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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 March 31, 2021
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-20210331_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)

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 April 19, 2021 there were 1,450,670,870 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. Revenue
5
Note 3. Marketable and Other Securities
7
Note 4. GM Financial Receivables and Transactions
8
Note 5. Inventories
Note 6. Equipment on Operating Leases
Note 7. Equity in Net Assets of Nonconsolidated Affiliates
Note 8. Variable Interest Entities
Note 9. Debt
Note 10. Derivative Financial Instruments
Note 11. Accrued and Other Liabilities
Note 12. Pensions and Other Postretirement Benefits
Note 13. Commitments and Contingencies
Note 14. Income Taxes
Note 15. Restructuring and Other Initiatives
Note 16. Stockholders' Equity and Noncontrolling Interests
Note 17. Earnings Per Share
Note 18. 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
  March 31, 2021 March 31, 2020
Net sales and revenue
Automotive $ 29,067  $ 29,150 
GM Financial 3,407  3,559 
Total net sales and revenue (Note 2) 32,474  32,709 
Costs and expenses
Automotive and other cost of sales 25,115  26,726 
GM Financial interest, operating and other expenses 2,279  3,356 
Automotive and other selling, general and administrative expense 1,803  1,970 
Total costs and expenses 29,197  32,052 
Operating income 3,277  657 
Automotive interest expense 250  193 
Interest income and other non-operating income, net 799  311 
Equity income (loss) (Note 7) 365  (132)
Income before income taxes 4,191  643 
Income tax expense (Note 14) 1,177  357 
Net income 3,014  286 
Net loss attributable to noncontrolling interests
Net income attributable to stockholders $ 3,022  $ 294 
Net income attributable to common stockholders $ 2,976  $ 247 
Earnings per share (Note 17)
Basic earnings per common share $ 2.06  $ 0.17 
Weighted-average common shares outstanding – basic 1,447  1,433 
Diluted earnings per common share $ 2.03  $ 0.17 
Weighted-average common shares outstanding – diluted 1,464  1,440 
Dividends declared per common share $ —  $ 0.38 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions) (Unaudited)
  Three Months Ended
  March 31, 2021 March 31, 2020
Net income $ 3,014  $ 286 
Other comprehensive income (loss), net of tax (Note 16)
Foreign currency translation adjustments and other (5) (973)
Defined benefit plans 160  317 
Other comprehensive income (loss), net of tax 155  (656)
Comprehensive income (loss) 3,169  (370)
Comprehensive loss attributable to noncontrolling interests 15  20 
Comprehensive income (loss) attributable to stockholders $ 3,184  $ (350)

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)
March 31, 2021 December 31, 2020
ASSETS
Current Assets
Cash and cash equivalents $ 21,609  $ 19,992 
Marketable debt securities (Note 3) 7,771  9,046 
Accounts and notes receivable, net 9,126  8,035 
GM Financial receivables, net (Note 4; Note 8 at VIEs) 24,583  26,209 
Inventories (Note 5) 12,066  10,235 
Other current assets (Note 3; Note 8 at VIEs) 6,936  7,407 
Total current assets 82,091  80,924 
Non-current Assets
GM Financial receivables, net (Note 4; Note 8 at VIEs) 33,689  31,783 
Equity in net assets of nonconsolidated affiliates (Note 7) 8,979  8,406 
Property, net 37,797  37,632 
Goodwill and intangible assets, net 5,185  5,230 
Equipment on operating leases, net (Note 6; Note 8 at VIEs) 40,343  39,819 
Deferred income taxes 23,090  24,136 
Other assets (Note 3; Note 8 at VIEs) 7,237  7,264 
Total non-current assets 156,320  154,270 
Total Assets $ 238,411  $ 235,194 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade) $ 20,446  $ 19,928 
Short-term debt and current portion of long-term debt (Note 9)
   Automotive 1,146  1,276 
GM Financial (Note 8 at VIEs) 33,922  35,637 
Accrued liabilities (Note 11) 20,809  23,069 
Total current liabilities 76,323  79,910 
Non-current Liabilities
Long-term debt (Note 9)
   Automotive 16,406  16,193 
GM Financial (Note 8 at VIEs) 59,773  56,788 
Postretirement benefits other than pensions (Note 12) 6,236  6,277 
Pensions (Note 12) 12,064  12,902 
Other liabilities (Note 11) 13,166  13,447 
Total non-current liabilities 107,645  105,607 
Total Liabilities 183,968  185,517 
Commitments and contingencies (Note 13)
Equity (Note 16)
Common stock, $0.01 par value
14  14 
Additional paid-in capital 26,667  26,542 
Retained earnings 34,988  31,962 
Accumulated other comprehensive loss (13,326) (13,488)
Total stockholders’ equity 48,343  45,030 
Noncontrolling interests 6,100  4,647 
Total Equity 54,443  49,677 
Total Liabilities and Equity $ 238,411  $ 235,194 

