000146785812/312020Q3FALSE311us-gaap:AccountingStandardsUpdate201613Member00014678582020-01-012020-09-30xbrli:shares00014678582020-10-19iso4217:USD0001467858gm:AutomotiveMember2020-07-012020-09-300001467858gm:AutomotiveMember2019-07-012019-09-300001467858gm:AutomotiveMember2020-01-012020-09-300001467858gm:AutomotiveMember2019-01-012019-09-300001467858gm:GmFinancialMember2020-07-012020-09-300001467858gm:GmFinancialMember2019-07-012019-09-300001467858gm:GmFinancialMember2020-01-012020-09-300001467858gm:GmFinancialMember2019-01-012019-09-3000014678582020-07-012020-09-3000014678582019-07-012019-09-3000014678582019-01-012019-09-30iso4217:USDxbrli:shares00014678582020-09-3000014678582019-12-310001467858gm:GmFinancialMember2020-09-300001467858gm:GmFinancialMember2019-12-310001467858gm:AutomotiveMember2020-09-300001467858gm:AutomotiveMember2019-12-3100014678582018-12-3100014678582019-09-300001467858us-gaap:CommonStockMember2018-12-310001467858us-gaap:AdditionalPaidInCapitalMember2018-12-310001467858us-gaap:RetainedEarningsMember2018-12-310001467858us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001467858us-gaap:NoncontrollingInterestMember2018-12-310001467858us-gaap:RetainedEarningsMember2019-01-012019-03-310001467858us-gaap:NoncontrollingInterestMember2019-01-012019-03-3100014678582019-01-012019-03-310001467858us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-03-310001467858us-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-310001467858us-gaap:CommonStockMember2019-03-310001467858us-gaap:AdditionalPaidInCapitalMember2019-03-310001467858us-gaap:RetainedEarningsMember2019-03-310001467858us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310001467858us-gaap:NoncontrollingInterestMember2019-03-3100014678582019-03-310001467858us-gaap:RetainedEarningsMember2019-04-012019-06-300001467858us-gaap:NoncontrollingInterestMember2019-04-012019-06-3000014678582019-04-012019-06-300001467858us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300001467858us-gaap:NoncontrollingInterestMemberus-gaap:PreferredStockMember2019-04-012019-06-300001467858us-gaap:PreferredStockMember2019-04-012019-06-300001467858us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001467858us-gaap:CommonStockMember2019-06-300001467858us-gaap:AdditionalPaidInCapitalMember2019-06-300001467858us-gaap:RetainedEarningsMember2019-06-300001467858us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001467858us-gaap:NoncontrollingInterestMember2019-06-3000014678582019-06-300001467858us-gaap:RetainedEarningsMember2019-07-012019-09-300001467858us-gaap:NoncontrollingInterestMember2019-07-012019-09-300001467858us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-012019-09-300001467858us-gaap:NoncontrollingInterestMemberus-gaap:PreferredStockMember2019-07-012019-09-300001467858us-gaap:PreferredStockMember2019-07-012019-09-300001467858us-gaap:AdditionalPaidInCapitalMember2019-07-012019-09-300001467858us-gaap:CommonStockMember2019-09-300001467858us-gaap:AdditionalPaidInCapitalMember2019-09-300001467858us-gaap:RetainedEarningsMember2019-09-300001467858us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-300001467858us-gaap:NoncontrollingInterestMember2019-09-300001467858us-gaap:CommonStockMember2019-12-310001467858us-gaap:AdditionalPaidInCapitalMember2019-12-310001467858us-gaap:RetainedEarningsMember2019-12-310001467858us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001467858us-gaap:NoncontrollingInterestMember2019-12-310001467858us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001467858srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001467858us-gaap:RetainedEarningsMember2020-01-012020-03-310001467858us-gaap:NoncontrollingInterestMember2020-01-012020-03-3100014678582020-01-012020-03-310001467858us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001467858us-gaap:NoncontrollingInterestMemberus-gaap:PreferredStockMember2020-01-012020-03-310001467858us-gaap:PreferredStockMember2020-01-012020-03-310001467858us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001467858us-gaap:CommonStockMember2020-03-310001467858us-gaap:AdditionalPaidInCapitalMember2020-03-310001467858us-gaap:RetainedEarningsMember2020-03-310001467858us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001467858us-gaap:NoncontrollingInterestMember2020-03-3100014678582020-03-310001467858us-gaap:RetainedEarningsMember2020-04-012020-06-300001467858us-gaap:NoncontrollingInterestMember2020-04-012020-06-3000014678582020-04-012020-06-300001467858us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001467858us-gaap:NoncontrollingInterestMemberus-gaap:PreferredStockMember2020-04-012020-06-300001467858us-gaap:PreferredStockMember2020-04-012020-06-300001467858us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001467858us-gaap:CommonStockMember2020-06-300001467858us-gaap:AdditionalPaidInCapitalMember2020-06-300001467858us-gaap:RetainedEarningsMember2020-06-300001467858us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001467858us-gaap:NoncontrollingInterestMember2020-06-3000014678582020-06-300001467858us-gaap:RetainedEarningsMember2020-07-012020-09-300001467858us-gaap:NoncontrollingInterestMember2020-07-012020-09-300001467858us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001467858us-gaap:NoncontrollingInterestMemberus-gaap:PreferredStockMember2020-07-012020-09-300001467858us-gaap:PreferredStockMember2020-07-012020-09-300001467858us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001467858us-gaap:CommonStockMember2020-09-300001467858us-gaap:AdditionalPaidInCapitalMember2020-09-300001467858us-gaap:RetainedEarningsMember2020-09-300001467858us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001467858us-gaap:NoncontrollingInterestMember2020-09-300001467858us-gaap:RetainedEarningsMemberus-gaap:AccountingStandardsUpdate201613Membersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-01-010001467858us-gaap:RetainedEarningsMembergm:GmFinancialMemberus-gaap:AccountingStandardsUpdate201613Membersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-01-010001467858gm:FinancingReceivableAllowanceforCreditLossMembergm:GmFinancialMemberus-gaap:AccountingStandardsUpdate201613Membersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-01-010001467858gm:GmnaMembergm:AutomotiveMemberus-gaap:OperatingSegmentsMembergm:VehiclesandPartsMember2020-07-012020-09-300001467858gm:AutomotiveMembergm:GMIMemberus-gaap:OperatingSegmentsMembergm:VehiclesandPartsMember2020-07-012020-09-300001467858gm:AutomotiveMembergm:VehiclesandPartsMemberus-gaap:CorporateNonSegmentMember2020-07-012020-09-300001467858gm:AutomotiveMemberus-gaap:OperatingSegmentsMembergm:VehiclesandPartsMember2020-07-012020-09-300001467858gm:VehiclesandPartsMemberus-gaap:IntersegmentEliminationMember2020-07-012020-09-300001467858gm:VehiclesandPartsMember2020-07-012020-09-300001467858gm:GmnaMembergm:AutomotiveMemberus-gaap:OperatingSegmentsMembergm:UsedVehiclesMember2020-07-012020-09-300001467858gm:AutomotiveMembergm:GMIMemberus-gaap:OperatingSegmentsMembergm:UsedVehiclesMember2020-07-012020-09-300001467858gm:AutomotiveMembergm:UsedVehiclesMemberus-gaap:CorporateNonSegmentMember2020-07-012020-09-300001467858gm:AutomotiveMemberus-gaap:OperatingSegmentsMembergm:UsedVehiclesMember2020-07-012020-09-300001467858gm:UsedVehiclesMemberus-gaap:IntersegmentEliminationMember2020-07-012020-09-300001467858gm:UsedVehiclesMember2020-07-012020-09-300001467858gm:GmnaMembergm:AutomotiveMembergm:ServicesandOtherMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300001467858gm:AutomotiveMembergm:ServicesandOtherMembergm:GMIMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300001467858gm:AutomotiveMembergm:ServicesandOtherMemberus-gaap:CorporateNonSegmentMember2020-07-012020-09-300001467858gm:AutomotiveMembergm:ServicesandOtherMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300001467858gm:ServicesandOtherMemberus-gaap:OperatingSegmentsMembergm:CruiseMember2020-07-012020-09-300001467858gm:ServicesandOtherMemberus-gaap:IntersegmentEliminationMember2020-07-012020-09-300001467858gm:ServicesandOtherMember2020-07-012020-09-300001467858gm:GmnaMembergm:AutomotiveMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300001467858gm:AutomotiveMembergm:GMIMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300001467858gm:AutomotiveMemberus-gaap:CorporateNonSegmentMember2020-07-012020-09-300001467858gm:AutomotiveMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300001467858us-gaap:OperatingSegmentsMembergm:CruiseMember2020-07-012020-09-300001467858us-gaap:IntersegmentEliminationMember2020-07-012020-09-300001467858us-gaap:OperatingSegmentsMembergm:GMFinancialSegmentMember2020-07-012020-09-300001467858gm:GmnaMembergm:AutomotiveMemberus-gaap:OperatingSegmentsMembergm:VehiclesandPartsMember2019-07-012019-09-300001467858gm:AutomotiveMembergm:GMIMemberus-gaap:OperatingSegmentsMembergm:VehiclesandPartsMember2019-07-012019-09-300001467858gm:AutomotiveMembergm:VehiclesandPartsMemberus-gaap:CorporateNonSegmentMember2019-07-012019-09-300001467858gm:AutomotiveMemberus-gaap:OperatingSegmentsMembergm:VehiclesandPartsMember2019-07-012019-09-300001467858gm:VehiclesandPartsMemberus-gaap:IntersegmentEliminationMember2019-07-012019-09-300001467858gm:VehiclesandPartsMember2019-07-012019-09-300001467858gm:GmnaMembergm:AutomotiveMemberus-gaap:OperatingSegmentsMembergm:UsedVehiclesMember2019-07-012019-09-300001467858gm:AutomotiveMembergm:GMIMemberus-gaap:OperatingSegmentsMembergm:UsedVehiclesMember2019-07-012019-09-300001467858gm:AutomotiveMembergm:UsedVehiclesMemberus-gaap:CorporateNonSegmentMember2019-07-012019-09-300001467858gm:AutomotiveMemberus-gaap:OperatingSegmentsMembergm:UsedVehiclesMember2019-07-012019-09-300001467858gm:UsedVehiclesMemberus-gaap:IntersegmentEliminationMember2019-07-012019-09-300001467858gm:UsedVehiclesMember2019-07-012019-09-300001467858gm:GmnaMembergm:AutomotiveMembergm:ServicesandOtherMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300001467858gm:AutomotiveMembergm:ServicesandOtherMembergm:GMIMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300001467858gm:AutomotiveMembergm:ServicesandOtherMemberus-gaap:CorporateNonSegmentMember2019-07-012019-09-300001467858gm:AutomotiveMembergm:ServicesandOtherMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300001467858gm:ServicesandOtherMemberus-gaap:OperatingSegmentsMembergm:CruiseMember2019-07-012019-09-300001467858gm:ServicesandOtherMemberus-gaap:IntersegmentEliminationMember2019-07-012019-09-300001467858gm:ServicesandOtherMember2019-07-012019-09-300001467858gm:GmnaMembergm:AutomotiveMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300001467858gm:AutomotiveMembergm:GMIMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300001467858gm:AutomotiveMemberus-gaap:CorporateNonSegmentMember2019-07-012019-09-300001467858gm:AutomotiveMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300001467858us-gaap:OperatingSegmentsMembergm:CruiseMember2019-07-012019-09-300001467858us-gaap:IntersegmentEliminationMember2019-07-012019-09-300001467858us-gaap:OperatingSegmentsMembergm:GMFinancialSegmentMember2019-07-012019-09-300001467858gm:GmnaMembergm:AutomotiveMemberus-gaap:OperatingSegmentsMembergm:VehiclesandPartsMember2020-01-012020-09-300001467858gm:AutomotiveMembergm:GMIMemberus-gaap:OperatingSegmentsMembergm:VehiclesandPartsMember2020-01-012020-09-300001467858gm:AutomotiveMembergm:VehiclesandPartsMemberus-gaap:CorporateNonSegmentMember2020-01-012020-09-300001467858gm:AutomotiveMemberus-gaap:OperatingSegmentsMembergm:VehiclesandPartsMember2020-01-012020-09-300001467858gm:VehiclesandPartsMemberus-gaap:IntersegmentEliminationMember2020-01-012020-09-300001467858gm:VehiclesandPartsMember2020-01-012020-09-300001467858gm:GmnaMembergm:AutomotiveMemberus-gaap:OperatingSegmentsMembergm:UsedVehiclesMember2020-01-012020-09-300001467858gm:AutomotiveMembergm:GMIMemberus-gaap:OperatingSegmentsMembergm:UsedVehiclesMember2020-01-012020-09-300001467858gm:AutomotiveMembergm:UsedVehiclesMemberus-gaap:CorporateNonSegmentMember2020-01-012020-09-300001467858gm:AutomotiveMemberus-gaap:OperatingSegmentsMembergm:UsedVehiclesMember2020-01-012020-09-300001467858gm:UsedVehiclesMemberus-gaap:IntersegmentEliminationMember2020-01-012020-09-300001467858gm:UsedVehiclesMember2020-01-012020-09-300001467858gm:GmnaMembergm:AutomotiveMembergm:ServicesandOtherMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300001467858gm:AutomotiveMembergm:ServicesandOtherMembergm:GMIMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300001467858gm:AutomotiveMembergm:ServicesandOtherMemberus-gaap:CorporateNonSegmentMember2020-01-012020-09-300001467858gm:AutomotiveMembergm:ServicesandOtherMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300001467858gm:ServicesandOtherMemberus-gaap:OperatingSegmentsMembergm:CruiseMember2020-01-012020-09-300001467858gm:ServicesandOtherMemberus-gaap:IntersegmentEliminationMember2020-01-012020-09-300001467858gm:ServicesandOtherMember2020-01-012020-09-300001467858gm:GmnaMembergm:AutomotiveMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300001467858gm:AutomotiveMembergm:GMIMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300001467858gm:AutomotiveMemberus-gaap:CorporateNonSegmentMember2020-01-012020-09-300001467858gm:AutomotiveMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300001467858us-gaap:OperatingSegmentsMembergm:CruiseMember2020-01-012020-09-300001467858us-gaap:IntersegmentEliminationMember2020-01-012020-09-300001467858us-gaap:OperatingSegmentsMembergm:GMFinancialSegmentMember2020-01-012020-09-300001467858gm:GmnaMembergm:AutomotiveMemberus-gaap:OperatingSegmentsMembergm:VehiclesandPartsMember2019-01-012019-09-300001467858gm:AutomotiveMembergm:GMIMemberus-gaap:OperatingSegmentsMembergm:VehiclesandPartsMember2019-01-012019-09-300001467858gm:AutomotiveMembergm:VehiclesandPartsMemberus-gaap:CorporateNonSegmentMember2019-01-012019-09-300001467858gm:AutomotiveMemberus-gaap:OperatingSegmentsMembergm:VehiclesandPartsMember2019-01-012019-09-300001467858gm:VehiclesandPartsMemberus-gaap:IntersegmentEliminationMember2019-01-012019-09-300001467858gm:VehiclesandPartsMember2019-01-012019-09-300001467858gm:GmnaMembergm:AutomotiveMemberus-gaap:OperatingSegmentsMembergm:UsedVehiclesMember2019-01-012019-09-300001467858gm:AutomotiveMembergm:GMIMemberus-gaap:OperatingSegmentsMembergm:UsedVehiclesMember2019-01-012019-09-300001467858gm:AutomotiveMembergm:UsedVehiclesMemberus-gaap:CorporateNonSegmentMember2019-01-012019-09-300001467858gm:AutomotiveMemberus-gaap:OperatingSegmentsMembergm:UsedVehiclesMember2019-01-012019-09-300001467858gm:UsedVehiclesMemberus-gaap:IntersegmentEliminationMember2019-01-012019-09-300001467858gm:UsedVehiclesMember2019-01-012019-09-300001467858gm:GmnaMembergm:AutomotiveMembergm:ServicesandOtherMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300001467858gm:AutomotiveMembergm:ServicesandOtherMembergm:GMIMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300001467858gm:AutomotiveMembergm:ServicesandOtherMemberus-gaap:CorporateNonSegmentMember2019-01-012019-09-300001467858gm:AutomotiveMembergm:ServicesandOtherMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300001467858gm:ServicesandOtherMemberus-gaap:OperatingSegmentsMembergm:CruiseMember2019-01-012019-09-300001467858gm:ServicesandOtherMemberus-gaap:IntersegmentEliminationMember2019-01-012019-09-300001467858gm:ServicesandOtherMember2019-01-012019-09-300001467858gm:GmnaMembergm:AutomotiveMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300001467858gm:AutomotiveMembergm:GMIMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300001467858gm:AutomotiveMemberus-gaap:CorporateNonSegmentMember2019-01-012019-09-300001467858gm:AutomotiveMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300001467858us-gaap:OperatingSegmentsMembergm:CruiseMember2019-01-012019-09-300001467858us-gaap:IntersegmentEliminationMember2019-01-012019-09-300001467858us-gaap:OperatingSegmentsMembergm:GMFinancialSegmentMember2019-01-012019-09-3000014678582020-10-012020-09-3000014678582021-01-012020-09-3000014678582022-01-012020-09-3000014678582023-01-012020-09-300001467858gm:CashAndCashEquivalentsLineItemMember2020-09-300001467858gm:CashAndCashEquivalentsLineItemMember2019-12-310001467858us-gaap:USTreasuryAndGovernmentMembergm:CashAndCashEquivalentsLineItemMemberus-gaap:FairValueInputsLevel2Member2020-09-300001467858us-gaap:USTreasuryAndGovernmentMembergm:CashAndCashEquivalentsLineItemMemberus-gaap:FairValueInputsLevel2Member2019-12-310001467858gm:CashAndCashEquivalentsLineItemMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2020-09-300001467858gm:CashAndCashEquivalentsLineItemMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2019-12-310001467858gm:CashAndCashEquivalentsLineItemMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2020-09-300001467858gm:CashAndCashEquivalentsLineItemMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2019-12-310001467858gm:CashAndCashEquivalentsLineItemMemberus-gaap:FairValueInputsLevel1Member2020-09-300001467858gm:CashAndCashEquivalentsLineItemMemberus-gaap:FairValueInputsLevel1Member2019-12-310001467858us-gaap:USTreasuryAndGovernmentMembergm:DebtSecuritiesAvailableforsaleCurrentMemberus-gaap:FairValueInputsLevel2Member2020-09-300001467858us-gaap:USTreasuryAndGovernmentMembergm:DebtSecuritiesAvailableforsaleCurrentMemberus-gaap:FairValueInputsLevel2Member2019-12-310001467858gm:DebtSecuritiesAvailableforsaleCurrentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2020-09-300001467858gm:DebtSecuritiesAvailableforsaleCurrentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2019-12-310001467858us-gaap:AssetBackedSecuritiesMembergm:DebtSecuritiesAvailableforsaleCurrentMemberus-gaap:FairValueInputsLevel2Member2020-09-300001467858us-gaap:AssetBackedSecuritiesMembergm:DebtSecuritiesAvailableforsaleCurrentMemberus-gaap:FairValueInputsLevel2Member2019-12-310001467858gm:DebtSecuritiesAvailableforsaleCurrentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2020-09-300001467858gm:DebtSecuritiesAvailableforsaleCurrentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2019-12-310001467858gm:DebtSecuritiesAvailableforsaleCurrentMember2020-09-300001467858gm:DebtSecuritiesAvailableforsaleCurrentMember2019-12-310001467858us-gaap:FairValueInputsLevel1Memberus-gaap:OtherCurrentAssetsMember2020-09-300001467858us-gaap:FairValueInputsLevel1Memberus-gaap:OtherCurrentAssetsMember2019-12-310001467858gm:GMKoreaMember2019-12-310001467858gm:GMKoreaMember2020-09-300001467858gm:CruiseMember2020-09-300001467858gm:CruiseMember2019-12-310001467858gm:DebtSecuritiesAvailableforsaleCurrentMembergm:CruiseMember2020-09-300001467858gm:DebtSecuritiesAvailableforsaleCurrentMembergm:CruiseMember2019-12-310001467858gm:InterestIncomeandOtherNonOperatingIncomeMemberus-gaap:OtherCurrentAssetsMembergm:LyftInc.Member2019-07-012019-09-300001467858gm:InterestIncomeandOtherNonOperatingIncomeMemberus-gaap:OtherCurrentAssetsMembergm:LyftInc.Member2019-01-012019-09-300001467858us-gaap:ConsumerPortfolioSegmentMembergm:GmFinancialMember2020-09-300001467858gm:GmFinancialMemberus-gaap:CommercialPortfolioSegmentMember2020-09-300001467858us-gaap:ConsumerPortfolioSegmentMembergm:GmFinancialMember2019-12-310001467858gm:GmFinancialMemberus-gaap:CommercialPortfolioSegmentMember2019-12-310001467858gm:GmFinancialMemberus-gaap:FairValueInputsLevel2Member2020-09-300001467858gm:GmFinancialMemberus-gaap:FairValueInputsLevel2Member2019-12-310001467858gm:GmFinancialMemberus-gaap:FairValueInputsLevel3Member2020-09-300001467858gm:GmFinancialMemberus-gaap:FairValueInputsLevel3Member2019-12-310001467858gm:GmFinancialMember2020-06-300001467858gm:GmFinancialMember2019-06-300001467858gm:GmFinancialMember2018-12-3100014678582019-01-012019-12-310001467858gm:GmFinancialMemberus-gaap:AccountingStandardsUpdate201613Membersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001467858gm:GmFinancialMember2019-09-300001467858us-gaap:ConsumerPortfolioSegmentMembergm:GmFinancialMember2020-01-012020-09-300001467858us-gaap:ConsumerPortfolioSegmentMembergm:GmFinancialMembergm:FICOScoreGreaterthan680Member2020-09-30xbrli:pure0001467858us-gaap:ConsumerPortfolioSegmentMembergm:GmFinancialMembergm:FICOScoreGreaterthan680Member2019-12-310001467858us-gaap:ConsumerPortfolioSegmentMembergm:GmFinancialMembergm:FICOScore620to679Member2020-09-300001467858us-gaap:ConsumerPortfolioSegmentMembergm:GmFinancialMembergm:FICOScore620to679Member2019-12-310001467858us-gaap:ConsumerPortfolioSegmentMembergm:GmFinancialMembergm:FICOScoreLessthan620Member2020-09-300001467858us-gaap:ConsumerPortfolioSegmentMembergm:GmFinancialMembergm:FICOScoreLessthan620Member2019-12-310001467858us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMembergm:NotPastDueMembergm:GmFinancialMember2020-09-300001467858us-gaap:ConsumerPortfolioSegmentMembergm:GmFinancialMembergm:FinancingReceivables31to60DaysPastDueMemberus-gaap:NonperformingFinancingReceivableMember2020-09-300001467858us-gaap:ConsumerPortfolioSegmentMembergm:GmFinancialMembergm:FinancingReceivables31to60DaysPastDueMember2019-09-300001467858us-gaap:ConsumerPortfolioSegmentMembergm:FinancingReceivablesGreaterthan60DaysPastDueMembergm:GmFinancialMemberus-gaap:NonperformingFinancingReceivableMember2020-09-300001467858us-gaap:ConsumerPortfolioSegmentMembergm:FinancingReceivablesGreaterthan60DaysPastDueMembergm:GmFinancialMember2019-09-300001467858us-gaap:ConsumerPortfolioSegmentMembergm:FinancingReceivablesGreaterthan30DaysPastDueMembergm:GmFinancialMemberus-gaap:NonperformingFinancingReceivableMember2020-09-300001467858us-gaap:ConsumerPortfolioSegmentMembergm:FinancingReceivablesGreaterthan30DaysPastDueMembergm:GmFinancialMember2019-09-300001467858us-gaap:ConsumerPortfolioSegmentMembergm:GmFinancialMembergm:FinancingReceivablesInRepossessionMemberus-gaap:NonperformingFinancingReceivableMember2020-09-300001467858us-gaap:ConsumerPortfolioSegmentMembergm:GmFinancialMembergm:FinancingReceivablesInRepossessionMember2019-09-300001467858us-gaap:ConsumerPortfolioSegmentMembergm:GmFinancialMemberus-gaap:NonperformingFinancingReceivableMember2020-09-300001467858us-gaap:ConsumerPortfolioSegmentMembergm:GmFinancialMember2019-09-300001467858us-gaap:ConsumerPortfolioSegmentMember2020-09-300001467858gm:GmFinancialMemberus-gaap:CommercialPortfolioSegmentMember2020-01-012020-09-300001467858gm:GmFinancialMemberus-gaap:InternalInvestmentGradeMemberus-gaap:CommercialPortfolioSegmentMember2020-09-300001467858gm:GmFinancialMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-09-300001467858gm:GmFinancialMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2020-09-300001467858gm:GmFinancialMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SubprimeMember2020-09-300001467858gm:FloorplanAdvancesMemberus-gaap:CommercialPortfolioSegmentMember2020-09-300001467858gm:GmFinancialMemberus-gaap:IntersegmentEliminationMemberus-gaap:CommercialPortfolioSegmentMember2020-09-300001467858gm:GmFinancialMemberus-gaap:IntersegmentEliminationMemberus-gaap:CommercialPortfolioSegmentMember2019-12-310001467858gm:GmFinancialMemberus-gaap:IntersegmentEliminationMember2020-09-300001467858gm:GmFinancialMemberus-gaap:IntersegmentEliminationMember2019-12-310001467858gm:GmFinancialMemberus-gaap:IntersegmentEliminationMember2020-07-012020-09-300001467858gm:GmFinancialMemberus-gaap:IntersegmentEliminationMember2019-07-012019-09-300001467858gm:GmFinancialMemberus-gaap:IntersegmentEliminationMember2020-01-012020-09-300001467858gm:GmFinancialMemberus-gaap:IntersegmentEliminationMember2019-01-012019-09-300001467858us-gaap:VehiclesMember2020-01-012020-09-300001467858us-gaap:VehiclesMember2020-09-300001467858us-gaap:VehiclesMember2019-12-310001467858us-gaap:VehiclesMember2020-07-012020-09-300001467858us-gaap:VehiclesMember2019-07-012019-09-300001467858us-gaap:VehiclesMember2019-01-012019-09-300001467858gm:GmFinancialMemberus-gaap:VehiclesMember2020-01-012020-09-300001467858gm:GmFinancialMemberus-gaap:VehiclesMember2020-09-300001467858gm:AutomotiveChinaJointVenturesMember2020-07-012020-09-300001467858gm:AutomotiveChinaJointVenturesMember2019-07-012019-09-300001467858gm:AutomotiveChinaJointVenturesMember2020-01-012020-09-300001467858gm:AutomotiveChinaJointVenturesMember2019-01-012019-09-300001467858gm:OtherjointventuresMember2020-07-012020-09-300001467858gm:OtherjointventuresMember2019-07-012019-09-300001467858gm:OtherjointventuresMember2020-01-012020-09-300001467858gm:OtherjointventuresMember2019-01-012019-09-300001467858us-gaap:EquityMethodInvesteeMember2020-09-300001467858us-gaap:EquityMethodInvesteeMember2019-12-310001467858gm:NorthAmericaReportingUnitMembergm:GMFinancialSegmentMember2020-09-300001467858us-gaap:VariableInterestEntityPrimaryBeneficiaryMembergm:GmFinancialMember2020-01-012020-09-300001467858us-gaap:VariableInterestEntityPrimaryBeneficiaryMembergm:GmFinancialMember2020-09-300001467858us-gaap:VariableInterestEntityPrimaryBeneficiaryMembergm:GmFinancialMember2019-12-310001467858us-gaap:VariableInterestEntityPrimaryBeneficiaryMembergm:GmFinancialMemberus-gaap:EquipmentLeasedToOtherPartyMember2020-09-300001467858us-gaap:VariableInterestEntityPrimaryBeneficiaryMembergm:GmFinancialMemberus-gaap:EquipmentLeasedToOtherPartyMember2019-12-310001467858gm:AutomotiveMemberus-gaap:SecuredDebtMember2020-09-300001467858gm:AutomotiveMemberus-gaap:SecuredDebtMember2019-12-310001467858gm:AutomotiveMemberus-gaap:UnsecuredDebtMember2020-09-300001467858gm:AutomotiveMemberus-gaap:UnsecuredDebtMember2019-12-310001467858gm:AutomotiveMemberus-gaap:FairValueInputsLevel1Member2020-09-300001467858gm:AutomotiveMemberus-gaap:FairValueInputsLevel1Member2019-12-310001467858gm:AutomotiveMemberus-gaap:FairValueInputsLevel2Member2020-09-300001467858gm:AutomotiveMemberus-gaap:FairValueInputsLevel2Member2019-12-310001467858us-gaap:LineOfCreditMembergm:GmFinancialMembergm:TwoBillionDollarRevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember2020-01-012020-09-300001467858us-gaap:LineOfCreditMembergm:GmFinancialMembergm:TwoBillionDollarRevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember2020-09-300001467858gm:ThreeYearRevolvingCreditFacilityApril2021Memberus-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMember2020-03-012020-03-310001467858gm:ThreeYearRevolvingCreditFacilityApril2021Memberus-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMember2020-01-012020-09-300001467858gm:ThreeYearRevolvingCreditFacilityApril2021Memberus-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMember2020-09-300001467858us-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMember2020-03-012020-03-310001467858us-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMember2020-04-012020-04-300001467858us-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMember2020-04-300001467858us-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMember2020-05-310001467858us-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMember2020-05-012020-05-310001467858us-gaap:LineOfCreditMembergm:FiveYearRevolvingCreditFacilityDue2023Memberus-gaap:UnsecuredDebtMember2020-03-012020-03-310001467858us-gaap:LineOfCreditMembergm:FiveYearRevolvingCreditFacilityDue2023Memberus-gaap:UnsecuredDebtMember2020-01-012020-09-300001467858us-gaap:LineOfCreditMembergm:FiveYearRevolvingCreditFacilityDue2023Memberus-gaap:UnsecuredDebtMember2020-09-300001467858gm:ThreeYearRevolvingCreditFacilityApril2021Memberus-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMember2020-09-012020-09-300001467858us-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMember2020-09-012020-09-300001467858us-gaap:LineOfCreditMembergm:FiveYearRevolvingCreditFacilityDue2023Memberus-gaap:SubsequentEventMemberus-gaap:UnsecuredDebtMember2020-10-012020-10-310001467858us-gaap:LineOfCreditMembergm:FiveYearRevolvingCreditFacilityDue2023Memberus-gaap:SubsequentEventMemberus-gaap:UnsecuredDebtMember2020-10-310001467858us-gaap:LineOfCreditMembergm:GmFinancialMembergm:TwoBillionDollarRevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember2020-04-012020-04-300001467858us-gaap:LineOfCreditMembergm:GmFinancialMembergm:TwoBillionDollarRevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember2020-04-300001467858us-gaap:LineOfCreditMembergm:ThreeYearRevolvingCreditFacilityApril2022Memberus-gaap:UnsecuredDebtMember2020-04-300001467858gm:ThreeYearRevolvingCreditFacilityApril2021Memberus-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMember2020-04-012020-04-300001467858gm:ThreeYearRevolvingCreditFacilityApril2021Memberus-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMember2020-04-300001467858us-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMember2020-09-300001467858us-gaap:UnsecuredDebtMemberus-gaap:SeniorNotesMember2020-05-310001467858us-gaap:LineOfCreditMembergm:GmFinancialMembergm:TwoBillionDollarRevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember2020-05-012020-05-310001467858us-gaap:LineOfCreditMembergm:GmFinancialMembergm:TwoBillionDollarRevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember2020-05-310001467858gm:FloatingRateNotesMemberus-gaap:UnsecuredDebtMemberus-gaap:SeniorNotesMember2020-08-012020-08-310001467858gm:GmFinancialMemberus-gaap:SecuredDebtMember2020-09-300001467858gm:GmFinancialMemberus-gaap:SecuredDebtMember2019-12-310001467858gm:GmFinancialMemberus-gaap:UnsecuredDebtMember2020-09-300001467858gm:GmFinancialMemberus-gaap:UnsecuredDebtMember2019-12-310001467858gm:GmFinancialMemberus-gaap:SecuredDebtMemberus-gaap:NotesPayableOtherPayablesMembergm:SecuritizationNotesPayableMember2020-09-300001467858us-gaap:LineOfCreditMembergm:GmFinancialMember2020-09-300001467858gm:GmFinancialMemberus-gaap:UnsecuredDebtMemberus-gaap:SeniorNotesMember2020-09-300001467858us-gaap:RevolvingCreditFacilityMembersrt:MaximumMembergm:GmFinancialMemberus-gaap:UnsecuredDebtMember2020-01-012020-09-300001467858us-gaap:RevolvingCreditFacilityMembergm:GmFinancialMemberus-gaap:UnsecuredDebtMember2020-09-300001467858gm:AutomotiveMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2020-09-300001467858gm:AutomotiveMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2019-12-310001467858gm:AutomotiveMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2020-09-300001467858gm:AutomotiveMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2019-12-310001467858gm:AutomotiveMembergm:WarrantsExercisableIntoFixedNumberOfPubliclyTradedSharesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMember2020-09-300001467858gm:AutomotiveMembergm:WarrantsExercisableIntoFixedNumberOfPubliclyTradedSharesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMember2019-12-310001467858gm:AutomotiveMemberus-gaap:NondesignatedMember2020-09-300001467858gm:AutomotiveMemberus-gaap:NondesignatedMember2019-12-310001467858gm:AutomotiveMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMembergm:PSAGroupMember2020-09-300001467858gm:AutomotiveMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMembergm:PSAGroupMember2019-12-310001467858gm:AutomotiveMemberus-gaap:NonoperatingIncomeExpenseMemberus-gaap:NondesignatedMembergm:PSAGroupMember2020-07-012020-09-300001467858gm:AutomotiveMemberus-gaap:NonoperatingIncomeExpenseMemberus-gaap:NondesignatedMembergm:PSAGroupMember2019-07-012019-09-300001467858gm:AutomotiveMemberus-gaap:NonoperatingIncomeExpenseMemberus-gaap:NondesignatedMembergm:PSAGroupMember2020