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Segment Reporting | 3 Months Ended
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Mar. 31, 2024
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, those vehicles attract customers to dealer showrooms and help maintain sales volumes for other, more profitable vehicles and contribute towards our commitment to an all-electric future and 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 revenues and expenses that are not part of a reportable segment 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 March 31, 2024
| GMNA |  | GMI |  | Corporate |  | Eliminations |  | Total Automotive |  | Cruise |  | GM Financial |  | Eliminations/Reclassifications |  | Total
Net sales and revenue | $ | 36,099 |  |  | $ | 3,082 |  |  | $ | 32 |  |  |  |  | $ | 39,212 |  |  | $ | 25 |  |  | $ | 3,811 |  |  | $ | (34) |  |  | $ | 43,014 |
Earnings (loss) before interest and taxes-adjusted | $ | 3,840 |  |  | $ | (10) |  |  | $ | (245) |  |  |  |  | $ | 3,585 |  |  | $ | (442) |  |  | $ | 737 |  |  | $ | (8) |  |  | $ | 3,871 |
Adjustments(a) | $ | (96) |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | (96) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | (96) |
Automotive interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 186 |
Automotive interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (219) |
Net income (loss) attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (27) |
Income (loss) before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,715 |
Income tax benefit (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (762) |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,953 |
Net loss (income) attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27 |
Net income (loss) attributable to stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,980 |
Equity in net assets of nonconsolidated affiliates | $ | 2,885 |  |  | $ | 6,184 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,069 |  |  | $ | — |  |  | $ | 1,670 |  |  | $ | — |  |  | $ | 10,740 |
Goodwill and intangibles | $ | 2,054 |  |  | $ | 701 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,755 |  |  | $ | 715 |  |  | $ | 1,353 |  |  | $ | — |  |  | $ | 4,823 |
Total assets | $ | 158,677 |  |  | $ | 25,777 |  |  | $ | 38,991 |  |  | $ | (79,334) |  |  | $ | 144,111 |  |  | $ | 3,977 |  |  | $ | 131,998 |  |  | $ | (3,496) |  |  | $ | 276,591 |
Depreciation and amortization | $ | 1,409 |  |  | $ | 125 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 1,540 |  |  | $ | 5 |  |  | $ | 1,253 |  |  | $ | — |  |  | $ | 2,798 |
Impairment charges | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity income (loss)(b) | $ | 127 |  |  | $ | (108) |  |  | $ | — |  |  | $ | — |  |  | $ | 19 |  |  | $ | — |  |  | $ | 32 |  |  | $ | — |  |  | $ | 50 |
__________ (a) Consists of charges for strategic activities related to Buick dealerships in GMNA. (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 March 31, 2024, equity earnings related to Ultium Cells Holdings LLC were $156 million.
| At and For the Three Months Ended March 31, 2023
| GMNA |  | GMI |  | Corporate |  | Eliminations |  | Total Automotive |  | Cruise |  | GM Financial |  | Eliminations/Reclassifications |  | Total
Net sales and revenue | $ | 32,889 |  |  | $ | 3,727 |  |  | $ | 31 |  |  |  |  | $ | 36,646 |  |  | $ | 25 |  |  | $ | 3,343 |  |  | $ | (29) |  |  | $ | 39,985 |
Earnings (loss) before interest and taxes-adjusted | $ | 3,576 |  |  | $ | 347 |  |  | $ | (327) |  |  |  |  | $ | 3,596 |  |  | $ | (561) |  |  | $ | 771 |  |  | $ | (3) |  |  | $ | 3,803 |
Adjustments(a) | $ | (974) |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | (974) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | (974) |
Automotive interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 229 |
Automotive interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (234) |
Net income (loss) attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (49) |
Income (loss) before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,775 |
Income tax benefit (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (428) |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,346 |
Net loss (income) attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 49 |
Net income (loss) attributable to stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,395 |
Equity in net assets of nonconsolidated affiliates | $ | 2,000 |  |  | $ | 6,817 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,818 |  |  | $ | — |  |  | $ | 1,725 |  |  | $ | — |  |  | $ | 10,542 |
Goodwill and intangibles | $ | 2,154 |  |  | $ | 732 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 2,890 |  |  | $ | 728 |  |  | $ | 1,350 |  |  | $ | — |  |  | $ | 4,968 |
Total assets | $ | 144,903 |  |  | $ | 24,992 |  |  | $ | 40,880 |  |  | $ | (69,676) |  |  | $ | 141,098 |  |  | $ | 5,217 |  |  | $ | 122,789 |  |  | $ | (2,099) |  |  | $ | 267,004 |
Depreciation and amortization | $ | 1,428 |  |  | $ | 122 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 1,555 |  |  | $ | 4 |  |  | $ | 1,251 |  |  | $ | — |  |  | $ | 2,810 |
Impairment charges | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Equity income (loss)(b) | $ | (46) |  |  | $ | 81 |  |  | $ | — |  |  | $ | — |  |  | $ | 34 |  |  | $ | — |  |  | $ | 41 |  |  | $ | — |  |  | $ | 75 |
__________ (a) Consists of charges for strategic activities related to Buick dealerships and charges related to the VSP in GMNA. (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 March 31, 2023, equity earnings related to Ultium Cells Holdings LLC were insignificant.

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