||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 16,111 | $ | 19,148 | $ | (3,037 | ) | (15.9 | )% | $ | (2.2 | ) | $ | (0.3 | ) | $ | 0.5 | $ | (1.1 | ) | |||||||||||||||
EBIT (loss)-adjusted | $ | (202 | ) | $ | 423 | $ | (625 | ) | n.m. | $ | (0.3 | ) | $ | (0.3 | ) | $ | 0.5 | $ | 0.5 | $ | (1.1 | ) | |||||||||||||
EBIT (loss)-adjusted margin | (1.3 | )% | 2.2 | % | (3.5 | )% | |||||||||||||||||||||||||||||
Equity income — Automotive China | $ | 1,132 | $ | 1,981 | $ | (849 | ) | (42.9 | )% | ||||||||||||||||||||||||||
EBIT (loss)-adjusted — excluding Equity income | $ | (1,334 | ) | $ | (1,558 | ) | $ | 224 | 14.4 | % | |||||||||||||||||||||||||
(Vehicles in thousands) | |||||||||||||||||||||||||||||||||||
Wholesale vehicle sales | 995 | 1,152 | (157 | ) | (13.6 | )% |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Wholesale vehicle sales including vehicles exported to markets outside of China | 3,244 | 4,030 | 4,140 | ||||||||
Total net sales and revenue | $ | 39,123 | $ | 50,316 | $ | 50,065 | |||||
Net income | $ | 2,258 | $ | 3,992 | $ | 3,984 |
December 31, 2019 | December 31, 2018 | ||||||
Cash and cash equivalents | $ | 6,257 | $ | 8,609 | |||
Debt | $ | 109 | $ | 496 |
Years Ended December 31, | 2019 vs. 2018 Change | |||||||||||||||||
2019 | 2018 | 2017 | Favorable/ (Unfavorable) | % | ||||||||||||||
Total net sales and revenue(a) | $ | 100 | $ | — | $ | — | $ | 100 | n.m. | |||||||||
EBIT (loss)-adjusted | $ | (1,004 | ) | $ | (728 | ) | $ | (613 | ) | $ | (276 | ) | (37.9 | )% |
(a) | Reclassified to Interest income and other non-operating income, net in our consolidated income statement in the year ended December 31, 2019. |
Years Ended December 31, | 2019 vs. 2018 Change | |||||||||||||||||
2019 | 2018 | 2017 | Amount | % | ||||||||||||||
Total revenue | $ | 14,554 | $ | 14,016 | $ | 12,151 | $ | 538 | 3.8 | % | ||||||||
Provision for loan losses | $ | 726 | $ | 642 | $ | 757 | $ | 84 | 13.1 | % | ||||||||
EBT-adjusted | $ | 2,104 | $ | 1,893 | $ | 1,196 | $ | 211 | 11.1 | % | ||||||||
Average debt outstanding (dollars in billions) | $ | 91.2 | $ | 85.1 | $ | 74.9 | $ | 6.1 | 7.2 | % | ||||||||
Effective rate of interest paid | 4.0 | % | 3.8 | % | 3.4 | % | 0.2 | % |
December 31, 2019 | December 31, 2018 | ||||||
Automotive cash and cash equivalents | $ | 13.4 | $ | 13.7 | |||
Marketable debt securities | 3.9 | 6.0 | |||||
Automotive cash, cash equivalents and marketable debt securities(a)(b) | 17.3 | 19.6 | |||||
Cruise cash and cash equivalents(c) | 2.3 | 2.3 | |||||
Cruise marketable debt securities(c) | 0.3 | — | |||||
Available liquidity | 19.9 | 21.9 | |||||
Available under credit facilities | 17.3 | 14.2 | |||||
Total available liquidity(a)(d) | $ | 37.2 | $ | 36.1 |
(a) | Amounts may not sum due to rounding. |
(b) | Includes $0.2 billion and $0.6 billion that is designated exclusively to fund capital expenditures in GM Korea Company (GM Korea) at December 31, 2019 and 2018. Refer to Note 20 to our consolidated financial statements for further details. |
(c) | Amounts are designated exclusively for the use of Cruise. Refer to Note 20 to our consolidated financial statements for further details. |
(d) | Excludes our remaining investment in Lyft, which had a fair value of $0.5 billion at December 31, 2019. |
Year Ended December 31, 2019 | |||
Operating cash flow | $ | 7.4 | |
Capital expenditures | (7.5 | ) | |
Dividends paid | (2.2 | ) | |
GM investment in Cruise | (0.7 | ) | |
Other non-operating(a) | 0.7 | ||
Increase in available credit facilities | 3.1 | ||
Total change in automotive available liquidity | $ | 0.8 |
(a) | Amount includes $0.3 billion of proceeds from the sale of a portion of our Lyft shares. |
Years Ended December 31, | 2019 vs. 2018 Change | ||||||||||||||
2019 | 2018 | 2017 | |||||||||||||
Operating Activities | |||||||||||||||
Income (loss) from continuing operations | $ | 5.8 | $ | 7.1 | $ | (0.2 | ) | $ | (1.3 | ) | |||||
Depreciation, amortization and impairment charges | 6.7 | 6.1 | 5.7 | 0.6 | |||||||||||
Pension and OPEB activities | (1.5 | ) | (3.4 | ) | (2.6 | ) | 1.9 | ||||||||
Working capital | (2.2 | ) | 0.7 | 1.8 | (2.9 | ) | |||||||||
Accrued and other liabilities and income taxes | (1.5 | ) | 1.9 | 8.5 | (3.4 | ) | |||||||||
Other | 0.1 | (0.7 | ) | 1.2 | 0.8 | ||||||||||
Net automotive cash provided by operating activities | $ | 7.4 | $ | 11.7 | $ | 14.4 | $ | (4.3 | ) |
Years Ended December 31, | 2019 vs. 2018 Change | ||||||||||||||
2019 | 2018 | 2017 | |||||||||||||
Investing Activities | |||||||||||||||
Capital expenditures | $ | (7.5 | ) | $ | (8.7 | ) | $ | (8.3 | ) | $ | 1.2 | ||||
Acquisitions and liquidations of marketable securities, net(a) | 2.4 | 2.3 | 3.5 | 0.1 | |||||||||||
GM investment in Cruise | (0.7 | ) | (1.1 | ) | — | 0.4 | |||||||||
Other | 0.2 | (0.2 | ) | (0.4 | ) | 0.4 | |||||||||
Net automotive cash used in investing activities | $ | (5.6 | ) | $ | (7.7 | ) | $ | (5.2 | ) | $ | 2.1 |
(a) | Amount includes $0.3 billion of proceeds from the sale of a portion of our Lyft shares in the year ended December 31, 2019. |
Years Ended December 31, | 2019 vs. 2018 Change | ||||||||||||||
2019 | 2018 | 2017 | |||||||||||||
Financing Activities | |||||||||||||||
Issuance of senior unsecured notes | $ | — | $ | 2.1 | $ | 3.0 | $ | (2.1 | ) | ||||||
Net proceeds (payments) on short-term debt | 0.5 | (1.4 | ) | (0.1 | ) | 1.9 | |||||||||
Payments to purchase common stock | — | (0.1 | ) | (4.5 | ) | 0.1 | |||||||||
Dividends paid | (2.2 | ) | (2.2 | ) | (2.2 | ) | — | ||||||||
Proceeds from KDB investment in GM Korea | — | 0.7 | — | (0.7 | ) | ||||||||||
Other | (0.4 | ) | (0.6 | ) | (0.4 | ) | 0.2 | ||||||||
Net automotive cash used in financing activities | $ | (2.1 | ) | $ | (1.5 | ) | $ | (4.2 | ) | $ | (0.6 | ) |
Corporate | Revolving Credit Facilities | Senior Unsecured | Outlook | ||||
DBRS Limited | BBB (high) | BBB (high) | N/A | Stable | |||
Fitch | BBB | BBB | BBB | Stable | |||
Moody's | Investment Grade | Baa2 | Baa3 | Stable | |||
S&P | BBB | BBB | BBB | Stable |
Year Ended December 31, 2019 | |||
Operating cash flow | $ | (0.8 | ) |
Issuance of Cruise Preferred Shares | 0.5 | ||
GM investment in Cruise | 0.7 | ||
Other non-operating | (0.1 | ) | |
Total change in Cruise available liquidity | $ | 0.3 |
Years Ended December 31, | 2019 vs. 2018 Change | ||||||||||||||
2019 | 2018 | 2017 | |||||||||||||
Net cash used in operating activities | $ | (0.8 | ) | $ | (0.6 | ) | $ | (0.5 | ) | $ | (0.2 | ) | |||
Net cash used in investing activities | $ | (0.3 | ) | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.2 | ) | |||
Net cash provided by financing activities | $ | 1.1 | $ | 3.0 | $ | 0.6 | $ | (1.9 | ) |
December 31, 2019 | December 31, 2018 | ||||||
Cash and cash equivalents | $ | 3.3 | $ | 4.9 | |||
Borrowing capacity on unpledged eligible assets | 17.5 | 18.0 | |||||
Borrowing capacity on committed unsecured lines of credit | 0.3 | 0.3 | |||||
Borrowing capacity on revolving credit facility, exclusive to GM Financial | 2.0 | 2.0 | |||||
Total GM Financial available liquidity | $ | 23.1 | $ | 25.2 |
Years Ended December 31, | 2019 vs. 2018 Change | ||||||||||||||
2019 | 2018 | 2017 | |||||||||||||
Net cash provided by operating activities | $ | 8.1 | $ | 7.4 | $ | 6.5 | $ | 0.7 | |||||||
Net cash used in investing activities | $ | (5.0 | ) | $ | (17.5 | ) | $ | (21.9 | ) | $ | 12.5 | ||||
Net cash provided by (used in) financing activities | $ | (3.5 | ) | $ | 11.1 | $ | 16.1 | $ | (14.6 | ) |
Payments Due by Period | |||||||||||||||||||
2020 | 2021-2022 | 2023-2024 | 2025 and after | Total | |||||||||||||||
Automotive debt | $ | 1,803 | $ | 519 | $ | 1,570 | $ | 10,659 | $ | 14,551 | |||||||||
Automotive Financing debt | 35,587 | 32,453 | 12,833 | 8,160 | 89,033 | ||||||||||||||
Finance lease obligations | 109 | 80 | 19 | 102 | 310 | ||||||||||||||
Automotive interest payments(a) | 774 | 1,375 | 1,258 | 9,065 | 12,472 | ||||||||||||||
Automotive Financing interest payments(b) | 2,485 | 2,555 | 1,138 | 477 | 6,655 | ||||||||||||||
Postretirement benefits(c) | 252 | 464 | 231 | — | 947 | ||||||||||||||
Operating lease obligations | 272 | 433 | 303 | 468 | 1,476 | ||||||||||||||
Other contractual commitments: | |||||||||||||||||||
Material | 1,751 | 497 | 100 | 21 | 2,369 | ||||||||||||||
Marketing | 664 | 209 | 15 | 3 | 891 | ||||||||||||||
Other | 956 | 1,325 | 654 | 239 | 3,174 | ||||||||||||||
Total contractual commitments(d) | $ | 44,653 | $ | 39,910 | $ | 18,121 | $ | 29,194 | $ | 131,878 | |||||||||
Non-contractual benefits(e) | $ | 295 | $ | 529 | $ | 708 | $ | 9,945 | $ | 11,477 |
(a) | Amounts include automotive interest payments based on contractual terms and current interest rates on our debt and finance lease obligations. Automotive interest payments based on variable interest rates were determined using the interest rate in effect at December 31, 2019. |
(b) | GM Financial interest payments were determined using the interest rate in effect at December 31, 2019 for floating rate debt and the contractual rates for fixed rate debt. GM Financial interest payments on floating rate tranches of the securitization notes payable were converted to a fixed rate based on the floating rate plus any expected hedge payments. |
(c) | Amounts include OPEB payments under the current U.S. contractual labor agreements through 2023 and Canada labor agreements through 2021. These agreements are generally renegotiated in the year of expiration. Amounts do not include pension funding obligations, which are discussed in Note 15 to our consolidated financial statements. |
(d) | Amounts do not include future cash payments for purchase obligations and certain other accrued expenditures (unless specifically listed in the table above), which were recorded in Accounts payable, Accrued liabilities and Other liabilities at December 31, 2019. |
(e) | Amounts include all expected future payments for both current and expected future service at December 31, 2019 for OPEB obligations for salaried and hourly employees extending beyond the current North American union contract agreements, workers' compensation and extended disability benefits. Amounts do not include pension funding obligations, which are discussed in Note 15 to our consolidated financial statements. |
December 31, 2019 | December 31, 2018 | ||||
Crossovers | 972 | 917 | |||
Trucks | 288 | 296 | |||
SUVs | 108 | 111 | |||
Cars | 238 | 379 | |||
Total | 1,606 | 1,703 |
Impact to Depreciation Expense | |||
Crossovers | $ | 159 | |
Trucks | 73 | ||
SUVs | 39 | ||
Cars | 33 | ||
Total | $ | 304 |
U.S. Plans(a) | Non-U.S. Plans(a) | ||||||
Effect on 2020 Pension Expense | Effect on December 31, 2019 PBO | Effect on 2020 Pension Expense | Effect on December 31, 2019 PBO | ||||
25 basis point decrease in discount rate | -$99 | +$1,637 | +$2 | +$664 | |||
25 basis point increase in discount rate | +$93 | -$1,567 | +$4 | -$629 | |||
25 basis point decrease in expected rate of return on assets | +$139 | N/A | +$35 | N/A | |||
25 basis point increase in expected rate of return on assets | -$139 | N/A | -$35 | N/A |
(a) | The sensitivity does not include the effects of the individual annual yield curve rates applied for the calculation of the service and interest cost. |
Years Ended December 31, | |||||||
2019 | 2018 | ||||||
Translation losses recorded in Accumulated other comprehensive loss | $ | 32 | $ | 353 | |||
Transaction and remeasurement (gains) losses recorded in earnings | $ | (77 | ) | $ | 156 |
Years Ended December 31, | |||||||
2019 | 2018 | ||||||
One hundred basis points instantaneous increase in interest rates | $ | (4.6 | ) | $ | 10.7 | ||
One hundred basis points instantaneous decrease in interest rates(a) | $ | 4.6 | $ | (10.7 | ) |
(a) | Net interest income sensitivity given a one hundred basis point decrease in interest rates requires an assumption of negative interest rates in markets where existing interest rates are below one percent. |
Years Ended December 31, | |||||||
2019 | 2018 | ||||||
Translation (gains) losses recorded in Accumulated other comprehensive loss | $ | (5 | ) | $ | 291 | ||
Transaction and remeasurement (gains) losses, net recorded in earnings | $ | (8 | ) | $ | 12 |
Product warranty and recall campaigns | |
Description of the matter | As discussed in Note 12 to the financial statements, the liabilities for product warranty and recall campaigns amount to $7.8 billion at December 31, 2019. The Company accrues for costs related to product warranty at the time of vehicle sale and accrues the estimated cost of recall campaigns when they are probable and estimable, which is generally at the time of sale. |
Auditing these liabilities is complex and involves a high degree of subjectivity in evaluating management’s estimates, due to the size, uncertainties, and potential volatility related to the estimated liabilities. Management’s estimates consider historical claims experience, including the nature, frequency, and average cost of claims of each vehicle line or each model year of the vehicle line, and the key assumptions of historical data being predictive of future activity and events, in particular, the number of historical periods used and the weighing of historical data in the reserve studies. | |
How we addressed the matter in our audit | We evaluated the design and tested the operating effectiveness of internal controls over the Company’s product warranty and recall campaign processes. We tested internal controls over management’s review of the valuation models and significant assumptions for product warranty and recall including the warranty claims forecasted based on the frequency and average cost per warranty claim for product warranty, and the cost estimates related to recall campaigns. Our audit also included the evaluation of controls that address the completeness and accuracy of the data utilized in the valuation models. |
Our audit procedures related to product warranty and recall campaigns also included, among others, evaluating the Company’s estimation methodology, the related significant assumptions and underlying data, and performing analytical procedures to corroborate cost per vehicle based on historical claims data. Furthermore, we performed sensitivity analyses to evaluate the significant judgments made by management, including cost estimates to evaluate the impact on reserves from changes in assumptions. We performed analysis over the vehicle lines and model years that had little or no claims experience to ensure the vehicle and model substitutions are comparable. We also involved actuarial specialists to evaluate the methodologies and assumptions, and to test the actuarial calculations used by the Company. | |
Sales incentives | |
Description of the matter | Automotive sales and revenue represents the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or providing services, which is net of dealer and customer sales incentives the Company expects to pay. As discussed in Note 2 to the financial statements, provisions for dealer and customer incentives are recorded as a reduction to Automotive net sales and revenue at the time of vehicle sale. The liabilities for dealer and customer allowances, claims and discounts amount to $10.4 billion at December 31, 2019. |
Auditing the estimate of sales incentives involved a high degree of judgment. Significant factors used by the Company in estimating its liability for retail incentives include forecasted sales volumes, product mix, and the rate of customer acceptance of incentive programs, all of which are estimated based on historical experience and assumptions concerning future customer behavior and market conditions. The Company’s estimation model reflects the best estimate of the total incentive amount that the Company reasonably expects to pay at the time of sale. The estimated cost of incentives is forward-looking, and could be materially affected by future economic and market conditions. | |
How we addressed the matter in our audit | We evaluated the design and tested the operating effectiveness of internal controls over the Company’s sales incentive process, including management’s review of the estimation model, the significant assumptions (e.g., incentive cost per unit, customer take rate, and market conditions), and the data inputs used in the model. Our audit procedures included, among others, the performance of analytical procedures to develop an independent range of the liability for retail incentives as of the balance sheet date. Our independent range was developed for comparison to the Company’s recorded accrual, and is based on historical claims, forecasted spend, and the specific vehicle mix of current dealer stock. In addition, we performed sensitivity analyses over the cost per unit assumption developed by management to evaluate the impact on the liability resulting from a change in the assumption. Lastly, we assessed management’s forecasting process by performing quarterly hindsight analyses to assess the adequacy of prior forecasts. |
Valuation of GM Financial Equipment on Operating Leases | |
Description of the matter | GM Financial has recorded investments in vehicles leased to retail customers under operating leases. As discussed in Note 2 to the financial statements, at the beginning of the lease, management establishes an expected residual value for each vehicle at the end of the lease term. The Company’s estimated residual value of leased vehicles at the end of lease term was $30.4 billion as of December 31, 2019. |
Auditing management’s estimate of the residual value of leased vehicles involved a high degree of judgment. Management’s estimate is based, in part, on third-party data which considers inputs including recent auction values and significant assumptions regarding the expected future volume of leased vehicles that will be returned to the Company, used car prices, manufacturer incentive programs and fuel prices. Realization of the residual values is dependent on the future ability to market the vehicles under future prevailing market conditions. | |
How we addressed the matter in our audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of the Company’s controls over the lease residual estimation process, including controls over management’s review of residual value estimates obtained from the Company’s third-party provider and other significant assumptions. Our procedures also included, among others, independently recalculating depreciation related to equipment on operating lease and performing sensitivity analyses related to significant assumptions. We also performed hindsight analyses to assess the propriety of management’s estimate of residual values, as well as tested the completeness and accuracy of data from underlying systems and data warehouses that are used in the estimation models. |
/s/ ERNST & YOUNG LLP |
We have served as the Company's auditor since 2017. |
Detroit, Michigan |
February 5, 2020 |
/s/ ERNST & YOUNG LLP |
Detroit, Michigan |
February 5, 2020 |
/s/ Deloitte & Touche LLP | |
Detroit, Michigan | |
February 6, 2018 (July 25, 2018 as to Note 25, Segment Reporting) |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net sales and revenue | |||||||||||
Automotive | $ | $ | $ | ||||||||
GM Financial | |||||||||||
Total net sales and revenue (Note 3) | |||||||||||
Costs and expenses | |||||||||||
Automotive and other cost of sales | |||||||||||
GM Financial interest, operating and other expenses | |||||||||||
Automotive and other selling, general and administrative expense | |||||||||||
Total costs and expenses | |||||||||||
Operating income | |||||||||||
Automotive interest expense | |||||||||||
Interest income and other non-operating income, net (Note 19) | |||||||||||
Equity income (Note 8) | |||||||||||
Income before income taxes | |||||||||||
Income tax expense (Note 17) | |||||||||||
Income from continuing operations | |||||||||||
Loss from discontinued operations, net of tax (Note 22) | |||||||||||
Net income (loss) | ( | ) | |||||||||
Net loss attributable to noncontrolling interests | |||||||||||
Net income (loss) attributable to stockholders | $ | $ | $ | ( | ) | ||||||
Net income (loss) attributable to common stockholders | $ | $ | $ | ( | ) | ||||||
Earnings per share (Note 21) | |||||||||||
Basic earnings per common share – continuing operations | $ | $ | $ | ||||||||
Basic loss per common share – discontinued operations | $ | $ | $ | ||||||||
Basic earnings (loss) per common share | $ | $ | $ | ( | ) | ||||||
Weighted-average common shares outstanding – basic | |||||||||||
Diluted earnings per common share – continuing operations | $ | $ | $ | ||||||||
Diluted loss per common share – discontinued operations | $ | $ | $ | ||||||||
Diluted earnings (loss) per common share | $ | $ | $ | ( | ) | ||||||
Weighted-average common shares outstanding – diluted |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net income (loss) | $ | $ | $ | ( | ) | ||||||
Other comprehensive income (loss), net of tax (Note 20) | |||||||||||
Foreign currency translation adjustments and other | ( | ) | ( | ) | |||||||
Defined benefit plans | ( | ) | ( | ) | |||||||
Other comprehensive income (loss), net of tax | ( | ) | ( | ) | |||||||
Comprehensive income (loss) | ( | ) | |||||||||
Comprehensive loss attributable to noncontrolling interests | |||||||||||
Comprehensive income (loss) attributable to stockholders | $ | $ | $ | ( | ) |
December 31, 2019 | December 31, 2018 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | $ | |||||
Marketable debt securities (Note 4) | |||||||
Accounts and notes receivable (net of allowance of $201 and $211) | |||||||
GM Financial receivables, net (Note 5; Note 11 at VIEs) | |||||||
Inventories (Note 6) | |||||||
Other current assets (Note 4; Note 11 at VIEs) | |||||||
Total current assets | |||||||
Non-current Assets | |||||||
GM Financial receivables, net (Note 5; Note 11 at VIEs) | |||||||
Equity in net assets of nonconsolidated affiliates (Note 8) | |||||||
Property, net (Note 9) | |||||||
Goodwill and intangible assets, net (Note 10) | |||||||
Equipment on operating leases, net (Note 7; Note 11 at VIEs) | |||||||
Deferred income taxes (Note 17) | |||||||
Other assets (Note 4; Note 11 at VIEs) | |||||||
Total non-current assets | |||||||
Total Assets | $ | $ | |||||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable (principally trade) | $ | $ | |||||
Short-term debt and current portion of long-term debt (Note 13) | |||||||
Automotive | |||||||
GM Financial (Note 11 at VIEs) | |||||||
Accrued liabilities (Note 12) | |||||||
Total current liabilities | |||||||
Non-current Liabilities | |||||||
Long-term debt (Note 13) | |||||||
Automotive | |||||||
GM Financial (Note 11 at VIEs) | |||||||
Postretirement benefits other than pensions (Note 15) | |||||||
Pensions (Note 15) | |||||||
Other liabilities (Note 12) | |||||||
Total non-current liabilities | |||||||
Total Liabilities | |||||||
Commitments and contingencies (Note 16) | |||||||
Equity (Note 20) | |||||||
Common stock, $0.01 par value | |||||||
Additional paid-in capital | |||||||
Retained earnings | |||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | |||
Total stockholders’ equity | |||||||
Noncontrolling interests | |||||||
Total Equity | |||||||
Total Liabilities and Equity | $ | $ |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Cash flows from operating activities | |||||||||||
Income from continuing operations | $ | $ | $ | ||||||||
Depreciation and impairment of Equipment on operating leases, net | |||||||||||
Depreciation, amortization and impairment charges on Property, net | |||||||||||
Foreign currency remeasurement and transaction (gains) losses | ( | ) | |||||||||
Undistributed earnings of nonconsolidated affiliates, net | ( | ) | ( | ) | |||||||
Pension contributions and OPEB payments | ( | ) | ( | ) | ( | ) | |||||
Pension and OPEB income, net | ( | ) | ( | ) | ( | ) | |||||
Provision (benefit) for deferred taxes | ( | ) | ( | ) | |||||||
Change in other operating assets and liabilities (Note 26) | ( | ) | ( | ) | ( | ) | |||||
Other operating activities | ( | ) | ( | ) | ( | ) | |||||
Net cash provided by operating activities – continuing operations | |||||||||||
Net cash used in operating activities – discontinued operations | ( | ) | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities | |||||||||||
Expenditures for property | ( | ) | ( | ) | ( | ) | |||||
Available-for-sale marketable securities, acquisitions | ( | ) | ( | ) | ( | ) | |||||