-01-012020-09-300001467858gm:AutomotiveMemberus-gaap:NonoperatingIncomeExpenseMemberus-gaap:NondesignatedMembergm:PSAGroupMember2019-01-012019-09-300001467858us-gaap:InterestRateSwapMembergm:GmFinancialMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-09-300001467858us-gaap:InterestRateSwapMembergm:GmFinancialMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310001467858gm:ForeignCurrencySwapsMembergm:GmFinancialMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-09-300001467858gm:ForeignCurrencySwapsMembergm:GmFinancialMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310001467858us-gaap:InterestRateSwapMembergm:GmFinancialMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-09-300001467858us-gaap:InterestRateSwapMembergm:GmFinancialMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310001467858gm:ForeignCurrencySwapsMembergm:GmFinancialMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-09-300001467858gm:ForeignCurrencySwapsMembergm:GmFinancialMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310001467858gm:GmFinancialMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2020-09-300001467858gm:GmFinancialMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2019-12-310001467858gm:GmFinancialMemberus-gaap:LongTermDebtMemberus-gaap:FairValueHedgingMember2020-09-300001467858gm:GmFinancialMemberus-gaap:LongTermDebtMemberus-gaap:FairValueHedgingMember2019-12-310001467858us-gaap:PensionPlansDefinedBenefitMembercountry:US2020-07-012020-09-300001467858us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-07-012020-09-300001467858us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-07-012020-09-300001467858us-gaap:PensionPlansDefinedBenefitMembercountry:US2019-07-012019-09-300001467858us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2019-07-012019-09-300001467858us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-07-012019-09-300001467858us-gaap:PensionPlansDefinedBenefitMembercountry:US2020-01-012020-09-300001467858us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-01-012020-09-300001467858us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-09-300001467858us-gaap:PensionPlansDefinedBenefitMembercountry:US2019-01-012019-09-300001467858us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2019-01-012019-09-300001467858us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-01-012019-09-30gm:action0001467858gm:IgnitionSwitchRecallLitigationsEconomicDamageMember2020-09-30gm:state0001467858gm:GrantedMotiontoDismissMembergm:IgnitionSwitchRecallLitigations2009SalesOrderMember2017-08-310001467858gm:IgnitionSwitchRecallLitigations2009SalesOrderMember2017-08-310001467858gm:IgnitionSwitchRecallLitigations2009SalesOrderMemberus-gaap:PendingLitigationMember2017-08-310001467858gm:IgnitionSwitchRecallLitigations2009SalesOrderMemberus-gaap:PendingLitigationMember2018-04-30gm:jurisdiction0001467858gm:GrantedMotiontoDismissMembergm:IgnitionSwitchRecallLitigationsLostPersonalTimeandCertainUnjustEnrichmentClaimsMember2018-09-012018-09-300001467858gm:IgnitionSwitchRecallLitigationsLostPersonalTimeandCertainUnjustEnrichmentClaimsMember2018-09-012018-09-300001467858gm:IgnitionSwitchRecallLitigationsEconomicDamageMemberus-gaap:PendingLitigationMember2018-09-012018-09-30gm:recall0001467858gm:IgnitionSwitchRecallLitigationsEconomicDamageMembergm:ProposedSettlementMember2020-03-012020-09-300001467858gm:IgnitionSwitchRecallLitigationsEconomicDamageMembergm:ProposedSettlementMembersrt:ParentCompanyMember2020-03-012020-09-300001467858gm:IgnitionSwitchRecallLitigationsEconomicDamageMembergm:ProposedSettlementMembergm:MLCGUCTrustMember2020-03-012020-09-300001467858srt:MaximumMembergm:IgnitionSwitchRecallLitigationsEconomicDamageMembergm:ProposedSettlementMember2020-03-012020-09-300001467858gm:IgnitionSwitchRecallLitigationsContingentlyIssuableSharesMembergm:AmendedandRestatedMasterSaleandPurchaseAgreementMember2020-09-300001467858gm:ProposedSettlementMembergm:MLCGUCTrustMembergm:IgnitionSwitchRecallLitigationsContingentlyIssuableSharesMember2020-09-30gm:employee0001467858gm:KoreaWageLitigationHourlyMember2020-01-012020-09-300001467858gm:KoreaWageLitigationSalariedMember2020-09-300001467858gm:KoreaWageLitigationFormerSubcontractWorkersMember2020-09-30gm:case0001467858country:BRus-gaap:ForeignCountryMember2019-01-012019-12-310001467858country:BRgm:GMBrazilIndirectTaxClaimMember2019-07-012019-09-300001467858country:BRus-gaap:ForeignCountryMember2019-01-012019-09-300001467858gm:IndirectTaxMattersMember2020-09-300001467858gm:TakataDIRMember2020-09-300001467858srt:AffiliatedEntityMembergm:PSAGroupMember2020-07-012020-09-300001467858srt:AffiliatedEntityMembergm:PSAGroupMember2019-07-012019-09-300001467858srt:AffiliatedEntityMembergm:PSAGroupMember2020-01-012020-09-300001467858srt:AffiliatedEntityMembergm:PSAGroupMember2019-01-012019-09-300001467858gm:AccruedLiabilitiesCurrentandOtherLiabilitiesNoncurrentMember2020-09-300001467858gm:AccruedLiabilitiesCurrentandOtherLiabilitiesNoncurrentMember2019-12-310001467858gm:GMIMembergm:SupplierClaimsMembergm:AustraliaNewZealandandThailandMember2020-07-012020-09-300001467858gm:GMIMembergm:AustraliaNewZealandandThailandMember2020-01-012020-09-300001467858gm:GMIMembergm:AssetImpairmentsSalesAllowancesInventoryProvisionsAndOtherChargesMembergm:AustraliaNewZealandandThailandMember2020-01-012020-09-300001467858gm:DealerRestructuringAndEmployeeSeparationPaymentsMembergm:GMIMembergm:AustraliaNewZealandandThailandMember2020-01-012020-09-300001467858gm:AustraliaandNewZealandMembergm:GMIMember2020-01-012020-09-300001467858gm:GMIMembersrt:ScenarioForecastMembergm:AustraliaNewZealandandThailandMember2020-10-012020-12-310001467858gm:GMIMembercountry:THsrt:ScenarioForecastMember2020-10-012020-12-310001467858gm:GmnaMembergm:UnallocationofProductstoCertainManufacturingFacilitiesAndOtherEmployeeSeparationProgramsMember2019-07-012019-09-300001467858gm:GmnaMembergm:PensionCurtailmentAndOtherChargesMember2019-07-012019-09-300001467858gm:GmnaMembergm:SupplierRelatedChargesMember2019-07-012019-09-300001467858gm:GmnaMembergm:UnallocationofProductstoCertainManufacturingFacilitiesAndOtherEmployeeSeparationProgramsMember2019-01-012019-09-300001467858gm:GmnaMembergm:NonCashAcceleratedDepreciationPensionCurtailmentAndOtherChargesMember2019-01-012019-09-300001467858gm:GmnaMembergm:SupplierRelatedChargesMember2019-01-012019-09-300001467858gm:GmnaMembergm:UnallocationofProductstoCertainManufacturingFacilitiesAndOtherEmployeeSeparationProgramsMember2019-12-310001467858gm:GmnaMembergm:EmployeeSeveranceandStatutoryPensionPaymentsMember2020-01-012020-09-300001467858gm:GmnaMembergm:EmployeeSeveranceandStatutoryPensionPaymentsMember2019-01-012019-09-300001467858gm:GmnaMembergm:EmployeeSeveranceAndSupplierRelatedPaymentsMember2019-01-012020-09-300001467858gm:GmnaMembergm:UnallocationofProductstoCertainManufacturingFacilitiesAndOtherEmployeeSeparationProgramsMembersrt:ScenarioForecastMember2020-10-012020-12-310001467858us-gaap:SeriesCPreferredStockMember2020-09-012020-09-300001467858us-gaap:SeriesCPreferredStockMember2020-09-300001467858gm:GMCruiseHoldingsLLCMemberus-gaap:SeriesFPreferredStockMember2019-05-012019-05-310001467858us-gaap:AccumulatedTranslationAdjustmentMember2020-06-300001467858us-gaap:AccumulatedTranslationAdjustmentMember2019-06-300001467858us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310001467858us-gaap:AccumulatedTranslationAdjustmentMember2018-12-310001467858us-gaap:AccumulatedTranslationAdjustmentMember2020-07-012020-09-300001467858us-gaap:AccumulatedTranslationAdjustmentMember2019-07-012019-09-300001467858us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-09-300001467858us-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-09-300001467858us-gaap:AccumulatedTranslationAdjustmentMember2020-09-300001467858us-gaap:AccumulatedTranslationAdjustmentMember2019-09-300001467858us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-300001467858us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-06-300001467858us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310001467858us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-310001467858us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-07-012020-09-300001467858us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-07-012019-09-300001467858us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-09-300001467858us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-09-300001467858us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-09-300001467858us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-09-300001467858gm:GmnaMembergm:AutomotiveMemberus-gaap:OperatingSegmentsMember2020-09-300001467858gm:AutomotiveMembergm:GMIMemberus-gaap:OperatingSegmentsMember2020-09-300001467858gm:AutomotiveMemberus-gaap:CorporateNonSegmentMember2020-09-300001467858gm:AutomotiveMemberus-gaap:IntersegmentEliminationMember2020-09-300001467858gm:AutomotiveMemberus-gaap:OperatingSegmentsMember2020-09-300001467858us-gaap:OperatingSegmentsMembergm:CruiseMember2020-09-300001467858us-gaap:OperatingSegmentsMembergm:GMFinancialSegmentMember2020-09-300001467858us-gaap:IntersegmentEliminationMember2020-09-300001467858gm:AutomotiveMemberus-gaap:IntersegmentEliminationMember2020-07-012020-09-300001467858gm:GmnaMembergm:AutomotiveMemberus-gaap:OperatingSegmentsMember2019-09-300001467858gm:AutomotiveMembergm:GMIMemberus-gaap:OperatingSegmentsMember2019-09-300001467858gm:AutomotiveMemberus-gaap:CorporateNonSegmentMember2019-09-300001467858gm:AutomotiveMemberus-gaap:IntersegmentEliminationMember2019-09-300001467858gm:AutomotiveMemberus-gaap:OperatingSegmentsMember2019-09-300001467858us-gaap:OperatingSegmentsMembergm:CruiseMember2019-09-300001467858us-gaap:OperatingSegmentsMembergm:GMFinancialSegmentMember2019-09-300001467858us-gaap:IntersegmentEliminationMember2019-09-300001467858gm:AutomotiveMemberus-gaap:IntersegmentEliminationMember2019-07-012019-09-300001467858gm:GmnaMembergm:TransformationActivitiesMember2019-07-012019-09-300001467858country:BRgm:GMIMembergm:GMBrazilIndirectTaxClaimMember2019-07-012019-09-300001467858gm:AutomotiveMemberus-gaap:IntersegmentEliminationMember2020-01-012020-09-300001467858gm:AutomotiveMemberus-gaap:IntersegmentEliminationMember2019-01-012019-09-300001467858gm:GmnaMembergm:TransformationActivitiesMember2019-01-012019-09-300001467858country:BRgm:GMIMembergm:GMBrazilIndirectTaxClaimMember2019-01-012019-09-30

