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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
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☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2022
OR
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☐ | 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
GENERAL MOTORS COMPANY
(Exact name of registrant as specified in its charter)
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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:
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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 13, 2022 there were 1,458,022,912 shares of common stock outstanding.
INDEX
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PART I |
Item 1. | Condensed Consolidated Financial Statements | |
| Condensed Consolidated Income Statements (Unaudited) | |
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) | |
| Condensed Consolidated Balance Sheets (Unaudited) | |
| Condensed Consolidated Statements of Cash Flows (Unaudited) | |
| Condensed Consolidated Statements of Equity (Unaudited) | |
| Notes to Condensed Consolidated Financial Statements | |
| Note 1. | Nature of Operations and Basis of Presentation | |
| Note 2. | Significant Accounting Policies | |
| Note 3. | Revenue | |
| Note 4. | Marketable and Other Securities | |
| Note 5. | GM Financial Receivables and Transactions | |
| Note 6. | Inventories | |
| Note 7. | Equipment on Operating Leases | |
| Note 8. | Equity in Net Assets of Nonconsolidated Affiliates | |
| Note 9. | Variable Interest Entities | |
| Note 10. | Debt | |
| Note 11. | Derivative Financial Instruments | |
| Note 12. | Product Warranty and Related Liabilities | |
| Note 13. | Pensions and Other Postretirement Benefits | |
| Note 14. | Commitments and Contingencies | |
| Note 15. | Income Taxes | |
| | | |
| Note 16. | Stockholders' Equity and Noncontrolling Interests | |
| Note 17. | Earnings Per Share | |
| | | |
| Note 18. | Stock Incentive Plans | |
| Note 19. | 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, 2022 | | March 31, 2021 |
Net sales and revenue | | | | | | | |
Automotive | | | | | $ | 32,824 | | | $ | 29,067 | |
GM Financial | | | | | 3,155 | | | 3,407 | |
Total net sales and revenue (Note 3) | | | | | 35,979 | | | 32,474 | |
Costs and expenses | | | | | | | |
Automotive and other cost of sales | | | | | 29,353 | | | 25,115 | |
GM Financial interest, operating and other expenses | | | | | 1,926 | | | 2,279 | |
Automotive and other selling, general and administrative expense | | | | | 2,504 | | | 1,803 | |
| | | | | | | |
Total costs and expenses | | | | | 33,783 | | | 29,197 | |
Operating income (loss) | | | | | 2,196 | | | 3,277 | |
Automotive interest expense | | | | | 226 | | | 250 | |
Interest income and other non-operating income, net | | | | | 517 | | | 799 | |
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Equity income (loss) (Note 8) | | | | | 292 | | | 365 | |
Income (loss) before income taxes | | | | | 2,779 | | | 4,191 | |
Income tax expense (benefit) (Note 15) | | | | | (28) | | | 1,177 | |
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Net income (loss) | | | | | 2,807 | | | 3,014 | |
Net loss (income) attributable to noncontrolling interests | | | | | 131 | | | 8 | |
Net income (loss) attributable to stockholders | | | | | $ | 2,939 | | | $ | 3,022 | |
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Net income (loss) attributable to common stockholders | | | | | $ | 1,987 | | | $ | 2,976 | |
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Earnings per share (Note 17) | | | | | | | |
| | | | | | | |
Basic earnings per common share | | | | | $ | 1.36 | | | $ | 2.06 | |
Weighted-average common shares outstanding – basic | | | | | 1,458 | | | 1,447 | |
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Diluted earnings per common share | | | | | $ | 1.35 | | | $ | 2.03 | |
Weighted-average common shares outstanding – diluted | | | | | 1,470 | | | 1,464 | |
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions) (Unaudited)
| | | | | | | | | | | | | | | | | | | |
| | | | | Three Months Ended |
| | | | | | | | | March 31, 2022 | | March 31, 2021 |
Net income (loss) | | | | | | | | | $ | 2,807 | | | $ | 3,014 | |
Other comprehensive income (loss), net of tax (Note 16) | | | | | | | | | | | |
Foreign currency translation adjustments and other | | | | | | | | | 340 | | | (5) | |
Defined benefit plans | | | | | | | | | 103 | | | 160 | |
Other comprehensive income (loss), net of tax | | | | | | | | | 442 | | | 155 | |
Comprehensive income (loss) | | | | | | | | | 3,250 | | | 3,169 | |
Comprehensive income (loss) attributable to noncontrolling interests | | | | | | | | | 145 | | | 15 | |
Comprehensive income (loss) attributable to stockholders | | | | | | | | | $ | 3,394 | | | $ | 3,184 | |
Reference should be made to the notes to condensed consolidated financial statements.
