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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended September 30, 2024
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
gmlogo.jpg
GENERAL MOTORS COMPANY
(Exact name of registrant as specified in its charter)
Delaware27-0756180
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueGMNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☑  No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☑  No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer  ☑  Accelerated filer  ☐ Non-accelerated filer  ☐  Smaller reporting company  ☐ Emerging growth company  ☐ 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐  No  ☑
As of October 11, 2024 there were 1,099,595,840 shares of common stock outstanding.


INDEX
  Page
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.Revenue
Note 3.Marketable and Other Securities
Note 4.GM Financial Receivables and Transactions
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.Product Warranty and Related 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.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 5.Other Information
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 EndedNine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Net sales and revenue
Automotive$44,735 $40,498 $128,008 $118,398 
GM Financial4,021 3,633 11,732 10,465 
Total net sales and revenue (Note 2)48,757 44,131 139,740 128,863 
Costs and expenses
Automotive and other cost of sales 39,007 35,842 111,618 104,721 
GM Financial interest, operating and other expenses3,353 2,933 9,568 8,313 
Automotive and other selling, general and administrative expense2,745 2,344 7,292 7,449 
Total costs and expenses45,105 41,118 128,478 120,483 
Operating income (loss)3,651 3,013 11,262 8,380 
Automotive interest expense206 229 631 689 
Interest income and other non-operating income, net394 453 756 1,219 
Equity income (loss) (Note 7)(122)227 (311)357 
Income (loss) before income taxes3,717 3,464 11,076 9,267 
Income tax expense (benefit) (Note 14)709 470 2,238 1,421 
Net income (loss)3,008 2,994 8,837 7,846 
Net loss (income) attributable to noncontrolling interests48 70 132 179 
Net income (loss) attributable to stockholders$3,056 $3,064 $8,969 $8,026 
Net income (loss) attributable to common stockholders$3,029 $3,038 $8,914 $7,946 
Earnings per share (Note 17)
Basic earnings per common share$2.71 $2.21 $7.85 $5.74 
Weighted-average common shares outstanding – basic1,116 1,372 1,136 1,384 
Diluted earnings per common share$2.68 $2.20 $7.77 $5.72 
Weighted-average common shares outstanding – diluted1,131 1,378 1,147 1,390 
Dividends declared per common share$0.12 $0.09 $0.36 $0.27 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions) (Unaudited)
 Three Months EndedNine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Net income (loss)$3,008 $2,994 $8,837 $7,846 
Other comprehensive income (loss), net of tax (Note 16)
Foreign currency translation adjustments and other434 (42)(299)(25)
Defined benefit plans(69)77 52 (1)
Other comprehensive income (loss), net of tax365 35 (247)(26)
Comprehensive income (loss)3,373 3,028 8,590 7,820 
Comprehensive loss (income) attributable to noncontrolling interests 3 71 158 189 
Comprehensive income (loss) attributable to stockholders$3,376 $3,099 $8,749 $8,009 

Reference should be made to the notes to condensed consolidated financial statements.
Amounts may not add due to rounding.
1

GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts) (Unaudited)
September 30, 2024December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents$23,744 $18,853 
Marketable debt securities (Note 3)8,477 7,613 
Accounts and notes receivable, net of allowance of $300 and $298
13,782 12,378 
GM Financial receivables, net of allowance of $962 and $906 (Note 4; Note 8)
44,453 39,076 
Inventories (Note 5)17,325 16,461 
Other current assets (Note 3; Note 8)7,636 7,238 
Total current assets115,419 101,618 
Non-current Assets
GM Financial receivables, net of allowance of $1,415 and $1,438 (Note 4; Note 8)
45,928 45,043 
Equity in net assets of nonconsolidated affiliates (Note 7)11,039 10,613 
Property, net51,505 50,321 
Goodwill and intangible assets, net4,745 4,862 
Equipment on operating leases, net (Note 6; Note 8)30,956 30,582 
Deferred income taxes21,007 22,339 
Other assets (Note 3; Note 8)8,690 7,686 
Total non-current assets173,870 171,446 
Total Assets$289,289 $273,064 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)$29,629 $28,114 
Short-term debt and current portion of long-term debt (Note 9)
   Automotive944 428 
GM Financial (Note 8)35,218 38,540 
Accrued liabilities29,672 27,364 
Total current liabilities95,463 94,445 
Non-current Liabilities
Long-term debt (Note 9)
   Automotive15,540 15,985 
GM Financial (Note 8)76,149 66,788 
Postretirement benefits other than pensions (Note 12)4,235 4,345 
Pensions (Note 12)5,998 6,680 
Other liabilities17,742 16,515 
Total non-current liabilities119,664 110,312 
Total Liabilities215,127 204,757 
Commitments and contingencies (Note 13)
Noncontrolling interest - Cruise stock incentive awards— 118 
Equity (Note 16)
Common stock, $0.01 par value
11 12 
Additional paid-in capital19,342 19,130 
Retained earnings62,050 55,391 
Accumulated other comprehensive loss(10,468)(10,247)
Total stockholders’ equity70,935 64,286 
Noncontrolling interests3,227 3,903 
Total Equity74,162 68,189 
Total Liabilities and Equity$289,289 $273,064 

