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Stockholders' Equity and Noncontrolling Interests | 6 Months Ended
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Jun. 30, 2023
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, 2023 and December 31, 2022. We had 1.4 billion shares of common stock issued and outstanding at June 30, 2023 and December 31, 2022. Common Stock Holders of our common stock are entitled to dividends at the sole discretion of our Board of Directors. Our total dividends paid on common stock were $124 million and $250 million for the three and six months ended June 30, 2023. Dividends were not declared or paid on our common stock for the three and six months ended June 30, 2022. In August 2022, our Board of Directors increased the capacity under our previously announced common stock repurchase program to $5.0 billion from the $3.3 billion that remained under the program as of June 30, 2022. In the six months ended June 30, 2023, we purchased 24 million shares of our outstanding common stock for $869 million as part of the program. We did not purchase shares of our outstanding common stock in the six months ended June 30, 2022. Cruise Preferred Shares In March 2022, under the Share Purchase Agreement, we acquired SoftBank Vision Fund (AIV M2) L.P.'s (together with its affiliates, SoftBank) 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 During the three and six months ended June 30, 2023, GM Cruise Holdings LLC (Cruise Holdings) issued $79 million and $174 million of Class B Common Shares to net settle vested awards under Cruise's 2018 Employee Incentive Plan and issued $44 million and $100 million of Class B Common Shares to fund the payment of statutory tax withholding obligations resulting from the settlement or exercise of vested awards. Also, GM conducted quarterly tender offers and paid $61 million and $136 million in cash to purchase tendered Cruise Class B Common Shares during the three and six months ended June 30, 2023. 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 approximately $75 million and $60 million at June 30, 2023 and December 31, 2022. Refer to Note 18 for additional information on Cruise stock incentive awards. During the three months ended June 30, 2023 and 2022, the effect on the equity attributable to us for changes in our ownership interest in Cruise was insignificant. For the six months ended June 30, 2023 and 2022, net income attributable to shareholders and transfers to the noncontrolling interest in Cruise and other subsidiaries was $4.9 billion and $3.8 billion, which in 2022 included a $909 million decrease in retained earnings due to the redemption of Cruise preferred shares. The following table summarizes the significant components of Accumulated other comprehensive loss:
| Three Months Ended |  |  |  | Six Months Ended
| June 30, 2023 |  | June 30, 2022 |  |  |  | June 30, 2023 |  | June 30, 2022
Foreign Currency Translation Adjustments |  |  |  |  |  |  |  |  |
Balance at beginning of period | $ | (2,611) |  |  | $ | (2,256) |  |  |  |  | $ | (2,776) |  |  | $ | (2,653) |
Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b) | (82) |  |  | (301) |  |  |  |  | 83 |  |  | 96 |
Balance at end of period | $ | (2,693) |  |  | $ | (2,557) |  |  |  |  | $ | (2,693) |  |  | $ | (2,557) |
Defined Benefit Plans |  |  |  |  |  |  |  |  |
Balance at beginning of period | $ | (4,886) |  |  | $ | (6,425) |  |  |  |  | $ | (4,851) |  |  | $ | (6,528) |
Other comprehensive income (loss) before reclassification adjustment, net of tax(b) | (45) |  |  | 226 |  |  |  |  | (84) |  |  | 278 |
Reclassification adjustment, net of tax(b) | 2 |  |  | 49 |  |  |  |  | 6 |  |  | 100 |
Other comprehensive income (loss), net of tax(b) | (44) |  |  | 275 |  |  |  |  | (78) |  |  | 378 |
Balance at end of period(c) | $ | (4,930) |  |  | $ | (6,150) |  |  |  |  | $ | (4,930) |  |  | $ | (6,150) |
__________ (a)The noncontrolling interests and reclassification adjustments were insignificant in the three and six months ended June 30, 2023 and 2022. (b)The income tax effect was insignificant in the three and six months ended June 30, 2023 and 2022. (c)Primarily consists of unamortized actuarial loss on our defined benefit plans. Refer to Note 2. Significant Accounting Policies of our 2022 Form 10-K for additional information.

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