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)
Three Months Ended
March 31, 2021 March 31, 2020
Cash flows from operating activities
Net income $ 3,014  $ 286 
Depreciation and impairment of Equipment on operating leases, net 1,653  1,806 
Depreciation, amortization and impairment charges on Property, net 1,362  1,502 
Foreign currency remeasurement and transaction (gains) (73) (116)
Undistributed earnings of nonconsolidated affiliates, net (349) 132 
Pension contributions and OPEB payments (222) (213)
Pension and OPEB income, net (397) (263)
Provision for deferred taxes 1,085  188 
Change in other operating assets and liabilities (4,807) (1,761)
Net cash provided by operating activities 1,266  1,561 
Cash flows from investing activities
Expenditures for property (878) (1,224)
Available-for-sale marketable securities, acquisitions (2,366) (4,091)
Available-for-sale marketable securities, liquidations 3,632  1,113 
Purchases of finance receivables, net (8,173) (6,374)
Principal collections and recoveries on finance receivables 6,085  4,739 
Purchases of leased vehicles, net (6,113) (3,733)
Proceeds from termination of leased vehicles 4,919  3,088 
Other investing activities (90) (88)
Net cash used in investing activities (2,984) (6,570)
Cash flows from financing activities
Net increase in short-term debt 1,543  13 
Proceeds from issuance of debt (original maturities greater than three months) 13,350  35,863 
Payments on debt (original maturities greater than three months) (12,702) (11,339)
Proceeds from issuance of subsidiary preferred stock (Note 16) 1,537  — 
Dividends paid (76) (590)
Other financing activities (35) (267)
Net cash provided by financing activities 3,617  23,680 
Effect of exchange rate changes on cash, cash equivalents and restricted cash (140) (448)
Net increase in cash, cash equivalents and restricted cash 1,759  18,223 
Cash, cash equivalents and restricted cash at beginning of period 23,117  22,943 
Cash, cash equivalents and restricted cash at end of period $ 24,876  $ 41,166 
Significant Non-cash Investing and Financing Activity
Non-cash property additions $ 1,710  $ 1,262 

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, 2020 $ 14  $ 26,074  $ 26,860  $ (11,156) $ 4,165  $ 45,957 
Adoption of accounting standards —  —  (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 
Balance at January 1, 2021 $ 14  $ 26,542  $ 31,962  $ (13,488) $ 4,647  $ 49,677 
Net income —  —  3,022  —  (8) 3,014 
Other comprehensive income —  —  —  162  (7) 155 
Issuance of subsidiary preferred stock (Note 16) —  —  —  —  1,537  1,537 
Stock based compensation —  132  —  —  —  132 
Dividends to noncontrolling interests —  —  —  —  (61) (61)
Other —  (7) —  (8) (11)
Balance at March 31, 2021 $ 14  $ 26,667  $ 34,988  $ (13,326) $ 6,100  $ 54,443 

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 segments: GM North America (GMNA), GM International (GMI), Cruise, and GM Financial. 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 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 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 2020 Form 10-K. Except for per share amounts or as otherwise specified, 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. All intercompany balances and transactions have been eliminated in consolidation. 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.

GM Financial The amounts presented for GM Financial have been adjusted to reflect the impact on GM Financial's deferred tax positions and provision for income taxes resulting from the inclusion of GM Financial in our consolidated tax return and to eliminate the effect of transactions between GM Financial and the other members of the consolidated group. Accordingly, the amounts presented will differ from those presented by GM Financial on a stand-alone basis.

Note 2. Revenue

The following table disaggregates our revenue by major source:
Three Months Ended March 31, 2021
GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/Reclassifications Total
Vehicle, parts and accessories $ 24,920  $ 2,801  $ —  $ 27,721  $ —  $ —  $ —  $ 27,721 
Used vehicles 228  13  —  241  —  —  —  241 
Services and other 809  272  19  1,100  30  —  (25) 1,105 
Automotive net sales and revenue 25,957  3,086  19  29,062  30  —  (25) 29,067 
Leased vehicle income —  —  —  —  —  2,321  —  2,321 
Finance charge income —  —  —  —  —  1,016  —  1,016 
Other income —  —  —  —  —  70  —  70 
GM Financial net sales and revenue —  —  —  —  —  3,407  —  3,407 
Net sales and revenue $ 25,957  $ 3,086  $ 19  $ 29,062  $ 30  $ 3,407  $ (25) $ 32,474 

5


GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Three Months Ended March 31, 2020
GMNA GMI Corporate Total Automotive Cruise GM Financial Eliminations/ Reclassifications Total
Vehicle, parts and accessories $ 24,576  $ 2,998  $ —  $ 27,574  $ —  $ —  $ —  $ 27,574 
Used vehicles 376  25  403  —  —  —  403 
Services and other 879  257  36  1,172  25  —  (24) 1,173 
Automotive net sales and revenue 25,831  3,280  38  29,149  25  —  (24) 29,150 
Leased vehicle income —  —  —  —  —  2,463  —  2,463 
Finance charge income —  —  —  —  —  1,006  (1) 1,005 
Other income —  —  —  —  —  92  (1) 91 
GM Financial net sales and revenue —  —  —  —  —  3,561  (2) 3,559 
Net sales and revenue $ 25,831  $ 3,280  $ 38  $ 29,149  $ 25  $ 3,561  $ (26) $ 32,709 



