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Stockholders' Equity and Noncontrolling Interests
 12 Months Ended
Dec. 31, 2024
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 December 31, 2024 and 2023. We had 1.0 billion and 1.2 billion shares of common stock issued and outstanding at December 31, 2024 and 2023.
Common Stock Holders of our common stock are entitled to dividends at the sole discretion of our Board of Directors. Our dividends declared per common share were $0.48, $0.36 and $0.18 and our total dividends paid on common stock were $530 million, $477 million and $257 million for the years ended December 31, 2024, 2023 and 2022. Holders of common stock are entitled to one vote per share on all matters submitted to our stockholders for a vote. The liquidation rights of holders of our common stock are secondary to the payment or provision for payment of all our debts and liabilities and to holders of our preferred stock, if any such shares are then outstanding.

In November 2023, our Board of Directors increased the capacity under our share repurchase program by $10.0 billion to an aggregate of $11.4 billion and we entered into the ASR Agreements to repurchase an aggregate amount of $10.0 billion of our common stock under the authorized share repurchase program. In December 2023, we advanced the $10.0 billion and received approximately 215 million shares of our common stock with a value of $6.8 billion, which were immediately retired. In the year ended December 31, 2024, we received and retired approximately 29 million additional shares upon settlement of the transactions contemplated under the ASR Agreements. The final number of shares received was based on the average of the daily volume-weighted average prices of our common stock during the term of the ASR Agreements, less a discount pursuant to the terms and conditions of the ASR Agreements. Because of our ability to settle in shares, the $3.2 billion prepaid forward contract was classified as a reduction to Additional paid-in capital within the consolidated statement of equity at December 31, 2023. Upon settlement, the amount over par was allocated on a pro-rata basis, between Additional paid-in capital and Retained earnings.

In June 2024, our Board of Directors approved a new share repurchase authorization to repurchase up to an additional $6.0 billion of our outstanding common stock.

In the years ended December 31, 2024 and 2023, in addition to shares received under the ASR program, we purchased approximately 140 million and 30 million shares of our outstanding common stock for $7.1 billion and $1.1 billion. In the year ended December 31, 2022, we purchased approximately 64 million shares of our outstanding common stock for $2.5 billion. Shares are immediately retired upon purchase and the amount of the purchase price over par is allocated on a pro-rata basis, subject to the availability of paid-in capital calculated on a per-share basis, between Additional paid-in capital and Retained earnings.

Cruise Preferred Shares In March 2022, we acquired SoftBank Vision Fund (AIV M2) L.P.’s (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. In December 2024, we acquired Class F and Class G Preferred Shares from noncontrolling shareholders for an insignificant amount.

Cruise Common Shares During the years ended December 31, 2024, 2023 and 2022, Cruise Holdings issued an insignificant amount, $0.4 billion and $0.8 billion of Class B Common Shares to net settle vested awards under Cruise's 2018 Employee Incentive Plan and issued an insignificant amount, $0.2 billion and $0.5 billion of Class B Common Shares, primarily to us, to fund the payment of statutory tax withholding obligations resulting from the settlement or exercise of vested awards. GM conducted quarterly tender offers and paid approximately $0.2 billion, $0.3 billion and $0.6 billion in cash to purchase tendered Cruise Class B Common Shares during the years ended December 31, 2024, 2023 and 2022. The Class B Common Shares are classified as noncontrolling interests in our consolidated financial statements except for certain shares that are liability classified that have a recorded value of approximately $42 million at December 31, 2023. Refer to Note 22 for additional information on Cruise stock incentive awards. In December 2024, we acquired Class E Common Shares from a noncontrolling shareholder for an insignificant amount.

During the year ended December 31, 2024, the effect on the equity attributable to us for changes in our ownership interest in Cruise was a decrease in Additional paid-in capital of $0.9 billion and during the years ended December 31, 2023 and 2022 was insignificant. For the year ended December 31, 2024, net income attributable to shareholders and transfers to the noncontrolling interest in Cruise and other subsidiaries were $7.0 billion, which included a $1.0 billion increase in equity attributable to us, mainly due to the redemption of Cruise preferred shares. For the year ended December 31, 2023, net income attributable to shareholders and transfers to the noncontrolling interest in Cruise and other subsidiaries were $10.3 billion. For the year ended December 31, 2022, net income attributable to shareholders and transfers to the noncontrolling interest in Cruise and other subsidiaries were $9.2 billion, which included a $0.7 billion decrease in equity attributable to us, mainly due to the redemption of Cruise preferred shares.
The following table summarizes the significant components of Accumulated other comprehensive loss:
Years Ended December 31,
202420232022
Foreign Currency Translation Adjustments
Balance at beginning of period$(2,457)$(2,776)$(2,654)
Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b)(c)(1,173)319 (123)
Balance at end of period$(3,630)$(2,457)$(2,776)
Defined Benefit Plans
Balance at beginning of period$(7,665)$(4,851)$(6,528)
Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment(a)(207)(3,706)1,487 
Tax benefit (expense)(91)838 2 
Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment, net of tax(a)(298)(2,868)1,488 
Reclassification adjustment, net of tax(c)294 54 188 
Other comprehensive income (loss), net of tax(4)(2,814)1,677 
Balance at end of period(d)$(7,669)$(7,665)$(4,851)
__________
(a)    The noncontrolling interests were insignificant in the years ended December 31, 2024, 2023 and 2022.
(b)    The reclassification adjustment was insignificant in the years ended December 31, 2024, 2023 and 2022.
(c)    The income tax effect was insignificant in the years ended December 31, 2024, 2023 and 2022.
(d)    Primarily consists of unamortized actuarial loss on our defined benefit plans.