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Segment Reporting | 6 Months Ended
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Jun. 30, 2023
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 June 30, 2023
| GMNA |  | GMI |  | Corporate |  | Eliminations |  | Total Automotive |  | Cruise |  | GM Financial |  | Eliminations/Reclassifications |  | Total
Net sales and revenue | $ | 37,220 |  |  | $ | 3,955 |  |  | $ | 79 |  |  |  |  | $ | 41,254 |  |  | $ | 26 |  |  | $ | 3,498 |  |  | $ | (31) |  |  | $ | 44,746 |
Earnings (loss) before interest and taxes-adjusted | $ | 3,194 |  |  | $ | 236 |  |  | $ | (347) |  |  |  |  | $ | 3,083 |  |  | $ | (611) |  |  | $ | 766 |  |  | $ | (4) |  |  | $ | 3,234 |
Adjustments(a) | $ | (246) |  |  | $ | 76 |  |  | $ | — |  |  |  |  | $ | (170) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | (170) |
Automotive interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 251 |
Automotive interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (226) |
Net income (loss) attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (59) |
Income (loss) before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,029 |
Income tax benefit (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (522) |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,507 |
Net loss (income) attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 59 |
Net income (loss) attributable to stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,566 |
Equity in net assets of nonconsolidated affiliates | $ | 2,256 |  |  | $ | 6,142 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,397 |  |  | $ | — |  |  | $ | 1,667 |  |  | $ | — |  |  | $ | 10,064 |
Goodwill and intangibles | $ | 2,141 |  |  | $ | 724 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 2,869 |  |  | $ | 727 |  |  | $ | 1,354 |  |  | $ | — |  |  | $ | 4,950 |
Total assets | $ | 150,624 |  |  | $ | 24,509 |  |  | $ | 44,892 |  |  | $ | (74,453) |  |  | $ | 145,572 |  |  | $ | 5,089 |  |  | $ | 127,175 |  |  | $ | (2,003) |  |  | $ | 275,833 |
Depreciation and amortization | $ | 1,531 |  |  | $ | 144 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 1,680 |  |  | $ | 10 |  |  | $ | 1,245 |  |  | $ | — |  |  | $ | 2,936 |
Impairment charges | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity income (loss)(b) | $ | 31 |  |  | $ | 77 |  |  | $ | — |  |  | $ | — |  |  | $ | 108 |  |  | $ | — |  |  | $ | 37 |  |  | $ | — |  |  | $ | 145 |
__________ (a) Consists of charges for strategic activities related to Buick dealerships in GMNA and the partial resolution of Korean subcontractor matters in GMI. (b) Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. In the three months ended June 30, 2023, equity earnings related to Ultium Cells Holdings LLC were insignificant.
| At and For the Three Months Ended June 30, 2022
| GMNA |  | GMI |  | Corporate |  | Eliminations |  | Total Automotive |  | Cruise |  | GM Financial |  | Eliminations/Reclassifications |  | Total
Net sales and revenue | $ | 28,760 |  |  | $ | 3,807 |  |  | $ | 47 |  |  |  |  | $ | 32,614 |  |  | $ | 25 |  |  | $ | 3,146 |  |  | $ | (26) |  |  | $ | 35,759 |
Earnings (loss) before interest and taxes-adjusted | $ | 2,299 |  |  | $ | 209 |  |  | $ | (731) |  |  |  |  | $ | 1,778 |  |  | $ | (543) |  |  | $ | 1,106 |  |  | $ | 3 |  |  | $ | 2,343 |
Adjustments | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — |
Automotive interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 73 |
Automotive interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (234) |
Net income (loss) attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (50) |
Income (loss) before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,132 |
Income tax benefit (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (490) |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,642 |
Net loss (income) attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 50 |
Net income (loss) attributable to stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,692 |
Equity in net assets of nonconsolidated affiliates | $ | 1,416 |  |  | $ | 6,556 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,972 |  |  | $ | — |  |  | $ | 1,760 |  |  | $ | — |  |  | $ | 9,733 |
Goodwill and intangibles | $ | 2,187 |  |  | $ | 754 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 2,945 |  |  | $ | 727 |  |  | $ | 1,341 |  |  | $ | — |  |  | $ | 5,013 |
Total assets | $ | 127,964 |  |  | $ | 24,867 |  |  | $ | 34,030 |  |  | $ | (55,045) |  |  | $ | 131,815 |  |  | $ | 6,049 |  |  | $ | 116,807 |  |  | $ | (1,154) |  |  | $ | 253,517 |
