☑
|
QUARTERLY 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
|
Delaware
|
27-0756180
|
||||||||||||
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
||||||||||||
|
|||||||||||||
|
300 Renaissance Center,
|
Detroit,
|
Michigan
|
|
48265
|
-3000
|
|||||||
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $0.01 par value
|
GM
|
New York Stock Exchange
|
|
|
|
Page
|
PART I
|
|||
Item 1.
|
Condensed Consolidated Financial Statements
|
||
|
Condensed Consolidated Income Statements (Unaudited)
|
||
|
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
|
||
|
Condensed Consolidated Balance Sheets (Unaudited)
|
||
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
||
|
Condensed Consolidated Statements of Equity (Unaudited)
|
||
|
Notes to Condensed Consolidated Financial Statements
|
||
|
Note 1.
|
Nature of Operations and Basis of Presentation
|
|
|
Note 2.
|
Revenue
|
|
|
Note 3.
|
Marketable and Other Securities
|
|
|
Note 4.
|
GM Financial Receivables and Transactions
|
|
|
Note 5.
|
Inventories
|
|
|
Note 6.
|
Equipment on Operating Leases
|
|
|
Note 7.
|
Equity in Net Assets of Nonconsolidated Affiliates
|
|
|
Note 8.
|
Variable Interest Entities
|
|
|
Note 9.
|
Debt
|
|
|
Note 10.
|
Derivative Financial Instruments
|
|
|
Note 11.
|
Product Warranty and Related Liabilities
|
|
|
Note 12.
|
Pensions and Other Postretirement Benefits
|
|
|
Note 13.
|
Commitments and Contingencies
|
|
|
Note 14.
|
Income Taxes
|
|
|
Note 15.
|
Restructuring and Other Initiatives
|
|
|
Note 16.
|
Stockholders' Equity and Noncontrolling Interests
|
|
|
Note 17.
|
Earnings Per Share
|
|
|
Note 18.
|
Discontinued Operations
|
|
|
Note 19.
|
Segment Reporting
|
|
|
Note 20.
|
Subsequent Event
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
||
Item 4.
|
Controls and Procedures
|
||
PART II
|
|||
Item 1.
|
Legal Proceedings
|
||
Item 1A.
|
Risk Factors
|
||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
||
Item 6.
|
Exhibits
|
||
Signature
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||
Net sales and revenue
|
|
|
|
|
|
|
|
||||||||
Automotive
|
$
|
31,817
|
|
|
$
|
32,276
|
|
|
$
|
95,503
|
|
|
$
|
98,242
|
|
GM Financial
|
3,656
|
|
|
3,515
|
|
|
10,908
|
|
|
10,408
|
|
||||
Total net sales and revenue (Note 2)
|
35,473
|
|
|
35,791
|
|
|
106,411
|
|
|
108,650
|
|
||||
Costs and expenses
|
|
|
|
|
|
|
|
||||||||
Automotive and other cost of sales
|
28,174
|
|
|
28,533
|
|
|
84,730
|
|
|
88,788
|
|
||||
GM Financial interest, operating and other expenses
|
2,987
|
|
|
3,064
|
|
|
9,437
|
|
|
9,074
|
|
||||
Automotive and other selling, general and administrative expense
|
2,008
|
|
|
2,584
|
|
|
6,209
|
|
|
7,172
|
|
||||
Total costs and expenses
|
33,169
|
|
|
34,181
|
|
|
100,376
|
|
|
105,034
|
|
||||
Operating income
|
2,304
|
|
|
1,610
|
|
|
6,035
|
|
|
3,616
|
|
||||
Automotive interest expense
|
206
|
|
|
161
|
|
|
582
|
|
|
470
|
|
||||
Interest income and other non-operating income, net
|
169
|
|
|
651
|
|
|
1,338
|
|
|
2,130
|
|
||||
Equity income (Note 7)
|
315
|
|
|
530
|
|
|
1,000
|
|
|
1,815
|
|
||||
Income before income taxes
|
2,582
|
|
|
2,630
|
|
|
7,791
|
|
|
7,091
|
|
||||
Income tax expense (Note 14)
|
271
|
|
|
100
|
|
|
932
|
|
|
1,085
|
|
||||
Income from continuing operations
|
2,311
|
|
|
2,530
|
|
|
6,859
|
|
|
6,006
|
|
||||
Loss from discontinued operations, net of tax (Note 18)
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
|
||||
Net income
|
2,311
|
|
|
2,530
|
|
|
6,859
|
|
|
5,936
|
|
||||
Net loss attributable to noncontrolling interests
|
40
|
|
|
4
|
|
|
67
|
|
|
34
|
|
||||
Net income attributable to stockholders
|
$
|
2,351
|
|
|
$
|
2,534
|
|
|
$
|
6,926
|
|
|
$
|
5,970
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income attributable to common stockholders
|
$
|
2,313
|
|
|
$
|
2,503
|
|
|
$
|
6,813
|
|
|
$
|
5,910
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share (Note 17)
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share – continuing operations
|
$
|
1.62
|
|
|
$
|
1.77
|
|
|
$
|
4.79
|
|
|
$
|
4.24
|
|
Basic loss per common share – discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.05
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share
|
$
|
1.62
|
|
|
$
|
1.77
|
|
|
$
|
4.79
|
|
|
$
|
4.19
|
|
Weighted-average common shares outstanding – basic
|
1,428
|
|
|
1,412
|
|
|
1,422
|
|
|
1,410
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per common share – continuing operations
|
$
|
1.60
|
|
|
$
|
1.75
|
|
|
$
|
4.74
|
|
|
$
|
4.18
|
|
Diluted loss per common share – discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.05
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per common share
|
$
|
1.60
|
|
|
$
|
1.75
|
|
|
$
|
4.74
|
|
|
$
|
4.13
|
|
Weighted-average common shares outstanding – diluted
|
1,442
|
|
|
1,431
|
|
|
1,439
|
|
|
1,431
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share
|
$
|
0.38
|
|
|
$
|
0.38
|
|
|
$
|
1.14
|
|
|
$
|
1.14
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||
Net income
|
$
|
2,311
|
|
|
$
|
2,530
|
|
|
$
|
6,859
|
|
|
$
|
5,936
|
|
Other comprehensive income (loss), net of tax (Note 16)
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments and other
|
(357
|
)
|
|
(209
|
)
|
|
(140
|
)
|
|
(503
|
)
|
||||
Defined benefit plans
|
120
|
|
|
59
|
|
|
162
|
|
|
286
|
|
||||
Other comprehensive income (loss), net of tax
|
(237
|
)
|
|
(150
|
)
|
|
22
|
|
|
(217
|
)
|
||||
Comprehensive income
|
2,074
|
|
|
2,380
|
|
|
6,881
|
|
|
5,719
|
|
||||
Comprehensive loss attributable to noncontrolling interests
|
50
|
|
|
4
|
|
|
87
|
|
|
39
|
|
||||
Comprehensive income attributable to stockholders
|
$
|
2,124
|
|
|
$
|
2,384
|
|
|
$
|
6,968
|
|
|
$
|
5,758
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
20,051
|
|
|
$
|
20,844
|
|
Marketable debt securities (Note 3)
|
6,725
|
|
|
5,966
|
|
||
Accounts and notes receivable, net
|
6,924
|
|
|
6,549
|
|
||
GM Financial receivables, net (Note 4; Note 8 at VIEs)
|
28,017
|
|
|
26,850
|
|
||
Inventories (Note 5)
|
11,797
|
|
|
9,816
|
|
||
Other current assets (Note 3; Note 8 at VIEs)
|
7,051
|
|
|
5,268
|
|
||
Total current assets
|
80,565
|
|
|
75,293
|
|
||
Non-current Assets
|
|
|
|
||||
GM Financial receivables, net (Note 4; Note 8 at VIEs)
|
25,743
|
|
|
25,083
|
|
||
Equity in net assets of nonconsolidated affiliates (Note 7)
|
8,496
|
|
|
9,215
|
|
||
Property, net
|
37,969
|
|
|
38,758
|
|
||
Goodwill and intangible assets, net
|
5,408
|
|
|
5,579
|
|
||
Equipment on operating leases, net (Note 6; Note 8 at VIEs)
|
42,527
|
|
|
43,559
|
|
||
Deferred income taxes
|
23,783
|
|
|
24,082
|
|
||
Other assets (Note 3; Note 8 at VIEs)
|
7,038
|
|
|
5,770
|
|
||
Total non-current assets
|
150,964
|
|
|
152,046
|
|
||
Total Assets
|
$
|
231,529
|
|
|
$
|
227,339
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY
|
|
|
|
||||
Current Liabilities
|
|
|
|
||||
Accounts payable (principally trade)
|
$
|
21,406
|
|
|
$
|
22,297
|
|
Short-term debt and current portion of long-term debt (Note 9)
|
|
|
|
||||
Automotive
|
2,890
|
|
|
935
|
|
||
GM Financial (Note 8 at VIEs)
|
31,884
|
|
|
30,956
|
|
||
Accrued liabilities
|
28,072
|
|
|
28,049
|
|
||
Total current liabilities
|
84,252
|
|
|
82,237
|
|
||
Non-current Liabilities
|
|
|
|
||||
Long-term debt (Note 9)
|
|
|
|
|
|
||
Automotive
|
12,448
|
|
|
13,028
|
|
||
GM Financial (Note 8 at VIEs)
|
57,244
|
|
|
60,032
|
|
||
Postretirement benefits other than pensions (Note 12)
|
5,301
|
|
|
5,370
|
|
||
Pensions (Note 12)
|
10,223
|
|
|
11,538
|
|
||
Other liabilities
|
13,290
|
|
|
12,357
|
|
||
Total non-current liabilities
|
98,506
|
|
|
102,325
|
|
||
Total Liabilities
|
182,758
|
|
|
184,562
|
|
||
Commitments and contingencies (Note 13)
|
|
|
|
|
|
||
Equity (Note 16)
|
|
|
|
||||
Common stock, $0.01 par value
|
14
|
|
|
14
|
|
||
Additional paid-in capital
|
25,928
|
|
|
25,563
|
|
||
Retained earnings
|
27,609
|
|
|
22,322
|
|
||
Accumulated other comprehensive loss
|
(8,997
|
)
|
|
(9,039
|
)
|
||
Total stockholders’ equity
|
44,554
|
|
|
38,860
|
|
||
Noncontrolling interests
|
4,217
|
|
|
3,917
|
|
||
Total Equity
|
48,771
|
|
|
42,777
|
|
||
Total Liabilities and Equity
|
$
|
231,529
|
|
|
$
|
227,339
|
|
|
Nine Months Ended
|
||||||
|
September 30, 2019
|
|
September 30, 2018
|
||||
Cash flows from operating activities
|
|
|
|
||||
Income from continuing operations
|
$
|
6,859
|
|
|
$
|
6,006
|
|
Depreciation and impairment of Equipment on operating leases, net
|
5,573
|
|
|
5,633
|
|
||
Depreciation, amortization and impairment charges on Property, net
|
5,259
|
|
|
4,390
|
|
||
Foreign currency remeasurement and transaction (gains) losses
|
(170
|
)
|
|
280
|
|
||
Undistributed earnings of nonconsolidated affiliates, net
|
243
|
|
|
185
|
|
||
Pension contributions and OPEB payments
|
(789
|
)
|
|
(1,750
|
)
|
||
Pension and OPEB income, net
|
(351
|
)
|
|
(940
|
)
|
||
Provision for deferred taxes
|
234
|
|
|
680
|
|
||
Change in other operating assets and liabilities
|
(5,310
|
)
|
|
(5,258
|
)
|
||
Net cash provided by operating activities
|
11,548
|
|
|
9,226
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Expenditures for property
|
(4,852
|
)
|
|
(6,562
|
)
|
||
Available-for-sale marketable securities, acquisitions
|
(3,130
|
)
|
|
(2,313
|
)
|
||
Available-for-sale marketable securities, liquidations
|
2,587
|
|
|
4,637
|
|
||
Purchases of finance receivables, net
|
(19,027
|
)
|
|
(17,297
|
)
|
||
Principal collections and recoveries on finance receivables
|
17,088
|
|
|
11,776
|
|
||
Purchases of leased vehicles, net
|
(12,488
|
)
|
|
(13,051
|
)
|
||
Proceeds from termination of leased vehicles
|
9,983
|
|
|
8,094
|
|
||
Other investing activities
|
148
|
|
|
(25
|
)
|
||
Net cash used in investing activities – continuing operations
|
(9,691
|
)
|
|
(14,741
|
)
|
||
Net cash provided by investing activities – discontinued operations
|
—
|
|
|
166
|
|
||
Net cash used in investing activities
|
(9,691
|
)
|
|
(14,575
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Net increase in short-term debt
|
756
|
|
|
1,695
|
|
||
Proceeds from issuance of debt (original maturities greater than three months)
|
27,835
|
|
|
32,801
|
|
||
Payments on debt (original maturities greater than three months)
|
(29,432
|
)
|
|
(25,408
|
)
|
||
Proceeds from issuance of subsidiary preferred stock
|
463
|
|
|
1,753
|
|
||
Dividends paid
|
(1,792
|
)
|
|
(1,690
|
)
|
||
Other financing activities
|
(175
|
)
|
|
(539
|
)
|
||
Net cash provided by (used in) financing activities
|
(2,345
|
)
|
|
8,612
|
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(109
|
)
|
|
(253
|
)
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
(597
|
)
|
|
3,010
|
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
23,496
|
|
|
17,848
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
22,899
|
|
|
$
|
20,858
|
|
|
|
|
|
||||
Significant Non-cash Investing and Financing Activity
|
|
|
|
||||
Non-cash property additions – continuing operations
|
$
|
3,435
|
|
|
$
|
4,284
|
|
|
Common Stockholders’
|
|
Noncontrolling Interests
|
|
Total Equity
|
||||||||||||||||||
Common Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
||||||||||||||||
Balance at January 1, 2018
|
$
|
14
|
|
|
$
|
25,371
|
|
|
$
|
17,627
|
|
|
$
|
(8,011
|
)
|
|
$
|
1,199
|
|
|
$
|
36,200
|
|
Adoption of accounting standards
|
—
|
|
|
—
|
|
|
(1,046
|
)
|
|
(98
|
)
|
|
—
|
|
|
(1,144
|
)
|
||||||
Net income
|
—
|
|
|
—
|
|
|
1,046
|
|
|
—
|
|
|
(6
|
)
|
|
1,040
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
