XML 33 R22.htm IDEA: XBRL DOCUMENT v3.23.3
Restructuring and Other Initiatives
 9 Months Ended
Sep. 30, 2023
Restructuring and Related Activities [Abstract]  
Restructuring and Other Initiatives Restructuring and Other Initiatives
We have executed various restructuring and other initiatives and we may execute additional initiatives in the future, if necessary, to streamline manufacturing capacity and reduce other costs to improve the utilization of remaining facilities. To the extent these programs involve voluntary separations, a liability is generally recorded at the time offers to employees are accepted. To the extent these programs provide separation benefits in accordance with pre-existing agreements, a liability is recorded once the amount is probable and reasonably estimable. If employees are involuntarily terminated, a liability is generally recorded at the communication date. Related charges are recorded in Automotive and other cost of sales and Automotive and other selling, general and administrative expense.

The following table summarizes the reserves and charges related to restructuring and other initiatives, including postemployment benefit reserves and charges:
Three Months EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Balance at beginning of period$1,151 $152 $520 $285 
Additions, interest accretion and other161 7 1,396 11 
Payments(661)(22)(1,266)(144)
Revisions to estimates and effect of foreign currency(2)(9)— (23)
Balance at end of period$650 $129 $650 $129 
In the three and nine months ended September 30, 2023, restructuring and other initiatives included strategic activities in GMNA related to Buick dealerships. We recorded charges of $93 million and $438 million in the three and nine months ended September 30, 2023, which are included in the table above, and incurred $461 million in net cash outflows resulting from these dealer restructurings in the nine months ended September 30, 2023, in addition to the charges of $511 million and net cash outflows of $120 million in the year ended December 31, 2022. The remaining $368 million is expected to be substantially paid by the end of 2023.

Additionally, on March 9, 2023, we announced a voluntary separation program (VSP) to accelerate attrition related to the cost reduction program announced in January 2023. We recorded charges in GMNA of $30 million and $905 million in the three and nine months ended September 30, 2023, primarily related to employee separation charges, which are reflected in the table above. We incurred $767 million of cash outflows resulting from the VSP in the nine months ended September 30, 2023. We expect remaining cash outflows related to these activities of approximately $138 million to be substantially complete by the end of 2023.