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended September 30, 2020
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from              to

Commission file number 001-34960

GM-20200930_G1.JPG
GENERAL MOTORS COMPANY
(Exact name of registrant as specified in its charter)
Delaware 27-0756180
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
300 Renaissance Center, Detroit, Michigan 48265 -3000
(Address of principal executive offices) (Zip Code)
(313) 667-1500
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.01 par value GM New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☑  No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☑  No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer  ☑  Accelerated filer  ☐ Non-accelerated filer  ☐  Smaller reporting company  ☐ Emerging growth company  ☐ 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐  No  ☑
As of October 19, 2020 there were 1,431,307,600 shares of common stock outstanding.


INDEX
    Page
PART I
Item 1. Condensed Consolidated Financial Statements
1
Condensed Consolidated Income Statements (Unaudited)
1
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
1
Condensed Consolidated Balance Sheets (Unaudited)
2
Condensed Consolidated Statements of Cash Flows (Unaudited)
3
Condensed Consolidated Statements of Equity (Unaudited)
4
Notes to Condensed Consolidated Financial Statements
5
Note 1. Nature of Operations and Basis of Presentation
5
Note 2. Significant Accounting Policies
5
Note 3. Revenue
6
Note 4. Marketable and Other Securities
8
Note 5. GM Financial Receivables and Transactions
9
Note 6. Inventories
Note 7. Equipment on Operating Leases
Note 8. Equity in Net Assets of Nonconsolidated Affiliates
Note 9. Goodwill
Note 10. Variable Interest Entities
Note 11. Debt
Note 12. Derivative Financial Instruments
Note 13. Accrued and Other Liabilities
Note 14. Pensions and Other Postretirement Benefits
Note 15. Commitments and Contingencies
Note 16. Income Taxes
Note 17. Restructuring and Other Initiatives
Note 18. Stockholders' Equity and Noncontrolling Interests
Note 19. Earnings Per Share
Note 20. Segment Reporting
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
Signature


GENERAL MOTORS COMPANY AND SUBSIDIARIES


PART I
Item 1. Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited)
  Three Months Ended Nine Months Ended
  September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Net sales and revenue
Automotive $ 32,067  $ 31,817  $ 74,580  $ 95,503 
GM Financial 3,413  3,656  10,387  10,908 
Total net sales and revenue (Note 3) 35,480  35,473  84,967  106,411 
Costs and expenses
Automotive and other cost of sales 27,169  28,174  67,339  84,730 
GM Financial interest, operating and other expenses 2,259  2,987  8,853  9,437 
Automotive and other selling, general and administrative expense 1,628  2,008  4,908  6,209 
Total costs and expenses 31,056  33,169  81,100  100,376 
Operating income 4,424  2,304  3,867  6,035 
Automotive interest expense 327  206  823  582 
Interest income and other non-operating income, net 499  169  1,223  1,338 
Equity income (Note 8) 309  315  389  1,000 
Income before income taxes 4,905  2,582  4,656  7,791 
Income tax expense (Note 16) 887  271  1,132  932 
Net income 4,018  2,311  3,524  6,859 
Net loss attributable to noncontrolling interests 27  40  57  67 
Net income attributable to stockholders $ 4,045  $ 2,351  $ 3,581  $ 6,926 
Net income attributable to common stockholders $ 4,005  $ 2,313  $ 3,446  $ 6,813 
Earnings per share (Note 19)
Basic earnings per common share $ 2.80  $ 1.62  $ 2.41  $ 4.79 
Weighted-average common shares outstanding – basic 1,432  1,428  1,432  1,422 
Diluted earnings per common share $ 2.78  $ 1.60  $ 2.40  $ 4.74 
Weighted-average common shares outstanding – diluted 1,439  1,442  1,439  1,439 
Dividends declared per common share $ —  $ 0.38  $ 0.38  $ 1.14 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions) (Unaudited)
  Three Months Ended Nine Months Ended
  September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Net income $ 4,018  $ 2,311  $ 3,524  $ 6,859 
Other comprehensive income (loss), net of tax (Note 18)
Foreign currency translation adjustments and other 67  (357) (964) (140)
Defined benefit plans (115) 120  163  162 
Other comprehensive income (loss), net of tax (48) (237) (801) 22 
Comprehensive income 3,970  2,074  2,723  6,881 
Comprehensive loss attributable to noncontrolling interests 21  50  59  87 
Comprehensive income attributable to stockholders $ 3,991  $ 2,124  $ 2,782  $ 6,968 

Reference should be made to the notes to condensed consolidated financial statements.
1

GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts) (Unaudited)
September 30, 2020 December 31, 2019
ASSETS
Current Assets
Cash and cash equivalents $ 26,939  $ 19,069 
Marketable debt securities (Note 4) 9,962  4,174 
Accounts and notes receivable, net 9,939  6,797 
GM Financial receivables, net (Note 5; Note 10 at VIEs) 24,562  26,601 
Inventories (Note 6) 10,934  10,398 
Other current assets (Note 4; Note 10 at VIEs) 6,841  7,953 
Total current assets 89,177  74,992 
Non-current Assets
GM Financial receivables, net (Note 5; Note 10 at VIEs) 30,191  26,355 
Equity in net assets of nonconsolidated affiliates (Note 8) 8,046  8,562 
Property, net 36,989  38,750 
Goodwill and intangible assets, net 5,245  5,337 
Equipment on operating leases, net (Note 7; Note 10 at VIEs) 39,358  42,055 
Deferred income taxes 23,970  24,640 
Other assets (Note 4; Note 10 at VIEs) 6,695  7,346 
Total non-current assets 150,494  153,045 
Total Assets $ 239,671  $ 228,037 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade) $ 20,914  $ 21,018 
Short-term debt and current portion of long-term debt (Note 11)
   Automotive 2,271  1,897 
GM Financial (Note 10 at VIEs) 33,502  35,503 
Accrued liabilities (Note 13) 23,916  26,487 
Total current liabilities 80,603  84,905 
Non-current Liabilities
Long-term debt (Note 11)
   Automotive 26,473  12,489 
GM Financial (Note 10 at VIEs) 55,320  53,435 
Postretirement benefits other than pensions (Note 14) 5,746  5,935 
Pensions (Note 14) 11,097  12,170 
Other liabilities (Note 13) 12,424  13,146 
Total non-current liabilities 111,060  97,175 
Total Liabilities 191,663  182,080 
Commitments and contingencies (Note 15)
Equity (Note 18)
Common stock, $0.01 par value
 14  14 
Additional paid-in capital 26,148  26,074 
Retained earnings 29,134  26,860 
Accumulated other comprehensive loss (11,955) (11,156)
Total stockholders’ equity 43,341  41,792 
Noncontrolling interests 4,667  4,165 
Total Equity 48,008  45,957 
Total Liabilities and Equity $ 239,671  $ 228,037 

Reference should be made to the notes to condensed consolidated financial statements.
2

GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) (Unaudited)
Nine Months Ended
September 30, 2020 September 30, 2019
Cash flows from operating activities
Net income $ 3,524  $ 6,859 
Depreciation and impairment of Equipment on operating leases, net 5,518  5,573 
Depreciation, amortization and impairment charges on Property, net 4,217  5,259 
Foreign currency remeasurement and transaction (gains) losses 50  (170)
Undistributed earnings of nonconsolidated affiliates, net 137  243 
Pension contributions and OPEB payments (610) (789)
Pension and OPEB income, net (754) (351)
Provision for deferred taxes 700  234 
Change in other operating assets and liabilities (2,805) (5,310)
Net cash provided by operating activities 9,977  11,548 
Cash flows from investing activities
Expenditures for property (3,328) (4,852)
Available-for-sale marketable securities, acquisitions (12,190) (3,130)
Available-for-sale marketable securities, liquidations 7,018  2,587 
Purchases of finance receivables, net (22,294) (19,027)
Principal collections and recoveries on finance receivables 14,622  17,088 
Purchases of leased vehicles, net (10,468) (12,488)
Proceeds from termination of leased vehicles 9,937  9,983 
Other investing activities (116) 148 
Net cash used in investing activities (16,819) (9,691)
Cash flows from financing activities
Net increase in short-term debt 580  756 
Proceeds from issuance of debt (original maturities greater than three months) 64,931  27,835 
Payments on debt (original maturities greater than three months) (50,659) (29,432)
Proceeds from issuance of subsidiary preferred stock (Note 18) 492  463 
Dividends paid (653) (1,792)
Other financing activities (532) (175)
Net cash provided by (used in) financing activities 14,159  (2,345)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (404) (109)
Net increase (decrease) in cash, cash equivalents and restricted cash 6,913  (597)
Cash, cash equivalents and restricted cash at beginning of period 22,943  23,496 
Cash, cash equivalents and restricted cash at end of period $ 29,856  $ 22,899 
Significant Non-cash Investing and Financing Activity
Non-cash property additions $ 2,448  $ 3,435 

Reference should be made to the notes to condensed consolidated financial statements.
3

GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions) (Unaudited)
Common Stockholders’ Noncontrolling Interests Total Equity
Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss
Balance at January 1, 2019 $ 14  $ 25,563  $ 22,322  $ (9,039) $ 3,917  $ 42,777 
Net income —  —  2,157  —  (12) 2,145 
Other comprehensive income —  —  —  190  (5) 185 
Stock based compensation —  95  (6) —  —  89 
Cash dividends paid on common stock —  —  (539) —  —  (539)
Dividends to noncontrolling interests —  —  —  —  (18) (18)
Other —  3  5  —  (9) (1)
Balance at March 31, 2019 14  25,661  23,939  (8,849) 3,873  44,638 
Net income —  —  2,418  —  (15) 2,403 
Other comprehensive income —  —  —  79  (5) 74 
Issuance of subsidiary preferred stock (Note 18) —  —  —  —  408  408 
Stock based compensation —  78  (9) —  —  69 
Cash dividends paid on common stock —  —  (540) —  —  (540)
Dividends to noncontrolling interests —  —  —  —  (23) (23)
Other —  26  (1) —  35  60 
Balance at June 30, 2019 14  25,765  25,807  (8,770) 4,273  47,089 
Net income —  —  2,351  —  (40) 2,311 
Other comprehensive loss —  —  —  (227) (10) (237)
Issuance of subsidiary preferred stock (Note 18) —  —  —  —  49  49 
Stock based compensation —  90  (6) —  —  84 
Cash dividends paid on common stock —  —  (543) —  —  (543)
Dividends to noncontrolling interests —  —  —  —  (62) (62)
Other —  73  —  —  7  80 
Balance at September 30, 2019 $ 14  $ 25,928  $ 27,609  $ (8,997) $ 4,217  $ 48,771 
Balance at January 1, 2020 $ 14  $ 26,074  $ 26,860  $ (11,156) $ 4,165  $ 45,957 
Adoption of accounting standards (Note 1) —  —  (660) —  —  (660)
Net income —  —  294  —  (8) 286 
Other comprehensive loss —  —  —  (644) (12) (656)
Issuance of subsidiary preferred stock —  —  —  —  26  26 
Purchase of common stock —  (57) (33) —  —  (90)
Stock based compensation —  (3) (7) —  —  (10)
Cash dividends paid on common stock —  —  (545) —  —  (545)
Dividends to noncontrolling interests —  —  —  —  (4) (4)
Other —  —  (24) —  37  13 
Balance at March 31, 2020 14  26,014  25,885  (11,800) 4,204  44,317 
Net loss —  —  (758) —  (22) (780)
Other comprehensive loss —  —  —  (101) 4  (97)
Issuance of subsidiary preferred stock —  —  —  —  26  26 
Stock based compensation —  73  —  —  —  73 
Dividends to noncontrolling interests —  —  —  —  (39) (39)
Other —  —  (23) —  16  (7)
Balance at June 30, 2020 14  26,087  25,104  (11,901) 4,189  43,493 
Net income —  —  4,045  —  (27) 4,018 
Other comprehensive loss —  —  —  (54) 6  (48)
Issuance of subsidiary preferred stock (Note 18) —  —  —  —  492  492 
Stock based compensation —  61  —  —  —  61 
Other —  —  (15) —  7  (8)
Balance at September 30, 2020 $ 14  $ 26,148  $ 29,134  $ (11,955) $ 4,667  $ 48,008 