Available-for-sale marketable securities, liquidations | |||||||||||
Purchases of finance receivables, net | ( | ) | ( | ) | ( | ) | |||||
Principal collections and recoveries on finance receivables | |||||||||||
Purchases of leased vehicles, net | ( | ) | ( | ) | ( | ) | |||||
Proceeds from termination of leased vehicles | |||||||||||
Other investing activities | |||||||||||
Net cash used in investing activities – continuing operations | ( | ) | ( | ) | ( | ) | |||||
Net cash provided by (used in) investing activities – discontinued operations (Note 22) | ( | ) | |||||||||
Net cash used in investing activities | ( | ) | ( | ) | ( | ) | |||||
Cash flows from financing activities | |||||||||||
Net increase (decrease) in short-term debt | ( | ) | ( | ) | |||||||
Proceeds from issuance of debt (original maturities greater than three months) | |||||||||||
Payments on debt (original maturities greater than three months) | ( | ) | ( | ) | ( | ) | |||||
Payments to purchase common stock | ( | ) | ( | ) | |||||||
Proceeds from issuance of subsidiary preferred and common stock (Note 20) | |||||||||||
Dividends paid | ( | ) | ( | ) | ( | ) | |||||
Other financing activities | ( | ) | ( | ) | ( | ) | |||||
Net cash provided by financing activities – continuing operations | ( | ) | |||||||||
Net cash provided by financing activities – discontinued operations | |||||||||||
Net cash provided by (used in) financing activities | ( | ) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | $ | ||||||||
Cash, cash equivalents and restricted cash – continuing operations at end of period (Note 4) | $ | $ | $ | ||||||||
Significant Non-cash Investing and Financing Activity | |||||||||||
Non-cash property additions – continuing operations | $ | $ | $ | ||||||||
Non-cash proceeds on sale of discontinued operations (Note 22) | $ | $ | $ |
Common Stockholders’ | Noncontrolling Interests | Total Equity | |||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Balance at January 1, 2017 | $ | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||
Net loss | — | — | ( | ) | — | ( | ) | ( | ) | ||||||||||||||
Other comprehensive income | — | — | — | ( | ) | ||||||||||||||||||
Purchase of common stock | ( | ) | ( | ) | ( | ) | — | — | ( | ) | |||||||||||||
Exercise of common stock warrants | — | — | — | — | |||||||||||||||||||
Issuance of subsidiary preferred stock (Note 20) | — | — | — | — | |||||||||||||||||||
Stock based compensation | — | ( | ) | — | — | ||||||||||||||||||
Cash dividends paid on common stock | — | — | ( | ) | — | — | ( | ) | |||||||||||||||
Dividends to noncontrolling interests | — | — | — | — | ( | ) | ( | ) | |||||||||||||||
Other | — | ( | ) | — | — | ( | ) | ||||||||||||||||
Balance at December 31, 2017 | ( | ) | |||||||||||||||||||||
Adoption of accounting standards | — | — | ( | ) | ( | ) | — | ( | ) | ||||||||||||||
Net income | — | — | — | ( | ) | ||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ) | ( | ) | ( | ) | ||||||||||||||
Purchase of common stock | — | ( | ) | ( | ) | — | — | ( | ) | ||||||||||||||
Issuance of subsidiary preferred and common stock (Note 20) | — | — | — | — | |||||||||||||||||||
Stock based compensation | — | — | — | — | |||||||||||||||||||
Cash dividends paid on common stock | — | — | ( | ) | — | — | ( | ) | |||||||||||||||
Dividends to noncontrolling interests | — | — | — | — | ( | ) | ( | ) | |||||||||||||||
Other | — | ( | ) | ( | ) | — | |||||||||||||||||
Balance at December 31, 2018 | ( | ) | |||||||||||||||||||||
Net income | — | — | — | ( | ) | ||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ) | ( | ) | ( | ) | ||||||||||||||
Issuance of subsidiary preferred stock (Note 20) | — | — | — | — | |||||||||||||||||||
Stock based compensation | — | ( | ) | — | — | ||||||||||||||||||
Cash dividends paid on common stock | — | — | ( | ) | — | — | ( | ) | |||||||||||||||
Dividends to noncontrolling interests | — | — | — | — | ( | ) | ( | ) | |||||||||||||||
Other | — | — | |||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | ( | ) | $ | $ |
Years Ending December 31, | |||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | |||||||||||||||||||||
Minimum commitments(a) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Sublease income | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Net minimum commitments | $ | $ | $ | $ | $ | $ | $ |
(a) | Certain leases contain escalation clauses and renewal or purchase options. |
Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||
GMNA | GMI | Corporate | Total Automotive | Cruise | GM Financial | Eliminations/ Reclassifications | Total | ||||||||||||||||||||||||
Vehicle, parts and accessories | $ | $ | $ | $ | $ | — | $ | — | $ | $ | |||||||||||||||||||||
Used vehicles | — | — | |||||||||||||||||||||||||||||
Services and other | — | ( | ) | ||||||||||||||||||||||||||||
Automotive net sales and revenue | — | ( | ) | ||||||||||||||||||||||||||||
Leased vehicle income | — | — | — | — | — | ||||||||||||||||||||||||||
Finance charge income | — | — | — | — | — | ( | ) | ||||||||||||||||||||||||
Other income | — | — | — | — | — | ( | ) | ||||||||||||||||||||||||
GM Financial net sales and revenue | — | — | — | — | — | ( | ) | ||||||||||||||||||||||||
Net sales and revenue | $ | $ | $ | $ | $ | $ | $ | ( | ) | $ |
Year Ended December 31, 2018 | |||||||||||||||||||||||||||
GMNA | GMI | Corporate | Total Automotive | GM Financial | Eliminations | Total | |||||||||||||||||||||
Vehicle, parts and accessories | $ | $ | $ | $ | $ | — | $ | ( | ) | $ | |||||||||||||||||
Used vehicles | — | ( | ) | ||||||||||||||||||||||||
Services and other | — | ||||||||||||||||||||||||||
Automotive net sales and revenue | — | ( | ) | ||||||||||||||||||||||||
Leased vehicle income | — | — | — | — | |||||||||||||||||||||||
Finance charge income | — | — | — | — | ( | ) | |||||||||||||||||||||
Other income | — | — | — | — | ( | ) | |||||||||||||||||||||
GM Financial net sales and revenue | — | — | — | — | ( | ) | |||||||||||||||||||||
Net sales and revenue | $ | $ | $ | $ | $ | $ | ( | ) | $ |
Fair Value Level | December 31, 2019 | December 31, 2018 | |||||||
Cash and cash equivalents | |||||||||
Cash and time deposits(a) | $ | $ | |||||||
Available-for-sale debt securities | |||||||||
U.S. government and agencies | 2 | ||||||||
Corporate debt | 2 | ||||||||
Sovereign debt | 2 | ||||||||
Total available-for-sale debt securities – cash equivalents | |||||||||
Money market funds | 1 | ||||||||
Total cash and cash equivalents(b) | $ | $ | |||||||
Marketable debt securities | |||||||||
U.S. government and agencies | 2 | $ | $ | ||||||
Corporate debt | 2 | ||||||||
Mortgage and asset-backed | 2 | ||||||||
Sovereign debt | 2 | ||||||||
Total available-for-sale debt securities – marketable securities(c) | $ | $ | |||||||
Restricted cash | |||||||||
Cash and cash equivalents | $ | $ | |||||||
Money market funds | 1 | ||||||||
Total restricted cash | $ | $ | |||||||
Available-for-sale debt securities included above with contractual maturities(d) | |||||||||
Due in one year or less | $ | ||||||||
Due between one and five years | |||||||||
Total available-for-sale debt securities with contractual maturities | $ |
(a) | Includes $ |
(b) | Includes $ |
(c) | Includes $ |
(d) | Excludes mortgage- and asset-backed securities of $ |
December 31, 2019 | December 31, 2018 | ||||||
Cash and cash equivalents | $ | $ | |||||
Restricted cash included in Other current assets | |||||||
Restricted cash included in Other assets | |||||||
Total | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
Retail | Commercial(a) | Total | Retail | Commercial(a) | Total | ||||||||||||||||||
Finance receivables, collectively evaluated for impairment, net of fees | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Finance receivables, individually evaluated for impairment, net of fees(b) | |||||||||||||||||||||||
GM Financial receivables | |||||||||||||||||||||||
Less: allowance for loan losses | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
GM Financial receivables, net | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Fair value of GM Financial receivables utilizing Level 2 inputs | $ | $ | |||||||||||||||||||||
Fair value of GM Financial receivables utilizing Level 3 inputs | $ | $ |
(a) | Net of dealer cash management balances of $ |
(b) | The allowance for loan losses included $ |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Allowance for loan losses at beginning of period | $ | $ | $ | ||||||||
Provision for loan losses | |||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | |||||
Recoveries | |||||||||||
Effect of foreign currency | ( | ) | |||||||||
Allowance for loan losses at end of period | $ | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||||||||
Amount | Percent of Contractual Amount Due | Amount | Percent of Contractual Amount Due | ||||||||||
31-to-60 days delinquent | $ | % | $ | % | |||||||||
Greater-than-60 days delinquent | % | % | |||||||||||
Total finance receivables more than 30 days delinquent | % | % | |||||||||||
In repossession | % | % | |||||||||||
Total finance receivables more than 30 days delinquent or in repossession | $ | % | $ | % |
December 31, 2019 | December 31, 2018 | |||||||
Group I | – Dealers with superior financial metrics | $ | $ | |||||
Group II | – Dealers with strong financial metrics | |||||||
Group III | – Dealers with fair financial metrics | |||||||
Group IV | – Dealers with weak financial metrics | |||||||
Group V | – Dealers warranting special mention due to elevated risks | |||||||
Group VI | – Dealers with loans classified as substandard, doubtful or impaired | |||||||
$ | $ |
December 31, 2019 | December 31, 2018 | ||||||
Consolidated Balance Sheets(a) | |||||||
Commercial finance receivables, net due from GM consolidated dealers | $ | $ | |||||
Direct-financing lease receivables from GM subsidiaries | $ | $ | |||||
Subvention receivable(b) | $ | $ | |||||
Commercial loan funding payable | $ | $ |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Consolidated Statements of Income | |||||||||||
Interest subvention earned on finance receivables | $ | $ | $ | ||||||||
Leased vehicle subvention earned | $ | $ | $ |
(a) | All balance sheet amounts are eliminated upon consolidation. |
(b) | Our Automotive segments made cash payments to GM Financial for subvention of $ |
December 31, 2019 | December 31, 2018 | ||||||
Total productive material, supplies and work in process | $ | $ | |||||
Finished product, including service parts | |||||||
Total inventories | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||
Equipment on operating leases | $ | $ | |||||
Less: accumulated depreciation | ( | ) | ( | ) | |||
Equipment on operating leases, net | $ | $ |
Years Ending December 31, | |||||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | Total | ||||||||||||||||||
Lease receipts under operating leases | $ | $ | $ | $ | $ | $ |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Automotive China equity income | $ | $ | $ | ||||||||
Other joint ventures equity income | |||||||||||
Total Equity income | $ | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||
Automotive China carrying amount | $ | $ | |||||
Other investments carrying amount | |||||||
Total equity in net assets of nonconsolidated affiliates | $ | $ |
December 31, 2019 | December 31, 2018 | ||||
Automotive China JVs | |||||
SAIC General Motors Corp., Ltd. (SGM) | % | % | |||
Pan Asia Technical Automotive Center Co., Ltd. | % | % | |||
SAIC General Motors Sales Co., Ltd. | % | % | |||
SAIC GM Wuling Automobile Co., Ltd. (SGMW) | % | % | |||
Shanghai OnStar Telematics Co., Ltd. (Shanghai OnStar) | % | % | |||
SAIC GM (Shenyang) Norsom Motors Co., Ltd. (SGM Norsom) | % | % | |||
SAIC GM Dong Yue Motors Co., Ltd. (SGM DY) | % | % | |||
SAIC GM Dong Yue Powertrain Co., Ltd. (SGM DYPT) | % | % | |||
FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM)(a) | % | % | |||
Other joint ventures | |||||
SAIC-GMAC Automotive Finance Company Limited (SAIC-GMAC) | % | % | |||
SAIC-GMF Leasing Co., Ltd. | % | % |
(a) | In 2019, we divested our joint venture FAW-GM. |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
Automotive China JVs | Others | Total | Automotive China JVs | Others | Total | ||||||||||||||||||
Summarized Balance Sheet Data | |||||||||||||||||||||||
Current assets | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Non-current assets | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Current liabilities | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Non-current liabilities | |||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Noncontrolling interests | $ | $ | $ | $ | $ | $ |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Summarized Operating Data | |||||||||||
Automotive China JVs' net sales | $ | $ | $ | ||||||||
Others' net sales | |||||||||||
Total net sales | $ | $ | $ | ||||||||
Automotive China JVs' net income | $ | $ | $ | ||||||||
Others' net income | |||||||||||
Total net income | $ | $ | $ |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Automotive sales and revenue | $ | $ | $ | ||||||||
Automotive purchases, net | $ | $ | $ | ||||||||
Dividends received | $ | $ | $ | ||||||||
Operating cash flows | $ | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||
Accounts and notes receivable, net | $ | $ | |||||
Accounts payable | $ | $ | |||||
Undistributed earnings | $ | $ |
Estimated Useful Lives in Years | December 31, 2019 | December 31, 2018 | |||||||
Land | $ | $ | |||||||
Buildings and improvements | 5-40 | ||||||||
Machinery and equipment | 3-27 | ||||||||
Special tools | 1-13 | ||||||||
Construction in progress | |||||||||
Total property | |||||||||
Less: accumulated depreciation | ( | ) | ( | ) | |||||
Total property, net | $ | $ |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Depreciation and amortization expense | $ | $ | $ | ||||||||
Impairment charges | $ | $ | $ | ||||||||
Capitalized software amortization expense(a) | $ | $ | $ |
(a) | Included in depreciation and amortization expense. |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Technology and intellectual property | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Brands | |||||||||||||||||||||||
Dealer network, customer relationships and other | |||||||||||||||||||||||
Total intangible assets | $ | $ | $ | $ | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||
Restricted cash – current | $ | $ | |||||
Restricted cash – non-current | $ | $ | |||||
GM Financial receivables, net of fees – current | $ | $ | |||||
GM Financial receivables, net of fees – non-current | $ | $ | |||||
GM Financial equipment on operating leases, net | $ | $ | |||||
GM Financial short-term debt and current portion of long-term debt | $ | $ | |||||
GM Financial long-term debt | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||
Accrued liabilities | |||||||
Dealer and customer allowances, claims and discounts | $ | $ | |||||
Deferred revenue | |||||||
Product warranty and related liabilities | |||||||
Payrolls and employee benefits excluding postemployment benefits | |||||||
Other | |||||||
Total accrued liabilities | $ | $ | |||||
Other liabilities | |||||||
Deferred revenue | $ | $ | |||||
Product warranty and related liabilities | |||||||
Operating lease liabilities | |||||||
Employee benefits excluding postemployment benefits | |||||||
Postemployment benefits including facility idling reserves | |||||||
Other | |||||||
Total other liabilities | $ | $ |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Product Warranty and Related Liabilities | |||||||||||
Warranty balance at beginning of period | $ | $ | $ | ||||||||
Warranties issued and assumed in period – recall campaigns | |||||||||||
Warranties issued and assumed in period – product warranty | |||||||||||
Payments | ( | ) | ( | ) | ( | ) | |||||
Adjustments to pre-existing warranties | ( | ) | ( | ) | |||||||
Effect of foreign currency and other | ( | ) | |||||||||
Warranty balance at end of period | $ | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||
Secured debt | $ | $ | |||||
Unsecured debt | |||||||
Finance lease liabilities | |||||||
Total automotive debt(a) | $ | $ | |||||
Fair value utilizing Level 1 inputs | $ | $ | |||||
Fair value utilizing Level 2 inputs | |||||||
Fair value of automotive debt | $ | $ | |||||
Available under credit facility agreements | $ | $ | |||||
Weighted-average interest rate on outstanding short-term debt(b) | % | % | |||||
Weighted-average interest rate on outstanding long-term debt(b) | % | % |
(a) | Includes net discount and debt issuance costs of $ |
(b) | Includes coupon rates on debt denominated in various foreign currencies and interest free loans. |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Secured debt | $ | $ | $ | $ | |||||||||||
Unsecured debt | |||||||||||||||
Total GM Financial debt | $ | $ | $ | $ | |||||||||||
Fair value utilizing Level 2 inputs | $ | $ | |||||||||||||
Fair value utilizing Level 3 inputs | $ | $ |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Automotive interest expense | $ | $ | $ | ||||||||
Automotive Financing - GM Financial interest expense | |||||||||||
Total interest expense | $ | $ | $ |
Automotive | Automotive Financing(a) | Total | |||||||||
2020 | $ | $ | $ | ||||||||
2021 | |||||||||||
2022 | |||||||||||
2023 | |||||||||||
2024 | |||||||||||
Thereafter | |||||||||||
$ | $ | $ |
(a) | Secured debt, credit facilities and other unsecured debt are based on expected payoff date. Senior notes principal amounts are based on maturity. |
Fair Value Level | December 31, 2019 | December 31, 2018 | |||||||
Derivatives not designated as hedges(a) | |||||||||
Foreign currency | 2 | $ | $ | ||||||
Commodity | 2 | ||||||||
PSA Warrants(b) | 2 | ||||||||
Total derivative financial instruments | $ | $ |
(a) | The fair value of these derivative instruments at December 31, 2019 and 2018 and the gains/losses included in our consolidated income statements for the years ended December 31, 2019, 2018 and 2017 were insignificant, unless otherwise noted. |
(b) | The fair value of the PSA warrants located in Other assets was $ |
Fair Value Level | December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||
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(b) | 2 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Foreign currency swaps | 2 | ||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Interest rate swaps | 2 | ||||||||||||||||||||||||
Foreign currency swaps | 2 | ||||||||||||||||||||||||
Derivatives not designated as hedges(a) | |||||||||||||||||||||||||
Interest rate contracts | 2 | ||||||||||||||||||||||||
Total derivative financial instruments(c) | $ | $ | $ | $ | $ | $ |
(a) | The gains/losses included in our consolidated income statements and statements of comprehensive income for the years ended December 31, 2019, 2018 and 2017 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 gains included in GM Financial interest, operating, and other expenses were $ |
(c) | GM Financial held $ |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Carrying Amount of Hedged Items | Cumulative Amount of Fair Value Hedging Adjustments(a) | Carrying Amount of Hedged Items | Cumulative Amount of Fair Value Hedging Adjustments(a) | ||||||||||||
GM Financial long-term debt(b) | $ | $ | ( | ) | $ | $ |
(a) | Includes an insignificant amount and $ |
(b) | The gains/losses for hedged items – interest rate swaps included in GM Financial interest, operating, and other expenses were a loss of $ |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
U.S. hourly and salaried | $ | $ | $ | ||||||||
Non-U.S. | |||||||||||
Total | $ | $ | $ |
Year Ended December 31, 2019 | Year Ended December 31, 2018 | ||||||||||||||||||||||
Pension Benefits | Global OPEB Plans | Pension Benefits | Global OPEB Plans | ||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||
Change in benefit obligations | |||||||||||||||||||||||
Beginning benefit obligation | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Service cost | |||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Actuarial (gains) losses | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Benefits paid | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Foreign currency translation adjustments | ( | ) | ( | ) | |||||||||||||||||||
Curtailments, settlements and other | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Ending benefit obligation | |||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||
Beginning fair value of plan assets | |||||||||||||||||||||||
Actual return on plan assets | ( | ) | |||||||||||||||||||||
Employer contributions | |||||||||||||||||||||||
Benefits paid | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Foreign currency translation adjustments | ( | ) | |||||||||||||||||||||
Settlements and other | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Ending fair value of plan assets | |||||||||||||||||||||||
Ending funded status | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||
Amounts recorded in the consolidated balance sheets | |||||||||||||||||||||||
Non-current assets | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Current liabilities | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Non-current liabilities | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Net amount recorded | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||
Amounts recorded in Accumulated other comprehensive loss | |||||||||||||||||||||||
Net actuarial loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||
Net prior service (cost) credit | ( | ) | ( | ) | |||||||||||||||||||
Total recorded in Accumulated other comprehensive loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
December 31, 2019 | December 31, 2018 | ||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||
ABO | $ | $ | $ | $ | |||||||||||
Plans with ABO in excess of plan assets | |||||||||||||||
ABO | $ | $ | $ | $ | |||||||||||
Fair value of plan assets | $ | $ | $ | $ | |||||||||||
Plans with PBO in excess of plan assets | |||||||||||||||
PBO | $ | $ | $ | $ | |||||||||||
Fair value of plan assets | $ | $ | $ | $ |
Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||||||||||||||||||||||||||
Pension Benefits | Global OPEB Plans | Pension Benefits | Global OPEB Plans | Pension Benefits | Global OPEB Plans | ||||||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||||||||||
Components of expense | |||||||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Amortization of net actuarial (gains) losses | ( | ) | |||||||||||||||||||||||||||||||||
Curtailments, settlements and other | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Net periodic pension and OPEB (income) expense | $ | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | $ | ||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations(a) | |||||||||||||||||||||||||||||||||||
Discount rate | % | % | % | % | % | % | % | % | % | ||||||||||||||||||||||||||
Weighted-average assumptions used to determine net expense(a) | |||||||||||||||||||||||||||||||||||
Discount rate | % | % | % | % | % | % | % | % | % | ||||||||||||||||||||||||||
Expected rate of return on plan assets | % | % | N/A | % | % | N/A | % | % | N/A |
(a) | The rate of compensation increase does not have a significant effect on our U.S. pension and OPEB plans. |
December 31, 2019 | December 31, 2018 | ||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||
Equity | % | % | % | % | |||||||
Debt | % | % | % | % | |||||||
Other(a) | % | % | % | % | |||||||
Total | % | % | % | % |
(a) | Primarily includes private equity, real estate and absolute return strategies which mainly consist of hedge funds. |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
U.S. Pension Plan Assets | |||||||||||||||||||||||||||||||
Common and preferred stocks | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Government and agency debt securities(a) | |||||||||||||||||||||||||||||||
Corporate and other debt securities | |||||||||||||||||||||||||||||||
Other investments, net(b) | ( | ) | |||||||||||||||||||||||||||||
Net plan assets subject to leveling | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
Plan assets measured at net asset value | |||||||||||||||||||||||||||||||
Investment funds | |||||||||||||||||||||||||||||||
Private equity and debt investments | |||||||||||||||||||||||||||||||
Real estate investments | |||||||||||||||||||||||||||||||
Total plan assets measured at net asset value | |||||||||||||||||||||||||||||||