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 an insignificant amount in the three months ended March 31, 2021 and 2020.
Contract liabilities in our Automotive segments primarily consist of maintenance, extended warranty and other service contracts of $2.4 billion at March 31, 2021 and December 31, 2020, which are included in Accrued liabilities and Other liabilities. We recognized revenue of $395 million and $386 million related to contract liabilities in the three months ended March 31, 2021 and 2020. We expect to recognize revenue of $969 million in the nine months ending December 31, 2021 and $598 million, $382 million and $499 million in the years ending December 31, 2022, 2023 and thereafter related to contract liabilities at March 31, 2021.
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 3. Marketable and Other Securities
The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost:
Fair Value Level March 31, 2021 December 31, 2020
Cash and cash equivalents
Cash and time deposits $ 7,294  $ 8,010 
Available-for-sale debt securities
U.S. government and agencies 2 631  1,370 
Corporate debt 2 5,516  3,476 
Sovereign debt 2 3,055  2,051 
Total available-for-sale debt securities – cash equivalents 9,202  6,897 
Money market funds 1 5,113  5,085 
Total cash and cash equivalents(a) $ 21,609  $ 19,992 
Marketable debt securities
U.S. government and agencies 2 $ 927  $ 1,771 
Corporate debt 2 3,099  3,630 
Mortgage and asset-backed 2 594  632 
Sovereign debt 2 3,151  3,013 
Total available-for-sale debt securities – marketable securities(b) $ 7,771  $ 9,046 
Restricted cash
Cash and cash equivalents $ 405  $ 269 
Money market funds 1 2,862  2,856 
Total restricted cash $ 3,267  $ 3,125 
Available-for-sale debt securities included above with contractual maturities(c)
Due in one year or less $ 13,568 
Due between one and five years 2,789 
Total available-for-sale debt securities with contractual maturities $ 16,357 
__________
(a)Includes $2.2 billion and $761 million in Cruise at March 31, 2021 and December 31, 2020.
(b)Includes $1.9 billion and $943 million in Cruise at March 31, 2021 and December 31, 2020.
(c)Excludes mortgage- and asset-backed securities of $594 million at March 31, 2021 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 $504 million and $366 million in the three months ended March 31, 2021 and 2020. Net unrealized gains and losses on available-for-sale debt securities were insignificant in the three months ended March 31, 2021 and 2020. Cumulative unrealized gains and losses on available-for-sale debt securities were insignificant at March 31, 2021 and December 31, 2020.
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:
March 31, 2021
Cash and cash equivalents $ 21,609 
Restricted cash included in Other current assets 2,702 
Restricted cash included in Other assets 565 
Total $ 24,876 

7


GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 4. GM Financial Receivables and Transactions
March 31, 2021 December 31, 2020
Retail Commercial(a) Total Retail Commercial(a) Total
GM Financial receivables, net of fees $ 53,397  $ 6,710  $ 60,107  $ 51,288  $ 8,682  $ 59,970 
Less: allowance for loan losses (1,784) (51) (1,835) (1,915) (63) (1,978)
GM Financial receivables, net $ 51,613  $ 6,659  $ 58,272  $ 49,373  $ 8,619  $ 57,992 
Fair value of GM Financial receivables utilizing Level 2 inputs $ 6,659  $ 8,619 
Fair value of GM Financial receivables utilizing Level 3 inputs $ 53,524  $ 51,645 
__________
(a)Net of dealer cash management balances of $1.5 billion and $1.4 billion at March 31, 2021 and December 31, 2020. 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
March 31, 2021 March 31, 2020
Allowance for loan losses at beginning of period $ 1,978  $ 944 
Impact of adoption ASU 2016-13
—  801 
Provision for loan losses (26) 466 
Charge-offs (253) (340)
Recoveries 150  156 
Effect of foreign currency (14) (61)
Allowance for loan losses at end of period $ 1,835  $ 1,966 

The allowance for loan losses decreased by $131 million as of March 31, 2021 compared to March 31, 2020, primarily due to a reduction in the reserve levels established at March 31, 2020 at the onset of the COVID-19 pandemic, as a result of actual credit performance that was better than forecast; and favorable expectations for future charge-offs and recoveries, reflecting improved forecast economic conditions.

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. The following tables are consolidated summaries of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the retail finance receivables portfolio at March 31, 2021 and December 31, 2020:

Year of Origination March 31, 2021
2021 2020 2019 2018 2017 Prior Total Percent
Prime – FICO score 680 and greater $ 5,554  $ 17,004  $ 6,171  $ 3,841  $ 1,565  $ 478  $ 34,613  64.8  %
Near-prime – FICO score 620 to 679 1,167  3,377  1,870  1,062  509  231  8,216  15.4  %
Sub-prime – FICO score less than 620 1,227  3,516  2,611  1,517  994  703  10,568  19.8  %
Retail finance receivables, net of fees $ 7,948  $ 23,897  $ 10,652  $ 6,420  $ 3,068  $ 1,412  $ 53,397  100.0  %

Year of Origination December 31, 2020
2020 2019 2018 2017 2016 Prior Total Percent
Prime – FICO score 680 and greater $ 18,685  $ 7,033  $ 4,491  $ 1,917  $ 555  $ 119  $ 32,800  64.0  %
Near-prime – FICO score 620 to 679 3,695  2,097  1,232  603  225  83  7,935  15.4  %
Sub-prime – FICO score less than 620 3,803  2,920  1,740  1,173  610  307  10,553  20.6  %
Retail finance receivables, net of fees $ 26,183  $ 12,050  $ 7,463  $ 3,693  $ 1,390  $ 509  $ 51,288  100.0  %

8


GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
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 $538 million and $714 million at March 31, 2021 and December 31, 2020. The following tables are consolidated summaries of the delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at March 31, 2021 and December 31, 2020, as well as summary totals for March 31, 2020:
Year of Origination March 31, 2021 March 31, 2020
2021 2020 2019 2018 2017 Prior Total Percent Total Percent
0-to-30 days $ 7,934  $ 23,640  $ 10,363  $ 6,218  $ 2,927  $ 1,285  $ 52,367  98.1  % $ 40,856  96.2  %
31-to-60 days 13  179  204  148  104  93  741  1.4  % 1,157  2.7  %
Greater-than-60 days 68  75  48  34  31  257  0.5  % 441  1.1  %
Finance receivables more than 30 days delinquent 14  247  279  196  138  124  998  1.9  % 1,598  3.8  %
In repossession —  10  10  32  —  % 20  —  %
Finance receivables more than 30 days delinquent or in repossession 14  257  289  202  141  127  1,030  1.9  % 1,618  3.8  %
Retail finance receivables, net of fees $ 7,948  $ 23,897  $ 10,652  $ 6,420  $ 3,068  $ 1,412  $ 53,397  100.0  % $ 42,474  100.0  %