Amounts may not add due to rounding.
GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts) (Unaudited)
| | | | | | | | | | | |
| March 31, 2022 | | December 31, 2021 |
ASSETS | | | |
Current Assets | | | |
Cash and cash equivalents | $ | 16,349 | | | $ | 20,067 | |
Marketable debt securities (Note 4) | 9,907 | | | 8,609 | |
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Accounts and notes receivable, net of allowance of $205 and $192 | 11,946 | | | 7,394 | |
GM Financial receivables, net of allowance of $761 and $703 (Note 5; Note 9 at VIEs) | 28,440 | | | 26,649 | |
Inventories (Note 6) | 14,838 | | | 12,988 | |
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Other current assets (Note 4; Note 9 at VIEs) | 7,113 | | | 6,396 | |
Total current assets | 88,594 | | | 82,103 | |
Non-current Assets | | | |
| | | |
GM Financial receivables, net of allowance of $1,167 and $1,183 (Note 5; Note 9 at VIEs) | 36,408 | | | 36,167 | |
Equity in net assets of nonconsolidated affiliates (Note 8) | 10,402 | | | 9,677 | |
Property, net | 41,708 | | | 41,115 | |
Goodwill and intangible assets, net | 5,058 | | | 5,087 | |
Equipment on operating leases, net (Note 7; Note 9 at VIEs) | 36,581 | | | 37,929 | |
Deferred income taxes | 21,287 | | | 21,152 | |
Other assets (Note 4; Note 9 at VIEs) | 11,454 | | | 11,488 | |
Total non-current assets | 162,898 | | | 162,615 | |
Total Assets | $ | 251,492 | | | $ | 244,718 | |
| | | |
LIABILITIES AND EQUITY | | | |
Current Liabilities | | | |
Accounts payable (principally trade) | $ | 25,240 | | | $ | 20,391 | |
Short-term debt and current portion of long-term debt (Note 10) | | | |
Automotive | 737 | | | 463 | |
GM Financial (Note 9 at VIEs) | 32,300 | | | 33,257 | |
Accrued liabilities | 21,277 | | | 20,297 | |
Total current liabilities | 79,555 | | | 74,408 | |
Non-current Liabilities | | | |
Long-term debt (Note 10) | | | |
Automotive | 16,155 | | | 16,355 | |
GM Financial (Note 9 at VIEs) | 60,613 | | | 59,304 | |
Postretirement benefits other than pensions (Note 13) | 5,722 | | | 5,743 | |
Pensions (Note 13) | 7,782 | | | 8,008 | |
Other liabilities | 14,601 | | | 15,085 | |
Total non-current liabilities | 104,873 | | | 104,495 | |
Total Liabilities | 184,429 | | | 178,903 | |
Commitments and contingencies (Note 14) | | | |
Noncontrolling Interest - Cruise Stock Incentive Awards (Note 18) | 289 | | | — | |
Equity (Note 16) | | | |
Common stock, $0.01 par value | 15 | | | 15 | |
Additional paid-in capital | 27,015 | | | 27,061 | |
Retained earnings | 43,879 | | | 41,937 | |
Accumulated other comprehensive loss | (8,814) | | | (9,269) | |
Total stockholders’ equity | 62,095 | | | 59,744 | |
Noncontrolling interests | 4,679 | | | 6,071 | |
Total Equity | 66,774 | | | 65,815 | |
Total Liabilities and Equity | $ | 251,492 | | | $ | 244,718 | |
Reference should be made to the notes to condensed consolidated financial statements.