Other plan assets, net(c) | |||||||||||||||||||||||||||||||
Net plan assets | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Non-U.S. Pension Plan Assets | |||||||||||||||||||||||||||||||
Common and preferred stocks | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Government and agency debt securities(a) | |||||||||||||||||||||||||||||||
Corporate and other debt securities | |||||||||||||||||||||||||||||||
Other investments, net(b)(d) | ( | ) | ( | ) | |||||||||||||||||||||||||||
Net plan assets subject to leveling | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
Plan assets measured at net asset value | |||||||||||||||||||||||||||||||
Investment funds | |||||||||||||||||||||||||||||||
Private equity and debt investments | |||||||||||||||||||||||||||||||
Real estate investments | |||||||||||||||||||||||||||||||
Total plan assets measured at net asset value | |||||||||||||||||||||||||||||||
Other plan assets (liabilities), net(c) | ( | ) | |||||||||||||||||||||||||||||
Net plan assets | $ | $ |
(a) | Includes U.S. and sovereign government and agency issues. |
(b) | Includes net derivative assets (liabilities). |
(c) | Cash held by the plans, net of amounts receivable/payable for unsettled security transactions and payables for investment manager fees, custody fees and other expenses. |
(d) | Level 2 Other investments, net includes Canadian reverse repurchase agreements. |
Pension Benefits | Global OPEB Plans | ||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||
2020 | $ | $ | $ | ||||||||
2021 | $ | $ | $ | ||||||||
2022 | $ | $ | $ | ||||||||
2023 | $ | $ | $ | ||||||||
2024 | $ | $ | $ | ||||||||
2025 - 2029 | $ | $ | $ |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
U.S. income | $ | $ | $ | ||||||||
Non-U.S. income | |||||||||||
Income before income taxes and equity income | $ | $ | $ |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Current income tax expense (benefit) | |||||||||||
U.S. federal | $ | $ | ( | ) | $ | ||||||
U.S. state and local | |||||||||||
Non-U.S. | |||||||||||
Total current income tax expense | |||||||||||
Deferred income tax expense (benefit) | |||||||||||
U.S. federal | ( | ) | ( | ) | |||||||
U.S. state and local | ( | ) | |||||||||
Non-U.S. | |||||||||||
Total deferred income tax expense (benefit) | ( | ) | ( | ) | |||||||
Total income tax expense | $ | $ | $ |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Income tax expense at U.S. federal statutory income tax rate | $ | $ | $ | ||||||||
State and local tax expense (benefit) | ( | ) | |||||||||
Non-U.S. income taxed at other than the U.S. federal statutory tax rate | ( | ) | |||||||||
U.S. tax impact on Non-U.S. income and activities | ( | ) | ( | ) | ( | ) | |||||
Change in valuation allowances | ( | ) | |||||||||
Change in tax laws | ( | ) | ( | ) | |||||||
General business credits and manufacturing incentives | ( | ) | ( | ) | ( | ) | |||||
Capital loss expiration | |||||||||||
Settlements of prior year tax matters | ( | ) | ( | ) | |||||||
Realization of basis differences in affiliates | ( | ) | |||||||||
German statutory approval of net operating losses | ( | ) | |||||||||
Foreign currency remeasurement | |||||||||||
Other adjustments | ( | ) | |||||||||
Total income tax expense | $ | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||
Deferred tax assets | |||||||
Postretirement benefits other than pensions | $ | $ | |||||
Pension and other employee benefit plans | |||||||
Warranties, dealer and customer allowances, claims and discounts | |||||||
U.S. capitalized research expenditures | |||||||
U.S. operating loss and tax credit carryforwards(a) | |||||||
Non-U.S. operating loss and tax credit carryforwards(b) | |||||||
Miscellaneous | |||||||
Total deferred tax assets before valuation allowances | |||||||
Less: valuation allowances | ( | ) | ( | ) | |||
Total deferred tax assets | |||||||
Deferred tax liabilities | |||||||
Property, plant and equipment | |||||||
Intangible assets | |||||||
Total deferred tax liabilities | |||||||
Net deferred tax assets | $ | $ |
(a) | At December 31, 2019 U.S. operating loss and tax credit carryforwards of $ |
(b) | At December 31, 2019 Non-U.S. operating loss and tax credit carryforwards of $ |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Balance at beginning of period | $ | $ | $ | ||||||||
Additions to current year tax positions | |||||||||||
Additions to prior years' tax positions | |||||||||||
Reductions to prior years' tax positions | ( | ) | ( | ) | ( | ) | |||||
Reductions in tax positions due to lapse of statutory limitations | ( | ) | ( | ) | ( | ) | |||||
Settlements | ( | ) | ( | ) | ( | ) | |||||
Other | ( | ) | |||||||||
Balance at end of period | $ | $ | $ |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Balance at beginning of period | $ | $ | $ | ||||||||
Additions, interest accretion and other | |||||||||||
Payments | ( | ) | ( | ) | ( | ) | |||||
Revisions to estimates and effect of foreign currency | ( | ) | ( | ) | ( | ) | |||||
Balance at end of period | $ | $ | $ |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Non-service pension and OPEB income | $ | $ | $ | ||||||||
Interest income | |||||||||||
Licensing agreements income | |||||||||||
Revaluation of investments | ( | ) | |||||||||
Other | ( | ) | |||||||||
Total interest income and other non-operating income, net | $ | $ | $ |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Foreign Currency Translation Adjustments | |||||||||||
Balance at beginning of period | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment, net of tax and impact of adoption of accounting standards(a)(b) | ( | ) | ( | ) | |||||||
Reclassification adjustment, net of tax(a) | |||||||||||
Other comprehensive income (loss), net of tax(a) | ( | ) | ( | ) | |||||||
Balance at end of period | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Defined Benefit Plans | |||||||||||
Balance at beginning of period | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Other comprehensive loss and noncontrolling interests before reclassification adjustment, net of impact of adoption of accounting standards(b) | ( | ) | ( | ) | ( | ) | |||||
Tax benefit | |||||||||||
Other comprehensive loss and noncontrolling interests before reclassification adjustment, net of tax and impact of adoption of accounting standards(b) | ( | ) | ( | ) | ( | ) | |||||
Reclassification adjustment, net of tax(a)(c) | |||||||||||
Other comprehensive income (loss), net of tax | ( | ) | ( | ) | |||||||
Balance at end of period(d) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
(a) | The income tax effect was insignificant in the years ended December 31, 2019, 2018 and 2017. |
(b) | The noncontrolling interests are insignificant in the years ended December 31, 2019, 2018 and 2017. |
(c) | $ |
(d) | Primarily consists of unamortized actuarial loss on our defined benefit plans. Refer to the critical accounting estimates section of our MD&A for additional information. |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Basic earnings per share | |||||||||||
Income from continuing operations(a) | $ | $ | $ | ||||||||
Less: cumulative dividends on subsidiary preferred stock | ( | ) | ( | ) | ( | ) | |||||
Income from continuing operations attributable to common stockholders | |||||||||||
Loss from discontinued operations, net of tax | |||||||||||
Net income (loss) attributable to common stockholders | $ | $ | $ | ( | ) | ||||||
Weighted-average common shares outstanding | |||||||||||
Basic earnings per common share – continuing operations | $ | $ | $ | ||||||||
Basic loss per common share – discontinued operations | $ | $ | $ | ||||||||
Basic earnings (loss) per common share | $ | $ | $ | ( | ) | ||||||
Diluted earnings per share | |||||||||||
Income from continuing operations attributable to common stockholders – diluted(a) | $ | $ | $ | ||||||||
Loss from discontinued operations, net of tax – diluted | $ | $ | $ | ||||||||
Net income (loss) attributable to common stockholders – diluted | $ | $ | $ | ( | ) | ||||||
Weighted-average common shares outstanding – basic | |||||||||||
Dilutive effect of warrants and awards under stock incentive plans | |||||||||||
Weighted-average common shares outstanding – diluted | |||||||||||
Diluted earnings per common share – continuing operations | $ | $ | $ | ||||||||
Diluted loss per common share – discontinued operations | $ | $ | $ | ||||||||
Diluted earnings (loss) per common share | $ | $ | $ | ( | ) | ||||||
Potentially dilutive securities(b) |
(a) | Net of Net loss attributable to noncontrolling interests. |
(b) |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net sales and revenue(a) | $ | $ | $ | ||||||||
Purchases and expenses(a) | $ | $ | $ | ||||||||
Cash payments(b) | $ | $ | $ | ||||||||
Cash receipts(b) | $ | $ | $ |
(a) | Included in Income from continuing operations. |
(b) | Included in Net cash provided by operating activities – continuing operations. |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Automotive net sales and revenue | $ | $ | $ | ||||||||
GM Financial net sales and revenue | |||||||||||
Total net sales and revenue | |||||||||||
Automotive and other cost of sales | |||||||||||
GM Financial interest, operating and other expenses | |||||||||||
Automotive and other selling, general, and administrative expense | |||||||||||
Other expense items | ( | ) | |||||||||
Loss from discontinued operations before taxes | |||||||||||
Loss on sale of discontinued operations before taxes(a)(b) | |||||||||||
Total loss from discontinued operations before taxes | |||||||||||
Income tax expense(b)(c) | |||||||||||
Loss from discontinued operations, net of tax | $ | $ | $ |
(a) | Includes contract cancellation charges associated with the disposal for the year ended December 31, 2017. |
(b) | Total loss on sale of discontinued operations, net of tax was $ |
(c) | Includes $ |
Shares (in millions) | Weighted-Average Grant Date Fair Value | Weighted-Average Remaining Contractual Term in Years | ||||||
Units outstanding at January 1, 2019 | $ | |||||||
Granted | $ | |||||||
Settled | ( | ) | $ | |||||
Forfeited or expired | ( | ) | $ | |||||
Units outstanding at December 31, 2019(a) | $ |
(a) | Includes the target amount of PSUs. |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||
2019 | |||||||||||||||
Total net sales and revenue | $ | $ | $ | $ | |||||||||||
Automotive and other gross margin(a) | $ | $ | $ | $ | |||||||||||
Income (loss) from continuing operations | $ | $ | $ | $ | ( | ) | |||||||||
Net income (loss) attributable to stockholders | $ | $ | $ | $ | ( | ) | |||||||||
Basic earnings (loss) per common share – continuing operations | $ | $ | $ | $ | ( | ) | |||||||||
Diluted earnings (loss) per common share – continuing operations | $ | $ | $ | $ | ( | ) |
(a) | Includes our Cruise segment. |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||
2018 | |||||||||||||||
Total net sales and revenue | $ | $ | $ | $ | |||||||||||
Automotive and other gross margin(a) | $ | $ | $ | $ | |||||||||||
Income from continuing operations | $ | $ | $ | $ | |||||||||||
Loss from discontinued operations, net of tax | $ | $ | $ | $ | |||||||||||
Net income attributable to stockholders | $ | $ | $ | $ | |||||||||||
Basic earnings per common share – continuing operations | $ | $ | $ | $ | |||||||||||
Basic loss per common share – discontinued operations | $ | $ | $ | $ | |||||||||||
Diluted earnings per common share – continuing operations | $ | $ | $ | $ | |||||||||||
Diluted loss per common share – discontinued operations | $ | $ | $ | $ |
(a) |
At and For the Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||
GMNA | GMI | Corporate | Eliminations | Total Automotive | Cruise | GM Financial | Eliminations/Reclassifications | Total | |||||||||||||||||||||||||||
Net sales and revenue | $ | $ | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||||||||
Earnings (loss) before interest and taxes-adjusted | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||||
Adjustments(a) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | ||||||||||||||||||||
Automotive interest income | |||||||||||||||||||||||||||||||||||
Automotive interest expense | ( | ) | |||||||||||||||||||||||||||||||||
Net (loss) attributable to noncontrolling interests | ( | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||||||||||||||
Income tax expense | ( | ) | |||||||||||||||||||||||||||||||||
Income from continuing operations | |||||||||||||||||||||||||||||||||||
Loss from discontinued operations, net of tax | |||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | |||||||||||||||||||||||||||||||||||
Net income attributable to stockholders | $ | ||||||||||||||||||||||||||||||||||
Equity in net assets of nonconsolidated affiliates | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Goodwill and intangibles | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||||
Expenditures for property | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Depreciation and amortization | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Impairment charges | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Equity income | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | $ |
(a) | Consists of restructuring and other charges related to transformation activities of $ |
At and For the Year Ended December 31, 2018 | |||||||||||||||||||||||||||||||||||
GMNA | GMI | Corporate | Eliminations | Total Automotive | Cruise | GM Financial | Eliminations | Total | |||||||||||||||||||||||||||
Net sales and revenue | $ | $ | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||||||||
Earnings (loss) before interest and taxes-adjusted | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||||||
Adjustments(a) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | ||||||||||||||||||
Automotive interest income | |||||||||||||||||||||||||||||||||||
Automotive interest expense | ( | ) | |||||||||||||||||||||||||||||||||
Net (loss) attributable to noncontrolling interests | ( | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||||||||||||||
Income tax expense | ( | ) | |||||||||||||||||||||||||||||||||
Income from continuing operations | |||||||||||||||||||||||||||||||||||
Loss from discontinued operations, net of tax | ( | ) | |||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | |||||||||||||||||||||||||||||||||||
Net income attributable to stockholders | $ | ||||||||||||||||||||||||||||||||||
Equity in net assets of nonconsolidated affiliates | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Goodwill and intangibles | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||||
Expenditures for property | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Depreciation and amortization | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Impairment charges | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Equity income | $ | $ | $ | $ | $ | $ | $ | $ | $ |
(a) | Consists of restructuring and other charges related to transformation activities of $ |
At and For the Year Ended December 31, 2017 | |||||||||||||||||||||||||||||||||||
GMNA | GMI | Corporate | Eliminations | Total Automotive | Cruise | GM Financial | Eliminations | Total | |||||||||||||||||||||||||||
Net sales and revenue | $ | $ | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||||||||
Earnings (loss) before interest and taxes-adjusted | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||||||
Adjustments(a) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | ||||||||||||||||||||
Automotive interest income | |||||||||||||||||||||||||||||||||||
Automotive interest expense | ( | ) | |||||||||||||||||||||||||||||||||
Net (loss) attributable to noncontrolling interests | ( | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||||||||||||||
Income tax expense | ( | ) | |||||||||||||||||||||||||||||||||
Income from continuing operations | |||||||||||||||||||||||||||||||||||
Loss from discontinued operations, net of tax | ( | ) | |||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | |||||||||||||||||||||||||||||||||||
Net loss attributable to stockholders | $ | ( | ) | ||||||||||||||||||||||||||||||||
Equity in net assets of nonconsolidated affiliates | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Goodwill and intangibles | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||||
Expenditures for property | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Depreciation and amortization | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Impairment charges | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Equity income | $ | $ | $ | $ | $ | $ | $ | $ | $ |
(a) | Consists of charges of $ |
At and For the Years Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||
Net Sales and Revenue | Long-Lived Assets | Net Sales and Revenue | Long-Lived Assets | Net Sales and Revenue | Long-Lived Assets | ||||||||||||||||||
Automotive | |||||||||||||||||||||||
U.S. | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Non-U.S. | |||||||||||||||||||||||
GM Financial | |||||||||||||||||||||||
U.S. | |||||||||||||||||||||||
Non-U.S. | |||||||||||||||||||||||
Total consolidated | $ | $ | $ | $ | $ | $ |
Change in other operating assets and liabilities | Years Ended December 31, | ||||||||||
2019 | 2018 | 2017 | |||||||||
Accounts receivable | $ | ( | ) | $ | $ | ||||||
Wholesale receivables funded by GM Financial, net | ( | ) | ( | ) | |||||||
Inventories | ( | ) | |||||||||
Automotive equipment on operating leases | ( | ) | |||||||||
Change in other assets | ( | ) | ( | ) | |||||||
Accounts payable | ( | ) | ( | ) | ( | ) | |||||
Income taxes payable | ( | ) | ( | ) | |||||||
Accrued and other liabilities | ( | ) | ( | ) | |||||||
Total | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Cash paid for income taxes and interest | |||||||||||
Cash paid for income taxes, net | $ | $ | $ | ||||||||
Cash paid for interest (net of amounts capitalized) – Automotive | $ | $ | $ | ||||||||
Cash paid for interest (net of amounts capitalized) – GM Financial | |||||||||||
Total cash paid for interest (net of amounts capitalized) | $ | $ | $ |
/s/ MARY T. BARRA | /s/ DHIVYA SURYADEVARA | |
Mary T. Barra Chairman and Chief Executive Officer | Dhivya Suryadevara Executive Vice President and Chief Financial Officer | |
February 5, 2020 | February 5, 2020 |
(a) | 1. All Financial Statements and Supplemental Information |
(b) | Exhibits |
Exhibit Number | Exhibit Name | |||
2.1 | Incorporated by Reference | |||
2.2 | Incorporated by Reference | |||
2.3 | Incorporated by Reference | |||
3.1 | Incorporated by Reference | |||
3.2 | Incorporated by Reference | |||
4.1 | Filed Herewith | |||
4.2 | Incorporated by Reference | |||
4.3 | Incorporated by Reference | |||
4.4 | Incorporated by Reference | |||
4.5 | Incorporated by Reference | |||
4.6 | Incorporated by Reference | |||
4.7 | Incorporated by Reference | |||
4.8 | Incorporated by Reference | |||
4.9 | Incorporated by Reference | |||
10.1 | Incorporated by Reference |
Exhibit Number | Exhibit Name | |||
10.2 | Incorporated by Reference | |||
10.3 | Incorporated by Reference | |||
10.4* | Incorporated by Reference | |||
10.5* | Incorporated by Reference | |||
10.6* | Incorporated by Reference | |||
10.7* | Incorporated by Reference | |||
10.8* | Incorporated by Reference | |||
10.9* | Incorporated by Reference | |||
10.10* | Incorporated by Reference | |||
10.11* | Incorporated by Reference | |||
10.12* | Incorporated by Reference | |||
10.13* | Incorporated by Reference | |||
10.14* | Incorporated by Reference | |||
10.15* | Incorporated by Reference | |||
10.16* | Incorporated by Reference | |||
10.17* | Incorporated by Reference | |||
10.18* | Incorporated by Reference | |||
10.19* | Filed Herewith | |||
10.20† | Incorporated by Reference | |||
10.21 | Incorporated by Reference | |||
10.22 | Incorporated by Reference | |||
10.23 | Incorporated by Reference |
Exhibit Number | Exhibit Name | |||
10.24† | Incorporated by Reference | |||
10.25† | Incorporated by Reference | |||
10.26† | Incorporated by Reference | |||
10.27† | Incorporated by Reference | |||
10.28 | Filed Herewith | |||
21 | Filed Herewith | |||
23.1 | Filed Herewith | |||
23.2 | Filed Herewith | |||
24 | Filed Herewith | |||
31.1 | Filed Herewith | |||
31.2 | Filed Herewith | |||
32 | Furnished with this Report | |||
101 | The following financial information from the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) the Consolidated Income Statements, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Equity and (vi) Notes to the Consolidated Financial Statements | Filed Herewith | ||
104 | The cover page from the Company's Annual Report on Form 10-K for the year ended December 31, 2019, formatted as Inline XBRL and contained in Exhibit 101 | Filed Herewith |
† | Certain confidential portions have been omitted pursuant to a granted request for confidential treatment, which has been separately filed with the SEC. |
* | Management contracts and compensatory plans and arrangements required to be filed as exhibits pursuant to Item 15(b) of this Report. |
GENERAL MOTORS COMPANY (Registrant) | ||||
By: | /s/ MARY T. BARRA | |||
Mary T. Barra Chairman and Chief Executive Officer | ||||
Date: | February 5, 2020 |
Signature | Title | |
/s/ MARY T. BARRA | Chairman and Chief Executive Officer | |
Mary T. Barra | ||
/s/ DHIVYA SURYADEVARA | Executive Vice President and Chief Financial Officer | |
Dhivya Suryadevara | ||
/s/ CHRISTOPHER T. HATTO | Vice President, Global Business Solutions and Chief | |
Christopher T. Hatto | Accounting Officer | |
/s/ THEODORE M. SOLSO* | Lead Director | |
Theodore M. Solso | ||
/s/ WESLEY G. BUSH* | Director | |
Wesley G. Bush | ||
/s/ LINDA R. GOODEN* | Director | |
Linda R. Gooden | ||
/s/ JOSEPH JIMENEZ* | Director | |
Joseph Jimenez | ||
/s/ JANE L. MENDILLO* | Director | |
Jane L. Mendillo | ||
/s/ JUDITH A. MISCIK* | Director | |
Judith A. Miscik | ||
/s/ PATRICIA F. RUSSO* | Director | |
Patricia F. Russo | ||
/s/ THOMAS M. SCHOEWE* | Director | |
Thomas M. Schoewe | ||
/s/ CAROL M. STEPHENSON* | Director | |
Carol M. Stephenson | ||
/s/ DEVIN N. WENIG* | Director | |
Devin N. Wenig |
*By: | /s/ RICK HANSEN | |
Rick Hansen | ||
Attorney-in-Fact |
• | increase or decrease the aggregate number of authorized shares of such class; |
• | increase or decrease the par value of the shares of such class; or |
• | alter or change the powers, preferences, or special rights of the shares of such class so as to affect them adversely. |
• | the business combination or the transaction which resulted in the stockholder becoming an interested stockholder is approved by the Board of Directors prior to the time the interested stockholder obtained such status; |
• | upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced; or |
• | at or subsequent to such time the business combination is approved by the Board of Directors and authorized at an annual or special meeting of stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder. |
1.1 | The name of this Plan is the General Motors Company Deferred Compensation Plan for Non-Employee Directors. Its purpose is to provide Non-Employee Directors of General Motors Company with a means to defer compensation earned as a Director. |
1.2 | The Plan was first adopted on January 1, 2011 following approval by the Board on October 5, 2010. The Plan as amended and restated herein is effective December 9, 2019. |
2.1 | “Account” means an unfunded deferred compensation account established and maintained under the Plan for each Participant. |
2.2 | “Additional Compensation” means the amount payable to the Director for serving on Committees of the Board or as a Committee Chair, Lead Director, or Chairman of the Board, but does not include the Base Compensation or any amounts earned otherwise. |
2.3 | “Average Market Price” means the average of the highest and lowest sales prices of Common Stock on any valuation date under the Plan as reported in The Wall Street Journal (or, if such prices are not reported in The Wall Street Journal, in another reliable, widely available source of such prices as designated by the Committee). |
2.4 | “Beneficiary” means the person, persons or trust designated in writing by the Participant to receive any benefits from the Plan due to the death of the Participant pursuant to Article IX. |
2.5 | “Base Compensation” means the amount payable as an annual retainer to the Director for serving as a member of the Board, but does not include any Additional Compensation or amounts earned otherwise. |