Reference should be made to the notes to condensed consolidated financial statements.
Amounts may not add due to rounding.
2

GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) (Unaudited)
Nine Months Ended
September 30, 2024September 30, 2023
Cash flows from operating activities
Net income (loss)$8,837 $7,846 
Depreciation and impairment of Equipment on operating leases, net3,633 3,697 
Depreciation, amortization and impairment charges on Property, net5,523 5,041 
Foreign currency remeasurement and transaction (gains) losses(228)114 
Undistributed earnings of nonconsolidated affiliates, net(287)(34)
Pension contributions and OPEB payments(815)(676)
Pension and OPEB income, net50 (64)
Provision (benefit) for deferred taxes1,396 235 
Change in other operating assets and liabilities(2,120)1,114 
Net cash provided by (used in) operating activities15,989 17,273 
Cash flows from investing activities
Expenditures for property(7,597)(7,264)
Available-for-sale marketable securities, acquisitions(3,467)(3,989)
Available-for-sale marketable securities, liquidations2,757 6,675 
Purchases of finance receivables(25,864)(27,180)
Principal collections and recoveries on finance receivables23,526 21,135 
Purchases of leased vehicles(11,243)(10,247)
Proceeds from termination of leased vehicles8,627 9,860 
Other investing activities(742)(1,091)
Net cash provided by (used in) investing activities(14,004)(12,100)
Cash flows from financing activities
Net increase (decrease) in short-term debt85 (48)
Proceeds from issuance of debt (original maturities greater than three months)38,163 37,357 
Payments on debt (original maturities greater than three months)(32,012)(33,269)
Payments to purchase common stock(2,378)(1,119)
Dividends paid(526)(493)
Other financing activities(369)(602)
Net cash provided by (used in) financing activities2,963 1,826 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(151)31 
Net increase (decrease) in cash, cash equivalents and restricted cash4,798 7,030 
Cash, cash equivalents and restricted cash at beginning of period21,917 21,948 
Cash, cash equivalents and restricted cash at end of period$26,715 $28,978 
Significant Non-cash Investing and Financing Activity
Non-cash property additions$4,767 $7,018 

Reference should be made to the notes to condensed consolidated financial statements.
Amounts may not add due to rounding.
3