Year of Origination December 31, 2020
2020 2019 2018 2017 2016 Prior Total Percent
0-to-30 days $ 25,894  $ 11,591  $ 7,131  $ 3,454  $ 1,249  $ 421  $ 49,740  97.0  %
31-to-60 days 210  325  235  170  102  61  1,103  2.1  %
Greater-than-60 days 72  123  90  64  37  26  412  0.8  %
Finance receivables more than 30 days delinquent 282  448  325  234  139  87  1,515  2.9  %
In repossession 11  33  0.1  %
Finance receivables more than 30 days delinquent or in repossession 289  459  332  239  141  88  1,548  3.0  %
Retail finance receivables, net of fees $ 26,183  $ 12,050  $ 7,463  $ 3,693  $ 1,390  $ 509  $ 51,288  100.0  %

The outstanding amortized cost of retail finance receivables that are considered troubled debt restructurings was $2.1 billion at March 31, 2021, including $214 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. There were no commercial finance receivables on nonaccrual status at March 31, 2021.

9


GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
GM Financial's commercial risk model and risk rating categories are as follows:
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 tables summarize the credit risk profile by dealer risk rating of commercial finance receivables at March 31, 2021 and December 31, 2020:
Year of Origination(a) March 31, 2021
Revolving 2021 2020 2019 2018 2017 Prior Total Percent
I $ 5,206  $ 106  $ 473  $ 134  $ 53  $ 91  $ 50  $ 6,113  91.1  %
II 346  17  10  381  5.7  %
III 149  28  15  215  3.2  %
IV —  —  —  —  —  —  —  %
Commercial finance receivables, net of fees $ 5,702  $ 117  $ 479  $ 159  $ 82  $ 96  $ 75  $ 6,710  100.0  %
__________
(a)Floorplan advances comprise 94% of the total revolving balance. Dealer term loans are presented by year of origination.

Year of Origination(a) December 31, 2020
Revolving 2020 2019 2018 2017 2016 Prior Total Percent
I $ 6,968  $ 510  $ 159  $ 63  $ 95  $ 43  $ 19  $ 7,857  90.5  %
II 491  18  18  34  568  6.5  %
III 203  —  29  11  —  253  2.9  %
IV —  —  —  —  —  —  0.1  %
Commercial finance receivables, net of fees $ 7,662  $ 512  $ 185  $ 94  $ 100  $ 72  $ 57  $ 8,682  100.0  %
__________
(a)Floorplan advances comprise 97% of the total revolving balance. Dealer term loans are presented by year of origination.


10


GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
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.
March 31, 2021 December 31, 2020
Condensed Consolidated Balance Sheets(a)
Commercial finance receivables, net due from GM consolidated dealers $ 313  $ 398 
Subvention receivable(b) $ 668  $ 642 
Commercial loan funding payable $ 61  $ 23 
Three Months Ended
March 31, 2021 March 31, 2020
Condensed Consolidated Statements of Income
Interest subvention earned on finance receivables $ 188  $ 156 
Leased vehicle subvention earned $ 721  $ 805 
__________
(a)All balance sheet amounts are eliminated upon consolidation.
(b)Our Automotive segments made cash payments to GM Financial for subvention of $1.0 billion and $1.1 billion in the three months ended March 31, 2021 and 2020.

GM Financial's Board of Directors declared and paid dividends of $600 million and $400 million on its common stock in the three months ended March 31, 2021 and 2020.

Note 5. Inventories
March 31, 2021 December 31, 2020
Total productive material, supplies and work in process $ 6,927  $ 5,117 
Finished product, including service parts 5,139  5,118 
Total inventories $ 12,066  $ 10,235 
Inventories at March 31, 2021 increased primarily due to certain vehicles being manufactured without final components as a result of the global semiconductor supply shortage.

Note 6. Equipment on Operating Leases
Equipment on operating leases consists of leases to retail customers of GM Financial.
March 31, 2021 December 31, 2020
Equipment on operating leases $ 50,286  $ 50,000 
Less: accumulated depreciation (9,943) (10,181)
Equipment on operating leases, net $ 40,343  $ 39,819 
The estimated residual value of our leased assets at the end of the lease term was $29.8 billion and $29.2 billion at March 31, 2021 and December 31, 2020.

Depreciation expense related to Equipment on operating leases, net was $1.7 billion and $1.8 billion in the three months ended March 31, 2021 and 2020.