(1
|
)
|
|
27
|
|
||||||
Purchase of common stock
|
—
|
|
|
(44
|
)
|
|
(56
|
)
|
|
—
|
|
|
—
|
|
|
(100
|
)
|
||||||
Cash dividends paid on common stock
|
—
|
|
|
—
|
|
|
(536
|
)
|
|
—
|
|
|
—
|
|
|
(536
|
)
|
||||||
Dividends to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
(30
|
)
|
||||||
Other
|
—
|
|
|
10
|
|
|
(7
|
)
|
|
—
|
|
|
(2
|
)
|
|
1
|
|
||||||
Balance at March 31, 2018
|
14
|
|
|
25,337
|
|
|
17,028
|
|
|
(8,081
|
)
|
|
1,160
|
|
|
35,458
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
2,390
|
|
|
—
|
|
|
(24
|
)
|
|
2,366
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(90
|
)
|
|
(4
|
)
|
|
(94
|
)
|
||||||
Issuance of preferred stock (Note 16)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,261
|
|
|
1,261
|
|
||||||
Cash dividends paid on common stock
|
—
|
|
|
—
|
|
|
(535
|
)
|
|
—
|
|
|
—
|
|
|
(535
|
)
|
||||||
Dividends to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
||||||
Other
|
—
|
|
|
128
|
|
|
(10
|
)
|
|
—
|
|
|
69
|
|
|
187
|
|
||||||
Balance at June 30, 2018
|
14
|
|
|
25,465
|
|
|
18,873
|
|
|
(8,171
|
)
|
|
2,455
|
|
|
38,636
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
2,534
|
|
|
—
|
|
|
(4
|
)
|
|
2,530
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(150
|
)
|
|
—
|
|
|
(150
|
)
|
||||||
Issuance of preferred stock (Note 16)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
492
|
|
|
492
|
|
||||||
Cash dividends paid on common stock
|
—
|
|
|
—
|
|
|
(537
|
)
|
|
—
|
|
|
—
|
|
|
(537
|
)
|
||||||
Dividends to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(69
|
)
|
|
(69
|
)
|
||||||
Other
|
—
|
|
|
38
|
|
|
(5
|
)
|
|
—
|
|
|
(27
|
)
|
|
6
|
|
||||||
Balance at September 30, 2018
|
$
|
14
|
|
|
$
|
25,503
|
|
|
$
|
20,865
|
|
|
$
|
(8,321
|
)
|
|
$
|
2,847
|
|
|
$
|
40,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at January 1, 2019
|
$
|
14
|
|
|
$
|
25,563
|
|
|
$
|
22,322
|
|
|
$
|
(9,039
|
)
|
|
$
|
3,917
|
|
|
$
|
42,777
|
|
Net income
|
—
|
|
|
—
|
|
|
2,157
|
|
|
—
|
|
|
(12
|
)
|
|
2,145
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
190
|
|
|
(5
|
)
|
|
185
|
|
||||||
Stock based compensation
|
—
|
|
|
95
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
89
|
|
||||||
Cash dividends paid on common stock
|
—
|
|
|
—
|
|
|
(539
|
)
|
|
—
|
|
|
—
|
|
|
(539
|
)
|
||||||
Dividends to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
(18
|
)
|
||||||
Other
|
—
|
|
|
3
|
|
|
5
|
|
|
—
|
|
|
(9
|
)
|
|
(1
|
)
|
||||||
Balance at March 31, 2019
|
14
|
|
|
25,661
|
|
|
23,939
|
|
|
(8,849
|
)
|
|
3,873
|
|
|
44,638
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
2,418
|
|
|
—
|
|
|
(15
|
)
|
|
2,403
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
79
|
|
|
(5
|
)
|
|
74
|
|
||||||
Issuance of preferred stock (Note 16)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
408
|
|
|
408
|
|
||||||
Stock based compensation
|
—
|
|
|
78
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
69
|
|
||||||
Cash dividends paid on common stock
|
—
|
|
|
—
|
|
|
(540
|
)
|
|
—
|
|
|
—
|
|
|
(540
|
)
|
||||||
Dividends to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
(23
|
)
|
||||||
Other
|
—
|
|
|
26
|
|
|
(1
|
)
|
|
—
|
|
|
35
|
|
|
60
|
|
||||||
Balance at June 30, 2019
|
14
|
|
|
25,765
|
|
|
25,807
|
|
|
(8,770
|
)
|
|
4,273
|
|
|
47,089
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
2,351
|
|
|
—
|
|
|
(40
|
)
|
|
2,311
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(227
|
)
|
|
(10
|
)
|
|
(237
|
)
|
||||||
Issuance of preferred stock (Note 16)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49
|
|
|
49
|
|
||||||
Stock based compensation
|
—
|
|
|
90
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
84
|
|
||||||
Cash dividends paid on common stock
|
—
|
|
|
—
|
|
|
(543
|
)
|
|
—
|
|
|
—
|
|
|
(543
|
)
|
||||||
Dividends to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(62
|
)
|
|
(62
|
)
|
||||||
Other
|
—
|
|
|
73
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
80
|
|
||||||
Balance at September 30, 2019
|
$
|
14
|
|
|
$
|
25,928
|
|
|
$
|
27,609
|
|
|
$
|
(8,997
|
)
|
|
$
|
4,217
|
|
|
$
|
48,771
|
|
|
Years Ending December 31,
|
||||||||||||||||||||||||||
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
||||||||||||||
Minimum commitments(a)
|
$
|
296
|
|
|
$
|
286
|
|
|
$
|
247
|
|
|
$
|
180
|
|
|
$
|
146
|
|
|
$
|
582
|
|
|
$
|
1,737
|
|
Sublease income
|
(61
|
)
|
|
(51
|
)
|
|
(44
|
)
|
|
(38
|
)
|
|
(33
|
)
|
|
(129
|
)
|
|
(356
|
)
|
|||||||
Net minimum commitments
|
$
|
235
|
|
|
$
|
235
|
|
|
$
|
203
|
|
|
$
|
142
|
|
|
$
|
113
|
|
|
$
|
453
|
|
|
$
|
1,381
|
|
(a)
|
Certain leases contain escalation clauses and renewal or purchase options.
|
|
Three Months Ended September 30, 2019
|
||||||||||||||||||||||||||||||
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Total Automotive
|
|
Cruise
|
|
GM Financial
|
|
Eliminations/Reclassifications
|
|
Total
|
||||||||||||||||
Vehicle, parts and accessories
|
$
|
26,825
|
|
|
$
|
3,519
|
|
|
$
|
—
|
|
|
$
|
30,344
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30,344
|
|
Used vehicles
|
345
|
|
|
31
|
|
|
—
|
|
|
376
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
376
|
|
||||||||
Services and other
|
801
|
|
|
244
|
|
|
52
|
|
|
1,097
|
|
|
25
|
|
|
—
|
|
|
(25
|
)
|
|
1,097
|
|
||||||||
Automotive net sales and revenue
|
27,971
|
|
|
3,794
|
|
|
52
|
|
|
31,817
|
|
|
25
|
|
|
—
|
|
|
(25
|
)
|
|
31,817
|
|
||||||||
Leased vehicle income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,515
|
|
|
—
|
|
|
2,515
|
|
||||||||
Finance charge income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,043
|
|
|
(2
|
)
|
|
1,041
|
|
||||||||
Other income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
101
|
|
|
(1
|
)
|
|
100
|
|
||||||||
GM Financial net sales and revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,659
|
|
|
(3
|
)
|
|
3,656
|
|
||||||||
Net sales and revenue
|
$
|
27,971
|
|
|
$
|
3,794
|
|
|
$
|
52
|
|
|
$
|
31,817
|
|
|
$
|
25
|
|
|
$
|
3,659
|
|
|
$
|
(28
|
)
|
|
$
|
35,473
|
|
|
Three Months Ended September 30, 2018
|
||||||||||||||||||||||||||
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Total Automotive
|
|
GM Financial
|
|
Eliminations
|
|
Total
|
||||||||||||||
Vehicle, parts and accessories
|
$
|
26,273
|
|
|
$
|
4,226
|
|
|
$
|
2
|
|
|
$
|
30,501
|
|
|
$
|
—
|
|
|
$
|
(11
|
)
|
|
$
|
30,490
|
|
Used vehicles
|
582
|
|
|
23
|
|
|
—
|
|
|
605
|
|
|
—
|
|
|
(1
|
)
|
|
604
|
|
|||||||
Services and other
|
795
|
|
|
333
|
|
|
54
|
|
|
1,182
|
|
|
—
|
|
|
—
|
|
|
1,182
|
|
|||||||
Automotive net sales and revenue
|
27,650
|
|
|
4,582
|
|
|
56
|
|
|
32,288
|
|
|
—
|
|
|
(12
|
)
|
|
32,276
|
|
|||||||
Leased vehicle income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,501
|
|
|
—
|
|
|
2,501
|
|
|||||||
Finance charge income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
917
|
|
|
(2
|
)
|
|
915
|
|
|||||||
Other income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|
(1
|
)
|
|
99
|
|
|||||||
GM Financial net sales and revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,518
|
|
|
(3
|
)
|
|
3,515
|
|
|||||||
Net sales and revenue
|
$
|
27,650
|
|
|
$
|
4,582
|
|
|
$
|
56
|
|
|
$
|
32,288
|
|
|
$
|
3,518
|
|
|
$
|
(15
|
)
|
|
$
|
35,791
|
|
|
Nine Months Ended September 30, 2019
|
||||||||||||||||||||||||||||||
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Total Automotive
|
|
Cruise
|
|
GM Financial
|
|
Eliminations/Reclassifications
|
|
Total
|
||||||||||||||||
Vehicle, parts and accessories
|
$
|
79,763
|
|
|
$
|
10,830
|
|
|
$
|
—
|
|
|
$
|
90,593
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
90,593
|
|
Used vehicles
|
1,549
|
|
|
95
|
|
|
—
|
|
|
1,644
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,644
|
|
||||||||
Services and other
|
2,348
|
|
|
766
|
|
|
152
|
|
|
3,266
|
|
|
75
|
|
|
—
|
|
|
(75
|
)
|
|
3,266
|
|
||||||||
Automotive net sales and revenue
|
83,660
|
|
|
11,691
|
|
|
152
|
|
|
95,503
|
|
|
75
|
|
|
—
|
|
|
(75
|
)
|
|
95,503
|
|
||||||||
Leased vehicle income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,536
|
|
|
—
|
|
|
7,536
|
|
||||||||
Finance charge income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,038
|
|
|
(6
|
)
|
|
3,032
|
|
||||||||
Other income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
344
|
|
|
(4
|
)
|
|
340
|
|
||||||||
GM Financial net sales and revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,918
|
|
|
(10
|
)
|
|
10,908
|
|
||||||||
Net sales and revenue
|
$
|
83,660
|
|
|
$
|
11,691
|
|
|
$
|
152
|
|
|
$
|
95,503
|
|
|
$
|
75
|
|
|
$
|
10,918
|
|
|
$
|
(85
|
)
|
|
$
|
106,411
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||||||||
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Total Automotive
|
|
GM Financial
|
|
Eliminations
|
|
Total
|
||||||||||||||
Vehicle, parts and accessories
|
$
|
79,029
|
|
|
$
|
13,320
|
|
|
$
|
12
|
|
|
$
|
92,361
|
|
|
$
|
—
|
|
|
$
|
(36
|
)
|
|
$
|
92,325
|
|
Used vehicles
|
2,506
|
|
|
138
|
|
|
—
|
|
|
2,644
|
|
|
—
|
|
|
(34
|
)
|
|
2,610
|
|
|||||||
Services and other
|
2,434
|
|
|
730
|
|
|
143
|
|
|
3,307
|
|
|
—
|
|
|
—
|
|
|
3,307
|
|
|||||||
Automotive net sales and revenue
|
83,969
|
|
|
14,188
|
|
|
155
|
|
|
98,312
|
|
|
—
|
|
|
(70
|
)
|
|
98,242
|
|
|||||||
Leased vehicle income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,445
|
|
|
—
|
|
|
7,445
|
|
|||||||
Finance charge income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,667
|
|
|
(5
|
)
|
|
2,662
|
|
|||||||
Other income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
305
|
|
|
(4
|
)
|
|
301
|
|
|||||||
GM Financial net sales and revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,417
|
|
|
(9
|
)
|
|
10,408
|
|
|||||||
Net sales and revenue
|
$
|
83,969
|
|
|
$
|
14,188
|
|
|
$
|
155
|
|
|
$
|
98,312
|
|
|
$
|
10,417
|
|
|
$
|
(79
|
)
|
|
$
|
108,650
|
|
|
Fair Value Level
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Cash and cash equivalents
|
|
|
|
|
|
|
|||
Cash and time deposits(a)
|
|
|
$
|
8,388
|
|
|
$
|
7,254
|
|
Available-for-sale debt securities
|
|
|
|
|
|
|
|||
U.S. government and agencies
|
2
|
|
1,846
|
|
|
4,656
|
|
||
Corporate debt
|
2
|
|
5,923
|
|
|
3,791
|
|
||
Sovereign debt
|
2
|
|
1,435
|
|
|
1,976
|
|
||
Total available-for-sale debt securities – cash equivalents
|
|
|
9,204
|
|
|
10,423
|
|
||
Money market funds
|
1
|
|
2,459
|
|
|
3,167
|
|
||
Total cash and cash equivalents(b)
|
|
|
$
|
20,051
|
|
|
$
|
20,844
|
|
Marketable debt securities
|
|
|
|
|
|
|
|||
U.S. government and agencies
|
2
|
|
$
|
1,770
|
|
|
$
|
1,230
|
|
Corporate debt
|
2
|
|
3,716
|
|
|
3,478
|
|
||
Mortgage and asset-backed
|
2
|
|
807
|
|
|
695
|
|
||
Sovereign debt
|
2
|
|
432
|
|
|
563
|
|
||
Total available-for-sale debt securities – marketable securities(c)
|
|
|
$
|
6,725
|
|
|
$
|
5,966
|
|
Restricted cash
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
|
$
|
282
|
|
|
$
|
260
|
|
Money market funds
|
1
|
|
2,566
|
|
|
2,392
|
|
||
Total restricted cash
|
|
|
$
|
2,848
|
|
|
$
|
2,652
|
|
|
|
|
|
|
|
||||
Available-for-sale debt securities included above with contractual maturities(d)
|
|
|
|
|
|||||
Due in one year or less
|
|
|
$
|
10,708
|
|
|
|
||
Due between one and five years
|
|
|
4,414
|
|
|
|
|||
Total available-for-sale debt securities with contractual maturities
|
|
|
$
|
15,122
|
|
|
|
(a)
|
Includes $481 million and $616 million that is designated exclusively to fund capital expenditures in GM Korea Company (GM Korea) at September 30, 2019 and December 31, 2018.