Reference should be made to the notes to condensed consolidated financial statements.
4

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Nature of Operations and Basis of Presentation
General Motors Company (sometimes referred to in this Quarterly Report on Form 10-Q as we, our, us, ourselves, the Company, General Motors or GM) designs, builds and sells trucks, crossovers, cars and automobile parts worldwide and is investing in and growing an autonomous vehicle business. We also provide automotive financing services through General Motors Financial Company, Inc. (GM Financial). We analyze the results of our operations through the following operating segments: GM North America (GMNA), GM International Operations (GMIO), GM South America (GMSA), Cruise, and GM Financial. Our GMSA and GMIO operating segments are reported as one, combined international segment, GM International (GMI). Cruise is our global segment responsible for the development and commercialization of autonomous vehicle technology. Nonsegment operations are classified as Corporate. Corporate includes certain centrally recorded income and costs such as interest, income taxes, corporate expenditures and certain nonsegment-specific revenues and expenses.

The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. GAAP pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2019 Form 10-K. Except for per share amounts or as otherwise specified, dollar amounts presented within tables are stated in millions.

Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. Our share of earnings or losses of nonconsolidated affiliates is included in our consolidated operating results using the equity method of accounting when we are able to exercise significant influence over the operating and financial decisions of the affiliate.

Recently Adopted Accounting Standards Effective January 1, 2020, we adopted Accounting Standards Update (ASU) 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" (ASU 2016-13), which requires entities to use a new impairment model based on current expected credit losses (CECL) rather than incurred losses. Estimated credit losses under CECL consider relevant information about past events, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets, resulting in recognition of lifetime expected credit losses at initial recognition of the related asset. We adopted ASU 2016-13 on a modified retrospective basis by recognizing an after-tax cumulative-effect adjustment to the opening balance of Retained earnings of $660 million, inclusive of $643 million related to GM Financial. The application of ASU 2016-13 increased our allowance for loan losses related to GM Financial receivables, net by $801 million and had an insignificant impact to our allowance for credit losses for Accounts and notes receivable and no adoption impact to Marketable debt securities on our condensed consolidated balance sheets.

In March 2020, the Financial Accounting Standards Board issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (ASU 2020-04), which provides optional expedients and exceptions for applying U.S. GAAP if certain criteria are met to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued. We do not believe the discontinuance of LIBOR will be a significant event for our Automotive arrangements. A substantial portion of GM Financial’s indebtedness bears interest at variable interest rates, primarily based on USD-LIBOR. Effective July 1, 2020, we adopted ASU 2020-04 on a prospective basis. The adoption of, and future elections under, ASU 2020-04 are not expected to have a material impact on our condensed consolidated financial statements as the standard will ease, if warranted, the requirements for accounting for the future effects of the rate reform. We continue to monitor the impact the discontinuance of LIBOR or another reference rate will have on GM Financial's contracts, hedging relationships and other transactions.

Note 2. Significant Accounting Policies
The information presented on Marketable Debt Securities, Accounts and Notes Receivable and GM Financial Receivables supplements the Significant Accounting Policies information presented in our 2019 Form 10-K to reflect the adoption of ASU 2016-13 that became effective January 1, 2020. See our 2019 Form 10-K for a description of our significant accounting policies in effect prior to the adoption of ASU 2016-13.
5

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Marketable Debt Securities We classify marketable debt securities as either available-for-sale or trading. Various factors, including turnover of holdings and investment guidelines, are considered in determining the classification of securities. Available-for-sale debt securities are recorded at fair value with unrealized gains, and losses that are not credit related, recorded net of applicable taxes in Accumulated other comprehensive loss until realized. Credit losses are recorded in Interest income and other non-operating income, net.
An evaluation is made quarterly to determine if any portion of unrealized losses on available-for-sale debt securities is related to credit losses or whether any unrealized losses recorded in Accumulated other comprehensive loss need to be reclassified. Non-credit related unrealized losses are reclassified to Interest income and other non-operating income, net if we intend to sell the security or it is more likely than not that we will be required to sell the security before the recovery of the unrealized loss.
Accounts and Notes Receivable Accounts and notes receivable primarily consists of amounts that are due and payable from our customers for the sale of vehicles, parts, and accessories. We evaluate the collectability of receivables each reporting period and record an allowance for doubtful accounts to present the net amount expected to be collected on our receivables. Additions to the allowance are charged to bad debt expense and reported in Automotive and other selling, general and administrative expense.
GM Financial Receivables Finance receivables are carried at amortized cost, net of allowance for loan losses. Provisions for loan losses are charged to operations in amounts sufficient to maintain the allowance for loan losses at levels considered adequate to cover expected credit losses on the finance receivables. For retail finance receivables, GM Financial uses static pool modeling techniques to determine the allowance for loan losses expected over the remaining life of the receivables, which is supplemented by management judgment. The modeling techniques incorporate reasonable and supportable forecasts of economic conditions over the expected remaining life of the finance receivables. The economic forecasts incorporate factors which vary by region that GM Financial believes will have the largest impact on expected losses, including unemployment rates, interest rate spreads, disposable personal income and growth rates in gross domestic product.
Troubled debt restructurings (TDRs) are grouped separately for purposes of measuring the allowance. The allowance for TDRs uses static pool modeling techniques like non-TDR retail finance receivables to determine the expected loss amount. The expected cash flows of the receivables are then discounted at the original weighted average effective interest rate of the pool. Factors considered when estimating the allowance for TDRs are based on an evaluation of historical and current information, which may be supplemented by management judgment. Finance charge income from loans classified as TDRs is accounted for in the same manner as other accruing loans. Cash collections on these loans are allocated according to the same payment hierarchy methodology applied to loans that are not classified as TDRs.
Commercial finance receivables are carried at amortized cost, net of allowance for loan losses and any amounts held under a cash management program. GM Financial establishes the allowance for loan losses based on historical loss experience, as well as the forecast for industry vehicle sales, which is the economic indicator believed to have the largest impact on expected losses.

Note 3. Revenue

The following table disaggregates our revenue by major source:
Three Months Ended September 30, 2020
GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total
Vehicle, parts and accessories $ 28,143  $ 2,513  $ —  $ 30,656  $ —  $ —  $ —  $ 30,656 
Used vehicles 185  23  6  214  —  —  —  214 
Services and other 800  199  197  1,196  26  —  (25) 1,197 
Automotive net sales and revenue 29,128  2,735  203  32,066  26  —  (25) 32,067 
Leased vehicle income —  —  —  —  —  2,354  —  2,354 
Finance charge income —  —  —  —  —  999  —  999 
Other income —  —  —  —  —  68  (8) 60 
GM Financial net sales and revenue —  —  —  —  —  3,421  (8) 3,413 
Net sales and revenue $ 29,128  $ 2,735  $ 203  $ 32,066  $ 26  $ 3,421  $ (33) $ 35,480 
6

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Three Months Ended September 30, 2019
GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total
Vehicle, parts and accessories $ 26,825  $ 3,519  $ —  $ 30,344  $ —  $ —  $ —  $ 30,344 
Used vehicles 345  31  —  376  —  —  —  376 
Services and other 801  244  52  1,097  25  —  (25) 1,097 
Automotive net sales and revenue 27,971  3,794  52  31,817  25  —  (25) 31,817 
Leased vehicle income —  —  —  —  —  2,515  —  2,515 
Finance charge income —  —  —  —  —  1,043  (2) 1,041 
Other income —  —  —  —  —  101  (1) 100 
GM Financial net sales and revenue —  —  —  —  —  3,659  (3) 3,656 
Net sales and revenue $ 27,971  $ 3,794  $ 52  $ 31,817  $ 25  $ 3,659  $ (28) $ 35,473 

Nine Months Ended September 30, 2020
GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total
Vehicle, parts and accessories $ 63,569  $ 6,950  $ —  $ 70,519  $ —  $ —  $ —  $ 70,519 
Used vehicles 683  65  16  764  —  —  —  764 
Services and other 2,311  677  305  3,293  79  —  (75) 3,297 
Automotive net sales and revenue 66,563  7,692  321  74,576  79  —  (75) 74,580 
Leased vehicle income —  —  —  —  —  7,203  —  7,203 
Finance charge income —  —  —  —  —  2,971  (1) 2,970 
Other income —  —  —  —  —  231  (17) 214 
GM Financial net sales and revenue —  —  —  —  —  10,405  (18) 10,387 
Net sales and revenue $ 66,563  $ 7,692  $ 321  $ 74,576  $ 79  $ 10,405  $ (93) $ 84,967 

Nine Months Ended September 30, 2019
GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total
Vehicle, parts and accessories $ 79,763  $ 10,830  $ —  $ 90,593  $ —  $ —  $ —  $ 90,593 
Used vehicles 1,549  95  —  1,644  —  —  —  1,644 
Services and other 2,348  766  152  3,266  75  —  (75) 3,266 
Automotive net sales and revenue 83,660  11,691  152  95,503  75  —  (75) 95,503 
Leased vehicle income —  —  —  —  —  7,536  —  7,536 
Finance charge income —  —  —  —  —  3,038  (6) 3,032 
Other income —  —  —  —  —  344  (4) 340 
GM Financial net sales and revenue —  —  —  —  —  10,918  (10) 10,908 
Net sales and revenue $ 83,660  $ 11,691  $ 152  $ 95,503  $ 75  $ 10,918  $ (85) $ 106,411 

Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Adjustments to sales incentives for previously recognized sales increased revenue by $340 million and $560 million in the three months ended September 30, 2020 and 2019.
Contract liabilities in our Automotive segments primarily consist of maintenance, extended warranty and other service contracts of $2.3 billion and $2.2 billion at September 30, 2020 and December 31, 2019, which are included in Accrued liabilities and Other liabilities. We recognized revenue of $245 million and $872 million related to contract liabilities in the three and nine months ended September 30, 2020 and $434 million and $1.3 billion in the three and nine months ended September 30, 2019. We expect to recognize revenue of $387 million in the three months ending December 31, 2020 and $839 million, $414 million and $617 million in the years ending December 31, 2021, 2022 and thereafter related to contract liabilities at September 30, 2020.
7

