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Stockholders' Equity and Noncontrolling Interests
 6 Months Ended
Jun. 30, 2022
Stockholders' Equity Note [Abstract]  
Stockholders' Equity and Noncontrolling Interests Stockholders' Equity and Noncontrolling Interests
We have 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance. We had no shares of preferred stock issued and outstanding at June 30, 2022 and December 31, 2021. We had 1.5 billion shares of common stock issued and outstanding at June 30, 2022 and December 31, 2021.

Cruise Preferred Shares In 2021, Cruise Holdings issued $2.7 billion of Class G Preferred Shares (Cruise Class G Preferred Shares) to Microsoft Corporation (Microsoft), Walmart Inc. (Walmart) and other investors, including $1.0 billion to General Motors Holdings LLC. All proceeds related to the Cruise Class G Preferred Shares are designated exclusively for working capital and general corporate purposes of Cruise Holdings. In addition, we, Cruise Holdings and Microsoft entered into a long-term strategic relationship to accelerate the commercialization of self-driving vehicles with Microsoft being the preferred public cloud provider.

The Cruise Class G Preferred Shares participate pari passu with holders of Cruise Holdings common stock and Class F Preferred Shares (Cruise Class F Preferred Shares) in any dividends declared. The Cruise Class G and Cruise Class F Preferred Shares convert into the class of shares to be issued to the public in an initial public offering (IPO) at specified exchange ratios. No covenants or other events of default exist that can trigger redemption of the Cruise Class G and Cruise Class F Preferred Shares. The Cruise Class G and Cruise Class F Preferred Shares are entitled to receive the greater of their carrying value or a pro-rata share of any proceeds or distributions upon the occurrence of a merger, sale, liquidation or dissolution of Cruise Holdings, and are classified as noncontrolling interests in our condensed consolidated financial statements.

In March 2022, under the Share Purchase Agreement, we acquired SoftBank’s Cruise Class A-1, Class F and Class G Preferred Shares for $2.1 billion and made an additional $1.35 billion investment in Cruise in place of SoftBank. SoftBank no longer has an ownership interest in or has any rights with respect to Cruise.

Cruise Common Shares In the three months ended June 30, 2022, Cruise Holdings issued $0.7 billion of Class B Common Shares to settle vested awards under Cruise's 2018 Employee Incentive Plan. In addition, Cruise Holdings issued $0.4 billion of Class B Common Shares, primarily to us, to fund the payment of statutory tax withholding obligations resulting from the settlement or exercise of vested awards. Also, GM conducted a quarterly tender offer and paid $0.2 billion in cash to settle tendered Cruise Class B Common Shares. The Class B Common Shares are classified as noncontrolling interests in our condensed consolidated financial statements except for certain shares that are liability classified that have a recorded value of $0.4 billion at June 30, 2022. Refer to Note 18 for additional information on Cruise stock incentive awards.
Net income attributable to shareholders and transfers to the noncontrolling interest in Cruise was $2.0 billion, which includes the $909 million decrease in retained earnings for the redemption of Cruise preferred shares for the period ended March 31, 2022. The effect on the equity attributable to us for the changes in our ownership interest in Cruise and other subsidiaries during the three months ended June 30, 2022 was insignificant.

The following table summarizes the significant components of Accumulated other comprehensive loss:
Three Months EndedSix Months Ended
June 30, 2022June 30, 2021June 30, 2022June 30, 2021
Foreign Currency Translation Adjustments
Balance at beginning of period$(2,256)$(2,759)$(2,653)$(2,735)
Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b)(301)314 96 290 
Balance at end of period$(2,557)$(2,445)$(2,557)$(2,445)
Defined Benefit Plans
Balance at beginning of period$(6,425)$(10,494)$(6,528)$(10,654)
Other comprehensive income (loss) before reclassification adjustment, net of tax(b)226 (48)278 38 
Reclassification adjustment, net of tax(b)49 76 100 150 
Other comprehensive income (loss), net of tax(b)275 28 378 188 
Balance at end of period(c)$(6,150)$(10,466)$(6,150)$(10,466)
__________
(a)The noncontrolling interests and reclassification adjustment were insignificant in the three and six months ended June 30, 2022 and 2021.
(b)The income tax effect was insignificant in the three and six months ended June 30, 2022 and 2021.
(c)Primarily consists of unamortized actuarial loss on our defined benefit plans. Refer to Note 2. Significant Accounting Policies of our 2021 Form 10-K for additional information.