|
(b)
|
Includes $2.2 billion and $2.3 billion in Cruise at September 30, 2019 and December 31, 2018.
|
(c)
|
Includes $586 million in Cruise at September 30, 2019.
|
(d)
|
Excludes mortgage- and asset-backed securities.
|
|
September 30, 2019
|
||
Cash and cash equivalents
|
$
|
20,051
|
|
Restricted cash included in Other current assets
|
2,300
|
|
|
Restricted cash included in Other assets
|
548
|
|
|
Total
|
$
|
22,899
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Retail
|
|
Commercial(a)
|
|
Total
|
|
Retail
|
|
Commercial(a)
|
|
Total
|
||||||||||||
Finance receivables, collectively evaluated for impairment, net of fees
|
$
|
39,507
|
|
|
$
|
12,756
|
|
|
$
|
52,263
|
|
|
$
|
38,220
|
|
|
$
|
12,235
|
|
|
$
|
50,455
|
|
Finance receivables, individually evaluated for impairment, net of fees(b)
|
2,390
|
|
|
40
|
|
|
2,430
|
|
|
2,348
|
|
|
41
|
|
|
2,389
|
|
||||||
GM Financial receivables
|
41,897
|
|
|
12,796
|
|
|
54,693
|
|
|
40,568
|
|
|
12,276
|
|
|
52,844
|
|
||||||
Less: allowance for loan losses(b)
|
(856
|
)
|
|
(77
|
)
|
|
(933
|
)
|
|
(844
|
)
|
|
(67
|
)
|
|
(911
|
)
|
||||||
GM Financial receivables, net
|
$
|
41,041
|
|
|
$
|
12,719
|
|
|
$
|
53,760
|
|
|
$
|
39,724
|
|
|
$
|
12,209
|
|
|
$
|
51,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fair value of GM Financial receivables utilizing Level 2 inputs
|
|
|
|
|
|
|
$
|
12,719
|
|
|
|
|
|
|
|
|
$
|
12,209
|
|
||||
Fair value of GM Financial receivables utilizing Level 3 inputs
|
|
|
|
|
$
|
41,557
|
|
|
|
|
|
|
$
|
39,430
|
|
(a)
|
Net of dealer cash management balances of $1.2 billion and $922 million at September 30, 2019 and December 31, 2018. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on its floorplan line by making principal payments to GM Financial in advance.
|
(b)
|
Retail finance receivables individually evaluated for impairment, net of fees are classified as troubled debt restructurings. The allowance for loan losses included $337 million and $321 million of specific allowances on these receivables at September 30, 2019 and December 31, 2018.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||
Allowance for loan losses at beginning of period
|
$
|
957
|
|
|
$
|
873
|
|
|
$
|
911
|
|
|
$
|
942
|
|
Provision for loan losses
|
150
|
|
|
180
|
|
|
504
|
|
|
444
|
|
||||
Charge-offs
|
(300
|
)
|
|
(285
|
)
|
|
(888
|
)
|
|
(878
|
)
|
||||
Recoveries
|
134
|
|
|
130
|
|
|
411
|
|
|
398
|
|
||||
Effect of foreign currency
|
(8
|
)
|
|
2
|
|
|
(5
|
)
|
|
(6
|
)
|
||||
Allowance for loan losses at end of period
|
$
|
933
|
|
|
$
|
900
|
|
|
$
|
933
|
|
|
$
|
900
|
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||||
|
Amount
|
|
Percent of Contractual Amount Due
|
|
Amount
|
|
Percent of Contractual Amount Due
|
||||||
31-to-60 days delinquent
|
$
|
1,252
|
|
|
3.0
|
%
|
|
$
|
1,302
|
|
|
3.5
|
%
|
Greater-than-60 days delinquent
|
514
|
|
|
1.2
|
%
|
|
498
|
|
|
1.3
|
%
|
||
Total finance receivables more than 30 days delinquent
|
1,766
|
|
|
4.2
|
%
|
|
1,800
|
|
|
4.8
|
%
|
||
In repossession
|
48
|
|
|
0.1
|
%
|
|
53
|
|
|
0.1
|
%
|
||
Total finance receivables more than 30 days delinquent or in repossession
|
$
|
1,814
|
|
|
4.3
|
%
|
|
$
|
1,853
|
|
|
4.9
|
%
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Group I
|
– Dealers with superior financial metrics
|
$
|
1,924
|
|
|
$
|
2,192
|
|
Group II
|
– Dealers with strong financial metrics
|
5,273
|
|
|
4,399
|
|
||
Group III
|
– Dealers with fair financial metrics
|
3,994
|
|
|
4,064
|
|
||
Group IV
|
– Dealers with weak financial metrics
|
1,199
|
|
|
1,116
|
|
||
Group V
|
– Dealers warranting special mention due to elevated risks
|
332
|
|
|
422
|
|
||
Group VI
|
– Dealers with loans classified as substandard, doubtful or impaired
|
74
|
|
|
83
|
|
||
|
|
$
|
12,796
|
|
|
$
|
12,276
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||
Condensed Consolidated Statements of Income
|
|
|
|
|
|
|
|
||||||||
Interest subvention earned on finance receivables
|
$
|
153
|
|
|
$
|
142
|
|
|
$
|
448
|
|
|
$
|
409
|
|
Leased vehicle subvention earned
|
$
|
814
|
|
|
$
|
827
|
|
|
$
|
2,467
|
|
|
$
|
2,438
|
|
(a)
|
All balance sheet amounts are eliminated upon consolidation.
|
(b)
|
Cash paid by Automotive segments to GM Financial for subvention was $1.0 billion and $1.1 billion for the three months ended September 30, 2019 and 2018 and $3.1 billion and $2.8 billion for the nine months ended September 30, 2019 and 2018.
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Total productive material, supplies and work in process
|
$
|
5,313
|
|
|
$
|
4,274
|
|
Finished product, including service parts
|
6,484
|
|
|
5,542
|
|
||
Total inventories
|
$
|
11,797
|
|
|
$
|
9,816
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Equipment on operating leases
|
$
|
53,935
|
|
|
$
|
55,282
|
|
Less: accumulated depreciation
|
(11,276
|
)
|
|
(11,476
|
)
|
||
Equipment on operating leases, net
|
$
|
42,659
|
|
|
$
|
43,806
|
|
|
Year Ending December 31,
|
||||||||||||||||||||||||||
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
||||||||||||||
Lease receipts under operating leases
|
$
|
1,852
|
|
|
$
|
5,996
|
|
|
$
|
3,471
|
|
|
$
|
1,084
|
|
|
$
|
79
|
|
|
$
|
3
|
|
|
$
|
12,485
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||
Automotive China equity income
|
$
|
282
|
|
|
$
|
485
|
|
|
$
|
893
|
|
|
$
|
1,674
|
|
Other joint ventures equity income
|
33
|
|
|
45
|
|
|
107
|
|
|
141
|
|
||||
Total Equity income
|
$
|
315
|
|
|
$
|
530
|
|
|
$
|
1,000
|
|
|
$
|
1,815
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||
Summarized Operating Data of Automotive China JVs
|
|
|
|
|
|
|
|
||||||||
Automotive China JVs' net sales
|
$
|
9,695
|
|
|
$
|
11,461
|
|
|
$
|
28,843
|
|
|
$
|
37,781
|
|
Automotive China JVs' net income
|
$
|
455
|
|
|
$
|
999
|
|
|
$
|
1,721
|
|
|
$
|
3,370
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Restricted cash – current
|
$
|
2,106
|
|
|
$
|
1,876
|
|
Restricted cash – non-current
|
$
|
478
|
|
|
$
|
504
|
|
GM Financial receivables, net of fees – current
|
$
|
19,401
|
|
|
$
|
18,304
|
|
GM Financial receivables, net of fees – non-current
|
$
|
13,036
|
|
|
$
|
14,008
|
|
GM Financial equipment on operating leases, net
|
$
|
17,603
|
|
|
$
|
21,781
|
|
GM Financial short-term debt and current portion of long-term debt
|
$
|
21,116
|
|
|
$
|
21,087
|
|
GM Financial long-term debt
|
$
|
17,786
|
|
|
$
|
21,417
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
||||||||
Automotive debt
|
$
|
14,993
|
|
|
$
|
16,018
|
|
|
$
|
13,435
|
|
|
$
|
12,700
|
|
Finance lease liabilities
|
345
|
|
|
571
|
|
|
528
|
|
|
831
|
|
||||
Total automotive debt
|
$
|
15,338
|
|
|
$
|
16,589
|
|
|
$
|
13,963
|
|
|
$
|
13,531
|
|
Fair value utilizing Level 1 inputs
|
|
|
$
|
13,335
|
|
|
|
|
$
|
11,693
|
|
||||
Fair value utilizing Level 2 inputs
|
|
|
$
|
3,254
|
|
|
|
|
$
|
1,838
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
||||||||
Secured debt
|
$
|
39,029
|
|
|
$
|
39,265
|
|
|
$
|
42,835
|
|
|
$
|
42,835
|
|
Unsecured debt
|
50,099
|
|
|
50,954
|
|
|
48,153
|
|
|
47,556
|
|
||||
Total GM Financial debt
|
$
|
89,128
|
|
|
$
|
90,219
|
|
|
$
|
90,988
|
|
|
$
|
90,391
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fair value utilizing Level 2 inputs
|
|
|
$
|
88,388
|
|
|
|
|
|
$
|
88,305
|
|
|||
Fair value utilizing Level 3 inputs
|
|
|
$
|
1,831
|
|
|
|
|
|
$
|
2,086
|
|
|
Fair Value Level
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Derivatives not designated as hedges(a)
|
|
|
|
|
|
||||
Foreign currency
|
2
|
|
$
|
5,251
|
|
|
$
|
2,710
|
|
Commodity
|
2
|
|
758
|
|
|
658
|
|
||
PSA warrants(b)
|
2
|
|
43
|
|
|
45
|
|
||
Total derivative financial instruments
|
|
|
$
|
6,052
|
|
|
$
|
3,413
|
|
(a)
|
The fair value of these derivative instruments at September 30, 2019 and December 31, 2018 and the gains/losses included in our condensed consolidated income statements for the three and nine months ended September 30, 2019 and 2018 were insignificant, unless otherwise noted.
|
(b)
|
The fair value of the warrants issued by Peugeot, S.A. (PSA Group), included in Other assets was $1.0 billion and $827 million at September 30, 2019 and December 31, 2018. We recorded gains in Interest income and other non-operating income, net of $51 million and $171 million in the three months ended September 30, 2019 and 2018 and $222 million and $324 million in the nine months ended September 30, 2019 and 2018.
|
|
Fair Value Level
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Derivatives designated as hedges(a)
|
|
|
|
|
|
||||
Fair value hedges – interest rate swaps(b)
|
2
|
|
$
|
10,702
|
|
|
$
|
9,533
|
|
Fair value hedges – foreign currency swaps(b)
|
2
|
|
1,744
|
|
|
1,829
|
|
||
Cash flow hedges
|
|
|
|
|
|
||||
Interest rate swaps
|
2
|
|
553
|
|
|
768
|
|
||
Foreign currency swaps(c)
|
2
|
|
4,269
|
|
|
2,075
|
|
||
Derivatives not designated as hedges(a)
|
|
|
|
|
|
||||
Interest rate contracts(d)
|
2
|
|
86,848
|
|
|
99,666
|
|
||
Total derivative financial instruments(e)
|
|
|
$
|
104,116
|
|
|
$
|
113,871
|
|
(a)
|
The fair value of these derivative instruments at September 30, 2019 and December 31, 2018 and the gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three and nine months ended September 30, 2019 and 2018 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities.
|
(b)
|
The fair value of these derivative instruments located in Other assets was $384 million and insignificant at September 30, 2019 and December 31, 2018. The fair value of these derivative instruments located in Other liabilities was insignificant and $291 million at September 30, 2019 and December 31, 2018.
|
(c)
|
The fair value of these derivative instruments located in Other liabilities was $241 million and insignificant at September 30, 2019 and December 31, 2018.
