XML 34 R22.htm IDEA: XBRL DOCUMENT v3.24.3
Restructuring and Other Initiatives
 9 Months Ended
Sep. 30, 2024
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, 2024September 30, 2023September 30, 2024September 30, 2023
Balance at beginning of period$615 $1,151 $779 $520 
Additions, interest accretion and other369 161 781 1,396 
Payments(363)(661)(935)(1,266)
Revisions to estimates and effect of foreign currency(3)(2)(7)— 
Balance at end of period$617 $650 $617 $650 

In the three and nine months ended September 30, 2024, restructuring and other initiatives included strategic activities in GMNA related to Buick dealerships. We recorded charges of $150 million and $321 million in the three and nine months ended September 30, 2024, which are included in the table above, and incurred $376 million in net cash outflows resulting from these dealer restructurings in the nine months ended September 30, 2024. Cumulatively, we have incurred charges of approximately $1.4 billion and net cash outflows of $1.2 billion related to this initiative. The remaining $231 million is expected to be paid by the end of 2025.

In April 2024, we announced restructuring actions in GMI related to the closure of manufacturing operations in Colombia and Ecuador. In the three and nine months ended September 30, 2024, we recorded an insignificant amount and $166 million before noncontrolling interest primarily related to employee separations and supplier related charges of $91 million, which are included in the table above, and non-cash restructuring charges of $73 million primarily related to accelerated depreciation and amortization, which is not reflected in the table above. As of September 30, 2024, we have incurred $35 million of cash outflows resulting from these restructuring activities. We expect the remaining cash outflows related to these activities of $56 million to be substantially completed by the end of 2024.
In the three months ended September 30, 2024, we recorded restructuring charges of $190 million, primarily in GMNA, related to employee separations. As of September 30, 2024, we have incurred $74 million of cash outflows resulting from these restructuring actions. We expect the remaining cash outflows related to these activities of $116 million to be substantially completed by the end of 2025.

In October 2023, Cruise voluntarily paused all of its driverless, supervised and manual AV operations in the U.S. while it examined its processes, systems and tools. In conjunction with these actions, Cruise recorded charges before noncontrolling interest of $529 million in the year ended December 31, 2023, which included non-cash restructuring charges of $250 million. In June 2024, Cruise indefinitely delayed the Cruise Origin and recognized primarily non-cash charges before noncontrolling interest of $631 million. The non-cash restructuring charges are not reflected in the table above. Cumulatively, we have incurred $218 million of cash outflows resulting from these restructuring activities. We expect the remaining cash outflows related to these activities of approximately $112 million to be completed by the end of 2025.