2.7 | “Code” means the Internal Revenue Code of 1986, as amended, or any successor statute thereto. |
2.8 | “Committee” means the Governance and Corporate Responsibility Committee of the Board. |
2.9 | “Common Stock” means the common stock, $0.01 par value, of the Company as listed on the New York Stock Exchange. |
2.11 | “Dividend Equivalent” means an amount equal to such per share dividend amount multiplied by the number of Share Units credited to the Participant’s Account, upon the payment of a dividend by the Company on issued and outstanding shares of Common Stock. The Dividend Equivalent, if any, shall be deemed to be invested in additional Share Units. |
2.12 | “Mandatory Deferral” means the amount or percentage of each Director’s Base Compensation required to be deferred into Share Units as annually determined by the Board based upon the recommendation of the Committee. |
2.13 | “Non-Employee Director” or “Director” means any individual who is a member of the Board but who is not otherwise an employee of the Company or any of its subsidiaries. |
2.14 | “Participant” means any Non-Employee Director who elects to participate in the Plan or whose Base Compensation is or was subject to Mandatory Deferral pursuant to Article V. |
2.15 | “Plan” means the General Motors Company Deferred Compensation Plan for Non-Employee Directors as stated herein, as it may be amended from time to time. |
2.16 | “Plan Year” means the 12-month period coinciding with the calendar year. |
2.17 | “Separation Date” means the date on which a Director separates from service as a Director, within the meaning of Section 409A of the Code. |
2.18 | “Share Unit” means a hypothetical share of Common Stock of the Company that is credited to a Participant’s Account. Share Units shall not have any voting rights, shall not represent any actual shares of Common Stock, and shall not give any Participant any rights as a stockholder in the Company. |
2.19 | “Unforeseeable Emergency” means (a) a severe financial hardship to a Director resulting from an illness or accident of the Director, or the spouse or a dependent (as defined in Section 152(a) of the Code) of the Director, (b) the loss of a Director’s property due to casualty or (c) such other similar extraordinary and unforeseeable |
2.20 | “Voluntary Deferral” means the amount of (a) Base Compensation that is not subject to Mandatory Deferral and (b) any Additional Compensation that a Director affirmatively elects to defer pursuant to Article VI. |
3.1 | The Plan shall be administered by the Committee. The Committee shall have full power and discretionary authority to interpret the Plan, prescribe, amend and rescind the rules relating to it from time to time as it deems proper and in the best interests of the Company, and to take any other action necessary for the administration of the Plan. Any decision or interpretation adopted by the Committee shall be final and conclusive and binding on all Participants, their legal representatives and Beneficiaries. The Committee may delegate administrative duties under the Plan to one or more employees or agents of the Company, as it shall deem necessary or advisable. |
5.1 | Any determination by the Board to require the Mandatory Deferral of all or a portion of each Director’s Base Compensation shall be made no later than December 31 of the Plan Year immediately preceding the Plan Year in which the Base Compensation is to be earned. |
5.2 | Any Mandatory Deferral pursuant to this Section shall remain in effect, until terminated or modified by the Board, with respect to Base Compensation payable in future Plan Years. Such Mandatory Deferral election shall become irrevocable as of December 31 of the Plan Year immediately preceding the Plan Year in which such Base Compensation otherwise would have been payable for services on the Board. |
5.3 | Any Mandatory Deferrals pursuant to this Article V shall be credited to the Participant’s Account in the form of Share Units and shall be entitled to Dividend Equivalents, if any. |
5.4 | The value of Share Units attributable to a Mandatory Deferral shall be payable in cash in a lump sum or in up to five annual installments, as elected by the Director pursuant to section 6.3(b), on or before March 15 of the Plan Year following the Plan Year in which the Participant’s service as a Director terminates, or as soon as practicable, but in no event later than December 31 immediately following such date. |
6.1 | Any election of a Director to make a Voluntary Deferral pursuant to this Article VI shall apply to (a) the amount of Base Compensation which is not subject to Mandatory Deferral and (b) Additional Compensation (if any). |
6.2 | Any election to defer Base Compensation or Additional Compensation pursuant to this Article VI shall be credited annually in Share Units valued under Article VII below to each Participant’s Account on December 31 of the Plan Year in which the compensation was earned. |
6.3 | A Director may elect to defer his or her Base Compensation or Additional Compensation by giving written notice to the Company on or before December 31 of the Plan Year immediately preceding the Plan Year in which the compensation is to be earned. Such notice will include: |
(a) | The percentage of any Base Compensation or Additional Compensation to be deferred and credited to the Participant’s Account in the form of Share Units. Each Participant may make an election to defer 50% or 100%; and |
(b) | The method of distribution, either a lump sum cash payment or a number of annual cash installments (not to exceed five), for the compensation deferred. The method of distribution elected by the Participant shall apply to both a Voluntary Deferral and a Mandatory Deferral. For purposes of Section 409A of the Code, each installment payment shall be treated as a separate and distinct payment. |
6.4 | The elections made pursuant to Section 6.3 shall be given continuing effect for subsequent Plan Years until a new notice terminating such previous elections or specifying different elections shall be delivered to the Company. Any new notice shall apply only to Base Compensation or Additional Compensation earned in Plan Years subsequent to the Plan Year in which such new notice is delivered and shall become irrevocable as of December 31 of the Plan Year in which such new notice is delivered. |
7.1 | Amounts deferred (Mandatory and Voluntary Deferrals) will be converted into Share Units and credited to the Participant’s account annually on December 31 in a number of share units determined by dividing the amount of compensation deferred each Plan Year by the average daily closing market price of Common Stock as reported in The Wall Street Journal for that Plan Year (and prorated as applicable for a Director who has joined, retired or otherwise left the Board during the Plan Year). |
7.2 | Dividend Equivalents, if any, will be converted into Share Units and credited to the Participant’s Account annually on December 31 in an amount equal to the sum of the per share cash dividend of Common Stock multiplied by the number of Share Units in the Participant’s Account on December 31 after giving effect to that Plan Year’s annual credit pursuant to Article 5 and 6 above, and then divided by the Average Market Price of such stock on each dividend payment date. |
7.3 | Balances in Participant Accounts will continue to accrue Dividend Equivalents, if applicable, until distributed in accordance with provisions of the Plan. |
7.4 | The value of the Account for purposes of distribution to the Participant will be determined by multiplying the number of Share Units credited to the Account by the average daily closing market price of Common Stock as reported in The Wall Street Journal for the calendar quarter prior to payment. |
7.5 | As further described in Article X, a Participant will not have any interest in his or her Account until it is distributed in accordance with the Plan. |
8.1 | No distribution of deferred compensation may be made except as provided in this Section. |
8.2 | Subject to Section 8.4, amounts deferred and credited under this Plan may not be distributed until after the Director’s Separation Date. After the Director’s Separation Date, payment under this Plan will be made in cash, based on the number of Share Units |
8.3 | If annual installments are elected, the amount of the first payment will be a fraction of the value of the Participant’s Account as of December 31 of the Plan Year preceding payment, the numerator of which is one and the denominator of which is the total number of installments elected. The amount of each subsequent payment will be a fraction of the value as of December 31 of the Plan Year preceding each subsequent payment, the numerator of which is one and the denominator of which is the total number of installments elected minus the number of installments previously paid. The distribution of the Participant’s Account will be made on or before March 15 of the Plan Year following the Plan Year of the Participant’s Separation Date, or as soon as practicable, but in no event later than December 31 immediately following such date. |
8.4 | In the event of an Unforeseeable Emergency, a Director may file a written request with the Committee to receive all or any portion of the balance of such Director’s Account in an immediate lump sum cash payment, regardless of prior deferral elections. A Director’s written request for such a payment shall describe the circumstances which the Director believes justify the payment and an estimate of the amount necessary to eliminate the Unforeseeable Emergency. An immediate payment to satisfy an Unforeseeable Emergency will be made only to the extent necessary to satisfy the emergency need, plus an amount necessary to pay any taxes reasonably anticipated as a result of such payment, and will not be made to the extent the need is or may be relieved through reimbursement or compensation, by insurance or otherwise or by liquidation of the Director’s assets (to the extent such liquidation itself would not cause severe financial hardship). |
9.1 | A Participant may designate a Beneficiary or Beneficiaries to receive amounts credited under the Plan in the event of the Participant’s death. A designation of Beneficiary or Beneficiaries shall be on a form prescribed by and filed with the Secretary of the Committee. Each Beneficiary designation shall become effective only when filed with the Secretary of the Committee during the Participant’s lifetime. The filing of a new Beneficiary designation shall cancel all previously filed Beneficiary designations. In the event of the Participant’s death, the unpaid amount reflected in the Participant’s Account will be paid to his or her Beneficiary(ies), or if none has been designated or if all designated Beneficiaries of a Participant predecease the Participant, to his or her estate. Such payment will be made in one lump sum, in cash, on or before March 15 of the Plan Year following the Plan Year of death, or as soon as practicable, but in no event later than December 31 immediately following such date. The value of the Account on the date of payment will be determined in accordance with the provisions of Article VII hereof. |
10.1 | A Participant shall not acquire any property interest in his or her Account or any other assets of the Company on account of participation in the Plan. A Participant’s rights shall be limited to receiving from the Company the payments provided for and pursuant to the Plan. All amounts accumulated and deferred under the Plan shall remain the sole property of the Company, subject to the claims of its general creditors. The Plan is unfunded and a Participant’s right shall be no greater than the right of a general unsecured creditor of the Company, to the extent such Participant acquires a right to receive payments from the Plan. |
11.1 | The right of a Participant or Beneficiary to the payment of deferred compensation as provided in this Plan shall not be assigned, transferred, pledged or encumbered or be subject in any manner to alienation or anticipation. Any attempt to assign, transfer, pledge or otherwise encumber any such benefits, whether currently or thereafter payable, shall be void. |
12.1 | Account statements shall be sent to each Participant as soon as practicable following the close of each Plan Year. |
13.1 | If any date specified herein falls on a Saturday, Sunday or legal holiday such date shall be deemed to refer to the next business day after that date unless such date is December 31, in which case such date shall be deemed to refer to the immediately prior business day. |
14.1 | This Plan may at any time be amended, modified or terminated by the Committee to comport with applicable changes in the Code, or the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or the rules or regulations promulgated thereunder. In addition, the Committee may, in its sole discretion, modify the terms and conditions of the Plan in response to and consistent with any changes in other applicable law, rule or regulation. The Committee also reserves the right to modify the Plan from |
14.2 | It is the Company’s intent that the Plan complies in all respects with Rule 16b-3 of the Securities Exchange Act of 1934 (the “Exchange Act”), or its successor, and any regulations promulgated thereunder. If any provision of the Plan is found not to be in compliance with such Rule and such regulations, the provision will be deemed null and void, and the remaining provisions of the Plan will continue in full force and effect. All transactions under this Plan will be executed in accordance with the requirements of Section 16 of the Exchange Act and regulations promulgated thereunder. |
14.3 | In the event of any stock split, stock dividend, recapitalization, reorganization, merger, consolidation, combination, exchange of shares, liquidation, spin-off or other similar change in capitalization or event, or any distribution to holders of Common Stock other than a regular cash dividend, the number of Share Units credited to each Account under the Plan shall be appropriately adjusted by the Committee. The decision of the Committee regarding any such adjustment shall be final, binding and conclusive. |
14.4 | The Plan is intended to comply with the applicable requirements of Section 409A of the Code and shall be limited, construed, administered, and interpreted in accordance with such intent. The Committee shall have the discretion and authority to amend the Plan at any time to satisfy any requirements of Section 409A of the Code or guidance provided by the U.S. Treasury Department to the extent applicable to the Plan. In no event shall the Company or any of its affiliates be liable for any additional tax, interest or penalties that may be imposed on a Participant by Section 409A of the Code or any damages for failing to comply with Section 409A of the Code, other than any obligations applicable to the Company, if any, under Section 409A of the Code. |
14.5 | The laws of the State of Delaware shall control the interpretation and performance of the terms of the Plan. If any provision of the Plan is held to be illegal or invalid for any reason, such determination will not affect the remaining provisions of the Plan and the Plan will be construed and enforced as if such illegal or invalid provision had never been included. The Plan is not intended to qualify under Section 401(a) of the Code or ERISA. The Company makes no guarantee with respect to the tax treatment of payments and benefits under the Plan. |
14.6 | The establishment of this Plan shall not be construed to give a Director any right to be retained on the Board or to any benefits not specifically provided by the Plan. |
Page | ||||
ARTICLE I ORGANIZATIONAL MATTERS AND CERTAIN DEFINITIONS | 4 | |||
1.01 | Organization of Company | 4 | ||
1.02 | Legal Status | 4 | ||
1.03 | Name | 4 | ||
1.04 | Registered Office and Registered Agent; Principal Office | 4 | ||
1.05 | Purpose | 4 | ||
1.06 | Term | 4 | ||
1.07 | Certain Definitions | 4 | ||
1.08 | No State‑Law Partnership | 5 | ||
1.09 | Limited Liability Company Agreement | 5 | ||
ARTICLE II CAPITAL CONTRIBUTIONS; ISSUANCES OF SHARES | 5 | |||
2.01 | Shares Generally | 5 | ||
2.02 | Class A Preferred Shares; Class C Common Shares | 6 | ||
2.03 | Class B Common Shares | 10 | ||
2.04 | Additional Classes of Shares | 11 | ||
2.05 | Other Contributions | 11 | ||
2.06 | Issuances of Shares | 11 | ||
2.07 | Preemptive Rights | 12 | ||
2.08 | Certificates | 14 | ||
2.09 | Repurchase Rights | 14 | ||
2.10 | Optional A-1 Conversion | 14 | ||
2.11 | Optional A-2 Conversion | 15 | ||
ARTICLE III DISTRIBUTIONS | 15 | |||
3.01 | Distributions | 15 | ||
3.02 | Distributions Upon Liquidation or a Deemed Liquidation Event | 17 | ||
3.03 | Unvested Class B Common Shares | 18 | ||
3.04 | Distributions In-Kind | 18 | ||
ARTICLE IV TAX MATTERS | 19 | |||
4.01 | Corporate Status | 19 | ||
4.02 | Withholding | 19 | ||
4.03 | Tax Sharing | 19 | ||
4.04 | Transfer Taxes | 26 | ||
ARTICLE V MEMBERS | 26 | |||
5.01 | Voting Rights of Members | 26 | ||
5.02 | Quorum; Voting | 27 | ||
5.03 | Written Consent | 28 | ||
5.04 | Meetings | 28 | ||
5.05 | Place of Meeting | 28 | ||
5.06 | Notice of Meeting | 28 |
Page | ||||
5.07 | Withdrawal; Partition | 28 | ||
5.08 | Business Opportunities; Performance of Duties | 28 | ||
5.09 | Limitation of Liability | 31 | ||
5.10 | Authority | 31 | ||
5.11 | Sale of the Company; IPO | 31 | ||
5.12 | Honda Minority Consent Right | 31 | ||
5.13 | Class F Minority Consent Right | 32 | ||
ARTICLE VI MANAGEMENT | 32 | |||
6.01 | Management | 33 | ||
6.02 | Number of Directors | 33 | ||
6.03 | Board Designation Rights and Composition; Proxies | 33 | ||
6.04 | Board Observer | 35 | ||
6.05 | Director Appointee Screening | 37 | ||
6.06 | Tenure of Directors | 38 | ||
6.07 | Committees | 38 | ||
6.08 | Director Compensation | 38 | ||
6.09 | Director Resignation | 38 | ||
6.10 | Vacancies | 38 | ||
6.11 | Meetings | 38 | ||
6.12 | Meetings by Telephone | 39 | ||
6.13 | Quorum; Actions of Board of Directors; SoftBank Minority Consent Rights | 39 | ||
6.14 | Competitively Sensitive Information | 41 | ||
6.15 | Officers | 42 | ||
6.16 | Enhanced Voting Rights | 42 | ||
ARTICLE VII EXCULPATION AND INDEMNIFICATION | 43 | |||
7.01 | Exculpation | 43 | ||
7.02 | Indemnification | 43 | ||
7.03 | No Personal Liability | 45 | ||
ARTICLE VIII BOOKS AND RECORDS; INFORMATION; RELATED MATTERS; COMPLIANCE | 45 | |||
8.01 | Generally | 45 | ||
8.02 | Delivery of Financial Information | 45 | ||
8.03 | Technical Information | 46 | ||
8.04 | Applicable ABAC/AML/Trade Laws | 46 | ||
8.05 | Notice to Honda of an OEM Investment | 47 | ||
8.06 | Material Non-Public Information | 47 | ||
ARTICLE IX TRANSFERS OF COMPANY INTERESTS; ADMISSION OF NEW MEMBERS; GM CALL | 47 | |||
9.01 | Limitations on Transfer | 48 |
Page | ||||
9.02 | Permitted Transfers | 51 | ||
9.03 | Assignee’s Rights and Obligations | 52 | ||
9.04 | Admission of Members | 53 | ||
9.05 | Certain Requirements of Prospective Members | 53 | ||
9.06 | Status of Transferred Shares | 53 | ||
9.07 | Tag-Along Rights | 53 | ||
9.08 | Sale of the Company | 56 | ||
9.09 | Drag-Along | 59 | ||
9.10 | Public Offering | 61 | ||
9.11 | Registration Rights; “Market Stand-Off” Agreement; Volume Restrictions | 62 | ||
9.12 | GM Call Right | 64 | ||
9.13 | Optional SoftBank Conversion | 65 | ||
ARTICLE X DISSOLUTION | 67 | |||
10.01 | Events of Dissolution | 67 | ||
10.02 | Liquidation and Termination | 68 | ||
10.03 | Cancellation of Certificate | 69 | ||
ARTICLE XI EXCLUSIVITY; NON-COMPETE | 69 | |||
11.01 | Exclusivity | 69 | ||
11.02 | Non-Compete | 70 | ||
ARTICLE XII GENERAL PROVISIONS | 71 | |||
12.01 | Expenses | 71 | ||
12.02 | No Third-Party Rights | 72 | ||
12.03 | Legend on Certificates for Certificated Shares | 72 | ||
12.04 | Confidentiality | 72 | ||
12.05 | Power of Attorney | 73 | ||
12.06 | Notices | 74 | ||
12.07 | Facsimile and E-Mail | 75 | ||
12.08 | Amendment | 75 | ||
12.09 | Tax and Other Advice | 75 | ||
12.10 | Acknowledgments | 75 | ||
12.11 | Miscellaneous | 76 | ||
12.12 | Title to Company Assets | 78 | ||
12.13 | Creditors | 79 | ||
12.14 | Remedies | 79 | ||
12.15 | Time is of the Essence; Computation of Time | 80 | ||
12.16 | Notice to Members of Provisions | 80 | ||
12.17 | Further Assurances | 80 | ||
12.18 | Termination | 80 |
Defined Term | Section Where Found |
A-1-B Antitrust Approvals | Section 2.02(b)(i) |
A-2 Preferred Directors | Section 6.03(a) |
Acceptance Period | Section 2.07(a) |
Accounting Firm | Section 4.03(f) |
Acquired Person | Section 11.02(b)(v) |
Act | Section 1.02 |
Additional Member | Section 9.04(b) |
Admission Date | Section 9.03(c) |
Advance Notice | Section 2.02(c)(i) |
Aggregate Company Hypothetical Pre-Deconsolidation Tax Amount | Section 4.03(n)(i) |
Amended Tag Notice | Section 9.07(c) |
Applicable FMV Parties | Exhibit II |
Assignee | Section 9.03(a) |
Binding Transaction Agreement | Section 9.01(a)(vi) |
Board Observers | Section 6.04 |
Board of Directors | Section 6.01(a) |
Call Notice | Section 9.12(b) |
Cash Election | Section 9.13(b) |
CD Notice | Section 2.02(c)(i) |
Certificated Shares | Section 2.08 |
Chairman | Section 6.03(b) |
Class A-1 Preferred Shares | Section 2.01(a) |
Class A-1/D Purchase | Section 9.12(a) |
Class A-1-A Liquidation Preference Amount | Appendix I |
Class A-1-A Preferred Shares | Section 2.01(a) |
Class A-1-B Liquidation Preference Amount | Appendix I |
Class A-1-B Preferred Shares | Section 2.01(a) |
Class A-2 Preferred Shares | Section 2.01(a) |
Class B Common Shares | Section 2.01(a) |
Defined Term | Section Where Found |
Class C Common Shares | Section 2.01(a) |
Class D Common Shares | Section 2.01(a) |
Class E Common Shares | Section 2.01(a) |
Class E Purchase | Section 9.12(b) |
Class F Commitment | Section 2.04(b) |
Class F Preferred Shares | Section 2.01(a) |
Class F Purchase Agreement | Recitals |
Commercial Deployment | Section 2.02(b)(i) |
Common Director | Section 6.03(a) |
Company | Preamble; Section 12.03 |
Company Hypothetical Pre-Deconsolidation Tax Amount | Section 4.03(n)(ii) |
Company’s Notice of Intention to Sell | Section 2.07(a) |
Cure Period | Section 2.02(c)(ii) |
Deconsolidation | Section 4.03(n)(iii) |
Deemed Liquidation Event | Section 3.02(b) |
Drag Percentage | Section 9.09(a) |
Drag-Along Notice | Section 9.09(a) |
Drag-Along Sale Transaction | Section 9.09(a) |
Dragees | Section 9.09(a) |
Emergency Meeting | Section 6.11 |
Entity | Section 9.10(c) |
Equity Awards | Section 2.03(a) |
Excess New Securities | Section 2.07(a) |
Excess NOL Tax Increase | Section 4.03(n)(iv) |
Excluded Transfer | Section 9.01(a)(iv) |
Exempt Class F Transfer | Section 9.02(a) |
Exempt Employee Member Transfer | Section 9.02(a) |
Exempt Honda Transfer | Section 9.02(a) |
Exempt SoftBank Transfer | Section 9.02(a) |
FAW-GM | Section 11.01(a) |
First A&R Agreement | Recitals |
Fourth A&R Agreement | Recitals |
GM | Preamble |
GM Acquirer | Appendix I |
GM Commitment | Section 2.02(e) |
GM Consolidated Group | Section 4.03(n)(v) |
GM Consolidated Return | Section 4.03(n)(v) |
GM Cruise Holdings LLC | Section 1.03 |
GM ROFR Date | Section 9.01(a)(vi) |
GM ROFR Notice | Section 9.01(a)(vi) |
Holder Shares | Exhibit I |
Honda | Preamble |
Defined Term | Section Where Found |
Honda Board Observer | Section 6.04 |
Honda Call Notice | Section 9.12(b) |
Honda Commitment | Section 2.04 |
Honda Purchase Agreement | Recitals |
Honda R&D Co | Section 6.05 |
Hypothetical Deconsolidated Company NOL Amount | Section 4.03(n)(vii) |
Incremental GM Tax Amount | Section 4.03(n)(viii) |
IP Upsized FMV | Exhibit II |
IP Upsizing | Exhibit II |
IPO Shares | Section 9.10(a) |
IPO Shortfall | Section 6.13(d) |
IRS | Section 4.02 |
Joinder | Exhibit I |
LLC Agreement | Section 12.03 |
Low-Vote IPO Shares | Section 9.10(b) |
Member Group Persons | Section 5.08(a) |
Members Schedule | Section 2.01(b) |
New Securities | Section 2.07(a) |
NOL Deficit Amount | Section 4.03(n)(ix) |
Non-Compete Period | Section 11.02(a) |
Officers | Section 6.15 |
Optional SoftBank Conversion Notice | Section 9.13(a) |
Optional SoftBank Conversion Purchase | Section 9.13(c) |
Options | Section 2.03(a) |
Original Agreement | Recitals |
Original Closing Date | Recitals |
Other Business | Section 5.08(a) |