|
(d)
|
The fair value of these derivative instruments located in Other assets was $302 million and $372 million at September 30, 2019 and December 31, 2018. The fair value of these derivative instruments located in Other liabilities was $384 million and $520 million at September 30, 2019 and December 31, 2018.
|
(e)
|
GM Financial held $258 million and insignificant amounts of collateral from counterparties available for netting against GM Financial's asset positions, and posted insignificant amounts and $451 million of collateral to counterparties available for netting against GM Financial's liability positions at September 30, 2019 and December 31, 2018.
|
|
September 30, 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
|
$
|
20,453
|
|
|
$
|
(135
|
)
|
|
$
|
17,923
|
|
|
$
|
459
|
|
(a)
|
Includes $131 million and $247 million of amortization remaining on hedged items for which hedge accounting has been discontinued at September 30, 2019 and December 31, 2018.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||
Warranty balance at beginning of period
|
$
|
7,439
|
|
|
$
|
7,990
|
|
|
$
|
7,590
|
|
|
$
|
8,332
|
|
Warranties issued and assumed in period – recall campaigns
|
357
|
|
|
101
|
|
|
609
|
|
|
515
|
|
||||
Warranties issued and assumed in period – product warranty
|
500
|
|
|
542
|
|
|
1,556
|
|
|
1,599
|
|
||||
Payments
|
(754
|
)
|
|
(723
|
)
|
|
(2,214
|
)
|
|
(2,175
|
)
|
||||
Adjustments to pre-existing warranties
|
101
|
|
|
(209
|
)
|
|
79
|
|
|
(426
|
)
|
||||
Effect of foreign currency and other
|
(34
|
)
|
|
(8
|
)
|
|
(11
|
)
|
|
(152
|
)
|
||||
Warranty balance at end of period
|
$
|
7,609
|
|
|
$
|
7,693
|
|
|
$
|
7,609
|
|
|
$
|
7,693
|
|
|
Three Months Ended September 30, 2019
|
|
Three Months Ended September 30, 2018
|
||||||||||||||||||||
|
Pension Benefits
|
|
Global OPEB Plans
|
|
Pension Benefits
|
|
Global OPEB Plans
|
||||||||||||||||
|
U.S.
|
|
Non-U.S.
|
|
|
U.S.
|
|
Non-U.S.
|
|
||||||||||||||
Service cost
|
$
|
99
|
|
|
$
|
38
|
|
|
$
|
4
|
|
|
$
|
83
|
|
|
$
|
33
|
|
|
$
|
5
|
|
Interest cost
|
566
|
|
|
148
|
|
|
54
|
|
|
513
|
|
|
112
|
|
|
49
|
|
||||||
Expected return on plan assets
|
(871
|
)
|
|
(240
|
)
|
|
—
|
|
|
(972
|
)
|
|
(201
|
)
|
|
—
|
|
||||||
Amortization of prior service cost (credit)
|
(1
|
)
|
|
2
|
|
|
(3
|
)
|
|
(1
|
)
|
|
1
|
|
|
(4
|
)
|
||||||
Amortization of net actuarial losses
|
2
|
|
|
31
|
|
|
7
|
|
|
2
|
|
|
35
|
|
|
14
|
|
||||||
Curtailments, settlements and other
|
—
|
|
|
119
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
||||||
Net periodic pension and OPEB (income) expense
|
$
|
(205
|
)
|
|
$
|
98
|
|
|
$
|
62
|
|
|
$
|
(375
|
)
|
|
$
|
(2
|
)
|
|
$
|
64
|
|
|
Nine Months Ended September 30, 2019
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||
|
Pension Benefits
|
|
Global OPEB Plans
|
|
Pension Benefits
|
|
Global OPEB Plans
|
||||||||||||||||
|
U.S.
|
|
Non-U.S.
|
|
|
U.S.
|
|
Non-U.S.
|
|
||||||||||||||
Service cost
|
$
|
295
|
|
|
$
|
102
|
|
|
$
|
12
|
|
|
$
|
248
|
|
|
$
|
138
|
|
|
$
|
15
|
|
Interest cost
|
1,698
|
|
|
386
|
|
|
163
|
|
|
1,538
|
|
|
349
|
|
|
147
|
|
||||||
Expected return on plan assets
|
(2,610
|
)
|
|
(627
|
)
|
|
—
|
|
|
(2,917
|
)
|
|
(621
|
)
|
|
—
|
|
||||||
Amortization of prior service cost (credit)
|
(3
|
)
|
|
4
|
|
|
(10
|
)
|
|
(3
|
)
|
|
3
|
|
|
(11
|
)
|
||||||
Amortization of net actuarial losses
|
8
|
|
|
90
|
|
|
22
|
|
|
7
|
|
|
109
|
|
|
40
|
|
||||||
Curtailments, settlements and other
|
—
|
|
|
119
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
||||||
Net periodic pension and OPEB (income) expense
|
$
|
(612
|
)
|
|
$
|
74
|
|
|
$
|
187
|
|
|
$
|
(1,127
|
)
|
|
$
|
(4
|
)
|
|
$
|
191
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||
Balance at beginning of period
|
$
|
919
|
|
|
$
|
274
|
|
|
$
|
1,122
|
|
|
$
|
227
|
|
Additions, interest accretion and other
|
211
|
|
|
8
|
|
|
499
|
|
|
600
|
|
||||
Payments
|
(162
|
)
|
|
(72
|
)
|
|
(645
|
)
|
|
(567
|
)
|
||||
Revisions to estimates and effect of foreign currency
|
(30
|
)
|
|
(3
|
)
|
|
(38
|
)
|
|
(53
|
)
|
||||
Balance at end of period
|
$
|
938
|
|
|
$
|
207
|
|
|
$
|
938
|
|
|
$
|
207
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||
Foreign Currency Translation Adjustments
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
(2,078
|
)
|
|
$
|
(1,826
|
)
|
|
$
|
(2,250
|
)
|
|
$
|
(1,606
|
)
|
Other comprehensive loss and noncontrolling interests, net of reclassification adjustment, tax and impact of adoption of accounting standards(a)(b)(c)
|
(341
|
)
|
|
(215
|
)
|
|
(169
|
)
|
|
(435
|
)
|
||||
Balance at end of period
|
$
|
(2,419
|
)
|
|
$
|
(2,041
|
)
|
|
$
|
(2,419
|
)
|
|
$
|
(2,041
|
)
|
|
|
|
|
|
|
|
|
||||||||
Defined Benefit Plans
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
(6,695
|
)
|
|
$
|
(6,290
|
)
|
|
$
|
(6,737
|
)
|
|
$
|
(6,398
|
)
|
Other comprehensive income (loss) before reclassification adjustment, net of tax and impact of adoption of accounting standards(b)(c)
|
80
|
|
|
(4
|
)
|
|
51
|
|
|
16
|
|
||||
Reclassification adjustment, net of tax(b)
|
40
|
|
|
63
|
|
|
111
|
|
|
151
|
|
||||
Other comprehensive income, net of tax and impact of adoption of accounting standards(b)(c)
|
120
|
|
|
59
|
|
|
162
|
|
|
167
|
|
||||
Balance at end of period(d)
|
$
|
(6,575
|
)
|
|
$
|
(6,231
|
)
|
|
$
|
(6,575
|
)
|
|
$
|
(6,231
|
)
|
(a)
|
The noncontrolling interests and reclassification adjustment were insignificant in the three and nine months ended September 30, 2019 and 2018.
|
(b)
|
The income tax effect was insignificant in the three and nine months ended September 30, 2019 and 2018.
|
(c)
|
Refer to our 2018 Form 10-K for additional information on adoption of accounting standards in 2018.
|
(d)
|
Primarily consists of unamortized actuarial loss on our defined benefit plans. Refer to the critical accounting estimates section of our 2018 Form 10-K for additional information.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||
Basic earnings per share
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations(a)
|
$
|
2,351
|
|
|
$
|
2,534
|
|
|
$
|
6,926
|
|
|
$
|
6,040
|
|
Less: cumulative dividends on subsidiary preferred stock
|
(38
|
)
|
|
(31
|
)
|
|
(113
|
)
|
|
(60
|
)
|
||||
Income from continuing operations attributable to common stockholders
|
2,313
|
|
|
2,503
|
|
|
6,813
|
|
|
5,980
|
|
||||
Loss from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
|
||||
Net income attributable to common stockholders
|
$
|
2,313
|
|
|
$
|
2,503
|
|
|
$
|
6,813
|
|
|
$
|
5,910
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding
|
1,428
|
|
|
1,412
|
|
|
1,422
|
|
|
1,410
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share – continuing operations
|
$
|
1.62
|
|
|
$
|
1.77
|
|
|
$
|
4.79
|
|
|
$
|
4.24
|
|
Basic loss per common share – discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.05
|
|
Basic earnings per common share
|
$
|
1.62
|
|
|
$
|
1.77
|
|
|
$
|
4.79
|
|
|
$
|
4.19
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations attributable to common stockholders – diluted(a)
|
$
|
2,313
|
|
|
$
|
2,503
|
|
|
$
|
6,813
|
|
|
$
|
5,980
|
|
Loss from discontinued operations, net of tax – diluted
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
70
|
|
Net income attributable to common stockholders – diluted
|
$
|
2,313
|
|
|
$
|
2,503
|
|
|
$
|
6,813
|
|
|
$
|
5,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted-average common shares outstanding – basic
|
1,428
|
|
|
1,412
|
|
|
1,422
|
|
|
1,410
|
|
||||
Dilutive effect of warrants and awards under stock incentive plans
|
14
|
|
|
19
|
|
|
17
|
|
|
21
|
|
||||
Weighted-average common shares outstanding – diluted
|
1,442
|
|
|
1,431
|
|
|
1,439
|
|
|
1,431
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||||
Diluted earnings per common share – continuing operations
|
$
|
1.60
|
|
|
$
|
1.75
|
|
|
$
|
4.74
|
|
|
$
|
4.18
|
|
Diluted loss per common share – discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.05
|
|
Diluted earnings per common share
|
$
|
1.60
|
|
|
$
|
1.75
|
|
|
$
|
4.74
|
|
|
$
|
4.13
|
|
Potentially dilutive securities(b)
|
7
|
|
|
4
|
|
|
7
|
|
|
4
|
|
(a)
|
Net of Net loss attributable to noncontrolling interests.
|
(b)
|
Potentially dilutive securities attributable to outstanding stock options and Restricted Stock Units (RSUs) were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||
Net sales and revenue(a)
|
$
|
140
|
|
|
$
|
339
|
|
|
$
|
1,008
|
|
|
$
|
1,507
|
|
Purchases and expenses(a)
|
$
|
243
|
|
|
$
|
297
|
|
|
$
|
648
|
|
|
$
|
1,134
|
|
Cash payments(b)
|
|
|
|
|
$
|
762
|
|
|
$
|
1,483
|
|
||||
Cash receipts(b)
|
|
|
|
|
$
|
1,223
|
|
|
$
|
1,926
|
|
(a)
|
Included in Income from continuing operations.
|
(b)
|
Included in Net cash provided by operating activities.
|
|
At and For the Three Months Ended September 30, 2019
|
||||||||||||||||||||||||||||||||||
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total Automotive
|
|
Cruise
|
|
GM Financial
|
|
Eliminations/Reclassifications
|
|
Total
|
||||||||||||||||||
Net sales and revenue
|
$
|
27,971
|
|
|
$
|
3,794
|
|
|
$
|
52
|
|
|
|
|
$
|
31,817
|
|
|
$
|
25
|
|
|
$
|
3,659
|
|
|
$
|
(28
|
)
|
|
$
|
35,473
|
|
||
Earnings (loss) before interest and taxes-adjusted
|
$
|
3,023
|
|
|
$
|
(65
|
)
|
|
$
|
(451
|
)
|
|
|
|
$
|
2,507
|
|
|
$
|
(251
|
)
|
|
$
|
711
|
|
|
$
|
(1
|
)
|
|
$
|
2,966
|
|
||
Adjustments(a)
|
$
|
(359
|
)
|
|
$
|
92
|
|
|
$
|
—
|
|
|
|
|
$
|
(267
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(267
|
)
|
|||
Automotive interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
129
|
|
|||||||||
Automotive interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(206
|
)
|
|||||||||
Net (loss) attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(40
|
)
|
|||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,582
|
|
|||||||||
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(271
|
)
|
|||||||||
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,311
|
|
|||||||||
Loss from discontinued operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||||||||
Net loss attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40
|
|
|||||||||
Net income attributable to stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,351
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity in net assets of nonconsolidated affiliates
|
$
|
85
|
|
|
$
|
7,024
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
7,115
|
|
|
$
|
—
|
|
|
$
|
1,381
|
|
|
$
|
—
|
|
|
$
|
8,496
|
|
Goodwill and intangibles
|
$
|
2,488
|
|
|
$
|
896
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
3,385
|
|
|
$
|
670
|
|
|
$
|
1,353
|
|
|
$
|
—
|
|
|
$
|
5,408
|
|
Total assets
|
$
|
115,995
|
|
|
$
|
25,562
|
|
|
$
|
34,309
|
|
|
$
|
(56,381
|
)
|
|
$
|
119,485
|
|
|
$
|
4,406
|
|
|
$
|
109,099
|
|
|
$
|
(1,461
|
)
|
|
$
|
231,529
|
|
Depreciation and amortization
|
$
|
1,325
|
|
|
$
|
133
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
1,469
|
|
|
$
|
7
|
|
|
$
|
1,832
|
|
|
$
|
—
|
|
|
$
|
3,308
|
|
Impairment charges
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Equity income (loss)
|
$
|
3
|
|
|
$
|
279
|
|
|
$
|
(6
|
)
|
|
$
|
—
|
|
|
$
|
276
|
|
|
$
|
—
|
|
|
$
|
39
|
|
|
$
|
—
|
|
|
$
|
315
|
|
(a)
|
Consists of restructuring and other charges related to transformation activities of $390 million, primarily in GMNA and a benefit of $123 million related to the retrospective recoveries of indirect taxes in Brazil in GMI.