The following table summarizes lease payments due to GM Financial on leases to retail customers:
Year Ending December 31,
2021 2022 2023 2024 2025 Thereafter Total
Lease receipts under operating leases $ 4,824  $ 4,420  $ 2,049  $ 254  $ $ —  $ 11,554 


11


GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 7. Equity in Net Assets of Nonconsolidated Affiliates
Nonconsolidated affiliates are entities in which we maintain an equity ownership interest and for which we use the equity method of accounting due to our ability to exert significant influence over decisions relating to their operating and financial affairs. Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as Equity income (loss).
Three Months Ended
March 31, 2021 March 31, 2020
Automotive China equity income (loss) $ 308  $ (167)
Other joint ventures equity income 57  35 
Total Equity income (loss) $ 365  $ (132)
There have been no significant ownership changes in our Automotive China joint ventures (Automotive China JVs) since December 31, 2020.
Three Months Ended
March 31, 2021 March 31, 2020
Summarized Operating Data of Automotive China JVs
Automotive China JVs' net sales $ 9,875  $ 4,321 
Automotive China JVs' net income (loss) $ 586  $ (348)
Dividends declared but not paid from our nonconsolidated affiliates were insignificant at March 31, 2021 and December 31, 2020. Dividends received from our nonconsolidated affiliates were insignificant in the three months ended March 31, 2021 and 2020. Undistributed earnings from our nonconsolidated affiliates were $1.9 billion and $1.6 billion at March 31, 2021 and December 31, 2020.
Note 8. Variable Interest Entities
Consolidated VIEs
Automotive Financing- GM Financial
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:
March 31, 2021 December 31, 2020
Restricted cash – current $ 2,488  $ 2,190 
Restricted cash – non-current $ 476  $ 449 
GM Financial receivables, net of fees – current $ 14,840  $ 17,211 
GM Financial receivables, net of fees – non-current $ 14,485  $ 15,107 
GM Financial equipment on operating leases, net $ 17,461  $ 16,322 
GM Financial short-term debt and current portion of long-term debt $ 18,228  $ 20,450 
GM Financial long-term debt $ 21,381  $ 18,974 
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
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 loan losses expected over the remaining life of the finance receivables.

Nonconsolidated VIEs
Automotive
Nonconsolidated VIEs principally include automotive related operating entities to which we provided financial support to ensure that our supply needs for production are met or are not disrupted. Our variable interests in these nonconsolidated VIEs include equity investments, accounts and loans receivable, committed financial support and other off-balance sheet arrangements. The carrying amounts of assets and liabilities related to our nonconsolidated VIEs were insignificant at March 31, 2021 and December 31, 2020. Our maximum exposure to loss as a result of our involvement with these VIEs was $1.2 billion, inclusive of $676 million and $776 million in committed capital contributions to Ultium Cells LLC at March 31, 2021 and December 31, 2020. We currently lack the power through voting or similar rights to direct the activities of these entities that most significantly affect their economic performance.

Note 9. Debt

Automotive The following table presents debt in our automotive operations:
March 31, 2021 December 31, 2020
Carrying Amount Fair Value Carrying Amount Fair Value
Secured debt $ 302  $ 321  $ 303  $ 332 
Unsecured debt 16,968  20,270  16,929  20,988 
Finance lease liabilities 282  299  237  256 
Total automotive debt(a) $ 17,552  $ 20,890  $ 17,469  $ 21,576 
Fair value utilizing Level 1 inputs $ 19,112  $ 19,826 
Fair value utilizing Level 2 inputs $ 1,778  $ 1,750 
Available under credit facility agreements(b) $ 18,210  $ 18,222 
Weighted-average interest rate on outstanding short-term debt(c) 3.9  % 3.8  %
Weighted-average interest rate on outstanding long-term debt(c) 5.6  % 5.6  %
__________
(a)Includes net discount and debt issuance costs of $529 million and $540 million at March 31, 2021 and December 31, 2020.
(b)Excludes our 364-day, $2.0 billion facility allocated 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 senior notes. In April 2021, we increased the total borrowing capacity of our five-year, $10.5 billion facility to $11.2 billion and extended the termination date for a $9.9 billion portion of the five-year facility by three years, now set to mature on April 18, 2026. The termination date of April 18, 2023 for the remaining portion of the five-year facility remains unchanged. We also renewed and increased the total borrowing capacity of our three-year, $4.0 billion facility to $4.3 billion, which now matures on April 7, 2024, and renewed our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial, which now matures on April 6, 2022. We also terminated our 364-day, $2.0 billion revolving credit facility, entered into in May 2020. Additionally, the prior restrictions on share repurchases and dividends on our common shares were removed upon entrance into the renewed three-year, $4.3 billion facility.


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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
GM Financial The following table presents debt of GM Financial:
March 31, 2021 December 31, 2020
Carrying Amount Fair Value Carrying Amount Fair Value
Secured debt $ 39,965  $ 40,292  $ 39,982  $ 40,380 
Unsecured debt 53,730  55,621  52,443  54,568 
Total GM Financial debt $ 93,695  $ 95,913  $ 92,425  $ 94,948 
Fair value utilizing Level 2 inputs $ 94,210  $ 92,922 
Fair value utilizing Level 3 inputs $ 1,703  $ 2,026 

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 8 to our condensed consolidated financial statements for additional information on GM Financial's involvement with VIEs. In the three months ended March 31, 2021, GM Financial renewed revolving credit facilities with total borrowing capacity of $6.0 billion and issued $8.2 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 0.82% and maturity dates ranging from 2022 to 2028.

Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the three months ended March 31, 2021, GM Financial issued $3.8 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 1.44% and maturity dates ranging from 2025 to 2031.

In April 2021, GM Financial issued $2.3 billion in senior notes with a weighted average interest rate of 1.60% and maturity dates ranging from 2024 to 2028.