Amounts may not add due to rounding.
GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) (Unaudited)
| | | | | | | | | | | |
| Three Months Ended |
| March 31, 2022 | | March 31, 2021 |
Cash flows from operating activities | | | |
Net income (loss) | $ | 2,807 | | | $ | 3,014 | |
Depreciation and impairment of Equipment on operating leases, net | 1,223 | | | 1,653 | |
Depreciation, amortization and impairment charges on Property, net | 1,668 | | | 1,362 | |
Foreign currency remeasurement and transaction (gains) losses | 56 | | | (73) | |
| | | |
Undistributed (earnings) loss of nonconsolidated affiliates, net | (274) | | | (349) | |
Pension contributions and OPEB payments | (213) | | | (222) | |
Pension and OPEB income, net | (300) | | | (397) | |
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Provision (benefit) for deferred taxes | (81) | | | 1,085 | |
Change in other operating assets and liabilities | (2,784) | | | (4,807) | |
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Net cash provided by (used in) operating activities | 2,104 | | | 1,266 | |
Cash flows from investing activities | | | |
Expenditures for property | (1,661) | | | (878) | |
Available-for-sale marketable securities, acquisitions | (3,451) | | | (2,366) | |
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Available-for-sale marketable securities, liquidations | 1,960 | | | 3,632 | |
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Purchases of finance receivables, net | (8,189) | | | (8,173) | |
Principal collections and recoveries on finance receivables | 6,845 | | | 6,085 | |
Purchases of leased vehicles, net | (2,990) | | | (6,113) | |
Proceeds from termination of leased vehicles | 3,732 | | | 4,919 | |
Other investing activities | (154) | | | (90) | |
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| | | |
Net cash provided by (used in) investing activities | (3,909) | | | (2,984) | |
Cash flows from financing activities | | | |
Net increase (decrease) in short-term debt | 722 | | | 1,543 | |
Proceeds from issuance of debt (original maturities greater than three months) | 10,685 | | | 13,350 | |
Payments on debt (original maturities greater than three months) | (10,827) | | | (12,702) | |
Issuance (redemptions) of subsidiary preferred stock (Note 16) | (2,124) | | | 1,537 | |
Dividends paid | (73) | | | (76) | |
Other financing activities | (235) | | | (35) | |
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| | | |
Net cash provided by (used in) financing activities | (1,852) | | | 3,617 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 93 | | | (140) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (3,564) | | | 1,759 | |
Cash, cash equivalents and restricted cash at beginning of period | 23,542 | | | 23,117 | |
Cash, cash equivalents and restricted cash at end of period | $ | 19,978 | | | $ | 24,876 | |
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Significant Non-cash Investing and Financing Activity | | | |
Non-cash property additions | $ | 1,931 | | | $ | 1,710 | |
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Reference should be made to the notes to condensed consolidated financial statements.
Amounts may not add due to rounding.
GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions) (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stockholders’ | | Noncontrolling Interests | | Total Equity (Permanent Equity) | | Noncontrolling Interest Cruise Stock Incentive Awards (Temporary Equity) |
Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | |
Balance at January 1, 2021 | $ | 14 | | | $ | 26,542 | | | $ | 31,962 | | | $ | (13,488) | | | $ | 4,647 | | | $ | 49,677 | | | $ | — | |
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Net income (loss) | — | | | — | | | 3,022 | | | — | | | (8) | | | 3,014 | | | — | |
Other comprehensive income (loss) | — | | | — | | | — | | | 162 | | | (7) | | | 155 | | | — | |
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Issuance (redemption) of subsidiary preferred stock (Note 16) | — | | | — | | | — | | | — | | | 1,537 | | | 1,537 | | | — | |
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Stock based compensation | — | | | 132 | | | — | | | — | | | — | | | 132 | | | — | |
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Dividends to noncontrolling interests | — | | | — | | | — | | | — | | | (61) | | | (61) | | | — | |
Other | — | | | (7) | | | 4 | | | — | | | (8) | | | (11) | | | — | |
Balance at March 31, 2021 | $ | 14 | | | $ | 26,667 | | | $ | 34,988 | | | $ | (13,326) | | | $ | 6,100 | | | $ | 54,443 | | | $ | — | |
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Balance at January 1, 2022 | $ | 15 | | | $ | 27,061 | | | $ | 41,937 | | | $ | (9,269) | | | $ | 6,071 | | | $ | 65,815 | | | $ | — | |
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Net income (loss) | — | | | — | | | 2,939 | | | — | | | (131) | | | 2,807 | | | — | |
Other comprehensive income (loss) | — | | | — | | | — | | | 456 | | | (13) | | | 442 | | | — | |
Issuance (redemption) of subsidiary preferred stock (Note 16) | — | | | — | | | (909) | | | — | | | (1,215) | | | (2,124) | | | — | |
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Stock based compensation | — | | | (31) | | | (1) | | | — | | | — | | | (32) | | | 289 | |
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Dividends to noncontrolling interests | — | | | — | | | (12) | | | — | | | (1) | | | (14) | | | — | |
Other | — | | | (15) | | | (74) | | | — | | | (31) | | | (120) | | | — | |
Balance at March 31, 2022 | $ | 15 | | | $ | 27,015 | | | $ | 43,879 | | | $ | (8,814) | | | $ | 4,679 | | | $ | 66,774 | | | $ | 289 | |
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Reference should be made to the notes to condensed consolidated financial statements.
Amounts may not add due to rounding.
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 and provides software-enabled services and subscriptions worldwide. Additionally, we are investing in and growing an autonomous vehicle (AV) 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 AV 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 are 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 2021 Form 10-K. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding.
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 are 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 are 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. Significant Accounting Policies
The information presented on Stock Incentive Plans updates our Significant Accounting Policies information presented in our 2021 Form 10-K to reflect the effect of modifications made to Cruise stock incentive awards during the three months ended March 31, 2022. Refer to Note 18 to our condensed consolidated financial statements for additional information on the modifications made.
Stock Incentive Plans Our stock incentive plans include Restricted Stock Units (RSUs), Restricted Stock Awards (RSAs), Performance Stock Units (PSUs), stock options and awards that may be settled in our stock, the stock of our subsidiaries or in cash. We measure and record compensation expense based on the fair value of GM or Cruise's common stock on the date of grant for RSUs, RSAs and PSUs and the grant date fair value, determined utilizing a lattice model or the Black-Scholes formula for stock options and PSUs. We record compensation cost for service-based RSUs, RSAs, PSUs and service-based stock options on a straight-line basis over the entire vesting period, or for retirement eligible employees over the requisite service period. In March 2022, all outstanding RSUs that settle in Cruise’s common stock were modified to remove the liquidity vesting condition. Prospectively, RSUs that will settle in Cruise’s common stock will solely vest upon satisfaction of a service condition. Compensation cost for awards that do not have an established accounting grant date, but for which the service inception date has been established, or are settled in cash is based generally on the fair value of GM or Cruise's common stock at the end of each reporting period. Compensation cost is also recorded on stock issued to settle awards based on the fair value of Cruise's common stock until such time that the stock has been issued for more than six months. We use the graded vesting method to record compensation cost for stock options with market conditions over the lesser of the vesting period or the time period an employee becomes eligible to retain the award at retirement.
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Accounting Standards Not Yet Adopted In March 2022, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2022-02 "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures" (ASU 2022-02), which eliminates the accounting guidance for troubled debt restructurings (TDRs) by creditors that have adopted ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" and enhances certain disclosure requirements. The adoption of ASU 2022-02 is expected to be insignificant.