|
|
At and For the Three Months Ended September 30, 2018
|
||||||||||||||||||||||||||||||||||
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total
Automotive |
|
Cruise
|
|
GM
Financial |
|
Eliminations
|
|
Total
|
||||||||||||||||||
Net sales and revenue
|
$
|
27,650
|
|
|
$
|
4,582
|
|
|
$
|
56
|
|
|
|
|
$
|
32,288
|
|
|
$
|
—
|
|
|
$
|
3,518
|
|
|
$
|
(15
|
)
|
|
$
|
35,791
|
|
||
Earnings (loss) before interest and taxes-adjusted
|
$
|
2,825
|
|
|
$
|
139
|
|
|
$
|
(94
|
)
|
|
|
|
$
|
2,870
|
|
|
$
|
(214
|
)
|
|
$
|
498
|
|
|
$
|
(1
|
)
|
|
$
|
3,153
|
|
||
Adjustments(a)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(440
|
)
|
|
|
|
$
|
(440
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(440
|
)
|
|||
Automotive interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
82
|
|
|||||||||
Automotive interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(161
|
)
|
|||||||||
Net (loss) attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4
|
)
|
|||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,630
|
|
|||||||||
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(100
|
)
|
|||||||||
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,530
|
|
|||||||||
Loss from discontinued operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||
Net loss attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|||||||||
Net income attributable to stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,534
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity in net assets of nonconsolidated affiliates
|
$
|
77
|
|
|
$
|
7,770
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,847
|
|
|
$
|
—
|
|
|
$
|
1,308
|
|
|
$
|
—
|
|
|
$
|
9,155
|
|
Goodwill and intangibles
|
$
|
2,674
|
|
|
$
|
939
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
3,615
|
|
|
$
|
679
|
|
|
$
|
1,357
|
|
|
$
|
—
|
|
|
$
|
5,651
|
|
Total assets
|
$
|
110,245
|
|
|
$
|
25,780
|
|
|
$
|
28,194
|
|
|
$
|
(45,323
|
)
|
|
$
|
118,896
|
|
|
$
|
2,567
|
|
|
$
|
105,658
|
|
|
$
|
(1,410
|
)
|
|
$
|
225,711
|
|
Depreciation and amortization
|
$
|
1,251
|
|
|
$
|
136
|
|
|
$
|
12
|
|
|
$
|
—
|
|
|
$
|
1,399
|
|
|
$
|
2
|
|
|
$
|
1,904
|
|
|
$
|
—
|
|
|
$
|
3,305
|
|
Impairment charges
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8
|
|
Equity income
|
$
|
2
|
|
|
$
|
484
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
486
|
|
|
$
|
—
|
|
|
$
|
44
|
|
|
$
|
—
|
|
|
$
|
530
|
|
(a)
|
Consists of charges for ignition switch-related legal matters.
|
|
At and For the Nine Months Ended September 30, 2019
|
||||||||||||||||||||||||||||||||||
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total
Automotive |
|
Cruise
|
|
GM
Financial |
|
Eliminations/Reclassifications
|
|
Total
|
||||||||||||||||||
Net sales and revenue
|
$
|
83,660
|
|
|
$
|
11,691
|
|
|
$
|
152
|
|
|
|
|
$
|
95,503
|
|
|
$
|
75
|
|
|
$
|
10,918
|
|
|
$
|
(85
|
)
|
|
$
|
106,411
|
|
||
Earnings (loss) before interest and taxes-adjusted
|
$
|
7,941
|
|
|
$
|
(82
|
)
|
|
$
|
(461
|
)
|
|
|
|
|
$
|
7,398
|
|
|
$
|
(699
|
)
|
|
$
|
1,606
|
|
|
$
|
(17
|
)
|
|
$
|
8,288
|
|
|
Adjustments(a)
|
$
|
(1,478
|
)
|
|
$
|
1,299
|
|
|
$
|
(2
|
)
|
|
|
|
|
$
|
(181
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(181
|
)
|
||
Automotive interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
333
|
|
|||||||||
Automotive interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(582
|
)
|
|||||||||
Net (loss) attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(67
|
)
|
|||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,791
|
|
|||||||||
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(932
|
)
|
|||||||||
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,859
|
|
|||||||||
Loss from discontinued operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||
Net loss attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67
|
|
|||||||||
Net income attributable to stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,926
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Depreciation and amortization
|
$
|
4,803
|
|
|
$
|
379
|
|
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
5,218
|
|
|
$
|
16
|
|
|
$
|
5,579
|
|
|
$
|
—
|
|
|
$
|
10,813
|
|
Impairment charges
|
$
|
15
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19
|
|
Equity income (loss)
|
$
|
7
|
|
|
$
|
886
|
|
|
$
|
(19
|
)
|
|
$
|
—
|
|
|
$
|
874
|
|
|
$
|
—
|
|
|
$
|
126
|
|
|
$
|
—
|
|
|
$
|
1,000
|
|
(a)
|
Consists of restructuring and other charges related to transformation activities of $1.5 billion, primarily in GMNA and a benefit of $1.4 billion related to the retrospective recoveries of indirect taxes in Brazil in GMI.
|
|
At and For the Nine Months Ended September 30, 2018
|
||||||||||||||||||||||||||||||||||
|
GMNA
|
|
GMI
|
|
Corporate
|
|
Eliminations
|
|
Total
Automotive |
|
Cruise
|
|
GM
Financial |
|
Eliminations
|
|
Total
|
||||||||||||||||||
Net sales and revenue
|
$
|
83,969
|
|
|
$
|
14,188
|
|
|
$
|
155
|
|
|
|
|
$
|
98,312
|
|
|
$
|
—
|
|
|
$
|
10,417
|
|
|
$
|
(79
|
)
|
|
$
|
108,650
|
|
||
Earnings (loss) before interest and taxes-adjusted
|
$
|
7,728
|
|
|
$
|
471
|
|
|
$
|
(187
|
)
|
|
|
|
$
|
8,012
|
|
|
$
|
(534
|
)
|
|
$
|
1,477
|
|
|
$
|
—
|
|
|
$
|
8,955
|
|
||
Adjustments(a)
|
$
|
—
|
|
|
$
|
(1,138
|
)
|
|
$
|
(440
|
)
|
|
|
|
$
|
(1,578
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(1,578
|
)
|
|||
Automotive interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
218
|
|
|||||||||
Automotive interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(470
|
)
|
|||||||||
Net (loss) attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(34
|
)
|
|||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,091
|
|
|||||||||
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,085
|
)
|
|||||||||
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,006
|
|
|||||||||
Loss from discontinued operations, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(70
|
)
|
|||||||||
Net loss attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34
|
|
|||||||||
Net income attributable to stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,970
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
$
|
3,474
|
|
|
$
|
426
|
|
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
3,936
|
|
|
$
|
5
|
|
|
$
|
5,560
|
|
|
$
|
—
|
|
|
$
|
9,501
|
|
Impairment charges
|
$
|
53
|
|
|
$
|
463
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
522
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
522
|
|
Equity income
|
$
|
7
|
|
|
$
|
1,667
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,674
|
|
|
$
|
—
|
|
|
$
|
141
|
|
|
$
|
—
|
|
|
$
|
1,815
|
|
(a)
|
Consists of charges of $1.1 billion related to restructuring actions in Korea in GMI, which is net of noncontrolling interest, and charges of $440 million for ignition switch-related legal matters in Corporate.
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2018
|
|
2017
|
||||||||||||||||
Net income (loss) attributable to stockholders
|
$
|
2,351
|
|
|
$
|
2,534
|
|
|
$
|
2,418
|
|
|
$
|
2,390
|
|
|
$
|
2,157
|
|
|
$
|
1,046
|
|
|
$
|
2,044
|
|
|
$
|
(5,151
|
)
|
Loss from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|
—
|
|
|
277
|
|
||||||||
Income tax expense (benefit)
|
271
|
|
|
100
|
|
|
524
|
|
|
519
|
|
|
137
|
|
|
466
|
|
|
(611
|
)
|
|
7,896
|
|
||||||||
Automotive interest expense
|
206
|
|
|
161
|
|
|
195
|
|
|
159
|
|
|
181
|
|
|
150
|
|
|
185
|
|
|
145
|
|
||||||||
Automotive interest income
|
(129
|
)
|
|
(82
|
)
|
|
(106
|
)
|
|
(72
|
)
|
|
(98
|
)
|
|
(64
|
)
|
|
(117
|
)
|
|
(82
|
)
|
||||||||
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Transformation activities(a)
|
390
|
|
|
—
|
|
|
361
|
|
|
—
|
|
|
790
|
|
|
—
|
|
|
1,327
|
|
|
—
|
|
||||||||
GM Brazil indirect tax recoveries(b)
|
(123
|
)
|
|
—
|
|
|
(380
|
)
|
|
—
|
|
|
(857
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
GMI restructuring(c)
|
—
|
|
|
—
|
|
|
—
|
|
|
196
|
|
|
—
|
|
|
942
|
|
|
—
|
|
|
—
|
|
||||||||
Ignition switch recall and related legal matters(d)
|
—
|
|
|
440
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total adjustments
|
267
|
|
|
440
|
|
|
(19
|
)
|
|
196
|
|
|
(67
|
)
|
|
942
|
|
|
1,327
|
|
|
—
|
|
||||||||
EBIT-adjusted
|
$
|
2,966
|
|
|
$
|
3,153
|
|
|
$
|
3,012
|
|
|
$
|
3,192
|
|
|
$
|
2,310
|
|
|
$
|
2,610
|
|
|
$
|
2,828
|
|
|
$
|
3,085
|
|
(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 supplier-related charges and pension curtailment and other charges in the three months ended September 30, 2019, supplier-related charges and accelerated depreciation in the three months ended June 30, 2019, accelerated depreciation in the three months ended March 31, 2019 and employee separation charges and accelerated depreciation in the three months ended December 31, 2018.
|
(b)
|
These adjustments were 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)
|
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 and asset impairments in Korea.
|
(d)
|
This adjustment was excluded because of the unique events associated with the ignition switch recall, which included various investigations, inquiries and complaints from constituents.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||||||||||||||||||
|
Amount
|
|
Per Share
|
|
Amount
|
|
Per Share
|
|
Amount
|
|
Per Share
|
|
Amount
|
|
Per Share
|
||||||||||||||||
Diluted earnings per common share
|
$
|
2,313
|
|
|
$
|
1.60
|
|
|
$
|
2,503
|
|
|
$
|
1.75
|
|
|
$
|
6,813
|
|
|
$
|
4.74
|
|
|
$
|
5,910
|
|
|
$
|
4.13
|
|
Diluted loss per common share – discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|
0.05
|
|
||||||||
Adjustments(a)
|
267
|
|
|
0.18
|
|
|
440
|
|
|
0.31
|
|
|
181
|
|
|
0.12
|
|
|
1,578
|
|
|
1.10
|
|
||||||||
Tax effect on adjustment(b)
|
(93
|
)
|
|
(0.06
|
)
|
|
(109
|
)
|
|
(0.08
|
)
|
|
(134
|
)
|
|
(0.09
|
)
|
|
(89
|
)
|
|
(0.06
|
)
|
||||||||
Tax adjustment(c)
|
—
|
|
|
—
|
|
|
(157
|
)
|
|
(0.11
|
)
|
|
—
|
|
|
—
|
|
|
(157
|
)
|
|
(0.11
|
)
|
||||||||
EPS-diluted-adjusted
|
$
|
2,487
|
|
|
$
|
1.72
|
|
|
$
|
2,677
|
|
|
$
|
1.87
|
|
|
$
|
6,860
|
|
|
$
|
4.77
|
|
|
$
|
7,312
|
|
|
$
|
5.11
|
|
(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 the details of each individual adjustment.
|
(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)
|
This adjustment consists of a tax change related to U.S. tax reform in the three and nine months ended September 30, 2018.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||||||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||||||||||||||||||||||||||||||
|
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
|
|
Income before income taxes
|
|
Income tax expense
|
|
Effective tax rate
|
||||||||||||||||||||
Effective tax rate
|
$
|
2,582
|
|
|
$
|
271
|
|
|
10.5
|
%
|
|
$
|
2,630
|
|
|
$
|
100
|
|
|
3.8
|
%
|
|
$
|
7,791
|
|
|
$
|
932
|
|
|
12.0
|
%
|
|
$
|
7,091
|
|
|
$
|
1,085
|
|
|
15.3
|
%
|
Adjustments(a)
|
268
|
|
|
93
|
|
|
|
|
440
|
|
|
109
|
|
|
|
|
185
|
|
|
134
|
|
|
|
|
1,619
|
|
|
89
|
|
|
|
||||||||||||
Tax adjustment(b)
|
|
|
—
|
|
|
|
|
|
|
157
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
157
|
|
|
|
||||||||||||||||
ETR-adjusted
|
$
|
2,850
|
|
|
$
|
364
|
|
|
12.8
|
%
|
|
$
|
3,070
|
|
|
$
|
366
|
|
|
11.9
|
%
|
|
$
|
7,976
|
|
|
$
|
1,066
|
|
|
13.4
|
%
|
|
$
|
8,710
|
|
|
$
|
1,331
|
|
|
15.3
|
%
|
(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 included for these adjustments is insignificant in the three and nine months ended September 30, 2019 and $41 million in the nine months ended September 30, 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 per common share under U.S. GAAP to EPS-diluted-adjusted within this section of the MD&A for adjustment details.