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 4. Marketable and Other Securities
The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost:
Fair Value Level September 30, 2020 December 31, 2019
Cash and cash equivalents
Cash and time deposits(a) $ 11,542  $ 6,828 
Available-for-sale debt securities
U.S. government and agencies 2 4,600  1,484 
Corporate debt 2 5,517  5,863 
Sovereign debt 2 2,697  2,123 
Total available-for-sale debt securities – cash equivalents 12,814  9,470 
Money market funds 1 2,583  2,771 
Total cash and cash equivalents(b) $ 26,939  $ 19,069 
Marketable debt securities
U.S. government and agencies 2 $ 3,042  $ 226 
Corporate debt 2 3,798  2,932 
Mortgage and asset-backed 2 628  681 
Sovereign debt 2 2,494  335 
Total available-for-sale debt securities – marketable securities(c) $ 9,962  $ 4,174 
Restricted cash
Cash and cash equivalents $ 248  $ 292 
Money market funds 1 2,669  3,582 
Total restricted cash $ 2,917  $ 3,874 
Available-for-sale debt securities included above with contractual maturities(d)
Due in one year or less $ 19,357 
Due between one and five years 2,791 
Total available-for-sale debt securities with contractual maturities $ 22,148 
__________
(a)Includes $248 million designated exclusively to fund capital expenditures in GM Korea Company (GM Korea) at December 31, 2019. No amount was designated exclusively to fund GM Korea capital expenditures at September 30, 2020.
(b)Includes $539 million and $2.3 billion in Cruise at September 30, 2020 and December 31, 2019.
(c)Includes $1.4 billion and $266 million in Cruise at September 30, 2020 and December 31, 2019.
(d)Excludes mortgage- and asset-backed securities of $628 million at September 30, 2020 as these securities are not due at a single maturity date.

Proceeds from the sale of available-for-sale debt securities sold prior to maturity were $476 million and $535 million in the three months ended September 30, 2020 and 2019 and $1.4 billion and $1.6 billion in the nine months ended September 30, 2020 and 2019. Net unrealized gains and losses on available-for-sale debt securities were insignificant in the three and nine months ended September 30, 2020 and 2019. Cumulative unrealized gains and losses on available-for-sale debt securities were insignificant at September 30, 2020 and December 31, 2019.

We liquidated our remaining shares in Lyft, Inc. (Lyft) in the six months ended June 30, 2020. We recorded an unrealized loss of $291 million and $71 million in Interest income and other non-operating income, net in the three and nine months ended September 30, 2019.
8

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet to the total shown in the condensed consolidated statement of cash flows:
September 30, 2020
Cash and cash equivalents $ 26,939 
Restricted cash included in Other current assets 2,419 
Restricted cash included in Other assets 498 
Total $ 29,856 

Note 5. GM Financial Receivables and Transactions
September 30, 2020 December 31, 2019
Retail Commercial(a) Total Retail Commercial(a) Total
GM Financial receivables, net of fees $ 48,694  $ 8,062  $ 56,756  $ 42,229  $ 11,671  $ 53,900 
Less: allowance for loan losses (1,936) (67) (2,003) (866) (78) (944)
GM Financial receivables, net $ 46,758  $ 7,995  $ 54,753  $ 41,363  $ 11,593  $ 52,956 
Fair value of GM Financial receivables utilizing Level 2 inputs $ 7,995  $ 11,593 
Fair value of GM Financial receivables utilizing Level 3 inputs $ 48,972  $ 41,973 
__________
(a)Net of dealer cash management balances of $1.4 billion and $1.2 billion at September 30, 2020 and December 31, 2019. Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on its floorplan line by making principal payments to GM Financial in advance.
Three Months Ended Nine Months Ended
September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Allowance for loan losses at beginning of period $ 2,111  $ 957  $ 944  $ 911 
Impact of adoption ASU 2016-13 (Note 1)
 —  —  801  — 
Provision for loan losses 31  150  824  504 
Charge-offs (282) (300) (895) (888)
Recoveries 136  134  383  411 
Effect of foreign currency 7  (8) (54) (5)
Allowance for loan losses at end of period $ 2,003  $ 933  $ 2,003  $ 933 

GM Financial's forecast for recovery rates improved during the three months ended September 30, 2020, resulting in decreased provision for loan losses. In the nine months ended September 30, 2020, the provision for loan losses increased primarily due to increased expected charge-offs and decreased expected recoveries as a result of the economic impact of the novel strain of the coronavirus (COVID-19) pandemic.
9

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Retail Finance Receivables GM Financial's retail finance receivable portfolio includes loans made to consumers and businesses to finance the purchase of vehicles for personal and commercial use. A summary of the amortized cost of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the retail finance receivables portfolio at September 30, 2020 is as follows:
Year of Origination September 30, 2020 December 31, 2019
2020 2019 2018 2017 2016 2015 Prior Total Percent Total Percent
Prime – FICO score 680 and greater $ 14,746  $ 8,064  $ 5,295  $ 2,348  $ 744  $ 177  $ 5  $ 31,379  64.4  % $ 25,400  60.1  %
Near-prime – FICO score 620 to 679 2,725  2,293  1,392  712  280  103  15  7,520  15.5  % 6,862  16.3  %
Sub-prime – FICO score less than 620 2,701  2,922  1,785  1,265  707  311  104  9,795  20.1  % 9,967  23.6  %
Retail finance receivables, net of fees $ 20,172  $ 13,279  $ 8,472  $ 4,325  $ 1,731  $ 591  $ 124  $ 48,694  100.0  % $ 42,229  100.0  %

GM Financial reviews the ongoing credit quality of retail finance receivables based on customer payment activity. A retail account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date the payment was contractually due. Retail finance receivables are collateralized by vehicle titles and, subject to local laws, GM Financial generally has the right to repossess the vehicle in the event the customer defaults on the payment terms of the contract. The accrual of finance charge income had been suspended on delinquent retail finance receivables with contractual amounts due of $742 million and $875 million at September 30, 2020 and December 31, 2019. The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at September 30, 2020:
Year of Origination September 30, 2020 September 30, 2019
2020 2019 2018 2017 2016 2015 Prior Total Percent Total(a) Percent
Current $ 19,962  $ 12,848  $ 8,142  $ 4,083  $ 1,580  $ 513  $ 93  $ 47,221  97.0  %
31-to-60 days 147  294  227  167  102  53  19  1,009  2.1  % $ 1,252  3.0  %
Greater-than-60 days 57  122  92  69  45  23  11  419  0.8  % 514  1.2  %
Finance receivables more than 30 days delinquent 204  416  319  236  147  76  30  1,428  2.9  % 1,766  4.2  %
In repossession 6  15  11  6  4  2  1  45  0.1  % 48  0.1  %
Finance receivables more than 30 days delinquent or in repossession 210  431  330  242  151  78  31  1,473  3.0  % $ 1,814  4.3  %
Retail finance receivables, net of fees $ 20,172  $ 13,279  $ 8,472  $ 4,325  $ 1,731  $ 591  $ 124  $ 48,694  100.0  %
__________
(a)Represents the contractual amounts of delinquent retail finance receivables, which is not significantly different than the outstanding amortized cost for such receivables.

The outstanding amortized cost of retail finance receivables that are considered TDRs was $2.3 billion at September 30, 2020, including $317 million in nonaccrual loans.

Commercial Finance Receivables GM Financial's commercial finance receivables consist of dealer financings, primarily for inventory purchases. Proprietary models are used to assign a risk rating to each dealer. GM Financial performs periodic credit reviews of each dealership and adjusts the dealership's risk rating, if necessary. The commercial finance receivables on nonaccrual status were insignificant at September 30, 2020.

Prior to January 1, 2020, GM Financial estimated the allowance for loan losses based on an analysis of the experience of comparable commercial lenders. Effective January 1, 2020, GM Financial establishes the allowance for loan losses based on historical loss experience for the consolidated portfolio, in addition to forecast for industry vehicle sales. The updated risk rating categories are as follows:
10

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Rating Description
I Performing accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments.
II Performing accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring.
III Non-Performing accounts with inadequate paying capacity for current obligations and have the distinct possibility of creating a loss if deficiencies are not corrected.
IV Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that make collection of liquidation in full highly questionable or improbable.
Dealers with III and IV risk ratings are subject to additional monitoring and restrictions on funding, including suspension of lines of credit and liquidation of assets. The following table summarizes the credit risk profile by dealer risk rating of commercial finance receivables at September 30, 2020:
Year of Origination(a) September 30, 2020
Revolving 2020 2019 2018 2017 2016 2015 Prior Total Percent
I $ 6,468  $ 355  $ 177  $ 73  $ 98  $ 93  $ 38  $ —  $ 7,302  90.6  %
II 411  1  7  3  3  13  13  22  473  5.9  %
III 227  —  9  29  2  11  1  —  279  3.4  %
IV 4  —  —  —  —  —  4  —  8  0.1  %
Commercial finance receivables, net of fees $ 7,110  $ 356  $ 193  $ 105  $ 103  $ 117  $ 56  $ 22  $ 8,062  100.0  %
__________
(a)Floorplan advances comprise 98% of the total revolving balance. Dealer term loans are presented by year of origination.

Transactions with GM Financial The following table shows transactions between our Automotive segments and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income.
September 30, 2020 December 31, 2019
Condensed Consolidated Balance Sheets(a)
Commercial finance receivables, net due from GM consolidated dealers $ 399  $ 478 
Subvention receivable(b) $ 566  $ 676 
Commercial loan funding payable $ 75  $ 74 

Three Months Ended Nine Months Ended
September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Condensed Consolidated Statements of Income
Interest subvention earned on finance receivables $ 178  $ 153  $ 496  $ 448 
Leased vehicle subvention earned $ 749  $ 814  $ 2,319  $ 2,467 
__________
(a)All balance sheet amounts are eliminated upon consolidation.
(b)Cash paid by Automotive segments to GM Financial for subvention was $943 million and $1.0 billion in the three months ended September 30, 2020 and 2019 and $3.0 billion and $3.1 billion in the nine months ended September 30, 2020 and 2019.

GM Financial's Board of Directors declared and paid dividends of $800 million on its common stock in the nine months ended September 30, 2020.

11

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 6. Inventories
September 30, 2020 December 31, 2019
Total productive material, supplies and work in process $ 5,311  $ 4,713 
Finished product, including service parts 5,623  5,685 
Total inventories $ 10,934  $ 10,398 

Note 7. Equipment on Operating Leases
Equipment on operating leases primarily consists of leases to retail customers of GM Financial. The current portion of net equipment on operating leases is included in Other current assets.
September 30, 2020 December 31, 2019
Equipment on operating leases $ 49,993  $ 53,081 
Less: accumulated depreciation (10,635) (10,989)
Equipment on operating leases, net $ 39,358  $ 42,092 

Depreciation expense related to Equipment on operating leases, net was $1.8 billion in the three months ended September 30, 2020 and 2019, and was $5.5 billion and $5.6 billion in the nine months ended September 30, 2020 and 2019.