Note 3. Revenue
The following table disaggregates our revenue by major source:
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| Three Months Ended March 31, 2022 |
| GMNA | | GMI | | Corporate | | Total Automotive | | Cruise | | GM Financial | | Eliminations/Reclassifications | | Total |
Vehicle, parts and accessories | $ | 28,572 | | | $ | 3,014 | | | $ | 5 | | | $ | 31,591 | | | $ | — | | | $ | — | | | $ | — | | | $ | 31,591 | |
Used vehicles | 75 | | | 5 | | | — | | | 80 | | | — | | | — | | | — | | | 80 | |
Services and other | 809 | | | 295 | | | 48 | | | 1,152 | | | 26 | | | — | | | (25) | | | 1,153 | |
Automotive net sales and revenue | 29,456 | | | 3,313 | | | 53 | | | 32,823 | | | 26 | | | — | | | (25) | | | 32,824 | |
Leased vehicle income | — | | | — | | | — | | | — | | | — | | | 2,066 | | | — | | | 2,066 | |
Finance charge income | — | | | — | | | — | | | — | | | — | | | 1,010 | | | — | | | 1,010 | |
Other income | — | | | — | | | — | | | — | | | — | | | 80 | | | (1) | | | 79 | |
GM Financial net sales and revenue | — | | | — | | | — | | | — | | | — | | | 3,156 | | | (1) | | | 3,155 | |
Net sales and revenue | $ | 29,456 | | | $ | 3,313 | | | $ | 53 | | | $ | 32,823 | | | $ | 26 | | | $ | 3,156 | | | $ | (26) | | | $ | 35,979 | |
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| 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 | |
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, 2022 and 2021.
Contract liabilities in our Automotive segments primarily consist of maintenance, extended warranty and other service contracts of $2.8 billion and $2.5 billion at March 31, 2022 and December 31, 2021, which are included in Accrued liabilities and Other liabilities. We recognized revenue of $444 million and $395 million related to contract liabilities in the three months ended March 31, 2022 and 2021. We expect to recognize revenue of $1.1 billion in the nine months ending December 31, 2022 and $577 million, $354 million and $731 million in the years ending December 31, 2023, 2024 and thereafter related to contract liabilities at March 31, 2022.
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:
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| Fair Value Level | | March 31, 2022 | | December 31, 2021 |
Cash and cash equivalents | | | | | |
Cash and time deposits | | | $ | 6,979 | | | $ | 7,881 | |
Available-for-sale debt securities | | | | | |
U.S. government and agencies | 2 | | 630 | | | 722 | |
Corporate debt | 2 | | 4,439 | | | 5,321 | |
Sovereign debt | 2 | | 1,186 | | | 2,105 | |
Total available-for-sale debt securities – cash equivalents | | | 6,255 | | | 8,148 | |
Money market funds | 1 | | 3,114 | | | 4,038 | |
Total cash and cash equivalents(a) | | | $ | 16,349 | | | $ | 20,067 | |
Marketable debt securities | | | | | |
| | | | | |
U.S. government and agencies | 2 | | $ | 2,844 | | | $ | 2,071 | |
Corporate debt | 2 | | 3,630 | | | 3,396 | |
Mortgage and asset-backed | 2 | | 600 | | | 575 | |
Sovereign debt | 2 | | 2,833 | | | 2,567 | |
Total available-for-sale debt securities – marketable securities(b) | | | $ | 9,907 | | | $ | 8,609 | |
Restricted cash | | | | | |
Cash and cash equivalents | | | $ | 374 | | | $ | 466 | |
Money market funds | 1 | | 3,255 | | | 3,009 | |
Total restricted cash | | | $ | 3,629 | | | $ | 3,475 | |
| | | | | |
Available-for-sale debt securities included above with contractual maturities(c) | | | | |
Due in one year or less | | | $ | 10,681 | | | |
Due between one and five years | | | 4,831 | | | |
Total available-for-sale debt securities with contractual maturities | | | $ | 15,512 | | | |
__________
(a)Includes $2.6 billion and $1.6 billion in Cruise at March 31, 2022 and December 31, 2021.
(b)Includes $1.5 billion in Cruise at March 31, 2022 and December 31, 2021.
(c)Excludes mortgage and asset-backed securities of $600 million at March 31, 2022 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 $464 million and $504 million in the three months ended March 31, 2022 and 2021. Net unrealized gains and losses on available-for-sale debt securities were insignificant in the three months ended March 31, 2022 and 2021. Cumulative unrealized gains and losses on available-for-sale debt securities were insignificant at March 31, 2022 and December 31, 2021.