|
|
Four Quarters Ended
|
||||||
|
September 30, 2019
|
|
September 30, 2018
|
||||
Net income (loss) attributable to stockholders
|
$
|
9.0
|
|
|
$
|
0.8
|
|
Average equity(a)
|
$
|
42.8
|
|
|
$
|
36.3
|
|
ROE
|
20.9
|
%
|
|
2.3
|
%
|
|
Four Quarters Ended
|
||||||
|
September 30, 2019
|
|
September 30, 2018
|
||||
EBIT-adjusted(a)
|
$
|
11.1
|
|
|
$
|
12.0
|
|
Average equity(b)
|
$
|
42.8
|
|
|
$
|
36.3
|
|
Add: Average automotive debt and interest liabilities (excluding finance leases)
|
14.8
|
|
|
14.2
|
|
||
Add: Average automotive net pension & OPEB liability
|
16.5
|
|
|
19.1
|
|
||
Less: Average automotive and other net income tax asset
|
(23.3
|
)
|
|
(22.5
|
)
|
||
ROIC-adjusted average net assets
|
$
|
50.8
|
|
|
$
|
47.1
|
|
ROIC-adjusted
|
21.9
|
%
|
|
25.6
|
%
|
(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.
|
(b)
|
Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.
|
•
|
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;
|
•
|
Lump sum payments of $1,000 to be made annually to eligible employees in June 2020 through June 2023;
|
•
|
Gross wage increases of 3% in 2020 and 2022 for eligible employees;
|
•
|
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.
|
|
Year Ending December 31, 2019
|
Diluted earnings per common share
|
$ 4.28-4.69
|
Adjustment - transformation activities
|
1.16-1.30
|
Adjustment - GM Brazil indirect tax recoveries
|
(0.95)
|
Tax effect on adjustments(a)
|
(0.13)-(0.10)
|
EPS-diluted-adjusted
|
$ 4.50-4.80
|
(a)
|
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.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||||||||||
GMNA
|
801
|
|
|
77.5
|
%
|
|
843
|
|
|
74.5
|
%
|
|
2,530
|
|
|
77.7
|
%
|
|
2,659
|
|
|
76.1
|
%
|
GMI
|
232
|
|
|
22.5
|
%
|
|
289
|
|
|
25.5
|
%
|
|
727
|
|
|
22.3
|
%
|
|
836
|
|
|
23.9
|
%
|
Total
|
1,033
|
|
|
100.0
|
%
|
|
1,132
|
|
|
100.0
|
%
|
|
3,257
|
|
|
100.0
|
%
|
|
3,495
|
|
|
100.0
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||||||||||||||||||||||
|
Industry
|
|
GM
|
|
Market Share
|
|
Industry
|
|
GM
|
|
Market Share
|
|
Industry
|
|
GM
|
|
Market Share
|
|
Industry
|
|
GM
|
|
Market Share
|
||||||||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
United States
|
4,443
|
|
|
739
|
|
|
16.6
|
%
|
|
4,410
|
|
|
695
|
|
|
15.8
|
%
|
|
13,127
|
|
|
2,151
|
|
|
16.4
|
%
|
|
13,222
|
|
|
2,169
|
|
|
16.4
|
%
|
Other
|
934
|
|
|
124
|
|
|
13.4
|
%
|
|
982
|
|
|
139
|
|
|
14.2
|
%
|
|
2,750
|
|
|
363
|
|
|
13.2
|
%
|
|
2,906
|
|
|
404
|
|
|
13.9
|
%
|
Total North America
|
5,377
|
|
|
863
|
|
|
16.1
|
%
|
|
5,392
|
|
|
834
|
|
|
15.5
|
%
|
|
15,877
|
|
|
2,514
|
|
|
15.8
|
%
|
|
16,128
|
|
|
2,573
|
|
|
16.0
|
%
|
Asia/Pacific, Middle East and Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
China(a)
|
5,624
|
|
|
690
|
|
|
12.3
|
%
|
|
6,304
|
|
|
836
|
|
|
13.3
|
%
|
|
18,302
|
|
|
2,257
|
|
|
12.3
|
%
|
|
19,184
|
|
|
2,680
|
|
|
14.0
|
%
|
Other
|
5,250
|
|
|
139
|
|
|
2.6
|
%
|
|
5,485
|
|
|
133
|
|
|
2.4
|
%
|
|
16,145
|
|
|
418
|
|
|
2.6
|
%
|
|
16,622
|
|
|
379
|
|
|
2.3
|
%
|
Total Asia/Pacific, Middle East and Africa
|
10,874
|
|
|
829
|
|
|
7.6
|
%
|
|
11,789
|
|
|
969
|
|
|
8.2
|
%
|
|
34,447
|
|
|
2,675
|
|
|
7.8
|
%
|
|
35,806
|
|
|
3,059
|
|
|
8.5
|
%
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Brazil
|
721
|
|
|
124
|
|
|
17.2
|
%
|
|
679
|
|
|
113
|
|
|
16.6
|
%
|
|
2,029
|
|
|
346
|
|
|
17.0
|
%
|
|
1,846
|
|
|
303
|
|
|
16.4
|
%
|
Other
|
411
|
|
|
52
|
|
|
12.7
|
%
|
|
466
|
|
|
61
|
|
|
13.1
|
%
|
|
1,181
|
|
|
147
|
|
|
12.5
|
%
|
|
1,512
|
|
|
203
|
|
|
13.4
|
%
|
Total South America
|
1,132
|
|
|
176
|
|
|
15.5
|
%
|
|
1,145
|
|
|
174
|
|
|
15.2
|
%
|
|
3,210
|
|
|
493
|
|
|
15.4
|
%
|
|
3,358
|
|
|
506
|
|
|
15.1
|
%
|
Total in GM markets
|
17,383
|
|
|
1,868
|
|
|
10.7
|
%
|
|
18,326
|
|
|
1,977
|
|
|
10.8
|
%
|
|
53,534
|
|
|
5,682
|
|
|
10.6
|
%
|
|
55,292
|
|
|
6,138
|
|
|
11.1
|
%
|
Total Europe
|
4,533
|
|
|
1
|
|
|
—
|
%
|
|
4,331
|
|
|
1
|
|
|
—
|
%
|
|
14,634
|
|
|
3
|
|
|
—
|
%
|
|
14,771
|
|
|
3
|
|
|
—
|
%
|
Total Worldwide(b)
|
21,916
|
|
|
1,869
|
|
|
8.5
|
%
|
|
22,657
|
|
|
1,978
|
|
|
8.7
|
%
|
|
68,168
|
|
|
5,685
|
|
|
8.3
|
%
|
|
70,063
|
|
|
6,141
|
|
|
8.8
|
%
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cars
|
1,185
|
|
|
83
|
|
|
7.0
|
%
|
|
1,310
|
|
|
137
|
|
|
10.4
|
%
|
|
3,734
|
|
|
306
|
|
|
8.2
|
%
|
|
4,103
|
|
|
432
|
|
|
10.5
|
%
|
Trucks(c)
|
1,157
|
|
|
357
|
|
|
30.8
|
%
|
|
1,059
|
|
|
326
|
|
|
30.8
|
%
|
|
3,308
|
|
|
986
|
|
|
29.8
|
%
|
|
3,086
|
|
|
992
|
|
|
32.1
|
%
|
Crossovers(c)
|
2,101
|
|
|
299
|
|
|
14.2
|
%
|
|
2,041
|
|
|
232
|
|
|
11.4
|
%
|
|
6,085
|
|
|
859
|
|
|
14.1
|
%
|
|
6,033
|
|
|
745
|
|
|
12.3
|
%
|
Total United States
|
4,443
|
|
|
739
|
|
|
16.6
|
%
|
|
4,410
|
|
|
695
|
|
|
15.8
|
%
|
|
13,127
|
|
|
2,151
|
|
|
16.4
|
%
|
|
13,222
|
|
|
2,169
|
|
|
16.4
|
%
|
China(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SGMS
|
|
|
|
348
|
|
|
|
|
|
|
|
|
416
|
|
|
|
|
|
|
|
|
1,102
|
|
|
|
|
|
|
|
|
1,284
|
|
|
|
|
SGMW and FAW-GM
|
|
|
|
342
|
|
|
|
|
|
|
|
|
420
|
|
|
|
|
|
|
|
|
1,155
|
|
|
|
|
|
|
|
|
1,396
|
|
|
|
|
Total China
|
5,624
|
|
|
690
|
|
|
12.3
|
%
|
|
6,304
|
|
|
836
|
|
|
13.3
|
%
|
|
18,302
|
|
|
2,257
|
|
|
12.3
|
%
|
|
19,184
|
|
|
2,680
|
|
|
14.0
|
%
|
(a)
|
Includes sales by the Automotive China JVs SAIC General Motors Sales Co., Ltd. (SGMS), SAIC GM Wuling Automobile Co., Ltd. (SGMW) and FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM).
|
(b)
|
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.
|
(c)
|
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.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||
GMNA
|
173
|
|
|
166
|
|
|
570
|
|
|
563
|
|
GMI
|
120
|
|
|
136
|
|
|
339
|
|
|
328
|
|
Total fleet sales
|
293
|
|
|
302
|
|
|
909
|
|
|
891
|
|
|
|
|
|
|
|
|
|
|
|
||
Fleet sales as a percentage of total vehicle sales
|
15.7
|
%
|
|
15.3
|
%
|
|
16.0
|
%
|
|
14.5
|
%
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||
|
Residual Value
|
|
Units
|
|
Percentage
|
|
Residual Value
|
|
Units
|
|
Percentage
|
||||||||
Crossovers
|
$
|
16,079
|
|
|
971
|
|
|
59.3
|
%
|
|
$
|
15,057
|
|
|
917
|
|
|
53.8
|
%
|
Trucks
|
7,154
|
|
|
285
|
|
|
17.4
|
%
|
|
7,299
|
|
|
296
|
|
|
17.4
|
%
|
||
Cars
|
3,688
|
|
|
273
|
|
|
16.7
|
%
|
|
4,884
|
|
|
379
|
|
|
22.3
|
%
|
||
SUVs
|
3,970
|
|
|
109
|
|
|
6.6
|
%
|
|
4,160
|
|
|
111
|
|
|
6.5
|
%
|
||
Total
|
$
|
30,891
|
|
|
1,638
|
|
|
100.0
|
%
|
|
$
|
31,400
|
|
|
1,703
|
|
|
100.0
|
%
|
|
Three Months Ended
|
|
Favorable/ (Unfavorable)
|
|
%
|
|
|
Variance Due To
|
|||||||||||||||||||||||
September 30, 2019
|
|
September 30, 2018
|
|
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Other
|
||||||||||||||||||
|
|
|
|
|
|
|
(Dollars in billions)
|
||||||||||||||||||||||||
GMNA
|
$
|
27,971
|
|
|
$
|
27,650
|
|
|
$
|
321
|
|
|
1.2
|
%
|
|
|
$
|
(1.2
|
)
|
|
$
|
1.0
|
|
|
$
|
0.6
|
|
|
$
|
(0.1
|
)
|
GMI
|
3,794
|
|
|
4,582
|
|
|
(788
|
)
|
|
(17.2
|
)%
|
|
|
$
|
(0.8
|
)
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
(0.2
|
)
|
|||
Corporate
|
52
|
|
|
56
|
|
|
(4
|
)
|
|
(7.1
|
)%
|
|
|
|
|
|
|
|
|
$
|
—
|
|
|||||||||
Automotive
|
31,817
|
|
|
32,288
|
|
|
(471
|
)
|
|
(1.5
|
)%
|
|
|
$
|
(2.0
|
)
|
|
$
|
1.1
|
|
|
$
|
0.7
|
|
|
$
|
(0.3
|
)
|
|||
Cruise
|
25
|
|
|
—
|
|
|
25
|
|
|
n.m.
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
—
|
|
||||||
GM Financial
|
3,659
|
|
|
3,518
|
|
|
141
|
|
|
4.0
|
%
|
|
|
|
|
|
|
|
|
$
|
0.1
|
|
|||||||||
Eliminations
|
(28
|
)
|
|
(15
|
)
|
|
(13
|
)
|
|
(86.7
|
)%
|
|
|
|
|
|
|
|
|
|
$
|
—
|
|
||||||||
Total net sales and revenue
|
$
|
35,473
|
|
|
$
|
35,791
|
|
|
$
|
(318
|
)
|
|
(0.9
|
)%
|
|
|
$
|
(2.0
|
)
|
|
$
|
1.1
|
|
|
$
|
0.7
|
|
|
$
|
(0.2
|
)
|
|
Nine Months Ended
|
|
Favorable/ (Unfavorable)
|
|
%
|
|
|
Variance Due To
|
|||||||||||||||||||||||
September 30, 2019
|
|
September 30, 2018
|
|
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Other
|
||||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||
GMNA
|
$
|
83,660
|
|
|
$
|
83,969
|
|
|
$
|
(309
|
)
|
|
(0.4
|
)%
|
|
|
$
|
(3.7
|
)
|
|
$
|
2.5
|
|
|
$
|
1.3
|
|
|
$
|
(0.4
|
)
|
GMI
|
11,691
|
|
|
14,188
|
|
|
(2,497
|
)
|
|
(17.6
|
)%
|
|
|
$
|
(1.6
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
0.4
|
|
|
$
|
(0.9
|
)
|
|||
Corporate
|
152
|
|
|
155
|
|
|
(3
|
)
|
|
(1.9
|
)%
|
|
|
|
|
|
|
|
|
$
|
—
|
|
|||||||||
Automotive
|
95,503
|
|
|
98,312
|
|
|
(2,809
|
)
|
|
(2.9
|
)%
|
|
|
$
|
(5.3
|
)
|
|
$
|
2.0
|
|
|
$
|
1.7
|
|
|
$
|
(1.2
|
)
|
|||
Cruise
|
75
|
|
|
—
|
|
|
75
|
|
|
n.m.
