General Motors Co [GM] Filings

10-Q 1 gm-20220331.htm 10-Q gm-20220331

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, 2022


☐			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)

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 13, 2022 there were 1,458,022,912 shares of common stock outstanding.

INDEX


			Page
PART I
Item 1.	Condensed Consolidated Financial Statements		1
	Condensed Consolidated Income Statements (Unaudited)		1
	Condensed Consolidated Statements of Comprehensive Income (Unaudited)		1
	Condensed Consolidated Balance Sheets (Unaudited)		2
	Condensed Consolidated Statements of Cash Flows (Unaudited)		3
	Condensed Consolidated Statements of Equity (Unaudited)		4
	Notes to Condensed Consolidated Financial Statements		5
	Note 1.	Nature of Operations and Basis of Presentation	5
	Note 2.	Significant Accounting Policies	5
	Note 3.	Revenue	6
	Note 4.	Marketable and Other Securities	7
	Note 5.	GM Financial Receivables and Transactions	8
	Note 6.	Inventories	11
	Note 7.	Equipment on Operating Leases	11
	Note 8.	Equity in Net Assets of Nonconsolidated Affiliates	12
	Note 9.	Variable Interest Entities	12
	Note 10.	Debt	13
	Note 11.	Derivative Financial Instruments	14
	Note 12.	Product Warranty and Related Liabilities	16
	Note 13.	Pensions and Other Postretirement Benefits	16
	Note 14.	Commitments and Contingencies	17
	Note 15.	Income Taxes	19

	Note 16.	Stockholders' Equity and Noncontrolling Interests	19
	Note 17.	Earnings Per Share	21

	Note 18.	Stock Incentive Plans	21
	Note 19.	Segment Reporting	22

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		40
Item 4.	Controls and Procedures		40
PART II
Item 1.	Legal Proceedings		41
Item 1A.	Risk Factors		41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		42
Item 6.	Exhibits		43
Signature			44

Table of Contents

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

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


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

Net income (loss) attributable to common stockholders		$	1,987	$	2,976

Earnings per share (Note 17)

Basic earnings per common share		$	1.36	$	2.06
Weighted-average common shares outstanding – basic		1,458		1,447


Diluted earnings per common share		$	1.35	$	2.03
Weighted-average common shares outstanding – diluted		1,470		1,464

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.

Table of Contents

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

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

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.

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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)

Provision (benefit) for deferred taxes	(81)		1,085
Change in other operating assets and liabilities	(2,784)		(4,807)




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)

Available-for-sale marketable securities, liquidations	1,960		3,632






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)


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)


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








Significant Non-cash Investing and Financing Activity
Non-cash property additions	$	1,931	$	1,710

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

Amounts may not add due to rounding.

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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	$	—

Net income (loss)	—		—		3,022		—		(8)		3,014		—
Other comprehensive income (loss)	—		—		—		162		(7)		155		—

Issuance (redemption) of subsidiary preferred stock (Note 16)	—		—		—		—		1,537		1,537		—


Stock based compensation	—		132		—		—		—		132		—

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	$	—

















Balance at January 1, 2022	$	15	$	27,061	$	41,937	$	(9,269)	$	6,071	$	65,815	$	—

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)		—



Stock based compensation	—		(31)		(1)		—		—		(32)		289

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

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

Amounts may not add due to rounding.

Table of Contents

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.

Table of Contents

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:



	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



	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.

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GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 4. Marketable and Other Securities

The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost:


	Fair Value Level	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.

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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	%

Table of Contents

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