The following table summarizes lease payments due to GM Financial on leases to retail customers:
Year Ending December 31,
2020 2021 2022 2023 2024
Thereafter
 Total
Lease receipts under operating leases $ 1,714  $ 5,548  $ 3,108  $ 865  $ 52  $ 1  $ 11,288 

Note 8. Equity in Net Assets of Nonconsolidated Affiliates
Three Months Ended Nine Months Ended
September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Automotive China equity income $ 262  $ 282  $ 264  $ 893 
Other joint ventures equity income 47  33  125  107 
Total Equity income
 $ 309  $ 315  $ 389  $ 1,000 
There have been no significant ownership changes in our Automotive China joint ventures (Automotive China JVs) since December 31, 2019.
Three Months Ended Nine Months Ended
September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Summarized Operating Data of Automotive China JVs
Automotive China JVs' net sales $ 11,029  $ 9,695  $ 24,589  $ 28,843 
Automotive China JVs' net income $ 535  $ 455  $ 749  $ 1,721 
Dividends declared but not paid from our nonconsolidated affiliates were $651 million and an insignificant amount at September 30, 2020 and December 31, 2019. Dividends received from our nonconsolidated affiliates were $526 million in the nine months ended September 30, 2020 and $303 million and $1.2 billion in the three and nine months ended September 30, 2019. Undistributed earnings from our nonconsolidated affiliates were $2.0 billion and $2.1 billion at September 30, 2020 and December 31, 2019.
12

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 9. Goodwill

We had Goodwill of $1.9 billion at September 30, 2020, which includes $1.3 billion related to GM Financial's North America reporting unit. Since December 31, 2019, the COVID-19 pandemic has caused material disruption to businesses, resulting in an economic slowdown. The economic and social uncertainty resulting from the COVID-19 pandemic indicated that it was more likely than not that a goodwill impairment existed at March 31, 2020 for GM Financial's North America reporting unit. Therefore, in the three months ended March 31, 2020, we performed an event-driven goodwill impairment test for GM Financial's North America reporting unit and determined no goodwill impairment existed.
The fair value of GM Financial's North America reporting unit at March 31, 2020 was determined based on valuation techniques using the best available information, primarily discounted cash flow projections. We make significant assumptions and estimates about the extent and timing of future cash flows. There can be no assurance that anticipated financial results will be achieved. Under multiple scenarios, including fully weighting the downside cash flow scenario, the estimated fair value of GM Financial's North America reporting unit at March 31, 2020 exceeded its carrying amount. Since March 31, 2020, we noted no further material deterioration in our economic performance or outlook that would indicate further testing of goodwill impairment was warranted. Future goodwill impairment could be recognized should economic uncertainty continue, thereby resulting in a prolonged economic slowdown and a corresponding decline in the fair value of our reporting units.
Note 10. Variable Interest Entities
GM Financial uses special purpose entities (SPEs) that are considered VIEs to issue variable funding notes to third party, bank-sponsored warehouse facilities or asset-backed securities to investors in securitization transactions. The debt issued by these VIEs is backed by finance receivables and leasing-related assets transferred to the VIEs (Securitized Assets). GM Financial determined that it is the primary beneficiary of the SPEs because the servicing responsibilities for the Securitized Assets give GM Financial the power to direct the activities that most significantly impact the performance of the VIEs and the variable interests in the VIEs give GM Financial the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The assets of the VIEs serve as the sole source of repayment for the debt issued by these entities. Investors in the notes issued by the VIEs do not have recourse to GM Financial or its other assets, with the exception of customary representation and warranty repurchase provisions and indemnities that GM Financial provides as the servicer. GM Financial is not required to provide additional financial support to these SPEs. While these subsidiaries are included in GM Financial's condensed consolidated financial statements, they are separate legal entities and their assets are legally owned by them and are not available to GM Financial's creditors.

The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs:
September 30, 2020 December 31, 2019
Restricted cash – current $ 2,316  $ 2,202 
Restricted cash – non-current $ 409  $ 441 
GM Financial receivables, net of fees – current $ 15,188  $ 19,081 
GM Financial receivables, net of fees – non-current $ 13,291  $ 15,921 
GM Financial equipment on operating leases, net $ 16,594  $ 14,464 
GM Financial short-term debt and current portion of long-term debt $ 18,729  $ 23,952 
GM Financial long-term debt $ 16,746  $ 15,819 

GM Financial recognizes finance charge, leased vehicle and fee income on the Securitized Assets and interest expense on the secured debt issued in a securitization transaction and records a provision for loan losses to recognize probable loan losses inherent in the finance receivables.

13

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 11. Debt

Automotive The following table presents debt in our automotive operations:
September 30, 2020 December 31, 2019
Carrying Amount Fair Value Carrying Amount Fair Value
Secured debt $ 191  $ 190  $ 167  $ 165 
Unsecured debt 28,194  30,961  13,909  15,247 
Finance lease liabilities 359  383  310  516 
Total automotive debt(a) $ 28,744  $ 31,534  $ 14,386  $ 15,928 
Fair value utilizing Level 1 inputs $ 18,294  $ 13,628 
Fair value utilizing Level 2 inputs $ 13,240  $ 2,300 
Available under credit facility agreements(b) $ 7,585  $ 17,285 
Weighted-average interest rate on outstanding short-term debt(c) 3.4  % 4.9  %
Weighted-average interest rate on outstanding long-term debt(c) 3.9  % 5.4  %
__________
(a)Includes net discount and debt issuance costs of $512 million and $540 million at September 30, 2020 and December 31, 2019.
(b)Excludes our 364-day, $2.0 billion facility designated for exclusive use by GM Financial.
(c)Includes coupon rates on debt denominated in various foreign currencies and interest free loans.

Unsecured debt primarily consists of revolving credit facilities and senior notes. In March 2020, we borrowed: (1) $3.4 billion against our three-year, $4.0 billion facility; (2) $2.0 billion against our three-year, $3.0 billion facility, which reduced to $2.0 billion in May 2020 (three-year, $2.0 billion transformation facility); and (3) $10.5 billion against our five-year, $10.5 billion facility, with maturity dates ranging from 2021 to 2023. In September 2020, we repaid $3.2 billion of the three-year, $4.0 billion facility and repaid in full the three-year, $2.0 billion transformation facility. In October 2020, we repaid $3.9 billion of our five-year, $10.5 billion facility.

In April 2020, we renewed our 364-day, $2.0 billion facility designated for exclusive use by GM Financial for an additional 364-day term and extended $3.6 billion of the three-year, $4.0 billion facility for an additional year expiring in April 2022. The remaining portion will expire in April 2021, unless extended. As part of the extension of the three-year, $4.0 billion facility, we have agreed not to execute any share repurchases until we no longer have outstanding borrowings under the revolving credit facilities, except for the three-year, $2.0 billion transformation facility. In addition, we are restricted from paying dividends on our common shares if outstanding borrowings under the revolving credit facilities exceed $5.0 billion, with the exception of the three-year, $2.0 billion transformation facility.

In May 2020, we issued $4.0 billion in aggregate principal amount of senior unsecured notes with a weighted average interest rate of 6.11% and maturity dates ranging from 2023 to 2027. The notes are governed by a sixth supplemental indenture and the same base indenture that governs our existing notes, which contains terms and covenants customary for these types of securities, including a limitation on the amount of certain secured debt we may incur. The net proceeds from the issuance of these senior unsecured notes provide additional financial flexibility and will be used for general corporate purposes. In May 2020, we also entered into a new unsecured 364-day, $2.0 billion revolving credit facility as an additional source of available liquidity. In August 2020, we repaid $500 million of our floating rate senior unsecured debt upon maturity.

14

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
GM Financial The following table presents debt of GM Financial:
September 30, 2020 December 31, 2019
Carrying Amount Fair Value Carrying Amount Fair Value
Secured debt $ 35,671  $ 36,108  $ 39,959  $ 40,160 
Unsecured debt 53,151  54,226  48,979  50,239 
Total GM Financial debt $ 88,822  $ 90,334  $ 88,938  $ 90,399 
Fair value utilizing Level 2 inputs $ 88,768  $ 88,481 
Fair value utilizing Level 3 inputs $ 1,566  $ 1,918 

Secured debt consists of revolving credit facilities and securitization notes payable. Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 10 for additional information on GM Financial's involvement with VIEs. GM Financial is required to hold certain funds in restricted cash accounts to provide additional collateral for borrowings under certain secured credit facilities. The weighted-average interest rate on secured debt was 2.22% at September 30, 2020. The revolving credit facilities have maturity dates ranging from 2020 to 2026 and securitization notes payable have maturity dates ranging from 2021 to 2028. At the end of the revolving period, if not renewed, the debt of revolving credit facilities will amortize over a defined period. In the nine months ended September 30, 2020, GM Financial renewed revolving credit facilities with total borrowing capacity of $17.3 billion and issued $16.6 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 1.33% and maturity dates ranging from 2021 to 2028.

Unsecured debt consists of senior notes, credit facilities and other unsecured debt. Senior notes outstanding at September 30, 2020 have maturity dates ranging from 2020 to 2030 and have a weighted-average interest rate of 3.27%. In the nine months ended September 30, 2020, GM Financial issued $8.4 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 3.08% and maturity dates ranging from 2023 to 2030.

Unsecured credit facilities and other unsecured debt have original maturities of up to four years. The weighted-average interest rate on these credit facilities and other unsecured debt was 2.46% at September 30, 2020.

Contractual Maturities The following table summarizes contractual maturities including finance leases at September 30, 2020:
Automotive Automotive Financing Total
2020 (October 1, 2020 to December 31, 2020) $ 526  $ 10,569  $ 11,095 
2021 1,783  27,835  29,618 
2022 113  17,198  17,311 
2023(a) 13,002  12,255  25,257 
2024 71  6,966  7,037 
2025 2,558  6,307  8,865 
Thereafter 11,203  7,233  18,436 
$ 29,256  $ 88,363  $ 117,619 
__________
(a)$3.9 billion of the Automotive amount shown has been repaid on our five-year, $10.5 billion facility in October 2020.


15

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 12. Derivative Financial Instruments
Automotive The following table presents the notional amounts of derivative financial instruments in our automotive operations:
Fair Value Level September 30, 2020 December 31, 2019
Derivatives not designated as hedges(a)
Foreign currency 2 $ 2,830  $ 5,075 
Commodity 2 291  806 
PSA warrants(b) 2 47  45 
Total derivative financial instruments $ 3,168  $ 5,926 
__________
(a)The fair value of these derivative instruments at September 30, 2020 and December 31, 2019 and the gains/losses included in our condensed consolidated income statements for the three and nine months ended September 30, 2020 and 2019 were insignificant, unless otherwise noted.
(b)The fair value of the warrants issued by Peugeot, S.A. (PSA Group) included in Other assets was $735 million and $964 million at September 30, 2020 and December 31, 2019. We recorded gains in Interest income and other non-operating income, net of $76 million and $51 million in the three months ended September 30, 2020 and 2019 and losses of $227 million and gains of $222 million in the nine months ended September 30, 2020 and 2019.

We estimate the fair value of the PSA warrants using a Black-Scholes formula. The significant inputs to the model include the PSA Group stock price and the estimated dividend yield. We are entitled to receive any dividends declared by PSA Group through the conversion date upon exercise of the warrants.

GM Financial The following table presents the gross fair value amounts of GM Financial's derivative financial instruments and the associated notional amounts:
Fair Value Level September 30, 2020 December 31, 2019
Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value o