|
|
|
|
|
|
|
|
|
|
$
|
0.1
|
|
|||||||||
GM Financial
|
10,918
|
|
|
10,417
|
|
|
501
|
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
$
|
0.5
|
|
|||||||||
Eliminations
|
(85
|
)
|
|
(79
|
)
|
|
(6
|
)
|
|
(7.6
|
)%
|
|
|
|
|
$
|
0.1
|
|
|
|
|
$
|
(0.1
|
)
|
|||||||
Total net sales and revenue
|
$
|
106,411
|
|
|
$
|
108,650
|
|
|
$
|
(2,239
|
)
|
|
(2.1
|
)%
|
|
|
$
|
(5.3
|
)
|
|
$
|
2.1
|
|
|
$
|
1.7
|
|
|
$
|
(0.7
|
)
|
|
Three Months Ended
|
|
Favorable/ (Unfavorable)
|
|
%
|
|
|
Variance Due To
|
|||||||||||||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
|
|
|
Volume
|
|
Mix
|
|
Cost
|
|
Other
|
|||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||
GMNA
|
$
|
24,089
|
|
|
$
|
23,708
|
|
|
$
|
(381
|
)
|
|
(1.6
|
)%
|
|
|
$
|
0.9
|
|
|
$
|
(0.7
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
0.2
|
|
GMI
|
3,814
|
|
|
4,587
|
|
|
773
|
|
|
16.9
|
%
|
|
|
$
|
0.7
|
|
|
$
|
(0.1
|
)
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|||
Corporate
|
16
|
|
|
42
|
|
|
26
|
|
|
61.9
|
%
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|||||
Cruise
|
256
|
|
|
209
|
|
|
(47
|
)
|
|
(22.5
|
)%
|
|
|
|
|
|
|
|
$
|
—
|
|
|
|
|
|||||||
Eliminations
|
(1
|
)
|
|
(13
|
)
|
|
(12
|
)
|
|
(92.3
|
)%
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
||||||
Total automotive and other cost of sales
|
$
|
28,174
|
|
|
$
|
28,533
|
|
|
$
|
359
|
|
|
1.3
|
%
|
|
|
$
|
1.5
|
|
|
$
|
(0.8
|
)
|
|
$
|
(0.6
|
)
|
|
$
|
0.2
|
|
|
Nine Months Ended
|
|
Favorable/ (Unfavorable)
|
|
%
|
|
|
Variance Due To
|
|||||||||||||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
|
|
|
Volume
|
|
Mix
|
|
Cost
|
|
Other
|
|||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||
GMNA
|
$
|
73,431
|
|
|
$
|
72,798
|
|
|
$
|
(633
|
)
|
|
(0.9
|
)%
|
|
|
$
|
2.7
|
|
|
$
|
(1.7
|
)
|
|
$
|
(2.1
|
)
|
|
$
|
0.5
|
|
GMI
|
10,476
|
|
|
15,410
|
|
|
4,934
|
|
|
32.0
|
%
|
|
|
$
|
1.3
|
|
|
$
|
0.1
|
|
|
$
|
3.1
|
|
|
$
|
0.5
|
|
|||
Corporate
|
83
|
|
|
138
|
|
|
55
|
|
|
39.9
|
%
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|||||
Cruise
|
743
|
|
|
514
|
|
|
(229
|
)
|
|
(44.6
|
)%
|
|
|
|
|
|
|
|
$
|
(0.2
|
)
|
|
|
|
|||||||
Eliminations
|
(3
|
)
|
|
(72
|
)
|
|
(69
|
)
|
|
(95.8
|
)%
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
||||||
Total automotive and other cost of sales
|
$
|
84,730
|
|
|
$
|
88,788
|
|
|
$
|
4,058
|
|
|
4.6
|
%
|
|
|
$
|
4.0
|
|
|
$
|
(1.7
|
)
|
|
$
|
0.8
|
|
|
$
|
1.0
|
|
|
Three Months Ended
|
|
Favorable/ (Unfavorable)
|
|
|
|
|
Nine Months Ended
|
|
Favorable/ (Unfavorable)
|
|
|
||||||||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
|
%
|
|
|
September 30, 2019
|
|
September 30, 2018
|
|
|
%
|
||||||||||||||||
Automotive and other selling, general and administrative expense
|
$
|
2,008
|
|
|
$
|
2,584
|
|
|
$
|
576
|
|
|
22.3
|
%
|
|
|
$
|
6,209
|
|
|
$
|
7,172
|
|
|
$
|
963
|
|
|
13.4
|
%
|
|
Three Months Ended
|
|
Favorable/ (Unfavorable)
|
|
|
|
|
Nine Months Ended
|
|
Favorable/ (Unfavorable)
|
|
|
||||||||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
|
%
|
|
|
September 30, 2019
|
|
September 30, 2018
|
|
|
%
|
||||||||||||||||
Interest income and other non-operating income, net
|
$
|
169
|
|
|
$
|
651
|
|
|
$
|
(482
|
)
|
|
(74.0
|
)%
|
|
|
$
|
1,338
|
|
|
$
|
2,130
|
|
|
$
|
(792
|
)
|
|
(37.2
|
)%
|
|
Three Months Ended
|
|
Favorable/ (Unfavorable)
|
|
|
Nine Months Ended
|
|
Favorable/ (Unfavorable)
|
||||||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
|
|
September 30, 2019
|
|
September 30, 2018
|
|
||||||||||||||
Gains (losses) related to Lyft
|
$
|
(332
|
)
|
|
$
|
—
|
|
|
$
|
(332
|
)
|
|
|
$
|
(112
|
)
|
|
$
|
142
|
|
|
$
|
(254
|
)
|
Gains related to PSA warrants
|
51
|
|
|
171
|
|
|
(120
|
)
|
|
|
222
|
|
|
324
|
|
|
(102
|
)
|
||||||
Total gains (losses) on investments
|
$
|
(281
|
)
|
|
$
|
171
|
|
|
$
|
(452
|
)
|
|
|
$
|
110
|
|
|
$
|
466
|
|
|
$
|
(356
|
)
|
|
Three Months Ended
|
|
Favorable/ (Unfavorable)
|
|
|
|
|
Nine Months Ended
|
|
Favorable/ (Unfavorable)
|
|
|
|||||||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
|
%
|
|
|
September 30, 2019
|
|
September 30, 2018
|
|
|
%
|
|||||||||||||||
Income tax expense
|
$
|
271
|
|
|
$
|
100
|
|
|
$
|
(171
|
)
|
|
n.m.
|
|
|
$
|
932
|
|
|
$
|
1,085
|
|
|
$
|
153
|
|
|
14.1
|
%
|
|
Three Months Ended
|
|
Favorable / (Unfavorable)
|
|
%
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Cost
|
|
Other
|
|||||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
27,971
|
|
|
$
|
27,650
|
|
|
$
|
321
|
|
|
1.2
|
%
|
|
|
$
|
(1.2
|
)
|
|
$
|
1.0
|
|
|
$
|
0.6
|
|
|
|
|
$
|
(0.1
|
)
|
||
EBIT-adjusted
|
$
|
3,023
|
|
|
$
|
2,825
|
|
|
$
|
198
|
|
|
7.0
|
%
|
|
|
$
|
(0.4
|
)
|
|
$
|
0.3
|
|
|
$
|
0.6
|
|
|
$
|
(0.6
|
)
|
|
$
|
0.2
|
|
EBIT-adjusted margin
|
10.8
|
%
|
|
10.2
|
%
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Wholesale vehicle sales
|
801
|
|
|
843
|
|
|
(42
|
)
|
|
(5.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
Favorable / (Unfavorable)
|
|
%
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Cost
|
|
Other
|
|||||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
83,660
|
|
|
$
|
83,969
|
|
|
$
|
(309
|
)
|
|
(0.4
|
)%
|
|
|
$
|
(3.7
|
)
|
|
$
|
2.5
|
|
|
$
|
1.3
|
|
|
|
|
$
|
(0.4
|
)
|
||
EBIT-adjusted
|
$
|
7,941
|
|
|
$
|
7,728
|
|
|
$
|
213
|
|
|
2.8
|
%
|
|
|
$
|
(1.0
|
)
|
|
$
|
0.8
|
|
|
$
|
1.3
|
|
|
$
|
(1.0
|
)
|
|
$
|
0.2
|
|
EBIT-adjusted margin
|
9.5
|
%
|
|
9.2
|
%
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Wholesale vehicle sales
|
2,530
|
|
|
2,659
|
|
|
(129
|
)
|
|
(4.9
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Favorable / (Unfavorable)
|
|
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Cost
|
|
Other
|
||||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
3,794
|
|
|
$
|
4,582
|
|
|
$
|
(788
|
)
|
|
(17.2
|
)%
|
|
|
$
|
(0.8
|
)
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
|
|
$
|
(0.2
|
)
|
||
EBIT (loss)-adjusted
|
$
|
(65
|
)
|
|
$
|
139
|
|
|
$
|
(204
|
)
|
|
n.m.
|
|
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
(0.3
|
)
|
EBIT (loss)-adjusted margin
|
(1.7
|
)%
|
|
3.0
|
%
|
|
(4.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity income — Automotive China
|
$
|
282
|
|
|
$
|
485
|
|
|
$
|
(203
|
)
|
|
(41.9
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EBIT (loss)-adjusted — excluding Equity income
|
$
|
(347
|
)
|
|
$
|
(346
|
)
|
|
$
|
(1
|
)
|
|
(0.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Wholesale vehicle sales
|
232
|
|
|
289
|
|
|
(57
|
)
|
|
(19.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
Favorable / (Unfavorable)
|
|
|
|
|
Variance Due To
|
|||||||||||||||||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
|
%
|
|
|
Volume
|
|
Mix
|
|
Price
|
|
Cost
|
|
Other
|
||||||||||||||||||
|
|
|
|
|
|
(Dollars in billions)
|
|||||||||||||||||||||||||||||
Total net sales and revenue
|
$
|
11,691
|
|
|
$
|
14,188
|
|
|
$
|
(2,497
|
)
|
|
(17.6
|
)%
|
|
|
$
|
(1.6
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
0.4
|
|
|
|
|
$
|
(0.9
|
)
|
||
EBIT (loss)-adjusted
|
$
|
(82
|
)
|
|
$
|
471
|
|
|
$
|
(553
|
)
|
|
n.m.
|
|
|
|
$
|
(0.2
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
0.4
|
|
|
$
|
0.7
|
|
|
$
|
(1.0
|
)
|
EBIT (loss)-adjusted margin
|
(0.7
|
)%
|
|
3.3
|
%
|
|
(4.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity income — Automotive China
|
$
|
893
|
|
|
$
|
1,674
|
|
|
$
|
(781
|
)
|
|
(46.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EBIT (loss)-adjusted — excluding Equity income
|
$
|
(975
|
)
|
|
$
|
(1,203
|
)
|
|
$
|
228
|
|
|
19.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(Vehicles in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Wholesale vehicle sales
|
727
|
|
|
836
|
|
|
(109
|
)
|
|
(13.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||
Wholesale vehicle sales, including vehicles exported to markets outside of China
|
774
|
|
|
921
|
|
|
2,361
|
|
|
2,930
|
|
||||
Total net sales and revenue
|
$
|
9,695
|
|
|
$
|
11,461
|
|
|
$
|
28,843
|
|
|
$
|
37,781
|
|
Net income
|
$
|
455
|
|
|
$
|
999
|
|
|
$
|
1,721
|
|
|
$
|
3,370
|
|
|
Three Months Ended
|
|
Favorable / (Unfavorable)
|
|
%
|
|
|
Nine Months Ended
|
|
Favorable / (Unfavorable)
|
|
%
|
||||||||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
|
|
|
September 30, 2019
|
|
September 30, 2018
|
|
|
||||||||||||||||||
Total net sales and revenue(a)
|
$
|
25
|
|
|
$
|
—
|
|
|
$
|
25
|
|
|
n.m.
|
|
|
|
$
|
75
|
|
|
$
|
—
|
|
|
$
|
75
|
|
|
n.m.
|
|
EBIT (loss)-adjusted
|
$
|
(251
|
)
|
|
$
|
(214
|
)
|
|
$
|
(37
|
)
|
|
(17.3
|
)%
|
|
|
$
|
(699
|
)
|
|
$
|
(534
|
)
|
|
$
|
(165
|
)
|
|
(30.9
|
)%
|
(a)
|
Reclassified to Interest income and other non-operating income, net in our condensed consolidated income statements in the three and nine months ended September 30, 2019.
|
|
Three Months Ended
|
|
Increase/ (Decrease)
|
|
%
|
|
|
Nine Months Ended
|
|
Increase/ (Decrease)
|
|
%
|
||||||||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
|
|
|
September 30, 2019
|
|
September 30, 2018
|
|
|
||||||||||||||||||
Total revenue
|
$
|
3,659
|
|
|
$
|
3,518
|
|
|
$
|
141
|
|
|
4.0
|
%
|
|
|
$
|
10,918
|
|
|
$
|
10,417
|
|
|
$
|
501
|
|
|
4.8
|
%
|
Provision for loan losses
|
$
|
150
|
|
|
$
|
180
|
|
|
$
|
(30
|
)
|
|
(16.7
|
)%
|
|
|
$
|
504
|
|
|
$
|
444
|
|
|
$
|
60
|
|
|
13.5
|
%
|
EBT-adjusted
|
$
|
711
|
|
|
$
|
498
|
|
|
$
|
213
|
|
|
42.8
|
%
|
|
|
$
|
1,606
|
|
|
$
|
1,477
|
|
|
$
|
129
|
|
|
8.7
|
%
|
Average debt outstanding (dollars in billions)
|
$
|
90.5
|
|
|
$
|
85.6
|
|
|
$
|
4.9
|
|
|
5.7
|
%
|
|
|
$
|
91.8
|
|
|
$
|
83.6
|
|
|
$
|
8.2
|
|
|
9.8
|
%
|
Effective rate of interest paid
|
3.9
|
%
|
|
3.9
|
%
|
|
—
|
%
|
|
|
|
|
|
4.0
|
%
|
|
3.8
|
%
|
|
0.2
|
%
|
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Automotive cash and cash equivalents
|
$
|
14.6
|
|
|
$
|
13.7
|
|
Marketable debt securities
|
6.1
|
|
|
6.0
|
|
||
Automotive cash, cash equivalents and marketable debt securities(a)(b)
|
20.7
|
|
|
19.6
|
|
||
Cruise cash and cash equivalents(c)
|
2.2
|
|
|
2.3
|
|
||
Cruise marketable debt securities(c)(d)
|
0.6
|
|
|
—
|
|
||
Available liquidity
|
23.5
|
|
|
21.9
|
|
||
Available under credit facilities
|
16.5
|
|
|
14.2
|
|
||
Total available liquidity(a)(e)
|
$
|
40.0
|
|
|
$
|
36.1
|
|
(a)
|
Amounts do not sum due to rounding.