Note 10. Derivative Financial Instruments
Automotive The following table presents the notional amounts of derivative financial instruments in our automotive operations:
Fair Value Level March 31, 2021 December 31, 2020
Derivatives not designated as hedges(a)
Foreign currency 2 $ 1,963  $ 2,195 
Commodity 2 631  341 
Stellantis warrants, formerly known as PSA warrants(b) 2 47  49 
Total derivative financial instruments $ 2,641  $ 2,585 
__________
(a)The fair value of these derivative instruments at March 31, 2021 and December 31, 2020 and the gains/losses included in our condensed consolidated income statements for the three months ended March 31, 2021 and 2020 were insignificant, unless otherwise noted.
(b)As a result of the merger of Peugeot, S.A. (PSA Group) and Fiat Chrysler Automobiles N.V. on January 16, 2021, our 39.7 million warrants in Stellantis N.V. (Stellantis) will convert into 69.2 million common shares of Stellantis upon exercise. These warrants will continue to be governed by the same terms and conditions that were applicable prior to the merger. The fair value of these warrants, located in Other assets, was $1.3 billion and $1.1 billion at March 31, 2021 and December 31, 2020. We recorded a gain of $210 million and loss of $417 million in Interest income and other non-operating income, net in the three months ended March 31, 2021 and 2020.

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







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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
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 March 31, 2021 December 31, 2020
Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities
Derivatives designated as hedges(a)
Fair value hedges
Interest rate swaps 2 $ 14,309  $ 251  $ 171  $ 10,064  $ 463  $ 13 
Foreign currency swaps 2 1,881  81  37  1,958  128 
Cash flow hedges
Interest rate swaps 2 878  18  921  —  27 
Foreign currency swaps 2 6,343  201  98  5,626  278  47 
Derivatives not designated as hedges(a)
Interest rate contracts 2 110,961  839  453  110,997  954  576 
Total derivative financial instruments(b) $ 134,372  $ 1,374  $ 777  $ 129,566  $ 1,823  $ 672 
__________
(a)The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three months ended March 31, 2021 and 2020 were insignificant, unless otherwise noted. Amounts accrued for interest payments in a net receivable position are included in Other assets. Amounts accrued for interest payments in a net payable position are included in Other liabilities.
(b)GM Financial held $450 million and $728 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted an insignificant amount of collateral to counterparties available for netting against GM Financial's liability positions at March 31, 2021 and December 31, 2020.

The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including quoted prices of similar instruments and foreign exchange and interest rate forward curves.

The following amounts were recorded in the condensed consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships:
March 31, 2021 December 31, 2020
Carrying Amount of Hedged Items Cumulative Amount of Fair Value Hedging Adjustments(a) Carrying Amount of Hedged Items Cumulative Amount of Fair Value Hedging Adjustments(a)
Short-term unsecured debt $ 4,365  $ (54) $ 4,858  $ (69)
Long-term unsecured debt 19,266  (257) 18,457  (670)
GM Financial unsecured debt $ 23,631  $ (311) $ 23,315  $ (739)
__________
(a)Includes $201 million and $200 million of unamortized gains remaining on hedged items for which hedge accounting has been discontinued at March 31, 2021 and December 31, 2020.


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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 11. Accrued and Other Liabilities

March 31, 2021 December 31, 2020
Accrued liabilities
Dealer and customer allowances, claims and discounts $ 5,995  $ 7,300 
Deferred revenue 3,104  3,132 
Product warranty and related liabilities 3,113  3,048 
Payrolls and employee benefits excluding postemployment benefits 1,091  1,864 
Other 7,506  7,725 
Total accrued liabilities $ 20,809  $ 23,069 
Other liabilities
Deferred revenue $ 2,695  $ 2,715 
Product warranty and related liabilities 4,964  5,193 
Operating lease liabilities 945  969 
Employee benefits excluding postemployment benefits 827  822 
Postemployment benefits including facility idling reserves 738  739 
Other 2,997  3,009 
Total other liabilities $ 13,166  $ 13,447 
Three Months Ended
March 31, 2021 March 31, 2020
Product Warranty and Related Liabilities
Warranty balance at beginning of period $ 8,242  $ 7,798 
Warranties issued and assumed in period – recall campaigns 120  117 
Warranties issued and assumed in period – product warranty 443  498 
Payments (733) (881)
Adjustments to pre-existing warranties 11  (19)
Effect of foreign currency and other (6) (115)
Warranty balance at end of period $ 8,077  $ 7,398 

We estimate our reasonably possible loss in excess of amounts accrued for recall campaigns to be insignificant at March 31, 2021. Refer to Note 13 to our condensed consolidated financial statements for more details on Takata Corporation (Takata) matters.

Note 12. Pensions and Other Postretirement Benefits
Three Months Ended March 31, 2021 Three Months Ended March 31, 2020
Pension Benefits Global OPEB Plans Pension Benefits Global OPEB Plans
U.S. Non-U.S. U.S. Non-U.S.
Service cost $ 65  $ 38  $ $ 62  $ 29  $
Interest cost 269  59  31  429  91  43 
Expected return on plan assets (795) (152) —  (816) (170) — 
Amortization of prior service cost (credit) (1) (2) (1) (2)
Amortization of net actuarial losses 54  25  42  19 
Net periodic pension and OPEB (income) expense $ (455) $ —  $ 58  $ (322) $ (6) $ 65 
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
The non-service cost components of net periodic pension and other postretirement benefits (OPEB) income of $483 million and $338 million in the three months ended March 31, 2021 and 2020 are presented in Interest income and other non-operating income, net.