Other Tax Credits | Section 4.03(n)(x) |
Par Securities | Section 6.13(c) |
Participation Members | Section 9.07(a) |
PATAC | Section 11.01(a) |
Payment Period | Section 2.02(c)(i) |
Permitted Transferee | Section 9.02(b) |
Proceeding | Section 7.02(a) |
R&D Tax Credits | Section 4.03(n)(xi) |
ROFR Notice | Section 9.01(a)(vi) |
ROFR Offered Shares | Section 9.01(a)(vi) |
RSUs | Section 2.03(a) |
Second A&R Agreement | Recitals |
Section 59(e) Benefit Amount | Section 4.03(n)(xii) |
Section 59(e) Detriment Amount | Section 4.03(n)(xiii) |
Section 59(e) Election | Section 4.03(d) |
Defined Term | Section Where Found |
Senior Securities | Section 2.02(d)(iv) |
SGM | Section 11.01(a) |
Share and/or Shares | Section 2.01(a) |
Share Awards | Section 2.03(a) |
SoftBank | Recitals |
SoftBank Board Observer | Section 6.04 |
SoftBank Call Notice | Section 9.12(a) |
SoftBank Commitment | Section 2.02(a) |
SoftBank Director | Section 6.03(a) |
SoftBank Fund | Appendix I |
Standardized FMV | Exhibit II |
State Acts | Section 12.03 |
Stock Election | Section 9.13(b) |
Subsequent SoftBank Commitment | Section 2.02(c)(i) |
Subsequent SoftBank Commitment | Section 2.02(c)(i) |
Substituted Member | Section 9.04(a) |
Supplemental Notice of Intention to Sell | Section 2.07(a) |
SoftBank | Preamble |
Tag Notice | Section 9.07(a) |
Tagged Shares | Section 9.07(a) |
Target | Appendix I |
Tax Materials | Section 4.03(m) |
Tax Period | Section 4.03(n)(xiv) |
Third A&R Agreement | Recitals |
Total Optional Conversion Shares | Appendix I |
Total Conversion Shares | Section 9.07(a)(i) |
Total Tagged Shares | Section 9.07(a)(ii) |
Transferor | Section 9.01(a)(vi) |
Transferring Holder | Section 9.07(a) |
Company Name | State or Sovereign Power of Incorporation |
2140879 Ontario Inc. | Canada |
ACAR Leasing Ltd. | Delaware |
ACF Investment Corp. | Delaware |
Adam Opel GmbH | Germany |
AmeriCredit Consumer Loan Company, Inc. | Nevada |
AmeriCredit Financial Services, Inc. | Delaware |
Annunciata Corporation | Delaware |
APGO Trust | Delaware |
Argonaut Holdings LLC | Delaware |
Banco GMAC S.A. | Brazil |
BOCO (Proprietary) Limited | South Africa |
Boco Trust | South Africa |
Cadillac Europe GmbH | Switzerland |
Carve-Out Ownership Cooperative LLC | Delaware |
Chevrolet Deutschland GmbH | Germany |
Chevrolet Sales (Thailand) Limited | Thailand |
Chevrolet Sales India Private Ltd. | India |
Chevrolet Sociedad Anonima de Ahorro para Fines Determinados | Argentina |
CHEVYPLAN S.A. Sociedad Administradora de Planes de Autofinanciamiento Comercial | Colombia |
Controladora General Motors, S.A. de C.V. | Mexico |
DCJ1 LLC | Delaware |
Dealership Liquidations, Inc. | Delaware |
Delphi Energy and Engine Management Systems UK Overseas Corporation | Delaware |
DMAX, Ltd. | Ohio |
Fundacion Chevrolet | Colombia |
GCAR Titling Ltd. | Delaware |
General Motors - Colmotores S.A. | Colombia |
General Motors (China) Investment Company Limited | China |
General Motors (Thailand) Limited | Thailand |
General Motors Advisory Services LLC | Uzbekistan |
General Motors Africa and Middle East FZE | United Arab Emirates |
General Motors Asia Pacific Holdings, LLC | Delaware |
General Motors Asia, LLC | Delaware |
General Motors Asset Management Corporation | Delaware |
General Motors Australia Pty Ltd. | Australia |
General Motors Auto LLC | Russian Federation |
General Motors Automobiles Philippines, Inc. | Philippines |
General Motors Automotive Holdings, S.L. | Spain |
General Motors Belgique Automobile NV | Belgium |
General Motors Chile Industria Automotriz Limitada | Chile |
General Motors China LLC | Delaware |
General Motors Daewoo Auto and Technology CIS LLC | Russian Federation |
Company Name | State or Sovereign Power of Incorporation |
General Motors de Argentina S.r.l. | Argentina |
General Motors de Mexico, S. de R.L. de C.V. | Mexico |
General Motors del Ecuador S.A. | Ecuador |
General Motors do Brasil Ltda. | Brazil |
General Motors Egypt, S.A.E. | Egypt |
General Motors Europe Limited | England and Wales |
General Motors Financial Chile Limitada | Chile |
General Motors Financial Chile S.A. | Chile |
General Motors Financial Company, Inc. | Texas |
General Motors Financial of Canada, Ltd. | Canada |
General Motors Global Service Operations, Inc. | Delaware |
General Motors Holden Australia NSC Pty Ltd. | Australia |
General Motors Holden Australia Pty Ltd. | Australia |
General Motors Holdings LLC | Delaware |
General Motors India Private Limited | India |
General Motors International Holdings LLC | Delaware |
General Motors International Operations Pte. Ltd. | Singapore |
General Motors International Services Company SAS | Colombia |
General Motors International Services LLC | Delaware |
General Motors Investment Limited | Hong Kong |
General Motors Investment Management Corporation | Delaware |
General Motors Investment Participacoes Ltda. | Brazil |
General Motors Investments Pty. Ltd. | Australia |
General Motors Israel Ltd. | Israel |
General Motors IT Services (Ireland) Limited | Ireland |
General Motors Japan Limited | Japan |
General Motors Limited | England and Wales |
General Motors LLC | Delaware |
General Motors New Zealand Pensions Limited | New Zealand |
General Motors of Canada Company | Canada |
General Motors Overseas Commercial Vehicle Corporation | Delaware |
General Motors Overseas Corporation | Delaware |
General Motors Overseas Distribution LLC | Delaware |
General Motors Peru S.A. | Peru |
General Motors Powertrain (Thailand) Limited | Thailand |
General Motors Research Corporation | Delaware |
General Motors South Africa (Pty) Limited | South Africa |
General Motors Taiwan Ltd. | Taiwan |
General Motors Technical Centre India Private Limited | India |
General Motors Treasury Center, LLC | Delaware |
General Motors Uruguay S.A. | Uruguay |
General Motors Ventures LLC | Delaware |
Company Name | State or Sovereign Power of Incorporation |
General Motors Warehousing and Trading (Shanghai) Co. Ltd. | China |
General Motors-Holden's Sales Pty. Limited | Australia |
GigaPower LLC | Delaware |
Global Services Detroit LLC | Delaware |
Global Tooling Service Company Europe Limited | England and Wales |
GM (UK) Pension Trustees Limited | England and Wales |
GM Administradora de Bens Ltda. | Brazil |
GM Asia Pacific Regional Headquarters Ltd. | Korea, Republic of |
GM Components Holdings, LLC | Delaware |
GM Cruise Holdings LLC | Delaware |
GM Cruise LLC | Delaware |
GM Defense LLC | Delaware |
GM Eurometals, Inc. | Delaware |
GM Finance Co. Holdings LLC | Delaware |
GM Financial Canada Leasing Ltd. | Canada |
GM Financial Colombia Holdings LLC | Delaware |
GM Financial Colombia S.A. Compania de Financiamiento | Colombia |
GM Financial Consumer Discount Company | Pennsylvania |
GM Financial de Mexico, S.A. de C.V. SOFOM E.R. | Mexico |
GM Financial del Peru S.A.C | Peru |
GM Financial Holdings LLC | Delaware |
GM Financial Mexico Holdings LLC | Delaware |
GM Global Propulsion Systems -Torino S.r.l. | Italy |
GM Global Technology Operations LLC | Delaware |
GM Global Tooling Company LLC | Delaware |
GM Global Treasury Centre Limited | England and Wales |
GM Holden Pty Ltd. | Australia |
GM Holdings U.K. No.1 Limited | England and Wales |
GM Inversiones Santiago Limitada | Chile |
GM Investment Trustees Limited | England and Wales |
GM Korea Company | Korea, Republic of |
GM LAAM Holdings, LLC | Delaware |
GM Mobility Europe GmbH | Germany |
GM Personnel Services, Inc. | Delaware |
GM Philippines, Inc. | Philippines |
GM Regional Holdings LLC | Delaware |
GM Retirees Pension Trustees Limited | England and Wales |
GM Subsystems Manufacturing, LLC | Delaware |
GM Technical Center Korea, Ltd. | Korea, Republic of |
GMAC Administradora de Consorcios Ltda. | Brazil |
GMAC Prestadora de Servicios de Mao de Obra Ltda. | Brazil |
GMACI Corretora de Seguros Ltda | Brazil |
Company Name | State or Sovereign Power of Incorporation |
GMCH&SP Private Equity II L.P. | Canada |
GM-DI Leasing LLC | Delaware |
GMF Australia Pty Ltd | Australia |
GMF Europe LLP | England and Wales |
GMF Global Assignment LLC | Delaware |
GMF International LLC | Delaware |
Grand Pointe Holdings, Inc. | Michigan |
Grand Pointe Park Condominium Association | Michigan |
Holden New Zealand Limited | New Zealand |
IBC Pension Trustees Limited | England and Wales |
Lease Ownership Cooperative LLC | Delaware |
Lidlington Engineering Company, Ltd. | Delaware |
Limited Liability Company "General Motors CIS" | Russian Federation |
Maven Drive LLC | Delaware |
Millbrook Pension Management Limited | England and Wales |
Monetization of Carve-Out, LLC | Delaware |
Motors Holding LLC | Delaware |
Multi-Use Lease Entity Trust | Delaware |
North American New Cars LLC | Delaware |
Omnibus BB Transportes, S. A. | Ecuador |
OnStar Connected Services Srl | Romania |
OnStar de Mexico S. de R.L. de C.V. | Mexico |
OnStar Egypt Limited, LLC | Egypt |
OnStar Europe Ltd. | England and Wales |
OnStar Global Services Corporation | Delaware |
OnStar, LLC | Delaware |
P.T. G M AutoWorld Indonesia | Indonesia |
P.T. General Motors Indonesia | Indonesia |
Pan Asia Technical Automotive Center Company, Ltd. | China |
PIMS Co. | Delaware |
Prestadora de Servicios GMF Colombia S.A.S. | Colombia |
PT. General Motors Indonesia Manufacturing | Indonesia |
Riverfront Holdings III, Inc. | Delaware |
Riverfront Holdings Phase II, Inc. | Delaware |
Riverfront Holdings, Inc. | Delaware |
SAIC General Motors Corporation Limited | China |
SAIC General Motors Sales Company Limited | China |
SAIC GM (Shenyang) Norsom Motors Co., Ltd. | China |
SAIC GM Dong Yue Motors Company Limited | China |
SAIC GM Dong Yue Powertrain Company Limited | China |
SAIC GM Wuling Automobile Company Limited | China |
SAIC-GMAC Automotive Finance Company Limited | China |
Company Name | State or Sovereign Power of Incorporation |
SAIC-GMF Leasing Co. Ltd. | China |
Servicios GMAC S.A. de C.V. | Mexico |
Shanghai OnStar Telematics Co. Ltd. | China |
Strobe, Inc. | Delaware and California |
Vehicle Asset Universal Leasing Trust | Delaware |
WRE, Inc. | Michigan |
Zona Franca Industrial Colmotores SAS | Colombia |
(1) | Registration Statement (Form S-3 No. 333-215924), |
(2) | Registration Statement (Form S-8 No. 333-218793) pertaining to the General Motors Company 2017 Long-Term Incentive Plan, |
(3) | Registration Statement (Form S-8 No. 333-211344) pertaining to the General Motors Company 2016 Equity Incentive Plan, and |
(4) | Registration Statement (Form S-8 No. 333-196812) pertaining to the General Motors Company 2014 Long-Term Incentive Plan; |
/s/ ERNST & YOUNG LLP |
Detroit, Michigan |
February 5, 2020 |
/s/ Deloitte & Touche LLP |
Detroit, Michigan |
February 5, 2020 |
SEC Report(s) on | Covering | |||
Annual Report on Form 10-K | Year Ended December 31, 2019 |
/s/ JANE L. MENDILLO | ||||
Jane L. Mendillo | ||||
December 10, 2019 | ||||
Date |
SEC Report(s) on | Covering | |||
Annual Report on Form 10-K | Year Ended December 31, 2019 |
/s/ LINDA R. GOODEN | ||||
Linda R. Gooden | ||||
December 10, 2019 | ||||
Date |
SEC Report(s) on | Covering | |||
Annual Report on Form 10-K | Year Ended December 31, 2019 |
/s/ JOSEPH JIMENEZ | ||||
Joseph Jimenez | ||||
December 10, 2019 | ||||
Date |
SEC Report(s) on | Covering | |||
Annual Report on Form 10-K | Year Ended December 31, 2019 |
/s/ WESLEY G. BUSH | ||||
Wesley G. Bush | ||||
December 10, 2019 | ||||
Date |
SEC Report(s) on | Covering | |||
Annual Report on Form 10-K | Year Ended December 31, 2019 |
/s/ JUDITH A. MISCIK | ||||
Judith A. Miscik | ||||
December 10, 2019 | ||||
Date |
SEC Report(s) on | Covering | |||
Annual Report on Form 10-K | Year Ended December 31, 2019 |
/s/ PATRICIA F. RUSSO | ||||
Patricia F. Russo | ||||
December 10, 2019 | ||||
Date |
SEC Report(s) on | Covering | |||
Annual Report on Form 10-K | Year Ended December 31, 2019 |
/s/ THOMAS M. SCHOEWE | ||||
Thomas M. Schoewe | ||||
December 10, 2019 | ||||
Date |
SEC Report(s) on | Covering | |||
Annual Report on Form 10-K | Year Ended December 31, 2019 |
/s/ CAROL M. STEPHENSON | ||||
Carol M. Stephenson | ||||
December 10, 2019 | ||||
Date |
SEC Report(s) on | Covering | |||
Annual Report on Form 10-K | Year Ended December 31, 2019 |
/s/ THEODORE M. SOLSO | ||||
Theodore M. Solso | ||||
December 10, 2019 | ||||
Date |
SEC Report(s) on | Covering | |||
Annual Report on Form 10-K | Year Ended December 31, 2019 |
/s/ DEVIN N. WENIG | ||||
Devin N. Wenig | ||||
December 10, 2019 | ||||
Date |
/s/ MARY T. BARRA | |||
Mary T. Barra Chairman and Chief Executive Officer | |||
Date: | February 5, 2020 |
/s/ DHIVYA SURYADEVARA | |||
Dhivya Suryadevara Executive Vice President and Chief Financial Officer | |||
Date: | February 5, 2020 |
/s/ MARY T. BARRA | |||
Mary T. Barra Chairman and Chief Executive Officer | |||
/s/ DHIVYA SURYADEVARA | |||
Dhivya Suryadevara Executive Vice President and Chief Financial Officer | |||
Date: | February 5, 2020 |
Equipment on Operating Leases |
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Property Subject to or Available for Operating Lease [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment on Operating Leases | Equipment on Operating Leases Equipment on operating leases primarily consists of leases to retail customers of GM Financial. The current portion of net equipment on operating leases is included in Other current assets.
At December 31, 2019, the estimated residual value of our leased assets at the end of the lease term was $30.4 billion. Depreciation expense related to Equipment on operating leases, net was $7.3 billion, $7.5 billion and $6.7 billion in the years ended December 31, 2019, 2018 and 2017. The following table summarizes lease payments due to GM Financial on leases to retail customers:
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Revenue |
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue The following table disaggregates our revenue by major source for revenue generating segments:
Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Adjustments to sales incentives for previously recognized sales were insignificant during the years ended December 31, 2019 and 2018. |
Variable Interest Entities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities GM Financial uses special purpose entities (SPEs) that are considered VIEs to issue variable funding notes to third party bank-sponsored warehouse facilities or asset-backed securities to investors in securitization transactions. The debt issued by these VIEs is backed by finance receivables and leasing related assets transferred to the VIEs (Securitized Assets). GM Financial determined that it is the primary beneficiary of the SPEs because the servicing responsibilities for the Securitized Assets give GM Financial the power to direct the activities that most significantly impact the performance of the VIEs and the variable interests in the VIEs give GM Financial the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The assets 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 and does not currently intend to provide additional financial support to these SPEs. While these subsidiaries are included in GM Financial's consolidated financial statements, they are separate legal entities and their assets are legally owned by them and are not available to GM Financial's creditors. The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs:
GM Financial recognizes finance charge, leased vehicle and fee income on the Securitized Assets and interest expense on the secured debt issued in a securitization transaction and records a provision for loan losses to recognize probable loan losses inherent in the finance receivables.
|
Supplemental Information for the Consolidated Statements of Cash Flows |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information for the Consolidated Statements of Cash Flows | Supplemental Information for the Consolidated Statements of Cash Flows The following table summarizes the sources (uses) of cash provided by Change in other operating assets and liabilities and Cash paid for income taxes and interest:
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Marketable and Other Securities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date | The following table summarizes the fair value of cash equivalents and marketable debt and equity securities, which approximates cost:
__________
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes the fair value of cash equivalents and marketable debt and equity securities, which approximates cost:
__________
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Schedule of Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows:
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Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows:
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Supplementary Quarterly Financial Information (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | The following tables summarize supplementary quarterly financial information:
__________
In the three months ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019 we recorded pre-tax charges of $790 million, $361 million, $390 million and $267 million related to transformation activities including accelerated depreciation, supplier-related charges and other charges. In the three months ended March 31, 2019, June 30, 2019 and September 30, 2019, we recorded pre-tax benefits of $857 million, $380 million and $123 million related to the retrospective recoveries of indirect taxes in Brazil. In the three months ended September 30, 2019 and December 31, 2019, we estimate that the lost vehicle production volumes and parts sales due to the UAW strike had an unfavorable pre-tax impact on our Income from continuing operations. In the three months ended December 31, 2019 we recorded a pre-tax charge of $164 million related to the divestiture in our joint venture FAW-GM.
__________ (a) Includes our Cruise segment.
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Stockholders' Equity and Noncontrolling Interests (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the significant components of Accumulated other comprehensive loss:
__________
(d) Primarily consists of unamortized actuarial loss on our defined benefit plans. Refer to the critical accounting estimates section of our MD&A for additional information.
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Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
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Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of period | $ 1,341 | $ 1,557 | $ 1,182 |
Additions to current year tax positions | 18 | 292 | 160 |
Additions to prior years' tax positions | 13 | 264 | 448 |
Reductions to prior years' tax positions | (501) | (244) | (195) |
Reductions in tax positions due to lapse of statutory limitations | (8) | (38) | (44) |
Settlements | (93) | (450) | (11) |
Other | 5 | (40) | 17 |
Balance at end of period | 775 | 1,341 | 1,557 |
Unrecognized tax benefit that would favorably affect effective tax rate | 539 | 991 | |
Income tax related interest and penalties accrual | 117 | 116 | |
Operating Loss Carryforwards [Line Items] | |||
Tax expense related to tax reform legislation | 7,300 | ||
Tax expense related to tax reform legislation, updated | $ 7,100 | ||
Germany | Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 3,300 | ||
Deferred tax assets | $ 1,000 |
Pensions And Other Postretirement Benefits - Accumulated Benefit Obligations and Projected Benefit Obligations (Details) - Pension Plan - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
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U.S. | ||
ABO and PBO [Line Items] | ||
ABO | $ 64,669 | $ 61,177 |
Plans with ABO in Excess of Plan Assets [Abstract] | ||
ABO | 64,669 | 61,177 |
Fair Value of Plan Assets | 59,239 | 56,102 |
Plans with PBO in Excess of Plan Assets [Abstract] | ||
PBO | 64,684 | 61,190 |
Fair Value of Plan Assets | 59,239 | 56,102 |
Non-U.S. | ||
ABO and PBO [Line Items] | ||
ABO | 21,319 | 19,822 |
Plans with ABO in Excess of Plan Assets [Abstract] | ||
ABO | 10,996 | 10,289 |
Fair Value of Plan Assets | 3,940 | 3,485 |
Plans with PBO in Excess of Plan Assets [Abstract] | ||
PBO | 11,079 | 10,356 |
Fair Value of Plan Assets | $ 3,940 | $ 3,485 |
Stockholders' Equity and Noncontrolling Interests - Warrants (Details) - $ / shares shares in Millions |
Jul. 10, 2019 |
Dec. 31, 2018 |
---|---|---|
Class of Warrant or Right [Line Items] | ||
Outstanding warrants (in shares) | 15 | |
Second Tranche of Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Exercise price (in dollars per share) | $ 18.33 |
Accrued and Other Liabilities - Product Warranty and Related Liabilities (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Product Warranty and Related Liabilities [Roll Forward] | |||
Warranty balance at beginning of period | $ 7,590 | $ 8,332 | $ 9,069 |
Warranties issued and assumed in period – recall campaigns | 745 | 665 | 678 |
Warranties issued and assumed in period – product warranty | 2,001 | 2,143 | 2,123 |
Payments | (3,012) | (2,903) | (3,129) |
Adjustments to pre-existing warranties | 455 | (464) | (495) |
Effect of foreign currency and other | 19 | (183) | 86 |
Warranty balance at end of period | $ 7,798 | $ 7,590 | $ 8,332 |
Nature Of Operations and Basis of Presentation |
12 Months Ended |
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Dec. 31, 2019 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Nature of Operations and Basis of Presentation | Nature of Operations and Basis of Presentation General Motors Company was incorporated as a Delaware corporation in 2009. We design, build and sell trucks, crossovers, cars and automobile parts worldwide and are investing in and growing an autonomous vehicle business. We also provide automotive financing services through GM Financial. We analyze the results of our continuing operations through the following operating segments: GMNA, GM International Operations (GMIO), GM South America (GMSA), Cruise and GM Financial. Our GMSA and GMIO operating segments are reported as one, combined international segment, GMI. Cruise, formerly GM Cruise, is our global segment responsible for the development and commercialization of autonomous vehicle technology. Nonsegment operations and Maven, our ride- and car-sharing business, 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. On July 31, 2017 we closed the sale of the Opel/Vauxhall Business to PSA Group. On October 31, 2017 we closed the sale of the Fincos to Banque PSA Finance S.A. and BNP Paribas Personal Finance S.A. The European Business is presented as discontinued operations in our consolidated financial statements for all periods presented. Unless otherwise indicated, information in this report relates to our continuing operations. Refer to Note 22 for additional information on our discontinued operations. In 2019 we changed the presentation of our consolidated balance sheets to reclassify the current portion of Equipment on operating leases, net to Other current assets. We have made corresponding reclassifications to the comparable information for all periods presented. Principles of Consolidation The consolidated financial statements are prepared in conformity with U.S. GAAP. All intercompany balances and transactions have been eliminated in consolidation. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions. We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. Our share of earnings or losses of nonconsolidated affiliates is included in our consolidated operating results using the equity method of accounting when we are able to exercise significant influence over the operating and financial decisions of the affiliate. Use of Estimates in the Preparation of the Financial Statements Accounting estimates are an integral part of the consolidated financial statements. These estimates require the use of judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. GM Financial The amounts presented for GM Financial have been adjusted to include the effect of our tax attributes on GM Financial's deferred tax positions and provision for income taxes, which are not applicable to GM Financial on a stand-alone basis, and to eliminate the effect of transactions between GM Financial and the other members of the consolidated group. Accordingly, the amounts presented will differ from those presented by GM Financial on a stand-alone basis.