GENERAL MOTORS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions) (Unaudited)
Common Stockholders’Noncontrolling InterestsTotal Equity
(Permanent Equity)		Noncontrolling Interest
Cruise Stock Incentive Awards
(Temporary Equity)
Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Loss
Balance at January 1, 2023$14 $26,428 $49,251 $(7,901)$4,135 $71,927 $357 
Net income (loss)— — 2,395 — (49)2,346 — 
Other comprehensive income (loss)— — — 123 (9)113 — 
Purchase of common stock— (168)(201)— — (369)— 
Stock based compensation— (34)(2)— — (35)7 
Cash dividends paid on common stock— — (126)— — (126)— 
Other— 97 — — 7 103 (93)
Balance at March 31, 202314 26,323 51,318 (7,778)4,084 73,961 271 
Net income (loss)— — 2,566 — (59)2,507 — 
Other comprehensive income (loss)— — — (174)— (174)— 
Purchase of common stock— (261)(239)— — (500)— 
Stock based compensation— 88 (1)— — 86 9 
Cash dividends paid on common stock— — (124)— — (124)— 
Dividends to noncontrolling interests— — — — (61)(61)— 
Other— (72)(3)— 67 (8)7 
Balance at June 30, 202314 26,078 53,517 (7,953)4,030 75,685 287 
Net income (loss)— — 3,064 — (70)2,994 — 
Other comprehensive income (loss)— — — 35 — 35 — 
Purchase of common stock— (118)(132)— — (250)— 
Stock based compensation— 98 (2)— — 97 5 
Cash dividends paid on common stock— — (123)— — (123)— 
Other— — (2)— (31)(33)32 
Balance at September 30, 2023$14 $26,058 $56,322 $(7,918)$3,929 $78,404 $323 
Balance at January 1, 2024$12 $19,130 $55,391 $(10,247)$3,903 $68,189 $118 
Net income (loss)— — 2,980 — (27)2,953 — 
Other comprehensive income (loss)— — — (212)(47)(259)— 
Purchase of common stock— 208 (539)— — (331)— 
Stock based compensation— 58 (2)— — 56 5 
Cash dividends paid on common stock— — (139)— — (139)— 
Other— (38)(4)— (2)(44)52 
Balance at March 31, 202411 19,358 57,688 (10,459)3,828 70,426 175 
Net income (loss)— — 2,933 — (57)2,877 — 
Other comprehensive income (loss)— — — (328)(25)(353)— 
Purchase of common stock— (363)(667)— — (1,030)— 
Stock based compensation— 126 (2)— — 124 — 
Cash dividends paid on common stock— — (136)— — (136)— 
Dividends to noncontrolling interests— — — — (60)(60)— 
Other— 481 (9)— (419)52 (175)
Balance at June 30, 202411 19,602 59,807 (10,787)3,267 71,900 — 
Net income (loss)— — 3,056 — (48)3,008 — 
Other comprehensive income (loss)— — — 320 45 365 — 
Purchase of common stock— (367)(668)— — (1,036)— 
Stock based compensation— 127 (3)— — 125 — 
Cash dividends paid on common stock— — (133)— — (133)— 
Other— (20)(10)— (38)(67)— 
Balance at September 30, 2024$11 $19,342 $62,050 $(10,468)$3,227 $74,162 $— 

Reference should be made to the notes to condensed consolidated financial statements.
Amounts may not add due to rounding.
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 and provides software-enabled services and subscriptions worldwide. Additionally, we are investing in 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. Corporate includes certain centrally recorded income and costs such as interest, income taxes, corporate expenditures and certain revenues and expenses that are not part of a reportable segment.

The condensed consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (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 2023 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.

Throughout this report, we refer to General Motors Company and its consolidated subsidiaries in a simplified manner and on a collective basis, using words like "we," "our," "us" and "the Company." This drafting style is suggested by the SEC and is not meant to indicate that General Motors Company, the publicly traded parent company, or any particular subsidiary of the parent company, owns or operates any particular asset, business or property. The operations and businesses described in this report are owned and operated by distinct subsidiaries of General Motors Company.

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 returns 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.
5

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 2. Revenue

The following table disaggregates our revenue by major source:
Three Months Ended September 30, 2024
GMNAGMICorporateTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Vehicle, parts and accessories$39,817 $3,244 $37 $43,098 $— $— $(1)$43,097 
Used vehicles368 9 — 377 — — — 377 
Services and other971 264 24 1,259 26 — (25)1,260 
Automotive net sales and revenue41,157 3,517 62 44,735 26 — (26)44,735 
Leased vehicle income— — — — — 1,828 — 1,828 
Finance charge income— — — — — 1,965 (8)1,956 
Other income— — — — — 238 (2)237 
GM Financial net sales and revenue— — — — — 4,031 (10)4,021 
Net sales and revenue$41,157 $3,517 $62 $44,735 $26 $4,031 $(36)$48,757 
Three Months Ended September 30, 2023
GMNAGMICorporateTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Vehicle, parts and accessories$34,893 $3,913 $17 $38,823 $— $— $(5)$38,818 
Used vehicles310 12 — 322 — — — 322 
Services and other903 405 50 1,358 25 — (25)1,359 
Automotive net sales and revenue36,106 4,330 67 40,503 25 — (30)40,498 
Leased vehicle income— — — — — 1,820 — 1,820 
Finance charge income— — — — — 1,621 (5)1,616 
Other income— — — — — 200 (3)197 
GM Financial net sales and revenue— — — — — 3,641 (8)3,633 
Net sales and revenue$36,106 $4,330 $67 $40,503 $25 $3,641 $(38)$44,131 
Nine Months Ended September 30, 2024
GMNAGMICorporateTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Vehicle, parts and accessories$114,131 $9,095 $50 $123,276 $— $— $(1)$123,275 
Used vehicles927 21 — 948 — — — 948 
Services and other2,923 780 80 3,783 76 — (75)3,784 
Automotive net sales and revenue117,981 9,897 130 128,007 76 — (76)128,008 
Leased vehicle income— — — — — 5,431 — 5,431 
Finance charge income— — — — — 5,627 (25)5,602 
Other income— — — — — 703 (5)698 
GM Financial net sales and revenue— — — — — 11,761 (29)11,732 
Net sales and revenue$117,981 $9,897 $130 $128,007 $76 $11,761 $(105)$139,740 
6