Depreciation and amortization | $ | 1,476 |  |  | $ | 131 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 1,613 |  |  | $ | 12 |  |  | $ | 1,218 |  |  | $ | — |  |  | $ | 2,844 |
Impairment charges | $ | 11 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11 |
Equity income (loss) | $ | (6) |  |  | $ | (89) |  |  | $ | — |  |  | $ | — |  |  | $ | (95) |  |  | $ | — |  |  | $ | 50 |  |  | $ | — |  |  | $ | (45) |
| At and For the Six Months Ended June 30, 2023
| GMNA |  | GMI |  | Corporate |  | Eliminations |  | Total Automotive |  | Cruise |  | GM Financial |  | Eliminations/Reclassifications |  | Total
Net sales and revenue | $ | 70,108 |  |  | $ | 7,682 |  |  | $ | 110 |  |  |  |  | $ | 77,900 |  |  | $ | 51 |  |  | $ | 6,841 |  |  | $ | (60) |  |  | $ | 84,732 |
Earnings (loss) before interest and taxes-adjusted | $ | 6,769 |  |  | $ | 583 |  |  | $ | (674) |  |  |  |  | $ | 6,678 |  |  | $ | (1,172) |  |  | $ | 1,537 |  |  | $ | (6) |  |  | $ | 7,037 |
Adjustments(a) | $ | (1,220) |  |  | $ | 76 |  |  | $ | — |  |  |  |  | $ | (1,144) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | (1,144) |
Automotive interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 479 |
Automotive interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (460) |
Net income (loss) attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (109) |
Income (loss) before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,803 |
Income tax benefit (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (950) |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,853 |
Net loss (income) attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 109 |
Net income (loss) attributable to stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,962 |
Depreciation and amortization | $ | 2,959 |  |  | $ | 266 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 3,235 |  |  | $ | 15 |  |  | $ | 2,496 |  |  | $ | — |  |  | $ | 5,746 |
Impairment charges | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity income (loss)(b) | $ | (15) |  |  | $ | 157 |  |  | $ | — |  |  | $ | — |  |  | $ | 142 |  |  | $ | — |  |  | $ | 78 |  |  | $ | — |  |  | $ | 220 |
__________ (a) Consists of charges for strategic activities related to Buick dealerships and charges related to the VSP in GMNA and the partial resolution of Korean subcontractor matters in GMI. (b) Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. In the six months ended June 30, 2023, equity earnings related to Ultium Cells Holdings LLC were insignificant.
| At and For the Six Months Ended June 30, 2022
| GMNA |  | GMI |  | Corporate |  | Eliminations |  | Total Automotive |  | Cruise |  | GM Financial |  | Eliminations/Reclassifications |  | Total
Net sales and revenue | $ | 58,216 |  |  | $ | 7,120 |  |  | $ | 100 |  |  | $ | — |  |  | $ | 65,437 |  |  | $ | 51 |  |  | $ | 6,302 |  |  | $ | (52) |  |  | $ | 71,738 |
Earnings (loss) before interest and taxes-adjusted | $ | 5,440 |  |  | $ | 537 |  |  | $ | (1,118) |  |  | $ | — |  |  | $ | 4,859 |  |  | $ | (868) |  |  | $ | 2,390 |  |  | $ | 6 |  |  | $ | 6,387 |
Adjustments(a) | $ | 100 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 100 |  |  | $ | (1,057) |  |  | $ | — |  |  | $ | — |  |  | (957) |
Automotive interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 123 |
Automotive interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (460) |
Net income (loss) attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (181) |
Income (loss) before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,912 |
Income tax benefit (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (462) |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,449 |
Net loss (income) attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 181 |
Net income (loss) attributable to stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,631 |
Depreciation and amortization | $ | 2,980 |  |  | $ | 265 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 3,256 |  |  | $ | 25 |  |  | $ | 2,454 |  |  | $ | — |  |  | $ | 5,735 |
Impairment charges | $ | 11 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11 |
Equity income (loss) | $ | — |  |  | $ | 143 |  |  | $ | — |  |  | $ | — |  |  | $ | 144 |  |  | $ | — |  |  | $ | 104 |  |  | $ | — |  |  | $ | 247 |
__________ (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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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