Note 13. Commitments and Contingencies
Litigation-Related Liability and Tax Administrative Matters In the normal course of our business, we are named from time to time as a defendant in various legal actions, including arbitrations, class actions and other litigation. We identify below the material individual proceedings and investigations where we believe a material loss is reasonably possible or probable. We accrue for matters when we believe that losses are probable and can be reasonably estimated. At March 31, 2021 and December 31, 2020, we had accruals of $1.1 billion and $1.2 billion in Accrued liabilities and Other liabilities. In many matters, it is inherently difficult to determine whether loss is probable or reasonably possible or to estimate the size or range of the possible loss. Accordingly, adverse outcomes from such proceedings could exceed the amounts accrued by an amount that could be material to our results of operations or cash flows in any particular reporting period.

GM Korea Wage Litigation GM Korea Company (GM Korea) is party to litigation with current and former salaried employees over whether to include fixed bonuses in the calculation of Ordinary Wages due under Korean regulations. In 2017, the Seoul High Court (an intermediate-level appellate court) held that certain workers are not barred from filing retroactive wage claims. GM Korea appealed this ruling to the Supreme Court of the Republic of Korea (Korean Supreme Court). The Korean Supreme Court has not yet rendered a decision. We estimate our reasonably possible loss in excess of amounts accrued to be approximately $180 million at March 31, 2021. Both the scope of claims asserted and GM Korea's assessment of any or all of the individual claim elements may change if new information becomes available or the legal or regulatory frameworks change.

GM Korea is also party to litigation with current and former subcontract workers over allegations that they are entitled to the same wages and benefits provided to full-time employees, and to be hired as full-time employees. In May 2018 and September 2020, the Korean labor authorities issued adverse administrative orders finding that GM Korea must hire certain current subcontract workers as full-time employees. GM Korea appealed the May 2018 and September 2020 orders. In June 2020, the Seoul High Court ruled against GM Korea in one of the subcontract worker claims. GM Korea has appealed this decision to the Korean Supreme Court. At March 31, 2021, our accrual covering certain asserted claims and claims that we believe are probable of assertion and for which liability is probable was approximately $250 million. We estimate the reasonably possible loss in excess of amounts accrued for other current subcontract workers who may assert similar claims to be approximately $120 million at March 31, 2021. We are currently unable to estimate any possible loss or range of loss that may result from additional claims that may be asserted by former subcontract workers.

GM Brazil Indirect Tax Claim In 2019, the Superior Court of Brazil rendered favorable decisions on three cases brought by GM Brazil that granted the Company the right to recover certain taxes collected by the government. As a result, GM Brazil recorded pre-tax recoveries of $1.4 billion in the year ended December 31, 2019 and we are currently realizing the recoveries as we have federal tax liabilities eligible for offset. A Motion of Clarification has been filed by the Brazilian IRS with the Brazilian Supreme Court and it is scheduled for decision in May 2021. We expect third parties will file claims asserting challenges, including entitlements, to some or all of the tax recoveries awarded and recognized by GM, and GM intends to defend against any such claims if they are filed.

Other Litigation-Related Liability and Tax Administrative Matters Various other legal actions, including class actions, governmental investigations, claims and proceedings are pending against us or our related companies or joint ventures, including matters arising out of alleged product defects; employment-related matters; product and workplace safety, vehicle emissions and fuel economy regulations; product warranties; financial services; dealer, supplier and other contractual relationships; government regulations relating to competition issues; tax-related matters not subject to the provision of Accounting Standards Codification 740, "Income Taxes" (indirect tax-related matters); product design, manufacture and performance; consumer protection laws; and environmental protection laws, including laws regulating air emissions, water discharges, waste management and environmental remediation from stationary sources.

There are several putative class actions pending against GM in federal courts in the U.S. and in the Provincial Courts in Canada alleging that various vehicles sold, including model year 2011-2016 Duramax Diesel Chevrolet Silverado and GMC Sierra vehicles, violate federal, state and foreign emission standards. We are unable to estimate any reasonably possible loss or range of loss that may result from these actions. GM has also faced a series of additional lawsuits in the U.S. based on these
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
allegations, including putative shareholder class actions claiming violations of federal securities law and a shareholder demand lawsuit. The securities lawsuits have been voluntarily dismissed by the plaintiffs in those actions.

We believe that appropriate accruals have been established for losses that are probable and can be reasonably estimated. It is possible that the resolution of one or more of these matters could exceed the amounts accrued in an amount that could be material to our results of operations. We also from time to time receive subpoenas and other inquiries or requests for information from agencies or other representatives of U.S. federal, state and foreign governments on a variety of issues.

Indirect tax-related matters are being litigated globally pertaining to value added taxes, customs, duties, sales, property taxes and other non-income tax related tax exposures. The various non-U.S. labor-related matters include claims from current and former employees related to alleged unpaid wage, benefit, severance and other compensation matters. Certain administrative proceedings are indirect tax-related and may require that we deposit funds in escrow or provide an alternative form of security. Some of the matters may involve compensatory, punitive or other treble damage claims, environmental remediation programs or sanctions that, if granted, could require us to pay damages or make other expenditures in amounts that could not be reasonably estimated at March 31, 2021. We believe that appropriate accruals have been established for losses that are probable and can be reasonably estimated. For indirect tax-related matters we estimate our reasonably possible loss in excess of amounts accrued to be up to approximately $800 million at March 31, 2021.

Takata Matters In November 2020, the National Highway Traffic Safety Administration (NHTSA) directed that we replace the airbag inflators in our GMT900 vehicles, which are full-size pickup trucks and sport utility vehicles (SUVs), and we decided not to contest NHTSA's decision. While we have already begun the process of executing the recall, given the number of vehicles in this population, the recall will take several years to be completed. Accordingly, in the three months ended December 31, 2020, we recorded a warranty accrual of $1.1 billion for the expected costs of complying with the recall remedy, and we believe the currently accrued amount remains reasonable.

