Segment Reporting

12 Months Ended

Dec. 31, 2019

We analyze the results of our business through the following reportable segments: GMNA, GMI, Cruise and GM Financial. As discussed in Note 1, the European Business is presented as discontinued operations and is excluded from our segment results for all periods presented. The European Business was previously reported as our GM Europe segment and part of GM Financial. The chief operating decision maker evaluates the operating results and performance of our automotive segments and Cruise through EBIT-adjusted, which is presented net of noncontrolling interests. The chief operating decision maker evaluates GM Financial through EBT-adjusted because interest income and interest expense are part of operating results when assessing and measuring

the operational and financial performance of the segment. Each segment has a manager responsible for executing our strategic initiatives. While not all vehicles within a segment are individually profitable on a fully allocated cost basis, those vehicles attract customers to dealer showrooms and help maintain sales volumes for other, more profitable vehicles and contribute towards meeting required fuel efficiency standards. As a result of these and other factors, we do not manage our business on an individual brand or vehicle basis.

Substantially all of the trucks, crossovers, cars and automobile parts produced are marketed through retail dealers in North America and through distributors and dealers outside of North America, the substantial majority of which are independently owned. In addition to the products sold to dealers for consumer retail sales, trucks, crossovers and cars are also sold to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies and governments. Fleet sales are completed through the dealer network and in some cases directly with fleet customers. Retail and fleet customers can obtain a wide range of after-sale vehicle services and products through the dealer network, such as maintenance, light repairs, collision repairs, vehicle accessories and extended service warranties.

GMNA meets the demands of customers in North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet and GMC brands. GMI primarily meets the demands of customers outside North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet, GMC, and Holden brands. We also have equity ownership stakes in entities that meet the demands of customers in other countries, primarily China, with vehicles developed, manufactured and/or marketed under the Baojun, Buick, Cadillac, Chevrolet and Wuling brands. Cruise, formerly GM Cruise, is our global segment responsible for the development and commercialization of autonomous vehicle technology, and includes autonomous vehicle-related engineering and other costs.

Our automotive interest income and interest expense, Maven, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain nonsegment specific revenues and expenses are recorded centrally in Corporate. Corporate assets primarily consist of cash and cash equivalents, marketable debt securities, our investment in Lyft, PSA warrants, Maven vehicles and intercompany balances. Retained net underfunded pension liabilities related to the European Business are also recorded in Corporate. All intersegment balances and transactions have been eliminated in consolidation.

The following tables summarize key financial information by segment:



	At and For the Year Ended December 31, 2019
	GMNA			GMI			Corporate			Eliminations			Total Automotive			Cruise			GM Financial		Eliminations/Reclassifications			Total
Net sales and revenue	$	106,366		$	16,111		$	220					$	122,697		$	100		$	14,554	$	(114	)	$	137,237
Earnings (loss) before interest and taxes-adjusted	$	8,204		$	(202	)	$	(691	)				$	7,311		$	(1,004	)	$	2,104	$	(18	)	$	8,393
Adjustments(a)	$	(1,618	)	$	1,081		$	(2	)				$	(539	)	$	—		$	—	$	—		(539		)
Automotive interest income																								429
Automotive interest expense																								(782		)
Net (loss) attributable to noncontrolling interests																								(65		)
Income before income taxes																								7,436
Income tax expense																								(769		)
Income from continuing operations																								6,667
Loss from discontinued operations, net of tax																								—
Net loss attributable to noncontrolling interests																								65
Net income attributable to stockholders																								$	6,732
Equity in net assets of nonconsolidated affiliates	$	84		$	7,023		$	—		$	—		$	7,107		$	—		$	1,455	$	—		$	8,562
Goodwill and intangibles	$	2,459		$	888		$	1		$	—		$	3,348		$	634		$	1,355	$	—		$	5,337
Total assets	$	109,290		$	24,969		$	32,365		$	(50,244	)	$	116,380		$	4,230		$	108,881	$	(1,454	)	$	228,037
Expenditures for property	$	6,305		$	1,096		$	84		$	—		$	7,485		$	60		$	47	$	—		$	7,592
Depreciation and amortization	$	6,112		$	533		$	46		$	(2	)	$	6,689		$	21		$	7,350	$	—		$	14,060
Impairment charges	$	15		$	7		$	—		$	—		$	22		$	36		$	—	$	—		$	58
Equity income	$	8		$	1,123		$	(29	)	$	—		$	1,102		$	—		$	166	$	—		$	1,268

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(a)	Consists of restructuring and other charges related to transformation activities of $1.6 billion in GMNA and $115 million in GMI; a benefit of $1.4 billion related to the retrospective recoveries of indirect taxes in Brazil; partially offset by losses of $164 million related to the FAW-GM divestiture in GMI.



