XML 52 R31.htm IDEA: XBRL DOCUMENT v3.20.4
Segment Reporting
12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting We analyze the results of our business through the following reportable segments: GMNA, GMI, Cruise and GM Financial. The 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 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, 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, PSA warrants 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, 2020
GMNAGMICorporateEliminationsTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Net sales and revenue$96,733 $11,586 $350 $108,669 $103 $13,831 $(118)$122,485 
Earnings (loss) before interest and taxes-adjusted$9,071 $(528)$(634)$7,909 $(887)$2,702 $(14)$9,710 
Adjustments(a)$(99)$(683)$130 $(652)$— $— $— (652)
Automotive interest income241 
Automotive interest expense(1,098)
Net (loss) attributable to noncontrolling interests(106)
Income before income taxes8,095 
Income tax expense(1,774)
Income from continuing operations6,321 
Loss from discontinued operations, net of tax— 
Net loss attributable to noncontrolling interests106 
Net income attributable to stockholders$6,427 
Equity in net assets of nonconsolidated affiliates
$242 $6,583 $— $— $6,825 $— $1,581 $— $8,406 
Goodwill and intangibles$2,346 $806 $— $— $3,152 $735 $1,343 $— $5,230 
Total assets$114,137 $23,019 $39,933 $(57,464)$119,625 $3,625 $113,410 $(1,466)$235,194 
Expenditures for property$4,501 $729 $21 $— $5,251 $15 $34 $— $5,300 
Depreciation and amortization$4,739 $624 $25 $— $5,388 $43 $7,245 $— $12,676 
Impairment charges$20 $99 $— $— $119 $20 $— $— $139 
Equity income $17 $510 $— $— $527 $— $147 $— $674 
__________
(a)    Consists of restructuring charges related to Cadillac dealer strategy in GMNA; restructuring and other charges primarily in Australia, New Zealand, Thailand and India in GMI; and ignition switch-related legal matters in Corporate.
At and For the Year Ended December 31, 2019
GMNAGMICorporateEliminationsTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
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 income429 
Automotive interest expense(782)
Net (loss) attributable to noncontrolling interests(65)
Income before income taxes7,436 
Income tax expense(769)
Income from continuing operations6,667 
Loss from discontinued operations, net of tax— 
Net loss attributable to noncontrolling interests65 
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 $$— $3,348 $634 $1,355 $— $5,337 
Total assets$109,290 $24,969 $32,365 $(50,244)$116,380 $4,230 $108,881 $(1,454)$228,037 
Expenditures for property$6,305 $1,096 $84 $— $7,485 $60 $47 $— $7,592 
Depreciation and amortization$6,112 $533 $46 $(2)$6,689 $21 $7,350 $— $14,060 
Impairment charges$15 $$— $— $22 $36 $— $— $58 
Equity income (loss)$$1,123 $(29)$— $1,102 $— $166 $— $1,268 
__________
(a)    Consists of restructuring and other charges related to transformation activities of $1.6 billion in GMNA and $115 million in GMI; a benefit of $1.4 billion related to the retrospective recoveries of indirect taxes in Brazil; partially offset by losses of $164 million related to the FAW-GM divestiture in GMI.
At and For the Year Ended December 31, 2018
GMNAGMICorporateEliminationsTotal AutomotiveCruiseGM FinancialEliminationsTotal
Net sales and revenue$113,792 $19,148 $203 $133,143 $— $14,016 $(110)$147,049 
Earnings (loss) before interest and taxes-adjusted
$10,769 $423 $(570)$10,622 $(728)$1,893 $(4)$11,783 
Adjustments(a)$(1,236)$(1,212)$(457)$(2,905)$— $— $— (2,905)
Automotive interest income335 
Automotive interest expense(655)
Net (loss) attributable to noncontrolling interests
(9)
Income before income taxes8,549 
Income tax expense(474)
Income from continuing operations8,075 
Loss from discontinued operations, net of tax
(70)
Net loss attributable to noncontrolling interests
Net loss attributable to stockholders$8,014 
Equity in net assets of nonconsolidated affiliates
$75 $7,761 $24 $— $7,860 $— $1,355 $— $9,215 
Goodwill and intangibles$2,623 $928 $$— $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 $$7,531 $— $13,142 
Impairment charges$55 $466 $$— $527 $— $— $— $527 
Equity income
$$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.
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,
202020192018
Net Sales and RevenueLong-Lived AssetsNet Sales and RevenueLong-Lived AssetsNet Sales and RevenueLong-Lived Assets
Automotive
U.S.$89,204 $24,932 $97,887 $25,401 $104,413 $25,625 
Non-U.S.19,469 12,516 24,810 13,190 28,632 13,263 
GM Financial
U.S.12,227 36,773 12,727 39,509 12,169 41,334 
Non-U.S.1,585 3,230 1,813 2,772 1,835 2,476 
Total consolidated$122,485 $77,451 $137,237 $80,872 $147,049 $82,698 

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