GM has recalled certain vehicles sold outside of the U.S. to replace Takata inflators in those vehicles. There are significant differences in vehicle and inflator design between the relevant vehicles sold internationally and those sold in the U.S. We continue to gather and analyze evidence about these inflators and to share our findings with regulators. Any additional recalls relating to these inflators could be material to our results of operations and cash flows.

There are several putative class actions that have been filed against GM, including in the federal courts in the U.S., in the Provincial Courts in Canada, and in Mexico and Israel, arising out of allegations that airbag inflators manufactured by Takata are defective. At this stage of these proceedings, we are unable to provide an estimate of the amounts or range of possible loss.

Opel/Vauxhall Sale In 2017 we sold the Opel and Vauxhall businesses and certain other assets in Europe (the Opel/Vauxhall Business) to PSA Group (now Stellantis as a result of the merger of PSA Group and Fiat Chrysler Automobiles N.V. on January 16, 2021) under a Master Agreement (the Agreement). We also sold the European financing subsidiaries and branches (the Fincos, and together with the Opel/Vauxhall Business, the European Business) to Banque PSA Finance S.A. and BNP Paribas Personal Finance S.A. Although the sale reduced our new vehicle presence in Europe, we may still be impacted by actions taken by regulators related to vehicles sold before the sale. Our wholly owned subsidiary (the Seller) agreed to indemnify Stellantis for certain losses resulting from any inaccuracy of the representations and warranties or breaches of our covenants included in the Agreement and for certain other liabilities, including certain emissions and product liabilities. The Company entered into a guarantee for the benefit of Stellantis and pursuant to which the Company agreed to guarantee the Seller's obligation to indemnify Stellantis. Certain of these indemnification obligations are subject to time limitations, thresholds and/or caps as to the amount of required payments.

Product Liability We recorded liabilities of $588 million and $589 million in Accrued liabilities and Other liabilities at March 31, 2021 and December 31, 2020 for the expected cost of all known product liability claims, plus an estimate of the expected cost for product liability claims that have already been incurred and are expected to be filed in the future for which we are self-insured. It is reasonably possible that our accruals for product liability claims may increase in future periods in material amounts, although we cannot estimate a reasonable range of incremental loss based on currently available information. We believe that any judgment against us involving our products for actual damages will be adequately covered by our recorded accruals and, where applicable, excess liability insurance coverage.

Guarantees We enter into indemnification agreements for liability claims involving products manufactured primarily by certain joint ventures. These guarantees terminate in years ranging from 2021 to 2026 or upon the occurrence of specific events or are ongoing. We believe that the related potential costs incurred are adequately covered by our recorded accruals, which are
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
insignificant. The maximum future undiscounted payments mainly based on vehicles sold to date were $3.2 billion and $3.1 billion for these guarantees at March 31, 2021 and December 31, 2020, the majority of which relates to the indemnification agreements.

We provide payment guarantees on commercial loans outstanding with third parties such as dealers. In some instances, certain assets of the party or our payables to the party whose debt or performance we have guaranteed may offset, to some degree, the amount of any potential future payments. We are also exposed to residual value guarantees associated with certain sales to rental car companies.

We periodically enter into agreements that incorporate indemnification provisions in the normal course of business. It is not possible to estimate our maximum exposure under these indemnifications or guarantees due to the conditional nature of these obligations. Insignificant amounts have been recorded for such obligations as the majority of them are not probable or estimable at this time and the fair value of the guarantees at issuance was insignificant. Refer to the Opel/Vauxhall Sale section of this note for additional information on our indemnification obligations to Stellantis under the Agreement.

Note 14. Income Taxes
For interim income tax reporting, we estimate our annual effective tax rate and apply it to our year-to-date ordinary income (loss). Tax jurisdictions with a projected or year-to-date loss for which a tax benefit cannot be realized are excluded. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur.

In the three months ended March 31, 2021, Income tax expense of $1.2 billion was primarily due to tax expense attributable to entities included in our effective tax rate calculation and the establishment of a valuation allowance against Cruise deferred tax assets that are considered no longer realizable.

In the three months ended March 31, 2021, Cruise issued new preferred shares to investors. As a result of the issuance, Cruise fell below the ownership threshold required for inclusion in our U.S. consolidated income tax returns, and we established a valuation allowance of $316 million against deferred tax assets. Refer to Note 16 to our condensed consolidated financial statements for additional information regarding the Cruise preferred stock issuance. The effective tax rate is higher than the applicable statutory tax rate primarily due to tax expense related to the establishment of the valuation allowance.

In the three months ended March 31, 2020, Income tax expense of $357 million was primarily due to tax expense attributable to entities included in our effective tax rate calculation and the establishment of a valuation allowance against deferred tax assets that were considered no longer realizable. The effective tax rate was higher than the applicable statutory tax rate primarily due to tax expense related to the establishment of the valuation allowance and losses for which a tax benefit cannot be realized.

At March 31, 2021, we had $22.4 billion of net deferred tax assets consisting of net operating losses and income tax credits, capitalized research expenditures and other timing differences that are available to offset future income tax liabilities, partially offset by valuation allowances.

Note 15. Restructuring and Other Initiatives
We have executed various restructuring and other initiatives and we may execute additional initiatives in the future, if necessa