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Inventories (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Total productive material, supplies and work in process | $ 4,713 | $ 4,274 |
Finished product, including service parts | 5,685 | 5,542 |
Total inventories | $ 10,398 | $ 9,816 |
Equity In Net Assets Of Nonconsolidated Affiliates - Transactions with NCAs (Details) - Nonconsolidated Affiliates [Member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
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Related Party Transactions [Line Items] | |||
Automotive sales and revenue | $ 199 | $ 406 | $ 923 |
Automotive purchases, net | 1,065 | 1,155 | 674 |
Dividends received | 1,852 | 2,022 | 2,000 |
Operating cash flows | 913 | 657 | $ 2,321 |
Accounts and notes receivable, net | 1,007 | 979 | |
Accounts payable | 369 | 163 | |
Undistributed earnings | $ 2,118 | $ 2,331 |
Goodwill and Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Components of Intangible Assets |
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Derivative Financial Instruments (Tables) |
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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:
__________
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GM Financial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts for Derivative Financial Instruments | The following table presents the notional amounts of GM Financial's derivative financial instruments:
__________
(c) GM Financial held $210 million and an insignificant amount of collateral from counterparties available for netting against GM Financial's asset positions, and posted an insignificant amount and $451 million of collateral to counterparties available for netting against GM Financial's liability positions at December 31, 2019 and 2018.
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Schedule of Fair Value Hedging Instruments | The following amounts were recorded in the consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships:
__________
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Significant Accounting Policies - Noncancelable Operating Leases (Details) $ in Millions |
Dec. 31, 2018
USD ($)
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Minimum commitments | |
2019 | $ 296 |
2020 | 286 |
2021 | 247 |
2022 | 180 |
2023 | 146 |
Thereafter | 582 |
Total | 1,737 |
Sublease income | |
2019 | (61) |
2020 | (51) |
2021 | (44) |
2022 | (38) |
2023 | (33) |
Thereafter | (129) |
Totals | (356) |
Net minimum commitments | |
2019 | 235 |
2020 | 235 |
2021 | 203 |
2022 | 142 |
2023 | 113 |
Thereafter | 453 |
Totals | $ 1,381 |
Interest Income and Other Non-Operating Income |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Income and Other Non-Operating Income | Interest Income and Other Non-Operating Income
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Pensions And Other Postretirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits Employee Pension and Other Postretirement Benefit Plans Defined Benefit Pension Plans Defined benefit pension plans covering eligible U.S. hourly employees (hired prior to October 2007) and Canadian hourly employees (hired prior to October 2016) generally provide benefits of negotiated, stated amounts for each year of service and supplemental benefits for employees who retire with 30 years of service before normal retirement age. The benefits provided by the defined benefit pension plans covering eligible U.S. (hired prior to January 1, 2001) and Canadian salaried employees and employees in certain other non-U.S. locations are generally based on years of service and compensation history. Accrual of defined pension benefits ceased in 2012 for U.S. and Canadian salaried employees. There is also an unfunded nonqualified pension plan primarily covering U.S. executives for service prior to January 1, 2007 and it is based on an “excess plan” for service after that date. The funding policy for qualified defined benefit pension plans is to contribute annually not less than the minimum required by applicable laws and regulations or to directly pay benefit payments where appropriate. In the year ended December 31, 2019 all legal funding requirements were met. The following table summarizes contributions made to the defined benefit pension plans:
We expect to contribute approximately $70 million to our U.S. non-qualified plans and approximately $500 million to our non-U.S. pension plans in 2020. Based on our current assumptions, over the next five years we expect no significant mandatory contributions to our U.S. qualified pension plans and mandatory contributions totaling $368 million to our U.K. and Canada pension plans. Other Postretirement Benefit Plans Certain hourly and salaried defined benefit plans provide postretirement medical, dental, legal service and life insurance to eligible U.S. and Canadian retirees and their eligible dependents. Certain other non-U.S. subsidiaries have postretirement benefit plans, although most non-U.S. employees are covered by government sponsored or administered programs. We made contributions to the U.S. OPEB plans of $326 million, $325 million and $323 million in the years ended December 31, 2019, 2018 and 2017. Plan participants' contributions were insignificant in the years ended December 31, 2019, 2018 and 2017. Defined Contribution Plans We have defined contribution plans for eligible U.S. salaried and hourly employees that provide discretionary matching contributions. Contributions are also made to certain non-U.S. defined contribution plans. We made contributions to our defined contribution plans of $537 million, $617 million and $650 million in the years ended December 31, 2019, 2018 and 2017. Significant Plan Amendments, Benefit Modifications and Related Events Other Remeasurements The SOA issued mortality improvement tables in the three months ended December 31, 2019. We determined our current mortality improvement assumptions are appropriate to measure our December 31, 2019 U.S. pension and OPEB plans obligations. In 2018 we reviewed our mortality experience and updated our base mortality assumptions in the U.S. This change in assumption decreased the December 31, 2018 U.S. pension and OPEB plans' obligations by $264 million. Pension and OPEB Obligations and Plan Assets
The following table summarizes the total accumulated benefit obligations (ABO), the ABO and fair value of plan assets for defined benefit pension plans with ABO in excess of plan assets, and the PBO and fair value of plan assets for defined benefit pension plans with PBO in excess of plan assets:
The following table summarizes the components of net periodic pension and OPEB expense along with the assumptions used to determine benefit obligations:
_________
The non-service cost components of the net periodic pension and OPEB income are presented in Interest income and other non-operating income, net. Refer to Note 19 for additional information. U.S. pension plan service cost includes administrative expenses and Pension Benefit Guarantee Corporation premiums of $214 million and $121 million for the years ended December 31, 2019 and 2018. Weighted-average assumptions used to determine net expense are determined at the beginning of the period and updated for remeasurements. Non-U.S. pension plan administrative expenses included in service cost were insignificant in the years ended December 31, 2019 and 2018. Estimated amounts to be amortized from Accumulated other comprehensive loss into net periodic benefit cost in the year ending December 31, 2020 based on December 31, 2019 plan measurements are $258 million, primarily consisting of amortization of the net actuarial loss in the non-U.S. pension plans. Assumptions Investment Strategies and Long-Term Rate of Return Detailed periodic studies are conducted by our internal asset management group as well as outside actuaries and are used to determine the long-term strategic mix among asset classes, risk mitigation strategies and the expected long-term return on asset assumptions for the U.S. pension plans. The U.S. study includes a review of alternative asset allocation and risk mitigation strategies, anticipated future long-term performance and risk of the individual asset classes that comprise the plans' asset mix. Similar studies are performed for the significant non-U.S. pension plans with the assistance of outside actuaries and asset managers. While the studies incorporate data from recent plan performance and historical returns, the expected rate of return on plan assets represents our estimate of long-term prospective rates of return. We continue to pursue various options to fund and de-risk our pension plans, including continued changes to the pension asset portfolio mix to reduce funded status volatility. The strategic asset mix and risk mitigation strategies for the plans are tailored specifically for each plan. Individual plans have distinct liabilities, liquidity needs and regulatory requirements. Consequently there are different investment policies set by individual plan fiduciaries. Although investment policies and risk mitigation strategies may differ among plans, each investment strategy is considered to be appropriate in the context of the specific factors affecting each plan. In setting new strategic asset mixes, consideration is given to the likelihood that the selected asset mixes will effectively fund the projected pension plan liabilities, while aligning with the risk tolerance of the plans' fiduciaries. The strategic asset mixes for U.S. defined benefit pension plans are increasingly designed to satisfy the competing objectives of improving funded positions (market value of assets equal to or greater than the present value of the liabilities) and mitigating the possibility of a deterioration in funded status. Derivatives may be used to provide cost effective solutions for rebalancing investment portfolios, increasing or decreasing exposure to various asset classes and for mitigating risks, primarily interest rate, equity and currency risks. Equity and fixed income managers are permitted to utilize derivatives as efficient substitutes for traditional securities. Interest rate derivatives may be used to adjust portfolio duration to align with a plan's targeted investment policy and equity derivatives may be used to protect equity positions from downside market losses. Alternative investment managers are permitted to employ leverage, including through the use of derivatives, which may alter economic exposure. In December 2019, an investment policy study was completed for the U.S. pension plans. As a result of changes to our capital market assumptions, the weighted-average long-term rate of return on assets decreased from 6.4% at December 31, 2018 to 5.9% at December 31, 2019. The expected long-term rate of return on plan assets used in determining pension expense for non-U.S. plans is determined in a similar manner to the U.S. plans. Target Allocation Percentages The following table summarizes the target allocations by asset category for U.S. and non-U.S. defined benefit pension plans:
__________
Assets and Fair Value Measurements The following tables summarize the fair value of U.S. and non-U.S. defined benefit pension plan assets by asset class:
__________
The activity attributable to U.S. and non-U.S. Level 3 defined benefit pension plan investments was insignificant in the years ended December 31, 2019 and 2018. Investment Fund Strategies Investment funds include hedge funds, funds of hedge funds, equity funds and fixed income funds. Hedge funds and funds of hedge funds managers typically seek to achieve their objectives by allocating capital across a broad array of funds and/or investment managers. Equity funds invest in U.S. common and preferred stocks as well as similar equity securities issued by companies incorporated, listed or domiciled in developed and/or emerging market countries. Fixed income funds include investments in high quality funds and, to a lesser extent, high yield funds. High quality fixed income funds invest in government securities, investment-grade corporate bonds and mortgage and asset-backed securities. High yield fixed income funds invest in high yield fixed income securities issued by corporations which are rated below investment grade. Other investment funds also included in this category primarily represent multi-strategy funds that invest in broadly diversified portfolios of equity, fixed income and derivative instruments. Private equity and debt investments primarily consist of investments in private equity and debt funds. These investments provide exposure to and benefit from long-term equity investments in private companies, including leveraged buy-outs, venture capital and distressed debt strategies. Real estate investments include funds that invest in entities which are primarily engaged in the ownership, acquisition, development, financing, sale and/or management of income-producing real estate properties, both commercial and residential. These funds typically seek long-term growth of capital and current income that is above average relative to public equity funds. Significant Concentrations of Risk The assets of the pension plans include certain investment funds, private equity and debt investments and real estate investments. Investment managers may be unable to quickly sell or redeem some or all of these investments at an amount close or equal to fair value in order to meet a plan's liquidity requirements or to respond to specific events such as deterioration in the creditworthiness of any particular issuer or counterparty. Illiquid investments held by the plans are generally long-term investments that complement the long-term nature of pension obligations and are not used to fund benefit payments when currently due. Plan management monitors liquidity risk on an ongoing basis and has procedures in place that are designed to maintain flexibility in addressing plan-specific, broader industry and market liquidity events. The pension plans may invest in financial instruments denominated in foreign currencies and may be exposed to risks that the foreign currency exchange rates might change in a manner that has an adverse effect on the value of the foreign currency denominated assets or liabilities. Forward currency contracts may be used to manage and mitigate foreign currency risk. The pension plans may invest in debt securities for which any change in the relevant interest rates for particular securities might result in an investment manager being unable to secure similar returns upon the maturity or the sale of securities. In addition changes to prevailing interest rates or changes in expectations of future interest rates might result in an increase or decrease in the fair value of the securities held. Interest rate swaps and other financial derivative instruments may be used to manage interest rate risk. Benefit Payments Benefits for most U.S. pension plans and certain non-U.S. pension plans are paid out of plan assets rather than our Cash and cash equivalents. The following table summarizes net benefit payments expected to be paid in the future, which include assumptions related to estimated future employee service:
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Property (Tables) |
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Property, Plant and Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment |
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Depreciation Amortization and Impairment of Property Plant and Equipment | The amount of interest capitalized and excluded from Automotive interest expense related to Property, net was insignificant in the years ended December 31, 2019, 2018 and 2017.
__________ (a) Included in depreciation and amortization expense.
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Debt (Tables) |
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Interest expense |
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Schedule of maturities of long-term debt | The following table summarizes contractual maturities including finance leases at December 31, 2019:
________ (a) Secured debt, credit facilities and other unsecured debt are based on expected payoff date. Senior notes principal amounts are based on maturity.
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Debt carrying amount and fair value | The following table presents debt in our automotive operations:
__________
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GM Financial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt carrying amount and fair value | The following table presents debt of GM Financial:
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Commitments and Contingencies - Other Litigation and Loss Contingencies (Details) - USD ($) |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Loss Contingencies [Line Items] | ||
Maximum liability, guarantees | $ 2,600,000,000 | $ 2,400,000,000 |
Rebates available | 1,400,000,000 | |
Indirect Tax Matters | ||
Loss Contingencies [Line Items] | ||
Reasonably possible loss | 800,000,000 | |
Takata DIR | ||
Loss Contingencies [Line Items] | ||
Warranty provision | 0 | |
Estimate of possible loss | 1,200,000,000 | |
Accrued liabilities and Other liabilities | ||
Loss Contingencies [Line Items] | ||
Product liability | 544,000,000 | 531,000,000 |
Credit card program deferred revenue | 253,000,000 | 247,000,000 |
Litigation-related liability and tax administrative matters | 1,300,000,000 | $ 1,300,000,000 |
Korea Wage Litigation - Former Subcontract Workers | ||
Loss Contingencies [Line Items] | ||
Reasonably possible loss | 110,000,000 | |
Warranty provision | $ 180,000,000 |
Marketable and Other Securities - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Marketable Securities [Abstract] | ||||
Cash and cash equivalents | $ 19,069 | $ 20,844 | ||
Restricted cash included in Other current assets | 3,352 | 2,083 | ||
Restricted cash included in Other assets | 522 | 569 | ||
Total | $ 22,943 | $ 23,496 | $ 17,848 | $ 15,160 |
Pensions And Other Postretirement Benefits - Target Allocation tables (Details) - Pension Plan |
Dec. 31, 2019 |
Dec. 31, 2018 |
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U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 100.00% | 100.00% |
U.S. | Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 12.00% | 12.00% |
U.S. | Corporate and other debt securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 64.00% | 64.00% |
U.S. | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 24.00% | 24.00% |
Non-U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 100.00% | 100.00% |
Non-U.S. | Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 14.00% | 14.00% |
Non-U.S. | Corporate and other debt securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 67.00% | 66.00% |
Non-U.S. | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 19.00% | 20.00% |
Stockholders' Equity and Noncontrolling Interests |
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Stockholders' Equity and Noncontrolling Interests | Stockholders’ Equity and Noncontrolling Interests Preferred and Common Stock We have 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance. At December 31, 2019 and 2018 we had no shares of preferred stock and 1.4 billion shares of common stock issued and outstanding. Common Stock Holders of our common stock are entitled to dividends at the sole discretion of our Board of Directors. Our dividends declared per common share were $1.52 and our total dividends paid on common stock were $2.2 billion, $2.1 billion and $2.2 billion for the years ended December 31, 2019, 2018 and 2017. Holders of common stock are entitled to one vote per share on all matters submitted to our stockholders for a vote. The liquidation rights of holders of our common stock are secondary to the payment or provision for payment of all our debts and liabilities and to holders of our preferred stock, if any such shares are then outstanding. In the year ended December 31, 2019, we did not purchase shares of our outstanding common stock. In the years ended December 31, 2018 and 2017, we purchased three million and 120 million shares of our outstanding common stock for $100 million and $4.5 billion as part of the common stock repurchase program announced in March 2015, which our Board of Directors increased and extended in January 2016 and January 2017. Warrants At December 31, 2018 we had 15 million warrants outstanding that we issued in July 2009. The warrants have expired but were exercisable at any time prior to July 10, 2019 at an exercise price of $18.33 per share. GM Financial Preferred Stock In September 2018 GM Financial issued $500 million of Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series B, $0.01 par value, with a liquidation preference of $1,000 per share. The preferred stock is classified as noncontrolling interests in our consolidated financial statements. Dividends are paid semi-annually when declared, which started March 30, 2019 at a fixed rate of 6.50%. In September 2017 GM Financial issued $1.0 billion of Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series A, $0.01 par value, with a liquidation preference of $1,000 per share. The preferred stock is classified as noncontrolling interests in our consolidated financial statements. Dividends are paid semi-annually when declared, which started March 30, 2018 at a fixed rate of 5.75%. Cruise Preferred Shares In 2019 Cruise Holdings entered into a Purchase Agreement with The Vision Fund, General Motors Holdings LLC, Honda and certain other investors pursuant to which Cruise Holdings received $1.2 billion, including $687 million from General Motors Holdings LLC, in exchange for issuing Cruise Class F Preferred Shares, representing approximately 6.6% of the fully diluted equity in Cruise Holdings. All proceeds related to the Cruise Class F Preferred Shares are designated exclusively for working capital and general corporate purposes of Cruise. The Cruise Class F Preferred Shares participate pari passu with holders of Cruise Holdings common stock in any dividends declared. The Cruise Class F Preferred Shares have the right to vote on the election of one director, who is elected by the vote of a majority of the Cruise Holdings common stock and the Cruise Class F Preferred Shares. Prior to an initial public offering, the holders of Cruise Class F Preferred Shares are restricted from transferring the Cruise Class F Preferred Shares until May 7, 2023. The Cruise Class F Preferred Shares only convert into common stock of Cruise Holdings, at specified exchange ratios, upon occurrence of an initial public offering. No covenants or other events of default that can trigger redemption of the Class F Preferred Shares exist. The Cruise Class F Preferred Shares are entitled to receive the greater of their carrying value or a pro-rata share of any proceeds or distributions upon the occurrence of a merger, sale, liquidation, or dissolution of Cruise Holdings. The Cruise Class F Preferred Shares are classified as noncontrolling interests in our consolidated financial statements. At December 31, 2019, external investors held 17.3% of the fully diluted equity in Cruise Holdings. In June 2018, Cruise Holdings issued $900 million of convertible preferred shares (Cruise Preferred Shares) to an affiliate of The Vision Fund which subsequently assigned such shares to The Vision Fund. Immediately prior to the issuance of the Cruise Preferred Shares, we invested $1.1 billion in Cruise Holdings. When Cruise's autonomous vehicles are ready for commercial deployment, The Vision Fund is obligated to purchase additional Cruise Preferred Shares for $1.35 billion. All proceeds are designated exclusively for working capital and general corporate purposes of Cruise. Dividends are cumulative and accrue at an annual rate of 7.0% and are payable quarterly in cash or in-kind, at Cruise's discretion. The Cruise Preferred Shares are also entitled to participate in Cruise dividends above a defined threshold. Prior to an initial public offering, The Vision Fund is restricted from transferring the Cruise Preferred Shares until June 28, 2025. The Cruise Preferred Shares are classified as noncontrolling interests in our consolidated financial statements. Cruise Common Shares In October 2018, Cruise Holdings entered into a Purchase Agreement with Honda, pursuant to which Honda invested $750 million in Cruise Holdings in exchange for Class E Common Shares, representing 5.7% of the fully diluted equity of Cruise Holdings at closing. In addition, Honda agreed to contribute approximately $2.0 billion primarily in the form of a long-term annual fee to Cruise Holdings for certain rights to use Cruise Holdings' trade names and trademarks and the exclusive right to partner with Cruise Holdings to develop, deploy, and maintain a foreign market. The remaining contribution or funding will come in the form of shared development costs for a shared autonomous vehicle that Honda, General Motors Holdings LLC and Cruise Holdings will jointly develop for deployment onto Cruise's autonomous vehicle network. All proceeds are designated exclusively for working capital and general corporate purposes of Cruise. At the later of October 3, 2025 or the termination of the commercial agreements between Cruise Holdings and Honda, Cruise Holdings can call all, but not less than all of the Class E Common Shares at an amount equal to the then fair value of Cruise Holdings. The Class E Common Shares are classified as noncontrolling interests in our consolidated financial statements. GM Korea Preferred Shares In the year ended December 31, 2018, the Korea Development Bank (KDB) purchased $720 million of GM Korea's Class B Preferred Shares (GM Korea Preferred Shares). Dividends on the GM Korea Preferred Shares are cumulative and accrue at an annual rate of 1.0%. GM Korea can call the preferred shares at their original issue price six years from the date of issuance and once called, the preferred shares can be converted into common shares of GM Korea at the option of the holder. The GM Korea Preferred Shares are classified as noncontrolling interests in our consolidated financial statements. The KDB investment proceeds can only be used for purposes of funding capital expenditures in GM Korea. In conjunction with the GM Korea Preferred Share issuance we agreed to provide GM Korea future funding, if needed, not to exceed $2.8 billion through December 31, 2027, inclusive of $2.0 billion of planned capital expenditures through 2027. The following table summarizes the significant components of Accumulated other comprehensive loss:
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(d) Primarily consists of unamortized actuarial loss on our defined benefit plans. Refer to the critical accounting estimates section of our MD&A for additional information.
