XML 36 R26.htm IDEA: XBRL DOCUMENT v3.22.2.2
Segment Reporting
 9 Months Ended
Sep. 30, 2022
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 chief operating decision-maker evaluates the operating results and performance of our automotive segments and Cruise through earnings before interest and income taxes (EBIT)-adjusted, which is presented net of noncontrolling interests. The chief operating decision-maker evaluates GM Financial through earnings before income taxes (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 and GMI primarily meets the demands of customers outside North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet and GMC 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 AV technology, and includes AV-related engineering and other costs. We provide automotive financing services through our GM Financial segment.

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 and intersegment balances. All intersegment balances and transactions have been eliminated in consolidation.

The following tables summarize key financial information by segment:
At and For the Three Months Ended September 30, 2022
GMNAGMICorporateEliminationsTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Net sales and revenue$34,691 $3,980 $32 $38,703 $25 $3,187 $(27)$41,889 
Earnings (loss) before interest and taxes-adjusted$3,894 $334 $(352)$3,876 $(497)$911 $(2)$4,287 
Adjustments$— $— $— $— $— $— $— — 
Automotive interest income122 
Automotive interest expense(259)
Net income (loss) attributable to noncontrolling interests(53)
Income (loss) before income taxes4,097 
Income tax benefit (expense)(845)
Net income (loss)3,252 
Net loss (income) attributable to noncontrolling interests53 
Net income (loss) attributable to stockholders$3,305 
Equity in net assets of nonconsolidated affiliates$1,641 $6,564 $— $— $8,205 $— $1,705 $— $9,910 
Goodwill and intangibles$2,160 $744 $4 $— $2,908 $721 $1,339 $— $4,968 
Total assets$134,823 $23,756 $38,693 $(59,941)$137,331 $5,669 $118,917 $(1,388)$260,529 
Depreciation and amortization$1,419 $124 $5 $— $1,548 $15 $1,212 $— $2,774 
Impairment charges$— $— $— $— $— $— $— $— $— 
Equity income (loss)$(6)$329 $— $— $323 $— $44 $— $367 
At and For the Three Months Ended September 30, 2021
GMNAGMICorporateEliminationsTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Net sales and revenue$20,554 $2,843 $27 $23,424 $26 $3,354 $(25)$26,779 
Earnings (loss) before interest and taxes-adjusted$2,125 $229 $(242)$2,112 $(286)$1,093 $3 $2,922 
Adjustments(a)$(158)$— $— $(158)$— $— $— (158)
Automotive interest income38 
Automotive interest expense(230)
Net income (loss) attributable to noncontrolling interests(34)
Income (loss) before income taxes2,538 
Income tax benefit (expense)(152)
Net income (loss)2,386 
Net loss (income) attributable to noncontrolling interests34 
Net income (loss) attributable to stockholders$2,420 
Equity in net assets of nonconsolidated affiliates$585 $7,000 $— $— $7,585 $— $1,649 $— $9,234 
Goodwill and intangibles$2,267 $780 $— $— $3,047 $739 $1,340 $— $5,126 
Total assets$114,012 $21,953 $31,907 $(46,752)$121,120 $4,912 $113,741 $(1,216)$238,557 
Depreciation and amortization$1,370 $138 $6 $— $1,514 $13 $1,554 $— $3,081 
Impairment charges$— $— $— $— $— $— $— $— $— 
Equity income (loss)$1 $269 $— $— $270 $— $53 $— $323 
__________
(a)    Consists of restructuring charges related to Cadillac dealer strategy in GMNA.

At and For the Nine Months Ended September 30, 2022
GMNAGMICorporateEliminationsTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Net sales and revenue$92,907 $11,100 $132 $104,140 $76 $9,489 $(79)$113,627 
Earnings (loss) before interest and taxes-adjusted$9,334 $871 $(1,470)$8,735 $(1,365)$3,301 $4 $10,675 
Adjustments(a)$100 $— $— $100 $(1,057)$— $— (957)
Automotive interest income245 
Automotive interest expense(719)
Net income (loss) attributable to noncontrolling interests(234)
Income (loss) before income taxes9,009 
Income tax benefit (expense)(1,308)
Net income (loss)7,701 
Net loss (income) attributable to noncontrolling interests234 
Net income (loss) attributable to stockholders$7,935 
Depreciation and amortization$4,399 $389 $16 $— $4,804 $39 $3,666 $— $8,509 
Impairment charges$11 $— $— $— $11 $— $— $— $11 
Equity income (loss)$(6)$472 $— $— $467 $— $148 $— $615 
__________
(a)    Consists of the resolution of substantially all royalty matters accrued with respect to past-year vehicle sales in GMNA; and charges related to the one-time modification of Cruise stock incentive awards.
At and For the Nine Months Ended September 30, 2021
GMNAGMICorporateEliminationsTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Net sales and revenue$74,443 $8,721 $67 $83,231 $81 $10,187 $(79)$93,420 
Earnings (loss) before interest and taxes-adjusted$8,153 $552 $(250)$8,455 $(847)$3,856 $(8)$11,456 
Adjustments(a)$(175)$(82)$— $(257)$— $— $— (257)
Automotive interest income102 
Automotive interest expense(723)
Net income (loss) attributable to noncontrolling interests(99)
Income (loss) before income taxes10,479 
Income tax benefit (expense)(2,300)
Net income (loss)8,179 
Net loss (income) attributable to noncontrolling interests99 
Net income (loss) attributable to stockholders$8,278 
Depreciation and amortization$3,849 $407 $16 $— $4,272 $37 $4,801 $— $9,110 
Impairment charges$— $— $— $— $— $4 $— $— $4 
Equity income (loss)$8 $850 $— $— $858 $— $157 $— $1,015 
__________
(a)    Consists of restructuring charges related to Cadillac dealer strategy in GMNA and an adjustment related to unique events associated with Korea Supreme Court decisions related to our salaried workers in GMI.