	At and For the Year Ended December 31, 2018
	GMNA			GMI			Corporate			Eliminations			Total Automotive			Cruise			GM Financial		Eliminations			Total
Net sales and revenue	$	113,792		$	19,148		$	203					$	133,143		$	—		$	14,016	$	(110	)	$	147,049
Earnings (loss) before interest and taxes-adjusted	$	10,769		$	423		$	(570	)				$	10,622		$	(728	)	$	1,893	$	(4	)	$	11,783
Adjustments(a)	$	(1,236	)	$	(1,212	)	$	(457	)				$	(2,905	)	$	—		$	—	$	—		(2,905		)
Automotive interest income																								335
Automotive interest expense																								(655		)
Net (loss) attributable to noncontrolling interests																								(9		)
Income before income taxes																								8,549
Income tax expense																								(474		)
Income from continuing operations																								8,075
Loss from discontinued operations, net of tax																								(70		)
Net loss attributable to noncontrolling interests																								9
Net income attributable to stockholders																								$	8,014
Equity in net assets of nonconsolidated affiliates	$	75		$	7,761		$	24		$	—		$	7,860		$	—		$	1,355	$	—		$	9,215
Goodwill and intangibles	$	2,623		$	928		$	1		$	—		$	3,552		$	671		$	1,356	$	—		$	5,579
Total assets	$	109,763		$	24,911		$	31,694		$	(50,690	)	$	115,678		$	3,195		$	109,953	$	(1,487	)	$	227,339
Expenditures for property	$	7,784		$	883		$	21		$	(2	)	$	8,686		$	15		$	60	$	—		$	8,761
Depreciation and amortization	$	4,995		$	562		$	50		$	(3	)	$	5,604		$	7		$	7,531	$	—		$	13,142
Impairment charges	$	55		$	466		$	6		$	—		$	527		$	—		$	—	$	—		$	527
Equity income	$	8		$	1,972		$	—		$	—		$	1,980		$	—		$	183	$	—		$	2,163

__________


(a)	Consists of restructuring and other charges related to transformation activities of $1.2 billion in GMNA; charges of $1.2 billion related to restructuring actions in Korea and other countries in GMI; and of $440 million for ignition switch-related legal matters and other insignificant charges in Corporate.



	At and For the Year Ended December 31, 2017
	GMNA		GMI			Corporate			Eliminations			Total Automotive			Cruise			GM Financial		Eliminations			Total
Net sales and revenue	$	111,345	$	21,920		$	342					$	133,607		$	—		$	12,151	$	(170	)	$	145,588
Earnings (loss) before interest and taxes-adjusted	$	11,889	$	1,300		$	(921	)				$	12,268		$	(613	)	$	1,196	$	(7	)	$	12,844
Adjustments(a)	$	—	$	(540	)	$	(114	)				$	(654	)	$	—		$	—	$	—		(654		)
Automotive interest income																							266
Automotive interest expense																							(575		)
Net (loss) attributable to noncontrolling interests																							(18		)
Income before income taxes																							11,863
Income tax expense																							(11,533		)
Income from continuing operations																							330
Loss from discontinued operations, net of tax																							(4,212		)
Net loss attributable to noncontrolling interests																							18
Net loss attributable to stockholders																							$	(3,864	)
Equity in net assets of nonconsolidated affiliates	$	68	$	7,818		$	—		$	—		$	7,886		$	—		$	1,187	$	—		$	9,073
Goodwill and intangibles	$	2,819	$	973		$	11		$	—		$	3,803		$	679		$	1,367	$	—		$	5,849
Total assets	$	99,874	$	27,712		$	30,573		$	(42,750	)	$	115,409		$	666		$	97,251	$	(844	)	$	212,482
Expenditures for property	$	7,704	$	607		$	14		$	—		$	8,325		$	34		$	94	$	—		$	8,453
Depreciation and amortization	$	4,654	$	708		$	32		$	(1	)	$	5,393		$	1		$	6,573	$	—		$	11,967
Impairment charges	$	78	$	211		$	5		$	—		$	294		$	—		$	—	$	—		$	294
Equity income	$	8	$	1,951		$	—		$	—		$	1,959		$	—		$	173	$	—		$	2,132

__________


(a)	Consists of charges of $460 million related to restructuring actions in India and South Africa in GMI; charges of $80 million associated with the deconsolidation of Venezuela in GMI and charges of $114 million for ignition switch-related legal matters in Corporate.

Automotive revenue is attributed to geographic areas based on the country of sale. GM Financial revenue is attributed to the geographic area where the financing is originated. The following table summarizes information concerning principal geographic areas:



	At and For the Years Ended December 31,
	2019				2018				2017
	Net Sales and Revenue		Long-Lived Assets		Net Sales and Revenue		Long-Lived Assets		Net Sales and Revenue		Long-Lived Assets
Automotive
U.S.	$	97,887	$	25,401	$	104,413	$	25,625	$	100,674	$	24,473
Non-U.S.	24,810		13,190		28,632		13,263		32,775		12,715
GM Financial
U.S.	12,727		39,509		12,169		41,334		10,489		40,674
Non-U.S.	1,813		2,772		1,835		2,476		1,650		2,467
Total consolidated	$	137,237	$	80,872	$	147,049	$	82,698	$	145,588	$	80,329

No individual country other than the U.S. represented more than 10% of our total net sales and revenue or long-lived assets.