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 sheets to the total shown in the condensed consolidated statement of cash flows:
| | | | | |
| March 31, 2022 |
Cash and cash equivalents | $ | 16,349 | |
Restricted cash included in Other current assets | 3,127 | |
Restricted cash included in Other assets | 503 | |
Total | $ | 19,978 | |
Note 5. GM Financial Receivables and Transactions
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| March 31, 2022 | | December 31, 2021 |
| Retail | | Commercial(a) | | Total | | Retail | | Commercial(a) | | Total |
| | | | | | | | | | | |
| | | | | | | | | | | |
GM Financial receivables, net of fees | $ | 59,503 | | | $ | 7,274 | | | $ | 66,776 | | | $ | 58,093 | | | $ | 6,609 | | | $ | 64,702 | |
Less: allowance for loan losses | (1,884) | | | (44) | | | (1,928) | | | (1,839) | | | (47) | | | (1,886) | |
GM Financial receivables, net | $ | 57,618 | | | $ | 7,230 | | | $ | 64,848 | | | $ | 56,254 | | | $ | 6,562 | | | $ | 62,816 | |
| | | | | | | | | | | |
Fair value of GM Financial receivables utilizing Level 2 inputs | | | | | $ | 7,230 | | | | | | | $ | 6,562 | |
Fair value of GM Financial receivables utilizing Level 3 inputs | | | | | $ | 57,774 | | | | | | | $ | 57,613 | |
__________
(a)Net of dealer cash management balances of $1.2 billion and $1.0 billion at March 31, 2022 and December 31, 2021. 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, 2022 | | March 31, 2021 |
Allowance for loan losses at beginning of period | | | | | $ | 1,886 | | | $ | 1,978 | |
| | | | | | | |
Provision for loan losses | | | | | 122 | | | (26) | |
Charge-offs | | | | | (275) | | | (253) | |
Recoveries | | | | | 177 | | | 150 | |
Effect of foreign currency | | | | | 18 | | | (14) | |
Allowance for loan losses at end of period | | | | | $ | 1,928 | | | $ | 1,835 | |
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, 2022 and December 31, 2021:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year of Origination | | March 31, 2022 |
| 2022 | | 2021 | | 2020 | | 2019 | | 2018 | | Prior | | Total | | Percent |
Prime – FICO score 680 and greater | $ | 6,019 | | | $ | 17,792 | | | $ | 11,121 | | | $ | 3,540 | | | $ | 1,912 | | | $ | 655 | | | $ | 41,039 | | | 69.0 | % |
Near-prime – FICO score 620 to 679 | 856 | | | 3,569 | | | 2,153 | | | 1,089 | | | 553 | | | 274 | | | 8,494 | | | 14.3 | % |
Sub-prime – FICO score less than 620 | 929 | | | 3,720 | | | 2,258 | | | 1,563 | | | 831 | | | 669 | | | 9,970 | | | 16.8 | % |
Retail finance receivables, net of fees | $ | 7,804 | | | $ | 25,081 | | | $ | 15,531 | | | $ | 6,192 | | | $ | 3,296 | | | $ | 1,599 | | | $ | 59,503 | | | 100.0 | % |
GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year of Origination | | | | December 31, 2021 |
| 2021 | | 2020 | | 2019 | | 2018 | | 2017 | | Prior | | | | Total | | Percent |
Prime – FICO score 680 and greater | $ | 19,729 | | | $ | 12,408 | | | $ | 4,078 | | | $ | 2,298 | | | $ | 763 | | | $ | 143 | | | | | $ | 39,419 | | | 67.9 | % |
Near-prime – FICO score 620 to 679 | 3,856 | | | 2,388 | | | 1,229 | | | 648 | | | 274 | | | 84 | | | | | 8,479 | | | 14.6 | % |
Sub-prime – FICO score less than 620 | 4,053 | | | 2,528 | | | |