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Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation-Related Liability and Tax Administrative Matters In the normal course of our business, we are named from time to time as a defendant in various legal actions, including arbitrations, class actions and other litigation. We identify below the material individual proceedings and investigations where we believe a material loss is reasonably possible or probable. We accrue for matters when we believe that losses are probable and can be reasonably estimated. At December 31, 2019 and 2018, we had accruals of $1.3 billion in Accrued liabilities and Other liabilities. In many matters, it is inherently difficult to determine whether loss is probable or reasonably possible or to estimate the size or range of the possible loss. Accordingly adverse outcomes from such proceedings could exceed the amounts accrued by an amount that could be material to our results of operations or cash flows in any particular reporting period. Proceedings Related to Ignition Switch Recall and Other Recalls In 2014 we announced various recalls relating to safety and other matters. Those recalls included recalls to repair ignition switches that could under certain circumstances unintentionally move from the “run” position to the “accessory” or “off” position with a corresponding loss of power, which could in turn prevent airbags from deploying in the event of a crash. Appellate Litigation Regarding Successor Liability Ignition Switch Claims In 2016, the U.S. Court of Appeals for the Second Circuit held that the 2009 order of the Bankruptcy Court approving the sale of substantially all of the assets of MLC to GM free and clear of, among other things, claims asserting successor liability for obligations owed by MLC could not be enforced to bar claims against GM asserted by either plaintiffs who purchased used vehicles after the sale or against purchasers who asserted claims relating to the ignition switch defect, including pre-sale personal injury claims and economic-loss claims. Economic-Loss Claims We are aware of over 100 putative class actions pending against GM in U.S. and Canadian courts alleging that consumers who purchased or leased vehicles manufactured by GM or MLC, formerly known as General Motors Corporation, had been economically harmed by one or more of the 2014 recalls and/or the underlying vehicle conditions associated with those recalls (economic-loss cases). In general, these economic-loss cases seek recovery for purported compensatory damages, such as alleged benefit-of-the-bargain damages or damages related to alleged diminution in value of the vehicles, as well as punitive damages, injunctive relief and other relief. Many of the pending U.S. economic-loss claims have been transferred to, and consolidated in, a single federal court, the U.S. District Court for the Southern District of New York (Southern District). These plaintiffs have asserted economic-loss claims under federal and state laws, including claims relating to recalled vehicles manufactured by GM and claims asserting successor liability relating to certain recalled vehicles manufactured by MLC. In August 2017, the Southern District granted our motion to dismiss the successor liability claims of plaintiffs in seven of the sixteen states at issue on the motion and called for additional briefing to decide whether plaintiffs' claims can proceed in the other nine states. In December 2017, the Southern District granted GM's motion and dismissed the plaintiffs' successor liability claims in an additional state, but found that there are genuine issues of material fact that prevent summary judgment for GM in eight other states. In January 2018, GM moved for reconsideration of certain portions of the Southern District's December 2017 summary judgment ruling. That motion was granted in April 2018, dismissing plaintiffs' successor liability claims in any state where New York law applies. In September 2018, the Southern District granted our motion to dismiss claims for lost personal time (in 41 out of 47 jurisdictions) and certain unjust enrichment claims, but denied our motion to dismiss plaintiffs' economic loss claims in 27 jurisdictions under the "manifest defect" rule. Significant summary judgment, class certification, and expert evidentiary motions remain at issue. In August 2019, the Southern District granted our motion for summary judgment on plaintiffs’ economic loss “benefit of the bargain” damage claims (the August 2019 Opinion). The Southern District held that plaintiffs’ conjoint analysis-based damages model failed to establish that plaintiffs suffered difference-in-value damages and without such evidence, plaintiffs’ difference-in-value damage claims fail under the laws of all three bellwether states: California, Missouri and Texas. Later in August 2019, the bellwether plaintiffs filed a motion requesting that the Southern District reconsider its summary judgment decision or allow an interlocutory appeal if reconsideration is denied. In December 2019, the Southern District denied plaintiffs' motion for reconsideration of the August 2019 Opinion, but granted the plaintiffs' motion for certification of an interlocutory appeal. Plaintiffs filed their petition requesting interlocutory review with the Second Circuit Court of Appeals, and GM filed its opposition in January 2020. In September 2019, GM filed an updated motion for summary judgment on plaintiffs’ remaining economic loss claims that were not addressed in the Southern District’s August 2019 Opinion and renewed its evidentiary motion seeking to strike the opinions of plaintiff’s expert on plaintiffs’ alleged “lost time” damages associated with having the recall repairs performed. Personal Injury Claims We also are aware of several hundred actions pending in various courts in the U.S. and Canada alleging injury or death as a result of defects that may be the subject of the 2014 recalls (personal injury cases). In general, these cases seek recovery for purported compensatory damages, punitive damages and/or other relief. Since 2016, several bellwether trials of personal injury cases have taken place in the Southern District and in a Texas state court, which is administering a Texas state multi-district litigation. None of these trials resulted in a finding of liability against GM. Contingently Issuable Shares Under the Amended and Restated Master Sale and Purchase Agreement between GM and MLC, GM may be obligated to issue Adjustment Shares of our common stock if allowed general unsecured claims against the GUC Trust, as estimated by the Bankruptcy Court, exceed $35.0 billion. The maximum number of Adjustment Shares issuable is 30 million shares (subject to adjustment to take into account stock dividends, stock splits and other transactions), which amounts to approximately $1.0 billion based on the GM share price as of January 24, 2020. The GUC Trust stated in public filings that allowed general unsecured claims were approximately $32.1 billion as of September 30, 2019. In February 2019, the GUC Trust and certain personal injury and economic-loss plaintiffs filed a motion with the Bankruptcy Court requesting approval of a settlement to obtain the maximum number of Adjustment Shares. In September 2019, the GUC Trust advised the Bankruptcy Court that it was formally terminating the February 2019 proposed class settlement with plaintiffs because it was no longer viable given the August 2019 Opinion and further briefing was moot. Government Matters In connection with the 2014 recalls, we have from time to time received subpoenas and other requests for information related to investigations by agencies or other representatives of U.S. federal, state and the Canadian governments. GM is cooperating with all reasonable pending requests for information. Any existing governmental matters or investigations could in the future result in the imposition of damages, fines, civil consent orders, civil and criminal penalties or other remedies. The total amount accrued for the 2014 recalls at December 31, 2019, reflects amounts for a combination of settled but unpaid matters, and for the remaining unsettled investigations, claims and/or lawsuits relating to the ignition switch recalls and other related recalls to the extent that such matters are probable and can be reasonably estimated. The amounts accrued for those unsettled investigations, claims, and/or lawsuits represent a combination of our best single point estimates where determinable and, where no such single point estimate is determinable, our estimate of the low end of the range of probable loss with regard to such matters, if that is determinable. We will continue to consider resolution of pending matters involving ignition switch recalls and other recalls where it makes sense to do so. GM Korea Wage Litigation GM Korea is party to litigation with current and former hourly employees in the appellate court and Incheon District Court in Incheon, Korea. The group actions, which in the aggregate involve more than 10,000 employees, allege that GM Korea failed to include bonuses and certain allowances in its calculation of Ordinary Wages due under Korean regulations. In 2012 the Seoul High Court (an intermediate-level appellate court) affirmed a decision in one of these group actions involving five GM Korea employees which was contrary to GM Korea's position. GM Korea appealed to the Supreme Court of the Republic of Korea (Korean Supreme Court). In 2014 the Korean Supreme Court largely agreed with GM's legal arguments and remanded the case to the Seoul High Court for consideration consistent with earlier Korean Supreme Court precedent holding that while fixed bonuses should be included in the calculation of Ordinary Wages, claims for retroactive application of this rule would be barred under certain circumstances. In 2015, on reconsideration, the Seoul High Court held in GM Korea's favor, after which the plaintiffs appealed to the Korean Supreme Court. The Korean Supreme Court has not yet rendered a decision. We estimate our reasonably possible loss in excess of amounts accrued to be approximately $600 million at December 31, 2019. Both the scope of claims asserted and GM Korea's assessment of any or all of the individual claim elements may change if new information becomes available or the legal or regulatory frameworks change. GM Korea is also party to litigation with current and former salaried employees over allegations relating to Ordinary Wages regulation and whether to include fixed bonuses in the calculation of Ordinary Wages. In 2017, the Seoul High Court held that certain workers are not barred from filing retroactive wage claims. GM Korea appealed this ruling to the Korean Supreme Court. The Korean Supreme Court has not yet rendered a decision. We estimate our reasonably possible loss in excess of amounts accrued to be approximately $170 million at December 31, 2019. Both the scope of claims asserted and GM Korea's assessment of any or all of the individual claim elements may change if new information becomes available or the legal or regulatory frameworks change. GM Korea is also party to litigation with current and former subcontract workers over allegations that they are entitled to the same wages and benefits provided to full-time employees, and to be hired as full-time employees. In May 2018, the Korean labor authorities issued an adverse administrative order finding that GM Korea must hire certain current subcontract workers as full-time employees. GM Korea appealed that order. At December 31, 2019, our accrual covering certain asserted claims and claims that we believe are probable of assertion and for which liability is probable was approximately $180 million. We estimate the reasonably possible loss in excess of amounts accrued for other current subcontract workers who may assert similar claims to be approximately $110 million at December 31, 2019. We are currently unable to estimate any possible loss or range of loss that may result from additional claims that may be asserted by former subcontract workers. GM Brazil Indirect Tax Claim During the year ended December 31, 2019, the Superior Judicial Court of Brazil rendered favorable decisions on three cases brought by GM Brazil, each challenging whether a certain state value-added tax should be included in the calculation of federal gross receipts taxes. The decisions will allow the Company the right to recover, through offset of federal tax liabilities, amounts collected by the government from August 2001 to February 2017. As a result of the favorable decisions, we recorded pre-tax recoveries of $1.4 billion in Automotive and other cost of sales in the year ended December 31, 2019. Timing on realization of these recoveries is dependent upon the timing of administrative approvals and generation of federal tax liabilities eligible for offset. The Brazilian IRS has filed a Motion of Clarification on this matter with the Brazilian Supreme Court, which could be decided as early as April 2020. In addition, we expect third parties to make claims on some or all of the pre-tax recoveries, which GM intends to defend against. Other Litigation-Related Liability and Tax Administrative Matters Various other legal actions, including class actions, governmental investigations, claims and proceedings are pending against us or our related companies or joint ventures, including matters arising out of alleged product defects; employment-related matters; product and workplace safety, vehicle emissions and fuel economy regulations; product warranties; financial services; dealer, supplier and other contractual relationships; government regulations relating to competition issues; tax-related matters not subject to the provision of Accounting Standards Codification 740, Income Taxes (indirect tax-related matters); product design, manufacture and performance; consumer protection laws; and environmental protection laws, including laws regulating air emissions, water discharges, waste management and environmental remediation from stationary sources. There are several putative class actions pending against GM in federal courts in the U.S., in the Provincial Courts in Canada and in Israel alleging that various vehicles sold including model year 2011-2016 Duramax Diesel Chevrolet Silverado and GMC Sierra vehicles, violate federal, state and foreign emission standards. GM has also faced a series of additional lawsuits based primarily on allegations in the Duramax suit, including putative shareholder class actions claiming violations of federal securities law and a shareholder demand lawsuit. The securities lawsuits have been voluntarily dismissed by the plaintiffs in those actions. We are unable to estimate any reasonably possible loss or range of loss that may result from these actions. We believe that appropriate accruals have been established for losses that are probable and can be reasonably estimated. It is possible that the resolution of one or more of these matters could exceed the amounts accrued in an amount that could be material to our results of operations. We also from time to time receive subpoenas and other inquiries or requests for information from agencies or other representatives of U.S. federal, state and foreign governments on a variety of issues. Indirect tax-related matters are being litigated globally pertaining to value added taxes, customs, duties, sales, property taxes and other non-income tax related tax exposures. The various non-U.S. labor-related matters include claims from current and former employees related to alleged unpaid wage, benefit, severance and other compensation matters. Certain administrative proceedings are indirect tax-related and may require that we deposit funds in escrow or provide an alternative form of security. Some of the matters may involve compensatory, punitive or other treble damage claims, environmental remediation programs or sanctions that, if granted, could require us to pay damages or make other expenditures in amounts that could not be reasonably estimated at December 31, 2019. We believe that appropriate accruals have been established for losses that are probable and can be reasonably estimated. For indirect tax-related matters we estimate our reasonably possible loss in excess of amounts accrued to be up to approximately $800 million at December 31, 2019. Takata Matters In May 2016, NHTSA issued an amended consent order requiring Takata to file DIRs for previously unrecalled front airbag inflators that contain phased-stabilized ammonium nitrate-based propellant without a moisture absorbing desiccant on a multi-year, risk-based schedule through 2019 impacting tens of millions of vehicles produced by numerous automotive manufacturers. NHTSA concluded that the likely root cause of the rupturing of the airbag inflators is a function of time, temperature cycling and environmental moisture. Although we do not believe there is a safety defect at this time in any unrecalled GM vehicles within scope of the Takata DIRs, in cooperation with NHTSA we have filed Preliminary DIRs covering certain of our GMT900 vehicles, which are full-size pickup trucks and SUVs. We have also filed petitions for inconsequentiality with respect to the vehicles subject to those Preliminary DIRs. NHTSA has consolidated our petitions and will rule on them at the same time. While these petitions have been pending, we have provided NHTSA with the results of our long-term studies and the studies performed by third-party experts, all of which form the basis for our determination that the inflators in these vehicles do not present an unreasonable risk to safety and that no repair should ultimately be required. We believe these vehicles are currently performing as designed and our inflator aging studies and field data support the belief that the vehicles' unique design and integration mitigates against inflator propellant degradation and rupture risk. For example, the airbag inflators used in the vehicles are a variant engineered specifically for our vehicles, and include features such as greater venting, unique propellant wafer configurations, and machined steel end caps. The inflators are packaged in the instrument panel in such a way as to minimize exposure to moisture from the climate control system. Also, these vehicles have features that minimize the maximum temperature to which the inflator will be exposed, such as larger interior volumes and standard solar absorbing windshields and side glass. Accordingly, no warranty provision has been made for any repair associated with our vehicles subject to the Preliminary DIRs and amended consent order. However, in the event we are ultimately obligated to repair the vehicles subject to current or future Takata DIRs under the amended consent order in the U.S., we estimate a reasonably possible impact to GM of approximately $1.2 billion. GM has recalled certain vehicles sold outside of the U.S. to replace Takata inflators in those vehicles. There are significant differences in vehicle and inflator design between the relevant vehicles sold internationally and those sold in the U.S. We continue to gather and analyze evidence about these inflators and to share our findings with regulators. Additional recalls, if any, could be material to our results of operations and cash flows. We continue to monitor the international situation. There are several putative class actions that have been filed against GM in federal courts in the U.S., in the Provincial Courts in Canada, Mexico and Israel arising out of allegations that airbag inflators manufactured by Takata are defective. At this early stage of these proceedings, we are unable to provide an evaluation of the likelihood that a loss will be incurred or an estimate of the amounts or range of possible loss. Product Liability We recorded liabilities of $544 million and $531 million in Accrued liabilities and Other liabilities at December 31, 2019 and 2018, for the expected cost of all known product liability claims, plus an estimate of the expected cost for product liability claims that have already been incurred and are expected to be filed in the future for which we are self-insured. It is reasonably possible that our accruals for product liability claims may increase in future periods in material amounts, although we cannot estimate a reasonable range of incremental loss based on currently available information. Other than claims relating to the ignition switch recalls discussed above, we believe that any judgment against us involving our and General Motors Corporation 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 2020 to 2024 or upon the occurrence of specific events or are ongoing. We believe that the related potential costs incurred are adequately covered by our recorded accruals, which are insignificant. The maximum future undiscounted payments mainly based on vehicles sold to date were $2.6 billion and $2.4 billion for these guarantees at December 31, 2019 and 2018, the majority of which relates to the indemnification agreements. We provide payment guarantees on commercial loans outstanding with third parties such as dealers. In some instances certain assets of the party or our payables to the party whose debt or performance we have guaranteed may offset, to some degree, the amount of any potential future payments. We are also exposed to residual value guarantees associated with certain sales to rental car companies. We periodically enter into agreements that incorporate indemnification provisions in the normal course of business. It is not possible to estimate our maximum exposure under these indemnifications or guarantees due to the conditional nature of these obligations. Insignificant amounts have been recorded for such obligations as the majority of them are not probable or estimable at this time and the fair value of the guarantees at issuance was insignificant. Refer to Note 22 for additional information on our indemnification obligations to PSA Group under the Master Agreement (the Agreement). Credit Cards Credit card programs offer rebates that can be applied primarily against the purchase or lease of our vehicles. At December 31, 2019 and 2018, our redemption liability was insignificant, our deferred revenue was $253 million and $247 million, and qualified cardholders had rebates available, net of deferred program revenue, of $1.4 billion. Our redemption liability and deferred revenue are recorded in Accrued liabilities and Other liabilities. Operating Leases Our portfolio of leases primarily consists of real estate office space, manufacturing and warehousing facilities, land and equipment. Certain leases contain escalation clauses and renewal or purchase options, and generally our leases have no residual value guarantees or material covenants. We exclude leases with a term of one year or less from our balance sheet, and do not separate non-lease components from our real estate leases. Rent expense under operating leases was $354 million in the year ended December 31, 2019. Prior to adoption of ASU 2016-02, rent expense under operating leases was $300 million and $284 million in the years ended December 31, 2018 and 2017. Variable lease costs were insignificant in the year ended December 31, 2019. At December 31, 2019, operating lease right of use assets in Other assets were $1.1 billion, operating lease liabilities in Accrued liabilities were $239 million and non-current operating lease liabilities in Other liabilities were $1.0 billion. Operating lease right of use assets obtained in exchange for lease obligations were $497 million in the year ended December 31, 2019. Our undiscounted future lease obligations related to operating leases having initial terms in excess of one year are $269 million, $247 million, $179 million, $167 million, $130 million and $464 million for the years 2020, 2021, 2022, 2023, 2024 and thereafter, with imputed interest of $207 million as of December 31, 2019. The weighted average discount rate was 4.2% and the weighted-average remaining lease term was 7.2 years at December 31, 2019. Payments for operating leases included in Net cash provided by (used in) operating activities were $337 million in the year ended December 31, 2019. Lease agreements that have not yet commenced were insignificant at December 31, 2019.
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Accrued Liabilities and Other Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued and Other Liabilities | Accrued and Other Liabilities
We estimate our reasonably possible loss in excess of amounts accrued for recall campaigns to be insignificant at December 31, 2019. Refer to Note 16 for reasonably possible losses on Takata matters.
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Equity In Net Assets Of Nonconsolidated Affiliates |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
Investments in Nonconsolidated Affiliates
The carrying amount of our investments in certain joint ventures exceeded our share of the underlying net assets by $4.2 billion and $4.4 billion at December 31, 2019 and 2018 primarily due to goodwill from the application of fresh-start reporting and the purchase of additional interests in nonconsolidated affiliates. The following table summarizes our direct ownership interests in our China JVs:
________
SGM is a joint venture we established with Shanghai Automotive Industry Corporation (SAIC) (50%). SGM has interests in three other joint ventures in China: SGM Norsom, SGM DY and SGM DYPT. These three joint ventures are jointly held by SGM (50%), SAIC (25%) and ourselves. These four joint ventures are engaged in the production, import and sale of a range of products under the Buick, Chevrolet and Cadillac brands. SGM also has interests in Shanghai OnStar (20%), SAIC-GMAC (20%) and SAIC-GMF Leasing Co., Ltd. (20%). Shanghai Automotive Group Finance Company Ltd., a subsidiary of SAIC, owns 45% of SAIC-GMAC. SAIC Financial Holdings Company, a subsidiary of SAIC, owns 45% of SAIC-GMF Leasing Co., Ltd. Summarized Financial Data of Nonconsolidated Affiliates
Transactions with Nonconsolidated Affiliates Our nonconsolidated affiliates are involved in various aspects of the development, production and marketing of trucks, crossovers, cars and automobile parts. We enter into transactions with certain nonconsolidated affiliates to purchase and sell component parts and vehicles. The following tables summarize transactions with and balances related to our nonconsolidated affiliates:
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Marketable and Other Securities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable and Other Securities | Marketable and Other Securities The following table summarizes the fair value of cash equivalents and marketable debt and equity securities, which approximates cost:
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Proceeds from the sale of available-for-sale debt investments sold prior to maturity were $4.5 billion, $4.3 billion and $5.6 billion in the years ended December 31, 2019, 2018 and 2017. Net unrealized gains and losses on available-for-sale debt securities were insignificant in the years ended December 31, 2019, 2018 and 2017. Cumulative unrealized gains and losses on available-for-sale debt securities were insignificant at December 31, 2019 and 2018. Our remaining investment in Lyft was measured at fair value at December 31, 2019 using Lyft’s quoted market price, a Level 1 input. Prior to Lyft's initial public offering, our investment in Lyft was measured at fair value using Level 3 inputs at December 31, 2018. The fair value of this investment was $535 million included in Other current assets and $884 million included in Other assets at December 31, 2019 and 2018. We recorded an insignificant unrealized loss and an unrealized gain of $142 million in Interest income and other non-operating income, net in the years ended December 31, 2019 and 2018. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows:
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Segment Reporting |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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. As discussed in Note 1, the European Business is presented as discontinued operations and is excluded from our segment results for all periods presented. The European Business was previously reported as our GM Europe segment and part of GM Financial. The chief operating decision maker evaluates the operating results and performance of our automotive segments and Cruise through EBIT-adjusted, which is presented net of noncontrolling interests. The chief operating decision maker evaluates GM Financial through EBT-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment. Each segment has a manager responsible for executing our strategic initiatives. While not all vehicles within a segment are individually profitable on a fully allocated cost basis, those vehicles attract customers to dealer showrooms and help maintain sales volumes for other, more profitable vehicles and contribute towards meeting required fuel efficiency standards. As a result of these and other factors, we do not manage our business on an individual brand or vehicle basis. Substantially all of the trucks, crossovers, cars and automobile parts produced are marketed through retail dealers in North America and through distributors and dealers outside of North America, the substantial majority of which are independently owned. In addition to the products sold to dealers for consumer retail sales, trucks, crossovers and cars are also sold to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies and governments. Fleet sales are completed through the dealer network and in some cases directly with fleet customers. Retail and fleet customers can obtain a wide range of after-sale vehicle services and products through the dealer network, such as maintenance, light repairs, collision repairs, vehicle accessories and extended service warranties. GMNA meets the demands of customers in North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet and GMC brands. GMI primarily meets the demands of customers outside North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet, GMC, and Holden brands. We also have equity ownership stakes in entities that meet the demands of customers in other countries, primarily China, with vehicles developed, manufactured and/or marketed under the Baojun, Buick, Cadillac, Chevrolet and Wuling brands. Cruise, formerly GM Cruise, is our global segment responsible for the development and commercialization of autonomous vehicle technology, and includes autonomous vehicle-related engineering and other costs. Our automotive interest income and interest expense, Maven, 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, our investment in Lyft, PSA warrants, Maven vehicles and intercompany balances. Retained net underfunded pension liabilities related to the European Business are also recorded in Corporate. All intersegment balances and transactions have been eliminated in consolidation. The following tables summarize key financial information by segment:
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Automotive revenue is attributed to geographic areas based on the country of sale. GM Financial revenue is attributed to the geographic area where the financing is originated. The following table summarizes information concerning principal geographic areas:
No individual country other than the U.S. represented more than 10% of our total net sales and revenue or long-lived assets.
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Revenue (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue by Major Source | The following table disaggregates our revenue by major source for revenue generating segments:
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Segment Reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables summarize key financial information by segment:
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Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table summarizes information concerning principal geographic areas:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted |
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(b) Potentially dilutive securities attributable to outstanding stock options were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect.
