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Stockholders' Equity and Noncontrolling Interests | 6 Months Ended
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Jun. 30, 2018
Stockholders' Equity Note [Abstract] |
Stockholders' Equity and Noncontrolling Interests | Stockholders' Equity and Noncontrolling Interests We had 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance and 1.4 billion shares of common stock issued and outstanding at June 30, 2018 and December 31, 2017. In the six months ended June 30, 2018 and 2017 we purchased three million and 44 million shares of our outstanding common stock for $100 million and $1.5 billion as part of the common stock repurchase program announced in March 2015, which our Board of Directors increased and extended in January 2016 and January 2017. Our total dividends paid on common stock were $536 million and $564 million in the three months ended June 30, 2018 and 2017 and $1.1 billion in the six months ended June 30, 2018 and 2017. GM Cruise Preferred Shares On May 31, 2018, we entered into a Purchase Agreement with SoftBank Vision Fund (AIV M1), L.P. (The Vision Fund). The Vision Fund subsequently assigned its rights and obligations under the Purchase Agreement to SoftBank Investment Holdings (UK) Limited (SoftBank). In June 2018, at the closing of the transactions contemplated by the Purchase Agreement, GM Cruise Holdings LLC (GM Cruise Holdings), our subsidiary, issued $900 million of convertible preferred shares (GM Cruise Preferred Shares) to SoftBank, representing 10.9% of GM Cruise Holdings' equity at closing. Immediately prior to the issuance of the GM Cruise Preferred Shares, we invested $1.1 billion in GM Cruise Holdings. When GM Cruise's autonomous vehicles are ready for commercial deployment, SoftBank is obligated to purchase additional GM Cruise Preferred Shares for $1.35 billion, after which the GM Cruise Preferred Shares will represent 19.6% of GM Cruise Holdings’ equity. All proceeds are designated exclusively for working capital and general corporate purposes of GM Cruise. Dividends are cumulative and accrue at an annual rate of 7% and are payable quarterly in cash or in-kind, at GM Cruise's discretion. The GM Cruise Preferred Shares are also entitled to participate in GM Cruise dividends above a defined threshold. Prior to an initial public offering, SoftBank is restricted from transferring the GM Cruise Preferred Shares until June 28, 2025. The GM Cruise Preferred Shares are convertible into common stock of GM Cruise Holdings, at specified exchange ratios, at the option of SoftBank or upon occurrence of an initial public offering. The GM Cruise Preferred Shares are entitled to receive the greater of their carrying value or a pro-rata share of any proceeds or distributions upon the occurrence of a merger, sale, liquidation, or dissolution of GM Cruise Holdings. Beginning on June 28, 2025, SoftBank has the option to convert all of the GM Cruise Preferred Shares into our common stock at a conversion ratio that is indexed to the fair value of GM Cruise Holdings at the time of conversion. We have the option to settle the conversion feature with our common shares or cash, and in certain situations with nonredeemable, nonconvertible preferred shares. Beginning on June 28, 2025, we can call all, but not less than all of the GM Cruise Preferred Shares held by SoftBank at an amount equal to the greater of the original investment amount plus accrued distributions paid in-kind and the fair value of GM Cruise Holdings at the time of conversion. The GM Cruise Preferred Shares are classified as noncontrolling interests in our condensed consolidated financial statements. GM Korea Preferred Shares In May 2018 the Korea Development Bank (KDB) agreed to purchase approximately $750 million of GM Korea’s Class B Preferred Shares from GM Korea (GM Korea Preferred Shares), $361 million of which was received in June 2018 with the remainder expected to be received in the three months ending December 31, 2018. Dividends on the GM Korea Preferred Shares are cumulative and accrue at an annual rate of 1%. GM Korea can call the preferred shares at their original issue price six years from the date of issuance and once called, the preferred shares can be converted into common shares of GM Korea at the option of the holder. The GM Korea Preferred Shares are classified as noncontrolling interests in our condensed consolidated financial statements. The KDB investment proceeds of $361 million can only be used for purposes of funding capital expenditures in GM Korea. In conjunction with the GM Korea Preferred Share issuance we agreed to provide GM Korea future funding, if needed, not to exceed $2.8 billion through December 31, 2027, inclusive of $2.0 billion of planned capital expenditures through 2027. The following table summarizes the significant components of Accumulated other comprehensive loss:
| Three Months Ended |  | Six Months Ended
| June 30, 2018 |  | June 30, 2017 |  | June 30, 2018 |  | June 30, 2017
Foreign Currency Translation Adjustments |  |  |  |  |  |  |
Balance at beginning of period | $ | (1,498 | ) |  | $ | (2,264 | ) |  | $ | (1,606 | ) |  | $ | (2,355 | )
Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment, tax and impact of adoption of accounting standards(a)(b)(c)(d) | (328 | ) |  | 102 |  |  | (220 | ) |  | 193 |
Balance at end of period | $ | (1,826 | ) |  | $ | (2,162 | ) |  | $ | (1,826 | ) |  | $ | (2,162 | )
Defined Benefit Plans |  |  |  |  |  |  |
Balance at beginning of period | $ | (6,524 | ) |  | $ | (6,997 | ) |  | $ | (6,398 | ) |  | $ | (6,968 | )
Other comprehensive income (loss) before reclassification adjustment, net of tax and impact of adoption of accounting standards(c)(d) | 190 |  |  | (266 | ) |  | 20 |  |  | (343 | )
Reclassification adjustment, net of tax(c) | 44 |  |  | 55 |  |  | 88 |  |  | 103 |
Other comprehensive income (loss), net of tax and impact of adoption of accounting standards(c)(d) | 234 |  |  | (211 | ) |  | 108 |  |  | (240 | )
Balance at end of period(e) | $ | (6,290 | ) |  | $ | (7,208 | ) |  | $ | (6,290 | ) |  | $ | (7,208 | )
__________
(a) | The noncontrolling interests were insignificant in the three and six months ended June 30, 2018 and 2017.
(b) | The reclassification adjustment was insignificant in the three and six months ended June 30, 2018 and 2017.
(c) | The income tax effect was insignificant in the three and six months ended June 30, 2018 and 2017.
(d) | Refer to Note 1 for additional information on adoption of accounting standards in 2018.
(e) | Consists primarily of unamortized actuarial loss on our defined benefit plans. Refer to the critical accounting estimates section of our 2017 Form 10-K for additional information.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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