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Nine Months Ended September 30, 2023
GMNAGMICorporateTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Vehicle, parts and accessories$102,868 $10,876 $67 $113,811 $— $— $(6)$113,805 
Used vehicles741 22 — 763 — — — 763 
Services and other2,605 1,113 110 3,828 76 — (75)3,829 
Automotive net sales and revenue106,214 12,011 177 118,403 76 — (81)118,398 
Leased vehicle income— — — — — 5,458 — 5,458 
Finance charge income— — — — — 4,480 (11)4,469 
Other income— — — — — 544 (6)538 
GM Financial net sales and revenue— — — — — 10,482 (17)10,465 
Net sales and revenue$106,214 $12,011 $177 $118,403 $76 $10,482 $(98)$128,863 

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 September 30, 2024 and 2023.

Contract liabilities in our Automotive segments primarily consist of vehicle connectivity, customer rewards programs, maintenance, extended warranty and other contracts of $6.1 billion and $5.0 billion at September 30, 2024 and December 31, 2023, which are included in Accrued liabilities and Other liabilities. We recognized revenue of $456 million and $1.4 billion related to contract liabilities in the three and nine months ended September 30, 2024 and $284 million and $1.1 billion in the three and nine months ended September 30, 2023. We expect to recognize revenue of $585 million in the three months ending December 31, 2024 and $1.9 billion, $1.5 billion and $2.1 billion in the years ending December 31, 2025, 2026 and thereafter related to contract liabilities at September 30, 2024.
7

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 LevelSeptember 30, 2024December 31, 2023
Cash and cash equivalents
Cash and time deposits$12,296 $8,977 
Available-for-sale debt securities
U.S. government and agencies276 211 
Corporate debt25,160 1,439 
Sovereign debt22,665 734 
Total available-for-sale debt securities – cash equivalents7,901 2,384 
Money market funds13,547 7,491 
Total cash and cash equivalents$23,744 $18,853 
Marketable debt securities
U.S. government and agencies2$3,477 $3,495 
Corporate debt and other24,364 3,529 
Mortgage and asset-backed2636 589 
Total available-for-sale debt securities – marketable securities$8,477 $7,613 
Restricted cash
Cash and cash equivalents $275 $277 
Money market funds12,695 2,787 
Total restricted cash$2,971 $3,064 
Available-for-sale debt securities included above with contractual maturities(a)
Due in one year or less$9,824 
Due between one and five years5,770 
Total available-for-sale debt securities with contractual maturities$15,594 
__________
(a)Excludes mortgage and asset-backed securities of $636 million at September 30, 2024 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 $580 million and $454 million in the three months ended September 30, 2024 and 2023 and $1.6 billion and $1.5 billion in the nine months ended September 30, 2024 and 2023. Net unrealized gains on available-for-sale debt securities were $159 million and insignificant in the three months ended September 30, 2024 and 2023 and $160 million and insignificant in the nine months ended September 30, 2024 and 2023. Cumulative unrealized losses on available-for-sale debt securities were insignificant and $160 million at September 30, 2024 and December 31, 2023.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet to the total shown in the condensed consolidated statement of cash flows:
September 30, 2024
Cash and cash equivalents$23,744 
Restricted cash included in Other current assets2,495 
Restricted cash included in Other assets476 
Total$26,715 
8

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)
Note 4. GM Financial Receivables and Transactions
September 30, 2024December 31, 2023
RetailCommercial(a)TotalRetailCommercial(a)Total
GM Financial receivables$74,384 $18,375 $92,759 $72,729 $13,734 $86,463 
Less: allowance for loan losses(2,323)(54)(2,377)(2,308)(36)(2,344)
GM Financial receivables, net$72,060 $18,321 $90,382 $70,421 $13,698 $84,119 
Fair value of GM Financial receivables utilizing Level 2 inputs$18,321 $13,698 
Fair value of GM Financial receivables utilizing Level 3 inputs$73,614 $70,911 
__________
(a)Commercial finance receivables include dealer financing of $17.8 billion and $13.3 billion, and other financing of $531 million and $476 million at September 30, 2024 and December 31, 2023. Commercial finance receivables are presented net of dealer cash management balances of $3.2 billion and $2.6 billion at September 30, 2024 and December 31, 2023. 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 EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Allowance for loan losses at beginning of period$2,311 $