|
(b)
|
Includes $0.5 billion and $0.6 billion that is designated exclusively to fund capital expenditures in GM Korea at September 30, 2019 and December 31, 2018.
|
(c)
|
Amounts are designated exclusively for the use of Cruise.
|
(d)
|
Amounts do not include $0.1 billion of Cruise's investment in GM Stock at September 30, 2019 and December 31, 2018.
|
(e)
|
Excludes our remaining investment in Lyft, which had a fair value of $0.7 billion at September 30, 2019.
|
|
Nine Months Ended September 30, 2019
|
||
Operating cash flow
|
$
|
6.6
|
|
Capital expenditures
|
(4.8
|
)
|
|
Dividends paid
|
(1.7
|
)
|
|
GM investment in Cruise
|
(0.7
|
)
|
|
Borrowings against credit facilities
|
0.7
|
|
|
Other non-operating(a)
|
1.0
|
|
|
Increase in available credit facilities
|
2.3
|
|
|
Total change in automotive available liquidity
|
$
|
3.4
|
|
(a)
|
Amount includes $0.1 billion of proceeds from the sale of a portion of our Lyft shares.
|
|
Nine Months Ended
|
|
Change
|
||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
|||||||
Operating Activities
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations
|
$
|
6.2
|
|
|
$
|
5.2
|
|
|
$
|
1.0
|
|
Depreciation, amortization and impairment charges
|
5.2
|
|
|
4.5
|
|
|
0.7
|
|
|||
Pension and OPEB activities
|
(1.1
|
)
|
|
(2.7
|
)
|
|
1.6
|
|
|||
Working capital
|
(3.2
|
)
|
|
(2.4
|
)
|
|
(0.8
|
)
|
|||
Accrued and other liabilities and income taxes
|
0.3
|
|
|
1.7
|
|
|
(1.4
|
)
|
|||
Other
|
(0.8
|
)
|
|
(0.9
|
)
|
|
0.1
|
|
|||
Net automotive cash provided by operating activities
|
$
|
6.6
|
|
|
$
|
5.4
|
|
|
$
|
1.2
|
|
|
Nine Months Ended
|
|
Change
|
||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
|||||||
Investing Activities
|
|
|
|
|
|
||||||
Capital expenditures
|
$
|
(4.8
|
)
|
|
$
|
(6.5
|
)
|
|
$
|
1.7
|
|
Acquisitions and liquidations of marketable securities, net(a)
|
—
|
|
|
2.3
|
|
|
(2.3
|
)
|
|||
GM investment in Cruise
|
(0.7
|
)
|
|
(1.1
|
)
|
|
0.4
|
|
|||
Other
|
0.2
|
|
|
(0.2
|
)
|
|
0.4
|
|
|||
Net automotive cash used in investing activities
|
$
|
(5.3
|
)
|
|
$
|
(5.5
|
)
|
|
$
|
0.2
|
|
(a)
|
Amount includes $0.1 billion of proceeds from the sale of a portion of our Lyft shares.
|
|
Nine Months Ended
|
|
Change
|
||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
|||||||
Financing Activities
|
|
|
|
|
|
||||||
Issuance of senior unsecured notes
|
$
|
—
|
|
|
$
|
2.1
|
|
|
$
|
(2.1
|
)
|
Net proceeds from short-term debt
|
1.5
|
|
|
0.7
|
|
|
0.8
|
|
|||
Dividends paid and payments to purchase common stock
|
(1.7
|
)
|
|
(1.7
|
)
|
|
—
|
|
|||
Proceeds from KDB investment in GM Korea
|
—
|
|
|
0.4
|
|
|
(0.4
|
)
|
|||
Other
|
(0.1
|
)
|
|
(0.5
|
)
|
|
0.4
|
|
|||
Net automotive cash provided by (used in) financing activities
|
$
|
(0.3
|
)
|
|
$
|
1.0
|
|
|
$
|
(1.3
|
)
|
|
Nine Months Ended September 30, 2019
|
||
Operating cash flow
|
$
|
(0.6
|
)
|
Issuance of Cruise preferred shares
|
0.5
|
|
|
GM investment in Cruise
|
0.7
|
|
|
Other non-operating
|
(0.1
|
)
|
|
Total change in Cruise available liquidity
|
$
|
0.5
|
|
|
|
|
Nine Months Ended
|
|
Change
|
||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
|||||||
Net cash used in operating activities
|
$
|
(0.6
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
(0.2
|
)
|
Net cash used in investing activities
|
$
|
(0.6
|
)
|
|
$
|
—
|
|
|
$
|
(0.6
|
)
|
Net cash provided by financing activities
|
$
|
1.1
|
|
|
$
|
2.2
|
|
|
$
|
(1.1
|
)
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Cash and cash equivalents
|
$
|
3.2
|
|
|
$
|
4.9
|
|
Borrowing capacity on unpledged eligible assets
|
20.7
|
|
|
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
|
$
|
26.2
|
|
|
$
|
25.2
|
|
|
Nine Months Ended
|
|
Change
|
||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
|||||||
Net cash provided by operating activities
|
$
|
6.3
|
|
|
$
|
5.3
|
|
|
$
|
1.0
|
|
Net cash used in investing activities
|
$
|
(5.3
|
)
|
|
$
|
(11.7
|
)
|
|
$
|
6.4
|
|
Net cash provided by (used in) financing activities
|
$
|
(2.5
|
)
|
|
$
|
6.8
|
|
|
$
|
(9.3
|
)
|
|
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
|
||||
July 1, 2019 through July 31, 2019
|
1,186,512
|
|
|
$
|
37.29
|
|
|
—
|
|
|
$3.4 billion
|
August 1, 2019 through August 31, 2019
|
3,895
|
|
|
$
|
40.34
|
|
|
—
|
|
|
$3.4 billion
|
September 1, 2019 through September 30, 2019
|
3,643
|
|
|
$
|
37.09
|
|
|
—
|
|
|
$3.4 billion
|
Total
|
1,194,050
|
|
|
$
|
37.30
|
|
|
—
|
|
|
|
(a)
|
Shares purchased consist of shares retained by us for the payment of the exercise price upon the exercise of warrants and shares delivered by employees or directors to us for the payment of taxes resulting from the issuance of common stock upon the vesting of RSUs, Performance Stock Units and Restricted Stock Awards relating to compensation plans. Outstanding warrants expired on July 10, 2019. Refer to our 2018 Form 10-K for additional details on employee stock incentive plans and Note 16 for additional details on warrants.
|
(b)
|
In January 2017 we announced that our Board of Directors had authorized the purchase of up to $5.0 billion of our common stock with no expiration date.
|
Exhibit Number
|
|
Exhibit Name
|
|
|
3.1
|
|
|
Incorporated by Reference
|
|
3.2
|
|
|
Incorporated by Reference
|
|
10.1
|
|
|
Filed Herewith
|
|
10.2*
|
|
|
Filed Herewith
|
|
31.1
|
|
|
Filed Herewith
|
|
31.2
|
|
|
Filed Herewith
|
|
32
|
|
|
Furnished with this Report
|
|
101
|
|
The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) the Condensed Consolidated Income Statements, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Equity and (vi) Notes to the Condensed Consolidated Financial Statements
|
|
Filed Herewith
|
104
|
|
The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, formatted as Inline XBRL and contained in Exhibit 101
|
|
Filed Herewith
|
*
|
Management contracts and compensatory plans and arrangements required to be filed as exhibits pursuant to Item 6 of this Report.
|
|
|
|
GENERAL MOTORS COMPANY (Registrant)
|
|
|
|
|
|
By:
|
/s/ CHRISTOPHER T. HATTO
|
|
|
|
|
|
Christopher T. Hatto, Vice President, Controller and Chief Accounting Officer
|
|
Date:
|
October 29, 2019
|
|
|
|
|
|
|
|
Page
|
|
|
|
|
|
|
ARTICLE I ORGANIZATIONAL MATTERS AND CERTAIN DEFINITIONS
|
6
|
|
|
|
|
||
|
1.01
|
|
Organization of Company
|
6
|
|
|
|
|
|
1.02
|
|
Legal Status
|
6
|
|
|
|
|
|
1.03
|
|
Name
|
6
|
|
|
|
|
|
1.04
|
|
Registered Office and Registered Agent; Principal Office
|
6
|
|
|
|
|
|
1.05
|
|
Purpose
|
7
|
|
|
|
|
|
1.06
|
|
Term
|
7
|
|
|
|
|
|
1.07
|
|
Certain Definitions
|
7
|
|
|
|
|
|
1.08
|
|
No State‑Law Partnership
|
7
|
|
|
|
|
|
1.09
|
|
Limited Liability Company Agreement
|
7
|
|
|
|
|
|
|
|
|
|
|
|
||
|
ARTICLE II CAPITAL CONTRIBUTIONS; ISSUANCES OF SHARES
|
7
|
|
|
|
|
||
|
2.01
|
|
Shares Generally
|
7
|
|
|
|
|
|
2.02
|
|
Class A Preferred Shares; Class C Common Shares
|
9
|
|
|
|
|
|
2.03
|
|
Class B Common Shares
|
12
|
|
|
|
|
|
2.04
|
|
Additional Classes of Shares
|
13
|
|
|
|
|
|
2.05
|
|
Other Contributions
|
13
|
|
|
|
|
|
2.06
|
|
Issuances of Shares
|
13
|
|
|
|
|
|
2.07
|
|
Preemptive Rights
|
14
|
|
|
|
|
|
2.08
|
|
Certificates
|
16
|
|
|
|
|
|
2.09
|
|
Repurchase Rights
|
16
|
|
|
|
|
|
2.10
|
|
Optional A-1 Conversion
|
17
|
|
|
|
|
|
2.11
|
|
Optional A-2 Conversion
|
17
|
|
|
|
|
|
|
|
|
|
|
|
||
|
ARTICLE III DISTRIBUTIONS
|
17
|
|
|
|
|
||
|
3.01
|
|
Distributions
|
18
|
|
|
|
|
|
3.02
|
|
Distributions Upon Liquidation or a Deemed Liquidation Event
|
19
|
|
|
|
|
|
3.03
|
|
Unvested Class B Common Shares
|
20
|
|
|
|
|
|
3.04
|
|
Distributions In-Kind
|
21
|
|
|
|
|
|
|
|
|
|
|
|
||
|
ARTICLE IV TAX MATTERS
|
21
|
|
|
|
|
||
|
4.01
|
|
Corporate Status
|
21
|
|
|
|
|
|
4.02
|
|
Withholding
|
21
|
|
|
|
|
|
4.03
|
|
Tax Sharing
|
22
|
|
|
|
|
|
4.04
|
|
Transfer Taxes
|
28
|
|
|
|
|
|
|
|
|
|
|
|
||
|
ARTICLE V MEMBERS
|
29
|
|
|
|
|
||
|
5.01
|
|
Voting Rights of Members
|
29
|
|
|
|
|
|
5.02
|
|
Quorum; Voting
|
30
|
|
|
|
|
|
5.03
|
|
Written Consent
|
30
|
|
|
|
|
|
5.04
|
|
Meetings
|
30
|
|
|
|
|
|
5.05
|
|
Place of Meeting
|
30
|
|
|
|
|
|
5.06
|
|
Notice of Meeting
|
30
|
|
|
|
|
|
5.07
|
|
Withdrawal; Partition
|
31
|
|
|
|
|
Defined Term
|
Section Where Found
|
A-1-B Antitrust Approvals
|
Section 2.02(b)(i)
|
Defined Term
|
Section Where Found
|
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)
|
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)
|
Defined Term
|
Section Where Found
|
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
|
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
|
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)
|
Defined Term
|
Section Where Found
|
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)
|
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)
|
Defined Term
|
Section Where Found
|
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)
|
(jj)
|
An additional charge equal to one hundred percent (100%) of the expenses listed in subparagraph (a) above.
|
GENERAL MOTORS LLC
|
________________________
|
________________________
|
By: _____________________
|
Name: __________________
|
Title: ___________________
|
General Motors LLC
|
USER: [NAME]
|
By: _________________________
|
___________________________
|
Name: ______________________
|
|
Title: _______________________
|
|
Aircraft
|
Aircraft Base
|
|
|
/s/ MARY T. BARRA
|
|
|
|
Mary T. Barra
Chairman and Chief Executive Officer
|
|
Date:
|
October 29, 2019
|
|
|
|
|
/s/ DHIVYA SURYADEVARA
|
|
|
|
Dhivya Suryadevara
Executive Vice President and Chief Financial Officer |
|
Date:
|
October 29, 2019
|
|
|
|
|
/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:
|
October 29, 2019
|
|
|