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Accrued and Other Liabilities - Accrued and Other Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
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Accrued liabilities | ||
Dealer and customer allowances, claims and discounts | $ 10,402 | $ 11,611 |
Deferred revenue | 3,234 | 3,504 |
Product warranty and related liabilities | 2,987 | 2,788 |
Payrolls and employee benefits excluding postemployment benefits | 1,969 | 2,233 |
Other | 7,895 | 7,913 |
Total accrued liabilities | 26,487 | 28,049 |
Other liabilities | ||
Deferred revenue | 2,962 | 2,959 |
Product warranty and related liabilities | 4,811 | 4,802 |
Operating lease liabilities | 1,010 | 0 |
Employee benefits excluding postemployment benefits | 704 | 658 |
Postemployment benefits including facility idling reserves | 633 | 875 |
Other | 3,026 | 3,063 |
Total other liabilities | $ 13,146 | $ 12,357 |
Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | Significant Accounting Policies The accounting policies that follow are utilized by our automotive, automotive financing and Cruise operations, unless otherwise indicated. Revenue Recognition We adopted Accounting Standards Update (ASU) 2014-09 "Revenue from Contracts with Customers" on January 1, 2018, which requires us to recognize revenue when a customer obtains control rather than when we have transferred substantially all risks and rewards of a good or service, by applying the modified retrospective method to all noncompleted contracts as of the date of adoption. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The following accounting policies became effective on January 1, 2018: Automotive Automotive net sales and revenue represents the amount of consideration to which we expect to be entitled in exchange for vehicle, parts and accessories and services and other sales. The consideration recognized represents the amount received, typically shortly after the sale to a customer, net of estimated dealer and customer sales incentives we reasonably expect to pay. Significant factors in determining our estimates of incentives include forecasted sales volume, product mix, and the rate of customer acceptance of incentive programs, all of which are estimated based on historical experience and assumptions concerning future customer behavior and market conditions. Subsequent adjustments to incentive estimates are possible as facts and circumstances change over time. A portion of the consideration received is deferred for separate performance obligations, such as maintenance and vehicle connectivity, that will be provided to our customers at a future date. Taxes assessed by various government entities, such as sales, use and value-added taxes, collected at the time of the vehicle sale are excluded from Automotive net sales and revenue. Costs for shipping and handling activities that occur after control of the vehicle transfers to the dealer are recognized at the time of sale and presented in Automotive and other cost of sales. Vehicle, Parts and Accessories For the majority of vehicle and accessories sales our customers obtain control and we recognize revenue when the vehicle transfers to the dealer, which generally occurs when the vehicle is released to the carrier responsible for transporting it to a dealer. Revenue, net of estimated returns, is recognized on the sale of parts upon delivery to the customer. When our customers have a right to return eligible parts and accessories, we consider the returns in our estimation of the transaction price. Certain transfers to daily rental companies are accounted for as sales, with revenue recognized at the time of transfer. At the time of transfer, we defer revenue for remarketing obligations, record a residual value guarantee and reflect a deposit liability for amounts expected to be returned once the remarketing services are complete. Deferred revenue is recognized in earnings upon completion of the remarketing service. Transfers that occurred prior to January 1, 2018 and future transfers containing a substantive repurchase obligation are accounted for as operating leases and rental income is recognized over the estimated term of the lease. Our total exposure to vehicle repurchase obligations would be reduced to the extent vehicles are able to be resold to a third party. Used Vehicles Proceeds from the auction of vehicles returned from daily rental car companies and vehicles utilized by our employees are recognized in Automotive net sales and revenue upon transfer of control of the vehicle to the customer and the related vehicle carrying value is recognized in Automotive and other cost of sales. Services and Other Services and other revenue primarily consists of revenue from vehicle-related service arrangements and after-sale services such as maintenance, vehicle connectivity and extended service warranties. For those service arrangements that are bundled with a vehicle sale, a portion of the revenue from the sale is allocated to the service component and recognized as deferred revenue within Accrued liabilities or Other liabilities. We recognize revenue for bundled services and services sold separately as services are performed, typically over a period of less than three years. Automotive Financing - GM Financial Finance charge income earned on receivables is recognized using the effective interest method. Fees and commissions (including incentive payments) received and direct costs of originating loans are deferred and amortized over the term of the related finance receivables using the effective interest method and are removed from the consolidated balance sheets when the related finance receivables are fully charged off or paid in full. Accrual of finance charge income on retail finance receivables is generally suspended on accounts that are more than 60 days delinquent, accounts in bankruptcy and accounts in repossession. Payments received on nonaccrual loans are first applied to any fees due, then to any interest due and then any remaining amounts are applied to principal. Interest accrual generally resumes once an account has received payments bringing the delinquency to less than 60 days past due. Accrual of finance charge income on commercial finance receivables is generally suspended on accounts that are more than 90 days delinquent, upon receipt of a bankruptcy notice from a borrower, or where reasonable doubt exists about the full collectability of contractually agreed upon principal and interest. Payments received on nonaccrual loans are first applied to principal. Interest accrual resumes once an account has received payments bringing the account fully current and collection of contractual principal and interest is reasonably assured (including amounts previously charged off). Income from operating lease assets, which includes lease origination fees, net of lease origination costs, is recorded as operating lease revenue on a straight-line basis over the term of the lease agreement. Advertising and Promotion Expenditures Advertising and promotion expenditures, which are expensed as incurred in Automotive and other selling, general and administrative expense, were $3.7 billion, $4.0 billion and $4.3 billion in the years ended December 31, 2019, 2018 and 2017. Research and Development Expenditures Research and development expenditures, which are expensed as incurred in Automotive and other cost of sales, were $6.8 billion, $7.8 billion and $7.3 billion in the years ended December 31, 2019, 2018 and 2017. We enter into cost sharing arrangements with third parties or nonconsolidated affiliates for product-related research, engineering, design and development activities. Cost sharing payments and fees related to these arrangements are presented in Automotive and other cost of sales. Cash Equivalents and Restricted Cash Cash equivalents are defined as short-term, highly-liquid investments with original maturities of 90 days or less. We are required to post cash as collateral as part of certain agreements that we enter into as part of our operations. Cash and cash equivalents subject to contractual restrictions and not readily available are classified as restricted cash. Restricted cash is invested in accordance with the terms of the underlying agreements and include amounts related to various deposits, escrows and other cash collateral. Restricted cash is included in Other current assets and Other assets in the consolidated balance sheets. Fair Value Measurements A three-level valuation hierarchy, based upon observable and unobservable inputs, is used for fair value measurements. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions based on the best evidence available. These two types of inputs create the following fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets; Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose significant inputs are observable; and Level 3 – Instruments whose significant inputs are unobservable. Marketable Debt Securities We classify marketable debt securities as either available-for-sale or trading. Various factors, including turnover of holdings and investment guidelines, are considered in determining the classification of securities. Available-for-sale debt securities are recorded at fair value with unrealized gains and losses recorded net of related income taxes in Accumulated other comprehensive loss until realized. Trading debt securities are recorded at fair value with changes in fair value recorded in Interest income and other non-operating income, net. We determine realized gains and losses for all debt securities using the specific identification method. We measure the fair value of our marketable debt securities using a market approach where identical or comparable prices are available and an income approach in other cases. If quoted market prices are not available, fair values of securities are determined using prices from a pricing service, pricing models, quoted prices of securities with similar characteristics or discounted cash flow models. These prices represent non-binding quotes. Our pricing service utilizes industry-standard pricing models that consider various inputs. We conduct an annual review of our pricing service and believe the prices received from our pricing service are a reliable representation of exit prices. An evaluation is made quarterly to determine if unrealized losses related to non-trading investments in debt securities are other-than-temporary. Factors considered include the length of time and extent to which the fair value has been below cost, the financial condition and near-term prospects of the issuer and the intent to sell or likelihood to be forced to sell the debt security before any anticipated recovery. Accounts and Notes Receivable Accounts and notes receivable primarily consists of amounts that are due and payable from our customers for the sale of vehicles, parts, and accessories. We evaluate the collectability of receivables each reporting period and record an allowance for doubtful accounts representing our estimate of probable losses. Additions to the allowance are charged to bad debt expense reported in Automotive and other selling, general and administrative expense and were insignificant in the years ended December 31, 2019, 2018 and 2017. GM Financial Receivables Finance receivables are carried at amortized cost, net of allowance for loan losses. GM Financial uses forecasting models to determine the collective allowance for loan losses based on factors including historical delinquency migration to loss, probability of default and loss given default. The loss confirmation period is a key assumption within the models and represents the average amount of time from when a loss event first occurs to when the receivable is charged off. GM Financial also considers an evaluation of overall portfolio credit quality based on various indicators. Retail finance receivables that become classified as troubled debt restructurings (TDRs) are separately assessed for impairment. A specific allowance is estimated based on the present value of the expected future cash flows of the receivables discounted at the original weighted average effective interest rate. Finance charge income from loans classified as TDRs is accounted for in the same manner as other accruing loans. Cash collections on these loans are allocated according to the same payment hierarchy methodology applied to loans that are not classified as TDRs. Retail finance receivables are generally charged off in the month in which the account becomes 120 days contractually delinquent if GM Financial has not yet recorded a repossession charge-off. A repossession charge-off generally represents the difference between the estimated net sales proceeds and the unpaid balance of the contract, including accrued interest. Inventories Inventories are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less cost to sell, and considers general market and economic conditions, periodic reviews of current profitability of vehicles, product warranty costs and the effect of estimated sales incentives. Net realizable value for off-lease and other vehicles is current auction sales proceeds less disposal and warranty costs. Productive material, supplies, work in process and service parts are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete. Equipment on Operating Leases Equipment on operating leases, net consists of vehicle leases to retail customers with lease terms of two to five years and vehicle sales to rental car companies that are expected to be repurchased in an average of seven months. We are exposed to changes in the residual values of these assets. The residual values represent estimates of the values of the leased vehicles at the end of the lease contracts and are determined based on forecasted auction proceeds when there is a reliable basis to make such a determination. Realization of the residual values is dependent on the future ability to market the vehicles under prevailing market conditions. The estimate of the residual value is evaluated over the life of the arrangement and adjustments may be made to the extent the expected value of the vehicle changes. Adjustments may be in the form of revisions to the depreciation rate or recognition of an impairment charge. A lease vehicle asset group is determined to be impaired if an impairment indicator exists and the expected future cash flows, which include estimated residual values, are lower than the carrying amount of the vehicle asset group. If the carrying amount is considered impaired an impairment charge is recorded for the amount by which the carrying amount exceeds fair value of the vehicle asset group. Fair value is determined primarily using the anticipated cash flows, including estimated residual values. In our automotive operations when a vehicle that is accounted for as a lease is returned the asset is reclassified from Equipment on operating leases, net to Inventories at the lower of cost or net realizable value. Upon disposition, proceeds are recorded in Automotive net sales and revenue and costs are recorded in Automotive and other cost of sales. In our automotive finance operations when a leased vehicle is returned or repossessed the asset is recorded in Other assets at the lower of amortized cost or net realizable value. Upon disposition a gain or loss is recorded in GM Financial interest, operating and other expenses for any difference between the net book value of the leased asset and the proceeds from the disposition of the asset. Equity Investments When events and circumstances warrant, equity investments accounted for under the equity method of accounting are evaluated for impairment. An impairment charge is recorded whenever a decline in value of an equity investment below its carrying amount is determined to be other-than-temporary. Impairment charges related to equity method investments are recorded in Equity income. Equity investments that are not accounted for under the equity method of accounting are measured at fair value with changes in fair value recorded in Interest income and other non-operating income, net. Property, net Property, plant and equipment, including internal use software, is recorded at cost. Major improvements that extend the useful life or add functionality are capitalized. The gross amount of assets under finance leases, prior to 2019, capital leases, is included in property, plant and equipment. Expenditures for repairs and maintenance are charged to expense as incurred. We depreciate depreciable property using the straight-line method. Leasehold improvements are amortized over the period of lease or the life of the asset, whichever is shorter. The amortization of the assets under finance leases, prior to 2019, capital leases, is included in depreciation expense. Upon retirement or disposition of property, plant and equipment, the cost and related accumulated depreciation are eliminated and any resulting gain or loss is recorded in earnings. Impairment charges related to property are recorded in Automotive and other cost of sales, Automotive and other selling, general and administrative expense or GM Financial interest, operating and other expenses. Special Tools Special tools represent product-specific propulsion and non-propulsion related tools, dies, molds and other items used in the vehicle manufacturing process. Expenditures for special tools are recorded at cost and are capitalized. We amortize special tools over their estimated useful lives using the straight-line method or an accelerated amortization method based on their historical and estimated production volume. Impairment charges related to special tools are recorded in Automotive and other cost of sales. Goodwill Goodwill is not amortized but rather tested for impairment annually on October 1 or when events occur or circumstances change that would trigger such a review. The impairment test entails an assessment of qualitative factors to determine whether it is more likely than not that an impairment exists. If it is more likely than not that an impairment exists, then a quantitative impairment test is performed. Impairment exists when the carrying amount of a reporting unit exceeds its fair value. Intangible Assets, net Intangible assets, excluding goodwill, primarily include brand names, technology and intellectual property, customer relationships and dealer networks. Intangible assets are amortized on a straight-line or an accelerated method of amortization over their estimated useful lives. An accelerated amortization method reflecting the pattern in which the asset will be consumed is utilized if that pattern can be reliably determined. We consider the period of expected cash flows and underlying data used to measure the fair value of the intangible assets when selecting a useful life. Amortization of developed technology and intellectual property is recorded in Automotive and other cost of sales. Amortization of brand names, customer relationships and our dealer networks is recorded in Automotive and other selling, general and administrative expense or GM Financial interest, operating and other expenses. Impairment charges, if any, related to intangible assets are recorded in Automotive and other selling, general and administrative expense or Automotive and other cost of sales. Valuation of Long-Lived Assets The carrying amount of long-lived assets and finite-lived intangible assets to be held and used in the business is evaluated for impairment when events and circumstances warrant. If the carrying amount of a long-lived asset group is considered impaired, a loss is recorded based on the amount by which the carrying amount exceeds fair value. Product-specific long-lived asset groups and non-product specific long-lived assets are separately tested for impairment on an asset group basis. Fair value is determined using either the market or sales comparison approach, cost approach or anticipated cash flows discounted at a rate commensurate with the risk involved. Long-lived assets to be disposed of other than by sale are considered held for use until disposition. Pension and OPEB Plans Attribution, Methods and Assumptions The cost of benefits provided by defined benefit pension plans is recorded in the period employees provide service. The cost of pension plan amendments that provide for benefits already earned by plan participants is amortized over the expected period of benefit which may be the duration of the applicable collective bargaining agreement specific to the plan, the expected future working lifetime or the life expectancy of the plan participants. The cost of medical, dental, legal service and life insurance benefits provided through postretirement benefit plans is recorded in the period employees provide service. The cost of postretirement plan amendments that provide for benefits already earned by plan participants is amortized over the expected period of benefit which may be the average period to full eligibility or the average life expectancy of the plan participants. An expected return on plan asset methodology is utilized to calculate future pension expense for certain significant funded benefit plans. A market-related value of plan assets methodology is also utilized that averages gains and losses on the plan assets over a period of years to determine future pension expense. The methodology recognizes 60% of the difference between the fair value of assets and the expected calculated value in the first year and 10% of that difference over each of the next four years. The discount rate assumption is established for each of the retirement-related benefit plans at their respective measurement dates. In the U.S. we use a cash flow matching approach that uses projected cash flows matched to spot rates along a high-quality corporate bond yield curve to determine the present value of cash flows to calculate a single equivalent discount rate. We apply individual annual yield curve rates to determine the service cost and interest cost for our pension and OPEB plans to more specifically link the cash flows related to service cost and interest cost to bonds maturing in their year of payment. The benefit obligation for pension plans in Canada, the U.K. and Germany represents 93% of the non-U.S. pension benefit obligation at December 31, 2019. The discount rates for plans in Canada, the U.K. and Germany are determined using a cash flow matching approach like the U.S. Plan Asset Valuation Due to the lack of timely available market information for certain investments in the asset classes described below as well as the inherent uncertainty of valuation, reported fair values may differ from fair values that would have been used had timely available market information been available. Common and Preferred Stock Common and preferred stock for which market prices are readily available at the measurement date are valued at the last reported sale price or official closing price on the primary market or exchange on which they are actively traded and are classified in Level 1. Such equity securities for which the market is not considered to be active are valued via the use of observable inputs, which may include the use of adjusted market prices last available, bids or last available sales prices and/or other observable inputs and are classified in Level 2. Common and preferred stock classified in Level 3 are privately issued securities or other issues that are valued via the use of valuation models using significant unobservable inputs that generally consider aged (stale) pricing, earnings multiples, discounted cash flows and/or other qualitative and quantitative factors. Debt Securities Valuations for debt securities are based on quotations received from independent pricing services or from dealers who make markets in such securities. Debt securities priced via pricing services that utilize matrix pricing which considers readily observable inputs such as the yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices, are classified in Level 2. Debt securities that are typically priced by dealers and pricing services via the use of proprietary pricing models which incorporate significant unobservable inputs are classified in Level 3. These inputs primarily consist of yield and credit spread assumptions, discount rates, prepayment curves, default assumptions and recovery rates. Investment Funds, Private Equity and Debt Investments and Real Estate Investments Investment funds, private equity and debt investments and real estate investments are valued based on the Net Asset Value (NAV) per Share (or its equivalent) as a practical expedient to estimate fair value due to the absence of readily available market prices. NAV's are provided by the respective investment sponsors or investment advisers and are subsequently reviewed and approved by management. In the event management concludes a reported NAV does not reflect fair value or is not determined as of the financial reporting measurement date, we will consider whether and when deemed necessary to make an adjustment at the balance sheet date. In determining whether an adjustment to the external valuation is required, we will review material factors that could affect the valuation, such as changes in the composition or performance of the underlying investments or comparable investments, overall market conditions, expected sale prices for private investments which are probable of being sold in the short-term and other economic factors that may possibly have a favorable or unfavorable effect on the reported external valuation. Stock Incentive Plans Our stock incentive plans include RSUs, RSAs, PSUs, stock options and awards that may be settled in our stock, the stock of our subsidiaries or in cash. We measure and record compensation expense based on the fair value of GM or Cruise's common stock on the date of grant for RSUs, RSAs and PSUs and the grant date fair value, determined utilizing a lattice model or the Black-Scholes formula, for stock options and PSUs. RSUs granted in stock of Cruise vest upon satisfaction of both a service condition and a liquidity condition, defined as a change in control transaction or the consummation of an initial public offering. Compensation cost for awards that do not have an established accounting grant date, but for which the service inception date has been established, or are settled in cash is based on the fair value of GM or Cruise's common stock at the end of each reporting period. We record compensation cost for service-based RSUs, RSAs, PSUs and service-based stock options on a straight-line basis over the entire vesting period, or for retirement eligible employees over the requisite service period. Compensation costs for RSUs granted in stock of Cruise will be recorded when the liquidity condition described above is met. We use the graded vesting method to record compensation cost for stock options with market conditions over the lesser of the vesting period or the time period an employee becomes eligible to retain the award at retirement. Product Warranty and Recall Campaigns The estimated costs related to product warranties are accrued at the time products are sold and are charged to Automotive and other cost of sales. These estimates are established using historical information on the nature, frequency and average cost of claims of each vehicle line or each model year of the vehicle line and assumptions about future activity and events. Revisions are made when necessary and are based on changes in these factors. The estimated costs related to recall campaigns are accrued when probable and estimable, which is generally at the time of vehicle sale. In GMNA, we estimate the costs related to recall campaigns by applying a paid loss approach that considers the number of historical recall campaigns and the estimated cost for each recall campaign. The estimated costs associated with recall campaigns in other geographical regions are determined using the estimated costs of repairs and the estimated number of vehicles to be repaired. Costs associated with recall campaigns are charged to Automotive and other cost of sales. Revisions are made when necessary based on changes in these factors. Income Taxes The liability method is used in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements using the statutory tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recorded in the results of operations in the period that includes the enactment date under the law. Deferred income tax assets are evaluated quarterly to determine if valuation allowances are required or should be adjusted. We establish valuation allowances for deferred tax assets based on a more likely than not standard. The ability to realize deferred tax assets depends on the ability to generate sufficient taxable income within the carryback or carryforward periods provided for in the tax law for each applicable tax jurisdiction. The assessment regarding whether a valuation allowance is required or should be adjusted also considers all available positive and negative evidence factors. It is difficult to conclude a valuation allowance is not required when there is significant objective and verifiable negative evidence, such as cumulative losses in recent years. We utilize a rolling three years of actual and current year results as the primary measure of cumulative losses in recent years. Income tax expense (benefit) for the year is allocated between continuing operations and other categories of income such as Other comprehensive income (loss). In periods in which there is a pre-tax loss from continuing operations and pre-tax income in another income category, the tax benefit allocated to continuing operations is determined by taking into account the pre-tax income of other categories. We record Global Intangible Low Tax Income (GILTI) as a current period expense when incurred. We record uncertain tax positions on the basis of a two-step process whereby we determine whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position, and for those tax positions that meet the more likely than not criteria, we recognize the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. We record interest and penalties on uncertain tax positions in Income tax expense (benefit). Foreign Currency Transactions and Translation The assets and liabilities of foreign subsidiaries that use the local currency as their functional currency are translated to U.S. Dollars based on the current exchange rate prevailing at each balance sheet date and any resulting translation adjustments are included in Accumulated other comprehensive loss. The assets and liabilities of foreign subsidiaries whose local currency is not their functional currency are remeasured from their local currency to their functional currency and then translated to U.S. Dollars. Revenues and expenses are translated into U.S. Dollars using the average exchange rates prevailing for each period presented. The financial statements of any foreign subsidiary that has been identified as having a highly inflationary economy are remeasured as if the functional currency were the U.S. Dollar. Gains and losses arising from foreign currency transactions and the effects of remeasurements discussed in the preceding paragraph are recorded in Automotive and other cost of sales and GM Financial interest, operating and other expenses unless related to Automotive debt, which are recorded in Interest income and other non-operating income, net. Foreign currency transaction and remeasurement gains were $85 million and losses were $168 million and $52 million in the years ended December 31, 2019, 2018 and 2017. Derivative Financial Instruments Derivative financial instruments are recognized as either assets or liabilities at fair value. The accounting for changes in the fair value of each derivative financial instrument depends on whether it has been designated and qualifies as an accounting hedge, as well as the type of hedging relationship identified. Derivative instruments are not used for trading or speculative purposes. Automotive We utilize options, swaps and forward contracts to manage foreign currency and commodity price risk. The change in fair value of option and forward contracts not designated as hedges is recorded in Interest income and other non-operating income, net. Cash flows for all derivative financial instruments are classified in cash flows from operating activities. We estimate the fair value of the PSA warrants using a Black-Scholes formula. The significant inputs to the model include the PSA stock price and the estimated dividend yield. We are entitled to receive any dividends declared by PSA through the conversion date upon exercise of the warrants. Gains or losses as a result of the change in the fair value of the PSA warrants are recorded in Interest income and other non-operating income, net. Automotive Financing - GM Financial GM Financial utilizes interest rate derivative instruments to manage interest rate risk and foreign currency derivative instruments to manage foreign currency risk. The change in fair value of the derivative instruments not designated as hedges is recorded in GM Financial interest, operating and other expenses. Cash flows for all derivative financial instruments are classified in cash flows from operating activities. Certain interest rate and foreign currency swap agreements have been designated as fair value hedges. The risk being hedged is the risk of changes in the fair value of the hedged debt attributable to changes in the benchmark interest rate or the risk of changes in fair value attributable to changes in foreign currency exchange rates. If the swap has been designated as a fair value hedge, the changes in the fair value of the hedged item are recorded in GM Financial interest, operating and other expenses. The change in fair value of the related hedge is also recorded in GM Financial interest, operating and other expenses. Certain interest rate swap and foreign currency swap agreements have been designated as cash flow hedges. The risk being hedged is the interest rate and foreign currency risk related to forecasted transactions. If the contract has been designated as a cash flow hedge, the change in the fair value of the cash flow hedge is deferred in Accumulated other comprehensive loss and is recognized in GM Financial interest, operating and other expenses along with the earnings effect of the hedged item when the hedged item affects earnings. Changes in the fair value of amounts excluded from the assessment of effectiveness are recorded currently in earnings and are presented in the same income statement line as the earnings effect of the hedged item. Recently Adopted Accounting Standards Effective January 1, 2019, we adopted ASU 2016-02, "Leases" (ASU 2016-02) using the modified retrospective method, resulting in a cumulative-effect adjustment to the opening balance of Retained earnings for an insignificant amount. We recognized $1.0 billion of right of use assets and lease obligations included in Other assets, Accrued liabilities and Other liabilities on our consolidated balance sheet for our existing operating lease portfolio at January 1, 2019. We elected to apply the practical expedient related to land easements, as well as the package of practical expedients permitted under the transition guidance in the new standard, which allowed us to carry forward our historical lease classification. The accounting for our finance leases and leases where we are the lessor remained substantially unchanged. The application of ASU 2016-02 had no impact on our consolidated income statement or consolidated statement of cash flows. The following table summarizes our minimum commitments under noncancelable operating leases having initial terms in excess of one year, primarily for property, at December 31, 2018 as disclosed in our 2018 Form 10-K:
_________
Refer to Note 16 for information on our operating leases at December 31, 2019. |
Debt - Interest Expense and LT Debt Maturities (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Debt Instrument [Line Items] | |||
Total interest expense | $ 4,423 | $ 3,880 | $ 3,141 |
2020 | 37,499 | ||
2021 | 21,225 | ||
2022 | 11,833 | ||
2023 | 8,584 | ||
2024 | 5,843 | ||
Thereafter | 18,967 | ||
Total | 103,951 | ||
Automotive | |||
Debt Instrument [Line Items] | |||
Total interest expense | 782 | 655 | 575 |
2020 | 1,912 | ||
2021 | 535 | ||
2022 | 70 | ||
2023 | 1,546 | ||
2024 | 48 | ||
Thereafter | 10,807 | ||
Total | 14,918 | ||
Finance lease obligations | 14,386 | 13,963 | |
GM Financial | |||
Debt Instrument [Line Items] | |||
Financing interest expense | 3,641 | 3,225 | $ 2,566 |
2020 | 35,587 | ||
2021 | 20,690 | ||
2022 | 11,763 | ||
2023 | 7,038 | ||
2024 | 5,795 | ||
Thereafter | 8,160 | ||
Total | 89,033 | ||
Finance lease obligations | $ 88,938 | $ 90,988 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Automotive | ||
Allowance for doubtful accounts and notes receivable | $ 201 | $ 211 |
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